Date : 14th August 2015.

Dear Shareholder,

I have great pleasure in presenting the 29th Annual Report for the year ended on 31st March 2015.

During this year, the Book Value per equity share has decreased from Rs. 5.79 to Rs. 4.80, a loss of 17.14%, while the BSE Index has registered a gain of 25% during the year. Over the last 10 years (that is since the present management took over) Book Value has grown from Rs. 0.44 to Rs. 4.80, a growth of 27% p. a. while the BSE Index has registered a growth of 16% p.a. during this period.

In the Financial year 2014-15 there was very severe shortage of working capital in subsidiary companies. They were non operational during the year and have suffered losses. The parent company was also unable to allocate fund due to its own financial problems.

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

I look forward to meet you during our Annual Meet scheduled on 30th September 2015 at ‘Dhanada’ 16/6, Erandawana Housing Society, Plot No. 8, Patwardhan Baug, Pune – 411004.

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.

With Regards,
Ramesh Havele
Chairman and Managing Director
Pune.
14th August 2015

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