Dear Shareholder,
 
 My association with In venture goes back 16 years, from the birth of
 In venture. From the day of incorporation, we are committed to give our
 clients and investors top most priority, and since then we have never
 compromised on what is best for them. Fiscal 2011 was a moderate year
 for the industry, yet In venture out performed. This has happened
 because of dedicated team of employees and active guidance and support
 of all the stake holders of In venture.
 
 The economic environment became challenging in all the major securities
 markets where we operated. However the growth rate of the Indian
 economy saw some headwinds with rising input costs and high interest
 rates. The Indian markets delivered a moderate performance in FY11, as
 compared to the high returns last year.  Although strong FII inflows
 boosted the markets, the DIIs remained net sellers. Average daily
 market volumes were Rs 1.33 lakh crores in FY11, up 40% YoY However, this
 was attributable to the disproportionate growth in the low-yield
 options segment of the market, while the high-yield cash segment saw
 year on year decline.
 
 Lack of a sustained, directional trend in the markets resulted in muted
 retail participation, which saw some traction only during a few PSU
 public issues. Thus, the growth in overall market volumes did not
 result in a corresponding growth in the overall brokerage revenue pool.
 
 Total consolidated revenues for 2011 were 4257.62 Lacs & Profit after
 tax was 621.21 Lacs for 2011 relatively less as compared to 2010 due to
 some macroeconomic factors. Such as Increase in commodity and food
 prices leads to inflation which forced reserve bank of India to raise
 interest rates and adopt a tight monetary policy. Raising Interest
 rates from RBI affects the Short term liquidity as well as cost of
 capital of short term funds. The economic environment became
 challenging in all the major securities markets where we operated.
 
 Our Company is going for an Initial Public Offering (IPO) in the month
 of July 2011 with an object of investing in long term working capital
 and our subsidiary, which will be helpful to strengthen company
 cliental base and enhance our reach across the Pan India network.
 
 Having at glance at future, we foresee tremendous opportunities,
 offered by our booming economy. Going forward, our efforts would be to
 help you tap these opportunities and meet your financial needs.
 Financial Services industry is growing by leaps and bounds. Your
 Company has also identified various areas and focussed on the growing
 segments within the financial Services Industry. The necessary steps in
 terms of identification of business verticals and development of the
 dedicated focused team on the vertical has been developed by your
 Company.
 
 Closing a challenging year, I am grateful to our Board of Directors for
 their support & guidance. I am also thankful to our stakeholders
 Customers, employees, clients, bankers, business associates vendors,
 shareholders and a government of India, who have reposed their trust
 and given us constant support.
 
                                                        Nagji K. Rita 
 
                                         Chairman & Managing Director