The Directors have pleasure in presenting the Twenty-Fourth Annual
 Report together with the Audited Statement of Accounts of the company
 for the year ended 31st March, 2012.
 
 FINANCIAL HIGHLIGHTS:
 
                                     Year Ended      Year Ended
                                     31/03/2012      31/03/2011
                                  (Rs. in Lacs)   (Rs. in Lacs)
 
 Income from Operations                   60.01          214.98
 
 Other Income                             01.85           12.86
 
 Profit before Dep. & Tax                  8.80            8.28
 
 Adjustments related to
 previous year                                0            1.64
 
 Add/Less : Depreciation                   1.24            1.24
 
 Profit before Tax                         7.56            8.68
 
 Add/Less :
 
 Provision for Taxation
 
 Current Year                              1.44            1.80
 
 Deferred Tax Liability/Assets             1.80            5.02
 
 Profit after Depreciation
 & Taxation                                2.49            1.86
 
 Add:
 
 Balance brought forward from
 previous year                           282.86         -284.72
 
 Surplus/(Deficit) carried to
 Balance Sheet                           280.37         -282.86
 
 OPERATIONS
 
 The operations for the year under review show a profit (Before Tax) of
 Rs. 7.56 Lacs.
 
 During the year under review, the Borivali project was completed,
 however, the Occupation Certificate thereof could not be obtained due
 to unexceptional and unreasonable delays for unknown reasons in
 granting the same by Municipal Corporation of Greater Mumbai, Almost
 all the builders in Mumbai are faced problems in getting various
 approvals from MCGM and the company was also affected by the same. The
 company has obtained Letter Of Intent from the Slum Rehabilitation
 Authority (SRA) for its Jogeshwari project on 29th July, 2011.
 Although, the work on the project could have started in March/April
 2012, due to changes in Development Control Rules (DC Rules) the
 building plans are under revision. Considering the time required for
 the approval of revised plans conditions, it is estimated that the site
 work of the Jogeshwari project will commence in October/November 2012.
 As explained previously, due to certain adverse policy of the Municipal
 Corporation of Greater Mumbai for JVPD Scheme, the further approval of
 FSI with TDR for Vile Parle (which is located in JVPD Scheme) project
 is not received. In view of the same, Vile Parle project can only be
 started when the approval of plans alongwith additional FSI in lieu of
 TDR is resumed by MCGM.
 
 DIVIDEND
 
 In view of the accumulated losses, your Directors are unable to
 recommend any Dividend.
 
 FIXED DEPOSITS
 
 Your company has neither invited nor accepted any Fixed Deposits from
 the public during the financial year under review.
 
 PARTICULARS OF EMPLOYEES:
 
 During the year under review, no employee of the Company was in receipt
 of remuneration exceeding the sum prescribed under section 217(2A) of
 the Companies Act 1956, read with the Companies (particulars of
 employees) Rules 1975. Thus furnishing of particulars under the
 Companies (particulars of employees) Rules 1975 are not applicable.
 
 DIRECTORS
 
 As per the provisions of the Companies Act, 1956 and in terms of the
 Articles of Association of the Company Mr. Aditya Parekh retires by
 rotation and being eligible offer himself for reappointment.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under Section 217(2AA) of the Companies
 Act, 1956, with respect to Directors'' Responsibility Statement, it is
 hereby confirmed:
 
 (i) That in the preparation of the accounts for the financial year
 ended 31st March, 2012 the applicable accounting standards have been
 followed, along with proper explanation relating to all material
 departures;
 
 (ii) That they have, in the selection of the accounting policies,
 consulted the statutory auditors and have 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 financial year and of the profit of the Company for that period.
 
 (iii) They have taken proper and sufficient care to the best of their
 knowledge and ability 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) That the Directors have prepared the accounts for the financial
 year ended 31st March, 2012 on ongoing concern basis.
 
 AUDITORS
 
 M/s. Mak & Associates, Chartered Accountants - Statutory Auditors of
 the company hold office until the conclusion of ensuing Annual General
 meeting. The company has received certificate from the Auditors to the
 effect that their re-appointment, if made, would be within prescribed
 limit under section 224 (1B) of The Companies Act, 1956.
 
 CONVERSATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE AND
 OUTGO:
 
 The prescribed information relating to Conservation of Energy and
 Technology Absorption pursuant to Section 217(1)(e) of the Companies
 Act, 1956, read with the Rules there under are not applicable as the
 Company has not carried any manufacturing activity during the year.
 
 Exchange Earnings and Outgo NIL.
 
 DEPOSITORY SERVICES:
 
 The Company''s Equity Shares have been admitted to the depository
 mechanism of the Central Depository Services Limited (CDSL). As a
 result the investors have an option to hold the shares of the Company
 in a dematerialized form in this Depository. The Company has been
 allotted ISIN No. INE809D01010.
 
 Shareholders'' therefore are requested to take full benefit of the same
 and lodge their holdings with Depository Participants (DPs) with whom
 they have their Demat Accounts for getting their holdings in electronic
 form.
 
 CORPORATE GOVERNANCE:
 
 Your Company continued to practice good governance as set out by the
 Securities And Exchange Board of India. In addition to the basic
 governance issues, the Board laid a strong emphasis on transparency,
 accountability and integrity. The detailed report on compliance of
 Corporate Governance and Management Discussion Analysis as stipulated
 in Clause 49 of the Listing Agreement is enclosed and form part of this
 Report. A Certificate from the Auditor of the Company certifying
 compliance conditions of Corporate Governance as stipulated under
 Clause 49 of the Listing Agreement is attached to this report
 
 CODE OF CONDUCT:
 
 Your Company is committed to conducting its business in accordance with
 the applicable laws, rules and regulations and highest standards of
 business ethics. In recognition thereof, the Board of Directors have
 implemented a Code of Conduct for adherence by the Directors and Senior
 Management Personnel of the Company. This will help in dealing with
 ethical issues and also foster a culture of accountability and
 integrity.
 
 As required by the Listing Agreement with Stock Exchanges, Corporate
 Governance and Management Discussion and Analysis Report form part of
 this Annual Report.
 
 LISTING AGREEMENTS REQUIREMENTS:
 
 The securities of your company are listed at Bombay Stock Exchange
 Limited, The Delhi Stock Exchange Association Limited & Ahmedabad Stock
 Exchange Limited. Trading in company''s securities remain suspended at
 Stock Exchanges. However, the company had already complied with most of
 the requisitions of Bombay Stock Exchange, who has granted in-principle
 approval for revocation of suspension in trading of equity shares to
 the company.  The further formalities as requisitioned in the said
 principle approval is being complied with. The company is confident
 that the revocation of suspension in trading by Bombay Stock Exchange
 will be done in the current year.
 
 BUY-BACK OF SHARES
 
 There was no buy-back of shares during the year under review.
 
 AUDIT COMMITTEE:
 
 In accordance with the provisions of the Companies Act, 1956 and
 Listing Agreement the Company has constituted an Audit Committee. The
 Audit Committee acts in accordance with the terms of reference
 specified from time to time by the Board.
 
 ACKNOWLEDGEMENT
 
 Your Directors would like to express their grateful appreciation of the
 assistance and co-operation received from the Banks and Business
 Associates.
 
 The Directors place on record their deep and sincere appreciation for
 the valuable services rendered by all the employees of the Company and
 continued support of the Shareholders of the Company.
 
                                           FOR AND ON BEHALF OF BOARD
 
                                                                 sd/-
 
                                                          ATUL PAREKH
                                                    MANAGING DIRECTOR
 
 REGISTERED OFFICE
 G-1, PAREKH PLAZA,
 VALLABHBHAI ROAD, 
 VILE PARLE (WEST),
 MUMBAI - 400 056
 
 PLACE : MUMBAI
 DATE : 31st August, 2012