The Directors'' present the Annual report on the business and
 operations of your Company for the year 2011-2012.
 
 FINANCIAL RESULTS AND OPERATIONAL REVIEW:
 
 Particulars                         Year Ended    Year Ended
 
                                     31.03.2012    31.03.2011
 
                                        (Rs.)           (Rs.)
 
 Gross Sales/Income                40,88,91,706   203,863,398
 
 Less Depreciation                    88,94,078     4,072,630
 
 Profit/(Loss) before Tax           3,69,74,526    16,719,565
 
 Taxes/Deferred Taxes                 99,13,075     5,732,004
 
 Profit/(Loss) After Taxes          2,69,09,276    10,987,561
 
 P& L Balance b/f                   1,95,56,868     8,569,307
 
 Profit/ (Loss) carried to Balance 
 Sheet                              4,64,66,144    19,556,869
 
 During the year under review the total income was Rs. 40,88,91,706 as
 compared to Rs. 203,863,398 of that of the previous Year. The Company has
 provided Rs. 88,94,078 for depreciation. After making all necessary
 provisions for current year and after taking into account the current
 year net profit and total provisions for taxation, the surplus carried
 to Balance Sheet is Rs. 4,64,66,144.
 
 Revenue from Operations:
 
 PARTICULARS OF EMPLOYEES:
 
 There is no employee having remuneration with the provisions of section
 217(2A) of the companies Act 1956 read with the Companies (Particulars
 of employee) Rules, 1975 as amended.
 
 DIRECTORS:
 
 Mr. Shaileshbhai Shah & Mr. Rameshchandra Patel, Directors of the
 Company, are liable to retire by rotation at the ensuing Annual General
 Meeting and being eligible, offer themselves for re-appointment. Mr.
 Dakshesh R. Shah, Managing directors of the company has been
 reappointed with effect from 11th June, 2012. Mr. Samir Patel, Joint
 Managing Directors of the company has been reappointed with effect from
 11th June, 2012
 
 RESPONSIBILITY STATEMENT:
 
 As required u/s 217(2AA) of the Companies Act, 1956 your Director
 confirms that in the preparation of the annual accounts.
 
 The applicable accounting standards have been followed along with
 proper explanation relating to material departures.
 
 Such accounting policies have been selected and applied consistently
 and reasonable and prudent judgments and estimates made, so as to give
 a true and fair view of the state of affairs of the company at the end
 of the financial Year and the profit/loss of the company for that
 period.
 
 Proper and sufficient care has been taken for the maintenance of the
 adequate accounting records in accordance with provisions of this act
 for safeguarding the assets of the company and for preventing and
 detecting fraud and other irregularities.
 
 The annual accounts have been prepared on a going concern basis.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:
 
 As required under rule 3 of the companies (Disclosure of Particulars in
 the report of Board of Directors) Rules 1998, the particulars relating
 to the conservation of energy, Technology absorption complied and
 details for it attached at the end of Director report.
 
 foreign exchange earnings and outgo are also Nil.
 
 APPOINTMENT OF AUDITORS:
 
 M/s. J. B. Shah & Co, Chartered Accountants, the retiring auditors
 being eligible offer themselves for re-appointment. Members are
 requested to appoint them as auditors of the company.
 
 MANAGEMENT DISCUSSION AND ANALYSIS:
 
 Management discussion and analysis Report, pursuant to Clause 49 of the
 Stock Exchange Listing agreement, forms part of this Report and the
 same is annexed hereto.
 
 CORPORATE SOCIAL RESPONSIBILITY
 
 Every year 5th June is observed as the World Environment Day around the
 world and is of immense importance for the Navkar Group. In the year
 2011-12, one specific area which was related to our work.
 Sustainability is a complex concept incorporating a wide range of
 social, environmental and economic issues. We recognize the holistic
 nature of a sustainable approach. As such, this commitment is as much
 about our construction processes and business operations as it is about
 our people, the communities where we work, our suppliers and partners
 and the clients we work with.
 
 This is our commitment to manage our construction activities, business
 processes and supply chain safely and in ways that minimize adverse
 environmental and social impacts.
 
 This is a commitment to safeguard the health and safety of our
 employees and neighbors'', to support the local economy and to treat
 our staff fairly. It is about creating wealth for all our stakeholders,
 embracing diversity, minimizing resource consumption and reducing our
 greenhouse gas emissions.
 
 However, we recognise that we will have to be innovative and draw on
 our key strength - our motivated staff - in order to deliver the
 lasting positive outcomes that are at the core of our commitment to
 sustainability.
 
 REPORT ON CORPORATE GOVERNANCE:
 
 A separate Report on Corporate Governance along with Certificate from
 Auditors on its compliance as annexed hereto.
 
 SEGMENT:
 
 Your Company is engaged in a single segment only.
 
 ACKNOWLEDGEMENT:
 
 The management is grateful to the government authorities, Bankers,
 Vendors for their continued assistance and co-operation. The directors
 also wish to place on record the confidence of members in the company.
 
                               For & on behalf of the Board of Director
 
 Date: 31/07/2012
 Place: Ahmedabad
 
                                    Sd/-         Sd/-            Sd/-
 
                                  Managing 
                                  Director     Director        Director