The Directors have immense pleasure in presenting the 20th Annual
 Report on the business and operations of the Company together with the
 audited accounts for the financial year ended 31st March, 2010.
 
 1. FINANCIAL RESULTS
 
 The performance of the Company for the financial year ended 31st March,
 2010 is summarized below:
 
                                             Year ended      Year ended
 
                                             31st March,    31st March, 
                                               2010.           2010
                                                 Rs.            Rs.
 
 Total Income                             6,19,35,86,643   3,17,36,47,417
 
 Less : Operating Expenditures            5,52,28,94,889   2,83,06,93,691
 
 Profit before Interest, Depreciation 
 and Tax                                    67,06,91,754     34,29,53,726
 
 Less : Interest                            12,23,66,975      9,15,84,369
 
 Depreciation                                5,12,62,867      2,55,59,004
 
 Profit before tax                          49,70,61,912     22,58,10,353
 
 Less : Provisions for Taxation             13,64,50,500      2,66,84,400
 
 Profit After Tax                           36,06,11,412     19,91,25,953
 
 Add : Balance brought forward from 
 last year                                  21,93,07,205     14,12,41,017
 
 Profit Available For Appropriation         57,99,18,617     34,03,66,970
 
 Less : Proposed Dividend                    1,89,00,567      1,80,00,567
 
 Ta x thereon                                  31,39,147        30,59,197
 
 Transfer to General Reserve                10,00,00,000     10,00,00,000
 
 Balance Profit after appropriation         45,78,78,903     21,93,07,206 
 
 
 
 The Board proposes to carry over the said balance of Rs. 45,78,78,903
 to Balance Sheet.
 
 2. OPERATIONAL PERFORMANCE
 
 After the unprecedented changes in the economic environment in the last
 fiscal year, there has been a significant improvement in the economic
 situation more particularly in the later part of the financial year.
 
 With all hard work and dedication your Company overcame the challenges
 of the global economic crisis and continued its growth streak. Your
 Company has in-house expertise and capability in construction and
 project management, development consultancy, sales and marketing,
 thereby making the Company vertically integrated. This enables the
 Company to meet the project timeliness and commitments and ensuring
 that the highest levels of technical and service standards are met. As
 a result of the measures taken by the Company there has been
 considerable increase in the quantum of work done by the Company and
 that resulted in increased profitability.
 
 The Libya Project bagged last year is a testimony of our credential and
 strength in urban infrastructure development space and has laid the
 foundation for entering the high value overseas infrastructure
 industry.  Your Company has been successful in generating revenue from
 this project. It is being executed at a good pace and is expected to
 contribute to a significant proportion towards revenues in the next two
 years. The overseas business will continue to be a focus area for your
 Company.
 
 For the financial year under review, the revenue is Rs.  61,935.86 Lacs
 as against Rs. 31,736.47 Lacs for the previous period, thus showing an
 increase of 95.15 % as against the previous year.
 
 The profit before tax (after interest and depreciation charges) has
 increased to Rs. 4,970.62 Lacs as against Rs. 2,258.10 Lacs for the
 previous year, thus showing an increase of 120.12% as against the
 previous year. While the profit after providing for tax was registered
 at Rs.  3,606.11 Lacs as against Rs. 1991.26 Lacs in the previous year,
 thus showing an increase of 81.09 % as against the previous year.
 
 Further your Company had been successful in bagging various contracts
 for execution of Infrastructure Projects.  Your Directors are pleased
 to state that during the year under review, your Company had unexecuted
 orders worth Rs. 301,937.61 lacs approx, which includes domestic order
 book of Rs. 122,797.74 and foreign order book of Rs. 179,139.87. Your
 Company’s order book was largely weighted towards the core strength
 areas of buildings, bridges and urban infrastructure projects.
 
 3.  DIVIDEND
 
 Your Directors have recommended a dividend of 15%, i.e. Rs. 1.50 per
 equity share on 1,26,00,378 equity shares of Rs. 10/- each for the
 financial year ended 31st March, 2010, which if approved at the Annual
 General Meeting of the Company, shall be paid to the eligible members,
 whose names appear in the Register of Members of the Company as on the
 date of Book Closure.
 
 4.  PREFERENTIAL ISSUE OF SHARES & UTILISATION
 
 During the year under review, the Company has issued 600,000 equity
 shares of Rs. 10 each at a premium of Rs. 125/- per equity share to a
 Non-Promoter in terms of the erstwhile Securities and Exchange Board of
 India (Disclosure and Investor Protection) Guidelines, 2000.
 Consequently, the paid up equity share capital of the Company has
 increased from Rs. 120,003,780/- divided into 12,000,378 equity shares
 of Rs.10 each to Rs.  126,003,780/- divided into 12,600,378 equity
 shares of Rs. 10 each.
 
 The proceeds of the issue have been utilized for the purpose of working
 capital requirements.
 
 5.  CAPITAL EXPENDITURE
 
 During the period under review, the Company has made additions to the
 Fixed Assets amounting to Rs. 4,795.49 Lacs. Additions were required
 for augmenting the Company’s business turnover and to procure various
 construction equipments needed for the effective discharge of the
 Projects undertaken.
 
 6.  SUBSIDIARY
 
 Your Company has a wholly owned subsidiary, Simpark Infrastructure Pvt.
 Ltd. (SIPL) to undertake construction and maintenance of multi-level
 car parking projects.
 
 During the year SIPL has been concentrating on providing consultancy
 marketing retail segment of multilevel parking and also installation
 and maintenance of multi-level car parking projects.
 
 Today SIPL has created brand equity in multi- level car parking systems
 and has an excellent team to pursue the opportunities lying ahead in
 this sector.
 
 The Company also has a subsidiary in the form of Joint Venture
 Co-operative at Netherland in the name and style of Simplex Projects
 (Netherlands) Cooperatie U.A., in partnership with one of its Group
 Company to foray into the European Markets.
 
 As required under Section 212 of the Companies Act, 1956, the Annual
 Accounts of SIPL along with other related information forms part of the
 Annual Report.
 
 7.  CONSOLIDATED FINANCIAL STATEMENTS
 
 In compliance with the Accounting Standard – 21 on consolidated
 Financial statements, read with AS-23 on Accounting for Investments in
 Associates prescribed by Companies (Accounting Standard) Rule, 2006 and
 the Listing Agreement entered into with the Bombay Stock Exchange
 Limited and National Stock Exchange of India Ltd., this Annual Report
 includes the consolidated financial statements of the Company together
 with the financial statements of Simpark Infrastructure Private
 Limited, the wholly owned subsidiary.
 
 8.  PUBLIC DEPOSITS
 
 The Company, during the period under review, has accepted fixed
 deposits attracting the provisions of Section 58A of the Companies Act,
 1956 through private circulation only. The directives issued by the
 Reserve Bank of India and the provisions of the Section 58A of the
 Companies Act, 1956 and the Rules framed there under have been complied
 with. There is no overdue Deposit as on 31st March, 2010. The Company,
 during the period under review has not defaulted in the repayment of
 any deposit or part thereof or any interest thereupon including small
 depositor as defined in section 58AA of the Companies Act, 1956.
 
 9.  LISTING OF SHARES
 
 The equity shares of the Company are listed on the Bombay Stock
 Exchange Limited and National Stock Exchange of India Limited. The
 Company has paid the applicable listing fees to the above stock
 exchanges up to date. The Company’s shares are also traded in
 dematerialized segment for all investors compulsorily.
 
 The Company has entered into agreement with the Central Depository
 Services (India) Ltd. and National Securities Depository Limited for
 trading in electronic form. The Company has also paid the annual
 custodian fees to both the Depositories.
 
 10. EMPLOYEES
 
 The Company is committed to improve employee satisfaction at all
 levels. It continues to develop and retain the best available talent.
 The Company strives to implement the best HR Practices so as to ensure
 that talent retention is ensured at all levels.
 
 We appreciate and place on record excellent efforts and contributions
 made by our staff members in maintaining the growth streak of the
 Company.
 
 11. PARTICULARS OF EMPLOYEES
 
 The information required under Section 217(2A) of the Companies Act,
 1956 and the Rules made there under is given in the Annexure to this
 Report and forms part of the Report. However, in terms of Section
 219(1)(b)(iv) of the Companies Act, 1956, the Report and accounts are
 being sent to the shareholders, excluding the aforesaid Annexure. Any
 shareholder interested in obtaining the copy of the same, may write to
 the Company Secretary at the registered office of the Company and the
 same is also available for inspection at the Regsitered Office of the
 Company.
 
 12.  DISCLOSURE OF PARTICULARS
 
 Disclosure in accordance with the provisions of 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, regarding
 Conservation of Energy, Technology Absorption and Foreign Exchange
 earnings and outgo, are set out as an Annexure to this Report.
 
 13.  DIRECTORS’ RESPONSIBILITY STATEMENT
 
 Pursuant to sub-section (2AA) of Section 217 of the Companies Act 1956,
 the Board of Directors of the Company hereby state and confirm that:
 
 (i) in the preparation of the Annual Accounts, the applicable
 accounting standards have been followed and proper explanations were
 provided for material departure, if any;
 
 (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 as at the end of the financial year and of the profit of
 the Company for the year;
 
 (iii) the directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provision of the Companies Act, 1956 for safeguarding the assets of the
 Company and for preventing and detecting fraud and other
 irregularities;
 
 (iv) the directors have prepared the accounts for the financial year
 ended 31st March, 2010 on a going concern basis;
 
 14.  DIRECTORS
 
 At present, there are eight Directors on the Board of Directors of the
 Company.
 
 Mr. Raghav Das Mundhra and Mr. Nitindra Nath Som, Directors, retire
 from the Board by rotation under the Company’s Articles of Association
 and being eligible, offer themselves for re-appointment.
 
 Appropriate resolutions for the re-appointment of the aforesaid
 Directors are being moved at the forthcoming Annual General Meeting,
 which the Board commends for your approval.
 
 Brief resumes of the Directors proposed to be re- appointed, as
 stipulated under Clause 49 of the Listing Agreement entered into with
 the Stock Exchanges, are being provided in the Notice convening the
 Annual General Meeting.
 
 Tenure of Mr. Balkrishandas Mundhra, Chairman & Managing Director shall
 expire in March, 2011. Mr.  Mundhra has expressed his willingness to
 continue as the Chairman & Managing Director of the Company.  The Board
 recommends his re-appointment subject to new terms and conditions.
 
 15. AUDITORS & AUDITORS’ REPORT
 
 M/s. Chaturvedi & Company, Chartered Accountants, retires on the
 conclusion of the ensuing Annual General Meeting and have signified
 their willingness to continue in office, if reappointed and have
 confirmed their eligibility under Section 224 (1B) of the Companies Act
 1956. The auditors have also confirmed that they have duly undergone
 peer review process conducted by the Institute of Chartered Accountants
 of India (ICAI). The Board recommends re-appointing them as Auditors.
 
 The Auditors have made certain observations, in their Report. The
 management’s response to the same is as follows:
 
 (i) With regard to the Paragraph 4(vi) of the Auditor’s Report, we draw
 the attention of the members that since the nature of activity of the
 Company is such that true bifurcation of the material and labour
 expenses are not feasible. Hence, these expenses are clubbed and are
 not shown separately.
 
 (ii) With regards to the paragraph 3(vi) of the Auditor’s Report, we
 draw the attention of the members that a Deposit was repaid before
 maturity due to urgent need of funds by the depositor.
 
 16.  CREDIT RATING FOR DEBT INSTRUMENTS
 
 During 2009-10, the Company obtained the credit rating PR1 from CARE
 for the long term credit facilities. Further, the Company on the basis
 of the Rating assigned to it issued Commercial Paper for Rs. 50 Crores
 from time to time.
 
 17.  CORPORATE GOVERNANCE:
 
 Your Company expresses considerable significance to good corporate
 governance, as an important step towards building investors’
 confidence, improve investors’ protection and maximize long term
 stakeholders’ value. In pursuance of Clause 49 of the Listing Agreement
 entered into with the Stock Exchanges, a separate section has been
 provided in the Annual Report.
 
 The Auditor’s Certificate on compliance with the mandatory
 recommendations of the Clause 49 of the Listing Agreement with the
 Stock Exchanges is annexed with this Report.
 
 18.  MANAGEMENT DISCUSSION & ANALYSIS REPORT
 
 Management Discussion & Analysis Report for the year under review as
 required under Clause 49 of the Listing Agreement is presented in a
 separate section forming part of the Annual Report.
 
 19.  CODE OF CONDUCT
 
 Pursuant to clause 49 of the Listing Agreement, the declaration signed
 by the Managing Director affirming compliance of the Code of Conduct by
 the Directors and senior management personnel for the financial year
 2009-10 is annexed and forms part of the Directors and Corporate
 Governance report.
 
 20.  AWARDS & RECOGNITION
 
 During the year, your Company was conferred with the “Excellence Award”
 by Institute of Economic Studies and “GIREM 2009 Award” for promising
 future Company – Infrastructure for its role in Urban Development and
 was ranked 370th among the Best Performing Mid-sized Companies by
 Inc.India.
 
 21.  ACKNOWLEDGEMENT
 
 We wish to express our grateful appreciation for the valuable support
 and cooperation received from our valuable customers, lenders, business
 associates, banks, financial institutions, shareholders, various
 statutory authorities and agencies of Central and State Governments and
 the society at large. We place on record our appreciation of the
 contribution made by employees at all levels for sustaining the
 organizational growth especially during the challenging times. Our
 flawless growth was made possible by their hard and sincere work,
 solidarity, cooperation and support. We thank the Government of India,
 state governments and other government agencies for their assistance
 and cooperation and look forward to their continued support in future.
 Finally, we would like to express our gratitude to the members of the
 Company for their continued support and cooperation.
 
 
                                                By Order of the Board 
 
                                         For Simplex Projects Limited
 
                                                        B. K. Mundhra
 
                                         Chairman & Managing Director
 
 Registered Office :
 
 12/1, Nellie Sengupta Sarani 
 
 Kolkata - 700 087
 
 Date : 26th May, 2010