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R S FINANCIAL SOLUTIONS Due Diligence Report
Confidential May 2011
ABCD Limited
Draft Financial Due Diligence Report
XYZ Finance Pvt. Ltd.
May 2011
R S FINANCIAL SOLUTIONS
Office: 124/4 UGF, ARJUN NAGAR
SAFDARJUNG ENCLAVE
NEW DELHI-110029
Tel: +91-11-26185225 Cell: +91 - 97180 55225
E-Mail: rsfinsol@gmail.com
Private & Confidential

R S FINACIAL SOLUTIONS Due Diligence Report
Confidential May 2011
Dear Sirs,
Limited Scope Financial Due Diligence Review of ABCD Limited.
We are pleased to enclose our report on the limited scope financial due diligence review of ABCD Limited
(hereinafter referred to as "ABCD” or “The Company”). Please note that since this is a limited scope due diligence
review, the findings should be read in light of the Caveats to the Report. .
Our work does not constitute an audit or review of the financial statements or any part thereof, the objective of
which is the expression of an opinion or limited assurance on the financial statements, or a part thereof, or
verification of accuracy of Management responses to our inquiries. Our work should not be relied upon to disclose
errors, irregularities, or illegal acts, including fraud or defalcations.
The sufficiency of the work plan and the contents of our findings are solely the responsibility of your management
and you agree that you will perform additional procedures prior to concluding on the merits of the proposed
transaction. Consequently, we make no representation regarding the sufficiency of the work plan either for the
purpose for which our findings have been requested or any other purpose. Once accepted, this report will
constitute satisfactory completion of our work.
Our report, supporting schedules and other materials generated during the engagement are intended for your
Management’s internal use. Our report should not be distributed to other third parties without our written approval.
We appreciate the opportunity to work with you on this assignment. Please feel free to contact us to discuss the
contents of this report.
Thank you
Rajiv Malhotra
For R S FINANCIAL SOLUTIONS

Confidential May 2011 3
Contents Page
Main Report
1 Profile 4
2 Structure
7
3 Real Estate Projects Profile
8
I. Projects Completed 8
II. Projects In Hand 9
4 Project under Development
12
5 Project Analysis
14
6 Group Cash Flow Projections
16
7 Sensitivity Analysis
18
8 Debt History
24
9 Current Debt
25
10 Debt Repayment Forecast
28
11 Credit Score Card
30
Annexures
1 Organization Structure
32
2 Key Managerial Personnel
32
3 Group Land bank – March 2011
34
4 Historical Cash Flow
36
5 Historical Balance Sheet
38
6 Historical Profit & Loss
40
7 Equity Shareholding Pattern - March 2011
41
8 Group Companies with shareholding
42
8 Appendices
55

1. Group Profile
Name : ABCD Limited
Registration Details : U00000DL0000PLC000000
Registered Office : xxxxxxxxxxxxxxxxx
Activity : xxxxxxxxxxxxxxxxx
Major Group : ABCD
Credit Risk Rating : xxxxxxxxxxxx
Promoters/ Directors : xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Additional Debt - XYZ (Proposed) : Rs 300 Million
Total Group Revenue (Mar 2011) : Rs. 8,931 Million
Total Group Debt Exposure (Mar 2011) : Rs. 15,966 Million
Banking Relationships with : HDFC, SBOP, SBOH, SBI, CBI, ANDHRA BANK
Banking Relationships since : Many years
ABCD Limited (the Company) is primarily engaged in the business of Real Estate, Hospitality and Facility
Management
1. Real Estate Development:
ABCD Ltd was incorporated in 1991 by Mr. A and starting operations with aggregation of land in Sohna and Bhondsi,
on the outskirts of Gurgaon. Over the years ABCD has emerged as a major player in the real estate industry in the
National Capital Region with almost 15 years of delivery track record. ABCD generally commands a ‘premium’ as
compared to its peer group. In the NCR, ABCD has developed Corporate Offices, Retail, Mid Market & Premium
Group Housing, Integrated Townships with social amenities and infrastructure. The group employs sub contractors to
execute construction of projects and is mainly focused on project management. The group employs approx. 350
employees in the real estate division. Its financial partners include:
Wachovia: ABCD has issued Equity Shares & Compulsorily Convertible Debentures to WDC Ventures Limited, a
100% subsidiary of Wachovia Corporation. Wachovia invested Rs. 2,000 Mn as structured mezzanine funding via the
FDI route in India. Of this Rs.1,500 Mn was repaid during FY 10-11 and the rest Rs. 50 Mn was repaid recently in
April 2011.
Goldman Sachs & Baer Capital Partners: The Company issued Equity Shares & Compulsorily Convertible
Preference Shares to BIPEF ABCD Holdings Limited, a company incorporated in Mauritius. BIPEF ABCD Holdings
Limited invested Rs.6,000 Mn in ABCD Limited. The company is a part of Baer Capital Partners, a Private Equity
investor. As on date BIPEF holds 16.17% equity capital.
xxxxxx(P) Ltd, is a 100% SPV formed by ABCD Limited for development of ABCD Business Park, Sohna. It also
received foreign direct investment of Rs. 1,000 Mn from Zaheer Mauritius, a company of Goldman Sachs group. As
on date the investor holds 18% equity capital.

2. Hospitality
The group has a hospitality arm operating in segments of Hotels, Resort, Spa, Restaurants and Catering. Up until
March 2011 hospitality was a part of ABCD Limited; but thereafter it was hived off into a separate entity. The group
employs approx. 650 employees under this segment. Its key projects include Int Chain Sohna - Gurgaon Resort &
Spa and Int Chain New Delhi Hotel and four fine dining restaurants.
3. Facility Management Services:
ABCD offers facility management services for all its developments i.e. both residential and commercial. Facility
management services ensure maintenance & upkeep of ABCD’s developments and are a key differentiator between
ABCD and other developers in the NCR region.
1.1 Group Companies – Financial Snapshot
Real estate development activities are undertaken in the flagship company i.e. ABCD Limited and XXXXXXXX (P) Ltd.
The Hotels, Business Centers, Catering, Facility maintenance are undertaken in ABCD Hospitality (P) Ltd and ABCD
Hotels (P) Ltd.
Company Activity Turn Over (INR Millions) Net worth (INR Millions)
Mar -11 Mar-10 Mar-09 Mar-11 Mar-10 Mar-09
1 ABCD Ltd
Flagship
Real Estate
7,830 5,989 3,989 8,619 7,781 7,599
2 xxx (p) Ltd Real Estate
1,101
6 NIL 118 115 114
3 ABCD Hospitality (p) Ltd Hospitality 423 447 (322) (271) (111)
4 ABCD Hotels (p) Ltd Hotels NIL NIL 60 435 479
Total 8,931 6,418 4,436 8,475 8,060 8,082
• Net worth figures for Mar 09 and March 10 have been computed on the basis of book value of assets net of
liabilities as appearing in the respective Balance Sheets.
• Net worth figures for Mar 11 are based on provisional figures provided by the management.

1.2 ABCD Limited – Financial Snapshot – Real Estate Division INR in million
Prov. Mar-11 Audited Mar-10 Audited Mar-09 Audited Mar-08
Historical Balance Sheet
Equity 8,618.87 7,781.20 7,599.33 7,479.10
Loan Funds 12,965.70 10,552.98 8,585.59 5,522.35
Total Liabilities 21,584.57 18,334.19 16,184.92 13,001.44
Net Fixed Assets 818.47 871.41 268.83 236.54
Capital Work in Progress 0.00 0.36 3.16 0.72
Investments 3,319.70 1,819.77 1,670.53 1,678.50
Net Current Assets 17,446.39 15,642.65 14,242.40 11,085.69
Total Assets 21,584.57 18,334.19 16,184.92 13,001.44
Historical Profit & Loss
Sales 7,830.00 5,989.36 3,989.19 3,826.17
Cost of Sales 5,285.00 4,331.07 2,434.21 2,662.61
Gross Margin 2,545.00 1,658.29 1,554.98 1,163.56
Total Income 8,020.00 6,095.17 4,073.95 4,240.97
Total Expenditure 6,770.10 5,684.82 3,830.29 3,510.12
Net Provisions Dr/(Cr) 412.47 228.47 123.43 276.66
EBT 1,249.90 410.34 243.67 730.85
EAT 837.43 181.87 120.23 454.18
Key Data
Prov. Mar-11 Audited Mar-10 Audited Mar-09 Audited Mar-08
Net Worth (Paid up Capital + Reserves) 8,618.87 7,781.20 7,599.33 7,479.10
Loan Funds 12,965.70 10,552.98 8,585.59 5,522.35
Cap Employed (NW + Debt - Investments) 18,264.87 16,514.42 14,514.39 11,322.95
Total Current Assets 37,153.18 31,797.95 27,969.83 20,922.44
Total Current Liabilities 19,706.79 10,530.35 8,492.89 7,144.57
Quick Liquid Assets 15,226.07 16,521.56 23,247.05 18,163.48
Financial Expenses 565.85 741.22 800.96 85.08
Long Term Debt Repayments 5,072.90 1,483.39 435.14 792.41
Depreciation & Amortization 42.00 32.75 35.76 48.35
EBITDA (Operating Cash Flows) 1,667.75 1,078.51 995.62 449.48
EBIT 1,625.75 1,045.76 959.86 401.13
EAT 837.43 181.87 120.23 454.18
Key Ratios
Debt to Net Worth Ratio 1.50 1.36 1.13 0.74
Current Ratio 1.89 3.02 3.29 2.93
Quick Liquid Ratio 0.77 1.57 2.74 2.54
Gross Margin to Sales 32.50% 27.69% 38.98% 30.41%
EAT to Total Income 10.44% 2.98% 2.95% 10.71%
Operating Cash Flows to Sales 21.30% 18.01% 24.96% 11.75%
Return on Cap Emp. (EBIT/Cap Employed) 8.90% 6.33% 6.61% 3.54%
Interest Coverage Ratio (EBIT/Fin Exp) 2.87 1.41 1.20 4.71
Gross Debt Service Coverage Ratio 0.29 0.47 0.78 0.46
Key Observations: Increasing debt, Increasing sales, Gross margins of 32.50% & Net operating margin of 10.44% on
sales.

1.3 ABCD Limited - Financial Snapshot - Real Estate Division INR in million
Actual Projected
Period Audited Mar-08 Audited Mar-09 Audited Mar-10 Prov. Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Key Data
Net Worth 7,479.10 7,599.33 7,781.20 8,618.87 12,174.73 13,865.63 17,326.76 22,579.07
Debt 5,522.35 8,585.59 10,552.98 12,965.70 11,489.96 6,307.04 2,687.47 550.27
Opr.Cap Employed (NW + Debt-
Investments)
11,322.95 14,514.39 16,514.42 18,264.87 24,574.39 21,082.37 20,923.93 24,039.05
Financial Expenses 85.08 800.96 741.22 565.85 1,967.53 1,383.60 718.66 270.77
Long Term Debt Repayments 792.41 435.14 1,483.39 5,072.90 3,885.74 5,182.92 3,619.57 2,137.20
Depreciation & Amortizations 48.35 35.76 32.75 42.00 40.00 37.50 35.00 30.00
EBITDA (Oprg C/Flows) -Real Estate 449.48 995.62 1,078.51 1,667.75 5,950.98 4,962.94 6,831.64 8,769.84
EBIT 401.13 959.86 1,045.76 1,625.75 5,910.98 4,925.44 6,796.64 8,739.84
Key Ratios
Debt to Net Worth Ratio
0.74 1.13 1.36 1.50 1.18 0.55 0.18 0.03
Return on Cap Emp (EBIT/Cap Emp) 3.54% 6.61% 6.33% 8.90% 24.05% 23.36% 32.48% 36.36%
Interest Coverage Ratio(EBIT/Fin Exp) 4.71 1.20 1.41 2.87 3.00 3.56 9.46 32.28
DSCR = (EBIT/Fin Exp + Debt
Repayments)
0.46 0.78 0.47 0.29 1.01 0.75 1.57 3.63
1.4 ABCD Limited - Estimated Net Worth Chart - Real Estate Division INR in million
Actual Projected
Items Audited Mar-08 Audited Mar-09 Audited Mar-10 Prov. Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
1 Opening Net Worth - - - - 8,619 12,175 13,866 17,327
2 Adjusted Cash Flows - - - - 3,556 1,691 3,461 5,252
3 Closing Net Worth 7,479 7,599 7,781 8,619 12,175 13,866 17,327 22,579
Note: In the above chart an attempt has been made to arrive at an estimated net worth on the basis of available information and is based on cash flow
assumptions. The forecast has been computed on net cash flow projections instead of net income projections over the projected periods. Hence it also includes a
certain portion of sales booked against which there are receivables on March 2011. To that extent the net worth is overstated.

2. Group Shareholding Structure
Multiple land owning companies are a result of the land ceiling regulations prevailing in Gurgaon.
ABCD Limited
ABCD Hotels
(100%)
ABCD
Hospitality
(100%)
xxxxxxxxx
(100%)
xxxxxxx
(100%)
ABCD
XXXXXXXX SEZ
Developers
(100 %)
ABCD IT Parks
(Faridabad)
(100%)
xxxxxxxxxxxxxxxxxxx
100 %
ABCD Dwellers
(100%)
xxxxxxxx
(100%)
NH – 8 project companies
(All Pvt. Ltd. Cos.):
xxxxxxxxxxxxxxxxxxxxxxxxx
XXXXXXXX Companies:
(All Pvt. Ltd. Cos.)
xxxxxxxxxxxxxx
Other Companies :
xxxxxxxxxxxxxxxxxxxxxx
xxxxxxxxxxxxxxxxxxxxxxx
xxxxxxxxxxxxxServices P
Ltd
xxxxxxxxxx
Other Group Companies
All Pvt. Ltd. Cos.
xxxxxxxxxxxxxxxxxxxxxxxxxxx
xxxxxxxxxxxxxxx
xxxxxxxxxxxxxxxxxxxx
SEZ Companies
(All Pvt. Ltd. Cos.)

2.1 Share holding of ABCD Limited in Group Subsidiaries as on April 2011 INR in million
No. Name
Paid Up
Capital
Shareholders List Shares
Direct
Holding
Indirect
Holding
ABCD’s Subsidiaries
1 Xxxxxxxxxxxxxxxxxxxxxxx 505.10 Xxxxxxxxxxxxxxxxxxxxxxx 50,510,000 100% NA
2 Xxxxxxxxxxxxxxxxxxxxxxx 100.00 Xxxxxxxxxxxxxxxxxxxxxxx 100,000 100% NA
9 Xxxxxxxxxxxxxxxxxxxxxxx 0.13 Xxxxxxxxxxxxxxxxxxxxxxx 108,924 82.33% NA
Xxxxxxxxxxxxxxxxxxxxxxx 23,383 17.67% NA
Subsidiaries of ABCD’s Subsidiaries
10 Xxxxxxxxxxxxxxxxxxxxxxx 0.10 Xxxxxxxxxxxxxxxxxxxxxxx 10,000 100% 100%
31 Xxxxxxxxxxxxxxxxxxxxxxx 120.10 Xxxxxxxxxxxxxxxxxxxxxxx 12,010,000 100% 100%
Xxxxxxxxxxxxxxxxxxxxxxx Xxxxxxxxxxxxxxxxxxxxxxx 5,000 50% 50%

3. Real Estate Projects
1 – Completed
a) Commercial:
Project 1, Gurgaon: Spread over 1.7 acres is the flagship project on MG Road i.e. CBD of Gurgaon. Total area
of 0.18 million square feet leased out and sold inter alia to top names like British Gas, Thomas Cook, Ballarpur,
State Bank Of India & ABN AMRO
ABCD Triangle, Gurgaon: Spread over 1.3 acres of land, it is located on MG Road i.e. CBD of Gurgaon. Total
area of 0.14 million square feet which is leased out and sold inter alia to top names like Times of India, Bird
Group XL Capital etc
ABCD Atrium, Gurgaon: Corporate office complex spread over 2.2 acres of land located on the Golf Course
Road i.e. SBD of Gurgaon. Total area of 0.48 million square feet leased out and sold to top names like Sears
Sourcing India, Scholastic, Kotak Mahindra, IL&FS etc
ABCD Towers, Gurgaon: An ‘A’ grade office complex spread over 4.5 acres located on Golf Course Road i.e.
SBD of Gurgaon. Total area of 0.37 million sq.feet leased out and sold to top names like SAP Labs, DE Shaw,
Andrew Telecom etc.
ABCD City Point, Gurgaon: A grade office complex spread over 2.1 acres of land located on MG road i.e. CBD
of Gurgaon. Total area of 0.22 million square feet and is completed.
ABCD Business Park, Gurgaon: An IT Park spread over 6.5 acres of land located on Sohna Road developing
1.36 million square feet of which 0.3 million square feet has been sold. Clients ready to occupy include Xerox,
Etisalat, Lenovo etc.
b) Business Centers
Currently, ABCD operates two business centers in Gurgaon, and one each in Pune and Hyderabad, offering
approx. 1,000 workstations. Customers include HBO, Toshiba, Accenture, Economist, WR Grace. VBC propose
to expand to Mumbai, Bangalore, Chennai, Noida.
c) Hospitality
Hotels & Resorts – Operational projects:
Int Chain, Sohna – Gurgaon Resort & Spa: The Int Chain Resort & Spa is spread over 40 Acres in Sohna (out-
skirts of Gurgaon) and is the first Int Chain property in India. It offers a conference centre and meeting rooms. It
is a 90 minutes drive from the New Delhi International Airport and a 60 minutes drive from Gurgaon.
Int Chain New Delhi – Gurgaon: The Int Chain Gurgaon built on 4.20 acres has 310 rooms and is a five star
hotel property located at the CBD of Gurgaon. It has a strategic location with New Delhi International Airport just
15 minutes drive away. It has commenced operations in Oct 2010.

Speciality Restaurants:
• The Fox offers world cuisine and is ABCD’s first fine dining restaurant located in Project 1 building.
• Coriander Leaf offers Indian & Pakistani Cuisine and is located in ABCD Triangle.
• 56 – Ristorante Italiano offers Italian cuisine and is located on the Golf Course Road.
• Jing offers Chinese cuisine and is located on the Golf Course Road.
2 – Projects under Development
a) Integrated Townships
1 - ABCD India Next, Gurgaon: ABCD’s prestigious integrated township project is spread across 850 acres and
plans include group housing, plotting, retail, commercial, recreational activities, schools, hospitals. The 1st phase
of works comprises of 2,500 apartments, 2,000 plots, 4,000 row housing and commercial / retail sites. The
project is spread over the prime sectors of 82, 82A, 83, 85 which enjoy a strategic location on the intersection of
two 8 lane expressways, i.e., the NH8 and the proposed expressway connecting to North West Delhi. The project
is at a walking distance from proposed metro hub and ISBT at the intersection of South Delhi – Gurgaon and
Dwarka metro line. Moreover, it is just 25 kms. away from International Airport.
Group Housing: Gurgaon 21 and Gurgaon Next are group housing projects with 2, 3 and 4 bedroom options.
City Homes, Gurgaon is an affordable housing development of 2-3 bedroom apartments in mid-rise blocks with
facilities including community centre, bus service and convenience stores.
ABCD, Gurgaon is another affordable housing project comprising of 1, 2 & 3 bed room units with sizes ranging
between 737 & 1400 sq.ft. in high rise buildings.
Floors (Mid Market): Independent floors i.e., Emilia, Iris & Primrose. 2 to 3 BHK Floors in plot sizes of 180, 240
and 300 square yards, based on G + 2 structure. Also on the anvil are premium floors under name Aster, Acacia
and Lauris; 3 or 4 BHK on plot sizes of 360, 400 and 500 square yards
Plots: Available in sizes 180, 240, 300, 360, 400, 500 and 1000 square yards. Buyers can build independent
dwelling units with G + 2 structures.
Villas: ABCD is a gated community spread over sectors 82, 82A, 83, 85, available in simplex and duplex options
on plot sizes of 240 and 360 square yards. ABCD will offer community living, security, power backup, 24-hour
water supply and quality facility management.
ABCD ABCD: a commercial project with small offices and shops on 3 acres from 200 to 1,000 square feet.
ABCD Trade Centre, Gurgaon has a total built up area of 1 million square feet spread over four independent
yet integrated towers for commercial use. The facility is located on National Highway 8.
2 - ABCD Infotech City, XXXXXXXX is spread over 800 acres located on eight lane XXXXXXXX Ajmer
Expressway. The township includes a social and shopping recreational centre and a 50 acres large IT park SEZ.
The township includes residential developments, commercial & trade centre, IT SEZ and Hospitality

infrastructure.
ABCDs, XXXXXXXX: a premium row-housing development spread over 17.33 acres featuring 432 3 BHK & 4
BHK unit options on a plot area of 360 square yard.
XXXXXXXX 21 group housing features over 1,200 apartments and penthouses, housed within 13 towers.
Spread over a total area of 23.47 acres. Amenities include retail spaces, a community room, a wading pool,
child-care facilities, a swimming pool, a sports club, tennis courts etc.
ABCD ABCD are independent homes with an option of expanding. Each unit has 2 bedrooms and washrooms
with spacious kitchen, living & dining area. Plots are available in sizes of 185 square yards and 157 square
yards.
ABCD, a project spread over 13.7 acres; 508 upscale units built to international standards with premium
amenities.
ABCD Infotech City: Plots. Plotted developments in the sizes of 180, 240, 300, 360, 400, 500 Square .yards.
ABCD ABCD is spread over an area of 3.0 million square feet and integrates 3 concepts into one i.e. street
shopping, malls and office. It is designed as a district centre with various building blocks and 6 distinct shopping
streets.
ABCD Community Mart consists of 70,000 square feet of retail area on 3 floors of retail with shop sizes ranging
from 72 square feet to 6,000 square feet
Hospitality – A five and three star hotel property on the anvil on Ajmer road near the site area.
I.T SEZ – A 53 acre SEZ is being planned to be built adjoining the expressway
3 – ABCD City Central, XXXXXXXX spread over 170 acres is a township coming up in sector 23 of XXXXXXXX.
The township offers a mix of group housing, plots, bungalows, commercial spaces, retail spaces and a 3.4 acres
club house
Plots: Plotted developments available in various size options of 150, 180, 240, 300, 360 square yards
Retail: Spread over 6.15 acres tenant mix in retail development, will include Hyper Market, Super Stores, Large
Shops, Medium Size Shops, Small Shops, Food Court, Multiplex and Entertainment Zone.
Group & Row Housing
Floors: Emilia Floors offer 2 Bedroom units on Ground, 1st
and 2nd
Floors, G+2 structure on 180 square yards.
ABCD are independent homes with an option of expanding by building more area. Plots are available in sizes of
110 square yards and 128 square yards.

b) Hospitality
Int Chain XXXXXXXX: Proposed five star hotel spread over 11.44 acres of land. A 285 room property is being
planned to be set up in ABCD Infotech City located on XXXXXXXX – Ajmer Expressway
c) Commercial Projects
ABCD Professional Point: Located on the intersection of the 200 feet wide Golf Course Sector Road and
Gurgaon Sohna highway, is connected to public transport system via proposed metro station located next to the
project. It is spread over 2.1 acres with an area of 0.37 million square feet.
ABCD Projects, Faridabad: An IT park located on Mathura Road, Faridabad, designed by a Singapore based
Architectural firm. It is spread over 8.5 acres with an area of 2.0 million square feet. The project is expected to be
completed by 2012.
Commercial /Retail: ABCD City Market, Gurgaon: Located in ABCD City, Gurgaon at the intersection of Golf
Course Road and Sohna Road, it consists of shops ranging from area 200 to 11,000 square feet forming a mix of
white goods, super markets, ATM, gift shops, florists, beauty salons, bakeries, stationary shops, chemists,
banks, nursing homes, cafes, and professional offices.
d) Residential Projects
ABCD City, Gurgaon: A group housing project spread over 37 acres of land located on Golf Course Extension
Road, Gurgaon, it comprises of towers and 3 million sq. ft of saleable area and 1400 apartments. The complex
has community facilities such as club, crèche and convenience shopping.
Sovereign Apartments, Gurgaon: A limited edition range of centrally air conditioned apartments located in
ABCD City. It includes 104 units and features swimming pool, baXYZnton court, tennis court and open- air
amphitheatre.

4 - Project Under Development - A Snapshot as on December 31st, 2010
Project
ABCD'
Owner
ship
Development Potential - In Acres
Start End
Area in Sq. Ft.
Total
Area
Collab
Area
ABCD's
Share
Total
Collab
Area
ABCD's
Share
Sold Unsold
Sold %
age
A ABCD PROJECT- GURGAON 99.83% 543.12 0.92 542.20 15,421,882 82,072 15,339,811 7,017,623 8,322,188 45.75
ABCD- (Group Housing) 100% 19.13 0.00 19.13 Mar-10 Mar-14 1,677,852 0 1,677,852 1,340,000 337,852 79.86
ABCD- (Group Housing) 100% 7.67 0.00 7.67 Jun-10 Mar-13 623,880 0 623,880 548,281 75,599 87.88
ABCD - (Group Housing) 100% 12.91 0.00 12.91 Sep-10 Mar-13 1,134,732 0 1,134,732 419,831 714,901 37.00
ABCD - (Group Housing) 100% 11.91 0.00 11.91 Mar-15 1,040,000 0 1,040,000 265,700 774,300 25.55
GH 1 (Unlicensed) - (Group Housing) 100% 7.00 0.00 7.00 Mar-15 613,785 0 613,785 0 613,785 0.00
GH 2 (Unlicensed) - (Group Housing) 100% 11.28 0.00 11.28 Mar-15 1,045,619 0 1,045,619 0 1,045,619 0.00
ABCD - (Floors) 100% 32.00 0.00 32.00 Jan-11 Mar-13 604,488 0 604,488 451,065 153,423 74.62
Floors, Gurgaon - (Floors) 100% 138.00 0.00 138.00 Aug-09 Aug-14 4,619,669 0 4,619,669 2,826,374 1,793,295 61.18
ABCD - (Floors) 100% 28.00 0.00 28.00 Mar-11 Sep-13 609,751 0 609,751 185,955 423,796 30.50
Plots - (Residential) 100% 242.00 0.00 242.00 Dec-10 Mar-13 620,778 0 620,778 538,779 82,000 86.79
Sub-Total - (Residential) 510 0 510 12,590,554 0 12,590,554 6,575,985 6,014,570 52.23
ABCD - (Commercial) 100% 10.78 0.00 10.78 Jan-11 Mar-13 877,600 0 877,600 406,250 471,350 46.29
ABCD Town Square - (Commercial) # 69% 2.96 0.92 2.04 Jan-11 Mar-13 264,747 82,072 182,675 35,388 147,287 19.37
ABCD 2 - (Commercial) 100% 10.48 0.00 10.48 Mar-15 900,000 0 900,000 0 900,000 0.00
Township Commercial - (Commercial) 100% 9.00 0.00 9.00 Jun-11 Jun 2014 788,981 0 788,981 0 788,981 0.00
Sub-Total - (Commercial) 33 1 32 2,831,328 82,072 2,749,256 441,638 2,307,618 16.06
B
ABCD CITY - GURGAON - (Residential) 100%
37.44 0.00 37.44
May-
04
Aug
2011
2,937,426 0 2,937,426 2,733,150 204,276 93.05
C INFOTECH CITY – XXXXXXXX 100% 598.20 0.00 598.20 6,333,091 0 6,333,091 1,592,774 4,740,317 25.15
ABCD - (Housing) 100% 17.33 0.00 17.33 Nov-06 Sep-11 923,560 0 923,560 467,081 456,479 50.57
XXXXXXXX-21 - (Housing) 100% 9.00 0.00 9.00 Jun-08 Jun-11 728,534 0 728,534 273,985 454,549 37.61
ABCD - (Housing) 100% 10.00 0.00 10.00 Mar-15 0 0
ABCD - (Housing) 100% 6.87 0.00 6.87 Oct-07 Sep-11 657,372 0 657,372 27,949 629,423 4.25
XXXXXXXX Plots - (Plots) 100%
475.00 0.00 475.00
May-
06
Dec-11 1,165,000 0 1,165,000 816,166 348,834 70.06
ABCD ABCD - (Commercial) 100% 30.00 0.00 30.00 Mar-15 2,858,625 0 2,858,625 7,593 2,851,032 0.27
XXXXXXXX SEZ* - (Commercial) 100% 50.00 0.00 50.00 Mar-15 0 0
D XXXXXXXX 100% 152.00 0.00 152.00 703,469 0 703,469 169,800 533,669 24.14
XXXXXXXX Plots - (Plots) 100% 148.00 0.00 148.00 Dec-09 Aug-11 365,323 0 365,323 169,800 195,523 46.48
XXXXXXXX Commercial - (Commercial) 100% 4.00 0.00 4.00 Mar-15 338,146 0 338,146 0 338,146 0.00
E FARIDABAD 100% 8.88 0.00 8.88 1,182,600 0 1,182,600 195,781 986,819 16.56
ABCD Projects - (Commercial) 100% 8.88 0.00 8.88 Nov-07 Dec-11 1,182,600 0 1,182,600 195,781 986,819 16.56
F GRAND TOTAL - (A+B+C+D+E) 1,339.64 0.92 1,338.72 26,578,468 82,072 26,496,397 11,709,128 14,787,269
# Collaboration agreement has been entered with a Dr ABCD; under terms of the agreement 31% of the saleable area would be given.
*Unsold includes projects under development and projects yet to start i.e. unbuilt.

• ABCD’s geographical focus is on developments in Gurgaon as above. On its existing land bank of approx. 1340
acres, the development potential is approx. 26.58 million square feet of which it has sold approx. 11.71 mn. sq.
feet, thereby leaving a further sale potential of approx 14.78 mn sq feet. The mix of geographical exposure and
that by commercial & residential on the unsold portion of 14.78 million sq. ft. is as follows:
4.1 Exposure Geography & Product Type
Sr. No. Segments
Projected Cash Flows
(In Mill INR)
Product Exposure %
age
Geographical Exposure
% age
1 Gurgaon – Commercial 7,468 15%
73%
Gurgaon - Residential 29,340 58%
2 XXXXXXXX – Commercial 4,514 9%
17%
XXXXXXXX – Residential 4,105 8%
3 XXXXXXXX – Commercial 750 1%
4%
XXXXXXXX – Residential 1,165 2%
4 Faridabad – Commercial 2,842 6% 6%
Total 50,184 100% 100%
Observations:
• ABCD has a large exposure ie 73% of cash flow potential on its projects being developed in Gurgaon
• ABCD has an exposure of approximately 31% of cash flow potential on its commercial projects whereas the rest
is residential.

5. Project Analysis – Revenue, Cost & Budget margin Dec 31st, 2010
Project
Dev.
Potential in
sq ft
Sales Analysis Cost Analysis
Gross
Margin
(a – b)
Future
Cash
Flows
(c-d)
Projected
Sales
(a)
Received
on Sold
Units
Receivable
on Sold &
Unsold
Units (c)
Rate
Realized
( Jan –
Apr 11 )
Future
Sale Rate
(Rs Sq Ft)
Unsold
Projecte
d Cost
(b)
Actual
Cost
Incurred
Cost -
To Incur
(d)
Projected
Cost Per
Sq Ft
A ABCD PROJECT 15,421,882 82,900 13,260 69,640 - - 51,368 18,417 32,951 - 31,532 36,689
ABCD- (Gr Hsg) 1,677,852 5,750 1,590 4,160 0 4,500 3,974 1,170 2,804 2,368 1,777 1,357
ABCD- (Gr Hsg) 623,880 1,800 730 1,070 4,030 4,500 1,410 180 1,230 2,260 390 -160
ABCD - (Gr Hsg) 1,134,732 5,087 320 4,767 4,000 4,500 2,442 280 2,162 2,152 2,645 2,605
ABCD - (Gr Hsg) 1,040,000 4,604 110 4,494 4,020 4,500 2,381 400 1,981 2,290 2,223 2,513
GH 1 (Unlicensed) - (Gr Hsg) 613,785 3,069 0 3,069 0 5,000 1,413 120 1,293 2,303 1,656 1,776
GH 2 (Unlicensed) - (Gr Hsg) 1,045,619 5,228 0 5,228 0 5,000 2,100 250 1,850 2,008 3,128 3,378
ABCD -(Floors) 604,488 3,104 620 2,484 0 5,500 2,034 560 1,474 3,365 1,070 1,010
Floors, Gurgaon - (Floors) 4,619,669 17,933 2,340 15,593 4,500 5,500 10,722 2,680 8,042 2,321 7,211 7,551
ABCD - (Floors) 609,751 6,156 120 6,036 0 12,000 2,908 490 2,418 4,769 3,247 3,617
Sub-Total - ( Residential ) 65,101 11,030 54,071 38,341 13,490 24,851 26,760 29,220 65,101
Plots - (Residential) 620,778 12,370 5,200 7,170 42,000 50,000 8,958 7,360 1,598 14,430 3,412 5,572
ABCD- (Commercial) 877,600 5,909 2,220 3,689 0 7,000 4,205 2,410 1,795 4,792 1,704 1,894
ABCD Town Square -(Com) 264,747 1,194 10 1,184 6,200 6,584 1,141 210 931 4,310 53 253
ABCD 2- (Commercial) 900,000 6,750 0 6,750 5,300 7,500 5,111 2,190 2,921 5,678 1,640 3,830
Township - (Commercial) 788,981 3,945 0 3,945 0 5,000 2,570 117 2,453 3,257 1,375 1,492
Sub-Total - (Commercial) 17,798 2,230 15,568 13,027 4,927 8,100 4,771 7,468 17,798
B ABCD CITY–GGN Housing 2,937,426 8,920 7,100 1,820 6,718 6,707 6,100 4,400 1,700 2,077 2,820 120
C INFOTECH CITY – XXXXXXXX 6,333,091 23,020 3,820 19,200 - NA 14,450 3,870 10,580 NA 8,569 8,619
ABCD - (Housing) 923,560 1,830 740 1,090 2,200 1,972 1,413 810 603 1,530 417 487
XXXXXXXX-21 - (Housing) 728,534 1,620 190 1,430 2,300 2,200 1,180 280 900 1,619 440 530
ABCD - (Housing) 300 10 290 2,500 2,200 222 40 182 0 78 108
Central Park Apt - (Housing) 657,372 1,385 0 1,385 0 2,200 1,048 200 848 1,595 337 537
XXXXXXXX Plots - (Plots) 1,165,000 6,461 2,870 3,591 6,200 8,000 3,398 2,250 1,148 2,917 3,063 2,443
ABCD ABCD-(Com) 2,858,625 11,424 10 11,414 0 4,000 7,190 290 6,900 2,515 4,234 4,514
D XXXXXXXX 703,469.20 4,040.00 330.00 3,710.00 - NA 2,165.60 370.00 1,795.60 NA 1,874.40 1,914.40
XXXXXXXX Plots - (Plots) 365,323 2,470 330 2,140 9,000 6,393 1,216 240 976 3,327 1,255 1,165
XXXXXXXX Commercial-
(Com)
338,146 1,570 0 1,570 0 4,643 950 130 820 2,810 620 750
E FARIDABAD 1,182,600.00 6,720.91 690.00 6,030.91 NA 3,789.05 600.00 3,189.05 NA 2,931.87 2,841.87
ABCD Projects-(Com) 1,182,600 6,721 690 6,031 4’500 6,000 3,789 600 3,189 3,204 2,932 2,842
F TOTAL = ( A+B+C+D+E ) 26,578,468 125,600 25,200 100,400 - - 77,873 27,657 50,216 - 47,727 50,184

Observations:
• Gross margin from projects under development has been computed as the net of projected sales and projected
costs. Across its 5 projects ABCD has projected its gross margins from its ongoing developments as follows:
1. ABCD Project– Gurgaon 38.04%
2. ABCD City – Gurgaon 31.61%
3. Infotech City – XXXXXXXX 37.23%
4. XXXXXXXX – 46.40%
5. ABCD Projects – Faridabad 43.62%
• Project profitability ie gross margins have been computed as net of projected sales and projected costs
• Estimated project wise cash flows from ABCD’s project pipeline are approx. 50,184 million INR net of
development costs.
• Cash flows have been computed as the net of sales receivables (collections) and costs yet to be incurred.
• The statement has been computed for on January1, 2011 since the 31st
March data was not made available to
us.
• Sales rate and cost assumptions have been provided by the management

6. Group Cash Flow Projections – Base Case
Cash Flow Projections - Real Estate INR in millions
Particulars Apr10-Dec10
Projections
Jan 11-
Mar11
2011-12 2012-13 2013-14 2014-15 Total
Real Estate Operations 6,478 3,030 16,643 22,466 25,058 33,207 100,404
Project(Net of Collaboration) 5,078 2,340 12,095 17,295 22,465 14,143 68,338
XXXXXXXX Infotech City 60 50 2,158 2,652 1,240 13,099 19,200
ABCD City, Sohna Road 710 200 545 1,073 0 0 1,819
XXXXXXXX 215 160 954 1,268 1,000 328 3,710
Projects – Sale 250 100 0 0 0 0 100
Projects – Rentals 0 0 0 59 234 5,638 5,930
Business Park - Rentals/Sale 165 180 890 119 119 0 1,307
Construction / Development Expenses (6,525) (2,224) (6,818) (9,719) (12,117) (19,342) (50,220)
India Next (5,345) (1,584) (4,990) (7,690) (10,987) (7,649) (32,900)
XXXXXXXX Infotech City (390) (120) (1,077) (1,220) (736) (7,428) (10,580)
ABCD City, Sohna Road (400) (130) (189) (189) 0 (1,193) (1,700)
XXXXXXXX (120) (290) (268) (355) (394) (493) (1,800)
Projects, Faridabad (150) (80) (265) (265) 0 (2,580) (3,190)
Business Park, Gurgaon (120) (20) (30) 0 0 0 (50)
Operating Cash Flows (47) 806 9,825 12,747 12,940 13,865 50,184
Other Adjustments (1,044) (399) (2,398) (2,601) (2,489) (2,958) (10,846)
Interest Payable on Debt (424) (141) (984) (692) (359) (135) (2,312)
Personnel Exp @ 1.50% of Sales (68) (45) (250) (337) (376) (498) (1,506)
Opg & Other Exp @ 7% of Sales (552) (212) (1,165) (1,573) (1,754) (2,325) (7,028)
Balance Cash Flows (1,091) 407 7,427 10,146 10,451 10,907 39,338
Debt Commitments 3,013 1,004 (1,476) (5,183) (3,620) (2,137) (11,411)
Repayments of Debt - Real Estate (3,805) (1,268) (3,886) (5,183) (3,620) (2,137) (16,094)
Inflow of Debt - Real Estate 6,818 2,273 2,410 0 0 0 4,683
Net Cash Inflows - Real Estate 1,922 1,411 5,951 4,963 6,832 8,770 27,927
Cash Flow Projections - Hospitality INR in millions
Particulars
Apr10-Dec10
Projections
Jan 11-
Mar11
2011-12 2012-13 2013-14 2014-15 Total
Income* 747 354 2,168 2,285 2,650 3,630 11,087
Facility Management 221 74 356 420 500 600 1,950
Business Centre 136 45 252 320 400 500 1,517
Restaurants 54 18 90 105 140 180 533
Int Chain Resort 179 60 270 290 310 350 1,280
Int Chain Gurgaon* 157 157 1,200 1,150 1,300 2,000 5,807
Expenses (567) (189) (1,371) (1,368) (1,550) (2,071) (6,547)
Facility Management (114) (38) (185) (238) (275) (328) (1,063)
Business Centre (92) (31) (170) (176) (220) (262) (859)
Restaurants (50) (17) (81) (84) (108) (136) (426)
Int Chain Resort (144) (48) (215) (203) (208) (232) (906)
Int Chain Gurgaon (167) (56) (720) (667) (739) (1,114) (3,295)
Operating Cash Flows 181 165 797 918 1,101 1,560 4,539
Other Outflows (163) (54) (520) (680) (680) (670) (2,604)
Interest Payable on Debt (163) (54) (400) (440) (440) (400) (1,734)
Repayments of Debt 0 0 (120) (240) (240) (270) (870)
Net Cash Inflow - Hospitalty 18 111 277 238 421 890 1,935
Projected Group Cash Flows 1,940 1,522 6,228 5,200 7,252 9,659 29,862
Real Estate Cash Flows %age 99% 93% 96% 95% 94% 91% 94%
Hospitality Cash Flows %age 1% 7% 4% 5% 6% 9% 6%
* FY 2010-11 given by the management bifurcated ; Int Chain Gurgaon started operations from 1st Oct 2010

Derived from the annual cash forecast is a quarterly base case cash forecast as below :
Quarterly Cash Flow Projections – Real Estate ……. INR in millions
Particulars
Jan 11-
Mar 11
Year 2011 – 2012 Year 2012 – 2013
Q 1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Real Estate Operations 3,030 4,162 4,162 4,159 4,159 5,617 5,617 5,617 5,615
India Next 2,340 3,024 3,024 3,024 3,023 4,324 4,324 4,324 4,323
XXXXXXXX Infotech City 50 540 540 539 539 663 663 663 663
ABCD City, Sohna Road 200 136 136 136 137 268 268 268 269
XXXXXXXX 160 239 239 238 238 317 317 317 317
Projects – Sale 100 0 0 0 0 0 0 0 0
Projects – Rentals 0 0 0 0 0 15 15 15 14
Business Park - Rentals/Sale 180 223 223 222 222 30 30 30 29
Construction/Development Expenses (2,224) (1,704) (1,704) (1,704) (1,706) (2,430) (2,430) (2,429) (2,430)
India Next (1,584) (1,248) (1,248) (1,247) (1,247) (1,923) (1,923) (1,922) (1,922)
XXXXXXXX Infotech City (120) (269) (269) (269) (269) (305) (305) (305) (305)
ABCD City, Sohna Road (130) (47) (47) (47) (48) (47) (47) (47) (48)
XXXXXXXX (290) (67) (67) (67) (67) (89) (89) (89) (88)
Projects, Faridabad (80) (66) (66) (66) (67) (66) (66) (66) (67)
Business Park, Gurgaon (20) (7) (7) (8) (8) 0 0 0 0
Operating Cash Flows 806 2,458 2,458 2,455 2,453 3,187 3,187 3,188 3,185
Other Adjustments (399) (600) (600) (600) (600) (650) (650) (650) (650)
Interest Payable on Debt- Real Estate Ops (141) (246) (246) (246) (246) (173) (173) (173) (173)
Personnel Exp @ 1.50% of Sales (45) (62) (62) (62) (62) (84) (84) (84) (84)
Opg & Other Exp @ 7% of Sales (212) (291) (291) (291) (291) (393) (393) (393) (393)
Balance Cash Flows 407 1,858 1,858 1,855 1,853 2,537 2,537 2,538 2,535
Debt Commitments 1,004 (370) (370) (368) (368) (1,296) (1,296) (1,296) (1,295)
Repayments of Debt (1,268) (972) (972) (971) (971) (1,296) (1,296) (1,296) (1,295)
Inflow of Debt 2,273 602 602 603 603 0 0 0 0
Net Cash Inflows - Real Estate 1,411 1,488 1,488 1,487 1,485 1,241 1,241 1,242 1,240
……..Quarterly Cash Flow Projections – Real Estate INR in millions
Particulars
Year 2013-2014 Year 2014- 2015
Total
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Real Estate Operations 6,265 6,265 6,264 6,264 8,303 8,303 8,302 8,300 100,404
India Next 5,616 5,616 5,616 5,617 3,536 3,536 3,536 3,535 68,338
XXXXXXXX Infotech City 310 310 310 310 3,275 3,275 3,275 3,274 19,199
ABCD City, Sohna Road 0 0 0 0 0 0 0 0 1,818
XXXXXXXX 250 250 250 250 82 82 82 82 3,710
Projects – Sale 0 0 0 0 0 0 0 0 100
Projects – Rentals 59 59 58 58 1,410 1,410 1,409 1,409 5,931
Business Park - Rentals/Sale 30 30 30 29 0 0 0 0 1,308
Construction/Development Expenses (3,030) (3,030) (3,029) (3,028) (4,835) (4,835) (4,835) (4,837) (50,220)
India Next (2,747) (2,747) (2,747) (2,746) (1,912) (1,912) (1,912) (1,913) (32,900)
XXXXXXXX Infotech City (184) (184) (184) (184) (1,857) (1,857) (1,857) (1,857) (10,580)
ABCD City, Sohna Road 0 0 0 0 (298) (298) (298) (298) (1,700)
XXXXXXXX (99) (99) (98) (98) (123) (123) (123) (124) (1,800)
Projects, Faridabad 0 0 0 0 (645) (645) (645) (645) (3,190)
Business Park, Gurgaon 0 0 0 0 0 0 0 0 (50)
Operating Cash Flows 3,235 3,235 3,235 3,236 3,468 3,468 3,467 3,463 50,184
Other Adjustments (622) (623) (622) (622) (740) (740) (740) (738) (10,846)
Interest Payable on Debt- Real Estate Ops (89) (90) (90) (90) (34) (34) (34) (33) (2,312)
Personnel Exp @ 1.50% of Sales (94) (94) (94) (94) (125) (125) (125) (124) (1,506)
Opg & Other Exp @ 7% of Sales (439) (439) (438) (438) (581) (581) (581) (581) (7,028)
Balance Cash Flows 2,613 2,612 2,613 2,614 2,728 2,728 2,727 2,724 39,338
Debt Commitments (905) (905) (905) (905) (534) (534) (534) (535) (11,411)
Repayments of Debt (905) (905) (905) (905) (534) (534) (534) (535) (16,094)
Inflow of Debt 0 0 0 0 0 0 0 0 4,683
Net Cash Inflows - Real Estate 1,708 1,707 1,708 1,709 2,194 2,194 2,193 2,189 27,927

Quarterly Cash Flow Projections - Hospitality ……. INR in millions
Particulars
Jan-
Mar11
Apr-
Jun11
Jul-
Sep11
Oct-
Dec11
Jan-
Mar12
Apr-
Jun12
Jul-
Sep12
Oct-
Dec12
Jan-
Mar13
Income 354 542 542 542 542 573 572 570 570
Facility Management 74 89 89 89 89 105 105 105 105
Business Centre 45 63 63 63 63 80 80 80 80
Restaurants 18 23 23 22 22 27 26 26 26
Int Chain Resort 60 67 67 68 68 73 73 72 72
Int Chain Gurgaon 157 300 300 300 300 288 288 287 287
Expenses (189) (343) (343) (342) (341) (342) (343) (342) (341)
Facility Management (38) (46) (46) (46) (46) (60) (60) (59) (59)
Business Centre (31) (43) (43) (42) (42) (44) (44) (44) (44)
Restaurants (17) (20) (20) (20) (20) (21) (21) (21) (21)
Int Chain Resort (48) (54) (54) (54) (53) (50) (51) (51) (51)
Int Chain Gurgaon (56) (180) (180) (180) (180) (167) (167) (167) (166)
Operating Cash Flows 165 199 199 200 201 231 229 228 229
Other Outflows (54) (130) (130) (130) (130) (170) (170) (170) (170)
Interest Payable on Debt (54) (100) (100) (100) (100) (110) (110) (110) (110)
Repayments of Debt 0 (30) (30) (30) (30) (60) (60) (60) (60)
Net Cash Inflow - Hospitality 111 69 69 70 71 61 59 58 59
…..Quarterly Cash Flow Projections - Hospitality INR in millions
Particulars
Apr-
Jun13
Jul-
Sep13
Oct-
Dec13
Jan-
Mar14
Apr-
Jun14
Jul-
Sep14
Oct-
Dec14
Jan-
Mar15
Total
Income 663 663 662 662 908 908 907 907 11,087
Facility Management 125 125 125 125 150 150 150 150 1,950
Business Centre 100 100 100 100 125 125 125 125 1,517
Restaurants 35 35 35 35 45 45 45 45 533
Int Chain Resort 78 78 77 77 88 88 87 87 1,280
Int Chain Gurgaon 325 325 325 325 500 500 500 500 5,807
Expenses (387) (388) (387) (387) (519) (519) (517) (517) (6,547)
Facility Management (68) (69) (69) (69) (82) (82) (82) (82) (1,063)
Business Centre (55) (55) (55) (55) (66) (66) (65) (65) (859)
Restaurants (27) (27) (27) (27) (34) (34) (34) (34) (425)
Int Chain Resort (52) (52) (52) (52) (58) (58) (58) (58) (906)
Int Chain Gurgaon (185) (185) (184) (184) (279) (279) (278) (278) (3,295)
Operating Cash Flows 276 275 275 275 389 389 390 390 4,539
Other Outflows (170) (170) (170) (170) (167) (167) (168) (168) (2,604)
Interest Payable on Debt (110) (110) (110) (110) (100) (100) (100) (100) (1,734)
Repayments of Debt (60) (60) (60) (60) (67) (67) (68) (68) (870)
Net Cash Inflow – Hospitality 106 105 105 105 222 222 222 222 1,935
Notes and Analysis:
• The projections are based on data provided by the management. They do not include the effect of cash flows from
working capital changes which may impact the projections given above positively or negatively dependent upon how
efficiently the Company manages its working capital cycle

• The total debt service cost (interest) for the year 2011-2012 is approx 2,508 million INR (real estate division). This
includes debt servicing of approx 15,376 million INR of debt and approx 5,000 million INR of customer advances.
• The management has assumed sales and collections of INR 16,643 million in 2011-12 as compared with INR 9,508
in FY 2010 – 2011 an increase of approx 75 % in FY 2011-2012 compared with FY 2010-2011; this in our view is
aggressive & ambitious. It was however communicated to us that in April 2011 collections have been close to Rs
1,200 million. We have not verified this statement
• The management has assumed an ambitious target of sale/bookings of 8.61 million sq. ft. over the next 4 years in
Gurgaon comprising of commercial & residential projects. This would average to an off take of 2.15 million sq ft per
annum on a simple average basis during the next 4 years
• Cash Flows from hospitality operations have been separately shown since hospitality is a separate division. The
financial terms with the Starwood group (owners of Int Chain brand) for providing the knowhow, technology & and
technical services fee is not factored in the cash flows given above. We were not in a position to gather the amounts
to be paid to Int Chain over the projected periods; therefore an adjustment to the cash flows projected is required.
However, a preliminary review indicates that the payout should be in the range of 5 to 9 percent of gross operating
margins of the project.
• The projected sales revenues from real estate operations are based on income and expenditure estimated for
ongoing projects. As per management the basis of the projections are milestones given by the construction and sales
departments which are then converted in to saleable units or space and the estimated current market rates applied to
them to arrive at the projected sales and collections. The milestone data on project units and their phased respective
collections has not been shared with us on confidentiality issues.
• The interest charged does not tally with the debt repayment schedule. As explained to us by the management this is
due to the fact that a part of the interest cost (50%) is capitalized to the cost of project and the balance 50% of the
interest payable is charged off in the Profi & Loss account. This is a common practice amongst real estate
developers
• It is a management policy to consider 100% of the assured returns payable on customer advances as part of the cost
of development instead of finance costs. Therefore, the assured returns paid / payable are included in the value of
inventory. The total component of assured returns included in a project cost could not be determined because of
complexity
• Since the company has large projects under development it needs large cash inflow injections to fund its operations.
It is assumed that a further debt infusion of Rs. 2,410 mn. will take place in 2011 – 2012. This amount is already
sanctioned by the banks.
• Based on the cash flow projections the group has a potential to realize approx. Rs 29,892 million cash before tax in
the next 4 to 5 years from its existing portfolio of projects. This is after servicing its operations, its debt obligations i.e.
principal loan repayments, interest on loans and commitments under the assured returns schemes. The speed,
quantum & certainty of realization of cash will however depend upon prevailing market conditions & the group’s
execution capability.
• Further the management has assumed an off take of approximately 14 million square feet in the forthcoming four
years; which is ambitious in our view. It entails sale of approx 8.53 million sq ft in Gurgaon (Commercial, Residential)

and approx 6.26 million in XXXXXXXX, XXXXXXXX and Faridabad.
• There are inherent risks involved in realization of future cash flows presented above and therefore represent XYZ’s
risk exposure on the proposed loan to ABCD group. Development Risks include risks associated with the property
development i.e. increased development cost, poor off take of sales, lower than budgeted per unit realization or a
poor design. These may result in delayed or lower recoveries, a higher construction cost than budgeted and site
location risks. ABCD’s projects under development cater to commercial and residential segments with a large
exposure on Gurgaon. It has been assumed that the prevalent buoyant market conditions will prevail.
• Regulatory Risks include delays in the regulatory approvals required to launch and develop the project.
• Financial Risks arising from rising interest rates. Interest Rate Risk is associated with fluctuations in inherent
interest in construction loans. Since ABCD is leveraged to the tune of approx INR 1300 million, every 1% increase in
bank lending rate would result in an additional INR 13 million interest outgo. Financial risks also include existence of
off balance-sheet loans and liabilities or contingent liabilities that have not been disclosed. It also includes Customer
default risks.

7. Sensitivity Analysis
Sensitivities have been computed on sales, construction cost increases and realization delays. In applying sensitivities it
has been assumed that both the divisions. i.e., real estate and hospitality will be affected.
7.1 Scenario -1: Input Cost Increase
Particulars
Apr10-
Dec10
Projections
Jan 11-
Mar11
2011-12 2012-13 2013-14 2014-15 Total
Construction/Development Expenses (6,525) (2,535) (7,772) (11,079) (13,814) (22,050) (57,251)
Balance Cash Flows (1,091) 96 6,472 8,785 8,755 8,199 32,307
Net Cash Inflows - Real Estate 1,922 1,100 4,996 3,602 5,135 6,062 20,896
Particulars
Apr10-
Dec10
Projections
Jan 11-
Mar11
2011-12 2012-13 2013-14 2014-15 Total
Income* 747 354 2,168 2,285 2,650 3,630 11,087
Expenses (567) (215) (1,563) (1,559) (1,766) (2,360) (7,464)
Operating Cash Flows 181 138 605 726 884 1,270 3,623
Other Outflows (163) (54) (520) (680) (680) (670) (2,604)
Net Cash Inflow – Hospitalty 18 84 85 46 204 600 1,018
Net Adjusted Group Cash Flows 1,940 1,184 5,082 3,648 5,339 6,662 21,914
Base Case Cash Flows 1,940 1,522 6,228 5,200 7,252 9,659 29,862
Change Due to Sensitivity – 1 0 (338) (1,146) (1,552) (1,913) (2,998) (7,947)
% Change Due to Sensitivity – 1 0% -22% -18% -30% -26% -31% -27%
Normally project cost comprises of cost of land, material cost, direct staff, allocable aXYZnistrative costs and capitalized
finance cost. Once acquired or aggregated over the period of time, land cost remains constant and is non-variable; while
other costs constitute variable costs. Generally land cost constitutes 30% of the project cost and hence in computing
sensitivities for rising costs these are constant. For the balance we have applied a 20% increase in input costs ie on 70%
of the project cost or 14% on total cost.

7.2 Scenario – 2 : Selling Units Drop by 20% in Real Estate
Particulars
Apr 10-
Dec10
Projections
Jan 11-
Mar11
2011-12 2012-13 2013-14 2014-15
2015-16 or
later
Total
Real Estate Operations 6,478 2,424 13,314 17,973 20,046 26,566 20,081 100,404
Construction/Development Expenses (6,525) (2,224) (6,818) (9,719) (12,117) (19,342) 0 (50,220)
Operating Cash Flows (47) 200 6,497 8,254 7,929 7,224 20,081 50,184
Other Adjustments (1,044) (399) (2,398) (2,601) (2,489) (2,958) 0 (10,846)
Balance Cash Flows (1,091) (199) 4,098 5,653 5,440 4,266 20,081 39,338
Debt Commitments 3,013 1,004 (1,476) (5,183) (3,620) (2,137) 0 (11,411)
Net Cash Inflows - Real Estate 1,922 805 2,622 470 1,820 2,128 20,081 27,927
Cash Flow Projections - Hospitality (No Delays assumed) INR in millions
Particulars
Apr10-
Dec10
Projections
Jan 11-
Mar11
2011-12 2012-13 2013-14 2014-15 2015-16 Total
Income* 747 354 2,168 2,285 2,650 3,630 NA 11,087
Expenses (567) (189) (1,371) (1,368) (1,550) (2,071) NA (6,547)
Operating Cash Flows 181 165 797 918 1,101 1,560 NA 4,539
Other Outflows (163) (54) (520) (680) (680) (670) NA (2,604)
Net Cash Inflow – Hospitalty 18 111 277 238 421 890 NA 1,935
Net Adjusted Group Cash Flows 1,940 916 2,899 707 2,241 3,018 20,081 29,862
Base Cash Flows 1,940 1,522 6,228 5,200 7,252 9,659 0 29,862
Change Due to Sensitivity Scenario - 2 0 (606) (3,329) (4,493) (5,012) (6,641) 20,081 0
% Change Due to Sensitivity Scenario - 2 0% -40% -53% -86% -69% -69% NA 0%
7.3 Scenario -3 : Selling Values Drops by 20%
Particulars
Apr10-
Dec10
Projections
Jan 11-
Mar11
2011-12 2012-13 2013-14 2014-15 Total
Construction/Development Expenses (6,525) (2,224) (6,818) (9,719) (12,117) (19,342) (50,220)
Balance Cash Flows (1,091) (199) 4,098 5,653 5,440 4,266 19,257
Net Cash Inflows - Real Estate 1,922 805 2,622 470 1,820 2,128 7,846

Particulars
Apr10-
Dec10
Projections
Jan 11-
Mar11
2011-12 2012-13 2013-14 2014-15 Total
Income* 747 283 1,734 1,828 2,120 2,904 8,869
Expenses (567) (189) (1,371) (1,368) (1,550) (2,071) (6,547)
Operating Cash Flows 181 94 363 461 571 834 2,322
Other Outflows (163) (54) (520) (680) (680) (670) (2,604)
Net Cash Inflow – Hospitalty 18 40 (157) (220) (110) 164 (282)
Net Adjusted Group Cash Flows 1,940 845 2,466 250 1,711 2,292 7,564
Base Case Cash Flows 1,940 1,522 6,228 5,200 7,252 9,659 29,862
Change Due to Sensitivity Scenario – 3 0 (677) (3,762) (4,950) (5,542) (7,367) (22,298)
% Change Due to Sensitivity Scenario – 3 0% -44% -60% -95% -76% -76% -75%
7.4 Scenario – 4 : Realizations’ Delayed by Six Months in Real Estate
Particulars
Apr10-
Dec10
Projections
Jan 11-
Mar11
2011-12 2012-13 2013-14 2014-15 2015-16 Total
Real Estate Operations 6,478 1,212 7,869 15,644 19,009 23,306 13,283 80,323
Construction/Development Expenses (6,525) (2,224) (6,818) (9,719) (12,117) (19,342) 0 (50,220)
Operating Cash Flows (47) (1,012) 1,051 5,925 6,892 3,964 13,283 30,103
Other Adjustments (1,044) (399) (2,398) (2,601) (2,489) (2,958) 0 (10,846)
Balance Cash Flows (1,091) (1,411) (1,347) 3,323 4,403 1,006 13,283 19,257
Debt Commitments 3,013 1,004 (1,476) (5,183) (3,620) (2,137) 0 (11,411)
Net Cash Inflows - Real Estate 1,922 (407) (2,823) (1,859) 783 (1,132) 13,283 7,846
Cash Flow Projections - Hospitality (No Delays assumed) INR in millions
Particulars
Apr10-
Dec10
Projections
Jan 11-
Mar11
2011-12 2012-13 2013-14 2014-15 2015-16 Total
Income* 747 283 1,734 1,828 2,120 2,904 NA 8,869
Expenses (567) (189) (1,371) (1,368) (1,550) (2,071) NA (6,547)
Operating Cash Flows 181 94 363 461 571 834 NA 2,322
Other Outflows (163) (54) (520) (680) (680) (670) NA (2,604)
Net Cash Inflow – Hospitality 18 40 (157) (220) (110) 164 NA (282)
Net Adjusted Group Cash Flows 1,940 (367) (2,979) (2,079) 674 (968) 13,283 7,564
Base Case Cash Flows 1,940 1,522 6,228 5,200 7,252 9,659 0 29,862
Change Due to Sensitivity Scenario - 4 0 (1,889) (9,207) (7,279) (6,578) (10,627) 13,283 (22,298)
% Change Due to Sensitivity Scenario - 4 0% -124% -148% -140% -91% -110% NA -75%
Net Adjusted Group Cash Flows 1,940 (367) (2,979) (2,079) 674 (968) 13,283 7,564
Net Adjusted Cash Flows as per Scenario - 3 Above 1,940 845 2,466 250 1,711 2,292 0 7,564
Change Due to Sensitivity Scenario–4 (Worst Case) 0 (1,212) (5,445) (2,329) (1,037) (3,260) 13,283 0
% Change Due to Sensitivity Scenario–4(Worst Case) 0% -143% -221% -931% -61% -142% NA 0%

The sales targets in all categories of development (i.e. residential, commercial etc) appear to be aggressive.
Assuming a dip under adverse scenario, we have considered a reduction of 20% in the sales prices.
Historically, sundry debtors have remained at around 3 to 4 months of sales booked in a year. Accordingly, under an
adverse scenario we have considered a further delay of 6 months across all developments for computing a sensitivity
analysis. We have however not evaluated payment schedules of the ongoing projects to validate the figures provided
by the management on collections on sold units.
7.5 Cash Flow Projections - Worst Case Scenario INR in million
Particulars
Projections
Jan 11-
Mar11
2011-12 2012-13 2013-14 2014-15
2015-16
or Later
Total
Base Case Cash Flows (As Given by the Management) 1,522 6,228 5,200 7,252 9,659 0 29,862
Scenario -1 : Input Cost Rise by 14%
(338) (1,146) (1,552) (1,913) (2,998) 0 (7,947)
Scenario -2 : Selling Units drop by 20% in Real Estate
(606) (3,329) (4,493) (5,012) (6,641) 20,081 0
Scenario -2 : Selling Rates drop by 20%
(677) (3,762) (4,950) (5,542) (7,367) 0 (22,298)
Scenario -2 : Realizations’ delay by six months in Real Estate
(1,212) (5,445) (2,329) (1,037) (3,260) 13,283 0
WORST CASE CASH FLOWS (1,311) (7,454) (8,124) (6,251) (10,607) 33,364 (384)
7.6 Sensitivity Analysis - Proportionate Change in %age INR in million
Particulars
Projections
Jan 11-
Mar11
2011-12 2012-13 2013-14 2014-15
2015-16 or
Later
Total
Base Case Cash Flows (As Given by the Management) 1,522 6,228 5,200 7,252 9,659 0 29,862
Scenario -1 : Input Cost Rise by 14% -22% -18% -30% -26% -31% -27%
Scenario -2 : Selling Units Dropping by 20% in Real Estate
-40% -53% -86% -69% -69% NA 0%
Scenario -3 : Selling Rates Dropping by 20%
-44% -60% -95% -76% -76% 0% -75%
Scenario -4 : Realizations’ delay by Six Months in Real Estate -124% -148% -140% -91% -110% NA -75%
A distress situation would lead to restructuring of debt, defaults in meeting commitments and sale of land
assets held by the group

8. Debt History
8.1 Debt Equity Mix INR in million
Period Ending Prov. Mar 2011 Audited March10 Audited March09 Audited March08
Equity 8,618.87 7,781.20 7,599.33 7,479.10
Debt 12,965.70 10,552.98 8,585.59 5,522.35
Total Sources of Funds 21,584.57 18,334.19 16,184.92 13,001.44
Proportionate
Period Ending Prov. Mar 2011 Audited March10 Audited March09 Audited March08
Equity 39.93% 42.44% 46.95% 57.53%
Debt 60.07% 57.56% 53.05% 42.47%
Total Sources of Funds 100.00% 100.00% 100.00% 100.00%
8.2 Debt Profile Over The Years INR in million
Prov. Mar 2011 Audited March10 Audited March09 Audited March08
Total Debt 12,965.70 10,552.98 8,585.59 5,522.35
Credit Facilities from Banks 3,577.70 2,697.60 1,165.90 1,222.53
SBOP/SBOH 300.00 0.00 0.00 0.00
SBI 251.80 334.10 719.66 752.63
SBOP 75.90 103.50 146.24 169.90
CENTRAL BANK OF INDIA 2,000.00 2,000.00 0.00 0.00
ANDHRA BANK 950.00 0.00 0.00 0.00
SBBJ 0.00 260.00 300.00 300.00
Loans from Bodies Corporate 8,880.00 4,198.00 4,112.60 2,265.87
LIC HOUSING FINANCE LIMITED 0.00 280.00 300.00 165.00
HDFC LIMITED 4,590.00 2,240.00 1,954.47 1,700.00
XXXXXXXX & OTHERS 4,290.00 1,518.00 1,858.13 400.87
DENON LIMITED 0.00 90.00 0.00 0.00
XYZ FINANCE (P) LIMITED 0.00 70.00 0.00 0.00
Debentures 500.00 2,000.00 2,000.00 2,000.00
Compulsorily Convertible Debentures of Wachovia 500.00 2,000.00 2,000.00 2,000.00
Others 8.00 1,657.38 1,307.09 33.95
Deferred Credit Facility 0.00 1,596.57 1,159.11 0.00
Hypothecation Loans For Fixed Assets 8.00 13.00 13.11 20.90
Others 0.00 47.81 134.87 13.05
Analysis:
• No fresh issue of shares was made during the period under review. The increase in equity is solely attributable to
retained earnings.
• Debt has significantly increased and currently ie March 2011 is twice the March 2008 levels.

9. Current Debt - March 2011 INR in millions
Lender
Sanction
Date
Sanctioned
(INR in
millions)
Repayment Terms
Scheduled
O/s as at
Mar, 2011
Actual O/s
as at Mar,
2011
Overdue
Bal as at
Mar, 2011
Cost Security / Major Terms
Real Estate Debt
HDFC Aug-10 3,000
18% escrow arrangement for receivables.
To be squared off by June 2015.
3,000 3,150 150 14.75%
Eq Mortgage of ABCD
ProjectProject Land msg 350
acres.
HDFC Aug-10 1,000
18% escrow arrangement for receivables.
To be squared off by June 2015.
1,000 1,000 0 14.75%
Eq Mortgage of ABCD
ProjectProject Land msg 350
acres.
HDFC Jan-11 1,500
8 installments of Rs. 187.50 Mn starting
Sep 30th 2013.
440 440 0 15.00%
Eq Mortgage of ABCD Projects
Project Land msg 8.79 acres.
Charge on Sale Proceeds /
Receivables.
State Bank of India Jul-09 420 To be squared off by March 2014. 252 252 0 13.50%
Multiple Banking Arrangement
between SBI and SBOP. First
Pari Passu Charge with SBOP by
way of Eq Mortgage of L&B of
Project ABCD Towers (Tower-B)
at Sector - 54 in the name of
ABCD Towers (P) Limited
SBOP Jun-07 195
84 installments of Rs. 23.21 Mn ending
Jun 30th 2014.
88 76 0 13.00%
CENTRAL BANK OF INDIA Mar-10 2,000
8 Qtr Installments of Rs. 250 Mn starting
end of 15th month from date of first
disbursement.
2,000 2,000 0 14.75%
Eq Mortgage and charge on L&B
and Assignment of Lease Rentals
thereon of Block 2 & 3 of ABCD
Business Park.
Andhra Bank Aug-10 1,000
8 Qtr Instalments of Rs. 125 Mn starting
after one year holiday from disbursement.
1,000 950 0 14.25%
Int Chain 27 acres land, rooms,
7,00,000 sq ft Banquet Hall.
ABCD Professional Point land
2.11 acres.
SBOP/SBOH Feb-Mar -11 300
8 Qtr Instalments of Rs. 93.75 Mn from
Oct 2012 to Jul 2014
300 300 0 14.50%
First pari passu charge on land
along with development thereon
and all future receivables of
Project Gurgaon 21.
XXXXXXXX Aug-10 3,000
Moratorium of 12 months. 24 EMIs of Rs.
125 Mn thereafter.
3,000 3,000 0
First Rs.
800 Mn @
13.50%
and
Balance
Rs. 2000
Mn @
17.00%
EM of Land 168 Acres of Alaska
Construction (P) Ltd, EM of
229442 Sq Ft of ready space
belonging to XXXXXXXX Dev (P)
Ltd, Addl Sec of 165 Acres in
Gurgaon.

XXXXXXXX Aug-09 1,000 36 EMIs of Rs. 37.51 Mn each.
Not Available 1,290
Not
Available
20.67%
EM of 4.36 Acres Land of Kolina
Dec (P) Ltd, EM of 25 Acres of
Land of Blossom Properties (P)
Ltd, 2nd Charges over hotel
property of INT CHAIN Gurgoan
at IFFCO Chowk.
XXXXXXXX May-10 690 Tenor of 36 months.
Min 17%
Max 20%
EM over 11.13 Acres of Land of
Mendell Dev (P) Ltd, EM over
14.10 Acres of Land of Blossom
Properties (P) Ltd.
CCD's of Wachovia 500
Compulsorily convertible at par between
24 to 48 months from the issue date i.e.
January 15th, 2008 in to Equity @ Rs. 10
each carrying differential voting &
distribution rights.
500 500 0 12.50% Unsecured
Various Banks 8 Monthly installments payable. 8 8 0 - Hypothecation of Fixed Asset.
Hospitality Debt
CENTRAL BANK OF INDIA Feb-10 1,500
35 unequal qtr installments starting
from Dec11 to Jun20
1,500 1,500 0 14.25%
First mortgage & charge on Int
Chain Gurgaon immovable &
movable properties.
HDFC LIMITED Mar-10 1,500
35 unequal qtr installments starting
from Dec11 to Jun20
1,500 1,500 0 13.00%
First EM of The Int Chain Hotel
land msg 4.2 acres. First charge
by way of hyp of movables &
book debts.
As on March 31
st
2011 ABCD’s weighted average cost of long term capital debt in real estate comes to 15.42% per annum; whereas it is 13.63% per annum under
hospitality

9.1 Customer Advances
Sr. No. Projects
Mar-10
1 Plots - India Next, Gurgaon 2,991
2 Iris Floors - India Next, Gurgaon 310
3 Emilia Floors - India Next, Gurgaon 311
4 Primrose Floors - India Next, Gurgaon 375
5 ABCD - India Next, Gurgaon 313
6 Plots - Infotech City, XXXXXXXX 1,948
7 Premium Floors 30
8 Project Corporate – Township 2
9 ABCD City, Gurgaon 904
10 ABCDs, XXXXXXXX 172
11 XXXXXXXX – 21 72
12 City Homes,XXXXXXXX 6
13 Gurgaon 21-Next 143
14 City Homes,Gurgaon 570
15 ABCD, Gurgaon 113
16 ABCD, XXXXXXXX 1
17 Business Park, Gurgaon 788
18 Projects, Faridabad 396
19 ABCD, XXXXXXXX 24
20 ABCD - NH 8 999
21 ABCD Community Mart, XXXXXXXX 1
22 City Market, Sohna Road, Gurgaon 15
23 ABCD - Retail, XXXXXXXX 3
24 Int Chain Resort - Sohna FM 1
25 Project Corporate - Facility Management 1
26 ABCD Traingle 6
27 ABCD Atrium 10
28 ABCD Towers 17
Total 10,521
• As on March 2011 (Provisional) current liabilities and other provisions amounted to Rs. 19,706.79 million. It
included the amount of customer advances received against projects on which assured returns are paid.
However the quantum and project wise breakup of assured returns was not provided to us.
• Management estimates to pay Rs. 45 million (approx.) monthly as assured returns on commercial projects in
progress. On an average rate of 10-11% per annum as communicated to us by the management it can be
assumed that customer advances on which assured returns are payable amount to Rs. 5,000 million (approx.)

10. Debt Repayment Forecast (INR in millions)
Lender Nature Purpose
Mar-11
Balance
Bal Inc
Undisbursed
Items 2011-12 2012-13
Q1 Q2 Q3 Q4 11-12 Q1 Q2 Q3 Q4 12-13
1 HDFC LTD* Term Loan ABCD Project 440 1,500 P 0 0 0 0 0 0 0 0 0 0
I 17 28 38 47 129 56 56 56 56 225
2 HDFC LTD Term Loan ABCD India Next 2,922 2,922 P 0 0 188 188 375 188 188 188 188 750
I 108 108 108 104 427 97 90 83 76 346
3 HDFC LTD # Term Loan ABCD India Next 150 1,000 P 0 0 63 63 125 63 63 63 63 250
I 6 37 37 35 114 32 30 28 25 115
4 State Bank of India Rent Discounting ABCD Tower 255 255 P 29 29 29 29 115 29 29 29 29 115
I 8 7 6 5 26 4 3 2 2 11
5 State Bank of Patiala Rent Discounting ABCD Tower, 76 76 P 7 7 7 7 28 7 7 7 7 28
I 2 2 2 2 8 2 1 1 1 5
6 Central Bank of India Term Loan General 2,000 2,000 P 250 250 250 250 1,000 250 250 250 250 1,000
I 71 62 53 42 229 34 25 17 8 84
7 Andhra Bank $ Term Loan General 950 1,000 P 0 125 125 125 375 125 125 125 125 500
I 34 34 30 25 124 21 17 13 8 59
8 XXXXXXXX Term Loan General 724 724 P 82 57 0 0 139 223 0 0 223 445
I 6 1 0 0 7 0 0 0 0 0
I 28 24 20 15 87 10 5 1 0 16
I 26 24 21 18 90 16 13 9 6 43
11 XXXXXXXX Term Loan General 2,200 2,200 P 0 0 0 156 156 243 253 264 276 1,036
I 93 93 93 92 373 83 73 62 51 269
I 34 34 34 34 136 33 29 25 21 108
13 SBOP @ Term Loan Gurgaon 21 / Next 150 375 P 0 0 0 0 0 0 0 47 47 94
I 5 11 14 14 44 14 14 12 11 50
14 SBOH @ Term Loan Gurgaon 21 / Next 150 375 P 0 0 0 0 0 0 0 47 47 94
I 5 11 14 14 44 14 14 12 11 50
15 HDFC Ltd ICD General 1,000 1,000 P 0 0 0 1,000 1,000 0 0 0 0 0
I 36 36 36 24 131 0 0 0 0 0
Total Principal 12,966 15,376 P 501 607 807 1,971 3,886 1,151 1,173 1,216 1,198 5,183
Total Interest I 480 512 505 470 1,968 415 370 322 276 1,384
Total Principal & Interest 5,853 6,567
Compared to: Operating Cash Flow 9,825 12,747
* INR 1,060 Mn will increase FY 11-12. # INR 850 Mn will increase in FY 11-12. $ INR 50 Mn will increase in FY 11-12. @ INR 225 Mn each will increase in FY 11-12. Cont. – Next

Debt Repayment Forecast – Continued (INR in millions)
Lender Nature Purpose
Mar-
11 Bal
Balance Inc
Undisbursed
Items 2013-14 2014-15 2015-16 Grand
Total
Q1 Q2 Q3 Q4 2013-14 Q1 Q2 Q3 Q4 2014-15 Q1 2015-16
1 HDFC LTD Term Loan
ABCD
Project
440 1,500 P 0 188 188 188 563 188 188 188 188 750 188 188 1,500
I 56 56 49 42 204 35 28 21 15 99 7 7 664
ABCD India
Next
2,922 2,922 P 188 188 188 188 750 225 225 225 225 900 225 225 3,000
I 69 62 55 48 235 41 33 25 17 116 8 8 1,132
ABCD India
Next
150 1,000 P 63 63 63 63 250 75 75 75 75 300 75 75 1,000
I 23 21 18 16 78 14 11 8 17 50 3 3 360
4
State Bank
of India
Rent
Discounting
ABCD
Tower
255 255 P 21 0 0 0 21 0 0 0 0 0 0 0 251
I 1 0 0 0 1 0 0 0 0 0 0 0 38
5 SBOP
Rent
Discounting
ABCD
Tower,
76 76 P 7 7 7 0 21 0 0 0 0 0 0 0 78
I 2 1 1 0 4 0 0 0 0 0 0 0 17
6 CBI Term Loan General 2,000 2,000 P 0 0 0 0 0 0 0 0 0 0 0 0 2,000
I 0 0 0 0 0 0 0 0 0 0 0 0 314
7
Andhra
Bank
Term Loan General 950 1,000 P 125 0 0 0 125 0 0 0 0 0 0 0 1,000
I 21 0 0 0 21 0 0 0 0 0 0 0 204
8
XXXXXXX
X
Term Loan General 724 724 P 0 0 0 0 0 0 0 0 0 0 0 0 584
I 0 0 0 0 0 0 0 0 0 0 0 0 7
9
XXXXXXX
X
I 0 0 0 0 0 0 0 0 0 0 0 0 103
10
XXXXXXX
X
I 2 0 0 0 2 0 0 0 0 0 0 0 136
11
XXXXXXX
X
Term Loan General 2,200 2,200 P 288 300 313 107 1,008 0 0 0 0 0 0 0 2,200
I 39 26 13 2 80 0 0 0 0 0 0 0 722
12
XXXXXXX
X
I 17 13 8 3 41 0 0 0 0 0 0 0 285
13 SBOP Term Loan
Gurgaon 21
/ Next
150 375 P 47 47 47 47 188 47 47 0 0 94 0 0 375
I 9 7 6 4 26 2 1 0 0 3 0 0 123
14 SBOH Term Loan
Gurgaon 21
/ Next
150 375 P 47 47 47 47 188 47 47 0 0 94 0 0 375
I 9 7 6 4 26 2 1 0 0 3 0 0 123
15 HDFC Ltd ICD General 1,000 1,000 P 0 0 0 0 0 0 0 0 0 0 0 0 1,000
I 0 0 0 0 0 0 0 0 0 0 0 0 131

Total Principal 12,966 15,376 P 960 944 962 754 3,620 581 581 488 488 2,137 488 488 15,376
Total Interest I 248 194 157 119 719 95 74 54 48 271 18 18 4,359
Total Principal & Interest 4,338 2,408 506 19,672
Operating Cash Flows 12,940 13,865 49,378

11. Credit Score Card
Parameters Benchmark Weight Score Result
A General
1 Years in Business >= 5 years 10 3 30
2 Employees >=50 10 3 30
B Financial
1 Profitable - 3 Years (Y/N) 20 3 60
2 Cash positive - 3 Years (Y/N) 20 3 60
3 Net Operating Margin After Tax > 10% 10 2 20
4 Cash Forecast During Loan Period Comfortable 20 2 40
5 Cash Forecast During Loan Period Under Distress Comfortable 20 0 0
6 Quantum of Debt compared with previous year Net Profit 10 times < 10 0 0
7 Tangible Net Worth Loan/TNW < 25% 10 1 10
8 Gearing (TOL/TNW) <=3 10 1 10
9 Adjusted Debt: Equity <=2:1 10 1 20
10 Interest Cover (Last Year’s Cash Profit) >=3 10 1 10
11 Sales Growth 3 years > 15% 10 3 30
12 Weighted Average Cost of Loan Funds < 15 % 10 2 20
C Qualitative
1 Management Quality (Professional) 10 3 30
2 Satisfactory conduct certificate - Existing lenders (Y/N) 10 3 30
3 Liability Not Reflected - Quantum of assured returns < TNW 10 0 0
4 Disputed liabilities more than tangible Net Worth DL < 25% TNW 10 3 30
5 Available Land Bank Preferred Locations 10 3 30
6 Equity held by promoter Listed 40%, Unlisted 90% 10 2 20
7 Market Grapevine Positive / Negative 10 3 30
Total Score 250 510
In the credit scorecard the total of weights allotted is 250; the score is computed on financial and qualitative
criteria for assessment in the following manner:
0 - Adverse
1 - Satisfactory
2 – Good
3 - Excellent
A score of 510 denotes satisfactory
< 500 = Not Creditworthy
> 500 = Satisfactory with reservations under a distress situations
> 550 = Satisfactory with no reservations

ANNEXURES
1 Organization Structure
32
2 Key Managerial Personnel
32
3 Group Land bank – March 2011
34
4 Historical Cash Flow
36
5 Historical Balance Sheet
38
6 Historical Profit & Loss
40
7 Equity Shareholding Pattern - March 2011
41
8 Group Companies Shareholders
42
9 Appendices
55

Mr. Mr. C
(Deputy Managing Director)
Mr. Manmohan Mehra
(VP Corporate Affairs)
Mr. Mr. B
Deputy Managing Director
Hospitality
Operations
Facilities
Management
Hotels Legal /
Secretarial
Projects Marketing
& Client
Service
AXYZn. /
HR
Infrastructure Licensing Land
Management
Finance &
Account
Education
Mr. Mr. A
(Managing Director)
1. Organization Structure
2. Key Managerial Personnel
Mr. A
Designation: Chairman & Managing Director
Experience: Mr. A established the ABCD Group as a real estate concern in 1987 with a firm focus on product
quality and related services. The company is based on strong values and a definitive culture
which revolves around open collaboration, vested authority and clarity of responsibility. He is an
active participant in the company affairs and lends direction and monitors accountability for
every business vertical.
Mr. C
Designation: Deputy Managing Director
Experience: Graduated in the Year 2000 from Lehigh University, Pennsylvania, with a Bachelor’s of Science
in Accounting and a Bachelor of Science in International Finance. He worked with KPMG LLP in
New Jersey for a year in the Audit Division and then moved to India and joined ABCD in the year
2001. For the first eight years, he was involved in the construction of the various real estate
products for the company. Since 2009, he looks after the Real Estate Business in its entirety.
Mr. B
Designation: Deputy Managing Director
Experience: Graduated in the Year 2001 from the University of Buckingham, with a Bachelor’s in Business
Management. He joined ABCD in 2001 and was responsible for the sales and marketing efforts
of the company for a period of eight years including management of the facility division of the

company. Since 2009, he is responsible for all the operative business that includes the Hotel
Division, Facility Management, Business Centers and Restaurants.
Syed Zafar Hasan
Designation: President - Projects
Experience: He graduated in 1976 with a Bachelor’s in Science (Electrical Engineering).He is providing the
technical support to Project Management department which includes Planning and Monitoring,
Execution, Design Management, Product Strategy, Commercial and Services. He holds over 35
years of experience in the construction field with specialization in MEP works.
Manmohan Mehra
Designation: Vice President – Company Affairs
Experience: Mr. Mehra has an enriching experience of over 40 years in the field of Accounts and Finance
across a broad range of industries. A Chartered Accountant by profession, his forte includes
treasury management and working capital management apart from an exposure to various
facets of general management.
Raj Kumar Sahni
Designation: Vice President – Accounts & Finance
Experience: Mr Sahni completed his Bachelors in Commerce (Honors Course) from SRCC, Delhi University
in 1989. He is also a Member of ICWAI and a Fellow Member of ICAI. He has 16 years’
extensive and comprehensive experience in managing Business and Financial Operations. In
ABCD, he is heading the Accounts and Finance department including Taxation.
Umesh C Srivastava
Designation: Vice President – Infrastructure
Experience: He has over 35 years of diversified experience including Indian Navy. He is presently heading
the Infrastructure department and is responsible for all clearances of upcoming projects from
various government departments.
Anjali Agarwal
Designation: Vice President – Marketing & Client Services
Experience: Anjali holds an MBA in International Marketing and Finance, from La Trobe University,
Melbourne and comes to us with over 14 years of experience at various levels. She started her
career with Sterling Tree Magnum and has since worked with NIS and Egurucool.com. Prior to
joining ABCD, her last assignment was with Max New York Life Insurance as their National
Head (Key Account Management) and AVP (Operations).
Alok Mehta
Designation: General Manager – Architecture Cell
Experience: He is a graduate in Architecture and has more than 12 years’ experience. Before joining ABCD
Group, he was working with J&A - Mauritius. He is spear-heading the team of Architects and is
involved in all aspects of architectural design and implementation.
Mamta Dutt
Designation: General Manager – Human Resource & AXYZnistration
Experience: Mamta is a Doctorate in Management Studies from National Institute of Management, Delhi with

8 years’ rich experience at various levels. She started her career with IIPM and has since
worked with Apollo International Ltd. Her last assignment was with Kingfisher Airlines at their
DGM – HR. She is responsible for the entire gambit of HR including Recruitment, Induction,
Training, Performance Management etc., besides taking care of all aXYZnistrative matters for
ABCD Group.
XXXXXXXX Shail Kumar
Designation: Deputy General Manager – Investor Relations
Experience: With over 8 years’ experience in consulting, risk advisory and assurance practice, Mr.
XXXXXXXX Shail Kumar is a Chartered Accountant by profession. He has worked for E&Y and
KPMG before joining ABCD. He is heading the Investor Relations department with ABCD.
3. Group Land Bank - March 2011
Owner Location Project Acres Book Value
A Land Held by ABCD group Companies INR in millions
1 Alaska Constructions Pvt. Ltd. XXXXXXXX 168.33 202.31
2 Magnet Developer Pvt. Ltd. XXXXXXXX 12.29
2,375.97
3 Sanskar Buildtech Pvt. Ltd. XXXXXXXX 137.84
4 Nakshatra Buildcon Pvt. Ltd. XXXXXXXX 30.96
5 ABCD XXXXXXXX Sez Developers Ltd. XXXXXXXX 34.78
6 ABCD Limited XXXXXXXX 182.89
7 Development Rights In ABCD Ltd XXXXXXXX 200.09
35 Malvina Developers Pvt. Ltd. Industrial Park 24.95
427.6636 Dale Developers Pvt. Ltd. Industrial Park 24.23
37 Gabino Developers Pvt. Ltd. Industrial Park 5.85
8 Avon Buildtech Gurgaon ABCD India Next 13.47
10,698.58
9 Blossom Properties Private Limited Gurgaon ABCD India Next 26.21
10 Browz Technologies Pvt. Ltd. Gurgaon ABCD India Next 26.25
11 Buzz Estates Pvt. Ltd. Gurgaon ABCD India Next 18.71
12 ABCD ProjectDevelopers Pvt. Ltd. Gurgaon ABCD India Next 18.10
13 Kolina Developers Pvt. Ltd. Gurgaon ABCD India Next 4.36
14 Paxton Promoters And Dev. Pvt. Ltd. Gurgaon ABCD India Next 0.16
15 Shivganesh Buildtech Pvt. Ltd. Gurgaon ABCD India Next 8.19
16 Wonder Developers Pvt. Ltd. Gurgaon ABCD India Next 22.55
17 Sarvad Builders Private Limited Gurgaon ABCD India Next 6.16
18 Caspar Developers Pvt. Ltd. Gurgaon ABCD India Next 2.36
19 Caspar Developers Pvt. Ltd. Gurgaon ABCD India Next 16.39

20 Calida Developers Pvt. Ltd. Gurgaon ABCD India Next 7.88
21 Calida Developers Pvt. Ltd. Gurgaon ABCD India Next 0.53
22 Stanway Developers Pvt. Ltd. Gurgaon ABCD India Next 15.08
23 Stanway Developers Pvt. Ltd. Gurgaon ABCD India Next 9.95
24 Espo Developers Pvt. Ltd. Gurgaon ABCD India Next 3.15
25 Espo Developers Pvt. Ltd. Gurgaon ABCD India Next 23.84
26 Mendell Developers Pvt. Ltd. Gurgaon ABCD India Next 3.88
27 Mendell Developers Pvt. Ltd. Gurgaon ABCD India Next 20.94
28 Marathon Promoters Pvt. Ltd. Gurgaon ABCD India Next 24.07
29 Alden Developers Pvt. Ltd. Gurgaon ABCD India Next 11.93
30 Bendek Developers Pvt. Ltd. Gurgaon ABCD India Next 19.11
31 Fermina Developers Pvt. Ltd. Gurgaon ABCD India Next 12.41
32 Spring Buildcon Pvt. Ltd. Gurgaon ABCD India Next 24.43
33 Shivam Infratech Pvt Ltd Gurgaon ABCD India Next 11.39
34 ABCD Limited Gurgaon ABCD India Next 93.86
B Land Under Collaboration
1 Harnesh Construction Pvt. Ltd. Gurgaon ABCD India Next 1.16
2 Lakshaya Buildtech Pvt. Ltd Gurgaon ABCD India Next 1.36
3 Dr. ABCD Gurgaon ABCD India Next 2.96
C Land Held By Others
1 Trishul Industries Gurgaon ABCD India Next 11.24
2 Crazy Properties Pvt. Ltd. Gurgaon ABCD India Next 28.26
3 Pegasus Infrastructure Pvt. Ltd. Gurgaon ABCD India Next 24.81
4 Sahar Land And Housing Pvt. Ltd. Gurgaon ABCD India Next 28.55
Grand Total (A) + (B) + (C) 1,365.91 13,704.52
The group owns adequate land bank reserves to cater to the forthcoming 4 to 5 years of development in Gurgaon

Due Diligence Report
4. Historical Cash Flow INR in million
Particulars Prov. Mar 2011 Audited March10 Audited March09 Audited March08
A Cash Flows from Operating Activities (3,479.34) 1,582.81 (1,278.29) (7,994.99)
Net Profit before tax 1,249.90 410.34 243.67 730.85
Adjustments:
Depreciation & Other Write Offs 42.00 32.75 35.76 51.16
Other Income (190.00) (34.49) (17.50) (100.98)
Profit on Sale of Fixed Assets 0.00 4.87 (6.56) (0.32)
Finance / Commitment Charges 565.85 739.76 797.51 84.10
Bad Debt Written off 0.00 14.34 2.80 4.77
Provisions 0.00 0.00 0.09 74.85
Unutilised Forex Loss 0.00 0.00 0.58 0.00
Operating Profit before Working capital changes 1,667.75 1,167.59 1,056.35 844.42
(Increase) / Decrease in Sundry Debtors 0.00 (781.39) (790.80) (623.22)
(Increase) / Decrease in Loans & Advances (250.00) 1,284.67 1,471.45 (6,859.86)
(Increase) / Decrease in Other Current Assets 0.00 (650.52) (7.72) 0.00
(Increase) / Decrease in Inventory (6,650.81) (2,099.18) (7,793.95) (2,192.57)
Increase / (Decrease) in Current Liabilities &
Provisions
1,957.50 2,426.25 2,260.56 1,272.62
Increase / (Decrease) in Deferred Payment Liabilities 0.00 437.46 2,645.67 247.94
(Increase) / Decrease in Deposits with Banks under
Lien
208.69 (63.75) 23.81 (140.47)
Cash Generated / (used) in Operations (3,066.87) 1,721.14 (1,134.63) (7,451.15)
Income Tax Paid/ (Refund) (412.47) (138.33) (143.66) (543.84)
B Cash Flow From Investing Activities (1,309.64) (110.94) (35.02) (1,080.05)
Sale / (Purchase) of Investments (1,500.00) (25.76) (62.56) (42.76)
Sale / (Purchase) of Fixed Asset 0.00 36.20 9.26 1.77
Investment made during the year 0.00 (149.23) 0.00 (1,140.04)
Investment sold during the year 0.00 0.00 10.00 0.00
Interest Received 190.36 27.85 8.28 100.98
C Cash flow from Financing Activities 3,451.25 790.17 1,167.78 9,002.82
Proceeds / (Repayments) of Short Term Borrowings 9,090.00 (612.18) 391.26 1,869.51
Proceeds From Long term Borrowing (5,072.90) 3,751.16 1,895.01 2,170.00
Repayment of borrowings 0.00 (1,483.39) (435.14) (792.41)
Interest Paid (565.85) (865.43) (683.35) (74.42)
Share Capital Issued (Including Securities Premium) 0.00 0.00 0.00 5,842.70
Dividend Paid 0.00 0.00 0.00 (12.57)
Net Increase/(Decrease) in cash (A+B+C) (1,337.72) 2,262.04 (145.53) (72.22)
Cash at the beginning 2,331.37 69.33 214.87 273.94
Cash Received on Amalgamation 0.00 0.00 0.00 13.14
Cash at Close 993.65 2,331.37 69.33 214.87

Analysis:
• A major portion of the cash flows generated in the past 4 years via operating profits (before working capital
changes) has gone into funding inventories. The plough back trend is clearly evident through the years. This is
the reason why the company has not declared dividends during the years under review since it has been on an
expansion drive.
• The trend of funding inventories majorly through short term arrangements is also evident from cash inflows
generated from increasing Current Liabilities and Provisions. Industry practices include financing construction of
projects through customer advances. In case of commercial projects assured returns on customer advances is a
practice; this however implies that if these projects are delayed, the payment of assured returns will continue till
possession leading to cost overruns.
• The Company repaid Rs. 1,500 Mn. of Wachovia debentures during FY10-11 which effected in reducing the
cash balances with the company. This may have impacted the liquidity position of the company which is reflected
in the FY 10-11 where it borrowed 9,090 Mn. and repaid Rs. 5,072.90 Mn.

5. Historical Balance Sheet Analysis INR In Million
Period Estimated Mar-11 Audited Mar-10 Audited Mar-09 Audited Mar-08
Equity 8,618.87 7,781.20 7,599.33 7,479.10
Equity Share Capital 128.22 128.22 128.22 128.22
Preference Share Capital 10.54 10.54 10.54 10.54
Reserves and Surplus 8,480.11 7,642.45 7,460.57 7,340.34
Loan Fund 12,965.70 10,552.98 8,585.59 5,522.35
Term Loans From Banks 3,577.70 2,697.60 1,165.90 1,222.53
Debentures 500.00 2,000.00 2,000.00 2,000.00
Deferred Credit Facilities 0.00 1,596.57 1,159.11 0.00
Loans From Bodies Corporate 8,880.00 4,198.00 4,112.60 2,265.87
Hypothecation Loans for Fixed Assets 8.00 13.00 13.11 20.90
Others 0.00 47.81 134.87 13.05
Total Sources of Funds 21,584.57 18,334.19 16,184.92 13,001.44
Fixed Assets: Gross Block 1,081.10 1,077.86 448.89 382.10
Less: Depreciation 262.63 206.44 180.06 145.56
Net block 818.47 871.41 268.83 236.54
Capital Work-In-Progress 0.00 0.36 3.16 0.72
Investments 3,319.70 1,819.77 1,670.53 1,678.50
Investments in group entities 0.00
Alaska Construct. (P) Ltd (Eq Sh of Rs. 10 Each) 846.94 147.00 1.23 1.23
Investment in partnership firm (Ms Trishul Industries) 1,060.00 1,060.00 1,060.00 1,060.00
Haryana Fin. Corp. Ltd (7,100 Eq Sh of Rs. 10 Each) 0.21 0.21 0.21 0.21
Birla Sunlife Mutual Fund (1,000,000 Unit of Rs. 10 Each) 0.00 0.00 0.00 10.00
ABCD Hospitality (P) Ltd (1,000,000 Eq Sh of Rs. 100 Each) 100.00 100.00 100.00 100.00
ABCD Hotels (P) Ltd (50,510,000 Eq Sh of Rs. 10 Each) 505.10 505.10 505.10 505.10
XXXXXXXX Promt. (P) Ltd (,10,000Eq sh of Rs. 10 Each) 0.10 0.10 0.10 0.10
Blossom Dwellers P. Ltd.(10,000 sh of Rs.10 Each) 0.10 0.10 0.10 0.10
XXXXXXXX Dwellers P. Ltd (10,000 sh. Of RS 10 each) 0.10 0.10 0.10 0.10
Valterns Prom. P ltd (10,000 sh of Rs. 10 each) 0.10 0.10 0.10 0.10
ABCD IT Parks P. Ltd. (2000 sh of Rs. 100 each) 2.20 2.20 2.20 0.20
6 years national Saving Certificate 0.03 0.03 0.03 0.00
Emilin Estates Pvt. Ltd (1262 sh of Rs2740 each) 3.46 3.46 0.00 0.00
ABCD XXXXXXXX SEZ Develop. P. Ltd.(50,000 sh. @ 10
each)
0.50 0.50 0.50 0.50
XXXXXXXX Dev. P. Ltd. (86,000 sh @10 each) 0.86 0.86 0.86 0.86
XXXXXXXX Dev. P. Ltd. (CCDs) 800.00
Current Assets 37,153.18 31,797.95 27,969.83 20,922.44
Inventories – WIP 21,927.11 13,268.95 10,771.82 4,153.70
Inventories - Material at Site 0.00 69.56 501.93 61.78
Inventories – Land 0.00 1,937.88 1,903.46 1,167.78
Sundry Debtors 3,101.50 3,101.59 2,317.40 1,529.40
Cash & Bank Balance 994.67 2,540.06 214.28 383.66
Advances to Group Companies 11,026.10 10,776.11 12,067.42 13,534.56
Deferred Tax 103.80 103.81 193.53 91.56
Current Liabilities & Provisions 19,706.79 16,155.31 13,727.43 9,836.75
Customer Advances 0 10,530.35 8,492.89 7,144.57
Payable to Subsidiary Companies 4646.85 1,045.66 2.07 3.97
Trade Creditors 0 3,735.64 4,023.34 1,563.80
Other Liabilities & Provisions 15059.93 843.66 1,209.13 1,124.41
Total Application of Funds 21,584.57 18,334.19 16,184.92 13,001.44

Balance Sheet Analysis:
• Reserves & Surplus include securities premium, general reserve and sinking fund. Sinking fund is earmarked for
utilization and funding of redemption of securities in the future.
• During the review period the expansion of the company has solely been through debt funding. Debt has risen from
5,522.35 Mn. in March 2008 to 12,965.70 Mn. in March 2011. Almost all of this debt is payable to banks and finance
companies and there is no quasi capital in the form of directors / promoter borrowings in the balance sheet.
• Debt includes debentures of Rs. 500 Mn. as at March-11. As per the management this has been repaid in full during
Apr-11.
• Details regarding unpaid balances towards development charges payable to authorities as on Mar-11 were not
available. Once finalized these will reflect as deferred credit facilities and increase the Inventory WIP figure under
Balance Sheet.
• Inventories represent land and projects under development. It also includes financial charges incurred towards
development of the project. The company has accumulated inventories over the years as the number of its projects
and developments has increased significantly. As at Mar - 08 the company had inventories at Rs. 4,153.70 Mn.
which rose to Rs.21,927 Mn. as at Mar-11. In the absence of data available it is difficult to quantify the amount of
interest paid to banks, institutions and on customer advances under assured returns included in this sum of Rs
21,927 Mn.
• Total long term funds available with the company are approx Rs 21,584.57 Mn. as at Mar-11. Against this the
Company is carrying inventories of 21,927.11 Mn. It is safe to assume that part of the inventories have also been
funded through short term borrowings.
• Debtors have remained stagnant over the period from Mar 10 to Mar 11 at approx. Rs. 3,100 Mn. in the provisional
accounts. This is highly improbable and it appears that the requisite adjustments will be made during the course of
the audit. In the absence of the underlying details the nature cannot be commented upon.
• The figures for customer advances and trade creditors as on March 31
st
, 2011 were not made available to us.

6.Historical Profit & Loss Analysis INR in Millions
Period Prov. Mar-11
Audited
Mar-10
Audited
Mar-09
Audited
Mar-08
Value % age Value Comparison
Sales 7,830.00 100.00% 5,989.36 3,989.19 3,826.17
- Real estate Operation 7,550.00 96.42% 5,705.28 3,629.31 3,399.66
- Facilities Mgmt. Income 280.00 3.58% 241.67 183.82 253.26
- Rent Received 0.00 0.00% 42.42 176.06 173.25
Cost of Sales 5,285.00 67.50% 4,331.07 2,434.21 2,662.61
- Operating Expenses 5,285.00 67.50% 4,331.07 2,434.21 2,662.61
Gross Margin 2,545.00 32.50% 1,658.29 1,554.98 1,163.56
Employee Cost 113.25 1.45% 120.05 125.69 206.95
Adms, Selling & Others 764.00 9.76% 459.73 433.67 507.13
EBITDA 1,667.75 21.30% 1,078.51 995.62 449.48
Financial Expenses 565.85 7.23% 741.22 800.96 85.08
Depreciation 42.00 0.54% 32.75 35.76 48.35
Operating Profit before Tax 1,059.90 13.54% 304.54 158.90 316.05
Other Income 190.00 2.43% 105.80 84.77 414.80
Profit Before Tax (PBT)* 1,249.90 15.58% 410.34 243.67 730.85
Provisions Dr/(Cr)* 412.47 5.14% 228.47 123.43 276.66
Profit After Tax* 837.43 10.44% 181.87 120.23 454.18
* %age Figures represent proportion of Total Income i.e. Sales plus Other Income
Analysis:
• Sales represent revenue from real estate and hospitality operations. Up to Mar-11, operations of the company
comprised of real estate and facility management, which has changed from April 2011 as the company has hived
off facility management operations to other group companies.
• On the basis of March 2008 sales, average year on year growth rate comes to 27% (approx).
• The gross margin is estimated to be 32.50% for March 2011. The same stood at 27.69%, 38.98% and 30.41%
as at March 2010, 2009 and 2008 respectively.

7. Equity Shareholding Pattern as on March 2011.
Shareholder Shares Held %age
1 Mr. A 7,302,955 56.95%
8 BIPEF ABCD Holding Limited 2,072,758 16.17%
7 Everlast Project Private Limited 1,610,746 12.56%
6 Mrs. F 751,775 5.86%
2 Mr. B 541,982 4.23%
3 Mr. C 541,982 4.23%
9 Others 201 0.00%
Total 12,822,399 100.00%
Equity Share Holding Pattern of ABCD Limited
Analysis
• ABCD is a closely held company. More than 70% equity capital is held by the promoters.
• ABCD also issued 1,053,466 preference Shares of Rs. 10 each fully paid held by BIPEF ABCD Holdings limited.
• During the period under review ABCD did not pay a dividend on its outstanding equity or preference share
capital.
• Diluted EPS was Rs. 5.11 in Mar 2008 which declined to 0.56 in March 2009 and stood at 1.05 in Mar 2010.
Mr. A
BIPEF ABCD Holding Limited
Everlast Project Private Limited
Mrs. F
Mr. B
Mr. C
Others

8. ABCD Group Companies – Ownership Structure 31st
March 2011
No Name and Registered Office Shareholders List Shares
1 ABCD Limited Equity Shares
Flat No. 621 A, 6th Floor, XXXXXXXXs, Mr. A 7,302,955
6, XXXXXXXX, New Delhi- 110019. Mr. B 541,982
Paid up Capital Rs. 138,758,650/- Mr. C 541,982
Directors Anupam Nagalia 100
Mr. A, Mr. B, Mr. C, Mrs. E 100
Mr. D, Jean Andre De Pourtales, Mrs. F 751,775
Vinay Kapoor, James Hillyer Boice III, Everlast Projects P. Ltd. 1,610,746
Deepak Shahadaepuri, (alternate to Mr. D) WDC Ventures Limited 1
BIPEF ABCD Holdings Limited 2,072,758
Total 12,822,399
Preference Shares
BIPEF ABCD Holdings Limited 1,053,466
Total 1,053,466
Total Shares 13,875,865
2 ABCD Hotels Private Limited ABCD Limited 50,509,999
Flat No. 621 A, 6th Floor, XXXXXXXXs, Mr. A(nominee of ABCD Ltd.) 1
6, XXXXXXXX, New Delhi- 110019.
Paid up Capital Rs. 505,100,000/-
Directors
Mr. A, Mr. B, Mr. C, Mrs. E Total 50,510,000
3 ABCD Hospitality Private Limited ABCD Limited 9,99,999
Paid up Capital Rs. 100,000,000/-
Directors
Mr. A, Mr. B, Mr. C, Mrs. F
4 XXXXXXXX Promoters Private Limited ABCD Limited 9,999
Paid up Capital Rs. 100,000/- Total 10,000
Directors
Mr. A, Mr. B, Mr. C
5 ABCD Dwellers Private Limited ABCD Limited

9,999
Directors
Mr. A, Rajesh Kumar Garg, K.V, George
6 XXXXXXXX Dwellers Private Limited ABCD Limited 9,999
Flat No. 621 A, 6th Floor, XXXXXXXXs, Mr. A (nominee of ABCD Ltd.) 1
Directors
Mr. A, Mr. B, Mr. C
7 Valterna Promoters and Developers ABCD Limited 9,999
Private Limited Mr. A(nominee of ABCD Ltd.) 1
Flat No. 621 A, 6th Floor, XXXXXXXXs,
6, XXXXXXXX, New Delhi- 110019. Total 10,000
Paid up Capital Rs. 100,000/-
Directors
Mr. A, Rajesh Kumar Garg, K.V, George
8 ABCD IT Parks Private Limited ABCD Limited 1,999
(Hind Enterprises Private Limited) Mr. A(nominee of ABCD Ltd.) 1
Flat No. 621 A, 6th Floor, XXXXXXXXs, Total 2,000
Paid up Capital Rs. 200,000/-
Directors
Mr. A, Mr. B, Mr. C
9 XXXXXXXX Developers P Ltd ABCD Limited 108,923
6, XXXXXXXX, New Delhi- 110019. Zaheer Mauritius 23,383
Directors
Mr. A, Mr. B, Mr. C
Cianta Seneviratne,Kevin Kochar,
Vivek Soin (Alternate of Kevin Kochar)
10 ABCD XXXXXXXX SEZ Developers Ltd. ABCD Ltd. 49,994
6, XXXXXXXX, New Delhi- 110019. Mrs. F (nominee ABCD Ltd.)

1
Paid up Capital Rs. 500,000/- Anupam Nagalia (nominee ABCD Ltd.) 1
Directors Mr. C(nominee of ABCD Ltd.) 1
Mr. A, Mr. B, Mr. C Mr. B(nominee of ABCD Ltd.) 1
Mrs. E(nominee of ABCD Ltd.) 1
Total 50,000
11 xxxP. Ltd.
XXXXXXXX Promoters Private
Limited(APPL) 9,400
Flat No. 621 A, 6th Floor, XXXXXXXXs, Mr. A* 100
6, XXXXXXXX, New Delhi- 110019. Mr. C* 100
Paid up Capital Rs. 100,000/- Mr. B* 100
Directors Mrs. E* 100
Mr. B, Rajesh Kumar Garg, Ram Singh Mrs. F* 100
Satish Walia* 100
*nominee of APPL Total 10,000
12 xxxxxxxxxP. Ltd.
Limited(APPL) 9,400
Satish Walia* 100
* nominee of APPL Total 10,000
13 Wonder Developers P. Ltd.
Limited(APPL) 9,400
Satish Walia* 100
* nominee of APPL Total

10,000
14 Browz Technologies P. Ltd.
Limited(APPL) 9,400
Satish Walia* 100
15 Shivganesh Buildtech P. Ltd.
Limited(APPL) 9,400
Satish Walia* 100
16 Blossom Properties Private Limited
Limited(APPL) 9,400
Mrs. E, Brij Kishore, Ram Singh Mrs. F* 100
Satish Walia* 100
17 Crazy Properties P Ltd
Limited(APPL) 9,400
XXXXXXXX, XXXXXXXXs, Mr. A* 100

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