To the Members,
 
 The Directors have pleasure in presenting the 35th Annual Report of
 your Company together with the Audited Statements of Accounts for the
 year ended March 31, 2011.
 
                                                         (Rs. in Lacs)
 Financial Results                         Year Ended       Year Ended
                                           31.03.2011       31.03.2010
 
 Income                                        573.87         1,448.14
 
 Profit before Tax                             261.32           231.18
 
 Less : Provision for Taxation                  90.93            86.56
 
 Profit after Tax                              170.39           144.62
 
 Add: Profit brought foward from 
 Previous Year                                 249.40           104.78
 
 Balance carried forward                       419.79           249.40
 
 DIVIDEND
 
 With a view to conserve the financial resources, no dividend has been
 recommended for the year under review.
 
 AUTHORISED SHARE CAPITAL
 
 The Company increased it Authorised Share Capital twice during the year
 under review.
 
 The members of the Company approved the increase in the Authorised
 Share Capital from 7 Crores to 11 Crores on December 20, 2010
 
 The approval of the members was once again sought for the increase in
 the Authorised Share Capital from 11 Crores to 15 Crores on March 10,
 2011
 
 SPLIT
 
 The Equity Shares of your company were subdivided in the ratio of 2:1
 i.e. 2 Equity shares of Rs.1/- each for every 1 Equity share of Rs. 2/-
 each the record date for the said sub-division being December 30, 2010.
 
 BONUS
 
 The Board of Directors of the Company (the Board) at its meeting held
 on January 31, 2011 had recommended issue of bonus shares in the ratio
 of 1:3 i.e. One new fully paid-up Equity Share of Re.1/- each for every
 3 shares held by the shareholders as on the record date for the said
 Bonus issue being March 22, 2011.
 
 REGISTERED OFFICE
 
 The Registered Office of the Company has shifted from 518, Sagar Tech
 Plaza, A Wing, Saki Naka Jn., Andheri Kurla Road, Andheri East , Mumbai
 400 072 to 104, Baba House, 1st Floor, M.V. Road, Near Cine Magic
 Cinema, Andheri East, Mumbai - 400 093.
 
 PERFORMANCE & CURRENT YEAR PROSPECTS
 
 Your Company has diversified into mining and is in the activities of
 mining of iron ore and trading in minerals.
 
 During the year under review the turnover of your Company was Rs.
 573.87 Lacs and profit before tax was Rs. 261.32 lacs
 
 The performance of your subsidiary company SVC Resources FZC, Sharjah,
 engaged in the business of trading in minerals was remarkable during
 the year under review. The consolidated turnover of the company was Rs.
 3,100.55 Lakhs, while the consolidated net profit before tax was Rs.
 454.99 Lakhs.
 
 The Board of Directors and its Team of employees have put in full
 efforts and performed excellently to sustain profitability of your
 Company.
 
 BUSINESS SEGMENT
 
 Your Company primarily operates in the business segment of mining and
 trading of iron ore, white earth, ochre, manganese, laterite etc. As
 per the management''s perspective, the risks and returns from its sales
 do not materially vary geographically. The mines of your company are
 located at Dhamki and Dilar in the state of Madhya Pradesh.
 
 Your Company offers its services to customers through best industry
 practices in mining.
 
 RISK & CONCERNS
 
 It is a well known fact that risk is an integral part of any business.
 If these risks are properly managed, a company will have ample
 opportunity to run smoothly and expand its activities. As a matter of
 fact Enterprise Risk Management (ERM) is a process that covers the
 entire organisation in which all the functions are involved to identify
 and assess the various strategic, operational, social and economic
 risks being faced by the company in its day to day activities and
 thereafter determine the responses to either mitigate the risk or
 eliminate the same.
 
 Most of the companies in India now recognise ERM as a critical
 management issue. This is apparent from the importance assigned to ERM
 within the organisation and the resources being devoted to building ERM
 capabilities.
 
 Opportunities
 
 1.  Rapid domestic growth
 
 2.  Robust growth in transportation, infrastructure, power capacity
 addition and packaging
 
 3.  Diversification into steel production
 
 4.  Exploration and mining opportunities in India and abroad for
 extraction and trading of high value minerals
 
 Threats
 
 1.  Domestic competition from established players
 
 2.  Change in government policies
 
 3.  Price volatility
 
 4.  Trade policy uncertainties
 
 5.  Environmental concerns
 
 6.  Cyclic nature of industry
 
 The ever changing business environment necessitates continuous
 monitoring, evaluation & management of significant risks faced by the
 organization.
 
 OVERVIEW
 
 SVC Resources Limited is a Public Limited Company engaged in the
 business of extraction, processing & sale of Ore and exploration &
 development of mining assets.
 
 Your company will continue to build capabilities and nurture a talent
 pool with diverse skills set to deliver continuous results. Your
 Company has also strengthened its presence in mining and trading of
 minerals.
 
 Your Company is geared up to meet market demands and delivery schedules
 and is confident of increasing its share in the Indian market. The
 management has worked steadily to make SVC a company that can deliver
 sustained, high- quality growth.
 
 INTERNAL CONTROL SYSTEMS AND ADEQUACY
 
 The Company''s present internal control systems are commensurate with
 its size. However, looking at the growth in the size of the Company and
 its operations it is strengthening these systems further. The Company
 places great emphasis on the maintenance of effective internal
 controls, both from the point of view of compliance with statutory
 requirements as well as supporting the smooth and efficient running of
 the business.
 
 MATERIAL DEVELOPMENT IN HUMAN RESOURCES
 
 The employees of your Company are dedicated and loyal to your Company.
 Though there has been attrition in certain disciplines, the employees
 in general have remained with your Company through thick and thin. On
 the part of the Management, it is ensuring all-round comfort levels to
 its employees, including the required training at all levels based on
 the need. It is worth highlighting that industrial relations have been
 cordial all along. Any difference is sorted out through discussions at
 appropriate levels. The support of workmen needs special mention. The
 employees of your Company are exposed to Mining Industry. Your
 Company''s diversification project needs people with specific skill and
 knowledge in other industries viz. upgradation of skills for operating
 equipment with latest technology. In order to get people with requisite
 knowledge and skills, your Company has to train /retrain its existing
 manpower and also to go for fresh induction.
 
 Subsidiary
 
 Your Company has only one overseas subsidiary SVC Resources FZC,
 Sharjah, UAE
 
 PUBLIC DEPOSITS
 
 The Company has neither invited nor accepted any public deposits,
 during the year, under Section 58A of the Companies Act, 1956 and, as
 such, no amount on account of principal or interest on public deposits
 was outstanding as on the date of the Balance Sheet.
 
 DIRECTORS
 
 During the year under review there has been no change in the Board of
 Directors of your Company.
 
 In accordance with the provisions of the Companies Act, 1956 and
 pursuant to the provisions of Articles of Association of your Company
 Mr. Vishal Singh, Dr. Mukesh Arora, Mr. R.K.Tiwari and Mr. Rajesh
 Kapoor are liable to retire by rotation and being eligible, offer
 themselves for re-appointment in the forthcoming Annual General
 Meeting.
 
 Further, none of the Directors of your Company are disqualified under
 Section 274(1)(g) of the Companies Act 1956.
 
 CORPORATE GOVERNANCE
 
 Your Company follows the principles of effective corporate governance
 practices. Clause 49 of Listing Agreement deals with Corporate
 Governance requirements which has been complied by your company.
 
 A separate section on Corporate Governance forming part of the
 Directors'' Report and the certificate from your Company''s Auditors on
 Corporate Governance as stipulated in Clause 49 of the Listing
 Agreement is included in the Annual Report.
 
 HUMAN RESOURCES
 
 Company encourages a culture that develops and empowers people,
 promotes team building and nurtures new ideas.  The Company''s
 recruitment practice ensures that suitable candidates with merit are
 recruited and provided with the right opportunities to grow within the
 organisation.
 
 AUDITORS
 
 M/s. Prem Mishra & Co., Chartered Accountants, New Delhi, Statutory
 Auditors of the Company, hold office until the conclusion of ensuing
 Annual General Meeting and being eligible offer themselves for
 re-appointment. The Company has received letter from M/s. Prem Mishra &
 Co., Chartered Accountants, New Delhi to the effect that their re-
 appointment if made would be within prescribed limits under Section 224
 (1B) of the Companies Act, 1956. Members are requested to re-appoint
 M/s. Prem Mishra & Co., Chartered Accountants, New Delhi, as the
 Statutory Auditors of the Company and authorise the Board of Directors
 to fix their remuneration.
 
 COMMENTS ON AUDITORS'' REPORT:
 
 The notes referred to in the Auditors'' Report are self explanatory and
 as such they do not call for any further explanation as required under
 Section 217(3) of the Companies Act, 1956.
 
 PARTICULARS OF EMPLOYEES
 
 People are the backbone of our operations. It is a matter of great
 satisfaction for your Company that our employees have been very
 supportive of your Company''s plan. By far the employee''s relations have
 been cordial throughout the year.
 
 There is no information as required pursuant to the provisions of
 Section 217(2A) of the Companies Act, 1956 read with the Companies
 (Particular of Employees) Amendments Rules, 1988 to be reported.
 
 PARTICULARS UNDER SECTION 217 (1) (E) OF THE COMPANIES ACT, 1956
 
 Further, pursuant to the provisions of 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, there is no material
 information regarding conservation of energy, technology absorption,
 foreign exchange earnings and out go concerning your Company to be
 reported.
 
 Your Company has taken the necessary steps to conserve energy, absorb
 upgraded technology where ever necessary. However there is no material
 information 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 to be reported.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000
 the Directors confirm that:
 
 1.  In the preparation of the annuals accounts, for the year ended
 March 31 2011, all the applicable accounting standards prescribed by
 the Institute of Chartered Accountants of India have been followed;
 
 2.  The Directors had adopted 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
 your Company at the end of the financial year and of the profit of the
 Company for that period.
 
 3.  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.
 
 4.  The Directors had prepared the annual accounts on a going concern
 basis.
 
 APPRECIATION
 
 The Board of Directors wishes to convey their appreciation to all your
 Company''s employees for their performance and continued support. The
 Directors would also like to thank all the Shareholders, Consultants,
 Customers, Vendors, Bankers, Service Providers, and Government and
 Statutory Authorities for their continued support.
 
 Place: Mumbai                           For and on behalf of the Board
 
 Date: September 2, 2011                      For SVC Resources Limited
 
 Registered Office:
 
 104, Baba House, 1st Floor,
 
 M.V. Road, Near Cine Magic Cinema,                         Ashok Gupta
 
 Andheri (E), Mumbai - 400093              Chairman & Managing Director