Joy Realty

Dear Shareholders,
 
 Over the past several years, the Board has overseen the Company''s
 evolution and growth.
 
 The Board strives continually to take a proactive approach to ensure
 that the appropriate structures and processes are in place, to
 facilitate independent and effective oversight of operations, capital
 deployment, strategic growth initiatives and risk management
 practices. The Board takes great pride in the systems of strong
 corporate governance it has built, which, we believe, serve as the
 foundation for enduring success and shareholder confidence. Despite
 ongoing challenging market conditions and cyclical bouts of economic
 turbulence, Joy Realty Limited strived to deliver positive earnings to
 shareholders in 2014-15.
 
 The Board also spent a considerable amount of time on its own renewal
 and self-assessment. We welcome new Women Director this past year:
 Mrs. Monika Ritesh Trivedi.
 
 The Board remains committed to working closely with management to
 ensure the Company has the appropriate business structure to endure
 through leaner times but more importantly preserves its ability to
 outperform in better markets. With the hope that good days truly lie
 ahead let us all look forward to higher growth; more enterprise; less
 red-tape; and with these, the next phase of your Company''s growth.
 
 We will continue to prudently balance strategic growth with sound risk
 management practices. I am confident Joy Realty Limited has the right
 business model, experienced leadership and an outstanding and
 dedicated workforce to continue driving growth and creating
 shareholder value. Once again, I extend my thanks to our directors for
 their ongoing commitment. On behalf of the Board, I would also like to
 thank you, our shareholders, for your support. We remain committed to
 working on your behalf.
 
                                                                  Yours,
 
                                                                    Sd/-
                                                       Mr. Jayant B Soni
                                                                Chairman 
                                                         DIN No:00131959 
                                                      Joy Realty Limited