Notes to Accounts of Ansal Properties & Infrastructure Ltd.

Mar 31, 2018

1. Corporate overview

Ansal Properties and Infrastructure Limited (“APIL” or the “Company''''), was incorporated in 1967. The Company''s main business is real estate promotion and development in residential and commercial segment. This prestigious company deals in residential, commercial and retail properties located in the areas of Delhi NCR, U.P, Haryana, Punjab, Rajasthan, etc. The company is listed on the National Stock Exchange of India and Bombay Stock Exchange of India.

The registered office of the Company is situated at 115, Ansal Bhawan, 16 K.G. Marg, New Delhi, India.

These financial statements were approved and adopted by board of directors of the Company in their meeting held on May 30, 2018.

2. Basis of preparation and significant Accounting Policies

A. Basis of Preparation

Ministry of Corporate Affairs notified roadmap to implement Indian Accounting Standards (''Ind AS'') prescribed under section 133 of the Companies Act 2013, (the ''Act'') read with companies (Indian Accounting Standards) (Amendments) Rules,2015 as amended by the companies (Indian Accounting Standards) (Amendment) Rules, 2015. Accordingly, the company has adopted Ind as w.e.f April 1, 2016 as a transition date. Therefore, the financial statements of the Company for the year ended March 31, 2018 has been prepared as per Ind AS.

The financial statements have been prepared accrual basis on historical cost convention, except as stated otherwise.

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use

i. Operating cycle

The normal operating cycle in respect of operation relating to under construction real estate project depends on signing of agreement, size of the project, phasing of the project, type of development, project complexities, approvals needed & realisation of project into cash & cash equivalents and range from 3 to 5 years. Accordingly project related assets & liabilities have been classified into current & non-current based on operating cycle of respective projects. All other assets and liabilities have been classified into current and non-current based on a period of twelve month.

ii. Functional and presentation currency

The financial statements are presented in Indian rupees, which is the functional currency of the parent company. All the financial information presented in Indian rupees has been rounded to the nearest Lakh.

iii. Use of estimates

The preparation of financial statements in conformity with Ind AS requires the Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting period. Although these estimates are based upon the Management''s best knowledge of current events and actions, actual results could differ from these estimates. Difference between the actual results and estimates are recognized in the period in which the results are known / materialized.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods

a. Property, plant and equipment

Useful life of the tangible assets are based on the life prescribed in Schedule II of the Companies Act 2013. Assumptions are also made, when company assesses, whether an assets may be capitalised and which components of the cost of the assets may capitalised.

b. Recognition and measurement of defined benefit obligations

The obligation arising from define benefit plan is determined on the basis of actuarial assumptions. Key actuarial assumption includes discount rate, trends in salary escalation and attrition rate. The discount rate is determined by reference to market yields at the end of the reporting period on government securities. The period to maturity of the underlying securities correspond to the probable maturity of the post-employment benefit obligations.

c. Fair value measurement of financial instruments

When the fair value of the financial assets and liabilities recorded in the balance sheet cannot be measured based on the quoted market price in activate markets, their fair value is measures using valuation technique. The input to these models are taken from the observable market where possible, but this is not feasible, a review of judgment is required in establishing fair values. Changes in assumption relating to these assumption could affect the fair value of financial instrument.

d. Intangibles

Internal technical or user team assess the remaining useful lives of Intangible assets. Management believes that assigned useful lives are reasonable.

Before transition to IND AS, the company has revisited the useful life of the assets and the impact of change in life on transition is considered in opening carrying values. Also all Intangibles are carried at net book value on transition.

e. Provision for contingencies

Provision for project related liabilities is made on the basis of Management judgement and estimation for possible outflow of resources, if any, in respect of:

Contingencies/claim/litigations against the Company

B. Standards issued but not yet effective

Ind AS 21 The Effects of Changes in Foreign Exchange Rates

Appendix B to Ind AS 21, Foreign currency transactions and advance consideration:

On March 28, 2018, Ministry of Corporate Affairs (“MCA”) has notified the Companies (Indian Accounting Standards) Amendment Rules, 2018 containing Appendix B to Ind AS 21, Foreign currency transactions and advance consideration which clarifies the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income, when an entity has received or paid advance consideration in a foreign currency. The amendment will come into force from April 1, 2018. The Company has evaluated the effect of this on the financial statements and the impact is not material

IND AS 115: Revenue from Contracts with Customers

In March 2018, the Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards) (Amendments) Rules, 2017, notifying Ind AS 115, ''Revenue from Contracts with Customers''. The Standard is applicable to the Company with effect from 1st April, 2018.

Revenue from Contracts with Customers Ind AS 115 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Ind AS 115 will supersede the current revenue recognition standard Ind AS 18 Revenue, Ind AS 11 Construction Contracts and guidance note on accounting for real estate transactions when it becomes effective. The core principle of Ind AS 115 is that an entity should recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, the standard introduces a 5-step approach to revenue recognition:

- Step 1: Identify the contract(s) with a customer

- Step 2: Identify the performance obligation in contract

- Step 3: Determine the transaction price

- Step 4: Allocate the transaction price to the performance obligations in the contract

- Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation

Under Ind AS 115, an entity recognises revenue when (or as) a performance obligation is satisfied, i.e. when ''control'' of the goods or services underlying the particular performance obligation is transferred to the customer. The Company is currently evaluating the effect of the above amendments and will adopt the standard from April 1, 2018.

C. Fair value measurement

The Company measures financial instruments at fair value at each balance sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

- In the principal market for the asset or liability, or

- In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant''s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Company has determined classes of assets & liabilities on the basis of the nature, characteristics and the risks of the asset or liability and the level of the fair value hierarchy as explained above.

The Company''s investment properties consist of commercial properties in India.

As at March 31, 2018 and March 31, 2017 the fair value of the properties are Rs. 5,553.93 lakhs & Rs 4314.67 lakhs Respectively. These valuation are based on the valuations performed by an accredited independent valuer. Fair valuation is based on Composite Rate Method. The fair value measurement is categorised in Level -2 fair value hierarhy. (refer note no 1(G) for definition of level-2 fair value measurement)

Terms/rights attached to equity shares

The Company has only one class of equity shares having nominal value of Rs. 5/- each. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company , the holders of equity shares will be entitled to receive remaining assets of the company , after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the Shareholders.

During the last 5 years, the company has not issued any bonus shares nor are there any shares bought back and issued for consideration other than cash.

Capital reserve represents forfeiture of warrants.

Securities premium reserve the amount received in excess of face value of the equity shares is recognised in securities premium reserve.

General reserve represents the statutory reserve, this is in accordance with Indian Corporate law wherein a portion of profit is apportioned to general reserve. Under Companies Act, 1956 it was mandatory to transfer amount before a company can declare dividend, however under Companies Act, 2013 transfer of any amount to General reserve is at the discretion of the Company.

Nature of security and terms of repayment for secured borrowings

A. Term loans

(i) The outstanding balance of Bank of Maharashtra (Lucknow) is Rs.317.23 Lakhs as on March 31, 2018 (March 31, 2017 Rs.499.09), out of sanctioned loan of Rs 2,600 Lakh is secured by way of mortgage of land admeasuring 19.79 acres situated at sushant golf link city, lucknow along with proposed projects namely jeewan enclave and media enclave to be constructed on this land and by personal guarantee of two promoter directors. The above Term Loan is repayable in ten quarterly installment of Rs. 260 Lakh commencing from November 2014.

(ii) The outstanding balance of Bank of Maharashtra of Rs.3880.20 Lakh as on March 31, 2018 (March 31, 2017 Rs.4706.18 Lakh , out of sanctioned loan of Rs 7,200 Lakh is secured by way of mortgage of land admeasuring 30.65 acres and building thereon situated at sonipat and by personal guarantee of two promoter directors. The above Term Loan is repayable in 8 quarterly installment of Rs 604 Lakh each comencing from September 2016.

(iii) The outstanding balance of Punjab National Bank of Rs 1508 lakh as on March 31, 2018 (March 31, 2017 Rs 1508 Lakh ), is secured by way of pledge of FDR.

(iv) The outstanding balance of Allhabad Bank of Rs. 11,116.12 Lakh as on March 31, 2018 (March 31, 2017 Rs.12029.17 Lakh ), out of sanctioned loan of Rs 15,000 Lakh is secured byway of mortgage of land admeasuring 13.05 acre of ETA II and construction thereon and by personal guarantee of two promoter directors. The above Term Loan is repayable in sixteen quarterly installment of Rs. 937.50 Lakh commencing from March 2016.

(v) The outstanding balance of Punjab National Bank of Rs 625.81 lakh as on March 31, 2018 ( March 31, 2017 Rs 629.61 Lakh ), out of sanctioned loan of Rs 660 Lakh is secured by way of assignment of receivable of rent from parikrama restaurant and personal guarantees of two promoter directors. The above term loan is repayable in 120 monthly installments of Rs 2.15 Lakh to Rs 9.79 Lakh.

(vi) The outstanding balance of Bank of India of Rs 796.67 Lakh as on March 31, 2018 (March 31, 2017 Rs 791.67 Lakh ), out of sanctioned loan of Rs 2000 Lakh is secured by first charge on land and building , plant and machinery, stock, tra/escrow account, rights , assignments, fixed and current assets of bliss delight projects. In addition secured by personal guarantee of one promoter director. The above Term Loan amount is repayable in 8 quarterly installments of Rs 100 Lakh commencing from January 2018.

(vii) The outstanding balance of Indian Bank as on March 31,2018 Rs 3488.16 lakh ( March 31, 2017 Rs 3827.81 Lakh ) out of sanctioned amount of Rs 4500 lakh is secured by way of hypothecation of stock of construction material , other fixed assets , material at site, work in progress , receivable from prospective buyer and other current assets relating to Golf Gateway Towers . In addition is secured by way of equitable mortgage of 2.909 hectare of land situated at Devamau , lucknow pertaining to company and one of the associate company Kanchanjunga Realtors Pvt Ltd. Further secured by personal guarantee of two promoter directors . The above Term Loan is repayable in 15 quarterly installments of Rs 321.43 lakh commencing from October 2016.

b. Vehicle loans & equipment loans

(i) The outstanding balance of HDFC Bank Rs 8.37 Lakh as on March 31, 2018 (March 31, 2017 Rs. 32.35 Lakh) against vehicle loans are secured by hypothecation of vehicles. The outstanding balance as on March 31, 2018 is repayable in 31 monthly installments ranging from Rs 0.24 Lakh to Rs 0.31 Lakh.

(ii) The outstanding balance Kotak Mahindra Prime Ltd. of Rs 33.12 Lakh as on March 31, 2018 (March 31,2017 Rs. 16.19 Lakh) against vehicle loans are secured by hypothecation of vehicles. The outstanding balance as on March 31, 2018 is repayable in 240 monthly installments ranging from Rs 0.06 Lakh to Rs 0.21 Lakh.

(iii) The outstanding balance of ICICI Bank Rs 102.17 Lakh as on March 31, 2018 (March 31, 2017 Rs. NIL Lakh) against vehicle / equipment loans are secured by hypothecation of vehicles. The outstanding balance as on March 31, 2018 is repayable in 110 monthly installments ranging from Rs0.36 Lakh to Rs1.72 Lakh.

(iv) The outstanding balance of Mahindra & Mahindra Rs 6.18 Lakh as on March 31, 2018 (March 31, 2017 Rs. NIL) against vehicle loans are secured by hypothecation of vehicles. The outstanding balance as on March 31, 2018 is repayable in 53 monthly installments ranging from Rs 0.09 Lakh to Rs0.15 Lakh.

(v) The outstanding balance of HDB Ltd Rs 3.64 Lakh as on March 31, 2018 (March 31, 2017 Rs. 9.14 Lakh) against equipment loans are secured by hypothecation of equipment. The outstanding balance as on March 31, 2018 is repayable in 7 monthly installments ranging from Rs 0.50 Lakh to Rs 0.54 Lakh.

c. Loans from corporate bodies /financial Institutions

(i) The outstanding balance of HDFC of Rs.3269.82 Lakh (March 31, 2017 Rs.3646.40 Lakh), these loan are secured by way of first mortgage / charge on the immovable property located at Lucknow, Ansal Plaza (Khel gaon New Delhi, Gurgaon and Greater Noida), In addition, secured by exclusive charge on project assets and receivables and by personal guarantee of two promoter directors. The above term loan is repayable in 352 monthly installments ranging from Rs 3.21 Lakh to Rs 26.02 Lakh.

(ii) The outstanding balance of DMI Finance Limited of Rs 2178.58 Lakh (March 31, 2017 Rs.2500 Lakh ), out of sanctioned loan of Rs. 2500 Lakh is secured by way of equitable mortgage of group housing project by the name Fairway Megapolis located in Dadri. In addition is secured by personal guarantee of one promoter director. The above term loan is repayable in 16 quarterly installments ranging from Rs 101.46 Lakh to Rs 226.50 Lakh.

(iii) The outstanding balance of IL &FS Financial Services as on March 31,2018 Rs. 2200 Lakh (March 31, 2017 Rs.3600 Lakh) out of sanctioned amount of Rs 5000 Lakh is secured by way of hypothecation of identified receivable of fsi of mother city under da-i/ii/iii of Lucknow project. The above term loan is repayable in 6 quarterly installments of Rs 700 Lakh and last installment of Rs 800 Lakh.

BSfl (iv) The outstanding balance of IL &FS Financial Services as on March 31, 2018 Rs.10000 Lakh ( March 31, 2017 Rs. 87985.78 Lakh ) out of sanctioned amount of Rs 10000 Lakh is secured by way of hypothecation of identified receivable of FSI of mother city under da-i/ii/iii of Lucknow project. The above term loan is repayable in 10 quarterly installments of Rs 1000 Lakh commencing from August 2018.

(v) The outstanding balance Xander Finance Pvt. Ltd. as on March 31,2018 Rs. 6088.20 Lakh ( March 31, 2017 Rs. 5680 Lakh) out of sanctioned amount of Rs 9600 Lakh is secured. The above term loan is repayable in 16 quarterly installments of Rs 380.53 Lakh commencing from December 2018.

(vi) The outstanding balance of Capital India Finance Limited as on March 31,2018 Rs. Lakh (March 31, 2017 Rs.1000 Lakh) out of sanctioned amount of Rs 1500Lakh is secured by personal guarantee of promoter director. The above term loan is repayable in 18 monthly installments of Rs 55.56 Lakh commencing from March 2018.

(vii) The interest on above term loans from banks and corporate bodies are linked to the respective banks/ institutions base rates which are floating in nature. Interest rates during the year varied from 11.0% to 22.00% per annum.

d. Deposits

(I) Deposits from shareholder and public carry interest rate from 11.5% to 12.50% and are repayable in accordance with scheme approved by National Company Law Tribunal (NCLT) & order issued by NCLT.

e. Loan from corporate bodies- unsecured loans

(i) The outstanding balance of Charismatic Infratech Pvt Limited of Rs.6072.94 Lakh as on March 31, 2018 (March 31, 2017 Rs. 8916.18 Lakh ), is unsecured loan and the same is repayable in 13 quarterly installments ranging from Rs 20 Lakh to Rs 1054.52 Lakh commencing from December 2016.

Notes:

Secured borrowings

1 “The outstanding balance of Jammu & Kashmir Bank Limited Cash Credit facility is Rs.1993.15 Lakhs, including interest accrued amounts included in the Rs. 3546.85 lakhs to Rs. 43.15 lakhs as on March 31,2018 (March 31, 2017 Rs. 1,970.61 Lakhs), out of sanctioned limit of Rs. 1950 Lakhs is primary secured by way of hypothecation of construction Material lying at different project sites and other construction in progress, finished goods and book debts on pari passu basis with Punjab National Bank. In addition, secured by 1st pari-passu charge with Punjab National Bank on properties in the name of the company/associate companies having market value of not less than 150% of total fund based limit and 125% of non fund based limit with a value of Rs.167.08 crores out of which security cover of Rs.45.50 crores ceded to Jammu & Kashmir Bank for exposure(fund/non fund) of 32.50 crores, Corporate Guarantee of the mortgagers, counter guarantee of the company and personal guarantee of two promoter directors of the company .i.e Mr. Sushil Ansal & Mr. Pranav Ansal.”

2 The outstanding balance of Jammu & Kashmir Bank Limited Overdraft of Rs.1,553.69 Lakhs as on March 31, 2018, including interest amounting to Rs. 3.69 lakhs (March 31, 2017 Rs. 1,564.53 Lakhs), out of sanctioned loan of Rs. 1,550 Lakhs is primary secured by way of Hypothecation of construction material lying at different project sites and other construction in progress, finished goods and book debts. In addition, secured by Equitable mortgage of properties in the name of the company/associate companies'' exclusively mortgaged with Jammu & Kashmir Bank, Corporate Guarantee of mortgagers, Counter Guarantee of the company for BG Facility and Personal guarantee of the promoter directors of the Company namely MR. Sushil Ansal & Mr. Pranav Ansal.

3 The Interest on above loans from banks are linked to the respective banks base rates which are floating in nature. Interest rates during the year varied from 13.10% p. a to 13.45% p.a.

Loan from corporate bodies

4 (a) The outstanding balance of Dalmia Group Holdings is Rs. 140 Lakhs as on March 31,2018 (March 31,2017 Rs. 140 Lakhs ), out of sanctioned loan of Rs. 140 Lakhs which is payable within one year.Interest is charged at the rate 21% p.a.

(b) The outstanding balance of C.R. Foods India Pvt. Ltd. is Rs. 90 Lakhs as on March 31,2018 (March 31,2017 Rs. 90 Lakhs ), out of sanctioned loan of Rs. 90 Lakhs, it was taken for one year and was repayable during the year ended March 31, 2017. Interest is charged @ 7.20% p.a.

. (c) The outstanding balance of Sainik Finance and Industries Ltd. is Rs. 300 Lakhs as on March 31,2018 (March 31,2017 Rs. 300 Lakhs), out of sanctioned loan of Rs. 300 Lakhs which is payable within one year. Interest is charged at the rate 17% p.a.

*Out of this amount, sum of Rs.661.71 lakh (March 31, 2017: Rs. 570.50 lakh) has already been deposited.

$ Interest on certain claims may be payable as and when the outcome of the related claims is finally determined and has not been included in above.

Notes:

i. The management is of the view that in majority of the cases, claims will be successfully resisted or settled out of court on payment of nominal compensation.

ii. As regards income tax demands of Rs.6,334.82lakh (March 31, 2017: Rs.8,560.90 lakh) disputed by the Company are concerned, similar demands have been set aside by the Appellate Authorities in most of the cases in the past. Further company has deposited advance tax net of provision of income tax to the tune of Rs. 1,034.95 lakh (March 31, 2017: Rs. 921.35 lakh) against such demand.

iii. In respect of block assessment for the year 1^st April, 1989 to 12^th February, 2000, wherein cross appeals have been filed by the Company and the Tax department, Income Tax Appellate Tribunal (ITAT) has given full relief to the Company and rejected the department''s grounds of appeal and tax claim of Rs.4,409 lakh. The tax department has gone for further reference to the High Court. The Company, based on an arbitration award, had accounted for income of Rs. 4,200 lakh in the year 2002-03 and paid/provided income tax accordingly. The contingent liability not provided in the accounts in respect of block assessments is estimated at Rs. 1,884 lakh. The Company has been legally advised that it has a good case to succeed in the High Court.

3. During the year, the Company has not claimed any exemption under section 80IA of the Income Tax Act 1961. Exemption amounting to Rs 3,448 Lakh has been claimed up to the year ended March 31,2011, continuing up to the end of current period, under section 80IA of the income Tax Act, 1961 (“the Act”) being tax profit arising out of sale of Industrial park units, pending the notification of the same by Central Board of Direct Tax ( Competent Authority). The Competent Authority has not passed notification under section 80IA (4) (iii) of the Act and hence, rejected the application as filled by the Company, against which review petition has been filed by the Company before the Competent Authority. The Company has taken the opinion that the review petition as filed satisfies all the condition specified under Industrial Park Scheme,2008 being replaced under Industrial Park (Amendment) Scheme, 2010, hence, eligible for notification under section 80IA (4)(iii) of the Act.

4. During the year, Ansal Landmark (Karnal) Townships Pvt Ltd [(ALTPL or a subsidiary of APIL)whose 100% shareholding is held by the Ansal Landmark Township Pvt Limited (Ansal Landmark) jointly with Dalmia family members] and its nine subsidiary companies (viz Lilac Real Estate Developers Pvt. Ltd., Aerie Properties Pvt. Ltd., Arena Constructions Pvt. Ltd., Arezzo Developers Pvt. Ltd., Vridhi Properties Pvt. Ltd., Vriti Construction Pvt. Ltd., Sphere Properties Pvt. Ltd., Sia Properties Pvt.Ltd. and Sarvsanjhi Construction Pvt. Ltd.) have ceased to be subsidiaries of the Ansal Landmark due to loss of Ansal Landmark''s control, as per criteria for “control” specified in IND AS 110 over these companies.

5. During the year, the Company along with its subsidiary has lost the control over Ansal Urban Condominiums Pvt Ltd (AUCPL) as per criteria for “control” specified in IND AS 110 over this Company. It is now jointly controlled.

6. During the current year, dispute relating to division of business of the erstwhile Joint Venture Company Ansal Landmark Township Pvt Ltd arose between the Company and the Landmark Group. The dispute was jointly referred by the Company and the Landmark Group to the Hon''ble Sole Arbitration and is pending adjudication of final award.

7. As per prescribed norms issued by Reserve Bank of India (RBI) and exercise of powers conferred on the Bank under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SREAFAESI), two lender banks of the Company have classified the bank accounts of the Company as Non - Performing Assets (NPA) and have demanded the entire amount of Rs. 19,246 lakhs due towards the banks outstanding excluding interest and penal charges. As explained to us, the Company is not in agreement with the contention of the lender banks and is in discussions with the lender banks to resolve this matter.

8. a) The Company and one of the lender of a subsidiary Company has filed cases on each other for their dues/ claims in Hon''ble Mumbai High Court. The Company has given corporate guarantee to the lender on behalf of the subsidiary. The management is of view that there will not be any liability on the Company due to the above matter.

b) One of the lenders of the subsidiary Company has classified the bank account of the subsidiary as Non - Performing Assets (NPA) and filed as case against the Subsidiary in NCLT. The Company has given financial guarantee to the lender on behalf of the Company. The management is of view that there will not be any liability on the Company due to the above matter.

c) The Company had filed income tax returns for the assessment years 2016-17 & 2017-18 without paying self-assessment tax of Rs. 1008.18 lakhs & Rs.358.74 lakhs respectively. The Income Tax Department has sent notices to the Company u/s 139 (9) of the Income Tax Act, 1961. The Income Tax Department is inter - alia empowered to proceed and complete the assessment ex-party.

9. Leases

The Company has taken various premises on rent for office use. The rent paid during the year and charged to the statement of profit and loss for such leases is Rs.142.30 lakh (March 31, 2017 Rs.249.47 lakh).

There are no non- cancellable leases.

10. Details of dues to Micro and Small Enterprises as per MSMED Act, 2006 to the extent of information available with the Company:

Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditor.

11. Gratuity and leave encashment

Gratuity (being partly administered by a Trust) is computed as 15 days salary, for every recognized retirement/termination/resignation. The Gratuity plan for the company is a defined benefit scheme where annual contributions as per actuarial valuation are charged to the statement of profit and loss.

The Provident Fund is a defined contribution scheme whereby the Company deposits an amount determined as a fixed percentage of basic pay with the Regional Provident Fund Commissioner.

The Company also has a leave encashment scheme with defined benefits for its employees. The Company makes provision for such liability in the books of accounts on the basis of year end actuarial valuation. No fund has been created for this scheme.

For summarizing the components of net benefit expense recognized in the statement of profit and loss and the funded status and amounts recognized in the balance sheet for the respective plans, the details are as under.

12. Cost of construction includes sales cancelled/surrenders of Rs. 241.19 lakh (previous year Rs.689.11 lakh) related to sale made in the earlier years. The cost of sales amounting to Rs. 138.37 lakh (previous year Rs.534.66 lakh) hasbeen included in the closing stock. The net impact is loss of Rs. 102.81 lakh (previous year Rs. 154.45 lakh) which is charged is the statement of profit and loss.

13. Segment Reporting-

The Company is engaged mainly in real estate development business and has operations mainly in India. Hence, the company has only one reportable segment as per provisions of IND AS - 108 “Operating Segment”. Entity wide disclosures required IND AS 108 are as follows:

14. In the opinion of the Management, there is no reduction in the value of any assets, hence no provisions is required in terms of Ind AS -36 “Impairment of Assets”.

15. The matter regarding repayment of Public Deposits & Interest thereon is under consideration before the Hon''ble National Company Law Tribunal, North Delhi Bench on an application filed by the Company for appropriate extension or relief in the scheme of repayment already sanctioned by Hon''ble Company Law Board and to submit request for waiver of maintenance of requisite liquid assets required in terms of section 73 (2) of the Companies Act 2013 and Deposit Rules and CLB order, which is fixed for hearing on 31th May 2018.

16. Other expenses as disclosed in Note 38 includes donation of Rs. Nil(previous year Rs.160 lakh) given to the political parties during the year ended March 31, 2018.

17. The Company has spent Rs. 74 lakh during financial year (Previous year Rs. 65 lakh) as per the provisions of section 135 of the Act towards Corporate Social Responsibility (CSR) activities under ''other expenses''.

a. Gross amount required to spend by the company during the year Rs. 54 lakh (Previous year Rs.62 lakh)

18. The Company is engaged in the business of real estate development which has been classified as infrastructural facilities as per Schedule VI to the Act. Accordingly, provisions of section 186 of the Act are not applicable to the Company and hence no disclosure is required.

19. The Company is carrying project work in progress of Rs. 11,043 lakh (March 31, 2017: Rs. 11455 lakh) for Group Housing Project in Greater Noida. The Greater Noida Industrial Development Authority (GNIDA), keeping in view the market conditions, announced a Scheme whereby the developers have an option to accept project on a smaller piece of land equivalent to the amount paid and surrender balance project land subject to certain conditions. Pursuant to this Scheme, a Surrender Deed for the balance project land has been executed with GNIDA. The management is of the view that there is no impairment in the value of land/ project.

20. Information related to consolidated financial

The Company has prepared consolidated financial as required under IND AS 110, Sections 129 of the Act and SEBI (LODR) listing requirements. The consolidated financial statement is available on company''s website for public use.

21. Events occurring after the Balance sheet date

No adjusting or significant non-adjusting events have occurred between the reporting date and date of authorization of these financial statements.

22. Financial instruments by category

Financial risk management objectives and policies:

The purpose of financial risk management is to ensure that the Company has adequate and effective utilized financing as regards the nature and scope of the business. The objective is to minimize the impact of such risks on the performance of the Company. The Company''s senior management oversees the management of these risks.

The Company''s principal financial liabilities comprise bank loans, trade payables and other liabilities. The main purpose of these financial instruments is to raise finance for operations. It has various financial assets such as loans, advances, land advances, trade receivables, cash which arise directly from its operation.

The main risk arising from the Company''s financial instruments are market risk, credit risk, liquidity risk, and interest rate risk.

Market risk:

Market risk is the risk that the fair values of financial instruments will fluctuate because of change in market price. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk. The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market. Financial Instruments affected by market risk include loans and borrowings, investments and deposits. There is no currency risk since all operations are in INR. The Company managed interest rate risk by converting existing loans and borrowings with cheaper means of finance and charging interest on amount recoverable from customers in case of delays beyond a credit period.

Interest Rate Risk :

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s short term borrowings obligations in the nature of cash credit.

Credit risk:

It is a that one party to a financial instrument or customer contract will cause a financial loss due to non fulfillment of its obligations under a financial instrument or customer contract for the other party, leading to a finance loss. The Company''s credit risks relate to the sales of Plot, FSI, under construction properties and completed properties after receiving completion certificate / occupancy certificate as per local laws and leasing activities. The customer credit risk is managed by holding property under sale as mortgage against recoverable amount till the date of possession or registry whichever is earlier. Further, it charges interest and holding charges over and above the amount recoverable in case of delay(s) in payment by customer. There is a cancellation policy where the Company can cancel the booking in case of nonpayment of amount dues by forfeiting up 20% of the amount already paid. In case of leasing activities, there is security as collateral up to three months rental value.

Liquidity risk:

The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company''s cash flow is a mix of cash flow from collections from customers, leasing and interest income. The other main component in liquidity is timing to call loans/ funds and optimization of repayments of loans installment, interest payments.

23. Capital Management

For the purpose of the Company''s capital management, equity includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders and net debt includes interest bearing loans and borrowings less current investments and cash and cash equivalents. The primary objective of the Company''s capital management is to safeguard continuity, maintain a strong credit rating and healthy capital ratios in order to support its business and provide adequate return to shareholders through continuing growth.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The funding requirement is met through a mixture of equity, internal accruals, long term borrowings and short term borrowings. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt.

In order to achieve this overall objective, the Company''s 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.

The company monitors capital using gearing ratio, which is total debt divided by total capital plus debt.

24 Financial Instrument - Disclosure

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are recognised and measured at fair value. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard.

The fair value of financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

A Company has opted to fair value its Financial asset through profit and loss

B Company has opted to fair value its financial asset through OCI.

C As per Para D-15 of Appendix D of Ind AS 101, the first time adopter may chose to measure its investment in subsidiaries, JVs and Associates at cost or at fair value. Company has opted to value its investments in subsidiaries, JVs and Associates at cost.

D “Company has adopted effective rate of interest for calculating Interest. This has been calculated as the weighted average of effective interest rates calculated for each loan. In addition processing fees and transaction cost relating to each loan has also been considered for calculating effective interest rate.

Fair value hierarchy

Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 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 Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

* The carrying amounts are considered to be the same as their fair values due to short term nature.

25. Disclosure of Trade Receivable

The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on provision matrix. The expected credit loss allowance is based on the ageing of the days receivables are due and the rates as given in provision matrix. The provision matrix at the end of the reporting period is as follows:

26. Previous year figures have been regrouped / rearranged wherever considered necessary, to make them comparable with current year''s figure.

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Mar 31, 2016

Terms/rights Attached To Equity Shares

“The Company has only one class of ordinary equity shares having a face value of Rs.5 per share. Each ordinary equity shareholder is entitled to one vote per share.

During the last 5 years, the company has not issued any bonus shares nor are there any shares bought back and issued for consideration other than cash.

Nature of Security and Terms of Repayment for Secured Borrowings

a. Vehicle Loans & Equipment Loans

(i) The outstanding balance of Rs 82.29 lacs as on March 31, 2016(previous year Rs 299.84 lacs), from banks/corporate bodies against vehicle / equipment loans are secured by hypothecation of vehicles and equipments. The outstanding balance as on March 31, 2016 is repayable in 103 monthly installments ranging from Rs 0.30 lacs to Rs 3.14 lacs.

b. Loans From Banks

(ii) The outstanding balance of Rs 6542.98 lacs as on March 31, 2016(previous year Rs 9606.39 lacs), out of sanctioned loan of Rs 11000 lacs is secured by way of first mortgage / charge on the immovable property located at Lucknow, Panipat and units of Ansal Bhawan located at New Delhi. In addition, secured by exclusive charge on three group housing projects, ews/lig projects assets and receivables , receivables, pledge of shares of the company owned by promoters and by personal guarantees of two promoter director Rs The outstanding balance as on March 31, 2016 is repayable in 16 quarterly installments ranging from Rs 375 lacs to Rs 450 lacs each.

(iii) The outstanding balance of Rs 1560 lacs as on March 31, 2016 (previous year Rs 2080 lacs), out of sanctioned loan of Rs 2,600 lacs is secured by way of mortgage of land admeasuring 19.79 acres situated at Sushant Golf Link City, Lucknow along with proposed projects namely Jeewan Enclave and Media Enclave to be constructed on this land and by personal guarantee of two promoter directors The outstanding balance as on 31st March,2016 is repayable in 6 quarterly installment of Rs 260 lacs each.

(iv) The outstanding balance of Rs 4834 lacs as on March 31, 2016 (previous year Rs 6042 ), out of sanctioned loan of Rs 7,200 lacs is secured by way of mortgage of land admeasuring 30.65 acres and building thereon situated at Sonipat and by personal guarantee of two promoter directors. The outstanding balance as on 31st March,2016 is repayable in 8 quarterly installment of Rs 604 lacs each.

(v) The outstanding balance of Rs 13262.50 lacs as on March 31, 2016 (previous year Rs 14000 lacs ), out of sanctioned loan of Rs 15,000 lacs is secured by way of mortgage of land admeasuring 13.05 acre in eta ii and construction thereon and by personal guarantee of two promoter directors The outstanding balance as on 31st March,2016 is repayable in 14 quarterly installment of Rs 938 lacs each from March, 2016.

(vi) The outstanding balance of Rs 643.12 lacs as on March 31, 2016 ( previous year Rs 660 ), out of sanctioned loan of Rs 660 lacs is secured by way of assignment of receivable of rent from Parikrama Restaurant . In addition secured by personal guarantees of two promoter directors The outstanding balance as on March 31, 2016 is repayable in 143 monthly installments of Rs 1.63 lacs to Rs 8.78 lacs.

(vii) The outstanding balance of Rs 800 lacs as on March 31, 2016 ( previous year Rs 800 ), out of sanctioned loan of Rs 2000 lacs is secured by first charge on land and building, plant and machinery, stock, tra/escrow account, rights, assignments, fixed and current assets of bliss delight projects. In addition secured by personal guarantee of one promoter director. The outstanding amount is repayable on full disbursement in 8 quarterly installments of Rs 250 lacs each commencing from March''16.

(viii) The outstanding balance of Rs 1508 lacs (previous year Rs 1147.50 lacs), is secured by way of pledge of fdr.

(ix) The outstanding balance as on March 31,2016 Rs 3900 lacs ( previous year Rs 2000 lacs ) out of sanctioned amount of Rs 4500 lacs is secured by way of hypothecation of stock of construction material , other fixed assets , material at site, work in progress , receivable from prospective buyer and other current assets relating to Golf Gateway Towers . In addition is secured by way of equitable mortgage of 2.909 hectare of land situated at Devamau , lucknow pertaining to company and one of the associate company Kanchanjunga Realtors Pvt Ltd. Further secured by personal guarantee of two promoter directors . The outstanding balance on full disbursement is repayable in 14 quarterly installments of Rs 321.42 lacs commencing from March,2016.

c. Loans from Corporate Bodies/Financial Institutions

(x) The outstanding balance of Rs 2533.18 lacs as on March 31, 2016 (previous year Rs 3406 lacs), these loan are secured by way of first mortgage / charge on the immovable property located at Lucknow, Ansal Plaza (Khel gaon New Delhi, gurgaon and greater noida), greater noida, sonepat, badshahpur (gurgaon). In addition, secured by exclusive charge on project assets and receivables and by personal guarantee of two promoter director Rs The outstanding balance as on March 31, 2016 is repayable in 213 monthly installments ranging from Rs 7.54 lacs to Rs 26.48 lacs.

(xi.) The outstanding balance of Rs 2500 lacs (previous year Rs Nil), out of sanctioned loan of Rs. 2500 lacs is secured by way of equitable mortgage of group housing project by the name Fairway Megapolis located in Dadri. In addition is secured by personal guarantee of one promoter director. The outstanding balance as on March 31,2016 is repayable in 10 quarterly installments ranging from Rs 477.03 lacs to Rs 740.03 lacs.

(xii) The outstanding balance of Rs Nil (previous year Rs 6000 lacs), out of sanctioned loan of Rs 6000 lacs is secured by way of equitable mortgage of group housing project by the name Fairway Megapolis located in Dadri. In addition is secured by personal guarantee of one promoter director.

(xiii) The outstanding balance of Rs Nil as on March 31, 2016(previous year Rs 1060.65 lacs), out of sanctioned loan of Rs 7,500 lacs is secured by way of first mortgage / charge on the immovable property located at Lucknow. In addition, secured by exclusive charge on Jaipur phase-ii project receivables and by personal guarantees of two promoter directors.

(xiv.) The outstanding balance as on March 31,2016 Rs 2500 lacs ( previous year Rs Nil ) out of sanctioned amount of Rs 5000 lacs is secured by way of hypothecation of identified receivable of fsi of mother city under da-i/ii/iii of Lucknow project. The outstanding balance on full disbursement is repayable in 6 quarterly installments of Rs 700 lacs and last installment of Rs 800 lacs commencing from october,2016.

(xv.) The interest on above term loans from banks and corporate bodies are linked to the respective banks/ institutions base rates which are floating in nature. Interest rates during the year varied from 14.50% to 22.00% per annum.

d. Deposits

(xvi.) Deposits from shareholder and public carry interest rate from 12% to 12.50% and are repayable in accordance with Scheme approved by Company Law Board.

(xvii.) Loan from Corporate Bodies- unsecured Loans

The outstanding balance of Rs 2536.20 lacs (previous year Rs 4200), is unsecured loan and the same is repayable in 5 quarterly installments ranging from Rs 461.04 lacs to Rs 558 lacs starting from May 15, 2016.

The outstanding balance of Rs 9544.43 lacs (previous year Rs nil), is unsecured loan and the same is repayable in 13 quarterly installments ranging from Rs 20 Lacs to Rs 1054.52 lacs starting from December, 2016.

a. The outstanding balance of Rs.1984.07 lacs as on March 31,2016 (Previous year Rs. 3779.16 lacs), out of sanctioned limit of Rs.6,735 lacs is secured by way of first mortgage / charge on the immovable property located at Palam Vihar, Sonepat, Panipat and Revolving Restaurant-Antriksh Bhawan of the company and one individual property. In addition, secured by exclusive charge on Project assets and receivables and by Personal Guarantees of two Promoter Directors.

b. The outstanding balance of Rs.1579.67 lacs as on March 31,2016 (Previous year Rs. 1,570.16 lacs), out of sanctioned loan of Rs. 1,550 lacs is secured by way of first mortgage / charge on the immovable property located at Sonepat of the company. In addition, secured by exclusive charge on Project assets and receivables of the company and by Personal Guarantees of two Promoter Directors.

Loan from Corporate Bodies- unsecured Loans

c. The outstanding balance of Rs 638 lacs (Previous Year Rs Nil), is payable within one year. The interest rate on these loans varied from 19% to 21%.

d. The Interest on above loans from banks are linked to the respective Banks base rates which are floating in nature. Interest rates during the year varied from 15.00% to 16.60% per annum.

* Interest on certain claims may be payable as and when the outcome of the related claims is finally determined and has not been included in above.

** Out of this amount, sum of Rs.468.12 lacs (previous year Rs. 43.65 lacs)has already been deposited.

Notes:

i. The management is of the view that in majority of the cases, claims will be successfully resisted or settled out of court on payment of nominal compensation.

ii. As regards income tax demands of Rs. 7,810.46l acs (previous year Rs. 5,552.54 lacs) disputed by the Company are concerned, similar demands have been set aside by the Appellate Authorities in most of the cases in the past. Further company has deposited advance tax net of provision of income tax to the tune of Rs. 2,207.49 lacs(previous year Rs 2,196.70 lacs) against such demand.

iii. In respect of block assessment for the year 1st April, 1989 to 12th February, 2000, wherein cross appeals have been filed by the Company and the Tax department, Income Tax Appellate Tribunal (ITAT) has given full relief to the Company and rejected the department''s grounds of appeal and tax claim of Rs.4,409 lacs. The tax department has gone for further reference to the High Court. The Company, based on an arbitration award, had accounted for income of Rs. 4,200 lacs in the year 2002-03 and paid/provided income tax accordingly. The contingent liability not provided in the accounts in respect of block assessments is estimated at Rs. 1,884 lacs. The Company has been legally advised that it has a good case to succeed in the High Court.

1. During the period under review the Company has not claimed any exemption under section 80IA of the Income Tax Act 1961. Exemption amounting to Rs 3,448 Lacs has been claimed up to the year ended March 31,2011 under section 80IA of the income Tax Act, 1961 (“the Act”) being tax profit arising out of sale of Industrial park units, pending the notification of the same by Central Board of Direct Tax ( Competent Authority). The Competent Authority has not passed notification under section 80IA (4)(iii) of the Act and , hence , rejected the application as filled by the company, against which Review petition has been filed by the company before the Competent Authority. The company has taken the opinion that the Review petition as filed satisfies all the condition specified under Industrial Park scheme ,2008 being replaced under Industrial Park (Amendment) scheme, 2010, hence , eligible for notification under section 80IA (4)(iii) of the Act.

2. The Company is carrying project inventory of Rs.18,192 lacs (previous year Rs.16374 lacs) for Group Housing Project in Greater Noida. The Greater Noida Industrial Development Authority (GNIDA), keeping in view the market conditions, announced a Scheme whereby the developers have an option to accept project on a smaller piece of land equivalent to the amount paid and surrender balance project land subject to certain conditions. Pursuant to this Scheme, a Surrender Deed for the balance project land has been executed with GNIDA. The management is of the view that there is no impairment in the value of land/ project

3. Generally the Company is regular in repayments of dues to banks and financial institutions. However there were few delays during the year which have been made good.

Following delays exist as on March 31, 2016:

It has also taken houses on cancelable leases for its employees and for office use. The rent paid during the year and charged to the Statement of Profit & Loss for such leases is Rs. 429.59.45 lacs (previous year Rs. 423.62 lacs).

Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the management. This has been relied upon by the auditors

4. Gratuity and Leave Encashment

Gratuity (being partly administered by a Trust) is computed as 15 days salary, for every completed year of service or part thereof and is payable on retirement/termination/resignation. The Gratuity plan for the company is a defined benefit scheme where annual contributions as per actuarial valuation are charged to the Statement of profit & loss.

The Provident Fund is a defined contribution scheme whereby the company deposits an amount determined as a fixed percentage of basic pay with the Regional Provident Fund Commissioner

The Company also has a leave encashment scheme with defined benefits for its employees. The Company makes provision for such liability in the books of accounts on the basis of year end actuarial valuation. No fund has been created for this scheme.

For summarizing the components of net benefit expense recognized in the statement of profit and loss and the funded status and amounts recognized in the balance sheet for the respective plans, the details are as under:

b. Cost of construction includes sales cancelled/surrenders of Rs. 432.21lacs (previous year Rs. 2071.46 lacs) related to sale made in the earlier years. The cost of sales amounting to Rs.270.5 lacs (previous year Rs. 1049.92 lacs) has been included in the closing stock. The net impact is loss of Rs. 161.71lacs (previous year Rs. 1021.53 lacs) charged to the Statement of profit and loss.

5. Segment Reporting

a. Having regard to integrated nature of real estate development business of the Company, there is only one reportable primary segment ''Real Estate Development'' in view of which the disclosure requirement of “Segment Reporting” pursuant to Accounting Standard (AS-17) is not applicable.

b. The Company''s windmill power project, in terms of revenue and assets employed, is not a reportable segment as per the Accounting Standard (AS-17) on Segment Reporting.

Note:

Advances given to Subsidiary and Joint Venture Companies for purchase of land and other purposes are not considered as advances in the nature of loans and have not been considered for the disclosure.

6. a) In the opinion of the Management there is no reduction in the value of any assets, hence no provisions is required in terms of Accounting Standard AS 28 “Impairment of Assets”.

b) With a view to monetize its non-core assets, the Company entered into an agreement to dispose off its Wind business on slump sale basis at a total sale consideration of Rs. 3294 Lacs in March 2015. The Agreement envisaged compliance of certain pre-conditions by the Company. As most of these conditions have been complied with during the quarter ended June 30, 2015, therefore, sale of Windmill business has been recognized in accounts in the said quarter. Consequently, the difference between the carrying book value of net assets in Wind business and the net realizable value, resulting into deficit of Rs. 1532 lacs was recognized under Exceptional Items in the previous year

7. There are no present obligations requiring provisions in accordance with the guiding principles as enunciated in Accounting Standard (AS)-29 ''Provisions, Contingent Liabilities & Contingent Assets.

8. The company has received Company Law Board Order dated 28th April 2016 for repayment of fixed deposits including both, overdue aggregating Rs. 30 crore over the next four month starting May, 2016 and current maturities. The company is taking effective steps to comply in this regards.

9. During the year, the Company had transferred Infrastructure Assets in one of the integrated Hi-Tech Township projects in Uttar Pradesh, to a wholly owned Infra Subsidiary Company on the basis of fair valuation by a certified valuer. Resultant gain of Rs. 2,404 lacs on transfer of such Infrastructure Assets, being the difference between the transfer value and book value has been recognized as revenue from operations.

10. There are no hedged or unhedged foreign currency exposures as at March 31, 2016(previous year Rs. NIL)

11. During the year, the Company has incurred an amount of Rs.385 lacs (Previous Year 300 lacs) lacs towards Corporate Social Responsibility expenditure.

12. The Company is engaged in the business of real estate development, which has been classified as infrastructural facilities as per Schedule VI to the Companies Act, 2013. Accordingly, provisions of section 186 of the Companies Act, 2013 are not applicable to the company and hence no disclosure under that section is required.

13. Previous year figures have been regrouped / rearranged wherever considered necessary, to make them comparable with current year’s figures

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Mar 31, 2015

1. i) The Company had consistently followed accounting policy of not considering borrowing costs likely to be incurred in future in general for determining the project revenues, project cost to be charged off, project inventory and debtors till March 31, 2013. However, in the previous year, the company had changed its accounting policy and considered borrowing costs likely to be incurred in future for determining project revenue, project cost, project inventory & debtors.

In compliance with the Accounting Standard (AS-5) notified by Companies (Accounting Standard) Rules, 2006 (as amended), project revenues & project cost to be charged off relating to ongoing projects at that time was recomputed from the date of commencement of those projects. Consequent to this, there was reduction in project revenue by Rs. 2952.77 lacs and increase in project cost by Rs 21.12 lacs. Profit for the previous year was lower by Rs 2,973.89 lacs due to this change.

ii) Policies had been consistently followed in the past in the preparation of accounts duly audited and accepted in respect of (a) project specific advertisement costs, (b) administration and payroll expenses incurred for marketing staff, (c) brokerage paid to dealers, (d) interest paid to customers on refund of customer advances on delayed project. The Company had switched over to new accounting policies in respect of each of these items by charging them off to Statement of Profit & Loss, as against earlier policy of considering them as part of project cost effective from April 01, 2009. Such amount incurred upto March 31, 2009 and included as part of project inventory could not be ascertained earlier due to practical difficulties. Therefore, it was carried forward as such in the financial statements upto the year ended March 31, 2013.

Having identified these items of expenditure incurred upto March 31,2009, project revenues and project costs was recomputed in previous year and the overall impact thereof upto March 31,2013 of Rs. 3,852.71 lacs was charged off to statement of profit & loss with a matching amount withdrawn from general reserve being adjustment relating to earlier years. Such adjustment relating to the previous financial year remained changed/credited to respective heads in Statement of profit & loss.

2. The company has claimed exemption of Rs. 3447.91 lacs upto March 31, 2015 under section 80 IA of the Income Tax Act, 1961 being tax profits arising out of sale of Industrial Park units, pending the notification of the same by Central Board of Direct Taxes (Competent Authority). The Competent Authority rejected the initial application against which the Company has fled review petition. The Company has taken opinion from a senior counsel that its review petition satisfies all the conditions specified in the said Scheme of Industrial Park under Industrial Park Scheme,2008 being replaced under Industrial Park (Amendment) Scheme, 2010, hence, eligible for notification under 80 IA (4) (iii) of the Act. No exemption is claimed during the current year as there are no sales of industrial park units.

3. The Company is carrying project inventory of Rs. 16,374.00 lacs (previous year Rs. 16,733.00 lacs) for Group Housing Project in Greater Noida. Due to downward trend in the market, the Greater Noida Industrial Development Authority (GNIDA) announced a Scheme whereby the developers have option to accept project on a smaller piece of land equivalent to the amount paid and surrender balance project land subject to certain conditions. The Company had applied to the Authority for developing the project on the basis of revised scheme announced by the Authority for which approval has been received envisaging developing the project on a smaller piece of land equivalent to the amount paid and surrender balance project land subject to certain conditions. Pending final decision of the Authority in the matter, the management is of the view that there is no impairment in the value of the land/ project.

4. Generally the Company is regular in repayments of dues to banks and financial institutions. However there were few delays during the year which have been made good.

5. Gratuity and Leave Encashment

Gratuity (being partly administered by a Trust) is computed as 15 days salary, for every completed year of service or part thereof and is payable on retirement/termination/resignation. The Gratuity plan for the Company is a defend benefit scheme where annual contributions as per actuarial valuation are charged to the Statement of Profit & Loss.

The Provident Fund is a defend contribution scheme whereby the Company deposits an amount determined as a fixed percentage of basic pay with the Regional Provident Fund Commissioner.

The Company also has a leave encashment scheme with defend benefits for its employees. The Company makes provision for such liability in the books of accounts on the basis of year end actuarial valuation. No fund has been created for this scheme.

For summarizing the components of net benefit expense recognized in the Statement of Profit and Loss and the funded status and amounts recognized in the Balance Sheet for the respective plans, the details are as under:

6. Prior Period Income/ Expenses

a. Prior Period incomes / expenses to the extent accounted for in the Statement of Profit & Loss are given below:

b. Cost of construction includes sales cancelled/surrenders of Rs. 2,071.46 lacs (previous year Rs. 803.62 lacs) related to sale made in the earlier years. The cost of sales amounting to Rs. 1,049.92 lacs (previous year Rs. 591.12 lacs) has been included in the closing stock. The net impact is loss of Rs. 1,021.53 lacs (previous year Rs. 212.50 lacs) charged to the Statement of Profit and Loss.

7. Segment Reporting

a. Having regard to integrated nature of real estate development business of the Company, there is only one reportable primary segment 'Real Estate Development' in view of which the disclosure requirement of "Segment Reporting" pursuant to Accounting Standard (AS-17) is not applicable.

b. The Company's windmill power project, in terms of revenue and assets employed, is not a reportable segment as per the Accounting Standard (AS-17) on Segment Reporting.

8. a) In the opinion of the Management there is no reduction in the value of any assets, hence no provisions is required in terms of Accounting Standard AS 28 "Impairment of Assets".

b) With a view to monetize its non-core assets, the company entered into an agreement to dispose off its wind business on slump sale basis at a total sales consideration of Rs. 3294 Lacs. The agreement envisages compliance of certain pre-conditions by the Company. Pending the fulfllment of these conditions, the assets sale has not been recognized in accounts. However, since carrying book value of net assets in wind business is higher than the net realizable value, there is possible impairment in the value of wind business of Rs. 1500 Lacs which has also not been recognized in view of continuing uncertainty. In case this transaction does not materialize in near future, the wind business will be reinstated in the books as a cash generating unit.

9. There are no present obligations requiring provisions in accordance with the guiding principles as enunciated in Accounting Standard (AS)-29 'Provisions, Contingent Liabilities & Contingent Assets.

10. There are no hedged or unheeded foreign currency exposures as at March 31, 2015 (previous year Rs. NIL)

11. During the year, pursuant to the provisions of the Companies Act, 2013 and requirements of notification G.S.R. 627 (E) dated August 29,2014, the company has reviewed and reassessed the estimated useful lives and residual value of its fixed assets and adopted useful lives of the assets as per Schedule II to the Companies Act,2013. Accordingly, the unamortized carrying value is being depreciated over the revised remaining useful lives. Consequently, the depreciation charge for the year ended March 31, 2015 is higher by Rs. 179.15 lacs. Depreciation of Rs. 77.09 lacs (net of deferred tax of Rs. 26.20 lacs) has been charged to the opening retained earnings, in accordance with the transitional provision to schedule II of the Companies Act, 2013

12. A. During the year, the Company has incurred an amount of Rs.300 lacs towards Corporate Social Responsibility expenditure.

B. Disclosure required under section 186(4) of the Companies Act, 2013

13. Previous year figures have been regrouped / rearranged wherever considered necessary, to make them comparable with current year's figures.

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Mar 31, 2014

1. Contingent Liabilities: (Rs. in lacs)

SL Particulars 2013-14 2012-13

(i) Claims by customers/ex-employees for interest, 3,510.64 1,470.05 damages etc.(to the extent quantified)$ (See foot note i)

(ii) Income Tax demand disputed by the Company. (See foot note ii & iii)

a) On completion of regular assessment 4,974.54 3,225.26

b) On completion of block assessment 1,884.00 1,884.00

(iii) Guarantees given by the Company to Banks/ Financial Institutions/ 38,200.01 42,951.87

Others for loans taken by other Group Companies.

(iv) Service Tax/Sales Tax Demand disputed by the Company. (See foot note iv) 1,208.46 1,207.59

* Out of this amount, sum of Rs. 18.60 lacs (previous year Rs. 17.80 lacs) has already been deposited. $ Interest on certain claims may be payable as and when the outcome of the related claims finally determined and has not been included in above.

NOTES:

i. The management is of the view that in majority of the cases, claims will be successfully resisted or settled out of court on payment of nominal compensation.

ii. As regards income tax demands of Rs. 4,974.54 lacs (previous year Rs. 3,225.26 lacs) disputed by the Company are concerned, similar demands have been set aside by the Appellate Authorities in most of the cases in the past. Further company has deposited advance tax net of provision of income tax to the tune of Rs. 2,189.34 lacs (previous year Rs 1,228.28 lacs) against such demand.

iii. In respect of block assessment for the year 1st April, 1989 to 12th February, 2000, wherein cross appeals have been filed by the Company and the Tax department, Income Tax Appellate Tribunal (ITAT) has given full relief to the Company and rejected the department''s grounds of appeal and tax claim of Rs.4,409 lacs. The tax department has gone for further reference to the High Court. The Company, based on an arbitration award, had accounted for income of Rs. 4,200 lacs in the year 2002-03 and paid/provided income tax accordingly. The contingent liability not provided in the accounts in respect of block assessments is estimated at Rs. 1,884 lacs. The Company has been legally advised that it has a good case to succeed in the High Court.

iv. Though the assessment under Haryana Value Added Tax Act have been finalized upto financial year 2010-11, but after decision of Hon''ble Supreme Court in case of L & T, assessing authority have given notice for revision and re-assessment for financial year 2007-08,2008-09,2010-11. The revision notice for 2007-08 given by the assessing authority has been challenged in the Hon''ble High Court of Punjab & Haryana at Chandigarh and the Hon''ble Court has granted stay for finalizing re-assessment till the further hearing of the case.

3. The Company had consistently followed accounting policy of not considering borrowing costs likely to be incurred in future in general for determining the project revenues, project cost to be charged off, project inventory and debt- ors till March 31, 2013. However, during the current financial year, the company has changed its accounting policy & considered borrowing costs likely to be incurred in future for determining project revenue, project cost, project inventory & debtors.

In compliance with the Accounting Standard (AS-5) notified by Companies (Accounting Standard) Rule, 2006 (as amended), project revenues & project cost to be charged off relating to current projects has been recomputed from the date of commencement of the projects. Consequent to this, there is reduction in project revenue by Rs. 2952.77 lacs and increase in project cost by Rs 21.12 lacs. Profit for the year is lower by Rs 2973.89 lacs due to this change.

4. Policies have been consistently followed in the past in the preparation of accounts duly audited and accepted in respect of (a) project specific advertisement costs, (b) administration and payroll expenses incurred for marketing staff, (c) brokerage paid to dealers, (d) interest paid to customers on refund of customer advances on delayed project. The Company has switched over to new accounting policies in respect of each of these items by charging them off to Statement of Profit & Loss, as against earlier policy of considering them as part of project cost. The new accounting policies were adopted effective from April 01, 2009. Such amount incurred upto March 31, 2009 and included as part of project inventory could not be ascertained due to practical difficulties. Therefore, it was carried forward as such in the financial statements upto the year ended March 31, 2013.

Having identified these items of expenditure incurred upto March 31,2009, project revenues and project costs have been recomputed and the overall impact thereof upto March 31,2013 of Rs. 3,852.71 lacs has been charged off to statement of profit & loss with a matching amount withdrawn from general reserve being adjustment relating to earlier years.

5. The company has claimed exemption of Rs. 3447.91 lacs upto March 31, 2013 under section 80 lAofthe Income Tax Act, 1961 being tax profits arising out of sale of Industrial Park units, pending the notification of the same by Central Board of Direct Taxes (Competent Authority). The Competent Authority rejected the initial application against which the Company has filed review petition. The Company has taken opinion from a senior counsel that its review petition satisfies all the conditions specified in the said Scheme of Industrial Park under Industrial Park Scheme,2008 being replaced under Industrial Park (Amendment) Scheme, 2010, hence, eligible for notification under 80 IA (4) (iii) of the Act. No exemption is claimed during the current year as there are no sales of industrial park units.

6. The Company is carrying project inventory of Rs. 16,733.00 lacs (previous year Rs. 18,718.98 lacs) for Group Housing Project in Greater Noida. Due to downward trend in the market, the Greater Noida Industrial Development Authority (GNIDA) announced a Scheme whereby the developers have option to accept project on a smaller piece of land equivalent to the amount paid and surrender balance project land subject to certain conditions. The Compa- ny had applied to the Authority for developing the project on the basis of revised scheme announced by the Authority for which approval has been received envisaging developing the project on a smaller piece of land equivalent to the amount paid and surrender balance project land subject to certain conditions. Pending final decision of the Authority in the matter, the management is of the view that there is no impairment in the value of the land/ project.

7. Generally the Company is regular in repayments of dues to banks and financial institutions. However there were few delays during the year which have been made good.

Following delays exist as on March 31, 2014:

8. Gratuity and Leave Encashment

Gratuity (being partly administered by a Trust) is computed as 15 days salary, for every completed year of service or part thereof and is payable on retirement/termination/resignation. The Gratuity plan for the Company is a defined benefit scheme where annual contributions as per actuarial valuation are charged to the Statement of Profit & Loss.

The Provident Fund is a defined contribution scheme whereby the Company deposits an amount determined as a fixed percentage of basic pay with the Regional Provident Fund Commissioner.

The Company also has a leave encashment scheme with defined benefits for its employees. The Company makes provision for such liability in the books of accounts on the basis of year end actuarial valuation. No fund has been created for this scheme.

For summarizing the components of net benefit expense recognized in the Statement of Profit and Loss and the funded status and amounts recognized in the Balance Sheet for the respective plans, the details are as under:

The expenses and incomes comprise of various items of operational expenses and incomes mainly travelling, legal & professional and others arising and recognized during the year owing to errors/omissions in the prepara- tion of financial statements of earlier years for these items.

b. Cost of construction includes sales cancelled/surrenders of Rs. 803.62 lacs (previous year Rs. 4,038.40 lacs) related to sale made in the earlier years. The cost of sales amounting to Rs. 591.12 lacs (previous year Rs. 1,761.58 lacs) has been included in the closing stock. The net impact is loss of Rs. 212.50 lacs (previous year Rs. 2,276.82 lacs) charged to the Statement of Profit and Loss.

9. Segment Reporting

a. Having regard to integrated nature of real estate development business of the Company, there is only one reportable primary segment ''Real Estate Development'' in view of which the disclosure requirement of "Segment Reporting" pursuant to Accounting Standard (AS-17) is not applicable.

b. The Company''s windmill power project, in terms of revenue and assets employed, is not a reportable segment as per the Accounting Standard (AS-17) on Segment Reporting.

10. Earnings Per Share

Basic as well as diluted earnings per share calculated in accordance with the requirements of Accounting Standard 20- "Earnings Per Share" are given here under:-

Note:

Advances given to Subsidiary and Joint Venture Companies for purchase of land and other purposes are not considered advances in the nature of loans and have not been considered for the disclosure.

iv. Associates

The following are the enterprises where common control exists:-

1 Amba Bhawani Properties Private Limited

2 Ansal ColonisersS Developers Private Limited

3 Ansal Housing & Estates Private Limited

4 Ambience Hospitality Private Limited

5 Ansal Infrastructure Projects Limited

6 Ansal Projects & Developers Limited

7 Apna Ghar Properties Private Limited

8 Badrinath Properties Private Limited

9 Bajrang Realtors Private Limited

10 Chamunda Properties Private Limited

11 Chandi Properties Private Limited

12 Chiranjiv Investments Private Limited

13 Kalka Properties Private Limited

14 Naurang Investment & Financial Services Private Limited

15 New Line Properties & Consultants Private Limited

16 Plaza Software Private Limited

17 Prime Golf Ranking Private Limited

18 Prime Maxi Promotion Services Private Limited (Formerly Prime Maxi Mall Management Private Limited)

19 Sampark Hotels Private Limited

20 Satrunjaya Darshan Construction Co. Private Limited

21 Singa Real Estates Limited

22 Delhi Towers & Estates Private Limited

23 Sithir Housing & Constructions Private Limited

24 Ansal Retail Properties Private Limited*

25 Zameer Realtors Private Limited*

26 Ansal Infrastructure Developers Limited*

27 Ansal Township Developers Limited*

28 Augustan Infrastructure Private Limited*

29 Chakradhari Properties Private Limited**

30 Durga Buildtech Private Limited*

31 Gauri Realtors Private Limited*

32 Girija Shankar Properties Private Limited*

33 Katra Buildtech Private Limited*

34 Katra Real Estates Private Limited*

35 Katra Realtors Private Limited*

36 Pragati Techno Build Private Limited*

37 Satnam Buildtech Private Limited*

38 Ubiquity Realtors Private Limited*

39 Vishnu Real Estates Private Limited*

40 Yamnotri Properties Private Limited*

41 Eternity Real Estates Private Limited*

42 Star Estates Management Limited*

43 Pervasive Properties Private Limited*

44 Sarvatra Realtors Private Limited*

45 Sopanam Realtors Private Limited*

46 Sputnik Realtors Private Limited*

47 Sarvottam Realtors Private Limited*

48 Ansal Multiproducts (SEZ) Limited*

49 API India Realty Private Limited*

50 Ansal - Urban Infrastructure Developers Limited*

51 Arunodaya Infraprojects Private Limited*

52 Banyan Infratech Private Limited*

53 Braja Dham Constructions Private Limited*

54 Blessing Real Estates Private Limited*

55 Blossom Townships Private Limited*

56 Canyon Realtors Private Limited*

57 Darwin Realtors Limited*

58 Colorado Properties Private Limited*

59 Galaxy Infracon Limited*

60 Indigo Infratech Private Limited*

61 Ishatvam Developers Private Limited*

62 Jupiter Township Limited*

63 Lord Krishna Infraprojects Limited*

64 Magus Realtech Private Limited*

65 Ecobase Land Developers Private Limited*

66 Mercury Infratech Private Limited*

67 Niagara Realtors Private Limited*

68 Parisar Realtors Private Limited*

69 Saubhagya Real Estates Private Limited*

70 Sanraj Associates Private Limited*

71 Sushant Realtors Private Limited*

72 Ansal API Power Limited*

73 Ansal Urban Township Developers Private Limited*

74 Ansal API Affordable Homes Limited*

75 Caliber Properties Private Limited*

76 Ansal API Logistics Limited*

77 Utsav Hospitality & Clubs Private Limited

78 Knowledge Tree Infrastructure Limited

79 Orchid Realtech Private Limited

80 Sushil Ansal Foundation

81 Kusumanjali Foundation

82 Westbury Hotels Private Limited

83 Dharti Realtors Private Limited*

84 Icon Buildcon Private Limited*

85 Bhagirathi Realtors Private Limited*

86 Prithvi Buildtech Private Limited*

87 Rudraprayag Realtors Private Limited*

88 Vasundhra Realtors Private Limited*

89 Sky Scraper Infraprojects Private Limited

90 Alaknanda Realtors Private Limited*

91 Abhilasha Buildcon Private Limited*

92 Decorous Realtors Private Limited*

93 SFML HI Tech Facilities Management Private Limited

94 Upasana Buildtech Private Limited*

95 Bhumika Infracon Private Limited*

96 High Rise Buildtech Private Limited*

97 Pertinent Realtors Private Limited

98 Accurex Properties Private Limited*

99 G S Fincap Private Limited*

100 Capital Club Private Limited

101 Lotus Infratech Private Limited*

102 JMV Ecoteck Developers Limited*

103 Kabini Real Estates Private Limited*

104 Saraswati Buildwell Private Limited*

105 Kedarnath Infratech Private Limited*

106 Bedrock Realtors Private Limited*

1D7 f.hiraniiv f.haritahlp Trust

v. Associates in which there is "Significant Influence

1 Aesthete Realtors Private Limited*

2 Ansal Theatres & Clubhotels Private Limited

3 Discreet Realtors Private Limited*

4 Ansal Urban Condominium Private Limited

5 Rainbow Infratech Private Limited*

6 Chandra Maulishwar Properties Private Limited*

7 Vakrtunda Realtors Private Limited*

8 Efficacious Realtors Private Limited*

9 Aptitude Real Estates Private Limited*

10 Manikaran Realtors Private Limited*

11 Ecoland Developers Private Limited*

12 Scenic Real Estates Private Limited*

13 Heritage Infratech Private Limited*

14 AnsalAPI Affordable Homes Limited

15 Ansal API Power Limited

16 Star Estates Management Limited

---

Mar 31, 2013

1. Contingent Liabilities:

(Rs. in lacs)

S. Particulars 2012-13 2011-12 No.

(i) Claims by customers/ ex-employees for interest, 1,470.05 1,849.86 damages etc.(to the extent quantified) (See foot note i)

(ii) Income Tax demand disputed by the Company. (See foot note ii &

iii) a) On completion of regular assessment 3,225.26 948.12

b) On completion of block assessment 1,884.00 1,884.00

(iii) Guarantees given by the Company to Banks/Financial Institutions/ Others for loans taken by other Group Companies. 42,951.87 33,239.82

(iv) Service Tax / Sales Tax Demand disputed by the Company. 1,207.59* 822.61

*Out of this amount, sum of Rs. 17.80 lacs (previous year Rs. 15.30 lacs)has already been deposited.

NOTES:

i. The management is of the opinion that in majority of the cases, claims will be successfully resisted or settled out of court on payment of nominal compensation.

ii. As regards income tax demands of Rs. 3,225.26 lacs (previous year Rs. 948.12 lacs) disputed by the Company are concerned, similar demands have been set aside by the Appellate Authorities in most of the cases in the past. Further company has deposited advance tax net of provision of income tax to the tune of Rs. 1,228.28 lacs against such demand.

iii. In respect of block assessment for the year 1st April, 1989 to 12th February, 2000, wherein cross appeals have been filed by the Company and the Tax department, Income Tax Appellate Tribunal (ITAT) has given full relief to the Company and rejected the department''s grounds of appeal and tax claim of Rs.4,409 lacs. The tax department has gone for further reference to the High Court. The Company, based on an arbitration award, had accounted for income of Rs. 4,200 lacs in the year 2002-03 and paid/provided income tax accordingly. The contingent liability not provided in the accounts in respect of block assessments is estimated at Rs. 1,884 lacs. The Company has been legally advised that it has a good case to succeed in the High Court.

2. With regard to accounting for borrowing costs likely to be incurred in future, the Company is following the same accounting policy as consistently followed in the past, since having regard to the uncertainty of means of financing the project and the relevant cash flow in future, it is not possible to arrive at a precise estimate of the borrowing costs likely to be incurred in future in relation to each specific project.

3. Policies have been consistently followed in the past in the preparation of accounts duly audited and accepted in respect of (a) project specific advertisement costs, (b) administration and payroll expenses incurred for marketing staff, (c) brokerage paid to dealers, (d) interest paid to customers on refund of customer advances on delayed project. The Company has switched over to new accounting policies in respect of each of these items by charging off to Statement of Profit &Loss, as against hitherto, policy of considering them as part of project cost. The new accounting policies have been adopted w.e.f. April 01, 2009. Such amount incurred upto March 31, 2009 and included as part of project inventory cannot be ascertained due to practical difficulties.

4. The Company has claimed exemption of Rs. 3,447.91 lacs upto March 31, 2013(previous year Rs. 3,447.91 lacs) under section 80 IA of the Income Tax Act, 1961 being tax profits arising out of sale of Industrial Park units, pending the notification of the same by Central Board of Direct Taxes (CBDT) based on the opinion from a senior counsel that its application satisfies all the conditions specified in the said Scheme of Industrial Park. However, no exemption is claimed during the current year as there are no sales of industrial park units during the year.

5. The Company is carrying project inventory of Rs. 18718.98 lacs (previous year Rs. 16,833.04 lacs) for Group Housing Project in Greater Noida. Due to downward trend in the market, the Greater Noida Industrial Development Authority (GNIDA) announced a Scheme whereby the developers have option to accept project on a smaller piece of land equivalent to the amount paid and surrender balance project land subject to certain conditions. The Company had applied to the Authority for developing the project on the basis of revised scheme announced by the authority for which approval has been received envisaging developing the project on a smaller piece of land equivalent to the amount paid and surrender balance project land subject to certain conditions. Pending final decision of the authority in the matter, the management is of the view that there is no impairment in the value of the land/ project.

6. Generally the Company is regular in repayments of dues to banks and financial institutions. However there were few delays during the year which have been made good.

7. Gratuity and Leave Encashment

Gratuity (being partly administered by a Trust) is computed as 15 days salary, for every completed year of service or part thereof and is payable on retirement/termination/resignation. The Gratuity plan for the Company is a defined benefit scheme where annual contributions as per actuarial valuation are charged to the Statement of Profit & Loss.

The Provident Fund is a defined contribution scheme whereby the Company deposits an amount determined as a fixed percentage of basic pay with the Regional Provident Fund Commissioner.

The Company also has a leave encashment scheme with defined benefits for its employees. The Company makes provision for such liability in the books of accounts on the basis of year end actuarial valuation. No fund has been created for this scheme.

For summarizing the components of net benefit expense recognized in the Statement of Profit and Loss and the funded status and amounts recognized in the Balance Sheet for the respective plans, the details are as under:

8. Segment Reporting

a. Having regard to integrated nature of real estate development business of the Company, there is only one reportable primary segment ''Real Estate Development'' in view of which the disclosure requirement of "Segment Reporting" pursuant to Accounting Standard (AS-17) is not applicable.

b. The Company''s windmill power project, in terms of revenue and assets employed, is not a reportable segment as per the Accounting Standard (AS-17) on Segment Reporting.

---

Mar 31, 2012

A. Terms/rights attached to Equity Shares

The Company has only one class of Equity Shares having a par value of Rs.5/- 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. In the event of liquidation of the company, the holders of Equity Shares will be entitled to receive remaining assets of the company , after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the Shareholders.

b. Aggregate number of bonus shares issued, during the period of five years immediately preceeding the reporting period i.e. March 31,2012 1,50,07,125 Lacs Equity Shares of Rs.10/- each and 5,67,50,550 Lacs Equity Shares of Rs.5/-each have been issued as Bonus Shares by capitalization of Share Premium/General Reserves during the financial year 2005-06 and 2007-08 respectively.

Nature of Security and Terms of Repayment for Secured Borrowings

a. Debentures

(i) 2,073,770 Debentures of face value of Rs.100 with the issue price of Rs.305 per debenture aggregating to Rs.6,325 lacs carrying a coupon rate of 16.50% p.a, issued to HDFC Venture Trustee Company Limited on August 26,2008, were due for redemption on February 27,2010. The redemption was subsequently extended upto October 31,2010 and upto May 31,2012. Out oftotal value of Debentures amounting to Rs.6,325 lacs, the Company has repaid Rs.4893 Lacs. Out of balance outstanding Debentures of Rs.1,432.30 Lacs (Previous year Rs. 1825 Lacs), Rs.819.66lacs (Previous year Rs. 819.66 lacs) have been classified as secured against the security of flats belonging to the Company.

(ii) 10,000,000 debentures of Rs.100 each aggregating to Rs.100 crores carrying coupon rate of 11.50% were issued to LIC Mutual Fund on February 14,2008. These were restructured to be redeemed in 18 monthly instalments as per redemption schedule therein starting from February 25,2009 with revised coupon rate of 13% p.a. and further in 8 monthly installments as per redemption schedule therein starting from August 18,2011 with revised coupon rate of 17% p.a. The Debentures are secured by legal mortgage of property in Gujarat and equitable mortgage by deposit of title deeds of land at Lucknow owned by the Company. The outstanding balance due for payment as on March 31,2012 was Rs.819.23 lacs (Previous year Rs. 8,400 lacs) which has been paid subsequently.

b. Term Loans

(i) The outstanding balance of Rs.222.88 lacs as on March 31,2012 (Previous year Rs. 374.25 lacs), from banks/corporate bodies against Vehicle I Equipment loans are secured by hypothecation of vehicles and equipments. The outstanding balance as on March 31,2012 is repayable in 31 monthly installments ranging from Rs. 0.29 lacs to Rs. 2.18 lacs.

(ii) The outstanding balance of Rs.715.22 lacs as on March 31,2012 (Previous year Rs. 5,096.22 lacs), out of sanctioned loan ofRs.6,600 lacs is secured byway of first mortgage I charge on the immovable property located at Jaipur, Jodhpur and Ajmer. In addition, secured by exclusive charge on Project assets and receivables and by Personal Guarantee of two Promoter Directors.

(iii) The outstanding balance of Rs. 1,200 lacs as on March 31,2012 (Previous year Rs. 10,000 lacs), out of sanctioned loan of Rs. 12,500 lacs is secured by way of first mortgage I charge on the immovable property located at Panipat, Sonepat, Bijwasan and Jaipur. In addition, secured by exclusive charge on Project assets and receivables and by Personal Guarantees of two Promoter Directors.

(iv) The outstanding balance of Rs. 30,403.07 lacs as on March 31, 2012 (Previous year Rs. 30,018.93 lacs), out of sanctioned loan ofRs. 56,451.60 lacs is secured byway of first mortgage / charge on the immovable property located at Lucknow, Ansal Plaza (Khel Gaon New Delhi, Gurgaon and Greater Noida), Greater Noida, Sonepat, Palam Vihar, Sushant Lok, Badshahpur (Gurgaon). In addition, secured by exclusive charge on Project assets and receivables and by Personal Guarantee of two Promoter Directors. The outstanding balance as on March 31, 2012 is repayable in 108 monthly/quarterly installments ranging from Rs. 2.86 lacs to Rs.1,917 lacs.

(v) The outstanding balance of Rs. 9,278.39 lacs as on March 31, 2012 (Previous year Rs. 13,000 lacs), out of sanctioned loan of Rs. 13,000 lacs is secured by way of first mortgage / charge on the immovable property located at Panipat, Lucknow and Dadri (Uttar Pradesh) and units of Ansal Bhawan located at New Delhi. In addition, secured by exclusive charge on Project assets, receivables, Pledge of shares of the Company owned by Promoters and by Personal Guarantees of two Promoter Directors. The outstanding balance as on March 31, 2012 is repayable in 24 monthly installments ranging from Rs. 125 lacs to Rs. 466 lacs.

(vi) The outstanding balance of Rs. 6,925 lacs as on March 31,2012 (Previous year Rs. 1,000 lacs), out of sanctioned loan of Rs.7,500 lacs is secured by way of first mortgage / charge on the immovable property located at Lucknow. In addition, secured by exclusive charge on three Group Housing Projects assets and receivables and by Personal Guarantees of two Promoter Directors. The outstanding balance as on March 31, 2012 is repayable in 10 quarterly installments ofRs. 750 lacs each.

(vii) The outstanding balance of Rs. 3,400 lacs as on March 31,2012 (Previous year Rs. 3,775 lacs), out of sanctioned loan of Rs. 5,000 lacs is secured by way of exclusive charge on the machineries of Wind power Project located at Gujarat. In addition, secured by exclusive charge on project receivables and documents and by Personal Guarantees of two Promoter Directors. The outstanding balance as on March 31,2012 is repayable in 16 quarterly installments ranging from Rs. 150 lacs to Rs. 250 lacs.

(viii) The outstanding balance ofRs. 4,924.15 lacs as on March 31, 2012 (Previous year NIL), out of sanctioned loan ofRs. 5,000 lacs is secured byway of first mortgage / charge on the immovable property located at Kurukshetra and Mohali. In addition, secured by exclusive charge on Project assets and receivables and by Personal Guarantees of two Promoter Directors. The outstanding balance as on March 31,2012 is repayable in 11 quarterly installments ranging from Rs. 225 lacs to Rs. 850 lacs.

(ix) The outstanding balance of Rs. 2,500 lacs as on March 31,2012 (Previous year NIL), out of sanctioned loan of Rs. 2,500 lacs is secured by way of first mortgage / charge on the immovable property located at Yamuna Nagar and Mohali. In addition, secured by exclusive charge on Project assets and receivables and by Personal Guarantees of two Promoter Directors. The outstanding balance as on March 31,2012 is repayable in 11 quarterly installments ranging from Rs. 125 lacs to Rs. 300 lacs.

(x) The outstanding balance of Rs. 12,097.43 lacs as on March 31, 2012 (Previous year Rs. 16,310.87 lacs), out of sanctioned loan of Rs.17,500 lacs is secured byway of first mortgage / charge on the immovable property located at Agra, Sonepat and Mohali. In addition, secured by exclusive charge on Project assets and receivables and by Personal Guarantees of Promoter Director. The outstanding balance as on March 31,2012 is repayable in 21 monthly installments ranging from Rs. 550 lacs to Rs. 750 lacs.

(xi) The outstanding balance ofRs. 4,218.75 lacs as on March 31,2012 (Previous year Rs. 6,539.62 lacs), out of sanctioned loan of Rs.7,500 lacs is secured by way of first mortgage / charge on the immovable property located at Lucknow. In addition, secured by exclusive charge on Jaipur Phase-ll Project receivables and by Personal Guarantees of two Promoter Directors. The outstanding balance as on March 31, 2012 is repayable in 10 quarterly installments of Rs. 383.52 lacs each.

(xii) The outstanding balance of Rs.3,451.30 lacs as on March 31,2012 (Previous year Rs. 5,490 lacs), out of sanctioned loan of Rs. 6,000 lacs is secured by way of first mortgage / charge on the immovable property located at Sonepat. In addition, secured by exclusive charge on Project receivables and assets and by Personal Guarantees of two Promoter Directors. The outstanding balance as on March 31,2012 is repayable in 6 quarterly installments of Rs. 500 lacs each.

(xiii) The outstanding balance of Rs. 230 lacs as on March 31, 2012 (Previous year NIL), out of sanctioned loan of Rs.230 lacs is secured by lien over Fixed Deposits ofthe Company. The outstanding balance as on March 31,2012 is repayable in bullet payment of Rs.230 lacs.

(xiv) The outstanding balance of Rs. NIL (Previous year Rs. 4,500 lacs) as on March 31, 2012 , out of sanctioned loan of Rs.5,000lacs is secured by way of first mortgage / charge on the immovable property located at Kurukshetra and Mohali. In addition, secured by exclusive charge on Project assets and receivables and by Personal Guarantees of two Promoter Directors.

(xv) The outstanding balance of Rs. NIL as on March 31, 2012 (Previous year Rs. 684.49 lacs), out of sanctioned loan of Rs.2,500 lacs is secured by way of first mortgage / charge on the immovable property located at Shushant lok, Jodhpur project. In addition, secured by exclusive charge on Project assets and receivables and by Personal Guarantees of two Promoter Directors.

(xvi) The outstanding balance of Rs. NIL as on March 31,2012 (Previous year Rs. 1763.63 lacs), out of sanctioned loan of Rs.2,500 lacs is secured byway of first mortgage / charge on the immovable property located at Kurukshetra. In addition, secured by exclusive charge on Project assets and receivables and by Personal Guarantees of two Promoter Directors. The Interest on above term loans from banks and corporate bodies are linked to the respective Banks/ Institutions base rates which are floating in nature. Interest rates during the year varied from 8.16% to 18.00% per annum.

c. Deposits

Deposits from Shareholder and Public carry interest rate from 11.50% to 12.50% and are repayable in one year to three years.

1. Contingent Liabilities:

S. Particulars As at March 31,2012 As at March 31,2011 No. Rs. in lacs Rs. in lacs

(i) Claims by customers /ex-employees for interest, damages etc.(to the extent quantified) (See foot note i) 1,849.86 1,919.31

(ii) Claims by Local Authorities for Ground Rent* - 291.00

(iii) Income Tax demand disputed by the Company. (See foot note ii & iii)

a) On completion of regular assessment 948.12 815.83

b) On completion of block assessment 1,884.00 1,884.00

(iv) Guarantees given by the Company to Banks/Financial 33,239.82 23,308.74 Institutions/ Others for loans taken by other Group Companies.

(v) Service Tax/Sales Tax Demand disputed by the 822.61** 575.22 Company.

*Order passed in Company's favour & till date no fresh appeal has been filed by concerned authorities.

**Out of this amount, sum of Rs. 15.30 lacs has already been deposited.

NOTES:

i. The management is of the opinion that in majority of the cases, claims will be successfully resisted or settled out of court on payment of nominal compensation.

ii. As regards income tax demands of Rs. 948.12 lacs (Previous year Rs. 815.83 lacs) disputed by the Company are concerned, similar demands have been set aside by the Appellate Authorities in most of the cases in the past. Further company has deposited advance tax net of provision of income tax to the tune of Rs. 1,185.08 lacs against such demand.

iii. In respect of block assessment for the year 1st April, 1989 to 12th February, 2000, wherein cross appeals have been filed by the Company and the Tax department, Income Tax Appellate Tribunal (ITAT) has given full relief to the Company and rejected the department's grounds of appeal and tax claim of Rs. 4,409 lacs. The tax department has gone for further reference to the High Court. The Company, based on an arbitration award, had accounted for income of Rs. 4,200 lacs in the year 2002-03 and paid/provided income tax accordingly. The contingent liability not provided in the accounts in respect of block assessments is estimated at Rs. 1,884 lacs. The Company has been legally advised that it has a good case to succeed in the High Court.

2. With regard to accounting for borrowing costs likely to be incurred in future, the Company is following the same accounting policy as consistently followed in the past, since having regard to the uncertainty of means of financing the project and the relevant cash flow in future, it is not possible to arrive at a precise estimate of the borrowing costs likely to be incurred in future in relation to each specific project.

3. Policies have been consistently followed in the past in the preparation of accounts duly audited and accepted in respect of (a) project specific advertisement costs, (b) administration and payroll expenses incurred for marketing staff, (c) brokerage paid to dealers, (d) interest paid to customers on refund of customer advances on delayed project. The Company has switched over to new accounting policies in respect of each of these items by charging off to Statement of Profit & Loss, as against hitherto, policy of considering them as part of project cost. The new accounting policies have been adopted w.e.f. April 01, 2009. Such amount incurred upto March 31, 2009 and included as part of project inventory cannot be ascertained due to practical Difficulties.

4. The Company has claimed exemption of Rs. 3447.91 lacs upto March 31,2011 under section 80 lA of the Income Tax Act, 1961 being tax profits arising out of sale of Industrial Park units, pending the notification of the same by Central Board of Direct Taxes (CBDT) based on the opinion from a senior counsel that its application satisfies all the conditions specified in the said Scheme of Industrial Park. However, no exemption is claimed during the current year as there are no sales of industrial park units during the year.

5. In the earlier year, the company has raised an aggregate amount Rs. 30,195 lacs by way of issue & allotment of 85,50,000 Nos. of Equity shares of Rs. 51- each, fully paid up, to the five identified Resident investors on preferential issue basis for Rs. 7,054 lacs, And, 2,57,26,291 Nos. of Equity shares of Rs. 51- each, fully paid up to the QIB's under Qualified Institutions Placement for Rs. 23,141 lacs in terms of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. The said amount of Rs. 30,195 lacs received from them has been fully utilized for the Company's ongoing projects, repayment of Loan & Debentures investment, corporate expenses/ purchase of land, sanctioning cost and QIP expenses.

6. a. The Company has given advances to land owning companies/collaborators/others for purchase/aggregation of land for others to the tune of Rs. 13,706.88 lacs (previous year Rs.16,603.64 lacs). This includes Rs. 10,000 lacs (previous year Rs. 10,000 lacs) as security deposits, the recoverability / adjustment of which is dependent upon the future events such as launch of project(s) for which steps have been or are being taken by the Company. As regards the balance amount of Rs. 3,706.88 lacs (previous year Rs. 6,603.64 lacs), pending details of land purchased and financial position of these parties, these advances are given in respect of ongoing transactions with collaborators / other parties and are regarded as being in the normal course of business.

b. The Company is carrying project inventory of Rs. 16,833.04 lacs (Previous year Rs. 16,719.00 lacs) for Group Housing Project in Greater Noida. Due to downward trend in the market, the Greater Noida Industrial Development Authority (GNIDA) announced a Scheme whereby the developers have option to accept project on a smaller piece of land equivalent to the amount paid and surrender balance project land subject to some deductions. The company had applied to the Authority for developing the project on the basis of revised Scheme announced by the Authority for which approval has been received envisaging developing the project on a smaller piece of land equivalent to the amount paid and surrender balance project land subject to certain conditions. Pending final decision of the Authority in the matter, the management is of the view that there is no impairment in the value of land/ project.

c. During the year under review, the Company has transferred Trunk Infrastructure Assets in one of the Integrated Hi-Tech Town-ship projects in Uttar Pradesh, to a wholly owned Infra Subsidiary Company on the basis of fair valuation by a certified valuer. The obligation of further development of Trunk Infrastructure, maintenance and charging for the same now lies with the subsidiary company. Resultant surplus of Rs. 7,005.71 lacs on transfer of such Infrastructure Assets, being the difference between the book value and transfer value has been recognised during the year. Further, pursuant to AS-21 which deals with consoli dated Financial Statements, such surplus has been eliminated in the consolidated financial results on account of this intra group transaction.

d. Generally the Company is regular in repayments of dues to banks and financial institutions. However, there were a few delays in payments of principal, interest & redemption premium to banks & financial institutions which have been paid during the year under review, as per details given as under:

7. Leases

The Company has taken heavy vehicles/ earth moving equipment on non-cancelable operating lease. The future minimum lease payments in respect of the same are as under:

8. Gratuity and Leave Encashment

Gratuity (being partly administered by a Trust) is computed as 15 days salary, for every completed year of service or part there of and is payable on retirement/termination/resignation. The Gratuity plan for the Company is a defined benefit scheme where ann-ual contributions as per actuarial valuation are charged to the Statement of Profit & Loss.

The Provident Fund is a defined contribution scheme whereby the Company deposits an amount determined as a fixed percen-tage of basic pay with the Regional Provident Fund Commissioner.

The Company also has a leave encashment scheme with defined benefits for its employees. The Company makes provision for such liability in the books of accounts on the basis of year end actuarial valuation. No fund has been created for this scheme. For summarizing the components of net benefit expense recognized in the Statement of Profit & Loss and the funded status and amounts recognized in the Balance Sheet for the respective plans, the details are given here under:

Statement of Profit and Loss Net employee benefit expense

# The amount of Rs. 42.56 lacs (Previous Year Rs. 62.97 lacs) was paid outside the trust fund which is included in the above benefit paid.

$ The amount of Rs. 62.97 lacs (Previous Year Rs. 4.58 lacs) was paid outside the trust fund which is included in the above benefit paid.

$$ The amount of Rs. 4.58 lacs was paid outside the trust fund which is included in the above benefit paid.

of financial statements of earlier years for these items.

b. Cost of construction includes sales cancelled/surrenders of Rs. 2,500.38 lacs (Previous year Rs. 3,377.57 lacs) related to sale made in the earlier years. The cost of sales amounting to Rs. 1,148.12 lacs (Previous year Rs. 1,372.20 lacs) has been included in the closing stock. The net impact is a loss of Rs. 1,352.26 lacs (Previous year of Rs. 2,005.37 lacs) charged to the Statement of Profit & Loss.

9. Segment Reporting

a. Having regard to integrated nature of real estate development business of the Company, the disclosure requirement of "Segment Reporting" pursuant to Accounting Standard (AS-17) is not applicable.

b. The Company's windmill power project, in terms of revenue and assets employed, is not a reportable segment as per the Accounting Standard (AS-17) on Segment Reporting.

Figures in brackets indicate previous year figures *Joint Venture upto August 30, 2011 Note:

Advances given to Subsidiary and Joint Venture Companies for purchase of land and other purposes are not considered advances in the nature of loans and have not been considered for the disclosure.

10. The Financial Statements for the year ended March 31, 2011 had been prepared as per then applicable, pre revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schdule VI under the Companies Act, 1956, the financial statement for the year ended March 31,2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification. There is no change in the recognition & measurement, however, there are changes in the presentation & disclosures.

---

Mar 31, 2011

1. Contingent Liabilities:

Sl. Particulars As at As at

No. 31st March, 2011 31st March, 2010

Rs. in lacs Rs. in lacs

(i) Claims by customers /ex-employees for interest, damages etc.(to the extent quantified) (See foot note i) 1919.31 1915.00

(ii) Claims by local Authorities for Ground Rent 291.00 291.00

(iii) Income/Wealth Tax demand disputed by the Company. (See foot note ii & iii)

a) On completion of regular assessment 815.83 782.00

b) On completion of block assessment 1884.00 1884.00

(iv) Guarantees given by the Company to Banks/ Financial Institutions/ Others for loans taken by 23308.74 34673.00* other Group Companies.

(v) Service Tax / Sales Tax Demand disputed by the 575.22 1121.00 Company (Demand already deposited of Rs. 300.16 lacs)

*Includes loan of NIL (Previous year Rs 5000 lacs) taken by Ansal Colors Engineering SEZ Ltd. for which the Company has pledged shares of Rs.50 lacs in Ansal Seagull SEZ Developers Limited.

NOTES

(i) The management is of the opinion that in the majority of the cases, claims will be successfully resisted or settled out of court on payment of nominal compensation.

(ii) As regards income / wealth tax demands of Rs. 815.83 (Previous year Rs.782 lacs) disputed by the Company are concerned, similar demands have been set aside by the Appellate Authorities in most of the cases in the past Further company has deposited advance tax net of provision of income tax to the tune of Rs. 1070.35 lacs against such demand

(iii) In respect of block assessment for the year 1st April, 1989 to 12th February, 2000, wherein cross appeals have been filed by the Company and the tax department, Income Tax Appellate Tribunal (ITAT) has given full relief to the Company and rejected the department's grounds of appeal and tax claim of Rs.4,409 lacs The tax department has gone for further reference to the High Court. The Company, based on an arbitration award, had accounted for income of Rs. 4,200 lacs in the year 2002-03 and paid/provided income tax accordingly. The contingent liability not provided in the accounts in respect of block assessments is estimated at Rs1884 lacs. The Company has been legally advised that it has a good case to succeed in the High Court.

2. a) The Company, as a matter of policy, considers all anticipated costs including land cost relating to the projects as part of the project cost for determining the profitability of each of the projects. However, owing to some practical difficulties involved, the Company has not been able to acquire a portion of land for one of the projects and the same will be considered as and when acquired.

b) With regard to accounting for borrowing costs likely to be incurred in future, the Company is following the same accounting policy as consistently followed in the past, since having regard to the uncertainty of means of financing the project and the relevant cash flow in future, it is not possible to arrive at a precise estimate of the borrowing costs likely to be incurred in future in relation to each specific project.

3. Policies have been consistently followed in the past in the preparation of accounts duly audited and accepted in respect of (a) project specific advertisement costs, (b) administration and payroll expenses incurred for marketing staff, (c) brokerage paid to dealers, (d) interest paid to customers on refund of customer advances on delayed project The Company has switched over to new accounting policies in respect of each of these items by charging off to profit and loss account, as against hitherto, policy of considering them as part of project cost. The new accounting policies have been adopted we f. 01.04.2009. Such amount incurred upto 31 03.2009 and included as part of project inventory cannot be ascertained due to practical difficulties.

4. The Company has claimed exemption of Rs. 39.91 lacs (Previous year 3408 lacs) for the year u/s 80 IA of the Income Tax Act, 1961, being tax profits arising out of sale of Industrial Park units, pending the notification of the same by CBDT based on the opinion of senior counsel that its application satisfies all the conditions specified in the said scheme of Industrial Park.

5. The company has raised an aggregate amount approx. Rs.301.95 crores by way of issue & allotment of 85,50,000 nos. of Equity shares of Rs. 5/- each, fully paid up, in the month of June, 2010 to the five identified Resident investors on preferential issue basis for Rs. 70.54 crores) and, 2,57,26,291 Nos. of Equity shares of Rs. 5/- each, fully paid up, in the month of October, 2010 to the QIB's under Qualified Institutions Placement for Rs. 231.41 Crores in terms of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. The said amount of Rs. 301.95 crores received from them has been fully utilized for the Company's ongoing projects, repayment of loans/debentures, investment, corporate expenses/ purchase of land, sanctioning cost and QIP expenses

6. (a) The Company has given advances to land owning companies / collaborators / others for purchase / aggregation of land / for others to the tune of Rs.16603.64 lacs. This includes Rs. 10000 lacs as security deposits, the recoverability / adjustment of which is dependent upon the future events such as launch of project(s) for which steps have been or are being taken by the Company. As regards the balance amount of Rs.6603.64 lacs, pending details of land purchased and financial position of these parties, We understand that such advances are given in respect of ongoing transactions with collaborators / other parties and are regarded as being in the normal course of business.

(b) The Company is carrying project inventory of Rs.16719 lacs (Previous year Rs. 16675 lacs) for Group Housing Project in Greater Noida Due to downward trend in the market, the Greater Noida Industrial Development Authority (GNIDA) announced a Scheme whereby the developers have option to accept project on a smaller piece of land equivalent to the amount paid and surrender balance project land subject to some deductions The Company has applied to the Authority conveying its intention to develop the pro ect under this Scheme and is awaiting its approval. Necessary adjustments will be carried out upon receipt of approval from the Authority and management is of the view that there is no impairment in the value of land / project

c) Provision for amount NIL (Previous year Rs. 2104 lacs) represents impact of additional cost of land, internal and external development charges, which relate to earlier years. These have been provided for and corresponding amount has been withdrawn from reserves

10. Gratuity and Leave Encashment

Gratuity (being partly administered by a Trust) is computed as 15 days salary, for every completed year of service or part thereof and is payable on retirement/termination/resignation. The Gratuity plan for the Company is a defined benefit scheme where annual contributions as per actuarial valuation are charged to the Profit & Loss Account.

The Provident Fund is a defined contribution scheme whereby the Company deposits an amount determined as a fixed percentage of basic pay with the Regional Provident Fund Commissioner.

The Company also has a leave encashment scheme with defined benefits for its employees. The Company makes provision for such liability in the books of accounts on the basis of year end actuarial valuation. No fund has been created for this scheme.

b) Cost of construction includes sales cancelled/surrenders of Rs.3377.57 lacs (Previous year Rs. 1498.06 lacs) relate to sale made in the earlier years. The cost of sales amounting to Rs.1372.20 lacs (Previous year Rs. 1310.02 lacs) has been included in the closing stock. The net impact is a loss of Rs.2005.37 lacs (Previous year of Rs. 188.04 lacs) charged to the Profit and Loss Account.

13. Segment Reporting

a) Having regard to integrated nature of real estate development business of the Company, the disclosure requirement of "Segmental Reporting" pursuant to Accounting Standard (AS-17) is not applicable.

b) The Company's windmill power project, in terms of revenue and assets employed, is not a reportable segment as per the Accounting Standard AS-17 on Segment Reporting.

20. a) Related Party Transactions in accordance with Accounting Standard AS-18

(i) Names of related parties and description of relationship:

Subsidiary Company Shareholding

Delhi Towers Ltd. 100% Subsidiary of APIL

Star Estates Management Ltd. 100% Subsidiary of APIL

Ansal IT City & Parks Ltd. 66.23% Subsidiary of APIL

Ansal Colours Engineering SEZ Ltd. 51% Subsidiary of APIL

Ansal API Infrastructure Ltd. 100% Subsidiary of APIL

(formerly Ansal –Urban Infrastructure Ltd.)

Star Facilities Management Ltd. 100% Subsidiary of APIL

Ansal API Power Ltd. 100% Subsidiary of APIL

Ansal API Affordable Homes Ltd. 100% Subsidiary of APIL

Ansal Hi-Tech Townships Ltd. 54.93% Subsidiary of APIL

Ansal SEZ projects Ltd. (Upto Dec. 13, 2010) 50.00 % Shareholding

(ii) Step down Subsidiaries:

Subsidiary Company Shareholding

Ansal Condominium Ltd. 100% Subsidiary of Delhi Towers Ltd.

Aabad Real Estates Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Anchor Infraprojects Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Bendictory Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Caspian Infrastructure Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Celestial Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Chaste Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Cohesive Constructions Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Cornea Properties Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Creative Infra Developers Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Decent Infratech Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Diligent Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Divinity Real Estates Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Einstein Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Emphatic Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Harapa Real Estates Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Inderlok Buildwell Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Kapila Buildcon Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Kshitiz Realtech Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Kutumbkam Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Lunar Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Marwar Infrastructure Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Muqaddar Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Paradise Realty Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Parvardigaar Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Pindari Properties Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Pivotal Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Plateau Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Retina Properties Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Sarvodaya Infratech Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Sidhivinayak Infracon Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Shohrat Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Superlative Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Taqdeer Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Thames Real Estates Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Auspicious Infracon Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Medi Tree Infrastructure Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Rudrapriya Realtors Pvt. Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Phalak Infracon Pvt. Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

(iii) Interest in Joint Ventures:

The Company's interest in jointly controlled entities is given below:

Joint Venture Company Shareholding

Green Max Estates (P) Ltd. 50% shareholding

Ansal Mittal Township (P) Ltd. 50% shareholding

Ansal Landmark Township (P) Ltd.* 49.38% shareholding

Ansal Seagull SEZ Developers Ltd. 50% shareholding

Ansal Lotus Melange Pvt. Ltd. 50% shareholding

Ansal Township Infrastructure Ltd. 49.50% shareholding

UEM Builders Ansal API Contacts Pvt. Ltd. 40% shareholding

Ansal SEZ Projects Ltd. (W.e.f. Dec, 14, 2010) 49.5% shareholding

Westbury Hotels Pvt. Ltd. 7.00% shareholding

Ansal Phalak Infrastructure Pvt. Ltd. 49% shareholding

*0.62 % shareholding is with Promoter of APIL.

(iv) Associates

The following are the enterprises where common control exists:-

Name of Associates

Amba Bhawani Properties Pvt. Ltd.

Ansal Colonisers & Developers Pvt. Ltd.

Ansal Housing & Estates Pvt. Ltd.

Ambience Hospitality Pvt. Ltd.

Ansal Infrastructure Projects Ltd.

Ansal Projects & Developers Ltd.

Apna Ghar Properties Pvt. Ltd.

Badrinath Properties Pvt. Ltd.

Bajrang Realtors Pvt. Ltd.

Chamunda Properties Pvt. Ltd.

Chandi Properties Pvt. Ltd.

Chiranjiv Investments Pvt. Ltd.

Kalka Properties Pvt. Ltd.

Naurang Investment & Financial Services Pvt. Ltd.

New Line Properties & Consultants Pvt. Ltd.

Plaza Software Pvt. Ltd.

Prime Golf Ranking Pvt. Ltd.

Prime Maxi Promotion Service Pvt. Ltd.

(Formerly Prime Maxi Mall Management Pvt. Ltd.)

Sampark Hotels Pvt. Ltd.

Satrunjaya Darshan Construction Co. Pvt. Ltd.

Singa Real Estates Ltd.

Delhi Towers & Estates Pvt. Ltd.

Sithir Housing & Constructions Pvt. Ltd.

Winsum Software Pvt. Ltd.

Zameer Realtors Pvt. Ltd.

Ansal Infrastructure Developers Ltd.

Ansal Township Developers Ltd.

Augustan Infrastructure Pvt. Ltd.

Chakradhari Properties Pvt. Ltd.

Durga Buildtech Pvt. Ltd.

Gauri Realtors Pvt. Ltd.

Girija Shankar Properties Pvt. Ltd.

Katra Buildtech Pvt. Ltd.

Katra Real Estates Pvt. Ltd.

Katra Realtors Pvt. Ltd.

Pragati Techno Build Pvt. Ltd.

Satnam Buildtech Pvt. Ltd.

Ubiquity Realtors Pvt. Ltd.

Vishnu Real Estates Pvt. Ltd.

Yamnotri Properties Pvt. Ltd.

Eternity Real Estates Pvt. Ltd.

Euphoric Properties Pvt. Ltd.

Pervasive Properties Pvt. Ltd.

Sarvatra Realtors Pvt. Ltd.

Sopanam Realtors Pvt. Ltd.

Sputnik Realtors Pvt. Ltd.

Sarvottam Realtors Pvt. Ltd.

Ansal Multiproducts (SEZ) Ltd.

API India Realty Pvt. Ltd.

Ansal - Urban Infrastructure Developers Ltd.

Arunodaya Infraprojects Pvt. Ltd.

Banyan Infratech Pvt. Ltd.

Braja Dham Constructions Pvt. Ltd.

Blessing Real Estates Pvt. Ltd.

Blossom Townships Pvt. Ltd.

Canyon Realtors Pvt. Ltd.

Darwin Realtors Ltd.

Colorado Properties Pvt. Ltd.

Galaxy Infracon Ltd.

Indigo Infratech Pvt. Ltd.

Ishatvam Developers Pvt. Ltd.

Jupiter Township Ltd.

Lord Krishna Infraprojects Ltd.

Magus Realtech Pvt. Ltd.

Ecobase Land Developers Pvt. Ltd.

Mercury Infratech Pvt. Ltd.

Niagara Realtors Pvt. Ltd.

Parisar Realtors Pvt. Ltd.

Rainbow Infratech Pvt. Ltd.

Saubhagya Real Estates Pvt. Ltd.

Sanraj Associates Pvt. Ltd.

Sushant Realtors Pvt. Ltd.

Quest Realtors Pvt. Ltd.

Ansal Urban Township Developers Pvt. Ltd.

Ansal Urban Condominiums Pvt. Ltd.

Caliber Properties Pvt. Ltd.

Ansal API Logistics Ltd.

Utsav Hospitality & Clubs Pvt. Ltd.

Knowledge Tree Infrastructure Ltd.

Orchid Realtech Pvt. Ltd.

(v) Associates in which there is "Significant Influence"

Name of Associates

Faber Star Facilities Management Ltd.

Ansal Theatres & Clubhotels Pvt. Ltd.

Dharti Realtors Pvt. Ltd.

Ansal Retail Properties Pvt. Ltd.

Alaknanda Realtors Pvt. Ltd.

Chandra Maulishwar Properties Pvt. Ltd.

JMV Ecoteck Developers Ltd.

Prithvi Buildtech Pvt. Ltd.

Lotus Infratech Pvt. Ltd.

Bhagirathi Realtors Pvt. Ltd.

Decorous Realtors Pvt. Ltd.

Icon Buildcon Pvt. Ltd.

Vasundhra Realtors Pvt. Ltd.

Ecoland Developers Pvt. Ltd.

Sky Scraper Infra Projects Ltd.

21. Previous year figures have been regrouped/rearranged wherever considered necessary, to make them comparable with current years' figures.

---

Mar 31, 2010

1. NATURE OF OPERATIONS

Ansal Properties and Infrastructure Ltd. ("APIL" or the "Company"), was incorporated in 1967. The Companys main business is real estate promotion and development in residential and commercial segment.

2. Contingent Liabilities:

Sl. Particulars As at As at

No. 31st March, 2010 31st March, 2009

Rs. in lacs Rs.in lacs

i) Claims by customers /ex-employees for

interest, damages etc.(to the extent quantified) (See foot note i) 1915 1932

(ii) Claims by local Authorities for Ground Rent 291 303

(iii)Income/Wealth Tax demand disputed by the

Company. (See foot note ii&iii) a) On completion of regular assessment 782 769

b) On completion of block assessment 1884 1884

(iv) Guarantees given by the Company to Banks/

Financial Institutions/Others for loans taken by 34673* 21808*

other Group Companies.

(v) Service Tax / Sales Tax Demand disputed by the 1121 730

Company (See foot note iv)

"Includes loan of Rs.5000 lacs (Previous year Rs 5000 lacs) taken byAnsal Colors Engineering SEZ Ltd. for which the Company has pledged shares ofRs.50 lacs in Ansal Seagull SEZ Developers Limited.

NOTES

(i). The management is of the opinion that in the majority of the cases, claims will be successfully resisted or settled out of court on payment of nominal compensation.

(ii). As regards income / wealth tax demands of Rs 782 lacs (Previous year Rs.769 lacs) disputed by the Company are concerned, similar demands have been set aside by the Appellate Authorities in most of the cases in the past.

(iii). In respect of block assessment for the year 1st April, 1989 to 12* February, 2000, wherein cross appeals have been filed by the Company and the tax department, Income Tax Appellate Tribunal (ITAT) has given full relief to the Company and rejected the departments grounds of appeal and tax claim of Rs. 4,409 lacs. The tax department has gone for further reference to the High Court. The Company, based on an arbitration award, had accounted for income of Rs. 4,200 lacs in the year 2002-03 and paid/provided income tax accordingly. The contingent liability not provided in the accounts in respect of block assessments is estimated at Rs1884 lacs. The Company has been legally advised that it has a good case to succeed in the High Court.

(iv). The Company has received show-cause notices from the Service tax Department amounting to Rs.757 lacs (Previous year Rs.568 lacs) payable up to the year 2009-2010. The Company has been advised that it has a good case to get the demand set aside and accordingly the company has submitted its reply protesting the demand.

3. a) The Company, as a matter of policy, considers all anticipated costs including land cost relating to the projects as part of the project cost for determining the profitability of each of the projects. However, owing to some practical difficulties involved/the Company has not been able to acquire a portion of land for one of the projects and the same will be considered as and when acquired.

b) With regard to accounting for borrowing costs likely to be incurred in future, the Company is following the same accounting policy as consistently followed in the past, since having regard to the uncertainty of means of financing the project and the relevant cash flow in future, it is not possible to arrive at a precise estimate of the borrowing costs likely to be incurred in future in relation to each specific project.

4. Policies have been consistently followed in the past in the preparation of accounts duly audited and accepted in respect of (a) project specific advertisement costs, (b) administration and payroll expenses incurred for marketing staff, (c) brokerage paid to dealers, (d) interest paid to customers on refund of customer advances on delayed project The Company has switched over to new accounting policies in respect of each of these items by charging off to profit and loss account, as against hitherto, policy of considering them as part of project cost. The new accounting policies have been adopted w.e.f. 01.04.2009 for the year ended 3103.2010.

5. The Company has claimed exemption of Rs.3408 lacs for the year u/s 80 IA of the Income Tax Act, 1961, being tax profits arising out of sale of Industrial Park units, pending the notification of the same by CBDT based on the opinion of senior counsel that its application satisfies all the conditions specified in the said scheme of Industrial Park.

6. (a) Total advances include Rs.36624 lacs given to land owning companies/collaborators/others for purchase of land parcels/ others for the business of the Company. Such advances are given in respect of ongoing transactions and are regarded as being in the normal course of business.

b) The Company is carrying project inventory of Rs. 16675 lacs for Group Housing Project in Greater Noida. Due to downward trend in the market, the Greater Noida Industrial Development Authority (GNIDA) announced a Scheme whereby the developers have option to accept project on a smaller piece of land equivalent to the amount paid and surrender balance project land subject to some deductions. The Company has applied to the Authority conveying its intention to develop the project under this Scheme and is awaiting its approval. Necessary adjustments will be carried out upon receipt of approval from the Authority and management is of the view that there is no impairment in the value of land/project.

c) The Company has entered into a Settlement with one of its collaborator for three projects and paid a total consideration of Rs. 11750 lacs (Out of this Rs.6280 lacs was paid as compensation for financial and business loss) for taking over of one Group Housing Project. This includes the consideration for land, development work and all rights, title and interest in this Group Housing Project wholly and exclusively in favour of the company as also settlement of claims and counter claims on all accounts in this regard. The Settlement Deed has been further ratified by way of an Arbitration Award. The Company has considered the entire amount paid pursuant to the Award as part of the Project Cost since the management considers such settlement as arising in the normal course of business for purchase of collaborators right, project land and consequently transfer of license in the name of the Company.

d) Provision for amounts relating to earlier years Rs. 2104 lacs represents impact of additional cost of land, internal and external development charges, which relate to earlier years. These have been provided for and corresponding amount has been withdrawn from reserves.

e) For Sundry creditors of Rs. 19199 lacs, the Company is taking all necessary action to arrange confirmations / reconciliations.

7. Deferred Tax Adjustments

Deferred Tax charge of Rs 877.35 lacs arising on account of timing differences as per Accounting Standard-22 for the current year (Previous year deferred tax credit (net) of Rs. 114.73 lacs) has been recognized in the accounts. Calculation of Deferred Tax Liability (Net) as on 31 st March, 2010 is as given below:

8. Leases

The Company has taken vehicles on non-cancelable operating lease. The future minimum lease payments in respect of the same are as under:

It has also taken houses on cancelable lease for its employees and for office use. The rent paid during the year and charged to the Profit & Loss Accountforsuch leases is Rs.12.59 lacs (Previous year Rs.29.23 lacs).

9. Gratuity and Leave Encashment

Gratuity (being partly administered by a Trust) is computed as 15 days salary, for every completed year of service or part thereof and is payable on retirement/termination/resignation. The Gratuity plan for the Company is a defined benefit scheme where annual contributions as per actuarial valuation are charged to the Profit & Loss Account.

The Provident Fund is a defined contribution scheme whereby the Company deposits an amount determined as a fixed percentage of basic pay with the Regional Provident Fund Commissioner.

The Company also has a leave encashment scheme with defined benefits for its employees. The Company makes provision for such liability in the books of accounts on the basis of year end actuarial valuation. No fund has been created for this scheme.

The following table summaries the components of net benefit expense recognized in the profit and loss account and the funded status and amounts recognized in the balance sheet for the respective plans.

Profitand Loss Account

Net employee benefit expense

* The amount of Rs.42.56 lacs was paid outside the trustfund which is included in the above benefit paid ** The amount of Rs.62.97 lacs was paid outside the trustfund which is included in the above benefit paid. *** The amount of Rs.4.58 lacs was paid outside the trust fund which is included in the above benefit paid.

10. Stock Options

On termination of Ansal API Employees / Directors Stock Options Scheme, 2006 (ESOS), Rs Nil (Previous year Rs.136.52 lacs) charged to the Profit & Loss Account in the earlier years on account of compensation expenses has been written backand included in Other Income in the Profit & Loss Account.

Reversal of forfeiture income, electricity charges, interest received, rent received and others arising and recognized during the year owing to errors/omissions in the preparation of financial statements of earlier years for these items.

b) Cost of construction includ essales can celled/ surrender sofRs. 1498. 06 lacs (PreviousyearRs.2019.81lacs) relate to sale made in the earlier years. The cost of sales amounting to Rs.1310.02 (Previous year Rs. 1170.00 lacs) has been included in the closing stock. The net impact is a loss of Rs.188.04 lacs (Previous year of Rs. 849 lacs) charged to the Profit and Loss Account. Accretion to Stock also includes Rs. Nil (Previous year Rs. 748.44 lacs) accounted for on reconciliation of plots sold in projects completed in the earlieryears.

11. Segment Reporting

a) Having regard to integrated nature of real estate development business of the Company, the disclosure requirement of "Segmental Reporting" pursuant to Accounting Standard (AS-17) is not applicable.

b) The Companys windmill power project, in terms of revenue and assets employed, is not a reportable segment as perthe Accounting Standard AS-17 on Segment Reporting.

12(A). Related Party Transactions in accordance with Accounting StandardAS-18 (i) Names of related parties and description of relationship:

Subsidiary Company Shareholding

Delhi Towers Ltd. 100% Subsidiary of API L

Star Estates Management Ltd. 100% Subsidiary of API L

Ansal IT City & Parks Ltd. 66.23% Subsidiary of APIL Ansal SEZ Projects Ltd. 51 % Subsidiary of APIL

Ansal API Infrastructure Ltd. (Formerly Ansal -Urban InfrastructureLtd.) 100% Subsidiary of APIL

Star Facilities Management Ltd. 100% Subsidiary of APIL

Ansal API Power Ltd. 100% Subsidiary of API

Ansal API Affordable Homes Ltd 100% Subsidiary of API L Ansal Hi-Tech Townships Ltd. 54.93% Subsidiary of APIL

(ii) Step down Subsidiaries:

Subsidiary Company Shareholding

Ansal Condominium Ltd 100% Subsidiary of Delhi Towers Ltd.

Aabad Real Estates Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Anchor InfraprojectsLtd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Bendictory Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Caspian Infrastructure Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Celestial Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Chaste Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Cohesive Constructions Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Cornea Properties Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd. Creative Infra Developers Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Decent Infratech Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Diligent Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Divinity Real Estates Ltd 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Einstein Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Emphatic Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Harapa Real Estates Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

InderlokBuildwell Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Kapila Buildcon Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

KshitizRealtech Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Kutumbkam Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Lunar Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Marwar Infrastructure Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Muqaddar Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Paradise Realty Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Parvardigaar Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Pindari Properties Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Pivotal Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Plateau Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Retina Properties Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Sarvodaya Infratech Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Sidhivinayaklnfracon Ltd.100% Subsidiary of Ansal Hi-tech Townships Ltd.

Shohrat Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Superlative Realtors Ltd.100% Subsidiary of Ansal Hi-tech Townships Ltd.

Taqdeer Realtors Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Thames Real Estates Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Auspicious Infracon Ltd. 100% Subsidiary of Ansal Hi-tech Townships Ltd.

Haridham Colonizers Ltd. 100% Subsidiary of Ansal SEZ Projects Ltd.

(iii) Interest in Joint Ventures:

The Companys interest in jointly controlled entities is given below:

Joint Venture Company Shareholding

Green Max Estates (P) Ltd. 50% shareholding

Ansal Mittal Township (P) Ltd. 50% shareholding Ansal Landmark Township (P) Ltd.* 49.38% shareholding

Ansal Seagull SEZ Developers Ltd. 50% shareholding

Ansal Lotus Melange Pvt. Ltd. 50% shareholding

Ansal Township Infrastructure Ltd. 49.50% shareholding

*0.62% shareholding is with Promoter of API L

(iv) Associates

The following are the enterprises where common control exists:- Name of Associates

AmbaBhawani Properties Pvt. Ltd.

Ansal Colonisers & Developers Pvt. Ltd.

Ansal Housings Estates Pvt. Ltd.

Ambience Hospitality Pvt. Ltd.

Ansal Infrastructure Projects Ltd.

Ansal Projects & Developers Ltd.

ApnaGhar Properties Pvt. Ltd.

Badrinath Properties Pvt. Ltd.

Bajrang Realtors Pvt. Ltd.

Chamunda Properties Pvt. Ltd.

Chandi Properties Pvt. Ltd.

Chiranjiv Investments Pvt. Ltd.

Kalka Properties Pvt. Ltd.

Naurang Investment & Financial Services Pvt. Ltd.

New Line Properties & Consultants Pvt. Ltd.

Plaza Software Pvt. Ltd.

Prime Golf Ranking Pvt. Ltd.

Prime Maxi Promotion Service Pvt. Ltd.

(Formerly Prime Maxi Mall Management Pvt. Ltd.)

Sampark Hotels Pvt. Ltd.

Satrunjaya Darshan Construction Co. Pvt. Ltd.

Singa Real Estates Ltd.

Delhi Towers & Estates Pvt. Ltd.

Sithir Housing & Constructions Private Ltd.

Winsum Software Pvt. Ltd.

Medi Tree Infrastructure Ltd.

ZameerRealtorsPvt.Ltd.

Ansal Infrastructure Developers Ltd.

Ansal Township Developers Ltd.

Augustan Infrastructure Pvt. Ltd.

Chakradhari Properties Private Ltd.

DurgaBuildtech Private Ltd.

Gauri Realtors Private Ltd.

GirijaShankar Properties Private Ltd.

KatraBuildtech Private Ltd.

Katra Real Estates Private Ltd.

Katra Realtors Private Ltd.

Pragati Techno Build Private Ltd.

SatnamBuildtech Private Ltd.

Ubiquity Realtors Private Ltd.

Vishnu Real Estates Private Ltd.

Yamnotri Properties Private Ltd.

Eternity Real Estates Private Ltd.

Euphoric Properties Private Ltd.

Pervasive Properties Private Ltd.

Sarvatra Realtors Private Ltd.

Sopanam Realtors Private Ltd.

Sputnik Realtors Private Ltd.

Sarvottam Realtors Private Ltd.

AnsalMultiproducts(SEZ)Ltd.

API India Realty Private Ltd.

Ansal - Urban Infrastructure Developers Ltd.

Arunodayalnfraprojects Private Ltd.

Banyan Infratech Private Ltd.

Blessing Real Estates Private Ltd.

Blossom Townships Private Ltd.

Canyon Realtors Private Ltd.

Darwin Realtors Ltd.

Colorado Properties Private Ltd.

Galaxy Infracon Ltd.

Indigo Infratech Private Ltd.

Lord Krishna Infraprojects Ltd.

Magus Realtech Private Ltd.

Mercury Infratech Private Ltd.

Niagara Realtors Private Ltd.

Parisar Realtors Private Ltd.

Rainbow Infratech Private Ltd.

Saubhagya Real Estates Private Ltd.

Sushant Realtors Private Ltd.

Quest Realtors Private Ltd.

Ansal Urban Township Developers Private Ltd.

Ansal Urban Condominiums Private Ltd.

Caliber Properties Private Ltd.

Ansal API Logistics Ltd.

BrajaDham Construction Private Ltd.

Ecobase Land Developers Private Ltd. Ishatvam Developers Private Ltd. Sanraj Associates Private Ltd. Utsav Hospitality & Clubs Private Ltd Knowledge Tree Infrastructure Ltd.

(v) Associates in which there is "Significant Influence"

Name of Associates

Faber Star Facilities Management Ltd.

Ansal Colours Engineering SEZ Ltd.

{FormerlyAnsal Kamdhenu Engineering SEZ Ltd.}

Dharti Realtors Private Ltd.

Chandra Maulishwar Properties Private Ltd.

Alaknanda Realtors Private Ltd.

JMVEcoteck Developers Ltd.

Lotus Infratech Private Ltd.

Ansal Retail Properties Private Ltd.

UEM Builders-Ansal API Contracts Private Ltd.

Decorous Realtors Private Ltd.

Bhagirathi Realtors Private Ltd.

Icon Buildcon Private Ltd.

PrithviBuildtech Private Ltd.

Vasundhra Realtors Private Ltd.

Ansal Theatres &ClubotelsPvt. Ltd.

Ecoland Developers Private Ltd.