Dear Members,
 
 The Directors have pleasure in presenting the 43rd Annual Report
 together with the Audited Statement of Accounts for the year ended 31st
 March, 2011
 
 OPERATING RESULTS                         2010-2011      2009-2010
                                       (Rs. In Lacs)      (Rs. In Lacs)
 
 Freight Earnings                           8854.32        7837.20
 
 Net Earnings from operations                112.16          85.69
 
 Provision for Taxation                       35.22          16.96
 
 Net Surplus                                  86.94          68.73
 
 Gains from extraordinary items 
 (net of taxes)                              202.12            -
 
 Balance brought forward from previous year   13.06          13.18
 
                                             302.12          81.91
 
 Appropriations:
 
 Transfer to General Reserve                 245.00          35.00
 
 Proposed Dividend & Tax thereon              43.37          33.85
 
 Balance carried forward to next year         13.06          13.06
 
                                             302.12          81.91
 
 PERFORMANCE :
 
 With the Indian economy posting a strong GDP growth of 8.2%, it''s just
 a matter of time when our nation emerges as one of the leading
 economies of the world.
 
 Taking full advantage of this surge across sectors, and with constant
 effort of your directors'' and their team, your company has posted an
 impressive growth of 13% in business volumes and thereby recording its
 Freight Earnings at Rs. 8854 lacs as against Rs. 7837 lacs. Further in
 order to maximise full advantage in this growing market, your company
 remains committed in expanding its fleet strength and has increased it
 by another 14% compared to the year before. Such initiatives clubbed in
 with efficient cost management and careful reverse.logistic planning
 has led to a phenomenal growth in the PBT by 42% which recorded at Rs.
 122 lacs as against Rs. 86 lacs.
 
 Human lives and their safety still tops amongst the priority list of
 your company and the due diligence carried out through the year has
 paid rich dividends in terms of incidents going down to ignorable
 levels. This once again has been recognized and appreciated by various
 reputed compa- nies in very many sectors. Proceeding towards the
 upcoming financial year 2011-12 increasing fuel and auto components
 prices still remain a concern and may affect the margins in an adverse
 way.  Further to this the unorganized players who still continue to
 dominate the market only add to the menace which makes providing
 quality and innovative services like end to end solutions a challenge.
 Going ahead your company focuses to establish its presence in the 3PL
 market and take advantage of this booming concept.
 
 DIVIDEND :
 
 The Directors recommend, for consideration of the shareholders at
 ensuing annual general meeting, payment of Dividend @ 9%-for the year
 ended 31st March 2011. The amount of dividend and the tax thereon
 aggregates to;Rs.43 lacs.
 
 FINANCE AND ACCOUNTS :
 
 The company''s performance during the year reflects the constant focus
 of the management which led to savings in both direct and indirect
 operational costs. The average working capital requirements was higher
 compared to the previous year due to tighter liquidity conditions
 prevalent. The company could cope up with the adverse situation by
 effectively managing disbursement norms of its trade payables.
 Borrowings from institutional lenders for fleet acquisition was
 serviced in committed manner. The shareholders funds recorded for
 Rs.1413 lacs.
 
 DEPOSIT :
 
 No Public Deposits were invited or accepted during the year under
 report.
 
 AUDITORS :
 
 M/s. Agarwal Maheswari & Co., Chartered Accountants, retire at the
 ensuing Annual General Meeting and are eligible for re-appointment.
 
 AUDITORS REPORT :
 
 The report of the Auditors is self-explanatory and does not call for
 any further comments from the Directors.
 
 INFORMATION REQUIRED UNDER THE COMPANIES (DISCLOSURE OF PARTICULARS IN
 THE REPORT OF THE BOARD OF DIRECTORS) RULE 1988
 
 A.  Conservation of Energy :
 
 The Company''s operation involve no energy consumption.
 
 B.  Form of Disclosure of particulars wrt absorption of Technology and
 Development of R & D : i) Research and Development - The Company do not
 have any R&D Division and Company''s Operations do not require this type
 of establishment.
 
 ii) Technology absorption, adoption and innovation - The Company has
 not imported any technology due to its nature of operation.
 
 DIRECTORS :
 
 Shri Ravi Agarwalla and Shri Om Prakash Kanoria retire from the board
 by rotation at the conclusion of ensuing Annual General Meeting and
 being eligible offer themselves for re-appointment.
 
 Information on the Directors eligible for reappointment as required
 under clause 49 of the Listing Agreement with Stock Exchanges is
 disclosed in the profiles of Directors under item Nos. 3 and 4 forming
 part of Notice dated 27th May 2011.
 
 PERSONNEL :
 
 The true index to a Company''s success is not only its turnover and
 quantum of profits but its ultimate resource. The Directors sincerely
 thank the employees at all levels for their dedicated services and
 co-operation which enabled the Company to perform satisfactorily. There
 are no employees drawing remuneration of Rs.2,00,000/- a month or Rs.
 24,00,000/- a year and therefore no particulars in terms of Section 217
 (2A) of the Companies Act, 1956 are attached to this report.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT :
 
 Statement under sub-section (2AA) of Section 217 of the Companies Act,
 1956 :
 
 In the preparation of the Annual Accounts : 
 
 i) the applicable accounting standards have been followed and wherever
 required, proper ex- planations relating to material departures have
 been given.
 
 ii) the Directors have selected such accounting policies and applied
 them consistently and made judgments and estimates that are reasonable
 and prudent so as to give a true and fair view of the state of affairs
 of the Company at the end of the financial year and of the profit or
 loss of the Company for that period.
 
 iii) 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.
 
 iv) the Accounts have been prepared on a going concern basis.
 
 CORPORATE GOVERNANCE :
 
 Corporate Governance Report and Management Analysis and Discussion
 Report pursuant to Clause 49 of the Listing Agreement with Stock
 Exchanges are provided in separate annexures to this report,
 
 ACKNOWLEDGMENTS :
 
 The Board wish to place on record their appreciation towards the
 contributions made by all employees of the company and their gratitude
 to the Company''s valued customers, bankers, vendors, and shareholders
 for their continued support and confidence in the company.
 
                                 On behalf of the Board of Directors
 
 Place : Kolkata                                          (K K Todi)
 
 Date  : the 27th day of May, 2011      Chairman & Managing Director