Dear Shareholders,
 
 India''s real estate has grown at a phenomenal rate in the past few
 years. The good run is expected to continue in the coming years too
 with foreign investments pouring in huge quantum. Conforming to this
 fact is the forecast by the private evaluators, who anticipate the
 industry to touch 5 billion by the end of 2012. The estimate is a
 gigantic leap as compared to the figures in 2007 which stood at 
 billion.
 
 For your Company, the by gone fiscal year was highly gratifying in
 terms of sales, revenue and reach. It was a year of consolidation,
 horizontal expansion and continued excellence in execution. Our
 conviction that ''there is no one we can''t find a home for'', has been
 reaffirmed with the launch of new projects aimed at various segments of
 the society. Today your Company is debt free and has a positive cash
 flow with ample scope of accelerated growth in the immediate future.
 
 Your Company has formed new collaborations and entered into new joint
 ventures with an aim to achieve pan-India presence. Moreover, it is
 poised to explore newer markets and add new clients to its prestigious
 list of contractual customers.
 
 Over the past 25 years, your Company''s only drive has been to create
 innovative and world- class structures for every strata of the society.
 It has steadfastly adhered to its mission and motto of providing More
 for Less. Today, I, on behalf of your Company, reiterate the core
 principle of thought that beyond everything are the values, trust and
 purity of truth that defines and explains your Company''s character and
 moral fabric in entirety.
 
 Warm Regards,
 
 C. S. Ajmera
 
 Chairman &MD