Date : 31st August 2013.

Dear Shareholder,

I have great pleasure in presenting the 27th Annual Report for the year ended on 31st March 2013.

During this year, the net-worth has increased by Rs. 8.36 Cr. and the Book Value per equity share has increased from Rs. 4.87 to Rs. 6.52, a gain of 34%, while the BSE Index has registered a gain of 8% during the year. Over the last 8 years (that is since the present management took over) Book Value has grown from Rs. 0.44 to Rs. 6.52, a growth of 40% p. a. while the BSE Index has registered a growth of 14% p.a. during this period.

During the Financial Year 2012-13, top line growth in Hospitality Business was 9% whereas in engineering business it was -38%. Bottom line growth in Hospitality and Engineering is 683% and 4% respectively. Hospitality business has started generating profit after tax, 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.

However, due to paucity of funds, we had to abandon the acquisition of Canadian Company "Cleanfield Alternative Energy". We have been doing our best to organize low cost funds for our future growth; this will bring back our growth Engine from next financial year.

I look forward to meet you during our Annual Meet scheduled on 30th September 2013 at Dhanada Education Pvt. Ltd., "Dhanada Tower" Near Mhatre Bridge, Opp. Gharkul Lawns, Karvenagar, Pune – 411052.

Regards,
Ramesh Havele
Chairman and Managing Director
Pune.
31st August 2013

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