The Directors have pleasure in presenting the Seventeenth Annual
 Report on business and operations of the Company together with the
 Audited Statement of Accounts for the financial year ended 31st March,
 2012.
 
                                                  (Rupees in Lakhs)
 
 Particulars                              2011-12         2010-11
 
 Net Sales and other income              60,931.70       46,937.37
 
 Interest & other Finance charges         6,039.28        1,678.69
 
 Deprecation &                            4,001.39        1,726.58
 
 amortisation expenses
 
 Profit before tax                        6,814.95       16,145.85
 
 Provision for taxation: Current          1,362.51         2684.85
 
 Deferred                                  (299.94)        2446.87
 
 Wealth Tax                                   2.44            1.20
 
 MAT entitlement                            (59.42)        (914.65)
 
 Net Profit after Tax                     5,809.35       11,927.58
 
 Earnings Per Share                           5.18           10.63
 
 Dividend:
 
 The Board of Directors of the Company have recommended a dividend of Rs
 1.50 (Rupees one and paise fifty only) (15%) per equity Share which is
 subject to the approval of the shareholders in the ensuing Annual
 General Meeting of the Company. The total payment on account of
 Dividend (including Dividend Tax) shall be Rs 1956.93 lakhs. A sum of
 Rs 440 lakhs has been transferred to the General Reserve.
 
 Share Capital:
 
 There has been no changes in the share capital of the Company during
 the year.
 
 Operational Review & Future:
 
 The financial year 2011-12 has been a year of high volatility.  The GDP
 of the Indian economy grew at 6.5%, a significant slowdown in
 comparison to the preceding two financial years. The main factors
 attributable to the slowdown is due to weakening industrial growth,
 persistent inflationary pressures, rising interest costs, weak domestic
 sentiment and deterioration in global economic situation. Real Estate
 is one of the major components of the GDP of our economy.  The
 slackness in the growth of the real estate sector had an impact on the
 GDP. The silver lining to it was that the Bangalore real estate market
 showed a better than average performance compared to the other cities,
 as the real estate players in Bangalore were more organised and
 transparent in their functioning.
 
 This year was a very eventful year for your Company as it completed 25
 years of its existence on 10th October, 2011, in what was originally
 started as a single project in a partnership firm. It grew from
 strength to strength and today we have completed more than 100
 buildings and success- fully delivered more than 20 million square feet
 of development in residential, commercial and hospitality projects.
 A total of around 30 million square feet would be developed in phases
 over the next five year period of which 9 million square feet is
 presently being developed.
 
 The snapshot of the performance during the year is as follows:
 
 Integrated Enclaves Brigade Gateway:
 
 Brigade Gateway is an iconic project and way ahead of its time. It is
 the most integrated city centric enclave anywhere in the country. The
 total integration of the residential apartments with offices, retail,
 hotel, hospital, educational and recreational facilities within the
 project, is unprecedented.  The residential blocks comprising of over
 1250  apartments have been nearly sold.
 
 World Trade Center, the office tower at Brigade Gateway, comprising 32
 levels with a height of 128 meters is the tallest building in Bangalore
 as on date. Around 40% out of the total of 1.1 million square feet in
 this building has been leased and 30% has been sold. Company will hold
 a major stake in the space since the World Trade Center brand for the
 city of Bangalore is held by the Company through its subsidiary WTC
 Trades & Projects Private Limited.
 
 We are also happy to inform that the registered office and corporate
 office of the Company has been shifted to the 29th & 30th floors of
 this prestigious building w.e.f. 8th February, 2012.
 
 In the first year of operations, the Sheraton Bangalore Hotel at
 Brigade Gateway has drawn a good response from the market for both
 rooms and F&B and has witnessed robust business. It comprises of 230
 room keys and the occupancy level in the property is quite encouraging.
 
 The flagship retail venture of the Company-ORION Mall at Brigade
 Gateway, aggregating to over 8,00,000 sft has been completed and
 operations have commenced in the month of March, 2012. About 85% of the
 space has been leased out and 60% of the Mall is fully operational as
 on date. The completion of the mall makes all components of the enclave
 completely operational.
 
 The many accolades received by the various components of the enclave
 is a true reflection of this world class project.
 
 Brigade Metropolis:
 
 The construction of the residential blocks, aggregating to about 2.52
 million sft, have been completed during the year. The sale of the
 apartments were completed during the year. Summit, the office space at
 Metropolis aggregating to 8,28,000 sft was completed during the year.
 
 Commercial:
 
 During the year the Company monetised the following commercial assets:
 
 - A total of around 0.39 million sft of office space at World Trade
 Center at Brigade Gateway has been sold.
 
 - Company has monetised to the extent of 0.05 million sft of Summit
 @Brigade Metropolis located on White- field Road.
 
 - We have Monetised to the extent of 0.07 million sft in Brigade Rubix,
 HMT Township.
 
 Hospitality Domain:
 
 - Sheraton Bangalore Hotel: The Sheraton Bangalore Hotel at Brigade
 Gateway has done good business in the first year of its operations and
 the occupancy levels have consistently exceeded expectations.  Sheraton
 Bangalore has been voted the ''Best New Hotel of the year 2012'' in the
 ''Upscale segment- Business'' by HVS South Asia at HISCA 2012.
 
 - Grand Mercure: The 5-Star Grand Mercure, apartment hotel in
 Koramangala, Bangalore is owned by the Company and managed by the
 French group, Accor. The occupancy levels has consistently averaged
 over 80% during the year and is one of the best performing apartment
 hotel in South India.
 
 Special Economic Zones''The construction work at the Special Economic
 Zone at Kochi would commence shortly. The infrastructure works is being
 undertaken by the concerned statutory authorities in the Special
 Economic Zone at Mangalore. We will commence construction on completion
 of the infrastructure works by the authorities.
 
 Brigade Value Homes
 
 Brigade Meadows—Brigade Meadows located on Kanakapura Road is a 65
 acres mixed use development of which Brigade Value Homes is an integral
 part. The first phase of development is on 31 acres in which 1850 units
 are launched. Construction is progressing well in the project.
 
 The other ongoing Residential Projects are as follows:
 
 - Brigade Sonata, Palace Road, Bangalore aggregating to 0.04 million
 sft.
 
 - Brigade Rhapsody, Palace Cross Road, Bangalore a premium residential
 project aggregating to 0.03 million sft.
 
 - Brigade Horizon at Mysore aggregating to 0.17 million sft.
 
 - Brigade Sparkle at Mysore aggregating to 0.24 million sft.
 
 The following projects have been launched by the Company in 2011-12:
 
 - Brigade Exotica on Old Madras Road, our Premium Luxury Residential
 Apartment Project aggregating to 1.50 million sft. This project has
 received 5-star Rating from CRISIL Real Estate Rating. It has also
 received pre-certified Gold rating by IGBC Green Homes. The
 construction of the first tower is in progress.
 
 - Brigade IRV Centre in Nallurahalli, Whitefield, is our proposed
 Commercial Office building Project aggregating to 0.26 million sft.
 It has received the LEED ICS Pre Certified Gold rating by IGBC Green
 Homes.
 
 The following projects are in the pre-launch stage.
 
 - ''Brigade Omega'', our Luxury Residential Project in Thurahalli
 Village, Uttarahalli, Bangalore South aggregating to 0.82 million sft.
 
 - Brigade Pinnacle, residential project in Mangalore aggregating to
 0.51 million sft.
 
 - Brigade Palmgrove, our Premium Villa & Town House Project on Bogadhi
 Main Road, Mysore aggre- gating to 0.27 million sft.
 
 The ground breaking ceremony for the following projects in Bangalore
 were conducted during the year.
 
 - Commercial Office building Project''Brigade IRV Centre in Nallurahalli
 
 - Premium Residential Apartment Project''Brigade Caladium, Hebbal
 
 - Commercial Office Building''Brigade Magnum, Hebbal.
 
 Shifting of Registered Office:
 
 During the year under review, the registered office of the Company was
 shifted to the 29th & 30th Floors, World Trade Center, Brigade Gateway
 Campus, 26/1, Dr. Rajkumar Road, Rajajinagar-Malleswaram, Bangalore 560
 055 w.e.f. 8th February, 2012.
 
 Subsidiaries:
 
 Brigade Hospitality Services Limited (BHSL) is a wholly owned
 subsidiary of the Company that runs and manages clubs, serviced
 residences and convention centres. During the financial year 2011-12
 BHSL has registered income from operations amounting to Rs 5210.72
 lakhs and incurred a loss of 41.41 Lakhs.
 
 Orion Mall Management Company Limited (OMMC) is a newly incorporated
 wholly owned subsidiary of the Company, incorporated during the year.
 The main object of the company is to carry on the business of mall
 management. This Company would manage all malls developed by the
 Company. OMMC had a turnover of Rs 16.81 lakhs and a loss of Rs 58. 13
 lakhs.
 
 WTC Trades & Projects Private Limited(WTC) a wholly owned subsidiary of
 the Company which has obtained the licence from World Trade Center
 Association, USA is entitled to use WTC logo in the city of Bangalore.
 WTC had a turnover of Rs 84.11 lakhs and a net profit of Rs 0.12 lakhs
 Brigade Estates and Projects Private Limited & Brigade Properties
 Private Limited are wholly owned Subsidiaries of the Company with main
 business in the field of real estate development. Brigade
 Infrastructure & Power Private Limited is a wholly owned subsidiary
 with its main objects in the field of Infrastructure and power. These
 Companies are in the process of being fully operational.
 
 Brigade Tetrarch Private Limited (BTPL) is also a wholly owned
 subsidiary of the Company with its main business in the field of sports
 related activities. BTPL has registered income from operations
 amounting to Rs 0.29 lakhs and incurred a loss of Rs 0.12lakhs.
 
 Joint Venture:
 
 BCV Developers Private Limited is a 50:50 joint venture between the
 Company and Classic Valmark Private Limited for development of land of
 120 acres in Devanahalli, Bangalore. Your Company has 50%
 representation of the Board of this Company. The project known as
 ''Brigade Orchards'' is a 120 acre, one-of-its kind, completely
 integrated and inclusive enclave located near the Bangalore
 International Airport. This will be an eco-friendly, model township,
 incorporating globally followed best practices in town planning and
 urban infrastructure. A total of around 7 million square feet of
 development is proposed over a period of 5 years. The project would
 comprise of villas, value homes, apartments, commercial complex,
 retail, sports arena, clubs. Provisions are made for Arts village,
 Healthcare, school and civic amenities. The model villas are ready and
 presently the infrastructure work is progressing in the project.
 
 Consolidated Financial Statements:
 
 The Consolidated Financial statements have been prepared by the Company
 pursuant to Clause 32 of the Listing Agreement entered with the Stock
 Exchanges. The Consolidated Financial Statement and Auditors'' Report
 thereon forms part of the Annual Report.
 
 Fixed Deposits:
 
 The Company has not accepted any fixed deposits during the year. There
 are no deposits repaid during the year or any unclaimed deposits with
 the Company.
 
 Management Discussion & Analysis Report:
 
 The Management Discussion and Analysis is annexed to this report.
 
 Directors:
 
 Dr Anumolu Ramakrishna and Mr M. R. Gurumurthy retire by rotation and
 being eligible, offer themselves for re-appointment.
 
 The present tenure of Mr M. R. Jaishankar as Chairman & Managing
 Director and Ms. Githa Shankar as Wholetime Director was upto 31st
 March, 2012. The Board of Directors have approved their re-appointment
 for a further period of five years with effect from 1st April, 2012
 subject to the approval of members in the 17th Annual General Meeting.
 
 None of the Directors of the Company are disqualified under Section
 274(1)(g) of the Companies Act, 1956.
 
 Auditors:
 
 M/s. Narayanan, Patil & Ramesh, Chartered Accountants, the Statutory
 Auditors of the Company retire at the ensuing Annual General Meeting of
 the Company and being eligible for re-appointment have offered
 themselves for re-appointment.
 
 M/s. Narayanan, Patil & Ramesh, Chartered Accountants have confirmed
 that the appointment, if made, will be in accordance with the limits
 prescribed under Section 224(1B) of the Companies Act, 1956.
 
 Directors'' Responsibility Statement:
 
 As per the provisions of Section 217(2AA) of the Companies Act, 1956,
 with respect to the Directors Responsibility Statement, it is hereby
 confirmed that:
 
 i.  In the preparation of the Annual Accounts, the applicable
 Accounting Standards have been followed along with proper explanation
 relating to material departures.
 
 ii.  The Directors have selected such accounting policies and applied
 them consistently and made judgments and estimates that are 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 and of the profit and
 loss of the Company for that period.
 
 iii. The Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the Company and
 for preventing and detecting fraud and other irregularities.
 
 iv.  The Directors have prepared the accounts on a going concern basis.
 
 Report on Corporate Governance:
 
 A detailed report on Corporate Governance has been included as an
 attachment to this Report.
 
 Particulars of Employees:
 
 In terms of the provisions of Section 217(2A) of the Companies Act,
 1956 read with the Companies (Particulars of Employees) Rules, 1975 as
 amended, the names and other particulars of employees are set out in
 the annexure to the Directors'' Report. However, having regard to the
 provisions of Section 219(1)(b)(iv) of the Companies Act, 1956,the
 Annual Report excluding the aforesaid information is being sent to all
 members of the Company and others entitled thereto. Any person
 interested in obtaining such particulars may write to the Company
 Secretary at the Registered Office of the Company.
 
 Conservation of energy, technology absorption, Foreign Exchange
 earnings and outgo:
 
 The particulars relating to conservation of energy, technology
 absorption and foreign exchange earnings & outgo pursuant to the
 provisions of Section 217(1)(e) of the Companies Act, 1956, read with
 Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules, 1988, is contained in Annexure I.
 
 Awards and Recognitions:
 
 World Trade Center, at Brigade Gateway has won the award for
 Outstanding Concrete Structure of Karnataka-2010 from the Indian
 Concrete Institute.
 
 Sheraton Bangalore Hotel at Brigade Gateway has been voted the Best
 New Hotel of the Year 2012 in the Upscale Segment-Business by HVS
 South Asia'' at HICSA 2012.
 
 The Group has been awarded a commendation certificate by Indian
 Merchants Chambers Ramakrishna Bajaj National Quality Award Trust for
 business excellence, 2011 under the Service category.
 
 Brigade Group was honoured with the Oustanding contribution in Real
 Estate (Hospitality Sector) at the EPC World Awards 2011. The award
 was conferred to the Company for the products and services provided by
 the Organisation for the development of the Indian Infrastructure and
 Construction sector.
 
 World Trade Center was conferred the ACCE- BILLIMORIA award 2011 for
 Best construction in High Rise Buildings by the Association of
 Consulting Civil Engineers India, Governing Council.
 
 The Group was awarded a certificate for its Strong Commitment to
 Excel by the CII-EXIM Award for Business Excellence 2011 at the
 National Quality Summit.
 
 Mr M. R. Jaishankar was honoured as an ''EMINENT DEVELOPER'' by Civil-Aid
 Technoclinic Private Limited, a Bureau Veritas Group Company.
 
 The Group has won two awards, ''Developer of the Year''Commercial'' &
 ''Integrated Township of the Year (Brigade Gateway) Awards at the
 Realty Plus Excellence Awards 2012 for South India , instituted by
 Realty Plus.
 
 The Group was presented the '' India''s Top 10 Builders'' award at the CW
 Architect and Builder Awards 2011. This is the fifth year in a row that
 your Company has received this honour.
 
 Economic Times, in association withGreat places to Work
 Institute''''rated the Company as the 2nd best Company in the Real Estate
 Sector and also at number 88 among all Companies in the Country in 2011
 to work at.
 
 Acknowledgements:
 
 We would like to record our sincere thanks to team Brigade,
 shareholders, to our family of associates (architects, consul- tants,
 contractors, bankers, suppliers, officials in the civic authorities and
 government), friends, well wishers and, of course, all our customers,
 who have shown their confidence and support to the Company during the
 last 25 years and helped in shaping Brigade Group.
 
                                      By Order of the Board
 
                                      for Brigade Enterprises Limited
 
 Place: Bangalore                     M. R. Jaishankar
 
 Date: May 07, 2012                   Chairman and Managing Director