ANNUAL REPORT 2013-14
CONTENTS
Vision ...... 02
The Year That Was ...... 04
Company Information ...... 06
Awards & Recognition ...... 08
Chairman’s Message ...... 10
Managing Director’s Message ...... 12
Management Discussion and Analysis ...... 14
Director’s Report and Annexures ...... 28
Report on Corporate Governance ...... 43
Business Responsibility Report ...... 64
Financials ...... 73
Consolidated Financials ...... 118
Notice and Explanatory Statement ...... 158 VISION
Godrej City, Panvel, Mumbai
02 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 We aspire to be among the nation’s top 3 real estate companies, while continuing to be the most trusted name in the industry. We shall deliver superior value to all stakeholders through extraordinary and imaginative spaces created out of deep customer focus and insight.
03 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 THE YEAR THAT WAS
ROBUST GROWTH ò -@JVUZVSPKH[LK[V[HSPUJVTLPUJYLHZLKI` ò +LTVUZ[YH[LZ .73ëZ HIPSP[` [V Z\JJLZZM\SS` 20% to INR 1254.2 crore from INR 1047.6 raise capital crore in FY13 ò :[YLUN[OLULK .73ëZ MPUHUJPHS WVZP[PVU HUK ò *VUZVSPKH[LK,)0;+(MVY-@PTWYV]LKI` HIPSP[`[VHKKWYVQLJ[ZHJYVZZ0UKPH 21% to INR 357.6 crore from INR 296.2 crore in FY13 CONTINUED PROGRESS IN BUSINESS ò 5L[ WYVMP[ PUJYLHZLK I` [V 059 DEVELOPMENT crore in FY14 from INR 138.4 crore in FY13 ò .VKYLQ7YVWLY[PLZHKKLK UL^WYVQLJ[Z^P[O eTPSSPVUZXM[VMZHSLHISLHYLH[V[OL Company’s development portfolio STRONG SALES ò (KKLK HU PTWVY[HU[ [V^UZOPW WYVQLJ[ PU ò 9LNPZ[LYLKIVVRPUN]HS\LVM059 *YVYL in FY14 despite adverse market conditions )HUNHSVYL^P[OHZHSLHISLHYLHVM TPSSPVUZX M[;OPZ^PSSIL.73ëZ[OPYK[V^UZOPWWYVQLJ[ ò .73 ZHSLZ PU -@ -@ JVTIPULK HYL HM[LY(OTLKHIHKHUK7HU]LS higher than in the cumulative prior history of the company ò (KKLK [^V WYVQLJ[Z \UKLY [OL 9LZPKLU[PHS *VPU]LZ[TLU[7SH[MVYT6ROSH5L^+LSOP ò /PNOLZ[ L]LY ZHSLZ PU H ZPUNSL X\HY[LY Sahakar Nagar 2, Mumbai :\YWHZZLK059JYVYLPUX\HY[LYS`ZHSLZ in Q4 FY14 ON TIME DELIVERY AT GODREJ GARDEN ò .VKYLQ *LU[YHS 4\TIHP :VSK V]LY CITY, AHMEDABAD apartments valued at over INR 400 crore in a single day ò +LSP]LYLK OVTLZ HJYVZZ [V^LYZ PU 7OHZLVM.VKYLQ.HYKLU*P[`(OTLKHIHK ò .VKYLQ>H[LYZPKL2VSRH[H9LJVYKLKZHSLZ VM ZX M[ ]HS\LK H[ 059 JYVYL ò ;OL .SVIHS 0UKPHU 0U[LYUH[PVUHS :JOVVS OHZ Successful monetization of an old commercial ILLUPUH\N\YH[LKH[.VKYLQ.HYKLU*P[`;OL WYVQLJ[ first batch of students started attendance in ò .VKYLQ 04 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 Godrej Glenelg, Mumbai 05 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 COMPANY INFORMATION DIRECTORS : 4Y(KP).VKYLQ *OHPYTHU 4Z7HYTLZO^HY(.VKYLQ 4Y1HTZO`K5.VKYLQ 4Y5HKPY).VKYLQ 4Y7PYVQZOH.VKYLQ 4HUHNPUN+PYLJ[VY *OPLM,_LJ\[P]L6MMPJLY 6. Mr. Amit B. Choudhury 4Y2LRP)+HKPZL[O 4YZ3HSP[H+.\W[L 4Y7YHUH`+=HRPS +Y7YP[HT:PUNO 11. Mr. S. Narayan 4Y(TP[H]H4\ROLYQLL 4Y2;1P[OLUKYHU ,_LJ\[P]L+PYLJ[VY 4Y=:YPUP]HZHU ,_LJ\[P]L+PYLJ[VY REGISTERED .VKYLQ)OH]HU OFFICE : [O-SVVY(/VTL:[YLL[ Fort, Mumbai 400 001. AUDITORS : 4Z2(3@(50>(33( 40:;9@ Chartered Accountants 2HSWH[HY\/LYP[HNL 127, Mahatma Gandhi Road 4\TIHP BANKERS : State Bank of India IDBI Bank /+-*)HUR 06 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 Godrej Sky, Mumbai 07 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 AWARDS & RECOGNITION Awards Received by Godrej Properties Best Emerging Developer ò 5+;=7YVWLY[`(^HYKZ Brand Excellence Award ò )YHUK,_JLSSLUJL(^HYKZ Master Brand 2013 ò >VYSK)YHUK*VUNYLZZ:\TTP[ Developer of the Year ò 0UKPHU9LHS[`(^HYKZ ò 0UKPHëZ)LZ[*VTWHUPLZ[V>VYR-VYI`[OL.YLH[7SHJLZ[V #1 Ranked Real Estate Developer Work Institute, India in partnership with the Economic Times ò =V[LKHZ ILZ[JVTWHU`[V^VYRMVYPU[OLV]LYHSSJH[LNVY` India’s Top 10 Innovative Builders ò *VUZ[Y\J[PVU>VYSK(YJOP[LJ[HUK)\PSKLY*>()(^HYKZ ò 6ULVM[OLJVTWHUPLZPU0UKPH[VOH]LTHKL Sustainability Award – CII an outstanding contribution to the green building TPZZPVU.YLLU*V:\TTP[ Outstanding Contribution in Real Estate ò ,7*>VYSK(^HYKZ (Residential Project) Real Estate Developer of The Year (Maharashtra) ò )YHUKZ(JHKLT`9LHS,Z[H[L(^HYKZ Ethical Brand For Real Estate ò *46(ZPH Real Estate Company of the Year ò :LJVUK7VZP[PVU*VUZ[Y\J[PVU>LLR(^HYKZ Diamond EDGE Winner for Customer ò 0UMVYTH[PVU>LLR Experience Transformation ò 9LJLP]LKI`4Y7PYVQZOH.VKYLQè*VUZ[Y\J[PVU Real Estate Person of the Year Week Awards 2013 Person of the Year 2013 ò 9LJLP]LKI`7PYVQZOH.VKYLQ:P_[O.09,43LHKLYZOPW(^HYKZ Most Admired Retail Website ò (ZPH9L[HPS*VUNYLZZ(^HYKZ Gold in the category of Online Newsletter – Vibrations ò 7\ISPJ9LSH[PVUZ*V\UJPSVM0UKPH79*0 Silver in the category of In-House Magazine – Storey Times ò 7\ISPJ9LSH[PVUZ*V\UJPSVM0UKPH79*0 Best Business Practice in Real Estate ò 5H[PVUHS9LHS,Z[H[L(^HYKMVY,_JLSSLUJLPU9LHS,Z[H[LMVY[OL year 2012 by Accommodation Times 08 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 YOUR COMPANY HAS RECEIVED MORE THAN 60 AWARDS AND RECOGNITIONS OVER THE LAST 5 YEARS AND 28 AWARDS IN FY14. 7YVQLJ[:WLJPĉJ Awards The Trees ò /VUV\Y(^HYKI`ê;OL)VZ[VU:VJPL[`VM3HUKZJHWL(YJOP[LJ[Zë ò )LZ[4HYRL[PUN*HTWHPNU(MMVYKHISL/V\ZPUN:LNTLU[7H\S Writer’s Great India Marketing Summit Godrej Garden City ò (MMVYKHISLOV\ZPUNWYVQLJ[MVY[OL`LHY>LZ[0UKPH [O,Z[H[L Awards 2013, West India Edition ò ;OL)LZ[PUUV]H[P]L4HYRL[PUN*HTWHPNU.VSKLU4PRLZ(^HYK Godrej Platinum, Bangalore ò 3\_\Y`7YVQLJ[VM[OL@LHY)HUNHSVYL9LHS,Z[H[L(^HYKZ ò )LZ[\WJVTPUNWYVQLJ[PU)LUNHS*9,+(0 Godrej Platinum, Kolkata Bengal Realty Awards 2014 ò :[HYYH[PUNè*90:03 Godrej Frontier ò )LZ[ *VTWSL[L9LZPKLU[PHS7YVQLJ[\UKLY3\_\Y`:LNTLU[ in NCR Region CNBC AWAAZ Real Estate Awards 2013 Godrej Palm Grove ò )LZ[TPKYHUNLOV\ZPUNWYVQLJ[VM[OL`LHYè Chennai Real Estate Awards 2013 Godrej Anandam ò :[HY9H[PUN*90:03 09 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 MESSAGE FROM THE CHAIRMAN 4Y(KP).VKYLQ Chairman, ;OL.VKYLQ.YV\W Your Company delivered a strong performance. We continued to lay the foundation for our future growth and success through sustained momentum in business development. Dear Shareholders, FY14 was a challenging year for the Indian In the midst of these challenges, your economy. The country has witnessed a Company delivered a strong performance. sharp decline in its economic growth from We continued to lay the foundation for our an average of 8.2% during the period FY04 future growth and success through sustained -@[VILSV^ PU-@HUK-@;OPZ momentum in business development by poor performance was driven by a weak HKKPUN UL^WYVQLJ[Z^P[OHZHSLHISLHYLHVM manufacturing sector, a slowdown in the V]LYTPSSPVUZX\HYLMLL[^OPJOMVY[OLMPYZ[ investment cycle, and a slump in consumer time took our total development portfolio to demand. Monetary tightening implemented V]LYTPSSPVUZX\HYLMLL[>LKLTVUZ[YH[LK by the RBI in its effort to control inflation also robust performance on most operational and dampened growth. 7VVYJVUZ\TLYZLU[PTLU[ financial parameters. For the full year, our combined with high interest rates and a very total income increased by 20% to INR 1,254 challenging regulatory approval environment crore, EBITDA increased by 21% to INR 358 combined to create a difficult year for the real crore and net profit increased by 15% to INR estate sector. 159 crore. During the year we successfully 010 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 executed a rights issue through which your government’s top priorities and, if executed Company raised 700 crores, which will ensure well, changes to the way the infrastructure HKLX\H[LJHWP[HS[VM\UKV\YVUNVPUNNYV^[O and real estate sectors are governed could and success. Furthering our commitment yield strong benefits in each of these three towards sustainable development, I am happy priority areas. [VUV[L[OH[.VKYLQ)2*^HZ[OLMPYZ[T\S[P VJJ\WHU[ I\PSKPUN PU )HUKYH 2\YSH *VTWSL_ After the challenging environment over the [VYLJLP]LH3,,+7SH[PU\TWYLJLY[PMPJH[PVUH last couple of years, I expect a far improved standard which is globally recognized as the operating environment for your Company highest available rating for sustainable design. in the years ahead. The Indian real estate Your Company has also been accredited sector remains at a very early stage of what with significant recognition with a total of 28 is going to be a decades long growth story. awards being received in FY14. We believe that our national presence, strong IYHUKLX\P[`HUKYVI\Z[WYVQLJ[WVY[MVSPV^PSS ;OLUL^ZPUNSLWHY[`THQVYP[`NV]LYUTLU[HUK allow us to capitalize on this opportunity. H 7YPTL 4PUPZ[LY ^OV OHZ YLJLP]LK H Z[YVUN mandate for development has dramatically I take this opportunity to thank our dedicated improved economic sentiment in India. The employees who contributed to our successful Government is expected to work on improving performance during the year. I would also like the ease of doing business. Given its thrust on to thank our customers, business partners, reforms, the new government should look to and other business associates. Finally, I improve the process of regulatory approvals would like to thank our shareholders for their MVY PUMYHZ[Y\J[\YL HUK YLHS LZ[H[L WYVQLJ[Z continued support. The current process is broken leading to lower economic growth by unnecessarily Best regards, OVSKPUN IHJR PU]LZ[TLU[Z KHTHNPUN QVI creation in the construction industry, which is [OL JV\U[Y`ëZ SHYNLZ[ QVI JYLH[VY HZPKL MYVT Adi B. Godrej agriculture, and inflating the cost of homes for Chairman, ;OL.VKYLQ.YV\W all Indians. ,JVUVTPJ NYV^[O QVI JYLH[PVU and inflation control are three of the new 011 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 MESSAGE FROM THE MANAGING DIRECTOR 7PYVQZOH.VKYLQ 4HUHNPUN+PYLJ[VY *,6 .VKYLQ7YVWLY[PLZ @V\YJVTWHU`OHZLTLYNLKMYVTHKPMĉJ\S[WLYPVKMVY the real estate sector stronger than it has ever been and is ideally placed to take advantage of the expected improvement in India’s economic environment. Dear Shareholders, V\Y JHWP[HS LMĉJPLU[ SHUK ZV\YJPUN Z[YH[LN` HUK have substantially increased our capabilities across Financial Year 2014 has been another exciting all aspects of our operations. We believe these `LHYMVY.VKYLQ7YVWLY[PLZ+LZWP[L[OLJOHSSLUNPUN capabilities will enable us to continue to grow at a macroeconomic and real estate sector environment, rapid pace in the years ahead. your company demonstrated superior performance by achieving 20% revenue growth and 15% net 0U-@^LHKKLK UL^WYVQLJ[Z[VV\YWVY[MVSPV WYVĉ[NYV^[O,X\HSS`PTWVY[HU[S`P[^HZHUV[OLY ;OL TVZ[ PTWVY[HU[ UL^ WYVQLJ[ MVY \Z [OPZ `LHY year in which we have laid strong foundations for ^HZHUL^[V^UZOPWWYVQLJ[PU)HUNHSVYLZWYLHK our ongoing success. across 100 acres; this will be our third township As we look ahead to what we hope to achieve in WYVQLJ[HM[LY(OTLKHIHKHUK7HU]LSHUKOHZ[OL our business in the next decade, it is instructive WV[LU[PHS[VYLKLĉUL[OLZJHSLVMV\YVWLYH[PVUZPU to study what we have achieved in the decade )HUNHSVYL>LOH]LHKKLKV]LY UL^WYVQLJ[Z to our portfolio over the past 3 years; we are NVUL I` 6\Y I\ZPULZZ OHZ Z[YLUN[OLULK PU HSS aspects over this period. We have grown our JVUĉKLU[ [OLZL WYVQLJ[Z ^PSS M\Y[OLY LUOHUJL [OL revenues from under 30 crores in FY 2004 to over NYV^[O[YHQLJ[VY`VM[OLJVTWHU`PU[OL`LHYZ[V come. We are focusing on adding and launching 1,250 crores in FY 2014 at a compounded annual WYVQLJ[ZPUTHQVYJP[PLZHJYVZZ[OLJV\U[Y`^OPJO NYV^[OYH[L*(.9VM 6\YWYVĉ[ZOH]LNYV^U is in line with our vision of being one of the top 3 at an even faster at 52% CAGR from a little over developers in each of the markets we operate in. 2 crores to 160 crores over that same time period. .73ëZZHSLZNYV^[OOHZILLUHSTVZ[HZMHZ[^P[O 6ULVM[OLRL`OPNOSPNO[ZMVY.VKYLQ7YVWLY[PLZMVY bookings growing at 30% a year from 183 crores the last couple of years has been the excellent PU-@[V JYVYLZPU-@6\YZHSLZ YLZWVUZL ^L OH]L YLJLP]LK [V V\Y UL^ WYVQLJ[ PU[OLWHZ[[^VĉUHUJPHS`LHYZOH]LL_JLLKLKV\Y SH\UJOLZ6\Y[^VTHQVYUL^WYVQLJ[SH\UJOLZPU sales in the cumulative prior 22 year history of FY14, in Mumbai and Bangalore, both happened [OL JVTWHU` 6\Y M\[\YL KL]LSVWTLU[ WVY[MVSPV [V^HYKZ [OL ]LY` LUK VM [OL ĉUHUJPHS `LHY OHZ L_WHUKLK MYVT Q\Z[ TPSSPVU ZX M[ [V V]LY ;OL V\[Z[HUKPUN YLZWVUZL [V [OLZL WYVQLJ[Z TPSSPVUZXM[K\YPUN[OPZWLYPVK0UVYKLY[V enabled us to achieve our highest ever sales KLSP]LY[OLZLYLZ\S[Z^LOH]LJVU[PU\HSS`ĉUL[\ULK PU H ZPUNSL X\HY[LY HUK MVY [OL ĉYZ[ [PTL L_JLLK 012 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 9Z JYVYL PU X\HY[LYS` ZHSLZ PU 8 -@ Study conducted in partnership with the Economic Commercial sales was another area of success Times. It has also been ranked as one of the top 25 PU -@ 6\Y PTWVY[HU[ JVTTLYJPHS WYVQLJ[ companies to work for across sectors. .VKYLQ)2*JVU[PU\LZ[VWYVNYLZZ^LSS>LOH]L Though a lot of accomplishments were registered ZVSK TVYL [OHU ZX M[ VM ZWHJL ^VY[O in FY14, the year wasn’t insulated from HWWYV_PTH[LS` 059 JYVYL ZPUJL [OH[ WYVQLJ[ KPZHWWVPU[TLU[Z -YVT H UL^ WYVQLJ[ SH\UJO was launched a little over a year ago. We also perspective we had a subdued year as many of JVTWSL[LKZHSLZPU.VKYLQ6UL.VKYLQ7YVWLY[PLZë our planned launches were held back due to ĉYZ[JVTTLYJPHSWYVQLJ[PU=PROYVSP:SV^ZHSLZPU delays in regulatory approvals. In FY14, there were ZVTLVMV\YVSKLYJVTTLYJPHSWYVQLJ[ZPU2VSRH[H Z\IZ[HU[PHS KLSH`Z PU WYVQLJ[ SH\UJOLZ PU 4\TIHP and Chandigarh have been concern areas for the due to unexpected policy reversals with regards to company, but huge progress on this front was HMMVYKHISLOV\ZPUNHUKVWLUZWHJLYLX\PYLTLU[Z made through substantial inventory being sold in which resulted in only 3 out of 7 planned new V\YWYVQLJ[.VKYLQ>H[LYZPKL^OLYL^LZVSKULHYS` WYVQLJ[ SH\UJOLZ TH[LYPHSPaPUN >L ILSPL]L H ZXM[VMZWHJLPU[OLĉUHUJPHS`LHY ]PY[\V\ZJ`JSLVMPTWYV]LKJHZOĊV^ZHUKYL[\YU 6ULVM[OLPTWVY[HU[TPSLZ[VULZMVY`V\YJVTWHU` metrics can be unlocked by minimizing the time in FY2014 was the successful delivery of 624 [HRLU [V SH\UJO H WYVQLJ[ ;OL LMMVY[Z ^L OH]L OVTLZ[VV\YJ\Z[VTLYZPU[OLĉYZ[WOHZLVMV\Y made in improving our capabilities are beginning SHYNLZ[WYVQLJ[.VKYLQ.HYKLU*P[`PU(OTLKHIHK [VZOV^YLZ\S[Z"PU)HUNHSVYL^LSH\UJOLK.VKYLQ I am happy to share that this handover happened 013 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 MANAGEMENT DISCUSSION & ANALYSIS THE REAL ESTATE GLOBAL ECONOMY SECTOR CONTINUES TO Global economic growth remained low during financial year 2013-14, averaging only 2.9%, which is the slowest it has BE AT THE CORE OF THE been since 2009. The advanced economies have recently INDIAN ECONOMY AND A seen improved growth while emerging market economies MEANINGFUL CONTRIBUTOR have slowed, albeit the bulk of global growth continues to come from the emerging economies. The latest indicators TO ITS GDP GROWTH, point to somewhat better prospects in the near term but EMPLOYMENT, FOREIGN different growth dynamics between the major economies. DIRECT INVESTMENT The International Monetary Fund (IMF) has raised the global economic growth outlook for 2014 to 3.6% and this AND TO THE BANKING & is expected to accelerate to 3.9% in 2015. Growth in the FINANCE INDUSTRY (BFSI). advanced economies is seen increasing to about 2.3% during FY2014–15, a 1% improvement over 2013. Key drivers for ALTHOUGH FY2013-14 WAS this improvement are a reduction in fiscal tightening and A DIFFICULT YEAR FOR THE supportive monetary conditions. REAL ESTATE SECTOR THE Growth is expected to be the strongest in the United States LONG-TERM POTENTIAL at about 2.8% in 2015. In the European Union, growth is FOR THE SECTOR REMAINS projected to be positive but varied. In the emerging markets and developing economies growth is projected to gradually INTACT AND IT CONTINUES TO pick up from 4.7% in 2013 to about 5% in 2014 and further to BE AN IMPORTANT CATALYST 5.3% in 2015. This will be aided by stronger external demand TO THE NATION’S OVERALL from advanced economies. Economic growth in China is projected to remain steady at 7.5% in 2014 as authorities ECONOMIC GROWTH. seek to rein in credit and advance reforms, while ensuring a gradual transition to a sustainable growth path. 014 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 Godrej Serenity, Mumbai 015 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 Godrej Central, Chembur, Mumbai INDIAN ECONOMY The Indian economy weathered the global financial The IMF has estimated a better year ahead for the crisis well. It quickly recovered from the decline Indian economy per the World Economic Outlook in FY2008-09 to a healthy growth rate of around that it released in January 2014. A series of reform 9% annually during FY2009-10 and FY2010- measures have been taken including clearing 11. However, the recovery was short-lived as several large-scale projects by the Cabinet economic growth decelerated to 6.2% in FY2011- Committee on Investment. These are collectively 12 and further to 5.0% in FY2012-13. The Indian projected to help revive the Indian economy and economy grew by 4.7% in FY14. This marks a investor sentiment. In addition, the resurgence second straight year of below 5% growth. of exports, prospects of a revival in the global economy and moderation in inflation point towards Growth Rate in GDP at Factor Cost a better outlook for the domestic economy during FY2014-15. REAL ESTATE SECTOR: AN OVERVIEW The real estate sector continues to be at the core of the Indian Economy and a meaningful contributor 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 to its GDP growth, employment, foreign direct investment and to the banking and finance industry (BFSI). Although FY2013-14 was a difficult year for Source: RBI Database the real estate sector the long-term potential for 016 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 MANAGEMENT DISCUSSION & ANALYSIS On the policy front, the year witnessed the ;OLZPS]LYSPUPUNOHZILLUH introduction of several new state and local approvals and environment clearances. While ZSV^I\[NYHK\HSPUJYLHZLPU some of these regulations increased project costs ZHSLZTVTLU[\THTVKLYH[L and deadlines, some showcased the Government’s inclination to increase investments and usher YPZLPUJHWP[HS]HS\LZHJYVZZH in transparency. An encouraging development ML^JP[PLZHUK[OLOVSKPUN\WVM during the year was the passing of draft guidelines WYPJLZHJYVZZTHQVYJP[PLZ on Real Estate Investment Trusts (REITs). Despite many obstacles, India’s real estate market has been resilient, demonstrating steadiness even in times of economic sluggishness. The silver lining the sector remains intact and it continues to be an has been a slow but gradual increase in sales important catalyst to the nation’s overall economic momentum, a moderate rise in capital values growth. across a few cities and the holding up of prices across major cities. During FY2013-14, subdued sales, increased Growth in Bank Loans to the Housing Sector unsold inventory levels and high leverage undermined the sector’s performance. Political uncertainty, slow economic growth, sustained weakening of the Indian Rupee, rising inflation and hardening interest rates continued to be the key barriers to improving demand. Further, adverse regulatory developments and increased borrowing rates pushed up project costs and delayed execution timelines. The real estate market also witnessed a general slowdown in absorption rates *VTTLYJPHS9LHS,Z[H[L 5VUMVVK*YLKP[ /V\ZPUN0UJS\KPUN7YPVYP[`:LJ[VY/V\ZPUN in the residential and commercial asset classes. Delays in obtaining approvals, demand-supply :V\YJL!*\ZOTHU >HRLĉLSK9LZLHYJO9LZLY]L)HURVM0UKPH gaps and rising input costs continued to be a cause for concern. Growth in Bank Loans to the Housing Sector Monetary tightening on account of the Reserve Bank of India’s (RBI) measures to control inflation was a major macro influence on the sector. Overall, 059IU liquidity in the sector remained tight as banks continued to be selective in extending loans. In January 2014, RBI increased the repo rate to 8% as a measure to control inflation which affected 1\S 1\S 1\S 1\S 1\S 1\S (WY (WY (WY (WY (WY (WY 6J[ 1HU 6J[ 1HU 6J[ 1HU 6J[ 1HU 6J[ 1HU 6J[ 1HU borrowing costs and hampered supply and new 6\[Z[HUKPUN/V\ZPUNSVHUZ0UJS\KPUN7YPVYP[`:LJ[VY/V\ZPUN launches. Increased lending rates translated into @V@*YLKP[.YV^[O an increase in housing loan rates which in turn Source: RBI softened residential sales. 017 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 MANAGEMENT DISCUSSION & ANALYSIS HOUSING DEMAND IN INDIA IS decline in leasing activity, lack of appreciation in SEEN EXCEEDING SUPPLY OVER THE capital values, compression in yields and lease rentals across major Indian cities were a few factors NEXT DECADE. NEVERTHELESS, THE that impacted overall performance. Also developers OPPORTUNITY NEEDS TO BE WELL were more inclined towards residential projects SUPPORTED BY DEVELOPMENT POLICIES over commercial development. A decelerating GDP growth and political uncertainty impacted the AND REGULATIONS AIMED AT CREATING overall investment climate. An emerging trend in ADDITIONAL INFRASTRUCTURE AND CY2013 was that of a substantial portion of office STIMULATING HOUSING DEMAND. space absorption being on account of companies relocating or consolidating operations to a single, larger and economic location. RESIDENTIAL REAL ESTATE A similar trend continued during the first quarter India’s residential housing segment underperformed of 2014. The occupier focus continued to remain due to weak demand trends which slowed down on improving existing space utilization and/or sales, reduced absorption and increased inventory relocation to peripheral and secondary micro- levels. According to the property research firm markets with majority of deal closures resulting Liases Foras, the pan-India residential inventory for small-to-medium-sized office spaces. IT/ITeS, as on December 31, 2013 stood at approximately financial and services segments continued to drive 779 million square feet (msf), as against quarterly demand for office space in India’s leading cities. sales of approximately 60-65 msf, indicating three years of available inventory. City-wise Commercial Property Absorption High cost of finance, escalating cost pressures and an opaque regulatory scenario have been the key impediments which led developers to curtail prices. For home buyers, the sentiment has been considerably soft with persistently high interest (IZVYW[PVUPUTZM rates and real estate prices. Housing demand in India is seen exceeding supply over the next 4\TIHP )LUNHS\Y\ 7\UL 5*9 *OLUUHP decade. Nevertheless, the opportunity needs *@ *@ 8 to be well supported by development policies and regulations aimed at creating additional Source: Colliers International infrastructure and stimulating housing demand. Going forward, policy-based efforts are expected In the long term, commercial real estate is from the Government to make real estate more expected to witness robust demand with an transparent and investment friendly. increasing number of companies looking to expand operations and setting up offices in suburban locations. These locations are equipped with large COMMERCIAL REAL ESTATE office space with modern amenities, car parking The commercial real estate sector stayed relatively and safety at relatively low rents. Issuance of new weak. Reduction in new office developments, banking licenses will stimulate increased demand 018 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 OPPORTUNITIES 0U[OLSVUN[LYTJVTTLYJPHS Housing Demand YLHSLZ[H[LPZL_WLJ[LK[V Your Company expects demand from the mid ^P[ULZZYVI\Z[KLTHUK^P[O income residential segment to remain strong as we believe there is significant demand in HUPUJYLHZPUNU\TILYVM this category across the country. Increasing JVTWHUPLZSVVRPUN[VL_WHUK disposable incomes, rapid urbanization and strong demographics are some of the trends favoring the VWLYH[PVUZHUKZL[[PUN\W mid-income residential market. VMÄJLZPUZ\I\YIHUSVJH[PVUZ Redevelopment in Mumbai Redevelopment in Mumbai offers a tremendous opportunity with a significant number of buildings from the BFSI sector. Given the shortage of quality to be redeveloped in the next decade. Land is a office space, Mumbai’s commercial real estate scarce commodity in Mumbai and redevelopment market continues to remain attractive. Going is a way to ease the pressures of housing in the forward, rental values across most micro-markets city. The government has sensible policies in place in India’s six major cities will remain steady even to attract private investment in this space. in a weak demand scenario with restricted new supply being added to the office inventory. The Monetary Easing market is expected to further pick up momentum The real estate sector performance is directly with more corporate houses looking at buying bound by the country’s economic fundamentals property instead of leasing. and monetary policies. In January 2014, the RBI Godrej Oasis, Gurgaon 019 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 Godrej E-City, Bengaluru increased repo rates to 8% impacting the cost of the Union Cabinet in June 2013. The Bill aims borrowings and the interest rates on home loans. to bring in a high level of transparency in real Monetary easing initiatives will provide an impetus to estate transactions in India and implementation housing demand. Even a nominal roll-back in rates of projects. State Governments, along with the can positively impact sentiments and encourage Ministry of Consumer Affairs, the Competition home buyers and real estate developers. Commission of India, the Tariff Commission among others have backed the Bill. Real Estate Reforms In order to realize the long-term growth potential Foreign Direct Investment (FDI) in of the sector, there is a growing need to introduce Real Estate reforms. Year 2013 has witnessed various India allowed Foreign Direct Investment (FDI) in the measures initiated by the Indian Government to real estate sector in 2005. Currently up to 100% revive growth in the real estate sector, which if FDI is allowed in the real estate sector through the executed correctly, will encourage transparency, automatic route. The construction sector in India corporate governance and investment and improve attracted FDI worth Rs 64 bn during April 2013 – the industry’s long-term prospects. It is our hope February 2014. With an increased need of meeting that various regulations also incorporate provisions the growing housing demand in India, the Ministry to address challenges the sector currently faces in of Housing and Urban Poverty Alleviation made terms of receiving project approvals. proposals in August 2013 to ease FDI norms in real estate projects. Real Estate Regulation and Development Bill, 2013 Real Estate Investment Trusts (REITs) The Real Estate Bill was introduced in the Rajya The Real Estate Investment Trusts (REIT) structure Sabha on August 14, 2013, post approval from consists of a single company or group owning and 020 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 MANAGEMENT DISCUSSION & ANALYSIS deal size declined to Rs 1.53 bn from Rs 1.89 bn. ;VH[[YHJ[MVYLPNUPU]LZ[TLU[:,)0 PE as a funding practice has been well established and its contribution has been sizeable in the last YLSLHZLKKYHM[N\PKLSPULZVU9,0;Z five years. In the coming years, India’s real estate PU;OPZTV]LPZL_WLJ[LK[V sector is expected to gain healthy traction from a H[[YHJ[YL[HPSPU]LZ[TLU[HUKWYV]PKL PE perspective. HWWYVWYPH[LL_P[Z[VKL]LSVWLYZPU Announced Real Estate Deals [OLVMÄJLHZZL[JSHZZ managing assets on behalf of their investors. REITs 059IU primarily invest in completed real estate assets that generate revenue and the majority of their earnings are distributed among investors. REITs 8 8 8 8 8 8 8 8 8 8 8 8 are thus a low-risk investment avenue providing -+0PU*VUZ[Y\J[PVU+L]LSVWTLU[059IU (UUV\UJLK7,+LHSZ059IU regular income. 5\TILYVM(UUV\UJLK7,9,+LHSZ9/: To attract foreign investment in the real estate :V\YJL!*\ZOTHU >HRLĉLSK sector, SEBI released draft guidelines on REITs in Announced PE deals - City-wise (Value) 2013. This move is expected to create a transparent environment thereby attracting retail investment and providing appropriate exits to developers in the office asset class. Globally REITs have proven to be an attractive investment option ensuring 059)U participation from retail investors, pension funds and insurance companies. The operation of REITs will deepen the market, attract long-term and low- 8 8 8 8 8 8 8 8 8 8 8 8 cost capital and usher in greater transparency and 4\TIHP 5*9 )LUNHS\Y\ 7\UL 6[OLYZ better levels of disclosures. :V\YJL!*\ZOTHU >HRLĉLSK Increased Private Equity (PE) Investments Announced PE deals - City-wise (No of Deals) Due to a shortfall of bank funding, the real estate sector has benefitted strongly from Private Equity (PE) funding. Entry of PE participants has led to higher efficiency, execution and transparency. According to a Cushman & Wakefield report, investments by PE funds in real estate stood 5VVM+LHSZ at approximately INR 79.5 bn in FY2013-14, up 47.2% YoY. This was primarily due to high 8 8 8 8 8 8 8 8 8 8 8 8 investments in the residential asset class. While 4\TIHP 5*9 )LUNHS\Y\ 7\UL 6[OLYZ the total number of deals almost doubled to 52 in FY2013-14 up from 29 in FY2012-13, the average :V\YJL!*\ZOTHU >HRLĉLSK 021 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 MANAGEMENT DISCUSSION & ANALYSIS TODAY, WE ARE AMONGST THE Rising Construction Costs LARGEST REAL ESTATE DEVELOPERS IN Being the largest employment generator in India INDIA WITH MORE THAN 100 MILLION other than agriculture the sector faces sub- stantial manpower shortages. Labor costs have SQUARE FEET OF DEVELOPABLE AREA considerably increased and the market is facing UNDER MANAGEMENT FEATURING acute shortage of skilled labor. This is partly due RESIDENTIAL, COMMERCIAL AND to locally generated employment opportunities through government welfare schemes. These TOWNSHIP PROJECTS. THROUGHOUT schemes, such as the Jawaharlal Nehru National ITS OPERATIONS, GPL AIMS TO Urban Renewal Mission (JNNURM) and Mahatma Gandhi National Rural Employment Guarantee Act DELIVER SUPERIOR VALUE TO (MNREGA) are discouraging migrant laborers from ALL STAKEHOLDERS THROUGH moving away from their hometowns. The industry EXTRAORDINARY AND IMAGINATIVE has also witnessed substantial increases in input costs such as sand, cement and steel. SPACES CREATED OUT OF DEEP CUSTOMER FOCUS AND INSIGHT. ABOUT GODREJ PROPERTIES LIMITED Godrej Properties Limited (GPL) is the real estate THREATS AND CHALLENGES development arm of the Godrej Group, which was started in 1897 and is today one of India’s Economic Environment most successful conglomerates. GPL brings the The prospects of India’s real estate sector are Group’s philosophy of innovation and excellence closely linked with the state of the economy. The to the real estate industry, while aspiring to overall economy has been weakened in the recent continue to be the most trusted name in the years with GDP growth, fiscal deficit, current industry. GPL has completed several landmark account deficit and inflation being at unfavorable projects and is currently developing residential, levels. This has impacted consumer and business commercial and township projects spread across sentiment adversely affecting demand across more than 100 million square feet in 12 cities residential, commercial and retail segment. across India. Throughout its operations, GPL aims Sluggish domestic GDP growth along with weak to deliver superior value to all stakeholders through global markets can significantly affect the sector. extraordinary and imaginative spaces created out of deep customer focus and insight. Regulatory Hurdles Unfavorable changes in government policies GPL has always embraced the notion that and the regulatory environment can adversely collaboration is the essence of excellence. To that impact the performance of the sector. There are end, we have worked with the best designers, substantial procedural delays with regards to architects and contractors within India and around land acquisition, land use, project launches and the globe to deliver imaginative and sustainable construction approvals. Retrospective policy spaces. By bringing together the best talent in changes and regulatory bottlenecks may impact the global real estate sector, GPL works to create profitability and affect the attractiveness of the developments that will last into the future and sector and companies operating within the sector. foresee the needs of each and every resident. 022 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 a. Leveraging the ‘Godrej’ Brand >LILSPL]L[OH[[OLZ[YLUN[O We believe that the ‘Godrej’ brand is instantly recognizable across India due to its long standing VM[OLº.VKYLQ»IYHUKHUK presence in the Indian market, the diversified P[ZHZZVJPH[PVU^P[O[Y\Z[ businesses in which the Godrej Group operates and the trust it has developed over the course of X\HSP[`HUKYLSPHIPSP[`OLSW its operating history. We believe that the strength of the ‘Godrej’ brand and its association with trust, \ZPUTHU`HZWLJ[ZVMV\Y quality and reliability help us in many aspects of I\ZPULZZ our business. These include entering into joint development Our Key Business Priorities agreements, expanding to new cities and markets We are today among one of the largest real and formulating business associations. The brand estate developers in India with more than 100 has also helped us build deeper relationships million square feet of developable area under with our customers, service providers, process management featuring residential, commercial partners, investors and lenders, all of which have and township projects. Your Company is driven by led to us acquiring a strong position within the certain strategic priorities to deliver value to the sector. In addition, GPL’s association with the stakeholders. Below are some of our key business Godrej Group provides accessibility to several priorities: Godrej Platinum, Kolkata 023 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 Godrej United, Bengaluru land parcels owned by Godrej Group companies New Projects Added in FY14 enhancing the scope of our development portfolio significantly. Location Saleable Area (Mn sq. ft.) b. Sustained Business Development Okhla, New Delhi 0.85 Momentum with Key Focus on Whitefield, Bengaluru 1.00 Residential Projects Sector 88A/89A, Gurgaon 1.20 Our strength lies in the diversity of our operations spanning multiple markets. Over the years, we Bhandup, Mumbai 0.77 progressively diversified our revenue mix towards Vikhroli, Mumbai 0.80 residential projects and are successfully creating Keshav Nagar, Pune 2.80 a meaningful presence in our targeted markets of Mumbai, NCR, Bengaluru, Chennai and Pune. Padur, Chennai 1.00 Devanhalli, Bengaluru 5.00 For new projects, we are judiciously focusing only on residential projects in key markets across c. Excellence in Project Execution the country. During FY2013-14, we added 8 Our key strength has been meticulous execution of our new projects to our development portfolio and under-construction projects within the determined concluded deals across India in Mumbai, New timeframe. Our track record on execution quality Delhi, Bengaluru, Gurgaon and Pune. The table and timelines gives us credibility with our customers. has the details on these new projects: To further enhance our execution capabilities, we outsource certain functions to leverage best-in-class practices and partners. This enables us to focus on 024 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 MANAGEMENT DISCUSSION & ANALYSIS their operational carbon footprint. We encourage -VYUL^WYVQLJ[Z^LHYL the use of locally-sourced construction materials which correspondingly reduces carbon miles Q\KPJPV\ZS`MVJ\ZPUNVUS`VU from transport and supports the growth of local YLZPKLU[PHSWYVQLJ[ZPURL` industries. We reuse and recycle the bulk of THYRL[ZHJYVZZ[OLJV\U[Y` our construction waste in order to divert it from municipal landfills. Our focus on sustainable +\YPUN-@^LHKKLK UL^ development covers environmental parameters WYVQLJ[Z[VV\YWVY[MVSPVPU including site selection and planning, pedestrian 4\TIHP5L^+LSOP)LUNHS\Y\ friendly developments, water and energy efficiency as well as responsible material sourcing. .\YNHVUHUK7\UL We look at sustainability at a larger organizational core functions of land sourcing, project execution, level where, as a part of the Godrej Group, we and marketing. Since regulatory approvals are often a are one of the founding members of the Indian considerable obstacle in meeting our goals, we have Green Building Council (IGBC) which is actively strengthened our internal capabilities to expedite involved in promoting green building concepts these approvals and launch projects on time. During in India. Our portfolio wide approach has proved the year, we successfully delivered the first phase of useful for us to action our goal that all of our Godrej Garden City, our first-ever township project buildings should at a minimum be pre-certified at Ahmedabad, well within timelines. by IGBC. We have aligned and standardized our internal business processes to include, accept d. Capital Efficient Deal Structures to and deliver an environmental-friendly robust Remain Asset Light product. Sustainability is one of the key principles We continue to pursue new projects through joint underscoring our ‘Design led’ approach and is a development agreements with land owners. In part of the GPL Design Studio’s mandate. This addition, we have also diversified our execution has allowed us to leverage sustainable design as model by undertaking projects as a Project an innovation mechanism. At the GreenCo Summit Development Manager on a fee basis. We have 2013, we bagged CII’s ‘Sustainability Award’ as created a residential investment platform to enable one of the 11 Indian companies to have made us to enter projects with large capital investment an outstanding contribution to the green building required. Our mission is to seek superior long-term mission. growth in shareholder value by maximizing returns through optimal financing and fiscal discipline. f. Human Capital Human capital plays a crucial role in achieving our e. Sustainable Development growth aspirations. In line with our operational We follow a comprehensive approach to scale-up, we increased our total employee strength sustainable development from early design phase by 40% to 601 employees during the year. Our through the construction period. In our integrated employee value proposition is based on a strong process, how we design our developments focus on employee development, exciting work takes on key importance. Utilizing tools such culture, competitive compensation and the pursuit as energy modeling allows us to reduce energy for excellence. A motivated and empowered consumption in buildings which in turn reduces workforce gives us the flexibility in adapting to 025 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 MANAGEMENT DISCUSSION & ANALYSIS future needs of our business. During the year, we were ranked amongst India’s Top 25 Companies to Work for in 2013 for the second consecutive +\YPUN[OL`LHY^L^LYL year. In the same study, we were ranked No. 1 in YHURLKHTVUNZ[0UKPH»Z the Real Estate and Construction sector. ;VW *VTWHUPLZ[V>VYR MVYPUMVY[OLZLJVUK NEW BUSINESS OPPORTUNITIES 1. Business Development – Residential JVUZLJ\[P]L`LHY We added 8 new residential projects in high- growth cities during FY2014 and continued our 2. Godrej Group Association focus on growing the residential project portfolio. Our association with the Godrej Group helps us The residential segment comprises a significant gain access to large parcels owned by our Group part of the real estate sector and captures the companies. We have entered into a Memoranda growth opportunity emerging through India’s of Understanding with Godrej & Boyce to act rapidly growing middle class. Given the brand’s as a Project Development Manager for future deep association with Indian consumers, we development on its Vikhroli land parcel. We will can leverage the ‘Godrej’ brand effectively in the earn 10% of the total revenue while all investments residential space. The current market environment other than sales & marketing costs will be borne presents an excellent opportunity to conclude by Godrej & Boyce. This value accretive deal will value-accretive deals. generate significant free cash flows. Godrej Eternia, Chandigarh 026 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 3. Redevelopment in Mumbai OPERATIONAL HIGHLIGHTS OF FY2013-14: Large-scale redevelopment and the process of urban ò 9LNPZ[LYLK IVVRPUN ]HS\L VM 059 JYVYL renewal in Mumbai display a significant business despite adverse market conditions. Highest opportunity. Redevelopment has the potential ever sales in a single quarter – Registered of improving the economic competitiveness of booking value of INR 1,066 crore in Q4 FY14 Mumbai’s prime precincts. The ‘Godrej’ brand ò (KKLK UL^ WYVQLJ[Z ^P[O ZHSLHISL HYLH VM and its association with trust, quality and reliability 13.42 million sq. ft. taking GPL’s development have a distinct advantage in attracting tenants. portfolio to above 100 million sq. ft. for the Through our 100% subsidiary Godrej Projects first time Development Private Limited (GPDPL), we are ò :\JJLZZM\SS` TVUL[PaLK HU VSK JVTTLYJPHS currently executing 6 redevelopment projects in project – Godrej Waterside, Kolkata Mumbai aggregating 2.13 million sq.ft. saleable ò 9PNO[Z0ZZ\LVM059 JYVYLV]LYZ\IZJYPILK area in the strategic locations of Chembur, Malad, in a difficult macro-economic environment Ghatkopar, Currey Road and Byculla. ò +LSP]LYLK HWHY[TLU[ZPU7OHZLVM.VKYLQ Garden City, Ahmedabad THREATS, RISKS AND CONCERNS ò .VKYLQ)2*^HZ[OLMPYZ[T\S[PVJJ\WHU[WYVQLJ[ in BKC to be awarded the LEED Platinum pre- 1. Industry Cyclicality certification The real estate market is inherently a cyclical ò 0UH\N\YH[LK.SVIHS0UKPHU0U[LYUH[PVUHS:JOVVS market and is affected by macro-economic (GIIS) at Godrej Garden City, Ahmedabad conditions, changes in applicable governmental schemes, changes in supply and demand for projects, availability of consumer financing and FINANCIAL PERFORMANCE illiquidity. Your Company has attempted to hedge Despite a challenging business environment, our against the inherent risks through a business total income in FY2013-14 increased by 20% to INR model comprising joint ventures, development 1,254 crore, as compared with INR 1,048 crore in manager fee and a pan-India presence. However, FY2012-13. EBITDA increased by 21% to INR 358 any future significant downturn in the industry crore from INR 296 crore. Profit After Tax increased and the overall investment climate may adversely by 15% to INR 159 crore as compared to INR 138 impact business. crore in the corresponding period last year. 2. Statutory Approvals The real estate sector in India is heavily regulated COMPANY OUTLOOK by the central, state and local governments. Real The current challenging market environment estate developers are required to comply with a number of laws and regulations, including policies necessitates increased dynamism. GPL is reinforcing and procedures established and implemented by the advantages of its differentiated business local authorities in relation to land acquisition, proposition and competitive strengths by focusing transfer of property, registration and use of land. on remaining capital efficient, while simultaneously These laws often vary from state to state. Several adding substantial new projects to ensure strong of your Company’s projects are in preliminary and sustainable growth. Our key areas of focus for stages of planning and any delay in obtaining new business development will continue to be in the approvals could warrant revised scheduling of high growth markets of Mumbai, NCR, Bengaluru, project timelines. Chennai and Pune for FY2015. 027 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2014 TO THE SHAREHOLDERS Your Directors have pleasure in presenting the 29th Directors’ Report of your Company along with the audited HJJV\U[ZMVY[OLĉUHUJPHS`LHYLUKLK4HYJO 1. OPERATING RESULTS: *LY[HPURL`HZWLJ[ZVM`V\Y*VTWHU`ëZWLYMVYTHUJLVUHZ[HUKHSVULIHZPZK\YPUN[OLĉUHUJPHS`LHYLUKLK4HYJO HZJVTWHYLK[V[OLWYL]PV\ZĉUHUJPHS`LHYHYLZ\TTHYPZLKILSV^! Financial Year Financial Year 2013 – 2014 2012 – 2013 (` In Lacs) (` In Lacs) 7YVĉ[ILMVYL;H_H[PVU ;H_,_WLUZLZ 7YVĉ[HM[LY;H_H[PVU (KK!:\YWS\ZIYV\NO[MVY^HYK 3LZZ!<[PSPZLKK\YPUN[OL`LHY9LMLY5V[LUV VM-PUHUJPHS:[H[LTLU[ AMOUNT AVAILABLE FOR APPROPRIATION Appropriations: @V\Y+PYLJ[VYZYLJVTTLUKHWWYVWYPH[PVUZHZ\UKLY! Proposed Dividend +P]PKLUK+PZ[YPI\[PVU;H_ ;YHUZMLY[V.LULYHS9LZLY]L :\YWS\ZJHYYPLKMVY^HYK TOTAL APPROPRIATIONS 2. DIVIDEND: @V\Y+PYLJ[VYZYLJVTTLUKMVYHWWYV]HSVM[OL4LTILYZH[[OLLUZ\PUN(UU\HS.LULYHS4LL[PUNMVYWH`TLU[VM ĉUHSKP]PKLUKVM`WLYLX\P[`ZOHYL VMUVTPUHS]HS\LVM` LHJOMVY[OLĉUHUJPHS`LHYLUKLK4HYJO WYL]PV\Z`LHY`WLYLX\P[`ZOHYLVMUVTPUHS]HS\LVM`LHJO;OLKP]PKLUK^PSSILWHPKPUJVTWSPHUJL ^P[O[OLHWWSPJHISLY\SLZHUKYLN\SH[PVUZ 3. RIGHTS ISSUE OF EQUITY SHARES: +\YPUN [OL `LHY \UKLY YL]PL^ `V\Y *VTWHU` PZZ\LK HUK HSSV[[LK LX\P[` ZOHYLZ VM ` LHJO H[ a premium of ` WLYLX\P[`ZOHYLHNNYLNH[PUN[V` JYVYL[V[OLL_PZ[PUNLX\P[`ZOHYLOVSKLYZVM 028 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 thL*VTWHU`VUHYPNO[ZIHZPZ[OLí9PNO[Z0ZZ\Lî;OL demonstrated strong value addition to its development equity shares allotted pursuant to the Rights Issue were por[MVSPV 0U [OL J\YYLU[ ĉZJHS `LHY `V\Y *VTWHU` HKTP[[LKMVYSPZ[PUNHUK[YHKPUNVU):,3PTP[LKHUK[OL OHZZPNULK UL^WYVQLJ[ZHKKPUNTPSSPVUZXM[VM 5H[PVUHS :[VJR ,_JOHUNL VM 0UKPH 3PTP[LK ^P[O LMMLJ[ ZHSLHISLHYLH[VP[ZWVY[MVSPV;OLUL^WYVQLJ[ZZPNULK MYVT:LW[LTILY@V\Y*VTWHU`ZOHSS\ZL[OL HYL SVJH[LK PU 4\TIHP [OL 5H[PVUHS *HWP[HS 9LNPVU proceeds of the Rights Issue towards prepayment and 7\UL)HUNHSVYLHUK*OLUUHP;OLWYVQLJ[ZHKKLKHYL YLWH`TLU[ VM L_PZ[PUN KLI[ VM `V\Y *VTWHU` HUK P[Z all of substantial size and are in line with your company’s Z\IZPKPHYPLZHUKNLULYHSJVYWVYH[LW\YWVZLZ long term strategy of focusing on value accretive and YPZRLMĉJPLU[TVKLSZ Your Directors take this opportunity to thank all the shareholders for their overwhelming response and for While real estate supply continues to outpace growth [OLJVUĉKLUJLYLWVZLKI`[OLTPU[OL*VTWHU` PU KLTHUK HJYVZZ TVZ[ JP[PLZ PU [OL JV\U[Y` `V\Y Company achieved its highest ever quarterly sales in 4. SUB-DIVISION OF EQUITY SHARES AND [OLMV\Y[OX\HY[LYVM[OLĉZJHS`LHYKYP]LUI`Z\JJLZZM\S ALTERATION OF THE MEMORANDUM AND UL^SH\UJOLZPU4\TIHPHUK)LUNHS\Y\ ARTICLES OF ASSOCIATION: In accordance with the approval of the shareholders of @V\Y *VTWHU` SH\UJOLK UL^ WYVQLJ[Z HUK WOHZLZ [OL*VTWHU`[OYV\NOWVZ[HSIHSSV[[OLYLZ\S[ZVM^OPJO [V[HSSPUNV]LY TPSSPVUZX\HYLMLL[PU[OLĉZJHS`LHY ^LYL HUUV\UJLK VU 5V]LTILY [OL LX\P[` ;OLOPNOSPNO[VM[OL`LHY^HZ[OLZ\JJLZZM\SSH\UJOVM share of nominal value of ` 9\WLLZ;LUVUS`VM .VKYLQ *LU[YHS `V\Y *VTWHU`ëZ ĉYZ[ YLKL]LSVWTLU[ the Company was sub-divided into 2 (two) equity shares WYVQLJ[ ^OPJO YLNPZ[LYLK IVVRPUNZ VM V]LY of nominal value of ` 9\WLLZ -P]L VUS` LHJO VU HWHY[TLU[Z]HS\LKH[V]LY9ZJYVYLVU[OLKH`VM HUKMYVT5V]LTILY"HUK[OL4LTVYHUK\T P[Z SH\UJO (UV[OLY TPSLZ[VUL MVY `V\Y *VTWHU` ^HZ of Association and the Articles of Association of the [OLSH\UJOVM.VKYLQ 029 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2014 Your company continues to deliver on its vision of being YHURLKHTVUNZ[0UKPHëZ;VW *VTWHUPLZ[V>VYRMVY [OL TVZ[ [Y\Z[LK UHTL PU [OL YLHS LZ[H[L PUK\Z[Y` HUK PU!9HURLK PU[OLV]LYHSSJH[LNVY`HUK9HURLK OHZILLUYLJVNUPaLKHZZ\JO^PUUPUN[OLê)LZ[)\ZPULZZ PU[OL9LHS,Z[H[LHUK*VUZ[Y\J[PVU:LJ[VYPUHZ[\K` 7YHJ[PJLPU9LHS,Z[H[LëH[[OL5H[PVUHS9LHS,Z[H[L(^HYK JVUK\J[LK I` [OL .YLH[ 7SHJLZ [V >VYR 0UZ[P[\[L HUK MVY,_JLSSLUJLPU9LHS,Z[H[LMVY[OL`LHYHUK[OL [OL,JVUVTPJ;PTLZ ê,[OPJHS )YHUK MVY 9LHS ,Z[H[Lë H^HYK I` *46 (ZPH @V\Y JVTWHU` OHZ PU[LUZPĉLK P[Z LMMVY[Z ^P[O YLNHYKZ 6. FUTURE PROSPECTS AND OUTLOOK OF [V P[Z J\Z[VTLYJLU[YPJ PUP[PH[P]LZ HUK PZ JVU[PU\V\ZS` THE COMPANY: incorporating customer feedback in design and With the real estate markets and customer sentiments ZWLJPĉJH[PVUZHJYVZZHSSP[ZWYVQLJ[Z@V\Y*VTWHU`OHZ closely correlated to the overall growth in the Indian made good progress in its customer management and LJVUVT` `V\Y *VTWHU` L_WLJ[Z [OH[ [OL YLHS LZ[H[L marketing abilities through numerous targeted customer industry would continue to remain under pressure LUNHNLTLU[WYVNYHTZHUKPUUV]H[P]LKPNP[HSJHTWHPNUZ MVY [OL UL_[ ĉZJHS `LHY /V^L]LY `V\Y *VTWHU` PZ JVTTP[[LK[VTLL[HUKL_JLLK[OLL_WLJ[H[PVUZVMHSS Your Company has taken strides towards making itself P[ZZ[HRLOVSKLYZ HKLZPNUSLKVYNHUPaH[PVU@V\Y*VTWHU`JVU[PU\LZ[V build capabilities in its design team and endeavors to 0U VYKLY [V HJOPL]L [OL ZHTL `V\Y *VTWHU` ZOHSS ^VYR^P[O[OLILZ[[HSLU[^VYSK^PKL@V\YJVTWHU`ëZ JVU[PU\L [V I\PSK ZJHSL [OYV\NO JHWP[HS LMĉJPLU[ MVJ\ZVMJYLH[PUNL_[YHVYKPUHY`HUKPTHNPUH[P]LZWHJLZ I\ZPULZZTVKLSZZ\JOHZZV\YJPUNSHUK\UKLY[OLQVPU[ OHZILLUYLJVNUPaLKPU[LYUH[PVUHSS`^P[Oê;OL;YLLZë development model and the development manager ^PUUPUNHUê/VUVY(^HYKëMYVT[OL)VZ[VU:VJPL[`VM TVKLS ;OL *VTWHU`ëZ WYPTHY` HYLHZ VM MVJ\Z MVY 3HUKZJHWL(YJOP[LJ[ZPU[OLJ\YYLU[ĉZJHS`LHY UL^ I\ZPULZZ KL]LSVWTLU[ ZOHSS IL THQVY JP[PLZ VM 4\TIHP 5*9 HUK )LUNHS\Y\ ^OPSL H[ [OL ZHTL [PTL Your Company also continues its focus to deliver on VWWVY[\UPZ[PJHSS` W\YZ\PUN V[OLY RL` THYRL[Z ;OL P[ZJVTTP[TLU[ZVU[OLZ\Z[HPUHIPSP[`MYVU[HPTPUNMVY Company’s business development strategy shall be NYLLU I\PSKPUN JLY[PĉJH[PVUZ MVY HSS VUNVPUN HUK M\[\YL HSPNULK [V^HYKZ SLZZ JHWP[HS PU[LUZP]L 7YVĉ[ :OHYPUN WYVQLJ[Z0U[OLJ\YYLU[ĉZJHS`LHY.VKYLQ)2*YLJLP]LK HUK +L]LSVWTLU[ 4HUHNLY TVKLSZ (KKP[PVUHSS` `V\Y H3,,+7SH[PU\T7YL*LY[PĉJH[PVU"P[PZ[OLĉYZ[I\PSKPUN Company will focus on sourcing land with large capital PU [OL WYLZ[PNPV\Z )HUKYH 2\YSH *VTWSL_ PU 4\TIHP requirements in our target geographies under the [OH[OHZYLJLP]LK[OLJLY[PĉJH[PVU@V\YJVTWHU`HSZV Residential Co-investment platform with your Company YLJLP]LK [OL ê:\Z[HPUHIPSP[` (^HYKë MYVT [OL *00 MVY P[Z HJ[PUNHZ[OLKL]LSVWTLU[THUHNLYMVY[OLZLWYVQLJ[Z JVU[YPI\[PVU[VNYLLUI\PSKPUNTPZZPVUH[[OL.YLLU*V HUKZOHYPUNPU[OLLX\P[`WYVĉ[ZHZ^LSS :\TTP[ 6U [OL VWLYH[PVUHS MYVU[ [PTLSPULZZ VM SH\UJOLZ HUK L_LJ\[PVUZOHSSJVU[PU\L[VILHZ[YVUNMVJ\ZHYLHMVY @V\YJVTWHU`HUKP[ZWYVQLJ[ZYLJLP]LK H^HYKZPU[OL `V\YJVTWHU`@V\Y*VTWHU`^PSSJVU[PU\L[VPTWYV]L `LHYH[[OLLU[P[`HUKWYVQLJ[SL]LSZPUJS\KPUN[OLê)LZ[ P[Z WYVQLJ[ L_LJ\[PVU JHWHIPSP[PLZ HJYVZZ YLNPVUZ ,TLYNPUN +L]LSVWLYë H[ [OL 5+;= 7YVWLY[` (^HYKZ strengthened through strategic partnerships with leading [OL ê)YHUK ,_JLSSLUJL (^HYKë H[ [OL )YHUK JVUZ[Y\J[PVUĉYTZ6[OLYMVJ\ZHYLHZMVY`V\YJVTWHU` ,_JLSSLUJL:\TTP[[OLê4HZ[LY)YHUKëH[ shall be optimizing return on capital and developing [OL>VYSK)YHUK*VUNYLZZ:\TTP[HUK[OLê+L]LSVWLY JYPZPZHUKYPZRTHUHNLTLU[JHWHIPSP[PLZ VM[OL@LHYëH[[OL0UKPHU9LHS[`(^HYKZ In recognition of your Company’s endeavor to maintain 7. FIXED DEPOSITS: outstanding employee practices and encourage a +\YPUN[OLĉUHUJPHS`LHYLUKLK4HYJOĉ_LK JVSSHIVYH[P]L ^VYR LU]PYVUTLU[ `V\Y *VTWHU` ^HZ deposits aggregating to ` 3HJZ OH]L ILLU 030 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 TVIPSPZLK;OL*VTWHU`OHZUVV]LYK\LKLWVZP[ZV[OLY ^P[O[OLMVSSV^PUNH^HYKZHUKYH[PUNZK\YPUN[OLĉUHUJPHS [OHU\UJSHPTLKKLWVZP[Z)YVHKS`:LJ[PVU [V VM `LHYLUKLK4HYJO! [OL*VTWHUPLZ(J[[OLí(J[îWYV]PKL[OH[ Year Key Achievements the Company may accept deposits from members and/ VYW\ISPJVUWHZZPUN[OLYLZVS\[PVUPU.LULYHS4LL[PUNVM 2 >VU ê)LZ[ 031 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2014 .VKYLQ7YVWLY[PLZ^VUê+L]LSVWLYVM[OL@LHYë .VKYLQ 7SH[PU\T ^VU [OL H^HYK MVY ê)LZ[ H^HYKH[[OL0UKPHU9LHS[`(^HYKZ \WJVTPUN WYVQLJ[ PU )LUNHSë PU [OL *9,+(0 .VKYLQ 7YVWLY[PLZ ^VU ê)YHUK ,_JLSSLUJL Bengal Realty AwaYKZ (^HYKëH[[OL)YHUK,_JLSSLUJL(^HYKZ .VKYLQ7YVWLY[PLZ^VUê4HZ[LY)YHUKëH[ 11. EMPLOYEES STOCK OPTION SCHEME: [OL>VYSK)YHUK*VUNYLZZ:\TTP[ 4Y7PYVQZOH.VKYLQ^HZZLSLJ[LKHZê7LYZVUVM (Z YLX\PYLK PU [LYTZ VM [OL :LJ\YP[PLZ HUK ,_JOHUNL [OL`LHYèëH[[OL:P_[O.09,43LHKLYZOPW )VHYKVM0UKPH,TWSV`LLZ:[VJR6W[PVU:JOLTLHUK Awards ,TWSV`LL:[VJR7\YJOHZL:JOLTL.\PKLSPULZ .VKYLQ7HST.YV]L^VUê)LZ[TPKYHUNLOV\ZPUN HZHTLUKLK[OLKPZJSVZ\YLYLSH[PUN[V.VKYLQ7YVWLY[PLZ WYVQLJ[VM[OL`LHYëH^HYKH[[OL*OLUUHP9LHS 3PTP[LK ,TWSV`LL :[VJR 6W[PVU 7SHU í.73 ,:67î ,Z[H[L(^HYKZ .VKYLQ 7YVWLY[PLZ 3PTP[LK ,TWSV`LL :[VJR .YHU[ ê+PHTVUK ,+., >PUULYë MVY ê*\Z[VTLY :JOLTLí.73,:.:îPZNP]LUPU(UUL_\YL7HY[ ,_WLYPLUJL;YHUZMVYTH[PVUëè0UMVYTH[PVU>LLR 0HUK(UUL_\YL(7HY[00YLZWLJ[P]LS` .VKYLQ 7YVWLY[PLZ ^VU í6\[Z[HUKPUN *VU[YPI\[PVUPU9LHS,Z[H[L9LZPKLU[PHS7YVQLJ[î 12. SCHEME OF AMALGAMATIONS: H^HYKH[[OL,7*>VYSK(^HYKZ .VKYLQ .HYKLU *P[` ^VU ê(MMVYKHISL OV\ZPUN +\YPUN [OL ĉUHUJPHS `LHY \UKLY YL]PL^ [OL MVSSV^PUN WYVQLJ[ MVY [OL `LHY è >LZ[ 0UKPHë H[ [OL [O :JOLTLZ VM (THSNHTH[PVU ^LYL HWWYV]LK I` [OL ,:;(;,(>(9+:>,:;0UKPH,KP[PVU /VUëISL)VTIH`/PNO*V\Y[! .VKYLQ7YVWLY[PLZ^VUí9LHS,Z[H[L+L]LSVWLY VM;OL@LHY4HOHYHZO[YHîH^HYKH[[OL)YHUKZ .VKYLQ ,Z[H[L +L]LSVWLYZ 3PTP[LK ^HZ (JHKLT`9LHS,Z[H[L(^HYKZ HTHSNHTH[LK ^P[O .VKYLQ :LH =PL^ 7YVWLY[PLZ .VKYLQ-YVU[PLY^VU[OLê)LZ[ *VTWSL[L 3PTP[LKPU[LYTZVM[OL:JOLTLVM(THSNHTH[PVU 9LZPKLU[PHS 7YVQLJ[ë \UKLY 3\_\Y` :LNTLU[ PU [OLê:JOLTLëZHUJ[PVULKI`[OL/VUëISL)VTIH` 5*99LNPVUH[[OL*5)*(>((A9LHS,Z[H[L /PNO *V\Y[ ]PKL P[Z VYKLY KH[LK 4HYJO (^HYKZ ;OLHWWVPU[LKKH[LVM[OL:JOLTL^HZ+LJLTILY .VKYLQ (UHUKHT 5HNW\Y YLJLP]LK H :[HY YH[PUNMYVT*90:03 .VKYLQ 7SH[PU\T 2VSRH[H YLJLP]LK H :[HY .VKYLQ :LH =PL^ 7YVWLY[PLZ 3PTP[LK HUK .VKYLQ YH[PUNMYVT*90:03 5HUKOP /PSSZ 7YVQLJ[ 7YP]H[L 3PTP[LK ^LYL .VKYLQ.HYKLU*P[`(OTLKHIHKYLJLP]LKê;OL amalgamated with your Company in terms of )LZ[ PUUV]H[P]L 4HYRL[PUN *HTWHPNUë H[ [OL .VSKLU4PRLZ(^HYKMVY[OLJHTWHPNUJHYYPLK [OL :JOLTL VM (THSNHTH[PVU [OL ê:JOLTLë V\[K\YPUN[OL5H]YH[YPWLYPVK ZHUJ[PVULK I` [OL /VUëISL )VTIH` /PNO *V\Y[ ,[OPJHS)YHUK-VY9LHS,Z[H[LI`*46(ZPH ]PKLP[ZVYKLYKH[LK(WYPS;OLHWWVPU[LK 4VZ[ (KTPYLK 9L[HPS >LIZP[L I` (ZPH 9L[HPS KH[LVM[OL:JOLTL^HZ1HU\HY` Congress .VSK PU [OL JH[LNVY` VM 6USPUL 5L^ZSL[[LY MVY .VKYLQ +L]LSVWLYZ 7YP]H[L 3PTP[LK ^HZ =PIYH[PVUZI`7\ISPJ9LSH[PVUZ*V\UJPSVM0UKPH HTHSNHTH[LK ^P[O .VKYLQ 7YVQLJ[Z +L]LSVWTLU[ (PRCI) 7YP]H[L 3PTP[LK PU [LYTZ VM [OL :JOLTL VM :PS]LYPU[OLJH[LNVY`VM0U/V\ZL4HNHaPULMVY (THSNHTH[PVU [OL ê:JOLTLë ZHUJ[PVULK I` [OL :[VYL`;PTLZI`79*0 /VUëISL)VTIH`/PNO*V\Y[]PKLP[ZVYKLYKH[LK ê;OL ;YLLZë ^VU [OL PU[LYUH[PVUHS /VUV\Y (WYPS ;OLHWWVPU[LKKH[LVM[OL:JOLTL (^HYKMYVT[OL)VZ[VU:VJPL[`VM3HUKZJHWL ^HZ(WYPS Architects 032 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 13. SUBSIDIARY COMPANIES: HNYLLTLU[Z ^P[O :O\IO 7YVWLY[PLZ *VVWLYH[PLM < ( A. Subsidiaries’ Accounts HUKV[OLYZ[OLê0U]LZ[VYZëMVY[YHUZMLYVM VM[OL LX\P[`ZOHYLJHWP[HSVM.VKYLQ9LKL]LSVWLYZ4\TIHP +\YPUN [OL ĉUHUJPHS `LHY \UKLY YL]PL^ >VUKLY *P[` 7YP]H[L3PTP[LK[V[OL0U]LZ[VYZ )\PSKJVU 7YP]H[L 3PTP[LK HUK .VKYLQ .YLLU /VTLZ Limited were incorporated as wholly owned subsidiaries +\YPUN [OL `LHY \UKLY YL]PL^ W\YZ\HU[ [V [OL VM`V\Y*VTWHU` HNYLLTLU[ZLU[LYLKPU[VI``V\Y*VTWHU`^P[O:O\IO 7YVWLY[PLZ*VVWLYH[PLM<(HUKV[OLYZ[OLê0U]LZ[VYZë (Z H[ 4HYJO `V\Y *VTWHU` OHK `V\Y*VTWHU`OHZ[YHUZMLYYLK VM[OLLX\P[`ZOHYL Z\IZPKPHYPLZKPYLJ[HUKPUKPYLJ[UHTLS`.VKYLQ9LHS[` JHWP[HS VM >VUKLY :WHJL 7YVWLY[PLZ 7YP]H[L 3PTP[LK 7YP]H[L 3PTP[LK .VKYLQ 9LHS ,Z[H[L 7YP]H[L 3PTP[LK ê>:773ë[V[OL0U]LZ[VYZ>:773OHZJLHZLK[VIL /HWW` /PNOYPZLZ 3PTP[LK .VKYLQ 7YLTP\T )\PSKLYZ a subsidiary of the Company post transfer of equity 7YP]H[L 3PTP[LK .VKYLQ )\PSKJVU 7YP]H[L 3PTP[LK ZOHYLZI`[OL*VTWHU` .VKYLQ.HYKLU*P[`7YVWLY[PLZ7YP]H[L3PTP[LK.VKYLQ 7YVQLJ[Z+L]LSVWTLU[7YP]H[L3PTP[LK.VKYLQ)\PSK^LSS B. Limited Liability Partnerships (LLPs) 7YP]H[L3PTP[LK.VKYLQ3HUKTHYR9LKL]LSVWLYZ7YP]H[L 3PTP[LK.VKYLQ9LKL]LSVWLYZ4\TIHP7YP]H[L3PTP[LK Your Company is a partner in the following LLPs as of >VUKLY*P[`)\PSKJVU7YP]H[L3PTP[LKHUK.VKYLQ.YLLU 4HYJO! /VTLZ3PTP[LK .VKYLQ)\PSKJVYW337 .VKYLQ 7YVWLY[` +L]LSVWLYZ 337 MVY [OL WYVQLJ[ 7\YZ\HU[ [V [OL .LULYHS *PYJ\SHY 5V KH[LK SVJH[LKH[;OHUL4\TIHP -LIY\HY` PZZ\LK I` [OL 4PUPZ[Y` VM *VYWVYH[L (MMHPYZ.V]LYUTLU[VM0UKPH[OL)VHYKVM+PYLJ[VYZVM .VKYLQ =PROYVSP 7YVWLY[PLZ 337 MVY [OL WYVQLJ[ your Company have given their consent for not attaching SVJH[LKH[=PROYVSP the accounts of all the subsidiaries of your Company 4VZPHJ3HUKTHYRZ337MVY[OLWYVQLJ[SVJH[LKH[ HSVUN ^P[O [OL (UU\HS 9LWVY[ VM `V\Y *VTWHU` 0U 033 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2014 and its subsidiaries in the immediately preceding @V\Y *VTWHU` OHZ YLJLP]LK H SL[[LY MYVT 4Z HJJV\U[PUN`LHY"[OH[Z\IZPKPHY`PZ[LYTLKHZHê4H[LYPHS 2HS`HUP^HSSH 4PZ[Y` [V [OL LMMLJ[ [OH[ [OLPY YL 5VU3PZ[LK0UKPHU:\IZPKPHY`ë;OLYLPZUVTH[LYPHSUVU HWWVPU[TLU[ PM THKL ^V\SK IL \UKLY [OL ZLJVUK SPZ[LK0UKPHUZ\IZPKPHY`VM`V\Y*VTWHU`MVY[OLĉUHUJPHS HUK [OPYK WYV]PZV [V :LJ[PVU VM [OL (J[ `LHY HUK[OH[[OL`HYLUV[KPZX\HSPĉLK^P[OPU[OLTLHUPUNVM :LJ[PVUVM[OL(J[YLHK^P[O9\SLVM[OL 14. DIRECTORS: *VTWHUPLZ(\KP[HUK(\KP[VYZ9\SLZ In accordance with the Articles of Association of the *VTWHU` HUK [OL WYV]PZPVUZ VM [OL :LJ[PVU 17. COST COMPLIANCE REPORT L VM [OL (J[ 4Y (KP ) .VKYLQ HUK 4Y 5HKPY ;OL*VTWHU`OHZĉSLK[OL*VZ[*VTWSPHUJL9LWVY[MVY ) .VKYLQ ^PSS YL[PYL I` YV[H[PVU H[ [OL LUZ\PUN (UU\HS [OL`LHY .LULYHS4LL[PUNHUKILPUNLSPNPISLVMMLY[OLTZLS]LZMVY YLHWWVPU[TLU[4Y:YPUP]HZHU^PSSILHWWVPU[LKHZH 18. BUSINESS RISK MANAGEMENT KPYLJ[VYSPHISL[VYL[PYLI`YV[H[PVUPUWHY[PHSTVKPĉJH[PVU Your Company has constituted a committee consisting [VYLZVS\[PVUUV WHZZLKH[[OL [O(UU\HS.LULYHS VMRL`L_LJ\[P]LZVM`V\Y*VTWHU`HUKHUPUKLWLUKLU[ 4LL[PUNVM[OL*VTWHU`OLSKVU1\S` director to identify and assess business risks and VWWVY[\UP[PLZ ê9PZR *VTTP[[LLë ;OL 9PZR *VTTP[[LL ;OL *VTWHU` OHK W\YZ\HU[ [V [OL WYV]PZPVUZ VM [OL PKLU[PĉLZ [OL YPZRZ H[ IV[O LU[LYWYPZL SL]LS HUK H[ JSH\ZL VM[OL3PZ[PUN(NYLLTLU[ZLU[LYLKPU[V^P[O WYVQLJ[SL]LS :[VJR ,_JOHUNL HWWVPU[TLU[ 4Y 2LRP ) +HKPZL[O 4YZ3HSP[H+.\W[L4Y7YHUH`=HRPS+Y7YP[HT:PUNO ;OLI\ZPULZZYPZRZPKLU[PĉLKHYLYL]PL^LKI`[OL9PZR 4Y(TP[*OV\KOHY`4Y:5HYH`HUHUK4Y(TP[H]H Committee and a detailed action plan to mitigate 4\ROLYQLLHZ0UKLWLUKLU[+PYLJ[VYZVM[OL*VTWHU` PKLU[PĉLK YPZRZ PZ KYH^U \W HUK P[Z PTWSLTLU[H[PVU (Z WLY ZLJ[PVU VM [OL *VTWHUPLZ (J[ TVUP[VYLK (J[^OPJOJHTLPU[VLMMLJ[MYVT(WYPSL]LY` listed public company is required to have at least one- 19. ADDITIONAL INFORMATION third of the total number of directors as Independent ;OL 4PUPZ[Y` VM *VYWVYH[L (MMHPYZ 4*( OHZ ]PKL P[Z +PYLJ[VYZ0UHJJVYKHUJL^P[O[OLWYV]PZPVUZVMZLJ[PVU .LULYHS *PYJ\SHY 5V KH[LK (WYPS VM[OL(J[[OLZL+PYLJ[VYZHYLILPUNHWWVPU[LKHZ JSHYPĉLK [OH[ [OL ĉUHUJPHS Z[H[LTLU[Z HUK KVJ\TLU[Z 0UKLWLUKLU[+PYLJ[VYZ[VOVSKVMĉJLHZWLY[OLPY[LU\YLVM YLX\PYLK [V IL H[[HJOLK [OLYL[V H\KP[VYZ YLWVY[ HWWVPU[TLU[TLU[PVULKPU[OL5V[PJLVM[OLMVY[OJVTPUN HUK )VHYK YLWVY[ PU YLZWLJ[ VM ĉUHUJPHS `LHYZ [OH[ (UU\HS.LULYHS4LL[PUN(.4VM[OL*VTWHU` JVTTLUJLKLHYSPLY[OHU(WYPSZOHSSILNV]LYULK I` [OL YLSL]HU[ WYV]PZPVUZ :JOLK\SLZ Y\SLZ VM [OL 15. APPOINTMENT OF AUDITORS: *VTWHUPLZ(J[ ê (J[ë0U]PL^VM[OPZ[OL 4Z2HS`HUP^HSSH 4PZ[Y`*OHY[LYLK(JJV\U[HU[Z^OV following information has been provided as per the HYL[OLZ[H[\[VY`H\KP[VYZVM[OL*VTWHU`OVSKVMĉJL[PSS WYV]PZPVUZVM[OL (J[ [OLJVUJS\ZPVUVM[OLMVY[OJVTPUN(.4HUKHYLLSPNPISL MVYYLHWWVPU[TLU[7\YZ\HU[[V[OLWYV]PZPVUZVMZLJ[PVU H 0U[LYTZVM[OLWYV]PZPVUZVM:LJ[PVU IP] VM[OL*VTWHUPLZ(J[HUK[OL9\SLZMYHTLK VM[OL (J[[OL+PYLJ[VYëZ9LWVY[HUK(UU\HS Accounts are being sent to all members of the [OLYL\UKLYP[PZWYVWVZLK[VHWWVPU[4Z2HS`HUP^HSSH 4PZ[Y`HZZ[H[\[VY`H\KP[VYZVM[OL*VTWHU`MYVT[OL *VTWHU`L_JS\KPUN[OLZ[H[LTLU[VMWHY[PJ\SHYZ JVUJS\ZPVUVM[OLMVY[OJVTPUN(.4[PSS[OLJVUJS\ZPVUVM VM[OLLTWSV`LL\UKLY:LJ[PVU (VM[OL [OL[OPY[`ZLJVUK(.4[VILPU[OL`LHY Z\IQLJ[[V (J[0UHJJVYKHUJL^P[O[OLWYV]PZPVUZVM:LJ[PVU YH[PĉJH[PVUVM[OLPYHWWVPU[TLU[H[L]LY`(.4 ( VM [OL (J[ HUK [OL Y\SLZ MYHTLK [OLYL \UKLY PL [OL *VTWHUPLZ 7HY[PJ\SHYZ VM 034 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 ,TWSV`LLZ9\SLZ HZHTLUKLK[OLUHTLZ 7\YZ\HU[ [V :LJ[PVU (( VM [OL (J[ `V\Y and other particulars of employees as required +PYLJ[VYZ IHZLK VU [OL YLWYLZLU[H[PVU YLJLP]LK MYVT [V IL ZL[ V\[ PU [OL HUUL_\YL [V [OL +PYLJ[VYëZ [OL4HUHNLTLU[HUKHM[LYK\LLUX\PY`JVUĉYTMVY[OL Report is available for inspection at the Registered ĉUHUJPHS`LHYLUKLK4HYJO! 6MĉJL VM [OL *VTWHU` (U` TLTILY PU[LYLZ[LK P [OH[ PU [OL WYLWHYH[PVU VM [OL HUU\HS HJJV\U[Z in obtaining a copy of the same may write to the the applicable accounting standards have been *VTWHU`:LJYL[HY`H[[OL9LNPZ[LYLK6MĉJLVM[OL followed and no material departures have been *VTWHU` THKLMYVT[OLZHTL" I 0UMVYTH[PVUPUYLZWLJ[VMJVUZLY]H[PVUVMLULYN` (ii) that the Directors have selected such accounting [LJOUVSVN` HIZVYW[PVU HUK MVYLPNU L_JOHUNL policies and applied them consistently and made LHYUPUNZ HUK V\[NV HZ YLX\PYLK \UKLY :LJ[PVU Q\KNTLU[ZHUKLZ[PTH[LZ[OH[HYLYLHZVUHISLHUK LVM[OL (J[YLHK^P[O[OL*VTWHUPLZ prudent so as to give a true and fair view of the (Disclosure of Particulars in the Report of the Board state of affairs of the Company at the end of the VM+PYLJ[VYZ9\SLZ PZNP]LUPU(UUL_\YL) ĉUHUJPHS `LHY LUKLK 4HYJO HUK VM [OL c) Your Company has devised proper systems to WYVĉ[ZVM[OL*VTWHU`MVY[OH[`LHY" LUZ\YLJVTWSPHUJL^P[OHSSHWWSPJHISLSH^Z PPP [OH[[OL+PYLJ[VYZOHK[HRLUWYVWLYHUKZ\MĉJPLU[ care for the maintenance of adequate accounting 20. GREEN INITIATIVES IN CORPORATE records in accordance with the provisions of GOVERNANCE [OL (J[MVYZHMLN\HYKPUN[OLHZZL[ZVM[OL ;OL4*(OHZWLYTP[[LKJVTWHUPLZ[VZLUKLSLJ[YVUPJ Company and for preventing and detecting fraud JVWPLZVM(UU\HS9LWVY[UV[PJLZL[J[V[OLLTHPSPKZVM HUKV[OLYPYYLN\SHYP[PLZ" ZOHYLOVSKLYZ>LOH]LHJJVYKPUNS`HYYHUNLK[VZLUK[OL soft copies of these documents to the e-mail addresses (iv) that the Directors have prepared the annual VM[OL4LTILYZ^OLYLZ\JOKL[HPSZHYLH]HPSHISL^P[O HJJV\U[ZVUHNVPUNJVUJLYUIHZPZ [OL KLWVZP[VYPLZ VY [OL 9LNPZ[YHY HUK :OHYL ;YHUZMLY (NLU[ VM `V\Y *VTWHU` 4Z 2HY]` *VTW\[LYZOHYL 22. ACKNOWLEDGEMENT: 7YP]H[L3PTP[LK0UJHZLHU`VM[OLZOHYLOVSKLYZ^V\SK Your Directors wish to place on record their appreciation SPRL [V YLJLP]L WO`ZPJHS JVWPLZ VM [OLZL KVJ\TLU[Z HUKZPUJLYL[OHURZ[V[OLZ[H[LNV]LYUTLU[NV]LYUTLU[ the same shall be forwarded on written request to the HNLUJPLZ IHURZ ĉUHUJPHS PUZ[P[\[PVUZ QVPU[ ]LU[\YL 9LNPZ[YHYZHUK:OHYL;YHUZMLY(NLU[ZVM`V\Y*VTWHU` WHY[ULYZ J\Z[VTLYZ ZOHYLOVSKLYZ ĉ_LK KLWVZP[ 4Z2HY]`*VTW\[LYZOHYL7YP]H[L3PTP[LK OVSKLYZ]LUKVYZHUKV[OLYYLSH[LKVYNHUPZH[PVUZ^OV [OYV\NO[OLPYJVU[PU\LKZ\WWVY[HUKJVVWLYH[PVUOH]L 21. DIRECTORS’ RESPONSIBILITY OLSWLKHZWHY[ULYZPU`V\Y*VTWHU`ëZWYVNYLZZ@V\Y STATEMENT: +PYLJ[VYZHSZVHJRUV^SLKNL[OLOHYK^VYRKLKPJH[PVU ;OL4*(OHZ]PKLP[Z.LULYHS*PYJ\SHY5V KH[LK HUKJVTTP[TLU[VM[OLLTWSV`LLZ (WYPSJSHYPĉLK[OH[[OLĉUHUJPHSZ[H[LTLU[ZHUK KVJ\TLU[Z YLX\PYLK [V IL H[[HJOLK [OLYL[V H\KP[VYZ For and on behalf of the Board of Directors YLWVY[HUK)VHYKYLWVY[PUYLZWLJ[VMĉUHUJPHS`LHYZ[OH[ of Godrej Properties Limited JVTTLUJLKLHYSPLY[OHU(WYPSZOHSSILNV]LYULK I`[OLYLSL]HU[WYV]PZPVUZ:JOLK\SLZY\SLZVM[OL (J[0U]PL^VM[OPZ[OLMVSSV^PUNPUMVYTH[PVUOHZILLU 7SHJL!4\TIHP Adi B. Godrej WYV]PKLKHZWLY[OLWYV]PZPVUZVM[OL (J[ +H[L!4H` *OHPYTHU 035 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 ANNEXURE A (Part I) Disclosure Relating to Godrej Properties Limited Employees Stock Option Plan (GPL ESOP) Particulars Details 6W[PVUZNYHU[LK ;OL7YPJPUNMVYT\SH .YHU[ 7YPJL WS\Z PU[LYLZ[ H[ Z\JO YH[L HZ TH` IL decided from time to time and compoundable on an HUU\HS IHZPZ MVY [OL WLYPVK JVTTLUJPUN MYVT [OL KH[LVMNYHU[VM[OL6W[PVUZHUKLUKPUNVU4HYJO WS\ZHSSV[OLYL_WLUZLZHZTH`ILPUJ\YYLKI` [OL*VTWHU`[VNP]LLMMLJ[[V[OL.73,:67 ;V[HSVW[PVUZ]LZ[LK 6W[PVUZL_LYJPZLK 5PS ;V[HSU\TILYVMLX\P[`ZOHYLZ[OH[^V\SKHYPZLHZH 5PS:PUJLUVMYLZOPZZ\LVMZOHYLZI`[OL*VTWHU` YLZ\S[VMM\SSL_LYJPZLVMVW[PVUZHSYLHK`NYHU[LK 6W[PVUZMVYMLP[LKSHWZLKJHUJLSSLK ^PSSILH]HPSHISLMVYYLPZZ\L =HYPH[PVUZPU[LYTZVMVW[PVUZ 7SLHZLZLL5V[L5V 4VUL`YLHSPZLKI`L_LYJPZLVMVW[PVUZ 5PS 6W[PVUZV\[Z[HUKPUNPUMVYJL Person wise details of options granted to i) Directors and key management employees 7SLHZLZLL5V[LILSV^ ii) Any other employee who received a grant in any 5PS VUL`LHYVMVW[PVUZHTV\U[PUN[V VYTVYLVM the options granted during the year iii) 0KLU[PĉLK LTWSV`LLZ ^OV HYL NYHU[LK VW[PVUZ 5PS K\YPUN HU` VUL `LHY LX\HS [V VY L_JLLKPUN VM [OL PZZ\LK JHWP[HS L_JS\KPUN V\[Z[HUKPUN warrants and conversions) of the Company at the time of grant +PS\[LK,HYUPUNZ7LY:OHYL,7:W\YZ\HU[[VPZZ\LVM ;OLYLPZUVMYLZOPZZ\LVMZOHYLZVUL_LYJPZLVMVW[PVU ZOHYLZVUL_LYJPZLVMVW[PVUJHSJ\SH[LKPUHJJVYKHUJL ;OLYLMVYL[OLZHTLPZUV[HWWSPJHISL ^P[O (JJV\U[PUN :[HUKHYK (: ê,HYUPUNZ 7LY :OHYLë Difference between employee compensation cost 5PS using the intrinsic value method and the employee compensation cost that shall have been recognised if the Company has used fair value of options and impact VM[OPZKPMMLYLUJLVUWYVĉ[ZHUK,7:VM[OL*VTWHU` 036 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 Particulars Details >LPNO[LK H]LYHNL L_LYJPZL WYPJLZ HUK ^LPNO[LK >LPNO[LK H]LYHNL L_LYJPZL WYPJL PZ ` WLY ZOHYL H]LYHNL MHPY ]HS\LZ VM VW[PVUZ ^OVZL L_LYJPZL WYPJL plus interest (post stock split) LP[OLY LX\HSZ VY L_JLLKZ VY PZ SLZZ [OHU [OL THYRL[ price of the stock +LZJYPW[PVUVM[OLTL[OVKHUKZPNUPĉJHU[HZZ\TW[PVUZ 5( used during the year to estimate the fair values of VW[PVUZ PUJS\KPUN ^LPNO[LKH]LYHNL PUMVYTH[PVU UHTLS`YPZRMYLLPU[LYLZ[YH[LL_WLJ[LKSPMLL_WLJ[LK ]VSH[PSP[` L_WLJ[LK KP]PKLUKZ HUK [OL WYPJL VM [OL underlying share in market at the time of grant of the option 0TWHJ[ VU WYVĉ[Z VM [OL SHZ[ [OYLL `LHYZ HUK VU [OL 5PS ,7:VM[OLSHZ[[OYLL`LHYZPM[OLPZZ\LYOHKMVSSV^LK [OL HJJV\U[PUN WVSPJPLZ ZWLJPĉLK PU *SH\ZL VM [OL :LJ\YP[PLZ HUK ,_JOHUNL )VHYK VM 0UKPH ,TWSV`LL :[VJR6W[PVU:JOLTLHUK,TWSV`LL:[VJR7\YJOHZL :JOLTL.\PKLSPULZ HZHTLUKLKPUYLZWLJ[VM options granted in the last three years 5V[LZ ;OL9LT\ULYH[PVU*VTTP[[LLI`P[ZJPYJ\SHYYLZVS\[PVUKH[LK(WYPS HUK[OL)VHYKVM+PYLJ[VYZI`P[Z JPYJ\SHYYLZVS\[PVUKH[LK(WYPSOH]LHWWYV]LK[OLMVSSV^PUN! H =LZ[PUNVMZ[VJRVW[PVUZNYHU[LK\UKLY[OL.73,:67[V4Y4PSPUK:2VYKL^P[OLMMLJ[MYVT 4HYJO"HUK I ,_[LUZPVUVML_LYJPZLWLYPVKVMVW[PVUZ]LZ[LKPU4Y4PSPUK:2VYKLZ\JO[OH[[OLHMVYLZHPK]LZ[LK VW[PVUZJHUILL_LYJPZLKI`4Y4PSPUK:2VYKL^P[OPUHWLYPVKVM[OYLL`LHYZMYVT[OLKH[LVM]LZ[PUN PL4HYJO +L[HPSZYLNHYKPUNVW[PVUZNYHU[LK[VV\Y+PYLJ[VYZHUKV\Y2L`4HUHNLTLU[7LYZVUULSHYLZL[MVY[OILSV^! Name Position Number of options outstanding under GPL ESOP 4Y2;1P[OLUKYHU ,_LJ\[P]L+PYLJ[VY 4Y5P[PU>HNSL =PJL7YLZPKLU[6WLYH[PVUZ 4Y:OVKOHU(2LTIOH]P =PJL7YLZPKLU[3LNHSHUK*VTWHU` :LJYL[HY` 4Y9HQLUKYH2OL[H^H[ ,_LJ\[P]L=PJL7YLZPKLU[-PUHUJLHUK Accounts) ;OLHIV]LĉN\YLZHYLHM[LYNP]PUNLMMLJ[[V[OLZ\IKP]PZPVUVMLX\P[`ZOHYLVM9ZLHJOPU[VLX\P[`ZOHYLZ VM9Z LHJO 037 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 ANNEXURE A (Part II) Disclosure relating to Godrej Properties Limited Employee Stock Grant Scheme, 2011 (GPL ESGS) Particulars Details 6W[PVUZNYHU[LK ,_LYJPZLWYPJLVMVW[PVUZ ` WLYLX\P[`ZOHYL ( `WLYLX\P[`ZOHYLWYPVY[VZ\IKP]PZPVU ;V[HSVW[PVUZ]LZ[LK 6W[PVUZL_LYJPZLK ;V[HSU\TILYVMLX\P[`ZOHYLZ[OH[^V\SKHYPZLHZH YLZ\S[VMM\SSL_LYJPZLVMVW[PVUZHSYLHK`NYHU[LK 6W[PVUZMVYMLP[LKSHWZLKJHUJLSSLK =HYPH[PVUZPU[LYTZVMVW[PVUZ 5( 4VUL`YLHSPZLKI`L_LYJPZLVMVW[PVUZ ` 6W[PVUZV\[Z[HUKPUNPUMVYJL Person wise details of options granted to i) Directors and key management employees 7SLHZLZLL5V[LILSV^ ii) Any other employee who received a grant in any 5PS VUL`LHYVMVW[PVUZHTV\U[PUN[V VYTVYLVM the options granted during the year iii) 0KLU[PĉLK LTWSV`LLZ ^OV HYL NYHU[LK VW[PVUZ 5PS K\YPUN HU` VUL `LHY LX\HS [V VY L_JLLKPUN VM [OL PZZ\LK JHWP[HS L_JS\KPUN V\[Z[HUKPUN warrants and conversions) of the Company at the time of grant +PS\[LK,HYUPUNZ7LY:OHYL,7:W\YZ\HU[[VPZZ\LVM ` WLYZOHYL ZOHYLZVUL_LYJPZLVMVW[PVUJHSJ\SH[LKPUHJJVYKHUJL ^P[O (JJV\U[PUN :[HUKHYK (: ê,HYUPUNZ 7LY :OHYLë Difference between employee compensation cost 9LMLY5V[LKVM-PUHUJPHS using the intrinsic value method and the employee compensation cost that shall have been recognised if the Company has used fair value of options and impact VM[OPZKPMMLYLUJLVUWYVĉ[ZHUK,7:VM[OL*VTWHU` 038 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 Particulars Details >LPNO[LK H]LYHNL L_LYJPZL WYPJLZ HUK ^LPNO[LK :PUJL[OLZOHYLZ\UKLY,:.:HYLPZZ\LKH[-HJL]HS\L H]LYHNL MHPY ]HS\LZ VM VW[PVUZ ^OVZL L_LYJPZL WYPJL [OLYLMVYL-HJL=HS\LVM[OLZOHYLPZ>LPNO[LK(]LYHNL LP[OLY LX\HSZ VY L_JLLKZ VY PZ SLZZ [OHU [OL THYRL[ ,_LYJPZL7YPJLHUKPU[OPZJHZLL_LYJPZLWYPJLPZSLZZ price of the stock [OHU[OLTHYRL[WYPJLVMZOHYL Weighted average fair values of options are ` WLYVW[PVU +LZJYPW[PVUVM[OLTL[OVKHUKZPNUPĉJHU[HZZ\TW[PVUZ 4L[OVK!)SHJR:JOVSLZ6W[PVUZWYPJPUNMVYT\SH used during the year to estimate the fair values of VW[PVUZ PUJS\KPUN ^LPNO[LKH]LYHNL PUMVYTH[PVU 9PZRèMYLLPU[LYLZ[9H[L! UHTLS`YPZRMYLLPU[LYLZ[YH[LL_WLJ[LKSPMLL_WLJ[LK ]VSH[PSP[` L_WLJ[LK KP]PKLUKZ HUK [OL WYPJL VM [OL ,_WLJ[LKSPML!`LHYZ underlying share in market at the time of grant of the option ,_WLJ[LK]VSH[PSP[`! ,_WLJ[LKKP]PKLUK! WLYZOHYL >LPNO[LK(]LYHNL4HYRL[WYPJLVM[OL\UKLYS`PUN ZOHYLH[[OL[PTLVMNYHU[!` WLYZOHYL 0TWHJ[ VU WYVĉ[Z VM [OL SHZ[ [OYLL `LHYZ HUK VU [OL 9LMLY5V[LKVM-PUHUJPHS ,7:VM[OLSHZ[[OYLL`LHYZPM[OLPZZ\LYOHKMVSSV^LK [OL HJJV\U[PUN WVSPJPLZ ZWLJPĉLK PU JSH\ZL VM [OL :LJ\YP[PLZ HUK ,_JOHUNL )VHYK VM 0UKPH ,TWSV`LL :[VJR6W[PVU:JOLTLHUK,TWSV`LL:[VJR7\YJOHZL :JOLTL.\PKLSPULZ HZHTLUKLKPUYLZWLJ[VM options granted in the last three years 039 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 ANNEXURE A (Part II) Note: +L[HPSZYLNHYKPUNVW[PVUZNYHU[LK[VV\Y+PYLJ[VYZHUKV\Y2L`4HUHNLTLU[7LYZVUULSHYLZL[MVY[OILSV^! Name Position Number of options outstanding under GPL ESGS 4Y2;1P[OLUKYHU ,_LJ\[P]L+PYLJ[VY 4Y=:YPUP]HZHU ,_LJ\[P]L+PYLJ[VY 4Y1H`HUHUK7V[KHY *OPLM6WLYH[PUN6MĉJLY 4Y5P[PU>HNSL =PJLè7YLZPKLU[6WLYH[PVUZ 4Y:OVKOHU(2LTIOH]P =PJLè7YLZPKLU[3LNHS *VTWHU`:LJYL[HY` 4Y9HQLUKYH2OL[H^H[ ,_LJ\[P]L=PJLè7YLZPKLU[-PUHUJL (JJV\U[Z 4Y:YPYHT0`LY ,_LJ\[P]L=PJLè7YLZPKLU[:V\[OAVUL 4Z4HT[H)HRZOP ,_LJ\[P]L=PJLè7YLZPKLU[*OPLM*\Z[VTLY6MĉJLY 4Y4VOP[4HSOV[YH ,_LJ\[P]L=PJLè7YLZPKLU[)\ZPULZZ+L]LSVWTLU[ 4Y.PYPZO:OHO ,_LJ\[P]L=PJLè7YLZPKLU[4HYRL[PUN :HSLZ 4Y4PSPUK(W[L ,_LJ\[P]L=PJLè7YLZPKLU[/\THU9LZV\YJLZ Administration) 4Y:OHPSLZO1VZOP =PJLè7YLZPKLU[0UMVYTH[PVU;LJOUVSVN` 4Y9V`KLU)YHNHUaH =PJLè7YLZPKLU[*VTTLYJPHS:HSLZ 4Y9\WHR(NHY^HS =PJL7YLZPKLU[6WLYH[PVUZ(OTLKHIHK 4Y9HIPRHU[:OHYTH =PJL7YLZPKLU[6WLYH[PVUZ4\TIHP9LNPVU 4Y(U\IOH].\W[H ,_LJ\[P]L=PJL7YLZPKLU[ ;OLHIV]LĉN\YLZHYLHM[LYNP]PUNLMMLJ[[V[OLZ\IKP]PZPVUVMLX\P[`ZOHYLVM9ZLHJOPU[VLX\P[`ZOHYLZVM9Z LHJO 040 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 ANNEXURE B INFORMATION PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT, 1956, READ WITH THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988 IN RESPECT OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO A. CONSERVATION OF ENERGY 0UZ[HSSH[PVU VM LULYN` LMĉJPLU[ JOPSSLYZ ^P[O WHY[PHS I. (A) Energy Conservation SVHKPUN measures undertaken: ,70OHZILLUILUJOTHYRLKMVYPU[LYUHSHUKL_[LYUHS .VKYLQ 7YVWLY[PLZ 3PTP[LK ê.73ë VY [OL ê*VTWHU`ë space for residential as well as conditioned and constantly endeavors to achieve energy conservation by \UJVUKP[PVULKZWHJLMVYJVTTLYJPHS HKVW[PUNNYLLUI\PSKPUNWYHJ[PJLZJLY[PĉLKI`[OL0UKPHU ,UJV\YHNPUNVJJ\WHU[Z[VSLHKHNYLLULYSPMLZ[`SL .YLLU)\PSKPUN*V\UJPSê0.)*ë(ZHUPU[LYUHSTHUKH[L I`\ZPUNOPNOLMĉJPLUJ`(*ZHUKYLMYPNLYH[VYZ),, LHJO WYVQLJ[ Z[YP]LZ [V HJOPL]L [OL TPUPT\T SL]LS VM Z[HYYH[LK[OYV\NOHMVYTHSOHUKV]LYL]LU[ JLY[PĉJH[PVU\UKLY[OLYLSL]HU[YH[PUNZ`Z[LTZWLJPĉLK I` 0.)* -YVT [OL 7YVQLJ[ PUJLW[PVU Z[HNL [OYV\NO (B) Proposed energy KLZPNUHUKL_LJ\[PVU[VWVZ[VJJ\WHUJ`^LJVUZ[HU[S` conservation measures: ^VYR^P[OPU[LYUHSHUKL_[LYUHS[LHTTLTILYZ[VTLL[ 9LUL^HISLLULYN`MVYHSSWYVQLJ[Z[VILPUJYLHZLK [OL,ULYN`7LYMVYTHUJL0UKL_ILUJOTHYRZZL[I`),, [V Ć MYVT [OL J\YYLU[ [V YLK\JL NYPK HUK;,90;OLMVSSV^PUNILZ[WYHJ[PJLZHYLPUWSHJL[V ZV\YJLK LULYN` ;OPZ [YHUZSH[LZ [V TP[PNH[PUN HJOPL]L[OPZVIQLJ[P]L TL[YPJ [VUULZ HUU\HSS` MVY [OL *VTWYLOLUZP]L,ULYN`TVKLSPUNK\YPUN[OLKLZPNU ILUJOTHYRLKWYVQLJ[Z stage to realize energy conservation while meeting II. Impact of measures on reduction of energy the functional requirements for both residential consumption and consequent impact on the HUKJVTTLYJPHSWYVQLJ[Z cost of production of goods: )\PSKPUN LU]LSVWL KLZPNU HUK TH[LYPHS ZLSLJ[PVU :H]PUN PU LULYN` JVZ[Z K\YPUN [OL WLYPVK \UKLY \ZPUNWHZZP]LJVVSPUN[LJOUPX\LZ^OLYLWVZZPISL JVUZPKLYH[PVU 041 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 ANNEXURE B technologies to speed up the process and 00)LULĉ[ZKLYP]LKHZHYLZ\S[ZVM[OLHIV]L9 THRLJVUZ[Y\J[PVUTVYLLMĉJPLU[ D efforts - ò 9LZLHYJOPUN [OL THYRL[ MVY UL^ THJOPULZ 9LUL^HISL LULYN` MVY HSS WYVQLJ[Z [V IL PUJYLHZLK [V materials and developing methodologies for Ć MYVT [OL J\YYLU[ [V YLK\JL NYPK ZV\YJLK [OLPYLMMLJ[P]L\ZLPUV\YWYVQLJ[ZP[LZ LULYN` ò :VSHY[LJOUVSVNPLZMVYJVTTVUHYLHWHYRPUN III. Future Plan of Action: HUKZ[YLL[SPNO[PUN ,UNHNL ^P[O UL^ [LJOUVSVN` ]LUKVYZ [V TLL[ ò :VSHY^H[LYOLH[PUNMVYYLZPKLU[PHSI\PSKPUNZ LULYN` LMĉJPLUJ` YLX\PYLTLU[Z YLX\PYPUN SV^LY JHWP[HS L_WLUKP[\YL ò 3,+ZMVYJVTTVUHYLHSPNO[PUN IV. Expenditure on R & D: N.A ò 3,+ZMVY\ZLPU.73VMĉJLI\PSKPUNZ ;LJOUVSVN`HIZVYW[PVUHKHW[H[PVUHUKPUUV]H[PVU! (b) Process Initiatives: ,MMVY[PUIYPLMTHKL[V^HYKZ[LJOUVSVN`HIZVYW[PVU ò ;OL VYNHUPaH[PVU VM [OL ^VYR ^P[O [OL OLSW HKHW[H[PVUHUKPUUV]H[PVU!5PS VM ZJOLK\SPUN Z[Y\J[\YPUN VM ^VYR MVYJL PU [HUKLT^P[OQVIKLZJYPW[PVUZHUKJSVZPUN[PTL )LULĉ[ZKLYP]LKHZHYLZ\S[VM[OLHIV]LLMMVY[Z NHWZ[VLUZ\YLLMĉJPLUJ` LN WYVK\J[ PTWYV]LTLU[ JVZ[ YLK\J[PVU WYVK\J[ KL]LSVWTLU[ PTWVY[ Z\IZ[P[\[PVU L[J ò 0U KLW[O WSHUUPUN VM JVUZ[Y\J[PVU HJ[P]P[PLZ ;OL HIV]L LMMVY[Z OLSWLK PU JVZ[ YLK\J[PVU procedures which in turn will result in stable customer satisfaction and top line and bottom line SL]LSZVMX\HSP[`ZOVY[LY[PTLSPULZHUKYLK\JLK PTWYV]LTLU[Z5( JVUZ\TW[PVUZVMTHUHUKTH[LYPHSH[ZP[L 0TWVY[LK;LJOUVSVN`! ò :[HUKHYKPaH[PVU VM I\PSKPUN LSLTLU[Z HUK WHY[ZPU[YVK\JPUNY\SLZHUKYLN\SH[PVUZIHZLK ;OL *VTWHU` OHZ UV[ PTWVY[LK HU` [LJOUVSVN` on national and international standards and ZPUJLPUJVYWVYH[PVU PU[LYUHSJSHZZPĉJH[PVUZ C. Foreign Exchange earnings and outgo: ò ;OL \ZHNL VM ZWLJPHS Z\IJVU[YHJ[VYZ +\YPUN[OLĉUHUJPHS`LHYL_WLUKP[\YLPUMVYLPNU JVUZ\S[HU[Z[VYLHSPaL[HZRZLMĉJPLU[S` currencies amounted to ` 3HJZ7YL]PV\Z@LHY ò )LUJOTHYRLK ,ULYN` 7LYMVYTHUJL 0UKL_ ` 3HJZVUHJJV\U[VMWYVMLZZPVUHS JVUZ\S[H[PVU PL (UU\HS LULYN` JVUZ\TW[PVU WLY ZX\HYL MLLZHUKL_WLUZLZPUJ\YYLKMVYI\ZPULZZWYVTV[PVU TL[LYZVMI\PS[\WHYLHMVYWPSV[WYVQLJ[HUKMVY ;OL *VTWHU` OHZ UV[ LHYULK HU` MVYLPNU L_JOHUNL .73HKTPUPZ[YH[P]LVMĉJLZ K\YPUN[OL`LHY 042 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 REPORT ON CORPORATE GOVERNANCE THE COMPANY’S PHILOSOPHY the Amendment is applicable to all listed companies ON GOVERNANCE ^P[OLMMLJ[MYVT6J[VILY`V\Y*VTWHU`OHZ Your Company believes that corporate governance is a initiated certain actions towards implementation of the RL`LSLTLU[PUPTWYV]PUNLMĉJPLUJ`HUKNYV^[OHZ^LSS (TLUKTLU[ (JJVYKPUNS` L_JLW[ PU 7HYH ( HUK ) HZLUOHUJPUNPU]LZ[VYJVUĉKLUJL ^OLYLPU YLMLYLUJL [V [OL [LYT ê(TLUKLK *SH\ZL ë ^V\SKTLHU*SH\ZL HTLUKLKHZHMVYLZHPKYLMLYLUJL 0U VYKLY [V WYVTV[L NVVK NV]LYUHUJL [OL *VTWHU` [V ê,_PZ[PUN *SH\ZL VY *SH\ZL ë OLYLPU VY PU HU` MVSSV^Z[OLILZ[WYHJ[PJLZWYVJLZZLZHUKWVSPJPLZIHZLK V[OLY YLWVY[ VY KVJ\TLU[ MVY [OL ĉUHUJPHS `LHY VU JVUZJPLUJL VWLUULZZ MHPYULZZ WYVMLZZPVUHSPZT ^V\SKTLHU*SH\ZL VM[OL3PZ[PUN(NYLLTLU[ HUK HJJV\U[HIPSP[` ;OLZL WVSPJPLZ ZLLR [V MVJ\Z VU ^P[OV\[HU`YLMLYLUJL[V[OL(TLUKTLU[ enhancement of long term shareholder value without ;OL +PYLJ[VYZ WYLZLU[ ILSV^ [OL *VTWHU`ëZ WVSPJPLZ compromising on ethical standards and corporate HUKWYHJ[PJLZVUJVYWVYH[LNV]LYUHUJL ZVJPHSYLZWVUZPIPSP[PLZ ;OLJVYWVYH[LNV]LYUHUJLMYHTL^VYRVM`V\Y*VTWHU` THE GOVERNANCE STRUCTURE PZIHZLKVUHULMMLJ[P]LPUKLWLUKLU[)VHYKZLWHYH[PVU 1) BOARD OF DIRECTORS VM [OL )VHYKëZ Z\WLY]PZVY` YVSL MYVT [OL L_LJ\[P]L a) Board Structure management team and constitution of the Board *VTTP[[LLZ HZ YLX\PYLK \UKLY SH^ >L ILSPL]L [OH[ ;OL WVSPJ` VM [OL *VTWHU` PZ [V PUK\J[ HU HU HJ[P]L ^LSS PUMVYTLK HUK PUKLWLUKLU[ IVHYK PZ HWWYVWYPH[L JVTIPUH[PVU VM L_LJ\[P]L UVU necessary to ensure the highest standards of corporate L_LJ\[P]LHUKPUKLWLUKLU[KPYLJ[VYZ[VTHPU[HPU[OL NV]LYUHUJL PUKLWLUKLUJLVM[OL)VHYKMYVT[OLTHUHNLTLU[ (ZVM4HYJO[OL)VHYKVM+PYLJ[VYZVM ;OL VWLYH[PVUZ VM [OL *VTWHU` HYL THUHNLK \UKLY [OL*VTWHU`JVUZPZ[LKVMMV\Y[LLU+PYLJ[VYZ the directions of the Board within the framework set by ^OPJOPUJS\KLKVUL4HUHNPUN+PYLJ[VY *OPLM [OL*VTWHUPLZ(J[ [OLí (J[îHZHTLUKLK ,_LJ\[P]L 6MĉJLY [^V ,_LJ\[P]L +PYLJ[VYZ (without reference to the provisions thereof that have HUK LSL]LU 5VU,_LJ\[P]L +PYLJ[VYZ ^P[O JLHZLK[VOH]LLMMLJ[\WVUUV[PĉJH[PVUVMZLJ[PVUZVM[OL ZL]LU VM Z\JO 5VU,_LJ\[P]L +PYLJ[VYZ ILPUN *VTWHUPLZ(J[[OLí(J[îHUK[OL(J[ 0UKLWLUKLU[+PYLJ[VYZ JVSSLJ[P]LS`[OLí*VTWHUPLZ(J[î[OL3PZ[PUN(NYLLTLU[ ^P[O[OL):,3PTP[LKHUK[OL5H[PVUHS:[VJR,_JOHUNL ,_JLW[ HZ KPZJSVZLK ILSV^ UV +PYLJ[VY VM [OL of India Limited and the Articles of Association of the Company is related to any other Director on the *VTWHU`2PUKS`UV[L[OH[[OL:LJ\YP[PLZHUK,_JOHUNL )VHYKPU[LYTZVM[OLTLHUPUNVM[OL[LYTêYLSH[P]Lë )VHYK VM 0UKPH OHZ ]PKL P[Z JPYJ\SHY KH[LK (WYPS NP]LU\UKLY[OL (J[! [OLí(TLUKTLU[îUV[PĉLK]HYPV\ZHTLUKTLU[Z P 4Y(KP).VKYLQPZ[OLIYV[OLYVM4Y5HKPY [V,_PZ[PUN*SH\ZL VM[OL3PZ[PUN(NYLLTLU[[VHSPNU ).VKYLQ" P[ ^P[O [OL YLX\PYLTLU[Z \UKLY [OL (J[ >OPSZ[ 043 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 REPORT ON CORPORATE GOVERNANCE PP 4Y (KP ) .VKYLQ PZ O\ZIHUK VM PPP 4Y7PYVQZOH.VKYLQPZ[OLZVUVM4Y(KP) 4YZ7HYTLZO^HY(.VKYLQ"HUK .VKYLQHUK4YZ7HYTLZO^HY(.VKYLQ ;OL KL[HPSZ VM [OL )VHYK VM [OL *VTWHU` HUK U\TILY VM TLL[PUNZ H[[LUKLK I` LHJO +PYLJ[VY HYL NP]LU PU ;HISLILSV^! Table 1: Details about the Company’s Directors and meetings attended by the Directors during the Financial Year 2013-14 Name of Director Category Board Board Meetings Whether Directorships Number of Chairmanships/ Meetings held attended during attended held in public Memberships in Board during the the Financial last AGM (held companies Committees as at March 31, 2014 Financial Year Year 2013-2014 on July 27, incorporated (Including GPL) 2013-2014 2013) in India as at March 31, Chairmanship Memberships 2014(i)(ii) (excluding (Including GPL) Memberships of Committees) 4Y(KP).VKYLQ *OHPYTHUè5VU,_LJ\[P]L Yes 2 4Y1HTZO`K5.VKYLQ 5VU,_LJ\[P]L+PYLJ[VY Yes 2 4Y5HKPY).VKYLQ 5VU,_LJ\[P]L+PYLJ[VY Yes 4YZ7HYTLZO^HY(.VKYLQ 5VU,_LJ\[P]L+PYLJ[VY 5V -- 4Y7PYVQZOH.VKYLQ 4HUHNPUN+PYLJ[VY *,6 Yes - 4Y(TP[)*OV\KO\Y` Independent Director Yes - 4Y2LRP)+HKPZL[O Independent Director Yes 4YZ3HSP[H+.\W[L Independent Director Yes 4Y7YHUH`+=HRPS Independent Director Yes -2 +Y7YP[HT:PUNO Independent Director Yes 2 4Y:5HYH`HU Independent Director 2 5V - 4Y(TP[H]H4\ROLYQLL Independent Director Yes 2(2) - 2 4Y2;1P[OLUKYHU ,_LJ\[P]L+PYLJ[VY Yes -- 4Y=:YPUP]HZHU ,_LJ\[P]L+PYLJ[VY Yes -- 5V[LZ! (i) Alternate directorships and directorships in private companies, companies incorporated under Section 25 of the 1956 Act and foreign companies are excluded. (ii) Figures in ( ) denote listed companies. (ZYLX\PYLK\UKLY,_PZ[PUN*SH\ZL VM[OL3PZ[PUN(NYLLTLU[UVULVM[OL+PYLJ[VYZHYL!PTLTILYVMTVYL[OHU [LUJVTTP[[LLZ"HUKPPJOHPYTHUVMTVYL[OHU ĉ]LJVTTP[[LLZ0U[LYTZVML_WSHUH[PVUZ[V,_PZ[PUN*SH\ZL *VM[OL3PZ[PUN(NYLLTLU[JOHPYTHUZOPWVYTLTILYZOPWVM[OLê(\KP[*VTTP[[LLëHUK[OLê:OHYLOVSKLYZ 0U]LZ[VYZ.YPL]HUJL*VTTP[[LLë:[HRLOVSKLYZ9LSH[PVUZOPW*VTTP[[LL\UKLY[OL(J[VM0UKPHUW\ISPJSPTP[LK JVTWHUPLZOHZILLUJVUZPKLYLKMVY[OLHMVYLZHPKW\YWVZL b) Board meetings held and Directors’ attendance record ;OL)VHYKTLL[ZH[SLHZ[VUJLPUHX\HY[LY[VJVUZPKLYHTVUNV[OLYI\ZPULZZ[OLX\HY[LYS`WLYMVYTHUJL HUKĉUHUJPHSYLZ\S[ZVM[OL*VTWHU`;VLUHISL[OL)VHYK[VKPZJOHYNLP[ZYLZWVUZPIPSP[PLZLMMLJ[P]LS`HUK[HRL PUMVYTLKKLJPZPVUZULJLZZHY`PUMVYTH[PVUPZTHKLH]HPSHISL[V[OL)VHYK;OLKL[HPSZVM)VHYKTLL[PUNZOLSK K\YPUN[OLĉUHUJPHS`LHYHUK+PYLJ[VYZëH[[LUKHUJLYLJVYKHYLNP]LUPU;HISL 044 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 ;HISL!;OLKL[HPSZVMTLL[PUNZVM[OL)VHYKOLSKK\YPUN[OLĉUHUJPHS`LHYHYLHZ\UKLY! +H[LVU^OPJO)VHYK Total strength of the Board No. of Directors present 4LL[PUN^HZOLSK on the date of Meeting at the Board Meeting 4H` 1\S` 6J[VILY 1HU\HY` c) Information supplied to the Board ;OLPUMVYTH[PVUWYV]PKLK[V[OL)VHYKPUJS\KLZ! ò 5VUJVTWSPHUJL VM HU` YLN\SH[VY` Z[H[\[VY` ò (UU\HSVWLYH[PUNWSHUZHUKI\KNL[ZJHWP[HS nature or listing requirements as well as I\KNL[ZHUKHU`\WKH[LZ[OLYLVU" shareholder services such as non-payment of ò 8\HY[LYS`YLZ\S[ZVM[OL*VTWHU`" KP]PKLUKHUKKLSH`ZPUZOHYL[YHUZMLY ò 4PU\[LZVMTLL[PUNZVM(\KP[*VTTP[[LLHUK ;OL)VHYKVM[OL*VTWHU`PZWYLZLU[LK^P[OHSS V[OLY*VTTP[[LLZVM[OL)VHYK" PUMVYTH[PVU \UKLY [OL HIV]L OLHKZ ^OLUL]LY ò 0UMVYTH[PVUVUYLJY\P[TLU[HUKYLT\ULYH[PVU HWWSPJHISL;OLZLHYLZ\ITP[[LKLP[OLYHZWHY[VM VMZLUPVYVMĉJLYZQ\Z[ILSV^[OL)VHYKSL]LS" the agenda papers well in advance of the Board ò 4H[LYPHSS` PTWVY[HU[ ZOV^ JH\ZL KLTHUK TLL[PUNZVYHYL[HISLKPU[OLJV\YZLVM[OL)VHYK WYVZLJ\[PVUHUKWLUHS[`UV[PJLZ" TLL[PUNZ ò -H[HS VY ZLYPV\Z HJJPKLU[Z VY KHUNLYV\Z K +PYLJ[VYZ ^P[O TH[LYPHSS` ZPNUPĉJHU[ YLSH[LK VJJ\YYLUJLZ" party transactions, pecuniary or business ò (U`TH[LYPHSS`ZPNUPĉJHU[LMĊ\LU[VYWVSS\[PVU YLSH[PVUZOPW^P[O[OL*VTWHU` WYVISLTZ" ò (U` TH[LYPHSS` YLSL]HU[ KLMH\S[ PU ĉUHUJPHS ,_JLW[ MVY KYH^PUN YLT\ULYH[PVU UVUL VM [OL VISPNH[PVUZ[VHUKI`[OL*VTWHU`" +PYLJ[VYZ OH]L HU` V[OLY TH[LYPHSS` ZPNUPĉJHU[ ò (U` PZZ\L ^OPJO PU]VS]LZ WVZZPISL W\ISPJ VY YLSH[LKWHY[`[YHUZHJ[PVUZWLJ\UPHY`VYI\ZPULZZ WYVK\J[SPHIPSP[`JSHPTZVMHZ\IZ[HU[PHSUH[\YL" YLSH[PVUZOPW ^P[O [OL *VTWHU` ;OL *VTWHU` ò +L[HPSZ VM HU` QVPU[ ]LU[\YL VY JVSSHIVYH[PVU enters into transactions in the ordinary course of HNYLLTLU[" business with the companies in which the Directors ò ;YHUZHJ[PVUZ[OH[PU]VS]LZ\IZ[HU[PHSWH`TLU[ OVSK KPYLJ[VYZOPW ([[LU[PVU VM [OL 4LTILYZ PZ [V^HYKZNVVK^PSSIYHUKLX\P[`VYPU[LSSLJ[\HS drawn to the disclosures of transactions with WYVWLY[`" YLSH[LKWHY[PLZZL[V\[PU5V[LZ[V(JJV\U[Z5V[L ò (U` ZPNUPĉJHU[ SHIV\Y WYVISLTZ HUK [OLPY 5V VM :[HUKHSVUL -PUHUJPHS 9LZ\S[Z MVYTPUN WYVWVZLKZVS\[PVUZ" WHY[VM[OL(UU\HS9LWVY[ ò (U` ZPNUPĉJHU[ KL]LSVWTLU[ PU O\THU e) Remuneration of Directors: sitting fees, YLZV\YJLZ" salary, perquisites and commissions and ò 045 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 REPORT ON CORPORATE GOVERNANCE 7\YZ\HU[[V[OLWYV]PZPVUZVM[OL*VTWHUPLZ(J[ WYVĉ[ZVM[OL*VTWHU`MVY[OH[`LHYJVTW\[LKPU YLHK^P[O[OL*VTWHUPLZ(WWVPU[TLU[HUK [OL THUULY WYV]PKLK PU :LJ[PVU HUK VM 9LT\ULYH[PVU VM 4HUHNLYPHS 7LYZVUULS 9\SLZ [OL (J[;OLHIV]LHWWYV]HSPZMVYHWLYPVKVM [OL )VHYK VM +PYLJ[VYZ H[ [OLPY TLL[PUN ĉ]L`LHYZMYVT(WYPS[PSS4HYJO OLSKVU4H`HWWYV]LK[VWH`[OLYL]PZLK ;OLYLT\ULYH[PVU[V[OL4HUHNPUN+PYLJ[VY *OPLM ZP[[PUNMLLZ^LM4H`VM9Z ,_LJ\[P]L6MĉJLYHUK[OL,_LJ\[P]L+PYLJ[VYZPZ [V [OL 5VU ,_LJ\[P]L +PYLJ[VYZ MVY H[[LUKPUN IHZLK VU [OL *VTWHU`ëZ ZPaL PUK\Z[Y` WYHJ[PJL each meeting of the Board of Directors and HUK V]LYHSS WLYMVYTHUJL VM [OL *VTWHU` ;OL 9Z [V [OL 5VU,_LJ\[P]L +PYLJ[VYZ MVY 5VTPUH[PVU 9LT\ULYH[PVU *VTTP[[LL Z\ITP[Z attending each meeting of the Audit Committee P[Z YLJVTTLUKH[PVU [V [OL )VHYK ^OPJO HM[LY HUK [OL 5VTPUH[PVU 9LT\ULYH[PVU *VTTP[[LL consideration of the recommendation approves VM[OL)VHYKVM+PYLJ[VYZVM[OL*VTWHU` [OL YLT\ULYH[PVU WH`HISL [V [OL 4HUHNPUN ([ [OL ,_[YHVYKPUHY` .LULYHS 4LL[PUN OLSK VU +PYLJ[VY *OPLM ,_LJ\[P]L 6MĉJLY HUK [OL 6J[VILY [OL4LTILYZëVM[OL*VTWHU` ,_LJ\[P]L +PYLJ[VYZ ^OPJO HSZV PUJS\KLZ [OL have empowered the Board of Directors to annual increments and performance bonus) within KL[LYTPUL MYVT [PTL [V [PTL [OL JVTTPZZPVU [OL V]LYHSS SPTP[Z WYLZJYPILK \UKLY [OL (J[ WH`HISL[VLHJO5VU,_LJ\[P]L+PYLJ[VYWYV]PKLK Z\IQLJ[[V[OLHWWYV]HSVM[OL4LTILYZ^OLYL]LY Z\JO JVTTPZZPVU WS\Z ZLY]PJL [H_ H[ HWWSPJHISL YLX\PYLK YH[LZVYHU`V[OLY[H_LZK\[PLZVYSL]`I`^OH[L]LY ;OL KL[HPSZ VM YLT\ULYH[PVU WHJRHNL VM [OL UHTL JHSSLK [OH[ TH` IL HWWSPJHISL H[ H M\[\YL +PYLJ[VYZHUK[OLPYYLSH[PVUZOPWZ^P[OLHJOV[OLYPM KH[LPUHNNYLNH[LZOHSSUV[L_JLLK of the net HU`HYLNP]LUPU;HISLILSV^! Table 3: Remuneration paid or payable to the Directors during the Financial Year ended March 31, 2014 (Amount in `) Name of Director 9LSH[PVUZOPW^P[OV[OLY+PYLJ[VYZ Sitting Commission* Salary Perquisites Provident Fund Others Total fees 4Y(KP).VKYLQ )YV[OLYVM4Y5HKPY).VKYLQ 5PS 5PS 5PS 5PS -H[OLYVM4Y7PYVQZOH.VKYLQ ZWV\ZL VM4YZ7HYTLZO^HY(.VKYLQ 4Y1HTZO`K5.VKYLQ - 5PS 5PS 5PS 5PS 4Y5HKPY).VKYLQ )YV[OLYVM4Y(KP).VKYLQ 5PS 5PS 5PS 5PS 4YZ7HYTLZO^HY(.VKYLQ >PMLVM4Y(KP).VKYLQHUKTV[OLYVM 5PS 5PS 5PS 5PS 4Y7PYVQZOH.VKYLQ 4Y(TP[)*OVKO\Y` - 5PS 5PS 5PS 5PS 4Y2LRP)+HKPZL[O - 5PS 5PS 5PS 5PS 4YZ3HSP[H+.\W[L - 5PS 5PS 5PS 5PS 4Y7YHUH`+=HRPS - 5PS 5PS 5PS 5PS +Y7YP[HT:PUNO - 5PS 5PS 5PS 5PS 4Y:5HYH`HU - 5PS 5PS 5PS 5PS 4Y(TP[H]H4\ROLYQLL - 5PS 5PS 5PS 5PS 4Y7PYVQZOH.VKYLQ :VUVM4Y(KP).VKYLQHUK -- 4YZ7HYTLZO^HY(.VKYLQ 4Y2;1P[OLUKYHU --- 4Y=:YPUP]HZHU --- 046 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 5V[LZ! *VTTPZZPVUMVY[OL-PUHUJPHS@LHYPZWH`HISLPU[OL-PUHUJPHS@LHY Name of Director Equity Shares held Dividend paid during Number of options as on March 31, 2014 the Financial Year held Under 2013-14 (in `) GPL ESOP GPL ESGS 4Y(KP).VKYLQ ---- 4Y5HKPY).VKYLQ -- 4Y1HTZO`K5.VKYLQ ---- 4YZ7HYTLZO^HY(.VKYLQ ---- 4Y(TP[)*OV\KO\Y` -- 4Y2LRP)+HKPZL[O ---- 4YZ3HSP[H+.\W[L -- 4Y7YHUH`+=HRPS -- +Y7YP[HT:PUNO -- 4Y:5HYH`HU ---- 4Y(TP[H]H4\ROLYQLL ---- 4Y7PYVQZOH.VKYLQ -- 4Y2;1P[OLUKYHU 4Y=:YPUP]HZHU - 7\YZ\HU[[VZ\IKP]PZPVUVMLX\P[`ZOHYLVM`LHJOPU[V[^VLX\P[`ZOHYLZVM` LHJO[OL5VVMV\[Z[HUKPUN VW[PVUZ\UKLY.73,:67 .73,:.:OH]LILLUHKQ\Z[LK[V[OH[LMMLJ[ 2) COMMITTEES OF THE BOARD L +Y7YP[HT:PUNO" A. AUDIT COMMITTEE M 4Y:5HYH`HU"HUK ;OL *VTWHU`ëZ (\KP[ *VTTP[[LL JVTWYPZLZ [OL N 4Y(TP[H]H4\ROLYQLL MVSSV^PUN ZL]LU0UKLWLUKLU[+PYLJ[VYZ! ;OLJVTWVZP[PVUVM[OL(\KP[*VTTP[[LLPZPUJVTWSPHUJL H 4Y2LRP)+HKPZL[O*OHPYTHU" ^P[O[OLYLX\PYLTLU[ZVM:LJ[PVU (VM[OL (J[ :LJ[PVU VM[OL(J[HUK(TLUKLK*SH\ZL I 4YZ3HSP[H+.\W[L" VM [OL 3PZ[PUN (NYLLTLU[ LU[LYLK PU[V ^P[O [OL :[VJR J 4Y(TP[)*OV\KO\Y`" ,_JOHUNLZ K 4Y7YHUH`+=HRPS" 047 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 REPORT ON CORPORATE GOVERNANCE All the members of the Audit Committee are eminent 9LJVTTLUKPUN [V [OL )VHYK [OL HWWVPU[TLU[ pYVMLZZPVUHSZ HUK KYH^ \WVU [OLPY L_WLYPLUJL HUK YLHWWVPU[TLU[HUKPMYLX\PYLK[OLYLWSHJLTLU[ L_WLY[PZL HJYVZZ H ^PKL ZWLJ[Y\T VM M\UJ[PVUHS HYLHZ VYYLTV]HSVM[OLZ[H[\[VY`H\KP[VYHUK[OLĉ_H[PVU Z\JOHZĉUHUJLHUKJVYWVYH[LZ[YH[LN`;OL*OHPYTHUVM VMH\KP[MLLZ [OL(\KP[*VTTP[[LL^HZWYLZLU[H[[OL(UU\HS.LULYHS (WWYV]HSVMWH`TLU[[VZ[H[\[VY`H\KP[VYZMVYHU` 4LL[PUN[VHUZ^LY4LTILYZëX\LYPLZ4PU\[LZVMLHJO V[OLYZLY]PJLZYLUKLYLKI`[OLZ[H[\[VY`H\KP[VYZ of the meeting of the Audit Committee are placed before [OL )VHYK PU P[Z TLL[PUNZ ;OL YLWYLZLU[H[P]LZ VM [OL 9L]PL^PUN ^P[O [OL THUHNLTLU[ [OL HUU\HS :[H[\[VY`(\KP[VYZHYLPU]P[LK[VH[[LUKTLL[PUNZVM[OL ĉUHUJPHS Z[H[LTLU[Z ILMVYL Z\ITPZZPVU [V [OL (\KP[ *VTTP[[LL ;OL (\KP[ *VTTP[[LL HSZV PU]P[LZ )VHYKMVYHWWYV]HS^P[OWHY[PJ\SHYYLMLYLUJL[V! L_LJ\[P]LZ VM [OL *VTWHU` ]Pa 4HUHNPUN +PYLJ[VY H 4H[[LYZ YLX\PYLK [V IL PUJS\KLK PU [OL *OPLM,_LJ\[P]L6MĉJLY/LHK-PUHUJL/LHK0U[LYUHS +PYLJ[VYëZ 9LZWVUZPIPSP[` :[H[LTLU[ [V IL (\KP[HZP[JVUZPKLYZHWWYVWYPH[L[VILWYLZLU[H[[OL included in the Board’s report in terms of the TLL[PUNZ 4Y :OVKOHU ( 2LTIOH]P =PJL7YLZPKLU[ (J[ 3LNHS *VTWHU` :LJYL[HY` HJ[Z HZ [OL :LJYL[HY` [V [OL (\KP[ *VTTP[[LL ;OL (\KP[ *VTTP[[LL TL[ I *OHUNLZ PM HU` PU HJJV\U[PUN WVSPJPLZ HUK MV\Y[PTLZK\YPUN[OLĉUHUJPHS`LHYLUKLK4HYJO WYHJ[PJLZHUKYLHZVUZMVY[OLZHTL PLVU4H` 1\S` 6J[VILY J 4HQVY HJJV\U[PUN LU[YPLZ PU]VS]PUN LZ[PTH[LZ HUK1HU\HY` ;HISL ILSV^NP]LZ[OL IHZLK VU [OL L_LYJPZL VM Q\KNTLU[ I` attendance record for the aforesaid meetings of the THUHNLTLU[ (\KP[*VTTP[[LL! K :PNUPĉJHU[HKQ\Z[TLU[ZTHKLPU[OLĉUHUJPHS Table 5: Attendance record of Audit Committee Z[H[LTLU[ZHYPZPUNV\[VMH\KP[ĉUKPUNZ members L *VTWSPHUJL ^P[O SPZ[PUN HUK V[OLY SLNHS Name of Director No. of No. of YLX\PYLTLU[ZYLSH[PUN[VĉUHUJPHSZ[H[LTLU[Z meetings meetings held during attended M +PZJSVZ\YL VM HU` YLSH[LK WHY[` [YHUZHJ[PVUZ [OLĉUHUJPHS during the and year ended ĉUHUJPHS`LHY March 31, ended March N 8\HSPĉJH[PVUZPU[OLKYHM[H\KP[YLWVY[ 2014 31, 2014 9L]PL^PUN ^P[O [OL THUHNLTLU[ [OL X\HY[LYS` 4Y2LRP)+HKPZL[O ĉUHUJPHS Z[H[LTLU[Z ILMVYL Z\ITPZZPVU [V [OL 4YZ3HSP[H+.\W[L IVHYKMVYHWWYV]HS 4Y(TP[)*OV\KO\Y` 9L]PL^PUN ^P[O [OL THUHNLTLU[ [OL Z[H[LTLU[ 4Y7YHUH`+=HRPS of uses / application of funds raised through an +Y7YP[HT:PUNO PZZ\LW\ISPJPZZ\LYPNO[ZPZZ\LWYLMLYLU[PHSPZZ\L 4Y:5HYH`HU 2 L[J[OLZ[H[LTLU[VMM\UKZ\[PSPaLKMVYW\YWVZLZ 4Y(TP[H]H4\ROLYQLL other than those stated in the offer document/ prospectus/notice and the report submitted by ;OL (\KP[ *VTTP[[LL VM [OL *VTWHU` WLYMVYTZ [OL the monitoring agency monitoring the utilisation of MVSSV^PUNM\UJ[PVUZ! WYVJLLKZVMHW\ISPJVYYPNO[ZPZZ\LHUKTHRPUN appropriate recommendations to the Board to 6]LYZLLPUN [OL JVTWHU`ëZ ĉUHUJPHS YLWVY[PUN [HRL\WZ[LWZPU[OPZTH[[LY WYVJLZZ HUK [OL KPZJSVZ\YL VM P[Z ĉUHUJPHS PUMVYTH[PVU[VLUZ\YL[OH[[OLĉUHUJPHSZ[H[LTLU[ 9L]PL^PUN^P[O[OLTHUHNLTLU[WLYMVYTHUJLVM PZJVYYLJ[Z\MĉJPLU[HUKJYLKPISL Z[H[\[VY` HUK PU[LYUHS H\KP[VYZ HUK HKLX\HJ` VM [OLPU[LYUHSJVU[YVSZ`Z[LTZ 048 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 9L]PL^PUN[OLHKLX\HJ`VMPU[LYUHSH\KP[M\UJ[PVU ;OL HWWVPU[TLU[ YLTV]HS HUK [LYTZ VM PMHU`PUJS\KPUN[OLZ[Y\J[\YLVM[OLPU[LYUHSH\KP[ YLT\ULYH[PVUVM[OL*OPLM0U[LYUHS(\KP[VY KLWHY[TLU[ Z[HMĉUN HUK ZLUPVYP[` VM [OL VMĉJPHS (WWYV]HS VY HU` Z\IZLX\LU[ TVKPĉJH[PVU VM OLHKPUN [OL KLWHY[TLU[ YLWVY[PUN Z[Y\J[\YL [YHUZHJ[PVUZVM[OLJVTWHU`^P[OYLSH[LKWHY[PLZ" JV]LYHNLHUKMYLX\LUJ`VMPU[LYUHSH\KP[ :JY\[PU`VMPU[LYJVYWVYH[LSVHUZHUKPU]LZ[TLU[Z +PZJ\ZZPVU ^P[O PU[LYUHS H\KP[VYZ HU` ZPNUPĉJHU[ ĉUKPUNZHUKMVSSV^\W[OLYLVU =HS\H[PVU VM \UKLY[HRPUNZ VY HZZL[Z VM [OL 9L]PL^PUN[OLĉUKPUNZVMHU`PU[LYUHSPU]LZ[PNH[PVUZ JVTWHU`^OLYL]LYP[PZULJLZZHY`"HUK by the internal auditors into matters where there is ,]HS\H[PVU VM PU[LYUHS ĉUHUJPHS JVU[YVSZ HUK YPZR suspected fraud or irregularity or a failure of internal THUHNLTLU[Z`Z[LTZ control systems of a material nature and reporting [OLTH[[LY[V[OLIVHYK B. NOMINATION & REMUNERATION +PZJ\ZZPVU^P[OZ[H[\[VY`H\KP[VYZILMVYL[OLH\KP[ COMMITTEE JVTTLUJLZHIV\[[OLUH[\YLHUKZJVWLVMH\KP[ ;OL9LT\ULYH[PVU*VTTP[[LLJVUZ[P[\[LKI`[OL)VHYK as well as post-audit discussion to ascertain any ^HZ YLUHTLK HZ [OL 5VTPUH[PVU 9LT\ULYH[PVU HYLHVMJVUJLYU *VTTP[[LL VU 1HU\HY` HUK P[Z ZJVWL enhanced to align it with the scope and powers as ;VSVVRPU[V[OLYLHZVUZMVYZ\IZ[HU[PHSKLMH\S[ZPM ZL[V\[PU:LJ[PVU VM[OL(J[HUK(TLUKLK HU`PU[OLWH`TLU[[V[OLKLWVZP[VYZKLILU[\YL *SH\ZL VM[OL3PZ[PUN(NYLLTLU[ OVSKLYZZOHYLOVSKLYZPUJHZLVMUVUWH`TLU[VM KLJSHYLKKP]PKLUKZHUKJYLKP[VYZ ;OL5VTPUH[PVU 9LT\ULYH[PVU*VTTP[[LLSVVRZH[HSS matters pertaining to the appointment and remuneration ;V YL]PL^ [OL M\UJ[PVUPUN VM [OL >OPZ[SL )SV^LY TLJOHUPZTPUJHZL[OLZHTLPZL_PZ[PUNPUJS\KPUN VM[OL4HUHNPUN+PYLJ[VY *OPLM,_LJ\[P]L6MĉJLY[OL operating of the vigil mechanism system for ,_LJ\[P]L +PYLJ[VYZ 2L` 4HUHNLYPHS 7LYZVUULS HUK directors and employees of the Company in administration of the employee stock option schemes HJJVYKHUJL^P[O:LJ[PVU VM[OL(J[ VM [OL *VTWHU` PL [OL .VKYLQ 7YVWLY[PLZ 3PTP[LK ,TWSV`LL:[VJR6W[PVU7SHUHUK[OL.VKYLQ7YVWLY[PLZ (WWYV]HS VM HWWVPU[TLU[ VM *-6 PL [OL ^OVSL 3PTP[LK,TWSV`LL:[VJR.YHU[:JOLTL [PTL-PUHUJL+PYLJ[VYVYHU`V[OLYWLYZVUOLHKPUN [OL ĉUHUJL M\UJ[PVU VY KPZJOHYNPUN [OH[ M\UJ[PVU ;OL5VTPUH[PVU 9LT\ULYH[PVU*VTTP[[LLJVUZPZ[ZVM HM[LY HZZLZZPUN [OL X\HSPĉJH[PVUZ L_WLYPLUJL [OLMVSSV^PUNZL]LU0UKLWLUKLU[+PYLJ[VYZ! 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STAKEHOLDERS RELATIONSHIP *VTWSHPU[ZYLZVS]LKK\YPUN[OLĉUHUJPHS`LHY COMMITTEE LUKLK4HYJO ;OL 0U]LZ[VYZë .YPL]HUJL J\T :OHYL ;YHUZMLY *VTWSHPU[ZV\[Z[HUKPUNHZVU4HYJO Committee constituted by the Board was renamed as ;OLYLHYLUVWLUKPUNZOHYL[YHUZMLYZHZVU4HYJO [OL :[HRLOVSKLYZ 9LSH[PVUZOPW *VTTP[[LL VU 1HU\HY` HUK P[Z ZJVWL LUOHUJLK [V HSPNU P[ ^P[O [OL ZJVWLHUKWV^LYZHZZL[V\[PU:LJ[PVU VM[OL D. CORPORATE SOCIAL RESPONSIBILITY (J[ COMMITTEE ;OL TLTILYZ VM [OL :[HRLOVSKLYZ 9LSH[PVUZOPW ;OL)VHYKVM+PYLJ[VYZVM[OL*VTWHU`H[P[ZTLL[PUN *VTTP[[LLHYL! OLSKVU1HU\HY` OHZJVUZ[P[\[LKH*VYWVYH[L H 4Y(KP).VKYLQ5VU,_LJ\[P]L*OHPYTHU" :VJPHS 9LZWVUZPIPSP[` *VTTP[[LL VM [OL )VHYK *:9 *VTTP[[LLJVUZPZ[PUNVM[OLMVSSV^PUNTLTILYZ! 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ZOHYLOVSKLYZë HUK ĉ_LK KLWVZP[ OVSKLYZ PUJS\KPUN PU]LZ[VYZëJVTWSHPU[ZYLSH[PUN[V[YHUZMLYVMZOHYLZPZZ\L ;V MVYT\SH[L HUK YLJVTTLUK [V [OL )VHYK H VM K\WSPJH[LJVUZVSPKH[LK ZOHYL JLY[PĉJH[LZ HSSV[TLU[ *VYWVYH[L:VJPHS9LZWVUZPIPSP[`7VSPJ`^OPJOZOHSS HUK SPZ[PUN VM ZOHYLZ YL]PL^ VM JHZLZ MVY YLM\ZHS VM include the activities to be undertaken by the [YHUZMLY[YHUZTPZZPVU VM ZOHYLZ HUK KLILU[\YLZ UVU *VTWHU`HZLU]PZHNLKPU[OL(J[ 050 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 ;V YLJVTTLUK [V [OL )VHYK [OL HTV\U[ VM P[Z 7YVTV[LYZ [OL +PYLJ[VYZ VY [OL 4HUHNLTLU[ L_WLUKP[\YL[VILPUJ\YYLKVU[OLHJ[P]P[PLZHZWLY [OLPY Z\IZPKPHYPLZ VY YLSH[P]LZ L[J [OH[ TH` OH]L [OL *VYWVYH[L :VJPHS 9LZWVUZPIPSP[` 7VSPJ` VM [OL WV[LU[PHSJVUĊPJ[^P[O[OLPU[LYLZ[ZVM[OL*VTWHU` *VTWHU` H[ SHYNL ([[LU[PVU VM 4LTILYZ PZ KYH^U [V [OL disclosures of transactions with related parties set ;VTVUP[VY[OLWYVQLJ[ZHUKHJ[P]P[PLZHZWLY[OL V\[PU5V[LZ[V(JJV\U[Zè5V[L5V MVYTPUN *VYWVYH[L :VJPHS 9LZWVUZPIPSP[` 7VSPJ` VM [OL WHY[VM[OL:[HUKHSVULĉUHUJPHSYLZ\S[Z *VTWHU` PP >OPZ[SL)SV^LY7VSPJ` 3) SUBSIDIARY COMPANIES With a view to establish a mechanism for protecting ;OL *VTWHU` KVLZ UV[ OH]L HU` TH[LYPHS UVUSPZ[LK [OLLTWSV`LLZYLWVY[PUN\UL[OPJHSILOH]PVYMYH\K 0UKPHUZ\IZPKPHY`JVTWHU`HZVM4HYJOHUK ]PVSH[PVU VM *VTWHU`ëZ *VKL VM *VUK\J[ [OL OLUJL P[ PZ UV[ YLX\PYLK [V HWWVPU[ HU 0UKLWLUKLU[ )VHYKVM+PYLJ[VYZOHZH[P[ZTLL[PUNOLSKVU4H` Director of the Company on the Board of any of its non- HKVW[LKH>OPZ[SL)SV^LY7VSPJ` SPZ[LK0UKPHUZ\IZPKPHY` ;OL )VHYK VM +PYLJ[VYZ VM [OL *VTWHU` H[ P[Z ;OLĉUHUJPHSZ[H[LTLU[ZVM[OLZ\IZPKPHYPLZHYLYL]PL^LK TLL[PUNOLSKVU1HU\HY` OHZLUOHUJLK I`[OL(\KP[*VTTP[[LLVM[OL*VTWHU`-\Y[OLY[OL the scope of Audit Committee to operate the vigil minutes of the meetings of Board of Directors of the mechanism system for directors and employees of subsidiary companies are also placed before the Board [OL*VTWHU`PUHJJVYKHUJL^P[O:LJ[PVU VM VM+PYLJ[VYZVM[OL*VTWHU` [OL(J[ +\YPUN [OL ĉUHUJPHS `LHY UV WLYZVU 4) MANAGEMENT OHZILLUKLUPLKHJJLZZ[V[OL(\KP[*VTTP[[LL P 4HUHNLTLU[+PZJ\ZZPVUHUK(UHS`ZPZ iii) Policy to prevent sexual harassment at the ^VYRWSHJL ( KL[HPSLK JOHW[LY VU 4HUHNLTLU[ +PZJ\ZZPVU and Analysis has been separately included in the ;OL *VTWHU` PZ JVTTP[[LK [V JYLH[PUN HUK (UU\HS9LWVY[ maintaining an atmosphere in which employees JHU ^VYR [VNL[OLY ^P[OV\[ MLHY VM ZL_\HS PP +PZJSVZ\YLZI`4HUHNLTLU[[V[OL)VHYK OHYHZZTLU[ L_WSVP[H[PVU VY PU[PTPKH[PVU ,]LY` (SS KL[HPSZ YLSH[PUN [V ĉUHUJPHS HUK JVTTLYJPHS employee is made aware that the company is transactions where Directors may have a Z[YVUNS`VWWVZLK[VZL_\HSOHYHZZTLU[HUK[OH[ WV[LU[PHSPU[LYLZ[HYLWYV]PKLK[V[OL)VHYKHUK such behavior is prohibited both by law and by the interested Directors neither participate in the [OL.VKYLQNYV\W;VYLKYLZZJVTWSHPU[ZVMZL_\HS KPZJ\ZZPVUUVYKV[OL`]V[LVUZ\JOTH[[LYZ OHYHZZTLU[HU0U[LYUHS*VTWSHPU[Z*VTTP[[LLVM .VKYLQ7YVWLY[PLZ3PTP[LKOHZILLUMVYTLK\UKLY 5) DISCLOSURES [OL :L_\HS /HYHZZTLU[ VM >VTLU H[ >VYRWSHJL P 4H[LYPHSS`ZPNUPĉJHU[YLSH[LKWHY[`[YHUZHJ[PVU 7YL]LU[PVU7YVOPIP[PVUHUK9LKYLZZHS(J[ [OH[TH`OH]LWV[LU[PHSJVUĊPJ[VMPU[LYLZ[VM HUK [OL 9\SLZ [OLYL\UKLY 4Z 4HT[H )HRZOP PZ Company at large. [OL*OHPYWLYZVUVM[OL*VTTP[[LLHUK4Z5PZHIH .VKYLQHJ[ZHZHYLWYLZLU[H[P]LVM.VKYLQ.YV\W +\YPUN[OLĉUHUJPHS`LHY[OLYL^LYLUV HSVUN^P[OV[OLYMV\Y*VTTP[[LLTLTILYZ]Pa4Y TH[LYPHSS`ZPNUPĉJHU[YLSH[LKWHY[`[YHUZHJ[PVUZPL :\TP[4P[YH4Z:^H[P7H[^HYKOHUHUK4Z5LLYH [YHUZHJ[PVUZVM[OL*VTWHU`VMTH[LYPHSUH[\YL^P[O 5\UK`*V-V\UKLYVM+HZYH 051 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 REPORT ON CORPORATE GOVERNANCE P] +L[HPSZ VM JVTWSPHUJL ^P[O THUKH[VY` YLX\PYLTLU[Z \UKLY ,_PZ[PUN *SH\ZL VM [OL 3PZ[PUN Agreement Particulars Clause of Listing Compliance Status Agreement Yes / No I. Board of Directors 0 (A) Composition of Board 0( Yes (B) 5VUL_LJ\[P]L+PYLJ[VYZëJVTWLUZH[PVU KPZJSVZ\YLZ 0) Yes (C) 6[OLYWYV]PZPVUZHZ[V)VHYKHUK*VTTP[[LLZ 0* Yes (D) Code of Conduct 0+ Yes II. Audit Committee 00 (A) 8\HSPĉLK 0UKLWLUKLU[(\KP[*VTTP[[LL 00( Yes (B) 4LL[PUNVM(\KP[*VTTP[[LL 00) Yes (C) Powers of Audit Committee 00* Yes (D) Role of Audit Committee 00+ Yes , Review of Information by Audit Committee 00, Yes III. Subsidiary Companies 000 Yes IV. Disclosures 0= (A) Basis of related party transactions 0=( Yes (B) Disclosure of accounting treatment 0=) Yes (C) )VHYKKPZJSVZ\YLZèYPZRTHUHNLTLU[ 0=* Yes (D) 7YVJLLKZMYVTW\ISPJPZZ\LZYPNO[ZPZZ\LZWYLMLYLU[PHS 0=+ Yes PZZ\LZL[J , Remuneration of Directors 0=, Yes - 4HUHNLTLU[ 0=- Yes . :OHYLOVSKLYZ 0=. Yes V. *,6*-6*LY[PĉJH[PVU = Yes VI. Report on Corporate Governance =0 Yes VII. Compliance =00 Yes 7\YZ\HU[[V*SH\ZL JVM[OL3PZ[PUN(NYLLTLU[JLY[PĉJH[LZVUOHSM`LHYS`IHZPZOH]LILLUPZZ\LKI`HX\HSPĉLK WYHJ[PJPUN*VTWHU`:LJYL[HY`MVYK\LJVTWSPHUJLVMZOHYL[YHUZMLYMVYTHSP[PLZI`[OL*VTWHU` (X\HSPĉLKWYHJ[PJPUN*VTWHU`:LJYL[HY`OHZJHYYPLKV\[ZLJYL[HYPHSH\KP[VUX\HY[LYS`IHZPZ[VYLJVUJPSL[OL[V[HS HKTP[[LKJHWP[HS^P[O5H[PVUHS:LJ\YP[PLZ+LWVZP[VY`3PTP[LKHUK*LU[YHS+LWVZP[VY`:LY]PJLZ0UKPH3PTP[LKHUK [OL[V[HSPZZ\LKHUKSPZ[LKJHWP[HS;OLH\KP[JVUĉYTZ[OH[[OL[V[HSPZZ\LKWHPK\WJHWP[HSPZPUHNYLLTLU[^P[O[OL HNNYLNH[LVM[OL[V[HSU\TILYVMZOHYLZPUWO`ZPJHSMVYTHUK[OL[V[HSU\TILYVMZOHYLZPUKLTH[LYPHSPZLKMVYT 052 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 v) Details of Non-compliance vi) Declaration by the Managing Director ;OLYL OHZ UV[ ILLU HU` UVUJVTWSPHUJL I` [OL (KLJSHYH[PVUI`[OL4HUHNPUN+PYLJ[VYZ[H[PUN[OH[HSS *VTWHU`HUKUVWLUHS[PLZVYZ[YPJ[\YLZ^LYLPTWVZLK [OL)VHYK4LTILYZHUKZLUPVYTHUHNLTLU[WLYZVUULS VU [OL *VTWHU` I` ):, 3PTP[LK [OL 5H[PVUHS :[VJR OH]LHMĉYTLK[OLPYJVTWSPHUJL^P[O[OL*VKLVM*VUK\J[ ,_JOHUNLVM0UKPH3PTP[LK[OL:LJ\YP[PLZHUK,_JOHUNL MVY[OLĉUHUJPHS`LHYLUKLK4HYJOPZHUUL_LK )VHYKVM0UKPHVYHU`Z[H[\[VY`H\[OVYP[`PUYLSH[PVU[VHU` [V[OL*VYWVYH[L.V]LYUHUJL9LWVY[ TH[[LYYLSH[LK[VJHWP[HSTHYRL[ZK\YPUNSHZ[[OYLL`LHYZ 6) GENERAL BODY MEETINGS i) Details of last three Annual General Meetings of the Company Financial year Venue Date Time @)*OH]HU7YH[PZO[OHU.LU1HNHUUH[OYHV)OVUZSL4HYN5HYPTHU7VPU[ 1\S` 74 4\TIHP @)*OH]HU7YH[PZO[OHU.LU1HNHUUH[OYHV)OVUZSL4HYN5HYPTHU7VPU[ 1\S` 74 4\TIHP @)*OH]HU7YH[PZO[OHU.LU1HNHUUH[OYHV)OVUZSL4HYN5HYPTHU7VPU[ 1\S` 74 4\TIHP ii) Details of special resolutions passed in previous three Annual General Meetings of the Company Date of AGM Number of Special Details of Special Resolutions Passed Resolutions passed 1\S` -- 1\S` ;V HWWYV]L HWWVPU[TLU[ HUK WH`TLU[ VM YLT\ULYH[PVU VM 4Y 7PYVQZOH .VKYLQ HZ [OL 4HUHNPUN +PYLJ[VY HUK *OPLM ,_LJ\[P]L 6MĉJLY VM [OL *VTWHU`MVYHWLYPVKVM[OYLL`LHYZ^P[OLMMLJ[MYVT(WYPS ;VHWWYV]LHWWVPU[TLU[HUKWH`TLU[VMYLT\ULYH[PVUVM4Y=:YPUP]HZHU HZHU,_LJ\[P]L+PYLJ[VYVM[OL*VTWHU`MVYHWLYPVKVM[OYLL`LHYZ^P[O LMMLJ[MYVT(WYPS ;VHWWYV]LYL]PZPVUPU[OLYLT\ULYH[PVUVM4Y2;1P[OLUKYHU,_LJ\[P]L +PYLJ[VYVM[OL*VTWHU`^P[OLMMLJ[MYVT(WYPS 1\S` ;V HWWYV]L YLHWWVPU[TLU[ VM 4Y 2 ; 1P[OLUKYHU HZ [OL ,_LJ\[P]L +PYLJ[VY VM [OL *VTWHU` ^P[O LMMLJ[ MYVT 4H` VU H YL]PZLK YLT\ULYH[PVULMMLJ[P]LMYVT(WYPS ;VHWWYV]LYL]PZPVUPU[OLYLT\ULYH[PVUVM4Y7PYVQZOH.VKYLQ4HUHNPUN +PYLJ[VY *OPLM,_LJ\[P]L6MĉJLYVM[OL*VTWHU`^P[OLMMLJ[MYVT(WYPS ;V HWWYV]L YL]PZPVU PU [OL YLT\ULYH[PVU VM 4Y = :YPUP]HZHU ,_LJ\[P]L +PYLJ[VYVM[OL*VTWHU`^P[OLMMLJ[MYVT(WYPS iii) Details of special resolutions passed at the Extraordinary General Meeting held during the year - NIL 053 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 REPORT ON CORPORATE GOVERNANCE iv) Postal Ballot +\YPUN [OL ĉUHUJPHS `LHY W\YZ\HU[ [V [OL WYV]PZPVUZ VM :LJ[PVU ( VM [OL (J[ YLHK ^P[O [OL *VTWHUPLZ7HZZPUNVM[OL9LZVS\[PVUI`7VZ[HS)HSSV[9\SLZJLY[HPUYLZVS\[PVUZ^LYLWHZZLKI`[OL4LTILYZ [OYV\NO7VZ[HS)HSSV[;OL5V[PJLVM[OL7VZ[HS)HSSV[KH[LK4HYJO 4HYJO4H` :LW[LTILY HUK1HU\HY` ^HZZLU[[VHSS[OLZOHYLOVSKLYZVM[OL*VTWHU`HSVUN^P[OHZLSMHKKYLZZLKWVZ[HNL WYLWHPKI\ZPULZZYLWS`LU]LSVWL[V[OL4LTILYZ^OVZLLTHPSPKPZUV[YLNPZ[LYLK^P[O[OL*VTWHU`HUKZLU[[OL YLZWLJ[P]L5V[PJLVM7VZ[HS)HSSV[Z[OYV\NOLTHPSHSVUN^P[O[OLKL[HPSZVM3VNPU0+ 7HZZ^VYK[V[OL4LTILYZ^OVZL LTHPSPKPZYLNPZ[LYLK^P[O[OL*VTWHU`-VYHSS[OLHIV]LYLMLYYLK7VZ[HS)HSSV[Z4Y:(UHUK::9HVH7YHJ[PJPUN *VTWHU`:LJYL[HY`^HZHWWVPU[LKHZ[OL:JY\[PUPaLY^OVOHKZ\ITP[[LKOPZYLZWLJ[P]LYLWVY[Z[V4Y7PYVQZOH .VKYLQ4HUHNPUN+PYLJ[VY *,6VM[OL*VTWHU`;OLKL[HPSZVM[OL7VZ[HS)HSSV[ZJVUK\J[LKK\YPUN[OLĉUHUJPHS `LHYYLZ\S[ZVM^OPJO^LYLHUUV\UJLKHYLWYV]PKLKOLYLPUILSV^! Sr. Date of Item Total No. of No. of votes No. of votes No. announcement valid votes in favour % against % of results polled (WYPS :WLJPHS YLZVS\[PVU \UKLY :LJ[PVU ( VM [OL *VTWHUPLZ (J[ [V THRL PU]LZ[TLU[ PU +YLHT >VYSK 3HUKTHYRZ 337MVY HU HTV\U[ UV[L_JLLKPUN` *YVYLZ 2 4H` 6YKPUHY` YLZVS\[PVU \UKLY :LJ[PVU VM [OL *VTWHUPLZ (J[ [V Z\IKP]PKL LX\P[` share of `LHJOPU[V[^VLX\P[`ZOHYLZ of ` LHJO 6YKPUHY` YLZVS\[PVU \UKLY :LJ[PVU VM [OL *VTWHUPLZ(J[ [VHS[LY[OL4LTVYHUK\T VM(ZZVJPH[PVUVM[OL*VTWHU` :WLJPHS YLZVS\[PVU \UKLY :LJ[PVU VM [OL *VTWHUPLZ (J[ [V HS[LY [OL (Y[PJSLZ VM (ZZVJPH[PVUVM[OL*VTWHU` 1\UL :WLJPHS YLZVS\[PVU \UKLY :LJ[PVU ( VM [OL *VTWHUPLZ (J[ [V THRL HKKP[PVUHS investment upto ` *YVYLPU.VKYLQ:LH=PL^ 7YVWLY[PLZ7YP]H[L3PTP[LK^P[OHUHNNYLNH[PUN HTV\U[UV[L_JLLKPUN` *YVYL :WLJPHS YLZVS\[PVU \UKLY :LJ[PVU ( VM [OL *VTWHUPLZ (J[ [V THRL HKKP[PVUHS investment upto ` *YVYL PU .VKYLQ ,Z[H[L +L]LSVWLYZ7YP]H[L3PTP[LK^P[OHUHNNYLNH[PUN HTV\U[UV[L_JLLKPUN` *YVYL :WLJPHS YLZVS\[PVU \UKLY :LJ[PVU ( VM [OL *VTWHUPLZ (J[ [V THRL HKKP[PVUHS investment upto ` *YVYLPU.VKYLQ)\PSK^LSS 7YP]H[L 3PTP[LK ^P[O HU HNNYLNH[PUN HTV\U[ UV[L_JLLKPUN`*YVYL :WLJPHSYLZVS\[PVU[VHTLUKJLY[HPUWYV]PZPVUZ VM.VKYLQ7YVWLY[PLZ3PTP[LK,TWSV`LLZ:[VJR 6W[PVU7SHU 5V]LTILY 6YKPUHY` YLZVS\[PVU \UKLY :LJ[PVU VM [OL *VTWHUPLZ (J[ [V Z\IKP]PKL LX\P[` share of `LHJOPU[V[^VLX\P[`ZOHYLZ of ` LHJO 054 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 Sr. Date of Item Total No. of No. of votes No. of votes No. announcement valid votes in favour % against % of results polled 6YKPUHY` YLZVS\[PVU \UKLY :LJ[PVU VM [OL *VTWHUPLZ(J[ [VHS[LY[OL4LTVYHUK\T VM(ZZVJPH[PVUVM[OL*VTWHU` :WLJPHS YLZVS\[PVU \UKLY :LJ[PVU VM [OL *VTWHUPLZ (J[ [V HS[LY [OL (Y[PJSLZ VM (ZZVJPH[PVUVM[OL*VTWHU` 4HYJO :WLJPHS YLZVS\[PVU \UKLY :LJ[PVU ( VM [OL *VTWHUPLZ(J[ [VTHRLPU]LZ[TLU[PUH body corporate to be formed or incorporated MVY [OL WYVQLJ[ VM [OL *VTWHU` SVJH[LK H[ 2LZOH]5HNHY4\UKO^H7\ULMVYHUHTV\U[ UV[L_JLLKPUN`*YVYL :WLJPHS YLZVS\[PVU \UKLY :LJ[PVU ( VM [OL *VTWHUPLZ(J[ [VTHRLPU]LZ[TLU[PUH body corporate to be formed or incorporated MVY [OL WYVQLJ[ VM [OL *VTWHU` SVJH[LK H[ =PSSHNL2OHUH^HSL7HU]LSHUK=PSSHNL;HSLNHVU 2OHSHW\YMVYHUHTV\U[UV[L_JLLKPUN` *YVYL :WLJPHS YLZVS\[PVU \UKLY :LJ[PVU ( VM [OL *VTWHUPLZ(J[ [VTHRLPU]LZ[TLU[PUH body corporate to be formed or incorporated MVY[OLWYVQLJ[VM[OL*VTWHU`SVJH[LKH[7HK\Y HUK2HaOPWH[[\Y=PSSHNLZ2HUJOPW\YHT+PZ[YPJ[ ;HTPSUHK\MVYHUHTV\U[UV[L_JLLKPUN` *YVYL :WLJPHS YLZVS\[PVU \UKLY :LJ[PVU ( VM [OL *VTWHUPLZ(J[ [VTHRLPU]LZ[TLU[PUH body corporate to be formed and incorporated MVY [OL WYVQLJ[ VM [OL *VTWHU` SVJH[LK H[ +L]HUHOHSSP ULHY )LUNHS\Y\ 0U[LYUH[PVUHS (PYWVY[)LUNHS\Y\MVYHUHTV\U[UV[L_JLLKPUN ` *YVYL :WLJPHS YLZVS\[PVU \UKLY :LJ[PVU ( VM [OL *VTWHUPLZ (J[ [V THRL HKKP[PVUHS investment upto ` *YVYL PU /HWW` /PNOYPZLZ3PTP[LK^P[OHUHNNYLNH[PUNHTV\U[ UV[L_JLLKPUN` *YVYL :WLJPHS YLZVS\[PVU \UKLY :LJ[PVU ( VM [OL *VTWHUPLZ (J[ [V THRL HKKP[PVUHS investment upto ` *YVYLPU.VKYLQ)\PSK^LSS 7YP]H[L 3PTP[LK ^P[O HU HNNYLNH[PUN HTV\U[ UV[L_JLLKPUN` *YVYL (SS[OL9LZVS\[PVUZHZTLU[PVULKPU[OL5V[PJLVM7VZ[HS)HSSV[KH[LK4HYJO 4HYJO4H` :LW[LTILY HUK1HU\HY` OH]LILLUWHZZLKI`[OLYLX\PZP[LTHQVYP[`VM[OLTLTILYZVM [OL*VTWHU` *The resolutions passed by the members through Postal Ballot, the results of which were announced on May 6, 2013 was not considered by the Company due to certain reasons as informed by the Company vide letter dated May 6, 2013 to the Stock Exchanges. ([[OLMVY[OJVTPUN(.4[OLYLPZUVP[LTVU[OLHNLUKH[OH[ULLKZHWWYV]HSI`7VZ[HS)HSSV[ 055 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 REPORT ON CORPORATE GOVERNANCE v) Procedure adopted for Postal Ballot ;OL*VTWHU`OHKW\YZ\HU[[V[OLWYV]PZPVUZVM JSH\ZL VM[OL3PZ[PUN(NYLLTLU[ZLU[LYLKPU[V P ;OL)VHYK4HUHNLTLU[*VTTP[[LLVM[OL)VHYK ^P[O :[VJR ,_JOHUNLZ HWWVPU[LK 4Y 2LRP ) at its meeting or through circular resolutions +HKPZL[O4YZ3HSP[H+.\W[L4Y7YHUH`=HRPS+Y approves the items to be passed through postal 7YP[HT:PUNO4Y(TP[*OV\KO\Y`4Y:5HYH`HU IHSSV[ HUK H\[OVYPaLZ [OL 4HUHNPUN +PYLJ[VY HUK HUK 4Y (TP[H]H 4\ROLYQLL HZ 0UKLWLUKLU[ [OL*VTWHU`:LJYL[HY`[VILYLZWVUZPISLMVY[OL +PYLJ[VYZVM[OL*VTWHU`(ZWLYZLJ[PVU LU[PYLWYVJLZZVMWVZ[HSIHSSV[ VM [OL *VTWHUPLZ (J[ (J[ ^OPJO JHTL (ii) A professional such as a Chartered Accountant/ PU[VLMMLJ[MYVT(WYPSL]LY`SPZ[LKW\ISPJ *VTWHU`:LJYL[HY`^OVPZUV[PULTWSV`TLU[VM company is required to have at least one-third [OL*VTWHU`PZHWWVPU[LKHZ[OL:JY\[PUPaLYMVY of the total number of directors as Independent [OLWVSSWYVJLZZ +PYLJ[VYZ 0U HJJVYKHUJL ^P[O [OL WYV]PZPVUZ VM PPP 5V[PJLVMWVZ[HSIHSSV[HSVUN^P[O[OLIHSSV[WHWLYZ ZLJ[PVU VM[OL(J[[OLZL+PYLJ[VYZHYLILPUN are sent to the shareholders of the Company along HWWVPU[LKHZ0UKLWLUKLU[+PYLJ[VYZ[VOVSKVMĉJL with a self-addressed envelope addressed to the as per their tenure of appointment mentioned in :JY\[PUPaLY [OL 5V[PJL VM [OL MVY[OJVTPUN (UU\HS .LULYHS (iv) An advertisement is published in a national 4LL[PUN(.4VM[OL*VTWHU` newspaper about the dispatch of ballot papers HUKUV[PJLVMWVZ[HSIHSSV[ b) Communication to shareholders ] ;OL K\S` JVTWSL[LK WVZ[HS IHSSV[ WHWLYZ HYL All vital information relating to the Company YLJLP]LKI`[OL:JY\[PUPaLY HUK P[Z WLYMVYTHUJL PUJS\KPUN HUU\HS YLWVY[Z ]P ;OL:JY\[PUPaLYNP]LZOPZYLWVY[[V[OL*OHPYTHU X\HY[LYS`YLZ\S[ZZOHYLOVSKPUNWH[[LYU9LWVY[VU (vii) ;OL*OHPYTHUHUUV\UJLZ[OLYLZ\S[ZVM[OLWVZ[HSIHSSV[ *VYWVYH[L.V]LYUHUJLVMĉJPHSWYLZZYLSLHZLZHUK ]PPP 9LZ\S[ZHYLPU[PTH[LK[V[OLZ[VJRL_JOHUNLZPL presentations to analysts/ performance updates [OL):,3PTP[LKHUK[OL5H[PVUHS:[VJR,_JOHUNL HYLWVZ[LKVU[OL^LIZP[LVM[OL*VTWHU`^^^ of India Limited and are put up on the Company’s NVKYLQWYVWLY[PLZJVT HUK H JVWPLZ VM [OL ZHTL ^LIZP[L HYLZLU[[V[OL):,3PTP[LKHUK[OL5H[PVUHS:[VJR ,_JOHUNL VM 0UKPH 3PTP[LK ;OL X\HY[LYS` HUK Pursuant to the requirements under the Listing annual results of the Company’s performance are (NYLLTLU[ HZ HTLUKLK I` H JPYJ\SHY KH[LK 1\S` W\ISPZOLKPUSLHKPUN,UNSPZOKHPSPLZSPRL,JVUVTPJ PZZ\LK I` [OL :LJ\YP[PLZ HUK ,_JOHUNL )VHYK ;PTLZ HUK 4HOHYHZO[YH ;PTLZ -\Y[OLY [OL VM 0UKPH [OL *VTWHU` WYV]PKLZ L]V[PUN MHJPSP[` [V annual reports containing audited standalone and [OL 4LTILYZ MVY [OL WVZ[HS IHSSV[Z OLSK HM[LY JVUZVSPKH[LKĉUHUJPHSZ[H[LTLU[ZVM[OL*VTWHU` 6J[VILY [VNL[OLY^P[O+PYLJ[VYZë9LWVY[(\KP[VYZë9LWVY[ and other important information are circulated to 7) SHAREHOLDERS AND MEANS OF [OLTLTILYZHUKV[OLYZLU[P[SLK[OLYL[V COMMUNICATION c) Investor grievances a) Disclosures regarding appointment or re- appointment of Directors (ZTLU[PVULKLSZL^OLYLPU[OLYLWVY[[OL*VTWHU` OHZ JVUZ[P[\[LK H :[HRLOVSKLYZ 9LSH[PVUZOPW 0U HJJVYKHUJL ^P[O :LJ[PVU VM [OL Committee inter-alia to look into and redress *VTWHUPLZ (J[ JVYYLZWVUKPUN :LJ[PVU JVTWSHPU[Z MYVT ZOHYLOVSKLYZ HUK PU]LZ[VYZ 4Y VM [OL *VTWHUPLZ (J[ HUK :OVKOHU ( 2LTIOH]P =PJL7YLZPKLU[ 3LNHS [OL (Y[PJSLZ VM (ZZVJPH[PVU VM [OL *VTWHU` *VTWHU`:LJYL[HY`PZ[OL*VTWSPHUJL6MĉJLYVM 4Y (KP ) .VKYLQ HUK 4Y 5HKPY ) .VKYLQ ZOHSS [OL*VTWHU` YL[PYL H[ [OPZ (UU\HS .LULYHS 4LL[PUN VM [OL *VTWHU`HUKILPUNLSPNPISLVMMLY[OLTZLSMMVYYL HWWVPU[TLU[ 056 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 d) Share transfer J (\KP[ 8\HSPĉJH[PVUZ! ;OL *VTWHU`ëZ ĉUHUJPHS ;OL *VTWHU` OHZ V\[ZV\YJLK P[Z ZOHYL [YHUZMLY Z[H[LTLU[Z MVY [OL `LHY KV UV[ JVU[HPU M\UJ[PVU [V 4Z 2HY]` *VTW\[LYZOHYL 7YP]H[L HU`H\KP[X\HSPĉJH[PVU 3PTP[LK ^OPJO PZ YLNPZ[LYLK ^P[O [OL :LJ\YP[PLZ HUK,_JOHUNL)VHYKVM0UKPHOH]PUN9LNPZ[YH[PVU K ;YHPUPUNVM)VHYKTLTILYZ!;OL)VHYKTLTILYZ 5V059;OL*VTWHU`VU4HYJO are fully updated on all the new initiatives proposed L_[LUKLK[OL]HSPKP[`VM[OLPUP[PHSHNYLLTLU[ I`[OL*VTWHU`PUK\Z[Y`ZJLUHYPVJOHUNLZPU[OL L_LJ\[LK ^P[O 2HY]` *VTW\[LYZOHYL 7YP]H[L Z[H[\[LZSLNPZSH[PVUZ HUK JYP[PJHS I\ZPULZZ PZZ\LZ Limited for a further period of two years effective ;OL *VTWHU` LUNHNLZ V\[ZPKL JVUZ\S[HU[Z MYVT4HYJO for presentation and discussion with the Board TLTILYZVUTH[[LYZVMZWLJPHSPaLKUH[\YL e) Details of non-compliance ;OLYL OHZ ILLU UV PUZ[HUJL VM [OL *VTWHU` L >OPZ[SL)SV^LY7VSPJ`!>P[OH]PL^[VLZ[HISPZOH not complying with any matter related to capital mechanism for protecting the employees reporting THYRL[Z \UL[OPJHSILOH]PVYMYH\K]PVSH[PVUVM*VTWHU`ëZ *VKL VM *VUK\J[ [OL )VHYK VM +PYLJ[VYZ OHZ 8) NON-MANDATORY REQUIREMENTS HKVW[LKH>OPZ[SL)SV^LYWVSPJ`+\YPUN[OL`LHY UNDER EXISTING CLAUSE 49 OF THE UVWLYZVUULSOHZILLUKLUPLKHJJLZZ[V LISTING AGREEMENT [OL(\KP[*VTTP[[LL ;OL Z[H[\Z VM JVTWSPHUJL ^P[O UVUTHUKH[VY` YLJVTTLUKH[PVUZVM[OLL_PZ[PUN*SH\ZL VM[OL ;OL )VHYK VM +PYLJ[VYZ VM [OL *VTWHU` H[ P[Z 3PZ[PUN(NYLLTLU[PZWYV]PKLKILSV^! TLL[PUNOLSKVU1HU\HY` OHZLUOHUJLK the scope of Audit Committee to operate the vigil H 5VTPUH[PVU 9LT\ULYH[PVU *VTTP[[LL! ;OL mechanism system for directors and employees of )VHYKOHZZL[\WH5VTPUH[PVU 9LT\ULYH[PVU [OL*VTWHU`PUHJJVYKHUJL^P[O:LJ[PVU VM *VTTP[[LL JVUZPZ[PUN VM 0UKLWLUKLU[ +PYLJ[VYZ [OL(J[ details of which have been provided elsewhere in [OPZ9LWVY[ 9) AUDITOR’S CERTIFICATE ON CORPORATE GOVERNANCE I :OHYLOVSKLYZë 9PNO[Z! (Z [OL X\HY[LYS` HUK (ZZ[PW\SH[LKPU,_PZ[PUN*SH\ZL VM[OL3PZ[PUN OHSM `LHYS` ĉUHUJPHS YLZ\S[Z HYL W\ISPZOLK PU (NYLLTLU[ [OL H\KP[VYëZ JLY[PĉJH[L YLNHYKPUN the newspapers and are also posted on the compliance of conditions of corporate governance *VTWHU`ëZ^LIZP[L[OLZHTLHYLUV[ILPUNZLU[ PZHUUL_LK[V[OL*VYWVYH[L.V]LYUHUJL9LWVY[ ZLWHYH[LS`[V[OLZOHYLOVSKLYZ 057 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 REPORT ON CORPORATE GOVERNANCE Declaration by Managing Director 0 7PYVQZOH .VKYLQ 4HUHNPUN +PYLJ[VY *OPLM ,_LJ\[P]L 6MĉJLY VM .VKYLQ 7YVWLY[PLZ 3PTP[LK OLYLI` JVUĉYT W\YZ\HU[[V,_PZ[PUN*SH\ZL 0+VM[OL3PZ[PUN(NYLLTLU[[OH[! ;OL)VHYKVM+PYLJ[VYZVM.VKYLQ7YVWLY[PLZ3PTP[LKOHZSHPKKV^UH*VKLVM*VUK\J[MVYHSS)VHYKTLTILYZHUK ZLUPVYTHUHNLTLU[WLYZVUULSVM[OL*VTWHU`;OLZHPKJVKLVMJVUK\J[OHZHSZVILLUWVZ[LKVU[OL*VTWHU`ëZ ^LIZP[L]Pa^^^NVKYLQWYVWLY[PLZJVT(SS[OL)VHYKTLTILYZHUKZLUPVYTHUHNLTLU[WLYZVUULSOH]LHMĉYTLK [OLPYJVTWSPHUJL^P[O[OLZHPK*VKLVM*VUK\J[MVY[OLĉUHUJPHS`LHYLUKLK4HYJO Pirojsha Godrej 4HUHNPUN+PYLJ[VY *OPLM,_LJ\[P]L6MĉJLY 4\TIHP 4H` ______ AUDITOR’S CERTIFICATE ON CORPORATE GOVERNANCE ;V;OL4LTILYZVM .VKYLQ7YVWLY[PLZ3PTP[LK >L OH]L L_HTPULK [OL JVTWSPHUJL VM JVUKP[PVUZ VM *VYWVYH[L .V]LYUHUJL I` .VKYLQ 7YVWLY[PLZ 3PTP[LK [OL *VTWHU`MVY[OL`LHYLUKLK4HYJOHZZ[PW\SH[LKPU*SH\ZL VM[OL3PZ[PUN(NYLLTLU[ZVM[OL*VTWHU` ^P[O[OL:[VJR,_JOHUNLZ ;OLJVTWSPHUJLVMJVUKP[PVUZVM*VYWVYH[L.V]LYUHUJLPZ[OLYLZWVUZPIPSP[`VM[OLTHUHNLTLU[6\YL_HTPUH[PVU ^HZSPTP[LK[VWYVJLK\YLZHUKPTWSLTLU[H[PVU[OLYLVMHKVW[LKI`[OL*VTWHU`MVYLUZ\YPUN[OLJVTWSPHUJL VM[OLJVUKP[PVUZVM*VYWVYH[L.V]LYUHUJL0[PZULP[OLYHUH\KP[UVYHUL_WYLZZPVUVMVWPUPVUVU[OLĉUHUJPHS Z[H[LTLU[ZVM[OL*VTWHU` 0UV\YVWPUPVUHUK[V[OLILZ[VMV\YPUMVYTH[PVUHUKHJJVYKPUN[V[OLL_WSHUH[PVUZNP]LU[V\Z^LJLY[PM`[OH[[OL *VTWHU`OHZJVTWSPLK^P[O[OLJVUKP[PVUZVM*VYWVYH[L.V]LYUHUJLHZZ[PW\SH[LKPU[OLHIV]LTLU[PVULK3PZ[PUN (NYLLTLU[ >LZ[H[L[OH[UVPU]LZ[VYNYPL]HUJLZHYLWLUKPUNMVYHWLYPVKL_JLLKPUNVULTVU[OHNHPUZ[[OL*VTWHU`HZWLY [OLYLJVYKTHPU[HPULKI`[OL:[HRLOVSKLYZ9LSH[PVUZOPW*VTTP[[LL We further state that such compliance is neither an assurance as to the future viability of the Company nor the LMĉJPLUJ`VYLMMLJ[P]LULZZ^P[O^OPJO[OLTHUHNLTLU[OHZJVUK\J[LK[OLHMMHPYZVM[OL*VTWHU` -VY2HS`HUP^HSSH 4PZ[Y` Chartered Accountants -PYT9LNPZ[YH[PVU5V > Ermin K. Irani Partner 4LTILYZOPW5V +H[L!4H` 7SHJL!4\TIHP 058 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 General Shareholders’ Information Table 1: 4VU[OS` OPNO HUK SV^ WYPJLZ HUK ]VS\TLZ VM LX\P[` ZOHYLZVM[OL*VTWHU`H[):,MVY[OLĉUHUJPHS`LHYLUKLK4HYJO P (UU\HS.LULYHS4LL[PUN ! Date (\N\Z[ Time WT Month High (`) 3V^`) Volumes traded Venue (No. of equity @ ) *OH]HU 7YH[PZO[OHU .LU shares) 1HNHUUH[OYHV)OVUZSL4HYN5HYPTHU 7VPU[4\TIHP April May ii) Financial Calendar June -PUHUJPHS@LHY!(WYPS[V4HYJO July -VY[OLĉUHUJPHS`LHYLUKLK4HYJO[OL August ĉUHUJPHSYLZ\S[Z^LYLHUUV\UJLKVU! September ò 1\S` ! -PYZ[8\HY[LY October ò 6J[VILY ! :LJVUK8\HY[LY November ò 1HU\HY` ! ;OPYK8\HY[LY 7VZ[:\IKP]PZPVUVMLX\P[`ZOHYLVM`LHJOPU[VLX\P[` ò 4H`! (UU\HS shares of ` LHJO iii) Date of Book Closure December January (KP]PKLUKVM9ZWLYLX\P[`ZOHYLVM9Z LHJO February OHZ ILLU YLJVTTLUKLK I` [OL )VHYK March VM +PYLJ[VYZ VM [OL *VTWHU` -VY WH`TLU[ VM KP]PKLUK[OLIVVRJSVZ\YLPZMYVT1\S`[V Table 2: 4VU[OS`OPNO SV^WYPJLZHUK]VS\TLZVMLX\P[`ZOHYLZ VM[OL*VTWHU`H[5:,MVY[OLĉUHUJPHS`LHYLUKLK4HYJO (\N\Z[IV[OKH`ZPUJS\ZP]L ! iv) Dividend Payment Date ;OLKP]PKLUKPMKLJSHYLK^PSSILWH`HISLVUHUK Month High (`) 3V^`) Volumes traded (No. of equity MYVT(\N\Z[ shares) v) Listing information April ;OL *VTWHU`ëZ LX\P[` ZOHYLZ HYL SPZ[LK VU [OL May ):,3PTP[LKHUK[OL5H[PVUHS:[VJR,_JOHUNLVM June 0UKPH3PTP[LK July August Name of Stock Exchange Stock/Scrip code September ):,3PTP[LK October ;OL5H[PVUHS:[VJR,_JOHUNL .6+9,17967 November of India Limited 7VZ[:\IKP]PZPVUVMLX\P[`ZOHYLVM`LHJOPU[VLX\P[` shares of ` LHJO ;OL 0:05 5V VM [OL *VTWHU`ëZ LX\P[` ZOHYLZ December VU IV[O 5H[PVUHS :LJ\YP[PLZ +LWVZP[VY` 3PTP[LK January HUK *LU[YHS +LWVZP[VY` :LY]PJLZ 0UKPH 3PTP[LK February PZ 05, 1 ;OL *05 VM [OL *VTWHU` PZ March 3 4/ 73* Note: High and low prices are in rupees per traded equity share vi) Stock Data derived from the closing prices. Volume is the total monthly volume of trade (in numbers) in equity shares of the Company on ;HISLHUK;HISLYLZWLJ[P]LS`NP]L[OLTVU[OS`OPNO the BSE and the NSE. and low prices and volumes of equity shares of the * Pursuant to the approval of the shareholders of the Company *VTWHU`H[[OL):,3PTP[LKí):,îHUK[OL5H[PVUHS each equity share of ` 10/- each was sub-divided into 2 (two) :[VJR,_JOHUNLVM0UKPH3PTP[LKí5:,îMVY[OLĉUHUJPHS equity shares of ` 5/- each w.e.f. November 22, 2013 being the `LHYLUKLK4HYJO Record Date. 059 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 REPORT ON CORPORATE GOVERNANCE The Company’s equity share performance compared to BSE Sensex and BSE Realty Index are as under: Pre Sub-division of share Post Sub-division of share ` 7LY:OHYL ` 7LY:OHYL (WY 4H` 1\U 1\S (\N :LW 6J[ 5V] 5V] +LJ 1HU -LI 4HY .737YPJL ):,:LUZL_ .737YPJL ):,:LUZL_ Pre Sub-division of share Post Sub-division of share ` 7LY:OHYL ` 7LY:OHYL (WY 4H` 1\U 1\S (\N :LW 6J[ 5V] 5V] +LJ 1HU -LI 4HY .737YPJL ):,9LHS[`0UKL_ .737YPJL ):,9LHS[`0UKL_ vii) Distribution of shareholding as on March 31, 2014 DISTRIBUTION SCHEDULE AS ON March 31, 2014 Sr. No. Category No. of % of No. of equity Amount (Rs.) % Amount shareholders shareholders shares 2 (IV]L Total 29,863 100.00 19,92,34,030 99,61,70,150.00 100.00 060 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 viii) Shareholding pattern as on March 31, 2014 SHARE HOLDING PATTERN AS ON MARCH 31, 2014 Sr. No. Category No. of No. of equity % of shareholders shares held shareholding 7YVTV[LYZHUK7YVTV[LY.YV\W 2 4\[\HS-\UKZ 9 )HURZ-PUHUJPHS0UZ[P[\[PVUZ -00Z 6[OLY)VKPLZ*VYWVYH[L Indian Public 590Z6*)Z 6[OLYZ TOTAL 29,863 19,92,34,030 100.00 5V[L!;OLKL[HPSZVMV\[Z[HUKPUNLTWSV`LLZ[VJRVW[PVUZHZVU4HYJOHYLWYV]PKLKPU(UUL_\YLZ[V[OL +PYLJ[VYZë9LWVY[ Categories of equity shareholders 7YVTV[LYZ 4\[\HS-\UKZ )HURZ-PUHUJPHS 0UZ[P[\[PVUZ -SSZ 6[OLY)VKPLZ *VYWVYH[L 0UKPHU7\ISPJ 590Z6*)Z 6[OLYZ ix) Shares held in physical and dematerialized form Category Number of Shareholders Number of equity Shareholding shareholders % shares held % Physical 5:+3 *+:3 Total 29,863 100.00 19,92,34,030 100.00 061 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 REPORT ON CORPORATE GOVERNANCE Break up of physical and dematerialized shares as xii) Investor correspondence should be on March 31, 2014 addressed to: Karvy Computershare Private Limited 7O`ZPJHS 4HKOHW\Y/`KLYHIHK 5:+3 ;LS!è *+:3 -H_5V!è ,THPS0+!LPU^HYKYPZ'RHY]`JVT ;VSS-YLL5V! *VU[HJ[7LYZVU!4Y2:9LKK` _PPP *VTWSPHUJL6MĉJLY! _ 6\[Z[HUKPUN .+9Z (+9Z ^HYYHU[Z 4Y:OVKOHU(2LTIOH]P convertible instruments and their impact =PJL7YLZPKLU[3LNHS *VTWHU`:LJYL[HY` on equity .VKYLQ)OH]HU[O-SVVY(/VTL:[YLL[ ;OL *VTWHU` KVLZ UV[ OH]L HU` V\[Z[HUKPUN -VY[4\TIHPè .+9Z(+9Z^HYYHU[ZVYJVU]LY[PISLPUZ[Y\TLU[Z ,THPS!ZLJYL[HYPHS'NVKYLQWYVWLY[PLZJVT xi) Share Transfer xiv) Transfer of Unclaimed/Unpaid Dividend; :OHYL [YHUZMLY HUK YLSH[LK VWLYH[PVUZ MVY ;OL*VTWHU`ZOHSSIL[YHUZMLYYPUN[OL\UJSHPTLK [OL *VTWHU` HYL JVUK\J[LK I` 4Z 2HY]` unpaid dividends as mentioned hereunder to *VTW\[LYZOHYL 7YP]H[L 3PTP[LK 9LNPZ[YHY HUK [OL 0U]LZ[VYZ ,K\JH[PVU HUK 7YV[LJ[PVU -\UK :OHYL ;YHUZMLY (NLU[Z VM [OL *VTWHU` :OHYL LZ[HISPZOLKI`[OL*LU[YHS.V]LYUTLU[PU[LYTZ [YHUZMLYPZUVYTHSS`HMMLJ[LK^P[OPUHWLYPVKVM VM [OL WYV]PZPVUZ VM :LJ[PVU HUK VM [OL KH`ZMYVT[OLKH[LVMYLJLPW[VMYLX\LZ[PMHSS[OL (J[! YLX\PYLKKVJ\TLU[H[PVUPZZ\ITP[[LK Sr. Financial Year AGM Date of Dividend declared Due date for transfer No. declaration of per share (Rs.) unclaimed/unpaid dividend dividend to IEPF YK 1\UL 1\S` 2 [O 1\S` :LW[LTILY [O 1\S` (\N\Z[ [O 1\S` (\N\Z[ [O 1\S` :LW[LTILY [O 1\S` :LW[LTILY 062 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 xv) Details of Demat Suspense Account: (ZWLY*SH\ZL (0VM[OL3PZ[PUN(NYLLTLU[[OL*VTWHU`YLWVY[Z[OLMVSSV^PUNKL[HPSZPUYLZWLJ[VMLX\P[` ZOHYLZS`PUNPU[OLZ\ZWLUZLHJJV\U[^OPJO^LYLPZZ\LKW\YZ\HU[[V[OLW\ISPJPZZ\L Sr. Particulars No. of No. of No. (for the Financial Year 2013-2014) Cases Equity Shares Aggregate number of shareholders and the outstanding equity shares in the Z\ZWLUZLHJJV\U[S`PUNH[[OLILNPUUPUNVM[OL`LHY" 5\TILYVMZOHYLOVSKLYZ^OVHWWYVHJOLKPZZ\LYMVY[YHUZMLYVMLX\P[`ZOHYLZMYVT -- Z\ZWLUZLHJJV\U[K\YPUN[OL`LHY" 5\TILYVMZOHYLOVSKLYZ[V^OVTLX\P[`ZOHYLZ^LYL[YHUZMLYYLKMYVTZ\ZWLUZL -- HJJV\U[K\YPUN[OL`LHY" Aggregate number of shareholders and the outstanding equity shares in the Z\ZWLUZLHJJV\U[S`PUNH[[OLLUKVM[OL`LHY 5V[L! ;OL]V[PUNYPNO[ZVU[OLLX\P[`ZOHYLZZOHSSILMYVaLU[PSS[OLYPNO[M\SV^ULYJSHPTZZ\JOZOHYLZ 063 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 BUSINESS RESPONSIBILITY REPORT BUSINESS RESPONSIBILITY REPORT SUSTAINABILITY EFFORTS BY THE GODREJ GROUP ;OL.VKYLQ.YV\WOHZILLUH[[OLMVYLMYVU[VMWOPSHU[OYVWPJ ;HISLMVY;^V HUK ZVJPHS HJ[P]P[PLZ MVY ZL]LYHS KLJHKLZ VM [OL ;OL.YV\WJVU[PU\LZ[VZ\WWVY[[OL0UKPHUJOHW[LYVM ZOHYLZVM[OL.VKYLQ.YV\WëZOVSKPUNJVTWHU`.VKYLQ í;HISLMVY;^Vî^OPJOP[PUP[PH[LKH[[OL>VYSK,JVUVTPJ )V`JLHYLOLSKPUH[Y\Z[[OH[PU]LZ[ZIHJRPUPUP[PH[P]LZ -VY\T0UKPH:\TTP[PU+LJLTILY ;OLPUP[PH[P]L [OH[ Z\WWVY[ [OL LU]PYVUTLU[ HUK PTWYV]L [OL X\HSP[` is targeted at addressing hunger and malnutrition in HUK H]HPSHIPSP[` VM OLHS[OJHYL HUK LK\JH[PVU ;OYV\NO the developing world by combining our organization’s PU]LZ[TLU[ HUK V]LYZPNO[ I` [OL [Y\Z[ H SHYNL [YHJ[ VM [YHKP[PVUVMZLY]PUNZVJPL[`HUKPUKP]PK\HSPU]VS]LTLU[ THUNYV]L MVYLZ[Z PU 4\TIHP OH]L ILLU WYV[LJ[LK (WHY[ MYVT [OL ;HISL MVY ;^V PUP[PH[P]L .VKYLQP[LZ developed and maintained for several years and have JVU[YPI\[LK[V[OLILULĉJPHY`VM[OLPUP[PH[P]Lè0:*265 ZLY]LKHZHZLJVUKZL[VMS\UNZMVY[OLJP[`;OL.VKYLQ MV\UKH[PVUMVY[OLPYTPKKH`TLHSWYVNYHTTLèK\YPUN .YV\WOHZZ\WWVY[LKLK\JH[PVUMVYHSS[OYV\NOP[ZZ\WWVY[ [OL1V`VM.P]PUN^LLR VM [OL 064 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 /LYVLZ 7YVQLJ[ ^HZ PU]P[LK I` [OL 0U[LYUH[PVUHS .VVK .YLLU PZ MV\UKLK VU ZOHYLK ]HS\L PUP[PH[P]LZ (0+: *VUMLYLUJL PU >HZOPUN[VU +* PU [OL 065 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 ZRPSSZHUKL_WLY[PZL[VI\PSKYLSL]HU[PTWSLTLU[HISLHUK to those who have a legitimate need to be kept sustainable solutions for the organisations with whom PUMVYTLK>L^PSSUV[LUNHNL^P[OHU`JVTWHU` [OL`^VYR;OLWYVNYHT^HZSH\UJOLKPU1\S`^P[O ĉYTPUKP]PK\HSVYI\ZPULZZ^OPJOJVTWL[LZ^P[O HZ[HY[PUNJVOVY[VM )YPNO[LY.P]PUN]VS\U[LLYZ:PUJL [OL I\ZPULZZ VM .VKYLQ MVY H WLYPVK VM VUL `LHY then we have also partnered with two organizations HM[LYSLH]PUN[OLZLY]PJLZVM[OLJVTWHU` who are helping us connect our employees to relevant Customers WYVQLJ[Z HZ WLY [OLPY V^U [PTL HUK JVU]LUPLUJL !>LHYLHJ\Z[VTLYJLU[YPJJVTWHU` *\YYLU[S`HU\TILYVM.73LTWSV`LLZHYLWHY[PJPWH[PUN HUKNYLH[S`]HS\L[OL[Y\Z[ZH[PZMHJ[PVUHUKSV`HS[` PU). VM V\Y J\Z[VTLYZ HJYVZZ [OL ^VYSK 6\Y WYPTHY` MVJ\ZPZVUKLSPNO[PUNV\YJ\Z[VTLYZIV[OL_[LYUHS PART B: BUSINESS RESPONSIBILITY HUKPU[LYUHS INITIATIVES BY GODREJ PROPERTIES Diversity and Anti-Discrimination! >L LIMITED recognize merit and perseverance and encourage As per the Business Responsibility guidelines established KP]LYZP[`PUV\YJVTWHU`>LKVUV[[VSLYH[LHU` I`[OL4PUPZ[Y`VM*VYWVYH[L(MMHPYZHUK:,)0MVSSV^PUN MVYT VM KPZJYPTPUH[PVU VU [OL IHZPZ VM JVSV\Y HYL \WKH[LZ MVY .VKYLQ 7YVWLY[PLZ 3PTP[LK VU LHJO VM NLUKLY YHJL JHZ[L HNL THYP[HS Z[H[\Z ZL_\HS [OL7YPUJPWSLZHZZ[H[LKPU[OL.\PKLSPULZ orientation or disability and will allow for equal VWWVY[\UP[PLZMVYHSS[LHTTLTILYZ Principle 1: Businesses should conduct HUKNV]LYU[OLTZLS]LZ^P[O,[OPJZ Good and Green! >L HYL H ZVJPHSS` Transparency and Accountability LU]PYVUTLU[HSS` YLZWVUZPISL PL NVVK HUK NYLLU JVTWHU`>LPKLU[PM`ZOHYLK]HS\LVWWVY[\UP[PLZ ([.VKYLQ7YVWLY[PLZ3PTP[LK[OLYLPZWVSPJ`VUJVKLVM which imply addressing social and environmental JVUK\J[,]LY`UL^LTWSV`LL^OVQVPUZ[OLJVTWHU` WYVISLTZ ^OPSL H[ [OL ZHTL [PTL Z[YLUN[OLUPUN goes through the code of conduct document and V\YKYP]LYZVMJVTWL[P[P]LULZZ HJJLW[ZHUKZPNUZHU\UKLY[HRPUN;OLJVKLVMJVUK\J[ ZWLHRZHIV\[]HYPV\ZJVKLZSPRL! 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We H^HYL value our relationship with the media and the public at large and do our best to provide full and Integrity!>L\WOVSKPU[LNYP[`PUHSSV\YPU[LYHJ[PVUZ prompt disclosure of all appropriate information and associations both within the company and HUKL]LU[Z HSZV^P[OL_[LYUHSZ[HRLOVSKLYZILP[^P[OYLNHYK [VĉUHUJPHSVYPU[LSSLJ[\HSVYHU`V[OLYPZZ\L 2) *VTWSPHUJL ^P[O [OL SH^! >L JVTWS` ^P[O HSS KVTLZ[PJHUKPU[LYUH[PVUHSSH^ZY\SLZYLN\SH[PVUZ 9) Quality! >L KLSP]LY OPNO X\HSP[` WYVK\J[Z HUK and statutory requirements applicable to our services to delight our customers and continuously I\ZPULZZHUK[OLJV\U[YPLZ^OLYL^LVWLYH[L L_WSVYLUL^^H`ZVMPTWYV]PUNV\YVMMLYPUNZ *VUĉKLU[PHSP[` HUK 5VU *VTWL[L! >L Safety and Health! >L YLTHPU JVTTP[[LK WYV[LJ[ JVUĉKLU[PHS JVTWHU` PUMVYTH[PVU MYVT to protecting and building a safe and healthy \UH\[OVYPaLK KPZJSVZ\YL (U` ULJLZZHY` HUK ^VYRWSHJL authorized sharing of this information will be limited 066 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 ;OPZJVKLVMJVUK\J[PZHSZVHWHY[VM[OLWVSPJ`THU\HS LTWSV`LLZOH]LWSHU[LK ZHWSPUNZPU]HYPV\ZZP[LZHZ ^OPJOPZ\WSVHKLKVU[OLPU[YHUL[VM[OLJVTWHU` WHY[VM[OL>,+JLSLIYH[PVUZ[OPZ`LHY >VYSK,U]PYVUTLU[+H`>,+PZVIZLY]LKVU1\UL 0U 4\TIHP .73 ^HZ WHY[ VM [OL >,+ JLSLIYH[PVUZ L]LY``LHY[VWYVTV[LH^HYLULZZVU[OLPTWVY[HUJL VYNHUPaLK I` .VKYLQ *VYWVYH[L .VVK .YLLU [OH[ VM WYLZLY]PUN V\Y IPVKP]LYZP[` [OL ULLK [V PKLU[PM` PUJS\KLK H NSVIHS VUSPUL X\Pa HU LUNHNPUN KLIH[L H problems related to the environment and ways to take THUNYV]L WOV[V L_OPIP[PVU H SLJ[\YL VU IPVKP]LYZP[` JVYYLJ[P]L HJ[PVU >VYSK ,U]PYVUTLU[ +H` PZ H TLHUZ ĉSTZJYLLUPUN ^HZ[LWHWLYKYP]L to tackle environmental challenges that include climate 0U.VKYLQ.HYKLU*P[`(OTLKHIHKHRTYHSS`^HZ JOHUNLNSVIHS^HYTPUNKPZHZ[LYZHUKJVUĊPJ[ZOHYTM\S VYNHUPaLK MVY .73 LTWSV`LLZ ZP[L Z[HMM ^VYRLYZ [V Z\IZ[HUJLZ LU]PYVUTLU[HS NV]LYUHUJL LJVZ`Z[LT YHPZLH^HYLULZZHIV\[LU]PYVUTLU[JVUZLY]H[PVU THUHNLTLU[HUKYLZV\YJLLMĉJPLUJ` .VKYLQ*VYWVYH[L/9KPZ[YPI\[LKWSHU[HISLWHWLYZOLL[Z .73OHZILLUJLSLIYH[PUN>VYSK,U]PYVUTLU[+H`V]LY embedded with seeds that can be directly planted - THU` `LHYZ \UKLY [OL .VKYLQ .VVK .YLLU 0UP[PH[P]L VM ZLHZVUHS ĊV^LY ^OPJO OH]L ILLU ZV^U HJYVZZ HZ ^LSS HZ H ZLWHYH[L .73 PUP[PH[P]L 7HU0UKPH .73 .73ZP[LZ Godrej Properties Employees planting sapling as part of the World Environment Day events at Vikhroli, Mumbai 067 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 Principle 2: Businesses should provide Principle 3: Businesses should promote the goods and services that are safe and ^LSSILPUNVMHSSLTWSV`LLZ contribute to sustainability throughout ([ .VKYLQ 7YVWLY[PLZ 3PTP[LK [OL MVSSV^PUN LTWSV`LL their life cycle MYPLUKS`WVSPJPLZHYLPUWSHJL .VKYLQ7YVWLY[PLZ3[KOHZPU[LUZPĉLKP[ZLMMVY[Z[VILH[ Diversity! >L ]HS\L KP]LYZP[` ^P[OPU [OL .VKYLQ [OLMVYLMYVU[VMZ\Z[HPUHISLKL]LSVWTLU[ VMV\Y .YV\W HUK HYL JVTTP[[LK [V VMMLYPUN LX\HS PU]LU[VY`SH\UJOLKPU[OLĉUHUJPHS`LHY^HZYLNPZ[LYLK VWWVY[\UP[PLZ PU LTWSV`TLU[ >L KV UV[ WYLJLY[PĉLK HZ NYLLU I` [OL 0UKPHU .YLLU )\PSKPUN discriminate against any team member or applicant *V\UJPS"\WMYVT PU-@ PU-@HUK MVYLTWSV`TLU[VU[OLIHZPZVMUH[PVUHSP[`YHJL PU -@ ;OLZL PUJS\KL H .VSK 7YLJLY[PĉJH[PVU MVY JVSV\Y YLSPNPVU JHZ[L NLUKLY NLUKLY PKLU[P[` .VKYLQ7SH[PU\TPU2VSRH[HHUKH:PS]LY7YLJLY[PĉJH[PVU L_WYLZZPVU ZL_\HS VYPLU[H[PVU KPZHIPSP[` HNL VY MVY .VKYLQ *LU[YHS PU 4\TIHP \UKLY [OL 0.)* .YLLU THYP[HSZ[H[\Z /VTLZYH[PUNZ`Z[LT];VJVUZPZ[LU[S`KLSP]LYNYLLU I\PSKPUNZ[OLJVTWHU`OHZZL[\WPU[LYUHSILUJOTHYRZ 2) Prevention of Sexual Harassment! >L HYL PU[LNYH[LKZ\Z[HPUHIPSP[`NVHSZ^P[OWYVQLJ[WSHUUPUN0U committed to creating and maintaining an HKKP[PVU .73 JVU[PU\V\ZS` LUNHNLZ P[Z KLZPNU HUK atmosphere in which our team members can JVUZ[Y\J[PVU WHY[ULYZ [V JYLH[L NYLLULY I\PSKPUNZ ^VYR[VNL[OLY^P[OV\[MLHYVMZL_\HSOHYHZZTLU[ Preservation of the Raintrees as part of mixed-used “Godrej: The Trees” project, Vikhroli, Mumbai; “The Trees” has won an Honour Award in Landscape Analysis and Planning from the prestigious Boston Society of Landscape Architects 068 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 TLTILYPZTHKLH^HYL[OH[[OL.VKYLQ.YV\WPZ `LHY PU VYKLY [V IHSHUJL \UL_WLJ[LK ^VYR HUK Z[YVUNS`VWWVZLK[VZL_\HSOHYHZZTLU[HUK[OH[ MHTPS` KLTHUKZ YLJV]LY MYVT HU PSSULZZ W\YZ\L such behaviour is prohibited both by law and HULK\JH[PVUKL]V[L[PTL[VH]VS\U[LLYHJ[P]P[`PU [OL.YV\WWVSPJ`>L[HRLHSSULJLZZHY`HJ[PVUZ [OLJVTT\UP[`VYV[OLYL_PNLUJPLZ YLX\PYLK [V WYL]LU[ JVYYLJ[ HUK PM ULJLZZHY` Leave! >L H[ .VKYLQ 7YVWLY[PLZ 3PTP[LK ILSPL]L KPZJPWSPULILOH]PV\Y^OPJO]PVSH[LZ[OPZWVSPJ` that availing leave is necessary for employees -SL_P ^VYRPUN OV\YZ! ;OL -SL_P;PTL 4VK\SL to have a healthy work-life balance and improve is designed to best equip employees enable WYVK\J[P]P[` H[ [OL ^VYRWSHJL 6\Y *VUZVSPKH[LK LTWSV`LLZ[VOH]LHOLHS[O`^VYRSPMLIHSHUJL 7YP]PSLNL3LH]L4VK\SLPZKLZPNULK[VILZ[LUHISL employees to take regular leave and maintain this Work from home! ;OL >VYR -YVT /VTL IHSHUJL 4VK\SL PZ KLZPNULK [V ILZ[ LX\PW LTWSV`LLZ [V balance their work and personal responsibilities or Maternity, Paternity, Adoption leave and L_PNLUJPLZHZ[OLJHZLTH`IL[OYV\NOHT\[\HSS` ILULĉ[Z!;OL(KVW[PVU3LH]LHUK)LULĉ[Z4VK\SL ILULĉJPHSHYYHUNLTLU[MVY`V\HUK[OLJVTWHU` is designed to best equip employees to balance their YLZWVUZPIPSP[PLZHZHUL^WHYLU[IV[OVUHJHYLLY 7HY[ [PTL ^VYR! ;OPZ WVSPJ` OHZ ILLU KLZPNULK HUK WLYZVUHS MYVU[ [OYV\NO H T\[\HSS` ILULĉJPHS [V MHJPSP[H[L [OL MVSSV^PUN ^OPSL LUZ\YPUN [OH[ [OL HYYHUNLTLU[MVYLTWSV`LLZHUK[OLJVTWHU` KLTHUKZ VM [OL I\ZPULZZ HYL TL[! H )LULĉ[ L_PZ[PUN [LHT TLTILYZ I` WYV]PKPUN WLYZVUHS 4VYL[OHU LTWSV`LLZHYL^VTLU;OLYLOH]L ĊL_PIPSP[`I/LSW\ZH[[YHJ[HUKYL[HPUH[HSLU[WVVS ILLUUVJVTWSHPU[ZYLSH[PUN[VJOPSKSHIV\YMVYJLK ^OPJOPZUV[H]HPSHISLVUM\SS[PTL^VYRJVTTP[TLU[ SHIV\YPU]VS\U[HY`SHIV\YVYZL_\HSOHYHZZTLU[PU ,TWSV`LLZJHUVW[[V^VYRWHY[[PTLMVY\W[VH [OLJVTWHU` GPL Creches, in collaboration with local NGOs 069 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 Principle 4: Businesses should respect the ZL[\WH[ZP[LZ^P[O[OLOLSWVMHWWVPU[LKJVU[YHJ[VYZ PU[LYLZ[ZVMHUKILYLZWVUZP]L[V^HYKZ .VKYLQ7YVWLY[PLZHJ[P]LS`WHY[PJPWH[LZPUHSS*VYWVYH[L HSSZ[HRLOVSKLYZLZWLJPHSS`[OVZL^OVHYL HJ[P]P[PLZ JVUK\J[LK I` [OL JVYWVYH[L .VVK disadvantaged, vulnerable and marginalized .YLLU JLSS +\YPUN [OL 1V` VM .P]PUN ^LLR PU[LYLZ[LK 6UL VM PUP[PH[P]LZ [OH[ .73 OHZ \UKLY[HRLU PZ PU LTWSV`LLZWHY[PJPWH[LKPUZWYLHKPUN[OL.YLLULY0UKPH vision to school children across key locations in the JVSSHIVYH[PVU ^P[O 4VIPSL *YJOL ^OPJO WYV]PKLZ education for construction workers’ children on the JV\U[Y`,TWSV`LLZOH]LHSZVPU[OLWHZ[JVU[YPI\[LK[V JVUZ[Y\J[PVUZP[L;OLJVTWHU`OHZHSZVZ\IZJYPILK[V JSV[OLZJVSSLJ[PVUKYP]LZZJOVVS[VZJOVVSĊVVKYLSPLM Labour welfare fund membership which promotes the ^PU[LY JVSSLJ[PVU KYP]LZ L[J MVY .VVUQ è HU 5.6 [OH[ IHZPJ JVTW\[LY LK\JH[PVU N`T IHZPJ LK\JH[PVU [V ILSPL]LZPUUV[Q\Z[HKKYLZZPUNHIHZPJULLKVMJSV[OPUN but also using cloth as an entry point into the lives of JOPSKYLUVM^VYRPUNJSHZZ)HZPJLK\JH[PVUJLU[LYZHYL Employees participated in the Standard Chartered Mumbai Safety Training Program for construction workers Marathon in support of the NGO Teach for India Good & Green Nipun Training Program for construction workers 070 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 WLVWSL" [V HKKYLZZ V[OLY PTWVY[HU[ ULLKZ SPRL OLHS[O .73ëZ J\YYLU[ WYVQLJ[Z HYL HZZLZZLK MVY [OLPY LULYN` LK\JH[PVU LTWSV`TLU[ NLULYH[PVU L[J ,TWSV`LLZ performance through energy modeling tools and HSZV WHY[PJPWH[LK PU [OL êROPJOHKP KYP]Lë VYNHUPaLK sun path analysis to create buildings that have lower I` [OL 0:2*65 -V\UKH[PVU MVY YHPZPUN M\UKZ MVY TPK VWLYH[PVUHSLULYN`JVZ[Z:PTPSHYS`H^H[LYIHSHUJLJOHY[ KH` TLHS WYVNYHTZ PU SV^ PUJVTL T\UPJPWHS ZJOVVSZ MVYLHJOVM[OLWYVQLJ[ZOLSWZKL[LYTPUL[OLKLTHUK )LZPKLZ[OLZLLTWSV`LLZZOV^HSV[VMLU[O\ZPHZTPU Z\WWS` Z[YH[LN` [V YLK\JL VY U\SSPM` KLWLUKLUJL VU WHY[PJPWH[PUN PU L]LU[Z Z\JO HZ [OL 4\TIHP 4HYH[OVU NYV\UK^H[LYVYT\UPJPWHS^H[LYZV\YJLZ [OL>VYSK,U]PYVUTLU[+H`L]LU[ZVYNHUPaLKI`[OL .VVK .YLLU[LHTL[J ;V LUJV\YHNL \ZL VM JSLHULY ZV\YJLZ VM LULYN` .73 has installed or will be installing street lamps powered Principle 5: Businesses should respect and I`:VSHY7OV[V]VS[HPJWHULSZPU[OLMVSSV^PUNWYVQLJ[Z! promote human rights ò .VKYLQ>VVKZTLU,Z[H[L)LUNHS\Y\ .VKYLQ 7YVWLY[PLZ YLZWLJ[Z HUK WYVTV[LZ O\THU YPNO[Z MVY HSS PUKP]PK\HSZ 5V ]PVSH[PVUZ PU [OPZ YLNHYK ò .VKYLQ7SH[PU\T)LUNHS\Y\ OH]LVJJ\YYLK6\Y*VKLVM*VUK\J[JV]LYZHZWLJ[Z ò .VKYLQ7YHRYP[P2VSRH[H SPRL +P]LYZP[` (U[P+PZJYPTPUH[PVU LX\HS VWWVY[\UP[` ò .VKYLQ-YVU[PLY.\YNHVU compliance with the law and integrity which contribute [V YLZWLJ[PUN HUK WYVTV[PUN O\THU YPNO[Z >L HSZV ò .VKYLQ7HST.YV]L*OLUUHP OH]L WVSPJPLZ SPRL >OPZ[SLISV^LY 7YL]LU[PVU VM :L_\HS 0U HKKP[PVU H SHYNL JVTTLYJPHS I\PSKPUN NYHKL ((( /HYHZZTLU[[OH[LUJV\YHNLYLZWLJ[HUKWYVTV[PVUVM VMĉJLPU4\TIHP^PSSILPUZ[HSSPUNYVVM[VWZVSHY7=WHULSZ O\THUYPNO[Z(U`]PVSH[PVUVM[OL*VKLVM*VUK\J[JHU [VTLL[e VM[OLI\PSKPUNZëHUU\HSLULYN`KLTHUK result in stern disciplinary action including termination of employment and / or other appropriate actions as ò .VKYLQ6UL=PROYVSP WLYTPZZPISL\UKLY[OLSH^ >L OH]L H WYVNYHT JHSSLK ê)LKOHKHR )VSVë ^OLYLI` L]LY` LTWSV`LL JHU L_WYLZZ OPZ OLY PKLHZ HUK Z\NNLZ[PVUZ ^P[OV\[ HU` OLZP[H[PVU HUK MLHY >L HSZV JVUK\J[VWLUOV\ZLZOPNO[LH^P[O+PYLJ[VYZHUKZTHSS group discussions where employees can share their JVUJLYUZPKLHZHUKZ\NNLZ[PVUZ Principle 6: Business should respect, protect, and make efforts to restore the environment .VKYLQ7YVWLY[PLZ3[KOHZHUPU[LYUHSTHUKH[L[VJLY[PM` HSS WYVQLJ[Z SH\UJOLK PU VY HM[LY (WYPS \UKLY [OL YLSL]HU[0.)*.YLLU)\PSKPUN9H[PUNZ`Z[LT;OL7VSPJ` MVYZ\Z[HPUHISLYH[PUNZL_[LUKZ[VHSSI\ZPULZZKLZPNU Solar Water Heater for each Villa in Godrej Gold County, HUKJVUZ[Y\J[PVUWHY[ULYZèPUJS\KPUN1=ZZ\WWSPLYZHUK Bangalore JVU[YHJ[VYZ 071 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 7YPUJPWSL !)\ZPULZZLZ^OLULUNHNLKPU JVTTVUZLUZLH[[P[\KL[V^VYRHUKPU[LNYP[`L[JHYL PUĊ\LUJPUNW\ISPJHUKYLN\SH[VY`WVSPJ` Q\Z[ HZ PTWVY[HU[ [V ZLLR LTWSV`TLU[ THPU[HPU Z\JO should do so in a responsible manner LTWSV`TLU[HUK\WNYHKLVULZLSM^OPSLPUHQVI ;OL )\ZPULZZ PZ J\YYLU[S` UV[ LUNHNLK PU PUĊ\LUJPUN ([ [OL .VKYLQ .YV\W ^L OH]L Z[HY[LK ^P[O [OL W\ISPJHUKYLN\SH[VY`WVSPJ`/V^L]LY.VKYLQ0UK\Z[YPLZ assumption that employability of an individual can be the parent company ensures that it does so with the captured through improvement in skill level and his / her highest degree of responsible and ethical behaviour and earning potential and these metrics are being used to also works with collective platforms such as trade and TLHZ\YL[OLPTWHJ[VMV\YZRPSSPUNPU[LY]LU[PVUZ PUK\Z[Y`JOHTILYZHUKHZZVJPH[PVUZ 0USPUL^P[O[OL.VVK .YLLU]PZPVUVM,TWSV`HIPSP[` Principle 8: Businesses should support .73 OHZ PUP[PH[LK [YHPUPUN VM JVUZ[Y\J[PVU ^VYRLYZ 0[ PUJS\ZP]LNYV^[OHUKLX\P[HISLKL]LSVWTLU[ OHZZPNULKHU46<^P[OH5H[PVUHS:RPSSZ+L]LSVWTLU[ Youth un-employability is recognized to be a bigger *VYWVYH[PVU WHY[ULY [V JVUK\J[ H WPSV[ VU [OL ZP[L VM JYPZPZ [OHU \ULTWSV`TLU[ VM 0UKPHëZ `V\[O .VKYLQ (UHUKHT PU 5HNW\Y (OTLKHIHK )HUNHSVYL Z\MMLYZ MYVT ZVTL KLNYLL VM \ULTWSV`HIPSP[` 2VSRH[H 4\TIHP ;OPZ [YHPUPUN ^PSS LUHISL \UZRPSSLK of employment opportunities require vocational skills workers to improve their skill level and the ability to ^OLYLHZ VMZJOVVSJVSSLNLV\[W\[PZUV[YLSL]HU[ PTWYV]L [OLPY SP]LSPOVVK (YV\UK ^VYRLYZ ^LYL [V[OLZLVWWVY[\UP[PLZ6U[OLVULOHUK[OLYLPZOPNOLY K\YPUN [OL `LHY HUK ^L WSHU [V L_[LUK [OPZ \ULTWSV`TLU[HTVUNZ[[OLLK\JH[LKHUKVU[OLV[OLY PUP[PH[P]L[VUL^LYZP[LZ[V[YHPUTVYL[OHU ^VYRLYZ LTWSV`LYZHYLJVTWSHPUPUNVMSHJRVMZRPSSLKTHUWV^LY I`[OLLUKVMUL_[ĉUHUJPHS`LHY ;OLYLZWVUZPIPSP[`[VHKKYLZZ[OPZTPZTH[JOPZHZT\JO of the education system as it of the industry which ULLKZ[OLZRPSSLKTHUWV^LY>P[O[OPZPKLHVMZOHYLK 7YPUJPWSL !)\ZPULZZLZZOV\SKLUNHNL^P[O JVTTP[TLU[ HUK ILULĉ[ VM ZOHYLK ]HS\L [OL .VKYLQ and provide value to their customers and NYV\WOHZJVTTP[[LK[VZRPSSTPSSPVUY\YHSHUK\YIHU consumers in a responsible manner `V\[OI` ,UV\NO PUMVYTH[PVU HIV\[ [OL WYVK\J[ PZ KPZWSH`LK PU HSS [OL THYRL[PUN JVSSH[LYHSZ ZV [OH[ J\Z[VTLYZ HYL ,TWSV`HIPSP[`OHZ[VKV^P[ORUV^SLKNLHUKZRPSSZIL H^HYL VM P[ (SS [OL [LYTZ HUK JVUKP[PVUZ HYL SPZ[LK PU [OL` PU [LYTZ VM IHZPJ ZRPSSZ LN U\TLYHJ` SP[LYHJ` [OLHWWSPJH[PVUMVYT(SLNHSHNYLLTLU[PZLU[LYLKPU[V L[J VY Z\IQLJ[ HUK VJJ\WH[PVU ZWLJPĉJ RUV^SLKNL with the customers regarding the sale of property which H[ KPMMLYLU[ SL]LSZ ;OLZL ZRPSSZ HSVUL OV^L]LY KV UV[ JHYYPLZHSSPUMVYTH[PVUHIV\[[OLKL]LSVWTLU[ZJOLTL YLZ\S[PUHUPUJYLHZLPULTWSV`HIPSP[`7LYZVUHSH[[YPI\[LZ 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IRANI 7(9;5,9 4LTILYZOPW5\TILY! 7SHJL!4\TIHP +H[L!4H` 075 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED ANNEXURE TO THE INDEPENDENT AUDITOR’S REPORT Referred to in paragraph 1 under the heading ‘Report on Other Legal & Regulatory Requirements’ of our report of even date. H ;OL*VTWHU`OHZTHPU[HPULKWYVWLYYLJVYKZZOV^PUNM\SSWHY[PJ\SHYZPUJS\KPUNX\HU[P[H[P]LKL[HPSZHUKZP[\H[PVU VMĉ_LKHZZL[Z I (ZL_WSHPULK[V\Z[OL*VTWHU`OHZHWYVNYHTMVYWO`ZPJHS]LYPĉJH[PVUVMĉ_LKHZZL[ZH[WLYPVKPJPU[LY]HSZ0U V\YVWPUPVU[OLWLYPVKVM]LYPĉJH[PVUPZYLHZVUHISLOH]PUNYLNHYK[V[OLZPaLVM[OL*VTWHU`HUK[OLUH[\YLVMP[Z HZZL[Z J 0UV\YVWPUPVU[OLKPZWVZHSVMĉ_LKHZZL[ZK\YPUN[OL`LHYKVLZUV[HMMLJ[[OLNVPUNJVUJLYUHZZ\TW[PVU H ;OLPU]LU[VY`PUJS\KLZJVUZ[Y\J[PVU^VYRPUWYVNYLZZHUKJVZ[VMKL]LSVWTLU[YPNO[ZPUPKLU[PĉLKSHUK7O`ZPJHS ]LYPĉJH[PVUVMPU]LU[VY`OH]LILLUJVUK\J[LKH[YLHZVUHISLPU[LY]HSZI`[OLTHUHNLTLU[ I 0UV\YVWPUPVU[OLWYVJLK\YLZVMWO`ZPJHS]LYPĉJH[PVUVMPU]LU[VY`MVSSV^LKI`[OLTHUHNLTLU[HYLYLHZVUHISLHUK HKLX\H[LPUYLSH[PVU[V[OLZPaLVM[OL*VTWHU`HUK[OLUH[\YLVMP[ZI\ZPULZZ J ;OL*VTWHU`PZTHPU[HPUPUNWYVWLYYLJVYKZVMPU]LU[VY`HUKUVTH[LYPHSKPZJYLWHUJPLZ^LYLUV[PJLKVUWO`ZPJHS ]LYPĉJH[PVU H ;OL*VTWHU`OHZUV[NYHU[LKHU`SVHUZZLJ\YLKVY\UZLJ\YLK[VJVTWHUPLZĉYTZVYV[OLYWHY[PLZJV]LYLKPU [OLYLNPZ[LYTHPU[HPULK\UKLYZLJ[PVUVM[OL*VTWHUPLZ(J[ I 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KVM[OL(J[HUKHYLVM[OLVWPUPVU[OH[WYPTHMHJPL [OLWYLZJYPILKHJJV\U[ZHUKYLJVYKZOH]LNLULYHSS`ILLUTHKLHUKTHPU[HPULK>LOH]LUV[OV^L]LYTHKLHKL[HPSLK L_HTPUH[PVUVM[OLYLJVYKZ^P[OH]PL^[VL_HTPUL^OL[OLY[OL`HYLHJJ\YH[LHUKJVTWSL[L H (JJVYKPUN[V[OLPUMVYTH[PVUHUKL_WSHUH[PVUZNP]LU[V\ZHUKVU[OLIHZPZVMV\YL_HTPUH[PVUVM[OLIVVRZ VMHJJV\U[K\YPUN[OL`LHY[OL*VTWHU`OHZILLUNLULYHSS`YLN\SHYPUKLWVZP[PUN\UKPZW\[LKZ[H[\[VY`K\LZ PUJS\KPUN 7YV]PKLU[ -\UK 0U]LZ[VY ,K\JH[PVU HUK 7YV[LJ[PVU -\UK ,TWSV`LLZë :[H[L 0UZ\YHUJL 0UJVTL ;H_ =HS\L(KKLK;H_:HSLZ;H_>LHS[O;H_:LY]PJL;H_*\Z[VT+\[`,_JPZL+\[`*LZZHUKV[OLYZ[H[\[VY`K\LZ HWWSPJHISL[VP[^P[O[OLHWWYVWYPH[LH\[OVYP[PLZ(JJVYKPUN[V[OLPUMVYTH[PVUHUKL_WSHUH[PVUZNP]LU[V\Z[OLYL HYLUV\UKPZW\[LKK\LZWH`HISLPUYLZWLJ[VMHIV]LHZH[Z[4HYJOMVYHWLYPVKVMTVYL[OHUZP_TVU[OZ MYVT[OLKH[L[OL`ILJHTLWH`HISL 076 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 (b) According to the information and explanations given to us, there are no dues outstanding of Income Tax, Sales Tax, Value Added Tax, Service Tax, Customs Duty, Wealth Tax, Excise Duty or Cess on account of any dispute other than the following: Sr No Name of the Statute Amount Period to which the Forum where dispute is pending amount relates 1 Income Tax Act, 1961 ` 2,203,685/- 2009-2010 Commissioner of Income Tax (Appeals) 2 Income Tax Act, 1961 ` 3,793,168/- 2006-2007 Commissioner of Income Tax (Appeals) – III 3 MVAT Act, 2002 ` 6,231,282/- 2008-2009 Deputy Commissioner of Sales Tax 4 HVAT Act, 2003 ` 15,643,699/- 2009-2010 *VTWHU`PZPU[OLWYVJLZZVMĉSPUN the appeal. 5 Finance Act, 1994 ` 335,102,594/- 2005-2011 Customs, Excise & Service Tax Appellate Tribunal 6 Finance Act, 1994 ` 2,656,077/- 2010-2012 Commissioner of Service Tax ;OL*VTWHU`KVLZUV[OH]LHJJ\T\SH[LKSVZZLZH[[OLLUKVM[OLĉUHUJPHS`LHYHUKOHZUV[PUJ\YYLKHU`JHZOSVZZLZPU [OLJ\YYLU[HUKPTTLKPH[LS`WYLJLKPUNĉUHUJPHS`LHYZ 11) According to the information and explanations given to us and based on the documents and records produced to us, the *VTWHU`OHZUV[KLMH\S[LKPUYLWH`TLU[VMK\LZ[VIHURZ;OL*VTWHU`KVLZUV[OH]LK\LZ[VĉUHUJPHSPUZ[P[\[PVUZVY outstanding debentures. 12) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13) In our opinion and according to the information and explanations given to us, the nature of activities of the Company does UV[H[[YHJ[HU`ZWLJPHSZ[H[\[LHWWSPJHISL[VJOP[M\UKHUKUPKOPT\[\HSILULĉ[M\UKZVJPL[PLZ 14) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of the transactions and contracts in respect of investments purchased and sold during the year and timely entries have been made therein .The investments made by the Company are held in its own name. 15) In our opinion and according to the information and explanations given to us, the Company has not given any guarantee MVYSVHUZ[HRLUI`V[OLYZMYVTIHURZHUKV[OLYĉUHUJPHSPUZ[P[\[PVUZ 16) According to the information and explanations given to us and based on the documents and records examined by us, on an overall basis, the term loan has been applied for the purpose for which the loans were obtained. 17) According to the information and explanations given to us and on an overall examination of the Balance Sheet and Cash Flows of the Company, we report that the Company has not utilized funds raised on short-term basis for long-term investment. 18) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956. 19) The Company did not have outstanding debentures during the year. >LOH]L]LYPĉLK[OLLUK\ZLVMTVUL`YHPZLKI`0UP[PHS7\ISPJ6MMLY076HZKPZJSVZLKPU5V[L HHUK9PNO[ZPZZ\LHZ KPZJSVZLKPU5V[L IMVYTPUNHUPU[LNYHSWHY[VMĉUHUJPHSZ[H[LTLU[Z7LUKPUN\[PSPaH[PVUVM[OLM\UKZYHPZLK[OYV\NO these public issues, a sum of ` 5,458,640,000/- has been temporarily invested in Mutual Funds. 21) During the course of our examination of the books of account and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given and representations made by the Management, no major fraud on or by the Company, has been noticed or reported during the year. For KALYANIWALLA & MISTRY */(9;,9,+(**6<5;(5;: -PYT9LNPZ[YH[PVU5\TILY > ERMIN K. IRANI 7(9;5,9 4LTILYZOPW5\TILY! 7SHJL!4\TIHP Date: May 2, 2014 077 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED BALANCE SHEET AS AT 31ST MARCH, 2014 Particulars 5V[L5V As At (Z([ 31.03.2014 ` ` 0 EQUITY AND LIABILITIES Shareholders Fund H :OHYL*HWP[HS 991,232,600 I 9LZLY]LZ :\YWS\Z 16,910,311,447 Total Shareholders' Funds 17,901,544,047 Non-Current Liabilities H 3VUN;LYT)VYYV^PUN 2,037,033,000 I 6[OLY3VUN;LYT3PHIPSP[PLZ 10,850,194 J 3VUN;LYT7YV]PZPVUZ 28,579,179 Total Non Current Liabilities 2,076,462,373 Current Liabilities H :OVY[;LYT)VYYV^PUN 13,166,907,326 I ;YHKL7H`HISLZ9LMLY5V[L 1,105,204,334 J 6[OLY*\YYLU[3PHIPSP[PLZ 7,019,343,512 K :OVY[;LYT7YV]PZPVUZ 477,423,241 Total Current Liabilities 21,768,878,413 Total Equity And Liabilities 41,746,884,833 00 ASSETS Non-Current Assets H -P_LK(ZZL[Z P ;HUNPISL(ZZL[Z 106,406,848 PP 0U[HUNPISL(ZZL[Z 301,638,258 PPP *HWP[HS^VYRPUWYVNYLZZ 684,322,895 P] 0U[HUNPISL(ZZL[Z\UKLY+L]LSVWTLU[ 19,402,827 Total Fixed Assets 1,111,770,828 I 5VU*\YYLU[0U]LZ[TLU[Z 3,159,474,537 J +LMLYYLK;H_(ZZL[5L[ 18,620,000 K 3VUN;LYT3VHUZ (K]HUJLZ 1,250,821,155 L 6[OLY5VU*\YYLU[(ZZL[Z 28,825,525 Total Non Current Assets 5,569,512,045 Current Assets H 0U]LU[VYPLZ 9,283,312,564 I ;YHKL9LJLP]HISLZ 1,162,342,259 J *HZO )HUR)HSHUJLZ 6,525,191,207 K :OVY[;LYT3VHUZ (K]HUJLZ 17,039,252,207 L 6[OLY*\YYLU[(ZZL[Z 2,167,274,551 Total Current Assets 36,177,372,788 Total Assets 41,746,884,833 ACCOUNTING POLICIES ;OLHJJVTWHU`PUNUV[LZ[VMVYTHU :PNUH[\YLZ[V[OL)HSHUJL:OLL[HUK5V[LZ[V-PUHUJPHS:[H[LTLU[Z PU[LNYHSWHY[VMĉUHUJPHSZ[H[LTLU[Z -VYHUKVUILOHSMVM)VHYK (ZWLYV\Y9LWVY[VML]LUKH[L -VYKALYANIWALLA & MISTRY A. B. GODREJ PIROJSHA GODREJ Chartered Accountants Chairman Managing Director & CEO -PYT9LNPZ[YH[PVU5\TILY > ERMIN K. IRANI SHODHAN A. KEMBHAVI Partner Company Secretary 4LTILYZOPW5\TILY! 4\TIHP+H[LK!4H` 078 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 STATEMENT OF PROFIT & LOSS FOR THE YEAR ENDED 31ST MARCH, 2014 Particulars 5V[L5V For the Year Ended -VY[OL@LHY,UKLK 31.03.2014 ` ` INCOME 9L]LU\LMYVT6WLYH[PVUZ 6,640,047,419 6[OLY0UJVTL 1,025,522,359 TOTAL REVENUE 7,665,569,778 EXPENDITURE *VZ[VM:HSLZ 4,915,116,194 ,TWSV`LL)LULĉ[Z,_WLUZL 238,881,230 -PUHUJL*VZ[Z 1,185,402,140 +LWYLJPH[PVU 49,479,398 6[OLY,_WLUZLZ 314,554,302 TOTAL EXPENSES 6,703,433,264 PROFIT BEFORE TAX 962,136,514 Tax Expense *\YYLU[;H_ 28,667,170 4(;*YLKP[,U[P[SLTLU[ (28,667,170) +LMLYYLK;H_ 23,595,000 (KQ\Z[TLU[MVY;H_VM7YL]PV\Z@LHYZUL[ (37,975,837) (14,380,837) PROFIT AFTER TAX 976,517,351 Earnings Per Share (Refer Note 39) )HZPJ 5.28 +PS\[LK 5.28 ACCOUNTING POLICIES ;OLHJJVTWHU`PUNUV[LZ[VMVYTHU :PNUH[\YLZ[V[OL:[H[LTLU[VM7YVĉ[ 3VZZHUK5V[LZ[V-PUHUJPHS:[H[LTLU[Z PU[LNYHSWHY[VMĉUHUJPHSZ[H[LTLU[Z -VYHUKVUILOHSMVM)VHYK (ZWLYV\Y9LWVY[VML]LUKH[L -VYKALYANIWALLA & MISTRY A. B. GODREJ PIROJSHA GODREJ Chartered Accountants Chairman Managing Director & CEO -PYT9LNPZ[YH[PVU5\TILY > ERMIN K. IRANI SHODHAN A. KEMBHAVI Partner Company Secretary 4LTILYZOPW5\TILY! 4\TIHP+H[LK!4H` 079 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2014 Particulars For the Year Ended -VY[OL@LHY,UKLK 31.03.2014 ` ` Cash Flow from Operating Activities 7YVĉ[ILMVYL;H_H[PVU 962,136,514 Adjustment for: +LWYLJPH[PVU 49,479,398 0U[LYLZ[7HPK 1,185,402,140 3VZZ7YVĉ[VUZHSLVM-P_LK(ZZL[ 328,721 7YV]PZPVUMVY+V\I[M\S(K]HUJLZ^YP[[LUIHJR5L[ (42,253,566) ,:.:*VTWLUZH[PVU 38,099,758 ,_WLUZLZVM(THSNHTH[PVU 2,500,000 +PTPU\[PVUPU]HS\LVMPU]LZ[TLU[Z^YP[[LUIHJR (4,476) 0U[LYLZ[0UJVTL (973,624,829) +P]PKLUK9LJLP]LK (654,331) 7YVĉ[VU:HSLVM0U]LZ[TLU[ (45,597,795) 6WLYH[PUN7YVĉ[ILMVYL^VYRPUNJHWP[HSJOHUNLZ 1,175,811,534 Adjustment for: 0UJYLHZLKLJYLHZLPU5VU*\YYLU[3PHIPSP[PLZ 8,844,123 0UJYLHZLKLJYLHZLPU*\YYLU[3PHIPSP[PLZ 258,201,327 0UJYLHZLKLJYLHZLPU5VU*\YYLU[(ZZL[Z 474,995,763 0UJYLHZLKLJYLHZLPU*\YYLU[(ZZL[Z (6,270,154,991) (4,352,302,244) ;H_LZ7HPK5L[ (129,154,959) Net Cash Flow from Operating activities (4,481,457,203) Cash Flow from Investing Activities 7\YJOHZLVM-P_LK(ZZL[Z (578,537,825) :HSLVM-P_LK(ZZL[Z 4,987,022 7\YJOHZLVM0U]LZ[TLU[Z (3,939,979,571) :HSLVM0U]LZ[TLU[Z 765,967,897 0U]LZ[TLU[ZPU3PTP[LK3PHIPSP[`7HY[ULYZOPW (846,965,758) ,_WLUZLZVM(THSNHTH[PVU (5,461,054) 0U[LYLZ[9LJLP]LK 933,907,132 7YVĉ[VUZHSLVM0U]LZ[TLU[ 39,539,250 +P]PKLUK9LJLP]LK 2,629,351 0UJVTLVU9PNO[Z9LU\UJPH[PVUI`,:67;Y\Z[ 1,150,000 Net Cash Flow from Investing Activities (3,622,763,556) 080 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2014 Particulars For the Year Ended -VY[OL@LHY,UKLK 31.03.2014 ` ` Cash Flow from Financing Activities 7YVJLLKZMYVT0ZZ\LVM,X\P[`:OHYL*HWP[HSUL[VMPZZ\LL_WLUZLZ 6,910,165,240 9LWH`TLU[VM7YVJLLKZMYVT3VUN;LYT)VYYV^PUNZUL[ (1,423,892,000) 7YVJLLKZ9LWH`TLU[VMMYVT:OVY[;LYT)VYYV^PUNZUL[ 10,212,656,464 0ZZ\LYLSH[LKL_WLUZLZ 1,400,000 0U[LYLZ[7HPK (1,182,905,444) 7H`TLU[VM+P]PKLUK (312,235,150) ;H_VU+PZ[YPI\[LK7YVĉ[Z (53,076,512) Net Cash Flow from Financing Activities 14,152,112,598 Net Increase in Cash & Cash Equivalent 6,047,891,839 Cash & Cash Equivalent -Opening Balance 447,192,375 (JX\PYLK7\YZ\HU[[V[OL:JOLTLVM(THSNHTH[PVU 30,091,486 6WLUPUN*HZO *HZO,X\P]HSLU[VM.73,:67;Y\Z[ 15,507 9LMLY5V[LI Cash & Cash Equivalent -Closing Balance 6,525,191,207 Notes : *HZOHUK*HZO,X\P]HSLU[Z! *HZO *OLX\LZVU/HUKHUK)HSHUJLZ^P[O)HURZ 566,218,209 0U]LZ[TLU[ZPU3PX\PK4\[\HS-\UKZ 5,958,972,998 3LZZ!6[OLY)HUR)HSHUJLZ - Cash and Cash Equivalents. 6,525,191,207 ;OLJHZOĊV^Z[H[LTLU[OHZILLUWYLWHYLK\UKLY[OL0UKPYLJ[4L[OVKHZZL[V\[PU[OL(JJV\U[PUN:[HUKHYK(:VU *HZO-SV^:[H[LTLU[HUKWYLZLU[ZJHZOĊV^ZI`VWLYH[PUNPU]LZ[PUNHUKĉUHUJPUNHJ[P]P[PLZ +P]PKLUKYLJLP]LK\UKLY0U]LZ[PUNHJ[P]P[PLZPUJS\KLZKP]PKLUKVM` YLJLP]LKI`[OL,:67[Y\Z[ -PN\YLZMVY[OLWYL]PV\Z`LHYOH]LILLUYLNYV\WLKYLZ[H[LK^OLYL]LYULJLZZHY`[VJVUMVYT[VJ\YYLU[`LHYëZ JSHZZPĉJH[PVU (ZWLYV\Y9LWVY[VML]LUKH[L -VYHUKVUILOHSMVM)VHYK -VYKALYANIWALLA & MISTRY A. B. GODREJ PIROJSHA GODREJ Chartered Accountants Chairman Managing Director & CEO -PYT9LNPZ[YH[PVU5\TILY > ERMIN K. IRANI SHODHAN A. KEMBHAVI Partner Company Secretary 4LTILYZOPW5\TILY! 4\TIHP+H[LK!4H` 081 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENTS Note 1 Accounting Policies: a) Basis of Preparation ;OLĉUHUJPHSZ[H[LTLU[ZHYLWYLWHYLKPUHJJVYKHUJL^P[ONLULYHSS`HJJLW[LKHJJV\U[PUNWYPUJPWSLZPU0UKPH;OL*VTWHU` OHZWYLWHYLK[OLZLĉUHUJPHSZ[H[LTLU[Z[VJVTWS`PUHSS[OLTH[LYPHSYLZWLJ[Z^P[O[OL(JJV\U[PUN:[HUKHYKZUV[PĉLK \UKLY[OL*VTWHUPLZ(JJV\U[PUN:[HUKHYKZ9\SLZ HZHTLUKLKHUKV[OLYYLSL]HU[WYV]PZPVUZVM[OL*VTWHUPLZ (J[ YLHK^P[O.LULYHS*PYJ\SHY KH[LK:LW[LTILYPZZ\LKI`[OL4PUPZ[Y`VM*VYWVYH[L(MMHPYZ PUYLZWLJ[VMZLJ[PVUVM[OL*VTWHUPLZ(J[\UKLY[OLOPZ[VYPJHSJVZ[JVU]LU[PVUVUHUHJJY\HSIHZPZ;OL HJJV\U[PUNWVSPJPLZOH]LILLUJVUZPZ[LU[S`HWWSPLKI`[OL*VTWHU` -VY[OLW\YWVZLVMHKTPUPZ[YH[PVUVM,TWSV`LL:[VJR6W[PVU7SHUVM[OL*VTWHU`[OL*VTWHU`OHZLZ[HISPZOLK.73 ,:67;Y\Z[0U[OLJ\YYLU[`LHYPUHJJVYKHUJL^P[O[OLVWPUPVUPZZ\LKI`[OL,_WLY[(K]PZVY`*VTTP[[LL,(*VM[OL 0*(0PUVU*VUZVSPKH[PVUVM,:67;Y\Z[PU[OLZ[HUKHSVULĉUHUJPHSZ[H[LTLU[Z[OL*VTWHU`OHZPUJS\KLK[OL ĉUHUJPHSZ[H[LTLU[ZVM[OL,:67[Y\Z[MVYWYLWHYH[PVUVM[OLZ[HUKHSVULĉUHUJPHSZ[H[LTLU[Z b) Operating Cycle ;OLUVYTHSVWLYH[PUNJ`JSLPUYLZWLJ[VMVWLYH[PVUYLSH[PUN[V\UKLYJVUZ[Y\J[PVUYLHSLZ[H[LWYVQLJ[KLWLUKZVUZPNUPUN VMHNYLLTLU[ZPaLVM[OLWYVQLJ[WOHZPUNVM[OLWYVQLJ[[`WLVMKL]LSVWTLU[WYVQLJ[JVTWSL_P[PLZHWWYV]HSZULLKLK YLHSPaH[PVUVMWYVQLJ[PU[VJHZO JHZOLX\P]HSLU[ZHUKYHUNLMYVT[V `LHYZ(JJVYKPUNS`(ZZL[Z 3PHIPSP[PLZOH]LILLU JSHZZPĉLKPU[VJ\YYLU[ UVUJ\YYLU[IHZLKVUVWLYH[PUNJ`JSLVMYLZWLJ[P]LWYVQLJ[Z c) Fixed Assets -P_LKHZZL[ZHYLZ[H[LKH[JVZ[VMHJX\PZP[PVUVYJVUZ[Y\J[PVUSLZZHJJ\T\SH[LKKLWYLJPH[PVU*VZ[PUJS\KLZHSSPUJPKLU[HS L_WLUZLZYLSH[LK[VHJX\PZP[PVUHUKPUZ[HSSH[PVUV[OLYWYLVWLYH[PVUL_WLUZLZHUKPU[LYLZ[PUJHZLVMJVUZ[Y\J[PVU *HYY`PUNHTV\U[VMJHZONLULYH[PUN\UP[ZHZZL[ZHYLYL]PL^LKH[IHSHUJLZOLL[KH[L[VKL[LYTPUL^OL[OLY[OLYLPZHU` PUKPJH[PVUVMPTWHPYTLU[0MZ\JOPUKPJH[PVUL_PZ[Z[OLYLJV]LYHISLHTV\U[PZLZ[PTH[LKHZ[OLUL[ZLSSPUNWYPJLVY]HS\L PU\ZL^OPJOL]LYPZOPNOLY0TWHPYTLU[SVZZPMHU`PZYLJVNUPaLK^OLUL]LYJHYY`PUNHTV\U[L_JLLKZ[OLYLJV]LYHISL HTV\U[ d) Depreciation / Amortization +LWYLJPH[PVUOHZILLUWYV]PKLKVU>YP[[LU+V^U=HS\LIHZPZH[[OLYH[LZZWLJPĉLKPU:JOLK\SL?0=VM[OL*VTWHUPLZ (J[ (ZZL[ZHJX\PYLKVUSLHZLHYLKLWYLJPH[LKV]LY[OLWLYPVKVM[OLSLHZL 3LHZLOVSKPTWYV]LTLU[ZHYLHTVY[PaLKV]LYHWLYPVKVMSLHZL 0U[HUNPISL(ZZL[ZV[OLY[OHU;YHKLTHYRHYLHTVY[PaLKV]LYHWLYPVKVMZP_`LHYZ*VTWHU`OHZHJX\PYLK[OLí.VKYLQî ;YHKLTHYRMVYWLYWL[\P[`PU[OLJ\YYLU[`LHY/V^L]LYHZHTH[[LYVMWY\KLUJL[OL4HUHNLTLU[OHZKLJPKLK[VHTVY[PaL [OLZHTLV]LYHWLYPVKVM`LHYZ e) Investments 0U]LZ[TLU[ZHYLJSHZZPĉLKPU[VSVUN[LYTHUKJ\YYLU[PU]LZ[TLU[Z 3VUN[LYTPU]LZ[TLU[ZHYLJHYYPLKH[JVZ[7YV]PZPVUMVYKPTPU\[PVUPMHU`PU[OL]HS\LVMLHJOSVUN[LYTPU]LZ[TLU[PZ THKL[VYLJVNUPaLHKLJSPULV[OLY[OHUVMH[LTWVYHY`UH[\YL *\YYLU[PU]LZ[TLU[ZHYLJHYYPLKPUKP]PK\HSS`H[SV^LYVMJVZ[HUKMHPY]HS\LHUK[OLYLZ\S[HU[KLJSPULPMHU`PZJOHYNLK[V YL]LU\L f) Inventories 0U]LU[VYPLZHYL]HS\LKHZ\UKLY! H *VTWSL[LK-SH[Z ([SV^LYVM*VZ[VY4HYRL[]HS\L I *VUZ[Y\J[PVU>VYRPU7YVNYLZZ ([*VZ[ *VUZ[Y\J[PVU >VYRPU7YVNYLZZ PUJS\KLZ JVZ[ VM SHUK WYLTP\T MVY KL]LSVWTLU[ YPNO[Z JVUZ[Y\J[PVU JVZ[Z HSSVJH[LK PU[LYLZ[HUKL_WLUZLZPUJPKLU[HS[V[OLWYVQLJ[Z\UKLY[HRLUI`[OL*VTWHU` 082 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE FINANCIAL STATEMENTS g) Revenue Recognition ;OL*VTWHU`PZMVSSV^PUN[OLí7LYJLU[HNLVM*VTWSL[PVU4L[OVKîVMHJJV\U[PUN(ZWLY[OPZTL[OVKYL]LU\LMYVT ZHSLVMWYVWLY[PLZPZYLJVNUPaLKPU:[H[LTLU[VM7YVĉ[ 3VZZPUWYVWVY[PVU[V[OLHJ[\HSJVZ[PUJ\YYLKHZHNHPUZ[[OL[V[HS LZ[PTH[LKJVZ[VMWYVQLJ[Z\UKLYL_LJ\[PVU^P[O[OL*VTWHU`VU[YHUZMLYVMZPNUPĉJHU[YPZRHUKYL^HYKZ[V[OLI\`LY 083 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENTS PPP 6[OLYSVUN[LYTLTWSV`LLILULĉ[Z! 6[OLYSVUN[LYTLTWSV`LLILULĉ[Z]PaSLH]LLUJHZOTLU[PZYLJVNUPaLKHZHUL_WLUZLPU[OL:[H[LTLU[ VM7YVĉ[HUK3VZZHZHUK^OLU[OL`HJJY\L;OL*VTWHU`KL[LYTPULZ[OLSPHIPSP[`\ZPUN[OL7YVQLJ[LK 084 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE FINANCIAL STATEMENTS As at (ZH[ 31.03.2014 ` ` NOTE 2 SHARE CAPITAL AUTHORISED ,X\P[`:OHYLZVM` LHJO7YL]PV\Z@LHY 1,170,000,000 ,X\P[`:OHYLVM`LHJO 1,170,000,000 ISSUED, SUBSCRIBED & PAID UP ,X\P[`:OHYLZVM` LHJO7YL]PV\Z@LHY ,X\P[` 996,170,150 :OHYLZVM`LHJOM\SS`WHPK\W 3LZZ! ,X\P[`:OHYLZVM` LHJOOLSKI`.73,:67;Y\Z[ 4,937,550 6M[OLHIV]L ,X\P[`:OHYLZVM`LHJO:WSP[PU[V ,X\P[`:OHYLZVM` LHJO^LYLPZZ\LKHZ9PNO[:OHYLZ 991,232,600 (a) Reconciliation of number of shares: 31.03.2014 No. of Shares ` 5VVM:OHYLZ ` 5\TILYVM:OHYLZV\[Z[HUKPUNH[[OL 78,046,103 780,461,030 ILNPUUPUNVM[OL`LHY 4V]LTLU[K\YPUN[OL`LHYWYPVY[V:WSP[ 21,570,677 215,706,770 (KKP[PVUVUHJJV\U[VM:OHYL:WSP[MYVT 99,616,780 - `[V` 4V]LTLU[K\YPUN[OL`LHYWVZ[:WSP[ 470 2,350 5\TILYVM:OHYLZV\[Z[HUKPUNH[[OLLUKVM 199,234,030 996,170,150 [OL`LHY (b) Shareholding information: ,X\P[`:OHYLZHYLOLSKI`! .VKYLQ0UK\Z[YPLZ3PTP[LK/VSKPUN*VTWHU` 122,775,304 .VKYLQ )V`JL4HU\MHJ[\YPUN*VTWHU` 3,240,688 3PTP[LK (c) Shareholders holding more than 5% of Equity Shares: 31.03.2014 No. of Shares % 5VVM:OHYLZ % .VKYLQ0UK\Z[YPLZ3PTP[LK 122,775,304 61.62% *\YYLU[@LHY-HJL=HS\LVM,X\P[`:OHYLPZ ` 7YL]PV\Z@LHY` 085 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENTS (d) Rights, preferences and restrictions attached to shares: ;OL*VTWHU`OHZVUS`VULJSHZZVMLX\P[`ZOHYLOH]PUNHWHY]HS\LVM` WLYZOHYL7YL]PV\Z@LHY`WLYZOHYL ,HJOOVSKLYVMLX\P[`ZOHYLZPZLU[P[SLK[VVUL]V[LWLYZOHYLOLSK;OLKP]PKLUKWYVWVZLKI`[OL)VHYKVM+PYLJ[VYZ PZZ\IQLJ[[V[OLHWWYV]HSVM[OL:OHYLOVSKLYZPU[OL(UU\HS.LULYHS4LL[PUNL_JLW[PUJHZLVMPU[LYPTKP]PKLUK0U[OL L]LU[VMSPX\PKH[PVU[OLZOHYLOVSKLYZHYLLSPNPISL[VYLJLP]L[OLYLTHPUPUNHZZL[ZVM[OL*VTWHU`HM[LYKPZ[YPI\[PVUVMHSS WYLMLYLU[PHSHTV\U[ZPUWYVWVY[PVU[V[OLPYZOHYLOVSKPUN 31.03.2014 (e) Equity Shares Reserved for Issue No. of Shares ` 5VVM:OHYLZ ` Under Options P ,TWSV`LL:[VJR.YHU[ZLSPNPISL 14928 74640 MVY LX\P[`ZOHYLZVM` LHJO 7YL]PV\Z@LHYLX\P[`ZOHYLZVM` LHJO]LZ[PUNVU PP ,TWSV`LL:[VJR.YHU[ZLSPNPISL 1252 6260 MVY LX\P[`ZOHYLZVM` LHJO 7YL]PV\Z@LHYLX\P[`ZOHYLZVM` LHJO]LZ[PUNVU PPP ,TWSV`LL:[VJR.YHU[ZLSPNPISL 48,276 241,380 MVY LX\P[`ZOHYLZVM` LHJO 7YL]PV\Z@LHYLX\P[`ZOHYLZVM` LHJO6\[VM^OPJOPZ]LZ[PUN VU HUK PZ]LZ[PUN VU P] ,TWSV`LL:[VJR.YHU[ZLSPNPISL - - MVYLX\P[`ZOHYLZVM`LHJO ] ,TWSV`LL:[VJR.YHU[ZLSPNPISL 2,218 11,090 MVY LX\P[`ZOHYLZVM` LHJO 7YL]PV\Z@LHYLX\P[`ZOHYLZVM` LHJO]LZ[PUNVU ]P ,TWSV`LL:[VJR.YHU[ZLSPNPISL 460 2,300 MVY LX\P[`ZOHYLZVM` LHJO 7YL]PV\Z@LHYLX\P[`ZOHYLZVM` LHJO6\[VM^OPJOPZ]LZ[PUNVU HUKPZ]LZ[PUNVU ]PP ,TWSV`LL:[VJR.YHU[ZLSPNPISL 480 2,400 MVY LX\P[`ZOHYLZVM` LHJO 7YL]PV\Z@LHYLX\P[`ZOHYLZVM` LHJO6\[VM^OPJOPZ]LZ[PUNVU HUKPZ]LZ[PUNVU ]PPP ,TWSV`LL:[VJR.YHU[Z 125,744 628,720 LSPNPISLMVY LX\P[`ZOHYLZVM ` LHJO6\[VM^OPJO PZ ]LZ[PUNVU PZ ]LZ[PUNVU HUK PZ ]LZ[PUNVU P_ ,TWSV`LL:[VJR.YHU[ZLSPNPISL 30,000 150,000 MVYLX\P[`ZOHYLZVM` LHJO ]LZ[PUNVU 086 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE FINANCIAL STATEMENTS As At (Z([ 31.03.2014 ` ` NOTE 3 RESERVES & SURPLUS Securities Premium (ZWLYSHZ[)HSHUJL:OLL[ 10,179,949,780 (KKP[PVUK\YPUN[OL`LHY 6,803,953,214 <[PSPZH[PVUK\YPUN[OL`LHY9LMLY5V[LH 88,736,100 *SVZPUN)HSHUJL 16,895,166,894 ESOP Trust (KQ\Z[TLU[VM9L[HPULKLHYUPUN+P]PKLUK*VZ[VMZOHYLUL[VMMHJL (436,136,099) ]HS\L9LMLY5V[LI General Reserve (ZWLYSHZ[)HSHUJL:OLL[ 123,000,000 <[PSPZH[PVUK\YPUN[OL`LHY9LMLY5V[L 123,000,000 (KKP[PVUK\YPUN[OL`LHY 98,000,000 *SVZPUN)HSHUJL 98,000,000 ,TWSV`LL:[VJR.YHU[:JOLTL9LZLY]L (ZWLYSHZ[)HSHUJL:OLL[ 24,898,564 (KKP[PVUK\YPUN[OL`LHY 38,099,758 <[PSPZH[PVUK\YPUN[OL`LHY 19,360,994 *SVZPUN)HSHUJL 43,637,328 :\YWS\ZPU:[H[LTLU[VM7YVĉ[HUK3VZZ (ZWLYSHZ[)HSHUJL:OLL[ 2,534,628,427 <[PSPZH[PVUK\YPUN[OL`LHY9LMLY5V[L 2,637,049,889 7YVĉ[MVY[OL`LHY 976,517,351 (WWYVWYPH[PVUZK\YPUN[OL`LHY 7YVWVZLK+P]PKLUK-PUHS9LMLY5V[LI 398,694,444 ;H_VU+PZ[YPI\[LK7YVĉ[ 67,758,121 ;YHUZMLY[V.LULYHS9LZLY]L 98,000,000 *SVZPUN)HSHUJL 309,643,324 Total Reserves & Surplus 16,910,311,447 H :LJ\YP[PLZ7YLTP\THTV\U[OHZILLU\[PSPZLK[V^HYKZ9PNO[0ZZ\LL_WLUZLZUL[VMMYL]LYZHSVMWYV]PZPVUTHKLMVY076 L_WLUZLZHTV\U[PUN[V` I ;OL)VHYKVM+PYLJ[VYZVM[OLJVTWHU`OHZWYVWVZLKKP]PKLUKVM PL`WLYLX\P[`ZOHYLVM` LHJOMVY[OL `LHYHTV\U[PUN[V` 7YL]PV\Z@LHY PL`WLYLX\P[`ZOHYLVM`LHJOHTV\U[PUN[V ` NOTE 4 LONG TERM BORROWINGS +LWVZP[Z 087 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENTS As At (Z([ 31.03.2014 ` ` NOTE 6 LONG TERM PROVISIONS 7YV]PZPVUMVY,TWSV`LL)LULĉ[Z 23,635,604 .YH[\P[`9LMLY5V[L I 4,943,575 H 4V]LTLU[PU NOTE 7 SHORT TERM BORROWINGS -YVT)HURZ :LJ\YLK3VHU *HZO*YLKP[9LMLY5V[L H 2,910,172,162 :OVY[;LYT3VHU9LMLY5V[L I 3,000,000,000 088 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE FINANCIAL STATEMENTS As At (Z([ 31.03.2014 ` ` NOTE 8 OTHER CURRENT LIABILITIES *\YYLU[TH[\YP[PLZVMSVUN[LYTKLI[ NOTE 9 SHORT TERM PROVISIONS 7YV]PZPVUMVY,TWSV`LL)LULĉ[Z .YH[\P[`9LMLY5V[L I 505,967 6[OLY7YV]PZPVU -VY;H_H[PVU 4,673,221 5L[VM(K]HUJL;H_ ;H_KLK\J[LKH[ZV\YJL` 7YL]PV\Z @LHY` 7YVWVZLK+P]PKLUK-PUHS 398,694,444 ;H_VU+P]PKLUK 67,758,121 477,423,241 089 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENTS ` - 2013 As at 356,380 193,215 5,325,629 31st March 14,602,468 16,412,352 15,373,763 15,956,858 19,402,827 15,255,863 37,015,782 580,873,799 440,978,662 ` 2014 As at NET BLOCK 31st March 19,402,827 684,322,895 1,111,770,828 ` - 646,380 Upto 2014 82,114 166,339 3,159,255 13,872,345 31st March 47,952,133 14,728,432 15,892,165 18,144,610 22,503,811 20,391,151 41,248,906 24,359,987 16,909,117 14,097,604 49,503,915 42,888,258 11,250,000 258,750,000 ` TOTAL Deductions ` Year For the DEPRECIATION ` on Merger Taken Over ` ------11,250,000 - Upto 2013 50,988 4,250 26,876 - 1st April 2,429,132 - 730,123 - 39,668,523 6,848,135 3,785,814 2,350,339 12,044,381 677,065 3,174,883 4,164 16,868,765 1,953,788 3,681,258 - 30,892,514 1,243,605 9,222,645 109,858 16,879,759 1,235,231 4,323,995 5,529,868 36,220,111 13,283,804 - - ` 2014 As at 646,380 248,453 31st March 17,031,600 62,680,565 34,036,775 42,894,962 65,608,893 31,006,721 92,392,173 270,000,000 ` Deductions ` Additions GROSS BLOCK ` on Merger Taken Over ` As at April 2013 st 1 Building 17,031,600 - - - Tangible Assets Land 356,380 290,000 - - ASSETS Leasehold Improvements 44,994,152 9,057,264 12,174,365 3,545,216 Office Equipment 28,456,733 1,794,960 3,795,082 10,000 Site EquipmentsFurniture & Fixtures 32,242,528 244,203 4,245,648 6,406,786 4,250 - - - Computer 46,849,372 1,789,805 17,111,616 141,900 Motor Vehicle 32,135,622 1,934,492 6,549,463 9,612,856 Intangible Assets Licenses & Software 73,235,893 - 19,156,280 - Intangible Assets under Development Trade Mark - - 270,000,000 - TotalPrevious YearCapital Work-in- progress 234,467,232 275,546,483 19,116,419 335,193,592 13,309,972 616,546,522 155,054,173 11,962,074 49,479,398 7,994,229 208,501,41 6 - 408,045,106 44,604,370 120,492,310 3,525,119 275,546,483 121,947,171 - 35,376,369 2,269,367 155,054,173 NOTE 10 FIXED ASSETS 090 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE FINANCIAL STATEMENTS As At (Z([ 31.03.2014 ` ` NOTE 11 NON-CURRENT INVESTMENTS 0 Trade Investments Investments in Subsidiary Companies Unquoted Investments 7YL]PV\Z@LHY ,X\P[`:OHYLZVM`LHJOVM Godrej Realty Private Limited 55,217,025 5PS7YL]PV\Z@LHY ,X\P[`:OHYLZVM`LHJOVM Godrej Seaview Properties Limited - -VYTLYS`RUV^UHZ.VKYLQ:LH]PL^7YVWLY[PLZ7YP]H[L3PTP[LK 7YL]PV\Z@LHY ,X\P[`:OHYLZVM`LHJOVM Godrej Real Estate Private Limited 500,000 5PS7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM Godrej Developers Private Limited - 7YL]PV\Z@LHY ,X\P[`:OHYLZVM`LHJOVM Happy Highrises Limited 163,568,489 5PS7YL]PV\Z@LHY ,X\P[`:OHYLZVM`LHJOVM Godrej Estate Developers Limited - -VYTLYS`RUV^UHZ.VKYLQ,Z[H[L+L]LSVWLYZ7YP]H[L3PTP[LK 7YL]PV\Z@LHY ,X\P[`:OHYLZ*SHZZ(VM`LHJOVM Godrej Buildwell Private Limited 245,000 7YL]PV\Z@LHY,X\P[`:OHYLZ*SHZZ+VM`LHJOVM Godrej Buildwell Private Limited 10,000 7YL]PV\Z@LHY ,X\P[`:OHYLZVM`LHJOVM Godrej Buildcon Private Limited 500,000 7YL]PV\Z@LHY ,X\P[`:OHYLZVM`LHJOVM Godrej Projects Development Private Limited 500,500,000 7YL]PV\Z@LHY ,X\P[`:OHYLZVM`LHJOVM Godrej Premium Builders Private Limited 255,000 7YL]PV\Z@LHY ,X\P[`:OHYLZVM`LHJOVM Godrej Garden City Properties Private Limited 500,000 5PS7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM Godrej Nandhi Hills Project Private Limited - 7YL]PV\Z@LHY5PS,X\P[`:OHYLZVM`LHJOVM Wonder Space Properties Private Limited 15,948,327 7YL]PV\Z@LHY5PS,X\P[`:OHYLZVM`LHJOVM Wonder City Buildcon Private Limited 500,000 7YL]PV\Z@LHY5PS,X\P[`:OHYLZVM`LHJOVM Godrej Green Homes Limited 500,000 738,243,841 091 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENTS As At (Z([ 31.03.2014 ` ` II Investment in Debentures (Fully paid) Investments in Subsidiary Companies :LJ\YLK9LKLLTHISLVW[PVUHSS` *VU]LY[PISL+LILU[\YLZVM`LHJOVM Godrej Realty Private Limited 29,890,950 :LJ\YLK9LKLLTHISLVW[PVUHSS`*VU]LY[PISL +LILU[\YLZVM`LHJOVM Wonder Space Properties Private Limited 341,696,000 371,586,950 III Investments In Limited Liabilty Partnership Unquoted Investments 4VZPHJ3HUKTHYRZ337 75,704,619 .VKYLQ=PROYVSP7YVWLY[PLZ337 1,973,888,563 6_MVYK9LHS[`337 17,500 2,049,610,682 IV Non trade Investments (a) Investment in Fully paid up Equity Instruments Quoted Investments 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM (SHJYP[`/V\ZPUN3PTP[LK 742 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM (UZHS)\PSK^LSS3PTP[LK 1,066 7YL]PV\Z@LHYVM`LHJOVM (UZHS/V\ZPUN *VUZ[Y\J[PVU3PTP[LK 1,366 ZOHYLZYLJLP]LKHZIVU\ZZOHYLZK\YPUN[OL`LHY 7YL]PV\Z@LHY ,X\P[`:OHYLZVM` LHJOVM (UZHS7YVWLY[PLZ 0UMYHZ[Y\J[\YL3PTP[LK 3,081 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM 3VR/V\ZPUN *VUZ[Y\J[PVU3PTP[LK 1,241 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM .SVIHS0UMYHZ[Y\J[\YL ;LJOUVSVNPLZ3PTP[LK 1,641 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM 7YLTPLY,ULYN` 0UMYHZ[Y\J[\YL3PTP[LK 1,516 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM +:2\SRHYUP+L]LSVWLYZ3PTP[LK 891 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM 092 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE FINANCIAL STATEMENTS As At (Z([ 31.03.2014 ` ` ,X\P[`:OHYLZ7YL]PV\Z@LHYZOHYLVM`LHJO VM`LHJOVM 9HKOL+L]LSVWLYZ0UKPH3PTP[LK 266 7YL]PV\Z@LHY ,X\P[`:OHYLZVM`LHJOVM *VZ[VM8\V[LK0U]LZ[TLU[Z 23,652 4HYRL[=HS\LVM8\V[LK0U]LZ[TLU[Z 360,008 NOTE 12 DEFERRED TAX ASSET (NET) 3PHIPSP[PLZ 6U-P_LK(ZZL[ (16,970,000) (ZZL[Z 6U-P_LK(ZZL[ - 6U6[OLYZ 35,590,000 18,620,000 NOTE 13 LONG TERM LOANS & ADVANCES :LJ\YLK *VUZPKLYLKNVVK +LWVZP[Z7YVQLJ[Z9LMLY5V[LH 1,021,182,709 NOTE 14 OTHER NON CURRENT ASSETS ,_WLUZLZ9LJV]LYHISL 6,276,078 0U[LYLZ[(JJY\LK 449,447 6[OLYZ+LWVZP[^P[O)HURZ 22,100,000 +LWVZP[^P[O)HURPZOLSKHZ4HYNPU4VUL` 28,825,525 093 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENTS As At (Z([ 31.03.2014 ` ` NOTE 15 INVENTORIES -PUPZOLK.VVKZ9LMLY5V[L H 455,392,050 *VUZ[Y\J[PVU>VYRPUWYVNYLZZ 8,827,920,514 9,283,312,564 H -PUPZOLKNVVKZPUJS\KLZZOHYLZVM;HOPY7YVWLY[PLZ3PTP[LKH[JVZ[VY THYRL[]HS\L^OPJOL]LYPZSV^LY! H ,X\P[`ZOHYLZVM`LHJO`WHPK\W I 9LKLLTHISL7YLMLYLUJL*SHZZ(ZOHYLZVM`LHJO ` WHPK NOTE 16 TRADE RECEIVABLES NOTE 17 CASH & BANK BALANCES *HZO *HZO,X\P]HSLU[Z *HZOVU/HUK 196,729 *OLX\LZVU/HUK 1,015,037 )HSHUJL^P[O)HURZ VU*\YYLU[(JJV\U[Z9LMLY5V[L H 511,463,592 VU-P_LK+LWVZP[(JJV\U[Z9LMLY5V[L I 53,542,851 0U]LZ[TLU[ZPU4\[\HS-\UKZ9LMLY5V[L J 5,958,972,998 6[OLY)HUR)HSHUJLZ VU-P_LK+LWVZP[(JJV\U[Z3VUN[LYTKLWVZP[Z^P[OTH[\YP[`TVYL[OHU - TVU[OZI\[SLZZ[OHUTVU[OZ 6,525,191,207 H )HSHUJLZ^P[O)HURZPUJ\YYLU[HJJV\U[ZPUJS\KL` 7YL]PV\Z@LHY` LHYTHYRLKIHSHUJLMVY\UJSHPTLK KP]PKLUK0[HSZVPUJS\KLZIHSHUJLZVM[OL,:67;Y\Z[VM` 7YL]PV\Z@LHY`5PS I P -P_LK+LWVZP[VM`5PS7YL]PV\Z@LHY` PZOLSKHZ THYNPUTVUL` PP 094 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE FINANCIAL STATEMENTS As At (Z([ 31.03.2014 ` ` J 0U]LZ[TLU[PU4\[\HS-\UKZ! P 0U+LI[4\[\HS-\UKZ 2V[HR-SVH[LY3;+HPS`+P]PKLUK9LPU]LZ[ - 0*0*07Y\KLU[PHS-SVH[PUN9H[L7SHU++HPS`+P]PKLUK - 9LPU]LZ[ 14/PNO3PX\PKP[`-\UK.YV^[O - 7LLYSLZZ3PX\PK-\UK:\WLY07.YV^[O 200,000,000 9LSPHUJL3PX\PK-\UK;7.YV^[O 910,000,000 9LSPNHYL0U]LZJV3PX\PK-\UK.YV^[O7SHU 498,640,015 (_PZ3PX\PK-\UK.YV^[O*-.7. 620,332,983 )PYSH:\U3PML*HZO7S\Z.YV^[O9LN\SHY7SHU 940,000,000 /+-**HZO4HUHNLTLU[-\UK:H]PUN7SHU.YV^[O 660,000,000 0*0*07Y\KLU[PHS3PX\PK9LN\SHY.YV^[O7SHU 710,000,000 3 ;3PX\PK-\UK.YV^[O 250,000,000 :\UKHYHT4VUL`-\UK9LN.YV^[O 760,000,000 )HYVKH7PVULLY3PX\PK-\UK7SHU(.YV^[O 410,000,000 5,958,972,998 PP NOTE 18 SHORT TERM LOANS & ADVANCES :LJ\YLK :LJ\YLK+LWVZP[Z7YVQLJ[Z9LMLY5V[L H 3,372,595,781 6[OLY(K]HUJLZ9LMLY5V[L I 26,374,462 095 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENTS As At (Z([ 31.03.2014 ` ` To Holding Company: .VKYLQ0UK\Z[YPLZ3PTP[LK 24,136 To Subsidiaries Company, Sub Subsidiary and Fellow Subsidiary .VKYLQ9LHS,Z[H[L7YP]H[L3PTP[LK 1,513,429,548 .VKYLQ:LH=PL^7YVWLY[PLZ3PTP[LK-VYTLS`RUV^UHZ.VKYLQ:LH - =PL^7YVWLY[PLZ7YP]H[L3PTP[LK /HWW`/PNOYPZLZ3PTP[LK 1,794,536,796 .VKYLQ+L]LSVWLYZ7YP]H[L3PTP[LK 2,481,141,437 .VKYLQ,Z[H[L+L]LSVWLYZ3PTP[LK-VYTLS`RUV^UHZ.VKYLQ,Z[H[L - +L]LSVWLYZ7YP]H[L3PTP[LK .VKYLQ)\PSK^LSS7YP]H[L3PTP[LK 987,997,794 .VKYLQ)\PSKJVU7YP]H[L3PTP[LK 3,410,024,669 .VKYLQ7YVQLJ[Z+L]LSVWTLU[7YP]H[L3PTP[LK 790,628,089 .VKYLQ7YLTP\T)\PSKLYZ7YP]H[L3PTP[LK 566,580,000 .VKYLQ.HYKLU*P[`7YVWLY[PLZ7YP]H[L3PTP[LK 152,136 .VKYLQ5HUKOP/PSSZ7YVQLJ[7YP]H[L3PTP[LK - .VKYLQ9LHS[`7YP]H[L3PTP[LK 886,415 >VUKLY*P[`)\PSKJVU7YP]H[L3PTP[LK 11,236 .VKYLQ.YLLU/VTLZ3PTP[LK 31,126 To Limited Liability Partnership .VKYLQ7YVWLY[`+L]LSVWLYZ337 367,309 4VZPHJ3HUKTHYRZ337 317,571,057 6_MVYK9LHS[`337 287,753,018 +YLHT>VYSK3HUKTHYRZ337 32,850,724 From Company under same Management: .VKYLQ*VUZ\TLY7YVK\J[Z3PTP[LK 1,479,065 12,210,019,679 K +\L VU 4HUHNLTLU[ 7YVQLJ[Z PUJS\KL H Z\T VM ` 7YL]PV\Z@LHY` VUHJJV\U[VMHWYVQLJ[^OLYL[OL TH[[LYPZZ\IQ\KPJL^P[OHYIP[YH[VYZ L ;OL *VTWHU` OHZ LU[LYLK PU[V +L]LSVWTLU[ (NYLLTLU[ ^P[O SHUKSVYKZ +L]LSVWTLU[ 4HUHNLTLU[ -LL HTV\U[PUN [V ` 7YL]PV\Z @LHY ` HJJY\LK HZ WLY [LYTZVM[OL(NYLLTLU[HYLYLJLP]HISLI`[OL*VTWHU`IHZLK\WVU WYVNYLZZ TPSLZ[VULZ ZWLJPĉLK PU [OL YLZWLJ[P]L (NYLLTLU[Z HUK OH]L ILLU KPZJSVZLK HZ +L]LSVWTLU[ 4HUHNLTLU[ -LL HJJY\LK I\[UV[K\L NOTE 19 OTHER CURRENT ASSETS 096 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the Year Ended -VY[OL@LHY,UKLK 31.03.2014 ` ` NOTE 20 REVENUE FROM OPERATIONS :HSLVM7YVK\J[Z 5,123,779,598 6[OLY6WLYH[PUN9L]LU\LZ :HSLVM:LY]PJLZ 606,177,646 *VTWLUZH[PVU9LJLP]LKMYVT7YVQLJ[ 70,000,000 6[OLY0UJVTLMYVT*\Z[VTLYZ 14,231,630 :OHYLVM7YVĉ[PU3PTP[LK3PHIPSP[`7HY[ULYZOPW 825,369,053 3LHZL9LU[ 477,492 3PJLUZL-LLZ 12,000 6,640,047,419 NOTE 21 OTHER INCOME 0U[LYLZ[0UJVTL 904,520,555 7YVQLJ[ZHUKSHUKSVYKZ 69,104,274 6[OLYZ 654,331 +P]PKLUKZ - 7YVĉ[VUZHSLVM-P_LK(ZZL[Z5L[ 45,597,795 7YVĉ[VUZHSLVM0U]LZ[TLU[Z 4,476 +PTPU\[PVUPU]HS\LVMPU]LZ[TLU[Z^YP[[LUIHJR 5,640,928 4PZJLSSHULV\Z0UJVTL 1,025,522,359 NOTE 22 COST OF SALES 6WLUPUN:[VJR! -PUPZOLK.VVKZ 2,864,043 *VUZ[Y\J[PVU>VYRPUWYVNYLZZ 6,503,247,533 (KK!,_WLUKP[\YL;YHUZMLYZMYVT(K]HUJLZK\YPUN[OL`LHY :[VJR0U;YHKL(JX\PYLKVU(THSNHTH[PVU 2,753,605,021 :[VJR0U;YHKL(JX\PYLKK\YPUN[OL`LHY 452,528,007 +L]LSVWTLU[9PNO[Z 47,879,818 *VUZ[Y\J[PVU4H[LYPHS 3HIV\Y 3,114,065,012 (YJOP[LJ[-LLZ 64,846,521 (K]LY[PZLTLU[,_WLUZLZ 120,733,978 6]LYOLHKZ 1,073,537,600 0U[LYLZ[ 420,772,455 8,047,968,412 3LZZ!7YVQLJ[[YHUZMLYYLK[V:\IZPKPHYPLZ 355,651,230 3LZZ!*SVZPUN:[VJR! -PUPZOLK.VVKZ 455,392,050 *VUZ[Y\J[PVU>VYRPUWYVNYLZZ 8,827,920,514 4,915,116,194 097 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the Year Ended -VY[OL@LHY,UKLK 31.03.2014 ` ` NOTE 23 EMPLOYEE BENEFIT EXPENSES :HSHYPLZ)VU\Z.YH[\P[` (SSV^HUJLZ 143,467,803 *VU[YPI\[PVU[V7YV]PKLU[ V[OLYM\UKZ 29,063,418 6[OLY,TWSV`LL)LULĉ[Z 28,250,251 ,_WLUZLVU,TWSV`LL:[VJR6W[PVU:JOLTL9LMLY5V[L 38,099,758 238,881,230 NOTE 24 FINANCE COST 0U[LYLZ[,_WLUZL )HURZ 650,946,053 0U[LY*VYWVYH[L+LWVZP[Z - 7YVQLJ[ZHUKSHUKSVYKZ 268,278,349 6[OLYZ 369,758,446 0U[LYLZ[VU0UJVTL;H_ 2,496,696 ;V[HS0U[LYLZ[,_WLUZLZ 1,291,479,544 6[OLY)VYYV^PUNJVZ[ 236,314,495 Total Finance Cost 1,527,794,039 3LZZ!*HWP[HSPZLK[V7YVQLJ[Z 308,702,975 3LZZ!*HWP[HSPZLK[V*HWP[HS>07 33,688,924 NET FINANCE COST 1,185,402,140 NOTE 25 OTHER EXPENSES *VUZ\S[HUJ`*OHYNLZ 56,646,591 9LU[ 38,952,614 0UZ\YHUJL 4,159,491 9H[LZ ;H_LZ 1,145,339 3VZZVUZHSLVM-P_LK(ZZL[Z5L[ 328,721 (K]LY[PZLTLU[ 4HYRL[PUN,_WLUZL 29,685,920 7YV]PZPVUMVY+V\I[M\S(K]HUJLZ^YP[[LUIHJR5L[ (42,253,566) 6[OLY,_WLUZLZ 225,889,192 314,554,302 Note 26 H (:JOLTLVM(THSNHTH[PVUí[OL:JOLTLîMVY[OLHTHSNHTH[PVUVM.VKYLQ:LH=PL^7YVWLY[PLZ3PTP[LKí.:=73îVY í[OL;YHUZMLYVY*VTWHU`îHUK.VKYLQ5HUKOP/PSSZ7YVQLJ[7YP]H[L3PTP[LKí.5/73îVYí[OL;YHUZMLYVY*VTWHU`èî IV[O^OVSS`V^ULKZ\IZPKPHYPLZ^P[O.VKYLQ7YVWLY[PLZ3PTP[LKí.73îVYí[OL;YHUZMLYLL*VTWHU`î^P[OLMMLJ[MYVT 098 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE FINANCIAL STATEMENTS 1HU\HY`í[OL(WWVPU[LK+H[Lî^HZZHUJ[PVULKI`[OL/VUëISL/PNO*V\Y[VM1\KPJH[\YLH[)VTIH`í[OL*V\Y[î ]PKLP[Z6YKLYKH[LK(WYPSHUKJLY[PĉLKJVWPLZVM[OL6YKLYVM[OL*V\Y[ZHUJ[PVUPUN[OL:JOLTL^LYLĉSLK^P[O [OL9LNPZ[YHYVM*VTWHUPLZ4HOHYHZO[YHVU(WYPS[OLí,MMLJ[P]L+H[Lî(JJVYKPUNS`[OLZ[HUKHSVULYLZ\S[ZVM [OL*VTWHU`MVY[OL`LHYLUKLK4HYJOPUJS\KL[OLYLZ\S[ZVM[OLLYZ[^OPSL.:=73HUK.5/73MVY[OL`LHY LUKLK4HYJO I ;OLHTHSNHTH[PVUOHZILLUHJJV\U[LKMVY\UKLY[OLí7VVSPUNVM0U[LYLZ[TL[OVKîHZWYLZJYPILKI`(JJV\U[PUN:[HUKHYK (: VU í(JJV\U[PUN MVY (THSNHTH[PVUî UV[PĉLK \UKLY [OL *VTWHUPLZ (JJV\U[PUN :[HUKHYKZ 9\SLZ ;OL *VTWHU`OHZJHYYPLKV\[[OLHJJV\U[PUN[YLH[TLU[ZWLJPĉLKPU[OL:JOLTLK\S`ZHUJ[PVULKI`[OL/VUëISL/PNO*V\Y[VM 1\KPJH[\YLH[)VTIH`(JJVYKPUNS`[OL:JOLTLOHZILLUNP]LULMMLJ[[VPU[OLZLHJJV\U[ZHUKHSS[OLHZZL[ZHUKSPHIPSP[PLZ VM.:=73HUK.5/73Z[HUKZ[YHUZMLYYLK[VHUK]LZ[LKPU[OL;YHUZMLYLL*VTWHU`^P[OLMMLJ[MYVT[OL(WWVPU[LK+H[L 0UHJJVYKHUJL^P[O[OL:JOLTL[OLHZZL[ZHUKSPHIPSP[PLZVM.:=73HUK.5/73OH]LILLU[HRLUV]LYHUKYLJVYKLKH[ [OLPYYLZWLJ[P]LIVVR]HS\LHZVUZ[1HU\HY` J ;OL5L[(ZZL[ZVM[OL;YHUZMLYVY*VTWHU`HUK;YHUZMLYVY*VTWHU`è[HRLUV]LYI`[OL;YHUZMLYLL*VTWHU`VU HTHSNHTH[PVUHYLHZ\UKLY! (Amount in `) Particulars GSVPL GNHPL Total -P_LK(ZZL[Z *HZO )HUR)HSHUJLZ 0U]LU[VYPLZ ;YHKLHUKV[OLY9LJLP]HISLZ 3LZZ!;YHKLHUKV[OLY7H`HISLZ 5L[(ZZL[Z[HRLUV]LY K ;VNP]LLMMLJ[[V[OL/VUVYHISL)VTIH`/PNO*V\Y[ëZVYKLYKH[LK(WYPSYLNHYKPUN:JOLTL[OLMVSSV^PUNHJ[PVUZ OH]LILLUWLYMVYTLK P ;OL*VZ[HUKL_WLUZLZHYPZPUNV\[VMVYPUJ\YYLKPUJHYY`PUNV\[HUKPTWSLTLU[PUN[OL:JOLTLHTV\U[PUN[V` OH]LILLUKLIP[LKPU[OL:[H[LTLU[VM7YVĉ[ 3VZZVM[OL;YHUZMLYLL*VTWHU` PP ;OLHTV\U[VM` HYPZPUNV\[VM[OLKPMMLYLUJLIL[^LLU[OLIVVR]HS\LVM[OLUL[HZZL[ZVM[OL;YHUZMLYVY *VTWHU`èHUK;YHUZMLYVY*VTWHU`è[HRLUV]LYHUKJHUJLSSH[PVUVMPU[LYJVTWHU`PU]LZ[TLU[ZSVHUZHUKHK]HUJLZ IL[^LLU[OL;YHUZMLYVY*VTWHU`è;YHUZMLYVY*VTWHU`èHUK[OL;YHUZMLYLL*VTWHU`OHZILLUHKQ\Z[LKMYVT[OL VWLUPUNIHSHUJLVM.LULYHS9LZLY]LHUKVWLUPUNIHSHUJLVMZ\YWS\ZPU[OL:[H[LTLU[VM7YVĉ[ 3VZZHZ\UKLY! (Amount in `) 9LZLY]LZVM.:=73HUK.5/73HZVU[OL(WWVPU[LK+H[L 3LZZ!(KQ\Z[TLU[ZW\YZ\HU[[VTLYNLY )VVR=HS\LVM[OL0U]LZ[TLU[ZPU.:=73 )VVR=HS\LVM[OL0U]LZ[TLU[ZPU.5/73 3LZZ!-HJL=HS\LVMZOHYLZVM.:=73 3LZZ!-HJL=HS\LVMZOHYLZVM.5/73 5L[PTWHJ[VUYLZLY]LZVM*VTWHU`VUHTHSNHTH[PVU 3LZZ!(KQ\Z[TLU[HNHPUZ[VWLUPUNIHSHUJLVM.LULYHS9LZLY]L 3LZZ!(KQ\Z[TLU[HNHPUZ[VWLUPUNIHSHUJLVMZ\YWS\ZPU[OLZ[H[LTLU[VM 7YVĉ[ 3VZZ L :PUJL[OLLU[PYLPZZ\LKZ\IZJYPILKHUKWHPK\WJHWP[HSVM[OL;YHUZMLYVY*VTWHU`èHUK;YHUZMLYVY*VTWHU`è^HZ OLSKI`[OL;YHUZMLYLL*VTWHU`\WVU[OL:JOLTLILJVTPUNLMMLJ[P]LUVZOHYLZVM[OL;YHUZMLYLL*VTWHU`OH]LILLU HSSV[[LKPUJVUZPKLYH[PVU[V[OLTLYNLYVM.:=73 .5/73 M :PUJL[OLHMVYLZHPK:JOLTLVMTLYNLYVM[OL.:=73 .5/73^P[O[OL*VTWHU`LMMLJ[P]LMYVT1HU\HY`[OL ĉN\YLZMVY[OLJ\YYLU[`LHY[V[OH[L_[LU[HYLUV[JVTWHYHISL^P[O[OVZLVM[OLWYL]PV\Z`LHY 099 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENTS Note 27 a) Contingent Liabilities: Matters Current year 7YL]PV\Z@LHY ` ` I) *SHPTZHNHPUZ[*VTWHU`UV[(JRUV^SLKNLKHZKLI[Z" P *SHPTZHNHPUZ[[OL*VTWHU`UV[HJRUV^SLKNLKHZKLI[ZYLWYLZLU[ 82,115,560 JHZLZĉSLKI`WHY[PLZPU[OL*VUZ\TLYMVY\T*P]PS*V\Y[HUK/PNO *V\Y[HUKKPZW\[LKI`[OL*VTWHU`HZHK]PZLKI`V\YHK]VJH[LZ0U [OLVWPUPVUVM[OLTHUHNLTLU[[OLJSHPTZHYLUV[Z\Z[HPUHISL PP *SHPTZ HNHPUZ[ [OL *VTWHU` \UKLY [OL 3HIV\Y 3H^Z MVY KPZW\[LK 1,989,240 JHZLZ PPP *SHPTZHNHPUZ[[OL*VTWHU`\UKLY)VTIH`:[HTW(J[ 14,850,000 P] 6[OLY*SHPTZHNHPUZ[[OL*VTWHU`UV[HJRUV^SLKNLKHZKLI[Z 11,184,920 ] *SHPTZHNHPUZ[[OL*VTWHU`\UKLY0UJVTL;H_(J[(WWLHSWYLMLYYLK 5,996,853 [V*VTTPZZPVULYVM0UJVTL;H_(WWLHSZ ]P *SHPTZHNHPUZ[[OL*VTWHU`\UKLY:HSLZ;H_(J[(WWLHSWYLMLYYLK[V 21,874,981 ;OL1VPU[*VTTPZZPVULYVM*VTTLYJPHS;H_LZ(WWLHSZ ]PP (WWLHS WYLMLYYLK [V *\Z[VTZ ,_JPZL HUK :LY]PJL ;H_ (WWLSSH[L 335,102,594 [YPI\UHSH[)LUNHS\Y\ ]PPP +LTHUKYHPZLK^PKLH\KP[TLTVPZZ\LKI`VMĉJLVM*VTTPZZPVULYVM 2,656,077 :LY]PJL[H_5L^+LSOP II) .\HYHU[LLZ" P .\HYHU[LLZNP]LUI`)HURJV\U[LYN\HYHU[LLKI`[OL*VTWHU` 345,188,721 III) Other Money for which Company is contingently liable P3L[[LYVMJYLKP[VWLULKI`)HURVUILOHSMVM[OL*VTWHU` 11,999,908 b) Commitments Particulars Current year 7YL]PV\Z@LHY ` ` 0 *HWP[HS*VTTP[TLU[ 58,228,849 00 Particulars (Amount in `) (TV\U[9LJLP]LKMYVT076 4,688,471,300 <[PSPaH[PVUVM-\UKZ\W[V[OLYLWVY[PUNKH[L! -\UKPUN[VWHY[ĉUHUJL[OLHJX\PZP[PVUVMSHUKKL]LSVWTLU[ZYPNO[ZHUKJVUZ[Y\J[PVUJVZ[Z 2,179,110,000 9LWH`TLU[VM3VHUZ 2,104,011,157 0ZZ\L,_WLUZLZ 405,350,143 TOTAL 4,688,471,300 9L]PZLK(TV\U[7YVWVZLK[VIL\[PSPaLKHZHWWYV]LKI`ZOHYLOVSKLYZPU(.4OLSKVU1\S` 100 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE FINANCIAL STATEMENTS I ;OL9PNO[0ZZ\LWYVJLLKZOH]LILLU\[PSPaLKHZWLYVIQLJ[ZVM[OLPZZ\LHZZ[H[LKPU[OLSL[[LYVMVMMLYHZ\UKLY! Particulars Current year ` (TV\U[9LJLP]LKMYVT9PNO[Z0ZZ\L 6,999,976,100 <[PSPaH[PVUVM-\UKZ\W[V[OLYLWVY[PUNKH[L! 9LWH`TLU[VM3VHUZ 1,451,200,000 0ZZ\L,_WLUZLZ 90,136,100 )HSHUJL\U\[PSPaLKHTV\U[[LTWVYHYPS`PU]LZ[LKPU 4\[\HS-\UKZ 5,458,640,000 TOTAL 6,999,976,100 (ZVUZ[4HYJO\U\[PSPaLKM\UKZOH]LILLU[LTWVYHYPS`PU]LZ[LKPUT\[\HSM\UKZZJOLTLZHZTLU[PVULKPU[OL SL[[LYVMVMMLYVM[OL*VTWHU` Note 29 Dues to Micro and Small Enterprise +PZJSVZ\YLVM[YHKLWH`HISLZHUKV[OLYSPHIPSP[PLZPZIHZLKVU[OLPUMVYTH[PVUH]HPSHISL^P[O[OL*VTWHU`YLNHYKPUN[OLZ[H[\ZVM [OLZ\WWSPLYZHZKLĉULK\UKLY[OLí4PJYV:THSS 4LKP\T,U[LYWYPZLZ+L]LSVWTLU[(J[ î;OLYLPZUVHTV\U[V]LYK\L HZVUZ[4HYJO[V4PJYV :THSS,U[LYWYPZLZVUHJJV\U[VMWYPUJPWHSHTV\U[[VNL[OLY^P[OPU[LYLZ[HUKHSZVK\YPUN[OL WYL]PV\Z`LHY Note 30 Amounts paid to Auditors: Particulars Current year 7YL]PV\Z@LHY ` ` (\KP[-LLZ 5,729,892 (\KP[ Note 31 ,TWSV`LL:[VJR6W[PVU7SHU! H +\YPUN[OLĉUHUJPHS`LHYLUKLKZ[4HYJO [OL*VTWHU`PUZ[P[\[LKHU,TWSV`LL:[VJR6W[PVU7SHU.73,:67 HWWYV]LK I` [OL )VHYK VM +PYLJ[VYZ :OHYLOVSKLYZ HUK [OL 9LT\ULYH[PVU *VTTP[[LL ^OPJO WYV]PKLK HSSV[TLU[ VM VW[PVUZJVU]LY[PISLPU[V ,X\P[`:OHYLZVM` LHJO7YL]PV\Z@LHY ,X\P[`:OHYLZVM` LHJO[VLSPNPISLLTWSV`LLZVM.VKYLQ7YVWLY[PLZ3PTP[LKHUKP[Z:\IZPKPHY`*VTWHUPLZ[OL7HY[PJPWH[PUN*VTWHUPLZ^P[O LMMLJ[MYVT th+LJLTILY ;OL:JOLTLPZHKTPUPZ[LYLKI`HU0UKLWLUKLU[,:67;Y\Z[^OPJOOHZW\YJOHZLKZOHYLZMYVT.VKYLQ0UK\Z[YPLZ3PTP[LK ;OL /VSKPUN *VTWHU` LX\P]HSLU[ [V [OL U\TILY VM VW[PVUZ NYHU[LK [V [OL LSPNPISL LTWSV`LLZ VM [OL 7HY[PJPWH[PUN *VTWHUPLZ 101 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENTS Particulars No. of Options Weighted Average As on March (ZVU4HYJO Exercise Price (`) 31, 2014 6W[PVUZ6\[Z[HUKPUNH[[OLILNPUUPUNVM[OL`LHY 561,400* WS\ZPU[LYLZ[ [PSS4HYJOMVY ,X\P[`:OHYLVM-HJL =HS\LVM` LHJO 6W[PVUZNYHU[LK - 6W[PVUZL_LYJPZLK - 3LZZ!-VYMLP[LK3HWZLK0KSL(]HPSHISL 46,000* MVY9LPZZ\L 6W[PVUZ6\[Z[HUKPUNH[[OL`LHYLUK 515,400 WS\ZPU[LYLZ[[PSS 4HYJOMVY ,X\P[`:OHYLVM-HJL =HS\LVM` LHJO 9LWYLZLU[ZUVVMLX\P[`ZOHYLZWVZ[ZWSP[MYVTLX\P[`ZOHYLVM`LHJO[VLX\P[`ZOHYLVM` LHJO (SS[OL6W[PVU6\[Z[HUKPUNHZVU4HYJOHYL]LZ[LK I 0U[OLJ\YYLU[`LHYPUHJJVYKHUJL^P[O[OLVWPUPVUPZZ\LKI`[OL,_WLY[(K]PZVY`*VTTP[[LL,(*VM[OL0*(0PUVU *VUZVSPKH[PVUVM,:67;Y\Z[PU[OLZ[HUKHSVULĉUHUJPHSZ[H[LTLU[Z[OL*VTWHU`OHZPUJS\KLK[OLĉUHUJPHSZ[H[LTLU[ZVM [OL,:67[Y\Z[MVYWYLWHYH[PVUVM[OLZ[HUKHSVULĉUHUJPHSZ[H[LTLU[Z*VUZLX\LU[S`[OLHZZL[ZHUKSPHIPSP[PLZVM[OL;Y\Z[ OH]LILLUPUJS\KLKPU[OLĉUHUJPHSZ[H[LTLU[ZVM[OL*VTWHU`HUKPU]LZ[TLU[ZPU[OLLX\P[`ZOHYLZVM[OL*VTWHU`OLSK I`[OL;Y\Z[OHZILLUYLK\JLKMYVT[OLZOHYLJHWP[HSHUKYLZLY]LZ Z\YWS\Z )HSHUJLZHYPZPUNMYVT[YHUZHJ[PVUZIL[^LLU[OL*VTWHU`HUK[OL;Y\Z[OH]LILLUHWWYVWYPH[LS`LSPTPUH[LK;OLVWLUPUN YL[HPULKLHYUPUNZVM[OL;Y\Z[OH]LILLUHKQ\Z[LKHNHPUZ[YLZLY]LZ Z\YWS\Z J ;OL*VTWHU`OHZWYV]PKLKSVHUVM` 7YL]PV\Z@LHY` [V.VKYLQ0UK\Z[YPLZ3PTP[LK,TWSV`LL :[VJR6W[PVU:JOLTL.03,:67^OPJOPZHKTPUPZ[LYLKI`HUPUKLWLUKLU[,:67;Y\Z[^OPJOW\YJOHZLZZOHYLZVM.03 MYVT[OLTHYRL[LX\P]HSLU[[V[OLU\TILYVMZ[VJRVW[PVUZNYHU[LKMYVT[PTL[V[PTL[VLSPNPISLLTWSV`LLZ;OLYLWH`TLU[ VM[OLSVHUZNYHU[LKI`[OL*VTWHU`[V,:67[Y\Z[PZKLWLUKLU[VU[OLL_LYJPZLVM[OLVW[PVUZI`[OLLTWSV`LLZHUK [OLTHYRL[WYPJLVM[OL\UKLYS`PUNZOHYLZVM[OL\UL_LYJPZLKVW[PVUZH[[OLLUKVM[OLL_LYJPZLWLYPVK Note 32 ,TWSV`LL:[VJR.YHU[:JOLTL H +\YPUN[OLWLYPVK(WYPS[V4HYJO[OL*VTWHU`PUZ[P[\[LKHU,TWSV`LL:[VJR.YHU[:JOLTL.73 ,:.:HWWYV]LKI`[OL)VHYKVM+PYLJ[VYZZOHYLOVSKLYZHUK[OL9LT\ULYH[PVU*VTTP[[LL^OPJOWYV]PKLKHSSV[TLU[VM VW[PVUZJVU]LY[PISLPU[V ,X\P[`:OHYLZVM` LHJO7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJO[V LSPNPISLLTWSV`LLZVM.VKYLQ7YVWLY[PLZ3PTP[LKP[Z/VSKPUNHUKP[Z:\IZPKPHY`*VTWHUPLZ[OL7HY[PJPWH[PUN*VTWHUPLZ VW[PVUZ^P[OLMMLJ[MYVT [O4H` VW[PVUZ^LMZ[6J[VILY VW[PVUZ^LMZ[1\UL VW[PVUZ^LMZ[1\UL VW[PVUZ^LMZ[(\N\Z[ VW[PVUZ^LMZ[5V]LTILY VW[PVUZ^LMZ[-LIY\HY`VW[PVUZZ[1\ULHUK VW[PVUZZ[1\UL6\[ VM[OL[V[HS Z[VJRNYHU[Z Z[VJRNYHU[ZOH]LSHWZLKVUHJJV\U[VMLTWSV`LLZSLH]PUN[OLZLY]PJLVM[OL JVTWHU`ILMVYL[OL]LZ[PUNKH[L Z[VJRNYHU[ZOHZILLU]LZ[LKHUKL_LYJPZLKOLUJL Z[VJRNYHU[ZHYL V\[Z[HUKPUNHZH[4HYJO I Particulars No. of Options Exercise Price (`) As on March (ZVU4HYJO 31, 2014 6W[PVUZ6\[Z[HUKPUNH[[OLILNPUUPUNVM[OL`LHY 132,662* 6W[PVUZNYHU[LK 155,744* 6W[PVUZL_LYJPZLK 65,048* 3LZZ!6W[PVUSHWZLK - 6W[PVUZ6\[Z[HUKPUNH[[OL`LHYLUK 223,358* 102 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE FINANCIAL STATEMENTS 9LWYLZLU[ZUVVMLX\P[`ZOHYLZWVZ[ZWSP[MYVTLX\P[`ZOHYLVM`LHJO[VLX\P[`ZOHYLVM` LHJO +PS\[LK,HYUPUNZ7LY:OHYL,7:W\YZ\HU[[VPZZ\LVMZOHYLZVUL_LYJPZLVMVW[PVUPZ` WLYZOHYLHZVU4HYJO J ,TWSV`LLJVTWLUZH[PVUJVZ[\ZPUN[OLPU[YPUZPJ]HS\LTL[OVKYLJVNUPaLKI`[OLJVTWHU`PU[OL:[H[LTLU[VM7YVĉ[ 3VZZHZVU4HYJOPZ` K ;OL-HPY=HS\LVM[OLZOHYLVW[PVUZOHZILLUKL[LYTPULK\ZPUN[OL)SHJRè:JOVSLZ6W[PVU7YPJPUN4VKLS/HK[OLMHPY]HS\L TL[OVKVMHJJV\U[PUNILLU\ZLK[OLLHYUPUNZWLYZOHYL^V\SKOH]LILLUHZWLY[OLWYVMVYTHHTV\U[ZPUKPJH[LKILSV^ (Amount in `) Particulars Current year 7YL]PV\Z@LHY 5L[7YVĉ[HZYLWVY[LK 976,517,351 (KK!:[VJRIHZLKJVTWLUZH[PVUL_WLUZLKL[LYTPULK\UKLY0U[YPUZPJ 38,099,758 =HS\LTL[OVKYLJVNUPaLKPU:[H[LTLU[VM7YVĉ[ 3VZZ 3LZZ!:[VJRIHZLKJVTWLUZH[PVUL_WLUZLKL[LYTPULK\UKLYMHPY]HS\L 37,767,282 IHZLKTL[OVK7YV-VYTH 5L[7YVĉ[7YV-VYTH 976,849,827 )HZPJ,HYUPUNZWLYZOHYLHZYLWVY[LK 5.28 +PS\[LK,HYUPUNZWLYZOHYLHZYLWVY[LK 5.28 )HZPJ,HYUPUNZWLYZOHYL7YV-VYTH 5.31 +PS\[LK,HYUPUNZWLYZOHYL7YV-VYTH 5.30 Note 33 ;OLHTV\U[VML_JOHUNLKPMMLYLUJLPUJS\KLKPU[OL:[H[LTLU[VM7YVĉ[HUK3VZZPZ` UL[NHPU\UKLY[OLOLHK6[OLY 0UJVTL7YL]PV\Z@LHY` UL[SVZZ Note 34 i) Expenditure in Foreign Currency (Amount in `) Particulars Current year 7YL]PV\Z@LHY (YJOP[LJ[-LLZ - (K]LY[PZLTLU[ 8,105,887 )YVRLYHNL 42,906,538 *VUZ\S[HUJ`-LLZ - ;YH]LSSPUN,_WLUKP[\YL 12,149,246 6[OLY,_WLUZL 1,959,370 Total 65,121,041 ii) Un-hedged Foreign Currency Exposures Particulars Current year 7YL]PV\Z@LHY Uncovered Foreign currency exposure Foreign Amount in ` Foreign Amount in ` as at the year end Currency Currency <:+VSSHY ,\YV -- (\Z[YHSPHU+VSSHY 103 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENTS Note 35 ,TWSV`LL)LULĉ[Z H +LĉULK*VU[YPI\[PVU7SHUZ! *VU[YPI\[PVU[V+LĉULK*VU[YPI\[PVU7SHUYLJVNUPaLKHZL_WLUZLMVY[OL`LHYHYLHZ\UKLY! (Amount in `) Particulars Current year 7YL]PV\Z@LHY ,TWSV`LYZ*VU[YPI\[PVU[V7YV]PKLU[-\UK 29,006,491 ,TWSV`LYZ*VU[YPI\[PVU[V,:0* 56,927 I +LĉULK)LULĉ[7SHUZ! Contribution to Gratuity Fund .YH[\P[` PZ WH`HISL [V HSS LSPNPISL LTWSV`LLZ VU KLH[O VY VU ZLWHYH[PVU[LYTPUH[PVU PU [LYTZ VM [OL WYV]PZPVUZ VM [OL 7H`TLU[VM.YH[\P[`(J[VYHZWLY[OL*VTWHU`ëZWVSPJ`^OPJOL]LYPZILULĉJPHS[V[OLLTWSV`LLZ ;OLMVSSV^PUN[HISLZL[ZV\[[OLM\UKLKZ[H[\ZVM[OLNYH[\P[`WSHUHUK[OLHTV\U[ZYLJVNUPaLKPU[OL*VTWHU`ëZĉUHUJPHS Z[H[LTLU[Z! ;OLLZ[PTH[LZVMM\[\YLZHSHY`PUJYLHZLZJVUZPKLYLKPUHJ[\HYPHS]HS\H[PVU[HRLPU[VHJJV\U[ PUĊH[PVUZLUPVYP[`WYVTV[PVUHUKV[OLYYLSL]HU[MHJ[VYZZ\JOHZZ\WWS`HUKKLTHUKPU[OLLTWSV`TLU[THYRL[ (Amount in `) Particulars Current year 7YL]PV\Z@LHY Change in present value of obligation 7YLZLU[]HS\LVMVISPNH[PVUHZH[ILNPUUPUNVM[OL`LHY 19,357,297 0U[LYLZ[*VZ[ 1,548,584 :LY]PJL*VZ[ 4,250,999 )LULĉ[Z7HPK (2,431,228) ,MMLJ[VM3PHIPSP[`;YHUZMLYPU 476,456 ,MMLJ[VM3PHIPSP[`;YHUZMLYV\[ (86,617) (J[\HYPHSNHPUSVZZVUVISPNH[PVU 1,026,080 7YLZLU[]HS\LVMVISPNH[PVUHZH[LUKVM[OL`LHY 24,141,571 Amount recognized in the Balance Sheet 7YLZLU[]HS\LVMVISPNH[PVUHZH[LUKVM[OL`LHY 24,141,571 -HPY]HS\LVMWSHUHZZL[ZHZH[LUKVM[OL`LHY - 5L[VISPNH[PVUHZH[LUKVM[OL`LHY 24,141,571 Net gratuity cost for the year ended *\YYLU[:LY]PJL*VZ[ 4,250,999 0U[LYLZ[*VZ[ 1,548,584 ,_WLJ[LKYL[\YUVUWSHUHZZL[Z - 7HZ[:LY]PJL*VZ[=LZ[LK)LULĉ[ - 5L[(J[\HYPHSNHPUSVZZ[VILYLJVNUPaLK 1,026,080 5L[NYH[\P[`JVZ[ 6,825,663 104 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE FINANCIAL STATEMENTS Assumptions used in accounting for the 2013-14 2012-13 2011-12 2010-11 2009-10 gratuity plan for last 5 Years +PZJV\U[9H[L :HSHY`LZJHSH[PVUYH[L ([[YP[PVU9H[L ,_WLYPLUJLHKQ\Z[TLU[VU7SHUSPHIPSP[` (TV\U[PU` Note 36 Segment Information: (Z[OLJVTWHU`OHZVUS`VULI\ZPULZZZLNTLU[KPZJSVZ\YL\UKLY(JJV\U[PUN:[HUKHYK VUí:LNTLU[9LWVY[PUNîPZZ\LKI` [OL0UZ[P[\[LVM*OHY[LYLK(JJV\U[HU[ZVM0UKPHPZUV[HWWSPJHISL Note 37 9LSH[LK7HY[`+PZJSVZ\YLZ! Related party disclosures as required by AS - 18, “Related Party Disclosures”, are given below: P Relationships: :OHYLOVSKLYZ/VSKPUN*VTWHU` .VKYLQ0UK\Z[YPLZ3PTP[LK.03OVSKZ 7YL]PV\Z@LHYè ZOHYLZPU[OL*VTWHU`.03PZ[OLZ\IZPKPHY`VM .VKYLQ )V`JL4MN*V3PTP[LK[OL 105 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENTS P] Other Related Parties in Godrej Group, where common control exists : .VKYLQ0U]LZ[TLU[Z7YP]H[L3[K .VKYLQ0UMV[LJO3[K >HKHSH*VTTVKP[PLZ3[K =VYH:VHWZ3PTP[LK *HY[PUP0UKPH3PTP[LK )HOHY(NYVJOLT -LLKZ7YP]H[L3PTP[LK .VKYLQ4HSH`ZPH:KU)OKPUJVYWVYH[LKPU4HSH`ZPH .VKYLQ:PUNHWVYL7[L3[KPUJVYWVYH[LKPU:PUNHWVYL =LYVTH[PJ0U[LYUH[PVUHS)=PUJVYWVYH[LKPU[OL5L[OLYSHUKZ )\ZIHY:`Z[LTZ0UKPH3[KMVYTLYS`)\ZIHY:`Z[LTZ0UKPH7YP]H[L3PTP[LKH>OVSS`V^ULKZ\IZPKPHY`^LMZ[ -LIY\HY`UHTLJOHUNLK^LM [O4HYJO 4LYJ\Y`4MN*V3[KHZ\IZPKPHY`^LMZ[6J[VILY A. Subsidiaries of Godrej Industries Ltd.: .VKYLQ(NYV]L[3[K.(=3 ,UZLTISL/VSKPUNZ -PUHUJL3[K .VKYLQ0U[LYUH[PVUHS3[KPUJVYWVYH[LKPU[OL0ZSLVM4HU 5H[\YLZ)HZRL[3[K .VKYLQ0U[LYUH[PVUHS;YHKPUN 0U]LZ[TLU[Z7[L3[K0UJVYWVYH[LKPU:PUNHWVYLHZ\IZPKPHY`VM.VKYLQ 0UK\Z[YPLZ3[K^LMZ[(\N\Z[ :^HKLZOP+L[LYNLU[Z3PTP[LKHZ\IZPKPHY`VM.VKYLQ0UK\Z[YPLZ3[K^LM[O4HYJO B. Subsidiaries of GAVL: .VSKLU-LLK7YVK\J[Z3[K .VKYLQ:LLKZ .LUL[PJZ3PTP[LK .VSKT\OVY (NYVJOLT-LLKZ3PTP[LK^LMUK1HU\HY` .VKYLQ(NYVJOLT3[KHZ\IZPKPHY`VM.(=3PUJVYWVYH[LKVUUK1HU\HY` C. Subsidiary of Godrej (Malaysia) Sdn. Bhd.: . ),U[LYWYPZLZ4H\YP[P\Z7][3[KPUJVYWVYH[LKPU4H\YP[P\ZH^OVSS`V^ULKZ\IZPKPHY`VM.VKYLQ 4HSH`ZPH:KU)OK D. Subsidiaries of Godrej (Singapore) Pvt. Ltd.: 1;+YHNVU7[L3[K0UJVYWVYH[LKPU:PUNHWVYL .VKYLQ=PL[UHT*V3[K0UJVYWVYH[LKPU=PL[UHTH^OVSS`V^ULKZ\IZPKPHY`VM1;+YHNVU7[L3[K E. Subsidiaries of Veromatic International BV: =LYVTH[PJ:LY]PJLZ)=PUJVYWVYH[LKPU[OL5L[OLYSHUKZ >H[LY>VUKLY)LULS\_)=PUJVYWVYH[LKPU[OL5L[OLYSHUKZ F. Other Subsidiaries (where the Group Company owns directly and/or indirectly through one or more subsidiaries, more than one half of the equity share capital) .VKYLQ*VUZ\TLY7YVK\J[Z3[K.*73 G. Subsidiaries and Sub-subsidiaries of GCPL: .VKYLQ:V\[O(MYPJH7YVWYPL[HY`3[KMVYTLYS`9HWPKVS7[`3[KPUJVYWVYH[LKPU:V\[O(MYPJH .VKYLQ5L[OLYSHUKZ)=PUJVYWVYH[LKPU5L[OLYSHUKZ .VKYLQ.SVIHS4PK,HZ[-A,PUJVYWVYH[LKPU:OHYQHO<(, .VKYLQ*VUZ\TLY7YVK\J[Z4H\YP[P\Z3[K .VKYLQ/`NPLUL7YVK\J[Z3[KTLYNLK^P[O.*73^LMZ[(WYPS .VKYLQ*VUZ\TLY7YVK\J[Z/VSKPUN4H\YP[P\Z3[KPUJVYWVYH[LKPU4H\YP[P\Z .VKYLQ/V\ZLOVSK7YVK\J[Z3HURH7][3[KPUJVYWVYH[LKPU:YP3HURH .VKYLQ/V\ZLOVSK7YVK\J[Z)HUNSHKLZO7][3[KPUJVYWVYH[LKPU)HUNSHKLZO .VKYLQ*VUZ\TLY7YVK\J[Z)HUNSHKLZO3[KPUJVYWVYH[LKPU)HUNSHKLZO .VKYLQ4H\YP[P\Z(MYPJH/VSKPUNZ3[KPUJVYWVYH[LKPU4H\YP[P\Z .VKYLQ>LH]L/VSKPUNZ3[KPUJVYWVYH[LKPU4H\YP[P\ZHZ\IZPKPHY`VM.VKYLQ4H\YP[P\Z(MYPJH/VSKPUNZ3[K .VKYLQ *VUZ\TLY 7YVK\J[Z <2 3[K PUJVYWVYH[LK PU [OL 106 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE FINANCIAL STATEMENTS .VKYLQ2PUR`/VSKPUNZ3[KHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY7YVK\J[Z4H\YP[P\Z3[K 2PUR`.YV\W7[`3[KHZ\IZPKPHY`VM.VKYLQ2PUR`/VSKPUNZ3[K .VKYLQ5PNLYPH3[KPUJVYWVYH[LKPU5PNLYPHHZ\IZPKPHY`VM.VKYLQ5PNLYPH/VSKPUNZ3[K 0UKV]LZ[*HWP[HS3[KPUJVYWVYH[LKPU4HSH`ZPHHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY7YVK\J[Z/VSKPUN4H\YP[P\Z3[K .VKYLQ*VUZ\TLY7YVK\J[Z+\[JO*VVWLYH[PLM<(PUJVYWVYH[LKPU[OL5L[OLYSHUKZHZ\IZPKPHY`VM.VKYLQ *VUZ\TLY7YVK\J[Z/VSKPUN4H\YP[P\Z3[K .VKYLQ *VUZ\TLY /VSKPUNZ 5L[OLYSHUKZ )= PUJVYWVYH[LK PU [OL 5L[OLYSHUKZ H Z\IZPKPHY` VM .VKYLQ *VUZ\TLY7YVK\J[Z+\[JO*VVWLYH[PLM<( .VKYLQ *VUZ\TLY 7YVK\J[Z 5L[OLYSHUKZ )= PUJVYWVYH[LK PU [OL 5L[OLYSHUKZ H Z\IZPKPHY` VM .VKYLQ *VUZ\TLY7YVK\J[Z+\[JO*VVWLYH[PLM<( .VKYLQ0UKVULZPH5L[OLYSHUKZ/VSKPUN)=PUJVYWVYH[LKPU[OL5L[OLYSHUKZHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY 7YVK\J[Z+\[JO*VVWLYH[PLM<(TLYNLK^P[O.VKYLQ*VUZ\TLY/VSKPUN5L[OLYSHUKZ 7;4LNHZHYP4HRT\YPUJVYWVYH[LKPU0UKVULZPHHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY/VSKPUNZ5L[OLYSHUKZ)= 7;0U[YHZHYP9H`HPUJVYWVYH[LKPU0UKVULZPHHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY/VSKPUNZ5L[OLYSHUKZ)= 7; :PTIH 0UKVZUHJR 4HRT\Y PUJVYWVYH[LK PU 0UKVULZPH H Z\IZPKPHY` VM .VKYLQ *VUZ\TLY /VSKPUNZ 5L[OLYSHUKZ)=\W[VZ[4HYJO 7;,RHTHZ:HYPQH`HPUJVYWVYH[LKPU0UKVULZPHHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY/VSKPUNZ5L[OLYSHUKZ)= 7;0UKVTHZ:\ZLTP1H`HPUJVYWVYH[LKPU0UKVULZPHHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY/VSKPUNZ5L[OLYSHUKZ)= 7;:HYPJV0UKHOPUJVYWVYH[LKPU0UKVULZPHHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY/VSKPUNZ5L[OLYSHUKZ)= .VKYLQ (YNLU[PUH +\[JO *VVWLYH[PLM <( PUJVYWVYH[LK PU 5L[OLYSHUKZ H Z\IZPKPHY` VM .VKYLQ *VUZ\TLY 7YVK\J[Z4H\YP[P\Z3[K .VKYLQ5L[OLYSHUKZ(YNLU[PUH/VSKPUN)=PUJVYWVYH[LKPU5L[OLYSHUKZHZ\IZPKPHY`VM.VKYLQ(YNLU[PUH +\[JO*VVWLYH[PLM<( .VKYLQ5L[OLYSHUKZ(YNLU[PUH)=PUJVYWVYH[LKPU[OL5L[OLYSHUKZHZ\IZPKPHY`VM.VKYLQ(YNLU[PUH+\[JO *VVWLYH[PLM<( 7HUHTHY7YVJ\JJPVULZZ:YSPUJVYWVYH[LKPU(YNLU[PUHHZ\IZPKPHY`VM.VKYLQ5L[OLYSHUKZ(YNLU[PUH)= (YNLUJVZ:(PUJVYWVYH[LKPU(YNLU[PUHHZ\IZPKPHY`VM.VKYLQ5L[OLYSHUKZ(YNLU[PUH)= 3HIVYH[VYPH*\LUJH:(PUJVYWVYH[LKPU(YNLU[PUHHZ\IZPKPHY`VM.VKYLQ5L[OLYSHUKZ(YNLU[PUH)= 0ZZ\L.YV\W 107 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENTS +./ ;HUaHUPH 3[K PUJVYWVYH[LK PU ;HUaHUPH H Z\IZPKPHY` VM .VKYLQ ;HUaHUPH /VSKPUNZ 3[K ^LM [O +LJLTILY :PNTH/HPY0UK3[KPUJVYWVYH[LKPU;HUaHUPHHZ\IZPKPHY`VM+./;HUaHUPH3[K^LM [O+LJLTILY .VKYLQ>LZ[(MYPJH/VSKPUNZ3[KPUJVYWVYH[LKPU4H\YP[P\ZVU[O-LIY\HY`HZ\IZPKPHY`VM+./ 4H\YP[P\Z7][3[K .VKYLQ*VUZ\TLY0U]LZ[TLU[Z/VSKPUN3[KPUJVYWVYH[LKPU4H\YP[P\ZVU [O6J[VILY ] Key Management Personnel : 4Y7PYVQZOH.VKYLQ 4Y=:YPUP]HZHU 4Y2;1P[OLUKYHU ]P 0UKP]PK\HSZL_LYJPZPUN:PNUPĉJHU[0UĊ\LUJL! 4Y().VKYLQ 4Y5).VKYLQ 2. The following transactions were carried out with the related parties in the ordinary course of business. (i) Details relating to parties referred to in items 1 (i), (ii) (iii) & (iv) above (Amount in `) Sr. Description Godrej & Boyce Godrej Subsidiaries Other Related No Mfg Co Ltd Industries Ltd & Limited Liability Parties In Partnership Godrej Group ( i ) ( i ) (ii) & (iii) ( iv ) 0U]LZ[TLU[PU,X\P[`:OHYL *HWP[HS(JJV\U[ :HSLVM0U]LZ[TLU[ 7\YJOHZLVMĉ_LKHZZL[Z 1,054,188 7\YJOHZLVM 108 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE FINANCIAL STATEMENTS Sr. Description Godrej & Boyce Godrej Subsidiaries Other Related No Mfg Co Ltd Industries Ltd & Limited Liability Parties In Partnership Godrej Group ( i ) ( i ) (ii) & (iii) ( iv ) ,_WLUZLZJOHYNLK[VV[OLY *VTWHUPLZ,U[P[PLZ 1,210,410,370 :OHYLVM7YVĉ[PU337 761,046,007 (TV\U[YLJLP]LKVU [YHUZMLYVM,TWSV`LL5L[ 11,579,502 1,510,228 (TV\U[WHPKVU[YHUZMLYVM ,TWSV`LL5L[ +P]PKLUK7HPK9LJLP]LK 3,810,000 143,895,627 5,753,550 6\[Z[HUKPUNYLJLP]HISLZ UL[VMWH`HISLZ (8,450,801) (17,934,629) 8,504,203,767 50,406 +LWVZP[Z9LJLP]HISL 5,940,000 7YVQLJ[[HRLUV]LY 1,771,547 9LKLTW[PVUVM+LILU[\YLZ 46,609,050 +LILU[\YL6\[Z[HUKPUN 28,718,760 Figures in italics are for previous year (i) Details relating to parties referred to in items 1 (v) & (vi) above (Amount in `) Sr. Key Management Personnel (KMP) Current Years Previous Year No 9LT\ULYH[PVU 83,513,519 +P]PKLUK7HPK 2,155,828 0U[LYLZ[WHPKVU+LWVZP[ 26,250 +LWVZP[6\[Z[HUKPUN 250,000 (TV\U[YLJLP]LKMYVT:HSLVM-SH[Z 109 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENTS :PNUPĉJHU[9LSH[LK7HY[`;YHUZHJ[PVUZ Nature of Transactions Subsidiaries & Other Related Parties in Amount in the Godrej Group (`) 0U]LZ[TLU[PU,X\P[`:OHYL*HWP[HS*HWP[HS(JJV\U[ .VKYLQ:LH=PL^7YVWLY[PLZ3PTP[LK .VKYLQ7YVQLJ[Z+L]LSVWTLU[7YP]H[L3PTP[LK 7\YJOHZLVMĉ_LKHZZL[Z .VKYLQ )V`JL4MN*V3PTP[LK 1,054,188 .VKYLQ0UK\Z[YPLZ3PTP[LK 262,500,000 7\YJOHZLVM 110 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE FINANCIAL STATEMENTS Nature of Transactions Subsidiaries & Other Related Parties in Amount in the Godrej Group (`) +LWVZP[.P]LU .VKYLQ0UK\Z[YPLZ3PTP[LK 1,315,000 +LWVZP[9LWHPK .VKYLQ0UK\Z[YPLZ3PTP[LK 1,600,000 :HSLVM0U]LZ[TLU[ .VKYLQ:LH=PL^7YVWLY[PLZ3PTP[LK - 0UJVTL9LJLP]LKMYVTV[OLY*VTWHUPLZ .VKYLQ )V`JL4MN*V3PTP[LK 444,387,093 .VKYLQ7YLTP\T)\PSKLYZ7YP]H[L3PTP[LK 33,690,028 >VUKLY:WHJL7YVWLY[PLZ7YP]H[L3PTP[LK - ,_WLUZLZJOHYNLKI`V[OLYJVTWHUPLZ .VKYLQ )V`JL4MN*V3PTP[LK 52,885,030 .VKYLQ0UK\Z[YPLZ3PTP[LK 65,644,822 .VKYLQ9LHS[`7YP]H[L3PTP[LK - 6,877,525 .VKYLQ=PROYVSP7YVWLY[PLZ337 29,146,417 ,_WLUZLZJOHYNLK[VV[OLYJVTWHUPLZLU[P[PLZ /HWW`/PNOYPZLZ3PTP[LK 191,858,154 .VKYLQ9LHS,Z[H[L7YP]H[L3PTP[LK 54,850,098 .VKYLQ+L]LSVWLYZ7YP]H[L3PTP[LK - 84,920,382 .VKYLQ)\PSKJVU7YP]H[L3PTP[LK 75,939,169 .VKYLQ=PROYVSP7YVWLY[PLZ337 234,634,352 .VKYLQ7YVQLJ[Z+L]LSVWTLU[7YP]H[L3PTP[LK 68,916,822 .VKYLQ:LH]PL^7YVWLY[PLZ3PTP[LK\W[V +LJLTILY 183,496,182 .VKYLQ,Z[H[L+L]LSVWLYZ3PTP[LK\W[V +LJLTILY 214,521,741 :OHYLPU7YVĉ[VM337 .VKYLQ=PROYVSP7YVWLY[PLZ337 761,046,007 (TV\U[YLJLP]LKVU[YHUZMLYVM,TWSV`LL5L[ .VKYLQ0UK\Z[YPLZ3PTP[LK 11,579,502 .VKYLQ*VUZ\TLY7YVK\J[Z3PTP[LK 1,510,228 (TV\U[WHPKVU[YHUZMLYVM,TWSV`LL5L[ .VKYLQ*VUZ\TLY7YVK\J[Z3PTP[LK - 111 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENTS Nature of Transactions Subsidiaries & Other Related Parties in Amount in the Godrej Group (`) 6\[Z[HUKPUNYLJLP]HISLZUL[VMWH`HISLZ .VKYLQ )V`JL4MN*V3[K (8,450,801) .VKYLQ0UK\Z[YPLZ3PTP[LK (17,934,629) .VKYLQ9LHS,Z[H[L7YP]H[L3PTP[LK 1,385,918,311 /HWW`/PNOYPZLZ3PTP[LK 1,787,259,118 .VKYLQ+L]LSVWLYZ7YP]H[L3PTP[LK - 1,380,921,044 .VKYLQ,Z[H[L+L]LSVWLYZ3PTP[LK Note 38 Leases H ;OL*VTWHU`ëZZPNUPĉJHU[SLHZPUNHYYHUNLTLU[ZHYLPUYLZWLJ[VMVWLYH[PUNSLHZLZMVY9LZPKLU[PHSWYLTPZLZ3LHZLPUJVTL MYVTVWLYH[PUNSLHZLZPZYLJVNUPaLKVUHZ[YHPNO[SPULIHZPZV]LY[OLWLYPVKVMSLHZL;OLWHY[PJ\SHYZVM[OLWYLTPZLZNP]LU \UKLYVWLYH[PUNSLHZLZHYLHZ\UKLY! (Amount in `) Particulars Current year 7YL]PV\Z@LHY -\[\YLTPUPT\TSLHZLWH`TLU[Z\UKLYVWLYH[PUNSLHZLZ ² 5V[SH[LY[OHU`LHY 11,511,094 ² 3H[LY[OHU`LHYHUKUV[SH[LY[OHU `LHYZ 48,341,314 ² 3H[LY[OHU `LHYZ 462,308,609 112 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE FINANCIAL STATEMENTS I ;OL*VTWHU`ëZZPNUPĉJHU[SLHZPUNHYYHUNLTLU[ZHYLPUYLZWLJ[VMVWLYH[PUNSLHZLZMVY*VTTLYJPHS9LZPKLU[PHSWYLTPZLZ 3LHZLL_WLUKP[\YLMVYVWLYH[PUNSLHZLZPZYLJVNUPaLKVUHZ[YHPNO[SPULIHZPZV]LY[OLWLYPVKVMSLHZL;OLZL3LHZPUN HYYHUNLTLU[ZHYLJHUJLSSHISLHUKHYLYLUL^HISLVUHWLYPVKPJIHZPZI`T\[\HSJVUZLU[VUT\[\HSS`HJJLW[LK[LYTZ;OL WHY[PJ\SHYZVM[OLWYLTPZLZ[HRLUVUVWLYH[PUNSLHZLZHYLHZ\UKLY! (Amount in `) Particulars Current year 7YL]PV\Z@LHY -\[\YLTPUPT\TSLHZLWH`TLU[Z\UKLYVWLYH[PUNSLHZLZ ² 5V[SH[LY[OHU`LHY 65,491,685 ² 3H[LY[OHU`LHYHUKUV[SH[LY[OHU `LHYZ 45,064,839 ² 3H[LY[OHU `LHYZ 24,235,473 Note 39 Earnings Per Share (Amount in `) Particulars Current year 7YL]PV\Z@LHY 7YVĉ[HM[LY[H_HUKWYPVY`LHYëZ[H_HKQ\Z[TLU[ZHZWLY:[H[LTLU[VM7YVĉ[ 3VZZ` 976,517,351 5\TILYVM:OHYLZH[[OLILNPUUPUNVM[OL`LHY 156,092,206* 5\TILYVM,X\P[`ZOHYLZV\[Z[HUKPUNH[[OLLUKVM[OL`LHY 199,234,030* >LPNO[LKH]LYHNLUVVMLX\P[`ZOHYLZV\[Z[HUKPUN 184,887,828* (KK!>LPNO[LKH]LYHNLU\TILYVMWV[LU[PHSLX\P[`ZOHYLZVUHJJV\U[VMLTWSV`LL 99,357* Z[VJRVW[PVUZ >LPNO[LKH]LYHNLUVVMJVTTVU KPS\[P]LJVTTVULX\P[`ZOHYLZV\[Z[HUKPUN 184,987,185 5\TILYZ )HZPJLHYUPUNZWLYZOHYL ` 5.28 ` +PS\[LKLHYUPUNZWLYZOHYL ` 5.28 ` 5VTPUHS]HS\LVMZOHYLZ ` 5 ` 9LWYLZLU[ZUVVMLX\P[`ZOHYLZWVZ[ZWSP[MYVTLX\P[`ZOHYLVM`LHJO[VLX\P[`ZOHYLVM` LHJO Note 40 Interest in Joint Ventures ;OL*VTWHU`ëZPU[LYLZ[ZHZ]LU[\YLYPUQVPU[S`JVU[YVSSLKLU[P[PLZHYL! Name Countries of Principal activities Percentage of Percentage of Incorporation Ownership interest as Ownership interest as at March 31, 2014 at March 31, 2013 .VKYLQ)\PSKJVYW337 0UKPH 9LHS,Z[H[L 35% .VKYLQ7YVWLY[`+L]LSVWLYZ337 0UKPH 9LHS,Z[H[L 32% >VUKLY:WHJL7YVWLY[PLZ 0UKPH 9LHS,Z[H[L 25.1% 7YP]H[L3PTP[LK ;OL*VTWHU`ëZPU[LYLZ[ZPU1VPU[=LU[\YLZHYLYLWVY[LKHZ:OVY[[LYT3VHUZ (K]HUJLZ;OL*VTWHU`ëZZOHYLVMLHJOVM (ZZL[ZSPHIPSP[PLZPUJVTLHUKL_WLUZLZL[JYLSH[LK[VPU[LYLZ[PU[OLZL1VPU[=LU[\YLZHYL! (Amount in `) Particulars Current Year 7YL]PV\Z@LHY 30()030;0,: 407,808,290 (::,;: 407,808,290 05*64, 12,525,343 ,?7,5+0;<9, 11,993,006 113 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENTS Note 41 Information in respect of Joint Development Projects. Joint Development Projects - Development of the following Residential / Commercial Projects: .VKYLQ.VSK*V\U[`)LUNHS\Y\ 9L]LU\L:OHYPUN ,KLU^VVKZ4\TIHP 9L]LU\L7YVĉ[:OHYPUN )O\NHVU7\UL 7YVĉ[:OHYPUN .VKYLQ(SWPUL4HUNSVYL (YLH:OHYPUN9L]LU\L:OHYPUN :HUQH`2OHU)LUNHS\Y\ 9L]LU\L:OHYPUN .YLU]PSSL7HYR4\TIHP 7YVĉ[:OHYPUN .VKYLQ.HYKLU*P[`(OTLKHIHK (YLH:OHYPUN9L]LU\L:OHYPUN .VKYLQ*YLZ[)LUNHS\Y\ (YLH:OHYPUN9L]LU\L:OHYPUN 2VJOP 9L]LU\L:OHYPUN Note 42 7YL]PV\Z`LHYĉN\YLZOH]LILLUYLNYV\WLK^OLYL]LYULJLZZHY`[VJVUMVYT[VJ\YYLU[`LHYëZJSHZZPĉJH[PVU 114 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE FINANCIAL STATEMENTS Happy Limited Highrises Godrej (Mumbai) (Mumbai) Redevelopers Private Limited Dec,13) st Godrej Sea 31 Limited Upto View Properties Godrej Realty Private Limited Limited Godrej Real Estate Private Developers Limited (Upto Godrej Estate 31st Dec,2013) VM[OL*VTWHU` *VTWHU` VM[OL*VTWHU` *VTWHU` ĉUHUJPHS`LHYZZPUJLP[ILJHTLHZ\IZPKPHY` 4HYJO Z[ JVTWHU`ZVMHYP[JVUJLYUZ[OLTLTILYZVM[OL *VTWHU` ;OL*VTWHU`ZPU[LYLZ[PU[OLZ\IZPKPHYPLZHZVU 1 Name of the Subsidiary Company J ,_[LU[VM/VSKPUN H 5\TILYVM,X\P[`:OHYLZ ;V[HS5\TILYVM:OHYLZ I -HJL=HS\L ` 5L[ HNNYLNH[L WYVĉ[SVZZ VM [OL Z\IZPKPHY` ( -VY[OLĉUHUJPHS`LHYLUKLKVUZ[4HYJO P 5V[KLHS[^P[OPU[OLIVVRZVM(JJV\U[Z PP +LHS[^P[OPU[OLIVVRZVMHJJV\U[VM[OL ) -VY [OL Z\IZPKPHY` JVTWHU`Z WYL]PV\Z P 5V[KLHS[^P[OPU[OLIVVRZVM(JJV\U[Z PP +LHS[^P[OPU[OLIVVRZVMHJJV\U[VM[OL STATEMENT REGARDING SUBSIDIARY COMPANY PURSUANT TO SECTION 212 OF THE COMPANIES ACT, 1956 115 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE FINANCIAL STATEMENTS st Private Limited (Upto 31 Dec, 2013) Hills Project Godrej Nandi Godrej Private Limited Builders Premium Godrej Garden City Properties Private Limited Godrej Private Limited Projects Development Godrej Private Limited Buildcon )6+ Godrej Private Limited Buildwell *VU[YVSV]LY JVTWVZP[PVUVM VM[OL*VTWHU` [OL*VTWHU` VM[OL*VTWHU` [OL*VTWHU` 4HYJO ĉUHUJPHS `LHYZZ\IZPKPHY` ZPUJL P[ ILJHTL H JVTWHU`ZVMHYP[JVUJLYUZ[OLTLTILYZVM [OL*VTWHU` VUZ[4HYJO J,_[LU[VM/VSKPUN I-HJL=HS\L` 5L[ HNNYLNH[L WYVĉ[SVZZ VM [OL Z\IZPKPHY` H 5\TILYVM,X\P[`:OHYLZ ;V[HS5\TILYVM:OHYLZ ( -VY [OL ĉUHUJPHS `LHY LUKLK VU Z[ P 5V[KLHS[^P[OPU[OLIVVRZVM(JJV\U[Z 1. Name of the Subsidiary Company ;OL*VTWHU`ZPU[LYLZ[PU[OLZ\IZPKPHYPLZHZ PP +LHS[^P[OPU[OLIVVRZVMHJJV\U[VM ) -VY [OL Z\IZPKPHY` JVTWHU`Z WYL]PV\Z P 5V[KLHS[^P[OPU[OLIVVRZVM(JJV\U[Z PP+LHS[^P[OPU[OLIVVRZVMHJJV\U[VM 116 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMINGPARTOFTHEFINANCIALSTATEMENTS 1. Name of the Subsidiary Company Godrej Godrej Green Wonder City .VKYLQ=PROYVSP Godrej 3HUKTHYR Homes Limited Buildcon Property LLP Developers Redevelopers Private Limited Private Limited Pvt. Ltd. (Upto 31st March.2013) ;OL*VTWHU`ZPU[LYLZ[PU[OLZ\IZPKPHYPLZHZVUZ[4HYJO H 5\TILYVM,X\P[`:OHYLZ 5( ;V[HS5\TILYVM:OHYLZ 5( I -HJL=HS\L`5( J ,_[LU[VM/VSKPUN *VU[YVSV]LY337 GODREJ PROPERTIESLIMITED 1. Name of the Subsidiary Company Dream World Mosiac Oxford Realty SSPDL Green 3HUKTHYRZ 3HUKTHYRZ LLP Acres LLP LLP LLP ;OL*VTWHU`ZPU[LYLZ[PU[OLZ\IZPKPHYPLZHZVUZ[4HYJO H 5\TILYVM,X\P[`:OHYLZ 5( 5( 5( 5( ;V[HS5\TILYVM:OHYLZ 5( 5( 5( 5( I-HJL=HS\L`5(5(5(5( J ,_[LU[VM/VSKPUN *VU[YVSV]LY337 *VU[YVSV]LY337 *VU[YVSV]LY337 *VU[YVSV]LY337 5L[ HNNYLNH[L WYVĉ[SVZZ VM [OL Z\IZPKPHY` JVTWHU` ZV MHY P[ ANNUAL REPORT2013-14 JVUJLYUZ[OLTLTILYZVM[OL*VTWHU` ( -VY[OLĉUHUJPHS`LHYLUKLKVUZ[4HYJO P 5V[KLHS[^P[OPU[OLIVVRZVM(JJV\U[ZVM[OL*VTWHU` PP +LHS[^P[OPU[OLIVVRZVMHJJV\U[VM[OL*VTWHU` ) -VY[OLZ\IZPKPHY`JVTWHU`ZWYL]PV\ZĉUHUJPHS`LHYZZPUJLP[ ILJHTLHZ\IZPKPHY` 117 P 5V[KLHS[^P[OPU[OLIVVRZVM(JJV\U[ZVM[OL*VTWHU` PP +LHS[^P[OPU[OLIVVRZVMHJJV\U[VM[OL*VTWHU` GODREJ PROPERTIES LIMITED INDEPENDENT AUDITOR’S REPORT TO THE DIRECTORS OF GODREJ PROPERTIES LIMITED, Report on the Financial Statements >LOH]LH\KP[LK[OLHJJVTWHU`PUNJVUZVSPKH[LKĉUHUJPHSZ[H[LTLU[ZVM.VKYLQ7YVWLY[PLZ3PTP[LKí[OL*VTWHU`îHUKP[Z Z\IZPKPHYPLZ^OPJOJVTWYPZL[OLJVUZVSPKH[LK)HSHUJL:OLL[HZH[4HYJOHUK[OLJVUZVSPKH[LK:[H[LTLU[VM7YVĉ[ HUK3VZZHUKJVUZVSPKH[LK*HZO-SV^:[H[LTLU[MVY[OL`LHY[OLULUKLKHUKHZ\TTHY`VMZPNUPĉJHU[HJJV\U[PUNWVSPJPLZ HUKV[OLYL_WSHUH[VY`PUMVYTH[PVU Management’s Responsibility for the Financial Statements 4HUHNLTLU[PZYLZWVUZPISLMVY[OLWYLWHYH[PVUVM[OLZLJVUZVSPKH[LKĉUHUJPHSZ[H[LTLU[Z[OH[NP]LH[Y\LHUKMHPY]PL^VM[OL JVUZVSPKH[LKĉUHUJPHSWVZP[PVUJVUZVSPKH[LKĉUHUJPHSWLYMVYTHUJLHUKJVUZVSPKH[LKJHZOĊV^ZVM[OL*VTWHU`PUHJJVYKHUJL ^P[OHJJV\U[PUNWYPUJPWSLZNLULYHSS`HJJLW[LKPU0UKPH"[OPZPUJS\KLZ[OLKLZPNUPTWSLTLU[H[PVUHUKTHPU[LUHUJLVMPU[LYUHS JVU[YVSYLSL]HU[[V[OLWYLWHYH[PVUHUKWYLZLU[H[PVUVM[OLJVUZVSPKH[LKĉUHUJPHSZ[H[LTLU[Z[OH[NP]LH[Y\LHUKMHPY]PL^HUK HYLMYLLMYVTTH[LYPHSTPZZ[H[LTLU[^OL[OLYK\L[VMYH\KVYLYYVY Auditor’s Responsibility 6\YYLZWVUZPIPSP[`PZ[VL_WYLZZHUVWPUPVUVU[OLZLJVUZVSPKH[LKĉUHUJPHSZ[H[LTLU[ZIHZLKVUV\YH\KP[>LJVUK\J[LKV\Y H\KP[PUHJJVYKHUJL^P[O[OL:[HUKHYKZVU(\KP[PUNPZZ\LKI`[OL0UZ[P[\[LVM*OHY[LYLK(JJV\U[HU[ZVM0UKPH;OVZL:[HUKHYKZ YLX\PYL[OH[^LJVTWS`^P[OL[OPJHSYLX\PYLTLU[ZHUKWSHUHUKWLYMVYT[OLH\KP[[VVI[HPUYLHZVUHISLHZZ\YHUJLHIV\[^OL[OLY [OLJVUZVSPKH[LKĉUHUJPHSZ[H[LTLU[ZHYLMYLLMYVTTH[LYPHSTPZZ[H[LTLU[ (U H\KP[ PU]VS]LZ WLYMVYTPUN WYVJLK\YLZ [V VI[HPU H\KP[ L]PKLUJL HIV\[ [OL HTV\U[Z HUK KPZJSVZ\YLZ PU [OL JVUZVSPKH[LK ĉUHUJPHSZ[H[LTLU[Z;OLWYVJLK\YLZZLSLJ[LKKLWLUKVU[OLH\KP[VYëZQ\KNTLU[PUJS\KPUN[OLHZZLZZTLU[VM[OLYPZRZVM TH[LYPHSTPZZ[H[LTLU[VM[OLĉUHUJPHSZ[H[LTLU[Z^OL[OLYK\L[VMYH\KVYLYYVY0UTHRPUN[OVZLYPZRHZZLZZTLU[Z[OLH\KP[VY JVUZPKLYZPU[LYUHSJVU[YVSYLSL]HU[[V[OL*VTWHU`ëZWYLWHYH[PVUHUKMHPYWYLZLU[H[PVUVM[OLJVUZVSPKH[LKĉUHUJPHSZ[H[LTLU[Z PUVYKLY[VKLZPNUH\KP[WYVJLK\YLZ[OH[HYLHWWYVWYPH[LPU[OLJPYJ\TZ[HUJLZI\[UV[MVY[OLW\YWVZLVML_WYLZZPUNHUVWPUPVU VU[OLLMMLJ[P]LULZZVM[OLLU[P[`ëZPU[LYUHSJVU[YVS(UH\KP[HSZVPUJS\KLZL]HS\H[PUN[OLHWWYVWYPH[LULZZVMHJJV\U[PUNWVSPJPLZ \ZLKHUK[OLYLHZVUHISLULZZVM[OLHJJV\U[PUNLZ[PTH[LZTHKLI`THUHNLTLU[HZ^LSSHZL]HS\H[PUN[OLV]LYHSSWYLZLU[H[PVU VM[OLJVUZVSPKH[LKĉUHUJPHSZ[H[LTLU[Z>LILSPL]L[OH[[OLH\KP[L]PKLUJL^LOH]LVI[HPULKPZZ\MĉJPLU[HUKHWWYVWYPH[L[V WYV]PKLHIHZPZMVYV\YH\KP[VWPUPVU Emphasis of Matter H >LKYH^H[[LU[PVU[V5V[LO[V[OLJVUZVSPKH[LKĉUHUJPHSZ[H[LTLU[ZPUYLZWLJ[VMWYVQLJ[Z\UKLYSVUN[LYTJVU[YHJ[Z \UKLY[HRLUHUKVYĉUHUJLKI`[OL*VTWHU`^LOH]LYLSPLK\WVU[OLTHUHNLTLU[ëZLZ[PTH[LZVM[OLWLYJLU[HNLVM JVTWSL[PVUJVZ[Z[VJVTWSL[PVUHUKVU[OLWYVQLJ[PVUZVMYL]LU\LZL_WLJ[LKMYVTWYVQLJ[ZV^PUN[V[OL[LJOUPJHSUH[\YL VMZ\JOLZ[PTH[LZVU[OLIHZPZVM^OPJOWYVĉ[ZSVZZLZOH]LILLUHJJV\U[LKPU[LYLZ[PUJVTLHJJY\LKHUKYLHSPaHIPSP[`VM [OLJVUZ[Y\J[PVU^VYRPUWYVNYLZZHUKWYVQLJ[HK]HUJLZKL[LYTPULK I >LHSZVKYH^H[[LU[PVU[V5V[L J[V[OLJVUZVSPKH[LKĉUHUJPHSZ[H[LTLU[ZYLNHYKPUN[OL:JOLTLVM(THSNHTH[PVU VM [OL ^OVSS` V^ULK Z\IZPKPHYPLZ VM [OL *VTWHU` .VKYLQ +L]LSVWLYZ 7YP]H[L 3PTP[LK .+73 ^P[O .VKYLQ 7YVQLJ[Z +L]LSVWTLU[7YP]H[L3PTP[LK.7+73ê:JOLTL000ëHWWYV]LKI`;OL/VUVYHISL/PNO*V\Y[VM1\KPJH[\YLH[)VTIH` 0UHJJVYKHUJL^P[O[OLHMVYLZHPK:JOLTLVM(THSNHTH[PVUHUHTV\U[VM` VUHJJV\U[VM.VVK^PSS VUHTHSNHTH[PVUOHZILLUHKQ\Z[LKMYVT[OL:LJ\YP[PLZ7YLTP\T(JJV\U[HUK[OLVWLUPUNIHSHUJLVM:\YWS\ZPU[OL :[H[LTLU[VM7YVĉ[ 3VZZPUZ[LHKVMHTVY[PZPUN[OLZHTLPU[OL:[H[LTLU[VM7YVĉ[ 3VZZV]LYHWLYPVKVMĉ]L`LHYZ ;OLJVZ[HUKL_WLUZLZPUJ\YYLKPUJHYY`PUNV\[HUKPTWSLTLU[PUN[OLZJOLTLHTV\U[PUN[V` OH]LILLU KPYLJ[S`HKQ\Z[LKMYVT[OLVWLUPUNIHSHUJLVM:\YWS\ZPU[OL:[H[LTLU[VM7YVĉ[ 3VZZVM[OL;YHUZMLYLL*VTWHU` /HK[OLZLHTV\U[ZILLUJOHYNLK[V[OL:[H[LTLU[VM7YVĉ[ 3VZZ[OLWYVĉ[MVY[OL`LHY^V\SKOH]LILLUSV^LYI` ` [OL.VVK^PSS^V\SKOH]LILLUOPNOLYI`` UL[^YP[[LUKV^U]HS\LHUK[OL:\YWS\ZPU [OL:[H[LTLU[VM7YVĉ[ 3VZZ^V\SKOH]LILLUOPNOLYI`` HUK:LJ\YP[PLZ7YLTP\T(JJV\U[^V\SKOH]L ILLUOPNOLYI`` 118 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 6\YVWPUPVUPZUV[X\HSPĉLKPUYLZWLJ[VM[OLZLTH[[LYZ Opinion 0UV\YVWPUPVUHUK[V[OLILZ[VMV\YPUMVYTH[PVUHUKHJJVYKPUN[V[OLL_WSHUH[PVUZNP]LU[V\Z[OLJVUZVSPKH[LKĉUHUJPHS Z[H[LTLU[ZNP]LH[Y\LHUKMHPY]PL^PUJVUMVYTP[`^P[O[OLHJJV\U[PUNWYPUJPWSLZNLULYHSS`HJJLW[LKPU0UKPH! H PU[OLJHZLVM[OLJVUZVSPKH[LK)HSHUJL:OLL[VM[OLZ[H[LVMHMMHPYZVM[OL*VTWHU`HZH[4HYJO" I PU[OLJHZLVM[OLJVUZVSPKH[LK:[H[LTLU[VM7YVĉ[HUK3VZZVM[OLWYVĉ[MVY[OL`LHYLUKLKVU[OH[KH[L"HUK J PU[OLJHZLVM[OLJVUZVSPKH[LK*HZO-SV^:[H[LTLU[VM[OLJHZOĊV^ZMVY[OL`LHYLUKLKVU[OH[KH[L -VYKALYANIWALLA & MISTRY */(9;,9,+(**6<5;(5;: -PYT9LNPZ[YH[PVU5\TILY > ERMIN K. IRANI 7(9;5,9 4LTILYZOPW5\TILY! 7SHJL!4\TIHP +H[L!4H` 119 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2014 Particulars 5V[L5V As At (Z([ 31.03.2014 ` ` 0 EQUITY AND LIABILITIES Shareholders Fund H :OHYL*HWP[HS 991,232,600 I 9LZLY]LZ :\YWS\Z 16,942,812,302 Total Shareholders' Funds 17,934,044,902 Minority Interest 2,030,574,800 Non-Current Liabilities H 3VUN;LYT)VYYV^PUN 2,860,861,760 I 6[OLY3VUN;LYT3PHIPSP[PLZ 5 11,186,863 J 3VUN;LYT7YV]PZPVUZ 28,791,167 Total Non Current Liabilities 2,900,839,790 Current Liabilities H :OVY[;LYT)VYYV^PUN 21,429,397,326 I ;YHKL7H`HISLZ9LMLY5V[L 7,042,968,609 J 6[OLY*\YYLU[3PHIPSP[PLZ 9,568,608,689 K :OVY[;LYT7YV]PZPVUZ 9 560,766,872 Total Current Liabilities 38,601,741,496 Total Equity And Liabilities 61,467,200,988 00 ASSETS Non-Current Assets H -P_LK(ZZL[Z ;HUNPISL(ZZL[Z 126,104,265 0U[HUNPISL(ZZL[Z 511,337,811 *HWP[HS^VYRPUWYVNYLZZ 598,518,197 0U[HUNPISL(ZZL[Z\UKLY+L]LSVWTLU[ 19,402,827 Total Fixed Assets 1,255,363,100 I 5VU*\YYLU[0U]LZ[TLU[Z 33,064 J +LMLYYLK;H_(ZZL[5L[ 21,457,900 K 3VUN;LYT3VHUZ (K]HUJLZ 1,272,605,894 L 6[OLY5VU*\YYLU[(ZZL[Z 33,811,758 Total Non Current Assets 2,583,271,716 Current Assets H 0U]LU[VYPLZ 37,267,878,267 I ;YHKL9LJLP]HISLZ 1,599,553,746 J *HZO )HUR)HSHUJLZ 8,710,069,331 K :OVY[;LYT3VHUZ (K]HUJLZ 8,364,166,276 L 6[OLY*\YYLU[(ZZL[Z 2,942,261,652 Total Current Assets 58,883,929,272 Total Assets 61,467,200,988 ACCOUNTING POLICIES ;OLHJJVTWHU`PUNUV[LZ[VMVYTHU :PNUH[\YLZ[V[OL)HSHUJL:OLL[HUK5V[LZ[V-PUHUJPHS:[H[LTLU[Z PU[LNYHSWHY[VMĉUHUJPHSZ[H[LTLU[Z -VYHUKVUILOHSMVM)VHYK (ZWLYV\Y9LWVY[VML]LUKH[L -VYKALYANIWALLA & MISTRY A. B. GODREJ PIROJSHA GODREJ Chartered Accountants Chairman Managing Director & CEO -PYT9LNPZ[YH[PVU5\TILY > ERMIN K. IRANI SHODHAN A. KEMBHAVI Partner Company Secretary 4LTILYZOPW5\TILY! 4\TIHP+H[LK!4H` 120 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 CONSOLIDATED STATEMENT OF PROFIT & LOSS FOR THE YEAR ENDED 31 MARCH, 2014 Particulars 5V[L5V For the Year Ended -VY[OL@LHY,UKLK 31.03.2014 ` ` INCOME 9L]LU\LMYVT6WLYH[PVUZ 11,792,140,919 6[OLY0UJVTL 750,071,227 TOTAL REVENUE 12,542,212,146 EXPENSES *VZ[VM:HSLZ 8,380,768,333 ,TWSV`LL)LULĉ[Z,_WLUZL 253,011,459 -PUHUJL*VZ[Z 44,828,214 +LWYLJPH[PVU 57,702,086 6[OLY,_WLUZLZ 332,119,990 TOTAL EXPENSES 9,068,430,082 PROFIT BEFORE TAX 3,473,782,064 Tax Expense *\YYLU[;H_ 1,156,228,620 4(;*YLKP[,U[P[SLTLU[ (28,667,170) +LMLYYLK;H_ 21,334,900 (KQ\Z[TLU[MVY;H_VM7YL]PV\Z@LHYZUL[ (37,975,837) 1,110,920,513 PROFIT AFTER TAX BEFORE MINORITY INTEREST 2,362,861,551 :OHYLVM4PUVYP[`0U[LYLZ[ (768,468,508) PROFIT AFTER MINORITY INTEREST 1,594,393,043 Earnings Per Share (Refer Note 38) )HZPJ 8.62 +PS\[LK 8.62 ACCOUNTING POLICIES ;OLHJJVTWHU`PUNUV[LZ[VMVYTHU :PNUH[\YLZ[V[OL:[H[LTLU[VM7YVĉ[ 3VZZHUK5V[LZ[V-PUHUJPHS:[H[LTLU[Z PU[LNYHSWHY[VMĉUHUJPHSZ[H[LTLU[Z -VYHUKVUILOHSMVM)VHYK (ZWLYV\Y9LWVY[VML]LUKH[L -VYKALYANIWALLA & MISTRY A. B. GODREJ PIROJSHA GODREJ Chartered Accountants Chairman Managing Director & CEO -PYT9LNPZ[YH[PVU5\TILY > ERMIN K. IRANI SHODHAN A. KEMBHAVI Partner Company Secretary 4LTILYZOPW5\TILY! 4\TIHP+H[LK!4H` 121 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH, 2014 Particulars For the Year Ended -VY[OL@LHY,UKLK 31.03.2014 ` ` Cash Flow from Operating Activities 7YVĉ[ILMVYL;H_H[PVU 3,473,782,064 Adjustment for: +LWYLJPH[PVU 57,702,086 0U[LYLZ[7HPK 44,828,214 7YVĉ[3VZZVUZHSLVM-P_LK(ZZL[ 328,721 7YV]PZPVUMVY+V\I[M\S(K]HUJLZ^YP[[LUIHJR5L[ (42,253,566) ,:.:*VTWLUZH[PVU 38,099,758 7YLSPTPUHY`,_WLUZLZ>YP[[LU6MM 67,647 ,_WLUZLZVM(THSNHTH[PVU 2,500,000 +PTPU\[PVUPU]HS\LVMPU]LZ[TLU[Z^YP[[LUIHJR (4,476) 0U[LYLZ[0UJVTL (139,306,125) +P]PKLUK9LJLP]LK (654,331) 7YVĉ[VUZHSLVM3VUN;LYT *\YYLU[0U]LZ[TLU[ (591,152,736) 6WLYH[PUN7YVĉ[ILMVYL^VYRPUNJHWP[HSJOHUNLZ 2,843,937,256 Adjustment for: 0UJYLHZLKLJYLHZLPU5VU*\YYLU[3PHIPSP[PLZ 8,920,966 0UJYLHZLKLJYLHZLPU*\YYLU[3PHIPSP[PLZ 1,013,206,317 0UJYLHZLKLJYLHZLPU5VU*\YYLU[(ZZL[Z 471,626,876 0UJYLHZLKLJYLHZLPU*\YYLU[(ZZL[Z (9,999,654,118) (5,661,962,703) ;H_LZ7HPK5L[ (1,226,351,483) Net Cash Flow from Operating activities (6,888,314,186) Cash Flow from Investing Activities 7\YJOHZLVM-P_LK(ZZL[Z (609,426,776) :HSLVM-P_LK(ZZL[Z 4,987,022 :HSLVMZ[HRLPU:\IZPKPHYPLZ 406,678,045 7\YJOHZLVM:OHYLZPU:\IZPKPHYPLZ (1,922,135,244) ,_WLUZLZVM(THSNHTH[PVU (7,691,833) 0U[LYLZ[9LJLP]LK 88,877,706 +P]PKLUK9LJLP]LK 2,629,351 0UJVTLVU9PNO[Z9LU\UJPH[PVUI`,:67;Y\Z[ 1,150,000 7YVĉ[VUZHSLVM0U]LZ[TLU[ 185,094,191 7YLSPTPUHY`,_WLUZLZ (67,647) Net Cash Flow from Investing Activities (1,849,905,185) 122 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH, 2014 Particulars For the Year Ended -VY[OL@LHY,UKLK 31.03.2014 ` ` Cash Flow from Financing Activities 7YVJLLKZMYVT0ZZ\LVM,X\P[`:OHYL*HWP[HSUL[VMPZZ\LL_WLUZLZ 6,910,165,240 7YVJLLKZMYVT0ZZ\LVM,X\P[`:OHYLZ[V4PUVYP[`:[HRLOVSKLYZ 27,540,983 *HWP[HS*VU[YPI\[PVUPU3PTP[LK3PHIPSP[`7HY[ULYZOPW 174,524,125 7YVJLLKZMYVT3VUN;LYT)VYYV^PUNZUL[ (895,782,000) 7YVJLLKZMYVT9LWH`TLU[VM:OVY[;LYT)VYYV^PUNZUL[ 9,855,046,465 0ZZ\LYLSH[LKL_WLUZLZ 1,400,000 0U[LYLZ[7HPK (44,570,946) 7H`TLU[VM+P]PKLUK (312,235,150) ;H_VU+PZ[YPI\[LK7YVĉ[Z (53,076,512) Net Cash Flow from Investing Activities 15,663,012,205 Cash Flow from Financing Activities 7YVJLLKZMYVT0ZZ\LVM,X\P[`:OHYL*HWP[HSUL[VMPZZ\LL_WLUZLZ 6,910,165,240 7YVJLLKZMYVT0ZZ\LVM,X\P[`:OHYLZ[V4PUVYP[`:[HRLOVSKLYZ 27,540,983 *HWP[HS*VU[YPI\[PVUPU3PTP[LK3PHIPSP[`7HY[ULYZOPW 174,524,125 7YVJLLKZMYVT3VUN;LYT)VYYV^PUNZUL[ (895,782,000) 7YVJLLKZMYVT9LWH`TLU[VM:OVY[;LYT)VYYV^PUNZUL[ 9,855,046,465 0ZZ\LYLSH[LKL_WLUZLZ 1,400,000 0U[LYLZ[7HPK (44,570,946) 7H`TLU[VM+P]PKLUK (312,235,150) ;H_VU+PZ[YPI\[LK7YVĉ[Z (53,076,512) Net Cash Flow from Financing Activities 15,663,012,205 Net Increase in Cash & Cash Equivalent 6,924,792,834 Cash & Cash Equivalent -Opening Balance 1,676,765,990 (JX\PZP[PVUVMZOHYLPU337Z - 6WLUPUN*HZO *HZO,X\P]HSLU[VM.73,:67;Y\Z[9LMLY5V[LI 15,507 Cash & Cash Equivalent -Closing Balance 8,601,574,331 PUJS\KPUNZOHYLPUQVPU[S`JVU[YVSSLKLU[P[PLZ` 7YL]PV\Z@LHY`5PS Notes : *HZOHUK*HZO,X\P]HSLU[Z *HZO *OLX\LZVU/HUKHUK)HSHUJLZ^P[O)HURZ 0U]LZ[TLU[ZPU3PX\PK4\[\HS-\UKZ 3LZZ!6[OLY)HUR)HSHUJLZ Cash and Cash Equivalents. ;OLJHZOĊV^Z[H[LTLU[OHZILLUWYLWHYLK\UKLY[OL0UKPYLJ[4L[OVKHZZL[V\[PU[OL(JJV\U[PUN:[HUKHYK(: VU*HZO-SV^:[H[LTLU[HUKWYLZLU[ZJHZOĊV^ZI`VWLYH[PUNPU]LZ[PUNHUKĉUHUJPUNHJ[P]P[PLZ +P]PKLUKYLJLP]LK\UKLY0U]LZ[PUNHJ[P]P[PLZPUJS\KLZKP]PKLUKVM` YLJLP]LKI`[OL,:67[Y\Z[ -PN\YLZMVY[OLWYL]PV\Z`LHYOH]LILLUYLNYV\WLKYLZ[H[LK^OLYL]LYULJLZZHY`[VJVUMVYT[VJ\YYLU[`LHYZJSHZZPĉJH[PVU (ZWLYV\Y9LWVY[VML]LUKH[L -VYHUKVUILOHSMVM)VHYK -VYKALYANIWALLA & MISTRY A. B. GODREJ PIROJSHA GODREJ Chartered Accountants Chairman Managing Director & CEO -PYT9LNPZ[YH[PVU5\TILY > ERMIN K. IRANI SHODHAN A. KEMBHAVI Partner Company Secretary 4LTILYZOPW5\TILY! 4\TIHP+H[LK!4H` 123 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS Note 1 Accounting Policies: a) Principle of Consolidation ;OL*VUZVSPKH[LK-PUHUJPHS:[H[LTLU[ZVM[OL.YV\WOH]LILLUWYLWHYLKPUHJJVYKHUJL^P[O(JJV\U[PUN:[HUKHYK(: í*VUZVSPKH[LK-PUHUJPHS:[H[LTLU[ZîPZZ\LKI`[OL0UZ[P[\[LVM*OHY[LYLK(JJV\U[HU[ZVM0UKPHê0*(0ë ;OL*VUZVSPKH[LK-PUHUJPHS:[H[LTLU[ZPUJS\KL[OLĉUHUJPHSZ[H[LTLU[ZVM[OL*VTWHU`HUKHSSP[Z:\IZPKPHYPLZ 3PTP[LK 3PHIPSP[`7HY[ULYZOPW^OPJOHYLTVYL[OHU WLYJLU[V^ULKVYJVU[YVSSLKHUK1VPU[=LU[\YLZ^OVZLĉUHUJPHSZ[H[LTLU[ HYLKYH^U\W[V[OLZHTLYLWVY[PUNKH[LHZVM[OL*VTWHU`PLZ[4HYJO ;OL*VUZVSPKH[LK-PUHUJPHS:[H[LTLU[ZMVY:\IZPKPHYPLZ 3PTP[LK3PHIPSP[`7HY[ULYZOPWOH]LILLUJVTIPULKVUHSPULI` SPULIHZPZI`HKKPUN[OLIVVR]HS\LZVMSPRLP[LTZVMHZZL[ZSPHIPSP[PLZPUJVTLHUKL_WLUZLZHM[LYLSPTPUH[PUNPU[YHNYV\W IHSHUJLZ[YHUZHJ[PVUZHUKYLZ\S[PUN\UYLHSPaLKWYVĉ[ZPUM\SS 0U]LZ[TLU[Z PU 1VPU[ =LU[\YLZ HYL KLHS[ ^P[O PU HJJVYKHUJL ^P[O (JJV\U[PUN :[HUKHYK (: ê-PUHUJPHS 9LWVY[PUN VM 0U[LYLZ[Z PU 1VPU[ =LU[\YLZë ;OL *VTWHU`ëZ PU[LYLZ[ PU QVPU[S` JVU[YVSSLK LU[P[PLZ HYL YLWVY[LK \ZPUN WYVWVY[PVUH[L JVUZVSPKH[PVU ^OLYLI` [OL *VTWHU`ëZ ZOHYL VM QVPU[S` JVU[YVSSLK HZZL[Z HUK SPHIPSP[PLZ HUK [OL ZOHYL VM PUJVTL HUK L_WLUZLZVM[OLQVPU[S`JVU[YVSSLKLU[P[PLZHYLYLWVY[LKHZZLWHYH[LSPULP[LTZ 0U[OL*VUZVSPKH[LK-PUHUJPHS:[H[LTLU[Zê.VVK^PSSëYLWYLZLU[Z[OLL_JLZZVM[OLJVZ[[V[OL*VTWHU`VMP[ZPU]LZ[TLU[Z PU[OLZ\IZPKPHYPLZV]LYP[ZZOHYLVMLX\P[`H[[OLYLZWLJ[P]LKH[LZVU^OPJOPU]LZ[TLU[ZHYLTHKL(S[LYUH[P]LS`^OLYL [OLZOHYLVMLX\P[`HZVU[OLKH[LVMPU]LZ[TLU[ZPZPUL_JLZZVMJVZ[VMPU]LZ[TLU[ZP[PZYLJVNUPaLKHZê*HWP[HS9LZLY]Lë PU [OL *VUZVSPKH[LK -PUHUJPHS :[H[LTLU[Z ê4PUVYP[` 0U[LYLZ[ë YLWYLZLU[Z [OL HTV\U[ VM LX\P[` H[[YPI\[HISL [V TPUVYP[` ZOHYLOVSKLYZH[[OLKH[LVU^OPJOPU]LZ[TLU[PUHZ\IZPKPHY`PZTHKLHUKP[ZZOHYLVMTV]LTLU[ZPU[OLLX\P[`ZPUJL[OH[ KH[L(U`L_JLZZJVUZPKLYH[PVUYLJLP]LKMYVTTPUVYP[`ZOHYLOVSKLYZVMZ\IZPKPHYPLZV]LY[OLHTV\U[VMLX\P[`H[[YPI\[HISL [V[OLTPUVYP[`VU[OLKH[LVMPU]LZ[TLU[PZYLĊLJ[LK\UKLY9LZLY]LZHUK:\YWS\Z b) Basis of Preparation ;OLĉUHUJPHSZ[H[LTLU[ZHYLWYLWHYLKPUHJJVYKHUJL^P[ONLULYHSS`HJJLW[LKHJJV\U[PUNWYPUJPWSLZPU0UKPH;OL*VTWHU` OHZWYLWHYLK[OLZLĉUHUJPHSZ[H[LTLU[Z[VJVTWS`PUHSS[OLTH[LYPHSYLZWLJ[Z^P[O[OL(JJV\U[PUN:[HUKHYKZUV[PĉLK \UKLY[OL*VTWHUPLZ(JJV\U[PUN:[HUKHYKZ9\SLZ HZHTLUKLKHUKV[OLYYLSL]HU[WYV]PZPVUZVM[OL*VTWHUPLZ (J[ YLHK^P[O.LULYHS*PYJ\SHY KH[LK:LW[LTILYPZZ\LKI`[OL4PUPZ[Y`VM*VYWVYH[L(MMHPYZ PUYLZWLJ[VMZLJ[PVUVM[OL*VTWHUPLZ(J[\UKLY[OLOPZ[VYPJHSJVZ[JVU]LU[PVUVUHUHJJY\HSIHZPZ;OL HJJV\U[PUNWVSPJPLZOH]LILLUJVUZPZ[LU[S`HWWSPLKI`[OL*VTWHU` -VY[OLW\YWVZLVMHKTPUPZ[YH[PVUVM,TWSV`LL:[VJR6W[PVU7SHUVM[OL*VTWHU`[OL*VTWHU`OHZLZ[HISPZOLK.73 ,:67;Y\Z[0U[OLJ\YYLU[`LHYPUHJJVYKHUJL^P[O[OLVWPUPVUPZZ\LKI`[OL,_WLY[(K]PZVY`*VTTP[[LL,(*VM[OL 0*(0PUVU*VUZVSPKH[PVUVM,:67;Y\Z[PU[OLZ[HUKHSVULĉUHUJPHSZ[H[LTLU[Z[OL*VTWHU`OHZPUJS\KLK[OL ĉUHUJPHSZ[H[LTLU[ZVM[OL,:67[Y\Z[MVYWYLWHYH[PVUVM[OLZ[HUKHSVULĉUHUJPHSZ[H[LTLU[Z c) Operating Cycle ;OLUVYTHSVWLYH[PUNJ`JSLPUYLZWLJ[VMVWLYH[PVUYLSH[PUN[V\UKLYJVUZ[Y\J[PVUYLHSLZ[H[LWYVQLJ[KLWLUKZVUZPNUPUN VMHNYLLTLU[ZPaLVM[OLWYVQLJ[WOHZPUNVM[OLWYVQLJ[[`WLVMKL]LSVWTLU[WYVQLJ[JVTWSL_P[PLZHWWYV]HSZULLKLK YLHSPaH[PVUVMWYVQLJ[PU[VJHZO JHZOLX\P]HSLU[ZHUKYHUNLMYVT[V `LHYZ(JJVYKPUNS`(ZZL[Z 3PHIPSP[PLZOH]LILLU JSHZZPĉLKPU[VJ\YYLU[ UVUJ\YYLU[IHZLKVUVWLYH[PUNJ`JSLVMYLZWLJ[P]LWYVQLJ[Z d) Fixed Assets -P_LKHZZL[ZHYLZ[H[LKH[JVZ[VMHJX\PZP[PVUVYJVUZ[Y\J[PVUSLZZHJJ\T\SH[LKKLWYLJPH[PVU*VZ[PUJS\KLZHSSPUJPKLU[HS L_WLUZLZYLSH[LK[VHJX\PZP[PVUHUKPUZ[HSSH[PVUV[OLYWYLVWLYH[PVUL_WLUZLZHUKPU[LYLZ[PUJHZLVMJVUZ[Y\J[PVU *HYY`PUNHTV\U[VMJHZONLULYH[PUN\UP[ZHZZL[ZHYLYL]PL^LKH[IHSHUJLZOLL[KH[L[VKL[LYTPUL^OL[OLY[OLYLPZHU` PUKPJH[PVUVMPTWHPYTLU[0MZ\JOPUKPJH[PVUL_PZ[Z[OLYLJV]LYHISLHTV\U[PZLZ[PTH[LKHZ[OLUL[ZLSSPUNWYPJLVY]HS\LPU\ZL ^OPJOL]LYPZOPNOLY0TWHPYTLU[SVZZPMHU`PZYLJVNUPaLK^OLUL]LYJHYY`PUNHTV\U[L_JLLKZ[OLYLJV]LYHISLHTV\U[ e) Depreciation / Amortization +LWYLJPH[PVUOHZILLUWYV]PKLKVU>YP[[LU+V^U=HS\LIHZPZH[[OLYH[LZZWLJPĉLKPU:JOLK\SL?0=VM[OL*VTWHUPLZ (J[ (ZZL[ZHJX\PYLKVUSLHZLHYLKLWYLJPH[LKV]LY[OLWLYPVKVM[OLSLHZL 3LHZLOVSKPTWYV]LTLU[ZHYLHTVY[PaLKV]LYHWLYPVKVMSLHZL 0U[HUNPISL(ZZL[ZV[OLY[OHU;YHKLTHYRHYLHTVY[PaLKV]LYHWLYPVKVMZP_`LHYZ*VTWHU`OHZHJX\PYLK[OLí.VKYLQî ;YHKLTHYRMVYWLYWL[\P[`PU[OLJ\YYLU[`LHY/V^L]LYHZHTH[[LYVMWY\KLUJL[OL4HUHNLTLU[OHZKLJPKLK[VHTVY[PaL [OLZHTLV]LYHWLYPVKVM`LHYZ 124 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS f) Investments 0U]LZ[TLU[ZHYLJSHZZPĉLKPU[VSVUN[LYTHUKJ\YYLU[PU]LZ[TLU[Z 3VUN[LYTPU]LZ[TLU[ZHYLJHYYPLKH[JVZ[7YV]PZPVUMVYKPTPU\[PVUPMHU`PU[OL]HS\LVMLHJOSVUN[LYTPU]LZ[TLU[PZ THKL[VYLJVNUPaLHKLJSPULV[OLY[OHUVMH[LTWVYHY`UH[\YL *\YYLU[PU]LZ[TLU[ZHYLJHYYPLKPUKP]PK\HSS`H[SV^LYVMJVZ[HUKMHPY]HS\LHUK[OLYLZ\S[HU[KLJSPULPMHU`PZJOHYNLK[V YL]LU\L g) Inventories 0U]LU[VYPLZHYL]HS\LKHZ\UKLY! H *VTWSL[LK-SH[Z ([SV^LYVM*VZ[VY4HYRL[]HS\L I *VUZ[Y\J[PVU>VYRPU7YVNYLZZ ([*VZ[ *VUZ[Y\J[PVU >VYR PU 7YVNYLZZ PUJS\KLZ JVZ[ VM SHUK WYLTP\T MVY KL]LSVWTLU[ YPNO[Z JVUZ[Y\J[PVU JVZ[Z HSSVJH[LK PU[LYLZ[HUKL_WLUZLZPUJPKLU[HS[V[OLWYVQLJ[Z\UKLY[HRLUI`[OL*VTWHU` h) Revenue Recognition ;OL*VTWHU`PZMVSSV^PUN[OLí7LYJLU[HNLVM*VTWSL[PVU4L[OVKîVMHJJV\U[PUN(ZWLY[OPZTL[OVKYL]LU\LMYVT ZHSLVMWYVWLY[PLZPZYLJVNUPaLKPU:[H[LTLU[VM7YVĉ[ 3VZZPUWYVWVY[PVU[V[OLHJ[\HSJVZ[PUJ\YYLKHZHNHPUZ[[OL[V[HS LZ[PTH[LKJVZ[VMWYVQLJ[Z\UKLYL_LJ\[PVU^P[O[OL*VTWHU`VU[YHUZMLYVMZPNUPĉJHU[YPZRHUKYL^HYKZ[V[OLI\`LY 125 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS I 7VZ[LTWSV`TLU[ILULĉ[Z! P +LĉULK*VU[YPI\[PVU7SHUZ! 7H`TLU[ZTHKL[VKLĉULKJVU[YPI\[PVUWSHUZZ\JOHZ7YV]PKLU[-\UKHYLJOHYNLKHZHUL_WLUZLHZ[OL`MHSSK\L PP +LĉULK)LULĉ[7SHUZ! ;OLJVZ[VMWYV]PKPUNILULĉ[ZPLNYH[\P[`PZKL[LYTPULK\ZPUN[OL7YVQLJ[LK 126 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS As at (ZH[ 31.03.2014 ` ` NOTE 2 SHARE CAPITAL AUTHORISED ,X\P[`:OHYLZVM` LHJO7YL]PV\Z@LHY 1,170,000,000 ,X\P[`:OHYLVM`LHJO 1,170,000,000 ISSUED, SUBSCRIBED & PAID UP ,X\P[`:OHYLZVM` LHJO7YL]PV\Z@LHY ,X\P[` 996,170,150 :OHYLZVM`LHJOM\SS`WHPK\W 3LZZ! ,X\P[`:OHYLZVM` LHJOOLSKI`.73,:67;Y\Z[ 4,937,550 6M[OLHIV]L ,X\P[`:OHYLZVM`LHJO:WSP[PU[V ,X\P[`:OHYLZVM` LHJO^LYLPZZ\LKHZ9PNO[:OHYLZ 991,232,600 (a) Reconciliation of number of shares: 31.03.2014 No. of Shares ` 5VVM:OHYLZ ` 5\TILYVM:OHYLZV\[Z[HUKPUNH[[OL 78,046,103 780,461,030 ILNPUUPUNVM[OL`LHY 4V]LTLU[K\YPUN[OL`LHYWYPVY[V:WSP[ 21,570,677 215,706,770 (KKP[PVUVUHJJV\U[VM:OHYL:WSP[MYVT 99,616,780 - `[V` 4V]LTLU[K\YPUN[OL`LHYWVZ[:WSP[ 470 2,350 5\TILYVM:OHYLZV\[Z[HUKPUNH[[OLLUKVM 199,234,030 996,170,150 [OL`LHY (b) Shareholding information: ,X\P[`:OHYLZHYLOLSKI`! .VKYLQ0UK\Z[YPLZ3PTP[LK/VSKPUN*VTWHU` 122,775,304 .VKYLQ )V`JL4HU\MHJ[\YPUN*VTWHU` 3,240,688 3PTP[LK (c) Shareholders holding more than 5% of Equity Shares: 31.03.2014 No. of Shares % 5VVM:OHYLZ % .VKYLQ0UK\Z[YPLZ3PTP[LK 122,775,304 61.62% *\YYLU[@LHY-HJL=HS\LVM,X\P[`:OHYLPZ ` 7YL]PV\Z@LHY` 127 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS (d) Rights, preferences and restrictions attached to shares: ;OL*VTWHU`OHZVUS`VULJSHZZVMLX\P[`ZOHYLOH]PUNHWHY]HS\LVM` WLYZOHYL7YL]PV\Z@LHY`WLYZOHYL ,HJOOVSKLYVMLX\P[`ZOHYLZPZLU[P[SLK[VVUL]V[LWLYZOHYLOLSK;OLKP]PKLUKWYVWVZLKI`[OL)VHYKVM+PYLJ[VYZ PZZ\IQLJ[[V[OLHWWYV]HSVM[OL:OHYLOVSKLYZPU[OL(UU\HS.LULYHS4LL[PUNL_JLW[PUJHZLVMPU[LYPTKP]PKLUK0U[OL L]LU[VMSPX\PKH[PVU[OLZOHYLOVSKLYZHYLLSPNPISL[VYLJLP]L[OLYLTHPUPUNHZZL[ZVM[OL*VTWHU`HM[LYKPZ[YPI\[PVUVMHSS WYLMLYLU[PHSHTV\U[ZPUWYVWVY[PVU[V[OLPYZOHYLOVSKPUN 31.03.2014 (e) Equity Shares Reserved for Issue No. of Shares ` 5VVM:OHYLZ ` Under Options P ,TWSV`LL:[VJR.YHU[ZLSPNPISL 14,928 74,640 MVY LX\P[`ZOHYLZVM` LHJO 7YL]PV\Z@LHYLX\P[`ZOHYLZVM` LHJO]LZ[PUNVU PP ,TWSV`LL:[VJR.YHU[ZLSPNPISL 1,252 6,260 MVY LX\P[`ZOHYLZVM` LHJO 7YL]PV\Z@LHYLX\P[`ZOHYLZVM` LHJO]LZ[PUNVU PPP ,TWSV`LL:[VJR.YHU[ZLSPNPISL 48,276 241,380 MVY LX\P[`ZOHYLZVM` LHJO 7YL]PV\Z@LHYLX\P[`ZOHYLZVM` LHJO6\[VM^OPJOPZ]LZ[PUN VU HUK PZ]LZ[PUN VU P] ,TWSV`LL:[VJR.YHU[ZLSPNPISL - - MVYLX\P[`ZOHYLZVM`LHJO ] ,TWSV`LL:[VJR.YHU[ZLSPNPISL 2,218 11,090 MVY LX\P[`ZOHYLZVM` LHJO 7YL]PV\Z@LHYLX\P[`ZOHYLZVM` LHJO]LZ[PUNVU ]P ,TWSV`LL:[VJR.YHU[ZLSPNPISL 460 2,300 MVY LX\P[`ZOHYLZVM` LHJO 7YL]PV\Z@LHYLX\P[`ZOHYLZVM` LHJO6\[VM^OPJOPZ]LZ[PUNVU HUKPZ]LZ[PUNVU ]PP ,TWSV`LL:[VJR.YHU[ZLSPNPISL 480 2,400 MVY LX\P[`ZOHYLZVM` LHJO 7YL]PV\Z@LHYLX\P[`ZOHYLZVM` LHJO6\[VM^OPJOPZ]LZ[PUNVU HUKPZ]LZ[PUNVU ]PPP ,TWSV`LL:[VJR.YHU[Z 125,744 628,720 LSPNPISLMVY LX\P[`ZOHYLZVM ` LHJO6\[VM^OPJO PZ ]LZ[PUNVU PZ ]LZ[PUNVU HUK PZ ]LZ[PUNVU P_ ,TWSV`LL:[VJR.YHU[ZLSPNPISL 30,000 150,000 MVYLX\P[`ZOHYLZVM` LHJO ]LZ[PUNVU 128 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS As At (Z([ 31.03.2014 ` ` NOTE 3 RESERVES & SURPLUS Securities Premium (ZWLYSHZ[)HSHUJL:OLL[ 10,179,949,780 (KKP[PVUK\YPUN[OL`LHY 6,803,953,214 <[PSPZH[PVUK\YPUN[OL`LHY9LMLY5V[LH 88,736,100 *SVZPUN)HSHUJL 16,895,166,894 ESOP Trust (KQ\Z[TLU[VM9L[HPULKLHYUPUN+P]PKLUK*VZ[VMZOHYLUL[VMMHJL (436,136,099) ]HS\L9LMLY5V[LI General Reserve (ZWLYSHZ[)HSHUJL:OLL[ 157,391,577 3LZZ!(KQ\Z[TLU[HYPZPUNVU(THSNHTH[PVUVM:\IZPKPHYPLZ9LMLY5V[L 157,391,577 (KKP[PVUK\YPUN[OL`LHY 98,000,000 *SVZPUN)HSHUJL 98,000,000 ,TWSV`LL:[VJR.YHU[:JOLTL9LZLY]L (ZWLYSHZ[)HSHUJL:OLL[ 24,898,564 (KKP[PVUK\YPUN[OL`LHY 38,099,758 <[PSPZH[PVUK\YPUN[OL`LHY 19,360,994 *SVZPUN)HSHUJL 43,637,328 :\YWS\ZPU:[H[LTLU[VM7YVĉ[HUK3VZZ (ZWLYSHZ[)HSHUJL:OLL[ 3,146,801,291 3LZZ!(KQ\Z[TLU[HYPZPUNVU(THSNHTH[PVUVM:\IZPKPHYPLZ9LMLY5V[L 3,822,716,009 (KK!7YVĉ[MVY[OL`LHY 1,594,393,043 (WWYVWYPH[PVUZK\YPUN[OL`LHY 7YVWVZLK+P]PKLUK-PUHS9LMLY5V[LI 398,694,444 ;H_VU+PZ[YPI\[LK7YVĉ[ 67,758,121 ;YHUZMLY[V.LULYHS9LZLY]L 98,000,000 (KQ\Z[TLU[VMVWLUPUNWYVĉ[SVZZVMZ\IZPKPHYPLZ 11,881,581 *SVZPUN)HSHUJL 342,144,179 Total Reserves & Surplus 16,942,812,302 H :LJ\YP[PLZ7YLTP\THTV\U[OHZILLU\[PSPZLK[V^HYKZ9PNO[0ZZ\LL_WLUZLZUL[VMMYL]LYZHSVMWYV]PZPVUTHKLMVY076 L_WLUZLZHTV\U[PUN[V` I ;OL)VHYKVM+PYLJ[VYZVM[OLJVTWHU`OHZWYVWVZLKKP]PKLUKVM PL`WLYLX\P[`ZOHYLVM` LHJOMVY[OL `LHYHTV\U[PUN[V` 7YL]PV\Z@LHY PL`WLYLX\P[`ZOHYLVM`LHJOHTV\U[PUN[V ` NOTE 4 LONG TERM BORROWINGS +LILU[\YLZ :LJ\YLK9LKLLTHISL6W[PVUHSS`*VU]LY[PISL+LILU[\YLZ 28,718,760 9LMLY5V[LH 5V[LH *VTW\SZVYPS`*VU]LY[PISL+LILU[\YLZ9LMLY5V[LI 267,000,000 5V[LI *VTW\SZVYPS`*VU]LY[PISL+LILU[\YLZ9LMLY5V[L 528,110,000 J 5V[LK L +LWVZP[Z 129 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS H ZLJ\YLKVW[PVUHSS`JVU]LY[PISLKLILU[\YLZVM`LHJOHYLYLKLLTHISLVU[O(WYPS HUKHYLZLJ\YLK [V[OLL_[LU[VMZWLJPĉJPTTV]HISLHZZL[ZVM[OL*VTWHU`KPZJSVZLK\UKLY[OLOLHKí-P_LK(ZZL[Zî9LMLY5V[L I *VTW\SZVYPS`*VU]LY[PISL+LILU[\YLZVMMHJL]HS\LVM`LHJO^LYLHSSV[LKVU+LJLTILY ;OLZLKLILU[\YLZHYLJVTW\SZVYPS`JVU]LY[PISLH[[OLLUKVM`LHYZMYVT[OLKH[LVMHSSV[TLU[;OLZLKLILU[\YLZHYL JVU]LY[PISLPU[V ,X\P[`:OHYLZVM`LHJOPUHJJVYKHUJL^P[O[OL[LYTZVM[OLPZZ\L;OLPU[LYLZ[ZOHSSILHJJY\LK VUHX\HY[LYS`IHZPZ J *VTW\SZVYPS`*VU]LY[PISL+LILU[\YLZVMMHJL]HS\LVM`LHJO6\[VMHIV]L ^LYLHSSV[LK VU 1\UL HUK ^LYL HSSV[LK VU 6J[VILY ;OLZL *VTW\SZVY` *VU]LY[PISL +LILU[\YLZ ^PSS IL JVU]LY[LKPU[VLX\P[`ZOHYLZPU[OL`LHY IHZLKVU[OL-HPY=HS\L K +LWVZP[Z As At (Z([ 31.03.2014 ` ` NOTE 5 OTHER LONG TERM LIABILITIES +LWVZP[Z3LHZL 120,000 ;YHKL7H`HISLZ9LMLY5V[L 10,730,194 0U[LYLZ[(JJY\LKI\[UV[K\L 336,669 11,186,863 NOTE 6 LONG TERM PROVISIONS 7YV]PZPVUMVY,TWSV`LL)LULĉ[Z .YH[\P[`9LMLY5V[L I 23,817,215 NOTE 7 SHORT TERM BORROWINGS +LILU[\YLZ :LJ\YLK*\T\SH[P]L6W[PVUHSS`*VU]LY[PISL+LILU[\YLZ 762,490,000 *SHZZ)9LMLY5V[L H J -YVT)HURZ :LJ\YLK3VHU ;LYT3VHU - *HZO*YLKP[9LMLY5V[L I 2,910,172,162 :OVY[;LYT3VHU9LMLY5V[L J 3,000,000,000 130 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS As At (Z([ 31.03.2014 ` ` -YVT6[OLYZ :LJ\YLK3VHU9LMLY5V[L M 7,500,000,000 131 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS As At (Z([ 31.03.2014 ` ` NOTE 8 OTHER CURRENT LIABILITIES *\YYLU[TH[\YP[PLZVMSVUN[LYTKLI[ NOTE 9 SHORT TERM PROVISIONS 7YV]PZPVUMVY,TWSV`LL)LULĉ[Z .YH[\P[`9LMLY5V[L I 507,886 6[OLY7YV]PZPVU -VY;H_H[PVU 87,995,600 5L[VM(K]HUJL;H_ ;H_KLK\J[LKH[ZV\YJL` 7YL]PV\Z@LHY` 7YVWVZLK+P]PKLUK-PUHS 398,694,444 ;H_VU+P]PKLUK 67,758,121 560,766,872 132 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 10 FIXED ASSETS ASSETS GROSS BLOCK DEPRECIATION NET BLOCK As at Additions Deductions As at Upto For the Deductions Upto 31st As at 31st As at 31st 1st April 31st March 1st April Year Adjustments March March March 2013 2014 2013 2014 2014 2013 ` ` ` ` ` ` ` ` ` ` Tangible Assets Land (Refer Note 30(a)) 868,555 - - 868,555 - - - - 868,555 868,555 Building 17,031,600 - - 17,031,600 2,429,132 730,123 - 3,159,255 13,872,345 14,602,468 Leasehold Improvements 59,078,496 12,174,365 3,545,216 67,707,645 48,399,913 6,929,638 2,350,339 52,979,212 14,728,433 10,678,583 Office Equipment 34,986,629 5,087,996 10,000 40,064,625 13,675,695 3,972,099 4,164 17,643,630 22,420,995 21,310,934 Site Equipments 248,453 521,883 - 770,336 55,237 70,830 - 126,067 644,269 193,216 Furniture & Fixtures 45,405,220 13,619,060 - 59,024,280 21,492,366 6,104,625 - 27,596,991 31,427,289 23,912,854 Computer 53,230,143 18,038,408 141,900 71,126,651 34,339,295 10,502,020 109,858 44,731,457 26,395,194 18,890,848 Motor Vehicle 34,790,032 8,119,268 9,612,856 33,296,444 18,284,359 4,794,768 5,529,868 17,549,259 15,747,185 16,505,673 Intagible Assets Goodwill 361,275,106 1,921,760,744 2,074,097,883 208,937,967 - - - - 208,937,967 361,275,106 Licenses & Software 73,518,178 19,717,212 - 93,235,390 36,237,563 13,347,983 - 49,585,546 43,649,844 37,280,615 Trade Mark - 270,000,000 - 270,000,000 - 11,250,000 - 11,250,000 258,750,000 - Total 680,432,412 2,269,038,936 2,087,407,855 862,063,493 174,913,560 57,702,086 7,994,229 224,621,417 637,442,076 505,518,852 Previous Year 591,283,989 97,227,080 8,078,657 680,432,412 136,271,501 43,883,267 5,241,208 174,913,560 Capital Work-In-Progress 598,518,197 336,369,612 Intangible Assets under 19,402,827 19,402,827 Development Total 1,255,363,100 861,291,291 As At (Z([ 31.03.2014 ` ` NOTE 11 NON-CURRENT INVESTMENTS I Trade Investments H Investment in Fully paid up Equity Instruments Quoted Investments 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM 742 (SHJYP[`/V\ZPUN3PTP[LK 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM 1,066 (UZHS)\PSK^LSS3PTP[LK 7YL]PV\Z@LHYVM`LHJOVM 1,366 (UZHS/V\ZPUN *VUZ[Y\J[PVU3PTP[LK ZOHYLZYLJLP]LKHZIVU\ZZOHYLZK\YPUN[OL`LHY 133 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS As At (Z([ 31.03.2014 ` ` 7YL]PV\Z@LHY ,X\P[`:OHYLZVM` LHJOVM 3,081 (UZHS7YVWLY[PLZ 0UMYHZ[Y\J[\YL3PTP[LK 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM 1,241 3VR/V\ZPUN *VUZ[Y\J[PVU3PTP[LK 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM 1,641 .SVIHS0UMYHZ[Y\J[\YL ;LJOUVSVNPLZ3PTP[LK 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM 1,516 7YLTPLY,ULYN` 0UMYHZ[Y\J[\YL3PTP[LK 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM 891 +:2\SRHYUP+L]LSVWLYZ3PTP[LK 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM 6,366 *VZ[VM8\V[LK0U]LZ[TLU[Z 23,652 4HYRL[=HS\LVM8\V[LK0U]LZ[TLU[Z 360,008 NOTE 12 DEFERRED TAX ASSET (NET) 3PHIPSP[PLZ 6U-P_LK(ZZL[ (15,357,900) (ZZL[Z 6U-P_LK(ZZL[ - 6U6[OLYZ 36,815,800 21,457,900 134 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS As At (Z([ 31.03.2014 ` ` NOTE 13 LONG TERM LOANS & ADVANCES :LJ\YLK *VUZPKLYLKNVVK +LWVZP[Z7YVQLJ[Z9LMLY5V[LH 1,021,182,709 NOTE 14 OTHER NON CURRENT ASSETS ,_WLUZLZ9LJV]LYHISL 6,276,078 0U[LYLZ[(JJY\LK 76,160 6[OLYZ+LWVZP[^P[O)HURZ 27,459,520 +LWVZP[^P[O)HURPZOLSKHZ4HYNPU4VUL` 33,811,758 NOTE 15 INVENTORIES -PUPZOLK.VVKZ9LMLY5V[L H 455,392,050 *VUZ[Y\J[PVU>VYRPUWYVNYLZZ 36,762,997,554 :OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZ 49,488,663 37,267,878,267 H -PUPZOLKNVVKZPUJS\KLZZOHYLZVM;HOPY7YVWLY[PLZ3PTP[LKH[JVZ[VY THYRL[]HS\L^OPJOL]LYPZSV^LY! P ,X\P[`ZOHYLZVM`LHJO`WHPK\W PP 9LKLLTHISL7YLMLYLUJL*SHZZ(ZOHYLZVM`LHJO ` WHPK NOTE 16 TRADE RECEIVABLES NOTE 17 CASH & BANK BALANCES *HZO *HZO,X\P]HSLU[Z *HZOVU/HUK 536,658 135 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS As At (Z([ 31.03.2014 ` ` *OLX\LZVU/HUK 6,557,628 )HSHUJL^P[O)HURZ VU*\YYLU[(JJV\U[Z9LMLY5V[L H 670,060,688 VU-P_LK+LWVZP[(JJV\U[Z9LMLY5V[L I 89,087,899 0U]LZ[TLU[ZPU4\[\HS-\UKZ9LMLY5V[L J 7,818,874,860 6[OLY)HUR)HSHUJLZ VU-P_LK+LWVZP[(JJV\U[Z3VUN[LYTKLWVZP[Z^P[OTH[\YP[`TVYL 108,495,000 [OHUTVU[OZI\[SLZZ[OHUTVU[OZ 9LMLY5V[L I :OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZ9LMLY5V[L K 16,456,598 8,710,069,331 H )HSHUJLZ^P[OIHURZPUJ\YYLU[HJJV\U[ZPUJS\KL` 7YL]PV\Z @LHY` PZLHYTHYRLKIHSHUJLMVY\UJSHPTLKKP]PKLUK0[HSZV PUJS\KLZIHSHUJLZVM[OL,:67;Y\Z[VM` 7YL]PV\Z@LHY`5PS I P -P_LK+LWVZP[VM` 7YL]PV\Z@LHY` PZ OLSKHZTHYNPUTVUL` PP 136 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS As At (Z([ 31.03.2014 ` ` NOTE 18 SHORT TERM LOANS & ADVANCES :LJ\YLK :LJ\YLK+LWVZP[Z7YVQLJ[Z9LMLY5V[L H 5,227,660,697 3VHUZHUK(K]HUJLZ[V6[OLYZ9LMLY5V[L I 670,270,620 137 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS As At (Z([ 31.03.2014 ` ` Note 19 OTHER CURRENT ASSETS For the Year Ended -VY[OL@LHY,UKLK 31.03.2014 ` ` NOTE 20 REVENUE FROM OPERATIONS :HSLVM7YVK\J[Z 10,749,339,570 6[OLY6WLYH[PUN9L]LU\LZ :HSLVM:LY]PJLZ 709,812,621 *VTWLUZH[PVU9LJLP]LKMYVT7YVQLJ[ 70,000,000 6[OLY0UJVTLMYVT*\Z[VTLYZ 26,617,995 3LHZL9LU[ 11,358,733 3PJLUZL-LLZ 12,000 6[OLY0UJVTLMYVT7YVQLJ[ 225,000,000 11,792,140,919 NOTE 21 OTHER INCOME 0U[LYLZ[0UJVTL 139,306,125 +P]PKLUKZ 654,331 7YVĉ[VU:HSLVM-P_LK(ZZL[Z5L[ - 7YVĉ[VU:HSLVM0U]LZ[TLU[Z 589,670,748 +PTPU\[PVUPU]HS\LVMPU]LZ[TLU[Z^YP[[LUIHJR 4,476 4PZJLSSHULV\Z0UJVTL 5,745,563 :OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZ 14,689,984 750,071,227 NOTE 22 COST OF SALES 6WLUPUN:[VJR! -PUPZOLK.VVKZ 2,864,043 *VUZ[Y\J[PVU>VYRPUWYVNYLZZ 32,348,974,092 :OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZ 89,849 3LZZ!(KQ\Z[TLU[VM-HPY=HS\LVU(THSNHTH[PVU 1,745,533,818 (KK!,_WLUKP[\YL;YHUZMLYZMYVT(K]HUJLZK\YPUN[OL`LHY :[VJR0U;YHKL(JX\PYLKK\YPUN[OL`LHY 485,900,916 +L]LSVWTLU[9PNO[Z 47,879,818 3HUK 229,377,406 *VUZ[Y\J[PVU4H[LYPHS 3HIV\Y 6,945,955,134 (YJOP[LJ[-LLZ 174,414,846 138 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS For the Year Ended -VY[OL@LHY,UKLK 31.03.2014 ` ` (K]LY[PZLTLU[,_WLUZLZ 143,230,364 6]LYOLHKZ 4,507,338,011 0U[LYLZ[ 2,514,211,202 :OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZ 49,398,810 15,097,706,507 3LZZ!7YVQLJ[[HRLUV]LYI`7HY[ULY - 3LZZ!;YHUZMLYYLK[V*HWP[HS>07 55,454,073 3LZZ!*SVZPUN:[VJR! -PUPZOLK.VVKZ 455,392,050 *VUZ[Y\J[PVU>VYRPUWYVNYLZZ 36,762,997,554 :OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZ 49,488,663 8,380,768,333 NOTE 23 EMPLOYEE BENEFIT EXPENSES :HSHYPLZ)VU\Z.YH[\P[` (SSV^HUJLZ 157,258,556 *VU[YPI\[PVU[V7YV]PKLU[ V[OLYM\UKZ 29,402,894 6[OLY,TWSV`LL)LULĉ[Z 28,250,251 ,_WLUZLVU,TWSV`LL:[VJR6W[PVU:JOLTL9LMLY5V[L 38,099,758 253,011,459 NOTE 24 FINANCE COST 0U[LYLZ[,_WLUZL )HURZ-PUHUJPHS0UZ[P[\[PVU 1,663,044,291 0U[LY*VYWVYH[L+LWVZP[Z - 6[OLYZ 581,724,521 0U[LYLZ[VU0UJVTL;H_ 8,124,627 ;V[HS0U[LYLZ[,_WLUZLZ 2,252,893,439 6[OLY)VYYV^PUNJVZ[ 260,868,612 :OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZ 341,712 Total Finance Cost 2,514,103,763 3LZZ!*HWP[HSPZLK[V7YVQLJ[Z 2,402,141,720 3LZZ!*HWP[HSPZLK[V*HWP[HS>07 33,688,924 :OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZ 33,444,905 NET FINANCE COST 44,828,214 NOTE 25 OTHER EXPENSES *VUZ\S[HUJ`*OHYNLZ 56,646,591 9LU[ 38,952,614 0UZ\YHUJL 4,159,491 9H[LZ ;H_LZ 1,145,339 3VZZVU:HSLVM-P_LK(ZZL[Z5L[ 328,721 139 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS For the Year Ended -VY[OL@LHY,UKLK 31.03.2014 ` ` (K]LY[PZLTLU[ 4HYRL[PUN,_WLUZL 31,671,187 7YV]PZPVUMVY+V\I[M\S(K]HUJLZ^YP[[LUIHJR5L[ (42,253,566) 6[OLY,_WLUZLZ 241,431,618 :OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZ 37,995 332,119,990 Note 26 a) Information on subsidiaries: ;OL :\IZPKPHYPLZ HUK :\I Z\IZPKPHY` JVTWHUPLZ JVUZPKLYLK PU [OL JVUZVSPKH[LK ĉUHUJPHS Z[H[LTLU[Z HYL (collectively referred as “the Group”): Sr. Name of the Company Country of Percentage of Holding No. Incorporation Current year 7YL]PV\Z@LHY % .VKYLQ9LHS[`7YP]H[L3PTP[LK India 51% .VKYLQ9LHS,Z[H[L7YP]H[L3PTP[LK India 100% .VKYLQ+L]LSVWLYZ7YP]H[L3PTP[LK\W[V4HYJO India - .VKYLQ:LH=PL^7YVWLY[PLZ3PTP[LK\W[V+LJLTILY India - :\IZPKPHY`^LMZ[1\S` /HWW`/PNOYPZLZ3PTP[LK India 51% .VKYLQ,Z[H[L+L]LSVWLYZ3PTP[LK\W[V+LJLTILY India - :\IZPKPHY`^LM [O1\UL .VKYLQ )\PSK^LSS 7YP]H[L 3PTP[LK :\IZPKPHY` K\L [V India 49% JVU[YVSV]LYJVTWVZP[PVUVM)VHYKVM+PYLJ[VYZ .VKYLQ)\PSKJVU7YP]H[L3PTP[LK India 100% .VKYLQ7YVQLJ[Z+L]LSVWTLU[7YP]H[L3PTP[LK India 100% .VKYLQ7YLTP\T)\PSKLYZ7YP]H[L3PTP[LK India 51% .VKYLQ.HYKLU*P[`7YVWLY[PLZ7YP]H[L3PTP[LK India 100% .VKYLQ5HUKOP/PSSZ7YVQLJ[7YP]H[L3PTP[LK \W[V India - +LJLTILY .VKYLQ3HUKTHYR9LKL]LSVWLYZ7YP]H[L3PTP[LK India 51% .VKYLQ9LKL]LSVWLYZ4\TIHP7YP]H[L3PTP[LK India 51% .VKYLQ.YLLU/VTLZ3PTP[LK^LM+LJLTILY India 100% 5( >VUKLY*P[`)\PSKJVU7YP]H[L3PTP[LK India 100% 5( ^LM(\N\Z[ b) Information on Limited Liability Partnership Sr. Name of the LLP Country of Percentage of Holding No. Incorporation Current year 7YL]PV\Z@LHY % .VKYLQ)\PSKJVYW337 India 35% .VKYLQ7YVWLY[`+L]LSVWLYZ337 India 32% .VKYLQ=PROYVSP7YVWLY[PLZ337 India 60% 140 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS Sr. Name of the LLP Country of Percentage of Holding No. Incorporation Current year 7YL]PV\Z@LHY % 4VZPHJ3HUKTHYRZ337 India 51% +YLHT>VYSK3HUKTHYRZ337*VU[YVS[OYV\NO4HQVYP[` India 40% =V[PUN9PNO[Z 6_MVYK 9LHS[` 337 *VU[YVS [OYV\NO 4HQVYP[` =V[PUN India 20% 5( 9PNO[Z^LM4HYJO ::7+3.YLLU(JYLZ337*VU[YVS[OYV\NO4HQVYP[`=V[PUN India 44% 5( 9PNO[Z^LM4HYJO Note 27 Schemes of Amalgamation: H ;OL /VUëISL /PNO JV\Y[ VM 1\KPJH[\YL H[ )VTIH` OHZ ]PKL VYKLY KH[LK 4HYJO ZHUJ[PVULK H :JOLTL VM (THSNHTH[PVUVM.VKYLQ,Z[H[L+L]LSVWLYZ3PTP[LK^OVSS`V^ULKZ\IZPKPHY`^P[O.VKYLQ:LH=PL^7YVWLY[PLZ3PTP[LK :JOLTL0;OLHWWVPU[LKKH[LMVY[OL(THSNHTH[PVUPZ+LJLTILYHUK[OL,MMLJ[P]L+H[LPZ(WYPS;OL :JOLTLOHZILLUNP]LULMMLJ[[VPU[OLIVVRZVMHTHSNHTH[LKJVTWHU`HZHTHSNHTH[PVUPU[OLUH[\YLVMW\YJOHZL I ;OL /VUëISL /PNO JV\Y[ VM 1\KPJH[\YL H[ )VTIH` OHZ ]PKL VYKLY KH[LK (WYPS ZHUJ[PVULK H :JOLTL VM (THSNHTH[PVUVM.VKYLQ:LH=PL^7YVWLY[PLZ3PTP[LKHUK.VKYLQ5HUKP/PSSZ7YVQLJ[7YP]H[L3PTP[LKIV[O^OVSS`V^ULK Z\IZPKPHYPLZ^P[O.VKYLQ7YVWLY[PLZ3PTP[LK:JOLTL00;OLHWWVPU[LKKH[LMVY[OL(THSNHTH[PVUPZ1HU\HY` HUK[OL,MMLJ[P]L+H[LPZ(WYPS;OL:JOLTLOHZILLUNP]LULMMLJ[[VPU[OLIVVRZVMHTHSNHTH[LKJVTWHU`HZ HTHSNHTH[PVUPU[OLUH[\YLVMTLYNLY J ;OL /VUëISL /PNO JV\Y[ VM 1\KPJH[\YL H[ )VTIH` OHZ ]PKL VYKLY KH[LK (WYPS ZHUJ[PVULK H :JOLTL VM (THSNHTH[PVUVM.VKYLQ+L]LSVWLYZ7YP]H[L3PTP[LK^OVSS`V^ULKZ\IZPKPHY`^P[O.VKYLQ7YVQLJ[Z+L]LSVWTLU[7YP]H[L 3PTP[LK:JOLTL000;OLHWWVPU[LKKH[LMVY[OL(THSNHTH[PVUPZ(WYPSHUK[OL,MMLJ[P]L+H[LPZ(WYPS ;OL:JOLTLOHZILLUNP]LULMMLJ[[VPU[OLIVVRZVMHTHSNHTH[LKJVTWHU`HZHTHSNHTH[PVUPU[OLUH[\YLVMW\YJOHZL 0U HJJVYKHUJL ^P[O [OL HMVYLZHPK :JOLTL VM (THSNHTH[PVU HU HTV\U[ VM ` VU HJJV\U[ VM .VVK^PSS VUHTHSNHTH[PVUOHZILLUHKQ\Z[LKMYVT[OL:LJ\YP[PLZ7YLTP\T(JJV\U[HUK[OLVWLUPUNIHSHUJLVM:\YWS\ZPU[OL :[H[LTLU[VM7YVĉ[ 3VZZPUZ[LHKVMHTVY[PZPUN[OLZHTLPU[OL:[H[LTLU[VM7YVĉ[ 3VZZV]LYHWLYPVKVMĉ]L`LHYZ ;OLJVZ[HUKL_WLUZLZPUJ\YYLKPUJHYY`PUNV\[HUKPTWSLTLU[PUN[OLZJOLTLHTV\U[PUN[V` OH]LILLU KPYLJ[S`HKQ\Z[LKMYVT[OLVWLUPUNIHSHUJLVM:\YWS\ZPU[OL:[H[LTLU[VM7YVĉ[ 3VZZVM[OL;YHUZMLYLL*VTWHU` /HK[OLZLHTV\U[ZILLUJOHYNLK[V[OL:[H[LTLU[VM7YVĉ[ 3VZZ[OLWYVĉ[MVY[OL`LHY^V\SKOH]LILLUSV^LYI` ` [OL.VVK^PSS^V\SKOH]LILLUOPNOLYI`` UL[^YP[[LUKV^U]HS\LHUK[OL:\YWS\ZPU [OL:[H[LTLU[VM7YVĉ[ 3VZZ^V\SKOH]LILLUOPNOLYI`` HUK:LJ\YP[PLZ7YLTP\T(JJV\U[^V\SKOH]L ILLUOPNOLYI`` K 6]LYHSS VU [OL JVUZVSPKH[LK IHZPZ W\YZ\HU[ [V [OL HMVYLZHPK :JOLTLZ VM (THSNHTH[PVU H I J [OL HTV\U[ VM ` HYPZPUNV\[VM[OLKPMMLYLUJLIL[^LLU[OL]HS\LVM[OLUL[HZZL[ZVM[OL;YHUZMLYVY*VTWHUPLZ[HRLU V]LY HUK JHUJLSSH[PVU VM PU[LYJVTWHU` PU]LZ[TLU[Z HUK SVHUZ HUK HK]HUJLZ IL[^LLU [OL ;YHUZMLYVY *VTWHU` HUK [OL;YHUZMLYLL*VTWHUPLZ[V[OLL_[LU[VM` OHZILLUHKQ\Z[LKMYVT[OL.LULYHS9LZLY]LHUKIHSHUJL ` PZHKQ\Z[LKMYVT[OLZ\YWS\ZPU[OL:[H[LTLU[VM7YVĉ[ 3VZZ;OLJVZ[HUKL_WLUZLZHYPZPUNV\[VM VYPUJ\YYLKPUJHYY`PUNV\[HUKPTWSLTLU[PUN[OLZJOLTLZHTV\U[PUN[V` OHZILLUHKQ\Z[LK[VHUL_[LU[ VM` MYVT[OL.LULYHS9LZLY]LHUKIHSHUJL` PZHKQ\Z[LKMYVTZ\YWS\ZPU:[H[LTLU[VM7YVĉ[ 3VZZVM[OL*VTWHU`;OLJVZ[HUKL_WLUZLZHYPZPUNV\[VMVYPUJ\YYLKPUJHYY`PUNV\[HUKPTWSLTLU[PUN[OLZJOLTLZ amounting to ` OHZILLUJOHYNLKVMM[V[OL:[H[LTLU[VM7YVĉ[ 3VZZK\YPUN[OL`LHYW\YZ\HU[[V[OLHIV]L TLU[PVULK:JOLTLZ (JJVYKPUNS`[OLJVUZVSPKH[LKYLZ\S[ZVM[OL*VTWHU`MVY[OL`LHYLUKLK4HYJOPUJS\KL[OLLMMLJ[ZVM[OLHIV]L YLMLYYLKHTHSNHTH[PVUHUKOLUJLHYLUV[JVTWHYHISL^P[OWYL]PV\Z`LHYYLZ\S[Z 141 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS Note 28 a) Contingent Liabilities: Matters Current year 7YL]PV\Z@LHY ` ` 0 *SHPTZHNHPUZ[.YV\WëZUV[(JRUV^SLKNLKHZKLI[Z" P *SHPTZ HNHPUZ[ [OL .YV\WëZ UV[ HJRUV^SLKNLK HZ KLI[Z 97,815,560 YLWYLZLU[Z JHZLZ ĉSLK I` WHY[PLZ PU [OL *VUZ\TLY MVY\T *P]PS*V\Y[HUK/PNO*V\Y[HUKKPZW\[LKI`[OL*VTWHU`HZ HK]PZLKI`V\YHK]VJH[LZ0U[OLVWPUPVUVM[OLTHUHNLTLU[ [OLJSHPTZHYLUV[Z\Z[HPUHISL PP *SHPTZ HNHPUZ[ [OL *VTWHU` \UKLY [OL 3HIV\Y 3H^Z MVY 1,989,240 disputed cases PPP *SHPTZHNHPUZ[[OL*VTWHU`\UKLY)VTIH`:[HTW(J[ 14,850,000 P] 6[OLY *SHPTZ HNHPUZ[ [OL *VTWHU` UV[ HJRUV^SLKNLK HZ 11,184,920 debts ] *SHPTZ HNHPUZ[ [OL .YV\WëZ \UKLY 0UJVTL ;H_ (J[ (WWLHS 15,552,749 WYLMLYYLK[V*VTTPZZPVULYVM0UJVTL;H_(WWLHSZ ]P *SHPTZ HNHPUZ[ [OL *VTWHU` \UKLY :HSLZ ;H_ (J[ (WWLHS 21,874,981 WYLMLYYLK [V ;OL 1VPU[ *VTTPZZPVULY VM *VTTLYJPHS ;H_LZ (WWLHSZ ]PP (WWLHS WYLMLYYLK [V *\Z[VTZ ,_JPZL HUK :LY]PJL ;H_ 335,102,594 (WWLSSH[L[YPI\UHSH[)LUNHS\Y\ ]PPP +LTHUK YHPZLK ^PKL H\KP[ TLTV PZZ\LK I` VMĉJL VM 2,656,077 *VTTPZZPVULYVM:LY]PJL[H_5L^+LSOP 00 .\HYHU[LLZ" P .\HYHU[LLZ NP]LU I` )HUR JV\U[LY N\HYHU[LLK I` [OL 349,882,721 *VTWHU` III) Other Money for which Company is contingently liable P 3L[[LYVMJYLKP[VWLULKI`)HURVUILOHSMVM[OL*VTWHU` 16,251,488 b) Commitments Particulars Current year 7YL]PV\Z@LHY ` ` P 142 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS Note 29 H ;OL0UP[PHS7\ISPJ6MMLY076WYVJLLKZOH]LILLU\[PSPaLKHZWLYVIQLJ[ZVM[OLPZZ\LHZZ[H[LKPU[OLWYVZWLJ[\ZHZ\UKLY! Particulars (Amount in `) March 31, 2014 (TV\U[9LJLP]LKMYVT076 4,688,471,300 <[PSPaH[PVUVM-\UKZ\W[V[OLYLWVY[PUNKH[L! -\UKPUN[VWHY[ĉUHUJL[OLHJX\PZP[PVUVMSHUKKL]LSVWTLU[ZYPNO[ZHUKJVUZ[Y\J[PVUJVZ[Z 2,179,110,000 9LWH`TLU[VM3VHUZ 2,104,011,157 0ZZ\L,_WLUZLZ 405,350,143 TOTAL 4,688,471,300 9L]PZLK(TV\U[7YVWVZLK[VIL\[PSPaLKHZHWWYV]LKI`ZOHYLOVSKLYZPU(.4OLSKVU1\S` I ;OL9PNO[0ZZ\LWYVJLLKZOH]LILLU\[PSPaLKHZWLYVIQLJ[ZVM[OLPZZ\LHZZ[H[LKPU[OLSL[[LYVMVMMLYHZ\UKLY! Particulars (Amount in `) March 31, 2014 (TV\U[9LJLP]LKMYVT9PNO[Z0ZZ\L 6,999,976,100 <[PSPaH[PVUVM-\UKZ\W[V[OLYLWVY[PUNKH[L! 9LWH`TLU[VM3VHUZ 1,451,200,000 0ZZ\L,_WLUZLZ 90,136,100 )HSHUJL\U\[PSPaLKHTV\U[[LTWVYHYPS`PU]LZ[LKPU 4\[\HS-\UKZ 5,458,640,000 TOTAL 6,999,976,100 (ZVUZ[4HYJO\U\[PSPaLKM\UKZOH]LILLU[LTWVYHYPS`PU]LZ[LKPUKLI[T\[\HSM\UKZZJOLTLZHZTLU[PVULK PU[OLSL[[LYVMVMMLYVM[OL*VTWHU` Note 30 H 6\[Z[HUKPUN:LJ\YLK+LILU[\YLZ[V/+-*=LU[\YL;Y\Z[LL*VTWHU`3PTP[LK! Sr. Particulars Issuer Deemed Date Units Amount (`) No. of Allotment :LJ\YLK9LKLLTHISL .VKYLQ9LHS[` th4HYJO 6W[PVUHSS`*VU]LY[PISL+LILU[\YLZ 7YP]H[LSPTP[LK th4HYJO Total 2,871,876 28,718,760 ;OLZ\IZPKPHY`JVTWHU`í[OL0ZZ\LYJVTWHU`îOHKPZZ\LKKLILU[\YLZ[V/+-*=LU[\YL;Y\Z[LL*VTWHU`3PTP[LK ^OPJO HYL YLKLLTHISL VU (WYPS HUK HYL ZLJ\YLK [V [OL L_[LU[ VM ZWLJPĉJ PTTV]HISL HZZL[Z VM [OL .YV\W KPZJSVZLK\UKLY[OLOLHKí-P_LK(ZZL[ZîHTV\U[PUN[V` -\Y[OLY[OL0ZZ\LYJVTWHU`OHZJYLH[LKH+LILU[\YL9LKLTW[PVU9LZLY]LHZYLX\PYLK\UKLYZLJ[PVU *VM[OL *VTWHUPLZ(J[ [V[OLL_[LU[VM7YVĉ[H]HPSHISLMVYKPZ[YPI\[PVU 143 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS b) Outstanding Compulsorily Convertible Debentures to Madhavi Ventures Limited: Sr. Particulars Issuer Date of Allotment Units Amount (`) No. *VTW\SZVYPS`*VU]LY[PISL .VKYLQ7YLTP\T th+LJLTILY +LILU[\YL )\PSKLYZ7YP]H[L 3PTP[LK ;OLZ\IZPKPHY`JVTWHU`í[OL0ZZ\LYJVTWHU`îOHKPZZ\LKKLILU[\YLZ[V4HKOH]P=LU[\YLZ3PTP[LKTH_PT\T[LYTVM [OLZLJVTW\SZVY`JVU]LY[PISLKLILU[\YLZPZ`LHYZMYVT[OLKH[LVMHSSV[TLU[ c) Outstanding Secured Debentures to ASK Property Investment Advisor & Group Sr. Particulars Issuer Date of Allotment Units Amount (`) No. :LJ\YLK*\T\SH[P]L .VKYLQ3HUKTHYR st(WYPS 6W[PVUHSS`*VU]LY[PISL*SHZZ) 9LKL]LSVWLYZ th(WYPS +LILU[\YL 7YP]H[L3PTP[LK [O4H` [O5V]LTILY Z[4HYJO [O4H` [O:LW[LTILY Z[6J[VILY [O+LJLTILY TOTAL 7,624,900 762,490,000 ;OLKLILU[\YLZHYLYLKLLTHISLVU[OLIHZPZVM9LTHPUKLY(TV\U[ZHZKLĉULKPU:OHYL7\YJOHZL:\IZJYPW[PVUHUK :OHYLOVSKLYZ(NYLLTLU[KH[LKst4HYJO;OLPU[LYLZ[ZOHSSILHJJY\LKVUHUU\HSIHZPZ d) Outstanding Compulsorily Convertible Debentures to Heritage Investments Sr. Particulars Issuer Date of Allotment Units Amount (`) No. P *VTW\SZVYPS`*VU]LY[PISL .VKYLQ th1\UL +LILU[\YL 9LKL]LSVWLYZ st6J[VILY 4\TIHP7YP]H[L 3PTP[LK TOTAL 18,108 18,108,000 ;OL*VTW\SZVY`*VU]LY[PISL+LILU[\YLZ^PSSILJVU]LY[LKPU[VLX\P[`ZOHYLZPU[OL`LHY IHZLKVU[OL-HPY=HS\L e) Outstanding Compulsorily Convertible Debentures to Shubh Properties Coöperatief U.A. Sr. Particulars Issuer Date of Allotment Units Amount (`) No. P *VTW\SZVYPS`*VU]LY[PISL .VKYLQ th1\UL +LILU[\YL 9LKL]LSVWLYZ st6J[VILY 4\TIHP7YP]H[L 3PTP[LK TOTAL 510,002 510,002,000 ;OL*VTW\SZVY`*VU]LY[PISL+LILU[\YLZ^PSSILJVU]LY[LKPU[VLX\P[`ZOHYLZPU[OL`LHY IHZLKVU[OL-HPY=HS\L 144 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS Note 31 Dues to Micro and Small Enterprise +PZJSVZ\YLVM[YHKLWH`HISLZHUKV[OLYSPHIPSP[PLZPZIHZLKVU[OLPUMVYTH[PVUH]HPSHISL^P[O[OL*VTWHU`YLNHYKPUN[OLZ[H[\ZVM [OLZ\WWSPLYZHZKLĉULK\UKLY[OLí4PJYV:THSS 4LKP\T,U[LYWYPZLZ+L]LSVWTLU[(J[ î;OLYLPZUVHTV\U[V]LYK\L HZVUZ[4HYJO[V4PJYV :THSS,U[LYWYPZLZVUHJJV\U[VMWYPUJPWHSHTV\U[[VNL[OLY^P[OPU[LYLZ[HUKHSZVK\YPUN[OL WYL]PV\Z`LHY Note 32 ,TWSV`LL:[VJR6W[PVU7SHU! H +\YPUN[OLĉUHUJPHS`LHYLUKLKZ[4HYJO [OL*VTWHU`PUZ[P[\[LKHU,TWSV`LL:[VJR6W[PVU7SHU.73,:67 HWWYV]LK I` [OL )VHYK VM +PYLJ[VYZ :OHYLOVSKLYZ HUK [OL 9LT\ULYH[PVU *VTTP[[LL ^OPJO WYV]PKLK HSSV[TLU[ VM VW[PVUZJVU]LY[PISLPU[V ,X\P[`:OHYLZVM` LHJO7YL]PV\Z@LHY ,X\P[`:OHYLZVM` LHJO[VLSPNPISLLTWSV`LLZVM.VKYLQ7YVWLY[PLZ3PTP[LKHUKP[Z:\IZPKPHY`*VTWHUPLZ[OL7HY[PJPWH[PUN*VTWHUPLZ^P[O LMMLJ[MYVT [O+LJLTILY ;OL:JOLTLPZHKTPUPZ[LYLKI`HU0UKLWLUKLU[,:67;Y\Z[^OPJOOHZW\YJOHZLKZOHYLZMYVT.VKYLQ0UK\Z[YPLZ3PTP[LK ;OL /VSKPUN *VTWHU` LX\P]HSLU[ [V [OL U\TILY VM VW[PVUZ NYHU[LK [V [OL LSPNPISL LTWSV`LLZ VM [OL 7HY[PJPWH[PUN *VTWHUPLZ Particulars No. of Options Weighted Average As on March (ZVU4HYJO Exercise Price (`) 31, 2014 6W[PVUZ6\[Z[HUKPUNH[[OLILNPUUPUNVM[OL`LHY 561,400* WS\ZPU[LYLZ[ [PSS4HYJOMVY ,X\P[`:OHYLVM-HJL =HS\LVM` LHJO 6W[PVUZNYHU[LK - 6W[PVUZL_LYJPZLK - 3LZZ!-VYMLP[LK3HWZLK0KSL(]HPSHISLMVY 46,000* 9LPZZ\L 6W[PVUZ6\[Z[HUKPUNH[[OL`LHYLUK 515,400* WS\ZPU[LYLZ[ [PSS4HYJOMVY ,X\P[`:OHYLVM-HJL =HS\LVM` LHJO 9LWYLZLU[ZUVVMLX\P[`ZOHYLZWVZ[ZWSP[MYVTLX\P[`ZOHYLVM`LHJO[VLX\P[`ZOHYLVM` LHJO (SS[OL6W[PVU6\[Z[HUKPUNHZVU4HYJOHYL]LZ[LK I 0U[OLJ\YYLU[`LHYPUHJJVYKHUJL^P[O[OLVWPUPVUPZZ\LKI`[OL,_WLY[(K]PZVY`*VTTP[[LL,(*VM[OL0*(0PUVU *VUZVSPKH[PVUVM,:67;Y\Z[PU[OLZ[HUKHSVULĉUHUJPHSZ[H[LTLU[Z[OL*VTWHU`OHZPUJS\KLK[OLĉUHUJPHSZ[H[LTLU[ZVM [OL,:67[Y\Z[MVYWYLWHYH[PVUVM[OLZ[HUKHSVULĉUHUJPHSZ[H[LTLU[Z*VUZLX\LU[S`[OLHZZL[ZHUKSPHIPSP[PLZVM[OL;Y\Z[ OH]LILLUPUJS\KLKPU[OLĉUHUJPHSZ[H[LTLU[ZVM[OL*VTWHU`HUKPU]LZ[TLU[ZPU[OLLX\P[`ZOHYLZVM[OL*VTWHU`OLSK I`[OL;Y\Z[OHZILLUYLK\JLKMYVT[OLZOHYLJHWP[HSHUKYLZLY]LZ Z\YWS\Z )HSHUJLZHYPZPUNMYVT[YHUZHJ[PVUZIL[^LLU[OL*VTWHU`HUK[OL;Y\Z[OH]LILLUHWWYVWYPH[LS`LSPTPUH[LK;OLVWLUPUN YL[HPULKLHYUPUNZVM[OL;Y\Z[OH]LILLUHKQ\Z[LKHNHPUZ[YLZLY]LZ Z\YWS\Z J ;OL*VTWHU`OHZWYV]PKLKSVHUVM` 7YL]PV\Z@LHY` [V.VKYLQ0UK\Z[YPLZ3PTP[LK,TWSV`LL :[VJR6W[PVU:JOLTL.03,:67^OPJOPZHKTPUPZ[LYLKI`HUPUKLWLUKLU[,:67;Y\Z[^OPJOW\YJOHZLZZOHYLZVM.03 MYVT[OLTHYRL[LX\P]HSLU[[V[OLU\TILYVMZ[VJRVW[PVUZNYHU[LKMYVT[PTL[V[PTL[VLSPNPISLLTWSV`LLZ;OLYLWH`TLU[ VM[OLSVHUZNYHU[LKI`[OL*VTWHU`[V,:67[Y\Z[PZKLWLUKLU[VU[OLL_LYJPZLVM[OLVW[PVUZI`[OLLTWSV`LLZHUK [OLTHYRL[WYPJLVM[OL\UKLYS`PUNZOHYLZVM[OL\UL_LYJPZLKVW[PVUZH[[OLLUKVM[OLL_LYJPZLWLYPVK 145 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS Note 33 ,TWSV`LL:[VJR.YHU[:JOLTL H +\YPUN[OLWLYPVK(WYPS[V4HYJO[OL*VTWHU`PUZ[P[\[LKHU,TWSV`LL:[VJR.YHU[:JOLTL.73 ,:.:HWWYV]LKI`[OL)VHYKVM+PYLJ[VYZZOHYLOVSKLYZHUK[OL9LT\ULYH[PVU*VTTP[[LL^OPJOWYV]PKLKHSSV[TLU[VM VW[PVUZJVU]LY[PISLPU[V ,X\P[`:OHYLZVM` LHJO7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJO[V LSPNPISLLTWSV`LLZVM.VKYLQ7YVWLY[PLZ3PTP[LKP[Z/VSKPUNHUKP[Z:\IZPKPHY`*VTWHUPLZ[OL7HY[PJPWH[PUN*VTWHUPLZ VW[PVUZ^P[OLMMLJ[MYVT [O4H` VW[PVUZ^LMZ[6J[VILY VW[PVUZ^LMZ[1\UL VW[PVUZ^LMZ[1\UL VW[PVUZ^LMZ[(\N\Z[ VW[PVUZ^LMZ[5V]LTILY VW[PVUZ^LMZ[-LIY\HY`VW[PVUZZ[1\ULHUK VW[PVUZZ[1\UL6\[ VM[OL[V[HS Z[VJRNYHU[Z Z[VJRNYHU[ZOH]LSHWZLKVUHJJV\U[VMLTWSV`LLZSLH]PUN[OLZLY]PJLVM[OL JVTWHU`ILMVYL[OL]LZ[PUNKH[L Z[VJRNYHU[ZOH]LILLU]LZ[LK L_LYJPZLKOLUJL Z[VJRNYHU[ZHYL V\[Z[HUKPUNHZH[4HYJO I Particulars No. of Options Exercise Price (`) As on March (ZVU4HYJO 31, 2014 6W[PVUZ6\[Z[HUKPUNH[[OLILNPUUPUNVM[OL`LHY 132,662* 6W[PVUZNYHU[LK 155,744* 6W[PVUZL_LYJPZLK 65,048* 3LZZ!6W[PVUZSHWZLK - 6W[PVUZ6\[Z[HUKPUNH[[OL`LHYLUK 223,358* 9LWYLZLU[ZUVVMLX\P[`ZOHYLZWVZ[ZWSP[MYVTLX\P[`ZOHYLVM`LHJO[VLX\P[`ZOHYLVM` LHJO+PS\[LK,HYUPUNZ 7LY:OHYL,7:W\YZ\HU[[VPZZ\LVMZOHYLZVUL_LYJPZLVMVW[PVUPZ` WLYZOHYLHZVU4HYJO J ,TWSV`LLJVTWLUZH[PVUJVZ[\ZPUN[OLPU[YPUZPJ]HS\LTL[OVKYLJVNUPaLKI`[OLJVTWHU`PU[OL:[H[LTLU[VM7YVĉ[ 3VZZHZVU4HYJOPZ` K ;OL-HPY=HS\LVM[OLZOHYLVW[PVUZOHZILLUKL[LYTPULK\ZPUN[OL)SHJRè:JOVSLZ6W[PVU7YPJPUN4VKLS/HK[OLMHPY ]HS\LTL[OVKVMHJJV\U[PUNILLU\ZLK[OLUL[WYVĉ[LHYUPUNZWLYZOHYL^V\SKOH]LILLUHZWLY[OLWYVMVYTHHTV\U[Z PUKPJH[LKILSV^ (Amount in `) Particulars Current year 7YL]PV\Z@LHY 5L[7YVĉ[HZYLWVY[LK 1,594,393,043 (KK!:[VJRIHZLKJVTWLUZH[PVUL_WLUZLKL[LYTPULK\UKLY0U[YPUZPJ 38,099,758 =HS\LTL[OVKYLJVNUPaLKPU:[H[LTLU[VM7YVĉ[ 3VZZ 3LZZ!:[VJRIHZLKJVTWLUZH[PVUL_WLUZLKL[LYTPULK\UKLYMHPY]HS\L 37,767,282 IHZLKTL[OVK7YV-VYTH 5L[7YVĉ[7YV-VYTH 1,594,725,519 )HZPJ,HYUPUNZWLYZOHYLHZYLWVY[LK 8.62 +PS\[LK,HYUPUNZWLYZOHYLHZYLWVY[LK 8.62 )HZPJ,HYUPUNZWLYZOHYL7YV-VYTH 8.62 +PS\[LK,HYUPUNZWLYZOHYL7YV-VYTH 8.62 Note 34 Leases: H ;OL.YV\WëZZPNUPĉJHU[SLHZPUNHYYHUNLTLU[ZHYLPUYLZWLJ[VMVWLYH[PUNSLHZLZMVY9LZPKLU[PHSWYLTPZLZ3LHZLPUJVTL MYVTVWLYH[PUNSLHZLZPZYLJVNUPaLKVUHZ[YHPNO[SPULIHZPZV]LY[OLWLYPVKVMSLHZL;OLWHY[PJ\SHYZVM[OLWYLTPZLZ NP]LU\UKLYVWLYH[PUNSLHZLZHYLHZ\UKLY! 146 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS (Amount in `) Particulars Current year 7YL]PV\Z@LHY -\[\YLTPUPT\TSLHZLYLJLPW[Z\UKLYUVUJHUJLSSHISLVWLYH[PUNSLHZLZ ² 5V[SH[LY[OHU`LHY 24,568,582 ² 3H[LY[OHU`LHYHUKUV[SH[LY[OHU `LHYZ 74,456,290 ² 3H[LY[OHU `LHYZ 462,308,609 I ;OL.YV\WëZZPNUPĉJHU[SLHZPUNHYYHUNLTLU[ZHYLPUYLZWLJ[VMVWLYH[PUNSLHZLZMVY*VTTLYJPHS9LZPKLU[PHSWYLTPZLZ 3LHZLL_WLUKP[\YLMVYVWLYH[PUNSLHZLZPZYLJVNUPaLKVUHZ[YHPNO[SPULIHZPZV]LY[OLWLYPVKVMSLHZL;OLZL3LHZPUN HYYHUNLTLU[ZHYLJHUJLSSHISLHUKHYLYLUL^HISLVUHWLYPVKPJIHZPZI`T\[\HSJVUZLU[VUT\[\HSS`HJJLW[LK[LYTZ;OL WHY[PJ\SHYZVM[OLWYLTPZLZ[HRLUVUVWLYH[PUNSLHZLZHYLHZ\UKLY! (Amount in `) Particulars Current year 7YL]PV\Z@LHY -\[\YLTPUPT\TSLHZLWH`TLU[Z\UKLYVWLYH[PUNSLHZLZ ² 5V[SH[LY[OHU`LHY 70,154,254 ² 3H[LY[OHU`LHYHUKUV[SH[LY[OHU `LHYZ 49,266,178 ² 3H[LY[OHU `LHYZ 24,743,570 Note 35 ,TWSV`LL)LULĉ[Z! H +LĉULK*VU[YPI\[PVU7SHUZ! *VU[YPI\[PVU[V+LĉULK*VU[YPI\[PVU7SHUYLJVNUPaLKHZL_WLUZLMVY[OL`LHYHYLHZ\UKLY! (Amount in `) Particulars Current year 7YL]PV\Z@LHY ,TWSV`LYZ*VU[YPI\[PVU[V7YV]PKLU[-\UK 29,345,967 ,TWSV`LYZ*VU[YPI\[PVU[V,:0* 56,927 I +LĉULK)LULĉ[7SHUZ! P Contribution to Gratuity Fund .YH[\P[`PZWH`HISL[VHSSLSPNPISLLTWSV`LLZVUKLH[OVYVUZLWHYH[PVU[LYTPUH[PVUPU[LYTZVM[OLWYV]PZPVUZVM[OL 7H`TLU[VM.YH[\P[`(J[VYHZWLY[OL.YV\WëZWVSPJ`^OPJOL]LYPZILULĉJPHS[V[OLLTWSV`LLZ ;OLMVSSV^PUN[HISLZL[ZV\[[OLM\UKLKZ[H[\ZVM[OLNYH[\P[`WSHUHUK[OLHTV\U[ZYLJVNUPaLKPU[OL.YV\WëZ ĉUHUJPHSZ[H[LTLU[ZHZH[4HYJO! (Amount in `) Particulars Current year 7YL]PV\Z@LHY Change in present value of obligation 7YLZLU[]HS\LVMVISPNH[PVUHZH[ILNPUUPUNVM[OL`LHY 19,434,127 0U[LYLZ[*VZ[ 1,554,730 :LY]PJL*VZ[ 4,298,352 )LULĉ[Z7HPK (2,431,228) ,MMLJ[VM3PHIPSP[`;YHUZMLYPU 476,456 ,MMLJ[VM3PHIPSP[`;YHUZMLYV\[ (86,617) (J[\HYPHSNHPUSVZZVUVISPNH[PVU 1,079,282 7YLZLU[]HS\LVMVISPNH[PVUHZH[LUKVM[OL`LHY 24,325,102 147 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS Particulars Current year 7YL]PV\Z@LHY Amount recognized in the Balance Sheet 7YLZLU[]HS\LVMVISPNH[PVUHZH[LUKVM[OL`LHY 24,325,102 -HPY]HS\LVMWSHUHZZL[ZHZH[LUKVM[OL`LHY - 5L[VISPNH[PVUHZH[LUKVM[OL`LHY 24,325,101 Net gratuity cost for the year ended *\YYLU[:LY]PJL*VZ[ 4,298,352 0U[LYLZ[*VZ[ 1,554,730 ,_WLJ[LKYL[\YUVUWSHUHZZL[Z - 7HZ[:LY]PJL*VZ[=LZ[LK)LULĉ[ - 5L[(J[\HYPHSNHPUSVZZ[VILYLJVNUPaLK 1,079,282 5L[NYH[\P[`JVZ[ 6,932,364 Assumptions used in accounting for 2013-14 2012-13 2011-12 2010-11 2009-10 the gratuity plan for 5 Years +PZJV\U[9H[L :HSHY`LZJHSH[PVUYH[L ([[YP[PVU9H[L ,_WLYPLUJL(KQ\Z[TLU[VU7SHU3PHIPSP[` (TV\U[PU` ;OL LZ[PTH[LZ VM M\[\YL ZHSHY` PUJYLHZLZ JVUZPKLYLK PU HJ[\HYPHS ]HS\H[PVU [HRL PU[V HJJV\U[ PUĊH[PVU ZLUPVYP[` WYVTV[PVUHUKV[OLYYLSL]HU[MHJ[VYZZ\JOHZZ\WWS`HUKKLTHUKPU[OLLTWSV`TLU[THYRL[ Note 36 Segment Information: (Z[OL.YV\WOHZVUS`VULI\ZPULZZZLNTLU[KPZJSVZ\YL\UKLY(JJV\U[PUN:[HUKHYK VUí:LNTLU[9LWVY[PUNî PZZ\LKI`[OL0UZ[P[\[LVM*OHY[LYLK(JJV\U[HU[ZVM0UKPHPZUV[HWWSPJHISL Note 37 Related Party Disclosures: Related party disclosures as required by AS – 18, “ Related Party Disclosures”, are given below: P Shareholders (Holding Company) .VKYLQ0UK\Z[YPLZ3PTP[LK.03OVSKZ 7YL]PV\Z@LHY ZOHYLZPU[OL*VTWHU`.03PZ[OLZ\IZPKPHY`VM .VKYLQ )V`JL4MN*V3PTP[LK[OL NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS B. Subsidiaries of GAVL: .VSKLU-LLK7YVK\J[Z3[K .VKYLQ:LLKZ .LUL[PJZ3PTP[LK .VSKT\OVY(NYVJOLT -LLKZ3PTP[LK^LMUK1HU\HY` .VKYLQ(NYVJOLT3[KHZ\IZPKPHY`VM.(=3PUJVYWVYH[LKVUUK1HU\HY` C. Subsidiary of Godrej (Malaysia) Sdn. Bhd.: . ),U[LYWYPZLZ4H\YP[P\Z7][3[KPUJVYWVYH[LKPU4H\YP[P\ZH^OVSS`V^ULKZ\IZPKPHY`VM.VKYLQ 4HSH`ZPH:KU)OK D. Subsidiaries of Godrej (Singapore) Pvt. Ltd.: 1;+YHNVU7[L3[K0UJVYWVYH[LKPU:PUNHWVYL .VKYLQ=PL[UHT*V3[K0UJVYWVYH[LKPU=PL[UHTH^OVSS`V^ULKZ\IZPKPHY`VM1;+YHNVU7[L3[K E. Subsidiaries of Veromatic International BV: =LYVTH[PJ:LY]PJLZ)=PUJVYWVYH[LKPU[OL5L[OLYSHUKZ >H[LY>VUKLY)LULS\_)=PUJVYWVYH[LKPU[OL5L[OLYSHUKZ F. Other Subsidiaries (where the Group Company owns directly and/or indirectly through one or more subsidiaries, more than one half of the equity share capital) .VKYLQ*VUZ\TLY7YVK\J[Z3[K.*73 G. Subsidiaries and Sub-subsidiaries of GCPL: .VKYLQ:V\[O(MYPJH7YVWYPL[HY`3[KMVYTLYS`9HWPKVS7[`3[KPUJVYWVYH[LKPU:V\[O(MYPJH .VKYLQ5L[OLYSHUKZ)=PUJVYWVYH[LKPU[O5L[OLYSHUKZ .VKYLQ.SVIHS4PK,HZ[-A,PUJVYWVYH[LKPU:OHYQHO<(, .VKYLQ*VUZ\TLY7YVK\J[Z4H\YP[P\Z3[K .VKYLQ/`NPLUL7YVK\J[Z3[KTLYNLK^P[O.*73^LMZ[(WYPS .VKYLQ*VUZ\TLY7YVK\J[Z/VSKPUN4H\YP[P\Z3[KPUJVYWVYH[LKPU4H\YP[P\Z .VKYLQ/V\ZLOVSK7YVK\J[Z3HURH7][3[KPUJVYWVYH[LKPU:YP3HURH .VKYLQ/V\ZLOVSK7YVK\J[Z)HUNSHKLZO7][3[KPUJVYWVYH[LKPU)HUNSHKLZO .VKYLQ*VUZ\TLY7YVK\J[Z)HUNSHKLZO3[KPUJVYWVYH[LKPU)HUNSHKLZO .VKYLQ4H\YP[P\Z(MYPJH/VSKPUNZ3[KPUJVYWVYH[LKPU4H\YP[P\Z .VKYLQ>LH]L/VSKPUNZ3[KPUJVYWVYH[LKPU4H\YP[P\ZHZ\IZPKPHY`VM.VKYLQ4H\YP[P\Z(MYPJH/VSKPUNZ3[K .VKYLQ*VUZ\TLY7YVK\J[Z<23[KPUJVYWVYH[LKPU[OL 149 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS .VKYLQ5L[OLYSHUKZ(YNLU[PUH)=PUJVYWVYH[LKPU[OL5L[OLYSHUKZHZ\IZPKPHY`VM.VKYLQ(YNLU[PUH+\[JO *VVWLYH[PLM<( 7HUHTHY7YVJ\JJPVULZZ:YSPUJVYWVYH[LKPU(YNLU[PUHHZ\IZPKPHY`VM.VKYLQ5L[OLYSHUKZ(YNLU[PUH)= (YNLUJVZ:(PUJVYWVYH[LKPU(YNLU[PUHHZ\IZPKPHY`VM.VKYLQ5L[OLYSHUKZ(YNLU[PUH)= 3HIVYH[VYPH*\LUJH:(PUJVYWVYH[LKPU(YNLU[PUHHZ\IZPKPHY`VM.VKYLQ5L[OLYSHUKZ(YNLU[PUH)= 0ZZ\L.YV\W ] 0UKP]PK\HSZL_LYJPZPUN:PNUPĉJHU[0UĊ\LUJL! 4Y().VKYLQ 4Y5).VKYLQ 150 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS The following transactions were carried out with the related parties in the ordinary course of business. (i) Details relating to parties referred to in items 1 (i), (ii) and (iii) above (Amount in `) Sr. Description Godrej & Boyce Godrej Joint - Ventures Other Related No. Mfg Co Ltd Industries Ltd and Associates Parties In Godrej Group ( i ) ( i ) (iii) ( ii ) 0ZZ\L*VU]LYZPVUVMLX\P[`ZOHYL JHWP[HSJHWP[HSHJJV\U[ 7,371,521 7\YJOHZLVMLX\P[`ZOHYLZVM Z\IZPKPHYPLZ 49,992,025 :HSLVMLX\P[`ZOHYLZVM Z\IZPKPHYPLZ 7\YJOHZLVMĉ_LKHZZL[Z 1,305,146 45,717 (K]HUJLZNP]LU[HRLU 6,755,527 (TV\U[YLJLP]LKHNHPUZ[:HSL VM 151 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS 6\[Z[HUKPUNYLJLP]HISLZUL[VM WH`HISLZ (5,997,268,230) (16,919,665) 41,075,471 (45,717) +LWVZP[Z9LJLP]HISL 5,940,000 Figures in italics are for previous year (ii) Details relating to parties referred to in items 1 (iv) & (v) above Sr. Key Management Personnel (KMP) Current year 7YL]PV\Z@LHY No. ` ` 9LT\ULYH[PVU 83,513,519 +P]PKLUKWHPK 2,155,828 0U[LYLZ[WHPKVU+LWVZP[ 26,250 +LWVZP[6\[Z[HUKPUN 250,000 (TV\U[YLJLP]LKMYVT:HSLVM-SH[Z :PNUPĉJHU[9LSH[LK7HY[`;YHUZHJ[PVUZ Nature of Transactions Other Related Parties in the Godrej Amount in Group (`) 0ZZ\LVMLX\P[`ZOHYLJHWP[HS*HWP[HS(JJV\U[ :O\IO7YVWLY[PLZ*V»WLYH[PLM<( - .VKYLQ )V`JL4MN*V3PTP[LK - .VKYLQ0UK\Z[YPLZ3PTP[LK - /+-*=LU[\YL;Y\Z[LL*VTWHU`3PTP[LK - 7,350,000 9HTLZO7)OH[PH - 21,408 7\YJOHZLVMLX\P[`ZOHYLZVMZ\IZPKPHYPLZ /+-*74: - /+-*=LU[\YL;Y\Z[LL*VTWHU`3PTP[LK - 49,992,025 :HSLVMLX\P[`ZOHYLZVMZ\IZPKPHYPLZ :O\IO7YVWLY[PLZ*V»WLYH[PLM<( - (K]HUJLZNP]LU[HRLU .VKYLQ )V`JL4MN*V3PTP[LK - 6,755,527 7\YJOHZLVMĉ_LKHZZL[Z .VKYLQ )V`JL4MN*V3PTP[LK 1,305,146 .VKYLQ0UK\Z[YPLZ3PTP[LK - 152 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS (TV\U[9LJLP]LKHNHPUZ[:HSLZVM 153 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS 9LKLTW[PVUVM+LILU[\YLZ /+-*=LU[\YL;Y\Z[LL*VTWHU`3PTP[LK 179,531,240 +LILU[\YLZ6\[Z[HUKPUN :O\IO7YVWLY[PLZ*V»WLYH[PLM<( 4HKOH]P:(0U]LZ[TLU[Z33* 267,000,000 (ZR74: 6[OLYZ 422,600,000 /+-*=LU[\YL;Y\Z[LL*VTWHU`3PTP[LK 28,718,760 6\[Z[HUKPUNYLJLP]HISLZUL[VMWH`HISLZ .VKYLQ0UK\Z[YPLZ3PTP[LK (16,919,665) .VKYLQ )V`JL4MN*V3PTP[LK (5,997,268,230) /+-*=LU[\YL;Y\Z[LL*VTWHU`3PTP[LK (79,402) +LWVZP[9LJLP]HISL .VKYLQ0UK\Z[YPLZ3PTP[LK 5,940,000 (TV\U[WHPKVU[YHUZMLYVM,TWSV`LL5L[ .VKYLQ*VUZ\TLY7YVK\J[Z3PTP[LK Figures in italics are for previous year Note 38 Earnings Per Share Particulars Current Year 7YL]PV\Z@LHY 7YVĉ[ HM[LY [H_ 0UJS\KPUN WYPVY `LHYëZ [H_ HKQ\Z[TLU[Z 7YPVY 7LYPVK 0UJVTL HUK ` 1,594,393,043 ` L_JS\KPUN4PUVYP[`0U[LYLZ[HZWLY:[H[LTLU[VM7YVĉ[ 3VZZ 5\TILYVM:OHYLZH[[OLILNPUUPUNVM[OL`LHY 156,092,206* 5\TILYVM,X\P[`ZOHYLZV\[Z[HUKPUNH[[OLLUKVM[OL`LHY 199,234,030* >LPNO[LKH]LYHNLUVVMLX\P[`ZOHYLZV\[Z[HUKPUN 184,887,828* (KK!>LPNO[LKH]LYHNLU\TILYVMWV[LU[PHSLX\P[`ZOHYLZVUHJJV\U[VMLTWSV`LL 99,357* Z[VJRVW[PVUZ >LPNO[LKH]LYHNLUVVMJVTTVU KPS\[P]LJVTTVULX\P[`ZOHYLZV\[Z[HUKPUN 184,987,185* 5\TILYZ )HZPJLHYUPUNZWLYZOHYL ` 8.62 ` +PS\[LKLHYUPUNZWLYZOHYL ` 8.62 ` 5VTPUHS]HS\LVMZOHYLZ ` 5 /- ` 9LWYLZLU[ZUVVMLX\P[`ZOHYLZWVZ[ZWSP[MYVTLX\P[`ZOHYLVM`LHJO[VLX\P[`ZOHYLVM` 5 each Note 39 i) Un-hedged Foreign Currency Exposures Particulars Current year 7YL]PV\Z@LHY Uncovered Foreign currency exposure Foreign Amount in ` Foreign Amount in ` as at the year end Currency Currency <:+VSSHY ,\YV (\Z[YHSPHU+VSSHY 154 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS Note 40 Information in respect of Joint Development Projects. Joint Development Projects - Development of the following Residential / Commercial Projects: .VKYLQ.VSK*V\U[`)LUNHS\Y\ 9L]LU\L:OHYPUN ,KLU^VVKZ4\TIHP 9L]LU\L7YVĉ[:OHYPUN )O\NHVU7\UL 7YVĉ[:OHYPUN .VKYLQ(SWPUL4HUNSVYL (YLH:OHYPUN9L]LU\L:OHYPUN :HUQH`2OHU)LUNHS\Y\ 9L]LU\L:OHYPUN .YLU]PSSL7HYR4\TIHP 7YVĉ[:OHYPUN .VKYLQ.HYKLU*P[`(OTLKHIHK (YLH:OHYPUN9L]LU\L:OHYPUN .VKYLQ*YLZ[)LUNHS\Y\ (YLH:OHYPUN9L]LU\L:OHYPUN .VKYLQ7SH[PU\T)LUNHS\Y\ (YLH:OHYPUN 2VJOP 9L]LU\L:OHYPUN Note 41 7YL]PV\Z`LHYĉN\YLZOH]LILLUYLNYV\WLK^OLYL]LYULJLZZHY`[VJVUMVYT[VJ\YYLU[`LHYëZJSHZZPĉJH[PVU 155 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS STATEMENTS REGARDING SUBSIDIARY COMPANIES & LIMITED LIABILITY PARTNERSHIP PURSUANT TO Sr. “Name of Accounting Period Capital Reserves Total Assets Total Liabilities Details of Investments No. Subsidiary (except in case of Company” investment in the subsidiaries & LLP's) 8 (a) (b) (c) (d) (e) (f) Current Previous 31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013 Period Period 1 Godrej Properties 2013-14 2012-13 991,232,600 780,461,030 16,910,311,447 12,862,476,771 41,746,884,833 27,672,359,254 41,746,884,833 27,672,359,254 357,677,391 28,588 Limited 2 Godrej Realty 2013-14 2012-13 17,350,000 17,350,000 19,968,346 20,611,164 98,389,239 97,400,514 98,389,239 97,400,514 - - Private Limited 3 Godrej Real Estate 2013-14 2012-13 500,000 500,000 (1,693,119) (1,401,454) 1,520,346,631 1,389,746,814 1,520,346,631 1,389,746,814 - - Private Limited 4 Godrej Sea View 01.04.2013 2012-13 1,500,000 500,000 1,302,724,279 22,093,809 2,685,086,283 1,000,745,288 2,685,086,283 1,000,745,288 - - Properties Limited1 TO 31.12.20132 5 Happy Highrises 2013-14 2012-13 2,031,200 2,031,200 798,093,628 618,415,658 3,054,349,450 2,900,515,248 3,054,349,450 2,900,515,248 - - Limited 6 Godrej Estate 01.04.2013 2012-13 600,000 500,000 377,276,329 (41,207,483) 3,199,173,781 2,141,429,638 3,199,173,782 2,141,429,638 - - Developer Limited 3 TO 31.12.20134 7 Godrej Buildwell 2013-14 2012-13 532,220 532,220 64,022,856 235,134 1,589,110,783 1,692,176,802 1,589,110,783 1,692,176,802 - - Private Limited 8 Godrej Buildcon 2013-14 2012-13 500,000 500,000 (1,483,490) (852,600) 11,724,301,573 8,798,798,322 11,724,301,573 8,798,798,322 - - Private Limited 9 Godrej Projects 2013-14 2012-13 1,000,000 500,000 74,300,553 210,611,712 3,543,349,056 723,704,281 3,543,349,056 723,704,281 - - Development Private Limited 10 Godrej Premium 2013-14 2012-13 500,000 500,000 76,909,172 2,948,450 2,684,969,484 1,754,509,585 2,684,969,484 1,754,509,585 - - Builders Private Limited 11 Godrej Garden 2013-14 2012-13 500,000 500,000 1,542,178 (601,943) 151,158,224 90,297 151,158,224 90,297 - - City Properties Private Limited 12 Godrej Nandhi 01.04.2013 2012-13 1,000,000 1,000,000 221,881,983 221,882,983 232,026,848 231,664,955 232,026,848 231,664,955 - - Hills Project TO Private Limited 31.12.20135 13 Godrej Green 24.12.2013 NA 500,000 NA (88,094) NA 500,000 NA 500,000 NA - NA Homes Limited TO 31.03.2014 14 Wonder City 30.08.2013 NA 500,000 NA (68,061) NA 499,700 NA 499,700 NA - NA Buildcon TO Private Limited 31.03.2014 15 Godrej Landmark 2013-14 2012-13 500,000 500,000 601,783 (18,500) 2,354,206,356 934,044,642 2,354,206,356 934,044,642 - - Redevelopers Private Limited 6 16 Godrej Redevelopers 2013-14 08/02/13 to 536,950 500,000 73,263,264 455,130 1,273,789,821 136,186,415 1,273,789,821 136,186,415 - - (Mumbai) Private 31/03/13 Limited 6 17 Mosiac Landmarks 2013-14 2012-13 148,383,566 2,100,000 - (155,732) 659,916,761 367,114,456 659,916,761 367,114,456 - - LLP 7 18 Godrej Vikhroli 2013-14 2012-13 3,289,814,273 2,002,574,874 - - 9,373,043,199 10,093,315,972 9,373,043,199 10,093,315,972 - - Properties LLP 7 19 Dream World 2013-14 2012-13 21,251 21,251 (11,175) (1,251) 34,136,631 48,090 34,136,631 48,090 - - Landmarks LLP 7 20 Oxford Realty 20.02.2014 NA 50,000 NA (12,125) NA 288,175,950 NA 288,175,950 NA - NA LLP 7 TO 31.03.2014 21 SSPDL Green 2013-14 NA 174,491,625 NA - NA 200,141,460 NA 200,141,460 NA - NA Acres LLP 7 22 Godrej Developers NA 2012-13 NA 667,300 NA (694,490) NA 2,431,737,321 NA 2,431,737,321 NA - Private Limited 9 1 Converted into Public Limited Company w.e.f. 1st November, 2013 2 Merged with Godrej Properties Limited w.e.f. 1st January, 2014 3 Converted into Public Limited Company w.e.f. 7th November, 2013 4 Merged with Godrej Sea View Properties Limited w.e.f. 31st December, 2013 5 Merged with Godrej Properties Limited w.e.f. 1st January, 2014 6 Subsidiary of Godrej Projects Developments Private Limited 7 Limited Liability Partnership by virtue of control 8 ` 357,644,327/- pertains to Wonder Space Properties Private Limited which is an Associate wherin Godrej Properteis Limited hold 25.10% 9 Merged with Godrej Projects Development Private Limited w.e.f. 1st April, 2013 156 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS SECTION 212(8) OF THE COMPANIES ACT, 1956. Turnover Other Income Profit before taxation Provision for taxation Profit after taxation Proposed Dividend Interim Dividend Country (g) (h) (i) (j) (k) (l) (m) 31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013 - 7,665,569,778 4,894,951,683 1,025,522,359 627,851,964 962,136,514 1,396,051,733 (14,380,837) 169,374,255 976,517,351 1,226,677,478 398,694,444 312,306,628 - - INDIA - 6,877,525 - 6,877,525 (642,918) 5,584,922 (100) 1,725,845 (642,818) 3,859,077 - - - - INDIA - - - - (303,665) (284,566) (12,000) (14,000) (291,665) (270,566) - - - - INDIA 427,884,320 415,521,749 - - 185,434,470 36,634,540 63,004,000 11,138,000 122,430,470 25,496,540 - - - - INDIA 746,438,036 1,580,283,316 1,343,591 - 272,202,970 325,110,352 92,525,000 106,478,400 179,677,970 218,631,952 - - - - INDIA 37,878,170 169,845,620 626,459 - (1,564,189) (58,954,382) (148,000) (258,466) (1,416,189) (58,695,916) - - - - INDIA 601,275,742 557,887 - - 94,724,722 387,221 30,937,000 117,220 63,787,722 270,001 - - - - INDIA - - - - (602,890) (608,682) 28,000 82,000 (630,890) (690,682) - - - - INDIA 647,246,911 174,673,099 500,026,785 36,673,099 515,493,643 123,973,778 151,607,000 37,406,984 363,886,643 86,566,794 - - - - INDIA 116,907,065 11,952,491 116,791,119 11,952,491 112,109,721 4,267,487 38,149,000 1,161,990 73,960,721 3,105,497 - - - - INDIA 9,698,345 - 3,264,903 - 2,846,531 (235,820) 702,410 - 2,144,121 (235,820) - - - - INDIA - 3,086,565 - - (1,000) 2,996,461 - 933,900 (1,000) 2,062,561 - - - - INDIA - NA - NA (88,094) NA - NA (88,094) NA - NA - NA INDIA - NA - NA (68,061) NA - NA (68,061) NA - NA - NA INDIA 15,472,631 11,545,402 15,472,631 11,545,402 892,783 (16,650) 272,500 - 620,283 (16,650) - - - - INDIA 62,049,924 1,183,562 62,049,924 1,183,562 24,763,031 668,430 8,110,700 213,300 16,652,331 455,130 - - - - INDIA 544,321,735 4,984,677 4,500,300 4,984,677 221,864,199 (135,732) 75,424,900 20,000 146,439,299 (155,732) - - - - INDIA 3,885,276,782 4,441,524,335 279,353,241 29,239,655 1,951,111,599 1,913,846,512 663,872,200 587,319,257 1,287,239,399 1,326,527,255 - - - - INDIA - - - - (1,924) (1,251) 8,000 - (9,924) (1,251) - - - - INDIA - NA - NA (12,125) NA - NA (12,125) NA - NA - NA INDIA - NA - NA - NA - NA - NA - NA - NA INDIA NA 293,603,474 NA 281,385 NA (41,556,102) NA (20,952) NA (41,535,150) NA - NA - INDIA A. B. GODREJ PIROJSHA GODREJ Chairman Managing Director & Ceo SHODHAN A. KEMBHAVI Company Secretary 157 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTICE 5V[PJLPZOLYLI`NP]LU[OH[[OL [O(UU\HS.LULYHS4LL[PUNVM[OL4LTILYZVM.VKYLQ7YVWLY[PLZ3PTP[LK^PSSILOLSKVU :H[\YKH`(\N\Z[H[WTH[@)*OH]HU7YH[PZO[OHU.LU1HNHUUH[OYHV)OVUZSL4HYN5HYPTHU7VPU[4\TIHP [V[YHUZHJ[[OLMVSSV^PUNI\ZPULZZ! ORDINARY BUSINESS: ;VJVUZPKLYHUKHKVW[[OL(\KP[LK:[H[LTLU[VM7YVĉ[HUK3VZZ(JJV\U[HUK[OL*HZO-SV^:[H[LTLU[VM[OL*VTWHU` MVY[OLĉUHUJPHS`LHYLUKLK4HYJO[OL)HSHUJL:OLL[HZH[[OH[KH[L[VNL[OLY^P[O[OL9LWVY[VM[OL)VHYKVM +PYLJ[VYZHUK(\KP[VYZ[OLYLVU ;VKLJSHYLKP]PKLUKVULX\P[`ZOHYLZPZZ\LKI`[OL*VTWHU`MVY[OLĉUHUJPHS`LHYLUKLK4HYJO ;VHWWVPU[H+PYLJ[VYPUWSHJLVM4Y(KP).VKYLQ+05! ^OVYL[PYLZI`YV[H[PVUHUKILPUNLSPNPISLVMMLYZ OPTZLSMMVYYLHWWVPU[TLU[ ;VHWWVPU[H+PYLJ[VYPUWSHJLVM4Y5HKPY).VKYLQ+05! ^OVYL[PYLZI`YV[H[PVUHUKILPUNLSPNPISLVMMLYZ OPTZLSMMVYYLHWWVPU[TLU[ ;VHWWVPU[4Z2HS`HUP^HSSH 4PZ[Y`*OHY[LYLK(JJV\U[HU[Z-PYT9LNPZ[YH[PVU5V >[OLYL[PYPUN(\KP[VYZHZ [OL(\KP[VYZVM[OL*VTWHU`[VOVSKVMĉJLMYVT[OLJVUJS\ZPVUVM[OPZ [O(UU\HS.LULYHS4LL[PUN[PSS[OLJVUJS\ZPVUVM [OLUK(UU\HS.LULYHS4LL[PUN[VILOLSKPU Z\IQLJ[[VYH[PĉJH[PVUVM[OLPYHWWVPU[TLU[H[L]LY`(UU\HS.LULYHS 4LL[PUNHUK[VH\[OVYPZL[OL)VHYKVM+PYLJ[VYZ[Vĉ_[OLPYYLT\ULYH[PVUHZTH`ILT\[\HSS`HNYLLK^P[O[OL(\KP[VYZPU HKKP[PVU[VYLPTI\YZLTLU[VMZLY]PJL[H_HUKHSSV\[VMWVJRL[L_WLUZLZPUJ\YYLKPUJVUULJ[PVU^P[O[OLH\KP[VMHJJV\U[Z VM[OL*VTWHU` SPECIAL BUSINESS: ;VJVUZPKLYHUKPM[OV\NO[ĉ[[VWHZZ^P[OVY^P[OV\[TVKPĉJH[PVUZ[OLMVSSV^PUNYLZVS\[PVUHZHSpecial Resolution! íRESOLVED THATW\YZ\HU[[V[OLWYV]PZPVUZVM:LJ[PVU YLHK^P[O:JOLK\SL=HUKV[OLYHWWSPJHISLWYV]PZPVUZ PMHU`VM[OL*VTWHUPLZ(J[PUJS\KPUNHU`Z[H[\[VY`TVKPĉJH[PVUZVYYLLUHJ[TLU[[OLYLVMHUKHU`Y\SLZTHKL [OLYL\UKLYMVY[OL[PTLILPUNPUMVYJL[OLíCompanies ActîHUKW\YZ\HU[[V[OLWYV]PZPVUZVM[OL(Y[PJSLZVM(ZZVJPH[PVU VM[OL*VTWHU`HUKZ\IQLJ[[VZ\JOV[OLYHWWYV]HSZHZTH`ILYLX\PYLKJVUZLU[VM[OL4LTILYZVM[OL*VTWHU`IL HUKPZOLYLI`HJJVYKLKMVYWH`TLU[VMYL]PZLKYLT\ULYH[PVU[V4Y2;1P[OLUKYHUè,_LJ\[P]L+PYLJ[VY+05! ^P[OLMMLJ[MYVT(WYPSVU[OL[LYTZHUKJVUKP[PVUZHZTLU[PVULKOLYLPUILSV^ I. Fixed Compensation: -P_LK*VTWLUZH[PVUZOHSSPUJS\KLIHZPJZHSHY`HUK[OL*VTWHU`ëZJVU[YPI\[PVU[V[OL7YV]PKLU[-\UKHUK[OL .YH[\P[`-\UK ;OLIHZPJZHSHY`WH`HISL[V4Y2;1P[OLUKYHUPZ9Z WLYTVU[O;OLHUU\HSIHZPJZHSHY`HUKPUJYLTLU[Z K\YPUNOPZ[LYT^PSSILKLJPKLKI`[OL9LT\ULYH[PVU*VTTP[[LL[OL5VTPUH[PVUHUK9LT\ULYH[PVU*VTTP[[LL [OL)VHYKVM+PYLJ[VYZKLWLUKPUNVU[OLWLYMVYTHUJLVM4Y2;1P[OLUKYHU[OLWYVĉ[HIPSP[`VM[OL*VTWHU`HUK V[OLYYLSL]HU[MHJ[VYZ II. Performance Bonus for teams: 7LYMVYTHUJLIVU\ZMVY[LHTZí7)-;îHJJVYKPUN[V[OLZJOLTLVM[OL*VTWHU`MVYLHJOVM[OLĉUHUJPHS`LHY IHZLKVUWYVĉ[HM[LY[H_L_JS\KPUNTPUVYP[`PU[LYLZ[ZHUKWVZ[7)-;HJOPL]LKI`[OL*VTWHU`HUKV[OLYYLSL]HU[ MHJ[VYZHUKOH]PUNYLNHYK[V[OLWLYMVYTHUJLVM4Y2;1P[OLUKYHUMVYLHJOĉUHUJPHS`LHY ;OLJVSSLJ[P]L[HYNL[JVTWVULU[PZ9Z III. Flexible Compensation: 0UHKKP[PVU[V[OLĉ_LKJVTWLUZH[PVUHUK[OLWLYMVYTHUJLIVU\ZTLU[PVULKHIV]L4Y2;1P[OLUKYHU^PSSIL LU[P[SLK[V[OLMVSSV^PUNHSSV^HUJLZWLYX\PZP[LZILULĉ[ZMHJPSP[PLZHUKHTLUP[PLZHZWLYY\SLZVM[OL*VTWHU`HUK Z\IQLJ[[V[OLYLSL]HU[WYV]PZPVUZVM[OL*VTWHUPLZ(J[JVSSLJ[P]LS`[OLíperquisites and allowancesî ;OLZLWLYX\PZP[LZHUKHSSV^HUJLZZOHSSILNYHU[LK[V4Y2;1P[OLUKYHUHZWLY[OLY\SLZVM[OL*VTWHU`HUK PU[OLTHUULYHZ[OL9LT\ULYH[PVU*VTTP[[LL[OL5VTPUH[PVUHUK9LT\ULYH[PVU*VTTP[[LL[OL)VHYKVM +PYLJ[VYZTH`KLJPKL 158 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTICE P /V\ZPUNPL\UM\YUPZOLKYLZPKLU[PHSHJJVTTVKH[PVUVYOV\ZLYLU[HSSV^HUJLHZWLY[OL*VTWHU`ëZY\SLZ" PP -\YUPZOPUNH[YLZPKLUJL" PPP :\WWSLTLU[HY`HSSV^HUJL" P] 3LH]L[YH]LSHZZPZ[HUJLMVYZLSMHUKMHTPS`" ] 7H`TLU[YLPTI\YZLTLU[VMTLKPJHSL_WLUZLZMVYZLSMHUKMHTPS`" ]P 7H`TLU[YLPTI\YZLTLU[VMMVVK]V\JOLYZWL[YVSYLPTI\YZLTLU[" ]PP *VTWHU`JHYZ^P[OKYP]LYMVYVMĉJPHS\ZLWYV]PZPVUVM[LSLWOVULZH[YLZPKLUJL" ]PPP /V\ZPUNSVHUHUKVYJVU[PUNLUJ`SVHUHZWLYY\SLZVM[OL*VTWHU`;OLZLSVHUZZOHSSILZ\IQLJ[[V*LU[YHS .V]LYUTLU[ëZHWWYV]HSPMYLX\PYLK" P_ ,HYULKWYP]PSLNLSLH]LVUM\SSWH`HUKHSSV^HUJLUV[L_JLLKPUNKH`ZPUHĉUHUJPHS`LHY,UJHZOTLU[ HJJ\T\SH[PVUVMSLH]L^PSSILWLYTPZZPISLPUHJJVYKHUJL^P[O[OLY\SLZZWLJPĉLKI`[OL*VTWHU`:PJRSLH]L HZWLY[OLY\SLZVM[OL*VTWHU`"HUK _ :\JOV[OLYWLYX\PZP[LZHUKHSSV^HUJLZHZWLY[OLWVSPJ`Y\SLZVM[OL*VTWHU`PUMVYJLHUKVYHZTH`IL HWWYV]LKI`[OL9LT\ULYH[PVU*VTTP[[LL[OL5VTPUH[PVUHUK9LT\ULYH[PVU*VTTP[[LL[OL)VHYKVM +PYLJ[VYZMYVT[PTL[V[PTL ;OLTH_PT\TJVZ[[V[OL*VTWHU`WLYHUU\TMVY[OLNYHU[VM[OLWLYX\PZP[LZHUKHSSV^HUJLZSPZ[LKHIV]L [V4Y2;1P[OLUKYHUHZHU,_LJ\[P]L+PYLJ[VYVM[OL*VTWHU`PZ9Z 0UHKKP[PVU[V[OLHIV]L 4Y2;1P[OLUKYHU^PSSILLSPNPISLMVYLUJHZOTLU[VMSLH]LJS\IMHJPSP[PLZNYV\WPUZ\YHUJLJV]LYNYV\W OVZWP[HSPaH[PVUJV]LYYLPTI\YZLTLU[VMTVIPSLL_WLUZLZHUKVYHU`V[OLYHSSV^HUJLZHUKWLYX\PZP[LZ HUKMHJPSP[PLZHZWLY[OLY\SLZVM[OL*VTWHU`-\Y[OLY4Y2;1P[OLUKYHU^PSSHSZVILLU[P[SLK[V[OLZ[VJR VW[PVUZZ[VJRNYHU[ZHZWLY[OLWYL]HPSPUNZJOLTLZVM[OL*VTWHU` Explanation: P -VY[OLSLH]L[YH]LSHZZPZ[HUJLHUKYLPTI\YZLTLU[VMTLKPJHSHUKOVZWP[HSPaH[PVUL_WLUZLZêMHTPS`ëTLHUZ [OLZWV\ZLKLWLUKLU[JOPSKYLUHUKKLWLUKLU[WHYLU[Z PP 7LYX\PZP[LZZOHSSILL]HS\H[LKH[HJ[\HSJVZ[VYPM[OLJVZ[PZUV[HZJLY[HPUHISL[OLZHTLZOHSSIL]HS\LKHZ WLY[OLHWWSPJHISLPUJVTL[H_Y\SLZ IV. Other Reimbursements: 4Y2;1P[OLUKYHU^PSSHSZVILLU[P[SLKMVY[OLYLPTI\YZLTLU[VMHJ[\HSLU[LY[HPUTLU[[YH]LSSPUNIVHYKPUNHUK SVKNPUNL_WLUZLZPUJ\YYLKI`OPTPUJVUULJ[PVU^P[O[OL*VTWHU`ëZI\ZPULZZHUKZ\JOV[OLYILULĉ[ZHTLUP[PLZ HUKV[OLYWYP]PSLNLZHZPUMVYJLMYVT[PTL[V[PTL V. Minimum Remuneration: >OLYLPUHU`ĉUHUJPHS`LHYK\YPUN[OLJ\YYLUJ`VM[LU\YLVM4Y2;1P[OLUKYHUHZHU,_LJ\[P]L+PYLJ[VYVM [OL*VTWHU`[OL*VTWHU`OHZUVWYVĉ[ZVYP[ZWYVĉ[ZHYLPUHKLX\H[L4Y2;1P[OLUKYHUZOHSSILLU[P[SLK[V YLT\ULYH[PVUI`^H`VMZHSHY`HSSV^HUJLZHUKWLYX\PZP[LZUV[L_JLLKPUN[OLSPTP[ZZWLJPĉLKPU:JOLK\SL=VM[OL *VTWHUPLZ(J[ RESOLVED FURTHER THAT [OL)VHYKVM+PYLJ[VYZVM[OL*VTWHU`ILHUKPZOLYLI`QVPU[S`HUKZL]LYHSS` H\[OVYPaLK[VL_LJ\[L[OLHNYLLTLU[^P[O4Y2;1P[OLUKYHUMVY[OLYL]PZLKYLT\ULYH[PVU^P[OLMMLJ[MYVT(WYPS VU[OL[LYTZHUKJVUKP[PVUZHZWYV]PKLKHIV]LHUK[VKVHSSZ\JOHJ[ZKLLKZTH[[LYZHUK[OPUNZHZPUP[Z HIZVS\[LKPZJYL[PVUP[TH`JVUZPKLYULJLZZHY`L_WLKPLU[VYKLZPYHISLMVYNP]PUNLMMLJ[[V[OLMVYLNVPUNYLZVS\[PVU HUK[VZL[[SLHU`X\LZ[PVUVYKV\I[[OH[TH`HYPZLPUYLSH[PVU[OLYL[Vî ;VJVUZPKLYHUKPM[OV\NO[ĉ[[VWHZZ^P[OVY^P[OV\[TVKPĉJH[PVUZ[OLMVSSV^PUNYLZVS\[PVUHZHSpecial Resolution: “RESOLVED THAT W\YZ\HU[[V[OLWYV]PZPVUZVM:LJ[PVU YLHK^P[O:JOLK\SL=HUKV[OLYHWWSPJHISLWYV]PZPVUZ PMHU`VM[OL*VTWHUPLZ(J[PUJS\KPUNHU`Z[H[\[VY`TVKPĉJH[PVUZVYYLLUHJ[TLU[[OLYLVMHUKHU`Y\SLZTHKL [OLYL\UKLYMVY[OL[PTLILPUNPUMVYJL[OLíCompanies ActîHUKW\YZ\HU[[V[OLWYV]PZPVUZVM[OL(Y[PJSLZVM(ZZVJPH[PVU VM[OL*VTWHU`HUKZ\IQLJ[[VZ\JOV[OLYHWWYV]HSZHZTH`ILYLX\PYLKJVUZLU[VM[OL4LTILYZVM[OL*VTWHU`IL 159 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTICE HUKPZOLYLI`HJJVYKLKMVYWH`TLU[VMYL]PZLKYLT\ULYH[PVU[V4Y7PYVQZOH.VKYLQ4HUHNPUN+PYLJ[VY *OPLM,_LJ\[P]L 6MĉJLY4+ *,6+05! ^P[OLMMLJ[MYVT(WYPSVU[OL[LYTHUKJVUKP[PVUZHZTLU[PVULKOLYLPUILSV^ I. Fixed Compensation: -P_LKJVTWLUZH[PVUZOHSSPUJS\KLIHZPJZHSHY`HUK[OL*VTWHU`ëZJVU[YPI\[PVU[V[OL7YV]PKLU[-\UKHUK[OL .YH[\P[`-\UK ;OLIHZPJZHSHY`WH`HISL[V4Y7PYVQZOH.VKYLQPZ9Z WLYTVU[O;OLHUU\HSIHZPJZHSHY`HUKPUJYLTLU[Z K\YPUNOPZ[LYT^PSSILKLJPKLKI`[OL9LT\ULYH[PVU*VTTP[[LL[OL5VTPUH[PVUHUK9LT\ULYH[PVU*VTTP[[LL [OL)VHYKVM+PYLJ[VYZKLWLUKPUNVU[OLWLYMVYTHUJLVM4Y7PYVQZOH.VKYLQHZ4+ *,6[OLWYVĉ[HIPSP[`VM[OL *VTWHU`HUKV[OLYYLSL]HU[MHJ[VYZ II. Performance Bonus for teams: 7LYMVYTHUJLIVU\ZMVY[LHTZí7)-;îHJJVYKPUN[V[OLZJOLTLVM[OL*VTWHU`MVYLHJOVM[OLĉUHUJPHS`LHY IHZLKVUWYVĉ[HM[LY[H_L_JS\KPUNTPUVYP[`PU[LYLZ[ZHUKWVZ[7)-;HJOPL]LKI`[OL*VTWHU`HUKV[OLYYLSL]HU[ MHJ[VYZHUKOH]PUNYLNHYK[V[OLWLYMVYTHUJLVM4Y7PYVQZOH.VKYLQHZ4+ *,6MVYLHJOĉUHUJPHS`LHY ;OLJVSSLJ[P]L[HYNL[JVTWVULU[VMWLYMVYTHUJLIVU\ZPZ9Z III. Flexible Compensation: 0UHKKP[PVU[V[OLĉ_LKJVTWLUZH[PVUHUK[OLWLYMVYTHUJLIVU\ZTLU[PVULKHIV]L4Y7PYVQZOH.VKYLQ^PSSIL LU[P[SLK[V[OLMVSSV^PUNHSSV^HUJLZWLYX\PZP[LZILULĉ[ZMHJPSP[PLZHUKHTLUP[PLZHZWLY[OLY\SLZVM[OL*VTWHU` HUKZ\IQLJ[[V[OLYLSL]HU[WYV]PZPVUZVM[OL*VTWHUPLZ(J[JVSSLJ[P]LS`[OLíWLYX\PZP[LZHUKHSSV^HUJLZî ;OLZLWLYX\PZP[LZHUKHSSV^HUJLZZOHSSILNYHU[LK[V4Y7PYVQZOH.VKYLQHZWLY[OLY\SLZVM[OL*VTWHU`HUK PU[OLTHUULYHZ[OL9LT\ULYH[PVU*VTTP[[LL[OL5VTPUH[PVUHUK9LT\ULYH[PVU*VTTP[[LL[OL)VHYKVM +PYLJ[VYZTH`KLJPKL P /V\ZPUNPL\UM\YUPZOLKYLZPKLU[PHSSLHZLKHJJVTTVKH[PVUPUJS\KPUNTHPU[LUHUJLVYOV\ZLYLU[HSSV^HUJL HZWLY[OL*VTWHU`ëZY\SLZ" PP :\WWSLTLU[HY`HSSV^HUJL" PPP 3LH]L[YH]LSHZZPZ[HUJLMVYZLSMHUKMHTPS`" P] 7H`TLU[YLPTI\YZLTLU[VMTLKPJHSL_WLUZLZMVYZLSMHUKMHTPS`" ] 7H`TLU[YLPTI\YZLTLU[VMMVVK]V\JOLYZ" ]P /V\ZPUNSVHUHUKVYJVU[PUNLUJ`SVHUHZWLY[OLY\SLZVM[OL*VTWHU`;OLZLSVHUZZOHSSILZ\IQLJ[[V *LU[YHS.V]LYUTLU[ëZHWWYV]HSPMYLX\PYLK" ]PP ,HYULKWYP]PSLNLSLH]LVUM\SSWH`HUKHSSV^HUJLUV[L_JLLKPUNKH`ZPUHĉUHUJPHS`LHY,UJHZOTLU[ HJJ\T\SH[PVUVMSLH]L^PSSILWLYTPZZPISLPUHJJVYKHUJL^P[O[OLY\SLZZWLJPĉLKI`[OL*VTWHU`:PJRSLH]L HZWLY[OLY\SLZVM[OL*VTWHU`"HUK ]PPP :\JOV[OLYWLYX\PZP[LZHUKHSSV^HUJLZHZWLY[OLWVSPJ`Y\SLZVM[OL*VTWHU`PUMVYJLHUKVYHZTH`IL HWWYV]LKI`[OL9LT\ULYH[PVU*VTTP[[LL[OL5VTPUH[PVUHUK9LT\ULYH[PVU*VTTP[[LL[OL)VHYKVM +PYLJ[VYZMYVT[PTL[V[PTL ;OLTH_PT\TJVZ[[V[OL*VTWHU`WLYHUU\TMVY[OLNYHU[VM[OLWLYX\PZP[LZHUKHSSV^HUJLZSPZ[LKHIV]L [V4Y7PYVQZOH.VKYLQHZ4+ *,6PZ9Z 0UHKKP[PVU[V[OLHIV]L4Y7PYVQZOH.VKYLQPZ LU[P[SLK[VM\YUPZOPUNH[YLZPKLUJLWYV]PZPVUVM[LSLWOVULH[YLZPKLUJLLSLJ[YPJP[`L_WLUZLZMVY[OLSLHZLK HJJVTTVKH[PVUWH`TLU[YLPTI\YZLTLU[VM[LSLWOVULHUKTVIPSLL_WLUZLZJVTWHU`JHYZ^P[OKYP]LY MVYVMĉJPHS\ZLWL[YVSYLPTI\YZLTLU[LUJHZOTLU[VMSLH]LJS\IMHJPSP[PLZNYV\WPUZ\YHUJLJV]LYNYV\W OVZWP[HSPaH[PVUJV]LYHUKVYHU`V[OLYHSSV^HUJLZWLYX\PZP[LZHUKMHJPSP[PLZHZWLY[OLY\SLZVM[OL*VTWHU` HUK[OLJVZ[VMTHPU[LUHUJLVM*VTWHU`SLHZLKHJJVTTVKH[PVU^PSSILH[HJ[\HSZ Explanation: P -VY[OLSLH]L[YH]LSHZZPZ[HUJLHUKYLPTI\YZLTLU[VMTLKPJHSHUKOVZWP[HSPaH[PVUL_WLUZLZêMHTPS`ëTLHUZ [OLZWV\ZLKLWLUKLU[JOPSKYLUHUKKLWLUKLU[WHYLU[Z 160 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTICE PP 7LYX\PZP[LZZOHSSILL]HS\H[LKH[HJ[\HSJVZ[VYPM[OLJVZ[PZUV[HZJLY[HPUHISL[OLZHTLZOHSSIL]HS\LKHZWLY[OL HWWSPJHISLPUJVTL[H_Y\SLZ IV. Other Reimbursements: 4Y7PYVQZOH.VKYLQ^PSSHSZVILLU[P[SLKMVY[OLYLPTI\YZLTLU[VMHJ[\HSLU[LY[HPUTLU[[YH]LSSPUNIVHYKPUNHUK SVKNPUNL_WLUZLZPUJ\YYLKI`OPTPUJVUULJ[PVU^P[O[OL*VTWHU`ëZI\ZPULZZHUKZ\JOV[OLYILULĉ[ZHTLUP[PLZ HUKV[OLYWYP]PSLNLZHZPUMVYJLMYVT[PTL[V[PTL V. Minimum Remuneration: >OLYLPUHU`ĉUHUJPHS`LHYK\YPUN[OLJ\YYLUJ`VM[LU\YLVM4Y7PYVQZOH.VKYLQHZ4+ *,6[OL*VTWHU` OHZUVWYVĉ[ZVYP[ZWYVĉ[ZHYLPUHKLX\H[L4Y7PYVQZOH.VKYLQZOHSSILLU[P[SLK[VYLT\ULYH[PVUI`^H`VMZHSHY` HSSV^HUJLZHUKWLYX\PZP[LZUV[L_JLLKPUN[OLSPTP[ZZWLJPĉLKPU:JOLK\SL=VM[OL*VTWHUPLZ(J[ RESOLVED FURTHER THAT[OL)VHYKVM+PYLJ[VYZILHUKHYLOLYLI`QVPU[S`HUKZL]LYHSS`H\[OVYPaLK[VL_LJ\[L [OLHNYLLTLU[^P[O4Y7PYVQZOH.VKYLQMVYWH`TLU[VMYL]PZLKYLT\ULYH[PVU^P[OLMMLJ[MYVT(WYPSVU [OL[LYTZHUKJVUKP[PVUZHZWYV]PKLKHIV]LHUK[VKVHSSZ\JOHJ[ZKLLKZTH[[LYZHUK[OPUNZHZPUP[ZHIZVS\[L KPZJYL[PVUP[TH`JVUZPKLYULJLZZHY`L_WLKPLU[VYKLZPYHISLMVYNP]PUNLMMLJ[[V[OLMVYLNVPUNYLZVS\[PVUHUK[V ZL[[SLHU`X\LZ[PVUVYKV\I[[OH[TH`HYPZLPUYLSH[PVU[OLYL[Vî ;VJVUZPKLYHUKPM[OV\NO[ĉ[[VWHZZ^P[OVY^P[OV\[TVKPĉJH[PVUZ[OLMVSSV^PUNYLZVS\[PVUHZHSpecial Resolution! íRESOLVED THATW\YZ\HU[[V[OLWYV]PZPVUZVM:LJ[PVU YLHK^P[O:JOLK\SL=HUKV[OLYHWWSPJHISLWYV]PZPVUZ PMHU`VM[OL*VTWHUPLZ(J[PUJS\KPUNHU`Z[H[\[VY`TVKPĉJH[PVUZVYYLLUHJ[TLU[[OLYLVMHUKHU`Y\SLZTHKL [OLYL\UKLYMVY[OL[PTLILPUNPUMVYJL[OLíCompanies ActîHUKW\YZ\HU[[V[OLWYV]PZPVUZVM[OL(Y[PJSLZVM(ZZVJPH[PVU VM[OL*VTWHU`HUKZ\IQLJ[[VZ\JOV[OLYHWWYV]HSZHZTH`ILYLX\PYLKJVUZLU[VM[OL4LTILYZVM[OL*VTWHU`IL HUKPZOLYLI`HJJVYKLKMVYWH`TLU[VMYL]PZLKYLT\ULYH[PVU[V4Y=:YPUP]HZHU,_LJ\[P]L+PYLJ[VY+05! ^P[O LMMLJ[MYVT(WYPSVU[LYTHUKJVUKP[PVUZHZTLU[PVULKOLYLPUILSV^ I. Fixed Compensation: -P_LK*VTWLUZH[PVUZOHSSPUJS\KLIHZPJZHSHY`HUK[OL*VTWHU`ëZJVU[YPI\[PVU[V[OL7YV]PKLU[-\UKHUK[OL .YH[\P[`-\UK ;OLIHZPJZHSHY`WH`HISL[V4Y=:YPUP]HZHUPZ9Z WLYTVU[O;OLHUU\HSIHZPJZHSHY`HUKPUJYLTLU[Z K\YPUNOPZ[LYT^PSSILKLJPKLKI`[OL9LT\ULYH[PVU*VTTP[[LL[OL5VTPUH[PVUHUK9LT\ULYH[PVU*VTTP[[LL [OL)VHYKVM+PYLJ[VYZKLWLUKPUNVU[OLWLYMVYTHUJLVM4Y=:YPUP]HZHU[OLWYVĉ[HIPSP[`VM[OL*VTWHU`HUK V[OLYYLSL]HU[MHJ[VYZ II. Performance Bonus for teams: 7LYMVYTHUJLIVU\ZMVY[LHTZíPBFTîHJJVYKPUN[V[OLZJOLTLVM[OL*VTWHU`MVYLHJOVM[OLĉUHUJPHS`LHYZ IHZLKVUWYVĉ[HM[LY[H_L_JS\KPUNTPUVYP[`PU[LYLZ[ZHUKWVZ[7)-;HJOPL]LKI`[OL*VTWHU`HUKV[OLYYLSL]HU[ MHJ[VYZHUKOH]PUNYLNHYK[V[OLWLYMVYTHUJLVM4Y=:YPUP]HZHUMVYLHJOĉUHUJPHS`LHY ;OLJVSSLJ[P]L[HYNL[JVTWVULU[PZ9Z III. Flexible Compensation: 0UHKKP[PVU[V[OLĉ_LKJVTWLUZH[PVUHUK[OLWLYMVYTHUJLIVU\ZTLU[PVULKHIV]L4Y=:YPUP]HZHU^PSSIL LU[P[SLK[V[OLMVSSV^PUNHSSV^HUJLZWLYX\PZP[LZILULĉ[ZMHJPSP[PLZHUKHTLUP[PLZHZWLYY\SLZVM[OL*VTWHU`HUK Z\IQLJ[[V[OLYLSL]HU[WYV]PZPVUZVM[OL*VTWHUPLZ(J[JVSSLJ[P]LS`[OLíperquisites and allowancesî ;OLZLWLYX\PZP[LZHUKHSSV^HUJLZZOHSSILNYHU[LK[V4Y=:YPUP]HZHUHZWLY[OLY\SLZVM[OL*VTWHU`HUKPU[OL THUULYHZ[OL9LT\ULYH[PVU*VTTP[[LL[OL5VTPUH[PVUHUK9LT\ULYH[PVU*VTTP[[LL[OL)VHYKVM+PYLJ[VYZ TH`KLJPKL P /V\ZLYLU[HSSV^HUJLHZWLY[OL*VTWHU`ëZY\SLZ" PP :\WWSLTLU[HY`HSSV^HUJL" PPP 3LH]L[YH]LSHZZPZ[HUJLMVYZLSMHUKMHTPS`" P] 7H`TLU[YLPTI\YZLTLU[VMTLKPJHSL_WLUZLZMVYZLSMHUKMHTPS`" 161 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTICE ] 7H`TLU[YLPTI\YZLTLU[VMMVVK]V\JOLYZWL[YVSYLPTI\YZLTLU[" ]P WYV]PZPVUVM[LSLWOVULZH[YLZPKLUJL" ]PP /V\ZPUNSVHUHUKVYJVU[PUNLUJ`SVHUHZWLYY\SLZVM[OL*VTWHU`;OLZLSVHUZZOHSSILZ\IQLJ[[V*LU[YHS .V]LYUTLU[ëZHWWYV]HSPMYLX\PYLK" ]PPP ,HYULKWYP]PSLNLSLH]LVUM\SSWH`HUKHSSV^HUJLUV[L_JLLKPUNKH`ZPUHĉUHUJPHS`LHY,UJHZOTLU[ HJJ\T\SH[PVUVMSLH]L^PSSILWLYTPZZPISLPUHJJVYKHUJL^P[O[OLY\SLZZWLJPĉLKI`[OL*VTWHU`:PJRSLH]L HZWLY[OLY\SLZVM[OL*VTWHU`"HUK P_ :\JOV[OLYWLYX\PZP[LZHUKHSSV^HUJLZHZWLY[OLWVSPJ`Y\SLZVM[OL*VTWHU`PUMVYJLHUKVYHZTH`IL HWWYV]LKI`[OL9LT\ULYH[PVU*VTTP[[LL[OL5VTPUH[PVUHUK9LT\ULYH[PVU*VTTP[[LL[OL)VHYKVM +PYLJ[VYZMYVT[PTL[V[PTL ;OL TH_PT\T JVZ[ [V [OL *VTWHU` WLY HUU\T MVY [OL NYHU[ VM [OL WLYX\PZP[LZ HUK HSSV^HUJLZ SPZ[LK HIV]L[V4Y=:YPUP]HZHUHZHU,_LJ\[P]L+PYLJ[VYVM[OL*VTWHU`PZ9Z 0UHKKP[PVU[V[OL HIV]L4Y=:YPUP]HZHU^PSSILLSPNPISLMVYLUJHZOTLU[VMSLH]LJS\IMHJPSP[PLZNYV\WPUZ\YHUJLJV]LYNYV\W OVZWP[HSPaH[PVUJV]LYYLPTI\YZLTLU[VMTVIPSLL_WLUZLZJVTWHU`JHYZ^P[OKYP]LYMVYVMĉJPHS\ZLHUKVY HU`V[OLYHSSV^HUJLZWLYX\PZP[LZHUKMHJPSP[PLZHZWLY[OLY\SLZVM[OL*VTWHU`-\Y[OLY4Y=:YPUP]HZHU ^PSSHSZVILLU[P[SLK[V[OLZ[VJRVW[PVUZZ[VJRNYHU[ZHZWLY[OLWYL]HPSPUNZJOLTLZVM[OL*VTWHU` Explanation: P -VY[OLSLH]L[YH]LSHZZPZ[HUJLHUKYLPTI\YZLTLU[VMTLKPJHSHUKOVZWP[HSPaH[PVUL_WLUZLZêMHTPS`ëTLHUZ [OLZWV\ZLKLWLUKLU[JOPSKYLUHUKKLWLUKLU[WHYLU[Z PP 7LYX\PZP[LZZOHSSILL]HS\H[LKH[HJ[\HSJVZ[VYPM[OLJVZ[PZUV[HZJLY[HPUHISL[OLZHTLZOHSSIL]HS\LKHZ WLY[OLHWWSPJHISLPUJVTL[H_Y\SLZ IV. Other Reimbursements: 4Y = :YPUP]HZHU ^PSS HSZV IL LU[P[SLK MVY [OL YLPTI\YZLTLU[ VM HJ[\HS LU[LY[HPUTLU[ [YH]LSSPUN IVHYKPUN HUK SVKNPUNL_WLUZLZPUJ\YYLKI`OPTPUJVUULJ[PVU^P[O[OL*VTWHU`ëZI\ZPULZZHUKZ\JOV[OLYILULĉ[ZHTLUP[PLZ HUKV[OLYWYP]PSLNLZHZPUMVYJLMYVT[PTL[V[PTL V. Minimum Remuneration: >OLYL PU HU` ĉUHUJPHS `LHY K\YPUN [OL J\YYLUJ` VM [LU\YL VM 4Y = :YPUP]HZHU HZ HU ,_LJ\[P]L +PYLJ[VY [OL *VTWHU`OHZUVWYVĉ[ZVYP[ZWYVĉ[ZHYLPUHKLX\H[L4Y=:YPUP]HZHUZOHSSILLU[P[SLK[VYLT\ULYH[PVUI`^H`VM ZHSHY`HSSV^HUJLZHUKWLYX\PZP[LZUV[L_JLLKPUN[OLSPTP[ZZWLJPĉLKPU:JOLK\SL=VM[OL*VTWHUPLZ(J[ RESOLVED FURTHER THAT[OL)VHYKVM+PYLJ[VYZILHUKHYLOLYLI`QVPU[S`HUKZL]LYHSS`H\[OVYPaLK[VL_LJ\[L [OLHNYLLTLU[^P[O4Y=:YPUP]HZHUMVYWH`TLU[VMYL]PZLKYLT\ULYH[PVU^P[OLMMLJ[MYVT(WYPSVU[OL [LYTZHUKJVUKP[PVUZHZWYV]PKLKHIV]LHUK[VKVHSSZ\JOHJ[ZKLLKZTH[[LYZHUK[OPUNZHZPUP[ZHIZVS\[L KPZJYL[PVUP[TH`JVUZPKLYULJLZZHY`L_WLKPLU[VYKLZPYHISLMVYNP]PUNLMMLJ[[V[OLMVYLNVPUNYLZVS\[PVUHUK[V ZL[[SLHU`X\LZ[PVUVYKV\I[[OH[TH`HYPZLPUYLSH[PVU[OLYL[V RESOLVED FURTHER THAT PU WHY[PHS TVKPĉJH[PVU [V YLZVS\[PVU UV WHZZLK H[ [OL [O (UU\HS .LULYHS 4LL[PUNVM[OL*VTWHU`OLSKVU1\S` 4Y=:YPUP]HZHUILHUKPZOLYLI`HWWVPU[LKHZH+PYLJ[VYSPHISL [VYL[PYLI`YV[H[PVUî ;VJVUZPKLYHUKPM[OV\NO[ĉ[[VWHZZ^P[OVY^P[OV\[TVKPĉJH[PVU[OLMVSSV^PUNYLZVS\[PVUHZHUOrdinary Resolution! íRESOLVED THATW\YZ\HU[[V[OLWYV]PZPVUZVM:LJ[PVUZ YLHK^P[O:JOLK\SL0= HUKV[OLYHWWSPJHISL WYV]PZPVUZPMHU`VM[OL*VTWHUPLZ(J[PUJS\KPUNHU`Z[H[\[VY`TVKPĉJH[PVUZVYYLLUHJ[TLU[[OLYLVMHUKHU` Y\SLZTHKL[OLYL\UKLYMVY[OL[PTLILPUNPUMVYJL[OLíCompanies ActîHUK*SH\ZL VM[OL3PZ[PUN(NYLLTLU[HUK W\YZ\HU[[V[OLWYV]PZPVUZVM[OL(Y[PJSLZVM(ZZVJPH[PVUVM[OL*VTWHU`HUKZ\IQLJ[[VZ\JOV[OLYHWWYV]HSZHZTH`IL YLX\PYLKJVUZLU[VM[OL4LTILYZVM[OL*VTWHU`ILHUKPZOLYLI`HJJVYKLKMVYHWWVPU[TLU[VM4Y2LRP)+HKPZL[O +05! +PYLJ[VYVM[OL*VTWHU`HUKPUYLZWLJ[VM^OVT[OL*VTWHU`OHZYLJLP]LKHUV[PJLPU^YP[PUNMYVTH TLTILYWYVWVZPUNOPZJHUKPKH[\YLMVY[OLVMĉJLVM+PYLJ[VYHZHU0UKLWLUKLU[+PYLJ[VYVM[OL*VTWHU`MVYHWLYPVKVM ĉ]L`LHYZ^P[OLMMLJ[MYVT[OLKH[LVM[OPZ(UU\HS.LULYHS4LL[PUNPL(\N\Z[ 162 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTICE ;VJVUZPKLYHUKPM[OV\NO[ĉ[[VWHZZ^P[OVY^P[OV\[TVKPĉJH[PVU[OLMVSSV^PUNYLZVS\[PVUHZHUOrdinary Resolution! íRESOLVED THAT W\YZ\HU[[V[OLWYV]PZPVUZVM:LJ[PVUZ YLHK^P[O:JOLK\SL0= HUKV[OLYHWWSPJHISL WYV]PZPVUZPMHU`VM[OL*VTWHUPLZ(J[PUJS\KPUNHU`Z[H[\[VY`TVKPĉJH[PVUZVYYLLUHJ[TLU[[OLYLVMHUKHU` Y\SLZTHKL[OLYL\UKLYMVY[OL[PTLILPUNPUMVYJL[OLíCompanies ActîHUK*SH\ZL VM[OL3PZ[PUN(NYLLTLU[HUK W\YZ\HU[[V[OLWYV]PZPVUZVM[OL(Y[PJSLZVM(ZZVJPH[PVUVM[OL*VTWHU`HUKZ\IQLJ[[VZ\JOV[OLYHWWYV]HSZHZTH`IL YLX\PYLKJVUZLU[VM[OL4LTILYZVM[OL*VTWHU`ILHUKPZOLYLI`HJJVYKLKMVYHWWVPU[TLU[VM4YZ3HSP[H+.\W[L +05! +PYLJ[VYVM[OL*VTWHU`HUKPUYLZWLJ[VM^OVT[OL*VTWHU`OHZYLJLP]LKHUV[PJLPU^YP[PUNMYVTH TLTILYWYVWVZPUNOPZJHUKPKH[\YLMVY[OLVMĉJLVM+PYLJ[VYHZHU0UKLWLUKLU[+PYLJ[VYMVYHWLYPVKVMĉ]L`LHYZ^P[O LMMLJ[MYVT[OLKH[LVM[OPZ(UU\HS.LULYHS4LL[PUNPL(\N\Z[ ;VJVUZPKLYHUKPM[OV\NO[ĉ[[VWHZZ^P[OVY^P[OV\[TVKPĉJH[PVU[OLMVSSV^PUNYLZVS\[PVUHZHUOrdinary Resolution! íRESOLVED THAT W\YZ\HU[[V[OLWYV]PZPVUZVM:LJ[PVUZ YLHK^P[O:JOLK\SL0= HUKV[OLYHWWSPJHISL WYV]PZPVUZPMHU`VM[OL*VTWHUPLZ(J[PUJS\KPUNHU`Z[H[\[VY`TVKPĉJH[PVUZVYYLLUHJ[TLU[[OLYLVMHUKHU` Y\SLZTHKL[OLYL\UKLYMVY[OL[PTLILPUNPUMVYJL[OLí*VTWHUPLZ(J[îHUK*SH\ZL VM[OL3PZ[PUN(NYLLTLU[HUK W\YZ\HU[[V[OLWYV]PZPVUZVM[OL(Y[PJSLZVM(ZZVJPH[PVUVM[OL*VTWHU`HUKZ\IQLJ[[VZ\JOV[OLYHWWYV]HSZHZTH`IL YLX\PYLKJVUZLU[VM[OL4LTILYZVM[OL*VTWHU`ILHUKPZOLYLI`HJJVYKLKMVYHWWVPU[TLU[VM4Y(TP[)*OV\KO\Y` +05! +PYLJ[VYVM[OL*VTWHU`HUKPUYLZWLJ[VM^OVT[OL*VTWHU`OHZYLJLP]LKHUV[PJLPU^YP[PUNMYVTH TLTILYWYVWVZPUNOPZJHUKPKH[\YLMVY[OLVMĉJLVM+PYLJ[VYHZHU0UKLWLUKLU[+PYLJ[VYVM[OL*VTWHU`MVYHWLYPVKVM ĉ]L`LHYZ^P[OLMMLJ[MYVT[OLKH[LVM[OPZ(UU\HS.LULYHS4LL[PUNPL(\N\Z[ ;VJVUZPKLYHUKPM[OV\NO[ĉ[[VWHZZ^P[OVY^P[OV\[TVKPĉJH[PVU[OLMVSSV^PUNYLZVS\[PVUHZHUOrdinary Resolution! 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4\TIHP Shodhan A. Kembhavi +H[LK ! 4H` Vice President (Legal) & Company Secretary 9LNPZ[LYLK6MĉJL! .VKYLQ)OH]HU [O-SVVY(/VTL:[YLL[ -VY[4\TIHP *05!3 4/ 73* ;LS! -H_! >LIZP[L!^^^NVKYLQWYVWLY[PLZJVT NOTES: 1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE ON A POLL INSTEAD OF HIMSELF/ HERSELF. SUCH A PROXY NEED NOT BE A MEMBER OF THE COMPANY. THE INSTRUMENT OF PROXY IN ORDER TO BE EFFECTIVE MUST BE RECEIVED BY THE COMPANY NOT LESS THAN 48 HOURS BEFORE THE COMMENCEMENT OF THE MEETING. A PROXY SO APPOINTED SHALL NOT HAVE ANY RIGHT TO SPEAK AT THE MEETING. A person can act as a proxy on ILOHSMVMUV[TVYL[OHUĉM[`TLTILYZHUKOVSKPUNPU[OLHNNYLNH[LUV[TVYL[OHU[LUWLYJLU[VM[OL[V[HS share capital of the Company carrying voting rights. A member holding more than ten percent of the total share capital of the Company carrying voting rights may appoint a single person as proxy and such person shall not act as a proxy for any other person or shareholder. 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[V YL[PYL I` YV[H[PVU -VY [OL W\YWVZL VM JHSJ\SH[PUN [OL [V[HS U\TILY VM KPYLJ[VYZ MVY [OL HIV]L TLU[PVULK YLX\PYLTLU[ PUKLWLUKLU[ KPYLJ[VYZ VM [OL *VTWHU` HYL YLX\PYLK [V IL L_JS\KLK ;OL WYVWVZLKHTLUKTLU[[V(Y[PJSLVM[OL(Y[PJSLZVM(ZZVJPH[PVUVM[OL*VTWHU`PZMVYJVTWSPHUJL^P[O[OLYLX\PYLTLU[ZVM [OL*VTWHUPLZ(J[ ;OL)VHYKVM+PYLJ[VYZYLJVTTLUKZ[OLWHZZPUNVM[OL9LZVS\[PVUZL[V\[H[P[LTUV VM[OPZ5V[PJL Nature of concern or interest of Directors: 5VUL VM [OL +PYLJ[VYZ HUKVY RL` THUHNLYPHS WLYZVUULS VM `V\Y *VTWHU` HUK [OLPY YLSH[P]LZ L_JLW[ 4Y (K" ) .VKYLQ 4YZ7HYTLZO^HY(.VKYLQ4Y5HKPY).VKYLQ4Y7PYVQZOH.VKYLQHUK4Y2;1P[OLUKYHUHYLJVUJLYULKVYPU[LYLZ[LK ĉUHUJPHSS`VYV[OLY^PZLPU[OLHIV]L9LZVS\[PVU By Order of the Board of Directors For Godrej Properties Limited 7SHJL ! 4\TIHP Shodhan A. Kembhavi +H[LK ! 4H` Vice President (Legal) & Company Secretary 9LNPZ[LYLK6MĉJL! .VKYLQ)OH]HU [O-SVVY(/VTL:[YLL[ -VY[4\TIHP *05!3 4/ 73* ;LS! -H_! >LIZP[L!^^^NVKYLQWYVWLY[PLZJVT 169 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTICE 67 Indian 20,412 (India) Private Limited Estate Investment Management (India) Private Limited and Petrochemicals Corporation Limited Technologies Ltd. Professional Mr. Pranay D. Vakil is a Chartered Accountant and a law graduate 1. Praron Consultancy 1. Praron Real 2. Rutley Fertilisers 3. Deepak 4. Usha Breco Ltd. 5. Onward 70 NIL and Board Limited Services Limited Private Limited Private Limited Mr. S. Narayan holds Master’s degree in business administration from the University of South Australia, M.Phil in economics from the University of Cambridge and Ph.D from the Indian Institute of Technology (New Delhi) 1. Apollo Tyres Limited 2. Dabur India Limited Paper 3. Seshasayee 4. IIFL Holdings Limited Medicare 5. Artemis Systems 6. Yogya Trading 7. Castlewood 60 NIL Indian Pvt. Ltd. Private Limited Investment Banking Retired IAS Officer Qualified Real Estate Mr. Amitava Mukherjee holds a Master’s Degree in Management from Asian Institute of Management, Manila, a Master’s Degree in Business Economics from Delhi School of Economics, New Delhi, Post Graduation in Foreign Trade from Indian Institute of Foreign Trade, New Delhi. 1. Saksoft Ltd. 2. Aquatar Securities 3. Dystar Global 72 2,000 Indian Limited Developers Limited Dr. Pritam Singh holds a Master’s degree in commerce from Benares Hindu University, a Master’s degree in business administration from Indiana University, Bloomington, Indiana, U.S.A and a Ph.D from Benares Hindu University 1. Hero MotoCorp MotoCorp 1. Hero 2. Parsvanath Brothers 65 Indian 14000 Management Company Limited Limited Bharat Forge Limited 1. ICICI Venture Funds 2. Banker & Financial Expert Management Mrs. Lalita D. Gupte holds a Bachelor’s degree in economics and a Master’s degree in management studies 4. Sesa Sterlite Limited 5. Alstom 3. Kirloskar 68 NIL Indian Limited Insurance Company Limited Limited Marketing Advisory Services Private Limited Trust Limited Company Limited Limited Services Ltd. 1. Britannia Industries 2. ICICI Prudential Life Enterprises 3. Piramal India 4. Omnicom Prudential 5. ICICI Limited 6. Siemens 7. The Indian Hotels Financial 8. JM Financial 9. JM General & Financial Management Mr. Keki B. Dadiseth, is a Fellow of the Institute Chartered Accountants of England and Wales Brief Resume of the Directors 71 3850 Indian May 1, 2003 January 16, 2008 January 16, 2008 January 16, 2008 May 17, 2010 October 25, 2008 January 16, 2008 Limited Limited Limited 1. Vora Soaps Limited 2. Godrej Agrovet 3. Wadala Commodities Industries 4. Godrej General Management with emphasis on Marketing & Real Estate Mr. Amit B. Choudhury holds a Master’s degree in Economics and Masters in Management Studies from Jamnalal Bajaj Institute of Management Studies 62 Indian 3986430 Ltd. Co. Ltd. Products Limited Limited (Maharashtra) Limited Company Limited Limited East FZE 1. Godrej Industries Ltd. 2. Godrej Agrovet Ltd. 3. Godrej Tyson Foods 5. Godrej & Boyce Mfg. Consumer 6. Godrej 7. Mahindra & Teleservices 10. Tata 12. The Indian Hotels International 13. Godrej 14. Godrej Global Mid Engineering and Management Mr. Nadir B. Godrej holds a Bachelor of Science degree in chemical engineering from the Massachusetts Institute of Technology, U.S.A., a Master of Science degree in chemical engineering from Stanford University, U.S.A, and a Master of Business Administration degree from Harvard Business School, USA. 72 NIL Indian April 25,1990 April 25,1990 Products Limited Limited Co. Ltd. Private Ltd. Products (UK) Ltd. East FZE Susemi Jaya 1. Godrej Consumer 1. Godrej 2. Godrej Industries 2. Godrej 3. Vora Soaps Ltd. 4. Godrej & Boyce Mfg. 5. Godrej Agrovet Ltd. Investments 6. Godrej Consumer 7. Godrej 8. Godrej Global Mid 9. Kinky Group Pty Ltd. 10. Godrej Nigeria Ltd. 11. PT Megasari Makmur 12. PT Ekamas Sarijaya 13. PT Sarico Indah Indomas 14. PT 15. PT Intrasari Raya Engineering and Management Mr. Godrej holds a Bachelor and Master’s degree from the Massachusetts Institute of Technology, U.S.A Name of the Director Adi B. Godrej Nadir B. Godrej Mr. Amit Choudhury Mr. Keki B Dadiseth Mrs. Lalita D. Gupte Dr. Pritam Singh Mr. Amitava Mukherjee Mr. S. Narayan Mr. Pranay Vakil Directorships held in other companies Expertise in specific functional area Date of Appointment Shares held in the Company Qualification Age Nationality Particulars 7\YZ\HU[[V*SH\ZL VM[OL3PZ[PUN(NYLLTLU[^P[O[OLZ[VJRL_JOHUNLZ[OLMVSSV^PUNPUMVYTH[PVUPZM\YUPZOLKHIV\[ 7\YZ\HU[[V*SH\ZL the Directors proposed to be re-appointed/appointed. 170 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTICE Brief Resume of the Directors Private Limited, Bangladesh Limited Product (UK) Limited Limited Limited Association of India 15. ACI Godrej Agrovet Technologies 16. Isprava Consumer 17. Godrej 18. Godrej South Africa Nigeria 19. Godrej Processors’ 20. Poultry Processors’ 21. Poultry Cuenca S.A. Limted Limited Limited Producciones Sri, Argentina Ltd. Products Mauritius Ltd. Holdings Ltd. Products Holding (Mauritius) Ltd. Products Dutch Cooperatief U.A Products (Netherlands) B.V. Holdings (Netherlands) B.V. Netherlands Holding B.V. Dutch Cooperatief U.A. Argentina Holding B.V. Argentina B.V. Private Limited Products (UK) Holdings Limited Africa Holdings Limited Holdings Limited Pty Limited Business 16. Laboratoria 16. Laboratoria Technology 17. Isprova 18 Godrej Consumer UK 19 Godrej South Africa S.A. 20. Consell Argencos S.A. 21. Panamar 22. Godrej International 23. Godrej Consumer 24. Kinky 25. Godrej Consumer 26. Godrej Consumer 27. Godrej Consumer 28. Godrej Godrej Consumer 29. Indonesia 30. Godrej Argentina 31. Godrej Netherlands 32. Godrej Netherlands 33. Godrej Mauritius 34. DGH Consumer 35. Godrej Mauritius 36. Godrej Weave 37. Godrej 38. Godrej South Africa 39. Indian School of Name of the Director Adi B. Godrej Nadir B. Godrej Mr. Amit Choudhury Mr. Keki B Dadiseth Mrs. Lalita D. Gupte Dr. Pritam Singh Mr. Amitava Mukherjee Mr. S. Narayan Mr. Pranay Vakil Particulars Directorships held in other companies 7\YZ\HU[[V*SH\ZL VM[OL3PZ[PUN(NYLLTLU[^P[O[OLZ[VJRL_JOHUNLZ[OLMVSSV^PUNPUMVYTH[PVUPZM\YUPZOLKHIV\[ 7\YZ\HU[[V*SH\ZL the Directors proposed to be re-appointed/appointed. 171 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTICE None Member of the Audit Committee of Apollo Tyres Limited, Dabur India Limited and Seshasayee Papers and Board Limited He is a Member of the Audit Committee of Saksoft Limited and Dystar Global Private Ltd. He is a Member of Audit Committee of Hero MotoCorp Limited. Chairman of the Investor Grievance of Committee of Hero MotoCorp Limited Member of the Audit Committee of Alstom Member of the Shareholders’/ Investors’ Grievances Committee of Bharat Forge Limited Chairperson of Audit Committee and member of Stakeholdres Relationship Committee of Sesa Sterlite Limited Member of Corporate Social Responsible Committee and Nomination & Remuneration Committee of Kirloskar Brothers Ltd. Chairperson of Compensation & Governance Committee and Employee Co- Invest Committee and Member of Funds Committee and CSR Committee of ICICI Venture Funds Management Co. Ltd . Member of Audit Committee of Britannia Industries Limited Chairman of Audit Committee and Member of Share Transfer Committee of ICICI Prudential Life Insurance Co. Limited Member of Audit Committee of Siemens Ltd. Chairman of Audit Committee of The Indian Hotels Company Limited Member of Audit & Risk Committee of Piramal Enterprises Ltd. Brief Resume of the Directors Member of Audit & Shareholders’ Grievance Committee of Wadala Commodies Limited Member of Audit and Nomination and Remuneration Committee of Godrej Industries Limited. Brother of Mr. Adi Godrej None None None None None None None Chairman of Stake holders relationship Committee of Godrej Consumers Products Limited Member of Audit Committee of Godrej Household Products Limited Member of Audit Committee of Mahindra & Mahindra Limited Spouse of Mrs. Parmeshwar A. Godrej, Father of Mr. Pirojsha Godrej, Brother of Mr. Nadir B. Godrej Member of Stake holders relationship Committee of Godrej Consumer Products Limited, Chairman of Stake holders relationship of Godrej Industries Limited, Chairman of Stake holders relationship Committee of Godrej Properties Limited Name of the Director Adi B. Godrej Nadir B. Godrej Mr. Amit Choudhury Mr. Keki B Dadiseth Mrs. Lalita D. Gupte Dr. Pritam Singh Mr. Amitava Mukherjee Mr. S. Narayan Mr. Pranay Vakil Inter-se relationship with other directors Chairman/Membership in other Committees of the Board Particulars 7\YZ\HU[[V*SH\ZL VM[OL3PZ[PUN(NYLLTLU[^P[O[OLZ[VJRL_JOHUNLZ[OLMVSSV^PUNPUMVYTH[PVUPZM\YUPZOLKHIV\[ 7\YZ\HU[[V*SH\ZL the Directors proposed to be re-appointed/appointed. 172 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 NOTES FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF 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FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF 173 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 GODREJ PROPERTIES LIMITED NOTES FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF 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FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF 174 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2013-14 PROXY FORM GODREJ PROPERTIES LIMITED 9LNPZ[LYLK6MĉJL!.VKYLQ)OH]HU[O-SVVY(/VTL:[YLL[-VY[4\TIHPè ,THPS!ZLJYL[HYPHS'NVKYLQWYVWLY[PLZJVT^LIZP[L!^^^NVKYLQWYVWLY[PLZJVT*05!3 4/ 73* Form No. MGT-11 -VSPV5V*SPLU[0+ 5HTLVM[OL4LTILYZ 9LNPZ[LYLK(KKYLZZ 0>LILPUN[OLTLTILYZVMZOHYLZVM[OLHIV]LUHTLKJVTWHU`OLYLI`HWWVPU[! 5HTLFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF (KKYLZZFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF ,4HPS0+FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF 6YMHPSPUNOPTFFFFFFFFFFFFFFFFFFFFFFF 5HTLFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF (KKYLZZFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF ,4HPS0+FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF 6YMHPSPUNOPTFFFFFFFFFFFFFFFFFFFFFFF 5HTLFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF (KKYLZZFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF ,4HPS0+FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF HZT`V\YWYV_`[VH[[LUKHUK]V[LVUHWVSSMVYTL\ZHUKVUT`V\YILOHSMH[[OL [O(UU\HS.LULYHS4LL[PUNVM[OL*VTWHU`[VILOLSK VU:H[\YKH`(\N\Z[H[!WTH[@)*OH]HU7YH[PZO[OHU.LU1HNHUUH[OYHV)OVUZSL4HYN5HYPTHU7VPU[4\TIHP HUKH[HU`HKQV\YUTLU[Z[OLYLVMPUYLZWLJ[VMZ\JOYLZVS\[PVUZHZHYLPUKPJH[LKILSV^! Sr. No Resolutions Vote For Against Abstain ORDINARY BUSINESS (KVW[PVUVM[OLĉUHUJPHSZ[H[LTLU[ZHUKYLWVY[Z[OLYLVUMVY[OL`LHYLUKLK4HYJO +LJSHYH[PVUVM[OL+P]PKLUKMVY[OLĉUHUJPHS`LHY 9LHWWVPU[TLU[VM4Y(KP).VKYLQHZ+PYLJ[VY 9LHWWVPU[TLU[VM4Y5HKPY).VKYLQHZ+PYLJ[VY (WWVPU[TLU[VM4Z2HS`HUP^HSSH 4PZ[Y`HZ(\KP[VYZVM[OL*VTWHU`" SPECIAL BUSINESS 9L]PZPVUPU9LT\ULYH[PVUVM4Y2;1P[OLUKYHUHZ,_LJ\[P]L+PYLJ[VY 9L]PZPVUPU9LT\ULYH[PVUVM4Y7PYVQZOH.VKYLQHZ4+ *,6 9L]PZPVUPU9LT\ULYH[PVUVM4Y=:YPUP]HZHUHZ,_LJ\[P]L+PYLJ[VY (WWVPU[TLU[VM4Y2LRP)+HKPZL[OHZHU0UKLWLUKLU[+PYLJ[VY (WWVPU[TLU[VM4YZ3HSP[H+.\W[LHZHU0UKLWLUKLU[+PYLJ[VY (WWVPU[TLU[VM4Y(TP[)*OV\KO\Y`HZHU0UKLWLUKLU[+PYLJ[VY (WWVPU[TLU[VM4Y:5HYH`HUHZHU0UKLWLUKLU[+PYLJ[VY (WWVPU[TLU[VM+Y7YP[HT:PUNOHZHU0UKLWLUKLU[+PYLJ[VY (WWVPU[TLU[VM4Y(TP[H]H4\ROLYQLLHZHU0UKLWLUKLU[+PYLJ[VY (WWVPU[TLU[VM4Y7YHUH`=HRPSHZHU0UKLWLUKLU[+PYLJ[VY (TLUKTLU[VM(Y[PJSLVM[OL(Y[PJSLZVM(ZZVJPH[PVUVM[OL*VTWHU` :PNULK[OPZFFFFFFFFFFFFFFFKH`VMFFFFFFFFFFFFFFF :PNUH[\YLVM[OL4LTILY (Mĉ_ 9L]LU\L :[HTW :PNUH[\YLVMĉYZ[[OL7YV_`/VSKLY :PNUH[\YLVMZLJVUK[OL7YV_`/VSKLY :PNUH[\YLVM[OPYK[OL7YV_`/VSKLY 5V[LZ! ;OPZMVYTPUVYKLY[VILLMMLJ[P]LZOV\SKILK\S`Z[HTWLKZPNULKJVTWSL[LKHUKKLWVZP[LKH[[OL9LNPZ[LYLKVMĉJLVM[OL*VTWHU`UV[SLZZ[OHU OV\YZ ILMVYL[OLTLL[PUN 0[PZVW[PVUHS[VPUKPJH[L`V\YWYLMLYLUJL0M`V\SLH]L[OLMVYHNHPUZ[VYHIZ[HPULKJVS\TUISHURHNHPUZ[HU`VYHSSYLZVS\[PVUZ`V\YWYV_`^PSSILLU[P[SLK[V]V[L PU[OLTHUULYHZOLZOLTH`KLLTHWWYVWYPH[L 4LTILYZHYLYLX\LZ[LK[VUV[L[OH[HWLYZVUJHUHJ[HZHWYV_`VUILOHSMVMTLTILYZUV[L_JLLKPUN HUKOVSKPUNPU[OLHNNYLNH[LUV[TVYL[OHU VM[OL[V[HSZOHYLJHWP[HSVM[OLJVTWHU`JHYY`PUN]V[PUNYPNO[Z0UJHZLHWYV_`PZWYVWVZLK[VILHWWVPU[LKI`HTLTILYOVSKPUNTVYL[OHU VM[OL[V[HS ZOHYLJHWP[HSVM[OLJVTWHU`JHYY`PUN]V[PUNYPNO[[OHUZ\JOWYV_`ZOHSSUV[HJ[HZHWYV_`MVYHU`V[OLYWLYZVUVY4LTILY Godrej Properties Limited, Godrej Bhawan, 4th Floor, 4A, Home Street, Fort Mumbai 400 001. India Tel: 91-22-6651 0200 | Fax: 91-22-2207 2044 | Website: www.godrejproperties.com GODREJ PROPERTIES LIMITED CIN: L74120MH1985PLC035308 Registered Office: Godrej Bhavan, 4th Floor, 4A, Home Street, Fort, Mumbai – 400 001. Telephone: 022 6651 0200 Facsimile: 022 2207 2046 Email: [email protected] website: www.godrejproperties.com ATTENDANCE SLIP Attendance Slip for 29th Annual General Meeting (to be handed over at the Registration Counter) Name : Address : Regd. Folio No/ DP Id & Client Id : I/We hereby record my/our presence at the 29th Annual General Meeting of the Company on Saturday, August 2, 2014 at 2:30 p.m. at Y. B. Chavan Pratishthan, Gen. Jagannathrao Bhonsle Marg, Nariman Point, Mumbai 400 021. …………………… …………………… …………………… First/Sole holder/Proxy Second Holder/Proxy Third Holder/Proxy ------ ELECTRONIC VOTING PARTICULARS EVEN (E-Voting Event Number) USER ID PASSWORD Notes:- 1. Please read the instructions to exercise e-voting option printed under the Note No. 14 to the Notice to the 29th Annual General Meeting dated May 2, 2014. 2. Members are requested to bring their copies of the Annual Report at the Annual General Meeting.