NOTES TO THE STANDALONE FINANCIAL STATEMENTS

1 CORPORATE INFORMATION

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

2 ACCOUNTING POLICIES

a) BASIS OF brPARATION OF FINANCIAL STATEMENTS

The financial statements are brpared in accordance with the Indian Generally Accepted Accounting Principles ("GAAP") under the historical cost convention on accrual basis. These financial statements have been brpared to comply in all material aspects with the accounting standards as notified under section 133 of the Companies Act, 2013, read with Rule 7 of [Companies (Accounts) Rules, 2014], and other relevant provisions of Companies Act, 2013, and the guidelines issued by the Securities Exchange Board of India. 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.

The management evaluates all recently issued or revised accounting standards on an ongoing basis.

b) USE OF ESTIMATES

The brparation of financial statements is in conformity with the GAAP requires the management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities as at the date of the financial statements and reported amounts of income and expenses during the reporting period. Although these estimates are based on the managements' best knowledge of current events and actions, actual results could differ from these estimates. Any changes in estimates are given effect to the financial statements prospectively.

c) TANGIBLE ASSETS, INTANGIBLE ASSETS, CAPITAL WORK IN PROGRESS AND CAPITAL ADVANCES

Tangible assets, are stated at cost less accumulated debrciation and impairment losses, if any. Cost comprises the purchase price and any attributable cost related to the acquisition and installation of the respective asset to bring the asset to its working condition for its intended use. Capital work in progress rebrsents expenditure incurred in respect of capital projects which are carried at cost. Cost includes land, related acquisition expenses, development and construction costs, borrowing costs and other direct expenditure.

Interest on borrowed money allocated to and utilized for fixed assets, pertaining to the period up to the date of capitalization is capitalized. Assets acquired on hire purchase are capitalized at the gross value and interest thereon is charged to the Statement of Profit and Loss.

Advances paid towards acquisition of tangible assets outstanding at each Balance Sheet date are disclosed as "Capital Advances" under Long Term Loans and Advances and cost of fixed assets not yet ready for their intended use as at the reporting date are disclosed under "Capital Work in Progress".

An item of tangible assets is de-recognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement in the year the asset is de-recognized.

d) IMPAIRMENT OF ASSETS

As at each reporting date, the carrying amount of assets is tested for impairment so as to determine:

(a) the provision for impairment loss, if any, required or

(b) The reversal, if any, required of impairment loss recognized in brvious periods. Impairment loss is recognized when the carrying amount of an asset exceeds its recoverable amount. Recoverable amount is determined:

(a) in the case of an individual asset, at the higher of the net selling price and the value in use.

(b) in the case of a cash generating unit (a group of assets that generates identified independent cash flows) at the higher of the cash generating unit's net selling price and the value in use.

Value in use is determined as the brsent value of estimated future cash flows from the continuing use of an asset and from its disposal at the end of its useful life.

e) INVESTMENTS

Trade investments are the investments made to enhance the Company's business interests. Investment in subsidiaries and others are stated at cost. Investments that are intended to be held for more than a year, from the date of acquisition, are classified as long term investments and are stated at cost less provision for diminution in the value of such investments, if such diminution is of permanent nature. Investments, other long term investments, being current investments, are valued at lower of cost or fair value, and are computed separately in respect of each category of investment.

Investments in units/mutual funds are valued at lower of cost or marked to market values. Gain or loss on sale of investments is computed as difference between the net proceeds realized and the book value and is accordingly recognized in the Statement of Profit and Loss.

Investment properties are carried individually at cost less accumulated debrciation and impairment, if any. Investment properties are capitalised and debrciated, where applicable, in accordance with the policy stated for Tangible Fixed Assets.

On disposal of an investment, the difference between its carrying amount and net disposal proceeds is charged or credited to the Statement of Profit and Loss.

f) INVENTORIES

Real Estate: Lower of cost or net market value; Cost includes cost of acquisition and other related expenses incurred in bringing the inventories to their brsent location and condition. Net market value is the estimated selling price in the ordinary course of business.

Constructed/Under Construction Properties: Lower of cost or net realisable value. Cost includes the cost of land, internal development cost, external development charges, construction costs, overheads, borrowing costs and development/ construction material.

Development Rights: At cost of acquisition, including cost of acquiring rights of any interested party. Development rights are considered to have been acquired on execution of a Development Agreement upon vesting of irrevocable rights in the Company to construct, market, and sell the development over land and realize and retain the economic and other benefits.

g) UNBILLED RECEIVABLES

Unbilled receivables rebrsent revenue recognized based on Percentage of Completion of Construction Method [Para (i) below], to the extent the work completed exceeds billed receivables.

h) DEbrCIATION AND AMORTISATION

Debrciation on fixed assets is charged in accordance with estimate of useful life of the assets on written down value method, except Buildings wherein debrciation is charged on straight line method, at rates specified in Schedule II of the Companies Act, 2013. Debrciation on assets purchased during the year is provided pro-rata to the period such asset was put to use during the year.

Goodwill arising on amalgamation is amortised over a period of five years.

In respect of an asset for which impairment loss is recognised, debrciation is provided on the revised carrying amount of the assets over its remaining useful life.

Where debrciable assets are revalued, debrcation is provided on the revalued amount and the additional debrciation on accretion to assets on revaluation is transferred from revaluation reserve to the Statement of Profit and Loss.

Assets costing less than Rs. 5,000 are debrciated at the rate of 100%.

i) REVENUE RECOGNITION

i) a) Existing Real Estate Projects

Revenue from construction projects for sale is recognized on the 'Percentage of Completion of Construction Method'. Revenue from properties under construction is recognized to the extent that the percentage of actual project cost incurred thereon to total estimated project cost bears to -date sale consideration, provided actual cost incurred is 30% or more of the total estimated project cost. Project cost includes cost of land, and estimated construction and development costs. The estimates of saleable area and costs are reviewed periodically and effect of any changes in such estimates is recognized in the period such changes are determined. When the total project cost is estimated to exceed total revenues from the project, the loss is immediately recognized.

b) New Real Estate Projects

The Institute of Chartered Accountants of India revised the 'Guidance Note on Accounting for Real Estate Transactions'. The revised Guidance Note is applicable to all projects commenced on or after April 1, 2012, and also to projects which have already commenced but where revenue is being recognised for the first time on or after April 1, 2012. The revised guidance note brscribes following conditions on basis of which the Company can recognise revenue on the projects:

- All critical approvals necessary for commencement of the project have been obtained;

- When the stage of completion of the project has reached a reasonable level of development, i.e., when the expenditure incurred on construction and development is equal to or more than 25% of the total estimated project construction and development cost;

- At least 25% of the saleable project area is secured by contracts or agreements with buyers; and

- At least 10% of the total revenue as per the agreements of sale or any other legally enforceable documents are realized in respect of each of the agreements on the reporting date and it is also reasonable to expect that the parties to such contracts will comply with the payment terms as defined in contracts.

The 'Percentage of Completion Method' is applied on a cumulative basis in each reporting period to the current estimates of project revenues and project costs. The effect of any change in the estimate is accounted for in the period when such change is evident.

When it is probable that the total project cost will exceed total revenue from the project, the loss is immediately recognized.

ii) Revenues from construction contracts are recognised by reference to the stage of completion of each contract activity on the reporting date of the financial statements, and costs related to the respective contracts are charged to the Statement of Profit and Loss for the year.

iii) Revenues from sale of investment properties and assets to the extent of sale consideration reduced by the respective costs thereof in each case, being value inclusive of cost of acquisition, and construction and development cost thereof.

iv) Forfeiture due to non fulfilment of obligations by counter parties is accounted as Revenue on unconditional appropriation.

v) Revenues from rentals are recognised on accrual basis in accordance with terms of agreements executed with respective tenants.

vi) Service receipts and interest from customers is accounted for on accrual basis.

vii) Share of profit/loss from firm in which the Company is a partner is accounted for in the financial year ending on the date of the Balance Sheet.

Other Income

i) Interest income is recognized on time proportion basis taking into account the amount outstanding and the applicable rate of interest.

ii) Dividend income is recognized when the right to receive the dividend is established.

iii) Interest on arrears of allotment money is accounted in the year of receipt.

j) CLAIMS

Claims lodged by and lodged against the Company are accounted in the year of payment or settlement thereof.

k) BORROWING COSTS

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets which are assets that necessarily take a substantial period of time to get ready for their intended use, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use. All other borrowing costs are recognized as part of Financial Expenses in the income statement in the period in which they are incurred.

l) EMPLOYEE BENEFITS

(i) Short Term Employee Benefits:

All employee benefits payable wholly within twelve months of rendering the services are classified as Short Term Employee Benefits. Benefits such as salaries, wages and short term compensations etc. and the expected cost of ex-gratia is recognized in the period in which the employee renders the related service."

(ii) Post Employment Benefits:

(a) Defined Benefit Plans:- The Company's Gratuity and Leave encashment schemes are defined benefit plans. In accordance with the requirements of revised Accounting Standard-15 ""Employee Benefits"", the Company provides for gratuity covering eligible employees on the basis of actuarial valuation as carried out by an independent actuary using the Projected Unit Credit method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation is measured at the brsent value of the estimated future cash flows. The discount rates used for determining the brsent value of obligation under defined benefit plans is based on the market yields on Government securities as at the Balance Sheet date.

The liability is un-funded. Actuarial gains and losses arising from changes in the actuarial assumptions are charged or credited to the Statement of Profit and Loss in the year in which such gains or losses arise.

Leave encashment benefits payable to employees of the Company with respect to accumulated leave outstanding at the year end are accounted for on the basis of an actuarial valuation as at the Balance Sheet date.

(b) Defined Contribution Plans:- Contributions payable by the Company to the concerned government authorities in respect of provident fund, family pension fund and employees state insurance are defined contribution plans. The contributions are recognized as an expense in the Statement of Profit and Loss during the period in which the employee renders the related service. The Company does not have any further obligation in this respect, beyond such contribution.

Other employee benefits are accounted for on accrual basis.

m) FOREIGN CURRENCY TRANSACTIONS

Transactions in foreign currencies are recorded at the rates brvailing on the date of the transaction. Monetary items denominated in foreign currency are restated at the rate brvailing on the Balance Sheet date except in cases where actual amount has been ascertained by the time of finalization of accounts.

Exchange differences arising on the translation or settlement of monetary items at rates different from those at which they were initially recorded during the year, or reported in the brvious financial statements, are recorded in exchange fluctuation account and recognized as income or expense in the year in which they arise.

n) TAXES ON INCOME

The accounting treatment followed for taxes on income is to provide for Current Tax and Deferred Tax. Provision for current income tax is made for the tax liability payable on taxable income ascertained in accordance with the applicable tax rates and laws.

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences between the financial statements, carrying amounts of existing assets and liabilities and their respective tax bases and carry forwards of operating loss. Deferred tax assets and liabilities are measured on the timing differences applying the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Changes in deferred tax assets and liabilities between one Balance Sheet date and the next, are recognized in the Statement of Profit and Loss in the year of change. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statement of Profit and Loss in the year of change.

Deferred tax assets are recognized only to the extent there is reasonable certainty that sufficient future taxable income will be available against which these assets can be realized in future, whereas in case of existence of unabsorbed debrciation or carry forward of losses, deferred tax assets are recognized only if there is virtual certainty of realization backed by convincing evidence. Deferred tax assets are reviewed at each Balance Sheet date.

The credits arising from 'Minimum Alternate Tax' paid are recognised as receivable only if there is virtual certainty that the Company will have sufficient taxable income in future years in order to utilize such credits.

o) CASH FLOW STATEMENT

Cash flows are reported using the indirect method, whereby net profit before tax is adjusted for the effects of transactions of a non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from regular revenue generating, investing and financing activities of the Company are segregated.

p) CASH AND CASH EQUIVALENTS

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand and short term investments with an original maturity period of three months or less.

q) EARNINGS PER SHARE

Basic earnings per share is computed by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares except where the results would be anti-dilutive.

The number of shares and potentially dilutive equity shares are adjusted retrospectively for all period brsented for any share splits and bonus shares issues.

r) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provision involving substantial degree of estimation in measurement are recognised when there is a brsent obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognised but are disclosed in the notes. Contingent assets are neither recognised nor disclosed in the financial statements.

s) LEASES OBTAINED

Leases where the lessor retains substantially all the risks and benefits of ownership of the asset are classified as operating lease. Operating lease payments are recognized as an expense in the Statement of Profit and Loss on straight line basis over the lease term. Finance lease which effectively transfer to the Company substantial risk and benefits incidental to ownership of the leased items, are capitalized and disclosed as leased assets. Lease payments are apportioned between the finance charges and reduction of lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Financial expenses are charged directly against income.

t) UNAMORTISED EXPENDITURE

Unamortised expenditure is amortised equally over a period of 5 years.

b) Term loan from Yes Bank Ltd. (YBL)

a) Term loan of Rs. 7,989 lacs (Rs. 9,990 lacs) is secured against, (i) exclusive charge by way of equitable mortgage on land admeasuring 18.05 acres located at Sector-63A, (Gurgaon, Haryana), and (ii) exclusive charge on all receivables of above-mentioned land at Sector-63A, (Gurgaon, Haryana), both brsent and future. The aforesaid term loan is also additionally secured by way of unconditional and irrevocable personal guarantee of 3 (three) directors/promoters of the Company.

b) The aforesaid term loan will be repayable in 7 (seven) equal quarterly installments of Rs. 1,000 lacs alongwith final instalment of Rs. 990 lacs.

c) An amount of Rs. 4,000 lacs will be paid during the financial year 2015-16 and has been separately disclosed as current maturities of long term debts under "Other Current Liabilities" (Refer Note No. 10).

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

ii) Allahabad Bank Term loan-I

a) Term loan-I of Rs. 3,662 lacs (Rs. 5,462 lacs), under All Bank Property Scheme, is secured against, (i) first exclusive charge by way of equitable mortgage of motel property, including land, located at Village Shahoorpur, (Hauz Khas, New Delhi). The aforesaid term loan-I is also collaterally secured by way of personal guarantees of 3 (three) directors/promoters of the Company, and 2 (two) family members of promoters/directors, and (ii) undertaking to remit monthly lease rentals receivable from motel property.

b) The aforesaid term loan will be repayable in 24 (twenty four) equal monthly instalments of Rs. 150 lacs, alongwith final instalment of Rs. 61.63 lacs.

c) An amount of Rs. 1,800 lacs will be paid during the financial year 2015-16 and has been separately disclosed as current maturities of long term debts under "Other Current Liabilities" (Refer Note No. 10).

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

a) Term loan-II of Rs. 6,841 lacs (Rs. 9,133 lacs), under All Bank Property Scheme, is secured against first exclusive charge by way of equitable mortgage of motel property, including land, located at Village Satbari, (Hauz Khas, New Delhi). The aforesaid term loan-II is also collaterally secured by way of personal guarantees of 3 (three) directors/promoters of the Company and 2 (two) family members of promoters/directors, and (ii) undertaking to remit monthly lease rentals receivable from motel property.

b) The aforesaid term loan will be repayable in 35 (thirty five) equal monthly instalments of Rs. 191 lacs alongwith final instalment of Rs. 156 lacs.

c) An amount of Rs. 2,292 lacs will be paid during the financial year 2015-16 and has been separately disclosed as current maturities of long term debts under "Other Current Liabilities" (Refer Note No. 10).

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

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

a) Term loans of Rs. 39,374 lacs (Rs. 21,549 lacs) is secured against (i) exclusive and first charge over 2 (two) hotel properties located on main NH-8, (New Delhi), (ii) land(s) located at Sector 63A (Gurgaon, Haryana), owned by 9 (nine) subsidiaries of the Company, (iii) first and exclusive charge on land admeasuring 77.935 acres located at Sector 63A (Gurgaon, Haryana), buildings and structures thereon, both brsent and future. The aforesaid term loans are collaterally secured by way of, negative lien/first charge/second charge on receivables/cash flows/revenues, including booking amounts, arising out of or in connection with aforesaid properties, and corporate guarantee of land owning companies of aforesaid properties to the extent of security provided. The aforesaid term loans are further collaterally secured by way of personal guarantees of directors/promoters of the Company.

b) Repayment schedule of term loans:

Term loans of Rs. 39,374 lacs (Rs. 21,549 lacs) will be repayable in next 5 (five years) in equal monthly/quarterly installments.

c) Current maturities of long term debts in respect of aforesaid term loans has been separately disclosed under "Other Current Liabilities" (Refer Note no. 10).

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

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

a) Term loan-I of Rs. 1,516 lacs (Rs. 1,616 lacs), under Cent Rental Scheme, is secured against (i) exclusive charge on the factory land and building at Delhi-Jaipur Highway, Rewari, (Haryana), and (ii) assignment of lease rentals receivables. The aforesaid term loan-I is also secured by way of personal guarantees of 3 (three) directors/promoters of the Company, and personal guarantee of 1 (one) family member of directors/promoters of the Company.

b) The aforesaid term loan of Rs. 1,516 lacs will be repayable in 6.6 (six years & six months) years in monthly installments.

c) An amount of Rs. 128 lacs will be paid during the financial year 2015-16 and has been separately disclosed as current maturities of long term debts under "Other Current Liabilities" (Refer Note No. 10).

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

Term loan-II

a) Term loan-II of Rs. 5,375 lacs (Rs. 5,675 lacs) is secured against (i) exclusive charge on assignment of future rent receivables/ received, and (ii) first pari passu charge on IT-Park, (Manesar, Haryana). The aforesaid Term Loan-II is also secured by way of personal guarantees of 3 (three) directors/promoters of the Company, and personal guarantee of 1 (one) family member of directors/promoters of the Company.

b) The aforesaid term loan of Rs. 5,375 lacs will be repayable in 7 (seven) years in monthly installments.

c) An amount of Rs. 300 lacs will be paid during the financial year 2015-16 and has been separately disclosed as current maturities of long term debts under "Other Current Liabilities" (Refer Note No. 10).

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

V IndusInd Bank Limited (IBL) Term loan-I

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

b) The term loan-I was repayable in 6 (six) equal quarterly instalments of Rs. 416.67 lacs starting from June, 2015.

c) An amount of Rs. 1,666.67 lacs will be paid during the financial year 2015-16 and has been separately disclosed as current maturities of long term debts under "Other Current Liabilities" (Refer Note No. 10).

Term loan-II

a) Term loan-II of Rs. 6,988 lacs (Nil ) is secured against, (i) exclusive charge on assignment of all receivables, and all other brsent and future receivables in connection with property located at Jhandewalan Extension, New Delhi, and (ii) personal guarantees of 3 (three) directors/promoters of the Company. The aforesaid term loan-II is collaterally secured by way of, (i) exclusive charge on land and building located at Jhandewalan Extension, New Delhi, with minimum coverage of 2x,

(ii) extension of charge by way of mortgage on Madelia Project (Manesar Gurgaon), owned by Kalinga Realtors Pvt. Ltd., subsidiary of the Company, and (iii) extension of charge over identified land in Group Housing Project to be developed on 26 acres of land at Sector 63A (Gurgaon, Haryana), owned by 5 (5) subsidiaries of the Company.

b) The aforesaid term loan of Rs. 6,988 lacs will be repayable in 9.4 years (nine years & 4 months) in monthly installments.

c) An amount of Rs. 92.06 lacs will be paid during the financial year 2015-16 and has been separately disclosed as current maturities of long term debts under "Other Current Liabilities" (Refer Note No. 10).

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

vi) Axis Bank Limited Term Loan

a) Term loan of Rs. 5,200 lacs (Nil), for development of Group Housing Project, named Maceo, at Sector 91 (Gurgaon, Haryana), is secured against, (i) exclusive first charge on entire projects' assets, both movable and immovable, except vehicles and equipments, (ii) exclusive equitable mortgage charge on project land admeasuring 15.575 acres, owned by subsidiary of the Company, Jubilant Software Services Pvt. Ltd., along with all buildings and structures thereon, (iii) exclusive first charge by way of hypothecation of Company's right under the project documents, contracts and all licenses, permits, approvals, consents and insurance policies in respect of the project, and (iv) escrow and charge of customer advances/receivables/sale proceeds of the project area/units by way of bipartite agreement between the Company and Bank into a designated account. The aforesaid term loan is also additionally secured by way of (i) personal guarantees of 3 (three) promoters/directors of the Company, and (ii) corporate guarantee of aforesaid land owing company.

b) The aforesaid term loan will be repayable in 5 (five) equal quarterly of Rs. 1,000 lacs alongwith final installment of Rs. 200 lacs.

c) An amount of Rs. 3,000 lacs will be paid during the financial year 2015-16 and has been separately disclosed as current maturities of long term debts under "Other Current Liabilities" (Refer Note No. 10).

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

vii) Hero FinCorp Limited Term Loan-I

a) Term loan-I of Rs. 4,000 lacs (Nil) is secured against, (i) exclusive mortgage of land, admeasuring 7.2604 acres, located at Village Samalkha (Mehrauli, New Delhi), owned by Green Retreat & Motels Pvt. Ltd., wholly owned subsidiary of the Company. The aforesaid term loan-I is also additionally secured by way of, (i) personal guarantees of 3 (three) directors/ promoters of the Company, and (ii) corporate guarantee of aforesaid land owning company.

b) The aforesaid term loan will be repayable in 6 (six) quarterly installments starting from financial year 2016-17. Term loan-II

a) Term loan-II of Rs. 3,500 lacs (Nil) is secured against, (i) extension of charge over land, admeasuring 7.2604 acres, located at Village Samalkha (Mehrauli, New Delhi), owned by Green Retreat & Motels Pvt. Ltd., wholly owned subsidiary of the Company. The aforesaid Term Loan-II is also additionally secured by way of, (i) personal guarantees of 3 (three) directors/ promoters of the Company, and (ii) corporate guarantee of land owning company, Green Retreat & Motels Pvt. Ltd., wholly owned subsidiary of the Company.

b) The aforesaid term loan will be repayable in 60 (sixty) monthly installments.

c) An amount of Rs. 470.94 lacs will be paid during the financial year 2015-16 and has been separately disclosed as current maturities of long term debts under "Other Current Liabilities" (Refer Note No. 10).

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

viii) ICICI Bank Limited Term Loan

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

b) The aforesaid term loan will be repayable in 36 (thirty six) equal quarterly instatllments of Rs. 208.33 lacs.

c) An amount of Rs. 416.67 lacs will be paid during the financial year 2015-16 and has been separately disclosed as current maturities of long term debts under "Other Current Liabilities" (Refer Note No. 10).

ix) Vehicle loans of Rs. 156 lacs (Rs. 172 lacs), out of which Rs. 91.80 lacs has been classified as current portion of long-term borrowings, are secured against hypothecation of respective vehicles. The loan carries interest @ 11.49% per annum on reducing balance basis, repayable on equated monthly installments over different periods till February, 2018.

56 Figures have been rounded off to the nearest Rupee.

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

Ashok Sarin

Chairman DIN:00016199

Brajindar Mohan Singh

Director

DIN:02143830

Anil Sarin

Managing Director DIN: 00016152

Amit Sarin

Director & CEO DIN: 00015837

Ambarish Chatterjee

Director DIN: 00653680

Maneesh Gupta

Director DIN: 00129254

Priya Singh Aggarwal

Director DIN:00535042

Manoj Pahwa

Company Secretary

Omi Chand Rajput

Vice President Finance

Place : New Delhi

Date : . May 29, 2015