The Directors have pleasure in presenting SEVENTEENTH ANNUAL REPORT
 and Audited Statements of Accounts for the year ended 31st March, 2012.
 
 FINANCIAL HIGHLIGHTS & REVIEW OF OPERATIONS
 
 Your Company''s financial performance for the year under review has been
 encouraging and is summarized below :
 
 (Rs.)
 
                            Consolidated             Standalone
 
 SI.   Particulars     Year ended   Year ended   Year ended   Year ended
 No.                   31.03.2012   31.03.2011   31.03.2012   31.03.2011
 
 1.  Revenue from 
     operations       650,134,564  520,665,204  602,602,159  470,159,899
 
     Other Income      98,422,002   48,048,424  101,660,233   47,982,478
 
     Total Revenue    748,556,567  568,713,628  704,262,393  518,142,377
 
 2.  Total expenses 
     other than 
     depreciation & 
     finance cost     480,008,345  404,810,238  469,956,123  391,814,179
 
 3.  Profit before 
     depreciation 
     and finance
     cost             268,548,222  163,903,390  234,306,270  126,328,198
 
 4.  Depreciation      62,616,830   59,085,423   45,356,595   41,804,491
 
 5.  Profit before 
     finance cost 
     and tax          205,931,392  104,817,967  188,949,675   84,523,707
 
 6.  Finance cost     115,408,729   20,071,114   77,235,012    5,122,333
 
 7.  Profit before 
     tax               90,522,663   84,746,853  111,714,663   79,401,374
 
 8.  Tax expenses      18,883,865    8,866,526   20,169,235    8,786,817
 
 9.  Net profit for 
     the period        71,638,798   75,880,327   91,545,428   70,614,557
 
 10.  Earnings per 
      share (EPS) 
      [Basic & 
      Diluted]               2.61         2.76         3.33         2.57
 
 
 
 APPROPRIATION
 
 Your Directors recommend appropriation as under :                ( Rs. )
 
 STANDALONE                                   Year ended     Year ended
                                              31.03.2012     31.03.2011
 
 Surplus as at end of 
 previous year                               498,154,992    459,501,624
 
 Add: Net profit for the year                 91,545,428     70,614,557
 
 Available for appropriation                 589,700,420    530,116,181
 
 Less: Proposed dividend                      33,000,000     27,500,000
 
 Less: Tax on dividend                         5,353,425      4,461,188
 
 Less: Transfer to General Reserve             2,288,636          -
 
 Total Appropriation                         406,420,061     31,961,188
 
 Surplus carried forward                     549,058,359    498,154,992
 
 DIVIDEND
 
 Your Directors recommend payment of dividend @ 12 % on the paid up
 share capital of the Company, i.e. Rs. 1.20/- per equity share of Rs. 10/-
 each.
 
 OPERATIONS
 
 The Company is primarily engaged in power generation, infrastructure
 development, such as construction of bridges, hydro projects etc.
 including operation and maintenance thereof, supply of materials etc.
 In order to avoid duplication between the Directors'' Report and
 Management Discussion and Analysis, your Directors has provided
 detailed information on the operation of different business segments of
 the Company, in the Management Discussion and Analysis Report.
 
 SUBSIDIARY COMPANIES
 
 The Company is developing several hydro electric projects in the States
 of Arunachal Pradesh, Uttarakhand and Kerala, through various wholly
 owned subsidiaries viz :
 
 1.  Ayyappa Hydro Power Limited
 
 2.  EDCL Power Projects Limited (Operating 7 MW Ullunkal Hydro Electric
 Project)
 
 3.  EDCL - Arunachal Projects Private Limited
 
 4.  EDCL - Seppa Beyong Hydro Electric Private Limited
 
 5.  EDCL - Seppa Dunkho Hydro Electric Private Limited
 
 6.  EDCL - Seppa Jung Power Private Limited
 
 7.  EDCL - Seppa Kawa Power Private Limited
 
 8.  EDCL - Seppa Lada Hydro Electric Private Limited
 
 9.  EDCL - Seppa Marjingla Hydro Electric Private Limited
 
 10. EDCL - Seppa Nire Hydro Electric Private Limited
 
 11. EDCL - Seppa Pachuk Power Private Limited
 
 12. EDCL - Seppa Riang Power Private Limited
 
 13. EDCL - Tawang Power Private Limited
 
 14. EDCL - Tawang Lower Tsachu Hydro Electric Private Limited
 
 15. EDCL - Tawang Upper Tsachu Hydro Electric Private Limited
 
 16. Eastern Ramganga Valley Hydel Projects Co. Private Limited
 
 17. Sarju Valley Hydel Projects Co. Private Limited
 
 12 projects are being developed in the State of Arunachal Pradesh
 having an aggregate capacity of about 555 MW, which may vary and the
 final capacity would be determined on finalization of Detailed Project
 Report (DPR). DPR of the projects are being prepared.  Approval from
 most of the concerned statutory authorities has been received. Land to
 be acquired for the projects has been identified.  The total expenses
 incurred for these projects as on 31.03.2012 is Rs. 1,444,568,515/-.
 
 In respect of 3 projects at Uttarakhand having an aggregate capacity of
 about 17 MW, revised DPR are being prepared. The total expense for the
 projects in the State of Uttarakhand as on 31.03.2012 is Rs.
 155,210,237/-.
 
 In the State of Kerala, a subsidiary is executing 15 MW Karikkayam
 Hydel Power Project. The project is in the final stage of completion
 and generation of electricity is likely to commence in the current
 financial year. The total expense for the project as on 31.03.2012 is Rs.
 1,056,773,170/-.
 
 Another subsidiary is operating the 7 MW Ullunkal Hydro Electric
 Project. An application has been filed by the Company with Kerala State
 Electricity Regulatory Commission (KSERC) for revision of approved
 tariff which is still pending. The Power Purchase Agreement (PPA) will
 be signed with the Kerala State Electricity Board (KSEB) once the order
 of the KSERC is received on the said application for the revision of
 the approved tariff.
 
 The Consolidated Financial Statements (CFS) of the Company and its
 subsidiaries, prepared in accordance with Accounting Standard 21 issued
 by the Institute of Chartered Accountants of India, forms part of this
 Annual Report. The Auditors in their Report on the CFS have commented
 upon Note No. 27 (ii) in respect of Ayyappa Hydro Power Limited, where
 power plant is under construction.  The delay in the project has no
 impact on the capital work in progress as on date and any impact
 thereon due to cost overrun can only be ascertained on completion of
 the project.
 
 In line with the General Circular No. 2/2011 dated 8th February 2011
 issued by the Ministry of Corporate Affairs, the Board of Directors of
 your Company has passed a resolution for giving its consent for not
 attaching the financial statements of subsidiaries to the Balance Sheet
 of the Company for the year ended 31st March 2012. Accordingly, A
 financial summary for all the subsidiaries giving the required
 information is disclosed in the CFS. The accounts of the subsidiary
 companies and the related information will be made available to any
 shareholder seeking such information. The accounts of the subsidiary
 companies are also available for inspection by any shareholder at the
 Registered/Corporate Office of the Company or at the Registered Office
 of the subsidiary companies.
 
 MANAGEMENT DISCUSSION AND ANALYSIS REPORT
 
 Pursuant to Clause 49 of the Listing Agreement with the Stock
 Exchanges, the Management Discussion and Analysis Report for the year
 under review, is attached as Annexure A and forms part of this Annual
 Report.
 
 CORPORATE GOVERNANCE
 
 The Company has complied with all the mandatory requirements of
 Corporate Governance, as stipulated in Clause 49 of the Listing
 Agreement with the Stock Exchanges. A report on Corporate Governance
 together with the Auditor''s Certificate on the compliance of
 conditions of Corporate Governance is given in Annexure B and forms
 part of this Report. Further, a declaration signed by the Executive
 Director, affirming compliance with the Code of Conduct by all the
 Board members and senior management personnel along with a Certificate
 from the Executive Director (CEO) / Dy. General Manager - Commercial
 (CFO) required under clause 49(V) of the Listing Agreement are also
 given in Annexure B.
 
 DIRECTORS
 
 Mr. Amar Singh and Mr. Gouri Prasad Goenka, Directors, are liable to
 retire by rotation and being eligible offer themselves for re-
 appointment.
 
 Your Board has also received Form ''DD-A'' pursuant to the Companies
 (Disqualification of Directors under Section 274(l)(g) of the Companies
 Act, 1956) Rules, 2003, from the aforementioned Directors confirming
 that they have not incurred any disqualification under Section 274(1
 )(g) of the Companies Act, 1956. Your Board recommends their
 re-appointment.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 In accordance with the provisions of Section 217(2AA) of the Companies
 Act, 1956 with regard to the Directors'' Responsibility Statement, your
 Board confirms that
 
 (a) in the preparation of the annual accounts, the applicable
 accounting standards have been followed and there has been no material
 departures;
 
 (b) the selected accounting policies were applied consistently and the
 Directors 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 as at the end of the financial year on 31st March, 2012 and of
 the Profit or Loss of the Company, for the year ended on that date.
 
 (c) proper and sufficient care has been taken 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.
 
 (d) the annual accounts have been prepared on a going concern basis.
 
 PARTICULARS OF ENERGY CONSERVATION, ETC.
 
 Particulars in respect of Conservation of Energy and Technology
 Absorption required under Section 217(l)(e) of the Companies Act, 1956,
 read with the Companies (Disclosure of Particulars in the Report of the
 Board of Directors) Rules, 1988, are given in Annexure C, attached
 hereto and forms part of this report. There were no foreign exchange
 earning during the financial year 2011-2012, however, foreign exchange
 have been used for the purposes of travelling etc. details whereof are
 also given in the Annexure C.
 
 AUDITORS
 
 The Auditors, M/s. Lodha & Co., Chartered Accountants, vacate their
 office at the conclusion of the ensuing Annual General Meeting and
 being eligible offer themselves for re-appointment. They have furnished
 a certificate to the effect that their proposed appointment, if made
 will be in accordance with the limits specified under Section 224 (IB)
 of the Companies Act, 1956. Your Board recommends their re-appointment
 from the conclusion of the ensuing Annual General Meeting, till the
 conclusion of the next Annual General Meeting.
 
 COST AUDITORS
 
 M/s. N. Radha Krishnan & Co., Cost Accountant of Kolkata has been
 appointed as the Cost Auditor of your Company to conduct Cost Audit for
 the Financial Year 2012-2013.
 
 PERSONNEL
 
 Particulars of employees, as required under Section 217(2A) of the
 Companies Act, 1956 read with the Companies (Particulars of Employees)
 Rules, 1975 are given in ''Annexure D'', attached hereto and forms part
 of this report.
 
 ACKNOWLEDGEMENTS
 
 Your Directors express their sincere appreciation to the Central and
 State Governments, Banks, customers, vendors and the Company''s valued
 investors for their continued co-operation and support.
 
 Your Directors also wish to acknowledge the support and valuable
 contributions made by the employees, at all levels.
 
                                        For and on behalf of the Board 
 
                                For Energy Development Company Limited
 
                                                      Sd/-
 
 Place : Kolkata                                            Amar Singh
 
 Date : 17th July, 2012                                       Chairman