The Directors present the Twenty Ninth Annual Report and Audited
 Accounts of the Company for the year ended March 31, 2013.
 
 FINANCIAL RESULTS                           2012-2013      2011-2012
                                            (Rs. in lacs)  (Rs. in lacs)
 
 Profit before tax                             1031.07         745.11
 
 Less: Tax Expense for the year                 356.19         258.68
 
 Profit after tax                               674.88         486.43
 
 Profit brought forward from                   2140.21        2095.05
 previous year
 
 Amount available for                          2815.09        2581.48
 appropriation
 
 APPROPRIATIONS:
 
 Proposed Dividend                              246.23         261.55
 
 Tax on Dividend                                 39.94          42.43
 
 Transfer to Capital Redemption                  73.35             --
 Reserve
 
 Transfer to General Reserve                     70.00          40.00
 
 Transfer to Special Reserve Fund               134.98          97.29
 
 Balance carried to Balance Sheet              2250.59        2140.21
 
 DIVIDEND
 
 The Board of Directors are pleased to recommend a dividend @ Rs.2/- per
 equity share of the Company for the financial year ended 31st March
 2013. The total cash outflow on account of dividend & tax thereon
 Rs.286.17 lacs.
 
 PERFORMANCE REVIEW
 
 The Company''s total income increased to Rs. 3463.11 lacs from Rs.
 2220.69 lacs and profit after tax to Rs. 674.88 lacs from Rs. 486.43
 lacs in the previous year.
 
 Even under though difficult market conditions, the income from
 operation increased during the year under review. Trading in debt
 papers and development of retail clients like PF/Pension/Gratuity trust
 etc. has continued to yield good results. Further the Company
 substantially increased its business of loan against security of
 shares.
 
 BUY- BACK
 
 At the Board meeting held on 29th May 2012, the Board of Directors of
 the Company has approved to Buyback the Company''s full paid up equity
 shares of Rs. 10/- each from open market through Stock Exchange route,
 subject to maximum Buyback price of Rs. 80/- per share, upto an
 aggregate amount not exceeding Rs.12,40,00,000/- (Rupees Twelve Crores
 Forty Lac Only) [excluding brokerage costs, SEBI Turnover charges,
 taxes such as Securities Transaction tax, service tax and relevant
 stamp duty] in accordance with the provisions contained in the Articles
 of Association, Section 77A,77AA,77B and other applicable provisions of
 the Companies Act 1956 and the provisions contained in the SEBI (Buy
 Back of Securities) Regulations, 1998 including any statutory
 modifications and amendments from time to time for the time being in
 force (Buyback Regulations). The above stated aggregate amount is
 not exceeding 10% of the paid-up capital and free reserves of the
 Company as per the Audited Annual Accounts of the Company for the
 financial year ended March 31, 2012.
 
 Pursuant to the aforesaid approval the Company has bought-back from the
 Open Market on B S E Limited 7,41,423 equity shares upto March 31, 2013
 at an average price of Rs 60.98 per share. Out of the shares
 bought-back, 7,33,495 equity shares have been extinguished till March
 31, 2013. Hence the paid up equity share capital of the company as on
 March 31, 2013 stands reduced by Rs 73,34,950 to Rs. 12,34,39,940
 divided into 1,23,43,994 equity shares of Rs. 10/- each.
 
 EMPLOYEES STOCK OPTION SCHEME
 
 Disclosures under the Securities and Exchange Board of India (Employee
 Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines,
 1999 is annexed to this report.
 
 FIXED DEPOSITS
 
 The Company has no public deposits as of date and will not accept any
 deposits without prior approval of the Statutory Authorities concerned.
 
 SUBSIDIARIES
 
 Your Company''s subsidiary, LKP Securities Ltd. has expanded its
 geographical reach and now has 1030 outlets across India.
 
 As per the Circular No. 51/12/2007-CL-III dated 8th February, 2011
 issued by Government of India, Ministry of Corporate Affairs, the
 required financial information in the consolidated balance sheet is
 given in respect of Company''s subsidiaries i.e. LKP Securities
 Limited and Gayatri Cement and Chemical Industries Private Limited.
 
 The annual accounts of the aforesaid subsidiaries and the related
 detailed information shall be made available to shareholders of the
 Company and it''s subsidiaries, seeking such information at any point
 of time. The annual accounts of the subsidiary companies shall also be
 kept open for inspection by any shareholder at the head office at 112A
 /203 Embassy Centre, Nariman Point, Mumbai 400 021.
 
 STATUTORY DISCLOSURE
 
 During the year under review the Company did not have any employee
 falling within the scope of Section 217 (2A) of the Companies Act,
 1956, read with the Companies (Particulars of Employees) Rules, 1975,
 as amended.
 
 The provisions of Section 217(1)(e) of the Companies Act, 1956,
 relating to conservation of energy and technology absorption do not
 apply to your Company. There are no foreign exchange earnings & outgo
 during the year under report.
 
 DIRECTORS
 
 Mr. Milan S. Bhise and Mr. Vineet N. Suchanti retire by rotation and
 being eligible offers themselves for re-appointment. Your Directors
 recommend their re-appointment.
 
 AUDITORS'' REPORT
 
 M/s. Ford, Rhodes, Parks & Co., Chartered Accountants, Mumbai, retire
 at the conclusion of the forthcoming Annual General Meeting.  The
 Company has received a letter from them to the effect that their
 appointment, if made, would be within the prescribed limits under
 Section 224 (1-B) of the Companies Act, 1956. Your Directors recommend
 their re-appointment.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 As required under Section 217(2AA) of the Companies Act, 1956, the
 Directors hereby confirm that :
 
 i) in the preparation of the annual accounts, the applicable accounting
 standards have been followed along with proper explanation relating to
 material departures;
 
 ii) the Directors have selected such accounting policies and applied
 them consistently and made judgement 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 and of the profit of
 the Company for that period ;
 
 iii) the Directors have 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
 to the best of their knowledge and ability;
 
 iv) the Directors have prepared the annual accounts on a going concern
 basis.
 
 CONSOLIDATED FINANCIAL STATEMENTS
 
 In accordance with Accounting Standard AS-21,the Consolidated Financial
 Statements are furnished herewith and form part of this Report and
 Accounts. These statements have been prepared on the basis of audited
 financial statements received from the Subsidiary Companies as approved
 by their Board of Directors.
 
 CORPORATE GOVERNANCE
 
 The Report on Corporate Governance along with a Certificate of
 compliance from the Auditors and Management Discussion and Analysis
 Report forms part of this Report.
 
 ACKNOWLEDGEMENT
 
 Your Directors would like to place on record their sincere appreciation
 to Shareholders, Bankers, Institutions and Employees for their co-
 operation and support.
 
                             For and on behalf of the Board of Directors
 
 Mumbai                                                     (M. V. Doshi)
 
 Date: April 29, 2013                                 Executive Chairman