Date : 30th August 2014

Dear Shareholder,

I have great pleasure in presenting the 28th Annual Report for the year ended on 31st March 2014.

During this year, the net-worth has decreased by Rs. 0.54 Cr. and the Book Value per equity share has decreased from Rs. 5.89 to Rs. 5.79, a loss of 1.70%, while the BSE Index has registered a gain of 19% during the year. Over the last 9 years (that is since the present management took over) Book Value has grown from Rs. 0.44 to Rs. 5.79, a growth of 33% p. a. while the BSE Index has registered a growth of 15% p.a. during this period.

Growth Matrix of last 5 years:

* Average Annual Growth Rate

Business	Top Line Growth %		Bottom Line Growth %
	During the year	For last 5 years *	During the year	For last 5 years *
Hospitality	-6	49	-6	104
Engineering	-83	52	55	-27
Education	275	275	47	47
Energy	-45	-45	-75	-75
Treasury Operations	148	42	247	-78
Weighted Average	-17	16	37	143

Financial year 2013-14 was very tough due to political uncertainty which resulted in general slowdown in the economy. It was very difficult to raise finances for general business purpose which affected adversely the working of the company during the year.

However, I am confident that this problem will be addressed soon and company will be back on its growth trajectory.

I look forward to meet you during our Annual Meet scheduled on 30th September 2014 at ‘Dhanada’ 16/6, Erandawana Housing Society, Plot No. 8, Patwardhan Baug, Pune – 411004.

With Regards,
Ramesh Havele
Chairman and Managing Director
Pune.
30th August 2014

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