Date : 20th August 2010

Dear Shareholder,

I have great pleasure in presenting the 24th Annual Report for the year ended on 31st March 2010.

During this year, the net-worth has increased by Rs.17.77 Cr. and the Book Value per equity share has increased from Rs. 2.36 to Rs. 4.75, a gain of 101%, while the BSE Index has registered a gain of 82% during the year. Over the last 5 years (that is, since the present management took over) Book Value has grown from Rs. 0.33 to Rs 4.75, a growth of 70% p. a. while the BSE Index has registered a growth of 22% p. a. during this period.

Financial Year 2009-10 was difficult for the Company. Hospitality business was down during the first half of the year and our Engineering subsidiary company was in the process of consolidation.

However, both the businesses have been looking up since October 2009 and I hope this trend will continue in the financial year 2010-11.

Our future growth strategy will include identification of appropriate investment opportunities in the field of Hospitality, Engineering and Securities Trading and deployment of funds in an optimum mix of Debt/Equity in each segment.

I look forward to meet you during our Annual Meet scheduled on 30th September 2010 at Solaris Banquet Hall,Mayur Colony, Kothrud, Pune.

Regards,
Ramesh R. Havele
Chairman and Managing Director.
Pune,
20th August 2010

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