The Directors have pleasure in presenting the sixteenth Annual Report
 on business and operations of the Company together with the Audited
 Statement of Accounts for the financial year ended 31st March, 2011.
 
                                                   (Rupees in Lakhs)
 
 Particulars                                2010–11         2009–10
 
 Net Sales and other income               45,746.63       36,259.08
 
 Interest & other Finance charges          1,678.69          887.49
 
 Depreciation                              1,726.58        1,791.03
 
 Profit before tax                         12,258.67         4633.85
 
 Provision for taxation: Current            2684.85          754.43
 
 Deferred                                   2446.87           23.75
 
 Net Profit after Tax                       8,040.40        4,595.21
 
 Add : Prior year (expenses) / income      1,190.73           96.77
 
 Excess / Short provision – IT             2,716.97          (58.02)
 
 Less : Diminution in value of                20.54           11.66 
 investment
 
 Profit available for appropriation        11,927.56        4,622.30
 
 Earnings Per Share                           10.63            4.12
 
 Dividend:
 
 The Board of Directors of the Company have recommended a dividend of
 Rs. 1.50 (Rupees one and paise ffty 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. 1963.43 lakhs. A sum of
 Rs 894.57lakhs 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 2010-11 has been the year of unprec- edented events
 viz. shaky European economy, mounting debt in Greece, Portugal, Spain
 and even Italy which had rippling effect across the globe. The infation
 rates spiralling to double digits in India, coupled with interest rate
 hikes by the Reserve Bank of India, has impacted the growth of the
 Indian Economy in general and the Real Estate sector in particular.
 
 The performance of your Company has been encouraging despite the above
 factors. The snapshot of the performance during the year is as follows:
 
 Integrated Enclaves
 
 Brigade Gateway:
 
 The Residential blocks aggregating to 1.85 million square feet have
 been completed during the year. Brigade Gateway is the most integrated
 enclave in an urban centre anywhere in the country. The total
 integration of the residential apart- ments with offces, retail, hotel,
 hospital, educational and recreational facilities within the city, is
 unprecedented. The convenience of living in such an environment will
 truly be a great experience.
 
 One of the most significant developments during the year is securing the
 license to brand our offce space in Brigade Gateway as World Trade
 Center Bangalore. This license is held by WTC Trades & Projects Private
 Limited, a wholly owned subsidiary of the Company. We join the elite
 group of 29 to own WTC (World Trade Center) buildings worldwide and
 only the second in India. WTC is the most recognized and sought-after
 business address anywhere in the world.  WTC Bangalore is the tallest
 building in Bangalore (128 meters) with many unique features,
 including—for the frst time in Bangalore—an observation deck. It is
 designed to International A++ specifcations and would be an iconic
 landmark in the Citys skyline.
 
 WTC Bangalore would be operational in a few months and would be a proud
 and positive development for us and for the city of Bangalore.
 
 The Orion Mall, aggregating to more than 8,00,000 sft would be
 operational in the financial year 2011-12. Your Company has already
 leased 75% of the total area.
 
 Brigade Metropolis:
 
 The residential blocks, aggregating to about 1.44 million sft, have
 been completed during the year. We are happy and pleased to inform you
 that this project has won the award for the best Residential Property
 South in the prestigious CNBC AWAAZ CRISIL CREDAI Real Estate Awards
 2010 held in Singapore in May, 2011. The Commercial space is on the
 verge of completion.
 
 Brigade Palmsprings at J. P. Nagar, Bangalore, aggre- gating to around
 0.82 million square feet comprising 216 apartments was completed during
 the year.
 
 Commercial:
 
 During the year the Company monetized the following
 
 commercial assets:
 
 ¾ Hospital Building of 0.14 million sft located at Brigade Gateway
 Project at Malleswaram, Bangalore
 
 ¾ Brigade Seshmahal aggregating to 0.02 million sft located at
 Basavangudi, Bangalore
 
 A total of 0.98 million sft of commercial space was leased / sold
 during the year
 
 Hospitality Domain:
 
 ¾ Sheraton Bangalore Hotel: The construction of the 230 room Sheraton
 Bangalore at Brigade Gateway has been completed and the operations have
 commenced during the year.
 
 ¾ Grand Mercure: Grand Mercure (formerly known as Mercure Homstead
 Residences) at Koramangala in Bangalore owned by the Company and
 managed by Accor group has been breaking records in terms of its
 performance.
 
 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—The frst Brigade Value Homes project Brigade
 Meadows will be launched in South Bangalore. About 1.3 million sft
 will be launched as part of phase 1 in the second quarter of the
 financial year 2011-12.
 
 The second project of Brigade Value Homes will be launched in the North
 Bangalore in the financial year 2011-12.
 
 Company has fnalised the land and entered in to joint development
 agreement for Brigade Value Homes to be launched in East Bangalore.
 
 The following projects have been launched by the Company in 2010-11:
 
 ¾ Brigade Rhapsody at Bangalore is a premium residential project
 aggregating to 0.03 million sft comprising 8 apartments
 
 ¾ Brigade Zenith, our premium residential project in Banjara Hills,
 Hyderabad aggregating 0.18 million sft which would comprise 48
 apartments.
 
 ¾ Orion Mall at Banaswadi, Bangalore aggregating to 0.25 million sft.
 
 The ground breaking ceremonies for the following projects were
 conducted during the year. These projects will be launched shortly
 except a couple of them which have already been launched.  ¾ Brigade
 Zenith in the up market Banjara Hills, our
 
 Premium Residential Project and maiden project in Hyderabad aggregating
 to 0.18 million sft.
 
 ¾ Brigade Omega, our Luxury Residential Project in Thurahalli
 Village, Uttarahalli, Bangalore South aggregating to 0.82 million sft.
 
 ¾ Our Hotel and Retail Project on Kempe Gowda Road, Bangalore
 aggregating to 0.16 million sft.
 
 ¾ Brigade Palmgrove, our Premium Villa and Town House Project on
 Bogadhi Main Road, Mysore aggre- gating to 0.27 million sft.
 
 ¾ Brigade Exotica on Old Madras Road, our Premium Luxury Residential
 Apartment Project aggregating to 1.50 million sft.
 
 ¾ Brigade IRV Centre in Nallurahalli, Whitefeld, our proposed
 Commercial Offce building Project aggre- gating to 0.26 million sft.
 
 This is the 25th year of existence after the Group was initially
 started as a partnership frm in 1986. To commemorate the 25 years, the
 Company plans on launching 25 projects (big, medium and small), a few
 of them have been recently launched and are listed above. As we look
 back there is a certain amount of satisfaction which gives us the
 deter- mination to work harder for a brighter future and to create a
 better quality of life for our customers and other stake holders.
 
 Company will be launching around 10 million square feet of built up
 area in the financial year 2011-12. A total of around 40 projects across
 residential, commercial and hospitality domains aggregating to 31
 million square feet area in seven cities would be constructed and
 delivered in the next 4 –5 years.
 
 Subsidiaries:
 
 Brigade Hospitality Services Limited (BHSL) as a wholly owned
 subsidiary of the Company runs and manages clubs, serviced residences
 and convention centres. During the financial year 2010-11 BHSL has
 registered income from operations amounting to Rs 4671 lakhs and Profit
 after tax of Rs 136.29 lakhs. There has been a marked improvement in
 the performance as compared to the previous year.
 
 WTC Trades & Projects Private Limited became a wholly owned subsidiary
 of the Company during the year. This company is the proud owner of the
 licence World Trade Center for the city of Bangalore, awarded to it
 by the World Trade Centers Association, U S A. (WTCA). The licence held
 by WTC Trades entitles it to use the trade names, trade- marks and
 goodwill associated with World Trade Center & Map Design Logo & WTC
 in the City of Bangalore. The Company has rebranded its offce space at
 its integrated enclave Brigade Gateway as World Trade Center which is
 indicative of the international standards of construction quality.
 
 Brigade Estates and Projects Private Limited and Brigade Properties
 Private Limited are wholly owned Subsidiaries of the Company with main
 business in the feld of real estate development. Brigade Infrastructure
 & Power Private Limited is a wholly owned subsidiary with its main
 object in the feld 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 feld of
 sports-related activities. BTPL has registered income from operations
 amounting to Rs 5.12 lakhs and incurred a loss of Rs 14.36 lakhs.
 
 Joint Venture:
 
 BCV Developers Private Limited is a 50:50 joint venture between the
 Company and Classic Valmark P. Limited for development of land of 120
 acres in Devanahalli, Bangalore.  Your Company has 50% representation
 of the Board of this Company. Villas will be launched in the frst phase
 of this mixed use project in the second quarter of the financial year
 2011-12. Construction of the model villas is presently in progress.
 
 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 Consoli- dated 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:
 
 Mr M. R. Jaishankar and Ms Githa Shankar retire by rotation and being
 eligible, offer themselves for re-appointment.
 
 None of the Directors of the Company are disqualifed 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 confrmed
 that the appointment, if made, will be in accordance with the limits
 prescribed under Section 224(1B) of the Companies Act, 1956.
 
 Group
 
 Pursuant to the intimation received from the Promoter(s), the names of
 the promoters and entities forming part of Group is disclosed in the
 Annual Report in accordance with Regulation 3(1)(e)(i) of the
 Securities and Exchange Board of India (Substantial Acquisition of
 Shares and Takeovers) Regulations, 1997.
 
 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
 confrmed 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 suffcient 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 irregu- larities.
 
 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 Corporate Offce 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 and 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:
 
 Brigade Metropolis, our integrated enclave on Whitefeld Road in
 Bangalore has won the prestigious CNBC AWAAZ CRISIL CREDAI Real Estate
 Awards 2010 for the best Residential Property South.
 
 OCHRE, Architects, have won the award for the Best Hospitality
 Architecture for Galaxy Club project @ Brigade Gateway Enclave in the
 CNBC AWAAZ CRISIL CREDAI Real Estate Awards 2010.
 
 The Companys Commercial Project World Trade Center, Bangalore @
 Brigade Gateway, Malleswaram, Bangalore, has won the award for the
 Best Commercial Project of the Year in the prestigious Property World
 Awards for 2010.
 
 The Company won the Best Commercial Developer of the Year Award at
 the Realty Plus Excellence Awards 2011 (South).
 
 This is the third consecutive year that we have received an award at
 the Realty Plus Awards. On the earlier two occasions, the awards were
 for the Regional Developer of the Year - South.
 
 The Company won the award for the Best Developer in Residential
 Infrastructure at the Construction Source India Awards 2010.
 
 Mr M. R. Jaishankar, Chairman and Managing Director of the Company was
 presented with the SENIOR BUILDER AWARD in appreciation and recognition
 of his excellent contribution to Civil Engineering Construction on the
 occasion of Builders Day celebration by the Builders Association of
 India, Karnataka (Bangalore) Centre.
 
 Acknowledgements:
 
 The Board wishes to place on record its appreciation to all the
 stakeholders for their continuous support, encour- agement and
 patronage. We would like to thank the Briga- diers for their valuable
 contribution and request them to keep up the good work. This is the
 beginning of the journey to achieve the vision of becoming a world
 class organisation in its products, processes, people and performance.
 We require the whole-hearted co-operation of all stakeholders to
 achieve this vision.
 
                                      By Order of the Board
 
                                      for Brigade Enterprises Limited
 
                                      M. R. Jaishankar
 
                                      Chairman and Managing Director
 
 Place: Bangalore
 Date: May 04, 2011