Dear Shareholders,
 
 The Directors have pleasure in presenting their Eighteenth Annual
 Report of the Company together with the audited Statement of Accounts
 for the year ended 31st March 2011.
 
 Financial Performance :
 
                                              (Amount in Rupees Lacs)
 
 Financial Results 
 For The Year Ended                     31st March       31st March
                                              2011             2010
 
 Total Income                               796.23            83.39
 
 Profit before tax                           57.96            39.31
 
 Provision for taxation                      52.20             7.26
 
 Profit after taxation                        5.76            32.05
 
 Add    : Balance brought forward
 from previous year                         170.70           147.71
 
 Less   : Income Tax /FBT relating to
 earlier year                                  -               1.53
 
 Less   :TDS Refundable written off           0.16             1.11
 
 Profit available for appropriation         176.30           177.12
 
 Appropriations:
 
 Transfer to statutory reserve                1.15             6.41
 
 Balance Transferred to Balance Sheet       175.15           170.71
 
 Industry Outlook :
 
 The NBFC sector in India has undergone a significant transformation in
 the past few years and has come to be recognized as a systemically
 important element of the financial system. Non-banking financial
 companies (NBFCs) posted decent growth in revenues and profits in the
 last quarter, despite higher provisioning. The Reserve Bank of India,
 which has been continually strengthening the supervisory framework for
 the sector, had asked NBFCs to make a 0.25% provision on standard
 assets or performing loans. Of the 355 NBFCs selected for this study,
 46% was found to have increased their efficiency during the third
 quarter of the fiscal. Aggregate income of 355 NBFCs rose 27.2% to Rs
 24,156 crores during October-December 2010 from Rs. 18,991 crores.
 Their combined net profit posted a higher rise, increasing by 36.5% to
 Rs.  5,123 crore, resulting in a sharp increase in return on total
 income of 21.21% in the quarter under review from 19.76%.
 
 Review of Financial Performance :
 
 During the year under review your company has earned a Total Income of
 Rs.796.23 lacs as compared to Rs. 83.39 lacs in previous year showing
 the growth of 8.55%.  Profit before taxation shows Rs. 57.95 lacs as
 compared to Rs.39.31 lacs showing the tremendous growth during the
 period under review. Thus overall the company has able to sustain its
 growth rate.
 
 Dividend :
 
 Your Board of Directors has decided that the funds of the company are
 required for the purpose of expansion plan of the company and so the
 profits of the company for the year ended 31st March 2011 may be
 deployed for the said purpose. The Board decided not to recommend any
 dividend for the year ended 31st March 2011.
 
 Major Highlights during the year :
 
 - The Board and shareholders of the company in their respective
 meetings has duly approved the proposal to raise fund from public not
 exceeding Rs.50 crores through Further Public Offer (FPO). Further due
 to some unpredicted circumstances the board of directors in their
 meeting held on 6th October 2010 deferred the said matter for time
 being.
 
 - Transfer of amount lying to the Unpaid Dividend Account of the
 company to Investor Education and protection Fund for the year
 2002-2003.
 
 - Resignation of Mr. Babulal Bafna from the Post of Chief Financial
 Officer and appointment of Mr.Rakesh Bahety thereon w.e.f 6th October
 2010.
 
 - Submission of Application to CSE for allowing the securities of the
 company to be traded on the nationwide platform of Bombay Stock
 Exchange Ltd under permitted securities category.
 
 Corporate Governance :
 
 Pursuant to clause 49 of the listing agreement with the Calcutta Stock
 Exchange Association Limited, a Management Discussion and Analysis,
 Corporate Governance Report and Auditor''s Certificate regarding
 compliance of conditions of corporate governance constitute integral
 part of the Annual Report.
 
 Materials changes and commitments :
 
 There have been no material changes and commitments affecting the
 financial position of the company, which have occurred since March 31,
 2011, being the end of the Financial Year of the Company.
 
 Directors :
 
 Pursuant to the provision of section 255 of the Companies Act, 1956 and
 Article 126 of the Articles of Association of the Company, Mr.
 K.K.Saraf and Mr.Ashok Kr Agarwal,
 
 Directors of the Company are liable to retire by rotation in the
 forthcoming Annual General Meeting of the Company and being eligible,
 offers themselves for reappointment.
 
 Auditor Report :
 
 The auditors have given their report on the Annual Accounts of the
 Company and there is no reservation or qualification made by them. The
 notes given in the Auditors'' Report are self-explanatory and needs no
 further clarification.
 
 Auditors :
 
 M/s. P.K. Sah & Associates, Chartered Accountants, being the Statutory
 Auditor of the company shall retires at the ensuing Annual General
 Meeting of the Company; and being eligible, offer themselves for
 re-appointment. The Company has received a Certificate from the Auditor
 that if reappointed, they are qualified under section 224(1 B) of the
 Companies Act, 1956 to act as the Auditor of the Company.
 
 Statutory and Other Information :
 
 There are no employees falling within the purview of Section 217(2A) of
 the Companies Act, 1956 read with Companies (Particulars of Employees)
 Rules, 1975.
 
 There was no expenditure or income in foreign currency during the year
 under review.
 
 Since your Company does not own any manufacturing unit, the disclosure
 of information on the matter required to be disclosed in terms of
 section 217(1)(e) of the Companies Act, 1956 read with the Companies
 (Disclosure of Particulars in Report of Board of Directors) Rules,
 1988, is not applicable and hence not given.
 
 Directors Responsibility Statement :
 
 As per the relevant provisions of section 217(2AA) of the Companies
 Act, 1956, the Directors of your Company confirm that:
 
 i) In the preparation of the Annual accounts, the applicable accounting
 standards have been followed and there is no material departure from
 the above.
 
 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 at the end of the financial year and the profit 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 the Companies Act 1956 for safeguarding the assets of the
 Company and for preventing and detecting fraud and other irregularities
 to the best of their knowledge and ability.
 
 iv) The directors have prepared the annual account on a going concern
 basis.
 
 Acknowledgements :
 
 Lastly your directors appreciate to the management team and executive
 staff who are instrumental to the growth of the company. They also
 place on record their deep admiration and acknowledge with gratitude
 for the support and co-operation extended by the clients, bankers,
 investors, shareholders, and the media for their unwavering support
 through the years. Your Directors also wish to thank the employees at
 all levels, who through their sheer commitment, sense of involvement,
 utmost dedication and continued perseverance enabled the Company to
 achieve the overall development, growth and prosperity of the Company.
 
                         For and on behalf of the Board of Directors
 
 Place: Kolkata                                          (Pawan Jain)
 
 Date: 20th April, 2011               Chairman Cum Managing Director