a) Terms/rights attached to Equity Shares
 
 The Company has only one class of Equity Share having par value of Rs.
 1/- each. Each shareholder is entitled to one vote per share. The
 company declares and pays dividends in Indian rupees. The dividend
 proposed by the Board of Directors is subject to the approval of the
 shareholders in the ensuing Annual General Meeting. In the event of
 liquidation of the Company, the shareholders would be entitled to
 receive remaining assets of the Company.
 
 (1) Loan-I from LIC Housing Finance Ltd. is secured by exclusive
 equitable mortgage of properties at sector-48, Village- Tikri, Fazilpur
 Jharsa, Distt.- Gurgaon, equitable mortgage of portion of land at
 village- wazirpur, sector-53, Gurgaon , equitable mortgage of land of
 fellow subsidiaries at sector-81, Gurgaon, hypothecation of receivables
 of the project at Gurgaon & Bhubaneshwar and Personal guarantee from
 Mr. Punit Beriwala- Managing Director. Terms of repayment- 12 months
 moratorium upto March, 2011 and thereafter 24 equal monthly
 installments. Rate of Interest- 15.90 % p.a.
 
 (2) Loan-II from LIC Housing Finance Ltd. is secured by equitable
 mortgage of entire land parcel of Vipul Greens, Bubaneshwar, cross
 collateral security of Vipul world project at Sector-48, Gurgaon,
 hypothecation of the receivables of the Vipul Grees, Bhubaneshwar &
 Personal guarantee of Mr. Punit Beriwala-Managing Director. Terms of
 repayment- 12 months moratorium upto February, 2013 and thereafter 18
 monthly equal monthly installments. Rate of Interest- 15.90 % p.a
 
 (3) Loan-I from DMI Finance Ltd. is secured against pledge of equity
 shares of the Company held by Promoters, cross collateral of unsold
 stock of commercial project at Vipul Plaza, Faridabad and Personal
 guarantee from Mr. Punit Beriwala- Managing Director. Terms of
 repayment- Repayable on 13.06.2012 (since paid). Rate of Interest-22%
 p.a
 
 (4) Loan-II from DMI Finance Ltd. is secured against mortgage of unsold
 stock of commercial project at Vipul plaza, Faridabad, pledge of equity
 shares of the Company held by Promoters & Personal guarantee of Mr.
 Punit Beriwala-Managing Director. Terms of repayment- 12 months
 moratorium upto February, 2013 and thereafter 24 equal monthly
 installments. Rate of Interest- 21% p.a.
 
 (5) Loan-I from Religare Finvest Limited is secured by mortgage of
 certain units in various projects located at Gurgaon and Personal
 guarantee form Mr. Punit Beriwala- Managing Director.  Terms of
 repayment- 47 equal monthly installments from the date of disbursement
 i.e 12.06.2009. Rate of Interest- 17.25% p.a.
 
 (6) Loan-II from Religare Finvest Limited was secured by equitable
 mortgage of land for commercial project at faridabad, pledge of equity
 shares of the Company held by Promoters & Personal guarantee from Mr.
 Punit Beriwala- Managing Director. Terms of repayment- 12 equal monthly
 installments from the date of disbursement i.e 15.10.2010 Rate of
 Interest- 16.50% p.a.
 
 (7) Loan form Paramount Realtec Private Ltd. is secured against pledge
 of equity shares of the Company held by Promoters and Personal
 guarantee from Mr. Punit Beriwala- Managing Director.  Terms of
 repayment- Repayable on 31.03.2013. Rate of Interest- 12% p.a
 
 (8) Loan from Bahubali Propertis Ltd. is secured against pledge of
 equity shares of the Company held by Promoters & others. Terms of
 repayment- Repayable on 07.11.2012. Rate of Interest- 15% p.a.
 
 (9) Vehicle loans are secured by hypothecation of financed Cars. Terms
 of repayment-In equal monthly instalments as per the respective
 repayment schedules. Rate of Interest- 10-12% p.a.
 
 * Cash Credit Facility from Indian Overseas Bank is secured against
 hypothecation of stocks at site & receivables, equitable mortgage of
 property at village- Chakarpur, Tehsil & District Gurgaon, sector- 43,
 Gurgaon owned by one of the group company. Terms of repayments-Annual
 renewal. Rate of Interest- 15.50% p.a
 
 **Terms of repayment- Repayable after 12 months from the date of
 disbursement; Rate of Interest- 12% p.a.
 
 Defined Benefit Plan
 
 The Cost of providing gratuity is determined using the projected unit
 credit method.
 
 The following tables summarize the components of net benefit expenses
 recognized in the Profit and Loss Account as per Actuarial Valuation as
 on 31st March, 2012.
 
 10.  As per information available with the company, there are no dues
 outstanding in respect Micro and Small enterprises as provided in the
 [Micro, Small and Medium Enterprises Development Act, 2006Cat the year
 end. Further, no interest during the year has been paid or payable in
 respect thereof. The parties have been identified based on the
 information available with the company and the same has been relied
 upon by the auditor.
 
 11.  The company has reviewed the carrying amount of its tangible and
 intangible assets (being a cash generating unit) with its future
 present value of cash flows and there has been no indication of
 impairment of the carrying amount of the Company such Assets taking
 consideration into external and internal sources of information.
 
 12.  Contingent Liabilities and Commitments (to the extent not provided
 for):
 
                                                              (In Rs.)
 
 S.    Contingent Liabilities                   Year ended   Year ended
 No.                                            31.03.2012   31.03.2011
 
 (a)   Claims against the company, not 
       acknowledged as debts
 
 (i)   Income tax matters under dispute       346,905,087*  375,050,555
 
 (ii)  Service tax disputed claims              1,610,821     1,610,821
 
 (b)   Bank Guarantees (net)                  634,009,268   413,432,442
 
 (c)   Capital Commitments                         59,708           Nil
 
 * Net of Rs.213,587,562/- (P.Y Rs. 152,750,000/-), paid under protest.
 
 13.  There is no diminution in the value of investments which are of
 permanent nature.
 
 14.  (a) Rs. 15,081,815/- (under Loan) to Mab Finlease Ltd. which in
 the view of management is doubtful of realization to the extent of 25%
 and accordingly provision for doubtful loan has been made in accounts.
 
 (b) In the opinion of the management, current assets including loans
 and advances have a value on realization in the ordinary course of
 business at least equal to the amount at which they are stated in the
 books. However, certain balances under Loans and advances are subject
 to confirmation.
 
 15.  (a) Rs.868,382,607/- (P.Y. Rs.1,266,555,709/-) (under advance) due
 from Private Companies in which a director is interested.
 
 (b) Rs.NIL/- (P.Y. Rs.3,909,398/-) (under loan) due from Classic Real
 Estate Developers Private Limited, an associate and the maximum amount
 outstanding at any time during the year is Rs NIL/-(P.Y.
 Rs.3,909,398/-).
 
 (c) Rs.1,177,818,873/- (RYRs.1,289,386,616/-) is due from subsidiary
 companies.
 
 16.  The unclaimed dividend for the financial years 2004-05, 2005-06,
 2006-07, 2007-08, 2008- 09 2009-10 & 2010-11 amounting to Rs.110,215/-,
 Rs.113,060/- , Rs.265,278/-, Rs.362,042/- , Rs.253,960/-, Rs. 258,247/-
 & Rs. 326,599/- respectively and is being deposited in separate Bank
 Accounts.
 
 17.  The details pertaining to related parties transactions are shown
 in a separate sheet.
 
 18.  a) The accounts for the year ended 31st March, 2011 had been
 prepared as per the then applicable Schedule VI of the Companies Act,
 1956. Consequent to the notification of Revised Schedule VI, the
 accounts for the year ended 31st March, 2012 are prepared as per
 Revised Schedule VI. Accordingly, the previous year figures have also
 been reclassified to conform to this year classification.  The
 adoption of Revised Schedule VI for previous year figures does not
 impact recognition and measurement principles followed for preparation
 of accounts.
 
 b) Previous year figures have been regrouped, rearranged and recasted
 wherever considered necessary.