Dear Members,
 
 The Directors have pleasure in presenting the Annual Report and
 Accounts of the Company for the financial year ended 31st March, 2011.
 
 1.0 FINANCIAL RESULTS
 
                                                     (Rs. in lakhs)
 
 Profit before Taxation                            4139.66
 
 Less: Provision for Taxation :
 
       (a) Wealth Tax                 3.80
 
       (b) Deferred Tax               3.55
 
                                                      7.3b
 Profit for the year (PAT)                            4132.31
 
 Add : Loss brought forward
 
       from last Account                            (-) 9319.S0 
 
 Balance carried over to Balance Sheet              (-) 518 7.19
 
 2.0 DIVIDEND :
 
 In view of the accumulated loss which is yet to be absorbed, your
 Directors regret their inability to recommend payment of any dividend
 for the year ended 31st March, 2011.
 
 3.0 CONTRIBUTION TO NATIONAL EXCHEQUER :
 
 Your Company contributed Rs.720.97 lakhs during the year to national
 exchequer by way of taxes, duties, levies, cess, etc.
 
 4.0 OPERATIONS :
 
 4.1 Tea:
 
 The Tea Division achieved a turnover of Rs.145.78 crores, production
 worth Rs.147.45 crores and earned a profit of Rs.15.53 crores as compared
 to a profit of Rs.13.58 crores in previous year.
 
 4.2 Electrical :
 
 During the year the Division achieved a turnover of Rs.64.41 crores,
 production worth Rs.65.63 crores and recorded a loss of Rs.9.18 crores as
 compared to a profit ofRs.0.31 crores in previous year.
 
 4.3 Engineering :
 
 During the period under review the Division achieved a turnover of
 Rs.21.92 crores, production ofRs.20.66 crores and recorded a profit of
 Rs.10.85 crores as compared to a loss ofRs.3.79 crores in previous year.
 
 4.4 General Division :
 
 During the period under review the Division recorded a profit of Rs.24.20
 crores as compared to a profit of Rs.65.39 crores in previous year.
 
 5.0 BIFR STATUS :
 
 The Board for Industrial and Financial Reconstruction (BIFR) vide their
 letter dated 26th November, 2007, forwarded the sanctioned scheme as
 approved at the hearing held on 30th October, 2007, in terms of Section
 19(3) read with Section 18(4) of SICA with the ''Cut-of-Date'' of 31st
 March, 2006.
 
 As per the Scheme two 100% subsidiaries namely, Yule Engineering Ltd.
 and Yule Electrical Ltd. have been incorporated and Certificate of
 Commencement of Business have been obtained, while transfer of assets &
 liabilities of these two subsidiaries from AYCL is still pending. As a
 result, transactions of Engineering & Electrical Divisions continue to
 be reflected in the Books of Accounts of AYCL, for the year 2010-11.
 
 The impact of most of the reliefs and concessions given by Secured
 Creditors and other stakeholders viz. Government of India & Government
 of West Bengal, Government of Assam, WBIDC, P.F. Authorities,
 Nationalised Banks and others as per the approved Rehabilitation Scheme
 has been considered in the books of accounts for the year 2007-08,
 2008-09, 2009-10 and 2010-11. Balance will be considered in the Books
 of Accounts for the year 2011-12.
 
 6.0 AWARD AND RECOGNITION :
 
 Your Company has won the prestigious SCOPE Award for Excellence and
 Outstanding Contribution in Turnaround Category for 2008-09. The
 Hon''ble Prime Minister of India handed over the Trophy and a
 Certificate to Shri Kallol Datta, Chairman & Managing Director of your
 Company on 15th December, 2010 at a ceremony held in Vigyan Bhawan, New
 Delhi.
 
 7.0 FIXED DEPOSIT :
 
 Deposits from the public and others amounted to Rs. NIL as on 31st March,
 2011.
 
 8.0 EXPORT :
 
 The Company''s exports during the year were Rs.1.95 crores on F.O.B.
 basis.
 
 9.0 PROSPECTS :
 
 Your Company has drawn up a plan to reach a turnover ofRs.1000 Crores in
 the next five years by exploring its available potential in Engineering
 & Electrical business.
 
 The outlook for the year 2011-12 appears to be positive. Tea Division
 of your Company has further improved its position in the batting order
 and continues to focus on quality of tea and yield. It has also started
 marketing speciality teas and opened up new market in abroad.
 
 Engineering & Electrical Divisions of your Company have been showing
 all signs of improvement and are expecting better result in the current
 year.
 
 10.0 SUBSIDIARY :
 
 The performance of Hooghly Printing Co. Ltd.  the wholly owned
 subsidiary continued to be profitable. The sales achieved was Rs.1125.86
 lakhs compared to Rs.934.80 lakhs in the previous year. The profit before
 tax recorded was Rs.31.48 lakhs as against Rs.23.89 lakhs in the year
 2009-10.
 
 11.0 CONSERVATION OF ENERGY, TECHNOLOGY ADOPTION AND FOREIGN EXCHANGE
 EARNINGS :
 
 As required under Section 217(l)(e) of the Companies Act, 1956 (Act)
 read with Rule 2 of the Companies (Disclosure of Particulars in the
 Report of Board of Directors) Rule 1988, the information is annexed.
 
 12.0 AUDITORS'' REPORT :
 
 In respect of the comments made by the Statutory Auditors in their
 report, your Directors have to state as under :
 
 [a] The investment in YFLC is a long term investment which is usually
 carried at cost.  Decline in value of such
 
 investment is considered only when the same is of a permanent nature.
 However, considering the fact that the investee is a company managed by
 AYCL and is incurring profit continuously over the last couple of
 years, the decline in the value of investment in the said company has
 not been considered to be of a permanent nature. No provision against
 diminution in value of the investment in YFLC has therefore been made
 in the Accounts. A suitable disclosure in this regard has been made in
 the Note No. 13 of the Schedule 20.
 
 [b] In view of huge accumulated loss of Rs.197.94 crores as at
 31.03.2008, even after financial restructuring of the company, the
 accumulated loss at the end of the year under report, remained more
 than 50% of its net worth.  However, the accumulated lo;s could be
 brought down to Rs.51.87 crores as at 31.03.2011.
 
 13.0 COMPTROLLER & AUDITOR
 
 GENERAL OF INDIA''S REVIEW AND COMMENTS :
 
 The Comptroller and Auditor General of India has no comments upon or
 supplement to the Auditors'' Report under Section 619(4) of the
 Companies Act, 1956, on the Accounts of the Company for the year ended
 31st March, 2011, Review of the Accounts by the Comptroller & Auditor
 General of India is annexed to this report.
 
 14.0 HUMAN RESOURCES DEVELOPMENT :
 
 The Company considers its human resources as valuable assets and
 endeavours to provide an environment where each employee is motivated
 to contribute his best to achieve the Company''s objective. Training and
 development of its personnel is a priority and is ensured though
 succession planning, job rotation, on the job training & training
 programme workshops. Total number of training mandays during 2010-11
 were 510 (2009-10 : 502) imparted in house, at some professional
 institutes in India and at Chambers of Commerce & Industry.
 
 The total number of employees of the Company and its subsidiaries as on
 31st March, 2011 stood at 15,504.
 
 15.0 MAJOR ACCOUNTING POLICIES :
 
 The major accounting policies of the Company are annexed to the
 Accounts.
 
 16.0 CORPORATE GOVERNANCE
 
 REPORT :
 
 As per Clause 49 of the Listing Agreement with the Stock Exchanges a
 Report on Corporate Governance together with a certificate from the
 Auditors regarding compliance of conditions of Corporate Governance is
 annexed and forms part of this Annual Report.
 
 17.0 CORPORATE SOCIAL RESPONSI- BILITY :
 
 Your Company has already started a Night School at Yule House, 8, Dr.
 Rajendra Prasad Sarani, Kolkata - 700001, from March 3, 2011 and more
 than 50 children have enrolled their names who are almost regularly
 attending the classes. Your Company is trying to achieve the desired
 objective to uplift the poor street children.
 
 The focus of our CSR initiatives is integrated development of community
 in the villages surrounding our establishment/ gardens which are among
 the most backward areas of the country.
 
 List of major CSR initiatives to be taken during the year 2011-12 are :
 
 [i] Providing Drinking Water facilities to the Corporation School run
 by perungudi Panchayet, situated nearby Chennai Electrical Factory/
 village near Desam, Khowang Gardens.
 
 [ii] Skill Development Programme such as vocational training to the
 girls around 18 to 20 years age group. Vocational training to young men
 in the area of plumbing, electrician, etc.
 
 [iii] Construction of Rural toilets & installation of hand pumps.
 
 [iv] Programme for periodically organize sterilization camps by
 experienced doctors.
 
 [v] To organize HIV/AIDS Awareness Programme., etc. etc.
 
 18.0 DIRECTORS'' RESPONSIBILITY
 
 STATEMENT :
 
 In terms of Section 217(2AA) of the Companies Act, 1956, your Directors
 confirm that :
 
 [i] In the preparation of annual accounts, the applicable accounting
 standards have been followed along with proper explanation relating to
 material departures wherever applicable.
 
 [ii] The Directors have selected such accounting policies and applied
 them consistently and made judgement 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 the end of the Accounting year and of the
 profit/loss of the Company for that period.
 
 [iii] The Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the Company and
 for preventing and detecting fraud and other irregularities.
 
 [iv] The Directors have prepared annual accounts on a going concern
 basis.
 
 19.0 AUDITORS :
 
 The Comptroller and Auditor General of India had appointed M/s. S.
 Ghosh & Co., Chartered Accountants as Auditor for the year ended 31st
 March, 2011.
 
 20.0 DIRECTORS'' :
 
 Shri Ashok Kumar Basu ceased to be Director with effect from 5th
 November, 2010.
 
 Prof. Ashoke K. Dutta ceased to be Director with effect from 15th
 January, 2011,
 
 Shri Amitav Kothari ceased to be Director with effect from the close of
 business on 31st March, 2011.
 
 Shri S.P. Kar, Director (Finance) resigned from the services of the
 Company with effect from the close of business on 19th April, 2011.
 
 The Board places on record its appreciation of the contribution made by
 Sarbashri Ashok Kumar Basu, Ashoke K. Dutta, Amitav Kothari and S.P.
 Kar during their association with the Company.
 
 Shri Harbhajan Singh, Director of the Company, retires from the Board
 by rotation and being eligible offers himself for re- appointment.
 
 Shri R. Asokan, Director (Finance), Department of Heavy Industry,
 Ministry of Heavy Industries & Public Enterprises, Government of India
 was appointed as a Director in the casual vacancy caused by the
 vacation of the office of Shri Sumanta Chowdhury on 27th July, 2010.
 Shri Ashokan will hold office until the forthcoming Annual General
 Meeting. A Notice in writing under Section 257 of the Companies Act,
 1956 has been received from a member signifying his intention to
 propose the appointment of Shri R. Asokan as Director of the Company at
 the Annual General Meeting.
 
 21.0 ROLE OF VIGILANCE :
 
 The Vigilance Department of your Company contributed to various spheres
 of the Company''s functions in a meaningful manner.  Though the main
 stream activities are on prevention of corruption for which the
 orthodox methods of carrying out periodic and surprise inspection are
 in place, the Vigilance Department focused on revision of extant rules,
 procedures and systems to bring adequate transparency and reduce human
 interface in various operation of the Company.
 
 Kolkata,
 
 27th July, 2011.
 
 CVC guidelines which was received by the Company from time to time were
 followed as preventive measures.
 
 On the Punitive side, confidential enquiries and investigations were
 initiated on verifiable complaints brought to the notice of Vigilance
 Department and appropriate disciplinary action set-in motion as and
 when mis- conduct were prima facie established.
 
 22.0 RAJBHASA:
 
 Your Company is committed to the implementation of the Official
 Language Policy of Government of India and has complied with the
 requirements under the Official Language Act, 1963, and the rules
 thereunder.
 
 23.0 PARTICULARS OF EMPLOYEES :
 
 No employee of the Company received remuneration in excess of the limit
 prescribed in Section 217(2A) of the Companies Act, 1956 read with the
 Companies (Particulars of Employees) Rules, 1975 as amended.
 
 24.0 ACKNOWLEDGEMENT :
 
 Your Directors place on record their appreciation of the endeavour of
 the employees at all levels and the services rendered by them.
 
 The Board also gratefully acknowledges the valuable guidance, support
 and cooperation received from Department of Heavy Industry, Ministry of
 Heavy Industries & Public Enterprises, Government of India as well as
 other Ministries in both Central and State Governments.
 
 The Board is also thankful to the Company''s valued shareholders,
 esteemed customers for their valued patronage and for the support
 received from the bankers, financial institutions, bondholders and
 suppliers in India and abroad.
 
                                             On behalf of the Board,
 
                                             (KALLOL   DATTA)
 
                                       Chairman & Managing Director.