The Directors have pleasure in presenting the 18th Annual Report on
 the affairs of your Company together with the Audited Statements of
 Account for the year ended 31st March, 2012.
 
 FINANCIAL RESULTS                         2011-2012      2010-2011
                                        (Rs. In lacs)  (Rs. In lacs)
 
 Revenue from operations                    1698.92       2147.14
 
                                           169,8.92       2147.14
 
 PBIDT                                      1362.29       1130.29
 
 Interest                                   1057.74        960.66
 
 Depreciation                                    
                                               2.34          2.22
 
 PROFIT BEFORE TAXATION                      302.21        167 41
 
 Less: Provision for taxation                 84.47         69.63
 
 Less :Contingent Provisions 
 against Standard Assets                      (0-42)         2.19
 
 PROFIT AFTER TAXATION                       218.16         95.60
 
 Profit Brought Forward from Previous Year   487.93        425.31
 
 PROFIT AVAILABLE FOR APPROPRIATIONS         706.09        520.91
 
 Transfer to Statutory Reserve                59.78         32.97
 APPROPRIATIONS
 
 Income Tax on Dividend                        -              - 
 
 Balance carried to Balance Sheet            646.31        487.93
 
                                             706.09        520.91
 
 DIVIDEND
 
 With a view to augmenting the working capital requirement, your
 Directors intend to plough back entire profit after tax in respect of
 the year ended 31st March, 2012. As succinct dividend is recommended
 for the year ended 31st March, 2012.
 
 REVIEW OF OPERATIONS
 
 During the financial year under review the Company has achieved
 turnover of Rs. 1698.92 Lacs against Rs. 2147.14 Lacs for the previous
 year. The Profit after Tax is higher at Rs. 218.16 Lacs against Profit
 after Tax of Rs. 95.60 Lacs in the previous year.
 
 FUTURE PROSPECT
 
 The recent GDP and IIP patterns indicate a muted growth. It is expected
 that the GDP growth for the year ending 2013 will not exceed 6.5% and
 IIP for the same period is expected to be 3.5%. The above data suggest
 that the Indian economy will be under pressure and rupee exchange rate
 will remain volatile, in the near future.  -
 
 The Indian Stock market will remain range bound unless and until the
 central Government takes bold steps for Financial reforms. Your
 directors have taken pre-cautionary steps to ensure that the top line
 and bottom line of your company show improvement, even in adverse
 economic scenario.
 
 PUBLIC DEPOSIT
 
 Your Company has not accepted any deposits during the year under review
 within the meaning of Section 58A of the Companies Act, 1956 read with
 the Companies (Acceptance of Deposit) Rules, 1975.
 
 DIRECTORS
 
 Mr. Mohan Kishen Ogra will retire by rotation at the ensuing Annual
 General Meeting and being eligible, have offered himself for
 reappointment.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under Section 217 (2AA) of the Companies
 Act, 1956, with respect to Directors'' Responsibility Statement, the
 Directors confirm that :
 
 1.  In the preparation of the Annual Accounts, the applicable
 Accounting Standards have been followed along with proper explanations
 relating to material departures.
 
 2.  The Directors have selected 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, 31st March, 2012, and the profit for that period.
 
 3.  Directors have taken proper and sufficient care for maintenance of
 adequate accounting records in accordance with provisions of the
 Companies Act, 1956, for safeguarding the assets of the Company and for
 preventing and detecting frauds and other irregularities.
 
 4.  The Directors have prepared Annual Accounts on going concern basis.
 
 MANAGEMENT DISCUSSION AND ANALYSIS REPORT
 
 Management discussion and analysis are covered in a separate report
 annexed hereto and marked as Annexure “A”.
 
 CORPORATE GOVERNANCE
 
 A separate report on Corporate Governance is enclosed as part of this
 annual report and marked as Annexure “B”. Requisite Certificate
 from the Auditors of the Company regarding compliance of Corporate
 Governance as stipulated under Clause 49 of the Listing Agreement is
 annexed to the report of Corporate Governance. Adequate steps to ensure
 compliance of all the mandatory provisions of ‘Corporate
 Governance'' as provided in the Listing Agreements of the Stock
 Exchanges with which the Company''s Shares are listed have been taken
 and your company has ensured its required compliance.
 
 AUDITORS
 
 M/s. H.R. Agarwal & Associates, Chartered Accountants, Kolkata, the
 Auditors of the Company, retire at the ensuing Annual General Meeting
 and are eligible for re-appointment for which company has received a
 requisite certificate pursuant to Section 224(1 B) of the Companies
 Act, 1956 from M/s. H.R. Agarwal & Associates, the retiring Auditors of
 your Company regarding their eligibility for re- appointment as
 Auditors, and we recommend their re-appointment.
 
 AUDITORS'' REPORT
 
 The observation made by the auditors in their Report together with
 Notes on Accounts are self explanatory and, therefore, do not call for
 any further explanation under Section 217 (3) of the Companies Act,
 1956.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNING AND OUTGO
 
 Being an investment company, the provisions regarding conservation of
 energy and technology absorption are not applicable to the company.
 
 There was no foreign exchange earnings and outgo during the period
 under review.
 
 PARTICULARS OF EMPLOYEES
 
 None of the employees are drawing remuneration exceeding Rs.5.00 Lacs
 per month or Rs.60.00 Lacs per year. Hence, details required to be
 furnished in accordance with Sub Section (2A) of Section 217 of the
 Companies Act, 1956 read with Companies (Particulars of Employees)
 Rules, 1975 are not applicable.
 
 APPRECIATION
 
 The Board of Directors place on record their sincere appreciation for
 the dedicated efforts, good understanding and support, and valuable
 contributions made by all our employees in achieving the excellent
 result for the year. They also wish to sincerely thank shareholders,
 customers and financial institutions including banks for their support
 and encouragement.
 
                                             By order of the Board
 
 Place : Kolkata                                    Sushil Patwari
 
 Date : 26th May, 2012                Chairman & Managing Director