TO THE MEMBERS,
 
 The Directors hereby present their Twenty-Forth Annual Report on the
 business operations of the Company along with the audited statement of
 account for the year ended 31 st March, 2011.
 
 01.  FINANCIAL RESULTS
 
                                                         (Rs. In Lacs)
 
                                         Year Ended       Year Ended
                                         31.03.2011       31.03.2010
 
 Income                                     4565.32          2144.06
 
 Profit before Tax (PBT)                    1669.35           332.93
 
 Provision for taxation                      594.00           117.00
 
 Taxes for Earlier Years (Net)                14.08             0.04
 
 Deferred Tax                                 (1.42)            1.86
 
 Profit after Tax (PAT)                     1062.69           214.03
 
 Add/(Less) Prior Period Adjustment           24.18                0
 
                                            1086.87           214.03
 
 Add:Balance of Profit 
 brought forward                             285.25            71.22
 
 Balance available for appropriation        1372.12           285.25 
 Appropriations
 
 Proposed Dividend                           108.00                0
 
 Corporate Dividend Tax                       17.94                0
 
 Balance Carried to Balance Sheet           1246.18           285.25
 
 Dividend (%)                                 12.00             0.00
 
 2.  DIVIDEND
 
 Your Board recommend Dividend of Re.1.20/- per share (12% on face value
 of Rs.10/-). The total Dividend payout will be Rs. 125.94 Lacs
 including Dividend Tax.
 
 3.  OPERATIONS AND PROSPECTS
 
 The year under review your Company achieved total Income of Rs.4565.32
 Lacs. (Previous Year Rs.2144.06 Lacs). During the year your Company has
 sold of constructed flat /shops admeasuring about 59,665.17 Sq.Ft.
 worth Rs.1524.81 Lacs (Previous Year 65,941.53 Sq.ft. worth Rs.1489.90
 Lacs). In addition to above, the Company sold plots, lands etc. worth
 Rs. 2449.04 Lacs (Previous Year Rs. 292.15 Lacs). Profit after tax was
 at Rs.1062.69 lacs (Previous Year Rs.214.03 Lacs).
 
 04.  DIRECTORS
 
 In accordance with the provisions of Section 256 of the Companies Act,
 1956 and the Articles of Association of your Company, Mr. Mukesh
 K.Thakker and Mr. Jaman H.Thakker, Directors of your Company will
 retire by rotation at the ensuing Annual General Meeting and being
 eligible, offer themselves for reappointment.
 
 Your directors subject to approval of the members in the General
 Meeting propose to re-appoint the above mentioned Directors. Resolution
 for the purpose is proposed to be passed at the ensuing Annual General
 Meeting.
 
 5 . DIRECTORS REMUNERATION
 
 The Board of Directors, at their meeting held on 29th March, 2011,
 decided to increase in remuneration of Mr.Jitendra M.Thakker, Chairman
 & Mr. Rajendra M.Thakker, Managing Director & Mr.Narendra M.  Thakker,
 Director of the Company, from Rs.50,000/- to Rs.1,00,000/- w.e.f.lst
 April, 2011, as approved by the Remuneration Committee.
 
 Necessary resolutions for remuneration of the aforesaid Chairman,
 Managing Director and Director are being put to the shareholders for
 their approval.
 
 6.  AUDITORS
 
 Your Company''s Auditors, M/s. Govilkar & Associates, Chartered
 Accountants, Nashik will retire at the ensuing Annual General Meeting
 and are eligible for reappointment.The members will be required to
 appoint Auditors for the current year and fix their remuneration. As
 required under the Provision of Section 224 of the Companies Act, the
 company has received written certificate from the above Auditors, to
 the effect that their re-appointment, if made would in confirmity with
 the limits specified in the said section.
 
 07.  DIRECTOR''S 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 along with proper explanation relating to
 material departures;
 
 ii) The Directors have selected such accounting policies and applied
 them consistently and made judgements 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 the period;
 
 iii) The Directors 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
 irregularities;
 
 iv) The Directors have prepared the annual accounts on a going concern
 basis.
 
 08.  PERSONNEL
 
 The Directors wish to place on record their sincere appreciation of the
 contribution made by the employees of the company at all levels. None
 of the employee was in receipt of remuneration in excess of
 Rs.2,00,000/- pm. if employed for part of the year or at Rs.24,00,000/-
 p.a.
 
 9.  CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANAYSIS REPORT
 
 Corporate Governance and Management Discussion and analysis report as
 required under clause 49 of the listing agreement is enclosed herewith.
 
 10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 In view of the nature of activities which are being carried out by the
 Company, Rules 2A and 2B of the Companies (Disclosure of Particulars in
 the Report of Board of Directors) Rules 1988, concerning conservation
 of energy and technology absorption respectively, are not applicable to
 the Company.  There were no foreign exchange earnings and outgo during
 the year under review.
 
 11.  AUDITORS''REPORT
 
 Notes to the accounts, as referred in the Auditors Report, are
 self-explanatory and therefore do not call for any further comments and
 explanations.
 
 12.  ACKNOWLEDGEMENT
 
 The Directors acknowledge with pleasure the valued co-operation and
 continued support extended to the Company by its Bankers ICICI Bank
 Ltd., Janalaxmi Co-op. Bank Ltd.,Godavari Urban Co-op.  Bank Ltd, The
 Saraswat Co-op Bank Ltd. and The Nashik Merchant Co-Op. Bank Ltd.The
 Directors are also happy to place on record their thanks to various
 departments of Government of Maharashtra and Municipal Authorities like
 Nashik Municipal Corporation, Maharashtra State Electricity Board,
 Maharashtra State Road Transport Corporation for their valuable
 co-operation.
 
                             For and on behalf of the Board of Directors.
 
 PLACE : NASHIK                                       JITENDRA M. THAKKER
 
 DATE  : 30/05/2011                                              CHAIRMAN