To The Members,
 
 The Directors have pleasure in presenting the 20th Annual Report of
 your Company together with the Audited Statements of Accounts for the
 year ended March 31, 2012.
 
 
                                                        (Rs. in Lacs)
   Financial Results                         Year Ended   Year Ended
                                             31.03.2012   31.03.2011
 
   Income                                          5.82         4.13
 
 
   Profit /(Loss) before Tax & 
   extraordinary item                             (6.80)        1.62
 
  
   Less : Provision for Taxation                   0.00         0.77
 
 
   Profit / (Loss) after Tax                      (6.80)        0.85
 
 
   Less : Extra-Ordinary Items                    17.92         0.00
 
 
   Less : Statutory Reserves                       0.46         0.33
 
 
   Add/(Less) : Provision of NPA Written Back      0.00       (40.83)
 
 
   Add: Profit/(Loss) brought forward 
   from Previous Year                           (109.11)      (68.80)
 
 
   Balance of Profit / (Loss) 
   carried forward                              (134.33)     (109.11)
 
 
 
 BUSINESS OPERATIONS
  
 The Business environment remains extremely challenging and the
 recessionary economic conditions leading to slowdown in demand and
 inflation pushed scale up of input costs left its adverse imprint on
 overall performance for 2011-2012. Directors are pleased to inform that
 in spite of difficult times, your Company, based on its intrinsic
 strength, has broadly maintained its performance.
 Your Company is one of the NBFC Company is doing the business of
 lending money to Corporate and HNIs.  Beside this the Company is
 investing its surplus fund in Shares & Securities.
 
 FUTURE PLANS
 
 As you are aware to this fact that the Securities Market is not
 supporting to the businesses of the Company due to high volatility,
 lack of liquidity or volume as well as due to the decision of staying
 away from the Securities Market because of the negative returns as well
 as disappearing results by average Companies in Financial Year 2011-12.
 On other side there is a high risk while lending money to Borrowers
 because of the high inflation as well as steep downfall in the income
 level of common man. All these reasons have forced Company to stay away
 from both Capital Market as well as Money Market and is looking for a
 better time in both.
 
 DIVIDEND
 
 In view of loss as well carried forward losses, your Directors do not
 recommend any Dividend for the year under review.
 
 SUBSIDIARY COMPANY
 
 The Company does not have any material non-listed Indian subsidiary
 whose turnover or net worth (i.e. paid- up capital and free reserves
 exceeding 20% of the consolidated turnover or networth respectively, of
 the listed holding company and its subsidiaries in the immediately
 preceding accounting year.
 
 MANAGEMENT DISCUSSION & ANALYSIS
 
 As required by Clause 49 of Listing Agreement, the Management
 Discussion and Analysis is annexed and forms part of the Directors''
 Report.
 
 MANAGEMENT
 
 There is no Change in Management of the Company during the year under
 review.
 
 DIRECTORS
 
 In accordance with the requirements of the Companies Act, 1956 and as
 per the provisions of Articles of Association of the Company, Mr.
 Pankaj Kumar is liable to retire after conclusion of forthcoming Annual
 General Meeting and is eligible, offers themselves for re-appointments
 in the forthcoming Annual General Meeting.  Except Mr. Pankaj Kumar
 himself, none other Directors are interested in their respective
 re-appointments.  Further, none of the Directors of the Company are
 disqualified under section 274(1)(g) of the Companies Act 1956.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000
 the Directors confirm that:
 
 1.  In the preparation of the annuals accounts, for the year ended 31st
 March 2012, all the applicable accounting standards prescribed by the
 Institute of Chartered Accountants of India have been followed;
 
 2.  The Directors had adopted such accounting policies and applied them
 consistently and made judgments 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.
 
 3.  The Directors had 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.
 
 4.   The Directors had prepared the annual accounts on a going 
 concern basis.
 
 STATUTORY INFORMATION
 
 The Company being basically in to the business of NBFC and is lending
 its fund to Corporate Clients and HNIs.  Beside this the Company is
 investing its fund in the Capital Market. Due to said line of business,
 the requirement, regarding and disclosures of Particulars of
 conservation of energy and technology absorption prescribed by the rule
 is not applicable to us.
 
 INFORMATION TECHNOLOGY
 
 Your Company believes that in addition to progressive thought, it is
 imperative to invest in research and development to ascertain future
 exposure and prepare for challenges. In its endeavor to obtain and
 deliver the best, your Company has invested its money for acquiring
 latest Computer hardware and software.
 
 RESEARCH & DEVELOPMENT
 
 The Company believes that technological obsolescence is a reality. Only
 progressive research and development will help us to measure up to
 future challenges and opportunities. We invest in and encourage
 continuous innovation. During the year under review, expenditure on
 research and development is not significant in relation to the nature
 size of operations of your Company.
 
 AUDITORS
 
 The Auditors M/s U. S. Agarwal & Associates, Chartered Accountants,
 Kolkata hold the office until the conclusion of ensuing Annual General
 Meeting. Your Company has received certificate from the Auditors U/S
 224(1B) of the Companies Act, 1956 to the effect that their
 reappointment if made, will be within the limit prescribed.  The
 shareholders are requested to appoint Auditors and fix their
 remuneration.
 
 COMMENTS ON AUDITOR''S REPORT :
 
 The notes referred to in the Auditor''s Report are self explanatory and
 as such they do not call for any further explanation as required under
 section 217(3) of the Companies Act, 1956.
 
 PARTICULARS OF EMPLOYEES
 
 There were no employees in Company during the year under review.  The
 information as required by provisions of section 217(2A) of the
 Companies Act, 1956 read with the companies (Particular of employees)
 amendments rules, 1975 is reported to be NIL.
 
 PARTICULARS UNDER SECTION 217 (1) (E) OF THE COMPANIES ACT, 1956
 
 The Company is having no business other than the business of Investing
 in Securities Market as well as to lend money to Corporate and HNIs
 during the year under review and hence the information regarding
 conservation of energy, Technology Absorption, Adoption and innovation,
 the information required under 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, is reported to be NIL.
 
 FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 The Company has not earned or used foreign exchange earnings/outgoings
 during the year under review.  PUBLIC DEPOSITS
 
 During the year under review, your Company has not accepted any
 deposits from the public within the meaning of section 58A of the
 Companies Act 1956 and the rules there under.
 
 REPORT ON CORPORATE GOVERNANCE
 
 The Company conforms to the norms of Corporate Governance as envisaged
 in the Companies Act, 1956 and the Listing Agreement with the Bombay
 Stock Exchange Limited and The Calcutta Stock Exchange Ltd. Pursuant to
 Clause 49 of the Listing Agreement, a Report on the Corporate
 Governance and the Auditors Certificate on Corporate Governance are
 annexed to this report.
 
 APPRECIATION
 
 Your Directors wish to place on record their appreciation towards the
 contribution of all the employees of the Company and their gratitude to
 the Company''s valued customers, bankers, vendors and members for their
 continued support and confidence in the Company.
 
 Kolkata, August 13, 2012
 
 
                                               By order of the Board 
                                         For MINOLTA FINANCE LIMITED
 
 
 Registered Office :
 
 37 A&B, Stephen House
 
 4, B.B.D. Bagh (East)                      Sd/- DINESH KUMAR PATNIA
 
 Kolkata-700 001                                            Chairman