Dear Shareholders,
 
 The Directors take pleasure in presenting the 15th Annual Report on
 the business and operations of your Company together with the Audited
 Accounts for the year ended 31st March, 2011.
 
 FINANCIAL AND PERFORMANCE REVIEW
                                                        (Rs. in Lacs)
 
 Particulars                                 2010-11          2009-10
 
 Sales (Net of Excise Duty)                84,988.46        69,185.69
 
 Other Income                                 156.44           168.04
 
 Total Income                              85,144.90        69,353.73
 
 Less:Total Expenses                     (80,574.39)      (65,685.03)
 
 Profit before Depreciation, 
 Interest & Tax                             4,570.51         3,668.70
 
 Less: Interest                           (2,194.80)       (2,210.54)
  
       Depreciation                         (885.57)         (876.20)
 
 Profit before Tax                          1,490.14           581.96
 
 Less: Provision for Current Tax            (310.24)         (103.26)
 
       Provision for Deferred Tax           (452.10)         (163.84)
 
       Deferred MAT credit 
       entitlement                            296.99            98.90
 
 Profit after Tax                           1,024.79           413.76
 
 Less: Income Tax for earlier
 years                                        (8.60)          (42.09)
 
 Add : Profit brought forward 
 from Previous year                         3,029.64         2,760.35
 
 Profit available for 
 appropriation                              4,045.83         3,132.02
 
 Proposed Dividend on equity
 shares                                     (177.98)          (87.80)
 
 Corporate Tax on Dividend                   (28.87)          (14.58)
 
 Balance carried to Balance Sheet           3,838.98         3,029.64
 
 During the financial year under review, the gross turnover of your
 Company increased from ? 70730.28 Lacs to ? 87980.46 Lacs, registering
 a growth of about 23% compared to previous financial year 2009-10 while
 
 Profit Before Tax (PBT) increased by 156% to Rs. 1490.14 lacs (Previous
 year Rs. 581.96 Lacs) and Profit After Tax (PAT) increased by 173% to
 Rs. 1016.19 Lacs (Previous year Rs. 413.76 Lacs). Earnings per Share
 for the year is ? 2.89 compared to ? 1.06 for the previous year. Thus,
 your Company delivers a healthy growth in the sales and profitability.
 
 
 DIVIDEND
 
 The Company''s dividend policy is based on twin objectives to
 appropriately reward the Shareholders and at the same time to keep
 enough capital to fuel growth needs., Accordingly, your directors
 recommend a final dividend of 2.5% on Equity shares of Rs. 10/-each i.e
 Rs. 0.25 per equity share for the year ended 2010-11 .The proposed
 dividend, if approved, at the ensuing Annual General Meeting would
 result in appropriation of Rs. 177.98 Lacs (in addition to the
 Corporate Dividend Tax of Rs. 28.87 Lacs) out of the profits.
 
 DIRECTORS
 
 In accordance with the requirements of the Companies Act, 1956, and
 Articles of Association of the Company Mr. Vijay Kumar Jain, Director
 of your Company, will retire by rotation at the ensuing Annual General
 Meeting and, being eligible, offers himself for reappointment. The
 Board recommends his re-appointment as Director of your Company.
 
 INCREASE OF AUTHORISED SHARE CAPITAL AND ISSUE OF GLOBAL DEPOSITORY
 RECEIPTS (GDRs) OF THE COMPANY
 
 The authorized share capital of your Company was increased from Rs. 60
 crores to Rs. 100 crores in order to facilitate the issue of Global
 Depository Receipts. In April, 2011, the company has raised US$
 11,999,952 through this issue. The Company''s GDRs are listed on the
 Luxembourg Stock Exchange.
 
 STATUTORY DISCLOSURE
 
 None of the Directors of the Company are disqualified as per the
 provisions of Section 274(1) (g) of the Companies Act, 1956.  All the
 Directors have made the necessary disclosures as required under various
 provisions of the Companies Act, 1956 and Clause 49 of the Listing
 Agreement.
 
 AUDITORS & AUDITORS'' REPORT
 
 M/s. S. Jaykishan, Chartered Accountants, the Statutory Auditors of the
 Company are retiring at the conclusion of the forthcoming Annual
 General Meeting and being eligible, offer themselves for
 re-appointment. Certificate from the Auditors has been obtained to the
 effect that their re-appointment, if made, would be within the limits
 prescribed under section 224(1 B) of the Companies Act, 1956.
 
 The Auditors'' Report and the notes forming part of the accounts are
 self explanatory and hence does not require to be elucidated further.
 
 FIXED DEPOSIT
 
 The Company did not invite/accept any fixed deposit from the public
 during the year under review and as such there are no outstanding
 deposits in terms of the Companies (Acceptance of Deposits) Rules,
 1975.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to section 217 (2AA) of the Companies Act, 1956, the Board of
 Directors of the Company hereby state and confirm that:
 
 a) in preparation of statement of accounts for the financial year under
 review, the applicable Accounting Standards have been followed and in
 case of departures there from, proper explanations relating thereto
 have been given in the notes forming part thereof.
 
 b) Accounting Policies selected have been applied consistently and
 judgments and estimates made are reasonable and prudent and they give
 true and fair 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.
 
 c) Proper and sufficient care has 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.
 
 d) Annual Accounts have been prepared on a going concern basis.
 
 
 COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF
 DIRECTORS) RULES, 1988
 
 Information pursuant to Section 217(1 )(e) of the Companies Act, 1956
 read with Companies (Disclosure of Particulars in the Report of Board
 of Directors) Rules, 1988 regarding conservation of energy, technology
 absorption and foreign exchange earnings and outgo is given in Annexure
 ''A''.
 
 
 ACKNOWLEDGEMENT
 
 Your Directors wish to place on record their sincere appreciation of
 the financial institutions and consortium of banks led by Bank of India
 and Company''s customers and investors for their continued support
 during the year.
 
 Your Directors also wish to place on record their appreciation for the
 dedication and contribution made by employees at all levels and look
 forward to their support in future as well.
 
                          For and on behalf of the Board of Directors
 
 
 Place :Kolkata                                     Vimal Kumar Patni
 Date: 21st July,2011                                        Chairman