The Directors have pleasure in presenting the Eighteenth Annual Report
 for the year ended 31st March 2012.
 
 Financial results:
 
                                                       (Rs In Lacs)
 Particulars                                   For the     For the
                                            Year ended  Year ended
                                            31.03.2012  31.03.2011
 
 Total Income                                  1109.75     1069.30
 
 Total Expenditure                              978.97      972.46
 
 Profit / Loss                                  130.78      96.84
 
 Before Taxation
 
 Profit / Loss                                   94.59      71.20
 
 After Taxation
 
 Performance:
 
 During the year under review, the Company recorded a income of Rs.
 1109.75 Lacs as compared to Rs.  1069.30 Lacs recorded during the
 previous year. The Company recorded a net profit after tax of Rs. 94.59
 Lacs as compared to profit of Rs. 71.20 Lacs during the previous year.
 
 Dividend:
 
 The strength of your Company lies in identification, execution and
 successful implementation of the projects in the real estate space. To
 strengthen the long-term prospects and ensuring sustainable growth in
 assets and revenue, it is important for your Company to evaluate
 various opportunities in the different business verticals in which your
 Company operates.  Your Company currently has several projects under
 implementation and continues to explore newer opportunities. Your Board
 of Directors, considers this be in the strategic interest of the
 Company and believe that this will greatly enhance the long-term
 shareholders'' value. In order to fund these projects in its
 development, expansion and implementation stages, conservation of funds
 is of vital importance.  Therefore, your Directors have not recommended
 any dividend for the financial year 2011-12.
 
 Change in Share Capital:
 
 To augment its long term resources and in order to enable the Company
 to raise the resources, Company has increased its authorized share
 capital from Rs.  16.00 Cr. to Rs. 28.00 Cr. by way of Postal Ballot on
 12th May, 2011 and Company has issued 1,20,00,000 Warrants convertible
 into equity shares of Rs. 10/- each at a premium of Rs. 10/- per share
 on 25th May, 2011, to the promoters and / or bodies corporate(s)
 
 or individual(s) or others. The Company has allotted
 
 1.20.00.000 equity shares of Rs. 10.00 each at a premium of Rs. 10.00
 per share on Conversion of
 
 1.20.00.000 warrants of Rs. 20.00 each on Preferential Basis. After
 allotment paid up and subscribed capital of Company increased from Rs.
 16.00 Cr. to Rs. 28.00 Cr.
 
 Change in Registered Office:
 
 The registered office of the Company was shifted from 414, 4th Floor,
 Crystal Paradise The Mall, Off Veera Desai Marg, Andheri (W),
 Mumbai-400 053 to Umerji House, 202, 2nd Floor, Teli Gally, Andheri
 (East), Mumbai (MH) - 400 069 with effective from 01st December 2011
 for administrative purposes.
 
 Segment Performance:
 
 At present Company is engaged in the business of real estate
 development and there is no separate reportable segment.
 
 Listing:
 
 As on date all the 16.00 Cr. Equity Shares of the company are listed on
 the Bombay Stock Exchange Limited (BSE) and remaining 12.00 Cr. Equity
 Shares of the Company has got the inprincipal approval from BSE and
 very soon Company will get the listing approval from BSE. The Listing
 fees have been paid to the Bombay Stock Exchange Limited (BSE) for the
 year 2012-13.
 
 Depository:
 
 Equity shares of the company are traded in D''mate form as well as in
 physical form. For dematerialization of shares Company has connectivity
 with the National Securities Depository Ltd. (NSDL) and Central
 Depository Services (India) Ltd. (CDSL).
 
 Fixed Deposits:
 
 Your company has not accepted any deposits from public during the year
 under review and as such, no amount of principle or interest was
 outstanding as on the balance sheet date.
 
 Management Discussion and Analysis and Corporate Governance Report:
 
 As required by the Listing Agreement with the stock exchanges, a
 separate section containing Management Discussion and Analysis and
 Corporate Governance Report, as approved by the Board of Directors,
 together with a certificate from the company''s auditors confirming
 the compliance with the requirements of Corporate Governance policies
 is set out in the annexure forming part of this annual report.
 
 Cash Flow Statement:
 
 In conformity with the provisions of Clause 32 of the Listing Agreement
 with the Stock Exchanges, the cash flow statement for the year ended
 31st March, 2012 is annexed hereto.
 
 Directors:
 
 During the year designation of Mr. Mukesh Kumar Jain and Mr. Naveen
 Kumar Jain, Whole -Time Directors of the company changed from Executive
 Director to Non- Executive Director of the company with effective from
 31/07/2011.
 
 Except for the Executive Chairman, Managing Director and Whole-time
 Director, the other Directors of the Company are liable to retire by
 rotation, One-third of the said Directors are liable to retire every
 year and if eligible, offer themselves for re-appointment.  Accordingly
 Mr. Ashok Kumar Sethi and Mr. Naveen Kumar Jain retires by rotation in
 accordance with the provisions of Articles of Association of the
 Company and being eligible, offers himself for re-appointment at the
 ensuing Annual General Meeting. Necessary resolution relating to
 Director who is seeking re- appointment is included in the Notice of
 Annual General Meeting. The Board of Directors recommends the
 re-appointment of Mr. Ashok Kumar Sethi and Mr. Naveen Kumar Jain.
 
 In compliance with Clause 49 IV (G) of the Listing Agreement, brief
 resume, expertise and other details of Director proposed to be
 re-appointed are attached along with the Notice to the ensuing Annual
 General Meeting.
 
 Auditors:
 
 M/s. Khandelwal & Khandelwal Associates, Chartered Accountants,
 Statutory Auditors of the company, hold office until the conclusion of
 the ensuing Annual General Meeting and are eligible for re-appointment.
 The Company has received letter from them to the effect that their
 re-appointment, if made would be within the prescribed limits under
 Section 224 (1B) of the Companies Act, 1956 and that they are not
 disqualified for such reappointment within the meaning of Section 226
 of the said Act.
 
 Auditor''s Report:
 
 Observations made in the Auditor''s Report are self- explanatory and
 therefore do not call for further comments under Section 217(3) of the
 Companies Act, 1956.
 
 Directors'' Responsibility Statement:
 
 The Board of Directors of your company state:
 
 i.  That in the preparation of the annual accounts, the applicable
 accounting standards had been followed.
 
 ii.  That the directors had 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/loss of the Company for that period;
 
 iii. That 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 safeguarding the assets of the
 company and for preventing and detecting fraud and other
 irregularities;
 
 iv.  That the directors had prepared the annual accounts on going
 concern basis.
 
 Particulars of Employees:
 
 There is no employee whose particulars are required to be given under
 Section 217 (2A) of the Companies Act, 1956, read with the Companies
 (Particulars of Employees) Rules, 1975.
 
 Conservation of Energy, Technology Absorption and Foreign Exchange
 Earning and Outgo:
 
 Information required to be given pursuant to Section 217(1) (e) of the
 Companies Act, 1956 read with the Companies (Disclosure of particulars
 in the report of Board of Directors) Rules, 1988 do not apply to the
 Company.
 
 Details of foreign exchange earning and outgo are as follows:
 
 Foreign Exchange Earnings Nil Foreign Exchange Outgo Nil
 
 Acknowledgement:
 
 The Directors wish to place on record their sincere appreciation and
 acknowledge with gratitude the support and co-operation extended by the
 Bankers, Shareholders, customers and look forward to their continued
 support.
 
                          For and on Behalf of the Board of Directors
 
                           Sunil Kumar Jain       Mukesh Kumar Jain
 
                           Managing Director      Director
 
 Place : Indore 
 
 Date : 14.08.2012