Dear Shareholders,
 
 The Directors have pleasure in presenting the 20th Annual Report
 together with the audited accounts of your Company for the year ended
 March 31, 2011.
 
 Financial Results
 
 FINANCIAL RESULTS                        Year ended    Year ended
                                          31.03.2011    31.03.2010
                                             (Rs. In       (Rs. In 
                                              Lakhs)        Lakhs)
 
 Income from sales /other operation
 
 Sales                                      13571.81       6766.86
 
 Other Income                                  68.51         50.71
 
 Total Expenditure                          12304.27       6410.34
 
 Gross Profit (Before Int. Depn. & 
 Tax)                                        1336.05        407.23
 
 Financial Overheads                           75.71         34.68
 
 Depreciation                                  51.73         47.51
 
 Profit Before Tax                           1208.61        325.04
 
 Provision for Tax                            250.08         57.51
 
 Profit After Current Tax                     958.53        267.52
 
 Less: Deferred Tax                             8.37          1.75
 
 Net Profit                                   950.16        265.78
 
 Add: Surplus From Previous Year             2575.41       2428.84
 
 Profit available for Appropriation          3525.57       2694.61
 
 Less: General Reserve                         60.00         60.00
 
 Proposed Dividend                            209.51         50.77
 
 Dividend tax                                  34.82          8.43
 
 Balance Carried Forward                     3221.24       2575.41
 
 Earning Per Share Basic (Rs.)                  3.63          2.09
 
 DIVIDEND:
 
 To strengthen the long – term prospects and ensuring sustainable growth
 in assets and revenue, it is important for your Company to evaluate
 various opportunities in which your Company operates. Your Company
 currently has several projects under implementation and continues to
 explore newer opportunities. Your Board of Directors considers this to
 be strategic interest of the Company and believe that this will greatly
 enhance the long term Shareholders'' value. In order to fund these
 projects of development, expansion and implementation stages,
 conservation of funds is of vital importance. In order to balance the
 criteria of growth considering the future financial needs of the
 Company for its proposed housing projects and at the same time to
 provide for returns to the share holders in form of dividend, the
 director after careful consideration have proposed a dividend of Re.
 0.80 per equity for the financial year 2010-2011.
 
 By this the board has doubled the dividend compared to dividend
 declared during the year 2009-2010
 
 MERGER:
 
 Pursuant to resolution of Share holders of the Company approving the
 merger of High End Homes Private Limited with your Company, the Hon''ble
 High Court of Madras vide its order dated 1st November 2010 sanctioned
 the scheme of Amalgamation.
 
 Pursuant to this, the Company issued one equity share of Rs. 10 each
 fully paid up for every three equity shares held by the Shareholders in
 High End Homes Private Limited and hence 13,495,070 equity shares were
 issued to the share holders of High End Homes Private Limited and paid
 up equity of Company increased to that extent.
 
 MINERAL WATER PLANT:
 
 As the members are aware, the Company runs a mineral water plant in the
 name of Vijay Shanthi. However as the members could observe from the
 Company''s financial result, the share of income from the mineral water
 segment is 0.83% of the total income.  Considering this miniscule
 contribution of this segment to Company''s top line, the Board of
 Directors propose to exit the Company from mineral water business from
 the financial year 2011-12, as the compliance and regulatory
 requirement of this segment is disproportionate to the contribution of
 this segment to the overall income of the Company.
 
 As the assets deployed by the Company to this segment are very less,
 this decision would not involve any substantial sale / dilution in the
 value of assets of the Company
 
 CHANGE OF REGISTERED OFFICE:
 
 Your Company has shifted its registered office from Vijay Complex, No.3
 Blackers Road, Mount Road, Chennai – 600 002 to No.20/43, Kasthuri
 Rangan Road, Alwarpet, Chennai – 600 018 for operational convenience.
 The new office is more spacious and easily accessible by customers and
 other stakeholders.
 
 BUSINESS GROWTH AND OUTLOOK
 
 While the demand for Housing continued to increase as ever, the
 increase in lending rates by the Bank affected home loan to a large
 
 extent. The increased cost of our home loans came as a dampener for the
 home buyers at large.
 
 However the Brand Image and Reputation built by our Company over the
 last two decades help the Company to manage this effectively and the
 Company continued in its style for launching projects to cater to both
 middle income and higher income groups.
 
 The sales of the Company have improved from Rs. 6,766.63 lakhs to Rs.
 13571.81 lakhs, show an increase of 101% while the Net Profits before
 Tax increase from Rs. 325.04 lakhs to 1,208.61 lakhs, show an increase
 of 272%
 
 The Board is very confident that with completion of various residential
 projects by the Company in the next coming years both the top line and
 the bottom line of the Company are set to witness substantial increase.
 
 ONGOING AND FUTURE PROJECTS
 
 ONGOING PROJECTS
 
 Sr. Project Name       Location       Total Saleable    Completion 
 No                                    Area              Time
 
 1   Lotus Pond         Thaiyur        1154824 sq. ft.   Jan – 2012
 
 2   Infiniti           NH - 4
                        Mevalurkuppam 
                        Village        433910 sq. ft.    Jan – 2012
 
 3   Park Avenue
     (Phase I)          Kanigai        420510 sq. ft.    Dec – 2012
 
 4   Bonlevord
     (Park Avenue) 
     (Phase II)         Kandigai       413400 sq. ft.    Dec – 2013
 
 5   Silent Valley      Tambaram       100916 sq. ft.    Dec – 2012
 
 6   Mystiq             Purasawalkam   27440 sq. ft.     Sep – 2012
 
 7   The Art            Nungambakkam   123795 sq. ft     Dec – 2012
 
 FUTURE PROJECTS
 
 Sr. Project         Name Location                  Total Saleable 
 No                                                 Area
 
 1   Serene          Perungudi                      48000 sq. ft.
 
 2   Aurum           Besant Nagar                   85000 sq. ft.
 
 3   Whistling Woods NH4 – Bangalore Highway        700000 sq. ft.
 
 4   Calm Springs    Ratnamangalam Vandalur – 
                     Kelambakkam                    1500000 sq. ft.
 
 5   Eternal Springs Ambattur                       500000 sq. ft.
 
 DIRECTORS
 
 Shri Bajranglal Eriwal and Shri Nitin Kumar are liable to retire by
 rotation at the end of ensuing annual general meeting. However as this
 two directors have expressed their desire not to seek re-appointment
 due to personal reasons, resolutions have been proposed for
 re-appointment of Shri. Chandan Kumar and Shri. Siva Subramaniam,
 directors.
 
 The profiles of these two directors are given as part of notice.
 
 The Board wishes to place on record the services rendered by Shri
 Bajranglal Eriwal and Shri Nitin Kumar during their tenure on the
 Board.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under Section 217(2AA) of the Companies
 Act, 1956, with respect to Directors'' responsibility statement, it is
 hereby confirmed:
 
 1.  That in preparation of the annual accounts for the year ended March
 31, 2011, the applicable Accounting Standards have been followed and
 proper explanations were provided for material departures, if any.
 
 2.  That 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.
 
 3.  That the Directors have taken proper and sufficient care for
 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.
 
 4.  That the Directors have prepared the accounts for the financial
 year ended March 31, 2011, on a going concern basis.
 
 CORPORATE GOVERNANCE
 
 Your company is committed to transparency in all its dealings and
 places emphasis on adherence to business ethics. Your company has been
 following good corporate governance procedures and is in constant
 effort of upgrading its Corporate Governance regime.  A report on
 Corporate Governance along with a certificate from the Auditors of the
 Company regarding the compliance of conditions of Corporate Governance
 as stipulated under Clause 49 of the Listing Agreement forms part of
 the Annual Report.
 
 AWARDS AND RECOGNITIONS
 
 Today the economy is robust and the stock markets are on an upward
 climb and while the existing blue chips are stable their growth is
 stagnant. In this scenario it is the small cap companies that are
 expected to chalk the highest growth and big returns. No wonder the
 Small Caps are considered the best value-for-money stocks for a small
 investment promises big returns.
 
 The Directors have pleasure in informing you that due to your Company’s
 superb performance it has been ranked among the TOP 400 SMALL CAP
 CORPORATES OF INDIA in Dalal Street Journal''s widely circulated and
 read SMALLCAP 400, 2011”
 
 MANAGEMENT DISCUSSION AND ANALYSIS REPORT
 
 The Management Discussion and Analysis Report, forming part of this
 report, as required under clause 49(IV) (F) of the Listing Agreement
 with the stock exchanges is attached separately in this Annual Report.
 
 AUDITORS AND AUDITORS'' REPORT
 
 M/s. Ramaratnam & Co, Chartered Accountants, statutory auditors of the
 Company, retire at the conclusion of the ensuing Annual General Meeting
 of the Company and have expressed their willingness for appointment as
 statutory auditors and confirmed that their appointment if made, will
 be within the prescribed limits under section 224(1B) of the Companies
 Act,1956.
 
 There are no qualifications or adverse remarks in the Auditors'' Report
 which require any clarification or explanation.
 
 Conservation of energy, technology absorption and foreign exchange
 earnings and outgo
 
 The particulars as required under 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 set out in Annexure “A”
 included in this report
 
 The statement of particulars of employees as required under Sec21 (2A)
 of Companies Act, 1956.
 
 None of the employees of the Company come under the above category
 
 Fixed Deposits
 
 During the year under review, the Company has not accepted any deposits
 from the public.
 
 Acknowledgments
 
 Your Directors wish to place on record their appreciation and immense
 gratitude for the timely assistance received from the Bankers and
 Financial Institutions, more particularly, ICICI, South Indian Bank
 Limited, State Bank of India, Kotak Mahindra Prime Limited, HDFC Bank,
 Life Insurance Corporation (LIC) and Axis Bank.
 
 We are deeply obliged with the Government Agencies for the help and
 guidance received time and again from them, we are grateful to them for
 their constant support.
 
 Your Directors also wish to place on record their appreciation for the
 excellent contribution made by the employees of your company at all
 levels during the year under review. The team effort is really
 commendable. The same level of dedication, zeal and enthusiasm by the
 employees of your company is expected during the coming years, to
 achieve new horizons.
 
                                                By order of the Board
 
                                                       CHANDAN PARMAR
 
                                                             Chairman
 
 Date    30.05.2011 
 Place   Chennai