board of directors - bse india

B OA R D O F D I R E C TO R S

MR. D. S. KULKARNI

(Chairman & Managing Director)

MR. V. C. JOSHI

DR. M. K. P. SETTY

MR. K. K. TAPARIA

MR. R. D. KHAROSEKAR

MR. SHIRISH KULKARNI

(Executive Director)

C O M PA N Y S E C R E TA RY

MR. AMOL PURANDARE

C R E D I T S O U R C E S

ICICI BANK LTD

ICICI HOME FINANCE COMPANY LIMITED

BANK OF MAHARASHTRA

KOTAK MAHINDRA BANK LTD.

SANGLI URBAN CO-OP. BANK LTD.

KALYAN JANATA SAHAKARI BANK LTD.

TATA CAPITAL HOUSING FINANCE LIMITED

RELIANCE CAPITAL LIMITED

SREI EQUIPMENT FINANCE PRIVATE LIMITED

RELIANCE CONSUMER FINANCE PRIVATE LIMITED

AU D I TO R S

GOKHALE, TANKSALE & GHATPANDE,

CHARTERED ACCOUNTANTS, PUNE

R E G I S T E R E D O F F I C E

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4 Annual Report 2013 - 2014

Contents

Notice of Annual General Meeting 1>

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5AFD@C%DG%HD@FD@ICA%:DJA@GIGBA 22

4IGIKALAGC%"?EBMEE?DG%IGN%6GIOPE?E%5AFD@C Q-

7GNAFAGNAGC%6MN?CD@E*%5AFD@C 43

Balance Sheet =-

Statement of Profit and Loss 49

Cash Flow Statement >1

Notes to the Financial Statements >R

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7GNAFAGNAGC%6MN?CD@E*%5AFD@C%DG%HDGEDO?NICAN%T?GIGB?IO%#CICALAGCE S1

Consolidated Balance Sheet 92

Consolidated Statement of Profit and Loss 93

Consolidated Cash Flow Statement 94

Notes to Consolidated Financial Statements S0

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5Annual Report 2013 - 2014

NOTICE

NOTICE is hereby given that the Twenty Third Annual General Meeting of the members of D. S. Kulkarni

"AJAODFA@E%VCN3%W?OO%XA%YAON%DG%ZMAENIP+%CYA%Q1CY%NIP%D[%#AFCALXA@+%R1,=%IC%S3Q1%I3L3%IC%#3%43%2DEY?%#DB?IO?EC%

TDMGNIC?DG%6MN?CD@?ML+%9IJ?%;ACY+%:IG\IJA%HYDW]+%'FF3%;IC@I]I@%^YIJIG+%;MGA%=,,%1Q1+%7GN?I%CD%C@IGEIBC%CYA%

following businesses:

ORDINARY BUSINESS:

,3% %ZD% @ABA?JA+% BDGE?NA@% IGN% INDFC% CYA% IMN?CAN% ECIGNIODGA% IGN% BDGEDO?NICAN% ÎOIGBA% #YAACE% IE% IC% Q,EC%

4I@BY+%R1,=%IGN%CYA%;@D[?C%_%VDEE%6BBDMGC%IGN%HIEY[ODW%#CICALAGC%[D@%CYA%PAI@%AGNAN%DG%CYIC%NICA%IGN%

CYA%@AFD@CE%D[%CYA%"?@ABCD@E%IGN%6MN?CD@E%CYA@ADG3

2. To declare dividend.

Q3% %ZD%IFFD?GC%I%"?@ABCD@%?G%FOIBA%D[%4@3%"3%#3%$MO]I@G?%`"79%11QS=1R.a+%HYI?@LIG%_%4IGIK?GK%"?@ABCD@%WYD%

@AC?@AE%XP%@DCIC?DG%IGN%XA?GK%AO?K?XOA+%D[[A@E%Y?LEAO[%[D@%@A<IFFD?GCLAGC3

=3% %ZD%IFFD?GC%6MN?CD@E%IGN%[?U%CYA?@%@ALMGA@IC?DG%IGN%?G%CY?E%@AKI@N%CD%BDGE?NA@%IGN%?[%CYDMKYC%[?C%CD%FIEE%W?CY%

or without modification(s), the following resolution as an Ordinary Resolution:

! !"#$%&'($)! *+,*! 4/E3% :D]YIOA% ZIG]EIOA% _% :YICFIGNA+% HYI@CA@AN% 6BBDMGCIGCE+% ;MGA% `T?@L%

5AK?EC@IC?DG%9D%,1QR..ba%XA%IGN%I@A%YA@AXP%IFFD?GCAN%IE%#CICMCD@P%6MN?CD@E%D[%CYA%HDLFIGP+%CD%YDON%

D[[?BA%[@DL%CYA%BDGBOME?DG%D[%CY?E%6GGMIO%:AGA@IO%4AAC?GK%MGC?O%CYA%BDGBOME?DG%D[%CYA%R0CY%6GGMIO%:AGA@IO%

Meeting and that Board of Directors be and are hereby authorised to fix such remuneration as may be

NACA@L?GAN%XP%CYA%6MN?C%HDLL?CCAA%?G%BDGEMOCIC?DG%W?CY%6MN?CD@E3c

SPECIAL BUSINESS:

>3%% %ZD% BDGE?NA@% IGN% ?[% CYDMKYC% [?C% CD% FIEE% W?CY% D@% W?CYDMC% LDN?[?BIC?DG% [DOODW?GK% @AEDOMC?DG% IE% Ordinary

Resolution:

! !"#$%&'($)!*+,*%FM@EMIGC%CD%F@DJ?E?DGE%D[%#ABC?DGE%,=S+%,>1+%,>R%IGN%IGP%DCYA@%IFFO?BIXOA%F@DJ?E?DGE%

D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%@AIN%W?CY%@MOAE%LINA%CYA@AMGNA@%`?GBOMN?GK%IGP%ECICMCD@P%LDN?[?BIC?DGÈa%

D@%@A<AGIBCLAGC%CYA@AD[%[D@%CYA%C?LA%XA?GK%?G%[D@BAa%@AIN%W?CY%#BYANMOA%78%D[%CYA%HDLFIG?AE%6BC+%R1,Q%

IGN% CYA%V?EC?GK%6K@AALAGC%AGCA@AN% ?GCD%W?CY% CYA%#CDB]%)UBYIGKAE+%4@3%83%H3%2DEY?% `"79%11>=S.Q>a+%I%

9DG<)UABMC?JA%"?@ABCD@%D[% CYA%HDLFIGP+%WYD%YIE%EMXL?CCAN%I%NABOI@IC?DG% CYIC%YA%LAACE% CYA%B@?CA@?DG%

[D@%?GNAFAGNAGBA%IE%F@DJ?NAN%?G%#ABC?DG%,=S`0a%D[%CYA%6BC%IGN%WYD%?E%AO?K?XOA%[D@%IFFD?GCLAGC+%XA%IGN%

?E%YA@AXP%IFFD?GCAN%IE%IG%7GNAFAGNAGC%"?@ABCD@%D[%CYA%HDLFIGP%W?CY%A[[ABC%[@DL%Q1CY%#AFCALXA@+%R1,=%

MFCD%RSCY%#AFCALXA@+%R1,S+%GDC% O?IXOA% CD% @AC?@A%XP% @DCIC?DG%DG% CA@LE%IGN%BDGN?C?DGE% @A[A@@AN% CD% ?G% CYA%

AUFOIGICD@P%ECICALAGC%D[%LICA@?IO%[IBCE%IGGAUAN%CD%CYA%GDC?BA3

03%% %ZD%BDGE?NA@%IGN% ?[% CYDMKYC% [?C% CD%FIEE%W?CY%D@%W?CYDMC%LDN?[?BIC?DGÈa% [DOODW?GK% @AEDOMC?DG%IE%Ordinary

Resolution:

! !"#$%&'($)!*+,*%FM@EMIGC%CD%F@DJ?E?DGE%D[%#ABC?DGE%,=S+%,>1+%,>R%IGN%IGP%DCYA@%IFFO?BIXOA%F@DJ?E?DGE%

D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%@AIN%W?CY%@MOAE%LINA%CYA@AMGNA@%`?GBOMN?GK%IGP%ECICMCD@P%LDN?[?BIC?DGÈa%

D@%@A<AGIBCLAGC%CYA@AD[%[D@%CYA%C?LA%XA?GK%?G%[D@BAa%@AIN%W?CY%#BYANMOA%78%D[%CYA%HDLFIG?AE%6BC+%R1,Q%

IGN%CYA%V?EC?GK%6K@AALAGC%AGCA@AN% ?GCD%W?CY% CYA%#CDB]%)UBYIGKAE+%"@3%43%$3%;3%#ACCP%`"79%11,>,Q>1a+%

I%9DG<)UABMC?JA%"?@ABCD@%D[%CYA%HDLFIGP+%WYD%YIE%EMXL?CCAN%I%NABOI@IC?DG%CYIC%YA%LAACE%CYA%B@?CA@?DG%

[D@%?GNAFAGNAGBA%IE%F@DJ?NAN%?G%#ABC?DG%,=S`0a%D[%CYA%6BC%IGN%WYD%?E%AO?K?XOA%[D@%IFFD?GCLAGC+%XA%IGN%

?E%YA@AXP%IFFD?GCAN%IE%IG%7GNAFAGNAGC%"?@ABCD@%D[%CYA%HDLFIGP%W?CY%A[[ABC%[@DL%Q1CY%#AFCALXA@+%R1,=%

MFCD%RSCY%#AFCALXA@+%R1,S+%GDC% O?IXOA% CD% @AC?@A%XP% @DCIC?DG%DG% CA@LE%IGN%BDGN?C?DGE% @A[A@@AN% CD% ?G% CYA%

AUFOIGICD@P%ECICALAGC%D[%LICA@?IO%[IBCE%IGGAUAN%CD%CYA%GDC?BA3


.3%% %ZD%BDGE?NA@%IGN% ?[% CYDMKYC% [?C% CD%FIEE%W?CY%D@%W?CYDMC%LDN?[?BIC?DGÈa% [DOODW?GK% @AEDOMC?DG%IE%Ordinary Resolution:

! !"#$%&'($)!*+,*%FM@EMIGC%CD%F@DJ?E?DGE%D[%#ABC?DGE%,=S+%,>1+%,>R%IGN%IGP%DCYA@%IFFO?BIXOA%F@DJ?E?DGE%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%@AIN%W?CY%@MOAE%LINA%CYA@AMGNA@%`?GBOMN?GK%IGP%ECICMCD@P%LDN?[?BIC?DGÈa%D@%@A<AGIBCLAGC%CYA@AD[%[D@%CYA%C?LA%XA?GK%?G%[D@BAa%@AIN%W?CY%#BYANMOA%78%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%CYA%V?EC?GK%6K@AALAGC%AGCA@AN%?GCD%W?CY%CYA%#CDB]%)UBYIGKAE+%4@3%53%"3%$YI@DEA]I@%`"79%1Q1.>S,>a+%I%9DG<)UABMC?JA%"?@ABCD@%D[%CYA%HDLFIGP+%WYD%YIE%EMXL?CCAN%I%NABOI@IC?DG%CYIC%YA%LAACE%CYA%B@?CA@?DG%[D@%?GNAFAGNAGBA%IE%F@DJ?NAN%?G%#ABC?DG%,=S`0a%D[%CYA%6BC%IGN%WYD%?E%AO?K?XOA%[D@%IFFD?GCLAGC+%XA%IGN%?E%YA@AXP%IFFD?GCAN%IE%IG%7GNAFAGNAGC%"?@ABCD@%D[%CYA%HDLFIGP%W?CY%A[[ABC%[@DL%Q1CY%#AFCALXA@+%R1,=%MFCD%RSCY%#AFCALXA@+%R1,S+%GDC% O?IXOA% CD% @AC?@A%XP% @DCIC?DG%DG% CA@LE%IGN%BDGN?C?DGE% @A[A@@AN% CD% ?G% CYA%AUFOIGICD@P%ECICALAGC%D[%LICA@?IO%[IBCE%IGGAUAN%CD%CYA%GDC?BA3

-3%% %ZD%BDGE?NA@%IGN% ?[% CYDMKYC% [?C% CD%FIEE%W?CY%D@%W?CYDMC%LDN?[?BIC?DGÈa% [DOODW?GK% @AEDOMC?DG%IE%Ordinary Resolution:

! !"#$%&'($)!*+,*%FM@EMIGC%CD%F@DJ?E?DGE%D[%#ABC?DGE%,=S+%,>1+%,>R%IGN%IGP%DCYA@%IFFO?BIXOA%F@DJ?E?DGE%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%@AIN%W?CY%@MOAE%LINA%CYA@AMGNA@%`?GBOMN?GK%IGP%ECICMCD@P%LDN?[?BIC?DGÈa%D@%@A<AGIBCLAGC%CYA@AD[%[D@%CYA%C?LA%XA?GK%?G%[D@BAa%@AIN%W?CY%#BYANMOA%78%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%CYA%V?EC?GK%6K@AALAGC%AGCA@AN%?GCD%W?CY%CYA%#CDB]%)UBYIGKAE+%4@3%$3%$3%ZIFI@?I%`"79%1,-RS-RSa+%I%9DG<)UABMC?JA%"?@ABCD@%D[%CYA%HDLFIGP+%WYD%YIE%EMXL?CCAN%I%NABOI@IC?DG%CYIC%YA%LAACE%CYA%B@?CA@?DG%[D@%?GNAFAGNAGBA%IE%F@DJ?NAN% ?G%#ABC?DG%,=S`0a%D[% CYA%6BC%IGN%WYD% ?E%AO?K?XOA% [D@%IFFD?GCLAGC+%XA%IGN% ?E%YA@AXP%IFFD?GCAN%IE%IG% 7GNAFAGNAGC%"?@ABCD@%D[% CYA%HDLFIGP%W?CY%A[[ABC% [@DL%Q1CY%#AFCALXA@+%R1,=%MFCD%RSCY%#AFCALXA@+%R1,S+%GDC% O?IXOA% CD% @AC?@A%XP% @DCIC?DG%DG% CA@LE%IGN%BDGN?C?DGE% @A[A@@AN% CD% ?G% CYA%AUFOIGICD@P%ECICALAGC%D[%LICA@?IO%[IBCE%IGGAUAN%CD%CYA%GDC?BA3

S3% %ZD%BDGE?NA@%IGN%?[%CYDMKYC%[?C+%CD%FIEE%W?CY%D@%W?CYDMC%LDN?[?BIC?DGÈa%CYA%[DOODW?GK%@AEDOMC?DG%IE%I%Special Resolution:

! !"#$%&'($)!*+,*%FM@EMIGC% CD% CYA%F@DJ?E?DGE%D[%#ABC?DGE%,S0+%,S.+%R1Q+%#BYANMOA%d%8%IGN%IOO%DCYA@%IFFO?BIXOA%F@DJ?E?DGE%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%CYA%HDLFIG?AE%`6FFD?GCLAGC%IGN%5ALMGA@IC?DG%D[%4IGIKA@?IO%;A@EDGGAO%a%5MOAE+%R1,=%`?GBOMN?GK%IGP%ECICMCD@P%LDN?[?BIC?DGE%D@%@A<AGIBCLAGCE%CYA@AD[%[D@%CYA%C?LA%XA?GK%?G%[D@BAa%IGN%DCYA@%IFFO?BIXOA%F@DJ?E?DGE+%?[%IGP+%D[%CYA%HDLFIG?AE%6BC+%R1,Q%CYA%IFF@DJIO%D[%LALXA@E%XA%IGN%?E%YA@AXP%IBBD@NAN%CD%@A<IFFD?GC%4@3%#Y?@?EY%$MO]I@G?%IE%bYDOAC?LA%"?@ABCD@%D[%CYA%HDLFIGP+%NAE?KGICAN%IE%)UABMC?JA%"?@ABCD@+%[D@%CYA%FA@?DN%D[%DGA%PAI@%[@DL%R.CY%2MOP+%R1,=%CD%R0CY%2MOP+%R1,>%DG%CYA%CA@LE%IGN%BDGN?C?DGE%D[%Y?E%@A<IFFD?GCLAGC%IE%EAC%DMC%?G%CYA%N@I[C%6K@AALAGC%CD%XA%AGCA@AN%XACWAAG%CYA%HDLFIGP%IGN%4@3%#Y?@?EY%"3%$MO]I@G?+%I%N@I[C%D[%WY?BY% ?E%FOIBAN%XA[D@A% CY?E%LAAC?GK%IGN%?G?C?IOAN%XP%4@3%83%H3%2DEY?+%"?@ABCD@%[D@%CYA%FM@FDEA%D[%?NAGC?[?BIC?DG3c

RESOLVED FURTHER THAT%?G%CYA%AJAGC%D[%IXEAGBA%D@%?GINAeMIBP%D[%F@D[?CE%?G%IGP%[?GIGB?IO%PAI@+%CYA%HDLFIGP%EYIOO%FIP%4@3%#Y?@?EY%$MO]I@G?%L?G?LML%@ALMGA@IC?DG%IE%F@DJ?NAN%?G%CYA%N@I[C%IK@AALAGC%CD%XA%entered into with him.

RESOLVED FURTHER THAT% CYA%^DI@N%D[%"?@ABCD@E%D[% CYA%HDLFIGP%XA%IGN% ?E%YA@AXP%IMCYD@?EAN% CD%do all such acts, deeds and matters and things as in its absolute discretion it may consider necessary, AUFAN?AGC%D@%NAE?@IXOA%CD%K?JA%A[[ABC%CD%CY?E%@AEDOMC?DG%IGN%IOED%CD%@AJ?EA%CYA%@ALMGA@IC?DG%D[%4@3%#Y?@?EY%$MO]I@G?%W?CY?G%CYA%O?L?CE%EC?FMOICAN%?G%CYA%HDLFIG?AE%6BC+%R1,Q3c

,13% %ZD%BDGE?NA@%IGN%?[%CYDMKYC%[?C+%CD%FIEE%W?CY%D@%W?CYDMC%LDN?[?BIC?DGÈa%CYA%[DOODW?GK%@AEDOMC?DG%IE%IG%Special Resolution:

! !"#$%&'($)!*+,*%?G%EMFA@EAEE?DG%D[%CYA%D@N?GI@P%@AEDOMC?DG%FIEEAN%IC%CYA%,.CY%6GGMIO%:AGA@IO%4AAC?GK%D[%CYA%HDLFIGP%YAON%DG%R.CY%#AFCALXA@+%R11-%IGN%FM@EMIGC%CD%CYA%F@DJ?E?DGE%D[%#ABC?DG%,-1`,a`Ba%D[%CYA%HDLFIG?AE%6BC+%R1,Q+%CYA%5MOAE%LINA%CYA@AMGNA@%IGN%?CE%@AOICAN%IGN%IFFO?BIXOA%F@DJ?E?DGE+%?[%IGP+%or any other law for the time being in force (including any statutory modification or amendment thereto or re-enactment thereof) consent of the members be and is hereby accorded to the Board of Directors


(hereinafter referred to as the Board which term shall be deemed to include any Committee thereof) of the HDLFIGP%[D@%XD@@DW?GK%[@DL%C?LA%CD%C?LA%IGP%EML%D@%EMLE%D[%LDGAP%DG%EMBY%CA@LE%IGN%BDGN?C?DGE%IGN%with or without security as the Board of Directors may think fit which, together with the moneys already XD@@DWAN%XP%CYA%HDLFIGP%ÌFI@C%[@DL%CALFD@I@P%ODIGE%DXCI?GAN%D@%CD%XA%DXCI?GAN%[@DL%CYA%HDLFIGP*E%XIG]A@E%?G%CYA%D@N?GI@P%BDM@EA%D[%XME?GAEE+a+%LIP%AUBAAN%CYA%IKK@AKICA%[D@%CYA%C?LA%XA?GK%D[%CYA%FI?N<MF%BIF?CIO%D[%CYA%HDLFIGP%IGN%?CE%[@AA%@AEA@JAE+%CYIC%?E%CD%EIP+%@AEA@JAE%GDC%EAC%IFI@C%[D@%IGP%EFAB?[?B%FM@FDEA+%F@DJ?NAN%CYIC%CYA%CDCIO%ILDMGC%D[%LDGAP/LDGAPE%ED%XD@@DWAN%XP%CYA%^DI@N%EYIOO%GDC%IC%IGP%C?LA%AUBAAN%CYA%O?L?C%D[%5MFAAE%R111%H@D@AEc

RESOLVED FURTHER THAT%CYA%^DI@N%D[%"?@ABCD@E%XA%IGN%?E%YA@AXP%IMCYD@?EAN%CD%ND%IGN%FA@[D@L%IOO%EMBY%IBCE+%NAANE%IGN%CY?GKE%IE%LIP%XA%GABAEEI@P+%NAE?@IXOA%D@%AUFAN?AGC%CD%K?JA%A[[ABC%CD%CY?E%5AEDOMC?DG3c

,,3% %ZD%BDGE?NA@%IGN%?[%CYDMKYC%[?C+%CD%FIEE%W?CY%D@%W?CYDMC%LDN?[?BIC?DGÈa%CYA%[DOODW?GK%@AEDOMC?DG%IE%IG%Special Resolution:

! !"#$%&'($)!*+,*% ?G%EMFA@EAEE?DG%D[% CYA%D@N?GI@P% @AEDOMC?DG%FIEEAN%IC% CYA%6GGMIO%:AGA@IO%4AAC?GK%YAON%DG%R-CY%#AFCALXA@+%,SSR%IGN%FM@EMIGC% CD% CYA%F@DJ?E?DGE%D[%#ABC?DG%,-1`,aÌa%D[% CYA%HDLFIG?AE%6BC+%R1,Q+%CYA%5MOAE%LINA%CYA@A%MGNA@%IGN%?CE%@AOICAN%IGN%IFFO?BIXOA%F@DJ?E?DGE+%?[%IGP+%D@%IGP%DCYA@%OIW%for the time being in force (including any statutory modification or amendment thereto or re-enactment CYA@AD[a%CYA%BDGEAGC%D[%CYA%HDLFIGP%XA%IGN%?E%YA@AXP%IBBD@NAN%CD%^DI@N%D[%"?@ABCD@E%D[%CYA%HDLFIGP%`YA@A?GI[CA@%@A[A@@AN%CD%IE%fCYA%^DI@Nc%WY?BY%CA@L%EYIOO%XA%NAALAN%CD% ?GBOMNA%IGP%HDLL?CCAA%CYA@AD[a%CD% B@AICA%LD@CKIKAÈa/BYI@KAÈa%IGN/D@%YPFDCYABIC?DG% ?G%INN?C?DG% CD% CYA%LD@CKIKAÈa/BYI@KAÈa%IGN/D@%YPFDCYABIC?DG%B@AICAN%/%CD%XA%B@AICAN%XP%CYA%HDLFIGP+%?G%EMBY%[D@L%IGN%LIGGA@%IGN%W?CY%EMBY%@IG]?GK%IGN%IC%EMBY%C?LA%IGN%DG%EMBY%CA@LE%IE%CYA%^DI@N%LIP%NACA@L?GA+%DG%IOO%D@%IGP%FI@C%D[%CYA%?LLDJIXOA%IGN/D@%LDJIXOA%F@DFA@C?AE%IGN%IEEACE%D[%IOO%]?GNE%D[%CYA%HDLFIGP+%XDCY%F@AEAGC%IGN%[MCM@A%IGN/D@%CYA%WYDOA%D@%IGP%FI@C%D[%CYA%MGNA@CI]?GKÈa%D[%CYA%HDLFIGP%?G%CYA%[D@L%D[%[?@EC%IGN/D@%EABDGN%IGN/D@%FI@?<FIEEM/%EMXEA@J?AGC%LD@CKIKA+%BYI@KA%IGN/D@%[ODIC?GK%BYI@KA%CD%EABM@A%?G%[IJDM@%D[%T?GIGB?IO%7GEC?CMC?DGE+%ÎG]E+%VAGNA@E+%ACB3%[D@%EABM@?GK%CYA%XD@@DW?GKE+%D[%CYA%HDLFIGP%IJI?OAN%/%CD%XA%IJI?OAN%XP%ODIGE%EIGBC?DGAN/CD%XA%EIGBC?DGAN%XP% CYA%T?GIGB?IO% 7GEC?CMC?DGE+%ÎG]E%IGN%IGP%DCYA@%VAGNA@Èa% CD% CYA%HDLFIGP%IC%IGP%C?LA%CDKACYA@%W?CY%?GCA@AEC%IC%CYA%@AEFABC?JA%IK@AAN%@ICAE+%INN?C?DGIO%?GCA@AEC+%BDLFDMGN%?GCA@AEC%?G%BIEA%D[% NA[IMOC+% IBBMLMOICAN% ?GCA@AEC+% O?eM?NICAN% NILIKAE+% BDLL?CLAGC% BYI@KAE% IGN% DCYA@% AUFAGEAE% IGN%BYI@KAE% IGN% IOO% DCYA@% LDG?AE% FIPIXOA% XP% CYA% HDLFIGP% CD% CYA% EI?N% T?GIGB?IO% 7GEC?CMC?DGE+% ÎG]E% IGN%VAGNA@E%?G%@AEFABC%D[%EMBY%ODIGE%IGN%XD@@DW?GKE%DG%EMBY%EFAB?[?B%CA@LE%IGN%BDGN?C?DGE%IGN%BDJAGIGCE%?G% @AEFABC%D[% AG[D@BALAGC%D[% EABM@?CP%IE%LIP%XA%EC?FMOICAN% ?G% CYIC%XAYIO[% IGN%IK@AAN% CD%XACWAAG% CYA%HDLFIGP+%T?GIGB?IO%7GEC?CMC?DGE+%ÎG]E%IGN%?CE%VAGNA@E+%ACB3

RESOLVED FURTHER THAT% CYA% ^DI@N% D[% "?@ABCD@E% D[% CYA% HDLFIGP% XA% IGN% ?E% YA@AXP% IMCYD@?gAN%CD% [?GIO?EA% CYA%NDBMLAGCE%W?CY%T?GIGB?IO% 7GEC?CMC?DGE+%ÎG]E%IGN%VAGNA@E%D[% CYA%HDLFIGP% [D@% B@AIC?GK%I[D@AEI?N%LD@CKIKA%/%BYI@KA%IGN/D@%YPFDCYABIC?DG%IGN%CD%ND%IOO%EMBY%IBCE+%NAANE+%CY?GKE%IGN%LICCA@E%IE%LIP%XA%GABAEEI@P%IGN%AUFAN?AGC%[D@%K?J?GK%A[[ABC%CD%CYA%IXDJA%5AEDOMC?DGE3c

,R3% %ZD% BDGE?NA@% IGN% ?[% CYDMKYC% [?C+% CD% FIEE% W?CY% D@% W?CYDMC% LDN?[?BIC?DGÈa% CYA% [DOODW?GK% @AEDOMC?DG% IE% I% Special Resolution:

! !"#$%&'($)!*+,*%FM@EMIGC%CD%CYA%F@DJ?E?DGE%D[%#ABC?DGE%.Q%IGN%.0%IGN%DCYA@%IFFO?BIXOA%F@DJ?E?DGE+%?[%IGP+%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%CYA%HDLFIG?AE%`6BBAFCIGBA%D[%"AFDE?CEa%5MOAE+%R1,=+%CYA%BDGEAGC%D[%CYA%LALXA@E%XA%IGN%?E%YA@AXP%IBBD@NAN%CD%CYA%^DI@N%D[%"?@ABCD@E%D[%CYA%HDLFIGP%CD%?GJ?CA+%IBBAFC%D@%@AGAW%[?UAN%NAFDE?CE%[@DL%CYA%FMXO?B%IGN%LALXA@E+%W?CY?G%O?L?CE%F@AEB@?XAN%?G%CYA%6BC%IGN%CYA%DJA@IOO%XD@@DW?GK%O?L?CE%D[%CYA%HDLFIGP+%IE%IFF@DJAN%XP%CYA%4ALXA@E+%[@DL%C?LA%CD%C?LA3

RESOLVED FURTHER THAT the Board of Directors be and is hereby authorised to finalise the scheme [D@%?GJ?CIC?DG%IGN%IBBAFCIGBA%D[%[?UAN%NAFDE?CE%[@DL%CYA%4ALXA@E%IGN%CYA%FMXO?B%IGN%CD%E?KG%IGN%AUABMCA%NAANE+%IFFO?BIC?DGE+%NDBMLAGCE+%B?@BMOI@E%IGN%W@?C?GKE%CYIC%LIP%XA%@AeM?@AN+%DG%XAYIO[%D[%CYA%HDLFIGP%IGN%KAGA@IOOP%CD%ND%IOO%EMBY%DCYA@%IBCE+%NAANE+%LICCA@E%IGN%CY?GKE%IE%LIP%XA%GABAEEI@P+%F@DFA@+%AUFAN?AGC%D@%?GB?NAGCIO%[D@%K?J?GK%A[[ABC%CD%CY?E%@AEDOMC?DG3c


NOTES:

,3% %6%4)4^)5%)9Z7ZV)"%Z'%6ZZ)9"%69"%8'Z)%7#%)9Z7ZV)"%Z'%6;;'79Z%6%;5'hi%Z'%6ZZ)9"%

69"%8'Z)%'9%;'VV%79#Z)6"%'T%&74#)VT%69"%Z&)%;5'hi%9))"%9'Z%^)%6%4)4^)5%'T%Z&)%

COMPANY.

R3% %ZYA%?GEC@MLAGC%IFFD?GC?GK%;@DUP%IE%FA@%CYA%[D@LIC%?GBOMNAN%?G%CYA%6GGMIO%5AFD@C%EYDMON%XA%NAFDE?CAN%IC%

CYA%5AK?ECA@AN%'[[?BA%D[%CYA%HDLFIGP%GDC%OAEE%CYIG%T'5Zi<)7:&Z%&'(5#%XA[D@A%CYA%C?LA%[D@%YDON?GK%

CYA%4AAC?GK3%;@DU?AE%EMXL?CCAN%DG%XAYIO[%D[%O?L?CAN%BDLFIG?AE+%EDB?AC?AE+%FI@CGA@EY?F%[?@LE+%ACB3%LMEC%XA%

EMFFD@CAN%XP%IFF@DF@?ICA%@AEDOMC?DG/IMCYD@?CP+%IE%IFFO?BIXOA+%?EEMAN%XP%CYA%LALXA@%D@KIG?EIC?DG3%

% %6%FA@EDG%BIG%IBC%IE%I%F@DUP%DG%XAYIO[%D[%4ALXA@E%GDC%AUBAAN?GK%[?[CP%IGN%YDON?GK%?G%CYA%IKK@AKICA%GDC%

LD@A%CYIG%CAG%FA@BAGC%D[%CYA%CDCIO%EYI@A%BIF?CIO%D[%CYA%HDLFIGP%BI@@P?GK%JDC?GK%@?KYCE3%6%LALXA@%YDON?GK%

LD@A%CYIG%CAG%FA@BAGC%D[%CYA%CDCIO%EYI@A%BIF?CIO%D[%CYA%HDLFIGP%BI@@P?GK%JDC?GK%@?KYCE%LIP%IFFD?GC%I%E?GKOA%

FA@EDG%IE%F@DUP%IGN%EMBY%FA@EDG%EYIOO%GDC%IBC%IE%I%F@DUP%[D@%IGP%DCYA@%FA@EDG%D@%I%4ALXA@3%

Q3% %ZYA%@AOIC?JA%)UFOIGICD@P%#CICALAGC%FM@EMIGC%CD%#ABC?DG%,1R%D[%CYA%HDLFIG?AE%6BC+%R1,Q%̀ f6BCca%?G%@AEFABC%

D[%CYA%XME?GAEE%MGNA@%7CAL%9DE3%>%CD%,R%EAC%DMC%IXDJA%IGN%NACI?OE%IE%@AeM?@AN%MGNA@%HOIMEA%=S%D[%CYA%

V?EC?GK%6K@AALAGC%AGCA@AN%?GCD%W?CY%CYA%#CDB]%)UBYIGKAE%?G%@AEFABC%D[%"?@ABCD@E%EAA]?GK%IFFD?GCLAGC/

@A<IFFD?GCLAGC%IC%CY?E%6GGMIO%:AGA@IO%4AAC?GK%I@A%IGGAUAN%YA@ACD3

=3% %4ALXA@E%I@A%@AeMAECAN%CD%GDC?[P%CD%CYA%HDLFIGP%?LLAN?ICAOP%IGP%BYIGKA%?G%CYA?@%INN@AEE+%eMDC?GK%[DO?D%

GMLXA@%IGN%K?J?GK%BDLFOACA%INN@AEE%?G%BIF?CIO%OACCA@E%W?CY%CYA%;79%BDNA3%ZYA%^AGA[?B?IO%'WGA@E%D[%CYA%

NALICA@?IO?EAN%EYI@AE%LIP%?G[D@L%CYA%BDGBA@GAN%"AFDE?CD@P%;I@C?B?FIGC%D[%IGP%BYIGKA%?G%CYA?@%INN@AEE3

>3% %4ALXA@E%WYD%YDON%EYI@AE%?G%E?GKOA%GILA%IGN%FYPE?BIO%[D@L%I@A%INJ?EAN%CD%LI]A%GDL?GIC?DG%?G%@AEFABC%

D[%CYA?@%EYI@AYDON?GK%?G%CYA%HDLFIGP3

03% %4ALXA@E%I@A% @AeMAECAN% CD% EMFFD@C% CYA%!:@AAG% 7G?C?IC?JA% ?G%HD@FD@ICA%:DJA@GIGBA*% MGNA@CI]AG%XP% CYA%

HDLFIGP+% XP% @AK?ECA@?GK/MFNIC?GK% CYA?@% A<LI?O% INN@AEEAE+% ?G% @AEFABC% D[% EYI@AE% YAON% ?G% NALICA@?IO?EAN%

[D@L%W?CY%CYA?@%@AEFABC?JA%"AFDE?CD@P%;I@C?B?FIGCE%IGN%?G%@AEFABC%D[%EYI@AE%YAON%?G%FYPE?BIO%[D@L%W?CY%CYA%

HDLFIGP%D@%#YI@AF@D%#A@J?BAE%`7GN?Ia%;JC3%VCN3%`5%_%Z%6KAGCa3

.3% %ZYA% #YI@A% Z@IGE[A@% ^DD]E% D[% CYA% HDLFIGP% W?OO% @ALI?G% BODEAN% [@DL% R>CY% #AFCALXA@+% R1,=% CD%

R0CY%#AFCALXA@+%R1,=%`XDCY%NIPE%?GBOME?JAa3

-3% %6E%FA@%#)^7%H?@BMOI@%9D3%45"/"D;/H?@<1>/R11S%NICAN%4IP%R1+%R11S+%[D@%EABM@?C?AE%LI@]AC%C@IGEIBC?DGE%

IGN%D[[<LI@]AC/F@?JICA% C@IGEIBC?DGE% ?GJDOJ?GK% C@IGE[A@%D[%EYI@AE% ?G%FYPE?BIO% [D@L%D[% O?ECAN%BDLFIG?AE+% ?C%

EYIOO%XA%LIGNICD@P%[D@%IOO%CYA%C@IGE[A@AAE%CD%[M@G?EY%EAO[%ICCAECAN%BDFP%D[%;69%BI@N%CD%CYA%HDLFIGP%D@%

Registrars and Share Transfer Agents for registration of such transfer of shares.

S3% %4ALXA@E%I@A%@AeMAECAN%CD%X@?GK%CYA?@%BDF?AE%D[%CYA%6GGMIO%5AFD@C%IC%CYA%4AAC?GK3%6E%I%:@AAG%7G?C?IC?JA%

LAIEM@A+%AUC@I%BDFP%W?OO%GDC%XA%LINA%IJI?OIXOA%IC%CYA%JAGMA3%

,13% %7G%D@NA@%CD%AGIXOA%CYA%HDLFIGP%CD%EIC?E[IBCD@?OP%IGEWA@%eMAEC?DGE%IC%CYA%LAAC?GK+%LALXA@E%WYD%WDMON%

O?]A%CD%IE]%IGP%eMAEC?DGE%IXDMC%CYA%FA@[D@LIGBA%D[%CYA%HDLFIGP%I@A%@AeMAECAN%CD%EAGN%CYA?@%eMAEC?DGE%

ED%IE%CD%@AIBY%CYA%HDLFIGP%IC%OAIEC%CAG%NIPE%XA[D@A%CYA%NICA%D[%CYA%6GGMIO%:AGA@IO%4AAC?GK3

,,3% %ZYA% HDLFIGP*E% EYI@AE% I@A% BDLFMOED@?OP% C@INAN% ?G% NALICA@?IO?EAN% LDNA3% ZYA% HDLFIGP% YIE% LINA%

GABAEEI@P%I@@IGKALAGCE%W?CY% CYA%9IC?DGIO%#ABM@?C?AE%"AFDE?CD@P%VCN3% `9#"Va%IGN%HAGC@IO%"AFDE?CD@P%

#A@J?BAE%`7GN?Ia%VCN3%`H"#Va%[D@%NAIO?GKE%?G%NALICA@?IO?EAN%EYI@AE3%4ALXA@E%YDON?GK%EYI@AE%?G%FYPE?BIO%

form are requested to get their shares dematerialised at the earliest which will enhance effectiveness of

CYA%!:@AAG%7G?C?IC?JA*3


,R3% %ZYA%N?J?NAGN%IE%@ABDLLAGNAN%XP%CYA%"?@ABCD@E+%?[%NABOI@AN%IC%CYA%6GGMIO%:AGA@IO%4AAC?GK+%W?OO%XA%FI?N%

CD%CYDEA%4ALXA@E%WYDEA%GILAE%IFFAI@%?G%CYA%5AK?ECA@%D[%4ALXA@E%DG%Q1CY%#AFCALXA@+%R1,=3

,Q3% %4ALXA@E%WYD%YIJA%GDC%@ABA?JAN%CYA?@%N?J?NAGN%[D@%CYA%AI@O?A@%PAI@E%I@A%@AeMAECAN%CD%BDGCIBC%CYA%5AK?EC@I@E%

and Share Transfer Agents:

% #YI@AF@D%#A@J?BAE%`7GN?Ia%;JC3%VCN3

% ,Q6^%#ILY?CI%bI@AYDME?GK%HDLFOAU

% 9AI@%#I]?GI]I%ZAOAFYDGA%)UBYIGKA%VIGA+

% '[[%6GNYA@?%<$M@OI%5DIN+%#I]?GI]I+%6GNYA@?%`)a%4MLXI?%d%=11%1.R3

,R3% %;M@EMIGC% CD% CYA% F@DJ?E?DG% D[% #ABC?DGE% R1>6% IGN% R1>H% D[% CYA% HDLFIG?AE% 6BC+,S>0% `D@% IE% ILAGNAN/

@A<AGIBCANa%CYA%HDLFIGP%YIE%C@IGE[A@@AN%CYA%MGFI?N%D@%MGBOI?LAN%N?J?NAGNE%NABOI@AN%MFCD%̀ IGN%?GBOMN?GKa%

Ti%R11><R110%CD%CYA%Investor Education and Protection Fund of the Central Government. Pursuant to

CYA%F@DJ?E?DGE%D[%7GJAECD@%)NMBIC?DG%_%;@DCABC?DG%TMGN%`(FODIN?GK%D[%?G[D@LIC?DG%@AKI@N?GK%MGFI?N%IGN%

MGBOI?LAN%ILDMGCE%OP?GK%W?CY%BDLFIG?AEa%5MOAE+%R1,R+%`D@%IE%ILAGNAN/@A<AGIBCANa%CYA%HDLFIGP%YIE%

MFODINAN%CYA%NACI?OE%D[%MGFI?N%IGN%MGBOI?LAN%ILDMGCE%OP?GK%W?CY%CYA%HDLFIGP%IE%DG%R.CY%#AFCALXA@+%

R1,Q%`?3A3%CYA%NICA%D[%OIEC%6GGMIO%:AGA@IO%4AAC?GKa%DG%CYA%WAXE?CA%D[%CYA%4?G?EC@P%D[%HD@FD@ICA%6[[I?@E

,Q3% %ZYA%NACI?OE%D[%CYA%N?J?NAGN%NABOI@AN%[D@%IGN%[@DL%CYA%T?GIGB?IO%iAI@%R110<1.%C?OO%R1,R<,Q%IGN%CYA%@AEFABC?JA%

due dates for transfer to the Investors Education and Protection Fund are given in the Section relating

CD%:AGA@IO%#YI@AYDONA@E*%7G[D@LIC?DG3%4ALXA@E%WYD%YIJA%GDC%PAC%AGBIEYAN%CYA%N?J?NAGN%WI@@IGC`Ea%I@A%

@AeMAECAN%CD%[D@WI@N%CYA?@%BOI?LE%CD%CYA%HDLFIGP*E%5AK?EC@I@%IGN%#YI@A%Z@IGE[A@%6KAGCE3%It may be noted

that once the unclaimed dividend is transferred to the Investor Education and Protection Fund as

above, no. claim shall lie with the Company in respect of such amount.

,=3% %E-voting%d%7G%BDLFO?IGBA%W?CY%F@DJ?E?DGE%D[%#ABC?DG%,1-%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%5MOA%R1%D[%CYA%

HDLFIG?AE%`4IGIKALAGC%IGN%6NL?G?EC@IC?DGa%5MOAE+%R1,=+%CYA%HDLFIGP%?E%FOAIEAN%CD%F@DJ?NA%4ALXA@E%

YDON?GK%EYI@AE%A?CYA@%?G%FYPE?BIO%[D@L%D@%?G%NALICA@?IO?EAN%[D@L%CYA%[IB?O?CP%CD%AUA@B?EA%CYA?@%@?KYC%CD%JDCA%

at the 23rd Annual General Meeting (AGM) by electronic means and the business may be transacted

CY@DMKY%A<JDC?GK%EA@J?BAE%F@DJ?NAN%XP%HAGC@IO%"AFDE?CD@P%#A@J?BAE%`7GN?Ia%V?L?CAN%`H"#Va3%ZYA%^DI@N%D[%

"?@ABCD@E%D[%CYA%HDLFIGP%YIE%IFFD?GCAN%$IG\%_%6EEDB?ICAE%IE%CYA%#B@MC?G?EA@%[D@%CY?E%FM@FDEA3

The instructions for members for voting electronically are as under:-

`6a% %ZYA%JDC?GK%FA@?DN%XAK?GE%DG%R.CY%#AFCALXA@+%R1,=%IC%S311%I3L3%IGN%AGNE%DG%RSCY%#AFCALXA@+%R1,=%IC%

>311%F3L3%"M@?GK%CY?E%FA@?DN%EYI@AYDONA@E*%D[%CYA%HDLFIGP+%YDON?GK%EYI@AE%A?CYA@%?G%FYPE?BIO%[D@L%D@%?G%

NALICA@?IO?EAN%[D@L+%IE%DG%CYA%BMC<D[[%NICA%`@ABD@N%NICAa%D[%R=CY%#AFCALXA@+%R1,=+%LIP%BIEC%CYA?@%JDCA%

electronically. The e-voting module shall be disabled by CDSL for voting thereafter.

In case of members receiving copy of Annual Report by e-mail:

(i) Log on to the e-voting website www.evotingindia.com

`??a% HO?B]%DG%f#YI@AYDONA@Ec%CIX3

(iii) Now Enter your User ID

% Ia% TD@%H"#Vj%,0%N?K?CE%XAGA[?B?I@P%7"+%

% Xa% TD@%9#"Vj%-%HYI@IBCA@%";%7"%[DOODWAN%XP%-%"?K?CE%HO?AGC%7"+%

% Ba% 4ALXA@E%YDON?GK%EYI@AE%?G%;YPE?BIO%TD@L%EYDMON%AGCA@%TDO?D%9MLXA@%@AK?ECA@AN%W?CY%CYA%HDLFIGP3

`?Ja% 9AUC%AGCA@%CYA%7LIKA%8A@?[?BIC?DG%IE%N?EFOIPAN%IGN%HO?B]%DG%VDK?G3


(v) If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on an

AI@O?A@%JDC?GK%D[%IGP%BDLFIGP+%CYAG%PDM@%AU?EC?GK%FIEEWD@N%?E%CD%XA%MEAN3%

`J?a% 7[%PDM%I@A%I%[?@EC%C?LA%MEA@%[DOODW%CYA%ECAFE%K?JAG%XAODWj

For Members holding shares in Demat Form and Physical Form

PAN* )GCA@%PDM@%,1%N?K?C%IOFYI<GMLA@?B%k;69%?EEMAN%XP% 7GBDLA%ZIU%"AFI@CLAGC%`6FFO?BIXOA% [D@%XDCY%

NALIC%EYI@AYDONA@E%IE%WAOO%IE%FYPE?BIO%EYI@AYDONA@Ea

!" "4ALXA@E% WYD% YIJA% GDC% MFNICAN% CYA?@% ;69% W?CY% CYA% HDLFIGP/"AFDE?CD@P% ;I@C?B?FIGC% I@A%

@AeMAECAN%CD%MEA%CYA%[?@EC%CWD%OACCA@E%D[%CYA?@%GILA%IGN%CYA%OIEC%-%N?K?CE%D[%CYA%NALIC%IBBDMGC/

folio number in the PAN field.

!" "7G%BIEA%CYA%[DO?D%GMLXA@%?E%OAEE%CYIG%-%N?K?CE%AGCA@%CYA%IFFO?BIXOA%GMLXA@%D[%1*E%XA[D@A%CYA%

number after the first two characters of the name in CAPITAL letters. E.g. If your name is

5ILAEY%$MLI@%W?CY%[DO?D%GMLXA@%,11%CYAG%AGCA@%5611111,11%?G%CYA%;69%[?AON3

DOB )GCA@%CYA%"ICA%D[%^?@CY%IE%@ABD@NAN%?G%PDM@%NALIC%IBBDMGC%D@%?G%CYA%HDLFIGP%@ABD@NE%[D@%CYA%EI?N%

NALIC%IBBDMGC%D@%[DO?D%?G%NN/LL/PPPP%[D@LIC3

Dividend

Bank

Details

)GCA@%CYA%"?J?NAGN%ÎG]%"ACI?OE%IE%@ABD@NAN%?G%PDM@%NALIC%IBBDMGC%D@%?G%CYA%HDLFIGP%@ABD@NE%[D@%

the said demat account or folio.

!" "Please enter the DOB or Dividend Bank Details in order to login. If the details are not recorded

W?CY%CYA%NAFDE?CD@P%D@%BDLFIGP%FOAIEA%AGCA@%the number of shares held by you as on the

cut off date in the Dividend Bank details field.

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CD%LIGNICD@?OP%AGCA@%CYA?@%ODK?G%FIEEWD@N%?G%CYA%GAW%FIEEWD@N%[?AON3%$?GNOP%GDCA%CYIC%CY?E%FIEEWD@N%?E%CD%XA%

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`?Ua% %TD@%4ALXA@E%YDON?GK%EYI@AE%?G%FYPE?BIO%[D@L+%CYA%NACI?OE%BIG%XA%MEAN%DGOP%[D@%A<JDC?GK%DG%CYA%@AEDOMC?DGE%

contained in this Notice.

(x) Click on the EVSN for D. S. Kulkarni Developers Ltd. on which you choose to vote.

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fi)#/9'c%[D@%JDC?GK3%#AOABC%CYA%DFC?DG%i)#%D@%9'%IE%NAE?@AN3%ZYA%DFC?DG%i)#%?LFO?AE%CYIC%PDM%IEEAGC%CD%

CYA%5AEDOMC?DG%IGN%DFC?DG%9'%?LFO?AE%CYIC%PDM%N?EEAGC%CD%CYA%5AEDOMC?DG3

Ù??a% HO?B]%DG%CYA%f5)#'V(Z7'9#%T7V)%V79$c%?[%PDM%W?EY%CD%J?AW%CYA%AGC?@A%5AEDOMC?DG%NACI?OE3

Ù???a% %6[CA@%EAOABC?GK%CYA%@AEDOMC?DG%PDM%YIJA%NAB?NAN%CD%JDCA%DG+%BO?B]%DG%f#(^47Zc3%6%BDG[?@LIC?DG%XDU%W?OO%XA%

N?EFOIPAN3%7[%PDM%W?EY%CD%BDG[?@L%PDM@%JDCA+%BO?B]%DG%f'$c+%AOEA%CD%BYIGKA%PDM@%JDCA+%BO?B]%DG%fH69H)Vc%IGN%

accordingly modify your vote.

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ÙJa% %iDM%BIG%IOED%CI]A%DMC%F@?GC%D[%CYA%JDC?GK%NDGA%XP%PDM%XP%BO?B]?GK%DG%fHO?B]%YA@A%CD%F@?GCc%DFC?DG%DG%CYA%8DC?GK%FIKA3

ÙJ?a% %7[%"ALIC%IBBDMGC%YDONA@%YIE% [D@KDCCAG% CYA%BYIGKAN%FIEEWD@N% CYAG%)GCA@% CYA%(EA@% 7"%IGN% CYA% ?LIKA%

JA@?[?BIC?DG%BDNA%IGN%BO?B]%DG%TD@KDC%;IEEWD@N%_%AGCA@%CYA%NACI?OE%IE%F@DLFCAN%XP%CYA%EPECAL3


ÙJ??a% 9DCA%[D@%9DGd7GN?J?NMIO%#YI@AYDONA@E%IGN%HMECDN?IGE

" !" "Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodian are required

to log on to www.evotingindia.com%IGN%@AK?ECA@%CYALEAOJAE%IE%HD@FD@ICAE3%

" !" "6% EBIGGAN% BDFP% D[% CYA% 5AK?EC@IC?DG% TD@L% XAI@?GK% CYA% ECILF% IGN% E?KG% D[% CYA% AGC?CP% EYDMON% XA%

emailed to YAOFNAE]3AJDC?GKlBNEO?GN?I3BDL%XA[D@A%CYA%ECI@C%D[%CYA%A<JDC?GK%FA@?DN3

" !" "6[CA@%@ABA?J?GK%CYA%ODK?G%NACI?OE%I%BDLFO?IGBA%MEA@%EYDMON%XA%B@AICAN%ME?GK%CYA%INL?G%ODK?G%IGN%

FIEEWD@N3%ZYA%HDLFO?IGBA%MEA@%WDMON%XA%IXOA%CD%O?G]%CYA%IBBDMGCÈa%[D@%WY?BY%CYAP%W?EY%CD%JDCA%DG3

" !" "ZYA%O?EC%D[%IBBDMGCE%EYDMON%XA%LI?OAN%CD%YAOFNAE]3AJDC?GKlBNEO?GN?I3BDL%IGN%DG%IFF@DJIO%D[%CYA%

accounts they would be able to cast their vote.

" !" "6%EBIGGAN%BDFP%D[%CYA%^DI@N%5AEDOMC?DG%IGN%;DWA@%D[%6CCD@GAP%`;'6a%WY?BY%CYAP%YIJA%?EEMAN%?G%

[IJDM@%D[%CYA%HMECDN?IG+%?[%IGP+%EYDMON%XA%MFODINAN%?G%;"T%[D@LIC%?G%CYA%EPECAL%[D@%CYA%EB@MC?G?gA@%

to verify the same.

In case you have any queries or issues regarding e-voting, you may refer the Frequently Asked Questions

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YAOFNAE]3AJDC?GKlBNEO?GN?I3BDL

In case of members receiving the physical copy of Annual Report:

`â% ;OAIEA%[DOODW%IOO%ECAFE%[@DL%SL. NO. (i) to SL. NO. (xvii) above to cast vote.

By the order of the Board of Directors,

For D. S. KULKARNI DEVELOPERS LTD.

Place: Pune D. S. KULKARNI

Date: 29th%4IP+%R1,=% H&675469%_%4696:79:%"75)HZ'5


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EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013, ANNEXED

TO THE NOTICE CALLING THE TWENTY THIRD ANNUAL GENERAL MEETING TO BE HELD ON TUESDAY,

THE 30TH DAY OF SEPTEMBER, 2014 AT PUNE.

Item Nos. 5 to 8

ZYA% HDLFIGP% YIN+% FM@EMIGC% CD% CYA% F@DJ?E?DGE% D[% CYA% HDLFIG?AE% 6BC+% ,S>0% IGN% HOIMEA% =S% D[% CYA% V?EC?GK%

6K@AALAGC%AGCA@AN%W?CY%CYA%#CDB]%)UBYIGKAE+%IFFD?GCAN%4@3%83%H3%2DEY?+%"@3%43%$3%;3%#ACCP+%4@3%53%"3%$YI@DEA]I@%

IGN%4@3%$3%$3%ZIFI@?I+%IE%7GNAFAGNAGC%"?@ABCD@E%IC%JI@?DME%C?LAE+% ?G%BDLFO?IGBA%W?CY%CYA%@AeM?@ALAGCE%D[% CYA%

@AEFABC?JA%F@DJ?E?DGE3%

6E%FA@%CYA%F@DJ?E?DGE%D[%#ABC?DG%,=S`=a%WY?BY%YIE%BDLA%?GCD%[D@BA%W?CY%A[[ABC%[@DL%,EC%6F@?O+%R1,=+%AJA@P%O?ECAN%

BDLFIGP% ?E% @AeM?@AN% CD% YIJA% IC% OAIEC% DGA<CY?@N% D[% CYA% CDCIO% GMLXA@% D[% "?@ABCD@E% IE% 7GNAFAGNAGC% "?@ABCD@E3%

TM@CYA@+%#ABC?DG%,=S`,1a%D[%CYA%6BC%F@DJ?NAE%CYIC%IG%7GNAFAGNAGC%"?@ABCD@%EYIOO%YDON%D[[?BA%[D@%I%CA@L%MF%CD%[?JA%

BDGEABMC?JA%PAI@E%DG%CYA%^DI@N%D[%I%BDLFIGP%IGN%?E%GDC%O?IXOA%CD%@AC?@A%XP%@DCIC?DG%FM@EMIGC%CD%#ABC?DG%,=S`,Qa%

@AIN%W?CY%#ABC?DG%,>R%D[%CYA%6BC3%

The Securities and Exchange Board of India (SEBI) has amended Clause 49 of the Listing Agreement which

WDMON% XA% A[[ABC?JA% [@DL% ,EC% 'BCDXA@+% R1,=% WY?BY% inter alia% EC?FMOICAE% CYA% BDGN?C?DGE% [D@% CYA% IFFD?GCLAGC% D[%

7GNAFAGNAGC%"?@ABCD@E%XP%I%O?ECAN%BDLFIGP3%

ZYA% 9DL?GIC?DG% IGN% 5ALMGA@IC?DG% HDLL?CCAA% YIE% @ABDLLAGNAN% CYA% IFFD?GCLAGCE% D[% CYAEA% "?@ABCD@E% IE%

7GNAFAGNAGC%"?@ABCD@E%[@DL%Q1CY%#AFCALXA@+%R1,=%MFCD%RSCY%#AFCALXA@+%R1,S3

ZYA%IXDJA%7GNAFAGNAGC%"?@ABCD@E%YIJA%K?JAG%I%NABOI@IC?DG%CD%CYA%̂ DI@N%CYIC%CYAP%LAAC%CYA%B@?CA@?I%D[%?GNAFAGNAGBA%

IE%F@DJ?NAN%MGNA@%#ABC?DG%,=S%`0a%D[%CYA%6BC3%7G%CYA%DF?G?DG%D[%CYA%^DI@N+%CYA%IXDJA%7GNAFAGNAGC%"?@ABCD@E%[MO[?OO%

CYA%BDGN?C?DGE%EFAB?[?AN%?G%CYA%6BC%IGN%CYA%5MOAE%LINA%CYA@A%MGNA@%[D@%IFFD?GCLAGC%IE%7GNAFAGNAGC%"?@ABCD@E%

IGN%CYAP%I@A%?GNAFAGNAGC%D[%CYA%LIGIKALAGC3%

7G% BDLFO?IGBA% W?CY% CYA% F@DJ?E?DGE% D[% #ABC?DG% ,=S% @AIN% W?CY% #BYANMOA% 78% D[% CYA% 6BC+% CYA% IFFD?GCLAGC% D[% CYA%

IXDJA%"?@ABCD@E%IE%7GNAFAGNAGC%"?@ABCD@E%?E%GDW%XA?GK%FOIBAN%XA[D@A%CYA%4ALXA@E%?G%:AGA@IO%4AAC?GK%[D@%CYA?@%

IFF@DJIO3%

ZYA%X@?A[%F@D[?OA%D[%7GNAFAGNAGC%"?@ABCD@E%CD%XA%IFFD?GCAN%?E%K?JAG%XAODWj

Mr. V. C. Joshi+%IKAN%-R%PAI@E+%?E%CYA%7GNAFAGNAGC%_%9DG<)UABMC?JA%"?@ABCD@%D[%DM@%HDLFIGP3%4@3%2DEY?%YDONE%

a degree of Master of Arts in Political Science from Bombay University and in Economics from University of

HILX@?NKA+%(G?CAN%$?GKNDL3%4@3% 2DEY?%YIE%LD@A% CYIG% CY?@CP% `Q1a%PAI@E%D[%AUFA@?AGBA% ?G%XIG]?GK%EABCD@%IGN%

YIE%XAAG%IEEDB?ICAN%W?CY%DM@%HDLFIGP%E?GBA% CYA%PAI@%,SSQ3%4@3% 2DEY?% ?E%IG%)U<XIG]A@%IGN%IG%IMCYD@?CP% ?G%

)BDGDL?BE3%&A%YIE%WD@]AN%IE%I%#AG?D@%HDGEMOCIGC%[D@%[?GIGB?IO%EA@J?BAE%W?CY%;bH%IGN%97^43

Dr. M. K. P. Setty+%IKAN%-1%PAI@E+%?E%CYA%7GNAFAGNAGC%_%9DG<)UABMC?JA%"?@ABCD@%D[%DM@%HDLFIGP3%"@3%#ACCP%YDONE%

I%NAK@AA%D[%"DBCD@%D[%V?CA@ICM@A%[@DL%6J?GIEY?O?GKIL%(G?JA@E?CP%[D@%bDLAG+%ZIL?OGINM3%"@3%#ACCP%YIE%LD@A%CYIG%

CY?@CP%`Q1a%PAI@E%D[%AUFA@?AGBA%?G%ANMBIC?DG%EABCD@%IGN%?E%IEEDB?ICAN%W?CY%DM@%HDLFIGP%E?GBA%CYA%PAI@%,SSQ3%

"@3%#ACCP%YIE%IOED%XAAG%IEEDB?ICAN%W?CY%BDLFIG?AE%?G%JI@?DME%EABCD@E%J?g3%[DDN%F@DBAEE?GK+%INJA@C?E?GK+%[?GIGBA%

IGN%IMCDLDX?OAE3%&A%YIE%XAAG%BDG[A@@AN%W?CY%YDGDM@%!CYA%$IGGINI%5I\PDCEIJI%6WI@N*%XP%CYA%:DJA@GLAGC%D[%

$I@GICI]I%?G%@ABDKG?C?DG%D[%Y?E%EA@J?BAE%CD%CYA%7GNMEC@P%IGN%)NMBIC?DG3%&A%YIE%YAON%JI@?DME%F@AEC?K?DME%FDE?C?DGE%

in various institutions and associations. He is the only non-Government official to be invited by the Government

D[%$I@GICI]I%CD%EA@JA%IE%I%HYI?@LIG%D[%CYA%$I@GICI]I%7GNMEC@?IO%7GJAECLAGC%"AJAODFLAGC%HD@FD@IC?DG%V?L?CAN3

Mr. K. K. Taparia+%IKAN%0Q%PAI@E+%?E%CYA%7GNAFAGNAGC%_%9DG<)UABMC?JA%"?@ABCD@%D[%DM@%HDLFIGP3%4@3%ZIFI@?I%YDONE%

I%NAK@AA%D[%^3)3%`4ABYIG?BEa%[@DL%4^4%)GK?GAA@?GK%HDOOAKA+%(G?JA@E?CP%D[%2DNYFM@3%4@3%ZIFI@?I%YIE%LD@A%CYIG%

[D@CP%`=1a%PAI@E%D[%AUFA@?AGBA%?G%LIGM[IBCM@?GK%IGN%LI@]AC?GK%EABCD@%IGN%?E%IEEDB?ICAN%W?CY%DM@%HDLFIGP%E?GBA%

CYA%PAI@%R11-3%4@3%ZIFI@I?I%?E%I%LIGIKALAGC%BDGEMOCIGC3


Mr. R.D. Kharosekar+% IKAN% .R% PAI@E+% ?E% CYA% 7GNAFAGNAGC% _% 9DG<)UABMC?JA% "?@ABCD@% D[% DM@% HDLFIGP3%

Mr. Kharosekar holds a degree of Bachelor of Science and Bachelors of Law (L.L.B) from University of Poona.

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?E%IEEDB?ICAN%W?CY%DM@%HDLFIGP%E?GBA% CYA%PAI@%R1,13%&A%YIE%WD@]AN%IE%I%EAG?D@% 76#%'[[?BA@%IGN%@AC?@AN%IE%

I%HDLL?EE?DGA@%D[%Z@?XIO%5AEAI@BY%_%Z@I?G?GK3%&A%YIE%EA@JAN% ?G%JI@?DME%BIFIB?C?AE% ?G% CYA%#CICA%IGN%HAGC@IO%

:DJA@GLAGC%IGN%YIE%@ABA?JAN%IG%IWI@N%[@DL%CYA%#CICA%:DJA@GLAGC%[D@%DMCECIGN?GK%WD@]%NDGA%[D@%NAJAODFLAGC%

D[%C@?XAE%D[%4IYI@IEYC@I3%&A%YIE%IOED%F@DNMBAN%IGN%N?@ABCAN%[?OLE%[D@%B@AIC?GK%IWI@AGAEE%IXDMC%JI@?DME%EBYALAE%

amongst the weaker sections and tribes.

9DGA%D[%CYA%"?@ABCD@E%D@%$AP%4IGIKALAGC%;A@EDGGAO%D[%CYA%HDLFIGP%IGN%CYA?@%@AOIC?JAE+%DCYA@%CYIG%7GNAFAGNAGC%

"?@ABCD@E%[D@%CYA?@%@AEFABC?JA%IFFD?GCLAGCE+%I@A%BDGBA@GAN%D@%?GCA@AECAN+%[?GIGB?IOOP%D@%DCYA@W?EA%

Item No. 9

4@3%#?@?EY%$MO]I@G?%?E%I%;@DLDCA@<"?@ABCD@%D[%CYA%HDLFIGP%IGN%YIE%EA@JAN%CYA%HDLFIGP%IE%?CE%)UABMC?JA%"?@ABCD@%

E?GBA%R11S3%ZYA%̂ DI@N%D[%"?@ABCD@E%D[%CYA%HDLFIGP%IC%?CE%LAAC?GK%YAON%DG%R.CY%2MOP+%R1,=%@AIFFD?GCAN%4@3%#Y?@?EY%

"3%$MO]I@G?%IE%bYDOAC?LA%"?@ABCD@+%NAE?KGICAN%IE%)UABMC?JA%"?@ABCD@+%[D@%I%FA@?DN%D[%,%PAI@%W?CY%A[[ABC%[@DL%R0CY%

2MOP+%R1,=+%EMX\ABC%CD%CYA%IFF@DJIO%D[%LALXA@E%IC%CYA%AGEM?GK%6GGMIO%:AGA@IO%4AAC?GK%D[%CYA%HDLFIGP3%ZYA%

@ALMGA@IC?DG+%IE%@ABDLLAGNAN%XP% CYA%9DL?GIC?DG%IGN%5ALMGA@IC?DG%HDLL?CCAA%WIE%IOED%IFF@DJAN%XP% CYA%

^DI@N%IC%?CE%4AAC?GK%YAON%DG%R.CY%2MOP+%R1,=3%6E%@AeM?@AN%XP%CYA%F@DJ?E?DGE%D[%CYA%HDLFIG?AE%6BC+%R1,Q+%IFF@DJIO%

[D@%EMBY%@A<IFFD?GCLAGC%?E%XA?GK%EDMKYC%[@DL%CYA%EYI@AYDONA@E3

ZYA% HDLFIGP% YIE% XAAG% XAGA[?CC?GK% [@DL% Y?E% NPGIL?B% OAINA@EY?F+% XME?GAEE% LIGIKALAGC% EC@ICAK?AE% IGN%

]GDWOANKA3%&AGBA%PDM@%"?@ABCD@E%I@A%D[%CYA%DF?G?DG%CYIC%?C%WDMON%XA%?G%CYA%?GCA@AEC%D[%CYA%HDLFIGP%CD%@AIFFD?GC%

Y?L%IE%CYA%)UABMC?JA%"?@ABCD@%[D@%I%CA@L%D[%DGA%PAI@%IE%F@DFDEAN%?G%CYA%@AEDOMC?DG3

;M@EMIGC% CD% CYA% I[D@AEI?N% ^DI@N% @AEDOMC?DG% @A<IFFD?GC?GK% 4@3% #Y?@?EY% $MO]I@G?% IE% CYA% )UABMC?JA% "?@ABCD@+%

CYA% HDLFIGP% F@DFDEAE% CD% AGCA@% ?GCD% IG% IK@AALAGC% W?CY% 4@3% #Y?@?EY% $MO]I@G?% W3A3[3% R.CY% 2MOP+% R1,=3% ZYA%

@A<IFFD?GCLAGC%D[%4@3%#Y?@?EY%$MO]I@G?%?E%IE%FA@%CYA%F@DJ?E?DGE%D[%#ABC?DGE%,S0+%,S.+%R1Q+%EBYANMOA%d%8%IGN%IOO%

DCYA@%IFFO?BIXOA%F@DJ?E?DGE%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%CYA%HDLFIG?AE%`6FFD?GCLAGC%IGN%5ALMGA@IC?DG%D[%

4IGIKA@?IO%;A@EDGGAOa%5MOAE+%R1,=%`?GBOMN?GK%IGP%ECICMCD@P%LDN?[?BIC?DGE%D@%@A<AGIBCLAGCE%CYA@AD[%[D@%CYA%C?LA%

XA?GK%?G%[D@BAa%IGN%DCYA@%IFFO?BIXOA%F@DJ?E?DGE+%?[%IGP+%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%?E%EMX\ABC%CD%CYA%IFF@DJIO%

D[%CYA%EYI@AYDONA@E%?G%CYA%6GGMIO%:AGA@IO%4AAC?GK3%&AGBA%CYA%@AEDOMC?DG%ECICAN%?G%7CAL%9D3%S%?E%FOIBAN%XA[D@A%

CYA%6GGMIO%:AGA@IO%4AAC?GK%[D@%?CE%IFF@DJIO3

ZYA%EIO?AGC%CA@LE%IGN%BDGN?C?DGE%D[%@A<IFFD?GCLAGC%IGN%@ALMGA@IC?DG%D[%4@3%#Y?@?EY%$MO]I@G?+%IE%EAC%DMC%?G%CYA%

EI?N%N@I[C%IK@AALAGC%A[[ABC?JA%[@DL%R.CY%2MOP+%R1,=%CD%R0CY%2MOP+%R1,>%I@A%IE%MGNA@j

,3% %4@3%#Y?@?EY%$MO]I@G?%W?OO%XA%ODD]?GK%I[CA@%CYA%DJA@IOO%WD@]?GK%D[%CYA%HDLFIGP%IGN%EMBY%INN?C?DGIO%NMC?AE%IE%

may be assigned by the Board from time to time.

R3% ;A@?DN%D[%6K@AALAGCj%'GA%PAI@%?3A3%R.CY%2MOP+%R1,=%CD%R0CY%2MOP+%R1,>3

Q3% %ZYA%@ALMGA@IC?DG%IGN%FA@eM?E?CAE%FIPIXOA%CD%4@3%#Y?@?EY%$MO]I@G?+%W?CY%A[[ABC%[@DL%R.CY%2MOP+%R1,=%I@A%IE%

under:

I. Salary

Basic Salary of `%,+=-+.->%

House Rent Allowance of `%==+0Q0/<

% H?CP%HDLFAGEICD@P%6OODWIGBA%D[%`%,R+QS=/<

Conveyance Allowance of ` ,+R11/<

Medical Allowance of `%R+>11/<%

Other Allowance of `%,=+-.S/<


773% ;@DJ?NAGC%TMGNj%,Rn%D[%CYA%XIE?B%EIOI@P%FA@%LDGCY%EMX\ABC%CD%LIU?LML%IE%FA@%BDLFIGP%@MOAE3

% ZYA%EI?N%BDGC@?XMC?DG%IXDJA%?E%EMX\ABC%CD%IGP%BYIGKA%A[[ABCAN%?G%CYA%EBYALAE/%@MOAE%D[%CYA%@AEFABC?JA%[MGN3

7773% HI@j%;@DJ?E?DG%D[%CYA%HDLFIGP*E%BI@%W?CY%N@?JA@%[D@%D[[?B?IO%FM@FDEA%D[%CYA%)UABMC?JA%"?@ABCD@3

783% ZAOAFYDGAj%;@DJ?E?DG%D[%CAOAFYDGA%ÒIGNO?GA%IGN%LDX?OAa%IGN%?GCA@GAC%BDGGABC?DG%IC%@AE?NAGBA3%

V. Perquisites will include -

% I3% OAIJA%C@IJAO%IOODWIGBA%IE%FA@%BDLFIGP%@MOAE%?G%[D@BA%[@DL%C?LA%CD%C?LA3%

% X3% FA@EDGIO%IBB?NAGC%?GEM@IGBA%MFCD%`%>+11+111/<3

VI. OTHER BENEFITS:-

Gratuity: ÂGA[?CE%?G%IBBD@NIGBA%W?CY%CYA%@MOAE%IGN%@AKMOIC?DGE%?G%[D@BA%?G%CYA%HDLFIGP%[@DL%C?LA%CD%C?LA%XMC%

EYIOO%GDC%AUBAAN%I%YIO[%LDGCY*E%EIOI@P%[D@%AIBY%BDLFOACAN%PAI@%D[%EA@J?BA3

Pension:%ÂGA[?CE%?G%IBBD@NIGBA%W?CY%CYA%@MOAE%IGN%@AKMOIC?DGE%?G%[D@BA%?G%CYA%HDLFIGP%[@DL%C?LA%CD%C?LA3

Leave:%ZYA%)UABMC?JA%"?@ABCD@%EYIOO%XA%AGC?COAN%CD%YIJA%OAIJA%DG%[MOO%FIP%IGN%IOODWIGBA%IC%CYA%@ICA%D[%[?[CAAG%NIPE%

AI@GAN%OAIJA%IGN%E?U%NIPE%BIEMIO%[D@%AJA@P%CWAOJA%LDGCYE%D[%EA@J?BA3%&A%EYIOO%XA%FI?N%VAIJA%AGBIEYLAGC%?G%

IBBD@NIGBA%W?CY%CYA%@MOAE%IGN%@AKMOIC?DGE%?G%[D@BA%?G%CYA%HDLFIGP%[@DL%C?LA%CD%C?LA3

ÂGA[?CE%MGNA@%ODIG%IGN%DCYA@%EBYALAE%?G%IBBD@NIGBA%W?CY%CYA%F@IBC?BAE+%@MOAE%IGN%@AKMOIC?DGE%?G%[D@BA%?G%CYA%

HDLFIGP+%[@DL%C?LA%CD%C?LA3

The above remuneration to be allowed to the Executive Director shall be subject to such limits for the remuneration

IE%OI?N%NDWG%XP%CYA%HDLFIG?AE%6BC+%R1,Q%D@%IGP%@A<AGIBCLAGC+%IOCA@IC?DG+%LDN?[?BIC?DG%CYA@AD[3%ZYA%HDLFIGP%

EYIOO%FIP%CD+%D@%@A?LXM@EA+%CYA%)UABMC?JA%"?@ABCD@%IGN%YA%EYIOO%XA%AGC?COAN%CD%XA%FI?N%IGN%D@/CD%XA%@A?LXM@EAN%XP%

CYA%HDLFIGP+%IOO%BDECE+%BYI@KAE%IGN%AUFAGEAE%CYIC%LIP%YIJA%XAAG%D@%LIP%XA%?GBM@@AN%XP%Y?L%[D@%CYA%FM@FDEA%

D[%D@%DG%XAYIO[%D[%CYA%HDLFIGP3

ZYA%IXDJA%@ALMGA@IC?DG%LIP%XA%FI?N%IE%L?G?LML%@ALMGA@IC?DG%CD%CYA%)UABMC?JA%"?@ABCD@%NM@?GK%CYA%CA@L%D[%Y?E%

@A<IFFD?GCLAGC%?G%BIEA%D[%?GINAeMIBP%D@%IXEAGBA%D[%F@D[?CE3

ZYA%IXDJA%@ALMGA@IC?DG%YIE%XAAG%BDGE?NA@AN%IGN%@ABDLLAGNAN%[D@%IFF@DJIO%XP%CYA%9DL?GIC?DG%_%5ALMGA@IC?DG%

HDLL?CCAA%?G%?CE%LAAC?GK%YAON%DG%R0CY%2MOP+%R1,=3

ZYA%N@I[C%IK@AALAGC%CD%XA%AGCA@AN%?GCD%XP%CYA%HDLFIGP%W?CY%4@3%#Y?@?EY%$MO]I@G?%?E%IJI?OIXOA%[D@%?GEFABC?DG%XP%CYA%

LALXA@E%IC%CYA%5AK?ECA@AN%'[[?BA%D[%CYA%HDLFIGP%XACWAAG%,,311%I3L3%CD%>311%F3L3%DG%IOO%WD@]?GK%NIPE%AUBAFC%

Sundays and Public Holidays, till the date of the ensuing Annual General Meeting.

ZYA%IXDJA%CA@LE%IGN%BDGN?C?DGE%EYIOO%XA%NAALAN%CD%XA%IG%IXEC@IBC%MGNA@%#ABC?DG%,S1%D[%CYA%HDLFIG?AE%6BC+%

R1,Q3%ZYA%@AEDOMC?DG%[D@%CYA%F@DFDEAN%@A<IFFD?GCLAGC%D[%CYA%)UABMC?JA%"?@ABCD@%?E%@ABDLLAGNAN%[D@%IFF@DJIO%

by the shareholders.

None of the directors other than Mr. Shirish Kulkarni himself; and Mr. D. S. Kulkarni and who is a relative of

Mr. Shirish Kulkarni are concerned or interested in the resolution.

Item No. 10 and 11

7G% IBBD@NIGBA% W?CY% CYA% F@DJ?E?DGE% D[% #ABC?DGE% RSQ% `,a% `Na% IGN% RSQ% `,a% Ìa% D[% CYA% HDLFIG?AE% 6BC+% ,S>0% CYA%

EYI@AYDONA@E%YIN+%?G%CYA%6GGMIO%:AGA@IO%4AAC?GK%YAON%DG%R.CY%#AFCALXA@+%R11-+%IMCYD@?EAN%CYA%HDLFIGP%CD%

XD@@DW%EMLE%?G%AUBAEE%D[%FI?N<MF%BIF?CIO%IGN%[@AA%@AEA@JAE%D[%CYA%HDLFIGP%EMX\ABC%CD%I%BA?O?GK%D[%`%R111%B@D@AE%

`DCYA@%CYIG%CALFD@I@P%XD@@DW?GKEa%IGN%LD@CKIKA%IGN/D@%YPFDCYABICA%BDLFIGP*E%F@DFA@C?AE%CYA@A[D@3


#ABC?DG%,-1%D[%CYA%HDLFIG?AE%6BC+%R1,Q%`GDC?[?AN%DG%,RCY%#AFCALXA@+%R1,Qa%LIGNICAE%CYIC%CYA%I[D@ALAGC?DGAN%

FDWA@E%D[%CYA%^DI@N%EYIOO%XA%AUA@B?EAN%DGOP%CY@DMKY%#FAB?IO%5AEDOMC?DG%FIEEAN%?G%CYA%LAAC?GK%D[%EYI@AYDONA@E%

IE% BDLFI@AN% CD% CYA% @AeM?@ALAGC% D[% D@N?GI@P% @AEDOMC?DG% MGNA@% CYA% F@DJ?E?DGE% D[% CYA% HDLFIG?AE% 6BC+% ,S>03%

HDGEAeMAGCOP+% CYA% ^DI@N% @ABDLLAGNE% CD% CYA% EYI@AYDONA@E% CD% FIEE% EFAB?IO% @AEDOMC?DG% MGNA@% #ABC?DG% ,-1`,a

`Ba%IGN%#ABC?DG%,-1`,a`Ia%D[%CYA%HDLFIG?AE%6BC+%R1,Q+%W?CYDMC%IOCA@?GK%CYA%XD@@DW?GK%O?L?CE%IO@AINP%IFF@DJAN%

XP%WIP%D[%KAGA@IO%@AEDOMC?DG%AI@O?A@3%6BBD@N?GKOP+%CYA%F@DFDEAN%@AEDOMC?DG%?E%FOIBAN%XA[D@A%CYA%EYI@AYDONA@E%[D@%

CYA?@%IFF@DJIO3%

9DGA% D[% CYA% "?@ABCD@E% IGN% $AP% 4IGIKA@?IO% ;A@EDGGAO% D[% CYA% HDLFIGP% IGN% CYA?@% @AOIC?JAE% ?E% BDGBA@GAN% D@%

interested, financial or otherwise, in this resolution.

Item No. 12

ZYA%^DI@N%D[%"?@ABCD@E%IC%CYA?@%LAAC?GK%YAON%DG%R.CY%2MOP+%R1,=+%YIJA%?G<F@?GB?FOA%IFF@DJAN%IGN%@ABDLLAGNAN%

CYA%?GJ?CIC?DG%IGN%IBBAFCIGBA%D[%T?UAN%"AFDE?CE%[@DL%CYA%LALXA@E%IGN%FMXO?B%FM@EMIGC%CD%#ABC?DGE%.Q%IGN%.0%D[%

CYA%HDLFIG?AE%6BC+%R1,Q%`f6BCca%IGN%HDLFIG?AE%`6BBAFCIGBA%D[%"AFDE?CEa%5MOAE+%R1,=%`f5MOAEca%IGN%IFFO?BIXOA%

F@DJ?E?DGE+%?[%IGP+%D@%IGP%DCYA@%OIW%[D@%CYA%C?LA%XA?GK%?G%[D@BA%`?GBOMN?GK%IGP%ECICMCD@P%LDN?[?BIC?DG%D@%ILAGNLAGC%

CYA@ACD%D@%@A<AGIBCLAGC%CYA@AD[a%IE%DGA%D[%CYA%LDNAE%CD%LAAC%CYA%DGKD?GK%[MGN%@AeM?@ALAGCE%D[%CYA%HDLFIGP3%

ZYA%T?UAN%"AFDE?C%F@DK@IL%WDMON%XA%B@AN?C%@ICAN%DG%IG%IGGMIO%XIE?E%IGN%CYA%HDLFIGP%LIP%F@DJ?NA%NAFDE?C%

?GEM@IGBA%BDJA@+%?[%@AeM?@AN%MGNA@%CYA%6BC%@AIN%W?CY%CYA%EI?N%5MOAE3%7C%?E%F@DFDEAN%CD%IMCYD@?EA%CYA%^DI@N%D@%I%

BDLL?CCAA%CYA@AD[%CD%GAKDC?ICA%IGN%[?GIO?EA%CYA%CA@LE%D[%T?UAN%"AFDE?C%#BYALA%IGN%CD%ND%EMBY%DCYA@%IBCE%IGN%

deeds as may be necessary or incidental thereto.

7G%BDLFO?IGBA%W?CY%CYA%F@DJ?E?DGE%D[%#ABC?DGE%.Q%IGN%.0%D[%CYA%6BC+%@AIN%CDKACYA@%W?CY%5MOA%R`Aa%D[%CYA%HDLFIG?AE%

`6BBAFCIGBA%D[%"AFDE?CEa%5MOAE+%R1,=+%IFF@DJIO%D[%CYA%4ALXA@E%XP%WIP%D[%EFAB?IO%@AEDOMC?DG%?E%XA?GK%EDMKYC3%

ZYA%[MGNE%CD%XA%XD@@DWAN%CY@DMKY%CYA%T?UAN%"AFDE?CE%F@DK@IL%WDMON%XA%W?CY?G%CYA%DJA@IOO%XD@@DW?GK%O?L?CE%D[%CYA%

HDLFIGP3%ZYA%̂ DI@N%BDLLAGNE%CYA%5AEDOMC?DG%EAC%DMC%IC%7CAL%9D3%,R%D[%CYA%9DC?BA%[D@%IFF@DJIO%XP%CYA%4ALXA@E3%

9DGA%D[%CYA%"?@ABCD@E%D@%$AP%4IGIKA@?IO%;A@EDGGAO%D[%CYA%HDLFIGP%D@%CYA?@%@AOIC?JAE%?E+%?G%IGP%WIP+%BDGBA@GAN%

D@% ?GCA@AECAN+% ?G% CYA%EI?N% @AEDOMC?DG+%AUBAFC% CD% CYA%AUCAGC%D[%IGP%T?UAN%"AFDE?CE% CYIC%LIP%XA%FOIBAN%W?CY% CYA%

HDLFIGP%XP%CYAL+%CYA?@%@AOIC?JAE%D@%XP%CYA%BDLFIG?AE/?GEC?CMC?DGE%?G%WY?BY%CYAP%I@A%N?@ABCD@E3


)-#$.*&#%/!#$0&#*

Dear Member,

iDM@%"?@ABCD@E%YIJA%FOAIEM@A%?G%F@AEAGC?GK%CYA?@%RQ@N%6GGMIO%5AFD@C%D[%CYA%HDLFIGP%[D@%CYA%PAI@%AGNAN%Q,EC%

4I@BY+%R1,=3

FINANCIALS:

Particulars ` Lacs

2013-2014 2012-2013

Operating Income and Increase in stocks 23,255.07 23,433.34

Profit before tax R+>0>3=1 R+-=R3-R

VAEEj%;@DJ?E?DG%[D@%CIU/NA[A@@AN%CIU ,+R013-R SSS3S0

Profit after tax 1,304.58 1,842.86

Add: Balance of Profit Brought forward ,=+.=Q3S> ,Q+RR,3=1

;@D[?C%IJI?OIXOA%[D@%6FF@DF@?IC?DG ,0+1=-3>Q ,>+10=3R0

Prior Year Adjustments `QR31=a ,-3==

Proposed Dividend 258.01 258.01

Tax on Dividend =Q3-> =Q3->

Balance of Profit carried to Balance Sheet ,>+..-3.1 ,=+.=Q3S>

OPERATIONS:

The year under review witnessed a flattish total income which was `RQR3>>%H@D@AE%IE%BDLFI@AN%CD%`234.33

H@D@AE%[D@%F@AJ?DME%[?GIGB?IO%PAI@3%ZYA%F@D[?C%[D@%CYA%PAI@%WIE%`,Q31>%H@D@AE%IKI?GEC%`,-3=Q%H@D@AE%[D@%CYA%AI@O?A@%

year.

ZYDMKY%CYA%PAI@%WIE%eM?AC%IE%@AKI@NE%IGP%GAW%IBC?J?CP%?G%CYA%OIEC%eMI@CA@%D[%CYA%PAI@%CYA%HDLFIGP%OIMGBYAN%[DM@%

F@D\ABCE%?G%;MGA%DGA%IC%#?GYIKIN%5DIN+%CWD%IC%;?@IGKMC+%DGA%AIBY%IC%^IGA@%IGN%$DGNWI3%6C%CYA%OIMGBY%D[%CYAEA%

F@D\ABCE+%CYA%HDLFIGP%@ABA?JAN%EIC?E[IBCD@P%@AEFDGEA%[D@%CYA%?G?C?IO%XDD]?GKE3%ZYA%HDLFIGP%CYA@AI[CA@%OIMGBYAN%

?CE%![OIKEY?F*%F@D\ABC+%"#$%"@AIL%H?CP%WY?BY%?E%I%EFAB?IO%?GCAK@ICAN%CDWGEY?F%EF@AIN%IB@DEE%LD@A%CYIG%R11%IB@AE%

IC%;MGA<#DOIFM@%5DIN3

ZYA%[?GIGB?IO%PAI@%R1,Q<,=%WIE%IG%AJAGC[MO%PAI@%[D@%CYA%7GN?IG%5AIO%)ECICA%EABCD@%W?CY%CYA%?GC@DNMBC?DG%D[%5AIO%

)ECICA%5AKMOICD@P%^?OO%IGN%VIGN%6BeM?E?C?DG%^?OO%?G%CYA%FI@O?ILAGC3%'G%CYA%YDLA%XMPA@E*%E?NA+%CYA%PAI@%BIG%XA%

XAEC%NAEB@?XAN%IE%I%OIB]OMECA@%PAI@%W?CY%Y?KY%F@DFA@CP%F@?BAE%IGN%?GB@AIE?GK%YDLA%ODIG%?GCA@AEC%@ICAE%CYIC%]AFC%

CYA%XMPA@E%WI?C?GK%DG%CYA%E?NAO?GAE3%7G[OIC?DG%FOIPAN%I%X?K%FI@C%?G%5^7*E%ECIGBA%CD%?GB@AIEA%?GCA@AEC%@ICAE%IGN%]AAF%

liquidity in control. This led to increase in borrowing cost for the home buyers as well.

ZYDMKY%CYA%?LLAN?ICA%[MCM@A%ODD]E%YIgP+%CYA%HDLFIGP%?E%BDG[?NAGC%D[%?CE%F@DK@AEE%IGN%K@DWCY%?G%CYA%XME?GAEE%

DG%IBBDMGC%D[%MGLICBYAN%X@IGN%FMOO%IGN%OIMGBY?GK%D[%fGAJA@<EAAG<XA[D@Ac%CDWGEY?F%?G%CYA%DMCE]?@CE%D[%;MGA3

DIVIDEND:

iDM@%"?@ABCD@E%YIJA%FOAIEM@A%?G%@ABDLLAGN?GK%N?J?NAGN%D[%,1n%?3A3%`,%FA@%AeM?CP%EYI@A%DG%CYA%FI?N%MF%BIF?CIO%

D[%CYA%HDLFIGP3%ZYA%N?J?NAGN%FIPDMC%W?OO%XA%`%R+>-+1,+11-/<%IGN%DMCKD%DG%IBBDMGC%D[%N?J?NAGN%N?EC@?XMC?DG%CIU%

will be ` =Q+-=+--,/<3


PUBLIC ISSUE OF SECURED NON-CONVERTIBLE DEBENTURES:

iDM@%"?@ABCD@E%YIJA%FOAIEM@A%CD%?G[D@L%PDM%CYIC%CYA%^DI@N%D[%"?@ABCD@E%D[%CYA%HDLFIGP%YIJA%IFF@DJAN%CD%D[[A@+%

issue and allot (including re-issue to the extent redeemed) of non-convertible debt instruments in the form of

EABM@AN%GDG<BDGJA@C?XOA%NAXAGCM@AE%CD%CYA%FMXO?B+%?G%DGA%D@%LD@A%C@IGBYAE+%`fDebenturesca+%[@DL%C?LA%CD%C?LA+%

MFCD%I%LIU?LML%EML%D[%`%R>1%H@D@A%`5MFAAE%ZWD%&MGN@AN%IGN%T?[CP%H@D@AE%DGOPa3

SUBSIDIARIES AND CONSOLIDATION:

ZYA%HDLFIGP%YIE%?G%IOO%[DM@%EMXE?N?I@?AE3%ZWD%EMXE?N?I@?AE%I@A%DFA@IC?GK%?G%CYA%(#6o%DGA%D[%WY?BY%?E%I%WYDOOP%

DWGAN% EMXE?N?I@P% IGN% CYA% DCYA@% ?E% I% ECAF<NDWG% `IOED% WYDOOP<DWGANa% EMXE?N?I@P+% GILAOP% "#$% "AJAODFA@E%

HD@FD@IC?DG%IGN%"#$%bDDNE+%VVH%@AEFABC?JAOP3%^DCY%CYAEA%EMXE?N?I@?AE%I@A%?G%CYA%XME?GAEE%D[%BDGEC@MBC?DG%IGN%

NAJAODFLAGC3%ZYA%BDGEC@MBC?DG%IBC?J?CP%IC%CYA%F@D\ABC%E?CA%IC%;OI?GEXD@D+%9AW%2A@EAP%?E%?G%F@DK@AEE3%'MC%D[%CYA%,,%

E?GKOA%YDMEA%XMGKIODWE+%0%XMGKIODWE%YIJA%IO@AINP%XAAG%EDON%IGN%BDGEC@MBC?DG%D[%CYA%@AEC%>%?E%?G%F@DK@AEE3%ZYA%

b'#%?E%YIJ?GK%IGDCYA@%F?ABA%D[%OIGN%?G%9AW%2A@EAP%WYA@AIC%IGDCYA@%BDGEC@MBC?DG%?E%XA?GK%BDGE?NA@AN3

ZYDMKY%?G?C?IOOP%CYA%EODWNDWG%D[%CYA%(#6%@AIO%AECICA%LI@]AC%I[[ABCAN%CYA%FA@[D@LIGBA%D[%CYA%(#6%EMXE?N?I@?AE+%

CYA%HDLFIGP%AUFABCE%XACCA@%FA@[D@LIGBA%?G%[MCM@A%IE%(#%ABDGDLP%?E%EYDW?GK%E?KGE%D[%@ABDJA@P%IGN%IE%EMBY%

real estate market may be revived.

6GDCYA@%EMXE?N?I@P%BDLFIGP% ?E%"#$%#DMCYA@G%;@D\ABCE%;JC3%VCN3% `f"#$%#DMCYA@Gca%WY?BY+% ?G%IEEDB?IC?DG%W?CY%

4/E%4IGC@?%"WAOO?GKE%;JC3%VCN3+%I%#MEY?O%4IGC@?%:@DMF%BDLFIGP+%?E%NAJAODF?GK%I%F@AL?ML+%Y?KY<AGN%@AE?NAGC?IO%

F@D\ABC%D[%=R%ECD@?AN%IFI@CLAGCE%IC%^IGKIOD@A%GILAN%f4IGC@?%"#$%;?GGIBOAc3%'MC%D[%CYA%CDCIO%,QQ%MG?CE+%.=%MG?CE%

YIJA%XAAG%EDON%ED%[I@3%ZYA%F@DK@AEE%D[%CYA%F@D\ABC%?E%EIC?E[IBCD@P3

ZYA%[DM@CY%EMXE?N?I@P%?E%"#$%ZDWGEY?F%;@D\ABCE%;JC3%VCN3%"#$%ZDWGEY?F%?E%@ACI?GAN%IE%I%#;8%`#FAB?IO%;M@FDEA%

8AY?BOAa%[D@%[MCM@A%MEA3%"#$%ZDWGEY?F%?E%PAC%CD%BDLLAGBA%XME?GAEE3

ZY?E% 6GGMIO% 5AFD@C% BDGCI?GE% CYA% ECIGN% IODGA% [?GIGB?IO% ECICALAGCE% IGN% @AFD@CE% D[% "3#3% $MO]I@G?% "AJAODFA@E%

VCN3%IGN% CYA%BDGEDO?NICAN% [?GIGB?IO%ECICALAGCE3%ZYA%4?G?EC@P%D[%HD@FD@ICA%6[[I?@E+%:DJA@GLAGC%D[% 7GN?I%XP% ?CE%

B?@BMOI@% NICAN% -th% TAX@MI@P+% R1,,% YIE% K@IGCAN% KAGA@IO% AUALFC?DG% CD% IOO% CYA% BDLFIG?AE+% ND?GK% IWIP% W?CY% CYA%

@AeM?@ALAGC%D[%ICCIBY?GK%IGGMIO%IBBDMGCE%D[%EMXE?N?I@P%BDLFIG?AE%CD%CYIC%D[%CYA%YDON?GK%BDLFIGP+%LIGNICAN%XP%

CYA%F@DJ?E?DGE%D[%#ABC?DG%R,R%D[%CYA%HDLFIG?AE%6BC%,S>0+%EMX\ABC%CD%[MO[?OOLAGC%D[%BA@CI?G%BDGN?C?DGE+%WY?BY%I@A%

NMOP%[MO[?OOAN%XP%PDM@%HDLFIGP3%&DWAJA@+%?G%CA@LE%D[%CYA%@AeM?@ALAGCE%CD%IJI?O%KAGA@IO%AUALFC?DG+%I%ECICALAGC%

BDGCI?G?GK%X@?A[%[?GIGB?IO%NACI?OE%D[%CYA%EMXE?N?I@P%BDLFIG?AE%[D@%CYA%PAI@%AGNAN%Q,st%4I@BY+%R1,=%?E%?GBOMNAN%?G%

CYA%6GGMIO%5AFD@C3%ZYA%IGGMIO%IBBDMGCE%D[%CYA%EMXE?N?I@P%BDLFIG?AE%IGN%CYA%@AOICAN%NACI?OAN%?G[D@LIC?DG%W?OO%

XA%LINA%IJI?OIXOA%CD%CYA%?GJAECD@E%IGN%W?OO%XA%]AFC%[D@%?GEFABC?DG%IC%CYA%HDLFIGP*E%@AK?ECA@AN%D[[?BA%IGN%IOED%

IC%CYDEA%D[%CYA%EMXE?N?I@?AE%BDGBA@GAN3%ZYA%YDON?GK%BDLFIGP%EYIOO%[M@G?EY%I%YI@N%BDFP%D[%NACI?OE%D[%IBBDMGCE%D[%

subsidiaries to any shareholder on request.

INTEGRATED TOWNSHIP:

ZYA%HDLFIGP% ?E%NAE?@DME%D[%NAJAODF?GK%I%GDJAO%IGN%EDOA%D[% ?CE%]?GN% CDWGEY?F%f"#$%"@AIL%H?CPc%DG% ?CE% OIGN%

E?CMICAN%GAI@%4IG\I@?+%;MGA3%ZYA%CDWGEY?F%W?OO%AUY?X?C%I%#FD@CE%H?CP3

bY?OEC%AJA@PDGA%N@AILE%D[%O?J?GK%?G%IG%AGJ?@DGLAGC%CYIC%?E%BDGNMB?JA%GDC%DGOP%CD%BDL[D@CIXOA%XMC%I%BDLLMG?CP%

O?J?GK%WYA@A%AIBY%LALXA@%AG\DPE%CYA%HDLFIGP%D[%CYA%DCYA@%WY?OA%@AE?N?GK%?G%CYA%OIF%D[%4DCYA@%9ICM@A3%"#$%

"@AIL%H?CP%YIE%XAAG%BDGBA?JAN%IE%I%FICY<X@AI]?GK%GAW%ZDWGEY?F%;@D\ABC%D[[A@?GK%I%O?[AECPOA%CD%CYA%F@DEFABC?JA%

B?C?gAGE%GAJA@%AUFA@?AGBAN%XA[D@A+%IGPWYA@A3

ZYA%"#$%"@AIL%H?CP%W?OO%EIC?ICA%CYA%GAANE%D[%CYDEA%FI@AGCE%WYD%D[CAG%BDLFOI?G%CYIC%CYA@A%I@A%GD%FOIBAE%[D@%

CYA?@%WI@NE%CD%FOIP%IGN%AUFA@?AGBA%IG%DMCNDD@%O?[A3%7GNAAN%CYA%BDGB@ACA%\MGKOAE%B@AICAN%CD%EIC?E[P%CYA%IJI@?BA%

D[% XM?ONA@E% IGN% NAJAODFA@E% IOO% DJA@% CYA% HDMGC@P+% YIJA% J?@CMIOOP% OA[C% GD% FOIBA% [D@% IGP% eMIO?CP% D[% O?[A% d% ?GNDD@E%

D@%DMCNDD@E3%ZYA%OIB]%D[%eMIO?CP%@DINE+%MG@AEC@I?GAN%FDOOMC?DG+% C@I[[?B%EGI@OE+% OIB]%D@%LMCMIO?EIC?DG%D[%LDNAE%D[%

C@IGEFD@CIC?DG%YIJA%IOO%AGEM@AN%CYIC% CYA%K@DWCY%D[%DM@%GAUC%KAGA@IC?DGE% ?E%GDC% [@AA%D[%AGBMLX@IGBAE3% 7G%EMBY%


I% CAGEA%IGN%MGYAIOCYP%AGJ?@DGLAGC+% EDLADGA%YIE% CD%XAI@% CYA% PDO]%IGN% CI]A% ?C% MFDG%DGA*E%DWG%EAO[% CD%YAOF%

ALIGB?FICA%CYA%EDB?ACP%D[%EMBY%?OOE3%"#$%"@AIL%H?CP%?E%DGA%EMBY%A[[D@C%CYIC%?E%KD?GK%CD%AGEM@A%I%JA@P%YAIOCYP%IGN%

conducive way of life to our future generations.

9DC%DGOP%CYIC%CYA@A%W?OO%XA%JA@P%WAOO%NAE?KGAN%NWAOO?GK%MG?CE%[D@%DJA@%=1+111%B?C?gAGE%W?CY%LDEC%LDNA@G%[AICM@AE%

D[%EI[ACP%IGN%EABM@?CP+%XMC%?C%EYIOO%YIJA%W?CY?G%?CE%F@AB?GBCE%IOO%FDEE?XOA%LDNAE%D[%C@IGEFD@CIC?DG%O?]A%WICA@WIPE%

D[%F@?EC?GA%XOMA%WICA@+%C@ILE+%AOABC@DG?B%X?BPBOAE+%XICCA@P%DFA@ICAN%XMEAE%IGN%BI@E%IGN%AJAG%\DKK?GK%C@IB]E%W?CY%

lively music and diffused lighting with Six lane tree lined roads.

ZYA%"@AIL%H?CP%YIE%XAAG%FOIGGAN%XP%IG%6@BY?CABC%[@DL%[D@A?KG%EYD@AE%IODGK%W?CY%GAI@OP%I%NDgAG%BDGEMOCIGCE%

[@DL% IX@DIN% IGN% IGDCYA@% CWD% NDgAG% [@DL% W?CY?G% DM@% HDMGC@P3%ZYA@A% W?OO% XA% [DM@% AUBOME?JA% gDGAE% GILAOP% d%

]GDWOANKA+% OA?EM@A+% BMOCM@A% IGN% WAOO<XA?GK% gDGAE3% 6% EMFA@<EFAB?IOCP% YDEF?CIO+% BDGJAGC?DG% BAGC@A+% CDWG% YIOO% _%

YMKA%O?X@I@P+%FDO?BA%IGN%FDECIO%EAC%MFE%W?OO%BDLFOACA%CYA%XIE?B%GAANE%D[%FADFOA3

ZYA@A%W?OO%XA%G?GA%EFD@CE%IBINAL?AE%W?CY%AGNAIJDM@%D[%WD@ON%[ILDME%GILAE%IEEDB?ICAN%W?CY%CYAL%W?CY%CY?@CP%E?U%

EFD@CE3%ZYA@A%W?OO%XA%CYALA%KI@NAGE+%LAN?B?GIO%_%YA@XIO%KI@NAGE%IGN%CIOO%C@DF?BIO%C@AAE3

6E%?[%CYIC%WIE%GDC%AGDMKY+%CYA%"#$%"@AIL%H?CP%W?OO%D[[A@%?CE%FADFOA%I%EYDFFA@*E%NAO?KYC%W?CY%Y?KY%EC@AAC%LI@]ACE+%

I%JA@P%OI@KA%LIOO%IGN%AJAG%I%EC@AAC%XIgI@3

VDBIC?DG%BOAI@IGBA%YIE%XAAG%@ABA?JAN%IGN%CYA%CDWGEY?F%YIE%XAAG%GDC?[?AN3%ZYA%HDLFIGP%YIE%IOED%DXCI?GAN%CYA%

AGJ?@DGLAGCIO%BOAI@IGBA%IGN%CYA%@AeM?E?CA%IMCYD@?C?AE%YIJA%EIGBC?DGAN%CYA%OIGN%MEA%FOIG%IGN%;YIEA%7%^M?ON?GK%;OIG3

PROJECTS UNDER DEVELOPMENT:

TDOODW?GK%E?CAE%I@A%IC%N?[[A@AGC%ECIKAE%D[%FOIGG?GK+%NAJAODFLAGC%IGN/D@%BDGEC@MBC?DG%IE%DG%CYA%NICA%D[%CY?E%5AFD@Cj

No. Name of the Project and Location Permissible Built-up

Area (Sq. Ft.)

,3 "#$%8?EYWI%d%6GIGNKYIG+%$?@]?CWIN?+%;MGA% ,1+=>+=0R

2. "#$%8?EYWI%d%4AKYLIOYI@%`;YIEA%77a+%"YIPI@?+%$?@]ICWIN?+%;MGA =+--+>,R

3. "#$%8?EYWI%d%4AKYLIOYI@%`5DW%&DMEAa+%$?@]?CWIN?+%;MGA =R+.,=

4. DSK Gandhakosh, Baner, Pune R+-0+,,1

>3 DSK Nandanvan, Pirangut, Pune R+1>+1-R

03 DSK Mayurban, Pirangut, Pune 3,34,332

.3 DSK Kasturi [Plot A], Bavdhan, Pune ,1+0SQ

-3 DSK Kasturi [Plot B], Bavdhan, Pune Q1+R1-

9. DSK Madhukosh, Andheri (E), Mumbai R+>-+,==

,13 DSK Gold Leaf, Baner Road, Pune 44,934

,,3 "#$%:I@NAG%)GBOIJA%pb?GK%&q+%$DGNYWI+%;MGA >>+-0-

,R3 "#$%"@AIL%H?CP%d%;YIEA%7%`bICA@[IOO%5AE?NAGBAa+%;MGA<#YDOIFM@%5DIN+%;MGA RR+0Q+R=-

,Q3 "#$%bDDNE+%9AW%2A@EAP%`(#6a Q0+>=R

Total 51,01,849

DIRECTORS:

ZYA% HDLFIGP% BDGE?ECE% D[% CDCIO% 0% N?@ABCD@E% DMC% D[% WY?BY% [DM@% N?@ABCD@E% I@A% 7GNAFAGNAGC% IGN% 9DG<)UABMC?JA%

"?@ABCD@E% IGN% CYA% @AEC% CWD% I@A% )UABMC?JA% "?@ABCD@E3% ^P% J?@CMA% D[% #ABC?DG% ,=S% D[% CYA% HDLFIG?AE% 6BC+% R1,Q%

IGN% @MOAE% LINA% CYA@A% MGNA@% CYA% 7GNAFAGNAGC% "?@ABCD@E% I@A% GDC% O?IXOA% CD% @AC?@ALAGC% XP% @DCIC?DG3% ZYA@A[D@A%

4@3%"3#3%$MO]I@G?%WYD%WIE%AI@O?A@%IFFD?GCAN%XP%CYA%LALXA@E%IE%I%GDG<@AC?@?GK%"?@ABCD@+%GDW%@AC?@AE%XP%@DCIC?DG%IC%

CY?E%6GGMIO%:AGA@IO%4AAC?GK%IGN%?E%AO?K?XOA%[D@%@A<IFFD?GCLAGC3


4@3%#Y?@?EY%$MO]I@G?+%)UABMC?JA%"?@ABCD@%D[%CYA%HDLFIGP%WIE%@A<IFFD?GCAN%XP%CYA%^DI@N%?G%CYA%EILA%BIFIB?CP%

[D@%I%CA@L%D[%DGA%LD@A%PAI@%W3A3[3%R.CY%2MOP+%R1,=3%4ALXA@*E%IFF@DJIO%?E%XA?GK%EDMKYC%[D@%CYA%@A<IFFD?GCLAGC3

4@3%83%H3% 2DEY?+%4@3%$3%$3%ZIFI@?I+%"@3%43%$3%;3%#ACCP% IGN%4@3%53%"3%$YI@DEA]I@% YIJA% [M@G?EYAN%NABOI@IC?DG%D[%

?GNAFAGNAGBP%MGNA@%EMX<EABC?DG%0%D[%#ABC?DG%,=S%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%IBBD@N?GKOP%CYAEA%"?@ABCD@E%

I@A%XA?GK%IFFD?GCAN%IE%7GNAFAGNAGC%"?@ABCD@E%CD%YDON%D[[?BA%IE%FA@%CYA?@%CAGM@A%D[%IFFD?GCLAGC%LAGC?DGAN%?G%CYA%

9DC?BA%D[%CYA%[D@CYBDL?GK%6GGMIO%:AGA@IO%4AAC?GK%D[%CYA%HDLFIGP3

FIXED DEPOSITS:

T?UAN%NAFDE?CE%IBBAFCAN%[@DL%CYA%FMXO?B+%EYI@AYDONA@E%IGN%ALFODPAAE%IE%DG%Q,EC%4I@BY+%R1,=%ECDDN%IC%̀ %,.,3==%

crores as against `%,>>30R%B@D@AE%IC%CYA%AGN%D[%CYA%F@AJ?DME%PAI@3%"M@?GK%CYA%PAI@%MGNA@%@AFD@C+%CYA%HDLFIGP%

collected `%003.R%B@D@AE%IGN%@AFI?N%`%>13-S%B@D@AE%IE%NAFDE?CE%IE%IKI?GEC%`%,S30>%B@D@AE%BDOOABCAN%IGN%`%R13QQ%

B@D@AE%@AFI?N%?G%CYA%F@AJ?DME%PAI@3%9DGA%D[%CYA%[?UAN%NAFDE?CE%WY?BY%YIJA%LICM@AN%YIJA%@ALI?GAN%MGFI?N3

ZYA@A%WA@A%GD%DJA@%NMAE%DG%IBBDMGC%D[%F@?GB?FIO%D@%?GCA@AEC%DG%FMXO?B%NAFDE?CE%DCYA@%CYIG%CYA%MGBOI?LAN%NAFDE?CE%

IE%IC%CYA%PAI@%AGN3%ZYA%HDLFIGP%F@DFDEAE%CD%?GJ?CA%IGN%IBBAFC%T?UAN%"AFDE?CE%[@DL%CYA%EYI@AYDONA@E%IGN%CYA%

FMXO?B% ?G%IBBD@NIGBA%W?CY%#ABC?DGE%.Q% CD%.0%D[% CYA%HDLFIG?AE%6BC+%R1,Q%@AIN%W?CY%HDLFIG?AE%`6BBAFCIGBA%

D[%"AFDE?CEa%5MOAE+%R1,=3%6CCAGC?DG%D[%CYA%4ALXA@E%?E%?GJ?CAN%CD%CYA%@AOAJIGC%?CAL%?G%CYA%9DC?BA%D[%CYA%6GGMIO%

:AGA@IO%4AAC?GK%IGN%CYA%)UFOIGICD@P%#CICALAGC%CYA@ACD3

LISTING:

ZYA%AeM?CP% EYI@AE%D[% CYA%HDLFIGP%I@A% O?ECAN%DG%^DLXIP%#CDB]%)UBYIGKA% `^#)a+%9IC?DGIO%#CDB]%)UBYIGKA%

`9#)a3%ZYA@A%I@A%GD%I@@AI@E%DG%IBBDMGC%D[%FIPLAGC%D[%O?EC?GK%[AAE%CD%CYA%#CDB]%)UBYIGKAE3

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS

AND OUTGO:

#?GBA% CYA% HDLFIGP*E% XME?GAEE% BDGE?ECE% D[% @AIO% AECICA% NAJAODFLAGC+% CYA% HDLFIGP% NDAE% GDC% ALFODP% YAIJP%

AeM?FLAGC% IGN% LIBY?GA@P3% &AGBA% BDGEMLFC?DG% D[% AOABC@?B?CP% ?E% GAKO?K?XOA3%ZYA% HDLFIGP% NDAE% GDC% BDGEMLA%

fuel oil. Hence details of conservation of energy and use of alternative sources of energy cannot be stated. The

HDLFIGP%YIE%GDC%IBeM?@AN%IGP%CABYGDODKP3%&AGBA%CYA%eMAEC?DG%D[%CABYGDODKP%IXED@FC?DG%NDAE%GDC%I@?EA3

"M@?GK%CYA%PAI@%MGNA@%@AJ?AW%HDLFIGP%AI@GAN%TD@A?KG%)UBYIGKA%D[%` RQ13-> `F@AJ?DME%PAI@%`%,S,3-Q%VIBEa3%

The total Foreign Exchange outgo was ` .1S3R1%VIBE `F@AJ?DME%PAI@%`%-R3-Q Lacs).

PARTICULARS REGARDING EMPLOYEES:

ZYA%[DOODW?GK%I@A%CYA%FI@C?BMOI@E%D[%ALFODPAAE%CYIC%I@A%@AeM?@AN%CD%XA%K?JAG%M/E%R,.`R6a%D[%CYA%HDLFIG?AE%6BC+%

,S>03

Name Age Educational

qualification

Designation Date of

joining

Previous

employment

Gross

remuneration

` in lacs

Net

remuneration

` in lacs

Percentage

Shareholding

D. S. Kulkarni 0= B. Com. Chairman &

Managing Director

R1/1S/S, None R..3RQ ,-Q3SQ R13S0n

AUDITORS:

4/E3%:D]YIOA+%ZIG]EIOA%_%:YICFIGNA+%HYI@CA@AN%6BBDMGCIGCE+%̀ 5AK?EC@IC?DG%9D3%,1QR..ba+%WYD%I@A%CYA%#CICMCD@P%

6MN?CD@E%D[%CYA%HDLFIGP+%YDON%D[[?BA%MGC?O%CYA%BDGBOME?DG%D[%CYA%AGEM?GK%6GGMIO%:AGA@IO%4AAC?GK3%7C%?E%F@DFDEAN%

CD%@A<IFFD?GC%CYAL%CD%AUIL?GA%IGN%IMN?C%CYA%IBBDMGCE%D[%CYA%HDLFIGP%[D@%DGA%PAI@%IGN%CD%YDON%D[[?BA%[@DL%CYA%

conclusion of this Annual General Meeting till the conclusion of the twenty fourth Annual General Meeting of the

HDLFIGP%CD%XA%YAON%?G%CYA%PAI@%R1,>3%ZYA%IFFD?GCLAGC%D[%CYA%#CICMCD@P%6MN?CD@%WIE%@ABDLLAGNAN%XP%CYA%6MN?C%

HDLL?CCAA%IC%?CE%LAAC?GK%YAON%DG%RSCY%4IP+%R1,=3%4/E3%:D]YIOA+%ZIG]EIOA%_%:YICFIGNA%YIJA+%MGNA@%#ABC?DG%


,QS`,a%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%CYA%5MOAE%[@ILAN%CYA@AMGNA@%[M@G?EYAN%I%BA@C?[?BICA%D[%CYA?@%AO?K?X?O?CP%IGN%

BDGEAGC%[D@%@A<IFFD?GCLAGC3%5IC?[?BIC?DG%D[%CYA%IFFD?GCLAGC%D[%CYA%6MN?CD@E%?E%EDMKYC%YA@AW?CY3

AUDIT COMMITTEE:

;M@EMIGC% CD% CYA% F@DJ?E?DGE% D[% #ABC?DG% ,..% D[% CYA% HDLFIG?AE% 6BC+% R1,Q% IGN% HOIMEA% =S% 77% `6a% D[% CYA% V?EC?GK%

6K@AALAGC+%IG%6MN?C%HDLL?CCAA%BDLF@?EAE%CYA%[DOODW?GK%"?@ABCD@Ej

,3% 4@3%83%H3%2DEY?+%HYI?@LIG

2. Dr. M. K. P. Setty, Member

Q3% 4@3%$3%$3%ZIFI@?I+%4ALXA@

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS:

;M@EMIGC% CD%HOIMEA%=S%D[% CYA%V?EC?GK%6K@AALAGC+% CYA% @AFD@C%DG%HD@FD@ICA%:DJA@GIGBA%IGN% CYA%ECICALAGC%D[%

4IGIKALAGC%"?EBMEE?DG%IGN%6GIOPE?E%I@A%IGGAUAN%CD%IGN%[D@LE%FI@C%D[%CY?E%6GGMIO%5AFD@C3

)-#$.*&#%/!#$%0&1%-2-'-*3!%*,*$4$1*5

6E% @AeM?@AN%XP%#ABC?DG%R,.% `R66a%D[% CYA%HDLFIG?AE%6BC+%,S>0+%W?CY% @AEFABC% CD% CYA%"?@ABCD@E*%5AEFDGE?X?O?CP%

Statement, it is hereby confirmed:

`?a% %CYIC%?G%CYA%F@AFI@IC?DG%D[%CYA%IGGMIO%IBBDMGCE%[D@%CYA%[?GIGB?IO%PAI@%AGNAN%Q,st%4I@BY+%R1,=+%CYA%IFFO?BIXOA%

IBBDMGC?GK%ECIGNI@NE%YIJA%XAAG%[DOODWAN%IODGK%W?CY%F@DFA@%AUFOIGIC?DG%@AOIC?GK%CD%LICA@?IO%NAFI@CM@AE+

`??a% %CYIC% CYA% "?@ABCD@E% YIJA% EAOABCAN% EMBY% IBBDMGC?GK% FDO?B?AE% IGN% IFFO?AN% CYAL% BDGE?ECAGCOP% IGN% LINA%

\MNKLAGCE%IGN%AEC?LICAE%CYIC%I@A%@AIEDGIXOA%IGN%F@MNAGC%ED%IE%CD%K?JA%I%C@MA%IGN%[I?@%J?AW%D[%CYA%ECICA%

D[%I[[I?@E%D[%CYA%HDLFIGP%IC%CYA%AGN%D[%CYA%[?GIGB?IO%PAI@%IGN%D[%CYA%F@D[?C%D[%CYA%HDLFIGP%[D@%CYIC%FA@?DN+

`???a% %CYIC% CYA%"?@ABCD@E%YIJA% CI]AG%F@DFA@%IGN% EM[[?B?AGC% BI@A% [D@% CYA%LI?GCAGIGBA%D[% INAeMICA%IBBDMGC?GK%

@ABD@NE%?G%IBBD@NIGBA%W?CY%CYA%F@DJ?E?DGE%D[%CYA%HDLFIG?AE%6BC+%,S>0%[D@%EI[AKMI@N?GK%CYA%IEEACE%D[%CYA%

HDLFIGP%IGN%[D@%F@AJAGC?GK%IGN%NACABC?GK%[@IMN%IGN%DCYA@%?@@AKMOI@?C?AE+

`?Ja% CYIC%CYA%"?@ABCD@E%YIJA%F@AFI@AN%CYA%IGGMIO%IBBDMGCE%[D@%CYA%PAI@%MGNA@%@AJ?AW%DG%I%KD?GK%BDGBA@G%XIE?E3

ACKNOWLEDGEMENT:

iDM@% "?@ABCD@E% I@A% CYIG][MO% CD% CYA% HAGC@IO% IGN% #CICA% :DJA@GLAGCE+% :DJA@GLAGC% NAFI@CLAGCE+% :DJA@GLAGC%

IKAGB?AE+%4MG?B?FIO%HD@FD@IC?DGE%IGN%VDBIO%^DN?AE% [D@% CYA?@%KM?NIGBA%IGN%BD<DFA@IC?DG3%ZYA%"?@ABCD@E%FOIBA%

DG% @ABD@N% CYA?@% K@IC?CMNA% CD% CYA% [?GIGB?IO% ?GEC?CMC?DGE% IGN% XIG]E+% YDME?GK% IGN% LD@CKIKA% [?GIGBA% BDLFIG?AE+%

BMECDLA@E+%EMFFO?A@E+%BDGC@IBCD@E+%I@BY?CABCE+%OIXDM@A@E%IGN%EYI@AYDONA@E%IGN%NAFDE?C%YDONA@E%[D@%CYA%BDG[?NAGBA%

EYDWG% ?G% CYA% HDLFIGP% IGN% BD<DFA@IC?DG% K?JAG% CD% CYA% ^DI@N% ?G% LIGIK?GK% CYA% I[[I?@E% D[% CYA% HDLFIGP3%iDM@%

"?@ABCD@E%I@A%IFF@AB?IC?JA%D[%FA@[D@LIGBA%D[% CYA%ALFODPAAE%IC%IOO% OAJAO% ?G% [M@CYA@IGBA%D[% CYA%XME?GAEE%D[% CYA%

HDLFIGP3

For and on behalf of the Board of Directors of

For D. S. KULKARNI DEVELOPERS LTD.

Place: Pune D. S. KULKARNI

Date: 29th%4IP%R1,=% H&675469%_%4696:79:%"75)HZ'5


REPORT ON CORPORATE GOVERNANCE

1. PHILOSOPHY ON CORPORATE GOVERNANCE:

% ZYA%HD@FD@ICA%:DJA@GIGBA%FDO?BP%D[%CYA%HDLFIGP%BDGCALFOICAE%BDLFO?IGBA%W?CY%ECICMCAE+%C@IGEFI@AGBP%

?G%NAIO?GKE+% E?LFO?[?BIC?DG%D[%F@DBAEEAE%IGN%INYA@AGBA% CD%BMECDLA@E+%WY?BY%W?OO% YAOF% CYA%HDLFIGP% CD%

IBY?AJA%?CE%XME?GAEE%DX\ABC?JAE%WY?OA%LI?GCI?G?GK%XME?GAEE%ACY?BE%IGN%F@D[AEE?DGIO%ECIGNI@NE3%7G%FM@EM?C%

D[% XME?GAEE% AUBAOOAGBA+% CYA% I[[I?@E% D[% CYA% HDLFIGP% I@A% INL?G?ECA@AN+% N?@ABCAN% IGN% BDGC@DOOAN% ?G% I%

LIGGA@%WY?BY%YAOFE%CD%AGYIGBA%EYI@AYDONA@E*%IGN%DCYA@%ECI]AYDONA@E*%JIOMA%XP%INIFC?GK%XACCA@%XME?GAEE%

F@IBC?BAE+%DX\ABC?J?CP+%IBBDMGCIX?O?CP%IGN%?GCAK@?CP3%)GJ?@DGLAGCIO%IEFABCE%I@A%K?JAG%NMA%?LFD@CIGBA%?G%CYA%

BDGNMBC%D[%CYA%HDLFIGP*E%XME?GAEE3

2. BOARD OF DIRECTORS:

% ZYA%^DI@N%D[%"?@ABCD@E%D[%CYA%HDLFIGP%BDGE?ECE%D[%E?U%N?@ABCD@E%D[%WY?BY%[DM@%I@A%?GNAFAGNAGC%N?@ABCD@E%

and the rest two are whole-time directors individually titled as Chairman and Managing Director and

)UABMC?JA%"?@ABCD@%@AEFABC?JAOP3%ZYA%FA@BAGCIKA%D[%?GNAFAGNAGC%N?@ABCD@E%?E%0030.n%D[%CYA%CDCIO%EC@AGKCY%

of the Board. The constitution of the Board and other relevant information are given below:

Director Director

Identification

No. (DIN)

Wholetime /

Independent

Number of outside

directorships

held (ii)

Committee

positions

held in other

companies (v)

Mr. D. S. Kulkarni 11QS=1R. Chairman &

Managing Director

,1 -

Mr. V. C. Joshi 11>=S.Q> 7GNAFAGNAGC%"?@ABCD@ - -

Dr. M. K. P. Setty 11,>,Q>1 7GNAFAGNAGC%"?@ABCD@ 2 ,

4@3%$3%$3%ZIFI@?I 1,-RS-RS 7GNAFAGNAGC%"?@ABCD@ 2 ,%

Mr. R. D. Kharosekar 1Q1.>S,> 7GNAFAGNAGC%"?@ABCD@ - -

Mr. Shirish Kulkarni 1,->1R-. Executive Director 0 -

% `?a% ZYA%HDLFIGP%NDAE%GDC%YIJA%IGP%GDL?GAA%N?@ABCD@%IFFD?GCAN%XP%IGP%?GEC?CMC?DG3

% `??a% 'MCE?NA%N?@ABCD@EY?FE%D[%DCYA@%N?@ABCD@E%`AUBOMN?GK%4@3%"3%#3%$MO]I@G?%IGN%4@3%#Y?@?EY%$MO]I@G?a%ND%GDC%

?GBOMNA%IOCA@GICA%N?@ABCD@EY?FE+%N?@ABCD@EY?FE%YAON%?G%F@?JICA%BDLFIG?AE%IGN%GDG<F@D[?C%BDLFIG?AE%IE%

IOED%N?@ABCD@EY?F%D[%BDLFIG?AE%?GBD@FD@ICAN%DMCE?NA%7GN?I3

% `???a% 4@3%"3%#3%$MO]I@G?%YDONE%N?@ABCD@EY?FE%?G%CY@AA%(#%?GBD@FD@ICAN%AGC?C?AE3%ZWD%D[%CYA%BDLFIG?AE%I@A%

@AOICAN%CD%CYA%HDLFIGP%IE%?CE%WYDOOP%DWGAN%EMXE?N?I@P%IGN%I%WYDOOP%DWGAN%ECAF<NDWG%EMXE?N?I@P%

@AEFABC?JAOP3

% `?Ja% "M@?GK% CYA% PAI@% MGNA@% @AJ?AW+% CYA% HDLFIGP% N?N% GDC% AGCA@% ?GCD% IGP% XME?GAEE% C@IGEIBC?DG% W?CY%

?GNAFAGNAGC%N?@ABCD@E3

% `Ja% TD@% CYA%FM@FDEA%D[% @AB]DG?GK% CYA% O?L?C%D[%BDLL?CCAA%LALXA@EY?FE%MGNA@%HOIMEA%=S`7a`Ha`??a%D[% CYA%

V?EC?GK% 6K@AALAGC+% BYI?@LIGEY?F/LALXA@EY?F% D[% CYA% 6MN?C% HDLL?CCAAE% IGN% CYA% #YI@AYDONA@%

Grievance Committees only have been considered.

(vi) The Board has laid down a Code of Conduct for all the Board Members and senior management

ECI[[% D[% CYA% HDLFIGP3% 6% NABOI@IC?DG% @AKI@N?GK% INYA@AGBA% CD% CYA% HDNA% D[% HDGNMBC% ?E% K?JAG%

EAFI@ICAOP3%6%BDFP%D[%CYA%HDNA%D[%HDGNMBC%?E%LINA%IJI?OIXOA%DG%CYA%WAXE?CA%D[%CYA%HDLFIGP3

3. AUDIT COMMITTEE:

% Ia% 6%eMIO?[?AN%IGN%7GNAFAGNAGC%6MN?C%HDLL?CCAA%D[%CYA%^DI@N%YIE%XAAG%BDGEC?CMCAN%?G%O?GA%W?CY%CYA%

F@DJ?E?DGE%D[%HOIMEA%=S%77%`6a%D[%CYA%V?EC?GK%6K@AALAGC%W?CY%CYA%#CDB]%)UBYIGKAE%@AIN%W?CY%#ABC?DG%

,..%D[%CYA%HDLFIG?AE%6BC+%R1,Q3


b) The Audit ComL?CCAA%BDGC?GMAN%CD%YIJA%CY@AA%N?@ABCD@E%IE%LALXA@E%CY@DMKYDMC%CYA%Ti%R1,Q<,=3%6OO%CYAEA%LALXA@E%?GBOMN?GK%HYI?@LIG%D[%CYA%HDLL?CCAA%I@A%?GNAFAGNAGC%N?@ABCD@E3%6OO%LALXA@E%D[%CYA%IMN?C%BDLL?CCAA%I@A%[?GIGB?IOOP%O?CA@ICA%IGN%YIJA%IBBDMGC?GK%IGN%@AOICAN%[?GIGB?IO%LIGIKALAGC%AUFA@C?EA3

% Ba% ZYA%HYI?@LIG%D[% CYA%6MN?C%HDLL?CCAA%WIE%F@AEAGC% IC% CYA% OIEC%6GGMIO%:AGA@IO%4AAC?GK%D[% CYA%HDLFIGP%YAON%DG%R.th%#AFCALXA@+%R1,Q3

% Na% ZYA%6MN?C%HDLL?CCAA%LAAC?GKE%I@A%MEMIOOP%ICCAGNAN+%IFI@C% [@DL% ?CE%LALXA@E+%XP% ?GJ?CAAE%EMBY%as, Finance Head, Statutory Auditors, Internal Auditors, Secretarial Consultant, etc. The Audit HDLL?CCAA% ?GJ?CAE% EMBY% D[% CYA% AUABMC?JAE% D[% CYA% HDLFIGP% IE% I@A% NAE?@AN% IGN% WYAGAJA@% ?C%BDGE?NA@E%GABAEEI@P+%CD%XA%F@AEAGC%IC%CYA%LAAC?GK%D[%CYA%HDLL?CCAA3%ZYA%HDLFIGP%#AB@ACI@P%IBCE%as a Secretary to the Audit Committee.

% Aa% ZYA% BDLFDE?C?DG% D[% CYA% 6MN?C% HDLL?CCAA% IGN% CYA% ICCAGNIGBA% D[% AIBY% LALXA@% D[% CYA% 6MN?C%Committee are given below:

Name DesignationWholetime /

IndependentProfession

Committee

Meetings

Held Attended

Mr. V. C. Joshi Chairman 7GNAFAGNAGC%"?@ABCD@% Management Consultant 4 4

Dr. M. K. P. Setty Member 7GNAFAGNAGC%"?@ABCD@% Business 4 4

4@3%$3%$3%ZIFI@?I Member 7GNAFAGNAGC%"?@ABCD@% Management Consultant 4 3

% [a% TDM@%6MN?C%HDLL?CCAA%LAAC?GKE%WA@A%YAON%NM@?GK%CYA%PAI@+%CYA%NICAE%D[%WY?BY%I@Aj%R1th%4IP+%R1,Q+%,Qth%6MKMEC+%R1,Q+%R0th%'BCDXA@+%R1,Q%IGN%Q1th%2IGMI@P+%R1,=3%ZYA%C?LA%KIF%XACWAAG%CWD%LAAC?GKE%N?N%GDC%AUBAAN%[DM@%LDGCYE3%ZYA@A%WIE%I%F@DFA@%eMD@ML%D[%?GNAFAGNAGC%N?@ABCD@E%F@AEAGC%IC%IOO%CYA%Audit Committee meetings.

The existing terms of reference of the Audit Committee include:

" " !" 'JA@J?AW%D[%CYA%HDLFIGP*E%[?GIGB?IO%@AFD@C?GK%F@DBAEE%IGN%CYA%N?EBODEM@A%D[% ?CE%[?GIGB?IO%information to ensure that the financial statements are correct, sufficient and credible;

" " !" 5ABDLLAGN?GK% CD% CYA% ^DI@N% CYA% IFFD?GCLAGC+% @A<IFFD?GCLAGC% IGN% ?[% @AeM?@AN+% CYA%@AFOIBALAGC%D@%@ALDJIO%D[%CYA%ECICMCD@P%IMN?CD@E%IGN%CYA%IFF@DJIO%IGN%[?UIC?DG%D[%IMN?C%[AAEo

" " !" Reviewing with the management, the quarterly and annual financial statements before EMXL?EE?DG%D[%CYA%EILA%CD%CYA%^DI@N%[D@%IFF@DJIOo

" " !" 5AJ?AW?GK% W?CY% CYA% LIGIKALAGC+% FA@[D@LIGBA% D[% ECICMCD@P% IGN% ?GCA@GIO% IMN?CD@E% IGN%adequacy of the internal control systems and internal audit function;

" " !" "?EBMEE?DG%W?CY%?GCA@GIO%IMN?CD@E%IGP%E?KG?[?BIGC%[?GN?GKE%IGN%[DOODW%MF%CYA@ADGo

" " !" Reviewing the findings of any internal investigations by the internal auditor;

" " !" "?EBMEE?DG%IXDMC%CYA%GICM@A%IGN%EBDFA%W?CY%?GCA@GIO%IMN?CD@E%XA[D@A%CYA%BDLLAGBALAGC%D[%IMN?Co

" " !" 5AJ?AW?GK%N@I[C%[?GIGB?IO%ECICALAGCE%IGN%"?@ABCD@E*%@AFD@C%`XA[D@A%EMXL?EE?DG%CD%CYA%^DI@Nao

" " !" 5ABDLLAGN?GK%IBBDMGC?GK%FDO?B?AE%IGN%F@IBC?BAEo

" " !" 5AJ?AW?GK%@AOICAN%FI@CP%C@IGEIBC?DGEo

" " !" )GEM@?GK%BDLFO?IGBA%W?CY%6BBDMGC?GK%#CIGNI@NEo

" " !" 5AJ?AW% IGN% LDG?CD@% CYA% IMN?CD@*E% ?GNAFAGNAGBA% IGN% FA@[D@LIGBA+% IGN% A[[ABC?JAGAEE% D[%IMN?C%F@DBAEEo

" " !" )UIL?GIC?DG%D[%CYA%[?GIGB?IO%ECICALAGCE%IGN%CYA%IMN?CD@E*%@AFD@C%CYA@ADGo

" " !" 6FF@DJIO%D@%IGP%EMXEAeMAGC%LDN?[?BIC?DG%D[%C@IGEIBC?DGE%D[%CYA%HDLFIGP%W?CY%@AOICAN%FI@C?AEo

" " !" #B@MC?GP%D[%?GCA@<BD@FD@ICA%ODIGE%IGN%?GJAECLAGCEo

" " !" 8IOMIC?DG%D[%MGNA@CI]?GKE%D@%IEEACE%D[%CYA%HDLFIGP+%WYA@AJA@%?C%?E%GABAEEI@Po

" " !" Evaluation of internal financial controls and risk management systems;

" " !" 4DG?CD@?GK%CYA%AGN%MEA%D[%[MGNE%@I?EAN%CY@DMKY%FMXO?B%D[[A@E%IGN%@AOICAN%LICCA@E3


III. OTHER COMMITTEES:

1. Share Transfer Committee:

% % ZYA%#YI@A%Z@IGE[A@% IGN%#YI@AYDONA@%:@?AJIGBA%HDLL?CCAA%WIE% @ABDGEC?CMCAN%DG%R0th October, R1,Q% IE% IG% ?GNAFAGNAGC% #YI@A% Z@IGE[A@% HDLL?CCAA+% EDOAOP% [D@% BDGE?NA@?GK% LICCA@E% @AOIC?GK% CD%transfer, transmission of shares, fixing record dates, etc.

% % ZYA%#YI@A%Z@IGE[A@%HDLL?CCAA%BDLF@?EAE%D[%4@3%"3%#3%$MO]I@G?%IE%CYA%DGOP%DGA%LALXA@3

% % 4@3%6LDO%;M@IGNI@A%IBCE%IE%CYA%HDLFIGP%#AB@ACI@P%IGN%HDLFO?IGBA%'[[?BA@%D[%CYA%HDLFIGP3

The existing terms of reference of the Share Transfer Committee includes:

" " !" CD%AUFAN?CA%CYA%F@DBAEE%D[%C@IGE[A@%D[%FYPE?BIO%EYI@AE+%CD%IFF@DJA%EYI@A%C@IGE[A@E+%"<4IC%D[%EYI@AE+%5A<LIC%D[% EYI@AE+% C@IGEL?EE?DG+% C@IGEFDE?C?DG+%GILA%NAOAC?DG+% BDGEDO?NIC?DG%IGN%EFO?CC?GK%D[%EYI@A%BA@C?[?BICAE%D[%CYA%HDLFIGP3

" " !" CD%?EEMA%NMFO?BICA%EYI@A%BA@C?[?BICAE3

" " !" CD%IMCYD@?gA%FA@EDGE%CD%E?KG%DG%XAYIO[%D[%CYA%HDLFIGP%EYI@A%BA@C?[?BICAE+%EYI@A%IOODCLAGC%letters, etc.

" " !" CD%[?U%CYA%NICAE%[D@%BODEM@A%D[%CYA%HDLFIGP*E%5AK?ECA@%D[%4ALXA@E%IGN%Z@IGE[A@%^DD]E%D[%#YI@AE%IGN%/%D@%[?U?GK%5ABD@N%"ICAE+%?G%BDGEMOCIC?DG%W?CY%CYA%#CDB]%)UBYIGKAE3

" " !" ?G[D@L% CYA% ^DI@N% IXDMC% CYA% BDLFO?IGBA% CD% CYA% V?EC?GK% 6K@AALAGC% IGN% #)^7% KM?NAO?GAE+%adequacy of risk management and internal controls relating to share transfer and other share related activities excluding grievance handling stated above.

" " !" to obtain quarterly share reconciliation statement and related half yearly certificate from ;@IBC?B?GK%HDLFIGP%#AB@ACI@P3

% % ZYA% #YI@A% Z@IGE[A@% HDLL?CCAA% LAACE% IE% IGN% WYAG% CYA% HDLFIGP% @ABA?JAE% EYI@A% C@IGE[A@+%C@IGEL?EE?DG+%"A<4IC+%5A<4IC+%EFO?C%@AeMAECE%[@DL%CYA%EYI@AYDONA@E%D[%CYA%HDLFIGP3%6%LAAC?GK%D[%#YI@A%Z@IGE[A@%HDLL?CCAA%?E%BIOOAN%XP%CYA%EDOA%HDLL?CCAA%LALXA@%D@%CYA%HDLFIGP%#AB@ACI@P+%either sumoto or at the request of the Board of Directors, to conduct the business referred above. Quorum is the sole committee member.

% % 9MLXA@%D[%LAAC?GKE%YAON%NM@?GK%CYA%PAI@%MGNA@%@AFD@C%WA@A%A?KYC3

67! %89:;<=>?;@A/!#;>98B=CA<BD!.=EEB88;;5

% % ZYA% HDLFIGP% YIN% I% #YI@A%Z@IGE[A@% IGN% #YI@AYDONA@E*% :@?AJIGBA% HDLL?CCAA% C?OO% R>th October, R1,Q3% 7G% J?AW% D[% CYA% F@DJ?E?DGE% D[% #ABC?DG% ,.-% D[% CYA% HDLFIG?AE% 6BC+% R1,Q% I% #CI]AYDONA@E*%5AOIC?DGEY?F%HDLL?CCAA%WIE%BDGEC?CMCAN%DG%R0th%'BCDXA@+%R1,Q3%6E%I%BDGEAeMAGBA+%CYA%[MGBC?DGE%D[% CYA% A@ECWY?OA% #YI@A%Z@IGE[A@% IGN% #YI@AYDONA@*E% :@?AJIGBA% HDLL?CCAA% WA@A% EFO?C3% TMGBC?DGE%relating to transfer of shares and other share related activities (excluding grievance handling) was entrusted to the Share Transfer Committee. Functions relating to attending and resolving ECI]AYDONA@E*%K@?AJIGBAE%WIE%IOODCCAN%CD%CYA%#CI]AYDONA@E*%5AOIC?DGEY?F%HDLL?CCAA3

% % ZYA%[DOODW?GK%I@A%CYA%LALXA@E%D[%CYA%#CI]AYDONA@*%5AOIC?DGEY?F%HDLL?CCAA3

% % ,3% 4@3%53%"3%$YI@DEA]I@% <%HYI?@LIG

2. Mr. V. C. Joshi - Member

3. Mr. D. S. Kulkarni - Member

% % ZYA%CA@LE%D[%@A[A@AGBA%D[%CYA%#CI]AYDONA@E*%5AOIC?DGEY?F%HDLL?CCAA%?GBOMNAEj

" " !" ODD]% ?GCD% @AN@AEEIO% D[% EYI@AYDONA@E*/?GJAECD@E*% BDLFOI?GCE% @AOICAN% CD% C@IGE[A@% D[% EYI@AE+% GDG%@ABA?FC%D[%6GGMIO%5AFD@C+%GDG<@ABA?FC%D[%N?J?NAGN+%ACB3

" " !" BDGE?NA@%IGN%@AEDOJA%CYA%K@?AJIGBAE%D[%DCYA@%ECI]AYDONA@E%D[%CYA%HDLFIGP3

" " !" DJA@EAA%FA@[D@LIGBA%D[%CYA%5AK?EC@I@E%IGN%Z@IGE[A@%6KAGCE%D[%CYA%HDLFIGP3

" " !" @ABDLLAGN%LAIEM@AE%[D@%DJA@IOO%?LF@DJALAGC%?G%CYA%eMIO?CP%D[%?GJAECD@%EA@J?BAE3

" " !" LDG?CD@%?LFOALAGCIC?DG%IGN%BDLFO?IGBA%W?CY%CYA%HDLFIGP*E%HDNA%D[%HDGNMBC%[D@%;@DY?X?C?DG%D[%7GE?NA@%Z@IN?GK%?G%FM@EMIGBA%D[%#)^7%`;@DY?X?C?DG%D[%7GE?NA@%Z@IN?GKa%5AKMOIC?DGE+%,SSR3

" " !" 4DG?CD@%ECI]AYDONA@E*%BDLFOI?GCE%@AK?ECA@AN%IC%HDLFIGP+%#CDB]%)UBYIGKAE+%#H'5)#+%ACB3


The Chairman of the Committee and, in his absence, any other member of the committee IMCYD@?EAN%XP%Y?L%?G%CY?E%XAYIO[%EYIOO%ICCAGN%CYA%KAGA@IO%LAAC?GKE%D[%CYA%BDLFIGP3

% % ZYA%HDLL?CCAA%LAAC?GK%?E%BIOOAN%IE%IGN%WYAG%@AeM?@AN%IGN%BDGJAG?AGC3%6%FA@?DN%D[%,>%NIPE%?E%K?JAG%CD%CYA%[MGBC?DGIO%D@%NAFI@CLAGCIO%YAIN%CD%@AEDOJA%CYA%K@?AJIGBA3%6%K@?AJIGBA%ECICME%@AFD@C%?E%CYAG%EMXL?CCAN%CD%CYA%HDLL?CCAA%LALXA@E%FA@?DN?BIOOP3%ZYA@AI[CA@+%I%HDLL?CCAA%LAAC?GK%?E%BIOOAN%A?CYA@%XP%CYA%HDLFIGP%#AB@ACI@P%D@%XP%I%HDLL?CCAA%LALXA@%CD%@AEDOJA%CYA%K@?AJIGBA3

% % mMD@ML%W?OO%XA%IE%FA@%CYA%@AeM?@ALAGCE%D[%CYA%6@C?BOAE%D[%6EEDB?IC?DG3

% % 9MLXA@%D[%LAAC?GKE%YAON%NM@?GK%CYA%PAI@%MGNA@%@AFD@C%WA@A%A?KYC3

% % ZYA%HDLFIGP%YIE%IOODCCAN%IG%AUBOME?JA%ALI?O%?N%[D@%CYA%FM@FDEA%D[%?GJAECD@%K@?AJIGBAEj%EAB@ACI@?IOldskdl.com

% % "ACI?OE%D[%HDLFOI?GCE%@ABA?JAN%IGN%@AN@AEEANj

Opening Received during the year Resolved during the year Pending

Nil 2 2 Nil

3. Nomination and Remuneration Committee:

% % ;M@EMIGC% CD% CYA% F@DJ?E?DGE% D[% #ABC?DG% ,.-% D[% CYA% HDLFIG?AE% 6BC+% R1,Q+% CYA% 5ALMGA@IC?DG%Committee was renamed and reconstituted as the Nomination and Remuneration Committee on R0th%'BCDXA@+%R1,Q3

The following are the members of the Nomination and Remuneration Committee.

% % ,3% 4@3%$3%$3%ZIFI@?I%% <%HYI?@LIG


3. Mr. R. D. Kharosekar - Member

4. Mr. Shirish Kulkarni - Member

The terms of reference of the Nomination and Remuneration Committee include:

" " !" CD% ?NAGC?[P%FA@EDGE%WYD%I@A%eMIO?[?AN% CD%XABDLA%N?@ABCD@E%IGN%WYD%LIP%XA%IFFD?GCAN% ?G%senior management cadre in accordance with the criteria laid down and recommend to the ^DI@N%CYA?@%IFFD?GCLAGC%IGN%@ALDJIO3

" " !" CD%BI@@P%DMC%AJIOMIC?DG%D[%AJA@P%N?@ABCD@*E%FA@[D@LIGBA3

" " !" CD%[D@LMOICA%CYA%B@?CA@?I%[D@%NACA@L?G?GK%eMIO?[?BIC?DGE+%FDE?C?JA%ICC@?XMCAE%IGN%?GNAFAGNAGBA%of a director.

" " !" CD% @ABDLLAGN% CD% CYA% ^DI@N% I% FDO?BP+% @AOIC?GK% CD% CYA% @ALMGA@IC?DG% [D@% CYA% N?@ABCD@E+% ]AP%LIGIKA@?IO%FA@EDGGAO%IGN%DCYA@%ALFODPAAE3

% % ZYA% BYI?@FA@EDG% D[% CYA% BDLL?CCAA% IGN% ?G% Y?E% IXEAGBA+% IGP% DCYA@% LALXA@% D[% CYA% BDLL?CCAA%IMCYD@?EAN%XP%Y?L%?G%CY?E%XAYIO[%EYIOO%ICCAGN%CYA%KAGA@IO%LAAC?GKE%D[%CYA%HDLFIGP3

The Nomination & Remuneration Committee may meet as and when required. A meeting thereof LIP%XA%BIOOAN%XP%I%HDLL?CCAA%LALXA@+%D@%XP% CYA%HDLFIGP%#AB@ACI@P%D@%DG%@AeM?E?C?DG%XP% CYA%^DI@N%D[%"?@ABCD@E3%mMD@ML%W?OO%XA%IE%FA@%CYA%@AeM?@ALAGCE%D[%CYA%6@C?BOAE%D[%6EEDB?IC?DG3

% % ZYA%@ALMGA@IC?DG%FDO?BP%[DOODWAN%XP%CYA%HDLFIGP%?E%KAGA@IOOP%?G%O?GA%W?CY%CYA%F@AJI?O?GK%?GNMEC@P%F@IBC?BAE/BM@@AGC%LI@]AC%C@AGNE3

% % 9D%LAAC?GK%WIE%YAON%NM@?GK%CYA%PAI@%MGNA@%@AFD@C3

% % "ACI?OE%D[%@ALMGA@IC?DG%CD%bYDOAC?LA%"?@ABCD@E%[D@%CYA%PAI@3

% % ZYA%IKK@AKICA%JIOMA%D[%EIOI@P%IGN%FA@eM?E?CAE%FI?N% [D@% CYA%PAI@%AGNAN%Q,st%4I@BY+%R1,=% CD% CYA%4IGIK?GK/bYDOAC?LA%"?@ABCD@E%?E%IE%[DOODWEj%<

` Lacs

Name Designation Salary Perquisites & Others Total

Mr. D. S. Kulkarni Chairman & Managing Director R.03.Q 13>1 R..3RQ

Mr. Shirish Kulkarni Executive Director R>3S= 13>1 R03==


4. FINANCE COMMITTEE:

% ZYA%T?GIGBA%HDLL?CCAA%WY?BY%YIN%XAAG% [D@LAN%MGNA@%CYA%F@DJ?E?DGE%D[%#ABC?DG%RSR`,a%D[%CYA%A@ECWY?OA%HDLFIG?AE%6BC+%,S>0%CD%DJA@EAA%CYA% [?GIGBA%[MGBC?DG%D[% CYA%HDLFIGP%WIE%@ABDGEC?CMCAN%IE%WAOO%IE% ?CE%CA@LE%D[%@A[A@AGBA%WA@A%X@DMKYC%?G%O?GA%W?CY%CYA%F@DJ?E?DGE%D[%CYA%HDLFIG?AE%6BC+%R1,Q3

The following are the members of the Committee:

% ,3% "@3%43%$3%;3%#ACCP% <%HYI?@LIG



4. Mr. Shirish Kulkarni - Member

The terms of reference of the Finance Committee include:

" !" CD%XD@@DW%LDG?AE%IE%LIP%XA%@AeM?@AN% [@DL%C?LA%CD% C?LA%[D@% CYA%FM@FDEA%D[% CYA%^ME?GAEE%D[% CYA%HDLFIGP%MFCD%IG%IKK@AKICA%EML%D[%`%S11%H@D@AE%DMCECIGN?GK%IC%IGP%DGA%C?LAo

" !" to negotiate, settle and finalise all terms and conditions for the borrowings;

" !" CD% D[[A@% IGN% F@DJ?NA% EABM@?CP% IGN% CD% B@AICA% /% AUCAGN% BYI@KAE% DG% CYA% IEEACE% D[% CYA% BDLFIGP% ?G%@AEFABC%D[%ODIGEo

" !" CD%AUABMCA%IGN%E?KG%CYA%ODIG+%EABM@?CP%IGN%DCYA@%NDBMLAGCE%IGN%CD%I[[?U%CYA%HDLLDG%#AIO%IE%FA@%CYA%6@C?BOAE%D[%6EEDB?IC?DG%D[%CYA%HDLFIGPo

" !" CD%?GJAEC%CYA%[MGNE%D[%CYA%BDLFIGPo

" !" CD%K@IGC%ODIGE%D@%K?JA%KMI@IGCAA%?G%@AEFABC%D[%ODIGEo

" !" CD%@I?EA%[M@CYA@%BIF?CIO%/%?EEMA%EABM@?C?AE+%?GBOMN?GK%NAXAGCM@AE+%WYACYA@%?G%D@%DMCE?NA%7GN?Io

" !" IFF@DJA%FDO?BP%[D@%CYA%LIGIKALAGC%D[%[D@A?KG%AUBYIGKA%@?E]+%?GCA@AEC%@ICA%@?E]%IGN%@A[?GIGB?GK%@?E]3

" !" CD%EAC%IGN%[@DL%C?LA%CD%C?LA%@AJ?AW%KM?NAO?GAE%[D@%EYD@C+%LAN?ML%IGN%ODGK<CA@L%?GJAECLAGC%FOIGE%D[%CYA%HDLFIGP3

" !" CD%EMX<NAOAKICA%CYA%IMCYD@?CP%W?CY%NA[?GAN%O?L?CE+%CD%CYA%AUCAGC%FA@L?EE?XOA3

% ZYA%T?GIGBA%HDLL?CCAA%LAACE%IE%IGN%WYAG%@AeM?@AN3%7CE%eMD@ML%?E%?G%IBBD@NIGBA%W?CY%CYA%F@DJ?E?DGE%D[%CYA%6@C?BOAE%D[%6EEDB?IC?DG%D[%CYA%HDLFIGP3

Four Committee meetings were held during the year.

5. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

% ZYA%HDLL?CCAA%WIE%BDGEC?CMCAN%DG%R0th%'BCDXA@+%R1,Q%CD%BICA@%CD%CYA%@AeM?@ALAGCE%D[%CYA%HDLFIG?AE%6BC+%R1,Q3


% ,3% 4@3%"3%#3%$MO]I@G?% <%HYI?@LIG


3. Dr. M. K. P. Setty - Member

% ZYA%HD@FD@ICA%#DB?IO%5AEFDGE?X?O?CP%HDLL?CCAA%EYIOOj

" !" [D@LMOICA% IGN% @ABDLLAGN% CD% CYA% ^DI@N+% I% HD@FD@ICA% #DB?IO% 5AEFDGE?X?O?CP% ;DO?BP% WY?BY% EYIOO%?GN?BICA% CYA% IBC?J?C?AE% CD% XA% MGNA@CI]AG% XP% CYA% BDLFIGP% IE% EFAB?[?AN% ?G% #BYANMOA% 877% CD% CYA%HDLFIG?AE%6BC+%R1,Qo

" !" @ABDLLAGN%CYA%ILDMGC%D[%AUFAGN?CM@A%CD%XA%?GBM@@AN%DG%CYA%IBC?J?C?AE%@A[A@@AN%CD%?G%HOIMEA%`Ia%D[%#ABC?DG%,Q>%D[%CYA%HDLFIG?AE%6BC+%R1,Qo

" !" LDG?CD@%CYA%HD@FD@ICA%#DB?IO%5AEFDGE?X?O?CP%;DO?BP%D[%CYA%HDLFIGP%[@DL%C?LA%CD%C?LA3

No meeting of the Committee was held durinK%CYA%FA@?DN%MGNA@%@AFD@C3

6. DEBENTURE COMMITTEE:

% ZYA%"AXAGCM@A%HDLL?CCAA%YIE%XAAG%BDGEC?CMCAN%EFAB?[?BIOOP%[D@%CYA%LICCA@E%@AOIC?GK%CD%CYA%FMXO?B%?EEMA%D[%NAXAGCM@AE%IE%IFF@DJAN%XP%CYA%^DI@N%D[%"?@ABCD@E%IC%?CE%LAAC?GK%YAON%DG%-th%6F@?O+%R1,=3



% ,3% 4@3%83%H3%2DEY?% - Chairman



4. Mr. S. D. Kulkarni - Member

% ZYA%"AXAGCM@A%HDLL?CCAA%EYIOO%XA%IMCYD@?EAN%CD%NACA@L?GA%IGN%IFF@DJA

% r% CYA%CA@LE%IGN%BDGN?C?DGE%IGN%GMLXA@%D[%CYA%"AXAGCM@AE%CD%XA%?EEMAN3

% r% %CYA%C?L?GK+%GICM@A+%CPFA+%F@?B?GK%IGN%EMBY%DCYA@%CA@LE%IGN%BDGN?C?DGE%D[%CYA%?EEMA%?GBOMN?GK%BDMFDG%@ICA+%L?G?LML%EMXEB@?FC?DG+%@ACAGC?DG%D[%DJA@EMXEB@?FC?DG+%?[%IGP+%ACB3

% r% CD%IFF@DJA%IGN%LI]A%BYIGKAE%CD%CYA%"@I[C%;@DEFABCME3

% r% %CD%IFF@DJA%CYA%T?GIO%;@DEFABCME+%?GBOMN?GK%IGP%BD@@?KAGNML+%ILAGNLAGCE%EMFFOALAGCE%CYA@ACD+%and the issue thereof.

% r% CD%?EEMA%IGN%IOODC%CYA%"AXAGCM@AE3

% r% CD%IFF@DJA%IOO%DCYA@%LICCA@E%@AOIC?GK%CD%CYA%?EEMA3

% r% %CD%ND%IOO%EMBY%IBCE+%NAANE+%LICCA@E%IGN%CY?GKE%@AOIC?GK%CD%AUABMC?DG%D[%IOO%EMBY%NAANE+%NDBMLAGCE+%?GEC@MLAGCE+%IFFO?BIC?DGE%IGN%W@?C?GKE%IE%?C%LIP+%IC%?CE%N?EB@AC?DG+%NAAL%GABAEEI@P%IGN%NAE?@IXOA%[D@%EMBY%FM@FDEA%?GBOMN?GK%W?CYDMC%O?L?CIC?DG%CYA%MC?O?gIC?DG%D[%CYA%?EEMA%F@DBAANE+%LDN?[P%D@%IOCA@%IGP%D[%CYA%CA@LE%IGN%BDGN?C?DGE+%?GBOMN?GK%E?gA%D[%CYA%7EEMA+%IE%?C%LIP%NAAL%AUFAN?AGC+%AUCAGE?DG%D[%7EEMA%IGN/D@%AI@OP%BODEM@A%D[%CYA%7EEMA3

% 9D%LAAC?GK%D[%CYA%BDLL?CCAA%WIE%YAON%NM@?GK%CYA%FA@?DN%MGNA@%@AFD@C3

% "M@?GK%CYA%PAI@%MGNA@%@AFD@C+%CYA%^DI@N%D[%"?@ABCD@E%N?EEDOJAN%CYA%[DOODW?GK%ND@LIGC%BDLL?CCAAEj

a) Project Planning Committee

b) Management & Monitoring Committee

c) Merger Committee

d) Securities Issuance Committee.

Remuneration paid to Directors:

% "ACI?OE%D[%@ALMGA@IC?DG%FI?N%CD%"?@ABCD@E%I@A%K?JAG%XAODWj ` Lacs

Director Relationship with

other Directors

Business

relationship

with DSKDL

if any

Loans and

advances

from DSKDL

if any

Remuneration paid during 2013-14

Sitting

Fees

Salary and

perquisites

Total

Mr. D. S. Kulkarni Father of

Mr. Shirish Kulkarni

Promoter Nil Nil R..3RQ R..3RQ

Mr. Shirish Kulkarni Son of

Mr. D. S. Kulkarni

Promoter Nil Nil R03== R03==

Mr. V. C. Joshi - None Nil ,31> Nil ,31>

Dr. M. K. P. Setty - None Nil 13S> Nil 13S>

4@3%$3%$3%ZIFI@?I - None Nil 13>1 Nil 13>1

Mr. R. D. Kharosekar - None Nil 13R> Nil 13R>


Board Meetings and Attendance at Board Meetings and the last Annual General Meeting:

% ZYA%^DI@N%D[%"?@ABCD@E%D[%CYA%HDLFIGP%LAC%E?U%C?LAE%NM@?GK%CYA%PAI@%MGNA@%@AFD@C3%ZYA%NICAE%D[%^DI@N%

Meeting were as follows:

R1th 4IP+%R1,Q ,=th%6MKMEC+%R1,Q R.th%#AFCALXA@+%R1,Q R0th%'BCDXA@+%R1,Q

,0th%"ABALXA@+%R1,Q Q1th%2IGMI@P+%R1,=

% ZYA%HDLFIGP%FOIBAN%XA[D@A%CYA%̂ DI@N%CYA%IGGMIO%DFA@IC?GK%FOIGE%IGN%XMNKACE%IGN%FA@[D@LIGBA%@AFD@CE/%

ECICALAGCE%D[%JI@?DME%NAFI@CLAGCEo%?G[D@LIC?DG%@AKI@N?GK%?LFO?BIC?DGE%D[%ILAGNLAGCE%CD%JI@?DME%OIWEo%

NA[IMOCE+%?[%IGP+%?G%DXO?KIC?DGEo%NACI?OE%D[%XME?GAEE%DFA@IC?DGEo%ACB3%4?GMCAE%D[%AJA@P%HDLL?CCAA%LAAC?GK%

IGN%EMXE?N?I@?AE%^DI@N%LAAC?GKE%WA@A%FOIBAN%XA[D@A+%IGN%GDCAN%XP+%CYA%^DI@N3

The attendance at the Board Meetings and at the last Annual General Meeting was as under:

Director Attendance

Board Meetings during the

Financial Year 2013-2014

Annual General Meeting dated

27th September, 2013

Mr. D. S. Kulkarni > Yes

Mr. Shirish Kulkarni 0 Yes

Mr. V. C. Joshi 0 Yes

Dr. M. K. P. Setty 0 Yes

4@3%$3%$3%ZIFI@?I > Yes

Mr. R. D. Kharosekar > Yes

Management Discussion and Analysis Report:

% ZYA% 4IGIKALAGC% "?EBMEE?DG% IGN% 6GIOPE?E% 5AFD@C% [D@% CYA% PAI@% AGNAN% Q,st% 4I@BY+% R1,=% ?E% ICCIBYAN%

EAFI@ICAOP%IGN%[D@LE%I%FI@C%D[%CY?E%6GGMIO%5AFD@C3

General Body Meetings:

Year/Date of Annual

General Meeting/

EOGM

Location and time Whether special

resolution

passed

Particulars

6:4%R1,R<,Q

R.th%#AFCALXA@+%R1,Q

Maratha Chambers of Commerce,

;MNML\AA%&IOO+%,1,=+%#YM]@IWI@%

;ACY+%Z?OI]%5DIN+%;MGA%=,,%11R%

IC%S3Q1%I3L3

No N.A.

6:4%R1,,<,R

R0th%#AFCALXA@+%R1,R

S. M. Joshi Socialist Foundation

6MN?CD@?ML+%9IJ?%;ACY+%;MGA%=,,%1Q1%

IC%S3Q1%I3L3

No N.A.

AGM

R1,1<,,

29th%#AFCALXA@+%R1,,

S. M. Joshi Socialist Foundation

6MN?CD@?ML+%9IJ?%;ACY+%;MGA%=,,%1Q1%

IC%S3Q1%I3L3

Yes 5A<IFFD?GCLAGC%D[%

Managing Director

5A<IFFD?GCLAGC%D[%

bYDOAC?LA%"?@ABCD@

ZD%IFF@DJA%

commencement

of new business

IBC?J?C?AE%M/E3,=S`R6a%D[%

HDLFIG?AE%6BC+%,S>0

% 9D%EFAB?IO%@AEDOMC?DG%WIE%FIEEAN%?G%CYA%PAI@%MGNA@%@AFD@C%CY@DMKY%FDECIO%XIOODC3


Information in respect of Directors seeking appointment/ re-appointment as required under

Clause 49 VI (A) of Listing Agreement:

,3% %Mr. D.S. Kulkarni, IKAN%0=%PAI@E+%?E%CYA%;@DLDCA@+%HYI?@LIG%IGN%4IGIK?GK%"?@ABCD@%D[%DM@%HDLFIGP3%

Mr. D.S. Kulkarni has been honoured with the Degree of Doctorate in Science by Dr. Vijay Kelkar,

Chancellor of Pravara Institute of Medical Sciences (Deemed Universitya+%6YLANGIKI@3%7G%CYA%PAI@%,S-,+%

4@3%"3#3%$MO]I@G?% [D@IPAN% ?GCD% CYA%XME?GAEE%D[%XM?ON?GK%_%BDGEC@MBC?DG%IGN%W?CY?G%I%EYD@C%EFIG%B@AICAN%

CYA%X@IGN%!"#$*%XP%EMBBAEE[MO%BDLFOAC?DG%D[%F@AEC?K?DME%F@D\ABCE%?G%;MGA%IGN%4MLXI?3%4@3%$MO]I@G?%YIE%

DJA@%CY@AA%`Qa%NABINAE%D[%AUFA@?AGBA%?G%CYA%@AIO%AECICA%?GNMEC@P3%4@3%"3#3%$MO]I@G?%YIE%XAAG%IWI@NAN%W?CY%

EAJA@IO%IWI@NE%XP%JI@?DME%D@KIG?gIC?DGE%[D@%Y?E%IBY?AJALAGCE%viz. FIE Foundation Award in the field of

)GC@AF@AGAM@EY?F+%#M@PINICCI%V?[AC?LA%6BY?AJALAGC%6WI@N%[D@%AUBAOOAGBA%?G%CYA%[?AON%D[%BD@FD@ICA%WD@ON%

etc.

% &A%?E%I%@AOIC?JA%D[%4@3%#3%"3%$MO]I@G?%IGN%?E%YDON?GK%>=+1-+R0S%AeM?CP%EYI@AE%D[%CYA%HDLFIGP3%

2. Mr. Shirish Kulkarni+% IKAN% R-% PAI@E+% ?E% I% ;@DLDCA@% IGN% bYDOA%Z?LA% "?@ABCD@% D[% DM@% HDLFIGP3% 4@3%

Shirish Kulkarni holds a degree of Bachelor of Commerce (B.Com) from Symbiosis College. He has

IOED% BDLFOACAN% Y?E% ;DEC% :@INMICA% "?FODLI% ?G% VAJAO% S% ?G% ^ME?GAEE% #C@ICAKP+% T?GIGBA% IGN% ^IG]?GK+%

'@KIG?EIC?DGIO%"AJAODFLAGC%#]?OOE%[@DL%(G?CAB%(G?JA@E?CP+%6MB]OIGN+%9AW%sAIOIGN3%4@3%#Y?@?EY%$MO]I@G?%

YIE%LD@A%CYIG%A?KYC%`-a%PAI@E%D[%AUFA@?AGBA%?G%CYA%@AIO%AECICA%IGN%DCYA@%?GNMEC@?AE3%&A%ODD]E%?GCD%XME?GAEE%

NAJAODFLAGC%D[%DM@%HDLFIGP3%

% &A%?E%I%@AOIC?JA%D[%4@3%"3#3%$MO]I@G?%IGN%?E%YDON?GK%,>+R1+111%AeM?CP%EYI@AE%D[%CYA%HDLFIGP3%

3. Mr. Vasant Chintaman Joshi+% IKAN% -R% PAI@E+% ?E% CYA% 7GNAFAGNAGC% _% 9DG<)UABMC?JA% "?@ABCD@% D[% DM@%

HDLFIGP3%4@3%2DEY?%YDONE%I%NAK@AA%D[%Master of Arts in Political Science from Bombay University and in

)BDGDL?BE%[@DL%(G?JA@E?CP%D[%HILX@?NKA+%(G?CAN%$?GKNDL3%4@3%2DEY?%YIE%LD@A%CYIG%CY?@CP%`Q1a%PAI@E%D[%

AUFA@?AGBA%?G%XIG]?GK%EABCD@%IGN%YIE%XAAG%IEEDB?ICAN%W?CY%DM@%HDLFIGP%E?GBA%CYA%PAI@%,SSQ3%4@3%2DEY?%?E%

an Ex-banker and an authority in Economics. He has worked as a Senior Consultant for financial services

W?CY%;bH%IGN%97^43%

He is a member of the Audit Committee, Finance Committee, Nomination & Remuneration Committee,

#CI]AYDONA@E*%5AOIC?DGEY?F%HDLL?CCAA+%"AXAGCM@A%HDLL?CCAA%D[%CYA%HDLFIGP3

4. Dr. M.K.P. Setty+%IKAN%-1%PAI@E+%?E%CYA%7GNAFAGNAGC%_%9DG<)UABMC?JA%"?@ABCD@%D[%DM@%HDLFIGP3%"@3%#ACCP%

holds a degree of "DBCD@%D[%V?CA@ICM@A%[@DL%6J?GIEY?O?GKIL%(G?JA@E?CP%[D@%bDLAG+%ZIL?OGINM3%"@3%#ACCP%

YIE%LD@A%CYIG%CY?@CP%`Q1a%PAI@E%D[%AUFA@?AGBA%?G%ANMBIC?DG%EABCD@%IGN%?E%IEEDB?ICAN%W?CY%DM@%HDLFIGP%

E?GBA% CYA% PAI@% ,SSQ3% "@3% #ACCP% YIE% IOED% XAAG% IEEDB?ICAN% W?CY% BDLFIG?AE% ?G% JI@?DME% EABCD@E% viz. food

F@DBAEE?GK+% INJA@C?E?GK+% [?GIGBA% IGN% IMCDLDX?OAE3% &A% YIE% XAAG% BDG[A@@AN% W?CY% YDGDM@% !CYA% $IGGINI%

5I\PDCEIJI%6WI@N*%XP% CYA%:DJA@GLAGC%D[%$I@GICI]I% ?G% @ABDKG?C?DG%D[%Y?E%EA@J?BAE% CD% CYA% 7GNMEC@P%IGN%

)NMBIC?DG3%&A%YIE%YAON%JI@?DME%F@AEC?K?DME%FDE?C?DGE%?G%JI@?DME%?GEC?CMC?DGE%IGN%IEEDB?IC?DGE3%&A%?E%CYA%

only non-Government official to be invited by the Government of Karnataka to serve as a Chairman of the

$I@GICI]I%7GNMEC@?IO%7GJAECLAGC%"AJAODFLAGC%HD@FD@IC?DG%V?L?CAN3

% %&A% ?E% I% 4ALXA@% D[% CYA% 6MN?C% HDLL?CCAA+% T?GIGBA% HDLL?CCAA% IGN% HD@FD@ICA% #DB?IO% 5AEFDGE?X?O?CP%

Committee.

>3% %Mr. K. K. Taparia+% IKAN%0Q% PAI@E+% ?E% CYA% 7GNAFAGNAGC%_%9DG<)UABMC?JA%"?@ABCD@% D[% DM@%HDLFIGP3%4@3%

ZIFI@?I%YDONE%I%NAK@AA%D[%^3)3%`4ABYIG?BEa%[@DL%4^4%)GK?GAA@?GK%HDOOAKA+%(G?JA@E?CP%D[%2DNYFM@3%4@3%

ZIFI@?I% YIE% LD@A% CYIG% [D@CP% `=1a% PAI@E% D[% AUFA@?AGBA% ?G% LIGM[IBCM@?GK% IGN% LI@]AC?GK% EABCD@% IGN% ?E%

IEEDB?ICAN%W?CY%DM@%HDLFIGP%E?GBA%CYA%PAI@%R11-3%4@3%ZIFI@?I%?E%I%LIGIKALAGC%BDGEMOCIGC3

% &A%?E%I%LALXA@%D[%CYA%6MN?C%HDLL?CCAA%IGN%9DL?GIC?DG%_%5ALMGA@IC?DG%HDLL?CCAA%D[%CYA%HDLFIGP3


03% %Mr. R.D. Kharosekar, IKAN%.R%PAI@E+%?E%CYA%7GNAFAGNAGC%_%9DG<)UABMC?JA%"?@ABCD@%D[%DM@%HDLFIGP3%4@3%

Kharosekar holds a degree of Bachelor of Science and Bachelors of Law (L.L.B) from University of Poona.

4@3%$YI@DEA]I@%YIE%LD@A%CYIG%CWAGCP%`R1a%PAI@E%D[%AUFA@?AGBA%?G%CYA%7GN?IG%6NL?G?EC@IC?JA%#A@J?BA%`76#a%

IGN%?E%IEEDB?ICAN%W?CY%DM@%HDLFIGP%E?GBA%CYA%PAI@%R1,13%&A%YIE%WD@]AN%IE%I%EAG?D@%76#%'[[?BA@%IGN%

@AC?@AN%IE%I%HDLL?EE?DGA@%D[%Z@?XIO%5AEAI@BY%_%Z@I?G?GK3%&A%YIE%EA@JAN%?G%JI@?DME%BIFIB?C?AE%?G%CYA%#CICA%

and Central Government and has received an award from the State Government for outstanding work

NDGA% [D@%NAJAODFLAGC%D[% C@?XAE%D[%4IYI@IEYC@I3%&A%YIE%IOED%F@DNMBAN%IGN%N?@ABCAN% [?OLE% [D@% B@AIC?GK%

awareness about various schemes amongst the weaker sections and tribes.

% &A% ?E% I% LALXA@% D[% CYA% HD@FD@ICA% #DB?IO% 5AEFDGE?X?O?CP+% 9DL?GIC?DG% _% 5ALMGA@IC?DG% HDLL?CCAA% IGN%

#CI]AYDONA@E*%5AOIC?DGEY?F%HDLL?CCAA%D[%CYA%HDLFIGP3

Subsidiary Companies:

% ZYA%HDLFIGP%NDAE%GDC%YIJA%IGP%LICA@?IO%GDG<O?ECAN%7GN?IG%EMXE?N?I@P%HDLFIGP+%WYDEA%CM@GDJA@%D@%GAC%WD@CY%`FI?N<MF%BIF?CIO%IGN%[@AA%@AEA@JAEa%AUBAANE%R1n%D[%CYA%BDGEDO?NICAN%CM@GDJA@%D@%GAC%WD@CY%D[%CYA%HDLFIGP3

% TM@CYA@% CYA% 6MN?C% HDLL?CCAA% D[% CYA% HDLFIGP% @AJ?AWE% CYA% [?GIGB?IO% ECICALAGCE+% ?G% FI@C?BMOI@+% CYA%?GJAECLAGCE%LINA%XP%CYA%MGO?ECAN%EMXE?N?I@P%BDLFIG?AE

% ZYA%L?GMCAE%D[%CYA%^DI@N%LAAC?GKE%D[%CYA%MGO?ECAN%EMXE?N?I@P%BDLFIG?AE%I@A%FOIBAN%IC%CYA%^DI@N%LAAC?GK%D[%CYA%HDLFIGP3

% ZYA%6MN?C%HDLL?CCAA%IGN%CYA%^DI@N%D[%"?@ABCD@E%ODD]%?GCD%CYA%@AOICAN%FI@CP%C@IGEIBC?DGE%AGCA@AN%?GCD%XP%CYA%HDLFIGP%?GBOMN?GK%CYDEA%W?CY%CYA%EMXE?N?I@P%BDLFIG?AE3

% "ACI?OE%D[%FA@BAGCIKA%YDON?GK%D[%CYA%HDLFIGP%?G%CYA%EMXE?N?I@P%BDLFIG?AE%IE%DG%Q,st%4I@BY+%R1,=

Sr. No. Name of the Subsidiary Company Registered in Holding percentage

, "#$%ZDWGEY?F%;@D\ABCE%;JC3%VCN3 India ,11n

2 DSK Southern Projects Pvt. Ltd. India ,11n

3 "#$%"AJAODFA@E%HD@FD@IC?DG USA ,11n

4 "#$%bDDNE+%VVH USA bYDOOP%DWGAN%<%ECAF%NDWG%EMXE?N?I@P%

D[%"#$%"AJAODFA@E%HD@FD@IC?DG

Disclosures:

% ,3% ZYA@A%I@A%GD% @AOICAN%FI@CP% C@IGEIBC?DGE%D[% CYA%HDLFIGP%WY?BY%YIJA%FDCAGC?IO% BDG[O?BC%W?CY% CYA%?GCA@AECE%D[%CYA%HDLFIGP%IC%OI@KA3

% R3% 7G%CYA%F@AFI@IC?DG%D[%[?GIGB?IO%ECICALAGCE+%C@AICLAGCE%IE%FA@%6BBDMGC?GK%#CIGNI@NE%?EEMAN%XP%CYA%Institute of Chartered Accountants of India have been followed.

% Q3% "ACI?OE% D[% GDG<BDLFO?IGBA% XP% CYA% HDLFIGP+% FAGIOC?AE+% EC@?BCM@AE% ?LFDEAN% DG% CYA% HDLFIGP% XP%#CDB]%)UBYIGKA%D@%#)^7%D@%IGP%ECICMCD@P%IMCYD@?CP+%DG%IGP%LICCA@%@AOICAN%CD%BIF?CIO%LI@]ACEj%97V

% % ZYA%HDLFIGP%YIE%[MO[?OOAN%CYA%[DOODW?GK%GDG<LIGNICD@P%@AeM?@ALAGCE%IE%F@AEB@?XAN%?G%6GGAUM@A%,"%CD%HOIMEA%=S%D[%CYA%V?EC?GK%6K@AALAGC%W?CY%#CDB]%)UBYIGKAEj

% % Ia% ZYA%HDLFIGP%YIE%EAC%MF%I%9DL?GIC?DG%_%5ALMGA@IC?DG%HDLL?CCAA+%NACI?OE%D[%WY?BY%YIJA%XAAG%K?JAG%AI@O?A@%?G%CY?E%5AFD@C3

% % Xa% ZYA%ECICMCD@P%[?GIGB?IO%ECICALAGCE%D[%CYA%HDLFIGP%I@A%MGeMIO?[?AN3

% =3% 7G% CA@LE% D[% #)^7% B?@BMOI@% 9D3% "_HH/T7ZZH/H75<,0% NICAN% Q,st% "ABALXA@+% R11R+% I% eMIO?[?AN%;@IBC?B?GK%HDLFIGP%#AB@ACI@P%BI@@?AN%DMC%IMN?C%CD%@ABDGB?OA%CYA%CDCIO%INL?CCAN%BIF?CIO%W?CY%9IC?DGIO%#ABM@?C?AE%"AFDE?CD@?AE%V?L?CAN%`9#"Va%IGN%HAGC@IO%"AFDE?CD@P%#A@J?BAE%`7GN?Ia%V?L?CAN%`H"#Va%IGN%CYA%CDCIO%?EEMAN%IGN%O?ECAN%BIF?CIO3%ZYA%EI?N%IMN?C%@AFD@C%BDG[?@LE%CYIC%CYA%CDCIO%?EEMAN%IGN%FI?N%MF%BIF?CIO%?E%?G%IK@AALAGC%W?CY%CYA%CDCIO%GMLXA@%D[%EYI@AE%?G%FYPE?BIO%[D@L%IGN%CYA%CDCIO%GMLXA@%of dematerialised shares held with NSDL and CDSL. The certificates were forwarded to BSE and


9#)+% WYA@A% CYA% AeM?CP% EYI@AE% I@A% O?ECAN% IGN% WA@A% IOED% FOIBAN% XA[D@A% CYA% #YI@A%Z@IGE[A@% IGN%

#YI@AYDONA@E*%:@?AJIGBA%HDmmittee.

Means of Communication:

% ZYA%eMI@CA@OP%IGN%YIO[<PAI@OP%@AEMOCE%WA@A%FMXO?EYAN%?G%GAWEFIFA@E%YIJ?GK%W?NA%B?@BMOIC?DG%IGN%CYA%EI?N%

@AEMOCE%WA@A%IOED%N?EFOIPAN%DG%CYA%WAXE?CA%D[%CYA%HDLFIGP%WWW3NE]NO3BDL/?GJAECD@E

The Quarterly results were published as follows during the year:

S. No. Quarter ended Newspaper in which published

English Vernacular

,3 Q,31Q3R1,Q Economic Times Maharashtra Times

2. Q13103R1,Q Business Standard Maharashtra Times

3. Q131S3R1,Q Business Standard Maharashtra Times

4. Q,3,R3R1,Q Business Standard Maharashtra Times

GENERAL SHAREHOLDER INFORMATION

i. Annual General Meeting:

Date and time Q1CY%#AFCALXA@+%R1,=%IC%S3Q1%I3L3

Venue S. M. Joshi Socialist Foundation Auditorium,

#3% 9D3% ,S,/,SR+% 9IJ?% ;ACY+% :IG\IJA% HYDW]+%

'FF3%;IC@I]I@%^YIJIG+%;MGA%d%=,,%1Q13

ii. Financial Calendar

T?GIGB?IO%5AFD@C?GK%[D@

<%mMI@CA@%AGN?GK%Q1CY%2MGA ^P%,=th August

<%mMI@CA@%AGN?GK%Q1CY%#AFCALXA@% ^P%,=th November

<%mMI@CA@%AGN?GK%Q,EC%"ABALXA@ ^P%,=th February

<%iAI@%AGN?GK%Q,EC%4I@BY% ^P%Q1th May

Annual General Meeting ^P%AGN%D[%#AFCALXA@+%R1,=

iii. Dates of current book closure R>th%#AFCALXA@+%R1,=%CD%R0th%#AFCALXA@+%R1,=

iv. Dates of evoting R.th%#AFCALXA@+%R1,=%CD%RSth%#AFCALXA@+%R1,=

v. "?J?NAGN%FIPLAGC%NICA >th%'BCDXA@+%R1,=

vi. Listing on Stock exchanges BSE Limited

The National Stock Exchange of India Limited

vii. Stock Code

BSE Limited

The National Stock Exchange of India Limited

>RQ-S1

DSKULKARNI

% V?EC?GK%[AAE%[D@%CYA%[?GIGB?IO%PAI@%R1,Q<,=%YIJA%XAAG%FI?N%[D@%XDCY%9#)%IGN%^#)3

% ZYA%7#79%D[%CYA%HDLFIGP%[D@%?CE%EYI@AE%?E%79)-S,61,1,=3


vii. Market Price Data

1. Comparison of High and Low share price and volume on BSE and NSE

MonthBSE NSE

High Low Monthly Volume High Low Monthly Volume

6F@?O+%R1,Q .,3.> 0,3>1 R.+==S .R3S> 0,3>> S,+0R>

4IP+%R1,Q 0.311 >-31> >,+-.R 0.3=> >-3Q> Q+,0+,>R

2MGA+%R1,Q 0=311 >,3>1 =,+=.= 0>311 >,31> ,+S,+.,1

2MOP+%R1,Q >S3S1 >R3>1 >=+-0S 01311 >R3,1 ,+SQ+-SQ

6MKMEC+%R1,Q 0Q3Q1 =S3,1 =R+.Q> 0=3R> =S311 Q+Q=+Q1=

#AFCALXA@+%R1,Q >.3-1 >R3,1 R0+0.S >.3.1 >R3Q1 ,+R=+,,>

'BCDXA@+%R1,Q >03=1 >,3,> 33,929 >>3S1 >,3=1 ,+0>+SR,

9DJALXA@+%R1,Q >031> >131> RQ+.,, >03S1 =S3=1 ,+QR+SSS

"ABALXA@+%R1,Q 0,3-1 ==301 >+.1+-=> 0,3-1 ==31> ,0+Q.+S1R

2IGMI@P+%R1,= 0,3-1 >R311 R+S1+Q>R 0,3>1 >,3-> ,R+=S+0.R

TAX@MI@P+%R1,= >>3-> >,3Q1 RS+->> >03>1 >,3>> Q+--+,0Q

4I@BY+%R1,= >>301 =-3S1 ,+1>+R,> >>3R1 =-31> 3,32,234

Comparison of Monthly Volume on BSE & NSE

BSE NSE

BS

E

0

100000

200000

300000

400000

500000

600000

700000

800000

900000

1000000

1100000M

ar-1

4

Feb-

14

Jan-

14

Dec

-13

Nov

-13

Oct

-13

Sep

-13

Aug

-13

Jul-1

3

Jun-

13

May

-13

Apr

-13 0

150000

300000

450000

600000

750000

900000

1050000

1200000

1350000

1500000

1650000

1800000

NS

E

2. Performance of the share prices of the Company on BSE in Comparison to BSE Sensex

MonthDSKDL High

on BSE

BSE Sensex Month DSKDL High

on BSE

BSE Sensex

6F@?O+%R1,Q .,3.> ,S+0RR30- 'BCDXA@+%R1,Q >03=1 R,+R1>3==

4IP+%R1,Q 0.311 R1+==Q30R 9DJALXA@+%R1,Q >031> R,+QR,3>Q

2MGA+%R1,Q 0=311 ,S+-013,S "ABALXA@+%R1,Q 0,3-1 R,+=-Q3.=

2MOP+%R1,Q >S3S1 R1+Q>,310 2IGMI@P+%R1,= 0,3-1 R,+=1S300

6MKMEC+%R1,Q 0Q3Q1 ,S+>0S3R1 TAX@MI@P+%R1,= >>3-> R,+,=13>,

#AFCALXA@+%R1,Q >.3-1 R1+.QS30S 4I@BY+%R1,= >>301 RR+=.03R,


0102030405060708090

100110120130140150

Mar

-14

Feb-

14

Jan-

14

Dec

-13

Nov

-13

Oct

-13

Sep

-13

Aug

-13

Jul-1

3

Jun-

13

May

-13

Apr

-13 0

5000

10000

15000

20000

25000

Comparison for Share Price vs- BSE Sensex

DSKDL Share Price BSE Sensex

DS

KD

L S

hare

Pric

e

BS

E S

ense

x

3. Performance of the share prices of the Company on NSE in Comparison to CNX NIFTY

MonthDSK HIGH

NSE

CNX NIFTY Month DSK HIGH

NSE

CNX NIFTY

6F@?O+%R1,Q .R3S> >+S0R3Q1 'BCDXA@+%R1,Q >>3S1 0+Q1S31>

4IP+%R1,Q 0.3=> 0+RRS3=> 9DJALXA@+%R1,Q >03S1 0+Q=R3S>

2MGA+%R1,Q 0>311 0+1,,311 "ABALXA@+%R1,Q 0,3-1 0+=,>3R>

2MOP+%R1,Q 01311 0+1SQ3Q> 2IGMI@P+%R1,= 0,3>1 0+Q>-3Q1

6MKMEC+%R1,Q 0=3R> >+-1-3>1 TAX@MI@P+%R1,= >03>1 0+R-R3.1

#AFCALXA@+%R1,Q >.3.1 0+,=R3>1 4I@BY+%R1,= >>3R1 0+.Q131>

0

1000

2000

3000

4000

5000

6000

7000

Mar

'14

Feb

'14

Jan

'14

Dec

'13

Nov

'13

Oct

'13

Sep

t'13

Aug

'13

Jul'1

3

Jun'

13

May

'13

Apr

'13 0

20406080100120140160180200

Comparison of CNX Nifty vs- DSKDL High NSE

CNX Nifty DSK High NSE

CN

X N

ifty

DS

K H

igh

NS

E


4. Dividend History:

Sr. No. Year Dividend %

, R11=<1> .

2 R11><10 R1

3 R110<1. R1

4 R11.<1- R1

> R11-<1S ,1

0 R11S<,1 ,1

. R1,1<,, ,1

- R1,,<,R ,1

9 R1,R<,Q ,1

,1 R1,Q<,=k ,1

% k"?J?NAGN% @ABDLLAGNAN% XP% CYA% ^DI@N% [D@% Ti% R1,Q<,=% ?E% EMX\ABC% CD% CYA% IFF@DJIO% XP% LALXA@E% ?G% CYA%

ensuing AGM.

0

5

10

15

20

25

2013-1

4

2012-1

3*

2011-1

2

2010-1

1

2009-1

0

2008-0

9

2007-0

8

2006-0

7

2005-0

6

2004-0

5

Dividend Chart

Year

Div

idend %

UNCLAIMED DIVIDENDS / REFUND AMOUNTS AND TRANSFER TO INVESTOR EDUCATION & PROTECTION FUND

% 7G%CA@LE%D[%#ABC?DG%R1>H%D[%CYA%A@ECWY?OA%HDLFIG?AE%6BC+%,S>0+%CYA%MGBOI?LAN%IGN%MGFI?N%N?J?NAGN%IGN%CYA%IFFO?BIC?DG%LDG?AE%@ABA?JAN%XP%HDLFIGP%[D@%IOODCLAGC%D[%EYI@AE%IGN%NMA%[D@%@A[MGN%[D@%I%FA@?DN%D[%seven years are required to be transferred to the Investor Education & Protection Fund administered by HAGC@IO%:DJA@GLAGC3%(GBOI?LAN%"?J?NAGN%MFCD%R11><10+%YIE%XAAG%C@IGE[A@@AN%CD%CYA%7GJAECD@%)NMBIC?DG%& Protection Fund.

% ZYA% CIXOA% K?JAG% XAODW% K?JAE% CYA% NICAE% D[% N?J?NAGN% NABOI@IC?DG% E?GBA% R110<1.% ILDMGCE% IGN% CYA%BD@@AEFDGN?GK% NICAE% WYAG% CYA% EI?N% ILDMGCE% I@A% NMA% CD% XA% C@IGE[A@@AN% CD% CYA% 7GJAECD@% )NMBIC?DG% _%Protection Fund.

Year Type Date of declaration / refund Due date of transfer

R110<1. Dividend 29th%#AFCALXA@+%R11. %R-th%'BCDXA@+%R1,=

R11.<1- Dividend R.th%#AFCALXA@+%R11- %R0th%'BCDXA@+%R1,>

R11-<1S Dividend 29th%#AFCALXA@+%R11S %R-th%'BCDXA@+%R1,0

R11S<,1 Dividend 29th%#AFCALXA@+%R1,1 R-th%'BCDXA@+%R1,.

R1,1<,, Dividend 29th%#AFCALXA@+%R1,, R-th 'BCDXA@+%R1,-

R1,,<,R Dividend R0th%#AFCALXA@+%R1,R R>th%'BCDXA@+%R1,S

R1,R<,Q Dividend R.th%#AFCALXA@+%R1,Q R0th%'BCDXA@+%R1R1


Share transfer System:

% ,3% ZYA% #YI@A% Z@IGE[A@% HDLL?CCAA% ODD]E% I[CA@% CYA% EYI@A% C@IGE[A@% EPECAL3% % ZYA% #YI@A% Z@IGE[A@%HDLL?CCAA% LAACE% IE% IGN% WYAG% GABAEEI@P3% ZYA% @AEDOMC?DGE% FIEEAN% XP% CYA% AI@O?A@% HDLL?CCAA%meetings are confirmed at the subsequent Committee Meetings. Minutes of the Committee LAAC?GKE%I@A%FOIBAN%XA[D@A+%IGN%GDCAN%XP+%CYA%^DI@N%D[%"?@ABCD@E3

% R3% #YI@AF@D%#A@J?BAE%`7GN?Ia%;JC3%VCN3+%5AK?EC@I@%_%Z@IGE[A@%IKAGC%D[%CYA%HDLFIGP%ODD]E%I[CA@%CYA%WD@]%relating to transfers.

% Q3% ZYA%HDLFIGP*E%EYI@AE%I@A%C@INAN%DG%#CDB]%)UBYIGKAE%?G%BDLFMOED@?OP%NALICA@?IO?EAN%[D@L3%^MC%CYA%D[[%LI@]AC%C@IN?GK%D[%EYI@AE%D[%CYA%HDLFIGP%?E%IOED%FDEE?XOA%?G%FYPE?BIO%[D@L3%ZYA%EYI@A%C@IGE[A@%[D@LE%@ABA?JAN%IC%HDLFIGP%I@A%EAGC%CD%CYA%5%_%Z%6KAGC%[D@%[M@CYA@%F@DBAEE?GK3

% =3% ZYA%HDLFIGP%AGEM@AE%CYIC%IOO%C@IGE[A@E%I@A%A[[ABCAN%W?CY?G%I%FA@?DN%D[%[?[CAAG%NIPE%[@DL%CYA%NICA%D[%their lodgement.

% >3% 6E%@AeM?@AN%MGNA@%HOIMEA%=.`Ba%D[%CYA%V?EC?GK%IK@AALAGC%AGCA@AN%?GCD%XP%CYA%HDLFIGP%W?CY%#CDB]%)UBYIGKAE+%BA@C?[?BICA% ?E%DXCI?GAN%AJA@P%E?U%LDGCYE% [@DL%I%;@IBC?B?GK%HDLFIGP%#AB@ACI@P%W?CY%regard to, inter-alia, effecting transfer, transmission, sub-division and consolidation of equity EYI@AE%W?CY?G%,>%NIPE%D[%CYA%ODNKALAGC3%ZYA%BA@C?[?BICAE%I@A%[D@WI@NAN%CD%^#)%IGN%9#)+%WYA@A%CYA%AeM?CP%EYI@AE%I@A%O?ECAN%IGN%IOED%FOIBAN%XA[D@A%CYA%^DI@N%D[%"?@ABCD@E3

Distribution of Shareholdings as at 31st March, 2014:

Slab of Shareholdings

No. of Shares

No. of

Shareholders

Percentage of

total shareholders

Amount in ` Percentage of total

paid up capital

VAEE%CYIG%>+111 R=+.RQ SS30,Q RS+-S+->, ,,3>--

>+11,<,1+111 Q. 13,=S R+=Q+S,0 13S=>

,1+11,<R1+111 22 131-S Q+=Q+=>S ,3QQ,

R1+11,<Q1+111 4 131,0 ,+1R+QS1 13QS.

Q1+11,<=1+111 0 131R= ,+S.+Q-S 13.0>

=1+11,<>1+111 4 131,0 ,+-R+0,R 13.1-

>1+11,<,11+111 4 131,0 R+-,+.Q. ,31SR

,1+111,%_%IXDJA ,S 131.. R+,=+>S+0>= -Q3,.=

Total 24,819 100.00 2,58,01,008 100.00

Categories of shareholders as at 31st March, 2014:

Categories Number of shares % to shareholding

Promoters, Directors & Relatives ,+RR+S>+1>1 =.30>

Mutual Funds & UTI R+11+111 13.-

^IG]E/%T?GIGB?IO%7GEC?CMC?DGE/%7GEM@IGBA%HDLFIG?AE R+=11 1311

Foreign Institutional Investors 1 1

;@?JICA%HD@FD@ICA%^DN?AE ,Q+R1+SR- >3,R

Indian Public .S+>-+S,- Q13-=

957E/%'H^E/%TD@A?KG%9IC?DGIOE =1+RQ+.,R ,>301

Total 2,58,01,008 100.00

Dematerialisation of shares

% ZYA%HDLFIGP*E%)eM?CP%#YI@AE%YIJA%XAAG%NALICA@?IO?EAN%W?CY% CYA%HAGC@IO%"AFDE?CD@P%#A@J?BAE%`7GN?Ia%

V?L?CAN% `H"#Va% IGN% CYA% 9IC?DGIO% #ABM@?C?AE% "AFDE?CD@P% V?L?CAN% `9#"Va3% ZYA% 7GCA@GIC?DGIO% #ABM@?CP%

Identification Number (ISIN) is an identification number for traded shares. This number is to be quoted in

AIBY%C@IGEIBC?DG%@AOIC?GK%CD%CYA%NALICA@?IO?EAN%EYI@AE%D[%CYA%HDLFIGP3%ZYA%7#79%D[%CYA%HDLFIGP%[D@%?CE%

shares is mentioned above.


% 6E% DG% Q,st% 4I@BY+% R1,=+% DMC% D[% CYA% CDCIO% YDON?GK% D[% R+>-+1,+11-% AeM?CP% EYI@AE% R+,>+Q,+>1Q% EYI@AE%

@AF@AEAGC?GK%-Q3=>n%D[%CYA%CDCIO%YDON?GK%I@A%?G%NALICA@?IO?EAN%[D@L3

Investor Correspondence

Registrar & Transfer Agents Sharepro Services (India) Pvt. Ltd.

,Q6^+%#ILY?CI%bI@AYDME?GK%HDLFOAU+

RGN%TODD@+%#I]?GI]I%ZAOAFYDGA%)UBYIGKA

Lane, Off. Andheri-Kurla Road, Sakinaka

6GNYA@?%`)IECa%4MLXI?%<%=11%1.R3

;Y3%9D3j%1RR<0..R1Q11/0..R1=11

TIU%9D3j%1RR<%R->S,>0-/R->1-SR.

EYI@AF@DlEYI@AF@DEA@J?BAE3BDL

Contact:%% 4@E3%4IG?EYI%2INYIJ%/

Ms. Indira Karkera

Corporate Identity Number (CIN) V=>R1,;9,SS,;VH10QQ=1

Registered Office !"#$%&DMEA*+%,,-./01+%23%43%5DIN+%#Y?JI\?GIKI@+%;MGA%<%=,,%11>

Mumbai Office !"#$*% DG% 8AA@% #IJI@]I@% 4I@K% `HINOA% 5DINa+% 9AUC% CD% 4IPD@*E%

^MGKIODW+%#Y?JI\?%;I@]+%"INI@+%4MLXI?%d%=11%1R-3

Company Secretary and Compliance%%%4@3%6LDO%;M@IGNI@A+%HDLFIGP%#AB@ACI@P

Officer of the Company

Company website www.dskdl.com

E-mail ID for investor grievances EAB@ACI@?IOlNE]NO3BDL

% T?GIGB?IO%PAI@%D[%CYA%HDLFIGP%?E%[@DL%,st%D[%6F@?O%D[%AJA@P%PAI@%CD%Q,st of March next year.


DECLARATION REGARDING COMPLIANCE BY THE BOARD MEMBERS AND SENIOR MANAGEMENT

0$#%&11$'!F-*+!.&40,13/%!.&)$!&G!.&1)H.*7

ZY?E% ?E% CD%BDG[?@L% CYIC% CYA%HDLFIGP%YIE%INDFCAN%I%HDNA%D[%HDGNMBC% [D@%IOO% ?CE%^DI@N%4ALXA@E%IGN%#AG?D@%

4IGIKALAGC%D[%CYA%HDLFIGP3%ZY?E%HDNA%?E%IJI?OIXOA%DG%CYA%HDLFIGP*E%WAXE?CA3

7%BDG[?@L%CYIC%CYA%^DI@N%4ALXA@E%IGN%#AG?D@%4IGIKALAGC%D[%CYA%HDLFIGP%YIJA%?G%@AEFABC%D[%CYA%[?GIGB?IO%PAI@%

AGNAN%Q,st%4I@BY+%R1,=%BDLFO?AN%W?CY%CYA%HDNA%D[%HDGNMBC%IE%IFFO?BIXOA%CD%CYAL3

D. S. Kulkarni

Chairman & Managing Director

Place: Pune

Date: 29th%4IP+%R1,=

CERTIFICATE

To the Members of

D. S. Kulkarni Developers Limited

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For Gokhale, Tanksale & Ghatpande,

T?@L%5AK?EC@IC?DG%9D3%,1QR..b

Chartered Accountants

(S. M. Ghatpande)

Partner

4ALXA@EY?F%9D3j%Q1=0R

Place: Pune

Date: 29th%4IP+%R1,=


MANAGEMENT DISCUSSION AND ANALYSIS

Economic Overview

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D[% CYA% [D@CYBDL?GK% KAGA@IO% AOABC?DGE3%ZYA% KODXIO% AJAGCE% IGN% FDO?C?BIO% MGBA@CI?GC?AE% BDLFO?BICAN% CYA% XME?GAEE%

environment. Though the governmental efforts were focused towards fight against inflation, none the less the

inflation continued to scale high.

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allied sectors to some extent were redeeming factors. However the earlier effects of high inflation and global

uncertainties had already settled in which resulted into industrial and economic slowdown. The Indian economy

WIE%JP?GK%[D@%EC@MBCM@IO%@A[D@LE%CD%AJAGCMIOOP%KAC%XIB]%CD%CYA%KOD@?DME%FICY%D[%Y?KY%K@DWCY%EAAG%XA[D@A3

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FI@C?BMOI@OP%N?EIFFD?GC?GK%[D@%CYA%LIGM[IBCM@?GK%EABCD@3%"ABO?GA%?G%CYA%K@DWCY%@ICA%[D@%XIE?B%KDDNE%BDGC?GMAN%[D@%

CYA%CY?@N%PAI@%?G%EMBBAEE?DG%?G%R1,Q<,=3%'MCFMC%D[%BIF?CIO%KDDNE%IOED%NABO?GAN3%ZYDMKY%CYA%BDGEC@MBC?DG%EABCD@%

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trends in the economy, the slowdown in construction activity reflects subdued business sentiments.

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and broad based reforms, India is today an eye-catching destination for overseas investors. The relaxation of

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[D@%I%K@AICA@%@DOA%?G%EYIF?GK%CYA%7GN?IG%LI@]AC3

Real Estate Sector Overview

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7GN?I*E% K@DEE% NDLAEC?B% F@DNMBC% `:";a3% :@DW?GK% @AeM?@ALAGCE% D[% EFIBA% [@DL% EABCD@E% EMBY% IE% ANMBIC?DG% IGN%

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NALIGN%[D@%EA@J?BA%IFI@CLAGCE3%%6OED+%ALA@KAGBA%D[%GMBOAI@%[IL?O?AE%IGN%K@DW?GK%M@XIG?EIC?DG%YIE%K?JAG%@?EA%CD%

EAJA@IO%CDWGEY?FE%CYIC%I@A%NAJAODFAN%CD%CI]A%BI@A%D[%CYA%AONA@OP3

Due to increase in urbanisation and increase in household income, demand for residential real estate is

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?LF@DJ?GK3%:@DW?GK%?G[@IEC@MBCM@A%@AeM?@ALAGC%?G%N?JA@EA%EABCD@E%EMBY%IE%CDM@?EL+%ANMBIC?DG+%YAIOCYBI@A+%ACB3+%

IMKM@E%WAOO%[D@%BDGEC@MBC?DG%?GNMEC@P%IGN%D[[A@E%EAJA@IO%?GJAECLAGC%DFFD@CMG?C?AE%[D@%XDCY%NDLAEC?B%IE%WAOO%IE%

foreign investors.

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ABDGDLP% EYDW?GK% E?KGE% D[% ?LF@DJALAGC+% BDLLA@B?IO% D[[?BA% EFIBA% IXED@FC?DG% ?E% AUFABCAN% CD% ?GB@AIEA3% 4I?G%

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@AIO%AECICA%XME?GAEE%LDNAO%[D@%OI@KA%F@D\ABCE%EAALE%CD%XA%BYIGK?GK%[@DL%EIOAE%CD%OAIEA%IGN%LI?GCI?G3

ZYA%[DBME%DG%!I[[D@NIXOA%YDME?GK*%EYIOO%YAOF%CYA%EABCD@%C?NA%DJA@%CYA%EODW%NDWG%?G%NALIGN%?C%YIN%W?CGAEEAN3%&DWAJA@+%

EMXECIGC?IO%F@DK@AEE%?E%FDEE?XOA%DGOP%W?CY%CYA%\D?GC%A[[D@CE%D[%XDCY%CYA%?GNMEC@P%IGN%CYA%:DJA@GLAGC3%'G%DGA%YIGN+%

CYA%?GNMEC@P%EYDMON%WD@]%CDWI@NE%?GB@AIEAN%C@IGEFI@AGBP+%BOAI@%OIGN%C?COAE+%?LF@DJAN%NAO?JA@P%IGN%F@D\ABC%AUABMC?DG%

WY?OA%DG%CYA%DCYA@%YIGN%CYA%:DJA@GLAGC%LMEC%F@DJ?NA%BDGNMB?JA%OAKIO%[@ILAWD@]%IGN%[?EBIO%?GBAGC?JAE%CD%NAJAODFA@E%

to build low cost and affordable housing for the masses and also review the existing FDI guidelines for investment

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Residential Real Estate

Residential Real Estate sector, which has been growing over the years, is much dominated by localised,

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are drivers for growth in residential real estate.

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The Outlook:

Though Real Estate is accelerating momentum to gather, it has to face many challenges such as inflation, high

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of skilled labour, etc.

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EAGC?LAGCE%IGN%EMFFD@C%[@DL%CYA%KDJA@GLAGC3%#CIXOA%KDJA@GLAGC%IC%CYA%BAGCA@%YIE%[ODWAN%?G%I%FDE?C?JA%WIJA%D[%

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Opportunities

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W?OO%OAIN%CD%[IECA@%IFF@DJIOE3

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CYA% EIOA%D[% MG?CE% ?G% CDWGEY?FE3%'M@%HDLFIGP%IO@AINP%YIE%I% OI@KA% OIGN%FI@BAOE%WY?BY%BIG%XA%BDGJA@CAN% ?GCD%

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CDWGEY?F%NAJAODFLAGCE3

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BDLLA@B?IO%EFIBA3


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Threats Risks and Concerns

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ZYDMKY% 9AW% :DJA@GLAGC% EAALE% CD% XA% F@D<?G[@IEC@MBCM@A+% ?C% W?OO% CI]A% C?LA% [D@% FAGAC@IC?DG% D[% ?G[@IEC@MBCM@A%?G% CYA%BDMGC@P3% 7C%W?OO% OAIN% CD%LD@A%F@AEEM@A%DG%M@XIG%I@AIE%WY?BY% OIB]% ?G[@IEC@MBCM@A%IGN% OAIN% CD%MGFOIGGAN%NAJAODFLAGC%XP%MGD@KIG?EAN%EABCD@3%TM@CYA@%NAJAODFLAGC%D[%?G[@IEC@MBCM@A%W?OO%OAIN%CD%?GB@AIEA%?G%OIGN%FI@BAOE%WY?BY%W?OO%INN%CD%CYA%BDEC%D[%F@DFA@C?AE3

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Demand was also hit as the Reserve Bank of India (RBI) curtailed certain subvention schemes, terming these as IG%INN?C?DGIO%@?E]%CD%XDCY%XIG]E%IGN%YDLA%ODIG%XD@@DWA@E3%5^7%@AEC@?BCAN%XIG]E%IGN%YDME?GK%[?GIGBA%BDLFIG?AE%[@DL%D[[A@?GK%MF[@DGC%N?EXM@EALAGC%D[% ODIGE% CD%NAJAODFA@E%IGN%IE]AN% CYAL% CD% ?GECAIN% O?G]% ?C% CD% CYA%ECIKAE%D[%BDLFOAC?DG%D[%I%F@D\ABC3

V?eM?N?CP%B@?E?E%LIP%OAIN%CD%XIG]E%XABDL?GK%LD@A%BIMC?DME%DG%[MGN?GK%IGN%IE%EMBY%CYA%BYAIFAEC%[?GIGBA%?E%ODEC3%ZYA%DGOP%@ABDM@EA%OA[C%?E%9^THE%D@%;)%[MGNE%WY?BY%AUFABC%I%JA@P%Y?KY%@ACM@GE3%ZYDMKY%OIGN%?E%BDGE?NA@AN%IE%@IW%material for real estate, bank funding is not available for acquisition of land. In a cash crunch situation a good land deals may be lost.

Government initiatives to reforms in rural areas are leading to reverse migration of labour from cities thereby creating shortage of semi-skilled and unskilled labour and increase in the cost of labour.

"AJAODF?GK%I%CDWGEY?F%?CEAO[%?E%I%BYIOOAGKA3%#?GBA%?C%?E%BIOOAN%I%B?CP%W?CY?G%?CEAO[+%IOO%CYA%?G[@IEC@MBCM@A%GAAN%CD%XA%simultaneously constructed along with residential units, which many a time stress finances.

4IGP%@AEIOA%F@DFA@C?AE%I@A%BYAIFA@%CYIG%WYIC%NAJAODFA@E%I@A%IE]?GK%[D@3%7GJAECD@E%WYD%AGCA@AN%F@D\ABCE%IC%AI@OP%ECIKAE%BIG%AI@G%NABAGC%F@D[?CE%AJAG%W?CY%I%ODWA@%IE]?GK%F@?BA3%̂ MP?GK%YDMEAE%?G%CYA%@AEIOA%LI@]AC%IOED%AO?L?GICAE%CYA% F@D\ABC% AUABMC?DG% @?E]3% 'GA% BIG% AUFABC% CYA% @AEIOA% LI@]AC% CD% D[[A@% XACCA@% DFFD@CMG?C?AE% IE% F@DFA@C?AE% KAC%NAO?JA@AN%IGN%?GJAECD@E%EAI@BY%[D@%AU?CE3%6E%EMBY%BMECDLA@E%I@A%GDC%AGCA@?GK%CYA%F@D\ABC%IC%CYA%AUABMC?DG%ECIKA3

Risk Mitigation

6E%CYA%BDEC%D[%XD@@DW?GK%?E%KD?GK%MF+%IKK@AEE?JA%AUABMC?DG%IGN%LI@]AC?GK%A[[D@CE%I@A%GAANAN%CD%ED%CYIC%[MGNE%@DCICA% AI@OP3% HDEC% A[[ABC?JA% BDLLA@B?IO% GAKDC?IC?DGE% W?OO% @ANMBA% CYA% BDEC% D[% F@DNMBC?DG3% 'FC?LML% [?GIGB?IO%management is inevitable.

#LDDCY%F@D\ABC%EIGBC?DGE%W?CY?G%L?G?LIO%C?LA%W?OO%YAOF%?G%OIMGBY?GK%LD@A%IGN%LD@A%F@D\ABCE3%7C%W?OO%B@AICA%?GCA@AEC%in the customers and they may have more choices of their likes.

6NIFCIC?DG%D[%INJIGBAN%CABYGDODKP+%NAE?KGE+%IMCDLIC?DG%?E%@AeM?@AN%CD%@ANMBA%CYA%BDLFOAC?DG%C?LA%D[%CYA%F@D\ABC3%Continuous study of market is necessary so as to gather information about the changing taste of the customers ED%CYIC%?C%BIG%XA%?GBD@FD@ICAN%?G%F@DNMBC%L?U3%ZYA%HDLFIGP%YIE%INDFCAN%?CEAO[%CD%CYAEA3

HDGC?GMDME%LDG?CD@?GK%D[%AUABMC?DG%D[%F@D\ABC%IGN%CI]?GK%BD@@ABC?JA%IBC?DGE%IC%CYA%@?KYC%C?LA%?E%?LFD@CIGC%IE%?C%creates confidence in the minds of customers.

ZI]?GK%INJIGCIKA%D[%AGBDM@IK?GK%KDJA@GLAGC%FDO?B?AE%?E%?LFD@CIGC%IE%?C%W?OO%XAGA[?C%XDCY%CD%CYA%HDLFIGP%IGN%

BMECDLA@E3%HDLFIGP%EYDMON%XA%IXOA%CD%CIF%CYA%I@AIE%CD%IBeM?@A%OIGN%WYA@A%CYA@A%I@A%BYIGBAE%D[%?G[@IEC@MBCM@A

NAJAODFLAGC3%7C%W?OO%YAOF%BDLFIGP%CD%YIJA%OIGNE%IC%ODWA@%@ICAE3


Internal Control Systems and their adequacy

ZYA%HDLFIGP%YIE%?LFOALAGCAN%INAeMICA%?GCA@GIO%BDGC@DO%EPECALE%IGN%?CE%LDG?CD@?GK%LAIEM@AE3%bYACYA@%?C%XA%

YD@?gDGCIO%D@%JA@C?BIO+%AIBY%C@IGEIBC?DG%KDAE%CY@DMKY%EPECAL3%ZYA%?GCA@GIO%BDGC@DO%EPECALE%I@A%@AJ?EAN%FA@?DN?BIOOP%

IE%GAANAN%XP%CYA%XME?GAEE%NPGIL?BE3%ZYA%IMN?C%BDLL?CCAA%N@IWE%MF%?GCA@GIO%IMN?C%EBDFA%[D@%AIBY%[?GIGB?IO%PAI@%

IODGK%W?CY%BDGBM@@AGC%IMN?C%IGN%EPECAL%IMN?C3%8I@?DME%@AFD@CE%I@A%FOIBAN%XA[D@A%CYA%6MN?C%HDLL?CCAA%IGN%I@A%

@AJ?AWAN3%TD@% ?GCAK@IC?GK%IOO% CYA%NAFI@CLAGCE+%IG%)5;%EPECAL%YIE%XAAG%?LFOALAGCAN%?G%CYA%HDLFIGP%WY?BY%

BDGC@DOE%YD@?gDGCIO%IGN%JA@C?BIO%OAJAOE%?G%CYA%HDLFIGP3

Customer Care and Satisfaction

'JA@% CYA%PAI@E%BMECDLA@%EIC?E[IBC?DG%YIE%XAAG%I%LI?G%LDCCD%D[% CYA%HDLFIGP3%bA%XAO?AJA% CYIC%DM@%BMECDLA@%

EA@J?BAE%IGN%LI?GCI?G?GK%BMECDLA@%@AOIC?DGE%I@A%IG%?GCAK@IO%FI@C%D[%DM@%HDLFIGP*E%JIOMAE%IGN%XME?GAEE3%T@DL%CYA%

JA@P%[?@EC%NIP%D[%OIMGBY?GK%D[%F@D\ABC%C?OO%?C*E%YIGN?GK%DJA@%CD%EDB?ACP+%IOO%CYA%BMECDLA@%EMKKAEC?DGE%I@A%INN@AEEAN%

IC%CYA%JI@?DME%ECIKAE3%f^YML?FM\IGc%D[%CYA%F@D\ABC%?E%NDGA%IC%CYA%YIGNE%D[%CYA%[OICYDONA@E3%HMECDLA@%LAACE%I@A%

I@@IGKAN%IC%CYA%JI@?DME%ECIKAE%D[%CYA%F@D\ABC%?LFOALAGCIC?DG%WYA@A?G%JIOMIXOA%EMKKAEC?DGE%[@DL%BMECDLA@E%I@A%

CI]AG%?GCD%IBBDMGC%IGN%LDECOP%?LFOALAGCAN3%7C%YAOFE%CYA%HDLFIGP%CD%K?JA%CYA%XAEC%FDEE?XOA%F@DNMBC3%&IGN?GK%

DJA@%BA@ALDGP%?E%YAON%IC%CYA%C?LA%D[%K?J?GK%FDEEAEE?DG%D[%[OICE%CD%?CE%BMECDLA@E3

Financial Performance

ZYDMKY%CYA%PAI@%MGNA@%@AJ?AW%YIE%XAAG%ECIKGIGC%IE%[I@%IE%[?GIGB?IO%GMLXA@E%I@A%BDGBA@GAN%XMC%CYA%HDLFIGP%

OIMGBYAN% [DM@% F@D\ABCE% <% DGA% IC% #?GYIKIN% 5DIN+% CWD% IC% ;?@IGKMC% IGN% DGA% CDWGEY?F3% 6E% CYAEA% F@D\ABCE% WA@A%

launched in the last quarter of the fiscal year they will start earning revenues from the coming fiscal.

Development of Human Resources

'M@% LIGIKALAGC% CAIL% BDGE?ECE% D[% AUFA@?AGBAN% IGN% eMIO?[?AN% F@D[AEE?DGIOE% WYD% YIJA% AUCAGE?JA% AUFA@?AGBA%

?G% CYA%NAJAODFLAGC+%EIOAE%IGN%LIGIKALAGC%D[% @AIO%AECICA3%'M@%eMIO?[?AN%IGN%AUFA@?AGBAN%LIGIKALAGC%IGN%

CABYG?BIO%CAILE%YIJA%BDGC@?XMCAN%CD%CYA%K@DWCY%D[%DM@%DFA@IC?DGE%IGN%CYA%NAJAODFLAGC%D[%?G<YDMEA%F@DBAEEAE%

IGN%BDLFACAGB?AE3%#DLA%D[%DM@%$AP%4IGIKA@?IO%;A@EDGGAO%?G%CYA%I@AIE%D[%DFA@IC?DGE+%NAE?KG%IGN%NAJAODFLAGC+%

[?GIGBA+%LI@]AC?GK+%AGK?GAA@?GK+%OAKIO+%YMLIG%@AEDM@BA+%IGN%XME?GAEE%NAJAODFLAGC%I@A%eMIO?[?AN%F@D[AEE?DGIOE+%

WYD%I@A%EFAB?IO?ECE%?G%CYA?@%@AEFABC?JA%XME?GAEE%[MGBC?DGE%IGN%YIJA%INAeMICA%?GNMEC@P%AUFA@?AGBA%CD%N?EBYI@KA%

CYA?@%@DOAE%IGN%@AEFDGE?X?O?C?AE3%bA%XAO?AJA%CYIC%CY?E%AUFA@?AGBA%K?JAE%ME%CYA%IX?O?CP%CD%IGC?B?FICA%CYA%C@AGNE%IGN%

requirements of the real estate market, identify and acquire lands in locations where we believe there is demand,

NAE?KG%IGN%NAJAODF%DM@%F@DFA@C?AE%?G%IBBD@NIGBA%W?CY%CYA%OICAEC%BMECDLA@%C@AGNE3

bA%?LFOALAGC%JI@?DME%ALFODPAA%LDC?JIC?DG%CABYG?eMAE%CD%AGEM@A%CYIC%DM@%ALFODPAAE%@ALI?G%?G%KDDN%EF?@?C%IGN%

FA@[D@L%IE%FA@%CYA%AUFABCIC?DGE%D[%DM@%HDLFIGP3%bA%IFF@I?EA%DM@%ALFODPAAE%DG%I%LDGCYOP%XIE?E%CD%IFF@AB?ICA%

IGN%@AWI@N%ALFODPAAE%CI]?GK%?G?C?IC?JAE%CD%?LF@DJA%CYA%A[[?B?AGBP%IGN%FA@[D@LIGBA%D[%DM@%HDLFIGP3%7G%INN?C?DG+%

WA%IOED%F@DJ?NA%IFF@DF@?ICA%C@I?G?GK%CD%DM@%CABYG?BIO+%AGK?GAA@?GK%IGN%LI@]AC?GK%ECI[[%CD%?GEC?OO%OAINA@EY?F%eMIO?C?AE%

?G%CYAL3%bA%AG@DO%DM@%EAOABC%ALFODPAAE%[D@%JI@?DME%F@DK@ILLAE%IGN%DCYA@%CABYG?BIO%BDM@EAE%DG%I%@AKMOI@%XIE?E%

CD%AGEM@A%CYIC%DM@%ALFODPAAE%I@A%IOWIPE%MFNICAN%W?CY%CYA%NAJAODFLAGCE%?G%CYA?@%FI@C?BMOI@%I@AI%D[%WD@]3

Environmental and Health Safety Policy

'M@%HDLFIGP%YIE%INDFCAN%AGJ?@DGLAGCIO% [@?AGNOP%!K@AAG% ?G?C?IC?JAE*%J?g3%#AWIKA%Z@AICLAGC%;OIGC% `#Z;a+% @I?G%

WICA@%YI@JAEC?GK+% ?GECIOO?GK%EDOI@%FIGAOE%ACB3% ?G% CYA%BDGEC@MBC?DG%D[%F@D\ABCE3%bA%YIJA% ?LFOALAGCAN%I%GMLXA@%

D[% F@ABIMC?DGI@P% LAIEM@AE% [D@% CYA% EI[ACP% D[% DM@% F@D\ABCE+% ?GBOMN?GK% AGEM@?GK% CYIC% CYA% EC@MBCM@IO% NAE?KG% IGN%

BDGEC@MBC?DG%I@A%BI@@?AN%DMC% ?G%IBBD@NIGBA%W?CY% CYA%9IC?DGIO%^M?ON?GK%HDNA%IGN%IOO%DCYA@%IFFO?BIXOA% OIWE+%IE%

EC?FMOICAN%XP%CYA%̂ M@AIM%D[%7GN?IG%#CIGNI@NEo%NAE?KG?GK%IGN%BDGEC@MBC?GK%CYA%F@D\ABCE%[D@%CYA%IFF@DF@?ICA%EA?EL?B%

ODINE%IGN%W?GN%F@AEEM@Ao%BDGEC@MBC?GK%CYA%F@D\ABCE%?G%IBBD@NIGBA%W?CY%[?@A%EI[ACP%GD@LE%IGN%CD%F@DCABC%IKI?GEC%

[ODDN?GK3%ZYA%HDLFIGP%IOWIPE%EC@?JAE%[D@%L?G?L?EIC?DG%D[%DBBMFIC?DG%YAIOCY%IGN%EI[ACP%@?E]E3%HDGC?GMIO%C@I?G?GK%

[D@%EI[ACP%F@IBC?BAE%?E%F@DJ?NAN%IC%CYA%E?CAE%[D@%BDGC@IBCD@E%IGN%OIXDM@A@E%ED%IE%CD%AGEM@A%CYA?@%YAIOCY%IGN%EI[ACP3


Corporate Social Responsibility

"#$%:@DMF%IOWIPE%WD@]%[D@%EDB?ACP3%bA%XAO?AJA%H#5%?E%I%GICM@IO%BD@DOOI@P%D[%?GCA@NAFAGNAGBA%D[%CYA%HDLFIGP%

IGN%#DB?ACP3%#DB?ACP%YIE%K?JAG%CYA%HDLFIGP%ED%LMBY%ED%IE%HDLFIGP%EYDMON%IEF?@A%CD%K?JA%?C%XIB]3

TD@%LD@A%CYIG%I%NABINA%GDW%CYA%:@DMF%YIE%XAAG%D@KIG?g?GK%"#$%:IFFI%`O?CA@I@P%BYICEa3%7C%YIE%GDW%XABDLA%I%

OIGNLI@]%?G%BMOCM@IO%LDJALAGC%D[%;MGA3%ZYA%FM@FDEA%?E%CD%?GEF?@A%CYA%LALXA@E%D[%CYA%EDB?ACP%IXDMC%CYA%EMBBAEE%

FICY%CI]AG%XP%CYDEA%BAOAX@?C?AE%WYD%I@A%EMBBAEE[MO%?G%CYA?@%O?[A3%7C%YAOFE%EDB?ACP%MGNA@ECIGN%CYA?@%JIOMAE%IGN%ACY?BE%

that build their success story.

f#)VT%46")%469%6b65"c%?E%XAECDWAN%MFDG%CYDEA%AGC@AF@AGAM@E%WYD%ECI@CAN%[@DL%EB@ICBY%IGN%CDNIP%CYAP%I@A%

EMBBAEE[MO3%ZY?E%IWI@N%?E%K?JAG%ED%IE%CD%LAGCD@%CYA%FA@EDGE%WYD%IEF?@A%EMBBAEE%CY@DMKY%AGC@AF@AGAM@EY?F3%ZYA%

DX\ABC%D[%CYA%IWI@N%?E%CD%F@DLDCA%LD@A%IGN%LD@A%AGC@AF@AGAM@EY?F%?G%CYA%EDB?ACP3

ZYA%:@DMF%IOWIPE%EC@?JA% CD%EIJA%AGJ?@DGLAGC3%TD@% CYDEA% ?GN?J?NMIOE+%BD@FD@ICA+%9:'E%WYD%LI]A%AGD@LDME%

BDGC@?XMC?DG% ?G% BDGEA@J?GK% AGA@KP+% f"#$% )GA@KP% 6WI@NEc% ?E% XAECDWAN% CD% LDC?JICA% WD@]% @AOIC?GK% CD% AGA@KP%

conservation and renewable energy.

"#$%:@DMF%AGBDM@IKAE%ANMBIC?DG%[D@%CYA%ABDGDL?BIOOP%WAI]A@%EABC?DGE%XP%N?EC@?XMC?GK%GDCAXDD]E%IGN%CAUCXDD]E3%

Students who are meritorious in their Board level exams are awarded.

'G% AIBY% E?CA% F@DFA@% OIXDM@% BILFE% I@A% ?GECIOOAN% WYA@A?G% IOO% XIE?B% ?G[@IEC@MBCM@A% ?E% F@DJ?NAN3% 6C% CYA% C?LA% D[%

OIMGBY?GK%D[%E?CA%WA%@MG%EFAB?IO%IGN%@AKMOI@%YAIOCY%BYAB]<MF%F@DK@ILE%[D@%CYA%BDGC@IBC%OIXD@E+%BY?ON@AG%IGN%CYA?@%

family at the beginning of a work site followed by two times in a year. In addition to this, we take extra efforts

in creating health and safety awareness by conducting first-aid training, fire fighting training, mock drill, safety

LDC?JIC?DGIO%C@I?G?GK%IGN%LIGP%LD@A%'G%AIBY%E?CA%ODBIC?DG%I%FOIP%EBYDDO%?E%@MG%[D@%BY?ON@AG%D[%OIXDM@A@E%IGN%I@A%

given good food.

^A% ?C% I%LAN?BIO%YAOF%D@%ANMBIC?DGIO%YAOF%D@% EDB?IO%YAOF% CYA%:@DMF%IOWIPE%ECIGNE%XAY?GN% CYA%GAANP3%4AN?BIO%

AUFAGEAE%I@A%@A?LXM@EAN%CD%CYDEA%WYD%BIG*C%I[[D@N%LAN?BIO%AUFAGEAE3%ZYA%LA@?CD@?DME%XMC%FDD@%ECMNAGCE%I@A%

K?JAG%YAOF?GK%YIGN%[D@%CYA?@%ANMBIC?DG3

During the Ganesh festival devotees offer flowers to their idol and later on it was thrown away in the river. DSK

:@DMF%CI]AE%?G?C?IC?JA%CD%BDOOABC%CYA%!9?@LIOPI*+%WY?BY%OICA@%DG%KACE%BDGJA@CAN%?GCD%[I@L%[A@C?O?gA@%IGN%?E%YIGNAN%

DJA@%CD%CYDEA%WYD%I@A%?GCA@AECAN%ED%CYIC%?C%BIG%XA%MEAN%?G%C@AA%FOIGCIC?DGE3%'G%AGJ?@DGLAGC%NIP+%I%EA@?AE%D[%C@AA%

FOIGCIC?DG%WIE%BI@@?AN%DMC%XP%N?[[A@AGC%JAGCM@AE%D[%"#$%:@DMF%?G%JI@?DME%B?C?AE3%ZYAEA%I@A%EDLA%D[%CYA%N?KG?[?AN%

ECAFE%"#$%:@DMF%YIE%CI]AG%CD%EIJA%CYA%AGJ?@DGLAGC%?E%NM@?GK%CYA%:IGAEY%8?EI@\IG3

;@AJ?DME%PAI@%WYAG%CYA@A%WIE%I%N@DMKYC%O?]A%E?CMIC?DG%CYA%HDLFIGP%BDGC@?XMCAN%CD%CYA%"@DMKYC%5AO?A[%TMGN%IGN%

also cultivated fodder in its bare land so that it can be distributed to those who are affected by drought.

ZD% F@DLDCA% AGC@AF@AGAM@EY?F% ?G% WDLAG+% TODWA@% "ABD@IC?DG% HDLFAC?C?DG% WIE% I@@IGKAN% ED% CYIC% CYAP% BIG% XA%

encouraged to use their talent in business.

ZY@DMKY%?CE%XME?GAEE%IBC?J?C?AE%CYA%HDLFIGP%?E%BDLL?CCAN%CD%F@DCABC%AGJ?@DGLAGC%?G%IOO%EFYA@AE%D[%?CE%IBC?J?C?AE3%ZYA%

HDLFIGP%YIE%LINA%JI@?DME%?LFD@CIGC%?LF@DJALAGCE%?G%CYA%I@AIE%D[%[@AEY%WICA@%N?EC@?XMC?DG%IGN%C@AICLAGC+%EAWIKA%

C@AICLAGC%FOIGC%`#Z;a%[D@%FM@?[?AN%WICA@%[D@%KI@NAG?GK+%@I?G%WICA@%MC?O?EIC?DG%IGN%YI@JAEC?GK+%AGA@KP%BDGEA@JIC?DG%

FOIGG?GK+%EDO?N%WIECA/KI@XIKA%LIGIKALAGC+%ABD%[@?AGNOP%LICA@?IO+%F@DJ?E?DG%D[%GICM@A%FI@]E%[D@%X?K%F@D\ABCE+%ACB3%

Continuous training is given to customers on eco-friendly methods that can be used in their life-style.

Cautionary Statement

HA@CI?G% ECICALAGCE% ?G% CYA% 4IGIKALAGC% "?EBMEE?DG% IGN% 6GIOPE?E% 5AFD@C% @AOIC?GK% CD% CYA% HDLFIGP*E% DX\ABC?JAE+%

F@D\ABC?DGE+%DMCODD]+%AUFABCIC?DGE+%AEC?LICAE+%ACB3%LIP%BDGEC?CMCA%![D@WI@N%ODD]?GK%ECICALAGCE*%W?CY?G%CYA%LAIG?GK%

D[% IFFO?BIXOA% OIWE% IGN% @AKMOIC?DGE3% 6BCMIO% @AEMOCE% LIP% N?[[A@% [@DL% EMBY% AUFABCIC?DGE+% F@D\ABC?DGE+% ACB3% WYACYA@%

AUF@AEE%D@%?LFO?AN3%#AJA@IO%[IBCD@E%BDMON%LI]A%E?KG?[?BIGC%N?[[A@AGBA%CD%CYA%HDLFIGP*E%DFA@IC?DGE3%ZYAEA%?GBOMNA%

BO?LIC?B%BDGN?C?DGE+%KODXIO%IGN%ODBIO%ABDGDL?B%BDGN?C?DGE%I[[ABC?GK%NALIGN%IGN%EMFFOP+%KDJA@GLAGC%@AKMOIC?DGE%IGN%

CIUIC?DG+%GICM@IO%BIOIL?C?AE%IGN%DCYA@%[D@BA%LI\AM@A%BDGN?C?DGE+%ACB3%DJA@%WY?BY%HDLFIGP%NDAE%GDC%YIJA%IGP%BDGC@DO3


!"#$%$"#$"&'()#*&+,-.'/$%+,&'&+'&0$'1$23$,-

To,

The Members of D. S. Kulkarni Developers Ltd.

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We have audited the financial statements of D. S. Kulkarni Developers Ltd. which comprise the

a) Balance Sheet as at the 31st March, 2014

b) Statement of Profit and Loss for the year ended on that date

c) Cash Flow Statement for the year ended on that date

15"59$2$"&'/$-%+"-*3*7*&:';+,'&0$';*"5"6*57'-&5&$2$"&-'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''

The Management of the Company is responsible for -

a) the preparation of these financial statements that give a true and fair view of the financial position, financial

performance and cash flow of the Company in accordance with the accounting principles generally

accepted in India, including accounting standards referred to in Section 211(3C) of the Companies Act,

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b) the design and maintenance of the internal control relevant to the preparation and presentation of these

financial statements.

()#*&+,-.'/$-%+"-*3*7*&:

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our

audit in accordance with the Auditing & Assurance Standards issued by the Institute of Chartered Accountants

of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to

obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit includes

a) performing procedures and examining, on a test basis, evidence supporting the amounts and disclosures

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assessment of the risks of material misstatement of the financial statements, whether due to fraud or

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preparation and fair presentation of the financial statements in order to design audit procedures that are

appropriate in the circumstances.

b) evaluating the appropriateness of accounting policies used and reasonableness of the accounting estimates

made by the management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit

opinion.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the financial

statements, read with the notes thereon, give the information required by the Act, in the manner so required and

give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at the 31st March, 2014; and

b) In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date.

c) In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.


/$%+,&'+"'+&0$,'7$957'5"#',$9)75&+,:',$<)*,$2$"&-

0/& ,9& 3*G<73*2& HF& ()*& E56>017*9& ',<27(53?9& I*>53(/& J32*3:& KLLM& 012& ()*& E56>017*9& ',<27(53?9& I*>53(/&

(Amendment) Order, 2004, issued by the Central Government of India in terms of Section 227(4A) of

the Act, we enclose, on the basis of our opinion, our examination of the relevant records and according

to the information and explanations given to us, in the Annexure a statement on the matters specified in

Paragraphs 4 and 5 of the said Order.

b) As required by Section 227(3) of the Act, we report that

i We have obtained all the information and explanations which, to the best of our knowledge and

belief, were necessary for the purposes of our audit;

ii In our opinion, proper books of account as required by law have been kept by the Company, so far

as appears from our examination of those books;

iii The Balance Sheet, the Statement of Profit and Loss and also the Cash Flow Statement of the

Company dealt with by this report are in agreement with the books of account;

iv In our opinion, the Balance Sheet, the Statement of Profit and Loss and also the Cash Flow

Statement of the Company dealt with by this report comply with the accounting standards referred

to in Section 211(3C) of the Act;

v On the basis of the written representation received from the directors as at 31st March, 2014, and

taken on record by the Board of Directors, we do hereby certify that none of the directors of the

Company i.e. D. S. Kulkarni Developers Ltd. as on 31st March, 2014 is disqualified u/s 274(1)(g) of

the Act on the said date for being appointed as a director in the aforesaid company;

vi We cannot, as required by Section 227(3)(g) of the Act, state whether the cess payable u/s 441A

of the Act, has been paid and, if not, the details of the amount of cess not so paid because the

Central Government has not, till the date of this report, notified u/s 441A(1) of the Act the amount

of cess payable u/s 441A(2) and has not specified u/s 441A(4) of the Act the manner in which the

said cess is to be paid.

4+,'=+>057$?'@5">-57$'A'=05&%5"#$?

N736&I*A79(30(751&O5%&!LMKPPQ


8B'1B'=05&%5"#$

Partner

R*6H*39)7>&O5%&MLS$K

Place: Pune

Date: 29th May, 2014


(""$C),$'/$;$,,$#'&+'*"'D5,59,5%0'E5F')"#$,'&0$'0$5#*"9'G/$%+,&'+"'

+&0$,'7$957'5"#',$9)75&+,:',$<)*,$2$"&-H'+;'I),'/$%+,&'+;'JK$"'L5&$

(i) (a) The Company has maintained proper records showing full particulars including quantitative details

and situation of fixed assets.

(b) The management has not physically verified all the fixed assets during the year but there is a

regular programme of verification which is reasonable having regard to the size of the Company

012&()*&10(<3*&54&7(9&099*(9%&O5&60(*3708&279-3*>01-7*9&;*3*&15(7-*2&51&9<-)&D*3747-0(751%

(c) During the year under review, the Company has not disposed of a substantial part of its fixed

assets.

(ii) (a) The management has conducted physical verification of inventories at reasonable intervals during

the year.

(b) The procedures of such physical verification are reasonable and adequate in relation to the size of

the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory. The discrepancies noticed on physical

verification of inventory as compared to the book records were not material and have been properly

dealt with in the books of account.

(iii) (a) The Company has granted loans, secured or unsecured, to companies, firms or other parties

covered in the register maintained u/s 301 of the Act. The number of parties and amount involved

in the transactions is as follows: -

M)23$,'+;'D5,&*$- (2+)"&'+;'7+5"-'&5>$"

N575"6$'E`'O56-F

PQR15,RQS PQR15,RQP

Two (Two) 7,985.01 5,611.95

(b) The Company has taken loans, secured or unsecured, from companies, firms or other parties

covered in the register maintained u/s 301 of the Act. The number of parties and amount involved

in the transactions is as follows: -

M)23$,'+;'D5,&*$- M)23$,'+;'D5,&*$-

N575"6$'E`'O56-F

PQR15,RQS PQR15,RQP

One (One) 658.99 605.74

(c) The rate of interest and other terms and conditions of loans, secured or unsecured, taken or

A301(*2&HF&()*&E56>01F:&03*&15(:&>3760&40-7*:&>3*@<27-708&(5&()*&71(*3*9(&54&()*&E56>01FT

(d) In respect of the loans, secured or unsecured, taken/given by the Company, where stipulations

have been made, the repayments of the principal amount and the payments of the interest have

been regular.

(iv) There are adequate internal control systems commensurate with the size of the Company and the nature

of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. We

)0D*&15(&5H9*3D*2&01F&60@53&;*0C1*99&53&-51(71<71A&4078<3*&(5&-533*-(&0&60@53&;*0C1*99&71&()*&71(*3108&

control systems in respect of these areas.


(v) (a) The particulars of the contracts or arrangements which were entered into during the year under

review with the parties referred to in Section 301 of the Act and which need to be entered into the

register maintained u/s 301, of the Act have been recorded therein;

(b) The transactions made in pursuance of the contracts or arrangements referred to under sub-

clause (a) above, which exceed ` 5,00,000/- in each case have been made at prices which are

reasonable having regard to the prevailing market prices at the relevant time.

(vi) The Company has complied with the provisions of Section 58A of the Companies Act, 1956 and the

E56>017*9&',--*>(01-*&54&U*>597(9/&I<8*9:&!"P#&012&()*&I*9*3D*&V01C&54&B1270&U73*-(7D*9&71&()*&60((*3&

54&0--*>(01-*&54&2*>597(9&4356&()*&><H87-%&O5&J32*3&)09&H**1&>099*2&HF&()*&E56>01F&W0;&V5032&71&()79&

regard.

(vii) The Company has an internal audit system, which is commensurate with its size and the nature of its

business.

'D777/& =)*&E56>01F&)09&6071(071*2&-59(&3*-5329&09&3*G<73*2&HF&()*&E56>017*9&'E59(&,--5<1(71A&I*-5329/&

I<8*9:&KL!!&602*&HF&()*&E*1(308&X5D*316*1(&<Y9&KL"'!/'2/&54&()*&,-(%

(ix) (a) The Company is generally regular in depositing with the appropriate authorities undisputed

9(0(<(53F& 2<*9& 71-8<271A& Z35D72*1(& N<12:& B1D*9(53& [2<-0(751& 012& Z35(*-(751& N<12:& [6>85F**9?&

State Insurance,TDS, Income-Tax (except Advance Tax), Sales-Tax, Wealth Tax, Service Tax,

Customs Duty, Excise Duty, Cess and other material statutory dues applicable to it. There are

no arrears of outstanding undisputed statutory dues (except advance tax of approximately `4.36

crores) as at the last day of the financial year for a period of more than six months from the date

those became payable.

(b) There are no disputed amounts outstanding in respect of Provident Fund, Investor Education and

Z35(*-(751&N<12:&[6>85F**9?&\(0(*& B19<301-*:& B1-56*]=0^:&\08*9]=0^:&Q*08()&=0^:&\*3D7-*&=0^:&

Customs Duty, Excise Duty, Cess and other material statutory dues applicable to it as at the last

day of the Financial year. The disputed amounts in respect of income tax are as follows:

` Lacs

Sr.

No.

4+),2'T0$,$'#*-%)&$'*-'%$"#*"9 Asst. Yr. PQR15,RQS PQR15,RQP

1 High Court of Judicature, Mumbai 2004-05 67.25 67.25



4 Income Tax Appellate Tribunal 2007-08 418.80 418.80



7 Commissioner of Income Tax (Appeals) 2010-11 99.95 99.95

8 Commissioner of Income Tax (Appeals) 2011-12 35.47 -

Q?PUVBWV Q?QXQBVY

& & =)*&B=,=&Z<1*&2*-72*2&()*&E56>01F?9&0>>*089&453&,_&KLLS]L#:&KLL#]L$&`&KLL$]LP&71&40D5<3&54&()*&

Company. However, the Dept has filed a reference with the High Court of Judicature at Mumbai. The

E56>01F&*^>*-(9&()0(&()*&B=,=&Z<1*&;788&2*-72*&97678038F&()*&E56>01F?9&0>>*089&453&,_&KLLP]La:&

2008-09, 2009-10 & 2010-11 in favour of the Company.

SVAnnual Report 2013 - 2014

(x) The Company has no accumulated losses at the end of the financial year and has not incurred any cash

losses in the current financial year and in the immediately preceding financial year.

(xi) The Company has not defaulted in repayment of dues to any financial institution or bank or debenture

holders.

'^77/& =)*&-51(*1(9&54&Z030A30>)&S'^77/&54&E,IJ:&KLLM&03*&15(&0>>87-0H8*&971-*&()*&E56>01F&)09&15(&A301(*2&

loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

'^777/& =)*&-51(*1(9&54&Z030A30>)&S'^777/&54&E,IJ:&KLLM&03*&15(&0>>87-0H8*&971-*&()*&E56>01F&79&15(&0&-)7(&4<12&

or a nidhi or a mutual benefit fund/society.

'^7D/& =)*&-51(*1(9&54&Z030A30>)&S'^7D/&54&E,IJ:&KLLM&03*&15(&0>>87-0H8*&971-*&()*&E56>01F&79&15(&2*0871A&53&

trading in shares, securities, debentures and other investments.

(xv) The Company has continued the guarantee of `100 crores in respect of a loan taken by its erstwhile

9<H972703F:&U\b&X85H08&[2<-0(751&̀ &I*9*03-)&Z%&W(2%&4356&E*1(308&V01C&54&B1270%&=)*&(*369&012&-5127(7519&

54&9<-)&A<0301(**&03*&15(&>3*@<27-708&(5&()*&71(*3*9(9&54&()*&E56>01F%

(xvi) The Company has applied the term loans obtained during the year under review for the purposes for

which they were obtained.

(xvii) The Company has not used the funds raised on short term basis for the purposes of long-term investment.

'^D777/& =)*&-51(*1(9&54&Z030A30>)&S'^D777/&54&E,IJ:&KLLM&03*&15(&0>>87-0H8*&971-*&()*&E56>01F&)09&15(&602*&

01F&>3*4*3*1(708&0885(6*1(&54&9)03*9&(5&>03(7*9&012&-56>017*9&-5D*3*2&71&()*&I*A79(*3&6071(071*2&<Y9&ML!&

of the Act.

'^7^/& =)*&-51(*1(9&54&Z030A30>)&S'^7^/&54&E,IJ:&KLLM&03*&15(&0>>87-0H8*&971-*&()*&E56>01F&)09&15(&799<*2&

debentures.

'^^/& =)*&-51(*1(9&54&Z030A30>)&S'^^/&54&E,IJ:&KLLM&03*&15(&0>>87-0H8*&971-*&()*&E56>01F&)09&15(&3079*2&01F&

money by public issue during the year.

'^^7/& =)*&-51(*1(9&54&Z030A30>)&S'^^7/&54&E,IJ:&KLLM&03*&15(&0>>87-0H8*&971-*&15&430<2&51&53&HF&()*&E56>01F&

has been noticed or reported during the year.

4+,'=+>057$?'@5">-57$'A'=05&%5"#$?

N736&I*A79(30(751&O5%&!LMKPPQ


8B'1B'=05&%5"#$

Partner

R*6H*39)7>&O5%&MLS$K

Place: Pune

Date: 29th May, 2014

SW Annual Report 2013 - 2014

N(O(MZJ'8[JJ@

As per our audit report of even date.

4+,'=+>057$?'@5">-57$'A'=05&%5"#$? '4+,'5"#'+"'3$057;'+;'&0$'N+5,#'+;'L*,$6&+,-'

N736&I*A79(30(751&O5%&!LMKPPQ


D. S. Kulkarni \B'ZB']+-0*

Chairman & Managing Director Director

8B'1B'=05&%5"#$

Partner MB'\B'L$-0%5"#$ (2+7'D),5"#5,$

R*6H*39)7>&O5%&MLS$K Chief Financial Officer Company Secretary

Place: Pune Place: Pune

Date: 29th May, 2014 Date: 29th May, 2014

N575"6$'80$$&'5-'5& Note

No.

PQR15,RQS

` EO56-F

PQR15,RQS

` EO56-F

PQR15,RQP

` EO56-F

PQR15,RQP

` EO56-F

I. J^_!@`'(ML'O!(N!O!@!J8

1. 805,$0+7#$,-.'4)"#-

a) Share capital 3 2,580.10 2,580.10

b) I*9*3D*9&012&9<3>8<9 4 47,555.12 50,135.22 46,520.36 49,100.46

XB M+"R6),,$"&'7*53*7*&*$-

a) Long-term borrowings 5 24,864.57 22,528.72

b) U*4*33*2&(0^&870H787(7*9&'O*(/ 6 113.85 24,978.42 106.63 22,635.34

c) Other long term liabilities 7 25.60 25.60

3. Z),,$"&'7*53*7*&*$-

a) Short-term borrowings 8 2,264.12 2,680.88

b) Trade payables 1,554.79 1,588.91

c) Other current liabilities 9 72,137.08 53,512.59

d) Short-term provisions 10 6,884.69 82,840.68 5,833.72 63,616.10

@I@(O 'QUV?aVaBaX' 'QPU?PVVBUQ'

II. (88J@8

1. M+"R6),,$"&'5--$&-

a) Fixed Assets

i) Tangible assets 11 4,018.92 4,027.05

ii) Intangible assets 12 28.11 17.80

iii) Intangible assets under development 29.94 4,076.97 29.94 4,074.79

b) O51]-<33*1(&71D*9(6*1(9 13 2,204.29 4,912.87

c) Other non-current assets 14 131.98 137.80

XB Current assets

a) Inventories 15 131,333.92 110,947.34

b) Trade receivables 16 330.83 352.56

c) Cash and cash equivalents 17 4,028.14 3,102.95

d) Short-term loans and advances 18 9,587.09 6,636.01

e) Other current assets 19 6,286.71 151,566.68 5,213.20 126,252.06

@I@(O 'QUV?aVaBaX' 'QPU?PVVBUQ'

Z+"&*"9$"&'7*53*7*&*$-'5"#'6+22*&2$"&-'

E&+'&0$'$C&$"&'"+&'%,+K*#$#';+,F

20 12,022.88 12,290.75

Corporate Information & Statement of Accounting

Policies

1-2

The accompanying notes are an integral part of these financial statements.

SaAnnual Report 2013 - 2014

D/I4!@'(ML'OI88'8@(@J1JM@


4+,'=+>057$?'@5">-57$'A'=05&%5"#$? '4+,'5"#'+"'3$057;'+;'&0$'N+5,#'+;'L*,$6&+,-'

N736&I*A79(30(751&O5%&!LMKPPQ




8B'1B'=05&%5"#$

Partner MB'\B'L$-0%5"#$ (2+7'D),5"#5,$




D,+;*&'5"#'O+--'8&5&$2$"&'5-'5& Note

No.PQR15,RQS

` EO56-F

PQR15,RQS

` EO56-F

PQR15,RQP

` EO56-F

PQR15,RQP

` EO56-F

I. I*D*1<*&4356&5>*30(7519 21 3,091.49 5,410.44

II. Increase/(Decrease) in inventories of

Finished Tenements & Work-in-Progress

22 20,010.72 17,737.19

III. Other income 23 152.86 285.70

@+&57'' 'XP?XUUBYV' 'XP?SPPBPS'

IV. JC%$"-$-b

Land and / or Development expenses 24 15,986.56 17,239.37

Office and administration expenses 25 739.58 664.56

Employee benefits expense 26 1,197.87 1,033.80

Selling expenses 27 798.57 741.67

Finance expenses 28 936.74 947.30

Depreciation and amortisation expense 29 145.40 143.00

Other Expenses 30 9.80 c

@+&57'' 'Qa?WQSBUX' 'XY?VcaBVQ'

V. Profit before exceptional and extra-ordinary

items and tax

3,440.56 2,663.63

VI. Exceptional Items 31 (15.99) 179.18

VII. Profit before extra-ordinary items and tax 3,424.57 2,842.82

VIII. Extra-ordinary items 32 (859.17) c

IX. Profit before tax 2,565.40 2,842.82

X. Tax expense

1. Current tax (1,253.60) (976.61)

2. Deferred tax (7.22) (1,260.82) (23.35) (999.96)

XI. Profit/(Loss) for the period from continuing

operations

1,304.58 1,842.86

XII. Profit/(Loss) from discontinuing operations

(after tax)

c c

XIII. Profit/(Loss) for the period 1,304.58 1,842.86

XIV. J5,"*"9-'%$,'$<)*&:'-05,$

1 Basic 33 5.06 7.14

2 Diluted 5.06 7.14


UY Annual Report 2013 - 2014

Z(8['4OId'8@(@J1JM@

Z5-0'47+T'8&5&$2$"&';+,'&0$':$5,'$"#$# PQR15,RQS

` EO56-F

PQR15,RQS

` EO56-F

PQR15,RQP

` EO56-F

PQR15,RQP

` EO56-F

(F'Z5-0'47+T';,+2'I%$,5&*"9'(6&*K*&*$-

O*(&Z3547(&H*453*&=0^&`&[^(305327103F&B(*69 3,424.57 2,842.82

,2@<9(6*1(9&453

Z3753&F*03&02@<9(6*1(9 32.04 (18.44)

Extraordinary items (859.17) c

Depreciation 145.40 143.00

Loss/(Profit) on Sale of Assets 9.80 -

Interest Expenditure 746.36 835.68

Foreign Exchange (Gain)/Loss c c

Book Profit on Sales of Mutual Fund Units c (1.22)

B1(*3*9(&012&U7D72*12&I*-*7D*2 (132.42) (58.00) (238.22) 720.80

I%$,5&*"9'D,+;*&'3$;+,$'d+,>*"9'Z5%*&57'Z05"9$- 'P?PccBUV' 'P?UcPBcX'

,2@<9(6*1(9&453

Increase/(Decrease) in Short-term Borrowings (416.76) (2,937.77)

Increase/(Decrease) in Other Current Liabilities 18,624.49 10,163.48

Increase/(Decrease) in Short-term Provisions (202.63) c

Increase/(Decrease) in Trade Payables (34.12) 752.12

(Increase)/Decrease in Inventories (20,386.58) (17,768.06)

'B1-3*09*/YU*-3*09*&71&I*-*7D0H8*9 21.73 (157.03)

(Increase)/Decrease in Loans and Advances (2,951.08) 661.85

(Increase)/Decrease in Other current assets (39.80) (25.94)

(Increase)/Decrease in Other non-current assets 5.81 (5,378.93) 24.97 (9,286.38)

Z5-0'9$"$,5&$#';,+2'I%$,5&*+"- 'EX?YQXBPVF 'EU?VXXBVcF

Income Tax Paid (1,033.71) (743.60)

M$&'Z5-0';,+2'I%$,5&*"9'(6&*K*&*$-'E(F 'EP?YScBYVF 'Ec?SccBPcF

NF'Z5-0'47+T';,+2'!"K$-&*"9'(6&*K*&*$-

Purchase of Fixed Assets (168.14) (52.33)

Sale of Fixed Assets 10.76 c

Book Profit on Sales of Mutual Fund Units c 1.22

B1(*3*9(&012&U7D72*12&I*-*7D*2 132.42 238.22

Decrease/(Increase) in Investments 2,708.58 160.00

M$&'Z5-0')-$#'*"'!"K$-&*"9'(6&*K*&*$-'ENF 'X?cWPBcX' 'PSVBQQ'


Z(8['4OId'8@(@J1JM@

Z5-0'47+T'8&5&$2$"&';+,'&0$':$5,'$"#$# PQR15,RQS

` EO56-F

PQR15,RQS

` EO56-F

PQR15,RQP

` EO56-F

PQR15,RQP

` EO56-F

ZF'Z5-0'47+T';,+2'4*"5"6*"9'(6&*K*&*$-

Interest Paid (746.36) (835.68)

Dividend Paid (258.01) (258.01)

Dividend Tax Paid (43.85) (41.86)

Increase/(Decrease) in Secured Loans 2,335.85 8,709.13

M$&'Z5-0')-$#'*"'4*"5"6*"9'(6&*K*&*$-'EZF 'Q?XWVBcP' 'V?UVPBUW'

M$&'*"6,$5-$e#$6,$5-$'*"'65-0'5"#'65-0'$<)*K57$"&-'

E(fNfZF

'aXUBQW' 'Q?SUSBPP'

Z5-0'5"#'Z5-0'J<)*K57$"&'5-'5&'3$9*""*"9'+;'&0$':$5, 3,102.93 1,648.60

Z5-0'5"#'Z5-0'J<)*K57$"&'5-'5&'$"#'+;'&0$':$5, 4,028.12 3,102.93

O5(*& (5& ()*& E09)& N85;& \(0(*6*1(& d& E09)& 012& E09)&

Equivalents include Cash and Bank Balances

Z+,%+,5&$'!";+,25&*+"'5"#'8&5&$2$"&'+;'(66+)"&*"9'

D+7*6*$-



4+,'=+>057$?'@5">-57$'A'=05&%5"#$? '4+,'5"#'+"'3$057;'+;'&0$'N+5,#'+;'L*,$6&+,-'

N736&I*A79(30(751&O5%&!LMKPPQ




8B'1B'=05&%5"#$

Partner MB'\B'L$-0%5"#$ (2+7'D),5"#5,$




UX Annual Report 2013 - 2014

D. S. Kulkarni Developers Ltd.

M+&$-'&+'&0$';*"5"6*57'-&5&$2$"&-';+,'&0$':$5,'$"#$#'PQR15,RQS

QF' Z+,%+,5&$'!";+,25&*+"

D. S. Kulkarni Developers Ltd. is a public limited company domiciled in India and incorporated under the

>35D797519&54&()*&E56>017*9&,-(:&!"#$&'+()*&,-(./%&=)*&E56>01F&79&*1A0A*2&71&()*&H<971*99&54&3*08&*9(0(*&

development in India. The Company is not a Small and Medium Sized Company (SMC) as defined in the

General Instructions in respect of Accounting Standards notified under the Act, inasmuch as

a) its turnover (excluding other income) did exceed ` 50 crores in the immediately preceding

accounting year and in the year under review, and

b) it did have borrowings (including public deposits) in excess of ` 10 crores at any time during the

immediately preceding accounting year and in the year under review

& -/& 7(9&*G<7(F&9)03*9&03*&879(*2&51&()*&R<6H07&012&O0(75108&\(5-C&[^-)01A*9%

although

d) it is not the holding or subsidiary company of a company which is not a SMC

e) it is not a bank, financial institution or an insurance company.

XB' N5-*-'+;'D,$%5,5&*+"'+;'4*"5"6*57'8&5&$2$"&-

These financial statements comply in all material respects with the relevant provisions of the Act, the

Generally Accepted Accounting Principles in India, and the Accounting Standards issued by the Institute

54&E)03(*3*2&,--5<1(01(9&54&B1270&;)7-)&03*&>3*9-37H*2&71&()*&E56>017*9&',--5<1(71A&\(0120329/&I<8*9&

2006 notified by the Central Government u/s 211(3C) read with Sections 210A(1) and 642(1)(a) of the

said Act. As required by AS 1 issued by the Institute of Chartered Accountants of India, the accounting

policies followed in the preparation of these financial statements are disclosed below.

XBQ' 8)225,:'+;'-*9"*;*65"&'566+)"&*"9'%+7*6*$-

XBQBQ' D,$-$"&5&*+"'5"#'#*-67+-),$'+;';*"5"6*57'-&5&$2$"&-

These financial statements are presented in accordance with the revised Schedule VI notified under the

Companies Act, 1956.

XBQBX' (66+)"&*"9'Z+"K$"&*+"b

These financial statements are prepared under the historical cost convention.

XBQBP' 1$&0+#'+;'(66+)"&*"9b

As required by Section 209(3)(b) of the Act, these financial statements are prepared in accordance with

the accrual method of accounting with revenues recognized and expenses accounted on their accrual

71-8<271A& >35D797519Y02@<9(6*1(9& 453& -5667((*2& 5H87A0(7519& 012& 065<1(9& 2*(*3671*2& 09& >0F0H8*& 53&

receivable during the period.

XBQBS' _-$'+;'J-&*25&$-b'

The preparation of financial statements in conformity with Indian GAAP requires the management to

60C*&@<2A*6*1(9:&*9(760(*9&012&099<6>(7519:&()0(&044*-(&()*&0>>87-0(751&54&0--5<1(71A&>587-7*9&012&()*&

reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the end


of the reporting periods and the reported amounts of revenues and expenses for the reporting periods.

,8()5<A)&()*9*&*9(760(*9&03*&H09*2&51&()*&6010A*6*1(?9&H*9(&C15;8*2A*&54&-<33*1(&*D*1(9&012&0-(7519:&

uncertainty about these assumptions and estimates could result in the outcomes requiring a material

02@<9(6*1(&(5&()*&-033F71A&065<1(9&54&099*(9&53&870H787(7*9&71&4<(<3*&>*37529%&

Actual results may differ from these estimates.

& [9(760(*9& 012& <12*38F71A& 099<6>(7519& 03*& 3*D7*;*2& 51& 01& 51A571A& H0979%& I*D797519& (5& 0--5<1(71A&

estimates are recognised in the year in which the estimate is revised and future years affected.

XBQBU' Z+"-*-&$"6:b

These financial statements have been prepared on a basis consistent with previous years and accounting

policies not specifically referred hereto are consistent with generally accepted accounting principles.

XBQBc' Z+"&*"9$"6*$-'5"#'JK$"&-'+66),,*"9'5;&$,'&0$'N575"6$'80$$&'L5&$b

AS 4 issued by the Institute of Chartered Accountants of India is not applicable since there are no such

contingencies nor events.

XBQBV' M$&'D,+;*&'+,'O+--';+,'&0$'D$,*+#?'D,*+,'D$,*+#'!&$2-'5"#'Z05"9$-'*"'(66+)"&*"9'D+7*6*$-b

& =)*&E56>01F?9&Z3547(&012&W599&,--5<1(&>3*9*1(9&>3547(&Y&8599&4356&5327103F&0-(7D7(7*9%&=)*3*&03*&15&*^(30]

ordinary items or changes in accounting estimates and policies during the year under review which need

to be disclosed as per AS 5 issued by the Institute of Chartered Accountants of India.

XBQBW' Z5-0'47+T'8&5&$2$"&-b

Cash Flows are reported as per the Indirect Method as specified in AS 3 issued by the Institute of

Chartered Accountants of India.

XBQBa' D,$K*+)-'̀ $5,'4*9),$-b

The figures for the previous year have been rearranged to facilitate comparison.

XBX' 4*C$#'(--$&-

XBXBQ' @5"9*37$'4*C$#'(--$&-b'In accordance with AS 10 issued by the Institute of Chartered Accountants of

India,

i) Tangible Fixed Assets are stated at cost of acquisition or construction net of accumulated

depreciation and accumulated impairment losses, if any.

ii) The cost comprises purchase price, borrowing costs if capitalization criteria are met and directly

attributable incidental expenses related to acquisition and installation and other pre-operative

expenses of bringing the asset to its working condition for the intended use. Any trade discounts

and rebates are deducted in arriving at the purchase price.

iii) Subsequent expenditure related to an item of fixed asset is added to its book value only if it

increases the future benefits from the existing asset beyond its previously assessed standard

of performance. All other expenses on existing fixed assets, including day-to-day repair and

maintenance expenditure and cost of replacing parts, are charged to the statement of profit and

loss for the period during which such expenses are incurred.

& 7D/& N356& 0--5<1(71A& >*37529& -566*1-71A& 51& 53& 04(*3& P()& U*-*6H*3:& KLL$:& ()*& -56>01F& 02@<9(9&

exchange differences arising on translation/settlement of long-term foreign currency monetary

items pertaining to the acquisition of a depreciable asset to the cost of the asset and depreciates

the same over the remaining life of the asset.


v) Gains or losses arising from derecognition of fixed assets are measured as the difference between

the net disposal proceeds and the carrying amount of the asset and are recognized in the

statement of profit and loss when the asset is derecognized.

XBXBX' L$%,$6*5&*+"'+"'@5"9*37$'4*C$#'(--$&-b'In accordance with AS 6 issued by the Institute of Chartered

Accountants of India,

i) Depreciation on Tangible Fixed Assets is provided as per the straight line method at the rates

prescribed in Schedule XIV to the Companies Act, 1956, for the period for which the asset is put

to use.

ii) Leasehold land is amortized on a straight-line basis over the period of the lease

XBXBP' !"&5"9*37$'4*C$#'(--$&-b'In accordance with AS 26 issued by the Institute of Chartered Accountants of

India,

i) Intangible assets acquired separately are measured on initial recognition at cost. The cost of

intangible assets acquired in an amalgamation in the nature of purchase is their fair value as

at the date of amalgamation. Following initial recognition, intangible assets are carried at cost

less accumulated amortization and accumulated impairment losses, if any. Internally generated

intangible assets, excluding capitalized development costs, are not capitalized and expenditure is

reflected in the statement of profit and loss in the year in which the expenditure is incurred.

ii) Intangible assets are amortized on a straight-line basis over the estimated useful economic life.

The company uses a rebuttable presumption that the useful life of an intangible asset will not

exceed ten years from the date when the asset is available for use. If the persuasive evidence

exists to the effect that useful life of an intangible asset exceeds ten years, the company amortizes

the intangible asset over the best estimate of its useful life.

iii) Such intangible assets and intangible assets not yet available for use are tested for impairment

annually, either individually or at the cash-generating unit level. All other intangible assets are

assessed for impairment whenever there is an indication that the intangible asset may be impaired.

iv) The amortization period and the amortization method are reviewed at least at each financial year

end. If the expected useful life of the asset is significantly different from previous estimates, the

amortization period is changed accordingly. If there has been a significant change in the expected

pattern of economic benefits from the asset, the amortization method is changed to reflect the

-)01A*2&>0((*31%&\<-)&-)01A*9&03*&0--5<1(*2&453&71&0--53201-*&;7()&,\&#&O*(&Z3547(&53&W599&453&

the Period, Prior Period Items and Changes in Accounting Policies.

v) Gains or losses arising from derecognition of an intangible asset are measured as the difference

between the net disposal proceeds and the carrying amount of the asset and are recognized in the

statement of profit and loss when the asset is derecognized

XBXBS' N+,,+T*"9' Z+-&-b' In accordance with Accounting Standard 16 issued by the Institute of Chartered


i) Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the

arrangement of borrowings and exchange differences arising from foreign currency borrowings to

()*&*^(*1(&()*F&03*&3*A032*2&09&01&02@<9(6*1(&(5&()*&71(*3*9(&-59(%

ii) A qualifying asset is an asset that necessarily requires a substantial period of time to get ready for

its intended use or sale.

iii) borrowing costs that are attributable to the acquisition, construction or production of qualifying

assets are capitalized as part of the cost of such assets. All other borrowing costs are recognized

as an expense in the period in which those are incurred.


XBXBU' !2%5*,2$"&'+;' &5"9*37$'5"#' *"&5"9*37$'5--$&-b In accordance with AS 28 issued by the Institute of

Chartered Accountants of India,

i) The Company assesses at each reporting date whether there is an indication that an asset may be

impaired. If any indication exists, or when annual impairment testing for an asset is required, the

company estimates the recoverable amount of the asset. Such recoverable amount is the higher of

01&099*(?9&53&-09)]A*1*30(71A&<17(?9&'EXe/&1*(&9*8871A&>37-*&012&7(9&D08<*&71&<9*%&=)*&3*-5D*30H8*&

amount is determined for an individual asset, unless the asset does not generate cash inflows

that are largely independent of those from other assets or groups of assets. Where the carrying

amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and

is written down to its recoverable amount. In assessing value in use, the estimated future cash

flows are discounted to their present value using a pre-tax discount rate that reflects current market

assessments of the time value of money and the risks specific to the asset. In determining net

selling price, recent market transactions are taken into account, if available. If no such transactions

can be identified, an appropriate valuation model is used.

ii) The Company bases its impairment calculation on detailed budgets and forecast calculations

;)7-)& 03*& >3*>03*2& 9*>030(*8F& 453& *0-)& 54& ()*& E56>01F?9& -09)]A*1*30(71A& <17(9& (5& ;)7-)& ()*&

individual assets are allocated. These budgets and forecast calculations are generally covering a

>*3752&54&47D*&F*039%&N53&851A*3&>*37529:&0&851A](*36&A35;()&30(*&79&-08-<80(*2&012&0>>87*2&(5&>35@*-(&

future cash flows after the fifth year.

iii) Impairment losses of continuing operations, including write-down of inventories, are recognized

in the statement of profit and loss, except for previously revalued tangible fixed assets, where the

revaluation was taken to revaluation reserve. In this case, the impairment is also recognized in the

revaluation reserve up to the amount of any previous revaluation.

iv) After impairment, depreciation is provided on the revised carrying amount of the asset over its

remaining useful life.

v) An assessment is made at each reporting date as to whether there is any indication that previously

recognized impairment losses may no longer exist or may have decreased. If such indication exists,

()*&E56>01F&*9(760(*9& ()*&099*(?9&53&-09)]A*1*30(71A&<17(?9& 3*-5D*30H8*&065<1(%&,&>3*D75<98F&

recognized impairment loss is reversed only if there has been a change in the assumptions used

(5&2*(*3671*&()*&099*(?9&3*-5D*30H8*&065<1(&971-*&()*&809(&76>0736*1(&8599&;09&3*-5A17f*2%&=)*&

reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount,

nor exceed the carrying amount that would have been determined, net of depreciation, had no

impairment loss been recognized for the asset in prior years. Such reversal is recognized in the

statement of profit and loss unless the asset is carried at a revalued amount, in which case the

reversal is treated as a revaluation increase.

XBXBc' /$-$5,60' 5"#' #$K$7+%2$"&' 6+-&-b' In accordance with AS 26 issued by the Institute of Chartered


& 7/& I*9*03-)& -59(9& 03*& *^>*19*2& 09& 71-<33*2%& U*D*85>6*1(& *^>*127(<3*& 71-<33*2& 51& 01& 7127D72<08&

>35@*-(&79&3*-5A17f*2&09&01&71(01A7H8*&099*(&;)*1&()*&-56>01F&-01&2*6519(30(*&088&()*&45885;71Ad

a) The technical feasibility of completing the intangible asset so that it will be available for use

or sale.

b) Its intention to complete the asset.

c) Its ability to use or sell the asset.

d) How the asset will generate future economic benefits.


e) The availability of adequate resources to complete the development and to use or sell the

asset.

f) The ability to measure reliably the expenditure attributable to the intangible asset during

development.

ii) Following the initial recognition of the development expenditure as an asset, the cost model

is applied requiring the asset to be carried at cost less any accumulated amortization and

accumulated impairment losses. Amortization of the asset begins when development is complete

and the asset is available for use. It is amortized on a straight line basis over the period of expected

4<(<3*&H*1*47(& 4356&()*&3*80(*2&>35@*-(%&,653(7f0(751& 79&3*-5A17f*2& 71&()*&9(0(*6*1(&54&>3547(&012&

loss. During the period of development, the asset is tested for impairment annually.

XBXBV' O$5-$-b'In accordance with Accounting Standard 19, issued by the Institute of Chartered Accountants of

India,

(B' d0$,$'&0$'Z+2%5":'*-'7$--$$

i) Finance leases, which effectively transfer to the Company substantially all the risks and benefits

incidental to ownership of the leased item, are capitalized at the inception of the lease term at the

lower of the fair value of the leased property and present value of minimum lease payments. Lease

payments are apportioned between the finance charges and reduction of the lease liability so as

to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are

recognized as finance costs in the statement of profit and loss. Lease management fees, legal

charges and other initial direct costs of lease are capitalized.

ii) A leased asset is depreciated on a straight-line basis over the useful life of the asset or the useful

life envisaged in Schedule XIV to the Companies Act, 1956, whichever is lower. However, if there

is no reasonable certainty that the company will obtain the ownership by the end of the lease term,

the capitalized asset is depreciated on a straight-line basis over the shorter of the estimated useful

life of the asset, the lease term or the useful life envisaged in Schedule XIV to the Companies Act,

1956.

iii) Leases, where the lessor effectively retains substantially all the risks and benefits of ownership of

the leased item, are classified as operating leases. Operating lease payments are recognized as

an expense in the statement of profit and loss on a straight-line basis over the lease term.

NB' d0$,$'&0$'Z+2%5":'*-'&0$'7$--+,

i) Leases in which the Company transfers substantially all the risks and benefits of ownership of

the asset are classified as finance leases. Assets given under finance lease are recognized as

a receivable at an amount equal to the net investment in the lease. After initial recognition, the

Company apportions lease rentals between the principal repayment and interest income so as

to achieve a constant periodic rate of return on the net investment outstanding in respect of the

finance lease. The interest income is recognized in the statement of profit and loss. Initial direct

costs such as legal costs, brokerage costs, etc. are recognized immediately in the statement of

profit and loss.

ii) Leases in which the Company does not transfer substantially all the risks and benefits of ownership

54&()*&099*(&03*&-8099747*2&09&5>*30(71A&8*09*9%&,99*(9&9<H@*-(&(5&5>*30(71A&8*09*9&03*&71-8<2*2&71&

fixed assets. Lease income on an operating lease is recognized in the statement of profit and loss

on a straight-line basis over the lease term. Costs, including depreciation, are recognized as an

expense in the statement of profit and loss. Initial direct costs such as legal costs, brokerage costs,

etc. are recognized immediately in the statement of profit and loss.

UVAnnual Report 2013 - 2014

XBP' !"K$-&2$"&-b'In accordance with AS 13 issued by the Institute of Chartered Accountants of India,

i) Investments, which are readily realizable and intended to be held for not more than one year from

the date on which such investments are made, are classified as current investments. All other

investments are classified as long-term investments.

ii) On initial recognition, all investments are measured at cost. The cost comprises purchase price

and directly attributable acquisition charges such as brokerage, fees and duties. If an investment

is acquired, or partly acquired, by the issue of shares or other securities, the acquisition cost is the

fair value of the securities issued. If an investment is acquired in exchange for another asset, the

acquisition is determined by reference to the fair value of the asset given up or by reference to the

fair value of the investment acquired, whichever is more clearly evident.

iii) Current investments are carried in the financial statements at lower of cost and fair value

determined on an individual investment basis. Long-term investments are carried at cost. However,

provision for diminution in value is made to recognize a decline other than temporary in the value

of the investments.

iv) On disposal of an investment, the difference between its carrying amount and net disposal

proceeds is charged or credited to the statement of profit and loss.

v) An investment in land or buildings, which is not intended to be occupied substantially for use by, or

in the operations of, the Company, is classified as investment property. Investment properties are

stated at cost, net of accumulated depreciation and accumulated impairment losses, if any.

vi) The cost comprises purchase price, borrowing costs if capitalization criteria are met and directly

attributable cost of bringing the investment property to its working condition for the intended use.

Any trade discounts and rebates are deducted in arriving at the purchase price.

vii) Depreciation on building component of investment property is calculated on a straight-line basis

using the rate arrived at based on the useful life estimated by the management, or that prescribed

under the Schedule XIV to the Companies Act, 1956, whichever is higher.

viii) On disposal of an investment, the difference between its carrying amount and net disposal

proceeds is charged or credited to the statement of profit and loss.

XBS' !"K$"&+,*$-b' In accordance with Accounting Standards 2 & 9 issued by the Institute of Chartered


i) Construction materials, components, stores and spares are valued at the lower of cost and net

realizable value (as certified by the management) after providing for the cost of obsolescence.

However, materials and other items held for use in the production of inventories are not written

down below cost if the finished products in which they will be incorporated are expected to be sold

at or above its cost of acquisition. Cost of raw materials, components and stores and spares is

determined on FIFO basis.

ii) Inventories of work-in-progress are valued, in accordance with the Percentage of Completion

R*()52%& Z3547(& 51& 71-56>8*(*& >35@*-(9& 79& 15(& 3*-5A17f*2& <18*99& KLg& *^>*127(<3*& )09& H**1&

71-<33*2& 71& 3*9>*-(&54& ()*&>35@*-(%&V09*2&51&>35@*-(7519&012&*9(760(*9&HF& ()*&E56>01F&54& ()*&

expected revenues and costs to completion, provision for losses to completion and/or write off of

-59(9&-0337*2&(5&71D*1(537*9&79&602*&51&>35@*-(9&;)*3*&()*&*^>*-(*2&3*D*1<*9&03*&85;*3&()01&()*&

estimated costs to completion. In the opinion of the management, the net realisable value of the

work-in-progress as at the balance sheet date will not be lower than the costs so included therein.

UW Annual Report 2013 - 2014

iii) Inventories of finished tenements are valued at the carrying value or estimated net realizable

value, (as certified by the management) whichever is the less.

& & O*(&3*087f0H8*&D08<*&79&()*&*9(760(*2&9*8871A&>37-*&71&()*&5327103F&-5<39*&54&H<971*99:&8*99&*9(760(*2&

costs of completion and estimated costs necessary to make the sale.

XBU' /$K$")$'/$6+9"*&*+"b' In accordance with AS 9 issued by the Institute of Chartered Accountants of

B1270:&I*D*1<*&79&3*-5A17f*2&(5&()*&*^(*1(&()0(&7(&79&>35H0H8*&()0(&()*&*-51567-&H*1*47(9&;788&485;&(5&()*&

company. The following specific recognition criteria must also be met before revenue is recognized.

i) Income from real estate sales is recognized on the transfer of all significant risks and rewards of

ownership to the buyer and it is not unreasonable to expect ultimate collection and no significant

uncertainty exists regarding the amount of consideration.

ii) However, if, at the time of transfer, substantial acts are yet to be performed, revenue is recognized

on proportionate basis as the acts are performed, that is, on the percentage of completion basis.

Determination of revenues under the percentage of completion method necessarily involves

making estimates by the Company, some of which are of technical nature, concerning, where

relevant, the percentages of completion, costs to completion, the expected revenues from the

>35@*-(&012&()*&453*9**0H8*&8599*9&(5&-56>8*(751%&,9&()*&-519(3<-(751&>35@*-(9&1*-*990378F&*^(*12&

beyond one year, revision in estimates of costs and revenues during the year under review are

reflected in the accounts of the year.

& 777/& I*D*1<*&4356&908*&54&A5529&79&3*-5A17f*2&;)*1&088&()*&97A1747-01(&379C9&012&3*;0329&54&5;1*39)7>&

of the goods have been passed to the buyer, usually on delivery of the goods. The Company

collects value added taxes (VAT) and service tax on behalf of the government and, therefore, these

are not economic benefits flowing to the Company. Hence, they are excluded from revenue.

& 7D/& I*D*1<*9&4356&6071(*101-*&-51(30-(9&03*&3*-5A17f*2&>35]30(0&5D*3&()*&>*3752&54&()*&-51(30-(&09&

and when services are rendered. The Company collects service tax on behalf of the government

and, therefore, it is not an economic benefit flowing to the Company. Hence, it is excluded from

revenue.

v) Interest income is recognized on a time proportion basis taking into account the amount

5<(9(01271A&012& ()*&0>>87-0H8*& 71(*3*9(& 30(*%& B1(*3*9(& 71-56*& 79& 71-8<2*2&<12*3& ()*&)*02&+5()*3&

71-56*.&71&()*&9(0(*6*1(&54&>3547(&012&8599%

& D7/& U7D72*12&71-56*&79&3*-5A17f*2&;)*1&()*&E56>01F?9&37A)(&(5&3*-*7D*&27D72*12&79&*9(0H879)*2&HF&()*&

reporting date.

XBc' JC%$"-$' /$6+9"*&*+"b' Z35@*-(]9>*-747-& 3*D*1<*& [^>*19*9& 9<-)& 09& 2*D*85>6*1(& 012& -519(3<-(751&

*^>*19*9:& 71(*3*9(& 51& H5335;71A9& 0((37H<(0H8*& (5& 9>*-747-& >35@*-(9& *(-%& 03*& 71-8<2*2& 71& ()*& D08<0(751& 54&

inventories of work in progress. Indirect costs are treated as period costs and are charged to the Profit and

W599&,--5<1(&71&()*&F*03&71-<33*2%&[^>*19*9&71-<33*2&51&3*>0739&012&6071(*101-*&54&-56>8*(*2&>35@*-(9&

are charged to Profit and Loss Account.

XBV' 4+,$*9"' 6),,$"6:' &,5"-56&*+"-' 5"#' 3575"6$-b' In accordance with AS 11 issued by the Institute of

Chartered Accountants of India,

i) !"*&*57' ,$6+9"*&*+"b' Foreign currency transactions are recorded in the reporting currency, by

applying to the foreign currency amount the exchange rate between the reporting currency and the

foreign currency at the date of the transaction.

ii) Z+"K$,-*+"b' Foreign currency monetary items are retranslated using the exchange rate

>3*D07871A&0(&()*&3*>53(71A&20(*%&O51]651*(03F& 7(*69:&;)7-)&03*&6*09<3*2&71&(*369&54&)79(537-08&

UaAnnual Report 2013 - 2014

cost denominated in a foreign currency, are reported using the exchange rate at the date of the

(30190-(751%& O51]651*(03F& 7(*69:& ;)7-)& 03*& 6*09<3*2& 0(& 4073& D08<*& 53& 5()*3& 9767803& D08<0(751&

denominated in a foreign currency, are translated using the exchange rate at the date when such

value was determined.

iii) JC605"9$'#*;;$,$"6$-b'From accounting periods commencing on or after 7th December, 2006,

the Company accounts for exchange differences arising on translation/settlement of foreign

currency monetary items as below:

a) Exchange differences arising on a monetary item that, in substance, forms part of the

-56>01F?9&1*(&71D*9(6*1(&71&0&151]71(*A308&453*7A1&5>*30(751&79&0--<6<80(*2&71&()*&453*7A1&

currency translation reserve until the disposal of the net investment. On the disposal of

such net investment, the cumulative amount of the exchange differences which have been

deferred and which relate to that investment is recognized as income or as expenses in the

same period in which the gain or loss on disposal is recognized.

b) Exchange differences arising on long-term foreign currency monetary items related to

acquisition of a fixed asset are capitalized and depreciated over the remaining useful

874*& 54& ()*& 099*(& 71& 0--53201-*& ;7()& ()*& R7179(3F& 54& E53>530(*& ,440739& O5(747-0(751& 20(*2&

M!9(&R03-):&KLL"%&N53&()79&><3>59*:&()*&-56>01F&(3*0(9&0&453*7A1&651*(03F&7(*6&09&+851A]

(*36&453*7A1&-<33*1-F&651*(03F&7(*6.:&74&7(&)09&0&(*36&54&!K&651()9&53&653*&0(&()*&20(*&54&

its origination.

c) Exchange differences arising on other long-term foreign currency monetary items are

0--<6<80(*2&71&()*&+N53*7A1&E<33*1-F&R51*(03F&B(*6&=301980(751&U744*3*1-*&,--5<1(.&012&

amortized over the remaining life of the concerned monetary item.

d) All other exchange differences are recognized as income or as expenses in the period in

which they arise.

iv)' @,5"-75&*+"'+;'*"&$9,57'5"#'"+"R*"&$9,57';+,$*9"'+%$,5&*+"b'The Company classifies all its foreign

5>*30(7519&09&*7()*3&+71(*A308& 453*7A1&5>*30(7519.&53&+151]71(*A308& 453*7A1&5>*30(7519%.&=)*&47101-708&

statements of an integral foreign operation are translated as if the transactions of the foreign operation

have been those of the Company itself. The assets and liabilities of a non-integral foreign operation

are translated into the reporting currency at the exchange rate prevailing at the reporting date and

their statement of profit and loss are translated at annual average exchange rates. The exchange

differences arising on translation are accumulated in the foreign currency translation reserve. On

disposal of a non-integral foreign operation, the accumulated foreign currency translation reserve

relating to that foreign operation is recognized in the statement of profit and loss. When there is

a change in the classification of a foreign operation, the translation procedures applicable to the

revised classification are applied from the date of the change in the classification.

XBW' /$&*,$2$"&'5"#'+&0$,'$2%7+:$$'3$"$;*&-b'In accordance with Accounting Standard 15 issued by the

Institute of Chartered Accountants of India,

& 7/& I*(73*6*1(&H*1*47(&71&()*&4536&54&>35D72*1(&4<12&79&0&2*471*2&-51(37H<(751&9-)*6*%&=)*&-51(37H<(7519&

to the provident fund are charged to the statement of profit and loss for the year when the

contributions are due. The Company has no obligation, other than the contribution payable to the

provident fund.

ii) The Company operates one defined benefit plan for its employees, viz., gratuity. The cost of

providing benefits under this plan are determined on the basis of actuarial valuation at each

F*03]*12&<971A&()*&>35@*-(*2&<17(&-3*27(&6*()52%&=)*&E56>01F&)09&5H(071*2&0&>587-F&4356&()*&W74*&

Insurance Corporation of India in respect of the gratuity obligation and the annual contribution paid

by the Company to LIC is charged to the profit and loss statement. The actuarial gains and losses

for the defined benefit plan are not recognized in the period in which they occur in the statement

of profit and loss.

cY Annual Report 2013 - 2014

XBa' @5C' JC%$"-$b' In accordance with Accounting Standard 22 issued by the Institute of Chartered


i) Tax expense comprises current and deferred tax.

ii) Current income-tax is measured at the amount expected to be paid to the tax authorities in

accordance with the Income-tax Act, 1961 enacted in India and tax laws prevailing in the respective

(0^&@<37927-(7519&;)*3*&()*&E56>01F&5>*30(*9%&=)*&(0^&30(*9&012&(0^&80;9&<9*2&(5&-56><(*&()*&

amount are those that are enacted or substantively enacted, at the reporting date. Current income

tax relating to items recognized directly in equity is recognized in equity and not in the statement

of profit and loss.

iii) Deferred tax assets and liabilities are recognized for future tax consequences attributable to the

timing differences between taxable income and accounting income that are capable of reversal

in one or more subsequent periods and are measured using tax rates enacted or substantively

enacted as at the balance sheet date. Deferred income tax relating to items recognized directly in

equity is recognized in equity and not in the statement of profit and loss.

iv) Deferred tax liabilities are recognized for all taxable timing differences. Deferred tax assets are

recognized for deductible timing differences only to the extent that there is reasonable certainty

that sufficient future taxable income will be available against which such deferred tax assets can

be realized. In situations where the Company has unabsorbed depreciation or carry forward

tax losses, all deferred tax assets are recognized only if there is virtual certainty supported by

convincing evidence that they can be realized against future taxable profits.

v) In the situations where the Company is entitled to a tax holiday under the Income-tax Act, 1961

*10-(*2& 71& B1270&53& (0^& 80;9&>3*D07871A& 71& ()*& 3*9>*-(7D*& (0^& @<37927-(7519&;)*3*& 7(& 5>*30(*9:& 15&

deferred tax (asset or liability) is recognized in respect of timing differences which reverse during

()*&(0^&)58720F&>*3752:&(5&()*&*^(*1(&()*&E56>01F?9&A3599&(5(08&71-56*&79&9<H@*-(&(5&()*&2*2<-(751&

during the tax holiday period. Deferred tax in respect of timing differences which reverse after the

tax holiday period is recognized in the year in which the timing differences originate. However, the

Company restricts recognition of deferred tax assets to the extent that it has become reasonably

certain or virtually certain, as the case may be, that sufficient future taxable income will be

available against which such deferred tax assets can be realized. For recognition of deferred taxes,

the timing differences which originate first are considered to reverse first.

vi) At each reporting date, the Company re-assesses unrecognized deferred tax assets. It recognizes

unrecognized deferred tax asset to the extent that it has become reasonably certain or virtually

certain, as the case may be, that sufficient future taxable income will be available against which

such deferred tax assets can be realized.

vii) The carrying amount of deferred tax assets are reviewed at each reporting date. The Company

writes-down the carrying amount of deferred tax asset to the extent that it is no longer reasonably

certain or virtually certain, as the case may be, that sufficient future taxable income will be available

against which deferred tax asset can be realized. Any such write-down is reversed to the extent

that it becomes reasonably certain or virtually certain, as the case may be, that sufficient future

taxable income will be available.

viii) Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to

set-off current tax assets against current tax liabilities and the deferred tax assets and deferred

taxes relate to the same taxable entity and the same taxation authority.

ix) Minimum Alternate Tax (MAT) paid in a year is charged to the statement of profit and loss as

current tax. The Company recognizes MAT credit available for a particular assessment year as an


asset only after the assessment for that year is complete and such credit is finally quantified and

only to the extent that there is convincing evidence that the Company will pay normal income tax

during the specified period, i.e., the period for which MAT credit is allowed to be carried forward. In

the year in which the company recognizes MAT credit as an asset in accordance with the Guidance

O5(*&51&,--5<1(71A&453&E3*27(&,D0780H8*&71&3*9>*-(&54&R7176<6&,8(*310(7D*&=0^&<12*3&()*&B1-56*]

tax Act, 1961, the said asset is created by way of credit to the statement of profit and loss and

9)5;1&09&+R,=&E3*27(&[1(7(8*6*1(.&<12*3&()*&)*02&+E<33*1(&,99*(9.%&=)*&E56>01F&3*D7*;9&()*&

+R,=&-3*27(&*1(7(8*6*1(.&099*(&0(&*0-)&3*>53(71A&20(*&012&;37(*9&25;1&7(9&-033F71A&065<1(&(5&()*&

extent such credit is set-off u/s 115JAA or to the extent the Company does not have convincing

evidence that it will pay normal tax during the specified period.

XBQY' Z+"-+7*#5&$#'4*"5"6*57'8&5&$2$"&-b' In accordance with AS 21 and AS 27 issued by the Institute of

Chartered Accountants of India, separate consolidated financial statements of the Company and its

Subsidiaries have been prepared by combining on a line-to-line basis by adding together the book values

of like items of assets, liabilities, incomes and expenses after fully eliminating intra-group balances,

intra-group transactions and unrealised profits and losses.

XBQQ' J5,"*"9-'D$,'805,$b'In accordance with Accounting Standard 20, issued by the Institute of Chartered

Accountants of India.

i) Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to

equity shareholders (after deducting preference dividends and attributable taxes) by the weighted

average number of equity shares outstanding during the period. Partly paid equity shares are

treated as a fraction of an equity share to the extent that they are entitled to participate in dividends

relative to a fully paid equity share during the reporting period. The weighted average number of

*G<7(F&9)03*9&5<(9(01271A&2<371A& ()*&>*3752& 79&02@<9(*2& 453&*D*1(9&9<-)&09&H51<9& 799<*:&H51<9&

element in a rights issue, share split, and reverse share split (consolidation of shares) that have

changed the number of equity shares outstanding, without a corresponding change in resources.

ii) For the purpose of calculating diluted earnings per share, the net profit or loss for the period

attributable to equity shareholders and the weighted average number of shares outstanding during

()*& >*3752& 03*& 02@<9(*2& 453& ()*& *44*-(9& 54& 088& 278<(7D*& >5(*1(708& *G<7(F& 9)03*9:& *^-*>(& ;)*3*& ()*&

results are anti-dilutive.

XBQX' D,+K*-*+"-b'In accordance with Accounting Standard 29 issued by the Institute of Chartered Accountants

of India,

i) A provision is recognized when the Company has a present obligation as a result of past event,

it is probable that an outflow of resources embodying economic benefits will be required to settle

the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are

not discounted to their present value and are determined based on the best estimate required to

settle the obligation at the reporting date. These estimates are reviewed at each reporting date

012&02@<9(*2& (5& 3*48*-(& ()*&-<33*1(&H*9(&*9(760(*9%&Q)*3*& ()*&-56>01F&*^>*-(9& 956*&53&088& 54&

a provision to be reimbursed, for example under an insurance contract, the reimbursement is

recognized as a separate asset but only when the reimbursement is virtually certain. The expense

relating to any provision is presented in the statement of profit and loss net of any reimbursement.

ii) d5,,5"&:' %,+K*-*+"-b' Provisions for warranty-related costs are recognized when the product

is sold or service provided. Provision is based on historical experience. The estimate of such

warranty-related costs is revised annually.

XBQP' Z+"&*"9$"&'O*53*7*&*$-'5"#'Z+"&*"9$"&'(--$&-b'In accordance with Accounting Standard 29 issued by

the Institute of Chartered Accountants of India,

cX Annual Report 2013 - 2014

i) A contingent liability is a possible obligation that arises from past events whose existence will be

confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the

control of the Company or a present obligation that is not recognized because it is not probable

that an outflow of resources will be required to settle the obligation. A contingent liability also arises

in extremely rare cases where there is a liability that cannot be recognized because it cannot

be measured reliably. The Company does not recognize a contingent liability but discloses its

existence in the financial statements.

ii) Contingent assets are not recognized.

XBQS' (66+)"&*"9'8&5"#5,#-'"+&'5%%7*6537$'&+'&0$'Z+2%5":'#),*"9'&0$':$5,')"#$,',$K*$Tb

*F' Z+"-&,)6&*+"'Z+"&,56&-b AS 7 is not applicable since the Company is not engaged in execution

of construction contracts.

**F' (66+)"&*"9' ;+,' =+K$,"2$"&' =,5"&-b' AS 12 is not applicable since the Company has not

received any Government Grants.

***F' (66+)"&*"9' ;+,' (2579525&*+"-b' AS 14 is not applicable since the Company has not so far

entered into any amalgamation.

*KF' 8$92$"&'/$%+,&*"9b'AS 17 is not applicable since the Company operates only in one segment,

i.e. real estate development.

' KF' (66+)"&*"9';+,'!"K$-&2$"&-'*"'(--+6*5&$-'*"'Z+"-+7*#5&$#'4*"5"6*57'8&5&$2$"&-b'AS 23 is

not applicable since the Company is not required to consolidate its financial statements.

' K*F' L*-6+"&*")*"9'I%$,5&*+"-b AS 24 is not applicable since the Company has not so far discontinued

operations.

' K**F' !"&$,*2'4*"5"6*57'/$%+,&*"9b'AS 25 is not applicable to the financial statements under review.

K***F' 4*"5"6*57'/$%+,&*"9'+;'!"&$,$-&-'*"']+*"&'\$"&),$-b AS 27 is not applicable since the Company

)09&15&@571(&D*1(<3*9%



M+&$-'&+'&0$'N575"6$'80$$&'5-'5&' PQR15,RQS

` EO56-F

PQR15,RQS

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3. J<)*&:'805,$'Z5%*&57

a) O<6H*3&54&9)03*9&0<()537f*2 50,000,000 50,000,000

b) Amount of shares authorized 5,000.00 5,000.00

c) O<6H*3&54&9)03*9&799<*2:&9<H9-37H*2&012&4<88F&>072 25,801,008 25,801,008

d) O<6H*3&54&9)03*9&799<*2&012&9<H9-37H*2&H<(&15(&

fully paid

c c

e) Par value per share 10 10

f) I*-51-7870(751&54&()*&1<6H*3&54&9)03*9&5<(9(01271A&

at the beginning and at the end of the reporting

period

i. Shares outstanding at the beginning of the

reporting period

25,801,008 25,801,008

ii. Shares allotted during the reporting period c c

iii. Shares forfeited during the reporting period c c

iv. Shares bought back during the reporting

period

c c

v. Shares outstanding at the end of the

reporting period

25,801,008 25,801,008

g) Shares in the company held by each shareholder

holding more than 5 per cent shares specifying the

number of shares held

1. H D Kulkarni 4,897,308 4,897,308

2. D S Kulkarni 5,408,269 4,510,951

3. S D Kulkarni 1,520,000 1,520,000

4. Ashok Parmar 3,243,108 3,116,630

5. Chander Bhatia 2,000,000 2,000,000

6. Asha Bhatia 1,950,000 19,018,685 1,950,000 17,994,889

@+&57'5&'&0$'$"#'+;'&0$',$%+,&*"9'%$,*+# 'X?UWYBQY' 'X?UWYBQY'

4. /$-$,K$-'5"#'8),%7)-

a) \*-<37(7*9&Z3*67<6&I*9*3D*

i. Balance at the beginning of the reporting period 30,822.71 30,822.71

ii. Additions during the reporting period c c

iii. Deduction during the reporting period c c

iv. Balance at the end of the reporting period 30,822.71 30,822.71



Notes to the Balance Sheet as at 31-Mar-14

` (Lacs)

31-Mar-14

` (Lacs)

31-Mar-13

` (Lacs)

31-Mar-13

` (Lacs)

b) General Reserve

i. Balance at the beginning of the reporting

period

953.70 953.70

ii. Additions during the reporting period ! !

iii. Deduction during the reporting period ! !

iv. Balance at the end of the reporting period 953.70 953.70

c) Surplus i.e. balance in Statement of Profit and

Loss disclosing allocations and appropriations

such as dividend, bonus shares and transfer to/

from reserves etc.

i. Balance at the beginning of the reporting

period

14,743.95 13,221.40

ii. Additions during the reporting period 1,304.58 1,842.85

iii. Transfer from Investment allowance reserve

iv. Deduction during the reporting period

Prior year adjustments 32.04 (18.44)

Proposed equity dividend (258.01) (258.01)

Tax on equity dividend (43.85) (43.85)

v. Balance at the end of the reporting period 15,778.70 14,743.95

Total at the end of the reporting period 47,555.12 46,520.36

5. Long-term Borrowings

i) Long-term borrowings secured

a) Term loans

i. Project term loan 10,398.91 7,756.90

ii. Equipment term loans 1,937.12 3,573.05

iii. Corporate term loans 3,704.02 393.16

iv. Vehicle Term Loan 18.70 16,058.75 7.85 11,730.96

ii) Long-term borrowings unsecured

i Deposits from public 8,805.82 10,797.76

Total at the end of the reporting period 24,864.57 22,528.72

6. Deferred Tax Liability:

The deferred tax liability comprises the effect of

the following:

DTL resulting from timing difference between book

depreciation and tax depreciation

113.85 106.63

Total at the end of the reporting period 113.85 106.63



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VB I&0$,'7+"9R&$,2'7*53*7*&*$-

a) Deposits 25.60 25.60

@+&57'5&'&0$'$"#'+;'&0$',$%+,&*"9'%$,*+# 'XUBcY' 'XUBcY'

WB 80+,&R&$,2'3+,,+T*"9-

5F 80+,&R&$,2'3+,,+T*"9-'-$6),$#

a) Loans repayable on demand

i. Working capital limits 2,264.12 2,680.88

@+&57'5&'&0$'$"#'+;'&0$',$%+,&*"9'%$,*+# 'X?XcSBQX' 'X?cWYBWW'

aB I&0$,'6),,$"&'7*53*7*&*$-

a) Advance against Tenements/Plots 37,327.78 25,937.12

b) Current maturities of long-term debt

i. Secured 10,913.46 7,823.03

ii. Unsecured inter-corporate debts 2,186.98 2,789.20

iii. Public deposits 8,338.67 21,439.11 4,764.06 15,376.29

c) Interest accrued but not due on borrowings

i. Secured 195.17 133.50

ii. Unsecured inter - Corporate debts 108.99 c

iii. Public deposits 1,123.93 1,428.09 402.32 535.82

d) Unclaimed dividends 17.79 18.95

e) Statutory liabilities 612.23 648.99

f) Provision for expenses 11,156.11 10,554.50

g) Unclaimed public deposits 155.97 440.91

@+&57'5&'&0$'$"#'+;'&0$',$%+,&*"9'%$,*+# 'VX?QPVBYW' 'UP?UQXBUa'

QYB 80+,&R&$,2'%,+K*-*+"-

a) Provision for Income Tax 6,582.83 5,531.86

b) Proposed Dividend 258.01 258.01

c) Tax on Dividend 43.85 43.85

@+&57'5&'&0$'$"#'+;'&0$',$%+,&*"9'%$,*+# 'c?WWSBca' 'U?WPPBVX'


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cVAnnual Report 2013 - 2014


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13. M+"R6),,$"&'*"K$-&2$"&-

a) Investments in Equity Instruments

i. Subsidiaries 2,109.73 2,109.73

ii. Associates 82.92 95.00

iii. Cooperative banks 11.64 2,204.29 11.64 2,216.37

b) Investments in debentures or bonds

i. Subsidiaries c 2,696.50

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Additional Disclosures

a) Investments carried at other than at cost and

the basis for valuation thereof

&O78& &O78&

b) Aggregate amount of quoted investments c c

c) Market value of quoted investments &O,& &O,&

d) Aggregate amount of unquoted investments 2,204.29 4,912.87

e) Aggregate provision for diminution in value of

investments &O78& &O78&

14. I&0$,'"+"R6),,$"&'5--$&-

a) Deposits 131.98 137.80

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15. Inventories

a) Construction materials 485.33 109.48

b) Work-in-progress 128,713.18 108,724.56

c) Finished tenements 2,135.41 2,113.30

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16. @,5#$'/$6$*K537$-

a) I*-*7D0H8*9&5<(9(01271A&453&8*99&()01&97^&651()9

i. Unsecured considered good 33.53 76.06

b) I*-*7D0H8*9& 5<(9(01271A& 453& 0& >*3752&

exceeding six months

i. Unsecured considered good 297.30 276.50

c) Debts due by directors or other officers of

the company or any of them either severally

53&@571(8F&;7()&01F&5()*3&>*3951&53&2*H(9&2<*&

by firms or private companies respectively in

which any director is a partner or a director

or a member &O78& &O78&

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cW Annual Report 2013 - 2014



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a) Balances with banks

i. Earmarked balances with banks 765.69 1,214.66

ii. Current a/c balances with bank 2,339.35 934.46

iii. Balances with banks to the extent held

as margin money or security against the

borrowings, guarantees, other commitments 732.56 82.00

iv. Bank deposits with less than 12 months maturity 94.71 55.20

v. Interest accrued on FD 89.12 124.79

vi. Bank deposits with more than 12 months

maturity c 4,021.44 206.90 2,618.01

b) Cash on hand 6.70 484.94

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a) Advances to related parties

i. Unsecured, considered good 4,648.61 5,611.95

ii. Doubtful 3,459.17 c

iii. Allowance for bad and doubtful loans and

advances (859.17) 2,600.00 c

b) Others

i. Unsecured, considered good 2,338.47 1,024.06

Loans and advances due by directors or other

officers of the company or any of them either

9*D*3088F& 53& @571(8F& ;7()& 01F& 5()*3& >*3951& 53&

amounts due by firms or private companies

respectively in which any director is a partner

or a director or a member 7,248.61 5,611.95

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a) Advance Tax and TDS 6,220.97 5,187.26

b) Cenvat Credit 65.74 25.94

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caAnnual Report 2013 - 2014



` EO56-F ` EO56-F ` EO56-F ` EO56-F

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Claims against the Company not

acknowledged as debts

1. Guarantee is respect of secured loans

obtained by subsidiary

10,000.00 10,000.00

Balance of secured loans as at end of year 9,374.78 9,930.71

2. Guarantee to Government Authorities 689.64 600.00

3. Tax Matters under appeal** 1,357.87 1,121.70

4. Cases filed against the Company 600.60 638.34

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** Income tax demands comprise demand from the Indian tax authorities for payment of additional tax

upon completion of their tax review for the Assessment years 2004-05, 2005-06, 2006-07, 2007-08,

2008-09, 2009-10, 2010-11 and 2011-12. The tax demands are mainly on account of disallowance

of a portion of the tax holiday claimed by the Company under the Income tax Act. The matter is

pending before the Commissioner of Income tax (Appeals)/Income Tax Appellate Tribunal/High Court

of Judicature at Mumbai. The Company is contesting the demands and the management, including

7(9&(0^&02D79539:&H*87*D*&()0(&7(9&>597(751&;788&87C*8F&H*&<>)*82&71&()*&0>>*880(*&>35-*99%&O5&(0^&*^>*19*&

has been accrued in the financial statements for the tax demand raised. The management believes

()0(&()*&<8(760(*&5<(-56*&54&()79&>35-**271A&;788&15(&)0D*&0&60(*3708&02D*39*&*44*-(&51&()*&-56>01F?9&

financial position and results of operations. The Company has however deposited ` 903.53 lacs

against these disputed tax demands.

In the opinion of the Board, all the assets other than fixed assets and non-current investments have

a value on realization in the ordinary course of business at least equal to the amount at which they

are stated.

VY Annual Report 2013 - 2014


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I*D*1<*&4356

i. Sale of products

Sales of Tenements 2,031.13 3,516.69

\08*&54&W012&`&U*D*85>6*1(&I7A)(9 41.08 2,072.20 473.96 3,990.65

ii. Sale of services

I*1( 156.77 150.12

iii. Other operating revenues

Income from subsidiaries 833.15 1,113.18

\08*&54&IRE c 154.63

R79-&I*-*7>(9&'N80()582*39/ 3.10 c

Other-sales 26.27 862.52 1.87 1,269.67

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a) Finished tenements

Closing 2,135.41 2,113.30

Less: Opening (2,113.30) 22.11 (5,559.64) (3,446.34)

b) Work-in-Progress

Closing 128,713.18 108,724.56

Less: Opening (108,724.56) 19,988.61 (87,541.03) 21,183.53

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a) Interest on fixed deposits with banks 118.73 139.34

b) B1(*3*9(&51&B=&I*4<12 10.89 34.41

c) Other Interest 13.69 64.47

d) Book Profit on Sale of Mutual Fund Units c 1.22

e) Sundry creditors A/c written back c 21.17

f) J()*3&I*-*7>(9 9.54 25.09

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a) W012&012&U*D*85>6*1(&I7A)(9 1,384.34 4,499.55

b) \<H]E51(30-(539?&E)03A*9&'B1-8<271A&

Material)

4,279.68 4,640.58

c) Other Development Expenses 10,322.54 8,099.24

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VQAnnual Report 2013 - 2014


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a) Professional Fees 160.58 122.38

b) Postage, Telephone and Telegram 56.09 44.62

c) I*1( 184.41 166.26

d) I0(*9&012&=0^*9 0.57 32.98

e) I*>0739&012&R071(*101-* 62.96 58.33

f) Printing and Stationery 34.76 27.26

g) Legal Charges 10.48 9.44

h) Conveyance and foreign travel 98.09 92.55

i) Electricity Charges 38.38 47.79

@/ Office Expenses 27.17 19.17

k) Subscription 4.35 5.72

l) Insurance 3.45 5.03

m) Audit Fees

Internal Audit Fees 1.23 0.51

Company Audit Fees 6.35 5.50

Tax Audit Fees 1.00 8.58 1.00 7.01

n) Security Charges 0.59 -

o) Other administrative expenses 49.12 26.03

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a) Salaries, Wages, Bonus etc. 757.20 661.23

b) Contribution to Provident and Other Funds 46.60 803.79 46.18 707.41

c) U73*-(539?&I*6<1*30(751 302.88 269.03

d) Staff Welfare 87.21 53.96

e) U73*-(539?&\7((71A&N**9 3.55 2.75

f) I*-3<7(6*1(&E)03A*9 0.43 0.64

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a) Advertisement 407.96 431.24

b) Sales Promotion 70.57 125.04

c) Domestic Travel Expenses 68.15 51.40

d) Foreign Travel Expenses 76.26 38.64

e) Domestic Exhibition Expenses 88.96 71.77

f) Foreign Exhibition Expenses 5.06 94.02 3.00 74.77

g) Donations 60.01 2.51

h) E53>530(*&\5-708&I*9>5197H787(F 0.70 -

i) Other Selling Expenses 20.90 18.07

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VX Annual Report 2013 - 2014


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a) Interest on Deposits and Loans 520.80 453.64

b) Interest to Financial Institutions 155.35 249.93

c) Interest to Banks 70.21 132.11

d) Other Financial Expenses 190.38 111.61

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a) Depreciation expense 135.48 135.15

b) Amortization expense 9.92 145.40 7.85 143.00

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a) (Profit)/Loss on Sale of Assets 9.80 c

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31. !&$2-'+;'$C6$%&*+"57'"5&),$

Foreign Exchange Difference (15.99) 179.18

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Provision for Doubtful advances-DSKDC 859.17

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33. J5,"*"9-'D$,'805,$'EJD8Fb

Earnings per share is calculated in accordance

with the AS 20

D5,&*6)75,-

Profit after tax (` lacs) 1,305 1,843

Q*7A)(*2&,D*30A*&O<6H*3&54&[G<7(F&9)03*9 25,801,008 25,801,008

O567108&h08<*&54&[G<7(F&\)03*&'`) 10 10

Basic and Diluted Earnings Per Share (`) 5.06 7.14

34. D,*+,'%$,*+#'*&$2-

Short Provision for taxation c 18.44

Excess provision for taxation 32.04 c

35. /$75&$#'%5,&:'#*-67+-),$-A. M52$-'+;',$75&$#'%5,&*$-'5"#',$75&$#'%5,&:',$75&*+"-0*%

1. I*80(*2&>03(7*9&;)*3*&-51(358&*^79(9Subsidiaries 1. DSK Developers Corporation

2. U\b&=5;19)7>&Z35@*-(9&Z37D0(*&W(2%&'N536*38F&C15;1&09&

U\b&\[i&Z35@*-(9&'Z<1*/&Z37D0(*&W(2%/3. U\b&\5<()*31&Z35@*-(9&ZD(%&W(2%

VPAnnual Report 2013 - 2014


Step-down subsidiaries 1. DSK Woods LLCKey management personnel 1. R3%&U%&\%&b<8C0317& c&R010A71A&U73*-(53&

2. R3%&\&U&b<8C0317&& c&[^*-<(7D*&U73*-(53I*80(7D*9&54&C*F&6010A*6*1(&

personnel

1. Mrs Hemanti D. Kulkarni

2. Mr.Amit Deepak Kulkarni3. R39%,9);717&\01@0F&U*9)>012*4. Mr.Makarand S. Kulkarni

Enterprises owned or significantly influenced by key management personnel or their relatives1. Ambiance Ventures Estates & Developments Pvt. Ltd. 2. Amit & Company3. Ascent Promoters & Developers Private Limited4. Crystal Promoters & Developers Private Limited5. Chandradeep Promoters & Developers Private Limited6. D.S. Kulkarni & Associates7. D.S. Kulkarni & Company8. D.S. Kulkarni & Brothers9. D.S. Kulkarni & Sons10. D. S. Kulkarni Constructions Pvt. Ltd.11. DSK Digital Technologies Private Limited12. DSK Entertainment LLC13. U\b&X85H08&[2<-0(751&012&I*9*03-)&W(2%&&14. DSK Infotech Private Limited15. DSK Milkotronics Private Limited16. DSK Motors Limited17. DSK Mototrucks Private Limited18. DSK Motowheels Private Limited19. DSK Prabhu Granite LLP20. DSK Sales & Services21. U\b&\)7D0@7019&N55(H088&E8<H&ZD(%&W(2%22. Tricone Infracon Ltd. 23. U\b&Q5382601&Z35@*-(9&W(2%&24. DSK & Co.25. DSK & Sons26. Fairyland Promoters & Developers Private Limited27. N53*D*3&\5803&Z5;*3&Z35@*-(&ZD(%&W(2%&28. Gharkul29. Greengold Farms & Forests Pvt. Ltd.30. Growrich Agroforestry Private Limited31. Hexagon Capital Services Private Limited32. Holyland Agroforestry Private Limited33. Sapphire Promoters & Developers Private Limited34. Shri Saptashrungi Oil Mills Pvt. Ltd.35. Telesmell36. Talisman Hospitality Services Pvt. Ltd.

35 /$75&$#'%5,&:'#*-67+-),$-'EZ+"&#BF

VS Annual Report 2013 - 2014


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1. J<)*&:'Z+"&,*3)&*+"

H D Kulkarni 489.73 489.73

D S kulkarni 540.83 451.10

S D Kulkarni 152.00 152.00

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XB (#K5"6$'eL$%+-*&-'%5:537$

Ambiance Ventures Estates & Developments Pvt. Ltd. 658.99 605.74

D S Kulkarni & Associates 11,100.00 13,020.65

D S Kulkarni & Company 5,637.77 1,882.80

D.S. Kulkarni Constructions Pvt. Ltd. 14.43 14.43

U\b&X85H08&[2<-0(751&012&I*9*03-)&W(2%&& c 6.10

U\b&=5;19)7>&Z35@*-(9&Z37D0(*&W(2% 145.24 145.24

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3. L$%+-*&-'%5:537$

D S Kulkarni & Associates 0.50 0.50

U\b&X85H08&[2<-0(751&012&I*9*03-)&W(2%&& 25.00 25.00

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4. @,5#$'%5:537$

DSK Motors Ltd. 16.82 9.68

DSK Motowheels Private Limited c 20.23

Tricone Infracon Ltd. 80.20 80.20

Growrich Agroforestry Private Limited 17.31 c

Mr Shirish D. Kulkarni 7.42 c

Mrs. H. D. Kulkarni 0.64 c

Telesmell 0.08 c

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5. !"K$-&2$"&-'5&'&0$':$5,'$"#

DSK Developers Corporation 509.50 509.50

U\b&X85H08&[2<-0(751&`&I*9*03-)&W(2% 82.92 95.00

U\b&\5<()*31&Z35@*-(9&ZD(%&W(2% 1,400.23 4,096.73

U\b&=5;19)7>&Z35@*-(9&ZD(%&W(2% 200.00 200.00

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6. (#K5"6$-'',$6$*K537$

D S Kulkarni & Associates 90.88 c


Tricone Infracon Ltd. 469.20 466.56

U\b&Q5382601&Z35@*-(9&W(2% 28.83 12.18

8)3R&+&57 'cYWBca' 541.43

VUAnnual Report 2013 - 2014


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DSK Developers Corporation 3,459.17 3,580.88

U\b&\5<()*31&Z35@*-(9&ZD(%&W(2% 4,525.84 2,031.07

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D S Kulkarni & Company 25.00 25.00

Mr Shirish D Kulkarni 14.00 14.00

Mrs. H D Kulkarni 1.50 1.50


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aB @,5#$',$6$*K537$

U\b&X85H08&[2<-0(751&`&I*9*03-)&W(2% 157.31 34.53



DSK Sales & Services 1.81 c

Shri Saptashrungi Oil Mills Pvt. Ltd. c 1.09

8)3R&+&57 164.31 'PaBYP'

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DSK Motors Ltd. 56.52

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Mrs Hemanti D. Kulkarni 12.08 160.00

U\b&\5<()*31&Z35@*-(9&ZD(%&W(2% 2,696.50 c

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U\b&X85H08&[2<-0(751&`&I*9*03-)&W(2% 10,000.00 10,000.00

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D S Kulkarni & Company c 233.60

U\b&Q5382601&Z35@*-(9&W(2%&& c 240.37

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U\b&X85H08&[2<-0(751&`&I*9*03-)&W(2% c 19.13

DSK Motors Ltd. c 0.12

Shri Saptashrungi Oil Mills Pvt. Ltd. 1.09

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Vc Annual Report 2013 - 2014


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D S Kulkarni & Associates 1.78

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DSK Sales & Services 1.85 c

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U\b&\5<()*31&Z35@*-(9&ZD(%&W(2% 602.30 921.35

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D S Kulkarni & Company c 44.13

DSK Digital Technologies Pvt. Ltd. c 0.02

U\b&X85H08&[2<-0(751&`&I*9*03-)&W(2% 2.27 c

DSK Motors Ltd 10.02 17.18

DSK Motowheels Private Limited c 20.64

U\b&\)7D0@7019&N55(H088&E8<H&ZD(%&W(2% 40.82 c

Telesmell 0.21 0.17

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Mr. Deepak S. Kulkarni 277.23 245.54

Mr. Shirish D. Kulkarni 26.44 24.59

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aB 8*&&*"9';$$-

Mr. K. K. Taparia 0.80 0.50

R3%&b)0359*C03&I%&U%& 0.45 0.25

Mr. MKP Shetty 1.05 0.95

Mr. V. C. Joshi 1.25 1.05

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31-Mar-14

`(Lacs)

31-Mar-13

`(Lacs)

10. Interest expense

Ambiance Ventures Estates & Developments Pvt. Ltd. 82.50 82.50

D S Kulkarni & Associates 1,343.88 1,356.19


DSK Motowheels Pvt. Ltd. ! 23.91

Sub-total 1,931.26 1,634.16

11. Rent expense



Growrich Agroforestry Private Limited 19.11 !

Mr Shirish D Kulkarni 97.75 97.75

Mrs. H. D. Kulkarni 8.33 7.61

Sub-total 206.09 186.27

TOTAL OF PROFIT/LOSS ITEMS 3,436.01 3,884.27

CASH FLOW ITEMS

1. Advances received/recovered



DSK Global Education and Research Ltd. 0.18 !

DSK Developers Corporation 8.04 !

DSK Motors Ltd. 50.00 !

DSK Sales & Services ! 0.53

DSK Southern Projects Pvt. Ltd. ! 1,518.27

Tricone Infracon Ltd. ! 59.32

DSK Worldman Projects Ltd. ! !

Growrich Agroforestry Private Limited 0.69 416.08

Shri Saptashrungi Oil Mills Pvt. Ltd. 1.09 !

Sub-total 16,822.74 16,462.94

2. Advances given/repaid

D S Kulkarni & Associates 1,329.08 111.44



DSK Global Education and Research Ltd. 38.16 71.62


DSK Motowheels Pvt. Ltd. 20.23 1,108.61

DSK Southern Projects Pvt. Ltd. 2,858.83 91.13

Tricone Infracon Ltd. ! 16.22

DSK Worldman Projects Ltd. 2.64 12.00

Growrich Agroforestry Private Limited 17.34 0.92

Sub-total 17,022.74 14,121.82

TOTAL OF CASH FLOW ITEMS 33,845.48 30,584.76

Grand Total 79,949.72 72,691.56

VW Annual Report 2013 - 2014


36. L*-67+-),$',$<)*,$#'3:'Z75)-$'PX'+;'&0$'O*-&*"9'(9,$$2$"&

Amount of loans/advances in the nature of loans to subsidiaries:

D5,&*6)75,- I)&-&5"#*"9'5-'5&'' 15C*2)2'52+)"&'

+)&-&5"#*"9'#),*"9'&0$':$5,''

PQR15,RQS PQR15,RQP XYQPRQS XYQXRQP

A. 8)3-*#*5,*$- ` EO56-F ` EO56-F ` EO56-F ` EO56-F

1. DSK Developers Corporation 3,459.17 3,580.88 3,823.84 3,580.88

2. U\b&\5<()*31&Z35@*-(9&ZD(%&W(2%& 4,525.84 2,031.06 4,647.21 2,879.22

@+&57 'V?aWUBYQ' 'U?cQQBaS' 'W?SVQBYU' 'c?ScYBQY'

PVB L*-67+-),$';+,'5--$&-'&5>$"'+"'7$5-$'5-'%$,'(8'Qab

The Company has entered into operating lease arrangements for office space at Pune and Mumbai.

There are no future minimum lease payments under non-cancellable operating leases as all the lease

arrangements are cancellable at the option of lessee. Details of such leases are as follows:

Sr. Landlord D,$2*-$- 4,+2 @+ /$"&'%B5

` EO56-F

1. D S Kulkarni & Associates Z<1*&j&R&I2%&J447-* 1-Apr-11 31-Mar-14 36.00

2. D S Kulkarni & Company Z<1*&j&R&I2%&J447-* 1-Apr-11 31-Mar-14 36.00

3. Mrs. H. D. Kulkarni Z<1*&j&R&I2%&J447-* 31-Aug-12 1-Sep-15 7.41

4. Shirish D. Kulkarni Mumbai Office 1-Apr-11 31-Mar-14 87.00

5. Growrich Agroforestry Private Limited Gandharva Heights 1-Apr-13 31-Mar-15 18.00

@+&57 'QWSBSQ'

PWB L*-67+-),$';+,'5--$&-'9*K$"'+"'7$5-$'5-'%$,'(8'Qab

i. The Company has given its land on operating lease to its erstwhile subsidiary, DSK Global Education &

I*9*03-)&ZD(%&W(2%&453&0&>*3752&54&""&F*039&;%*%4&!9(&j<8F:&KLLa

D5,&*6)75,-'+;'5--$& =,+--'N7+6>'

5-'5&'PQRYPRXYQS

'M$&'37+6>'

as at

PQRYPRXYQS'

=,+--'

N7+6>'5-'5&'

PQRYPRXYQP

M$&'37+6>'

as at

PQRPRXYQP

Land (` Lacs) 2,592.03 2,592 2,592.03 2,592.03

4)&),$'2*"*2)2'7$5-$'%5:2$"&-',$6$*K537$'*"',$-%$6&'+;'

"+"R65"6$77537$'7$5-$-

XYQPRQS

` O56-

XYQXRQP

` O56-

Due within one year from the Balance Sheet date 89.00 89.00

Due in the period between one year and five years 356.00 356.00

Due after five years 8,388.25 8,544.00

@+&57 'W?WPPBXU' 'W?aWaBYY'

ii. =)*&E56>01F&)09&A7D*1&7(9&8012&'V0D2)01/&51&5>*30(71A&8*09*&(5&O7C)78&b<8C0317&012&E56>01F&453&0&>*3752&

of 02 years w.e.f 1st October, 2012

D5,&*6)75,-'+;'5--$& =,+--'N7+6>'

5-'5&'PQRYPRXYQS

M$&'37+6>'

as at

PQRPRXYQS

=,+--'

N7+6>'5-'5&

PQRYPRXYQP

M$&'37+6>'

as at

PQRPRXYQP

Land (` Lacs) 2.88 2.88 2.88 2.88

VaAnnual Report 2013 - 2014


4)&),$'2*"*2)2'7$5-$'%5:2$"&-',$6$*K537$'*"',$-%$6&'+;'"+"R65"6$77537$'

leases

XYQPRQS

` O56-

XYQXRQP

` O56-


Due in the period between one year and five years c 3.00

Due after five years c c

@+&57 'PBYY' 'aBYY'

iii. =)*&E56>01F&)09&A7D*1&7(9&8012&`&Z801(&R0-)71*3F&51&5>*30(71A&8*09*&(5&R3%O7C)78&b<8C0317&453&0&>*3752&54&

02 years w.e.f. 1st October, 2012

D5,&*6)75,-'+;'5--$& =,+--'N7+6>'

5-'5&'PQRYPRXYQS

'M$&'37+6>'

as at

PQRYPRXYQS'

=,+--'

N7+6>'5-'5&'

PQRYPRXYQP

M$&'37+6>'

as at

PQRPRXYQP

` Lacs ` Lacs ` Lacs ` Lacs

i. Plant and Machinery 392.20 322.88 392.20 343.15

4)&),$'2*"*2)2'7$5-$'%5:2$"&-',$6$*K537$'*"',$-%$6&'+;'

65"6$77537$'7$5-$-

XYQPRQS

` O56-

XYQXRQP

` O56-


Due in the period between one year and five years c c

Due after five years c 27.00

@+&57 'XVBYY' 'WQBYY'

iv. The Company has sub-leased part of its leased Mumbai Office as follows:

Sr. 8)3R7$--$$ D,$2*-$- 4,+2 @+ /$"&'%B5B

` EO56-F

1. D S Kulkarni & Associates Mumbai Office

(Part)

1-Apr-13 31-Mar-14 1.20

v. =)*&E56>01F&)09&A7D*1&7(9&8012&'N<39<1A7/&51&5>*30(71A&8*09*&(5&O7C)78&b<8C0317&012&E56>01F&453&0&>*3752&

of 1 year w.e.f. 1st April, 2013

Sr. Lessee D,$2*-$- 4,+2 @+ /$"&'%B5B

` EO56-F

1. O7C)78&b<8C0317&`&E56>01F Fursungi 1-Apr-13 31-Mar-14 6.00

D5,&*6)75,-'+;'5--$& =,+--'N7+6>'

5-'5&'PQRYPRXYQS

M$&'37+6>'

as at

PQRPRXYQS

=,+--'

N7+6>'5-'5&'''

PQRYPRXYQP

M$&'37+6>'

as at

PQRPRXYQP

Land (` Lacs) 130.00 130.00 c c

vi. The Company has leased its Vehicle (MH 12 FU 1047) as follows:

Sr. Lessee \$0*67$'M+ /$"&'%B5B

` EO56-F

1. Alex Madinier MF 12 FU 1047 0.57

The Company has not so far entered into any financial lease.

WY Annual Report 2013 - 2014

PQR15,RQS

` EO56-F

PQR15,RQS

` EO56-F

PQR15,RQP

`EO56-F

PQR15,RQP

`EO56-F

PaB (##*&*+"57'!";+,25&*+"

A. Value of imports calculated on C.I.F basis by the

-56>01F&2<371A&()*&47101-708&F*03&71&3*9>*-(&54&c

a) Construction materials 20.93 c

B. Expenditure in foreign currency during the

financial year on account of

a) Foreigh Travel 17.20 5.73

b) Exhibitions 2.25 c

c) Professional and consultation fees 689.75 709.20 77.10 82.83

C. Earnings in foreign exchange

a) Interest from subsidiary 230.85 230.85 191.83 191.83

SYB L*-67+-),$-'+;'O!Z'=,+)%'=,5&)*&:'860$2$')"#$,'(8'QUb

XYQPRQS XYQXRQP

A. Z587-F&O5% 709000831 634720

B. Membership Data

a) O<6H*3&54&6*6H*39 376 363

b) Average age 35.16 34.27

c) Average monthly salary 0.26 0.23

d) Average past service 4.33 3.99

C. Valuation method &Z35@*-(*2&<17(&-3*27(&6*()52& &Z35@*-(*2&<17(&-3*27(&6*()52&

D. Actuarial assumptions

a) Mortality rate LIC (1994-96) ultimate LIC (1994-96) ultimate

b) Withdrawal rate &!g&(5&Mg&2*>*1271A&51&0A*& &!g&(5&Mg&2*>*1271A&51&0A*&

c) Discount rate &ag&>%0%& &ag&>%0%&

d) Salary escalation Sg #g

E I*9<8(9&54&D08<0(751

a) PV of past service benefit 122.38 109.31

b) Current service cost 20.37 20.10

c) Total service gratuity 1,045.57 878.70

d) Accrued gratuity 204.77 161.89

e) LCSA 840.80 716.82

f) LC premium 1.72 1.93

g) Service tax 0.21 0.24

F. I*-566*12*2&-51(37H<(751&30(*

a Full value as on renewal date 47.41 49.65

b Additional contribution for existing fund 74.97 59.66

c Current service cost 20.37 20.10

G. Total amount payable 97.28 81.96

H. Details of fund balance c c

a) Opening balance 49.65 60.48

b) Amount credited towards fund 0.80 1.13

c) Amount paid as claims from fund (7.05) (16.33)

d) Interest credited for the year 3.95 4.37

e) Closing balance 47.35 49.65


WQAnnual Report 2013 - 2014

41. (##*&*+"57'*";+,25&*+"',$75&$#'&+'#$75:$#'%5:2$"&'3:'&0$'Z+2%5":'&+'1*6,+'e'82577'J"&$,%,*-$-'

5-'%$,'8$6&*+"'XX'+;' &0$'1*6,+?'82577'5"#'1$#*)2'J"&$,%,*-$-'L$K$7+%2$"&'(6&?'XYYc' E181JL'

(6&?'XYYcFb'

Sr.

No

D5,&*6)75,- XYQPRQS

` O56-

XYQXRQP

` O56-

(i) The principal amount remaining unpaid to any supplier (as defined in

S2(n) of MSMED Act, 2006) as at the end of the accounting year

O78 O78

(ii) The interest due on the principal amount remaining unpaid to any such

supplier as at the end of the accounting year

O78 O78

(iii) The amounts of payments made to such supplier beyond the appointed

day during the accounting year

O78 O78

(iv) The amount of interest paid by the Company in terms of Section 16 of

MSMED Act, 2006, during the accounting year

O78 O78

(v) The amount of interest due and payable for the period of delay in making

payment without adding the interest specified under MSMED Act, 2006

O78 O78

(vi) The amount of interest accrued and remaining unpaid at the end of the

accounting year

O78 O78

(vii) The amount of further interest due and payable even in the succeeding

years until such a day when the interest dues are actually paid to

the small enterprise for the purpose of disallowance as a deductible

expenditure u/s 23 of the MSMED Act, 2006

O78 O78

SXB !"K$-&2$"&-'*"'-)3-*#*5,*$-b'In the opinion of the management, no loss is expected to arise in respect of

investments in subsidiaries for which an additional provision is required.

43. (2+)"&-'#)$'&+'!"K$-&+,'J#)65&*+"'A'D,+&$6&*+"'4)"#b'As at the balance sheet date, there are no

amounts due and outstanding to this Fund.


4+,'=+>057$?'@5">-57$'A'=05&%5"#$? '4+,'5"#'+"'3$057;'+;'&0$'N+5,#'+;'L*,$6&+,-'

N736&I*A79(30(751&O5%&!LMKPPQ




8B'1B'=05&%5"#$

Partner MB'\B'L$-0%5"#$ (2+7'D),5"#5,$





WX Annual Report 2013 - 2014


N575"6$'80$$&'5-'5&'PQ-&'15,60?'XYQS

8&5&$2$"&'+;'N+,,+T*"9-

"#$%&'()*+$,#-)*.&/(#$)*,#$*)0,0$1*&2*&0,3&4)5

N+,,+T*"9-

M+"R6),,$"&'

25&),*&:'+;'&0$'

#$3&

Current

25&),*&:'+;'&0$'

#$3&-

Interest

566,)$#'3)&'

not due on

3+,,+T*"9-

@+&57'(2+)"& /$;

` O56- ` O56- ` O56- ` O56-

1. O+"9R&$,2'3+,,+T*"9-

5F 8$6),$#

@$,2'7+5"-''

QF 4,+2'35">-

i. Z35@*-(&(*36&85019

1. ICICI Bank Ltd 633.12 3,335.00 34.63 4,002.76 1

FY 2012-13 3,943.90 831.00 49.92 4,824.82

XB N5">'I;'1505,5-0&,5 3,765.79 4,875.00 109.97 8,750.76 2

FY 2012-13 3,813.00 3,300.00 78.04 7,191.04

3. !Z!Z!'[4Z'OI(M' 6,000.00 c 45.68 6,045.68 3

FY 2012-13 c c c c

@+&57'D,+i$6&'@$,2'O+5"- 'QY?PaWBaQ' 'W?XQYBYY' 'QaYBXW' 'QW?VaaBQa'

6'0,3*7+*89:8;:< 7,756.90 4,131.00 127.96 12,015.86

XF 4,+2'4*"5"6*57'!"-&*&)&*+"-

ii. J<)*%2$"&'@$,2'O+5"-

1. Srei Equipment Finance Pvt. Ltd. 1,887.88 1,636.81 c 3,524.69 4

FY 2012-13 3,513.58 2,258.23 c 5,771.81

2. I*8701-*&E0>7(08&W(2% 49.24 270.04 c 319.28 5

FY 2012-13 59.48 199.10 c 258.57

@+&57'J<)*%2$"&'@$,2'O+5"- 'Q?aPVBQX' 'Q?aYcBWc' g 'P?WSPBaV'

FY 2012-13 3,573.05 2,457.33 c 6,030.38

iii. Z+,%+,5&$'@$,2'O+5"-

1. Sangli Urban Cooperative Bank Ltd. 332.11 61.83 4.90 398.84 6

FY 2012-13 393.16 52.77 5.54 451.47

2. Kotak Mahindra Bank Ltd. Loan 1,926.95 410.05 (0.01) 2,336.99 7

FY 2012-13 c c c c

3. Tata Capital Hsg. Fin. Ltd. 1,444.97 55.03 - 1,500.00 8

FY 2012-13 c c c c

@+&57'Z+,%+,5&$'@$,2'O+5"- 'P?VYSBYX' 'UXcBaX' 'SBWa' 'S?XPUBWP'

FY 2012-13 393.16 52.77 5.54 451.47

WPAnnual Report 2013 - 2014

"#$%&'()*+$,#-)*.&/(#$)*,#$*)0,0$1*&2*&0,3&4)5

N+,,+T*"9-

M+"R6),,$"&'

25&),*&:'+;'&0$'

#$3&

Current

25&),*&:'+;'&0$'

#$3&-

Interest

566,)$#'3)&'

not due on

3+,,+T*"9-

@+&57'(2+)"& /$;

` O56- ` O56- ` O56- ` O56-

iv. \$0*67$'@$,2'O+5"-

1. Kotak Mahindra Prime. Ltd. c c c c 9

FY 2012-13 ! 1.83 c 1.83

2. Tata Capital Ltd. c 7.85 c 7.85 10

FY 2012-13 7.85 26.00 c 33.85

3. Toyota Financial Services 18.70 11.84 c 30.54 11

FY 2012-13 ! ! ! !

@+&57'\$0*67$'@$,2'O+5"- 'QWBVY' 'QaBcW' g 'PWBPa'

FY 2012-13 7.85 27.83 ! 35.68

v. @$,2'O+5"-'-$6),$#'3:'%7$#9$'+;'

%,+2+&$,-.'-05,$-

1. SKS Fincap Pvt. Ltd. c 200.00 c 200.00 12

FY 2012-13 c 200.00 c 200.00

2. O0>*01&N71D*9(&ZD(%&W(2% c c c c 13

FY 2012-13 c 500.00 c 500.00

3. Streamline Shipping Co. Pvt. Ltd. c 50.00 c 50.00 14

FY 2012-13 c 50.00 c 50.00

4. Hemlines Textiles Exports Pvt. Ltd. c c c c 15

FY 2012-13 c 100.00 c 100.00

5. Gateway Leasing Pvt. Ltd. c c c c 16

FY 2012-13 c 104.11 c 104.11

6. Wazir Financial Services Pvt. Ltd. c c c c 17

FY 2012-13 c 100.00 c 100.00

7. Almighty Trade & Investment Pvt. Ltd. c c c c 18

FY 2012-13 c 50.00 c 50.00

8. Dhruv Financial Services Pvt. Ltd. c c c c 19

FY 2012-13 c 25.00 c 25.00

9. Sethi Developers Ltd. c c c c 20

FY 2012-13 ! 25.00 ! 25.00

@+&57' @$,2' O+5"-' -$6),$#' 3:'

%7$#9$'+;'%,+2+&$,-.'-05,$-

g 'XUYBYY' g 'XUYBYY'

6'0,3*7+*89:8;:< ! 1,154.11 ! 1,154.11

@+&57'O+"9R&$,2'8$6),$#'O+5"- 'Qc?YUWBVU' 'QY?aQPBSc' 'QaUBQV' 'XV?QcVBPW'

6'0,3*7+*89:8;:< 11,730.96 7,823.03 133.50 19,687.49

WS Annual Report 2013 - 2014

/$;$,$"6$-b

1. =)*& >37603F& 9*-<37(F& 453& BEBEB& V01C& >35@*-(& 8501& 79& 3*A79(*3*2& 653(A0A*& 54& 9>*-747*2& >3*9*1(& 012& 4<(<3*&

immovable properties. The collateral security is registered mortgage of specified present immovable properties

012&0&-)03A*&51&()*&3*-*7D0H8*9&54&9>*-747*2&>35@*-(9%&B1&0227(751:&()*&>35@*-(&8501&79&9*-<3*2&HF&()*&>*395108&

guarantee of Mr. D.S. Kulkarni & Mr. Shirish D. Kulkarni.

2. =)*&>37603F&9*-<37(F&453&()*&V01C&54&R0)0309)(30&&>35@*-(&8501&79&*G<7(0H8*&653(A0A*&54&9>*-747*2&>3*9*1(&012&

4<(<3*&7665D0H8*&>35>*3(7*9&012&)F>5()*-0(751&54&>35@*-(&3*-*7D0H8*9%&&B1&0227(751:&()*&>35@*-(&8501&79&9*-<3*2&

by the personal guarantee of Mr. D.S. Kulkarni & Mrs. H.D. Kulkarni

3. =)*&>37603F&9*-<37(F&453&()*&BEBEB&kNE&W(2%&&>35@*-(&8501&79&3*A79(*3*2&&653(A0A*&54&9>*-747*2&>3*9*1(&012&4<(<3*&

7665D0H8*&>35>*3(7*9&012&)F>5()*-0(751&54&>35@*-(&3*-*7D0H8*9%&B1&0227(751:&()*&>35@*-(&8501&79&9*-<3*2&HF&()*&

personal guarantee of Mr. D.S. Kulkarni, Mr. S.D. Kulkarni & Mrs. H.D. Kulkarni

4. The primary security for the several equipment term loans from Srei Equipment Finance Pvt. Ltd. is

hypothecation of various construction equipments. The collateral security is registered mortgage of various

immovable properties. In addition, these loans are secured by the personal guarantee of Mr. D.S. Kulkarni &

Mr. S. D. Kulkarni.

5. =)*&>37603F&9*-<37(F&453&()*&9*D*308&*G<7>6*1(&(*36&85019&4356&I*8701-*&E0>7(08&W(2%&&79&)F>5()*-0(751&54&D0375<9&

construction equipments. In addition, these loans are secured by the personal guarantee of Mr. D.S. Kulkarni.

6. There is no primary security for the corporate loan from Sangli Urban Cooperative Bank Ltd. The collateral

security is registered mortgage of specified present immovable properties. In addition, this loan is secured by

the corporate guarantee of Growrich Agro Forestry Pvt. Ltd. & Chandradeep Promoters & Developers Pvt. Ltd.

7. The primary security for the corporate loan from Kotak Mahindra Bank Ltd. is a charge on receivables of

9>*-747*2&>35@*-(9%&=)*&-5880(*308&9*-<37(F&79&3*A79(*3*2&653(A0A*&54&9>*-747*2&>3*9*1(&&7665D0H8*&>35>*3(7*9%&

In addition, this loan is secured by the the personal guarantee of Mr. D.S. Kulkarni, Mr. S. D. Kulkarni and

Mrs. H.D. Kulkarni

8. The primary security for the corporate loan from Tata Capital Housing Finance Ltd. is registered mortgage of

9>*-747*2&7665D0H8*&099*(9&012&0&-)03A*&51&3*-*7D0H8*9&54&9>*-747*2&>35@*-(9%&&B1&0227(751:()*&-5]0>>87-01(9&453&

()79&&8501&03*&RY9%&U&\&b<8C0317&`&E5%:&U\b&Q5382601&Z35@*-(9&W(2%:&&R3%&U%\%&b<8C0317:&R39%&h%&j%&R<2A08&&012&

Mrs. H.D. Kulkarni

9. The vehicle term loan from Kotak Mahindra Prime Ltd. is secured by hypothecation of specific vehicles.

10. The vehicle term loan from Tata Capital Ltd. is secured by hypothecation of specific vehicles.

11. The vehicle term loan from Toyota Financial Service is secured by hypothecation of specific vehicles.

12. =)*&8501&4356&\b\&N71-0>&ZD(%&W(2%& 79&9*-<3*2&HF&>8*2A*&54&!L:LL:LLL&'Z%&_%&$:KL:LLL/&[G<7(F&9)03*9&54& ()*&

E56>01F&)*82&HF&()*&E56>01F?9&>3565(*39%

13. =)*& 8501& 4356& O0>*01& N71D*9(& ZD(%& W(2%& 79& 9*-<3*2& HF& >8*2A*& 54& O78& 'Z%&_%& !P:P#:LLL/& [G<7(F& 9)03*9& 54& ()*&

E56>01F&)*82&HF&()*&E56>01F?9&>3565(*39%

14. =)*&8501&4356&$3*06871*&$7>>71A&E5%&ZD(%&W(2%&79&9*-<3*2&HF&>8*2A*&54&K:KL:LLL&'Z%&_%&K:LL:LLL/&[G<7(F&9)03*9&

54&()*&E56>01F&)*82&HF&()*&E56>01F?9&>3565(*39%

15. =)*&8501&4356&k*6871*9&=*^(78*9&[^>53(9&ZD(%&W(2%&79&9*-<3*2&HF&>8*2A*&54&O78&'Z%&_%&M:!L:LLL&/&[G<7(F&9)03*9&54&

()*&E56>01F&)*82&HF&()*&E56>01F?9&>3565(*39%

16. =)*& 8501& 4356& X0(*;0F& W*0971A& ZD(%& W(2%& 79& 9*-<3*2& HF& >8*2A*& 54& O78& 'Z%&_%S:LL:LLL/& [G<7(F& 9)03*9& 54& ()*&

E56>01F&)*82&HF&()*&E56>01F?9&>3565(*39%

17. =)*&8501&4356&Q0f73&N70101-708&\*3D7-*9&ZD(%&W(2%&79&9*-<3*2&HF&>8*2A*&54&O78&'Z%&_%M:#P:KLL/&[G<7(F&9)03*9&54&

()*&E56>01F&)*82&HF&()*&E56>01F?9&>3565(*39%

18. =)*&8501&4356&,867A)(F&=302*&`&B1D*9(6*1(&ZD(%&W(2%&79&9*-<3*2&HF&>8*2A*&54&O78&'Z%&_%!:#K:LLL/&[G<7(F&9)03*9&54&

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!"#$%&'()*#+",()-%.'"#()+"#)(/+/#0)%1)%/+2%3(4

Borrowings

Non-current

maturity of the

debt

Current

maturity of the

debts

Interest

accrued but

not due on

borrowings

Total Amount Ref

` Lacs ` Lacs ` Lacs ` Lacs

b) Unsecured

i. Deposits

Public 8,805.82 8,338.67 1,123.93 18,268.42

FY 2012-13 )56789848:) );78:;46:) )<6949:) )5=7>8548>)

ii. Inter corporate deposits

1. Ambiance Ventures Estate & Dev

Pvt. Ltd.

! 550.00 108.99 658.99

FY 2012-13 ! 550.00 55.74 605.74

2. Chemo Pharma Laboratories Ltd. ! ! ! !

FY 2012-13 ! )<=466) ! )<=466)

3. Kaveri Impex Pvt. Ltd. ! 100.00 ! 100.00

FY 2012-13 ! )8=466) ! )8=466)

4. Seksaria Industries Pvt. Ltd. ! 279.00 ! 279.00

FY 2012-13 ! )?8>4;6) ! )?8>4;6)

5. Seksaria Trading Co. Pvt. Ltd. ! 8.00 ! 8.00

FY 2012-13 ! )=466) ! )=466)

6. Shri Krishna Rice & Oil Mills Pvt. Ltd. ! 14.00 ! 14.00

FY 2012-13 ! )5?466) ! )5?466)

7. Vastushilp Promoters & Developers

Pvt. Ltd.

! ! ! !

FY 2012-13 ! )57666466) )<:4:?) )576<:4:?)

8. Sundesha Properties Pvt. Ltd. ! 6.00 ! 6.00

FY 2012-13 ! )5:>4?=) ! )5:>4?=)

9. Sita Enterprises Ltd. ! 2.00 ! 2.00

FY 2012-13 ! )?;466) ! )?;466)

10. Rajgarhia Leasing & Financial

Services Pvt. Ltd.

! ! ! !

FY 2012-13 ! )5:>466) ! )5:>466)

11. Pallav Marketing Pvt. Ltd. ! ! ! !

FY 2012-13 ! )5466) ! )5466)

12. N. Vensimal Securites Ltd. ! 7.50 ! 7.50

FY 2012-13 ! )5?466) ! )5?466)

13. N. Vensimal Finlease Pvt. Ltd. ! 4.50 ! 4.50

FY 2012-13 ! );4=6) ! );4=6)

14. Iresco Electricals Pvt. Ltd. ! 81.40 ! 81.40

FY 2012-13 ! ):;4=6) ! ):;4=6)

15. Goyal Housing & Finance Ltd. ! 23.70 ! 23.70

FY 2012-13 ! )=466) ! )=466)

16. Gini Tex Pvt. Ltd. ! 79.00 ! 79.00

FY 2012-13 ! )86466) ! )86466)

17. Gini Silk Milks Ltd. ! 129.00 ! 129.00

FY 2012-13 ! );<466) ! );<466)

18. Coatings & Coatings Pvt. Ltd. ! 33.60 ! 33.60

FY 2012-13 @ )55?4=6) @ )55?4=6)

Wc Annual Report 2013 - 2014

"#$%&'()*+$,#-)*.&/(#$)*,#$*)0,0$1*&2*&0,3&4)5

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19. Bazari Exim Pvt. Ltd. c 7.00 c 7.00

FY 2012-13 c 33.00 c 33.00

20. Asiatic Gases Limited c 148.12 c 148.12

FY 2012-13 c 128.05 c 128.05

21. Bombay Mercantile & Leasing Co. Ltd. c 75.50 c 75.50

FY 2012-13 c c c c

24. Basant Stocktrade Pvt. Ltd. c 2.00 c 2.00

FY 2012-13 c c c c

26. O*(;53()&Z53(45875&012&N7101-*&ZD(%&W(2% c 16.00 c 16.00

FY 2012-13 c c c c

27. T. M. Printers Pvt. Ltd. c 7.00 c 7.00

FY 2012-13 c c c c

28. _09)7C0&k58271A9&ZD(%&W(2% c 6.00 c 6.00

FY 2012-13 c c c c

29. O%b%&B1D*9(6*1(&ZD(%&W(2% c 48.96 c 48.96

FY 2012-13 c c c c

30. Sita Equity Pvt. Ltd. c 12.20 c 12.20

FY 2012-13 c c c c

31. Sita Offers & Bourse Expertise Ltd. c 49.50 c 49.50

FY 2012-13 c c c c

32. Sunako Chemo Ind. Pvt. Ltd. c 60.00 c 60.00

FY 2012-13 c c c c

33. Sunako Trading & Investments Pvt. Ltd. c 50.00 c 50.00

FY 2012-13 c c c c

34. Filmcity Finance Pvt. Ltd. c 40.00 c 40.00

FY 2012-13 c c c c

35. Sunshield Finvest Pvt. Ltd. c 6.00 c 6.00

FY 2012-13 c c c c

36. Showman Pvt. Ltd. c 6.00 c 6.00

FY 2012-13 c c c c

37. Tecil Chemicals and Hydro Power Ltd. c 119.00 c 119.00

FY 2012-13 c c c c

38. Vibrant Global Capital Ltd. c 125.00 c 125.00

FY 2012-13 c c c c

39. Vibrant Global Trading Pvt. Ltd. c 91.00 c 91.00

FY 2012-13 ! ! ! !

@+&57 g 'X?QWcBaW' 'QYWBaa' 'X?XaUBaV'

6'0,3 ! 2,789.20 92.35 2,881.55

@+&57'O+"9R&$,2'_"-$6),$#'

O*53*7*&*$-

'W?WYUBWX' 'QY?UXUBcU' 'Q?XPXBaX' 'XY?UcSBPa'

6'0,3*7+*89:8;:< 10,797.76 7,553.26 402.32 18,753.34

WVAnnual Report 2013 - 2014

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1. Loans repayable on demand

i. From banks

1. Bank of Maharashtra Cash Credit c 1,245.75 26.89 1,272.64 21

FY 2012-13 ! 1,124.21 19.86 1,144.07

2. The Kalyan Janata Sahakari Bank Ltd. c 358.05 4.77 362.82 22

FY 2012-13 ! 459.21 5.78 464.99

3. Central Bank of India Demand Loan c c c c 23

FY 2012-13 ! 425.00 3.62 428.62

4. Bank of Maharashtra - FDOD c 275.00 2.29 277.29 24

FY 2012-13 ! 271.80 2.43 274.23

5. Central Bank of India FDOD c c 25

FY 2012-13 ! ! ! !

6. Syndicate Bank c 342.00 9.37 351.37 26

FY 2012-13 ! 360.00 8.96 368.96

@+&57'80+,&R&$,2'8$6),$#'O+5"- g 'X?XXYBWY' 'SPBPX' 'X?XcSBQX'

6'0,3*7+*89:8;:< ! 2,640.22 40.66 2,680.88

21. The primary security for the Bank of Maharashtra cash credit limit is hypothecation of stock and debtors

54& *1-<6H301-*& 43**& >35@*-(9%& =)*& -5880(*308& 9*-<37(F& & 79& HF& ;0F& 54& *G<7(0H8*& 653(A0A*& 54& 9>*-747*2&

present immovable properties. In addition, this cash credit limit is secured by the personal guarantee of

Mr. D.S. Kulkarni & Mrs. H. D. Kulkarni.

22. There is no primary security for the cash credit limit from Kalyan Janata Sahakari Bank Ltd. The collateral

security is registered mortgage of certain immovable properties. In addition, this cash credit limit is

secured by the personal guarantee of 1) Mr. D.S. Kulkarni & 2) Mrs. H.D. Kulkarni & Corporate Guarantee

of M/s. Shri Saptashrungi Oil Mills Pvt. Ltd.

23. The demand loan from Central Bank of India is secured by pledge of term deposit receipts.

24. The overdraft from Bank of Maharashtra is secured by pledge of term deposit receipts.

25. The overdraft from Central Bank of India is secured by pledge of term deposit receipts.

26. The overdraft from Syndicate Bank is secured by pledge of term deposit receipts.

WW Annual Report 2013 - 2014

N575"6$'80$$&8&5&$2$"&'+;'!"K$-&2$"&-'5-'5& PQR15,RQS PQR15,RQS PQR15,RQP PQR15,RQP

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M+"R6),,$"&'*"K$-&2$"&-

_"<)+&$#

1. Investments in Equity Instruments

i. Subsidiaries

a) DSK Developers Corporation

USA

&O,& 1,000,000 509.50 &O,& 1,000,000 509.50

b) U\b& =5;19)7>& Z35@*-(9& Z37D0(*&

Ltd (Formerly known as DSK

\[i&Z35@*-(9&'Z<1*/&Z37D0(*&W(2%/

10 2,000,000 200.00 10 2,000,000 200.00

c) U\b&\5<()*31&Z35@*-(9&ZD(%&W(2%& 10 50,000 1,000.17 10 50,000 1,000.17

1A Investments in Class A Equity

Instruments

- -

U\b&\5<()*31&Z35@*-(9&ZD(%&W(2% 10 10,000 399.07 10 10,000 399.07

1B Investments in Class B Equity

Instruments

- -

i. Subsidiaries - -

U\b&\5<()*31&Z35@*-(9&ZD(%&W(2% 10 10,000 1.00 10 10,000 1.00

@+&57 'X?QYaBVP' 'X?QYaBVP'

2. Investments in debentures or bonds

i. Subsidiaries

U\b&\5<()*31&Z35@*-(9&ZD(%&W(2% - - 100 2,696,500 2,696.50

@+&57 - 'X?cacBUY'

3. Other non-current investments:

Shares in Cooperative banks

i. \)3**& \02A<3<& j01A87& R0)030@&

Sahakari Bank Ltd.

50 1,000 0.50 50 1,000 0.50

ii. Janata Sahakari Bank Ltd. 100 10 0.01 100 10 0.01

iii. Mahalaxmi Co-op. Bank Ltd. 50 10 0.01 50 10 0.01

iv. Greater Bombay Co-op. Bank Ltd. 25 4,080 1.02 25 4,080 1.02

v. Kalyan Janata Sahakari Bank Ltd. 25 20,000 5.00 25 20,000 5.00

vi. Pune Sahakari Bank Ltd. 100 100 0.10 100 100 0.10

vii. Sangli Urban Co-Op. Bank Ltd. 10 50,000 5.00 10 50,000 5.00

@+&57 11.64 11.64

4. Equity Investments in Other

Companies

i. DSK Global Education and

I*9*03-)&W(2%

10 829,205 82.92 10 950,000 95.00

@+&57 'WXBaX' 'aUBYY'

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appropriate in the circumstances.

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statements.

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opinion.

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Opinion

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accepted in India:

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on that date.

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on that date.

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GGb Annual Report 2013 - 2014

4;'9;'<)7=2,"*'4$>$7+%$,-'?&#;

Q+&$-'&+'&0$'6+"-+7*#2&$#'1272"5$'90$$&'2-'2&'FGT@2,TGK

9&2&$:$"&'+3'1+,,+d*"A-

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1+,,+d*"A- Q+"T

5),,$"&'

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255,)$#'B)&'

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FY 2012-13 3,943.90 831.00 49.92 4,824.82

L3 G%-6#,0#J%$%7%.$*7% #HK_UT3_S# #NKa_T3MM# #IMS3S_# #aK_TM3_U# #L#

FY 2012-13 3,813.00 3,300.00 78.04 7,191.04

H3 Q<Q<Q#gO<#9VR^# #UKMMM3MM# b #NT3Ua# #UKMNT3Ua# #H#

FY 2012-13 ! ! ! !

N3 Q.*#<,-.*)*'*),-#G%-6 b #IKLTL3UT# #I_3aS# #IKL_M3TN# #N#

FY 2012-13 b b b b

M+&27'a,+D$5&'M$,:'?+2"- 'GJHFO\;OG' 'OHKbI;b[' 'IJ\;G]' 'IJHJbO;]F'

Total FY 2012-13 7,756.90 4,131.00 127.96 12,015.86

8*"2"5*27'!"-&*&)&*+"-

ii. cZ')81"-*#E"71#9,%-.

I3 47")#cZ')81"-*#O)-%-+"#@&*3#9*(3# #IKaa_3aa# #IKUHU3aI# b #HKTLN3US# #T#

FY 2012-13 3,513.58 2,258.23 b 5,771.81

L3 Reliance Capital Ltd. #NS3LN# #L_M3MN# b #HIS3La# #U#

FY 2012-13 59.48 199.10 b 258.57

M+&27'Rf)*%:$"&'M$,:'?+2"- 'GHOF];GI' 'GHOJb;\b' b 'FH\KF;O]'

Total FY 2012-13 3,573.05 2,457.33 b 6,030.38

***; 6+,%+,2&$'M$,:'?+2"-

I3 4%-P/)#e7B%-#<,,8"7%*)&"#G%-6#9*(3 #HHL3II# #UI3aH# #N3SM# #HSa3aN# #_#

FY 2012-13 393.16 52.77 5.54 451.47

L3 5,*%6#J%$)-(7%#G%-6#9*(3#9,%-# #IKSLU3ST# #NIM3MT# #:M3MI? #LKHHU3SS# #a#

FY 2012-13 ! ! ! !

H3 E%*%#<%8)*%/#g.P3#O)-3#9*(3 #IKNNN3S_# #TT3MH# b #IKTMM3MM# #S#

FY 2012-13 ! ! ! !

M+&27'6+,%+,2&$'M$,:'?+2"- 'FH]JK;JI' '[Ib;OI' 'K;\O' 'KHIF[;\F'

Total FY 2012-13 393.16 52.77 5.54 451.47

GG]Annual Report 2013 - 2014

4;'9;'<)7=2,"*'4$>$7+%$,-'?&#;

@7"&),'.#A"%7i.#0)P'7".#%7"#.*%*"(#)-#)*%/)+.3

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FY 2012-13 ! 1.83 ! 1.83

L3 E%*%#<%8)*%/#9*(3# ! #_3aT# ! #_3aT# #II#

FY 2012-13 7.85 26.00 ! 33.85

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FY 2012-13 ! ! ! !

M+&27'_$0*57$'M$,:'?+2"- 'G\;]J' 'GO;b\' i 'F\;FO'

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>; M$,:'?+2"-'-$5),$#'BC'%7$#A$'+3'

%,+:+&$,-Z'-02,$-

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FY 2012-13 ! 200.00 ! 200.00

L3 ^%8"%-#O)-&".*#@&*3#9*(3 ! b ! b #IN#

FY 2012-13 ! 500.00 ! 500.00

H3 4*7"%1/)-"#4$)88)-P#<,3#@&*3#9*(3 ! #TM3MM# ! #TM3MM# #IT#

FY 2012-13 ! 50.00 ! 50.00

N3 g"1/)-".#E"X*)/".#cX8,7*.#@&*3#9*(3 ! b ! b #IU#

FY 2012-13 ! 100.00 ! 100.00

T3 F%*"D%=#9"%.)-P#@&*3#9*(3 ! b ! b #I_#

FY 2012-13 ! 104.11 ! 104.11

U3 !%d)7#O)-%-+)%/#4"7&)+".#@&*3#9*(3 ! b ! b #Ia#

FY 2012-13 ! 100.00 ! 100.00

_3 R/1)P$*=#E7%("#Y#Q-&".*1"-*#@&*3#9*(3 ! b ! b #IS#

FY 2012-13 ! 50.00 ! 50.00

a3 2$7'&#O)-%-+)%/#4"7&)+".#@&*3#9*(3 ! b ! b #LM#

FY 2012-13 ! 25.00 ! 25.00

S3 Sethi Developers Ltd. ! b ! b #LI#

FY 2012-13 ! 25.00 ! 25.00

M+&27'M$,:'?+2"-'-$5),$#'BC'%7$#A$'+3'

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i 'I[J;JJ' i 'I[J;JJ'

Total FY 2012-13 ! 1,154.11 ! 1,154.11

M+&27'?+"AT&$,:'9$5),$#'?+2"- 'GbHJ[\;][' 'GIHGbb;GG' 'IGF;Jb' 'I\HKF];OI'

Total FY 2012-13 11,730.96 7,823.03 133.50 19,687.49

GG\ Annual Report 2013 - 2014

4;'9;'<)7=2,"*'4$>$7+%$,-'?&#;/$3$,$"5$-E'

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H3# E$"#87)1%7=#."+'7)*=#0,7#*$"#Q<Q<Q#gO<#9*(3#87,\"+*#/,%-#).#7"P).*"7"(#1,7*P%P"#,0#.8"+)0)"(#87"."-*#%-(#0'*'7"# )11,&%B/"# 87,8"7*)".# %-(# $=8,*$"+%*),-# ,0# 87,\"+*# 7"+")&%B/".3# Q-# %(()*),-K# *$"# 87,\"+*# /,%-# ).#."+'7"(#B=#*$"#8"7.,-%/#P'%7%-*""#,0#J73#23435'/6%7-)K#J73#43#23#5'/6%7-)#%-(#J7.3#g3#23#5'/6%7-)#

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_3# E$"7"#).#-,#87)1%7=#."+'7)*=#0,7#*$"#+,78,7%*"#/,%-#07,1#4%-P/)#e7B%-#<,,8"7%*)&"#G%-6#9*(3#E$"#+,//%*"7%/#."+'7)*=#).#7"P).*"7"(#1,7*P%P"#,0#.8"+)0)"(#87"."-*#)11,&%B/"#87,8"7*)".3#Q-#%(()*),-K#*$).#/,%-#).#."+'7"(#B=#*$"#+,78,7%*"#P'%7%-*""#,0#F7,D7)+$#RP7,#O,7".*7=#@&*3#9*(3#Y#<$%-(7%(""8#@7,1,*"7.#Y#2"&"/,8"7.#@&*3#9*(3#

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S3# E$"#87)1%7=#."+'7)*=#0,7#*$"#+,78,7%*"#/,%-#07,1#E%*%#<%8)*%/#g,'.)-P#O)-%-+"#9*(3#).#7"P).*"7"(#1,7*P%P"#,0# .8"+)0)"(# )11,&%B/"# %.."*.# %-(# %# +$%7P"# ,-# 7"+")&%B/".# ,0# .8"+)0)"(# 87,\"+*.3# Q-# %(()*),-K*$"# +,C%88/)+%-*.# 0,7# *$).# /,%-#%7"#J].#2#4#5'/6%7-)#Y#<,3K#245#!,7/(1%-#@7,\"+*.#9*(3K#J73#23#43#5'/6%7-)K# J7.3#h3#l3#J'(P%/#%-(#J7.3#g3#23#5'/6%7-)

IM3# E$"#&"$)+/"#*"71#/,%-#07,1#5,*%6#J%$)-(7%#@7)1"#9*(3#).#."+'7"(#B=#$=8,*$"+%*),-#,0#.8"+)0)+#&"$)+/".3

II3# E$"#&"$)+/"#*"71#/,%-#07,1#E%*%#<%8)*%/#9*(3#).#."+'7"(#B=#$=8,*$"+%*),-#,0#.8"+)0)+#&"$)+/".3

IL3# E$"#&"$)+/"#*"71#/,%-#07,1#E,=,*%#O)-%-+)%/#4"7&)+"#).#."+'7"(#B=#$=8,*$"+%*),-#,0#.8"+)0)+#&"$)+/".3

IH3# E$"#/,%-#07,1#454#O)-+%8#@&*3#9*(3#).#."+'7"(#B=#8/"(P"#,0#IMKMMKMMM#:@3#A3#UKLMKMMM?#cZ')*=#.$%7".#,0#*$"#<,18%-=#$"/(#B=#*$"#<,18%-=i.#87,1,*"7.3

IN3# E$"#/,%-#07,1#^%8"%-#O)-&".*#@&*3#9*(3#).#."+'7"(#B=#8/"(P"#,0#^)/#:@3#A3#I_K_TKMMM?#cZ')*=#.$%7".#,0#*$"#<,18%-=#$"/(#B=#*$"#<,18%-=i.#87,1,*"7.3

IT3# E$"#/,%-#07,1#4*7"%1/)-"#4$)88)-P#<,3#@&*3#9*(3#).#."+'7"(#B=#8/"(P"#,0#LKLMKMMM#:@3#A3#LKMMKMMM?#cZ')*=#.$%7".#,0#*$"#<,18%-=#$"/(#B=#*$"#<,18%-=i.#87,1,*"7.3

IU3# E$"# /,%-#07,1#g"1/)-".#E"X*)/".#cX8,7*.#@&*3#9*(3# ).#."+'7"(#B=#8/"(P"#,0#^Q9#:@3#A3#HKIMKMMM#?#cZ')*=#.$%7".#,0#*$"#<,18%-=#$"/(#B=#*$"#<,18%-=i.#87,1,*"7.3


4;'9;'<)7=2,"*'4$>$7+%$,-'?&#;

I_3# E$"#/,%-#07,1#F%*"D%=#9"%.)-P#@&*3#9*(3#).#."+'7"(#B=#8/"(P"#,0#^Q9#:@3#A3#NKMMKMMM?#cZ')*=#.$%7".#,0#*$"#<,18%-=#$"/(#B=#*$"#<,18%-=i.#87,1,*"7.3

Ia3# E$"# /,%-# 07,1#!%d)7#O)%-%-+)%/#4"7&)+".#@&*3#9*(3# ).#."+'7"(#B=#8/"(P"#,0#^Q9# :@3#A3#HKT_KLMM?#cZ')*=#.$%7".#,0#*$"#<,18%-=#$"/(#B=#*$"#<,18%-=i.#87,1,*"7.3

IS3# E$"#/,%-#07,1#R/1)P$*=#E7%("#Y#Q-&".*1"-*#@&*3#9*(3#).#."+'7"(#B=#8/"(P"#,0#^Q9#:@3#A3#IKTLKMMM?#cZ')*=#.$%7".#,0#*$"#<,18%-=#$"/(#B=#*$"#<,18%-=i.#87,1,*"7.3

LM3# E$"#/,%-#07,1#2$7'&#O)-%-+)%/#4"7&)+".#@&*3#9*(3#).#."+'7"(#B=#8/"(P"#,0#^Q9#:@3A3#aMKMMM#?#cZ')*=#.$%7".#,0#*$"#<,18%-=#$"/(#B=#*$"#<,18%-=i.#87,1,*"7.3

LI3# E$"# /,%-# 07,1# 4"*$)# 2"&"/,8"7.# 9*(3# ).# ."+'7"(# B=# 8/"(P"# ,0# ^Q9# :@3A3# aMKMMM?# cZ')*=# .$%7".# ,0# *$"#<,18%-=#$"/(#B=#*$"#<,18%-=i.#87,1,*"7.3

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FY 2012-13 10,797.76 4,764.06 309.96 15,871.78

ii. Others IT3ML b b IT3ML

FY 2012-13 13.60 _ 0.41 14.01

iii. Inter corporate deposits

I3 R1B)%-+"#h"-*'7".#c.*%*"#Y#2"&3#@&*3#9*(3 b #TTM3MM# #IMa3SS# #UTa3SS#

FY 2012-13 b 550.00 55.74 605.74

L3 <$"1,#@$%71%#9%B,7%*,7)".#9*(3 b b b b

FY 2012-13 b 35.00 b 35.00

H3 5%&"7)#Q18"X#@&*3#9*(3 b #IMM3MM# b #IMM3MM#

FY 2012-13 ! 75.00 ! 75.00

N3 4"6.%7)%#Q-('.*7)".#@&*3#9*(3 b #L_S3MM# b #L_S3MM#

FY 2012-13 ! 278.40 ! 278.40

T3 4"6.%7)%#E7%()-P#<,3#@&*3#9*(3 b #a3MM# b #a3MM#

FY 2012-13 ! 5.00 ! 5.00

U3 4$7)#57).$-%#W)+"#Y#V)/#J)//.#@&*3#9*(3 b #IN3MM# b #IN3MM#

FY 2012-13 ! 12.00 ! 12.00

_3 h%.*'.$)/8#@7,1,*"7.#Y#2"&"/,8"7.#@&*3#9*( b b b b

FY 2012-13 ! 1,000.00 36.62 1,036.62

a3 4'-(".$%#@7,8"7*)".#@&*3#9*(3 b #U3MM# b #U3MM#

FY 2012-13 ! 168.25 ! 168.25

GIJ Annual Report 2013 - 2014

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FY 2012-13 ! 24.00 ! 24.00

IM3 W%\P%7$)%#9"%.)-P#Y#O)-%-+)%/#4"7&)+".#

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FY 2012-13 ! 168.00 ! 168.00

II3 @%//%&#J%76"*)-P#@&*3#9*(3 b b b b

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IL3 ^3#h"-.)1%/#4"+'7)*".#9*(3 b #_3TM# b #_3TM#

FY 2012-13 ! 12.00 ! 12.00

IH3 ^3#h"-.)1%/#O)-/"%."#@&*3#9*(3 b #N3TM# b #N3TM#

FY 2012-13 ! 4.50 ! 4.50

IN3 Q7".+,#c/"+*7)+%/.#@&*3#9*(3 b #aI3NM# b #aI3NM#

FY 2012-13 ! 64.50 ! 64.50

IT3 F,=%/#g,'.)-P#Y#O)-%-+"#9*(3 b #LH3_M# b #LH3_M#

FY 2012-13 ! 5.00 ! 5.00

IU3 F)-)#E"X#@&*3#9*(3 b #_S3MM# b #_S3MM#

FY 2012-13 ! 70.00 ! 70.00

I_3 F)-)#4)/6#J)/6.#9*(3 b #ILS3MM# b #ILS3MM#

FY 2012-13 ! 43.00 ! 43.00

Ia3 <,%*)-P.#Y#<,%*)-P.#@&*3#9*(3 b #HH3UM# b #HH3UM#

FY 2012-13 ! 112.50 ! 112.50

IS3 G%d%7)#cX)1#@&*3#9*(3 b #_3MM# b #_3MM#

FY 2012-13 ! 33.00 ! 33.00

LM3 R.)%*)+#F%.".#9)1)*"( b #INa3IL# b #INa3IL#

FY 2012-13 ! 128.05 ! 128.05

LI3 G,1B%=#J"7+%-*)/"#Y#9"%.)-P#<,3#9*(3 b #_T3TM# b #_T3TM#

FY 2012-13 ! ! ! !

LL3 G%.%-*#4*,+6*7%("#@&*3#9*(3 b #L3MM# b #L3MM#

FY 2012-13 ! ! ! !

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FY 2012-13 ! ! ! !

LN3 E3#J3#@7)-*"7.#@&*3#9*(3 b #_3MM# b #_3MM#

FY 2012-13 ! ! ! !

LT3 A%.$)6%#g,/()-P.#@&*3#9*(3 b U3MM b #U3MM#

FY 2012-13 ! ! ! !

LU3 ^353#Q-&".*1"-*#@&*3#9*(3 b Na3SU b #Na3SU#

FY 2012-13 ! ! ! !

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FY 2012-13 ! ! ! !

GIGAnnual Report 2013 - 2014

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FY 2012-13 ! ! ! !

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FY 2012-13 387.70 ! ! 388 .00

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Total FY 2012-13 388.00 - ! 388 .00

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Total FY 2012-13 11,199.06 7,553.26 402.73 19,155.05

GII Annual Report 2013 - 2014

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FY 2012-13 b 1,124.21 19.86 1,144.07

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FY 2012-13 b 271.80 2.43 274.23

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FY 2012-13 b 360.00 8.96 368.96

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Total FY 2012-13 ! 2,640.22 40.66 2,680.88

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