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Notes to Accounts of SORIL Infra Resources Ltd.

Mar 31, 2015

1. Company Overview

i) Store One Retail India Limited ("the Company") was incorporated as Pyramid Retail Limited on March 18, 2005. The name of the company was subsequently changed to Indiabulls Retail Services Limited on 22nd May, 2008 and further changed to Store One Retail India Limited on 30th September, 2009 . The company received fresh certificate of incorporation consequent upon the change of name, from the Registrar of Companies, National Capital Territory of Delhi and Haryana on October 6, 2009.

Indiabulls Wholesale Services Limited (IBWSL) Holding Company of the Company , erstwhile Subsidiary of Indiabulls Real Estate Limited, completed the acquisition of 63.92% of the outstanding Equity Share Capital of the Company from the then existing promoters in terms of the Share Purchase Agreement dated December 08, 2007 and Public Announcement dated December 09, 2007. In the open offer, which concluded on April 10, 2008, IBWSL purchased 310 shares from the general public.

2. Basis of Preparation of financial statement

i) Statement of compliance

The financial statements have been prepared on going concern basis under the historical cost basis, in accordance with the generally accepted accounting principles in India and in compliance with the applicable accounting standards as specified under section 133 of Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended). All assets and liabilities have been classified as current or non-current as per the normal operating cycle and other criteria set out in the Companies Act 2013.

ii) Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, if any, on the date of the financial statements and the results of operations during the reporting periods. Although these estimates are based upon management's knowledge of current events and actions, actual results could differ from those estimates and revisions, if any, are recognized in the current and future periods.

b. Equity Shares Issued during the year

During the current year, the Company has issued and allotted of 44,00,000 equity share of face value '10 each of the Company to Indiabulls Wholesale Services Limited, the Holding Company, on preferential allotment basis at an issue price of '30.50 per equity share.

c. Rights, preferences and restrictions attached to Equity/Preference Shares

The company has only one class of equity shares having a face value of ' 10 (Rupees Ten) per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to received 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. In the event of distributing dividends by the company and winding up, the preference shareholders will be preferred over the equity shareholders. The holders of preference shares are entitled to receive dividends, but they do not have any voting rights except for in the conditions mentioned in the Companies Act 2013 to the extent applicable. All shares rank equally with regard to the Company's residual assets, except that holders of preference shares participate only to the extent of the face value of the shares.

(iii) Shares reserved for issue under options

There are no shares reserved under options as at 31st March,2015 (Refer note-29)

Exercise of Shares Warrants

During the year , the Company has issued and allotted 44,00,000 (Forty Four Lac) Equity Shares of face value Rs. 10/- each, upon excercise of equivalent number of warrants at an excercise price of Rs.30.50 per share by Indiabulls Wholesale Services Limited (Holding Company). The 25% advance received towards subscription of Share warrants has been adjusted on excercise of the referred warrants.

3. Contingent liabilities and Commitments:

Contingent liabilities:

a) Bank Guarantees:

*Bank Guarantees of Rs. 200,000 (Previous Year Rs. 125,000) issued in favour of VAT Authorities, Secured by way of pledge of Fixed Deposits for Rs. 200,000 (Previous Year Rs. 125,000).

b) Claims (Excluding interest) against the Company not acknowledged as debts: Rs. 5,353,400 (Previous Year: Rs. 4,515,200).

c) Contingent liabilities in respect of income-tax demands for which appeals have been filed Rs. 23,324,915 (previous year : Rs. 8,280,195)

d) There are legal cases against the Company in the ordinary course of business. Management has evaluated the same and depending upon the facts and after due evaluation of legal aspects of each case, adequate amounts have been provided in respect of the claims made against the Company under these cases. Company does not expect any further liability and these litigations /lawsuits and claims may, individually or in aggregate, will not have any material adverse effect on the financial position of the Company.

Commitments:

e) Estimated amount of Contracts remaining to be executed on capital account (net of advances) Rs. 8,690,608 (Previous Year Rs. 27,197,289).

4. Employee benefits ( non funded)

Gratuity

In accordance with "The Payment of Gratuity Act, 1972", the Company provides for gratuity a defined benefit retirement plan (the "Gratuity Plan") covering certain categories of employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement or termination of employment. The amount of payment is based on the respective employee's last drawn salary and the years of employment with the Company. Liabilities in respect of the Gratuity Plan are determined by an actuarial valuation and this plan is unfunded. The Company had charged Rs. 2,837,851 (previous year Charge Rs. 1,067, 363) during the year ended March 31, 2015 and the amount outstanding as at March 31, 2015 is Rs. 5,003,216 (previous year Rs. 2,338,220).

Compensated Absences

Eligible employees are entitled to accumulate compensated absences up to prescribed limits in accordance with the Company's policy and receive cash in lieu thereof. The Company measures the expected cost of accumulating compensated absences as the additional amount that the Company expects to pay as a result of the unused entitlement that has accumulated at the balance sheet date. Such measurement is based on actuarial valuation as at balance sheet date carried out by a qualified actuary. The Company had charged Rs. 997,714 (previous year charge Rs. 655,161) during the year ended March 31, 2015 and the amount outstanding as at March 31, 2015 is Rs. 2,159,911 (previous year Rs.1,182,102).

5. Employees Stock Options Schemes(ESOS):

Employees' Stock Option Schemes of the Company:

i. Store One Retail India Limited Employees Stock Option Scheme - 2009

The Shareholders vide postal ballot passed a special resolution on February 9,2009 for issue of 1,500,000(One Million five hundred thousands) shares towards issue of Employee Stock Option Scheme -2009 in supersession of Resolution passed on May 12, 2008 for ESOP -2008 .

The Compensation Committee, constituted by the Board of Directors of the Company, at its meeting held on June 05, 2009, granted, under the "Indiabulls Retail Services Limited Employees Stock Option Scheme - 2009", 1,500,000 (One Million five hundred thousands ) stock options representing an equal number of Equity shares of face value Rs. 10 each in the Company, to the eligible employees, at an exercise price of Rs. 30.45 per option, being the latest available closing market price on the National Stock Exchange of India Limited, as on June 04, 2009. The stock options so granted, shall vest in the eligible employees within 10 years beginning from June 06, 2010, the first vesting date. The stock options granted under each of the slabs, can be exercised by the grantees within a period of five years from the relevant vesting date.

Pursuant to the shareholders' authorization dated September 30, 2009 and receipt of fresh certificate of incorporation dated October 6, 2009, the name of the Company has been changed from Indiabulls Retail Services Limited to Store One Retail India Limited. Accordingly, the title of the Scheme stands changed from Indiabulls Retail Services Limited Employees Stock Option Scheme - 2009 to 'Store One Retail India Limited Employees Stock Option Scheme - 2009.

The Company follows the intrinsic value method of accounting as prescribed in the Guidance Note on Accounting for Employees Share based Payments ("Guidance Note") issued by the Institute of Chartered Accountants of India. Since, on the date of grant, the intrinsic value of the options granted was equal to the exercise price, no compensation expense in respect of the options granted was recorded by the Company.

iii. Store One Retail India Limited Employees' Stock Options Scheme - 2009 (II)

Members of the Company in their annual general meeting held on September 30, 2009 have approved by way of special resolution the "Indiabulls Retail Services Employees Stock Option Scheme - 2009 (II) ("IBRSL ESOS - 2009") covering 3,000,000 (Three Millions ) equity settled options for eligible employees of the Company, its subsidiaries, its fellow subsidiaries and Holding Company.

The options to be granted, under the above scheme representing an equal number of Equity shares of face value Rs. 10 each in the Company, to the eligible employees, will be granted at an exercise price which will be equal to latest available closing market price on the National Stock Exchange of India Limited, on the date of grant . The stock options so granted, shall vest in the eligible employees within 10 years beginning from their respective dates of grants . The stock options granted under each of the slabs, can be exercised by the grantees within a period of five years from the relevant vesting date.

Pursuant to the shareholders' authorization dated September 30, 2009 and receipt of fresh certificate of incorporation dated October 6, 2009, the name of the Company has been changed from Indiabulls Retail Services Limited to Store One Retail India Limited. Accordingly, the title of the Scheme stands changed from Indiabulls Retail Services Limited Employees Stock Option Scheme - 2009(II) to 'Store One Retail India Limited Employees Stock Option Scheme - 2009(II).

The Company follows the intrinsic value method of accounting as prescribed in the Guidance Note on Accounting for Employees Share based Payments ("Guidance Note") issued by the Institute of Chartered Accountants of India. Since no options have been granted therefore there is no compensation expense which need to be recognised by the Company.

Other disclosures as to proforma effect had the fair value method been followed and other related disclosure is not applicable as no options have been granted.

6. Segment Reporting:

Segment information for the Year ended March 31, 2015:, as per Accounting Standard AS-17, Segment Reporting. (a) Primary segment information (by business segments)

b) The group's primary business segments are reflected based on principal business activities carried on by the Company. The Company operates in two reportable business segments i.e. Facility Maintenance Services and other related parties and Equipment Hiring Services. Other non-reportable segments including wholesale trading, construction related materials & services and tour & travel services have been shown under unallocated.

c) The Company operates solely in one Geographic segment namely "Within India" and hence no separate information for Geographic segment wise disclosure is required.

d) Revenues and expenses directly attributable to segments are reported under each reportable segment. All other revenue and expenses which are not attributable or allocable to segments have been disclosed as unallocable revenue and expenses respectively. Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallocable.

7. Disclosures in respect of Related Parties as per Accounting Standard, AS-18, 'Related Parties Disclosures' as notified by the Companies (Accounting Standards) Rules, 2006, as amended: a) Name and Nature of Relationship with related parties:

Relationship Name of Related parties

i) Related Party where control exist

Holding Company Indiabulls Wholesale Services Limited

ii) Other related parties:

Fellow Subsidiary Company* Albasta Wholesale Services Limited (formerly known as Albasta Power Limited)

Indiabulls Technology Solutions Limited (till July 18, 2014)

Airmid Aviation Services Limited (from December 23, 2014)

* With whom transactions entered during the year

8. Income Tax

Current Tax

The current tax for the year ended March 31, 2015 includes current year tax charge of Rs. 199,353 (Previous year Rs. 438,109).

Deferred Tax Asset

In compliance with Accounting Standard 22 (AS 22) - 'Accounting for taxes on income', as specified under section 133 of Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended), the Deferred Tax Assets on brought forward losses and unabsorbed depreciation has not been recognized as there is no virtual certainty supported by convincing evidence of the subsequent realization of such deferred tax assets in future.

9. Earnings Per Equity Share (EPS):

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

Dilutive potential equity shares are deemed converted as of the beginning of the year, unless they have been issued at a later date. The number of equity shares and potential diluted equity shares are adjusted for stock split, bonus shares, Convertible Preference Shares, Share Warrants and the potential dilutive effect of Employee Stock Option Plan as appropriate.

10. In the opinion of the Board of Directors, all current assets, loans and advances appearing in the balance sheet as at March 31, 2015 have a value on realization in the ordinary course of the Company's business at least equal to the amount at which they are stated in the balance sheet after appropriate provision. Certain balances shown under loans and advances, sundry creditors and balances with banks are subject to confirmation/reconciliation. In the opinion of the Board of Directors, no provision is required to be made against the recoverability of such balances, other than as already provided in the financial statements.

11. The company has not entered into any foreign exchange derivative instruments during the year. There are no outstanding foreign currency exposures as at March 31, 2015.

12. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2014

(1) Company Overview:

i) Store One Retail India Limited ("the Company") was incorporated as Pyramid Retail Limited on March 18, 2005. The name of the company was subsequently changed to Indiabulls Retail Services Limited on 22nd May, 2008 and further changed to Store One Retail India Limited on 30th September, 2009 as per the provisions of the Companies Act, 1956. The company received fresh certificate of incorporation consequent upon the change of name, from the Registrar of Companies, National Capital Territory of Delhi and Haryana on October 6, 2009.

Indiabulls Wholesale Services Limited (IBWSL) Holding Company of the Company, erstwhile Subsidiary of Indiabulls Real Estate Limited, completed the acquisition of 63.92% of the outstanding Equity Share Capital of the Company from the then existing promoters in terms of the Share Purchase Agreement dated December 08, 2007 and Public Announcement dated December 09, 2007. In the open offer, which concluded on April 10, 2008, IBWSL purchased 310 shares from the general public. Indiabulls Wholesale Limited demerged from Indiabulls Real estate Limited with effect from the appointed date 1st April, 2010 vide a scheme of arrangement sanctioned by the Hon''ble High Court of Delhi at New Delhi on March 03, 2011 upon coming into effect of the IBWSL scheme of arrangement on March 31, 2011 and got listed in National Stock Exchange and Bombay Stock Exchange.

(2) Basis of Preparation of financial statement

i) Statement of compliance

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

ii) Use of estimates

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

(4) a. Authorised Share Capital

During the previous year ended March 31, 2013, the authorized share capital of the Company has been increased from Rs. 290,000,000 (Rupees Two hundred Ninety millions) to Rs. 320,000,000 (Rupees Three hundred twenty millions) with distribution as 28,000,000 (Twenty Eight millions) equity shares of Rs. 10 (Rupees Ten) each and 4,000,000 (Four millions) Preference Shares of Rs. 10 (Rupees Ten) each, through shareholders'' authorisation by the postal ballot, result where of was declared on November 22, 2012.

b. Issuance of Fresh Equity Shares

During the previous year, the Company has pursuant to and in terms of shareholders'' authorisation through Postal Ballot, result whereof was declared on November 22, 2012 and in the meeting of board of director of the company held on December 04, 2012 issued and allotted of 3,200,000 (Three million two hundred thousands) equity share of face value Rs. 10 each of the Company to Indiabulls Wholesale Services Limited, the promoter of the Company on preferential allotment basis at an issued price of Rs. 30.50 per equity share.

c. Terms/rights attached to Equity/Preference Shares

The company has only one class of equity shares having a face value of Rs. 10 (Rupees Ten) per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to received 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. In the event of distributing dividends by the company and winding up, the preference shareholders will be preferred over the equity shareholders. The holders of preference shares are entitled to receive dividends, but they do not have any voting rights except for in the conditions mentioned in the Companies Act, 1956 and 2013 Act, to the extent applicable. All shares rank equally with regard to the Company''s residual assets, except that holders of preference shares participate only to the extent of the face value of the shares.

d. Redemption of Preference Shares

During the previous year, the Company had redeemed its 149,000 non-convertible redeemable preference shares of Rs. 10 each at a premium of Rs. 870/- per share. Post redemption 2,973,450 non-convertible redeemable preference shares are outstanding as on March 31, 2014.

(5) Money received against Share Warrants

Issuance of Shares Warrant

During the previous year ended March 31, 2013, the company had issued 4,400,000 (four million four hundred thousands) share warrant on preferential allotment basis, at a exercise price of Rs. 30.50 each, Convertible into the 4,400,000 (four million four hundred thousands) equivalent number of equity share of face value Rs. 10 each, to Indiabulls Wholesale Services Limited, the holding company, among which 25% of exercise price has been paid by the holder of warrant as upfront money. The said warrants will be exercisable upto June 5, 2014.

(6) Inventories

The Company dealt in large number of products, the inventory has been furnished only in respect of major items namely Store & Spares; Raw materials and other items. Other items are grouped together, as inventory in respect of each product is not practical, in view of the nature of operations of the Company.

During the year ending March 31, 2014, the Company has written off stock amounting Rs. 37,832,458.

Figures in respect of previous year are stated in Italics and have been regrouped wherever necessary.

(7) Contingent liabilities and Commitments:

Contingent liabilities:

a) Bank Guarantees:

i. of Rs. 100,000 (Previous Year Rs. 100,000) issued in favour of Assessing Authority, Haryana Sales Tax, Gurgaon, Secured by way of pledge of Fixed Deposits for Rs. 100,000 (Previous Year Rs. 100,000).

ii. of Rs. 25, 000 (Previous Year Rs. Nil) issued in favour of Assessing Authority- UP, Secured by way of pledge of Fixed Deposits for Rs. 25,000 (Previous Year Rs. Nil).

iii. of Rs. Nil (Previous Year Rs. 4,250,500) issued in favour of High Court of Delhi, secured by way of pledge of Fixed Deposits for Rs. Nil (Previous Year Rs. 4,250,500).

b) Claims (Excluding interest) against the Company not acknowledged as debts: Rs. 4,515,200 (Previous Year: Rs. 10,218,890).

Commitments:

Estimated amount of Contracts remaining to be executed on capital account (net of advances) Rs. 27,197,289 (Previous Year Rs. 53,105,650).

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

(8) Employee benefits

Gratuity

In accordance with "The Payment of Gratuity Act, 1972", the Company provides for gratuity a defined benefit retirement plan (the "Gratuity Plan") covering certain categories of employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement or termination of employment. The amount of payment is based on the respective employee''s last drawn salary and the years of employment with the Company. Liabilities in respect of the Gratuity Plan are determined by an actuarial valuation and this plan is unfunded. The Company had charged Rs. 1,067,363 (previous year Charge Rs. 1,164,452) during the year ended March 31, 2014 and the amount outstanding as at March 31, 2014 is Rs. 2,338,220 (previous year Rs. 2,041,762).

Compensated Absences

Eligible employees are entitled to accumulate compensated absences up to prescribed limits in accordance with the Company''s policy and receive cash in lieu thereof. The Company measures the expected cost of accumulating compensated absences as the additional amount that the Company expects to pay as a result of the unused entitlement that has accumulated at the balance sheet date. Such measurement is based on actuarial valuation as at balance sheet date carried out by a qualified actuary. The Company had charged Rs. 655,161 (previous year charge Rs. 680,857) during the year ended March 31, 2014 and the amount outstanding as at March 31, 2014 is Rs. 1,182,102 (previous year Rs. 1,022,023).

(9) Employees Stock Options Schemes(ESOS):

Employees'' Stock Option Schemes of the Holding Company:

During the year ended March 31, 2012, the Board of Directors and Shareholders of the Holding Company (Indiabulls wholesale Services Limited) have given their consent to create, issue, offer and allot, to the eligible employees of the Holding Company and its Subsidiary Companies, stock options not exceeding 5,000,000 in number, representing 5,000,000 Equity shares of face value of Rs. 2 each of the Company, accordingly the Indiabulls Wholesale Services Limited Employee Stock Option Scheme - 2011 ("IBWSL ESOP - 2011") has been formed. As per the scheme Exercise Price will be the market price of the equity shares of the Holding Company, being the latest available closing price, prior to the date of grant or as may be decided by the Board or Compensation Committee. These options vest uniformly over a period of 10 years, commencing one year after the date of grant. The stock option under each of the slabs, are exercisable by the option holder within a period of five years from the relevant vesting date.

The Compensation Committee of the Board of Directors of the Company granted 1,257,000 (One million Two hundred & Fifty Seven Thousands only) stock options in its meeting held on February 28, 2012, 650,000 (Six hundred & Fifty Thousands only) stock options in its meeting held on March 29, 2012, 150,000 (One hundred & Fifty Thousands only) stock options in its meeting held on July 10, 2012, 850,000 (Eight hundred & Fifty Thousands only) stock options in its meeting held on September 17, 2012, 160,000 (One hundred & Sixty Thousands only) stock options in its meeting held on held on February 2, 2013 and 150,000 (One hundred & Fifty Thousands only) stock options, in its meeting held on February 22, 2013, in terms of the IBWSL ESOP-2011. These options represent as equal number of Equity shares of face value Rs. 2 each in the Company and shall vest within ten years beginning from March 1, 2013, March 30, 2013, July 11, 2013, September 18, 2013, February 3, 2014, February 23, 2014, May 10, 2014, October 2, 2014 and November 1, 2014, being the first vesting date(s), respectively. Further the options granted under each slab, can be exercised within a period of five years from the relevant vesting date(s).

Employees'' Stock Option Schemes of the Company:

(i) Indiabulls Retail Services Limited Employees'' Stock Options Scheme - 2008

During the year ended March 31, 2009, pursuant to the Resolution passed on May 12, 2008 the Company had established the "Indiabulls Retail Services Limited Employees'' Stock Options Scheme-2008" under ("IBRSL ESOS 2008"), the Company issued equity settled options to its eligible employees to subscribe upto 1,000,000 stock options. However, this scheme was subsequently superseded by Indiabulls Retail Services Limited Employees Stock Option Scheme - 2009'' ("IBRSL ESOS 2009"), as approved by the share holders by way of postal ballot on February 9, 2009.

(ii) Store One Retail India Limited Employees Stock Option Scheme - 2009

The Compensation Committee, constituted by the Board of Directors of the Company, at its meeting held on June 05, 2009, granted, under the "Indiabulls Retail Services Limited Employees Stock Option Scheme - 2009", 1,500,000 (One million five hundred thousands) stock options representing an equal number of Equity shares of face value Rs. 10 each in the Company, to the eligible employees, at an exercise price of Rs. 30.45 per option, being the latest available closing market price on the National Stock Exchange of India Limited, as on June 04, 2009. The stock options so granted, shall vest in the eligible employees within 10 years beginning from June 06, 2010, the first vesting date. The stock options granted under each of the slabs, can be exercised by the grantees within a period of five years from the relevant vesting date.

Pursuant to the shareholders'' authorization dated September 30, 2009 and receipt of fresh certificate of incorporation dated October 6, 2009, the name of the Company has been changed from Indiabulls Retail Services Limited to Store One Retail India Limited. Accordingly, the title of the Scheme stands changed from Indiabulls Retail Services Limited Employees Stock Option Scheme - 2009 to ''Store One Retail India Limited Employees Stock Option Scheme - 2009.

The Company follows the intrinsic value method of accounting as prescribed in the Guidance Note on Accounting for Employees Share based Payments ("Guidance Note") issued by the Institute of Chartered Accountants of India. Since, on the date of grant, the intrinsic value of the options granted was equal to the exercise price, no compensation expense in respect of the options granted was recorded by the Company.

The Fair value of the options under the plan using the Black-Scholes model based on the following parameters is Rs. 24.06 per option, as calculated by an independent firm of Chartered Accountants:

(iii) Store One Retail India Limited Employees'' Stock Options Scheme - 2009 (II)

Members of the Company in their annual general meeting held on September 30, 2009 have approved by way of special resolution the "Indiabulls Retail Services Employees Stock Option Scheme - 2009 (II) ("IBRSL ESOS - 2009") covering 3,000,000 (Three Millions) equity settled options for eligible employees of the Company, its subsidiaries, its fellow subsidiaries and Holding Company.

Pursuant to the shareholders'' authorization dated September 30, 2009 and receipt of fresh certificate of incorporation dated October 6, 2009, the name of the Company has been changed from Indiabulls Retail Services Limited to Store One Retail India Limited. Accordingly, the title of the Scheme stands changed from Indiabulls Retail Services Limited Employees Stock Option Scheme - 2009(II) to ''Store One Retail India Limited Employees Stock Option Scheme - 2009(II). No shares have been granted under the scheme till date.

(10) Segment Reporting:

Segment information for the Year ended March 31, 2014:, as per Accounting Standard AS-17, Segment Reporting, as notified by the Companies (Accounting Standards) Rules, 2006, as amended.

(a) Primary segment information (by business segments)

b) The Company operates solely in one Geographic segment namely "Within India" and hence no separate information for Geographic segment wise disclosure is required.

c) The group''s primary business segments are reflected based on principal business activities carried on by the Company. The Company operates in two reportable business segments i.e. Facility Maintenance Services and Equipment Hiring Services. Other non-reportable segments including wholesale trading, construction related materials & services and tour & travel services have been shown under unallocated.

d) Segment revenue, results, assets and liabilities include amounts identifiable to each segment and amounts allocated on a reasonable basis.

(11) Disclosures in respect of Related Parties as per Accounting Standard, AS-18, ''Related Parties Disclosures'' as notified by the Companies (Accounting Standards) Rules, 2006, as amended:

(a) Name and Nature of Relationship with related parties:

Relationship Name of Related parties

i) Related Party where control exist Holding Company Indiabulls Wholesale Services Limited

ii) Other related parties: Fellow Subsidiary Company* Indiabulls Technology Solutions Limited Albasta Wholesale Services Limited (formerly known as Albasta Power Limited) Key Management Personnel Mr. Abhimanyu Mehlawat, Whole- Time Director

Mr. Mehul Johnson, Director

Mr. Rajiv Rattan, Promoter of Holding Company

Mr. Sameer Gehlaut, Promoter of Holding Company

Mr. Saurabh Kumar Mittal, Promoter of Holding Company

* With whom transactions entered during the year

(12) Income Tax Current Tax

The current tax for the year ended March 31, 2014 includes current year tax charge of Rs. 438,109 (previous year: Rs. Nil).

Deferred Tax Asset

In compliance with Accounting Standard 22 (AS 22) - "Accounting for Taxes on Income", as notified under the Companies (Accounting Standards) Rules, 2006, as amended the Deferred Tax Assets has not been recognized as there is no virtual certainty supported by convincing evidence of the subsequent realization of such deferred tax assets in future.

(13) Earnings Per Equity Share (EPS):

The basic earnings per Equity Share is computed by dividing the net profit attributable to equity shareholders for the year by the weighted average number of equity shares outstanding during the year. Diluted earnings per share are computed using the weighted average number of equity shares and also the weighted average number of equity shares that could have been issued on the conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable, had the shares been actually issued at fair value. Dilutive potential equity shares are deemed converted as of the beginning of the year, unless they have been issued at a later date. The number of equity shares and potential diluted equity shares are adjusted for stock split, bonus shares, Convertible Preference Shares, Share Warrants and the potential dilutive effect of Employee Stock Option Plan as appropriate.

(14) Operating lease

The Company has taken premises on operating leases and lease rent of Rs. 6,908,923 (Previous year Rs. Nil ) in respect of the same has been charged to Statement of Profit and Loss for the year ended March 31, 2014.

(15) In the opinion of the Board of Directors, all current assets, loans and advances appearing in the balance sheet as at March 31, 2014 have a value on realization in the ordinary course of the Company''s business at least equal to the amount at which they are stated in the balance sheet after appropriate provision. Certain balances shown under loans and advances, sundry creditors and balances with banks are subject to confirmation/reconciliation. In the opinion of the Board of Directors, no provision is required to be made against the recoverability of such balances, other than as already provided in the financial statements.

(16) In respect of amounts as mentioned under Section 205C of the Companies Act, 1956, there were no dues required to be credited to the Investor Education and Protection Fund as on March 31, 2014.

(17) The company has not entered into any foreign exchange derivative instruments during the year. There are no outstanding foreign currency exposures as at March 31, 2014.

(18) Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2013

(1) Company Overview

i) Store One Retail India Limited ("the Company") was incorporated as Pyramid Retail Limited on March 18, 2005 with an authorized capital ofRs. 21,00,00,000 divided into 2,10,00,000 equity shares of Rs.10 each. In April 2008, Indiabulls Wholesale Services Limited (IBWSL), erstwhile subsidiary of Indiabulls Real Estate Limited, completed the acquisition of 63.92% of the outstanding Equity Share Capital of the Company from the then existing promoters in terms of the Share Purchase Agreement dated December 08, 2007 and Public Announcement dated December 09, 2007 and in accordance with the provisions of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. Pursuant to this, IBWSL and Indiabulls Real Estate Limited had made an open offer to acquire up to 20% of the voting capital of the Company at an offer price of Rs. 74.73 per share. In the open offer, which concluded on April 10, 2008, IBWSL purchased 310 shares from the general public. In accordance with the provisions of Section 21 and other applicable provisions of the Companies Act, 1956, the members of the Company passed a special resolution through Postal Ballot, on May 12,2008, and accorded their approval to change the name of the Company. The Company received fresh certificate of incorporation consequent upon change of name, from the Registrar of Companies, Maharashtra, Mumbai dated May 22, 2008 in respect of the said change. Accordingly, the name of the Company was changed to ''Indiabulls Retail Services Limited''. Further and in accordance with the provisions of Section 21 and as per applicable provisions of the Companies Act, 1956, members of the company in their annual general meeting held on September 30, 2009, accorded their approval to change the name of the Company to''Store One Retail India Limited''. The Company has since received fresh certificate of incorporation consequent upon change of name, from the Registrar of Companies, National Capital Territory of Delhi and Haryana on October 06, 2009. Accordingly, the name of the Company was changed to "Store One Retail India Limited" from "Indiabulls Retail Services Limited".

ii) During the year, the Company has entered into new line of Business of providing Construction related material & services and travel & tour operators along with its ongoing businesses.

iii) The Board of Directors of the Company at its meeting held on April 24, 2013, has declared dividend @ 9% on preference share capital of the company.

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

a) Certain Assets comprising of Fixed Assets and Loans and Advances in IBREL aggregating to Rs. 4,10,63,96,502 have been transferred to IBWSL, at their book values;

b) The Equity Share Capital of the Resulting Company amounting to Rs. 1,00,00,00,000 was cancelled;

c) The net adjustment for such transfer of assets, liabilities and cancellation and issue of Equity Share Capital amounting to Rs. 5,00,58,26,316 has been shown in the General Reserve Account of the Resulting Company;

d) In terms of the Scheme, all business activities of the IBREL carried out by IBREL in trust for IBWSL, carried out on or after the Appointed Date are deemed to have been carried out by the IBREL on behalf of the IBWSL on a going concern basis;

e) The transfer of proportionate Share warrant has been made as per the net worth ratio between net worth of the IBREL transferred to IBWSL pursuant to Scheme and the net worth of the IBREL immediately before demerger as on appointed date i.e. April 01, 2010. Proportionate liability in respect of Share Warrants representing 25% of the application money amounting to Rs. 9,42,48,700 has also been transferred to the Resulting Company;

f) Pursuant to the Scheme being given effect to, by the Resulting Company, IBWSL has allotted one (1) Equity Share of face value of Rs. 2 each credited as fully paid-up for every eight (8) Equity share of Rs. 2 each held by such shareholders in the IBREL.

In terms of the Scheme, on April 27, 2011, IBWSL has issued and allotted 5,02,85,093 Equity shares of face value of Rs. 2 each aggregating to Rs. 10,05,70,186 to the respective shareholders of IBREL as on the record date i.e. April 25, 2011.

Pursuant to the Scheme, the Authorised Share Capital of the Holding Company has been reorganised to Rs. 1,10,00,00,000 divided into 55,00,00,000 Equity shares of Rs. 2 each.

(2) Basis of Preparation of financial statement

i) Statement of compliance

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

ii) Use of estimates

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

(3) Contingent liabilities and Commitments: Contingent liabilities:

a) Bank Guarantees:

i. of Rs. 1,00,000 (Previous Year Rs. 1,00,000) issued in favour of Assessing Authority, Haryana Sales Tax, Gurgaon, Secured by way of pledge of Fixed Deposits for Rs. 1,00,000 (Previous Year Rs. 1,00,000).

ii. of Rs. 42,50,500 (Previous Year Rs. 42,50,500) issued in favour of High Court of Delhi, secured by way of pledge of Fixed Deposits for Rs. 42,50,500 (Previous Year Rs. 42,50,500).

b) Claims (Excluding interest) against the Company not acknowledged as debts: ^1,02,18,890 (Previous Year: Rs. 1,82,70,114).

Commitments:

Estimated amount of Contracts remaining to be executed on capital account (net of advances) ^5,31,05,650 (Previous Year Rs. 2,51,96,947).

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

(4) Employee benefits Gratuity

In accordance with "The Payment of Gratuity Act, 1972", the Company provides for gratuity a defined benefit retirement plan (the "Gratuity Plan") covering certain categories of employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement or termination of employment. The amount of payment is based on the respective employee''s last drawn salary and the years of employment with the Company. Liabilities in respect of the Gratuity Plan are determined by an actuarial valuation and this plan is unfunded. The Company had charged Rs. 11,64,452 (previous year Charge Rs. 8,21,617) during the year ended March 31, 2013 and the amount outstanding as at March 31, 2013 is Rs.20,41,762 (previous year ^ 9,07,800).

Compensated Absences

Eligible employees are entitled to accumulate compensated absences up to prescribed limits in accordance with the Company''s policy and receive cash in lieu thereof. The Company measures the expected cost of accumulating compensated absences as the additional amount that the Company expects to pay as a result of the unused entitlement that has accumulated at the balance sheet date. Such measurement is based on actuarial valuation as at balance sheet date carried out by a qualified actuary. The Company had charged Rs.6,80,857 (previous year charge Rs.3,49,765) during the year ended March 31,2013 and the amount outstanding as at March 31,2013 is Rs. 10,22,023 (previous year Rs.4,43,449).

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

(5) Employees Stock Options Schemes(ESOS):

Employees'' Stock Option Schemes of the Holding Company:

During the year ended March 31, 2012, the Board of Directors and Shareholders of the Holding Company! Indiabulls wholesale Services Limited) have given their consent to create, issue, offer and allot, to the eligible employees of the Holding Company and its Subsidiary Companies, stock options not exceeding 50,00,000 in number, representing 50,00,000 Equity shares of face value of Rs. 2 each of the Company, accordingly the Indiabulls Wholesale Services Limited Employee Stock Option Scheme - 2011 ("IBWSL ESOP - 2011") has been formed. As per the scheme Exercise Price will be the market price of the equity shares of the Holding Company, being the latest available closing price, prior to the date of grant or as may be decided by the Board or Compensation Committee. These options vest uniformly over a period of 10 years, commencing one year after the date of grant. The stock option under each of the slabs, are exercisable by the option holder within a period of five years from the relevant vesting date.

The Compensation Committee of the Board of Directors of the Company granted 12,57,000 (Twelve Lac Fifty Seven Thousand only) stock options in its meeting held on February 28, 2012, 6,50,000 (Six Lac Fifty Thousand only) stock options in its meeting held on March 29, 2012, 1,50,000 (One Lakh Fifty Thousand only) stock options in its meeting held on July 10, 2012, 8,50,000 (Eight Lakhs Fifty Thousand only) stock options in its meeting held on September 17, 2012, 1,60,000 (One Lakhs Sixty Thousand only) stock options in its meeting held on held on February 2, 2013 and 1,50,000 (One Lakhs Fifty Thousand only) stock options, in its meeting held on February 22, 2013, in terms of the IBWSL ESOP- 2011.

Employees'' Stock Option Schemes of the Company:

(i) Indiabulls Retail Services Limited Employees'' Stock Options Scheme - 2008

During the year ended March 31, 2009, pursuant to the Resolution passed on May 12, 2008 the Company had established the "Indiabulls Retail Services Limited Employees'' Stock Options Scheme - 2008" under ("IBRSL ESOS 2008"), the Company issued equity settled options to its eligible employees to subscribe upto 10,00,000 stock options. However, this scheme was subsequently superseded by Indiabulls Retail Services Limited Employees Stock Option Scheme - 2009'' ("IBRSL ESOS 2009"), as approved by the share holders by way of postal ballot on February 9, 2009.

(ii) Store One Retail India Limited Employees Stock Option Scheme - 2009

The Compensation Committee, constituted by the Board of Directors of the Company, at its meeting held on June 05,2009, granted, under the "Indiabulls Retail Services Limited Employees Stock Option Scheme- 2009", 15,00,000 (Fifteen lacs) stock options representing an equal number of Equity shares of face value Rs. 10 each in the Company, to the eligible employees, at an exercise price of Rs. 30.45 per option, being the latest available closing market price on the National Stock Exchange of India Limited, as on June 04, 2009. The stock options so granted, shall vest in the eligible employees within 10 years beginning from June 06, 2010, the first vesting date. The stock options granted under each of the slabs, can be exercised by the grantees within a period of five years from the relevant vesting date.

Pursuant to the shareholders'' authorization dated September 30, 2009 and receipt of fresh certificate of incorporation dated October 6, 2009, the name of the Company has been changed from Indiabulls Retail Services Limited to Store One Retail India Limited. Accordingly, the title of the Scheme stands changed from Indiabulls Retail Services Limited Employees Stock Option Scheme - 2009 to ''Store One Retail India Limited Employees Stock Option Scheme - 2009.

(6) Income Tax Deferred Tax Asset

In compliance with Accounting Standard 22 (AS 22) - "Accounting for Taxes on Income", as notified under the Companies (Accounting Standards) Rules, 2006, as amended the Deferred Tax Assets has not been recognized as there is no virtual certainty supported by convincing evidence of the subsequent realization of such deferred tax assets in future.

(7) Earnings Per Equity Share (EPS):

The basic earnings per equity share is computed by dividing the net profit attributable to equity shareholders for the year by the weighted average number of equity shares outstanding during the year. Diluted earnings per share are computed using the weighted average number of equity shares and also the weighted average number of equity shares that could have been issued on the conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable, had the shares been actually issued at fair value. Dilutive potential equity shares are deemed converted as of the beginning of the year, unless they have been issued at a later date. The number of equity shares and potential diluted equity shares are adjusted for stock split, bonus shares, Convertible Preference Shares, Share Warrants and the potential dilutive effect of Employee Stock Option Plan as appropriate.

(8) In the opinion of the Board of Directors, all current assets, loans and advances appearing in the balance sheet as at March 31, 2013 have a value on realization in the ordinary course of the Company''s business at least equal to the amount at which they are stated in the balance sheet after appropriate provision. Certain balances shown under loans and advances, sundry creditors and balances with banks are subject to confirmation/reconciliation. In the opinion of the Board of Directors, no provision is required to be made against the recoverability of such balances, other than as already provided in the financial statements.

(9) In respect of amounts as mentioned under Section 205C of the Companies Act, 1956, there were no dues required to be credited to the Investor Education and Protection Fund as on March 31, 2013.

(10) The company has not entered into any foreign exchange derivative instruments during the year. There are no outstanding foreign currency exposures as at March 31, 2013.

(11) Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2012

(1) Contingent liabilities and Commitments:

Contingent liabilities:

a) Bank Guarantees:

i. of Rs. 100,000 (Previous Year Rs. 100,000) issued in favour of Assessing Authority- Gurgaon, Secured by way of pledge of Fixed Deposits for Rs. 100,000 (Previous Year Rs. 100,000).

ii. of Rs. 4,250,500 (Previous Year Rs. 4,250,500) issued in favour of High Court of Delhi, secured by way of pledge of Fixed Deposits for Rs. 4,250,500 (Previous Year Rs. 4,250,500).

b) Claims against the Company not acknowledged as debts: Rs.18,270,114 (Previous Year: Rs. 9,709,503).

Commitments:

Estimated amount of Contracts remaining to beexecuted on capital account (net of advances) Rs. 25,196,947(Previous Year Rs. Nil).

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

(2) Employee benefits

Gratuity

In accordance with "The Payment of Gratuity Act, 1972", the Company provides for gratuity a defined benefit retirement plan (the "Gratuity Plan") covering certain categories of employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement or termination of employment. The amount of payment is based on the respective employee's last drawn salary and the years of employment with the Company. Liabilities in respect of the Gratuity Plan are determined by an actuarial valuation and this plan is unfunded. The Company had charged Rs. 821,617 (previous year credit Rs. 711,186) during the year ended March 31,2012 and the amount outstanding as at March 31,2012 is Rs. 907,800 (previous year Rs. 86,183).

Compensated Absences

Eligible employees are entitled to accumulate compensated absences up to prescribed limits in accordance with the Company's policy and receive cash in lieu thereof. The Company measures the expected cost of accumulating compensated absences as the additional amount that the Company expects to pay as a result of the unused entitlement that has accumulated at the balance sheet date. Such measurement is based on actuarial valuation as at balance sheet date carried out by a qualified actuary. The Company had charged Rs.349,765 (previous year credit Rs.377,447) during the year ended March 31,2012 and the amount outstanding as at March 31,2012 is Rs. 443,449 (previous year Rs.93,684).

3. Employees Stock Options Schemes(ESOS):

Employees' Stock Option Schemes of the Holding Company:

During the year ended March 31, 2012, the Board of Directors and Shareholders of the Holding Company have given their consent to create, issue, offer and allot, to the eligible employees of the Holding Company and its Subsidiary Companies, stock options not exceeding 5,000,000 in number, representing 5,000,000 Equity shares of face value of Rs. 2 each of the Company, accordingly the Indiabulls Wholesale Services Limited Employee Stock Option Scheme - 2011 ("IBWSL ESOP - 2011") has been formed. As per the scheme Exercise Price will be the market price of the equity shares of the Holding Company, being the latest available closing price, prior to the date of grant or as may be decided by the Board or Compensation Committee.These options vest uniformly over a period of 10 years, commencing one year after the date of grant. The stock option under each of the slabs, are exercisable by the option holder within a period of five years from the relevant vesting date

The Compensation Committee of the Board has in its meeting held on February 28,2012, granted 1,257,000 (Twelve Lac Fifty Seven Thousand only) stock options at an exercise price of Rs 8.28 per option in terms of the IBWSL ESOP- 2011. These options shall vest within ten years beginning from March 1,2013 the first vesting date.

The Compensation Committee of the Board has in its meeting held on March 29, 2012, granted 650,000 (Six Lac Fifty Thousand only) stock options at an exercise price of Rs 7.80 per option in terms of the IBWSL ESOP-2011. These options shall vest within ten years beginning from March 30,2013 the first vesting date.

IBWSL Employees'Welfare Trust has been formed on September 08, 2011 with an initial corpus of Rs.50,000, to administer and implement current ungranted options under Employee Stock Option Scheme ("ESOP Schemes") and any further ESOP/Employee Stock Purchase Schemes to all eligible employees of the company.

Employees' Stock Option Schemes of the Company:

(i) Indiabulls Retail Services Limited Employees'Stock Options Scheme - 2008

During the year ended March 31, 2009, pursuant to the the Resolution passed on May 12, 2008 the Company had established the "Indiabulls Retail Services Limited Employees' Stock Options Scheme - 2008" under ("IBRSL ESOS 2008"), the Company issued equity settled options to its eligible employees to subscribe upto 1,000,000 stock options. However, this scheme was subsequently superseded by Indiabulls Retail Services Limited Employees Stock Option Scheme - 2009' ("IBRSL ESOS 2009"), as approved by the share holders by way of postal ballot on February 9,2009.

ii. Store One Retail India Limited Employees Stock Option Scheme - 2009

The Compensation Committee, constituted by the Board of Directors of the Company, at its meeting held on June 05,2009, granted, under the "Indiabulls Retail Services Limited Employees Stock Option Scheme - 2009", 1,500,000 (Fifteen lacs) stock options representing an equal number of Equity shares of face value Rs. 10 each in the Company, to the eligible employees, at an exercise price of Rs. 30.45 per option, being the latest available closing market price - on the National Stock Exchange of India Limited, as on June 04,2009. The stock options so granted, shall vest in the eligible employees within 10 years beginning from June 06,2010, the first vesting date. The stock options granted under each of the slabs, can be exercised by the grantees within a period of five years from the relevant vesting date.

Pursuant to the shareholders'authorization dated September 30,2009 and receipt of fresh certificate of incorporation dated October 6, 2009, the name of the Company has been changed from Indiabulls Retail Services Limited to Store One Retail India Limited. Accordingly, the title of the Scheme stands changed from Indiabulls Retail Services Limited Employees Stock Option Scheme - 2009 to'Store One Retail India Limited Employees Stock Option Scheme - 2009.

The Company follows the intrinsic value method of accounting as prescribed in the Guidance Note on Accounting for Employees Share based Payments ("Guidance Note") issued by the Institute of Chartered Accountants of India. Since, on the date of grant, the intrinsic value of the options granted was equal to the exercise price, no compensation expense in respect of the options granted was recorded by the Company.

iii. Store One Retail India Limited Employees'Stock Options Scheme - 2009(H)

Members of the Company in their annual general meeting held on September 30,2009 have approved by way of special resolution the "Indiabulls Retail Services Employees Stock Option Scheme - 2009 (II) ("IBRSL ESOS - 2009") covering 3,000,000 (Thirty lacs) equity settled options for eligible employees of the Company, its subsidiaries, its fellow subsidiaries and Holding Company.

Pursuant to the shareholders' authorization dated September 30, 2009 and receipt of fresh certificate of incorporation dated October 6,2009, the name of the Company has been changed from Indiabulls Retail Services Limited to Store One Retail India Limited. Accordingly, the title of the Scheme stands changed from Indiabulls Retail Services Limited Employees Stock Option Scheme - 2009(11) to 'Store One Retail India Limited Employees Stock Option Scheme - 2009(11).

4. Segment Reporting:

Segment information for the Year ended March 31,2012 as per Accounting Standard AS-17, Segment Reporting, as notified by the Companies (Accounting Standards) Rules, 2006, as amended.

b) The Company operates solely in one Geographic segment namely "Within India" and hence no separate information for Geographic segment wise disclosure is required.

c) The group's primary business segments are reflected based on principal business activities carried on by the Company. The Company operates in two reportable business segments i.e. Wholesale Trading and Facility Maintenance Services and other related ancillary services.

Others business segment constitutes equipment hiring business.

d) Segment revenue, results, assets and liabilities include amounts identifiable to each segment and amounts allocated on a reasonable basis.

e) During the current year, the Company has entered into a new line of business. Since this is the first year of operation for the same, corresponding previous year figures have not been disclosed.

5. Earnings Per Equity Share (EPS):

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

Dilutive potential equity shares are deemed converted as of the beginning of the year, unless they have been issued at a later date. The number of equity shares and potential diluted equity shares are adjusted for stock split, bonus shares, Convertible Preference Shares, Share Warrants and the potential dilutive effect of

6. Deferred Tax Asset

In compliance with Accounting Standard 22 (AS 22) - "Accounting for Taxes on Income", as notified under the Companies (Accounting Standards) Rules, 2006, as amended the Deferred Tax Assets has not been recognized as there is no virtual certainty supported by convincing evidence of the subsequent realization of such deferred tax assets in future.

7. Value of Import of fixed assets during the year ended March 31,2012 is Rs.22,397,760 (Previous Year Rs. Nil).

8. In the opinion of the Board of Directors, all current assets, loans and advances appearing in the balance sheet as at March 31, 2012 have a value on realization in the ordinary course of the Company's business at least equal to the amount at which they are stated in the balance sheet after appropriate provision. Certain balances shown under loans and advances, sundry creditors and balances with banks are subject to confirmation/reconciliation. In the opinion of the Board of Directors, no provision is required to be made against the recoverability of such balances, other than as already provided in the financial statements.

9. In respect of amounts as mentioned under Section 205C of the Companies Act, 1956, there were no dues required to be credited to the Investor Education and Protection Fund as on March 31,2012.

10. The company has not entered into any foreign exchange derivative instruments during the year. There are no outstanding foreign currency exposures as at March 31,2012.

11. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

 
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