Dear Shareholder''s
 
 The year ended March 31, 2012 was both an eventful and fruitful journey
 for our Company. In September 201 1, we completed the acquisition of
 Holidaybreak Ltd, a specialist UK based travel Company with operations
 across Europe.  Holidaybreak has several market leading brands across
 Education Travel, Leisure Business and Camping Holidays, with each
 business being run by a highly experienced and professional management
 team. Amidst difficult economic conditions in Europe, Holidaybreak has
 demonstrated resilience and stable cash flows, which indicates the
 quality of its various businesses.  This is a transformational
 acquisition for Cox & Kings as we position ourselves to tap the huge
 potential of Education travel.  The acquisition will also help grow our
 leisure business globally, through a wider product range and improved
 buying from our suppliers.
 
 During the period under review, our business in India continued to
 demonstrate robust growth, on the back of our strong product offering
 and distribution network. We are pleased with our performance in other
 international markets.
 
 We continue to see growth and consolidation in the leisure travel
 market in India. We are encouraged by the continuing shift in customer
 preference from the unorganised sector to organised tour operators.
 Combining this with new additions of first time travellers each year
 into the market, which is still quite nascent; we feel there is a
 tremendous opportunity to grow the India business for years to come.
 
 Economic conditions are tough in several international markets that we
 operate in. Nevertheless, we have been able to grow our business
 despite these challenges. This reaffirms our confidence in our
 management team and justifies the investments we make into
 strengthening our brands globally.
 
 I am confident that we will achieve significant benefits from these
 important developments which could not have been achieved without the
 hard work of our dedicated team and in closing I should like to express
 both my personal and the Board''s sincere thanks to them all. I would
 also like to thank our Shareholders for their continued support for our
 journey of growth.
 
 A. B. M. Good
 
 Chairman