Date : 20th August 2008.

Dear Shareholder,

I have a great pleasure in presenting the 22nd Annual Report for the year ended on 31st March 2008. During this year, the net-worth has increased by Rs. 1.93 Crores and the Book Value per equity share has increased from Rs. 1.95 to Rs. 3.49, a gain of 79%, while the BSE Index has registered a growth of 20% during the year.

Over the last 3 years (that is, since the present management took over) Book Value has grown from Rs. 0.33 to Rs. 3.49, a growth of 119% p. a. while the BSE Index has registered a growth of 34% p. a. during this period.

The sincere efforts of the new management of the Company have resulted in the resumption of trading of the Company’s equity shares on Bombay Stock Exchange (BSE) from 8th May 2007. The Market Capitalisation of the Company’s Equity Share on the date of signing this letter was Rs. 11 Crores

As reported in my last year’s Letter the management signed an agreement with Kamant Hotels (India) Ltd. a reputed company in the Hospitality Industry, for management of the Hotel Dhanada Coporation at Aurangabad. After renovation, Hotel Dhanada Coporation reopened partially on 26th June 2008. The Hotel is now renamed as VITS - Aurangabad.

I take this opportunity to thank our Team, Consultants, Bombay Stock Exchange (BSE), Kamat Hotels (India) Ltd. and Saraswat Co-op. Bank for their contribution in the reconstruction and revival of the Company. I am grateful to our shareholders for the patience and faith they have reposed in us.

I look forward to meet you during our Annual Meet scheduled on 30th September 2008 at Hotel Dhanada Coporation (VITS - Aurangabad).

Regards,
Ramesh R. Havele
Chairman and Managing Director.
Pune,
20th August 2008

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