Dear Shareholders,
 
 THE BEST YEAR
 
 It is a matter of great privilege to present to you the Company''s
 performance for 2010-11 - a year which has been the best in its history
 in terms of profits and enhancing substantially shareholder''s funds and
 satisfaction when the real estate industry was in a state of flux. We
 experienced a great year in terms of total income, business growth in a
 situation where India''s economic growth rate was lower than what had
 been projected, as a sequel to the global financial performance.
 
 INDIA VS. REST OF THE WORLD
 
 After an agonising 2008 causing significant economic downturns in
 global economies, 2009 began with regulatory intervention, bailouts,
 stricter policies and norms for financial markets preventing it from
 further damages. Year 2010 started with signs of recovery in global
 markets pointing to a positive outlook and conditions in the financial
 markets improved and stablised. Developing and emerging countries have
 recovered relatively faster compared to the developed nations. India
 backed by strong fundamentals and favourable policies, timely
 intervention by the regulatory bodies in matters related to monetary
 and credit measures could manage to come back to normal growth. Year
 2011 started with improved economic sentiments, stable Central
 Government, positive stock markets and siginificant FII inflows in
 indian capital market and thus has brought back investors'' and people
 confidence into all sectors lead by the real estate sector witnessed by
 better liquidity and improved demand in the residential segment in Q1.
 However, in Q2, unexpected events like earthquakes and tsunamis which
 hit the Japanese economy, recent downgrading of US economy by Standards
 and Poors from ''AAA'' to ''AA '', dangers in Euro zone have significantly
 eroded investors''s confidence from global markets. Further, CWG and 2G
 scams in India would impact India''s economic growth. Therefore, as a
 strategy, the Company would also cautiously monitor changes in global
 economies and India in particular and invest its shareholder’s surplus
 cash into real estate and other segments.
 
 SIGNIFICANT ACHIEVEMENTS AT GLANCE
 
 - The Company successfully raised further capital from capital market
 by issue of equity shares on preferential basis during September, 2010.
 
 - The Company received Import Export license and diversified its
 business opertions by foraying into Trading business segment.
 
 - The Company received ISO 9001-2008 Certification and is proud to
 achieve this accreditation, gaining recognition for its commitment to
 quality and to continuous improvement. Quality and excellence have
 always been our priorities in every customer engagement, and this
 certification is a testament of this commitment with respect to quality
 construction and real estate housing solutions for our esteemed
 customers. The ISO 9001:2008 registration verifies that Company’s
 policies, practices and procedures are consistent and adhere to
 globally accepted levels of quality services and management.
 
 South Mumbai is home to some of the most expensive residential
 addresses in India. With Mumbai being the financial hub of India, there
 is overwhelming demand, though availability of land is very limited.
 This makes new project development challenging in South Mumbai. The
 Company has recently acquired approximately 10,000 sq.ft. of land in
 Dadar, Mumbai under redevelopment scheme with total area to be
 constructed i.e.(appx. 30,000 sq.ft.). Upon development, this land bank
 has the potential to get monetised immediately and contribute one of
 the strongest cash flows back into the company, increase significant
 value to our shareholders funds and Company''s bottom line.
 
 - The Company plans to venture into new business segments viz.
 
 (I) ''Trading business'' under recently obtained import export license
 and
 
 (ii) ''Securities trading and financing business'' under Non-Banking
 Financial Company (''NBFC'') license.
 
 PRESENT OPERATIONS AND FUTURE PLANS
 
 The Company has great presence in Boisar and is Boisar’s one of the
 most renowned real estate construction company. The Construction
 operations are running smoothly and on track as per the plans.
 
 GREEN INITIATIVE : The Company is also taking the possible initiatives
 to support the environment, which can be demonstrated by company''s
 initiative to implement rain water harvesting in its new upcoming
 residential buildings/projects and is also planning to optimise the use
 of water through recycling and effective waste management techniques.
 
 INNOVATIONS AND CUSTOMER FOCUS : The Company is aware of increasing
 competition in its business and is continuously looking to add value to
 its projects. A few possible innovations that people could see in
 coming projects are elevators in 3-storey buildings, designing homes
 adhering to vastu-shastra rules wherever possible, using bio-sanitizers
 to improve quality of borewell water in addition to most of existing
 modern world amenities.
 
 I am confident this would strengthen the companies position in that
 region and will certainly help in accomplishing its vision. With the
 commitment, spirit and dedication of our team, we are confident of
 realising our growth potentials and conveting them into realities.