Particulars                                As at            As at
                                         March 31,        March 31, 
                                             2011             2010 
                                              Rs.              Rs.
 
 
 i) Contingent liabilities not 
 provided for in respect of:
 
 a) Claims against the Company 
 not  acknowledged as debts*          123,687,244       82,233,542
 
 * Amounts are net of payments 
 made and without considering 
 interest for the overdue 
 period and penalty, if any, 
 as may be levied if the demand
 is raised so upheld
 
 b) Bonds given to custom 
 authorities for custom duty 
 saved on import of capital 
 goods under EPCG scheme               47,914,281       47,914,281
 
 [Unfulfilled export obligation 
 of Rs. 7,13,26,224 
 (Rs. 8,25,22,560) under EPCG 
 license for import of capital 
 goods (to be fulfilled by June
 18, 2010, now extended to June 
 18, 2012)]
 
 [Unfulfilled export obligation 
 of Rs. 74,89,456 (Rs. 74,89,456) 
 under EPCG license for import of 
 capital goods (to be fulfilled 
 by January 23, 2013)]
 
 [Unfulfilled export obligation 
 of Rs. 18,60,26,102 
 (Rs. 18,60,26,102) under EPCG 
 license for import of capital 
 goods (to be fulfilled by
 March 15, 2013)]
 
 [Unfulfilled export obligation 
 of Rs. 99,41,224 (Rs. 99,41,224) 
 under EPCG license for import of 
 capital goods (to be fulfilled 
 by June 23, 2013)]
 
 c) Guarantees given by Banks             546,405          546,405
 
 Guarantee given to Custom 
 Authorities towards Custom 
 Duty saved on import of 
 Capital Goods under EPCG 
 Scheme
 
 Deposits, inclusive of 
 accrued interest 
 Rs. 6,77,374 (Rs. 6,37,092)
 held by bank as margin
 
 [Unfulfilled export obligation 
 of Rs. 75,13,096 (Rs. 75,13,096) 
 under EPCG license for import 
 of capital goods (to be fulfilled 
 by June 6, 2016)]
 
 Guarantee given to Delhi VAT 
 authorities
 
 [Deposits, inclusive of accrued
 interest Rs. 1,29,370
 (Rs. 1,20,599) held by bank as 
 margin ] 125,332 111,701
 
 The deposits are shown under the 
 head ''Bank Balances''
 
 d) Borrowings by affiliate 
 companies whose loans have been
 guaranteed by the Company as 
 at the close of the year             100,033,562       58,093,593
 
 
 vi) Secured loans
 
 State Bank of India (SBI)
 
 a) Working capital facilities of Rs. 250 lacs (Rs. 0.45 lacs) in the
 form of cash credit secured against hypothecation of Company''s entire
 stock of raw material, stock in process, finished goods, consumable
 stores, spares, goods in transit, book debts and receivables, all
 documents to the title of goods in transit, i.e., bill of lading, lorry
 receipts, etc. The above said facilities are collateraly secured by,
 (a) first charge over all the fixed assets of the Company, except fixed
 assets pertaining to real estate division, including equitable
 mortagage of factory land and building located at Rewari, Haryana, and
 (b) personal guarantees of 3 (three) promoters/directors and 1 (one)
 family member of promoters/directors.
 
 b) Term loan of Rs. 2,099 lacs (Rs. 2,497 lacs) is in the nature of
 loan against assignment of lease rentals receivable from specified
 tenants of a property situated at Jhandewalan Extension, New Delhi. The
 loan is collaterally secured by way of equitable mortgage of the
 Company''s leased property. The loan is further secured by, (a) personal
 guarantees of 3 (three) directors/ promoters of the Company, and (b)
 personal guarantee of 1 (one) family member of promoter/director.
 
 Oriental Bank of Commerce (OBC)
 
 c) Term loan of Rs. 4,038 lacs (Rs. 4,912 lacs) is secured against
 first pari passu charge on entire plant and machinery and super
 structure built/to be built at IMT, Manesar, Haryana. The term loan is
 also collaterally secured by way of personal guarantees of 3 (three)
 directors/ promoters of the Company, and (b) personal guarantee of 1
 (one) family member of directors/promoters of the Company.
 
 Central Bank of India (CBI)
 
 d) Term loan of Rs. 1,351 lacs (Rs. 1,989 lacs) is secured against
 first charge by way of equitable mortgage of land and proposed building
 of the project located at IMT, Manesar, Haryana, and by hypothecation
 charge on other movable fixed assets and current assets of the project
 including work in progress and assignment of lease rentals through an
 Escrow Account. The term loan is also collaterally secured by way of
 personal guarantees of 3 (three) directors/ promoters of the Company,
 and (b) personal guarantee of 1 (one) family member of
 directors/promoters of the Company.
 
 Yes Bank Lmited (YBL)
 
 e) Redeemable Non Convertible Debentures (NCDs) of Rs. 17,500 Lac (Nil)
 is secured against exclusive mortgage of land at Nazafgarh, New Delhi.
 The NCDs are also collaterally secured by way of unconditional and
 irrevocable personal guarantees of 3 (three) directors/promoters of the
 Company.
 
 NCDs are redeemable at par as follows:
 
 i) 50% of Rs. 17,500 lacs maturing at the end of 24th month from the
 date allotment;
 
 ii) 25% of Rs. 17,500 lacs maturing at the end of 27th month from the
 date allotment; and
 
 iii) balance 25% of Rs. 17,500 lacs maturing at the end of 30th month
 from the date allotment.
 
 ICICI Bank Lmited (ICICI)
 
 f) Term loan of Rs. 30,000 lacs (Nil) is secured against, (i) exclusive
 and first charge on land located in New Delhi, and 2 (two) hotel
 properties located in New Delhi, (ii) exclusive charge on
 receivables/cash flows/revenues, including booking amounts, arising out
 of or in connection with property located in New Delhi, (iii) negative
 lien on receivables/cash flows/revenues, including booking amounts,
 arising out of or in connection with 3 (three) hotel properties and 1
 (one) property at IMT, Manesar, Haryana, first pari passu charge on
 entire plant and machinery and super structure built/to be built on
 property at IMT, Manesar, Haryana, (iv) an exclusive charge on Debt
 Service Reserve (DSR) account and collection account, (v) corpoarte
 guarantee of land owners of above said properties to the extent of the
 security provided. The above said term loan is also collaterally
 secured by way of personal guarantees of 3 (three) diectors/promoters
 of the Company.
 
 Allahabad Bank
 
 g) Term loan of Rs. 11,565 lacs (Nil) is secured against, (i) first
 exclusive charge by way of equitable mortgage of motel, including land,
 situated at Hauz Khas, New Delhi. The above said term loan is also
 collaterally secured by way of personal guarantees of 3 (three)
 directors/promoters of the Company and 2 (two) family members of
 promters/directors, and (ii) undertaking to remit monthly lease rentals
 receivable from hotel property.
 
 Reliance Capital Limited (RCL)
 
 h) Term Loan of Rs. 25,000 Lac (Nil) secured against first mortgage and
 charge in favour of the lender on, (i) lands at Haus Khas, New Delhi,
 and Mehrauli, New Delhi, and (ii) demand promissory note by the Company
 in favour of the lender.
 
 The Company shall maintain a 100% margin i.e., the value of the assets
 mortgaged and charged shall at all times exceed 2 (two) times the
 outstanding amount of the above said loans, and if at any time, the
 value of the above said properties falls, the Company shall provide,
 furnish and create such additional security as may be acceptable to the
 lender.
 
 Term loans repayable, in respect of above said term loans, within 1
 (one) year Rs.38,38,68,834 (Rs. 18,65,48,226).
 
 The Company has neither given counter guarantee to the above mentioned
 directors nor any incentive/commission is payable to them.
 
 vii) The warrants issued to Promoter Group company on preferential
 basis expired on January 9, 2011. The amount of Rs. 4,350 lacs being
 25% of the price of warrants received at the time of allotment of
 warrants has been forfeited and credited to Capital Reserve Account.
 
 viii) The Company issued 2,01,44,000 Global Depository Receipts (GDRs)
 each representing one equity share of nominal value of Rs. 2 each at
 the offer price of US $ 7.494 aggregating to US $ 151 million
 equivalent to Rs. 60,806.34 lacs on February 29, 2008. The said GDRs
 are listed on the Luxemburg Stock Exchange. The funds so raised have
 been utilised for development and construction of special economic
 zones, information and technology parks, hospitality sector, augmenting
 long term resources and working capital requirements.
 
 ix) Inventory includes, Development Rights acquired for Rs. 69,451.65
 lacs, being payments made to subsidiary companies under Development
 Agreements to acquire irrevocable rights over land whereby the Company
 is entitled to construct, market and sell the development on the same.
 
 x) During the year the Company changed the method of charging
 depreciation on Plant and Machinery (Tile Division) from written down
 value method to straight line method, resulting in the deprecation
 charge for the current year being lower by Rs. 167.35 lacs. Had there
 been no change in the method of charging depreciation, the profit for
 the current year would have been lower by Rs. 167.35 lacs.
 
 xi) The Company suspended during the year manufacturing activities at
 its Ceramic Tiles manufacturing plant in Rewari, Haryana. The Company
 is examining re-location of the tile manufacturing facility to an
 industrial plot of land purchased in Gujarat, and feasibility study
 whereof is being carried out.
 
 xii) Unpaid dividend, to be credited to Investor Education and
 Protection Fund, does not include any amount due and outstanding.
 
 xiii) As per Accounting Standard-21 on Consolidated Financial
 Statements issued by the Institute of
 
 Chartered Accountants of India, the Company has presented consolidated
 financial statements separately in this annual report.
 
 xiv) Deposits with Bank include Rs. 8,66,280 (Rs. 8,52,649) pledged
 with Sale tax Department/Excise Authorities.
 
 xv) Advance recoverable in cash or in kind or for value to be received
 include:
 
 Amounts due from companies under the same management with in the
 meaning of sub-section (IB) of section 370, are Rs. 8,22,28,59,579 (Rs.
 6,26,97,01,454). Maximum amount due during the year from these
 companies was Rs. 16,36,76,46,234 (Rs. 9,88,84,98,220).
 
 xvi) Sundry debtors include Nil (NiL) as debts due from companies under
 the same management. Maximum balance due during the year was Rs.
 12,18,973 (Rs. 53,96,015).
 
 xvii) Small Scale Industrial (SSI) undertakings have been indentified
 by the management on the basis of information provided by the
 suppliers/creditors. The amount outstanding for more than 30 days, as
 on March 31, 2011 payable to SSI undertakings is Rs. 70,424 (Rs.
 14,90,197). However, no provision for interest accrued on such amounts
 has been made.
 
 The outstanding amounts payable to above parties are not within the
 contracted credit period.
 
 xix) In accordance with the Accounting Standard 15 (Revised) (AS-15) on
 Employee Benefits issued by the Institute of Chartered Accountants of
 India, the Company has recognised its liability towards defined benefit
 plans being Gratuity liability of Rs. 62,58,743 (Rs. 94,66,373) and
 leave encashment liability of Rs.  27,72,544 (Rs. 23,95,652).
 
 (b) The fair value of plan assets is Nil since employee benefit plans
 are wholly unfunded as on March 31, 2011
 
 (e) The discount rate is based upon the market yields available on
 Government bonds at the accounting date with a term that matches that
 of the liabilities.
 
 (f) The estimates of future salary increase considered in the actuarial
 valuation takes into account factors like inflation, seniority,
 promotion and other relevant factors.
 
 (g) The employees are assumed to retire at the age of 58 years.
 
 (h) The mortality rate considered are as per the published rates in the
 LIC (1994-96) (modified) mortality table.
 
 xxi) Disclosure in respect of Loans and Advances in the nature of loans
 pursuant to clause 32 of the Listing Agreement:
 
 b) No loans have been given (other than loans to employees), wherein
 there is no repayment schedule or repayment is beyond seven years and
 no interest or interest below the rate as specified in section 372A(3)
 of the Companies Act, 1956 is charged.
 
 c) No investment have been made by the loanee in the shares of parent
 company.
 
 xxv) The State Government of Haryana, did not fulfil its obligations in
 the matter of grant of sales tax exemption.  The Company had filed a
 writ petition before the Hon''ble High Court of Punjab and Haryana,
 situated at Chandigarh, which was admitted and is yet to be fully
 disposed. The Company has been advised that no liability is likely to
 arise on account of sales tax, and accordingly, no provision has been
 made by the Company in its books of account.
 
 xxvi) The Income tax Authorities re-framed reassessments in respect of
 3 (three) previous assessment years against the Company, which were set
 aside by the First Appellate Authority (Commissioner of Income tax
 (Appeals). The Assessing Authority had preferred appeals before the
 Second Appellate Authority (the Hon’ble Income tax Appellate Tribunal)
 which were allowed by the Hon’ble Appellate Tribunal (ITAT). The
 appeals filed by the Company before the Hon’ble High Court of Delhi,
 against the orders of Hon’ble ITAT, have since been admitted.
 
 The demand of Rs. 2,79,12,346 (Rs. 2,79,12,346) [excluding interest and
 additional tax] has been raised by the Income tax Department for the
 years under these appeals. The Company has not made any provision in
 the books of account as the Company has been advised that no liability
 is likely to crystalize on this account.
 
 xxvii) The Company has not charged and consequently, not deposited
 service tax amounting to Rs. 5,97,87,015 (Rs. 1,82,73,032) on revenue
 from leasing of immovable property, relying on Order dated April 18,
 2009 of the Hon’ble High Court of Delhi, wherein it was held that
 renting of immovable property by itself cannot be regarded as a service
 and therefore, no service tax was leviable. The Hon’ble Court following
 its earlier Order directed in W.P. (C) 3398/2010, and held that no
 stage of service tax arose on revenue from leasing of immovable
 properties. The Company has been legally advised that no liability is
 likely to arise on the above account, and has not been provided in the
 books of account.
 
 The Company does not consider itself liable to to pay service tax as
 the service tax to be deposited is contractually recoverable from
 Tenants. However, the Company remains contingently liable for an
 equivalent amount, being the amount of service tax liability which may
 fall due, in the even the same becomes payable due to any future
 order/amendments and in the event, the respective lessees not
 fulfilling their undertakings to indemnify the Comapny for the
 crystallised liability.
 
 xxviii) In the opinion of the management, the realizable value of all
 current assets, loan and advances in the ordinary course of business
 will not be less than their value stated in the Balance Sheet.
 
 xxix) Balances grouped under sundry debtors, sundry creditors and loans
 and advances recoverable in cash or in kind are subject to confirmation
 from subjective parties.
 
 xxx) All the operating leases entered into by the Company are
 cancellable on serving a notice of one to three months as such there is
 no information required to be furnished as per Accounting Standard
 AS-19 titled `Leases'' issued by the Institute of Chartered Accountants
 of India.
 
 xxxiii) Figures have been rounded off to the nearest Rupee.
 
 xxxiv) Figures in brackets pertain to previous year, unless otherwise
 indicated.
 
 xxxv) Previous year figures have been regrouped/rearranged and recast,
 wherever considered necessary.
 
 xxxvi) Related Party Disclosures:
 
 Pursuant to Accounting Standard (AS18) - Related Party Disclosure
 issued by Institute of Chartered Accountants of India following parties
 are to be treated as related parties alongwith their relationships:
 
 a) Name of related parties and description of relationship
 
 Holding Company
 
 Anant Raj Industries Ltd.  Subsidiaries
 
 1 Advance Buildcon Pvt. Ltd.*
 
 2 Aakarshak Realators Pvt.Ltd.
 
 3 Anant Raj Cons. & Development Pvt. Ltd.
 
 4 Anant Raj Housing Ltd.
 
 5 Anant Raj Hotels Ltd.
 
 6 Anant Raj International FZE@
 
 7 A plus Estates Pvt. Ltd.*
 
 8 Anant Raj Projects Ltd.
 
 9 Ankur Buildcon Pvt. Ltd.*
 
 10 BBB Realty Pvt. Ltd.
 
 11 Blossom Buildtech Pvt. Ltd.
 
 12 Bolt Properties Pvt. Ltd.
 
 13 Capital Buildcon Pvt. Ltd.*
 
 14 CCC Realty Pvt. Ltd.
 
 15 Century Promoters Pvt. Ltd.
 
 16 Capital Buildtech Pvt Ltd.*
 
 17 Carnation Buildtech Pvt Ltd.*
 
 18 Echo Buildtech Pvt. Ltd.
 
 19 Echo Properties Pvt. Ltd.
 
 20 Elegant Buildcon Pvt. Ltd.
 
 21 Elegant Estates Pvt. Ltd.
 
 22 Elevator Builders Pvt. Ltd.@
 
 23 Elevator Buildtech Pvt. Ltd.
 
 24 Elevator Promoters Pvt. Ltd.
 
 25 Elevator Properties Pvt. Ltd.
 
 26 Empire Promoters Pvt. Ltd.
 
 27 Fabulous Builders Pvt. Ltd.
 
 28 Four Construction Pvt. Ltd.
 
 29 Gadget Builders Pvt. Ltd.
 
 30 Goodluck Buildtech Pvt. Ltd.
 
 31 Grand Buildtech Pvt. Ltd.
 
 32 Grand Park Buildtech Pvt. Ltd.
 
 33 Grand Park Estates Pvt. Ltd.
 
 34 Greenline Buildcon Pvt. Ltd.
 
 35 Greatway Estates Ltd.
 
 36 Green Line Promoters Pvt. Ltd.
 
 37 Green Retreat and Motels Pvt. Ltd.
 
 38 Greenview Buildwell Pvt. Ltd.
 
 39 Greenway Promoters Pvt. Ltd.
 
 40 Greenwood Properties Pvt. Ltd.
 
 41 Glaze Properties Pvt. Ltd.
 
 42 Gujarat Anant Raj Vidhyanagar Ltd.
 
 43 Gagan Buildtech Pvt Ltd.*
 
 44 Greatway Buildtech Pvt Ltd.*
 
 45 Hamara Realty Pvt. Ltd.
 
 46 Hemkunt Promoters Pvt. Ltd.
 
 47 Highland Meadows Pvt. Ltd.
 
 48 Jasmine Buildwell Pvt. Ltd.
 
 49 Jubilant Software Services Pvt.Ltd.
 
 50 Kalinga Buildtech Pvt. Ltd.
 
 51 Krishna Buildtech Pvt. Ltd.*
 
 52 Kalinga Realtors Pvt. Ltd.
 
 53 Lucky Meadows Pvt. Ltd.
 
 54 Monarch Buildtech Pvt Ltd*
 
 55 North South Properties Pvt. Ltd.
 
 56 Noval Buildmart Pvt. Ltd.
 
 57 Noval Housing Pvt. Ltd.
 
 58 One Star Realty Pvt. Ltd.
 
 59 Oriental Meadows Ltd.
 
 60 Oriental Promoters Pvt Ltd.*
 
 61 Parkland Construction and Equipments Pvt. Ltd.
 
 62 Parkland Developers Pvt. Ltd.
 
 63 Parkview Promoters Pvt. Ltd.
 
 64 Pasupati Aluminium Ltd.
 
 65 Pelikan Estates Pvt. Ltd.
 
 66 Pioneer Promoters Pvt. Ltd.
 
 67 Papillon Buildcon Pvt.Ltd.*
 
 68 Pappilon Buildtech Pvt. Ltd.*
 
 69 Rapid Realtors Pvt. Ltd.
 
 70 Rising Realty Pvt. Ltd.*
 
 71 Roseview Buildtech Pvt. Ltd.
 
 72 Rolling Construction Pvt. Ltd.
 
 73 Romano Estates Pvt. Ltd.
 
 74 Romano Infrastructure Pvt. Ltd.
 
 75 Romano Tiles Pvt. Ltd.
 
 76 Romano Projects Pvt. Ltd.
 
 77 Rose Realty Pvt. Ltd.
 
 78 Roseview Properties Pvt. Ltd.
 
 79 Sandstorm Buildtech Pvt. Ltd.
 
 80 Sovereign Buildwell Pvt. Ltd.
 
 81 Springview Developers Pvt. Ltd.
 
 82 Springview Properties Pvt. Ltd.
 
 83 Saffronview Properties Pvt. Ltd.
 
 84 Suburban Farms Pvt. Ltd.
 
 85 Three Star Realty Pvt. Ltd.
 
 86 Townsend Construction and Equipments Pvt. Ltd.
 
 87 Tumhare Liye Realty Pvt. Ltd.
 
 88 Twenty First Developers Pvt.Ltd.
 
 89 Vibrant Buildmart Pvt. Ltd.
 
 90 White Diamond Construction and Equipments Pvt. Ltd.
 
 91 Woodland Promoters Pvt. Ltd.
 
 92 West Land Buildcon Pvt Ltd.*
 
 93 Excellent Inframart Pvt.Ltd. *
 
 94 Sartaj Developers and Promoters Pvt.Ltd. *
 
 * The Company holds through its subsidiaries more than one-half in
 nominal value of their equity share capital.  @ Ceased to be subsidiary
 during the year.
 
 Joint Venture
 
 Lalea Trading Ltd.
 
 Partnership firm in which Company is partner
 
 Ganga Bishan & Company
 
 Key management personnel
 
 Ashok Sarin Chairman
 
 Anil Sarin Managing director
 
 Ambarish Chatterjee Director
 
 Maneesh Gupta Director
 
 Amit Sarin Director&Chief Executive Officer
 
 Aman Sarin Executive director (Operations)
 
 Ashim Sarin Executive director (Construction)
 
 Amar Sarin Executive director (Business Development)
 
 Brajindar Mohan Singh Director
 
 Enterprise over which key management personnel exercises control
 
 1 AAA Realty Pvt. Ltd.  24 Mayur Buildcon Pvt. Ltd.
 
 2 Aakash Ganga Realty Pvt. Ltd.  25 Monarch Estates Pvt. Ltd.
 
 3 Anant Raj Agencies Pvt. Ltd.  26 Olympia Buildtech Pvt. Ltd.
 
 4 Anant Raj Estates Pvt. Ltd.  27 Olympia Builders Pvt. Ltd.
 
 5 Anant Raj Infrastructure Pvt. Ltd.  28 Rapid Estates Pvt. Ltd
 
 6 Anant Raj Meadows Pvt. Ltd.  29 Red Sea Realty Pvt. Ltd.
 
 7 Anant Raj Farms Pvt. Ltd.  30 Rockfield Developers Pvt. Ltd.
 
 8 Anant Raj Property Management Pvt. Ltd.  31 Roseland Buildtech Pvt.
 Ltd.
 
 9 Associated Buildtech Pvt. Ltd.  32 Roseview Promoters Pvt. Ltd.
 
 10 Anant Raj Power Limited 33 SSAamouage Trading Pvt. Ltd.
 
 11 Blue Diamond Estates Pvt. Ltd.  34 Skipper Travels International
 Pvt. Ltd.
 
 12 Carnation Promoters Pvt. Ltd.  35 Two Star Realty Pvt. Ltd.
 
 13 Consortium Holding Pvt. Ltd.  36 Townsend Promoters Pvt. Ltd.
 
 14 Delhi Motels Pvt. Ltd.  37 Townsend Properties Pvt. Ltd.
 
 15 EEE Realty Pvt. Ltd.  38 Tricolor Hotels Ltd.
 
 16 Elevators Realtors Pvt. Ltd.  39 Del 15 Hospitality Pvt.Ltd.
 
 17 Four Star Realty Pvt. Ltd.  40 Moments Retail Services Pvt.Ltd.
 
 18 Green Valley Builders Private Limited 41 Equinox Properties Pvt.Ltd.
 
 19 GGG Realty Pvt. Ltd.
 
 20 Goodwill Estates Pvt. Ltd.
 
 21 Goodwill Meadows Ltd.
 
 22 HBP Estates Pvt. Ltd.
 
 23 Hemkunt Buildtech Pvt. Ltd.
 
 Note: The above parties have been identified by the management.