HDFC Bank Ltd.

ICICI Bank Ltd.

ITC Ltd.

Reliance Industries Ltd.

Tata Motors Ltd.

The company was originally incorporated on January 1, 1986 as a private limited company under the provisions of the Companies Act, 1956 as Vascon Engineers Private Limited. It became a deemed public company by virtue of Section 43A of the Companies Act with effect from August 25, 1997 and was renamed as Vascon Engineers Limited.

Consequent to the amendment of Section 43A of the Companies Act, it became a private limited company with effect from January 16, 2001. Pursuant to a resolution of the shareholders on December 7, 2006, it got converted to a public limited company with effect from December 7, 2006. A fresh certificate of incorporation consequent on the change of the name was granted to it on December 20, 2006 by the ROC. Further, pursuant to the provisions of Section 391 to 394 of the Companies Act and pursuant to an order of the High Court of Bombay, dated January 19, 2007, Clover Resorts Private Limited merged with the company from the appointed date being April 1, 2006. It also acquired the assets of Vascon Hadapsar Ventures, in which it was a partner, pursuant to a deed of retirement cum dissolution dated May 29, 2007.

Company commenced operations primarily as an EPC services company in 1986. However, in the past few years the Company has diversified into real estate development, including owning and operating selected projects directly or indirectly through the Subsidiaries and the Other Development Entities. The company’s operations span across all aspects of real estate development, from identification and acquisition of land to providing EPC services and sales and marketing of the projects to operation of the completed projects.

The company has significant experience of 23 years in providing EPC services, which include, constructing factories, hospitals, hospitality properties, office and residential complexes, shopping malls, multiplexes, IT parks and other buildings. The Company provides EPC services for own projects as well as to third parties. As of August 31, 2009, the company had completed an aggregate of 179 EPC Contracts, with a total contract value of Rs. 8,804.79 million, out of which 155 EPC Contracts were for third parties, with a total contract value of Rs. 6,478.89 million and 24 EPC Contracts were for projects developed by it or the Other Development Entities, with a total contract value of Rs. 2,325.89 million.

The real estate development business comprises the development of residential and office complexes, as well as shopping malls, multiplexes, hospitality properties, IT parks and other buildings directly or indirectly through the Subsidiaries or the Other Development Entities. The Ongoing and Forthcoming Projects are spread over seven states in India. As of August 31, 2009, the company and the Other Development Entities had completed an aggregate of 41 real estate development projects, with an aggregate Saleable Area of over 4.58 million square feet. In addition, the company has sold land and land development rights aggregating 2.03 million square feet in Saleable Area. The company and the Other Development Entities are in the process of developing an additional 52 Ongoing and Forthcoming real estate projects, with an aggregate Saleable Area of over 44.85 million square feet.

In addition to developing and providing EPC services for real estate projects, the company also continues to own or operate certain projects subsequent to their completion. For example, the company owns the Vista do Rio, and through the Subsidiaries or the other Development Entities, the company owns an interest in the Galaxy Resorts in Goa, the Golden Suites service apartment complex in Pune, and Marigold Premises Private Limited, which owns and operates the Mariplex mall and office complex. Additionally the company is involved in developing a multi-level car parking for Delhi International Airport Limited and has a 24.00% equity interest in a company that intends to focus on infrastructure development such as roads.

Subsidiaries:

Company	Market Price	MCAP(Cr)	P/B	P/E	EPS	ROE
VASCONEQ	43.3(0.0%)	883	1.0	10.2	6.2	2.1
GEPIL	131.5(4.7%)	887	3.9	0.0	35.9	28.9
LIKHITHA	267.3(-0.3%)	1,057	4.2	17.6	35.8	26.7
INDIANHUME	158(11.9%)	684	1.0	12.3	11.1	7.2
SEPC	8.1(4.5%)	1,120	1.0	0.0	-5.4	-30.3
OMINFRAL	42.6(0.8%)	406	0.6	12.1	6.0	1.3
RIIL	945.45(2.9%)	1,387	3.5	89.0	4.6	4.1
BGRENERGY	51.65(1.1%)	368	0.6	0.0	4.4	-27.5
NELCO	622.2(0.5%)	1,419	14.0	68.0	25.5	20.5
GPTINFRA	58.85(0.0%)	323	1.3	9.3	13.4	7.8
GENCON	58.7(-0.5%)	315	1.3	19.6	10.6	7.5
REPL	169.2(0.0%)	293	2.8	25.2	17.6	17.2
BRNL	30.3(0.3%)	256	0.3	0.0	-10.2	-55.7
MEP	13.5(2.3%)	242	0.7	0.0	5.3	0.0
MBLINFRA	20.65(0.0%)	215	0.2	37.1	15.4	17.8

Peer Comparison