Dear Shareholders,
 
 The Directors have pleasure in presenting the Twentieth Annual Report
 and audited accounts for the year ended 31st March 2011.
 
 Particulars                       Financial Year       Financial Year
                                    2010-2011               2009-2010
 
 Income from operations              1889.30               911.74
 
 Other income                         540.96               453.77
 
 Profit before interest and 
 depreciation                         150.49               132.71
 
 Less: a) Interest                     35.94                 6.14
 
 b) Depreciation                       95.67               105.17
 
 Profit before taxation                18.88                21.40
 
 Less:- Provisions for current tax, 
 deferred tax                                     
 and fringe benefit tax                 7.51                42.44
 
 Profit (Loss) After Tax               11.37               (21.04)
 
 Add: Balance brought forward from 
 last year  (Net of reserves transfer
  on demerger of                     1234.88              1255.92
 Real Estate Undertaking)
 
 Balance carried to the Balance 
 Sheet                               1246.25              1234.88
 
 Review of operations
 
 During the year under review, the Company''s Sales from Tobacco
 Undertaking increased by 107.08% to Rs.1888.04 Lacs as compared to
 Rs.911.74 Lacs during the preceding year.
 
 During the year under review, the Company has not brought any changes
 in its accounting policies.
 
 More details about the business and operations of your Company are
 provided in the Management''s discussion and analysis report, forming
 part of the Annual Report.
 
 Dividend
 
 Due to inadequate profit after tax, your directors are unable to
 recommend any dividend for the financial year 2010- 2011.
 
 Management Discussion and Analysis
 
 A separate report on Management Discussion and Analysis as per Clause
 49 of the Listing Agreement with the stock exchanges is annexed hereto.
 
 Corporate Governance
 
 Your Company has taken adequate steps to ensure that all mandatory
 provisions of Corporate Governance, as provided under the amended
 Clause 49 of the Listing Agreement with the stock exchanges, are
 complied with.
 
 A separate report on Corporate Governance along with the Auditors''
 Certificate for its due compliance is annexed hereto, forming part of
 this Annual Report.
 
 Directors
 
 We would like to place sincere gratitude to Mr. Sunder Lal Dugar,
 founder of NTC Industris Ltd who disassociated himself as a Director
 from the company to implement his vast and unique ideas in other
 fields. Under his guidance the company has seen many proud moments. The
 Company has retained his supervision by honoring him with the title of
 Chairman Emeritus. We would also like to pay homage to Late Krishna
 Gopal Sinha, whose assistance was lost due to his sudden demise.
 
 Mr. Ravi Prakash Pincha & Mr. Mahendra Pratap Singh, Independent
 Directors, retire by rotation at the ensuing Annual General Meeting,
 and being eligible, offer themselves for re-appointment.
 
 Your Directors recommend the above appointment/re-appointment.
 
 None of the Directors of your Company is disqualified as per the
 provisions of Section 274(1)(g) of the Companies Act, 1956.
 
 Particulars of employees
 
 The Company does not have any employee falling within the scope of
 Section 217 (2A) of the Companies Act, 1956, read with Companies
 (Particulars of the Employees) Rules, 1975.
 
 Subsidiary Company
 
 The company does not have any subsidiary company as on 31.03.2011.
 
 Directors'' responsibility statement
 
 As required under section 217(2AA) of the Companies Act, 1956, your
 Directors confirm:- 1. That in the preparation of the annual accounts,
 the applicable accounting standards have been followed;
 
 2. 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 or loss of the Company for that period;
 
 3. That the Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956, for safeguarding the assets of
 the Company and for preventing and detecting fraud and other
 irregularities;
 
 4.That the Directors have prepared the annual accounts on a going
 concern basis;
 
 Auditors
 
 M/s S. M. Daga & Co., Chartered Accountants, as statutory auditors of
 the Company hold office until the conclusion of the ensuing Annual
 General Meeting, and being eligible, have offered themselves for
 re-appointment and have further confirmed that the said re-appointment
 will be in conformity with the provisions of Section 224 (1B) of the
 Companies Act, 1956. The Audit Committee has recommended their
 re-appointment.
 
 Auditors observation
 
 Observations of the auditors when read together with relevant notes on
 accounts and accounting policies are self- explanatory and do not
 require any further comments.
 
 Public deposit
 
 During the year under review, the Company has neither accepted nor
 renewed any public deposit and has no overdue or unclaimed public
 deposit, as defined under Section 58 (A) of the Companies Act, 1956,
 read with Companies (Acceptance of Deposit) Rules, 1975.
 
 Particulars of conservation of energy, technology absorption and
 foreign exchange earning and outgo
 
 Particulars of conservation of energy, technology absorption and
 foreign exchange earning and outgo as 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 are given
 in the annexure attached hereto and forms a part of this Report.
 
 Acknowledgements
 
 Your Directors would like to place on record their sincere gratitude to
 the shareholders, bankers, business associates, retailers, suppliers,
 customers, government and other regulatory agencies for their continued
 support and faith in the Company. Your Directors are also happy to
 place on record their appreciation for the whole-hearted co-operation,
 commitment and contribution made by all the employees and look forward
 to their continued support.
 
                                   For & on behalf of the Board
 
 Place : Kolkata        Lawrence Baptist Fernandes     Naresh Chandra
                                                          Chakraborty
 
 Date : 30.05.2011                        Director           Director