The Directors are pleased to present the Twenty Eighth Annual Report
 together with the Audited Accounts of your Company for the financial
 year ended 31st March, 2008.
 
 FINANCIAL HIGHLIGHTS
 
 During the period under report, both the hotel and construction
 business of the company have shown improved performance as is evident
 from the following figures:
 
                                                        (Rupees in Lacs)
 Particulars                                Year Ended      Year Ended 
                                            31.03.2008      31.03.2007
 
 Gross Revenue                                17291.26        13080.09
 Gross operating profit                        4384.43         3532.96 
 Less:
 a) Interest & Financial Charges                438.94          391.20
 b) Depreciation & Amortization                1129.32          991.04 
 Profit before tax                             2816.17         2150.72 
 Less:
 a) Provision for current tax                   358.16          793.39
 b) Deferred tax                                661.04          (36.79)
 c) Fringe Benefit tax                           43.00           30.00 
 Profit after tax                              1753.97         1364.12
 Add/(Less)
 Other adjustments from earlier years             -              (1.58)
 Profit available for appropriation            1753.97         1362.54 
 Less:
 a) Transfer to General Reserve                 135.00          105.00
 b) Proposed Dividend                           998.82          998.82
 c) Tax on Dividend                             169.75          169.75 
 Balance carried to Balance Sheet               450.40           88.97 
 Earning Per Share (Rs.)                          3.16            2.46
 
 DIVIDEND
 
 Your Directors have recommended a Dividend of Rs. 1.80 (18%) per equity
 share amounting to Rs. 998.82 lacs for the year 2007-08 excluding
 dividend tax of Rs. 169.75 lacs.
 
 FUTURE OUTLOOK
 
 The growth of the tourism industry has shown positive signs. In view of
 the various initiatives taken by the Government and the countrys rapid
 economic growth, the hotel industry is expected to remain buoyant. The
 hosting of Commonwealth Games in New Delhi also holds promise for a
 bright future of hospitality business of the Company.
 
 It is the endeavour of the Company to tirelessly strive to maintain
 befitting growth rate in the hotel business and keep the staff and
 executives of the hotel well motivated and enthusiastic for facing new
 challenges emerging from the changing tastes of different segments of
 tourists and travellers and to establish a distinct niche in the hotel
 Industry. Jaypee Siddharth at Rajendra Place, New Delhi, after
 completion of the renovation, has also emerged as a preferred choice of
 upmarket business travellers. All these efforts are directed to
 achieve higher growth coupled with optimization of the resource
 utilization. The Company is confident to achieve better quotient of
 customers satisfaction. The current financial year 2008-09 has already
 started on a strong note and the Company remains cautiously upbeat on
 the performance of its hotels.
 
 The Companys Hotels at New Delhi, have been accredited with ISO 9001/
 2000 for Quality Management System [QMS] and ISO 14001; 2004 for
 Environment Management System [EMS] by DNV (DET NORSKE VARITAS).
 
 DIRECTORATE
 
 Four Directors namely, Shri Santosh Kumar Bansal, Shn Krishnaswamy
 Subramanian, Shri Raj Narayan Bhardwaj and Shri Sunil Kumar Sharma,
 retire by rotation and, being eligible, offer themselves for
 reappointment.
 
 Shri Ravi Sreen and Shri Jaiprakash Gaur were appointed as Addit onal
 Directors on the Board of the Company with effect from 29th October,
 
 2007 and 10th January, 2008 respectively. They hold office upto the
 ensuing Annual General Meeting of the Company. Notices have been
 received from the members of the Company signifying their intention to
 propose the above Additional Directors as Directors of the Company
 under Section 257 of the Companies Act. 1956.
 
 The Board of Directors appointed Shri Ravi Sreen as Managing Director
 for 5 years with effect from 1st November, 2007 and reappointed Smt.
 Manju Sharma as Whole Time Director for 5 years with effect from 1st
 April, 2008, subject to the approval of the Shareholders.
 
 The Board commends the passing of resolution placed before the meeting
 for appointment of Director. Managing / Whole Time Directors.
 
 Shri S.G. Awasthi and Shri S.P. Warty resigned from the Board of the
 Company with effect from 10th September, 2007 and 10th January.
 
 2008 respectively. The Board places on record its sincere appreciation
 for their valuable contribution during their tenure as Directors o the
 Company.
 
 FIXED DEPOSITS
 
 During the year under report, your Company has not accepted/ invited
 any Deposits within the meaning of Section 58A of the Companies Act,
 1956 and the rules made thereunder.
 
 PERSONNEL
 
 Information as per Section 217(2A) of the Companies Act, 1956, ead with
 the Companies (Particulars of Employees) Rules. 1975 is set out in
 Annexure-I.
 
 ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND
 
 FOREIGN EXCHANGE EARNING AND OUTGO
 
 Pursuant to Section 217(1)(e) of the Companies Act, 1956, read with
 Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules 1988, particulars of energy conservation, technology
 absorption, foreign exchange earnings and outgo are annexed herewith as
 Annexure-ll.
 
 AUDITORS AND THEIR OBSERVATIONS
 
 M/s LC Kailash & Associates, Chartered Accountants, Statutory Auditors
 of the Company, hold office until the conclusion of the forthcoming
 Annual General Meeting and being eligible, offer themselves for
 reappointment.
 
 In respect of observations made by the Auditors in their report, /our
 Directors wish to state that the respective notes to accounts are self
 explanatory, and do not call for any further comments.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 The Directors Responsibility Statement pursuant to Section 217(2AA) of
 the Companies Act, 1956 is annexed herewith as Annexure - III.
 
 CORPORATE GOVERNANCE
 
 Pursuant to Clause 49 of the Listing Agreement with the Sock Exchanges,
 Management Discussion and Analysis, Corporate Governance Report and
 Auditors Certificate regarding Compliance of the Conditions of
 Corporate Governance are annexed herewith as Annexure-IV.
 
 ACKNOWLEDGEMENTS
 
 Your Directors wish to place on record their sincere appreciation of
 the efficient and dedicated efforts made and support rendered by all
 employees. The motivation of the work force and their active
 participation in operations are helping your Company to establish a
 mark of - High Customer Quotient.
 
 The Board of Directors acknowledges the esteemed patronage received
 from customers/guests of the hotels and the unstinting support of the
 Shareholders. The Board of Directors is thankful to the government,
 bankers and other authorities for their continued and valued support.
 
                                      For and on behalf of the Board
 
 Place: New Delhi                          Sunil Kumar Sharma
 Dated: 15th April, 2008                       Chairman