The Directors have pleasure in presenting the Tenth Annual Report
 together with the Audited Annual Accounts of your Company for the year
 ended 31st March, 2011.
 
 1.  Financial Results
 
 Your Company has achieved a very good financial performance during the
 financial year 2010-11, which is summarized below:
 
 Financial Highlights
 
                                                  (Rupees in Thousands)
 
 Particulars                                Current          Previous
                                         Year ended        Year ended
 
                                         31.03.2011        31.03.2010
 
 Total Income                              24,06,63            7,03,41
 
 Profit Before Depreciation & Tax          22,09,10            5,78,83
 
 Less: Depreciation                              17                 29
 
 Profit Before Tax                         22,08,93            5,78,54
 
 Tax                                        1,38,62            1,40,23
 
 Profit After Tax                          20,70,31            4,38,31
 
 Add : Balance brought forward from        76,19,64           72,69,03
 previous year
 
 Amount available for Appropriation        96,89,95           77,07,34
 Less : Appropriations:
 
 Transfer to Reserve Fund                   4,14,10              87,70
 
 Balance carried to Balance Sheet          92,75,85           76,19,64
 
 2.  Dividend
 
 Your Directors have deemed it prudent not to recommend any dividend on
 equity shares for the year ended 31st March, 2011, in order to conserve
 the resources for the future years.
 
 3.  Review of Operations
 
 Your Company has recorded a very good performance during the year under
 review. Inclusive of Income by way of Dividend of Rs.1688.14 lakhs,
 Interest of Rs. 632.04 lakhs, Profit on Sale of Investments of Rs. 1.99
 lakhs and Guarantee Fees of Rs. 84.46 lakhs, the Total Income is Rs.
 2406.63 lakhs as against Total Income of Rs.703.41 lakhs in the
 previous year.  The Profit before depreciation and tax is Rs. 2209.10
 lakhs.  After providing for depreciation of Rs. 0.17 lakhs and Tax of
 Rs.138.62 lakhs, the Net Profit is Rs. 2070.31 lakhs as against
 Rs.438.31 lakhs in the previous year, an increase of 372%.
 
 An amount of Rs. 414.10 lakhs was transferred to Statutory Reserve Fund
 pursuant to Section 45-IC of the Reserve Bank of India Act, 1934,
 during the financial year under review.  The provision of Rs. 26.19
 lakhs for Standard Assets has been made during the financial year in
 terms of Notification No. DNBS.222/CGM(US)-2011 dated 17.01.2011 issued
 by Reserve Bank of India.
 
 4.  Future Prospects
 
 Your Company continues to hold significant investments in Equity Shares
 of JSW Steel Limited besides certain other Investments in other O. P.
 Jindal Group of Companies. The
 
 financial year under review saw improvement in the economy.  The Steel
 Sector in India also is on the growth path and the performance of the
 Investee Companies are expected to substantially improve in the current
 financial year, which would result is higher dividend payouts in the
 coming year.  The anticipated infrastructure development being
 undertaken in the country is expected to give a further boost to the
 Steel industry and your Company is looking forward for a sustainable
 growth in its Investee Companies in the coming year which would restore
 the shareholders value.
 
 The Company will continue to focus on making long-term strategic
 investments in various New Ventures promoted by JSW Group, a part of O.
 P. Jindal Group, besides consolidating the existing investments through
 further investments in the existing companies. Considering the further
 forecasted growth in the economy and the prospects of the economy as a
 whole and the steel industry in particular, the Company expects to
 restore its entrenched value with a hope of further enhancement in the
 long term for the benefit of the shareholders at large.
 
 5.  Registered Office of the Company
 
 Your Company has shifted the Registered Office of the Company from the
 National Capital Territory of Delhi to the State of Maharashtra.
 
 6.  Holding & Subsidiary Company
 
 Your Company neither has any holding company nor any subsidiary
 company.
 
 7.  Fixed Deposits
 
 Your Company has neither accepted nor renewed any deposits within the
 meaning of Section 58A of the Companies Act, 1956 and the rules made
 there under.
 
 8.  Directors
 
 Dr. S. K. Gupta, Director, retires by rotation at the forthcoming
 Annual General Meeting and being eligible, offers himself for
 re-appointment.
 
 The proposal regarding his re-appointment as Director is placed for
 your approval.
 
 9.  Auditors
 
 M/s. Shah Gupta & Co., Chartered Accountants, Mumbai, Statutory
 Auditors of the Company retire at the conclusion of the ensuing Annual
 General Meeting and being eligible, offer themselves for
 re-appointment. The Company has received confirmation that their
 appointment, if made, would be within the limits prescribed under
 Section 224( 1B) of the Companies Act, 1956, and that they are not
 disqualified for such appointment within the meaning of Section 226 of
 the Companies Act, 1956. Your Directors recommend re-appointment of
 M/s. Shah Gupta & Co. as the Statutory Auditors of the Company for the
 current financial year and fixation of their remuneration.
 
 10.  Reserve Bank of Indias Guidelines
 
 Your Company has duly complied with all applicable rules, regulations,
 directions and guidelines issued by Reserve Bank of India for
 Non-Banking Financial Companies from time to time.
 
 11.  Particulars regarding Conservation of Energy,Technology
 Absorption, Foreign Exchange Earnings and Outgo
 
 As your Company is not engaged in any manufacturing activity,
 particulars under Section 217(1)(e) of the Companies Act, 1956,
 regarding conservation of energy, technology absorption are not
 applicable.
 
 There were no foreign exchange transactions during the year.
 
 12.  Particulars of Employees
 
 The particulars of employees as required under Section 217(2A) of the
 Companies Act, 1956 read with the Companies (Particulars of Employees)
 Rules, 1975 are set out in the annexure to the Directors Report.
 
 13.  Corporate Governance
 
 Your Company has complied with the requirements of Clause 49 of the
 Listing Agreement on Corporate Governance.
 
 Pursuant to Clause 49 of the Listing Agreement with the Stock
 Exchanges, Report on Corporate Governance along with the Auditors
 Certificate on its compliance is annexed separately to this Annual
 Report.
 
 14.  Management Discussion and Analysis Report
 
 The Management Discussion and Analysis Report on the operations of the
 Company for the year under review, as required under Clause 49 of the
 Listing Agreement with the Stock Exchanges, is provided in a separate
 section and forms part of this Annual Report.
 
 15.  Human Resources
 
 Your Company continues to put due emphasis on appropriate human
 resource development for its business. The employees of your Company
 and the Group fully identify with the Companys and Groups vision and
 business goals.
 
 16.  Directors Responsibility Statement
 
 Pursuant to the requirements under Section 217(2AA) of the Companies
 Act, 1956, your Directors hereby state and confirm
 
 i. in the preparation of the annual accounts, the applicable accounting
 standards have been followed;
 
 ii. they have selected such accounting policies and applied them
 consistently and made judgements 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 on 31st March, 2011, and
 of the profit of the Company for that period;
 
 iii. they have 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;
 
 iv. they have prepared the annual accounts on a going concern basis.
 
 17.  Appreciation & Acknowledgements
 
 Your Directors wish to express their sincere appreciation of the
 valuable support and guidance provided by Securities Exchange Board of
 India, the Stock Exchanges and all other Regulatory bodies.
 
 Your Directors also take this opportunity to acknowledge the continued
 assistance and co-operation received from Banks, the Reserve Bank of
 India and other Government Agencies and Shareholders.
 
 Your Directors also wish to place on record their appreciation for the
 valuable services rendered and the commitment displayed by the
 employees of the Company and look forward to their continued support in
 the future as well.
 
                            For and on behalf of the Board of Directors
 
 Place : Mumbai                                           Sajjan Jindal
 
 Date : 26th May, 2011                                         Chairman