COMPANY OVERVIEW
 
 India bulls Real Estate Limited (the Company, IBREL) was
 incorporated on April 04, 2006 with the main objects of carrying on the
 business of project management, investment advisory, project marketing,
 maintenance of completed projects, engineering, industrial and
 technical consultancy, construction and development of real estate
 properties and other related and ancillary activities.
 
 A Scheme of Arrangement (IBFSL Scheme of Arrangement) between
 India bulls Financial Services Limited (Demerged Company, IBFSL) and
 the Company (IBREL, Resulting Company) and their respective
 shareholders and creditors under Sections 391 - 394 of the Companies
 Act, 1956, was sanctioned by the Humble High Court of Delhi at New
 Delhi on November 24, 2006. Upon coming into effect of the Scheme of
 Arrangement on December 20, 2006 and with effect from the Appointed
 Date on May 01,2006, the real estate undertaking of IBFSL (real estate
 undertaking) was demerged from IBFSL and transferred to and vested in
 IBREL on a going concern basis.
 
 i) Statement of compliance
 
 The financial statements are prepared under the historical cost
 convention on an accrual basis, in accordance with the generally
 accepted accounting principles in India and in compliance with the
 applicable accounting standards as notified under the Companies
 (Accounting Standards) Rules, 2006, as amended and as per Revised
 Schedule VI of the Companies Act, 1956. All assets and liabilities have
 been classified as current or non-current as per the Company''s normal
 operating cycle and other criteria set out in the Revised Schedule VI
 of the Companies Act, 1956.
 
 ii) Use of estimates
 
 The presentation of financial statements is in conformity with the
 generally accepted accounting principles and require estimates and
 assumptions to be made that affect the reported amount of assets and
 liabilities and disclosure of contingent liabilities as on the date of
 the financial statements and the reported amount of revenues and
 expenses during the reporting year. Differences between the actual
 results and estimates are recognized in the year in which the results
 are known or materialized.
 
 CORPORATE RESTRUCTURING
 
 a) A Scheme of Arrangement (Scheme-I) between India bulls Real Estate
 Limited (IBREL) (Demerged Company) and the India bulls Wholesale
 Services Limited (IBWSL, Resulting Company) and their respective
 shareholders and creditors under Sections 391 - 394 of the Companies
 Act, 1956, was sanctioned by the Humble High Court of Delhi at New
 Delhi on March 03, 2011. Upon coming into effect of the Scheme of
 Arrangement on March 31, 2011 and with effect from the Appointed Date
 on April 01,2010, the Wholesale trading business stand demerged from
 IBREL and transferred to and vested in IBWSL on a going concern basis.
 
 b) A composite Scheme of Arrangement (Scheme-ii) under Section 391 to
 394 of the Companies Act, 1956, by and among India bulls Real Estate
 Limited (the Company), India bulls Infrastructure and Power Limited
 (IIPL), India bulls Builders Limited (IBL), India bulls Power Limited.
 (IPL) and Poena Power Supply Limited (PPSL) and their respective
 shareholders and creditors (Scheme), which had been approved by the
 Humble High Court of Delhi vide its order dated October 17, 2011 and
 came into effect on November 25,2011, with effect from April 1,2011
 i.e. the Appointed Date.
 
 Pursuant to and in terms of the Scheme II, with effect from the
 appointed date: 
 
 i) Demerger:
 
 The Power business undertaking of the Company which included the
 company''s investment in the IPL, stood demerged from the Company and
 transferred to and vested in favor of India bulls Infrastructure and
 Power Limited (IIPL).
 
 a) All business activities of the demerged undertaking made by the
 Company in trust for IIPL, carried out on or after the Appointed Date
 are deemed to have been carried out by the Demerged Company on behalf
 of the Resulting Company on a going Concern basis;
 
 b) Certain Assets comprising of Fixed Assets and Loans and Advances in
 the demerged undertaking aggregating to Rs.1,840,201 have been
 transferred to IIPL, at their book values;
 
 c) The Company''s investment in IPL. amounting to Rs. 5,925,000,000
 stands transferred and investment in IIPL amounting to Rs. 500,000
 stands cancelled;
 
 d) The net adjustment for such transfer of assets and cancellation of
 investments amounting to Rs. 5,927,340,201 has been adjusted out of
 Securities Premium Account;
 
 e) The shareholders of the Company as on December 08, 2011, i.e. the
 Record Date fixed for ascertaining the list of eligible shareholders of
 the Company, were allotted equity shares by IIPL in the ratio of 2.95
 equity shares for every one share held by them in the Company
 
 ii) Merger:
 
 Indiabulls Builders Limited (IBL) a wholly owned subsidiary of the
 Company was merged with the Company as a going concern under the
 ''pooling of interests method'' with the entire business, including all
 the assets and liabilities as recorded in the books of IBL as on the
 Appointed Date (there were no fixed assets), being transferred to the
 Company at their book values as on the said date. As on the appointed
 date, the net assets of IBL were Rs. 143,454,923.
 
 a) All business activities of IBL carried out on or after the Appointed
 date are deemed to have been carried out by IBL on behalf of the
 Company on going concern basis and consequently, all the profits and
 related taxes paid, are deemed to be the profits and taxes of the
 Company.AII the income and expenses from the Appointed date relating to
 IBL have been incorporated in the accounts of the Company.
 
 b) The investment in IBL was transferred by the Company to IBREL-IBL
 Scheme Trust and accounted for as Interest in IBREL-IBL Scheme Trust
 in the Company. In consideration for an aggregate of 42,500,000 Equity
 shares of face value of Rs. 2 each held in India bulls Builders Limited,
 an equivalent number of fully paid Equity shares of face value Rs. 2
 each were issued in the Company to the IBREL - IBL Scheme Trust, the
 shareholder of IBL, as of the aforesaid effective date of the Scheme.
 The trust holds these shares for the sole benefit of India bulls Real
 Estate Limited.
 
 c) The surplus of in the Statement of Profit and Loss of IBL amounting
 to Rs. 58,454,923 as on appointed date have been transferred and
 credited to Statement of Profit and Losses of the Company.
 
 (i) The holders of equity shares are entitled to receive dividends as
 declared from time to time, and are entitled to one vote per share at
 meetings of the Company. In the event of liquidation of the Company,
 all preferential amounts, if any, shall be discharged by the Company.
 The remaining assets of the Company shall be distributed to the holders
 of equity shares in proportion to the number of shares held to the
 total equity shares outstanding as on that date.  The holders of
 preference shares are entitled to receive dividends, but do not carry
 the right to vote. All shares rank equally with regard to the Company''s
 residual assets, except that holders of preference shares participate
 only to the extent of the face value of the shares.
 
 (ii) Of the above fully paid equity shares, 168,675,378 equity shares
 of face value Rs. 2 each were allotted to eligible Shareholders
 pursuant to and in terms of a Scheme of Arrangement with India bulls
 Financial Services Limited as approved by Humble High Court of Delhi
 at New Delhi on November 24,2006, without consideration being received
 in cash.
 
 (iii) Of the above fully paid equity shares, 11,500,000 equity shares
 of face value Rs. 2 each were allotted to Oberon Limited on July
 21,2007, pursuant to exercise of their option to convert 11,500,000
 Convertible Preference Shares of Face Value Rs. 138 each into
 11,500,000 equity shares of Face Value Rs. 2 each at a premium of Rs.
 136 per share.
 
 (iv) Of the above fully paid equity shares, 16,685,580 Equity Shares of
 face value Rs. 2 each (representing 16,685,580 Global Depository
 Receipts (GDRs)) were allotted to Dev Property Development Limited''s
 (formerly Dev Property Development Pic.) (DPD) shareholders pursuant
 to and in terms of a Scheme of Arrangement approved by High Court of
 Justice of the Isle of Man on May 7, 2008, for the acquisition of 100%
 ordinary shares of DPD, without consideration being received in cash.
 
 (v) Of the above fully paid equity shares, 42,500,000 Equity Shares of
 face value Rs. 2 each were allotted to IBREL-IBL scheme trust, the
 shareholder of IBL, for the sole benefit of India bulls Real Estate
 Limited pursuant to and in terms of a scheme of Arrangement approved by
 High Court of Delhi on October 17,2011. The trust holds these shares
 for the sole benefit of India bulls Real Estate Limited.
 
 (vi) During the Financial year ended March 31, 2012, upon exercise of
 Stock options vested in terms of India bulls Real Estate Limited
 Employees Stock options Scheme 2006 by eligible employees and upon
 receipts of full consideration in cash, the Company has allotted an
 aggregate of 668,500 Equity Shares of face value Rs. 2 each at an
 exercise price of Rs. 60 each.
 
 (vii) During the Financial year ended March 31, 2012, Pursuant to and
 in terms of the Court approved Scheme of Arrangement under Section 391
 to 394 of the Companies Act, 1956, by and among India bulls Real Estate
 Limited (the Company), India bulls Infrastructure and Power Limited
 (IIPL), India bulls Builders Limited (IBL), India bulls Power Limited.
 (IPL) and Open Power Supply Limited (PPSL) and their respective
 shareholders and creditors (Scheme -II), which had been approved by the
 Humble High Court of Delhi, IBL a wholly owned subsidiary of the
 Company got merged with the Company as a going concern and in
 consideration of which, 42,500,000 fully paid Equity shares were
 allotted by the Company in favor of IBREL-IBL Scheme Trust, the
 shareholder of IBL as on the effective date of the Scheme II. The trust
 holds these shares for the sole benefit of India bulls Real Estate
 Limited.  Further to the Scheme II, the warrants issued on August 26,
 2010 and remaining outstanding as on the effective date of the Scheme,
 were converted into 28,700,000 partly paid equity shares of the
 Company. The Promoter group companies and directors of the Company, who
 were allotted partly paid shares had paid the final call money as
 specified in the scheme except for one of the warrant holder, to whom
 100,000 partly paid up equity shares (Rs. 0.50 per share paid) were
 allotted had forfeited due to nonpayment of call money, accordingly
 28,600,000 equity shares had become fully paid up shares.
 
 During the year ended March 31,2011 the company had received the share
 application money representing the exercise of 38,500 employees stock
 option, at a exercise price of Rs. 60 per equity share of face value
 Rs. 2 each, vested under India bulls Real Estate Limited-Employee stock
 option scheme-2006. The compensation committee of the Board of
 Directors of the company, at its meeting held on April 01, 2011, had
 approved the allotment of the aforesaid equity shares
 
 Redeemable non convertible debentures include
 
 (i) On February 22,2011, the Company had issued and allotted 1,000
 Secured Redeemable Non Convertible Debentures (NCDs) of face value of
 Rs. 1,000,000 each carrying interest rate of 12.25% payable quarterly
 basis, aggregating to Rs. 1,000,000,000 on private placement basis to
 part finance of various projects undertaken by Company and its
 Subsidiary Companies. These Non convertible debentures are secured by
 mortgage on specified immoveable properties held and owned by Company
 and its Subsidiary Company by way of first charge created in favor of
 IDBI Trusteeship Services Limited (Debenture Trustee). Additionally
 aforesaid NCDs are also secured by way of second charge on the rental
 receivables from properties held and owned by Subsidiaries of its
 associate and are redeemable at the end of 36th month from date of
 allotment. These NCDs are listed on Wholesale Debt Market (WDM) segment
 of National Stock Exchange of India Limited.
 
 (ii) On December 13, 2010, the Company had issued and allotted 4,000
 Secured Redeemable Non Convertible Debentures (NCDs) of face value of
 Rs. 1,000,000 each carrying interest rate of 12% payable semi annually
 basis, aggregating to Rs. 4,000,000,000 on private placement basis for
 part finance of various projects undertaken by Company and its
 Subsidiary Companies. These Non Convertible Debentures are secured by
 mortgage on specified immoveable properties held and owned by the
 Company and its certain Subsidiary Companies by way of charge created
 in favour of IDBI Trusteeship Services Limited (Debenture Trustee).
 Additionally aforesaid NCDs are secured by way of exclusive charge on
 all revenues and receivables of the real estate projects under
 development of these Subsidiaries and are redeemable in three
 installments, 33% at the end of 24th month, 33% at the end of 30th
 month and 34% at the end of 36th month from date of allotment. These
 NCDs are listed on Wholesale Debt Market (WDM) segment of National
 Stock Exchange of India Limited. Out of these NCDs Rs 1,320,000,000
 (previous year nil) is payable in next 12 months.
 
 (iii) On December 10, 2010, the Company had issued and allotted 5,000
 Secured Redeemable Non Convertible Debentures (NCDs) of face value of
 Rs. 1,000,000 each carrying interest rate of 11.75% payable quarterly
 basis, aggregating to Rs. 5,000,000,000 on private placement basis for
 part finance of various projects undertaken by Company and its
 Subsidiary Companies. These Non Convertible Debentures are secured by
 mortgage on specified immoveable properties held and owned by the
 Company and its certain Subsidiary Companies by way of first charge
 created in favor of IDBI Trusteeship Services Limited (Debenture
 Trustee). Additionally aforesaid NCDs are also secured by way of
 second charge on the rental receivables from properties held and owned
 by Subsidiaries of its associate and are redeemable in three
 installments, 33% at the end of 24th month, 33% at the end of 30th
 month and 34% at the end of 36th month from date of allotment. These
 NCDs are listed on Wholesale Debt Market (WDM) segment of National
 Stock Exchange of India Limited. The Company has repurchased 420
 Debentures at par on 10th April, 2012. The said repurchased Debentures
 are being extinguished and upon such extinguishment, an aggregate 4,580
 Debentures shall remain outstanding. Out of these NCDs Rs 1,511,400,000
 (previous year nil) is payable in next 12 months.
 
 Term Loan from banks includes
 
 During the year ended March 31, 2011 the Company had raised Short Term
 Loans of Rs. 3,200,000,000 from
 
 Indusind Bank Limited and Rs. 1,500,000,000 from HDFC bank Limited
 respectively to part finance construction expenditure of various
 projects undertaken by its certain Subsidiaries Companies which are
 secured by way of pledge of Mutual Fund Fixed Maturity Plan Investments
 made by its certain Subsidiary Companies and by way of corporate
 guarantees from Subsidiary Companies. This term loan has been repaid
 during the current year.
 
 The above information regarding Micro, Small and Medium Enterprises has
 been determined to the extent such parties have been identified on the
 basis of information available with the Company. This has been relied
 upon by the auditors.
 
 EMPLOYEE BENEFITS:
 
 Gratuity benefits
 
 In accordance with The Payment of Gratuity Act, 1972, the Company
 provides for gratuity a defined benefit retirement plan (the Gratuity
 Plan) covering certain categories of employees. The Gratuity Plan
 provides a lump sum payment to vested employees at retirement or
 termination of employment. The amount of payment is based on the
 respective employee''s last drawn salary and the years of employment
 with the Company. Liabilities in respect of the Gratuity Plan are
 determined by an actuarial valuation and this plan is unfunded. The
 Company had recognized credit of Rs. 1,417,849 (previous year charged
 of Rs.1,208,106) during the year ended March 31,2012 and the amount
 outstanding as at March 31,2012 is Rs. 2,103,007 (previous year:
 3,549,643).
 
 Compensated leave of absence
 
 Eligible employees are entitled to accumulate compensated absences up
 to prescribed limits in accordance with the Company''s policy and
 receive cash in lieu thereof. The Company measures the expected cost of
 accumulating compensated absences as the additional amount that the
 Company expects to pay as a result of the unused entitlement that has
 accumulated at the balance sheet date. Such measurement is based on
 actuarial valuation as at balance sheet date carried out by a qualified
 actuary. The Company had recognized credit of Rs. 739,738 (previous
 year charged of Rs. 1,095,607) during the year ended March 31, 2012 and
 the amount outstanding as at March 31, 2012 is Rs. 2166,407 (previous
 year: 3,496,696).
 
 The components of gratuity & compensated leave of absence cost
 recognized, in accordance with AS-15 (Revised) on Employee benefits,
 for the years ended March 31,2012 and March 31,2011 are enumerated as
 below:
 
 Note 1
 
 INCOME TAXES:
 
 a) Current tax:
 
 Current tax for the year includes earlier year taxes charged of Rs.
 951,106 (previous year credit of Rs. 207,968).
 
 b) Deferred tax:
 
 In compliance with Accounting Standard 22 (AS 22) Accounting for Taxes
 on Income, as notified under the Companies (Accounting Standards)
 Rules, 2006, as amended, the Company has recognized deferred tax credit
 of Rs.  4,428,208 (previous year credit of Rs. 2,874,976) in the
 statement of profit and loss during the year ended March 31, 2012.
 
 Note 3
 
 EARNINGS PER EQUITY SHARE:
 
 The Basic Earnings Per equity share is computed by dividing the net
 profit attributable to equity shareholders for the year by the weighted
 average number of equity shares outstanding during the year. Diluted
 earnings per equity share is computed using the weighted average number
 of equity shares and also the weighted average number of equity shares
 that could have been issued on the conversion of all dilutive potential
 equity shares. The dilutive potential equity shares are adjusted for
 the proceeds receivable, had the shares been actually issued at fair
 value.
 
 Dilutive potential equity shares are deemed converted as of the
 beginning of the year, unless they have been issued at a later date.
 The number of equity shares and potential diluted equity shares are
 adjusted for stock split, bonus shares and the potential dilutive
 effect of Employee stock option plans/Scemes as appropriate.
 
 EMPLOYEES STOCK OPTION SCHEMES:
 
 a) India bulls Real Estate Limited Employees Stock Options Scheme -
 2006:
 
 During the period ended March 31, 2007, the Company established the
 India bulls Real Estate Limited Employees Stock Options Scheme (IBREL
 ESOS-l or Plan-l). Under the Plan-1, the Company issued 9,000,000
 equity settled options to eligible employees and of its Subsidiary
 Companies which gave them a right to subscribe up to 9,000,000 stock
 options representing an equal number of equity shares of face value of
 Rs. 2 each of the Company at an exercise price of Rs. 60 per option,
 subject to the requirements of vesting. These options vest uniformly
 over a period of 10 years, commencing one year after from the date of
 grant. A Compensation Committee constituted by the Board of Directors
 of the Company administers the Plan-1.
 
 The Company follows the Intrinsic Value method of accounting as
 prescribed under the Guidance Note on Accounting for Employees Share
 Based Payments issued by the Institute of Chartered Accountants of
 India. No Deferred Employee Stock Compensation Cost was initially
 recorded on the grant of options as the Intrinsic Value calculated by
 an independent value was lower than the exercise price. Had the
 Company followed the Fair value method, there would not had been any
 impact on the Profit After Tax of the Company and on the Basic and
 Diluted Earnings per Equity Share of the Company as the fair value on
 the date of grant calculated by an independent value following
 binomial option pricing model was less than the exercise price.
 
 b) India bulls Real Estate Limited Employees Stock Options Scheme 2008
 (II):
 
 During the year ended March 31, 2009, the Company established the
 India bulls Real Estate Limited Employees Stock Options Scheme - 2008
 (II) (IBREL ESOS-II or Plan-ii). Under Plan II, the Company issued
 equity settled options to its eligible employees and of its Subsidiary
 Companies to subscribe up to 2,000,000 stock options rep- resenting an
 equal number of equity shares of face value of Rs. 2 each in the
 Company, at an exercise price of Rs.  110.50 per option, being the
 closing market price on the National Stock Exchange of India Limited,
 as at January 29, 2009.
 
 The stock options so granted, shall vest in the eligible employees
 within 10 years beginning from January 31,2010, the first vesting date.
 The stock options granted under each of the slabs, are exercisable by
 the option holders within a period of five years from the relevant
 vesting date.
 
 The Company follows the Intrinsic Value method of accounting as
 prescribed in the Guidance Note on Accounting for Employees Share Based
 Payments (Guidance Note), issued by the Institute of Chartered
 Accountants of India.  Since, on the date of grant, the intrinsic value
 of the options granted was equal to the exercise price, no deferred
 employee stock compensation cost has been recorded in the financial
 statements. The fair value of the options under Plan II using the
 Black-Sholes model, based on the following parameters, is Rs.62.79 per
 option, as certified by an independent firm of chartered accountants.
 
 The expected volatility was determined based on historical volatility
 data of the Company''s shares listed on the National Stock Exchange of
 India Limited.
 
 The table below provides pro forma disclosures for the impact on the
 Company''s net profits after taxes and basic and diluted earnings per
 share, had the compensation cost for the stock options granted under
 Plan - II been determined using the fair value method as prescribed in
 the Guidance Note as prescribed by the ICAI.
 
 c) India bulls Real Estate Limited Employees Stock Options Plan 2010:
 
 During the year ended March 31, 2011, the Board of Directors and
 Shareholders of the Company have given their consent to create, issue,
 offer and allot, to the eligible employees of the Company and its
 Subsidiary Companies, stock options not exceeding 30,000,000 in number,
 representing 30,000,000 Equity shares of face value of Rs. 2 each of
 the Company, accordingly the Employee Stock Option Plan- 2010 (IBREL
 ESOP 2010) has been formed. As per the scheme Exercise Price will be
 the market price of the equity shares of the Company, being the latest
 available closing price, prior to the date of grant or as may be
 decided by the Board or Compensation Committee. However Compensation
 Committee of the Board has not yet granted any options under IBREL ESOP
 2010 Scheme.
 
 d) India bulls Real Estate Limited Employees Stock Options Plan 2011:
 
 During the year ended March 31, 2012, the Board of Directors and
 shareholders of IBREL have given their consent to create, issue, offer
 and allot, to the eligible employees of IBREL and its subsidiary
 Companies, stock options not exceeding 15,000,000 in number,
 representing 15,000,000 equity shares of face value of Rs. 2 each of
 IBREL, and accordingly the Employee Stock Option Scheme- 2011 (IBREL
 ESOS 2011) has been formed. As per the scheme exercise price will be
 the market price of the equity shares of IBREL, being the latest
 available closing price, prior to the date of grant or as may be
 decided by the Board or Compensation Committee. However Compensation
 Committee of the Board has not yet granted any options under IBREL
 ESOP 2011 Scheme.
 
 The India bulls Employees'' Welfare Trust (Trust) has been formed on
 October 04,2010 with an initial corpus of Rs. 50,000, to administer and
 implement current un granted options under Employee Stock Option
 Schemes (ESOP Schemes) and any future ESOP / Employee Stock Purchase
 Schemes to all their permanent employees, working in India, and their
 directors, whether whole-time or not, but shall not include their
 respective promoter directors or directors holding by themselves or
 through the relatives or anybody corporate of the India bulls Group
 listed Companies. IBREL, being one of the settler had contributed Rs.
 10,000 as initial corpus towards establishment of the Trust. Trust is
 administered by independent trustees.
 
 Note 4
 
 OPERATING LEASE
 
 The Company has taken various premises on operating leases and lease
 rent of Rs. 250,536,444 (Previous year Rs.  189,517,646) in respect of
 the same has been charged to statement of profit and loss for the year
 ended March 31,2012.  The underlying agreements are executed for a
 period generally ranging from three to five years, renewable at the
 option of the Company and the lesser and are cancelable in some cases,
 by either party by giving a notice generally of 30 to 90 days. There
 are no restrictions imposed by such leases and there are no subleases.
 The minimum lease rentals payable in respect of such operating leases,
 are as under:
 
 Note 5
 
 CONTINGENT LIABILITIES AND COMMITMENTS:
 
 a) Contingent liabilities, not acknowledged as debt, include:
 
 
                                         As at          As at
 Particulars                             March 31,2012  March 31,2011
 
 Counter Guarantees in respect of 
 guarantees issued by Bank on
 behalf of Company                         -            433,000,000
 
 Corporate Guarantees in respect of 
 Bank Guarantees / Letter of
 Credit / Credit Facilities availed by 
 Subsidiaries / Subsidiaries of
 Associate                              9,343,527,067 12,839,215,208
 
 
 Income tax matters in respect of which 
 appeals have been filed                   43,030,578         -
 
 
 
 As per the best estimate of the management, no provision is required to
 be made in respect of any present obliga- tion as a result of a past
 event that could lead to a probable outflow of resources, which would
 be required to settle the obligation.
 
 b) Commitments & Other Contingent Liabilities:
 
 i) The Board of Directors of the Company at its meeting held on
 December 15, 2011 approved the proposal of Buy-back of the Company''s
 fully paid up equity shares of Rs. 2 each from the open market through
 stock ex- change in accordance with SEBI Buy Back Regulations. The
 Board of Directors of the Company has approved a maximum limit of
 Rs.4,500,000,000 at a price not exceeding Rs. 75 per equity shares. The
 Board has approved Buy -back up to maximum number of 60,000,000 equity
 shares and minimum of 150,00,000 equity shares of face value of Rs. 2
 each. However, the actual number of equity shares to be bought back
 would depend on the average price paid for the equity shares bought
 back and the amount deployed in Buy- back.
 
 ii) The Company has given corporate guarantee towards cost overrun to
 financial institution/ banks for term loan facility sanctioned to
 India bulls Power Limited. (IPL) in the event of inability of IPL to
 arrange the required equity support for Amravati Power Project Phase I.
 
 iii) The Company has given undertaking to Meiya Power Company Limited
 (MPCL) to keep it fully indemnified in the event of MPCL is called
 upon to invest any amount as share capital of India bulls Power
 Generation Limited (IPGL) in Bhaiyathan Power Project in District
 Surguja, Chhattisgarh. The Company has also given undertaking to Meiya
 Power Company Limited (MPCL) its affiliates, their Directors,
 officers and employees to keep them fully indemnified against any
 losses in the event MP£L, its affiliates, their Directors, officers or
 employees in- curs any losses arising at or in connection with
 Bhaiyathan Power Project in District Surguja, Chhattisgarh.
 
 iv) The Company has given corporate guarantee towards cost overrun to
 financial institution/ banks for term loan facility sanctioned to
 India bulls Reattach Limited (IRL) a subsidiary of India bulls Power
 Limited. (IPL) in the event of inability of IPL to arrange the
 required equity support for Thermal Project having capacity of 1350 MW
 in Sinnar Village of Nasik District in Maharashtra, being developed by
 IRL.
 
 v) The Company has given Sponsors Support Undertaking (SSU) to fund
 the required equity and any shortfall in means of finance by
 subscription to the shares of India bulls Power Limited. (IPL) for term
 loan facility sanctioned to IPL in the event of inability of IPL to
 arrange the required equity support for Amravati Power Project Phase
 II. Under the SSU, IBREL has also guaranteed to meet IPL''s debt
 obligations in respect of Amravati Power Project Phase II in the event
 coal linkage for the project is cancelled / deferred and IPL fails to
 make any alter- nate arrangement of required coal six months prior to
 the commercial operation date of the project.
 
 Note 6
 
 The Company''s primary business segment is reflected based on principal
 business activities carried on by the Company i.e. purchase, sale,
 dealing, construction and development of real estate projects and all
 other related activities. The Company operates in domestic market
 only. Considering the nature of Company''s business and operations and
 based on the information available with the management no further
 disclosures are required in respect of reportable segments, under
 Accounting Standard 17 (AS 17) -Segment Reporting as notified under
 the Companies (Accounting Standards) Rules, 2006, other than those
 already provided in the financial statements.
 
 Note 7
 
 The Company has not entered into any derivatives instruments during the
 year. Foreign currency exposures not hedged as at March 31,2012 towards
 Investment of Rs. 10,919,106,792 [GBP 135,809,000 and Euro 1,000)
 (Previous year Rs. 10,919,106,792 (GBP 135,809,000 and Euro 1,000)].
 
 Note 8
 
 The Company considers its investment in subsidiaries as strategic and
 long term in nature and accordingly, in the view of the management, any
 decline in value of such long-term investments in subsidiaries is
 considered as temporary in nature and hence no provision is considered
 necessary.
 
 Note 9
 
 In the opinion of the Board of Directors, all current assets and long
 term loans & advances, appearing in the balance sheet as at March 31,
 2012, have a value on realization, in the ordinary course of the
 Company''s business, at least equal to the amount at which they are
 stated in the financial statements. In the opinion of the board of
 directors, no provision is required to be made against the
 recoverability of these balances.
 
 Previous year figures have been regrouped and/or reclassified wherever
 necessary to conform to those of the current year grouping and/or
 classification.