Dear Members,
 
 The Directors have great pleasure in presenting their 17th annual
 report on the business and operations of the Company, for the financial
 year ended 31st March 2011.
 
 FINANCIAL RESULTS
 
                                  (Rs. in Millions)   (Rs. in Millions)
 
                                 For the year ended   For the year ended
                                         31.03.2011         31.03.2010
 
 Profit Before Depreciation                  2707.6            2090.2
 
 Less : Depreciation                           19.6              17.8
 
 Profit after depreciation                   2688.0            2072.4
 
 Less : Provision for taxation                208.1             138.3
 
 Deferred taxation for the year
 
 Profit after taxation                       2479.9            1934.1
 
 Add : Balance as per last account           1067.7             443.5
 
 Profit available for appropriation          3547.6            2377.6
 
 Less : Transfer to general reserves         3000.0            1000.0
 
 Less : Proposed dividend including 
 tax on Dividend                              226.5             309.9
 
 Balance surplus transferred to Balance Sheet 321.1            1067.7
 
 OPERATIONS
 
 Your Directors are pleased to report that your Company''s total income
 during the period under review stood at a record all time high of Rs.
 208643.8 Million compared to that of Rs. 185294.4 Million during the
 previous year. As a result, the net profit for the year under review,
 after provision for depreciation and income tax was Rs. 2479.9 Million.
 The Company has transferred an amount of Rs. 3000.0 Million to the
 general reserves. As a result, the total reserve of the Company has
 moved up to Rs. 15672.5 Million.
 
 DIVIDEND
 
 Your Directors have recommended a dividend of 60 % for the year ended
 31.03.2011.
 
 DIRECTORS
 
 Mr. Y. Venu Madhava Reddy, Director of your Company, retires by
 rotation; and being eligible offers himself for reappointment.
 
 AUDITORS
 
 M/s. P. K. Rungta & Co, Chartered Accountants, Bangalore, retire at the
 ensuing Annual General Meeting and are eligible for reappointment. They
 have confirmed that their reappointment as auditors of the Company, if
 made, would be in accordance with the limits specified under section
 224 (IB) of the Companies Act, 1956.
 
 DIRCTORS RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under section 217 (2AA) of the Companies
 Act 1956, with respect to Directors responsibility statement, it is
 hereby confirmed:
 
 1.  That for the compilation of the annual accounts for the financial
 year ended 31.03.2011, the applicable accounting standards have been
 followed along with proper explanation relating to the material
 departures.
 
 2.  That 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 a true and fair view of the state
 of affairs of the Company at the end of the financial year under review
 and of the profit of the Company for that period.
 
 3.  That the Directors have taken proper and sufficient care for
 maintenance of adequate accounting records in accordance with the
 provisions of the Act, for safeguarding the assets of the Company and
 for preventing and detecting fraud and other irregularities.
 
 4.  That the Directors have compiled the accounts for the financial
 year ended 31.03.2011 on a going concern basis.
 
 LISTING
 
 The shares of the Company continue to be listed at the National Stock
 Exchange of India Ltd, Mumbai, and the Bombay Stock Exchange Ltd,
 Mumbai. The annual listing fees for National Stock Exchange of India
 Ltd and Bombay Stock Exchange Ltd have been paid.
 
 Company''s (Disclosure of particulars in the report of Board of
 Directors) Rules, 1988
 
 A) RESEARCH AND DEVELOPMENT AND TECHNOLOGY ABSORPTION
 
 Your Company has the largest and one of the finest R&D units in
 jewellery industry. The research and development team of the Company
 comprise of some of the finest designers, metallurgists, chemists and
 senior craftsman. The Company has been instrumental in developing and
 introducing several widely acclaimed jewellery designs. The Company has
 also developed various new systems, procedures and techniques in
 jewellery manufacturing.
 
 B) FOREIGN EXCHANGE EARNINGS
 
 During the year the Company has reported foreign exchange earnings of
 Rs. 154341.50 Million (Previous year: Rs. 162536.0 Million). The
 foreign exchange outgo on account of import amounted to Rs. 161070.70
 Million (Previous year: Rs. 183969.60 Million).
 
 C) PARTICULARS OF EMPLOYEES
 
 During the year under review, there were no employees who were drawing
 remuneration in excess of Rs. 60 Lakhs per annum or Rs. 5 lakhs per
 month, if employed for a part of the year.
 
 D) NEW DIVISION
 
 During the year, company opened a new Branch office in Mumbai, situated
 at Rajesh Export Limited, 4A, Trishla Premises, 122, Shaikh Memon
 Street, Zaveri Bazar, Mumbai - 400 002.
 
 ACKNOWLEDGEMENTS
 
 Your directors specially wish to place on record, their sincere
 appreciation to the employees of the Company for their dedication and
 hard work, which has resulted in the overwhelming success of the
 Company during the year under report. Your directors place on record
 their gratitude to Canara Bank, State Bank of Hyderabad, UCO Bank and
 IDBI Bank for their continued support. Your Directors also thank all
 the Shareholders, Consultants, Customers, Vendors, Service providers
 and Government & Statutory authorities for their continued support in
 successful running of company''s business and its continued progress.
 
                                      For and on behalf of the Board
 
                                                                Sd/-
 
 Place : Bangalore                                      RAJESH MEHTA
 
 Date   : 12-8-2011                                         Chairman