The Members
 
 The Directors have pleasure in presenting the Twenty-second Annual
 Report and Audited Accounts of your Company for the financial year
 ended 31st March 2011.
 
                                                  (Rs.in Lakhs)
 
 Financial Results                           2010-2011      2009-2010
 
 Total Income                                37,352.25      34,273.12
 
 Total Expenditure                           10,544.74       7,887.34
 
 Profit before Interest and Depreciation     26,807.51      26,385.77
 
 Interest                                     4,919.60       4,747.28
 
 Depreciation                                 9,288.48       7,872.98
 
 Profit before Tax                           12,599.42      13,765.52
 
 Provision for Taxation                       3,968.39       4,723.44
 
 Profit after Tax                             8,631.03       9,042.08
 
 Surplus brought forward                     14,004.80      11,477.05
 
 Amount available for Appropriation          22,635.83      20,519.13 
 
 Appropriations :
 
 Transfer to General Reserves                 5,000.00       5,000.00
 
 Proposed Dividend                            1,298.64       1,298.64
 
 Tax on Dividend                                210.67         215.69
 
 Surplus carried forward to Balance Sheet    16,126.52      14,004.80
 
 Dividend
 
 Your Directors are pleased to recommend for your consideration Dividend
 Rs.3/- per Equity Share i.e. @ 150% on Equity Shares for the Year ended
 31st March 2011, as against Rs.3/- per Equity Share i.e. @ 150% for
 previous year. In order to conserve the resources of the Company, the
 Dividend Payout Ratio is kept at 17%.
 
 Business Review
 
 The Performance of your Company during the Year under review has been
 satisfactory. You will be pleased to note that during the year under
 review, your Company has earned Total Income of Rs.37,352.25 Lakhs and
 Net Profit of Rs.8,631.03 Lakhs as against Total Income of Rs.34,273.12
 Lakhs and Net Profit of Rs.9,042.08 Lakhs earned in the previous year.
 
 Power Generation
 
 Your Company has been earning regular income from the Business of Power
 Generation from Windmills commissioned in Jaisalmer, Rajasthan and
 Chitradurga, Karnataka. Total Income earned out of Wind Power
 Generation was Rs.195.35 Lakhs and Total Power generation through
 Windmills was 55.29 Lakhs Kwh.
 
 Finance
 
 During the year under review, the Company has availed Financial
 Assistance from Axis Bank, Bank of Baroda, Bank of India, Corporation
 Bank, HDFC Bank, ICICI Bank, ING Vysya Bank, State Bank of Hyderabad,
 State Bank of India and The Saraswat Co-operative Bank for funding its
 expansion Programme and the Company is enjoying Working Capital
 facilities from Dena Bank.
 
 Total Secured Loan outstanding as of 31st March 2011 was Rs.63,284.63
 Lakhs.
 
 ICRA Limited has reaffirmed the [ICRA] A  credit rating, assigned
 with regard to the term loan facilities and cash credit facilities of
 Sanghvi Movers Limited, which indicates highest safety. The outlook on
 the long- term rating is stable. ICRA has also reaffirmed the [ICRA]
 A1 rating assigned with regard to the short term fund based facilities
 of Sanghvi Movers Limited.
 
 Directors
 
 Mr. P.C. Bhalerao resigned with effect from 6th December 2010. Your
 Board of Directors expresses its sincere appreciation for the services
 rendered by Mr. P.C. Bhalerao and further expresses its gratitude for
 the same.
 
 Mr. R. S. Desai and Mr. Dara Damania are liable to retire by rotation
 and being eligible offer themselves for re-appointment.
 
 The brief resume/details relating to Directors who are to be
 appointed/re-appointed are furnished in the Report on Corporate
 Governance.
 
 Fixed Deposits
 
 The Company has not accepted any fixed deposits from the public during
 the year ended 31st March 2011.
 
 Accounts
 
 The accounts read with the notes thereon are self-explanatory and hence
 do not call for any explanatory statement.
 
 Insurance
 
 The assets of the Company including buildings, sheds, machinery,
 cranes, etc. are adequately insured.
 
 Personnel
 
 Your Directors express their deep appreciation for the dedicated and
 sincere services rendered by the employees at all levels. Employee
 relations have been cordial.
 
 Directors'' Responsibility Statement
 
 Pursuant to the requirement under Section 217 (2AA) of the Companies
 Act, 1956, with respect to Directors'' Responsibility Statement, it is
 hereby confirmed:
 
 1.  that in the preparation of the Annual Accounts for the Financial
 Year ended 31st March 2011, 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 were
 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 and of the
 Profit of the Company for the year under review;
 
 3.  that the Directors have 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.  that the Directors have prepared the Annual Accounts for the
 Financial Year ended 31st March 2011, on a going concern basis.
 
 Auditors
 
 M/s. L. M. Joshi & Co., Chartered Accountants, Pune, the Statutory
 Auditors of the Company have informed that they are unable to offer
 themselves for re-appointment as the Auditors of the Company for the
 Financial Year 2011-2012. The Company has received a special notice
 from a Member of the Company, in terms of the provisions of the
 Companies Act, 1956, signifying his intention to propose the
 appointment of M/s. B.S. R. & Co., Chartered Accountants, Pune, as the
 Auditors of the Company from the conclusion of the 22nd Annual General
 Meeting till the conclusion of the next Annual General Meeting of the
 Company.
 
 M/s. B.S. R. & Co., Chartered Accountants, Pune, have expressed their
 willingness to act as Auditors of the Company, if appointed, and have
 also confirmed that the said appointment would be in conformity with
 the provisions of Section 224 (1B) of the Companies Act, 1956. M/s. L.
 M. Joshi & Co., Chartered Accountants, Pune, the retiring Auditors,
 have issued ''No Objection Certificate'' to the appointment of M/s. B.S.
 R. & Co., Chartered Accountants, Pune, as the Statutory Auditors of the
 Company, if made, at this Annual General Meeting of the Company. In
 view of the above, and based on the recommendations of the Audit
 Committee, the Board of Directors, have at their Meeting held on 05th
 August 2011, proposed the appointment of M/s. B.S. R. & Co., Chartered
 Accountants, Pune, as the Statutory Auditors in place of M/s. L. M.
 Joshi & Co., Chartered Accountants, Pune, to hold office from the
 conclusion of this 22nd Annual General Meeting until the conclusion of
 the next Annual General Meeting of the Company.
 
 Statutory Particulars
 
 During the year under review, the Company is having one employee
 employed throughout the year who was in receipt of remuneration of more
 than Rs.60 Lakhs per annum.
 
 Having regard to the nature of business of the Company, Companies
 (Disclosure of Particulars in the Report of Board of Directors) Rules,
 1988, relating to conservation of energy and technology absorption are
 not applicable to the Company.
 
 During the year under review, there were no foreign exchange earnings
 and the foreign exchange outgo amounted to Rs.27,226.23 Lakhs.
 
 Corporate Governance
 
 In accordance with the Guidelines of the Securities and Exchange Board
 of India and Clause 49 of the Listing Agreement with the Stock
 Exchanges and the Provisions of the Companies Act, 1956, Report on
 Corporate Governance, Management Discussion & Analysis Report and
 Compliance Certificate from the Auditors of the Company are annexed and
 form part of Annual Report.
 
 Acknowledgements
 
 Your Directors would like to place on record their gratitude and
 appreciation to the Banks, esteemed Clients and valued investors for
 their continued co-operation and support. Your Board takes this
 opportunity to express their sincere appreciation for the contribution
 made by employees at all levels. The constant growth was made possible
 by their hard work, co-operation & support.
 
                                 On behalf of the Board of Directors 
 
                                    For Sanghvi Movers Limited
 
 Pune, 05th August 2011                     C. P. Sanghvi
 
                                     Chairman & Managing Director
 Registered Office :
 
 Survey No. 92, Tathawade,
 
 Taluka Mulshi, Pune 411 033