Dear Members,
 
 The Directors take great pleasure in presenting their 76th Annual
 Report on the business and operations of your Company along with the
 Audited Balance Sheet as at 31st December, 2012 and Profit and Loss
 Account and Cash Flow Statement for the year ended 31st December, 2012.
 
 FINANCIAL HIGHLIGHTS
 
 Your Company earned a Profit of Rs. 9,09,67,136 (Rupees Nine Crores
 Nine Lacs Sixty Seven Thousand One Hundred Thirty Six only) as compared
 to a Profit of Rs. 60,20,775 (Rupees Sixty Lacs Twenty Thousand Seven
 Hundred Seventy Five only) in the previous year. Highlights of the
 financial performance are as follows:
  
                                                          (In Rupees)
 
 Particulars                                    Financial   Financial
                                                Year ended  Year ended
                                                December
                                                31, 2012    December 
                                                            31, 2011
 
 Profit/(Loss) before interest & Depreciation/
 impairment                                   10,37,78,803      69,90,860
 
 Less: Interest                                  41,73,346       2,25,129
 
 Less: Depreciation/Impairment                    6,75,576       7,41,072
 
 Profit/(Loss) before tax                      9,89,29,881      60,24,659
 
 Provision for Tax / Deferred Tax                79,62,745          3,884
 
 Profit/(Loss) after tax                       9,09,67,136      60,20,775
 
 Add: Balance brought forward 
 from previous year                          (14,07,87,838) (14,68,08,613)
 
 Profit/(Loss) available for appropriation    (4,98,20,702) (14,07,87,838)
 
 Appropriations :
 
 Transfer to Reserve Fund / General Reserve              -              -
 
 Dividend on Equity Shares                               -              -
 
 Corporate Dividend Tax                                  -              -
 
 Balance carried forward                      (4,98,20,702) (14,07,87,838)
 
 DIVIDEND
 
 Your Directors do not recommend any dividend due to inadequate Profit
 earned during the year.
 
 BUSINESS
 
 The Company''s Project Palais Royale has entered the final stages of
 implementation and finishing of the building has commenced. The project
 has started acquiring iconic status in India and globally, and has
 started featuring in the record books for world records in engineering
 and design. It is expected that this project will firmly establish the
 Company in the business of real estate and infrastructure development.
 
 INSURANCE
 
 The building, site construction and electrical installation have been
 covered for all probable risks.
 
 SUBSIDIARIES
 
 SRM Sites Private Limited is a material, unlisted Indian Subsidiary
 Company.
 
 Raghuveer Suburban Infrastructure Private Limited and Shree Ram
 Realinfra Ventures Private Limited are non- material, unlisted Indian
 Subsidiary Company.
 
 The reports and accounts of the Subsidiary Companies are not annexed to
 this Report. The Board of Directors of the Company have approved and
 passed a resolution in this regard. A statement pursuant to Section 212
 (8) of the Companies Act, 1956 is annexed.
 
 FIXED DEPOSITS
 
 During the year under review, the Company has not accepted any fixed
 deposit within the meaning of Section 58A of the Companies Act, 1956,
 and as such, no amount of principal or interest was outstanding as of
 the date of the Balance Sheet.
 
 DIRECTORS
 
 In accordance with the provisions of the Companies Act, 1956 read with
 the Articles of Association of the Company, Mr. S. S. Kasliwal, Mr.
 Mukul S. Kasliwal retire by rotation at the ensuing Annual General
 Meeting.  Mr. S. S. Kasliwal and Mr. Mukul S. Kasliwal being eligible,
 offer themselves for re-appointment. The Board recommends their
 re-appointment.
 
 AUDITORS
 
 M/s Habib & Co. and M/s Khandelwal Jain & Co. are the present Statutory
 Auditors of the Company. They retire at the ensuing Annual General
 Meeting and have confirmed their eligibility and willingness to accept
 office, if re-appointed. The Board recommends their re-appointment.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 As required under Section 217 (2AA) of the Companies Act, 1956 the
 Directors hereby confirm that:
 
 i. In preparation of the Annual Accounts, the applicable Accounting
 Standards have been followed along with proper explanations relating to
 material departures;
 
 ii. 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 and of the profit of
 the Company for that period;
 
 iii. 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;
 
 iv.  The Directors have prepared the Annual Accounts on a ''going
 concern'' basis.
 
 MANAGEMENT DISCUSSION AND ANALYSIS
 
 The Management Discussion and Analysis Report as required under Clause
 49 of the Listing Agreement with the Stock Exchange forms part o1 this
 Report.
 
 CORPORATE GOVERNANCE
 
 The Company has taken appropriate steps and measures to comply with all
 the applicable provisions of Clause 49 and Section 292A of the
 Companies Act, 1956. A separate Report on Corporate Governance, along
 with a certificate of Practicing Company Secretary, is annexed
 herewith. A certificate from the Whole-Time Director and Senior
 President (Finance) & CFO of the Company confirming internal controls
 and checks pertaining to financial statements for the year ended 31st
 December, 2012 was placed before the Board of Directors and the Board
 has noted the same. A list of the committees of the Board and names of
 their members is given in the Report. The scope of each of these
 committees and other related information is detailed in the enclosed
 Corporate Governance Report.
 
 PARTICULARS OF EMPLOYEES
 
 The Company does not have any employee whose particulars are required
 to be disclosed pursuant to Section 217(2A) of the Companies Act, 1956,
 read with the Companies (Particulars of Employees) Rules, 1975, and
 under Section 217 (1)(e) of the said Act, read with the Companies
 (Disclosure of Particulars in the Report of Board of Directors) Rules,
 1988.
 
 Conservation Of Energy, Technology Absorption And Foreign Exchange
 Earnings And Outgo:
 
 The particulars as prescribed under Sub-Section (1)(e) of Section 217
 of the Companies Act, 1956 read with Companies (Disclosure of
 particulars in the Report of Board of Directors) Rules, 1988, the
 relevant data pertaining to conservation of energy, technology
 absorption and foreign exchange earnings and outgo are furnished
 hereunder:
 
 A. CONSERVATION OF ENERGY:
 
 Company is engaged in construction activities and sufficient care from
 energy conservation point of view has been taken while opting for
 construction materials, technology and methodology.
 
 For example, use of waste pozzolanic material like flyash for
 manufacturing of concrete, use of curring compound to reduce
 consumption of potable water, use of modular form work which can be
 used for 100 repetitions and hence reducing Consumption of wood.
 
 B.  TECHNOLOGY ABSORPTION :
 
 Efforts made in technology absorption.
 
 FORM B RESEARCH & DEVELOPMENT (R&D)
 
 1.  Specific areas in which R&D carried out by the Company:
 
 The Company has engaged its R&D staff to economize production of high
 grade & high performance concrete. Company has successfully developed
 and utilized M80 grade self competing concrete by using non convention
 materials like Metakaolin, etc. M200 self competing concrete has been
 produced at laboratory level and further trails on same being conducted
 to make sure it is worthiness to be part of actual structure
 
 2.  Benefits derived as a result of the above R&D- Not applicable
 
 3.  Future plan of action Not applicable
 
 4.  Expenditure on R & D           (Rs. in lakhs)
 
 (a) Capital                               -
 
 (b) Recurring                             -
 
 (c) Total                                 -
 
 (d) Total R&D Expenditure as a
 Percentage of total turnover              -
 
 TECHNOLOGY ABSORPTION AND ADOPTION
 
 Company has already adopted many of latest technologies available in
 field of building construction such as:
 
 Self climbing form work, concrete placer booms and self compacting
 concrete to meet challenges like noise pollution, extra labours are
 hired for vibration of concrete and which has also helped in saving
 electrical energy also.
 
 Company has also taken care to ensure faster material handling; and
 hence deployed fastest available man and material hoists (almost 90-100
 meters per minute speed).
 
 Company has deployed clusters of cranes and has adopted best technology
 available for topless and Luffing Cranes. Company has adopted coupled
 splicing system for re-bars which has helped in consuming lesser steel.
 
 Company is putting all the efforts to collect curing water and recycle
 the same. Company is also trying to collect flying cementitious
 material and make use of the same for non-structural walls.
 
 Company is willing to keep on updating its technological data bank and
 use latest technology for comforts of product users and cost
 effectiveness
 
 C.  FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 Activities relating to exports, initiatives taken to increase exports,
 developments of new exports market for products and services and
 exports plants.  NIL
 
 Total foreign exchange used and earned Used (includes Advance given)
 
 Current Year Rs.  68,97,86,430
 
 Previous Year Rs.  57,37,08,775
 
 Earned (includes Advance received)
 
 Current Year NIL
 
 Previous Year Rs. 1,47,84,000
 
 Acknowledgements
 
 Your Directors place on record their sincere appreciation for the
 dedication and commitment of the Employees at all levels and their
 significant contribution to your Company''s growth. Your Company is
 grateful to the customers, vendors and all the other business
 associates for their support and encouragement.
 
 Your Directors thank the banks, financial institutions, government
 departments and Shareholders and look forward to having the same
 support in all our future endeavors.
 
                             For and on behalf of the Board,
 
                                 Shambhukumar S. Kasliwal 
 
                                           Chairman 
 
 Place : Mumbai 
 
 Date : 27th February, 2013