To The Shareholders,

Indian economy has shown remarkable improvement in the year 2009-10 and the same is likely to continue in foreseeable future. The performance of the Company for the year 2009-10 has remained stable mainly on account of abandonment of the major road project, delay in clearance of few power projects.

The Company has achieved major breakthrough by securing first BOT project in joint venture. The company has also secured two major projects for Bangalore Metro Rail. I would like to convey profound appreciation to our Delhi Execution team for extraordinary efforts and commitments due to which we could successfully and timely complete three prestigious and world class stadiums for Common Wealth Games. These sports complexes have been declared as outstanding by national & international sports authorities including Govt.

In the current year, our major thrust will be on the order booking and so far we have been successful in securing few major projects. Recent improvement in order book position and looking to the immense opportunities available in the areas of BOT / DBFOT projects, urban infrastructure, railways, pipelines, and power sector, the Company is set to achieve desired growth in coming years.

I am glad to inform you that, in the current financial year, so far we have secured orders of more than 1400 Crores and as on date we have pending order backlog of approx. Rs. 3800 Crores. We are targeting turnover of Rs. 1500 Crores plus for the current financial year. Looking to the current market scenario and stiff competition, we will strive to improve the margin. Another major challenge for execution team will be mobilizing skilled and unskilled labour force which is matter of serious concern for the entire construction industry.

We have been enjoying tremendous support from our stakeholders as well as our clients. We look forward to enjoy this continued support and confidence in future, as in the past.

Before I conclude, I wish to place on record my appreciation for the outstanding commitment and dedicated efforts of all our employees. I am also grateful to our clients, bankers, vendors and business associates for their unstinted support and confidence reposed on us.

Hemant Modi
Vice Chairman & Managing Director