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Notes to Accounts of Indiabulls Real Estate Ltd.

Mar 31, 2016

ii Repayment terms (including current maturities) and security details for term loan from banks:

a During the year ended March 31, 2014, the Company has availed term loan of '' 350,000,000 from HDFC Bank Limited with interest rate of 11.55% per annum (bank prime lending rate plus 1.55%) payable monthly, secured by fixed deposits of the Company. The loan has been repaid during the year. The outstanding balance as at March 31, 2016 is '' Nil (previous year '' 138,095,259).

b During the year ended March 31, 2015, the Company has availed term loan of Rs. 2,800,000,000 from Axis Bank Limited with interest rate of 10.75% per annum (bank prime lending rate plus 1.25%) payable monthly, primarily secured by mortgage on immovable properties situated at Savroli held and owned by the respectively subsidiary companies. The loan is further secured by collateral security on immovable properties of certain subsidiary companies. Additionally, the aforesaid term loan is also secured by way of pari-passu charge on all the project related receivables of the Company and its certain subsidiary companies. Further, there is corporate guarantee issued by its certain subsidiary Companies. The loan is repayable in 16 equal quarterly installments after moratorium period of two years from date of first disbursement. The outstanding balance as at March 31, 2016 is Rs. 2,800,000,000 (previous year Rs. 2,800,000,000).

c During the year ended March 31, 2016, the Company has availed term loan of Rs. 500,000,000 from Tamilnad Mercantile Bank Limited with interest rate of 10.70% per annum (bank prime lending rate plus 0.30%) payable monthly, primarily secured by mortgage on immovable properties situated at Savroli held and owned by the respectively subsidiary companies. Further, there is corporate guarantee issued by its certain subsidiary Companies. The loan has single bullet repayment after four years from date of first disbursement. The outstanding balance as at March 31, 2016 is Rs. 500,000,000 (previous year Rs. Nil).

iii Repayment terms (including current maturities) and security details for vehicle loans:

During the year ended March 31, 2015, the Company has availed vehicle loan of Rs. 6,000,000 from Axis Bank Limited with interest rate of 10.35% per annum payable monthly, secured by way of hypothecation on vehicle purchased. These loan is repayable in 60 equated monthly installments starting from November 15, 2014. The outstanding balance as at March 31, 2016 is Rs. 4,577,139 (previous year Rs. 5,588,058).

i Repayment terms and security details for short-term borrowings:

a During the year ended March 31, 2014, the Company has availed line of credit from Adyta Birla Finance Limited. This facility has been renewed during current year amounting to Rs. 600,000,000 at a interest rate of 10.65% payable quarterly, which is secured by pledge of units of mutual funds. The outstanding balance as at March 31, 2016 is Rs. 580,000,000 (previous year Rs. 510,000,000). The loan is repayable on August 07, 2016.

b During the year ended March 31, 2015, the Company has availed vehicle loan of Rs. 100,000 from Axis Bank Limited with interest rate of 10.50% payable monthly, secured by way of hypothecation on vehicle purchased. The outstanding balance of the vehicle loan has been repaid during the year. The outstanding balance as at March 31, 2016 is Rs. Nil (previous year Rs. 43,063).

c Maximum balance outstanding during the year Rs. 3,000,000,000 (previous year Rs. 5,750,000,000). d During the year ended March 31, 2015, the Company has availed working capital loan of Rs. 2,000,000,000 from Infusing Bank Limited with interest rate of 11% payable monthly. The loan was repaid during the year. The outstanding balance as at March 31, 2016 is Rs. Nil (previous year Rs. 2,000,000,000).

Note - 1

A Payable to micro enterprises and small enterprises

Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006 (''MSMED Act, 2006'') as at March 31, 2016 and 2015:

Particulars Amount (Rs.)

i) the principal amount and the interest due thereon remaining unpaid to any supplier as at the end of each accounting year;

ii) the amount of interest paid by the buyer in terms of section 16, along with the amounts of the payment made to the supplier beyond the appointed day during each accounting year; Nil

iii) the amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under this Act; Nil

iv) the amount of interest accrued and remaining unpaid at the end of each accounting year; and

v) the amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the small enterprise, for the purpose of disallowance as a deductible expenditure under section 23

The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company.

2 Income tax A Current tax

Current tax for the year of Rs. 119,000,089 includes earlier year charge of Rs. 3,470 (previous year reversal of Rs. 129,110,000). Further, it also includes minimum alternate tax charge and credit of Rs. 92,887,569 (previous year Rs. 12,616,071).

B Deferred tax

In compliance with Accounting Standard 22 (AS 22) - ''Accounting for taxes on income'', as specified under section 133 of Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended), the Company has recognized deferred tax credit of Rs. 2,693,174 (previous year of Rs. 10,138,890) in the statement of profit and loss during the year ended March 31, 2016.

Dilutive potential equity shares are deemed converted as of the beginning of the year, unless they have been issued at a later date. The number of equity shares and potential diluted equity shares are adjusted for stock split, bonus shares and the potential dilutive effect of Employee stock option plans/schemes as appropriate.

3 Employees stock option scheme (ESOP)

A India bulls Real Estate Limited Employees Stock Options Scheme - 2006

During the year ended March 31, 2007, the Company established the India bulls Real Estate Limited Employees Stock Options Scheme ("IBREL ESOS-I" or "Plan-I"). Under the Plan- I, the Company issued 9,000,000 equity settled options to its eligible employees and its subsidiary companies which gave them a right to subscribe up to 9,000,000 stock options representing an equal number of equity shares of face value of Rs. 2 each of the Company at an exercise price of Rs. 60 per option, subject to the requirements of vesting. These options vest uniformly over a period of 10 years, commencing one year after from the date of grant. A compensation committee constituted by the Board of Directors of the Company administers the Plan- I. The stock options so granted, shall vest in the eligible employees within 10 years beginning from November 1, 2007, the first vesting date. The stock options granted under each of the slabs are exercisable by the option holders within a period of five years from the relevant vesting date.

The Company follows the intrinsic value method of accounting as prescribed under the Guidance Note on "Accounting for Employees Share Based Payments" issued by the Institute of Chartered Accountants of India. Since, on the date of grant, the market price of the underlying share as certified by the independent value was lower than the exercise price, no deferred employee stock compensation cost has been recorded in the financial statements.

B India bulls Real Estate Limited Employees Stock Options Scheme 2008 (II)

During the year ended March 31, 2009, the Company established the India bulls Real Estate Limited Employees Stock Options Scheme - 2008 (II) ("IBREL ESOS-II" or "Plan-II"). Under Plan II, the Company issued equity settled options to its eligible employees and of its subsidiary companies to subscribe up to 2,000,000 stock options representing an equal number of equity shares of face value of Rs. 2 each in the Company, at an exercise price of Rs. 110.50 per option, being the closing market price of previous day on the National Stock Exchange of India Limited as at January 29, 2009.

The stock options so granted, shall vest in the eligible employees within 10 years beginning from January 31, 2010, the first vesting date. The stock options granted under each of the slabs are exercisable by the option holders within a period of five years from the relevant vesting date.

The Company follows the intrinsic value method of accounting as prescribed in the Guidance Note on "Accounting for Employees Share Based Payments" issued by the Institute of Chartered Accountants of India. Since, on the date of grant, the market price of the underlying share was equal to the exercise price, no deferred employee stock compensation cost has been recorded in the financial statements. The fair value of the option under Plan II using the black schools model, based on the following parameters is Rs. 62.79 per option, as certified by an independent value.

The expected volatility was determined based on historical volatility data of the Company''s shares listed on the National Stock Exchange of India Limited.

C India bulls Real Estate Limited Employees Stock Options Plan 2010

During the year ended March 31, 2011, the board of directors and shareholders of the Company have given their consent to create, issue, offer and allot to the eligible employees of the Company and its subsidiary companies, stock options not exceeding 30,000,000 in number, representing 30,000,000 equity shares of face value of Rs. 2 each of the Company, accordingly the Employee Stock Option Plan - 2010 ("IBREL ESOP 2010" or "Plan-III")) has been formed. As per the scheme exercise price will be the market price of the equity shares of the Company, being the latest available closing price, prior to the date of grant or as the case may be decided by the board of directors or compensation committee. However, compensation committee of the board has not yet granted any options under IBREL ESOP 2010 Scheme.

During the year ended March 31, 2016, board of directors of the Company at its meeting held on June 26, 2015, re-granted (original grant was of date November 14, 2015) under the "India bulls Real Estate Limited Employees Stock Options Plan - 2010", 10,500,000 stock options to eligible employees of the Company and its subsidiary companies representing an equal number of equity shares of face value of Rs. 2 each in the Company, at an exercise price of Rs. 54.50, being the closing market price of previous day on the National Stock Exchange of India Limited. The stock options so granted, shall vest within 5 years beginning from June 26, 2016, the first vesting date. The options vested under each of the slabs, can be exercised within a period of five years from the relevant vesting date.

The Company follows the Intrinsic Value method of accounting as prescribed in the Guidance Note on "Accounting for Employees Share Based Payments" issued by the Institute of Chartered Accountants of India. Since, on the date of grant the market price of underlying share was equal to the exercise price, no deferred employee stock compensation cost has been recorded in the financial statements. The fair value of the options under Plan III using the Black-Schools model, based on the following parameters, is Rs. 34.30 per option, as certified by an independent value.

The expected volatility was determined based on historical volatility data of the Company''s shares listed on the National Stock Exchange of India Limited.

The table below provides pro forma disclosures for the impact on the Company''s net profits after taxes and basic and diluted earnings per share, had the compensation cost for the stock options granted under all the plans determined using the fair value method as prescribed in the Guidance Note as prescribed by the Institute of Chartered Accountants of India.

D India bulls Real Estate Limited Employees Stock Options Plan 2011

During the year ended March 31, 2012, the board of directors and shareholders of the Company have given their consent to create, issue, offer and allot, to the eligible employees of the Company and its subsidiary companies, stock options not exceeding 15,000,000 in number, representing 15,000,000 equity shares of face value of Rs. 2 each, and accordingly the Employee Stock Option Scheme 2011 ("IBREL ESOS 2011") has been formed. As per the scheme exercise price will be the market price of the equity shares of the Company, being the latest available closing price, prior to the date of grant or as may be decided by the board or compensation committee. However, compensation committee of the board has not yet granted any options under IBREL ESOP 2011 Scheme.

As the Company does not have any plan assets, the movement of present value of defined benefit obligation and fair value of plan assets has not been presented.

4 Operating lease

The Company has taken various premises on operating leases and lease rent of Rs. 73,971,475 (previous year Rs. 61,080,671) in respect of the same has been charged to statement of profit and loss for the year ended March 31, 2016. The underlying agreements are executed for a period generally ranging from three to five years, renewable on mutual consent and are cancelable in some cases, by either party giving notice generally of 30 to 90 days. There are no restrictions imposed by such leases and there are no subleases. The minimum lease rentals payable in respect of such operating leases, are as under:

* The Company has received orders against these demands in its favor from Commissioner of Income Tax (Appeals). The department has right to move to Income Tax Appellate Tribunal (ITAT), but the Company has not yet received any notice from the department.

As per the best estimate of the management, no provision is required to be made in respect of any present obligation as a result of a past event that could lead to a probable outflow of resources, which would be required to settle the obligation.

B Commitments

(i) The Company had given corporate guarantee in favor of financial institutions/banks which have extended term loan facility to Rattan India Nasik Power Limited, a subsidiary of Rattan India Power Limited towards arranging the required equity to meet cost overrun, if any, in relation to the Phase-I of Thermal Project having capacity of 1350 MW in Sinnar Village of Nasik District in Maharashtra, being developed by Rattan India Nasik Power Limited. Such guarantee shall expire on Phase-I of Thermal Project achieving COD and can be enforced only in the event of inability of Rattan India Power Limited and/or its promoters to arrange the equity support that may be required to meet cost overrun, if any.

(ii) The Company had given Sponsors Support Undertaking ("SSU") to meet any shortfalls in the funding requirement of project and towards cost overrun to financial institution/banks for term loan sanctioned to Rattan India

Nasik Power Limited, a subsidiary of Rattan India Power Limited in the event of inability of Rattan India Nasik Power Limited ("RNPL") to arrange required equity support for Nasik Thermal Power Project Phase II. In furtherance, the promoters of Rattan India Power Limited ("RPL") have given an undertaking to the effect that until the Company is discharged/substituted by the lenders with respect to debt facilities of Nashik Thermal Power Project Phase II, RNPL shall not drawdown any funds from such debt facilities.

(iii) The Company had given Sponsors Support Undertaking ("SSU") to fund the required equity and any shortfall in means of finance by subscription to the shares of Rattan India Power Limited, a company together promoted by Rattan India Infrastructure Limited and RR Infra Land Private Limited, for term loan facility sanctioned to Rattan India Power Limited ("RPL") in the event of inability of RPL to arrange the required equity support for Amravati Power Project Phase II. Under the SSU, the Company had also guaranteed to meet RPL''s debt obligations in respect of Amravati Power Project Phase II in the event coal linkage for the project is cancelled/deferred and RPL fails to make any alternate arrangement of required coal six months prior to the scheduled commercial operation date of unit I of Amravati Power Project Phase II. In furtherance, the promoters of RPL have given an undertaking to the effect that until the Company is discharged/substituted by the lenders with respect to debt facilities of Amravati Power Project Phase II, RPL shall not drawdown any funds from such debt facilities.

(iv) The Company has given an undertaking to banks for various loans availed by the subsidiary companies and other entities to meet the shortfall requirement in case they are not able to service the said loans.

5 Related party disclosures:

A Disclosures in respect of Accounting Standard (AS) - 18 ''Related party disclosures'', as specified under Section 133 of Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended). This disclosure also includes the amount due to entities pursuant to clause 32 of listing agreement with stock exchange.

6 The Company''s primary business segment is reflected based on principal business activities carried on by the Company i.e. purchase, sale, dealing, real estate project advisory, construction and development of real estate projects and all other related activities which as per Accounting Standard 17 on "Segment Reporting" as specified under Section 133 of Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended) is considered to be the only reportable business segment. The Company is operating in India which is considered as a single geographical segment.

7 Under the Income-tax Act, 1961 for domestic transfer pricing transaction introduced with effect from April 1, 2012, the Company is required to use specified methods for computing arm''s length price in relation to domestic transactions with its associated enterprises. Further, the Company is required to maintain prescribed information and documents in relation to such transactions. The appropriate method to be adopted will depend on the nature of transactions/class of transactions, class of associated persons, functions performed and other factors, which have been prescribed. The Company is in the process of conducting a transfer pricing study for the current financial year. Based on the preliminary study for the current year and completed study for the financial year ended March 31, 2015, the management is of the view that the same would not have a material impact on the tax expenses provided for in these financial statements. Accordingly, these financial statements do not include any adjustments for the transfer pricing implications, if any.

8 The Company has not entered into any derivatives instruments during the year. Foreign currency exposures not hedged as at March 31, 2016 towards investment and share application money of Rs. 15,396,670,988 [GBP 143,477,408, Euro 1,000 and USD 58,841,802] (previous year Rs. 10,929,304,892 (GBP 138,104,655 and Euro 1,000)].

9 The Company considers its investment in subsidiaries and others as strategic and long-term in nature and accordingly, in the view of the management, any decline in value of such long-term investments in subsidiaries is considered as temporary in nature and hence no provision is considered necessary.

10 As at 31 March 2016, the Company''s financial assets are more than 50 per cent of its total assets (netted of by intangible assets) and income from financial assets is more than 50 per cent of the gross income of the Company. However, basis consolidated financial position, the Company''s financial assets and income from financial asse13ts does not meet the said criteria. The Company was incorporated with an objective of carrying on the business of construction and development of real estate projects and has been carrying the above business in line with the objects clauses stated in its articles of association. Accordingly, the Management basis the legal opinion obtained from an independent counsel believes that the principal business of the Company is not that of an Non-Banking Financial Company and hence it is not required to obtain certificate of registration as a Non-Banking Financial Company under section 45IA of the Reserve Bank of India Act, 1934.

11 In the opinion of the Board of Directors, all current assets and long term loans and advances, appearing in the balance sheet as at March 31, 2016, have a value on realization, in the ordinary course of the Company''s business, at least equal to the amount at which they are stated in the financial statements. In the opinion of the board of directors, no provision is required to be made against the recoverability of these balances.

12 During the year ended March 31, 2016, the Company has inventoried borrowing cost of Rs. 5,650,550 (previous year Rs. 27,924,179) to cost of real estate project under development.

13 Previous year figures have been regrouped and/or reclassified wherever necessary to confirm to those of the current year grouping and/or classification.


Mar 31, 2014

Company overview

Indiabulls Real Estate Limited ("the Company", "IBREL") was incorporated on April 04, 2006 with the main objects of carrying on the business of project management, investment advisory, project marketing, maintenance of completed projects, engineering, industrial and technical consultancy, construction and development of real estate properties and other related and ancillary activities.

A Scheme of Arrangement ("IBFSL Scheme of Arrangement") between Indiabulls Financial Services Limited ("Demerged Company", "IBFSL") and the Company ("IBREL", "Resulting Company") and their respective shareholders and creditors under Sections 391 - 394 of the Companies Act, 1956, was sanctioned by the Hon''ble High Court of Delhi at New Delhi on November 24, 2006. Upon coming into effect of the Scheme of Arrangement on December 20, 2006 and with effect from the Appointed Date on May 01, 2006, the real estate undertaking of IBFSL ("real estate undertaking") was demerged from IBFSL and transferred to and vested in IBREL on a going concern basis.

Basis of preparation of financial statements

i. Statement of compliance

The financial statements are prepared under the historical cost convention on an accrual basis, in accordance with the generally accepted accounting principles in India and in compliance with the applicable accounting standards as notified under the Companies (Accounting Standards) Rules, 2006, as amended and as per Revised Schedule VI to the Companies Act, 1956 ("the 1956 Act") (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 ("the 2013 Act") in terms of commencement notification of Companies Act,2013, dated 12 September, 2013 of the Ministry of Corporate Affairs) and the relevant provisions of the 1956 Act and 2013 Act, to the extent applicable . All assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle and other criteria set out in the Revised Schedule VI to the 1956 Act

ii. Use of estimates

The presentation of financial statements is in conformity with the generally accepted accounting principles and require estimates and assumptions to be made that affect the reported amount of assets and liabilities and disclosure of contingent liabilities as on the date of the financial statements and the reported amount of revenues and expenses during the reporting year. Differences between the actual results and estimates are recognized in the year in which the results are known or materialized.

Corporate restructuring

a) A Scheme of Arrangement (Scheme-I) between Indiabulls Real Estate Limited (IBREL) ("Demerged Company") and the Indiabulls Wholesale Services Limited ("IBWSL", "Resulting Company") and their respective shareholders and creditors under Sections 391 - 394 of the Companies Act, 1956, was sanctioned by the Hon''ble High Court of Delhi at New Delhi on March 03, 2011. Upon coming into effect of the Scheme of Arrangement on March 31, 2011 and with effect from the Appointed Date on April 01, 2010, the Wholesale trading business stand demerged from IBREL and transferred to and vested in IBWSL on a going concern basis.

b) A composite Scheme of Arrangement (Scheme-II) under Section 391 to 394 of the Companies Act, 1956, by and among Indiabulls Real Estate Limited (the Company), Indiabulls Infrastructure and Power Limited (IIPL), Indiabulls Builders Limited (IBL), Indiabulls Power Limited. (IPL) and Poena Power Supply Limited (PPSL) and their respective shareholders and creditors (Scheme), which had been approved by the Hon''ble High Court of Delhi vide its order dated October 17, 2011 and came into effect on November 25, 2011, with effect from April 1, 2011 i.e. the Appointed Date. Pursuant to and in terms of Scheme II, the power business undertaking of the Company which included the Company''s investment in the IPL, stood demerged from the Company and transferred to and vested in favour of Indiabulls Infrastructure and Power Limited (IIPL) on a going concern basis. Indiabulls Builders Limited (IBL) a wholly owned subsidiary of the Company was merged with the Company as a going concern under the ''pooling of interests method'' with the entire business, including all the assets and liabilities as recorded in the books of IBL as on the Appointed Date (there were no fixed assets), being transferred to the Company at their book values as on the said date. The investment in IB was transferred by the Company to BREL-IB Scheme Trust and accounted for as "Interest in BREL-IB Scheme Trust" in the Company. In consideration for an aggregate of 42,500,000 Equity shares of face value of Rs. 2 each held in Indiabulls Builders Limited, an equivalent number of fully paid Equity shares of face value Rs. 2 each were issued in the Company to the IBREL - IBL Scheme Trust, the shareholder of IBL, as of the aforesaid effective date of the Scheme. The trust holds these shares for the sole benefits of Indiabulls Real Estate Limited.

c) A Scheme of Arrangement (Scheme-III) between Indiabulls Infrastructure Development Limited ("Amalgamating Company") a subsidiary of the Company and Indiabulls Power Limited( "Amalgamated Company") and their respective shareholders and creditors under Sections 391 - 394 of the Companies Act, 1956, was approved by the Hon''ble High Court of Delhi at New Delhi vide its order dated May 24, 2012 and came into effect on April 1, 2012 i.e. the Appointed Date.

Pursuant to and in terms of Scheme -III, with effect from the appointed date:

(i) All the assets and liabilities of the Amalgamating Company became the assets and liabilities of the Amalgamated Company and were recorded at their book values as appearing in the books of the Amalgamating Company.

(ii) The Amalgamated Company issued and allotted to the shareholders of the Amalgamating Company whose names were recorded in the register of members on the Effective Date, in the ratio of 3.37 equity shares of the Amalgamated Company of face value of Rs. 10/- for every 1 equity shares of face value of Rs. 10/- each fully paid up held by such member in the Amalgamating Company on the Effective Date.

Share Capital

(i) The holders of equity shares are entitled to receive dividends as declared from time to time, and are entitled to one vote per share at meetings of the Company. In the event of liquidation of the Company, all preferential amounts, if any, shall be discharged by the Company. The remaining assets of the Company shall be distributed to the holders of equity shares in proportion to the number of shares held to the total equity shares outstanding as on that date. The holders of preference shares are entitled to receive dividends, but do not carry the right to vote. All shares rank equally with regard to the Company''s residual assets, except that holders of preference shares participate only to the extent of the face value of the shares.

(ii) Of the above fully paid equity shares, 42,500,000 Equity Shares of face value Rs. 2 each were allotted to IBREL-IBL scheme trust, the shareholder of IBL, for the sole benefit of Indiabulls Real Estate Limited pursuant to and in terms of a scheme of Arrangement approved by High Court of Delhi on October 17, 2011.

(iii) During the Financial year ended March 31, 2012, upon exercise of Stock options vested in terms of Indiabulls Real Estate Limited Employees Stock options Scheme 2006 by eligible employees and upon receipts of full consideration in cash, the Company has allotted an aggregate of 668,500 Equity Shares of face value Rs. 2 each at an exercise price of Rs. 60 each.

(iv) During the Financial year ended March 31, 2012, Pursuant to and in terms of the Court approved Scheme of Arrangement under Section 391 to 394 of the Companies Act, 1956, by and among Indiabulls Real Estate Limited (the Company), Indiabulls Infrastructure and Power Limited (IIPL), Indiabulls Builders Limited (IBL), Indiabulls Power Limited. (IPL) and Poena Power Supply Limited (PPSL) and their respective shareholders and creditors (Scheme -II), which had been approved by the Hon''ble High Court of Delhi, IBL a wholly owned subsidiary of the Company got merged with the Company as a going concern and in consideration of which, 42,500,000 fully paid Equity shares were allotted by the Company in favor of IBREL-IBL Scheme Trust, the shareholder of IBL as on the effective date of the Scheme II for the sole benefit of Indiabulls Real Estate Limited.

Further to the Scheme II , the warrants issued on August 26, 2010 and remaining outstanding as on the effective date of the Scheme, were converted into 28,700,000 partly paid equity shares of the Company. The Promoter group companies and directors of the Company, who were allotted partly paid shares had paid the final call money as specified in the scheme except for one of the warrant holder, to whom 100,000 partly paid up equity shares (Rs. 0.50 per share paid) were allotted had forfeited due to non payment of call money, accordingly 28,600,000 equity shares had become fully paid up shares.

(v) During the Financial year ended March 31,2013, 50,000,000 equity shares were bought back at an average price of Rs. 54.64 from the open market through stock exchanges using electronic trading facilities of BSE Limited(BSE) and National Stock Exchange of India Limited (NSE) in accordance with section 77A, 77AA and 77B of the Company Act 1956 and SEBI Regulation 1998.

Redeemable non convertible debentures include

(i) On March 06, 2014, the Company had issued and allotted 1000 Secured Redeemable Non-Convertible Debentures ("NCDs") of face value of Rs. 1,000,000 each carrying interest rate of 11.40% payable on yearly basis, aggregating to Rs.1,000,000,000 on private placement basis for part finance of various projects undertaken by Company and its Subsidiary Companies. These Non-Convertible Debentures are to be secured by mortgage on specified immoveable properties held and owned by the Company and its certain Subsidiary Companies by way of first charge to be created in favour of IDBI Trusteeship Services Limited ("Debenture Trustee"). These NCD''s are redeemable at the end of 36th month from date of allotment. These NCDs are listed on Wholesale Debt Market (WDM) segment of National Stock Exchange of India Limited.

(ii) On May 30, 2013, the Company had issued and allotted 5,000 Secured Redeemable Non-Convertible Debentures ("NCDs") of face value of Rs. 1,000,000 each carrying interest rate of 9.75% payable on yearly basis, aggregating to Rs. 5,000,000,000 on private placement basis for part finance of various projects undertaken by Company and its Subsidiary Companies. These Non-Convertible Debentures are secured by mortgage on specified immoveable properties held and owned by the Company and its certain Subsidiary Companies by way of first charge created in favour of IDBI Trusteeship Services Limited ("Debenture Trustee"). These NCD''s are redeemable at the end of 36th month from date of allotment. These NCDs are listed on Wholesale Debt Market (WDM) segment of National Stock Exchange of India Limited.

(iii) On September 28, 2012, the Company had issued and allotted 3,000 Secured Redeemable Non-Convertible Debentures ("NCDs") of face value of Rs. 1,000,000 each carrying interest rate of 11.75% payable semi annually basis, aggregating to Rs. 3,000,000,000 on private placement basis for part finance of various projects undertaken by Company and its Subsidiary Companies. These Non-Convertible Debentures are secured by mortgage on specified immoveable properties held and owned by the Company and its certain Subsidiary Companies by way of pari-passu charge created in favour of IDBI Trusteeship Services Limited ("Debenture Trustee").Additionally aforesaid NCDs are to be secured by way of pari-passu charge on all revenues and receivables including the account in which the receivables will flow and are redeemable at the end of 36th month from date of allotment. These NCDs are listed on Wholesale Debt Market (WDM) segment of National Stock Exchange of India Limited.

(iv) On March 28, 2014, the Company had issued and allotted 2500 Secured Redeemable Non-Convertible Debentures ("NCDs") of face value of Rs. 1,000,000 each carrying interest rate of 11% payable on quarterly basis, aggregating to Rs.2,500,000,000 on private placement basis for part finance of various projects undertaken by Company and its Subsidiary Companies. These Non-Convertible Debentures are to be secured by mortgage on specified immoveable properties held and owned by the Company and its certain Subsidiary Companies by way of first charge to be created in favour of IDBI Trusteeship Services Limited ("Debenture Trustee"). These NCD''s are redeemable at the end of 18th month from date of allotment. These NCDs are listed on Wholesale Debt Market (WDM) segment of National Stock Exchange of India Limited.

(v) During the financial year ended March 31, 2014 the Company redeemed NCDs amounting to Rs. 6,748,600,000 as per the redemption schedule.

Term Loan include

During the financial year ended March 31, 2014, the Company has availed term loan of Rs. 350,000,000 from HDFC Bank Limited with prevailing interest rate of 11.55% (Bank PAR 10% and additional 1.55% over the PAR) payable monthly, secured by exclusive charge on immovable property s owned by one of its subsidiary company. The loan is repayable in 21 monthly equal instalments starting after 90 days of disbursement

Earnings per equity share:

The Basic Earnings Per equity share is computed by dividing the net profit attributable to equity shareholders for the year by the weighted average number of equity shares outstanding during the year. Diluted earnings per equity share is computed using the weighted average number of equity shares and also the weighted average number of equity shares that could have been issued on the conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable, had the shares been actually issued at fair value.

Dilutive potential equity shares are deemed converted as of the beginning of the year, unless they have been issued at a later date. The number of equity shares and potential diluted equity shares are adjusted for stock split, bonus shares and the potential dilutive effect of Employee stock option plans/Schemes as appropriate.

Employees stock option schemes:

a) Indiabulls Real Estate Limited Employees Stock Options Scheme - 2006:

During the period ended March 31, 2007, the Company established the Indiabulls Real Estate Limited Employees Stock Options Scheme ("IBREL ESOS-I" or "Plan-I"). Under the Plan- I, the Company issued 9,000,000 equity settled options to eligible employees and of its Subsidiary Companies which gave them a right to subscribe up to 9,000,000 stock options representing an equal number of equity shares of face value of Rs. 2 each of the Company at an exercise price of Rs. 60 per option, subject to the requirements of vesting. These options vest uniformly over a period of 10 years, commencing one year after from the date of grant. A Compensation Committee constituted by the Board of Directors of the Company administers the Plan-I.

The Company follows the Intrinsic Value method of accounting as prescribed under the Guidance Note on "Accounting for Employees Share Based Payments" issued by the Institute of Chartered Accountants of India. No Deferred Employee Stock Compensation Cost was initially recorded on the grant of options as the Intrinsic Value calculated by an independent valuer was lower than the exercise price. Had the Company followed the Fair value method, there would not had been any impact on the Profit After Tax of the Company and on the Basic and Diluted Earnings per Equity Share of the Company as the fair value on the date of grant calculated by an independent valuer following binomial option pricing model was less than the exercise price.

b) Indiabulls Real Estate Limited Employees Stock Options Scheme 2008 (II):

During the year ended March 31, 2009, the Company established the Indiabulls Real Estate Limited Employees Stock Options Scheme - 2008 (II) ("IBREL ESOS-II" or "Plan-II"). Under Plan II, the Company issued equity settled options to its eligible employees and of its Subsidiary Companies to subscribe upto 2,000,000 stock options representing an equal number of equity shares of face value of Rs. 2 each in the Company, at an exercise price of Rs. 110.50 per option, being the closing market price on the National Stock Exchange of India Limited, as at January 29, 2009.

The stock options so granted, shall vest in the eligible employees within 10 years beginning from January 31, 2010, the first vesting date. The stock options granted under each of the slabs, are exercisable by the option holders within a period of five years from the relevant vesting date.

The Company follows the Intrinsic Value method of accounting as prescribed in the Guidance Note on Accounting for Employees Share Based Payments ("Guidance Note"), issued by the Institute of Chartered Accountants of India. Since, on the date of grant, the intrinsic value of the options granted was equal to the exercise price, no deferred employee stock compensation cost has been recorded in the financial statements. The fair value of the options under Plan II using the Black-Scholes model, based on the following parameters, is Rs.62.79 per option, as certified by an independent firm of chartered accountants.

c) Indiabulls Real Estate Limited Employees Stock Options Plan 2010:

During the year ended March 31, 2011, the Board of Directors and Shareholders of the Company have given their consent to create, issue, offer and allot, to the eligible employees of the Company and its Subsidiary Companies, stock options not exceeding 30,000,000 in number, representing 30,000,000 Equity shares of face value of Rs. 2 each of the Company, accordingly the Employee Stock Option Plan- 2010 ("IBREL ESOP 2010") has been formed. As per the scheme Exercise Price will be the market price of the equity shares of the Company, being the latest available closing price, prior to the date of grant or as may be decided by the Board or Compensation Committee. However Compensation Committee of the Board has not yet granted any options under IBREL ESOP 2010 Scheme.

d) Indiabulls Real Estate Limited Employees Stock Options Plan 2011:

During the year ended March 31, 2012, the Board of Directors and shareholders of IBREL have given their consent to create, issue, offer and allot, to the eligible employees of IBREL and its subsidiary Companies, stock options not exceeding 15,000,000 in number, representing 15,000,000 equity shares of face value of Rs. 2 each of IBREL, and accordingly the Employee Stock Option Scheme- 2011 ("IBREL ESOS 2011") has been formed. As per the scheme exercise price will be the market price of the equity shares of IBREL, being the latest available closing price, prior to the date of grant or as may be decided by the Board or Compensation Committee. However Compensation Committee of the Board has not yet granted any options under IBREL ESOP 2011 Scheme.

Employee benefits:

Gratuity benefits

In accordance with "The Payment of Gratuity Act, 1972", the Company provides for gratuity a defined benefit retirement plan (the "Gratuity Plan") covering certain categories of employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement or termination of employment. The amount of payment is based on the respective employee''s last drawn salary and the years of employment with the Company. Liabilities in respect of the Gratuity Plan are determined by an actuarial valuation and this plan is unfunded. The Company had charged of Rs. 134,137 (previous year charged of Rs. 64,708) during the year ended March 31, 2014 and the amount outstanding as at March 31, 2014 is Rs. 1,631,157 (previous year: Rs. 1,783,254 ).

Compensated leave of absence

Eligible employees are entitled to accumulate compensated absences up to prescribed limits in accordance with the Company''s policy and receive cash in lieu thereof. The Company measures the expected cost of accumulating compensated absences as the additional amount that the Company expects to pay as a result of the unused entitlement that has accumulated at the balance sheet date. Such measurement is based on actuarial valuation as at balance sheet date carried out by a qualified actuary. The Company had recognised charged of Rs. 689,163 (previous year credit of Rs. 987,624 ) during the year ended March 31, 2014 and the amount outstanding as at March 31, 2014 is Rs. 1,857,607 (previous year: 1,178,657 ).

Operating lease

The Company has taken various premises on operating leases and lease rent of Rs. 124,417,051 (Previous year Rs. 261,352,434 ) in respect of the same has been charged to statement of profit and loss for the year ended March 31, 2014. The underlying agreements are executed for a period generally ranging from three to five years, renewable at the option of the Company and the lessor and are cancelable in some cases, by either party by giving a notice generally of 30 to 90

Contingent liabilities and commitments:

a) Contingent liabilities, not acknowledged as debt, include:

Particulars As at As at March 31, 2014 March 31, 2013

Corporate guarantees in respect of bank guarantees/letter of credit/ credit facilities availed by subsidiaries/subsidiaries of associate/ erstwhile subsidiaries. 18,734,457,717 11,762,138,341

Income tax demand in respect of which appeals have been filed 52,119,534 30,814,534

As per the best estimate of the management, no provision is required to be made in respect of any present obligation as a result of a past event that could lead to a probable outflow of resources, which would be required to settle the obligation.

b) Commitments and other contingent liabilities:

i) The Company has given corporate guarantee towards cost overrun to financial institution/ banks for term loan facility sanctioned to Indiabulls Power Limited. (IPL) in the event of inability of IPL to arrange the required equity support for Amravati Power Project Phase I.

ii) The Company has given corporate guarantee towards cost overrun to financial institution/ banks for term loan facility sanctioned to Indiabulls Realtech Limited ("IRL") a subsidiary of Indiabulls Power Limited. ("IPL") in the event of inability of IPL to arrange the required equity support for Thermal Project having capacity of 1350 MW in Sinnar Village of Nasik District in Maharashtra, being developed by IRL.

iii) The Company has given Sponsors Support Undertaking ("SSU") to fund the required equity and any shortfall in means of finance by subscription to the shares of Indiabulls Power Limited. (IPL) for term loan facility sanctioned to IPL in the event of inability of IPL to arrange the required equity support for Amravati Power Project Phase II. Under the SSU, IBREL has also guaranteed to meet IPL''s debt obligations in respect of Amravati Power Project Phase II in the event coal linkage for the project is cancelled / deferred and IPL fails to make any alternate arrangement of required coal six months prior to the scheduled commercial operation date of unit I.

(iv) The Company has given Sponsors Support Undertaking ("SSU") to meet any shortfalls in the funding requirement of project and towards cost overrun to financial institution/banks for term loan sanctioned to Indiabulls Realtech Limited ("IRL") in the event of inability of IRL to arrange required equity support for Nasik Thermal Power Project Phase II.

(v) The Company has given Undertaking for Amravati Power Transmission Company Limited for timely infusion of equity as per Financing Plan and in the event of cost overrun / escalation or shortfall of the Project funding due to default of any lenders, the Project Cost/ such escalation or shortfall of the Project funding shall be met by the Promoters. Provided that if IPL fails to contribute the Equity and / or funds, Indiabulls Infrastructure & Power Limited ("IIPL") shall be responsible for fulfilling the same and in case IIPL fails to contribute the Equity and / or funds, IBREL shall be responsible for fulfilling the same.

(vi) The Company has given an undertaking to banks for various loans availed by subsidiary companies and subsidiaries of Associate to meet the shortfall requirement in case they are not able to service the said loans.

31 The Company''s primary business segment is reflected based on principal business activities carried on by the Company i.e. purchase, sale, dealing, construction and development of real estate projects and all other related activities. The Company operates in domestic market only. Considering the nature of Company''s business and operations and based on the information available with the management no further disclosures are required in respect of reportable segments, under Accounting Standard 17 (AS 17) -"Segment Reporting'''' as notified under the Companies (Accounting Standards) Rules , 2006, other than those already provided in the financial statements.

* The Company has not entered into any derivatives instruments during the year. Foreign currency exposures not hedged as at March 31, 2014 towards Investment of Rs. 10,919,106,792 [GBP 135,809,000 and Euro 1,000) (Previous year Rs. 10,919,106,792 (GBP 135,809,000 and Euro 1,000)].

* The Company considers its investment in subsidiaries and other as strategic and long term in nature and accordingly, in the view of the management, any decline in value of such long-term investments in subsidiaries is considered as temporary in nature and hence no provision is considered necessary

* In the opinion of the Board of Directors, all current assets and long term loans & advances, appearing in the balance sheet as at March 31, 2014, have a value on realization, in the ordinary course of the Company''s business, at least equal to the amount at which they are stated in the financial statements. In the opinion of the board of directors, no provision is required to be made against the recoverability of these balances.


Mar 31, 2013

1 Company overview

Indiabulls Real Estate Limited (''the Company'', ''IBREL'') was incorporated on April 04, 2006 with the main objects of carrying on the business of project management, investment advisory, project marketing, maintenance of completed projects, engineering, industrial and technical consultancy, construction and development of real estate properties and other related and ancillary activities.

A Scheme of Arrangement (''IBFSL Scheme of Arrangement'') between Indiabulls Financial Services Limited (''Demerged Company'', ''IBFSL'') and the Company (''IBREL'', ''Resulting Company'') and their respective shareholders and creditors under Sections 391 – 394 of the Companies Act, 1956, was sanctioned by the Hon''ble High Court of Delhi at New Delhi on November 24, 2006. Upon coming into effect of the Scheme of Arrangement on December 20, 2006 and with effect from the Appointed Date on May 01, 2006, the real estate undertaking of IBFSL (''real estate undertaking'') was demerged from IBFSL and transferred to and vested in IBREL on a going concern basis.

2 Basis of preparation of financial statements

i. Statement of compliance

The financial statements are prepared under the historical cost convention on an accrual basis, in accordance with the generally accepted accounting principles in India and in compliance with the applicable accounting standards as notified under the Companies (Accounting Standards) Rules, 2006, as amended and as per Revised Schedule VI of the Companies Act, 1956. All assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle and other criteria set out in the Revised Schedule VI of the Companies Act, 1956.

ii. Use of estimates

The presentation of financial statements is in conformity with the generally accepted accounting principles and require estimates and assumptions to be made that affect the reported amount of assets and liabilities and disclosure of contingent liabilities as on the date of the financial statements and the reported amount of revenues and expenses during the reporting year. Differences between the actual results and estimates are recognized in the year in which the results are known or materialized.

3 Corporate restructuring

a) A Scheme of Arrangement (Scheme-I) between Indiabulls Real Estate Limited (IBREL) (''Demerged Company'') and the Indiabulls Wholesale Services Limited (''IBWSL'', ''Resulting Company'') and their respective shareholders and creditors under Sections 391 – 394 of the Companies Act, 1956, was sanctioned by the Hon''ble High Court of Delhi at New Delhi on March 03, 2011. Upon coming into effect of the Scheme of Arrangement on March 31, 2011 and with effect from the Appointed Date on April 01, 2010, the Wholesale trading business stand demerged from IBREL and transferred to and vested in IBWSL on a going concern basis.

b) A composite Scheme of Arrangement (Scheme-II) under Section 391 to 394 of the Companies Act, 1956, by and among Indiabulls Real Estate Limited (the Company), Indiabulls Infrastructure and Power Limited (IIPL), Indiabulls Builders Limited (IBL), Indiabulls Power Limited. (IPL) and Poena Power Supply Limited (PPSL) and their respective shareholders and creditors (Scheme), which had been approved by the Hon''ble High Court of Delhi vide its order dated October 17, 2011 and came into effect on November 25, 2011, with effect from April 1, 2011 i.e. the Appointed Date. Pursuant to and in terms of Scheme II, the power business undertaking of the Company which included the Company''s investment in the IPL, stood demerged from the Company and transferred to and vested in favour of Indiabulls Infrastructure and Power Limited (IIPL) on a going concern basis. Indiabulls Builders Limited (IBL) a wholly owned subsidiary of the Company was merged with the Company as a going concern under the ''pooling of interests method'' with the entire business, including all the assets and liabilities as recorded in the books of IBL as on the Appointed Date (there were no fixed assets), being transferred to the Company at their book values as on the said date.The investment in IBL was transferred by the Company to IBREL-IBL Scheme Trust and accounted for as ''Interest in IBREL-IBL Scheme Trust'' in the Company. In consideration for an aggregate of 42,500,000 Equity shares of face value of Rs. 2 each held in Indiabulls Builders Limited, an equivalent number of fully paid Equity shares of face value Rs. 2 each were issued in the Company to the IBREL - IBL Scheme Trust, the shareholder of IBL, as of the aforesaid effective date of the Scheme. The trust holds these shares for the sole benefits of Indiabulls Real Estate Limited.

c) A Scheme of Arrangement between Indiabulls Infrastructure Development Limited (''Amalgamating Company'') a subsidiary of the Company and Indiabulls Power Limited (''Amalgamated Company'') and their respective shareholders and creditors under Sections 391 – 394 of the Companies Act, 1956, was approved by the Hon''ble High Court of Delhi at New Delhi vide its order dated May 24, 2012 and came into effect on April 1, 2012 i.e. the Appointed Date.

Pursuant to and in terms of Scheme, with effect from the appointed date:

(i) All the assets and liabilities of the Amalgamating Company became the assets and liabilities of the Amalgamated Company and were recorded at their book values as appearing in the books of the Amalgamating Company.

(ii) The Amalgamated Company issued and allotted to the shareholders of the Amalgamating Company whose names were recorded in the register of members on the Effective Date, in the ratio of 3.37 equity shares of the Amalgamated Company of face value of Rs. 10/- for every 1 equity shares of face value of Rs. 10/- each fully paid up held by such member in the Amalgamating Company on the Effective Date.

4 Earnings per equity share:

The Basic Earnings Per equity share is computed by dividing the net profit attributable to equity shareholders for the year by the weighted average number of equity shares outstanding during the year. Diluted earnings per equity share is computed using the weighted average number of equity shares and also the weighted average number of equity shares that could have been issued on the conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable, had the shares been actually issued at fair value.

Dilutive potential equity shares are deemed converted as of the beginning of the year, unless they have been issued at a later date. The number of equity shares and potential diluted equity shares are adjusted for stock split, bonus shares and the potential dilutive effect of Employee stock option plans/Schemes as appropriate.

5 Employees stock option schemes:

a) Indiabulls Real Estate Limited Employees Stock Options Scheme – 2006: During the period ended March 31, 2007, the Company established the Indiabulls Real Estate Limited Employees Stock Options Scheme (''IBREL ESOS-I'' or ''Plan-I''). Under the Plan- I, the Company issued 9,000,000 equity settled options to eligible employees and of its Subsidiary Companies which gave them a right to subscribe up to 9,000,000 stock options representing an equal number of equity shares of face value of Rs. 2 each of the Company at an exercise price of Rs. 60 per option, subject to the requirements of vesting. These options vest uniformly over a period of 10 years, commencing one year after from the date of grant. A Compensation Committee constituted by the Board of Directors of the Company administers the Plan- I.

The Company follows the Intrinsic Value method of accounting as prescribed under the Guidance Note on ''Accounting for Employees Share Based Payments'' issued by the Institute of Chartered Accountants of India. No Deferred Employee Stock Compensation Cost was initially recorded on the grant of options as the Intrinsic Value calculated by an independent valuer was lower than the exercise price. Had the Company followed the Fair value method, there would not had been any impact on the Profit After Tax of the Company and on the Basic and Diluted Earnings per Equity Share of the Company as the fair value on the date of grant calculated by an independent valuer following binomial option pricing model was less than the exercise price.

b) Indiabulls Real Estate Limited Employees Stock Options Scheme 2008 (II): During the year ended March 31, 2009, the Company established the Indiabulls Real Estate Limited Employees Stock Options Scheme - 2008 (II) (''IBREL ESOS-II'' or ''Plan-II''). Under Plan II, the Company issued equity settled options to its eligible employees and of its Subsidiary Companies to subscribe upto 2,000,000 stock options representing an equal number of equity shares of face value of Rs. 2 each in the Company, at an exercise price of Rs. 110.50 per option, being the closing market price on the National Stock Exchange of India Limited, as at January 29, 2009.

The stock options so granted, shall vest in the eligible employees within 10 years beginning from January 31, 2010, the first vesting date. The stock options granted under each of the slabs, are exercisable by the option holders within a period of five years from the relevant vesting date.

The Company follows the Intrinsic Value method of accounting as prescribed in the Guidance Note on Accounting for Employees Share Based Payments (''Guidance Note''), issued by the Institute of Chartered Accountants of India. Since, on the date of grant, the intrinsic value of the options granted was equal to the exercise price, no deferred employee stock compensation cost has been recorded in the financial statements. The fair value of the options under Plan II using the Black-Scholes model, based on the following parameters, is Rs. 62.79 per option, as certified by an independent firm of chartered accountants.

The expected volatility was determined based on historical volatility data of the Company''s shares listed on the National Stock Exchange of India Limited.

The table below provides pro forma disclosures for the impact on the Company''s net profits after taxes and basic and diluted earnings per share, had the compensation cost for the stock options granted under Plan - II been determined using the fair value method as prescribed in the Guidance Note as prescribed by the ICAI.

6 Employee benefits:

Gratuity benefits

In accordance with ''The Payment of Gratuity Act, 1972'', the Company provides for gratuity a defined benefit retirement plan (the ''Gratuity Plan'') covering certain categories of employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement or termination of employment. The amount of payment is based on the respective employee''s last drawn salary and the years of employment with the Company. Liabilities in respect of the Gratuity Plan are determined by an actuarial valuation and this plan is unfunded. The Company had charged of Rs. 64,708 (previous year credit of Rs. 1,417,849) during the year ended March 31, 2013 and the amount outstanding as at March 31, 2013 is Rs. 1,783,254 (previous year: Rs. 2,103,007 ).

Compensated leave of absence

Eligible employees are entitled to accumulate compensated absences up to prescribed limits in accordance with the Company''s policy and receive cash in lieu thereof. The Company measures the expected cost of accumulating compensated absences as the additional amount that the Company expects to pay as a result of the unused entitlement that has accumulated at the balance sheet date. Such measurement is based on actuarial valuation as at balance sheet date carried out by a qualified actuary. The Company had recognised credit of Rs. 987,624 (previous year credit of Rs. 739,738) during the year ended March 31, 2013 and the amount outstanding as at March 31, 2013 is Rs. 1,178,657 (previous year: 2,166,407).

The components of gratuity & compensated leave of absence cost recognized, in accordance with AS-15 (Revised) on ''Employee benefits'', for the years ended March 31, 2013 and March 31, 2012 are enumerated as below:

7 Operating lease

The Company has taken various premises on operating leases and lease rent of Rs. 261,352,434 (Previous year Rs. 250,536,444) in respect of the same has been charged to statement of profit and loss for the year ended March 31, 2013. The underlying agreements are executed for a period generally ranging from three to five years, renewable at the option of the Company and the lessor and are cancelable in some cases, by either party by giving a notice generally of 30 to 90 days. There are no restrictions imposed by such leases and there are no subleases. The minimum lease rentals payable in respect of such operating leases, are as under:

As per the best estimate of the management, no provision is required to be made in respect of any present obligation as a result of a past event that could lead to a probable outflow of resources, which would be required to settle the obligation.

b) Commitments and other contingent liabilities:

i) The Company has given corporate guarantee towards cost overrun to financial institution/ banks for term loan facility sanctioned to Indiabulls Power Limited. (IPL) in the event of inability of IPL to arrange the required equity support for Amravati Power Project Phase I.

ii) The Company has given undertaking to Meiya Power Company Limited (''MPCL'') to keep it fully indemnified in the event of MPCL is called upon to invest any amount as share capital of Indiabulls Power Generation Limited (IPGL) in Bhaiyathan Power Project in District Surguja, Chattisgarh. The Company has also given undertaking to Meiya Power Company Limited (''MPCL'') its affiliates, their Directors, officers and employees to keep them fully indemnified against any losses in the event MPCL, its affiliates, their Directors, officers or employees incurs any losses arising at or in connection with Bhaiyathan Power Project in District Surguja, Chhattisgarh.

iii) The Company has given corporate guarantee towards cost overrun to financial institution/ banks for term loan facility sanctioned to Indiabulls Realtech Limited (''IRL'') a subsidiary of Indiabulls Power Limited. (''IPL'') in the event of inability of IPL to arrange the required equity support for Thermal Project having capacity of 1350 MW in Sinnar Village of Nasik District in Maharashtra, being developed by IRL.

iv) The Company has given Sponsors Support Undertaking (''SSU'') to fund the required equity and any shortfall in means of finance by subscription to the shares of Indiabulls Power Limited. (IPL) for term loan facility sanctioned to IPL in the event of inability of IPL to arrange the required equity support for Amravati Power Project Phase II. Under the SSU, IBREL has also guaranteed to meet IPL''s debt obligations in respect of Amravati Power Project Phase II in the event coal linkage for the project is cancelled / deferred and IPL fails to make any alternate arrangement of required coal six months prior to the scheduled commercial operation date of unit I.

(v) The Company has given Sponsors Support Undertaking (''SSU'') to meet any shortfalls in the funding requirement of project and towards cost overrun to financial institution/banks for term loan sanctioned to Indiabulls Realtech Limited (''IRL'') in the event of inability of IRL to arrange required equity support for Nasik Thermal Power Project Phase II.

(vi) The Company has given an undertaking to banks for various loans availed by subsidiary companies and subsidiaries of Associate to meet the shortfall requirement in case they are not able to service the said loans.

8 The Company''s primary business segment is reflected based on principal business activities carried on by the Company i.e. purchase, sale, dealing, construction and development of real estate projects and all other related activities. The Company operates in domestic market only. Considering the nature of Company''s business and operations and based on the information available with the management no further disclosures are required in respect of reportable segments, under Accounting Standard 17 (AS 17) – ''Segment Reporting'''' as notified under the Companies (Accounting Standards) Rules , 2006, other than those already provided in the financial statements.

9 The Company has not entered into any derivatives instruments during the year. Foreign currency exposures not hedged as at March 31, 2013 towards Investment of Rs. 10,919,106,792 [GBP 135,809,000 and Euro 1,000) (Previous year Rs. 10,919,106,792 (GBP 135,809,000 and Euro 1,000)].

10 The Company considers its investment in subsidiaries and other as strategic and long term in nature and accordingly, in the view of the management, any decline in value of such long-term investments in subsidiaries is considered as temporary in nature and hence no provision is considered necessary

11 In the opinion of the Board of Directors, all current assets and long term loans & advances, appearing in the balance sheet as at March 31, 2013, have a value on realization, in the ordinary course of the Company''s business, at least equal to the amount at which they are stated in the financial statements. In the opinion of the board of directors, no provision is required to be made against the recoverability of these balances.

12 Previous year figures have been regrouped and/or reclassified wherever necessary to conform to those of the current year grouping and/or classification.


Mar 31, 2012

COMPANY OVERVIEW

India bulls Real Estate Limited ("the Company", "IBREL") was incorporated on April 04, 2006 with the main objects of carrying on the business of project management, investment advisory, project marketing, maintenance of completed projects, engineering, industrial and technical consultancy, construction and development of real estate properties and other related and ancillary activities.

A Scheme of Arrangement ("IBFSL Scheme of Arrangement") between India bulls Financial Services Limited ("Demerged Company", "IBFSL") and the Company ("IBREL", "Resulting Company") and their respective shareholders and creditors under Sections 391 - 394 of the Companies Act, 1956, was sanctioned by the Humble High Court of Delhi at New Delhi on November 24, 2006. Upon coming into effect of the Scheme of Arrangement on December 20, 2006 and with effect from the Appointed Date on May 01,2006, the real estate undertaking of IBFSL ("real estate undertaking") was demerged from IBFSL and transferred to and vested in IBREL on a going concern basis.

i) Statement of compliance

The financial statements are prepared under the historical cost convention on an accrual basis, in accordance with the generally accepted accounting principles in India and in compliance with the applicable accounting standards as notified under the Companies (Accounting Standards) Rules, 2006, as amended and as per Revised Schedule VI of the Companies Act, 1956. All assets and liabilities have been classified as current or non-current as per the Company's normal operating cycle and other criteria set out in the Revised Schedule VI of the Companies Act, 1956.

ii) Use of estimates

The presentation of financial statements is in conformity with the generally accepted accounting principles and require estimates and assumptions to be made that affect the reported amount of assets and liabilities and disclosure of contingent liabilities as on the date of the financial statements and the reported amount of revenues and expenses during the reporting year. Differences between the actual results and estimates are recognized in the year in which the results are known or materialized.

CORPORATE RESTRUCTURING

a) A Scheme of Arrangement (Scheme-I) between India bulls Real Estate Limited (IBREL) ("Demerged Company") and the India bulls Wholesale Services Limited ("IBWSL", "Resulting Company") and their respective shareholders and creditors under Sections 391 - 394 of the Companies Act, 1956, was sanctioned by the Humble High Court of Delhi at New Delhi on March 03, 2011. Upon coming into effect of the Scheme of Arrangement on March 31, 2011 and with effect from the Appointed Date on April 01,2010, the Wholesale trading business stand demerged from IBREL and transferred to and vested in IBWSL on a going concern basis.

b) A composite Scheme of Arrangement (Scheme-ii) under Section 391 to 394 of the Companies Act, 1956, by and among India bulls Real Estate Limited (the Company), India bulls Infrastructure and Power Limited (IIPL), India bulls Builders Limited (IBL), India bulls Power Limited. (IPL) and Poena Power Supply Limited (PPSL) and their respective shareholders and creditors (Scheme), which had been approved by the Humble High Court of Delhi vide its order dated October 17, 2011 and came into effect on November 25,2011, with effect from April 1,2011 i.e. the Appointed Date.

Pursuant to and in terms of the Scheme II, with effect from the appointed date:

i) Demerger:

The Power business undertaking of the Company which included the company's investment in the IPL, stood demerged from the Company and transferred to and vested in favor of India bulls Infrastructure and Power Limited (IIPL).

a) All business activities of the demerged undertaking made by the Company in trust for IIPL, carried out on or after the Appointed Date are deemed to have been carried out by the Demerged Company on behalf of the Resulting Company on a going Concern basis;

b) Certain Assets comprising of Fixed Assets and Loans and Advances in the demerged undertaking aggregating to Rs.1,840,201 have been transferred to IIPL, at their book values;

c) The Company's investment in IPL. amounting to Rs. 5,925,000,000 stands transferred and investment in IIPL amounting to Rs. 500,000 stands cancelled;

d) The net adjustment for such transfer of assets and cancellation of investments amounting to Rs. 5,927,340,201 has been adjusted out of Securities Premium Account;

e) The shareholders of the Company as on December 08, 2011, i.e. the Record Date fixed for ascertaining the list of eligible shareholders of the Company, were allotted equity shares by IIPL in the ratio of 2.95 equity shares for every one share held by them in the Company

ii) Merger:

Indiabulls Builders Limited (IBL) a wholly owned subsidiary of the Company was merged with the Company as a going concern under the 'pooling of interests method' with the entire business, including all the assets and liabilities as recorded in the books of IBL as on the Appointed Date (there were no fixed assets), being transferred to the Company at their book values as on the said date. As on the appointed date, the net assets of IBL were Rs. 143,454,923.

a) All business activities of IBL carried out on or after the Appointed date are deemed to have been carried out by IBL on behalf of the Company on going concern basis and consequently, all the profits and related taxes paid, are deemed to be the profits and taxes of the Company.AII the income and expenses from the Appointed date relating to IBL have been incorporated in the accounts of the Company.

b) The investment in IBL was transferred by the Company to IBREL-IBL Scheme Trust and accounted for as Interest in IBREL-IBL Scheme Trust" in the Company. In consideration for an aggregate of 42,500,000 Equity shares of face value of Rs. 2 each held in India bulls Builders Limited, an equivalent number of fully paid Equity shares of face value Rs. 2 each were issued in the Company to the IBREL - IBL Scheme Trust, the shareholder of IBL, as of the aforesaid effective date of the Scheme. The trust holds these shares for the sole benefit of India bulls Real Estate Limited.

c) The surplus of in the Statement of Profit and Loss of IBL amounting to Rs. 58,454,923 as on appointed date have been transferred and credited to Statement of Profit and Losses of the Company.

(i) The holders of equity shares are entitled to receive dividends as declared from time to time, and are entitled to one vote per share at meetings of the Company. In the event of liquidation of the Company, all preferential amounts, if any, shall be discharged by the Company. The remaining assets of the Company shall be distributed to the holders of equity shares in proportion to the number of shares held to the total equity shares outstanding as on that date. The holders of preference shares are entitled to receive dividends, but do not carry the right to vote. All shares rank equally with regard to the Company's residual assets, except that holders of preference shares participate only to the extent of the face value of the shares.

(ii) Of the above fully paid equity shares, 168,675,378 equity shares of face value Rs. 2 each were allotted to eligible Shareholders pursuant to and in terms of a Scheme of Arrangement with India bulls Financial Services Limited as approved by Humble High Court of Delhi at New Delhi on November 24,2006, without consideration being received in cash.

(iii) Of the above fully paid equity shares, 11,500,000 equity shares of face value Rs. 2 each were allotted to Oberon Limited on July 21,2007, pursuant to exercise of their option to convert 11,500,000 Convertible Preference Shares of Face Value Rs. 138 each into 11,500,000 equity shares of Face Value Rs. 2 each at a premium of Rs. 136 per share.

(iv) Of the above fully paid equity shares, 16,685,580 Equity Shares of face value Rs. 2 each (representing 16,685,580 Global Depository Receipts ("GDRs")) were allotted to Dev Property Development Limited's (formerly Dev Property Development Pic.) ("DPD") shareholders pursuant to and in terms of a Scheme of Arrangement approved by High Court of Justice of the Isle of Man on May 7, 2008, for the acquisition of 100% ordinary shares of DPD, without consideration being received in cash.

(v) Of the above fully paid equity shares, 42,500,000 Equity Shares of face value Rs. 2 each were allotted to IBREL-IBL scheme trust, the shareholder of IBL, for the sole benefit of India bulls Real Estate Limited pursuant to and in terms of a scheme of Arrangement approved by High Court of Delhi on October 17,2011. The trust holds these shares for the sole benefit of India bulls Real Estate Limited.

(vi) During the Financial year ended March 31, 2012, upon exercise of Stock options vested in terms of India bulls Real Estate Limited Employees Stock options Scheme 2006 by eligible employees and upon receipts of full consideration in cash, the Company has allotted an aggregate of 668,500 Equity Shares of face value Rs. 2 each at an exercise price of Rs. 60 each.

(vii) During the Financial year ended March 31, 2012, Pursuant to and in terms of the Court approved Scheme of Arrangement under Section 391 to 394 of the Companies Act, 1956, by and among India bulls Real Estate Limited (the Company), India bulls Infrastructure and Power Limited (IIPL), India bulls Builders Limited (IBL), India bulls Power Limited. (IPL) and Open Power Supply Limited (PPSL) and their respective shareholders and creditors (Scheme -II), which had been approved by the Humble High Court of Delhi, IBL a wholly owned subsidiary of the Company got merged with the Company as a going concern and in consideration of which, 42,500,000 fully paid Equity shares were allotted by the Company in favor of IBREL-IBL Scheme Trust, the shareholder of IBL as on the effective date of the Scheme II. The trust holds these shares for the sole benefit of India bulls Real Estate Limited. Further to the Scheme II, the warrants issued on August 26, 2010 and remaining outstanding as on the effective date of the Scheme, were converted into 28,700,000 partly paid equity shares of the Company. The Promoter group companies and directors of the Company, who were allotted partly paid shares had paid the final call money as specified in the scheme except for one of the warrant holder, to whom 100,000 partly paid up equity shares (Rs. 0.50 per share paid) were allotted had forfeited due to nonpayment of call money, accordingly 28,600,000 equity shares had become fully paid up shares."

During the year ended March 31,2011 the company had received the share application money representing the exercise of 38,500 employees stock option, at a exercise price of Rs. 60 per equity share of face value Rs. 2 each, vested under "India bulls Real Estate Limited-Employee stock option scheme-2006". The compensation committee of the Board of Directors of the company, at its meeting held on April 01, 2011, had approved the allotment of the aforesaid equity shares

Redeemable non convertible debentures include

(i) On February 22,2011, the Company had issued and allotted 1,000 Secured Redeemable Non Convertible Debentures ("NCDs") of face value of Rs. 1,000,000 each carrying interest rate of 12.25% payable quarterly basis, aggregating to Rs. 1,000,000,000 on private placement basis to part finance of various projects undertaken by Company and its Subsidiary Companies. These Non convertible debentures are secured by mortgage on specified immoveable properties held and owned by Company and its Subsidiary Company by way of first charge created in favor of IDBI Trusteeship Services Limited ("Debenture Trustee"). Additionally aforesaid NCDs are also secured by way of second charge on the rental receivables from properties held and owned by Subsidiaries of its associate and are redeemable at the end of 36th month from date of allotment. These NCDs are listed on Wholesale Debt Market (WDM) segment of National Stock Exchange of India Limited.

(ii) On December 13, 2010, the Company had issued and allotted 4,000 Secured Redeemable Non Convertible Debentures ("NCDs") of face value of Rs. 1,000,000 each carrying interest rate of 12% payable semi annually basis, aggregating to Rs. 4,000,000,000 on private placement basis for part finance of various projects undertaken by Company and its Subsidiary Companies. These Non Convertible Debentures are secured by mortgage on specified immoveable properties held and owned by the Company and its certain Subsidiary Companies by way of charge created in favour of IDBI Trusteeship Services Limited ("Debenture Trustee"). Additionally aforesaid NCDs are secured by way of exclusive charge on all revenues and receivables of the real estate projects under development of these Subsidiaries and are redeemable in three installments, 33% at the end of 24th month, 33% at the end of 30th month and 34% at the end of 36th month from date of allotment. These NCDs are listed on Wholesale Debt Market (WDM) segment of National Stock Exchange of India Limited. Out of these NCDs Rs 1,320,000,000 (previous year nil) is payable in next 12 months.

(iii) On December 10, 2010, the Company had issued and allotted 5,000 Secured Redeemable Non Convertible Debentures ("NCDs") of face value of Rs. 1,000,000 each carrying interest rate of 11.75% payable quarterly basis, aggregating to Rs. 5,000,000,000 on private placement basis for part finance of various projects undertaken by Company and its Subsidiary Companies. These Non Convertible Debentures are secured by mortgage on specified immoveable properties held and owned by the Company and its certain Subsidiary Companies by way of first charge created in favor of IDBI Trusteeship Services Limited ("Debenture Trustee"). Additionally aforesaid NCDs are also secured by way of second charge on the rental receivables from properties held and owned by Subsidiaries of its associate and are redeemable in three installments, 33% at the end of 24th month, 33% at the end of 30th month and 34% at the end of 36th month from date of allotment. These NCDs are listed on Wholesale Debt Market (WDM) segment of National Stock Exchange of India Limited. The Company has repurchased 420 Debentures at par on 10th April, 2012. The said repurchased Debentures are being extinguished and upon such extinguishment, an aggregate 4,580 Debentures shall remain outstanding. Out of these NCDs Rs 1,511,400,000 (previous year nil) is payable in next 12 months.

Term Loan from banks includes

During the year ended March 31, 2011 the Company had raised Short Term Loans of Rs. 3,200,000,000 from

Indusind Bank Limited and Rs. 1,500,000,000 from HDFC bank Limited respectively to part finance construction expenditure of various projects undertaken by its certain Subsidiaries Companies which are secured by way of pledge of Mutual Fund Fixed Maturity Plan Investments made by its certain Subsidiary Companies and by way of corporate guarantees from Subsidiary Companies. This term loan has been repaid during the current year.

The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

EMPLOYEE BENEFITS:

Gratuity benefits

In accordance with "The Payment of Gratuity Act, 1972", the Company provides for gratuity a defined benefit retirement plan (the "Gratuity Plan") covering certain categories of employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement or termination of employment. The amount of payment is based on the respective employee's last drawn salary and the years of employment with the Company. Liabilities in respect of the Gratuity Plan are determined by an actuarial valuation and this plan is unfunded. The Company had recognized credit of Rs. 1,417,849 (previous year charged of Rs.1,208,106) during the year ended March 31,2012 and the amount outstanding as at March 31,2012 is Rs. 2,103,007 (previous year: 3,549,643).

Compensated leave of absence

Eligible employees are entitled to accumulate compensated absences up to prescribed limits in accordance with the Company's policy and receive cash in lieu thereof. The Company measures the expected cost of accumulating compensated absences as the additional amount that the Company expects to pay as a result of the unused entitlement that has accumulated at the balance sheet date. Such measurement is based on actuarial valuation as at balance sheet date carried out by a qualified actuary. The Company had recognized credit of Rs. 739,738 (previous year charged of Rs. 1,095,607) during the year ended March 31, 2012 and the amount outstanding as at March 31, 2012 is Rs. 2166,407 (previous year: 3,496,696).

The components of gratuity & compensated leave of absence cost recognized, in accordance with AS-15 (Revised) on "Employee benefits", for the years ended March 31,2012 and March 31,2011 are enumerated as below:

Note 1

INCOME TAXES:

a) Current tax:

Current tax for the year includes earlier year taxes charged of Rs. 951,106 (previous year credit of Rs. 207,968).

b) Deferred tax:

In compliance with Accounting Standard 22 (AS 22)" Accounting for Taxes on Income", as notified under the Companies (Accounting Standards) Rules, 2006, as amended, the Company has recognized deferred tax credit of Rs. 4,428,208 (previous year credit of Rs. 2,874,976) in the statement of profit and loss during the year ended March 31, 2012.

Note 3

EARNINGS PER EQUITY SHARE:

The Basic Earnings Per equity share is computed by dividing the net profit attributable to equity shareholders for the year by the weighted average number of equity shares outstanding during the year. Diluted earnings per equity share is computed using the weighted average number of equity shares and also the weighted average number of equity shares that could have been issued on the conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable, had the shares been actually issued at fair value.

Dilutive potential equity shares are deemed converted as of the beginning of the year, unless they have been issued at a later date. The number of equity shares and potential diluted equity shares are adjusted for stock split, bonus shares and the potential dilutive effect of Employee stock option plans/Scemes as appropriate.

EMPLOYEES STOCK OPTION SCHEMES:

a) India bulls Real Estate Limited Employees Stock Options Scheme - 2006:

During the period ended March 31, 2007, the Company established the India bulls Real Estate Limited Employees Stock Options Scheme ("IBREL ESOS-l "or" Plan-l"). Under the Plan-1, the Company issued 9,000,000 equity settled options to eligible employees and of its Subsidiary Companies which gave them a right to subscribe up to 9,000,000 stock options representing an equal number of equity shares of face value of Rs. 2 each of the Company at an exercise price of Rs. 60 per option, subject to the requirements of vesting. These options vest uniformly over a period of 10 years, commencing one year after from the date of grant. A Compensation Committee constituted by the Board of Directors of the Company administers the Plan-1.

The Company follows the Intrinsic Value method of accounting as prescribed under the Guidance Note on "Accounting for Employees Share Based Payments" issued by the Institute of Chartered Accountants of India. No Deferred Employee Stock Compensation Cost was initially recorded on the grant of options as the Intrinsic Value calculated by an independent value was lower than the exercise price. Had the Company followed the Fair value method, there would not had been any impact on the Profit After Tax of the Company and on the Basic and Diluted Earnings per Equity Share of the Company as the fair value on the date of grant calculated by an independent value following binomial option pricing model was less than the exercise price.

b) India bulls Real Estate Limited Employees Stock Options Scheme 2008 (II):

During the year ended March 31, 2009, the Company established the India bulls Real Estate Limited Employees Stock Options Scheme - 2008 (II) ("IBREL ESOS-II" or "Plan-ii"). Under Plan II, the Company issued equity settled options to its eligible employees and of its Subsidiary Companies to subscribe up to 2,000,000 stock options rep- resenting an equal number of equity shares of face value of Rs. 2 each in the Company, at an exercise price of Rs. 110.50 per option, being the closing market price on the National Stock Exchange of India Limited, as at January 29, 2009.

The stock options so granted, shall vest in the eligible employees within 10 years beginning from January 31,2010, the first vesting date. The stock options granted under each of the slabs, are exercisable by the option holders within a period of five years from the relevant vesting date.

The Company follows the Intrinsic Value method of accounting as prescribed in the Guidance Note on Accounting for Employees Share Based Payments ("Guidance Note"), issued by the Institute of Chartered Accountants of India. Since, on the date of grant, the intrinsic value of the options granted was equal to the exercise price, no deferred employee stock compensation cost has been recorded in the financial statements. The fair value of the options under Plan II using the Black-Sholes model, based on the following parameters, is Rs.62.79 per option, as certified by an independent firm of chartered accountants.

The expected volatility was determined based on historical volatility data of the Company's shares listed on the National Stock Exchange of India Limited.

The table below provides pro forma disclosures for the impact on the Company's net profits after taxes and basic and diluted earnings per share, had the compensation cost for the stock options granted under Plan - II been determined using the fair value method as prescribed in the Guidance Note as prescribed by the ICAI.

c) India bulls Real Estate Limited Employees Stock Options Plan 2010:

During the year ended March 31, 2011, the Board of Directors and Shareholders of the Company have given their consent to create, issue, offer and allot, to the eligible employees of the Company and its Subsidiary Companies, stock options not exceeding 30,000,000 in number, representing 30,000,000 Equity shares of face value of Rs. 2 each of the Company, accordingly the Employee Stock Option Plan- 2010 ("IBREL ESOP 2010") has been formed. As per the scheme Exercise Price will be the market price of the equity shares of the Company, being the latest available closing price, prior to the date of grant or as may be decided by the Board or Compensation Committee. However Compensation Committee of the Board has not yet granted any options under IBREL ESOP 2010 Scheme.

d) India bulls Real Estate Limited Employees Stock Options Plan 2011:

During the year ended March 31, 2012, the Board of Directors and shareholders of IBREL have given their consent to create, issue, offer and allot, to the eligible employees of IBREL and its subsidiary Companies, stock options not exceeding 15,000,000 in number, representing 15,000,000 equity shares of face value of Rs. 2 each of IBREL, and accordingly the Employee Stock Option Scheme- 2011 ("IBREL ESOS 2011") has been formed. As per the scheme exercise price will be the market price of the equity shares of IBREL, being the latest available closing price, prior to the date of grant or as may be decided by the Board or Compensation Committee. However Compensation Committee of the Board has not yet granted any options under IBREL ESOP 2011 Scheme.

The India bulls Employees' Welfare Trust" (Trust) has been formed on October 04,2010 with an initial corpus of Rs. 50,000, to administer and implement current un granted options under Employee Stock Option Schemes ("ESOP Schemes") and any future ESOP / Employee Stock Purchase Schemes to all their permanent employees, working in India, and their directors, whether whole-time or not, but shall not include their respective promoter directors or directors holding by themselves or through the relatives or anybody corporate of the India bulls Group listed Companies. IBREL, being one of the settler had contributed Rs. 10,000 as initial corpus towards establishment of the Trust. Trust is administered by independent trustees.

Note 4

OPERATING LEASE

The Company has taken various premises on operating leases and lease rent of Rs. 250,536,444 (Previous year Rs. 189,517,646) in respect of the same has been charged to statement of profit and loss for the year ended March 31,2012. The underlying agreements are executed for a period generally ranging from three to five years, renewable at the option of the Company and the lesser and are cancelable in some cases, by either party by giving a notice generally of 30 to 90 days. There are no restrictions imposed by such leases and there are no subleases. The minimum lease rentals payable in respect of such operating leases, are as under:

Note 5

CONTINGENT LIABILITIES AND COMMITMENTS:

a) Contingent liabilities, not acknowledged as debt, include:

As at As at Particulars March 31,2012 March 31,2011

Counter Guarantees in respect of guarantees issued by Bank on behalf of Company - 433,000,000

Corporate Guarantees in respect of Bank Guarantees / Letter of Credit / Credit Facilities availed by Subsidiaries / Subsidiaries of Associate 9,343,527,067 12,839,215,208

Income tax matters in respect of which appeals have been filed 43,030,578 -



As per the best estimate of the management, no provision is required to be made in respect of any present obliga- tion as a result of a past event that could lead to a probable outflow of resources, which would be required to settle the obligation.

b) Commitments & Other Contingent Liabilities:

i) The Board of Directors of the Company at its meeting held on December 15, 2011 approved the proposal of Buy-back of the Company's fully paid up equity shares of Rs. 2 each from the open market through stock ex- change in accordance with SEBI Buy Back Regulations. The Board of Directors of the Company has approved a maximum limit of Rs.4,500,000,000 at a price not exceeding Rs. 75 per equity shares. The Board has approved Buy -back up to maximum number of 60,000,000 equity shares and minimum of 150,00,000 equity shares of face value of Rs. 2 each. However, the actual number of equity shares to be bought back would depend on the average price paid for the equity shares bought back and the amount deployed in Buy- back.

ii) The Company has given corporate guarantee towards cost overrun to financial institution/ banks for term loan facility sanctioned to India bulls Power Limited. (IPL) in the event of inability of IPL to arrange the required equity support for Amravati Power Project Phase I.

iii) The Company has given undertaking to Meiya Power Company Limited ("MPCL") to keep it fully indemnified in the event of MPCL is called upon to invest any amount as share capital of India bulls Power Generation Limited (IPGL) in Bhaiyathan Power Project in District Surguja, Chhattisgarh. The Company has also given undertaking to Meiya Power Company Limited ("MPCL") its affiliates, their Directors, officers and employees to keep them fully indemnified against any losses in the event MP£L, its affiliates, their Directors, officers or employees in- curs any losses arising at or in connection with Bhaiyathan Power Project in District Surguja, Chhattisgarh.

iv) The Company has given corporate guarantee towards cost overrun to financial institution/ banks for term loan facility sanctioned to India bulls Reattach Limited ("IRL") a subsidiary of India bulls Power Limited. ("IPL") in the event of inability of IPL to arrange the required equity support for Thermal Project having capacity of 1350 MW in Sinnar Village of Nasik District in Maharashtra, being developed by IRL.

v) The Company has given Sponsors Support Undertaking ("SSU") to fund the required equity and any shortfall in means of finance by subscription to the shares of India bulls Power Limited. (IPL) for term loan facility sanctioned to IPL in the event of inability of IPL to arrange the required equity support for Amravati Power Project Phase II. Under the SSU, IBREL has also guaranteed to meet IPL's debt obligations in respect of Amravati Power Project Phase II in the event coal linkage for the project is cancelled / deferred and IPL fails to make any alter- nate arrangement of required coal six months prior to the commercial operation date of the project.

Note 6

The Company's primary business segment is reflected based on principal business activities carried on by the Company i.e. purchase, sale, dealing, construction and development of real estate projects and all other related activities. The Company operates in domestic market only. Considering the nature of Company's business and operations and based on the information available with the management no further disclosures are required in respect of reportable segments, under Accounting Standard 17 (AS 17) -"Segment Reporting" as notified under the Companies (Accounting Standards) Rules, 2006, other than those already provided in the financial statements.

Note 7

The Company has not entered into any derivatives instruments during the year. Foreign currency exposures not hedged as at March 31,2012 towards Investment of Rs. 10,919,106,792 [GBP 135,809,000 and Euro 1,000) (Previous year Rs. 10,919,106,792 (GBP 135,809,000 and Euro 1,000)].

Note 8

The Company considers its investment in subsidiaries as strategic and long term in nature and accordingly, in the view of the management, any decline in value of such long-term investments in subsidiaries is considered as temporary in nature and hence no provision is considered necessary.

Note 9

In the opinion of the Board of Directors, all current assets and long term loans & advances, appearing in the balance sheet as at March 31, 2012, have a value on realization, in the ordinary course of the Company's business, at least equal to the amount at which they are stated in the financial statements. In the opinion of the board of directors, no provision is required to be made against the recoverability of these balances.

Previous year figures have been regrouped and/or reclassified wherever necessary to conform to those of the current year grouping and/or classification.


Mar 31, 2009

A) Overview:

i) Indiabulls Real Estate Limited ("the Company", "IBREL") was incor porated on April 04, 2006 with the main objects of carrying on the business of Real Estate Projects Advisory Construction and Development of Real Estate Projects.

A Scheme of Arrangement ("Scheme of Arrangement") between Indiabulls Financial Services Limited ("Demerged Company", "IBFSL") and the Company ("IBREL", "Resulting Company") and their respective shareholders and creditors under Sections 391 - 394 of the Companies Act, 1956, was sanctioned by the Honble High Court of Delhi at New Delhi on November 24, 2006. Upon coming into effect of the Scheme of Arrangement December20,2006 and with effect from the Appointed Date on May 01,2006, the-real estate undertaking of IBFSL("real estate undertaking") was demerged from IBFSL and transferred to and vested in lBREL on a going concern basis.

ii).Share Capital

The Company was incorporated with an authorized capital of Rs. 5,000,000 divided into 500,000 equity shares of Rs.10 each. The authorized capital was reorganized and increased to Rs. 5,140,000,000 divided into 500,000,000 Equity Shares of Rs. 2 each and 30,000,000 Preference Shares of Rs.138each w.e.f.December20,2006 pursuant to the Scheme of Arrangement.

On August 02,2006, IBFSL had issued and allotted 11,500,000 Cumulative, Redeemable, Fully Convertible Preference Shares efface value Rs. 300 per share to Oberon Limited. Pursuant to the Scheme of Arrangement, the face value of Rs.300 per share had been allocated proportionately, in the ratio of the net worth (as on the Appointed Date i.e. May 01,2006) of IBFSL to the net worth of the real estate undertaking such that the face value of Convertible Preference Share stood paid up to Rs. 138 per share of the Company. On July 21, 2007, Oberon Limited, sole holder of the Convertible Preference Shares exercised their option to convert 11,500,000 Convertible Preference Shares office value Rs.138 each in to 11,500,000 equity shares off ace value Rs.2 each at the premium of Rs.136 per share.

On August 02,2006,IBFSL had issued and allotted 9,966,667 Cumulative, Redeemable, Non Convertible Preference Shares efface value Rs. 300 per share to Oberon Limited. Pursuant to the Scheme of Arrangement, the face value of Rs 300 per share had been allocated proportionately, in the ratio of the net worth (as on the Appointed Date i.e. May 01, 2006) of IBFSL to the net worth of the real estate undertaking such that the face value of Non Convertible Preference Share stood paid up to Rs. 138 per share of the Company. These shares are redeemable in whole or in part at any time, subject to fulfillment of certain terms and conditions and on obtaining requisite approvals upon expiry of 60 months from the date of their issuance i.e. August 02,2006.The dividend rate on these Preference Shares was increased where effect from February 02,2008 from 5% per annum to 10% per annum on a quarterly basis as per the terms of issue of these Preference Shares by the Company.

On July 10, 2007, the Company issued 38,759,688 Global Depository Receipts ("GDRs") which were listed at the Luxembourg Stock Exchange,at an offer price of United State Dollars(USD) 10.32 per GDR equivalent to Rs.416.76 per equity share (face value of equity share and securities premium of Rs. 414.76 per equity share) and raised proceeds of USD 400 Million (equivalent to Rs. 16,153,521,977). Each GDR represented One (1) equity share of face value Rs.2 per share fully paid up of the Company.

iii). Share Warrants

On November5,2007,Promoters of the Company (RajivRattan,Sameer Gehlaut and SaurabhK Mittal) exercised their option in respect of the Companys share warrants ("Share Warrants II"), allotted to them pursuant to the Scheme of Arrangement, and the Company received a sum of Rs. 1,036,200,000 being the balance amount due thereon upon exercise. An amount equal to 10% of the exercise price ofShare Warrants in,amounting to Rs.115100,000 was paid up front at the time of allotment in the previous period, being the proportionate amount allocated to the Company under the Scheme of Arrangement. Consequently, the Board of Directors of the Company at their meeting held on Novembers, 2007 allotted 10,000,000 equity shares efface value Rs 2 each at a price of Rs.115.13per equityshare to its Promoters upon conversion of the said Share Warrants II.

On August 9,2007,the Company had allotted 15,000,000 share warrants ("Share Warrants III") to its Promoters on a preferential basis. As per the terms of issue of these warrants, and upon payment of exercise price of Rs. 300 perwarrant, as reduced by 10% upfront money aid at the time of allotment of warrants,the worth shareholders were entitled apply for and obtain allotment of one equity share of face value Rs. 2 each fully paid-up of the Company, against each warrant held, within a period of eighteen months from the date of allotment of the said warrants. As per the terms of issue of Share Warrants III, the last date for exercise of the said warrants was February 8,2009. The warrant holders did not exercise their right to convert their warrants into equity shares of the Company by the said date and hence, the warrants allotted to them stood lapsed. On February 9,2009, the Company for feited Rs.450,000,00 Cbe in the upfront money paid by the warrant holders at the time of allotment of these warrants and credited the said amount to Capital Reserve.

On November 5, 2007, the Company had allotted 43,000,000 share warrants ("Share Warrants IV") to its Promoters on a preferential basis. As per the terms of issue Jthese warrants, and upon paymentof exerciseJ price of Rs. 540 perwarrant, as reduced by 10% upfront money paid at the time of allotment of warrants, the warrant hokiers were entitled to apply for and obtain allotment of one equity share of face value Rs. 2 each fully paid- up of the Company, against each warrant held, withina period of eighteen months from the date of allotment of the said warrants

iv). Restructuring of subsidiary companies:

(ISPCL"), Indiabulls Power Services Limited ("IPSL"), its subsidiary companies, Promoters of the Company and Investors namely FIM Limited ("FIM") and LNM India Internet Ventures Limited ("LNM") and a Share Subscription Agreement with SPCL, IPSL and Investors namely FIM and LNM. Both the seagreements were subsequently amended on February 14,2008.

Pursuant to the Agreement, SPCL had issued equity shares at Rs. 66.67 per share to FIM Limited and LNM India Internet Ventures Limited for a consideration of Rs15,800,00,000,aggregating to 37.50% of the posted.

-The Honble High Court of Delhi at New Delhi, vide its order dated September 01,2008, received on November 04,2008, sanctioned the Scheme of Amalgamation ("Scheme of Amalgamation") of IPSL with SPCL. A Certified Copy of the Court Order approving the Scheme of Amalgamation was duly filed on December 03,2008 ("the Effective Date"), with the office of the Registrar of Companies, National Capital Territory of Delhi and Haryana, thereby bringing the Scheme of Amalgamation into effect. As a result, IPSL was wound up and SPCL issued and allotted 197,500,000 equity shares of face value of Rs. 10 each amounting to Rs.1,975,000,000 to the Company and its nominee shareholders in the erstwhile IPSL, in the exchange ratio of one fully paid Equity Share of SPCL of Rs 10 each for every one fully paid Equity share of IPSL of Rs 10 each. Post such allotment, IBREL holds 71 43%, FIM holds 17.86% and LNM India Internet Ventures Limited holds 10.71 % of the outstanding paid up equity share capital of SPCL as at March 31,2009.

Terms of Amalgamation of Indiabulls PowerServices Limited with Sophia Power Company Limited

As per the Scheme of Amalgamation, with effect from appointed date on April 01,2008("Appointed Date"):

- All business activities of lPSL carried out on or after the Appointed Date were deemed to have been carried out by lPSL on behalf of the SPCL on a going concern basis and consequently, all profits and losses of IPSL and related taxes paid, were deemed to be the profits, losses and Faxes of the SPCL.The Scheme had accordingly been given effect from the Appointed Date.

- The authorized share capital of the SPCL was increased to Rs.11,980,000, 000 divided into 1,198,000,000 equity shares of face value of Rs.10 pershare.

- SPCL issued and allotted 197,500,000 shares efface value of Rs. 10 each amounting to Rs. 1,975,000,000 to the Company and its nominee shareholders in the erstwhile IPSL, in the exchange ratio of one fully paid Equity Shareof SPCL of RslOeach for every one fully paid Equity share of PSL of Rs10/- each.

v). Employees Stock Options Schemes:

I Stock Option Schemes of the Companv:

1) Indiabulls Real Estate Limited Employees Stock Options Scheme-2006:

During the period ended March 31,2007, the Company established the Indiabulls Real Estate Limited Employees Stock Options Scheme fIBRELESOS-I" or"Plan-I"). Underthe Plan-1 the Company issued 9,000,000 equity settled options to eligible employees which gave the maright to subscribe upto 9.000.000 stock options representing an equa number of equity shares off ace value of Rs. 2 each,of the Company at an exercise price of Rs. 60 per option, subject to the requirements ofvesting. These options vest uniformly over a period of years, commencing one year after from the date of grant. A Compensation Committee constituted by the Board of Directors of the Company administers the Plan-l.

The Company follows the Intrinsic Value method of accounting as prescribed under the Guidance Note on "Accounting for Employees Share based Payments" issued by the Institute of Chartered Accountants of India. No Deferred Employee Stock Compensation Cost was initially recorded on the grant of options as the Intrinsic Value calculated by an independent valuer was lower than the exercise price. Had the Company followed the Fair value method, there would not had been any impact on the Profit After Tax of the Company and on the Basic and DHuted Earnings perShare of the Company as the fairvalue on the date of grant calculated by an independent value following binomial option pricing model was less than the exercise price.

2). Indiabulls RealEstate Limited Emplovees Stock Options Scheme-2008:

During the year, the Company established the Indiabulls Real Estate Limited Employees Stock Options Scheme - 2008 ("IBREL ESOS 2008"). Under IBRELESOS2008, the Company issued equity settled options to its eligible employees and of its subsidiary companies to subscribe upto 1,500,000 stock options representing an equal numberof equity shaies of facevalue of Rs. 2 each in the Company, at an exercise price of Rs.495.70 per option,being the closing market price on the Stock Exchange of India Limited,as at April 2nd

The stock options so granted,were to vest in the eligible employees in equais labs of 10% per year,over a period of 10 years beginning from April 23,2009, the first vesting date. The options granted under each of the slabs, were to be exercised by the grantees within a period of ninety days from the relevant vesting date.

During the yearended March 31,2009, all eligible employees voluntarily surrendered the options granted to them under IBREL ESOS 2008 and the Compensation Committee decided not to re-grant these options. Pursuant to the shareholders approval by way of Postal Ballot on December 12,2008,the Company cancel ledand withdrew BRELESOS 2008.

3). Indiabulls Real Estate Limited Employees Stock Options Scheme 2008 (II):

During the year ended March 31 2009, the Company established the Indiabulls Real Estate Limited Employees Stock Options Scheme - 2008 (II) ("IBREL ESOS-II" or "Plan-ll"). Under Plan II, the Company issued equity settled options to its eligible employees and of its subsidiary companies to subscribe upto 2,000,000 stock options representing anequal numberof equity shares of value of Rs. 2 each in the Company, at an exercise price of Rs. 110.50 per option, being the closing market price on the National Stock Exchange of India Limited as at January 29,2009.

The stock options so granted, shall vest in the eligible employees within 10 years beginning from January 31,2010, the first vesting date. The stock options granted under each of the slabs, are exercisable by the option holders within a period of five years from the relevant vesting date.

II Stock Option Schemes of Subsidareis Company

1). Sophia Power Company Limited

On January 10,2008 the erstwhile Indiabulls Power Services Limited, a subsidiary of the Company had established the IPSL ESOS Plan, under which, IPSL was authorised to issue upto 20,000,000 equity settled options at an exercise price of Rs. 10 per option to eligible employees. Employees covered by the plan were granted an option to purchase equity shares of IPSL subject to the requirements of vesting A Compensation Committee constituted by the Board of Directors of IPSL administered the plan. All these wereoutstandingasatApril01,2008.

Pursuantto the Schemeof Amalgamation underSections 391 to394 of the Companies Act, 1956, duly approved by the Honble High Court of Delhi at New Delhi vide its older dated September 1,2008 Indiabulls PowerServices Limited was amalgamated with Sophia Power Company Limited ("SPCL"). With effect from theAppointed Date the IPSL ESOS Plan was terminated and in lieu, in terms of Clause 14 (c) of the Scheme of Amalgamation SPCL - IPSL Employees Stock Option Plan 2008 ("SPCL - IPSL ESOP, 2008") was established in SPCL for the outstanding,unvested options,for the benefit of the erstwhile IPSL option holders,on terms and conditions not less favorable than those provided in the erstwhile IPSL ESOS Plan and taking into account the share exchange ratio i.e. one equity share of SPCL of face value Rs. 10 each for every one equity share of IPSL of face value Rs. 10 each. All the option holders under the IPSL ESOS Plan on the Effective date were granted options under the SPCL - IPSL ESOP, 2008 in lieu of their cancelled options under IPSL ESOS Plan. The SPCL - IPSL ESOP, 2008 was treated as continuation of IPSL ESOS Plan and all such options were treated outstanding from their respective date of grant under IPSL ESOS Plan, accordingly, no compensation expense was recognised. No adjustment is required in respect of the numberand exercise price of options as the share exchanger at equity share of face value Rs.10 each of SPCL forevery one equity share of face value Rs.10 each of IPSL.

The exercise price of options under the SPCL-IPSL ESOP, 2008 is higherthan the intrinsic value and the fairvalue of theoptions on the respective dates of grant. SPCL follows the intrinsic value method of accounting as prescribed in the Guidance Note. Had SPCL followed the fair value method of accounting, on the date of grant there would have been no impacton the profit after taxes and on the Basicand Diluted Earnings per share of IPSL for the year as the fair value of the options is lower than the exercise price. The values on the date of grant under the intrinsic value and fair value method have been calculated by an independent valuer.

2) Indiabulls Wholesale ServicesLimited (Also Refer NoteB(c)(iii)of Schedule 18)

Indiabulls WholesaleServices Limited riWSL"),awholly owned subsidiary Company of IBREL, announced the Indiabulls Wholesale Services Limited Employee Stock Option Plan 2007 ("IWSL ESOP 2007 for its employees and its subsidiary companies, existing then or in future, and employees of its holding company ("IBREL"). The eligible employees covered under IWSL ESOP 2007 were granted an option to purchase equity shares of IWSL subject to the requirements of vesting.These options vest uniformly over a period oMOyears, with effect from November 01,2008, whereby 10% of the options vest on each vesting date. ACompensation Committee constituted by the Board of Directors of IWSL administered the IWSLESOP2007.

b) During the year the Company sponsor laws of Singapore), with the objective of acquisition of One Indiabulls Centre and Elphinstone Mills, in Mumbai, being developed and owned by Indiabulls Properties Private Limited and Indiabulls Real Estate Company Private Limited respectively. IPIT raised Singapore Dollars (S$)353.48 Millions by way of an initial public offering and private placement* itsunits inSingapore, at an offering priceof S$ 1.00 per Common Unit and was listed on the Main Board of Singapore Exchange Securities Trading Limited in June 2008 Post listing, the Company, holds45% beneficial interest in IPIT, indirectly, through its subsidiaries.

c). Significant Events after the Balance Sheet date:

i). As per the terms of issue of Share Warrants,the last date for exercise of the said warrants was May 4,2009.The warrant holders did not exercise their right to convert these warrants into equity shares of the Company by the said date and accordingly, the warrants allotted to themstand lapsed. Subsequent to March 31,2009, the Company has forfeited Rs.2,322,000,000, being the upfront money paid by the warrant holders at the time of allotment of these warrants and credited the said amount to Capital Reserve.

ii). Subsequentto March 31,2009, on May 18,2009, shareholders of the Company accorded their approval underSection 81(1A) of the Companies Act,1956,to issue and allot equity shares of face value of Rs.2 each in the Company Equity Shares)for an amount up to USD 600 million, to Qualified Institutional Buyers under the Qualified Institutions Placement in terms of Chapter Xlll-Aof Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000, as amended. Accordingly, on May 22,2009, a duly authorized committeeof the Board of Directors of the Company, issued and allotted 143,594,593 fully paid-up equity shares, at a price of Rs.185 per equity share (off ace value of Rs.2 per equity share and at a premium of Rs.183 per equity share),aggregating to Rs.26,564,999,705 (Rupees twenty six billion five hundred sixty four million nine hundred ninety nine thousand seven hundred five). Consequent to the issue and allotment of the equity shares as aforesaid, the paid-up equity share capital of the Company stands increased from the present Rs. 515,041,292 divided into 257,520,646 equity shares of face value of Rs 2 each, to Rs.802,230,478 divided into 401,115239 equity shares off ace value of Rs.2each.

iii). Subsequent to March 31,2009, the IWSL ESOP 2007 was cancelled and withdrawn pursuant to the approval of the Board of Directors of IWSL on May 27,2009 and shareholders of IWSL on June2,2009,after the option holders surrendered the unvested the IWSLESOP 2007.

d). Contingent Liabilities not provided for in respect of:

i. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. Nil (Previous YearRs.3,397,270).

ii. Outstanding corporate guarantees provided by the Company in respect of credit facilities availed by subsisiary companies and other parties Rs.9,199359,000(Previous YearRs.5,250,000,000).

iii. Fixed deposits include Rs Nil (Previous Year Rs. 500,000,000) pledged against bank guarantees for business requirements of subsidiars companyand Rs Nil (PreviousYearRs. 300,000,000) pledge against credit facilities available to the Company.

e). Disclosures in respect of Employee Benefits in accordance with Accounting Standard 15 (AS 15) - Employee Benefits as notified underthe Companies(AccountingStandards)Rules,2006,asamended:

Provisions for unfunded gratuity and compensated absences for all eligible employees are based upon actuarial valuation conducted semi-annually by an independent actuary. Major drivers in actuarial assumptions, typically, are years of service and employee compensation. Gains and losses on changes in actuarial assumptions during the Jear ended March 31,2009, have been accounted for in the Proband LossAccount.

g). Disclosures in respect of Accounting Standard -18 (AS 18) Related Party Disclosures as notified under the Companies (Accounting Standards)Rules,2006,asamended

Nature of relationship with Related Parties

i. Related parties where control exists

Subsidiary Companies:

Name of Subsidiary Companies Name of Subsidiary Companies

Indiabulls Estate Limited Aurora Builders and Developers Limited

Indiabulls Infrastructure Limited Indiabulls Land Holdings Limited

Nilgiri Land Development Limited Ariston Investments Limited

Indiabulls Commercial Estate Limited Indiabulls Engineering Limited

Indiabulls Infrastructure Projects Limited Indiabulls Resources Limited

Nilgiri Lands Limited Nilgiri Land Holdings Limited

Bridget Builders and Developers Limited Catherine Builders & Developers Limited

Kenneth Builders & Developers Limited Nilgiri Infrastructure Limited

Nilgiri Buildwell Limited Nilgiri Infrastructure Development Limited

Nilgiri Commercial Estate Limited Indiabulls Natural Resources Limited

Nilgiri Infraestate Limited Resources Limited

Indiabulls Buildcon Limited Indiabulls Builders Limited

Indiabulls Land Development Limited Indiabulls Lands Limited

Indiabulls Developers Limited Nilgiri Infrastructure Projects Limited

Indiabulls Builders and Developers Limited Indiabulls Infrastructure Development Limited

Indiabulls Hotel Properties Limited Indiabulls Constructions Limited

Indiabulls CSEB Bhaiyathan Power Limited Indiabulls Greenfield Realities Limited (formerly Indiabulls Bhaiyathan Power Limited) (formerly Indiabulls Construction Company Private Limited)

Hermes Builders and Developers Limited Lucina Builders and Developers Limited

Selene Builders and Developers Limited Triton Builders and Developers Limited

Zeus Builders and Developers Limited Sylvanus Builders and Developers Limited

Fama Properties Limited Sylvanus Properties Limited

Athena Builders and Developers Limited Hermes Properties Limited

Juventus Builders and Developers Limited Selene Properties Limited

Triton Properties Limited Fama Builders and Developers Limited

Juventus Properties Limited Lucina Properties Limited

Vindhyachal Developers Limited Zeus Properties Limited

Karakoram Developers Limited Shivalik Properties Limited

Fama Estate Limited Kanakoram Properties Limited

Triton Estate Limited Aurora Land Development Limited

Ceres Land Development Limited Diana Infrastructure Limited

Fama Construction Limited Lucina Estate Limited- Selene Estate Limited Triton Buildwell Limited

Vindhyachal Buildwell Limited Athena Buildwell Limited

Athena Land Development Limited Ceres Infrastructure Limited

Ceres Properties Limited- Diana Buildwell Limited"

Fama Buildwell Limited Fama Infrastructure Limited

Juventus Buildwell Limited Juventus Constructions Limited

Lucina Constructions Limited Lucina Infrastructure Limited

Selene Buildwell Limited Selene Constructions Limited

Selene Land Development Limited Triton Land Development Limited

Subsidiary Companies:

Name of Subsidiary Companies Name of Subsidiary Companies

Aravali Properties Limited Selene Infrastructure Limited

Dev Property Development Limited Diana Power Limited (formerly Dev Property Development Pic.) (formerly Indiabulls Power Limited)

Juventus Estate Limited Juventus Infrastructure Limited

Juventus Land Development Limited Lucina Buildwell United"

Lucina Land Development Limited Shivalik Land Development Limited*

Vindhyachal Infrastructure Limited Athena Infrastructure Limited

Hecate Power and Land Development Limited Lucina Power and Infrastructure Limited (formerly Zeus Land Development Limited) (formerly Aravali Land Development Limited)

Zeus Buildwell Limited Zeus Estate Limbed

Ceres Constructions Limited Ceres Estate Limited

Flora Land Development Limited Karakoram Buildwell Limited

Vindhyachal Land Development Limited Fama Land Development Limited

Kailash Buildwell Limited Karakoram Real Estate Company Limited

Triton Infrastructure Limited Karakoram Land Development Limited

Indiabulls Industrial Infrastructure Limited Toundvest Limited

Ariston Investments Sub C Limited Diana Land Development Limited

Indiabulls Buildwell Limited" Indiabulls Commercial Properties Limited

Indiabulls Infratech Limited Indiabulls Realcon Limited

Indiabulls Realtech Limited Indiabulls Realtors Limited

Indiabulls Software Parks Limited Indiabulls Power Infrastructure Limited (formerly Indiabulls Infracon Limited) (formerly Indiabulls Thermal Power and Infrastructure Limited)

Indiabulls Home Developers Limited Indiabulls Infra estate Limited

Navahan Auto tech Limited Auto Transport Solutions Limited

Maximus Entertainments Limited Milky Way Buildcon Limited"

Airmid Properties Limited" Albina Real Estate Limited

Angina Real Estate Limited Apesh Constructions Limited

Apesh Properties Limited Citra Real Estate Limited

Sentia Real Estate Limited" Sepset Real Estate Limited

Sophia Constructions Limited Sophia Real Estate Limited

Varali Constructions Limited Apesh Real Estate Limited

Citra Properties Limited Sepset Constructions Limited

Sepset Properties Limited Varali Properties Limited

Varali Real Estate Limited Airmid Real Estate Limited

Angina Properties Limited Devona Properties Limited

Albasta Properties Limited Albina Properties Limited

Airmid Aviation Services Private Limited Indiabulls Wholesale Services Limited

Chloris Constructions Limbed Chloris Properties Limited

Chloris Real Estate Limited Corns Real Estate Limited

Elena Constructions Limited Elena Properties Limited

Elena Real Estate Limited" Fornax Constructions Limited

Fornax Properties Limited Fornax Real Estate Limited

Indiabulls Multiplex Services Limited Indiabulls Power Distribution Limited

Indiabulls Power Generation Limited Indiabulls Estate Developers Limited

Indiabulls Power Trading Limited Indiabulls Electricity Company Limited

Indiabulls Energy Limited Indiabulls Hydro Electric Power Limited

Subsidiary Companies:

Name of Subsidiary Companies Name of Subsidiary Companies

Indiabulls Hydro Energy Limited Indiabulls Hydro Power Limited

Indiabulls Hydro Power Projects Limited Indiabulls Power ProjectsLimited

Indiabulls Power Services Limited --------- Indiabulls Thermal Energy Limited

Indiabulls Thermal Power Limited Devona Thermal Power and Infrastructure Limited

Diana Energy Limited Thermal Power and Infrastructure Limited

Airmid Developers Limited Airmid Infrastructure Limbed"

Citra Developers Limited Devona Developers Limited

Fama Power Company Limited Selene Power Company Limited

Sentia Constructions Limited Sentia Developers Limited

Sentia Properties Limited Sentia Thermal Power and Infrastructure Limited

Sepset Thermal Power and Infrastructure Limited Triton Energy Limited

Indiabulls Housing Developers Limited Indiabulls Infradevelopers Limited

Indiabulls Projects Limited Indiabulls Realty Company Limited

Lenus Constructions Limited Lenus Properties Limited-

Lenus Real Estate Limited Albina Infrastructure Limited

Citra Infrastructure Limited Devona Infrastructure Limited

Indiabulls Property Developers Limited Indiabulls Property Management Trustee Pte Limited

Indiabulls Town Developers Limited Sentia Infrastructure Limited

Sepset Developers Limited Sepset Infrastructure Limited

Varali Developers Limited Varali Infrastructure Limited

Mariana Constructions Limited Mariana Developers Limited

Albasta Constructions Limited Albasta Developers Limited

Albasta Infrastructure Limite Albasta Real Estate Limited

Angles Constructions Limited Indiabulls Commercial Developers Limited

Poena Power Solutions Limited Lenus Infrastructure Limited

Mariana Infrastructure Limited Mariana Properties Limited

Mariana Real Estate Limited Shoxell Holdings Limited

Grapene Limited (formerly Mixtel Co. Ltd) Kaya Hydropower Projects Limited

Pachi Hydropower Projects Limited Papu Hydropower Projects Limited

Sepia Hydropower Projects Limited Tharang Warang Hydropower Projects Limited

Indiabulls Developers and Infrastructure Limited Lenus Developers Limited"

Zeus Energy Limited Indiabulls Property Builders Limited

Ashkit Constructions Limited Fornax Power Limited

Ashkit Properties Limited Ashkit Real Estate Limited

Mabon Constructions Limited Mabon Infrastructure Limited

Mabon Properties Limited Serida Constructions Limited

Serida Infrastructure Limited Serida Properties Limited

Serida Real Estate Limited Ashkit Developers Limited

Mabon Real Estate Limited Mabon Developers Limited

Indiabulls Malls Limited Airmid Power Limited

Mabon Power Limited Albina Power Limited"

Serida Power Limited Lenus Power Limited

Angina Power Limited Ashkit Power Limited

Chloris Power Limited Corns Power Limited

Elena Power and Infrastructure Limited Ashkit Power and Infrastructure Limited

(formerly Elena Power Limited) (formerly Ashkit Infrastructure Limited)

Subsidiary Companies:

Name of Subsidiary Companies Name of Subsidiary Companies

Mariana Power Limited Albasta Power Limited

Apesh Power Limited Varali Power Limited

Serida Developers Limited Hecate Energy Trading Limited

Hecate Energy Limited Hecate Power Projects Limited

Poena Hydro Power Projects Limited Poena Power Distributors Limited

Poena Power Services Limited Poena Power Trading Limited

Poena Thermal Power Limited Poena Power Company Limited

Poena Power Generation Limited Indiabulls Power Generation Company Limited

Indiabulls Power Solutions Limited Indiabulls Power Supply Limited

Indiabulls Power Transmission Limited Indiabulls Power Utility Limited

Indiabulls Powergen Limited Poena Power Projects Limited

Indiabulls Power Development Limited Indiabulls Power Management Limited

Indiabulls Power Projects Development Limited Indiabulls Power Systems Limited

Hecate Electric Limited Hecate Power Development Limited

Hecate Power Management Limited Hecate Power Transmission Limited

Indiabulls Electric Limited Power Systems Limited

Poena Power Development Limited Hecate Power Supply Limited

Hecate Power Systems Limited Hecate Power Utility Limited

Indiabulls Retail Services Limited Noble Realtors Limited

(formerly Piramyd Retail Limited) Indiabulls Housing and Land Development Limited

Poena Power Transmission Limited Poena Power Utility Limited

Poena Power Supply Limited Poena Power Management Limited

Hecate Power Solutions Limited Indiabulls Electric Company Limited

Indiabulls Electric Energy Limited Indiabulls Electric Power Limited

Indiabulls Electricity Generation Limited Indiabulls Thermal Power Management Limited

Indiabulls Thermal Power Projects Limited Indiabulls Thermal Projects Limited

Bracond Limited Echo Facility Services Limited

Renemark Limited Arianca Limited

Genoformus Limited Hecate Power and Energy Resources Limited

Hecate Power Company Limited Hecate Power Distributors Limited

Hecate Power Generation Limited Hecate Power Limited

Hecate Power Services Limited Hecate Thermal Power and Infrastructure Limited

Poena Power Limited Hecate Hydro Electric Powered

Galactic Ventures Limited Sophia Power Company Limited

Hecate Powergen Limited

*Subsidiary till December 3,2008

(ii.) Related parties where significant influence exists:

Associate Companies: Indiabulls Properties Private Limited*

Indiabulls Real Estate Company Private Limited* *Upto December 31,2007

(iii.) Other Related Parties

Key Management Personnel:

Mr. Sameer Gehlaut(Director and Chairman)

Mr.Rajiv Rattan(Director and Vice Chairman)

Mr.Saurabh K Mittal(Director)

Mr.Naiendia Gehlaut(Joint Managing Director)

Mr.Vipul D Bansal(Joint Managing Director)

I. Earnings per Share:

The Basic Earnings Per share is computed by dividing the net profit attributable to equity shareholders for the year by the weighted average number of equity shares outstanding during the year. Diluted EarningsperShare are computed using the weighted average number of equity shares and also the weighted average number of equity shares that could have been issued on the conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the shares been actually issue date of air value.

m. The Company has taken various premises on operating leases and lease rent of Rs. 55,760,196 (Previous year Rs.79,353,172) in respect of the same has been charged to Profit and Loss Account for the year ended March 31,2009. The underlying agreements are executed for a periodgenerallyrangingfromoneyearto five years, renewable ai the option ofthe Company and the lessorand are cancellable in some cases, by either party by giving a notice generally of 30 to 90 days. There are no restrictions imposed by such leases and there are no subleases. The minimumleaserentalspayableinrespectofsuchoperatingleases,areasunder:

iii. Remittance in foreign currency on account of preference dividend during the yearended March 31,2009:

Number of Non Resident Shareholders : One(1) (Previous year one(1)) Preference Shares held on which dividend has been remitted:

1. 9,966,667(Previous year9,966,667)Non Convertible,Cumulative,Redeemable Preference Shares

2. Nil(Previous year 11,500,000)Convertible,Cumulative,Redeemable Preference Shares

Amount Remitted:

1. Rs.131,810,459(Previous year Rs.68,628,437)in respect of Non Convertible,Cumulative,Redeemable Preference Shares

2. Rs.Nil(Previous year Rs.39,294,851)in respect of Convertible,Cumulative,Redeemable Preference Shares

Note: The Company does not have informationas to the extent to which Remittances, if any equity share capital have been made to non-resident shareholders.

o. The Companys activities during the year involved Real Estate Projects Advisory, Construction and Development of Real Estate Projects in lndia considering then assure of Companys business and operations and based on the information available with the management,there is/are no reportable segments (business and/or geographical) in accordance with the requirements of Accounting Standard 17 (AS 17) - Segment Reporting. Hence, no further disclosures are required in respect of reportable segments, underAS 17, other than those already provided in the financial statements.

p. The Company has not entered into any derivatives instruments during the year. Foreign currency exposures not hedged as at March 31,2009, of Rs10,919,106792(GBP135,809 and EURO1,000)(previousyearRs.63,240(EURO1,000)).

q. In the opinion of the Board of Directors, no provision is required towards diminution in value of Long Term Investments, where the decline in value is temporary in nature.

r. As per the best estimate of the management, no provision is required to be made as per Accounting Standard 29 (AS 29) - Provisions, Contingent Liabilities and Contingent Assets, as notified under the Companies (Accounting Standards) Rules, 2006, as amended, in respect of any present obligation as a result of a past event that could lead to a probable outflow of resources, which would be required to settle the obligation.

s. In the opinion of the Board of Directors, all current assets, loans and advances appearing in the balance sheet as at March 31,2009 have a valueonrealization in the ordinary course of the Companys business at least equal to the amount at which they are stated in the balance sheet and no provision is required to be made against the recoverability of these balances.

t. ln respect of amounts mentioned under Section 205C of the Companies Act,1956,there were no dues required to be credited to the Investor Education and Protection Fund as on March 31,2009. As at March 31,2009, Other liabilities include Rs. 1,760,198 (Previous year: Rs. Nil) being the unpaid dividend on equity shares relating to financial year ended March 31,2008, which has been deposited in a designated bank account in accordance with the requirements of the Companies Act, 1956.

u. Disclosures under the Micro,Small and Medium Enterprises Development Act,2006:

i. There is no payment due to suppliers as at the end of the accounting year on account of Principal and Interest.

ii. No interest was paid during the year in terms of Section 16 of the Micro, Small and Medium Enterprises Development Act, 2006 and no amount was paid to the supplier beyond the appointed date.

iii. No interest is payable at the end of the year other than interest under Micro,Small and Medium Enterprises Development Act,2006.

iv. No amount of interest was accrued and unpaid at the end of the accounting year.

The above information and that given has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

v. No borrowing cost has been capitalized during the year.

w. There are no other particulars to be disclosed in accordance with Part II to Schedule VI of the Companies Act, 1956.

x. Previous years figures have been regrouped and / or re-arranged wherever necessary to confirm to current years groupings and classifications.

 
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