1.  Contingent Liabilities :
 
                                                      Prior Period 
                                     Rs in lakhs       Rs in Lakhs
 
 (a) Outstanding Capital 
 Expenditure Commitments*               6,640.10            660.64
 
 (b) Claims against the Company 
 not acknowledged as debts **             530.32            508.49
 
 * includes custom duty as may be payable.
 
 ** includes demand raised by the Service Tax authorities on Hotel Hyatt
 Regency Delhi amounting to Rs.467.96 lakhs (excluding interest and
 penalties) for earlier years upto 2007, against which the Company has
 fled an appeal with the said authorities. The Company may, however, be
 not liable to pay the demand for the periods till 18th April, 2006 in
 view of the judgement of the Hon’ble Supreme Court of India in the case
 of Indian National Shipowners Association whereby it held that no
 service tax is leviable on certain foreign services prior to 18th April
 2006.
 
 2.  NEW PROJECTS :
 
 (a) Delhi Development Authority vide Notification No. 2034E dated
 12.08.2008 has, subject to fulfillment of certain conditions, granted
 an additional FSI, which in case of the Company, works out to approx.
 15000 square meters. The Company is in the process of utilizing the
 aforesaid additional FSI partially for expansion of the existing
 facilities (EXPANSION PROJECT) and the balance as a new Serviced
 Apartments Block (SERVICED APARTMENT PROJECT) with permitted commercial
 area at Hotel Hyatt Regency Delhi.
 
 (b) In response to a financial bid made to West Bengal Housing
 Infrastructure Development Corporation Limited (WBHIDCO), the Company
 has been offered allotment of a plot of land measuring six acres
 (approx.) on freehold basis for setting up of a five star hotel
 (KOLKATA PROJECT). The Company has already paid 25% of the land price
 as earnest money.
 
 3.  (a) Advances from Customers includes Rs. 6500 Lakhs received from
 prospective buyer against agreements for sale/ ftouts of
 certain constituents forming part of the SERVICED APARTMENT PROJECT.
 
 (b) Other Liabilities includes an amount of Rs 900 lakhs received, in
 respect of KOLKATA PROJECT, as expression of interest for forging a
 Joint Venture with a company in which a director is related to certain
 directors of the Company .
 
 4. Note:
 
 (a) Building under construction includes : -
 
 – Rs.10799.42 lakhs paid to Municipal Corporation of Delhi as
 additional FAR charges and labour cess – Rs. 211.65 paid for
 repossession of areas for construction of spa
 
 (b) Interest on loans and difference in exchange pertaining to loans
 (including foreign currency external commercial borrowings) taken for
 new projects.
 
 (c) The Company intends to capitalise the major part of incidental
 expenditure when commercial operations begin in accordance with the
 accepted accounting principles.
 
 5.  Post restructuring of the Company in terms of the Scheme of
 Arrangement and Demerger (the Scheme), as sanctioned by the High Court
 of Delhi, each of promoter groups namely the Jatia Group, Gupta Group
 and Saraf Group, undertook inter-se transfer of their respective
 shareholding in the three de-merged entities pursuant to Regulation
 3(1)(e) of the SEBI (Substantial Acquistion of Shares and Takeovers)
 Regulations, 1997, on 23rd August, 2010, as envisaged in Clause 5.8 of
 the Scheme. Resultantly, the Jatia Group acquired shares held in the
 Company by the other two promoter groups named above.
 
 6.  The Company, based on the report by a Certified Valuer, had
 revalued land and building of Hotel Hyatt Regency Delhi (the land and
 building being more than twenty years old) by adopting Cost of
 Contractor''s method, on 28th February, 2007 at Rs. 85,700.00 Lakhs. The
 same resulted in an increase in the value of land and building of an
 amount of Rs. 82,131.81 Lakhs, and therefore, an equivalent amount had
 been credited to the Revaluation Reserve Account.
 
 Due to increase in the value of assets, there was an additional charge
 of Rs. 53.91 Lakhs (Prior Period Rs. 26.96 Lakhs), for the current
 year, on account of depreciation. Resultantly, an equivalent amount of
 Rs 53.91 Lakhs (Prior period Rs. 26.96 Lakhs) has been withdrawn from
 the Revaluation Reserve Account and credited to the Profit & Loss
 Account. In the prior period, the Loss amounting to Rs.62,414.67 Lakhs
 arising to the Company from restructuring and transfer of the Kolkata
 undertaking and the Mumbai undertaking had been set off against the
 Revaluation Reserve Account as envisaged in the Scheme.
 
 7.  The Company has not recognised any loss on impairment in respect
 of assets of the Company in terms of Accounting Standard (AS) 28 on
 Impairment of Assets since in the opinion of the Management, as
 confirmed by the Audit Committee, the reduction in value of any asset,
 to the extent required, has already been provided for in the books.
 
 8.  Letters for confirmation of balances sent to parties have been
 received back only in a few cases and discrepancies, if any, pointed
 out by the parties are being investigated for necessary adjustments to
 be carried out.
 
 9.  The Company operates only one hotel, namely Hotel Hyatt Regency
 Delhi. The power generation business of the Company is governed by
 different set of risks and returns. However, it is not a reportable
 segment as defined under the said Accounting Standard, and therefore,
 no separate disclosures have been made. The assets, liabilities and
 revenues relating to the said business have, however, been disclosed in
 the accounts separately.
 
 The above treatment is in accordance with the guiding principles
 enunciated in the Accounting Standard (AS)-17 on Segment Reporting.
 
 10.  Municipal Corporation of Delhi introduced a new method for payment
 of property tax under ''Unit Area Scheme'' w.e.f. 1st April, 2004.
 
 The Federation of Hotels and Restaurants Association of India (FHRAI)
 and the Company fled a writ petition in the High Court of Delhi against
 the said new method, which is still pending. In terms of the interim
 order dated 10th September, 2004 passed by the Hon’ble High Court, the
 Company has been paying a sum of Rs. 54.52 Lakhs per annum based on the
 Rateable Value method then existing. However, as a matter of abundant
 caution, based on usage factor of ten, the Company has provided for the
 difference in property tax as per Unit Area Scheme since introduction
 of the said new method, alongwith interest thereon.
 
 11.  The Company has classified the various benefits provided to
 employees as under:- (a) Defined contribution plans i) Provident fund
 
 During the period, the Company has recognized the following amounts in
 the profit and loss account: Employers’ contribution to provident fund
 Rs. 202.06 Lakhs (Prior Period Rs. 110.66 Lakhs) (b) Defined benefit
 plans
 
 a) Contribution to Gratuity funds
 
 b) Compensated absences – Earned leave
 
 In accordance with Accounting Standard 15 (revised 2005), actuarial
 valuation was done in respect of the aforesaid defined benefit plans
 based on the following assumptions-
 
 Economic Assumptions
 
 The discount rate and salary increases assumed are the key financial
 assumptions and should be considered together; it is the difference or
 ‘gap’ between these rates which is more important than the individual
 rates in isolation.
 
 Discount Rate
 
 The discounting rate is based on the gross redemption yield on medium
 to long term risk free investments. The estimated term of the benefit
 obligations works out to 0 years. For the current valuation a discount
 rate of 8 % p.a. compound, has been used in consultation with the
 employer.
 
 12.  Related Party Disclosures
 
 a) Group Companies which significantly influence the Company (either
 individually or with others)
 
 (i) Yans Enterprises (H.K.) Ltd.  
 
 (ii) Fineline Holdings Ltd., Mauritius
 
 b) Group Companies which are significantly influenced by the Company
 (either individually or with others) 
 
 (i) Fineline Hospitality & Consultancy Pte Ltd, Mauritius, a subsidiary
 company (Formerly known as Darius Holdings Limited) 
 
 (ii) Most Prof Hospitality & Consultancy Pte Ltd, Mauritius, a 
 sudsidiary company (Formerly known as Mostprof Investment Pte Ltd) 
 
 (iii) Lexon Ventures Limited, B.V.I., a subsidiary company
 
 (iv) Magus Estates & Hotels Limited, India, a subsidiary company
 
 d) Related Parties
 
 – Subsidiaries of the Company   Fineline Hospitality & Consultancy 
                                 Pte Ltd, Mauritius,
                                 (Formerly known as Darius Holdings 
                                 Limited)
                                 Most Prof Hospitality & Consultancy 
                                 Pte Ltd, Mauritius,
                                 (Formerly known as Mostprof Investment 
                                 Pte Ltd)
                                 Lexon Ventures Limited, B.V.I.
                                 Magus Estates & Hotels Limited, India,
                                 (covered as entity controlled by 
                                 directors during prior period)
 
 – Erstwhile Subsidiaries 
 of the Company                  GJS Hotels Limited
 (for part of the prior          Aria Hotels & Consultancy
 period)                         Services Private Limited
                                 Chillwinds Hotels Limited
                                 Vardhman Hotels Limited
                                 Regency Convention Centre
                                 & Hotels Ltd
 
 – Key Management Personnel      Mr. Shiv Jatia 
                                 Chairman & Managing Director
  
                                 Mr. Adarsh Jatia Joint 
                                 Managing Director, for part of 
                                 the year
 
                                 Mr. Sushil Gupta 
                                 Managing Director (West), 
                                 for part of the prior period
 
                                 Mr. Umesh Saraf Managing Director 
                                 (East), for part of the prior period
 
 – Relatives (other than         Mr. Sandeep Gupta 
 directors) of Key               Son of Mr. Sushil Gupta 
 Management Personnel            (for part of the year)
 
                                 Mr R S Saraf Father of 
                                 Mr. Umesh Saraf (for part 
                                 of the year)
 
 – Entities controlled by /      Asian Hotels (East) Limited 
 Directors Erstwhile             (previously Vardhman Hotels
 Directors or their              Limited) Asian Hotels (West)
 relatives (with whom            Limited (previously Chillwinds 
 transactions entered            Hotels Limited) Bell Ceramics 
 into during current             Ltd  M/s Bhasin & Co
 year or prior period)           Wel Inter Trade Private 
                                 Limited 
                                 The Bina Gudi Tea
                                 Estates Limited
  
 – Entities controlled by /      Energy Infrastructure (I)     
 Directors Erstwhile             Limited
 Directors or their              Nepal Travel Agency Pvt Ltd. 
 relatives (with whom            Eden Park Hotels Pvt. Ltd     
 transactions entered            Ascent Hotels Private Limited  
 into during current             Godfrey Philips Ltd
 year or prior period)            
                                 
 
 13.  During the year, the entire lot of 6259255 1% Cumulative Fully
 Convertible Preference Shares (FCPS) were converted into equity shares
 of Rs. 10/- each at a price of Rs.419.80 per equity share, as computed
 in accordance with the provisions relating to ''Preferential Issue''
 under SEBI (Issue of Capital and Disclosure Requirements) Regulations,
 2009. Consequently, 8,051,447 equity shares of Rs.  10/- each have been
 allotted, taking the aggregate paid up equity capital to
 Rs.19,45,32,290/-.
 
 14.  49 lakhs 1% Cumulative Redeemable Non-convertible Preference
 Shares (NCPS) of Rs. 10/- each were due for redemption on 30th June,
 2010, in terms of issuance thereof. The same have been rescheduled for
 redemption on 30th June, 2013, with the consent of the holder thereof,
 namely Magus Estates and Hotels Limited, which has during the year
 become a subisidiary of the Company.
 
 15.  Pursuant to a Joint-venture cum Subscription Agreement executed in
 October 2010, the Company made a strategic investment of approx. Rs.
 391 crores in Fineline Hospitality & Consultancy Pte. Ltd., Mauritius,
 (Fineline Hospitality) previously known as Darius Holdings Ltd.,
 acquiring controlling interest of 53% in its Equity and Preference
 Share Capital in accordance with extant regulations framed under the
 Foreign Exchange Management Act, 1999. Fineline Hospitality is in the
 business of providing consultancy, project development and offshore
 project management primarily in the hospitality sector. Thus, with
 effect from 18th October, 2010, Fineline Hospitality and its
 subsidairies have become the Company''s subisidiaries. One of such
 subsidiaries is Magus Estates and Hotels Limited, India (Magus). Magus,
 which owns and operates Four Seasons hotel comprising of 202 rooms in
 Mumbai, is in the process of expanding its facilities to utilize the
 additional FAR available under the building norms.
 
 16.  The name of the Company has been changed from Asian Hotels Limited
 to Asian Hotels (North) Limited w.e.f 16th February 2010.
 
 17.  The current accounting year is for twelve months from 1st April,
 2010 to 31st March, 2011, whereas the prior accounting year was for six
 months from 1st October, 2009 to 31st March, 2010. The prior period
 figures include one month figures of two discontinued demerged
 undertakings whereas current year figures are for continuing operations
 only . Hence, the figures for prior period are not comparable with
 those of the current year.
 
 18.  Prior period figures have been regrouped and rearranged wherever
 necessary.
 
 Schedules 1 to 21 form an integral part of the Balance Sheet as at 31st
 March, 2011 and Profit & Loss Account for the year ended on that date