Dear Shareholders,
 
 I am very pleased to present the annual report of JMC Projects (India)
 Ltd., in its 25th year of inspiring growth story. The year 2011-12, has
 been a year of achievements. Your Company has grown over the years but
 this year, its growth has broken all its previous records.
 
 Before I take you through the landmark achievements of your Company for
 the year, let me dwell upon briefly the unfolding global economic
 scenario and the possible impact thereof on the domestic industry, in
 particular on the infrastructure sector. The global economy is in the
 grip of uncertainty and downside risks persist. With the unbridled rise
 in crude and commodity prices, inflation has hit the levels that have
 not been witnessed in the last decade.
 
 The year 2011-12 has been a challenging year for the Indian economy
 with a GDP growth rate of 6.9%, a significant decline as compared to
 the past years. Besides global uncertainty and escalating crude oil
 prices, many internal factors too have marred India''s growth story.
 Logjam in Government policy making, stifling investment, high
 inflation, weakening Indian rupee and corruption related controversies
 hindered economic progress. The infrastructure sector too suffered
 setbacks due to delay in policy making.
 
 Business Performance
 
 Against a backdrop of significant economic challenges and the lag
 effect in the infrastructure sector, your Company demonstrated great
 operational prudence and posted a stupendous performance.
 
 With a turnover of Rs 2,060 crores, am happy to state that your Company
 has achieved a topline growth of over 50%. However, while your Company
 reported a remarkable turnover growth, profit margins suffered on the
 back of steep increase in labour and material costs and delay in
 certain projects due to reasons beyond our control.
 
 Operationally, I am very pleased to share that we expanded our BOOT
 (Build Own Operate and Transfer) portfolio to four projects with a
 project outlay of around Rs 2,000 crores. Another area of progress was
 the way in which we controlled internal costs, executed projects faster
 despite challenges and delivered more to our clients.
 
 We at JMC Projects, are focussed on improving the progress we have made
 in the current year and build greater resilience into the business.
 Your Company is set to take bigger strides in the industry with a
 sizeable increase in the projects undertaken. As we enter 2012 with a
 healthy order book of over Rs 5,675 crores, we are extremely positive of
 taking a quantum leap. In relentlessly pursuing our aim to improve
 margins, your Company has identified areas and methods to reduce costs.
 With sharp volatility in input prices increasing the pressure on
 margins and unabated competition, this policy will help us improve our
 performance in the time to come.
 
 Future Outlook
 
 In the industry where JMC Projects has positioned itself, the
 opportunities are unprecedented.  The Budget 2012 has strategically
 focused on the infrastructure sector to balance current challenges and
 long terms needs. Increase in investment has been envisaged through a
 combination of public investment and Public Private Partnership. To
 propel domestic investments in the infrastructure sector, the Finance
 Ministry has doubled the limit of tax free infra bonds to Rs 60,000
 crores from Rs 30,000 crores and introduced 8,800 km of road projects.
 As a leading player in the sector, on the back of these initiatives,
 the future prospects of your Company are bright indeed. However, on
 account of the current economic uncertainity the future cannot be
 defined.
 
 The quality, drive and expertise of our employees are second to none.
 At JMC Projects, we are proud of our skilled workforce of over 3,000
 employees who have been the real reason behind the Company''s growth
 trajectory. Our ability to deliver quality projects well within time
 and attain our set targets has been possible through our human asset.
 Cognisant of their contribution, your Company strives to build
 capacities by encouraging its employees to participate in training
 sessions and stay abreast of industry happenings and provide them with
 an environment to develop their inner talent and expertise.
 
 Lastly, I take this opportunity to thank our employees for their
 tireless efforts in ensuring that JMC Projects delivers on its
 promises. I would also like to thank our customers, shareholders,
 suppliers, JV partners, business associates and bankers for reposing
 faith in us. And as we continue our journey of achieving greater
 success, I look forward to your continued support.
 
 
 
 Hemant Modi
 
 Vice Chairman & Managing Director