The Shareholders
 
 The Directors have pleasure in presenting the Twentieth Annual Report
 and the Audited Statement of Accounts of the Company for the financial
 year ended 31st March, 2011.
 
 FINANCIAL RESULTS:
 
 The financial results of the company are as follows:
 
 PARTICULARS                       2010-2011(in Rs.)    2009-10(in Rs.)
 
 Income From IT Activities           34,47,367            --
 
 Sales and Services               23,74,13,548          203,777,085
  
 Other Income                      3,57,67,819            2,954,790
 
 Profit before tax                  11,813,402            2,026,841
 
 Provision for Tax                   2,593,827              610,875
 
 Dividend on Equity Share            2,754,500                --
 
 Provision for Corporate Dividend Tax  457,488                --
 
 Profit after tax                    4,967,643            1,415,965
 
 Profit brought from previous year   2,633,124            1,217,159
 
 Profit available for appropriation  7,600,766            2,633,125
 
 Balance carried to Balance Sheet    7,600,766            2,633,125
 
 OPERATIONS AND PROSPECTS: REVIEW OF OPERATIONS:
 
 The Company has recorded a turnover of Rs. 23.74 crores in the current
 year and made a net profit of Rs. 49.68 lacs compared to Rs. 20.67
 crores and Rs. 14.15 lacs respectively for the financial year 2009-10.
 The Company has been continuously working to improve the performance to
 a greater extent by diversifying business activities into telecom and
 education sector.
 
 DIVIDEND:
 
 Your directors recommend a final dividend of Rs. 0.50. per share for
 your approval.
 
 DIRECTORS:
 
 As per the provisions of the Articles of Association of the Company, Mr
 Ashok Kumar Jain, Manging Director and Mr. Rajender Kumar Jain,
 Director of the Company retire by rotation at this Annual General
 Meeting and are eligible for re-appointment and your Board recommends
 their re- appointment.
 
 During the year Mr. Hanuman Das Malu was appointed as additional
 director w.e.f .24.05.2011.
 
 PUBLIC DEPOSITS:
 
 Your Company has not accepted any deposits falling within the meaning
 of Sec.58A of the Companies Act, 1956 read with the Companies
 (Acceptance of Deposits) Rules, during the financial year under review.
 
 LISTING/TRADING:
 
 The equity shares of your company are listed on Ahmedabad Stock
 Exchange. During the year the Company got permission from Bombay Stock
 Exchange to trade its shares on BSE Indonext Model.
 
 DIRECTORS RESPONSIBILITY STATEMENT:
 
 Pursuant to the provisions of Sec.217 (2AA) of the Companies Act, 1956
 the Board of Directors of your Company hereby certifies and confirms
 that:
 
 i. In the preparation of the Annual Accounts, the applicable accounting
 standards have been followed along with proper explanation relating to
 material departures;
 
 ii. The Directors have selected such accounting policies and applied
 them consistently and made judgment 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;
 
 iii. The Directors have 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;
 
 iv.  The Directors have prepared the Annual accounts on a going concern
 basis.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
 EARNINGS AND OUT GO
 
 The required information as per Sec.217 (1) (e) of the Companies Act
 1956 is provided hereunder:
 
 A.  Conservation of Energy
 
 Adequate measures have been taken to reduce energy consumption,
 wherever possible.  Total energy consumption and energy consumption per
 unit of production is not applicable as company is not included in the
 industries specified in the schedule
 
 B.  Technology Absorption
 
 1. Research and Development (R&D) : Nil
 
 2. Technology absorption, adoption and innovation : Nil
 
 PARTICULARS OF EMPLOYEES:
 
 As the Company is not having any employee during the year under review,
 the disclosures required to be made under Section 217(2A) of the
 Companies Act, 1956 and the rules made thereunder are not applicable.
 
 CODE OF CONDUCT:
 
 The Code has been circulated to all the members of the Board and Senior
 Management and the compliance of the same has been affirmed by them.
 
 The code has been circulated to all the members of the Board and Senior
 management and the compliance of the same has been affirmed by them. A
 declaration signed by the Director is given in Annexure.
 
 AUDITORS:
 
 M/s. Kalyana & Co.,Chartered Accountants, Hyderabad retire at the
 ensuing Annual General Meeting and being eligible has expressed his
 willingness for re-appointment. Your directors propose the appointment
 of M/s. Kalyana & Co., Chartered Accountants, as statutory auditor to
 hold office until the conclusion of the next Annual General Meeting of
 the company.
 
 CORPORATE GOVERNANCE:
 
 As a listed company, necessary measures have been taken to comply with
 the listing agreements of Stock Exchanges. A report on Corporate
 Governance, along with a certificate of compliance from the Auditors,
 Forms part of this Report as Annexure.
 
 ACKNOWLEDGEMENTS:
 
 Your Directors express their gratitude to the Central and State
 Governments, for their kind co- operation and constructive policies.
 They are thankful to Consortium of Bank, Financial institutions and
 investors for extending the support to the Management. Your Directors
 place on record their appreciation of the invaluable contribution made
 by the employees to the success of your Company.
 
 Declaration by Director of affirmation by Directors and senior
 Management personnel of compliance with the code of conduct
 
 The shareholders
 
 I, Ashok Kumar Jain, Director of the Company do hereby declare that the
 Directors and senior management of the Company have exercised their
 authority and powers and discharged their duties and functions in
 accordance with the requirements of the code of conduct as prescribed
 by the company and have adhered to the provisions of the same.
 
                      For and on behalf of the Board of Directors of
 
                                       M/s. Mahaveer Infoway Limited
 
 Place:Hyderabad                                    Ashok Kumar Jain
 
 Date:20.07.2011                                   Managing Director