The Directors have pleasure in presenting the 28th Annual Report of
 the Company together with Audited Accounts for the year ended 31st
 March, 2011.
 
 FINANCIAL RESULTS
 
                                                         (Rs. In Lacs)
 
 Particulars_                      2010-2011*             2009-2010
 
 Sales, other income & 
 prior period income                 7598.60                12.93
 
 Profit/(Loss) before 
 interest, depreciation 
 and taxation                         757.74              (18.07)
 
 Depreciation                         514.42               (0.33)
 
 Interest                             192.36                 NIL
 
 Profit/(Loss) before 
 taxation                              50.96               (18.40)
 
 Less Taxes for earlier 
 years                                  NIL                  0.04
 
 Provision for taxation                10.00                  NIL
 
 Profit/(Loss) after 
 taxation_                             40.96_              (18.44)
 
 Add: Prior period income               NIL                   0.02  
 
 Add : Deferred Tax 
 Liability reversed                    65.76                  NIL
 
 Add: Balance b/f 
 from previous year                 (558.92)              (540.50)
 
 Profit/(Loss) carried 
 to Balance Sheet_                  (452.20)              (558.92)  
 
 *. Figures for 2010-11 include the figures of Dynamic Movers Private
 Limited (Transferor Company)
 
 MANAGEMENT DISCUSSION & ANALYSIS AND REVIEW OF OPERATIONS AND FUTURE
 
 LAW OVERVIEW
 
 The financial statements have been prepared in compliance with the
 requirements of the Companies Act, 1956, guidelines issued b y the
 Securities and Exchange Board of India (SEBI) and the Generally
 Accepted Accounting Principles (GAAP) in India. O r Management accepts
 responsibility for the integrity and objectivity of these financial
 statements, as well as for the various estimates are  judgments used
 therein. The estimates and judgments relating to the financial
 statements have been made on a prudent arm I reasonable basis, so that
 the financial statements reflect in a true and fair manner the form and
 substance of transactions, an reasonably present our state of affairs,
 profits and cash flows for the year.
 
 INDUSTRY STRUCTURE & DEVELOPMENT
 
 India is today considered as a Sunrise Industry for the logistics
 players of the world because of the size of the market and the ui -
 tapped potential in the market. The country today is only to the tune
 of 3% of the global logistics market. With increased competitive n ,
 every market player is keen to make their mark by aiming for the share
 of the logistics pie. Influenced by the success of the global  players
 in the Indian market, the Indian counterparts are also gearing up for
 the challenges, by providing a spectrum of services & offerings.
 
 Logistics in the Indian context would mean providing services such as
 transportation, warehousing, distribution, order & inventor management. 
 Logistics costs in India are about 13-14% of GDP, as against 8.7% in 
 the US, 11% in Europe, 12% in Japan and 18 % in China.
 
 
 
 The current market size for the trucking logistics is 50 billion
 dollars with around 2.5-3 million trucks moving within the country per
 day. Transporters with a feet less than or equal to fve trucks
 constitute a share of around 80% of the total revenue in 2009-10 with
 the scenario not being very different from 2008-09.
 
 The overall logistics scenario looks quite encouraging with the road
 freight industry witnessing a year on year growth rate of 20%.
 Similarly the rail & air freight industry also growing every year by
 15%. Meanwhile, the sea freight industry growth rate has been 18% and
 the express logistics & supply chain logistics promising an
 enterprising growth of 35%.
 
 SEGMENT WISE PERFORMANCE
 
 The Company operates in only one segment i.e. Transportation, and
 There fore, has no separate reportable segments.
 
 OUTLOOK
 
 Your Company has since last few years taken initiatives to broaden its
 feet base to minimize the risks and maximize the gains. In its effort
 in this regard, the Company is in talks to acquire two more vessels for
 international charter. With expansion of feet the Company would be in a
 better position to maximize its gains from the buoyant markets.
 
 RISKS And Concerns
 
 The Company in its endeavor to minimize the risks associated with its
 type of business is employing competent team of profession- ales and is
 focused towards implementation of modern shore based management
 practices.
 
 In order to mitigate the risks the Company has taken various steps to
 limit the various factors that emanate risks. These factors include:
 
 Insurance
 
 Proper credit check of the client portfolio
 
 Supporting customers, growth and competitiveness
 
 HUMAN RESOURCES
 
 The Company considers its employees as partners in growth. They have
 played a significant role and enabled the Company to deliver superior
 performance year after year.
 
 ADEQUACY OF INTERNAL CONTROLS
 
 The Company has adequate and effective internal control systems
 commensurate with the size of its operations and has complied with the
 various statutes of the Government and statutory authorities.. Internal
 Audit has been entrusted to an external auditor and periodical review
 is being carried out. The Audit Committee meets regularly to review the
 adequacy of internal controls.
 
 CAUTIONARY STATEMENT
 
 Statements in the Management Discussion and Analysis describing the
 Company''s strategies on business, projections and estimates are
 forward looking statements. The actual results may vary from those
 expressed or implied, depending upon economic conditions, Government
 policies, regulations, tax laws and other incidental factors.
 
 IMPORTANT DEVELOPMENTS
 
 SCHEME OF AMALGAMATION
 
 As part of the realignment exercise, the Company has completed Scheme
 of Amalgamation with M/s Dynamic Movers Private Limited.
 
 Your Directors are pleased to inform that the Scheme has been approved
 by the Humble High Court, Judicature at New Delhi on 2nd November,
 2011 and thereafter on fling of the certified copy of the court order
 with Registrar of Companies, NCT of Delhi and Mariana, the entire
 assets and liabilities of Dynamic Movers Private Limited were
 transferred to MFL India Limited effective from 1 April, 2010
 (Appointed Date).
 
 Pursuant to the approved scheme, the MFL India Limited shall, without
 any further application or deed, issue and allot shares, credited as
 fully paid up, to the extent indicated below :
 
 1(One ) Equity share each of Dynamic Movers Private Limited fully paid
 equity shares of the face value of Rs.1/-(Rupee One Only) each held by
 the members of the Transferor Company , 2.12 equity shares of
 Rs.10/-(Rupees Ten Only) each of Transferee Com- pony credited as fully
 paid up in the capital of the Transferee Company.
 
 Change OF name
 
 The name of the company has been changed from My Fair Lady Limited to
 MFL India Limited and the same was approved by the shareholders
 through Postal Ballot on 15th April, 2011. With the approval of the
 Registrar of Companies, NCT of Delhi and Mariana, Ministry of Corporate
 Affairs, fresh certificate of Incorporation was issued on May 05,2011.
 
 Change In OBJECTS CLAUSE
 
 During the year under review in terms of Section 17 of the Companies
 Act, 1956, the existing Clause III (A) of the Memorandum of Association
 of the Company has been amended, with the approval of shareholders and
 Registrar of Companies , NCT of Delhi & Mariana, Ministry of Corporate
 Affairs.
 
 Dividend
 
 Your Company is in a phase of development where it is financially
 prudent to build up a healthy reserve base so as to serve as a source
 for meeting the financial requirements of the company for the
 effectuation of its plans in the years to come.
 
 It is keeping with this financial policy that your directors have
 decided to plough back the profits of the company into its business
 rather than declaring dividend for the financial year 2010-11. It is
 felt that a sound financial base in the company would in the long run
 lead to improved share valuations, culminating into maximization of
 returns for the shareholders.
 
 AUDITORS
 
 M/s. SRY & Associates, Chartered Accountants, be and hereby appointed
 as statutory auditors of the Company. The Company has received a
 certificate under section 224(1B) of the Companies Act, 1956 to the
 Effect that their appointment, if made, will be within the prescribed
 limit. The Audit Committee has also recommended their re-appointment.
 
 AUDITORS REPORT
 
 The Auditors in their report have referred to the notes forming parts
 of Accounts. The said notes are self-explanatory and need not require
 any further clarifications. The suggestion given by them have taken
  note for future operation.
 
 DIRECTORS
 
 In accordance with the provisions of the Companies Act, 1956 Mr.Anil
 Kumar Chaddha, Mr. Viet Aurora, Directors of the Company retires by
 rotation, and being eligible, offers himself for re-appointment.
 
 FIXED DEPOSITS
 
 During the year under review the Company has not accepted any money
 from the public as Fixed Deposits.
 
 BUY BACK OF SHARES
 
 The Company has not made any offer to Buy Back its shares.
 
 PARTICULARS OF EMPLOYEES
 
 No employee of the Company is covered under section 217(2A) of the
 Companies Act, 1956 read with the Companies (Particulars of Employees)
 Rules, 1980 as amended to date.
 
 Conservation OF Energy, Technology Absorption & Foreign Exchange
 Earnings & Outgo
 
 Information u/s 217(1) (e) of the Companies Act, 1956 read with
 Companies (Disclosures of Particulars in the Report of Board of
 Directors) Rules, 1988 is furnished in Annexure A and forms part of
 this report.
 
 REPORT On CORPORATE governance
 
 As stipulated by clause 49 of the Listing Agreement, the Report on
 Corporate Governance is given separately in this Annual Report.  The
 Certificate of M/s. Amit Agrawal & Associates, Company Secretary in
 Practice, regarding the Compliance of Clause 49 of the Listing
 Agreement is enclosed herewith and form part of Directors Report.
 
 DIRECTORS RESPONSIBILTY STATEMENT
 
 In terms section 217(2AA) of the Companies Act, 1956 your directors
 confirms as under:
 
 1.  That the preparations of Annual Accounts, the applicable accounting
 standards have been followed and no materials departures have been
 made from the same.
 
 2.  That they have selected such accounting policies and applied them
 consistently, except where changes have been made and disclosed
 appropriately and made judgments and estimates that are reasonable and
 prudent so as to give a true and fair view of state of affairs of the
 Company at the end of profit or loss of the Company that period.
 
 3.  That they have taken proper and sufficient care for maintenance of
 adequate accounting records in accordance with the provisions of
 Companies Act, 1956 for the safeguarding the assets of the company and
 preventing and detecting fraud and other irregularities.
 
 4.  That they have prepared the Annual Accounts on a going concern
 basis.
 
 ACKNOWLEDGEMENT
 
 The Directors acknowledge with gratitude the support given to the
 Company by the dealers, customers and suppliers, shareholders and
 investors who indeed deserve a special mention for their faith and
 confidence reposed by them in the Company.
 
                                        By order of the Board 
                                        For MFL India Limited
 
 Place: New Delhi             (Anil Kumar 
                                 Chaddha)     (Vineet Arora)
 
 Date: 1st December, 2011       Director        Director
 
                            DIn - 00009383    DIn-01518473