Dear Shareholder,
 
 I have great pleasure in presenting the 26th Annual Report for the year
 ended on 31st March 2012.
 
 During this year, the net-worth has increased by Rs. 1.18 Cr. and the
 Book Value per equity share has increased from Rs. 4.70 to Rs. 4.87, a
 gain of 3.61%, while the BSE Index has registered a gain of-10% during
 the year. Over the last 7years (that is since the present management
 took over) Book Value has grown from Rs. 0.44 to Rs. 4.87, a growth of
 41% p. a. while the BSE Index has registered a growth of 17% p.a.
 during this period.
 
 During the Financial Year 2011-12, top line growth in Hospitality
 Business was 22% whereas in engineering business it was -24%. Bottom
 line growth in Hospitality and engineering is 113% and -229%
 respectively. Hospitality business has started generating cash profit
 and I hope it will generate profit after Tax during the next Financial
 Year. However, engineering business is not yet stabilized and I hope it
 will perform better during next year.
 
 As mentioned in my last year''s letter our future growth strategy will
 be both organic and inorganic in nature. In line with this strategy, we
 have entered into business of Education and Renewable Energy, both have
 huge potential for future growth.
 
 Further, with the acquisition of Canadian Company Cleanfield
 Alternative Energy our Company will be listed on Toronto Stock
 Exchange. This will help us to access Global Capital to reduce the cost
 of Capital. These additions to our business Inventory will endeavor to
 maximize returns on shareholders'' fund and minimize overall risk to
 shareholders.
 
 I look forward to meet you during our Annual Meet scheduled on 14th
 September 2012 at Banquet Hall, Solaris Club, Mayur Colony, Kothrud,
 Pune - 411029.
 
 Regards,
 
 Ramesh Havele
 
 Chairman and Managing Director 
 
 Pune, 14th August 2012