The Directors have pleasure in presenting their Twenty Third Annual
 Report together with the Audited Accounts of the Company for the year
 ended 31st March 2012.
 
                                                      (Rs. in Lacs)
 
 Financial Results                      Year Ended        Year Ended
                                        31.03.2012        31.03.2011
 
 Income                                   2286.22          1340.01
 
 Profit before Tax & extraordinary 
 item                                      131.19           104.87
 
 Less : Provision for Taxation              23.81            34.85
 
 Profit after Tax                          107.38            70.02
 
 Add : Profit brought forward 
 from Previous Year                         74.65            33.54
 
 Balance carried forward                   182.03            74.65
 
 BUSINESS OPERATIONS
 
 The Business environment remains extremely challenging and the
 recessionary economic conditions leading to slowdown in demand and
 inflation pushed scale up of input costs left its adverse imprint on
 overall performance for 2011-2012. Directors are pleased to inform that
 in spite of difficult times, your Company, based on its intrinsic
 strength, has broadly maintained its performance. Gross income from
 operations remained in positive figure of Rs. 107.38 Lac during the year.
 
 The Company is one of the RBI Registered NBFC Company and is into the
 Business of lending its surplus fund in Money and Capital Market as
 well as to lending money to Corporate and HNIs.
 
 FUTURE PLANS
 
 The Current financial year was in line in term of Business for the
 Company. The Company has expanded its business to some extent and was
 in positive in spite of adverse Market situation and tight monetary
 situation. The Company is willing to expand this business more and more
 in both Capital & Money Market as well as in the arena of
 Infrastructure & Software business and thus willing to deliver to
 Members of the Company so as the Company give more returns in coming
 years. In both the segments of Infrastructure and Software, the Company
 could do little due to the reason of high input cost and lower demand
 as well as competitive market situation.
 
 DIVIDEND
 
 In view of inadequate profit and in order to meet financial
 requirements to implement its future plans, your Directors do not
 propose any dividend for the year under review.
 
 SUBSIDIARY COMPANY
 
 The Company does not have any material non-listed Indian subsidiary
 whose turnover or net worth (i.e. paid-up capital and free reserves
 exceeding 20% of the consolidated turnover or networth respectively, of
 the listed holding company and its subsidiaries in the immediately
 preceding accounting year.
 
 MANAGEMENT DISCUSSION & ANALYSIS
 
 As required by Clause 49 of Listing Agreement, the Management
 Discussion and Analysis is annexed and forms part of the Directors''
 Report.
 
 MANAGEMENT
 
 There is no Change in Management of the Company during the year under
 review.
 
 DIRECTORS
 
 In accordance with the provisions of Act and Articles of Association of
 your Company, Shri A.  K. Das, who retires by rotation at the ensuing
 Annual General Meeting and offers himself for re-appointment.
 
 Further, none of the Directors of the Company are disqualified under
 section 274(1)(g) of the Companies Act 1956.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000
 the Directors confirm that:
 
 1.  In the preparation of the annuals accounts, for the year ended 31st
 March 2012, all the applicable accounting standards prescribed by the
 Institute of Chartered Accountants of India have been followed;
 
 2.  The Directors had adopted 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 of the
 Company for that year.
 
 3.  The Directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the Company and
 for preventing and detecting fraud and other irregularities.
 
 4.  The Directors had prepared the annual accounts on going concern
 basis.
 
 STATUTORY INFORMATION
 
 The Company being basically into the Financing and Capital Market,
 requirement as well as partially in the business of Infrastructure and
 Software trading, regarding and disclosures of
 
 Particulars of conservation of energy and technology absorption
 prescribed by the rule is not applicable to us.
 
 INFORMATION TECHNOLOGY
 
 Your Company believes that in addition to progressive thought, it is
 imperative to invest in research and development to ascertain future
 exposure and prepare for challenges. In its endeavor to obtain and
 deliver the best, your Company has entered into alliances/tie-ups with
 an IT solution Company to harness and tap the latest and the best of
 technology in the world and deploy/absorb technology wherever feasible,
 relevant and appropriate.
 
 RESEARCH & DEVELOPMENT
 
 The Company believes that technological obsolescence is a reality. Only
 progressive research and development will help us to measure up to
 future challenges and opportunities. We invest in and encourage
 continuous innovation. During the year under review, expenditure on
 research and development is not significant in relation to the nature &
 size of operations of your Company.
 
 AUDITORS
 
 M/s. Bharat D. Sarawgee & Co., Chartered Accountant is hereby appointed
 as Auditor of the company from the conclusion of this Annual General
 until the conclusion of the next Annual General Meeting. The Company
 has received a certificate from them to the effect that their
 reappointment as Auditors, if made, would be within the limits as
 prescribed under section 224(1-B) of the Companies Act, 1956.
 
 COMMENTS ON AUDITOR''S REPORT
 
 The notes referred to in the Auditor''s Report are self explanatory and
 as such they do not call for any further explanation as required under
 section 217(3) of the Companies Act, 1956.
 
 PARTICULARS OF EMPLOYEES
 
 People are the backbone of our operations. It is a matter of great
 satisfaction for our Company that our employees have been very
 supportive of the Company''s plan. By far the employee''s relations have
 been cordial throughout the year.
 
 The information as required by provisions of section 217(2A) of the
 Companies Act, 1956 read with the companies (Particular of employees)
 amendments rules, 1975 is reported to be NIL.
 
 PARTICULARS UNDER SECTION 217 (1) (e) OF THE COMPANIES ACT, 1956
 
 The Company is engaged in the business of finance, Infrastructure &
 Software Sectors. Hence, the information regarding conservation of
 energy, Technology Absorption, Adoption and innovation, the information
 required under section 217(1)(e) of the Companies Act, 1956 read with
 the Companies (Disclosure of particulars in the Report of Board of
 Directors) Rules 1988, is reported to be Nil.
 
 FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 The Company has not earned or used foreign exchange earnings/outgoings
 during the year under review.
 
 PUBLIC DEPOSITS
 
 During the year under review, your Company has not accepted any
 deposits from the public within the meaning of section 58A of the
 Companies Act 1956 and the rules there under.
 
 REPORT ON CORPORATE GOVERNANCE
 
 The Company conforms to the norms of Corporate Governance as envisaged
 in the Companies Act, 1956 and the Listing Agreement with the Bombay
 Stock Exchange Limited. Pursuant to Clause 49 of the Listing Agreement,
 a Report on the Corporate Governance and the Auditors Certificate on
 Corporate Governance are annexed to this report.
 
 APPRECIATIONS
 
 Your Directors wish to place on record their appreciation on the
 contribution made by employees at all levels but for whose hard work,
 solidarity and support your Company''s achievements would not have been
 possible. Your Directors also with to thank the customers, service
 providers, investors and bankers for their continued support and faith
 reposed in the Company.
 
                                              By Order of the Board 
 
                For Global Capital Market & Infrastructures Limited
 
 Place : Kolkata                                         I. C. Baid
 
 Date  : May 30, 2012                                      Chairman