The Directors have pleasure in presenting the 23rd Annual Report of
 the Company together with Audited Accounts for the year ended 31st
 March, 2012. 
 
 FINANCIAL RESULTS:
 
                                               Rs in Lacs 
                                             2011-12   2010-11
 
 Gross Profit before depreciation,
 
 interest and Tax                             381.13    311.19
 
 (Less): Depreciation                         (81.86)   (82.85)
 
 (Less): Interest                            (191.65)  (194.38)
 
 (Less): Provision for Current Tax            (58.05)   (40.31)
 
 Add/(Less): Provision for Deferred Tax        29.52     30.61
 
 Net Profit after tax                          79.09     24.26
 
 Add : Brought forward from
 
 previous year                              1,300.97  1,287.46
 
 Add : Income Tax adjustment
 
 from earlier years                            (1-23)    (5.89)
 
 Profit available for appropriation         1,378.83  1,305.83
 
 APPROPRIATIONS
 
 Statutory Reserve                             15.82      4.86
 
 Surplus Carried to balance sheet           1,363.01  1,300.97
 
 Total                                      1,378.83  1,305.83
 
 
 OPERATIONS
 
 The Company has made a net profit of Rs. 79.09 lacs against 124.26 lacs
 registered in the previous year despite higher write- offs.  Such
 increase is by & large attributable to increase in gross income from
 financing operation by 15% and increase in income from power generation
 by 14%.
 
 DIVIDEND
 
 Keeping in view the low profit, the Directors are unable to recommend
 any dividend in respect of the financial year under review.
 
 DIRECTORS
 
 Mr. Nand Lai Todi and Mr. Rajendra Kumar Duggar, Directors of the
 Company retire by rotation at the ensuing Annual General Meeting and
 being eligible offers them self for re-appointment.
 
 Further Mr. Debiprasad Chatterjee resigned from the office of
 directorship on 5m April, 2012 as he was unable to continue as a
 Director of the Company and Board hereby records its appreciation of
 the service and advices rendered by him during tenure of his office.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, the Board of
 Directors confirm:-
 
 i.  that in the preparation of the Company''s Annual Accounts for the
 period ended March, 31, 2012, the applicable Accounting Standards have
 been followed and there are no material departures;
 
 ii.  that 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 and of the
 profit of the Company for that period;
 
 iii. that the directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding the assets of the Company and
 for preventing and detecting fraud and other irregularities;
 
 iv.  that the directors had prepared the annual accounts on a going
 concern basis.
 
 CORPORATE GOVERNANCE REPORT
 
 Your Company has been complying with all the requirements of the code
 of Corporate Governance, as specified by SEBI.
 
 A separate report on Corporate Governance is furnished as a part of the
 Directors'' Report and the certificate from the Company Secretary in
 whole time practice regarding compliance of condition of Corporate
 Governance is annexed to the said Report.
 
 MANAGEMENT DISCUSSION AND ANALYSIS
 
 In accordance with the listing requirement, the Management Discussion
 and Analysis forms part of this Report.
 
 AUDITORS
 
 M/s. L. N. Todi & Co. , Chartered Accountants of Hudco Niwas, 15N,
 Nelie Sengupta Sarani ( Lindsay Street), 4th Floor, Room No. 4,
 Kolkata- 700 087, who are the Statutory Auditors of the Company, hold
 office, in accordance with the provisions of the Companies Act, 1956,
 upto the conclusion of the forthcoming Annual General Meeting. They
 have not offered themselves for re-appointment as Auditors of the
 Company for the Financial Year 2012-2013 as their partnership firm is
 in process of merger with M/s. R. P. Boobna & Co., Chartered
 Accountants of 209, A.J.C.Bose Road, Karnani Estate, 2nd Floor, Room
 No. 87, Kolkata-700 017 and post merger, the partner(s) of M/s. L. N.
 Todi & Co. will become partners of M/s. R. P. Boobna & Co.  only. Since
 the merger is likely to be affected any time after ensuring Annual
 General Meeting, it is therefore advisable, to appoint M/s. R. P.
 Boobna & Co.  only as Statutory Auditor instead of M/s. L. N.Todi & Co.
 as the Statutory Auditors of the Company to hold office from the
 conclusion of this Annual General Meeting until the conclusion of the
 next Annual General Meeting, in place of M/s. L. N. Todi & Co., the
 retiring Auditors of the Company.
 
 M/s. R. P. Boobna & Co., Chartered Accountants, have expressed their
 willingness for appointment as the Statutory Auditors and confirmed
 that their appointment, if made, will be within the prescribed limits
 under Section 224 (1B) of the Companies Act, 1956, and they are not
 disqualified for appointment within the meaning of Section 226 of the
 Companies Act, 1956.
 
 AUDITORS'' REPORT
 
 Auditor''s Report is self explanatory and hence does not require any
 further explanations.
 
 PUBLIC DEPOSIT
 
 Total Public Deposit as on 31st March, 2012 after taking into account
 interest accrued but not due stood at Rs. 400.82 lacs (previous year Rs.
 377.35 lacs). As on 31st March, 2012, there were 17 deposits
 aggregating to Rs. 17.43 lacs which matured but remained unclaimed by the
 depositors out of which 14 deposits aggregating to Rs. 17.16 lacs have
 already been paid/ renewed. For the remaining deposits, steps are
 continuously been taken to arrange for repayment/renewals.
 
 Further, the Board of Directors of the Company have resolved to stop
 accepting / renenewing public deposits and is currently making
 repayments of deposits according to maturity schedule.
 
 PRUDENTIAL NORMS FOR NBFCs
 
 Your Company has been complying with all the requisite norms prescribed
 by the Reserve Bank of India for income recognition, accounting
 standards, capital adequacy, credit rating, provisioning & all other
 requirements.
 
 PARTICULARS OF EMPLOYEES
 
 The Company has no employee of the category indicated under Section 217
 (2A) of the Companies Act, 1956, read with Companies (Particulars of
 Employees) Rules, 1975 as amended from time to time.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 The Company has no activity relating to conservation of energy and
 technology absorption in terms of Section 217 (1) (e) of the Companies
 Act, 1956. The Company has Foreign exchange earnings of Rs. 1.14 lacs and
 no Foreign exchange outgo during the financial year under review.
 
 ACKNOWLEDGEMENT
 
 Your Directors take this opportunity to place on record their deep
 sense of gratitude to the banks, financial institutions, customers and
 business associates for their continued co-operation and support. Your
 directors express their deep sense of appreciation for the total
 commitment, dedication and hard work put in by the employees of the
 Company. Lastly, your directors are deeply grateful for the confidence
 and faith shown by the members of the Company.
 
 Place : Kolkata                  ON BEHALF OF THE BOARD OF DIRECTORS
 
 Dated : 30.05.2012                         NAND LAL TODI
 
                                              Chairman