Date : 25th August 2011

Dear Shareholder,

I have great pleasure in presenting the 25th Annual Report for the year ended on 31st March 2011.

During this year, the net-worth has increased by Rs.2.64 Cr. and the Book Value per equity share has increased from Rs. 4.60 to Rs 4.70, a gain of 2%, while the BSE Index has registered a gain of 11% during the year. Over the last 6 years (that is, since the present management took over) Book Value has grown from Rs. 0.33 to Rs. 4.70, a growth of 55% p. a. while the BSE Index has registered a growth of 18% p. a. in this period.

During the Financial Year 2010-11, top line growth in Hospitality Business was 63 % whereas in engineering business it was 325%. Bottom line growth in Hospitality and engineering is 76 % and 73 % respectively. Both the businesses have started generating cash profit and I hope they will generate profit after tax during the next Financial Year.

With the stabilization of operations of both the business I am planning to focus on treasury operations of the company.

Our future growth strategy will be both organic and inorganic in nature. This strategy along with the use of Financial Derivatives in treasury operations 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 30th September 2011 at Solaris Banquet Hall, Mayur Colony, Kothrud, Pune.

Regards,
Ramesh Havele
Chairman and Managing Director
Pune,
25th August 2011

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