Annual Report 2011-12 - Moneycontrol.com

ANNUAL REPORT 2011-12
J L MORISON
BOARD OF DIRECTORS RAGHU MODY CHAIRMAN
VARUNN MODY
DIRECTOR
ATUL TANDAN
DIRECTOR
LT. GEN. (RETD.) K. S. BRAR DIRECTOR (upto 18 th May, 2012)
SHAMSUNDER AGGARWAL DIRECTOR
SANJAY KOTHARI DIRECTOR (w.e.f. 5 th August, 2011)
BANKERS
AUDITORS
CANARA BANK
BANK OF INDIA
CORPORATION BANK
HARIBHAKTI & CO
CHARTERED ACCOUNTANTS
MUMBAI - 400 059
SOLICITORS
KHAITAN & CO.
REGISTERED OFFICE:
RASOI COURT,
20, SIR R.N. MUKHERJEE ROAD,
KOLKATA - 700 001.
PHONE : (033) 22480114/5
FAX : (033) 2248 1200
Website : www.jlmorison.in
HEAD OFFICE
“CRYSTAL”
79, DR. ANNIE BESANT ROAD, WORLI,
MUMBAI - 400 018.
BRANCHES
MUMBAI
KOLKATA
NEW DELHI
CHENNAI
WORKS
E-95/1, MIDC, WALUJ, NEAR SIEMENS FACTORY,
WALUJ, AURANAGABAD - 431 136.
MAHARASHTRA.
77 th Annual General Meeting of the Company will be held
on Thursday, the 13 th day of September, 2012 at 11.00 a.m. at
Kala Kunj, 48, Shakespeare Sarani, Kolkata - 700 017.
CONTENTS
Page No.
Notice 2
Directors’ Report 7
Report on Corporate Governance 12
Management Discussion and Analysis 20
Auditors’ Report 21
Balance Sheet 24
Statement of Profit and Loss 25
Cash Flow Statement 26
Notes on Financial Statement 27
1

ANNUAL REPORT 2011-12
NOTICE
2
J L MORISON
NOTICE is hereby given that the 77 th Annual General Meeting of the members of J. L. Morison (India) Limited will be held on
Thursday, the 13 th day of September, 2012 at 11.00 a.m. at Kala Kunj, 48, Shakespeare Sarani, Kolkata - 700 017 to transact the
following businesses:
ORDINARY BUSINESS
1. To receive, consider and adopt the Audited Balance Sheet as at 31 st March, 2012 and the Statement of Profit and Loss for the
year ended on that date and the Reports of the Directors’ and the Auditors’ thereon.
2. To declare dividend for the financial year ended on 31 st March, 2012.
3. To appoint a Director in the place of Mr. Raghu Mody, who retires by rotation and being eligible, offers himself for re-appointment.
4. To appoint a Director in the place of Mr. Shamsunder Aggarwal, who retires by rotation and being eligible, offers himself for
re-appointment.
5. To re-appoint the Statutory Auditors of the Company to hold office from the conclusion of this Annual General Meeting up to the
conclusion of the next Annual General Meeting and to authorise the Board of Directors to fix their remuneration.
SPECIAL BUSINESS
6. To consider and if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution:
“RESOLVED THAT Mr. Sanjay Kothari, who was appointed as an Additional Director by the Board of Directors w.e.f. 5 th
August, 2011 in accordance with the provisions of Article No.117 of the Articles of Association of the Company and as per the
provisions of Section 260 of the Companies Act, 1956 holds office upto the date of this Annual General Meeting and in respect
of whom the Company has received a notice along with requisite deposit under Section 257 of the Companies Act, 1956
proposing his candidature for the office of Director, be and is hereby appointed as a Director of the Company, who shall be
liable to retire by rotation.”
7. To consider and if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution:
“RESOLVED THAT pursuant to the provisions of Section 198, 269, 309, 387 and Schedule XIII and all other applicable
provisions of the Companies Act, 1956 (including any statutory modification(s) or re-enactment thereof for the time being in
force), the appointment of Mr. Sohan Sarda, General Manager - Finance of the Company as Manager under the Companies
Act, 1956 for a period of 5 (five) years w.e.f. 1 st April, 2012 be and is hereby approved and the following terms and conditions
with respect to remuneration payable to him be and are hereby approved for a period of 3 (three) years with effect from that
date:
(a) Remuneration: Remuneration payable to Mr. Sohan Sarda shall be as follows (per month):
(b)
Sl.No. Particulars Amount(`)
1. Salary 1,25,000
2. House Maintenance Allowance 20,000
3. Education Allowance 1,083
4. Leave Travel Allowance 7,000
5. Other Reimbursable Allowance 39,000
Total 1,92,083
Others:
1. Provident Fund: Company’s contribution to Provident Fund will not exceed 12% of the salary.
2. Gratuity: Gratuity will be paid as per Company’s normal rules.
3. Car : Company’s car will be provided for office use.
4. Conveyance/Travelling : At actuals
5. Medical expenses: For him and his family members as follows:
a. Hospitalization benefits (Medical Insurance) – upto ` 2 Lacs p.a. (at actual);

ANNUAL REPORT 2011-12
J L MORISON
b. Accident Insurance for him – upto ` 2 Lacs p.a. (at actual);
c. Reimbursement of domiciliary / routine medical expenses – upto ` 15,000/- p.a. (at actual);
d. Reimbursement of spectacles – upto ` 15,000/- p.a. (at actual);
e. Reimbursement of dental treatment – upto ` 10,000/- p.a.(at actual);
6. Mr. Sohan Sarda will be entitled to leave as per the rules of the Company as are applicable to other staff members
of his category.
7. Leave encashment will be provided as per the rules of the Company and encashment of such leave at the end of
the tenure of service shall not be included in the computation of ceiling of remuneration or perquisites as aforesaid.
8. Club Membership – Cost of membership of one club in Mumbai.
RESOLVED FURTHER THAT Mr. Sohan Sarda shall be entitled for such annual increments, during his tenure as Manager, as
may be recommended by the Remuneration Committee and approved by the Board of Directors of the Company; however,
such increment shall be limited to 25% of total cost to the Company each year.
RESOLVED FURTHER THAT in the event of loss or inadequacy of profits in any financial year of the Company during the
tenure of Mr. Sohan Sarda as Manager of the Company, the remuneration as provided here-in-above shall be payable as
minimum remuneration to him.
RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorised to take all actions and do all
such deeds, matters and things, as may be required from time to time to give effect to the above resolution.”
8. To consider and if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution:
“RESOLVED THAT pursuant to the provisions of Section 314 and all other applicable provisions, if any, of the Companies Act,
1956 (including any statutory modification(s) or re-enactment thereof for the time being in force), the appointment of
Mrs. Sakshi Mody, a relative of Mr. Raghu Mody and Mr. Varunn Mody, Directors of the Company, as a General Manager –
Corporate with effect from 1 st April, 2012 on the following remuneration be and is hereby approved.
1. Salary : ` 12,00,000/- p.a.
2. Perquisites : ` 1,80,000/- p.a. (Rent free accommodation)
RESOLVED FURTHER THAT the Board of Director of the Company be and is hereby authorised to take all such actions and
do all such deeds, matters and things, as may be required from time to time to give effect to the above resolution”.
By Order of the Board of Directors
Place : Mumbai
Varunn Mody
Date : 18 th May, 2012 Director
Registered Office:
Rasoi Court,
20, Sir R. N. Mukherjee Road,
Kolkata 700 001
3

ANNUAL REPORT 2011-12
J L MORISON
NOTES:
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT ONE OR MORE PROXY TO
ATTEND AND VOTE, IN CASE OF POLL ONLY, INSTEAD OF HIMSELF/ HERSELF AND THE PROXY NEED NOT BE A
MEMBER OF THE COMPANY. THE PROXY FORM, IN ORDER TO BE EFFECTIVE, SHOULD BE DEPOSITED AT THE
REGISTERED OFFICE OF THE COMPANY NOT LATER THAN 48 HOURS BEFORE THE COMMENCEMENT OF THE
MEETING.
2. Brief resume of the Directors proposed to be appointed/re-appointed at the ensuing Annual General Meeting in terms of
clause 49 of the Listing Agreement is annexed to the Notice.
3. Shareholders are requested to forward all Share Transfers and any other communications to the Registrar & Share Transfer
Agents (RTA) of the Company and are further requested to always quote their Folio Number in all correspondences with the
Company.
4. (a) Register of Members and the Share Transfer Books of the Company will remain closed from Monday,
10 th September, 2012 to Thursday, 13 th September, 2012 (both days inclusive) for determining the name of members
eligible for dividend on Equity Shares, if approved by the shareholders at the ensuing Annual General Meeting.
(b) The dividend on Equity Shares, if declared at the Annual General Meeting, will be credited / dispatched between
21 st September, 2012 and 25 th September, 2012 to those members whose names shall appear on the Company’s Register
of Members on 13 th September, 2012; in respect of the shares held in dematerialized form, the dividend will be paid to
members whose names are furnished by National Securities Depository Limited and Central Depository Services (India)
Limited as beneficial owners as on that date.
5. The unclaimed dividend up to the financial year 2003-04 has been transferred to the Investor Education and Protection Fund
(IEPF) as required under section 205-A and 205-C of the Companies Act, 1956. The Balance amount lying in unpaid Dividend
Account for the financial year 2004-05 is due for transfer to the Investor Education and Protection Fund administered by the
Central Government during the month of October, 2012. The shareholders whose dividend remained unclaimed for the aforesaid
financial year and following financial years are requested to claim it immediately from the Company. Further, the Shareholders
are requested to note that no claim shall lie against the said fund or the Company in respect of any amounts which remained
unclaimed for a period of seven years from the date that these became first due for payment and no payment shall be made
in respect of any such claim.
6. Shareholders seeking information on accounts are kindly requested to furnish their queries to the Company at least ten days
before the date of the meeting so that the information required may be made readily available at the meeting.
7. Shareholders are requested to bring their Attendance Slip along with their copy of Annual Report to the Meeting.
8. Members who hold the shares in dematerialized form are requested to bring their client ID and DPID for easier identification
of attendance at the meeting.
9. The shareholders holding shares in identical order of names in more than one folio are requested to write to the Company/RTA
enclosing their Share Certificates to enable the Company to consolidate their holdings in one folio for better service.
10. Members holding shares in physical form are requested to notify immediately any change in their address or bank mandates
to the Company / Registrar and Share Transfer Agents quoting their Folio Number. Members holding shares in the electronic
form may update such details with their respective Depository Participants.
By Order of the Board of Directors
Place : Mumbai
Varunn Mody
Date : 18 th May, 2012 Director
Registered Office:
Rasoi Court,
20, Sir R. N. Mukherjee Road,
Kolkata 700 001
4

ANNUAL REPORT 2011-12
5
J L MORISON
Details as required under clause 49(IV)(G) of the Listing Agreement of Directors seeking appointment/re-appointment at
ensuing AGM:
1. Mr. Raghu Mody, aged 73 years, is graduate from Cambridge University. He has over 40 years of experience as a leading
industrialist.
He is also director in Rasoi Ltd., Hindustan Composites Ltd., The West Coast Paper Mills Ltd., Prabhukripa Overseas Ltd. and
Rasoi Express Pvt. Ltd. He is Executive Committee Member of Automotive Components Manufacturing Association of India
(ACMA). Mr. Mody has been president of ASSOCHAM, Indo-American Chamber of Commerce & Industry of India, Indo
American Chamber of Commerce & Industry and Indian Vanaspati Producers Association. He was also Chairman of Indo-
Italian Chambers of Commerce & Industry and Asbestos Information Centre.
He is a member of Audit Committee in Hindustan Composites Ltd and Rasoi Ltd. and also is a member of Share Transfer
Committee of the Company.
As on 31 st March, 2012, Mr. Raghu Mody holds 250 Equity Shares of the Company.
2. Mr. Shamsunder Aggarwal, aged 75 years, is graduate in Business Management from New York University. He has rich
experience in Service Industry. He was pioneer to establish Diners Club Credit Card business. Mr. Aggarwal is on the Governing
Board of Lala Lajpatrai College of Commerce, Mumbai.
Mr. Aggarwal is also director in DBS Corporate Services Pvt. Ltd., DBS Financial Services Pvt. Ltd., DBS Internet Services
Pvt. Ltd., Copper Rollers Pvt. Ltd. and Global Offshore Services Limited. He is an Executive Committee member of Indo-
American Chamber of Commerce. He is also a member of Remuneration Committee of the Company.
As on 31 st March, 2012, Mr. Shamsunder Aggarwal does not hold any shares in the Company.
3. Mr. Sanjay Kothari, aged 49 years, is a Chartered Accountant, Cost Accountant and Company Secretary and has also done
Diploma in Business Finance. He has 25 years of experience in Finance & Taxation.
He is also director in Chartered Finance & Leasing Ltd., Fortune Equity Brokers (India) Ltd., Fortune Financial Services (India)
Ltd., Sound Capital Markets Ltd. and The West Coast Paper Mills Ltd. He is a member of Audit Committee in Fortune Financial
Services (India) Ltd., The West Coast Papers Mills Ltd. and of the Company and is also a member of Remuneration Committee
of Fortune Financial Services (India) Ltd. and The West Coast Papers Mills Ltd.
As on 31 st March, 2012, Mr. Sanjay Kothari does not hold any shares in the Company.
EXPLANATORY STATEMENT PURSUANT TO SECTION 173(2) OF THE COMPANIES ACT, 1956
Item No. 6
Mr. Sanjay Kothari was appointed as an Additional Director of the Company w.e.f. 5 th August, 2011. Mr. Sanjay Kothari, aged 49
years, is a Chartered Accountant, Cost Accountant and Company Secretary and has also done Diploma in Business Finance. He
has 25 years of experience in Finance & Taxation.
Pursuant to the provisions of Section 260 of the Companies Act, 1956, Mr. Sanjay Kothari holds office as such upto the date of this
Annual General Meeting. The Company has received a notice along with requisite deposit under Section 257 of the Companies Act,
1956 proposing his candidature for the office of Director.
The Board recommends passing of the Ordinary Resolution as set out at item no. 6 of the Notice.
Except Mr. Sanjay Kothari none of the directors of the Company are concerned or interested in the said resolution.
Item No. 7
Mr. Sohan Sarda, General Manager – Finance of the Company has been associated with the Company since 2005. He is a member
of the Institute of Chartered Accountants of India and has completed Company Secretary course and possesses vast knowledge
and experience in the field of Accounts, Taxation, Finance and General Administration. The Board of Directors of the Company has
appointed him as Manager of the Company under the provisions of the Companies Act, 1956 and Clause 49 of the Listing Agreement
for a period of 5 (five) years with effect from 1 st April, 2012, subject to approval of the members in their General Meeting. The
approval of members is being sought for appointment of Mr. Sohan Sarda as Manager for a period of 5 (five) years and payment of
remuneration to him for a period of 3 (three) years as set out at Resolution no. 7

ANNUAL REPORT 2011-12
J L MORISON
The details as required under proviso (iv) to Clause B of Part II of Schedule XIII to the Companies Act, 1956, are given
below:
I General Information
(1) Nature of industry The Company is engaged in the business of marketing and
distribution of personal care, life style and FMCG products.
(2) Date or expected date of commencement of The company is an existing company and is in operation since
commercial production 1934.
(3) In case of new companies, expected date of N.A.
commencement of activities as per project approved
by the financial institutions appearing in the prospectus
(4) Financial performance based on given indicators EPS : ` 0.71 / Return on networth : 0.14%
(5) Export performance and net foreign exchange Nil
collaborations
(6) Foreign investments or collaborators, if any Nil
II Information about the appointee
(1) Background details Mr. Sohan Sarda is a fellow member of the Institute of Chartered
Accountants of India and also completed Company Secretary
course. He is associated with the company since 2005 and
handling finance, accounts, secretarial, banking, commercial,
taxation and General administration.
(2) Past Remuneration ` 20 Lacs p.a. (Approx.)
(3) Recognisation or awards Mr. Sohan Sarda is having good experience in the industry in
which the company operates.
(4) Job profile and his suitability Being a professional (CA & CS) and having experience with
company will be able to discharge his responsibilities.
(5) Remuneration proposed ` 25 Lacs per annum (approx.)
(6) Comparative remuneration profile with respect to At par with the industry standards in which the Company
industry
operates.
(7) Pecuniary relationship directly or indirectly with the No relationalship with any promoter, directors or managerial
company, or relationship with the managerial
personnel.
personnel, if any
III Other information
(1) Reasons of loss or inadequate profits Due to unfavorable market conditions, the company could not
achieve high levels of profits.
(2) Steps taken or proposed to be taken for improvement The Company hopes increase in revenue and profit margins in
and expected increase in productivity and profits in coming years with the signing of new partnerships and
measurable terms
introduction of new range of products.
The Board recommends passing of the Special Resolution as set out at item no. 7 of the Notice.
None of the directors of the Company are concerned or interested in the said resolution.
Item No. 8
The Board of Directors of the Company appointed Mrs. Sakshi Mody, a relative of Mr. Raghu Mody and Mr. Varunn Mody, Directors of
the Company as General Manager – Corporate w.e.f. 1 st April, 2012. She is an MBA by qualification and possesses diversified knowledge
and experience in different areas of business.
As per the provisions of section 314(1)(b) of the Companies Act, 1956, the approval of members is required in case of the appointment
of any relative of director(s) holding any office or place of profit, if remuneration exceeds ` 50,000/- per month.
The approval of members is being sought for appointment of Mrs. Sakshi Mody made as General Manager – Corporate and payment
of remuneration to her as set out at Resolution No. 8 of the Notice.
The Board recommends passing of the Special Resolution as set out at item no. 8.
Except Mr. Raghu Mody and Mr. Varunn Mody, none of the directors of the Company are concerned or interested in the said resolution.
By Order of the Board of Directors
Place: Mumbai
Varunn Mody
Date : 18 th May, 2012 Director
6

ANNUAL REPORT 2011-12
DIRECTORS’ REPORT
To
The Members
J. L. Morison (India) Limited
Your Directors’ have great pleasure in presenting the 77 th Annual
Report and Statement of Accounts of the Company for the
financial year ended on 31 st March, 2012.
Financial highlights
(` in Lacs)
Sr. No. Particulars 2011-12 2010-11
1 Total Revenue (Net) 10,741.67 10,149.43
2 Profit before finance cost,
depreciation and amortisation
expenses & tax 235.21 241.71
3 Finance cost 121.59 150.16
4 Depreciation and amortisation
expenses 83.70 83.31
5 Profit before exceptional items
and tax 29.92 8.24
6 Provision for Tax 20.27 7.41
7 Profit after Tax 9.65 0.83
8 Balance of profit as per last
Balance Sheet 40.26 55.29
9 Proposed dividend 13.65 13.65
10 Dividend Tax 2.21 2.21
11 Transfer to General Reserve - -
12 Transfer to Statement of
Profit and Loss 34.05 40.26
Dividend
Considering the financial position of the Company, your Directors
recommend a dividend of ` 1/- (10%) per share (Previous year –
` 1/- (10%) per share).
Performance
The year under review, was a year of consolidation and growth
for the Company. The strategy adopted last year of different
division focused on different set of consumer’s need, has paid
dividend and with clear focus on the expanded portfolio has
proved to be a good exercise which resulted into increase in
turnover growth as compared to previous year’s level.
The Company has forayed in developing own brands for a long
term sustenance and growth. The Company introduced air
fresheners, under its Life Style Division with the brand name
Seasons which comes in five fragrances viz. Sandalwood, Lime,
Jasmine, Lavender and Rose. The initial market response is
encouraging for this brand.
J L MORISON
Life Style Division also introduced F5 “Male and Female
Deodorant Body Spray”. It comes in 3 variants for Male viz. Ctrl,
Enter and Insert and 3 variants for Female viz. Shift, Home and
Esc.
Life Style Division also extended the portfolio of Coty by launching
London Variant and planning to launch Berlin and VIP in the Indian
Market. This will strengthen the brands presence and help JLM
in growth.
Moreover, JLM also successfully launched Bigen Men’s Speedy
and Bigen Men’s Beard which received a good response from
the market. The coming year Hoyu has plans to invest in brand
building which will ensure growth for the brand as well as JLM.
Zero Gravity which was extended into personal care and grooming
products last year was revamped this year and has been launched
in a new Avatar. It has got a positive review from the market and
got good response from Modern Trade outlets.
JLM's Own Brand Division has focused on developing Baby range
products especially catering in the age group of 0-3 years. It has
re-grouped into 3 sub-categories viz.:
1. BABY NEEDS: Regular Feeder, Designer Feeder, Mini
Feeder, Spoon Feeder, Royal Feeder, Wide Mouth Feeder
and Softie Teats Range.
2. MASTI TIME: Cool Buddy, Tooth Buddy, Poochie Cup,
Sippe Cup, Softie Sippie Cup, Soft Touch Powder Puff and
Baby on Board.
3. HEALTH AND HYGIENE: Sparkle Feeder, Nipple Cleaning
Brush, Comb, Baby Soap and Soothing Talc.
During the year the sales of EMOFORM – the toothpaste for
sensitive teeth and gum care recorded a good growth. This
division has further extended to cater the need of dentist
requirement by introducing own brands which includes Dental
consumables and an innovative tooth whitening pen “Morison
Happy Smile”. Dentists have accepted this product with open
arms and have appreciated the positive contribution for dentists
by introducing such innovative products.
Public Deposits
During the year ended 31 st March, 2012, the Company has not
accepted or renewed any public deposits within the meaning of
section 58 A and 58 AA of the Companies Act, 1956 and rules
framed there under.
Cost Audit
The Company has made an application to the Central
Government for seeking exemption from appointment of cost
auditor for the financial years 2009-10, 2010-11 and 2011-12 and
same has been approved by the the Central Government.
7

ANNUAL REPORT 2011-12
Particulars of Conservation of Energy, Technology
Absorption and Foreign Exchange Earnings and Outgo
In view of the nature of business activities currently being carried
out by the Company, your Directors have nothing to report as
required under the Companies (Disclosure of Particulars in the
Report of Board of Directors) Rules, 1988 with respect to
Conservation of Energy and Technology Absorption.
During the Financial year 2011-12, total foreign exchange used
and earned was ` 4322.66 Lacs (previous year ` 4,547.17 Lacs)
and ` nil (previous year ` 163.20 Lacs) respectively.
Particulars of Employees
During the year under review, there were no employees in respect
of whom information under section 217(2A) of the Companies
Act, 1956 is required to be given in the Directors’ Report.
Directors
Mr. Sanjay Kothari was appointed as an Additional Director of
the Company by the Board w.e.f. 5 th August, 2011 and pursuant
to the provisions of Section 260 of the Companies Act, 1956
holds office upto the date of ensuing Annual General Meeting of
the Company. The Company has received a notice under section
257 of the Companies Act, 1956 in writing alongwith necessary
deposit, proposing his candidature for the office of Director of
the Company.
Mr. Raghu Mody and Mr. Shamsunder Aggarwal, Directors of
the Company retire by rotation and being eligible, offer themselves
for re-appointment.
Your Directors recommend the appointment of Mr. Sanjay Kothari
and reappointment of Mr. Raghu Mody and Mr. Shamsunder
Aggarwal as Directors of the Company at the ensuing Annual
General Meeting of the Company.
Auditors
M/s. Haribhakti & Co., Chartered Accountants, Mumbai, the
Statutory Auditors of your Company hold office as such upto the
conclusion of the ensuing Annual General Meeting and being
eligible, offer themselves for re-appointment. They have also
confirmed that their re-appointment, if made, will be in accordance
with the provision of section 224 (1B) of the Companies Act, 1956.
Your Directors recommend the re-appointment of M/s. Haribhakti
& Co., Chartered Accountants, as Statutory Auditors of the
Company to hold office as such from the conclusion of ensuing
Annual General Meeting till the conclusion of next Annual General
Meeting and to audit financial accounts of the Company for the
financial year 2012 - 13.
Secretarial Compliance Certificate
J L MORISON
As required under the provisions of section 383A of the
Companies Act, 1956, Secretarial Compliance Certificate
received from M/s. Manish Ghia & Associates, Practicing
Company Secretaries, Mumbai for the financial year 2011-12 is
annexed herewith and forms part of this Annual Report.
Corporate Governance
As required under Clause 49 of the Listing Agreement entered
into with various stock exchanges, Management Discussion &
Analysis Report and Corporate Governance Report are annexed
herewith and form part of this Report.
Directors’ Responsibility Statement
In accordance with the provisions of section 217(2AA) of the
Companies Act, 1956 and on the basis of the information placed
on record, the Directors of the Company would like to state that:
I. the applicable accounting standards have been followed
and whenever required, proper explanations relating to
material departures have been given;
II.
III.
IV.
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 31 st March, 2012 and of the Profit of the Company for
the year ended on that date;
proper and sufficient care has been taken 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;
the Accounts have been prepared on a going concern basis.
Acknowledgement
Your Directors acknowledge the support given by the
Shareholders, Bankers, Trade Partners and Employees and look
forward for their continued support.
For and on behalf of the Board of Directors
Place : Mumbai
Raghu Mody
Date : 18 th May, 2012 Chairman
Stock Exchanges
The Company’s shares are listed at BSE Limited, The Calcutta
Stock Exchange Association Limited and the Bangalore Stock
Exchange and the Annual Listing Fees for the year 2012 - 13
has been paid to all the stock exchanges.
8

ANNUAL REPORT 2011-12
Form
[See Rule 3]
Compliance Certificate
Authorised Share Capital : ` 3,00,00,000/-
Company Registration No.: L51109WB1934PLC088167
To,
The Members,
J. L. Morison (India) Limited
20, Rasoi Court,
Sir R. N. Mukherjee Road,
Kolkata – 700 001
We have examined the registers, records, books and papers of
M/s. J. L. Morison (India) Limited (the Company) as required
to be maintained under the Companies Act, 1956 (the Act) and
the rules made there under and also the provisions contained in
the Memorandum and Articles of Association of the Company for
the financial year ended on 31 st March, 2012 (financial year).
In our opinion and according to the examination carried out by
us and explanations furnished to us by the Company, its officers
and agents, and to the best of our knowledge and belief, we
certify that in respect of the aforesaid financial year:
1. The Company has kept and maintained the registers as
stated in Annexure ‘A’ to this certificate as per the
provisions of the Companies Act, 1956 and the rules made
thereunder and entries therein have been duly recorded.
2. The Company has duly filed the forms and returns as stated
in Annexure ‘B’ to this certificate with the Registrar of
Companies, West Bengal, Kolkata under the Act and rules
made there under. The Company was not required to file
any documents and returns with the Regional Director or
Company Law Board or Central Government or any other
authorities during the financial year.
3. The Company being a Public Limited Company, the
restrictive provisions of Section 3(1)(iii) of the Act are not
applicable. As on 31 st March, 2012, the paid up capital of
the Company was ` 1,36,50,340/- (Rupees One Crore Thirty
Six Lacs Fifty Thousand Three Hundred Forty Only).
4. The Board of Directors duly met 6 (six) times on 25 th May,
2011, 5 th August, 2011, 10 th August, 2011, 8 th November,
2011, 10 th Feburary, 2012 and 31 st March, 2012 and as per
information and explanation given by the management,
proper notices were given and the proceedings were
properly recorded in the Minutes Book maintained for the
purpose. No circular resolution was passed by the Company
during the financial year.
5. The Company closed its Register of Members from
1 st August, 2011 to 5 th August, 2011 (both days inclusive)
and necessary compliance of Section 154 of the Act has
been made.
6. The Annual General Meeting for the financial year ended
on 31 st March, 2011 was held on 5 th August, 2011 and as
J L MORISON
per information and explanation given by the management,
the Company has given adequate notice to the members
of the Company and the resolutions passed thereat were
duly recorded and signed in the Minutes Book maintained
for that purpose.
7. No Extra - Ordinary General Meeting was held during the
financial year.
8. The Company has not advanced any loans to its directors
or persons or firms or companies referred to under Section
295 of the Act.
9. The Company has not entered into any contracts falling
within the purview of Section 297 of the Act.
10. The Company has made necessary entries in the register
maintained under Section 301 of the Act.
11. The Company has appointed Mrs. Sakshi Mody, a relative
of Directors of the Company as General Manager -
Corporate w.e.f. 1 st April, 2012 after taking approval of the
Board of Directors and approval of the shareholders will be
sought in the ensuing Annual General Meeting of the
Company as required under Section 314 of the Companies
Act, 1956. The Company was not required to take any
approval from the Central Government.
12. The duly constituted Committee has approved the issue of
duplicate share certificates.
13. The Company :
(i) has delivered all the share certificates on lodgement
thereof for transfer / transmission or for any other
purpose in accordance with the provisions of the Act;
(ii) has deposited the amount of dividend declared at the
Annual General Meeting held on 5 th August, 2011 into
a separate Bank account on 10 th August, 2011, which
was within five days from the date of declaration of
such dividend;
(iii) has posted warrants / given credit through NECS for
dividend to all members within a period of 30 (thirty)
days from the date of declaration and that all
unclaimed / unpaid dividend has been transferred to
Un-paid Dividend Account of the Company held with
Kotak Mahindra Bank Limited, Mumbai;
(iv) pursuant to the provisions of section 205C of the
Companies Act, 1956, unclaimed dividend for the
financial year ended on 31 st March, 2004, which
remained unclaimed or unpaid for a period of seven
years has been transferred to Investor Education and
Protection Fund;
(v) has duly complied with the requirements of section
217 of the Act.
14. The Board of Directors of the Company is duly constituted.
The appointment of Mr. Sanjay Kothari as an additional director
and re-appointment of directors retiring by rotation was duly
made. There was no appointment of alternate director or
directors to fill casual vacancy during the financial year.
9

ANNUAL REPORT 2011-12
15. The appointment of Mr. Sohan Sarda as the Manager of
the Company w.e.f. 1 st April, 2012 was made in compliance
with the provisions of section 269 read with Schedule XIII
of the Companies Act, 1956.
16. The Company has not appointed any sole selling agent
during the financial year.
17. The Company was not required to obtain any approvals
from Central Government, Company Law Board, Regional
Director, Registrar and / or such authorities prescribed under
the various provisions of the Act during the financial year.
18. The Directors have disclosed their interest in other firms /
Companies to the Board of Directors pursuant to the
provisions of the Act and the rules made thereunder.
19. The Company has not issued shares / debentures / other
securities during the financial year.
20. The Company has not bought back any shares during the
financial year.
21. There was no redemption of preference shares or
debentures during the financial year.
22. There were no transactions necessitating the Company to
keep in abeyance the rights to dividend, rights shares and
bonus shares pending registration of transfer of shares.
23. The Company has not invited / accepted any deposits
including any unsecured loans during the financial year
which is falling within the purview of Section 58A read with
the Companies (Acceptance of Deposit) Rules, 1975 / the
applicable directions issued by the Reserve Bank of India /
any other authorities.
24. The amount borrowed by the Company during the financial
year under review was within the limits prescribed under
Section 293(1)(d) of the Act.
25. The Company has made loans and advances to other
bodies corporate in compliance with the provisions of the
Act and has made necessary entries in the register kept
for that purpose.
26. The Company has not altered the provisions of the
Memorandum with respect to situation of its registered office
during the financial year.
27. The Company has not altered the provisions of the
Memorandum with respect to its objects during the financial
year.
28. The Company has not altered the provisions of the
Memorandum with respect to its name during the financial
year.
29. The Company has not altered the provisions of the
Memorandum with respect to its share capital during the
financial year.
30. The Company has altered its Articles of Association after
obtaining approval of members in the Annual General
Meeting held on 5 th August, 2011 and the amendments to
the Articles of Association have been duly filed with the
Registrar of Companies and has complied with the
provisions of the Act.
J L MORISON
31. There were no prosecution initiated against or show cause
notices received by the Company and no fines or penalties
or any other punishment was imposed on the Company
during the financial year, for offences under the Act.
32. The Company has not received any money as security from
its employees during the financial year.
33. The Company has deposited both employees’ and
employer’s contribution to Provident Fund with prescribed
authorities pursuant to Section 418 of the Companies Act.
Place : Mumbai
Date : 18 th May, 2012
For Manish Ghia & Associates
Company Secretaries
Manish L. Ghia
Partner
M. No. FCS 6252
C. P. No.3531
ANNEXURE “A”
Registers maintained by M/s. J. L. Morison (India) Limited
1) Register of Members under Section 150 of the Companies
Act, 1956.
2) Index of Members under Section 151 of the Companies
Act, 1956.
3) Register of Share Transfers / Transmission.
4) Register and Returns under section 163 of the Companies
Act, 1956 (including copies of all annual returns prepared
under Section 159 & Section 160 of the Companies Act,
1956)
5) Register of Directors under section 303 of the Companies
Act, 1956.
6) Register of Contracts and Disclosure of Directors’ Interest
under section 301 of the Companies Act, 1956.
7) Register of Directors’ shareholdings under section 307 of
the Companies Act, 1956.
8) Minutes Book of the Meetings of Board of Directors,
Committees of the Board and General Meetings under
section 193 of the Companies Act, 1956.
9) Register of Shareholders’ / Proxys’ Attendance.
10) Register of Renewal, Split, Consolidation and Duplicate
Share Certificates.
11) Register of Charges under section 143 of the Companies
Act, 1956.
12) Register of Investments under section 372A of the
Companies Act, 1956.
13) Books of accounts under section 209 of the Companies
Act, 1956.
10

ANNUAL REPORT 2011-12
ANNEXURE “B”
J L MORISON
Forms, returns and applications filed by J. L. Morison (India) Limited during the financial year ended on 31 st March, 2012:
A) With the Registrar of Companies, West Bengal, Kolkata:
Sr. Form Relevant Description Date of filing Whether filed If delay in filing
No. No. Section / within whether
Rule prescribed requisite
time additional fee
Yes/No paid
Yes / No / N.A.
1. 66 383A Compliance Certificate under Section 383A 18 th August, 2011 Yes N.A.
of the Companies Act, 1956 for the year
ended on 31 st March, 2011.
2. 23AC 220 Schedule – VI ( Annual Accounts ) for the 1 st December, 2011 Yes N.A.
XBRL& financial year ended 31 st March, 2011.
23ACA
XBRL
3. 32 303(2) Particulars of appointment of Mr. Sanjay 18 th August, 2011 Yes N.A.
Kothari as an Additional Director of the
Company w.e.f. 5 th August, 2011.
4. 23 192 Particulars of Special Resolution passed 3 rd September, 2011 Yes N.A.
at the Annual General Meeting of the
Company, held on 5 th August, 2011 for
Alteration of Articles of Association of the
Company.
5. 20B 159 Schedule – V ( Annual Return ) as on the 30 th September, 2011 Yes N.A.
date of Annual General Meeting i.e. 5 th
August, 2011.
6. 23AA 209(1) Notice to RoC of the particulars of address 14 th February, 2012 Yes N.A.
at which books of accounts are maintained
by the Company w.e.f. 10 th February, 2012.
B) With the Office of the Regional Director, Western Region Bench at Kolkata: Nil
C) With the Office of the Central Government at New Delhi: Nil
D) With any other Authorities as prescribed under the Act : Nil
11

ANNUAL REPORT 2011-12
REPORT ON CORPORATE GOVERNANCE
12
J L MORISON
1. COMPANY’S PHILOSOPHY ON CODE OF CONDUCT
The Company is committed to benchmarking itself with the best in all areas including Corporate Governance. The Company’s
philosophy of Corporate Governance is aimed at strengthening the confidence among shareholders, customers, employees
and ensuring a long term relationship of trust by maintaining transparency and disclosures. The Company believes in maintaining
highest standards of quality and ethical conduct in all the activities.
2. BOARD OF DIRECTORS
a) Composition
The Board of Directors provides strategic direction and thrust to the operations of the Company. As on 31 st March, 2012,
the Board of Directors comprised of total six Directors, out of which four are Independent Directors and two are Non-
Executive Non Independent Directors. The Company complies with the norms prescribed under Clause 49 of the Listing
Agreement for constitution of Board of Directors.
None of the Independent Directors has any other material pecuniary relationship or transaction with the Company, its
Promoters, its Directors, its senior management, which would affect their independence.
Further, none of the Directors on the Board is a member of more than 10 Committees and Chairman in more than 5
Committees, across all companies in which they are director.
b) Board Procedure
The agenda is prepared in consultation with the Chairman of the Board and the Chairman of the other committees. The
agenda for the meetings of the board and its committees, together with the appropriate supporting documents, are
circulated well in advance of the meeting.
Matters discussed at Board meeting generally relates to Company’s performance, quarterly results of the Company,
review of the reports of the Internal Auditors, Audit Committee and compliances with their recommendations, suggestions,
non compliance of any regulatory, statutory or listing requirements etc.
c) Attendance at the Board Meetings and the last Annual General Meeting
The Board Meeting dates are decided well in advance and communicated to Directors to enable them to plan for their
schedule in order to attend the meetings.
During the year under review, the Board of Directors met 6 (six) times viz. 25 th May, 2011, 5 th August, 2011, 10 th August,
2011, 8 th November, 2011, 10 th February, 2012 and 31 st March, 2012.
The details of composition and category of Directors, their attendance at each Board meeting held during the financial
year 2011-12 and at the last Annual General Meeting, their directorships in other companies and membership /
chairmanship in committees are as follows:
Name Category Attendance at Board Directorship Membership / Attendance
Meetings in other Chairmanship of at A.G.M.
Public Limited Committees held on 5 th
Companies (including Company) August, 2011
Held Attended Chairman Member
Mr. Raghu Mody Non-Executive & 6 3 4 - 3 Yes
Non Independent
Mr. Varunn Mody Non-Executive & 6 5 1 - - No
Non Independent
Lt. Gen. (Retd.) Independent 6 5 1 2 2 Yes
K. S. Brar
Mr. Atul Tandan Independent 6 6 2 - 3 Yes
Mr. Shamsunder Independent 6 4 1 - 1 Yes
Aggarwal
Mr. Sanjay Kothari* Independent 4 4 5 1 1 N.A.
*Appointed as an Additional Director w.e.f. 5 th August, 2011.
1. The directorship held by directors as mentioned above do not include Alternate Directorships and Directorships in
Foreign Companies, section 25 Companies and Private Companies.
2. Membership/Chairmanship of only the Audit Committee and Share Transfer and Investor Grievance Committee of
all public Limited Companies have been considered.

ANNUAL REPORT 2011-12
13
J L MORISON
3. AUDIT COMMITTEE
As on 31 st March, 2012, the Committee comprised of three independent Directors having financial background and knowledge
in the business of the Company.
The Audit Committee met four times viz. 25 th May, 2011, 10 th August, 2011, 8 th November, 2011 and 10 th February, 2012 during
the year under review and the number of meetings attended by each member during the year ended 31 st March, 2012 is as
follows:
Name of the member Designation No. of Meetings
Held Attended
Mr. Sanjay Kothari (w.e.f. 5 th August, 2011) Chairman 3 3
Lt. Gen. (Retd.) K. S. Brar Member 4 4
Mr. Atul Tandan (Chairman upto 5 th August, 2011) Member 4 4
Mr. Raghu Mody (upto 5 th August, 2011) Member 1 1
Mr. Sohan Sarda, General Manager – Finance & Compliance Officer (Manager under Companies Act, 1956) of the Company
acts as Secretary to the Committee.
The terms of reference of this Committee are wide. Besides having access to all the required information from within the
Company, the Committee acts as a link between the Statutory and Internal Auditors and the Board of Directors of the Company.
The brief description of terms of reference are as follows:
• Overseeing the Company’s financial reporting process and the disclosure of its financial information to ensure that the
financial statement is correct, sufficient and credible.
• Reviewing with management, the annual financial statements before submission to the Board for approval with particular
reference to:
Ø Matters required to be included in the Directors’ Responsibility Statement are included in the Directors’ Report in
terms of clause (2AA) of Section 217 of the Companies Act, 1956.
Ø Changes, if any, in accounting policies and practices and reasons for the same.
Ø Major accounting entries involving estimates based on the exercise of judgment by the management.
Ø Significant adjustments made in the financial statements arising out of audit findings.
Ø Compliance with listing and other legal requirements relating to financial statements.
Ø Disclosure of related party transactions.
Ø Qualifications in draft audit report.
• Review with management quarterly financial statements before submission to the Board for approval.
• Recommending the appointment/removal of statutory auditors, fixation of audit fees and also approval of payments for
any other services.
• Reviewing with management, Statutory and Internal Auditor’s adequacy of the internal control systems.
• Discussing with internal and statutory auditors of any significant findings and follow-up thereon and reviewing the reports
furnished by them.
• Reviewing the Company’s financial and risk management policies.
• Compliance with the Stock Exchanges and legal requirements concerning financial statements.
• Carrying out such other function as may be specifically referred to the Committee by the Board of Directors and/ or other
Committees of Directors of the Company.
4. REMUNERATION COMMITTEE
The broad terms of reference of the remuneration committee are to recommend the Company’s policy on remuneration
packages for the Managing Director / Executive Directors, reviewing the structures, design and implementation of remuneration
policy in respect of key management personnel.
During the financial year 2011-12, the Remuneration Committee met once on 31 st March, 2012.
The Remuneration Committee comprises of Lt. Gen. (Retd.) K. S. Brar, Mr. Atul Tandan, Mr. Shamsunder Aggarwal. Lt. Gen.
(Retd.) K. S. Brar is the Chairman of the Committee.
The details of attendance of members in Remuneration Committee meeting are as follows:
Name of the member Designation No. of Meetings
Held Attended
Lt. Gen. (Retd.) K. S. Brar Chairman 1 -
Mr. Atul Tandan Member 1 1
Mr. Shamsunder Aggarwal Member 1 1

ANNUAL REPORT 2011-12
14
J L MORISON
Mr. Sohan Sarda, General Manager – Finance & Compliance Officer (Manager under Companies Act, 1956) of the Company
acts as secretary to the Committee. Only sitting fees is paid to the Non - Executive Directors.
Details of remuneration paid to Directors during the year ended 31 st March, 2012 and share held by them on that date are as follows.
Name of Director Salary Perquisites or Contribution to PF Stock Sitting fees No. of shares
` Allowances ` & others ` option ` ` held
Mr. Raghu Mody Nil Nil Nil Nil 22,000 250
Lt. Gen. (Retd.) K. S. Brar Nil Nil Nil Nil 57,000 Nil
Mr. Atul Tandan Nil Nil Nil Nil 63,000 100
Mr. Varunn Mody Nil Nil Nil Nil 25,000 135
Mr. Shamsunder Aggarwal Nil Nil Nil Nil 21,000 Nil
Mr. Sanjay Kothari Nil Nil Nil Nil 35,000 Nil
INVESTORS’ GRIEVANCE CUM SHARE TRANSFER COMMITTEE
The Investors’ Grievance cum Share Transfer Committee met four times viz. 25 th May, 2011, 10 th August, 2011, 8 th November, 2011
and 10 th February, 2012 during the year under review. The composition of the Investors’ Grievance cum Share Transfer Committee
as on 31 st March, 2012 and the number of meetings attended by each member during the year ended on that date is as follows:
Name of the Member Designation No. of Meetings
Held Attended
Lt. Gen. (Retd.) K. S. Brar Chairman 4 4
Mr. Atul Tandan Member 4 4
Mr. Raghu Mody Member 4 2
Mr. Sohan Sarda, General Manager– Finance & Compliance Officer (Manager under Companies Act, 1956) of the Company
acts as secretary to the Committee.
The Committee meets as and when required to deal with the matters relating to monitoring and redressal of complaints from
shareholders relating to transfer, non - receipt of Annual Report, etc.
The Committee is also empowered to consider and approve the physical transfers, transmissions, transposition, issue of
duplicate certificates, consolidation / split / renewal of share certificates etc.
Mr. Sohan Sarda, General Manager – Finance & Compliance Officer (Manager under Companies Act, 1956) of the Company
acts as secretary to the Committee.
Status of the Investors’ complaints / service requests:
At the beginning of the year Received during the year Resolved during the year Pending
0 108 108 0
Name and Designation of Compliance Officer
Mr. Sohan Sarda, General Manager – Finance (Manager under Companies Act, 1956) is the Compliance Officer of the Company.
GENERAL BODY MEETINGS
The details of last three Annual General Meetings are given below :
Financial Year Date of AGM Time Location of the meeting
2008 – 2009 15 th September, 2009 11.30 A.M. Kala Kunj, 48, Shakespeare Sarani, Kolkata - 700 017
2009 – 2010 9 th September, 2010 11.30 A.M. Kala Kunj, 48, Shakespeare Sarani, Kolkata - 700 017
2010 – 2011 5 th August, 2011 12.00 Noon Kala Kunj, 48, Shakespeare Sarani, Kolkata - 700 017
Details of Special Resolutions passed in last three Annual General Meetings:
AGM held on 15 th September, 2009: For approval of appointment and remuneration of Mr. Varunn Mody as an Executive
Director of the Company.
AGM held on 9 th September, 2010: No special resolution passed.
AGM held on 5 th August, 2011: For alteration of Articles of Association of the Company.
No special resolution was passed through Postal Ballot during the financial year 2011-12. None of the business proposed to
be transacted in the ensuing Annual General Meeting require passing a special resolution through Postal Ballot.

ANNUAL REPORT 2011-12
15
J L MORISON
DISCLOSURES
a) Related party transactions
Related party transactions are defined as transactions of the Company of material nature had with promoters, directors
or with their relatives etc.
The transactions with the related parties, as per the requirements of the Accounting Standard 18, are disclosed in Notes
on Accounts, forming part of the Annual Report.
None of the transactions with any of the related parties were in conflict with the interest of the Company.
b) Compliance by the Company
The Company has complied with the requirements of the Stock Exchanges, SEBI and other statutory authorities on all
matters relating to capital market during the last three years. No penalties or strictures have been imposed on the
Company by the Stock Exchanges, SEBI or other statutory Authorities.
Though there is no formal Whistle-Blower Policy, the Company takes cognizance of complaints made and suggestions
given by the employees and others. Even anonymous complaints are looked into and whenever necessary, suitable
corrective steps are taken. None of the employees were denied to access the Audit Committee.
The Company has laid down a Code of Conduct for the Directors, Senior Management Personnel and Employees of the
Company. The code has been posted on the website of the Company. A declaration to the effect that the Directors,
Senior Management Personnel and Employees have adhered to the same, signed by the Mr. Varunn Mody, Director of
the Company forms part of this Annual Report, which along with the certificate from Auditors of the Company on compliance
of clause 49 of the Listing Agreement by the Company is annexed to this Annual Report.
c) Disclosure of Accounting treatment
In the preparation of the financial statement, the Company has followed accounting standards issued by Institute of the
Chartered Accountants of India to the extent applicable.
d) Disclosure of Risk management
The Company has initiated the risk assessment and minimization procedure.
e) CEO / CFO Certification
A certificate from Mr. Varunn Mody, Director and Mr. Sohan Sarda, General Manager-Finance and Manager under Companies
Act, 1956 on the financial statements of the Company for year ended 31 st March, 2012 was placed before the Board.
f) Review of Directors’ Responsibility Statement
The Board in its report has confirmed that the annual accounts for the year ended 31 st March, 2012 have been prepared
as per applicable Accounting Standards and policies and that sufficient care has been taken for maintaining adequate
accounting records.
MEANS OF COMMUNICATION
The Company’s quarterly / half yearly results are published in news papers viz. Financial Express(English) and Aajkal(Bengali).
Half yearly reports are not being sent to each household of shareholders. These results are displayed on the Company’s
website: www.jlmorison.in under investor section. Presentations made to Analysts are also displayed on the website of the
Company.
Management Discussion and Analysis is a part of this Annual Report.
GENERAL INFORMATION FOR SHAREHOLDERS
Date, time and venue of ensuing Annual General Meeting Date : 13 th September, 2012
Time : 11.00 a.m.
Venue : Kala Kunj, 48, Shakespeare Sarani, Kolkata – 700 017
Financial Calendar(2012 – 13) i) First Quarterly Results - by 14 th August, 2012
ii) Second Quarterly Results - by 14 th November, 2012
iii) Third Quarterly Results - by 14 th February, 2013
iv) Fourth Quarterly / Yearly Results - by 30 th May, 2013
Date of Book Closure
10 th September, 2012 to 13 th September, 2012 (both days inclusive)
Dividend payment date Credit/dispatch between 21 st September, 2012 and 25 th September, 2012
Listing on Stock Exchanges 1. BSE Limited, P. J. Towers, Dalal Street, Fort, Mumbai – 400 001
2. The Calcutta Stock Exchange Association Limited, 7, Lyons Range, Kolkata – 700 001
3. Bangalore Stock Exchange Limited, Stock Exchange Towers, No. 51, 1st Cross,
J. C. Road, Bangalore – 560 027

ANNUAL REPORT 2011-12
Stock Code BSE – 506522
ISIN for NSDL & CDSL
INE430D01015
Stock Market Price Data
J L MORISON
The monthly high and low quotations of shares traded on the BSE Limited, Mumbai
during each month in financial year 2011-12 are as follows:
Volume Price of shares of the BSE Sensex (Points)
(No. of Shares) Company at BSE (`)
Month High Low High Low
April - 2011 6420 325.00 266.00 19,811.14 18,976.19
May - 2011 8101 332.00 280.00 19,253.87 17,786.13
June - 2011 18421 348.95 302.15 18,873.39 17,314.38
July - 2011 3865 352.00 322.00 19,131.70 18,131.86
August - 2011 26260 363.00 330.10 18,440.07 15,765.53
September - 2011 39931 372.00 340.00 17,211.80 15,801.01
October - 2011 4878 364.85 345.00 17,908.13 15,745.43
November - 2011 5671 365.00 345.00 17,702.26 15,478.69
December - 2011 3115 358.25 335.00 17,003.71 15,135.86
January - 2012 9334 369.00 335.05 17,258.97 15,358.02
February - 2012 12776 397.95 353.20 18,523.78 17,061.55
March - 2012 11667 392.95 350.00 18,040.69 16,920.61
25000
20000
15000
10000
5000
0
500
450
400
350
300
250
200
150
100
50
0
BSE
JLM
Share Transfer System
All shares sent or transferred in physical form are registered by the Registrar and Share Transfer Agents within 30 days of the
lodgment, if documents are found in order. Shares under objection are returned within two weeks. All requests for
dematerialization of shares processed and the confirmation is given to the respective depositories i.e. National Securities
Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) within 15 days.
16

ANNUAL REPORT 2011-12
Category wise distribution of Equity shareholding as at 31 st March, 2012
J L MORISON
(A)
(B)
Category Number of Percentage of
shares held Shareholding (%)
Shareholding of Promoter and Promoter Group
(1) Indian
(a) Individuals/ Hindu Undivided Family 385 0.03
(b) Central Government/ State Government(s) - -
(c) Bodies Corporate 933224 68.37
(d) Financial Institutions/ Banks - -
(e) Trust 25200 1.85
Sub-Total (A)(1) 958809 70.24
(2) Foreign
(a) Individuals (Non-Resident Individuals/ Foreign Individuals) - -
(b) Bodies Corporate - -
(c) Institutions - -
(d) Any other (specify) - -
Sub-Total (A)(2) - -
Total Shareholding of Promoter and Promoter Group (A)= (A)(1)+(A)(2) 958809 70.24
Public shareholding
(1) Institutions
(a) Mutual Funds/ UTI - -
(b) Financial Institutions/ Banks - -
(c) Central Government/ State Government(s) - -
(d) Venture Capital Funds - -
(e) Insurance Companies - -
(f) Foreign Institutional Investors - -
(g) Foreign Venture Capital Investors - -
(h) Any other (specify) - -
Sub-Total (B)(1) - -
(2) Non-institutions
(a) Bodies Corporate 101258 7.42
(b) Individuals -
i. Individual shareholders holding nominal share capital up to ` 1 lac. 217374 15.92
ii. Individual shareholders holding nominal share capital in excess 85952 6.30
of ` 1 lac.
(c) Non Resident Indians 1641 0.12
(d) Foreign Corporate Bodies - -
Sub-Total (B)(2) 406225 29.76
Total Public Shareholding (B)= (B)(1) +(B)(2) 406225 29.76
TOTAL (A)+(B) 1365034 100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued - -
GRAND TOTAL (A)+(B)+(C) 1365034 100.00
17

ANNUAL REPORT 2011-12
Distribution of shareholding as at 31 st March, 2012
J L MORISON
Category Number of % of total number Total number of % of Total number
shareholders of shareholders shares of shares
1 to 500 3831 97.76 163950 12.00
501 to 1000 44 1.12 33092 2.42
1001 to 5000 22 0.56 35811 2.63
5001 to 10000 4 0.10 27402 2.01
10001 & above 18 0.46 1104779 80.94
Total 3919 100.00 1365034 100.00
Dematerialization of shares and liquidity
About 95.62% shares have been dematerialized as on 31 st March, 2012. The Equity Shares of the Company are traded on BSE
Limited, The Calcutta Stock Exchange Association Limited and Bangalore Stock Exchange Limited.
The Company has paid the Listing fees for the year 2012-13 to all the stock exchanges on which its shares are listed.
Outstanding ADRs, GDRs, Warrants or any convertible instruments, conversion date and impact on Equity
Your Company has not issued any ADRs, GDRs, Warrants or any convertible instruments during the financial year ended 31 st
March, 2012.
Registrar and Share Transfer Agents
Datamatics Financial Services Ltd.
Plot No.B-5,
Part B, Cross Lane,
MIDC, Marol, Andheri (East),
Mumbai – 400 093.
Phone : (022) 6671 2151
Fax : (022) 6671 2161
e-mail : corpequity@dfssl.com
Address for Investors’ Correspondence
For any assistance regarding dematerialization of shares, share transfers, transmissions, change of address, non-receipt of dividend
or any address, non-receipt of dividend or any other query relating to shares, please write to:
J. L. Morison (India) Limited Datamatics Financial Services Ltd.
‘Crystal’, 79, Dr. Annie Besant Road,
Plot No. B-5, Part B, Cross Lane,
Worli, Mumbai – 400 018
MIDC, Marol, Andheri (East),
Phone : (022) 24975031 – 35 Mumbai – 400 093.
Fax : (022) 24950317 Phone : (022) 6671 2151
e-mail : sohan@jlmorison.com Fax : (022) 6671 2161
investors@jlmorison.com e-mail : corpequity@dfssl.com
18

ANNUAL REPORT 2011-12
DECLARATION
J L MORISON
It is hereby declared that all the Board Members, Senior Management Personnel and Employees of the Company have affirmed
adherence to and compliance with the Code of Conduct laid down by the Company during the year ended 31 st March, 2012.
For J. L. Morison (India) Limited
Place : Mumbai
Date : 18 th May, 2012
Varunn Mody
Director
CERTIFICATE BY THE AUDITORS ON CORPORATE GOVERNANCE
To the members of
J. L. MORISON (INDIA) LIMITED
We have examined the compliance of the conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement
entered into by the Company with the Stock Exchanges of India for the financial year ended on 31 st March, 2012.
The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination has been limited
to review of the procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of
the Corporate Governance. It is neither an audit nor an expression of an opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, and the representations made by the
management we certify that the Company has complied with the conditions of Corporate Governance as stipulated in Clause 49 of
the Listing Agreement of the Stock Exchanges of India.
We further state that such compliance is neither an assurance as to the future viability of the Company nor to the efficiency or
effectiveness with which the management has conducted the affairs of the Company.
For Haribhakti & Co.
Chartered Accountants
Firm Registration Number :103523W
Place : Mumbai
Date : 18 th May, 2012
Sumant Sakhardande
Partner
Membership No. 034828
19

ANNUAL REPORT 2011-12
J L MORISON
MANAGEMENT DISCUSSION AND ANALYSIS REPORT Business Outlook
Overall Review
The Company continues to invest and build own brands for a
long term sustenance and growth.
Indian FMCG Sector
Utilization of the manufacturing facility at Waluj is being constantly
Fast Moving Consumer Goods (FMCG) are popularly named
evaluated. At the same time, we are evaluating some more options
as consumer packaged goods. In this category include all
consumables (other than groceries/pulses) people buy at regular
of joining hands with international leading brands.
intervals. The most common in the list are toilet soaps, detergents, Risks and Concerns
shampoos, toothpaste, shaving products, shoe polish, packaged
foodstuff and household accessories and extends to certain The Foreign Collaborator / Licensor companies, with whom J. L.
electronic goods. These items are meant for daily frequent Morison (India) Limited is associated, could always be vulnerable
consumption.
to Mergers and Acquisitions by other larger companies as has
Input cost inflation, persistent rise in raw material price, rising fuel been the trend in our industry internationally for the last few years.
costs, fluctuation in the currency, dipping industrial growth, slowing The various agreements with our Foreign Collaborators keep
global economy together with an overall moderating consumer coming up for review and renewals. With the fast changing
sentiment might lead to a slow volume growth of FMCG segment
expectations of our partners we have to keep pace with trying to
in 2012. Irrespective of all these, FMCG is one sector which will
witness growth for the year. FMCG companies are showing signs
match them. Performance is the key and we have been
of consolidation and might not be able to sustain the strong volume consistently monitoring our progress. The management expects
and sales growth momentum in the next two to three quarters. to continue its present relations with existing partners and develop
Weakening rupee against the dollar and inflation are the primary newer partnerships in the coming year.
reason that might hamper the growth of FMCG in the years ahead. Steep fall in rupee against major currencies is a major concern
Government notification on revised norms for packaging of FMCG for JLM as a big chunk of the business comes from imported
products will propel the companies to increase their prices due to products.
high raw material costs eating into their already stressed profit
margins. Many industry experts are saying that the consumption Internal Control Systems and Adequacy
pattern will moderate as price sensitive Indian consumers will
The Company believes that Internal Control is necessary for good
tighten their budget and keep a close watch on their expenses
and might even switch over to cheaper variants, regional or local
corporate governance. The Company has effective internal control
brands to save money.
systems under which Management Reports on key performance
indicators and variance analysis are made. Management
Analysis of FMCG Sector
Committee Meetings are regularly held where these reports and
Strengths
variance analysis are discussed and action plan initiated with
1. Low operational costs
proper follow up. The Internal Audit function also reviews the
2. Presence of established distribution networks in both urban
and rural areas
execution of all operational units to ensure controls are adequately
exercised. Operational Reports are tabled at Board Meetings after
3. Presence of well-known brands in FMCG sector
being discussed in Audit Committee/Executive Committee
Weaknesses
Meetings.
1. Lower scope of investing in technology and achieving HRD/Industrial Relations
economies of scale, especially in small sectors
The Company strives to remain as a responsive and market-driven
2. Low exports level
organisation, which requires a very good quality of manpower
3. Counterfeit Products. These products narrow the scope of
resources. It lays great emphasis on evaluating the human
FMCG products in rural and semi-urban market.
resources in a fair manner and rewarding immediately for any
Opportunities
exceptional performance. Retaining young and talented human
1. Untapped rural market
resources continues to be a challenge in the present business
2. Rising income levels, i.e. increase in purchasing power of environment. We try and meet these challenges by better
consumers
mentoring, keeping a personalised organization culture, rewarding
3. Large domestic market - a population of over one billion. instantly unique initiatives. As at 31 st March, 2012 the Company
4. Export potential
has a strength of 398 employees.
5. High consumer goods spending
Company’s Financial Performance and Analysis
Threats
The Company’s financial performance and analysis is already
1. Removal of import restrictions resulting in replacing of
discussed in great detail in the Directors’ Report, which forms
domestic brands
part of this Annual Report.
2. Slowdown in rural demand
3. Tax and regulatory structure
Cautionary Statement
Product Range
Our Company is engaged in the trading and marketing of
deodorants, fragrances, toiletry and personal healthcare and
The statement in the Management Discussion and Analysis Report
cannot be construed as holding out any forecasts, projections,
expectations, invitations, offers, etc within the meaning of
grooming products, low-calorie food substitutes, medicated applicable securities, laws and regulations. This Report basically
toothpaste, besides the baby care feeding bottles and accessories. seeks to furnish information, as laid down within the different
We continue to launch new products in own brands and new headings to meet the Listing Agreement requirements.
variants in international brands.
20

ANNUAL REPORT 2011-12
AUDITORS’ REPORT
To The Members of J. L. MORISON (INDIA) LIMITED
1. We have audited the attached Balance Sheet of
J. L. MORISON (INDIA) LIMITED (‘the Company’) as at
31 st March, 2012 and also the Statement of Profit and Loss
and the Cash Flow statement for the year ended on that
date annexed thereto. These financial statements are the
responsibility of the Company’s management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
2. We conducted our audit in accordance with auditing
standards generally accepted in India. Those standards
require that we plan and perform the audit to obtain
reasonable assurance about whether the financial
statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used
and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our
opinion.
3. As required by the Companies (Auditors’ Report) Order,
2003, as amended by the Companies (Auditors’ Report)
(Amendment) Order 2004, issued by the Central
Government of India in terms of Section 227(4A) of the
Companies Act, 1956’ of India (‘the Act’) and on the basis of
such checks of the books and records as we considered
appropriate and according to the information and
explanations given to us during the course of the audit, we
enclose in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the said Order.
4. Further to our comments in paragraph 3 above, we report
that:
i. We have obtained all the information and explanations
which, to the best of our knowledge and belief, were
necessary for the purpose of our audit;
ii. In our opinion, proper books of account as required
by law have been kept by the Company, so far as it
appears from our examination of those books;
iii. The Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement dealt with by this report are in
agreement with the books of account;
iv. In our opinion, the Balance Sheet, Statement of Profit
and Loss and Cash Flow Statement dealt with by this
report comply with the Accounting Standards referred
to in Section 211(3C) of the Companies Act, 1956.
v. On the basis of the written representations received from
the Directors of the Company, as on
31 st March, 2012 and taken on record by the Board of
Directors of the Company, we report that none of the
Director is disqualified as on 31 st March, 2012 from being
appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
vi.
J L MORISON
In our opinion and to the best of our information and
according to the explanations given to us, the said
Financial Statements read together with Notes
thereon and attached thereto, give the information
required by the Companies Act, 1956 in the manner
so required, give a true and fair view in conformity
with the accounting principles generally accepted in
India:
a) in the case of Balance Sheet, of the state of
affairs of the Company as at 31 st March, 2012,
b) in the case of Statement of Profit and Loss, of
the profit of the Company for the year ended
on that date and
c) in the case of Cash Flow Statement, of the cash
flows of the Company for the year ended on
that date.
For Haribhakti & Co.
Chartered Accountants
Firm Registration No. 103523W
Place : Mumbai,
Dated : 18 th May, 2012
Sumant Sakhardande
Partner
Membership No.: 034828
ANNEXURE TO AUDITORS’ REPORT
Referred to in paragraph 3 of the Auditors’ Report of even date
to the members of J. L. MORISON (INDIA) LIMITED on the
financial statement for the year ended 31 st March, 2012.
(i) (a) The Company has maintained proper records
showing full particulars including quantitative details
and situation of its fixed assets.
(b) All the fixed assets have not been physically verified
by the management during the year but there is a
regular programme of verification which, in our
opinion, is reasonable having regard to the size of
the Company and the nature of its assets. As
informed, no material discrepancies were noticed on
such verification.
(c) In our opinion and according to the information and
explanations given to us, a substantial part of fixed
assets has not been disposed of by the Company
during the year.
(ii) (a) The inventory has been physically verified by the
management during the year. In our opinion, the
frequency of verification is reasonable.
(b) The procedures of physical verification of inventory
followed by the management are reasonable and
adequate in relation to the size of the Company and
the nature of its business.
(c) The Company is maintaining proper records of inventory
and no material discrepancies were noticed on physical
verification carried out at the end of the year.
21

ANNUAL REPORT 2011-12
(iii) (a) The Company has granted loan to a company covered
in the register maintained under section 301 of the
Companies Act, 1956. The maximum amount
involved during the year was ` 210 lacs and the yearend
balance of loans taken from such parties was
` Nil.
(b) In our opinion and according to the information and
explanations given to us, the rate of interest and other
terms and conditions for such loans are not, prima
facie, prejudicial to the interest of the Company.
(c) The parties have repaid the principal amounts as
stipulated and have also been regular in the payment
of interest to the company.
(d) In respect of the said loans and interest thereon, there
are no overdue amounts.
(e) The Company had taken loan from a company covered
in the register maintained under section 301 of the
Companies Act, 1956. The maximum amount involved
during the year was ` 920 lacs and the year-end
balance of loans taken from such parties was ` Nil.
(f) In our opinion, the rate of interest and other terms
and conditions for such loans are not, prima facie,
prejudicial to the interest of the Company.
(g) In respect of the aforesaid loans, the company is
regular in repaying the principal amounts as stipulated
and has been regular in payment of interest.
(iv) In our opinion and according to the information and
explanations given to us, there exists an adequate internal
control system commensurate with the size of the Company
and the nature of its business with regard to purchase of
inventory, fixed assets and with regard to the sale of goods
and services. During the course of our audit, we have not
observed any continuing failure to correct major weakness
in internal control system of the company.
(v) (a) According to the information and explanations given
to us, we are of the opinion that the particulars of
contracts or arrangements referred to in section 301
of the Companies Act, 1956 that need to be entered
into the register maintained under section 301 have
been so entered.
(b) In our opinion and according to the information and
explanations given to us, the transactions made in
pursuance of such contracts or arrangements
exceeding value of Rupees five lakhs have been
entered into during the financial year at prices which
are reasonable having regard to the prevailing market
prices at the relevant time.
(vi) The Company has not accepted any deposits under the
provisions of Section 58A, 58AA or any other relevant
provisions of the Act and the rules framed there under.
(vii) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
22
J L MORISON
(viii) We are informed that maintenance of cost records has been
prescribed by the Central Government under clause (d) of
sub section (1) of Section 209 of the Act for the activities
hither to carried on by the Company. Further, as informed
to us, the Company has stopped its manufacturing activity
since August 2008 and has applied to the central
government for exemption from maintenance of cost audit
records and accordingly the company has not maintained
the cost records.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including
provident fund, investor education and protection
fund, employees’ state insurance, income-tax, salestax,
wealth-tax, service tax, customs duty, excise duty,
cess and other material statutory dues applicable to
it and there is no arrears of outstanding statutory dues
as at the last day of the financial year for a period of
more than six months from the date it became
payable.
(b) According to the records of the Company, the dues
outstanding of income-tax, sales-tax, wealth-tax,
service tax, customs duty, excise duty and cess on
account of any dispute, are as follows:
Under Sales Amount Forum where dispute is
Tax Act (`) pending
Cuttack 03-04 14,520 Assistant Commissioner of
Commercial taxes, cuttack
Cuttack 04-05 37,128 Assistant Commissioner of
Commercial taxes, Cuttack
Ernakulam 05-06 77,968 Deputy Commissioner of
Commercial taxes
Ernakulam 06-07 17,387 Deputy Commissioner of
Commercial taxes
Ernakulam 07-08 3,03,088 Deputy Commissioner of
Commercial taxes
Kolkata 95-96 53,018 Dy Commissioner of
Commercial Taxes Revisional
Board, West Bengal
Kolkata 98-99 58,099 Assistant Commissioner of
Commercial Taxes, corporate
division, West Bengal
Kolkata 03-04 6,52,288 Appellate and Revisional
Board West Bengal
Kolkata 04-05 55,830 Appellate and Revisional
Board West Bengal
Ranchi 05-06 28,638 Commissioner of Sales Tax,
Ranchi
Ranchi 06-07 56,774 Commissioner of Sales Tax,
Ranchi

ANNUAL REPORT 2011-12
Maharashtra 2,06,507 Joint Commissioner of
04-05 sales tax (Appeal) Mumbai
city division, Mumbai
Total (A) 15,61,245
Under Income Amount Forum where dispute is
Tax Act (`) pending
Assessment 1,56,55,718 Tribunal Appeal, Kolkata
Year 03-04
Assessment 14,96,235 ITAT Appeal, Kolkata
Year 05-06
Assessment 1,81,590 DC CC -VII
Year 09-10
Total (B) 1,73,33,543
(x) The Company has neither accumulated losses as at 31 st
March, 2012, nor it has incurred any cash losses either in
the financial year under audit and in the immediately
preceding financial year.
(xi) In our opinion and according to the information and
explanations given to us, the Company has not defaulted
in repayment of dues to a financial institution, bank or
debenture holders.
(xii) The Company has granted loans or advances on the basis
of security by way of pledge of shares, debentures and
other securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi /
mutual benefit fund / society. Therefore, the provisions of
clause 4(xiii) of the Companies (Auditor’s Report) Order,
2003 (as amended) are not applicable to the Company.
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments.
Accordingly, the provisions of clause 4(xiv) of the
Companies (Auditor’s Report) Order, 2003 (as amended)
are not applicable to the Company.
J L MORISON
(xv) In our opinion and according to the information and
explanations given to us, the company has not given any
guarantee for loans taken by others from banks or financial
institutions during the year.
(xvi) In our opinion, the term loans have been applied for the
purpose for which the loans were raised.
(xvii) According to the information and explanations given to us
and on an overall examination of the balance sheet of the
Company, we report that no funds raised on short-term
basis have been used for long-term investment.
(xviii) The Company has not made any preferential allotment of
shares to parties and companies covered in the register
maintained under Section 301 of the Act.
(xix) The Company did not have any outstanding debentures
during the year.
(xx) The Company did not raise any money by way of public
issue during the year.
(xxi) During the course of our examination of the books and
records of the company, carried out in accordance with the
generally accepted auditing practices in India, and
according to the information and explanations given to us,
we have neither come across any instance of fraud on or
by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
Place : Mumbai,
Dated : 18 th May , 2012
For Haribhakti & Co.
Chartered Accountants
Firm Registration No. 103523W
Sumant Sakhardande
Partner
Membership No.: 034828
23

ANNUAL REPORT 2011-12
BALANCE SHEET AS AT 31 ST MARCH, 2012
24
J L MORISON
Particulars Note No. As at As at
31 st March, 2012 31 st March, 2011
`
`
I EQUITY AND LIABILITIES
(1) SHAREHOLDERS’ FUNDS
(a) Share Capital 1 1,36,50,340 1,36,50,340
(b) Reserves and surplus 2 69,84,85,110 69,91,06,460
71,21,35,450 71,27,56,800
(2) NON-CURRENT LIABILITIES
(c) Long-term borrowings 3 63,50,643 40,63,787
(d) Deferred tax liabilities (Net) 4 89,13,474 72,16,545
(e) Other Long-term liabilities 5 35,53,300 37,64,300
(f) Long-term provisions 6 27,01,624 11,40,327
2,15,19,041 1,61,84,959
(3) CURRENT LIABILITIES
(g) Short-term borrowings 7 20,65,85,636 8,65,89,431
(h) Trade payables 8 19,84,72,701 23,45,94,268
(i) Other current liabilities 9 6,71,25,742 6,01,77,147
(j) Short-term provisions 10 24,87,019 19,66,586
47,46,71,098 38,33,27,432
Total 1,20,83,25,589 1,11,22,69,191
II ASSETS
(1) NON-CURRENT ASSETS
(a) Fixed assets
Tangible assets 11 19,79,44,686 19,62,00,864
Intangible assets - -
Capital work-in progress - 1,80,000
(b) Non-current investments 12 22,13,57,563 23,51,63,363
(c) Long-term loans and advances 13 5,65,90,704 12,65,29,713
47,58,92,953 55,80,73,940
(2) CURRENT ASSETS
(d) Current investments 14 - 2,11,74,138
(e) Inventories 15 17,71,77,631 12,71,31,488
(f) Trade receivables 16 29,70,70,986 32,36,71,618
(g) Cash and cash equivalents 17 11,72,38,343 3,15,58,320
(h) Short-term loans and advances 18 13,87,81,822 4,59,95,774
(i) Other current assets 19 21,63,854 46,63,913
73,24,32,636 55,41,95,251
Total 1,20,83,25,589 1,11,22,69,191
SIGNIFICANT ACCOUNTING POLICIES A
ACCOMPANYING NOTES FORMING INTEGRAL
PART OF THE FINANCIAL STATEMENTS B(1 - 39)
As per our attached report of even date
For and on behalf of the Board of Directors
For Haribhakti & Co. Raghu Mody Varunn Mody
Chartered Accountants Chairman Director
Firm Registration No.: 103523W
Sumant Sakhardande Sanjay Kothari Atul Tandan
Partner Director Director
Membership No.: 034828
Sohan Sarda
Place : Mumbai
GM - Finance & Manager
Date : 18 th May, 2012

ANNUAL REPORT 2011-12
J L MORISON
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31 ST MARCH 2012
Particulars Note No. Year ended Year ended
31 st March, 2012 31 st March, 2011
`
`
I Revenue from operations 20 1,05,41,20,074 1,00,35,34,001
II Other Income 21 2,00,47,277 1,14,09,011
III Total Revenue (I + II) 1,07,41,67,351 1,01,49,43,012
IV
Expenses
(a) Purchase of stock in trade 79,46,68,450 76,12,29,845
(b) Changes in inventories of stock in trade 22 (5,00,46,143) (18,90,491)
(c) Employee benefits expense 23 9,15,55,680 7,39,75,624
(d) Finance Costs 24 1,21,59,167 1,50,15,625
(e) Depreciation and amortisation expense 83,69,808 83,30,875
(f ) Other expenses 25 21,44,68,645 15,74,56,937
Total Expenses 1,07,11,75,607 1,01,41,18,415
V Profit Before Exceptional Items and Tax (III - IV) 29,91,744 8,24,597
VI Exceptional Items - -
VII Profit Before Tax (V - VI) 29,91,744 8,24,597
VIII Tax Expense
Current Tax 3,29,688 1,18,853
Deferred Tax 16,96,929 6,22,591
IX Profit for the year (VII - VIII) 9,65,127 83,153
X Earning per equity share of ` 10/- each
Basic 0.71 0.06
Diluted 0.71 0.06
SIGNIFICANT ACCOUNTING POLICIES A
ACCOMPANYING NOTES FORMING INTEGRAL
PART OF THE FINANCIAL STATEMENTS B(1 - 39)
As per our attached report of even date
25
For and on behalf of the Board of Directors
For Haribhakti & Co. Raghu Mody Varunn Mody
Chartered Accountants Chairman Director
Firm Registration No.: 103523W
Sumant Sakhardande Sanjay Kothari Atul Tandan
Partner Director Director
Membership No.: 034828
Sohan Sarda
Place : Mumbai
GM - Finance & Manager
Date : 18 th May, 2012

ANNUAL REPORT 2011-12
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 ST MARCH, 2012
26
J L MORISON
For the year ended 31 st March, 2012 (`)
For the year ended 31 st March, 2011 (`)
A. Cash flow from operating activities:
Net Profit before Tax and Extraordinary Items 29,91,744 8,24,597
Depreciation 83,69,808 83,30,875 -
Excess provision for Depreciation - (4,30,866)
Sales Tax Deferment Loan - (2,26,42,498)
Interest 1,21,59,167 1,50,15,625 -
Rent (14,27,233) (3,45,300) -
Dividend Income (19,89,957) (42,84,215) -
(Profit)/Loss on sale of Fixed Assets 7,33,074 4,93,149 -
(Profit)/Loss on sale of Investments 1,08,86,800
Interest Income (1,66,30,087) (67,79,496) -
1,21,01,572 (1,06,42,726)
Operating Profit Before Working Capital Changes 1,50,93,316 (98,18,129)
Adjustments for:
Inventories (5,00,46,143) (18,90,491)
Trade and Other Receivables 9,76,76,671 (9,97,75,030)
Provisions 20,81,730 (96,455)
Trade Payable (2,66,80,454) 4,29,40,350
2,30,31,804 (5,88,21,626)
Cash generated from the operation 3,81,25,120 (6,86,39,755)
Direct Tax 57,47,202 (62,63,596)
Net Cash from operating activities “A” 4,38,72,322 (7,49,03,351)
B. Cash Flow from Investing Activities
Purchase of Fixed Assets (1,73,39,199) (55,26,500)
Capital Work in progress 1,80,000 -
Sale of Fixed Assets 64,92,494 6,34,001
Sale/(Purchase) of Investments 2,40,93,138 (5,31,78,976)
Bank / Inter Corporate Deposits (11,11,51,721) 20,57,32,869
Interest Received 1,91,30,146 1,37,26,149
Rent 14,27,233 3,45,300
Dividend Income 19,89,957 42,84,215
Net Cash used in Investing activities “B” (7,51,77,952) 16,60,17,058
C. Cash Flow from Financing Activities
Proceeds from Secured Loans (2,21,88,289) (8,32,37,428)
Paid to Unsecured Loans 14,17,69,691 -
Dividend and Dividend Tax (15,86,477) (15,97,022)
Interest (1,21,59,167) (1,50,15,625)
Net Cash used in Financing activities “C” 10,58,35,758 (9,98,50,075)
Net Increase/(decrease) in Cash and Cash Equivalent (A+B+C) 7,45,30,128 (87,36,368)
Cash and Cash equivalent as at 1 st April, 2011 1,63,54,536 2,50,90,904
Cash and Cash equivalent as at 31 st March, 2012 9,08,84,664 1,63,54,536
Cash and Cash Equivalents include:
Cash in hand 10,40,070 11,66,244
Bank Balances with Scheduled Banks
- in current accounts 3,90,50,493 1,34,52,700
- unpaid dividend account 2,82,783 2,83,506
- in fixed deposits 7,68,64,997 1,66,55,870
11,72,38,343 3,15,58,320
Less: Fixed Deposits not considered as cash equivalents 2,63,53,679 1,52,03,784
Total 9,08,84,664 1,63,54,536
As per our attached report of even date
For and on behalf of the Board of Directors
For Haribhakti & Co. Raghu Mody Varunn Mody
Chartered Accountants Chairman Director
Firm Registration No.: 103523W
Sumant Sakhardande Sanjay Kothari Atul Tandan
Partner Director Director
Membership No.: 034828
Sohan Sarda
Place : Mumbai
GM - Finance & Manager
Date : 18 th May, 2012

ANNUAL REPORT 2011-12
27
J L MORISON
SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF THE FINANCIAL
STATEMENTS FOR THE YEAR ENDED 31 ST MARCH, 2012
A. SIGNIFICANT ACCOUNTING POLICIES:
a) Basis of Preparation:
The financial statements have been prepared to comply in all material respects with the Accounting Standards notified by
Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956.
The financial statements have been prepared under the historical cost convention on an accrual basis. The accounting
policy has been consistently applied by the Company.
The Company follows the mercantile system of accounting in general and recognizes income and expenditure on accrual
basis except as otherwise stated.
b) Use of Estimates:
The preparation of financial statements in conformity with generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
liabilities at the date of the financial statements and the results of operations during the reporting period. Although these
estimates are based upon management’s best knowledge of current events and actions, actual results could differ from
these estimates.
c) Fixed Assets:
Fixed Assets are stated at cost (or revalued amounts, as the case may be), less accumulated depreciation/amortisation
and impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its
working condition for its intended use. Borrowing costs relating to acquisition of fixed assets which takes substantial
period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are
ready to be put to use.
d) Depreciation:
Depreciation is provided using the Straight Line Method at the rates prescribed under schedule XIV of the Companies
Act, 1956.
Leasehold land/building is amortized over the lease period.
Fixed assets costing each ` 5,000/- or less are fully depreciated in the year of purchase.
Depreciation on the fixed Assets added/disposed off during the year provided on pro-rata basis.
e) Impairment of Fixed Assets:
The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based
on internal/external factor. An impairment loss is recognised whenever the carrying amount of an asset exceeds its
recoverable amount. The recoverable amount is the greater of the assets net selling price and value in use. In assessing
value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of
capital. If at the Balance Sheet date there is any evaluation that a previously assessed impairment loss no longer exists,
then such loss is reversed and the asset is restated to that effect.
f) Investments:
Long term investments are stated at cost less provision for diminution in value, which is other than temporary. Current
investments are carried at lower of cost or fair value. In respect of current investments, the shortfall in the book value
when compared to market value of said investment on individual basis is charged to Revenue account.
g) Inventory Valuation:
Traded Goods
Stock in trade are valued at lower of cost and net realizable value. For this purpose cost is determined on first in first out
basis. Cost includes cost of purchase and other direct costs incurred.
h) Foreign Currency Transactions:
The transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of
the transaction. Any income or expense on account of exchange difference either on settlement or on translation is
recognised in statement of profit and loss. Monetary Assets and liabilities denominated in foreign currencies are stated
at the exchange rate prevailing on the date of the Balance Sheet.

ANNUAL REPORT 2011-12
28
J L MORISON
i) Forward Contracts:
The premium or discount arising at the inception of forward exchange contracts is amortised as expense or income over
the life of the contract. Exchange differences on such contracts are recognised in the statement of profit and loss in the
year in which the exchange rates change. Any profit or loss arising on cancellation or renewal of forward exchange
contracts is recognised as income or as expense for the year.
j) Revenue Recognition:
Sale of Goods
Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer which
normally coincides with dispatch of goods. Sales are net of returns, trade discounts, and sales tax and include excise
duty.
Interest
Revenue is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable.
Commission
Commission is recognized when right to receive the same from principal is established on sale.
Dividend
Dividend Income is recognized when right to receive the same is established.
Others
Subsidiary from governments, Sales Tax assessment dues, Insurance claims are accounted for when reasonable certainty
of receipt is established.
k) Employee Benefits:
(i) Defined benefit plans
Gratuity
Gratuity liability is provided for on the basis of an actuarial valuation on projected unit credit method made at the
end of each financial year.
The Company makes annual contribution to the Employees’ Group Gratuity Scheme of the Life Insurance Corporation
of India, a funded defined benefit plan for qualifying employees. The scheme provides lump sum payment to
vested employees at retirement, death while in employment or on termination of employment of an amount equivalent
to 15 days salary, payable for each completed year of service or part thereof in excess of six months. Vesting
occurs upon completion of five years of service.
Actuarial gains/losses are immediately taken to statement of profit and loss and are not deferred.
Leave Encashment
Leave Encashment liability is provided for on the basis of an actuarial valuation on projected unit credit method
made at the end of each financial year.
The Company allows to encash the privilege leave up to maximum of 15 days per annum from the maximum
accumulated leaves of 84 days of qualifying employees. The company provides for unencashed portion of leave of
qualified employees at each year end and the same is unfunded.
(ii) Defined contribution plans
These are Plans in which the company pays pre-defined amounts to separate funds and does not have any legal
or informal obligation to pay additional sums. These comprise of contributions to the employees provident fund
with the government and certain state plans like Employees State Insurance. The Company’s payments to the
defined contribution plans are recognised as expenses during the period in which the employees perform the
services that the payment covers.
l) Taxes on Income:
Income tax is accounted in accordance with AS-22 ‘Accounting for taxes on income’, issued by The Institute of Chartered
Accountants of India (ICAI), which includes current taxes and deferred taxes. Deferred income taxes reflect the impact of
the current year timing differences between taxable income and accounting income for the year and reversal of timing
differences of earlier year Deferred tax assets are recognised only to the extent that there is reasonable certainty that
sufficient future taxable income will be available except that deferred tax assets arising due to unabsorbed depreciation

ANNUAL REPORT 2011-12
J L MORISON
and losses are recognised if there is virtual certainty that sufficient future taxable income will be available to realise the
same and are recognized using the tax rates and tax laws that have been enacted or substantively enacted.
Current tax is determined as the amount of tax payable in respect of taxable income using the applicable tax rates and
tax laws for the year.
MAT credit is recognised as an asset only when and to the extent there is convincing evidence that the Company will pay
normal income tax during the specified period. In the year in which the Minimum Alternative Tax (MAT) credit becomes
eligible to be recognised as an asset in accordance with the recommendations contained in Guidance Note issued by
the Institute of Chartered Accountants of India, the said asset is created by way of a credit to the statement of profit and
loss and shown as MAT Credit Entitlement. The Company reviews the same at each balance sheet date and writes down
the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that
Company will pay normal Income Tax during the specified period.
Wealth tax is accounted in accordance with Wealth Tax Act, 1957.
m) Cash & Cash Equivalent:
Cash and Cash Equivalent comprises Cash, Fixed deposit and Short Term deposit which matured in less than three
months.
n) Borrowing Cost:
Interest and other costs related to borrowing are considered as part of cost of qualifying fixed assets upto the date asset
is ready for use. Other borrowing costs are charged to revenue.
o) Earnings Per Share:
Basic earnings per shares are calculated by dividing the net profit or loss after tax for the period attributable to equity
shareholders by the weighted average number of equity shares outstanding during the period. For the purpose of calculating
diluted earnings per share, the net profit or loss for the period attributable to the equity shareholders and the weighted
average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.
p) Provisions, Contingent Liabilities and Contingent Assets:
A provision is made based on a reliable estimate when it is probable that an outflow of resources embodying economic
benefits will be required to settle an obligation. Contingent liabilites, if material are disclosed by way of notes to accounts.
Contingent assets are neither recognised nor disclosed in the financial statements.
29

ANNUAL REPORT 2011-12
J L MORISON
B. NOTES ON ACCOUNTS :
As at
As at
31 st March, 2012 31 st March, 2011
`
`
1 SHARE CAPITAL
AUTHORISED
30,00,000 Equity Shares of ` 10 each 3,00,00,000 3,00,00,000
(Previous year 30,00,000 Equity Shares of ` 10 each)
3,00,00,000 3,00,00,000
ISSUED, SUBSCRIBED AND PAID-UP
13,65,034 Equity Shares of ` 10 each, fully paid-up 1,36,50,340 1,36,50,340
(Previous year 13,65,034 Equity Shares of ` 10 each, fully paid-up)
a) Rights of Equity Shareholders
The Company has only one class of Equity Shares having a par value of ` 10 per share. Each holder of Equity Shares is
entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by
the Board of Directors is subject to the approval of the share holders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity
Shares held by the shareholders.
b) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period
Particulars As at 31 st March, 2012 As at 31 st March, 2011
Equity Shares
Equity Shares
No. ` No. `
Shares outstanding at the beginning of the year 13,65,034 1,36,50,340 13,65,034 1,36,50,340
Shares Issued during the year - - - -
Shares bought back during the year - - - -
Shares outstanding at the end of the year 13,65,034 1,36,50,340 13,65,034 1,36,50,340
c) Share held by holding/ultimate holding company and / or their subsidiaries / associates
None of the Equity Shares are held by the holding/ ultimate holding company and/ or their subsidiaries / associates.
d) Details of shareholders holding more than 5% shares in the Company
Name of Shareholder As at 31 st March, 2012 As at 31 st March, 2011
No. of % of No. of % of
Shares held Holding Shares held Holding
Hindustan Composites Limited 2,72,800 19.98 2,49,349 18.27
Rasoi Limited 2,48,927 18.24 2,48,927 18.24
Rasoi Finance Limited 1,13,319 8.30 1,13,319 8.30
Pallawi Resources Limited 94,600 6.93 94,600 6.93
Surdas Trading & Mfg Co Limited 78,742 5.77 78,742 5.77
e) Aggregate number of bonus shares issued, share issued for consideration other than cash and shares bought
back during the period of five years immediately preceding the reporting date : Nil
f) Shares reserved for issue under options : Nil
30

ANNUAL REPORT 2011-12
J L MORISON
31
As at
As at
31 st March, 2012 31 st March, 2011
`
`
2 RESERVES AND SURPLUS
Capital Reserve 23,80,00,000 23,80,00,000
23,80,00,000 23,80,00,000
General Reserve 45,70,80,288 45,70,80,288
45,70,80,288 45,70,80,288
Surplus
As per last balance sheet 40,26,172 55,29,496
Add: Profit for the year 9,65,127 83,153
49,91,299 56,12,649
Less : Appropriations
Proposed Dividend on equity shares 13,65,034 13,65,034
(amount per share ` 1 (Previous year ` 1))
Corporate Dividend Tax 2,21,443 2,21,443
Net surplus 34,04,822 40,26,172
Total reserves and surplus 69,84,85,110 69,91,06,460
3 LONG TERM BORROWINGS
Secured
Term Loans
From banks - housing loan - 25,83,349
From banks - vehicle loans - 2,66,439
From others - vehicle loans 63,50,643 12,13,999
Total 63,50,643 40,63,787
a) Term loan from bank in respect of housing loan was taken during the financial year 2007-08 and carries interest
@ 11.50% to 14.50%. The loan is repayable in 67 monthly instalments (principal plus interest) of ` 48,640/- from date of
the loan. The loan is secured by hypothecation of Residential house of the Company pertaining to business.
b) In the case of vehicle loan from bank is taken during the financial year 2009-10 and carries interest @ 10.14%. The loan
is repayable in 36 monthly instalments (principal plus interest) of ` 23,424/- from date of the loan. The loan is secured by
hypothecation of one vehicle of the Company pertaining to business.
c) In the case of vehicle loans from others are taken during the financial year 2010-11 and 2011-12 interest @ 10.37% and
8.11% which are payable in 60 and 36 monthly instalments (principal plus interest) of ` 40,262/- and ` 2,49,400/- respectively
from date of the loan. The loan is secured by hypothecation of one vehicle of the Company pertaining to business.
As at As at
31 st March, 2012 31 st March, 2011
`
`
4 DEFERRED TAX LIABILITIES (NET)
Deferred tax liabilities 1,29,86,980 1,21,89,923
Related to fixed assets 24,06,963 7,97,057
Total Deferred tax liabilities 1,53,93,943 1,29,86,980
Deferred tax assets 57,70,435 55,95,969
Disallowances under Income Tax Act, 1961 7,10,034 1,74,466
Total Deferred tax assets 64,80,469 57,70,435
Deferred tax liabilities (net) 89,13,474 72,16,545

ANNUAL REPORT 2011-12
J L MORISON
As at As at
31 st March, 2012 31 st March, 2011
`
`
5 OTHER LONG TERM LIABILITIES
Security deposits 35,53,300 37,64,300
Total 35,53,300 37,64,300
6 LONG TERM PROVISIONS
Provision for employee benefits (unfunded)
Leave encashment 27,01,624 11,40,327
Total 27,01,624 11,40,327
7 SHORT TERM BORROWINGS
Secured
Working capital loans from banks 6,48,15,945 8,65,89,431
Unsecured
Buyers credit arrangements 14,17,69,691 -
Total 20,65,85,636 8,65,89,431
8 TRADE PAYABLES
Small and Medium Enterprises - -
Others 19,84,72,701 23,45,94,268
Total 19,84,72,701 23,45,94,268
9 OTHER CURRENT LIABILITIES
Current maturities of long-term borrowings (Note 3) 32,45,806 59,46,619
Interest accrued but not due on borrowings 15,45,585 14,27,898
Bank overdraft 4,85,357 4,99,500
Unpaid dividends 2,82,783 3,43,806
Salary and reimbursements 83,71,126 83,76,693
Contribution to provident fund 8,38,605 8,59,435
Advance received from customers 35,69,225 1,78,05,116
Advance against properties 1,89,00,000 -
Statutory dues 83,13,175 59,49,628
Other payables 2,15,74,080 1,89,68,452
Total 6,71,25,742 6,01,77,147
10 SHORT TERM PROVISIONS
Provision for leave encashment 9,00,542 3,80,109
Proposed dividend 13,65,034 13,65,034
Provision for corporate dividend tax 2,21,443 2,21,443
Total 24,87,019 19,66,586
32

ANNUAL REPORT 2011-12
33
J L MORISON
11 FIXED ASSETS Amount in `
Particulars Gross Block Depreciation Net Block
Tangible Assets
As on Additions Deductions As on As on For the Deductions/ As on As on As on
1 st April, 31 st March, 1 st April, year Adjustment 31 st March, 31 st March, 31 st March,
2011 2012 2011 2012 2012 2011
Land (Freehold) 1,13,731 - - 1,13,731 - - - 1,13,731 1,13,731
Land (Lease Hold)* 78,64,197 - - 78,64,197 7,59,823 82,781 - 8,42,604 70,21,593 71,04,374
Factory Building 2,08,96,786 32,73,056 - 2,41,69,842 99,78,487 5,97,850 - 1,05,76,337 1,35,93,505 1,09,18,299
Office Premises & 15,14,52,769 4,81,350 72,22,522 14,47,11,596 1,07,55,061 24,63,271 3,08,373 1,29,09,959 13,18,01,637 14,06,97,708
Residential flats
(Freehold )**
Plant Machinery 2,50,13,227 3,500 - 2,50,16,727 1,47,86,488 11,88,050 - 1,59,74,538 90,42,189 1,02,26,739
and Equipment
Furniture & Fixture 1,05,27,235 5,90,200 - 1,11,17,435 61,66,203 3,97,579 - 65,63,782 45,53,653 43,61,032
Office Equipment 96,86,925 5,47,599 20,500 1,02,14,024 47,95,858 3,34,778 2,406 51,28,230 50,85,794 48,91,067
Computers 90,93,655 9,31,681 5,09,804 95,15,532 75,98,383 6,43,916 3,66,405 78,75,894 16,39,638 14,95,272
Vehicles 2,94,56,371 1,15,11,813 3,00,000 4,06,68,184 1,30,63,729 26,61,583 1,50,074 1,55,75,238 2,50,92,946 1,63,92,642
Total 26,41,04,896 1,73,39,199 80,52,826 27,33,91,268 6,79,04,032 83,69,808 8,27,258 7,54,46,582 19,79,44,686 19,62,00,864
Previous Year 27,35,65,168 55,26,500 1,49,86,772 26,41,04,896 7,38,63,651 83,30,875 1,42,90,494 6,79,04,032 19,62,00,864 -
*Amortised over lease period ** includes cost of shares of society
As at As at
31 st March, 2012 31 st March, 2011
`
`
12 NON CURRENT INVESTMENTS
Trade Investments
Equity instruments 22,13,57,563 23,51,63,363
Total 22,13,57,563 23,51,63,363
Details of Trade Investments
Particulars Face Value No. of Shares Quoted / Partly Paid / Amount in ` Basis of
in ` Unquoted Fully paid Valuation
31 st March, 2012 31 st March, 2011 31 st March, 2012 31 st March, 2011
Casil Healthcare Limited 10/- 100 100 Quoted Fully Paid 2,335 2,335 at cost
GlaxoSmithKline Consumer Healthcare Limited 10/- 70 70 Quoted Fully Paid 4,200 4,200 at cost
Hindustan Unilever Limited 1/- 1,593 1,593 Quoted Fully Paid 24,263 24,263 at cost
Rasoi Limited 10/- 3,60,062 3,60,062 Quoted Fully Paid 8,36,65,727 8,36,65,727 at cost
Hindustan Composites Limited 10/- 3,69,234 3,69,234 Quoted Fully Paid 12,60,81,038 12,60,81,038 at cost
Aggregate amount of quoted investments (A) 20,97,77,563 20,97,77,563
(Market value ` 30,64,43,801/-
previous year ` 29,06,59,115/-)
North Canara Goud Saraswat Brahmin Co-Op. Bank Ltd. 10/- 2,500 2,500 Unquoted Fully Paid 25,000 25,000 at cost
Super Bazar The Co-Op. Stores Limited 10/- 500 500 Unquoted Fully Paid 5,000 5,000 at cost
Leaders Healthcare Limited 10/- 1,92,500 1,92,500 Unquoted Fully Paid 1,15,50,000 1,15,50,000 at cost
Rasoi Express Private Limited 10/- - 15,000 Unquoted Fully Paid - 1,50,000 at cost
Mode Enterprises Private Limited 10/- - 4,900 Unquoted Fully Paid - 49,000 at cost
Looklink Finance Limited 10/- - 2,72,000 Unquoted Fully Paid - 1,36,06,800 at cost
Aggregate amount of unquoted investments (B) 1,15,80,000 2,53,85,800
Total (A)+(B) 22,13,57,563 23,51,63,363

ANNUAL REPORT 2011-12
J L MORISON
As at As at
31 st March, 2012 31 st March, 2011
`
`
13 LONG TERM LOANS AND ADVANCES
Unsecured, considered good
Security deposits 5,27,12,957 12,26,76,218
Other loans and advances 19,99,193 22,74,941
Other loans and advances
Loans and advances to employees 9,75,000 6,75,000
Sales tax deposits 4,20,570 4,20,570
Balances with central excise 4,82,984 4,82,984
Total 5,65,90,704 12,65,29,713
14 CURRENT INVESTMENTS
Investments in Mutual Funds - 2,11,74,138
Total - 2,11,74,138
Details of Investments in Mutual Funds
Particulars No. of Shares Quoted / Partly Paid / Amount in ` Basis of
Unquoted Fully paid Valuation
31 st March, 2012 31 st March, 2011 31 st March, 2012 31 st March, 2011
LICMF Liquid Fund - Dividend Plan - 19,00,845 Quoted Fully paid - 2,08,71,469 at cost
HDFC Cash Management Fund - Treasury - 30,172 Quoted Fully paid - 3,02,669 at cost
Advantage Plan
Total - 2,11,74,138
15 INVENTORIES
(As taken, valued and certified by the Management)
Stock-in-trade - finished goods 17,71,77,631 12,71,31,488
(Including in transit ` 4,88,53,070 (previous year ` 2,24,47,181))
Total 17,71,77,631 12,71,31,488
16 TRADE RECEIVABLES
Unsecured, considered good
Outstanding over six months from the date they are due for payment 54,87,339 1,51,70,304
Others 29,15,83,647 30,85,01,314
Total 29,70,70,986 32,36,71,618
17 CASH AND CASH EQUIVALENTS
Balances with Banks
In Dividend Accounts 2,82,783 2,83,506
In Margin money 2,63,53,679 1,52,03,784
In Current Accounts 3,90,50,493 1,34,52,700
In Fixed Deposits 5,05,11,318 14,52,086
Cash in hand 10,40,070 11,66,244
Total 11,72,38,343 3,15,58,320
34

ANNUAL REPORT 2011-12
J L MORISON
As at As at
31 st March, 2012 31 st March, 2011
`
`
18 SHORT-TERM LOANS AND ADVANCES
Secured, considered good
Inter corporate deposit 10,00,00,000 -
Unsecured, considered good
Advance income tax(net of provision for taxation) 1,98,02,509 2,58,79,396
Prepaid expenses 42,54,780 18,20,491
Loans and advances to employees 23,06,414 27,88,547
Advance from suppliers 64,15,998 95,27,560
Balances with statutory / government authority 59,74,768 48,52,574
Advance recoverable in cash or kind 27,353 11,27,206
Total 13,87,81,822 4,59,95,774
19 OTHER CURRENT ASSETS
Interest accrued on investments 19,97,416 46,63,913
Interest accrued on inter corporate / other deposits 1,66,438 -
Total 21,63,854 46,63,913
35
For the year ended For the year ended
31 st March, 2012 31 st March, 2011
`
`
20 REVENUE FROM OPERATIONS
Net Sales
Sale of products 1,04,98,35,536 97,66,50,663
1,04,98,35,536 97,66,50,663
Other operating revenue
Commission 42,79,998 34,71,790
Sales tax deferred loan written back - 2,26,42,498
Excess provision for depreciation - 4,30,866
Miscellaneous Income 4,540 3,38,184
Total 1,05,41,20,074 1,00,35,34,001
21 OTHER INCOME
Dividend
From long term investments 16,56,325 40,66,507
From current investments 3,33,632 2,17,708
Interest income 1,66,30,087 67,79,496
Rent 14,27,233 3,45,300
Total 2,00,47,277 1,14,09,011
22 CHANGES IN INVENTORIES OF STOCK-IN-TRADE
Opening Stock
Stock-in-trade 12,71,31,488 12,52,40,997
12,71,31,488 12,52,40,997
Closing Stock
Stock-in-trade 17,71,77,631 12,71,31,488
17,71,77,631 12,71,31,488
Total (5,00,46,143) (18,90,491)

ANNUAL REPORT 2011-12
J L MORISON
For the year ended For the year ended
31 st March, 2012 31 st March, 2011
`
`
23 EMPLOYEE BENEFITS EXPENSE
Salaries, wages and bonus 7,74,06,534 6,44,31,893
Contributions to -
Provident fund and other funds 58,11,987 49,40,762
Gratuity fund contributions 10,16,469 2,36,960
Leave encashment 40,51,307 11,20,708
Staff welfare expenses 32,69,383 32,45,301
Total 9,15,55,680 7,39,75,624
24 FINANCE COSTS
Interest expense 50,86,819 1,00,27,669
Bank charges and other borrowing costs 70,72,348 49,87,956
Total 1,21,59,167 1,50,15,625
25 OTHER EXPENSES
Rent 36,06,403 28,13,426
Repairs and maintenance:
Machinery and Building 15,79,971 5,85,615
Others 26,76,844 25,47,599
Power and fuel charges 15,29,786 13,49,143
Insurance 26,85,860 25,41,553
Rates and Taxes 26,81,785 14,23,601
Travelling and Conveyance expenses 3,23,94,033 2,75,61,356
Legal and Professional fees 82,19,603 1,16,42,846
Freight and Forwarding expenses 1,52,88,101 1,39,83,296
Clearing and Forwarding expenses 1,99,55,495 1,72,40,179
Advertising and Sales Promotion expenses 5,90,46,656 5,74,61,154
Commission (other than sole selling agent) 60,93,177 39,26,311
Exchange fluctuation 3,41,78,469 (60,04,688)
Loss on sale of investment 1,08,86,800 -
Loss on sale of fixed assets 7,33,074 4,93,149
Miscellaneous expenses 1,29,12,588 1,98,92,397
Total 21,44,68,645 15,74,56,937
26 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF
Particulars As at As at
31 st March, 2012 (`) 31 st March, 2011 (`)
Guarantee given on behalf of body corporate 23,00,000 23,00,000
Income tax 1,73,33,543 2,77,39,305
Sales tax matters in dispute (including interest wherever applicable) 18,19,060 73,67,782
36

ANNUAL REPORT 2011-12
J L MORISON
27 AUDITORS REMUNERATION
Particulars For the year ended For the year ended
31 st March, 2012 31 st March, 2011
`
`
Statutory audit fees (including service tax) 4,38,204 3,30,900
Certification work (including service tax) 2,54,720 2,20,600
Out-of-pocket expenses 34,581 10,669
Total 7,27,505 5,62,169
28 RETIREMENT BENEFIT
A) Defined Benefit Plans
The following table sets out the funded status of the gratuity plan and unfunded status of Leave Encashment and the
amounts recognized in the Company’s financial statements as at 31 st March, 2012
a) Gratuity Fund (Funded)
Particulars As at As at
31 st March, 2012 (`) 31 st March, 2011 (`)
i) Changes in benefit obligation:
Projected benefit obligations, beginning 44,63,280 39,40,907
of the year (1 st April, 2011)
Interest cost 3,57,062 2,95,568
Service cost 12,15,414 10,52,315
Benefits paid (7,57,948) (88,844)
Actuarial (gain) / loss (1,53,773) (7,36,666)
Projected benefit obligation, end of the year 51,24,035 44,63,280
ii) Change in plan assets:
Fair value of the plan assets, beginning of the year (1 st April, 2011) 48,10,504 34,41,438
Actual return on plan assets 4,02,234 3,74,257
Employers’ contribution 13,36,669 10,93,003
Benefits paid (7,57,948) (88,844)
Fair value of plan assets at the end of the year 57,91,459 50,94,101
Bank balance - -
Total fair value of plan assets at the end of the year 57,91,459 50,94,101
Excess of obligation over plan assets (6,67,424) (6,30,821)
Accrued liability (6,67,424) (6,30,821)
iii)Reconciliation of fair value of assets and obligations:
Present value of the obligation 51,24,035 44,63,280
Fair value of plan assets 57,91,459 50,94,101
Un-funded liability / (assets) (6,67,424) (6,30,821)
Old outstanding liability related to previous year - -
Unrecognized actuarial gains/losses - -
Un-funded liability / (assets) recognized in balance sheet (6,67,424) (6,30,821)
iv)Expenses recognised during the year:
Service cost 12,15,414 10,52,315
Interest on defined benefit obligation 3,57,062 2,95,568
Actual return on plan assets (4,02,234) (3,74,257)
Net actuarial (gain)/loss recognised in the year (1,53,773) (7,36,666)
Net gratuity 10,16,469 2,36,960
37

ANNUAL REPORT 2011-12
J L MORISON
v) Investment details:
Particulars
% invested
L. I. C Group Gratuity Policy 100%
vi)
vii)
Actuarial assumptions:
Particulars As at As at
31 st March, 2012 31 st March, 2011
Mortality table (L.I.C) 1994-96 (Ultimate) 1994-96 (Ultimate)
Retirement age 58 years 58 years
Withdrawal rates 1.00% per annum 1.00% per annum
Future salary rise 5.00% per annum 5.00% per annum
Rate of discounting 8.00% per annum 7.50% per annum
Rate of increase in compensation level 5.00% per annum 5.00% per annum
Amounts for the current and previous four years are as follows:
Benefit 31 st March, 31 st March, 31 st March, 31 st March, 31 st March,
2012 (`) 2011 (`) 2010 (`) 2009 (`) 2008 (`)
Defined benefit obligation 51,24,035 44,63,280 39,40,907 31,20,131 32,61,980
Plan assets (including bank balance) 57,91,459 50,94,101 37,11,612 27,19,130 30,77,947
(Surplus) / Deficit (6,67,424) (6,30,821) 6,92,911 9,05,807 1,84,033
Experience adjustments on 1,53,773 (7,36,666) 70,257 4,44,807 (2,65,881)
Plan liabilities loss / ( gain)
Experience on plan assets 17,394 1,16,149 76,872 40,445 30,798
b) Leave encashment
Net expenses recognised during the year is ` 40,51,307/- (Previous Year ` 11,20,708/-)
B) Define contribution plan
The Company has recognised the following amount in statement of profit and loss which are included under contribution to
provident and other funds
Particulars For the year ended For the year ended
31 st March, 2012 (`) 31 st March, 2011 (`)
a) Provident Fund
Employers contribution to Provident fund 27,34,670 24,13,465
Employers contribution to Pension Scheme 18,60,531 15,52,809
b) Employee State Insurance Corporation (ESIC)
Employers contribution to ESIC 11,03,043 8,78,977
29 SEGMENT REPORTING
As the Company’s business activity fall within a single primary business segment viz FMCG products and its operation are within
India, the disclosure requirement of Accounting Standard – 17 “Segment Reporting notified in Companies (Accounting Standards)
Rules 2006 are not applicable.
30 RELATED PARTY DISCLOSURES
Related party disclosures, as required by Accounting Standard 18 - “Related Party Disclosures” issued by the Institute of Chartered
Accountants of India, are given below:
A) Names of related parties and description of relationship:
a) Associates with whom transactions have been entered during the year in the ordinary course of the business:
Rasoi Limited
Hindustan Composites Limited
Mode Enterprises Private Limited
Looklink Finance Limited
Pallawi Resources Limited
Surdas Trading & Mfg. Co. Limited
Pallawi Trading & Mfg. Co. Limited
Axon Trading & Mfg. Co. Limited
Lotus Udyog Limited
Goodpoint Advisory Services and Investments Limited
Noble Trading Company Limited
Silver Trading & Services Limited
38

ANNUAL REPORT 2011-12
39
J L MORISON
b) Key management Personnel (KMP) and Relatives of KMP
Mr. Raghu Mody - Chairman
Mr. Varunn Mody - Director
Lt. Gen. (Retd.) K. S. Brar - Director
Mr. Atul Tandan - Director
Mr. Shamsunder Aggarwal - Director
Mr. Sanjay Kothari - Director
M/s Manoj Mody Foundation - (Mr. Raghu Mody - Trustee)
M/s JLM Employees Trust - (Mr. Raghu Mody and Mr. Varunn Mody - Trustees)
B) Related Party Transactions (Amount in `)
Particulars Key Management Personnel Associates / Relatives of Total
(KMP)
KMP have significant influence
Year ended on Year ended on Year ended on
31 st March, 31 st March, 31 st March, 31 st March, 31 st March, 31 st March,
2012 2011 2012 2011 2012 2011
Loan given / (Received back)
Rasoi Limited - - 2,10,00,000 - 2,10,00,000 -
Rasoi Limited - - (2,10,00,000) - (2,10,00,000) -
Total - - - - - -
Loan taken / (Repaid back)
Hindustan Composites Limited - - 8,50,00,000 8,00,00,000 8,50,00,000 8,00,00,000
Hindustan Composites Limited - - (8,50,00,000) (8,00,00,000) (8,50,00,000) (8,00,00,000)
Rasoi Limited - - 70,00,000 - 70,00,000 -
Rasoi Limited - - ( 70,00,000) - (70,00,000) -
Total - - - - - -
Deposit given / (Received back)
Rasoi Limited - - 5,00,00,000 - 5,00,00,000 -
Rasoi Limited - - ( 7,00,00,000) - ( 7,00,00,000) -
Total - - (2,00,00,000) - (2,00,00,000) -
Sale (Including other
related income)
Rasoi Limited - Oil - - 25,30,73,139 31,26,74,646 25,30,73,139 31,26,74,646
Rasoi Limited - FMCG Products - - 29,756 - 29,756 -
Total - - 25,31,02,895 31,26,74,646 25,31,02,895 31,26,74,646
Rent received from
Hindustan Composites Limited - - 12,81,975 1,29,300 12,81,975 1,29,300
Manoj Mody Foundation - - 37,258 - 37,258 -
Mode Enterprises Private Limited - - 72,000 72,000 72,000 72,000
Total - - 13,91,233 2,01,300 13,91,233 2,01,300
Rent paid to
Rasoi Limited – Rent - - 2,67,253 3,00,000 2,67,253 3,00,000
Silver Trading & Services Limited - - 60,000 1,20,000 60,000 1,20,000
Pallawi Resources Limited - - 23,002 36,804 23,002 36,804
Rasoi Limited – Service - - 27,528 - 27,528 -
Tax on Rent
Pallawi Resources Limited – - - 2,371 3,792 2,371 3,792
Service Tax on Rent
Total - - 3,80,154 4,60,596 3,80,154 4,60,596
Service charges paid to
Axon Trading & Mfg. Co. Limited - - 1,35,000 1,80,000 1,35,000 1,80,000
Total - - 1,35,000 1,80,000 1,35,000 1,80,000

ANNUAL REPORT 2011-12
J L MORISON
Particulars Key Management Personnel Associates / Relatives of Total
(KMP)
KMP have significant influence
Year ended on Year ended on Year ended on
31 st March, 31 st March, 31 st March, 31 st March, 31 st March, 31 st March,
2012 2011 2012 2011 2012 2011
Interest received from
Rasoi Limited - - 4,97,310 1,99,291 4,97,310 1,99,291
Pallawi Resources Limited - - - 3,84,789 - 3,84,789
Goodpoint Advisory Services - - - 24,09,914 - 24,09,914
and Investments Limited
Total - - 4,97,310 29,93,994 4,97,310 29,93,994
Interest paid to
Hindustan Composites Limited - - 5,52,192 29,08,913 5,52,192 29,08,913
Rasoi Limited - - 6,904 - 6,904 -
Total - - 5,59,096 29,08,913 5,59,096 29,08,913
Reimbursement of expense from
Hindustan Composites Limited - - - 4,66,623 - 4,66,623
Total - - - 4,66,623 - 4,66,623
Remuneration
Mr. Varunn Mody - 17,73,572 - - - 17,73,572
Total - 17,73,572 - - 17,73,572
Director sitting fee
Mr. Raghu Mody 22,000 17,000 - - 22,000 17,000
Mr. Varunn Mody 25,000 10,000 - - 25,000 10,000
Other Directors 1,76,000 81,000 - - 1,76,000 81,000
Total 2,23,000 1,08,000 - - 2,23,000 1,08,000
Dividend received from
Rasoi Limited - - 9,00,155 3,60,062 9,00,155 3,60,062
Hindustan Composites Limited - - 7,38,468 36,92,340 7,38,468 36,92,340
Total - - 16,38,623 40,52,402 16,38,623 40,52,402
Dividend paid to
Rasoi Limited - - 2,48,927 2,48,927 2,48,927 2,48,927
Hindustan Composites Limited - - 2,49,349 2,49,349 2,49,349 2,49,349
Looklink Finance Limited - - 1,13,319 1,13,319 1,13,319 1,13,319
Pallawi Resources Limited - - 94,600 94,600 94,600 94,600
Surdas Trading & Mfg. Co. Limited - - 78,742 78,742 78,742 78,742
Pallawi Trading & Mfg. Co. Limited - - 30,000 30,000 30,000 30,000
Axon Trading & Mfg. Co. Limited - - 20,490 20,490 20,490 20,490
Lotus Udyog Limited - - 18,400 18,400 18,400 18,400
Goodpoint Advisory Serv. and Inv. Ltd. - - 14,000 14,000 14,000 14,000
Noble Trading Company Limited - - 8,866 8,866 8,866 8,866
Silver Trading & Services Limited - - 5,736 5,736 5,736 5,736
Raghu Mody 250 250 - - 250 250
Varunn Mody 135 135 - - 135 135
JLM Employee Trust 25,200 25,200 25,200 25,200
Total 385 385 9,07,629 9,07,629 9,08,014 9,08,014
40

ANNUAL REPORT 2011-12
J L MORISON
C) Outstanding Balance as on 31 st March, 2012 (Amount in `)
Particulars Key Management Personnel Associates / Relatives of Total
(KMP)
KMP have significant influence
Year ended on Year ended on Year ended on
31 st March, 31 st March, 31 st March, 31 st March, 31 st March, 31 st March,
2012 2011 2012 2011 2012 2011
Deposit given
Rasoi Limited - - 5,00,00,000 7,00,00,000 5,00,00,000 7,00,00,000
Pallawi Resources Limited - - - 5,00,00,000 - 5,00,00,000
Deposit received
Mode Enterprises Private Limited - - 66,000 - 66,000 -
Sundry debtors
Rasoi Limited - - 19,53,16,587 19,39,83,106 19,53,16,587 19,39,83,106
Loan Given
Pallawi Resources Limited - - - 30,02,400 - 30,02,400
Interest receivable
Rasoi Limited - - 3,22,899 - 3,22,899 -
Rent payable
Rasoi Limited - - - 30,000 - 30,000
Investment in
Rasoi Limited - - 8,36,65,727 8,36,65,727 8,36,65,727 8,36,65,727
Hindustan Composites Limited - - 12,60,81,038 12,60,81,038 12,60,81,038 12,60,81,038
Details of loan and advances as per clause 32 of Listing Agreement
Name of the party Balance as at Maximum
31 st March, 2012 (`) balance (`)
Loan given
Pallawi Resources Limited - 30,02,400
Rasoi Limited - 2,10,00,000
Notes: (i) No amount pertaining to related parties have been provided for as doubtful debts. Also, no amount has been
written off / back.
(ii) The related parties are identified based on information available with the Company.
31 EARNINGS PER SHARE
Earnings Per Share, as required by Accounting Standard 20 - “Earnings Per Share” issued by the Institute of Chartered
Accountants of India, is given below:
Earnings Per Share is calculated by dividing the profit attributable to the Equity shareholders by the weighted average number
of equity shares outstanding during the year. The net profit considered for calculation of EPS is as follows:
Particulars For the year ended For the year ended
31 st March, 2012 (`) 31 st March, 2011 (`)
Profit after taxation as per statement of profit and loss 9,65,127 83,153
Net profit for calculation of basic / diluted EPS 9,65,127 83,153
Weighted average number of equity shares outstanding 13,65,034 13,65,034
Basic & diluted earnings per share (Face value ` 10 per share) 0.71 0.06
41

ANNUAL REPORT 2011-12
J L MORISON
32 Provision for current tax include ` 1,40,267 (previous year ` 1,18,853) in respect of wealth tax.
33 In respect of properties taken/given on lease by the Company, the Lease agreements are mutually renewable/ cancelable.
34 PURCHASE OF STOCK IN TRADE
Particulars For the year ended For the year ended
31 st March, 2012 (`) 31 st March, 2011 (`)
FMCG / Personal care 37,61,49,720 25,52,98,174
OTC / Healthcare 19,96,08,487 18,89,40,777
Edible oil – bulk 21,89,10,243 31,69,90,894
Total 79,46,68,450 76,12,29,845
35 VALUE OF IMPORTS ON CIF BASIS
Particulars For the year ended For the year ended
31 st March, 2012 (`) 31 st March, 2011 (`)
Trading
Edible oil – bulk 20,80,68,022 31,12,97,738
Personal and health care 21,87,69,141 13,92,51,294
36 EXPENDITURE IN FOREIGN CURRENCY
Travelling 5,93,672 3,50,809
Other expenses 48,35,657 38,17,062
37 FOREIGN CURRENCY EXPOSURE
Particulars Currency Non – Hedged Hedged
31 st March, 2012 31 st March, 2011 31 st March, 2012 31 st March, 2011
Creditors USD 31,75,063.11 43,15,888.00 21,65,149.18 -
JPY 6,12,56,179.00 1,75,05,000.00 - -
GBP - 4,641.00 - -
HKD 3,44,852.02 1,82,249.00 - -
Advance to creditors USD 4,686.94 5,014.00 - -
38 As notified by Ministry of Corporate Affairs, Revised Schedule VI under the Companies Act, 1956 is applicable to the Financial
Statements for the financial year commencing on or after 1 st April, 2011. Accordingly, the financial statements for the year
ended 31 st March, 2012 are prepared in accordance with the Revised Schedule VI. The amounts and disclosures included in
the financial statements of the previous year have been reclassified to conform to the requirements of Revised Schedule VI.
39 Previous year’s figures have been regrouped/reclassified whenever necessary, to conform to current year’s classification.
Signatures to Notes 1 to 39 which form an integral part of the financial statements.
For and on behalf of the Board of Directors
Raghu Mody
Varunn Mody
Chairman Director
Sanjay Kothari
Atul Tandan
Director Director
Place : Mumbai
Date : 18 th May, 2012
42
Sohan Sarda
GM - Finance & Manager

ANNUAL REPORT 2011-12
J L MORISON
Dear Sir / Madam,
The Ministry of Corporate Affairs, vide its Circular nos. 17/2011 dated 21 st April 2011 and 18/2011 dated 29 th April 2011 has taken a
“Green Initiative” by allowing paperless compliances by the companies to serve the requisite documents to its members vide e-
mode, in pursuance to Section 53 of the Companies Act, 1956. Accordingly, the Company shall be required to update its database
by incorporating your designated e-mail ID in its records.
You are thus requested to kindly submit your e-mail ID vide the e-mail updation form attached with this note. The same could be
done by filling up and signing at the appropriate place in the said form and by returning this letter by post or by sending scan copy
through e-mail at investors@jlmorison.com
This e-mail ID provided shall be updated subject to successful verification of your signatures as per record available with the RTA of
the Company.
Thanking you,
Yours faithfully,
For J. L. Morison (India) Limited
Sohan Sarda
GM - Finance & Manager
43

ANNUAL REPORT 2011-12
Dated ________________
J L MORISON
The GM - Finance & Manager,
J. L. Morison (India) Limited
“CRYSTAL”, 79, Dr. Annie Besant Road,
Worli, Mumbai - 400 018.
Sub : E-mail updation
Dear Sir,
In view of the MCA Circular no. 17/2011 dated 21 st April 2011, I/we :
Name of the sole / Joint holder(s)
Father’s / Husband’s Name
holding ________________ nos. of shares of J. L. Morison (India) Limited vide Folio No. ___________________ DP ID / Client ID
________________________, do hereby wish to receive all future correspondence of the Company at the following e-mail ID :
E-mail ID : ___________________________________________________________
I/we hereby declare that the particulars given hereinabove are true, correct and complete. I/we hereby undertake to promptly inform
J. L. Morison (India) Limited of any changes to the information provided hereinabove.
You are requested to please update the same in your records.
Thanking you,
Yours truly,
Sole / First holder Second holder Third holder
(Specimen as registered with the Company)
Note : Kindly submit your e-mail ID by filling up and signing at the appropriate place provided hereinabove and furnishing this form :
i) by post; or
ii) by way of a scan copy through e-mail at investors@jlmorison.com
The e-mail ID provided shall be updated subject to successful verification of your signatures.
& &
TEAR HERE
44

& &
TEAR HERE
Regd. Folio No.
Client ID / DP ID
No. of Shares held
J. L. Morison (India) Limited
Regd. Off. : ‘Rasoi Court’, 20, Sir R.N. Mukherjee Road, Kolkata - 700 001
(To be completed and presented at the Entrance)
ATTENDANCE SLIP
Name
(of the attending
Member or Proxy) (IN BLOCK LETTERS), I hereby record my presence at 77 th ANNUAL GENERAL MEETING of the Company, to
be held on Thursday, the 13 th day of September, 2012 at 11.00 am at Kala Kunj, 48, Shakespeare Sarani, Kolkata – 700 017.
Member’s/Proxy’s Signature
Notes:
1. Interested Joint Members may obtain Attendance Slips from the Registered Office of the Company.
2. Members’ / Joint Members’ Proxies are requested to bring the Attendance Slips with them. Duplicate slips will not be issued at
the venue.
TEAR HERE
&
Regd. Folio No.
Client ID / D.P. ID
No. of Shares held
J. L. Morison (India) Limited
Regd. Off. : ‘Rasoi Court’, 20, Sir R.N. Mukherjee Road, Kolkata - 700 001
PROXY FORM
I/We of being a Member /
Members of J. L. Morison (India) Limited hereby appoint of
or failing him
of
as my/our proxy to vote for me/us, on my /our behalf at the 77 th ANNUAL GENERAL MEETING of the Company, to be held on
Thursday, the 13 th day of September, 2012 at 11.00 a.m. at Kala Kunj, 48, Shakespeare Sarani, Kolkata – 700 017 or any adjournment
thereof.
Signed on day of 2012
Signature of member
Notes: This form must be deposited at the Registered Office of the Company not later than 48 hours before the time of Annual
General Meeting.
&
Affix
15 paise
Revenue
Stamp