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Notes to Accounts of Omaxe Ltd.

Mar 31, 2016

1. Terms / rights attached to shares Equity

The company has only one class of equity shares having a par value of '' 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian rupees. The dividend proposed by board of directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. During the year ended March 31, 2016 the amount of proposed dividend recognized as distribution to equity share holders is Rs. 0.70 per share (PY Rs. 0.50 per share).

Preference

The Company has one class of preference shares and having a par value of Rs. 10 per share. The preference shares carry a right to preferential dividend of 0.1 % per annum in relation to capital paid on them and are redeemable upon 20 years from the date of allotment with call and put option for redemption after 10 years from the date of allotment. The redemption of preference share shall be at a premium of 6% per annum from the date of allotment over and above the total issue price per preference share and premium will be prorate/proportionate to the period of holding of these shares. The preference share holders shall have a right to attend annual general meeting and vote on resolution affecting their interest and on all resolution at every meeting where payment of dividend are in arrears for specified period. The preference shares cannot be redeemed unless they are fully paid or otherwise as permitted by law from time to time. The premium payable on redemption of preference shares shall be provided out of the profit of the company or out of securities premium account before the preference shares are redeemed. The company has chosen to pay premium on such redemption out of securities premium account, therefore, no appropriation out of profit have been made. The terms and conditions may be modified/ varied/ amended with due approval.

2. During the year ended March 31, 2014, the Company allotted 9,333,540 equity shares of Rs. 10/- each as bonus shares to the existing shareholders of the Company to the exception of promoter/promoter group out of securities premium account, thereby, the paid up equity share capital of the Company had increased by Rs. 93.34 mio. The Company has not allotted any other fully paid shares except as above pursuant to contract(s) without payment being received in cash and has neither allotted any fully paid up shares by way of bonus shares nor has bought back any class of shares during the period of five years immediately preceding the balance sheet date.

3. During the year ended March 31, 2016, the Company has changed its accounting policy related to accounting of interest due on delayed payments by customers on accrual basis as against on receipts basis to bring the said accounting policy in line with Income Computation and Disclosure Standards (ICDS) issued by Central Board of Direct Taxes. Had the earlier accounting policy on interest income recognition being followed by the Company, the revenue of the Company would have been lower by Rs. 7.34 mio and correspondingly profit of the Company would have been lower by Rs. 7.34 mio.

4. Determination of revenues under ‘Percentage of Completion method'' necessarily involves making estimates by management for percentage of completion, cost to completion, revenues expected from projects, projected profits and losses. These estimates being of a technical nature have been relied upon by the auditors.

5. Balances of trade receivables, trade payables, current / non-current advances given/ received are subject to reconciliation and confirmation from respective parties. The balance of said trade receivables, trade payables, current / non-current advances given/ received are taken as shown by the books of accounts. The ultimate outcome of such reconciliation and confirmation cannot presently be determined, therefore, no provision for any liability that may result out of such reconciliation and confirmation has been made in the financial statement, the financial impact of which is unascertainable due to the reasons as above stated.

6. Inventories, loans & advances, trade receivables and other current / non-current assets are in the opinion of the management do not have a value on realization in the ordinary course of business, less than the amount at which they are stated in the balance sheet.

7. The Income Tax Department has filed writ petition before Hon''ble Delhi High Court against the order of Income tax settlement commission in earlier years for assessment year 2000-01 to 2006-07, which is pending for hearing. Pending final outcome of such petition filed, no provision of any potential liability has been made in the books of accounts, the amount of which cannot presently be ascertained.

The income tax department has raised a demand of Rs. 1093.51 mio against the company after giving effect to orders of CIT(A) / ITAT for A.Y 2007-08 to A.Y 2010-11, mainly on account of disallowance u/s 80IB. The company has filed further appeals before the higher authorities against the impugned orders of the CIT (A) / ITAT An amount of Rs. 980.03 mio has been deposited by the company against this demand under dispute. Further the Income Tax Department has also filed necessary appeals/writ petitions/ SLP with appropriate authority against the relief given by various appellate authorities to the Company. A further demand of Rs. 199.63 mio has been raised against the company for A.Ys 2007-08, 2011-12 and 2012-13 mainly on account of disallowance u/s 80IB and penalty u/s 271(1)(c) and the company has filed appeals/ is in the process of filing appeal before the CIT(A) against this demand. An amount of Rs. 68.92 mio has been deposited by the company against this demand under dispute

Based on the decision of various appellate authorities and the interpretations of relevant provisions of Income Tax Act, 1961, the Company has been advised by the experts that the claim of the company under Section 80IB is sustainable; accordingly the Company is hopeful that the demand so raised is likely to be deleted.

8. The Company has advanced a sum of Rs. 745.05 mio to one of its wholly owned subsidiary company namely Eden Buildcon Limited (hereinafter referred to as “Subsidiary Company”) for acquiring land from Hyderabad Metropolitan Development Authority (HMDA) for real estate projects. The said subsidiary company participated in bid in respect of auction by HMDA and paid initial deposit of Rs. 750.63 mio against total value of Rs. 3,002.50 mio. During the process of post auction verification of title to the auctioned land, the subsidiary company on scrutiny of documents found that the auctioned land is the subject matter of pending litigations before Hon''ble Andhra Pradesh High Court. Thereafter, the subsidiary company requested HMDA to obtain necessary orders from the court empowering HMDA to alienate the auction land and also expressed its earnest intention to pay the balance cost of land. HMDA asserted that there is no legal impediment for transferring the title of the land and directed the subsidiary company to remit the balance sales consideration. The subsidiary company applied to HMDA for refund of the initial booking amount. The request for such refund was not considered by HMDA and HMDA demanded balance amount of Rs. 2,251.87 mio failing which the entire booking amount was liable to be forfeited. On writ petition filed by the company for refund of the amount deposited which was tagged along with other similar petitions, single bench of Hon''ble Andhra Pradesh High Court allowed the appeal in favour of the subsidiary company. Appeal against the order of the single bench was filed by HMDA before division bench, which was allowed in favour of HMDA. The subsidiary company has filed special leave petition (SLP) before Hon''ble Supreme Court of India and stay order has been granted. The matter is sub-judice and is pending before Hon''ble Supreme Court of India. Pending final outcome of such petition filed, the amount advanced by the company to subsidiary company is considered good and classified as non-current.

9. The amount of expenditure for the year ended 31st March, 2016, which the Company was required to incur related to Corporate Social Responsibility as per section 135 of Companies Act, 2013 worked out to be Rs.14.67 mio (PY15.20 mio). During the year ended 31st March, 2016, the Company has incurred a sum of Rs. 0.84 mio (PY Nil) on this account.

10. Employee Benefits

A. Gratuity

The Company is having group gratuity scheme with LIC of India.

B. Leave Encashment

Provision for leave encashment in respect of unveiled leaves standing to the credit of employees is made on actuarial basis. The Company does not maintain any fund to pay for leave encashment.

11. Lease

a. The Company has taken certain premises on non-cancellation operating lease. The future minimum lease payments in respect of which as at March 31, 2016 are as follows:-

b. The lease agreements provide for an option to the Company to renew the lease period at the end of the non-cancellation period. There are no exceptional / restrictive covenants in the lease agreement.

c. Lease rent expenses in respect of operating lease debited to cost of material consumed, construction and other related project cost Rs. 496.57 mio (PY Rs. 327.45 mio) and debited to statement of profit and loss Rs. 38.61 mio (PY Rs. 38.99 mio).

40. Segment information

Business segments

Based on similarity of activities/products, risk and reward structure, organization structure and internal reporting system, the Company has structured its operations into the following segments:

Real estate

Promotion, construction, development and sale of townships, residential, commercial property, developed plots etc. Construction

Construction of property on behalf of clients.

12. The company has regrouped / reclassified previous year figures where necessary to conform to with current year’s classification. The note no. 1-42 referred to above form an integral part of financial statements.


Mar 31, 2015

1. CONTINGENT LIABILITIES & COMMITMENTS

(Rs,in mio)

As at As at Particulars March 31, 2015 March 31, 2014

Claims by customers/vendors against the Company not acknowledged as 479.79 452.52 debts (to the extent quantifiable) Bank guarantees

- In respect of the Company 1,223.91 810.04

- In respect of subsidiaries 371.02 218.01

- In respect of erstwhile subsidiary company and others 35.31 35.31

Counter guarantees 61.38 61.38 Corporate guarantees

- In respect of wholly owned subsidiary companies 431.05 391.33

- In respect of erstwhile subsidiary company - 32.63 Letters of Credit

- In respect of wholly owned subsidiary companies 104.16 180.86 Disputed tax amounts

- Sales tax 54.41 68.84

- Service tax 29.17 29.17

- Income tax 1,682.59 1,759.92

Capital Commitments 0.43 2.53

Write Petition fled by Income tax department against order of Settlement Amount Amount Commission before Delhi High Court unascertainable unascertainable The Company may be contingently liable to pay damages / interest in the Amount Amount process of execution of real estate projects and for specific non-performance unascertainable unascertainable of certain agreements, the amount of which cannot presently be ascertained

Certain civil cases preferred against the Company in respect of labour laws, Not quantifable Not quantifable specific performance of certain land agreements, etc. and disputed by the Company

2. During the year, effective from 01.04.2014, the company has revised depreciation rates on fixed assets as per the useful life as specified in Schedule II of the Companies Act, 2013. Based on current estimates, depreciation of Rs. 6.21 mio (net of deferred tax asset of Rs. 3.28 mio ) on account of assets whose useful life has already been exhausted as on 01.04.2014, has been adjusted with opening balance of Reserves and Surplus. Had there not been any changes in useful life of the assets, depreciation for the year ended 31.03.2015 would have been lower by Rs. 4.68 mio (net of Rs. 1.17 mio allocated to the projects).

3. Determination of revenues under ''Percentage of Completion method'' necessarily involves making estimates by management for percentage of completion, cost to completion, revenues expected from projects, projected Profit s and losses. These estimates being of a technical nature have been relied upon by the auditors.

4. Balances of trade receivables, trade payables, current / non-current advances given/ received are subject to reconciliation and confirmation from respective parties. The balance of said trade receivables, trade payables, current / non-current advances given/ received are taken as shown by the books of accounts. The ultimate outcome of such reconciliation and confirmation cannot presently be determined, therefore, no provision for any liability that may result out of such reconciliation and confirmation has been made in the financial statement, the financial impact of which is unascertainable due to the reasons as above stated.

5. Inventories, loans & advances, trade receivables and other current / non-current assets are in the opinion of the management do not have a value on realization in the ordinary course of business, less than the amount at which they are stated in the balance sheet.

6. The Income Tax Department has fled writ petition before Hon''ble Delhi High Court against the order of Income tax settlement commission in earlier years for assessment year 2000-01 to 2006-07, which is pending for hearing. Pending fnal outcome of such petition fled, no provision of any potential liability has been made in the books of accounts, the amount of which cannot presently be ascertained.

The income tax department has raised a demand of Rs. 903.97 mio against the company after giving effect to orders of CIT(A) for A.Y. 2007-08 and 2008-09 on account of disallowance u/s 80IB. The company has fled appeals before the appropriate authorities against the impugned orders of the CIT (A). An amount of Rs. 789.52 mio has been deposited by the company against this demand under dispute. Further the Income Tax Department has also fled necessary appeals/ writ petitions/ SLP with appropriate authority against the relief given by various appellate authorities to the Company. A further demand of Rs. 777.60 mio has been raised against the company during the year for A.Y.s 2008-09 to 2011-12 mainly on account of disallowance u/s 80IB and demand u/s 271(1)(c) and the company has fled appeals before the CIT(A) against this demand. An amount of Rs. 80.0 mio has been deposited by the company against this demand under dispute

Based on the decision of various appellate authorities and the interpretations of relevant provisions of Income Tax Act, 1961, the Company has been advised by the experts that the claim of the company under Section 80 (IB) is sustainable, accordingly the Company is hopeful that the demand so raised is likely to be deleted.

7. The Company has advanced a sum of Rs. 745.05 mio to one of its wholly owned subsidiary company namely Eden Buildcon Limited (hereinafter referred to as "Subsidiary Company") for acquiring land from Hyderabad Metropolitan Development Authority (HMDA) for real estate projects. The said subsidiary company participated in bid in respect of auction by HMDA and paid initial deposit of Rs. 750.63 mio against total value of Rs. 3,002.50 mio. During the process of post auction verification of title to the auctioned land, the subsidiary company on scrutiny of documents found that the auctioned land is the subject matter of pending litigations before Hon''ble Andhra Pradesh High Court. Thereafter, the subsidiary company requested HMDA to obtain necessary orders from the court empowering HMDA to alienate the auction land and also expressed its earnest intention to pay the balance cost of land. HMDA asserted that there is no legal impediment for transferring the title of the land and directed the subsidiary company to remit the balance sales consideration. The subsidiary company applied to HMDA for refund of the initial booking amount. The request for such refund was not considered by HMDA and HMDA demanded balance amount of Rs. 2,251.87 mio failing which the entire booking amount was liable to be forfeited. On writ petition fled by the company for refund of the amount deposited which was tagged along with other similar petitions, single bench of Hon''ble Andhra Pradesh High Court allowed the appeal in favour of the subsidiary company. Appeal against the order of the single bench was fled by HMDA before division bench, which was allowed in favour of HMDA. The subsidiary company has fled special leave petition (SLP) before Hon''ble Supreme Court of India and stay order has been granted. The matter is sub-judice and is pending before Hon''ble Supreme Court of India. Pending final outcome of such petition fled, the amount advanced by the company to subsidiary company is considered good and classified as non-current.

8. The amount of expenditure for the year ended 31st March, 2015, which the Company was required to incur related to Corporate Social Responsibility as per section 135 of Companies Act, 2013 worked out to be Rs. 15.20 mio. During the year ended 31st March, 2015, the Company has not made any expenditure on this account.

9. Segment information

Business segments

Based on similarity of activities/products, risk and reward structure, organization structure and internal reporting system, the Company has structured its operations into the following segments:

Real estate

Promotion, construction, development and sale of townships, residential, commercial property, developed plots etc.

Construction

Construction of property on behalf of clients.

The trading business which was not reportable segment during the year have been grouped under the "Others" segment.

Geographic segment

Operations of the Company do not qualify, for reporting as geographic segments, under the criteria set out under Accounting Standard 17 on ''Segment reporting''.


Mar 31, 2014

1. CONTINGENT LIABILITIES & COMMITMENTS

(Rs. in mio)

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

Claims by customers/vendors against the Company not 452.52 487.72 acknowledged as debts (to the extent quantifiable)

Bank guarantees

- In respect of the Company 810.04 862.08

- In respect of subsidiaries 218.01 179.59

- In respect of erstwhile subsidiary company and others 35.31 103.90

Counter guarantees 61.38 112.06

Corporate guarantees

- In respect of wholly owned subsidiary companies 391.33 96.50

- In respect of erstwhile subsidiary company 32.63 700.00

Letters of Credit

- In respect of wholly owned subsidiary companies 180.86 -

Disputed tax amounts

- Sales tax 68.84 85.43

- Service tax 29.17 29.17

- Income tax 1,759.92 1,758.91

Capital Commitments 2.53 -

Writ Petition filed by Income tax department against order of Settlement Commission Amount Amount before Delhi High Court unascertainable unascertainable

The Company may be contingently liable to pay damages / interest in the process Amount Amount of execution of real estate projects and for specific non-performance of certain unascertainable unascertainable agreements, the amount of which cannot presently be ascertained

Certain civil cases preferred against the Company in respect of labour laws, specific Not Not performance of certain land agreements, etc. and disputed by the Company quantifiable quantifiable

2. As on 31st March, 2014, a sum of Rs. 3.16 mio (P.Y. Rs. 3.16 mio) is outstanding to be refunded to the applicants who were not/partly allotted the shares in initial public offer. Such amount aggregating to Rs. 3.16 mio (P.Y. Rs. 3.16 mio) is lying in the separate bank account of the company. The said amount has also been shown as "Unclaimed share application money" in note no 8. This does not include any amount, due and outstanding, to be credited to the Investor Education and Protection Fund as per the provisions of the Companies Act, 1956.

3. Determination of revenues under ''Percentage of Completion method'' necessarily involves making estimates by management for percentage of completion, cost to completion, revenues expected from projects, projected profits and losses. These estimates being of a technical nature have been relied upon by the auditors.

4. The Company had in earlier years granted interest free loan of Rs. 527.98 mio to one of its wholly owned subsidiary company incorporated outside India namely Rohtas Holding (Gulf) Ltd (RHGL), which in turn had given such loan amount to SPV''s incorporated outside India. The amount outstanding to be received from RHGL as on 31st March, 2014 is Rs. 260.62 mio. The management of the company is taking requisite steps for recovery of amount advanced, hence, considered as good.

5. Balances of trade receivables, trade payables, current / non- current advances given/ received are subject to reconciliation and confirmation from respective parties. The balance of said trade receivables, trade payables, current / non-current advances given/ received are taken as shown by the books of accounts. The ultimate outcome of such reconciliation and confirmation cannot presently be determined, therefore, no provision for any liability that may result out of such reconciliation and confirmation has been made in the financial statement, the financial impact of which is unascertainable due to the reasons as above stated.

6. Inventories, loans & advances, trade receivables and other current / non-current assets are in the opinion of the management do not have a value on realization in the ordinary course of business, less than the amount at which they are stated in the balance sheet. The classification of assets and liabilities between current and non-current have been made based on management perception as to its recoverability / settlement and other criteria as set out in the revised schedule VI to the Companies Act, 1956.

7. Demand of Rs. 296.34 mio for assessment year 2006-07 raised by the Income Tax Department in earlier year on the company under section 148 on account of disallowances under section 80IB(10) of the Income Tax Act, 1961, had been quashed by the Hon''ble Delhi High Court on writ petition filed by the company. The Income Tax Department has filed a special leave petition ("SLP") before Hon''ble Supreme Court of India against the order of Hon''ble Delhi High Court and the matter is sub-judice.In respect of demand of Rs. 854.78 mio for assessment year 2007-08 raised by the Income Tax Department in earlier year on the company mainly on account of disallowance made u/s 80IB of Income tax Act, 1961, company has received the order of CIT (Appeals) who has decided the appeal partly in favour of company and has given significant relief. However the amount of relief cannot be ascertained accurately pending the receipt of appeal effect order. The company has decided to file necessary appeal before the appropriate authorities in respect of matter for which relief has not been granted by the CIT (Appeals). In respect of demand for assessment year 2008-09 for Rs. 904.13 mio, partial relief of Rs. 416.93 mio on account of disallowances made u/s 80IB of Income tax Act, 1961 has been given to the company on appeal made with CIT(Appeals). The company has filed necessary appeals before the appropriate authorities in respect of matter for which relief has not been granted by the CIT (Appeals). Further The Income Tax Department has also filed necessary appeal with appropriate authority against the relief given by CIT (Appeals) to the Company. Based on the decision of various appellate authorities and the interpretations of relevant provisions of Income Tax Act, 1961, the Company has been advised by the experts that the claim under Section 80 (IB) is sustainable, accordingly the Company is hopeful that the demand so raised is likely to be deleted, hence, no provision on account of such income tax demand has been made in the accounts. The income tax department has filed writ petition before Hon''ble Delhi High Court against the order of Income tax settlement commission in earlier years for assessment year 2000-01 to 2006-07, which is pending for hearing. Pending final outcome of such petition filed, no provision of any potential liability has been made in the books of accounts, the amount of which cannot presently be ascertained.

8. The Company has advanced a sum of Rs. 745.05 mio to one of its wholly owned subsidiary company namely Eden Buildcon Limited (hereinafter referred to as "Subsidiary Company") for acquiring land from Hyderabad Metropolitan Development Authority (HMDA) for real estate projects. The said subsidiary company participated in bid in respect of auction by HMDA and paid initial deposit of Rs. 750.63 mio against total value of Rs. 3,002.50 mio. During the process of post auction verification of title to the auctioned land, the subsidiary company on scrutiny of documents found that the auctioned land is the subject matter of pending litigations before Hon''ble Andhra Pradesh High Court. Thereafter, the subsidiary company requested HMDA to obtain necessary orders from the court empowering HMDA to alienate the auction land and also expressed its earnest intention to pay the balance cost of land. HMDA asserted that there is no legal impediment for transferring the title of the land and directed the subsidiary company to remit the balance sales consideration. The subsidiary company applied to HMDA for refund of the initial booking amount. The request for such refund was not considered by HMDA and HMDA demanded balance amount of Rs. 2,251.87 mio failing which the entire booking amount was liable to be forfeited. On writ petition filed by the company for refund of the amount deposited which was tagged along with other similar petitions, single bench of Hon''ble Andhra Pradesh High Court allowed the appeal in favour of the subsidiary company. Appeal against the order of the single bench was filed by HMDA before division bench, which was allowed in favour of HMDA. The subsidiary company has filed special leave petition (SLP) before Hon''ble Supreme Court of India and stay order has been granted. The matter is sub-judice and is pending before Hon''ble Supreme Court of India. Pending final outcome of such petition filed, the amount advanced by the company to subsidiary company is considered good and classified as non-current.

9. During previous financial year ended March 31, 2013, 10,000,000 number of equity shares representing 100% shareholding held by the company in wholly owned Indian subsidiary company namely Omaxe Infrastructure and Construction Limited were sold on "as is where is basis by way of transfer of shares by executing all required documents at an aggregate consideration of Rs. 350.00 mio, out of which, Rs. 135.00 mio (P.Y Rs. 300.00 mio) is outstanding as on 31st March, 2014.

10. Employee Benefits A. Gratuity

The Company is having group gratuity scheme with LIC of India.

B. Leave Encashment

Provision for leave encashment in respect of unavailed leaves standing to the credit of employees is made on actuarial basis. The Company does not maintain any fund to pay for leave encashment.

C. Provident Fund

The Company makes contribution to statutory provident fund in accordance with Employees Provident Fund and Misc. Provision Act, 1952. This is post-employment benefit and is in the nature of defined contribution plan.

11. Segment information

Business segments

Based on similarity of activities/products, risk and reward structure, organization structure and internal reporting system, the Company has structured its operations into the following segments:

Real estate

Promotion, construction, development and sale of townships, residential, commercial property, developed plots etc.

Construction

Construction of property on behalf of clients.

The trading business which was not reportable segment during the year have been grouped under the "Others" segment.

Geographic segment

Operations of the Company do not qualify, for reporting as geographic segments, under the criteria set out under Accounting Standard 17 on ''Segment reporting''.

12. Related parties disclosures Related parties are classified as:

A. Related parties are classified as:

I Holding Company

1 Guild Builders Private Limited

II Fellow Subsidiary companies

1 Dream Home Developers Private Limited

2 Hansa Properties Private Limited

III Wholly owned Subsidiary companies

1 Ansh Builders Private Limited

2 Arman Builders Private Limited

3 Champion Realtors Private Limited

4 Eden Buildcon Limited

5 Ekansh Buildtech Private Limited

6 Finishing Touch Properties & Developers Limited

7 Omaxe Hitech Infrastructure Company Private Limited

8 Garv Buildtech Private Limited

9 Golden Glades Builders Private Limited

10 Green Planet Colonisers Private Limited

11 JKB Constructions Private Limited

12 JRS Projects Private Limited

13 Kavya Buildtech Private Limited

14 Landlord Developers Private Limited

15 Mehboob Builders Private Limited

16 Mehtab Infratech Private Limited

17 Monarch Villas Private Limited

18 Oasis Township Private Limited

19 Jagdamba Contractors and Builders Limited

20 Omaxe Buildhome Limited

21 Omaxe Buildwell Limited

22 Omaxe Chandigarh Extension Developers Private Limited

23 Omaxe Connaught Place Mall Limited

24 Omaxe Housing and Developers Limited

25 Omaxe Housing & Infrastructure Limited

26 Omaxe Buildtech Limited

27 Omaxe Infotechcity Developers Limited

28 Omaxe Infrastructure Limited

29 Omaxe Power Private Limited

30 Omaxe Rajasthan SEZ Developers Limited

31 Pancham Realcon Private Limited

32 Panchi Developers Private Limited

33 Primordial Buildcon Private Limited

34 Rohtas Holdings (Gulf) Limited

35 Satvik Hitech Builders Private Limited

36 Shamba Developers Private Limited

37 Volvo Properties Private Limited

38 Omaxe Forest Spa and Hills Developers Limited (formerly known as Omaxe Azorim Developers Private Limited)

39 Pam Developers (India) Private Limited

IV Other Subsidiary Companies

1 Anjaniputra Builders Private Limited

2 Hamara Ghar Constructions & Developers Private Limited

3 Jewel Projects Private Limited

4 Link Infrastructure & Developers Private Limited

5 Navratan Techbuild Private Limited

6 Omaxe Entertainment Limited

7 Omtech Infrastructure & Construction Limited

8 Reliable Manpower Solutions Limited

9 Rivaj Infratech Private Limited

10 Zodiac Housing & Infrastructure Private Limited

11 Robust Buildwell Private Limited

12 Sri Balaji Green Heights Private Limited

13 P P Devcon Private Limited (w.e.f. 31.01.2014)

V Step Subsidiary Companies

1 Aadhira Developers Private Limited

2 Aarzoo Technobuild Private Limited

3 Aashna Realcon Private Limited

4 Abheek Builders Private Limited

5 Aditya Realtech Private Limited

6 Aradhya Real Estate Private Limited

7 Ashok Infrabuild Private Limited

8 Ashray Infrabuild Private Limited

9 Aviral Colonizers Private Limited

10 Ayush Landcon Private Limited

11 Bhanu Infrabuild Private Limited

12 Caspian Realtors Private Limited

13 Daman Builders Private Limited

14 Damodar Infratech Private Limited

15 Davesh Technobuild Private Limited

16 Dhanu Real Estate Private Limited

17 Dinkar Realcon Private Limited

18 Ekapad Developers Private Limited

19 Glacier Agro Food Products Private Limited

20 Hemang Buildcon Private Limited

21 Hiresh Builders Private Limited

22 Manit Developers Private Limited

23 Oasis Suncity Realtors Private Limited

24 Radiance Housing & Properties Private Limited

25 RPS Suncity Promoters and Developers Private Limited

26 Rupesh Infratech private Limited

27 Sanvim Developers Private Limited

28 Sarthak Landcon Private Limited

29 Sarva Buildtech Private Limited

30 Satkar Colonisers Private Limited

31 Shubh Bhumi Developers Private Limited

32 Silver Peak Township Private Limited

33 Tejpal Infra Developers Private Limited

34 Utkrisht Real Estate and Associates Private Limited

35 Chapal Buildhome Private Limited

36 Anveshan Builders Private Limited

37 Adesh Realcon Private Limited

38 Navadip Developers Private Limited

39 Abhas Realcon Private Limited

40 Golden Crescent Red and General Trading Limited (up to 22.05.2013)

41 S N Realtors Private Limited

42 Marine Sands Limited

43 Omaxe India Trade Centre Private Limited

VI Entities over which key managerial personnel or their relatives exercises significant influence

1 Aanchal Infrabuild Private Limited

2 Abhay Technobuild Private Limited

3 Abhiman Buildtech Private Limited

4 Absolute Infrastructure Private Limited

5 Adhar Buildtech Private Limited

6 Adil Developers Private Limited

7 Advaita Properties Private Limited

8 Advay Properties Private Limited

9 Affordable Home Loan Advisors Private Limited

10 Aftab Developers Private Limited

11 Agasthya Properties Private Limited

12 Alpesh Builders Private Limited

13 Amani Realcon Private Limited

14 Amber Infrabuild Private Limited

15 Amit Jain Builders Private Limited

16 Amod Builders Private Limited

17 Amshul Developers Private Limited (up to 03.06.2013)

18 Ananddeep Realtors Private Limited

19 Anant Realcon Private Limited

20 Aneesh Buildtech Private Limited

21 Annay Realtors Private Limited

22 Apoorva Infrabuild Private Limited

23 Arhan Builders Private Limited

24 Arhant Infrabuild Private Limited

25 Aric Infrabuild Private Limited

26 Arjit Builders Private Limited

27 Ashtam Builders Private Limited

28 Avindra Estate Developers Private Limited

29 Aviral Buildtech Private Limited

30 Avtar Infrabuild Private Limited

31 Avval Builders Private Limited

32 Axeom Advertising Solutions Limited

33 B D Agarwal Securities Private Limited

34 Badal Developers Private Limited

35 Badal Impex Private Limited

36 Balesh Technobuild Private Limited

37 Bali Buildtech Private Limited

38 Bandhu Buildtech Private Limited

39 Banke Builders Private Limited

40 Basant Infrabuild Private Limited

41 Beautiful Landbase Private Limited

42 Bhanu Retail Private Limited

43 Bharatbhoomi Township Limited

44 Bhargav Builders Private Limited

45 Bhavesh Buildcon Private Limited

46 Bhuvan Buildtech Private Limited

47 Blossom Buildhome Private Limited

48 Buildwell Builders Private Limited

49 Caleen Hotels Private Limited

50 Chaitanya Realcon Private Limited

51 Chetan Infrabuild Private Limited

52 Chirag Buildhome Private Limited

53 Cress Propbuild Private Limited

54 Daksh Airport Developers Private Limited

55 Daksh Township Private Limited

56 Damini Infratech Private Limited

57 Darpan Buildtech Private Limited

58 Darsh Buildtech Private Limited

59 Deejit Developers Private Limited

60 Deepaalay Realtors Private Limited

61 Deepal Township Private Limited

62 Deepsan Realtors Private Limited

63 Deepsing Realtors Private Limited

64 Derwal Realtors Private Limited

65 Desire Housing & Construction Private Limited

66 Devang Builders Private Limited

67 Devgar Estate Developers Private Limited

68 Distinctive Infrastructure And Construction Private Limited

69 Divya Buildhome Private Limited

70 Dream Technobuild Private Limited

71 Dream Towers Private Limited

72 DVM Realtors Private Limited

73 Dwarkadish Land & Farms Private Limited

74 Examo Estate Management Private Limited

75 Excellent Apartments Private Limited

76 Fast Track Buildcon Private Limited

77 Forever Housing and Properties Private Limited

78 Fragrance Housing And Properties Private Limited

79 Fragrance Information And Communication Technologies Private Limited

80 Gaamit Realtors Private Limited

81 Gagan Realcon Private Limited

82 Garg & Goel Estate Developers Private Limited

83 Garg Realtors Private Limited

84 Garvish Realtors Private Limited

85 Gaurang Buildcon Private Limited

86 Geet Buildhome Private Limited

87 Girish Buildwell Private Limited

88 Glamour Hotels Private Limited

89 Goel Isha Colonisers Private Limited

90 Green Earth Promoters Private Limited

91 Gurmeet Builders Private Limited

92 Havish Buildcon Private Limited

93 Hina Technobuild Private Limited

94 Hitech Hotels Private Limited

95 Hriday Hitech Builders Private Limited

96 Indrasan Developers Private Limited

97 Inesh Buildcon Private Limited

98 Inesh Developers Private Limited

99 Inqalab Builders Private Limited

100 Interactive Buildtech Private Limited

101 Istuti Realcon Private Limited

102 Jagat Buildtech Private Limited

103 Jai Bhoomi Projects Limited

104 Jaidev Colonisers Private Limited

105 Jalesh Builders And Developers Private Limited

106 Jayant Buildhome Private Limited

107 Jishnu Buildcon Private Limited

108 Jitenjay Realtors Private Limited

109 Jivish Colonisers Private Limited

110 JSM Enterprises Private Limited

111 Kalp Buildtech Private Limited

112 Kamini Builders And Promoters Private Limited

113 Kanak Buildhome Private Limited

114 Kanha Logistics Private Limited

115 Kartik Buildhome Private Limited

116 Kashish Buildtech Private Limited

117 KBM Constructions Private Limited

118 Keshto Buildcon Private Limited

119 Kirti Hotels Private Limited

120 Kishordeep Realtors Private Limited

121 Krishan Kripa Buildcon Private Limited

122 Laldeep Realtors Private Limited

123 Lavanya Builders Private Limited

124 Lifestyle Township Private Limited

125 Lohith Developers Private Limited

126 Luxury Township Private Limited

127 M I J Infrastructure Private Limited

128 Maa Omwati Education Trust

129 Mangal Bhumi Properties Private Limited

130 Mangla Villas Private Limited

131 Manik Buildcon Private Limited

132 Mankish Colonisers Private Limited

133 Manprav Developers Private Limited

134 Manwal Colonisers Private Limited

135 Megh Airways Private Limited

136 Meghmala Builders Private Limited

137 Mihir Buildwell Private Limited

138 Milestone Township Private Limited

139 Miniature Township and Properties Private Limited

140 Mohak Tours and Travels Private Limited

141 Motto Developers Private Limited

142 NAFHIL Gujrat Homes Limited

143 Nakul Technobuild Private Limited

144 Naptune Technobuild Projects Private Limited

145 National Affordable Housing & Infrastructure Limited

146 Natraj Colonisers Private Limited

147 Naveenraj Realtors Private Limited

148 Neegar Developers Private Limited

149 New Horizons Township Developers Private Limited

150 Nikunj Infrabuild Private Limited

151 NJS Developers Private Limited

152 Obalesh Buildcon Private Limited

153 Omaxe Affordable Homes Private Limited

154 Omaxe Bihar Affordable Housing Private Limited

155 Omaxe Chhattisgarh Affordable Housing Private Limited

156 Omaxe Foundation (Regd.)

157 Omaxe Global Trading Corporation Private Limited

158 Omaxe Hotels Limited

159 Omaxe Housing And Commercial Projects Limited

160 Omaxe Infrastructure Development Private Limited

161 Omaxe Madhya Pradesh Affordable Housing Private Limited

162 Omaxe Orissa Developers Limited

163 Omaxe Pragati Maidan Exhibition Limited

164 Omaxe Punjab Affordable Housing Private Limited

165 Omaxe Rajasthan Affordable Housing Private Limited

166 Omaxe Realtors Private Limited

167 Omaxe Retail Limited

168 Omaxe Uttar Pradesh Affordable Housing Private Limited

169 P N Buildcon Private Limited

170 Paradise On Earth Properties Private Limited

171 Parjit Realtors Private Limited

172 Pearl Peak Landbase Private Limited (up to 03.06.2013)

173 Prabal Developers Private Limited

174 Praveen Buildcon Private Limited

175 Praveen Mehta Builders Private Limited

176 PSJ Developers Private Limited

177 Puru Builders Private Limited

178 Radhika Buildwell Private Limited

179 Rahi Transport Private Limited

180 Ramneesh Builders Private Limited

181 Ramniya Estate Developers Private Limited

182 Raveendeep Colonisers Private Limited

183 Renown Estate Developers Private Limited

184 Rishit Buildcon Private Limited

185 Rocky Valley Resorts Private Limited

186 Rockyard Properties Private Limited

187 Rohak Builders Private Limited

188 Ryhme Propbuild Private Limited

189 Saamit Realtors Private Limited

190 Sakal Agrotech Private Limited

191 Sandeep Landcon Private Limited

192 Sandeep Township Private Limited

193 Sangupt Developers Private Limited

194 Sanjit Realtors Private Limited

195 Sankalp Realtors Private Limited

196 Sanya Realtors Private Limited

197 Sapphire Township and Developers Private Limited

198 Savin Realtors Private Limited

199 Sentinent Properties Private Limited

200 Shalin Buildwell Private Limited

201 Shantiniwas Developers Private Limited

202 Shardul Builders Private Limited

203 Shashank Buildhome Private Limited

204 Shikhar Landcon Private Limited

205 Shining Home Infrastructure Private Limited

206 Shivkripa Buildhome Private Limited

207 Shrey Technobuild Private Limited

208 Shreyas Buildhome Private Limited

209 Singdeep Estate Developers Private Limited

210 Smart Buildhome Private Limited

211 Snehal Buildcon Private Limited

212 SNJ Builders Private Limited

213 Source Developers Private Limited

214 Spike Developers Private Limited

215 Starex Projects Private Limited

216 Starshine Hotels Private Limited

217 Starshine Realtors Private Limited

218 Stepping Stone Buildhome Private Limited

219 Stronghold Properties Private Limited

220 Subodh Buildwell Private Limited

221 Sukhversa Properties Private Limited

222 Sumedha Builders Private Limited

223 Sunlife Properties Private Limited

224 Sunrise Township Private Limited

225 Sunshine Buildtech Private Limited

226 Sunview Township Private Limited

227 Superior Landbase Private Limited (up to 03.06.2013)

228 Swapan Sunder Township Developers Private Limited

229 Swapnil Buildhome Private Limited

230 Swarg Sukh Buildhome Private Limited

231 Swarn Bhumi Buildhome Private Limited

232 Tariq Infrabuild Private Limited

233 Taru Buildcon Private Limited

234 The International Omaxe Construction Limited

235 True Dreams Developers Private Limited

236 True Estate Build Developers Private Limited

237 True Gem Tech Developers Private Limited

238 Tushar Landcon Private Limited

239 Udal Properties Private Limited

240 Umang Buildcon Private Limited

241 Uppal Resorts Private Limited (up to 03.06.2013)

242 Vaibhav Technobuild Private Limited

243 Vaman Buildhome Private Limited

244 Veenish Realtors Private Limited

245 Veer Buildhome Private Limited

246 Versatile Buildhome Private Limited

247 VGSG Realtors Private Limited

248 Vimsan Realtors Private Limited

249 Vineera Colonisers Private Limited

250 Vingar Developers Private Limited

251 Vishishth Buildhome Private Limited

252 VSG Builders Private Limited

253 M/s J.B. Goel & Family (HUF)

254 M/s Rohtas Goel (HUF)

255 M/s Sunil Goel (HUF)

VII Key managerial personnel

1 Mr. Rohtas Goel

2 Mr. Sunil Goel

3 Mr. Jai Bhagwan Goel

4 Mr. Mohit Goel

VIII Relatives of key managerial personnel

1 Mrs. Sushma Goel

2 Mr. Nakul Goel

13. The company has regrouped / reclassified previous year figures where necessary to conform to with current year''s classification. The note no. 1-43 referred to above form an integral part of financial statements.


Mar 31, 2013

1. As on 31st March, 2013, a sum of Rs.3.16 mio (P.Y. Rs.3.21 mio) is outstanding to be refunded to the applicants who were not/partly allotted the shares in initial public offer. Such amount aggregating to Rs.3.16 mio (P.Y. Rs.3.21 mio) is lying in the separate bank account of the company. The said amount has also been shown as "Unclaimed share application money" in note no 8. This does not include any amount, due and outstanding, to be credited to the Investor Education and Protection Fund as per the provisions of the Companies Act, 1956.

2. Determination of revenues under ''Percentage of Completion method'' necessarily involves making estimates by management for percentage of completion, cost to completion, revenues expected from projects, projected profits and losses. These estimates being of a technical nature have been relied upon by the auditors.

3. The Company had in earlier years granted interest free loan of Rs.527.98 mio to one of its wholly owned subsidiary company incorporated outside India namely Rohtas Holding (Gulf) Ltd (RHGL), which in turn had given such loan amount to two SPV''s incorporated outside India namely Marine Sands Ltd (MSL) and Golden Crescent Red and General Trading Limited (GCRGTL) for carrying out real estate projects outside India. As GCRGTL has exited from proposed real estate project and has also been deregistered as offshore company, RHGL has repaid a sum of Rs.342.39 mio to the Company. The amount outstanding to be received from RHGL as on 31st March, 2013 is Rs.233.54 mio. The management of the company is of the opinion that the amount outstanding is good for recovery.

4. Balances of trade receivables, trade payables, current/ non-current advances given/ received are subject to reconciliation and confirmation from respective parties. The balance of said trade receivables, trade payables, current / non-current advances given/ received are taken as shown by the books of accounts. The ultimate outcome of such reconciliation and confirmation cannot presently be determined, therefore, no provision for any liability that may result out of such reconciliation and confirmation has been made in the financial statement, the financial impact of which is unascertainable due to the reasons as above stated.

5. Inventories, loans & advances, trade receivables and other current / non-current assets are in the opinion of the management do not have a value on realization in the ordinary course of business, less than the amount at which they are stated in the balance sheet. The classification of assets and liabilities between current and non-current have been made based on management perception as to its recoverability / settlement and other criteria as set out in the revised schedule VI to the Companies Act, 1956.

6. During the year, the Income tax department has raised a demand of Rs.854.78 mio on the company for assessment year 2007-08, against which company has filed appeal before CIT (A) and the same is pending for hearing/order.

Demand of Rs.296.34 mio for assessment year 2006-07 raised by the Income Tax Department in earlier year on the company under section 148 on account of disallowances under section 80IB(10) of the Income Tax Act, 1961, has been quashed by the Hon''ble Delhi High Court on writ petition filed by the company. The Income Tax Department has filed a special leave petition ("SLP") before Hon''ble Supreme Court of India against the order of Hon''ble Delhi High Court and the matter is sub-judice.

In respect of demand for assessment year 2008-09 for Rs.904.13 mio, partial relief on account of disallowance made u/s 80IB of Income tax Act, 1961 has been given to the company on appeal made with CIT(Appeal), however, the amount of relief cannot presently be ascertained as appeal effect order is still awaited. The company is in process of filing necessary appeals before the appropriate authorities in respect of matter for which relief has not been granted by the CIT (Appeal).

Based on the decision of various appellate authorities and the interpretations of relevant provisions of Income Tax Act, 1961, the Company has been advised by the experts that the claim under Section 80 (IB) is sustainable, accordingly the Company is hopeful that the demand so raised is likely to be deleted, hence, no provision on account of such income tax demand has been made in the accounts.

The income tax department has filed writ petition before Hon''ble Delhi High Court against the order of Income tax settlement commission in earlier years for assessment year 2000-01 to 2006-07, which is pending for hearing. Further Company has filed writ petition before Hon''ble Delhi High Court against the proceedings initiated by Income Tax Department under section 153C for assessment year 2004- 05 to 2006-07 and stay has been granted in favour of the company. Pending final outcome of such petitions filed, no provision of any potential liability has been made in the books of accounts, the amount of which cannot presently be ascertained.

7. The Company has advanced a sum of Rs.745.05 mio to one of its wholly owned subsidiary company namely Eden Buildcon Private Limited (hereinafter referred to as "Subsidiary Company") for acquiring land from Hyderabad Metropolitan Development Authority (HMDA) for real estate projects. The said subsidiary company participated in bid in respect of auction by HMDA and paid initial deposit of Rs.750.63 mio against total value of Rs.3,002.50 mio. During the process of post auction verification of title to the auctioned land, the subsidiary company on scrutiny of documents found that the auctioned land is the subject matter of pending litigations before Hon''ble Andhra Pradesh High Court. Thereafter, the subsidiary company requested HMDA to obtain necessary orders from the court empowering HMDA to alienate the auction land and also expressed its earnest intention to pay the balance cost of land. HMDA asserted that there is no legal impediment for transferring the title of the land and directed the subsidiary company to remit the balance sales consideration. The subsidiary company applied to HMDA for refund of the initial booking amount. The request for such refund was not considered by HMDA and HMDA demanded balance amount of Rs.2,251.87 mio failing which the entire booking amount was liable to be forfeited. On writ petition filed by the company for refund of the amount deposited which was tagged along with other similar petitions, single bench of Hon''ble Andhra Pradesh High Court allowed the appeal in favour of the subsidiary company. Appeal against the order of the single bench was filed by HMDA before division bench, which was allowed in favour of HMDA. The subsidiary company has filed special leave petition (SLP) before Hon''ble Supreme Court of India and stay order has been granted. The matter is sub-judice and is pending before Hon''ble Supreme Court of India. Pending final outcome of such petition filed, the amount advanced by the company to subsidiary company is considered good and classified as non-current.

8. During the year 10,000,000 number of equity shares representing 100% shareholding held by the company in wholly owned Indian Subsidiary Company namely Omaxe Infrastructure and Construction Limited (the said subsidiary company) were sold on "as is where is basis" as of 6th February, 2013 by way of transfer of shares by executing all required documents at an aggregate consideration of Rs.350.00 mio vide term sheet dated 06th February, 2013 and share purchase agreement dated 28th March, 2013. The profit on disposal of such investment amounting to Rs.250.00 mio have been taken to statement of profit and loss as an exceptional item and disclosed accordingly. Out of the aforesaid sale consideration, Rs.300.00 mio is outstanding as on 31st March, 2013 and has been disclosed as "Receivable against sale of investment from others" in note no 16 against which Rs.160.00 mio have subsequently been received till the date of this balance sheet.

9. The construction on one of the real estate project of the Company has been suspended due to stay given on construction on this project by Hon''ble High Court on the basis of civil petition. The company was claiming deduction under section 80 (IB) of Income Tax Act, 1961 (the Act) on this project. The relevant section of the Act requires, as a condition precedent, that completion certificate must be obtained in respect of qualifying projects within five years which expired on 31st March, 2012. In view of supervening impossibility created as a result of order passed by the Hon''ble High Court staying further construction on the project, the company could not comply with the said conditions. The company has been advised by legal consultants that the time limit for completion of the project i.e. 31st March, 2012 should be extended for the period with the stay operating, accordingly, the management of the company is of the opinion that there are fair chances that the company would succeed in claim of deduction under section of 80 (IB) (10) of the Act, therefore, tax benefits earlier claimed have not been reversed/provided for in the books of account. The management of the company is of the opinion that stay on construction of aforesaid project shall be vacated in due course of time, therefore, on the basis of going concern assumption, no adjustment in respect of revenue / profits already booked before such stay and customers advances related to this project have been made in the books of accounts.

10. The company was having 50:50 joint venture in Omaxe Azorim Developers Private Limited ("OADPL") along with Azorim International Holdings Limited ("JV Partner"). The company by way of settlement agreement dated 27th June, 2012 as amended on 11th January, 2013, has purchased 1,000,000 equity shares (including 500,000 superior equity shares) of Rs.10 each and 8,910 different classes of equity shares of Rs.100,000/- each representing 100% shareholding held by such JV partner, accordingly OADPL has become wholly owned subsidiary of the company w.e.f. 11th January, 2013.

The Company''s share of assets, liabilities, income and expenses, etc. (each after elimination of the effect of transactions between the Company and erstwhile Joint venture company) related to its interest in erstwhile joint Venture company till 10th January 2013 as certified by the management of such company are as below

11. SEGMENT INFORMATION

Business segments

Based on similarity of activities/products, risk and reward structure, organization structure and internal reporting system, the Company has structured its operations into the following segments:

Real estate

Promotion, construction, development and sale of townships, residential, commercial property, developed plots etc.

Construction

Construction of property on behalf of clients.

12. Related parties disclosures

Related parties are classified as:

A. Related parties are classified as:

I Wholly owned Subsidiary companies

1 Ansh Builders Private Limited

2 Arman Builders Private Limited

3 Champion Realtors Private Limited

4 Eden Buildcon Private Limited

5 Ekansh Buildtech Private Limited

6 Finishing Touch Properties and Developers Private Limited

7 Omaxe Hitech Infrastructure Company Private Limited

8 Garv Buildtech Private Limited

9 Golden Glades Builders Private Limited

10 Green Planet Colonisers Private Limited

11 JKB Constructions Private Limited

12 JRS Projects Private Limited

13 Kavya Buildtech Private Limited

14 Landlord Developers Private Limited

15 Mehboob Builders Private Limited

16 Mehtab Infratech Private Limited

17 Monarch Villas Private Limited

18 Oasis Township Private Limited

19 Jagdamba Contractors and Builders Limited

20 Omaxe Buildhome Private Limited

21 Omaxe Buildwell Private Limited

22 Omaxe Chandigarh Extension Developers Private Limited

23 Omaxe Connaught Place Mall Limited

24 Omaxe Housing and Developers Limited

25 Omaxe Housing And Infrastructure Limited

26 Omaxe Buildtech Limited

27 Omaxe Infotech City Developers Limited

28 Omaxe Infrastructure and Construction Limited (upto 29.03.2013)

29 Omaxe Infrastructure Limited

30 Omaxe Power Private Limited

31 Omaxe Rajasthan SEZ Developers Limited

32 Pancham Realcon Private Limited

33 Panchi Developers Private Limited

34 Primordial Buildcon Private Limited

35 Rohtas Holdings (Gulf) Limited

36 S. N. Realtors Private Limited (upto 10.02.2013)

37 Satvik Hitech Builders Private Limited

38 Shamba Developers Private Limited

39 Volvo Properties Private Limited

40 Omaxe Azorim Developers Private Limited (w.e.f. 11.01.2013)

41 Pam Developers (India) Private Limited (w.e.f. 10.08.2012)

II Other Subsidiary Companies

1 Anjaniputra Builders Private Limited

2 Hamara Ghar Constructions and Developers Private Limited

3 Jewel Projects Private Limited

4 Link Infrastructure and Developers Private Limited

5 Navratan Tech build Private Limited

6 Omaxe Entertainment Limited

7 Omtech Infrastructure and Construction Limited

8 Reliable Manpower Solutions Limited

9 Rivaj Infratech Private Limited

10 Zodiac Housing and Infrastructure Private Limited

11 Robust Buildwell Private Limited

12 Sri Balaji Green Heights Private Limited (w.e.f. 23.04.2012)

III Step Subsidiary Companies

1 Aadhira Developers Private Limited

2 Aarzoo Technobuild Private Limited

3 Aashna Realcon Private Limited

4 Abheek Builders Private Limited

5 Aditya Realtech Private Limited

6 Aradhya Real Estate Private Limited

7 Ashok Infrabuild Private Limited

8 Ashray Infrabuild Private Limited

9 Aviral Colonizers Private Limited

10 Ayush Landcon Private Limited

11 Bhanu Infrabuild Private Limited

12 Caspian Realtors Private Limited

13 Daman Builders Private Limited

14 Damodar Infratech Private Limited

15 Davesh Technobuild Private Limited

16 Dhanu Real Estate Private Limited

17 Dinkar Realcon Private Limited

18 Ekapad Developers Private Limited

19 Glacier Agro Foods Products Private Limited

20 Hemang Buildcon Private Limited

21 Hiresh Builders Private Limited

22 Manit Developers Private Limited

23 Oasis Suncity Realtors Private Limited

24 Radiance Housing and Properties Private Limited

25 RPS Suncity Promoters and Developers Private Limited

26 Rupesh Infratech Private Limited

27 Sanvim Developers Private Limited

28 Sarthak Landcon Private Limited

29 Sarva Buildtech Private Limited

30 Satkar Colonisers Private Limited

31 Shubh Bhumi Developers Private Limited

32 Silver Peak Township Private Limited

33 Sri Balaji Green Heights Private Limited (upto 22.04.2012)

34 Tejpal Infra Developers Private Limited

35 Utkrisht Real Estate and Associates Private Limited

36 Chapal Buildhome Private Limited

37 Anveshan Builders Private Limited

38 Adesh Realcon Private Limited

39 Navadip Developers Private Limited

40 Abhas Realcon Private Limited

41 Golden Crescent Red and General Trading Limited

42 S. N. Realtors Private Limited (w.e.f. 11.02.2013)

43 Marine Sands Limited (w.e.f. 24.01.2013)

44 Omaxe India Trade Centre Private Limited (w.e.f. 10.08.2012)

IV Joint Venture

1 Omaxe Azorim Developers Private Limited (upto 10.01.2013)

V Entities over which key managerial personnel or their relatives exercises significant influence

1 Aanchal Infrabuild Private Limited

2 Abhay Technobuild Private Limited

3 Abhiman Buildtech Private Limited

4 Absolute Infrastructure Private Limited

5 Adhar Buildtech Private Limited

6 Adil Developers Private Limited

7 Advaita Properties Private Limited

8 Advay Properties Private Limited

9 Affordable Home Loan Advisors Private Limited

10 Aftab Developers Private Limited

11 Agasthya Properties Private Limited

12 Alpesh Builders Private Limited

13 Amani Realcon Private Limited

14 Amber Infrabuild Private Limited

15 Amit Jain Builders Private Limited

16 Amod Builders Private Limited

17 Amshul Developers Private Limited

18 Ananddeep Realtors Private Limited

19 Anant Realcon Private Limited

20 Aneesh Buildtech Private Limited

21 Annay Realtors Private Limited

22 Apoorva Infrabuild Private Limited

23 Arhan Builders Private Limited

24 Arhant Infrabuild Private Limited

25 Aric Infrabuild Private Limited

26 Arjit Builders Private Limited

27 Ashtam Builders Private Limited

28 Avindra Estate Developers Private Limited

29 Aviral Buildtech Private Limited

30 Avtar Infrabuild Private Limited

31 Avval Builders Private Limited

32 Axeom Advertising Solutions Limited

33 B D Agarwal Securities Private Limited

34 Badal Developers Private Limited

35 Badal Impex Private Limited

36 Balesh Technobuild Private Limited

37 Bali Buildtech Private Limited

38 Bandhu Buildtech Private Limited

39 Banke Builders Private Limited

40 Basant Infrabuild Private Limited

41 Beautiful Landbase Private Limited

42 Bhanu Retail Private Limited

43 Bharatbhoomi Township Limited

44 Bhargav Builders Private Limited

45 Bhavesh Buildcon Private Limited

46 Bhuvan Buildtech Private Limited

47 Blossom Buildhome Private Limited

48 Buildwell Builders Private Limited

49 Caleen Hotels Private Limited

50 Chaitanya Realcon Private Limited

51 Chetan Infrabuild Private Limited

52 Chirag Buildhome Private Limited

53 Constellation Capital Limited

54 Cress Propbuild Private Limited

55 Daksh Airport Developers Private Limited

56 Daksh Township Private Limited

57 Damini Infratech Private Limited

58 Darpan Buildtech Private Limited

59 Darsh Buildtech Private Limited

60 Deejit Developers Private Limited

61 Deepaalay Realtors Private Limited

62 Deepal Township Private Limited

63 Deepsan Realtors Private Limited

64 Deepsing Realtors Private Limited

65 Derwal Realtors Private Limited

66 Desire Housing and Construction Private Limited

67 Devang Builders Private Limited

68 Devgar Estate Developers Private Limited

69 Distinctive Infrastructure And Construction Private Limited

70 Divya Buildhome Private Limited

71 Dream Home Developers Private Limited

72 Dream Techno Build Private Limited

73 Dream Towers Private Limited

74 DVM Realtors Private Limited

75 Dwarkadish Land and Farms Private Limited

76 Examo Estate Management Private Limited

77 Excellent Apartments Private Limited

78 Fast Track Buildcon Private Limited

79 Forever Housing and Properties Private Limited

80 Fragrance Housing And Properties Private Limited

81 Fragrance Information And Communication Technologies Private Limited

82 Gaamit Realtors Private Limited

83 Gagan Realcon Private Limited

84 Garg and Goel Estate Developers Private Limited

85 Garg Realtors Private Limited

86 Garvish Realtors Private Limited

87 Gaurang Buildcon Private Limited

88 Geet Buildhome Private Limited

89 Girish Buildwell Private Limited

90 Glamour Hotels Private Limited

91 Goel Isha Colonisers Private Limited

92 Green Earth Promoters Private Limited

93 Green Tech Tower Builders Private Limited

94 Guild Builders Private Limited

95 Gurmeet Builders Private Limited

96 Hansa Properties Private Limited

97 Havish Buildcon Private Limited

98 Hina Technobuild Private Limited

99 Hitech Hotels Private Limited

100 Hriday Hitech Builders Private Limited

101 Indrasan Developers Private Limited

102 Inesh Buildcon Private Limited

103 Inesh Developers Private Limited

104 Inqalab Builders Private Limited

105 Interactive Buildtech Private Limited

106 Istuti Realcon Private Limited

107 J. B. Realcon Private Limited

108 Jagat Buildtech Private Limited

109 Jai Bhoomi Projects Limited

110 Jai Dev Colonisers Private Limited

111 Jalesh Builders And Developers Private Limited

112 Jayant Buildhome Private Limited

113 Jishnu Buildcon Private Limited

114 Jitenjay Realtors Private Limited

115 Jivish Colonisers Private Limited

116 JSM Enterprises Private Limited

117 Kalp Buildtech Private Limited

118 Kamini Builders And Promoters Private Limited

119 Kanak Buildhome Private Limited

120 Kanha Logistics Private Limited

121 Kartik Buildhome Private Limited

122 Kashish Buildtech Private Limited

123 Kautilya Monetary Services Private Limited

124 KBM Constructions Private Limited

125 Keshto Buildcon Private Limited

126 Kirti Hotels Private Limited

127 Kishordeep Realtors Private Limited

128 Krishan Kripa Buildcon Private Limited

129 Laldeep Realtors Private Limited

130 Lavanya Builders Private Limited

131 Lifestyle Township Private Limited

132 Lohith Developers Private Limited

133 Luxury Township Private Limited

134 M I J Infrastructure Private Limited

135 Maa Omwati Education Trust

136 Mangal Bhumi Properties Private Limited

137 Mangla Villas Private Limited

138 Manik Buildcon Private Limited

139 Mankish Colonisers Private Limited

140 Manprav Developers Private Limited

141 Manwal Colonisers Private Limited

142 Marine Sands Limited (up to 23.01.2013)

143 Megh Airways Private Limited

144 Meghmala Builders Private Limited

145 Mihir Buildwell Private Limited

146 Milestone Township Private Limited

147 Miniature Township and Properties Private Limited

148 Mohak Tours and Travels Private Limited

149 Motto Developers Private Limited

150 NAFHIL Gujrat Homes Limited

151 NAJ Builders Private Limited

152 Nakul Technobuild Private Limited

153 Naptune Technobuild Projects Private Limited

154 National Affordable Housing and Infrastructure Limited

155 Natraj Colonisers Private Limited

156 Naveenraj Realtors Private Limited

157 Neegar Developers Private Limited

158 New Horizons Township Developers Private Limited

159 Nikunj Infrabuild Private Limited

160 NJS Developers Private Limited

161 Obalesh Buildcon Private Limited

162 Omaxe Affordable Homes Private Limited

163 Omaxe Bihar Affordable Housing Private Limited

164 Omaxe Chhattisgarh Affordable Housing Private Limited

165 Omaxe Foundation (Regd.)

166 Omaxe Global Trading Corporation Private Limited

167 Omaxe Hotels Limited

168 Omaxe Housing And Commercial Projects Limited

169 Omaxe Infrastructure Development Private Limited

170 Omaxe Madhya Pradesh Affordable Housing Private Limited

171 Omaxe Orissa Developers Limited

172 Omaxe Pragati Maidan Exhibition Limited

173 Omaxe Punjab Affordable Housing Private Limited

174 Omaxe Rajasthan Affordable Housing Private Limited

175 Omaxe Realtors Private Limited

176 Omaxe Retail Limited

177 Omaxe Uttar Pradesh Affordable Housing Private Limited

178 P N Buildcon Private Limited

179 Paradise On Earth Properties Private Limited

180 Parjit Realtors Private Limited

181 Pearl Peak Landbase Private Limited

182 Prabal Developers Private Limited

183 Praveen Buildcon Private Limited

184 Praveen Mehta Builders Private Limited

185 PSJ Developers Private Limited

186 Puru Builders Private Limited

187 Radhika Buildwell Private Limited

188 Rahi Transport Private Limited

189 Ramneesh Builders Private Limited

190 Ramniya Estate Developers Private Limited

191 Raveendeep Colonisers Private Limited

192 Renown Estate Developers Private Limited

193 Rishit Buildcon Private Limited

194 Rocky Valley Resorts Private Limited

195 Rockyard Properties Private Limited

196 Rohak Builders Private Limited

197 Ryhme Propbuild Private Limited

198 S. A. Finvest Limited

199 Saamit Realtors Private Limited

200 Sakal Agrotech Private Limited

201 Sandeep Landcon Private Limited

202 Sandeep Township Private Limited

203 Sangupt Developers Private Limited

204 Sanjit Realtors Private Limited

205 Sankalp Realtors Private Limited

206 Sanya Realtors Private Limited

207 Sapphire Township and Developers Private Limited

208 Savin Realtors Private Limited

209 Sentinent Properties Private Limited

210 Shalin Buildwell Private Limited

211 Shantiniwas Developers Private Limited

212 Shardul Builders Private Limited

213 Shashank Buildhome Private Limited

214 Shikhar Landcon Private Limited

215 Shining Home Infrastructure Private Limited

216 Shivkripa Buildhome Private Limited

217 Shrey Technobuild Private Limited

218 Shreyas Buildhome Private Limited

219 Singdeep Estate Developers Private Limited

220 Smart Buildhome Private Limited

221 Snehal Buildcon Private Limited

222 SNJ Builders Private Limited

223 Source Developers Private Limited

224 Spike Developers Private Limited

225 Starex Projects Private Limited

226 Starshine Hotels Private Limited

227 Starshine Realtors Private Limited

228 Stepping Stone Buildhome Private Limited

229 Stronghold Properties Private Limited

230 Subodh Buildwell Private Limited

231 Sukhversa Properties Private Limited

232 Sumedha Builders Private Limited

233 Sunlife Properties Private Limited

234 Sunrise Township Private Limited

235 Sunshine Buildtech Private Limited

236 Sunview Township Private Limited

237 Superior Landbase Private Limited

238 Swapan Sunder Township Developers Private Limited

239 Swapnil Buildhome Private Limited

240 Swarg Sukh Buildhome Private Limited

241 Swarn Bhumi Buildhome Private Limited

242 Tariq Infrabuild Private Limited

243 Taru Buildcon Private Limited

244 The International Omaxe Construction Limited

245 True Dreams Developers Private Limited

246 True Estate Build Developers Private Limited

247 True Gem Tech Developers Private Limited

248 True Villas Developers Private Limited (upto 06.08.2012)

249 Tushar Landcon Private Limited

250 Udal Properties Private Limited

251 Umang Buildcon Private Limited

252 Uppal Resorts Private Limited

253 Vaibhav Technobuild Private Limited

254 Vaman Buildhome Private Limited

255 Veenish Realtors Private Limited

256 Veer Buildhome Private Limited

257 Versatile Buildhome Private Limited

258 VGSG Realtors Private Limited

259 Vimsan Realtors Private Limited

260 Vineera Colonisers Private Limited

261 Vingar Developers Private Limited

262 Vishishth Buildhome Private Limited

263 VSG Builders Private Limited

264 M/s J.B. Goel & Family ( HUF)

265 M/s Rohtas Goel (HUF)

266 M/s Sunil Goel ( HUF)

VI Key managerial personnel

1 Mr. Rohtas Goel

2 Mr. Sunil Goel

3 Mr. Jai Bhagwan Goel

4 Mr. Mohit Goel

VII Relatives of key managerial personnel

1 Mrs. Sushma Goel

13. The company has regrouped / reclassified previous year figures where necessary to conform to with current year''s classification.


Mar 31, 2012

1. CONTINGENT LIABILITIES & COMMITMENTS

(- in mio)

Particulars Year ended Year ended

March 31,2012 March 31, 2011

(i) Claims by Customers against the company not acknowledged as debts (to the 186.95 115.73 extent quantifiable)

(ii) Bank guarantees In respect of the Company 1,174.60 1,114.31

In respect of subsidiaries 311.51 588.26

In respect of joint venture company 43.74 43.74

In respect of others 0.25 0.25

(iii) Counter guarantees 45.00 45.00

(iv) Corporate guarantees in respect of wholly owned subsidiary companies 3671.60 3,611.60

(v) Disputed tax amounts:

Sales tax 86.73 82.70

Service tax Nil 29.10

Income tax (net of excess provision made earlier) 1146.80 864.96

Writ Petition filed by Income tax department against order of settlement commission Amount unas- Amount unas- before Delhi High Court certainable certainable

Certain civil cases preferred against the Company in respect of labour laws, specific Not quantifiable Not quantifiable performance of certain land agreements, etc. and disputed by the Company

2. As on 31st March, 2012, a sum of Rs.3.21 mio (P.Y. Rs.3.21 mio) is outstanding to be refunded to the applicants who were not/partly allotted the shares in initial public offer. Such amount aggregating to Rs.3.21 mio (P.Y. Rs.3.21 mio) is lying in the separate bank account of the company. The said amount has also been shown as "Unclaimed share application money" in note no 8. This does not include any amount, due and outstanding, to be credited to the Investor Education and Protection Fund as per the provisions of the Companies Act, 1956.

3. Determination of revenues under 'Percentage of Completion method' necessarily involves making estimates by management for percentage of completion, cost to completion, revenues expected from projects, projected Profits and losses. These estimates being of a technical nature have been relied upon by the auditors.

4. The Company had in earlier years granted interest free loan of Rs.527.98 mio to one of its wholly owned subsidiary company incorporated outside India namely Rohtas Holding (Gulf) Ltd (RHGL), which in turn had given such loan amount to two SPV's incorporated outside India namely Marine Sands Ltd (MSL) and Golden Crescent Red and General Trading Limited (GCRGTL) for carrying out real estate projects outside India. GCRGTL has since exited from proposed real estate project. Accordingly RHGL has repaid a sum of Rs.342.39 mio to the Company. In the opinion of management of the Company, the amount advanced to Marine Sands Ltd through RHGL is good, as there are fair chances of revival of real estate project in MSL.

5. Balances of trade receivables, trade payables, current / non-current advances given/ received are subject to reconciliation and confirmation from respective parties. The balance of said trade receivables, trade payables, current / non-current advances given/ received are taken as shown by the books of accounts. The ultimate outcome of such reconciliation and confirmation cannot presently be determined, therefore, no provision for any liability that may result out of such reconciliation and confirmation has been made in the financial statement, the financial impact of which is unascertainable due to the reasons as above stated.

6. Inventories, loans & advances, trade receivables and other current / non-current assets are in the opinion of the management do not have a value on realization in the ordinary course of business, less than the amount at which they are stated in the balance sheet. The classification of assets and liabilities between current and non-current have been made based on management perception as to its recoverability / settlement and other criteria as set out in the revised schedule VI to the Companies Act,1956.

7. During the year, the Income tax department has raised a demand of Rs.296.34 mio on the company for assessment year 2006-07 on account of disallowances under section 80(IB) of Income Tax Act, 1961. The company has fled writ petition before Hon'ble High Court against the impunged order of Assessing Officer. The earlier Income tax demand of Rs.904.13 mio for assessment year 2008- 09 is also subject matter of appeal before CIT(A) and is still pending for final decision. Based on the decision of various appellate authorities and the interpretations of relevant provisions of Income Tax Act, 1961, the Company has been advised by the experts that the claim under Section 80 (IB) is sustainable, accordingly the Company is quite hopeful that the demand so raised is likely to be deleted, hence, no provision on account of such income tax demand has been made in the accounts.

8. The Company has advanced a sum of Rs.745.05 mio to one of its wholly owned subsidiary company namely Eden Buildcon Private Limited (hereinafter referred to as "Subsidiary Company") for acquiring land from Hyderabad Metropolitan Development Authority (HMDA) for real estate projects. The said subsidiary company participated in bid in respect of auction by HMDA and paid initial deposit of Rs.750.63 mio against total value of Rs.3,002.50 mio. During the process of verifying the title to the auction land post auction, the subsidiary company on scrutiny of documents found that the auction land is the subject matter of pending litigations before Hon'ble Andhra Pradesh High Court. Thereafter, the subsidiary company requested HMDA to obtain necessary orders from the court empowering HMDA to alienate the auction land and also expressed its honest intention to pay the balance cost of land. HMDA asserted that there is no legal impediment for transferring the title of the land and directed the subsidiary company to remit the balance sales consideration. The subsidiary company applied to HMDA for refund of the initial booking amount. The request for such refund was not considered by HMDA and HMDA demanded balance amount of Rs.2,251.87 mio failing which the entire booking amount was liable to be forfeited. The subsidiary company has fled a writ petition before Hon'ble Andhra Pradesh High Court against letter of HMDA giving final notice to remit balance consideration or forfeiture of the booking amount. The subsidiary company has since obtained an interim order in the said writ petition wherein Hon'ble High Court of Andhra Pradesh has ordered for interim suspension of the operation of the aforesaid letter. The writ petition of the Subsidiary Company is ordered to be tagged with the Writ Appeals of other companies having similar grievance for refund of their money from HMDA. Since the matter is sub-judice, amount advanced by the company to subsidiary company is considered good and classified as non-current.

9. The construction on one of the real estate projects of the Company have temporarily been suspended due to stay given on construction on this project by Hon'ble High Court on the basis of special leave petition. The company was claiming deduction under section 80 (IB) of Income tax Act, 1961 (the Act) on this project. The relevant section of the Act requires, as a condition precedent, that completion Certificate must be obtained in respect of qualifying projects within five years which expired on 31st March, 2012. In view of supervening impossibility created as a result of order passed by the Hon'ble High Court staying further construction on the project, the company could not comply with the said conditions. The company has been advised by legal consultants that the time limit for completion of the project i.e.31st March, 2012 should be extended for the period with the stay operating, accordingly, the management of the company is of the opinion that there are fair chances that the company would succeed in claim of deduction under section of 80 (IB) (10) of the Act, therefore, tax benefits earlier claimed has not been reversed/provided for in the books of account. The management of the company is of the opinion that stay on construction of aforesaid project shall be vacated in due course of time, therefore, on the basis of going concern assumption, no adjustment in respect of revenue / Profits already booked before such stay and customers advances related to this project have been made in the books of accounts.

10. The company is having 50: 50 Joint Venture in Omaxe Azorim Developers Private Limited ("Joint venture company"). The company and another shareholder of such joint venture company has fled petition and cross petition before Hon'ble Company Law Board under section 397 and 398 of the Companies Act, 1956. The Hon'ble Company Law Board have vide its various interim order(s) directed the parties to work towards reconciliatory solution in operation of the Company and both the parties are in process of settlement. The petitions are posted for completion of pleadings on 18th July, 2012. Pending the final outcome of the petition(s), their outcome and related impact, if any, on the financial statements to the extent of company's interest in such joint venture company are not ascertainable.

11. Interest in Joint Ventures

The Company entered into a 50:50 Joint Venture in Omaxe Azorim Developers Private Ltd (incorporated in India) with M/s Azorim International Holdings Limited (Azorim) for development of the Real Estate Project in India. The company's share in Profit and loss item is considered @ 50:50 (previous year 50:50). However, for the purposes of Company's share in assets and liabilities, proportionate consolidation method has been adopted.

The Company's interest in the Joint Venture Company is reported as Long term Investment (refer note No. 10) and stated at cost. The Company's share of each of the assets, liabilities, income and expenses, etc. (each after elimination of, the effect of transactions between the Company and the joint venture related to its interests in joint venture company based on financial results are given here under:

12 Employee benefit A. Gratuity

The Company is having group gratuity scheme with LIC of India.

13. LEASE

a. The Company has taken certain premises on non-cancellation operating lease.

b. The lease agreements provide for an option to the Company to renew the lease period at the end of the non-cancellation period. There are no exceptional / restrictive covenants in the lease agreement.

c. Lease rent expenses in respect of operating lease debited to statement of Profit and loss account -66.21 mio (P.Y -31.60 mio).

14. Segment information

Business segments

Based on similarity of activities/products, risk and reward structure, organization structure and internal reporting system, the Company has structured its operations into the following segments:

Real estate

Promotion, construction, development and sale of townships, residential, commercial property, developed plots etc.

15. RELATED PARTIES DISCLOSURES

Related parties are classified as:

A. Related parties are classified as:

I Wholly owned Subsidiary companies

1 Ansh Builders Private Limited

2 Arman Builders Private Limited

3 Champion Realtors Private Limited

4 Eden Buildcon Private Limited

5 Ekansh Buildtech Private Limited

6 Finishing Touch Properties and Developers Private Limited

7 Omaxe Hitech Infrastructure Company Private Limited (Formerly First Promoters & Developers Private Lim- ited)

8 Garv Buildtech Private Limited

9 Golden Glades Builders Private Limited

10 Green Planet Colonisers Private Limited

11 JKB Constructions Private Limited

12 JRS Projects Private Limited

13 Kavya Buildtech Private Limited

14 Landlord Developers Private Limited

15 Mehboob Builders Private Limited

16 Mehtab Infratech Private Limited

17 Monarch Villas Private Limited

18 Oasis Township Private Limited

19 Jagdamba Contractors and Builders Limited (Formerly Omaxe Buildcon Limited)

20 Omaxe Buildhome Private Limited

21 Omaxe Buildwell Private Limited

22 Omaxe Chandigarh Extension Developers Private Limited

23 Omaxe Connaught Place Mall Limited

24 Omaxe Housing and Developers Limited

25 Omaxe Housing And Infrastructure Limited

26 Omaxe Buildtech Limited (Formerly Omaxe Housing Finance Limited)

27 Omaxe Infotech City Developers Limited

28 Omaxe Infrastructure And Construction Limited

29 Omaxe Infrastructure Limited

30 Omaxe Power Private Limited

31 Omaxe Rajasthan SEZ Developers Limited

32 Pancham Realcon Private Limited

33 Panchi Developers Private Limited

34 Primordial Buildcon Private Limited

35 Rohtas Holdings (Gulf) Limited

36 S N Realtors Private Limited

37 Satvik Hitech Builders Private Limited

38 Shamba Developers Private Limited

39 Volvo Properties Private Limited

40 Max Gulf Limited (upto 04.04.2011)

II Other Subsidiary Companies

1 Anjaniputra Builders Private Limited

2 Hamara Ghar Constructions and Developers Private Limited

3 Jewel Projects Private Limited

4 Link Infrastructure and Developers Private Limited

5 Navratan Techbuild Private Limited

6 Omaxe Entertainment Limited

7 Omtech Infrastructure and Construction Limited

8 Reliable Manpower Solutions Limited

9 Rivaj Infratech Private Limited

10 Zodiac Housing and Infrastructure Private Limited

11 Robust Buildwell Private Limited

III Step Subsidiary Companies

1 Aadhira Developers Private Limited

2 Aarzoo Technobuild Private Limited

3 Aashna Realcon Private Limited

4 Abheek Builders Private Limited

5 Aditya Realtech Private Limited

6 Aradhya Real Estate Private Limited

7 Ashok Infrabuild Private Limited

8 Ashray Infrabuild Private Limited

9 Aviral Colonisers Private Limited

10 Ayush Landcon Private Limited

11 Bhanu Infrabuild Private Limited

12 Caspian Realtors Private Limited

13 Daman Builders Private Limited

14 Damodar Infratech Private Limited

15 Davesh Technobuild Private Limited

16 Dhanu Real Estate Private Limited

17 Dinkar Realcon Private Limited

18 Ekapad Developers Private Limited

19 Glacier Agro Foods Private Limited

20 Hemang Buildcon private Limited

21 Hiresh Builders Private Limited

22 Manit Developers Private Limited

23 Oasis Suncity Realtors Private Limited

24 Radiance Housing and Properties Private Limited

25 RPS Suncity Promoters and Developers Private Limited

26 Rupesh Infratech private Limited

27 Sanvim Developers Private Limited

28 Sarthak Landcon Private Limited

29 Sarva Buildtech Private Limited

30 Satkar Colonisers Private Limited

31 Shubh Bhumi Developers Private Limited

32 Silver Peak Township Private Limited

33 Sri Balaji Green Heights Private Limited

34 Tejpal Infra Developers Private Limited

35 Utkrisht Real Estate and Associates Private Limited

36 Chapal Buildhome Private Limited (w.e.f. 05.05.2011)

37 Anveshan Builders Private Limited

38 Adesh Realcon Private Limited

39 Navdip Developers Private Limited

40 Abhas Realcon Private Limited

41 Golden Crescent Red & General Trading Limited (w.e.f. 11.03.2012)

IV Joint Venture

1 Omaxe Azorim Developers Private Limited

V Entities over which key managerial personnel or their relatives exercises significant infuence

1 Aanchal Infrabuild Private Limited

2 Abhay Technobuild Private Limited

3 Abhiman Buildtech Private Limited

4 Absolute Infrastructure Private Limited

5 Adhar Buildtech Private Limited

6 Adil Developers Private Limited

7 Advaita Properties Private Limited

8 Advay Properties Private Limited

9 Affordable Home Loan Advisors Private Limited

10 Aftab Developers Private Limited

11 Agasthya Properties Private Limited

12 Alpesh Builders Private Limited

13 Amani Realcon Private Limited

14 Amber Infrabuild Private Limited

15 Amit Jain Builders Private Limited

16 Amit Landcon Private Limited (upto 02.06.2011)

17 Amod Builders Private Limited

18 Amshul Developers Private Limited

19 Ananddeep Realtors Private Limited

20 Anant Realcon Private Limited

21 Aneesh Buildtech Private Limited

22 Annay Realtors Private Limited

23 Apoorva Infrabuild Private Limited

24 Arhan Builders Private Limited

25 Arhant Infrabuild Private Limited

26 Aric Infrabuild Private Limited

27 Arjit Builders Private Limited

28 Ashtam Builders Private Limited

29 Avindra Estate Developers Private Limited

30 Aviral Buildtech Private Limited

31 Avtar Infrabuild Private Limited

32 Avval Builders Private Limited

33 Axeom Advertising Solutions Limited

34 B D Agarwal Securities Private Limited

35 Badal Developers Private Limited

36 Badal Impex Private Limited

37 Balesh Technobuild Private Limited

38 Bali Buildtech Private Limited

39 Bandhu Buildtech Private Limited

40 Banke Builders Private Limited

41 Basant Infrabuild Private Limited

42 Beautiful Landbase Private Limited

43 Bhanu Retail Private Limited

44 Bharatbhoomi Township Limited

45 Bhargav Builders Private Limited

46 Bhavesh Buildcon Private Limited

47 Bhuvan Buildtech Private Limited

48 Blossom Buildhome Private Limited

49 Buildwell Builders Private Limited

50 Caleen Hotels Private Limited

51 Chaitanya Realcon Private Limited

52 Chapal Buildhome Private Limited (upto 04.05.2011)

53 Chetan Infrabuild Private Limited

54 Chirag Buildhome Private Limited

55 Constellation Capital Limited

56 Cress Propbuild Private Limited

57 Daksh Airport Developers Private Limited

58 Daksh Township Private Limited

59 Damini Infratech Private Limited

60 Darpan Buildtech Private Limited

61 Darsh Buildtech Private Limited

62 Deejit Developers Private Limited

63 Deepaalay Realtors Private Limited

64 Deepal Township Private Limited

65 Deepsan Realtors Private Limited

66 Deepsing Realtors Private Limited

67 Derwal Realtors Private Limited

68 Desire Housing and Construction Private Limited

69 Devang Builders Private Limited

70 Devgar Estate Developers Private Limited

71 Distinctive Infrastructure And Construction Private Limited

72 Divya Buildhome Private Limited

73 Dream Home Developers Private Limited

74 Dream Techno Build Private Limited

75 Dream Towers Private Limited

76 DVM Realtors Private Limited

77 Dwarkadhish Land and Farms Private Limited

78 Examo Estate Management Private Limited

79 Excellent Apartments Private Limited

80 Fast Track Buildcon Private Limited

81 Forever Housing and Properties Private Limited

82 Fragrance Housing And Properties Private Limited

83 Fragrance Information And Communication Technolo- gies Private Limited

84 Gaamit Realtors Private Limited

85 Gagan Realcon Private Limited

86 Garg and Goel Estate Developers Private Limited

87 Garg Realtors Private Limited

88 Garvish Realtors Private Limited

89 Gaurang Buildcon Private Limited

90 Geet Buildhome Private Limited

91 Girish Buildwell Private Limited

92 Glamour Hotels Private Limited

93 Goel Isha Colonisers Private Limited

94 Golden Crescent Red & General Trading Limited (upto 10.03.2012)

95 Green Earth Promoters Private Limited

96 Green Tech Tower Builders Private Limited

97 Guild Builders Private Limited

98 Gurmeet Builders Private Limited

99 Hansa Properties Private Limited

100 Havish Buildcon Private Limited

101 Hina Technobuild Private Limited

102 Hitech Hotels Private Limited

103 Hriday Hitech Builders Private Limited

104 Indrasan Developers Private Limited

105 Inesh Buildcon Private Limited

106 Inesh Developers Private Limited

107 Inqalab Builders Private Limited

108 Interactive Buildtech Private Limited

109 Istuti Realcon Private Limited

II 0 J. B. Realcon Private Limited

III Jagat Buildtech Private Limited 112 Jai Bhoomi Projects Limited

11 3 Jai Dev Colonisers Private Limited

114 Jalesh Builders And Developers Private Limited

115 Jayant Buildhome Private Limited 116 Jishnu Buildcon Private Limited 117 Jitenjay Realtors Private Limited 118 Jivish Colonisers Private Limited

119 JSM Enterprises Private Limited

120 Kalp Buildtech Private Limited

121 Kamini Builders And Promoters Private Limited

122 Kanak Buildhome Private Limited

123 Kanha Logistics Private Limited

124 Kartik Buildhome Private Limited

125 Kashish Buildtech Private Limited

126 Kautilya Monetary Services Private Limited

127 KBM Constructions Private Limited

128 Keshto Buildcon Private Limited

129 Kirti Hotels Private Limited

130 Kishordeep Realtors Private Limited

131 Krishan Kripa Buildcon Private Limited

132 Laldeep Realtors Private Limited

133 Lavanya Builders Private Limited

134 Lifestyle Township Private Limited

135 Lohith Developers Private Limited

136 Luxury Township Private Limited

137 M I J Infrastructure Private Limited

138 Maa Omwati Education Trust

139 Mangal Bhumi Properties Private Limited

140 Mangla Villas Private Limited

141 Manik Buildcon Private Limited

142 Mankish Colonisers Private Limited

143 Manprav Developers Private Limited

144 Manwal Colonisers Private Limited

145 Marine Sands Limited

146 Megh Airways Private Limited

147 Meghmala Builders Private Limited

148 Mihir Buildwell Private Limited

149 Milestone Township Private Limited

150 Miniature Township And Properties Private Limited

151 Mohak Tours And Travels Private Limited

152 Motto Developers Private Limited

153 NAFHIL Gujrat Homes Limited

154 NAJ Builders Private Limited

155 Nakul Technobuild Private Limited

156 Naptune Technobuild Projects Private Limited

157 National Affordable Housing and Infrastructure Limited

158 Natraj Colonisers Private Limited

159 Naveenraj Realtors Private Limited

160 Neegar Developers Private Limited

161 New Horizons Township Developers Private Limited

162 Nikunj Infrabuild Private Limited

163 NJS Developers Private Limited

164 Obalesh Buildcon Private Limited

165 Omaxe Affordable Homes Private Limited

166 Omaxe Bihar Affordable Housing Private Limited

167 Omaxe Chhattisgarh Affordable Housing Private Limited

168 Omaxe Foundation ( Regd.)

169 Omaxe Global Trading Corporation Private Limited

170 Omaxe Hotels Limited

171 Omaxe Housing And Commercial Projects Limited

172 Omaxe Infrastructure Development Private Limited

173 Omaxe Madhya Pradesh Affordable Housing Private Limited

174 Omaxe Orissa Developers Limited

175 Omaxe Pragati Maidan Exhibition Limited

176 Omaxe Punjab Affordable Housing Private Limited

177 Omaxe Rajasthan Affordable Housing Private Limited

178 Omaxe Realtors Private Limited

179 Omaxe Retail Limited

180 Omaxe Uttar Pradesh Affordable Housing Private Limited

181 P N Buildcon Private Limited

182 Paradise On Earth Properties Private Limited

183 Parjit Realtors Private Limited

184 Pearl Peak Landbase Private Limited

185 Prabal Developers Private Limited

186 Praveen Buildcon Private Limited

187 Praveen Mehta Builders Private Limited

188 PSJ Developers Private Limited

189 Puru Builders Private Limited

190 Radhika Buildwell Private Limited

191 Rahi Transport Private Limited

192 Ramneesh Builders Private Limited

193 Ramniya Estate Developers Private Limited

194 Raveendeep Colonisers Private Limited

195 Renown Estate Developers Private Limited

196 Rishit Buildcon Private Limited

197 Rocky Valley Resorts Private Limited

198 Rockyard Properties Private Limited

199 Rohak Builders Private Limited

200 Ryhme Propbuild Private Limited

201 S A Finvest Limited

202 Saamit Realtors Private Limited

203 Sakal Agrotech Private Limited

204 Sandeep Landcon Private Limited

205 Sandeep Township Private Limited

206 Sangupt Developers Private Limited

207 Sanjit Realtors Private Limited

208 Sankalp Realtors Private Limited

209 Sanya Realtors Private Limited

210 Sapphire Township and Developers Private Limited

211 Savin Realtors Private Limited

212 Sentinent Properties Private Limited

213 Shalin Buildwell Private Limited

214 Shantiniwas Developers Private Limited

215 Shardul Builders Private Limited

216 Shashank Buildhome Private Limited

217 Shikhar Landcon Private Limited

218 Shining Home Infrastructure Private Limited

219 Shiv Kripa Build Home Private Limited

220 Shrey Technobuild Private Limited

221 Shreyas Buildhome Private Limited

222 Singdeep Estate Developers Private Limited

223 Smart Buildhome Private Limited

224 Snehal Buildcon Private Limited

225 SNJ Builders Private Limited

226 Source Developers Private Limited

227 Spike Developers Private Limited

228 Starex Projects Private Limited

229 Starshine Hotels Private Limited

230 Starshine Realtors Private Limited

231 Stepping Stone Buildhome Private Limited

232 Stronghold Properties Private Limited

233 Subodh Buildwell Private Limited

234 Sukhversa Properties Private Limited

235 Sumedha Builders Private Limited

236 Sunlife Properties Private Limited

237 Sunrise Township Private Limited

238 Sunshine Buildtech Private Limited

239 Sunview Township Private Limited

240 Superior Landbase Private Limited

241 Swapan Sunder Township Developers Private Limited

242 Swapnil Buildhome Private Limited

243 Swarg Sukh Buildhome Private Limited

244 Swarn Bhumi Buildhome Private Limited

245 Tariq Infrabuild Private Limited

246 Taru Buildcon Private Limited

247 The International Omaxe Construction Limited

248 True Dreams Developers Private Limited

249 True Estate Build Developers Private Limited

250 True Gem Tech Developers Private Limited

251 True Villas Developers Private Limited

252 Tushar Landcon Private Limited

253 Udal Properties Private Limited

254 Umang Buildcon Private Limited

255 Uppal Resorts Private Limited

256 Vaibhav Technobuild Private Limited

257 Vaman Buildhome Private Limited

258 Veenish Realtors Private Limited

259 Veer Buildhome Private Limited

260 Versatile Buildhome Private Limited

261 VGSG Realtors Private Limited

262 Vimsan Realtors Private Limited

263 Vineera Colonisers Private Limited

264 Vingar Developers Private Limited

265 Vishishth Buildhome Private Limited

266 VSG Builders Private Limited

267 M/s J.B. Goel & Family (HUF)

268 M/s Rohtas Goel (HUF)

269 M/s Sunil Goel (HUF)

VI Key managerial personnel

1 Mr. Rohtas Goel

2 Mr. Sunil Goel

3 Mr. Jai Bhagwan Goel

VII Relatives of key managerial personnel

1 Mrs. Sushma Goel

2 Mr. Mohit Goel

18. Till the year ended March 31, 2011, the company was using pre-revised Schedule VI to the Companies Act 1956, for preparation and presentation of its financial statements. During the year ended March 31, 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company. The company has regrouped / reclassified previous year figures where necessary to conform to with current year's classification.

The note no. 1-45 referred to above forms an integral part of financial statements.


Mar 31, 2011

1. Contingent liabilities not provided for in respect of:

(Rs. in mio)

Year ended March Year ended March

31,2011 31,2010

Claims against the Company not acknowledged as debts 115.73 81.28

Bank guarantees

In respect of the Company 1,125.23 1139.13

In respect of subsidiaries 577.34 655.29

In respect of joint venture company 43.74 78.89

In respect of others 0.25 0.15

Counter guarantees 45.00 45.00

Corporate guarantees in respect of wholly owned subsidiary companies 3,611.60 2,561.60

Disputed tax amounts:

Sales tax 82.70 68.45

Service tax 29.10 29.10

Income tax (net of excess provision made earlier) 864.96 Nil

Writ Petition filed by Income Tax Department against order of settlement Amount Amount

commission before Delhi High Court unascert -ainable unascert -ainable

Disputed differential Interest Liability Nil 7.20

Certain civil cases preferred against the Company in respect of Not quantifiable Not quantifiable labour laws, specific performance of certain land agreements, etc. and disputed by the Company

2. Ason31!t March, 2011,asumof Rs.3.21 mio (Rs.3.22 mio) is outstanding to be refunded to the applicants who were not/partly allotted the shares in initial public offer. Such amount aggregating to Rs.3.21 mio (Rs.3.22 mio) is lying in the separate bank account of the company. The said amount has also been shown as "Unclaimed share application money" in Schedule No. 13. This does not include any amount, due and outstanding, to be credited to the Investor Education and Protection Fund as per the provisions of the Companies Act, 1956.

3. Determination of revenues under 'Percentage of Completion method' necessarily involves making estimates by management for percentage of completion, cost to completion, revenues expected from projects, projected profits and losses. These estimates being of a technical nature have been relied upon by the auditors.

4. The Company had in earlier years granted interest free loan of Rs.527.98 mio to one of its wholly owned subsidiary Company incorporated outside India namely Rohtas Holding (Gulf) Ltd (RHGL), which in turn had given such loan amount to two SPV's incorporated outside India namely Marine Sands Ltd (MSL) and Golden Crescent Red and General Trading Limited (GCRGTL) for carrying out real estate projects outside India. GCRGTL has since exited from proposed real estate project. Accordingly RHGL has repaid a sum of Rs.342.39 mio to the Company. The exchange fluctuation gain on such realisation of Rs.1 7.72 mio has been taken to other income. In the opinion of management of the Company, the amount advanced to Marine Sands Ltd through RHGL is good, as there are fair chances of revival of real estate project in MSL.

5. Balances of sundry debtors, sundry creditors, advances given, advances received are subject to reconciliation and confirmation from respective parties. The balance of said sundry debtors, sundry creditors, and advances given and received are taken as shown by the books of accounts. The ultimate outcome of such reconciliation and confirmation cannot presently be determined, therefore, no provision for any liability that may result out of such reconciliation and confirmation has been made in the financial statement, the financial impact of which is unascertainable due to the reasons as above stated.

6. Current assets, loans and advances have a value on realization which in the ordinary course of the business would not be less than the amount at which they are stated in the balance sheet and the provisions for all known and determined liabilities are adequate and not in excess of the amount reasonably required.

7. During the year 2005-06 the Company was subjected to search under section 132 of Income Tax Act, 1961 ("The Act"). Subsequently, pending completion of block assessment proceedings, the Company filed an application with Income tax settlement commission on 31st May, 2007 for settlement of cases under section 245 C (i) of the Act relating to the financial year 1 999-2000 to 2005-06 and offered an aggregate income of Rs.278.60 mio relating to the accounting year 1999-2000 to 2005-06. The Income Tax Settlement Commission vide its order dated 27.03.2008 had accepted the aforesaid income so offered amounting to Rs.278.60 mio and allowed the Company to capitalize a sum of Rs.235.00 mio towards land and development cost of various projects, accordingly, treatment was effected in books of account for the year ended 31st March, 2008. Subsequently, Income Tax Department has filed writ petition against the order of settlement commission before Hon'ble High Court of Delhi and is pending before it. As the matter is sub-judice, the income tax liability, if any, on this account shall be provided for in the year in which final decision is made by such Hon'ble court.

8. The Income tax assessment of the Company for the assessment year 2008-09 was completed during the year. The Income tax department has raised additional demand of Rs.904.13 mio on the Company for assessment year 2008-09 on account of disallowance under Section 80(IB) of Income Tax Act, 1 961. The Company has filed an appeal before Commissioner of Income Tax (Appeals), New Delhi against the impugned order of the assessing officer. Based on the decision of various appellate authorities and the interpretations of relevant provisions of Income Tax Act, 1 961, the Company has been advised by the experts that the claim under Section 80(IB) is legally sustainable, accordingly the Company is quite hopeful that the demand so raised is likely to be either deleted or substantially reduced, hence, no provision on account of such income tax demand has been made in the accounts.

9. As per terms of the licenses of certain group housing and/or township projects executed by the Company in the state of Haryana, the Company is required to construct residential units/develop plots for Economically Weaker Sections (EWS) on specified area of land. The Sale price of each unit/plot which was to be fixed by the Haryana Government was fixed during the Financial year 2009-1 0 and has been protested by the Company being on lower side. There has been no outcome/response on the said protest of Rate fixation. Pending final outcome wherever the Company has launched projects for EWS category, the projections of revenues, profits and cost to completion of the group housing project/development plot made by the management are after considering the effect of profits/losses on such units/plots. Accordingly, wherever the Company has not launched EWS projects, pending final outcome of the said protest, the projection of revenue, profits and cost to completion are subject to adjustment which would either be adjusted on disposal of representation so made by the Company or on launch of respective EWS projects.

10. The Company has advanced a sum of Rs.744.92 mio to one of its wholly owned subsidiary company namely Eden Buildcon Private Limited (hereinafter referred to as "Subsidiary Company") for acquiring land from Hyderabad Metropolitan Development Authority (HMDA)for real estate projects. The said subsidiary company participated in bid in respect of auction by HMDA and paid initial deposit of Rs.750.63 mio against total value of Rs.3,002.50 mio. During the process of verifying the title to the auction land post auction, the subsidiary company on scrutiny of documents found that the auction land is the subject matter of pending litigations before Hon'ble Andhra Pradesh High Court. Thereafter, the subsidiary company requested HMDA to obtain necessary orders from the court empowering HMDA to alienate the auction land and also expressed its honest intention to pay the balance cost of land. HMDA asserted that there is no legal impediment for transferring the title of the land and directed the subsidiary company to remit the balance sales consideration. The subsidiary company applied to HMDA for refund of the initial booking amount. The request for such refund was not considered by HMDA and HMDA demanded balance amount of Rs.2,251.87 mio failing which the entire booking amount was liable to be forfeited. The subsidiary company has filed a writ petition before Hon'ble Andhra Pradesh High Court against letter of HMDA giving final notice to remit balance consideration or forfeiture of the booking amount. The subsidiary company has since obtained an interim order in the said writ petition wherein Hon'ble High Court of Andhra Pradesh has ordered for interim suspension of the operation of the aforesaid letter. The Writ Petition of the Subsidiary Company is ordered to be tagged with the Writ Appeals of other Companies having similar grievance for refund of their money from HMDA. Since the matter is sub-judice, amount advanced by the company to subsidiary company is considered good.

1 2. (i) Advances include advances against collaboration amounting to Rs.5,703.46 mio (Rs.6,848.1 7 mio) paid to certain parties (including subsidiaries/associates/related parties) for acquiring land for development of real estate projects, either on collaboration basis or self-development basis.

(ii) Advances recoverable in cash or in kind includes, due from private companies in which director(s) is a director or member Rs.1 9.46 mio (Rs.23.1 9 mio).

13. Stock options schemes

OMAXE ESOP PLAN BETA

The Company has adopted Omaxe ESOP Plan Beta in the Annual General Meeting held on September 27, 2007. The total number of options available in the plan is 3% of the total paid up equity capital of the Company.

16. Micro, Small Scale Business Entities

The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and, hence, disclosures relating to amounts unpaid as at the year end together with interest paid / payable underthis Act have not been given.

17. Interest in Joint Ventures

The Company entered into a 50:50 Joint Venture in Omaxe Azorim Developers Private Ltd (incorporated in India) with M/s Azorim International Holdings Limited (Azorim) for development of the Real Estate Project in India. In terms of the Subscription & Shareholder Agreement & Amendment thereof, Company holds 1,000,000 Ordinary Equity Shares & Azorim holds 500,000 Ordinary Equity Shares having pari - passu rights in all respects including Voting Rights. Further, Azorim also holds 500,000 Superior Equity Shares having pari- passu right in every respect with the Ordinary Equity Shares excepting the Superior dividend right and preferential right to distribution on liquidation. Apart from the above Azorim has also been issued Differential Equity constituting 2410 Equity Class A Shares, 6311 Equity Class B Shares and 189 Equity Class C Shares having pari - passu right in all respect except nil voting rights and nil rights towards Dividend and 2,220 Class C Preference shares (out of which 1,300 preference shares redeemed during the year). Accordingly, share in profit and loss item is considered @ 50:50 (previous year 50:50). However, for the purposes of Company's share in assets and liabilities, proportionate consolidation method has been adopted.

During the year, the Company has entered into 63% joint venture in M/s Robust Buildwell Private Limited.

18. Employee Benefit

A. Gratuity

The Company is having group gratuity scheme with LIC of India.

B. Leave Encashment

Provision for leave encashment in respect of unavailed leaves standing to the credit of employees is made on actuarial basis. The Company does not maintain any fund to pay for leave encashment.

C. Provident Fund

The Company makes contribution to statutory provident fund in accordance with Employees Provident Fund and Misc. Provision Act, 1 952. This is post employment benefit and is in the nature of defined contribution plan.

26. Lease

a. The Company has taken certain premises on non-cancellation operating lease.

b. The lease agreements provide for an option to the Company to renew the lease period at the end of the non-cancellation period. There are no exceptional / restrictive covenants in the lease agreement.

c. Lease rent expenses in respect of operating lease debited to profit and loss account Rs.31.60 mio (Rs.43.11 mio). 27. Segment information

Business segments

Based on similarity of activities/products, risk and reward structure, organization structure and internal reporting system, the Company has structured its operations into the following segments:

Real estate

Promotion, construction, development and sale of townships, residential, commercial property, developed plots etc.

Construction

Construction of property on behalf of clients.

Geographic segment

Operations of the Company do not qualify, for reporting as geographic segments, under the criteria set out under Accounting Standard 1 7 on 'Segment reporting'.

28. Related parties disclosures

Related parties are classified as:

A. Related parties are classified as:

I Wholly owned Subsidiary companies

1 Kavya Buildtech Private Limited

2 Champion Realtors Private Limited

3 Ekansh Buildtech Private Limited

4 Omaxe Infrastructure Limited

5 Omaxe Housing and Developers Limited

6 JRS Projects Private Limited

7 Monarch Villas Private Limited

8 JKB Constructions Private Limited

9 Green Planet Colonisers Private Limited

10 Omaxe Connaught Place Mall Limited

11 Primordial Buildcon Private Limited

12 Omaxe Infotech City Developers Limited

13 Satvik Hitech Builders Private Limited

14 Omaxe Infrastructure And Construction Limited

15 Landlord Developers Private Limited

16 Omaxe Power Private Limited

17 S N Realtors Private Limited

18 Finishing Touch Properties and Developers Private Limited

19 Omaxe Rajasthan SEZ Developers Limited

20 Eden Buildcon Private Limited

21 Omaxe Buildcon Limited (Formerly Omaxe Infrabuild Ltd.)

22 AnshBuilders Private Li m ited

23 Arman Builders Private Limited

24 Omaxe Housing Finance Limited

25 Golden Glades Builders Private Limited

26 Rohtas Holdings (Gulf) Limited

27 Max Gulf Limited

28 Omaxe Chandigarh Extension Developers Private Limited

29 Oasis Township Private Limited

30 Omaxe Buildwell Private Limited

31 Omaxe Housing And Infrastructure Limited

32 Omaxe Buildhome Private Limited

33 Shamba Developers Private Limited (w.e.f. 27.05.2010)

34 Panchi Developers Private Limited (w.e.f. 27.05.2010)

35 Pancham Realcon Private Limited (w.e.f. 27.05.2010)

36 Volvo Properties Private Limited (w.e.f. 24.02.2011)

37 First Promoters & Developers Private Limited (w.e.f. 11.03.2011)

38 Mehboob Builders Private Limited (w.e.f. 16.03.2011)

39 Mehtab Infratech Private Limited (w.e.f. 16.03.2011)

40 Garv Buildtech Private Limited (w.e.f. 16.03.2011)

41 Vimvin Realtors Private Limited (Upto 02.05.2010)

II Other Subsidiary Companies

1 Omaxe Entertainment Limited

2 Omtech Infrastructure and Construction Limited

3 Navratan Techbuild Private Limited

4 Link Infrastructure and Developers Private Limited

5 Anjaniputra Builders Private Limited

6 Zodiac Housing and Infrastructure Private Limited

7 Hamara Ghar Constructions and Developers Private Limited

8 Jewel Projects Private Limited

9 Reliable Manpower Solutions Limited

10 Rivaj Infratech Private Limited

11 Pancham Realcon Private Limited (Upto 26.05.2010)

12 Garv Buildtech Private Limited (Upto 1 5.03.2011)

111 Fellow Subsidiary Companies

1 Sri Balaji Green Heights Private Limited

2 Oasis Suncity Realtors Private Limited

3 Silver Peak Township Private Limited

4 Radiance Housing and Properties Private Limited

5 Ashray Infrabuild Private Limited

6 Aarzoo Technobuild Private Limited

7 Hiresh Builders Private Limited

8 Bhanu Infrabuild Private Limited

9 Abheek Builders Private Limited

10 Aadhira Developers Private Limited

II Shubh Bhumi Developers Private Limited

12 Sanvim Developers Private Limited

13 RPS Suncity Promoters and Developers Private Limited

14 Ashok Infrabuild Private Limited (w.e.f. 28.07.2010)

15 Glacier Agro Foods Private Limited (w.e.f. 1 5.1 0.201 0)

16 Aviral Colonisers Private Limited (w.e.f. 1 5.1 0.201 0)

17 Dinkar Realcon Private Limited (w.e.f. 29.11.201 0)

18 Davesh Technobuild Private Limited (w.e.f. 29.11.201 0)

19 Sarva Buildtech Private Limited (w.e.f. 29.11.201 0)

20 Hemang Buildcon private Limited (w.e.f. 29.11.201 0)

21 Sarthak landcon Private Limited (w.e.f. 29.11.201 0)

22 Satkar Colonisers Private Limited (w.e.f. 01.02.2011)

23 Volvo Properties Private Limited (upto 23.02.2011)

24 Utkrissht Real Estate and Associates Private Limited (w.e.f. 01.02.2011)

25 Manit Developers Private Limited (w.e.f. 08.03.2011)

26 First Promoters & Developers Private Limited (upto 10.03.2011)

27 Dhanu Real Estate Private Limited (w.e.f. 10.03.2011)

28 Ekapad Developers Private Limited (w.e.f. 11.03.2011)

29 Damodar Infratech Private Limited (w.e.f. 11.03.2011)

30 Caspian Realtors Private Limited (w.e.f. 16.03.2011)

31 Aashna Realcon Private Limited (w.e.f. 16.03.2011)

32 Rupesh Infratech private Limited (w.e.f. 16.03.2011)

33 Daman Builders Private Limited (w.e.f. 16.03.2011)

34 Aradhya Real Estate Private Limited (w.e.f. 1 6.03.2011)

35 Ayush Landcon Private Limited (w.e.f. 1 7.03.2011)

36 Tejpal Infra Developers Private Limited (w.e.f. 17.03.2011)

37 Aditya Realtech Private Limited

IV Joint Venture

1 Omaxe Azorim Developers Private Limited

2 Robust Buildwell Private Limited(w.e.f. 08.11.201 0)

V Subsidiaries of joint venture company (M/s Robust Buildwell Private Limited)

1 Anveshan Builders Private Limited (w.e.f. 1 0.11.201 0)

2 Adesh Realcon Private Limited (w.e.f. 1 0.11.201 0)

3 Navdip Developers Private Limited (w.e.f. 1 0.11.201 0)

4 Abhas Realcon Private Limited (w.e.f. 1 0.11.201 0)

VI Associate Companies

1 Sunshine Buildtech Private Limited (upto 26.03.2011)

2 Omaxe Realtors Private Limited (upto 26.03.2011)

3 Omaxe Infrastructure Development Private Limited (upto 26.03.2011)

VII Entities over which key managerial personnel or their relatives exercise significant influence

1 Guild Builders Private Limited

2 Buildwell Builders Private Limited

3 Examo Estate Management Private Limited

4 Axeom Advertising Solutions Limited

5 Uppal Resorts Private Limited

6 Constellation Capital Limited

7 S A Fin vest Limited

8 Kautilya Monetary Services Private Limited

9 B D Agarwal Securities Private Limited

10 Goel Isha Colonisers Private Limited

II Dream Home Developers Private Limited 1 2 Hansa Properties Private Limited

13 Rocky Valley Resorts Private Limited

14 P N Buildcon Private Limited

15 NAI Builders Private Limited

16 Ramniya Estate Developers Private Limited

17 Neegar Developers Private Limited

18 Green Earth Promoters Private Limited

19 M I J Infrastructure Private Limited

20 Sumedha Builders Private Limited

21 NJS Developers Private Limited

22 SNJ Builders Private Limited

23 VSG Builders Private Limited

24 Mangla Villas Private Limited

25 Vimsan Realtors Private Limited

26 PSJ Developers Private Limited

27 DVM Realtors Private Limited

28 True Dreams Developers Private Limited

29 Dream Techno Build Private Limited

30 True Villas Developers Private Limited

31 Starex Projects Private Limited

32 True Gem Tech Developers Private Limited

33 Green Tech Tower Builders Private Limited

34 Naptune Technobuild Projects Private Limited

35 True Estate Build Developers Private Limited

36 Dream Towers Private Limited

37 Ananddeep Realtors Private Limited

38 Vineera Colonisers Private Limited

39 Deepaalay Realtors Private Limited

40 Deepsan Realtors Private Limited

41 Naveenraj Realtors Private Limited

42 Jivish Colonisers Private Limited

43 Sangupt Developers Private Limited

44 Veenish Realtors Private Limited

45 Singdeep Estate Developers Private Limited

46 Annay Realtors Private Limited

47 Deepsing Realtors Private Limited

48 Deejit Developers Private Limited

49 Parjit Realtors Private Limited

50 Garg and Goel Estate Developers Private Limited

51 VGSG Realtors Private Limited

52 Vingar Developers Private Limited

53 Garg Realtors Private Limited

54 Manprav Developers Private Limited

55 Raveendeep Colonisers Private Limited

56 Devgar Estate Developers Private Limited

57 Jitenjay Realtors Private Limited

58 Derwal Realtors Private Limited

59 Manwal Colonisers Private Limited

60 Saamit Realtors Private Limited

61 Savin Realtors Private Limited

62 Monkish Colonisers Private Limited

63 Gaamit Realtors Private Limited

64 Jai Dev Colonisers Private Limited

65 Sanya Realtors Private Limited

66 Kishordeep Realtors Private Limited

67 Indrasan Developers Private Limited

68 Avindra Estate Developers Private Limited

69 Garvish Realtors Private Limited

70 Laldeep Realtors Private Limited

71 Sanjit Realtors Private Limited

72 Sankalp Realtors Private Limited

73 Source Developers Private Limited

74 Sandeep Township Private Limited

75 Sandeep Landcon Private Limited

76 Amit Landcon Private Limited

77 Praveen Mehta Builders Private Limited

78 Amit Jain Builders Private Limited

79 Shiv Kripa Build Home Private Limited

80 Krishan Kripa Buildcon Private Limited

81 Praveen Buildcon Private Limited

82 Motto Developers Private Limited

83 New Horizons Township Developers Private Limited

84 Spike Developers Private Limited

85 Shantiniwas Developers Private Limited

86 Starshine Realtors Private Limited

87 Deepal Township Private Limited

88 Sunview Township Private Limited

89 Swapan Sunder Township Developers Private Limited

90 Bharatbhoomi Township Limited

91 Jai Bhoomi Projects Limited

92 J. B. Realcon Private Limited

93 Omaxe Hotels Limited

94 Mangal Bhumi Properties Private Limited

95 Renown Estate Developers Private Limited

96 Milestone Township Private Limited

97 Luxury Township Private Limited

98 Udal Properties Private Limited

99 Omaxe Housing And Commercial Projects Limited

100 Lavanya Builders Private Limited

101 Amod Builders Private Limited

102 Advay Properties Private Limited

103 Agasthya Properties Private Limited

104 Advaita Properties Private Limited

105 Amshul Developers Private Limited

106 Alpesh Builders Private Limited

107 Daksh Township Private Limited

108 Pearl Peak Landbase Private Limited

109 Superior Landbase Private Limited

110 Sentinent Properties Private Limited

111 Fragrance Housing And Properties Private Limited

112 Beautiful Landbase Private Limited

113 Paradise On Earth Properties Private Limited

114 Forever Housing and Properties Private Limited

115 Sapphire Township and Developers Private Limited

116 Shining Home Infrastructure Private Limited

117 Sunlife Properties Private Limited

118 Interactive Buildtech Private Limited

119 Rockyard Properties Private Limited

120 Stronghold Properties Private Limited

121 Sunrise Township Private Limited

122 Absolute Infrastructure Private Limited

123 Distinctive Infrastructure And Construction Private Limited

124 Miniature Township And Properties Private Limited

125 JSM Enterprises Private Limited

126 Lifestyle Township Private Limited

127 Omaxe Pragati Maidan Exhibition Limited

128 Desire Housing and Construction Private Limited

129 Stepping Stone Buildhome Private Limited

130 Smart Buildhome Private Limited

131 Swarn Bhumi Buildhome Private Limited

132 Versatile Buildhome Private Limited

133 Swarg Sukh Buildhome Private Limited

134 Fast Track Buildcon Private Limited

135 Blossom Buildhome Private Limited

136 KBM Constructions Private Limited

137 The International Omaxe Construction Limited

138 Omaxe Orissa Developers Limited

139 Glamour Hotels Private Limited

140 Starshine Hotels Private Limited

141 Hitech Hotels Private Limited

142 Puru Builders Private Limited

143 Hriday Hitech Builders Private Limited

144 Prabal Developers Private Limited

145 VaibhavTechnobuild Private Limited

146 Nikunj Infrabuild Private Limited

147 Aanchal Infrabuild Private Limited

148 Fragrance Information And Communication Technologies Private Limited

149 Omaxe Affordable Homes Private Limited 1 50 Bhargav Builders Private Limited

151 Arhant Infrabuild Private Limited

152 Bandhu Buildtech Private Limited

153 Basant Infrabuild Private Limited

154 Bhuvan Buildtech Private Limited

155 Avtar Infrabuild Private Limited

156 Badal Developers Private Limited

157 Banke Builders Private Limited

158 Aviral Buildtech Private Limited

159 Arjit Builders Private Limited

160 Omaxe Punjab Affordable Housing Private Limited

161 Omaxe Uttar Pradesh Affordable Housing Private Limited

162 Omaxe Rajasthan Affordable Housing Private Limited

163 Omaxe Bihar Affordable Housing Private Limited

164 Omaxe Madhya Pradesh Affordable Housing Private Limited

165 Daksh Airport Developers Private Limited

166 Megh Airways Private Limited

167 Mohak Tours And Travels Private Limited

168 Rahi Transport Private Limited

169 Caleen Hotels Private Limited

170 Omaxe Chhattisgarh Affordable Housing Private Limited

171 Manik Buildcon Private Limited

172 Kartik Buildhome Private Limited

173 Lohith Developers Private Limited

174 Jishnu Buildcon Private Limited

175 Bhavesh Buildcon Private Limited

176 Aric Infrabuild Private Limited

177 Apoorva Infrabuild Private Limited

178 Kanak Buildhome Private Limited

179 Jayant Buildhome Private Limited

180 Abhay Technobuild Private Limited

181 Chirag Buildhome Private Limited

182 Gaurang Buildcon Private Limited

183 Girish Buildwell Private Limited

184 Gurmeet Builders Private Limited

185 Inesh Buildcon Private Limited

186 Anant Realcon Private Limited

187 Geet Buildhome Private Limited

188 Mihir Buildwell Private Limited

189 Sakal Agrotech Private Limited

190 Chetan Infrabuild Private Limited

191 Shashank Buildhome Private Limited

192 Shardul Builders Private Limited

193 Devang Builders Private Limited

194 Rohak Builders Private Limited

195 Amber Infrabuild Private Limited

196 Adil Developers Private Limited

197 Kanha Logistics Private Limited

198 Kirti Hotels Private Limited

199 Umang Buildcon Private Limited

200 Tushar Landcon Private Limited

201 Taru Buildcon Private Limited

202 Swapnil Buildhome Private Limited

203 Snehal Buildcon Private Limited

204 Shreyas Buildhome Private Limited

205 Nakul Technobuild Private Limited

206 Shalin Buildwell Private Limited

207 Subodh Buildwell Private Limited

208 Shikhar Landcon Private Limited

209 Vaman Buildhome Private Limited

210 Veer Buildhome Private Limited

211 Amani Realcon Private Limited

212 Ashtam Builders Private Limited

213 Awal Builders Private Limited

214 Balesh Technobuild Private Limited

215 Bali Buildtech Private Limited

216 Chaitanya Realcon Private Limited

217 Hina Technobuild Private Limited

218 Chapal Buildhome Private Limited

219 Istuti Realcon Private Limited

220 Damini Infratech Private Limited

221 Inqalab Builders Private Limited

222 Darpan Buildtech Private Limited

223 Jagat Buildtech Private Limited

224 Darsh Buildtech Private Limited

225 Kalp Buildtech Private Limited

226 Kashish Buildtech Private Limited

227 Gagan Realcon Private Limited

228 Abhiman Buildtech Private Limited

229 Adhar Buildtech Private Limited

230 Aftab Developers Private Limited

231 Aneesh Buildtech Private Limited

232 Meghmala Builders Private Limited

233 Tariq Infrabuild Private Limited

234 Vishishth Buildhome Private Limited

235 Arhan Builders Private Limited

236 Bhanu Retail Private Limited

237 Kamini Builders And Promoters Private Limited

238 Havish Buildcon Private Limited

239 Inesh Developers Private Limited

240 Obalesh Buildcon Private Limited

241 Jalesh Builders And Developers Private Limited

242 Keshto Buildcon Private Limited

243 Badal Impex Private Limited

244 Omaxe Retail Limited

245 Rishit Buildcon Private Limited

246 Excellent Apartments Private Limited

247 Natraj Colonisers Private Limited

248 NAFHIL Gujrat Homes Limited

249 Affordable Home Loan Advisors Private Limited

250 National Affordable Housing and Infrastructure Limited

251 ShreyTechnobuild Private Limited

252 Radhika Buildwell Private Limited

253 Ramneesh Builders Private Limited

254 Divya Buildhome Private Limited

255 Dwarkadhish Land and Farms Private Limited

256 Cress Propbuild Private Limited

257 Ryhme Propbuild Private Limited

258 Marine Sands Limited

259 Golden Crescent Red & General Trading Limited

260 Sukhversa Properties Private Limited (w.e.f. 25.10.2010)

261 Omaxe Global Trading Corporation P Ltd. (w.e.f. 27.10.2010)

262 Sunshine Buildtech Private Limited (w.e.f. 27.03.2011)

263 Omaxe Realtors Private Limited (w.e.f. 27.03.2011)

264 Omaxe Infrastructure Development Private Limited (w.e.f. 27.03.2011)

265 Shamba Developers Private Limited (Upto 26.05.201 0)

266 Panchi Developers Private Limited (Upto 26.05.201 0)

267 Abhas Realcon Private Limited (Upto 9.11.201 0)

268 Adesh Realcon Private Limited (Upto 9.11.201 0)

269 Anveshan Builders Private Limited (Upto 9.11.201 0)

270 Navadip Developers Private Limited (Upto 9.11.201 0)

271 Hemang Buildcon Private Limited (Upto 28.11.201 0)

272 Dinkar Realcon Private Limited(Upto 28.11.201 0)

273 Davesh Technobuild Private Limited (Upto 28.11.201 0)

274 Sarva Buildtech Private Limited (Upto 28.11.201 0)

275 Sarthak Landcon Private Limited(Upto 28.11.201 0)

276 Manit Developers Private Limited (Upto 07.03.2011)

277 Dhanu Real Estate Private Limited (Upto 09.03.2011)

278 Ekapad Developers Private Limited. (Upto 10.03.2011)

279 Damodar Infratech Private Limited (Upto 10.03.2011)

280 Caspian Realtors Private Limited (Upto 15.03.2011)

281 Aashna Realcon Private Limited (Upto 15.03.2011)

282 Mehboob Builders Private Limited (Upto 15.03.2011)

283 Mehtab Infratech Private Limited (Upto 15.03.2011)

284 Aradhya Real Estate Private Limited (Upto 15.03.2011)

285 Daman Builders Private Limited (Upto 15.03.2011)

286 Rupesh Infratech Private Limited(Upto 15.03.2011)

287 Ayush Landcon Private Limited (Upto 16.03.2011)

288 Maa Omwati Education Trust

289 Omaxe Foundation (Regd.)

290 M/s Rohtas Goel (HUF)

291 M/s Sunil Goel ( HUF)

292 M/s J.B.Goel & Family ( HUF)

V Key managerial personnel

1 Mr. Rohtas Goel

2 Mr. Sunil Goel

3 Mr. Jai Bhagwan Goel

VI Relatives of Key managerial personnel

1 Mr. Mohit Goel

30. Figures in brackets are in respect of the previousyear, which have been regrouped/reclassified where necessaryto conform with currentyear's classification.


Mar 31, 2010

1. Contingent liabilities not provided for in respect of:

(Rupees in mio) Year ended March Year ended March

31, 2010 31, 2009

Claims against the 81.28 55.57 Company not acknowledged as debts

Bank guarantees

- In respect of the Company 995.89 953.03

- In respect of subsidiaries 755.93 613.61

- In respect of others 182.06 153.44

Corporate guarantees in respect 2,561.60 2,161.60 of wholly owned subsidiary companies

Disputed tax amounts

- Sales tax 68.45 100.36

- Service tax 29.10 29.10

- Income tax Nil 8.64

Writ Petition filed by Income Tax Department against order of Amount Amount

settlement commission before Delhi High Court. unascert unascert ainable ainable

Disputed differential Interest Liability. 7.20 15.96

Certain civil cases preferred against the Company in respect of labour laws, specific Not quanti Not quanti performance of certain fiable fiable land agreements, etc. and disputed by the Company

2. As on 31st March, 2010, a sum of Rs. 3.22 mio (3.49 mio) is outstanding to be refunded to the applicants who were not/ partly allotted the shares in initial public offer. Such amount aggregating to Rs. 3.22 mio (3.49 mio) is lying in the separate bank account of the company. The said amount has also been shown as "Unclaimed share application money" in Schedule No. 13. This does not include any amount, due and outstanding, to be credited to the Investor Education and Protection Fund as per the provisions of the Companies Act, 1956.

3. Determination of revenues under Percentage of Completion method necessarily involves making estimates by management for percentage of completion, cost to completion, revenues expected from projects, projected profits and losses. These estimates being of a technical nature have been relied upon by the auditors.

4. The Company had granted an interest free loan of Rs. 527.98 mio to one of its wholly owned Subsidiary Company incorporated outside India namely Rohtas Holdings (Gulf) Limited (RHGL) which has been considered as net investment in foreign operations, accordingly, exchange difference being the difference between exchange rate as on date on which such loan was granted and the exchange rate on Balance Sheet date as at 31.03.2010 amounting to Rs. 21.43 mio (Rs. 91.75 mio) has been considered and accumulated as "Foreign Currency Translation Reserve". Further, the wholly owned subsidiary company (RHGL), under the memorandum of understanding, has in turn given such loan amount to two companies (SPVs) incorporated outside India namely Marine Sands Ltd. and Golden Crescent Red & General Trading Ltd., in which company is having substantial influence/ control for carrying out real estate projects outside India. The transfer of holding in these two SPVs has still to be acquired/ effected by the Company / wholly owned subsidiary company with the approval of concerned authority/agency which is awaited. The Management of the company / wholly owned subsidiary company/SPV has applied to concerned authority/agency for in principle approval for transfer of controlling interest in such SPV in its favour. Pending approval as aforesaid and looking to general global recession in real estate sector particularly in Gulf Region, further installments to such concerned authority/agency which has been demanded are yet to be paid. The management of the Company is quite hopeful of revival in Gulf markets and shall initiate further suitable action in the matter.

5. The Company is developing a real estate project in the name of NRI City on land allotted by Greater Noida Industrial Development Authority ("The Authority") on deferred payment liability basis. The Company has applied to the Authority for deferment in payment schedule under notification dated 06.01.2009 as amended by notification dated 25.10.2009 of the Authority. Pending approval, no impact on account of concession/waivers under the said notification has been given in the accounts.

6. As per Marketing Service Agreement entered into between the Company and Omaxe Azorim Developers Private Limited (Joint Venture Company), marketing costs incurred by the Company are to be reimbursed by such Joint venture Company. Till 31.03.2010, the total marketing cost incurred by the Company under such marketing service agreement amounts to Rs. 88.04 mio. The Company has not yet raised debit note on such Joint Venture Company accordingly, Project-in-Progress as at 31.03.2010 is higher by Rs. 88.04 mio. Similarly, as per the Subscription and Shareholding Agreement entered into between the Company and Azorim International Holding Ltd. (JV Partner) and Joint Venture Company, construction, administrative and other related costs incurred by the Company on the project undertaken by such Joint Venture Company will be reimbursed by Joint Venture Company to the Company. The Company till 31.03.2010 has incurred a sum of Rs. 372.03 mio on construction, administrative and other related cost which was to be reimbursed from such Joint Venture Company, out of which invoice worth Rs. 112.08 mio has only been raised. This has resulted in showing Project-in-Progress and current liabilities higher by Rs. 259.95 mio.

7. Balances of some of the sundry debtors, sundry creditors, advances given, advances received are subject to reconciliation and confirmation from respective parties. The balance of said sundry debtors, sundry creditors, and advances given and received are taken as shown by the books of accounts. The ultimate outcome of such reconciliation and confirmation cannot presently be determined, therefore, no provision for any liability that may result out of such reconciliation and confirmation has been made in the financial statement, the financial impact of which is unascertainable due to the reasons as above stated.

8. Current assets, loans and advances have a value on realization which in the ordinary course of the business would not be less than the amount at which they are stated in the balance sheet and the provisions for all known and determined liabilities are adequate and not in excess of the amount reasonably required.

9. During the year 2005-06 the Company was subjected to search under section 132 of Income Tax Act, 1961 ("The Act"). Subsequently, pending completion of block assessment proceedings, the Company filed an application with Income tax settlement commission on 31st May, 2007 for settlement of cases under section 245 C (i) of the Act relating to the financial year 1999-2000 to 2005-06 and offered an aggregate income of Rs. 278.60 mio relating to the accounting year 1999-2000 to 2005-06. The Income Tax Settlement Commission vide its order dated 27.03.2008 had accepted the aforesaid income so offered amounting to Rs.278.60 mio and allowed the Company to capitalize a sum of Rs. 235.00 mio towards land and development cost of various projects, accordingly, treatment was effected in books of account for the year ended 31st March, 2008. Subsequently, Income Tax Department has filed writ petition against the order of settlement commission before Honble High Court of Delhi and is pending before it. As the matter is sub-judice, the income tax liability, if any, on this account shall be provided for in the year in which final decision is made by such Honble court.

10. The Income Tax Assessment of the Company has been completed up to Financial Year 2006-07 (Assessment Year 2007-08). The ultimate effect of Advance tax and Provision for tax up to Assessment Year 2007-08 has been given impact in the accounts, accordingly excess provision for tax made in earlier years amounting to Rs. 222.81 mio has been written back.

11. As per terms of the licenses of certain group housing and/or township projects executed by the Company in the state of Haryana, the Company is required to construct residential units/ develop plots for economically weaker sections on specified area of land. The sale price of such units/plots which was to be fixed by the government authorities has since been fixed during the year under review, which has been protested by the Company. Pending final outcome, projection of revenues, profits and cost to completion of the group housing projects / development has not been revised based on sales price so fixed. Accordingly, the projections of revenues, profits and cost to completion are subject to adjustments, which would be adjusted on disposal of representation so made by the Company.

11. Inventories include cost of land of Rs. 1,646.62 mio (Rs. 1,403.42 mio) and projects in progress include cost of land of Rs. 6,452.43 mio (Rs. 5,629.78 mio) being consideration paid for Companys share of land, which is in its possession for development of real estate projects in terms of the collaboration arrangements with subsidiaries/ associate companies/ related parties/third parties.

12. Secured loans

a) Term loans from banks aggregating to Rs. 2,169.00 mio (Rs. 2,211.30 mio) is secured by equitable mortgage of project properties and all present and future construction and development work thereon as applicable.

[Amount repayable within one year Rs. 522.33 mio (Rs. 42.30 mio)]

Term loans from banks are further secured by personal guarantee of two directors of the Company.

b) Term loans from banks aggregating to Rs. 332.60 mio (Rs. 332.60 mio) is secured by equitable mortgage of project properties of subsidiary, associate and other company.

[Amount repayable within one year Rs. 332.60 (Rs. Nil)]

Term loans from banks are further secured by personal guarantee of two directors of the Company.

c) Term loans from banks aggregating to Rs. 3,337.36 mio (Rs. 2,662.91 mio) is secured by equitable mortgage of project properties referred in note 12 above and corporate guarantees provided by such group companies and wholly owned subsidiary company as applicable.

[Amount repayable within one year Rs. 1,886.95 mio (Rs. 75.60 mio)]

Term loans from banks are further secured by personal guarantee of one director of the Company.

d) Term loans from Financial Institutions aggregating to Rs. 2,208.00 mio (Rs. 2,400.00 mio) is secured by equitable mortgage of project land of wholly owned subsidiary company, associate and other company.

[Amount repayable within one year Rs. 192.00 mio (Rs. 192.00)]

Term loans from financial institutions are further secured by personal guarantee of one director of the Company.

e) Term loan from Financial Institution aggregating to Rs. 1,000.00 mio (Rs. Nil) is secured by equitable mortgage of project land of wholly owned subsidiary company, associate and other company.

[Amount repayable within one year Rs. Nil (Rs. Nil)]

Term loan from financial institution are further secured by personal guarantee of two director of the Company.

f) Term loan from banks aggregating to Rs. 196.40 mio (Rs. 223.90 mio) is secured by equitable mortgage of project properties owned by collaborator.

[Amount repayable within one year Rs. 110.00 mio (Rs. 27.50 mio)]

g) Working capital loans of Rs. 1,582.79 mio (Rs. 1,625.56 mio) is secured by first charge on current assets of the Company including stock at site, receivables, plant and machinery and mortgage of certain land of the Company.

Above term loans and working capital loans are further secured by personal guarantee of two directors of the Company.

h) Vehicle loans aggregating to Rs. 8.11 mio (Rs. 24.67 mio) are secured by hypothecation of the vehicles purchased there against. [Amount repayable within one year Rs. 5.54 mio (Rs. 17.43 mio)]

i) Term loans from Non Banking Financial Company aggregating to Rs. 664.09 mio (Rs. 2,001.00 mio) is secured by equitable mortgage of project properties & charge over cash flow and are further secured by personal guarantee of two directors of the Company. [Amount repayable within one year Rs. 604.83 mio (Rs. 496.57 mio)]

j) Term loans from housing finance companies aggregating to Rs. 739.21 mio (Rs. 845.00 mio) is secured by equitable mortgage of project land of the subsidiary and associate company. [Amount repayable within one year Rs. 422.33 mio (Rs. 138.13 mio)]

Term loans from housing finance companies are further secured by personal guarantee of two directors of the Company.

k) Non convertible redeemable debentures

I i) Series G: Rs. 300 mio (Rs. 300 mio) Non convertible redeemable debentures of Rs.10 mio each carrying a interest rate of 13.95%, payable on monthly basis on 1st of every month. These debentures are issued to a mutual fund.

ii) Series G: Rs. 400 mio (Rs. 400 mio) Non convertible redeemable debentures of Rs.10 mio each carrying a interest rate of 13.95%, payable on monthly basis on 1st of every month. These debentures are issued to a mutual Fund.

iii) Series J: Rs. 350 mio (Rs. 600 mio) Non convertible redeemable debentures of Rs.10 mio each carrying a interest rate of 14.00%, payable on monthly basis on 1st of every month. These debentures are issued to a mutual fund.

[Amount repayable within one year Rs. 650 mio (Rs. 500 mio)]

The said debentures are secured by equitable mortgage of land situated at Gujarat and further secured by personal guarantee of a director of the Company.

II Series F: Rs. Nil (Rs. 250 mio) Non convertible redeemable debentures of Rs.10 mio each were carrying a interest rate of 14.75% payable on monthly basis. These debentures were issued to a Bank.

The said debentures were secured by first mortgage and charge of pari-passu basis on entire project assets of Omaxe Citadel and other property of the company so as to maintain a minimum FACR of 1.50 times throughout the currency of the debenture and were further secured by personal guarantee of two directors of the Company and corporate guarantees of promoter companies.

The said debentures were listed on the Bombay Stock Exchange. [Amount repayable within one year Rs. Nil mio (Rs. 250 mio)]

III. Series K: Rs. Nil (Rs. 180 mio) Non convertible redeemable debentures of Rs.10 mio each were carrying a interest rate of 13.00%. These debentures were issued to a mutual fund.

The said debentures were secured by equitable mortgage of land situated at Gujarat. [Amount repayable within one year Rs. Nil (Rs. 180 mio)]

IV. Series L: Rs. 1000.00 mio (Rs. 1000.00 mio) Non convertible redeemable debentures of Rs.10 mio each carrying a interest rate of 12%. These debentures were issued to a mutual fund and later on transferred to LIC of India. As per revised terms these debentures are redeemable in twelve installments commencing from 30th April, 2011.

The said debentures are secured by equitable mortgage of land situated at Gujarat and further secured by personal guarantee of a director of the Company.

[Amount repayable within one year Rs. Nil (Rs. 1,000 mio)]

l) Deferred payment credit of Rs. 364.19 mio (Rs. 364.19 mio) represents cost of project land acquired from government development authorities on installment payment basis and is secured by mortgage of the related project land. [Amount repayable within one year Rs. 364.19 mio (Rs. 364.19 mio)]

13. Unsecured loan

a) Fixed deposit from public

[Amount repayable within one year Rs. Nil (Rs. 55.97 mio).

b) Short term inter corporate loan aggregating to Rs. 100.00 (Rs. 80.00 mio) [Amount repayable within one year Rs. 100.00 mio (Rs. 80.00 mio)]

Short term inter corporate loan are secured by shares of the company held by promoter.

c) Loan from subsidiary company of Rs. Nil mio (Rs. 122.46 mio). [Amount repayable within one year: Repayable on demand]

d) Inter corporate loans of Rs. 555.27 mio (Rs. 500 mio) from promoter companies. [Amount repayable within one year: Repayable on demand]

14. Micro, Small Scale Business Entities

The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and, hence, disclosures relating to amounts unpaid as at the year end together with interest paid / payable under this Act has not been given.

15. Interest in Joint Venture

The Company entered into a 50 : 50 Joint Venture in Omaxe Azorim Developers Private Ltd (incorporated in India) with M/ s Azorim International Holdings Limited (Azorim) for development of the Real Estate Project in India. In terms of the Subscription & Shareholder Agreement & Amendment thereof, Company holds 10,00,000 Ordinary Equity Shares & Azorim holds 500,000 Ordinary Equity Shares having pari - passu rights in all respects including Voting Rights. Further, Azorim also holds 500,000 Superior Equity Shares having pari - passu right in every respect with the Ordinary Equity Shares excepting the Superior dividend right and preferential right to distribution on liquidation. Apart from the above Azorim has also been issued Differential Equity constituting 2410 Equity Class A Shares, 6311 Equity Class B Shares and 189 Equity Class C Shares having pari - passu right in all respect except nil voting rights and nil rights towards Dividend and 2,220 Class C Preference shares. Accordingly, share in profit and loss item is considered @ 50:50 (previous year 50:50). However, for the purposes of Companys share in assets and liabilities, proportionate consolidation method has been adopted. Since company share in assets and liabilities in such Joint Venture Company has reduced to zero, no such consolidation of assets and liabilities has been made in Company Financial Statement.

The Companys interest in the Joint Venture is reported as Long term Investment (Schedule 6) and stated at cost. No provision for diminution in value of investment in Joint Venture Company has been made, as such diminution is of temporary in nature. However, the Companys share of each of the assets, liabilities, income and expenses, etc. (each after elimination of, the effect of transactions between the Company and the joint venture) related to its interests in this joint venture based on un-audited results are given here under:

B. Leave Encashment

Provision for leave encashment in respect of unavailed leaves standing to the credit of employees is made on actuarial basis. The Company does not maintain any fund to pay for leave encashment.

i) Amount recognized in Profit & Loss account is as under:-

C. Provident Fund

The Company makes contribution to statutory provident fund in accordance with Employees Provident Fund and Misc. Provision Act, 1952. This is post employment benefit and is in the nature of defined contribution plan.

16. Lease

a. The Company has taken on non-cancellation operating lease certain premises. The future minimum lease payments in respect of which as at March 31, 2010 are as follows:-

b. The lease agreements provide for an option to the Company to renew the lease period at the end of the non-cancellation period. There are no exceptional / restrictive covenants in the lease agreement.

c. Lease rent expenses in respect of operating lease debited to profit and loss account Rs. 43.11 mio (Rs 47.47 mio).

17. Segment information

Business segments

Based on similarity of activities/products, risk and reward structure, organization structure and internal reporting system, the Company has structured its operations into the following segments:

Real estate

Promotion, construction, development and sale of townships, residential, commercial property, developed plots etc.

Construction

Construction of property on behalf of clients.

The trading business which was not reportable segment during the year have been grouped under the "Others" segment.

Segment Reporting for the previous year has not been given as the segment namely construction activity does not qualify the threshold limit as per AS-17- Accounting standard for Segment Reporting.

Geographic segment

Operations of the Company do not qualify, for reporting as geographic segments, under the criteria set out under Accounting Standard 17 on Segment reporting issued by The Institute of Chartered Accountants of India.

18. Related parties disclosures

Related parties are classified as:

S.No. Name of Company

I Wholly Owned subsidiary companies

1 Omaxe Infrastructure Limited

2 Omaxe Housing and Developers Limited

3 JRS Projects Private Limited

4 Monarch Villas Private Limited

5 JKB Constructions Private Limited

6 Green Planet Colonisers Private Limited

7 Omaxe Connaught Place Mall Limited

8 Omaxe Buildhome Private Limited

9 Primordial Buildcon Private Limited

10 Omaxe Infotech City Developers Limited

11 Satvik Hitech Builders Private Limited

12 Omaxe Infrastructure And Construction Limited (Formerly Omaxe Infrastructure And Construction Private Limited)

13 Landlord Developers Private Limited

14 Omaxe Power Private Limited

15 S N Realtors Private Limited

16 Finishing Touch Properties and Developers Private Limited

17 Omaxe Rajasthan SEZ Developers Limited

18 Eden Buildcon Private Limited

19 Omaxe Infrabuild Limited (Formerly Ecstasy Construction and Developers Private Limited)

20 Ansh Builders Private Limited

21 Arman Builders Private Limited

22 Omaxe Housing Finance Limited

23 Golden Glades Builders Private Limited

24 Champion Realtors Private Limited

25 Rohtas Holdings (Gulf) Limited

26 Max Gulf Limited

27 Omaxe Chandigarh Extension Developers Private Limited (Formerly Golden Peak Township Private Limited)

28 Ekansh Buildtech Private Limited

29 Kavya Buildtech Private Limited

30 Oasis Township Private Limited

31 Omaxe Buildwell Private Limited

32 Vimvin Realtors Private Limited (From 01.09.2009)

33 Omaxe Housing And Infrastructure Limited (From 01.02.2010)

II Other subsidiary companies

1 Omaxe Entertainment Limited

2 Omtech Infrastructure and Construction Limited

3 Navratan Techbuild Private Limited

4 Link Infrastructure and Developers Private Limited

5 Anjaniputra Builders Private Limited

6 Zodiac Housing and Infrastructure Private Limited

7 Hamara Ghar Constructions and Developers Private Limited

8 Jewel Projects Private Limited

9 Reliable Manpower Solutions Limited

10 Rivaj Infratech Private Limited

11 Pancham Realcon Private Limited

12 Garv Buildtech Private Limited

III Fellow subsidiary companies

1 Oasis Suncity Realtors Private Limited

2 First Promoters and Developers Private Limited

3 RPS Suncity Promoters and Developers Private Limited

4 Volvo Properties Private Limited

5 Sri Balaji Green Heights Private Limited

6 Silver Peak Township Private Limited

7 Radiance Housing and Properties Private Limited

8 Ashray Infrabuild Private Limited

9 Aarzoo Technobuild Private Limited

10 Hiresh Builders Private Limited

11 Bhanu Infrabuild Private Limited

12 Abheek Builders Private Limited

13 Aadhira Developers Private Limited (From 01.09.2009)

14 Shubh Bhumi Developers Private Limited (From 01.09.2009)

15 Sanvim Developers Private Limited (From 01.09.2009)

16 Aditya Realtech Private Limited

17 Omaxe Housing And Infrastructure Limited (From 01.02.2010 to 01.02.2010)

IV Joint venture companies

1 Omaxe Azorim Developers Private Limited

V Associates companies

1 Sunshine Buildtech Private Limited

2 Omaxe Realtors Private Limited

3 Omaxe Infrastructure Development Private Limited

VI Entities over which key managerial personnel or their relatives exercises significant influence

1 Guild Builders Private Limited

2 Buildwell Builders Private Limited

3 Examo Estate Management Private Limited

4 Axeom Advertising Solutions Limited

5 Uppal Resorts Private Limited

6 Constellation Capital Limited

7 S A Finvest Limited

8 Kautilya Monetary Services Private Limited

9 B D Agarwal Securities Private Limited

10 Goel Isha Colonisers Private Limited

11 Dream Home Developers Private Limited

12 Hansa Properties Private Limited

13 Rocky Valley Resorts Private Limited

14 P N Buildcon Private Limited

15 NAJ Builders Private Limited

16 Ramniya Estate Developers Private Limited

17 Neegar Developers Private Limited

18 Green Earth Promoters Private Limited

19 M I J Infrastructure Private Limited

20 Sumedha Builders Private Limited

21 NJS Developers Private Limited

22 SNJ Builders Private Limited

23 VSG Builders Private Limited

24 Mangla Villas Private Limited

25 Vimsan Realtors Private Limited

26 PSJ Developers Private Limited

27 DVM Realtors Private Limited

28 True Dreams Developers Private Limited

29 Dream Techno Build Private Limited

30 True Villas Developers Private Limited

31 Starex Projects Private Limited

32 True Gem Tech Developers Private Limited

33 Green Tech Tower Builders Private Limited

34 Naptune Technobuild Projects Private Limited

35 True Estate Build Developers Private Limited

36 Dream Towers Private Limited

37 Ananddeep Realtors Private Limited

38 Vineera Colonisers Private Limited

39 Deepaalay Realtors Private Limited

40 Deepsan Realtors Private Limited

41 Naveenraj Realtors Private Limited

42 Jivish Colonisers Private Limited

43 Sangupt Developers Private Limited

44 Veenish Realtors Private Limited

45 Singdeep Estate Developers Private Limited

46 Annay Realtors Private Limited

47 Deepsing Realtors Private Limited

48 Deejit Developers Private Limited

49 Parjit Realtors Private Limited

50 Garg and Goel Estate Developers Private Limited

51 VGSG Realtors Private Limited

52 Vingar Developers Private Limited

53 Garg Realtors Private Limited

54 Manprav Developers Private Limited

55 Raveendeep Colonisers Private Limited

56 Devgar Estate Developers Private Limited

57 Jitenjay Realtors Private Limited

58 Derwal Realtors Private Limited

59 Manwal Colonisers Private Limited

60 Saamit Realtors Private Limited

61 Savin Realtors Private Limited

62 Mankish Colonisers Private Limited

63 Gaamit Realtors Private Limited

64 Jai Dev Colonisers Private Limited

65 Sanya Realtors Private Limited

66 Kishordeep Realtors Private Limited

67 Indrasan Developers Private Limited

68 Avindra Estate Developers Private Limited

69 Garvish Realtors Private Limited

70 Laldeep Realtors Private Limited

71 Sanjit Realtors Private Limited

72 Sankalp Realtors Private Limited

73 Source Developers Private Limited

74 Sandeep Township Private Limited

75 Sandeep Landcon Private Limited

76 Amit Landcon Private Limited

77 Praveen Mehta Builders Private Limited

78 Amit Jain Builders Private Limited

79 Shiv Kripa Build Home Private Limited

80 Krishan Kripa Buildcon Private Limited

81 Praveen Buildcon Private Limited

82 Motto Developers Private Limited

83 New Horizons Township Developers Private Limited

84 Spike Developers Private Limited

85 Shantiniwas Developers Private Limited

86 Starshine Realtors Private Limited

87 Deepal Township Private Limited

88 Sunview Township Private Limited

89 Swapan Sunder Township Developers Private Limited

90 Bharatbhoomi Township Limited

91 Jai Bhoomi Projects Limited

92 J. B. Realcon Private Limited

93 Omaxe Hotels Limited

94 Mangal Bhumi Properties Private Limited

95 Renown Estate Developers Private Limited

96 Milestone Township Private Limited

97 Luxury Township Private Limited

98 Udal Properties Private Limited

99 Omaxe Housing And Commercial Projects Limited (Formerly Omaxe Township Ltd.)

100 Lavanya Builders Private Limited

101 Amod Builders Private Limited

102 Advay Properties Private Limited

103 Agasthya Properties Private Limited

104 Advaita Properties Private Limited

105 Amshul Developers Private Limited

106 Alpesh Builders Private Limited

107 Daksh Township Private Limited

108 Pearl Peak Landbase Private Limited

109 Superior Landbase Private Limited

110 Sentinent Properties Private Limited

111 Fragrance Housing And Properties Private Limited

112 Beautiful Landbase Private Limited

113 Paradise On Earth Properties Private Limited

114 Forever Housing and Properties Private Limited

115 Sapphire Township and Developers Private Limited

116 Shining Home Infrastructure Private Limited

117 Sunlife Properties Private Limited

118 Interactive Buildtech Private Limited

119 Rockyard Properties Private Limited

120 Stronghold Properties Private Limited

121 Sunrise Township Private Limited

122 Absolute Infrastructure Private Limited

123 Distinctive Infrastructure And Construction Private Limited

124 Miniature Township And Properties Private Limited

125 JSM Enterprises Private Limited

126 Lifestyle Township Private Limited

127 Omaxe Pragati Maidan Exhibition Limited

128 Desire Housing and Construction Private Limited

129 Stepping Stone Buildhome Private Limited

130 Smart Buildhome Private Limited

131 Swarn Bhumi Buildhome Private Limited

132 Versatile Buildhome Private Limited

133 Swarg Sukh Buildhome Private Limited

134 Fast Track Buildcon Private Limited

135 Blossom Buildhome Private Limited

136 KBM Constructions Private Limited

137 The International Omaxe Construction Limited

138 Omaxe Orissa Developers Limited

139 Glamour Hotels Private Limited

140 Starshine Hotels Private Limited

141 Hitech Hotels Private Limited

142 Puru Builders Private Limited

143 Hriday Hitech Builders Private Limited

144 Prabal Developers Private Limited

145 Navadip Developers Private Limited

146 Vaibhav Technobuild Private Limited

147 Nikunj Infrabuild Private Limited

148 Aanchal Infrabuild Private Limited

149 Fragrance Information And Communication Technologies Private Limited

150 Omaxe Affordable Homes Private Limited

151 Bhargav Builders Private Limited

152 Arhant Infrabuild Private Limited

153 Bandhu Buildtech Private Limited

154 Basant Infrabuild Private Limited

155 Bhuvan Buildtech Private Limited

156 Avtar Infrabuild Private Limited

157 Badal Developers Private Limited

158 Banke Builders Private Limited

159 Aviral Buildtech Private Limited

160 Arjit Builders Private Limited

161 Omaxe Punjab Affordable Housing Private Limited

162 Omaxe Uttar Pradesh Affordable Housing Private Limited

163 Omaxe Rajasthan Affordable Housing Private Limited

164 Omaxe Bihar Affordable Housing Private Limited

165 Omaxe Madhya Pradesh Affordable Housing Private Limited

166 Daksh Airport Developers Private Limited

167 Megh Airways Private Limited

168 Mohak Tours And Travels Private Limited

169 Rahi Transport Private Limited

170 Caleen Hotels Private Limited

171 Omaxe Chhattisgarh Affordable Housing Private Limited

172 Manik Buildcon Private Limited

173 Kartik Buildhome Private Limited

174 Lohith Developers Private Limited

175 Jishnu Buildcon Private Limited

176 Bhavesh Buildcon Private Limited

177 Aric Infrabuild Private Limited

178 Apoorva Infrabuild Private Limited

179 Kanak Buildhome Private Limited

180 Jayant Buildhome Private Limited

181 Abhay Technobuild Private Limited

182 Chirag Buildhome Private Limited

183 Gaurang Buildcon Private Limited

184 Girish Buildwell Private Limited

185 Gurmeet Builders Private Limited

186 Hemang Buildcon Private Limited

187 Inesh Buildcon Private Limited

188 Anant Realcon Private Limited

189 Geet Buildhome Private Limited

190 Mihir Buildwell Private Limited

191 Sakal Agrotech Private Limited

192 Dinkar Realcon Private Limited

193 Davesh Technobuild Private Limited

194 Sarva Buildtech Private Limited

195 Caspian Realtors Private Limited

196 Aashna Realcon Private Limited

197 Chetan Infrabuild Private Limited

198 Shashank Buildhome Private Limited

199 Shardul Builders Private Limited

200 Devang Builders Private Limited

201 Manit Developers Private Limited

202 Rohak Builders Private Limited

203 Amber Infrabuild Private Limited

204 Adil Developers Private Limited

205 Kanha Logistics Private Limited

206 Kirti Hotels Private Limited

207 Umang Buildcon Private Limited

208 Tushar Landcon Private Limited

209 Taru Buildcon Private Limited

210 Swapnil Buildhome Private Limited

211 Snehal Buildcon Private Limited

212 Shreyas Buildhome Private Limited

213 Nakul Technobuild Private Limited

214 Shalin Buildwell Private Limited

215 Subodh Buildwell Private Limited

216 Shikhar Landcon Private Limited

217 Vaman Buildhome Private Limited

218 Veer Buildhome Private Limited

219 Amani Realcon Private Limited

220 Ashtam Builders Private Limited

221 Avval Builders Private Limited

222 Balesh Technobuild Private Limited

223 Bali Buildtech Private Limited

224 Chaitanya Realcon Private Limited

225 Hina Technobuild Private Limited

226 Chapal Buildhome Private Limited

227 Istuti Realcon Private Limited

228 Damini Infratech Private Limited

229 Inqalab Builders Private Limited

230 Darpan Buildtech Private Limited

231 Jagat Buildtech Private Limited

232 Darsh Buildtech Private Limited

233 Kalp Buildtech Private Limited

234 Kashish Buildtech Private Limited

235 Gagan Realcon Private Limited

236 Mehboob Builders Private Limited

237 Mehtab Infratech Private Limited

238 Panchi Developers Private Limited

239 Abhiman Buildtech Private Limited

240 Adhar Buildtech Private Limited

241 Abhas Realcon Private Limited

242 Adesh Realcon Private Limited

243 Aftab Developers Private Limited

244 Anveshan Builders Private Limited

245 Aneesh Buildtech Private Limited

246 Meghmala Builders Private Limited

247 Shamba Developers Private Limited

248 Tariq Infrabuild Private Limited

249 Vishishth Buildhome Private Limited

250 Aradhya Real Estate Private Limited

251 Arhan Builders Private Limited

252 Daman Builders Private Limited

253 Dhanu Real Estate Private Limited

254 Ekapad Developers Private Limited.

255 Bhanu Retail Private Limited

256 Kamini Builders And Promoters Private Limited

257 Havish Buildcon Private Limited

258 Inesh Developers Private Limited

259 Obalesh Buildcon Private Limited

260 Jalesh Builders And Developers Private Limited

261 Keshto Buildcon Private Limited

262 Badal Impex Private Limited

263 Omaxe Retail Limited

264 Rupesh Infratech Private Limited

265 Damodar Infratech Private Limited

266 Sarthak Landcon Private Limited

267 Ayush Landcon Private Limited

268 Rishit Buildcon Private Limited

269 Excellent Apartments Private Limited

270 Natraj Colonisers Private Limited

271 NAFHIL Gujrat Homes Limited

272 Affordable Home Loan Advisors Private Limited

273 National Affordable Housing and Infrastructure Limited

274 Shrey Technobuild Private Limited

275 Radhika Buildwell Private Limited

276 Ramneesh Builders Private Limited

277 Divya Buildhome Private Limited

278 Dwarkadhish Land and Farms Private Limited

279 Cress Propbuild Private Limited

280 Ryhme Propbuild Private Limited

281 Eesan Estate Developers Private Limited (Upto 09.04.2009)

282 Vimvin Realtors Private Limited (Upto 01.09.2009)

283 Omaxe Housing And Infrastructure Limited (Upto 01.02.2010)

284 Aadhira Developers Private Limited (Upto 01.09.2009)

285 Shubh Bhumi Developers Private Limited (Upto 01.09.2009)

286 Sanvim Developers Private Limited (Upto 01.09.2009)

287 Marine Sands Ltd.

288 Golden Crescent Red & General Trading Ltd.

289 Maa Omwati Education Trust

290 Omaxe Foundation (Regd.)

291 M/s Rohtas Goel (HUF)

292 M/s Sunil Goel (HUF)

293 M/s J.B. Goel & Family (HUF)

VII Key managerial personnel

1 Mr. Rohtas Goel

2 Mr. Sunil Goel

3 Mr. Jai Bhagwan Goel

VIII Relatives of key managerial personnel

1 Mrs. Sushma Goel

2 Mrs. Seema Goel

3 Mrs. Rekha Goel

19. Based on the legal opinion obtained by the management, the provisions of clause 3(ii) of part II to schedule VI of the Companies Act, 1956 is not applicable to the Company, in respect of real estate operation and construction activities, consequently the said details have not been given. Particulars regarding Trading Goods (Construction related material are as under:

20. Provision for Tax has been computed under section 115JB of Income Tax Act, 1961. Tax Credit available as per section 115JAA of Income Tax act, 1961, amounting to Rs. 44.57 mio (Rs. 41.87) has been included under MAT Credit Entitlement under Loans and advances.

21. During the year Company has redeemed debentures of Rs. 680.00 mio. Accordingly a sum of Rs. 231.38 mio has been withdrawn from debenture redemption reserve earlier created.

22. Previous year figures have been regrouped/reclassified where necessary to conform with current years classification

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