To the Members,
 
 The Directors are pleased to present the 17th Annual Report together
 with the Audited Statements of Accounts for the accounting year ended
 31st March 2011.
 
 FINANCIAL RESULTS:
 
 The financial results of the Company during the year under review are
 summarised hereunder:
 
                                                 (Amount Rs. in lakhs)
 
                                             Year Ended     Year Ended
 PARTICULARS                                 31.03.2011     31.03.2010
 
 Profit before Depreciation & Tax                323.99         983.95
 
 Less : Depreciation                              14.29          12.10
 
 Exceptional Item                                183.65              —
 
 Profit/(Loss) before Taxation                   493.35         971.85
 
 Provision for Taxation:
 
 – Current Tax                                   105.00         165.00
 
 Deferred Tax
 
 – Charge/(Credit)                                 0.24           0.44
 
 – Tax Adjustment for earlier year                 9.39          10.70
 
 Profit after Taxation                           378.72         795.71
 
 Add/(Less): Profit/Brought Forward             1575.60        1020.31
 
 Transfer to General Reserve                   (100.00)       (100.00)
 
 Proposed Dividend                             (120.42)       (120.42)
 
 Distribution Tax on proposed Dividend 
 including surcharge and education cess         (19.54)        (20.00)
 
 Profit carried forward                         1714.36        1575.60
 
 DIVIDEND
 
 In view of the distributable profits of the Company after providing
 Depreciation and other provisions, your Directors are pleased to
 recommend a dividend at the rate of 10% on Equity Shares (i.e. Re. 1/-
 per share) for the year under review (previous year Re. 1/- per share).
 
 PERFORMANCE REVIEW
 
 The operational income for the year under review was Rs.317.16 Lakhs
 compared to Rs. 706.07 lakhs in the previous year (including the share
 of profits from joint venture project at Mohali) The company has also
 been able to generate net profits of Rs. 388.11 (Rs. 806.41 lakhs
 during the previous year)
 
 The construction work of Shopping Mall-cum-Multiplex & Hotel project at
 Mohali being implemented by a Joint Venture (in the form of an AOP)
 formed with Parsvnath Developers Ltd. is progressing fast for
 completion and expected to be operational by end of the year 2011.
 
 You directors are pleased to inform that during the year under review,
 the civil construction work of the 5 star hotel project (Vivanta by
 Taj) at Sector-44, Gurgaon, Haryana, has been completed and the
 interior works are in progress. The company has appointed various
 consultants and floated various tenders for the hotel project. Most of
 the imported equipment has already been received at the Hotel site and
 under erection and installation. The Company has so far incurred a sum
 of Rs. 262.43 Crores on the Project activities. The hotel project work
 is in full swing and expected to be in operation in the financial year
 2011-12.
 
 The Industry Trends and outlook are summed up in the Management
 Discussion and Analysis which forms a part of this report.
 
 DEMISE OF SHRI H.C. BHASIN, FOUNDER CHAIRMAN OF THE COMPANY
 
 Sh. H.C. Bhasin, founder Chairman of the Company passed away on 7th
 December, 2010.  The Board of Directors condoled the passing away of
 Sh. H.C. Bhasin and fondly recalled and placed on record his efforts
 and valuable contribution in directing the affairs of the Company and
 keeping the Company in a remarkable position as founder Chairman of the
 Company
 
 STATUTORY STATEMENTS
 
 Your Company has not accepted any deposits from the public during the
 year. The particulars under Companies (Disclosure of Particulars in the
 Report of Board of Directors) Rules, 1988 on conservation of energy,
 technology absorption are not applicable to your company. During
 
 the year under review there have been no foreign exchange earnings. The
 foreign exchange outgo during the said period was Rs. 17,65,849/- on
 account of traveling; Rs. 1,25,43,528/- towards payment of Professional
 and Technical fees and Rs. 8,01,31,577/- towards purchase of Capital
 goods.
 
 The provisions of Sec 217(2A) of the Companies Act, 1956 read with the
 Companies (Particulars of Employees) Rules, 1975 as amended, are not
 applicable, as there are no employees who were drawing or in receipt of
 remuneration of prescribed amount during the year under review.
 
 Pursuant to Section 217(2AA) it is hereby stated that in the
 preparation of the Annual Accounts for the year under review, the
 applicable accounting standards have been followed. 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 under review and of the profit or loss of the
 company for that period. 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. Further, the Directors'' have prepared the annual
 accounts, for the year under review, on a going concern basis.
 
 CORPORATE GOVERNANCE
 
 Your Company is in adherence of good corporate governance as stipulated
 by the stock exchange and fully complied with the requirement of the
 listing agreement. A separate section on Corporate Governance forming
 part of the Directors'' Report and the certificate from the Company''s
 Auditors confirming compliances of Corporate Governance norms, in terms
 of Clause-49 of the Listing Agreement is annexed to the Annual Report.
 
 STATEMENT PURSUANT TO LISTING AGREEMENT(S)
 
 The Company''s Equity shares are listed at Bombay Stock Exchange Limited
 (BSE), Mumbai.  The listing fee for the year under review has been paid
 to BSE.
 
 TERM LOAN
 
 During the year under review out of the total sanctioned Term Loan of
 Rs. 150 Crores, a sum of Rs. 110.00 Crores has been disbursed to meet
 the cost of ongoing Hotel project of the Company.
 
 AUDITORS REPORT
 
 Observations of the Auditors have been explained, wherever necessary,
 by appropriate notes to accounts.
 
 AUDITORS
 
 M/s P. Bholusaria & Co., Chartered Accountants, the Statutory Auditors,
 retires at the ensuing Annual General Meeting and is eligible and
 offers themselves for reappointment.
 
 DIRECTOR''S
 
 Mr. Davendra Ahuja was director on the Board of the Company since 2004
 left for his heavenly abode on 20th August 2010. The Board placed on
 record its appreciations for the valuable services rendered by Mr.
 Ahuja during the period he was a director of the Company. There was no
 other change in the Board during the year under review.
 
 Mr. J M L Suri and Mr. Rajesh Jain Director(s) being longest in the
 office, retire by rotation at the ensuing Annual General Meeting and
 being eligible offer themselves for re-appointment.
 
 ACKNOWLEDGEMENTS
 
 Your Directors wish to thank and acknowledge the co-operation,
 assistance and support extended by the Company''s associates in the
 Hotel Project and Bankers to the Company.  Your Directors also wish to
 thanks for the contribution of the employees at all levels of the
 organisation and the trust and confidence reposed by the shareholders
 in the management of the company.
 
                           FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
 
                                                          LALIT BHASIN 
                                                              Chairman
 
 Place : Gurgaon 
 Date  : 19th May 2011