Date : 14th August 2012.

Dear Shareholder,

I have great pleasure in presenting the 26th Annual Report for the year ended on 31st March 2012.

During this year, the net-worth has increased by Rs. 1.18 Cr. and the Book Value per equity share has increased from Rs. 4.70 to Rs. 4.87, a gain of 3.61%, while the BSE Index has registered a gain of -10% during the year. Over the last 7 years (that is since the present management took over) Book Value has grown from Rs. 0.44 to Rs. 4.87, a growth of 41% p. a. while the BSE Index has registered a growth of 17% p.a. during this period.

During the Financial Year 2011-12, top line growth in Hospitality Business was 22% whereas in engineering business it was -24%. Bottom line growth in Hospitality and engineering is 113% and -229% respectively. Hospitality business has started generating cash profit and I hope it will generate profit after Tax during the next Financial Year. However, engineering business is not yet stabilized and I hope it will perform better during next year.

As mentioned in my last year’s letter our future growth strategy will be both organic and inorganic in nature. In line with this strategy, we have entered into business of Education and Renewable Energy, both have huge potential for future growth.

Further, with the acquisition of Canadian Company “Cleanfield Alternative Energy” our Company will be listed on Toronto Stock Exchange. This will help us to access Global Capital to reduce the cost of Capital. These additions to our business Inventory 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 14th September 2012 at Banquet Hall, Solaris Club, Mayur Colony, Kothrud, Pune – 411029.

Regards,
Ramesh Havele
Chairman and Managing Director
Pune,
14th August 2012

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