Dear Shareholders,
 
 This Annual Report comes to you when we are not only faced with
 challenging economic conditions but also have suffered an irreparable
 loss of our guiding star, pillar of our strength, a colleague and a
 friend to many. Mr. Anukool Rishi. However to quote Martha Washington,
 ''Our success depends upon our dispositions, and not upon our
 circumstances. Hence, at MVL we are today even more earnestly resolved
 to continuously endeavour towards explorint opportunities and create
 new epicentres of growth. Thus accomplishing what we had set to achieve
 6 years back, And fulfilling the dream of a strong, valued and viable
 MVL Limited- a dream envisaged by Anukool and shared by each of us.
 
 2011- The year that was:
 
 Beginning with the macro-economic developments, the year bygone saw the
 world reeling under the threat of collapse of European Union, the
 rising fiscal deficits of leading advanced economies as well as the
 increasing prices of commodities and all. However, by and large,
 business and consumer sentiments remained positive and there has been a
 significant reduction in risk perception of the global economy
 
 On the home front, India''s growth story remained positive in the longer
 run despite volatile market situation and signs of decreasing GDP
 growth rate. The country continues to remain one of the front runners
 of economic growth across the world due to it bludgeoning middle class
 and positive consumption pattern.
 
 On micro economic level, the real estate industry faced its own share
 or concerns, Cautious buyer sentiment prevailed all through 2011 due to
 adverse impact or the prevailing macro- economic factors. At one hand
 the industry saw rising home loan raies exert pressure on buyers, on
 the other hand, developers had been constrained by the rising costs of
 construction and debt.
 
 Commercial and Retail sectors. however remained buoyant throughout
 2011. Leasing activity in the office space realm remained healthy
 across major cities. Tier II and Tier III towns witnessed expansion or
 major retailers.
 
 On account of delay in securing statutory approvals., the company could
 not launch many of its mainstream projects in 2011. This combined with
 other factors- slowing economy, tightening liquidity, rising debt costs
 and input costs has led to decline in top and bottom line in comparison
 to the previous year. However these projects are scheduled to be
 launched in the current year and would give major thrust to overall
 performance of the company.
 
 2012- The Journey Forward:
 
 Though overall macro-economic conditions are likely to keep investor
 sentiments at cautious levels, both In terms of FDIs and FIIS, however,
 as the Indian economy continues to show reslience In 2012, foreign
 investors will gain in confidence and India will become attractive
 among competitive investment destinations.
 
 The demand for commercial and retail space is expected to be stable
 with rent and capital value expected to increase, albert marginally.
 
 The residential sector is likely to continue seeing low absorption rate
 and incidence of new launches will decline. However, projects nearing
 completion or possession are likely to record healthy appreciation of
 capital values.
 
 In the light of the above we believe that the commercial segment of the
 company will continue to perform.
 
 In the residential segment, MVL. Coral will see a new thrust to its
 sale due to the expected capital appreciation on account of possession
 being given to its existing customers.  MVL IndiHomes the budget home
 project by your company will also be nearing completion which will
 boost its sale further.
 
 2012 will also see your company foray into hospitality segment. Its
 star project at Neemrana for which MVL 1s collaborating with an
 internationally renowned hospitality brand will be launched in the
 year. The project will establish your company as a valuable contributor
 to the hospitality sector.
 
 MVL Rivercity the premium township at Yamunanagar is also stated for
 launch this year Targeted at the discerning customers of Yamunanagar
 and surrounding towns, we believe that given the high per capita income
 of the population and lack of modern lifestyles options in the region,
 the project will add to both top and bottom line of the company.
 
 Our dear shareholders, we believe that challenges and opportunities are
 two sides of a coin for those armed with foresight, perseverance and
 courage. Given your continuing support we are confident of achieving
 operational excellence and enhancing fortunes of all members of MVL
 family.
 
 
 Prem Adip flishi
 
 Chairman