Dear Shareholders,
 
 The Directors are pleased to present the 29th Annual Report together
 with the Audited Statement of Accounts and the Auditors Report of your
 company for the Year ended 31st March, 2011. The Financial highlights
 for the year under review are given below:
 
 FINANCIAL RESULTS
 
                                                       (Rs.in Lacs)
 
 For the year ended          31st March, 2011      31st March, 2010
 
 Total Income                         5309.68               4787.89
 
 Profit Before Depreciation            132.46                373.31
 & Tax 
 
 Less - Depreciation                    41.06                 37.16
 
 Profit Before Tax                      91.40                336.15
 
 Less - Provision for Tax               -0.08                  7.10
 
 Profit After Tax                       91.48                329.05
 
 Add: Balance of Profits for           344.50                164.09
 earlier years
 
 Balance available for                 435.98                493.14
 Appropriation
 
 APPROPRIATIONS
 
 Dividend (including Dividend Tax)          0                115.74
 
 General Reserve                            0                 32.90
 
 Balance carried to Balance Sheet      435.98                344.50
 
 
 PERFORMANCE
 
 The Total Income for the financial year under review is Rs.5309.68 lacs
 against Rs.4787.89 lacs in previous year registering a growth of about
 10.90 %. The Net Profit generated by the company during the year under
 review was Rs. 91.48 lacs as compared to Rs. 329.05 lacs during the
 previous year registering a downfall of about 72.20%.
 
 DIVIDEND
 
 Due to growing requirement of funds in business activities, your
 Directors do not propose any dividend for the FY 2010-11 (Previous Year
 9% on equity share of Face Value of Re.1/-each).
 
 DIRECTORS
 
 During the year under review, Mr. Anil Jain and Mr.Lalit Garg have
 resigned as Directors due to their pre occupation. Your Directors place
 on record their appreciation for the services rendered by themselves
 during their tenure as directors of the company.
 
 The tenure of Mr. Bharat Kumar Sah, Whole Time Director will expire on
 31/07/2011 and his re-appointment as a Whole Time Director for further
 period of three years w.e.f. 01/08/2011, as approved by the Board of
 Directors but subject to approval of the members.
 
 Mr. Bharat Kumar Sah terms of re-appointment and remuneration are
 detailed out in the explanatory statements accompanying in the notice
 of the Annual General Meeting
 
 Mr. Shyam Sunder Pandey was appointed as an Additional Director of the
 Company w.e.f. 11/04/2011. He holds the office up to the date of
 ensuing Annual General Meeting. The Company has received requisite
 notice together with necessary deposit, as provided under Section 257
 of the Companies Act, 1956, from a shareholder proposing the
 appointment of Mr. Shyam Sunder Pandey as a Director of the Company at
 the ensuing Annual General Meeting.
 
 Mr. Rahul Anand Fulfagar, Director of the Company, retires by rotation
 at the ensuing Annual General Meeting and is eligible for
 re-appointment.
 
 None of the Director of the Company are disqualified for being
 appointed as Director as specified in Section 274 (1) (g) of the
 Companies Act, 1956,
 
 Necessary resolutions for the appointment or/re-appointment of the
 aforesaid Directors have been included in the notice convening the
 Annual General Meeting.
 
 LISTING OF SHARES
 
 Equity shares of the Company are listed with Calcutta Stock Exchange
 and Interconnected Stock Exchange of India. Listing fees has already
 been paid in pursuance to clause 38 of the listing agreement. Equity
 shares of the company are also traded under permitted category at
 Bombay Stock Exchange.
 
 MANAGEMENT & DISCUSSION AND ANALYSIS
 
 In compliance with the provision of clause 49 of the listing agreement
 with the Stock Exchanges, detailed review of the operations,
 performance and future outlook of the Company is annexed hereto.
 
 AUDITORS & AUDITORS OBSERVATION
 
 M/s Mohindra Arora & Co., Chartered Accountants, the auditors of the
 company who hold office until the conclusion of the forthcoming Annual
 General Meeting, being eligible, offer themselves for re-appointment,
 if made, would be within the prescribed limits under Section 224 (1B)
 of the Companies Act, 1956.
 
 The observations of the Auditors as referred to in the Auditor''s Report
 are suitably explained in the notes to the account.
 
 FIXED DEPOSITS
 
 The company has not accepted any public deposit and, as such, no amount
 of principal or interest was outstanding on the date of Balance Sheet.
 
 COMPLIANCE WITH THE ACCOUNTING STANDARDS
 
 The Company prepares its accounts and other financial statements in
 accordance with the relevant accounting principles and also complies
 with the Accounting Standards issued by the Institute of Chartered
 Accountants of India.
 
 CORPORATE GOVERNANCE
 
 A separate section on Corporate Governance is included in the Annual
 Reports and the Certificate from Company''s auditors confirming the
 compliance with the code of Corporate Governance as enumerated in
 clause 49 of the listing of agreements with the Stock Exchange is
 annexed hereto.
 
 HRD INITIATIVES
 
 Your Directors want to place on record their appreciation of the
 contribution made by employees at all levels, who through their
 steadfastness, solidarity and with their co-operation and support have
 made it possible for the company to achieve the current status it
 enjoys in the industry.
 
 It is the endeavour of the company to create in its employees a sense
 of belonging, and an environment that promotes openness, creativity and
 innovation. All our manpower initiatives are implemented with the aim
 of maximizing productivity and aligning organizational needs with
 employee''s aspirations.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Your Directors confirm that:
 
 (i) In the preparation of the annual accounts, the applicable
 accounting standards had been followed;
 
 (ii) The directors have selected such accounting policies and applied
 them consistently and made judg- ments 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 31st March
 2011 and of the profit of your 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 this Act for safeguarding the assets of the company and
 for preventing and detecting fraud and other irregularities;
 
 (iv) The directors have prepared the annual accounts on a going concern
 basis.
 
 PARTICULARS OF EMPLOYEES
 
 There is no employee drawing remuneration in excess of the limits
 prescribed in Companies (Particulars of Employees) Rules, 1975 as
 amended.
 
 TECHNOLOGY, R&D AND FOREIGN EXCHANGE
 
 The provisions of Section 217(1) (e) of The Companies Act, 1956, with
 regard to conservation of energy and technology absorption are not
 applicable to the company. The company has not incurred any expenditure
 or earned any income in foreign exchange during the period under
 review.
 
 ACKNOWLEDGEMENT
 
 The Directors wish to place on record their appreciation of the
 contributions made by the employees at all levels, whose continued
 commitment and dedication helped the company achieve better results.
 The Directors also wish to thank customers, bankers, Central and State
 Governments for their continued support. Finally your directors would
 like to express their sincere & whole-hearted gratitude to all of you
 for your faith in us and your Co-operation & never failing support.
 
 
                          For and on behalf of the Board of Directors
 
 
                                                     Bharat Kumar Sah 
                                                (Whole-time Director)
 Date: 27/07/2011 
 Place: Kolkata