Dear Shareholders,
 
 The Directors have pleasure in presenting their 28th Annual Report,
 together with Audited Accounts of the Company for the year ended 31st
 March, 2012.
 
 FINANCIAL RESULTS:
 
                                                        (Rs..in Lacs)
 
                                                2011-12       2010-11
 
 Sales and other Income                         1245.06        672.24
 
 Profit/(Loss) before Depreciation                35.74         43.09
 
 Interest                                          7.83          6.41
 
 Depreciation                                      7.97          8.69
 
 Profit/(Loss) before Tax                         36.51         34.39
 
 Less: Provision for Tax                          11.40          4.36
 
 Net Profit/(loss) for the year                   25.11         30.03
 
 Profit/(Loss) brought forward from 
 previous year                                   (16.26)       (46.29)
 
 Balance carried to Balance Sheet                  8.85        (16.26)
 
 DIVIDEND:
 
 The Company has earned a Net Profit of Rs. 25.11 Lacs during the
 Financial Year 2011-12 but in view of the future expansion plan and
 other business activities your directors have decided not to recommend
 any dividend for the year ended 31st March, 2012.
 
 OPERATING RESULTS:
 
 During the financial year under review, your Company achieved a
 production of 253873 cases of Indian Made Foreign Liquor (IMFL) (158318
 cases in 2010-11) and sold 243717 cases (152398 cases in 2010-11) of
 IMFL generating a net revenue of Rs. 1244.75 lakhs (Rs. 664.11 lakhs in
 2010-11).
 
 Your Company has incurred a net profit of Rs. 25.11 Lacs for the
 financial year ended 31 March, 2012 as against the profit of30.03
 Lacs for the financial year ended 31 March, 2011, after taking into
 account interest, depreciation, prior period adjustments and
 exceptional items.
 
 DIRECTORS:
 
 Shri Chahchal Rai, Director of the Company, retires by rotation and
 being eligible offers himself for re- appointment.
 
 Your Directors recommend the appointment and re-appointment of the
 aforesaid Directors.
 
 DIRECTORS 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 that:
 
 (i) in the preparation of the annual accounts for the year ended March
 31, 2012, the applicable accounting standards read with requirements
 set out under Schedule VI to the Companies Act, 1956, have been
 followed and there are no material departures from the same;
 
 (ii) 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 as at March 31,2012 and of the profit of the Company for
 the year ended on that date;
 
 (iii) the Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956 for safeguarding the assets of
 the Company and for preventing and detecting fraud and other
 irregularities; and
 
 (iv) the Directors have prepared the annual accounts of the Company on
 a ''going concern'' basis.
 
 FIXED DEPOSITS:
 
 The Company has not accepted any deposits from public during the year
 under review.
 
 PARTICULARS OF EMPLOYEE:
 
 There are no employees whose particulars are required to be shown in
 terms of provisions of Section 217 (2A) ofthe Companies Act, 1956 read
 with the Companies (Particulars ofEmployees) Rules, 1975 as amended.
 
 AUDITORS:
 
 M/s. O.T. Gandhi & Co., Chartered Accountants, Indore, Statutory
 Auditors of the Company holds office until the conclusion of the
 ensuing Annual General Meeting, and is eligible for re-appointment. The
 Company has received their consent under section 224(1B) ofthe
 Companies Act, 1956 for such re-appointment.
 
 The notes to the accounts referred to in the Auditors'' Report are
 self-explanatory and therefore do not call for any further comments.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO:
 
 Information in respect of Conservation of Eneigy, Technology Absorption
 and Foreign Exchange earnings and outgo pursuantto provisions ofSection
 217(l)(e) ofthe Companies Act,1956 read with the Companies pisdosure of
 Particulars in the Report of Board of Directors) Rules, 1988 is
 Annexure A which forms part of this Report.  LISTING OF EQUITY
 SHARES ON STOCK EXCHANGES:
 
 The Company''s shares are listed in the following Stock Exchanges:
 
 1.  The Stock Exchange, Mumbai.
 
 2.  The M. P. Stock Exchange, Indore.
 
 3.  The Delhi Stock Exchange Association, Delhi.
 
 4.  The Madras Stock Exchange Ltd., Chennai.
 
 5.  The Ahmedabad Stock Exchange, Ahmedabad.
 
 CORPORATE GOVERNANCE:
 
 A report on Corporate Governance along with Auditors Certificate is
 annexed herewith.  
 
 ACKNOWLEDGEMENT
 
 Your Directors take this opportunity to place on record their
 appreciation for the confidence reposed and co- operation extended to
 the Company by the Bankers ofthe Company, State Bank ofTravancore,
 other Banks, Central and State Government Authorities, Business
 Associates, the family of Shareholders and others.
 
 Your Directors also wish to place on record their appreciation for the
 dedicated and hard work put in by the Officers, Employees and Other
 Staff Members, at all levels.
 
                                   By Order of the Board of Directors
 
 Place: Indore (M.P.)
 
 Date :28th August, 2012            Director          Director