EXPORT OBLIGATIONS:

Our Company has no export obligations pending as of now. Our Strengths:

We believe our principal competitive strengths are as follows:

• Extensive experience and strong track record in infrastructure development and construction projects in the roads and buildings sector

With over three decades of experience in the infrastructure development and construction business, we have been involved in the construction of roads, building and urban infrastructure for around 29 customers and on various projects. We believe our focus on road infrastructure and our experience in building projects like MSEB Office Building and Urban Infrastructure projects like Prabodhankar Thakeray Drama Theatre, Clubs, Entertainment Complex etc. gives us an advantage over our competitors when bidding for new projects and enables us to capitalize on the opportunities available in this growing sector of the Indian economy.

• Integrated execution capabilities with in-house construction, RMC Manufacturing, Aggregates (metal) production and Logistics Support

We are an integrated infrastructure development and construction company. The major raw material like RMC is manufactured in our plants and various grades of metals (stones) are also sourced from the quarry operated by us and crushed in our own plants. The ready RMC is transported through our owned /leased transit mixtures which ensures ready availability of material. This enables us to not only reduce our dependence on third party suppliers but we can also exercise greater control over the quality and timely execution of our construction projects. Equipment asset management is a critical element of timely delivery and quality on infrastructure development and construction projects. We own a large fleet of sophisticated construction equipment and this enables us to be less dependent on third parties when implementing our various projects and efficiently manage our equipment assets. We believe that this also

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provides us with a competitive advantage over other infrastructure development and construction companies. Our integrated execution capabilities enable us to better evaluate potential funded construction projects.

• Professionally managed company with an experienced management team and a qualified and skilled employee base

We are a professionally managed company with a qualified, skilled and trained workforce. As of February 28, 2011, our experienced work force consisted of 273 permanent employees, including 21 employees in Accounts and Finance department, 241 employees in our construction operation and production division, 4 employees in Marketing and sales department and 7 employees in HR and administration department. Our management team is well qualified and experienced in the industry and has contributed to our growth. We believe that a motivated and empowered employee base is essential to maintaining our competitive advantage. We are dedicated to the professional development of our employees and will continue to invest in their professional growth. We have invested in technically qualified and skilled man- power to ensure timely execution of our projects while meeting the highest quality standards. Regular training and development programmes are organized to update the knowledge and skill sets.

• Relationship With Contractors / Customers / Suppliers

We have maintained good relationships with major suppliers of cement, bitumen, steel which are our major raw materials. We believe that efficiency in our operations have helped us in developing good relationships with our customers as well as contractors involved in the construction and infrastructure industry. We also rely on third-parties for execution of some of our road projects and have good working relationships with our third-party contractors which provides us with advantages in the execution of projects.

• Our Business Model

The business model that we have adopted allows us to scale up operations with ease. Our business model offers us the flexibility to adapt to varying nature of projects besides providing the scope of scalability of operations. Under this model, we follow a two tier structure, which consists of (i) centralized planning and co-ordination, and (ii) de-centralized project management, execution and quality assurance.

We believe that our execution model provides us with the support structure necessary to manage and execute both small and large complex projects within the timelines and tight budgets while ensuring that our design and quality surpasses the standards required by our client to ensure customer delight.

• Technical Expertise

We believe that our experience and expertise in planning, designing and construction of projects in the infrastructure and civil construction is the competitive advantage that differentiates us from many of our competitors. Constructing such infrastructure projects has been a significant focus area for our business. Our successful execution of projects in the roads and highways and civil construction sectors has provided us with the credentials and wherewithal to implement larger projects.

• Investment in Plant, Machinery and Equipments

We have made large and sustained investments in equipment. We have modern construction equipment which allows us to meet the broad spectrum of requirements of various construction projects. Such an equipment base also gives us the capability to design and execute projects of a large and varied scale, thus reinforcing our ability to execute diverse projects both nationally and internationally.

As we have owned equipment, we are able to appropriately benchmark productivity and production of the hired equipment that we use for augmenting the requirement at individual sites. Concurrently regular benchmarking with best practices ensures that we remain competitive and allows us to achieve higher operating margins.

• Our strong Order Book

Our order book as at February 15, 2011 stood at Rs.59154.77 lakhs. What differentiates our order book is the diversity and the work contracts across sectors. Numbers wise, we have as many as 11 contracts in roads and highways, 15 contracts for construction of buildings and 3 contracts in Urban Infrastructure / Airport segment.This helps us de-risk the business model from the cyclicities of a particular sector. Our strategy to bid for larger value orders will bring economies of scale that will have a strong positive impact on our efficiencies and in turn improve our competitiveness.

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BUSINESS STRATEGY

Our vision is to be a dominant player in infrastructure development. Our strategy is to operate across the complete bandwidth of the infrastructure. To actualize the strategy, we will focus on the following short and long term objectives:

• Continue to enhance our project execution capabilities

We believe that we have developed a reputation for undertaking construction projects in road sector and buildings with our customers. We intend to continue to focus on performance and project execution in order to maximize client satisfaction and margins. We leverage project management tools to increase productivity and maximize asset utilization in capital intensive activities. We continue to optimize operating and overhead costs to maximize our operating margins. Our ability to effectively manage projects will be crucial to our continued success as a recognised infrastructure company. We believe that we are able to distinguish ourselves from our competitors because of our technical capabilities, management strength and integrated operations with inhouse sourcing of materials. We intend to continuously strengthen our execution capabilities by adding to our existing pool of human resources and equipments.

• Develop and maintain strong relationships with our clients and suppliers

Our business is dependent on winning construction projects undertaken by large government agencies and companies, and infrastructure projects undertaken by governmental authorities and others and funded by governments.

Our business is also dependent on developing and maintaining strategic alliances with other contractors with whom we may want to enter into project-specific joint ventures or subcontracting relationships for specific purposes such as pre-qualification etc. We will continue to develop and maintain these relationships and alliances.

We intend to establish strategic alliances and share risks with companies whose resources, skills and strategies are complementary to our business and are likely to enhance our opportunities.

• Pursue new investment opportunities that permit us to take advantage of our current strengths

To accelerate the infrastructure development across the country, the Government of India has launched various schemes on the PPP model which requires astute understanding of the economics, the funding, the monitoring and control of such projects.

We will attempt to identify and participate in new investment opportunities as they arise and more particularly in BOT sector. Should we determine that any new investment opportunities possess value, we will leverage our current strengths in the infrastructure and construction business to take advantage of such new opportunities.

• Geographical expansion

We currently operate in selective geographies and intend to expand our operations to bid for projects in other western states. This will help us to further de-risk our business model and reduce our dependence on few major customers.