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Notes to Accounts of Anant Raj Ltd.

Mar 31, 2016

Above RNCDs are secured against exclusive mortgage on properties owned by the Company located at (i) Mouje Maharajpura,

(District Mehsana, Gujarat), (ii) Haus Khas, (New Delhi), and (iii) Dhumaspur, (Gurgaon, Haryana). The aforesaid RNCDs are also collaterally secured by way of unconditional and irrevocable personal guarantees of 3 (three) directors/promoters of the Company.

One time call option is available at the end of 42th month from the date of allotment for 15.21% RNCD (Series B) only.

* Current maturities of long term debts and has been separately disclosed under "Other Current Liabilities" (Refer Note no. 10).

A Paid on February 11, 2016.

b) YBL-Term loan-I, II & III

a) Term loan-I of Rs. 3,958 lacs (Rs. 7,989 lacs) is secured against, (i) exclusive charge by way of equitable mortgage on land admeasuring 18.05 acres located at Sector-63A, (Gurgaon, Haryana), and (ii) exclusive charge on all receivables of above-mentioned land at Sector-63A, (Gurgaon, Haryana), both present and future.

Term loan-II of Rs. 9,500 lacs (Nil) is secured against, (i) extension of charge on aforesaid property along with exclusive charge by way of equitable mortgage on commercial land, admeasuring 1.275 acres, located at Sector 63A (Gurgaon, Haryana) along with its receivables, (ii) exclusive charge by way of equitable mortgage on land and building, admeasuring 25 acres, located at IT-SEZ at Rai (Haryana) and its receivables. The aforesaid term loan-I is also additionally secured by way of unconditional and irrevocable personal guarantee of 3 (three) directors/promoters, and term loan-II is additionally secured by way of unconditional and irrevocable personal guarantee of 1 (one) director and relative of the director of the Company.

Term loan-III of Rs. 12,500 lacs (Nil) is secured against, (i) exclusive charge by way of equitable mortgage on land located at Gurgaon (Haryana) along with hypothecation of its receivables, both present and future, (ii) extension of charge by way of equitable mortgage on land and building located at Rai (Haryana) along with its receivables. The aforesaid term loan-III is also additionally secured by way of unconditional and irrevocable personal guarantees of 1 (one) director and relative of the director of the Company.

b) The aforesaid term loans will be repayable in 3 (three) years in quarterly installments.

c) An amount of Rs. 10,332 lacs will be paid during the financial year 2016-17 and has been separately disclosed as current maturities of long term debts under "Other Current Liabilities" (Refer Note no. 10).

d) The Company has not made any default as at the reporting date in repayment of loan and interest.

ii) Allahabad Bank

Term loans-I & II

a) Term loans-I & II, of Rs. 6,411 lacs (Rs. 10,503 lacs), under All Bank Property Scheme, are secured against, (i) first exclusive charge by way of equitable mortgage of 1 (One) motel property, including land, located at Village Satbari, (Hauz Khas, New Delhi). The aforesaid term loans are also collaterally secured by way of personal guarantees of 3 (three) directors/promoters of the Company, and 2 (two) family members of promoters/directors, and (ii) undertaking to remit monthly lease rentals receivable from motel property.

b) The aforesaid term loans will be repayable in 2 (two) years in equal monthly installments.

c) An amount of Rs. 4,092 lacs will be paid during the financial year 2016-17 and has been separately disclosed as current maturities of long term debts under "Other Current Liabilities" (Refer Note No. 10).

d) The Company has not made any default as at the reporting date in repayment of loan and interest.

iii) Term loans from State Bank of India (SBI)

a) Term loans of Rs. 35,893 lacs (Rs. 39,374 lacs) are secured against, (i) first charge on the land(s), admeasuring 77.935 arces, located at Sector 63A (Gurgaon, Haryana), (ii) first charge on lease rentals of property located at Jhandewalan Extension, (New Delhi). (iii) first charge on 2 (two) hotel properties located on main NH-8, (New Delhi), (iv) negative lien and second charge on receivables/cash flows/revenues, including booking amounts, arising out of or in connection with a housing project located at Manesar (Haryana), (v) second charge on receivables/cash flow/revenues arising out of or in connection with a housing project located at Sector 91 (Gurgaon), (vi) first charge on receivables/cash flow/revenues (including booking amounts) arising out of or in connection with properties located at Sector 63A (Gurgaon), to the extent mortgaged with Bank, and (vii) pledge of 100% shares of land owning companies. The aforesaid term loans are further collaterally secured by way of personal guarantees of directors/promoters of the Company and corporate guarantees of land owing companies.

b) Repayment schedule of term loans:

Term loans of Rs. 35,893 lacs will be repayable in next 10 (ten years) in monthly/quarterly installments.

c) An amount of Rs. 6,757 lacs will be paid during the financial year 2016-17 and has been separately disclosed as current maturities of long term debts under "Other Current Liabilities" (Refer Note No. 10).

d) The Company has not made any default as at the reporting date in repayment of loan and interest.

iv) Central Bank of India (CBI)

Term loans-I & II

a) Term loan-I of Rs. 1,386 lacs (Rs. 1,516 lacs), under Cent Rental Scheme, is secured against (i) exclusive charge on the factory land and building at Delhi-Jaipur Highway, Rewari, (Haryana), and (ii) assignment of lease rentals receivables. The aforesaid term loan-I is also secured by way of personal guarantees of 3 (three) directors/promoters of the Company, and personal guarantee of 1 (one) family member of directors/promoters of the Company.

Term loan-II of Rs. 5,074 lacs (Rs. 5,375 lacs) is secured against, (i) exclusive charge on assignment of future rent receivables/ received, and (ii) first pari passu charge on IT-Park, (Manesar, Haryana). The aforesaid term loan-II is also secured by way of personal guarantees of 3 (three) directors/promoters of the Company, and personal guarantee of 1 (one) family member of directors/promoters of the Company.

b) The aforesaid term loans of Rs. 6,460 lacs will be repayable in 6 (six) years in monthly installments.

c) An amount of Rs. 762 lacs will be paid during the financial year 2016-17 and has been separately disclosed as current maturities of long term debts under "Other Current Liabilities" (Refer Note No. 10).

d) The Company has not made any default as at the reporting date in repayment of loan and interest.

v) ICICI Bank Limited

Term loan

a) Term loan of Rs. 6,875 lacs (Rs. 7,500 lacs) is secured against, (i) first pari passu charge over commercial land admeasuring 6.95 acres located at Village Maldawas, Sector 63A (Gurgaon, Haryana), along with all buildings and structures thereon, both present and future, (ii) first pari passu charge over land admeasuring 4.32 acres located at Village Maldawas, Sector 63A (Gurgaon, Haryana), along with all buildings and structures thereon, both present and future, (iii) first charge on scheduled receivables, and (iv) exclusive charge by way of hypothecation of DSR Account and all monies credited/deposited therein. The aforesaid loan is also additionally secured by way of personal guarantee of 3 (three) directors/promoters of the Company.

b) The aforesaid term loan will be repayable in 33 (thirty three) equal monthly installments of Rs. 208.33 lacs.

c) An amount of Rs. 2500 lacs will be paid during the financial year 2016-17 and has been separately disclosed as current maturities of long term debts under "Other current Liabilities" (Refer Note No. 10).

d) The company has not made any default as at the reporting date in repayment of loan and interest.

vi) Axis Bank Limited

Term Loan

a) Term loan of Rs. 4,067 lacs (Rs. 5,200 lacs), for development of Group housing project, named Maceo, at Sector 91 (Gurgaon, haryana), is secured against the aforesaid property by way of exclusive first charge/equitable mortgage on entire projects'' assets except vehicles and equipments, and land of subsidiary of the company, companies'' right under the project, and escrow & charge of customer advances/receivables/sale proceeds of the project. The aforesaid term loan is also additionally secured by way of (i) personal guarantees of 3 (three) promoters/directors of the company, and (ii) corporate guarantee of aforesaid land owing company.

b) The aforesaid term loan will be repayable during the financial year 2016-17.

c) An amount of Rs. 4,067 lacs will be paid during the financial year 2016-17 and has been separately disclosed as current maturities of long term debts under "Other current Liabilities" (Refer Note No. 10).

d) The company has not made any default as at the reporting date in repayment of loan and interest.

vii) India bulls Housing Finance Ltd.

a) Term loans of Rs. 23,447 lacs (Nil) is secured against, (i) equitable mortgage of land, admeasuring approx. 13.775 acres, located at Sector 63A (Gurgaon, haryana), and first and exclusive equitable mortgage of land, admeasuring 15.75 acres, located at Sector 63A (Gurgaon, haryana), owned by subsidiaries of the company, (ii) first and exclusive charge on the receivables arising from aforesaid land parcels, and (iii) pledge of 100% shares of land owing companies. The aforesaid term loans are cross collateralized with other loans, availed by the company. The aforesaid term loans are also additionally secured by way of, (i) personal guarantees of 3 (three) directors/promoters of the company, and (ii) corporate guarantee of aforesaid land owning companies.

b) Repayment schedule of term loans:

Term loans of Rs. 23,447 lacs will be repayable in next 5 (five years) in monthly installments.

c) An amount of Rs. 1,079 lacs will be paid during the financial year 2016-17 and has been separately disclosed as current maturities of long term debts under "Other current Liabilities" (Refer Note No. 10).

d) The company has not made any default as at the reporting date in repayment of loan and interest.

viii) Hero FinCorp Limited

Term Loans-I, II & III

a) Term loans-I, II & III, of Rs. 9,241 lacs (Rs. 7,500 lacs), are secured against, (i) exclusive mortgage of land, admeasuring 7.2604 acres, located at Village Samalkha (Mehrauli, New Delhi), owned by Green Retreat & Motels pvt. Ltd., wholly owned subsidiary of the company. The aforesaid term loans are also additionally secured by way of, (i) personal guarantees of 3 (three) directors/promoters of the company, and (ii) corporate guarantee of aforesaid land owning company.

b) The aforesaid terms loans of Rs. 9,241 lacs will be repayable in 4 (four) years in monthly/quarterly installments.

c) An amount of Rs. 3,102 lacs will be paid during the financial year 2016-17 and has been separately disclosed as current maturities of long term debts under "Other current Liabilities" (Refer Note No. 10).

d) The company has not made any default as at the reporting date in repayment of loan and interest.

ix) Vehicle loans form vehicle finance companies and banks

a) Vehicle loans of Rs. 579 lacs (Rs. 156 lacs) are secured against hypothecation of respective vehicles. The aforesaid vehicle loans are repayable on equated monthly installments over different periods till December, 2020.

b) current maturities of long term debts and has been separately disclosed under "Other current Liabilities" (Refer Note no. 10).

c) The company has not made any default as at the reporting date in repayment of loan and interest.

Notes:

i) Working Capital Facilities from SBI

Working capital facilities of Rs. 4,944 lacs (Rs. 4,581 lacs) is secured against first pari passu charge on the Company''s inventory comprising of raw material, work in progress and finished goods, present and future. All other securities securing the above facilities are as set out in under Note No. 5 (iii) above.

ii) Working Capital Facilities from ICICI Bank Ltd.

Working capital facilities, fund and non fund based, of Rs. 4,801 lacs (Rs. 5,000 lacs) are secured against, (i) first pari passu charge over land(s) located at Sector 63A (Gurgaon, Haryana) together with all buildings and structure thereon, both present and future, (ii) first pari passu charge on all the Company''s current assets, excluding those which was already charged to existing term loan lenders, and the receivables charged up to 2 times coverage, and (iii) residual charge over schedule receivables for RTL facility to the Company. The aforesaid working capital facilities are also collaterally secured by way of personal guarantees of 3 (three) directors/promoters of the Company.

iii) Working Capital Facilities from India bulls Housing Finance Ltd.

Working capital facilities of Rs. 5,000 lacs (Rs. 5,000 lacs) are secured against, (i) equitable mortgage of land located at Sector 63A, (Gurgaon, Haryana), (ii) first and exclusive charge on the receivables of the project arising from aforesaid mortgaged land, and (iii) pledge of 100% shares of the land owning companies. The aforesaid working capital facilities are also collaterally secured by way of personal guarantees of 3 (three) directors/promoters of the Company.

The Company has not made any default in repayment as at the reporting date in respect of aforesaid working capital facilities.

iv) Loans from related parties represents non-interest bearing unsecured loans obtained from its directors, which loans are repayable wherever stipulated or as mutually agreed. There is no repayment of principal or payment of interest due by the Company as at the year end.

1 Inventory includes, Development Rights acquired for Rs. 10,64,23,51,542 (Rs. 10,58,03,56,590), being payments made to subsidiary companies under Development Agreements to acquire irrevocable rights over land whereby the Company is entitled to construct, market and sell the development on the same.

2 In the opinion of the Board, all assets other than fixed assets and noncurrent investments, have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

3 As per Accounting Standard-21 on "Consolidated Financial Statements" issued by the Institute of Chartered Accountants of India, the Company has presented consolidated financial statements separately in this annual report.

4 The Company, in 2008, transferred an early stage real estate development project for construction and development of a shopping mall in New Delhi to its wholly owned subsidiary, Anant Raj Projects Limited (ARPL) and Lalea Trading Limited (Investor) made an investment in the transferee company, diluting the investment of the Company to 74%. The cost of construction and development to complete the mall project has been funded by the Company, which amount, at the option of the Company, is convertible into unsecured Non-Convertible Debentures (NCDs) to be issued by ARPL. ARPL has issued NCDs of an amount of Rs. 93.79 crores (Rs. 93.79 crores). Pending adjudication of consolidated stamp duty, certificates of NCDs of Rs. 71.98 crores (Rs. 71.98 crores) have yet to be issued by ARPL.

The NCDs are redeemable by ARPL at par with the approval of its Board of Directors and carry such coupon rate of interest as may be decided by the Board of Directors of ARPL for any financial year, provided that the same shall be at par with the rate of interest decided for payment on fully convertible debentures issued to the Investor and at the same time shall not exceed then current banking rate subject to a cap rate of 14.25% per annum. No coupon rate of interest on NCDs for the year ended March 31, 2016, has been decided for payment by the Board of Directors of ARPL.

The Company is obliged to discharge the liability towards charges for conversion of use of land forming part of the mall project of its subsidiary Company, ARPL, and maintaining the eligibility of the land to be put to use for commercial purposes.

5 In terms of an ''Exit Agreement'' dated July 12, 2010, executed between the ARPL and Investor to which the Company is also a party, the Investor has agreed to exit from its investment in ARPL in favour of the Company and steps to be taken in terms of the aforesaid Agreement shall adhere to and be in compliance with the approvals as accorded by Foreign Investment promotion Board (FipB), read with and to be implemented in accordance with approval(s) required and/or to be obtained under applicable law(s) and guideline(s) and order(s) of court(s) and/or Arbitral Tribunal of appropriate jurisdiction.

The Investor, acting in compliance of the directions of the Orders of the hon''ble high court of Delhi dated January 10, 2013, have since on 2 (two) successive occasions nominated its Arbitrator, which on being pointed out by the company were not in accordance with the provisions of the relevant Agreement and Arbitration and conciliation Act, 1996, led to 3rd time nomination of an Arbitrator by the Investor on August 5, 2014. The Arbitrator last nominated by the Investor has yet not advised or provided the requisite confirmations. The company and its subsidiary company (ARpL) jointly nominated their Arbitrator, and at the same time communicated to the Investor that they reserve right to advance their arguments/ objections, amongst others, including those in relation to the person so nominated as Arbitrator by the Investor, before a validly constituted learned Arbitral Tribunal.

The company has also objected to the Law Firm representing the Investor as the said Law Firm had earlier taken up representation for the company, which it continued to carry out as at material times. The said Law Firm despite communication of the company that it should sever itself from representing the Investor, and in the face of several reminders from the company in the matter, has yet not communicated its clear position in the matter. The company may, if needed, take up the matter with an appropriate professional body.

The company has since been served a notice by the hon''ble Supreme court of India in the matter of Arbitration petition filed by the Investor under section Arbitration & conciliation Act, 1996, wherein the Investor, the Law Firm and its nominated Arbitrator, without having provided the requisite clarifications or taken actions in line with expectations of professional conduct, have sought appointment of presiding Arbitrator.

6 The dispute between the company and center for Vocational and Entrepreneurship Studies (cVES) [formerly known as International Institute of planning and Management] in the matter of non-payment of installments being part of sale consideration and overdue interest thereon by IipM in relation to purchase of land and building by cVES from the company was referred by the hon''ble Delhi high court to the Mediation and conciliation centre of the said hon''ble high court. The matter came about to be settled amongst the parties, whereby cVES agreed to execute cancellation deed to the sale deed ,which had the effect of the earlier sale deed as not having been executed, and the settlement was recorded by the hon''ble Delhi high court vide its Order dated June 5, 2015.

The company has recorded accounting entries resulting from the aforesaid settlement in its books of account for the year ended March 31, 2016, including income adjusted towards interest.

7 The State Government of haryana, did not fulfill its obligations in the matter of grant of sales tax exemption. The company had filed a writ petition before the hon''ble high court of punjab and haryana, situated at chandigarh, which was admitted and is yet to be fully disposed. The company has been advised that no liability is likely to arise on account of sales tax, and accordingly, no provision has been made by the company in its books of account.

8 Balances grouped under sundry debtors, sundry creditors and loans and advances recoverable in cash or in kind are subject to confirmation from subjective parties.

9 The company has filed appeals before the hon''ble high court of Delhi against the decision of the hon''ble Appellate Tribunal (ITAT) in the matter of three reassessment proceedings which matters have been admitted.

A demand of Rs. 2,79,12,346 (Rs. 2,79,12,346) [excluding interest and additional tax] has been raised by the Income tax Department for the years under these appeals. The company has not made any provision in the books of account as the company has been advised that no liability is likely to crystallize on this account.

10 Retirement Benefit plans

i) In accordance with the Accounting Standard 15 (Revised) (AS-15) on "Employee Benefits" issued by the Institute of chartered Accountants of India, the company has recognized its liability towards defined benefit plans being gratuity liability of Rs. 1,69,71,744 (Rs. 1,45,69,387) and leave encashment liability of Rs. 65,27,610 (Rs. 65,62,572).

ii) The disclosures as per the revised AS-15 are as follows: a) change in defined benefit obligations

ii) Non cancellable operating lease

All the operating leases entered into by the Company are cancellable on serving a notice of one to three months, hence, no further disclosure is required.

iii) Contingent rent recognized

Total contingent rent recognized as income in the Statement of Profit and Loss for the period is Nil.

iv) General description of lessor''s significant leasing policy

All lease agreements entered into by the Company have an initial lock-in-period, thereafter, which the agreement is extendable or cancellable. Further, some of lessees are required to deposit some amount as security which is non-interest bearing and refundable at the time on termination of lease.

11 Amount remitted by the Company in foreign currency on account of dividends

12 The Company is predominantly engaged in the business of Construction and Real Estate Development, which is per Accounting Standard-17 on "Segment Reporting" notified pursuant to the Companies (Accounting Standard) Rules, 2006 read with Rule 7 of Companies (Accounts) Rules, 2014, in respect of Section 133 of the Act, is considered to be the only reportable business segment. The Company is primarily operated in India which is considered as a single geographical segment.

13 Corporate Social Responsibility

a) Gross amount required to be spent by the Company during the year is Rs. 268.45 lacs.

14 Figures have been rounded off to the nearest Rupee.

15 Figures in brackets pertain to previous year, unless otherwise indicated. The accompanying notes form an integral part of the financial statements.


Mar 31, 2015

1. The State Government of Haryana, did not fulfill its obligations in the matter of grant of sales tax exemption. The Company had filed a writ petition before the Hon'ble High Court of Punjab and Haryana, situated at Chandigarh, which was admitted and is yet to be fully disposed. The Company has been advised that no liability is likely to arise on account of sales tax, and accordingly, no provision has been made by the Company in its books of account.

2. The Company has filed appeals before the Hon'ble High Court of Delhi against the decision of the Hon'ble Appellate Tribunal (ITAT) in the matter of three reassessment proceedings which matters have been admitted.

3. demand of ' 2,79,12,346 (' 2,79,12,346) [excluding interest and additional tax] has been raised by the Income tax Department for the years under these appeals. The Company has not made any provision in the books of account as the Company has been advised that no liability is likely to crystallize on this account.

4. RETIREMENT BENEFIT PLANS

(i) In accordance with the Accounting Standard 15 (Revised) (AS-15) on "Employee Benefits" issued by the Institute of Chartered Accountants of India, the Company has recognised its liability towards defined benefit plans being gratuity liability of ' 1,45,69,387 (' 1,26,57,137) and leave encashment liability of ' 65,62,572 (' 69,75,222).

(ii) The disclosures as per the revised AS-15 are as follows:

(e) The discount rate is based upon the market yields available on Government bonds at the accounting date with a term that matches that of the liabilities.

(f) The estimates of future salary increase considered in the actuarial valuation takes into account factors like inflation, seniority, promotion and other relevant factors.

(g) The employees are assumed to retire at the age of 58 years.

(h) The mortality rates considered are as per the published rates under Indian Lives Mortality (2006-2008) ultimate table.

50 Disclosure in respect of operating leases entered into by the Company as per Accounting Standard-19 on "Accounting for Leases" issued by The Institute of Chartered Accountants of India:

(i) Description of assets on lease

Gross carrying amount of the assets under lease as on March 31, 2015, is ' 8,90,52,59,276 (' 8,99,96,41,855 as on March 31, 2014).

(iii) Contingent rent recognised

Total contingent rent recognised as income in the Statement of Profit and Loss for the period is Nil.

(iv) General description of lessor's significant leasing policy

All lease agreements entered into by the Company have an initial lock-in-period, thereafter, which the agreement is extendable or cancellable. Further, some of lessees are required to deposit some amount as security which is non-interest bearing and refundable at the time on termination of lease.

5. The Company is predominantly engaged in the business of Construction and Real Estate Development, which is per Accounting Standard-17 on "Segment Reporting" notified pursuant to the Companies (Accounting Standard) Rules, 2006 read with Rule 7 of Companies (Accounts) Rules, 2014, in respect of Section 133 of the Act, is considered to be the only reportable business segment. The Company is primarily operated in India which is considered as a single geographical segment.

6. The Company has a comprehensive system of maintenance of information and documents as required by the provisions governing transfer pricing under the Income tax Act, 1961. The law requires existence of aforesaid information and documentation to be contemporaneous in nature, in respect whereof the Company appoints independent consultants for conducting a Transfer Pricing Study and determining whether the transactions with associate enterprises undertaken during the financial year are on an "arms length basis". Adjustments, if any, arising from transfer pricing study in respective jurisdiction shall be accounted as and when study is complete for the current financial year. However, the Management is of the opinion that its domestic transactions are at arms length price and also in line with available products and that the aforesaid provisions will not impact the financial statements.

7. Related Party Disclosures:

Pursuant to Accounting Standard (AS18) - "Related Party Disclosure" issued by Institute of Chartered Accountants of India following parties are to be treated as related parties:

8. Figures have been rounded off to the nearest Rupee.

9. Figures in brackets pertain to previous year, unless otherwise indicated.


Mar 31, 2014

CORPORATE INFORMATION

Anant Raj Ltd. (formerly known as Anant Raj Industries Ltd.) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on the Bombay Stock Exchange, National Stock Exchange and Luxembourg Stock Exchange. The Company is primarily engaged in development and construction of information and technology parks, hospitality projects, special economic zones, office complexes, shopping malls and residential projects in the State of Delhi, Haryana, Rajasthan and the National Capital Region.

SHARE CAPITAL

Right, preference and restrictions attached to shares

The Company has only one class of equity shares having a par value of Rs. 2 each. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Holders of Global Depository Receipts (GDRs) will be entitled to receive dividends, subject to the terms of Deposit Agreement, to the same extent as the holders of equity shares, less the fees and expenses payable under such Deposit Agreement and any Indian tax applicable to such dividends. Holders of GDRs will not have voting rights with respect of the Deposited Shares. The GDRs may not be transferred to any person located in India including residents or ineligible investors except as permitted by Indian laws and regulations.

During the year ended March 31, 2014, the amount of per share dividend proposed to be recognised as distributions to equity shareholders is Rs. 0.24 (Nil).

Term loans from YBL

Term Loan-I

a) Term loan-I of Rs. 6,250 lacs (Rs. 6,572 lacs) is secured against, (i) exclusive charge by way of equitable mortgage on land of Development Project at Sector-91, (Gurgaon, Haryana), along with all buildings and structures thereon, (ii) exclusive mortgage on land situated at Village Samalkha, (Mehrauli, New Delhi) owned by Green Retreat & Motels Pvt. Ltd., subsidiary of the Company, (iii) exclusive charge on the lease rentals, both present and future, from identified leases at Jhandewalan Extension, (New Delhi), and area leased to a company at IT Park, (Manesar, Haryana), (iv) cross collateralized by the security of term loan-II. The above said term loan-I is also additionally secured by way of unconditional and irrevocable personal guarantee of 3 (three) directors/promoters of the Company.

Term Loan-II

a) Term loan II of Rs. 5,985 lacs (Rs. 8,000 lacs), is secured against, (i) exclusive charge by way of equitable mortgage on land of Development Project at Sector-91, (Gurgaon, Haryana), along with all buildings and structures thereon, (ii) exclusive mortgage on land located at Village Samalkha, (Mehrauli, New Delhi) owned by Green Retreat & Motels Pvt. Ltd., subsidiary of the Company, (iii) exclusive charge on all receivables of Development Project located at Sector-91, (Gurgaon, Haryana), both present and future, (iv) cross collaterized by the security of term loan-I. The above said term loan-II is also additionally secured by way of unconditional and irrevocable personal guarantee of 3 (three) directors/promoters of the Company.

Term Loan-III

a) Term loan-III of Rs. 9,990 lacs (Rs. 5,000 lacs), outstanding as at March 31, 2014, is secured against, (i) exclusive charge by way of equitable mortgage on land admeasuring 18.05 acres located at Sector-63A, (Gurgaon, Haryana), and (ii) exclusive charge on all receivables of above-mentioned land at Sector-63A, (Gurgaon, Haryana), both present and future. The above said term loan-III is also additionally secured by way of unconditional and irrevocable personal guarantee of 3 (three) directors/promoters of the Company.

ii) Allahabad Bank

Term loan-I

a) Term loan-I of Rs. 5,462 lacs (Rs. 7,412 lacs), under All Bank Property Scheme, is secured against, (i) first exclusive charge by way of equitable mortgage of motel property, including land, located at Village Shahoorpur, (Hauz Khas, New Delhi). The above said term loan-I is also collaterally secured by way of personal guarantees of 3 (three) directors/promoters of the Company and 2 (two) family members of promoters/directors, and (ii) undertaking to remit monthly lease rentals receivable from motel property.

b) The term loan-I was repayable in 84 (eighty four) monthly instalments starting from September, 2010. Balance outstanding as at the terminal date is repayable in 36 (thirty six) equal monthly instalments of Rs. 1,50,00,000, along with final instalment of Rs. 61,63,036.

c) An amount of Rs. 18,00,00,000 will be paid during the financial year 2014-15 and has been separately disclosed as current maturities of long term debts under "Other Current Liabilities" (Refer Note No. 10).

d) The Company has not made any default as at the reporting date in repayment of loan and interest.

Term loan-II

a) Term loan-II of Rs. 9,133 lacs (Rs. 11,425 lacs), under All Bank Property Scheme, is secured against, (i) first exclusive charge by way of equitable mortgage of motel property, including land, located at Village Satbari, (Hauz Khas, New Delhi). The above said term loan-II is also collaterally secured by way of personal guarantees of 3 (three) directors/promoters of the Company and 2 (two) family members of promoters/directors, and (ii) undertaking to remit monthly lease rentals receivable from motel property.

b) The loan-II will be repayable in 59 (fifty nine) equal monthly instalments starting from April 30, 2013. Balance outstanding as at the terminal date is repayable in 47 (fourty seven) equal monthly instalments of Rs. 1,91,00,000 along with final instalment of Rs. 1,56,00,000.

c) An amount of Rs. 22,92,00,000 will be paid during the financial year 2014-15 and has been separately disclosed as current maturities of long term debts under "Other Current Liabilities" (Refer Note No. 10).

d) The Company has not made any default as at the reporting date in repayment of loan and interest.

iii) state Bank of India (SBI) Term loan-I

a) Term loan-I of Rs. 15,000 lacs (Nil) is secured against, (i) exclusive and first charge over 2 (two) hotel properties located near to the Delhi Airport on main NH-8, (New Delhi), (ii) first charge by way of equitable mortgage of the Company''s land and building located at E-2, Jhandewalan Extension, (New Delhi), and land located at 4, Bhagwan Das Road, (New Delhi), owned by Greatway Estates Ltd., subsidiary of the Company, (iii) exclusive charge on receivables/cash flows/revenues, including booking amounts, arising out of or in connection with Bhagwan Das Road property located in (New Delhi), IT-Park, (Rai, Haryana) and 1 (one) housing project located at Neemrana, (Rajasthan), (iv) negative lien on receivables/cash flows/revenues, including booking amounts, arising out of or in connection with above said 2 (two) hotel properties, located in (New Delhi), IT-Park, (Manesar, Haryana), and plots at Sector 63A, (Gurgaon, Haryana) to the extent of property mortgaged to the Bank, and (v) corporate guarantee of land owners of above said properties to the extent of the security provided. The above said term loan-I is also collaterally secured by way of personal guarantees of 4 (four) directors/promoters of the Company.

Term loan-ii and iii

a) Term loan-II of Rs. 3,219 lacs (Nil) and Term loan-III of Rs. 3,330 lacs (Nil) are secured against, (i) first charge over buildings and structures, both present and future, on 20.974 acres of land located at Sector 63A, owned by subsidiaries of the Company, (ii) first charge by way of equitable mortgage of the Company''s land and building located at E-2, Jhandewalan Extension, (New Delhi), and land located at 4, Bhagwan Das Road, (New Delhi), owned by Greatway Estates Ltd., subsidiary of the Company, (iii) exclusive charge on receivables/cash flows/revenues, including booking amounts, arising out of or in connection with Bhagwan Das Road property located in (New Delhi), and 1 (one) housing project located at Neemrana, (Rajasthan), (iv) negative lien on receivables/cash flows/revenues, including booking amounts, arising out of or in connection with above said 2 (two) hotel properties, located in (New Delhi), IT-Park, (Manesar, Haryana), and plots at Sector 63A, (Gurgaon, Haryana) to the extent of property mortgaged to the Bank, and (v) corporate guarantee of land owners of above said properties to the extent of the security provided. The above said term loan-I is also collaterally secured by way of personal guarantees of 4 (four) directors/promoters of the Company.

iv) central Bank of India (CBI) Term loan-I

a) Term loan-I of Rs. 1,616 lacs (Rs. 1,691 lacs), under Cent Rental Scheme, is secured against exclusive charge on the factory land and building at Delhi-Jaipur Highway, Rewari, (Haryana), and assignment of lease rentals receivables. The above said term loan-I is also secured by way of personal guarantees of 3 (three) directors/promoters of the Company, and personal guarantee of 1 (one) family member of directors/promoters of the Company.

Term loan-II

a) Term loan-II of Rs. 5,675 lacs (Nil) is secured against by way of, (i) exclusive charge on assignment of future rent receivables/ received, and (ii) first pari passu charge along with Oriental Bank of Commerce on IT-Park, (Manesar, Haryana). The above said term loan-II is also secured by way of personal guarantees of 3 (three) directors/promoters of the Company, and personal guarantee of 1 (one) family member of directors/promoters of the Company.

v) Oriental Bank of Commerce (OBC)

a) Term loan of Rs. 302 lacs (Rs. 1,596 lacs) is secured against first pari passu charge on entire plant and machinery and super structure built/to be built at IMT, Manesar, (Haryana). The above said term loan is also collaterally secured by way of personal guarantees of 3 (three) directors/promoters of the Company and 1 (one) family members of promoters/directors.

vi) IndusInd Bank Limited (IBL) Term loan-I

a) Term loan-1 of Rs. 2,500 lacs (Nil) to finance construction and development of Madelia Project, (Manesar, Haryana), is secured against, (i) first charge over all present and future receivables, and movable fixed assets, present and future, (ii) assignment/ charge over all of rights, title, benefits, claims and demands of the Company under the project documents for Madelia Project, (Manesar, Haryana), (iii) exclusive charge by way of mortgage on property, owned by Kalinga Realtors Pvt. Ltd., subsidiary of the Company, (iv) exclusive charge over identified land, owned by subsidiaries of the Company, giving an FACR of 2x on the sanctioned facility amount of term loans, and (v) exclusive charge on all escrow accounts for Madelia Project, (Manesar, Haryana). The above said term loan-1 is also additionally secured by way of (i) personal guarantees of 2 (two) promoters of the Company, and (ii) corporate guarantees of land owners, subsidiaries of the Company.

b) The above said Term loan-1 will be repaid in 6 (six) equal quarterly installments after initial moratorium of 12 (twelve) months from the date of disbursement.

c) Rate of interest is 12% per annum payable monthly.

vii) Indiabulls Housing Finance Limited (IFSL)

Term loan-I

a) Term loan-I of Rs. 8,500 lacs (Rs. 10,000 lacs) is secured against, (i) equitable mortgage of land, admeasuring 25 acres, at Sector- 63A, (Gurgaon, Haryana), owned by subsidiaries of the Company, (ii) pledge of 100% shares of the aforesaid subsidiaries of the Company. The aforesaid term loan-I is also additionally secured by way of unconditional and irrevocable personal guarantee of 3 (three) directors/promoters of the Company.

Term loan-II

a) Term loan-II of Rs. 8,704 lacs (Rs. 10,000 lacs) is secured against, (i) equitable mortgage of land, admeasuring 29.861 acres, for development of residential housing project located at Sector-63A, (Gurgaon, Haryana), owned by subsidiaries of the Company, (ii) first and exclusive charge on the receivables of the aforesaid project, (iii) pledge of 100% shares of the aforesaid subsidiaries of the Company, and (iv) cross collateralized by the security of term loan-1. The aforesaid term loan-II is also additionally secured by way of unconditional and irrevocable personal guarantee of 3 (three) directors/promoters of the Company.

viii) Vehicle loan of Rs. 172 lacs (Nil), out of which Rs. 67.43 lacs (Nil) classified as current portion of long term borrowings, is secured against hypothecation of respective vehicles. The loan carries interest @ 11.49% per annum on reducing balance basis, repayable on equated monthly installments over different periods till August, 2016.

The Company has not made any default as at the reporting date in repayment of loan and interest.

SHORT TERM BORROWINGS

i) Working capital Facilities from State Bank of India-II

a) Working capital facilities of Rs. 4,996 lacs (Nil) is collaterally secured against, (i) first charge by way of equitable mortgage of the Company''s land and building located at E-2, Jhandewalan Extension, (New Delhi), and land located at 4, Bhagwan Das Road, (New Delhi), owned by Greatway Estates Ltd., subsidiary of the Company, (ii) first charge on receivables/cash flows/ revenues, including booking amounts, arising out of or in connection with Bhagwan Das Road property located in (New Delhi), IT-Park, (Rai, Haryana) and 1 (one) housing project located at Neemrana, (Rajasthan), and negative lien on receivables/cash flows/revenues, including booking amounts, arising out of or in connection with above said 2 (two) hotel properties, located in (New Delhi), IT-Park, (Manesar, Haryana), and plots at Sector 63A, (Gurgaon, Haryana) to the extent of property mortgaged to the Bank, (iii) corporate guarantee of land owners of above said properties to the extent of the security provided. The above said facilities is also collaterally secured by way of personal guarantees of 4 (four) directors/promoters of the Company.

b) The Company has not made any default as at the reporting date.

ii) Working Capital Facilities from ICICI Bank Ltd.

a) Working capital facilities, fund and non fund based, of Rs. 4,228 lacs (Rs. 3,519 lacs) are secured against, (i) first pari passu charge over land, admeasuring 55 kanals and 12 marlas, of North South Properties Pvt. Ltd., subsidiary of the Company, at Sector 63A, (Gurgaon, Haryana) together with all the fixtures, fittings and all plant and machinery, both present and future, (ii) first pari passu charge on all the Company''s current assets, excluding those which were already charged to existing term loan lenders and the receivables charged shall provide a receivable cover of 2 times, (iii) subservient charge on all the Company''s current assets which were charged to existing term loan lenders, (iv) negative lien on receivables/cash flows/revenues including booking amounts, arising out of or in connection with 1 (one) hotel property and IT Park, (Manesar, Haryana), and (v) The above said working capital facilities are also collaterally secured by way of personal guarantees of 3 (three) directors/ promoters of the Company.

b) The Company has not made any default as at the reporting date.

iii) Working Capital Facilities from Indiabulls Housing Finance Ltd.

a) Working capital facilities of Rs. 5,000 lacs (Nil) are secured against, (i) equitable mortgage of approximately 55 acres of land located at Sector 63A, (Gurgaon, Haryana), (ii) first and exclusive charge on the receivables of the project arising from above said mortgaged land, and (iii) pledge of 100% shares of the land owning companies. The above said working capital facilities are also collaterally secured by way of personal guarantees of 3 (three) directors/promoters of the Company.

b) The Company has not made any default as at the reporting date.

iv) Loans from related parties represents non-interest bearing unsecured loans obtained from its directors, which loan is repayable wherever stipulated or as mutually agreed . There is no repayment of principal or payment of interest due by the Company as at the year end.

SHORT TERM LOAN AND ADVANCES

* Application money relates to 0% compulsory convertible unsecured debentures (CCUD) to be allotted on private placement basis. The said application money will be converted into CCUD within sixty (60) days from the date of receipt of application money. CCUD are debt securities and the Company has a right to convert the CCUD into equity at such price as may be determined by the Board of Directors of the company at any time within 60 months from the date of allotment of the debentures, subject to maximum equity stake being offered being upto 31%, at issue price to be decided by the Board of Directors of the Company based on prevailing fair market value of equity shares of the company.

CONTINGENT LIABILITIES (to the extent not provided for)

(Amount in Rs.) March 31, 2014 March 31, 2013

i) Claims against the Company not acknowledged as debts* 1,206,415,660 844,424,763

*Amounts are net of payments made and without considering interest for the overdue period and penalty, if any, as may be levied if the demand so raised is upheld

ii)a) Bonds given to custom authorities for custom duty saved on import of capital goods under EPCG scheme 47,914,281 47,914,281

[Unfulfilled export obligation of Rs. 26,48,41,782 (Rs. 26,48,41,782) under EPCG license for import of capital goods (to be fulfilled by March 31, 2013)]*

[Unfulfilled export obligation of Rs. 99,41,224 (Rs. 99,41,224) under EPCG license for import of capital goods (to be fulfilled by June 23, 2013)]*

*The Company has sought extension of time from concerned Department regarding fulfilling it''s export obligations.

b) Guarantee given to Custom Authorities towards Custom Duty saved on import of Capital Goods under EPCG Scheme

Deposits, inclusive of accrued interest Rs. 8,42,804 (Rs. 7,93,628) held by bank as margin 546,405 546,405

[Unfulfilled export obligation of Rs. 75,13,096 (Rs. 75,13,096) under EPCG license for import of capital goods (to be fulfilled by June 6, 2016)]

iii) Guarantees given by Banks

a) Guarantees given to Town and Country Planning, Haryana, towards external development work

[Deposits, inclusive of accrued interest, of Rs. 12,85,36,984 (Rs. 8,36,98,807) held by bank as margin, shown under the head ''Cash and Bank Balances''] 486,677 250 330 235 500

b) Guarantee given to Haryana State Pollution Control Board, Haryana, towards clearances

[Deposits, inclusive of accrued interest, Nil (Rs. 5,06,637) held by bank as margin, shown under the head ''Cash and Bank Balances''] - 500,000

c) Deposits given to VAT authorities

[Deposits, inclusive of accrued interest, of Rs. 1,10,521 (Rs. 1,01,793) held by bank as margin, shown under the head Other Current Assets] 100,000 100,000

iv) Borrowings by affiliate companies whose loans have been guaranteed by the Company as at close of the year 490,100,000 250,000,000

* Inventory includes, Development Rights acquired for Rs. 10,23,76,33,876 (Rs. 9,45,55,89,524), being payments made to subsidiary companies under Development Agreements to acquire irrevocable rights over land whereby the Company is entitled to construct, market and sell the development on the same.

* During the financial year 2011-12, the Company discontinued manufacturing activities at its Ceramic Tiles manufacturing plant in Rewari, Haryana. The same was also a separate segment as per Accounting Standard-17 on "Segment Reporting" as issued by the Institute of Chartered Accountants of India . No provision for impairment of assets of plant has been made, as in the opinion of management, these assets taken as a whole will realise at least the value at which they appear in the books of account, in aggregate. Immovable assets have been leased by the Company and moveable assets are being sold on piecemeal basis. The following statement shows the revenue and expenses of discontinuing operations:

* As per Accounting Standard-21 on "Consolidated Financial Statements" issued by the Institute of Chartered Accountants of India, the Company has presented consolidated financial statements separately in this annual report.

* In the opinion of the Board, all assets other than fixed assets and non current investments, have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

* Balances grouped under sundry debtors, sundry creditors and loans and advances recoverable in cash or in kind are subject to confirmation from subjective parties.

* Out of 2,01,44,000 Global Depository Receipts (GDRs) issued on February 29, 2008, 5,33,000 (5,33,000) GDRs were outstanding at the year end to be converted into fully paid up equity shares.

* The Company, in 2008, transferred an early stage real estate development project for construction and development of a shopping mall in New Delhi to it''s wholly owned subsidiary, Anant Raj Projects Limited (ARPL) and Lalea Trading Limited (Investor) made an investment in the transferee company, diluting the investment of the Company to 76%. The cost of construction and development to complete the mall project has been funded by the Company, which amount, at the option of the Company, is convertible into unsecured Non-Convertible Debentures (NCDs) to be issued by ARPL. ARPL has issued NCDs of Rs. 93.79 crores (Rs. 93.79 crores). Pending adjudication of consolidated stamp duty, certificates of NCDs of Rs. 71.98 crores (Rs. 71.98 crores) have yet to be issued by ARPL.

The NCDs are redeemable by ARPL at par with the approval of its Board of Directors and carry such coupon rate of interest as may be decided by the Board of Directors of ARPL for any financial year, provided that the same shall be at par with the rate of interest decided for payment on fully convertible debentures issued to the Investor and at the same time not exceed then current banking rate subject to a cap rate of 14.25% per annum. No coupon rate of interest on NCDs for the year ended March 31, 2014 has been decided for payment by the Board of Directors of ARPL.

The Company is obliged to discharge the liability towards charges for conversion of use of land forming part of the mall project of its subsidiary Company, ARPL, and maintaining the eligibility of the land to be put to use for commercial purposes.

* In terms of an ''Exit Agreement'' dated July 12, 2010 executed between Investor and the Company, to which ARPL, a subsidiary of the Company, is also a party, the Investor agreed to exit from its investment in ARPL in favour of the Company and any steps to be taken in terms of the aforesaid Agreement shall adhere to and be in compliance with the approvals to be obtained from Foreign Investment Promotion Board.

The Investor in pursuance of the Order of the Hon''ble High Court of Delhi dated January 10, 2013, intimated appointment of Mr. Gaurav Dalmia as its nominee arbitrator, and also confirmed that the nomination is in accordance with the agreements between the parties and also in accordance with the Arbitration and Conciliation Act, 1996. The Company in its reply stated that nomination of Mr. Gaurav Dalmia is in contravention of clause 10.14.2.1 of the Exit Agreement which requires the Arbitrators not to have any pecuniary interest or relationship with any of the parties, and is awaiting the response of the Investor in the matter. The Exit Agreement requires the Company to nominate its Arbitrator, which has been so nominated by the Company.

* The State Government of Haryana, did not fulfil its obligations in the matter of grant of sales tax exemption. The Company had filed a writ petition before the Hon''ble High Court of Punjab and Haryana, situated at Chandigarh, which was admitted and is yet to be fully disposed. The Company has been advised that no liability is likely to arise on account of sales tax, and accordingly, no provision has been made by the Company in its books of account.

* The Company has filed appeals before the Hon''ble High Court of Delhi against the decision of the Hon''ble Appellate Tribunal (ITAT) in the matter of three reassessment proceedings which matters have been admitted.

A demand of Rs. 2,79,12,346 (Rs. 2,79,12,346) [excluding interest and additional tax] has been raised by the Income tax Department for the years under these appeals. The Company has not made any provision in the books of account as the Company has been advised that no liability is likely to crystallize on this account.

* The Company is primarily engaged in the business of Construction and Real Estate Development, which is per Accounting Standard-17 on "Segment Reporting" notified pursuant to the Companies (Accounting Standard) Rules, 2006 issued by the Central Government in exercise of the powers conferred under sub-section (1)(a) of Section 642 of the Companies Act, 1956, is considered to be the only reportable business segment. The Company is primarily operated in India which is considered as a single geographical segment.

* The Company has a comprehensive system of maintenance of information and documents as required by the provisions governing transfer pricing under the Income tax Act, 1961. The law requires existence of aforesaid information and documentation to be contemporaneous in nature, in respect whereof the Company appoints independent consultants for conducting a Transfer Pricing Study and determining whether the transactions with associate enterprises undertaken during the financial year are on an "arms length basis". Adjustments, if any, arising from transfer pricing study in respective jurisdiction shall be accounted as and when study is complete for the current financial year. However, the Management is of the opinion that its domestic transactions are at arms length price and also in line with available products and that the aforesaid provisions will not impact the financial statements.


Mar 31, 2013

1. CORPORATE INFORMATION

Anant Raj Ltd. (formerly known as Anant Raj Industries Ltd.) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on the Bombay Stock Exchange, National Stock Exchange and Luxembourg Stock Exchange. The Company is primarily engaged in development and construction of information and technology parks, hospitality projects, special economic zones, office complexes, shopping malls and residential projects in the State of Delhi, Haryana, Rajasthan and the National Capital Region.

2. Inventory includes, Development Rights acquired for Rs. 9,455,589,524 (Rs. 7,845,280,3 17), being payments made to subsidiary companies under Development Agreements to acquire irrevocable rights over land whereby the Company is entitled to construct, market and sell the development on the same.

3. During the financial year 2011-12, the Company discontinued manufacturing activities at its Ceramic Tiles manufacturing plant in Rewari, Haryana. The same was also a separate segment as per Accounting Standard-17 on "Segment Reporting" as issued by the Institute of Chartered Accountants of India . No provision for impairment of assets of plant has been made, as in the opinion of management, these assets taken as a whole will realise at least the value at which they appear in the books of account, in aggregate. Immovable assets have been leased by the Company and moveable assets are being sold on piecemeal basis. The following statement shows the revenue and expenses of discontinuing operations:

4. As per Accounting Standard-21 on "Consolidated Financial Statements" issued by the Institute of Chartered Accountants of India, the Company has presented consolidated financial statements separately in this annual report.

5. In the opinion of the Board, all assets other than fixed assets and non current investments, have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

6. Balances grouped under sundry debtors, sundry creditors and loans and advances recoverable in cash or in kind are subject to confirmation from subjective parties.

7. Out of 2,01,44,000 Global Depository Receipts (GDRs) issued on February 29, 2008, 5,33,000 (5,33,000) GDRs were outstanding at the year end to be converted into fully paid up equity shares.

8. The Company, in 2008, transferred an early stage real estate development project for construction and development of a shopping mall in New Delhi to it''s wholly owned subsidiary, Anant Raj Projects Limited (ARPL) and Lalea Trading Limited (Investor) made an investment in the transferee company, diluting the investment of the Company to 76%. The cost of construction and development to complete the mall project has been funded by the Company, which amount, at the option of the Company, is convertible into unsecured Non- Convertible Debentures (NCDs) to be issued by ARPL. ARPL has issued NCDs of Rs. 93.79 crores (Rs. 69.04 crores). Pending adjudication of consolidated stamp duty, certificates of NCDs of Rs. 71.98 crores (Rs. 47.23 crores) have yet to be issued by ARPL.

The NCDs, held by the company, are not convertible into equity shares instead can only be redeemed by the ARPL at par with the approval of the Board. NCDs carry such coupon rate of interest as may be decided by the Board for any financial year, provided that the same shall not exceed current banking rate and shall not exceed 14.25% per annum.

The Company is obliged to discharge the liability towards charges for conversion of use of land forming part of the mall project of its subsidiary Company, ARPL, which make the said land eligible for commercial use.

9. In terms of an ''Exit Agreement'' dated July 12, 2010 executed between Investor and the Company, to which ARPL, a subsidiary of the Company, is also a party, the Investor agreed to exit from his investment in the ARPL in favour of the Company and any steps to be taken in terms of the aforesaid Agreement shall adhere to and be in compliance with the approvals to be obtained from Foreign Investment Promotion Board.

The Investor in pursuance of the Order of the Hon''ble High Court of Delhi dated January 10, 2013, intimated appointment of Mr. Gaurav Dalmia as its nominee arbitrator, and also confirmed that the nomination is in accordance with the agreements between the parties and also in accordance with the Arbitration and Conciliation Act, 1996. The Company in its reply stated that nomination of Mr. Gaurav Dalmia is in contravention of clause 1 0.14.2.1 of the Exit Agreement which requires the Arbitrators not to have any pecuniary interest or relationship with any of the parties, and is awaiting the response of the Investor in the matter. The Exit Agreement requires that the Company to nominate its Arbitrator, which has been so nominated by the Company.

10. The Company has changed its name from Anant Raj Industries Limited to Anant Raj Limited with effect from October 29, 2012.

11. The State Government of Haryana, did not fulfil its obligations in the matter of grant of sales tax exemption. The Company had filed a writ petition before the Hon''ble High Court of Punjab and Haryana, situated at Chandigarh, which was admitted and is yet to be fully disposed. The Company has been advised that no liability is likely to arise on account of sales tax, and accordingly, no provision has been made by the Company in its books of account.

12. The Company has filed appeals before the Hon''ble High Court of Delhi against the decision of the Hon''ble Appellate Tribunal (ITAT) in the matter of three reassessment proceedings which matters have been admitted.

A demand of Rs. 2,79,12,346 (Rs. 2,79,12,346) [excluding interest and additional tax] has been raised by the Income tax Department for the years under these appeals. The Company has not made any provision in the books of account as the Company has been advised that no liability is likely to crystallize on this account.

13. Retirement Benefit Plans

i) In accordance with the Accounting Standard 15 (Revised) (AS-15) on "Employee Benefits" issued by the Institute of Chartered Accountants of India, the Company has recognised its liability towards defined benefit plans being gratuity liability of Rs. 98,8I,450 (Rs. 83,06,9 16) and leave encashment liability of Rs. 56,28,I68 (Rs. 50,25,440).

ii) The disclosures as per the revised AS-I5 are as follows:

14. In accordance with the Accounting Standard-7, on Construction Contracts, the break up of the contracts in progress at the reporting date is as under:)

15. Disclosure in respect of operating leases entered into by the Company as per Accounting Standard-I9 on ''Accounting for Leases" issued by The Institute of Chartered Accountants of India:

a. Description of assets on lease

Gross carrying amount of the assets under lease as on March 3I, 2013 was Rs. 4,10,25,77,892 (Rs. 4,II,26,49,666 as on March 3I, 20I2)

b. Non cancellable operating lease

All the operating leases entered into by the Company are cancellable on serving a notice of one to three months, hence, no further disclosure is required.

c. Contingent rent recognised

Total contingent rent recognised as income in the Statement of Profit and Loss for the period is Nil.

d. General description of lessor''s significant leasing policy

All lease agreements entered into by the Company have an initial lock-in-period, thereafter, which the agreement is extendable or cancellable. Further, some of lessees are required to deposit some amount as security which is non-interest bearing and refundable at the time on termination of lease.

16. Disclosure in respect of Loans and Advances in the nature of loans pursuant to clause 32 of the Listing Agreement:

b) No loans have been given (other than loans to employees), wherein there is no repayment schedule or repayment is beyond seven years and no interest or interest below the rate as specified in section 372A(3) of the Companies Act, 1956 is charged.

c) No investment have been made by the loanee in the shares of parent company.

17. The Company is primarily engaged in the business of Construction and Real Estate Development, which is as per Accounting Standard-17 on "Segment Reporting" notified pursuant to the Companies (Accounting Standard) Rules, 2006 issued by the Central Government in exercise of the powers conferred under sub-section (l)(a) of Section 642 of the Companies Act, 1956, is considered to be the only eportable business segment. The Company is primarily operated in India which is considered as a single geographical segment.

18. The Company has a comprehensive system of maintenance of information and documents as required by the provisions governing transfer pricing under the Income tax Act, 1961. The law requires existence of aforesaid information and documentation to be contemporaneous in nature, in respect whereof the Company appoints independent consultants for conducting a Transfer Pricing Study and determining whether the transactions with associate enterprises undertaken during the financial year are on an "arms length basis". Adjustments,if any, arising from transfer pricing study in respective jurisdiction shall be accounted as and when study is complete for the current financial year. However, the Management is of the opinion that its domestic transactions are at arms length price and also in line with available products and that the aforesaid provisions will not impact the financial statements.


Mar 31, 2012

1 Corporate Information

Anant Raj Industries Ltd. is a public company domiciled in India and incorporated under the provision of the Companies Act, 1956. Its shares are listed on the Bombay Stock Exchange, National Stock Exchange and Luxembourg Stock Exchange. The Company is primarily engaged in development and construction of information and technology parks, hospitality projects, special economic zones, Office complexes, shopping malls and residential projects in the State of Delhi, Haryana, Rajasthan and the NCR region.

Particulars March 31, 2012 March 31, 2011 Rs. Rs.

2 CONTINGENT LIABILITIES (to the extent not provided for)

i) Claims against the Company not acknowledged as debts* 341,739,639 398,736,056

* Amounts are net of payments made and without considering

interest for the overdue period and penalty, if any, as may be levied if the demand is raised so upheld

ii) Bonds given to custom authorities for custom duty saved on import of capital goods under EPCG scheme 47,914,281 47,914,281

[Unfulfilled export obligation of Rs. 7,13,26,224 (Rs. 7,13,26,224) under EPCG license for import of capital goods (to be fulfilled by June 18, 2010, now extended to June 18, 2012)]

[Unfulfilled export obligation of Rs. 74,89,456 (Rs. 74,89,456) under EPCG license for import of capital goods (to be fulfilled by January 23, 2013)]

[Unfulfilled export obligation of Rs. 18,60,26,102 (Rs. 18,60,26,102) under EPCG license for import of capital goods (to be fulfilled by March 15, 2013)]

[Unfulfilled export obligation of Rs. 99,41,224 (Rs. 99,41,224) under EPCG license for import of capital goods (to be fulfilled by June 23, 2013)]

iii) Guarantees given by Banks

(a) Guarantee given to Custom Authorities towards Custom Duty saved on import of Capital Goods under EPCG Scheme 546,405 546,405 Deposits, inclusive of accrued interest Rs. 7,19,422 (Rs. 6,77,374) held by bank as margin

[Unfulfilled export obligation of Rs. 75,13,096 (Rs. 75,13,096) under EPCG license for import of capital goods (to be fulfilled by June 6, 2016)]

(b) Guarantee given to Delhi VAT authorities 125,332 125,332

[Deposits, inclusive of accrued interest Rs. 1,38,167 (Rs. 1,29,370) held by bank as margin]

The deposits are shown under the head 'Other Current Assets'

iv) Borrowings by affiliate companies whose loans have been guaranteed by the Company as at the close of the year 100,000,000 100,033,562

3 Capital and other commitments

i) Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of advances) 3,201,502,134 1,348,927,243

4 Inventory includes, Development Rights acquired for Rs. 7,84,52,80,317 (Rs. 6,94,51,64,787), being payments made to subsidiary companies under Development Agreements to acquire irrevocable rights over land whereby the Company is entitled to construct, market and sell the development on the same.

5 As per Accounting Standard-21 on "Consolidated Financial Statements" issued by the Institute of Chartered Accountants of India, the Company has presented consolidated financial statements separately in this annual report.

6 In the opinion of the Board, all assets other than fixed assets and non current investments, have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

7 Balances grouped under sundry debtors, sundry creditors and loans and advances recoverable in cash or in kind are subject to confirmation from subjective parties.

8 Unpaid dividend, to be credited to Investor Education and Protection Fund, does not include any amount due and outstanding.

9 The Company had to discontinue development at one of its Projects due to a notification issued by the Municipal Authority requiring certain permissions to be obtained to undertake and carry on construction works at the Project Site, which notification had the effect of overriding an earlier notification pursuant whereto construction had been undertaken at the Project Site. The Company had made part sales of the Project in previous years, and accordingly, the turnover for the year of Rs. 448.48 crores has been reduced by reversal of turnover of Rs. 115.34 crores accounted from the Project during previous year and also the Profit before tax for the year of Rs. 207.45 crores has been reduced by reversal of Profit of Rs. 59.21 crores earned from the Project in previous year.

10. The Company transferred in 2008 an early stage real estate development project for construction and development of a shopping mall in New Delhi to its wholly own subsidiary, Anant Raj Projects Limited (ARPL) and Lalea Trading Limited made an investment in the transferee company, diluting the investment of the Company to 76%. The cost of construction and development to complete the mall project has been funded by the Company, which amount, at the option of the Company, is convertible into unsecured Non-Convertible Debentures (NCDs) to be issued by ARPL. The Company has provided unsecured loan of Rs. 93.79 crores (Rs. 69.04 crores) to ARPL and ARPL has issued NCDs of Rs. 69.04 crores (Rs. 55.31 crores), and has yet to act on the request of the Company to issue NCDs for the balance amount of Rs. 0.25 crores. Pending adjudication of consolidated Stamp duty, certificates of NCDs of Rs. 47.23 crores have yet to be issued by ARPL.

The NCDs are redeemable by the ARPL at par with the approval of its Board of Directors and carry such coupon rate of interest as may be decided by the Board of Directors of ARPL for any financial year, provided that the same shall be at par with the rate of interest decided for payment on fully convertible debentures issued to Lalea Trading Limited and at the same time not exceed than current banking rate subject to a cap rate of 14.25% per annum. The Board of Directors of ARPL did not decide for payment of interest on fully convertible debentures and NCD's for the year 2011-12.

The Company is obliged to discharge the liability towards charges for conversion of use of land forming part of the mall project, thus making the said land eligible for commercial use.

11 The State Government of Haryana, did not fulfill its obligations in the matter of grant of sales tax exemption. The Company had fled a writ petition before the Hon'ble High Court of Punjab and Haryana, situated at Chandigarh, which was admitted and is yet to be fully disposed. The Company has been advised that no liability is likely to arise on account of sales tax, and accordingly, no provision has been made by the Company in its books of account.

12 The Income tax Authorities re-framed reassessments in respect of three 3 (three) previous assessment years against the Company, which were set aside in by the First Appellate Authority (Commissioner of Income tax (Appeals). The Assessing Authority had preferred appeals before the Second Appellate Authority (the Hon'ble Income tax Appellate Tribunal) which were allowed by the Hon'ble Appellate Tribunal (ITAT). The appeals fled by the Company before the Hon'ble High Court of Delhi, against the orders of Hon'ble ITAT, have since been admitted.

A demand of Rs. 2,79,12,346 (Rs. 2,79,12,346) [excluding interest and additional tax] has been raised by the Income tax Department for the years under these appeals. The Company has not made any provision in the books of account as the Company has been advised that no liability is likely to crystallize on this account.

13 Retirement Benefit Plans

i) In accordance with the Accounting Standard 15 (Revised) (AS-15) on "Employee Benefits" issued by the Institute of Chartered Accountants of India, the Company has recognised its liability towards defined benefit plans being gratuity liability of Rs. 83,06,916 (Rs. 62,58,743) and leave encashment liability of Rs. 50,25,440 (Rs. 27,72,544).

14 The Company is operating in a single segment, i.e., Construction & Development Business, and accordingly, no separate information for segment wise disclosure is required as per Accounting Standard-17 on 'Segment Reporting' as issued by the Institute of Chartered Accountants of India.

15 Related Party Disclosures: Pursuant to Accounting Standard (AS18) - "Related Party Disclosure" issued by Institute of Chartered Accountants of India following parties are to be treated as related parties:

16 Figures have been rounded off to the nearest Rupee.

17 Figures in brackets pertain to previous year, unless otherwise indicated.

18 During the year ended March 31, 2012, the revised Schedule VI, notified under the Companies Act, 1956, became applicable to the Company. The Company was using pre-revised Schedule VI to the Companies Act, 1956, till the year ended March 31, 2011, for preparation and presentation of its financial statements. The Company has reclassified previous year figures to conform to this year's classification. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it significantly impacts presentation and disclosures made in the financial statements, particularly presentation of financial statements.


Mar 31, 2010

As at March As at March Particulars 31st 2010 31st 2009 Rs. Rs.

i) Contingent liabilities not provided for in respect of:

a) Claims against the Company not acknowledged as debts* 63,960,510 64,314,053

b) Bonds given to custom authorities for custom duty saved on import of capital goods under EPCG scheme 47,914,281 47,914,281

[Unfulfilled export obligation of Rs. 82,522,560 (Rs. 83,918,233) under EPCG license for import of capital goods (to be fulfilled by June 18, 2010)]

[Unfulfilled export obligation of Rs. 7,489,456 (Rs. 7,489,456) under EPCG license for import of capital goods (to be fulfilled by January 23, 2013)]

[Unfulfilled export obligation of Rs. 186,026,102 (Rs. 186,026,102) under EPCG license for import of capital goods (to be fulfilled by March 15, 2013)]

[Unfulfilled export obligation of Rs. 9,941,224 (Rs. 9,941,224) under EPCG license for import of capital goods (to be fulfilled by June 23, 2013)]

c)Guarantees given by Banks 546,405 546,405 Guarantee given to Custom Authorities towards Custom Duty saved on import of Capital Goods under EPCG Scheme Deposits, inclusive of accrued interest Rs. 637,092 (Rs. 582,838) held by bank as margin.

[Unfulfilled export obligation of Rs. 7,513,096 (7,513,096) under EPCG license for import of capital goods (to be fulfilled by June 6, 2016)]

Guarantee given to Delhi VAT authorities Deposits, inclusive of accrued interest Rs. 120,599 (Rs. 111,701) held by bank as margin The Deposits are shown under the head Bank Balances 111,701 100,000

d) Borrowings by affiliate companies whose loans have been guaranteed by the Company as at the close of the year 58,093,593 107,964,510

* Amounts are net of payments made and without considering interest for the overdue period and penalty, if any, as may be levied if the demand is raised so upheld

ii) Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of advances) 407,384,856 761,320,083

iii) Unexpired installments of assets purchased on hire purchase basis 481,350 2,986,094 [Amount due within 1 (one) year is Rs. 481,350 (Rs. 2,504,744)]

iv) Payment to directors #

Remuneration to managing director 12,768,000 12,768,000

Sitting fees 75,000 77,500

# Does not include expense towards retirement benefits since the same is based on actuarial valuations carried out for the Company as a whole.

v) Payment to auditors:

For services as auditors, including quarterly audits and service tax 2,310,785 1,828,752

For certification services including service tax - 12,257

vi) Secured loans

From State Bank of India (SBI)

a) Working capital facilities of Rs. 0.45 lacs (Rs. 0.88 lacs) in the form of cash credit secured against hypothecation of Companys entire stock of raw material, stock in process, finished goods, consumable stores, spares, goods in transit, book debts and receivables, all documents to the title of goods in transit, i.e., bill of lading, lorry receipts, etc. The abovesaid facilities are collateraly secured by, (a) equitable mortagage of factory land building, and hypothecation of machinery/fixtures, etc. thereat, (b) personal guarantees of 2 (two) promoters/directors and 2 (two) family members of promoters/directors.

b) Term loan of Rs. 2,497 lacs (Rs. 2,907 lacs) of demerged construction and development division of Anant Raj Agencies Pvt. Ltd. one of the transferor division, merged with the Company on January 1, 2007) is in the nature of loan against assignment of lease rentals receivable from specified tenants at Jhandewalan Extension, New Delhi, The loan is collaterally secured by way of equitable mortgage of Companys property at Jhandewalan Extension, New Delhi. The loan is further secured by, (a) personal guarantees of 2 (two) directors/ promoters of the Company, and (b) personal guarantee of 2 (two) family member of promoter/director.

From Oriental Bank of Commerce (OBC)

c) Term loan of Rs. 4,912 lacs (Rs. 5,559) lacs is secured against first pari passu charge on entire plant and machinery and super structure built/to be built at IMT, Manesar, Haryana. The term loan is additionaly secured against land at Village Khera Kalan, Nangli Poona, Delhi, in the name of the Company. The term loan is also collaterally secured by way of personal guarantees of 2 (two) directors/ promoters of the Company, and (b) personal guarantee of 2 (two) family members of directors/promoters of the Company.

From Central Bank of India (CBI)

d) Term loan of Rs. 1,989 lacs (Rs. 2,591 lacs), is secured against first charge by way of equitable mortgage of land and proposed building of the project located at IMT Manesar and by hypothecation charge on other movable fixed assets and current assets of the project including work in progress and assignment of lease rentals through an Escrow Account. The term loan is additionaly secured against land at Village Khera Kalan, Nangli Poona, Delhi, in the name of the company . The term loan is also collaterally secured by way of personal guarantees of 2 (two) directors/ promoters of the Company, and (b) personal guarantee of 2 (two) family members of directors/promoters of the Company.

Term loans repayable within 1 (one) year Rs.186,548,226 (Rs. 153,429,938).

The Company has neither given counter guarantee to the abovementioned directors nor any incentive/commission is payable to them.

vii) Vehicle loans are secured against hypothecation of respective vehicles.

viii) Dealership deposits, shown under the head Unsecured Loans, are interest bearing deposits received by the Company from dealers of its products.

ix) During the year the Company has changed the method of charging depreciation on buildings (other than factory building) from written down value method to straight line method, resulting in the depreciation charge for the current year being lower by Rs. 3,205,477 and consequently the profit for the current year stands overstated by equivalent amount.

x) The Company had issued during the year, 20,000,000 Convertible warrants of face value Rs. 2 each, for cash at a premium of Rs. 85 per warrant , aggregating to Rs. 1,740,000,000/- to Anant Raj Meadows Private Limited (Promoter Group Compay ). As per terms of issue the Company has received 25% of excercise price amounting Rs. 43.50 crores as upfront payment and balance 75% will be received on excercise of warrant (excercise period of 18 months from July 10, 2009 to January 09, 2011).Further, each warrant to be converted into one common equity share on successful payment of balance amount.

xi) The Company issued 20,144,000 Global Depository Receipts (GDRs) each representing one equity share of nominal value of Rs. 2 each at the offer price of US $ 7.494 aggregating to US $ 151 million equivalent to Rs. 60,806.34 lacs on February 29, 2008. The said GDRs are listed on the Luxemburg Stock Exchange. The funds so raised have been/would be utilised for development and construction of special economic zones, information and technology parks, hospitality sector, augmenting long term resources and working capital requirements and unutilised funds have been places as fixed deposits with Bank.

xii) The Company has entered into Joint venture agreements with, (i) Monsoon Capital for construction and development of an Information and Technology Park at Panchkula, Haryana; (ii) Swan Consultants, a Reliance (ADAG) company for development of two hospitality projects in New Delhi, and (iii) Lalea Trading Ltd., Cyprus, for development of project land by construction thereon of retail mall.

xiii) Unpaid dividend, to be credited to Investor Education and Protection Fund, does not include any amount due and outstanding.

xiv) As per Accounting Standard-21 on "Consolidated Financial Statements" issued by the Institute of Chartered Accountants of India, the Company has presented consolidated financial statements separately in this annual report.

xv) Deposits with Bank include Rs. 852,649 (Rs. 840,948) pledged with Sale tax Department/Excise Authorities.

xvi) Advance recoverable in cash or in kind or for value to be received include:

Amounts due from companies under the same management with in the meaning of sub-section (IB) of section 370, are Rs. 6,269,701,454 (Rs. 4,847,660,928). Maximum amount due during the year from these companies was Rs. 9,888,498,220 (Rs. 9,848,371,202).

xvii) Sundry debtors include Rs. Nil (Rs. 666,671) as debts due from companies under the same management. Maximum balance due during the year was Rs. 5,396,015 (Rs. 3,166,963).

xviii) Small Scale Industrial (SSI) undertakings have been indentified by the management on the basis of information provided by the suppliers/creditors. The amount outstanding for more than 30 days, as on March 31, 2010 payable to SSI undertakings is Rs. 1,490,197 (Rs. 2,503,032). However, no provision for interest accrued on such amount has been made.

The outstanding amounts payable to above parties are not within the contracted credit period.

xix) In accordance with the Accounting Standard 15 (Revised) (AS-15) on "Employee Benefits" issued by the Institute of Chartered Accountants of India, the Company has recognised its liability towards defined benefit plans being Gratuity liability of Rs. 9,466,373 (Rs. 6,671,265) and leave encashment liability of Rs. 2,395,652 (Rs. 2,247,568).

xxv) The State Government of Haryana, did not fulfil its obligations in the matter of grant of sales tax exemption. The Company had filed a writ petition before the Honble High Court of Punjab and Haryana, situated at Chandigarh, which was admitted and is yet to be fully disposed. The Company has been advised that no liability is likely to arise on account of sales tax, and accordingly, no provision has been made by the Company in its books of account.

xxvi) The Income tax Authorities set aside the assessments framed for 2 (two) earlier years and reopened the assessments framed in respect of other 2 (two) years. The aforesaid Authorities had since re-framed reassessments in respect of all the 4 (four) abovementioned assessment years against the Company, which were set aside in by the First Appellate Authority (Commissioner of Income tax (Appeals)) in disposing appeals filed by the Company against the re- assessments. The Assessing Authority has preferred appeals before the Second Appellate Authority (the Honble Income tax Appellate Tribunal). The Honble Appellate Tribunal ( ITAT) while setting aside appeal of the Income tax Department for one of the years, has allowed the other appeals preferred by the Department. The Company filed an appeal with Hoble High Court of Delhi, against the order of Honble ITAT in case of 3 appeals of the Income tax Department, which have been allowed by the Honble ITAT.

The income tax demand of Rs. 27,912,346 (excluding interest and additional tax) has been raised by the Income tax Department in respect of these appeals. No provision has been made in the books of account as the Company has been advised that no liability is likely to crystalize on this account.

xxvii) During the year the Company has not charged and consequently, not deposited service tax amounting to Rs. 18,273,032 on renting of immovable property, relying on Order dated April 18, 2009 of the Hon’ble High Court of Delhi., wherein the Hon’ble Court had categorically concluded that renting of immovable property by itself cannot be regarded as a service. The Hon’ble Court reiderated its stand in its order dated May 18, 2010 while deciding the Appeal no. W.P.(C) 3398-2010. In view of the same, and as per legal opinion obtained by the Company, no liability on the above account is likely to crystallize on the said account, hence not provided in the books during the year.

The Company remains contingently liable for and equivalent amount being the amount of service tax liability which may fall due, in the event the same become payable by virtue of any future order/amendment. However, the respective lessees have undertaken to idemnify the Company, for any loss that the Company might have to incurr, in the event such a libility crystallizes.

xxviii) In the opinion of the management, the realizable value of all current assets, loan and advances in the ordinary course of business will not be less than their value stated in the Balance Sheet.

xxix) Balances grouped under sundry debtors, sundry creditors and loans and advances recoverable in cash or in kind are subject to confirmation from subjective parties.

xxx) All the operating leases entered into by the Company are cancellable on serving a notice of one to three months as such there is no information required to be furnished as per Accounting Standard AS-19 titled `Leases issued by the Institute of Chartered Accountants of India.

xxxiii) Figures have been rounded off to the nearest Rupee.

xxxiv) Figures in brackets pertain to previous year, unless otherwise indicated.

xxxv) Previous year figures have been regrouped/rearranged and recast, wherever considered necessary.

xxxvi) Related Party Disclosures:

Pursuant to Accounting Standard (AS18) - "Related Party Disclosure" issued by Institute of Chartered Accountants of India following parties are to be treated as related parties alongwith their relationships:

a) Name of related parties and description of relationship

Holding Company

Anant Raj Industries Ltd.

Subsidiaries

1 Advance Buildcon Pvt. Ltd.*

2 Anant Raj Cons. & Development Pvt. Ltd.

3 Anant Raj Hotels Ltd.

4 Anant Raj International FZE

5 A plus Estates Pvt. Ltd.*

6 Anant Raj Projects Ltd.

7 Ankur Buildcon Pvt. Ltd.*

8 Blossom Buildtech Pvt. Ltd.

9 Capital Buildcon Pvt. Ltd.*

10 Century Promoters Pvt. Ltd.

11 Capital Buildtech Pvt Ltd.*

12 Carnation Buildtech Pvt Ltd.*

13 Echo Buildtech Pvt. Ltd.

14 Echo Properties Pvt. Ltd.

15 Elegant Buildcon Pvt. Ltd.

16 Elegant Estates Pvt. Ltd.

17 Elevator Builders Pvt. Ltd.

18 Elevator Buildtech Pvt. Ltd.

19 Elevator Promoters Pvt. Ltd.

20 Elevator Properties Pvt. Ltd.

21 Empire Promoters Pvt. Ltd.

22 Equinox Properties Pvt. Ltd.@

23 Fabulous Builders Pvt. Ltd.

24 Gadget Builders Pvt. Ltd.

25 Goodluck Buildtech Pvt. Ltd.

26 Grand Buildtech Pvt. Ltd.

27 Grand Park Buildtech Pvt. Ltd.

28 Grand Park Estates Pvt. Ltd.

29 Greenline Buildcon Pvt. Ltd.

30 Greatway Estates Ltd.

31 Green Line Promoters Pvt. Ltd.

32 Green Retreat and Motels Pvt. Ltd.

33 Greenview Buildwell Pvt. Ltd.

34 Greenway Promoters Pvt. Ltd.

35 Greenwood Properties Pvt. Ltd.

36 Gujarat Anant Raj Vidhyanagar Ltd.

37 Gagan Buildtech Pvt Ltd.*

38 Greatway Buildtech Pvt Ltd.*

39 Hemkunt Promoters Pvt. Ltd.

40 Highland Meadows Pvt. Ltd.

41 Kalinga Buildtech Pvt. Ltd.

42 Krishna Buildtech Pvt. Ltd.*

43 Kalinga Realtors Pvt. Ltd.

44 Lucky Meadows Pvt. Ltd.

45 Monarch Buildtech Pvt Ltd*

46 Noval Buildmart Pvt. Ltd.

47 Noval Housing Pvt. Ltd.

48 One Star Realty Pvt. Ltd.*

49 Oriental Meadows Ltd.

50 Oriental Promoters Pvt Ltd.*

51 Parkland Developers Pvt. Ltd.

52 Parkview Promoters Pvt. Ltd.

53 Pasupati Aluminium Ltd.

54 Pelikan Estates Pvt. Ltd.

55 Pioneer Promoters Pvt. Ltd.

56 Papillon Buidcon (P) Ltd.*

57 Pappilon Buildtech (P) Pvt.*

58 Rapid Estates Pvt. Ltd.@

59 Rapid Realtors Pvt. Ltd.

60 Rising Realty Pvt. Ltd.*

61 Roseview Buildtech Pvt. Ltd.

62 Rolling Construction Pvt. Ltd.

63 Romano Tiles Pvt. Ltd.

64 Roseview Properties Pvt. Ltd.

65 Sandstorm Buildtech Pvt. Ltd.

66 Silvertown Inn & Resorts Pvt. Ltd.@

67 Sovereign Buildwell Pvt. Ltd.

68 Springview Developers Pvt. Ltd.

69 Springview Properties Pvt. Ltd.

70 Suburban Farms Pvt. Ltd.

71 Townsend Construction and Equipments Pvt. Ltd.

72 Twenty First Developers Pvt.Ltd.

73 Vibrant Buildmart Pvt. Ltd.

74 White Diamond Construction and Equipments Pvt. Ltd.

75 Woodland Promoters Pvt. Ltd.

76 West Land Buildcon Pvt Ltd.*

* The Company holds through its subsidiaries more than one-half in nominal value of their equity share capital. @ Ceased to be subsidiary during the year.

Partnership firm in which Company is partner

Ganga Bishan & Company

Key management personnel

Ashok Sarin Chairman

Anil Sarin Managing director

Ambarish Chatterjee Director

Maneesh Gupta Director

Amit Sarin^ Director & Chief Executive Officer

Aman Sarin Executive director (Operations)

Ashim Sarin Executive director (Construction)

Amar Sarin Executive director (Business Development)

Brajindar Mohan Singh# Director

Enterprise over which key management personnel exercises control

1 AAA Realty Pvt. Ltd.

2 Aakash Ganga Realty Pvt. Ltd.

3 Anant Raj Agencies Pvt. Ltd.

4 Anant Raj Estates Pvt. Ltd.

5 Anant Raj Infrastructure Pvt. Ltd.

6 Anant Raj Meadows Pvt. Ltd.

7 Anant Raj Farms Pvt. Ltd.

8 Anant Raj Property Management Pvt. Ltd.

9 Associated Buildtech Pvt. Ltd.

10 Anant Raj Power Limited

11 BBB Realty Pvt. Ltd.

12 Blue Diamond Estates Pvt. Ltd.

13 Bolt Properties Pvt. Ltd.

14 Carnation Promoters Pvt. Ltd.

15 CCC Realty Pvt. Ltd.

16 Consortium Holding Pvt. Ltd.

17 Delhi Motels Pvt. Ltd.

18 EEE Realty Pvt. Ltd.

19 Elevators Realtors Pvt. Ltd.

20 Four Construction Pvt. Ltd.

21 Four Star Realty Pvt. Ltd.

22 Green Valley Builders Private Limited

23 GGG Realty Pvt. Ltd.

24 Glaze Properties Pvt. Ltd.

25 Goodwill Estates Pvt. Ltd.

26 Goodwill Meadows Ltd.

27 Hamara Realty Pvt. Ltd.

28 HBP Estates Pvt. Ltd.

29 Hemkunt Buildtech Pvt. Ltd.

30 Jasmine Buildwell Pvt. Ltd.

31 Mayur Buildcon Pvt. Ltd.

32 Monarch Estates Pvt. Ltd.

33 North South Properties Pvt. Ltd.

34 Olympia Buildtech Pvt. Ltd.

35 Olympia Builders Pvt. Ltd.

36 Parkland Construction and Equipments Pvt. Ltd.

37 Rapid Estates (P) Ltd.

38 Red Sea Realty Pvt. Ltd.

39 Romano Estates Pvt. Ltd.

40 Romano Infrastructure Pvt. Ltd.

41 Romano Projects Pvt. Ltd.

42 Rockfield Developers Pvt. Ltd.

43 Roseland Buildtech Pvt. Ltd.

44 Rose Realty Pvt. Ltd.

45 Roseview Promotors Pvt. Ltd.

46 SS Aamouage Trading Pvt. Ltd.

47 Saffronview Properties Pvt. Ltd.

48 Skipper Travels International Pvt. Ltd.

49 Three Star Realty Pvt. Ltd.

50 Tumhare Liye Realty Pvt. Ltd.

51 Two Star Realty Pvt. Ltd.

52 Townsend Promoters Pvt. Ltd.

53 Townsend Properties Pvt. Ltd.

54 Tricolor Hotels Ltd.

Note: The above parties have been identified by the management. Apppointed on August 20, 2009 # Appointed on May 29, 2009

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