The Directors are pleased to present the 18th Annual Report with the
 Audited Accounts of the Company for the year ended 31.3.2012.
 
 FINANCIAL RESULTS:
 
 The Operating results of your Company for the period under review are
 as follows:
 
                                                 (Rs. in Lacs)
 Particulars                        Current Year     Previous Year 
                                       2011-2012         2010-2011
 
 Total Income                               2.45           105.87
 
 Profit /(Loss) before 
 Depreciation & Tax                      (107.93)          (51.15)
 
 Less : Depreciation                        9.82             8.53
 
 Profit /(Loss) Before Tax               (117.75)          (59.68)
 
 Less : Provision for Tax
 Deferred Tax                               0.78            (0.66)
 
 Current Tax 
 
 Income tax of earlier year   
 
 Fringe Benefit Tax  
 
 Net Profit/(Loss) After Tax             (118.53)          (59.02)
 
 Prior Period Expenses                   (118.53)          (59.02)
 
 Balance brought forward                 (247.32)         (188.30)
 
 Balance carried to Balance sheet        (365.85)         (247.32)
 
 Earnings per share                        (0.47)           (0.02)
 
 FINANCIAL HIGHLIGHTS: OPERATIONS:
 
 During the year, due to general economic slow down world over and
 bearish position in the real estate division, the total income has been
 decreased and stood at Rs.2.45 Lacs as compared to last year''s Rs.
 105.87 Lacs. Same way, due to increase in Administrative, Operation and
 General Expenses the Company has incurred Net loss after tax of Rs.
 118.53 Lacs as compared to net loss of Rs.59.02 Lacs of the last year.
 
 DIVIDEND:
 
 Your Directors do not recommended any dividend for the year, due to
 loss incurred for the year.
 
 FUTURE PROSPECTS:
 
 The Company has Expertise in Civil, Construction, Structural Work, etc.
 of various types of commercial, residential and infrastructure
 projects.
 
 The Company has planned to build Township around Ahmedabad. Major
 thrust on infrastructure development supported by regulatory reforms by
 the government will also provide considerable opportunities to your
 Company for achieving business growth in coming years.
 
 ENERGY CONSERVATION:
 
 (Information under section 217(1)(e) of the Companies Act, 1956.)
 
 The company has no Manufacturing activities. Hence no information is to
 submit in respect of conservation and absorption of technology
 
 FOREIGN EXCHANGE EARNINGS & OUTFLOW:
 
 There is no foreign exchange earnings and outgo of the company (last
 year also Nil)
 
 DIRECTORS:
 
 In accordance with the provisions of the Articles of Association and of
 the Companies Act 1956, Mr. Alok Vaidya and Mr.  Nirav D. Desai,
 Directors of the Company, are liable to retire by rotation at the
 ensuing Annual General Meeting and being eligible, offer themselves for
 re-appointment.
 
 The brief particulars of all directors, for which approval of members
 for their appointment or re-appointment are sought, have been provided
 in the Notice of Annual General Meeting pursuant to Clause 49 of the
 Listing Agreement relating to Corporate Governance.
 
 PUBLIC DEPOSITS:
 
 During the period under review, the Company has accepted deposits from
 Public within the prescribed limits under the Act.  As on March 31,
 2012, deposits from Public stood at Rs. 102.49 Lacs. All the Deposits
 were paid in time and there were no deposits, which were unclaimed or
 claimed and remained unpaid by the Company as on March 31, 2012.
 
 CORPORATE GOVERNANCE:
 
 Pursuant to clause 49 of the Listing Agreement with the Stock Exchange,
 a separate section on Corporate Governance and certificate obtained
 from practicing Chartered Accountant confirming its compliance, is
 provided separately and forming part of this Report. The Board of
 Directors supports the basic principles of corporate governance. In
 addition to this, the board lays strong emphasis on transparency,
 accountability and integrity.
 
 Report on Management Discussion and Analysis is provided in separate
 section and forming part of this report.  FORMATION OF VARIOUS
 COMMITTEES:
 
 Details of various committees constituted by the Board of Directors are
 given in the Corporate Governance Report annexed which forms part of
 this report.
 
 CONSOLIDATION OF SHARES:
 
 With a View to Give a better Picture of earning per Share to the equity
 share holders of the Company, Financial Institutions and Institutional
 Investors, your Company has Consolidated equity Shares from 10 (Ten)
 Equity Shares of the Company of Re. 1/- (Rupee One) each to 1 (One)
 Equity Share of Rs.10/- (Rupees Ten) each. Necessary Listing of the new
 Shares was also took place during the year.
 
 PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A):
 
 The provisions of section 217(2A) of the Companies Act, 1956, read with
 Companies (Particulars of Employees) Rules, 1988 as amended are not
 applicable to the company, as there are no employees whose remuneration
 is in excess of the limits prescribed.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956 I would like
 to state the following:
 
 In the preparation of the Annual Accounts, the applicable accounting
 standards have been followed.
 
 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, at the end of the financial year ended on 31st March.
 2012.
 
 The Directors have taken proper and sufficient care for the maintenance
 of adequate accounting records in accordance with the provisions of
 this act for safeguarding the assets of the Company and for preventing
 and detecting fraud and other irregularities.
 
 The Directors have prepared the attached statements of accounts for the
 year ended 31st March, 2012 on a going concern basis.
 
 AUDITORS & AUDITORS REPORT:
 
 M/s. R. Choudhary & Associates; Chartered Accountants, retire at the
 forthcoming Annual General Meeting and have confirmed their eligibility
 and willingness to accept the office, if re-appointed.
 
 Notes forming part of the accounts are self-explanatory and therefore,
 do not require any further comments.  ACKNOWLEDGEMENT:
 
 Your Directors take this opportunity to express their gratitude for the
 valuable assistance and co-operation extended by the Bankers, vendors,
 customers, advisors, the general public and for the valued efforts and
 dedication shown by the Company employees at all levels. Your Directors
 also sincerely acknowledge the confidence and faith reposed by the
 shareholders of the Company.
 
                                    By Order of the Board 
                     For RADHE DEVELOPERS (INDIA) LIMITED
 
 Date : 30th August, 2012              Sd/-
 
 Place : Ahmedabad              PRAFUL C. PATEL
 
                                    CHAIRMAN