lifestyle international (india) financials 2011

LIFE STYLE INTERNATIONAL PRIVATE LIMITEDStandalone Balance Sheet for period 01/04/2010 to 31/03/2011

[610000] General information about financial statements

Unless otherwise specified, all monetary values are in INR

01/04/2010 to

31/03/2011

01/04/2009

to 31/03/2010

Disclosure of general informationabout company [abstract] Disclosure of company information[abstract] Name of company LIFE STYLE INTERNATIONAL PRIVATE LIMITED Corporate identity number U52190KA1997PTC046775 Permanent account number ofentity

AAACL2937J

Address of registered office ofcompany

3RD, 7TH & 8TH FLOOR, DELTA TOWER, SIGMA SOFT TECH PARK, NO.7,WHITEFIELD MAIN ROAD, BANGALORE - 560 066

Type of industry Commercial and Industrial Disclosure of documentinformation [abstract] Date of board meeting whenfinal accounts were approved

06/06/2011

Period covered by financialstatements

12 months 12 months

Date of start of reporting period 01/04/2010 01/04/2009 Date of end of reporting period 31/03/2011 31/03/2010 Nature of report standaloneconsolidated

Standalone

Content of report Balance Sheet Description of presentationcurrency

INR

Level of rounding used infinancial statements

Actual

Type of balance sheet Sources and Application of Funds [Vertical Format] Type of profit and loss statement Main Type of cash flow statement Indirect Method

[630000] Disclosures - Directors report


01/04/2010 to

31/03/2011Disclosure in board of directors report[text block]

Textual information (1) [See below]

Disclosures relating to dividendsKeeping in view the need for capital to further expansion plans, your Directors have notrecommended any dividend for the year.

2

LIFE STYLE INTERNATIONAL PRIVATE LIMITED Standalone Balance Sheet for period 01/04/2010 to 31/03/2011

Textual information (1)

Disclosure in board of directors report [text block]

LIFESTYLE INTERNATIONAL PRIVATE LIMITED

DIRECTORS REPORT

To

The Members

Lifestyle International Private Limited

Your Directors have pleasure in presenting the Fourteenth Annual Report on the business and operations of the Company together with theAudited Statement of Accounts for the financial year ended 31 March 2011. The financial highlights of the Company are as follows:st

FINANCIAL HIGHLIGHTS: Rupees in Thousands

Particulars Year ended Year ended

Retail Turnover 31st March 2011 31st March 2010

Gross Retail Turnover 20,009,595 12,876,890

Other Retail Operating Income 720,101 508,228

Total 20,729,696 13,385,118

Less : Value Added Tax 1,310,675 806,714

Less : Cost of Consignment 707,442 541,317

Total 18,711,579 12,037,087

Other Income 80,612 43,607

Total 18,792,191 12,080,694

Profit / (Loss) before Depreciation / Impairment 921,181 174,513

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Less : Depreciation / Impairment (545,649) (341,288)

Profit / (Loss) before Tax 375,532 (166,775)

Less : Provision for Taxation (321,970) -

Profit / (Loss) after Taxation 697,502 (166,775)

Add: Profit / (Loss) brought forward from previous year (166,775) (909,762)

Profit / (Loss) adjusted against Security Premium 909,762

Profit / (Loss) carried to Balance Sheet 530,727 (166,775)

GENERAL INDUSTRY TRENDS

The year 2010-11 was overall a good year across sectors of the economy. Rise in crude oil prices and food inflation remained a major concern formost part of the year which required the Central Bank to exercise a continuous tightening of monetary policy. This resulted in a significantincrease in interest costs for industry. The agricultural growth partially offset the drop in industrial production during 2010-11, leading to anoverall GDP growth of over 8.5%.

Organised retail witnessed impressive same store sales growth and most major players aggressively pursued expansion plans, keeping in view themarket opportunity and higher disposable income in the hands of consumers.

COMPANY PERFORMANCE

The Company posted a Gross Retail Turnover of Rs. 20,009,595 thousand and a Profit before Tax of Rs. 375,532 thousand (Loss of Rs.166,775thousand in previous year). The Company grew 56% and added over 900,000 sq. ft. of retail space.

All three major divisions - Lifestyle Department Stores, Home centre and Max Retail performed well during the year. The Company shall pursueits aggressive expansion plans in 2011-12 as well.

Lifestyle Department Stores: This division posted a sales growth of 56% during 2010-11 over the previous year. While new stores launchedduring the year contributed significantly to the growth, the same store sales growth was equally strong at 19.4% during 2010-11. During the year,your Company expanded its operations by opening 10 Lifestyle stores taking the total number of Lifestyle stores to 26.

Home Centre : The furniture and home improvement category performed well and recorded an overall growth of 42% and same store salesgrowth of 17% over the previous year.

The Company opened a Home centre Store in New Delhi taking the total number of stores to 12. Keeping in view the growth plans, the Divisionhas addressed its supply chain needs by setting up a state-of-the art Central Distribution Centre at Chennai.

Max: The affordable fashion brand continues to be well accepted by the consumers across the country. This Division achieved an impressive100% sales growth and 28% same store sales growth over the previous year. The Division added 19 stores during the year, taking the totalnumber of stores to 45.

Max has become a significant player in the value fashion segment and is expected to contribute substantially to the growth and profitability of theCompany in the coming years.

OUTLOOK

While most part of 2010-11 was generally buoyant across all sectors, the effects of inflation started showing in the last quarter of 2010-11. Foodinflation came marginally under control pursuant to continuous monetary policy tightening by the Central Bank. The current increase incommodity prices internationally is likely to have an adverse impact on the manufacturing sector and with the continuing high crude oil prices theinflationary trends are likely to continue.

The rise in input cotton prices together with levy of excise duty on branded garments may result in cost / margin pressures for the retail industryand the Company is taking steps to control inventory, costs and increase operational efficiencies. The continued aggressive expansion plan of the

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Company is expected to ensure growth in the medium to long term.

HUMAN RESOURCES

The Company continues to invest in grooming and nurturing its talent base and has made significant outlays in training employees at all levels.The Company has collaborated with well known organisations to train employees of the Company to meet the increasing demands of thebusiness.

MARKETING INITIATIVES

Lifestyle : During the year, your Company made substantial investments on brand-building and enhancing the visual imagery of the Lifestylebrand. The initiatives include a new television commercial designed to leverage Lifestyles positioning as a youthful, stylish and a vibrant brandthat offers exceptional value for money.

Your Company enhanced its presence in the digital medium through online social networking initiatives including a Facebook page to directlyengage with its target group. The Facebook page has gained popularity and generated good traction in terms of number of fans.

Home Centre : During the year, emphasis was placed on building the Home Centre brand. Brand building initiatives included a campaign carriedout across various Home Improvement & Womens Magazines for various product categories.

Max: Max consolidated its positioning as a Value Fashion Player in the market by creating properties targeting youth and the family, witheffective usage of media and below-the-line activation. The initiatives were designed to provide the customers an opportunity to participate andexperience the brand.

In the year, the brand successfully launched properties such as Max Miss Bangalore and Max Fashion Weekends to highlight fashion trends. Inthe mini metros, it launched properties including Max Fashion Icon and Max Little Icon to engage and bond with its target group.

The Inner Circle (TIC) Loyalty Programme

The Inner Circle, the Consumer Loyalty Program of Lifestyle, continued to gain immense popularity with over 60% customer additions during2010-11. Currently, the Company enjoys a TIC member base of 2.5 million, which contributed to 50% of sales during the year.

IT Initiative

The Company is planning to implement Oracle ERP solutions for merchandise management, store/warehouse operations during the course of thenext year to optimise efficiency at the operating level.

DIVIDEND

Keeping in view the need for capital to further expansion plans, your Directors have not recommended any dividend for the year.

CHANGE IN CAPITAL STRUCTURE

During the year under review, the paid-up equity share capital of your Company has increased from Rs. 1,043,785 thousand to Rs. 1,120,490thousand, consequent to the issue of further shares.

AUDIT COMMITTEE

The Company has an Audit Committee of the Board, comprising Mr. Nani B Javeri, Mr. H Ramanathan and Mr. Sayed Parvez Mustafa. Mr. NaniB Javeri is the Chairman of the Audit Committee.

AWARDS & RECOGNITIONS

During the year under review, your Company has been conferred with various awards as under:

1) Most Admired Large Format Fashion Retailer Award at the Images Fashion Awards 2011

2) Adjudged 2nd amongst the Most Respected Companies in Retail Category by Business World 2011

3) Home Centre was awarded Most Admired Retailer of the Year Home & Interiors Category at the Images Retail Forum 2010.

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EMPLOYEE STOCK OPTION PLAN:

The Company had implemented Employee Stock Option Plan (ESOP) Scheme, 2008, pursuant to which, it had granted 250,000 options to theWhole-time Directors of the Company.

PUBLIC DEPOSITS

Your Company has not accepted any fixed deposits under Section 58A of the Companies Act, 1956, during the year under review and as such noamount of principal or interest was outstanding as on the date of the Balance Sheet.

PARTICULARS OF EMPLOYEES

Information as required to be furnished in terms of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars ofEmployees) Rules, 1975, is annexed to and forms part of this Report.

INFORMATION AS PER SECTION 217(1) (e) OF THE COMPANIES AcT, 1956

As the main activity of the Company is in the nature of retail business, it does not carry any manufacturing activity, wherein consumption ofenergy or availing technology and its absorption etc. are involved. Therefore, the other particulars required under Section 217(1) (e) of theCompanies Act, 1956, read with the provisions of the Companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988,regarding Technology Absorption, Research & Development etc., do not apply.

FOREIGN EXCHANGE EARNINGS AND OUTGO

Foreign Exchange earned: Rs. NIL

Foreign Exchange used : Rs. 1,247,870,074

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors to the best of their knowledge and belief confirm that:

(i) In the preparation of the annual accounts, the applicable accounting standards have been followed by the Company.

(ii) Appropriate accounting policies have been selected and applied consistently and such judgments and estimates have been made that arereasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31 March 2011 and the profit of thestCompany for the year ended on that date.

(iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

(iv) Accounts have been prepared on a going concern basis.

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DIRECTORS

The Board of Directors at its meeting held on 4 August 2010 and 2 November 2010 has appointed Mr. Nani B. Javeri and Mr. Sayed Parvezth ndMustafa, respectively, as Additional Directors of the Company.

Mr. Nimo Punwani resigned as Director of the Company on 3 March 2011.rd

AUDITORS

M/s. Price Waterhouse, Chartered Accountants, the Auditors of the Company retire at the ensuing Annual General Meeting and are eligible forre-appointment.

PARA 9 OF ANNEXURE TO THE AUDITORS REPORT

With reference to the observation made by the Auditors in para 9(a) of the annexure to their report with regard to delay in deposit of ProvidentFund (PF) and Employees State Insurance (ESI) dues to the concerned authorities, the delay in remittance of PF and ESI contributions in fewcases were due to difficulties experienced in remittance through on-line payment system and also due to delay in allotting employer sub-codes bythese authorities in few locations where the Company newly started operations. However, the Company has since put in place a system to obviatesuch delays.

PARA 17 OF ANNEXURE TO THE AUDITORS REPORT

With reference to the observation made by the Auditors in para 17 of the annexure to their report with regard to use of short term funds for longterm purposes, the utilisation of short term funds for long term purposes was primarily due to the Company incurring the capital expenditure firstand thereafter seeking disbursement of long term loan from the banks. However, the Company has initiated measures to address the issue infuture.

ACKNOWLEDGEMENT

Your Directors thank the bankers, vendors, and customers for their continued support and also record their appreciation of the concerted efforts put in by the employees of the Company.

For and on behalf of the Board of Directors

Place: Bangalore Kabir Lumba M. Vasanth Kumar

Date: 6th June 2011 Managing Director Executive Director

Annexure to the Directors' Report 2010-11 Statement under Sub-section (2A) of Section 217 of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended, and forming part of the Directors' Report for the year ended 31st March 2011

SlNO

EmployeeName

Age Designation & Nature of duties

RemunerationReceived

Qualification ExperienceIn Years

Date ofEmployment

Previous Employment Held

1 ChandrasekaranS

44 President South andWestern Operations

6988367 ACA 18 Years 01-Aug-02 Deputy General Manager-Shoemart LLC UAE

2 Kabir Lumba 43 Managing Director 16113381 Bcom 17 Years 14-Mar-04 Chief Operating Officer- ProlineIndia Ltd

7


3ShekarChathapuram

48President - RetailOperations

6008979 BE 27 years 25-Nov-05Retail Manager - Landmark Group- Dubai

4 SundararamanN

48 President - Group Finance& Corporate Affairs

6356640 BSC, CA,ICWA

20 Years 04-Jan-06 Deputy General Manager BusinessDevelopment, Landmark -UAE

5Vasanth KumarM

50 Executive Director 13533983BE MTECHDBM

19 years 19-Feb-05 Vice President - Madura Garments

Notes *Employed for part of the year. None of the aforesaid employees are related to any directors of the company.

01/04/2010 to 31/03/2011Details of directors signing board report

Unless otherwise specified, all monetary values are in INR1 2

Name of director signing board report [abstract] First name of director KABIR VASANTH Last name of director LUMBA KUMAR M Designation of director MANAGING DIRECTOR Whole-time director Director identification number of director 00181791 00318913 Date of signing board report 06/06/2011 06/06/2011

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[620000] Disclosures - Auditors report


01/04/2010 to

31/03/2011Disclosure in auditor’s report [text block] Textual information (2) [See below] Whether auditors' report has been qualified or hasany reservations or contains adverse remarks

Yes

Disclosure in auditors report relating to fixed assets Disclosure relating to quantitative details of fixedassets

The Company is Maintaining proper records showing full particulars, Includingquantitative details & situation of fixed assets.

Disclosure relating to physical verification andmaterial discrepancies of fixed assets


Disclosure relating to fixed assets disposed offIn our Opinion & according to the information and explanations given to us, asubstantial part of fixed assets has not been disposed off by the company duringthe year.

Disclosure in auditors report relating to inventories Disclosure of physical verification of inventoriesat fixed intervals


Disclosure of procedure followed for physicalverification of inventories

In our opinion the procedure of physical verification of inventories followed bythe management are reasonable and adequate in relation to the size of thecompany & nature of its business.

Disclosure about maintenance of inventoryrecords and material discrepancies


Disclosure in auditors report relating to loans Disclosure about loans granted or taken by partiescovered under section301 of companies act


Disclosure regarding terms and conditions ofloans granted or taken


Disclosure in auditors report relating to internalcontrol system


Disclosure in auditors report relating to contractsand arrangements under section301 of companies act


Disclosure relating to reasonability of transactions Textual information (10) [See below] Disclosure in auditors report relating to depositsaccepted from public

The Company has not accepted any deposits from the public within the meaningof Sections 58A and 58AA of the Act and the rules framed there under.

Disclosure in auditors report relating to companiesinternal audit system

In our opinion, the Company has an internal audit system commensurate with itssize and nature of its business.

Disclosure in auditors report relating to statutorydues


Disclosure relating to regularity in payment ofundisputed statutory dues


Disclosure in auditors report relating to accumulatedlosses

The Company has no accumulated losses as at March 31, 2011 and it has notincurred any cash losses in the financial year ended on that date or in theimmediately preceding financial year

Disclosure in auditors report relating to default inrepayment of financial dues


Disclosure in auditors report relating to loans andadvances granted by way of pledge of sharesdebentures and other securities

The Company has not granted any loans and advances on the basis of security byway of pledge of shares, debentures and other securities.

Disclosure in auditors report relating to provisionsunder special statute

The provisions of any special statute applicable to chit fund / nidhi / mutualbenefit fund/ societies are not applicable to the Company.

Disclosure in auditors report relating to guaranteegiven

In our opinion and according to the information and explanations given to us, theCompany has not given any guarantee for loans taken by others from banks orfinancial institutions during the year.

Disclosure in auditors report relating to term loansused for purpose other than for purpose they wereraised

In our opinion, and according to the information and explanations given to us, onan overall basis, the term loans have been applied for the purposes for which theywere obtained.

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Disclosure in auditors report relating to nature andamount of fund raised for short-term has been used forlong-term or vice versa


Disclosure in auditors report relating to preferentialallotment of shares

The Company has not made any preferential allotment of shares to parties andcompanies covered in the register maintained under Section 301 of the Act duringthe year

Disclosure in auditors report relating to securitiescreated against debentures issued

The Company has created security or charge in respect of debentures issued andoutstanding at the year-end.

Disclosure in auditors report relating to purpose andend use of money raised through public issues

The Company has not raised any money by public issues during the year

Disclosure in auditors report relating to any materialfraud reported during period


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Disclosure in auditor’s report [text block]

Auditors' Report

To the Members of Lifestyle International Private Limited

1. We have audited the attached Balance Sheet of Lifestyle International Private Limited (the "Company") as at March 31, 2011, and the relatedProfit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto, which we have signed under reference to

Management. Our responsibility is to express an opinion on thesethis report. These financial statements are the responsibility of the Company's financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan andperform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003, as amended by the Companies (Auditor's Report) (Amendment) Order, 2004(together the "Order"), issued by the Central Government of India in terms of sub-section (4A) of Section 227 of 'The Companies Act, 1956' of India (the `Act') and on the basis of such checks of the books and records of the Company as we considered appropriate and according to theinformation and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that:

a) We have obtained all the information and explanations which, to the best of our and belief, were necessary for the purposes of our audit;

b) In our opinion, proper books of account as required by law have been kept by he Company so far as appears from our examination of thosebooks;

c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accountingstandards referred to in sub-section (3C) of Section 211 of the Act;

e) On the basis of written representations received from the directors, as on March 31, 2011 and taken on record by the Board of Directors,none of the directors is disqualified as on March 31, 2011 from being appointed as a director in terms of clause (9) of sub-section (1) of Section274 of the Act;

f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together withthe prescribed manner, the information required by the Act, and give a true and fair view in the notes thereon and attached thereto give, in

conformity with the accounting principles generally accepted in India:

i. in the case of the Balance Sheet, of the state of affairs of the company as at March 31,

2011;

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ii. in the case of the Profit and Loss Account, of the profit for the year ended on that date;

iii. in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.


Disclosure relating to physical verification and material discrepancies of fixed assetsThe fixed assets are physically verified by the Management according to a phased programme designed to cover all the items over a period of 3years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, aportion of the fixed assets has been physically verified by the Management during the year and no material discrepancies between the bookrecords and the physical inventory have been noticed.


Disclosure of physical verification of inventories at fixed intervalsThe Inventory has been physically verified by the management during the year. In Respect of invrntory lying with the third parties, these havesubstantially confirmed by them. In our opinion the frequency of verification is reasonable.


Disclosure about maintenance of inventory records and material discrepanciesOn the basis of our examination of the inventory records in our opinion the company is maintaining proper records of inventory. Thediscrepancies noticed on physical verification of inventory as compared to book records were not material.


Disclosure about loans granted or taken by parties covered under section301 of companies actThe company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained underSection 301 of the Act and accordingly, paragraphs iii(b), iii(c) and iii(d) of the Order, are not applicable.


Disclosure regarding terms and conditions of loans granted or takenThe company has not taken any loans secured or unsecured, from companies, firms or other parties covered in the register maintained underSection 301 of the Act and accordingly, paragraphs iii(f) and iii(g) of the Order, are not applicable


Disclosure in auditors report relating to internal control systemIn our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with thesize of the Company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods. Further, on the basis of ourexamination of the books and records of the Company, and according to the information and explanations given to us, we have neither comeacross nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system.

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Disclosure in auditors report relating to contracts and arrangements under section301 of companies actIn our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section301 of the Act have been entered in the register required to be maintained under that section.


Disclosure relating to reasonability of transactionsIn our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts orarrangements and exceeding the value of Rupees Five Lakhs in respect of any party during the year have been made at prices which arereasonable having regard to the prevailing market prices at the relevant time.


Disclosure in auditors report relating to statutory duesAccording to the information and explanations given to us and the records of the Company examined by us, in our opinion, except dues in respectof employees' state insurance and provident fund the Company is regular in depositing the undisputed statutory dues including provident fund,investor education and protection fund, employees' state insurance, income-tax, sales-tax, wealth tax, service tax, customs duty, excise duty, cessand other material statutory dues as applicable with the appropriate authorities


Disclosure relating to regularity in payment of undisputed statutory duesAccording to the information and explanations given to us and the records of the Company examined by us, there are no dues of income-tax,sales-tax, wealth-tax, service-tax, customs duty, excise duty and cess which have not been deposited on account of any dispute.


Disclosure in auditors report relating to default in repayment of financial duesAccording to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted inrepayment of dues to any financial institution or bank or debenture holders as at the balance sheet date.


Disclosure in auditors report relating to nature and amount of fund raised for short-term has been used for long-termor vice versa

On the basis of an overall examination of the balance sheet of the company, in our opinion and according to the information and explanationsgiven to us, short term funds amounting to Rs. 213,454,964/- have been used for long term purposes


Disclosure in auditors report relating to any material fraud reported during periodDuring the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditingpractices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by theCompany, noticed or reported during the year, nor have we been informed of such case by the Management.

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01/04/2010 to 31/03/2011Details regarding auditors

Unless otherwise specified, all monetary values are in INR1

Name of audit firm PRICE WATERHOUSE Name of auditor signing report DIBYENDU MAJUMDER Membership number of auditor 57687

Address of auditorsTHE MILLENIA, TOWER 'D' , 6TH FLOOR, #1 & 2, MURPHY ROAD, ULSOOR,BANGALORE - 560008

Permanent account number of auditor orauditor's firm

AAFFP3698A

SRN of form 23B S03215100 Date of signing audit report by auditors 06/06/2011 Date of signing of balance sheet by auditors 06/06/2011

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[100000] Sources and Application of Funds


31/03/2011 31/03/2010 31/03/2009Sources application funds [abstract] Sources of funds [abstract] Shareholders' funds [abstract] Paid-up share capital 112,04,90,300 104,37,85,200 Reserves surplus 179,01,23,166 89,65,30,163 73,52,91,376 Shareholders' funds 291,06,13,466 194,03,15,363 Share application money pending allotment [abstract] Equity share capital pending allotment 126 126 Securities premium pending allotment 0 3,73,12,500 Share application money pending allotment 126 3,73,12,626 Loan funds [abstract] Secured loans 334,98,86,650 226,76,36,379 Unsecured loans 10,02,00,028 0 Loan funds 345,00,86,678 226,76,36,379 Sources of funds 636,07,00,270 424,52,64,368 Application of funds [abstract] Fixed assets [abstract] Net block [abstract] Gross block 479,63,00,586 338,30,45,214 280,65,35,637 Accumulated depreciation, amortization and impairment [abstract] Accumulated depreciation amortisation 178,79,14,738 130,60,68,570 94,71,29,580 Accumulated impairment 79,57,037 1,70,10,488 1,26,95,162 Accumulated depreciation amortisation impairment 179,58,71,775 132,30,79,058 95,98,24,742 Net block 300,04,28,811 205,99,66,156 184,67,10,895 Capital work-in progress, net 37,61,73,148 23,46,30,692 Fixed assets 337,66,01,959 229,45,96,848 Investments, net 0 0 Net deferred tax asset 32,19,69,700 0 Net current assets [abstract] Current assets loans advances [abstract] Current assets [abstract] Sundry debtors 13,71,74,169 6,17,35,224 Cash bank balance 3,65,20,200 7,05,95,206 Inventories 530,43,15,358 318,54,63,099 Other current assets 153,21,57,666 125,47,39,256 Current assets 701,01,67,393 457,25,32,785 Loans advances 61,94,62,263 44,85,98,628 Current assets loans advances 762,96,29,656 502,11,31,413 Current liabilities provisions [abstract] Current liabilities 458,22,66,905 284,25,81,645 Provisions 38,52,34,140 22,78,82,248 Current liabilities provisions 496,75,01,045 307,04,63,893 Net current assets 266,21,28,611 195,06,67,520 Miscellaneous expenditure not written off 0 0 Profit loss debit balance 0 0 Application of funds 636,07,00,270 424,52,64,368

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[640000] Disclosures - Signatories of balance sheet


01/04/2010 to

31/03/2011Details of signatories of balance sheet [abstract] Details of company secretary [abstract] Name of company secretary S JAGADISHA RAO Permanent account number of company secretary AEMPR3380J Date of signing of balance sheet by company secretary 06/06/2011

01/04/2010 to 31/03/2011Details of directors signing balance sheet


Name of director signing balance sheet [abstract] First name of director KABIR VASANTH Last name of director LUMBA KUMAR M Designation of director MANAGING DIRECTOR EXECUTIVE DIRECTOR Director identification number of director 00181791 00318913 Date of signing of balance sheet by director 06/06/2011 06/06/2011

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[300000] Statement of Cash Flow, Indirect Method


01/04/2010 to

31/03/2011

01/04/2009 to

31/03/201031/03/2009

Cash flow statement [abstract] Net increase decrease cash and cash equivalents [abstract] Net cash flow from used in operating activities [abstract] Net profit loss before tax extraordinary items 37,55,31,429 -16,67,74,441 Adjustments profit loss operations [abstract] Adjustment depreciation depletion amortisation [abstract] Adjustment depreciation 54,56,48,318 34,12,88,521 Adjustment depreciation depletion amortisation 54,56,48,318 34,12,88,521 Adjustment provisions, net [abstract] Adjustment provision doubtful debts advances 9,19,83,056 4,27,85,411 Adjustment provisions, net 9,19,83,056 4,27,85,411 Adjustment employee compensation [abstract] Adjustment employee stock option plan 16,28,874 25,36,479 Adjustment employee compensation 16,28,874 25,36,479 Adjustment gain loss sale disposal fixed assets 3,24,76,536 2,91,34,486 Adjustment gain loss foreign exchange fluctuations -24,05,256 -1,25,050 Adjustment interest expense 25,35,66,788 21,96,78,223 Adjustments profit loss operations 92,28,98,316 63,52,98,070 Operating profit loss before changes working capital 129,84,29,745 46,85,23,629 Changes working capital [abstract] Changes current assets loans advances [abstract] Changes inventories -211,88,52,259 -57,29,49,561 Changes sundry debtors -7,54,38,945 -2,75,27,259 Changes loans advances -18,98,69,471 5,31,27,238 Changes current assets loans advances -238,41,60,675 -54,73,49,582 Changes current liabilities provisions [abstract] Changes other liabilities 179,11,95,025 76,97,41,850 Changes current liabilities provisions 179,11,95,025 76,97,41,850 Changes working capital -59,29,65,650 22,23,92,268 Cash from generated operations 70,54,64,095 69,09,15,897 Direct taxes paid refunded 7,29,77,221 2,30,76,861 Net cash flow from used in operating activities 63,24,86,874 66,78,39,036 Net cash flow used in investing activities [abstract] Purchase development fixed assets [abstract] Purchase tangible fixed assets 142,67,94,871 46,32,70,672 Purchase development fixed assets 142,67,94,871 46,32,70,672 Purchase other assets 14,15,42,456 13,36,83,963 Purchase investment property 27,74,18,410 29,05,41,928 Proceeds sale disposal fixed assets [abstract] Proceeds sale disposal tangible fixed assets 1,64,54,746 95,08,101 Proceeds sale disposal fixed assets 1,64,54,746 95,08,101 Net cash flow used in investing activities -182,93,00,991 -87,79,88,462 Net cash flow from used in financing activities [abstract] Proceeds issue share capital [abstract] Proceeds issue equity share capital 23,38,55,600 62,00,00,000 Proceeds issue share capital 23,38,55,600 62,00,00,000 Proceeds financial liabilities [abstract] Proceeds long-term borrowings 49,22,76,961 28,32,40,442 Proceeds short-term borrowings 69,01,73,338 -43,93,10,486 Proceeds financial liabilities 118,24,50,299 -15,60,70,044 Interest financial expenses paid [abstract]

17


Interest expense long-term loans paid 25,35,66,788 21,96,78,223 Interest financial expenses paid 25,35,66,788 21,96,78,223 Net cash flow from used in financing activities 116,27,39,111 24,42,51,733 Net increase decrease cash and cash equivalents -3,40,75,006 3,41,02,307 Cash and Cash Equivalents, Ending Balance 3,65,20,200 7,05,95,206 3,64,92,899

[100100] Schedule - Share capital


31/03/2011 31/03/2010Share capital [abstract] Authorised share capital [abstract] Authorised equity share capital 125,00,00,000 125,00,00,000 Authorised preference share capital 0 0 Authorised share capital 125,00,00,000 125,00,00,000 Issued subscribed share capital [abstract] Issued share capital [abstract] Equity share capital issued 112,04,90,300 104,37,85,200 Preference share capital issued 0 0 Issued share capital 112,04,90,300 104,37,85,200 Subscribed share capital [abstract] Equity share capital subscribed 112,04,90,300 104,37,85,200 Preference share capital subscribed 0 0 Subscribed share capital 112,04,90,300 104,37,85,200 Paid-up share capital [abstract] Paid-up equity share capital 112,04,90,300 104,37,85,200 Paid-up preference share capital 0 0 Paid-up share capital 112,04,90,300 104,37,85,200

01/04/2010 to 31/03/2011Details of every class of share capital


Type of share Equity Nature of share Equity Nominal value per authorised share [INR/shares] 10 Number of authorised shares [shares] 12,50,00,000 Value of authorised shares 125,00,00,000 Nominal value per issued share [INR/shares] 10 Number of issued shares [shares] 11,20,49,030 Value of issued shares 112,04,90,300 Nominal value per subscribed share [INR/shares] 10 Number of subscribed shares [shares] 11,20,49,030 Value of subscribed shares 112,04,90,300 Nominal value per paid-up share [INR/shares] 10 Number of paid-up shares [shares] 11,20,49,030 Value of paid-up shares 112,04,90,300

18


01/04/2009 to 31/03/2010Details of every class of share capital


Type of share Equity Nature of share Equity Nominal value per authorised share [INR/shares] 10 Number of authorised shares [shares] 12,50,00,000 Value of authorised shares 125,00,00,000 Nominal value per issued share [INR/shares] 10 Number of issued shares [shares] 10,43,78,520 Value of issued shares 104,37,85,200 Nominal value per subscribed share [INR/shares] 10 Number of subscribed shares [shares] 10,43,78,520 Value of subscribed shares 104,37,85,200 Nominal value per paid-up share [INR/shares] 10 Number of paid-up shares [shares] 10,43,78,520 Value of paid-up shares 104,37,85,200

[100200] Schedule - Reserves and Surplus


01/04/2010 to

31/03/2011

01/04/2009 to

31/03/201031/03/2009

Reserves surplus [abstract] Employee stock option reserve [abstract] Changes employee stock option reserve [abstract] Additions employee stock option reserve 16,28,874 25,35,479 Changes employee stock option reserve 16,28,874 25,35,479 Employee Stock Option Reserve, Ending Balance 57,48,233 41,19,359 15,83,880 Securities premium [abstract] Changes securities premium [abstract] Additions securities premium 19,44,63,000 46,50,00,000 Other deductions securities premium 0 104,92,84,355 Changes securities premium 19,44,63,000 -58,42,84,355 Securities Premium, Ending Balance 125,36,48,245 105,91,85,245 164,34,69,600 Profit loss account [abstract] Changes profit loss account [abstract] Additions profit loss account 69,75,01,129 90,97,62,104 Deductions profit loss account 0 16,67,74,441 Changes profit loss account 69,75,01,129 74,29,87,663 Profit (Loss) Account, Ending Balance 53,07,26,688 -16,67,74,441 -90,97,62,104 Reserves surplus 179,01,23,166 89,65,30,163 73,52,91,376

19


[100210] Schedule - Reserves and Surplus [Summary]


01/04/2010 to

31/03/2011

01/04/2009 to

31/03/201031/03/2009

Reserves surplus [abstract] Changes reserves surplus 89,35,93,003 16,12,38,787 Reserves and Surplus, Ending Balance 179,01,23,166 89,65,30,163 73,52,91,376

[100300] Schedule - Secured debt


31/03/2011 31/03/2010Secured loans [abstract] Rupee term loans secured [abstract] Rupee term loans banks secured 169,02,39,400 129,81,62,467 Rupee term loans secured 169,02,39,400 129,81,62,467 Working capital loans secured [abstract] Working capital loans banks secured 143,05,35,274 67,81,07,235 Working capital loans others secured 22,91,11,976 29,13,66,677 Working capital loans secured 165,96,47,250 96,94,73,912 Secured loans 334,98,86,650 226,76,36,379

[100400] Schedule - Unsecured debt


31/03/2011 31/03/2010Unsecured loans [abstract] Public deposits unsecured 0 0 Finance lease obligation long-term unsecured 10,02,00,028 0 Unsecured loans 10,02,00,028 0

20


[100600] Schedule - Fixed assets


01/04/2010 to

31/03/2011

01/04/2009 to

31/03/201031/03/2009

Summary of assets [abstract] Net block [abstract] Additions to, gross block during period 153,50,42,253 65,22,78,021 Deductions in, gross block during period 12,17,86,881 7,57,68,444 Gross block, at end of period 479,63,00,586 338,30,45,214 280,65,35,637 Accumulated depreciation, amortization and impairment [abstract] Depreciation amortisation during period 55,47,01,769 39,60,64,846 Deductions in depreciation amortisation during period 7,28,55,602 3,71,25,856 Accumulated depreciation amortisation, at end of period 178,79,14,738 130,60,68,570 94,71,29,580 Impairment during period 21,30,021 63,90,717 Reversal of impairment during period 1,11,83,472 20,75,391 Accumulated impairment, at end of period 79,57,037 1,70,10,488 1,26,95,162 Accumulated depreciation amortisation impairment, at end of period 179,58,71,775 132,30,79,058 95,98,24,742 Net block, at end of period 300,04,28,811 205,99,66,156 184,67,10,895Capital work-in progress, net [abstract] Tangible assets work-in progress, net 25,75,59,983 15,88,77,307 Capital advances, net 11,86,13,165 7,57,53,385 Capital work-in progress, net 37,61,73,148 23,46,30,692Classes of assets [abstract] Tangible assets, net [abstract] Land and land improvements, net [abstract] Land, net [abstract] Free hold land, net [abstract] Free hold land, gross, at end of period 23,85,84,543 23,85,84,543 23,85,84,543 Accumulated impairment free hold land, at end of period 0 0 Free hold land, net, at end of period 23,85,84,543 23,85,84,543 23,85,84,543 Lease hold land, net [abstract] Accumulated amortisation leasehold land, at end of period 0 0 Accumulated impairment lease hold land, at end of period 0 0 Land, net 23,85,84,543 23,85,84,543 Land improvements, net [abstract] Accumulated depreciation land improvements, at end of period 0 0 Accumulated impairment land improvements, at end of period 0 0 Land and land improvements, net 23,85,84,543 23,85,84,543 Building and building improvements, net [abstract] Building, net [abstract] Residential building, net [abstract] Accumulated depreciation residential building, at end of period 0 0 Accumulated impairment residential building, at end of period 0 0 Office building, net [abstract] Accumulated depreciation office building, at end of period 0 0 Accumulated impairment office building, at end of period 0 0 Factory building, net [abstract] Accumulated depreciation factory building, at end of period 0 0 Accumulated impairment factory building, at end of period 0 0 Other building, net [abstract] Deductions in other building, gross during period 37,85,738 0 Other building, gross, at end of period 22,93,46,290 23,31,32,028 23,31,32,028 Depreciation other building during period 43,31,150 38,02,382 Deductions in depreciation other building during period 0 5,38,455 Other adjustments to depreciation other building during period -30,262 0

21


Accumulated depreciation other building, at end of period 3,82,08,344 3,39,07,456 3,06,43,529 Accumulated impairment other building, at end of period 0 0 Other building, net, at end of period 19,11,37,946 19,92,24,572 20,24,88,499 Building, net 19,11,37,946 19,92,24,572 Building improvements, net [abstract] Accumulated depreciation building improvements, at end of period 0 0 Accumulated impairment building improvements, at end of period 0 0 Building and building improvements, net 19,11,37,946 19,92,24,572 Plant machinery, net [abstract] Additions to plant machinery, gross during period 21,78,83,607 14,65,18,394 Deductions in plant machinery, gross during period 41,35,86,905 1,84,75,377 Plant machinery, gross, at end of period 55,88,69,802 75,45,73,100 62,65,30,083 Depreciation plant machinery during period 7,81,18,635 9,47,87,203 Deductions in depreciation plant machinery during period 1,69,32,799 63,51,973 Other adjustments to depreciation plant machinery during period -16,15,00,937 0 Accumulated depreciation plant machinery, at end of period 23,66,45,337 33,69,60,438 24,85,25,208 Reversal of impairment plant machinery during period 38,60,430 20,75,391 Accumulated impairment plant machinery, at end of period 13,87,331 52,47,761 73,23,152 Plant machinery, net, at end of period 32,08,37,134 41,23,64,901 37,06,81,723 Equipments, net [abstract] Office equipments, net [abstract] Accumulated depreciation office equipments, at end of period 0 0 Accumulated impairment office equipments, at end of period 0 0 Factory equipments, net [abstract] Accumulated depreciation factory equipments, at end of period 0 0 Accumulated impairment factory equipments, at end of period 0 0 Computer equipments, net [abstract] Additions to computer equipments, gross during period 9,26,06,688 2,81,03,077 Deductions in computer equipments, gross during period 23,75,861 3,77,303 Computer equipments, gross, at end of period 28,54,54,264 19,52,23,437 16,74,97,663 Depreciation computer equipments during period 4,17,42,230 3,31,28,828 Deductions in depreciation computer equipments during period 49,01,176 93,989 Other adjustments to depreciation computer equipments during period 3,68,673 0 Accumulated depreciation computer equipments, at end of period 15,93,11,016 12,21,01,289 8,90,66,450 Impairment computer equipments during period 3,35,230 0 Accumulated impairment computer equipments, at end of period 3,35,230 0 Computer equipments, net, at end of period 12,58,08,018 7,31,22,148 7,84,31,213 Other equipments, net [abstract] Accumulated depreciation other equipments, at end of period 0 0 Accumulated impairment other equipments, at end of period 0 0 Equipments, net 12,58,08,018 7,31,22,148 Furniture fixtures, net [abstract] Additions to furniture fixtures, gross during period 54,25,02,517 30,52,89,979 Deductions in furniture fixtures, gross during period 35,34,16,215 4,23,55,734 Furniture fixtures, gross, at end of period 167,49,45,916 148,58,59,614 122,29,25,369 Depreciation furniture fixtures during period 22,29,60,323 20,04,57,053 Deductions in depreciation furniture fixtures during period 3,22,09,956 1,83,58,891 Other adjustments to depreciation furniture fixtures during period -12,38,38,045 0 Accumulated depreciation furniture fixtures, at end of period 72,98,43,093 66,29,30,770 48,08,32,607 Impairment furniture fixtures during period 0 44,14,429 Reversal of impairment furniture fixtures during period 73,23,042 0 Accumulated impairment furniture fixtures, at end of period 16,08,783 89,31,825 45,17,396 Furniture fixtures, net, at end of period 94,34,94,040 81,39,97,019 73,75,75,366 Vehicles, net [abstract] Ships vessels, net [abstract] Accumulated depreciation ships vessels, at end of period 0 0 Accumulated impairment ships vessels, at end of period 0 0 Aircrafts helicopters, net [abstract] Accumulated depreciation aircrafts helicopters, at end of period 0 0 Accumulated impairment aircrafts helicopters, at end of period 0 0

22


Motor vehicles, net [abstract] Additions to motor vehicles, gross during period 38,51,364 0 Deductions in motor vehicles, gross during period 8,13,584 31,42,860 Motor vehicles, gross, at end of period 1,96,69,747 1,66,31,967 1,97,74,827 Depreciation motor vehicles during period 22,52,910 25,99,136 Deductions in depreciation motor vehicles during period 8,13,584 29,41,452 Accumulated depreciation motor vehicles, at end of period 1,34,85,551 1,20,46,225 1,23,88,541 Accumulated impairment motor vehicles, at end of period 0 0 Motor vehicles, net, at end of period 61,84,196 45,85,742 73,86,286 Vehicles, net 61,84,196 45,85,742 Leasehold properties, net [abstract] Leasehold improvements, net [abstract] Additions to leasehold improvements, gross during period 56,35,77,514 16,55,30,971 Deductions in leasehold improvements, gross during period -65,28,87,586 1,14,17,170 Leasehold improvements, gross, at end of period 164,76,01,413 43,11,36,313 27,70,22,512 Depreciation leasehold improvements during period 19,25,49,492 5,76,12,357 Deductions in depreciation leasehold improvements during period 1,79,98,087 88,41,096 Other adjustments to depreciation leasehold improvements during period 28,50,96,276 0 Accumulated depreciation leasehold improvements, at end of period 57,93,77,178 11,97,29,497 7,09,58,237 Impairment leasehold improvements during period 17,94,791 19,76,288 Accumulated impairment leasehold improvements, at end of period 46,25,693 28,30,902 8,54,614 Leasehold improvements, net, at end of period 106,35,98,542 30,85,75,914 20,52,09,661 Leasehold building, net [abstract] Accumulated depreciation leasehold building, at end of period 0 0 Accumulated impairment leasehold building, at end of period 0 0 Leasehold plant machinery, net [abstract] Accumulated depreciation leasehold plant machinery, at end of period 0 0 Reversal of impairment plant machinery during period 38,60,430 20,75,391 Accumulated impairment leasehold plant machinery, at end of period 0 0 Leasehold equipments, net [abstract] Accumulated depreciation leasehold equipments, at end of period 0 0 Accumulated impairment leasehold equipments, at end of period 0 0 Leasehold vehicles, net [abstract] Accumulated depreciation leasehold vehicles, at end of period 0 0 Accumulated impairment leasehold vehicles, at end of period 0 0 Leasehold other assets, net [abstract] Accumulated depreciation leasehold other assets, at end of period 0 0 Accumulated impairment leasehold other assets, at end of period 0 0 Leasehold properties, net 106,35,98,542 30,85,75,914 Livestock, net [abstract] Accumulated impairment livestock, at end of period 0 0 Bridges roads ports culverts, net [abstract] Accumulated depreciation bridges roads ports culverts, at end of period 0 0 Accumulated impairment bridges roads ports culverts, at end of period 0 0 Railway sidings, net [abstract] Accumulated depreciation railway sidings, at end of period 0 0 Accumulated impairment railway sidings, at end of period 0 0 Plantations, net [abstract] Accumulated depreciation plantations, at end of period 0 0 Accumulated impairment plantations, at end of period 0 0 Books periodicals, net [abstract] Accumulated depreciation books periodicals, at end of period 0 0 Accumulated impairment books periodicals, at end of period 0 0 Mines quarries, net [abstract] Accumulated depreciation mines quarries, at end of period 0 0 Accumulated impairment mines quarries, at end of period 0 0 Other fixed assets, net [abstract] Accumulated depreciation other fixed assets, at end of period 0 0 Accumulated impairment other fixed assets, at end of period 0 0 Intangible assets, net [abstract]

23


Acquired goodwill, net [abstract] Accumulated amortisation acquired goodwill, at end of period 0 0 Accumulated impairment acquired goodwill, at end of period 0 0 Knowhow, net [abstract] Accumulated amortisation knowhow, at end of period 0 0 Accumulated impairment knowhow, at end of period 0 0 Computer software, net [abstract] Additions to computer software, gross during period 14,51,702 68,35,600 Deductions in computer software, gross during period 6,96,164 0 Computer software, gross, at end of period 2,64,65,379 2,57,09,841 1,88,74,241 Amortisation computer software during period 41,77,604 36,77,887 Other adjustments to amortisation computer software during period -95,705 0 Accumulated amortisation computer software, at end of period 2,02,80,423 1,61,98,524 1,25,20,637 Accumulated impairment computer software, at end of period 0 0 Computer software, net, at end of period 61,84,956 95,11,317 63,53,604 Patents trademarks design, net [abstract] Patents trademarks design, gross, at end of period 21,94,371 21,94,371 21,94,371 Accumulated amortisation patents trademarks design, at end of period 21,94,371 21,94,371 21,94,371 Accumulated impairment patents trademarks design, at end of period 0 0 Commercial contractual rights, net [abstract] Accumulated amortisation commercial contractual rights, at end of period 0 0 Accumulated impairment commercial contractual rights, at end of period 0 0 Licenses, net [abstract] Accumulated amortisation licenses, at end of period 0 0 Accumulated impairment licenses, at end of period 0 0 Development cost, net [abstract] Accumulated amortisation development cost, at end of period 0 0 Accumulated impairment development cost, at end of period 0 0 Other intangible assets, net [abstract] Accumulated amortisation other intangible assets, at end of period 0 0 Accumulated impairment other intangible assets, at end of period 0 0 Assets financial lease, net [abstract] Additions to assets financial lease, gross during period 11,31,68,861 0 Assets financial lease, gross, at end of period 11,31,68,861 0 Depreciation amortisation assets financial lease during period 85,69,425 0 Accumulated depreciation amortisation assets financial lease, at end of period 85,69,425 0 Accumulated impairment assets financial lease, at end of period 0 0 Assets financial lease, net, at end of period 10,45,99,436 0

24


[100610] Schedule - Fixed assets, net-gross classification


01/04/2010 to

31/03/2011

01/04/2009 to

31/03/201031/03/2009

Gross block [abstract] Tangible assets, gross [abstract] Land and land improvements, gross [abstract] Land, gross [abstract] Free hold land, gross 23,85,84,543 23,85,84,543 23,85,84,543 Land, gross 23,85,84,543 23,85,84,543 Land and land improvements, gross 23,85,84,543 23,85,84,543 Building and building improvements, gross [abstract] Building, gross [abstract] Other building, gross 22,93,46,290 23,31,32,028 23,31,32,028 Building, gross 22,93,46,290 23,31,32,028 Building and building improvements, gross 22,93,46,290 23,31,32,028 Plant machinery, gross 55,88,69,802 75,45,73,100 62,65,30,083 Equipments, gross [abstract] Computer equipments, gross 28,54,54,264 19,52,23,437 16,74,97,663 Equipments, gross 28,54,54,264 19,52,23,437 Furniture fixtures, gross 167,49,45,916 148,58,59,614 122,29,25,369 Vehicles, gross [abstract] Motor vehicles, gross 1,96,69,747 1,66,31,967 1,97,74,827 Vehicles, gross 1,96,69,747 1,66,31,967 Leasehold properties, gross [abstract] Leasehold improvements, gross 164,76,01,413 43,11,36,313 27,70,22,512 Leasehold properties, gross 164,76,01,413 43,11,36,313 Tangible assets, gross 465,44,71,975 335,51,41,002 Intangible assets, gross [abstract] Computer software, gross 2,64,65,379 2,57,09,841 1,88,74,241 Patents trademarks design, gross 21,94,371 21,94,371 21,94,371 Intangible assets, gross 2,86,59,750 2,79,04,212 Assets financial lease, gross 11,31,68,861 0 Gross block 479,63,00,586 338,30,45,214 280,65,35,637Accumulated depreciation, amortization and impairment [abstract] Accumulated depreciation amortisation [abstract] Accumulated depreciation on tangible assets [abstract] Accumulated depreciation land and land improvements [abstract] Accumulated depreciation land [abstract] Accumulated amortisation leasehold land 0 0 Accumulated depreciation land 0 0 Accumulated depreciation land improvements 0 0 Accumulated depreciation land and land improvements 0 0 Accumulated depreciation building and building improvements [abstract] Accumulated depreciation building [abstract] Accumulated depreciation residential building 0 0 Accumulated depreciation office building 0 0 Accumulated depreciation factory building 0 0 Accumulated depreciation other building 3,82,08,344 3,39,07,456 3,06,43,529 Accumulated depreciation building 3,82,08,344 3,39,07,456 Accumulated depreciation building improvements 0 0 Accumulated depreciation Building and building improvements 3,82,08,344 3,39,07,456 Accumulated depreciation plant machinery 23,66,45,337 33,69,60,438 24,85,25,208 Accumulated depreciation equipments [abstract] Accumulated depreciation office equipments 0 0

25


Accumulated depreciation factory equipments 0 0 Accumulated depreciation computer equipments 15,93,11,016 12,21,01,289 8,90,66,450 Accumulated depreciation other equipments 0 0 Accumulated depreciation equipments 15,93,11,016 12,21,01,289 Accumulated depreciation furniture fixtures 72,98,43,093 66,29,30,770 48,08,32,607 Accumulated depreciation vehicles [abstract] Accumulated depreciation ships vessels 0 0 Accumulated depreciation aircrafts helicopters 0 0 Accumulated depreciation motor vehicles 1,34,85,551 1,20,46,225 1,23,88,541 Accumulated depreciation vehicles 1,34,85,551 1,20,46,225 Accumulated depreciation leasehold properties [abstract] Accumulated depreciation leasehold improvements 57,93,77,178 11,97,29,497 7,09,58,237 Accumulated depreciation leasehold building 0 0 Accumulated depreciation leasehold plant machinery 0 0 Accumulated depreciation leasehold equipments 0 0 Accumulated depreciation leasehold vehicles 0 0 Accumulated depreciation leasehold other assets 0 0 Accumulated depreciation leasehold properties 57,93,77,178 11,97,29,497 Accumulated depreciation bridges roads ports culverts 0 0 Accumulated depreciation railway sidings 0 0 Accumulated depreciation books periodicals 0 0 Accumulated depreciation plantations 0 0 Accumulated depreciation mines quarries 0 0 Accumulated depreciation other fixed assets 0 0 Accumulated depreciation tangible assets 175,68,70,519 128,76,75,675 Accumulated amortisation on intangible [abstract] Accumulated amortisation acquired goodwill 0 0 Accumulated amortisation knowhow 0 0 Accumulated amortisation computer software 2,02,80,423 1,61,98,524 1,25,20,637 Accumulated amortisation patents trademarks design 21,94,371 21,94,371 21,94,371 Accumulated amortisation commercial contractual rights 0 0 Accumulated amortisation licenses 0 0 Accumulated amortisation development cost 0 0 Accumulated amortisation other intangible assets 0 0 Accumulated amortisation intangible assets 2,24,74,794 1,83,92,895 Accumulated depreciation amortisation assets financial lease 85,69,425 0 Accumulated depreciation amortisation 178,79,14,738 130,60,68,570 94,71,29,580 Accumulated impairment [abstract] Accumulated impairment on tangible assets [abstract] Accumulated impairment land and land improvements [abstract] Accumulated impairment land [abstract] Accumulated impairment lease hold land 0 0 Accumulated impairment free hold land 0 0 Accumulated impairment land 0 0 Accumulated impairment land improvements 0 0 Accumulated impairment Land and land improvement 0 0 Accumulated impairment building and building improvements [abstract] Accumulated impairment building [abstract] Accumulated impairment residential building 0 0 Accumulated impairment office building 0 0 Accumulated impairment factory building 0 0 Accumulated impairment other building 0 0 Accumulated impairment building 0 0 Accumulated impairment building improvements 0 0 Accumulated impairment Building and building improvements 0 0 Accumulated impairment plant machinery 13,87,331 52,47,761 73,23,152 Accumulated impairment equipments [abstract] Accumulated impairment office equipments 0 0 Accumulated impairment factory equipments 0 0 Accumulated impairment computer equipments 3,35,230 0

26


Accumulated impairment other equipments 0 0 Accumulated impairment equipments 3,35,230 0 Accumulated impairment furniture fixtures 16,08,783 89,31,825 45,17,396 Accumulated impairment vehicles [abstract] Accumulated impairment ships vessels 0 0 Accumulated impairment aircrafts helicopters 0 0 Accumulated impairment motor vehicles 0 0 Accumulated impairment vehicles 0 0 Accumulated impairment leasehold properties [abstract] Accumulated impairment leasehold improvements 46,25,693 28,30,902 8,54,614 Accumulated impairment leasehold building 0 0 Accumulated impairment leasehold plant machinery 0 0 Accumulated impairment leasehold equipments 0 0 Accumulated impairment leasehold vehicles 0 0 Accumulated impairment leasehold other assets 0 0 Accumulated impairment leasehold properties 46,25,693 28,30,902 Accumulated impairment livestock 0 0 Accumulated impairment bridges roads ports culverts 0 0 Accumulated impairment railway sidings 0 0 Accumulated impairment books periodicals 0 0 Accumulated impairment plantations 0 0 Accumulated impairment mines quarries 0 0 Accumulated impairment other fixed assets 0 0 Accumulated impairment tangible assets 79,57,037 1,70,10,488 Accumulated impairment on intangible assets [abstract] Accumulated impairment acquired goodwill 0 0 Accumulated impairment knowhow 0 0 Accumulated impairment computer software 0 0 Accumulated impairment patents trademarks design 0 0 Accumulated impairment commercial contractual rights 0 0 Accumulated impairment licenses 0 0 Accumulated impairment development cost 0 0 Accumulated impairment other intangible assets 0 0 Accumulated impairment intangible assets 0 0 Accumulated impairment assets financial lease 0 0 Accumulated impairment 79,57,037 1,70,10,488 1,26,95,162 Accumulated depreciation amortisation impairment 179,58,71,775 132,30,79,058 95,98,24,742Net block [abstract] Tangible assets, net [abstract] Land and land improvements, net [abstract] Land, net [abstract] Free hold land, net 23,85,84,543 23,85,84,543 23,85,84,543 Land, net 23,85,84,543 23,85,84,543 Land and land improvements, net 23,85,84,543 23,85,84,543 Building and building improvements, net [abstract] Building, net [abstract] Other building, net 19,11,37,946 19,92,24,572 20,24,88,499 Building, net 19,11,37,946 19,92,24,572 Building and building improvements, net 19,11,37,946 19,92,24,572 Plant machinery, net 32,08,37,134 41,23,64,901 37,06,81,723 Equipments, net [abstract] Computer equipments, net 12,58,08,018 7,31,22,148 7,84,31,213 Equipments, net 12,58,08,018 7,31,22,148 Furniture fixtures, net 94,34,94,040 81,39,97,019 73,75,75,366 Vehicles, net [abstract] Motor vehicles, net 61,84,196 45,85,742 73,86,286 Vehicles, net 61,84,196 45,85,742 Leasehold properties, net [abstract] Leasehold improvements, net 106,35,98,542 30,85,75,914 20,52,09,661 Leasehold properties, net 106,35,98,542 30,85,75,914

27


Tangible assets, net 288,96,44,419 205,04,54,839 Intangible assets, net [abstract] Computer software, net 61,84,956 95,11,317 63,53,604 Intangible assets, net 61,84,956 95,11,317 Assets financial lease, net 10,45,99,436 0 Net block 300,04,28,811 205,99,66,156 184,67,10,895Additions to gross block during period [abstract] Additions to tangible assets, gross during period [abstract] Additions to plant machinery, gross during period 21,78,83,607 14,65,18,394 Additions to equipments, gross during period [abstract] Additions to computer equipments, gross during period 9,26,06,688 2,81,03,077 Additions to equipments, gross during period 9,26,06,688 2,81,03,077 Additions to furniture fixtures, gross during period 54,25,02,517 30,52,89,979 Additions to vehicles, gross during period [abstract] Additions to motor vehicles, gross during period 38,51,364 0 Additions to vehicles, gross during period 38,51,364 0 Additions to leasehold properties, gross during period [abstract] Additions to leasehold improvements, gross during period 56,35,77,514 16,55,30,971 Additions to leasehold properties, gross during period 56,35,77,514 16,55,30,971 Additions to tangible assets, gross during period 142,04,21,690 64,54,42,421 Additions to intangible assets, gross during period [abstract] Additions to computer software, gross during period 14,51,702 68,35,600 Additions to intangible assets, gross during period 14,51,702 68,35,600 Additions to assets financial lease, gross during period 11,31,68,861 0 Additions to, gross block during period 153,50,42,253 65,22,78,021Deductions in gross block during period [abstract] Deductions in tangible assets, gross during period [abstract] Deductions in building and building improvements, gross during period [abstract] Deductions in building, gross during period [abstract] Deductions in other building, gross during period 37,85,738 0 Deductions in building, gross during period 37,85,738 0 Deductions in Building and building improvements, gross during period 37,85,738 0 Deductions in plant machinery, gross during period 41,35,86,905 1,84,75,377 Deductions in equipments, gross during period [abstract] Deductions in computer equipments, gross during period 23,75,861 3,77,303 Deductions in equipments, gross during period 23,75,861 3,77,303 Deductions in furniture fixtures, gross during period 35,34,16,215 4,23,55,734 Deductions in vehicles, gross during period [abstract] Deductions in motor vehicles, gross during period 8,13,584 31,42,860 Deductions in vehicles, gross during period 8,13,584 31,42,860 Deductions in leasehold properties, gross during period [abstract] Deductions in leasehold improvements, gross during period -65,28,87,586 1,14,17,170 Deductions in leasehold properties, gross during period -65,28,87,586 1,14,17,170 Deductions in tangible assets, gross during period 12,10,90,717 7,57,68,444 Deductions in intangible assets, gross during period [abstract] Deductions in computer software, gross during period 6,96,164 0 Deductions in intangible assets, gross during period 6,96,164 0 Deductions in, gross block during period 12,17,86,881 7,57,68,444Depreciation amortisation during period [abstract] Depreciation tangible assets during period [abstract] Depreciation building and building improvements during period [abstract] Depreciation building during period [abstract] Depreciation other building during period 43,31,150 38,02,382 Depreciation building during period 43,31,150 38,02,382 Depreciation Building and building improvements during period 43,31,150 38,02,382 Depreciation plant machinery during period 7,81,18,635 9,47,87,203 Depreciation equipments during period [abstract] Depreciation computer equipments during period 4,17,42,230 3,31,28,828 Depreciation equipments during period 4,17,42,230 3,31,28,828 Depreciation furniture fixtures during period 22,29,60,323 20,04,57,053

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Depreciation vehicles during period [abstract] Depreciation motor vehicles during period 22,52,910 25,99,136 Depreciation vehicles during period 22,52,910 25,99,136 Depreciation leasehold properties during period [abstract] Depreciation leasehold improvements during period 19,25,49,492 5,76,12,357 Depreciation leasehold properties during period 19,25,49,492 5,76,12,357 Depreciation tangible assets during period 54,19,54,740 39,23,86,959 Amortisation intangible assets during period [abstract] Amortisation computer software during period 41,77,604 36,77,887 Amortisation intangible assets during period 41,77,604 36,77,887 Depreciation amortisation assets financial lease during period 85,69,425 0 Depreciation amortisation during period 55,47,01,769 39,60,64,846Deductions in depreciation amortisation during period [abstract] Deductions in depreciation tangible assets during period [abstract] Deductions in depreciation building and building improvements during period [abstract] Deductions in depreciation building during period [abstract] Deductions in depreciation other building during period 0 5,38,455 Deductions in depreciation building during period 0 5,38,455 Deductions in depreciation Building and building improvements during period 0 5,38,455 Deductions in depreciation plant machinery during period 1,69,32,799 63,51,973 Deductions in depreciation equipments during period [abstract] Deductions in depreciation computer equipments during period 49,01,176 93,989 Deductions in depreciation equipments during period 49,01,176 93,989 Deductions in depreciation furniture fixtures during period 3,22,09,956 1,83,58,891 Deductions in depreciation vehicles during period [abstract] Deductions in depreciation motor vehicles during period 8,13,584 29,41,452 Deductions in depreciation vehicles during period 8,13,584 29,41,452 Deductions in depreciation leasehold properties during period [abstract] Deductions in depreciation leasehold improvements during period 1,79,98,087 88,41,096 Deductions in depreciation leasehold properties during period 1,79,98,087 88,41,096 Deductions in depreciation tangible assets during period 7,28,55,602 3,71,25,856 Deductions in depreciation amortisation during period 7,28,55,602 3,71,25,856Impairment during period [abstract] Impairment tangible assets during period [abstract] Impairment equipments during period [abstract] Impairment computer equipments during period 3,35,230 0 Impairment equipments during period 3,35,230 0 Impairment furniture fixtures during period 0 44,14,429 Impairment leasehold properties during period [abstract] Impairment leasehold improvements during period 17,94,791 19,76,288 Impairment leasehold properties during period 17,94,791 19,76,288 Impairment tangible assets during period 21,30,021 63,90,717 Impairment during period 21,30,021 63,90,717Reversal of impairment during period [abstract] Reversal of impairment tangible assets during period [abstract] Reversal of impairment plant machinery during period 38,60,430 20,75,391 Reversal of impairment furniture fixtures during period 73,23,042 0 Reversal of impairment tangible assets during period 1,11,83,472 20,75,391 Reversal of impairment during period 1,11,83,472 20,75,391Other adjustments to depreciation amortisation during period [abstract] Other adjustments to depreciation tangible assets during period [abstract] Other adjustments to depreciation building and building improvements during period[abstract] Other adjustments to depreciation building during period [abstract] Other adjustments to depreciation other building during period -30,262 0 Other adjustments to depreciation building during period -30,262 0 Other adjustments to depreciation Building and building improvements during period -30,262 0 Other adjustments to depreciation plant machinery during period -16,15,00,937 0 Other adjustments to depreciation equipments during period [abstract] Other adjustments to depreciation computer equipments during period 3,68,673 0

29


Other adjustments to depreciation equipments during period 3,68,673 0 Other adjustments to depreciation furniture fixtures during period -12,38,38,045 0 Other adjustments to depreciation leasehold properties during period [abstract] Other adjustments to depreciation leasehold improvements during period 28,50,96,276 0 Other adjustments to depreciation leasehold properties during period 28,50,96,276 0 Other adjustments to depreciation tangible assets during period 95,705 0 Other adjustments to amortisation intangible assets during period [abstract] Other adjustments to amortisation computer software during period -95,705 0 Other adjustments to amortisation intangible assets during period -95,705 0

[100700] Schedule - Investments


31/03/2011 31/03/2010Investments, net [abstract] Investments, net 0 0

[100800] Schedule - Sundry debtors


31/03/2011 31/03/2010Sundry debtors [abstract] Sundry debtors, gross [abstract] Debtors exceeding six months [abstract] Debtors considered good exceeding six months unsecured 8,07,580 45,33,149 Debtors exceeding six months 8,07,580 45,33,149 Debtors within six months [abstract] Debtors considered good within six months unsecured 13,63,66,589 5,72,02,075 Debtors within six months 13,63,66,589 5,72,02,075 Sundry debtors, gross 13,71,74,169 6,17,35,224 Provision doubtful debts 0 0 Sundry debtors 13,71,74,169 6,17,35,224

[100900] Schedule - Cash and bank balances


31/03/2011 31/03/2010Cash bank balance [abstract] Cash balance hand [abstract] Cash hand 2,67,37,270 2,19,47,478 Cash balance hand 2,67,37,270 2,19,47,478 Bank balances [abstract] Balance scheduled banks [abstract] Balance scheduled banks current account 47,57,330 4,36,32,128 Balance scheduled banks deposit account 50,10,000 50,00,000 Balance scheduled banks unclaimed amount account 15,600 15,600 Balance scheduled banks 97,82,930 4,86,47,728 Bank balances 97,82,930 4,86,47,728 Cash bank balance 3,65,20,200 7,05,95,206

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[101000] Schedule - Inventories


31/03/2011 31/03/2010Inventories [abstract] Inventories finished goods [abstract] Inventories finished goods traded 516,64,86,338 306,73,91,737 Inventories finished goods 516,64,86,338 306,73,91,737 Inventories transit 8,60,37,348 10,82,31,839 Inventories packing materials 5,17,91,672 98,39,523 Inventories 530,43,15,358 318,54,63,099

[101100] Schedule - Other current assets


31/03/2011 31/03/2010Other current assets [abstract] Other receivables 153,21,57,666 125,47,39,256 Other current assets 153,21,57,666 125,47,39,256

[101200] Schedule - Loans and advances


31/03/2011 31/03/2010Loans advances [abstract] Unsecured loans advances [abstract] Unsecured loans advances given other related parties 3,47,49,699 1,54,49,317 Unsecured loans advances given employees 54,51,185 40,80,155 Unsecured loans advances value be received 31,98,98,303 24,16,88,854 Unsecured loans advances 36,00,99,187 26,12,18,326 Advance tax paid [abstract] Advance income tax paid 8,21,03,119 2,78,56,961 Tax deducted at source 9,06,34,138 7,19,03,075 Advance tax paid 17,27,37,257 9,97,60,036 Deposit assets [abstract] Deposits with statutory authorities 30,34,07,493 21,24,18,882 Deposit assets 30,34,07,493 21,24,18,882 Provision for doubtful loans and advances 21,67,81,674 12,47,98,616 Share loans advances joint ventures 0 0 Loans advances 61,94,62,263 44,85,98,628

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[101300] Schedule - Current liabilities


31/03/2011 31/03/2010Current liabilities [abstract] Sundry creditors [abstract] Creditors due small micro enterprises 0 0 Creditors due others 418,11,23,130 259,36,03,390 Sundry creditors 418,11,23,130 259,36,03,390 Unclaimed amounts [abstract] Unclaimed dividend 15,600 15,600 Unclaimed amount 15,600 15,600 Customer other advances [abstract] Advance received against customers 19,25,00,785 13,02,74,727 Customer other advances 19,25,00,785 13,02,74,727 Accrued expenses payable [abstract] Interest accrued but not due [abstract] Interest accrued but not due secured loans 93,51,073 21,33,627 Interest accrued but not due 93,51,073 21,33,627 Accrued expenses payable 93,51,073 21,33,627 Deposit liabilities [abstract] Public deposit payable current 0 0 Other current liabilities 19,92,76,317 11,65,54,301 Current liabilities 458,22,66,905 284,25,81,645

[101400] Schedule - Provisions


31/03/2011 31/03/2010Provisions [abstract] Provision employees related liabilities [abstract] Provision gratuity 2,47,38,392 82,31,051 Provision leave encashment 4,33,84,362 2,18,76,351 Provision employees related liabilities 6,81,22,754 3,01,07,402 Other provisions 31,71,11,386 19,77,74,846 Provisions 38,52,34,140 22,78,82,248

[101500] Schedule - Miscellaneous Expenditure Not Written Off


31/03/2011 31/03/2010Miscellaneous expenditure not written off [abstract] Miscellaneous expenditure not written off 0 0

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[101600] Additional Details - Balance Sheet


01/04/2010 to

31/03/2011

01/04/2009 to

31/03/2010Additional information relating to balance sheet items Additional information regarding share capital [abstract] Details of share capital held by foreign companies Percentage of share capital held by foreign company 46.63% 50.05% Value of share capital held by foreign company 52,24,61,800 52,24,61,800 Breakup of equity capital [abstract] Percentage of equity shares held up by other body corporates 46.63% 50.05% Percentage of equity shares held up by directors and related parties 47.56% 45.11% Percentage of equity shares held up by others 5.81% 4.84% Details of deposits [abstract] Deposits accepted or renewed during period 0 0 Deposits matured and claimed but not paid during period 0 0 Deposits matured and claimed but not paid 0 0 Interest on deposits accrued and due but not paid 0 0 Unpaid dividend 15,600 15,600

[400100] Notes - Accounting policies and basis of presentation


01/04/2010 to

31/03/2011Disclosure of accounting policies and basis of presentation [text block] Textual information (16) [See below] Disclosure of basis of presentation [text block] Textual information (17) [See below]

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Disclosure of accounting policies and basis of presentation [text block]. Significant accounting policies

i) Basis of preparation of financial statements

The Financial Statements are prepared to comply in all material aspects with all the applicable accounting principles in India, the applicableaccounting standards notified under section 211(3C) of the Companies Act, 1956 and the relevant provisions of the Companies Act, 1956.

ii) Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect thereported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of financial statements and the reportedamounts of revenues and expenses during the period reported. Actual results could differ from those estimates; a revision to accounting estimatesis recognized prospectively in the current and future periods.

iii) Fixed assets Fixed assets (both tangible and intangible) are stated at cost less accumulated depreciation / amortization. Cost includesdirect expenses and other expenses incurred in bringing the assets to their present location and working condition and includes all expenses

incurred up to the date of launching new stores, to the extent they are attributable to the new store. Depreciation / Amortization Depreciation onfixed assets is provided on a pro-rata basis using the straight line method of depreciation, on the basis of useful life estimate by the management,

at the following rate, which are equal to or are higher than the rates specified in Schedule XIV to the Companies Act, 1956:

Based on useful life of assets as estimated by management, effective annual rates at which depreciation is provided are as follows:

Asset category Annual depreciation rate

Buildings 1.67 %

Plant and Machinery 10 % - 16.67 %

Furniture and Fittings 12.5% - 16.67 %

Computers 20 %

Vehicles 20 %

Cost of leasehold improvements is amortized over the primary period of lease. However, in cases where the company as a lessee has the right ofrenewal of lease / alternatively it has intentions to renew for further period, then the cost of such leasehold improvements is amortized over such

extended period, not exceeding seven/eight years as per the store categorization

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Operating software are capitalized along with the related fixed assets while application software are capitalized and fully depreciated in the yearof purchase, except for major application software which are amortized over higher of 3 years or their useful life, as determined by the

management. Assets individually costing Rs.5,000 or less are depreciated at 100% in the year of purchase.

Assets that are taken on finance lease, where there is reasonable certainty of obtaining ownership by the end of the lease term, the period ofexpected use is the useful life of the asset; otherwise the asset is depreciated over the lease term or its useful life, whichever is shorter.

iv) Revenue recognition

Revenue from retail merchandise is recognized when it is earned and no significant uncertainty exists as to its realization or collection.

Retail sales for third party merchandise where there is an agreement / arrangement to buy based on sales, both retail sale and cost are recognizedonce a customer decides to purchase the items from concession stores. Sales are net of discounts, sales tax and value added tax.

Commission Income is recognized based on customer arrangements / contractual obligations.

Revenue from store displays and sponsorships are recognized based on the period for which the products or the sponsors advertisements arepromoted / displayed. Other retail incomes are recognized pro-rata over the period of the contract / based on contractual obligation.

Revenue from gift vouchers and point award scheme operated by the company are recognized when gift vouchers or points are redeemed /merchandise sold to the customer.

v) Inventories

Retail merchandise are valued at the lower of cost and net realizable value. Cost of Merchandise comprises of all costs of purchase and other costsincurred in bringing the Merchandise to their present condition and location. Cost is determined by the weighted average cost method.

Retail merchandise received under consignment arrangements are excluded from the Companys Merchandise.

Provision for obsolescence is made wherever considered necessary based on the age of the Merchandise.

Inventory includes retail merchandise received on Right to Return basis and are accounted as stock of the Company.

vi) Borrowing costs

Borrowing cost and other costs attributable to the acquisition or construction of a qualifying asset is capitalized as part of the cost of that asset inthe year in which the asset is up to use. Other borrowing costs are recognized as an expense in the period in which they are incurred.

vii) Leases

A lease is classified as an Operating Lease, if it does not transfer substantially all the risks and rewards incident to ownership. Lease rentals arecharged to Profit and Loss Account on straight-line basis over the lease term, which is representative of time pattern of the users benefit.

35


Assets acquired under lease where the Company has substantially all the risk and rewards of ownership are classified as finance leases. Suchleases are capitalized at the inception of lease at lower of the fair value and present value of minimum lease payments.

viii) Foreign currency transactions

Foreign currency transactions are recorded at the rates of exchange prevailing on the dates of the transactions. At the year end all monetaryforeign assets and liabilities are restated at the rates ruling at the year end and all exchange gains / losses arising there from are adjusted to theProfit and Loss Account, except those covered by forward contracted rates where the premium or discount arising at the inception of such forwardexchange contract is amortized as expense or income over the life of the contract.

Exchange differences on forward contracts are recognized in the Profit and Loss Account in the reporting period in which the exchange rates change. Any profit or loss arising on cancellation or renewal of such forward contracts is recognized as income or expense for the year.

ix) Employee Benefits

Defined Contribution Plans :

Contribution to Provident Fund are made at pre-determined rates and charged to Profit and Loss Account. These contribution are made togovernment administered Provident Fund.

Defined Benefit Plans

Gratuity Liability is accrued in the books based on actuarial valuation as at Balance Sheet date. Actuarial gains or losses are recognizedimmediately in the Profit and Loss Account.

Other Long Term Employee Benefits:

Leave Encashment liability is accrued in the books based on actuarial valuation as at Balance Sheet date. Actuarial gains or losses are recognizedimmediately in the Profit and Loss Account.

Short Term :

Liability of compensated absences, performance incentives etc. are recognized during the period when the employee renders the services.

x) Taxes on Income

Taxes on income for the current year are determined on the basis of provisions of Income Tax Act, 1961.

Deferred Tax is recognized on timing differences between the accounting income and the taxable income for the year and quantified using the taxrates and laws enacted or substantively enacted as on the Balance Sheet date.

Deferred Tax assets are recognized and carried forward to the extent that there is a reasonable certainty that sufficient future taxable income willbe available against which such deferred tax asset can be realized.

xi) Provisions Provisions are recognized when the company has a present obligation as a result of past events, it is probable that an outflowof resources will be required to settle the obligation, and a reliable estimate of the amount can be made. Where the company expects a provisionto be reimbursed, the reimbursement is recognized as a separate asset but only when reimbursement is virtually certain.

36


xii) Impairment At the Balance Sheet date the company assesses whether there is any indication that an asset may be materially impaired. Ifsuch an indication exists, the company estimates the recoverable amount. If the carrying amount of the asset exceeds its recoverable amount, animpairment loss is recognised in the Profit and Loss Account to the extent carrying amount exceeds the recoverable amount.

xiii) Stock based compensation

The Company measures the compensation cost relating to employee stock options using the fair value method. The compensation cost isamortized over the vesting period of the option.

xiv) Earnings per Share

Basic and diluted earnings per equity share is arrived at based on net profit / (loss) after taxation to the basic/weighted average number of equityshares.


Disclosure of basis of presentation [text block] 1) Background Lifestyle International Private Limited (the Company) was incorporated in November 24, 1997 as a Private Limited

Company under the Companies Act, 1956. The Company is in the retailing business and operates stores across India under the names Lifestyleand Max.

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[400800] Notes - Employee Benefits


01/04/2010 to

31/03/2011

01/04/2009 to

31/03/2010Disclosure of employee benefits [text block] Details of present value defined benefit plan obligation Changes in present value defined benefit plan obligation Current service cost defined benefit plan obligation 1,68,02,435 60,43,529 Interest cost defined benefit plan obligation 19,30,092 18,82,969 Contributions paid defined benefit plan obligation -65,183 -13,01,595 Actuarial gains losses defined benefit plan obligation -15,29,630 -59,21,846 Reconciliation of fair value of plan assets and of balances of reimbursement right recognized as asset Expected return defined benefit plan assets 12,98,333 10,33,577 Actuarial gain loss defined benefit plan assets 1,93,548 5,22,803 Contributions by employer defined benefit plan assets 6,68,122 56,69,235 Contributions paid defined benefit plan assets -15,29,630 -13,01,595 Principal actuarial assumptions used in defined benefit plan Discount rates used for principal actuarial assumption 8.00% Expected return plan assets 0.08 Amount for current annual period previous four annual periods Present value of defined benefit obligation 4,20,28,680 2,48,90,966 Fair value of defined benefit plan assets -1,72,90,288 -1,66,59,915 Surplus deficit of defined benefit plan -2,47,38,392 -82,31,051

[400900] Notes - Segment Reporting


01/04/2010 to

31/03/2011Disclosure of segment information [text block] Disclosure of entity's reportable segments [abstract] Factors used to identify entity’s reportable segments Textual information (18) [See below]


Factors used to identify entity’s reportable segmentsThe Companys business operations are classified into two segments Lifestyle retailing and Max-value retailing - based on its parameters forinternal reporting and evaluation of related risks and returns, and accordingly, these businesses constitute its primary segments.

38


01/04/2010 to 31/03/2011Details of primary segments


Name of primary reportable segment MAX Retailing Lifestyle Retailing Revenues from external customers 0 0 Revenues from transactions with other operating segments of same entity 0 0 Revenues from segment 324,75,30,146 1,554,46,60,726 Interest income from segment 0 0 Interest expense attributable to segment 0 0 Depreciation and amortisation expense attributable to segment 10,32,19,330 44,24,28,988 Other material items of income expense attributable to segment 0 0 Other material non-cash items attributable to segment 1,47,15,391 6,69,91,412 Profit loss before extraordinary items attributable to segment 4,48,90,054 58,42,08,165 Extraordinary items attributable to segment 0 0 Provision for taxation attributable to segment 0 0 Profit loss attributable to segment 0 0 Assets attributable to segment 137,22,29,234 955,02,41,743 Additions to non-current assets attributable to segment 38,09,53,892 117,38,43,936 Liabilities attributable to segment 131,50,70,366 567,19,82,083

01/04/2009 to 31/03/2010Details of primary segments


Name of primary reportable segment MAX Retailing Lifestyle Retailing Revenues from external customers 0 0 Revenues from transactions with other operating segments of same entity 0 0 Revenues from segment 168,48,20,053 1,039,58,74,661 Interest income from segment 0 0 Interest expense attributable to segment 0 0 Depreciation and amortisation expense attributable to segment 6,91,23,472 27,21,65,049 Other material items of income expense attributable to segment 0 0 Other material non-cash items attributable to segment 1,92,80,154 2,60,41,736 Profit loss before extraordinary items attributable to segment -10,87,93,984 16,16,97,766 Extraordinary items attributable to segment 0 0 Provision for taxation attributable to segment 0 0 Profit loss attributable to segment 0 0 Assets attributable to segment 94,38,73,864 627,20,94,361 Additions to non-current assets attributable to segment 5,75,81,336 64,64,32,753 Liabilities attributable to segment 89,72,93,325 376,26,99,712

[401100] Notes - Leases


01/04/2010 to

31/03/2011Disclosure of leases [text block] Textual information (19) [See below]

39



Disclosure of leases [text block] Disclosure of leasing arrangements: a. The Company takes immovable properties for its offices premises, retail stores and warehouses under

operating lease agreements. These agreements are renewable on a periodic basis at the option of both the lessor and lessee. The initial tenure ofthe lease is generally for one year to fifteen year, which are cancellable after a period of 1 year to 5 years. The minimum rental payments underthe operating leases under non-cancellable lease term as at March 31, 2011is as under :

(Amount in Rupees)

Particulars 2011 2010

Lease rentals recognized in the statement of profit and loss during the year 1,530,515,867 1,117,124,101

Future minimum lease obligation under non-cancelable operating agreements:

- Not later than 1 year 817,037,126 575,658,559

- Later than 1 year and not later than 5 years 1,305,528,824 1,298,784,729

- Later than 5 years -

Future minimum payments under operating agreements 2,122,565,950 1,874,443,288

b. The Company has acquired on finance lease an equipment. The lease agreement is for a primary period of 36 months and the Companyhas an option to renew for a secondary period. Equipment lease agreement provides for revision in lease rental in the event of change in (i) taxes,

if any, leviable on lease rentals and (ii) change in the Income Tax Act, 1961. The minimum lease payments and their present value, for each of the following periods are as follows:

(Amount in Rupees)

Particulars 31 March 2011 31 March 2010

Minimum lease paymentsPresent value of minimum lease payments

Minimum leasepayments

Present value of minimum lease payments

Not later than 1 year 41,640,712 36,474,367 - -

Later than 1 year and not later than 5 years

68,201,762 50,018,736 - -

Later than 5 years - - - -

109,842,474 86,493,103 - -

40


[401200] Notes - Earnings Per Share


01/04/2010 to

31/03/2011Disclosure of earnings per share [text block] Textual information (20) [See below]


Disclosure of earnings per share [text block]8) Earnings per share (EPS)

(Amount in Rupees)


Net (Loss) / Profit for the year 697,501,129 (166,774,441)

Weighted average number of shares outstanding - for basic 108,506,917 95,030,318

Weighted average number of shares outstanding - for diluted 108,706,917 95,030,318

Nominal value per share Rs 10 10

Earnings per share Basic 6.43 (1.75)

Earnings per share Diluted 6.42 (1.75)

Note: During the previous year the company had granted certain Stock options to some executives of the company. As of the year end noadjustment has been made to the EPS computation for the unexercised options.

[401400] Notes - Deferred Tax Assets and Liabilities


01/04/2010 to

31/03/201131/03/2010

Disclosures of deferred tax assets and liabilities [text block] Textual information (21) [See below] Deferred tax asset [abstract] Deferred tax asset 32,19,69,700 0

41



Disclosures of deferred tax assets and liabilities [text block]

Deferred Taxation

Deferred tax asset aggregating to Rs. 321,969,700 (2010: Nil) has been accounted for in the books as at March 31, 2011, based on explanations toAccounting Standards 22 as notified under Companies (Accounting Standards) Rules, 2006.

(Amount in Rupees)


Deferred tax assets arising from :

Difference between carrying amount of fixed assets in the financials statement and the Income Tax Returns (89,963,039)

-

Expenses charged in the financials statements but allowable as deduction in future years under the Income Tax Act, 1961 (116,414,193) -

Loss on account of unabsorbed depreciation (115,592,468) -

Net Deferred Tax (Asset) / Liability (321,969,700) -

[401410] Notes - Net Deferred Tax Assets


31/03/2011 31/03/2010Net deferred tax assets [abstract] Deferred tax asset 32,19,69,700 0 Net deferred tax asset 32,19,69,700 0

42


[401420] Notes - Net Deferred Tax Liabilities


31/03/2011 31/03/2010Net deferred tax liabilities [abstract] Deferred tax asset 32,19,69,700 0

[401900] Notes - Impairment of Assets


01/04/2010 to

31/03/2011

01/04/2009

to 31/03/2010

Disclosure of impairment of assets [text block] Textual information (22) [See below] Impairment loss recognized in profit and loss for primary segment 0 43,15,326 Reversal of impairment loss recognized in profit and loss for primary segment 90,53,451 0


Disclosure of impairment of assets [text block] In accordance with the Accounting Standard on Impairment of Assets (AS 28), the company has carried out impairment evaluation, based on

the results of the said evaluation the management has recognised a gain of Rs. 9,053,451 (Impairment Loss 2010: 4,315,326 (net of write back)) in the profit and loss account. As on March 31, 2011, the company is carrying a total impairment provision of Rs. 7,957,037 detail of which aregiven below:

(Amount in Rupees)

Assets 2011 2010

Furnitures and Fittings 1,608,783 8,931,825

Lease Hold Improvements 4,625,693 2,830,902

Plant and Machinery 1,387,331 5,247,761

Computers 335,230 -

7,957,037 17,010,488

43


[402000] Notes - Provisions and Contingencies


01/04/2010 to

31/03/2011Disclosure of contingent liabilities and provisions [text block] Disclosure of provisions [text block] Textual information (23) [See below]


Disclosure of provisions [text block] In accordance with AS 29 Provisions, Contingent Liabilities and Contingent Assets, as notified under Companies (Accounting Standard)

Rules, 2006, certain classes of liabilities have been identified as provision which have been disclosed as under:

(Amount in Rupees)

Particulars 2010 AdditionsRedemption/

Adjustments2011

Rs. Rs. Rs. Rs.

Reward Points (Refer note (a)) 50,076,337 112,036,702 111,676,232 50,436,80 7

Lease Obligation (Refer note(b)) 147,698,509 118,976,069 - 266,674,578

197,774,846 231,012,771 111,676,232 317,111,385

a) The above represents reward points accrual provisions, made for probable liabilities arising out of commercial transactions with customers,the redemption/settlement of which is not expected to exceed 1-2 years. Further disclosures as required in AS 29 are not made since it can beprejudicial to the interests of the company.

b) The above amount represents provision made for probable liability / claims arising out of commercial agreement/arrangements with thirdparties. Further disclosure as required in AS 29 is not made since it can be prejudicial to the interest of the company

44


[402300] Notes - Directors Remuneration and Other Information

01/04/2010 to 31/03/2011Details of directors


Name of director KABIR LUMBA VASANTH M KUMAR Director identification number of director 00181791 00318913 Date of birth of director 16/08/1968 23/07/1961 Designation of director MANAGING DIRECTOR EXECUTIVE DIRECTOR Qualification of director B Com Mtech MBA Shares held by director [shares] 30,000 [shares] 20,000 Director remuneration [abstract] Total salary to director 1,61,13,381 1,35,33,983 Basic pay director 1,61,13,381 1,35,33,983 Director remuneration 1,61,13,381 1,35,33,983

[402400] Notes - Auditors Remuneration


01/04/2010 to

31/03/2011

01/04/2009 to

31/03/2010Auditors remuneration [abstract] Audit fees 30,00,000 22,00,000 Consultancy fees auditors [abstract] Tax consultancy fees 2,00,000 2,00,000 Consultancy fees auditors 2,00,000 2,00,000 Certification fees 9,16,000 9,55,000 Reimbursement auditors expenses 2,08,000 1,53,068 Auditors remuneration 43,24,000 35,08,068

lifestyle international (india) financials 2011

Documents

sayed parvez

weighted average

minimum lease

extraordinary

foreign currency

depreciation

depreciation

free hold