Kothari World Finance Ltd

To

The Members of Grenada Investment and Trading Co. Limited

Dear Shareholders,

Your Directors have pleasure in presenting their Annual Report together with the Audited Accounts of your Company for the year ended 31st March, 2009.

Dividend

Your Directors are unable to recommend the Dividend on Equity Shares. Since the Company wants to plough back its Profit in view of current scenario.

Operations

The financial year 2008-09 was challenging for the corporate India particularly the finance sector with the global meltdown and a slowdown in Indian economy. As we pen this report, the scenario has improved and we believe that the economy is once again gearing up for 8-9% growth in GDP having achieved strong political stability.

The total income of the Company for the year ended 31st March, 2009 was Rs.14,81,384/- as against Rs. 7,67,849/- reported as on 31st March, 2008. The Company has reported profit after tax to the extent of 3,64,120/- as against (1,68,019/-) for the previous year ended 31st March, 2008.

Tax Provisions

The Company has made adequate tax provisions under the provisions of Income Tax Act, 1961.

Listing

The Equity Shares of the Company continue to be listed only on the BSE Stock Exchange. The scrip code number of the equity shares of the Company on BSEis 511138. The Company has paid up-to-date listing fees to the exchange. As the Scrip is suspended by the Stock Exchange, the Company has made an application for Revocation of Suspension on 15th July 2009.

Dematerialization

The equity shares of the Company can be held in dematerialized form. The Company has signed the tripartite agreement with National Securities Depository Limited and existing Registrar & Transfer Agent for dematerialization of existing holding of the shareholders

The International Securities Identification Number, allotted to the Company is INE988F01017 the equity shares of the Company are listed on Bombay Stock Exchange Limited. Presently 100% of equity capital of the company is in Physical mode.

Directors Responsibility Statement

In compliance with Section 217(2AA) of the Companies (Amendment) Act 2000, the Directors state that:

(a) in the preparation of annual accounts, the applicable accounting standards have been followed and proper explanation relating to material departures, if any, have been furnished.

(b) accounting policies as listed in Schedule "O" to the financial statements have been selected and consistently applied and prudent judgments and estimates have been made so as to give a true and fair view of the state of affairs of the company as on 31st March, 2009 and of the Profit or Loss of the Company for the Accounting Year ended on that day.

(c) Proper and sufficient care for the maintenance of adequate accounting records has been taken in accordance with the provisions of the said act so as to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

(d) The annual accounts have been prepared on a going concern basis.

Human Resources

Your Directors acknowledge and appreciate the sincere efforts and effective services rendered by the committed officers and staff of the company.

The information as required under section 217(2A) of the Companies Act, 1956 as amended, read with the Companies (Particulars of Employees) Rules, 1975 and forming part of the Directors Report is not applicable.

Auditors Observations

The Auditors have referred to certain routine matters in their report and the respective notes to the accounts are self-explanatory.

Conservation of Energy and Technology Absorption

The Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 require disclosure of particulars regarding conservation of energy in Form A and Technology Absorption in Form B prescribed by the rules. The Company not being a manufacturing Company is advised that Form A and B are not applicable to it.

Foreign Exchange Earnings & Expenditure

During the year ended 31st March, 2009 the Company has not earned any Income i n ForeignExchange.

Fixed Deposits

During the year ended 31st March, 2009 the Company had not accepted any Fixed Deposits from the Public under Section 58-A of the Companies Act, 1956. The Company does not hold any Fixed Deposits from the public.

Directors

Shri Manohar Mhatre Directors, retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for reappointment.

Your Directors recommend his re-appointment.

Auditors

M/s. A. R Shetty & Co., Chartered Accountants and Statutory Auditors will retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment. Members are requested to consider their re-appointment at a remuneration to be decided by the Board of Directors for the financial year ending 31st March, 2010.

Acknowledgment

We take this opportunity to express our deep sense of gratitude to Securities and Exchange Board of India, Bombay Stock Exchange Ltd., Registrar of Companies, National Securities Depository Ltd., Central Depository Services (India) Ltd., for their continued support.