Dear fellow Shareholders,
 
 On behalf of the management, I take this opportunity to present to you
 the 21st Annual Report of your company for the year 2010-11.
 
 In my last address, I had mentioned about the Global Economic recession
 and recovery process. On this occasion I would like to share my views
 on the state of infrastructure and challenges for 2010-11. There is a
 slowdown in the growth rate in Indian Infrastructure sector as compared
 to the previous year. We have been seeing a slow down across each
 quarter, from 9.4% in Q4, 2009-10 to 9.3% in Q1, 2010- 11, to 8.9% in
 Q2, to 8.3% in Q3 and 7.8% in Q4, 2010-11.  The Government expenditure
 in the infrastructure sector has come down, thus we noticed a slowdown
 in both order booking and revenues.
 
 Another important factor is the sharp price rise in all major
 commodities like steel, metals, minerals, crude oil, coal and increase
 in the interest rates. The combined effect of high inflation and
 interest rates has been very demanding for India''s investment
 environment. Finance is becoming increasingly expensive and difficult
 to obtain. Moreover, your Company is also affected by the political
 crisis and unrest prevailing in Libya. We were constructing housing
 units and allied infrastructures for the Government of Libya and our
 work was in full swing. We had to de-mobilise our operation and bring
 back all our employees in India due to the state of extreme unrest and
 revolt there. We are keeping a close eye on the events in Libya and
 shall start to mobilise once the situation calms down. The effects of
 all these factors has shown in our balance sheet, despite of an
 increase of 29% increase in revenue, our Profit before Ta x is reduced
 by 9.6% and Profit after Tax by around 2%.
 
 However difficult and challenging the environment may be, your Company
 is focused and maintaining high standard in its pursuits. Simplex
 Projects is a reputed player in the construction space with a focus on
 urban infrastructure projects. Our order book has increase by Rs. 110
 Crores, since April 2011 and the present order book position is approx
 Rs. 4573 crores, which includes Libyan contract. We recently bagged
 orders for piling, housing and other projects.  Our client list
 includes reputed Companies in public and private sector. We are in
 process of bagging for new projects from various State Governments in
 India.
 
 Your Company has promoted a subsidiary Company, Simplex Agri–Infra
 Services Pvt. Ltd. to enter into agricultural infrastructure. To start
 with, the subsidiary has entered into an agreement with the Govt. of
 India, for development of warehousing facilities for a capacity of over
 1.50 lakhs metric tonnes. The development work is in full fledge and we
 expect to commence the commercial operation by early next financial
 year.
 
 Your Company has an experienced management and is quick in identifying
 new growth avenues and capitalising on them. We are also trying to
 capitalise on emerging opportunities in other African countries. We
 have adopted a professional approach towards managing the Company and
 inducted professionals at the senior level and mid- level management to
 prepare for the next level growth.
 
 While focusing on the business, we still continue to be socially
 responsible. We value the society and our employees. We continuously
 strengthening the safety, health and other social initiates across all
 our projects.
 
 I would like to thank all my fellow Members of the Board and the
 employees, clients, suppliers, bankers, Government agencies and other
 stakeholders for their continuous support and confidence reposed on us.
 I am grateful to you for your trust and faith that you have shown and
 looking forward for a better performance in future.
 
 Thank You,
 
                                                    B. K. Mundhra
 
                                     Chairman & Managing Director