To, The Members of Poison Limited
 
 The directors take pleasure in presenting the 71st Annual Report,
 together with the Audited Accounts of your Company for the year ended
 31st March 2012.
 
 FINANCIAL RESULTS
 
                                                            Rs. In Lacs
 
 FINANCIAL RESULTS:                           2011-12           2010-11
 
 Gross Income (including 
 Non-operating income)                        8141.84           7672.48
 
 Less: Total Expenses excluding 
 depreciation                                 7282.09           6611.72
 
 Profit/(Loss) Before Depreciation             859.75           1060.76
 
 Less: Depreciation                            206.09            144.57
 
 Profit/(Loss) Before Taxation                 653.66            916.19
 
 Less: Provision for Tax                       202.43            288.86
 
 Less : Deferred Tax Liability                   9.43             -3.86
 
 Profit/(Loss) After Taxation                  441.80            623.47
 
 Add: Profit/(Loss) Brought Forward           2041.89           1527.79
 
 Less: Transferred to General reserve           66.27             93.52
 
 Less: Deferred Tax Asset of 
 previous year adjusted                             0             15.85
 
 Balance Carried to Balance sheet             2417.42           2041.89
 
 OPERATIONS
 
 During the year, the Company has achieved a turnover of Rs.8141.84 lacs
 against Rs.  7672.48 lacs for the previous year registering a growth of
 6.1% and net profit after taxation for the year is Rs. 441.80 lacs
 which is 29.1% lower on Rs. 623.47 lacs for the previous year.
 
 TRANSFER TO RESERVE:
 
 During the year under review, Company has transferred Rs. 66,26,967/-
 to the General Reserve.
 
 ( DIVIDEND )
 
 Your directors wish to retain the earnings for the development in the
 business and therefore do not recommend any dividend for the year under
 review.
 
 PUBLIC DEPOSITS
 
 Company has not accepted any deposit from the public within the meaning
 of section 58A of the Companies Act, 1956 during the year under review.
 
 DISCLOSURE UNDER SECTION 217 (1) le) OF THE COMPANIES ACT. 1956: The
 Particulars required under Section 217 (1) (e) of the Companies Act,
 1956 read with the Companies (Disclosure of particulars in th& (Rs.94 of
 tne Board of Directors) Rules,1988 in Annexure-I to this Directors
 
 PARTICULARS OF EMPLOYEES:
 
 Only Managing Director is falling in the category of employees of the
 Company drawing remuneration as stated in Section 217(2A) of the
 Companies Act, 1956 read with the Companies ( Particulars of employees)
 Rules, 1975. As per provisions of section 219 (1) (b) (iv) of the
 Companies Act, 1956, the Director''s Report and Accounts are being sent
 to all shareholders of the Company excluding the Statement of
 particulars of employees. Any shareholder interested in obtaining a
 copy of the Statement may write to the Company.
 
 AUDITORS:
 
 M/s. A. S. Madon & Company, Chartered Accountants, Mumbai hold office
 until the conclusion of forthcoming Annual General Meeting and have
 confirmed their eligibility and willingness to accept the office of the
 Auditors, if reappointed.
 
 AUDITORS OBSERVATION:
 
 Observations in the auditors report are self-explanatory and do not
 need further comments from directors in this report.
 
 DIRECTORS
 
 Mr. Jagdish J Kapadia retires by rotation and being eligible, offer
 himself for reappointment.
 
 During the year 2010-11, the Company has acquired all the Shares and
 Debentures of Ms.  Dudhwala Builders P ltd which has become a wholly
 owned Subsidiary Company of Poison Limited.
 
 DIRECTORS RESPONSIBILITY STATEMENT:
 
 As required under Section 217(2AA) of the Companies Act, 1956, it is
 hereby stated that:
 
 1.  in the preparation of the annual accounts, the applicable
 accounting standards have been followed along with proper explanation
 relating to material departures;
 
 2.  the Directors have selected such accounting policies and applied
 them consistently and made judgments and estimates that are reasonable
 and prudent so as to give true and fair vie w of the state of affairs
 of your Company at the end of the financial year and of the profit or
 loss of the Company for that period;
 
 3.  the Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of your Company and
 for preventing and detecting fraud and other irregularities; and
 
 4.  the Directors have prepared the annual accounts on a going concern
 basis.
 
 ACKNOWLEDGEMENT
 
 Your Directors wish to place on record their appreciation for the
 support and co-operation, which the Company continues to receive from
 its Customers, Supplier and employees of the Company. The Directors are
 also thankful to the shareholders for their unstinted support of the
 Company.
 
 Regd Office:                         By order of the Board of Directors
 
 Ambaghat, Vishalgad,
 
 Taluka - Shahuwadi,                                 Sd/-
 
 Dis. Kolhapur                                 Jagdish Kapadia
 
 Kolhapur - 415101                             Chairman
 
 Place: Mumbai
 
 Date: 14th August 2012