Gentlemen,
 
 The Directors have pleasure in presenting their Thirty-Seventh Annual
 Report alongwith the audited statement of accounts forthe year ended
 31st March, 2011.
 
 Financial Results                             2010-11         2009-10
 
                                              (Rs. Lacs)      (Rs. Lacs)
 
 Profit/(Loss) Before Tax                         36.92           39.53
 
 Less: Provision for Current Tax                   6.50            6.00
 
 Provision for Deferred Tax                        1.66           12.39
 
 Prior Period Adjustment Taxation                 (0.31)           0.01
 
 Profit/(Loss) after Tax                          29.07           21.13
 
 Add: Balance from Previous year                 (17.43)         (38.56)
 
 Balance Carried to Balance Sheet                 11-64          (17.43)
 
 
 Business Operations
 
 During the financial year ended 31st March, 2011 the sales turnover
 from tobacco trading was Rs.325 lacs as against Rs.279 lacs in the
 previous year. The Company has also continued the activity of
 processing of tobacco. The Company is planning to Purchase Tendu Leaves
 for the purpose of trading.
 
 Dividend
 
 The Directors regret their inability to recommend dividend due to
 inadequacy of Profit Energy, Technology And Foreign Exchange The
 information required to be furnished under the Companies (Disclosure of
 Particulars in the Report of the Board of the Directors) Rules, 1988.
 
 The activities of the Company are carried on with the aid of human
 labour. The manufacturing process does not require power (electrical
 energy) and offers no scope for absorption of technology.
 
 Public Fixed Deposits:
 
 The Company has not accepted or renewed any Public Fixed Deposits
 during the financial year ended 31 st March,2011.
 
 Personnel
 
 The employer employee relations continued to be cordial during the
 year. None of the employees received emoluments exceeding the limits
 set out under section 217 (2A) of the Companies Act, 1956.
 
 Directors
 
 Shri. M.D.Deshpande and Shri.N.L.Patil, Directors, retire by rotation
 and being eligible, offer themselves for reappointment.
 
 Shri. V.S.Maydev , Executive Director tendered his resignation on
 31.03.2011. The Board places on record its sincere appreciation for the
 services rendered by him during his tenure as a Executive Director.
 
 Directors'' Responsibility Statement
 
 As stipulated in Section 217(2AA) of The Companies Act, 1956, your
 directors subscribe to the ''Directors Responsibility Statement'' and
 confirm that
 
 i) in the preparation of the annual accounts, the applicable accounting
 standards have been followed along with proper explanations relating to
 material departures;
 
 ii) appropriate accounting policies have been selected and applied
 consistently and judgments and estimates made are reasonable and
 prudent so as to give a true and fair view of the state of affairs of
 the Company as at 31st March, 2011 and the profit of the company for
 the year ended 31 s,March,2011;
 
 iii) proper and sufficient care have been taken 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 annual accounts have been prepared on a going concern basis.
 
 Compliance Certificate From Practicing Company Secretary:
 
 Certificate obtained from M/s. J. H.  Ranade & Associates,Company
 Secretaries.Thane under section 383Aof the Companies Act, 1956 is
 attached to the Directors'' Report.
 
 Report on Corporat Governance:
 
 The report on Corporate Governance and the Compliance Certificate
 provided by M/s J. H. Ranade & Associates, Company Secrataies is
 attached to the Directors'' Report.
 
 In terns of the listing agreeemnt, the board has laid down a code of
 conduct for all board membes. All the board members and senior
 management personnel have affirmed compliance with the code
 
 Auditors
 
 Mr.Anand S Daga, Chartered Accountant, Nashik retires at the
 forthcoming Annual General Meeting and has furnished a certificate of
 his eligibility for appointment under Section 224 (1) of the Companies
 Act, 1956. The Board recommends appointment of the Auditor.
 
 Acknowledgments
 
 Your Directors take opportunity to place on record their appreciation
 of the devoted services of the employees at all levels throughout the
 year. Your Directors also wish to place on record their appreciation of
 the assistance and continued co-operation extended by the various
 Government and non- Government Authorities.
 
                                               For and on Behalf of
                                               The Board of Directors,
 
 Place: Nashik                       M.D.Deshpande           N.L.Patil
 
 Date : 27th May, 2011               Director                Director