The Members,
 
 We have pleasure in presenting the TWENTY FOURTH ANNUAL REPORT AND
 AUDITED ACCOUNTS of the Company for the year ended on 31 st March,
 2011.
 
 FINANCIAL HIGHLIGHTS                                 (Rs. in Lakhs)
 
                                                2010-11       2009-10
 
 Turnover Gross                                 1740.36       2357.25
 
 Profit before interest, Depreciation &Taxation 1358.22       1488.75
 
 Less: Interest                                    2.10         98.71
 
 Profit before Depreciations Taxation           1356.12       1390.04
 
 Less: Depreciation                               47.08         21.54
 
 Profit before Taxation                         1309.04       1368.50
 
 Provision for Taxation                          261.62        232.64
 
 Profit after Tax                               1047.42       1135.86
 
 Less: Adjustment in respect of Previous Year
 
 Net Profit Available for Appropriations        1047.42       1135.86
 
 Appropriations
 
 Proposed Dividend (Including Tax)               579.30        456.65
 
 Transfer to General Reserve                      57.61         45.46
 
 Balance carried to Balance Sheet              17946.63      17536.12
 
 OPERATIONS
 
 During the year under review, the Company has achieved Sales Turnover
 of Rs.1740.36 Lakh with Net Profit of Rs. 1047.42 Lakh.
 
 The historic land acquisition cost, ready project, world-class
 construction and deliverance on time has helped company to become one
 of the leading player in the industry.
 
 The Company''s operations are as follows:
 
 Aeon
 
 The only destination with advanced intercity connection. For those in a
 habit of wanting the best out of life, AEON is a lifestyle innovation
 that fulfils the greater needs of luxury class citizens. Ajmera Aeon, a
 49 storey tower planning 2/3/4 BHK homes, and top of the line modern
 amenities, promises to lift your lifestyle to a whole new level,
 destined to get the Green Building Certification. Aeon is planned by
 Singapore-based architects Space Matrix, and will offer the latest in
 technology, clean renewable energy, myriad comforts, and single access
 control to multiple facilities that will propel you into the New Age
 with slick splendor.Till date, the company has completed 4th level of
 podium parking, and the execution of rest work is going as per the
 project plans. We have achieved a very progressive response and aspire
 to receive the same.
 
 Ajmera Summit
 
 Ultra Tech Property Developers Private Limited, one of our associate
 Company has announced its latest project at Kalina at Santacruz- East
 (BKC) - the sophisticated business hub of Mumbai named as Ajmera
 Summit. Owing to its timeless style of creation and strategic
 location, Ajmera Summit provides a perfect launching pad for all
 businesses giving each the opportunity to thrive in an invigorating
 global ambience. Ajmera Summit is a universal platform where both
 business and prosperity will move hand in hand.The project has been
 completed till the 4th Level of the plan .giving a ray to a effacacious
 movement of work.
 
 Enigma-Fragrance of Life
 
 The Company has entered into Joint Venture with Sheetal Infrastructure
 Private Limited The Joint Venture Company named VM.Procon Private
 Limited (JVC) has launched HI-END Residential project
 Enigma-Fragrance of life at Ahmedabad The JVC holds land of approx.
 7661.00 sq.mts. The Project is situated Opposite Auda Sports Complex,
 S.G.Road, Ahmedabad ,a fast growing area in the City.
 
 This project will have saleable area of 3.00 Lakhs sq. ft approx.
 comprising of multi storey premium towers with modern lifestyle
 amenities like Club House, Swimming Pool, etc. We have gained a very
 affirmative response from the potential customers, which has in return
 accelerated the growth of the project smoothly.
 
 RESERVES
 
 An amount of Rs.57.61 Lakhs is proposed to be transferred out of the
 current profits to General Reserve
 
 DIVIDEND
 
 Your Directors are pleased to recommend a dividend of 14% (Rs.1.4 per
 equity share of Rs.10 each), subject to the approval by the
 Shareholders at the forthcoming Annual General Meeting. The total
 amount of dividend payout will be Rs.4.97 crores. The Register of
 Members and Share Transfer Register shall remain closed during the
 period 24th September,2011 to 30th September.2011 (both days inclusive)
 for the purpose of Annual General Meeting and for payment of dividend.
 The dividend, if approved at the Annual General Meeting, will be
 payable to members whose names appear on the Register of Members of the
 Company on 24th September.2011, being the first day of Book-Closure and
 to those whose names appear as beneficial owner in the records of
 National Securities Depositories Ltd. and Central Depository Services
 (India) Ltd. on close of business as on 23rd September,2011 .
 
 The Dividend payout for the year under review has been formulated in
 accordance with the Company''s policy to pay sustainable dividend linked
 to long term growth objectives of the Company to be met by internal
 cash accruals and the shareholders1 aspirations.
 
 SUBSIDIARIES
 
 In accordance with the general circular issued by Ministry of Corporate
 Affairs, Government of India ,the Balance Sheet, Profit & Loss Account
 and other documents of the subsidiary companies are not being attached
 with Balance Sheet of the Company. The Company will make available the
 Annual Accounts of the Subsidiary Companies and related detailed
 information to any member of the Company who may be interested in
 obtaining the same at the registered office of respective subsidiary
 Companies. A statement pursuant to Section 212 of the Companies Act.
 1956 is set out as Annexure-I to this report.
 
 DIRECTORS
 
 Shri Ambaiai C. Patei, Director retires by rotation at toe ensuing
 Annual General Meeting and, being eligible, offers himself for re-
 appointment.
 
 Brief resume of the Directors proposed to be re-appointed, nature of
 his experience in specific functional areas, names of the companies in
 which he holds directorship and membership/chairmanship of Board
 Committees, shareholding and relationship between Directors inter-se,
 as stipulated under Clause 49 of the Listing Agreement with the Stock
 Exchanges, are provided in the Notice for convening the Annual General
 Meeting.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956, the
 Directors, based on the representations received from the operating
 management, confirm that: -
 
 I.  in the preparation of the annual accounts for the Financial Year
 ended 31 March, 2011, the applicable accounting standards had been
 followed along with the proper explanation relating to material
 departures;
 
 II.  the Directors had selected such accounting policies and applied
 them consistently and made judgments and estimates that were reasonable
 and prudent so as to give a true and fair view of the state of affairs
 of the Company at the end of the financial year end and of the Profit &
 Loss of the Company for the year ended under review;
 
 III.  the Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding the assets of the Company and
 for preventing & detecting fraud and other irregularities; and
 
 IV.  the Directors had prepared the annual accounts of the Company for
 the financial year under review on a going concern basis.
 
 LISTING
 
 The Company''s equity shares are presently listed with Bombay Stock
 Exchange Ltd (Code - 513349) and National Stock Exchange of India
 Limited (Code-AJMERA).
 
 CORPORATE GOVERNANCE
 
 The Company has committed to maintain the highest standards of
 Corporate Governance as set out by SEBI.
 
 The Report on Corporate Governance as stipulated under Clause 49 of the
 Listing Agreement forms part of the Annual Report.
 
 The requisite Certificate from the Auditors of the company confirming
 compliance with conditions of Corporate Governance as stipulated under
 Clause 49. is attached to this report.
 
 Pursuant to Clause 49 of the Listing Agreement with BSE & NSE,
 Management Discussion and Analysis, Corporate Governance Report,
 Auditors'' Certificate for compliance of conditions of Corporate
 Governance and CEO Certificate on Code of Conduct is made as a part of
 the Annual Report..
 
 CONSOLIDATED FINANCIAL STATEMENTS
 
 As required under ''Accounting Standard 21-Consolidated Financial
 Statements'' read with Accounting Standard 23 on Accounting for
 Investments in Associates, AS-27 on financial reporting of interest in
 joint ventures, the Company is providing the audited consolidated
 financial statements in the Annual Report incorporating the results of
 the subsidiary companies.
 
 AUDITORS
 
 The Company''s Auditors, M/s. V. Parekh & Associates, Chartered
 Accountants, retire as Auditors of your Company at the conclusion of
 the ensuing Annual General Meeting and are eligible for re-
 appointment. They have indicated their willingness to accept
 reappointment and have further furnished necessary Certificate in terms
 of Section 224 (1B) of the Companies Act, 1956.
 
 The Audit Committee has considered and recommended the reappointment of
 M/s. V. Parekh & Associates, Chartered Accountants, Mumbai, as
 Statutory Auditors ot the Company, to the Board of Directors. Your
 Directors have accepted the recommendation and recommend to the
 shareholders the re- appointment of M/s. V. Parekh & Associates,
 Chartered Accountants, Mumbai as the Statutory Auditors of the Company.
 
 AUDITORS'' REPORT
 
 The observations made by the Auditors in their Report referring to the
 Notes forming part of the Accounts are self-explanatory and therefore,
 do not require any further comments under Section 217(3) of the
 Companies Act,1956.
 
 PARTICULARS OF THE EMPLOYEES
 
 During the year, no employee of the Company was in receipt of
 remuneration exceeding the sum prescribed under Section 217 (2A) of the
 Companies Act, 1956 read with the Companies (Particulars of Employees)
 Rules, 1975.
 
 ENERGY CONSERVATION, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS
 AND OUTGO
 
 The provisions of Section 217(1) (e) of the Companies Act, 1956 and the
 Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules, 1988 regarding conservation of energy and technology
 absorption are not applicable.
 
 Since the company caters to domestic market only ,it has not undertaken
 any activities relating to export,initiatives to increase exports,
 developmemt of new export markets for products and services or
 formulated any export plans.
 
 The transaction involving foreign exchanges during the year are as
 below:
 
 Total expenditure in foreign Exchange.
 
 Travelling Rs.26.28 Lakhs
 
 Architecture fees Rs.31.22 Lakhs (Rs.353.19 Lakhs as in Previous year)
 
 HUMAN RELATIONS
 
 During the year employee relations continued to be cordial and
 harmonious at all levels and in all divisions of the Company. There was
 a total understanding of the Management objectives by the workers. The
 Company has consistently tried to improve its HR policies and processes
 so as to acquire, retain & nurture the best of the available talent in
 the Industry.
 
 FIXED DEPOSITS
 
 During the year under review, your company has not accepted or renewed
 any fixed Deposit from the public.
 
 ACKNOWLEDGEMENT
 
 The Board of Directors wishes to thank the Central Government, State
 Governments, RBI, SEBI, The Ministry of Corporate Affairs, The Bombay
 Stock Exchange Limited (BSE) and National Stock Exchange of India Ltd.
 (NSE) for their co-operation in various spheres of your Company''s
 functions. The Board of Directors expresses its gratitude for the
 co-operation extended by the Financial Institutions / Term Lenders like
 Dena Bank, HDFC Bank and KotakBankfor their support.
 
 Your Directors thank all the shareholders of the Company, its clients
 and investors for their support during the year and look forward to
 their continued support in the years to come.
 
 Your Company has also gained considerably from the sincere and devoted
 services rendered by its employees at ali levels. The Board of
 Directors wishes to place on record its appreciation of their efforts
 in enhancing the image of your Company in the market.
 
                                   By order of the Board of Directors 
 
                                  For AJMERA REALTY & INFRA INDIA LTD
 
 Ishwarlal S.Ajmera                                Rajnikant S.Ajmera
 
 Whole Time Director                                Managing Director
 
 Date: 10th June, 2011
 
 Place: Mumbai