The Members,
 
 The Directors have pleasure in presenting Eighteenth Annual Report
 together with the Audited Accounts of the Company for the financial
 year ended 31st March, 2011.
 
 Particulars                                 Amount (Rs. In Lacs)
 
                                          Year Ended       Year Ended
                                          March 2011       March 2010
 
 Total Income                               1079.20         1170.71
 
 Gross Profit/ (Loss) before Dep. &         (489.54)        (356.33)
 Tax
 
 Provision for depreciation                  287.27          279.37
 
 Tax Provision                                Nil              Nil
 
 Provision for Deferred Tax                   64.66           64.03
 
 Provision for FBT;                            -                -
 
 Net Profit/ (loss)                         (844.34)        (573.58)
 
 General Reserves                            962.65          962.65
 (Surplus of Profit & Loss A/c)
 
 OPERATIONS
 
 The Company had closed its books for the year 2010-11 with a loss of
 Rs. 3163.45 Lac as against previous year Loss of Rs. of Rs. 2319.11
 Lac.
 
 DIVIDEND
 
 The Board of Directors has not recommended any dividend for this year
 under review keeping in view the financial requirements & growth of the
 Company.
 
 PUBLIC DEPOSITS
 
 The Company has not accepted any deposits from the public under Section
 58-A or 58AA of the Companies Act, 1956 during the year.
 
 DIRECTORS
 
 Ms. Ravinder Hora and Mr. R.C. Jain, Directors are retiring by rotation
 and being eligible, offers themselves for reappointment.
 
 Your Board of Directors recommends their appointment for your approval.
 
 Mr. Rajendra Prasad Sinha, having vast experience in the field of
 Banking and finance industry, joined the Board and appointed as an
 additional Director with effect from 28th April, 2011. Pursuant to
 section 260 of the companies Act, 1956 he will hold the office upto the
 date of forthcoming Annual General Meeting.
 
 Your directors are of the view that Company would be immensely
 benefited by the wealth of experience and expert guidance of the new
 director and hence recommends the reappointment for your approval.
 
 Mr. Tara Sankar Bhattacharya has resigned from the directorship of the
 Company w.e.f. 28th February, 2011. The Board of Directors of your
 Company places its gratitude and appreciation for his valuable services
 and advises to the Board during their tenure as Director.
 
 AUDITORS
 
 M/s. Sanjay Kailash & Associates, Auditors of the Company retire at the
 conclusion of the forthcoming Annual General Meeting and being
 eligible, offer themselves for re-appointment.
 
 AUDIT COMMITTEE
 
 The Audit Committee constituted by the Board of Directors consists of
 Non-Executive Directors (majority of them being independent) namely Ms.
 Ravinder Hora, Mr. Bhuvi Kant, and Mr. Sardar Singh Mudgal. Mr. Bhuvi
 Kant is the Chairman of the Audit Committee. The constitution of Audit
 Committee also meets with the requirement of Section 292A of the
 Companies Act, 1956 as introduced by the Companies (Amendment) Act,
 2000.
 
 The terms of reference specified by the Board to the Audit Committee
 are as contained under Clause 49 of the Listing Agreement.
 
 SHARE TRANSFER COMMITTEE
 
 The Share transfer committee controls the physical & demat shares and
 meets regularly.
 
 INVESTORS GRIEVANCES COMMITTEE
 
 All the grievances of the shareholders are redressed on priority basis
 when the complaints /grievances are received by the Company.
 
 LISTING REQUIREMENT
 
 As required by Clause 32 of the Listing Agreement, Cash Flow Statement
 is appended with the Annual Accounts of the Company.
 
 LISTING OF SHARES
 
 Shares of your Company at present are listed with Delhi Stock Exchange
 Limited and Bombay Stock Exchange Limited.
 
 CORPORATE GOVERNANCE
 
 Pursuant to Clause 49 of the Listing Agreement with the Stock
 Exchanges, a Management Discussion and Analysis Report, Corporate
 Governance Report and Auditors Certificate regarding compliance of
 conditions of Corporate Governance are made a part of the Annual
 Report.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS & OUTGO
 
 CONSERVATION OF ENERGY
 
 The Company is maintaining its aircrafts as per the standards laid down
 by Director General of Civil Aviation. This keeps the fuel consumption
 at the optimum level. Hence Disclosure of particulars with respect to
 conservation of energy in Form A pursuant to Companies (Disclosure of
 particulars in the report of Directors) Rules, 1988 is not applicable.
 
 TECHNOLOGY ABSORPTION
 
 The operations of the Company do not involve any technology absorption
 and hence Disclosure of particulars with respect to technology
 absorption in Form B pursuant to Companies (Disclosure of particulars
 in the Report of Directors) Rules, 1988, is not applicable.
 
 DIRECTOR''S RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under section 217(2AA) of the Companies
 Act, 1956 with respect to Directors Responsibilities Statement, it is
 hereby confirmed:
 
 (i) that in the preparation of the Annual Accounts for the year ended
 31 st March, 2011, the applicable accounting standards had been
 followed along with proper explanation relating to material departures.
 
 ii) that the Directors had selected such accounting policies and
 applied them consistently and made judgments and estimates that were
 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 or loss of the Company for the year under review.
 
 iii) that the Directors had taken proper and sufficient care 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.
 
 iv) that the Directors had prepared the accounts forthe year ended 31st
 March, 2011 on a ''going concern'' basis.
 
 ACKNOWLEDGMENT
 
 Your Directors place on record their appreciation for the continued
 support received from DGCA, Airport Authority other Govt.  Departments,
 Bankers and Agents Customers. Your Directors would also like to express
 their appreciation for the contribution made by the employees during
 the year.
  
                                      For and on behalf of the Board
                                         For JAGSON AIRLINES LIMITED
 
                                                                Sd/-
 Place: New Delhi                                    Jagdish P.Gupta
 
 Date : 25th August, 2011                                   Chairman