Dear Shareholders,
 
 The Directors have pleasure in presenting the 17th Annual Report of
 the Company along with the Audited Statement of Accounts for the year
 ended as on 31st March, 2012.
 
 FINANCIAL RESULTS:
 
                                                         (In Rs.Lakhs)
 
 Particulars                                31-03-2012       31-03-2011
 
 Total Income                                   304.33           227.86
 
 Depreciation                                     Nil              Nil
 
 Profit before Tax                                9.12             1.11
 
 Provision for Tax                                3.00             0.40
 
 Profit after Tax                                 6.12             0.71
 
 Balance Brought forward                         (1.24)           (1.95)
 
 Balance carried to Balance                       4.88            (1.24)
 
 Sheet
 
 BUSINESS OVERVIEW:
 
 Your Company is a real estate development company & engaged in trading
 of various Products. Your company undertakes the development of
 residential, commercial, office use, retail and mixed -use projects.
 Currently your company is focusing on construction of Commercials
 Building in partnership at Mumbai suburbs.
 
 PERFORMANCE & RESULTS:
 
 Looking into market scenario during the year under review, the
 performance of your company has been satisfactory. The gross income
 form operation has increase as compared to the previous year. The
 Company has made a profit of Rs. 612834.00/- during the year under
 report
 
 DIVIDEND:
 
 Your Directors feel that it is prudent to plough back the profits for
 future growth of the Company and with a view to conserve the resources,
 they do not recommend any dividend for the year ended 31st March, 2012.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 Pursuant to provisions of Section 217 (2AA) of the Companies Act, 1956,
 your Directors hereby confirm that :
 
 1.  In the preparation of the annual accounts, the applicable
 accounting standards have been followed along with proper explanation
 relating to material departures;
 
 2.  That the Directors have selected such Accounting Policies and
 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 as at 31st March, 2012 and of the profit or
 loss of the company for that period.
 
 3.  The Directors had 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.
 
 4.  The Directors have prepared the annual accounts on a going concern
 basis.
 
 BOARD OF DIRECTORS
 
 During the year, Mr. Manish Nareshchandra Shah, and Mr. Pradeep Kumar
 Sheshnath Yadav were inducted as an Additional directors of the Company
 under Section 260 of the Companies Act, 1956 who hold office only up to
 the date of forthcoming Annual General Meeting. The company has
 received notice from some of the shareholders of the company proposing
 their candidature for the post of Directors. Your Directors propose
 their re-appointment as the Directors of the company liable to retire
 by rotation.
 
 Further, during the year, Ms. Anitha Mahesh ,Mr. G. B. Patel, Mr. I B
 Patel, Mr. C B Patel, Mrs. Hemlata, Mr. Sanjay J Shah, resigned from
 the post of Directorship w.e.f. 23.01.2012.  Your directors extend
 their sincere gratitude for valuable services provided by them during
 their tenure to the Board.
 
 ENERGY CONSERVATION AND TECHNOLOGY ABSORPTION:
 
 The particulars as required under the provisions of Section 217(1)(e)
 of the Companies Act, 1956 in respect of conservation of energy and
 technology absorption are not required to be furnished considering the
 nature of activities undertaken by the company during the year under
 review. Further during the year under review, the Company has neither
 earned nor used any foreign exchange.
 
 PARTICULARS OF EMPLOYERS:
 
 As there is no employee covered under the provisions of Section 217
 (2A) of the Companies Act, 1956 read with the Companies (Particulars of
 Employees) Rules, 1975, information relating thereto are not given
 forming part of this report.
 
 CORPORATE GOVERNANCE:
 
 Reports on Corporate Governance and Management Discussions & Analysis
 are annexed and form part of this report.
 
 STATUTORY AUDITORS:
 
 M/s MNRD & Associates, Chartered Accountants, retire as statutory
 Auditors of Company at the conclusion of the ensuring Annual General
 Meeting (AGM). The Statutory auditors have Confirmed their eligibility
 and willingness to accept the office on re-appointment in accordance
 with provision of section Section-224 (1B) of the Companies Act, 1956
 
 FIXED DEPOSITS:
 
 Your Company has not accepted Public Deposits within the meaning of
 Section 58A of the Companies Act, 1956.
 
 AUDITOR''S QUALIFICATIONS:
 
 The Auditors of the Company have not qualified their report and there
 are no observations and suggestions made by the Auditors in their
 report and therefore do not call for any further comments under section
 217(3) of the Companies Act, 1956.
 
 APPRECIATION:
 
 The Board of Directors wish to place on record their appreciation for
 the co-operation and support of the Company''s Bankers, its valued
 customers, employees and all other intermediaries concerned with the
 company''s business.
 
 Your directors sincerely thank all members for supporting us during the
 difficult days. We look forward to your continued support and reiterate
 that we are determined to ensure that the plans are successfully
 implemented.
 
                                     By Order of the Board of Directors 
 
 
                                                 Sd/-
 
 Place: Mumbai                            Suresh Kumar Saini
 
 Date: 14th August 2012                        Director