Libord Securities Ltd

To the Members,

Libord Securities Limited

Your Directors have pleasure in presenting the 18th Annual Report along with AuditedAccounts of the Company for the year ended 31^st March 2012.

FINANCIAL PERFORMANCE

REVIEW OF OPERATIONS

The earning on account of operation for the year was Rs.80.63 Lacs (Previous Year Rs.26.81 Lacs)

The name of the Company has been removed from the list of defaulters of The BombayStock Exchange w.e.f 19.3.2012.

FIXED DEPOSITS

Your Company has not accepted any deposits from the public during the period.

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

Your Company has no activities relating to conservation of energy or technologyabsorption. There were no earnings or outgo in foreign exchange.

PERSONNEL

No employee of the Company was drawing salary in excess of the limit prescribed underprovisions of Section 217(2A) of the Companies Act, 1956, read with Companies (Particularsof Employees) Rules, 1975.

DIRECTORS

Mr. T. R. Ramanathan & Mr. Ramesh Kumar Jain retire by rotation as Directors. Theyhave offered themselves for reappointment being eligible for the same.

Mr. N. G Deshpande has resigned due to his health & his resignation was accepted inthe Board Meeting held on 24.6.2011. The Board appreciated the services rendered by Mr. N.G Deshpande

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, withrespect to Directors' Responsibility Statement, it is hereby confirmed:

(i) (i) That in the preparation of the accounts for the financial year ended 31stMarch, 2012, the applicable accounting standards have been followed along with properexplanation relating to material departures;

(ii) That the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that were reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and of the profit or loss of the Company for the year under review.

(iii) That the Directors have taken proper and sufficient care of the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act, 1956for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities.

(iv) That the Directors have prepared the accounts for the financial year ended 31stMarch 2012 on a going concern basis.

a) Terms of Reference

To oversee the Company's financial reporting process and disclosure of its financialinformation, to recommend the appointment of Statutory Auditors and fixation of the auditfees, to review and discuss with the Auditors about internal control systems, scope ofaudit including observations of the auditors on adequacy of internal control systems,major accounting policies & practices, adopting accounting standards and complyingvarious requirements concerning financial statements, if any, to review the Company'shalf-yearly and annual financial statements before submission to the Board of Directors.

During the year four Audit Committee meetings were held on 27.04.2011, 26.07.2011,25.10.2011 & 12.01.2012. The Minutes of the Audit Committee are circulated tothe Board, discussed and taken note of.

b) Composition

AUDITORS

M/s. Amar Bafna & Associates, Chartered Accountants have shown their willingnessfor the re-appointment.

Your Directors recommend the appointment of M/s Amar Bafna & Associates, CharteredAccountants as the auditors for the Company from the conclusion of ensuing Annual GeneralMeeting upto the conclusion of the next Annual General Meeting. The Notes on accountsreferred to in the Auditor's Report are self-explanatory and therefore do not call for anyfurther explanation.

ACKNOWLEDGEMENTS

Your Directors wish to place on record their appreciation for the continued supportgiven by Banks, Investors, Shareholders, Brokers, Employees and Customers to the Company.