The Directors have pleasure in presenting the 26h Annual Report with
 the audited financial statements for the year ended 31st March 2012.
 
                                                           Rs in lakhs
 
                                                 2011-12       2010-11
 
 FINANCIAL HIGHLIGHTS
 
 Total Income                                  71,728.17     62,127.11 
 
 Profit before Interest, Depreciation
 and exceptional items                         10,022.70      5,904.72 
 
 Less: Interest                                 6,165.36      5,360.26 
 
 Depreciation                                   2,572.59      2,303.08 
 
 Exceptional items                              1,477.65            --
 
 Extraordinary items                               25.00      2,500.00 
 
 Profit / (Loss) before Tax                      (217.90)    (4,258.62)
 
 Deferred tax asset                               (40.75)      (585.94)
 
 Income tax of prior years                            --         19.07
 
 Profit / (Loss) after Tax                       (177.15)    (3,691.75)
 
 Basic Earnings per Share of Rs 10/- each 
 before extraordinary items                        (0.64)        (5.18)
 
 Basic Earnings per Share of Rs 10/- each 
 after extraordinary items                         (0.74)       (16.04)
 
 DIVIDEND
 
 Your Directors have not recommended any dividend for the financial year
 ended 31.3.2012 due to the loss incurred on account of exceptional
 items during the year 2011-12.
 
 FINANCIAL PERFORMANCE
 
 Your Company earned an income of Rs 71,728.17 lakhs in the year 2011-12
 as against Rs 62,127.11 lakhs during the previous year. The Company has
 earned an operational profit of Rs 1,284.75 lakhs as against the
 operational loss of Rs 1,758.62 lakhs during the previous year. During
 the year under review the company incurred an expenditure of Rs 1,366.81
 lakhs towards settlement of sales tax issues under Samadhan scheme
 announced by the Tamil Nadu Sales Tax Department and Rs 113.47 lakhs
 paid as compensation to the employees who opted for the voluntary
 separation scheme which resulted in a net loss of Rs 177.15 lakhs.
 During the previous year the company incurred a one time expenditure of
 Rs 2,500 lakhs towards settlement of Derivative disputes with Axis Bank
 Ltd.which resulted in a net loss of Rs 3,691.75 lakhs.
 
 OPERATIONAL PERFORMANCE 
 
 Sugar Division
 
 The sugarcane crushing in 2011-12 has increased substantially (41%)
 over the previous year on account of adequate sugarcane planting in the
 command area of the factories and as a consequence to our sustained
 efforts in the Research & Development and cane extension activities.
 The average recovery of sugar was at 9.40% as against 8.98% in the
 previous year owing to quality of sugarcane crop and other favourable
 factors.
 
 The Company produced 2.28 lakh tons of sugar as against 1.69 lakh tons
 in the previous year, registering a 35% increase.  The Company sold
 2.23 lakh tons (including exports) as against 1.82 lakh tons in the
 previous year.
 
 The key operational data of our sugar division for the year 2011-12 are
 as follows :
 
 Sugar Division - at a glance                   2011-12      2010-11
 
 Sugarcane crushed (Tons)                     2,434,644    1,725,139
 
 Recovery %                                        9.40         8.98
 
 Sugar Produced (Tons)                          228,802      154,970
 
 Sugar Produced from Raw Sugar (Tons)                --       14,084
 
 Total Sugar Produced (Tons)                    228,802      169,054
 
 Sugar Sold (Tons)
 
 -Domestic (including Levy)                     178,508      165,452
 
 -Exports                                        44,895       17,212
 
 Cogeneration Division
 
 The operations of cogeneration division across all the Units were
 satisfactory. The total power generated by the cogeneration division
 recorded a growth of 22%, largely owing to higher crushing and bagasse
 availability, coupled with better capacity utilisation. During the year
 under review, the total power generated by all our Units was 2,751 lakh
 units as against 2,258 lakh units. The company exported 1,877 lakh
 units as against 1,597 lakh units in the previous year.
 
 The Company has received 66,515 units of carbon credits during the year
 ended 31st March 2012 which has been accounted during the year under
 review.
 
 Distillery Division
 
 The distillery performance was satisfactory during the year. The
 Company produced 92.76 lakh litres of Alcohol in 2011-12 as against
 60.88 lakh litres of Alcohol in the previous year and sold 95.41 lakh
 litres of alcohol against 58.68 lakh litres of alcohol in the previous
 year.
 
 Operations of subsidiary companies Trident Sugars Limited
 
 Our wholly owned subsidiary Company, Trident Sugars Limited, has
 crushed 4.07 lakh tons of sugarcane during the financial year 2011-12
 as against 3.97 lakh tons in the previous year. The company produced
 42,897 tons of sugar and sold 47,168 tons of sugar during the financial
 year as against 41,385 tons of production and 44,879 tons of sales in
 the previous year.
 
 Rajshree Power Private Limited
 
 There were no operations of the said subsidiary company during the year
 under review.
 
 Accounts of Subsidiaries
 
 Pursuant to the resolution passed in accordance with the general
 circular issued by the Ministry of Corporate Affairs, Government of
 India, by the Board of Directors at its meeting held on 19th May 2012,
 it was decided that the Balance Sheet, Profit and Loss Account and
 other documents of the subsidiary companies are not being attached with
 the Balance Sheet of the Company. However, the financial information of
 the subsidiary companies is disclosed in the Annual Report in
 compliance with the said circular. The Company will make available the
 Annual Accounts of the subsidiary companies and the related detailed
 information to any member of the Company who may be interested in
 obtaining the same. The Consolidated Financial Statements presented by
 the Company include the financial results of its subsidiary companies.
 
 Commencement of operation of new Distillery
 
 As reported last year, your company has successfully commissioned its
 new green-field distillery with an installed capacity of 80 KL per day
 at Semmedu village, Gingee, Villupuram District in Tamilnadu and
 commenced operations on 27th April 2012. Thus, your company has now
 made Unit II (Mundiyampakkam) & Unit III (Semmedu) also integrated
 complexes with the molasses produced from Unit II & Unit III sugar
 divisions being the feedstock for conversion into alcohol in the new
 Distillery.
 
 FUTURE OUTLOOK
 
 As per the forecast of Department of Agriculture as well as Indian
 Sugar Mills Association, there is an increase in planting of sugarcane
 and hence sugarcane crushing for the next season is expected to be
 higher than the current season. The Union Government''s recent decision
 to allow sugar export without quantitative restrictions would
 facilitate clearing up of inventory as well as stabilizing the domestic
 sugar price at reasonable levels.
 
 India has tremendous renewable energy potential and the demand for
 biomass based green power sector is likely to grow exponentially. Thus,
 with the increase in cane crushing & hence bagasse availability, our
 cogeneration can optimize power generation and contribute to our
 profitability.
 
 Recently, Government of Tamilnadu has announced its participation in
 the ethanol blending programme thereby allowing resumption of ethanol
 production in sugar mills. Your company with its new addition to
 production capacity sees a good potential in the ethanol production. By
 maintaining a proper product mix of alcohol for sale to potable,
 industrial & blending sector, your company would strive to derive the
 optimum realization.
 
 Overall, with the outlook remaining positive, your company is committed
 to bettering the performance year after year and confident of improving
 the profitability.
 
 DIRECTORS
 
 M/s G.S.V.Subba Rao and Raja MJ Abdeen, Directors retire by rotation at
 the ensuing Annual General Meeting and are being eligible have offered
 themselves for reappointment.
 
 AUDITORS
 
 M/s Srikishen & Co, Chartered Accountants, the present auditors of the
 Company, retires at the ensuing Annual General Meeting and are eligible
 for reappointment. They have furnished necessary certificate in terms
 of Sec.224(1B) of the Companies Act, 1956.
 
 PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A)
 
 The particulars of the employees of the Company who were in receipt of
 remuneration, which in the aggregate exceeded the limits fixed under
 section 217(2A) of the Companies Act, 1956 is attached
 herewith.(Annexure 1).
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors
 confirm that in the preparation of annual financial statements for the
 financial year ended 31.3.2012;
 
 I.  the applicable accounting standards have been followed;
 
 II.  they 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 and of the losses of the
 company for that period;
 
 III. they 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 the company and for preventing and
 detecting fraud and other irregularities and
 
 IV.  the annual accounts have been prepared on a going concern basis.
 
 CONSERVATION OF ENERGY
 
 Particulars required to be furnished under sub section 1(e) of section
 217 of the Companies Act, 1956 are also annexed to this report.
 (Annexure 2)
 
 CORPORATE GOVERNANCE
 
 The Management Discussion and Analysis and the compliance of the
 recommendations on Corporate Governance are annexed to this report.
 (Annexure 3)
 
 ACKNOWLEDGEMENT
 
 Your Directors thank the Banks and Financial Institutions for their
 valuable and timely financial assistance and support provided by them
 to the Company. Your Directors also thank the cane growers, suppliers,
 Government Institutions and others for the cooperation extended to the
 Company. The Board also places on record its appreciation of the
 dedicated services rendered by the employees of the Company.
 
 May Goddess Lakshmi shower Her blessings for the continued prosperity
 of the Company.
 
 
                                          For and behalf of the Board
 
 Place : Coimbatore                                    RAJSHREE PATHY
 
 Date : 19th May 2012               Chairperson and Managing Director