The Directors have pleasure in presenting herewith the Thirtieths
 Annual Report of the Company together with Audited Accounts for the
 year ended 31st March, 2012.
 
 FINANCIAL HIGH LIGHTS:
 
 Particulars                               2011-12          2010-11
                                             Rs.                Rs.
 
 Total Income                            44,835,987        380,348,864
 
 Profit/(loss) before Depreciation       (5,629,238)         5,988,794
 
 Less: Depreciation & Amortization          240,001            232,576
 
 Profit / (Loss) before tax              (5,869,239)         5,756,218
 
 Provision for tax                              NIL          1,089,370
 
 Profit/(Loss) after Taxation            (5,869,239)         4,705,588
 
 The reported profit after tax is lower due to the fact that your
 company decided to clean up balance sheet. The management has written
 off the unrealizable balances as well as certain unrealizable
 investments worth Rs 103 lacs. The advantage with your company is that
 it is still a debt free company.
 
 In continuation with the policy of your company to grow in different
 vertical to reduce the dependence on the equity market alone; your
 company has been diversifying into distribution business apart from
 other main stream businesses. There is no change of vision as your
 company has formed its opinion that equity markets are set to test
 41000 Sensex by 2015 and this is a good time to leverage businesses as
 a going concern.
 
 We could not implement the business restructuring plans in last few
 years as the environment of business is continuously shrinking post
 LEHMAN issue and global economies are not responding to the changing
 environment. Those who tried to expand with leveraged debts are facing
 difficult challenges and going through the most difficult phase of
 their business. Your company is now hopeful to raise funds through
 equity and complete the business restructuring in F Y 12-13.
 
 FATE OF ACHIEVEMENT:
 
 Your company which has strategic partnerships with the best global
 agencies in the world has been chosen for the prestigious award
 Rashtriya Udyog Ratna Award and Quality Brand from Council
 for Economic Growth and Research (CEGR) for company''s outstanding
 contribution to society and to the nation. The fact that your company''s
 content has been picked by NY times FT USA clearly suggests that the
 quality of the content is world class. Your company has been invited by
 many international rating and performance agencies for awards in the
 field of research.
 
 Even with regard to the research, your company ranked no 1 in India as
 it has maintained 95% strike rate in calls generated in A gr investment
 and trading. The performance of your company is exhibited on the home
 page of the website of your company www.cniglobalbiz.com
 
 The same is also made available in the Annual accounts for your ready
 reference. The management will be delighted if the stake holders take
 advantage of the expertise of your company for the individual gains.
 
 The continued association of all global agencies along with fresh
 addition to ties ups like ISI Emerging Market UK and Bloomberg USA
 clearly speaks high about the quality and brand of your company.
 
 FUTURE PROSPECTS:
 
 Today India is the fastest growing economy behind China this means that
 our financial sector is performing very well and to achieve faster
 growth our financial sector would have to be wider in the sense that
 small companies should be given an opportunity to grow by providing
 them with the finance.
 
 The company has entered into a content sharing agreement with Thompson
 Reuters, Capital IQ a division of Standard & Poor''s, Dow Jones Factiva
 a division of Dow Jones and TheMarkets.com division of Standard and
 Poor USA, Blue Matrix and ISI Emerging markets UK and Bloomberg for
 providing content and research on small and mid cap companies. This has
 helped the company to build its brand and make it an international
 brand. The process of creation of global subsidiaries is under planning
 stage as your company is very conservative in expansion in the current
 environment as the same has to be done with internal accrual rather
 than debts.
 
 Time are changing very fast and the idea of setting first of its kind
 of research house is finding wide acceptance globally.
 
 Your company had also entered into high growth area such as investment
 banking and other financial solutions which are incidental to the core
 business of your company. Your company is now looking as fund based
 activities which can top line and bottom line to your company.
 
 RISK:
 
 The weak global sentiments and fearsome approach of investors has
 affected your company too in the last fiscal. The consensus opinion
 among the investor''s community and trader''s community is that India''s
 policy makers need to address the major concerns of Indian capital
 market which are overdue for last one decade.  The return of retail
 investors is highly dependent on the introduction of physical
 settlement in the derivative segment and also the reforms to phase out
 the manual handling of important issues which made more than 2000
 companies illiquid that is trade to trade movement of stocks under the
 garb of surveillance. So long as this will remain in the current state,
 we do not think that the broad base entry of retail investors can be
 seen Indian terrain.
 
 The Ups and Downs of capital market has direct bearing on the revenue
 of the company and to counter the same your company has made sizable
 investments out of the current profits which are profitable. It was
 prudently decided by the management to invest in technology, investment
 opportunities instead of creating physical assets at this juncture. It
 has also checked the costs which will protect the business even in slum
 times. In internet business managing rising costs becomes a key subject
 of interest for investors, as they add employees and build up their
 infrastructures to support both expansion and ambitious innovation
 agendas.
 
 TRANSFER TO RESERVES:
 
 During the year under review, no amount has been transferred to
 Reserves.
 
 DIVIDEND:
 
 The company is focusing on growth and hence, your directors not yet
 recommended dividend for the year under review.
 
 CAPITAL STRUCTURE:
 
 The authorized, issued, subscribed and paid up capital of the company
 during the year under review has not changed.
 
 DEPOSITS:
 
 During the period under review, your Company has not accepted/renewed
 any deposits within the meaning of section 58A of the Companies, Act
 1956 and the rules made there under
 
 CORPORATE GOVERNANCE REPORT:
 
 Pursuant to Clause 49 of the Listing Agreement entered into with the
 Stock Exchanges, the Company has complied with all the provisions of
 Corporate Governance and a report on corporate governance is annexed
 hereto and forms part of this report. A certificate from Auditors of
 the Company regarding compliance of Corporate Governance, as stipulated
 under Clause 49 of the Listing Agreement, is appended to the Annual
 Report.
 
 MANAGEMENT DISCUSSION AND ANALYSIS:
 
 Management Discussion and Analysis Report for the year under review as
 required under Clause 49 of the Listing Agreement is presented in a
 separate section forming part of the Annual Report.
 
 REVIEW OF AUDITOR''S REPORT
 
 Your Directors are pleased to inform you that the Statutory Auditors of
 the Company have not made any adverse or qualified remarks in their
 audit report.
 
 AUDITORS
 
 M/s. N.K Jalan & Co, Chartered Accountants, Auditors of the Company
 retires at the conclusion of the ensuing Annual General Meeting. You
 are requested to re-appoint the statutory auditors for the financial
 year ended 31st March, 2013.
 
 STATUTORY COMPLIANCE:
 
 The Board and the Compliance Officer have ensured compliances of the
 SEBI regulations and provisions of the Listing Agreement. Compliance
 certificates are obtained and the Board is informed of the same.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 Pursuant to the requirement under section 217(2AA) of the Companies
 Act, 1956, with respect to Directors Responsibility Statement, it is
 hereby confirmed:-
 
 1.  That in the preparation of the annual accounts for the year ended
 March 31, 2012, the applicable accounting standards had been followed
 along with proper explanation relating to material departures.
 
 2.  That the Directors have selected such accounting policies and
 applied them consistently and made judgments and estimates that were
 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 of the
 profit of the company for the year under review.
 
 3.  That 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.
 
 4.  That the Directors have prepared the accounts for the financial
 year ended March 31, 2012 on a ''going concern'' basis.
 
 DIRECTORS
 
 In accordance with the provisions of the Companies Act, 1956 and the
 Articles of Association of the company, Mr. Arun S. Jain is liable to
 retire by rotation and being eligible offers himself for
 re-appointment.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 Since the Company is engaged in the service industry, the Company does
 not consume substantial energy. It is the policy of the management to
 keep abreast of technological developments in the field in which the
 company is operating and to ensure that the Company uses the most
 suitable technology. During the year, the Company had earned Rs. 48,472/-
 (US $ 1,079.39 ) in the form of Royalty for sale of research reports.
 There is no outgoing in the form of foreign exchange. This does not
 include payments received from overseas partners and customer directly
 in Indian rupees.
 
 The report in the prescribed format is given Annexure-I
 
 PARTICULARS OF EMPLOYEES
 
 There are no employees who are in receipt of remuneration in excess of
 the rates/amounts specified under Section 217 (2A) of the Companies Act,
 1956 read with the (Particulars of Employees) Rules, 1975.
 
 ACKNOWLEDGMENTS
 
 Your Directors take this opportunity to thank its channel partners, all
 employees, analysts, economists, company secretary, registrar,
 depository, exchange authorities and bankers who were instrumental in
 improving the operations of the company.
 
 For and on behalf of Board
 
 Place:                                             sd/-
 
 Date: 26.07. 2012                           (Kishor P. Ostwal)
 
                                              Managing Director