VASCON ENGINEERS LTD.

Development wHh Conscience

Date: November 8, 2010

1. The Manager,

National Stock Exchange of India, Listing Department,

Exchange Plaza,

5th Floor, Plot No. C/l, G Block, Bandra Kurla Complex,

Bandra (E), Mumbai - 400 051 Fax: 022-26598237, 26598238

2. The Manager,

Bombay Stock Exchange of India, Corporate Relations Department, 1st Floor, New Trading Ring, Rotunda Building,

Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 Fax: 022-22723121, 22722082

Subject: Outcome of the Board Meeting held on November 8th, 2010

Dear Sir,

Please note that the Board of Directors of the Company in their meeting held on November s". 2010 has inter-alia approved the following:

1. Audited Standalone and Consolidated Financial Results of the Company for the Quarter ended and Half Year ended September 30, 2010. The copy of the same in the prescribed format is attached.

2. Auditors Report on Quarterly Financial Results and Year to Date Financial Results ended on so" September 2010 pursuant to Clause 41 of Listing Agreement.

3. Consolidated And Stand alone Statement of Assets and Liabilities for half year ended on so" September 2010 pursuant to Annexure IX to clause 41 of Listing Agreement.

4. Pursuant to the provisions of the Clause 20(b) of the Listing Agreement, the brief financials of Vascon Engineers Limited (on standalone basis) are given below:

(Rs. In Lakhs)

Sr. Particulars For Quarter For Quarter For the Half For the Half
No. ended so" ended so" year ended year ended
September September so" so"
2010 2009 September, September,
2010 2009
1 Total Turnover 17,444 19,129 37,904 31,538
2 Gross Profit/Loss 623 2,046 2,923 3,268
3 Provision for depreciation 182 145 339 296
4 Provision for Tax 295 555 963 752
5 Net Profit 990 1182 2,461 1,901
6 Amount appropriated for NIL NIL NIL NIL
the purpose of dividend
from current year profits l',/

corporate office:

phoenix, bund garden road, camp,

pune 411001 india tel. : +91-20-30562100/118 fax: +91-20-26131071

registered office:

15/16 hazari baugh, lbs marg, vikhorli (west), mumbai - 400 083

VASCON ENGINEERS LTD.

Development with Conscience

5. Statement of Utilization of Initial Public Offer (IPO) proceeds pursuant to clause 43 of Listing Agreement.

You are requested to take note of the same and inform your members accordingly.

Thanking you,

Yours faithfully,

For Vascon Engineers Limited,

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Company Secretary and Compliance Officer"-Z.~_~;~>·'

corporate office:

phoenix, bund garden road, camp,

pune 411001 india tel. : +91-20-30562100/118 fax: +91-20-26131071

registered office:

15/16 hazari baugh, Ibs marg, vikhorli (west), mumbai - 400 083

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cAnand uUehta g. v4~~octatm~ Chafttefted u4:ccountant~

Auditor's Report On Quarterly Financial Results and Year to Date Results of the Company Pursuant to the Clause 41 of the Listing Agreement

To,

Board of Directors of Yascon Engineers Limited, Mumbai.

1) We have audited the quarterly financial results of Yascon Engineers Limited for the quarter ended 30th September, 2010 and the year to date results for the period 1 st April, 2010 to 30th September, 2010 attached herewith, being submitted by the Company pursuant to the requirement of Clause 41 of the Listing Agreement, except for the disclosures regarding 'public shareholding' and 'promoter and promoter group shareholding' which have been traced from disclosures made by the management and have not been audited by us. These quarterly financial results as well as the year to date financial results have been prepared on the basis of the interim financial statements, which are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial results based on our audit of such interim financial statements, which have been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard (AS) 25 - Interim Financial Reporting, issued pursuant to the Companies (Accounting Standards) Rules, 2006 as per Section 211 (3C) of the Companies Act, 1956 or by the Institute of Chartered Accountants of India and other accounting principles generally accepted in India.

2) We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for Our opinion.

3) In our opinion and to the best of our information and according to the explanations given to us, these quarterly financial results as well as the year to date results:

(i) are presented in accordance with the requirements of Clause 41 of the Listing Agreement in this regard; and

(ii) give a true and fair view of the net profit/loss and other financial information for the quarter ended 30th September, 2010 and the year to date results for the period 1 st April, 2010 to 30th September, 2010.

Mumbai Office: Mulratna, 1st Floor, 334, Narshi Notho Street, Masjid {West), Mumbai -400009.

Tel: 022 23400882 Fax: 022 23420195 Emailld: amcon.mumbai@amcaunt.com.

Pune Office: B 5, Shardaram Park, 34 Sasoon Road, Pune 411001.

Tel: 020 65605280 Emailld: amcon.pune@amcount.com

<.Anand uttehta ~ <.AggOClateg Cha/tte/ted cAccountantg

4) Further, we" also report that we have, on the basis of the books of account and other records and information and explanations given to us by the management, also verified the number of shares as well as percentage of shareholdings in respect of aggregate amount of public shareholdings, as furnished by the company in terms of clause 35 of the Listing Agreement and found the same to be correct.

For c..AtlOtld uUehto g c..AggOCloteg

Mumbai Office: Mulratna, 1st Floor, 334, Narshi Natha Street, Masjid (West), Mumbai -400009.

Tel: 022 23400882 Fax: 022 23420195 Emailld: amcon.mumbai@amcount.com.

Pune Office: B 5, Shardaram Park, 34 Sasoon Road, Pune 411001 .

Tel: 020 65605280 Emailld: amcon.pune@amcount.com

t.Anond ut(eltto S. t.A~~ocioteg Cholttelted t.Accountont~

Auditor's Report On Quarterly Consolidated Financial Results and Consolidated Year to Date Results of the Company Pursuant to the Clause 41 of the Listing Agreement

To,

Board of Directors of Vascon Engineers Limited, Mumbai.

1) We have audited the quarterly consolidated financial results of Vascon Engineers Limited for the quarter ended 30th September, 2010 and the consolidated year to date results for the period 1st April, 2010 to 30th September, 2010 attached herewith, being submitted by the Company pursuant to the requirement of Clause 41 of the Listing Agreement, except for the disclosures regarding 'public shareholding' and 'promoter and promoter group shareholding' which have been traced from disclosures made by the management and have not been audited by us. These consolidated quarterly financial results as well as the consolidated year to date financial results have been prepared from consolidated interim financial statements, which are the responsibility of the Company's management. OUf responsibility is to express an opinion on these consolidated financial results based on our audit of such consolidated interim financial statements, which have been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard (AS) 25 - Interim Financial Reporting, issued pursuant to the Companies (Accounting Standards) Rules, 2006 as per Section 211 (3C) of the Companies Act, 1956 or by the Institute of Chartered Accountants of India and other accounting principles generally accepted in India.

2) We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.

3) We did not audit the financial statements of seven subsidiaries / joint venture entities included in the consolidated quarterly financial results and consolidated year to date results, whose consolidated interim financial statements reflect total assets of Rs. 2,251,467,900/- as at 30th September, 2010; as well as the total revenue of Rs 217,534,560 t- for the half year ended 30th September, 2010 and Rs. 207,179,869 /- for the quarter ended 30th September, 2010.

Mumbai Office: Mulratna, 1st Floor, 334, Narshi Natha Street, Masjid (West), Mumbai -400009.

Tel: 022 23400882 Fax: 022 23420195 Emailld: amcon.mumbai@amcount.com.

Pune Office: B 5, Shardaram Park, 34 Sasoon Road, Pune 411001.

Tel: 020 65605280 Emailld: amcon.pune@amcount.com

u\nond cMettta g_ u\ggOCiateg Cttofttelted u\ccQutttontg

Out of the above,

c) The Interim financial statements and other financial information of one subsidiary, whose interim financial statements reflect total assets of Rs. 1,279,697,517 /- as at 30th September, 2010; as well as the total revenue of Rs. 178,065,484/- from the date it become the subsidiary till the half year/quarter ended on 30th September, 2010, has been subjected to limited review by other auditor whose limited review report has been furnished to us, and our opinion on the quarterly financial results and the year to date results, to the extent they have been derived from such interim financial statements is based solely on the limited review report of such other auditor.

b) The interim financial statements and other financial information of five subsidiaries/joint venture entities, whose interim financial statements reflect total assets of Rs. 971,770,383 /- as at 30th September, 2010: as well as the total revenue of six subsidiaries/joint venture entities of Rs. 39,469,076 /- for the half year ended 30th September, 2010 and Rs. 29,114,385/- for the quarter ended 30th September, 2010, are unaudited and our opinion on the quarterly financial results and the year to date results, to the extent they have been derived from such interim financial statements is based solely on such unaudited interim financial statements, as certified by the management of the respective entities.

4) In our opinion and to the best of our information and according to the explanations given to us, these consolidated quarterly financial results as well as the consolidated year to date results:

Ii) include the quarterly financial results and year to date of the following entities

Sr.
No. Name of the Entity Nature of Relatlonship_
1 Marvel Housing Private Limited Subsidiary
2 Vascon Dwellings Private Limited Subsidiary
3 IT Citi Infol2ark Private Limited Subsidiary
4 Greystone Premises Private Limited Subsidiary
5 Vas con Pricollnfrastructures Limited Subsidiary_
6 Cospio Hotels Private Limited Subsidiary
7 Calypso Premises Private Limited Subsidiary till 29th September, 201O
8 Floriana Properties Private Limited Subsidiary
9 Windflower Properties Private Limited Subsidiary
10 GMP l'echnical Solutions Private Limited Subsidiary
11 Rose Premises Private Limited Joint Venture Mumboi Office: Mulrotno, 1st Floor, 334, Norshi Notho street, Mosjid (West), Mumboi -400009.

Tel: 022 23400882 Fox: 022 23420195 Emailld: omcon.mumbai@amcount.com.

Pune Office: B 5, Shardoram Pork, 34 So soon Road, Pune 411001 .

Tel: 020 65605280 Emailld: amcon.pune@omcount.com

cAnand uttehta g. cAssoctates Chalttelted cAccountants

Just Homes (I) Private Limited Joint Venture !
12
13 Marigold Premises Private Limited Joint Venture
14 Phoenix Ventures Joint Venture
15 Viorica Properties Private Limited Joint Venture
16 Weikfield IT Citi InfoPark Joint Venture
17 Zenith Ventures Joint Venture
18 Zircon Ventures Joint Venture
19 Almet Corporation Limited Joint Venture
20 John Fowler Opthalmics Private Limited Joint Venture
21 Marathawada Realtors Private Limited Joint Venture
22 Cosmos Premises Private Limited Joint Venture
23 Ajanta Enterprises Joint Venture
24 Vascon Infrastructure Limited Associates
25 Anqelico Properties Private Limited Associates
26 Mumbai Estates Private Limited Associates (ii) have been presented in accordance with the requirements of clause 41 of the Listing Agreement in this regard: and

(iii) subject to paras 3(a) and 3(b), give a true and fair view of the consolidated net profit/loss and other financial information for the quarter ended 30th September, 2010 as well as the consolidated year to date results for the period from 1st April, 2010 to 30th September. 2010.

5) Further, we also report that we have, on the basis of the books of account and other records and information and explanations given to us by the management, also verified the consolidated number of shares as well as percentage of shareholdings in respect of aggregate amount of consolidated public shareholdings, as furnished by the company in terms of clause 35 of the Listing Agreement and found the same to be correct.

For cAlland ~ehta g. cAssoctates Chartered Accountants

j~~.I·

J ~lJo i

Partn r M. No. 40250 Firm Regn No: 127305W Pune. Dated: 8th November, 201

Mumbai Office: Mulratna, 1st Floor, 334, Narshi Natha Street, Masjid (West), Mumbai -400009.

Tel: 022 23400882 Fax: 022 23420195 Emailld: amcon.mumbai@amcount.com.

Pune Office: B 5, Shardaram Park, 34 Sasoon Road, Pune 411001.

Tel: 020 65605280 Emailld: amcon.pune@amcount.com

NSE

Schedule V

I Format for Electronic Unload - Financial Result:
Fields Format Checks IChecks
Symbol X(lO) VASCONEO VASCONEO
From Date DD-MMM- YYYY I-Aor-IO l-Aor-IO
To Date DD-MMM- YYYY 30-Seo-IO 30-Seo-l0
Result Type X(l) AUDITED AUDITED
CONSOLIDA TED CONSOLIDATED
Period Tvne X(2) 02 HI
Cumulative / Non Cumulative X(I) (C orN) N C
Net SaleslIncome from Onerations Rs. in lakhs 20562 40847
Other Income Rs. in lakhs 1,974 2,322
Total Income (1 +2) Rs. in lakhs 22536 43 169
Exoenditure Rs. in lakhs
a. Increase/decrease in stock in trade and work in progress - -
b. Consumotion of raw materials 16,211 32,004
c. Purchase of traded (mods - -
d. Emolovees cost 1,596 2,827
e. Deoreciation 337 535
f. Other exoenditure 1,715 2,654
!.!. Total 19,859 38,020
(Any item exceeding 10% of the total expenditure to be
"h,,,.,n ,),,\
Interest Rs. in lakhs 493 900
Exceotional items Rs. in lakhs - -
Profit (+)/ Loss (-) from Ordinary Activities before tax (3) - Rs. in lakhs 2,184 4,249
{ A-I-'\-I-h\
Tax exoense Rs. in lakhs , 407 1,088
Net Profit (+)/ Loss (-) from Ordinary Activities after tax (7- Rs. in lakhs 1,777 3,162
2\
Extraordinarv Items (net of tax exoense Rs. ) Rs. in lakhs - -
Net Profiti +)/ Losst -) for the oeriod (9-10) Rs. in lakhs 1 777 3 162
Paid-uo ecsitv share caoital Rs. in lakhs 9,002 9,002
(Face Value Rs. 10/- oer share)
Reserves excluding Revaluation Reserves as per balance Rs. in lakhs 57,109 57,109
sheet of orevious accountinz vear
Earnings Per Share (EPS) In Rupees
a) Basic EPS before Extraordinary items for the period, for 1.93 3.48
the year to date and for the previous year (not to be
annualized)
b) Diluted EPS before Extraordinary items for the period, 1.93 3.47
for the year to date and for the previous year (not to be
annualized)
c) Basic EPS after Extraordinary items for the period, for 1.93 3.48
the year to date and for the previous year (not to be
annualised)
d) Diluted EPS after Extraordinary items for the period, for 1.93 3.47
the year to date and for the previous year (not to be
annualised) Schedule V

I ..., for F.lprtronir 1 Tni-~~lfi-Fin~nri.,;JRp",;Jt·
Fiplrls IFormat Irh .. r"" IChecks
Svmbol X(1Q) VASCONEO VASCONEO
From Date DD-MMM- YYYY I-Anr-IO I-Apr-IO
To Date DD-MMM-YYYY 30-Sen-IO 30-Sep-IO
Result Type X(l) AUDITED AUDITED
CONSOLIDA TED CONSOLIDATED
Period Type X(2) 102 HI
Cumulative / Non Cumulative X(I) (C orN) N C
Net SaleslIncome from Onerations Rs. in lakhs 20562 40847
Other Income Rs. in lakhs 1,974 2,322
Total Income (1 +2) Rs. inlakhs 22536 43 169
Exnenditure Rs. in lakhs
a. Increase/decrease in stock in trade and work in progress - -
b. Consumntion of raw materials 16,211 32,004
c. Purchase of traded zoods - -
d. Emnlovees cost 1,596 2,827
e. Denreciation 337 535
f. Other exnenditure 1,715 2,654
!!. Total 19,859 38,020
(Any item exceeding 10% of the total expenditure to be
"h""," c. ,1,,\
Interest Rs. in lakhs 493 900
Excentional items Rs. in lakhs - -
Profit (+)/ Loss (-) from Ordinary Activities before tax (3) - Rs. in lakhs 2,184 4,249
I.1+5.+El\
Tax exnense Rs. in lakhs , 407 1,088
Net Profit (+)/ Loss (-) from Ordinary Activities after tax (7- Rs. in lakhs 1,777 3,162
51\
Extraordinarv Items (net of tax exnense Rs. ) Rs. in lakhs - -
Net Profitt +)J Loss/ -) for the neriod (9-10) Rs. in lakhs 1 777 3 162
Paid-un eoaitv share canital Rs. in lakhs 9,002 9,002
(Face Value Rs. 10/- ner share)
Reserves excluding Revaluation Reserves as per balance Rs. in lakhs 57,109 57,109
sheet of nrevious accountinz vear
Earnings Per Share (EPS) In Rupees
a) Basic EPS before Extraordinary items for the period, for 1.93 3.48
the year to date and for the previous year (not to be -
lannnalized)
b) Diluted EPS before Extraordinary items for the period, 1.93 3.47
for the year to date and for the previous year (not to be
lannualized)
c) Basic EPS after Extraordinary items for the period, for 1.93 3.48
the year to date and for the previous year (not to be
lInmIII lised)
d) Diluted EPS after Extraordinary items for the period, for 1.93 3.47
the year to date and for the previous year (not to be
annualised)