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Directors Report of Rajesh Exports Ltd.

Mar 31, 2015

Dear Members,

The Directors have great pleasure in presenting their 21st Annual Report on the business and operations of the Company, for the financial year ended 31st March 2015.

FINANCIAL RESULTS (Rs. in Millions) (Rs. in Millions) For the year For the year ended ended 31.03.2015 31.03.2014

Profit Before Depreciation 7882.89 4201.47

Less : Depreciation 622.23 164.13

Profit after depreciation 7260.66 4037.34

Less : Provision for 711.56 462.83 taxation

Profit after taxation 6549.10 3574.51

Add : Balance as per 8340.36 5731.11 ast account

Add : Profit from Associate 41.98 5.35

Profit available for 14931.44 9310.97 appropriation

Less : Transfer to 670.00 670.00 general reserves

Less : Proposed dividend 355.37 295.25 including tax on Dividend

Less : Profit distributed 44.19 5.36 to Partners

Balance surplus transferred 13861.88 8340.36 to Balance Sheet

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. 504629 million compared to that of Rs. 291972 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. 6549 million compared to Rs. 3574.50 million during the previous year. The Company has transferred an amount of Rs. 670 million to the general reserves. As a result, the total reserve of the Company has moved up to Rs. 33616.43 million.

DIVIDEND

The Board of Directors are pleased to recommend the payment of dividend for the year ended 31st March 2015 @ Re 1 per share or 100 per cent for all the shareholders whose names appear on the Register of Members as on the Book Closure date.

DISCLOSURE AS REQUIRED UNDER SECTION 22 OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has in place a Prevention of Sexual Harassment policy in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013. An Internal Complaints Committee has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. The Policy is available on the website of the Company i.e., www.rajeshindia.com

During the year 2014-2015, no complaints were received by the Company related to sexual harassment.

BOARD MEETINGS, BOARD OF DIRECTORS, KEY MANAGERIAL PERSONNEL & COMMITTEES OF DIRECTORS

Board Meeting

The Board of Directors of the Company met seven times during the financial year. The details of various Board Meetings are provided in the Corporate Governance Report. The gap intervening between two meetings of the board is as prescribed in the Companies Act, 2013 (hereinafter "the Act").

APPOINTMENT

With effect from March 31, 2015, Ms. Vijaya Lakhsmi has been appointed as a Non-Executive & Independent Director.

BOARD COMMITTEES

The Company has the following Committees of the Board:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders Relationship Committee

4. Corporate Social Responsibility Committee and

5. Risk Management Committee

The composition of each of the above Committees, their respective role and responsibility is as detailed in the Report of Corporate Governance.

BOARD EVALUATION

Pursuant to the provisions of the Act and Clause 49 of the Listing Agreement, the Board has carried out an annual evaluation of its performance, the Directors individually as well as the evaluation of the working of its Audit and Nomination & Remuneration Committees.

VIGIL MECHANISM

We have established a mechanism for employees to report concerns about unethical behavior, actual or suspected fraud or violation of our code of conduct or ethics policy. The mechanism also provides for adequate safeguards against victimization of employees who avail of the mechanism and also provide for direct access to the chairman of the Audit Committee in exceptional cases. The Policy is available on the website of the Company i.e., www.rajeshindia.com

RELATED PARTY TRANSACTIONS

The details of the related party transactions as required under Section 134(3)(h) read with Rule 8 of the Companies (Accounts) Rules, 2014, is attached as Annexure IV.

DEPOSITS

In terms of the provisions of Sections 73 of the Act read with the relevant Rules of the Act, the Company had no opening or closing balances and also has not accepted any fixed deposits during the year under review and as such, no amount of principal or interest was outstanding as on March 31, 2015.

CORPORATE GOVERNANCE

Your Company has been practicing the principles of good corporate governance. The Company is in compliance with the provisions on corporate governance specified in the Listing Agreement with BSE and NSE. A detailed report on corporate governance is available as a separate section in this annual report. Certificate of the Statutory Auditors regarding compliance with the conditions stipulated in Clause 49 of the Listing Agreement is provided separately under this Annual Report.

AUDITORS

M/s V Siva Sankar & 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 139 of the Companies Act, 2013.

SECRETARIAL AUDITORS

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors has appointed Ms. Priyanka Agarwal, Practicing Company Secretary for conducting secretarial audit of the Company for the financial year 2014-2015.

The Secretarial Audit Report is annexed herewith as Annexure I. The Secretarial Audit report does not contain any qualification, reservation or adverse remark.

DETAILS ABOUT SUBSIDIARIES/ASSOCIATES/JOINT VENTURES

The Details on Subsidiaries/Associates/Joint Ventures is annexed herewith as Annexure III.

CORPORATE SOCIAL RESPONSIBILITY

The Company has actively supported various initiatives in the areas of health, education and environment over the years. With the introduction of Section 135 of the Act, which came into effect during this financial year, the Company has constituted a Corporate Social Responsibility ("CSR") Committee. The CSR Committee decided to continue with the existing programmes and increase focus on health and education in the years ahead. The CSR Policy is available on the website of the Company i.e., www.rajeshindia.com

The Annual Report on Corporate Social Responsibility Activities is annexed herewith as Annexure VI. Company's (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 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 several new systems, procedures and techniques in jewellery manufacturing.

FOREIGN EXCHANGE EARNINGS AND OUTGO

Particulars 2014-15 2013-14

Foreign Exchange Earnings 203,549,179,813 191,689,593,182

Foreign Exchange Outgo 355,438,692,540 219,600,198,016

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.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 134 of the Companies Act 2013, with respect to Directors responsibility statement, it is hereby confirmed:

1. That for the compilation of the annual accounts for the financial year ended 31.03.2015, 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 the 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 31.03.2015 on a "going concern" basis.

5. Proper internal financial controls were followed by the Company and such internal financial controls are adequate and were operating effectively;

6. Proper systems are devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

INSIDER TRADING REGULATIONS

Based on the requirements under SEBI (Prohibition of Insider Trading) Regulations, 1992, as amended from time to time, the code of conduct for prevention of insider trading and the code for corporate disclosures ("Code"), as approved by the Board from time to time, are in force at the Company. The objective of this Code is to protect the interest of shareholders at large, to prevent misuse of any price sensitive information and to prevent any insider trading activity by dealing in shares of the Company by its Directors, designated employees and other employees. The Company also adopts the concept of Trading Window Closure, to prevent its Directors, Officers, designated employees and other employees from trading in the securities of Rajesh Exports Limited at the time when there is unpublished price sensitive information.

No other material changes and commitments affecting the financial position of the Company has occurred between April 1, 2015 and the date of signing of this Report. The Policy is available on the website of the Company i.e., www.rajeshindia.com

INTERNAL CONTROL SYSTEMS AND ADEQUACY OF INTERNAL FINANCIAL CONTROLS

The Company has a proper and adequate system of internal controls. This ensures that all transactions are authorised, recorded and reported correctly, and assets are safeguarded and protected against loss from unauthorized use or disposition. In addition there are operational controls and fraud risk controls, covering the entire spectrum of internal financial controls.

An extensive programme of internal audits and management reviews supplements the process of internal financial control framework. Properly documented policies, guidelines and procedures are laid down for this purpose. The internal financial control framework has been designed to ensure that the financial and other records are reliable for preparing financial and other statements and for maintaining accountability of assets. In addition, the Company has identified and documented the risks and controls for each process that has a relationship to the financial operations and reporting.

The Company also has an Audit Committee to interact with the Statutory Auditors, Internal Auditors and Management in dealing with matters within its terms of reference. This Committee mainly deals with accounting matters, financial reporting and internal controls.

AUDIT COMMITTEE RECOMMENDATIONS

During the year all the recommendations of the Audit Committee were accepted by the Board. The Composition of the Audit Committee is as described in the Corporate Governance Report.

EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in Form MGT 9 is annexed herewith as Annexure II.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS U/S 186

The details of the investments made by the Company are in Note No. 10 of the audited financial statements. The Company has not made any loans to any persons within the meaning of Section 186 and has also not given any guarantees within the meaning of that section.

RISK MANAGEMENT POLICY

The Company has a robust Enterprise Risk Management (ERM) framework to identify, evaluate business risks and opportunities. This framework seeks to create transparency, minimize adverse impact on the business objectives and enhance the Company's competitive advantage. The business risk framework defines the risk management approach across the enterprise at various levels including documentation and reporting. The framework has different risk models which help in identifying risks trend, exposure and potential impact analysis at a Company level as also separately for business segments. The Company has identified various risks and also has mitigation plans for each risk identified. The Policy is available on the website of the Company i.e., www.rajeshindia.com

CODE OF CONDUCT

Your Company has laid down a Code of Conduct ("Code") for all the Board Members and Senior Management Personnel of the Company. The Code is available on the website of the Company i.e., www.rajeshindia. com. All Directors and Senior Management Personnel of the Company have affirmed compliance with the Company's Code of Conduct for the financial year ended March 31, 2015. A declaration signed by the Chief Executive Officer (CEO) to this effect is attached in the Annual Report.

LISTING FEES

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.

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 have resulted in overwhelming success of the Company during the year under report. Your directors place on record their gratitude to Canara Bank, State Bank of Hyderabad, Bank of India and IDBI Bank for their continued support. Your Directors also thank all the Shareholders, Consultants, Customers, Vendors, Service providers, 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 : May 28, 2015 Chairman


Mar 31, 2014

Dear Members,

The Directors have great pleasure in presenting their 20th Annual Report on the business and operations of the Company, for the financial year ended 31st March 2014.

FINANCIAL RESULTS

(Rs. in Millions) (Rs. in Millions) For the year ended For the year ended 31.03.2014 31.03.2013

Profit Before Depreciation 4209.61 4916.76

Less : Depreciation 164.13 20.61

Profit after depreciation 4045.48 4896.15

Less : Provision for taxation 462.83 370.12

Profit after taxation 3582.65 4526.03

Less : Share From Subsidiary already accounted 8.148 -

Net Profit 3574.50 -

Add : Balance as per last account 5731.11 2170.34

Profit available for appropriation 9305.61 6696.37

Less : Transfer to general reserves 670.00 670.00

Less : Proposed dividend including tax on Dividend 295.25 295.26

Balance surplus transferred to Balance Sheet 8340.36 5731.11

OPERATIONS

Your Directors are pleased to report that your Company’s total income during the period under review stood at Rs. 291979.23 million compared to that of Rs. 312286.46 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. 3574.50 million compared to Rs. 4526.03 million during the previous year. The Company has transferred an amount of Rs. 670 million to the general reserves. As a result, the total reserve of the Company has moved up to Rs. 27424.91 million

DIVIDEND

Your Directors have recommended a dividend of 100 % for the year ended 31.03.2014.

AUDITORS

M/s V Siva Sankar & 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 (1B) of the Companies Act, 1956. COMPANY’S DISCLOSURE OF

PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS RULES, 1988

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 several new systems, procedures and techniques in jewellery manufacturing.

Foreign Exchange Earnings

During the year the Company has reported foreign exchange earnings of Rs. 191884.92 Million (Previous year: Rs. 246842.40 Million). The foreign exchange outgo on account of import of raw materials amounted to Rs. 218855.66 Million (Previous year: Rs. 307817.54 Million).

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.

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:

1. That for the compilation of the annual accounts for the financial year ended 31.03.2014, 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 the 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 31.03.2014 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.

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 have resulted in overwhelming success of the Company during the year under report. Your directors place on record their gratitude to Canara Bank, State Bank of Hyderabad, Bank of India and IDBI Bank for their continued support. Your Directors also thank all the Shareholders, Consultants, Customers, Vendors, Service providers, 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 : 30-5-2014 Chairman


Mar 31, 2013

The Directors have great pleasure in presenting their 19th Annual Report on the business and operations of the Company, for the financial year ended 31st March 2013.

FINANCIAL RESULTS

(Rs. in Millions) (Rs. in Millions) For the year ended For the year ended 31.03.2013 31.03.2012

Profit Before Depreciation 4916.76 4339.48

Less : Depreciation 20.61 20.66

Profit after depreciation 4896.15 4318.82

Less : Provision for taxation 370.12 194.52

Deferred taxation for the year

Profit after taxation 4526.03 4124.30

Add : Balance as per last account 2170.34 321.01

Profit available for appropriation 6696.37 4445.31

Less : Transfer to general reserves 670.00 2097.81

Less : Proposed dividend including tax on Dividend 295.26 177.16

Balance surplus transferred to Balance Sheet 5731.11 2170.34

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. 312286.46 million compared to that of Rs. 258503.30 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. 4896.15 million compared to Rs. 4318.82 million during the previous year. The Company has transferred an amount of Rs. 670.00 million to the general reserves. As a result, the total reserve of the Company has moved up to Rs. 23850.41 million.

DIVIDEND

Your Directors have recommended a dividend of 100 % for the year ended 31.03.2013.

AUDITORS

M/s V Siva Sankar & 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.

COMPANY''S DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS RULES, 1988

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 several new systems, procedures and techniques in jewellery manufacturing.

Foreign Exchange Earnings

During the year the Company has reported foreign exchange earnings of Rs. 246842.40 Million (Previous year: Rs. 231314.06 Million). The foreign exchange outgo on account of import of raw materials amounted to Rs. 307817.54 Million (Previous year: Rs. 249108.18 Million).

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.

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:

1. That for the compilation of the annual accounts for the financial year ended 31.03.2013, the applicable accounting standards have been followed along with proper explanation relating to 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 31.03.2013 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.

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 have resulted in overwhelming success of the Company during the year under report. Your directors place on record their gratitude to Canara Bank, State Bank of Hyderabad, Bank of India and IDBI Bank for their continued support. Your Directors also thank all the Shareholders, Consultants, Customers, Vendors, Service providers, 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

Place : Bangalore RAJESH MEHTA

Date : 30-5-2013 Chairman


Mar 31, 2012

The Directors have great pleasure in presenting their 18th Annual Report on the business and operations of the Company, for the financial year ended 31st March 2012.

FINANCIAL RESULTS

(Rs. in Millions) (Rs. in Millions) For the year ended For the year ended 31.03.2012 31.03.2011

Profit Before Depreciation 4339.48 2707.6

Less : Depreciation 20.66 19.6

Profit after depreciation 4318.82 2688.0

Less : Provision for taxation 194.52 208.1

Profit after taxation 4124.30 2479.9

Add : Balance as per last account 321.10 1067.7

Profit available for appropriation 4445.40 3547.6

Less : Transfer to general reserves 2097.81 3000.0

Less : Proposed dividend including tax on Dividend 205.89 226.5

Balance surplus transferred to Balance Sheet 2141.59 321.1

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. 258503.30 million compared to that of Rs. 206228.63 million during the previous year. The net Profit for the year under review, after provision for depreciation and income tax was Rs. 4124.30 million compared to Rs. 2479.9 million during the previous year. The Company has transferred an amount of Rs. 2097.81 million to the general reserves. As a result, the total reserve of the Company has moved up to Rs. 19590.89 million.

DIVIDEND

Your Directors have recommended a dividend of 60 % for the year ended 31.03.2012.

AUDITORS

M/s V Siva Sankar & Co, Chartered Accountants, Bangalore, were appointed as Auditors of the Company to fill the casual vacancy caused by the incapacity of Mr. P K Rungta, Proprietor, M/s. P. K. Rungta & Co, Chartered Accountants, Bangalore, caused by his serious illness. M/s V Siva Sankar & Co, Chartered Accountants, Bangalore, have confirmed their eligibility and have given their consent to be reappointed. The have confirmed that their reappointment as auditors of the Company, if made, would be in accordance with the limits specified under Section 224 (1B) of the Companies Act, 1956.

COMPANY'S (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988

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 several new systems, procedures and techniques in jewellery manufacturing.

Foreign Exchange Earnings

During the year the Company has reported foreign exchange earnings of Rs. 231314.06 Million (Previous year: Rs. 175809.48 Millions). The foreign exchange outgo on account of import of raw materials amounted to Rs. 249108.18 Million (Previous year: Rs. 202421.05 Million).

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.

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:

1. That for the compilation of the annual accounts for the financial year ended 31.03.2012, 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 the 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 31.03.2012 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.

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 have resulted in overwhelming success of the Company during the year under report. Your directors place on record their gratitude to Canara Bank, State Bank of Hyderabad, Bank of India and IDBI Bank for their continued support. Your Directors also thank all the Shareholders, Consultants, Customers, Vendors, Service providers, 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 : 30-5-2012 Chairman


Mar 31, 2011

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




Mar 31, 2000

The Directors have pleasure in presenting their 6th Annual Report of the business and operations of the Company for the year ended 31st March 2000.

FINANCIAL RESULTS

(Rs. in Lakhs)

For the Year For the Year 31st March 2000 31st March 1999

Profit before depreciation 1482.32 1404.18

Less : Depreciation 13.33 13.11

Profit after depreciation 1468.99 1391.07

Less: Provision for Taxation 77.95 64.29

Profit after Taxation 1391.04 1326.78

Add: Balance as per last account 165.81 61.09

Less:Transfered To General Reserve 1200.00 1200.00

Less: Dividend / Interim Dividend including Tax on Dividend 22.07 22.06

Balance Surplus Transferred to Balance Sheet 334.78 165.81

OPERATIONS

The Jewellary Park has become operational and started commercial production since April 2000.

Due in strategic reasons the company has formed an Export Oriented Unit and henceforth Domestic Sales and Exports will be undertaken by the Company while the Export Oriented Unit will exclusively undertake exports.

Your directors are glad to inform you that the Shares of the Company have been listed on the National Stock Exchange from 9th February 2000.

DIVIDEND

Your Directors had approved the payment of Interim Dividend of 10% to all the Share Holders as on 31-.05.2000. In order to conserve the reserves of the Company, the Directors do not recommend any further Dividend.

STATUTORY PARTICULARS

( A) Particulars of Employees :

During the year under review there were no employees who were drawing a remuneration in excess p.a. or Rs.50.000/- p.m.. if employed for part of the year.

(B) Consumption of Energy :

Your Directors are proud to state that your Company continues to be one of the lowest consuming units.

(C) Research Development and Technology Absorption :

The Company has Research and Development Wing at the Jewellery park.

DIRECTORS

Sri P.Shiva Shankar, Director for the Company retires by rotation and being eligible offers himself for re-appointment.

AUDITORS

M/s P.K. Rungta & Co., Chartered Accountant, retire at the ensuing Annual General Meeting and are eligible for re- appointment.

LISTING

The Shares of the Company continue to be Listed at National Stock Exchange, The Stock Exchange, Mumbai, Bangalore slock Exchange and Ahmedabad Stock Exchange. The annual Listing fees to National Stock Exchange, The Stock Mumbai and Bangalore Stock Exchange have been paid.

ACKNOWLEDGEMENT

Your Directors hereby express their sincere appreciation of the employees Co-operation, which is fundamental in the Continuing Success of the Company and expect the same in the future too. Your Directors also appreciate the Co- nded by the Canara Bank, State Bank of India and HSBC to the Company. Your Directors also heartily thank the Share Holders for their continuing support.

For and on behalf of the Board

RAJESH MEHTA Executive Chairman

Date : 24-07-2000 Place : Bangalore

 
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