FINANCIAL HIGHLIGHTS

                                                    (Amount in Rupees)

Particulars                                 2010-2011        2009-2010

Total Income                          46,09,36,497.32  25,10,54,561.63

Total Expenditure                     42,30,94,879.19  24,24,81,646.54

Profit Before Tax                      3,78,41,618.13     85,72,915.09

Profit After Tax                       3,30,13,746.13     55,00,364.09

Balance brought forward 
from previous year                    88,46,66,225.28     28,94,596.97

Dividend                                 62,65,000.00     20,20,000.00

Dividend Tax                             10,16,340.00      3,35,497.00

FINANCIAL PERFORMANCE

The Company's gross income for the financial year ended 31st March, 2011 was Rs. 46,09,36,497.32 as against Rs. 25,10,54,561.63 in the previous year. The Profit before Tax for the year was Rs. 3,78,41,618.13 as against Rs. 85,72,915.09 in the previous year. The Profit after Tax for the year was Rs. 3,30,13,746.13 as against Rs. 55,00,364.09 in the previous year.

DIVIDEND

Your Directors have recommended a dividend of 5% (Re. 0.50 per share) on increased capital aggregating to Rs. 62,65,000/- for the financial year ended 31st March, 2011, which, if approved at the ensuing Annual General Meeting, will be paid to (i) all those equity shareholders whose names appear in the Register of Members as on Book Closure and (ii) to those whose names appear as beneficial owner, in the list to be furnished by the National Securities Depository Ltd. and Central Depository Services (India) Ltd. as on Book Closure for the purpose.

SCHEME OF AMALGAMATION

Jagati Cokes Pvt. Ltd. has been amalgamated with the Company w.e.f. 1st April, 2010. The Hon'ble High Court at Calcutta has approved the Scheme of Amalgamation by its order dat. 17th May, 2012. The delay in approval of the Scheme by the Hon'ble High Court has delayed the finalization of the Audited Account for the year ended 31st March, 2011.

DIRECTORS

The following changes have taken place amongst the Board of Directors since the date of last Annual General Meeting -

i. Mr. Hansraj Jain was appointed as an Additional Director w.e.f. 10th February, 2011 to hold office up to forthcoming AGM. But he resigned on 13th February, 2012.

ii. Mr. Raghunath Adhya resigned as Non - Executive Independent Director w.e.f. 14th November, 2011 due to personal reason.

iii. Mr. Partha Majumder - Whole Time Director of the Company was re-appointed w.e.f. 1st December, 2011 by the Board of Directors at their meeting held on 14th November, 2011.

iv. In terms of the provision of the Companies Act, 1956, Mr. Ajay Kumar Jain - Managing Director and Mr. Navin Kumar Jain - Director of the Company, retire by rotation and being eligible offer themselves for re-appointment at the ensuing Annual General Meeting. A brief resume of the Directors retiring by rotation at the ensuing Annual General Meeting, nature of their expertise in specific functional areas and names of companies in which they hold directorship / membership / chairmanship of the Committees of the Board, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges, is given in the section on Corporate Governance elsewhere in the Annual Report.

DIRECTORS' RESPONSIBILITY STATEMENTS

As required under Section 217(2AA) of the Companies Act, 1956, your Directors confirm having:

- followed in preparation of the Annual Accounts, the applicable accounting standards and that no material departures have been made from the same;

- 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 your Company at the end of the financial year and the profit of your company for that period;

- 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 aspects of your Company and for preventing and detecting fraud and other irregularities; and

- prepared the annual accounts on a going concern basis.

CORPORATE GOVERNANCE

Your Directors re-affirm their commitment to the Corporate Governance Report as prescribed by Securities & Exchange Board of India (SEBI). A separate section on Corporate Governance together with Certificate from a Practicing Company Secretary regarding compliance of the Corporate Governance requirements as stipulated under Clause 49 of the Listing Agreement with the Stock Exchange(s) forms a part of the Annual Report.

FIXED DEPOSIT

Your Company has not accepted any fixed deposits from public as defined U/S 58A of the Companies Act, 1956. As such, no amount of principal or interest is outstanding as on the balance sheet date.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNIGS OUTGO

The details as required under Section 217(1) (e) of the Companies Act, 1956 read with Companies (Disclosures of particulars in report of the Board of the Directors) Rules, 1988 are given in the Annexure forming part of this Report.

PARTICULARS OF THE EMPLOYEES

There are no employees drawing salary exceeding the limits specified U/S 217(2A) of the Companies Act, 1956.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management's Discussions and Analysis Report forming part of the Directors' Report for the year under review as stipulated under Clause 49 of the Listing Agreement with the Stock Exchange(s) forms a part of the Annual Report. The report provides strategic direction and more detailed analysis on the performance of business and its outlook.

AUDITORS

M/s. P. D. Rungta & Co, Chartered Accountants, Statutory Auditors of the Company hold office until the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment. The Company has received letter from M/s. P. D. Rungta & Co, Chartered Accountants, to the effect that their appointment, if made, would be within the prescribed limits under Section 224(1 B) of the Companies Act, 1956, and that they are not disqualified for such appointment within the meaning of Section 226 of the Companies Act, 1956.

The Directors of the Company have proposed the re-appointment of M/s. P. D. Rungta & Co as Statutory Auditors at the ensuing Annual General Meeting.

The observations and comments given by Auditors in their report read together with notes to Accounts are self explanatory and hence do not call for any further comments under Section 217 of the Companies Act, 1956.

HUMAN RESOURCES

The Human Resource function constantly endeavors on high performance. Your Company is continuing its emphasis on training and alignment.

ACKNOWLEDGEMENTS

Your Directors would like to express their sincere appreciation of the co-operation and assistance received from shareholders, bankers, regulatory bodies and other business constituents. Your Directors also wish to place on record their deep sense of appreciation for the commitment displayed by all executives, officers and staff, resulting in the successful performance of the Company during the year.

                          For and on behalf of the Board of Directors

                                  Sd/-                    Sd/-

Place : Kolkata             Ajay Kumar Jain         Navin Kumar Jain

Date : 11th June, 2012     Managing Director            Director