The Members,
 
 The Board of Directors are pleased to present herewith the Sixteenth
 Annual Report of your Company together with the Audited Accounts for
 the year ended 31st March, 2011.
 
 1.  FINANCIAL RESULTS
  
                                                     (Rs. In Lakhs)
 
 Particulars                         Year Ended          Year Ended
                                31st March, 2011    31st March, 2010
 
 Gross Total Income                    2909.51             3424.80
 
 Expenditure                           2485.67             2733.10
 
 Interest                                31.59               49.74
 
 Gross Profit ( Loss )                  392.25              641.96
 
 Depreciation                            39.42               38.22
 
 Profit / (Loss) Before Tax             352.83              603.74
 Provision for Taxation
 
 Current                                117.00              211.00
 
 Deferred                                -0.65               -6.57
 
 Provision for Earlier Year              -0.09                0.02
 
 Net Profit (Loss) after Tax            236.57              399.29
 
 Balance B/f from last Year            2312.74             2042.95
 Proposed Dividend and
 
 Tax thereon                            129.08              129.50
 Balance c/f to the
 
 Balance Sheet                         2420.23             2312.74
 
 2.  DIVIDEND
 
 Your Directors have recommended a dividend of Rs.  0.80 per share (Rs.
 0.80 per share for the previous year) on the Equity Shares of the
 Company, aggregating to Rs.1,29,07,650/-(including Distribution tax on
 Dividend).
 
 3.  REVIEW OF PERFORMANCE
 
 During the year under review the Gross Total Income of the Company
 decreased to Rs. 2909.51 Lakhs from Rs. 3424.80 Lakhs and Net Profit
 after tax decreased to Rs. 236.57 lakhs from Rs.399.29 Lakhs.
 
 The Company has been providing capital market services through the
 network of branches and sub- brokers/authorised persons as Member of
 Cash Segment of NSE & BSE and the Trading-cum-Clearing Member of
 Derivatives Segment of both the Exchanges. The Company is also
 operating as a Depository Participant of Central Depository Services
 (I) Ltd.
 
 M/s. Joindre Commodities Ltd., a subsidiary of the Company, is
 providing services for trading in commodity futures as a members of
 NCDEX & MCX.
 
 Joindre DMCC, Dubai a subsidiary of the Company has been deregistered
 w.e.f. 4-10-2010 and no activities were carried out by the said company
 during the year under review.
 
 The Research Division of the Company has been providing value added
 services to our clients in capital and commodities market.
 
 As regards the turnover fee liability of SEBI, refer to note no. 9 to
 the notes forming parts of accounts, which is self explanatory.
 
 4.  DIRECTORS
 
 Mr. Shankar Khandelwal, Mr. Mahendra Kumar Jain, Mr. Haresh Mehta and
 Mr. Ravi Sant Jain, Directors of the Company, retire by rotation at the
 ensuing Annual General Meeting and being eligible, offer themselves for
 re-appointment.
 
 Mrs. Sonali Chaudhary has been appointed as an Additional Director
 under Article 114 of the Articles of Association of the Company on
 16-05-2011 and she holds the office upto the date of this Annual
 General Meeting. The Company has received a notice in writing from a
 member signifying his intention to propose the appointment of Mrs.
 Sonali Chaudhary as Director of the Company, liable to retire by
 rotation.
 
 Mr. Nirmal Khetan has resigned as Director of the Company w.e.f.
 16-05-2011. The Board recorded its appreciation for the valuable
 contribution made by him during his tenure as Director.
 
 5.  TERMINATION OF LICENCE AND DE-REGISTRATION OF M/S. JOINDRE DMCC,
 DUBAI, THE SUBSIDIARY OF THE COMPANY
 
 Joindre DMCC, Dubai, has been deregistered w.e.f.  4-10-2010 as per the
 approval received from Dubai Multi Commodities Centre vide their letter
 dated 27- 10-2010 and no activities were carried out by the said
 company during the year under review. The Holding Company is in the
 process of divesting the membership of erstwhile Joindre DMCC.
 
 6.  CONSERVATION OF ENERGY, TECHNOLOGICAL ABSORPTION AND FOREIGN
 EXCHANGE EARNINGS AND OUTGO
 
 In terms of Section 217(1) (e) of the Companies Act, 1956 read with the
 Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules, 1988, your Directors wish to state that the same is
 not applicable to the Company.
 
 7.  FIXED DEPOSITS
 
 The Company has not accepted any deposits from public.
 
 8.  PARTICULARS OF EMPLOYEES
 
 Particulars of Employees as required under Section 217(2A) of the
 Companies Act, 1956 read with Companies (Particulars of Employees)
 Rules, 1975, as amended are not given as no Employee of the Company is
 in receipt of remuneration of Rs. 60,00,000/- per annum or Rs.
 5,00,000/- per month.
 
 9.  DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors
 state:
 
 i. That in the preparation of the Annual Accounts, the applicable
 Accounting Standards have been followed along with proper explanation
 relating to material departures.
 
 ii. That appropriate accounting policies have been selected and applied
 consistently and judgment and estimates made by them 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 and of the profit or loss
 of the Company for the year.
 
 iii. That proper and sufficient care has been taken 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 Annual Accounts have been prepared on a going concern
 basis.
 
 10.  CORPORATE GOVERNANCE
 
 Pursuant to Clause 49 of the Listing Agreement with the Stock
 Exchanges, the Corporate Governance Report is separately given in this
 Report. The Auditor''s Certificate on Corporate Governance is also
 annexed to this report.
 
 11.  SUBSIDIARY COMPANY
 
 As on 31st March, 2011, the Company has following wholly owned
 subsidiary:
 
 i.  Joindre Commodities Limited.
 
 In terms of Section 212(a) of the Companies Act, 1956, the Central
 Government, Ministry of Corporate Affairs vide its General Circular No.
 2/2011 dated 8th February, 2011 has granted a general exemption to the
 Companies from the requirement of attaching to its Annual Report, the
 Balance Sheet, Profit and Loss Account and the Report of the Directors
 and Auditors thereon of its subsidiary. Accordingly the same is not
 attached to the Balance Sheet of the Company.  Shareholders who wish to
 have a copy of Annual Accounts of subsidiary company may write to the
 Company Secretary at the Registered Office of the Company.
 
 12.  CONSOLIDATION OF FINANCIAL STATEMENTS
 
 In accordance with the above referred circular and with the Accounting
 Standards AS - 21 notified by Companies (Accounting Standards) Rules,
 2006, the Consolidated Financial Statements covered in this report by
 the Company include financial information of its above referred
 subsidiary companies and forms part of this Annual Report.
 
 13.  LISTING OF SHARES
 
 The Company''s shares are listed on Bombay Stock Exchange Ltd., Mumbai
 and the Company has paid the Listing Fees for the same.
 
 14.  AUDITORS
 
 M/s. Banshi Jain & Associates, Chartered Accountants retire at the
 forthcoming Annual General Meeting and being eligible offer themselves
 for re-appointment.  The Company has received a certificate from them
 to the effect that their re-appointment, if made would be within the
 prescribed limits specified under Section 224(1B) of the Companies Act,
 1956.
 
 16.  ACKNOWLEDGMENT
 
 The Board wishes to place on records its appreciation to all its
 Shareholders, Customers, Bankers, Stock Exchange Authorities and
 Employees for the co- operation and contributions made by them at all
 levels.
 
                                               By Order of the Board
 
                           Subhash Agarwal                Anil Mutha
                     (Whole Time Director)      (Whole Time Director)
 
 Registered Office:
 
 32 Raja Bahadur Mansion, Ground Floor,
 Opp. Bank of Maharashtra,
 Mumbai Samachar Marg,
 Fort, Mumbai- 400 023.
 
 Place : Mumbai
 Date  : May 30, 2011