CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31 2008

2008
A. CASH FLOW FROM OPERATING ACTIVITIES
Net profit before tax 311,792.23

Adjustment for:
Depreciation 2,568.45
Loss on sale on fixed assets, net 29.79
Loss/(profit) on sale of investments, net (56.00)
Assets written off 7.50
Amount written off 0.34
Interest expense 42,560.74
Interest Income (42,671.35)
Profit/(loss) from partnership firms, net (187.02)
Exchange loss/(gain) 2.27
Dividend Income (8,533.10)
Amount forfeited on properties (284.08)
Amortisation pf dererred employee compensation 4,179.46
Unclaimed balances written back (16.71)
provision for discard of fixed assets 49.00
provision for doubtful debts/advances 26.88
Provision for employee benefits 191.13
Operating profit before working capital changes 309,659.53
Adjustment for:

Trade and other receivables (refer note 9(b),9© and 9(d) of schedule 24) (112,719.38)
Advance for land purchases (95,360.13)
Stocks (refer note 9 (a) of schedule 24) (26,701.30)
Trade and other payables 46,914.38
Earnest monies (paid)/refunded to
Subsidiaries/Partnership firms (105,801.91)
others 119.07
Payabales to subsidiary companies (8,386.15)
Realisation under agreement to sell (97,260.79)
Cash used in opertions (89,536.68)
Direct taxes paid (61,044.08)
Net cash flow used in operating activities (150,580.76)
B. CASH FLOW FROM INVESTING ACTIVITIES

Purchase/acquisition of fixed assets(Including capital work-in-progress (225,805.74)

Purchase/acquisition of investments
Subsidiaries company/Partnership firms (refer note 9 © of schedule 24) (109,085.15)
Others (2,073.38)
Proceeds from disposal of:
Fixed assets (refer Note 9(a) of schedule 24) 69.78
Investments:

Insubsidiary companies/parnership firm(refer Note 9 (b) of schedule 24) 243.00

others 14,458.26
Interest received 42,507.58
Dividend received 8,533.10
loans and advance to sucsidiary companies/partnership firms, net ###
Net cash flow used in investing activities ###
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of debentures,net* 1.03
Proceeds from issue of share capital including securities Premium (refer Note 9(d) of
Schdule 24) 918,491.72
Share issue expenses (27,436.87)
Proceed from long term borrowings 195,299.14
Repayment of long term borrowings ###
Proceeds/(repayment) from short term borrowing net 348,820.06
Interest paid (78,397.42)
Divident paid 68,193.30
Divident Tax paid (11,589.46)
Net cash flow from Financing Activities 894,589.65
Net Increase/(Decrease) in cash and cash equivalents 95,808.86
Cash and cash equivalent at the beginning 2,416.00
Cash and cash equivalent at the Close 98,224.86
95,808.86

* Supplementary Disclosure

Subsequently converted into equity share of Rs. 2 each) (previous yr Rs.2 each) 1.03

Notes
1 cash nd bank balance (as per schedule 10 of the financial statement) 99,482.37
Less: fixed deposit (pledged/under lien /earmarked) 1,179.16
Uncashed dividend 80.62
Exchange (loss)/gain (2.27)
98,224.86
2 Non cash transactions - See note 9 in Schedule 24
ARCH 31 2008
(Rs in lacs)
2007

62,033.12

943.95
22.32
1.90

0.03
30.299.24
(28,866.14)
(566.25)
(5.31)
(28.19)
(285.72)

(10.29)
-
1.27
(66.83)
63.473.10

(30,545.17)
.42340.53
(28,685.63)
53,541.89

(337,911.99)
877.18
(43,648.87)
128,293.17
(236,946.85)
(30,957.79)
(267,904.64)

(42,432.66)

(3,783.21)
(18,640.99)

174.10

1.01
 78,374.63
28,778.62

(105,388.05)
(62,916.55)

46.76

453,410.00
(115,167.00)
37,279.59
(46,750.75)
(164.13)
(21.79)
328,632.68
(2,188.51)
4,604.51
2,416.00
(2,188.51)

46.76

17,949.34
15,519.27
8.76
5.31
2,416.00
 2008 2007
SCHEDULE: 8 STOCKS
Land (including devolpment right), Plots and
development cost thereon (including agreement to sell) 646.48 1,252.32
###
Custructed properties
Land and construction work in progress 100,989.52 77,873.28
###
development/construction
earnest materials
money and part payments under agreement to 1,191.41
purchase land/ development rights/constructed
properties
To subsidiary companies 7,782.99 8,943.75
###
to firms in which the company and/or its subsidiary
companies are/is a partner 468,921.20 335,216.47
###
To others 227.98 347.05
###
476,932.17 344,507.27
###

Rented buildings(incluing land and related equipments)

Lease hold 3,054.27 3,041.63
###
Free hold 10,938.26 2,575.47
###
13,992.53 5,617.10
###
Less: Depreciation on rented building and related
equipments 938.85 1,143.29
###
13,053.68 4,473.81
###
592,813.26 428,106.68
###

SCHEDULE: 9 SUNDRY DEBTORS

(Considered good unless otherwise stated)
Debts over six months
Secured 8.87 179.69
###
Unsecured 75,702.84 1.91
###
Less: Doubtful andprovided for 14.41
75,697.30 181.60
###
Other Debts
Secured 78.34
###
Unsecured
Subsidary Companies 4,700.54
Others 65,929.79 17,119.18
###
70,630.33 17,197.52
###
146,327.63 17,379.12
###
 2008 2007
###
SCHEDULE:10 CASH AND BANK BALANCES
Cash in hand 4.20 10.24
###
Cheuqes in hand 3.00
Bank balance:
With scheduled banks in:
Current accounts 96,790.03 1,909.02
###
Fixed deposit accounts
Pledged/Under lein/Earmarked 1,179.16 15,519.27
###
Others 1,500.00 500.00
###
With HSBC banks plc,london, UK,In current account
a non - Schedule bank (maximum amount outstanding
During the year Rs. 82.81 lacs, Prevoius year Rs. 63.43 lacs 5.98 10.81
###
99,482.37 17,949.34
###

SCHEDULE: OTHER CURRENT ASSETS

Interest accrued
From Customers 561.58 261.43
###
From Banks 94.74 231.12
###
656.32 492.55
###

SCHEDULE:12 LOANS AND ADVANCES

(Unsecured,Considered good unless otherwise stated)
Advance recoverable in cash or in kind or for value to be received
Secured 359.69 561.26
###
Unsecured (Including Rs. 27.75 lacs, Previous yr Rs.15.28 lacs)
189,422.59
doubtful 118,855.21
###
189,782.28 119,416.47
###
Due from subsidary companies
Secured 32,251.66 27,065.53
###
Others 667,032.06 294,206.30
###
699,283.72 321,271.83
###
Due from firms in which the company and / or its subsidiary companies
4,569.58 are partners - current acco
Due from Niharika shopping mall - Ajoint venture 414.50 63.84
###
Security Deposit 1,478.16 383.39
###
Tax paid 99,378.05 38,797.00
###
994,906.29 479,932.53
###
Less: Doubtful and provided for 27.75 15.28
###
994,878.54 479,917.25
###
 2008 2007
###
SCHEDULE:13 CURRENT LIABILITIES
Sundry creditors
Subsidiary companies 10,403.62 41.32
###
others 46,682.33 8,359.58
###
57,085.95 8,400.90
###
Due to firms in which the company and/or its subsidiary
companies are partners-current account 6,010.91 476.93
###
realisation under agreement to sell
subsidiary companies 190.40 24,611.93
###
others 132,096.37 150,155.63
###
earnest money received under agreement to sell development rights
subsidiary companies 10,150.00
###
others 44,630.00
###
uncashed dividend* 80.62 8.76
###
others liabilities
subsidiary companies 25,252.33 44,000.78
###
others 26,039.49 17,748.65
###
interest accrued but not due on loans 3,034.21 3,379.00
###
249,790.28 303,562.58
###
*Not due for credit to"investor Education and Protection fund".
Absolute Percentage
Change Change

-605.84 -48.38

23,116.24 29.68
1,191.41

-1,160.76 -12.98

133,704.73 39.89
-119.07 -34.31
132,424.90 38.44

12.64 0.42
8,362.79 324.71
8,375.43 149.11

-204.44 -17.88
8,579.87 191.78
164,706.58 38.47

-170.82 -95.06
75,700.93 3,963,399.48
14.41
75,515.70 41,583.54
0.00
-78.34 -100.00

4,700.54
48,810.61 285.12
53,432.81 310.70
128,948.51 741.97
Absolute Percentage
Change Change

-6.04 -58.98
3.00

94,881.01 4,970.14

-14,340.11 -92.40
1,000.00 200.00

-4.83 -44.68
81,533.03 454.24

300.15 114.81
-136.38 -59.01
163.77 33.25

-201.57 -35.91
70,567.38 59.37
70,365.81 58.92

5,186.13 19.16
372,825.76 126.72
378,011.89 117.66
4,569.58
350.66 549.28
1,094.77 285.55
60,581.05 156.15
514,973.76 107.30
12.47 81.61
514,961.29 107.30
Absolute Percentage
Change Change

10,362.30 25,078.17
38,322.75 458.43
48,685.05 579.52

5,533.98 1,160.33

-24,421.53 -99.23
-18,059.26 -12.03

-10,150.00 -100.00
-44,630.00 -100.00
71.86 820.32

-18,748.45 -42.61
8,290.84 46.71
-344.79 -10.20
-53,772.30 -17.71
 BALANCE SHEET AS AT MARCH 31, 2008

Schedule 2008 2007

SOURCES OF FUNDS
Shareholders Funds
Share capital 1 34,095.95 30,588.42
Reserves and surplus 2 1092818.68 34692
1126914.63 65280.42
Loan funds
secured loans 3 494591.44 624281.49
unsecured loans 4 34404931 52647.77
838640.75 676929.26
Deferred tax liability(net) 5 2894.99 2025.01
1968450.37 744234.69
APPLICATION OF FUNDS
Fixed assets 6
Gross block 153371.52 36558.03
Less: Depreciation 5934.32 3700.94
Net block 147437.2 32875.09
Capital work-in-progress (including capital advances) 178178.72 66503.15
325615.92 99360.24
Investments 7 183983 76917.35
Currents assets, loans and advances
Stocks 8 592813.26 428106.68
Sundry debtors 9 146327.63 17379.12
Cash and banks balances 10 99482.37 17949.34
Other current assets 11 656.32 492.55
Loans and advances 12 994878.54 479917.25
1834158.12 943844.94
Less: Current liabilities and provisions
Current liabilities 13 249790.28 303562.58
Provisions 14 125516.39 72325.26
375306.67 375887.84
Net current assets 1458851.45 567957.1
1968450.37 744234.69
Signigicant accountiong policies 23
Notes to the financial Statements 24
008
Absolute Percentage
Change Change

3,507.53 11.47
1,058,126.68 3,050.06
1,061,634.21 1,626.27

-129,690.05 -20.77
34,352,283.23 65,249.27
161,711.49 23.89
869.98 42.96
1,224,215.68 164.49

116,813.49 319.53
2,233.38 60.35
114,562.11 348.48
111,675.57 167.93
226,255.68 227.71
107,065.65 139.20

164,706.58 38.47
128,948.51 741.97
81,533.03 454.24
163.77 33.25
514,961.29 107.30
890,313.18 94.33

-53,772.30 -17.71
53,191.13 73.54
-581.17 -0.15
890,894.35 156.86
1,224,215.68 164.49