The Directors are pleased to present the Twelfth Annual Report of the
 Company together with the Audited Financial Results for the year ended
 on 31st March, 2010.
 
 Financial Results                                         Rs. in lacs
 
 Particulars                               2009-10             2008-09
 
 Net Sales / Income from Operations      72,843.51           59,981.03
 
 Other Income                               864.36              361.04
 
 Total Income                            73,707.87           5,9942.10
 
 Operating Profit                         9,461.04            7,293.15
 
 Interest                                 2,441.74            2,153.24
 
 Depreciation                             2,151.22            1,672.50
 
 Profit Before Tax                        4,868.08            3,467.42
 
 Taxation - Current                       1,717.48            1,282.60
 
 - Deferred                                 -49.24              -277.2
 
 - Fringe Benefit Tax                            -                  34
 
 - Income Tax for Prior Period            1,214.97                   -
 
 - Short provisions for Tax for 
 
   Earlier Years                             12.55               -1.54 
 
 Profit after
 
 Taxation (before exceptional items)      1,972.32            2,429.55 
 
 Profit after
 
 Taxation (after exceptional items)       2,345.51            1,030.13 
 
 Balance brought forward                  3,690.06            2,906.55 
 
 Proposed Dividend on equity shares              0              122.75
 
 Tax on Proposed Dividend                        0               20.86 
 
 Balance carried to Balance Sheet         6,035.57            3,793.07
 
 Operational review
 
 Your Company has achieved a Turnover of Rs. 72843.51 lacs in the
 financial year 2009-10 as against Rs. 59981.03 lacs in the previous
 year, registering a growth of 21.44%. The Net Profit of the Company for
 the financial year 2009-10 is Rs. 2345.51 lacs as against Rs. 1030.13
 lacs in the previous year, registering a significant growth of around
 127.69%. The overall performance of your company is satisfactory and
 the top line growth and bottom line growth shows its growth potential
 and its ability to mark its presence in the market.
 
 Dividend
 
 In order to conserve the resources for future, to utilize the money for
 future plans, Your Directors have decided not to recommend any dividend
 (previous year nil) for the financial year ended on 31st March, 2010.
 
 Future prospects
 
 The Power sector is one of the most promising sector from the business
 point of view, and as such big investment are planned to be invested in
 this sector in view of growing demand of energy worldwide. Large Energy
 suppliers not only in India but also outside India are in expansion
 mode to meet the rising level of consumption of energy. Today your
 Company is one of the most trustworthy companies in the field of
 Execution of Power projects and Infrastructure Projects. Your Company
 has a reputed customer base. Due to our timeliness and commitment
 towards quality, new customers are regularly coming to us and from them
 we are regularly receiving orders. In the light of various bulky orders
 in hand, your Company expects better result in future years.
 
 Public deposits
 
 During the year ended 31st March, 2010, your Company has not accepted
 any deposits from the public.
 
 Directors
 
 As per Article 150 of Article of Association of the Company, Mr.  Parag
 A. Sakalikar, Mr. Devesh N. Garg & Mr. Dilip Y. Ghanekar, Directors of
 the Company are liable to retire by rotation in the forthcoming Annual
 General Meeting and being eligible, offered themselves for
 reappointment. The Board of Directors recommends their reappointment
 subject to the approval of shareholders in the ensuing annual general
 meeting.
 
 Mr. S. S. Waghmare, Independent Director, has resigned from
 Directorship with effect from 30.10.2009.
 
 Ms. Sarita Rathi, who had been appointed as the Additional Director of
 the Company in the Board Meeting held on 30th October’ 2009 and will
 hold office up to the date of ensuing Annual General Meeting. In
 respect of whom, the notice of her candidature for the office of
 directorship under section 257 of the Companies Act, 1956, has been
 received by the Board. The Board of Directors recommends her
 reappointment as a Director of the Company subject to the approval of
 the shareholders in the ensuing annual general meeting.
 
 Directors Responsibility Statement
 
 Pursuant to section 217(2AA) of the Companies Act, 1956, your Directors
 hereby confirm that:
 
 a) In the preparation of Annual Accounts of the Company, the applicable
 Accounting Standards have been followed along with proper explanation
 to material departure from the same, if there any.
 
 b) They 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 & fair view of the state of affairs of the
 Company at the end of the financial year ended on 31st March, 2010 and
 of the Profit of the Company for the year ended on that date.
 
 c) They 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 irregularity.
 
 d) They have prepared the Annual Accounts of the Company on a going
 concern basis.
 
 Directors explanations / informations on Auditors’ qualifications or
 adverse remarks
 
 i) Regarding advances and receivables and provision for doubtful debts,
 provisions with regard to Receivables of Rs.230 lacs have not been made
 in the books of accounts; as a result the profit for the period has
 been overstated by Rs.230 lacs and Current assets (Sundry Debtors) has
 been overstated by the similar amount.
 
 Management Reply: The management from the past experience is confident
 that the amount of Rs 230 lacs, which is receivable, is good and will
 be received in due course of time though belated as these type of
 claims take longer time duration.
 
 ii) As per management estimate, Provision of Rs. 25 Lakhs has been made
 for Leave Encashment in books of accounts. As the provision made is not
 as per the Accounting Standard 15 – Employee Benefit (Revised) issued
 by ICAI, consequential impact of the difference in amount of provision
 on Profit & Loss for the year is unascertainable.
 
 Management Reply: The management has treated the leave encashment as
 short term employee benefit and as such the provision for the year of
 Rs. 25 lacs is reasonable.
 
 iii) Where the reason given for discontinuation of Consolidation of
 Gangakhed Sugar & Energy Limited is not according to ‘Accounting
 Standard – 23 – Accounting for Investments in Associates in
 Consolidated Financial Statements’, we are unable to quantify the
 impact of the same on consolidated Financial Statements as the
 necessary information was not available to us.
 
 Management Reply: M/s Gangakhed Sugar & Energy Ltd.,
 
 According to management is not an associate company, as stated in
 ‘Notes to Accounts’ forming part of consolidated Accounts. The reason
 being that the Board of Directors consists of majority of independent
 Directors who are technically well qualified to run the company
 professionally.  The policy making process is decided in the Board
 Meetings.  There is no interchange of managerial personnel during the
 year. Sunil Hitech Engineers Limited is not qualified for providing any
 essential technical information / assistance.  The share holding of
 Sunil Hitech Engineers Limited as on 31st March 2010 though is more
 than 20% the company is not having any significant influence as
 demonstrated above.  As informed to us and the information available
 the year ending of M/s Gangakhed Sugar & Energy Limited is 31st
 December 2009 and till year ending no commercial activity was commenced
 save and except trial runs.
 
 Auditors and Auditors Report
 
 M/S G. G. Randad & Company, Chartered Accountants, has expressed their
 inability to continue as the Auditors of the Company for the financial
 year 2010 - 2011. The Board recommends the appointment of M/s Kapoor &
 Parekh Associates, Chartered Accountants, who have given their consent
 under section 224(1B) of the Companies Act, 1956, as Auditors of the
 Company, subject to the approval of shareholders in Annual General
 Meeting.
 
 Management Discussion and Analysis
 
 A detailed review of operational performance and future outlook of the
 Company is given under the Management Discussion and Analysis Report
 which forms part of this Report.
 
 Corporate Governance Report
 
 As required by the clause 49 of the listing agreement with stock
 exchanges, corporate governance and a certificate confirming compliance
 with requirements of corporate governance forms part of this report.
 
 Subsidiary
 
 For the financial year ended on 31st March, 2010, your Company has
 three subsidiaries namely 1) SEAM Industries Private Limited, 2) SHEL
 Investments Consultancy Pvt. Ltd., 3) Sunil Hitech Energy Pvt. Ltd.
 Your Company had applied for exemption under Section 212(8) of the
 Companies Act, 1956, and got the approval from the Ministry of
 Corporate Affairs, Government of India under the aforesaid section from
 attachment of Annual Accounts and other Reports of Subsidiary Companies
 with the Balance Sheet of our Company as mentioned under Section 212 of
 the Companies Act, 1956 for the financial year ended on 31st March,
 2010.
 
 Consolidated accounts
 
 As required under clause 32 of Listing Agreements with Stock Exchanges
 a Consolidated Financial Statement of the Company and its subsidiaries
 as aforesaid are attached.
 
 Notes on subsidiaries
 
 The following may be read in conjunction with the Consolidated
 Financial Statements enclosed with the Accounts, prepared in accordance
 with Accounting Standard 21. Your Company has been exempt from the
 provisions of Section 212(1) of the Companies Act, 1956 relating to the
 attachment of the accounts of its subsidiaries to its Accounts.
 Shareholders desirous of obtaining the annual accounts of your
 Companys subsidiaries may obtain the same upon request. The report and
 accounts of the subsidiary companies will be kept for inspection at
 your Companys registered office and those of the subsidiary companies.
 Further, the report and accounts of the subsidiary companies will also
 be available at your Companys website, www.sunilhitech.com in a user
 friendly, downloadable format.
 
 Insurance
 
 All the Assets of the Company are insured against risk and uncertainty.
 
 Particulars of employees
 
 As required by the provisions of section 217(2A) of the Companies Act,
 1956, read with the Companies (Particulars of Employees) Rules, 1975
 the names and other particulars of employees are set out in the
 annexure to the Directors’ Report and forms part of this report.
 
 Conservation of energy, technology absorption, foreign exchange
 earnings and outgo
 
 Information 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 are
 annexed and forms part of this report.
 
 Acknowledgement
 
 The Directors of your Company express their gratitude for the valuable
 support extended by Investors, Customers, Business Associates, Bankers
 and Vendors. Yours Directors place on record their appreciation for the
 significant contribution made by the employees at all levels towards
 the development of the Company. The employees’ dedication towards the
 organization is a source of strength for the Company. The Directors
 also thanks the various Government and Regulatory Authorities and last
 but not the least the Shareholders for their patronage, support and
 faith in the company. With the whole hearted support of Stakeholders,
 Employees, Bankers and our valuable customers, your company will touch
 the new limits of success and growth.
 
 
 
 
                                              By the order of the Board 
 
 Place: Nagpur             (Sunil R. Gutte)             (M. N. Mohanan)
 
 Date: 14.08.2010   Joint Managing Director                    Director