To The Members,
 
 The Directors present the 19th Annual Report and the Audited financial
 results of the Company for the Fifteen months period ended on 30th
 September, 2012.
 
 FINANCIAL RESULTS/HIGHLIGHTS
 
 Followings are the highlights of the performance of the Company during
 the period ended as at 30th September, 2012.  
 
                                                   (Rs. in Lacs)
                                             Fifteen 
                                             months         Fifteen 
                                                            months
                                             ended          ended
                                             30.09.2012     30.06.2011
 
 Total Income                                 11743.46       6774.58
 
 Total Expenditure                            11706.40       6752.37
 
 Profit before Tax                               37.06         22.21
 
 Provision for Tax                               (0.06)        (1.09)
 
 Profit after Tax                                37.12         23.30
 
 Balance brought forward                        129.13        105.83
 
 Profit available for appropriation             166.25        129.13
 
 Provision for tax of earlier years            (107.91)            -
 
 Balance carried to Balance Sheet                58.34        129.13
 
 
 OPERATIONS
 
 During the period under review, the total Income of the company has
 increased due to increased demand and consequently higher sales. The
 outlook of the business of coal and coke remain challenging in view of
 the continued economic uncertainty world wide.
 
 DIVIDEND
 
 In order to conserve the resources, your directors do not recommend any
 dividend for the period ended on 30th September,2012.
 
 SUBSIDIARY COMPANY
 
 The company has a Subsidiary namely Happy Mining Pty Ltd, Australia and
 sub-subsidiary Avondale Resources Pty Ltd, Australia. The Consolidated
 Financial Statements presented by the Company include the financial
 information of the subsidiaries prepared in accordance with the
 applicable accounting standard. The Ministry of Corporate Affairs vide
 its circular no. 2/2011 dated 8th February, 2011 has granted a general
 exemption under section 212(8) of the Companies Act,1956 from attaching
 the Balance Sheet, Statement of Profit & Loss and other documents of
 the subsidiary companies to the Balance Sheet of any company upon
 compliance of certain conditions. As the Company is in compliance with
 the said circular the Balance Sheet, Statement of Profit & Loss and
 other information of the subsidiaries are not attached to this Annual
 report and Accounts. However, the annual accounts of the subsidiary
 companies and related detailed information shall be made available to
 the shareholders of the Company and its subsidiaries seeking such
 information in writing at any point of time.  The Annual accounts of
 the subsidiaries companies are available at registered office of the
 Company and are also available at the respective offices of the
 subsidiary companies during the working hours.
 
 CORPORATE GOVERNANCE
 
 Your Company has complied with all mandatory provisions of Corporate
 Governance, as stipulated under the listing Agreement with the Stock
 Exchanges as at 30th September, 2012. A separate report on Corporate
 Governance along with Certificate of Auditor confirming the compliance
 is annexed hereto and forms a part of this Annual Report.
 
 Chairman & Managing Director (CEO) and Chief Financial Officer (CFO)
 have certified to the Board with regard to the financial statements and
 other matters as required by clause 49 of the listing agreement and the
 said certificate is also annexed to this Annual Report.
 
 MANAGEMENT DISCUSSION & ANALYSIS REPORT
 
 Management Discussion and Analysis Report for the period under review,
 as stipulated under clause 49 of the Listing Agreement with the Stock
 Exchange in India, is presented in a separate section forming part of
 the Annual report.
 
 DIRECTORS
 
 Mr. Rajiv Chamaria, Director of the Company retires by rotation at the
 ensuing Annual General Meeting and being eligible, offers himself for
 re-appointment.
 
 Mrs. Kanta Bajoria has resigned from the Board w.e.f. 20.10.2012. The
 Board places on record its appreciation for the contribution made by
 her during her tenure as director of the Company.
 
 Mr. Sunil Ranjan Sarker was appointed as an additional Directors of the
 Company on 20.10.2012. Notice under section 257 of the Companies Act,
 1956 alongwith requisite deposit has been received from a member of the
 Company proposing to appoint Mr. Sunil Ranjan Sarker as a Director of
 the company.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
 confirm that:
 
 a) In the preparation of annual accounts for the fifteen-months period
 ended as at 30th September, 2012 the applicable accounting standards
 had been followed and that no material departures have been made from
 the same.
 
 b) The Directors had selected such accounting policies and practices
 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 period under review and of
 the profit of the Company for the period ended on that date;
 
 c) The Directors have taken proper and sufficient care for 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; and
 
 d) The Directors had prepared the Annual Accounts on a ''going concern''
 basis.
 
 AUDITORS
 
 M/s N. C. Banerjee & Co., Chartered Accountants, who are statutory
 Auditors of the company hold office upto the forthcoming Annual General
 Meeting and are eligible for reappointment. As required under the
 provisions of Section 224( IB) of the Companies Act, 1956, the company
 has received written confirmation from M/s. NC Banerjee & Co., that
 their re-appointment as Auditors, if made, would be in conformity with
 the limits prescribed in the said section and that they are not
 disqualified from being appointed as the Auditors of the company under
 section 226 of the Companies Act, 1956.
 
 AUDITORS'' REPORT
 
 The observations of the Auditors in their reports read with relevant
 notes on the accounts, as annexed are self-explanatory and needs no
 further elaboration.
 
 PUBLIC DEPOSITS
 
 The Company has not accepted or renewed any Public Deposits, as defined
 under Section 58A of the Companies Act, 1956, during the period under
 review.
 
 PARTICULARS OFCONSERVATION OF ENERGY,TECHNOLOGYABSORPTION AND FOREIGN
 EXCHANGE EARNINGS AND OUTGO
 
 The provisions of Section 217(1) (e) read with read with the Companies
 (Disclosure of Particulars in the Report of the Board of Directors)
 Rules, 1988 regarding conservation of energy, technology absorption are
 not applicable to the company, as there was no manufacturing activities
 carried during the period under review.
 
 Foreign exchange earning and outgo
 
 a) Foreign Exchange earning : Nil
 
 b) Foreign Exchange outgo : Rs. 1530.30 Lacs
 
 PARTICULARS OF EMPLOYEES
 
 There was no employee who has drawn salaries and remuneration in excess
 of the limits prescribed under Section 217(2A) of the Companies Act,
 1956, read with companies (particulars of Employees) Rules, 1975 (as
 amended), therefore the statement containing particulars of Employees
 in terms of the aforesaid provisions is not applicable to our company.
 
 ACKNOWLEDGEMENTS
 
 Your Directors wish to place on record their appreciation and
 acknowledgement of the support and co- operation extended by the
 customers, suppliers, bankers, financial institutions, investors,
 media, Government and their agencies.
 
                                    For and on behalf of the Board
 
 Place : Kolkata                    Dinesh Chandra Bajoria
 
 Date : 26th November, 2012         Chairman & Managing Director