1 Contingent Liability, not provided for, in respect of : (a) Contested
 demand of
 
 Sl.                             Rs. in Lakhs     Rs. in Lakhs
 No.                             2010-11          2009-10
 
 1.   Income tax and penalty     6.90             6.90
 
 2.   ESIC                       4.28             4.28
 
 3.   Cess - Sonari land        29.15            19.43
 
 (b)Contested claim of the Government of Rajasthan for refund of State
 Capital Subsidy including interest Rs. 52.50 lakhs (Rs. 50.25 lakhs).
 
 (c)Corporate Guarantee in favour of Housing Development Finance
 Corporation Ltd. against borrowing of Rs. NIL Crores (Rs. 1.61 Crores)
 by M/s. Ashiana Greenwood Developers, a firm in which the company is a
 partner.
 
 2 Estimated amount of contracts remaining to be executed on capital
 account and not provided for amounts (net of advance) to Rs. Nil (Rs.
 8.74 lakhs)
 
 3 Paid up Share Capital of the Company includes 1993100 (P.Y.1993100)
 Equity Shares, allotted pursuant to Schemes of Amalgamation without
 payment being received in cash and 13256855 (P.Y.13382750) Equity
 Shares, allotted as fully paid up Bonus Shares, by capitalisation of
 General Reserves.
 
 4 a. Pursuant to Order dated 21st March, 2011 of the Honble High Court
 at Kolkata, certified true copy whereof was filed with the Registrar of
 Companies, West Bengal on the 11th May, 2011, erstwhile Ashiana
 Retirement Villages Limited (Transferor company), has been amalgamated
 with the company w.e.f. 1st April , 2010 and these accounts have been
 prepared accordingly. The net surplus of Rs. 54148464 remaining after
 adjustments, dividend from the transferor company to the transferee
 company Rs. 9240050 and dividend from the transferee Company to the
 transferor Company Rs. 786113 have been credited to General Reserves.
 
 b.  Increase in Authorised Capital represents 10000000 Equity Shares of
 Rs. 10/- each of the Transferor company added in terms of Scheme of
 Amalgamation as referred in (5)a.  above.
 
 c. The Issued, Subscribed and Paid up Share Capital has been reduced
 from 18735850 Equity shares of Rs. 10/- each to 18609955 Equity Shares
 of Rs. 10/- each due to inter-se cancellation of 125895 Equity shares
 upon amalgamation.
 
 5 Method of Accounting for recognisation of Revenue in respect of Real
 Estate Projects has been changed, as evident in the related Accounting
 Policies hereinabove. There is however, no effect on the profit for the
 year due to such change.
 
 6 a. In view of non confirmation/response from the suppliers regarding
 their status as SSI units, the amount due to Small Scale Industrial
 undertaking can not be ascertained.
 
 b. Due to non receipt of confirmation/response from the suppliers for
 compliance under the Micro, Small and Medium Enterprises Development
 Act, 2006, the company is unable to provide the information required
 under the said Act.
 
 7 Related parties and transactions with them as specified in the
 Accounting Standard 18 on Related Parties Disclosures issued by ICAI
 has been identified and given below on the basis of information
 available with the company and the same has been relied upon by the
 auditors.
 
 Related Parties & Relationship
 
 a. Enterprises that directly, or indirectly through one or more
 intermediaries, Control or are controlled by or are under common
 control with the company (including holding companies, subsidiaries and
 fellow Subsidiaries):
 
 Defined Benefit Plan
 
 The present value of obligation is determined based on actuarial
 valuation using the Projected Unit Credit Method, which recognises 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.
 
 8 These accounts have been prepared as per the revised Accounting
 Standard (AS) 9 on Revenue Recognition and the Guidance note on
 Recognition of Revenue by Real Estate Developers.
 
 9 On the basis of physical verification of assets, as specified in
 Accounting Standard - 28 and cash generation capacity of those assets,
 in the management perception there is no impairment of such assets as
 appearing in the balance sheet as on 31.03.2011.
 
 10 a. Buildings under Fixed Assets include Rs. 39,874,160 pending
 registration in the name of the company.
 
 b. Depreciation includes differential depreciation of Rs. 503,500/- vis
 a vis written down value as per Income Tax Act, 1961 relating to
 building transferred to Investment.
 
 11 Unabsorbed MAT credit to be allowed in future years amounts to Rs.
 239,257,176/- 
 
 12 a. Previous year figures above are indicated in brackets.
 
 b. Previous year figure have been regrouped/rearranged, wherever found
 necessary.