B OA R D O F D I R E C TO R S
MR. D. S. KULKARNI
(Chairman & Managing Director)
MR. V. C. JOSHI
DR. M. K. P. SETTY
MR. K. K. TAPARIA
MR. R. D. KHAROSEKAR
MR. SHIRISH KULKARNI
(Executive Director)
C O M PA N Y S E C R E TA RY
MR. AMOL PURANDARE
C R E D I T S O U R C E S
ICICI BANK LTD
ICICI HOME FINANCE COMPANY LIMITED
BANK OF MAHARASHTRA
KOTAK MAHINDRA BANK LTD.
SANGLI URBAN CO-OP. BANK LTD.
KALYAN JANATA SAHAKARI BANK LTD.
TATA CAPITAL HOUSING FINANCE LIMITED
RELIANCE CAPITAL LIMITED
SREI EQUIPMENT FINANCE PRIVATE LIMITED
RELIANCE CONSUMER FINANCE PRIVATE LIMITED
AU D I TO R S
GOKHALE, TANKSALE & GHATPANDE,
CHARTERED ACCOUNTANTS, PUNE
R E G I S T E R E D O F F I C E
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4 Annual Report 2013 - 2014
Contents
Notice of Annual General Meeting 1>
"?@ABCD@E*%5AFD@C ,.
5AFD@C%DG%HD@FD@ICA%:DJA@GIGBA 22
4IGIKALAGC%"?EBMEE?DG%IGN%6GIOPE?E%5AFD@C Q-
7GNAFAGNAGC%6MN?CD@E*%5AFD@C 43
Balance Sheet =-
Statement of Profit and Loss 49
Cash Flow Statement >1
Notes to the Financial Statements >R
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7GNAFAGNAGC%6MN?CD@E*%5AFD@C%DG%HDGEDO?NICAN%T?GIGB?IO%#CICALAGCE S1
Consolidated Balance Sheet 92
Consolidated Statement of Profit and Loss 93
Consolidated Cash Flow Statement 94
Notes to Consolidated Financial Statements S0
;@DUP%TD@L%IGN%6CCAGNIGBA%#O?F ,R>
5Annual Report 2013 - 2014
NOTICE
NOTICE is hereby given that the Twenty Third Annual General Meeting of the members of D. S. Kulkarni
"AJAODFA@E%VCN3%W?OO%XA%YAON%DG%ZMAENIP+%CYA%Q1CY%NIP%D[%#AFCALXA@+%R1,=%IC%S3Q1%I3L3%IC%#3%43%2DEY?%#DB?IO?EC%
TDMGNIC?DG%6MN?CD@?ML+%9IJ?%;ACY+%:IG\IJA%HYDW]+%'FF3%;IC@I]I@%^YIJIG+%;MGA%=,,%1Q1+%7GN?I%CD%C@IGEIBC%CYA%
following businesses:
ORDINARY BUSINESS:
,3% %ZD% @ABA?JA+% BDGE?NA@% IGN% INDFC% CYA% IMN?CAN% ECIGNIODGA% IGN% BDGEDO?NICAN% ^IOIGBA% #YAACE% IE% IC% Q,EC%
4I@BY+%R1,=%IGN%CYA%;@D[?C%_%VDEE%6BBDMGC%IGN%HIEY[ODW%#CICALAGC%[D@%CYA%PAI@%AGNAN%DG%CYIC%NICA%IGN%
CYA%@AFD@CE%D[%CYA%"?@ABCD@E%IGN%6MN?CD@E%CYA@ADG3
2. To declare dividend.
Q3% %ZD%IFFD?GC%I%"?@ABCD@%?G%FOIBA%D[%4@3%"3%#3%$MO]I@G?%`"79%11QS=1R.a+%HYI?@LIG%_%4IGIK?GK%"?@ABCD@%WYD%
@AC?@AE%XP%@DCIC?DG%IGN%XA?GK%AO?K?XOA+%D[[A@E%Y?LEAO[%[D@%@A<IFFD?GCLAGC3
=3% %ZD%IFFD?GC%6MN?CD@E%IGN%[?U%CYA?@%@ALMGA@IC?DG%IGN%?G%CY?E%@AKI@N%CD%BDGE?NA@%IGN%?[%CYDMKYC%[?C%CD%FIEE%W?CY%
or without modification(s), the following resolution as an Ordinary Resolution:
! !"#$%&'($)! *+,*! 4/E3% :D]YIOA% ZIG]EIOA% _% :YICFIGNA+% HYI@CA@AN% 6BBDMGCIGCE+% ;MGA% `T?@L%
5AK?EC@IC?DG%9D%,1QR..ba%XA%IGN%I@A%YA@AXP%IFFD?GCAN%IE%#CICMCD@P%6MN?CD@E%D[%CYA%HDLFIGP+%CD%YDON%
D[[?BA%[@DL%CYA%BDGBOME?DG%D[%CY?E%6GGMIO%:AGA@IO%4AAC?GK%MGC?O%CYA%BDGBOME?DG%D[%CYA%R0CY%6GGMIO%:AGA@IO%
Meeting and that Board of Directors be and are hereby authorised to fix such remuneration as may be
NACA@L?GAN%XP%CYA%6MN?C%HDLL?CCAA%?G%BDGEMOCIC?DG%W?CY%6MN?CD@E3c
SPECIAL BUSINESS:
>3%% %ZD% BDGE?NA@% IGN% ?[% CYDMKYC% [?C% CD% FIEE% W?CY% D@% W?CYDMC% LDN?[?BIC?DG% [DOODW?GK% @AEDOMC?DG% IE% Ordinary
Resolution:
! !"#$%&'($)!*+,*%FM@EMIGC%CD%F@DJ?E?DGE%D[%#ABC?DGE%,=S+%,>1+%,>R%IGN%IGP%DCYA@%IFFO?BIXOA%F@DJ?E?DGE%
D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%@AIN%W?CY%@MOAE%LINA%CYA@AMGNA@%`?GBOMN?GK%IGP%ECICMCD@P%LDN?[?BIC?DG`Ea%
D@%@A<AGIBCLAGC%CYA@AD[%[D@%CYA%C?LA%XA?GK%?G%[D@BAa%@AIN%W?CY%#BYANMOA%78%D[%CYA%HDLFIG?AE%6BC+%R1,Q%
IGN% CYA%V?EC?GK%6K@AALAGC%AGCA@AN% ?GCD%W?CY% CYA%#CDB]%)UBYIGKAE+%4@3%83%H3%2DEY?% `"79%11>=S.Q>a+%I%
9DG<)UABMC?JA%"?@ABCD@%D[% CYA%HDLFIGP+%WYD%YIE%EMXL?CCAN%I%NABOI@IC?DG% CYIC%YA%LAACE% CYA%B@?CA@?DG%
[D@%?GNAFAGNAGBA%IE%F@DJ?NAN%?G%#ABC?DG%,=S`0a%D[%CYA%6BC%IGN%WYD%?E%AO?K?XOA%[D@%IFFD?GCLAGC+%XA%IGN%
?E%YA@AXP%IFFD?GCAN%IE%IG%7GNAFAGNAGC%"?@ABCD@%D[%CYA%HDLFIGP%W?CY%A[[ABC%[@DL%Q1CY%#AFCALXA@+%R1,=%
MFCD%RSCY%#AFCALXA@+%R1,S+%GDC% O?IXOA% CD% @AC?@A%XP% @DCIC?DG%DG% CA@LE%IGN%BDGN?C?DGE% @A[A@@AN% CD% ?G% CYA%
AUFOIGICD@P%ECICALAGC%D[%LICA@?IO%[IBCE%IGGAUAN%CD%CYA%GDC?BA3
03%% %ZD%BDGE?NA@%IGN% ?[% CYDMKYC% [?C% CD%FIEE%W?CY%D@%W?CYDMC%LDN?[?BIC?DG`Ea% [DOODW?GK% @AEDOMC?DG%IE%Ordinary
Resolution:
! !"#$%&'($)!*+,*%FM@EMIGC%CD%F@DJ?E?DGE%D[%#ABC?DGE%,=S+%,>1+%,>R%IGN%IGP%DCYA@%IFFO?BIXOA%F@DJ?E?DGE%
D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%@AIN%W?CY%@MOAE%LINA%CYA@AMGNA@%`?GBOMN?GK%IGP%ECICMCD@P%LDN?[?BIC?DG`Ea%
D@%@A<AGIBCLAGC%CYA@AD[%[D@%CYA%C?LA%XA?GK%?G%[D@BAa%@AIN%W?CY%#BYANMOA%78%D[%CYA%HDLFIG?AE%6BC+%R1,Q%
IGN%CYA%V?EC?GK%6K@AALAGC%AGCA@AN% ?GCD%W?CY% CYA%#CDB]%)UBYIGKAE+%"@3%43%$3%;3%#ACCP%`"79%11,>,Q>1a+%
I%9DG<)UABMC?JA%"?@ABCD@%D[%CYA%HDLFIGP+%WYD%YIE%EMXL?CCAN%I%NABOI@IC?DG%CYIC%YA%LAACE%CYA%B@?CA@?DG%
[D@%?GNAFAGNAGBA%IE%F@DJ?NAN%?G%#ABC?DG%,=S`0a%D[%CYA%6BC%IGN%WYD%?E%AO?K?XOA%[D@%IFFD?GCLAGC+%XA%IGN%
?E%YA@AXP%IFFD?GCAN%IE%IG%7GNAFAGNAGC%"?@ABCD@%D[%CYA%HDLFIGP%W?CY%A[[ABC%[@DL%Q1CY%#AFCALXA@+%R1,=%
MFCD%RSCY%#AFCALXA@+%R1,S+%GDC% O?IXOA% CD% @AC?@A%XP% @DCIC?DG%DG% CA@LE%IGN%BDGN?C?DGE% @A[A@@AN% CD% ?G% CYA%
AUFOIGICD@P%ECICALAGC%D[%LICA@?IO%[IBCE%IGGAUAN%CD%CYA%GDC?BA3
6 Annual Report 2013 - 2014
.3%% %ZD%BDGE?NA@%IGN% ?[% CYDMKYC% [?C% CD%FIEE%W?CY%D@%W?CYDMC%LDN?[?BIC?DG`Ea% [DOODW?GK% @AEDOMC?DG%IE%Ordinary Resolution:
! !"#$%&'($)!*+,*%FM@EMIGC%CD%F@DJ?E?DGE%D[%#ABC?DGE%,=S+%,>1+%,>R%IGN%IGP%DCYA@%IFFO?BIXOA%F@DJ?E?DGE%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%@AIN%W?CY%@MOAE%LINA%CYA@AMGNA@%`?GBOMN?GK%IGP%ECICMCD@P%LDN?[?BIC?DG`Ea%D@%@A<AGIBCLAGC%CYA@AD[%[D@%CYA%C?LA%XA?GK%?G%[D@BAa%@AIN%W?CY%#BYANMOA%78%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%CYA%V?EC?GK%6K@AALAGC%AGCA@AN%?GCD%W?CY%CYA%#CDB]%)UBYIGKAE+%4@3%53%"3%$YI@DEA]I@%`"79%1Q1.>S,>a+%I%9DG<)UABMC?JA%"?@ABCD@%D[%CYA%HDLFIGP+%WYD%YIE%EMXL?CCAN%I%NABOI@IC?DG%CYIC%YA%LAACE%CYA%B@?CA@?DG%[D@%?GNAFAGNAGBA%IE%F@DJ?NAN%?G%#ABC?DG%,=S`0a%D[%CYA%6BC%IGN%WYD%?E%AO?K?XOA%[D@%IFFD?GCLAGC+%XA%IGN%?E%YA@AXP%IFFD?GCAN%IE%IG%7GNAFAGNAGC%"?@ABCD@%D[%CYA%HDLFIGP%W?CY%A[[ABC%[@DL%Q1CY%#AFCALXA@+%R1,=%MFCD%RSCY%#AFCALXA@+%R1,S+%GDC% O?IXOA% CD% @AC?@A%XP% @DCIC?DG%DG% CA@LE%IGN%BDGN?C?DGE% @A[A@@AN% CD% ?G% CYA%AUFOIGICD@P%ECICALAGC%D[%LICA@?IO%[IBCE%IGGAUAN%CD%CYA%GDC?BA3
-3%% %ZD%BDGE?NA@%IGN% ?[% CYDMKYC% [?C% CD%FIEE%W?CY%D@%W?CYDMC%LDN?[?BIC?DG`Ea% [DOODW?GK% @AEDOMC?DG%IE%Ordinary Resolution:
! !"#$%&'($)!*+,*%FM@EMIGC%CD%F@DJ?E?DGE%D[%#ABC?DGE%,=S+%,>1+%,>R%IGN%IGP%DCYA@%IFFO?BIXOA%F@DJ?E?DGE%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%@AIN%W?CY%@MOAE%LINA%CYA@AMGNA@%`?GBOMN?GK%IGP%ECICMCD@P%LDN?[?BIC?DG`Ea%D@%@A<AGIBCLAGC%CYA@AD[%[D@%CYA%C?LA%XA?GK%?G%[D@BAa%@AIN%W?CY%#BYANMOA%78%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%CYA%V?EC?GK%6K@AALAGC%AGCA@AN%?GCD%W?CY%CYA%#CDB]%)UBYIGKAE+%4@3%$3%$3%ZIFI@?I%`"79%1,-RS-RSa+%I%9DG<)UABMC?JA%"?@ABCD@%D[%CYA%HDLFIGP+%WYD%YIE%EMXL?CCAN%I%NABOI@IC?DG%CYIC%YA%LAACE%CYA%B@?CA@?DG%[D@%?GNAFAGNAGBA%IE%F@DJ?NAN% ?G%#ABC?DG%,=S`0a%D[% CYA%6BC%IGN%WYD% ?E%AO?K?XOA% [D@%IFFD?GCLAGC+%XA%IGN% ?E%YA@AXP%IFFD?GCAN%IE%IG% 7GNAFAGNAGC%"?@ABCD@%D[% CYA%HDLFIGP%W?CY%A[[ABC% [@DL%Q1CY%#AFCALXA@+%R1,=%MFCD%RSCY%#AFCALXA@+%R1,S+%GDC% O?IXOA% CD% @AC?@A%XP% @DCIC?DG%DG% CA@LE%IGN%BDGN?C?DGE% @A[A@@AN% CD% ?G% CYA%AUFOIGICD@P%ECICALAGC%D[%LICA@?IO%[IBCE%IGGAUAN%CD%CYA%GDC?BA3
S3% %ZD%BDGE?NA@%IGN%?[%CYDMKYC%[?C+%CD%FIEE%W?CY%D@%W?CYDMC%LDN?[?BIC?DG`Ea%CYA%[DOODW?GK%@AEDOMC?DG%IE%I%Special Resolution:
! !"#$%&'($)!*+,*%FM@EMIGC% CD% CYA%F@DJ?E?DGE%D[%#ABC?DGE%,S0+%,S.+%R1Q+%#BYANMOA%d%8%IGN%IOO%DCYA@%IFFO?BIXOA%F@DJ?E?DGE%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%CYA%HDLFIG?AE%`6FFD?GCLAGC%IGN%5ALMGA@IC?DG%D[%4IGIKA@?IO%;A@EDGGAO%a%5MOAE+%R1,=%`?GBOMN?GK%IGP%ECICMCD@P%LDN?[?BIC?DGE%D@%@A<AGIBCLAGCE%CYA@AD[%[D@%CYA%C?LA%XA?GK%?G%[D@BAa%IGN%DCYA@%IFFO?BIXOA%F@DJ?E?DGE+%?[%IGP+%D[%CYA%HDLFIG?AE%6BC+%R1,Q%CYA%IFF@DJIO%D[%LALXA@E%XA%IGN%?E%YA@AXP%IBBD@NAN%CD%@A<IFFD?GC%4@3%#Y?@?EY%$MO]I@G?%IE%bYDOAC?LA%"?@ABCD@%D[%CYA%HDLFIGP+%NAE?KGICAN%IE%)UABMC?JA%"?@ABCD@+%[D@%CYA%FA@?DN%D[%DGA%PAI@%[@DL%R.CY%2MOP+%R1,=%CD%R0CY%2MOP+%R1,>%DG%CYA%CA@LE%IGN%BDGN?C?DGE%D[%Y?E%@A<IFFD?GCLAGC%IE%EAC%DMC%?G%CYA%N@I[C%6K@AALAGC%CD%XA%AGCA@AN%XACWAAG%CYA%HDLFIGP%IGN%4@3%#Y?@?EY%"3%$MO]I@G?+%I%N@I[C%D[%WY?BY% ?E%FOIBAN%XA[D@A% CY?E%LAAC?GK%IGN%?G?C?IOAN%XP%4@3%83%H3%2DEY?+%"?@ABCD@%[D@%CYA%FM@FDEA%D[%?NAGC?[?BIC?DG3c
RESOLVED FURTHER THAT%?G%CYA%AJAGC%D[%IXEAGBA%D@%?GINAeMIBP%D[%F@D[?CE%?G%IGP%[?GIGB?IO%PAI@+%CYA%HDLFIGP%EYIOO%FIP%4@3%#Y?@?EY%$MO]I@G?%L?G?LML%@ALMGA@IC?DG%IE%F@DJ?NAN%?G%CYA%N@I[C%IK@AALAGC%CD%XA%entered into with him.
RESOLVED FURTHER THAT% CYA%^DI@N%D[%"?@ABCD@E%D[% CYA%HDLFIGP%XA%IGN% ?E%YA@AXP%IMCYD@?EAN% CD%do all such acts, deeds and matters and things as in its absolute discretion it may consider necessary, AUFAN?AGC%D@%NAE?@IXOA%CD%K?JA%A[[ABC%CD%CY?E%@AEDOMC?DG%IGN%IOED%CD%@AJ?EA%CYA%@ALMGA@IC?DG%D[%4@3%#Y?@?EY%$MO]I@G?%W?CY?G%CYA%O?L?CE%EC?FMOICAN%?G%CYA%HDLFIG?AE%6BC+%R1,Q3c
,13% %ZD%BDGE?NA@%IGN%?[%CYDMKYC%[?C+%CD%FIEE%W?CY%D@%W?CYDMC%LDN?[?BIC?DG`Ea%CYA%[DOODW?GK%@AEDOMC?DG%IE%IG%Special Resolution:
! !"#$%&'($)!*+,*%?G%EMFA@EAEE?DG%D[%CYA%D@N?GI@P%@AEDOMC?DG%FIEEAN%IC%CYA%,.CY%6GGMIO%:AGA@IO%4AAC?GK%D[%CYA%HDLFIGP%YAON%DG%R.CY%#AFCALXA@+%R11-%IGN%FM@EMIGC%CD%CYA%F@DJ?E?DGE%D[%#ABC?DG%,-1`,a`Ba%D[%CYA%HDLFIG?AE%6BC+%R1,Q+%CYA%5MOAE%LINA%CYA@AMGNA@%IGN%?CE%@AOICAN%IGN%IFFO?BIXOA%F@DJ?E?DGE+%?[%IGP+%or any other law for the time being in force (including any statutory modification or amendment thereto or re-enactment thereof) consent of the members be and is hereby accorded to the Board of Directors
7Annual Report 2013 - 2014
(hereinafter referred to as the Board which term shall be deemed to include any Committee thereof) of the HDLFIGP%[D@%XD@@DW?GK%[@DL%C?LA%CD%C?LA%IGP%EML%D@%EMLE%D[%LDGAP%DG%EMBY%CA@LE%IGN%BDGN?C?DGE%IGN%with or without security as the Board of Directors may think fit which, together with the moneys already XD@@DWAN%XP%CYA%HDLFIGP%`IFI@C%[@DL%CALFD@I@P%ODIGE%DXCI?GAN%D@%CD%XA%DXCI?GAN%[@DL%CYA%HDLFIGP*E%XIG]A@E%?G%CYA%D@N?GI@P%BDM@EA%D[%XME?GAEE+a+%LIP%AUBAAN%CYA%IKK@AKICA%[D@%CYA%C?LA%XA?GK%D[%CYA%FI?N<MF%BIF?CIO%D[%CYA%HDLFIGP%IGN%?CE%[@AA%@AEA@JAE+%CYIC%?E%CD%EIP+%@AEA@JAE%GDC%EAC%IFI@C%[D@%IGP%EFAB?[?B%FM@FDEA+%F@DJ?NAN%CYIC%CYA%CDCIO%ILDMGC%D[%LDGAP/LDGAPE%ED%XD@@DWAN%XP%CYA%^DI@N%EYIOO%GDC%IC%IGP%C?LA%AUBAAN%CYA%O?L?C%D[%5MFAAE%R111%H@D@AEc
RESOLVED FURTHER THAT%CYA%^DI@N%D[%"?@ABCD@E%XA%IGN%?E%YA@AXP%IMCYD@?EAN%CD%ND%IGN%FA@[D@L%IOO%EMBY%IBCE+%NAANE%IGN%CY?GKE%IE%LIP%XA%GABAEEI@P+%NAE?@IXOA%D@%AUFAN?AGC%CD%K?JA%A[[ABC%CD%CY?E%5AEDOMC?DG3c
,,3% %ZD%BDGE?NA@%IGN%?[%CYDMKYC%[?C+%CD%FIEE%W?CY%D@%W?CYDMC%LDN?[?BIC?DG`Ea%CYA%[DOODW?GK%@AEDOMC?DG%IE%IG%Special Resolution:
! !"#$%&'($)!*+,*% ?G%EMFA@EAEE?DG%D[% CYA%D@N?GI@P% @AEDOMC?DG%FIEEAN%IC% CYA%6GGMIO%:AGA@IO%4AAC?GK%YAON%DG%R-CY%#AFCALXA@+%,SSR%IGN%FM@EMIGC% CD% CYA%F@DJ?E?DGE%D[%#ABC?DG%,-1`,a`Ia%D[% CYA%HDLFIG?AE%6BC+%R1,Q+%CYA%5MOAE%LINA%CYA@A%MGNA@%IGN%?CE%@AOICAN%IGN%IFFO?BIXOA%F@DJ?E?DGE+%?[%IGP+%D@%IGP%DCYA@%OIW%for the time being in force (including any statutory modification or amendment thereto or re-enactment CYA@AD[a%CYA%BDGEAGC%D[%CYA%HDLFIGP%XA%IGN%?E%YA@AXP%IBBD@NAN%CD%^DI@N%D[%"?@ABCD@E%D[%CYA%HDLFIGP%`YA@A?GI[CA@%@A[A@@AN%CD%IE%fCYA%^DI@Nc%WY?BY%CA@L%EYIOO%XA%NAALAN%CD% ?GBOMNA%IGP%HDLL?CCAA%CYA@AD[a%CD% B@AICA%LD@CKIKA`Ea/BYI@KA`Ea%IGN/D@%YPFDCYABIC?DG% ?G%INN?C?DG% CD% CYA%LD@CKIKA`Ea/BYI@KA`Ea%IGN/D@%YPFDCYABIC?DG%B@AICAN%/%CD%XA%B@AICAN%XP%CYA%HDLFIGP+%?G%EMBY%[D@L%IGN%LIGGA@%IGN%W?CY%EMBY%@IG]?GK%IGN%IC%EMBY%C?LA%IGN%DG%EMBY%CA@LE%IE%CYA%^DI@N%LIP%NACA@L?GA+%DG%IOO%D@%IGP%FI@C%D[%CYA%?LLDJIXOA%IGN/D@%LDJIXOA%F@DFA@C?AE%IGN%IEEACE%D[%IOO%]?GNE%D[%CYA%HDLFIGP+%XDCY%F@AEAGC%IGN%[MCM@A%IGN/D@%CYA%WYDOA%D@%IGP%FI@C%D[%CYA%MGNA@CI]?GK`Ea%D[%CYA%HDLFIGP%?G%CYA%[D@L%D[%[?@EC%IGN/D@%EABDGN%IGN/D@%FI@?<FIEEM/%EMXEA@J?AGC%LD@CKIKA+%BYI@KA%IGN/D@%[ODIC?GK%BYI@KA%CD%EABM@A%?G%[IJDM@%D[%T?GIGB?IO%7GEC?CMC?DGE+%^IG]E+%VAGNA@E+%ACB3%[D@%EABM@?GK%CYA%XD@@DW?GKE+%D[%CYA%HDLFIGP%IJI?OAN%/%CD%XA%IJI?OAN%XP%ODIGE%EIGBC?DGAN/CD%XA%EIGBC?DGAN%XP% CYA%T?GIGB?IO% 7GEC?CMC?DGE+%^IG]E%IGN%IGP%DCYA@%VAGNA@`Ea% CD% CYA%HDLFIGP%IC%IGP%C?LA%CDKACYA@%W?CY%?GCA@AEC%IC%CYA%@AEFABC?JA%IK@AAN%@ICAE+%INN?C?DGIO%?GCA@AEC+%BDLFDMGN%?GCA@AEC%?G%BIEA%D[% NA[IMOC+% IBBMLMOICAN% ?GCA@AEC+% O?eM?NICAN% NILIKAE+% BDLL?CLAGC% BYI@KAE% IGN% DCYA@% AUFAGEAE% IGN%BYI@KAE% IGN% IOO% DCYA@% LDG?AE% FIPIXOA% XP% CYA% HDLFIGP% CD% CYA% EI?N% T?GIGB?IO% 7GEC?CMC?DGE+% ^IG]E% IGN%VAGNA@E%?G%@AEFABC%D[%EMBY%ODIGE%IGN%XD@@DW?GKE%DG%EMBY%EFAB?[?B%CA@LE%IGN%BDGN?C?DGE%IGN%BDJAGIGCE%?G% @AEFABC%D[% AG[D@BALAGC%D[% EABM@?CP%IE%LIP%XA%EC?FMOICAN% ?G% CYIC%XAYIO[% IGN%IK@AAN% CD%XACWAAG% CYA%HDLFIGP+%T?GIGB?IO%7GEC?CMC?DGE+%^IG]E%IGN%?CE%VAGNA@E+%ACB3
RESOLVED FURTHER THAT% CYA% ^DI@N% D[% "?@ABCD@E% D[% CYA% HDLFIGP% XA% IGN% ?E% YA@AXP% IMCYD@?gAN%CD% [?GIO?EA% CYA%NDBMLAGCE%W?CY%T?GIGB?IO% 7GEC?CMC?DGE+%^IG]E%IGN%VAGNA@E%D[% CYA%HDLFIGP% [D@% B@AIC?GK%I[D@AEI?N%LD@CKIKA%/%BYI@KA%IGN/D@%YPFDCYABIC?DG%IGN%CD%ND%IOO%EMBY%IBCE+%NAANE+%CY?GKE%IGN%LICCA@E%IE%LIP%XA%GABAEEI@P%IGN%AUFAN?AGC%[D@%K?J?GK%A[[ABC%CD%CYA%IXDJA%5AEDOMC?DGE3c
,R3% %ZD% BDGE?NA@% IGN% ?[% CYDMKYC% [?C+% CD% FIEE% W?CY% D@% W?CYDMC% LDN?[?BIC?DG`Ea% CYA% [DOODW?GK% @AEDOMC?DG% IE% I% Special Resolution:
! !"#$%&'($)!*+,*%FM@EMIGC%CD%CYA%F@DJ?E?DGE%D[%#ABC?DGE%.Q%IGN%.0%IGN%DCYA@%IFFO?BIXOA%F@DJ?E?DGE+%?[%IGP+%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%CYA%HDLFIG?AE%`6BBAFCIGBA%D[%"AFDE?CEa%5MOAE+%R1,=+%CYA%BDGEAGC%D[%CYA%LALXA@E%XA%IGN%?E%YA@AXP%IBBD@NAN%CD%CYA%^DI@N%D[%"?@ABCD@E%D[%CYA%HDLFIGP%CD%?GJ?CA+%IBBAFC%D@%@AGAW%[?UAN%NAFDE?CE%[@DL%CYA%FMXO?B%IGN%LALXA@E+%W?CY?G%O?L?CE%F@AEB@?XAN%?G%CYA%6BC%IGN%CYA%DJA@IOO%XD@@DW?GK%O?L?CE%D[%CYA%HDLFIGP+%IE%IFF@DJAN%XP%CYA%4ALXA@E+%[@DL%C?LA%CD%C?LA3
RESOLVED FURTHER THAT the Board of Directors be and is hereby authorised to finalise the scheme [D@%?GJ?CIC?DG%IGN%IBBAFCIGBA%D[%[?UAN%NAFDE?CE%[@DL%CYA%4ALXA@E%IGN%CYA%FMXO?B%IGN%CD%E?KG%IGN%AUABMCA%NAANE+%IFFO?BIC?DGE+%NDBMLAGCE+%B?@BMOI@E%IGN%W@?C?GKE%CYIC%LIP%XA%@AeM?@AN+%DG%XAYIO[%D[%CYA%HDLFIGP%IGN%KAGA@IOOP%CD%ND%IOO%EMBY%DCYA@%IBCE+%NAANE+%LICCA@E%IGN%CY?GKE%IE%LIP%XA%GABAEEI@P+%F@DFA@+%AUFAN?AGC%D@%?GB?NAGCIO%[D@%K?J?GK%A[[ABC%CD%CY?E%@AEDOMC?DG3c
8 Annual Report 2013 - 2014
NOTES:
,3% %6%4)4^)5%)9Z7ZV)"%Z'%6ZZ)9"%69"%8'Z)%7#%)9Z7ZV)"%Z'%6;;'79Z%6%;5'hi%Z'%6ZZ)9"%
69"%8'Z)%'9%;'VV%79#Z)6"%'T%&74#)VT%69"%Z&)%;5'hi%9))"%9'Z%^)%6%4)4^)5%'T%Z&)%
COMPANY.
R3% %ZYA%?GEC@MLAGC%IFFD?GC?GK%;@DUP%IE%FA@%CYA%[D@LIC%?GBOMNAN%?G%CYA%6GGMIO%5AFD@C%EYDMON%XA%NAFDE?CAN%IC%
CYA%5AK?ECA@AN%'[[?BA%D[%CYA%HDLFIGP%GDC%OAEE%CYIG%T'5Zi<)7:&Z%&'(5#%XA[D@A%CYA%C?LA%[D@%YDON?GK%
CYA%4AAC?GK3%;@DU?AE%EMXL?CCAN%DG%XAYIO[%D[%O?L?CAN%BDLFIG?AE+%EDB?AC?AE+%FI@CGA@EY?F%[?@LE+%ACB3%LMEC%XA%
EMFFD@CAN%XP%IFF@DF@?ICA%@AEDOMC?DG/IMCYD@?CP+%IE%IFFO?BIXOA+%?EEMAN%XP%CYA%LALXA@%D@KIG?EIC?DG3%
% %6%FA@EDG%BIG%IBC%IE%I%F@DUP%DG%XAYIO[%D[%4ALXA@E%GDC%AUBAAN?GK%[?[CP%IGN%YDON?GK%?G%CYA%IKK@AKICA%GDC%
LD@A%CYIG%CAG%FA@BAGC%D[%CYA%CDCIO%EYI@A%BIF?CIO%D[%CYA%HDLFIGP%BI@@P?GK%JDC?GK%@?KYCE3%6%LALXA@%YDON?GK%
LD@A%CYIG%CAG%FA@BAGC%D[%CYA%CDCIO%EYI@A%BIF?CIO%D[%CYA%HDLFIGP%BI@@P?GK%JDC?GK%@?KYCE%LIP%IFFD?GC%I%E?GKOA%
FA@EDG%IE%F@DUP%IGN%EMBY%FA@EDG%EYIOO%GDC%IBC%IE%I%F@DUP%[D@%IGP%DCYA@%FA@EDG%D@%I%4ALXA@3%
Q3% %ZYA%@AOIC?JA%)UFOIGICD@P%#CICALAGC%FM@EMIGC%CD%#ABC?DG%,1R%D[%CYA%HDLFIG?AE%6BC+%R1,Q%̀ f6BCca%?G%@AEFABC%
D[%CYA%XME?GAEE%MGNA@%7CAL%9DE3%>%CD%,R%EAC%DMC%IXDJA%IGN%NACI?OE%IE%@AeM?@AN%MGNA@%HOIMEA%=S%D[%CYA%
V?EC?GK%6K@AALAGC%AGCA@AN%?GCD%W?CY%CYA%#CDB]%)UBYIGKAE%?G%@AEFABC%D[%"?@ABCD@E%EAA]?GK%IFFD?GCLAGC/
@A<IFFD?GCLAGC%IC%CY?E%6GGMIO%:AGA@IO%4AAC?GK%I@A%IGGAUAN%YA@ACD3
=3% %4ALXA@E%I@A%@AeMAECAN%CD%GDC?[P%CD%CYA%HDLFIGP%?LLAN?ICAOP%IGP%BYIGKA%?G%CYA?@%INN@AEE+%eMDC?GK%[DO?D%
GMLXA@%IGN%K?J?GK%BDLFOACA%INN@AEE%?G%BIF?CIO%OACCA@E%W?CY%CYA%;79%BDNA3%ZYA%^AGA[?B?IO%'WGA@E%D[%CYA%
NALICA@?IO?EAN%EYI@AE%LIP%?G[D@L%CYA%BDGBA@GAN%"AFDE?CD@P%;I@C?B?FIGC%D[%IGP%BYIGKA%?G%CYA?@%INN@AEE3
>3% %4ALXA@E%WYD%YDON%EYI@AE%?G%E?GKOA%GILA%IGN%FYPE?BIO%[D@L%I@A%INJ?EAN%CD%LI]A%GDL?GIC?DG%?G%@AEFABC%
D[%CYA?@%EYI@AYDON?GK%?G%CYA%HDLFIGP3
03% %4ALXA@E%I@A% @AeMAECAN% CD% EMFFD@C% CYA%!:@AAG% 7G?C?IC?JA% ?G%HD@FD@ICA%:DJA@GIGBA*% MGNA@CI]AG%XP% CYA%
HDLFIGP+% XP% @AK?ECA@?GK/MFNIC?GK% CYA?@% A<LI?O% INN@AEEAE+% ?G% @AEFABC% D[% EYI@AE% YAON% ?G% NALICA@?IO?EAN%
[D@L%W?CY%CYA?@%@AEFABC?JA%"AFDE?CD@P%;I@C?B?FIGCE%IGN%?G%@AEFABC%D[%EYI@AE%YAON%?G%FYPE?BIO%[D@L%W?CY%CYA%
HDLFIGP%D@%#YI@AF@D%#A@J?BAE%`7GN?Ia%;JC3%VCN3%`5%_%Z%6KAGCa3
.3% %ZYA% #YI@A% Z@IGE[A@% ^DD]E% D[% CYA% HDLFIGP% W?OO% @ALI?G% BODEAN% [@DL% R>CY% #AFCALXA@+% R1,=% CD%
R0CY%#AFCALXA@+%R1,=%`XDCY%NIPE%?GBOME?JAa3
-3% %6E%FA@%#)^7%H?@BMOI@%9D3%45"/"D;/H?@<1>/R11S%NICAN%4IP%R1+%R11S+%[D@%EABM@?C?AE%LI@]AC%C@IGEIBC?DGE%
IGN%D[[<LI@]AC/F@?JICA% C@IGEIBC?DGE% ?GJDOJ?GK% C@IGE[A@%D[%EYI@AE% ?G%FYPE?BIO% [D@L%D[% O?ECAN%BDLFIG?AE+% ?C%
EYIOO%XA%LIGNICD@P%[D@%IOO%CYA%C@IGE[A@AAE%CD%[M@G?EY%EAO[%ICCAECAN%BDFP%D[%;69%BI@N%CD%CYA%HDLFIGP%D@%
Registrars and Share Transfer Agents for registration of such transfer of shares.
S3% %4ALXA@E%I@A%@AeMAECAN%CD%X@?GK%CYA?@%BDF?AE%D[%CYA%6GGMIO%5AFD@C%IC%CYA%4AAC?GK3%6E%I%:@AAG%7G?C?IC?JA%
LAIEM@A+%AUC@I%BDFP%W?OO%GDC%XA%LINA%IJI?OIXOA%IC%CYA%JAGMA3%
,13% %7G%D@NA@%CD%AGIXOA%CYA%HDLFIGP%CD%EIC?E[IBCD@?OP%IGEWA@%eMAEC?DGE%IC%CYA%LAAC?GK+%LALXA@E%WYD%WDMON%
O?]A%CD%IE]%IGP%eMAEC?DGE%IXDMC%CYA%FA@[D@LIGBA%D[%CYA%HDLFIGP%I@A%@AeMAECAN%CD%EAGN%CYA?@%eMAEC?DGE%
ED%IE%CD%@AIBY%CYA%HDLFIGP%IC%OAIEC%CAG%NIPE%XA[D@A%CYA%NICA%D[%CYA%6GGMIO%:AGA@IO%4AAC?GK3
,,3% %ZYA% HDLFIGP*E% EYI@AE% I@A% BDLFMOED@?OP% C@INAN% ?G% NALICA@?IO?EAN% LDNA3% ZYA% HDLFIGP% YIE% LINA%
GABAEEI@P%I@@IGKALAGCE%W?CY% CYA%9IC?DGIO%#ABM@?C?AE%"AFDE?CD@P%VCN3% `9#"Va%IGN%HAGC@IO%"AFDE?CD@P%
#A@J?BAE%`7GN?Ia%VCN3%`H"#Va%[D@%NAIO?GKE%?G%NALICA@?IO?EAN%EYI@AE3%4ALXA@E%YDON?GK%EYI@AE%?G%FYPE?BIO%
form are requested to get their shares dematerialised at the earliest which will enhance effectiveness of
CYA%!:@AAG%7G?C?IC?JA*3
9Annual Report 2013 - 2014
,R3% %ZYA%N?J?NAGN%IE%@ABDLLAGNAN%XP%CYA%"?@ABCD@E+%?[%NABOI@AN%IC%CYA%6GGMIO%:AGA@IO%4AAC?GK+%W?OO%XA%FI?N%
CD%CYDEA%4ALXA@E%WYDEA%GILAE%IFFAI@%?G%CYA%5AK?ECA@%D[%4ALXA@E%DG%Q1CY%#AFCALXA@+%R1,=3
,Q3% %4ALXA@E%WYD%YIJA%GDC%@ABA?JAN%CYA?@%N?J?NAGN%[D@%CYA%AI@O?A@%PAI@E%I@A%@AeMAECAN%CD%BDGCIBC%CYA%5AK?EC@I@E%
and Share Transfer Agents:
% #YI@AF@D%#A@J?BAE%`7GN?Ia%;JC3%VCN3
% ,Q6^%#ILY?CI%bI@AYDME?GK%HDLFOAU
% 9AI@%#I]?GI]I%ZAOAFYDGA%)UBYIGKA%VIGA+
% '[[%6GNYA@?%<$M@OI%5DIN+%#I]?GI]I+%6GNYA@?%`)a%4MLXI?%d%=11%1.R3
,R3% %;M@EMIGC% CD% CYA% F@DJ?E?DG% D[% #ABC?DGE% R1>6% IGN% R1>H% D[% CYA% HDLFIG?AE% 6BC+,S>0% `D@% IE% ILAGNAN/
@A<AGIBCANa%CYA%HDLFIGP%YIE%C@IGE[A@@AN%CYA%MGFI?N%D@%MGBOI?LAN%N?J?NAGNE%NABOI@AN%MFCD%̀ IGN%?GBOMN?GKa%
Ti%R11><R110%CD%CYA%Investor Education and Protection Fund of the Central Government. Pursuant to
CYA%F@DJ?E?DGE%D[%7GJAECD@%)NMBIC?DG%_%;@DCABC?DG%TMGN%`(FODIN?GK%D[%?G[D@LIC?DG%@AKI@N?GK%MGFI?N%IGN%
MGBOI?LAN%ILDMGCE%OP?GK%W?CY%BDLFIG?AEa%5MOAE+%R1,R+%`D@%IE%ILAGNAN/@A<AGIBCANa%CYA%HDLFIGP%YIE%
MFODINAN%CYA%NACI?OE%D[%MGFI?N%IGN%MGBOI?LAN%ILDMGCE%OP?GK%W?CY%CYA%HDLFIGP%IE%DG%R.CY%#AFCALXA@+%
R1,Q%`?3A3%CYA%NICA%D[%OIEC%6GGMIO%:AGA@IO%4AAC?GKa%DG%CYA%WAXE?CA%D[%CYA%4?G?EC@P%D[%HD@FD@ICA%6[[I?@E
,Q3% %ZYA%NACI?OE%D[%CYA%N?J?NAGN%NABOI@AN%[D@%IGN%[@DL%CYA%T?GIGB?IO%iAI@%R110<1.%C?OO%R1,R<,Q%IGN%CYA%@AEFABC?JA%
due dates for transfer to the Investors Education and Protection Fund are given in the Section relating
CD%:AGA@IO%#YI@AYDONA@E*%7G[D@LIC?DG3%4ALXA@E%WYD%YIJA%GDC%PAC%AGBIEYAN%CYA%N?J?NAGN%WI@@IGC`Ea%I@A%
@AeMAECAN%CD%[D@WI@N%CYA?@%BOI?LE%CD%CYA%HDLFIGP*E%5AK?EC@I@%IGN%#YI@A%Z@IGE[A@%6KAGCE3%It may be noted
that once the unclaimed dividend is transferred to the Investor Education and Protection Fund as
above, no. claim shall lie with the Company in respect of such amount.
,=3% %E-voting%d%7G%BDLFO?IGBA%W?CY%F@DJ?E?DGE%D[%#ABC?DG%,1-%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%5MOA%R1%D[%CYA%
HDLFIG?AE%`4IGIKALAGC%IGN%6NL?G?EC@IC?DGa%5MOAE+%R1,=+%CYA%HDLFIGP%?E%FOAIEAN%CD%F@DJ?NA%4ALXA@E%
YDON?GK%EYI@AE%A?CYA@%?G%FYPE?BIO%[D@L%D@%?G%NALICA@?IO?EAN%[D@L%CYA%[IB?O?CP%CD%AUA@B?EA%CYA?@%@?KYC%CD%JDCA%
at the 23rd Annual General Meeting (AGM) by electronic means and the business may be transacted
CY@DMKY%A<JDC?GK%EA@J?BAE%F@DJ?NAN%XP%HAGC@IO%"AFDE?CD@P%#A@J?BAE%`7GN?Ia%V?L?CAN%`H"#Va3%ZYA%^DI@N%D[%
"?@ABCD@E%D[%CYA%HDLFIGP%YIE%IFFD?GCAN%$IG\%_%6EEDB?ICAE%IE%CYA%#B@MC?G?EA@%[D@%CY?E%FM@FDEA3
The instructions for members for voting electronically are as under:-
`6a% %ZYA%JDC?GK%FA@?DN%XAK?GE%DG%R.CY%#AFCALXA@+%R1,=%IC%S311%I3L3%IGN%AGNE%DG%RSCY%#AFCALXA@+%R1,=%IC%
>311%F3L3%"M@?GK%CY?E%FA@?DN%EYI@AYDONA@E*%D[%CYA%HDLFIGP+%YDON?GK%EYI@AE%A?CYA@%?G%FYPE?BIO%[D@L%D@%?G%
NALICA@?IO?EAN%[D@L+%IE%DG%CYA%BMC<D[[%NICA%`@ABD@N%NICAa%D[%R=CY%#AFCALXA@+%R1,=+%LIP%BIEC%CYA?@%JDCA%
electronically. The e-voting module shall be disabled by CDSL for voting thereafter.
In case of members receiving copy of Annual Report by e-mail:
(i) Log on to the e-voting website www.evotingindia.com
`??a% HO?B]%DG%f#YI@AYDONA@Ec%CIX3
(iii) Now Enter your User ID
% Ia% TD@%H"#Vj%,0%N?K?CE%XAGA[?B?I@P%7"+%
% Xa% TD@%9#"Vj%-%HYI@IBCA@%";%7"%[DOODWAN%XP%-%"?K?CE%HO?AGC%7"+%
% Ba% 4ALXA@E%YDON?GK%EYI@AE%?G%;YPE?BIO%TD@L%EYDMON%AGCA@%TDO?D%9MLXA@%@AK?ECA@AN%W?CY%CYA%HDLFIGP3
`?Ja% 9AUC%AGCA@%CYA%7LIKA%8A@?[?BIC?DG%IE%N?EFOIPAN%IGN%HO?B]%DG%VDK?G3
10 Annual Report 2013 - 2014
(v) If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on an
AI@O?A@%JDC?GK%D[%IGP%BDLFIGP+%CYAG%PDM@%AU?EC?GK%FIEEWD@N%?E%CD%XA%MEAN3%
`J?a% 7[%PDM%I@A%I%[?@EC%C?LA%MEA@%[DOODW%CYA%ECAFE%K?JAG%XAODWj
For Members holding shares in Demat Form and Physical Form
PAN* )GCA@%PDM@%,1%N?K?C%IOFYI<GMLA@?B%k;69%?EEMAN%XP% 7GBDLA%ZIU%"AFI@CLAGC%`6FFO?BIXOA% [D@%XDCY%
NALIC%EYI@AYDONA@E%IE%WAOO%IE%FYPE?BIO%EYI@AYDONA@Ea
!" "4ALXA@E% WYD% YIJA% GDC% MFNICAN% CYA?@% ;69% W?CY% CYA% HDLFIGP/"AFDE?CD@P% ;I@C?B?FIGC% I@A%
@AeMAECAN%CD%MEA%CYA%[?@EC%CWD%OACCA@E%D[%CYA?@%GILA%IGN%CYA%OIEC%-%N?K?CE%D[%CYA%NALIC%IBBDMGC/
folio number in the PAN field.
!" "7G%BIEA%CYA%[DO?D%GMLXA@%?E%OAEE%CYIG%-%N?K?CE%AGCA@%CYA%IFFO?BIXOA%GMLXA@%D[%1*E%XA[D@A%CYA%
number after the first two characters of the name in CAPITAL letters. E.g. If your name is
5ILAEY%$MLI@%W?CY%[DO?D%GMLXA@%,11%CYAG%AGCA@%5611111,11%?G%CYA%;69%[?AON3
DOB )GCA@%CYA%"ICA%D[%^?@CY%IE%@ABD@NAN%?G%PDM@%NALIC%IBBDMGC%D@%?G%CYA%HDLFIGP%@ABD@NE%[D@%CYA%EI?N%
NALIC%IBBDMGC%D@%[DO?D%?G%NN/LL/PPPP%[D@LIC3
Dividend
Bank
Details
)GCA@%CYA%"?J?NAGN%^IG]%"ACI?OE%IE%@ABD@NAN%?G%PDM@%NALIC%IBBDMGC%D@%?G%CYA%HDLFIGP%@ABD@NE%[D@%
the said demat account or folio.
!" "Please enter the DOB or Dividend Bank Details in order to login. If the details are not recorded
W?CY%CYA%NAFDE?CD@P%D@%BDLFIGP%FOAIEA%AGCA@%the number of shares held by you as on the
cut off date in the Dividend Bank details field.
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`?Ua% %TD@%4ALXA@E%YDON?GK%EYI@AE%?G%FYPE?BIO%[D@L+%CYA%NACI?OE%BIG%XA%MEAN%DGOP%[D@%A<JDC?GK%DG%CYA%@AEDOMC?DGE%
contained in this Notice.
(x) Click on the EVSN for D. S. Kulkarni Developers Ltd. on which you choose to vote.
`U?a% %'G% CYA% JDC?GK% FIKA+% PDM% W?OO% EAA% f5)#'V(Z7'9% ")#H57;Z7'9c% IGN% IKI?GEC% CYA% EILA% CYA% DFC?DG%
fi)#/9'c%[D@%JDC?GK3%#AOABC%CYA%DFC?DG%i)#%D@%9'%IE%NAE?@AN3%ZYA%DFC?DG%i)#%?LFO?AE%CYIC%PDM%IEEAGC%CD%
CYA%5AEDOMC?DG%IGN%DFC?DG%9'%?LFO?AE%CYIC%PDM%N?EEAGC%CD%CYA%5AEDOMC?DG3
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accordingly modify your vote.
`U?Ja% 'GBA%PDM%fH'9T754c%PDM@%JDCA%DG%CYA%@AEDOMC?DG+%PDM%W?OO%GDC%XA%IOODWAN%CD%LDN?[P%PDM@%JDCA3
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`UJ?a% %7[%"ALIC%IBBDMGC%YDONA@%YIE% [D@KDCCAG% CYA%BYIGKAN%FIEEWD@N% CYAG%)GCA@% CYA%(EA@% 7"%IGN% CYA% ?LIKA%
JA@?[?BIC?DG%BDNA%IGN%BO?B]%DG%TD@KDC%;IEEWD@N%_%AGCA@%CYA%NACI?OE%IE%F@DLFCAN%XP%CYA%EPECAL3
11Annual Report 2013 - 2014
`UJ??a% 9DCA%[D@%9DGd7GN?J?NMIO%#YI@AYDONA@E%IGN%HMECDN?IGE
" !" "Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodian are required
to log on to www.evotingindia.com%IGN%@AK?ECA@%CYALEAOJAE%IE%HD@FD@ICAE3%
" !" "6% EBIGGAN% BDFP% D[% CYA% 5AK?EC@IC?DG% TD@L% XAI@?GK% CYA% ECILF% IGN% E?KG% D[% CYA% AGC?CP% EYDMON% XA%
emailed to YAOFNAE]3AJDC?GKlBNEO?GN?I3BDL%XA[D@A%CYA%ECI@C%D[%CYA%A<JDC?GK%FA@?DN3
" !" "6[CA@%@ABA?J?GK%CYA%ODK?G%NACI?OE%I%BDLFO?IGBA%MEA@%EYDMON%XA%B@AICAN%ME?GK%CYA%INL?G%ODK?G%IGN%
FIEEWD@N3%ZYA%HDLFO?IGBA%MEA@%WDMON%XA%IXOA%CD%O?G]%CYA%IBBDMGC`Ea%[D@%WY?BY%CYAP%W?EY%CD%JDCA%DG3
" !" "ZYA%O?EC%D[%IBBDMGCE%EYDMON%XA%LI?OAN%CD%YAOFNAE]3AJDC?GKlBNEO?GN?I3BDL%IGN%DG%IFF@DJIO%D[%CYA%
accounts they would be able to cast their vote.
" !" "6%EBIGGAN%BDFP%D[%CYA%^DI@N%5AEDOMC?DG%IGN%;DWA@%D[%6CCD@GAP%`;'6a%WY?BY%CYAP%YIJA%?EEMAN%?G%
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to verify the same.
In case you have any queries or issues regarding e-voting, you may refer the Frequently Asked Questions
`fT6mEca% IGN% A<JDC?GK% LIGMIO% IJI?OIXOA% IC% www.evotingindia.com% MGNA@% YAOF% EABC?DG% D@% W@?CA% IG% A<LI?O% CD%
YAOFNAE]3AJDC?GKlBNEO?GN?I3BDL
In case of members receiving the physical copy of Annual Report:
`^a% ;OAIEA%[DOODW%IOO%ECAFE%[@DL%SL. NO. (i) to SL. NO. (xvii) above to cast vote.
By the order of the Board of Directors,
For D. S. KULKARNI DEVELOPERS LTD.
Place: Pune D. S. KULKARNI
Date: 29th%4IP+%R1,=% H&675469%_%4696:79:%"75)HZ'5
12 Annual Report 2013 - 2014
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13Annual Report 2013 - 2014
EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013, ANNEXED
TO THE NOTICE CALLING THE TWENTY THIRD ANNUAL GENERAL MEETING TO BE HELD ON TUESDAY,
THE 30TH DAY OF SEPTEMBER, 2014 AT PUNE.
Item Nos. 5 to 8
ZYA% HDLFIGP% YIN+% FM@EMIGC% CD% CYA% F@DJ?E?DGE% D[% CYA% HDLFIG?AE% 6BC+% ,S>0% IGN% HOIMEA% =S% D[% CYA% V?EC?GK%
6K@AALAGC%AGCA@AN%W?CY%CYA%#CDB]%)UBYIGKAE+%IFFD?GCAN%4@3%83%H3%2DEY?+%"@3%43%$3%;3%#ACCP+%4@3%53%"3%$YI@DEA]I@%
IGN%4@3%$3%$3%ZIFI@?I+%IE%7GNAFAGNAGC%"?@ABCD@E%IC%JI@?DME%C?LAE+% ?G%BDLFO?IGBA%W?CY%CYA%@AeM?@ALAGCE%D[% CYA%
@AEFABC?JA%F@DJ?E?DGE3%
6E%FA@%CYA%F@DJ?E?DGE%D[%#ABC?DG%,=S`=a%WY?BY%YIE%BDLA%?GCD%[D@BA%W?CY%A[[ABC%[@DL%,EC%6F@?O+%R1,=+%AJA@P%O?ECAN%
BDLFIGP% ?E% @AeM?@AN% CD% YIJA% IC% OAIEC% DGA<CY?@N% D[% CYA% CDCIO% GMLXA@% D[% "?@ABCD@E% IE% 7GNAFAGNAGC% "?@ABCD@E3%
TM@CYA@+%#ABC?DG%,=S`,1a%D[%CYA%6BC%F@DJ?NAE%CYIC%IG%7GNAFAGNAGC%"?@ABCD@%EYIOO%YDON%D[[?BA%[D@%I%CA@L%MF%CD%[?JA%
BDGEABMC?JA%PAI@E%DG%CYA%^DI@N%D[%I%BDLFIGP%IGN%?E%GDC%O?IXOA%CD%@AC?@A%XP%@DCIC?DG%FM@EMIGC%CD%#ABC?DG%,=S`,Qa%
@AIN%W?CY%#ABC?DG%,>R%D[%CYA%6BC3%
The Securities and Exchange Board of India (SEBI) has amended Clause 49 of the Listing Agreement which
WDMON% XA% A[[ABC?JA% [@DL% ,EC% 'BCDXA@+% R1,=% WY?BY% inter alia% EC?FMOICAE% CYA% BDGN?C?DGE% [D@% CYA% IFFD?GCLAGC% D[%
7GNAFAGNAGC%"?@ABCD@E%XP%I%O?ECAN%BDLFIGP3%
ZYA% 9DL?GIC?DG% IGN% 5ALMGA@IC?DG% HDLL?CCAA% YIE% @ABDLLAGNAN% CYA% IFFD?GCLAGCE% D[% CYAEA% "?@ABCD@E% IE%
7GNAFAGNAGC%"?@ABCD@E%[@DL%Q1CY%#AFCALXA@+%R1,=%MFCD%RSCY%#AFCALXA@+%R1,S3
ZYA%IXDJA%7GNAFAGNAGC%"?@ABCD@E%YIJA%K?JAG%I%NABOI@IC?DG%CD%CYA%̂ DI@N%CYIC%CYAP%LAAC%CYA%B@?CA@?I%D[%?GNAFAGNAGBA%
IE%F@DJ?NAN%MGNA@%#ABC?DG%,=S%`0a%D[%CYA%6BC3%7G%CYA%DF?G?DG%D[%CYA%^DI@N+%CYA%IXDJA%7GNAFAGNAGC%"?@ABCD@E%[MO[?OO%
CYA%BDGN?C?DGE%EFAB?[?AN%?G%CYA%6BC%IGN%CYA%5MOAE%LINA%CYA@A%MGNA@%[D@%IFFD?GCLAGC%IE%7GNAFAGNAGC%"?@ABCD@E%
IGN%CYAP%I@A%?GNAFAGNAGC%D[%CYA%LIGIKALAGC3%
7G% BDLFO?IGBA% W?CY% CYA% F@DJ?E?DGE% D[% #ABC?DG% ,=S% @AIN% W?CY% #BYANMOA% 78% D[% CYA% 6BC+% CYA% IFFD?GCLAGC% D[% CYA%
IXDJA%"?@ABCD@E%IE%7GNAFAGNAGC%"?@ABCD@E%?E%GDW%XA?GK%FOIBAN%XA[D@A%CYA%4ALXA@E%?G%:AGA@IO%4AAC?GK%[D@%CYA?@%
IFF@DJIO3%
ZYA%X@?A[%F@D[?OA%D[%7GNAFAGNAGC%"?@ABCD@E%CD%XA%IFFD?GCAN%?E%K?JAG%XAODWj
Mr. V. C. Joshi+%IKAN%-R%PAI@E+%?E%CYA%7GNAFAGNAGC%_%9DG<)UABMC?JA%"?@ABCD@%D[%DM@%HDLFIGP3%4@3%2DEY?%YDONE%
a degree of Master of Arts in Political Science from Bombay University and in Economics from University of
HILX@?NKA+%(G?CAN%$?GKNDL3%4@3% 2DEY?%YIE%LD@A% CYIG% CY?@CP% `Q1a%PAI@E%D[%AUFA@?AGBA% ?G%XIG]?GK%EABCD@%IGN%
YIE%XAAG%IEEDB?ICAN%W?CY%DM@%HDLFIGP%E?GBA% CYA%PAI@%,SSQ3%4@3% 2DEY?% ?E%IG%)U<XIG]A@%IGN%IG%IMCYD@?CP% ?G%
)BDGDL?BE3%&A%YIE%WD@]AN%IE%I%#AG?D@%HDGEMOCIGC%[D@%[?GIGB?IO%EA@J?BAE%W?CY%;bH%IGN%97^43
Dr. M. K. P. Setty+%IKAN%-1%PAI@E+%?E%CYA%7GNAFAGNAGC%_%9DG<)UABMC?JA%"?@ABCD@%D[%DM@%HDLFIGP3%"@3%#ACCP%YDONE%
I%NAK@AA%D[%"DBCD@%D[%V?CA@ICM@A%[@DL%6J?GIEY?O?GKIL%(G?JA@E?CP%[D@%bDLAG+%ZIL?OGINM3%"@3%#ACCP%YIE%LD@A%CYIG%
CY?@CP%`Q1a%PAI@E%D[%AUFA@?AGBA%?G%ANMBIC?DG%EABCD@%IGN%?E%IEEDB?ICAN%W?CY%DM@%HDLFIGP%E?GBA%CYA%PAI@%,SSQ3%
"@3%#ACCP%YIE%IOED%XAAG%IEEDB?ICAN%W?CY%BDLFIG?AE%?G%JI@?DME%EABCD@E%J?g3%[DDN%F@DBAEE?GK+%INJA@C?E?GK+%[?GIGBA%
IGN%IMCDLDX?OAE3%&A%YIE%XAAG%BDG[A@@AN%W?CY%YDGDM@%!CYA%$IGGINI%5I\PDCEIJI%6WI@N*%XP%CYA%:DJA@GLAGC%D[%
$I@GICI]I%?G%@ABDKG?C?DG%D[%Y?E%EA@J?BAE%CD%CYA%7GNMEC@P%IGN%)NMBIC?DG3%&A%YIE%YAON%JI@?DME%F@AEC?K?DME%FDE?C?DGE%
in various institutions and associations. He is the only non-Government official to be invited by the Government
D[%$I@GICI]I%CD%EA@JA%IE%I%HYI?@LIG%D[%CYA%$I@GICI]I%7GNMEC@?IO%7GJAECLAGC%"AJAODFLAGC%HD@FD@IC?DG%V?L?CAN3
Mr. K. K. Taparia+%IKAN%0Q%PAI@E+%?E%CYA%7GNAFAGNAGC%_%9DG<)UABMC?JA%"?@ABCD@%D[%DM@%HDLFIGP3%4@3%ZIFI@?I%YDONE%
I%NAK@AA%D[%^3)3%`4ABYIG?BEa%[@DL%4^4%)GK?GAA@?GK%HDOOAKA+%(G?JA@E?CP%D[%2DNYFM@3%4@3%ZIFI@?I%YIE%LD@A%CYIG%
[D@CP%`=1a%PAI@E%D[%AUFA@?AGBA%?G%LIGM[IBCM@?GK%IGN%LI@]AC?GK%EABCD@%IGN%?E%IEEDB?ICAN%W?CY%DM@%HDLFIGP%E?GBA%
CYA%PAI@%R11-3%4@3%ZIFI@I?I%?E%I%LIGIKALAGC%BDGEMOCIGC3
14 Annual Report 2013 - 2014
Mr. R.D. Kharosekar+% IKAN% .R% PAI@E+% ?E% CYA% 7GNAFAGNAGC% _% 9DG<)UABMC?JA% "?@ABCD@% D[% DM@% HDLFIGP3%
Mr. Kharosekar holds a degree of Bachelor of Science and Bachelors of Law (L.L.B) from University of Poona.
4@3%$YI@DEA]I@%YIE%LD@A%CYIG%CWAGCP%`R1a%PAI@E%D[%AUFA@?AGBA%?G%CYA%7GN?IG%6NL?G?EC@IC?JA%#A@J?BA%`76#a%IGN%
?E%IEEDB?ICAN%W?CY%DM@%HDLFIGP%E?GBA% CYA%PAI@%R1,13%&A%YIE%WD@]AN%IE%I%EAG?D@% 76#%'[[?BA@%IGN%@AC?@AN%IE%
I%HDLL?EE?DGA@%D[%Z@?XIO%5AEAI@BY%_%Z@I?G?GK3%&A%YIE%EA@JAN% ?G%JI@?DME%BIFIB?C?AE% ?G% CYA%#CICA%IGN%HAGC@IO%
:DJA@GLAGC%IGN%YIE%@ABA?JAN%IG%IWI@N%[@DL%CYA%#CICA%:DJA@GLAGC%[D@%DMCECIGN?GK%WD@]%NDGA%[D@%NAJAODFLAGC%
D[%C@?XAE%D[%4IYI@IEYC@I3%&A%YIE%IOED%F@DNMBAN%IGN%N?@ABCAN%[?OLE%[D@%B@AIC?GK%IWI@AGAEE%IXDMC%JI@?DME%EBYALAE%
amongst the weaker sections and tribes.
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"?@ABCD@E%[D@%CYA?@%@AEFABC?JA%IFFD?GCLAGCE+%I@A%BDGBA@GAN%D@%?GCA@AECAN+%[?GIGB?IOOP%D@%DCYA@W?EA%
Item No. 9
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E?GBA%R11S3%ZYA%̂ DI@N%D[%"?@ABCD@E%D[%CYA%HDLFIGP%IC%?CE%LAAC?GK%YAON%DG%R.CY%2MOP+%R1,=%@AIFFD?GCAN%4@3%#Y?@?EY%
"3%$MO]I@G?%IE%bYDOAC?LA%"?@ABCD@+%NAE?KGICAN%IE%)UABMC?JA%"?@ABCD@+%[D@%I%FA@?DN%D[%,%PAI@%W?CY%A[[ABC%[@DL%R0CY%
2MOP+%R1,=+%EMX\ABC%CD%CYA%IFF@DJIO%D[%LALXA@E%IC%CYA%AGEM?GK%6GGMIO%:AGA@IO%4AAC?GK%D[%CYA%HDLFIGP3%ZYA%
@ALMGA@IC?DG+%IE%@ABDLLAGNAN%XP% CYA%9DL?GIC?DG%IGN%5ALMGA@IC?DG%HDLL?CCAA%WIE%IOED%IFF@DJAN%XP% CYA%
^DI@N%IC%?CE%4AAC?GK%YAON%DG%R.CY%2MOP+%R1,=3%6E%@AeM?@AN%XP%CYA%F@DJ?E?DGE%D[%CYA%HDLFIG?AE%6BC+%R1,Q+%IFF@DJIO%
[D@%EMBY%@A<IFFD?GCLAGC%?E%XA?GK%EDMKYC%[@DL%CYA%EYI@AYDONA@E3
ZYA% HDLFIGP% YIE% XAAG% XAGA[?CC?GK% [@DL% Y?E% NPGIL?B% OAINA@EY?F+% XME?GAEE% LIGIKALAGC% EC@ICAK?AE% IGN%
]GDWOANKA3%&AGBA%PDM@%"?@ABCD@E%I@A%D[%CYA%DF?G?DG%CYIC%?C%WDMON%XA%?G%CYA%?GCA@AEC%D[%CYA%HDLFIGP%CD%@AIFFD?GC%
Y?L%IE%CYA%)UABMC?JA%"?@ABCD@%[D@%I%CA@L%D[%DGA%PAI@%IE%F@DFDEAN%?G%CYA%@AEDOMC?DG3
;M@EMIGC% CD% CYA% I[D@AEI?N% ^DI@N% @AEDOMC?DG% @A<IFFD?GC?GK% 4@3% #Y?@?EY% $MO]I@G?% IE% CYA% )UABMC?JA% "?@ABCD@+%
CYA% HDLFIGP% F@DFDEAE% CD% AGCA@% ?GCD% IG% IK@AALAGC% W?CY% 4@3% #Y?@?EY% $MO]I@G?% W3A3[3% R.CY% 2MOP+% R1,=3% ZYA%
@A<IFFD?GCLAGC%D[%4@3%#Y?@?EY%$MO]I@G?%?E%IE%FA@%CYA%F@DJ?E?DGE%D[%#ABC?DGE%,S0+%,S.+%R1Q+%EBYANMOA%d%8%IGN%IOO%
DCYA@%IFFO?BIXOA%F@DJ?E?DGE%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%CYA%HDLFIG?AE%`6FFD?GCLAGC%IGN%5ALMGA@IC?DG%D[%
4IGIKA@?IO%;A@EDGGAOa%5MOAE+%R1,=%`?GBOMN?GK%IGP%ECICMCD@P%LDN?[?BIC?DGE%D@%@A<AGIBCLAGCE%CYA@AD[%[D@%CYA%C?LA%
XA?GK%?G%[D@BAa%IGN%DCYA@%IFFO?BIXOA%F@DJ?E?DGE+%?[%IGP+%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%?E%EMX\ABC%CD%CYA%IFF@DJIO%
D[%CYA%EYI@AYDONA@E%?G%CYA%6GGMIO%:AGA@IO%4AAC?GK3%&AGBA%CYA%@AEDOMC?DG%ECICAN%?G%7CAL%9D3%S%?E%FOIBAN%XA[D@A%
CYA%6GGMIO%:AGA@IO%4AAC?GK%[D@%?CE%IFF@DJIO3
ZYA%EIO?AGC%CA@LE%IGN%BDGN?C?DGE%D[%@A<IFFD?GCLAGC%IGN%@ALMGA@IC?DG%D[%4@3%#Y?@?EY%$MO]I@G?+%IE%EAC%DMC%?G%CYA%
EI?N%N@I[C%IK@AALAGC%A[[ABC?JA%[@DL%R.CY%2MOP+%R1,=%CD%R0CY%2MOP+%R1,>%I@A%IE%MGNA@j
,3% %4@3%#Y?@?EY%$MO]I@G?%W?OO%XA%ODD]?GK%I[CA@%CYA%DJA@IOO%WD@]?GK%D[%CYA%HDLFIGP%IGN%EMBY%INN?C?DGIO%NMC?AE%IE%
may be assigned by the Board from time to time.
R3% ;A@?DN%D[%6K@AALAGCj%'GA%PAI@%?3A3%R.CY%2MOP+%R1,=%CD%R0CY%2MOP+%R1,>3
Q3% %ZYA%@ALMGA@IC?DG%IGN%FA@eM?E?CAE%FIPIXOA%CD%4@3%#Y?@?EY%$MO]I@G?+%W?CY%A[[ABC%[@DL%R.CY%2MOP+%R1,=%I@A%IE%
under:
I. Salary
Basic Salary of `%,+=-+.->%
House Rent Allowance of `%==+0Q0/<
% H?CP%HDLFAGEICD@P%6OODWIGBA%D[%`%,R+QS=/<
Conveyance Allowance of ` ,+R11/<
Medical Allowance of `%R+>11/<%
Other Allowance of `%,=+-.S/<
15Annual Report 2013 - 2014
773% ;@DJ?NAGC%TMGNj%,Rn%D[%CYA%XIE?B%EIOI@P%FA@%LDGCY%EMX\ABC%CD%LIU?LML%IE%FA@%BDLFIGP%@MOAE3
% ZYA%EI?N%BDGC@?XMC?DG%IXDJA%?E%EMX\ABC%CD%IGP%BYIGKA%A[[ABCAN%?G%CYA%EBYALAE/%@MOAE%D[%CYA%@AEFABC?JA%[MGN3
7773% HI@j%;@DJ?E?DG%D[%CYA%HDLFIGP*E%BI@%W?CY%N@?JA@%[D@%D[[?B?IO%FM@FDEA%D[%CYA%)UABMC?JA%"?@ABCD@3
783% ZAOAFYDGAj%;@DJ?E?DG%D[%CAOAFYDGA%`OIGNO?GA%IGN%LDX?OAa%IGN%?GCA@GAC%BDGGABC?DG%IC%@AE?NAGBA3%
V. Perquisites will include -
% I3% OAIJA%C@IJAO%IOODWIGBA%IE%FA@%BDLFIGP%@MOAE%?G%[D@BA%[@DL%C?LA%CD%C?LA3%
% X3% FA@EDGIO%IBB?NAGC%?GEM@IGBA%MFCD%`%>+11+111/<3
VI. OTHER BENEFITS:-
Gratuity: ^AGA[?CE%?G%IBBD@NIGBA%W?CY%CYA%@MOAE%IGN%@AKMOIC?DGE%?G%[D@BA%?G%CYA%HDLFIGP%[@DL%C?LA%CD%C?LA%XMC%
EYIOO%GDC%AUBAAN%I%YIO[%LDGCY*E%EIOI@P%[D@%AIBY%BDLFOACAN%PAI@%D[%EA@J?BA3
Pension:%^AGA[?CE%?G%IBBD@NIGBA%W?CY%CYA%@MOAE%IGN%@AKMOIC?DGE%?G%[D@BA%?G%CYA%HDLFIGP%[@DL%C?LA%CD%C?LA3
Leave:%ZYA%)UABMC?JA%"?@ABCD@%EYIOO%XA%AGC?COAN%CD%YIJA%OAIJA%DG%[MOO%FIP%IGN%IOODWIGBA%IC%CYA%@ICA%D[%[?[CAAG%NIPE%
AI@GAN%OAIJA%IGN%E?U%NIPE%BIEMIO%[D@%AJA@P%CWAOJA%LDGCYE%D[%EA@J?BA3%&A%EYIOO%XA%FI?N%VAIJA%AGBIEYLAGC%?G%
IBBD@NIGBA%W?CY%CYA%@MOAE%IGN%@AKMOIC?DGE%?G%[D@BA%?G%CYA%HDLFIGP%[@DL%C?LA%CD%C?LA3
^AGA[?CE%MGNA@%ODIG%IGN%DCYA@%EBYALAE%?G%IBBD@NIGBA%W?CY%CYA%F@IBC?BAE+%@MOAE%IGN%@AKMOIC?DGE%?G%[D@BA%?G%CYA%
HDLFIGP+%[@DL%C?LA%CD%C?LA3
The above remuneration to be allowed to the Executive Director shall be subject to such limits for the remuneration
IE%OI?N%NDWG%XP%CYA%HDLFIG?AE%6BC+%R1,Q%D@%IGP%@A<AGIBCLAGC+%IOCA@IC?DG+%LDN?[?BIC?DG%CYA@AD[3%ZYA%HDLFIGP%
EYIOO%FIP%CD+%D@%@A?LXM@EA+%CYA%)UABMC?JA%"?@ABCD@%IGN%YA%EYIOO%XA%AGC?COAN%CD%XA%FI?N%IGN%D@/CD%XA%@A?LXM@EAN%XP%
CYA%HDLFIGP+%IOO%BDECE+%BYI@KAE%IGN%AUFAGEAE%CYIC%LIP%YIJA%XAAG%D@%LIP%XA%?GBM@@AN%XP%Y?L%[D@%CYA%FM@FDEA%
D[%D@%DG%XAYIO[%D[%CYA%HDLFIGP3
ZYA%IXDJA%@ALMGA@IC?DG%LIP%XA%FI?N%IE%L?G?LML%@ALMGA@IC?DG%CD%CYA%)UABMC?JA%"?@ABCD@%NM@?GK%CYA%CA@L%D[%Y?E%
@A<IFFD?GCLAGC%?G%BIEA%D[%?GINAeMIBP%D@%IXEAGBA%D[%F@D[?CE3
ZYA%IXDJA%@ALMGA@IC?DG%YIE%XAAG%BDGE?NA@AN%IGN%@ABDLLAGNAN%[D@%IFF@DJIO%XP%CYA%9DL?GIC?DG%_%5ALMGA@IC?DG%
HDLL?CCAA%?G%?CE%LAAC?GK%YAON%DG%R0CY%2MOP+%R1,=3
ZYA%N@I[C%IK@AALAGC%CD%XA%AGCA@AN%?GCD%XP%CYA%HDLFIGP%W?CY%4@3%#Y?@?EY%$MO]I@G?%?E%IJI?OIXOA%[D@%?GEFABC?DG%XP%CYA%
LALXA@E%IC%CYA%5AK?ECA@AN%'[[?BA%D[%CYA%HDLFIGP%XACWAAG%,,311%I3L3%CD%>311%F3L3%DG%IOO%WD@]?GK%NIPE%AUBAFC%
Sundays and Public Holidays, till the date of the ensuing Annual General Meeting.
ZYA%IXDJA%CA@LE%IGN%BDGN?C?DGE%EYIOO%XA%NAALAN%CD%XA%IG%IXEC@IBC%MGNA@%#ABC?DG%,S1%D[%CYA%HDLFIG?AE%6BC+%
R1,Q3%ZYA%@AEDOMC?DG%[D@%CYA%F@DFDEAN%@A<IFFD?GCLAGC%D[%CYA%)UABMC?JA%"?@ABCD@%?E%@ABDLLAGNAN%[D@%IFF@DJIO%
by the shareholders.
None of the directors other than Mr. Shirish Kulkarni himself; and Mr. D. S. Kulkarni and who is a relative of
Mr. Shirish Kulkarni are concerned or interested in the resolution.
Item No. 10 and 11
7G% IBBD@NIGBA% W?CY% CYA% F@DJ?E?DGE% D[% #ABC?DGE% RSQ% `,a% `Na% IGN% RSQ% `,a% `Ia% D[% CYA% HDLFIG?AE% 6BC+% ,S>0% CYA%
EYI@AYDONA@E%YIN+%?G%CYA%6GGMIO%:AGA@IO%4AAC?GK%YAON%DG%R.CY%#AFCALXA@+%R11-+%IMCYD@?EAN%CYA%HDLFIGP%CD%
XD@@DW%EMLE%?G%AUBAEE%D[%FI?N<MF%BIF?CIO%IGN%[@AA%@AEA@JAE%D[%CYA%HDLFIGP%EMX\ABC%CD%I%BA?O?GK%D[%`%R111%B@D@AE%
`DCYA@%CYIG%CALFD@I@P%XD@@DW?GKEa%IGN%LD@CKIKA%IGN/D@%YPFDCYABICA%BDLFIGP*E%F@DFA@C?AE%CYA@A[D@3
16 Annual Report 2013 - 2014
#ABC?DG%,-1%D[%CYA%HDLFIG?AE%6BC+%R1,Q%`GDC?[?AN%DG%,RCY%#AFCALXA@+%R1,Qa%LIGNICAE%CYIC%CYA%I[D@ALAGC?DGAN%
FDWA@E%D[%CYA%^DI@N%EYIOO%XA%AUA@B?EAN%DGOP%CY@DMKY%#FAB?IO%5AEDOMC?DG%FIEEAN%?G%CYA%LAAC?GK%D[%EYI@AYDONA@E%
IE% BDLFI@AN% CD% CYA% @AeM?@ALAGC% D[% D@N?GI@P% @AEDOMC?DG% MGNA@% CYA% F@DJ?E?DGE% D[% CYA% HDLFIG?AE% 6BC+% ,S>03%
HDGEAeMAGCOP+% CYA% ^DI@N% @ABDLLAGNE% CD% CYA% EYI@AYDONA@E% CD% FIEE% EFAB?IO% @AEDOMC?DG% MGNA@% #ABC?DG% ,-1`,a
`Ba%IGN%#ABC?DG%,-1`,a`Ia%D[%CYA%HDLFIG?AE%6BC+%R1,Q+%W?CYDMC%IOCA@?GK%CYA%XD@@DW?GK%O?L?CE%IO@AINP%IFF@DJAN%
XP%WIP%D[%KAGA@IO%@AEDOMC?DG%AI@O?A@3%6BBD@N?GKOP+%CYA%F@DFDEAN%@AEDOMC?DG%?E%FOIBAN%XA[D@A%CYA%EYI@AYDONA@E%[D@%
CYA?@%IFF@DJIO3%
9DGA% D[% CYA% "?@ABCD@E% IGN% $AP% 4IGIKA@?IO% ;A@EDGGAO% D[% CYA% HDLFIGP% IGN% CYA?@% @AOIC?JAE% ?E% BDGBA@GAN% D@%
interested, financial or otherwise, in this resolution.
Item No. 12
ZYA%^DI@N%D[%"?@ABCD@E%IC%CYA?@%LAAC?GK%YAON%DG%R.CY%2MOP+%R1,=+%YIJA%?G<F@?GB?FOA%IFF@DJAN%IGN%@ABDLLAGNAN%
CYA%?GJ?CIC?DG%IGN%IBBAFCIGBA%D[%T?UAN%"AFDE?CE%[@DL%CYA%LALXA@E%IGN%FMXO?B%FM@EMIGC%CD%#ABC?DGE%.Q%IGN%.0%D[%
CYA%HDLFIG?AE%6BC+%R1,Q%`f6BCca%IGN%HDLFIG?AE%`6BBAFCIGBA%D[%"AFDE?CEa%5MOAE+%R1,=%`f5MOAEca%IGN%IFFO?BIXOA%
F@DJ?E?DGE+%?[%IGP+%D@%IGP%DCYA@%OIW%[D@%CYA%C?LA%XA?GK%?G%[D@BA%`?GBOMN?GK%IGP%ECICMCD@P%LDN?[?BIC?DG%D@%ILAGNLAGC%
CYA@ACD%D@%@A<AGIBCLAGC%CYA@AD[a%IE%DGA%D[%CYA%LDNAE%CD%LAAC%CYA%DGKD?GK%[MGN%@AeM?@ALAGCE%D[%CYA%HDLFIGP3%
ZYA%T?UAN%"AFDE?C%F@DK@IL%WDMON%XA%B@AN?C%@ICAN%DG%IG%IGGMIO%XIE?E%IGN%CYA%HDLFIGP%LIP%F@DJ?NA%NAFDE?C%
?GEM@IGBA%BDJA@+%?[%@AeM?@AN%MGNA@%CYA%6BC%@AIN%W?CY%CYA%EI?N%5MOAE3%7C%?E%F@DFDEAN%CD%IMCYD@?EA%CYA%^DI@N%D@%I%
BDLL?CCAA%CYA@AD[%CD%GAKDC?ICA%IGN%[?GIO?EA%CYA%CA@LE%D[%T?UAN%"AFDE?C%#BYALA%IGN%CD%ND%EMBY%DCYA@%IBCE%IGN%
deeds as may be necessary or incidental thereto.
7G%BDLFO?IGBA%W?CY%CYA%F@DJ?E?DGE%D[%#ABC?DGE%.Q%IGN%.0%D[%CYA%6BC+%@AIN%CDKACYA@%W?CY%5MOA%R`Aa%D[%CYA%HDLFIG?AE%
`6BBAFCIGBA%D[%"AFDE?CEa%5MOAE+%R1,=+%IFF@DJIO%D[%CYA%4ALXA@E%XP%WIP%D[%EFAB?IO%@AEDOMC?DG%?E%XA?GK%EDMKYC3%
ZYA%[MGNE%CD%XA%XD@@DWAN%CY@DMKY%CYA%T?UAN%"AFDE?CE%F@DK@IL%WDMON%XA%W?CY?G%CYA%DJA@IOO%XD@@DW?GK%O?L?CE%D[%CYA%
HDLFIGP3%ZYA%̂ DI@N%BDLLAGNE%CYA%5AEDOMC?DG%EAC%DMC%IC%7CAL%9D3%,R%D[%CYA%9DC?BA%[D@%IFF@DJIO%XP%CYA%4ALXA@E3%
9DGA%D[%CYA%"?@ABCD@E%D@%$AP%4IGIKA@?IO%;A@EDGGAO%D[%CYA%HDLFIGP%D@%CYA?@%@AOIC?JAE%?E+%?G%IGP%WIP+%BDGBA@GAN%
D@% ?GCA@AECAN+% ?G% CYA%EI?N% @AEDOMC?DG+%AUBAFC% CD% CYA%AUCAGC%D[%IGP%T?UAN%"AFDE?CE% CYIC%LIP%XA%FOIBAN%W?CY% CYA%
HDLFIGP%XP%CYAL+%CYA?@%@AOIC?JAE%D@%XP%CYA%BDLFIG?AE/?GEC?CMC?DGE%?G%WY?BY%CYAP%I@A%N?@ABCD@E3
17Annual Report 2013 - 2014
)-#$.*&#%/!#$0&#*
Dear Member,
iDM@%"?@ABCD@E%YIJA%FOAIEM@A%?G%F@AEAGC?GK%CYA?@%RQ@N%6GGMIO%5AFD@C%D[%CYA%HDLFIGP%[D@%CYA%PAI@%AGNAN%Q,EC%
4I@BY+%R1,=3
FINANCIALS:
Particulars ` Lacs
2013-2014 2012-2013
Operating Income and Increase in stocks 23,255.07 23,433.34
Profit before tax R+>0>3=1 R+-=R3-R
VAEEj%;@DJ?E?DG%[D@%CIU/NA[A@@AN%CIU ,+R013-R SSS3S0
Profit after tax 1,304.58 1,842.86
Add: Balance of Profit Brought forward ,=+.=Q3S> ,Q+RR,3=1
;@D[?C%IJI?OIXOA%[D@%6FF@DF@?IC?DG ,0+1=-3>Q ,>+10=3R0
Prior Year Adjustments `QR31=a ,-3==
Proposed Dividend 258.01 258.01
Tax on Dividend =Q3-> =Q3->
Balance of Profit carried to Balance Sheet ,>+..-3.1 ,=+.=Q3S>
OPERATIONS:
The year under review witnessed a flattish total income which was `RQR3>>%H@D@AE%IE%BDLFI@AN%CD%`234.33
H@D@AE%[D@%F@AJ?DME%[?GIGB?IO%PAI@3%ZYA%F@D[?C%[D@%CYA%PAI@%WIE%`,Q31>%H@D@AE%IKI?GEC%`,-3=Q%H@D@AE%[D@%CYA%AI@O?A@%
year.
ZYDMKY%CYA%PAI@%WIE%eM?AC%IE%@AKI@NE%IGP%GAW%IBC?J?CP%?G%CYA%OIEC%eMI@CA@%D[%CYA%PAI@%CYA%HDLFIGP%OIMGBYAN%[DM@%
F@D\ABCE%?G%;MGA%DGA%IC%#?GYIKIN%5DIN+%CWD%IC%;?@IGKMC+%DGA%AIBY%IC%^IGA@%IGN%$DGNWI3%6C%CYA%OIMGBY%D[%CYAEA%
F@D\ABCE+%CYA%HDLFIGP%@ABA?JAN%EIC?E[IBCD@P%@AEFDGEA%[D@%CYA%?G?C?IO%XDD]?GKE3%ZYA%HDLFIGP%CYA@AI[CA@%OIMGBYAN%
?CE%![OIKEY?F*%F@D\ABC+%"#$%"@AIL%H?CP%WY?BY%?E%I%EFAB?IO%?GCAK@ICAN%CDWGEY?F%EF@AIN%IB@DEE%LD@A%CYIG%R11%IB@AE%
IC%;MGA<#DOIFM@%5DIN3
ZYA%[?GIGB?IO%PAI@%R1,Q<,=%WIE%IG%AJAGC[MO%PAI@%[D@%CYA%7GN?IG%5AIO%)ECICA%EABCD@%W?CY%CYA%?GC@DNMBC?DG%D[%5AIO%
)ECICA%5AKMOICD@P%^?OO%IGN%VIGN%6BeM?E?C?DG%^?OO%?G%CYA%FI@O?ILAGC3%'G%CYA%YDLA%XMPA@E*%E?NA+%CYA%PAI@%BIG%XA%
XAEC%NAEB@?XAN%IE%I%OIB]OMECA@%PAI@%W?CY%Y?KY%F@DFA@CP%F@?BAE%IGN%?GB@AIE?GK%YDLA%ODIG%?GCA@AEC%@ICAE%CYIC%]AFC%
CYA%XMPA@E%WI?C?GK%DG%CYA%E?NAO?GAE3%7G[OIC?DG%FOIPAN%I%X?K%FI@C%?G%5^7*E%ECIGBA%CD%?GB@AIEA%?GCA@AEC%@ICAE%IGN%]AAF%
liquidity in control. This led to increase in borrowing cost for the home buyers as well.
ZYDMKY%CYA%?LLAN?ICA%[MCM@A%ODD]E%YIgP+%CYA%HDLFIGP%?E%BDG[?NAGC%D[%?CE%F@DK@AEE%IGN%K@DWCY%?G%CYA%XME?GAEE%
DG%IBBDMGC%D[%MGLICBYAN%X@IGN%FMOO%IGN%OIMGBY?GK%D[%fGAJA@<EAAG<XA[D@Ac%CDWGEY?F%?G%CYA%DMCE]?@CE%D[%;MGA3
DIVIDEND:
iDM@%"?@ABCD@E%YIJA%FOAIEM@A%?G%@ABDLLAGN?GK%N?J?NAGN%D[%,1n%?3A3%`,%FA@%AeM?CP%EYI@A%DG%CYA%FI?N%MF%BIF?CIO%
D[%CYA%HDLFIGP3%ZYA%N?J?NAGN%FIPDMC%W?OO%XA%`%R+>-+1,+11-/<%IGN%DMCKD%DG%IBBDMGC%D[%N?J?NAGN%N?EC@?XMC?DG%CIU%
will be ` =Q+-=+--,/<3
18 Annual Report 2013 - 2014
PUBLIC ISSUE OF SECURED NON-CONVERTIBLE DEBENTURES:
iDM@%"?@ABCD@E%YIJA%FOAIEM@A%CD%?G[D@L%PDM%CYIC%CYA%^DI@N%D[%"?@ABCD@E%D[%CYA%HDLFIGP%YIJA%IFF@DJAN%CD%D[[A@+%
issue and allot (including re-issue to the extent redeemed) of non-convertible debt instruments in the form of
EABM@AN%GDG<BDGJA@C?XOA%NAXAGCM@AE%CD%CYA%FMXO?B+%?G%DGA%D@%LD@A%C@IGBYAE+%`fDebenturesca+%[@DL%C?LA%CD%C?LA+%
MFCD%I%LIU?LML%EML%D[%`%R>1%H@D@A%`5MFAAE%ZWD%&MGN@AN%IGN%T?[CP%H@D@AE%DGOPa3
SUBSIDIARIES AND CONSOLIDATION:
ZYA%HDLFIGP%YIE%?G%IOO%[DM@%EMXE?N?I@?AE3%ZWD%EMXE?N?I@?AE%I@A%DFA@IC?GK%?G%CYA%(#6o%DGA%D[%WY?BY%?E%I%WYDOOP%
DWGAN% EMXE?N?I@P% IGN% CYA% DCYA@% ?E% I% ECAF<NDWG% `IOED% WYDOOP<DWGANa% EMXE?N?I@P+% GILAOP% "#$% "AJAODFA@E%
HD@FD@IC?DG%IGN%"#$%bDDNE+%VVH%@AEFABC?JAOP3%^DCY%CYAEA%EMXE?N?I@?AE%I@A%?G%CYA%XME?GAEE%D[%BDGEC@MBC?DG%IGN%
NAJAODFLAGC3%ZYA%BDGEC@MBC?DG%IBC?J?CP%IC%CYA%F@D\ABC%E?CA%IC%;OI?GEXD@D+%9AW%2A@EAP%?E%?G%F@DK@AEE3%'MC%D[%CYA%,,%
E?GKOA%YDMEA%XMGKIODWE+%0%XMGKIODWE%YIJA%IO@AINP%XAAG%EDON%IGN%BDGEC@MBC?DG%D[%CYA%@AEC%>%?E%?G%F@DK@AEE3%ZYA%
b'#%?E%YIJ?GK%IGDCYA@%F?ABA%D[%OIGN%?G%9AW%2A@EAP%WYA@AIC%IGDCYA@%BDGEC@MBC?DG%?E%XA?GK%BDGE?NA@AN3
ZYDMKY%?G?C?IOOP%CYA%EODWNDWG%D[%CYA%(#6%@AIO%AECICA%LI@]AC%I[[ABCAN%CYA%FA@[D@LIGBA%D[%CYA%(#6%EMXE?N?I@?AE+%
CYA%HDLFIGP%AUFABCE%XACCA@%FA@[D@LIGBA%?G%[MCM@A%IE%(#%ABDGDLP%?E%EYDW?GK%E?KGE%D[%@ABDJA@P%IGN%IE%EMBY%
real estate market may be revived.
6GDCYA@%EMXE?N?I@P%BDLFIGP% ?E%"#$%#DMCYA@G%;@D\ABCE%;JC3%VCN3% `f"#$%#DMCYA@Gca%WY?BY+% ?G%IEEDB?IC?DG%W?CY%
4/E%4IGC@?%"WAOO?GKE%;JC3%VCN3+%I%#MEY?O%4IGC@?%:@DMF%BDLFIGP+%?E%NAJAODF?GK%I%F@AL?ML+%Y?KY<AGN%@AE?NAGC?IO%
F@D\ABC%D[%=R%ECD@?AN%IFI@CLAGCE%IC%^IGKIOD@A%GILAN%f4IGC@?%"#$%;?GGIBOAc3%'MC%D[%CYA%CDCIO%,QQ%MG?CE+%.=%MG?CE%
YIJA%XAAG%EDON%ED%[I@3%ZYA%F@DK@AEE%D[%CYA%F@D\ABC%?E%EIC?E[IBCD@P3
ZYA%[DM@CY%EMXE?N?I@P%?E%"#$%ZDWGEY?F%;@D\ABCE%;JC3%VCN3%"#$%ZDWGEY?F%?E%@ACI?GAN%IE%I%#;8%`#FAB?IO%;M@FDEA%
8AY?BOAa%[D@%[MCM@A%MEA3%"#$%ZDWGEY?F%?E%PAC%CD%BDLLAGBA%XME?GAEE3
ZY?E% 6GGMIO% 5AFD@C% BDGCI?GE% CYA% ECIGN% IODGA% [?GIGB?IO% ECICALAGCE% IGN% @AFD@CE% D[% "3#3% $MO]I@G?% "AJAODFA@E%
VCN3%IGN% CYA%BDGEDO?NICAN% [?GIGB?IO%ECICALAGCE3%ZYA%4?G?EC@P%D[%HD@FD@ICA%6[[I?@E+%:DJA@GLAGC%D[% 7GN?I%XP% ?CE%
B?@BMOI@% NICAN% -th% TAX@MI@P+% R1,,% YIE% K@IGCAN% KAGA@IO% AUALFC?DG% CD% IOO% CYA% BDLFIG?AE+% ND?GK% IWIP% W?CY% CYA%
@AeM?@ALAGC%D[%ICCIBY?GK%IGGMIO%IBBDMGCE%D[%EMXE?N?I@P%BDLFIG?AE%CD%CYIC%D[%CYA%YDON?GK%BDLFIGP+%LIGNICAN%XP%
CYA%F@DJ?E?DGE%D[%#ABC?DG%R,R%D[%CYA%HDLFIG?AE%6BC%,S>0+%EMX\ABC%CD%[MO[?OOLAGC%D[%BA@CI?G%BDGN?C?DGE+%WY?BY%I@A%
NMOP%[MO[?OOAN%XP%PDM@%HDLFIGP3%&DWAJA@+%?G%CA@LE%D[%CYA%@AeM?@ALAGCE%CD%IJI?O%KAGA@IO%AUALFC?DG+%I%ECICALAGC%
BDGCI?G?GK%X@?A[%[?GIGB?IO%NACI?OE%D[%CYA%EMXE?N?I@P%BDLFIG?AE%[D@%CYA%PAI@%AGNAN%Q,st%4I@BY+%R1,=%?E%?GBOMNAN%?G%
CYA%6GGMIO%5AFD@C3%ZYA%IGGMIO%IBBDMGCE%D[%CYA%EMXE?N?I@P%BDLFIG?AE%IGN%CYA%@AOICAN%NACI?OAN%?G[D@LIC?DG%W?OO%
XA%LINA%IJI?OIXOA%CD%CYA%?GJAECD@E%IGN%W?OO%XA%]AFC%[D@%?GEFABC?DG%IC%CYA%HDLFIGP*E%@AK?ECA@AN%D[[?BA%IGN%IOED%
IC%CYDEA%D[%CYA%EMXE?N?I@?AE%BDGBA@GAN3%ZYA%YDON?GK%BDLFIGP%EYIOO%[M@G?EY%I%YI@N%BDFP%D[%NACI?OE%D[%IBBDMGCE%D[%
subsidiaries to any shareholder on request.
INTEGRATED TOWNSHIP:
ZYA%HDLFIGP% ?E%NAE?@DME%D[%NAJAODF?GK%I%GDJAO%IGN%EDOA%D[% ?CE%]?GN% CDWGEY?F%f"#$%"@AIL%H?CPc%DG% ?CE% OIGN%
E?CMICAN%GAI@%4IG\I@?+%;MGA3%ZYA%CDWGEY?F%W?OO%AUY?X?C%I%#FD@CE%H?CP3
bY?OEC%AJA@PDGA%N@AILE%D[%O?J?GK%?G%IG%AGJ?@DGLAGC%CYIC%?E%BDGNMB?JA%GDC%DGOP%CD%BDL[D@CIXOA%XMC%I%BDLLMG?CP%
O?J?GK%WYA@A%AIBY%LALXA@%AG\DPE%CYA%HDLFIGP%D[%CYA%DCYA@%WY?OA%@AE?N?GK%?G%CYA%OIF%D[%4DCYA@%9ICM@A3%"#$%
"@AIL%H?CP%YIE%XAAG%BDGBA?JAN%IE%I%FICY<X@AI]?GK%GAW%ZDWGEY?F%;@D\ABC%D[[A@?GK%I%O?[AECPOA%CD%CYA%F@DEFABC?JA%
B?C?gAGE%GAJA@%AUFA@?AGBAN%XA[D@A+%IGPWYA@A3
ZYA%"#$%"@AIL%H?CP%W?OO%EIC?ICA%CYA%GAANE%D[%CYDEA%FI@AGCE%WYD%D[CAG%BDLFOI?G%CYIC%CYA@A%I@A%GD%FOIBAE%[D@%
CYA?@%WI@NE%CD%FOIP%IGN%AUFA@?AGBA%IG%DMCNDD@%O?[A3%7GNAAN%CYA%BDGB@ACA%\MGKOAE%B@AICAN%CD%EIC?E[P%CYA%IJI@?BA%
D[% XM?ONA@E% IGN% NAJAODFA@E% IOO% DJA@% CYA% HDMGC@P+% YIJA% J?@CMIOOP% OA[C% GD% FOIBA% [D@% IGP% eMIO?CP% D[% O?[A% d% ?GNDD@E%
D@%DMCNDD@E3%ZYA%OIB]%D[%eMIO?CP%@DINE+%MG@AEC@I?GAN%FDOOMC?DG+% C@I[[?B%EGI@OE+% OIB]%D@%LMCMIO?EIC?DG%D[%LDNAE%D[%
C@IGEFD@CIC?DG%YIJA%IOO%AGEM@AN%CYIC% CYA%K@DWCY%D[%DM@%GAUC%KAGA@IC?DGE% ?E%GDC% [@AA%D[%AGBMLX@IGBAE3% 7G%EMBY%
19Annual Report 2013 - 2014
I% CAGEA%IGN%MGYAIOCYP%AGJ?@DGLAGC+% EDLADGA%YIE% CD%XAI@% CYA% PDO]%IGN% CI]A% ?C% MFDG%DGA*E%DWG%EAO[% CD%YAOF%
ALIGB?FICA%CYA%EDB?ACP%D[%EMBY%?OOE3%"#$%"@AIL%H?CP%?E%DGA%EMBY%A[[D@C%CYIC%?E%KD?GK%CD%AGEM@A%I%JA@P%YAIOCYP%IGN%
conducive way of life to our future generations.
9DC%DGOP%CYIC%CYA@A%W?OO%XA%JA@P%WAOO%NAE?KGAN%NWAOO?GK%MG?CE%[D@%DJA@%=1+111%B?C?gAGE%W?CY%LDEC%LDNA@G%[AICM@AE%
D[%EI[ACP%IGN%EABM@?CP+%XMC%?C%EYIOO%YIJA%W?CY?G%?CE%F@AB?GBCE%IOO%FDEE?XOA%LDNAE%D[%C@IGEFD@CIC?DG%O?]A%WICA@WIPE%
D[%F@?EC?GA%XOMA%WICA@+%C@ILE+%AOABC@DG?B%X?BPBOAE+%XICCA@P%DFA@ICAN%XMEAE%IGN%BI@E%IGN%AJAG%\DKK?GK%C@IB]E%W?CY%
lively music and diffused lighting with Six lane tree lined roads.
ZYA%"@AIL%H?CP%YIE%XAAG%FOIGGAN%XP%IG%6@BY?CABC%[@DL%[D@A?KG%EYD@AE%IODGK%W?CY%GAI@OP%I%NDgAG%BDGEMOCIGCE%
[@DL% IX@DIN% IGN% IGDCYA@% CWD% NDgAG% [@DL% W?CY?G% DM@% HDMGC@P3%ZYA@A% W?OO% XA% [DM@% AUBOME?JA% gDGAE% GILAOP% d%
]GDWOANKA+% OA?EM@A+% BMOCM@A% IGN% WAOO<XA?GK% gDGAE3% 6% EMFA@<EFAB?IOCP% YDEF?CIO+% BDGJAGC?DG% BAGC@A+% CDWG% YIOO% _%
YMKA%O?X@I@P+%FDO?BA%IGN%FDECIO%EAC%MFE%W?OO%BDLFOACA%CYA%XIE?B%GAANE%D[%FADFOA3
ZYA@A%W?OO%XA%G?GA%EFD@CE%IBINAL?AE%W?CY%AGNAIJDM@%D[%WD@ON%[ILDME%GILAE%IEEDB?ICAN%W?CY%CYAL%W?CY%CY?@CP%E?U%
EFD@CE3%ZYA@A%W?OO%XA%CYALA%KI@NAGE+%LAN?B?GIO%_%YA@XIO%KI@NAGE%IGN%CIOO%C@DF?BIO%C@AAE3
6E%?[%CYIC%WIE%GDC%AGDMKY+%CYA%"#$%"@AIL%H?CP%W?OO%D[[A@%?CE%FADFOA%I%EYDFFA@*E%NAO?KYC%W?CY%Y?KY%EC@AAC%LI@]ACE+%
I%JA@P%OI@KA%LIOO%IGN%AJAG%I%EC@AAC%XIgI@3
VDBIC?DG%BOAI@IGBA%YIE%XAAG%@ABA?JAN%IGN%CYA%CDWGEY?F%YIE%XAAG%GDC?[?AN3%ZYA%HDLFIGP%YIE%IOED%DXCI?GAN%CYA%
AGJ?@DGLAGCIO%BOAI@IGBA%IGN%CYA%@AeM?E?CA%IMCYD@?C?AE%YIJA%EIGBC?DGAN%CYA%OIGN%MEA%FOIG%IGN%;YIEA%7%^M?ON?GK%;OIG3
PROJECTS UNDER DEVELOPMENT:
TDOODW?GK%E?CAE%I@A%IC%N?[[A@AGC%ECIKAE%D[%FOIGG?GK+%NAJAODFLAGC%IGN/D@%BDGEC@MBC?DG%IE%DG%CYA%NICA%D[%CY?E%5AFD@Cj
No. Name of the Project and Location Permissible Built-up
Area (Sq. Ft.)
,3 "#$%8?EYWI%d%6GIGNKYIG+%$?@]?CWIN?+%;MGA% ,1+=>+=0R
2. "#$%8?EYWI%d%4AKYLIOYI@%`;YIEA%77a+%"YIPI@?+%$?@]ICWIN?+%;MGA =+--+>,R
3. "#$%8?EYWI%d%4AKYLIOYI@%`5DW%&DMEAa+%$?@]?CWIN?+%;MGA =R+.,=
4. DSK Gandhakosh, Baner, Pune R+-0+,,1
>3 DSK Nandanvan, Pirangut, Pune R+1>+1-R
03 DSK Mayurban, Pirangut, Pune 3,34,332
.3 DSK Kasturi [Plot A], Bavdhan, Pune ,1+0SQ
-3 DSK Kasturi [Plot B], Bavdhan, Pune Q1+R1-
9. DSK Madhukosh, Andheri (E), Mumbai R+>-+,==
,13 DSK Gold Leaf, Baner Road, Pune 44,934
,,3 "#$%:I@NAG%)GBOIJA%pb?GK%&q+%$DGNYWI+%;MGA >>+-0-
,R3 "#$%"@AIL%H?CP%d%;YIEA%7%`bICA@[IOO%5AE?NAGBAa+%;MGA<#YDOIFM@%5DIN+%;MGA RR+0Q+R=-
,Q3 "#$%bDDNE+%9AW%2A@EAP%`(#6a Q0+>=R
Total 51,01,849
DIRECTORS:
ZYA% HDLFIGP% BDGE?ECE% D[% CDCIO% 0% N?@ABCD@E% DMC% D[% WY?BY% [DM@% N?@ABCD@E% I@A% 7GNAFAGNAGC% IGN% 9DG<)UABMC?JA%
"?@ABCD@E% IGN% CYA% @AEC% CWD% I@A% )UABMC?JA% "?@ABCD@E3% ^P% J?@CMA% D[% #ABC?DG% ,=S% D[% CYA% HDLFIG?AE% 6BC+% R1,Q%
IGN% @MOAE% LINA% CYA@A% MGNA@% CYA% 7GNAFAGNAGC% "?@ABCD@E% I@A% GDC% O?IXOA% CD% @AC?@ALAGC% XP% @DCIC?DG3% ZYA@A[D@A%
4@3%"3#3%$MO]I@G?%WYD%WIE%AI@O?A@%IFFD?GCAN%XP%CYA%LALXA@E%IE%I%GDG<@AC?@?GK%"?@ABCD@+%GDW%@AC?@AE%XP%@DCIC?DG%IC%
CY?E%6GGMIO%:AGA@IO%4AAC?GK%IGN%?E%AO?K?XOA%[D@%@A<IFFD?GCLAGC3
20 Annual Report 2013 - 2014
4@3%#Y?@?EY%$MO]I@G?+%)UABMC?JA%"?@ABCD@%D[%CYA%HDLFIGP%WIE%@A<IFFD?GCAN%XP%CYA%^DI@N%?G%CYA%EILA%BIFIB?CP%
[D@%I%CA@L%D[%DGA%LD@A%PAI@%W3A3[3%R.CY%2MOP+%R1,=3%4ALXA@*E%IFF@DJIO%?E%XA?GK%EDMKYC%[D@%CYA%@A<IFFD?GCLAGC3
4@3%83%H3% 2DEY?+%4@3%$3%$3%ZIFI@?I+%"@3%43%$3%;3%#ACCP% IGN%4@3%53%"3%$YI@DEA]I@% YIJA% [M@G?EYAN%NABOI@IC?DG%D[%
?GNAFAGNAGBP%MGNA@%EMX<EABC?DG%0%D[%#ABC?DG%,=S%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%IBBD@N?GKOP%CYAEA%"?@ABCD@E%
I@A%XA?GK%IFFD?GCAN%IE%7GNAFAGNAGC%"?@ABCD@E%CD%YDON%D[[?BA%IE%FA@%CYA?@%CAGM@A%D[%IFFD?GCLAGC%LAGC?DGAN%?G%CYA%
9DC?BA%D[%CYA%[D@CYBDL?GK%6GGMIO%:AGA@IO%4AAC?GK%D[%CYA%HDLFIGP3
FIXED DEPOSITS:
T?UAN%NAFDE?CE%IBBAFCAN%[@DL%CYA%FMXO?B+%EYI@AYDONA@E%IGN%ALFODPAAE%IE%DG%Q,EC%4I@BY+%R1,=%ECDDN%IC%̀ %,.,3==%
crores as against `%,>>30R%B@D@AE%IC%CYA%AGN%D[%CYA%F@AJ?DME%PAI@3%"M@?GK%CYA%PAI@%MGNA@%@AFD@C+%CYA%HDLFIGP%
collected `%003.R%B@D@AE%IGN%@AFI?N%`%>13-S%B@D@AE%IE%NAFDE?CE%IE%IKI?GEC%`%,S30>%B@D@AE%BDOOABCAN%IGN%`%R13QQ%
B@D@AE%@AFI?N%?G%CYA%F@AJ?DME%PAI@3%9DGA%D[%CYA%[?UAN%NAFDE?CE%WY?BY%YIJA%LICM@AN%YIJA%@ALI?GAN%MGFI?N3
ZYA@A%WA@A%GD%DJA@%NMAE%DG%IBBDMGC%D[%F@?GB?FIO%D@%?GCA@AEC%DG%FMXO?B%NAFDE?CE%DCYA@%CYIG%CYA%MGBOI?LAN%NAFDE?CE%
IE%IC%CYA%PAI@%AGN3%ZYA%HDLFIGP%F@DFDEAE%CD%?GJ?CA%IGN%IBBAFC%T?UAN%"AFDE?CE%[@DL%CYA%EYI@AYDONA@E%IGN%CYA%
FMXO?B% ?G%IBBD@NIGBA%W?CY%#ABC?DGE%.Q% CD%.0%D[% CYA%HDLFIG?AE%6BC+%R1,Q%@AIN%W?CY%HDLFIG?AE%`6BBAFCIGBA%
D[%"AFDE?CEa%5MOAE+%R1,=3%6CCAGC?DG%D[%CYA%4ALXA@E%?E%?GJ?CAN%CD%CYA%@AOAJIGC%?CAL%?G%CYA%9DC?BA%D[%CYA%6GGMIO%
:AGA@IO%4AAC?GK%IGN%CYA%)UFOIGICD@P%#CICALAGC%CYA@ACD3
LISTING:
ZYA%AeM?CP% EYI@AE%D[% CYA%HDLFIGP%I@A% O?ECAN%DG%^DLXIP%#CDB]%)UBYIGKA% `^#)a+%9IC?DGIO%#CDB]%)UBYIGKA%
`9#)a3%ZYA@A%I@A%GD%I@@AI@E%DG%IBBDMGC%D[%FIPLAGC%D[%O?EC?GK%[AAE%CD%CYA%#CDB]%)UBYIGKAE3
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
AND OUTGO:
#?GBA% CYA% HDLFIGP*E% XME?GAEE% BDGE?ECE% D[% @AIO% AECICA% NAJAODFLAGC+% CYA% HDLFIGP% NDAE% GDC% ALFODP% YAIJP%
AeM?FLAGC% IGN% LIBY?GA@P3% &AGBA% BDGEMLFC?DG% D[% AOABC@?B?CP% ?E% GAKO?K?XOA3%ZYA% HDLFIGP% NDAE% GDC% BDGEMLA%
fuel oil. Hence details of conservation of energy and use of alternative sources of energy cannot be stated. The
HDLFIGP%YIE%GDC%IBeM?@AN%IGP%CABYGDODKP3%&AGBA%CYA%eMAEC?DG%D[%CABYGDODKP%IXED@FC?DG%NDAE%GDC%I@?EA3
"M@?GK%CYA%PAI@%MGNA@%@AJ?AW%HDLFIGP%AI@GAN%TD@A?KG%)UBYIGKA%D[%` RQ13-> `F@AJ?DME%PAI@%`%,S,3-Q%VIBEa3%
The total Foreign Exchange outgo was ` .1S3R1%VIBE `F@AJ?DME%PAI@%`%-R3-Q Lacs).
PARTICULARS REGARDING EMPLOYEES:
ZYA%[DOODW?GK%I@A%CYA%FI@C?BMOI@E%D[%ALFODPAAE%CYIC%I@A%@AeM?@AN%CD%XA%K?JAG%M/E%R,.`R6a%D[%CYA%HDLFIG?AE%6BC+%
,S>03
Name Age Educational
qualification
Designation Date of
joining
Previous
employment
Gross
remuneration
` in lacs
Net
remuneration
` in lacs
Percentage
Shareholding
D. S. Kulkarni 0= B. Com. Chairman &
Managing Director
R1/1S/S, None R..3RQ ,-Q3SQ R13S0n
AUDITORS:
4/E3%:D]YIOA+%ZIG]EIOA%_%:YICFIGNA+%HYI@CA@AN%6BBDMGCIGCE+%̀ 5AK?EC@IC?DG%9D3%,1QR..ba+%WYD%I@A%CYA%#CICMCD@P%
6MN?CD@E%D[%CYA%HDLFIGP+%YDON%D[[?BA%MGC?O%CYA%BDGBOME?DG%D[%CYA%AGEM?GK%6GGMIO%:AGA@IO%4AAC?GK3%7C%?E%F@DFDEAN%
CD%@A<IFFD?GC%CYAL%CD%AUIL?GA%IGN%IMN?C%CYA%IBBDMGCE%D[%CYA%HDLFIGP%[D@%DGA%PAI@%IGN%CD%YDON%D[[?BA%[@DL%CYA%
conclusion of this Annual General Meeting till the conclusion of the twenty fourth Annual General Meeting of the
HDLFIGP%CD%XA%YAON%?G%CYA%PAI@%R1,>3%ZYA%IFFD?GCLAGC%D[%CYA%#CICMCD@P%6MN?CD@%WIE%@ABDLLAGNAN%XP%CYA%6MN?C%
HDLL?CCAA%IC%?CE%LAAC?GK%YAON%DG%RSCY%4IP+%R1,=3%4/E3%:D]YIOA+%ZIG]EIOA%_%:YICFIGNA%YIJA+%MGNA@%#ABC?DG%
21Annual Report 2013 - 2014
,QS`,a%D[%CYA%HDLFIG?AE%6BC+%R1,Q%IGN%CYA%5MOAE%[@ILAN%CYA@AMGNA@%[M@G?EYAN%I%BA@C?[?BICA%D[%CYA?@%AO?K?X?O?CP%IGN%
BDGEAGC%[D@%@A<IFFD?GCLAGC3%5IC?[?BIC?DG%D[%CYA%IFFD?GCLAGC%D[%CYA%6MN?CD@E%?E%EDMKYC%YA@AW?CY3
AUDIT COMMITTEE:
;M@EMIGC% CD% CYA% F@DJ?E?DGE% D[% #ABC?DG% ,..% D[% CYA% HDLFIG?AE% 6BC+% R1,Q% IGN% HOIMEA% =S% 77% `6a% D[% CYA% V?EC?GK%
6K@AALAGC+%IG%6MN?C%HDLL?CCAA%BDLF@?EAE%CYA%[DOODW?GK%"?@ABCD@Ej
,3% 4@3%83%H3%2DEY?+%HYI?@LIG
2. Dr. M. K. P. Setty, Member
Q3% 4@3%$3%$3%ZIFI@?I+%4ALXA@
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS:
;M@EMIGC% CD%HOIMEA%=S%D[% CYA%V?EC?GK%6K@AALAGC+% CYA% @AFD@C%DG%HD@FD@ICA%:DJA@GIGBA%IGN% CYA%ECICALAGC%D[%
4IGIKALAGC%"?EBMEE?DG%IGN%6GIOPE?E%I@A%IGGAUAN%CD%IGN%[D@LE%FI@C%D[%CY?E%6GGMIO%5AFD@C3
)-#$.*&#%/!#$%0&1%-2-'-*3!%*,*$4$1*5
6E% @AeM?@AN%XP%#ABC?DG%R,.% `R66a%D[% CYA%HDLFIG?AE%6BC+%,S>0+%W?CY% @AEFABC% CD% CYA%"?@ABCD@E*%5AEFDGE?X?O?CP%
Statement, it is hereby confirmed:
`?a% %CYIC%?G%CYA%F@AFI@IC?DG%D[%CYA%IGGMIO%IBBDMGCE%[D@%CYA%[?GIGB?IO%PAI@%AGNAN%Q,st%4I@BY+%R1,=+%CYA%IFFO?BIXOA%
IBBDMGC?GK%ECIGNI@NE%YIJA%XAAG%[DOODWAN%IODGK%W?CY%F@DFA@%AUFOIGIC?DG%@AOIC?GK%CD%LICA@?IO%NAFI@CM@AE+
`??a% %CYIC% CYA% "?@ABCD@E% YIJA% EAOABCAN% EMBY% IBBDMGC?GK% FDO?B?AE% IGN% IFFO?AN% CYAL% BDGE?ECAGCOP% IGN% LINA%
\MNKLAGCE%IGN%AEC?LICAE%CYIC%I@A%@AIEDGIXOA%IGN%F@MNAGC%ED%IE%CD%K?JA%I%C@MA%IGN%[I?@%J?AW%D[%CYA%ECICA%
D[%I[[I?@E%D[%CYA%HDLFIGP%IC%CYA%AGN%D[%CYA%[?GIGB?IO%PAI@%IGN%D[%CYA%F@D[?C%D[%CYA%HDLFIGP%[D@%CYIC%FA@?DN+
`???a% %CYIC% CYA%"?@ABCD@E%YIJA% CI]AG%F@DFA@%IGN% EM[[?B?AGC% BI@A% [D@% CYA%LI?GCAGIGBA%D[% INAeMICA%IBBDMGC?GK%
@ABD@NE%?G%IBBD@NIGBA%W?CY%CYA%F@DJ?E?DGE%D[%CYA%HDLFIG?AE%6BC+%,S>0%[D@%EI[AKMI@N?GK%CYA%IEEACE%D[%CYA%
HDLFIGP%IGN%[D@%F@AJAGC?GK%IGN%NACABC?GK%[@IMN%IGN%DCYA@%?@@AKMOI@?C?AE+
`?Ja% CYIC%CYA%"?@ABCD@E%YIJA%F@AFI@AN%CYA%IGGMIO%IBBDMGCE%[D@%CYA%PAI@%MGNA@%@AJ?AW%DG%I%KD?GK%BDGBA@G%XIE?E3
ACKNOWLEDGEMENT:
iDM@% "?@ABCD@E% I@A% CYIG][MO% CD% CYA% HAGC@IO% IGN% #CICA% :DJA@GLAGCE+% :DJA@GLAGC% NAFI@CLAGCE+% :DJA@GLAGC%
IKAGB?AE+%4MG?B?FIO%HD@FD@IC?DGE%IGN%VDBIO%^DN?AE% [D@% CYA?@%KM?NIGBA%IGN%BD<DFA@IC?DG3%ZYA%"?@ABCD@E%FOIBA%
DG% @ABD@N% CYA?@% K@IC?CMNA% CD% CYA% [?GIGB?IO% ?GEC?CMC?DGE% IGN% XIG]E+% YDME?GK% IGN% LD@CKIKA% [?GIGBA% BDLFIG?AE+%
BMECDLA@E+%EMFFO?A@E+%BDGC@IBCD@E+%I@BY?CABCE+%OIXDM@A@E%IGN%EYI@AYDONA@E%IGN%NAFDE?C%YDONA@E%[D@%CYA%BDG[?NAGBA%
EYDWG% ?G% CYA% HDLFIGP% IGN% BD<DFA@IC?DG% K?JAG% CD% CYA% ^DI@N% ?G% LIGIK?GK% CYA% I[[I?@E% D[% CYA% HDLFIGP3%iDM@%
"?@ABCD@E%I@A%IFF@AB?IC?JA%D[%FA@[D@LIGBA%D[% CYA%ALFODPAAE%IC%IOO% OAJAO% ?G% [M@CYA@IGBA%D[% CYA%XME?GAEE%D[% CYA%
HDLFIGP3
For and on behalf of the Board of Directors of
For D. S. KULKARNI DEVELOPERS LTD.
Place: Pune D. S. KULKARNI
Date: 29th%4IP%R1,=% H&675469%_%4696:79:%"75)HZ'5
22 Annual Report 2013 - 2014
REPORT ON CORPORATE GOVERNANCE
1. PHILOSOPHY ON CORPORATE GOVERNANCE:
% ZYA%HD@FD@ICA%:DJA@GIGBA%FDO?BP%D[%CYA%HDLFIGP%BDGCALFOICAE%BDLFO?IGBA%W?CY%ECICMCAE+%C@IGEFI@AGBP%
?G%NAIO?GKE+% E?LFO?[?BIC?DG%D[%F@DBAEEAE%IGN%INYA@AGBA% CD%BMECDLA@E+%WY?BY%W?OO% YAOF% CYA%HDLFIGP% CD%
IBY?AJA%?CE%XME?GAEE%DX\ABC?JAE%WY?OA%LI?GCI?G?GK%XME?GAEE%ACY?BE%IGN%F@D[AEE?DGIO%ECIGNI@NE3%7G%FM@EM?C%
D[% XME?GAEE% AUBAOOAGBA+% CYA% I[[I?@E% D[% CYA% HDLFIGP% I@A% INL?G?ECA@AN+% N?@ABCAN% IGN% BDGC@DOOAN% ?G% I%
LIGGA@%WY?BY%YAOFE%CD%AGYIGBA%EYI@AYDONA@E*%IGN%DCYA@%ECI]AYDONA@E*%JIOMA%XP%INIFC?GK%XACCA@%XME?GAEE%
F@IBC?BAE+%DX\ABC?J?CP+%IBBDMGCIX?O?CP%IGN%?GCAK@?CP3%)GJ?@DGLAGCIO%IEFABCE%I@A%K?JAG%NMA%?LFD@CIGBA%?G%CYA%
BDGNMBC%D[%CYA%HDLFIGP*E%XME?GAEE3
2. BOARD OF DIRECTORS:
% ZYA%^DI@N%D[%"?@ABCD@E%D[%CYA%HDLFIGP%BDGE?ECE%D[%E?U%N?@ABCD@E%D[%WY?BY%[DM@%I@A%?GNAFAGNAGC%N?@ABCD@E%
and the rest two are whole-time directors individually titled as Chairman and Managing Director and
)UABMC?JA%"?@ABCD@%@AEFABC?JAOP3%ZYA%FA@BAGCIKA%D[%?GNAFAGNAGC%N?@ABCD@E%?E%0030.n%D[%CYA%CDCIO%EC@AGKCY%
of the Board. The constitution of the Board and other relevant information are given below:
Director Director
Identification
No. (DIN)
Wholetime /
Independent
Number of outside
directorships
held (ii)
Committee
positions
held in other
companies (v)
Mr. D. S. Kulkarni 11QS=1R. Chairman &
Managing Director
,1 -
Mr. V. C. Joshi 11>=S.Q> 7GNAFAGNAGC%"?@ABCD@ - -
Dr. M. K. P. Setty 11,>,Q>1 7GNAFAGNAGC%"?@ABCD@ 2 ,
4@3%$3%$3%ZIFI@?I 1,-RS-RS 7GNAFAGNAGC%"?@ABCD@ 2 ,%
Mr. R. D. Kharosekar 1Q1.>S,> 7GNAFAGNAGC%"?@ABCD@ - -
Mr. Shirish Kulkarni 1,->1R-. Executive Director 0 -
% `?a% ZYA%HDLFIGP%NDAE%GDC%YIJA%IGP%GDL?GAA%N?@ABCD@%IFFD?GCAN%XP%IGP%?GEC?CMC?DG3
% `??a% 'MCE?NA%N?@ABCD@EY?FE%D[%DCYA@%N?@ABCD@E%`AUBOMN?GK%4@3%"3%#3%$MO]I@G?%IGN%4@3%#Y?@?EY%$MO]I@G?a%ND%GDC%
?GBOMNA%IOCA@GICA%N?@ABCD@EY?FE+%N?@ABCD@EY?FE%YAON%?G%F@?JICA%BDLFIG?AE%IGN%GDG<F@D[?C%BDLFIG?AE%IE%
IOED%N?@ABCD@EY?F%D[%BDLFIG?AE%?GBD@FD@ICAN%DMCE?NA%7GN?I3
% `???a% 4@3%"3%#3%$MO]I@G?%YDONE%N?@ABCD@EY?FE%?G%CY@AA%(#%?GBD@FD@ICAN%AGC?C?AE3%ZWD%D[%CYA%BDLFIG?AE%I@A%
@AOICAN%CD%CYA%HDLFIGP%IE%?CE%WYDOOP%DWGAN%EMXE?N?I@P%IGN%I%WYDOOP%DWGAN%ECAF<NDWG%EMXE?N?I@P%
@AEFABC?JAOP3
% `?Ja% "M@?GK% CYA% PAI@% MGNA@% @AJ?AW+% CYA% HDLFIGP% N?N% GDC% AGCA@% ?GCD% IGP% XME?GAEE% C@IGEIBC?DG% W?CY%
?GNAFAGNAGC%N?@ABCD@E3
% `Ja% TD@% CYA%FM@FDEA%D[% @AB]DG?GK% CYA% O?L?C%D[%BDLL?CCAA%LALXA@EY?FE%MGNA@%HOIMEA%=S`7a`Ha`??a%D[% CYA%
V?EC?GK% 6K@AALAGC+% BYI?@LIGEY?F/LALXA@EY?F% D[% CYA% 6MN?C% HDLL?CCAAE% IGN% CYA% #YI@AYDONA@%
Grievance Committees only have been considered.
(vi) The Board has laid down a Code of Conduct for all the Board Members and senior management
ECI[[% D[% CYA% HDLFIGP3% 6% NABOI@IC?DG% @AKI@N?GK% INYA@AGBA% CD% CYA% HDNA% D[% HDGNMBC% ?E% K?JAG%
EAFI@ICAOP3%6%BDFP%D[%CYA%HDNA%D[%HDGNMBC%?E%LINA%IJI?OIXOA%DG%CYA%WAXE?CA%D[%CYA%HDLFIGP3
3. AUDIT COMMITTEE:
% Ia% 6%eMIO?[?AN%IGN%7GNAFAGNAGC%6MN?C%HDLL?CCAA%D[%CYA%^DI@N%YIE%XAAG%BDGEC?CMCAN%?G%O?GA%W?CY%CYA%
F@DJ?E?DGE%D[%HOIMEA%=S%77%`6a%D[%CYA%V?EC?GK%6K@AALAGC%W?CY%CYA%#CDB]%)UBYIGKAE%@AIN%W?CY%#ABC?DG%
,..%D[%CYA%HDLFIG?AE%6BC+%R1,Q3
23Annual Report 2013 - 2014
b) The Audit ComL?CCAA%BDGC?GMAN%CD%YIJA%CY@AA%N?@ABCD@E%IE%LALXA@E%CY@DMKYDMC%CYA%Ti%R1,Q<,=3%6OO%CYAEA%LALXA@E%?GBOMN?GK%HYI?@LIG%D[%CYA%HDLL?CCAA%I@A%?GNAFAGNAGC%N?@ABCD@E3%6OO%LALXA@E%D[%CYA%IMN?C%BDLL?CCAA%I@A%[?GIGB?IOOP%O?CA@ICA%IGN%YIJA%IBBDMGC?GK%IGN%@AOICAN%[?GIGB?IO%LIGIKALAGC%AUFA@C?EA3
% Ba% ZYA%HYI?@LIG%D[% CYA%6MN?C%HDLL?CCAA%WIE%F@AEAGC% IC% CYA% OIEC%6GGMIO%:AGA@IO%4AAC?GK%D[% CYA%HDLFIGP%YAON%DG%R.th%#AFCALXA@+%R1,Q3
% Na% ZYA%6MN?C%HDLL?CCAA%LAAC?GKE%I@A%MEMIOOP%ICCAGNAN+%IFI@C% [@DL% ?CE%LALXA@E+%XP% ?GJ?CAAE%EMBY%as, Finance Head, Statutory Auditors, Internal Auditors, Secretarial Consultant, etc. The Audit HDLL?CCAA% ?GJ?CAE% EMBY% D[% CYA% AUABMC?JAE% D[% CYA% HDLFIGP% IE% I@A% NAE?@AN% IGN% WYAGAJA@% ?C%BDGE?NA@E%GABAEEI@P+%CD%XA%F@AEAGC%IC%CYA%LAAC?GK%D[%CYA%HDLL?CCAA3%ZYA%HDLFIGP%#AB@ACI@P%IBCE%as a Secretary to the Audit Committee.
% Aa% ZYA% BDLFDE?C?DG% D[% CYA% 6MN?C% HDLL?CCAA% IGN% CYA% ICCAGNIGBA% D[% AIBY% LALXA@% D[% CYA% 6MN?C%Committee are given below:
Name DesignationWholetime /
IndependentProfession
Committee
Meetings
Held Attended
Mr. V. C. Joshi Chairman 7GNAFAGNAGC%"?@ABCD@% Management Consultant 4 4
Dr. M. K. P. Setty Member 7GNAFAGNAGC%"?@ABCD@% Business 4 4
4@3%$3%$3%ZIFI@?I Member 7GNAFAGNAGC%"?@ABCD@% Management Consultant 4 3
% [a% TDM@%6MN?C%HDLL?CCAA%LAAC?GKE%WA@A%YAON%NM@?GK%CYA%PAI@+%CYA%NICAE%D[%WY?BY%I@Aj%R1th%4IP+%R1,Q+%,Qth%6MKMEC+%R1,Q+%R0th%'BCDXA@+%R1,Q%IGN%Q1th%2IGMI@P+%R1,=3%ZYA%C?LA%KIF%XACWAAG%CWD%LAAC?GKE%N?N%GDC%AUBAAN%[DM@%LDGCYE3%ZYA@A%WIE%I%F@DFA@%eMD@ML%D[%?GNAFAGNAGC%N?@ABCD@E%F@AEAGC%IC%IOO%CYA%Audit Committee meetings.
The existing terms of reference of the Audit Committee include:
" " !" 'JA@J?AW%D[%CYA%HDLFIGP*E%[?GIGB?IO%@AFD@C?GK%F@DBAEE%IGN%CYA%N?EBODEM@A%D[% ?CE%[?GIGB?IO%information to ensure that the financial statements are correct, sufficient and credible;
" " !" 5ABDLLAGN?GK% CD% CYA% ^DI@N% CYA% IFFD?GCLAGC+% @A<IFFD?GCLAGC% IGN% ?[% @AeM?@AN+% CYA%@AFOIBALAGC%D@%@ALDJIO%D[%CYA%ECICMCD@P%IMN?CD@E%IGN%CYA%IFF@DJIO%IGN%[?UIC?DG%D[%IMN?C%[AAEo
" " !" Reviewing with the management, the quarterly and annual financial statements before EMXL?EE?DG%D[%CYA%EILA%CD%CYA%^DI@N%[D@%IFF@DJIOo
" " !" 5AJ?AW?GK% W?CY% CYA% LIGIKALAGC+% FA@[D@LIGBA% D[% ECICMCD@P% IGN% ?GCA@GIO% IMN?CD@E% IGN%adequacy of the internal control systems and internal audit function;
" " !" "?EBMEE?DG%W?CY%?GCA@GIO%IMN?CD@E%IGP%E?KG?[?BIGC%[?GN?GKE%IGN%[DOODW%MF%CYA@ADGo
" " !" Reviewing the findings of any internal investigations by the internal auditor;
" " !" "?EBMEE?DG%IXDMC%CYA%GICM@A%IGN%EBDFA%W?CY%?GCA@GIO%IMN?CD@E%XA[D@A%CYA%BDLLAGBALAGC%D[%IMN?Co
" " !" 5AJ?AW?GK%N@I[C%[?GIGB?IO%ECICALAGCE%IGN%"?@ABCD@E*%@AFD@C%`XA[D@A%EMXL?EE?DG%CD%CYA%^DI@Nao
" " !" 5ABDLLAGN?GK%IBBDMGC?GK%FDO?B?AE%IGN%F@IBC?BAEo
" " !" 5AJ?AW?GK%@AOICAN%FI@CP%C@IGEIBC?DGEo
" " !" )GEM@?GK%BDLFO?IGBA%W?CY%6BBDMGC?GK%#CIGNI@NEo
" " !" 5AJ?AW% IGN% LDG?CD@% CYA% IMN?CD@*E% ?GNAFAGNAGBA% IGN% FA@[D@LIGBA+% IGN% A[[ABC?JAGAEE% D[%IMN?C%F@DBAEEo
" " !" )UIL?GIC?DG%D[%CYA%[?GIGB?IO%ECICALAGCE%IGN%CYA%IMN?CD@E*%@AFD@C%CYA@ADGo
" " !" 6FF@DJIO%D@%IGP%EMXEAeMAGC%LDN?[?BIC?DG%D[%C@IGEIBC?DGE%D[%CYA%HDLFIGP%W?CY%@AOICAN%FI@C?AEo
" " !" #B@MC?GP%D[%?GCA@<BD@FD@ICA%ODIGE%IGN%?GJAECLAGCEo
" " !" 8IOMIC?DG%D[%MGNA@CI]?GKE%D@%IEEACE%D[%CYA%HDLFIGP+%WYA@AJA@%?C%?E%GABAEEI@Po
" " !" Evaluation of internal financial controls and risk management systems;
" " !" 4DG?CD@?GK%CYA%AGN%MEA%D[%[MGNE%@I?EAN%CY@DMKY%FMXO?B%D[[A@E%IGN%@AOICAN%LICCA@E3
24 Annual Report 2013 - 2014
III. OTHER COMMITTEES:
1. Share Transfer Committee:
% % ZYA%#YI@A%Z@IGE[A@% IGN%#YI@AYDONA@%:@?AJIGBA%HDLL?CCAA%WIE% @ABDGEC?CMCAN%DG%R0th October, R1,Q% IE% IG% ?GNAFAGNAGC% #YI@A% Z@IGE[A@% HDLL?CCAA+% EDOAOP% [D@% BDGE?NA@?GK% LICCA@E% @AOIC?GK% CD%transfer, transmission of shares, fixing record dates, etc.
% % ZYA%#YI@A%Z@IGE[A@%HDLL?CCAA%BDLF@?EAE%D[%4@3%"3%#3%$MO]I@G?%IE%CYA%DGOP%DGA%LALXA@3
% % 4@3%6LDO%;M@IGNI@A%IBCE%IE%CYA%HDLFIGP%#AB@ACI@P%IGN%HDLFO?IGBA%'[[?BA@%D[%CYA%HDLFIGP3
The existing terms of reference of the Share Transfer Committee includes:
" " !" CD%AUFAN?CA%CYA%F@DBAEE%D[%C@IGE[A@%D[%FYPE?BIO%EYI@AE+%CD%IFF@DJA%EYI@A%C@IGE[A@E+%"<4IC%D[%EYI@AE+%5A<LIC%D[% EYI@AE+% C@IGEL?EE?DG+% C@IGEFDE?C?DG+%GILA%NAOAC?DG+% BDGEDO?NIC?DG%IGN%EFO?CC?GK%D[%EYI@A%BA@C?[?BICAE%D[%CYA%HDLFIGP3
" " !" CD%?EEMA%NMFO?BICA%EYI@A%BA@C?[?BICAE3
" " !" CD%IMCYD@?gA%FA@EDGE%CD%E?KG%DG%XAYIO[%D[%CYA%HDLFIGP%EYI@A%BA@C?[?BICAE+%EYI@A%IOODCLAGC%letters, etc.
" " !" CD%[?U%CYA%NICAE%[D@%BODEM@A%D[%CYA%HDLFIGP*E%5AK?ECA@%D[%4ALXA@E%IGN%Z@IGE[A@%^DD]E%D[%#YI@AE%IGN%/%D@%[?U?GK%5ABD@N%"ICAE+%?G%BDGEMOCIC?DG%W?CY%CYA%#CDB]%)UBYIGKAE3
" " !" ?G[D@L% CYA% ^DI@N% IXDMC% CYA% BDLFO?IGBA% CD% CYA% V?EC?GK% 6K@AALAGC% IGN% #)^7% KM?NAO?GAE+%adequacy of risk management and internal controls relating to share transfer and other share related activities excluding grievance handling stated above.
" " !" to obtain quarterly share reconciliation statement and related half yearly certificate from ;@IBC?B?GK%HDLFIGP%#AB@ACI@P3
% % ZYA% #YI@A% Z@IGE[A@% HDLL?CCAA% LAACE% IE% IGN% WYAG% CYA% HDLFIGP% @ABA?JAE% EYI@A% C@IGE[A@+%C@IGEL?EE?DG+%"A<4IC+%5A<4IC+%EFO?C%@AeMAECE%[@DL%CYA%EYI@AYDONA@E%D[%CYA%HDLFIGP3%6%LAAC?GK%D[%#YI@A%Z@IGE[A@%HDLL?CCAA%?E%BIOOAN%XP%CYA%EDOA%HDLL?CCAA%LALXA@%D@%CYA%HDLFIGP%#AB@ACI@P+%either sumoto or at the request of the Board of Directors, to conduct the business referred above. Quorum is the sole committee member.
% % 9MLXA@%D[%LAAC?GKE%YAON%NM@?GK%CYA%PAI@%MGNA@%@AFD@C%WA@A%A?KYC3
67! %89:;<=>?;@A/!#;>98B=CA<BD!.=EEB88;;5
% % ZYA% HDLFIGP% YIN% I% #YI@A%Z@IGE[A@% IGN% #YI@AYDONA@E*% :@?AJIGBA% HDLL?CCAA% C?OO% R>th October, R1,Q3% 7G% J?AW% D[% CYA% F@DJ?E?DGE% D[% #ABC?DG% ,.-% D[% CYA% HDLFIG?AE% 6BC+% R1,Q% I% #CI]AYDONA@E*%5AOIC?DGEY?F%HDLL?CCAA%WIE%BDGEC?CMCAN%DG%R0th%'BCDXA@+%R1,Q3%6E%I%BDGEAeMAGBA+%CYA%[MGBC?DGE%D[% CYA% A@ECWY?OA% #YI@A%Z@IGE[A@% IGN% #YI@AYDONA@*E% :@?AJIGBA% HDLL?CCAA% WA@A% EFO?C3% TMGBC?DGE%relating to transfer of shares and other share related activities (excluding grievance handling) was entrusted to the Share Transfer Committee. Functions relating to attending and resolving ECI]AYDONA@E*%K@?AJIGBAE%WIE%IOODCCAN%CD%CYA%#CI]AYDONA@E*%5AOIC?DGEY?F%HDLL?CCAA3
% % ZYA%[DOODW?GK%I@A%CYA%LALXA@E%D[%CYA%#CI]AYDONA@*%5AOIC?DGEY?F%HDLL?CCAA3
% % ,3% 4@3%53%"3%$YI@DEA]I@% <%HYI?@LIG
2. Mr. V. C. Joshi - Member
3. Mr. D. S. Kulkarni - Member
% % ZYA%CA@LE%D[%@A[A@AGBA%D[%CYA%#CI]AYDONA@E*%5AOIC?DGEY?F%HDLL?CCAA%?GBOMNAEj
" " !" ODD]% ?GCD% @AN@AEEIO% D[% EYI@AYDONA@E*/?GJAECD@E*% BDLFOI?GCE% @AOICAN% CD% C@IGE[A@% D[% EYI@AE+% GDG%@ABA?FC%D[%6GGMIO%5AFD@C+%GDG<@ABA?FC%D[%N?J?NAGN+%ACB3
" " !" BDGE?NA@%IGN%@AEDOJA%CYA%K@?AJIGBAE%D[%DCYA@%ECI]AYDONA@E%D[%CYA%HDLFIGP3
" " !" DJA@EAA%FA@[D@LIGBA%D[%CYA%5AK?EC@I@E%IGN%Z@IGE[A@%6KAGCE%D[%CYA%HDLFIGP3
" " !" @ABDLLAGN%LAIEM@AE%[D@%DJA@IOO%?LF@DJALAGC%?G%CYA%eMIO?CP%D[%?GJAECD@%EA@J?BAE3
" " !" LDG?CD@%?LFOALAGCIC?DG%IGN%BDLFO?IGBA%W?CY%CYA%HDLFIGP*E%HDNA%D[%HDGNMBC%[D@%;@DY?X?C?DG%D[%7GE?NA@%Z@IN?GK%?G%FM@EMIGBA%D[%#)^7%`;@DY?X?C?DG%D[%7GE?NA@%Z@IN?GKa%5AKMOIC?DGE+%,SSR3
" " !" 4DG?CD@%ECI]AYDONA@E*%BDLFOI?GCE%@AK?ECA@AN%IC%HDLFIGP+%#CDB]%)UBYIGKAE+%#H'5)#+%ACB3
25Annual Report 2013 - 2014
The Chairman of the Committee and, in his absence, any other member of the committee IMCYD@?EAN%XP%Y?L%?G%CY?E%XAYIO[%EYIOO%ICCAGN%CYA%KAGA@IO%LAAC?GKE%D[%CYA%BDLFIGP3
% % ZYA%HDLL?CCAA%LAAC?GK%?E%BIOOAN%IE%IGN%WYAG%@AeM?@AN%IGN%BDGJAG?AGC3%6%FA@?DN%D[%,>%NIPE%?E%K?JAG%CD%CYA%[MGBC?DGIO%D@%NAFI@CLAGCIO%YAIN%CD%@AEDOJA%CYA%K@?AJIGBA3%6%K@?AJIGBA%ECICME%@AFD@C%?E%CYAG%EMXL?CCAN%CD%CYA%HDLL?CCAA%LALXA@E%FA@?DN?BIOOP3%ZYA@AI[CA@+%I%HDLL?CCAA%LAAC?GK%?E%BIOOAN%A?CYA@%XP%CYA%HDLFIGP%#AB@ACI@P%D@%XP%I%HDLL?CCAA%LALXA@%CD%@AEDOJA%CYA%K@?AJIGBA3
% % mMD@ML%W?OO%XA%IE%FA@%CYA%@AeM?@ALAGCE%D[%CYA%6@C?BOAE%D[%6EEDB?IC?DG3
% % 9MLXA@%D[%LAAC?GKE%YAON%NM@?GK%CYA%PAI@%MGNA@%@AFD@C%WA@A%A?KYC3
% % ZYA%HDLFIGP%YIE%IOODCCAN%IG%AUBOME?JA%ALI?O%?N%[D@%CYA%FM@FDEA%D[%?GJAECD@%K@?AJIGBAEj%EAB@ACI@?IOldskdl.com
% % "ACI?OE%D[%HDLFOI?GCE%@ABA?JAN%IGN%@AN@AEEANj
Opening Received during the year Resolved during the year Pending
Nil 2 2 Nil
3. Nomination and Remuneration Committee:
% % ;M@EMIGC% CD% CYA% F@DJ?E?DGE% D[% #ABC?DG% ,.-% D[% CYA% HDLFIG?AE% 6BC+% R1,Q+% CYA% 5ALMGA@IC?DG%Committee was renamed and reconstituted as the Nomination and Remuneration Committee on R0th%'BCDXA@+%R1,Q3
The following are the members of the Nomination and Remuneration Committee.
% % ,3% 4@3%$3%$3%ZIFI@?I%% <%HYI?@LIG
2. Mr. V. C. Joshi - Member
3. Mr. R. D. Kharosekar - Member
4. Mr. Shirish Kulkarni - Member
The terms of reference of the Nomination and Remuneration Committee include:
" " !" CD% ?NAGC?[P%FA@EDGE%WYD%I@A%eMIO?[?AN% CD%XABDLA%N?@ABCD@E%IGN%WYD%LIP%XA%IFFD?GCAN% ?G%senior management cadre in accordance with the criteria laid down and recommend to the ^DI@N%CYA?@%IFFD?GCLAGC%IGN%@ALDJIO3
" " !" CD%BI@@P%DMC%AJIOMIC?DG%D[%AJA@P%N?@ABCD@*E%FA@[D@LIGBA3
" " !" CD%[D@LMOICA%CYA%B@?CA@?I%[D@%NACA@L?G?GK%eMIO?[?BIC?DGE+%FDE?C?JA%ICC@?XMCAE%IGN%?GNAFAGNAGBA%of a director.
" " !" CD% @ABDLLAGN% CD% CYA% ^DI@N% I% FDO?BP+% @AOIC?GK% CD% CYA% @ALMGA@IC?DG% [D@% CYA% N?@ABCD@E+% ]AP%LIGIKA@?IO%FA@EDGGAO%IGN%DCYA@%ALFODPAAE3
% % ZYA% BYI?@FA@EDG% D[% CYA% BDLL?CCAA% IGN% ?G% Y?E% IXEAGBA+% IGP% DCYA@% LALXA@% D[% CYA% BDLL?CCAA%IMCYD@?EAN%XP%Y?L%?G%CY?E%XAYIO[%EYIOO%ICCAGN%CYA%KAGA@IO%LAAC?GKE%D[%CYA%HDLFIGP3
The Nomination & Remuneration Committee may meet as and when required. A meeting thereof LIP%XA%BIOOAN%XP%I%HDLL?CCAA%LALXA@+%D@%XP% CYA%HDLFIGP%#AB@ACI@P%D@%DG%@AeM?E?C?DG%XP% CYA%^DI@N%D[%"?@ABCD@E3%mMD@ML%W?OO%XA%IE%FA@%CYA%@AeM?@ALAGCE%D[%CYA%6@C?BOAE%D[%6EEDB?IC?DG3
% % ZYA%@ALMGA@IC?DG%FDO?BP%[DOODWAN%XP%CYA%HDLFIGP%?E%KAGA@IOOP%?G%O?GA%W?CY%CYA%F@AJI?O?GK%?GNMEC@P%F@IBC?BAE/BM@@AGC%LI@]AC%C@AGNE3
% % 9D%LAAC?GK%WIE%YAON%NM@?GK%CYA%PAI@%MGNA@%@AFD@C3
% % "ACI?OE%D[%@ALMGA@IC?DG%CD%bYDOAC?LA%"?@ABCD@E%[D@%CYA%PAI@3
% % ZYA%IKK@AKICA%JIOMA%D[%EIOI@P%IGN%FA@eM?E?CAE%FI?N% [D@% CYA%PAI@%AGNAN%Q,st%4I@BY+%R1,=% CD% CYA%4IGIK?GK/bYDOAC?LA%"?@ABCD@E%?E%IE%[DOODWEj%<
` Lacs
Name Designation Salary Perquisites & Others Total
Mr. D. S. Kulkarni Chairman & Managing Director R.03.Q 13>1 R..3RQ
Mr. Shirish Kulkarni Executive Director R>3S= 13>1 R03==
26 Annual Report 2013 - 2014
4. FINANCE COMMITTEE:
% ZYA%T?GIGBA%HDLL?CCAA%WY?BY%YIN%XAAG% [D@LAN%MGNA@%CYA%F@DJ?E?DGE%D[%#ABC?DG%RSR`,a%D[%CYA%A@ECWY?OA%HDLFIG?AE%6BC+%,S>0%CD%DJA@EAA%CYA% [?GIGBA%[MGBC?DG%D[% CYA%HDLFIGP%WIE%@ABDGEC?CMCAN%IE%WAOO%IE% ?CE%CA@LE%D[%@A[A@AGBA%WA@A%X@DMKYC%?G%O?GA%W?CY%CYA%F@DJ?E?DGE%D[%CYA%HDLFIG?AE%6BC+%R1,Q3
The following are the members of the Committee:
% ,3% "@3%43%$3%;3%#ACCP% <%HYI?@LIG
2. Mr. V. C. Joshi - Member
3. Mr. D. S. Kulkarni - Member
4. Mr. Shirish Kulkarni - Member
The terms of reference of the Finance Committee include:
" !" CD%XD@@DW%LDG?AE%IE%LIP%XA%@AeM?@AN% [@DL%C?LA%CD% C?LA%[D@% CYA%FM@FDEA%D[% CYA%^ME?GAEE%D[% CYA%HDLFIGP%MFCD%IG%IKK@AKICA%EML%D[%`%S11%H@D@AE%DMCECIGN?GK%IC%IGP%DGA%C?LAo
" !" to negotiate, settle and finalise all terms and conditions for the borrowings;
" !" CD% D[[A@% IGN% F@DJ?NA% EABM@?CP% IGN% CD% B@AICA% /% AUCAGN% BYI@KAE% DG% CYA% IEEACE% D[% CYA% BDLFIGP% ?G%@AEFABC%D[%ODIGEo
" !" CD%AUABMCA%IGN%E?KG%CYA%ODIG+%EABM@?CP%IGN%DCYA@%NDBMLAGCE%IGN%CD%I[[?U%CYA%HDLLDG%#AIO%IE%FA@%CYA%6@C?BOAE%D[%6EEDB?IC?DG%D[%CYA%HDLFIGPo
" !" CD%?GJAEC%CYA%[MGNE%D[%CYA%BDLFIGPo
" !" CD%K@IGC%ODIGE%D@%K?JA%KMI@IGCAA%?G%@AEFABC%D[%ODIGEo
" !" CD%@I?EA%[M@CYA@%BIF?CIO%/%?EEMA%EABM@?C?AE+%?GBOMN?GK%NAXAGCM@AE+%WYACYA@%?G%D@%DMCE?NA%7GN?Io
" !" IFF@DJA%FDO?BP%[D@%CYA%LIGIKALAGC%D[%[D@A?KG%AUBYIGKA%@?E]+%?GCA@AEC%@ICA%@?E]%IGN%@A[?GIGB?GK%@?E]3
" !" CD%EAC%IGN%[@DL%C?LA%CD%C?LA%@AJ?AW%KM?NAO?GAE%[D@%EYD@C+%LAN?ML%IGN%ODGK<CA@L%?GJAECLAGC%FOIGE%D[%CYA%HDLFIGP3
" !" CD%EMX<NAOAKICA%CYA%IMCYD@?CP%W?CY%NA[?GAN%O?L?CE+%CD%CYA%AUCAGC%FA@L?EE?XOA3
% ZYA%T?GIGBA%HDLL?CCAA%LAACE%IE%IGN%WYAG%@AeM?@AN3%7CE%eMD@ML%?E%?G%IBBD@NIGBA%W?CY%CYA%F@DJ?E?DGE%D[%CYA%6@C?BOAE%D[%6EEDB?IC?DG%D[%CYA%HDLFIGP3
Four Committee meetings were held during the year.
5. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
% ZYA%HDLL?CCAA%WIE%BDGEC?CMCAN%DG%R0th%'BCDXA@+%R1,Q%CD%BICA@%CD%CYA%@AeM?@ALAGCE%D[%CYA%HDLFIG?AE%6BC+%R1,Q3
The following are the members of the Committee:
% ,3% 4@3%"3%#3%$MO]I@G?% <%HYI?@LIG
2. Mr. R. D. Kharosekar - Member
3. Dr. M. K. P. Setty - Member
% ZYA%HD@FD@ICA%#DB?IO%5AEFDGE?X?O?CP%HDLL?CCAA%EYIOOj
" !" [D@LMOICA% IGN% @ABDLLAGN% CD% CYA% ^DI@N+% I% HD@FD@ICA% #DB?IO% 5AEFDGE?X?O?CP% ;DO?BP% WY?BY% EYIOO%?GN?BICA% CYA% IBC?J?C?AE% CD% XA% MGNA@CI]AG% XP% CYA% BDLFIGP% IE% EFAB?[?AN% ?G% #BYANMOA% 877% CD% CYA%HDLFIG?AE%6BC+%R1,Qo
" !" @ABDLLAGN%CYA%ILDMGC%D[%AUFAGN?CM@A%CD%XA%?GBM@@AN%DG%CYA%IBC?J?C?AE%@A[A@@AN%CD%?G%HOIMEA%`Ia%D[%#ABC?DG%,Q>%D[%CYA%HDLFIG?AE%6BC+%R1,Qo
" !" LDG?CD@%CYA%HD@FD@ICA%#DB?IO%5AEFDGE?X?O?CP%;DO?BP%D[%CYA%HDLFIGP%[@DL%C?LA%CD%C?LA3
No meeting of the Committee was held durinK%CYA%FA@?DN%MGNA@%@AFD@C3
6. DEBENTURE COMMITTEE:
% ZYA%"AXAGCM@A%HDLL?CCAA%YIE%XAAG%BDGEC?CMCAN%EFAB?[?BIOOP%[D@%CYA%LICCA@E%@AOIC?GK%CD%CYA%FMXO?B%?EEMA%D[%NAXAGCM@AE%IE%IFF@DJAN%XP%CYA%^DI@N%D[%"?@ABCD@E%IC%?CE%LAAC?GK%YAON%DG%-th%6F@?O+%R1,=3
27Annual Report 2013 - 2014
The following are the members of the Committee:
% ,3% 4@3%83%H3%2DEY?% - Chairman
2. Mr. R. D. Kharosekar - Member
3. Mr. D. S. Kulkarni - Member
4. Mr. S. D. Kulkarni - Member
% ZYA%"AXAGCM@A%HDLL?CCAA%EYIOO%XA%IMCYD@?EAN%CD%NACA@L?GA%IGN%IFF@DJA
% r% CYA%CA@LE%IGN%BDGN?C?DGE%IGN%GMLXA@%D[%CYA%"AXAGCM@AE%CD%XA%?EEMAN3
% r% %CYA%C?L?GK+%GICM@A+%CPFA+%F@?B?GK%IGN%EMBY%DCYA@%CA@LE%IGN%BDGN?C?DGE%D[%CYA%?EEMA%?GBOMN?GK%BDMFDG%@ICA+%L?G?LML%EMXEB@?FC?DG+%@ACAGC?DG%D[%DJA@EMXEB@?FC?DG+%?[%IGP+%ACB3
% r% CD%IFF@DJA%IGN%LI]A%BYIGKAE%CD%CYA%"@I[C%;@DEFABCME3
% r% %CD%IFF@DJA%CYA%T?GIO%;@DEFABCME+%?GBOMN?GK%IGP%BD@@?KAGNML+%ILAGNLAGCE%EMFFOALAGCE%CYA@ACD+%and the issue thereof.
% r% CD%?EEMA%IGN%IOODC%CYA%"AXAGCM@AE3
% r% CD%IFF@DJA%IOO%DCYA@%LICCA@E%@AOIC?GK%CD%CYA%?EEMA3
% r% %CD%ND%IOO%EMBY%IBCE+%NAANE+%LICCA@E%IGN%CY?GKE%@AOIC?GK%CD%AUABMC?DG%D[%IOO%EMBY%NAANE+%NDBMLAGCE+%?GEC@MLAGCE+%IFFO?BIC?DGE%IGN%W@?C?GKE%IE%?C%LIP+%IC%?CE%N?EB@AC?DG+%NAAL%GABAEEI@P%IGN%NAE?@IXOA%[D@%EMBY%FM@FDEA%?GBOMN?GK%W?CYDMC%O?L?CIC?DG%CYA%MC?O?gIC?DG%D[%CYA%?EEMA%F@DBAANE+%LDN?[P%D@%IOCA@%IGP%D[%CYA%CA@LE%IGN%BDGN?C?DGE+%?GBOMN?GK%E?gA%D[%CYA%7EEMA+%IE%?C%LIP%NAAL%AUFAN?AGC+%AUCAGE?DG%D[%7EEMA%IGN/D@%AI@OP%BODEM@A%D[%CYA%7EEMA3
% 9D%LAAC?GK%D[%CYA%BDLL?CCAA%WIE%YAON%NM@?GK%CYA%FA@?DN%MGNA@%@AFD@C3
% "M@?GK%CYA%PAI@%MGNA@%@AFD@C+%CYA%^DI@N%D[%"?@ABCD@E%N?EEDOJAN%CYA%[DOODW?GK%ND@LIGC%BDLL?CCAAEj
a) Project Planning Committee
b) Management & Monitoring Committee
c) Merger Committee
d) Securities Issuance Committee.
Remuneration paid to Directors:
% "ACI?OE%D[%@ALMGA@IC?DG%FI?N%CD%"?@ABCD@E%I@A%K?JAG%XAODWj ` Lacs
Director Relationship with
other Directors
Business
relationship
with DSKDL
if any
Loans and
advances
from DSKDL
if any
Remuneration paid during 2013-14
Sitting
Fees
Salary and
perquisites
Total
Mr. D. S. Kulkarni Father of
Mr. Shirish Kulkarni
Promoter Nil Nil R..3RQ R..3RQ
Mr. Shirish Kulkarni Son of
Mr. D. S. Kulkarni
Promoter Nil Nil R03== R03==
Mr. V. C. Joshi - None Nil ,31> Nil ,31>
Dr. M. K. P. Setty - None Nil 13S> Nil 13S>
4@3%$3%$3%ZIFI@?I - None Nil 13>1 Nil 13>1
Mr. R. D. Kharosekar - None Nil 13R> Nil 13R>
28 Annual Report 2013 - 2014
Board Meetings and Attendance at Board Meetings and the last Annual General Meeting:
% ZYA%^DI@N%D[%"?@ABCD@E%D[%CYA%HDLFIGP%LAC%E?U%C?LAE%NM@?GK%CYA%PAI@%MGNA@%@AFD@C3%ZYA%NICAE%D[%^DI@N%
Meeting were as follows:
R1th 4IP+%R1,Q ,=th%6MKMEC+%R1,Q R.th%#AFCALXA@+%R1,Q R0th%'BCDXA@+%R1,Q
,0th%"ABALXA@+%R1,Q Q1th%2IGMI@P+%R1,=
% ZYA%HDLFIGP%FOIBAN%XA[D@A%CYA%̂ DI@N%CYA%IGGMIO%DFA@IC?GK%FOIGE%IGN%XMNKACE%IGN%FA@[D@LIGBA%@AFD@CE/%
ECICALAGCE%D[%JI@?DME%NAFI@CLAGCEo%?G[D@LIC?DG%@AKI@N?GK%?LFO?BIC?DGE%D[%ILAGNLAGCE%CD%JI@?DME%OIWEo%
NA[IMOCE+%?[%IGP+%?G%DXO?KIC?DGEo%NACI?OE%D[%XME?GAEE%DFA@IC?DGEo%ACB3%4?GMCAE%D[%AJA@P%HDLL?CCAA%LAAC?GK%
IGN%EMXE?N?I@?AE%^DI@N%LAAC?GKE%WA@A%FOIBAN%XA[D@A+%IGN%GDCAN%XP+%CYA%^DI@N3
The attendance at the Board Meetings and at the last Annual General Meeting was as under:
Director Attendance
Board Meetings during the
Financial Year 2013-2014
Annual General Meeting dated
27th September, 2013
Mr. D. S. Kulkarni > Yes
Mr. Shirish Kulkarni 0 Yes
Mr. V. C. Joshi 0 Yes
Dr. M. K. P. Setty 0 Yes
4@3%$3%$3%ZIFI@?I > Yes
Mr. R. D. Kharosekar > Yes
Management Discussion and Analysis Report:
% ZYA% 4IGIKALAGC% "?EBMEE?DG% IGN% 6GIOPE?E% 5AFD@C% [D@% CYA% PAI@% AGNAN% Q,st% 4I@BY+% R1,=% ?E% ICCIBYAN%
EAFI@ICAOP%IGN%[D@LE%I%FI@C%D[%CY?E%6GGMIO%5AFD@C3
General Body Meetings:
Year/Date of Annual
General Meeting/
EOGM
Location and time Whether special
resolution
passed
Particulars
6:4%R1,R<,Q
R.th%#AFCALXA@+%R1,Q
Maratha Chambers of Commerce,
;MNML\AA%&IOO+%,1,=+%#YM]@IWI@%
;ACY+%Z?OI]%5DIN+%;MGA%=,,%11R%
IC%S3Q1%I3L3
No N.A.
6:4%R1,,<,R
R0th%#AFCALXA@+%R1,R
S. M. Joshi Socialist Foundation
6MN?CD@?ML+%9IJ?%;ACY+%;MGA%=,,%1Q1%
IC%S3Q1%I3L3
No N.A.
AGM
R1,1<,,
29th%#AFCALXA@+%R1,,
S. M. Joshi Socialist Foundation
6MN?CD@?ML+%9IJ?%;ACY+%;MGA%=,,%1Q1%
IC%S3Q1%I3L3
Yes 5A<IFFD?GCLAGC%D[%
Managing Director
5A<IFFD?GCLAGC%D[%
bYDOAC?LA%"?@ABCD@
ZD%IFF@DJA%
commencement
of new business
IBC?J?C?AE%M/E3,=S`R6a%D[%
HDLFIG?AE%6BC+%,S>0
% 9D%EFAB?IO%@AEDOMC?DG%WIE%FIEEAN%?G%CYA%PAI@%MGNA@%@AFD@C%CY@DMKY%FDECIO%XIOODC3
29Annual Report 2013 - 2014
Information in respect of Directors seeking appointment/ re-appointment as required under
Clause 49 VI (A) of Listing Agreement:
,3% %Mr. D.S. Kulkarni, IKAN%0=%PAI@E+%?E%CYA%;@DLDCA@+%HYI?@LIG%IGN%4IGIK?GK%"?@ABCD@%D[%DM@%HDLFIGP3%
Mr. D.S. Kulkarni has been honoured with the Degree of Doctorate in Science by Dr. Vijay Kelkar,
Chancellor of Pravara Institute of Medical Sciences (Deemed Universitya+%6YLANGIKI@3%7G%CYA%PAI@%,S-,+%
4@3%"3#3%$MO]I@G?% [D@IPAN% ?GCD% CYA%XME?GAEE%D[%XM?ON?GK%_%BDGEC@MBC?DG%IGN%W?CY?G%I%EYD@C%EFIG%B@AICAN%
CYA%X@IGN%!"#$*%XP%EMBBAEE[MO%BDLFOAC?DG%D[%F@AEC?K?DME%F@D\ABCE%?G%;MGA%IGN%4MLXI?3%4@3%$MO]I@G?%YIE%
DJA@%CY@AA%`Qa%NABINAE%D[%AUFA@?AGBA%?G%CYA%@AIO%AECICA%?GNMEC@P3%4@3%"3#3%$MO]I@G?%YIE%XAAG%IWI@NAN%W?CY%
EAJA@IO%IWI@NE%XP%JI@?DME%D@KIG?gIC?DGE%[D@%Y?E%IBY?AJALAGCE%viz. FIE Foundation Award in the field of
)GC@AF@AGAM@EY?F+%#M@PINICCI%V?[AC?LA%6BY?AJALAGC%6WI@N%[D@%AUBAOOAGBA%?G%CYA%[?AON%D[%BD@FD@ICA%WD@ON%
etc.
% &A%?E%I%@AOIC?JA%D[%4@3%#3%"3%$MO]I@G?%IGN%?E%YDON?GK%>=+1-+R0S%AeM?CP%EYI@AE%D[%CYA%HDLFIGP3%
2. Mr. Shirish Kulkarni+% IKAN% R-% PAI@E+% ?E% I% ;@DLDCA@% IGN% bYDOA%Z?LA% "?@ABCD@% D[% DM@% HDLFIGP3% 4@3%
Shirish Kulkarni holds a degree of Bachelor of Commerce (B.Com) from Symbiosis College. He has
IOED% BDLFOACAN% Y?E% ;DEC% :@INMICA% "?FODLI% ?G% VAJAO% S% ?G% ^ME?GAEE% #C@ICAKP+% T?GIGBA% IGN% ^IG]?GK+%
'@KIG?EIC?DGIO%"AJAODFLAGC%#]?OOE%[@DL%(G?CAB%(G?JA@E?CP+%6MB]OIGN+%9AW%sAIOIGN3%4@3%#Y?@?EY%$MO]I@G?%
YIE%LD@A%CYIG%A?KYC%`-a%PAI@E%D[%AUFA@?AGBA%?G%CYA%@AIO%AECICA%IGN%DCYA@%?GNMEC@?AE3%&A%ODD]E%?GCD%XME?GAEE%
NAJAODFLAGC%D[%DM@%HDLFIGP3%
% &A%?E%I%@AOIC?JA%D[%4@3%"3#3%$MO]I@G?%IGN%?E%YDON?GK%,>+R1+111%AeM?CP%EYI@AE%D[%CYA%HDLFIGP3%
3. Mr. Vasant Chintaman Joshi+% IKAN% -R% PAI@E+% ?E% CYA% 7GNAFAGNAGC% _% 9DG<)UABMC?JA% "?@ABCD@% D[% DM@%
HDLFIGP3%4@3%2DEY?%YDONE%I%NAK@AA%D[%Master of Arts in Political Science from Bombay University and in
)BDGDL?BE%[@DL%(G?JA@E?CP%D[%HILX@?NKA+%(G?CAN%$?GKNDL3%4@3%2DEY?%YIE%LD@A%CYIG%CY?@CP%`Q1a%PAI@E%D[%
AUFA@?AGBA%?G%XIG]?GK%EABCD@%IGN%YIE%XAAG%IEEDB?ICAN%W?CY%DM@%HDLFIGP%E?GBA%CYA%PAI@%,SSQ3%4@3%2DEY?%?E%
an Ex-banker and an authority in Economics. He has worked as a Senior Consultant for financial services
W?CY%;bH%IGN%97^43%
He is a member of the Audit Committee, Finance Committee, Nomination & Remuneration Committee,
#CI]AYDONA@E*%5AOIC?DGEY?F%HDLL?CCAA+%"AXAGCM@A%HDLL?CCAA%D[%CYA%HDLFIGP3
4. Dr. M.K.P. Setty+%IKAN%-1%PAI@E+%?E%CYA%7GNAFAGNAGC%_%9DG<)UABMC?JA%"?@ABCD@%D[%DM@%HDLFIGP3%"@3%#ACCP%
holds a degree of "DBCD@%D[%V?CA@ICM@A%[@DL%6J?GIEY?O?GKIL%(G?JA@E?CP%[D@%bDLAG+%ZIL?OGINM3%"@3%#ACCP%
YIE%LD@A%CYIG%CY?@CP%`Q1a%PAI@E%D[%AUFA@?AGBA%?G%ANMBIC?DG%EABCD@%IGN%?E%IEEDB?ICAN%W?CY%DM@%HDLFIGP%
E?GBA% CYA% PAI@% ,SSQ3% "@3% #ACCP% YIE% IOED% XAAG% IEEDB?ICAN% W?CY% BDLFIG?AE% ?G% JI@?DME% EABCD@E% viz. food
F@DBAEE?GK+% INJA@C?E?GK+% [?GIGBA% IGN% IMCDLDX?OAE3% &A% YIE% XAAG% BDG[A@@AN% W?CY% YDGDM@% !CYA% $IGGINI%
5I\PDCEIJI%6WI@N*%XP% CYA%:DJA@GLAGC%D[%$I@GICI]I% ?G% @ABDKG?C?DG%D[%Y?E%EA@J?BAE% CD% CYA% 7GNMEC@P%IGN%
)NMBIC?DG3%&A%YIE%YAON%JI@?DME%F@AEC?K?DME%FDE?C?DGE%?G%JI@?DME%?GEC?CMC?DGE%IGN%IEEDB?IC?DGE3%&A%?E%CYA%
only non-Government official to be invited by the Government of Karnataka to serve as a Chairman of the
$I@GICI]I%7GNMEC@?IO%7GJAECLAGC%"AJAODFLAGC%HD@FD@IC?DG%V?L?CAN3
% %&A% ?E% I% 4ALXA@% D[% CYA% 6MN?C% HDLL?CCAA+% T?GIGBA% HDLL?CCAA% IGN% HD@FD@ICA% #DB?IO% 5AEFDGE?X?O?CP%
Committee.
>3% %Mr. K. K. Taparia+% IKAN%0Q% PAI@E+% ?E% CYA% 7GNAFAGNAGC%_%9DG<)UABMC?JA%"?@ABCD@% D[% DM@%HDLFIGP3%4@3%
ZIFI@?I%YDONE%I%NAK@AA%D[%^3)3%`4ABYIG?BEa%[@DL%4^4%)GK?GAA@?GK%HDOOAKA+%(G?JA@E?CP%D[%2DNYFM@3%4@3%
ZIFI@?I% YIE% LD@A% CYIG% [D@CP% `=1a% PAI@E% D[% AUFA@?AGBA% ?G% LIGM[IBCM@?GK% IGN% LI@]AC?GK% EABCD@% IGN% ?E%
IEEDB?ICAN%W?CY%DM@%HDLFIGP%E?GBA%CYA%PAI@%R11-3%4@3%ZIFI@?I%?E%I%LIGIKALAGC%BDGEMOCIGC3
% &A%?E%I%LALXA@%D[%CYA%6MN?C%HDLL?CCAA%IGN%9DL?GIC?DG%_%5ALMGA@IC?DG%HDLL?CCAA%D[%CYA%HDLFIGP3
30 Annual Report 2013 - 2014
03% %Mr. R.D. Kharosekar, IKAN%.R%PAI@E+%?E%CYA%7GNAFAGNAGC%_%9DG<)UABMC?JA%"?@ABCD@%D[%DM@%HDLFIGP3%4@3%
Kharosekar holds a degree of Bachelor of Science and Bachelors of Law (L.L.B) from University of Poona.
4@3%$YI@DEA]I@%YIE%LD@A%CYIG%CWAGCP%`R1a%PAI@E%D[%AUFA@?AGBA%?G%CYA%7GN?IG%6NL?G?EC@IC?JA%#A@J?BA%`76#a%
IGN%?E%IEEDB?ICAN%W?CY%DM@%HDLFIGP%E?GBA%CYA%PAI@%R1,13%&A%YIE%WD@]AN%IE%I%EAG?D@%76#%'[[?BA@%IGN%
@AC?@AN%IE%I%HDLL?EE?DGA@%D[%Z@?XIO%5AEAI@BY%_%Z@I?G?GK3%&A%YIE%EA@JAN%?G%JI@?DME%BIFIB?C?AE%?G%CYA%#CICA%
and Central Government and has received an award from the State Government for outstanding work
NDGA% [D@%NAJAODFLAGC%D[% C@?XAE%D[%4IYI@IEYC@I3%&A%YIE%IOED%F@DNMBAN%IGN%N?@ABCAN% [?OLE% [D@% B@AIC?GK%
awareness about various schemes amongst the weaker sections and tribes.
% &A% ?E% I% LALXA@% D[% CYA% HD@FD@ICA% #DB?IO% 5AEFDGE?X?O?CP+% 9DL?GIC?DG% _% 5ALMGA@IC?DG% HDLL?CCAA% IGN%
#CI]AYDONA@E*%5AOIC?DGEY?F%HDLL?CCAA%D[%CYA%HDLFIGP3
Subsidiary Companies:
% ZYA%HDLFIGP%NDAE%GDC%YIJA%IGP%LICA@?IO%GDG<O?ECAN%7GN?IG%EMXE?N?I@P%HDLFIGP+%WYDEA%CM@GDJA@%D@%GAC%WD@CY%`FI?N<MF%BIF?CIO%IGN%[@AA%@AEA@JAEa%AUBAANE%R1n%D[%CYA%BDGEDO?NICAN%CM@GDJA@%D@%GAC%WD@CY%D[%CYA%HDLFIGP3
% TM@CYA@% CYA% 6MN?C% HDLL?CCAA% D[% CYA% HDLFIGP% @AJ?AWE% CYA% [?GIGB?IO% ECICALAGCE+% ?G% FI@C?BMOI@+% CYA%?GJAECLAGCE%LINA%XP%CYA%MGO?ECAN%EMXE?N?I@P%BDLFIG?AE
% ZYA%L?GMCAE%D[%CYA%^DI@N%LAAC?GKE%D[%CYA%MGO?ECAN%EMXE?N?I@P%BDLFIG?AE%I@A%FOIBAN%IC%CYA%^DI@N%LAAC?GK%D[%CYA%HDLFIGP3
% ZYA%6MN?C%HDLL?CCAA%IGN%CYA%^DI@N%D[%"?@ABCD@E%ODD]%?GCD%CYA%@AOICAN%FI@CP%C@IGEIBC?DGE%AGCA@AN%?GCD%XP%CYA%HDLFIGP%?GBOMN?GK%CYDEA%W?CY%CYA%EMXE?N?I@P%BDLFIG?AE3
% "ACI?OE%D[%FA@BAGCIKA%YDON?GK%D[%CYA%HDLFIGP%?G%CYA%EMXE?N?I@P%BDLFIG?AE%IE%DG%Q,st%4I@BY+%R1,=
Sr. No. Name of the Subsidiary Company Registered in Holding percentage
, "#$%ZDWGEY?F%;@D\ABCE%;JC3%VCN3 India ,11n
2 DSK Southern Projects Pvt. Ltd. India ,11n
3 "#$%"AJAODFA@E%HD@FD@IC?DG USA ,11n
4 "#$%bDDNE+%VVH USA bYDOOP%DWGAN%<%ECAF%NDWG%EMXE?N?I@P%
D[%"#$%"AJAODFA@E%HD@FD@IC?DG
Disclosures:
% ,3% ZYA@A%I@A%GD% @AOICAN%FI@CP% C@IGEIBC?DGE%D[% CYA%HDLFIGP%WY?BY%YIJA%FDCAGC?IO% BDG[O?BC%W?CY% CYA%?GCA@AECE%D[%CYA%HDLFIGP%IC%OI@KA3
% R3% 7G%CYA%F@AFI@IC?DG%D[%[?GIGB?IO%ECICALAGCE+%C@AICLAGCE%IE%FA@%6BBDMGC?GK%#CIGNI@NE%?EEMAN%XP%CYA%Institute of Chartered Accountants of India have been followed.
% Q3% "ACI?OE% D[% GDG<BDLFO?IGBA% XP% CYA% HDLFIGP+% FAGIOC?AE+% EC@?BCM@AE% ?LFDEAN% DG% CYA% HDLFIGP% XP%#CDB]%)UBYIGKA%D@%#)^7%D@%IGP%ECICMCD@P%IMCYD@?CP+%DG%IGP%LICCA@%@AOICAN%CD%BIF?CIO%LI@]ACEj%97V
% % ZYA%HDLFIGP%YIE%[MO[?OOAN%CYA%[DOODW?GK%GDG<LIGNICD@P%@AeM?@ALAGCE%IE%F@AEB@?XAN%?G%6GGAUM@A%,"%CD%HOIMEA%=S%D[%CYA%V?EC?GK%6K@AALAGC%W?CY%#CDB]%)UBYIGKAEj
% % Ia% ZYA%HDLFIGP%YIE%EAC%MF%I%9DL?GIC?DG%_%5ALMGA@IC?DG%HDLL?CCAA+%NACI?OE%D[%WY?BY%YIJA%XAAG%K?JAG%AI@O?A@%?G%CY?E%5AFD@C3
% % Xa% ZYA%ECICMCD@P%[?GIGB?IO%ECICALAGCE%D[%CYA%HDLFIGP%I@A%MGeMIO?[?AN3
% =3% 7G% CA@LE% D[% #)^7% B?@BMOI@% 9D3% "_HH/T7ZZH/H75<,0% NICAN% Q,st% "ABALXA@+% R11R+% I% eMIO?[?AN%;@IBC?B?GK%HDLFIGP%#AB@ACI@P%BI@@?AN%DMC%IMN?C%CD%@ABDGB?OA%CYA%CDCIO%INL?CCAN%BIF?CIO%W?CY%9IC?DGIO%#ABM@?C?AE%"AFDE?CD@?AE%V?L?CAN%`9#"Va%IGN%HAGC@IO%"AFDE?CD@P%#A@J?BAE%`7GN?Ia%V?L?CAN%`H"#Va%IGN%CYA%CDCIO%?EEMAN%IGN%O?ECAN%BIF?CIO3%ZYA%EI?N%IMN?C%@AFD@C%BDG[?@LE%CYIC%CYA%CDCIO%?EEMAN%IGN%FI?N%MF%BIF?CIO%?E%?G%IK@AALAGC%W?CY%CYA%CDCIO%GMLXA@%D[%EYI@AE%?G%FYPE?BIO%[D@L%IGN%CYA%CDCIO%GMLXA@%of dematerialised shares held with NSDL and CDSL. The certificates were forwarded to BSE and
31Annual Report 2013 - 2014
9#)+% WYA@A% CYA% AeM?CP% EYI@AE% I@A% O?ECAN% IGN% WA@A% IOED% FOIBAN% XA[D@A% CYA% #YI@A%Z@IGE[A@% IGN%
#YI@AYDONA@E*%:@?AJIGBA%HDmmittee.
Means of Communication:
% ZYA%eMI@CA@OP%IGN%YIO[<PAI@OP%@AEMOCE%WA@A%FMXO?EYAN%?G%GAWEFIFA@E%YIJ?GK%W?NA%B?@BMOIC?DG%IGN%CYA%EI?N%
@AEMOCE%WA@A%IOED%N?EFOIPAN%DG%CYA%WAXE?CA%D[%CYA%HDLFIGP%WWW3NE]NO3BDL/?GJAECD@E
The Quarterly results were published as follows during the year:
S. No. Quarter ended Newspaper in which published
English Vernacular
,3 Q,31Q3R1,Q Economic Times Maharashtra Times
2. Q13103R1,Q Business Standard Maharashtra Times
3. Q131S3R1,Q Business Standard Maharashtra Times
4. Q,3,R3R1,Q Business Standard Maharashtra Times
GENERAL SHAREHOLDER INFORMATION
i. Annual General Meeting:
Date and time Q1CY%#AFCALXA@+%R1,=%IC%S3Q1%I3L3
Venue S. M. Joshi Socialist Foundation Auditorium,
#3% 9D3% ,S,/,SR+% 9IJ?% ;ACY+% :IG\IJA% HYDW]+%
'FF3%;IC@I]I@%^YIJIG+%;MGA%d%=,,%1Q13
ii. Financial Calendar
T?GIGB?IO%5AFD@C?GK%[D@
<%mMI@CA@%AGN?GK%Q1CY%2MGA ^P%,=th August
<%mMI@CA@%AGN?GK%Q1CY%#AFCALXA@% ^P%,=th November
<%mMI@CA@%AGN?GK%Q,EC%"ABALXA@ ^P%,=th February
<%iAI@%AGN?GK%Q,EC%4I@BY% ^P%Q1th May
Annual General Meeting ^P%AGN%D[%#AFCALXA@+%R1,=
iii. Dates of current book closure R>th%#AFCALXA@+%R1,=%CD%R0th%#AFCALXA@+%R1,=
iv. Dates of evoting R.th%#AFCALXA@+%R1,=%CD%RSth%#AFCALXA@+%R1,=
v. "?J?NAGN%FIPLAGC%NICA >th%'BCDXA@+%R1,=
vi. Listing on Stock exchanges BSE Limited
The National Stock Exchange of India Limited
vii. Stock Code
BSE Limited
The National Stock Exchange of India Limited
>RQ-S1
DSKULKARNI
% V?EC?GK%[AAE%[D@%CYA%[?GIGB?IO%PAI@%R1,Q<,=%YIJA%XAAG%FI?N%[D@%XDCY%9#)%IGN%^#)3
% ZYA%7#79%D[%CYA%HDLFIGP%[D@%?CE%EYI@AE%?E%79)-S,61,1,=3
32 Annual Report 2013 - 2014
vii. Market Price Data
1. Comparison of High and Low share price and volume on BSE and NSE
MonthBSE NSE
High Low Monthly Volume High Low Monthly Volume
6F@?O+%R1,Q .,3.> 0,3>1 R.+==S .R3S> 0,3>> S,+0R>
4IP+%R1,Q 0.311 >-31> >,+-.R 0.3=> >-3Q> Q+,0+,>R
2MGA+%R1,Q 0=311 >,3>1 =,+=.= 0>311 >,31> ,+S,+.,1
2MOP+%R1,Q >S3S1 >R3>1 >=+-0S 01311 >R3,1 ,+SQ+-SQ
6MKMEC+%R1,Q 0Q3Q1 =S3,1 =R+.Q> 0=3R> =S311 Q+Q=+Q1=
#AFCALXA@+%R1,Q >.3-1 >R3,1 R0+0.S >.3.1 >R3Q1 ,+R=+,,>
'BCDXA@+%R1,Q >03=1 >,3,> 33,929 >>3S1 >,3=1 ,+0>+SR,
9DJALXA@+%R1,Q >031> >131> RQ+.,, >03S1 =S3=1 ,+QR+SSS
"ABALXA@+%R1,Q 0,3-1 ==301 >+.1+-=> 0,3-1 ==31> ,0+Q.+S1R
2IGMI@P+%R1,= 0,3-1 >R311 R+S1+Q>R 0,3>1 >,3-> ,R+=S+0.R
TAX@MI@P+%R1,= >>3-> >,3Q1 RS+->> >03>1 >,3>> Q+--+,0Q
4I@BY+%R1,= >>301 =-3S1 ,+1>+R,> >>3R1 =-31> 3,32,234
Comparison of Monthly Volume on BSE & NSE
BSE NSE
BS
E
0
100000
200000
300000
400000
500000
600000
700000
800000
900000
1000000
1100000M
ar-1
4
Feb-
14
Jan-
14
Dec
-13
Nov
-13
Oct
-13
Sep
-13
Aug
-13
Jul-1
3
Jun-
13
May
-13
Apr
-13 0
150000
300000
450000
600000
750000
900000
1050000
1200000
1350000
1500000
1650000
1800000
NS
E
2. Performance of the share prices of the Company on BSE in Comparison to BSE Sensex
MonthDSKDL High
on BSE
BSE Sensex Month DSKDL High
on BSE
BSE Sensex
6F@?O+%R1,Q .,3.> ,S+0RR30- 'BCDXA@+%R1,Q >03=1 R,+R1>3==
4IP+%R1,Q 0.311 R1+==Q30R 9DJALXA@+%R1,Q >031> R,+QR,3>Q
2MGA+%R1,Q 0=311 ,S+-013,S "ABALXA@+%R1,Q 0,3-1 R,+=-Q3.=
2MOP+%R1,Q >S3S1 R1+Q>,310 2IGMI@P+%R1,= 0,3-1 R,+=1S300
6MKMEC+%R1,Q 0Q3Q1 ,S+>0S3R1 TAX@MI@P+%R1,= >>3-> R,+,=13>,
#AFCALXA@+%R1,Q >.3-1 R1+.QS30S 4I@BY+%R1,= >>301 RR+=.03R,
33Annual Report 2013 - 2014
0102030405060708090
100110120130140150
Mar
-14
Feb-
14
Jan-
14
Dec
-13
Nov
-13
Oct
-13
Sep
-13
Aug
-13
Jul-1
3
Jun-
13
May
-13
Apr
-13 0
5000
10000
15000
20000
25000
Comparison for Share Price vs- BSE Sensex
DSKDL Share Price BSE Sensex
DS
KD
L S
hare
Pric
e
BS
E S
ense
x
3. Performance of the share prices of the Company on NSE in Comparison to CNX NIFTY
MonthDSK HIGH
NSE
CNX NIFTY Month DSK HIGH
NSE
CNX NIFTY
6F@?O+%R1,Q .R3S> >+S0R3Q1 'BCDXA@+%R1,Q >>3S1 0+Q1S31>
4IP+%R1,Q 0.3=> 0+RRS3=> 9DJALXA@+%R1,Q >03S1 0+Q=R3S>
2MGA+%R1,Q 0>311 0+1,,311 "ABALXA@+%R1,Q 0,3-1 0+=,>3R>
2MOP+%R1,Q 01311 0+1SQ3Q> 2IGMI@P+%R1,= 0,3>1 0+Q>-3Q1
6MKMEC+%R1,Q 0=3R> >+-1-3>1 TAX@MI@P+%R1,= >03>1 0+R-R3.1
#AFCALXA@+%R1,Q >.3.1 0+,=R3>1 4I@BY+%R1,= >>3R1 0+.Q131>
0
1000
2000
3000
4000
5000
6000
7000
Mar
'14
Feb
'14
Jan
'14
Dec
'13
Nov
'13
Oct
'13
Sep
t'13
Aug
'13
Jul'1
3
Jun'
13
May
'13
Apr
'13 0
20406080100120140160180200
Comparison of CNX Nifty vs- DSKDL High NSE
CNX Nifty DSK High NSE
CN
X N
ifty
DS
K H
igh
NS
E
34 Annual Report 2013 - 2014
4. Dividend History:
Sr. No. Year Dividend %
, R11=<1> .
2 R11><10 R1
3 R110<1. R1
4 R11.<1- R1
> R11-<1S ,1
0 R11S<,1 ,1
. R1,1<,, ,1
- R1,,<,R ,1
9 R1,R<,Q ,1
,1 R1,Q<,=k ,1
% k"?J?NAGN% @ABDLLAGNAN% XP% CYA% ^DI@N% [D@% Ti% R1,Q<,=% ?E% EMX\ABC% CD% CYA% IFF@DJIO% XP% LALXA@E% ?G% CYA%
ensuing AGM.
0
5
10
15
20
25
2013-1
4
2012-1
3*
2011-1
2
2010-1
1
2009-1
0
2008-0
9
2007-0
8
2006-0
7
2005-0
6
2004-0
5
Dividend Chart
Year
Div
idend %
UNCLAIMED DIVIDENDS / REFUND AMOUNTS AND TRANSFER TO INVESTOR EDUCATION & PROTECTION FUND
% 7G%CA@LE%D[%#ABC?DG%R1>H%D[%CYA%A@ECWY?OA%HDLFIG?AE%6BC+%,S>0+%CYA%MGBOI?LAN%IGN%MGFI?N%N?J?NAGN%IGN%CYA%IFFO?BIC?DG%LDG?AE%@ABA?JAN%XP%HDLFIGP%[D@%IOODCLAGC%D[%EYI@AE%IGN%NMA%[D@%@A[MGN%[D@%I%FA@?DN%D[%seven years are required to be transferred to the Investor Education & Protection Fund administered by HAGC@IO%:DJA@GLAGC3%(GBOI?LAN%"?J?NAGN%MFCD%R11><10+%YIE%XAAG%C@IGE[A@@AN%CD%CYA%7GJAECD@%)NMBIC?DG%& Protection Fund.
% ZYA% CIXOA% K?JAG% XAODW% K?JAE% CYA% NICAE% D[% N?J?NAGN% NABOI@IC?DG% E?GBA% R110<1.% ILDMGCE% IGN% CYA%BD@@AEFDGN?GK% NICAE% WYAG% CYA% EI?N% ILDMGCE% I@A% NMA% CD% XA% C@IGE[A@@AN% CD% CYA% 7GJAECD@% )NMBIC?DG% _%Protection Fund.
Year Type Date of declaration / refund Due date of transfer
R110<1. Dividend 29th%#AFCALXA@+%R11. %R-th%'BCDXA@+%R1,=
R11.<1- Dividend R.th%#AFCALXA@+%R11- %R0th%'BCDXA@+%R1,>
R11-<1S Dividend 29th%#AFCALXA@+%R11S %R-th%'BCDXA@+%R1,0
R11S<,1 Dividend 29th%#AFCALXA@+%R1,1 R-th%'BCDXA@+%R1,.
R1,1<,, Dividend 29th%#AFCALXA@+%R1,, R-th 'BCDXA@+%R1,-
R1,,<,R Dividend R0th%#AFCALXA@+%R1,R R>th%'BCDXA@+%R1,S
R1,R<,Q Dividend R.th%#AFCALXA@+%R1,Q R0th%'BCDXA@+%R1R1
35Annual Report 2013 - 2014
Share transfer System:
% ,3% ZYA% #YI@A% Z@IGE[A@% HDLL?CCAA% ODD]E% I[CA@% CYA% EYI@A% C@IGE[A@% EPECAL3% % ZYA% #YI@A% Z@IGE[A@%HDLL?CCAA% LAACE% IE% IGN% WYAG% GABAEEI@P3% ZYA% @AEDOMC?DGE% FIEEAN% XP% CYA% AI@O?A@% HDLL?CCAA%meetings are confirmed at the subsequent Committee Meetings. Minutes of the Committee LAAC?GKE%I@A%FOIBAN%XA[D@A+%IGN%GDCAN%XP+%CYA%^DI@N%D[%"?@ABCD@E3
% R3% #YI@AF@D%#A@J?BAE%`7GN?Ia%;JC3%VCN3+%5AK?EC@I@%_%Z@IGE[A@%IKAGC%D[%CYA%HDLFIGP%ODD]E%I[CA@%CYA%WD@]%relating to transfers.
% Q3% ZYA%HDLFIGP*E%EYI@AE%I@A%C@INAN%DG%#CDB]%)UBYIGKAE%?G%BDLFMOED@?OP%NALICA@?IO?EAN%[D@L3%^MC%CYA%D[[%LI@]AC%C@IN?GK%D[%EYI@AE%D[%CYA%HDLFIGP%?E%IOED%FDEE?XOA%?G%FYPE?BIO%[D@L3%ZYA%EYI@A%C@IGE[A@%[D@LE%@ABA?JAN%IC%HDLFIGP%I@A%EAGC%CD%CYA%5%_%Z%6KAGC%[D@%[M@CYA@%F@DBAEE?GK3
% =3% ZYA%HDLFIGP%AGEM@AE%CYIC%IOO%C@IGE[A@E%I@A%A[[ABCAN%W?CY?G%I%FA@?DN%D[%[?[CAAG%NIPE%[@DL%CYA%NICA%D[%their lodgement.
% >3% 6E%@AeM?@AN%MGNA@%HOIMEA%=.`Ba%D[%CYA%V?EC?GK%IK@AALAGC%AGCA@AN%?GCD%XP%CYA%HDLFIGP%W?CY%#CDB]%)UBYIGKAE+%BA@C?[?BICA% ?E%DXCI?GAN%AJA@P%E?U%LDGCYE% [@DL%I%;@IBC?B?GK%HDLFIGP%#AB@ACI@P%W?CY%regard to, inter-alia, effecting transfer, transmission, sub-division and consolidation of equity EYI@AE%W?CY?G%,>%NIPE%D[%CYA%ODNKALAGC3%ZYA%BA@C?[?BICAE%I@A%[D@WI@NAN%CD%^#)%IGN%9#)+%WYA@A%CYA%AeM?CP%EYI@AE%I@A%O?ECAN%IGN%IOED%FOIBAN%XA[D@A%CYA%^DI@N%D[%"?@ABCD@E3
Distribution of Shareholdings as at 31st March, 2014:
Slab of Shareholdings
No. of Shares
No. of
Shareholders
Percentage of
total shareholders
Amount in ` Percentage of total
paid up capital
VAEE%CYIG%>+111 R=+.RQ SS30,Q RS+-S+->, ,,3>--
>+11,<,1+111 Q. 13,=S R+=Q+S,0 13S=>
,1+11,<R1+111 22 131-S Q+=Q+=>S ,3QQ,
R1+11,<Q1+111 4 131,0 ,+1R+QS1 13QS.
Q1+11,<=1+111 0 131R= ,+S.+Q-S 13.0>
=1+11,<>1+111 4 131,0 ,+-R+0,R 13.1-
>1+11,<,11+111 4 131,0 R+-,+.Q. ,31SR
,1+111,%_%IXDJA ,S 131.. R+,=+>S+0>= -Q3,.=
Total 24,819 100.00 2,58,01,008 100.00
Categories of shareholders as at 31st March, 2014:
Categories Number of shares % to shareholding
Promoters, Directors & Relatives ,+RR+S>+1>1 =.30>
Mutual Funds & UTI R+11+111 13.-
^IG]E/%T?GIGB?IO%7GEC?CMC?DGE/%7GEM@IGBA%HDLFIG?AE R+=11 1311
Foreign Institutional Investors 1 1
;@?JICA%HD@FD@ICA%^DN?AE ,Q+R1+SR- >3,R
Indian Public .S+>-+S,- Q13-=
957E/%'H^E/%TD@A?KG%9IC?DGIOE =1+RQ+.,R ,>301
Total 2,58,01,008 100.00
Dematerialisation of shares
% ZYA%HDLFIGP*E%)eM?CP%#YI@AE%YIJA%XAAG%NALICA@?IO?EAN%W?CY% CYA%HAGC@IO%"AFDE?CD@P%#A@J?BAE%`7GN?Ia%
V?L?CAN% `H"#Va% IGN% CYA% 9IC?DGIO% #ABM@?C?AE% "AFDE?CD@P% V?L?CAN% `9#"Va3% ZYA% 7GCA@GIC?DGIO% #ABM@?CP%
Identification Number (ISIN) is an identification number for traded shares. This number is to be quoted in
AIBY%C@IGEIBC?DG%@AOIC?GK%CD%CYA%NALICA@?IO?EAN%EYI@AE%D[%CYA%HDLFIGP3%ZYA%7#79%D[%CYA%HDLFIGP%[D@%?CE%
shares is mentioned above.
36 Annual Report 2013 - 2014
% 6E% DG% Q,st% 4I@BY+% R1,=+% DMC% D[% CYA% CDCIO% YDON?GK% D[% R+>-+1,+11-% AeM?CP% EYI@AE% R+,>+Q,+>1Q% EYI@AE%
@AF@AEAGC?GK%-Q3=>n%D[%CYA%CDCIO%YDON?GK%I@A%?G%NALICA@?IO?EAN%[D@L3
Investor Correspondence
Registrar & Transfer Agents Sharepro Services (India) Pvt. Ltd.
,Q6^+%#ILY?CI%bI@AYDME?GK%HDLFOAU+
RGN%TODD@+%#I]?GI]I%ZAOAFYDGA%)UBYIGKA
Lane, Off. Andheri-Kurla Road, Sakinaka
6GNYA@?%`)IECa%4MLXI?%<%=11%1.R3
;Y3%9D3j%1RR<0..R1Q11/0..R1=11
TIU%9D3j%1RR<%R->S,>0-/R->1-SR.
EYI@AF@DlEYI@AF@DEA@J?BAE3BDL
Contact:%% 4@E3%4IG?EYI%2INYIJ%/
Ms. Indira Karkera
Corporate Identity Number (CIN) V=>R1,;9,SS,;VH10QQ=1
Registered Office !"#$%&DMEA*+%,,-./01+%23%43%5DIN+%#Y?JI\?GIKI@+%;MGA%<%=,,%11>
Mumbai Office !"#$*% DG% 8AA@% #IJI@]I@% 4I@K% `HINOA% 5DINa+% 9AUC% CD% 4IPD@*E%
^MGKIODW+%#Y?JI\?%;I@]+%"INI@+%4MLXI?%d%=11%1R-3
Company Secretary and Compliance%%%4@3%6LDO%;M@IGNI@A+%HDLFIGP%#AB@ACI@P
Officer of the Company
Company website www.dskdl.com
E-mail ID for investor grievances EAB@ACI@?IOlNE]NO3BDL
% T?GIGB?IO%PAI@%D[%CYA%HDLFIGP%?E%[@DL%,st%D[%6F@?O%D[%AJA@P%PAI@%CD%Q,st of March next year.
37Annual Report 2013 - 2014
DECLARATION REGARDING COMPLIANCE BY THE BOARD MEMBERS AND SENIOR MANAGEMENT
0$#%&11$'!F-*+!.&40,13/%!.&)$!&G!.&1)H.*7
ZY?E% ?E% CD%BDG[?@L% CYIC% CYA%HDLFIGP%YIE%INDFCAN%I%HDNA%D[%HDGNMBC% [D@%IOO% ?CE%^DI@N%4ALXA@E%IGN%#AG?D@%
4IGIKALAGC%D[%CYA%HDLFIGP3%ZY?E%HDNA%?E%IJI?OIXOA%DG%CYA%HDLFIGP*E%WAXE?CA3
7%BDG[?@L%CYIC%CYA%^DI@N%4ALXA@E%IGN%#AG?D@%4IGIKALAGC%D[%CYA%HDLFIGP%YIJA%?G%@AEFABC%D[%CYA%[?GIGB?IO%PAI@%
AGNAN%Q,st%4I@BY+%R1,=%BDLFO?AN%W?CY%CYA%HDNA%D[%HDGNMBC%IE%IFFO?BIXOA%CD%CYAL3
D. S. Kulkarni
Chairman & Managing Director
Place: Pune
Date: 29th%4IP+%R1,=
CERTIFICATE
To the Members of
D. S. Kulkarni Developers Limited
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@ABD@NE%@AOIC?GK%CD%BDLFO?IGBA%D[%BDGN?C?DGE%D[%BD@FD@ICA%KDJA@GIGBA%XP%"3%#3%$MO]I@G?%"AJAODFA@E%V?L?CAN%`!CYA%
HDLFIGP*a%[D@%CYA%PAI@%AGNAN%Q,st%4I@BY+%R1,=%IE%EC?FMOICAN%?G%HOIMEA%=S%D[%CYA%V?EC?GK%6K@AALAGCE%D[%CYA%EI?N%
HDLFIGP%W?CY%CYA%#CDB]%)UBYIGKA+%4MLXI?%IGN%CYA%9IC?DGIO%#CDB]%)UBYIGKA3
ZYA%BDLFO?IGBA%D[%BDGN?C?DGE%D[%BD@FD@ICA%KDJA@GIGBA%?E%CYA%@AEFDGE?X?O?CP%D[%CYA%LIGIKALAGC3%'M@%AUIL?GIC?DG%
BDGNMBCAN%?G%CYA%LIGGA@%NAEB@?XAN%?G%CYA%!:M?NIGBA%9DCA%DG%HA@C?[?BIC?DG%D[%HD@FD@ICA%:DJA@GIGBA*%?EEMAN%XP%
CYA%7GEC?CMCA%D[%HYI@CA@AN%6BBDMGCIGCE%D[%7GN?I+%WIE%O?L?CAN%CD%F@DBANM@AE%IGN%?LFOALAGCIC?DG%CYA@AD[+%INDFCAN%XP%
CYA%HDLFIGP%[D@%AGEM@?GK%BDLFO?IGBA%W?CY%BDGN?C?DGE%D[%HD@FD@ICA%:DJA@GIGBA3%'M@%AUIL?GIC?DG%WIE%GA?CYA@%IG%
IMN?C%GD@%WIE%?C%BDGNMBCAN%CD%AUF@AEE%IG%DF?G?DG%DG%CYA%[?GIGB?IO%ECICALAGCE%D[%CYA%HDLFIGP3
7G%DM@%DF?G?DG%IGN%CD%CYA%XAEC%D[%DM@%?G[D@LIC?DG%IGN%IBBD@N?GK%CD%CYA%AUFOIGIC?DGE%K?JAG%CD%ME%IGN%DG%CYA%XIE?E%
D[%DM@%AUIL?GIC?DG%NAEB@?XAN%IXDJA+%WA%BA@C?[P%CYIC%CYA%HDLFIGP%YIE%BDLFO?AN%W?CY%CYA%BDGN?C?DGE%D[%HD@FD@ICA%
:DJA@GIGBA%IE%EC?FMOICAN%?G%HOIMEA%=S%D[%CYA%IXDJA%<%LAGC?DGAN%V?EC?GK%6K@AALAGCE3
bA%[M@CYA@%ECICA%CYIC%EMBY%BDLFO?IGBA%?E%GA?CYA@%IG%IEEM@IGBA%IE%CD%CYA%[MCM@A%J?IX?O?CP%D[%CYA%HDLFIGP%GD@%D[%CYA%
A[[?B?AGBP%D@%A[[ABC?JAGAEE%W?CY%WY?BY%CYA%LIGIKALAGC%YIE%BDGNMBCAN%CYA%I[[I?@E%D[%CYA%HDLFIGP3
For Gokhale, Tanksale & Ghatpande,
T?@L%5AK?EC@IC?DG%9D3%,1QR..b
Chartered Accountants
(S. M. Ghatpande)
Partner
4ALXA@EY?F%9D3j%Q1=0R
Place: Pune
Date: 29th%4IP+%R1,=
38 Annual Report 2013 - 2014
MANAGEMENT DISCUSSION AND ANALYSIS
Economic Overview
ZYA%PAI@%R1,Q<,=% CM@GAN%DMC% CD%XA%I% B@?C?BIO% PAI@% [D@% DM@% BDMGC@P3%;DO?C?BE%DJA@EYINDWAN%ABDGDL?BE% ?G% J?AW%
D[% CYA% [D@CYBDL?GK% KAGA@IO% AOABC?DGE3%ZYA% KODXIO% AJAGCE% IGN% FDO?C?BIO% MGBA@CI?GC?AE% BDLFO?BICAN% CYA% XME?GAEE%
environment. Though the governmental efforts were focused towards fight against inflation, none the less the
inflation continued to scale high.
ZYA% :DJA@GLAGC*E% A[[D@CE% CD% BDGCI?G% ?G[OIC?DGI@P% F@AEEM@AE% WA@A% BDLFOALAGCAN% XP% 5AEA@JA% ^IG]% D[% 7GN?I%
XP% INDFC?GK% IFF@DF@?ICA% LDGACI@P% FDO?B?AE3% TIJDM@IXOA% LAIEM@AE% [DOODWAN% XP% @ABDJA@P% ?G% IK@?BMOCM@A% IGN%
allied sectors to some extent were redeeming factors. However the earlier effects of high inflation and global
uncertainties had already settled in which resulted into industrial and economic slowdown. The Indian economy
WIE%JP?GK%[D@%EC@MBCM@IO%@A[D@LE%CD%AJAGCMIOOP%KAC%XIB]%CD%CYA%KOD@?DME%FICY%D[%Y?KY%K@DWCY%EAAG%XA[D@A3
ZYA% OICAEC%K@DEE%NDLAEC?B%F@DNMBC% `:";a%AEC?LICAE%EYDW%CYIC% ?GNMEC@P%K@AW%XP% \MEC%,31%FA@%BAGC% ?G%R1,R<,Q%
IGN%EODWAN%[M@CYA@%?G%R1,Q<,=+%FDEC?GK%IG%?GB@AIEA%D[%13=%FA@%BAGC%DGOP3%ZYA%EI?N%CWD%BDGEABMC?JA%PAI@E%WA@A%
FI@C?BMOI@OP%N?EIFFD?GC?GK%[D@%CYA%LIGM[IBCM@?GK%EABCD@3%"ABO?GA%?G%CYA%K@DWCY%@ICA%[D@%XIE?B%KDDNE%BDGC?GMAN%[D@%
CYA%CY?@N%PAI@%?G%EMBBAEE?DG%?G%R1,Q<,=3%'MCFMC%D[%BIF?CIO%KDDNE%IOED%NABO?GAN3%ZYDMKY%CYA%BDGEC@MBC?DG%EABCD@%
YIE%XAAG%CYA%LI\D@% ?GNMEC@P% [D@%ALFODPLAGC% ?C% ODEC%LDLAGCML%?G% CYA% OIEC% CWD%PAI@E3%ZI]AG%CDKACYA@%W?CY% CYA%
trends in the economy, the slowdown in construction activity reflects subdued business sentiments.
#C?OO%7GN?I%?E%EAAG%IE%DGA%D[%CYA%WD@ON*E%LDEC%ICC@IBC?JA%?GJAECLAGC%NAEC?GIC?DGE3%b?CY%CYA%YDFAE%D[%FAGAC@IC?DG%
and broad based reforms, India is today an eye-catching destination for overseas investors. The relaxation of
?GJAECLAGC%GD@LE%XP%CYA%KDJA@GLAGC%W?OO%B@AICA%I%JIEC%DFFD@CMG?CP%[D@%[D@A?KG%FOIPA@E+%WYD%I@A%ODD]?GK%BDLFAC?GK%
[D@%I%K@AICA@%@DOA%?G%EYIF?GK%CYA%7GN?IG%LI@]AC3
Real Estate Sector Overview
5AIO%AECICA% ?E%DGA%D[% CYA% [IECAEC%K@DW?GK%EABCD@E%D[% CYA% 7GN?IG%ABDGDLP%IGN%BDGC@?XMCAE%IXDMC%>%FA@%BAGC% CD%
7GN?I*E% K@DEE% NDLAEC?B% F@DNMBC% `:";a3% :@DW?GK% @AeM?@ALAGCE% D[% EFIBA% [@DL% EABCD@E% EMBY% IE% ANMBIC?DG% IGN%
YAIOCYBI@A% F@DJ?NA% DFFD@CMG?C?AE% ?G% CYA% @AIO% AECICA% EABCD@3% :@DWCY% ?G% CYA% GMLXA@% D[% CDM@?ECE% YIE% @AEMOCAN% ?G%
NALIGN%[D@%EA@J?BA%IFI@CLAGCE3%%6OED+%ALA@KAGBA%D[%GMBOAI@%[IL?O?AE%IGN%K@DW?GK%M@XIG?EIC?DG%YIE%K?JAG%@?EA%CD%
EAJA@IO%CDWGEY?FE%CYIC%I@A%NAJAODFAN%CD%CI]A%BI@A%D[%CYA%AONA@OP3
Due to increase in urbanisation and increase in household income, demand for residential real estate is
EM@K?GK3%7C%?E%AUFABCAN%CYIC%CYA%@ACI?O%IGN%BDLLA@B?IO%EFIBA%W?OO%K@DW%E?GBA%CYA%ABDGDLP%?E%EYDW?GK%CYA%E?KGE%D[%
?LF@DJ?GK3%:@DW?GK%?G[@IEC@MBCM@A%@AeM?@ALAGC%?G%N?JA@EA%EABCD@E%EMBY%IE%CDM@?EL+%ANMBIC?DG+%YAIOCYBI@A+%ACB3+%
IMKM@E%WAOO%[D@%BDGEC@MBC?DG%?GNMEC@P%IGN%D[[A@E%EAJA@IO%?GJAECLAGC%DFFD@CMG?C?AE%[D@%XDCY%NDLAEC?B%IE%WAOO%IE%
foreign investors.
9DW%W?CY%CYA%9AW%:DJA@GLAGC%IC%CYA%BAGC@A+%?C%?E%AUFABCAN%CYIC%CYA%EC@AEEAN%?G[@IEC@MBCM@A%W?OO%KAC%I%XDDEC3%b?CY%
ABDGDLP% EYDW?GK% E?KGE% D[% ?LF@DJALAGC+% BDLLA@B?IO% D[[?BA% EFIBA% IXED@FC?DG% ?E% AUFABCAN% CD% ?GB@AIEA3% 4I?G%
N@?JA@E%I@A%@IF?N%K@DWCY%?G%7Z/7Z)#+%^T#7+%CAOABDL+%49HE3%ZYA%BD@FD@ICAE%I@A%GDW%EY?[C?GK%CD%Z?A@%77%B?C?AE%WYA@A%
K@DWCY%?G%NALIGN%[D@%BDLLA@B?IO%EFIBAE%IGN%@AE?NAGC?IO%MG?CE%BIG%XA%EAAG3%b?CY%LIGP%CDWGEY?FE%BDL?GK%MF%CYA%
T"7%[ODW%?E%AUFABCAN%CD%?GB@AIEA%IE%@AIO%AECICA%?G%7GN?I%BDGC?GMAE%CD%XA%I%[IJDM@AN%NAEC?GIC?DG%[D@%[D@A?KGA@E3%ZYA%
@AIO%AECICA%XME?GAEE%LDNAO%[D@%OI@KA%F@D\ABCE%EAALE%CD%XA%BYIGK?GK%[@DL%EIOAE%CD%OAIEA%IGN%LI?GCI?G3
ZYA%[DBME%DG%!I[[D@NIXOA%YDME?GK*%EYIOO%YAOF%CYA%EABCD@%C?NA%DJA@%CYA%EODW%NDWG%?G%NALIGN%?C%YIN%W?CGAEEAN3%&DWAJA@+%
EMXECIGC?IO%F@DK@AEE%?E%FDEE?XOA%DGOP%W?CY%CYA%\D?GC%A[[D@CE%D[%XDCY%CYA%?GNMEC@P%IGN%CYA%:DJA@GLAGC3%'G%DGA%YIGN+%
CYA%?GNMEC@P%EYDMON%WD@]%CDWI@NE%?GB@AIEAN%C@IGEFI@AGBP+%BOAI@%OIGN%C?COAE+%?LF@DJAN%NAO?JA@P%IGN%F@D\ABC%AUABMC?DG%
WY?OA%DG%CYA%DCYA@%YIGN%CYA%:DJA@GLAGC%LMEC%F@DJ?NA%BDGNMB?JA%OAKIO%[@ILAWD@]%IGN%[?EBIO%?GBAGC?JAE%CD%NAJAODFA@E%
to build low cost and affordable housing for the masses and also review the existing FDI guidelines for investment
IGN%NAJAODFLAGC%?G%7GN?IG%@AIO%AECICA%?G%D@NA@%CD%?GB@AIEA%CYA%[ODW%D[%[D@A?KG%BIF?CIO%?GCD%CYA%EABCD@3
39Annual Report 2013 - 2014
Residential Real Estate
Residential Real Estate sector, which has been growing over the years, is much dominated by localised,
[@IKLAGCAN%IGN%MGD@KIG?EAN%FI@C?B?FIGCE3%ZYA@A%I@A%I%[AW%OI@KA%IGN%D@KGIG?EAN%@AK?DGIO%IGN%FIG%7GN?I%FOIPA@E3%
5IF?N%M@XIG?EIC?DG+%@?EA%?G%GMLXA@%D[%GMBOAI@%[IL?O?AE+%IJI?OIX?O?CP%D[%[?GIGBA+%@AFIC@?IC?DG%[@DL%957E%IGN%&97E%
are drivers for growth in residential real estate.
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IE%EMBY%@AE?NAGC?IO%NALIGN%?G%CYAEA%B?C?AE%?E%AUFABCAN%CD%K@DW3%9DW%W?CY%ODC%D[%CDWGEY?FE%BDL?GK%?G+%BMECDLA@E*%
F@A[A@AGBA%YIE%ECI@CAN%BYIGK?GK3%5ICYA@%CYIG%KD?GK%CD%I%ELIOO%NAJAODFA@%YIJ?GK%ELIOOA@%F@D\ABC%CYAP%F@A[A@%KDDN%
NAJAODFA@%YIJ?GK%C@IB]%@ABD@N%IGN%BIFIX?O?CP%D[%AUABMC?GK%IGN%LI?GCI?G?GK%CYA%F@D\ABCE3%VI@KA%F@D\ABCE/CDWGEY?FE%
D[[A@%IOO<?G<DGA%@AE?NAGC?IO%ODBIC?DGE%WY?BY%ELIOO%IGN%LI@K?GIO%NAJAODFA@E%I@A%MGIXOA%CD%D[[A@3
(G[IgAN%XP%LDNAEC%K@DWCY%?G%NALIGN%NAJAODFA@E%I@A%BDGC?GM?GK%CD%OIMGBY%F@D\ABCE3%ZYA@A%YIE%XAAG%GD%NABO?GA%
?G%GAW%OIMGBYAE3%4IGP%5AIO%)ECICA%"AJAODFA@E%I@A%GDC%DXO?J?DME%CD%CYA%Y?KY%NALIGN%[D@%I[[D@NIXOA%YDMEAE3%ZYAP%
I@A%@A<IO?KG?GK%D[[A@?GKE%CD%ICC@IBC%CYDEA%WYD%I@A%ODD]?GK%[D@%I%@AIEDGIXOA%F@?BA%CIK3
The Outlook:
Though Real Estate is accelerating momentum to gather, it has to face many challenges such as inflation, high
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of skilled labour, etc.
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N?@ABCOP%D@%?GN?@ABCOP3%#C?OO%?C%?E%OIKK?GK%XAY?GN%CD%W?G%I%F@DFA@%?GNMEC@P%@ABDKG?C?DG3%7C%@AeM?@AE%LD@A%?GBAGC?JAE+%FDE?C?JA%
EAGC?LAGCE%IGN%EMFFD@C%[@DL%CYA%KDJA@GLAGC3%#CIXOA%KDJA@GLAGC%IC%CYA%BAGCA@%YIE%[ODWAN%?G%I%FDE?C?JA%WIJA%D[%
LDC?JIC?DG%IGN%FMEY%CD%CYA%ABDGDLP%WY?BY%LIP%C@IGE[D@L%?G%F@DK@AEE?JA%?GNMEC@?IO%K@DWCY3%7C%?E%I%YDFA%CYIC%FDO?BP%
[DBME%EYIOO%XA%DG%IBBAOA@IC?GK%IFF@DJIO%F@DBAEE+%IGN%@ANMB?GK%?GCA@AEC%BDEC%IGN%BDGC@DOO?GK%?G[OIC?DG3
b?CY%CYA%9AW%:DJA@GLAGC%I?L?GK%[D@%EC@DGKA@%M@XIG%?G[@IEC@MBCM@A%?G%CYA%BDMGC@P+%CY?E%FMEY%BIG%@AOAIEA%LD@A%
OIGN%[D@%@AIO%AECICA%NAJAODFLAGC%CYA@AXP%BDDO?GK%F@?BAE%?G%LI\D@%B?C?AE3
5AIO%)ECICA%#ABCD@%YIE%IOWIPE%XAAG%I%Y?KYOP%@AKMOICAN%EABCD@3%TD@%AIBY%F@D\ABC% CYA%NAJAODFA@E%YIJA%CD% CI]A%
LIGP%IFF@DJIOE3%ZYA%5AIO%)ECICA%5AKMOIC?DG%^?OO+%IE%?GC@DNMBAN+%?E%AUFABCAN%CD%@AKMOICA%FOIGGAN%NAJAODFLAGC%D[%
CYA%EABCD@3%ZYA%IGDCYA@%@AKMOICD@%W?OO%INN%CD%CYA%N?[[?BMOC?AE%[D@%CYA%NAJAODFA@E%XMC%?C%W?OO%@AJ?JA%C@MEC%IGN%K@AICA@%
C@IGEFI@AGBP%?G%CYA%EABCD@3
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CIUIC?DG%IEFABCE%D[%?GJAECLAGCE3
Opportunities
b?CY% CYA% #CIXOA% :DJA@GLAGC% IC% CYA% BAGC@A+% ?C% ?E% AUFABCAN% CYIC% CYA% FDO?BP% FI@IOPE?E% W?OO% XA% BM@AN% IGN% GAW%
KDJA@GLAGC%BIG%CI]A%BDGB@ACA%ECAFE%[D@%CYA%@A[D@LE3%:DJA@GIGBA%?E%AUFABCAN%CD%XA%ELDDCY%IGN%EFAANP%WY?BY%
W?OO%OAIN%CD%[IECA@%IFF@DJIOE3
5AIO% )ECICA% EABCD@% ?E% GDW% W?CGAEE?GK% IGGDMGBALAGCE% D[% LIGP% CDWGEY?FE3% HMECDLA@E% I@A% IOED% F@A[A@@?GK% I%
CDWGEY?F%@ICYA@%CYIG%ECIGNIODGA%F@D\ABC3%HYIGK?GK%BDGEMLA@%CIECA%[@DL%EIOAE%CD%OAIEA%IGN%LI?GCI?G%W?OO%XAGA[?C%
CYA% EIOA%D[% MG?CE% ?G% CDWGEY?FE3%'M@%HDLFIGP%IO@AINP%YIE%I% OI@KA% OIGN%FI@BAOE%WY?BY%BIG%XA%BDGJA@CAN% ?GCD%
CDWGEY?F% O?]A%F@D\ABCE3%&IJ?GK%IG%AUFA@?AGBA%D[%BDGEC@MBC?GK%DGA%CDWGEY?F%BDLFIGP%BIG%@?NA%DG%CYA%WIJA%D[%
CDWGEY?F%NAJAODFLAGCE3
5^7%IGN%:DJA@GLAGC*E%BDGC?GMDME%A[[D@CE%?G%@ANMB?GK%CYA%?G[OIC?DG%W?OO%INN%[MAO%CD%CYA%K@DWCY%D[%CYA%ABDGDLP3%
7[%BMECDLA@E*%FM@BYIE?GK%FDWA@%?E%?GB@AIEAN+%CYA@A%W?OO%XA%XDDEC%CD%@AIO%AECICA%NALIGN<XDCY%?G%@AE?NAGC?IO%IGN%
BDLLA@B?IO%EFIBA3
40 Annual Report 2013 - 2014
ZYA%9AW%:DJA@GLAGC% ?E%AUFABCAN% CD%F@DJ?NA%IG% ?GN?@ABC%XMC% EC@DGK%FMEY% CD% @AIO% AECICA% EABCD@%XP% ?LF@DJ?GK%?G[@IEC@MBCM@A3%"AJAODFA@E%W?OO%BDGC?GMA%CD%[DBME%DG%AUABMC?DG%IGN%?C%?E%AUFABCAN%CYIC%GAW%OIMGBYAE%W?OO%?GB@AIEA%which will boost the real estate market.
ZYA%@MFAA%[IOO%?E%?GJ?C?GK%?GJAECLAGCE%?G%@AIO%AECICA%?G%7GN?I%XP%957E%IE%?C%OAINE%CD%?GJAECLAGCE%IC%ODWA@%BDEC%CD%CYAL3
Threats Risks and Concerns
ZYA%IBMCA%WD@@P%[D@%CYA%BDMGC@P%YIE%XAAG%?G[OIC?DG%?G%CYA%@ABAGC%FIEC3%7C%?E%EC?OO%IXDJA%5^7*E%BDL[D@C%gDGA3%)JAG%CYA%9AW%:DJA@GLAGC%GAANE%EM[[?B?AGC%C?LA%CD%CI]A%ECAFE%CD%BM@X%?G[OIC?DG3%6E%EMBY%?C%?E%AUFABCAN%CYIC%5^7%W?OO%LI?GCI?G%?CE%ECIGBA%DG%CYA%?GCA@AEC%@ICA3%7C%LIP%OAIN%CD%?GB@AIEA%?G%BDEC%D[%BDGEC@MBC?DG%CYA@AXP%?GB@AIE?GK%F@DFA@CP%F@?BAE3
ZYDMKY% 9AW% :DJA@GLAGC% EAALE% CD% XA% F@D<?G[@IEC@MBCM@A+% ?C% W?OO% CI]A% C?LA% [D@% FAGAC@IC?DG% D[% ?G[@IEC@MBCM@A%?G% CYA%BDMGC@P3% 7C%W?OO% OAIN% CD%LD@A%F@AEEM@A%DG%M@XIG%I@AIE%WY?BY% OIB]% ?G[@IEC@MBCM@A%IGN% OAIN% CD%MGFOIGGAN%NAJAODFLAGC%XP%MGD@KIG?EAN%EABCD@3%TM@CYA@%NAJAODFLAGC%D[%?G[@IEC@MBCM@A%W?OO%OAIN%CD%?GB@AIEA%?G%OIGN%FI@BAOE%WY?BY%W?OO%INN%CD%CYA%BDEC%D[%F@DFA@C?AE3
6O@AINP%@AIO%AECICA%F@D\ABC%?E%YILFA@AN%XP%Y?KYA@%F@D\ABC%IFF@DJIO%C?LA3%ZYA%5AIO%)ECICA%5AKMOICD@%?G%CYA%[D@L%D[%I%WICBY%NDK%YIE%XAAG%INNAN%IGDCYA@%W?GNDW%D[%IFF@DJIO3%7C%LIP%[M@CYA@%AUCAGN%OIMGBY?GK%D[%F@D\ABCE3
Demand was also hit as the Reserve Bank of India (RBI) curtailed certain subvention schemes, terming these as IG%INN?C?DGIO%@?E]%CD%XDCY%XIG]E%IGN%YDLA%ODIG%XD@@DWA@E3%5^7%@AEC@?BCAN%XIG]E%IGN%YDME?GK%[?GIGBA%BDLFIG?AE%[@DL%D[[A@?GK%MF[@DGC%N?EXM@EALAGC%D[% ODIGE% CD%NAJAODFA@E%IGN%IE]AN% CYAL% CD% ?GECAIN% O?G]% ?C% CD% CYA%ECIKAE%D[%BDLFOAC?DG%D[%I%F@D\ABC3
V?eM?N?CP%B@?E?E%LIP%OAIN%CD%XIG]E%XABDL?GK%LD@A%BIMC?DME%DG%[MGN?GK%IGN%IE%EMBY%CYA%BYAIFAEC%[?GIGBA%?E%ODEC3%ZYA%DGOP%@ABDM@EA%OA[C%?E%9^THE%D@%;)%[MGNE%WY?BY%AUFABC%I%JA@P%Y?KY%@ACM@GE3%ZYDMKY%OIGN%?E%BDGE?NA@AN%IE%@IW%material for real estate, bank funding is not available for acquisition of land. In a cash crunch situation a good land deals may be lost.
Government initiatives to reforms in rural areas are leading to reverse migration of labour from cities thereby creating shortage of semi-skilled and unskilled labour and increase in the cost of labour.
"AJAODF?GK%I%CDWGEY?F%?CEAO[%?E%I%BYIOOAGKA3%#?GBA%?C%?E%BIOOAN%I%B?CP%W?CY?G%?CEAO[+%IOO%CYA%?G[@IEC@MBCM@A%GAAN%CD%XA%simultaneously constructed along with residential units, which many a time stress finances.
4IGP%@AEIOA%F@DFA@C?AE%I@A%BYAIFA@%CYIG%WYIC%NAJAODFA@E%I@A%IE]?GK%[D@3%7GJAECD@E%WYD%AGCA@AN%F@D\ABCE%IC%AI@OP%ECIKAE%BIG%AI@G%NABAGC%F@D[?CE%AJAG%W?CY%I%ODWA@%IE]?GK%F@?BA3%̂ MP?GK%YDMEAE%?G%CYA%@AEIOA%LI@]AC%IOED%AO?L?GICAE%CYA% F@D\ABC% AUABMC?DG% @?E]3% 'GA% BIG% AUFABC% CYA% @AEIOA% LI@]AC% CD% D[[A@% XACCA@% DFFD@CMG?C?AE% IE% F@DFA@C?AE% KAC%NAO?JA@AN%IGN%?GJAECD@E%EAI@BY%[D@%AU?CE3%6E%EMBY%BMECDLA@E%I@A%GDC%AGCA@?GK%CYA%F@D\ABC%IC%CYA%AUABMC?DG%ECIKA3
Risk Mitigation
6E%CYA%BDEC%D[%XD@@DW?GK%?E%KD?GK%MF+%IKK@AEE?JA%AUABMC?DG%IGN%LI@]AC?GK%A[[D@CE%I@A%GAANAN%CD%ED%CYIC%[MGNE%@DCICA% AI@OP3% HDEC% A[[ABC?JA% BDLLA@B?IO% GAKDC?IC?DGE% W?OO% @ANMBA% CYA% BDEC% D[% F@DNMBC?DG3% 'FC?LML% [?GIGB?IO%management is inevitable.
#LDDCY%F@D\ABC%EIGBC?DGE%W?CY?G%L?G?LIO%C?LA%W?OO%YAOF%?G%OIMGBY?GK%LD@A%IGN%LD@A%F@D\ABCE3%7C%W?OO%B@AICA%?GCA@AEC%in the customers and they may have more choices of their likes.
6NIFCIC?DG%D[%INJIGBAN%CABYGDODKP+%NAE?KGE+%IMCDLIC?DG%?E%@AeM?@AN%CD%@ANMBA%CYA%BDLFOAC?DG%C?LA%D[%CYA%F@D\ABC3%Continuous study of market is necessary so as to gather information about the changing taste of the customers ED%CYIC%?C%BIG%XA%?GBD@FD@ICAN%?G%F@DNMBC%L?U3%ZYA%HDLFIGP%YIE%INDFCAN%?CEAO[%CD%CYAEA3
HDGC?GMDME%LDG?CD@?GK%D[%AUABMC?DG%D[%F@D\ABC%IGN%CI]?GK%BD@@ABC?JA%IBC?DGE%IC%CYA%@?KYC%C?LA%?E%?LFD@CIGC%IE%?C%creates confidence in the minds of customers.
ZI]?GK%INJIGCIKA%D[%AGBDM@IK?GK%KDJA@GLAGC%FDO?B?AE%?E%?LFD@CIGC%IE%?C%W?OO%XAGA[?C%XDCY%CD%CYA%HDLFIGP%IGN%
BMECDLA@E3%HDLFIGP%EYDMON%XA%IXOA%CD%CIF%CYA%I@AIE%CD%IBeM?@A%OIGN%WYA@A%CYA@A%I@A%BYIGBAE%D[%?G[@IEC@MBCM@A
NAJAODFLAGC3%7C%W?OO%YAOF%BDLFIGP%CD%YIJA%OIGNE%IC%ODWA@%@ICAE3
41Annual Report 2013 - 2014
Internal Control Systems and their adequacy
ZYA%HDLFIGP%YIE%?LFOALAGCAN%INAeMICA%?GCA@GIO%BDGC@DO%EPECALE%IGN%?CE%LDG?CD@?GK%LAIEM@AE3%bYACYA@%?C%XA%
YD@?gDGCIO%D@%JA@C?BIO+%AIBY%C@IGEIBC?DG%KDAE%CY@DMKY%EPECAL3%ZYA%?GCA@GIO%BDGC@DO%EPECALE%I@A%@AJ?EAN%FA@?DN?BIOOP%
IE%GAANAN%XP%CYA%XME?GAEE%NPGIL?BE3%ZYA%IMN?C%BDLL?CCAA%N@IWE%MF%?GCA@GIO%IMN?C%EBDFA%[D@%AIBY%[?GIGB?IO%PAI@%
IODGK%W?CY%BDGBM@@AGC%IMN?C%IGN%EPECAL%IMN?C3%8I@?DME%@AFD@CE%I@A%FOIBAN%XA[D@A%CYA%6MN?C%HDLL?CCAA%IGN%I@A%
@AJ?AWAN3%TD@% ?GCAK@IC?GK%IOO% CYA%NAFI@CLAGCE+%IG%)5;%EPECAL%YIE%XAAG%?LFOALAGCAN%?G%CYA%HDLFIGP%WY?BY%
BDGC@DOE%YD@?gDGCIO%IGN%JA@C?BIO%OAJAOE%?G%CYA%HDLFIGP3
Customer Care and Satisfaction
'JA@% CYA%PAI@E%BMECDLA@%EIC?E[IBC?DG%YIE%XAAG%I%LI?G%LDCCD%D[% CYA%HDLFIGP3%bA%XAO?AJA% CYIC%DM@%BMECDLA@%
EA@J?BAE%IGN%LI?GCI?G?GK%BMECDLA@%@AOIC?DGE%I@A%IG%?GCAK@IO%FI@C%D[%DM@%HDLFIGP*E%JIOMAE%IGN%XME?GAEE3%T@DL%CYA%
JA@P%[?@EC%NIP%D[%OIMGBY?GK%D[%F@D\ABC%C?OO%?C*E%YIGN?GK%DJA@%CD%EDB?ACP+%IOO%CYA%BMECDLA@%EMKKAEC?DGE%I@A%INN@AEEAN%
IC%CYA%JI@?DME%ECIKAE3%f^YML?FM\IGc%D[%CYA%F@D\ABC%?E%NDGA%IC%CYA%YIGNE%D[%CYA%[OICYDONA@E3%HMECDLA@%LAACE%I@A%
I@@IGKAN%IC%CYA%JI@?DME%ECIKAE%D[%CYA%F@D\ABC%?LFOALAGCIC?DG%WYA@A?G%JIOMIXOA%EMKKAEC?DGE%[@DL%BMECDLA@E%I@A%
CI]AG%?GCD%IBBDMGC%IGN%LDECOP%?LFOALAGCAN3%7C%YAOFE%CYA%HDLFIGP%CD%K?JA%CYA%XAEC%FDEE?XOA%F@DNMBC3%&IGN?GK%
DJA@%BA@ALDGP%?E%YAON%IC%CYA%C?LA%D[%K?J?GK%FDEEAEE?DG%D[%[OICE%CD%?CE%BMECDLA@E3
Financial Performance
ZYDMKY%CYA%PAI@%MGNA@%@AJ?AW%YIE%XAAG%ECIKGIGC%IE%[I@%IE%[?GIGB?IO%GMLXA@E%I@A%BDGBA@GAN%XMC%CYA%HDLFIGP%
OIMGBYAN% [DM@% F@D\ABCE% <% DGA% IC% #?GYIKIN% 5DIN+% CWD% IC% ;?@IGKMC% IGN% DGA% CDWGEY?F3% 6E% CYAEA% F@D\ABCE% WA@A%
launched in the last quarter of the fiscal year they will start earning revenues from the coming fiscal.
Development of Human Resources
'M@% LIGIKALAGC% CAIL% BDGE?ECE% D[% AUFA@?AGBAN% IGN% eMIO?[?AN% F@D[AEE?DGIOE% WYD% YIJA% AUCAGE?JA% AUFA@?AGBA%
?G% CYA%NAJAODFLAGC+%EIOAE%IGN%LIGIKALAGC%D[% @AIO%AECICA3%'M@%eMIO?[?AN%IGN%AUFA@?AGBAN%LIGIKALAGC%IGN%
CABYG?BIO%CAILE%YIJA%BDGC@?XMCAN%CD%CYA%K@DWCY%D[%DM@%DFA@IC?DGE%IGN%CYA%NAJAODFLAGC%D[%?G<YDMEA%F@DBAEEAE%
IGN%BDLFACAGB?AE3%#DLA%D[%DM@%$AP%4IGIKA@?IO%;A@EDGGAO%?G%CYA%I@AIE%D[%DFA@IC?DGE+%NAE?KG%IGN%NAJAODFLAGC+%
[?GIGBA+%LI@]AC?GK+%AGK?GAA@?GK+%OAKIO+%YMLIG%@AEDM@BA+%IGN%XME?GAEE%NAJAODFLAGC%I@A%eMIO?[?AN%F@D[AEE?DGIOE+%
WYD%I@A%EFAB?IO?ECE%?G%CYA?@%@AEFABC?JA%XME?GAEE%[MGBC?DGE%IGN%YIJA%INAeMICA%?GNMEC@P%AUFA@?AGBA%CD%N?EBYI@KA%
CYA?@%@DOAE%IGN%@AEFDGE?X?O?C?AE3%bA%XAO?AJA%CYIC%CY?E%AUFA@?AGBA%K?JAE%ME%CYA%IX?O?CP%CD%IGC?B?FICA%CYA%C@AGNE%IGN%
requirements of the real estate market, identify and acquire lands in locations where we believe there is demand,
NAE?KG%IGN%NAJAODF%DM@%F@DFA@C?AE%?G%IBBD@NIGBA%W?CY%CYA%OICAEC%BMECDLA@%C@AGNE3
bA%?LFOALAGC%JI@?DME%ALFODPAA%LDC?JIC?DG%CABYG?eMAE%CD%AGEM@A%CYIC%DM@%ALFODPAAE%@ALI?G%?G%KDDN%EF?@?C%IGN%
FA@[D@L%IE%FA@%CYA%AUFABCIC?DGE%D[%DM@%HDLFIGP3%bA%IFF@I?EA%DM@%ALFODPAAE%DG%I%LDGCYOP%XIE?E%CD%IFF@AB?ICA%
IGN%@AWI@N%ALFODPAAE%CI]?GK%?G?C?IC?JAE%CD%?LF@DJA%CYA%A[[?B?AGBP%IGN%FA@[D@LIGBA%D[%DM@%HDLFIGP3%7G%INN?C?DG+%
WA%IOED%F@DJ?NA%IFF@DF@?ICA%C@I?G?GK%CD%DM@%CABYG?BIO+%AGK?GAA@?GK%IGN%LI@]AC?GK%ECI[[%CD%?GEC?OO%OAINA@EY?F%eMIO?C?AE%
?G%CYAL3%bA%AG@DO%DM@%EAOABC%ALFODPAAE%[D@%JI@?DME%F@DK@ILLAE%IGN%DCYA@%CABYG?BIO%BDM@EAE%DG%I%@AKMOI@%XIE?E%
CD%AGEM@A%CYIC%DM@%ALFODPAAE%I@A%IOWIPE%MFNICAN%W?CY%CYA%NAJAODFLAGCE%?G%CYA?@%FI@C?BMOI@%I@AI%D[%WD@]3
Environmental and Health Safety Policy
'M@%HDLFIGP%YIE%INDFCAN%AGJ?@DGLAGCIO% [@?AGNOP%!K@AAG% ?G?C?IC?JAE*%J?g3%#AWIKA%Z@AICLAGC%;OIGC% `#Z;a+% @I?G%
WICA@%YI@JAEC?GK+% ?GECIOO?GK%EDOI@%FIGAOE%ACB3% ?G% CYA%BDGEC@MBC?DG%D[%F@D\ABCE3%bA%YIJA% ?LFOALAGCAN%I%GMLXA@%
D[% F@ABIMC?DGI@P% LAIEM@AE% [D@% CYA% EI[ACP% D[% DM@% F@D\ABCE+% ?GBOMN?GK% AGEM@?GK% CYIC% CYA% EC@MBCM@IO% NAE?KG% IGN%
BDGEC@MBC?DG%I@A%BI@@?AN%DMC% ?G%IBBD@NIGBA%W?CY% CYA%9IC?DGIO%^M?ON?GK%HDNA%IGN%IOO%DCYA@%IFFO?BIXOA% OIWE+%IE%
EC?FMOICAN%XP%CYA%̂ M@AIM%D[%7GN?IG%#CIGNI@NEo%NAE?KG?GK%IGN%BDGEC@MBC?GK%CYA%F@D\ABCE%[D@%CYA%IFF@DF@?ICA%EA?EL?B%
ODINE%IGN%W?GN%F@AEEM@Ao%BDGEC@MBC?GK%CYA%F@D\ABCE%?G%IBBD@NIGBA%W?CY%[?@A%EI[ACP%GD@LE%IGN%CD%F@DCABC%IKI?GEC%
[ODDN?GK3%ZYA%HDLFIGP%IOWIPE%EC@?JAE%[D@%L?G?L?EIC?DG%D[%DBBMFIC?DG%YAIOCY%IGN%EI[ACP%@?E]E3%HDGC?GMIO%C@I?G?GK%
[D@%EI[ACP%F@IBC?BAE%?E%F@DJ?NAN%IC%CYA%E?CAE%[D@%BDGC@IBCD@E%IGN%OIXDM@A@E%ED%IE%CD%AGEM@A%CYA?@%YAIOCY%IGN%EI[ACP3
42 Annual Report 2013 - 2014
Corporate Social Responsibility
"#$%:@DMF%IOWIPE%WD@]%[D@%EDB?ACP3%bA%XAO?AJA%H#5%?E%I%GICM@IO%BD@DOOI@P%D[%?GCA@NAFAGNAGBA%D[%CYA%HDLFIGP%
IGN%#DB?ACP3%#DB?ACP%YIE%K?JAG%CYA%HDLFIGP%ED%LMBY%ED%IE%HDLFIGP%EYDMON%IEF?@A%CD%K?JA%?C%XIB]3
TD@%LD@A%CYIG%I%NABINA%GDW%CYA%:@DMF%YIE%XAAG%D@KIG?g?GK%"#$%:IFFI%`O?CA@I@P%BYICEa3%7C%YIE%GDW%XABDLA%I%
OIGNLI@]%?G%BMOCM@IO%LDJALAGC%D[%;MGA3%ZYA%FM@FDEA%?E%CD%?GEF?@A%CYA%LALXA@E%D[%CYA%EDB?ACP%IXDMC%CYA%EMBBAEE%
FICY%CI]AG%XP%CYDEA%BAOAX@?C?AE%WYD%I@A%EMBBAEE[MO%?G%CYA?@%O?[A3%7C%YAOFE%EDB?ACP%MGNA@ECIGN%CYA?@%JIOMAE%IGN%ACY?BE%
that build their success story.
f#)VT%46")%469%6b65"c%?E%XAECDWAN%MFDG%CYDEA%AGC@AF@AGAM@E%WYD%ECI@CAN%[@DL%EB@ICBY%IGN%CDNIP%CYAP%I@A%
EMBBAEE[MO3%ZY?E%IWI@N%?E%K?JAG%ED%IE%CD%LAGCD@%CYA%FA@EDGE%WYD%IEF?@A%EMBBAEE%CY@DMKY%AGC@AF@AGAM@EY?F3%ZYA%
DX\ABC%D[%CYA%IWI@N%?E%CD%F@DLDCA%LD@A%IGN%LD@A%AGC@AF@AGAM@EY?F%?G%CYA%EDB?ACP3
ZYA%:@DMF%IOWIPE%EC@?JA% CD%EIJA%AGJ?@DGLAGC3%TD@% CYDEA% ?GN?J?NMIOE+%BD@FD@ICA+%9:'E%WYD%LI]A%AGD@LDME%
BDGC@?XMC?DG% ?G% BDGEA@J?GK% AGA@KP+% f"#$% )GA@KP% 6WI@NEc% ?E% XAECDWAN% CD% LDC?JICA% WD@]% @AOIC?GK% CD% AGA@KP%
conservation and renewable energy.
"#$%:@DMF%AGBDM@IKAE%ANMBIC?DG%[D@%CYA%ABDGDL?BIOOP%WAI]A@%EABC?DGE%XP%N?EC@?XMC?GK%GDCAXDD]E%IGN%CAUCXDD]E3%
Students who are meritorious in their Board level exams are awarded.
'G% AIBY% E?CA% F@DFA@% OIXDM@% BILFE% I@A% ?GECIOOAN% WYA@A?G% IOO% XIE?B% ?G[@IEC@MBCM@A% ?E% F@DJ?NAN3% 6C% CYA% C?LA% D[%
OIMGBY?GK%D[%E?CA%WA%@MG%EFAB?IO%IGN%@AKMOI@%YAIOCY%BYAB]<MF%F@DK@ILE%[D@%CYA%BDGC@IBC%OIXD@E+%BY?ON@AG%IGN%CYA?@%
family at the beginning of a work site followed by two times in a year. In addition to this, we take extra efforts
in creating health and safety awareness by conducting first-aid training, fire fighting training, mock drill, safety
LDC?JIC?DGIO%C@I?G?GK%IGN%LIGP%LD@A%'G%AIBY%E?CA%ODBIC?DG%I%FOIP%EBYDDO%?E%@MG%[D@%BY?ON@AG%D[%OIXDM@A@E%IGN%I@A%
given good food.
^A% ?C% I%LAN?BIO%YAOF%D@%ANMBIC?DGIO%YAOF%D@% EDB?IO%YAOF% CYA%:@DMF%IOWIPE%ECIGNE%XAY?GN% CYA%GAANP3%4AN?BIO%
AUFAGEAE%I@A%@A?LXM@EAN%CD%CYDEA%WYD%BIG*C%I[[D@N%LAN?BIO%AUFAGEAE3%ZYA%LA@?CD@?DME%XMC%FDD@%ECMNAGCE%I@A%
K?JAG%YAOF?GK%YIGN%[D@%CYA?@%ANMBIC?DG3
During the Ganesh festival devotees offer flowers to their idol and later on it was thrown away in the river. DSK
:@DMF%CI]AE%?G?C?IC?JA%CD%BDOOABC%CYA%!9?@LIOPI*+%WY?BY%OICA@%DG%KACE%BDGJA@CAN%?GCD%[I@L%[A@C?O?gA@%IGN%?E%YIGNAN%
DJA@%CD%CYDEA%WYD%I@A%?GCA@AECAN%ED%CYIC%?C%BIG%XA%MEAN%?G%C@AA%FOIGCIC?DGE3%'G%AGJ?@DGLAGC%NIP+%I%EA@?AE%D[%C@AA%
FOIGCIC?DG%WIE%BI@@?AN%DMC%XP%N?[[A@AGC%JAGCM@AE%D[%"#$%:@DMF%?G%JI@?DME%B?C?AE3%ZYAEA%I@A%EDLA%D[%CYA%N?KG?[?AN%
ECAFE%"#$%:@DMF%YIE%CI]AG%CD%EIJA%CYA%AGJ?@DGLAGC%?E%NM@?GK%CYA%:IGAEY%8?EI@\IG3
;@AJ?DME%PAI@%WYAG%CYA@A%WIE%I%N@DMKYC%O?]A%E?CMIC?DG%CYA%HDLFIGP%BDGC@?XMCAN%CD%CYA%"@DMKYC%5AO?A[%TMGN%IGN%
also cultivated fodder in its bare land so that it can be distributed to those who are affected by drought.
ZD% F@DLDCA% AGC@AF@AGAM@EY?F% ?G% WDLAG+% TODWA@% "ABD@IC?DG% HDLFAC?C?DG% WIE% I@@IGKAN% ED% CYIC% CYAP% BIG% XA%
encouraged to use their talent in business.
ZY@DMKY%?CE%XME?GAEE%IBC?J?C?AE%CYA%HDLFIGP%?E%BDLL?CCAN%CD%F@DCABC%AGJ?@DGLAGC%?G%IOO%EFYA@AE%D[%?CE%IBC?J?C?AE3%ZYA%
HDLFIGP%YIE%LINA%JI@?DME%?LFD@CIGC%?LF@DJALAGCE%?G%CYA%I@AIE%D[%[@AEY%WICA@%N?EC@?XMC?DG%IGN%C@AICLAGC+%EAWIKA%
C@AICLAGC%FOIGC%`#Z;a%[D@%FM@?[?AN%WICA@%[D@%KI@NAG?GK+%@I?G%WICA@%MC?O?EIC?DG%IGN%YI@JAEC?GK+%AGA@KP%BDGEA@JIC?DG%
FOIGG?GK+%EDO?N%WIECA/KI@XIKA%LIGIKALAGC+%ABD%[@?AGNOP%LICA@?IO+%F@DJ?E?DG%D[%GICM@A%FI@]E%[D@%X?K%F@D\ABCE+%ACB3%
Continuous training is given to customers on eco-friendly methods that can be used in their life-style.
Cautionary Statement
HA@CI?G% ECICALAGCE% ?G% CYA% 4IGIKALAGC% "?EBMEE?DG% IGN% 6GIOPE?E% 5AFD@C% @AOIC?GK% CD% CYA% HDLFIGP*E% DX\ABC?JAE+%
F@D\ABC?DGE+%DMCODD]+%AUFABCIC?DGE+%AEC?LICAE+%ACB3%LIP%BDGEC?CMCA%![D@WI@N%ODD]?GK%ECICALAGCE*%W?CY?G%CYA%LAIG?GK%
D[% IFFO?BIXOA% OIWE% IGN% @AKMOIC?DGE3% 6BCMIO% @AEMOCE% LIP% N?[[A@% [@DL% EMBY% AUFABCIC?DGE+% F@D\ABC?DGE+% ACB3% WYACYA@%
AUF@AEE%D@%?LFO?AN3%#AJA@IO%[IBCD@E%BDMON%LI]A%E?KG?[?BIGC%N?[[A@AGBA%CD%CYA%HDLFIGP*E%DFA@IC?DGE3%ZYAEA%?GBOMNA%
BO?LIC?B%BDGN?C?DGE+%KODXIO%IGN%ODBIO%ABDGDL?B%BDGN?C?DGE%I[[ABC?GK%NALIGN%IGN%EMFFOP+%KDJA@GLAGC%@AKMOIC?DGE%IGN%
CIUIC?DG+%GICM@IO%BIOIL?C?AE%IGN%DCYA@%[D@BA%LI\AM@A%BDGN?C?DGE+%ACB3%DJA@%WY?BY%HDLFIGP%NDAE%GDC%YIJA%IGP%BDGC@DO3
43Annual Report 2013 - 2014
!"#$%$"#$"&'()#*&+,-.'/$%+,&'&+'&0$'1$23$,-
To,
The Members of D. S. Kulkarni Developers Ltd.
/$%+,&'+"'&0$'4*"5"6*57'8&5&$2$"&-
We have audited the financial statements of D. S. Kulkarni Developers Ltd. which comprise the
a) Balance Sheet as at the 31st March, 2014
b) Statement of Profit and Loss for the year ended on that date
c) Cash Flow Statement for the year ended on that date
15"59$2$"&'/$-%+"-*3*7*&:';+,'&0$';*"5"6*57'-&5&$2$"&-'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
The Management of the Company is responsible for -
a) the preparation of these financial statements that give a true and fair view of the financial position, financial
performance and cash flow of the Company in accordance with the accounting principles generally
accepted in India, including accounting standards referred to in Section 211(3C) of the Companies Act,
!"#$%&'()*&+,-(./&012&03*&43**&4356&60(*3708&6799(0(*6*1(:&;)*()*3&2<*&(5&430<2&53&*3353%
b) the design and maintenance of the internal control relevant to the preparation and presentation of these
financial statements.
()#*&+,-.'/$-%+"-*3*7*&:
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with the Auditing & Assurance Standards issued by the Institute of Chartered Accountants
of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material misstatement.
An audit includes
a) performing procedures and examining, on a test basis, evidence supporting the amounts and disclosures
71& ()*& 47101-708& 9(0(*6*1(9%& =)*& >35-*2<3*9& 9*8*-(*2& 2*>*12& 51& 0<27(53?9& @<2A6*1(:& 71-8<271A& ()*&
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
*3353%&B1&60C71A&()59*&379C&099*996*1(9:&()*&0<27(53&-51972*39&71(*3108&-51(358&3*8*D01(&(5&()*&E56>01F?9&
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances.
b) evaluating the appropriateness of accounting policies used and reasonableness of the accounting estimates
made by the management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the financial
statements, read with the notes thereon, give the information required by the Act, in the manner so required and
give a true and fair view in conformity with the accounting principles generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the Company as at the 31st March, 2014; and
b) In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date.
c) In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.
44 Annual Report 2013 - 2014
/$%+,&'+"'+&0$,'7$957'5"#',$9)75&+,:',$<)*,$2$"&-
0/& ,9& 3*G<73*2& HF& ()*& E56>017*9& ',<27(53?9& I*>53(/& J32*3:& KLLM& 012& ()*& E56>017*9& ',<27(53?9& I*>53(/&
(Amendment) Order, 2004, issued by the Central Government of India in terms of Section 227(4A) of
the Act, we enclose, on the basis of our opinion, our examination of the relevant records and according
to the information and explanations given to us, in the Annexure a statement on the matters specified in
Paragraphs 4 and 5 of the said Order.
b) As required by Section 227(3) of the Act, we report that
i We have obtained all the information and explanations which, to the best of our knowledge and
belief, were necessary for the purposes of our audit;
ii In our opinion, proper books of account as required by law have been kept by the Company, so far
as appears from our examination of those books;
iii The Balance Sheet, the Statement of Profit and Loss and also the Cash Flow Statement of the
Company dealt with by this report are in agreement with the books of account;
iv In our opinion, the Balance Sheet, the Statement of Profit and Loss and also the Cash Flow
Statement of the Company dealt with by this report comply with the accounting standards referred
to in Section 211(3C) of the Act;
v On the basis of the written representation received from the directors as at 31st March, 2014, and
taken on record by the Board of Directors, we do hereby certify that none of the directors of the
Company i.e. D. S. Kulkarni Developers Ltd. as on 31st March, 2014 is disqualified u/s 274(1)(g) of
the Act on the said date for being appointed as a director in the aforesaid company;
vi We cannot, as required by Section 227(3)(g) of the Act, state whether the cess payable u/s 441A
of the Act, has been paid and, if not, the details of the amount of cess not so paid because the
Central Government has not, till the date of this report, notified u/s 441A(1) of the Act the amount
of cess payable u/s 441A(2) and has not specified u/s 441A(4) of the Act the manner in which the
said cess is to be paid.
4+,'=+>057$?'@5">-57$'A'=05&%5"#$?
N736&I*A79(30(751&O5%&!LMKPPQ
Chartered Accountants
8B'1B'=05&%5"#$
Partner
R*6H*39)7>&O5%&MLS$K
Place: Pune
Date: 29th May, 2014
45Annual Report 2013 - 2014
(""$C),$'/$;$,,$#'&+'*"'D5,59,5%0'E5F')"#$,'&0$'0$5#*"9'G/$%+,&'+"'
+&0$,'7$957'5"#',$9)75&+,:',$<)*,$2$"&-H'+;'I),'/$%+,&'+;'JK$"'L5&$
(i) (a) The Company has maintained proper records showing full particulars including quantitative details
and situation of fixed assets.
(b) The management has not physically verified all the fixed assets during the year but there is a
regular programme of verification which is reasonable having regard to the size of the Company
012&()*&10(<3*&54&7(9&099*(9%&O5&60(*3708&279-3*>01-7*9&;*3*&15(7-*2&51&9<-)&D*3747-0(751%
(c) During the year under review, the Company has not disposed of a substantial part of its fixed
assets.
(ii) (a) The management has conducted physical verification of inventories at reasonable intervals during
the year.
(b) The procedures of such physical verification are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The discrepancies noticed on physical
verification of inventory as compared to the book records were not material and have been properly
dealt with in the books of account.
(iii) (a) The Company has granted loans, secured or unsecured, to companies, firms or other parties
covered in the register maintained u/s 301 of the Act. The number of parties and amount involved
in the transactions is as follows: -
M)23$,'+;'D5,&*$- (2+)"&'+;'7+5"-'&5>$"
N575"6$'E`'O56-F
PQR15,RQS PQR15,RQP
Two (Two) 7,985.01 5,611.95
(b) The Company has taken loans, secured or unsecured, from companies, firms or other parties
covered in the register maintained u/s 301 of the Act. The number of parties and amount involved
in the transactions is as follows: -
M)23$,'+;'D5,&*$- M)23$,'+;'D5,&*$-
N575"6$'E`'O56-F
PQR15,RQS PQR15,RQP
One (One) 658.99 605.74
(c) The rate of interest and other terms and conditions of loans, secured or unsecured, taken or
A301(*2&HF&()*&E56>01F:&03*&15(:&>3760&40-7*:&>3*@<27-708&(5&()*&71(*3*9(&54&()*&E56>01FT
(d) In respect of the loans, secured or unsecured, taken/given by the Company, where stipulations
have been made, the repayments of the principal amount and the payments of the interest have
been regular.
(iv) There are adequate internal control systems commensurate with the size of the Company and the nature
of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. We
)0D*&15(&5H9*3D*2&01F&60@53&;*0C1*99&53&-51(71<71A&4078<3*&(5&-533*-(&0&60@53&;*0C1*99&71&()*&71(*3108&
control systems in respect of these areas.
46 Annual Report 2013 - 2014
(v) (a) The particulars of the contracts or arrangements which were entered into during the year under
review with the parties referred to in Section 301 of the Act and which need to be entered into the
register maintained u/s 301, of the Act have been recorded therein;
(b) The transactions made in pursuance of the contracts or arrangements referred to under sub-
clause (a) above, which exceed ` 5,00,000/- in each case have been made at prices which are
reasonable having regard to the prevailing market prices at the relevant time.
(vi) The Company has complied with the provisions of Section 58A of the Companies Act, 1956 and the
E56>017*9&',--*>(01-*&54&U*>597(9/&I<8*9:&!"P#&012&()*&I*9*3D*&V01C&54&B1270&U73*-(7D*9&71&()*&60((*3&
54&0--*>(01-*&54&2*>597(9&4356&()*&><H87-%&O5&J32*3&)09&H**1&>099*2&HF&()*&E56>01F&W0;&V5032&71&()79&
regard.
(vii) The Company has an internal audit system, which is commensurate with its size and the nature of its
business.
'D777/& =)*&E56>01F&)09&6071(071*2&-59(&3*-5329&09&3*G<73*2&HF&()*&E56>017*9&'E59(&,--5<1(71A&I*-5329/&
I<8*9:&KL!!&602*&HF&()*&E*1(308&X5D*316*1(&<Y9&KL"'!/'2/&54&()*&,-(%
(ix) (a) The Company is generally regular in depositing with the appropriate authorities undisputed
9(0(<(53F& 2<*9& 71-8<271A& Z35D72*1(& N<12:& B1D*9(53& [2<-0(751& 012& Z35(*-(751& N<12:& [6>85F**9?&
State Insurance,TDS, Income-Tax (except Advance Tax), Sales-Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess and other material statutory dues applicable to it. There are
no arrears of outstanding undisputed statutory dues (except advance tax of approximately `4.36
crores) as at the last day of the financial year for a period of more than six months from the date
those became payable.
(b) There are no disputed amounts outstanding in respect of Provident Fund, Investor Education and
Z35(*-(751&N<12:&[6>85F**9?&\(0(*& B19<301-*:& B1-56*]=0^:&\08*9]=0^:&Q*08()&=0^:&\*3D7-*&=0^:&
Customs Duty, Excise Duty, Cess and other material statutory dues applicable to it as at the last
day of the Financial year. The disputed amounts in respect of income tax are as follows:
` Lacs
Sr.
No.
4+),2'T0$,$'#*-%)&$'*-'%$"#*"9 Asst. Yr. PQR15,RQS PQR15,RQP
1 High Court of Judicature, Mumbai 2004-05 67.25 67.25
2 High Court of Judicature, Mumbai 2005-06 152.02 152.02
3 High Court of Judicature, Mumbai 2006-07 311.45 110.75
4 Income Tax Appellate Tribunal 2007-08 418.80 418.80
5 Income Tax Appellate Tribunal 2008-09 116.00 116.00
6 Income Tax Appellate Tribunal 2009-10 156.93 156.93
7 Commissioner of Income Tax (Appeals) 2010-11 99.95 99.95
8 Commissioner of Income Tax (Appeals) 2011-12 35.47 -
Q?PUVBWV Q?QXQBVY
& & =)*&B=,=&Z<1*&2*-72*2&()*&E56>01F?9&0>>*089&453&,_&KLLS]L#:&KLL#]L$&`&KLL$]LP&71&40D5<3&54&()*&
Company. However, the Dept has filed a reference with the High Court of Judicature at Mumbai. The
E56>01F&*^>*-(9&()0(&()*&B=,=&Z<1*&;788&2*-72*&97678038F&()*&E56>01F?9&0>>*089&453&,_&KLLP]La:&
2008-09, 2009-10 & 2010-11 in favour of the Company.
SVAnnual Report 2013 - 2014
(x) The Company has no accumulated losses at the end of the financial year and has not incurred any cash
losses in the current financial year and in the immediately preceding financial year.
(xi) The Company has not defaulted in repayment of dues to any financial institution or bank or debenture
holders.
'^77/& =)*&-51(*1(9&54&Z030A30>)&S'^77/&54&E,IJ:&KLLM&03*&15(&0>>87-0H8*&971-*&()*&E56>01F&)09&15(&A301(*2&
loans and advances on the basis of security by way of pledge of shares, debentures and other securities.
'^777/& =)*&-51(*1(9&54&Z030A30>)&S'^777/&54&E,IJ:&KLLM&03*&15(&0>>87-0H8*&971-*&()*&E56>01F&79&15(&0&-)7(&4<12&
or a nidhi or a mutual benefit fund/society.
'^7D/& =)*&-51(*1(9&54&Z030A30>)&S'^7D/&54&E,IJ:&KLLM&03*&15(&0>>87-0H8*&971-*&()*&E56>01F&79&15(&2*0871A&53&
trading in shares, securities, debentures and other investments.
(xv) The Company has continued the guarantee of `100 crores in respect of a loan taken by its erstwhile
9<H972703F:&U\b&X85H08&[2<-0(751&̀ &I*9*03-)&Z%&W(2%&4356&E*1(308&V01C&54&B1270%&=)*&(*369&012&-5127(7519&
54&9<-)&A<0301(**&03*&15(&>3*@<27-708&(5&()*&71(*3*9(9&54&()*&E56>01F%
(xvi) The Company has applied the term loans obtained during the year under review for the purposes for
which they were obtained.
(xvii) The Company has not used the funds raised on short term basis for the purposes of long-term investment.
'^D777/& =)*&-51(*1(9&54&Z030A30>)&S'^D777/&54&E,IJ:&KLLM&03*&15(&0>>87-0H8*&971-*&()*&E56>01F&)09&15(&602*&
01F&>3*4*3*1(708&0885(6*1(&54&9)03*9&(5&>03(7*9&012&-56>017*9&-5D*3*2&71&()*&I*A79(*3&6071(071*2&<Y9&ML!&
of the Act.
'^7^/& =)*&-51(*1(9&54&Z030A30>)&S'^7^/&54&E,IJ:&KLLM&03*&15(&0>>87-0H8*&971-*&()*&E56>01F&)09&15(&799<*2&
debentures.
'^^/& =)*&-51(*1(9&54&Z030A30>)&S'^^/&54&E,IJ:&KLLM&03*&15(&0>>87-0H8*&971-*&()*&E56>01F&)09&15(&3079*2&01F&
money by public issue during the year.
'^^7/& =)*&-51(*1(9&54&Z030A30>)&S'^^7/&54&E,IJ:&KLLM&03*&15(&0>>87-0H8*&971-*&15&430<2&51&53&HF&()*&E56>01F&
has been noticed or reported during the year.
4+,'=+>057$?'@5">-57$'A'=05&%5"#$?
N736&I*A79(30(751&O5%&!LMKPPQ
Chartered Accountants
8B'1B'=05&%5"#$
Partner
R*6H*39)7>&O5%&MLS$K
Place: Pune
Date: 29th May, 2014
SW Annual Report 2013 - 2014
N(O(MZJ'8[JJ@
As per our audit report of even date.
4+,'=+>057$?'@5">-57$'A'=05&%5"#$? '4+,'5"#'+"'3$057;'+;'&0$'N+5,#'+;'L*,$6&+,-'
N736&I*A79(30(751&O5%&!LMKPPQ
Chartered Accountants
D. S. Kulkarni \B'ZB']+-0*
Chairman & Managing Director Director
8B'1B'=05&%5"#$
Partner MB'\B'L$-0%5"#$ (2+7'D),5"#5,$
R*6H*39)7>&O5%&MLS$K Chief Financial Officer Company Secretary
Place: Pune Place: Pune
Date: 29th May, 2014 Date: 29th May, 2014
N575"6$'80$$&'5-'5& Note
No.
PQR15,RQS
` EO56-F
PQR15,RQS
` EO56-F
PQR15,RQP
` EO56-F
PQR15,RQP
` EO56-F
I. J^_!@`'(ML'O!(N!O!@!J8
1. 805,$0+7#$,-.'4)"#-
a) Share capital 3 2,580.10 2,580.10
b) I*9*3D*9&012&9<3>8<9 4 47,555.12 50,135.22 46,520.36 49,100.46
XB M+"R6),,$"&'7*53*7*&*$-
a) Long-term borrowings 5 24,864.57 22,528.72
b) U*4*33*2&(0^&870H787(7*9&'O*(/ 6 113.85 24,978.42 106.63 22,635.34
c) Other long term liabilities 7 25.60 25.60
3. Z),,$"&'7*53*7*&*$-
a) Short-term borrowings 8 2,264.12 2,680.88
b) Trade payables 1,554.79 1,588.91
c) Other current liabilities 9 72,137.08 53,512.59
d) Short-term provisions 10 6,884.69 82,840.68 5,833.72 63,616.10
@I@(O 'QUV?aVaBaX' 'QPU?PVVBUQ'
II. (88J@8
1. M+"R6),,$"&'5--$&-
a) Fixed Assets
i) Tangible assets 11 4,018.92 4,027.05
ii) Intangible assets 12 28.11 17.80
iii) Intangible assets under development 29.94 4,076.97 29.94 4,074.79
b) O51]-<33*1(&71D*9(6*1(9 13 2,204.29 4,912.87
c) Other non-current assets 14 131.98 137.80
XB Current assets
a) Inventories 15 131,333.92 110,947.34
b) Trade receivables 16 330.83 352.56
c) Cash and cash equivalents 17 4,028.14 3,102.95
d) Short-term loans and advances 18 9,587.09 6,636.01
e) Other current assets 19 6,286.71 151,566.68 5,213.20 126,252.06
@I@(O 'QUV?aVaBaX' 'QPU?PVVBUQ'
Z+"&*"9$"&'7*53*7*&*$-'5"#'6+22*&2$"&-'
E&+'&0$'$C&$"&'"+&'%,+K*#$#';+,F
20 12,022.88 12,290.75
Corporate Information & Statement of Accounting
Policies
1-2
The accompanying notes are an integral part of these financial statements.
SaAnnual Report 2013 - 2014
D/I4!@'(ML'OI88'8@(@J1JM@
As per our audit report of even date.
4+,'=+>057$?'@5">-57$'A'=05&%5"#$? '4+,'5"#'+"'3$057;'+;'&0$'N+5,#'+;'L*,$6&+,-'
N736&I*A79(30(751&O5%&!LMKPPQ
Chartered Accountants
D. S. Kulkarni \B'ZB']+-0*
Chairman & Managing Director Director
8B'1B'=05&%5"#$
Partner MB'\B'L$-0%5"#$ (2+7'D),5"#5,$
R*6H*39)7>&O5%&MLS$K Chief Financial Officer Company Secretary
Place: Pune Place: Pune
Date: 29th May, 2014 Date: 29th May, 2014
D,+;*&'5"#'O+--'8&5&$2$"&'5-'5& Note
No.PQR15,RQS
` EO56-F
PQR15,RQS
` EO56-F
PQR15,RQP
` EO56-F
PQR15,RQP
` EO56-F
I. I*D*1<*&4356&5>*30(7519 21 3,091.49 5,410.44
II. Increase/(Decrease) in inventories of
Finished Tenements & Work-in-Progress
22 20,010.72 17,737.19
III. Other income 23 152.86 285.70
@+&57'' 'XP?XUUBYV' 'XP?SPPBPS'
IV. JC%$"-$-b
Land and / or Development expenses 24 15,986.56 17,239.37
Office and administration expenses 25 739.58 664.56
Employee benefits expense 26 1,197.87 1,033.80
Selling expenses 27 798.57 741.67
Finance expenses 28 936.74 947.30
Depreciation and amortisation expense 29 145.40 143.00
Other Expenses 30 9.80 c
@+&57'' 'Qa?WQSBUX' 'XY?VcaBVQ'
V. Profit before exceptional and extra-ordinary
items and tax
3,440.56 2,663.63
VI. Exceptional Items 31 (15.99) 179.18
VII. Profit before extra-ordinary items and tax 3,424.57 2,842.82
VIII. Extra-ordinary items 32 (859.17) c
IX. Profit before tax 2,565.40 2,842.82
X. Tax expense
1. Current tax (1,253.60) (976.61)
2. Deferred tax (7.22) (1,260.82) (23.35) (999.96)
XI. Profit/(Loss) for the period from continuing
operations
1,304.58 1,842.86
XII. Profit/(Loss) from discontinuing operations
(after tax)
c c
XIII. Profit/(Loss) for the period 1,304.58 1,842.86
XIV. J5,"*"9-'%$,'$<)*&:'-05,$
1 Basic 33 5.06 7.14
2 Diluted 5.06 7.14
The accompanying notes are an integral part of these financial statements.
UY Annual Report 2013 - 2014
Z(8['4OId'8@(@J1JM@
Z5-0'47+T'8&5&$2$"&';+,'&0$':$5,'$"#$# PQR15,RQS
` EO56-F
PQR15,RQS
` EO56-F
PQR15,RQP
` EO56-F
PQR15,RQP
` EO56-F
(F'Z5-0'47+T';,+2'I%$,5&*"9'(6&*K*&*$-
O*(&Z3547(&H*453*&=0^&`&[^(305327103F&B(*69 3,424.57 2,842.82
,2@<9(6*1(9&453
Z3753&F*03&02@<9(6*1(9 32.04 (18.44)
Extraordinary items (859.17) c
Depreciation 145.40 143.00
Loss/(Profit) on Sale of Assets 9.80 -
Interest Expenditure 746.36 835.68
Foreign Exchange (Gain)/Loss c c
Book Profit on Sales of Mutual Fund Units c (1.22)
B1(*3*9(&012&U7D72*12&I*-*7D*2 (132.42) (58.00) (238.22) 720.80
I%$,5&*"9'D,+;*&'3$;+,$'d+,>*"9'Z5%*&57'Z05"9$- 'P?PccBUV' 'P?UcPBcX'
,2@<9(6*1(9&453
Increase/(Decrease) in Short-term Borrowings (416.76) (2,937.77)
Increase/(Decrease) in Other Current Liabilities 18,624.49 10,163.48
Increase/(Decrease) in Short-term Provisions (202.63) c
Increase/(Decrease) in Trade Payables (34.12) 752.12
(Increase)/Decrease in Inventories (20,386.58) (17,768.06)
'B1-3*09*/YU*-3*09*&71&I*-*7D0H8*9 21.73 (157.03)
(Increase)/Decrease in Loans and Advances (2,951.08) 661.85
(Increase)/Decrease in Other current assets (39.80) (25.94)
(Increase)/Decrease in Other non-current assets 5.81 (5,378.93) 24.97 (9,286.38)
Z5-0'9$"$,5&$#';,+2'I%$,5&*+"- 'EX?YQXBPVF 'EU?VXXBVcF
Income Tax Paid (1,033.71) (743.60)
M$&'Z5-0';,+2'I%$,5&*"9'(6&*K*&*$-'E(F 'EP?YScBYVF 'Ec?SccBPcF
NF'Z5-0'47+T';,+2'!"K$-&*"9'(6&*K*&*$-
Purchase of Fixed Assets (168.14) (52.33)
Sale of Fixed Assets 10.76 c
Book Profit on Sales of Mutual Fund Units c 1.22
B1(*3*9(&012&U7D72*12&I*-*7D*2 132.42 238.22
Decrease/(Increase) in Investments 2,708.58 160.00
M$&'Z5-0')-$#'*"'!"K$-&*"9'(6&*K*&*$-'ENF 'X?cWPBcX' 'PSVBQQ'
51Annual Report 2013 - 2014
Z(8['4OId'8@(@J1JM@
Z5-0'47+T'8&5&$2$"&';+,'&0$':$5,'$"#$# PQR15,RQS
` EO56-F
PQR15,RQS
` EO56-F
PQR15,RQP
` EO56-F
PQR15,RQP
` EO56-F
ZF'Z5-0'47+T';,+2'4*"5"6*"9'(6&*K*&*$-
Interest Paid (746.36) (835.68)
Dividend Paid (258.01) (258.01)
Dividend Tax Paid (43.85) (41.86)
Increase/(Decrease) in Secured Loans 2,335.85 8,709.13
M$&'Z5-0')-$#'*"'4*"5"6*"9'(6&*K*&*$-'EZF 'Q?XWVBcP' 'V?UVPBUW'
M$&'*"6,$5-$e#$6,$5-$'*"'65-0'5"#'65-0'$<)*K57$"&-'
E(fNfZF
'aXUBQW' 'Q?SUSBPP'
Z5-0'5"#'Z5-0'J<)*K57$"&'5-'5&'3$9*""*"9'+;'&0$':$5, 3,102.93 1,648.60
Z5-0'5"#'Z5-0'J<)*K57$"&'5-'5&'$"#'+;'&0$':$5, 4,028.12 3,102.93
O5(*& (5& ()*& E09)& N85;& \(0(*6*1(& d& E09)& 012& E09)&
Equivalents include Cash and Bank Balances
Z+,%+,5&$'!";+,25&*+"'5"#'8&5&$2$"&'+;'(66+)"&*"9'
D+7*6*$-
The accompanying notes are an integral part of these financial statements.
As per our audit report of even date.
4+,'=+>057$?'@5">-57$'A'=05&%5"#$? '4+,'5"#'+"'3$057;'+;'&0$'N+5,#'+;'L*,$6&+,-'
N736&I*A79(30(751&O5%&!LMKPPQ
Chartered Accountants
D. S. Kulkarni \B'ZB']+-0*
Chairman & Managing Director Director
8B'1B'=05&%5"#$
Partner MB'\B'L$-0%5"#$ (2+7'D),5"#5,$
R*6H*39)7>&O5%&MLS$K Chief Financial Officer Company Secretary
Place: Pune Place: Pune
Date: 29th May, 2014 Date: 29th May, 2014
UX Annual Report 2013 - 2014
D. S. Kulkarni Developers Ltd.
M+&$-'&+'&0$';*"5"6*57'-&5&$2$"&-';+,'&0$':$5,'$"#$#'PQR15,RQS
QF' Z+,%+,5&$'!";+,25&*+"
D. S. Kulkarni Developers Ltd. is a public limited company domiciled in India and incorporated under the
>35D797519&54&()*&E56>017*9&,-(:&!"#$&'+()*&,-(./%&=)*&E56>01F&79&*1A0A*2&71&()*&H<971*99&54&3*08&*9(0(*&
development in India. The Company is not a Small and Medium Sized Company (SMC) as defined in the
General Instructions in respect of Accounting Standards notified under the Act, inasmuch as
a) its turnover (excluding other income) did exceed ` 50 crores in the immediately preceding
accounting year and in the year under review, and
b) it did have borrowings (including public deposits) in excess of ` 10 crores at any time during the
immediately preceding accounting year and in the year under review
& -/& 7(9&*G<7(F&9)03*9&03*&879(*2&51&()*&R<6H07&012&O0(75108&\(5-C&[^-)01A*9%
although
d) it is not the holding or subsidiary company of a company which is not a SMC
e) it is not a bank, financial institution or an insurance company.
XB' N5-*-'+;'D,$%5,5&*+"'+;'4*"5"6*57'8&5&$2$"&-
These financial statements comply in all material respects with the relevant provisions of the Act, the
Generally Accepted Accounting Principles in India, and the Accounting Standards issued by the Institute
54&E)03(*3*2&,--5<1(01(9&54&B1270&;)7-)&03*&>3*9-37H*2&71&()*&E56>017*9&',--5<1(71A&\(0120329/&I<8*9&
2006 notified by the Central Government u/s 211(3C) read with Sections 210A(1) and 642(1)(a) of the
said Act. As required by AS 1 issued by the Institute of Chartered Accountants of India, the accounting
policies followed in the preparation of these financial statements are disclosed below.
XBQ' 8)225,:'+;'-*9"*;*65"&'566+)"&*"9'%+7*6*$-
XBQBQ' D,$-$"&5&*+"'5"#'#*-67+-),$'+;';*"5"6*57'-&5&$2$"&-
These financial statements are presented in accordance with the revised Schedule VI notified under the
Companies Act, 1956.
XBQBX' (66+)"&*"9'Z+"K$"&*+"b
These financial statements are prepared under the historical cost convention.
XBQBP' 1$&0+#'+;'(66+)"&*"9b
As required by Section 209(3)(b) of the Act, these financial statements are prepared in accordance with
the accrual method of accounting with revenues recognized and expenses accounted on their accrual
71-8<271A& >35D797519Y02@<9(6*1(9& 453& -5667((*2& 5H87A0(7519& 012& 065<1(9& 2*(*3671*2& 09& >0F0H8*& 53&
receivable during the period.
XBQBS' _-$'+;'J-&*25&$-b'
The preparation of financial statements in conformity with Indian GAAP requires the management to
60C*&@<2A*6*1(9:&*9(760(*9&012&099<6>(7519:&()0(&044*-(&()*&0>>87-0(751&54&0--5<1(71A&>587-7*9&012&()*&
reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the end
53Annual Report 2013 - 2014
of the reporting periods and the reported amounts of revenues and expenses for the reporting periods.
,8()5<A)&()*9*&*9(760(*9&03*&H09*2&51&()*&6010A*6*1(?9&H*9(&C15;8*2A*&54&-<33*1(&*D*1(9&012&0-(7519:&
uncertainty about these assumptions and estimates could result in the outcomes requiring a material
02@<9(6*1(&(5&()*&-033F71A&065<1(9&54&099*(9&53&870H787(7*9&71&4<(<3*&>*37529%&
Actual results may differ from these estimates.
& [9(760(*9& 012& <12*38F71A& 099<6>(7519& 03*& 3*D7*;*2& 51& 01& 51A571A& H0979%& I*D797519& (5& 0--5<1(71A&
estimates are recognised in the year in which the estimate is revised and future years affected.
XBQBU' Z+"-*-&$"6:b
These financial statements have been prepared on a basis consistent with previous years and accounting
policies not specifically referred hereto are consistent with generally accepted accounting principles.
XBQBc' Z+"&*"9$"6*$-'5"#'JK$"&-'+66),,*"9'5;&$,'&0$'N575"6$'80$$&'L5&$b
AS 4 issued by the Institute of Chartered Accountants of India is not applicable since there are no such
contingencies nor events.
XBQBV' M$&'D,+;*&'+,'O+--';+,'&0$'D$,*+#?'D,*+,'D$,*+#'!&$2-'5"#'Z05"9$-'*"'(66+)"&*"9'D+7*6*$-b
& =)*&E56>01F?9&Z3547(&012&W599&,--5<1(&>3*9*1(9&>3547(&Y&8599&4356&5327103F&0-(7D7(7*9%&=)*3*&03*&15&*^(30]
ordinary items or changes in accounting estimates and policies during the year under review which need
to be disclosed as per AS 5 issued by the Institute of Chartered Accountants of India.
XBQBW' Z5-0'47+T'8&5&$2$"&-b
Cash Flows are reported as per the Indirect Method as specified in AS 3 issued by the Institute of
Chartered Accountants of India.
XBQBa' D,$K*+)-'̀ $5,'4*9),$-b
The figures for the previous year have been rearranged to facilitate comparison.
XBX' 4*C$#'(--$&-
XBXBQ' @5"9*37$'4*C$#'(--$&-b'In accordance with AS 10 issued by the Institute of Chartered Accountants of
India,
i) Tangible Fixed Assets are stated at cost of acquisition or construction net of accumulated
depreciation and accumulated impairment losses, if any.
ii) The cost comprises purchase price, borrowing costs if capitalization criteria are met and directly
attributable incidental expenses related to acquisition and installation and other pre-operative
expenses of bringing the asset to its working condition for the intended use. Any trade discounts
and rebates are deducted in arriving at the purchase price.
iii) Subsequent expenditure related to an item of fixed asset is added to its book value only if it
increases the future benefits from the existing asset beyond its previously assessed standard
of performance. All other expenses on existing fixed assets, including day-to-day repair and
maintenance expenditure and cost of replacing parts, are charged to the statement of profit and
loss for the period during which such expenses are incurred.
& 7D/& N356& 0--5<1(71A& >*37529& -566*1-71A& 51& 53& 04(*3& P()& U*-*6H*3:& KLL$:& ()*& -56>01F& 02@<9(9&
exchange differences arising on translation/settlement of long-term foreign currency monetary
items pertaining to the acquisition of a depreciable asset to the cost of the asset and depreciates
the same over the remaining life of the asset.
54 Annual Report 2013 - 2014
v) Gains or losses arising from derecognition of fixed assets are measured as the difference between
the net disposal proceeds and the carrying amount of the asset and are recognized in the
statement of profit and loss when the asset is derecognized.
XBXBX' L$%,$6*5&*+"'+"'@5"9*37$'4*C$#'(--$&-b'In accordance with AS 6 issued by the Institute of Chartered
Accountants of India,
i) Depreciation on Tangible Fixed Assets is provided as per the straight line method at the rates
prescribed in Schedule XIV to the Companies Act, 1956, for the period for which the asset is put
to use.
ii) Leasehold land is amortized on a straight-line basis over the period of the lease
XBXBP' !"&5"9*37$'4*C$#'(--$&-b'In accordance with AS 26 issued by the Institute of Chartered Accountants of
India,
i) Intangible assets acquired separately are measured on initial recognition at cost. The cost of
intangible assets acquired in an amalgamation in the nature of purchase is their fair value as
at the date of amalgamation. Following initial recognition, intangible assets are carried at cost
less accumulated amortization and accumulated impairment losses, if any. Internally generated
intangible assets, excluding capitalized development costs, are not capitalized and expenditure is
reflected in the statement of profit and loss in the year in which the expenditure is incurred.
ii) Intangible assets are amortized on a straight-line basis over the estimated useful economic life.
The company uses a rebuttable presumption that the useful life of an intangible asset will not
exceed ten years from the date when the asset is available for use. If the persuasive evidence
exists to the effect that useful life of an intangible asset exceeds ten years, the company amortizes
the intangible asset over the best estimate of its useful life.
iii) Such intangible assets and intangible assets not yet available for use are tested for impairment
annually, either individually or at the cash-generating unit level. All other intangible assets are
assessed for impairment whenever there is an indication that the intangible asset may be impaired.
iv) The amortization period and the amortization method are reviewed at least at each financial year
end. If the expected useful life of the asset is significantly different from previous estimates, the
amortization period is changed accordingly. If there has been a significant change in the expected
pattern of economic benefits from the asset, the amortization method is changed to reflect the
-)01A*2&>0((*31%&\<-)&-)01A*9&03*&0--5<1(*2&453&71&0--53201-*&;7()&,\&#&O*(&Z3547(&53&W599&453&
the Period, Prior Period Items and Changes in Accounting Policies.
v) Gains or losses arising from derecognition of an intangible asset are measured as the difference
between the net disposal proceeds and the carrying amount of the asset and are recognized in the
statement of profit and loss when the asset is derecognized
XBXBS' N+,,+T*"9' Z+-&-b' In accordance with Accounting Standard 16 issued by the Institute of Chartered
Accountants of India,
i) Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the
arrangement of borrowings and exchange differences arising from foreign currency borrowings to
()*&*^(*1(&()*F&03*&3*A032*2&09&01&02@<9(6*1(&(5&()*&71(*3*9(&-59(%
ii) A qualifying asset is an asset that necessarily requires a substantial period of time to get ready for
its intended use or sale.
iii) borrowing costs that are attributable to the acquisition, construction or production of qualifying
assets are capitalized as part of the cost of such assets. All other borrowing costs are recognized
as an expense in the period in which those are incurred.
55Annual Report 2013 - 2014
XBXBU' !2%5*,2$"&'+;' &5"9*37$'5"#' *"&5"9*37$'5--$&-b In accordance with AS 28 issued by the Institute of
Chartered Accountants of India,
i) The Company assesses at each reporting date whether there is an indication that an asset may be
impaired. If any indication exists, or when annual impairment testing for an asset is required, the
company estimates the recoverable amount of the asset. Such recoverable amount is the higher of
01&099*(?9&53&-09)]A*1*30(71A&<17(?9&'EXe/&1*(&9*8871A&>37-*&012&7(9&D08<*&71&<9*%&=)*&3*-5D*30H8*&
amount is determined for an individual asset, unless the asset does not generate cash inflows
that are largely independent of those from other assets or groups of assets. Where the carrying
amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and
is written down to its recoverable amount. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. In determining net
selling price, recent market transactions are taken into account, if available. If no such transactions
can be identified, an appropriate valuation model is used.
ii) The Company bases its impairment calculation on detailed budgets and forecast calculations
;)7-)& 03*& >3*>03*2& 9*>030(*8F& 453& *0-)& 54& ()*& E56>01F?9& -09)]A*1*30(71A& <17(9& (5& ;)7-)& ()*&
individual assets are allocated. These budgets and forecast calculations are generally covering a
>*3752&54&47D*&F*039%&N53&851A*3&>*37529:&0&851A](*36&A35;()&30(*&79&-08-<80(*2&012&0>>87*2&(5&>35@*-(&
future cash flows after the fifth year.
iii) Impairment losses of continuing operations, including write-down of inventories, are recognized
in the statement of profit and loss, except for previously revalued tangible fixed assets, where the
revaluation was taken to revaluation reserve. In this case, the impairment is also recognized in the
revaluation reserve up to the amount of any previous revaluation.
iv) After impairment, depreciation is provided on the revised carrying amount of the asset over its
remaining useful life.
v) An assessment is made at each reporting date as to whether there is any indication that previously
recognized impairment losses may no longer exist or may have decreased. If such indication exists,
()*&E56>01F&*9(760(*9& ()*&099*(?9&53&-09)]A*1*30(71A&<17(?9& 3*-5D*30H8*&065<1(%&,&>3*D75<98F&
recognized impairment loss is reversed only if there has been a change in the assumptions used
(5&2*(*3671*&()*&099*(?9&3*-5D*30H8*&065<1(&971-*&()*&809(&76>0736*1(&8599&;09&3*-5A17f*2%&=)*&
reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount,
nor exceed the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognized for the asset in prior years. Such reversal is recognized in the
statement of profit and loss unless the asset is carried at a revalued amount, in which case the
reversal is treated as a revaluation increase.
XBXBc' /$-$5,60' 5"#' #$K$7+%2$"&' 6+-&-b' In accordance with AS 26 issued by the Institute of Chartered
Accountants of India,
& 7/& I*9*03-)& -59(9& 03*& *^>*19*2& 09& 71-<33*2%& U*D*85>6*1(& *^>*127(<3*& 71-<33*2& 51& 01& 7127D72<08&
>35@*-(&79&3*-5A17f*2&09&01&71(01A7H8*&099*(&;)*1&()*&-56>01F&-01&2*6519(30(*&088&()*&45885;71Ad
a) The technical feasibility of completing the intangible asset so that it will be available for use
or sale.
b) Its intention to complete the asset.
c) Its ability to use or sell the asset.
d) How the asset will generate future economic benefits.
56 Annual Report 2013 - 2014
e) The availability of adequate resources to complete the development and to use or sell the
asset.
f) The ability to measure reliably the expenditure attributable to the intangible asset during
development.
ii) Following the initial recognition of the development expenditure as an asset, the cost model
is applied requiring the asset to be carried at cost less any accumulated amortization and
accumulated impairment losses. Amortization of the asset begins when development is complete
and the asset is available for use. It is amortized on a straight line basis over the period of expected
4<(<3*&H*1*47(& 4356&()*&3*80(*2&>35@*-(%&,653(7f0(751& 79&3*-5A17f*2& 71&()*&9(0(*6*1(&54&>3547(&012&
loss. During the period of development, the asset is tested for impairment annually.
XBXBV' O$5-$-b'In accordance with Accounting Standard 19, issued by the Institute of Chartered Accountants of
India,
(B' d0$,$'&0$'Z+2%5":'*-'7$--$$
i) Finance leases, which effectively transfer to the Company substantially all the risks and benefits
incidental to ownership of the leased item, are capitalized at the inception of the lease term at the
lower of the fair value of the leased property and present value of minimum lease payments. Lease
payments are apportioned between the finance charges and reduction of the lease liability so as
to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are
recognized as finance costs in the statement of profit and loss. Lease management fees, legal
charges and other initial direct costs of lease are capitalized.
ii) A leased asset is depreciated on a straight-line basis over the useful life of the asset or the useful
life envisaged in Schedule XIV to the Companies Act, 1956, whichever is lower. However, if there
is no reasonable certainty that the company will obtain the ownership by the end of the lease term,
the capitalized asset is depreciated on a straight-line basis over the shorter of the estimated useful
life of the asset, the lease term or the useful life envisaged in Schedule XIV to the Companies Act,
1956.
iii) Leases, where the lessor effectively retains substantially all the risks and benefits of ownership of
the leased item, are classified as operating leases. Operating lease payments are recognized as
an expense in the statement of profit and loss on a straight-line basis over the lease term.
NB' d0$,$'&0$'Z+2%5":'*-'&0$'7$--+,
i) Leases in which the Company transfers substantially all the risks and benefits of ownership of
the asset are classified as finance leases. Assets given under finance lease are recognized as
a receivable at an amount equal to the net investment in the lease. After initial recognition, the
Company apportions lease rentals between the principal repayment and interest income so as
to achieve a constant periodic rate of return on the net investment outstanding in respect of the
finance lease. The interest income is recognized in the statement of profit and loss. Initial direct
costs such as legal costs, brokerage costs, etc. are recognized immediately in the statement of
profit and loss.
ii) Leases in which the Company does not transfer substantially all the risks and benefits of ownership
54&()*&099*(&03*&-8099747*2&09&5>*30(71A&8*09*9%&,99*(9&9<H@*-(&(5&5>*30(71A&8*09*9&03*&71-8<2*2&71&
fixed assets. Lease income on an operating lease is recognized in the statement of profit and loss
on a straight-line basis over the lease term. Costs, including depreciation, are recognized as an
expense in the statement of profit and loss. Initial direct costs such as legal costs, brokerage costs,
etc. are recognized immediately in the statement of profit and loss.
UVAnnual Report 2013 - 2014
XBP' !"K$-&2$"&-b'In accordance with AS 13 issued by the Institute of Chartered Accountants of India,
i) Investments, which are readily realizable and intended to be held for not more than one year from
the date on which such investments are made, are classified as current investments. All other
investments are classified as long-term investments.
ii) On initial recognition, all investments are measured at cost. The cost comprises purchase price
and directly attributable acquisition charges such as brokerage, fees and duties. If an investment
is acquired, or partly acquired, by the issue of shares or other securities, the acquisition cost is the
fair value of the securities issued. If an investment is acquired in exchange for another asset, the
acquisition is determined by reference to the fair value of the asset given up or by reference to the
fair value of the investment acquired, whichever is more clearly evident.
iii) Current investments are carried in the financial statements at lower of cost and fair value
determined on an individual investment basis. Long-term investments are carried at cost. However,
provision for diminution in value is made to recognize a decline other than temporary in the value
of the investments.
iv) On disposal of an investment, the difference between its carrying amount and net disposal
proceeds is charged or credited to the statement of profit and loss.
v) An investment in land or buildings, which is not intended to be occupied substantially for use by, or
in the operations of, the Company, is classified as investment property. Investment properties are
stated at cost, net of accumulated depreciation and accumulated impairment losses, if any.
vi) The cost comprises purchase price, borrowing costs if capitalization criteria are met and directly
attributable cost of bringing the investment property to its working condition for the intended use.
Any trade discounts and rebates are deducted in arriving at the purchase price.
vii) Depreciation on building component of investment property is calculated on a straight-line basis
using the rate arrived at based on the useful life estimated by the management, or that prescribed
under the Schedule XIV to the Companies Act, 1956, whichever is higher.
viii) On disposal of an investment, the difference between its carrying amount and net disposal
proceeds is charged or credited to the statement of profit and loss.
XBS' !"K$"&+,*$-b' In accordance with Accounting Standards 2 & 9 issued by the Institute of Chartered
Accountants of India,
i) Construction materials, components, stores and spares are valued at the lower of cost and net
realizable value (as certified by the management) after providing for the cost of obsolescence.
However, materials and other items held for use in the production of inventories are not written
down below cost if the finished products in which they will be incorporated are expected to be sold
at or above its cost of acquisition. Cost of raw materials, components and stores and spares is
determined on FIFO basis.
ii) Inventories of work-in-progress are valued, in accordance with the Percentage of Completion
R*()52%& Z3547(& 51& 71-56>8*(*& >35@*-(9& 79& 15(& 3*-5A17f*2& <18*99& KLg& *^>*127(<3*& )09& H**1&
71-<33*2& 71& 3*9>*-(&54& ()*&>35@*-(%&V09*2&51&>35@*-(7519&012&*9(760(*9&HF& ()*&E56>01F&54& ()*&
expected revenues and costs to completion, provision for losses to completion and/or write off of
-59(9&-0337*2&(5&71D*1(537*9&79&602*&51&>35@*-(9&;)*3*&()*&*^>*-(*2&3*D*1<*9&03*&85;*3&()01&()*&
estimated costs to completion. In the opinion of the management, the net realisable value of the
work-in-progress as at the balance sheet date will not be lower than the costs so included therein.
UW Annual Report 2013 - 2014
iii) Inventories of finished tenements are valued at the carrying value or estimated net realizable
value, (as certified by the management) whichever is the less.
& & O*(&3*087f0H8*&D08<*&79&()*&*9(760(*2&9*8871A&>37-*&71&()*&5327103F&-5<39*&54&H<971*99:&8*99&*9(760(*2&
costs of completion and estimated costs necessary to make the sale.
XBU' /$K$")$'/$6+9"*&*+"b' In accordance with AS 9 issued by the Institute of Chartered Accountants of
B1270:&I*D*1<*&79&3*-5A17f*2&(5&()*&*^(*1(&()0(&7(&79&>35H0H8*&()0(&()*&*-51567-&H*1*47(9&;788&485;&(5&()*&
company. The following specific recognition criteria must also be met before revenue is recognized.
i) Income from real estate sales is recognized on the transfer of all significant risks and rewards of
ownership to the buyer and it is not unreasonable to expect ultimate collection and no significant
uncertainty exists regarding the amount of consideration.
ii) However, if, at the time of transfer, substantial acts are yet to be performed, revenue is recognized
on proportionate basis as the acts are performed, that is, on the percentage of completion basis.
Determination of revenues under the percentage of completion method necessarily involves
making estimates by the Company, some of which are of technical nature, concerning, where
relevant, the percentages of completion, costs to completion, the expected revenues from the
>35@*-(&012&()*&453*9**0H8*&8599*9&(5&-56>8*(751%&,9&()*&-519(3<-(751&>35@*-(9&1*-*990378F&*^(*12&
beyond one year, revision in estimates of costs and revenues during the year under review are
reflected in the accounts of the year.
& 777/& I*D*1<*&4356&908*&54&A5529&79&3*-5A17f*2&;)*1&088&()*&97A1747-01(&379C9&012&3*;0329&54&5;1*39)7>&
of the goods have been passed to the buyer, usually on delivery of the goods. The Company
collects value added taxes (VAT) and service tax on behalf of the government and, therefore, these
are not economic benefits flowing to the Company. Hence, they are excluded from revenue.
& 7D/& I*D*1<*9&4356&6071(*101-*&-51(30-(9&03*&3*-5A17f*2&>35]30(0&5D*3&()*&>*3752&54&()*&-51(30-(&09&
and when services are rendered. The Company collects service tax on behalf of the government
and, therefore, it is not an economic benefit flowing to the Company. Hence, it is excluded from
revenue.
v) Interest income is recognized on a time proportion basis taking into account the amount
5<(9(01271A&012& ()*&0>>87-0H8*& 71(*3*9(& 30(*%& B1(*3*9(& 71-56*& 79& 71-8<2*2&<12*3& ()*&)*02&+5()*3&
71-56*.&71&()*&9(0(*6*1(&54&>3547(&012&8599%
& D7/& U7D72*12&71-56*&79&3*-5A17f*2&;)*1&()*&E56>01F?9&37A)(&(5&3*-*7D*&27D72*12&79&*9(0H879)*2&HF&()*&
reporting date.
XBc' JC%$"-$' /$6+9"*&*+"b' Z35@*-(]9>*-747-& 3*D*1<*& [^>*19*9& 9<-)& 09& 2*D*85>6*1(& 012& -519(3<-(751&
*^>*19*9:& 71(*3*9(& 51& H5335;71A9& 0((37H<(0H8*& (5& 9>*-747-& >35@*-(9& *(-%& 03*& 71-8<2*2& 71& ()*& D08<0(751& 54&
inventories of work in progress. Indirect costs are treated as period costs and are charged to the Profit and
W599&,--5<1(&71&()*&F*03&71-<33*2%&[^>*19*9&71-<33*2&51&3*>0739&012&6071(*101-*&54&-56>8*(*2&>35@*-(9&
are charged to Profit and Loss Account.
XBV' 4+,$*9"' 6),,$"6:' &,5"-56&*+"-' 5"#' 3575"6$-b' In accordance with AS 11 issued by the Institute of
Chartered Accountants of India,
i) !"*&*57' ,$6+9"*&*+"b' Foreign currency transactions are recorded in the reporting currency, by
applying to the foreign currency amount the exchange rate between the reporting currency and the
foreign currency at the date of the transaction.
ii) Z+"K$,-*+"b' Foreign currency monetary items are retranslated using the exchange rate
>3*D07871A&0(&()*&3*>53(71A&20(*%&O51]651*(03F& 7(*69:&;)7-)&03*&6*09<3*2&71&(*369&54&)79(537-08&
UaAnnual Report 2013 - 2014
cost denominated in a foreign currency, are reported using the exchange rate at the date of the
(30190-(751%& O51]651*(03F& 7(*69:& ;)7-)& 03*& 6*09<3*2& 0(& 4073& D08<*& 53& 5()*3& 9767803& D08<0(751&
denominated in a foreign currency, are translated using the exchange rate at the date when such
value was determined.
iii) JC605"9$'#*;;$,$"6$-b'From accounting periods commencing on or after 7th December, 2006,
the Company accounts for exchange differences arising on translation/settlement of foreign
currency monetary items as below:
a) Exchange differences arising on a monetary item that, in substance, forms part of the
-56>01F?9&1*(&71D*9(6*1(&71&0&151]71(*A308&453*7A1&5>*30(751&79&0--<6<80(*2&71&()*&453*7A1&
currency translation reserve until the disposal of the net investment. On the disposal of
such net investment, the cumulative amount of the exchange differences which have been
deferred and which relate to that investment is recognized as income or as expenses in the
same period in which the gain or loss on disposal is recognized.
b) Exchange differences arising on long-term foreign currency monetary items related to
acquisition of a fixed asset are capitalized and depreciated over the remaining useful
874*& 54& ()*& 099*(& 71& 0--53201-*& ;7()& ()*& R7179(3F& 54& E53>530(*& ,440739& O5(747-0(751& 20(*2&
M!9(&R03-):&KLL"%&N53&()79&><3>59*:&()*&-56>01F&(3*0(9&0&453*7A1&651*(03F&7(*6&09&+851A]
(*36&453*7A1&-<33*1-F&651*(03F&7(*6.:&74&7(&)09&0&(*36&54&!K&651()9&53&653*&0(&()*&20(*&54&
its origination.
c) Exchange differences arising on other long-term foreign currency monetary items are
0--<6<80(*2&71&()*&+N53*7A1&E<33*1-F&R51*(03F&B(*6&=301980(751&U744*3*1-*&,--5<1(.&012&
amortized over the remaining life of the concerned monetary item.
d) All other exchange differences are recognized as income or as expenses in the period in
which they arise.
iv)' @,5"-75&*+"'+;'*"&$9,57'5"#'"+"R*"&$9,57';+,$*9"'+%$,5&*+"b'The Company classifies all its foreign
5>*30(7519&09&*7()*3&+71(*A308& 453*7A1&5>*30(7519.&53&+151]71(*A308& 453*7A1&5>*30(7519%.&=)*&47101-708&
statements of an integral foreign operation are translated as if the transactions of the foreign operation
have been those of the Company itself. The assets and liabilities of a non-integral foreign operation
are translated into the reporting currency at the exchange rate prevailing at the reporting date and
their statement of profit and loss are translated at annual average exchange rates. The exchange
differences arising on translation are accumulated in the foreign currency translation reserve. On
disposal of a non-integral foreign operation, the accumulated foreign currency translation reserve
relating to that foreign operation is recognized in the statement of profit and loss. When there is
a change in the classification of a foreign operation, the translation procedures applicable to the
revised classification are applied from the date of the change in the classification.
XBW' /$&*,$2$"&'5"#'+&0$,'$2%7+:$$'3$"$;*&-b'In accordance with Accounting Standard 15 issued by the
Institute of Chartered Accountants of India,
& 7/& I*(73*6*1(&H*1*47(&71&()*&4536&54&>35D72*1(&4<12&79&0&2*471*2&-51(37H<(751&9-)*6*%&=)*&-51(37H<(7519&
to the provident fund are charged to the statement of profit and loss for the year when the
contributions are due. The Company has no obligation, other than the contribution payable to the
provident fund.
ii) The Company operates one defined benefit plan for its employees, viz., gratuity. The cost of
providing benefits under this plan are determined on the basis of actuarial valuation at each
F*03]*12&<971A&()*&>35@*-(*2&<17(&-3*27(&6*()52%&=)*&E56>01F&)09&5H(071*2&0&>587-F&4356&()*&W74*&
Insurance Corporation of India in respect of the gratuity obligation and the annual contribution paid
by the Company to LIC is charged to the profit and loss statement. The actuarial gains and losses
for the defined benefit plan are not recognized in the period in which they occur in the statement
of profit and loss.
cY Annual Report 2013 - 2014
XBa' @5C' JC%$"-$b' In accordance with Accounting Standard 22 issued by the Institute of Chartered
Accountants of India,
i) Tax expense comprises current and deferred tax.
ii) Current income-tax is measured at the amount expected to be paid to the tax authorities in
accordance with the Income-tax Act, 1961 enacted in India and tax laws prevailing in the respective
(0^&@<37927-(7519&;)*3*&()*&E56>01F&5>*30(*9%&=)*&(0^&30(*9&012&(0^&80;9&<9*2&(5&-56><(*&()*&
amount are those that are enacted or substantively enacted, at the reporting date. Current income
tax relating to items recognized directly in equity is recognized in equity and not in the statement
of profit and loss.
iii) Deferred tax assets and liabilities are recognized for future tax consequences attributable to the
timing differences between taxable income and accounting income that are capable of reversal
in one or more subsequent periods and are measured using tax rates enacted or substantively
enacted as at the balance sheet date. Deferred income tax relating to items recognized directly in
equity is recognized in equity and not in the statement of profit and loss.
iv) Deferred tax liabilities are recognized for all taxable timing differences. Deferred tax assets are
recognized for deductible timing differences only to the extent that there is reasonable certainty
that sufficient future taxable income will be available against which such deferred tax assets can
be realized. In situations where the Company has unabsorbed depreciation or carry forward
tax losses, all deferred tax assets are recognized only if there is virtual certainty supported by
convincing evidence that they can be realized against future taxable profits.
v) In the situations where the Company is entitled to a tax holiday under the Income-tax Act, 1961
*10-(*2& 71& B1270&53& (0^& 80;9&>3*D07871A& 71& ()*& 3*9>*-(7D*& (0^& @<37927-(7519&;)*3*& 7(& 5>*30(*9:& 15&
deferred tax (asset or liability) is recognized in respect of timing differences which reverse during
()*&(0^&)58720F&>*3752:&(5&()*&*^(*1(&()*&E56>01F?9&A3599&(5(08&71-56*&79&9<H@*-(&(5&()*&2*2<-(751&
during the tax holiday period. Deferred tax in respect of timing differences which reverse after the
tax holiday period is recognized in the year in which the timing differences originate. However, the
Company restricts recognition of deferred tax assets to the extent that it has become reasonably
certain or virtually certain, as the case may be, that sufficient future taxable income will be
available against which such deferred tax assets can be realized. For recognition of deferred taxes,
the timing differences which originate first are considered to reverse first.
vi) At each reporting date, the Company re-assesses unrecognized deferred tax assets. It recognizes
unrecognized deferred tax asset to the extent that it has become reasonably certain or virtually
certain, as the case may be, that sufficient future taxable income will be available against which
such deferred tax assets can be realized.
vii) The carrying amount of deferred tax assets are reviewed at each reporting date. The Company
writes-down the carrying amount of deferred tax asset to the extent that it is no longer reasonably
certain or virtually certain, as the case may be, that sufficient future taxable income will be available
against which deferred tax asset can be realized. Any such write-down is reversed to the extent
that it becomes reasonably certain or virtually certain, as the case may be, that sufficient future
taxable income will be available.
viii) Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to
set-off current tax assets against current tax liabilities and the deferred tax assets and deferred
taxes relate to the same taxable entity and the same taxation authority.
ix) Minimum Alternate Tax (MAT) paid in a year is charged to the statement of profit and loss as
current tax. The Company recognizes MAT credit available for a particular assessment year as an
61Annual Report 2013 - 2014
asset only after the assessment for that year is complete and such credit is finally quantified and
only to the extent that there is convincing evidence that the Company will pay normal income tax
during the specified period, i.e., the period for which MAT credit is allowed to be carried forward. In
the year in which the company recognizes MAT credit as an asset in accordance with the Guidance
O5(*&51&,--5<1(71A&453&E3*27(&,D0780H8*&71&3*9>*-(&54&R7176<6&,8(*310(7D*&=0^&<12*3&()*&B1-56*]
tax Act, 1961, the said asset is created by way of credit to the statement of profit and loss and
9)5;1&09&+R,=&E3*27(&[1(7(8*6*1(.&<12*3&()*&)*02&+E<33*1(&,99*(9.%&=)*&E56>01F&3*D7*;9&()*&
+R,=&-3*27(&*1(7(8*6*1(.&099*(&0(&*0-)&3*>53(71A&20(*&012&;37(*9&25;1&7(9&-033F71A&065<1(&(5&()*&
extent such credit is set-off u/s 115JAA or to the extent the Company does not have convincing
evidence that it will pay normal tax during the specified period.
XBQY' Z+"-+7*#5&$#'4*"5"6*57'8&5&$2$"&-b' In accordance with AS 21 and AS 27 issued by the Institute of
Chartered Accountants of India, separate consolidated financial statements of the Company and its
Subsidiaries have been prepared by combining on a line-to-line basis by adding together the book values
of like items of assets, liabilities, incomes and expenses after fully eliminating intra-group balances,
intra-group transactions and unrealised profits and losses.
XBQQ' J5,"*"9-'D$,'805,$b'In accordance with Accounting Standard 20, issued by the Institute of Chartered
Accountants of India.
i) Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to
equity shareholders (after deducting preference dividends and attributable taxes) by the weighted
average number of equity shares outstanding during the period. Partly paid equity shares are
treated as a fraction of an equity share to the extent that they are entitled to participate in dividends
relative to a fully paid equity share during the reporting period. The weighted average number of
*G<7(F&9)03*9&5<(9(01271A&2<371A& ()*&>*3752& 79&02@<9(*2& 453&*D*1(9&9<-)&09&H51<9& 799<*:&H51<9&
element in a rights issue, share split, and reverse share split (consolidation of shares) that have
changed the number of equity shares outstanding, without a corresponding change in resources.
ii) For the purpose of calculating diluted earnings per share, the net profit or loss for the period
attributable to equity shareholders and the weighted average number of shares outstanding during
()*& >*3752& 03*& 02@<9(*2& 453& ()*& *44*-(9& 54& 088& 278<(7D*& >5(*1(708& *G<7(F& 9)03*9:& *^-*>(& ;)*3*& ()*&
results are anti-dilutive.
XBQX' D,+K*-*+"-b'In accordance with Accounting Standard 29 issued by the Institute of Chartered Accountants
of India,
i) A provision is recognized when the Company has a present obligation as a result of past event,
it is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are
not discounted to their present value and are determined based on the best estimate required to
settle the obligation at the reporting date. These estimates are reviewed at each reporting date
012&02@<9(*2& (5& 3*48*-(& ()*&-<33*1(&H*9(&*9(760(*9%&Q)*3*& ()*&-56>01F&*^>*-(9& 956*&53&088& 54&
a provision to be reimbursed, for example under an insurance contract, the reimbursement is
recognized as a separate asset but only when the reimbursement is virtually certain. The expense
relating to any provision is presented in the statement of profit and loss net of any reimbursement.
ii) d5,,5"&:' %,+K*-*+"-b' Provisions for warranty-related costs are recognized when the product
is sold or service provided. Provision is based on historical experience. The estimate of such
warranty-related costs is revised annually.
XBQP' Z+"&*"9$"&'O*53*7*&*$-'5"#'Z+"&*"9$"&'(--$&-b'In accordance with Accounting Standard 29 issued by
the Institute of Chartered Accountants of India,
cX Annual Report 2013 - 2014
i) A contingent liability is a possible obligation that arises from past events whose existence will be
confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the
control of the Company or a present obligation that is not recognized because it is not probable
that an outflow of resources will be required to settle the obligation. A contingent liability also arises
in extremely rare cases where there is a liability that cannot be recognized because it cannot
be measured reliably. The Company does not recognize a contingent liability but discloses its
existence in the financial statements.
ii) Contingent assets are not recognized.
XBQS' (66+)"&*"9'8&5"#5,#-'"+&'5%%7*6537$'&+'&0$'Z+2%5":'#),*"9'&0$':$5,')"#$,',$K*$Tb
*F' Z+"-&,)6&*+"'Z+"&,56&-b AS 7 is not applicable since the Company is not engaged in execution
of construction contracts.
**F' (66+)"&*"9' ;+,' =+K$,"2$"&' =,5"&-b' AS 12 is not applicable since the Company has not
received any Government Grants.
***F' (66+)"&*"9' ;+,' (2579525&*+"-b' AS 14 is not applicable since the Company has not so far
entered into any amalgamation.
*KF' 8$92$"&'/$%+,&*"9b'AS 17 is not applicable since the Company operates only in one segment,
i.e. real estate development.
' KF' (66+)"&*"9';+,'!"K$-&2$"&-'*"'(--+6*5&$-'*"'Z+"-+7*#5&$#'4*"5"6*57'8&5&$2$"&-b'AS 23 is
not applicable since the Company is not required to consolidate its financial statements.
' K*F' L*-6+"&*")*"9'I%$,5&*+"-b AS 24 is not applicable since the Company has not so far discontinued
operations.
' K**F' !"&$,*2'4*"5"6*57'/$%+,&*"9b'AS 25 is not applicable to the financial statements under review.
K***F' 4*"5"6*57'/$%+,&*"9'+;'!"&$,$-&-'*"']+*"&'\$"&),$-b AS 27 is not applicable since the Company
)09&15&@571(&D*1(<3*9%
63Annual Report 2013 - 2014
D. S. Kulkarni Developers Ltd.
M+&$-'&+'&0$'N575"6$'80$$&'5-'5&' PQR15,RQS
` EO56-F
PQR15,RQS
` EO56-F
PQR15,RQP
` EO56-F
PQR15,RQP
` EO56-F
3. J<)*&:'805,$'Z5%*&57
a) O<6H*3&54&9)03*9&0<()537f*2 50,000,000 50,000,000
b) Amount of shares authorized 5,000.00 5,000.00
c) O<6H*3&54&9)03*9&799<*2:&9<H9-37H*2&012&4<88F&>072 25,801,008 25,801,008
d) O<6H*3&54&9)03*9&799<*2&012&9<H9-37H*2&H<(&15(&
fully paid
c c
e) Par value per share 10 10
f) I*-51-7870(751&54&()*&1<6H*3&54&9)03*9&5<(9(01271A&
at the beginning and at the end of the reporting
period
i. Shares outstanding at the beginning of the
reporting period
25,801,008 25,801,008
ii. Shares allotted during the reporting period c c
iii. Shares forfeited during the reporting period c c
iv. Shares bought back during the reporting
period
c c
v. Shares outstanding at the end of the
reporting period
25,801,008 25,801,008
g) Shares in the company held by each shareholder
holding more than 5 per cent shares specifying the
number of shares held
1. H D Kulkarni 4,897,308 4,897,308
2. D S Kulkarni 5,408,269 4,510,951
3. S D Kulkarni 1,520,000 1,520,000
4. Ashok Parmar 3,243,108 3,116,630
5. Chander Bhatia 2,000,000 2,000,000
6. Asha Bhatia 1,950,000 19,018,685 1,950,000 17,994,889
@+&57'5&'&0$'$"#'+;'&0$',$%+,&*"9'%$,*+# 'X?UWYBQY' 'X?UWYBQY'
4. /$-$,K$-'5"#'8),%7)-
a) \*-<37(7*9&Z3*67<6&I*9*3D*
i. Balance at the beginning of the reporting period 30,822.71 30,822.71
ii. Additions during the reporting period c c
iii. Deduction during the reporting period c c
iv. Balance at the end of the reporting period 30,822.71 30,822.71
64 Annual Report 2013 - 2014
D. S. Kulkarni Developers Ltd.
Notes to the Balance Sheet as at 31-Mar-14
` (Lacs)
31-Mar-14
` (Lacs)
31-Mar-13
` (Lacs)
31-Mar-13
` (Lacs)
b) General Reserve
i. Balance at the beginning of the reporting
period
953.70 953.70
ii. Additions during the reporting period ! !
iii. Deduction during the reporting period ! !
iv. Balance at the end of the reporting period 953.70 953.70
c) Surplus i.e. balance in Statement of Profit and
Loss disclosing allocations and appropriations
such as dividend, bonus shares and transfer to/
from reserves etc.
i. Balance at the beginning of the reporting
period
14,743.95 13,221.40
ii. Additions during the reporting period 1,304.58 1,842.85
iii. Transfer from Investment allowance reserve
iv. Deduction during the reporting period
Prior year adjustments 32.04 (18.44)
Proposed equity dividend (258.01) (258.01)
Tax on equity dividend (43.85) (43.85)
v. Balance at the end of the reporting period 15,778.70 14,743.95
Total at the end of the reporting period 47,555.12 46,520.36
5. Long-term Borrowings
i) Long-term borrowings secured
a) Term loans
i. Project term loan 10,398.91 7,756.90
ii. Equipment term loans 1,937.12 3,573.05
iii. Corporate term loans 3,704.02 393.16
iv. Vehicle Term Loan 18.70 16,058.75 7.85 11,730.96
ii) Long-term borrowings unsecured
i Deposits from public 8,805.82 10,797.76
Total at the end of the reporting period 24,864.57 22,528.72
6. Deferred Tax Liability:
The deferred tax liability comprises the effect of
the following:
DTL resulting from timing difference between book
depreciation and tax depreciation
113.85 106.63
Total at the end of the reporting period 113.85 106.63
65Annual Report 2013 - 2014
D. S. Kulkarni Developers Ltd.
M+&$-'&+'&0$'N575"6$'80$$&'5-'5&' PQR15,RQS
` EO56-F
PQR15,RQS
` EO56-F
PQR15,RQP
` EO56-F
PQR15,RQP
` EO56-F
VB I&0$,'7+"9R&$,2'7*53*7*&*$-
a) Deposits 25.60 25.60
@+&57'5&'&0$'$"#'+;'&0$',$%+,&*"9'%$,*+# 'XUBcY' 'XUBcY'
WB 80+,&R&$,2'3+,,+T*"9-
5F 80+,&R&$,2'3+,,+T*"9-'-$6),$#
a) Loans repayable on demand
i. Working capital limits 2,264.12 2,680.88
@+&57'5&'&0$'$"#'+;'&0$',$%+,&*"9'%$,*+# 'X?XcSBQX' 'X?cWYBWW'
aB I&0$,'6),,$"&'7*53*7*&*$-
a) Advance against Tenements/Plots 37,327.78 25,937.12
b) Current maturities of long-term debt
i. Secured 10,913.46 7,823.03
ii. Unsecured inter-corporate debts 2,186.98 2,789.20
iii. Public deposits 8,338.67 21,439.11 4,764.06 15,376.29
c) Interest accrued but not due on borrowings
i. Secured 195.17 133.50
ii. Unsecured inter - Corporate debts 108.99 c
iii. Public deposits 1,123.93 1,428.09 402.32 535.82
d) Unclaimed dividends 17.79 18.95
e) Statutory liabilities 612.23 648.99
f) Provision for expenses 11,156.11 10,554.50
g) Unclaimed public deposits 155.97 440.91
@+&57'5&'&0$'$"#'+;'&0$',$%+,&*"9'%$,*+# 'VX?QPVBYW' 'UP?UQXBUa'
QYB 80+,&R&$,2'%,+K*-*+"-
a) Provision for Income Tax 6,582.83 5,531.86
b) Proposed Dividend 258.01 258.01
c) Tax on Dividend 43.85 43.85
@+&57'5&'&0$'$"#'+;'&0$',$%+,&*"9'%$,*+# 'c?WWSBca' 'U?WPPBVX'
66 Annual Report 2013 - 2014
D. S
. Ku
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D. S. Kulkarni Developers Ltd.
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13. M+"R6),,$"&'*"K$-&2$"&-
a) Investments in Equity Instruments
i. Subsidiaries 2,109.73 2,109.73
ii. Associates 82.92 95.00
iii. Cooperative banks 11.64 2,204.29 11.64 2,216.37
b) Investments in debentures or bonds
i. Subsidiaries c 2,696.50
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Additional Disclosures
a) Investments carried at other than at cost and
the basis for valuation thereof
&O78& &O78&
b) Aggregate amount of quoted investments c c
c) Market value of quoted investments &O,& &O,&
d) Aggregate amount of unquoted investments 2,204.29 4,912.87
e) Aggregate provision for diminution in value of
investments &O78& &O78&
14. I&0$,'"+"R6),,$"&'5--$&-
a) Deposits 131.98 137.80
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15. Inventories
a) Construction materials 485.33 109.48
b) Work-in-progress 128,713.18 108,724.56
c) Finished tenements 2,135.41 2,113.30
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a) I*-*7D0H8*9&5<(9(01271A&453&8*99&()01&97^&651()9
i. Unsecured considered good 33.53 76.06
b) I*-*7D0H8*9& 5<(9(01271A& 453& 0& >*3752&
exceeding six months
i. Unsecured considered good 297.30 276.50
c) Debts due by directors or other officers of
the company or any of them either severally
53&@571(8F&;7()&01F&5()*3&>*3951&53&2*H(9&2<*&
by firms or private companies respectively in
which any director is a partner or a director
or a member &O78& &O78&
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cW Annual Report 2013 - 2014
D. S. Kulkarni Developers Ltd.
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a) Balances with banks
i. Earmarked balances with banks 765.69 1,214.66
ii. Current a/c balances with bank 2,339.35 934.46
iii. Balances with banks to the extent held
as margin money or security against the
borrowings, guarantees, other commitments 732.56 82.00
iv. Bank deposits with less than 12 months maturity 94.71 55.20
v. Interest accrued on FD 89.12 124.79
vi. Bank deposits with more than 12 months
maturity c 4,021.44 206.90 2,618.01
b) Cash on hand 6.70 484.94
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a) Advances to related parties
i. Unsecured, considered good 4,648.61 5,611.95
ii. Doubtful 3,459.17 c
iii. Allowance for bad and doubtful loans and
advances (859.17) 2,600.00 c
b) Others
i. Unsecured, considered good 2,338.47 1,024.06
Loans and advances due by directors or other
officers of the company or any of them either
9*D*3088F& 53& @571(8F& ;7()& 01F& 5()*3& >*3951& 53&
amounts due by firms or private companies
respectively in which any director is a partner
or a director or a member 7,248.61 5,611.95
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a) Advance Tax and TDS 6,220.97 5,187.26
b) Cenvat Credit 65.74 25.94
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caAnnual Report 2013 - 2014
D. S. Kulkarni Developers Ltd.
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Claims against the Company not
acknowledged as debts
1. Guarantee is respect of secured loans
obtained by subsidiary
10,000.00 10,000.00
Balance of secured loans as at end of year 9,374.78 9,930.71
2. Guarantee to Government Authorities 689.64 600.00
3. Tax Matters under appeal** 1,357.87 1,121.70
4. Cases filed against the Company 600.60 638.34
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** Income tax demands comprise demand from the Indian tax authorities for payment of additional tax
upon completion of their tax review for the Assessment years 2004-05, 2005-06, 2006-07, 2007-08,
2008-09, 2009-10, 2010-11 and 2011-12. The tax demands are mainly on account of disallowance
of a portion of the tax holiday claimed by the Company under the Income tax Act. The matter is
pending before the Commissioner of Income tax (Appeals)/Income Tax Appellate Tribunal/High Court
of Judicature at Mumbai. The Company is contesting the demands and the management, including
7(9&(0^&02D79539:&H*87*D*&()0(&7(9&>597(751&;788&87C*8F&H*&<>)*82&71&()*&0>>*880(*&>35-*99%&O5&(0^&*^>*19*&
has been accrued in the financial statements for the tax demand raised. The management believes
()0(&()*&<8(760(*&5<(-56*&54&()79&>35-**271A&;788&15(&)0D*&0&60(*3708&02D*39*&*44*-(&51&()*&-56>01F?9&
financial position and results of operations. The Company has however deposited ` 903.53 lacs
against these disputed tax demands.
In the opinion of the Board, all the assets other than fixed assets and non-current investments have
a value on realization in the ordinary course of business at least equal to the amount at which they
are stated.
VY Annual Report 2013 - 2014
D. S. Kulkarni Developers Ltd.
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i. Sale of products
Sales of Tenements 2,031.13 3,516.69
\08*&54&W012&`&U*D*85>6*1(&I7A)(9 41.08 2,072.20 473.96 3,990.65
ii. Sale of services
I*1( 156.77 150.12
iii. Other operating revenues
Income from subsidiaries 833.15 1,113.18
\08*&54&IRE c 154.63
R79-&I*-*7>(9&'N80()582*39/ 3.10 c
Other-sales 26.27 862.52 1.87 1,269.67
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a) Finished tenements
Closing 2,135.41 2,113.30
Less: Opening (2,113.30) 22.11 (5,559.64) (3,446.34)
b) Work-in-Progress
Closing 128,713.18 108,724.56
Less: Opening (108,724.56) 19,988.61 (87,541.03) 21,183.53
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a) Interest on fixed deposits with banks 118.73 139.34
b) B1(*3*9(&51&B=&I*4<12 10.89 34.41
c) Other Interest 13.69 64.47
d) Book Profit on Sale of Mutual Fund Units c 1.22
e) Sundry creditors A/c written back c 21.17
f) J()*3&I*-*7>(9 9.54 25.09
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a) W012&012&U*D*85>6*1(&I7A)(9 1,384.34 4,499.55
b) \<H]E51(30-(539?&E)03A*9&'B1-8<271A&
Material)
4,279.68 4,640.58
c) Other Development Expenses 10,322.54 8,099.24
@+&57'5&'&0$'$"#'+;'&0$',$%+,&*"9'%$,*+# 'QU?aWcBUc' 'QV?XPaBPV'
VQAnnual Report 2013 - 2014
D. S. Kulkarni Developers Ltd.
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a) Professional Fees 160.58 122.38
b) Postage, Telephone and Telegram 56.09 44.62
c) I*1( 184.41 166.26
d) I0(*9&012&=0^*9 0.57 32.98
e) I*>0739&012&R071(*101-* 62.96 58.33
f) Printing and Stationery 34.76 27.26
g) Legal Charges 10.48 9.44
h) Conveyance and foreign travel 98.09 92.55
i) Electricity Charges 38.38 47.79
@/ Office Expenses 27.17 19.17
k) Subscription 4.35 5.72
l) Insurance 3.45 5.03
m) Audit Fees
Internal Audit Fees 1.23 0.51
Company Audit Fees 6.35 5.50
Tax Audit Fees 1.00 8.58 1.00 7.01
n) Security Charges 0.59 -
o) Other administrative expenses 49.12 26.03
@+&57'5&'&0$'$"#'+;'&0$',$%+,&*"9'%$,*+# 'VPaBUW' 664.56
XcB J2%7+:$$'N$"$;*&-'JC%$'"-$
a) Salaries, Wages, Bonus etc. 757.20 661.23
b) Contribution to Provident and Other Funds 46.60 803.79 46.18 707.41
c) U73*-(539?&I*6<1*30(751 302.88 269.03
d) Staff Welfare 87.21 53.96
e) U73*-(539?&\7((71A&N**9 3.55 2.75
f) I*-3<7(6*1(&E)03A*9 0.43 0.64
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XVB 8$77*"9'$C%$"-$-
a) Advertisement 407.96 431.24
b) Sales Promotion 70.57 125.04
c) Domestic Travel Expenses 68.15 51.40
d) Foreign Travel Expenses 76.26 38.64
e) Domestic Exhibition Expenses 88.96 71.77
f) Foreign Exhibition Expenses 5.06 94.02 3.00 74.77
g) Donations 60.01 2.51
h) E53>530(*&\5-708&I*9>5197H787(F 0.70 -
i) Other Selling Expenses 20.90 18.07
@+&57'5&'&0$'$"#'+;'&0$',$%+,&*"9'%$,*+# 'VaWBUV' 'VSQBcV'
VX Annual Report 2013 - 2014
D. S. Kulkarni Developers Ltd.
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a) Interest on Deposits and Loans 520.80 453.64
b) Interest to Financial Institutions 155.35 249.93
c) Interest to Banks 70.21 132.11
d) Other Financial Expenses 190.38 111.61
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a) Depreciation expense 135.48 135.15
b) Amortization expense 9.92 145.40 7.85 143.00
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a) (Profit)/Loss on Sale of Assets 9.80 c
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31. !&$2-'+;'$C6$%&*+"57'"5&),$
Foreign Exchange Difference (15.99) 179.18
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Provision for Doubtful advances-DSKDC 859.17
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33. J5,"*"9-'D$,'805,$'EJD8Fb
Earnings per share is calculated in accordance
with the AS 20
D5,&*6)75,-
Profit after tax (` lacs) 1,305 1,843
Q*7A)(*2&,D*30A*&O<6H*3&54&[G<7(F&9)03*9 25,801,008 25,801,008
O567108&h08<*&54&[G<7(F&\)03*&'`) 10 10
Basic and Diluted Earnings Per Share (`) 5.06 7.14
34. D,*+,'%$,*+#'*&$2-
Short Provision for taxation c 18.44
Excess provision for taxation 32.04 c
35. /$75&$#'%5,&:'#*-67+-),$-A. M52$-'+;',$75&$#'%5,&*$-'5"#',$75&$#'%5,&:',$75&*+"-0*%
1. I*80(*2&>03(7*9&;)*3*&-51(358&*^79(9Subsidiaries 1. DSK Developers Corporation
2. U\b&=5;19)7>&Z35@*-(9&Z37D0(*&W(2%&'N536*38F&C15;1&09&
U\b&\[i&Z35@*-(9&'Z<1*/&Z37D0(*&W(2%/3. U\b&\5<()*31&Z35@*-(9&ZD(%&W(2%
VPAnnual Report 2013 - 2014
D. S. Kulkarni Developers Ltd.
Step-down subsidiaries 1. DSK Woods LLCKey management personnel 1. R3%&U%&\%&b<8C0317& c&R010A71A&U73*-(53&
2. R3%&\&U&b<8C0317&& c&[^*-<(7D*&U73*-(53I*80(7D*9&54&C*F&6010A*6*1(&
personnel
1. Mrs Hemanti D. Kulkarni
2. Mr.Amit Deepak Kulkarni3. R39%,9);717&\01@0F&U*9)>012*4. Mr.Makarand S. Kulkarni
Enterprises owned or significantly influenced by key management personnel or their relatives1. Ambiance Ventures Estates & Developments Pvt. Ltd. 2. Amit & Company3. Ascent Promoters & Developers Private Limited4. Crystal Promoters & Developers Private Limited5. Chandradeep Promoters & Developers Private Limited6. D.S. Kulkarni & Associates7. D.S. Kulkarni & Company8. D.S. Kulkarni & Brothers9. D.S. Kulkarni & Sons10. D. S. Kulkarni Constructions Pvt. Ltd.11. DSK Digital Technologies Private Limited12. DSK Entertainment LLC13. U\b&X85H08&[2<-0(751&012&I*9*03-)&W(2%&&14. DSK Infotech Private Limited15. DSK Milkotronics Private Limited16. DSK Motors Limited17. DSK Mototrucks Private Limited18. DSK Motowheels Private Limited19. DSK Prabhu Granite LLP20. DSK Sales & Services21. U\b&\)7D0@7019&N55(H088&E8<H&ZD(%&W(2%22. Tricone Infracon Ltd. 23. U\b&Q5382601&Z35@*-(9&W(2%&24. DSK & Co.25. DSK & Sons26. Fairyland Promoters & Developers Private Limited27. N53*D*3&\5803&Z5;*3&Z35@*-(&ZD(%&W(2%&28. Gharkul29. Greengold Farms & Forests Pvt. Ltd.30. Growrich Agroforestry Private Limited31. Hexagon Capital Services Private Limited32. Holyland Agroforestry Private Limited33. Sapphire Promoters & Developers Private Limited34. Shri Saptashrungi Oil Mills Pvt. Ltd.35. Telesmell36. Talisman Hospitality Services Pvt. Ltd.
35 /$75&$#'%5,&:'#*-67+-),$-'EZ+"&#BF
VS Annual Report 2013 - 2014
D. S. Kulkarni Developers Ltd.
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1. J<)*&:'Z+"&,*3)&*+"
H D Kulkarni 489.73 489.73
D S kulkarni 540.83 451.10
S D Kulkarni 152.00 152.00
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Ambiance Ventures Estates & Developments Pvt. Ltd. 658.99 605.74
D S Kulkarni & Associates 11,100.00 13,020.65
D S Kulkarni & Company 5,637.77 1,882.80
D.S. Kulkarni Constructions Pvt. Ltd. 14.43 14.43
U\b&X85H08&[2<-0(751&012&I*9*03-)&W(2%&& c 6.10
U\b&=5;19)7>&Z35@*-(9&Z37D0(*&W(2% 145.24 145.24
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3. L$%+-*&-'%5:537$
D S Kulkarni & Associates 0.50 0.50
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4. @,5#$'%5:537$
DSK Motors Ltd. 16.82 9.68
DSK Motowheels Private Limited c 20.23
Tricone Infracon Ltd. 80.20 80.20
Growrich Agroforestry Private Limited 17.31 c
Mr Shirish D. Kulkarni 7.42 c
Mrs. H. D. Kulkarni 0.64 c
Telesmell 0.08 c
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5. !"K$-&2$"&-'5&'&0$':$5,'$"#
DSK Developers Corporation 509.50 509.50
U\b&X85H08&[2<-0(751&`&I*9*03-)&W(2% 82.92 95.00
U\b&\5<()*31&Z35@*-(9&ZD(%&W(2% 1,400.23 4,096.73
U\b&=5;19)7>&Z35@*-(9&ZD(%&W(2% 200.00 200.00
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D S Kulkarni & Associates 90.88 c
DSK Motors Ltd. 19.78 62.69
Tricone Infracon Ltd. 469.20 466.56
U\b&Q5382601&Z35@*-(9&W(2% 28.83 12.18
8)3R&+&57 'cYWBca' 541.43
VUAnnual Report 2013 - 2014
D. S. Kulkarni Developers Ltd.
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`EO56-F
VB O+5"-',$6$*K537$
DSK Developers Corporation 3,459.17 3,580.88
U\b&\5<()*31&Z35@*-(9&ZD(%&W(2% 4,525.84 2,031.07
8)3R&+&57 'V?aWUBYQ' 'U?cQQBaU'
WB L$%+-*&-',$6$*K537$
D S Kulkarni & Company 25.00 25.00
Mr Shirish D Kulkarni 14.00 14.00
Mrs. H D Kulkarni 1.50 1.50
D S Kulkarni & Associates 25.00 25.00
8)3R&+&57 'cUBUY' 'cUBUY'
aB @,5#$',$6$*K537$
U\b&X85H08&[2<-0(751&`&I*9*03-)&W(2% 157.31 34.53
DSK Motors Ltd. 3.32 3.32
D S Kulkarni & Associates 1.87 0.09
DSK Sales & Services 1.81 c
Shri Saptashrungi Oil Mills Pvt. Ltd. c 1.09
8)3R&+&57 164.31 'PaBYP'
QYB D),605-$'+;';*C$#'5--$&-'
DSK Motors Ltd. 56.52
8)3R&+&57 'UcBUX' g
11. /$#$2%&*+"e857$'+;'*"K$-&2$"&-
Mrs Hemanti D. Kulkarni 12.08 160.00
U\b&\5<()*31&Z35@*-(9&ZD(%&W(2% 2,696.50 c
8)3R&+&57 'X?VYWBUW' 'QcYBYY'
QXB =)5,5"&$$-'9*K$"
U\b&X85H08&[2<-0(751&`&I*9*03-)&W(2% 10,000.00 10,000.00
8)3R&+&57 'QY?YYYBYY' 'QY?YYYBYY'
@I@(O'I4'N(O(MZJ'8[JJ@'!@J18 'SX?ccWBXX' 'PW?XXXBUP'
D/I4!@eOI88'!@J18
1. 857$'+;'75"#
D S Kulkarni & Company c 233.60
U\b&Q5382601&Z35@*-(9&W(2%&& c 240.37
8)3R&+&57 g 'SVPBac'
XB 857$'+;'/1Z
U\b&X85H08&[2<-0(751&`&I*9*03-)&W(2% c 19.13
DSK Motors Ltd. c 0.12
Shri Saptashrungi Oil Mills Pvt. Ltd. 1.09
8)3R&+&57 g 'XYBPS'
Vc Annual Report 2013 - 2014
D. S. Kulkarni Developers Ltd.
PQR15,RQS
`EO56-F
PQR15,RQP
`EO56-F
3. 857$'I;'15&$,*57
D S Kulkarni & Associates 1.78
8)3R&+&57 'QBVW'
4. 8$,K*6$-',$"#$,$#
DSK Sales & Services 1.85 c
8)3R&+&57 'QBWU' g
5. !"&$,$-&'!"6+2$
DSK Developers Corporation 230.85 191.83
U\b&\5<()*31&Z35@*-(9&ZD(%&W(2% 602.30 921.35
8)3R&+&57 'WPPBQU' 'Q?QQPBQW'
6. /$"&'!"6+2$
U\b&X85H08&[2<-0(751&`&I*9*03-)&W(2% 100.00 100.00
D S Kulkarni & Associates 1.35 1.35
8)3R&+&57 'QYQBPU' 'QYQBPU'
VB 8$,K*6$-'5K5*7$#
D S Kulkarni & Company c 44.13
DSK Digital Technologies Pvt. Ltd. c 0.02
U\b&X85H08&[2<-0(751&`&I*9*03-)&W(2% 2.27 c
DSK Motors Ltd 10.02 17.18
DSK Motowheels Private Limited c 20.64
U\b&\)7D0@7019&N55(H088&E8<H&ZD(%&W(2% 40.82 c
Telesmell 0.21 0.17
8)3R&+&57 'UPBPX' 'WXBQS'
WB /$2)"$,5&*+"
Mr. Deepak S. Kulkarni 277.23 245.54
Mr. Shirish D. Kulkarni 26.44 24.59
8)3R&+&57 'PYPBcV' 'XVYBQP'
aB 8*&&*"9';$$-
Mr. K. K. Taparia 0.80 0.50
R3%&b)0359*C03&I%&U%& 0.45 0.25
Mr. MKP Shetty 1.05 0.95
Mr. V. C. Joshi 1.25 1.05
8)3R&+&57 3.55 'XBVU'
77Annual Report 2013 - 2014
D. S. Kulkarni Developers Ltd.
31-Mar-14
`(Lacs)
31-Mar-13
`(Lacs)
10. Interest expense
Ambiance Ventures Estates & Developments Pvt. Ltd. 82.50 82.50
D S Kulkarni & Associates 1,343.88 1,356.19
D S Kulkarni & Company 504.88 171.56
DSK Motowheels Pvt. Ltd. ! 23.91
Sub-total 1,931.26 1,634.16
11. Rent expense
D S Kulkarni & Associates 40.45 40.45
D S Kulkarni & Company 40.45 40.45
Growrich Agroforestry Private Limited 19.11 !
Mr Shirish D Kulkarni 97.75 97.75
Mrs. H. D. Kulkarni 8.33 7.61
Sub-total 206.09 186.27
TOTAL OF PROFIT/LOSS ITEMS 3,436.01 3,884.27
CASH FLOW ITEMS
1. Advances received/recovered
D S Kulkarni & Associates 919.86 460.97
D S Kulkarni & Company 15,842.87 14,007.77
DSK Global Education and Research Ltd. 0.18 !
DSK Developers Corporation 8.04 !
DSK Motors Ltd. 50.00 !
DSK Sales & Services ! 0.53
DSK Southern Projects Pvt. Ltd. ! 1,518.27
Tricone Infracon Ltd. ! 59.32
DSK Worldman Projects Ltd. ! !
Growrich Agroforestry Private Limited 0.69 416.08
Shri Saptashrungi Oil Mills Pvt. Ltd. 1.09 !
Sub-total 16,822.74 16,462.94
2. Advances given/repaid
D S Kulkarni & Associates 1,329.08 111.44
D S Kulkarni & Company 12,596.41 12,218.04
DSK Developers Corporation 132.20 466.56
DSK Global Education and Research Ltd. 38.16 71.62
DSK Motors Ltd. 27.86 25.28
DSK Motowheels Pvt. Ltd. 20.23 1,108.61
DSK Southern Projects Pvt. Ltd. 2,858.83 91.13
Tricone Infracon Ltd. ! 16.22
DSK Worldman Projects Ltd. 2.64 12.00
Growrich Agroforestry Private Limited 17.34 0.92
Sub-total 17,022.74 14,121.82
TOTAL OF CASH FLOW ITEMS 33,845.48 30,584.76
Grand Total 79,949.72 72,691.56
VW Annual Report 2013 - 2014
D. S. Kulkarni Developers Ltd.
36. L*-67+-),$',$<)*,$#'3:'Z75)-$'PX'+;'&0$'O*-&*"9'(9,$$2$"&
Amount of loans/advances in the nature of loans to subsidiaries:
D5,&*6)75,- I)&-&5"#*"9'5-'5&'' 15C*2)2'52+)"&'
+)&-&5"#*"9'#),*"9'&0$':$5,''
PQR15,RQS PQR15,RQP XYQPRQS XYQXRQP
A. 8)3-*#*5,*$- ` EO56-F ` EO56-F ` EO56-F ` EO56-F
1. DSK Developers Corporation 3,459.17 3,580.88 3,823.84 3,580.88
2. U\b&\5<()*31&Z35@*-(9&ZD(%&W(2%& 4,525.84 2,031.06 4,647.21 2,879.22
@+&57 'V?aWUBYQ' 'U?cQQBaS' 'W?SVQBYU' 'c?ScYBQY'
PVB L*-67+-),$';+,'5--$&-'&5>$"'+"'7$5-$'5-'%$,'(8'Qab
The Company has entered into operating lease arrangements for office space at Pune and Mumbai.
There are no future minimum lease payments under non-cancellable operating leases as all the lease
arrangements are cancellable at the option of lessee. Details of such leases are as follows:
Sr. Landlord D,$2*-$- 4,+2 @+ /$"&'%B5
` EO56-F
1. D S Kulkarni & Associates Z<1*&j&R&I2%&J447-* 1-Apr-11 31-Mar-14 36.00
2. D S Kulkarni & Company Z<1*&j&R&I2%&J447-* 1-Apr-11 31-Mar-14 36.00
3. Mrs. H. D. Kulkarni Z<1*&j&R&I2%&J447-* 31-Aug-12 1-Sep-15 7.41
4. Shirish D. Kulkarni Mumbai Office 1-Apr-11 31-Mar-14 87.00
5. Growrich Agroforestry Private Limited Gandharva Heights 1-Apr-13 31-Mar-15 18.00
@+&57 'QWSBSQ'
PWB L*-67+-),$';+,'5--$&-'9*K$"'+"'7$5-$'5-'%$,'(8'Qab
i. The Company has given its land on operating lease to its erstwhile subsidiary, DSK Global Education &
I*9*03-)&ZD(%&W(2%&453&0&>*3752&54&""&F*039&;%*%4&!9(&j<8F:&KLLa
D5,&*6)75,-'+;'5--$& =,+--'N7+6>'
5-'5&'PQRYPRXYQS
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as at
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=,+--'
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M$&'37+6>'
as at
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Land (` Lacs) 2,592.03 2,592 2,592.03 2,592.03
4)&),$'2*"*2)2'7$5-$'%5:2$"&-',$6$*K537$'*"',$-%$6&'+;'
"+"R65"6$77537$'7$5-$-
XYQPRQS
` O56-
XYQXRQP
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Due within one year from the Balance Sheet date 89.00 89.00
Due in the period between one year and five years 356.00 356.00
Due after five years 8,388.25 8,544.00
@+&57 'W?WPPBXU' 'W?aWaBYY'
ii. =)*&E56>01F&)09&A7D*1&7(9&8012&'V0D2)01/&51&5>*30(71A&8*09*&(5&O7C)78&b<8C0317&012&E56>01F&453&0&>*3752&
of 02 years w.e.f 1st October, 2012
D5,&*6)75,-'+;'5--$& =,+--'N7+6>'
5-'5&'PQRYPRXYQS
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as at
PQRPRXYQS
=,+--'
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as at
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Land (` Lacs) 2.88 2.88 2.88 2.88
VaAnnual Report 2013 - 2014
D. S. Kulkarni Developers Ltd.
4)&),$'2*"*2)2'7$5-$'%5:2$"&-',$6$*K537$'*"',$-%$6&'+;'"+"R65"6$77537$'
leases
XYQPRQS
` O56-
XYQXRQP
` O56-
Due within one year from the Balance Sheet date 3.00 6.00
Due in the period between one year and five years c 3.00
Due after five years c c
@+&57 'PBYY' 'aBYY'
iii. =)*&E56>01F&)09&A7D*1&7(9&8012&`&Z801(&R0-)71*3F&51&5>*30(71A&8*09*&(5&R3%O7C)78&b<8C0317&453&0&>*3752&54&
02 years w.e.f. 1st October, 2012
D5,&*6)75,-'+;'5--$& =,+--'N7+6>'
5-'5&'PQRYPRXYQS
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=,+--'
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` Lacs ` Lacs ` Lacs ` Lacs
i. Plant and Machinery 392.20 322.88 392.20 343.15
4)&),$'2*"*2)2'7$5-$'%5:2$"&-',$6$*K537$'*"',$-%$6&'+;'
65"6$77537$'7$5-$-
XYQPRQS
` O56-
XYQXRQP
` O56-
Due within one year from the Balance Sheet date 27.00 54.00
Due in the period between one year and five years c c
Due after five years c 27.00
@+&57 'XVBYY' 'WQBYY'
iv. The Company has sub-leased part of its leased Mumbai Office as follows:
Sr. 8)3R7$--$$ D,$2*-$- 4,+2 @+ /$"&'%B5B
` EO56-F
1. D S Kulkarni & Associates Mumbai Office
(Part)
1-Apr-13 31-Mar-14 1.20
v. =)*&E56>01F&)09&A7D*1&7(9&8012&'N<39<1A7/&51&5>*30(71A&8*09*&(5&O7C)78&b<8C0317&012&E56>01F&453&0&>*3752&
of 1 year w.e.f. 1st April, 2013
Sr. Lessee D,$2*-$- 4,+2 @+ /$"&'%B5B
` EO56-F
1. O7C)78&b<8C0317&`&E56>01F Fursungi 1-Apr-13 31-Mar-14 6.00
D5,&*6)75,-'+;'5--$& =,+--'N7+6>'
5-'5&'PQRYPRXYQS
M$&'37+6>'
as at
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=,+--'
N7+6>'5-'5&'''
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M$&'37+6>'
as at
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Land (` Lacs) 130.00 130.00 c c
vi. The Company has leased its Vehicle (MH 12 FU 1047) as follows:
Sr. Lessee \$0*67$'M+ /$"&'%B5B
` EO56-F
1. Alex Madinier MF 12 FU 1047 0.57
The Company has not so far entered into any financial lease.
WY Annual Report 2013 - 2014
PQR15,RQS
` EO56-F
PQR15,RQS
` EO56-F
PQR15,RQP
`EO56-F
PQR15,RQP
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PaB (##*&*+"57'!";+,25&*+"
A. Value of imports calculated on C.I.F basis by the
-56>01F&2<371A&()*&47101-708&F*03&71&3*9>*-(&54&c
a) Construction materials 20.93 c
B. Expenditure in foreign currency during the
financial year on account of
a) Foreigh Travel 17.20 5.73
b) Exhibitions 2.25 c
c) Professional and consultation fees 689.75 709.20 77.10 82.83
C. Earnings in foreign exchange
a) Interest from subsidiary 230.85 230.85 191.83 191.83
SYB L*-67+-),$-'+;'O!Z'=,+)%'=,5&)*&:'860$2$')"#$,'(8'QUb
XYQPRQS XYQXRQP
A. Z587-F&O5% 709000831 634720
B. Membership Data
a) O<6H*3&54&6*6H*39 376 363
b) Average age 35.16 34.27
c) Average monthly salary 0.26 0.23
d) Average past service 4.33 3.99
C. Valuation method &Z35@*-(*2&<17(&-3*27(&6*()52& &Z35@*-(*2&<17(&-3*27(&6*()52&
D. Actuarial assumptions
a) Mortality rate LIC (1994-96) ultimate LIC (1994-96) ultimate
b) Withdrawal rate &!g&(5&Mg&2*>*1271A&51&0A*& &!g&(5&Mg&2*>*1271A&51&0A*&
c) Discount rate &ag&>%0%& &ag&>%0%&
d) Salary escalation Sg #g
E I*9<8(9&54&D08<0(751
a) PV of past service benefit 122.38 109.31
b) Current service cost 20.37 20.10
c) Total service gratuity 1,045.57 878.70
d) Accrued gratuity 204.77 161.89
e) LCSA 840.80 716.82
f) LC premium 1.72 1.93
g) Service tax 0.21 0.24
F. I*-566*12*2&-51(37H<(751&30(*
a Full value as on renewal date 47.41 49.65
b Additional contribution for existing fund 74.97 59.66
c Current service cost 20.37 20.10
G. Total amount payable 97.28 81.96
H. Details of fund balance c c
a) Opening balance 49.65 60.48
b) Amount credited towards fund 0.80 1.13
c) Amount paid as claims from fund (7.05) (16.33)
d) Interest credited for the year 3.95 4.37
e) Closing balance 47.35 49.65
D. S. Kulkarni Developers Ltd.
WQAnnual Report 2013 - 2014
41. (##*&*+"57'*";+,25&*+"',$75&$#'&+'#$75:$#'%5:2$"&'3:'&0$'Z+2%5":'&+'1*6,+'e'82577'J"&$,%,*-$-'
5-'%$,'8$6&*+"'XX'+;' &0$'1*6,+?'82577'5"#'1$#*)2'J"&$,%,*-$-'L$K$7+%2$"&'(6&?'XYYc' E181JL'
(6&?'XYYcFb'
Sr.
No
D5,&*6)75,- XYQPRQS
` O56-
XYQXRQP
` O56-
(i) The principal amount remaining unpaid to any supplier (as defined in
S2(n) of MSMED Act, 2006) as at the end of the accounting year
O78 O78
(ii) The interest due on the principal amount remaining unpaid to any such
supplier as at the end of the accounting year
O78 O78
(iii) The amounts of payments made to such supplier beyond the appointed
day during the accounting year
O78 O78
(iv) The amount of interest paid by the Company in terms of Section 16 of
MSMED Act, 2006, during the accounting year
O78 O78
(v) The amount of interest due and payable for the period of delay in making
payment without adding the interest specified under MSMED Act, 2006
O78 O78
(vi) The amount of interest accrued and remaining unpaid at the end of the
accounting year
O78 O78
(vii) The amount of further interest due and payable even in the succeeding
years until such a day when the interest dues are actually paid to
the small enterprise for the purpose of disallowance as a deductible
expenditure u/s 23 of the MSMED Act, 2006
O78 O78
SXB !"K$-&2$"&-'*"'-)3-*#*5,*$-b'In the opinion of the management, no loss is expected to arise in respect of
investments in subsidiaries for which an additional provision is required.
43. (2+)"&-'#)$'&+'!"K$-&+,'J#)65&*+"'A'D,+&$6&*+"'4)"#b'As at the balance sheet date, there are no
amounts due and outstanding to this Fund.
As per our audit report of even date.
4+,'=+>057$?'@5">-57$'A'=05&%5"#$? '4+,'5"#'+"'3$057;'+;'&0$'N+5,#'+;'L*,$6&+,-'
N736&I*A79(30(751&O5%&!LMKPPQ
Chartered Accountants
D. S. Kulkarni \B'ZB']+-0*
Chairman & Managing Director Director
8B'1B'=05&%5"#$
Partner MB'\B'L$-0%5"#$ (2+7'D),5"#5,$
R*6H*39)7>&O5%&MLS$K Chief Financial Officer Company Secretary
Place: Pune Place: Pune
Date: 29th May, 2014 Date: 29th May, 2014
D. S. Kulkarni Developers Ltd.
WX Annual Report 2013 - 2014
D. S. Kulkarni Developers Ltd.
N575"6$'80$$&'5-'5&'PQ-&'15,60?'XYQS
8&5&$2$"&'+;'N+,,+T*"9-
"#$%&'()*+$,#-)*.&/(#$)*,#$*)0,0$1*&2*&0,3&4)5
N+,,+T*"9-
M+"R6),,$"&'
25&),*&:'+;'&0$'
#$3&
Current
25&),*&:'+;'&0$'
#$3&-
Interest
566,)$#'3)&'
not due on
3+,,+T*"9-
@+&57'(2+)"& /$;
` O56- ` O56- ` O56- ` O56-
1. O+"9R&$,2'3+,,+T*"9-
5F 8$6),$#
@$,2'7+5"-''
QF 4,+2'35">-
i. Z35@*-(&(*36&85019
1. ICICI Bank Ltd 633.12 3,335.00 34.63 4,002.76 1
FY 2012-13 3,943.90 831.00 49.92 4,824.82
XB N5">'I;'1505,5-0&,5 3,765.79 4,875.00 109.97 8,750.76 2
FY 2012-13 3,813.00 3,300.00 78.04 7,191.04
3. !Z!Z!'[4Z'OI(M' 6,000.00 c 45.68 6,045.68 3
FY 2012-13 c c c c
@+&57'D,+i$6&'@$,2'O+5"- 'QY?PaWBaQ' 'W?XQYBYY' 'QaYBXW' 'QW?VaaBQa'
6'0,3*7+*89:8;:< 7,756.90 4,131.00 127.96 12,015.86
XF 4,+2'4*"5"6*57'!"-&*&)&*+"-
ii. J<)*%2$"&'@$,2'O+5"-
1. Srei Equipment Finance Pvt. Ltd. 1,887.88 1,636.81 c 3,524.69 4
FY 2012-13 3,513.58 2,258.23 c 5,771.81
2. I*8701-*&E0>7(08&W(2% 49.24 270.04 c 319.28 5
FY 2012-13 59.48 199.10 c 258.57
@+&57'J<)*%2$"&'@$,2'O+5"- 'Q?aPVBQX' 'Q?aYcBWc' g 'P?WSPBaV'
FY 2012-13 3,573.05 2,457.33 c 6,030.38
iii. Z+,%+,5&$'@$,2'O+5"-
1. Sangli Urban Cooperative Bank Ltd. 332.11 61.83 4.90 398.84 6
FY 2012-13 393.16 52.77 5.54 451.47
2. Kotak Mahindra Bank Ltd. Loan 1,926.95 410.05 (0.01) 2,336.99 7
FY 2012-13 c c c c
3. Tata Capital Hsg. Fin. Ltd. 1,444.97 55.03 - 1,500.00 8
FY 2012-13 c c c c
@+&57'Z+,%+,5&$'@$,2'O+5"- 'P?VYSBYX' 'UXcBaX' 'SBWa' 'S?XPUBWP'
FY 2012-13 393.16 52.77 5.54 451.47
WPAnnual Report 2013 - 2014
"#$%&'()*+$,#-)*.&/(#$)*,#$*)0,0$1*&2*&0,3&4)5
N+,,+T*"9-
M+"R6),,$"&'
25&),*&:'+;'&0$'
#$3&
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25&),*&:'+;'&0$'
#$3&-
Interest
566,)$#'3)&'
not due on
3+,,+T*"9-
@+&57'(2+)"& /$;
` O56- ` O56- ` O56- ` O56-
iv. \$0*67$'@$,2'O+5"-
1. Kotak Mahindra Prime. Ltd. c c c c 9
FY 2012-13 ! 1.83 c 1.83
2. Tata Capital Ltd. c 7.85 c 7.85 10
FY 2012-13 7.85 26.00 c 33.85
3. Toyota Financial Services 18.70 11.84 c 30.54 11
FY 2012-13 ! ! ! !
@+&57'\$0*67$'@$,2'O+5"- 'QWBVY' 'QaBcW' g 'PWBPa'
FY 2012-13 7.85 27.83 ! 35.68
v. @$,2'O+5"-'-$6),$#'3:'%7$#9$'+;'
%,+2+&$,-.'-05,$-
1. SKS Fincap Pvt. Ltd. c 200.00 c 200.00 12
FY 2012-13 c 200.00 c 200.00
2. O0>*01&N71D*9(&ZD(%&W(2% c c c c 13
FY 2012-13 c 500.00 c 500.00
3. Streamline Shipping Co. Pvt. Ltd. c 50.00 c 50.00 14
FY 2012-13 c 50.00 c 50.00
4. Hemlines Textiles Exports Pvt. Ltd. c c c c 15
FY 2012-13 c 100.00 c 100.00
5. Gateway Leasing Pvt. Ltd. c c c c 16
FY 2012-13 c 104.11 c 104.11
6. Wazir Financial Services Pvt. Ltd. c c c c 17
FY 2012-13 c 100.00 c 100.00
7. Almighty Trade & Investment Pvt. Ltd. c c c c 18
FY 2012-13 c 50.00 c 50.00
8. Dhruv Financial Services Pvt. Ltd. c c c c 19
FY 2012-13 c 25.00 c 25.00
9. Sethi Developers Ltd. c c c c 20
FY 2012-13 ! 25.00 ! 25.00
@+&57' @$,2' O+5"-' -$6),$#' 3:'
%7$#9$'+;'%,+2+&$,-.'-05,$-
g 'XUYBYY' g 'XUYBYY'
6'0,3*7+*89:8;:< ! 1,154.11 ! 1,154.11
@+&57'O+"9R&$,2'8$6),$#'O+5"- 'Qc?YUWBVU' 'QY?aQPBSc' 'QaUBQV' 'XV?QcVBPW'
6'0,3*7+*89:8;:< 11,730.96 7,823.03 133.50 19,687.49
WS Annual Report 2013 - 2014
/$;$,$"6$-b
1. =)*& >37603F& 9*-<37(F& 453& BEBEB& V01C& >35@*-(& 8501& 79& 3*A79(*3*2& 653(A0A*& 54& 9>*-747*2& >3*9*1(& 012& 4<(<3*&
immovable properties. The collateral security is registered mortgage of specified present immovable properties
012&0&-)03A*&51&()*&3*-*7D0H8*9&54&9>*-747*2&>35@*-(9%&B1&0227(751:&()*&>35@*-(&8501&79&9*-<3*2&HF&()*&>*395108&
guarantee of Mr. D.S. Kulkarni & Mr. Shirish D. Kulkarni.
2. =)*&>37603F&9*-<37(F&453&()*&V01C&54&R0)0309)(30&&>35@*-(&8501&79&*G<7(0H8*&653(A0A*&54&9>*-747*2&>3*9*1(&012&
4<(<3*&7665D0H8*&>35>*3(7*9&012&)F>5()*-0(751&54&>35@*-(&3*-*7D0H8*9%&&B1&0227(751:&()*&>35@*-(&8501&79&9*-<3*2&
by the personal guarantee of Mr. D.S. Kulkarni & Mrs. H.D. Kulkarni
3. =)*&>37603F&9*-<37(F&453&()*&BEBEB&kNE&W(2%&&>35@*-(&8501&79&3*A79(*3*2&&653(A0A*&54&9>*-747*2&>3*9*1(&012&4<(<3*&
7665D0H8*&>35>*3(7*9&012&)F>5()*-0(751&54&>35@*-(&3*-*7D0H8*9%&B1&0227(751:&()*&>35@*-(&8501&79&9*-<3*2&HF&()*&
personal guarantee of Mr. D.S. Kulkarni, Mr. S.D. Kulkarni & Mrs. H.D. Kulkarni
4. The primary security for the several equipment term loans from Srei Equipment Finance Pvt. Ltd. is
hypothecation of various construction equipments. The collateral security is registered mortgage of various
immovable properties. In addition, these loans are secured by the personal guarantee of Mr. D.S. Kulkarni &
Mr. S. D. Kulkarni.
5. =)*&>37603F&9*-<37(F&453&()*&9*D*308&*G<7>6*1(&(*36&85019&4356&I*8701-*&E0>7(08&W(2%&&79&)F>5()*-0(751&54&D0375<9&
construction equipments. In addition, these loans are secured by the personal guarantee of Mr. D.S. Kulkarni.
6. There is no primary security for the corporate loan from Sangli Urban Cooperative Bank Ltd. The collateral
security is registered mortgage of specified present immovable properties. In addition, this loan is secured by
the corporate guarantee of Growrich Agro Forestry Pvt. Ltd. & Chandradeep Promoters & Developers Pvt. Ltd.
7. The primary security for the corporate loan from Kotak Mahindra Bank Ltd. is a charge on receivables of
9>*-747*2&>35@*-(9%&=)*&-5880(*308&9*-<37(F&79&3*A79(*3*2&653(A0A*&54&9>*-747*2&>3*9*1(&&7665D0H8*&>35>*3(7*9%&
In addition, this loan is secured by the the personal guarantee of Mr. D.S. Kulkarni, Mr. S. D. Kulkarni and
Mrs. H.D. Kulkarni
8. The primary security for the corporate loan from Tata Capital Housing Finance Ltd. is registered mortgage of
9>*-747*2&7665D0H8*&099*(9&012&0&-)03A*&51&3*-*7D0H8*9&54&9>*-747*2&>35@*-(9%&&B1&0227(751:()*&-5]0>>87-01(9&453&
()79&&8501&03*&RY9%&U&\&b<8C0317&`&E5%:&U\b&Q5382601&Z35@*-(9&W(2%:&&R3%&U%\%&b<8C0317:&R39%&h%&j%&R<2A08&&012&
Mrs. H.D. Kulkarni
9. The vehicle term loan from Kotak Mahindra Prime Ltd. is secured by hypothecation of specific vehicles.
10. The vehicle term loan from Tata Capital Ltd. is secured by hypothecation of specific vehicles.
11. The vehicle term loan from Toyota Financial Service is secured by hypothecation of specific vehicles.
12. =)*&8501&4356&\b\&N71-0>&ZD(%&W(2%& 79&9*-<3*2&HF&>8*2A*&54&!L:LL:LLL&'Z%&_%&$:KL:LLL/&[G<7(F&9)03*9&54& ()*&
E56>01F&)*82&HF&()*&E56>01F?9&>3565(*39%
13. =)*& 8501& 4356& O0>*01& N71D*9(& ZD(%& W(2%& 79& 9*-<3*2& HF& >8*2A*& 54& O78& 'Z%&_%& !P:P#:LLL/& [G<7(F& 9)03*9& 54& ()*&
E56>01F&)*82&HF&()*&E56>01F?9&>3565(*39%
14. =)*&8501&4356&\(3*06871*&\)7>>71A&E5%&ZD(%&W(2%&79&9*-<3*2&HF&>8*2A*&54&K:KL:LLL&'Z%&_%&K:LL:LLL/&[G<7(F&9)03*9&
54&()*&E56>01F&)*82&HF&()*&E56>01F?9&>3565(*39%
15. =)*&8501&4356&k*6871*9&=*^(78*9&[^>53(9&ZD(%&W(2%&79&9*-<3*2&HF&>8*2A*&54&O78&'Z%&_%&M:!L:LLL&/&[G<7(F&9)03*9&54&
()*&E56>01F&)*82&HF&()*&E56>01F?9&>3565(*39%
16. =)*& 8501& 4356& X0(*;0F& W*0971A& ZD(%& W(2%& 79& 9*-<3*2& HF& >8*2A*& 54& O78& 'Z%&_%S:LL:LLL/& [G<7(F& 9)03*9& 54& ()*&
E56>01F&)*82&HF&()*&E56>01F?9&>3565(*39%
17. =)*&8501&4356&Q0f73&N70101-708&\*3D7-*9&ZD(%&W(2%&79&9*-<3*2&HF&>8*2A*&54&O78&'Z%&_%M:#P:KLL/&[G<7(F&9)03*9&54&
()*&E56>01F&)*82&HF&()*&E56>01F?9&>3565(*39%
18. =)*&8501&4356&,867A)(F&=302*&`&B1D*9(6*1(&ZD(%&W(2%&79&9*-<3*2&HF&>8*2A*&54&O78&'Z%&_%!:#K:LLL/&[G<7(F&9)03*9&54&
()*&E56>01F&)*82&HF&()*&E56>01F?9&>3565(*39%
19. =)*&8501&4356&U)3<D&N7101-708&\*3D7-*9&ZD(%&W(2%&79&9*-<3*2&HF&>8*2A*&54&O78&'Z%_%aL:LLL&/&[G<7(F&9)03*9&54&()*&
E56>01F&)*82&HF&()*&E56>01F?9&>3565(*39%
20. =)*&8501&4356&\*()7&U*D*85>*39&W(2%&79&9*-<3*2&HF&>8*2A*&54&O78&'Z%&_%&aL:LLL/&[G<7(F&9)03*9&54&()*&E56>01F&
)*82&HF&()*&E56>01F?9&>3565(*39%
85Annual Report 2013 - 2014
!"#$%&'()*#+",()-%.'"#()+"#)(/+/#0)%1)%/+2%3(4
Borrowings
Non-current
maturity of the
debt
Current
maturity of the
debts
Interest
accrued but
not due on
borrowings
Total Amount Ref
` Lacs ` Lacs ` Lacs ` Lacs
b) Unsecured
i. Deposits
Public 8,805.82 8,338.67 1,123.93 18,268.42
FY 2012-13 )56789848:) );78:;46:) )<6949:) )5=7>8548>)
ii. Inter corporate deposits
1. Ambiance Ventures Estate & Dev
Pvt. Ltd.
! 550.00 108.99 658.99
FY 2012-13 ! 550.00 55.74 605.74
2. Chemo Pharma Laboratories Ltd. ! ! ! !
FY 2012-13 ! )<=466) ! )<=466)
3. Kaveri Impex Pvt. Ltd. ! 100.00 ! 100.00
FY 2012-13 ! )8=466) ! )8=466)
4. Seksaria Industries Pvt. Ltd. ! 279.00 ! 279.00
FY 2012-13 ! )?8>4;6) ! )?8>4;6)
5. Seksaria Trading Co. Pvt. Ltd. ! 8.00 ! 8.00
FY 2012-13 ! )=466) ! )=466)
6. Shri Krishna Rice & Oil Mills Pvt. Ltd. ! 14.00 ! 14.00
FY 2012-13 ! )5?466) ! )5?466)
7. Vastushilp Promoters & Developers
Pvt. Ltd.
! ! ! !
FY 2012-13 ! )57666466) )<:4:?) )576<:4:?)
8. Sundesha Properties Pvt. Ltd. ! 6.00 ! 6.00
FY 2012-13 ! )5:>4?=) ! )5:>4?=)
9. Sita Enterprises Ltd. ! 2.00 ! 2.00
FY 2012-13 ! )?;466) ! )?;466)
10. Rajgarhia Leasing & Financial
Services Pvt. Ltd.
! ! ! !
FY 2012-13 ! )5:>466) ! )5:>466)
11. Pallav Marketing Pvt. Ltd. ! ! ! !
FY 2012-13 ! )5466) ! )5466)
12. N. Vensimal Securites Ltd. ! 7.50 ! 7.50
FY 2012-13 ! )5?466) ! )5?466)
13. N. Vensimal Finlease Pvt. Ltd. ! 4.50 ! 4.50
FY 2012-13 ! );4=6) ! );4=6)
14. Iresco Electricals Pvt. Ltd. ! 81.40 ! 81.40
FY 2012-13 ! ):;4=6) ! ):;4=6)
15. Goyal Housing & Finance Ltd. ! 23.70 ! 23.70
FY 2012-13 ! )=466) ! )=466)
16. Gini Tex Pvt. Ltd. ! 79.00 ! 79.00
FY 2012-13 ! )86466) ! )86466)
17. Gini Silk Milks Ltd. ! 129.00 ! 129.00
FY 2012-13 ! );<466) ! );<466)
18. Coatings & Coatings Pvt. Ltd. ! 33.60 ! 33.60
FY 2012-13 @ )55?4=6) @ )55?4=6)
Wc Annual Report 2013 - 2014
"#$%&'()*+$,#-)*.&/(#$)*,#$*)0,0$1*&2*&0,3&4)5
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19. Bazari Exim Pvt. Ltd. c 7.00 c 7.00
FY 2012-13 c 33.00 c 33.00
20. Asiatic Gases Limited c 148.12 c 148.12
FY 2012-13 c 128.05 c 128.05
21. Bombay Mercantile & Leasing Co. Ltd. c 75.50 c 75.50
FY 2012-13 c c c c
24. Basant Stocktrade Pvt. Ltd. c 2.00 c 2.00
FY 2012-13 c c c c
26. O*(;53()&Z53(45875&012&N7101-*&ZD(%&W(2% c 16.00 c 16.00
FY 2012-13 c c c c
27. T. M. Printers Pvt. Ltd. c 7.00 c 7.00
FY 2012-13 c c c c
28. _09)7C0&k58271A9&ZD(%&W(2% c 6.00 c 6.00
FY 2012-13 c c c c
29. O%b%&B1D*9(6*1(&ZD(%&W(2% c 48.96 c 48.96
FY 2012-13 c c c c
30. Sita Equity Pvt. Ltd. c 12.20 c 12.20
FY 2012-13 c c c c
31. Sita Offers & Bourse Expertise Ltd. c 49.50 c 49.50
FY 2012-13 c c c c
32. Sunako Chemo Ind. Pvt. Ltd. c 60.00 c 60.00
FY 2012-13 c c c c
33. Sunako Trading & Investments Pvt. Ltd. c 50.00 c 50.00
FY 2012-13 c c c c
34. Filmcity Finance Pvt. Ltd. c 40.00 c 40.00
FY 2012-13 c c c c
35. Sunshield Finvest Pvt. Ltd. c 6.00 c 6.00
FY 2012-13 c c c c
36. Showman Pvt. Ltd. c 6.00 c 6.00
FY 2012-13 c c c c
37. Tecil Chemicals and Hydro Power Ltd. c 119.00 c 119.00
FY 2012-13 c c c c
38. Vibrant Global Capital Ltd. c 125.00 c 125.00
FY 2012-13 c c c c
39. Vibrant Global Trading Pvt. Ltd. c 91.00 c 91.00
FY 2012-13 ! ! ! !
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6'0,3 ! 2,789.20 92.35 2,881.55
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6'0,3*7+*89:8;:< 10,797.76 7,553.26 402.32 18,753.34
WVAnnual Report 2013 - 2014
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1. Loans repayable on demand
i. From banks
1. Bank of Maharashtra Cash Credit c 1,245.75 26.89 1,272.64 21
FY 2012-13 ! 1,124.21 19.86 1,144.07
2. The Kalyan Janata Sahakari Bank Ltd. c 358.05 4.77 362.82 22
FY 2012-13 ! 459.21 5.78 464.99
3. Central Bank of India Demand Loan c c c c 23
FY 2012-13 ! 425.00 3.62 428.62
4. Bank of Maharashtra - FDOD c 275.00 2.29 277.29 24
FY 2012-13 ! 271.80 2.43 274.23
5. Central Bank of India FDOD c c 25
FY 2012-13 ! ! ! !
6. Syndicate Bank c 342.00 9.37 351.37 26
FY 2012-13 ! 360.00 8.96 368.96
@+&57'80+,&R&$,2'8$6),$#'O+5"- g 'X?XXYBWY' 'SPBPX' 'X?XcSBQX'
6'0,3*7+*89:8;:< ! 2,640.22 40.66 2,680.88
21. The primary security for the Bank of Maharashtra cash credit limit is hypothecation of stock and debtors
54& *1-<6H301-*& 43**& >35@*-(9%& =)*& -5880(*308& 9*-<37(F& & 79& HF& ;0F& 54& *G<7(0H8*& 653(A0A*& 54& 9>*-747*2&
present immovable properties. In addition, this cash credit limit is secured by the personal guarantee of
Mr. D.S. Kulkarni & Mrs. H. D. Kulkarni.
22. There is no primary security for the cash credit limit from Kalyan Janata Sahakari Bank Ltd. The collateral
security is registered mortgage of certain immovable properties. In addition, this cash credit limit is
secured by the personal guarantee of 1) Mr. D.S. Kulkarni & 2) Mrs. H.D. Kulkarni & Corporate Guarantee
of M/s. Shri Saptashrungi Oil Mills Pvt. Ltd.
23. The demand loan from Central Bank of India is secured by pledge of term deposit receipts.
24. The overdraft from Bank of Maharashtra is secured by pledge of term deposit receipts.
25. The overdraft from Central Bank of India is secured by pledge of term deposit receipts.
26. The overdraft from Syndicate Bank is secured by pledge of term deposit receipts.
WW Annual Report 2013 - 2014
N575"6$'80$$&8&5&$2$"&'+;'!"K$-&2$"&-'5-'5& PQR15,RQS PQR15,RQS PQR15,RQP PQR15,RQP
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1. Investments in Equity Instruments
i. Subsidiaries
a) DSK Developers Corporation
USA
&O,& 1,000,000 509.50 &O,& 1,000,000 509.50
b) U\b& =5;19)7>& Z35@*-(9& Z37D0(*&
Ltd (Formerly known as DSK
\[i&Z35@*-(9&'Z<1*/&Z37D0(*&W(2%/
10 2,000,000 200.00 10 2,000,000 200.00
c) U\b&\5<()*31&Z35@*-(9&ZD(%&W(2%& 10 50,000 1,000.17 10 50,000 1,000.17
1A Investments in Class A Equity
Instruments
- -
U\b&\5<()*31&Z35@*-(9&ZD(%&W(2% 10 10,000 399.07 10 10,000 399.07
1B Investments in Class B Equity
Instruments
- -
i. Subsidiaries - -
U\b&\5<()*31&Z35@*-(9&ZD(%&W(2% 10 10,000 1.00 10 10,000 1.00
@+&57 'X?QYaBVP' 'X?QYaBVP'
2. Investments in debentures or bonds
i. Subsidiaries
U\b&\5<()*31&Z35@*-(9&ZD(%&W(2% - - 100 2,696,500 2,696.50
@+&57 - 'X?cacBUY'
3. Other non-current investments:
Shares in Cooperative banks
i. \)3**& \02A<3<& j01A87& R0)030@&
Sahakari Bank Ltd.
50 1,000 0.50 50 1,000 0.50
ii. Janata Sahakari Bank Ltd. 100 10 0.01 100 10 0.01
iii. Mahalaxmi Co-op. Bank Ltd. 50 10 0.01 50 10 0.01
iv. Greater Bombay Co-op. Bank Ltd. 25 4,080 1.02 25 4,080 1.02
v. Kalyan Janata Sahakari Bank Ltd. 25 20,000 5.00 25 20,000 5.00
vi. Pune Sahakari Bank Ltd. 100 100 0.10 100 100 0.10
vii. Sangli Urban Co-Op. Bank Ltd. 10 50,000 5.00 10 50,000 5.00
@+&57 11.64 11.64
4. Equity Investments in Other
Companies
i. DSK Global Education and
I*9*03-)&W(2%
10 829,205 82.92 10 950,000 95.00
@+&57 'WXBaX' 'aUBYY'
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opinion.
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Opinion
Q-#,'7#,8)-),-K#*,#*$"#B".*#,0#,'7#)-0,71%*),-K#%++,7()-P#*,#*$"#"X8/%-%*),-.#P)&"-#*,#'.#%-(#,-#+,-.)("7%*),-#
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accepted in India:
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on that date.
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on that date.
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255,)$#'B)&'
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FY 2012-13 3,943.90 831.00 49.92 4,824.82
L3 G%-6#,0#J%$%7%.$*7% #HK_UT3_S# #NKa_T3MM# #IMS3S_# #aK_TM3_U# #L#
FY 2012-13 3,813.00 3,300.00 78.04 7,191.04
H3 Q<Q<Q#gO<#9VR^# #UKMMM3MM# b #NT3Ua# #UKMNT3Ua# #H#
FY 2012-13 ! ! ! !
N3 Q.*#<,-.*)*'*),-#G%-6 b #IKLTL3UT# #I_3aS# #IKL_M3TN# #N#
FY 2012-13 b b b b
M+&27'a,+D$5&'M$,:'?+2"- 'GJHFO\;OG' 'OHKbI;b[' 'IJ\;G]' 'IJHJbO;]F'
Total FY 2012-13 7,756.90 4,131.00 127.96 12,015.86
8*"2"5*27'!"-&*&)&*+"-
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FY 2012-13 3,513.58 2,258.23 b 5,771.81
L3 Reliance Capital Ltd. #NS3LN# #L_M3MN# b #HIS3La# #U#
FY 2012-13 59.48 199.10 b 258.57
M+&27'Rf)*%:$"&'M$,:'?+2"- 'GHOF];GI' 'GHOJb;\b' b 'FH\KF;O]'
Total FY 2012-13 3,573.05 2,457.33 b 6,030.38
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FY 2012-13 393.16 52.77 5.54 451.47
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Total FY 2012-13 393.16 52.77 5.54 451.47
GG]Annual Report 2013 - 2014
4;'9;'<)7=2,"*'4$>$7+%$,-'?&#;
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>; M$,:'?+2"-'-$5),$#'BC'%7$#A$'+3'
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FY 2012-13 ! 200.00 ! 200.00
L3 ^%8"%-#O)-&".*#@&*3#9*(3 ! b ! b #IN#
FY 2012-13 ! 500.00 ! 500.00
H3 4*7"%1/)-"#4$)88)-P#<,3#@&*3#9*(3 ! #TM3MM# ! #TM3MM# #IT#
FY 2012-13 ! 50.00 ! 50.00
N3 g"1/)-".#E"X*)/".#cX8,7*.#@&*3#9*(3 ! b ! b #IU#
FY 2012-13 ! 100.00 ! 100.00
T3 F%*"D%=#9"%.)-P#@&*3#9*(3 ! b ! b #I_#
FY 2012-13 ! 104.11 ! 104.11
U3 !%d)7#O)-%-+)%/#4"7&)+".#@&*3#9*(3 ! b ! b #Ia#
FY 2012-13 ! 100.00 ! 100.00
_3 R/1)P$*=#E7%("#Y#Q-&".*1"-*#@&*3#9*(3 ! b ! b #IS#
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a3 2$7'&#O)-%-+)%/#4"7&)+".#@&*3#9*(3 ! b ! b #LM#
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S3 Sethi Developers Ltd. ! b ! b #LI#
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M+&27'M$,:'?+2"-'-$5),$#'BC'%7$#A$'+3'
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Total FY 2012-13 ! 1,154.11 ! 1,154.11
M+&27'?+"AT&$,:'9$5),$#'?+2"- 'GbHJ[\;][' 'GIHGbb;GG' 'IGF;Jb' 'I\HKF];OI'
Total FY 2012-13 11,730.96 7,823.03 133.50 19,687.49
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S3# E$"#87)1%7=#."+'7)*=#0,7#*$"#+,78,7%*"#/,%-#07,1#E%*%#<%8)*%/#g,'.)-P#O)-%-+"#9*(3#).#7"P).*"7"(#1,7*P%P"#,0# .8"+)0)"(# )11,&%B/"# %.."*.# %-(# %# +$%7P"# ,-# 7"+")&%B/".# ,0# .8"+)0)"(# 87,\"+*.3# Q-# %(()*),-K*$"# +,C%88/)+%-*.# 0,7# *$).# /,%-#%7"#J].#2#4#5'/6%7-)#Y#<,3K#245#!,7/(1%-#@7,\"+*.#9*(3K#J73#23#43#5'/6%7-)K# J7.3#h3#l3#J'(P%/#%-(#J7.3#g3#23#5'/6%7-)
IM3# E$"#&"$)+/"#*"71#/,%-#07,1#5,*%6#J%$)-(7%#@7)1"#9*(3#).#."+'7"(#B=#$=8,*$"+%*),-#,0#.8"+)0)+#&"$)+/".3
II3# E$"#&"$)+/"#*"71#/,%-#07,1#E%*%#<%8)*%/#9*(3#).#."+'7"(#B=#$=8,*$"+%*),-#,0#.8"+)0)+#&"$)+/".3
IL3# E$"#&"$)+/"#*"71#/,%-#07,1#E,=,*%#O)-%-+)%/#4"7&)+"#).#."+'7"(#B=#$=8,*$"+%*),-#,0#.8"+)0)+#&"$)+/".3
IH3# E$"#/,%-#07,1#454#O)-+%8#@&*3#9*(3#).#."+'7"(#B=#8/"(P"#,0#IMKMMKMMM#:@3#A3#UKLMKMMM?#cZ')*=#.$%7".#,0#*$"#<,18%-=#$"/(#B=#*$"#<,18%-=i.#87,1,*"7.3
IN3# E$"#/,%-#07,1#^%8"%-#O)-&".*#@&*3#9*(3#).#."+'7"(#B=#8/"(P"#,0#^)/#:@3#A3#I_K_TKMMM?#cZ')*=#.$%7".#,0#*$"#<,18%-=#$"/(#B=#*$"#<,18%-=i.#87,1,*"7.3
IT3# E$"#/,%-#07,1#4*7"%1/)-"#4$)88)-P#<,3#@&*3#9*(3#).#."+'7"(#B=#8/"(P"#,0#LKLMKMMM#:@3#A3#LKMMKMMM?#cZ')*=#.$%7".#,0#*$"#<,18%-=#$"/(#B=#*$"#<,18%-=i.#87,1,*"7.3
IU3# E$"# /,%-#07,1#g"1/)-".#E"X*)/".#cX8,7*.#@&*3#9*(3# ).#."+'7"(#B=#8/"(P"#,0#^Q9#:@3#A3#HKIMKMMM#?#cZ')*=#.$%7".#,0#*$"#<,18%-=#$"/(#B=#*$"#<,18%-=i.#87,1,*"7.3
119Annual Report 2013 - 2014
4;'9;'<)7=2,"*'4$>$7+%$,-'?&#;
I_3# E$"#/,%-#07,1#F%*"D%=#9"%.)-P#@&*3#9*(3#).#."+'7"(#B=#8/"(P"#,0#^Q9#:@3#A3#NKMMKMMM?#cZ')*=#.$%7".#,0#*$"#<,18%-=#$"/(#B=#*$"#<,18%-=i.#87,1,*"7.3
Ia3# E$"# /,%-# 07,1#!%d)7#O)%-%-+)%/#4"7&)+".#@&*3#9*(3# ).#."+'7"(#B=#8/"(P"#,0#^Q9# :@3#A3#HKT_KLMM?#cZ')*=#.$%7".#,0#*$"#<,18%-=#$"/(#B=#*$"#<,18%-=i.#87,1,*"7.3
IS3# E$"#/,%-#07,1#R/1)P$*=#E7%("#Y#Q-&".*1"-*#@&*3#9*(3#).#."+'7"(#B=#8/"(P"#,0#^Q9#:@3#A3#IKTLKMMM?#cZ')*=#.$%7".#,0#*$"#<,18%-=#$"/(#B=#*$"#<,18%-=i.#87,1,*"7.3
LM3# E$"#/,%-#07,1#2$7'&#O)-%-+)%/#4"7&)+".#@&*3#9*(3#).#."+'7"(#B=#8/"(P"#,0#^Q9#:@3A3#aMKMMM#?#cZ')*=#.$%7".#,0#*$"#<,18%-=#$"/(#B=#*$"#<,18%-=i.#87,1,*"7.3
LI3# E$"# /,%-# 07,1# 4"*$)# 2"&"/,8"7.# 9*(3# ).# ."+'7"(# B=# 8/"(P"# ,0# ^Q9# :@3A3# aMKMMM?# cZ')*=# .$%7".# ,0# *$"#<,18%-=#$"/(#B=#*$"#<,18%-=i.#87,1,*"7.3
@7"&),'.#A"%7[.#0)P'7".#%7"#.*%*"(#)-#)*%/)+.3
1+,,+d*"A- Q+"T
5),,$"&'
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FY 2012-13 10,797.76 4,764.06 309.96 15,871.78
ii. Others IT3ML b b IT3ML
FY 2012-13 13.60 _ 0.41 14.01
iii. Inter corporate deposits
I3 R1B)%-+"#h"-*'7".#c.*%*"#Y#2"&3#@&*3#9*(3 b #TTM3MM# #IMa3SS# #UTa3SS#
FY 2012-13 b 550.00 55.74 605.74
L3 <$"1,#@$%71%#9%B,7%*,7)".#9*(3 b b b b
FY 2012-13 b 35.00 b 35.00
H3 5%&"7)#Q18"X#@&*3#9*(3 b #IMM3MM# b #IMM3MM#
FY 2012-13 ! 75.00 ! 75.00
N3 4"6.%7)%#Q-('.*7)".#@&*3#9*(3 b #L_S3MM# b #L_S3MM#
FY 2012-13 ! 278.40 ! 278.40
T3 4"6.%7)%#E7%()-P#<,3#@&*3#9*(3 b #a3MM# b #a3MM#
FY 2012-13 ! 5.00 ! 5.00
U3 4$7)#57).$-%#W)+"#Y#V)/#J)//.#@&*3#9*(3 b #IN3MM# b #IN3MM#
FY 2012-13 ! 12.00 ! 12.00
_3 h%.*'.$)/8#@7,1,*"7.#Y#2"&"/,8"7.#@&*3#9*( b b b b
FY 2012-13 ! 1,000.00 36.62 1,036.62
a3 4'-(".$%#@7,8"7*)".#@&*3#9*(3 b #U3MM# b #U3MM#
FY 2012-13 ! 168.25 ! 168.25
GIJ Annual Report 2013 - 2014
4;'9;'<)7=2,"*'4$>$7+%$,-'?&#;
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S3 Sita Enterprises Ltd. b #L3MM# b #L3MM#
FY 2012-13 ! 24.00 ! 24.00
IM3 W%\P%7$)%#9"%.)-P#Y#O)-%-+)%/#4"7&)+".#
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b b b b
FY 2012-13 ! 168.00 ! 168.00
II3 @%//%&#J%76"*)-P#@&*3#9*(3 b b b b
FY 2012-13 ! 1.00 ! 1.00
IL3 ^3#h"-.)1%/#4"+'7)*".#9*(3 b #_3TM# b #_3TM#
FY 2012-13 ! 12.00 ! 12.00
IH3 ^3#h"-.)1%/#O)-/"%."#@&*3#9*(3 b #N3TM# b #N3TM#
FY 2012-13 ! 4.50 ! 4.50
IN3 Q7".+,#c/"+*7)+%/.#@&*3#9*(3 b #aI3NM# b #aI3NM#
FY 2012-13 ! 64.50 ! 64.50
IT3 F,=%/#g,'.)-P#Y#O)-%-+"#9*(3 b #LH3_M# b #LH3_M#
FY 2012-13 ! 5.00 ! 5.00
IU3 F)-)#E"X#@&*3#9*(3 b #_S3MM# b #_S3MM#
FY 2012-13 ! 70.00 ! 70.00
I_3 F)-)#4)/6#J)/6.#9*(3 b #ILS3MM# b #ILS3MM#
FY 2012-13 ! 43.00 ! 43.00
Ia3 <,%*)-P.#Y#<,%*)-P.#@&*3#9*(3 b #HH3UM# b #HH3UM#
FY 2012-13 ! 112.50 ! 112.50
IS3 G%d%7)#cX)1#@&*3#9*(3 b #_3MM# b #_3MM#
FY 2012-13 ! 33.00 ! 33.00
LM3 R.)%*)+#F%.".#9)1)*"( b #INa3IL# b #INa3IL#
FY 2012-13 ! 128.05 ! 128.05
LI3 G,1B%=#J"7+%-*)/"#Y#9"%.)-P#<,3#9*(3 b #_T3TM# b #_T3TM#
FY 2012-13 ! ! ! !
LL3 G%.%-*#4*,+6*7%("#@&*3#9*(3 b #L3MM# b #L3MM#
FY 2012-13 ! ! ! !
LH3 ^"*D,7*$#@,7*0,/),#%-(#O)-%-+"#@&*3#9*(3 b #IU3MM# b #IU3MM#
FY 2012-13 ! ! ! !
LN3 E3#J3#@7)-*"7.#@&*3#9*(3 b #_3MM# b #_3MM#
FY 2012-13 ! ! ! !
LT3 A%.$)6%#g,/()-P.#@&*3#9*(3 b U3MM b #U3MM#
FY 2012-13 ! ! ! !
LU3 ^353#Q-&".*1"-*#@&*3#9*(3 b Na3SU b #Na3SU#
FY 2012-13 ! ! ! !
L_3 4)*%#cZ')*=#@&*3#9*(3 b IL3LM b #IL3LM#
FY 2012-13 ! ! ! !
GIGAnnual Report 2013 - 2014
4;'9;'<)7=2,"*'4$>$7+%$,-'?&#;
@7"&),'.#A"%7[.#0)P'7".#%7"#.*%*"(#)-#)*%/)+.3
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FY 2012-13 ! ! ! !
LS3 4'-%6,#<$"1,#Q-(3#@&*3#9*( b UM3MM b #UM3MM#
FY 2012-13 ! ! ! !
HM3 4'-%6,#E7%()-P#Y#Q-&".*1"-*.#@&*39*(3 b TM3MM b #TM3MM#
FY 2012-13 ! ! ! !
HI3 O)/1+)*=#O)-%-+"#@&*#9*( b NM3MM b #NM3MM#
FY 2012-13 ! ! ! !
HL3 4'-.$)"/(#O)-&".*#@&*#9*( b U3MM b #U3MM#
FY 2012-13 ! ! ! !
HH3 4$,D1%-#@&*#9*( b U3MM b #U3MM#
FY 2012-13 ! ! ! !
HN3 E"+)/#<$"1)+%/.#%-(#g=(7,#@,D"7#9*( b IIS3MM b #IIS3MM#
FY 2012-13 ! ! ! !
HT3 h)B7%-*#F/,B%/#<%8)*%/#9*( b ILT3MM b #ILT3MM#
FY 2012-13 ! ! ! !
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FY 2012-13 ! ! ! !
M+&27 i 'IHIJF;FG' 'GJ\;OO' 'IHIO[;O]'
Total FY 2012-13 ! 2,789.20 92.35 2,881.55
*>; (#>2"5$-'3,+:'/$72&$#'a2,&*$-
8,+:' /$72&$#' %2,&*$-' +&0$,' &02"'
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FY 2012-13 387.70 ! ! 388 .00
B? 245#c-*"7*%)-1"-*#99@ #TTT3SL# IU3HH b #T_L#3MM
FY 2012-13 ! ! ! !
M+&27 'GHJGO';JJ 'Gb;JJ' i 'GHJF[';JJ
Total FY 2012-13 388.00 - ! 388 .00
M+&27'?+"AT&$,:'X"-$5),$#'
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'OH\FO;KG' 'GJH[[\;FG' 'GHIFI;OI' 'IGHbGK;FG'
Total FY 2012-13 11,199.06 7,553.26 402.73 19,155.05
GII Annual Report 2013 - 2014
4;'9;'<)7=2,"*'4$>$7+%$,-'?&#;@7"&),'.#A"%7[.#0)P'7".#%7"#.*%*"(#)-#)*%/)+.3
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FY 2012-13 b 1,124.21 19.86 1,144.07
L3 E$"#5%/=%-#l%-%*%#4%$%6%7)#G%-6#9*(3# b #HTa3MT# #N3__# #HUL3aL# #L#
FY 2012-13 b 459.21 5.78 464.99
H3 <"-*7%/#G%-6#,0#Q-()%#2"1%-(#9,%-# b b b b #H#
FY 2012-13 b 425.00 3.62 428.62
N3 G%-6#,0#J%$%7%.$*7%#C#O2V2# b #L_T3MM# #L3LS# #L__3LS# #N#
FY 2012-13 b 271.80 2.43 274.23
T3 <"-*7%/#G%-6#,0#Q-()%#O2V2# b b b b #T#
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U3 4=-()+%*"#G%-6 b #HNL3MM# #S3H_# #HTI3H_# #U#
FY 2012-13 b 360.00 8.96 368.96
M+&27'90+,&T&$,:'9$5),$#'?+2"- i 'IHIIJ;\J' 'KF;FI' 'IHIbK;GI'
Total FY 2012-13 ! 2,640.22 40.66 2,680.88
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Notes
Notes