To the Members,
 
 The Directors have pleasure in presenting their Annual Report together
 with the Audited Accounts of the Company for the financial year ended
 31st March, 2012.
 
 FINANCIAL RESULTS                            2011-2012       2010-2011
 
 Profit before Depreciation                  29,428,444      16,075,800
 
 Less: Depreciation                            (270,600)         (4,893)
 
 Net Profit before Taxation                  29,157,844      16,070,907
 
 Less: Provision for Taxation                (9,090,000)     (4,340,000)
 
 Tax for earlier year                               (28)             --
 
 Net Profit after Taxation                   20,067,816      11,730,907
 
 Add: Balance brought forward               159,957,475     148,226,568
 
 Balance carried forward to Balance Sheet   180,025,291     159,957,475
 
 COMPANY PERFORMANCE
 
 In the light of challenging business conditions, the working results of
 your Company during financial year ended on 31st March, 2012 was
 satisfactory.
 
 DIVIDEND
 
 The Directors have considered to plough back the profit in business for
 better financial strength and as such they have not recommended any
 dividend for the Financial year under review.
 
 MANAGEMENT DISCUSSION AND ANALYSIS REPORT
 
 Management Discussion and Analysis Report for the financial year under
 review, as stipulated in clause 49 of the Listing Agreement with the
 Stock Exchanges is appended below:
 
 A.  BUSINESS
 
 The Company is engaged in Investment, Finance and Allied Services.
 Arrangements are in hand to diversify its line of business for the
 future growth and prosperity.
 
 B.  REVIEW OF OPERATIONS & FUTURE PROSPECTS
 
 Your Directors sincerely feel that operations of your Company in the
 business of Investment, Finance and Other Services have started showing
 signs of improvement. Steps are in hand to achieve further improvements
 in its business.
 
 C.  OPPORTUNITIES AND THREATS, RISKS AND CONCERNS
 
 Your Company''s objective is to effect Continuous improvement in its
 infrastructure and facilities. However, the main causes of concern of
 your company in the years to come are :-
 
 i) Reduction in the industrial growth rate.
 
 ii) Uncertain Government policy in use.
 
 D.  INTERNAL CONTROL SYSTEM
 
 The Company has Internal control procedures commensurate with the
 nature of its business and size of its operations. The objectives of
 these procedures are to ensure efficient use and protection of
 Company''s resources, accuracy in financial reports and due compliance
 of applicable statutes and Company''s norms, policies and procedures.
 
 The Internal Audit Report, the progress in implementation of
 recommendations contained in such reports and the adequacy of Internal
 Control Systems are reviewed by the Audit Committee of the Board in its
 periodical meetings.
 
 E.  HUMAN RESOURCES
 
 At all levels, employees of the Company are fully committed to the
 growth of the Company and there was no loss of work due to any
 Industrial relation problem during the year.
 
 CORPORATE GOVERNANCE:
 
 The Principles of Good Corporate Governance through professionalism,
 accountability, transparency, trusteeship and control have always been
 followed by your Company and it has complied with all the applicable
 provisions of Corporate Governance as per clause 49 of the Listing
 Agreements with the Stock Exchanges.
 
 A separate Report on Corporate Governance as prescribed by the Listing
 Agreements with Stock Exchanges forms part of the Annual Report 2011-12
 along with the Auditor''s Certificate on its Compliance in Annexure
 A.
 
 DIRECTORS
 
 Mr. A. K. Ghosh, Director, retires by rotation at the ensuing Annual
 General Meeting and being eligible offers himself for re-appointment.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement of Section 217(2AA) of the Companies Act,
 1956 the Directors state as follows :
 
 i) That in the preparation of the Annual Accounts for the financial
 year ended 31st March, 2012 the applicable accounting standards had
 been followed along with proper explanation relating to material
 departures;
 
 ii) That the Directors had selected such accounting policies and
 applied them consistently and made judgments and estimates that were
 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 or loss of your company for that period;
 
 iii) That the Directors had taken proper and sufficient care to the
 best of their knowledge and ability for the maintenance of adequate
 accounting records in accordance with the provisions of the Companies
 Act, 1956. They confirm that there are adequate systems and controls
 for safeguarding the assets of your company and for preventing and
 detecting fraud and other irregularities;
 
 iv) That the Directors had prepared the Annual Accounts for the
 financial year ended 31st March, 2012 on a going concern basis.
 
 AUDITORS
 
 M/s L. B. Jha & Co., Calcutta, Chartered Accountants, Auditors of the
 Company, hold office till the conclusion of this Annual General
 Meeting. They have expressed their willingness to continue as the
 Statutory Auditors of the Company, if so reappointed and have furnished
 to the Company the requisite certificate to the effect that their
 re-appointment if effected would be within the limits prescribed under
 section 224(1B) of the Companies Act, 1956. Accordingly, approval of
 the Shareholders will be sought at the ensuing Annual General Meeting
 of the Company to the re-appointment of and remuneration payable to M/s
 L. B. Jha & Co., Calcutta, Chartered Accountants, as Statutory Auditors
 to hold office from the conclusion of this Annual General Meeting till
 the conclusion of next Annual General Meeting.
 
 COMMENTS ON AUDITORS OBSERVATIONS
 
 The Comments of the Directors on the observations made by the Statutory
 Auditors in their Report are as follows:
 
 - No provision is required to be made in respect of Interest accrued
 of Rs. 11,800 as the same in the opinion of the Management is considered
 to be good and hence recoverable.
 
 PUBLIC DEPOSITS
 
 The provisions of Section 58A of the Companies Act, 1956 and the rules
 framed thereunder in respect of acceptance of deposits are not
 applicable to your Company.
 
 PARTICULARS OF EMPLOYEES
 
 Disclosures in terms of sub-section (2A) of section 217 of the
 Companies Act, 1956 read with the Companies (Particulars of Employees)
 Rules, 1975 are not applicable to your Company.
 
 INFORMATION AS TO CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION,
 FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 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 in respect of Conservation of Energy, Technology
 Absorption & Foreign Exchange Earnings and Outgo are not applicable
 during the year under review.
 
 CODE OF CONDUCT
 
 Your Company has formulated Code of Conduct which applies to Board
 Members and Senior Management Personnel of the Company. Confirmations
 towards adherence to the Code during the Financial year 2011-12 have
 been obtained from all the Board members and Senior Management
 Personnel in terms of the requirements of Clause 49 of the Listing
 Agreement and a declaration relating to compliance of this Code during
 the year under review by all Board members and Senior Management
 Personnel has been given by the Director of the Company which
 accompanies this report.
 
 ACKNOWLEDGEMENTS
 
 Your Directors would like to thank shareholders, customers, dealers,
 suppliers, bankers, employees union and all other business associates
 for the continuous support given by them to the Company and their
 confidence in its management.
 
 
 
                                     For and on behalf of the Board 
  
                                                      V. N. Agarwal
 
 Place : Kolkata                                   K. K. Ganeriwala
 Date : 18th May, 2012                                    Directors