The Directors are pleased to present the 22nd Annual Report along with
 the audited accounts for the financial year ended March 31, 2012.
 
 Management Discussion & Analysis
 
 The summary of financial results, as indicated below, compares the
 financial performance of your Company for the year ended March 31, 2012
 with the results for the year ended March 31, 2011:
 
                                                  (Rs. in lacs)
 
 Particulars                       Year ended        Year ended
                                    March 31,         March 31,
                                         2012              2011
 
 Total Income                          119.30             61.19
 
 Total Expenses                         26.47             34.20
 
 Gross Profit                           92.83             26.99
 
 Profit Before Tax                      92.83             26.99
 
 Provision for Taxation                  0.01             (3.24)
 
 Profit for the Year after Tax          92.82             30.23
 
 Profit for the Year after              92.82             30.23
 
 Adjustments
 
 Total Income increased to Rs. 119.30 lacs for the year ended March 31,
 2012 as compared to Rs. 61.19 lacs, mainly due to maturity period of
 schemes falling in this year. The main source of income during the year
 was dividend income from mutual fund investments made by the Company.
 
 For the year ended March 31, 2012 expenses were Rs. 26.47 lacs as
 compared to Rs. 34.20 lacs for the previous year and the Management is
 trying to reduce the cost of operation to maximum possible extent.
 
 From last few years, your Company has concentrated on recovery of the
 asset portfolio. Now since almost all the recoverable portfolio is
 recovered, your Company is examining various options of commencing new
 activities but the current condition of the economy like increase in
 interest rates, inflation and political factors compel management to
 give second thought before starting any new activity.
 
 Your Company continuously reviews the internal control systems and
 thereby ensures adequate and appropriate checks and balances in
 transaction risk management.
 
 In view of the volume of your Company''s business, the current employee
 strength is considered adequate.
 
 Auditor''s Observations
 
 There are no adverse observations made by the Auditors in their Report
 to the Members.
 
 Subsidiary Company
 
 There are no subsidiaries of your Company.
 
 Particulars of conservation of energy, technology absorption and
 foreign exchange earnings
 
 As your Company is not engaged in any manufacturing activities, there
 are no particulars to be furnished for conservation of energy and
 technology absorption.  There were no foreign exchange earnings or
 outgo during the year.
 
 Personnel
 
 There are no employees covered by Section 217 (2A) of the Companies
 Act, 1956.
 
 Directors'' Responsibility Statement
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors
 confirm that:
 
 (i) In the preparation of the annual accounts, the applicable
 accounting standards have been followed.
 
 (ii) The Directors had selected such accounting policies and applied
 them consistently and made judgements and estimates that are reasonable
 and prudent so as to give a true and fair view of the state of affairs
 of the Company as on March 31, 2012 and of the profit of the Company
 for the year ended March 31, 2012.
 
 (iii) 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.
 
 (iv) The Directors have prepared the annual accounts on a ''going
 concern'' basis.
 
 Stock Exchanges
 
 The Equity Shares of your Company are currently listed with BSE Ltd.
 and The National Stock Exchange of India Ltd. The listing fees for the
 financial year 2012-13 have been paid to both the Stock Exchanges.
 
 Corporate Governance
 
 Your Company has taken adequate steps to ensure that all mandatory
 provisions of Corporate Governance as prescribed under the Listing
 Agreement of the Stock Exchanges, are complied with.
 
 A separate report on Corporate Governance is attached as annexure to
 this Report.
 
 Directors
 
 Mr. Avinash Jain and Mr. D. N. Shukla, Directors of your Company,
 retire by rotation at the forthcoming Annual General Meeting of the
 Company and being eligible, offer themselves for re-appointment.
 
 Mr. Avinash Jain,  46, B.Com (Hons), FCA, is a practicing Chartered
 Accountant who has over 24 years experience in the field of taxation
 and auditing. He was appointed as additional Director of the Company on
 March 30, 2002. He is a member of the Audit Committee of the Company.
 
 Mr. D. N. Shukla, 84, B.Com., C.A. I.I.B, has 45 years of experience in
 the Banking Industry with internal exposure. He retired as Executive
 Director of Bank of India. He was appointed as additional Director of
 the Company on November 26, 2001. He is the Chairman of the Audit
 Committee of the Company. He is also Director of Jaysynth Dyestuff
 (India) Ltd., Zenith Securities & Investments Ltd., Homi Mehta & Sons
 Pvt. Ltd. and Bharti Polytex Pvt. Ltd.
 
 Appointment of Auditors
 
 M/s. V. B. Goel & Co., Chartered Accountants, the Statutory Auditors of
 the Company retire at the ensuing Annual General Meeting and being
 eligible, offer themselves for re-appointment.
 
 Appointment of Internal Auditors
 
 M/s. Shrikant Kulkarni & Associates, Chartered Accountants, have been
 re-appointed as Internal Auditors of the Company.
 
 Acknowledgments
 
 The Board of Directors thank the Company''s promoters, customers,
 bankers and employees for their continued support.
 
                          For and on behalf of the Board of Directors
 
                                    DR. BHASKAR DAS      S. SIVAKUMAR
                                           Chairman          Director
  
 Mumbai May 22, 2012