To The Members of JINDAL CAPITAL LIMITED
 
 The Directors have pleasure in presenting the 18th Annual Report of
 your company together with the audited accounts for the twelve months
 period ended on 31st March 2012.
 
 FINANCIAL RESULTS                          CURRENT YEAR  PREVIOUS YEAR
                                           (Rs. In Lacs) (Rs. In Lacs)
 
 Operating Profit before Depreciation          (5.85)        (19.99)
 
 Less: Depreciation                             2.14           1.60
 
 Profit before tax                             (7.99)        (21.59)
 
 Less: Provision for tax                       (0.09)          0.35
 
 Net Profit for the year                       (7.99)        (21.95)
 
 Prior Period adjustments                       0.00           0.24
 
 Surplus profit brought down
 From previous year                             0.00          18.21
 
 Surplus available                                 -         (22.19)
 
 Surplus profit carried to B/S                 (7.90)         (3.98)
 
 DIVIDEND
 
 No dividend has been recommended .
 
 MANAGEMENT DISCUSSION AND ANALYSIS 
 
 INDUSTRY STRUCTURER AND DEVELOPMENT
 
 The non banking finance companies (NBFC) continue to be buffered by
 competition from Banks having large volume of low cost funds. These
 banks have made NBFC to operate very difficult.
 
 SEGMENT WISE OR PRODUCT WISE PERFORMANCE
 
 The company is engaged primarily in the business of financing and sale
 purchase of shares and accordingly there are no separate reportable
 segments as per the Accounting Standard-17.
 
 OUTLOOK
 
 In order to complete in the adverse situation due to competition from
 institutions/banks, your company is strategically refocusing its
 business.
 
 RISK AND CONCERNS
 
 Dependence on fund based business and shares sale purchase continues to
 be difficult for NBFC''s unless they are able to reduce their cost of
 funds very substantially.
 
 INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
 
 The company has proper and adequate systems for internal control.
 Emphasis of internal control prevails across all areas of operations.
 The existing audit committee ensures proper compliance with the
 provisions of listing agreement with the stock exchanges and relevant
 provisions of companies act.
 
 HUMAN RESOURCE DEVELOPMENT
 
 Your company is fully committed to the development of its employees,
 training, skill enhancement and motivation of employees is a major
 activity in the company.
 
 OPERATIONS
 
 The performance of the company during the year under consideration has
 been not up to mark. The operating loss before interest, finance
 charges and depreciation is Rs.  5.85 Lakhs against loss of Rs. 19.99
 Lakhs of the previous year. During the year Scan Sevices Private Ltd.
 amalgamated with the company with effect from 1st April 2011 in
 accordance with the scheme of Arrangement approved by Delhi High Court.
 
 DEPOSITS
 
 As on March 31, 2012 no deposits from public have been accepted or
 renewed by the company.
 
 MERGER
 
 Merger of Scan Services P Ltd into Jindal Capital Ltd has been
 successfully done. Hon''ble High Court of Delhi sanctioned the scheme of
 arrangement and new shares issued on merger of Scan Services P Ltd. got
 listed on Bombay Stock Exchange.
 
 RESEARCH
 
 The company continued its efforts to provide better information and
 services to its clients and business associates on various research
 reports on market condition and on capital market.
 
 FUTURE PROSPECTS
 
 Your Directors are optimistic about the future prospects of the company
 and hope that improvement in share market will add substantially to the
 profitability of the company in the current year. Merger of Scan
 Services P Ltd. in the overall interest of shareholders and will
 attract set of investors and other stake holders which will lead to
 growth of business.
 
 UTILISATION OF FUNDS
 
 The funds utilized in making investments in shares and debentures,
 inter corporate deposits. Inter corporate deposits have yield good
 returns without any single case of default. However, performance of
 investment in shares and debentures has been satisfactory even in
 declining trend in capital market.
 
 DIRECTORS
 
 Mr. Pawan Kumar Jindal retires by rotation as per the provisions of the
 companies Act, 1956 and being eligible, offers himself for
 re-appointment..
 
 AUDITORS AND AUDITOR''S REPORT
 
 M/s Mohan L. Jain & Co. Chartered Accountants, who retire at the
 conclusion of this Annual General Meeting and being eligible for
 re-appointment, have been appointed as Statutory Auditors of the
 Company. They have given certificate to the effect that the
 appointment, if made, within the limits prescribed u/s 224(1 B) of the
 Companies Act, 1956. Your directors recommend their appointment as
 statutory Auditors for another year.
 
 The observations in the Auditor''s report are dealt with in the notes
 to the accounts and at appropriate places in the accounts are
 self-explanatory and no further information is required.
 
 PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION & FOREIGN
 EXCHANGE EARNINGS AND OUTGO
 
 The statement pursuant to section 217(1) (e) of the Companies Act, 1956
 read with Companies (Disclosure of particulars in the report of the
 Board of Directors) Rules, 1988 is given below:
 
 CONSERVATION OF ENERGY : NOT APPLICABLE, AS NOT A MANUFACTURING
 COMPANY.
 
 TECHNOLOGY ABSORPTION : NOT APPLICABLE, INVOLVED IN INVESTMENT IN
 SHARES/GIVING INTER CORPORATE DEPOSITS.
 
 FOREIGN EXCHANGE EARNING : NIL 
 
 FOREIGN EXCHANGE OUTGO : NIL
 
 PERSONNEL
 
 The Directors express their appreciation for the support given and
 contribution made by the employees at all levels to the successful
 operations of the company during the year.
 
 Information as per section 217(2A) of the Companies Act, 1956 read with
 the Companies (particulars of the Employees) Rules, 1975, is NIL as
 none of the employees is in receipt of remuneration in excess of limits
 specified in the rules.
 
 DIRECTOR''S RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement u/s 217 (2AA) of companies Act 1956, with
 respect to Directors responsibility statement, it is hereby confirmed.
 
 (i) That in the preparation of the accounts for the F.Y. 31st March,
 2012, the applicable accounting standards have been followed along with
 proper explanations relating to material departures:
 
 (ii) That the Directors have selected such accounting policies and
 applied them consistently and made judgment 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 and loss of the company for the year under review;
 
 (iii) That the Directors have been taken proper and sufficient care for
 the maintenance of adequate accounting records in accordance with the
 provisions of companies Act 1956 for safeguarding the assets of the
 company and for preventing and detecting fraud and other
 irregularities:
 
 (iv) That the Directors have prepared the accounts for the F.Y. ended
 31st March, 2012 on a going concern basis.
 
 (v) Information pursuant to listing agreement with the stock exchanges.
 
 The name and address of the stock exchange where the company''s share
 are listed:
 
 The Bombay Stock exchange, -
 
 P J Towers, Dalai Street, Mumbai-01
 
 The listing fee for 2012-13 for Mumbai stock exchange has been paid in
 time and there has been neither delisting nor suspension of shares from
 trading during the period under review.
 
 APPRECIATION
 
 The Board records its grateful appreciation for the sincere cooperation
 and valuable guidance from Banks, Central and State Government
 Authorities and Customers in conduct of its business.
 
                                 For Jindal Capital Limited
 
 Place: Delhi 
 
 Date : 06/08/2012         Pawan Kumar Jindal     Sarita Agarwal
 
                                 Director             Director