Chartered Capital & Investment Ltd

To,

The Shareholders,

Chartered Capital and Investment Limited

Your Directors are pleased to present herewith the 25th Annual report together with theAnnual Audited Accounts of the Company for the year ended March 31, 2011.

FINANCIAL RESULTS

The Financial results for the year ended March 31, 2011 are summarized as under:

(Rs. in lacs)

OPERATIONS

During the year under review, gross income of the Company increased from 561.84 lacsduring the previous year to Rs. 858.17 lacs during the current year i.e. an increase of52.74%. During the year company has earned profit after tax of Rs. 425.01 lacs as againstProfit after Tax of Rs. 255.06 during the previous year i.e. an increase of 66.63%.Thegradual increase in the capital market has lead to an improvement in the overallperformance of the company.

DIVIDEND

The Board of Directors does not recommend any dividend for the year 2010-2011 with aview to reinvest the profit for the operations of the Company.

DIRECTORS

In accordance with the provisions of the Companies Act, 1956 and the Articles ofAssociation of the company, Mr. A.L. Sanghvi Director & Vice-Chairman of the Company,who retires by rotation at the ensuing Annual General Meeting and being eligible, hasoffered himself for re-appointment.

The brief resume/detail relating to the Director who is to be re-appointed is furnishedin the Notes to the Notice of the Annual General Meeting. Members are considered toconsider their re-appointment as Director of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS

Management Discussion and Analysis Report has been closed herewith videAnnexure-A and forms part of Director’s Report.

CORPORATE GOVERNANCE

Your Company reaffirms its commitment to the standards of Corporate Governance asprescribed under Clause 49 of the Listing Agreement with the stock exchanges. A Report onCorporate Governance together with the Auditors Certificate on the same is annexed as partof the Annual Report.

Your Company has also adopted a Code of Conduct for its Directors andSenior Management, as prescribed under Clause 49 of the Listing Agreement.

CEO/CFO CERTIFICATION

A certificate from the Managing Director, pursuant to Clause 49(V) of the ListingAgreement has been placed before the Board at its Meeting held on September 3, 2011.

FUTURE OUTLOOK

The economic outlook for the year 2011, inflation, interest rates and current accountdeficit would be the reason for slowing the down the economic growth. RBI, alongsideinflation concern, should think about the economic expansion of the country since theliquidity situation could get distressed and will put India’s economic growth atrisk. Moreover, the higher cost of credit will certainly have an impact in the corporatebalance sheet, which will prevent the short term foreign inflows in the country to financethe current account deficit until inflation sustained below comfort zone of reserve bank.Inflation would continue to remain the predominant concern for the debt market. We arelikely to witness a lot of activity in all the spheres of the capital market. Inflationrisks stayed, while growth showed a sign of moderation. On current reckoning, growth islikely to stay around trend growth of around 8 per cent. However, downside risks haveincreased. Overall, some moderation in growth is expected in 2011-12.

STOCK EXCHANGES

The Company’s shares are listed on Bombay Stock Exchanges Limited (BSE) andAhmedabad Stock Exchange Limited (ASE). The company has paid necessary listing fees ofboth the stock exchanges for the year 2011-2012.

DIRECTORS’ RESPONSIBILITY STATEMENT:

In terms of Section 217 (2AA) of the Companies Act, 1956 the Directors would like tostate that:

i. In the preparation of the Annual Accounts, the applicable accounting standards havebeen followed along with proper explanation relating to material departures, if any;

ii. The Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year and ofthe profit or loss of the company for the period;

iii. The Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of this Act for safeguardsin accordance with the provisions of this Act for safeguarding the assets of the companyand for preventing and detecting frauds and other irregularities;

iv. The Directors have prepared the Annual Accounts on a going concern basis.

DEPOSITS

During the year Company has not accepted any deposits under Section 58-A of theCompanies Act, 1956.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO

Particulars relating to the conservation of energy, technology absorption are not givenas Companies (Disclosure of particulars in report of Board of Directors) Rules, 1988 isnot applicable to the Company due to the nature of the Company’s business operations,being an Investment Banking Company. During the year under review there has been noforeign exchange earning or outgo.

PARTICULARS OF EMPLOYEES COVERED UNDER THE (PARTICULARS OF EMPLOYEES) RULES, 1975

None of the employees of the Company was in receipt of remuneration in excess of thelimits prescribed under Section 217(2A) of the Companies Act, 1956 read with the Companies(Particulars of Employees) Rules, 1975, as amended, during the year under review.

AUDITORS AND AUDITORS’ REPORT:

M/s Mayank Shah & Associates, Chartered Accountants, Ahmedabad hold office asAuditors of the Company until the conclusion of 25th Annual General Meeting and Boardrecommends their re-appointment till the conclusion of next Annual General Meeting.

The Company has received a certificate from Auditors under Section 224(1) of theCompanies Act, 1956 to the effect that their reappointment, if made, would be within theprescribed limits under Section 224(1B) of the Act.

Members are requested to consider their re-appointment as Auditors of the Company forthe current year at a remuneration to be decided by the Board of Directors.

The notes to the accounts referred to in the Auditors Reports are self explanatory,and, therefore do not call for any further comments.

ACKNOWLEDGEMENT

The Board of Directors wish to express their gratitude and appreciation for thecontinuous support and co-operation extended by the Banks, the Securities and ExchangeBoard of India, the Stock Exchanges, various Government authorities, FinancialInstitutions and all shareholders.

Your Directors would also like to take this opportunity to express their appreciationfor the dedicated efforts of the employees of the Company.