DIRECTORS'' REPORT TO THE MEMBERS:
 
 The Directors have pleasure in submitting the 17th Annual Report
 together with the Audited Statement of Accounts for the year ended 31
 st March, 2011.
 
 FINANCIAL HIGHLIGHTS:
 
 The financial results of the Company are summarised below:
 
 Particulars                          Year ended       Year ended
                                      31.03.2011       31.03.2010
                                   (Rs. in lacs)    (Rs. in lacs)
 
 Income from Operations                  1117.28          1011.29
 
 Omer Income                               67.03            98.96
 
 Total Income                            1184.31          1110.25
 
 Total Expenditure                        853.15           767.09
 
 Interest                                   1.92             3.90
 
 Depreciation                              75.15            67.78
 
 Profit before Taxation                   254.09           271.48 
 
 Provision for Taxation
 
 Current Tax                               69.10            61.87
 
 Deferred Tax                              (3.66)           (2.24)
 
 Income Tax Adjustment for the 
 earlier year                               2.79                -
 
 Net Profit                               185.86           211.85
 
 Proposed Dividend                        117.27           100.51
 
 Tax on Dividend                           19.02            17.08
 
 Transfer to General Reserve               20.00            22.00
 
 Earnings per Share (Rs.)                   5.55             6.32
 
 OPERATIONS AND PROSPECTS:
 
 During me year your Company''s Division N. G. Nursing Home'' achieved
 wider growth in it''s operations and received wider patronage from both
 Doctors and Citizens in utilizing its services.  The Division is poised
 to further consolidate its position and achieve higher capacity
 utilization in the coming year.
 
 Our First Division- ''N. G. Medicare & Calcutta Hope Infertility Clinic''
 continues to enjoy wide patronage in South Kolkata despite stiff
 competition from several similar setups which have come up in the city
 in recent years. Our efforts have been to hold on to our market share
 in this competitive phase of the evolution of the segment through cost
 effective and quality services.
 
 N. G. Pharmacy - Our retail Pharmacy division continues to operate at
 two outlets and has grown in its operations.
 
 Company''s efforts to provide Total Healthcare Services from Clinics,
 Diagnostics, Indoor or Outpatient Services to Retail Pharmacy
 Dispensing in a cost effective and efficient manner will enable it to
 stay ahead of competitive threats and continue to perform well.
 
 DIVIDEND:
 
 Your Directors recommend a Dividend of Rs. 3.50 per Equity Share
 (Previous Year Rs.3.00) for your consideration for the year ended 31 st
 March, 2011. The Dividend will be paid after it is approved at the
 forthcoming Annual General Meeting.
 
 DIRECTORS:
 
 Shri Banwari Lai Goenka and Shri Jagdish Chand Kumbhat, Directors of
 the Company, retire by rotation and being eligible offer themselves for
 re-appointment.
 
 LISTING WITH STOCK EXCHANGES:
 
 As per the requirement of Clause 49 of the Listing Agreement with Stock
 Exchanges, the Company hereby declares that the Listing of its Shares
 at The Calcutta Stock Exchange Association Ltd. as well as Bombay Stock
 Exchange Limited continued throughout the year and the Listing Fee due
 till date stands paid.
 
 DEMATERIALISATION OF SHARES :
 
 In order to facilitate dealing in shares in the electronic mode, your
 Company has entered into an arrangement with the National Securities
 Depository Limited (NSDL) and Central Depository Services (India)
 Limited (CDSL). With this, the members have the option to trade their
 dematerialised shares in the Company through NSDL or CDSL. Securities
 and Exchange Board of India (SEBI) has made it mandatory for all
 investors to trade in the shares of the Company in dematerialised form.
 The Company''s Shares have been allotted ISIN:INE825C01018.
 
 AUDITORS:
 
 M/s.M. R. Singhwi & Co., Chartered Accountants, Kolkata, Auditors of
 the Company, retire and being eligible offer themselves for
 re-appointment.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO:
 
 Information pursuant to Section 217 (l)(e) of the Companies Act 1956
 read with Companies (Disclosures of particulars in the Report of Board
 of Directors) Rules 1988 are given in the Annexure forming part of this
 report.
 
 PARTICULARS OF EMPLOYEES:
 
 None of the employees of your Company is covered under Section 217(2A)
 of the Companies Act, 1956 read with the Companies (Particulars of
 Employees) Rules 1975 as amended from time to time.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 In compliance to the Provisions of Section 217(2AA) of the Companies
 Act, 1956, your Directors confirm that:
 
 In the preparation of the Annual Accounts, the applicable accounting
 standards had been followed along with proper explanation relating to
 material departures.
 
 The Directors had 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 oil the state of affairs of
 the Company at the end of the financial year and of the profit of the
 Company for mat period.
 
 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.
 
 - The Directors had prepared the annual accounts on a going concern
 basis.
 
 CORPORATE GOVERNANCE:
 
 The Corporate Governance form an integral part of this Report and are
 set out as separate annexures to this Report. The certificate from the
 Auditors of the company certifying compliance of condition of Corporate
 Governance stipulated in Clause 49 of the Listing Agreement with the
 Stock Exchanges is also annexed to Report on Corporate governance.
 
 DEPOSITS:
 
 During the period under review, your Company has not accepted any
 deposit from the Public.
 
 ACKNOWLEDGEMENTS:
 
 Your Directors acknowledge the co-operation and assistance received
 from the Shareholders, Doctors, Banks and various Government Agencies.
 Your Directors wish to place on record their sincere appreciation for
 the contribution made by the employees.
 
                            For and on behalf of the Board of Directors
 
 Place :Kolkata                                      ASHOK KUMAR GOENKA
 
 Dated: 30th day of May, 2011                                  CHAIRMAN