The Directors have pleasure in presenting the 28th Annual Report and
 Audited Balance Sheet as at 31st March, 2012 and the Profit & Loss
 Account for the period ended as on that date.
 
 FINANCIAL RESULTS :
 
 Particulars              31.03.2012      31.03.2011
 
                        (Rs. in lacs)   (Rs. in lacs)
 
 Total Revenue                229.16          121.78
 
 Profit before Tax             31.94            3.38
 
 Profit for the period         21.93            6.54
 
 OPERATION
 
 As reported earlier, the Company completed the construction work of its
 commercial-cum-shopping complex at Noida using the modern technologies
 and facilities.
 
 DIVIDEND
 
 Considering the facts and prevailing circumstances, the Board of
 Directors of the Company has not recommended any dividend for the year.
 
 DIRECTORS
 
 Shri Vivek Garg, Director is to retire by rotation at the ensuing
 Annual General Meeting and being eligible offers himself for
 re-appointment.
 
 FIXED DEPOSITS
 
 Your company has not invited/accepted any fixed deposits as stipulated
 under Section 58A of the Companies Act, 1956.
 
 AUDITORS
 
 M/s. Doogar & Associates, Chartered Accountants, the Auditors of the
 Company will retire at the conclusion of the ensuing Annual General
 Meeting and being eligible offer themselves for re- appointment.
 
 AUDITORS'' REPORT
 
 Auditors'' observations are self explanatory and are suitably explained
 in the notes to the accounts.
 
 LISTING OF SECURITIES
 
 The securities of the Company are presently listed on Bombay Stock
 Exchange.
 
 SHARE TRANSFER SYSTEM:
 
 M/s. Beetal Financial & Computer Services (P) Limited engaged by the
 Company is acting as Registrar and Share Transfer Agents of the
 Company. Transfers, Transmission etc. of shares are approved by the
 Shareholders/Investors Grievance Committee of Directors which meets at
 a regular interval.
 
 PARTICULARS OF EMPLOYEES:
 
 No employee of the Company is in receipt of excess remuneration of the
 limits as stipulated under Section 217 (2A) of the Companies Act, 1956
 read with Companies (Particulars of Employees) Rules, 1975.
 
 CORPORATE GOVERNANCE-CLAUSE 49 OF THE LISTING AGREEMENT:
 
 In compliance with Clause 49 of the Listing Agreement with the Stock
 Exchange, a report on Corporate Governance along with Auditors
 certificate regarding compliance of Corporate Governance as stipulated
 under Clause 49 of the Listing Agreement and Management Discussion and
 Analysis are annexed as a part of this Annual Report.
 
 SECRETARIAL COMPLIANCE CERTIFICATE
 
 Secretarial Compliance Certificate pursuant to section 383A of the
 Companies Act, 1956 issued by VLA & Associates, Company Secretaries is
 annexed herewith.
 
 PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
 FOREIGN EXCHANGE EARNINGS & OUTGO:
 
 As stipulated under Section 217(1)(e) of the Companies Act, 1956 read
 with the Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules, 1988, information is enclosed.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT :
 
 In compliance with Section 217 (2AA) of the Companies Act, 1956, it is
 hereby confirmed:- 
 
 (i) That in the preparation of the accounts for the financial year
 ended 31st March 2012 the applicable accounting standards have been
 followed along with proper explanations relating to material departure;
 
 (ii) That 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 and the
 profit and loss of the Company for the year ended under review;
 
 (iii) That the Directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956 for safeguarding the assets of
 the Company and for preventing and detecting fraud and other
 irregularities; and
 
 (iv) That the Directors had prepared the accounts for the financial
 year ended 31st March 2012 on a going concern basis except to the
 extent as noted in the Auditors'' Report.
 
 ACKNOWLEDGMENT :
 
 Your Directors place on record, their sincere thanks to the Bankers of
 the Company and all the employees for their co-operation and support.
 
                                       For and on behalf of the Board
 
                                                  MADHUSUDAN CHOKHANI
                                                             Chairman 
                                                         DIN-00307234
 
 Place : New Delhi 
 Date : 30-07-2012