The Directors have great pleasure in presenting the Thirty-Ninth
 Annual Report of the company together with Audited accounts for the
 year 31st March, 2012
 
 SUMMARISED FINANCIAL RESULTS AND PROPOSED APPROPRIATIONS :
 
                                                     (Rs in lacs)
 
 PARTICULARS                               2011-12       2010-11
 
 A    Income from Operations               6316.89       2142.90
 
 B)   Profit/Loss after Tax                (255.92)       119.61
 Balance Brought forward from
 previous Year                              275.26        176.44
 
 Amount available for appropriation          19.34        296.05
 
 C)   Appropriations :
 
 Proposed Dividend                            N.A.         17.83
 
 Dividend Distribution Tax_                   N.A.          2.96
 
 Balance Carried to Balance Sheet            19.34        275.26
 
 
 FINANCIAL AND OPERATONAL PERFORMANCE
 
 During the year under review, the company has achieved a turnover of
 Rs. 6316.89 lacs. The Profit/ loss after Tax for the year under review
 has been Rs. (255.92) lacs, as compared to Rs. 119.61 lacs for the
 previous year.
 
 DIVIDEND
 
 This Directors regret to declare any dividend for the year under report
 due to the operating loss during the year.
 
 FUTURE OUTLOOK
 
 In this context, infrastructure investment plays a major role. In the
 short term, it boosts investment rates across the economy. In the long
 run, it will remove the supply constraints that affect industry and
 trade. The needs of this sector are vast. Infrastructure in India needs
 over $ 1trillion investment in the next five years. The government
 alone cannot invest this amount. Therefore, importance being given to
 PPPs. Achieving targets in key infrastructure sector is a key to
 success and will inspire confidence about the overall economic growth
 rate. It is felt that the targets set are certainly ambitious and
 impressive. There are a significant scale up over earlier turnover,
 however the company faced an operating loss due to high cost of fund
 which will be reduced into low cost fund and the company is working on
 it.
 
 Your Company will continue to take advantage to the above situations
 and continue to bank upon its core competence area of road construction
 along-with infrastructure projects.
 
 INTERNAL CONTROL SYSTEMS
 
 Your Company maintains an internal control system in different areas
 like purchase, billing for the jobs etc. There are Internal Auditors
 who does a constant monitoring to have proper and sufficient care for
 maintenance of adequate records required for safeguarding the assets of
 the Company and for preventing and detecting fraud and other
 irregularities.
 
 DIRECTORS
 
 1.  Mr. Pradeep Kanti Lala, Mr. Lala Kishore Kanti Roy and Mr. Hirak
 Mukherjee were appointed as Additional Directors w.e.f. 09.02.2012,
 09.02.2012 and 24.05.2012 respectively.  The Directors proposed and
 confirmed their appointment.
 
 2.  Mr. Abhijit Datta and Mr. Shib Ram Nag retires by rotation in the
 forthcoming Annual General Meeting and their re-appointment is
 proposed.
 
 3.  Mr. Pradeep Kanti Lala was designated as Whole Time Director of the
 Company w.e.f.
 
 01.05.2012 and his appointment is also proposed for your assent.
 
 Unpaid Dividend
 
 Last seven years balance lying in the Company''s Unpaid Dividend
 Accounts with its bankers are shown below :
 
 Year                              Amount as on 31.03.2012
 
 2004-05                           Rs. 3,42,484,80/-
 
 2005-06                           Rs. 3,72,666.00/-
  
 2006-07                           No Dividend Declared
 
 2007-08                           Rs. 1,37,020.00/-
  
 2008-09                           Rs. 1,57,253.50/-
 
 2009-10                           Rs. 7,42,344.00/-
 
 2010-11                           Rs. 7,39,525.00/-
 
 
 As per the companies Act, 1956 unpaid dividend for 2004-2005 will be
 transferred to Investor Education and Protection Fund of Central
 Government in October 2012 after completion of seven years. Individual
 reminders have been sent to the concerned shareholders to take action
 for claiming the dividend from the Company before it is transferred to
 the said fund.
 
 Unpaid/unclaimed dividend amounting to Rs. 91,980/- for the year
 2003-2004 had been deposited to the Investor Education and Protection
 fund of Central Government on 26.10.2011.
 
 CODE OFCONDUCT
 
 As required by clause 49 of the Listing Agreements with the Stock
 Exchanges (Corporate Governance), the Board has laid down a Code of
 Conduct for all Board Members and senior management personnel. A
 declaration by the CEO in regard to affirmation of compliance of the
 code of conduct by the Board members and senior management personnel has
 been set out in the Corporate Governance Report.
 
 CORPORATE GOVERNANCE
 
 Corporate Governance Report is set out as a separate annexure, which
 forms part of this report.  AUDITORS
 
 M/s. G.Basu & Co., Chartered Accountants, Auditors of the Company for
 the year 2011-12, being eligible, have offered themselves for
 re-appointment as Auditors of the Company for the year 2012-13. Your
 Directors recommended reappointment of G. Basu & Co.
 
 AUDITORS'' OBSERVATIONS
 
 Auditors observation are mostly dealt in Notes to Accounts as attained
 with the Financial Results and are self explanatory.
 
 PARTICULARS OF EMPLOYEES PURSUANT TO SECTION 217(2A) OF THE COMPANIES
 ACT, 1956 READ WITH THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES
 1975.
 
 The particulars required under section 217(2A) of the Companies Act,
 1956, are not set out in this report, as no employee of the Company is
 coming under the provisions of the said section.
 
 PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
 FOREIGN EXCHANGE EARNINGS AND OUTGO PURSUANT TO SECTION 217(1) (e) OF
 THE COMPANIES ACT 1956,
 
 Although your Company''s core activity is in the area of civil
 construction which is not power intensive, your Company is making every
 efforts to conserve the power. Critical natural resources like Diesel
 etc.  are consumed efficiently to ensure proper energy utilization and
 conservation.
 
 Your company has not undertaken any research and development activity
 nor any specific technology is obtained from any external sources
 during the year under review, which need to be absorbed or adopted.
 
 There is no foreign exchange or outgo during the year under review.
 
 PUBLIC DEPOSIT
 
 During the year under review, the Company has not accepted or renewed
 any deposit, as defined under Section 58A of the Companies Act, 1956
 read with Companies (Acceptance of Deposits) Rules, 1975.
 
 SECRETARIAL COMPLIANCE CERTIFICATE
 
 The Compliance certificate received in accordance with the provisions
 of Section 383A(1) of the companies Act, 1956 read with the Companies
 (Compliance Certificate) Rules, 2001, is self-explanatory and needs no
 comments.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 As required under Section 217(2AA) of the Companies Act, 1956, your
 Directors state 1956, Your Directors state :
 
 a.  in the preparation of the annual accounts, the applicable
 accounting standards had been followed along with proper explanation
 relating to material departures, if any
 
 b.  that appropriate accounting policies have been selected and applied
 consistently, and that the judgements and estimates made are reasonable
 and prudent so as to give a true and fair view of the state of affairs
 of the Company as at 31st March, 2012 and of the profit of the Company
 for the said period;
 
 c.  that proper and sufficient care has been taken 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;
 
 d.  that the annual accounts have been prepared on a going concern
 basis.
 
 INDUSTRIAL RELATIONS
 
 The Company enjoys cordial and harmonious industrial relations. The
 work forces have extended their full cooperation in enforcing and
 maintaining work culture, discipline and productivity within the
 organization. Opportunities for industrial growth, creativity and
 dedicated participation in organizational development are being
 provided.
 
 APPREACIATION
 
 Your company continues its effort on strengthening the business. It is
 the endeavour of the company to deploy resources in manner so as to
 secure the interest of the shareholders in the long terms. Your
 directors are deeply grateful to all the stakeholders in the Company
 for their continued support to the Company and look forward to the
 future with confidence.
 
                             For & on behalf of the Board of Directors
 
 
 Kolkata            Pradeep Kanti Lala                Shib Ram Nag
 
 29th May, 2012     CEO & EXECUTIVE DIRECTOR          Director