Dear Shareholders,
 
 The Directors have pleasure in presenting their Twenty Seventh Annual
 Report on the business and operations of the Company along with the
 audited Financial Statements of Account for the year ended 31st March,
 2011.
 
 FINANCIAL HIGHLIGHTS:
 
 The Summarized Financial Highlights of the Company are as follows:
 
                                              For the         For the
                                           Year ended      Year ended
                                           31.03.2011      31.03.2010
                                        (Rs. In Lacs)   (Rs. In Lacs)
 
 Sales and Other Income                      4,736.53        7,213.52
 
 Gross Profit                                  394.85          888.37
 
 Less: Depreciation                             16.52           14.87
 
       Miscellaneous Expenditure 
       written off                               1.40            1.40
 
       Profit before Taxation                  376.93          872.10
 
       Provision for Taxation                  140.00          320.00
 
       Provision for Taxation for 
       earlier years                             2.33           24.80
 
       Provision for Deferred Tax                0.89            0.87 
 
 Net Profit / (Loss) for the year              233.71          526.43
 
 Balance brought forward from 
 Previous Year                               3,652.37        3,290.28
 
 Profits available for Appropriations        3,886.08        3,816.71
 
 Appropriations:
 
 Proposed Dividend                                  -          140.93
 
 Dividend Tax                                       -           23.41
 
 Balance carried to Balance Sheet            3,886.08        3,652.37
 
 
 DIVIDEND:
 
 With a view to conserve and plough back the resources of the Company,
 the Board of Directors has decided not to recommend any dividend for
 the Financial Year 2010-11.
 
 REVIEW OF OPERATIONS:
 
 During the year under review, the Company recorded the turnover of Rs.
 4,736.53 Lacs as compared to Rs. 7,213.52 Lacs for the previous year.
 The Company earned profit after tax of Rs. 233.71 Lacs for the year as
 compared to Rs. 526.43 Lacs in the previous year.
 
 Decrease in sales turnover during the year is mainly attributable to
 short supply of inventory available for sale and adverse market
 conditions prevailing in the real estate sector. Profitability has also
 gone down on account of rising costs of interest and inputs.
 
 During the year under review, the Company’s operations were
 significantly affected due to deteriorating market conditions in the
 real estate and construction industry.  While the real estate sector
 continued its recovery from the economic recession of year 2008 and
 2009, there were numerous setbacks such as real estate linked
 corruption scandals sweeping across the country, prevailing acute
 inflationary pressure and rising interest rate regime towards the end
 of the year under review.  The real estate sector is at present highly
 leveraged and is feeling heavy debt burden. Rising interest and input
 costs have adversely impacted revenue and profit growth of the Company.
 In spite of all these, our joint venture partners, customers, investors
 and lenders have reposed their trust and belief in the Company. The
 size of opportunity given the number and condition of residential
 dwellings in Mumbai is truly enormous and we hope to have new
 re-developments deals to be announced in the coming quarters.
 
 REPORT ON CORPORATE GOVERNANCE:
 
 The Report on Corporate Governance is attached herewith as Annexure – I
 and forms part of this Report.  The Certificate from Practicing Company
 Secretary, Mr. Upendra C. Shukla, on compliance with Corporate
 Governance requirements by the Company is attached to the Report on
 Corporate Governance.
 
 MANAGEMENT DISCUSSION & ANALYSIS REPORT:
 
 Management Discussion & Analysis Report is attached herewith as
 Annexure–II and forms part of this Report.
 
 DIRECTORS:
 
 The Directors regret to report the sad demise of Shri Shridhar Vaikunt
 Shanbhag on 21st December, 2010. He was associated with the Company as
 a Director since its inception. The Directors place on record his
 valuable services and guidance to the Company.
 
 Mr. Pankaj Ramandas Majithia, a Practicing Chartered Accountant, was
 appointed as an Additional Independent Director by the Board of
 Directors on 12th May, 2011. The Members are requested to approve his
 appointment.
 
 Pursuant to the provisions of the Companies Act, 1956 and relevant
 Article of the Articles of Association of the Company, Mr. Ramesh J.
 Patel, Mrs. Shobha Jain, Mr. Sorabh Gupta and Mr. B.R. Maheshwari
 retire by rotation at the forthcoming 27th Annual General Meeting and
 being eligible they offer themselves for re-appointment. As per Item
 Nos. 8 and 9 of the Notice for convening the 27th Annual General
 Meeting, Mr. Tarun Jain and Mr. Amit Jain are being proposed to be
 re-appointed as Whole-time Directors of the Company respectively w.e.f.
 1st April, 2011 and 1st August, 2011.
 
 The Members are requested to approve their appointments /
 re-appointments.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 Pursuant to Section 217 (2AA) of the Companies Act 1956, your
 Directors, based on the representations received from operating
 management and after due enquiry, confirm that:
 
 (i) in the preparation of the annual accounts, the applicable
 accounting standards have been followed;
 
 (ii) they have, in the selection of the accounting policies, consulted
 the statutory auditors and those have been applied consistently and
 reasonable and prudent judgments and estimates have been made so as to
 give a true and fair view of the state of affairs of the Company as at
 31st March, 2011 and of the profit of the Company for the year ended on
 that date;
 
 (iii) proper and sufficient care has been taken 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
 detecting and preventing the fraud and other irregularities; and
 
 (iv) the annual accounts have been prepared on a going concern basis.
 
 DEPOSITS:
 
 Your Company has not accepted any Deposits from the public or its
 employees during the year under review.  There were no outstanding
 Deposits repayable as on 31st March, 2011.
 
 PARTICULARS OF EMPLOYEES:
 
 The Company did not have any employee who was in receipt of
 remuneration of Rs. 48,00,000/- or more per annum and / or if employed
 for a part of the year receiving remuneration at the rate which in
 aggregate was Rs. 4,00,000/- or more per month.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO:
 
 In view of the nature of activities which are being carried on by the
 Company, the Companies (Disclosure of Particulars in the Report of the
 Board of Directors)Rules, 1988, regarding conservation of energy and
 technology absorption respectively, are not applicable to the Company.
 
 There were no foreign exchange earnings and expenses during the year
 under review.
 
 AUDITORS REMARKS:
 
 As regards Auditors’ remarks, your Directors wish to state as under:
 
 (i) Regarding Accounting Standard-15 (Employees Retirement Benefits),
 the Company has made the provision of gratuity, which is not determined
 by the Actuary. Report of the Actuary on the provision to be made for
 gratuity in compliance with Accounting Standard-15 is being obtained.
 
 (ii) Regarding repayment to Indian Overseas Bank, the said repayment
 was delayed marginally due to delayed receipt of funds.
 
 AUDITORS:
 
 M/s. Mittal & Associates, Chartered Accountants, the Auditors of your
 Company retire at the forthcoming Annual General Meeting. They are
 eligible for re-appointment. The Members are requested to appoint the
 Auditors of the Company for the current year and fix their
 remuneration.
 
 ACKNOWLEDGEMENTS:
 
 Your Directors would like to express their grateful appreciation for
 unstinted support and co-operation received during the year from
 Shareholders, Customers, Suppliers, Indian Overseas Bank, Oriental Bank
 of Commerce, Corporation Bank, Legal & other Professionals, Mumbai
 Municipal Corporation and other Local Authorities.
 
 The Directors would also like to place on record their appreciation for
 the dedicated efforts and services put in by the employees of the
 Company.
 
                                       For and on behalf of the Board
 
 
                                                      B.R. Maheshwari
                                                             Chairman
 
 Place : Mumbai
 Dated : 11th August, 2011.