The Directors have pleasure in presenting their 22nd Annual Report
 along with the Audited Accounts for the year ended March 31, 2008.
 
 FINANCIAL RESULTS
 
 The financial results for the year under review are summarized below
 for your consideration:
 
                                                          (Rs. lakhs)
 PARTICULARS                               Year ended     Year ended
                                             March 31       March 31
                                                 2008           2007
 
 Income from Operations                        17,381         13,840
 
 Other Income                                     273            538
 
 Expenditure (excluding interest)               8,699          3,329
 
 Interest                                      12,700         10,631
 
 Gross Profit/(loss)                           (1,745)           269
 
 Depreciation                                     223            149
 
 Provision for Taxation                          (604)           265 
 (Current/Deferred)
 
 Prior Period (income)/Expense                    169           (217)
 
 Net Profit/(Loss)                             (1,532)           221
 
 REVIEW OF OPERATIONS
 
 Income from operations was Rs. 17,381 Lakhs, as against Rs. 13,840
 Lakhs in the previous year. The total income of the Company was Rs.
 17,654 Lakhs as compared to Rs. 14,378 Lakhs for the previous year.
 
 The interest cost in the current year increased to Rs. 12,700 Lakhs
 compared to Rs. 10,631 Lakhs in the previous year. The loss after tax
 were Rs. 1,532 Lakhs for the year ended March 31, 2008 as against
 profits of Rs. 221 Lakhs in the previous year.
 
 DIVIDEND
 
 Your Board of Directors regret their inability to recommend any
 dividend in view of loss in the year under review.
 
 MANAGEMENT DISCUSSION & ANALYSIS REPORT
 
 Operational Performance-During the financial year ended March 31, 2008,
 net earning assets of the Company increased to Rs. 161,790 Lakhs from
 Rs. 125,950 Lakhs over the previous year, largely due to increased
 disbursements. The growth in disbursements is on account of increased
 focus on augmenting distribution network, optimizing manufacturer tie
 ups - both in the Light Commercial Vehicle (LCV) and Medium & Heavy
 Commercial Vehicle (MHCV) space in Commercial Vehicles. The Company
 continues to focus on increasing its wallet share of existing customers
 and acquiring new customers, in existing as well as new potential
 markets.
 
 Construction Equipments
 
 Industry Outlook-For the past 3 years Construction Equipment business
 has been growing at about 30% p.a till March 2008.  This growth was
 primarily fuelled largely by investments in Infrastructure Projects and
 to some extent due to boom in the real estate market. However, the
 growth rate has slowed down since April 2008, as a result of overall
 slow down in the economy and higher interest rates. Indian construction
 companies are now importing high end specialized equipment like Tunnel
 Boring Machines, Drilling equipments, Crawler cranes etc.
 
 Business outlook-To ensure that your Company secures its proper share
 of this growth, it has reorganized its Sales & Risk personnel around
 customers to ensure better alignment and ~ocus.  As a result the
 volumes have grown from Rs. 227 crores in 2007 to more than Rs. 491
 crores in 2008. Your Company is targeting an equally impressive
 performance in 2009 largely driven by increase in geographical reach,
 tie-ups with leading manufacturers and increased workforce. Our 90+
 days outstanding is at 0.74% of the portfolio, which is considered to
 be amongst the best in the industry.
 
 Challenges-A high margin retail business needs significant unfront
 investment in distribution and infrastructure and hence, the key
 challenge will be to enhance margins in an extensively competitive
 environment.
 
 Future Strategy-We intend to pursue with vigor, the focus on retail
 segment. The retail sector primarily buys Standard Equipments, which
 constitute a better asset risk.
 
 This would be complemented and balanced with a continued focus on other
 large specialized equipments.
 
 Commercial Vehicles
 
 Industry Outlook-Financial Year 2008 saw Commercial Vehicles sales grew
 by appx 2%, which was way below the CAGR of upwards of 18% over past
 few years. With economic growth being slower than expected, the year
 saw increased stress on freight rates which impacted the retail
 operators to an extent. Volatility and hardening of interest rates also
 added to the costs of truck operators, thereby impacting their
 profitablility. With diesel being the highest cost contributor and
 given the volatility in crude oil prices, early part of Financial Year
 2009 is unlikely to be any different, especially for market load
 operators and small operators. Increasing investments in road
 infrastructure and NHAI projects will continue to drive the shift from
 medium to heavy trucks. We expect Commercial Vehicle sales to grow at
 6-7% over Financial Years 2008-10.
 
 Opportunities-Your Company is targeting a consolidated and compliant
 growth in Financial Year 2009, primarily driven by strategic
 manufacturer tie-ups. Over the last one year both collections and
 underwriting infrastructure has been strengthened to meet the new
 challenges. Manufacturer focused sourcing verticals have been put in
 place across product lines, which will ensure greater manufacturer &
 customer focus and depth of penetration.
 
 Challenges-Increased volatility in interest rates, crude oil prices and
 sluggish Indian Industrial Production growth has increased stress on
 transporters profitability. This is likely to impact sales of new
 Commercial Vehicles. However, increasing road infrastructure and shift
 in distribution strategies is likely to support growth of heavy and
 small trucks respectively.
 
 Outlook-Your Company is confident about its portfolio quality, as well
 as of its sourcing, underwriting and collection infrastructure.
 Besides being largely a Heavy commercial vehicle player, we are
 confident to come out stronger. Increased focus on refinance and
 selective exposures on the fast growing Light Commercial vehicles will
 help increase margin.
 
 Your Company currently has one of the lowest delinquencies and has
 achieved the same on the basis of excellent underwriting policies, a
 deep understanding of the customers, and a well aligned approvals and
 collection strategy. The Company is also strengthening its collection
 and risk teams to manage the challenges emerging from the changed
 product mix.
 
 Credit Rating for Commercial Papers-The Company has got its credit
 rating enhanced from Rs. 700 crores as on last year to Rs. 1,000 crores
 this year from ICRA Ltd. ICRA Ltd. has assigned an A1+ (pronounced A
 one plus) rating to the Rs. 1,000 crores Commercial Paner Programme of
 the Company. The rating of A1+ is the highest-credit-quality rating
 assigned by ICRA Ltd. to short- term debt instruments. Instruments
 rated in this category carry the lowest credit risk in the short term.
 The Company had Rs. 795.6 crores of commercial paper outstanding as on
 March 31, 2008.
 
 Human Resources-The Companys human resources system has kept pace with
 the changes in the industry. The Company fosters a culture that values
 high performance and maintains high professional standards. There were
 189 employees as on March 31, 2008.
 
 Internal Control-Your Company has an internal control system
 commensurate with its the size and nature of business.
 
 COMPLIANCE WITH CAPITAL ADEQUACY NORMS
 
 Your Company is registered as a non-banking financial Company and falls
 within the category of systemically important non-deposit accepting
 non-banking financial companies (NBFC-ND-SIs) as per the
 notification on Financial Regulation of Systemically Important NBFCs
 and Bank Relationships with them dated December 12,2006 (NBFC
 Guidelines) issued by Reserve Bank of India (RBI). In terms of the
 NBFC Guidelines, NBFC-ND-SIs are required to maintain a minimum
 capital to risk weighted assets ratio (CRAR) of 10%.
 
 The Board of Directors of the Company on June 27, 2008 has determined
 that a sale of substantial portion of risk weighted assets is the best
 way to comply with the prescribed CRAR norms. The Company has received
 a letter dated June 26, 2008, from GE Capital Services India indicating
 an interest in purchasing the existing portfolio of loan assets of the
 Company, at fair value. The Board of Directors has proposed the sale,
 assignment or disposal of a substantial portion of its existing
 portfolio of loan assets aggregating to a sum of Rs. 1,520 crores
 (Assets) along with a substantial portion of its existing liabilities
 aggregating to a sum of Rs. 860 crores (Liabilities) for a
 consideration which is higher of (a) the book value of the Net Assets
 (Net Assets shall mean the difference between the aggregate Assets and
 aggregate Liabilities); or (b) the value of the Net Assets as
 determined by an independent firm of Chartered Accountants (a big four
 firm based in India), to any person or entity, related or affiliated to
 the Company or otherwise, including GE Capital Services India. This
 proposal was submitted to the shareholders of the Company by way of a
 postal ballot. The postal ballots notices have been sent to the
 shareholders of the Company on June 30, 2008. The results of the postal
 ballot will be announced on July 31, 2008.
 
 The Company has appointed Pricewaterhouse Coopers Pvt. Ltd., on July 1,
 2008 to determine the value of the Net Assets.
 
 The Company further intends to infuse additional capital as per RBIs
 prudential norms directions issued to all NBFCs dated February 22,
 2007. On successful transfer of the Assets and Liabilities, and on
 infusion of further Tier II capital, the Company shall become compliant
 with the CRAR norms as prescribed under the NBFC Guidelines.
 
 RIGHTS ISSUE
 
 The Board of Directors, at the meeting held on September 7, 2007 had
 proposed to undertake a rights issue under the provisions of section
 81(1) of the Companies Act, 1956 in order to meet the capital adequacy
 norms prescribed by the RBI. The Company had filed a draft letter of
 offer with Securities and Exchange Board of India on December 28, 2007
 and also received the final observations on April 22, 2008. However,
 the Board of Directors of the Company on June 27, 2008 has resolved to
 withdraw the aforesaid rights issue.
 
 DELISTING
 
 The Board of Directors has vide its resolution dated June 27, 2008 has
 taken on record the proposal dated June 27, 2008 received from GE
 Capital (Mauritius) Investment Company Limited, the promoter of your
 Company, to initiate a voluntary delisting of the shares of the Company
 from the Bombay Stock Exchange Limited, in accordance with the
 provisions of the Securities and Exchange Board of India (Delisting of
 Securities) Guidelines, 2003. The Board has submitted the delisting
 proposal to the shareholders for their consideration by way of postal
 ballot. The postal ballots notices have been sent to the shareholders
 of the Company on June 3C, 2008. The results of the postal ballot will
 be announced on Jul/ 31, 2008
 
 PUBLIC DEPOSITS
 
 As you are aware, your Company has stopped accepting deposits from the
 public from July 15,1999 and is now a non-deposit taking Company.
 During the year ended March 31, 2008, your Company has deposited an
 amount of Rs. 1,88,021/- (One Lakh Eighty Eight Thousand and Twenty One
 only) representing unclaimed amount of deposits along with the interest
 due on the deposits with the Investor Education and Protection Fund in
 accordance with the provisions of Section 205C of the Companies Act,
 1956 and the rules framed there under. As on March 31, 2008, an amount
 of Rs. 1,70,871/- (Rupees One Lakh Seventy Thousand Eight Hundred
 Seventy One only) is still remaining as unclaimed deposit.
 
 DIRECTORS
 
 Mr. Kanwarpal Singh Bindra was appointed as an additional director
 w.e.f. November 30,2007 and Chairman w.e.f. December 21, 2007
 
 In accordance with the provisions of Sections 256 and 257 of the
 Companies Act, 1956 and the Articles of Association of your Company,
 Mr. Tejpreet S Chopra retires by rotation at the ensuing Annual General
 Meeting and being eligible has offered himself for re-appointment.
 
 Brief resume of the directors, nature of their expertise in specific
 functional areas and names of companies in which they hold
 directorships and the membership/Chairmanship of Committees, of the
 Board as stipulated under clause 49 of the Listing Agreement with the
 Stock Exchanges, are given in the section of Corporate Governance in
 the Annual Report.
 
 None of the directors of the Company are disqualified from being
 appointed as directors as specified in Section 274(l)(g) of the
 Companies Act, 1956 as amended by the Companies (Amendment) Act, 2000.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
 confirm:
 
 a.  that in the preparation of the annual accounts, the applicable
 accounting standards have been followed along with proper explanation
 relating to material departures, if any
 
 b.  that appropriate accounting policies have been selected and applied
 consistently, and that the judgment and estimates made are reasonable
 and prudent so as to give a true and fair view of the state of affairs
 of the Company as at March 31, 2008 and of the loss of the Company for
 the said period;
 
 c.  that 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.  that the annual accounts have been prepared on a going concern
 basis.
 
 AUDITORS
 
 M/s. BSR& Co., Chartered Accountants, retire at the conclusion of the
 Annual General Meeting and are eligible for re-appointment.  A
 certificate has been obtained from them to the effect that their
 appointment, if made, would be within the prescribed limits under
 section 224(1B) of the Companies Act, 1956.
 
 AUDITORS REPORT
 
 The Auditors Report to the shareholders is enclosed with the Accounts
 for the year ended March 31, 2008.
 
 PARTICULARS OF EMPLOYEES
 
 Information in accordance with sub section (2A) of Section 217 of the
 Companies Act, 1956 read with the Companies (Particulars of Employees)
 Rule, 1975 forms part of this report. However, as per the provisions of
 Sec. 219(l)(b)(iv) of the Companies Act, 1956, the report and the
 accounts are being sent to all the members excluding the statement of
 particulars under Section 217(2A). Any member interested in obtaining a
 copy of the statement may write to the Company.
 
 PARTICULARS OF CONSERVATION OF ENERGY, TECHNO- LOGY ABSORPTION AND
 FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 Since your Company is not engaged in any manufacturing activity, the
 particulars relating to conservation of energy and technology
 absorption stipulated in the Companies (Disclosure of particulars in
 the Report of the Board of Directors) Rules, 1988 are not applicable
 and hence no disclosure is being made in this report:. In the current
 year, the foreign exchange earning and outflow were nil respectively.
 
 SUBSIDIARY
 
 GE Capital Asset Management Limited, a subsidiary of the Company is
 under members voluntary winding up and the Company is filing the
 liquidation accounts with the Registrar of Companies, hence, no
 consolidated accounts have been prepared.
 
 CORPORATE GOVERNANCE
 
 A separate section on Corporate Governance and certification on
 compliance as stipulated in the Clause 49 of the Listing Agreement with
 the Stock Exchanges is annexed hereto and forms part of the Directors
 Report.
 
 ACKNOWLEDGEMENT
 
 Your Directors would like to express their sincere appreciation for the
 assistance and co-operation received from the Banks, The Reserve Bank
 of India, Government Authorities, Customers, Vendors and Shareholders
 during the year. Your directors also wish to place on record their deep
 sense of appreciation for the committed services of the employees.
 
                           for and on behalf of the Board of Directors
 
 Place : Gurgaon                    Tejpreet S Chopra     Rajan Ray
 Dated : July 4, 2008                   Director           Director