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Notes to Accounts of Anant Raj Ltd.

Mar 31, 2023

(b) Right, preference and restrictions attached to shares

The Company has only one class of equity shares having a par value of '' 2 each. Each shareholder is eligible for one vote per share held and carry a right of dividend. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.

In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividend is recorded as a liability on the date of declaration by the Company''s Board of Directors. Income tax consequences of dividends on financial instruments classified as equity will be recognized according to where the entity originally recognized those past transactions or events that generated distributable profits.

The Company declares and pays dividends in Indian rupees. The Finance Act, 2020, has repealed the Dividend Distribution Tax (DDT). Companies are now required to pay/distribute dividend after deducting applicable taxes. The remittance of dividends outside India is also subject to withholding tax at applicable rates.

The Board of Directors in their meeting held on April 25, 2023, recommended a final dividend @25% i.e. Re. 0.50 per equity share (face value of '' 2 per equity share) for the financial year ended March 31, 2023. This payment is subject to the approval of shareholders in the ensuing Annual General Meeting of the Company and if approved, would result in a net cash outflow of approximately '' 16.20 crores.

28 CONTINGENT LIABILITIES (to the extent not provided for) ('' in Lakhs)
	March 31, 2023	March 31, 2022
(i) (a) Claims against the Company not acknowledged as debts*	755.80	489.50
(b) Income tax demands disputed in appellate proceedings	2,846.68	701.10
(c) Disputed demands in respect of indirect taxes	217.16	217.16
* [Amounts are net of payments made and without considering interest for the overdue period and penalty, if any, as may be levied if the demand so raised is upheld]
(ii) Bonds/Guarantee given to custom authorities for custom duty saved on import of capital goods under EPCG scheme	331.08	331.08
[Unfulfilled export obligation of '' 1,273.82 lakhs ('' 1,218.46 lakhs) under EPCG license for import of capital goods.]*
* As advised by legal experts, the Company adopting Amnesty Scheme issued by the Ministry of Commerce and Industry vide Notice no. 2/2023 regarding fulfilling its export obligations.
(iii) Guarantees given by Banks
Guarantees given to Town and Country Planning, Haryana, towards external/ internal development work.	3,169.65	1,992.89
Guarantees given to Gurugram Metropolitan Development Authority Gurugram, Haryana, towards switching station and feeder work.	10.65	-
Guarantees given to Ministry of Food Processing Industries, towards performance security for Agro Processing Cluster Development Project by Project Implementing Agency	50.00
[Deposits, inclusive of accrued interest, of '' 20,76.41 lakhs ('' 813.17 lakhs) held by Banks as margin, shown under the head ''Other bank Balances'']
(iv) Borrowings by affiliate companies whose loans have been guaranteed by the Company as at close of the year	4,109.71	4,274.36

29 CAPITAL AND OTHER COMMITMENTS		('' in Lakhs)
	March 31, 2023	March 31, 2022
Estimated amount of contracts remaining to be executed on capital account and not provided for	1,047.27	2,336.23

30 Inventory includes, Development Rights acquired for '' 1,04,341.75 lakhs ('' 95,899.58 lakhs), being payments made to subsidiary companies under Development Agreements to acquire irrevocable rights over land whereby the Company is entitled to construct, market and sell the development on the same.

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

32 The Board of Directors at its meeting held on August 3, 2022, made the allotment of 2,90,00,000 equity shares of the face value of '' 2 each pursuant to the conversion of 2,90,00,000 fully convertible warrants (''Warrants''), allotted as on May 5, 2021, at an issue price of '' 56.35 each by way of preferential allotment to ''Promoter and Promoter group'' and ''Non-Promoter'' (Allottees), in accordance with the provisions of the Companies Act, 2013, read with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Consequent to the said allotment, the paid-up equity share capital of the Company stands increased to '' 64,81.93 lakhs divided into 32,40,96,335 equity shares of face value of '' 2 each.

33 The Board of Directors of the Company at their meeting held on March 4, 2023, had approved the issuance of 5,500, unlisted, redeemable, transferable, non- convertible debentures ("Debentures") bearing face value of '' 10,00,000 (Rupees Ten Lakhs Only) each, in multiple tranches aggregating up to '' 550,00 lakhs (Rupees Fifty Five Thousand lakhs Only) on a private placement basis. The first two tranches to be issued for an aggregate amount of up to '' 250,00 lakhs (Rupees Twenty Five Thousand lakhs Only) to eligible investors.

The Board of Directors of the Company at their meeting held on March 17, 2023, approved the allotment of 2,000 (Two Thousand), Debentures of face value of '' 10,00,000 (Rupees Ten Lakhs Only) aggregating to '' 200,00 lakhs (Rupees Twenty Thousand lakhs Only) in first tranche, on private placement basis to India Real Estate II Scheme III of Apollo Global Management.

34 The Board of Directors of the Company at their meeting held on August 3, 2022, approved the raising of funds by issuance of 250 ( Two Hundred Fifty) , secured, unlisted, redeemable, non- convertible debentures (''Debentures'') bearing face value of '' 10,00,000 (Rupees Ten Lakhs Only) each, at par aggregating upto '' 25,00 lakhs (Rupees Twenty Five Hundred lakhs Only) on private placement basis to eligible investor(s).

The Board of Directors of the Company at their meeting held on September 9, 2022, approved the allotment of 250 (Two Hundred Fifty) Debentures of face value of ''10,00,000 (Rupees Ten Lakhs Only) aggregating to '' 25,00 lakhs (Rupees Twenty Five Hundred lakhs Only), on private placement basis to Touchstone Trust Scheme II on the receipt of subscription amount.

35 The Company has received approval from National Stock Exchange of India Limited and BSE Limited for reclassification of the following persons from the "Promoter and Promoter Group" Category to the "Public" Category of shareholders of the Company, in accordance with provisions of Regulation 31A(3) and 31A(10) of the Listing Regulations:

S. No.	Persons reclassified under Regulation 31A(10)	S. No.	Persons reclassified under Regulation 31A(3)
1	Anil Sarin	1	Chanda Sachdev
2	Sharda Sarin	2	Dhruv Bhasin
3	Amar Sarin
4	Saloni Sarin
5	Sunaini Sarin
6	Heera Lal Bhasin
7	Anil Sarin (HUF)

36 As per Indian Accounting Standard-110 on "Consolidated Financial Statements" issued by the "Ministry of Corporate Affairs, Government of India, the Company has presented consolidated financial statements separately in this annual report.

37 All creation, modification and satisfaction of charges are registered/filed with Registrar of Companies within the period prescribed under the Companies Act, 2013, and the relevant rules made thereunder.

38 The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013, read with the Companies (Restriction on number of layers) Rules, 2017.

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

40 RETIREMENT BENEFIT PLANS

(i) In accordance with the Ind AS-19 on "Employee Benefits" issued by the Ministry of Corporate Affairs, Government of India, the Company has recognised its liability towards defined benefit plans being gratuity liability of '' 201.66 lakhs ('' 212.55 lakhs) and leave encashment liability of '' 46.93 lakhs ('' 50.39 lakhs).

(ii) The disclosures as per Ind-AS-19 on "Employee Benefits" are as follows:

(a) Change in defined benefit obligations

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

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

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

(h) The mortality rates considered are as per the published rates under Indian Lives Mortality (2012-2014) ultimate table.

41 Balances grouped under trade receivables, trade payables and loans and advances recoverable in cash or in kind are subject to confirmation from subjective parties.

(c) During the year, the Company has transferred a sum of '' 4.72 lakhs with the unspent CSR account to be spent over a period of time on the ongoing projects of the Company as per its CSR policy. The said amount remained unspent during the year and wil be spent in the current financial year on the ongoing projects.

(d) The Company during the year ended March 31, 2023, spent '' 161.65 lakhs towards ongoing projects, out of which '' 64.67 lakhs were spent on approved ongoing projects towards unspent CSR amount for financial year 2020-21, in line with the CSR Policy of the Company.

49 The Code on Social Security, 2020, (Code) relating to employees benefits during employment and post-employment benefits received President assent in September, 2020. The Code has been published in the Gazette of India. However, the data on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

50 SEGMENT REPORTING

An operating segment is one whose operating results are regularly reviewed by the entity''s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance. The Company has identified the chief operating decision maker as its Managing Director. The Chief Operating Decision Maker reviews performance of real estate business on an overall business.

As the Company has a single reportable segment, the segment wise disclosure requirements of Ind AS 108 on ''Operating Segment'' is not applicable. In compliance to the said standard, Entity-Wise disclosures are as under:

(a) Revenues from external customers attributed to the country of domicile and attributed to all foreign countries from which the company derives revenues

51 FINANCIAL INSTRUMENTS

Capital Management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents.

52 FAIR VALUE MEASUREMENTS

The Company uses the following hierarchy for determining and/or disclosing the fair value of financial instruments by valuation techniques:

The following is the basis of categorising the financial instruments measured at fair value into Level 1 to Level 3:

i) Level 1: This level includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities.

ii) Level 2: This level includes financial assets and liabilities, measured using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).

iii) Level 3: This level includes financial assets and liabilities measured using inputs that are not based on observable market data (unobservable inputs).

Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

Trade receivables, cash and cash equivalents, other bank balances, loans, other current financial assets, trade payables and other current financial liabilities: Approximate their carrying amounts largely due to short-term maturities of these instruments.

Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not necessarily indicative of all the amounts that the Company could have realized or paid in sale transactions as of respective dates. As such, the fair value of the financial instruments subsequent to the respective reporting dates may be different from the amounts reported at each year end.

53 FINANCIAL RISK MANAGEMENT OBJECTIVES

The Company''s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance and support Company''s operations. The Company''s principal financial assets include inventory, trade and other receivables, cash and cash equivalents and land advances that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the management of these risks. The Company''s senior management provides assurance that the Company''s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s policies and risk objectives. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below:

(a) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate risk and other price risk, such as equity price risk and commodity/ real-estate risk. Financial instruments affected by market risk include loans and borrowings.

(b) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including refundable joint development deposits, security deposits, loans to employees and other financial instruments. To manage this, the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets.

Trade receivables

(i) Receivables resulting from sale of properties: Customer credit risk is managed by requiring customers to pay advances before transfer of ownership, therefore, substantially eliminating the Company''s credit risk in this respect.

(ii) Receivables resulting from other than sale of properties: Credit risk is managed by each business unit subject to the Company''s established policy, procedures and control relating to customer credit risk management. Outstanding customer receivables are regularly monitored. The impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogeneous groups and assessed for impairment collectively.

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, the Company''s treasury maintains flexibility in funding by maintaining availability under committed credit lines. The management monitors rolling forecasts of the Company''s liquidity position and cash and cash equivalents on the basis of expected cash flows.

57 Figures have been rounded off to the nearest '' In lakh.

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

Mar 31, 2022

Right, preference and restrictions attached to shares

In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

The Company declares and pays dividends in Indian rupees. The Finance Act 2020, has repealed the Dividend Distribution Tax (DDT). Companies are now required to pay/distribute dividend after deducting applicable taxes. The remittance of dividends outside India is also subject to withholding tax at applicable rates.

The Board of Directors in their meeting on May 14, 2022, recommended a final dividend of '' 0.12 per equity share (i.e. 6% on '' 2/- fully paid up share) for the financial year ended March 31, 2022. This payment is subject to the approval of shareholders in the ensuing Annual General Meeting of the Company and if approved would result in a net cash outflow of approximately '' 3.54 crores.

The Company has been generally regular in repayment as at the reporting date in respect of aforesaid loans.

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

The Company has utilised the borrowings from lenders for the specific purpose for which it was taken. The quarterly returns filed by the Company with the banks in respect of working capital loan are in agreement with the books of account.

28 CONTINGENT LIABILITIES (to the extent not provided for)		('' in Lakhs)
	March 31, 2022	March 31, 2021
(i) (a) Claims against the Company not acknowledged as debts*	489.50	116.41
(b) Income tax demands disputed in appellate proceedings	701.10	880.18
(c) Disputed demands in respect of indirect taxes	217.16	217.16
*[Amounts are net of payments made and without considering interest for the overdue period and penalty, if any, as may be levied if the demand so raised is upheld]
(ii) Bonds/Guarantee given to custom authorities for custom duty saved on
import of capital goods under EPCG scheme	331.08	341.84
Deposits, inclusive of accrued interest Nil ('' 13.85 lakhs) held by bank as margin shown under the head "Other bank balances".
[Unfulfilled export obligation of '' 1,218.46 lakhs ('' 1,163.10 lakhs) under EPCG license for import of capital goods.]*			135
*The Company has sought extension of time from concerned Department regarding fulfilling its export obligations			FINANCIAL STATEMENTS
(iii) Guarantees given by Banks
Guarantees given to Town and Country Planning, Haryana, towards external development work.	1,992.89	1,992.89
Deposits, inclusive of accrued interest, of '' 795.73 lakhs ('' 800.51 lakhs) held by bank as margin, shown under the head ''Other bank Balances''
(iv) Borrowings by affiliate companies whose loans have been guaranteed by the Company as at close of the year	4,274.36	4,389.46
29 Capital and other commitments		('' in Lakhs)
	March 31, 2022	March 31, 2021
Estimated amount of contracts remaining to be executed on capital account and not provided for	2,336.23	2,344.18

30 Inventory includes, Development Rights acquired for '' 95,899.58 lakhs ('' 1,24,452.24 lakhs), being payments made to subsidiary companies under Development Agreements to acquire irrevocable rights over land whereby the Company is entitled to construct, market and sell the development on the same.

32 The Board of Directors at its meeting held on March 3, 2021, approved the raising of funds for an amount of '' 163,41.50 Lakhs by way of issuing 2,90,00,000 fully Convertible Warrants at an issue price of '' 56.35 (Rupees Fifty Six and Paisa Thirty Five Only) on a preferential basis to ''Promoter & Promoter Group'' and ''Non-Promoter'' Category, to fund the Company''s new vertical-''Data Centers'' to be set-up in the IT Parks built by the Company in the Manesar, Panchkula and Rai in the State of Haryana, in accordance with the provisions of the Companies Act, 2013, read with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, (SEBI ICDR Regulations), which was further approved by the shareholders of the Company at the Extra-Ordinary general meeting held on April 21, 2021.

Further, the Board of Directors at its meeting held on May 5, 2021, issued and allotted the aforesaid 2,90,00,000 fully Convertible Warrants of face value of '' 2 (Rupees Two ) each on receipt of 25% of the issue price from the allottees,carrying a right to subscribe to one equity share per warrant, for cash at an issue price of '' 56.35, including premium of '' 54,35 per warrant on preferential basis to ''Promoter & Promoter Group'' and ''Non-Promoter'' (Allottees) on receipt of 100% of issue price from the allottees in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

33 The Board of Directors of the Company at their meeting held on December 25, 2021, approved the raising of funds by issuance of 4,750, secured, unlisted, redeemable, non- convertible debentures (''Debentures'') bearing face value of '' 10 Lakhs (Rupees Ten Lakhs Only) each, at par aggregating upto '' 475,00 Lakhs (Rupees Forty Seven Thousand and Five Hundred Lakhs only) in one or more tranches on private placement basis to eligible investor(s) to refinance the outgoing credit facilities and utilization towards general corporate purposes, including the payment of transaction expenses, including upfront Interest applicable on Debentures.

The Board of Directors of the Company at their meeting held on January 4, 2022, approved the allotment of 4,750 (Four Thousand Seven Hundred and Fifty) Debentures of face value of '' 10 Lakhs (Rupees Ten Lakhs Only) aggregating to '' 475,00 Lakhs (Rupees Forty Seven Thousand and Five Hundred Lakhs Only), partly paid-up (payment in two tranches), on private placement basis to Touchstone Trust Scheme II on the receipt of Tranche A subscription amount.

Further, the Board of Directors of the Company at their meeting held on March 28, 2022, considered and approved to issue the ''Final Call'' of '' 400,00 Lakhs (Rupees Forty Thousand Lakhs only) with respect to 4,750 ''Debentures'' bearing face value of '' 10 Lakhs (Rupees Ten lakhs Only) each, at Par aggregating upto '' 475,00 Lakhs (Rupees Forty Seven Thousand and Five Hundred Lakhs Only) allotted by the Company on January 4, 2022.

The funds of '' 475,00 Lakhs (Rupees Forty Seven Thousand and Five Hundred Lakhs Only) so raised have been utilized in above stated objects. There is no deviation or variation in utilization of funds raised as per Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

34 As per Indian Accounting Standard-110 on "Consolidated Financial Statements" issued by the "Ministry of Corporate Affairs, Government of India, the Company has presented consolidated financial statements separately in this annual report.

35 All creation, modification and satisfaction of charges are registered/filed with Registrar of Companies within the period prescribed under the Companies Act, 2013, and the relavant rules made thereunder.

36 The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013, read with the Companies (Restriction on number of layers) Rules, 2017.

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

38 Retirement Benefit Plans

(i) In accordance with the Ind AS-19 on "Employee Benefits" issued by the Ministry of Corporate Affairs, Government of India, the Company has recognised its liability towards defined benefit plans being gratuity liability of '' 212.55 lakhs ('' 201.12 lakhs) and leave encashment liability of '' 50.39 lakhs ('' 46.53 lakhs).

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

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

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

(h) The mortality rates considered are as per the published rates under Indian Lives Mortality (2012-2014) ultimate table.

47 Impact of Covid-19

The outbreak of Covid-19 pandemic globally and in India had an adverse impact disrupting life and businesses leading to a slowdown of economic activity. In preparation of these results, the Company has taken into account internal and external source of information to assess possible impact of the pandemic, including but not limited to assessment of liquidity and going concern, recoverable values of its financial and non-financial assets, impact on revenues and estimates of residual costs to complete ongoing projects. Based on current indicators of future economic conditions, the Company expects to fully recover the carrying amount of its assets. Considering the evolving nature of the pandemic, its actual impact in future could be different from that estimated as at the date of approval of these financial results. The Company will continue to closely observe the evolving scenario and take into account any future developments arising out of the same.

48 Segment reporting

49 Financial Instruments

Capital Management

50 Fair value measurements

The Company uses the following hierarchy for determining and/or disclosing the fair value of financial instruments by valuation techniques:

The following is the basis of categorising the financial instruments measured at fair value into Level 1 to Level 3:

i) Level 1: This level includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities.

iii) Level 3: This level includes financial assets and liabilities measured using inputs that are not based on observable market data (unobservable inputs).

51 Financial risk management objectives

(a) Market risk

(b) Credit risk

Trade receivables

54 Figures have been rounded off to the nearest '' in Lakh.

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

The accompanying notes 1 to 55 form an integral part of the standalone financial statements.

Mar 31, 2018

1 corporate information

Anant Raj Limited is a public limited company domiciled in India and incorporated under the provisions of the companies Act, 1956. Its shares are listed on the Bombay Stock Exchange and National Stock Exchange. The company is primarily engaged in development and construction of information and technology parks, hospitality projects, special economic zones, office complexes, shopping malls and residential projects in the State of delhi, haryana, Rajasthan and the National capital Region.

The financial statements are approved for issue by the companyâs Board of directors on June 1, 2018.

(a) Right, preference and restrictions attached to shares

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

Final dividend on shares are recorded as a liability on the date of approval by the shareholders and interim dividend, if any, are recorded as a liability on the date of declaration by the companyâs Board of directors.

As per the records of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

Notes:

i) Yes Bank Limited (YBL)-Term loans-I, II, III, IV,V & VI

(a) Term loan-I,II,III & V of Rs. 28,722 lakhs (Rs. 21,307 lakhs) are secured against, (i) extension of exclusive charge on property by way of equitable mortgage on commercial land, admeasuring 1.275 acres, located at Sector 63A (Gurugram, Haryana), land and building, admeasuring 25 acres, located at IT-SEZ at (Rai Haryana) and land admeasuring 18.05 acres, located at Sector 63A (Gurugram, Haryana) along with its receivables. The aforesaid term loans are also additionally secured by way of unconditional and irrevocable personal guarantees of 2 (two) directors/ promoters of the Company.

Term loan-IV & VI of Rs. 25,051 lakhs (Rs. 9,407 lakhs) are secured against, (i) extension of exclusive charge by way of equitable mortgage on property at Hauz Khas, New Dehli. The aforesaid term loans are also additionally secured by way of unconditional and irrevocable personal guarantees of 2 (two) director/promoters of the Company.

(b) The aforesaid term loans of Rs. 53,773 lakhs will be repayable in 5 (five) years & 8 (months) in quarterly installments.

(c) An amount of Rs. 9,110 lakhs will be paid during the financial year 2018-19 and has been separately disclosed as current maturities of long term debts under âOther current financial liabilitiesâ (Refer Note no. 16).

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

ii) State Bank of India (SBI)-Term loans -I, II, III, IV, V, VI, VII & VIII

(a) Term loans of Rs. 21,466 lakhs (Rs. 28,771 lakhs) are secured against, (i) first charge on the land, admeasuring 51.117 acres, located at Sector 63A (Gurugram, haryana), (ii) first charge on lease rentals of commercial property and a hotel property located in delhi, (iii) first charge on receivables/cash flow/revenues (including booking amounts) arising out of or in connection with properties located at Sector 63A (Gurugram, haryana), to the extent mortgaged with Bank, and (iv) pledge of 100% shares of two land owning companies. The aforesaid term loans are further collaterally secured by way of personal guarantees of 4 (four) directors/promoters of the company and corporate guarantees of land owing companies.

(b) The aforesaid term loans of Rs. 21,466 lakhs will be repayable in 8 (eight) years in monthly/quarterly installments.

(c) An amount of Rs. 6,866 lakhs will be paid during the financial year 2018-19 and has been separately disclosed as current maturities of long term debts under âother current financial liabilitiesâ (Refer Note No. 16).

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

iii) Central Bank of India (CBI)-Term loan

(a) Term loan of Rs. 797 lakhs (Rs. 1,217 lakhs), under cent Rental Scheme, is secured against, (i) exclusive charge on the factory land and building at delhi-Jaipur highway, Rewari, (haryana), and (ii) assignment of lease rentals receivables. The aforesaid term loan is also secured by way of personal guarantees of 4 (four) directors/promoters of the company.

(b) The aforesaid term loans of Rs. 797 lakhs will be repayable in 3.6 (three years & six months) in monthly installments.

(c) An amount of Rs. 222 lakhs will be paid during the financial year 2018-19 and has been separately disclosed as current maturities of long term debts under âother current financial liabilitiesâ (Refer Note No. 16).

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

iv) PNB Housing Finance Limited-Terms loans-I &II

(a) Term loans, I and II, of Rs. 21,059 lakhs (Rs. 23,234 lakhs) are secured against, (i) equitable mortgage of IT Park, developed on land admeasuring 38,212 square meters located at (IMT Manesar, Gurugram, haryana) & a hotel property developed on land admeasuring 23,269 square meters, located at (chattarpur, New delhi), (ii) hypothecation of current and future receivables generated from IT Park (IMT Manesar, Gurugram) and, (iii) hypothecation of current and future receivables generated from hotel property located at (chatterpur, New delhi). The aforesaid term loans I and II are also collaterally secured by way of personal guarantees of 3 (three) directors/promoters of the company.

(b) The aforesaid term loans of Rs. 21,059 lakhs will be repayable in 10 (ten) years & 2 (two) months in monthly installments.

(c) An amount of Rs. 2,528 lakhs will be paid during the financial year 2018-19 and has been separately disclosed as current maturities of long term debts under âother current financial liabilitiesâ (Refer Note No. 16).

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

v) Indiabulls Housing Finance Limited-Term loans-I, II, III, IV, V, VI & VII

(a) Term loans of Rs. 42,739 lakhs (Rs. 36,377 lakhs) are secured against equitable mortgage of, (i) land admeasuring 7.375 acres of hotel property located at (New delhi), (ii) land admeasuring 15.75 acres located at Sector 63A (Gurugram, haryana), (iii) land admesuring 11.866 acres loated at Sector 63A(Gurugram, haryana), owned by subsidiaries of the company, (iv) first and exclusive charge on the receivables arising from aforesaid land parcels, and (iv) pledge of 100% shares of land owing companies. The aforesaid term loans are cross collateralised with other loans, availed by the company. The aforesaid term loans are further collaterally secured by way of personal guarantees of 4 (four) directors/promoters of the company and corporate guarantees of land owing companies.

(b) The aforesaid term loans of Rs. 42,739 lakhs will be repayable in 4 (four) years & 5 (five) months in monthly installments.

(c) An amount of Rs. 13,297 lakhs will be paid during the financial year 2018-19 and has been separately disclosed as current maturities of long term debts under âother current financial liabilitiesâ (Refer Note No. 16).

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

vi) IVL Finance Limited-Term loan

(a) Term loan of Rs. 2,204 lakhs (Nil) are secured against equitable mortgage of, (i) land admeasuring 7.375 acres of hotel property located at (New Delhi), (ii) land admeasuring 15.75 acres located at Sector 63A (Gurugram, Haryana), (iii) land admesuring 11.866 acres loated at Sector 63A(Gurugram, Haryana), owned by subsidiaries of the Company, (iv) first and exclusive charge on the receivables arising from aforesaid land parcels, and (iv) pledge of 100% shares of land owing companies. The aforesaid term loan is cross collateralised with other loans, availed by the Company. The aforesaid term loan is further collaterally secured by way of personal guarantees of 4 (four) directors/promoters of the Company and corporate guarantees of land owing companies.

(b) The aforesaid term loan of Rs. 2,204 lakhs will be repayable in 4 (four) years & 5 (five) months in monthly installments.

(c) An amount of Rs. 853 lakhs will be paid during the financial year 2018-19 and has been separately disclosed as current maturities of long term debts under âOther current financial liabilitiesâ (Refer Note No. 16).

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

vii) L & T Finance Limited. -Term loan - I, II & III

(a) Term loan-I & II of Rs. 13,597 lakhs (Nil) are secured against, (i) exclusive charge by way of equitable mortgage of land admeasuring 2.947 acres, located at Kapashera, New Delhi, and land situated at Dhamaspur, (Gurugram, Haryana), together with all building and structures standing thereon, both present and future, (ii) exclusive charge on all movable assets pertaining to the aforesaid properties, (iii) pledge of 100% equity shares, Compulsory Convertible Preference Share and Fully Convertible Debenture, present and future, of susidiary of the Company, Anant Raj Projects Ltd., and land owning companies. The aforesaid term loans are also additionally secured by way of unconditional and irrevocable personal guarantees of 3 (three) promoters/directors of the Company, and corporate guarantee of aforesaid subsidiary of the Company.

Term loan-III of Rs. 4,603 lakhs (Nil) is secured against, (i) exclusive charge by way of equitable mortgage of land admeasuring 11,925.99 sq. mtrs. located at Kapashera, New Delhi, proposed for group housing project, (ii) exclusive charge on all movable assets, current asset pertaining to the aforesaid project, both present and future, including the receivables from the project, (iii) pledge of 100% equity shares of land owning companies. iv) exclusive charge on transferable development rights generating out of the project, and (v) The aforesaid term loan is also additionally secured by way of unconditional and irrevocable personal guarantees of 3 (three) promoters/directors of the Company, and corporate guarantee of aforesaid subsidiary of the Company.

(b) The aforesaid term loans -I & II of Rs. 13,597 lakhs will be repayable monthly installments starting from October, 2022, and term loan-III of Rs. 4,603 lakhs will be repayable quarterly installments starting from July, 2021.

viii) L & T Housing Finance Ltd. -Term loan

(a) Term loan of Rs. 11,190 lakhs (Nil), is secured against, (i) exclusive charge by way of mortgage of land admeasuring 15.575 acres, located at (Gurugram, Haryana) together with all buildings and structures standing thereon, both present and future, in Group Housing Project (GHP), named Maceo, (ii) exclusive charge on all movable assets pertaining to the aforesaid GHP, (iii) exclusive charge on transferable development rights generating out of the aforesaid GHP, (iv) exclusive charge on entire receivables of the aforesaid GHP, (v) exclusive charge/assignment by way of security interest on all rights, title, interest, claims, benefits, demands and privileges under GHPâs documents, both present and future, (vi) exclusive charge on the escrow account, debt service reserve account for development of Group Housing Project, named Maceo, at Sector 91 (Gurugram, Haryana), is secured against monies deposited therein, (vii) exclusive charge by way of mortgage of land admeasuring 25 acres, located at (Greater Noida, U.P.) in the name of subsidiary of the Company along with all receivables to be generated. The aforesaid term loan is also additionally secured by way of unconditional and irrevocable personal guarantees of 3 (three) promoters/directors of the Company, and corporate guarantee of aforesaid subsidiary of the Company.

(b) The aforesaid term loan of Rs. 11,190 lakhs will be repayable in quarterly installments starting from March, 2020.

ix) L & T Infrastructure Finance Co. Ltd. -Term loan

(a) Term loan of Rs. 8,593 lakhs (Rs. 11,225 lakhs), is secured against, (i) exclusive charge by way of mortgage of land admeasuring 15.575 acres, located at (Gurugram, Haryana) together with all buildings and structures standing thereon, both present and future, in Group Housing Project (GHP), named Maceo, (ii) exclusive charge on all movable assets pertaining to the aforesaid GHP, (iii) exclusive charge on transferable development rights generating out of the aforesaid GHP, (iv) exclusive charge on entire receivables of the aforesaid GHP, (v) exclusive charge/assignment by way of security interest on all rights, title, interest, claims, benefits, demands and privileges under GHPâs documents, both present and future, (vi) exclusive charge on the escrow account, debt service reserve account for development of Group Housing Project, named Maceo, at Sector 91 (Gurugram, Haryana), is secured against monies deposited therein, (vii) exclusive charge by way of mortgage of land admeasuring 25 acres, located at (Greater Noida, U.P.) in the name of subsidiary of the Company along with all receivables to be generated. The aforesaid term loan is also additionally secured by way of unconditional and irrevocable personal guarantees of 3 (three) promoters/directors of the Company, and corporate guarantee of aforesaid subsidiary of the Company.

(b) The aforesaid term loan of Rs. 8,593 lakhs will be repayable in quarterly installments starting from March, 2020.

x) JM Financial Credit Solutions Ltd.-Term loan

(a) Term loan of Rs. 16,842 lakhs (Nil) is secured against, (i) 2 (two) commercial lands admeasuring 6.95 acres and admeasuring 4.32 acres, both located at Village Maldawas, Sector 63A (Gurugram, Haryana), along with all buildings and structures thereon, both present and future, (ii) first charge on scheduled receivables, and (iii) exclusive charge by way of hypothecation of DSR Account and all monies credited/deposited therein. The aforesaid loan is also additionally secured by way of personal guarantee of 2 (two) directors/promoters of the Company.

(b) The aforesaid term loans of Rs. 16,842 lakhs will be repayable quarterly installments starting from March,2020.

xi) ART Affordable Housing Finance (India) Limited-Term loans-I, II & III

(a) Term loan-I of Rs. 1,469 lakhs (Rs. 4,524 lakhs), is secured against, (i) equitable mortgage of unsold inventories of affordable housing project named Aashrya, located at Plot no. 235,236,237 Neemrana, (Alwar, Rajasthan). The aforesaid term loan is also additionally secured by way of, personal guarantees of 3 (three) directors/promoters of the Company.

Term loans-II & III of Rs. 3,393 lakhs (Nil) are secured against equitable mortgage of, (i) land admeasuring 40048.25 sq. meters located at Village Dhumaspur, (Gurugram, Haryana), owned by subsidiaries of the Company, (ii) first and exclusive charge on the receivables arising from aforesaid land parcels. The aforesaid term loans are further collaterally secured by way of personal guarantees of 3 (three) directors/promoters of the Company and corporate guarantees of land owing companies.

(b) The aforesaid term loans of Rs. 4,862 lakhs will be repayable in 4 (four) years & 5 (months) in monthly installments.

(c) An amount of Rs. 1,401 lakhs will be paid during the financial year 2018-19 and has been separately disclosed as current maturities of long term debts under âOther current financial liabilitiesâ (Refer Note No. 16).

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

xii) Hero FinCorp Ltd. - Term loans-I, II & III

(a) Term loans-I & II of Rs. 2,315 lakhs (Rs. 6,101 lakhs), are secured against, (i) exclusive mortgage of land, admeasuring 7.2604 acres, located at Village Samalkha (Mehrauli, New Delhi), owned by Green Retreat & Motels Pvt. Ltd., wholly owned subsidiary of the Company. The aforesaid term loans are also additionally secured by way of, (ii) personal guarantees of 3 (three) directors/promoters of the Company, and (ii) corporate guarantee of aforesaid land owning company.

Term loan-III of Rs. 3,464 lakhs (Rs. 4,524 lakhs), is secured against, (i) equitable mortgage of land, admeasuring 2.6875 acres, located at Sahoorpur, New Delhi, The aforesaid term loan is also additionally secured by way of, (ii) personal guarantees of 3 (three) directors/promoters of the Company.

(b) The aforesaid terms loans of Rs. 5,779 lakhs will be repayable in 2 (two) years & 7 (months) in monthly installments.

(c) An amount of Rs. 2,577 lakhs will be paid during the financial year 2018-19 and has been separately disclosed as current maturities of long term debts under âOther current financial liabilitiesâ (Refer Note No. 16).

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

xiii) Indiabulls Commercial Credit Ltd.-Term loan

(a) Term loan of Rs. 4,900 lakhs (Nil) are secured against equitable mortgage of, (i) land admeasuring 7.375 acres of hotel property located at (New Delhi), (ii) land admeasuring 15.75 acres located at Sector 63A (Gurugram, Haryana), (iii) Land admesuring 11.866 acres loated at Sector 63A(Gurugram, Haryana), owned by subsidiaries of the Company,

(iv) first and exclusive charge on the receivables arising from aforesaid land parcels, and (iv) pledge of 100% shares of land owing companies. The aforesaid term loan is cross collateralised with other loans, availed by the Company. The aforesaid term loan is further collaterally secured by way of personal guarantees of 4 (four) directors/promoters of the Company and corporate guarantees of land owing companies.

(b) The aforesaid term loans of Rs. 4,900 lakhs will be repayable in 8 (eight) months in quarterly installments.

(c) An amount of Rs. 4,900 lakhs will be paid during the financial year 2018-19 and has been separately disclosed as current maturities of long term debts under âOther current financial liabilitiesâ (Refer Note No. 16).

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

xiv) Vehicle loans form vehicle finance companies and banks

(a) Vehicle loans of Rs. 766 lakhs (Rs. 670 lakhs) are secured against hypothecation of respective vehicles. The aforesaid vehicle loans are repayable on equated monthly installments over different periods till April, 2023.

(b) An amount of Rs. 277 lakhs will be paid during the financial year 2018-19 and has been separately disclosed as current maturities of long term debts under âOther current financial liabilitiesâ (Refer Note no. 16).

xv) Working Capital Facilities from SBI

Working capital facilities of Rs. 4,231 lakhs (Rs. 4,939 lakhs) is secured against first charge on 51.117acres of land situated at Sector 63A (Gurugram, Haryana), and negative lien and first charge on receivable/cash flow/ revenues (including booking amount) arising out of or in connection with Sector 63A (Gurugram, Haryana) to the extent property mortgaged to SBI.

xvi) Working Capital Facilities from Indiabulls Housing Finance Ltd.

Working capital facilities of Rs. 5,000 lakhs (Rs. 5,000 lakhs) are secured against, (i) equitable mortgage of 13.774 acres land located at Sector 63A, (Gurugram, Haryana), (ii) first and exclusive charge on the receivables of the project arising from aforesaid mortgaged land, and (iii) pledge of 100% shares of the land owning companies. The aforesaid working capital facilities are also collaterally secured by way of personal guarantees of 3 (three) directors/promoters of the Company.

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

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

Note:

The company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises development Act, 2006, hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/ payable as required under the said Act have not been made.

2 Inventory includes, development Rights acquired for Rs. 1,05,874.92 lakhs (Rs. 1,03,512.88 lakhs), being payments made to subsidiary companies under development Agreements to acquire irrevocable rights over land whereby the company is entitled to construct, market and sell the development on the same.

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

4 As per Indian Accounting Standard-110 on âconsolidated Financial Statementsâ issued by the âMinistry of corporate Affairs, Government of India, the company has presented consolidated financial statements separately in this annual report.

5 The company has acquired, (i) 1,75,676 (26% of total share capital of the Anant Raj Projects Ltd., a subsidiary of the company) equity shares at a price of Rs. 2,258 each, (ii) 6,37,964 compulsorily convertible preference shares at a price of Rs. 2,258 each, and (iii) 37,59,459 fully convertible debentures at a price of Rs. 110.94 each of Anant Raj Projects Limited, a subsidiary of the company, from Lalea Trading Limited for a total consideration aggregating to Rs. 22,542.73 lakhs. The Anant Raj Projects Limited will become wholly owned subsidiary of the company.

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

6 The construction activities were temporarily suspended at one of the Companyâs Residential Group Housing project âMadeliaâ in Gurugram, Haryana, pursuant to a legal matter, which was pending for decision before the Honâble Supreme Court.

The Honâble Supreme Court has pronounced its Order in the aforesaid matter on March 12, 2018, which requires the Company to file its claim of the amounts spent on the subject Project by the Company before the Office of the Haryana State Industrial and Infrastructure Development Corporation Limited (HSIIDC).

Accordingly, the Company has lodged its claim before HSIIDC, which will be decided in due course. In view of the uncertainty on the time and amount of the aforesaid claim, no accounting entry has been effected in the books of account of the Company, the same will be incorporated once the amount of the claim is finalized by HSIIDC.

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

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

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

A demand of Rs. 2,79.12 lakhs (Rs. 2,79.12 lakhs) [excluding interest and additional tax] has been raised by the Income tax Department for the years under these appeals. The Company has not made any provision in the books of account as the Company has been advised that no liability is likely to crystallize on this account.

10 RETIREMENT BENEFIT PLANS

(i) In accordance with the Ind AS-19 on âEmployee Benefitsâ issued by the Ministry of Corporate Affairs, Government of India, the Company has recognised its liability towards defined benefit plans being gratuity liability of Rs. 2,35.90 lakhs (Rs. 1,74.17 lakhs) and leave encashment liability of Rs. 64.42 lakhs (Rs. 61.77 lakhs).

(ii) The disclosures as per Ind-AS-19 on âEmployee Benefitsâ are as follows:

(a) Change in defined benefit obligations

(b) The fair value of plan assets is Nil since employee benefit plans are wholly unfunded as on March 31, 2018.

(d) Principal actuarial assumptions

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

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

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

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

11 In accordance with the Ind AS-11, on âConstruction Contractsâ issued by Ministry of Corporate Affairs, Government of India, the break up of the contracts in progress at the reporting date is as under:

12 EARNING PER SHARE (EPS)

EPS is calculated by dividing the profit attributable to the equity shareholders by the weighted average of the number of equity shares outstanding during the year. Numbers used for calculating basic and diluted earnings per equity share are as stated below:

13 disclosure in respect of operating leases entered into by the company in accordance with Ind AS-17 on â Leasesâ issued by Ministry of corporate Affairs, Government of India:

(i) Description of assets on lease

Gross carrying amount of the assets under lease as on March 31, 2018, is Rs. 88,295.29 lakhs (Rs. 89,727.54 lakhs) as on March 31, 2017).

(ii) Non cancellable operating lease

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

(iii) Contingent rent recognised

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

(iv) General description of lessorâs significant leasing policy

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

14 corporate Social Responsibility

(a) Gross amount required to be spent by the company during the year is Rs. 208.46 lakhs.

(b) Amount spent during the year on

Partnership firm in which Company is partner

Ganga Bishan & Company

Note: Related parties relationship is as identified by the Company and relied upon by the Auditors.

15 SEGMENT REPORTING

An operating segment is one whose operating results are regularly reviewed by the entityâs chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance. The Company has identified the chief operating decision maker as its Managing Director. The Chief Operating Decision Maker reviews performance of real estate business on an overall business.

As the Company has a single reportable segment, the segment wise disclosure requirements of Ind AS 108 on âOperating Segmentâ is not applicable. In compliance to the said standard, Entity-Wise disclosures are as under :

a) Revenues from external customers attributed to the country of domicile and attributed to all foreign countries from which the company derives revenues

c) Information about major customers

The Company did not have any external revenue from a particular customer which exceeded 10% of total revenue.

16 financial instruments

Capital Management

For the purpose of the companyâs capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the company. The primary objective of the companyâs capital management is to maximise the shareholder value.

The company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents.

In order to achieve this overall objective, the companyâs capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current period.

17 FAIR VALUE MEASUREMENTS

The Company uses the following hierarchy for determining and/or disclosing the fair value of financial instruments by valuation techniques:

The following is the basis of categorising the financial instruments measured at fair value into Level 1 to Level 3: Level 1: This level includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: This level includes financial assets and liabilities, measured using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). Level 3: This level includes financial assets and liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

Trade receivables, cash & cash equivalents, other bank balances, loans, other current financial assets, trade payables and other current financial liabilities: Approximate their carrying amounts largely due to short-term maturities of these instruments.

18 FINANCIAL RISK MANAGEMENT OBJECTIVES

The Companyâs principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance and support Companyâs operations. The Companyâs principal financial assets include inventory, trade and other receivables, cash and cash equivalents and land advances that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Companyâs senior management oversees the management of these risks. The Companyâs senior management provides assurance that the Companyâs financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Companyâs policies and risk objectives. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below:

A. Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate risk and other price risk, such as equity price risk and commodity/ realestate risk. Financial instruments affected by market risk include loans and borrowings.

B. Credit risk

Trade receivables

i) Receivables resulting from sale of properties: Customer credit risk is managed by requiring customers to pay advances before transfer of ownership, therefore, substantially eliminating the Companyâs credit risk in this respect.

ii) Receivables resulting from other than sale of properties: Credit risk is managed by each business unit subject to the Companyâs established policy, procedures and control relating to customer credit risk management. Outstanding customer receivables are regularly monitored. The impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogeneous groups and assessed for impairment collectively.

Financial Instrument and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Companyâs treasury department in accordance with the Companyâs policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Companyâs Board of Directors on an annual basis, and may be updated throughout the year. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through a counterpartyâs potential failure to make payments. The Companyâs maximum exposure to credit risk for the components of the statement of financial position at 31 March 2017 and 2016 is the carrying amounts.

C. Liquidity risk

The Companyâs objective is to maintain a balance between continuity of funding and flexibility through the use of bank deposits and loans.

The table below summarises the maturity profile of the Companyâs financial liabilities based on contractual undiscounted payments:

19 Figures have been rounded off to the nearest lakhs.

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

Mar 31, 2017

Notes:

i) YBL-Term loans-I, II ,III & IV

(a) Term loan-I ofRs, 6,887 lakhs (Rs, 9,144 lakhs) is secured against, (i) extension of exclusive charge on property by way of equitable mortgage on commercial land, admeasuring 1.275 acres, located at Sector 63A (Gurugram, Haryana), land and building, admeasuring 25 acres, located at IT-SEZ at (Rai Haryana) and land admeasuring 18.05 acres, located at Sector 63A (Gurugram, Haryana) along with its receivables. The aforesaid term loan-I is also additionally secured by way of unconditional and irrevocable personal guarantee of 2 (two) directors/promoters of the Company.

Term loan-II ofRs, 5,000 lakhs (Nil) is secured against, (i) extension of exclusive charge by way of equitable mortgage on commercial land admeasuring 1.275 acres, located at Sector 63A (Gurugram, Haryana), land and building admeasuring 25 acres located at IT-SEZ, (Rai, Haryana), and land admeasuring 18.05 acres, located at Sector 63A (Gurugram, Haryana), along with its receivables. The aforesaid term loan-II is also additionally secured by way of unconditional and irrevocable personal guarantee of 2 (two) directors/promoters of the Company.

Term loan-III ofRs, 9,419 lakhs (Nil) is secured against, (i) extension of exclusive charge by way of equitable mortgage on commercial land admeasuring 1.275 acres, located at Sector 63A (Gurugram, Haryana), land and building admeasuring 25 acres located at IT-SEZ, (Rai, Haryana), land admeasuring 6.175 acres and building thereon located at Sector 63A (Gurugram, Haryana), and land admeasuring 18.05 acres, located at Sector 63A (Gurugram, Haryana), along with its receivables. The aforesaid term loan-III is also additionally secured by way of unconditional and irrevocable personal guarantee of 2 (two) directors/promoters of the Company.

Term loan-IV ofRs, 9,407 lakhs (Nil) is secured against,(i) extension of exclusive charge by way of equitable mortgage on commercial land admeasuring 1.275 acres, located at Sector 63A (Gurugram, Haryana), land and building admeasuring 25 acres, located at IT-SEZ, (Rai, Haryana), land admeasuring 6.175 acres and building thereon located at Sector 63A (Gurugram, Haryana), and land admeasuring 18.05 acres, located at Sector 63A (Gurugram, Haryana), along with its receivables. The aforesaid term loan-IV is also additionally secured by way of unconditional and irrevocable personal guarantee of 2 (two) Director/Promoters of the Company.

(b) The aforesaid term loans I & II and III & IV of Rs, 30,713 lakhs will be repayable in 3 (three) years and 5 (five) years in quarterly installments respectively.

(c) An amount of Rs, 6,456 lakhs will be paid during the financial year 2017-18 and has been separately disclosed as current maturities of long term debts under "Other current financial liabilities" (Refer Note no. 16).

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

ii) State Bank of India (SBI)-Term loans -I, II, III, IV, V, VI, VII & VIII

(a) Term loans of Rs, 28,771 lakhs (Rs, 35,368 lakhs) are secured against, (i) first charge on the land, admeasuring 72.087 acres, located at Sector 63A (Gurugram, Haryana), (ii) first charge on lease rentals of commercial property and a hotel property located in Delhi, (iii) first charge on receivables/cash flow/revenues (including booking amounts) arising out of or in connection with properties located at Sector 63A (Gurugram, Haryana), to the extent mortgaged with Bank, and (iv) pledge of 100% shares of two land owning companies. The aforesaid term loans are further collaterally secured by way of personal guarantees of 4 (four) directors/promoters of the Company and corporate guarantees of land owing companies.

(b) The aforesaid term loans of Rs, 28,771 lakhs will be repayable in 9 (nine) years in monthly/quarterly installments.

(c) An amount of Rs, 7,451 lakhs will be paid during the financial year 2017-18 and has been separately disclosed as current maturities of long term debts under "Other current financial liabilities" (Refer Note No. 16).

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

iii) PNB Housing Finance Ltd.-Terms loans-I &II

(a) Term loans, I and II, of Rs, 23,234 lakhs (Nil) are secured against, (i) equitable mortgage of IT Park, developed on land admeasuring 38,212 square meters located at (IMT Manesar, Gurugram, Haryana) & a hotel property developed on land admeasuring 23,269 square meters, located at (Chattarpur, New Delhi), (ii) hypothecation of current and future receivables generated from IT Park (IMT Manesar, Gurugram) and, (iii) hypothecation of current and future receivables generated from hotel property located at (Chatterpur, New Delhi). The aforesaid term loans I and II are also collaterally secured by way of personal guarantees of 3 (three) directors/promoters of the Company.

(b) The aforesaid term loans of Rs, 23,234 lakhs will be repayable in 12 (twelve) years in monthly installments.

(c) An amount of Rs, 2,199 lakhs will be paid during the financial year 2017-18 and has been separately disclosed as current maturities of long term debts under "Other current financial liabilities" (Refer Note No. 16).

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

iv) ICICI Bank Limited-Term loan

(a) Term loan of Rs, 4,299 lakhs (Rs, 6,772 lakhs) is secured against, (i) commercial land admeasuring 6.95 acres and land admeasuring 4.32 acres, both located at Village Maldawas, Sector 63A (Gurugram, Haryana), along with all buildings and structures thereon, both present and future, (ii) first charge on scheduled receivables, and (iii) exclusive charge by way of hypothecation of DSR Account and all monies credited/deposited therein. The aforesaid loan is also additionally secured by way of personal guarantee of 3 (three) directors/promoters of the Company.

(b) The aforesaid term loan of Rs, 4,299 lakhs will be repayable in 2 (two) years equal monthly installments.

(c) An amount of Rs, 2,500 lakhs will be paid during the financial year 2017-18 and has been separately disclosed as current maturities of long term debts under "Other current financial liabilities" (Refer Note No. 16).

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

v) Central Bank of India (CBI)-Term loan

(a) Term loan of Rs, 1,217 lakhs (Rs, 1,381 lakhs), under Cent Rental Scheme, is secured against, (i) exclusive charge on the factory land and building at Delhi-Jaipur Highway, Rewari, (Haryana), and (ii) assignment of lease rentals receivables. The aforesaid term loan is also secured by way of personal guarantees of 4 (four) directors/promoters of the Company.

(b) The aforesaid term loans of Rs, 1,217 lakhs will be repayable in 4.6 years (four years & six months) in monthly installments.

(c) An amount of Rs, 196 lakhs will be paid during the financial year 2017-18 and has been separately disclosed as current maturities of long term debts under "Other current financial liabilities" (Refer Note No. 16).

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

vi) Indiabulls Housing Finance Ltd.-Term loans-I, II, III, IV, V & VI

(a) Term loans of Rs, 36,377 lakhs (Rs, 22,641 lakhs) are secured against equitable mortgage of, (i) land admeasuring 7.375 acres of hotel property located at (New Delhi), (ii) land admeasuring 15.75 acres located at Sector 63A (Gurugram, Haryana), owned by subsidiaries of the Company, (iii) first and exclusive charge on the receivables arising from aforesaid land parcels, and (iv) pledge of 100% shares of land owing companies. The aforesaid term loans are cross collateralised with other loans, availed by the Company. The aforesaid term loans are further collaterally secured by way of personal guarantees of 4 (four) directors/promoters of the Company and corporate guarantees of land owing companies.

(b) The aforesaid term loans of Rs, 36,377 lakhs will be repayable in 5 (five) years in monthly installments.

(c) An amount of Rs, 8,630 lakhs will be paid during the financial year 2017-18 and has been separately disclosed as current maturities of long term debts under "Other current financial liabilities" (Refer Note No. 16).

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

vii) L & T Infrastructure Finance Co. Ltd. -Term loan

(a) Term loan of Rs, 11,225 lakhs (Nil), is secured against, (i) exclusive charge by way of mortgage of land admeasuring 15.575 acres, located at (Gurugram, Haryana) together with all buildings and structures standing thereon, both present and future, in Group Housing Project (GHP), named Maceo, (ii) exclusive charge on all movable assets pertaining to the aforesaid GHP, (iii) exclusive charge on Transferable Development Rights generating out of the aforesaid GHP, (iv) exclusive charge on entire receivables of the aforesaid GHP, (v) exclusive charge/assignment by way of security interest on all rights, title, interest, claims, benefits, demands and privileges under GHP''s documents, both present and future, (vi) exclusive charge on the escrow account, debt service reserve account for development of Group Housing Project, named Maceo, at Sector 91 (Gurugram, Haryana), is secured against monies deposited therein, (vii) exclusive charge by way of mortgage of land admeasuring 25 acres, located at (Greater Noida, U.P.) in the name of subsidiary of the Company along with all receivables to be generated. The aforesaid term loan is also additionally secured by way of unconditional and irrevocable personal guarantees of 3 (three) promoters/directors of the Company, and corporate guarantee of aforesaid subsidiary of the Company.

(b) The aforesaid term loan of Rs, 11,225 lakhs will be repayable in 3 (three) years quarterly installments starting from March, 2020.

viii) Hero FinCorp Ltd. - Term loans-I, II, III & IV

(a) Term loans I, II and III of Rs, 6,101 lakhs (Rs, 9,181 lakhs), are secured against, (i) exclusive mortgage of land, admeasuring 7.2604 acres, located at Village Samalkha (Mehrauli, New Delhi), owned by Green Retreat & Motels Pvt. Ltd., wholly owned subsidiary of the Company. The aforesaid term loans are also additionally secured by way of, (i) personal guarantees of 3 (three) directors/promoters of the Company, and (ii) corporate guarantee of aforesaid land owning company. Term loan IV of '' 4,524 lakhs (Nil), is secured against, (i) equitable mortgage of land, admeasuring 2.6875 acres, located at Sahoorpur, New Delhi, The aforesaid term loan is also additionally secured by way of, (i) personal guarantees of 3 (three) directors/promoters of the Company.

(b) The aforesaid terms loans of Rs, 10,625 lakhs will be repayable in 4 (four) years in monthly/quarterly installments.

(c) An amount of Rs, 4,884 lakhs will be paid during the financial year 2017-18 and has been separately disclosed as current maturities of long term debts under "Other current financial liabilities" (Refer Note No. 16).

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

ix) Vehicle loans form vehicle finance companies and banks

(a) Vehicle loans of Rs, 670 lakhs (Rs, 579 lakhs) are secured against hypothecation of respective vehicles. The aforesaid vehicle loans are repayable on equated monthly installments over different periods till December, 2020.

(b) An amount of Rs, 223 lakhs will be paid during the financial year 2017-18 and has been separately disclosed as current maturities of long term debts under "Other current financial liabilities" (Refer Note no. 16).

x) Working Capital Facilities from SBI

Working capital facilities of Rs, 4,939 lakhs ('' 4,944 lakhs) is secured against first charge on 72.087 acres of land situated at Sector 63A (Gurugram, Haryana), and negative lien and first charge on receivable/cash flow/ revenues (including booking amount) arising out of or in connection with Sector 63A to the extent property mortgaged to SBI.

xi) Working Capital Facilities from ICICI Bank Ltd.

Working capital facilities, fund and non fund based, of Rs, 4,833 lakhs (Rs, 4,801 lakhs) are secured against, (i) first pari passu charge over 6.95 acres land(s) located at Sector 63A (Gurugram, Haryana) together with all buildings and structure thereon, both present and future, (ii) first pari passu charge over 4.32 acres land(s) located at Sector 63A (Gurugram, Haryana) together with all buildings and structure thereon, both present and future, Both the aforesaid securities will provide security cover of 1.75 x. The Company would be allowed to replace the mortgaged properties from time to time as may be necessitated by the business requirements, subject to maintenance of security. The aforesaid working capital facilities are also collaterally secured by way of personal guarantees of 3 (three) directors/promoters of the Company.

xii) Working Capital Facilities from Indiabulls Housing Finance Ltd.

Working capital facilities of Rs, 5,000 lakhs (Rs, 5,000 lakhs) are secured against, (i) equitable mortgage of 13.774 acres land located at Sector 63A, (Gurugram, Haryana), (ii) first and exclusive charge on the receivables of the project arising from aforesaid mortgaged land, and (iii) pledge of 100% shares of the land owning companies. The aforesaid working capital facilities are also collaterally secured by way of personal guarantees of 3 (three) directors/promoters of the Company.

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

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

1. Inventory includes, Development Rights acquired for Rs, 1,03,512.88 lakhs (Rs, 1,05,201.11 lakhs), being payments made to subsidiary companies under Development Agreements to acquire irrevocable rights over land whereby the Company is entitled to construct, market and sell the development on the same.

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

3. As per Indian Accounting Standard-110 on "Consolidated Financial Statements" issued by the "Ministry of Corporate Affairs, Government of India, the Company has presented consolidated financial statements separately in this annual report.

4. The Company, in 2008, transferred an early stage real estate development project for construction and development of a shopping mall in New Delhi, to its wholly owned subsidiary, Anant Raj Projects Limited (ARPL) and Lalea Trading Limited (Investor) made an investment in the transferee Company, diluting the investment of the Company to 74%. The cost of construction and development to complete the mall project has been funded by the Company, which amount, at the option of the Company, is convertible into unsecured Non-convertible Debentures (NCDs) to be issued by ARPL. ARPL has issued NCDs of an amount of Rs, 9,379 lakhs (Rs, 9,379 lakhs). Pending adjudication of consolidated stamp duty, certificates of NCDs of Rs, 7,198 lakhs (Rs, 7,198 lakhs) have yet to be issued by ARPL.

The NCDs are redeemable by ARPL at par with the approval of its Board of Directors and carry such coupon rate of interest as may be decided by the Board of Directors of ARPL for any financial year, provided that the same shall be at par with the rate of interest decided for payment on fully convertible debentures issued to the Investor and at the same time shall not exceed then current banking rate subject to a cap rate of 14.25% per annum. No coupon rate of interest on NCDs for the year ended March 31, 2017, has been decided for payment by the Board of Directors of ARPL.

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

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

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

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

The Company has since been served a notice by the Hon''ble Supreme Court of India in the matter of Arbitration Petition filed by the Investor under section Arbitration & Conciliation Act, 1996, wherein the Investor, the Law Firm and its nominated Arbitrator, without having provided the requisite clarifications or taken actions in line with expectations of professional conduct, have sought appointment of Presiding Arbitrator. The Company and ARPL has filed its counter affidavit before the Hon''ble Supreme Court of India. The Investor has further filed rejoinder to the counter affidavit filed on behalf of the Company and ARPL.

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

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

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

A demand of Rs, 279.12 lakhs (Rs, 279.12 lakhs) [excluding interest and additional tax] has been raised by the Income tax Department for the years under these appeals. The Company has not made any provision in the books of account as the Company has been advised that no liability is likely to crystallize on this account.

9. RETIREMENT BENEFIT PLANS

(i) In accordance with the Ind AS-15 on "Employee Benefits" issued by the Ministry of Corporate Affairs, Government of India, the Company has recognized its liability towards defined benefit plans being gratuity liability of Rs, 174.17 lakhs (Rs, 169.72 lakhs) and leave encashment liability of Rs, 61.77 lakhs (Rs, 65.28 lakhs).

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

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

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

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

10.Disclosure in respect of operating leases entered into by the Company as per Ind AS-17 on " Leases" issued by Ministry of Corporate Affairs, Government of India :

(i) Description of assets on lease

Gross carrying amount of the assets under lease as on March 31, 2017, is Rs, 89,727.54 lakhs (Rs, 91,212.88 lakhs as on March 31, 2016).

(ii) Non cancellable operating lease

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

(iii) Contingent rent recognized

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

(iv) General description of less orâs significant leasing policy

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

11. RELATED PARTY DISCLOSURES:

Pursuant to Ind AS-24 "Related Party Disclosures", following parties are to be treated as related parties:

(a) Name of related parties and description of relationship Key management personnel

Ashok Sarin Chairman

Anil Sarin Managing director

Ambarish Chatterjee Director

Maneesh Gupta Director

Brajindar Mohan Singh Director

Priya Singh Aggarwal Director

Amit Sarin Director & Chief Executive Officer

Aman Sarin Relative of key management personnel

Ashim Sarin Relative of key management personnel

Amar Sarin Relative of key management personnel

Manoj Pahwa Company Secretary

Subsidiaries

1 Aakashganga Realty Pvt. Ltd. @ 19 Carnation Buildtech Pvt. Ltd. @

2 Advance Buildcon Pvt. Ltd. 20 Century Promoters Pvt. Ltd.

3 Anant Raj Cons. & Development Pvt. Ltd. 21 Echo Buildtech Pvt. Ltd.

4 Anant Raj Estate Management Services Ltd. 22 Echo Properties Pvt. Ltd.

5 Anant Raj Global Limited # 23 Elegant Buildcon Pvt. Ltd.

6 Anant Raj Hotels Ltd. 24 Fabulous Builders Pvt. Ltd.

7 Anant Raj Housing Ltd. 25 Four Construction Pvt. Ltd.

8 Anant Raj Infrastructure Pvt. Ltd. 26 Elegant Estates Pvt Ltd.

9 Anant Raj Projects Ltd. 27 Elevator Buildtech Pvt. Ltd.

10 AR Login 4 Edu Pvt. Ltd. 28 Elevator Promoters Pvt. Ltd.

11 Artistaan Private Limited [Formerly known as Romano 29 Elevator Properties Pvt. Ltd.

Tiles Pvt. Ltd.]

12 Ankur Buildcon Pvt. Ltd. @ 30 Empire Promoters Pvt. Ltd.

13 A-Plus Estates Pvt. Ltd. @__31 Excellent Inframart Pvt. Ltd.@_

14 BBB Realty Pvt. Ltd. 32 Gadget Builders Pvt. Ltd.

15 Blossom Buildtech Pvt. Ltd. 33 Gagan Buildtech Pvt. Ltd. @

16 Bolt Properties Pvt. Ltd. 34 Glaze Properties Pvt. Ltd.

17 Capital Buildcon Pvt. Ltd. @ 35 Greatways Buildtech Pvt. Ltd. @

18 Capital Buildtech Pvt. Ltd. @ 36 Green Retreat and Motels Pvt. Ltd.

Subsidiaries

37 Green Valley Builders Pvt. Ltd. 67 Park View Promoters Pvt Ltd.

38 Green View Buildwell Pvt. Ltd. 68 Pasupati Aluminium Ltd.

39 Green Way Promoters Pvt. Ltd. 69 Pelikan Estates Pvt. Ltd.

40 Greenline Buildcon Pvt. Ltd. 70 Pioneer Promoters Pvt. Ltd.

41 Greenline Promoters Pvt. Ltd. 71 Rapid Realtors Pvt. Ltd.

42 Greenwood Properties Pvt. Ltd. 72 Redsea Realty Pvt. Ltd. @

43 Gujarat Anant Raj Vidhyanagar Ltd. 73 Rising Realty Pvt. Ltd. @

44 Goodluck Buildtech Pvt. Ltd. 74 Rolling Construction Pvt. Ltd.

45 Grand Buildtech Pvt. Ltd. 75 Romano Estates Pvt. Ltd.

46 Grand Park Estates Pvt. Ltd. 76 Romano Estate Management Services Ltd.

47 GrandPark Buildtech Pvt. Ltd. 77 Romano Infrastructure Pvt. Ltd.

48 Grandstar Realty Pvt. Ltd. 78 Romano Projects Pvt. Ltd.

49 Hamara Realty Pvt. Ltd. 79 Rose Realty Pvt. Ltd.

50 Hemkunt Promoters Pvt. Ltd. 80 Roseview Buildtech Pvt. Ltd.

51 High Land Meadows Pvt. Ltd. 81 Roseview Properties Pvt. Ltd.

52 Jasmine Buildwell Pvt. Ltd. 82 Saiguru Buildmart Pvt. Ltd. @

53 Jubilant Software Services Pvt. Ltd. 83 Sand Storm Buildtech Pvt. Ltd.

54 Kalinga Buildtech Pvt. Ltd. 84 Sartaj Developers & Promoters Pvt. Ltd.@

55 Kalinga Realtors Pvt. Ltd. 85 Sovereign Buildwell Pvt. Ltd.

56 Krishna Buildtech Pvt. Ltd. @ 86 Spring View Developers Pvt. Ltd.

57 Monarch Buildtech Pvt. Ltd. @ 87 Springview Properties Pvt. Ltd.

58 North South Properties Pvt. Ltd. 88 Suburban Farms Pvt. Ltd.

59 Novel Buildmart Pvt. Ltd. 89 Three Star Realty Pvt. Ltd.

60 Novel Housing Pvt. Ltd. 90 Townsend Construction & Equipment Pvt. Ltd.

61 Oriental Meadows Ltd. 91 Tumhare Liye Realty Pvt. Ltd.

62 Oriental Promoters Pvt. Ltd. @ 92 Twenty First Developers Pvt. Ltd.

63 Papillion Buildtech Pvt. Ltd. @ 93 Vibrant Buildmart Pvt. Ltd.

64 Papillon Buildcon Pvt. Ltd. @ 94 West Land Buildcon Pvt. Ltd. @

65 Park Land Construction & Equipment Pvt. Ltd. 95 Woodland Promoters Pvt. Ltd.

66 Park Land Developers Pvt Ltd

@ The Company holds through its subsidiaries more than one-half in nominal value of their equity share capital.

# Incorporated during the year

Associate companies

1 Anant Raj Property Management Pvt. Ltd.

2 Roseland Buildtech Pvt. Ltd.

3 E2E Solutions Pvt. Ltd.

Enterprise over which key management personnel and their relatives exercise control

1 Advantage Incubators Pvt. Ltd. 17 Chocolate Hospitality Pvt. Ltd.

2 AAA Realty Pvt. Ltd. 18 Carnation Promoters Pvt. Ltd.

3 Ankita International Pvt. Ltd. 19 Chocolate Properties Pvt. Ltd.

4 Alps Buildcon Pvt. Ltd. 20 Chocolate Technologies Pvt. Ltd.

5 Alps Infratech Pvt. Ltd. 21 Consortium Holdings Pvt. Ltd.

6 Alps Propmart Pvt. Ltd. 22 Corn Flower Buildcon Pvt. Ltd.

7 Anant Raj Agencies Pvt. Ltd. 23 Corn Flower Developers Pvt. Ltd.

8 Anant Raj Farms Pvt. Ltd. 24 DEL15 Hospitality Pvt. Ltd.

9 Anant Raj Estates Pvt. Ltd. 25 Delhi Motels Pvt. Ltd.

10 Anant Raj Meadows Pvt. Ltd. 26 Ebony Fashions Pvt. Ltd.

11 Anant Raj Power Limited 27 EEE Realty Pvt. Ltd.

12 Aravali Propmart Pvt. Ltd. 28 Eastman Developers Pvt. Ltd.

13 Big Town Promoters & Developers Pvt. Ltd. 29 Eastman Properties Pvt. Ltd.

14 Bigtown Properties Pvt. Ltd. 30 Elevator Realtors Pvt. Ltd.

15 Blue Star Realty Pvt. Ltd. 31 Equinox Promoters Pvt. Ltd.

16 CCC Realty Pvt. Ltd. 32 Equinox Properties Pvt. Ltd.

Enterprise over which key management personnel and their relatives exercise control

33 GGG Realty Pvt. Ltd. 47 Skipper Travels International Pvt. Ltd.

34 Goodwill Meadows Limited 48 Tauras Promoters and Developers Pvt. Ltd.

35 HBP Estates Pvt. Ltd. 49 Townmaster Buildcon Pvt. Ltd.

36 Journey Home Buildcon Pvt. Ltd. 50 Townmaster Promoters & Developers Pvt. Ltd.

37 Lily Buildwell Pvt. Ltd. 51 Townmaster Properties Pvt. Ltd.

38 Moments Retail Services Pvt. Ltd. 52 Town End Properties Pvt. Ltd.

39 Mayur Buildcon Pvt. Ltd. 53 Towntop Buildtech Pvt. Ltd.

40 Nurture Projects Pvt. Ltd. 54 Towntop Properties Pvt. Ltd.

41 Olympia Buildtech Pvt. Ltd. 55 Tricolor Hotels Ltd.

42 Rapid Estates Pvt. Ltd. 56 Westend Apartments Pvt. Ltd.

43 Rock Field Developers Pvt. Ltd. 57 White Diamond Propmart Pvt. Ltd.

44 Roseview Promoters Pvt. Ltd. 58 White Diamond Real Estates Pvt. Ltd.

45 SS Aamouage Trading Pvt. Ltd. 59 Whiz Construction Pvt. Ltd.

46 Spiritual Developers Pvt. Ltd.

Partnership firm in which Company is partner

Ganga Bishan & Company

Note: Related parties relationship is as identified by the Company and relied upon by the Auditors.

12. SEGMENT REPORTING

An operating segment is one whose operating results are regularly reviewed by the entity''s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance. The Company has identified the CODM as its Managing Director. The CODM reviews performance of Real Estate business on an overall business.

As the Company has a single reportable segment, the segment wise disclosure requirements of Ind-AS 108 ''Operating Segment'' is not applicable. In compliance to the said standard, entity-wide disclosures are as under:

a) Revenues from external customers attributed to the country of domicile and attributed to all foreign countries from which the company derives revenues

c) Information about major customers

The Company did not have any external revenue from a particular customer which exceeded 10% of total revenue.

13. Details of Specified Bank Notes (SBNs) held and transacted during the period from November 8, 2016 to December 30, 2016:

14. FIRST TIME ADOPTION OF IND-AS

The Company has prepared financial statements, which comply with Ind-AS, applicable for periods ending on or after March 31, 2017, together with the comparative year data as at and for the year ended March 31, 2016, as described in the summary of significant accounting policies. In preparing these financial statements, the Company''s opening balance sheet was prepared as at

April 1, 2015, date of transition to Ind AS.

Exemptions applied

Ind-AS 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind

AS. The Company has applied the following exemptions:

a) Ind-AS 101 provides the option to apply Ind-AS 103 prospectively from the transition date or from a specific date prior to the transition date. This provides relief from full retrospective application that would require restatement of all business combinations prior to the transition date. The Company elected to apply Ind-AS 103 prospectively to business combinations occuring after its transition date. Business combinations occurring prior to the transition date have not been restated.

b) Ind-AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for investment property covered by Ind-AS 40 ''Investment Properties''. Accordingly, the Company has elected to measure all of its property, plant and equipment and investment property at their previous GAAP carrying value.

c) Ind-AS 27 requires investments in subsidiaries to be recorded at cost or in accordance with Ind-AS 109 in its separate financial statements. However Ind-AS 101 provides an option in case the Company decides to measure such investment at cost (determined in accordance with Ind-AS 27) or deemed cost (fair value or previous GAAP carrying amount) at that date. The Company can avail the above exemption and recognize the investment in subsidiaries at the previous GAAP carrying amount at the date of transition to Ind-AS.

15. Figures have been rounded off to the nearest lakhs.

16. Reconciliation of equity as previously reported under IGAAP to Ind-AS

Notes:

Explanation for reconciliation of balance sheet as previously reported under IGAAP to Ind-AS A Upfront processing fees on loan

The Company has amortized upfront processing fees over the term of loan.

B Investments

Investments in financial assets are carried at amortized cost in Ind-AS compared to being carried at cost under IGAAP.

C Other financial liabilities

Security deposits are carried at amortized cost in Ind-AS compared to being carried at cost under IGAAP.

D Other equity

a) Adjustments to the retained earnings have been made in accordance with Ind-AS for the above mentioned items.

b) In addition, in accordance with Ind-AS 19 ''Employee Benefits'', actuarial gain and losses are recognized in other comprehensive income as compared to being recognized in Statement of Profit and Loss under IGAAP.

c) Adjustment reflected dividend (including corporate dividend tax), declared and approved post reporting period.

E Employee benefit expenses

In accordance with Ind-AS 19, ''Employee Benefits'', actuarial gains and losses are recognized in other comprehensive income and not reclassified to profit and loss in subsequent period.

F Deferred tax

Ind-AS 12, ''Income taxes'', requires entities to account for deferred taxes using the balance sheet approach, which focusses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base.

G Proposed dividend

In accordance with Ind-AS 8, ''Event after reporting period'', proposed dividend is considered as non-adjusting event. Hence, dividend is recognized as liability in the year of approval by shareholders in general meeting.

17. Disclosure Under Regulation 34(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements Regulations, 2015

18. FINANCIAL RISK MANAGEMENT

i) Financial instruments by category

a) Investment in equity shares of subsidiaries, associates and joint venture are measured in accordance with Ind AS 27, "Separate financial statements" issued by "Ministry of Corporate Affairs", Government of India.

b) For amortized cost instruments, carrying value represents the best estimate of fair value except investment in other debentures.

ii) Risk management

The Company''s activities expose it to market risk, liquidity risk and credit risk. The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk management framework. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk.

A) Credit risk

Credit risk is the risk that a counterparty fails to discharge its obligation to the Company. The Company''s exposure to credit risk is influenced mainly by cash and cash equivalents, trade receivables and financial assets measured at amortized cost. The Company continuously monitors defaults of customers and other counterparties and incorporates this information into its credit risk controls. Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated banks and diversifying bank deposits. Other financial assets measured at amortized cost includes loans to employees, security deposits and others. Credit risk related to these other financial assets is managed by monitoring the recoverability of such amounts continuously, while at the same time internal control system in place ensure the amounts are within defined limits.

i) Credit risk management Credit risk rating

The Company assesses and manages credit risk of financial assets based on following categories arrived on the basis of assumptions, inputs and factors specific to the class of financial assets.

a) Low credit risk

b) Moderate credit risk

c) High credit risk

ii) Credit risk exposure

Expected credit loss for trade receivables under Real estate business

The Company''s trade receivables does not have any expected credit loss as registry of properties sold is generally carried out once the Company receives the entire payment. During the periods presented, the Company made no write-offs of trade receivables and no recoveries from receivables previously written off.

B) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the business, the Company maintains flexibility in funding by maintaining availability under committed facilities.

Management monitors rolling forecasts of the Company''s liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity operates.

C) Market Risk Interest rate risk

i) Liabilities

The Company''s variable rate borrowings are carried at amortized cost. They are therefore subject to interest rate risk as defined in Ind AS 107 issued by "Ministry of Corporate Affairs", Government of India, since the carrying amount and the future cash flows will fluctuate because of a change in market interest rates. The Company''s variable rate borrowing is subject to interest rate.

ii) Assets

The company''s fixed deposits, are carried at fixed rate. Therefore, not subject to interest rate risk as defined in Ind AS 107 issued by "Ministry of Corporate Affairs, Government of India since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

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

Mar 31, 2016

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

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

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

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

^A Paid on February 11, 2016.

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

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

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

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

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

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

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

ii) Allahabad Bank

Term loans-I & II

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

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

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

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

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

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

b) Repayment schedule of term loans:

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

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

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

iv) Central Bank of India (CBI)

Term loans-I & II

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

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

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

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

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

v) ICICI Bank Limited

Term loan

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

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

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

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

vi) Axis Bank Limited

Term Loan

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

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

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

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

vii) India bulls Housing Finance Ltd.

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

b) Repayment schedule of term loans:

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

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

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

viii) Hero FinCorp Limited

Term Loans-I, II & III

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

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

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

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

ix) Vehicle loans form vehicle finance companies and banks

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

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

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

Notes:

i) Working Capital Facilities from SBI

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

ii) Working Capital Facilities from ICICI Bank Ltd.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

10 Retirement Benefit plans

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

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

ii) Non cancellable operating lease

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

iii) Contingent rent recognized

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

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

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

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

13 Corporate Social Responsibility

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

14 Figures have been rounded off to the nearest Rupee.

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

Mar 31, 2015

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

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

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

4. RETIREMENT BENEFIT PLANS

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

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

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

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

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

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

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

(i) Description of assets on lease

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

(iii) Contingent rent recognised

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

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

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

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

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

7. Related Party Disclosures:

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

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

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

Mar 31, 2014

CORPORATE INFORMATION

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

SHARE CAPITAL

Right, preference and restrictions attached to shares

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

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

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

Term loans from YBL

Term Loan-I

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

Term Loan-II

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

Term Loan-III

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

ii) Allahabad Bank

Term loan-I

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

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

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

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

Term loan-II

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

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

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

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

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

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

Term loan-ii and iii

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

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

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

Term loan-II

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

v) Oriental Bank of Commerce (OBC)

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

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

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

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

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

vii) Indiabulls Housing Finance Limited (IFSL)

Term loan-I

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

Term loan-II

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

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

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

SHORT TERM BORROWINGS

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

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

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

ii) Working Capital Facilities from ICICI Bank Ltd.

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

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

iii) Working Capital Facilities from Indiabulls Housing Finance Ltd.

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

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

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

SHORT TERM LOAN AND ADVANCES

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

CONTINGENT LIABILITIES (to the extent not provided for)

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

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

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

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

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

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

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

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

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

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

iii) Guarantees given by Banks

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

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

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

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

c) Deposits given to VAT authorities

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Mar 31, 2013

1. CORPORATE INFORMATION

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

13. Retirement Benefit Plans

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

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

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

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

a. Description of assets on lease

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

b. Non cancellable operating lease

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

c. Contingent rent recognised

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

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

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

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

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

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

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

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

Mar 31, 2012

1 Corporate Information

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

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

2 CONTINGENT LIABILITIES (to the extent not provided for)

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

* Amounts are net of payments made and without considering

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

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

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

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

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

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

iii) Guarantees given by Banks

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

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

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

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

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

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

3 Capital and other commitments

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

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

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

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

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

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

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

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

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

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

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

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

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

13 Retirement Benefit Plans

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

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

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

16 Figures have been rounded off to the nearest Rupee.

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

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

Mar 31, 2010

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

i) Contingent liabilities not provided for in respect of:

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

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

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

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

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

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

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

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

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

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

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

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

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

iv) Payment to directors #

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

Sitting fees 75,000 77,500

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

v) Payment to auditors:

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

For certification services including service tax - 12,257

vi) Secured loans

From State Bank of India (SBI)

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

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

From Oriental Bank of Commerce (OBC)

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

From Central Bank of India (CBI)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

xxxvi) Related Party Disclosures:

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

a) Name of related parties and description of relationship

Holding Company

Anant Raj Industries Ltd.

Subsidiaries

1 Advance Buildcon Pvt. Ltd.*

2 Anant Raj Cons. & Development Pvt. Ltd.

3 Anant Raj Hotels Ltd.

4 Anant Raj International FZE

5 A plus Estates Pvt. Ltd.*

6 Anant Raj Projects Ltd.

7 Ankur Buildcon Pvt. Ltd.*

8 Blossom Buildtech Pvt. Ltd.

9 Capital Buildcon Pvt. Ltd.*

10 Century Promoters Pvt. Ltd.

11 Capital Buildtech Pvt Ltd.*

12 Carnation Buildtech Pvt Ltd.*

13 Echo Buildtech Pvt. Ltd.

14 Echo Properties Pvt. Ltd.

15 Elegant Buildcon Pvt. Ltd.

16 Elegant Estates Pvt. Ltd.

17 Elevator Builders Pvt. Ltd.

18 Elevator Buildtech Pvt. Ltd.

19 Elevator Promoters Pvt. Ltd.

20 Elevator Properties Pvt. Ltd.

21 Empire Promoters Pvt. Ltd.

22 Equinox Properties Pvt. Ltd.@

23 Fabulous Builders Pvt. Ltd.

24 Gadget Builders Pvt. Ltd.

25 Goodluck Buildtech Pvt. Ltd.

26 Grand Buildtech Pvt. Ltd.

27 Grand Park Buildtech Pvt. Ltd.

28 Grand Park Estates Pvt. Ltd.

29 Greenline Buildcon Pvt. Ltd.

30 Greatway Estates Ltd.

31 Green Line Promoters Pvt. Ltd.

32 Green Retreat and Motels Pvt. Ltd.

33 Greenview Buildwell Pvt. Ltd.

34 Greenway Promoters Pvt. Ltd.

35 Greenwood Properties Pvt. Ltd.

36 Gujarat Anant Raj Vidhyanagar Ltd.

37 Gagan Buildtech Pvt Ltd.*

38 Greatway Buildtech Pvt Ltd.*

39 Hemkunt Promoters Pvt. Ltd.

40 Highland Meadows Pvt. Ltd.

41 Kalinga Buildtech Pvt. Ltd.

42 Krishna Buildtech Pvt. Ltd.*

43 Kalinga Realtors Pvt. Ltd.

44 Lucky Meadows Pvt. Ltd.

45 Monarch Buildtech Pvt Ltd*

46 Noval Buildmart Pvt. Ltd.

47 Noval Housing Pvt. Ltd.

48 One Star Realty Pvt. Ltd.*

49 Oriental Meadows Ltd.

50 Oriental Promoters Pvt Ltd.*

51 Parkland Developers Pvt. Ltd.

52 Parkview Promoters Pvt. Ltd.

53 Pasupati Aluminium Ltd.

54 Pelikan Estates Pvt. Ltd.

55 Pioneer Promoters Pvt. Ltd.

56 Papillon Buidcon (P) Ltd.*

57 Pappilon Buildtech (P) Pvt.*

58 Rapid Estates Pvt. Ltd.@

59 Rapid Realtors Pvt. Ltd.

60 Rising Realty Pvt. Ltd.*

61 Roseview Buildtech Pvt. Ltd.

62 Rolling Construction Pvt. Ltd.

63 Romano Tiles Pvt. Ltd.

64 Roseview Properties Pvt. Ltd.

65 Sandstorm Buildtech Pvt. Ltd.

66 Silvertown Inn & Resorts Pvt. Ltd.@

67 Sovereign Buildwell Pvt. Ltd.

68 Springview Developers Pvt. Ltd.

69 Springview Properties Pvt. Ltd.

70 Suburban Farms Pvt. Ltd.

71 Townsend Construction and Equipments Pvt. Ltd.

72 Twenty First Developers Pvt.Ltd.

73 Vibrant Buildmart Pvt. Ltd.

74 White Diamond Construction and Equipments Pvt. Ltd.

75 Woodland Promoters Pvt. Ltd.

76 West Land Buildcon Pvt Ltd.*

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

Partnership firm in which Company is partner

Ganga Bishan & Company

Key management personnel

Ashok Sarin Chairman

Anil Sarin Managing director

Ambarish Chatterjee Director

Maneesh Gupta Director

Amit Sarin^ Director & Chief Executive Officer

Aman Sarin Executive director (Operations)

Ashim Sarin Executive director (Construction)

Amar Sarin Executive director (Business Development)

Brajindar Mohan Singh# Director

Enterprise over which key management personnel exercises control

1 AAA Realty Pvt. Ltd.

2 Aakash Ganga Realty Pvt. Ltd.

3 Anant Raj Agencies Pvt. Ltd.

4 Anant Raj Estates Pvt. Ltd.

5 Anant Raj Infrastructure Pvt. Ltd.

6 Anant Raj Meadows Pvt. Ltd.

7 Anant Raj Farms Pvt. Ltd.

8 Anant Raj Property Management Pvt. Ltd.

9 Associated Buildtech Pvt. Ltd.

10 Anant Raj Power Limited

11 BBB Realty Pvt. Ltd.

12 Blue Diamond Estates Pvt. Ltd.

13 Bolt Properties Pvt. Ltd.

14 Carnation Promoters Pvt. Ltd.

15 CCC Realty Pvt. Ltd.

16 Consortium Holding Pvt. Ltd.

17 Delhi Motels Pvt. Ltd.

18 EEE Realty Pvt. Ltd.

19 Elevators Realtors Pvt. Ltd.

20 Four Construction Pvt. Ltd.

21 Four Star Realty Pvt. Ltd.

22 Green Valley Builders Private Limited

23 GGG Realty Pvt. Ltd.

24 Glaze Properties Pvt. Ltd.

25 Goodwill Estates Pvt. Ltd.

26 Goodwill Meadows Ltd.

27 Hamara Realty Pvt. Ltd.

28 HBP Estates Pvt. Ltd.

29 Hemkunt Buildtech Pvt. Ltd.

30 Jasmine Buildwell Pvt. Ltd.

31 Mayur Buildcon Pvt. Ltd.

32 Monarch Estates Pvt. Ltd.

33 North South Properties Pvt. Ltd.

34 Olympia Buildtech Pvt. Ltd.

35 Olympia Builders Pvt. Ltd.

36 Parkland Construction and Equipments Pvt. Ltd.

37 Rapid Estates (P) Ltd.

38 Red Sea Realty Pvt. Ltd.

39 Romano Estates Pvt. Ltd.

40 Romano Infrastructure Pvt. Ltd.

41 Romano Projects Pvt. Ltd.

42 Rockfield Developers Pvt. Ltd.

43 Roseland Buildtech Pvt. Ltd.

44 Rose Realty Pvt. Ltd.

45 Roseview Promotors Pvt. Ltd.

46 SS Aamouage Trading Pvt. Ltd.

47 Saffronview Properties Pvt. Ltd.

48 Skipper Travels International Pvt. Ltd.

49 Three Star Realty Pvt. Ltd.

50 Tumhare Liye Realty Pvt. Ltd.

51 Two Star Realty Pvt. Ltd.

52 Townsend Promoters Pvt. Ltd.

53 Townsend Properties Pvt. Ltd.

54 Tricolor Hotels Ltd.

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

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