Vipul 2013

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An n u a l Re por t 2 0 1 2 - 1 3
BOARD OF D I RECTORS
Shri Punit Beriwala
Shri Anil Kum ar Agarwal
Dr. B. Sam al
Shri Raj esh Bat ra
Shri Kapil Dut t a
Shri Vikram Kochhar
Managing Direct or
Direct or
Direct or
Direct or
Direct or
Direct or
COM PAN Y SECRETARY

Shri Sum it Goel
REGI STERED OFFI CE

Regus Rect angle, Level 4,
Rect angle 1, D- 4,
Com m ercial Com plex,
Saket ,
New Delhi- 110 017
Con t e n t s
Pa ge N o.
Not ice
Direct ors Report
CORPORATE OFFI CE
Report on Corporat e Governance
10
Vipul TechSquare, Golf Course Road,

Sect or- 43, Gurgaon- 122 009
Managem ent Discussion & Analysis Report
23
Audit or s Report
26
AUD I TORS
Balance Sheet
30
M/ s. L. B. Jha & Co.

Chart ered Account ant s
New Delhi
Pro t & Loss St at em ent
31
Not es t o t he Financial St at em ent s
32
BAN KER( S) / I N STI TUTI ON ( S)
Cash Flow St at em ent
50
I ndian Overseas Bank

Axis Bank Lt d.
Punj ab Nat ional Bank
St at e Bank of I ndia
LI C Housing Finance Lt d.
Kot ak Mahindra Bank Lt d.
Kot ak Mahindra Prim e Lt d.
Con solida t e d Ba la n ce Sh e e t
Audit or s Report
51
Balance Sheet
53
Pro t & Loss St at em ent
54
Not es t o t he Financial St at em ent s
55
Financial Det ails of Subsidiaries
71
Cash Flow St at em ent
72
1
Vipu l Lim it e d
N OTI CE
NOTI CE is hereby given t hat t he 22nd Annual General Meet ing of t he m em bers of t he Com pany will be held on
Sat urday, t he 28t h day of Sept em ber, 2013 at 11.00 A.M. at Sri Sat hya Sai I nt ernat ional Cent re, Pragat i Vihar,
Lodhi Road, New Delhi- 110003 t o t ransact t he following business: -
ORD I N ARY BUSI N ESS:

1.
To receive, consider and adopt t he Audit ed Balance Sheet as at 31st March, 2013 and t he Pro t and Loss
St at em ent for t he year ended on t hat dat e and t he Report s of t he Audit or s and Direct ors t hereon.
2.
To declare Dividend.
3.
To appoint a Direct or in place of Mr. Kapil Dut t a, who ret ires by rot at ion, and being eligible, offers him self
for reappoint m ent .
4.
To appoint a Direct or in place of Mr. Raj esh Bat ra, who ret ires by rot at ion, and being eligible, offers him self
for reappoint m ent
5.
To appoint St at ut ory Audit ors of t he Com pany and t o aut horise Board of Direct ors t o x t heir rem unerat ion.
By or de r of t h e Boa r d of D ir e ct or s
of Vipu l Lim it e d
Sd/ Su m it Goe l
Pla ce : Gu r ga on
D a t e : Au gu st 1 4 , 2 0 1 3
Com pa n y Se cr e t a r y
N OTES:
aut horizing t heir represent at ive( s) t o at t end and
1. A M EM BER EN TI TLED TO ATTEN D AN D VOTE
vot e at t he Annual General Meet ing.
AT TH E M EETI N G I S EN TI TLED TO APPOI N T

A PROXY, TO ATTEN D AN D VOTE I N STEAD
OF H I M SELF AN D TH E PROXY N EED N OT
BE A M EM BER OF TH E COM PAN Y. PROXI ES
IN
ORD ER
TO
BE
EFFECTI VE
M UST
BE
RECEI VED AT TH E REGI STERED OFFI CE I .E.

REGUS RECTAN GLE, LEVEL 4 , RECTAN GLE
1 , D 4 , COM M ERCI AL COM PLEX SAKET N EW
D ELH I - 1 1 0 0 1 7 OR AT TH E CORPORATE OFFI CE
AT VI PUL TECH SQUARE, GOLF COURSE ROAD ,
3. The Regist er of Mem bers and Share Transfer Books

of t he Com pany shall rem ain closed from Friday,
Sept em ber 20, 2013 t o Sat urday, Sept em ber 28,
2013 ( bot h days inclusive) . I f t he dividend, as
recom m ended by t he Board of Direct ors is approved
at t he Annual General Meet ing, t he paym ent of such
dividend will be m ade t o t hose m em bers whose
nam es would appear in t he Regist er of Mem bers on
t he dat e of Book Closure.
SECTOR- 4 3 , GURGOAN - 1 2 2 0 0 9 , N OT LESS
4. For effect ing any change in address, m em bers are
TH AN 4 8 H OURS BEFORE TH E COM M EN CEM EN T
request ed t o not ify t he sam e t o t he following:
OF TH E AN N UAL GEN ERAL M EETI N G. A BLAN K
- I f shares are held in physical m ode, t o t he
PROXY FORM I S EN CLOSED .
Com pany and/ or Regist rar and Share Transfer

Agent ( R & T Agent ) of t he Com pany i.e. M/ s MAS
2. Corporat e
int ending
to
send
t heir
Services Lim it ed
to
- I f shares are held in elect ronic m ode, t o t heir
send duly cert i ed copy of t he Board Resolut ion
Deposit ory Part icipant ( DP) only and not t o t he
aut horized
Mem bers
represent at ive( s)
are request ed
An n u a l Re por t 2 0 1 2 - 1 3
Com pany
and/ or
Regist rars & Share Transfer
holding
shares
in
dem at erialized
m ode are request ed t o int im at e all changes
aut om at ically
pert aining t o t heir bank det ails, ECS m andat es,
be
re ect ed
in
t he
Com panys
nom inat ions, power of at t orney, change of nam e
records.
5.
Mem bers
Agent s of t he Com pany. The said changes will
Pur sua nt
to
SEBI
cir cula r
et c. t o t heir deposit ory part icipant only and not
no.CI R/ M RD /
t o t he Com pany or it s Regist rar and Transfer
D P/ 1 0 / 2 0 1 3 da t e d M a r ch 2 1 , 2 0 1 3 r e ga r ding
usa ge
of
e le ct r onic
m ode s
for
Agent . The said changes will be aut om at ically
divide nd
pa ym e nt s t o t he inve st or s.I n vie w of t he sa id

cir cula r Com pa nie s a r e r e quir e d t o m a nda t or ily
re ect ed in t he Com panys records.

-
pr int t he ba nk a ccount de t a ils of t he inve st or s
writ e t o t he Com pany at least one week before
on divide nd w a r r a nt s. The r e for e , m e m be r s
t he dat e of Annual General Meet ing giving det ails
holding sha r e s in physica l for m a r e r e que st e d

t o not ify/ se nd t he follow ing t o M AS Se r vice s
Lim it e d ( RTA) t o fa cilit a t e be t t e r se r vicing:
I.
Mem bers seeking furt her inform at ion about t he

account s or any ot her m at t er are request ed t o
of t he inform at ion required.

-
All t he docum ent s referred t o in t he Not ice

and Explanat ory St at em ent , unless ot herwise
Pa r t icula r s of t he ba nk in w hich t he y w ish
speci cally st at ed will be available for inspect ion
t he ir divide nd t o be cr e dit e d, in ca se t he y
by t he Mem ber at t he Corporat e Of ce of t he
ha ve not be e n fur nishe d e a r lie r .
Com pany i.e. Vipul Techsquare, Golf Course
I I . Any cha nge in t he ir a ddr e ss/ m a nda t e /
Road,
ba nk de t a ils,
11.00 a.m . t o 1.00 p.m . on all working days from
Sect or- 43,
Gurgaon- 122009
bet ween
t he dat e hereof up t o t he dat e of t he Annual

M e m be r s ple a se not e t ha t r e spe ct ive ba nk
de t a ils a nd a ddr e ss a s fur nishe d by t he m or
General Meet ing.

-
Under Sect ion 109A of t he Com panies Act ,
by N SD L/ CD SL t o t he Com pa ny, for sha r e s
1956, m em bers are ent it led t o m ake nom inat ion
he ld in physica l for m a nd in e le ct r onic for m
in respect of shares held by t hem in physical
r e spe ct ive ly, w ill be pr int e d on t he ir divide nd
m ode. Mem bers desirous of m aking nom inat ions
w a r r a nt s a s a m e a sur e of pr ot e ct ion a ga inst
are request ed t o send t heir request in Form 2B
fr a udule nt e nca shm e nt . ( Ple a se se e cir cula r
of Com panies ( Cent ral Governm ent s) General
be hind t he pr ox y for m )
Rules &
6. Mem bers are request ed t o :

-
1956
in
duplicat e
to
t he
Bring t heir copy of annual report and at t endance

By or de r of t h e Boa r d of D ir e ct or s
slip at t he venue of t he m eet ing.

-
Form s,
Com panys Regist rar & Transfer Agent .
Quot e t heir Folio/ DP & Client I D No. and Em ail

address in all correspondence wit h t he Com pany/
R&T Agent .
Not e
or
t hat
t hrough
shareholders
regist ered
present
proxy
in
shall
person
only
ent ert ained.

-
Not e
t hat
Sd/ -
be
Pla ce : Gu r ga on
t he
at t endance
slip/ proxy
form
D a t e : Au gu st 1 4 , 2 0 1 3
Su m it Goe l
should be signed as per t he specim en signat ure

regist ered wit h t he R & T Agent / DP.
-
Not e t hat in case of j oint holders at t ending t he

Meet ing, only such j oint holder who is higher in
t he order of nam es will be ent it led t o vot e.
Vipu l Lim it e d
D I RECTORS REPORT
To t h e M e m be r s,
The Board of Direct ors of your Com pany are pleased t o present t he 22nd Annual Report t oget her wit h
t he Audit ed Account s of t he Com pany for t he year ended March 31, 2013.
Your Com panys perform ance during t he year as com pared wit h t hat during t he previous year is
sum m arized below:
FI N AN CI AL RESULTS
Rupees ( I n Lacs)
Pa r t icu la r s
Ye a r En de d
Year Ended
3 1 .0 3 .2 0 1 3
31.03.2012
4 0 4 4 8 .9 5
42378.62
2 3 6 .0 0
212.77
Tot a l I n com e
4 0 6 8 4 .9 5
42591.39
Tot a l Ex pe n dit u r e
3 8 6 2 6 .0 0
39867.18
2 0 5 8 .9 5
2724.21
5 5 0 .0 0
760.00
I ncom e from operat ions

Ot her I ncom e
Pr ofi t be for e Ta x
Less: Tax Expenses:
( i) Current Year
( ii) Earlier year adj ust m ent
( iii) Deferred t ax
Pr ofi t for t h e Ye a r
( 1 .2 8 )
1.20
( 1 6 3 .5 9 )
( 155.79)
1 6 7 3 .8 2
2118.80
D I VI D EN D
The Direct ors of your Com pany are pleased t o recom m end dividend @ 15 % for t he year ended March
31, 2013 t o t hose m em bers whose nam e appear on t he Regist er of Mem bers of t he Com pany as on
t he dat e of Book Closure in respect of t he shares held in t he physical form and in respect of shares
held in elect ronic form , t o t hose bene cial owners whose nam es appear in t he list provided by t he
Deposit ory as on t he dat e of Book Closure.
TRAN SFER TO RESERVES
Your Com pany proposes t o t ransfer Rs. 2500 Lacs t o General Reserve out of t he am ount available
for appropriat ions and accum ulat ed pro t t o t he ext ent of Rs. 6946.68 Lacs is proposed t o be carried
over t o subsequent year( s) .
An n u a l Re por t 2 0 1 2 - 1 3
CASH FLOW STATEM EN T

As required by Clause 32 of t he List ing Agreem ent , Cash Flow St at em ent for t he year ended March 31,
2013 is enclosed wit h t he Balance Sheet and Pro t & Loss St at em ent of t he Com pany. Consolidat ed
Cash Flow St at em ent of your Com pany and it s subsidiaries is enclosed wit h t he Consolidat ed Financial
St at em ent .
PERFORM AN CE AN D OPERATI ON S
The t ot al incom e of t he Com pany for t he year ended 31st March, 2013, report ed a decrease of 4.48%
falling t o Rs. 40684.95 lacs from Rs. 42591.39 lacs in t he previous year.
Pro t before depreciat ion and t axat ion was Rs. 2195.49 lacs and aft er providing Rs. 136.54 lacs
t owards depreciat ion/ am ort isat ion expenses and Rs. 385.13 lacs t owards t ax, t he net pro t am ount s
t o Rs. 1673.82 lacs. The earning per share ( EPS) , on an equit y share having face value of Rs. 1/ - ,
st ands at Rs. 1.40/ - .
D I RECTORATE
I n accordance wit h t he provisions of Com panies Act , 1956 Mr. Kapil Dut t a and Mr. Raj esh Bat ra,
Direct or( s) of t he Com pany are ret iring by rot at ion and being eligible offers t hem selves for reappoint m ent .
A brief resum e of Mr. Kapil Dut t a and Mr. Raj esh Bat ra, proposed t o be reappoint ed, nat ure of
t heir expert ise in speci c funct ional areas and nam e of Com panies in which t hey holds Direct orship
and Mem bership/ Chairm anship of t he Board or Com m it t ees, as st ipulat ed under Clause 49 of t he
List ing Agreem ent ent ered int o wit h t he St ock Exchanges are provided in t he Report on Corporat e
Governance form ing part of t he Annual Report .
The Board of Direct ors recom m ends t heir respect ive reappoint m ent ( s) .
AUD I TORS
The St at ut ory Audit ors of t he Com pany viz. M/ s L.B. Jha & Co., Chart ered Account ant s, ret ire at t he
conclusion of t he ensuing Annual General Meet ing and are eligible for reappoint m ent . The Com pany
has received a let t er from M/ s L.B. Jha & Co., t o t he effect t hat t heir reappoint m ent , if m ade, would
be wit hin t he prescribed lim it s as speci ed under Sect ion 224( 1B) of t he Com panies Act , 1956 and
t hey are not disquali ed for such reappoint m ent wit hin t he m eaning of Sect ion 226 of t he said Act .
The Board of Direct ors of your Com pany recom m ends t heir reappoint m ent .
AUD I TORS REPORT
The Not es t o t he Account s, form ing part of Balance Sheet as at March 31, 2013 and Pro t & Loss
St at em ent for t he year ended on t hat dat e, referred t o in Audit or s Report are self- explanat ory and
t herefore do not call for any furt her com m ent s. There are no adverse rem ark and / or quali cat ion
m ade by St at ut ory Audit or in t heir Report .
Vipu l Lim it e d
FI XED D EPOSI T
During t he nancial year 2012- 13, your Com pany has not invit ed or accept ed any deposit s from t he
public wit hin t he m eaning of Sect ion 58A of t he Com panies Act , 1956.
SUBSI D I ARY COM PAN I ES
The Com pany has 18 Subsidiaries as on March 31, 2013. List of Subsidiaries which have been
consolidat ed at t he year end is given in t he Not es t o Account s. These docum ent s will be m ade
available upon request by any m em ber of t he Com pany int erest ed in obt aining t he sam e and will
also be kept for inspect ion at t he regist ered of ce of your Com pany and t hat of subsidiary Com panies
concerned. However, as direct ed by t he Cent ral Governm ent , t he nancial dat a in respect of each
of t he subsidiaries i.e. inform at ion about capit al, reserves, t ot al asset s, t ot al liabilit ies, det ails of
invest m ent , t urnover, pro t before t axat ion, provision for t axat ion, pro t aft er t axat ion and proposed
dividend, has been furnished in one sheet which is form ing part of t his Annual Report . Furt her,
pursuant t o Account ing St andard ( AS) - 21 issued by t he I nst it ut e of Chart ered Account ant s of I ndia,
your Com pany has present ed t he consolidat ed nancial st at em ent s which include t he nancial
inform at ion relat ing t o it s subsidiaries and form s part of t he Annual Report .
PARTI CULARS OF EM PLOYEES
As required under t he provisions of subsect ion ( 2A) of Sect ion 217 of t he Com panies Act , 1956
read wit h t he Com panies ( Part iculars of Em ployees) Rules, 1975 as am ended, part iculars of t he
em ployees are set in t he Annexure t o t he Direct ors Report .
CORPORATE GOVERN AN CE AN D M AN AGEM EN T D I SCUSSI ON & AN ALYSI S REPORT
The Com pany has been proact ive in following t he principles and pract ices of a good corporat e
governance. The Com pany has ensured t hat t he requirem ent of t he Corporat e Governance, as
st ipulat ed under Clause 49 of t he List ing Agreem ent are duly com plied wit h. Report on Corporat e
Governance along wit h a cert i cat e from t he St at ut ory Audit ors of t he Com pany con rm ing such
com pliance and Managem ent Discussion & Analysis Report form s part of t his Annual Report .
CORPORATE SOCI AL RESPON SI BI LI TY
Vipul rem ain com m it t ed t owards it s corporat e social responsibilit y being a socially conscious business
ent erprise. The Com pany conduct s it s business in a way t hat creat es social, environm ent al and
econom ic bene t s t o t he com m unit ies in which it operat es and t he Com pany has always been
earnest for cont ribut ing t owards t he bet t erm ent of t he societ y t hrough various welfare init iat ive viz.
providing educat ion, safet y and welfare m easures at t he const ruct ion sit es and healt hcare for t he
under privileged sect ion of t he societ y.
The Com pany provides educat ion facilit ies wit h books and st udy m at erial t o t he children of laborer
and int roduced t he syst em of personal hygiene and m id day m eals at all sit es. The Com pany ensures
st ringent safet y regulat ions, conduct ive work environm ent , clean drinking wat er, crche facilit ies for
t he children of it s workers at t he various const ruct ion sit es and t he Com pany has also set up healt h
care cent re at t he const ruct ion sit es. Free m edical cam paigns were also carried out along wit h basic
inform at ion on healt h for t he laborer & t heir fam ilies.
Social event s were also organized t hrough Vipuls Em ployees like Joy of Giving Week and cont ribut ion
were m ade t hrough gunny bags Com prising old/ new clot hes, foot wear, woolens, blanket s, bed sheet s,
foot it em s, um brellas, school m at erials, books, t oys, gam es or m onet ary help, daily necessit ies &
ut ensils. The sam e were dist ribut ed t o t he under privileged.
6
An n u a l Re por t 2 0 1 2 - 1 3
D I RECTORS RESPON SI BI LI TY STATEM EN T

Pursuant t o t he requirem ent s of Sect ion 217( 2AA) of t he Com panies Act , 1956, t he Direct ors hereby
con rm t hat :
1.
I n t he preparat ion of annual account s for t he nancial year ended March 31, 2013, t he applicable
account ing st andards had been followed along wit h proper explanat ion relat ing t o m at erial
depart ures.
2.
The Direct ors had select ed such account ing policies and applied t hem consist ent ly and m ade
j udgm ent s and est im at es t hat are reasonable and prudent so as t o give a t rue and fair view
of t he st at e of affairs of t he Com pany at t he end of t he nancial year and of t he pro t of t he
Com pany for t he year under review.
3.
The Direct ors had t aken proper and suf cient care for t he m aint enance of adequat e account ing
records in accordance wit h t he provisions of Com panies Act , 1956 for safeguarding t he asset s
of t he Com pany and for prevent ing and det ect ing fraud and ot her irregularit ies.
4.
The Direct ors had prepared t he annual account s for t he nancial year ended March 31, 2013 on
a going concern basis.
CON SERVATI ON OF EN ERGY AN D TECH N OLOGY ABSORPTI ON

The inform at ion relat ing t o Conservat ion of Energy and Technology Absorpt ion as required t o be
disclosed under Sect ion 217( e) of t he Com panies Act , 1956 read wit h Rule 2 of t he Com panies
( Disclosure of Part iculars in t he Report of Board of Direct ors) Rules, 1988, is not applicable t o t he
Com pany.
FOREI GN EXCH AN GE EARN I N GS AN D OUTGO
The part iculars regarding foreign exchange earnings and out go are as under :
( Rupees in Lacs)
Pa r t icu la r s
For e ign Ex ch a n ge Ea r n in gs
For e ign Ex ch a n ge Ou t go
3 1 .0 3 .2 0 1 3
31.03.2012
1 1 .3 4
4 .7 7
230.36
6.40
Act ivit ies Relat ing t o Export s; I nit iat ives t aken t o I ncrease Export s; Developm ent of New Export
Market for Product s & Services and Export Plans are not applicable t o t he Com pany.
LI STI N G I N FORM ATI ON
The equit y shares of t he Com pany are list ed on Bom bay St ock Exchange and Madras St ock Exchange.
The Shares of t he Com pany are also perm it t ed t o be t raded on t he Nat ional St ock Exchange.
The Annual list ing fees for t he nancial year 2013- 14 has been paid by t he Com pany t o t he St ock
Exchange( s)
Vipu l Lim it e d
ACKN OW LED GEM EN T

The Board acknowledge wit h grat it ude t he co- operat ion and assist ance provided t o your com pany by
it s bankers, nancial inst it ut ions, governm ent as well as non- governm ent agencies. The Board wishes
t o place on record it s appreciat ion t o t he cont ribut ion m ade by em ployees of t he Com pany and it s
subsidiaries during t he year under review. Your Direct ors t hank t he cust om ers, client s, vendors and
ot her business associat es for t he cont inued support . Your Direct ors are t hankful t o shareholders and
deposit holders for t heir cont inued pat ronage.
For & on be h a lf of Boa r d
Pla ce : Gu r ga on
D a t e : Au gu st 1 4 , 2 0 1 3
Sd/ Pu n it Be r iw a la
M a n a gin g D ir e ct or
Sd/ Ra j e sh Ba t r a
D ir e ct or
An n u a l Re por t 2 0 1 2 - 1 3
AN N EXURE- I
I nform at ion as per Sect ion 217( 2A) of t he Com panies Act , 1956 read wit h t he Com panies ( Part iculars
of Em ployees) Rules, 1975 as am ended and form ing part of t he Direct ors Report for t he period
ended 31st March, 2013.
( i) EM PLOYED FOR TH E W H OLE YEAR AN D I N RECEI PT OF REM UN ERATI ON AGGREGATI N G
Rs. 6 0 ,0 0 ,0 0 0 / - PER AN N UM
Gr oss
N a m e of
Em ploye e
D e sign a t ion
Re m u n
e r a t ion ( Rs.)
Mr. Punit
Managing
Beriwala
Direct or
Ms.
Chief
Guninder
Execut ive
Singh
Of cer
D a t e of
Pr e viou s
Age
Qu a lifi
Ex pe r i
com m e n
e m ploym e n t
( Ye a r )
ca t ion
e n ce
ce m e n t of
& posit ion
e m ploym e n t
h e ld
1,51,53,636
49
B. Com
25
12.01.2002
1,50,95,340
52
B. Arch
30
07.01.2002
75,77,280
53
FCA
30
31.07.2006
Sr. Vice
Mr. Rakesh
President
Sharm a
Self
Em ploym ent
Unit ech Lt d
( Archit ect )
Tapasya
Proj ect Lt d.
( BD & C)
( VP)
Sr. Vice
Pallonj i & Co.
Shapoorj i
Mr. Pankaj
Agrawal
President
69,25,428
46
( Const ruct ion)
B.E.
( Civil)
24
06.04.2007
Lt d.
( DGM)
( ii) EM PLOYED FOR TH E PART YEAR AN D I N RECEI PT OF REM UN ERATI ON AGGREGATI N G

Rs. 5 ,0 0 ,0 0 0 / - PER M ON TH
Nam e
of Em p
loye e
D e sign
a t ion
Gr oss
Re m u n
e r a t ion
D a t e of
Pr e viou s
Age
Qu a lifi
Ex pe r i
com m e n
e m ploy
( Ye a r )
ca t ion
e n ce
ce m e n t of
m ent &
e m ploym e n t
posit ion h e ld
Pe r iod
du r in g
w h ich post
h e ld in la st
e m ploym e n t
NI L
1)
Gross rem unerat ion includes Basic Salary, HRA, Em ployer s cont ribut ion t o Provident ,
Superannuat ion fund or Annuit y fund, Grat uit y, Encashm ent of Leave, m edical reim bursem ent
and ot her allowable allowances as per I ncom e Tax Act and Rules m ade t here under ( Whenever
applicable) et c.
2)
Nat ure of em ploym ent is cont ract ual in case of Mr. Punit Beriwala. All ot hers are in full t im e
em ploym ent of t he Com pany. Term s & Condit ions of t heir appoint m ent are governed by Com panys
rules & policies. None of t he em ployees m ent ioned above is relat ive of Direct or( s) .
3)
There is no ot her em ployee who is in receipt of rem unerat ion in t erm s of t he provisions of Sect ion
217 ( 2A) ( a) ( iii) of t he Com panies ( Part icular of Em ployees) Rules, 1975.
9
Vipu l Lim it e d
REPORT ON CORPORATE GOVERN AN CE

1 . COM PAN YS PH I LOSOPH Y ON CORPORATE GOVERN AN CE
The Com pany rm ly believes in good Corporat e Governance and has m ade Corporat e Governance
a pract ice and cont inuous process of developm ent right across t he Com pany. The Com panys
philosophy on corporat e governance envisages t he at t ainm ent of t he highest levels of t ransparency
and account abilit y in t he funct ioning of t he Com pany and conduct of business.
The Com panys corporat e philosophy is focussed on it s people who are t he m ost im port ant asset s.
The Com pany values it s em ployees int egrit y, creat ivit y and abilit y who in t urn dem onst rat e t he
highest et hical st andard and responsibilit y t owards t he shareholders. The Com pany believes t hat over
a period of t im e all it s operat ions and act ions m ust serve t he underlying goal of enhancing overall
shareholder value. Our Com pany is in com pliance wit h t he guidelines on Corporat e Governance
st ipulat ed under various clauses of List ing Agreem ent ent ered int o wit h t he St ock Exchanges and in
t his regards, we subm it a report on t he m at t ers m ent ioned in t he said clauses and pract ices followed
by t he Com pany.
2 . BOARD OF D I RECTORS
( i) Com posit ion a n d Ca t e gor y of D ir e ct or s
The Board has an opt im um com binat ion of Execut ive and Non- Execut ive Direct ors and is in conform it y
wit h t he Clause 49 of t he List ing Agreem ent ent ered int o wit h t he st ock exchanges. The Com posit ion
of t he Board as on March 31, 2013 is as under:
Ca t e gor y of D ir e ct or s
N u m be r of D ir e ct or s
Pe r ce n t a ge t o t h e Boa r d
Prom ot er Execut ive Direct or viz.

Mr. Punit Beriwala
17%
I ndependent & Non- Execut ive Direct or

viz. Mr Anil Kum ar Agarwal, Dr. B Sam al,
Mr. Raj esh Bat ra, Mr. Kapil Dut t a and
Mr. Vikram Kochhar
83%
The Board of Direct ors appoint s a Non- Execut ive I ndependent Chairm an for every m eet ing.
None of t he Direct ors on t he Board is a Mem ber in m ore t han 10 Com m it t ees and Chairm an of
m ore t han 5 Com m it t ees { as prescribed under Clause 49( I ) ( C) ( ii) ) } across all t he Com panies in
which he is a Direct or. All t he Direct ors have m ade t he requisit e disclosures regarding Com m it t ee
posit ions held by t hem in ot her com panies. The Board m em bers posses requisit e skills, experience
and expert ise required t o t ake decisions, which are in t he best int erest of t he Com pany.
10
An n u a l Re por t 2 0 1 2 - 1 3
Boa r d M e e t in gs h e ld du r in g t h e fi n a n cia l ye a r 2 0 1 2 - 2 0 1 3
The Board of Direct ors m et 4( Four) t im es on t he following dat es during t he nancial year under
review: i.e. on May 15, 2012, August 14, 2012, Novem ber 9, 2012 and February 12, 2013.
Ca t e gor y a n d At t e n da n ce of D ir e ct or s
The nam e and cat egories of t he Direct ors on t he Board, t heir at t endance at Board Meet ing held
during t he nancial year 2012- 2013 and at t he last Annual General Meet ing( AGM) , as also num ber
of Direct orship and com m it t ee m em bership/ chairm anship( I ncluding Vipul Lim it ed) posit ion held by
t hem in ot her Com panies as on March 31 , 2013 are as under:
N a m e of t h e
Ca t e gor y
D ir e ct or
Boa r d
At t e n da n ce
N u m be r of
N u m be r of Com m it t e e
M e e t in gs
at the
D ir e ct or sh ip
( a s on M a r ch 3 1 , 2 0 1 3 )
a t t e n de d
La st AGM
( As on M a r ch
D u r in g
( H e ld on
31, 2013)
t h e ye a r
D e ce m be r
13, 2012 )
Mr. Punit
Pu blic
Pr iva t e
M e m be r sh ip( s)
Ch a ir m a n sh ip( s)
12
PED
YES
I NED
NO
11
Dr. B. Sam al
I NED
YES
11
Mr. Raj esh Bat ra
I NED
YES
Mr. Kapil Dut t a
I NED
NO
I NED
YES
Beriwala
Mr. Anil Kum ar
Agarwal
Mr. Vikram
Kochhar
N ot e : ( i) PED - Pr om ot e r Ex e cu t ive D ir e ct or ( ii) I N ED : I n de pe n de n t N on Ex e cu t ive D ir e ct or
D e t a ils of D ir e ct or se e k in g a ppoin t m e n t / r e - a ppoin t m e n t :

N a m e of D ir e ct or
M r . Ra j e sh Ba t r a
D a t e of Bir t h
25.12.1947
25.07.1956
D a t e of
Appoin t m e n t
01.10.2006
01.10.2006
N a t u r e of
Ex pe r t ise
Has experience in Managem ent
M r . Ka pil D u t t a
Expert in St rat egic Alliances,

Market ing and Trade Proj ect s.
11
Vipu l Lim it e d
Qu a lifi ca t ion
B.E.
B.A ( Hons.)
D ir e ct or sh ip in
ot h e r Com pa n ie s
Vipul Lim t ed
Vipul Lim it ed
Unit ed Leasing and I ndust ries Lim t ed
Ganga Glass Works privat e lim it ed
At ha Wellness Privat e Lim it ed
M e m be r sh ip/
Ch a ir m a n sh ip
1/ 0
2/ 0
None of t he proposed appoint ee Non Execut ive Direct or hold any shares in t he Com pany as on t he
adopt ion of t his report .
3 . AUD I T COM M I TTEE:
The Audit Com m it t ee of t he Com pany is const it ut ed in line wit h t he requirem ent s of clause 49 of t he
List ing Agreem ent read wit h Sect ion 292 A of t he Com panies Act , 1956 t he st rengt h of t he Board as
also of t he Audit Com m it t ee is adequat e.
As on March 31, 2013 t he ent ire Audit Com m it t ee of t he Com pany com prises of I ndependent NonExecut ive Direct ors.
The Com posit ion of t he Audit Com m it t ee is as under:
S. N O
1
2
3
N a m e of M e m be r
Dr. B. Sam al
Mr. Vikram Kochhar
Mr. Anil Kum ar Agarwal
D e sign a t ion H e ld
Chairm an
Mem ber
Mem ber
Dr. B. Sam al was elect ed as Chairm an of t he Audit Com m it t ee for a period of one year w.e.f Novem ber
9, 2012, but if appoint ed chairm an is not present , t hen any m em ber present in t he m eet ing shall act
as Chairm an of t he m eet ing. All m em bers of t he Com m it t ee have requisit e nancial and m anagem ent
expert ise/ knowledge and have rich experience of t he indust ry. The Com pany Secret ary act s as
secret ary t o t he Com m it t ee. The I nt ernal Audit ors have been engaged by t he Com pany for review
and assessm ent of t he int ernal policies of t he Com pany. I nt ernal Audit ors and St at ut ory Audit ors
are also invit ed t o t he m eet ing of t he Audit Com m it t ee as and when required by t he Com m it t ee.
Besides t hem Chief Execut ive Of cer and Head of nance/ account s are perm anent invit ees t o t he
Audit Com m it t ee.
Role a n d Te r m s of Re fe r e n ce
The m ain funct ion of t he Audit Com m it t ee is t o assess and ensure t hat t he nancial st at em ent s of t he
Com pany are correct . I t also int eract s wit h t he St at ut ory Audit ors before nalist ion of Annual Financial
Account s and Report s focusing prim arily on Account ing Policies, Com pliance of Account ing St andards
et c. I t also Reviews t he adequacy of t he int ernal cont rol syst em on any m at t er in connect ion wit h
review of nancial report ing syst em s and cont rol procedures.
During t he year, four Com m it t ee Meet ings were held on May 15, 2012, August 14, 2012, Novem ber
9, 2012 and February 12, 2013.
The com posit ion of t he Audit com m it t ee and det ails of t he m eet ing at t ended by it s m em ber for t he
nancial year 2012- 2013 are given below:
12
An n u a l Re por t 2 0 1 2 - 1 3
N a m e of t h e M e m be r
Ca t e gor y
N o. of M e e t in gs H e ld
N o. of M e e t in gs
At t e n de d
1. Dr. B. Sam al
Non Execut ive &

I ndependent Direct or
2. Mr. Vikram Kochhar
Non Execut ive &

3. Mr. Anil Kum ar Agarwal
Non Execut ive &

Dr. B. Sam al was present at the Annual General Meeting held on Decem ber 13, 2012.
4 . D ETAI LS OF REM UN ERATI ON OF D I RECTORS
The det ails of rem unerat ion of direct ors during t he year ended March 31, 2013 are as follows:
N a m e of t h e D ir e ct or
Posit ion
Rem unera t ion I ncluding Perquisit es

Allow a nces ( in Rs.)
Mr. Punit Beriwala
Managing Direct or
1,51,53,636
Non- Execut ive Direct ors are being paid sit t ing fees for at t ending t he m eet ings of t he Board of
Direct ors and t he Com m it t ee( s) t hereof. No rem unerat ion was paid t o t he Non Execut ive Direct ors
during t he year under review.
N a m e of t h e D ir e ct or
Sitting Fees Paid for Board Meetings and SubCom m ittees ( I n Rs .)
60,000/ -
Dr. B. Sam al
67,500/ -
Mr. Raj esh Bat ra
60,000/ -
Mr. Kapil Dut t a
30,000/ -
Mr. Vikram Kochhar
90,000/ -
5 . SH ARE TRAN SFER COM M I TTEE

The com posit ion of t he share t ransfer com m it t ee and t he det ails of t he m eet ings at t ended by t he
m em bers for t he nancial year 2012- 13 are given below:
N a m e of t h e
M e m be r
Ca t e gor y
N o. of
M e e t in gs
H e ld
N o. of
M e e t in gs
At t e n de d
Non Execut ive & I ndependent Direct or
Mr. Raj esh Bat ra
Mr. Kapil Dut t a
NI L
During t he nancial year 2012- 2013, The Com m it t ee m et 2 t im es. The Com m it t ee Meet ings were
held on t he following dat es June 20, 2012 and Oct ober 3, 2012.
13
Vipu l Lim it e d
Te r m s of Re fe r e n ce
To look int o request s such as t ransfer of shares/ debent ures, issue of duplicat e share cert i cat e, nonreceipt of dividend and annual report , et c.
6 . OTH ER COM M I TTEE
Re m u n e r a t ion Com m it t e e
The Rem unerat ion Com m it t ee of t he Com pany com prises of t hree I ndependent Non- Execut ive
direct ors. The Rem unerat ion Com m it t ee of t he Com pany is em powered t o x t he rem unerat ion of
t he Managing Direct or and t he Execut ive Direct ors.
During t he year 2012- 13, no m eet ing of Rem unerat ion Com m it t ee of t he Com pany was held. The
Com posit ion and ot her det ails of Rem unerat ion Com m it t ee of Direct ors of t he Com pany are as follows:
S. N o
N a m e of t h e M e m be r
Ca t e gor y
D e sign a t ion
Dr. B. Sam al
Chairm an
Mr. Vikram Kochhar
Mem ber
Mr. Kapil Dut t a
Mem ber
Su b Com m it t e e / Ex e cu t ive Com m it t e e of Boa r d of D ir e ct or s.

The com m it t ee com prises of t hree m em bers viz Mr.Punit Beriwala, Mr. Raj esh Bat ra & Mr. Vikram
Kochhar. Mem bers elect s chairm an am ongst t hem selves for every m eet ing. The Com pany Secret ary
act s as secret ary of t he com m it t ee. The com m it t ee m eet s as and when required.
Te r m s of Re fe r e n ce
The subcom m it t ee looks int o t he m at t ers which are speci cally designat ed t o it at it s form at ion
and as m ay be assigned by t he Board of Direct ors from t im e t o t im e. The com m it t ee act s under t he
overall cont rol and superint endence of t he Board.
Sh a r e h olde r s Gr ie va n ce Com m it t e e
The Board has const it ut ed a com m it t ee t o specially look int o t he m at t ers relat ed t o invest ors
grievances. The com m it t ee com prises of Mr. Anil Kum ar Agarwal, Mr. Raj esh Bat ra and Mr. Kapil
Dut t a as it s m em bers.
Based on t he report received from t he Com panys Regist rars, t he num ber of com plaint s received
from shareholders com prises of correspondence ident i ed as com plaint s i.e. let t er received t hrough
st at ut ory/ regulat ory bodies and let t er pert aining t o wrong encashm ent of dividend warrant s et c.
St at us of I nvest or Com plaint s as on March 31, 2013 and report ed under Clause 41 of t he List ing
Agreem ent are as under:
14
An n u a l Re por t 2 0 1 2 - 1 3
Pa r t icu la r s
St a t u s
Com plaint s as on April 1, 2012
NI L
Received during t he year
15
Resolved during t he year
15
Pending as on March 31, 2013
As on March 31, 2013, t here are no shares pending for t ransfer received during t he year under
review.
Besides t he above, t he Com pany has designat ed an e- m ail id ( secret arial@vipulgroup.in) t o facilit at e
invest ors t o regist er t heir com plaint s & queries.
N a m e , D e sign a t ion a n d Addr e ss of Com plia n ce Offi ce r :
Mr. Sum it Goel
Com pany Secret ary & Com pliance Of cer
Vipul Lt d.
Add: Vipul Tech Square,
Golf Course Road
Sect or- 43
Gurgaon- 122009
7 . GEN ERAL BOD Y M EETI N GS

( a ) Loca t ion , da t e , da y a n d t im e of Ge n e r a l M e e t in gs h e ld du r in g t h e la st 3 ye a r s:
Ye a r
Loca t ion
Date
Day
Tim e
2011- 12
Sri Sat hya Sai I nt ernat ional Cent er,

Pragat i Vihar, Lodhi Road, New Delhi- 110003
13.12.2012
Thursday
11.00 A.M.
2010- 11

27.09.2011
Tuesday
11.00 A.M.
2009- 10

30.09.2010
Thursday
11.00 A.M.
15
Vipu l Lim it e d
( b) D e t a ils of Spe cia l Re solu t ion

The det ails of passing of Special Resolut ion in t he aforesaid Annual General Meet ings:
S. N o
M e e t in g D a t e
Type
Se ct ion Re fe r e n ce
13.12.2012
AGM
27.09.2011
AGM
198,269,309,310
and Schedule XI I I
30.09.2010
AGM
Re ga r din g
No Special Resolut ion was passed.
Re-Appoint m ent of Managing Direct or of
t he Com pany.
No Special Resolut ion was passed.
8 . D I SCLOSURES:
There were no t ransact ions of m at erial nat ure wit h Prom ot ers, Direct ors, Managem ent , Subsidiaries
or Relat ives et c., t hat m ay have pot ent ial con ict wit h t he int erest s of t he Com pany at large. The
relevant disclosures have been given in schedules t o t he Account s. The Com pany has com plied wit h
t he requirem ent s of t he St ock Exchanges/ SEBI and St at ut ory Aut horit y on all m at t ers relat ed t o
capit al m arket s during t he last t hree years. No penalt ies have been im posed on t he Com pany by t he
St ock Exchange or SEBI or any st at ut ory aut horit y on any m at t er relat ed t o capit al m arket s for noncom palinaces by t he Com pany.
The Com pany has duly com plied wit h t he m andat ory requirem ent of Clause 49 of t he List ing
Agreem ent .
9 . M EAN S OF COM M UN I CATI ON :
The Com pany publishes quart erly, half- yearly and annual result s as required under t he List ing
Agreem ent in t he prescribed form at . The result s are norm ally published in t he Business St andard and
Econom ics Tim es in English and Jansat t a in Hindi. The result s are also sent t o t he St ock Exchanges
for general inform at ion and for put t ing on t heir web sit e. The not ice of t he AGM is sent t o t he
shareholders well in advance of t he AGM. The gist of t he not ice is also published in newspapers.
The Com pany regularly put s lat est inform at ion and nancial dat a on Com panys websit e also- www.
vipulgroup.in
1 0 . GEN ERAL I N FORM ATI ON TO SH AREH OLD ERS:
( i)
( ii)
16
22nd Annual General Meet ing:

Dat e & Day
Tim e
Venue
Sept em ber 28t h, 2013, Sat urday.

11.00 a.m .
Sri Sat hya Sai I nt ernat ional Cent er, Pragat i Vihar
Lodhi Road, New Delhi- 110003
Fin a n cia l Ca le n da r
The Financial year covers t he period from April 1, 2012 t o March 31, 2013 ( bot h days inclusive) .
An n u a l Re por t 2 0 1 2 - 1 3
( iii)
D a t e of Book Closu r e
Friday, Sept em ber 20, 2013 t o Sat urday, Sept em ber 28, 2013 ( Bot h days inclusive)
( iv)
D ivide n d Pa ym e n t D a t e
The Board of Direct ors of your Com pany has recom m ended Dividend @15% i.e. Rs. 0.15 per
share for t he year ended March 31, 2013.
Dividend, as recom m ended by t he Board, if declared, will be paid bet ween Sept em ber 29,
2013 t o Oct ober 28, 2013.
( v)
List in g on St ock Ex ch a n ge s
S.N o
St ock Ex ch a n ge
Se cu r it y Code
1.
Bom bay St ock Exchange Lt d.
511726
2.
Madras St ock Exchange Lt d.
Vipul
The St ock of t he Com pany is also perm it t ed t o t rade at Nat ional St ock Exchange. The Securit y Code
of t he Com panys St ock at NSE is VI PUL.
( vi) St ock M a r k e t Pr ice D a t a ( Apr il 1 , 2 0 1 2 t o M a r ch 3 1 , 2 0 1 3 )
The high and low of t he share price of t he Com pany during each m ont h in t he last nancial year at
BSE were as under:
M on t h / Ye a r
Apr- 12
May- 12
Jun- 12
Jul- 12
Aug- 12
Sep- 12
Oct- 12
Nov- 12
Dec- 12
Jan- 13
Feb- 13
Mar- 13
Ope n Pr ice
12.65
9.70
10.50
9.10
8.01
8.21
9.00
11.00
9.60
10.40
9.25
7.99
H igh Pr ice
13.00
10.45
10.50
9.37
10.90
9.83
11.95
11.39
11.25
10.55
9.63
8.35
Low Pr ice
9.00
7.71
8.05
7.30
7.90
8.00
9.00
9.60
9.40
9.05
7.50
6.20
Close Pr ice
9.24
8.76
8.50
7.95
8.19
8.91
10.93
9.80
10.10
9.45
7.97
7.65
17
An n u a l Re por t 2 0 1 2 - 1 3
( X) SH AREH OLD I N G PATTERN AS ON M ARCH 3 1 , 2 0 1 3

Sl. N o.
Ca t e gor y of sh a r e h olde r
PROM OTER AN D PROM OTER GROUP
% of
Tot a l N o.
Sh a r e h oldin g
of Sh a r e s
59.12
Su b Tot a l ( A)
B
I
70929000
PUBLI C SH AREH OLD I N G

I N STI TUTI ON S
a
II
70929000
FDI
14.95
17937680
N ON I N STI TUTI ON S
a
Bodies Corporat e
13.83
16594749
I ndividuals
11.52
13825086
NRI / OCB
0.07
81131
Clearing Mem ber/ Any Ot her
0.51
616834
40.88
49055480
1 0 0 .0 0
119984480
Su b- Tot a l [ B= ( BI + BI I )
TOTAL ( A) + ( B)
( x i)
D e m a t e r ia liza t ion of e qu it y sh a r e s a n d liqu idit y
The t rading in Equit y Shares of t he Com pany is perm it t ed in dem at erialized form . The Com pany has
j oined Nat ional Securit ies Deposit ory Lim it ed ( NSDL) and Cent ral Deposit ory Services ( I ndia) Lim it ed
( CDSL) t o facilit at e t he t rading. Accordingly, it m ay kindly be request ed t o all t he shareholders who
are holding t he shares in physical form t o get t heir shares convert ed int o dem at form and t hereby
avail t he opt ion of scripless t rading. For t his purpose, Shareholders can open a de- m at account wit h
any deposit ory part icipant ( DP) t o avail t he facilit y of dem at erializat ion of shares or shareholders
having de- m at account can surrender t heir share cert i cat e t o t heir respect ive DPs. As on 31st March
2013, 98.99% of t he Com panys t ot al list ed capit al represent ing 118762722 shares were held in
dem at erialized form and t he balance 1.01% com prising 1221758 shares were held in physical form .
Under t he deposit ory syst em , t he I nt ernat ional Securit ies I dent i cat ion Num ber ( I SI N) allot t ed t o
t he Com pany is I NE946H01037.
( x ii)
( a)
Addr e ss for cor r e spon de n ce

All work relat ed t o Shares Regist ry, bot h in physical and elect ronic from , is handled by t he
Com panys Regist rar & Transfer Agent at t he following address:
M/ s MAS Services Lim it ed
( Unit : Vipul Lim it ed)
T- 34, I I nd Floor, Phase- I I , Okhla I ndust rial Area
New Delhi- 110020. Phone: 01- 26387281- 83
Fax: 011- 26387384 Em ail: info@m asserv.com
( b)
Mr. Sum it Goel, Com pany Secret ary is t he Com pliance Of cer of t he Com pany and I nvest ors
com plaint m ay also be addressed t o him at t he following address:
19
Vipu l Lim it e d
Com pany Secret ary

Vipul Lim it ed
Cor por a t e Offi ce
Vipul Techsqaure, Golf Course Road, Sect or- 43, Gurgaon- 122009
Telephone: 0124- 4065500, Fax: 0124- 4061000
Em ail: secret arial@vipulgroup.in
( x iii) Ou t st a n din g GD Rs/ AD Rs/ W a r r a n t s or a n y Con ve r t ible I n st r u m e n t s, Con ve r sion
da t e a n d lik e ly im pa ct on e qu it y
The Com pany has not issued any ADRs, GDRs or any ot her Convert ible I nst rum ent s.
( x iv)
Pla n t Loca t ion s
As t he Com pany is in real est at e business hence, does not have any m anufact uring or processing
plant s. The Regist ered Of ce of t he Com pany is locat ed at Regus Rect angle, Level 4, Rect angle 1, D4,
Com m ercial Com plex, Saket , New Delhi- 110017.
Corporat e Of ce of t he Com pany is sit uat ed at Vipul Techsquare, Golf Course Road, Sect or- 43,
Gurgaon - 122009.
11.
CEO/ CFO CERTI FI CATI ON
As required by Clause 49 of t he List ing Agreem ent , t he Cert i cat e duly signed by Mr. Punit
Beriwala, Managing Direct or and Mr. Aj ay Agrawal, General Manager ( Account s & Com m ercial)
of t he Com pany was placed before t he Board of Direct ors at it s m eet ing held on May 28, 2013.
12.
M AN AGEM EN T D I SCUSSI ON & AN ALYSI S REPORT
The Managem ent Discussion & Analysis Report is enclosed t o t he Direct ors Report & form s part of
t his Report .
13.
UN CLAI M ED SH ARES
I n t erm s of Clause 5A of t he list ing agreem ent , t he Com pany had t ransferred t he unclaim ed shares
lying wit h it t o a speci c dem at account opened for t he purpose. The det ails of t he sam e are as under :
N o. of
sh a r e
h olde r s
N o. of
sh a r e s
259
2532548
Num ber of shareholders who approached issuer for t ransfer of

shares from suspense account during t he year.
89000
( iii)
Num ber of shareholders t o whom shares were t ransferred from

suspense account during t he year
89000
( iv)
Aggregat e num ber of shareholders and t he out st anding shares in

t he suspense account lying at t he end of t he year
252
2443548
Sr .
N o.
Pa r t icu la r s
( i)
Aggregat e num ber of shareholders and t he out st anding shares

lying in t he unclaim ed suspense account at beginning of t he year.
( ii)
13.
COD E OF CON D UCT
The Com pany had adopt ed t he Code of Conduct for all em ployees and Non Execut ive Direct ors. The Code
of Conduct for t he Em ployees as well as Non Execut ive Direct ors is post ed on t he Com panys Websit e.
20
An n u a l Re por t 2 0 1 2 - 1 3
Furt her, all t he Board Mem bers and Senior Managem ent personnel ( as per Clause 49 of t he List ing
Agreem ent ) have af rm ed t he com pliance wit h t he respect ive Code of Conduct . A declarat ion t o t his
effect signed by t he Managing Direct or form s part of t his report .
D e cla r a t ion
I , Punit Beriwala, Managing Direct or of Vipul Lim it ed, hereby declare t hat all t he m em bers of t he
Board of Direct ors and t he Senior Managem ent personnel have af rm ed com pliance wit h t he Code
of Conduct , applicable t o t hem as laid down by t he Board of Direct ors in t erm s of Clause 49 of t he
List ing Agreem ent ent ered int o wit h t he St ock Exchanges, for t he year ended March 31, 2013.
Pla ce :
Date:
Gu r ga on
May 2 8 , 2 0 1 3
AUD I TORS REPORT ON CORPORATE GOVERN AN CE

To
Th e M e m be r s of Vipu l Lt d.
We have exam ined t he com pliance of condit ions of Corporat e Governance and procedure im plem ent ed
by Vipul Lt d, for t he Year ended March 31, 2013 as st ipulat ed in Clause 49 of t he List ing Agreem ent
of t he said Com pany wit h St ock Exchange( s) .
The com pliance of t he condit ions of t he Corporat e Governance is t he responsibilit y of t he Managem ent .
Our exam inat ion was lim it ed t o review t he procedures and im plem ent at ion t hereof adopt ed by t he
Com pany for ensuring com pliance of t he condit ion of t he Corporat e Governance. I t is neit her an audit
nor an expression of opinion on t he nancial st at em ent s of t he Com pany.
We have conduct ed our review on basis of t he relevant records and docum ent s m aint ained by t he
Com pany and furnished t o us for review and t he inform at ion and explanat ions given t o us by t he
Managem ent . Based on such review, in our opinion, t he Com pany has com plied wit h t he condit ions
of Clause 49 of t he above m ent ioned List ing Agreem ent .
We st at e t hat in respect of invest ors grievance received during t he year ended 31st March, 2013, no
invest or grievance is pending against t he Com pany for a period exceeding one m ont h, as per records
placed before t he Shareholders/ I nvest ors Grievance Com m it t ee.
We furt her st at e t hat such com pliance is neit her an assurance as t o t he fut ure viabilit y of t he
Com pany, nor t he ef ciency or effect iveness wit h which t he m anagem ent has conduct ed t he affairs
of t he Com pany.
For L.B.Jh a & Co,
Ch a r t e r e d Accou n t an t s
Fir m s Re gn . N o. 3 0 1 0 8 8 E
Pla ce : N e w D e lh i
D a t e : Au gu st 1 4 , 2 0 1 3
Sd/ ( Bh a sk a r Au ddy)
Pa r t n e r
M e m be r sh ip N o: 5 3 7 7 0
21
Vipu l Lim it e d
OTH ER REQUI REM EN T UN D ER CLAUSE 4 9 OF TH E LI STI N G AGREEM EN T

The Com pany has com plied wit h all t he m andat ory requirem ent of Clause 49 of t he List ing Agreem ent
ent ered wit h t he St ock Exchange( s) . Furt her, com pliance of ot her requirem ent of t he said clause are
provided below:
I.
N on - Ex e cu t ive Ch a ir m a n s Offi ce & Te n u r e of I n de pe n de n t D ir e ct or s.

The Chairm an of t he Board and all I ndependent Direct ors are appoint ed / reappoint ed in
accordance wit h guidelines det erm ined by t he Board and Rem unerat ion Com m it t ee from t im e
t o t im e. No m axim um t enure has been specially det erm ined for t he I ndependent Direct ors.
The Board of Direct ors elect s Non Execut ive Chairm an am ong t hem self for every m eet ing.
Hence t he provision of Non Execut ive Direct or s of ce is not applicable t o t he Com pany.
II.
Re m u n e r a t ion Com m it t e e
The Com pany has form ed Rem unerat ion Com m it t ee, t he det ails whereof are already provided
in t he foregoing paragraphs of t his report .
I I I . Sh a r e h olde r s Righ t s:
The Quart erly, Half-Yearly and Annual Financial Result s of t he Com pany are published in
English language in newspaper having nat ion- wide circulat ion and also in regional language
newspaper of t he region where regist ered of ce of t he Com pany is sit uat ed i.e. Delhi. Furt her,
t hese result s are also post ed on t he websit e of t he Com pany www.vipulgroup.in. Annual
Report cont aining t he det ailed Balance Sheet and Pro t & Loss St at em ent is also being sent t o
individual shareholders of t he Com pany.
I V.
Au dit Qu a lifi ca t ion s:

As m ent ioned in Direct ors Report .
V.
Tr a in in g of Boa r d M e m be r s:
The Board of Direct ors of t he Com pany is cont inuously briefed wit h t he developm ent s and
perform ance of t he Com pany so as t o enable t hem t o m onit or t he sam e at regular int ervals.
Report s on risk assessm ent and m inim izat ion process and new init iat ives proposed by t he
Com pany are also present ed t o t hem for suggest ions and up gradat ion.
VI .
M e ch a n ism of e va lu a t ion of N on - Ex e cu t ive D ir e ct or s :

The Board of Direct ors including Non- Execut ive Direct ors are shouldered wit h t he responsibilit y
of st rat egic supervision of t he Com pany. I n view of t he sam e, t he Board evaluat es it s NonExecut ive Direct ors on t he basis of individual cont ribut ion t owards ful llm ent of t his responsibilit y.
VI I . W h ist le - Blow e r Policy

The Com pany int ends t o prom ot e a policy for em ployees t o have an open access t o t he
respect ive Funct ional Heads, Chief Execut ive of cer and / or Managing Direct or so as t o ensure
et hical and fair conduct of t he business of t he Com pany.
Pla ce : Gu r ga on
D a t e : Au gu st 1 4 , 2 0 1 3
22
D ir e ct or
An n u a l Re por t 2 0 1 2 - 1 3
M AN AGEM EN T D I SCUSSI ON & AN ALYSI S REPORT

Vipul Lim it ed has est ablished it self as a m et iculously planning orient ed developer in BUI LDI NG
HAPPI NESS, it is const ant ly spreading happiness by providing hom es t o it s est eem ed valued cust om ers
at various locat ions in I ndia.
Wit h it s com m it m ent t owards ut m ost cust om er sat isfact ion, Vipul has been able t o deliver t he proj ect s
wit hin t he t arget ed t im eline and shall put in all effort s t o m aint ain t he sam e in fut ure as well.
I N D USTRY STRUCTURE AN D D EVELOPM EN TS
The real est at e sect or in I ndia is accept ed as an infrast ruct ure act ivit y t hat is cont ribut ing signi cant ly
in t he econom ic growt h engine of t he Count ry. I t is t he second largest em ployer next only t o agricult ure
real est at e sect or covers resident ial housing, com m ercial of ces, ret ail out let s, t rading spaces such
as t heat res, hot els and rest aurant s, indust rial buildings such as fact ories and governm ent buildings.
I t involves t he purchase, sale, const ruct ion and developm ent of land which include resident ial and
non- resident ial including com m ercial.
Global econom ic uncert ainit ies have affect ed I ndian econom y, including t he real est at e m arket . I ndian
real est at e sect or s out look in 2013- 2014 is expect ed t o be not very robust due t o lower dem and and
higher const ruct ion cost s. High prices and int erest rat es have been dam peners. Dem and has been
st agnat ing in a few cit ies even as supply rem ains high. I nvest ors as well as t he end users have been
showing signs of st aying out of m arket for som et im e, at least in t he short t erm . Repeat ed increases
in int erest rat es had led t o som e lowering in sale of resident ial propert ies and also put pressure on
t he affordabilit y for propert ies.
On t he ot her hand, on t he posit ive side, im proved m acro- econom ic condit ions leading t o im proved
dem and would have t he pot ent ial t o im prove cash ows t o real est at e Com panies and see t he out look
revised t o st able. Also, t he abilit y t o j udiciously use cash from liquidat ing exist ing invent ories, m ay
result in t he upgrades of Com panies in t he real est at e sect or
OPPORTUN I TI ES AN D TH REATS
Oppor t u n it ie s
Liberal Policies of governm ent for deveopm ent of real est at e sect or and em phasis on
infrast ruct ure proj ect s
Huge difference in dem and and supply in Tier- I and Tier- I I resident ial sect or
Boom ing t rend for est ablishm ent of I nt egrat ed Townships.
Developm ent having hand- in- hand wit h governm ent under Public- Privat e- Part nerships will
unlock land parcel for developm ent .
Th r e a t s
Cont inuous increase in I nt erest cost s.
Rising cost of const ruct ion im pact ing t he m arginsresult ing in price rise ult im at ely affect ing
t he dem and from cust om ers.
23
Vipu l Lim it e d
OUTLOOK
The long t erm scenario and t he proj ect ed dem and of housing unit s in t he m iddle incom e segm ent
have a long way t o go. Housing is a basic necessit y and will rem ain a priorit y for m ost individuals. The
process of urbanizat ion has been int iat ed and m ore people are expect ed t o com e t o cit ies for work
and bet t er lives. But as t he cit ies are growing, so are t he com plexit ies in having t hem developed in
organized m anner. So m any regulat ory hurdles and policy issues block infrast ruct ure and housing
developm ent .
The Com pany has honored it s com m it m ent on fast er execut ion, t im ely deliveries, which would
cert ainly play a vit al role t o st ay as a dom inant player in t he com pet it ive m arket .
RI SKS AN D CON CERN S
The short t erm present s us wit h enorm ous risks and challenges. Wit h t he rising in at ion, hom e
loan rat es rem ained cost lier t hroughout t he year. I ncrease in t hese rat es adversely affect ed t he real
est at e sect or by decreasing t he abilit y of buyers t o pay and purchase and t hus im pact t he dem and.
I f propert y prices are not m ore t han four t o ve t im es t he annual incom e of t arget cust om ers, t hen
t he prices of propert y is correct . Fut her we feel reasonably con dent t hat our propert y prices are not
becom ing unaffordable t o our t arget segm ent .
Regulat ory environm ent seem s uncert ain in t he near fut ure in alm ost ever cit y of operat ion. Lack
of coordinat ion bet ween aut horit ies responsible for enforcing different laws has increased red t ape
and t im e t aken t o launch a proj ect . I n addit ion, increasingly various st at es are passing new laws t o
regulat e t he sect or including real est at e regulat ory bill, apart m ent ownership bills and ot hers. The
current environm ent rem ains uncert ain wit h t he lack of decision m aking. But t he com panys cash
posit ion, com pat ively low leveraged balance sheet and long t erm orient at ion will be a huge st rengt h
in passing t hrough t he t ough t im es t hat m ight em erge.
I N TERN AL CON TROL SYSTEM S AN D TH EI R AD EQUACY
The Com pany has in place, adequat e syst em s and cont rol t o properly m onit or all t he nancial records
for different proj ect s under execut ion. I t also ensures com pliances wit h all regulat ory obligat ions and
helps m onit or t he proper approvals at various st ages of proj ect developm ent . The int ernal cont rol
t eam com bined wit h t he int ernal audit t eam updat es t he m anagem ent on unfolding regulat ory
changes and also m onit ors t he response com ing out of various new launches. The int ernal cont rol
syst em also keeps a close eye t o ensure t hat unaut horized use of asset s is checked. The int ernal
audit of Com pany is subj ect t o st at ut ory audit s carriedout by Com panys audit ors.
FI N AN CI AL PERFORM AN CE W I TH RESPECT TO OPERATI ON AL PERFORM AN CE:
The Com panys t ot al incom e has decreased t o Rs. 40684.95 Lacs from Rs 42591.39 Lacs, t hereby
recording decrease of 4.48% over t he last nancial year. The Pro t aft er t ax st ood at Rs. 1673.82
Lacs as com pared t o Rs. 2118.80 Lacs during t he last year i.e. fall of 21.00 % .
H UM AN RESOURCE D EVELOPM EN T AN D I N D USTRI AL RELATI ON S
The Com pany recognizes t he im port ance of t he qualit y and com pet ence of it s workforce t owards
sust ained growt h of t he Com pany. The m anagem ent allocat es suf cient at t ent ion in t raining t he
workforce t o ensure t hat t hey are well equipped t o t ake up challenging proj ect s, and ensure t heir
t im ely delivery by st icking t o t arget schedules.The Com pany had 238 num ber of em ployees at t he
close of FY 2013.
24
An n u a l Re por t 2 0 1 2 - 1 3
CAUTI ON ARY STATEM EN T

Managem ent Discussion and Analysis det ailing t he Com panys obj ect ives and expect at ions have
forward looking st at em ent wit hin t he m eaning of applicable securit ies laws and regulat ions.
Act ual result s could differ m at erially from t hose expressed or im plied depending upon global and
I ndian dem and- supply condit ions, changes in Governm ent regulat ions, t ax regim es and econom ic
developm ent s wit hin I ndia and overseas. The Board of Direct ors present s hereunder an analysis of
perform ance of t he Com pany for t he year 2012- 13 and it s out look for t he fut ure. This out look is
based on assessm ent of t he current business environm ent and governm ent policies. The change in
fut ure econom ic and ot her developm ent are likely t o cause variat ion in t his out look.
For Vipul Lim it e d
Pla ce : Gu r ga on
D a t e : Au gu st 1 4 , 2 0 1 3
D ir e ct or
25
Vipu l Lim it e d
I N D EPEN D EN T AUD I TORS REPORT

To
Th e M e m be r s of
Vipu l Lim it e d
Re por t on t h e Fin a n cia l St a t e m e n t s
We h av e au d it ed t h e accom p an y in g f in an cial
st at em ent s of Vipul Lim it ed which com prise t he
Balan ce Sh eet as at Mar ch 3 1 , 2 0 1 3 an d t h e
St at em en t of Pr of it an d Loss an d Cash Flow
St at em ent for t he year ended March 31,2013 and
a sum m ary of signi cant account ing policies and
ot her explanat ory inform at ion.
Managem ent s Responsibilit y for t he Financial
St a t e m e n t s
Managem ent is responsible for t he preparat ion of
t hese nancial st at em ent s t hat give a t rue and fair
view of t he nancial posit ion, nancial perform ance
and cash ow s of t he Com pany in accor dance
w it h t h e Accou n t in g St an dar ds r ef er r ed t o in
subsect ion ( 3C) of sect ion 211 of t he Com panies
Act , 1956 ( t he Act ) . This responsibilit y includes
t he design, im plem ent at ion and m aint enance of
int ernal cont rol relevant t o t he preparat ion and
present at ion of t he nancial st at em ent s t hat give
a t rue and fair view and are free from m at erial
m isst at em ent , whet her due t o fraud or error.
Au dit or s Re spon sibilit y
Our r esponsibilit y is t o ex pr ess an opinion on
t hese nancial st at em ent s based on our audit .
We conduct ed our audit in accordance wit h t he
St andards on Audit ing issued by t he inst it ut e of
Chart ered Account ant s of I ndia. Those St andards
require t hat we com ply wit h et hical requirem ent s
an d plan an d per f or m t h e au dit t o obt ain
reasonable assurance about whet her t he nancial
st at em ent s are free from m at erial m isst at em ent .
An audit involves perform ing procedures t o obt ain
audit evidence about t he am ount s and disclosures
in the nancial statem ents. The procedures selected
depend on audit or s j udgem ent , including t he
assessm ent of t he risks of m at erial m isst at em ent
of t he nancial st at em ent s, whet her due t o fraud
or error. I n m aking t hose risk assessm ent s, t he
26
audit or considers int ernal cont rol relevant t o t he

Com p an y s p r ep ar at ion an d f air p r esen t at ion
of t he nancial st at em ent s in or der t o design
au dit pr ocedu r es t h at ar e appr opr iat e in t h e
circum st ances. An audit also includes evaluat ing
the appropriateness of accounting policies used and
t he reasonableness of t he account ing est im at es
m ade by m anagem ent , as well as evaluat ing t he
overall present at ion of t he nancial st at em ent s.
We b eliev e t h at t h e au d it ev id en ce w e h av e
obt ained is suf cient and appropriat e t o provide
a basis for our audit opinion.
Opin ion
I n our opinion and t o t he best of our inform at ion
and according t o t he explanat ions given t o us,
t h e n an cial st at em en t s giv e t h e in for m at ion
required by t he Act in t he m anner so required and
give a t rue and fair view in conform it y wit h t he
account ing principles generally accept ed in I ndia.
a. in t he case of t he Balance Sheet of t he st at e of
affairs of t he Com pany as at March 31, 2013;
b.
in t he case of t he Pro t and Loss Account , of

t he pro t for t he year ended on t hat dat e; and
c.
in t he case of t he Cash Flow St at em ent , of t he

cash ow for t he year ended on t hat dat e.
R e p o r t o n O t h e r Le g a l a n d R e g u l a t o r y
Re qir e m e n t s
1. As r eq u i r ed b y t h e Com p an i es ( Au d i t or s
Report ) Order, 2003 ( t he Order ) issued by t he
Cent ral Governm ent of I ndia in t erm s of subsect ion ( 4A) of sect ion 227 of t he Act , we give
in t he Annexure a st at em ent on t he m at t ers
speci ed in paragraphs 4 and 5 of t he Order.
2. As required by sect ion 227 ( 3) of t he Act , we
report t hat : -
An n u a l Re por t 2 0 1 2 - 1 3
a. we have obt ained all t he inform at ion and

ex p lan at ion s w h ich t o t h e b est of ou r
knowledge and belief were necessary for
t he purpose of our audit ;
b. in our opinion pr oper book s of account
as r equ ir ed by law h av e been k ept by
t he Com pany so far as appears from our
exam inat ion of t hose books;
AN N EXURE TO TH E AUD I TORS REPORT

VI PUL LI M I TED
( Referred t o our report of even dat e)
I
b. Th e co m p a n y h a s a p r o g r a m m e f o r
phy sical ver i cat ion of xed asset s at
per iodic int er vals. I n our opinion, t he
period of veri cat ion is reasonable having
regard t o t he size of t he com pany and
t he nat ure of it s asset s and no m at erial
d i scr ep a n ci es w er e n o t i ced o n su ch
veri cat ion.
c. t he Balance Sheet , St at em ent of Pro t and

Loss, and Cash Flow St at em ent dealt wit h
by t his Report are in agreem ent wit h t he
books of account ;
d. in our opinion, the Balance Sheet, Statem ent
of Pro t and Loss and Cash Flow St at em ent
com ply w it h t h e Accou n t in g St an dar ds
referred t o in subsect ion ( 3C) of sect ion
211 of t he Com panies Act , 1956;
e. on t he basis of w r it t en r epr esent at ions
received from t he direct ors as on March
3 1 , 2 0 1 3 , an d t ak en on r ecor d by t h e
Board of Direct ors, none of t he direct ors
is disquali ed as on March 31, 2013, from
being appoint ed as a direct or in t erm s of
clause ( g) of subsect ion ( 1) of sect ion 274
of t he Com panies Act , 1956.
f.
c. The com pany has not disposed of any

subst ant ial part of it s xed asset s.
II.
Pa r t n e r
M e m be r sh ip N u m be r : 5 3 7 7 0
Pla ce : Gu r ga on
Date: May 2 8 , 2 0 1 3
a. The m anagem ent has conduct ed physical

v er if icat ion of in v en t or ies con sist in g
o f p r o j e ct m a t e r i a l s l y i n g w i t h t h e
cont ract ors and proj ect nished st ocks
at reasonable int ervals during t he year.
b. I n our opinion, t he procedures of physical
v er i cat ion of inv ent or ies follow ed by
t h e m an agem en t ar e r eason able an d
adequat e in relat ion t o t he size of t he
com pany and t he nat ure of it s business.
Sin ce t h e Cen t r al Gov er n m en t h as n ot

issued any not i cat ion as t o t he rat e at
which t he cess is t o be paid under sect ion
441A of t he Com panies Act , 1956 nor has
it issued any Rules under t he said sect ion,
prescribing t he m anner in which such cess
is t o be paid, no cess is due and payable
by t he com pany.
For L. B. Jh a & Co.
Ch a r t e r e d Accou n t a n t s
Fir m Re g. N o.- 3 0 1 0 8 8 E
a. Th e co m p a n y i s m a i n t a i n i n g p r o p er
records showing full part iculars including
quant it at ive det ails and sit uat ion of it s
xed asset s.
c. On t he basis of our exam inat ion of t he

inv en t or y r ecor d, in ou r opin ion , t h e
com pany is m aint aining proper records
relat ing t o t he kind of invent ories owned
by t he com pany. No discrepancies were
not iced on such physical veri cat ion.
III.
a. The Com pany has not grant ed any loan

t o t he com panies/ rm s or ot her part ies
covered in t he regist er m aint ained under
Sect ion 301 of t he Act .
b. The com pany has not t aken any loans,
secured or unsecured, from com panies,
f ir m s or ot h er par t ies cov er ed in t h e
regist er m aint ained under Sect ion 301 of
t he Act .
27
Vipu l Lim it e d
I V.
V.
I n ou r op in ion an d accor d in g t o t h e
infor m at ion and ex planat ions given t o
us, t here is an adequat e int ernal cont rol
sy st em com m en su r at e w it h t h e size
of t he com pany and t he nat ur e of it s
business for t he purchase of invent ory,
xed asset s and for sale of goods and
ser v ices. Fu r t h er on t h e basis of ou r
ex am inat ion of t he book s and r ecor ds
of t he com pany and accor ding t o t he
inform at ion and explanat ions given t o us,
we have neit her com e across nor have
been inform ed of any cont inuing failure t o
correct m aj or weaknesses in t he int ernal
cont rol syst em s.
I X.
b. A c c o r d i n g t o t h e i n f o r m a t i o n a n d
explanat ions given t o us, no undisput ed
am ount s payable in respect t here of were
in arrears as at 31.03.2013 for a period
of m ore t han six m ont hs from t he dat e
t hey becom e payable except for Ext ernal
Developm ent Charges payable under The
Har yan a Dev elopm en t an d Regu lat ion
of Urban Areas Act ,1975 read wit h t he
Rules am ount ing Rs.1683.60 lakhs which
is out st anding for a period of m ore t han
six m ont hs as at 31.3.2013.
Transact ions t hat need t o be ent ered in t he

regist er m aint ained under sect ion 301 of t he
Act :
a. Based on t he audit procedures applied
by us and according t o t he inform at ion
and explanat ions given t o us, we are of
t he opinion t hat t here are no cont ract s
or arrangem ent s referred t o sect ion 301
of t he Act which need t o be ent ered in
t he regist er t o be m aint ained under t hat
sect ion during t he year.
VI .
The Com pany has not accept ed deposit s

during t he year from t he public wit hin t he
m eaning of t he provisions of sect ions 58A
and 58AA of t he Act or any ot her relevant
provision of t he Act and rules m ade t here
under.
VI I . I n our opinion, t he com pany has an int ernal

audit syst em com m ensurat e wit h t he size
and t he nat ure of it s business.
VI I I . We h a v e b r o a d l y r e v i e w e d t h e b o o k s
of accou n t m ain t ain ed b y t h e com p an y
pursuant t o t he rules m ade by t he Cent ral
Gover nm ent for t he m aint enance of cost
records under sect ion 209( 1) ( d) of t he Act ,
r elat ed t o t he const r uct ion of buildings /
st ruct ures and ot her relat ed act ivit ies and
ar e of t h e opin ion t h at pr im a facie, t h e
prescribed account s and records have been
m ade and m aint ained.
28
a. Th e Com p an y is g en er ally r eg u lar in

deposit ing w it h appr opr iat e aut hor it ies
u n d i sp u t ed st at u t o r y d u es i n cl u d i n g
Provident Fund, I ncom e Tax and Works
Cont ract Tax, Wealt h Tax, Service Tax,
Sales Tax, Cust om s Dut y and Excise Dut y,
Cess et c., as applicable.
c. A c c o r d i n g t o t h e i n f o r m a t i o n a n d
explanat ions given t o us, t here are no
dues relat ing t o Sales Tax, Wealt h Tax,
Service Tax, I ncom e Tax, et c. which have
not been deposit ed on account of any
disput e except as m ent ioned below:
Nam e of the
statue
Nature of
Dues
Am ount ( Rs.)
Financial
year for
which the
am ount
relates
Forum where
dispute is
pending
Service Tax
( Finance
Act, 1994)
Service
Tax
Dem and
1,610,821
2003- 04 & Joint Com m issioner,

2004- 05
Service Tax,
New Delhi
I ncom e Tax
Act, 1961
I ncom e Tax
Dem and
9,947,369
2007- 08,
Com m issioner of
2008- 09 & I ncom e Tax
& 2009- 10 ( Appeals) &
I ncom e Tax
Appellate Tribunal,
New Delhi
X.
The com pany does not have accum ulat ed

losses as at t he end of t he nancial year
n o r h a s i t i n cu r r e d ca sh l o sse s i n t h e
current nancial year, or in t he im m ediat ely
preceding nancial year.
XI .
I n our opinion and according t o inform at ion

and explanat ions given t o us, t he com pany
has not default ed in repaym ent of dues t o any
An n u a l Re por t 2 0 1 2 - 1 3
nancial inst it ut ions or bank on debent ure

holders as at t he Balance Sheet dat e.
XI I . The com pany has not grant ed any loans and
advances on t he basis of securit y by way
of pledge of shar es, debent ur e and ot her
securit ies.
XI I I .
Th e p r ov ision s of an y sp ecial st at u t e
applicable t o Ch it Fu n d, Nidh i or Mu t u al
Bene t Fund/ Societ ies are not applicable t o
t he com pany.
XI V. I n our opinion, t he com pany is not dealing

or t rading in shares, securit ies, debent ures
or ot her invest m ent s.
XV.
explanat ions given t o us by t he m anagem ent ,

no fraud on, or by t he com pany, has been
not iced or report ed during t he year.
Fir m Re g. N o.- 3 0 1 0 8 8 E
Pa r t n e r
Pla ce : Gu r ga on
Date: May 2 8 , 2 0 1 3
According to the inform ation and explanations

given t o us and t he records exam ined by us,
t he com pany has not given any guarant ee for
loans t aken by ot hers from bank or nancial
inst it ut ions.
XVI . I n o u r o p i n i o n , a n d a c c o r d i n g t o t h e
inform at ion and explanat ions given t o us, on
an overall basis, t he t erm loans have been
applied for t he purposes for which t hey were
obt ained.
XVI I .
Accor d in g t o t h e in f or m at ion an d
explanat ions given t o us and on an overall
ex am inat ion of t he Balance Sheet of t he
Com pany, in our opinion no funds raised on
short t erm basis have been used for long
t erm invest m ent .
XVI I I . The com pany has not m ade any preferent ial
allot m ent of shares t o part ies and com panies
cover ed in t he r egist er m aint ained under
Sect ion 301 of t he Act , 1956.
XI X. No deben t u r es h av e been issu ed by t h e
com pany and hence, t he quest ion of creat ing
securit ies or charge in respect t hereof does
not arise.
XX. During t he year, t he com pany has not raised
any m oney by way of Public issues.
XXI . Based upon t he audit procedures perform ed
by us, t o t he best of our k now ledge and
belief and according t o t he inform at ion and
29
Vipu l Lim it e d
BALAN CE SH EET AS AT 3 1 ST M ARCH , 2 0 1 3

Notes
Particulars
AS AT
3 1 .0 3 .2 0 1 3
( Rupees)
AS AT
31.03.2012
(Rupees)
4 ,1 3 7 ,1 6 0 ,9 1 5
119,984,480
3,870,850,633
3,990,835,113
1 ,4 7 8 ,3 7 4 ,6 0 8
285,837,767
1,109,294,102
1,395,131,869
3 ,9 7 6 ,6 6 7 ,4 3 6
327,826,346
428,426,984
3,841,843,053
20,917,344
4,619,013,727
9 ,5 9 2 ,2 0 2 ,9 5 9
10,004,980,709
1 ,6 6 6 ,7 2 4 ,1 1 3
108,627,010
1,128,037
605,906
110,360,953
145,051,755
18,572,861
1,449,436,915
1,723,422,484
7 ,9 2 5 ,4 7 8 ,8 4 6
4,241,389,897
1,001,885,328
458,709,037
2,579,573,963
8,281,558,225
9 ,5 9 2 ,2 0 2 ,9 5 9
10,004,980,709
EQUI TY & LI ABI LI TI ES

Shareholders Funds
Shareholders Funds
Share Capital
Reserves & Surplus
N on- Current Liabilities
Long Term Borrowings
Other Long Term Liabilities
Current Liabilities
Short Term Borrowings
Trade Payables
Other Current Liabilities
Short Term Provisions
1
2
3
4
5
6
7
8
1 1 9 ,9 8 4 ,4 8 0
4 ,0 1 7 ,1 7 6 ,4 3 5
3 1 0 ,8 9 1 ,4 6 9
1 ,1 6 7 ,4 8 3 ,1 3 9
5 5 9 ,7 6 1 ,4 7 4
4 9 3 ,9 1 7 ,5 6 6
2 ,9 0 1 ,9 3 2 ,0 2 0
2 1 ,0 5 6 ,3 7 6
TOTAL
ASSETS
N on- Current Assets
Fixed Assets:
Tangible Assets
I ntangible Assets
Capital Work in Progress
Non-Current I nvestm ents
Deferred Tax Assets (net)
Long Term Loans & Advances
Current Assets
I nventories
Trade Receivables
Cash and Bank Balances
Short Term Loans & Advances
10
11
12
13
14
15
1 0 6 ,6 6 3 ,0 2 2
9 0 2 ,4 3 0
1 0 7 ,5 6 5 ,4 5 2
1 4 5 ,6 0 1 ,8 8 0
3 4 ,9 3 1 ,8 4 0
1 ,3 7 8 ,6 2 4 ,9 4 1
3 ,5 3 6 ,4 4 2 ,0 4 7
1 ,0 8 3 ,1 1 0 ,5 7 9
3 1 0 ,8 1 7 ,1 1 8
2 ,9 9 5 ,1 0 9 ,1 0 2
TOTAL
Signi cant Accounting
Policies
23
The accom panying notes are an integral part of the fi nancial statem ents
As per our report of even date attached
For L.B. Jha & Co.
Chartered Accountants
Sd/ ( Bhaskar Auddy)
Partner
Mem bership N o- 5 3 7 7 0
Place : Gurgaon
Date : May 2 8 , 2 0 1 3
30
For & on behalf of the Board of Directors of

Vipul Lim ited
Sd/ Punit Beriw ala
Managing Director
Sd/ Rajesh Batra

Director
Sd/ Sum it Goel

Com pany Secretary
Sd/ Ajay Agraw al

General Manager ( A& C)
An n u a l Re por t 2 0 1 2 - 1 3
PROFI T & LOSS STATEM EN T FOR TH E YEAR EN DED 3 1 ST M ARCH , 2 0 1 3

Notes
I N COM E
Revenue from Operations
Other incom e
16
17
TOTAL
EXPEN SES
Project Expenses
Changes in I nventories
Em ployee bene ts expenses
Finance Costs
Depreciation/ Am ortisation expenses
Other expenses
18
19
20
21
9
22
TOTAL
Year ended
3 1 .0 3 .2 0 1 3
( Rupees)
Year ended
31.03.2012
(Rupees)
4 ,0 4 4 ,8 9 4 ,6 4 6
2 3 ,6 0 0 ,3 8 1
4,237,861,866
21,277,012
4 ,0 6 8 ,4 9 5 ,0 2 7
4,259,138,878
2 ,4 5 4 ,5 9 4 ,6 0 2
7 0 4 ,9 4 7 ,8 5 0
2 0 0 ,9 0 1 ,4 5 6
1 8 0 ,4 1 7 ,6 0 2
1 3 ,6 5 4 ,0 3 8
3 0 8 ,0 8 4 ,0 4 5
3,289,956,755
255,894,481
174,300,557
101,757,917
13,936,236
150,872,194
3 ,8 6 2 ,5 9 9 ,5 9 3
3,986,718,140
2 0 5 ,8 9 5 ,4 3 4
272,420,738
5 5 ,0 0 0 ,0 0 0
( 1 2 7 ,7 6 5 )
( 1 6 ,3 5 8 ,9 7 9 )
76,000,000
119,711
(15,578,992)
1 6 7 ,3 8 2 ,1 7 8
211,880,019
1 .4 0
1.77
Profi t before Tax

Tax expense:
- Current Tax
- Earlier year adjustm ent in tax (net)
- Deferred Tax
Profi t for the year
Basic and diluted Earning Per Share (Face value of Rs. 1/ - each)
Signi cant Accounting Policies
23
Th e a ccom pa n yin g n ot e s a r e a n in t e gr a l pa r t of t h e fi n a n cia l st a t e m e n t s

As pe r ou r r e por t of e ve n da t e a t t a ch e d
For L.B. Jh a & Co.

Pa r t n e r
M e m be r sh ip N o- 5 3 7 7 0
For & on be h a lf of t h e Boa r d of D ir e ct or s of

Vipu l Lim it e d
D ir e ct or
Sd/ Su m it Goe l
Sd/ Aj a y Agr a w a l
Ge n e r a l M a n a ge r ( A& C)
Pla ce : Gu r ga on
Date : May 2 8 , 2 0 1 3
31
Vipu l Lim it e d
N OTES TO TH E FI N AN CI AL STATEM EN TS
Schedule
AS AT
3 1 .0 3 .2 0 1 3
( Rupees)
AS AT
31.03.2012
( Rupees)
5 1 5 ,5 0 0 ,0 0 0
515,500,000
1 1 9 ,9 8 4 ,4 8 0
119,984,480
1 1 9 ,9 8 4 ,4 8 0
119,984,480
N OTE 1
SHARE CAPI TAL
Authorised Share Capital
515,500,000 (P.Y.515,500,000) Equity Shares of
Rs. 1/ -(P.Y.Rs. 1/ -) each
I ssued Subscribed and Paid up Share Capital
119,984,480 (P.Y.119,984,480) Equity Shares of
Rs.1/ -(P.Y Rs.1/ -) each fully paid up
Total
a) Reconciliation of the num ber of shares outstanding:

Equity Shares
At the beginning of the year
Add: I ssued/ (Cancelled) during the year
3 1 .0 3 .2 0 1 3
No. of Shares
Am t. in Rs.
1 1 9 ,9 8 4 ,4 8 0
1 1 9 ,9 8 4 ,4 8 0
-
31.03.2012
No. of Shares
Am t. in Rs.
119,984,480 119,984,480
-
At the end of the year
1 1 9 ,9 8 4 ,4 8 0
119,984,480
1 1 9 ,9 8 4 ,4 8 0
119,984,480
b) Details of Shareholders holding m ore than 5 % of the Equity Shares in the Com pany:
3 1 .0 3 .2 0 1 3
N am e of Shareholder
31.03.2012
No. of Shares
No. of Shares
Mr. Punit Beriwala
33,835,000
28.20%
33,835,000
28.20%
WDC Ventures Ltd.
17,937,680
14.95%
17,937,680
14.95%
Mrs. Sunita Beriwala & Mr. Punit Beriwala (Jointly)
15,791,000
13.16%
15,791,000
13.16%
Shyam Sunder Punit Kum ar (HUF)
9,355,000
7.80%
9,355,000
7.80%
Punit Beriwala (HUF)
7,838,000
6.53%
7,838,000
6.53%
c) Term s/ rights attached to Equity Shares

The Com pany has only one class of Equity Share having par value of Rs. 1/ - each. Each shareholder is entitled to one vote per
share. The com pany declares and pays dividends in I ndian rupees. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting. I n the event of liquidation of the Com pany, the shareholders
would be entitled to receive rem aining assets of the Com pany.
32
An n u a l Re por t 2 0 1 2 - 1 3
Schedule
AS AT
3 1 .0 3 .2 0 1 3
( Rupees)
AS AT
31.03.2012
( Rupees)
N OTE 2
RESERVES & SURPLUS
General Reserve
Opening Balance
Add: Transfer from Pro t & Loss
7 5 0 ,0 0 0 ,0 0 0
2 5 0 ,0 0 0 ,0 0 0
600,000,000
150,000,000
1 ,0 0 0 ,0 0 0 ,0 0 0
750,000,000
2 ,3 2 1 ,2 8 3 ,8 3 0
1 ,2 2 4 ,8 9 1
2,321,283,830
1,224,891
Surplus in Statem ent of Profi t & Loss

Opening Balance
Add: Transfer from Pro t & Loss Statem ent
Less: Proposed Dividend on Equity Shares
Less: Corporate Dividend Tax
Less: Transferred to General Reserve
7 9 8 ,3 4 1 ,9 1 2
1 6 7 ,3 8 2 ,1 7 8
1 7 ,9 9 7 ,6 7 2
3 ,0 5 8 ,7 0 4
2 5 0 ,0 0 0 ,0 0 0
757,379,237
211,880,019
17,997,672
2,919,672
150,000,000
Closing Balance
6 9 4 ,6 6 7 ,7 1 4
798,341,912
4 ,0 1 7 ,1 7 6 ,4 3 5
3,870,850,633
2 6 6 ,6 6 6 ,6 6 7
8 0 ,0 0 0 ,0 0 0
1 8 3 ,5 6 1 ,7 2 6
8 0 8 ,5 4 9
5 5 ,0 0 0 ,0 0 0
5 0 ,0 0 0 ,0 0 0
1 9 3 ,6 0 0 ,0 0 0
648,684,817
100,000,000
100,000,000
190,000,000
9,026,998
55,000,000
50,000,000
-
7 ,0 2 3 ,0 4 8
12,093,759
8 3 6 ,6 5 9 ,9 9 0
5 2 5 ,7 6 8 ,5 2 1
1,164,805,574
878,967,807
3 1 0 ,8 9 1 ,4 6 9
285,837,767
Total
Securities Prem ium
Am algam ation Reserves
Grand Total
N OTE 3
LON G TERM BORROW I N GS
Term Loans ( Secured)
From Other Parties
LI C Housing Finance Ltd.-Loan-I (1)
LI C Housing Finance Ltd.- Loan-I I (2)
DMI Finance Ltd.-Loan-I (3)
DMI Finance Ltd.-Loan-I I (4)
Religare Finvest Ltd. (5)
Param ount Realtec Pvt. Ltd. (6)
Bahubali Properties Ltd. (7)
Kotak Mahindra Prim e Ltd. (8)
From Bank
Vehicle Loans (9)
Less: Current Maturities (Refer Note no.- 7)
Total
33
Vipu l Lim it e d
( 1)
Loan- I from LI C Housing Finance Lt d. was secured by exclusive equit able m ort gage of
propert ies at Sect or- 48, Village - Tikri, Fazilpur Jharsa, Dist t .- Gurgaon, equit able m ort gage
of port ion of land at villagewazirpur, Sect or- 53, Gurgaon , hypot hecat ion of receivables of
t he proj ect at Gurgaon & Vipul Garden Bhubaneshwar and Personal Guarant ee of Mr. Punit
Beriwala- Managing Direct or. Term s of repaym ent- 12 m ont hs m orat orium upt o March, 2011
and t hereaft er 24 equal m ont hly inst allm ent s. Rat e of I nt erest- 15.90 % p.a.
( 2)
Loan- I I from LI C Housing Finance Lt d. is secured by equit able m ort gage of ent ire land
parcel of Vipul Greens, Bhubaneshwar, equit able m ort gage of unsold st ock of proj ect at
Sect or- 81, Gurgaon, hypot hecat ion of t he receivables of Vipul Greens, Bhubaneshwar &
Personal guarant ee of Mr. Punit Beriwala- Managing Direct or. Term s of repaym ent- 12 m ont hs
m orat orium upt o February, 2013 and t hereaft er 18 m ont hly equal m ont hly inst allm ent s. Rat e
of I nt erest- 15.90 % p.a
( 3)
Loan- I from DMI Finance Lt d. is secured against pledge of equit y shares of t he Com pany
held by Prom ot ers, cross collat eral securit y of unsold st ock of com m ercial proj ect i.e Vipul
Plaza at Faridabad and Personal guarant ee of Mr. Punit Beriwala- Managing Direct or. Term s of
repaym ent- 12 m ont hs m orat orium upt o July, 2013 and t hereaft er 24 m ont hly inst allm ent s.
Rat e of I nt erest- 21% p.a
( 4)
Loan- I I from DMI Finance Lt d. is secured against m ort gage of unsold st ock of com m ercial
proj ect at Vipul Plaza, Faridabad, cross collat eral pledge of equit y shares of t he Com pany
held by Prom ot ers & Personal guarant ee of Mr. Punit Beriwala- Managing Direct or. Term s
of r epay m ent - 12 m ont hs m orat or ium upt o Febr uar y, 2013 and t her eaft er 24 m ont hly
inst allm ent s. Rat e of I nt erest- 21% p.a.
( 5)
Loan from Religare Finvest Lim it ed is secured by m ort gage of cert ain unit s in various proj ect s
locat ed at Gurgaon and Personal guarant ee of Mr. Punit Beriwala- Managing Direct or. Term s
of repaym ent- 47 equal m ont hly inst allm ent s from t he dat e of disbursem ent i.e 12.06.2009.
Rat e of I nt erest- 17.25% p.a.
( 6)
Loan from Param ount Realt ec Privat e Lt d. is secured against pledge of equit y shares of t he
Com pany held by Prom ot ers and Personal guarant ee of Mr. Punit Beriwala- Managing Direct or.
Term s of repaym ent- Repayable on 31.03.2014. Rat e of I nt erest- 12% p.a
( 7)
Loan fr om Bahubali Pr oper t ies Lt d. is secur ed against pledge of equit y shar es of t he

Com pany held by Prom ot ers & ot hers. Term s of repaym ent- Repayable on 07.11.2013. Rat e
of I nt erest- 15% p.a.
( 8)
Loan from Kot ak Mahindra Prim e Lt d. is secured against m ort gage of im m ovable propert ies
owned by prom ot ers and a subsidiary com pany. Term s of repaym ent- 5 m ont hs m orat orium
upt o Decem ber, 2012 and t hereaft er 25 equal m ont hly inst allm ent s. Rat e of I nt erest- 18.25%
p.a.
( 9)
Vehicle loans are secured by hypot hecat ion of nanced Cars. Term s of repaym ent- I n equal
m ont hly inst alm ent s as per t he respect ive repaym ent schedules. Rat e of I nt erest- 10% - 12%
p.a
34
An n u a l Re por t 2 0 1 2 - 1 3
Schedule
AS AT
3 1 .0 3 .2 0 1 3
( Rupees)
AS AT
31.03.2012
( Rupees)
4 4 0 ,8 7 8 ,6 7 3
387,771,176
N OTE 4
OTH ER LON G TERM LI ABI LI TI ES
Securit y Deposit s
Proj ect advances against Flat s
1 ,3 2 9 ,4 4 7
1,310,792
7 2 5 ,2 7 5 ,0 1 9
720,212,134
1 ,1 6 7 ,4 8 3 ,1 3 9
1,109,294,102
SH ORT TERM BORROW I N GS

Se cur e d
Cash Credit from Banks*
I ndian Overseas Bank ( 1)
Kot ak Mahindra Bank Lt d.( 2)
2 9 8 ,5 6 3 ,3 3 0
2 8 ,0 0 8 ,0 5 7
297,826,346
-
Unse cur e d
I nt er Corporat e Deposit s ( 3)
2 3 3 ,1 9 0 ,0 8 7
30,000,000
5 5 9 ,7 6 1 ,4 7 4
327,826,346
Ot her Liabilit ies

Tot a l
N OTE 5
( 1) Cash Credit Facilit y from I ndian Overseas Bank is secured against hypot hecat ion of st ocks at sit e & receivables
and equit able m ort gage of propert y at village- Chakarpur, Tehsil & Dist rict Gurgaon, sect or- 43, Gurgaon. Term s
of repaym ent s-Annual renewal. Rat e of I nt erest- 15.50% p.a
( 2) Cash Credit Facilit y from Kot ak Mahindra Bank Lt d. is secured against regist ered m ort gage of im m ovable
propert y of a subsidiary com pany & personal guarant ee of Mr. Punit Beriwala- Managing Direct or. Term s of
repaym ent-Annual renewal. Rat e of I nt erest- 15.75% p.a
( 3) Term s of Repaym ent- Repayable wit hin 1 year from t he dat e of receipt . Rat e of I nt erest- 14% - 16% p.a
N OTE 6
TRAD E PAYABLES
Sundry Credit ors { Refer not e no.- 26}
Tot a l
493,917,566
428,426,984
4 9 3 ,9 1 7 ,5 6 6
428,426,984
525,768,521
1,670,160
878,967,807
1,689,401
1,771,852,762
426,907,197
146,581,255
29,152,125
2,271,140,845
535,742,430
121,365,575
32,936,995
2 ,9 0 1 ,9 3 2 ,0 2 0
3,841,843,053
N OTE 7
OTH ER CURREN T LI ABI LI TI ES
Current m at urit ies of long- t erm borrowingsSecured ( Refer Not e no.- 3)
Unpaid Dividend
Ot her Payables:
Proj ect advances against Flat s
Ot her Liabilit ies
Securit y Deposit s
Taxes and Dut ies Payable
Tot a l
35
Vipu l Lim it e d
Schedule
AS AT
3 1 .0 3 .2 0 1 3
( Rupees)
AS AT
31.03.2012
( Rupees)
1 7 ,9 9 7 ,6 7 2
3 ,0 5 8 ,7 0 4
17,997,672
2,919,672
2 1 ,0 5 6 ,3 7 6
20,917,344
N OTE 8
SH ORT TERM PROVI SI ON S
Proposed Dividend on Equit y Shares
Dividend Tax
Tot a l
N OTE 9
FI XED ASSETS & D EPRECI ATI ON / AM ORTI SATI ON
PARTI CULARS
GROSS BLOCK
As at
Additions
0 1 .0 4 .2 0 1 2
( I n Ru pe e s)
DEPRECI ATI ON / AMORTI SATI ON
Sale/
As at
As at
For the
Adjust.
3 1 .0 3 .2 0 1 3
0 1 .0 4 .2 0 1 2
Year
Adjust.
N ET BLOCK
As at
As at
As at
3 1 .0 3 .2 0 1 3
3 1 .0 3 .2 0 1 3
3 1 .0 3 .2 0 1 2
Tangible Asset s
Land & Building
79,302,400
79,302,400
12,726,227
3,328,809
16,055,036
63,247,364
66,576,173
Cars
27,146,181
515,024
27,661,205
9,833,611
4,547,024
14,380,635
13,280,570
17,312,570
Furniture and Fixtures
48,161,236
9,134,900
57,296,136
27,954,346
4,217,528
32,171,874
25,124,262
20,206,890
Com puters & Accessories
16,205,374
352,933
16,558,307
14,155,599
902,033
15,057,632
1,500,675
2,049,775
941,902
57,500
999,402
483,932
67,506
551,438
447,964
457,970
Other Of ce Equipm ents
3,926,472
1,488,471
153,000
5,261,943
1,902,840
365,531
68,615
2,199,756
3,062,187
2,023,632
I ntangible Asset
Software
1,448,620
1,448,620
320,583
225,607
546,190
902,430
1,128,037
1 7 7 ,1 3 2 ,1 8 5
1 1 ,5 4 8 ,8 2 8
1 5 3 ,0 0 0
1 8 8 ,5 2 8 ,0 1 3
6 7 ,3 7 7 ,1 3 8
1 3 ,6 5 4 ,0 3 8
6 8 ,6 1 5
8 0 ,9 6 2 ,5 6 1
1 0 7 ,5 6 5 ,4 5 2
1 0 9 ,7 5 5 ,0 4 7
605,906
6,040,578
6,646,484
605,906
Grand Tot al
1 7 7 ,7 3 8 ,0 9 1
1 7 ,5 8 9 ,4 0 6
6 ,7 9 9 ,4 8 4
1 8 8 ,5 2 8 ,0 1 3
6 7 ,3 7 7 ,1 3 8
1 3 ,6 5 4 ,0 3 8
6 8 ,6 1 5
8 0 ,9 6 2 ,5 6 1
1 0 7 ,5 6 5 ,4 5 2
1 1 0 ,3 6 0 ,9 5 3
Previous Year
1 7 3 ,9 8 8 ,9 1 9
1 4 ,0 4 0 ,8 7 7 1 0 ,2 9 1 ,7 0 5
1 7 7 ,7 3 8 ,0 9 1
6 1 ,9 5 4 ,2 2 1
1 3 ,9 3 6 ,2 3 6 8 ,5 1 3 ,3 1 9
6 7 ,3 7 7 ,1 3 8
1 1 0 ,3 6 0 ,9 5 3
1 1 2 ,0 3 4 ,6 9 8
Air conditioners
Tot al
Capit al W ork I n Progress
N OTE 1 0
N ON CURREN T I N VESTM EN TS
Tr a de I nve st m e nt s
AT COST
I n Equit y Sha r e s ( Unquot e d : Fully pa id up)
A. I nve st m e nt I n Subsidia r y Com pa nie s
36
Vipul SEZ Developers Privat e Lim it ed

{ 25,020 ( P.Y 25,020) Equit y Shares of Rs 10/ - each}
2 5 0 ,2 0 0
250,200
Rit wiz Builders & Developers Privat e Lim it ed

{ 50,000( P.Y.50,000) Equit y Shares of Rs. 10/ - each}
5 0 0 ,0 0 0
500,000
An n u a l Re por t 2 0 1 2 - 1 3
Schedule
AS AT
3 1 .0 3 .2 0 1 3
( Rupees)
AS AT
31.03.2012
( Rupees)
5 0 0 ,0 0 0
500,000
9 ,6 8 9 ,4 0 0
9,689,400
8 1 ,5 0 7 ,8 4 0
81,507,840
Vipul Hospit alit y Lim it ed

{ 50,000 ( P.Y.50,000) Equit y Shares of Rs.10/ - each}
5 0 0 ,0 0 0
500,000
Unit ed Buildwell Privat e Lim it ed

{ 50,000 ( P.Y. 50,000) Equit y Shares of Rs 10/ - each}
5 0 0 ,0 0 0
500,000
Vipul Sout hern I nfracon Lim it ed

{ 50,000 ( P.Y. 50,000) Equit y Shares of Rs 10/ - each}
5 0 0 ,0 0 0
500,000
High Class Proj ect s Lim it ed

{ 50,000 ( P.Y 50,000) Equit y Shares of Rs.10/ - each}
5 0 0 ,0 0 0
500,000
Vipul Lavanya Developers Lim it ed

{ 50,000 ( P.Y Nil) Equit y Shares of Rs.10/ - each}
5 0 0 ,0 0 0
URR Housing and Const ruct ion Privat e Lim it ed

{ 50,000( P.Y. 50,000) Equit y Shares of Rs. 10/ - each}
Ent repreneurs ( Calcut t a) Privat e Lim it ed
{ 646,200( P.Y. 646,200) Equit y Shares of Rs. 100/ - each}
Vipul East ern I nfracon Privat e Lim it ed
{ 262,186 ( P.Y. 262,186) Equit y Shares of Rs.100/ - each}
B. I n Associa t e s
Classic Real Est at e Developers Privat e Lim it ed
{ 266,650 ( P.Y 266,650) Equit y shares of Rs. 10/ - each}
Vipul Karam chand SEZ Privat e Lim it ed
{ 500,000 ( P.Y.500,000) Equit y Shares of Rs 10/ - each}
Mudra Finance Lim it ed
{ 70,000 ( P.Y.70,000) Equit y Shares of Rs. 10/ - each}
Choice Real Est at e Developers Privat e Lim it ed
{ 5000 ( P.Y Nil) Equit y Shares of Rs.10/ - each}
3 2 ,2 9 9 ,3 1 5
32,299,315
5 ,0 0 0 ,0 0 0
5,000,000
1 3 ,3 0 0 ,0 0 0
13,300,000
5 0 ,1 2 5
5 ,0 0 0
5,000
1 4 5 ,6 0 1 ,8 8 0
145,051,755
C. I n Ot he r s
Adore I nfrasm it h Privat e Lim it ed
{ 500 ( P.Y. 500) Equit y Shares of Rs 10/ - each}
Tot a l
37
Vipu l Lim it e d
Schedule
AS AT
3 1 .0 3 .2 0 1 3
( Rupees)
AS AT
31.03.2012
( Rupees)
N OTE 1 1
LON G TERM LOAN S & AD VAN CES
Unse cur e d & conside r e d good ( unle ss ot he r w ise st a t e d)
i)
Loans & Advances t o relat ed part ies: { Refer not e no. 36}
ii)
a)
Advances receivable in cash or kind or for services t o

be received
1 9 3 ,2 9 1 ,0 6 1
204,297,775
b)
Proj ect Advances
2 7 3 ,9 9 2 ,1 4 8
242,700,386
c)
Advance for Share applicat ion m oney
7 ,5 4 5 ,0 0 0
7,545,000
5 8 0 ,1 0 8 ,8 7 7
643,885,671
Ot her Loans & Advances

a) Advances receivable in cash or kind or for services t o
be received
- Considered good
- Considered doubt ful
9 2 ,8 8 4 ,1 5 0
47,546,714
2 4 0 ,2 1 3 ,6 4 0
232,430,037
Taxat ion Paym ent s ( Net of provisions)
7 2 ,1 6 2 ,8 5 4
107,266,685
Loans
- Considered good
1 1 ,3 1 1 ,3 6 1
11,311,361
3 ,7 7 0 ,4 5 4
3,770,454
1 ,4 7 5 ,2 7 9 ,5 4 5
1,500,754,083
3 ,7 7 0 ,4 5 4
3,770,454
9 2 ,8 8 4 ,1 5 0
47,546,714
1 ,3 7 8 ,6 2 4 ,9 4 1
1,449,436,915
3 ,5 2 5 ,8 8 4 ,5 5 9
4,230,832,409
1 0 ,5 5 7 ,4 8 8
10,557,488
3 ,5 3 6 ,4 4 2 ,0 4 7
4,241,389,897
7 7 ,6 0 4 ,8 8 6
66,452,147
b)
Proj ect Advances
c)
d)

Less: Provision for doubt ful loan
Provision for doubt ful advances
N OTE 1 2
I N VEN TORI ES
( Valued at lower of cost or net realisable value)
Proj ect Work- in- Progress
Proj ect Finished St ocks
Tot a l
N OTE 1 3
TRAD E RECEI VABLES
( Unse cur e d)
Due for m ore t han Six m ont hs
- Considered good
Ot her Debt s- Considered good
Less: Provision for doubt ful debt s
Tot a l
38
1 ,4 1 0 ,3 4 6
1,410,346
1 ,0 0 5 ,5 0 5 ,6 9 3
935,433,181
1 ,0 8 4 ,5 2 0 ,9 2 5
1,003,295,674
1 ,4 1 0 ,3 4 6
1,410,346
1 ,0 8 3 ,1 1 0 ,5 7 9
1,001,885,328
An n u a l Re por t 2 0 1 2 - 1 3
Schedule
AS AT
3 1 .0 3 .2 0 1 3
( Rupees)
AS AT
31.03.2012
( Rupees)
1 2 9 ,3 2 8 ,2 7 5
309,432,331
N OTE 1 4
CASH & BAN K BALAN CES
Ca sh & Ca sh Equiva le nt s
i) Balances wit h Banks in Current account s
ii) Cheques on hand
6 4 2 ,3 6 2
2,414,373
1 ,4 6 8 ,4 2 2
1,599,611
1 ,6 7 0 ,1 6 0
1,689,401
1 7 7 ,7 0 7 ,8 9 9
143,573,321
3 1 0 ,8 1 7 ,1 1 8
458,709,037
1 ,6 5 3 ,6 0 0 ,0 5 5
1,485,013,041
2 0 0 ,0 0 0 ,0 0 0
200,000,000
be received
3 5 2 ,9 1 6 ,4 5 9
337,533,835
Proj ect Advances
7 5 1 ,3 8 0 ,2 5 9
523,373,142
3 7 ,2 1 2 ,3 2 9
33,653,945
2 ,9 9 5 ,1 0 9 ,1 0 2
2,579,573,963
3 ,5 3 9 ,0 2 7 ,7 1 8
5 0 5 ,8 6 6 ,9 2 8
3,843,237,249
394,624,617
4 ,0 4 4 ,8 9 4 ,6 4 6
4,237,861,866
iii) Cash on hand

Ot he r Ba nk Ba la nce s
i) Unpaid Dividend
ii) Margin m oney deposit
Tot a l
N OTE 1 5
SH ORT TERM LOAN S & AD VAN CES
( Unse cur e d & conside r e d good)
i) Loans & Advances t o relat ed part ies: { Refer not e no.- 36}
Proj ect Advances
Securit y Deposit
ii) Ot her Loans & Advances
Securit y Deposit
Tot a l
N OTE 1 6
REVEN UE FROM OPERATI ON S
I ncom e from Real est at e sale
I ncom e from Sale of services
Tot a l
39
Vipu l Lim it e d
Schedule
AS AT
3 1 .0 3 .2 0 1 3
( Rupees)
AS AT
31.03.2012
( Rupees)
1 1 ,7 3 4 ,4 3 0
12,446,393
4 7 9 ,4 2 8
1,280,433
7 ,5 9 8 ,6 1 8
4,592,107
1,425,164
N OTE 1 7
OTH ER I N COM E
i)
I nt erest I ncom e
ii)
Rent al I ncom e
iii) Net gain on sale of I nvest m ent s

iv) Ot her non- operat ing I ncom e
a)
Net gain on sale of Fixed Asset s
b)
Miscellaneous I ncom e
2 ,6 8 7 ,9 0 5
1,532,915
c)
Provision for doubt ful advance writ t en back
1 ,1 0 0 ,0 0 0
2 3 ,6 0 0 ,3 8 1
21,277,012
1 5 7 ,2 1 5 ,6 4 9
362,121,615
Tot a l
N OTE 1 8
PROJECT EXPEN SES
Cost of Land
Borrowing Cost s
Const ruct ion & Developm ent Cost s
Ot her Proj ect relat ed expenses
Tot a l
8 1 ,6 3 3 ,2 2 4
207,827,257
1 ,5 3 9 ,7 0 9 ,9 1 8
1,893,880,906
6 7 6 ,0 3 5 ,8 1 1
826,126,977
2 ,4 5 4 ,5 9 4 ,6 0 2
3,289,956,755
N OTE 1 9
CH AN GES I N I N VEN TORI ES
D e cr e a se / ( I ncr e a se ) in W or k in pr ogr e ss
Opening Work in progress
Less: Closing Work in progress
4 ,2 3 0 ,8 3 2 ,4 0 9
4,483,237,857
( 3 ,5 2 5 ,8 8 4 ,5 5 9 )
( 4,230,832,409)
7 0 4 ,9 4 7 ,8 5 0
252,405,448
1 0 ,5 5 7 ,4 8 8
14,046,521
( 1 0 ,5 5 7 ,4 8 8 )
( 10,557,488)
3,489,033
7 0 4 ,9 4 7 ,8 5 0
255,894,481
D e cr e a se / ( I ncr e a se ) in Finishe d St ock

Opening Finished St ock
Less : Closing Finished St ock
Tot a l
40
An n u a l Re por t 2 0 1 2 - 1 3
AS AT
31.03.2013
(Rupees)
AS AT
31.03.2012
(Rupees)
1 8 5 ,4 2 6 ,8 9 2
158,840,644
1 0 ,7 3 5 ,8 3 9
10,554,581
4 ,7 3 8 ,7 2 5
4,905,332
2 0 0 ,9 0 1 ,4 5 6
174,300,557
1 6 5 ,9 7 4 ,8 1 0
98,263,146
1 4 ,4 4 2 ,7 9 2
3,494,771
1 8 0 ,4 1 7 ,6 0 2
101,757,917
1 0 0 ,5 3 0 ,2 4 7
6,835,650
8 4 8 ,9 0 9
895,242
9 8 8 ,1 8 6
1,279,378
4 7 ,0 2 6 ,6 8 1
2,647,225
N OTE 2 0
EM PLOYEE BEN EFI TS EXPEN SES
Salary, Bonus & ot her allowances
Cont ribut ion t o Provident & Ot her funds
St aff Welfare Expenses
Tot a l
N OTE 2 1
FI N AN CE COSTS
I nt erest Expenses
Ot her borrowing Cost s
Tot a l
N OTE 2 2
OTH ER EXPEN SES
Advert isem ent and Publicit y
Audit fees { Refer not e no.- 24}
Power & Fuel Expenses
Brokerage
I nsurance Prem ium
4 5 4 ,3 9 5
390,602
3 4 ,3 1 8
1,092,885
1 9 ,2 7 0 ,5 5 9
26,852,003
1 ,3 8 0 ,0 0 3
185,731
3 0 7 ,5 0 0
525,000
- On building
4 ,4 4 7 ,3 4 0
4,215,257
- On ot hers
3 ,6 0 3 ,7 1 9
4,738,331
I t em Relat ed t o Previous Year ( net )

Legal & Professional Charges
Rat es & Taxes
Direct ors Sit t ing Fees
Repairs and Maint enance
Net loss on Sale of Fixed Asset s

I rrecoverable balances writ t en off
4 4 ,3 8 5
6 ,4 5 5 ,0 9 5
1,265,026
4 6 ,4 3 7 ,4 3 6
45,000,000
General/ Miscellaneous Expenses
7 6 ,2 5 5 ,2 7 2
54,949,864
3 0 8 ,0 8 4 ,0 4 5
150,872,194
Tot a l
41
Vipu l Lim it e d
borrowing cost s, overheads, est im at ed

const ruct ion and developm ent cost for
proj ect s where revenue is recognized
prior t o 01.04.2012.
N OTE - 2 3
SI GN I FI CAN T ACCOUN TI N G POLI CI ES
A.
Ba sis of Accou n t in g
b.
The nancial st at em ent s have been prepared

under t he hist orical cost convent ion, on accrual
basis, except where ot herwise st at ed and wit h
all m at er ial asp ect s of g en er ally accep t ed
account ing principles in I ndia, t he Account ing
St andards not i ed under sect ion 211( 3C) of
t he Com panies Act , 1 9 5 6 and t he r elevant
provisions of t he Com panies Act , 1956. The
accou n t in g policies h av e been con sist en t ly
applied by t he Com pany and ar e consist ent
wit h t hose of previous year.
All asset s and liabilit ies have been classi ed
as current / non- current as per t he com panys
operat ing cycle and ot her crit eria set out in t he
Revised Schedule VI of t he Com panies Act ,
1956.
B.
Use of Est im a t e s
Th e pr epar at ion of f in an cial st at em en t s in
conform it y wit h generally accept ed account ing
p r i n ci p l es r eq u i r es m an ag em en t t o m ak e
est im at es an d assu m pt ion s t h at af f ect t h e
r ep or t ed am ou n t s of asset s an d liab ilit ies
an d d i scl o su r e o f co n t i n g en t l i ab i l i t i es at
t he dat e of t he nancial st at em ent s and t he
r esu l t o f o p er at i o n s d u r i n g t h e r ep o r t i n g
per iod. Alt hough t hese est im at es ar e based
u p on p ast ex p er ien ce, p r esen t r ealizat ion
and fut ure presum pt ions, act ual result s m ay
dif f er f r om t h ese est im at es. Any r ev ision
t o t hese account ing est im at es is r ecognized
prospect ively.
C.
Re ve n u e Re cogn it ion
Revenue is recognized as follows:
I.
Rev en u e on con st r u ct ion / d ev elop m en t

o f p r o j ect s i s r eco g n i zed acco r d i n g
t o p e r ce n t a g e o f co m p l e t i o n m e t h o d
aft er m ak ing appr opr iat e allow ance for
foreseeable loss, if any. However, Revenue
is recognized only on t hose unit s where
f or m al allot m en t / ag r eem en t t o sell is
execut ed and cost of const ruct ion reaches
30% of t ot al est im at ed proj ect cost .
a.
42
Es t i m a t e d p r o j e c t c o s t i n c l u d e s
co st o f l a n d / d e v e l o p m e n t r i g h t s,
II.
The I nst it ut e of Chart ered Account ant s

of I ndia has issued a Guidance not e on
Account ing of Real Est at e Transact ions
( Revised 2012) on 11.02.2012 which
is applicable for proj ect s in real est at e
which are com m enced on or aft er 1st
April, 2012 and also t o proj ect s which
have already com m enced but where
revenue is being recognized for t he
rst t im e on or aft er 1st April, 2012.
Accordingly, for proj ect s in which no
revenue was recognized prior t o 1st
Apr il, 2012, indir ect cost s including
ad m in ist r at iv e cost s, sellin g cost s
an d ot h er cost s of sim ilar n at u r e
incurred on or aft er 1st April, 2012
have not been considered as part of
const ruct ion cost s and developm ent
cost s and have been fully charged t o
St at em ent of Pro t & Loss. Sim ilar
cost s incurred before 1st April, 2012
for such pr oj ect s w hich ar e car r ied
in Work in Progress, in t erm s of t he
account ing policy being consist ent ly
followed by t he com pany, is charged
t o St at em ent of Pro t & Loss in t he
year when t he revenue is recognized
for t he rst t im e.
Rev en u e r elat in g t o sale of r esiden t ial

an d com m er cial plot s is r ecogn ized on
p r op or t ion at e b asis w h en 5 0 % of t h e
progress has been achieved as m easured
in t erm s of act ual cost incurred t o t ot al
est im at ed cost subj ect t o t he execut ion of
t he agreem ent t o sell.
I I I . Claim s, int er est and t ransfer fees fr om

cust om ers are recognized on accept ance
of t he sam e.
I V. I ncom e from int erest is account ed for on
t im e proport ion basis t aking int o account
t he am ount out st anding and t he applicable
rat e of int erest .
V.
Revenue from operat ion includes various

ch ar ges r ecov er ed fr om t h e cu st om er s
w hich is r ecognized on sy st em at ic and
rat ional basis having regard t o t im ing and
nat ure of service provided.
An n u a l Re por t 2 0 1 2 - 1 3
D.
Bor r ow in g Cost s
Borrowing cost s at t ribut able t o t he acquisit ion
o r co n st r u ct i o n o f a q u al i f y i n g asset ar e
carried as part of t he cost of t hat asset . Ot her
borrowing cost s are expensed in t he year t hey
are incurred.
E.
ii.
J.
Fix e d Asse t s
Re t ir e m e n t Be n e fi t s
a.
Fixed asset s are st at ed at cost of acquisit ion

including any at t r ibut able cost for br inging
t h e asset t o it s w or k in g con d it ion f or it s
int ended use less accum ulat ed depr eciat ion
and im pairm ent losses.
F.
On com plet ion of proj ect s, unsold st ocks

are t ransferred t o proj ect nished st ock
under t he head I nvent ory and t he sam e
is carried at cost or net realizable value,
whichever is less.
Short Term em ployee bene t

Th e co m p a n y s l i a b i l i t y i n r esp ect o f
accu m u lat ed leav e salar y is p r ov id ed
for in t he Pro t & Loss St at em ent based
o n a ct u a l u n e n ca sh e d l e a v e l i a b i l i t y
det erm ined at t he end of t he year.
D e pr e cia t ion
b.
Depreciat ion is provided on writ t en down value

m et hod on pr o- rat a basis and at t he rat es
prescribed in Schedule-XI V of t he Com panies
Act , 1956.
Long Term and Postem ploym ent bene t s

i.
Th e em p l o y ees g r a t u i t y f u n d
schem e m anaged by Life I nsurance
Cor p or at i on of I n d i a i s a d ef i n ed
ben e t plan . Th e pr esen t valu e of
obligat ion is det er m in ed based on
act uarial valuat ion using t he Proj ect ed
Unit Credit Met hod.
ii.
Ret ir em ent bene t s in t he for m of

Provident Fund and Superannuat ion/
Pen si o n sch em es a r e ch a r g ed t o
t he Pr o t & Loss St at em ent in t he
year w hen t he cont r ibut ions t o t he
respect ive funds are due.
G. I n t a n gible s Asse t s
Soft war e w hich ar e not int egral par t of t he
har dwar e ar e classi ed as int angible asset s
an d ar e st at ed at cost of acq u isit ion less
accum ulat ed am ort izat ion. Soft ware are being
am ort ized over t he est im at ed useful life of 5
years.
H.
I n ve st m e n t s
I nvest m ent s t hat ar e r eadily r ealizable and
int ended t o be held for not m ore t han a year
ar e classif ied as cu r r en t in v est m en t s. All
ot her invest m ent s are classi ed as Long t erm
invest m ent s.
K.
Provisions are recognized for liabilit ies t hat can

be m easured only by using a subst ant ial degree
of est im at ion if t he com pany has a present
obligat ion as a result of past event and t he
am ount of obligat ion can be reliably est im at ed.
Long t er m invest m ent s ar e car r ied at cost .

Provision for dim inut ion, if any, in t he value of
each long t erm invest m ent is m ade t o recognize
a decline ot her t han of a t em porary nat ure.
Current invest m ent s are st at ed at lower of cost
and fair value.
I.
Possible f u t u r e or pr esen t obligat ion s t h at

m ay but will probably not require out ow of
resources or where t he sam e can not be reliably
est im at ed is disclosed as cont ingent liabilit y in
t he nancial st at em ent .
I n ve n t or ie s
i.
Const r uct ed pr oper t ies, show n as w or k

in p r og r ess, in clu d es t h e cost of lan d
( including developm ent r ight s and land
under agreem ent s t o purchase) , int ernal
developm ent cost s, ext ernal developm ent
co st s, co n st r u ct i o n co st s, ov er h ead s,
bor r ow ing cost s, const r uct ion m at er ials
and is valued at lower of cost / est im at ed
cost and net realizable value.
P r o v i si o n s, Co n t i n g e n t Li a b i l i t i e s a n d
Con t in ge n t Asse t s
Cont ingent asset s are neit her recognized nor

disclosed.
L.
Ta x e s on I n com e
i.
Tax expense com prises bot h current and

deferred t ax. Current t ax is det erm ined
in respect of t axable incom e for t he year
based on applicable t ax rat es and laws.
43
Vipu l Lim it e d
ii.
D e f e r r e d t a x l i a b i l i t y i s r e co g n i ze d ,
subj ect t o considerat ion of prudence, on
t im ing differ ences being t he differ ences
bet ween t axable incom es and account ing
incom e t hat or iginat es in one year and
is cap ab le of r ev er sal in on e or m or e
subsequent year and m easured using t ax
rat es and law s t hat have been enact ed
or subst ant ively enact ed by t he Balance
Sheet dat e. Deferred t ax asset s are not
recognized unless t here is virt ual cert aint y
t hat suf cient fut ure t axable incom e will be
available against which such deferred t ax
asset s can be realized. Deferred t ax asset s
are reviewed at each Balance Sheet dat e
t o reassess t heir reliabilit y.
M. For e ign Cu r r e n cy Tr a n sa ct ion s

Transact ions in foreign currency are recorded
at exchange rat es prevailing on t he day of t he
t r an sact ion . Mon et ar y asset s an d liabilit ies
denom inat ed in for eign cur r ency, r em aining
unset t led at t he period end are t ranslat ed at
closing rat es. The difference in t ranslat ion of
m onetary assets and liabilities and realized gains
and losses on foreign currency t ransact ions are
recognized in t he Pro t and Loss St at em ent .
N.
Se gm e n t Re por t in g
The com pany has ident i ed t hat it s operat ing
act ivit y is a single prim ary business segm ent
viz. Real Est at e Developm ent & Services carried
out in I ndia. Accordingly, whole of I ndia has
been considered as one geographical segm ent .
O. Ea r n in gs Pe r Sh a r e
Basic ear nings per shar e ar e calculat ed by
div idin g t h e n et pr o t or loss for t h e y ear
at t r ib u t ab le t o eq u it y sh ar eh old er s b y t h e
w eight ed av erage num ber of equit y shar es
out st anding during t he year.
For t he purpose of calculat ing dilut ed earnings
per share, t he net pro t or loss for t he year
at t r ibut able t o equit y shar eholder s and t he
weighted average num ber of shares outstanding
during t he year are adj ust ed for t he effect s of
all dilut ive pot ent ial equit y shares.
P.
I m pa ir m e n t of Asse t s
The com pany r ev iew s t he car r y ing am ount s
o f t an g i b l e an d i n t an g i b l e asset s f o r an y
possible im pair m ent at each balance sheet
44
dat e. An im pairm ent loss is recognized when

t he carrying am ount of an asset exceeds it s
recoverable am ount . I m pairm ent loss, if any,
is recognized in t he period in which im pairm ent
t akes place.
Q. Ca sh & Ca sh Equ iva le n t s
Cash and cash equivalent s in t he Balance Sheet
com prises cash at bank and cash in hand and
short t erm , highly liquid invest m ent t hat are
readily convert ible int o known am ount s of cash
and which are subj ect t o an insigni cant risk of
changes in value.
24.
1 . Audit ors Rem unerat ion
2013
( Rs)
2012
( Rs)
5 6 1 ,8 5 4
617,680
ii. For Taxation m atters
4 0 ,0 0 0
44,120
iii. For Com pany Law m atter
7 8 ,0 0 0
75,504
1 1 2 ,0 0 0
104,788
5 7 ,0 5 5
53,150
8 4 8 ,9 0 9
895,242
i.
As Auditor *
iv. For Other Services* *

v. For reim bursem ent of expenses
Tot al
Not e:
* I ncludes fees for lim it ed review audit

* * I ncludes professional charges for cost sheet
cert i cat ion
2 5 . a . Be n e fi t s t o Em ploye e s
The disclosures of Em ployee bene t s are given
below:
Defi ned Contribution Plan
Contribution to Provident &
other Funds
2 0 1 3 ( Rs)
2012(Rs)
1 0 ,7 3 5 ,8 3 9 10,554,581
b. D e fi n e d Be n e fi t Pla n
The Cost of providing grat uit y is det erm ined
using t he proj ect ed unit credit m et hod.
The following tables sum m arize the com ponents
of net bene t expenses recognized in t he Pro t
and Loss Account as per Act uarial Valuat ion
as on 31st March, 2013:
1. Recon ciliat ion of op en in g an d closin g
balance of Deferred Bene t Obligat ion
An n u a l Re por t 2 0 1 2 - 1 3
a. Table show ing changes in

present value obligation
2013
( Rs)
2012
(Rs)
Present value of obligations as at

beginning of year
9 ,3 3 9 ,7 7 7
6,750,139
7 4 7 ,1 8 2
540,011
Current Service Cost
1 ,4 2 7 ,2 7 2
1,252,064
Bene ts Paid
( 4 8 4 ,5 2 8 )
(352,701)
Actuarial (gain)/ loss on obligations
1 ,0 7 6 ,8 1 8
1,150,264
Present value of obligations as at

end of year
1 2 ,1 0 6 ,5 2 1
9,339,777
b. Table show ing changes

in fair value of plan assets
2013
( Rs)
2012
(Rs)
7 ,1 0 7 ,9 7 2
6,846,281
7 6 4 ,4 4 6
614,392
Contributions
3 ,0 4 1 ,0 1 3
Nil
Bene ts Paid
( 4 8 4 ,5 2 8 )
(352,701)
1 0 ,4 2 8 ,9 0 3
7,107,972
I nterest cost
Fair value of plan assets at

beginning of year
Expected return on plan assets
Fair value of plan assets at the

end of year
c. Table show ing the am ounts to be
recognized in the Balance Sheet
Present value of obligations as at the

end of year
Fair value of plan assets as at the
end of the year
Funded status in fair value of assets
Net asset/ (liability) recognized in
balance sheet
d. Table show ing expenses to
be recognized in Profi t &
Loss Account
Current Service cost
I nterest Cost
Expected return on plan assetsat the tim e of paym ent
Net Actuarial (gain)/ loss recognized
in the year
Expenses recognized in statem ent of
Pro t and loss
2013
( Rs)
2012
(Rs)
e. Actuarial assum ptions
2013
( Rs)
2012
(Rs)
Discount rate
8 .0 0 %
8.00%
Salary escalation
6 .0 0 %
6.00%
2 6 . As per infor m at ion available w it h t he com pany,

t here are no dues out st anding in respect Micro and
Sm all ent erprises as provided in t he Micro, Sm all
and Medium Ent erprises Developm ent Act , 2006
at t he year end. Furt her, no int erest during t he
year has been paid or payable in respect t hereof.
The par t ies hav e been ident i ed based on t he
inform at ion available wit h t he com pany and t he
sam e has been relied upon by t he audit or.
2 7 . The com pany has reviewed t he carrying am ount
of it s t angible and int angible asset s ( being a cash
gen er at in g u n it ) w it h it s f u t u r e pr esen t v alu e
of cash ow s and t her e has been no indicat ion
of im p air m en t of t h e car r y in g am ou n t of t h e
Com panys such Asset s t aking considerat ion int o
ext ernal and int ernal sources of inform at ion.
2 8 . Ea r n in g Pe r Sh a r e
S.No. Particulars
Weighted average num ber of

Equity Shares
1 1 9 ,9 8 4 ,4 8 0
1 ,4 2 7 ,2 7 2 1,252,064
7 4 7 ,1 8 2 540,011
211,880,019
1 0 ,4 2 8 ,9 0 3 7,107,972
( 1 ,6 7 7 ,6 1 8 ) (2,231,805)
2012
(Rs)
1 6 7 ,3 8 2 ,1 7 8
Net Pro t after tax (Rs.)
2013
( Rs)
2012
1 2 ,1 0 6 ,5 2 1 9,339,777
( 1 ,6 7 7 ,6 1 8 ) (2,231,805)
2013
119,984,480
Nom inal Value of Each Share

(Rs.)
1 .0 0
1.00
Basic and Diluted EPS (Rs)
1 .4 0
1.77
2 9 . Th e de fe r r e d t a x lia bilit ie s/ ( a sse t s) h a s

be e n a r r ive d a s follow s:
( I n Rs.)
Deferred Tax Liabilities/
( Assets)
As at
01.04.2012
Charged to
Pro t & Loss
Account
As at
31.03.2013
(202,398)
8,198
(194,200)
Deferred Tax Liabilities/ (Assets):

Tax impact of difference
between carrying amount of
xed assets in the nancial
statements and as per the
income tax calculation
( 7 6 4 ,4 4 6 ) (614,392)
Others
(18,370,463)
(16,367,177)
(34,737,640)
1 ,0 7 6 ,8 1 8 1,150,264
Net Deferred Tax Liabilities/

(Assets)
(18,572,861)
(16,358,979)
(34,931,840)
2 ,4 8 6 ,8 2 6 2,327,947
45
Vipu l Lim it e d
30.
Ex pe n dit u r e / Ea r n in g in For e ign

Cu r r e n cy:
( I n Rs.)
S. Particulars
No.
i.
ii.
Expenditure in Foreign
Currency
Travelling
Earning in Foreign Currency
Receipt from custom ers
Year ended
3 1 .0 3 .2 0 1 3
Year ended
31.03.2012
4 7 7 ,2 0 0
640,268
1 ,1 3 4 ,0 7 9
23,036,426
3 1 . Con t in ge n t Lia bilit ie s a n d Com m it m e n t s ( t o

t h e e x t e n t n ot pr ovide d for ) :
( I n Rs.)
S.
No.
Contingent Liabilities
(a)
Claims against the company,

not acknowledged as debts
(i) I ncom e tax m atters
under dispute
(ii) Service tax disputed
claim s
(iii) Other Claim s
(b)
Outstanding Bank Guarantees
(c)
Capital Com m itm ents
(d)
Other Com m itm ents
Year ended
3 1 .0 3 .2 0 1 3
Year ended
31.03.2012
9 ,9 4 7 ,3 6 9 *
346,905,087*
1 ,6 1 0 ,8 2 1
1,610,821
1 8 ,3 8 5 ,7 2 2
26,544,472
6 5 3 ,4 3 9 ,3 6 8
634,009,268
Nil
59,708
1 ,6 5 9 ,3 9 2 ,9 0 0 2,168,787,000
* Net Rs. NI L ( P.Y. Rs. 213,587,562/ - ) paid under prot est
3 2 . M ovem ent in Provisions:

( I n Rs.)
Particulars
Proposed Dividend on Equity shares

Dividend Tax
As at
Addition
Paym ents/
W ritten back
1 .0 4 .2 0 1 2
during the
Total
Utilization
during the
Balance
as at
year
Charged off
year
3 1 .0 3 .2 0 1 3
17,997,672
17,997,672
35,995,344
17,997,672
Nil
1 7 ,9 9 7 ,6 7 2
2,919,672
3,058,704
5,978,376
2,919,672
Nil
3 ,0 5 8 ,7 0 4
51,317,168
464,437,436
97,754,604
Nil
1,100,000
9 6 ,6 5 4 ,6 0 4
1,410,346
Nil
Nil
Nil
Nil
1 ,4 1 0 ,3 4 6
631,357,855
55,000,000
686,357,855
Nil
Nil
6 8 6 ,3 5 7 ,8 5 5
1,500,000
Nil
1,500,000
1,500,000
Nil
Nil
Provision for doubtful loan/

advances/ deposits
Provision for doubtful debts
Provision for I ncom e tax
Provision for Fringe Bene t Tax
46
An n u a l Re por t 2 0 1 2 - 1 3
33.
Th er e is n o d im in u t ion in t h e v alu e of
invest m ent s which are of perm anent nat ure.
34.
( i)
No r epay m ent schedule is available

and no int erest is being earned on
Rs. 1 5 , 0 8 1 , 8 1 5 / - ( u n d er Loan ) t o
Mab Finlease Lt d. which in t he view of
m anagem ent is doubt ful of realizat ion
t o t he ext ent of 25% and accordingly
provision for doubt ful loan has been
m ad e i n acco u n t s. Th e m ax i m u m
am ount out st anding during t he year is
Rs. 15,081,815/ - ( P.Y Rs. 15,081,815/ - ) .
( ii)
I n t he opinion of t he m anagem ent ,

cu r r en t asset s in clu d in g loan s an d
advances have a value on realizat ion in
t he ordinary course of business at least
equal t o t he am ount at which t hey are
st at ed in t he books. However, cert ain
balances under Loans and advances
are subj ect t o con rm at ion.
( iii)
R s . 4 3 3 , 5 1 2 , 4 3 1 / - . ( P. Y. R s .
494,453,789/ - ) ( under advance) due
fr om Pr ivat e Com panies in w hich a
direct or is int erest ed.
35.
The unclaim ed div idend for t he nancial

years 2005- 06, 2006- 07, 2007- 08 , 2008- 09
2009- 10 ,2010- 11 & 2011- 12 am ount ing t o
Rs.110,760/ - , Rs.261,742/ - , Rs.362,042/ - ,
Rs.252,960/ - , Rs. 257,112/ - , Rs.324,800/ & Rs.100,744/ - respect ively and is being
deposit ed in separat e Bank Account s.
36.
The det ails per t aining t o r elat ed par t ies

t ransact ions are shown in a separat e sheet .
37.
Previous years gures have been regrouped,

r ear r an g ed an d r ecast ed w h er ev er
considered necessary.
47
Vipu l Lim it e d
RELATED PARTY D I SCLOSURES

Relat ed part ies are classi ed as:
W h olly- ow n e d Su bsidia r ie s :
1
URR Housing and Const ruct ion Pvt Lt d
Ngenox Technologies Pvt . Lt d.
Rit wiz Builders and Developers Pvt Lt d
Mudra Finance Lt d.
Ent repreneurs ( Calcut t a) Pvt . Lt d.
Am an Resort s Pvt Lt d
Vipul East ern I nfracon Pvt . Lt d.
S.B Developers Lt d
Vipul Hospit alit y Lt d.
10
Vipul Modern Buildcon Pvt . Lt d.
Vipul Sout hern I nfracon Lt d.
11
I nnovat ive Em ergency Managem ent Pvt . Lt d.
Unit ed Buildwell Pvt . Lt d.
High Class Proj ect s Lt d.
Ke y M a n a ge m e n t Pe r son n e l ( D ir e ct or ) :
Vipul Lavanya Developers Lt d.
Mr Punit Beriwala
Ot h e r Su bsidia r ie s :
Re la t ive s of Ke y M a n a ge m e n t Pe r son n e l
Vipul SEZ Developers Pvt . Lt d.
Mrs.Bim la Devi Beriwala
K S T Buildwell Pvt Lt d
Mrs.Sunit a Beriwala
P K B K Buildwell Pvt Lt d
Punit Beriwala ( HUF)
P K B Bulidcon Pvt Lt d
Ms.Vishaka Beriwala
Bhat inda Hot els Lt d.
Ms. Mansi Beriwala
Graphic Research Consult ant s ( I ndia) Pvt . Lt d.
Mr. Vipul Beriwala
Vineet a Trading Pvt . Lt d.
Mr. Shyam Sunder Beriwala
Abhipra Trading Pvt . Lt d.
VSD Buildwell Pvt . Lt d.
En t it ie s H a vin g Com m on Ke y M a n a ge m e n t
Pe r son n e l:
1
S.U Finance Lt d.
Whit eld I nfrast ruct ure Developm ent Pvt . Lt d
Millennium Plaza Lt d
Sarvam angalam Builders & Developers Pvt . Lt d
Vipul Vocat ional I nst it ut es Pvt . Lt d.
48
Associa t e s
1
Vipul I nfracon Pvt . Lt d.
Vipul Karam chand SEZ Pvt . Lt d.
Classic Real Est at e Developers Pvt . Lt d.
Maxwort h Market ing Pvt . Lt d.
Green Villas Pvt . Lt d.
S. Paul Leasing & Finance Pvt Lt d
Choice Real Est at e Developers Pvt . Lt d.
Su m m a r y of sign ifi ca n t r e la t e d pa r t ie s t r a n sa ct ion s ca r r ie d ou t in or din a r y cou r se of bu sin e ss a r e a s u n de r : ( I n Rs)

Sl. Description
No.
W holly- ow ned
Subsidiaries
2012-13
Other
Subsidiaries
2011-12
2012-13
Entities Having
Com m on Key
Managem ent Personnel
2011-12
2012-13
Key Managem ent

Personnel
( Director)
2011-12
2012-13
Relatives of Key
Managem ent
Personnel ( Director)
2011-12
2012-13
Associates
2011-12
2012-13
2011-12
Loans
Advances Recoverable
263,664
69,128,406
Project Advances Paid
365,421,245
250,539,946
259,575
193,617,703
54,827,314
251,819,257
102,647,573
85,305,500
Project Advances Received
1,101,500
145,790,555
92,822,689
Advance Against Flat Received
192,641,869
60,203,719
91,800
278,874,568
Rent Paid
4,310
432,000
120,000
1,296,000
220,000
Maintenance Services Received
Maintenance Services Provided
167,097
1,323,610
Share Application Money Paid
100,000
10
Share Application Money Received
11
Management Consultancy
Service Provided
12
Security Deposit Paid
200,000,000
13
Maintenance Security Deposit Received
1,530,000
950,000
1,530,000
4,790,000
14
Land Holding Charges
52,500
52,500
15
Remuneration to Directors
15,153,636
14,789,868
16
Balance as on 31st March
i)
Loans Recoverable
ii)
992,671
992,671
193,291,061
204,297,775
iii) Project Advances Paid
984,060,168
695,056,436
463,695,514
473,662,437
161,500,310
289,820,767
317,343,540
268,181,116
iv) Security Deposit Paid
200,000,000
200,000,000
1,530,000
950,000
950,000
6,320,000
4,790,000
vi) Advances Received
253,190,967
50,118,721
900,000
60,203,719
60,203,719
290,966,348
290,874,548
8,080,000
8,080,000
vii) Creditors/ Payables
viii) Debtors/ Receivables
5,248,760
5,248,760
ix) Share application money given
7,545,000
7,545,000
v)
Maintenance Security Deposit Received
49
An n u a l Re por t 2 0 1 2 - 1 3
Vipu l Lim it e d
CASH FLOW STATEM EN T FOR TH E YEAR EN D ED 3 1 ST M ARCH , 2 0 1 3

( Am ount I n Rupees)
Pa rt icula rs
A.
Year Ended 31st March, 2011
CASH FLOW FROM OPERATI N G ACTI VI TI ES

Net Pro t before Tax, appropriat ion, and ext ra- Ordinary it em s
Depreciat ion
( Pro t ) / Loss on sale of Fixed Asset
( Pro t ) / Loss on sale of I nvest m ent s
I nt erest and Finance Charges
I nt erest I ncom e
Opera t ing Profi t before W ork ing Ca pit a l Cha nges
Adj ust ed for:
( I ncrease) / Decrease in Trade receivables
( I ncrease) / Decrease in I nvent ory
( I ncrease) / Decrease in Loans & Advances
I ncrease/ ( Decrease) in Trade payables
I ncrease/ ( Decrease) in Ot her payables
205,895,434
13,654,038
44,385
( 7,598,618)
180,417,602
( 11,734,430)
C.
CASH FLOW FROM FI N AN CI N G ACTI VI TI ES

I nt erest and Finance Charges
Dividend Paid t o equit y shareholders ( including dividend t ax)
Proceeds/ ( Repaym ent s) from long t erm borrowings
Net proceeds from Short Term Borrowings
- Proceeds from Unsecured Loans
- Net m ovem ent in Cash Credit facilit ies
N ET CASH FROM FI N AN CI N G ACTI VI TI ES
Tot a l ( A+ B + C)
NET ( DECREASE) / I NCREASE I N CASH AND CASH EQUI VALENTS
272,420,738
13,936,236
( 1,425,164)
( 4,592,107)
101,757,917
( 12,446,393)
( 81,225,251)
704,947,850
( 413,942,333)
65,490,582
( 528,522,710)
N ET CASH FROM OPERATI N G ACTI VI TI ES

CASH FLOW FROM I N VESTI N G ACTI VI TI ES
Sale of Fixed Asset
Purchase of Fixed Asset
I nt erest Received
Sale of I nvest m ent s
Purchase of I nvest m ent s
N ET CASH FROM I N VESTI N G ACTI VI TI ES
Year Ended 31st March, 2012
380,678,411
Ca sh genera t ed from opera t ion

Taxes Paid during t he year
B.
Yea r Ended 3 1 st M a rch, 2 0 1 3
369,651,227
( 144,578,310)
255,894,481
702,270,970
( 121,140,938)
153,233,953
( 253,251,862)
845,680,156
127,426,549
( 19,768,404)
1,215,331,383
( 169,854,851)
1 0 7 ,6 5 8 ,1 4 5
1,045,476,532
40,000
( 10,942,922)
11,734,430
653,598,618
( 646,550,125)
3,203,550
( 14,040,877)
12,446,393
315,592,107
( 311,005,000)
7 ,8 8 0 ,0 0 1
6,196,173
( 180,417,602)
( 20,917,344)
( 328,145,584)
( 101,757,917)
( 20,917,344)
( 792,152,148)
203,190,087
28,745,041
15,000,000
( 15,404,230)
( 2 9 7 ,5 4 5 ,4 0 2 )
( 915,231,639)
( 1 8 2 ,0 0 7 ,2 5 6 )
136,441,066
( 182,007,256)
136,441,066
CASH AND CASH EQUI VALENTS ( OPENI NG BALANCE)
313,446,315
177,005,249
CASH AND CASH EQUI VALENTS ( CLOSI NG BALANCE)
1 3 1 ,4 3 9 ,0 5 9
313,446,315
310,817,118
179,378,059
458,709,037
145,262,722
1 3 1 ,4 3 9 ,0 5 9
313,446,315
Ca sh & Ca sh Equiva lent s:

Less: Ot her Bank Balances
N ot es:
1. Figures in bracket s indicat e cash out ow.
2. Previous gures have been regrouped/ recast ed, whereever necessary, t o con rm t o t he currrent years classi cat ion
As per our report of even da t e a t t a ched

For L.B. Jha & Co.
Cha rt ered Account a nt s
Sd/ ( Bha sk a r Auddy)
Pa rt ner
M em bership N o- 5 3 7 7 0
Pla ce: Gurga on
Da t e: M a y 2 8 , 2 0 1 3
50
For & on beha lf of t he Boa rd of Direct ors of

V i p u l Li m i t e d
Sd/ Punit Beriw a la
M a na ging Direct or
Sd/ Ra j esh Ba t ra
Direct or
Sd/ Sum it Goel

Com pa ny Secret a ry
Sd/ Aj a y Agra w a l
Genera l M a na ger ( A& C)
An n u a l Re por t 2 0 1 2 - 1 3
I N D EPEN D EN T AUD I TORS REPORT

To
To t h e Boa r d of D ir e ct or s of
Vipu l Lim it e d
We h av e au d it ed t h e accom p an y in g con solid at ed
nancial st at em ent s of Vipul Lim it ed and it s subsidiaries,
which com prise t he consolidat ed Balance Sheet as at
March 31, 2013 and t he consolidat ed St at em ent of Pro t
and Loss and t he consolidat ed Cash Flow St at em ent
for t he year t hen ended, and a sum m ary of signi cant
account ing policies and ot her explanat ory inform at ion.
We believe t hat t he audit evidence we have obt ained

is suf cient and appropriat e t o provide a basis for our
audit opinion.
Ba sis for Qu a lifi e d Opin ion
1.
M anagem ent s Responsibilit y for t he Consolidat ed

Fin a n cia l St a t e m e n t s
Managem ent is responsible for t he preparat ion of t hese
consolidated nancial statem ents that give a true and fair
view of t he consolidat ed nancial posit ion, consolidat ed
nancial perform ance and consolidat ed cash ows of t he
Com pany in accordance wit h t he account ing principles
generally accept ed in I ndia. This responsibilit y includes
t he design, im plem ent at ion and m aint enance of int ernal
cont rol relevant t o t he preparat ion and present at ion of
t he consolidat ed nancial st at em ent s t hat give a t rue
and fair view and are free from m at erial m isst at em ent ,
whet her due t o fraud or error.
Au dit or s Re spon sibilit y
Our responsibilit y is t o express an opinion on t hese
consolidat ed nancial st at em ent s based on our audit . We
conduct ed our audit in accordance wit h t he St andards on
Audit ing issued by t he inst it ut e of Chart ered Account ant s
of I ndia. Those St andards require t hat we com ply wit h
et hical requirem ent s and plan and perform t he audit
t o obt ain r easonable assurance about w het her t he
consolidat ed nancial st at em ent s are free from m at erial
m isst at em ent .
An audit inv olv es per for m ing pr ocedur es t o obt ain
audit evidence about t he am ount s and disclosures in
t he consolidat ed nancial st at em ent s. The procedures
select ed depend on audit or s j udgem ent , including t he
assessm ent of t he risks of m at erial m isst at em ent of t he
nancial st at em ent s, whet her due t o fraud or error. I n
m aking t hose risk assessm ent s, t he audit or considers
int ernal cont rol relevant t o t he Com panys preparat ion
and presentation of the consolidated nancial statem ents
t hat give a t rue and fair view in order t o design audit
procedures t hat are appropriat e in t he circum st ances.
An audit also includes evaluat ing t he appropriat eness of
account ing policies used and t he reasonableness of t he
account ing est im at es m ade by m anagem ent , as well as
evaluat ing t he overall present at ion of t he consolidat ed
nancial st at em ent s.
I n respect of Vipul SEZ Developers privat e Lim it ed,

a subsidiary com pany of Vipul Lim it ed and audit ed
by us, t he following quali ed opinions have been
m ade by us:
The regist rat ion is pending for land m easuring

1 0 . 0 3 1 2 5 acr es, t h e con sider at ion paid f or
such land is Rs.215,34,376/ - , which has been
re ect ed as Advance for Land.
I n t he absence of con rm at ion of t he advances

given am ount ing t o Rs.248,84,376/ - ( including
Rs.215,34,376/ - as st at ed in para 1 above) , we
are unable t o com m ent about t he realisaibilit y
of t he sam e.
Qu a lifi e d Opin ion

I n our opinion and t o t he best of our inform at ion and
according t o t he explanat ions given t o us, except for t he
effect s of t he m at t ers described in t he Basis of Qali ed
Opinion paragraph, t he nancial st at em ent s give t he
in for m at ion r equ ir ed by t h e Act in t h e m an n er so
required and give a t rue and fair view in conform it y wit h
t he account ing principles generally accept ed in I ndia:
a. in t he case of t he consolidat ed Balance Sheet of t he
st at e of affairs of t he Com pany as at March 31, 2013;
b. in t he case of t he Consolidat ed Pr o t and Loss
Account , of t he pro t for t he year ended on t hat
dat e; and
c. in t he case of t he consolidat ed Cash Flow St at em ent ,
of t he cash ow for t he year ended on t hat dat e.
Em ph a sis of M a t t e r
1.
I n respect of Vipul SEZ Developers Privat e Lim it ed,

a subsidiary com pany of Vipul Lim it ed and audit ed
by us, we have drawn at t ent ion of t he following
m at t ers:
a. Treat m ent of t he Mem orandum of Underst anding

ex ecut ed on 1 3 t h Sept em eber, 2 0 0 8 ( r efer Not e
no.31) ;
51
Vipu l Lim it e d
b. Treat m ent of t he Capit al St ruct uring of t he Com pany

( refer Not e no.32) ;
c. The Or der passed by The Honble High cour t of
Delhi t o m aint ain t he st at us quo on it s asset s,
lan d, licen ses, r eceivables et c. alon gw it h som e
subsidiaries. ( refer Not e no.33) ;
Ot h e r M a t t e r
We did n ot au dit t h e f in an cial st at em en t s of f ou r
subsidiaries, whose nancial st at em ent s re ect t ot al
asset s of Rs.87,00,28,665/ - as at March 31, 2013, t ot al
revenue of Rs.522,19,345/ - and t he net cash out ows
am ount ing t o Rs.2,22,01,613/ - for t he year t hen ended.
Theses nancial st at em ent s have been audit ed by ot her
audit ors whose report s have been furnished t o us by
t he Managem ent and our opinion is based solely on t he
report s of t he ot her audit ors. Our opinion is not quali ed
in respect of t his m at t er.
Fir m Re g. N o.- 3 0 1 0 8 8 E
Pa r t n e r
Pla ce : Gu r ga on
Date: May 2 8 , 2 0 1 3
52
An n u a l Re por t 2 0 1 2 - 1 3
CON SOLI D ATED BALAN CE SH EET AS AT 3 1 ST M ARCH , 2 0 1 3

Particulars
EQUI TY & LI ABI LI TI ES

Sha reholders Funds
Share Capit al
Reserves & Surplus
M inorit y I nt erest
N on- Current Lia bilit ies
Long Term Borrowings
Ot her Long Term Liabilit ies
Notes
1
2
3
4
As At
31.03.2013
(Rupees)
As At
31.03.2012
(Rupees)
1 1 9 ,9 8 4 ,4 8 0
3 ,8 7 8 ,6 5 5 ,8 7 0
119,984,480
3,805,186,809
3 ,9 9 8 ,6 4 0 ,3 5 0
3,925,171,289
3 5 ,6 9 4 ,7 2 2
76,074
3 1 0 ,8 9 1 ,4 6 9
1 ,1 7 6 ,1 0 0 ,2 4 7
285,837,767
1,120,351,211
1 ,4 8 6 ,9 9 1 ,7 1 6
Current Lia bilit ies

Short Term Borrowings
Trade Payables
Ot her Current Liabilit ies
Short Term Provisions
5
6
7
8
5 8 4 ,7 6 1 ,4 7 4
4 9 6 ,7 6 5 ,0 7 2
5 ,3 3 7 ,1 1 5 ,4 0 7
4 3 ,8 8 9 ,2 4 6
TOTAL
ASSETS
N on- Current Asset s
Fix ed Asset s:
Tangible Asset s
I nt angible Asset s
Capit al Work in Progress
Non- Current I nvest m ent s
Goodwill on Consolidat ion
Deferred Tax Asset s ( net )
Long Term Loans & Advances
352,826,346
429,254,658
6,308,903,420
46,183,272
6 ,4 6 2 ,5 3 1 ,1 9 9
7,137,167,696
1 1 ,9 8 3 ,8 5 7 ,9 8 7
12,468,604,037
10
11
1 0 6 ,9 2 8 ,6 8 1
9 0 2 ,4 3 0
1 8 2 ,7 9 2 ,7 6 0
108,986,701
1,128,037
114,254,571
2 9 0 ,6 2 3 ,8 7 1
9 7 ,1 5 1 ,9 6 9
1 6 0 ,7 3 7 ,2 0 2
3 5 ,5 8 8 ,4 2 5
1 ,4 6 5 ,4 6 8 ,5 3 3
224,369,309
58,354,315
160,737,202
19,138,699
1,561,724,581
2 ,0 4 9 ,5 7 0 ,0 0 0
Current Asset s
I nvent ories
Trade Receivables
Short Term Loans & Advances
Ot her Current Asset s
12
13
14
15
16
6 ,6 5 4 ,2 5 5 ,1 3 9
1 ,0 8 8 ,5 8 6 ,6 1 9
5 1 8 ,8 3 5 ,5 5 8
1 ,6 6 9 ,7 1 0 ,6 7 1
2 ,9 0 0 ,0 0 0
9 ,9 3 4 ,2 8 7 ,9 8 7
Signi cant Account ing Policies
1,406,188,978
TOTAL
24
2,024,324,106
7,389,003,169
1,001,885,328
563,099,253
1,487,392,181
2,900,000
9 ,9 3 4 ,2 8 7 ,9 8 7
10,444,279,931
1 1 ,9 8 3 ,8 5 7 ,9 8 7
12,468,604,037
The a ccom pa nying not es a re a n int egra l pa rt of t he consolida t ed fi na ncia l st a t em ent s

For L.B. Jha & Co.
Pa rt ner
Pla ce: Gurga on
Da t e: M a y 2 8 , 2 0 1 3

Vipul Lim it ed
Direct or
Sd/ Sum it Goel

53
Vipu l Lim it e d
CO N SO LI D AT ED P R O FI T AN D LO SS ST AT EM EN T FO R T H E Y EAR EN D ED 3 1 ST M AR CH , 2 0 1 3
Pa rt icula rs
N ot es
Yea r Ended
3 1 .0 3 .2 0 1 3
( Rupees)
Year Ended
31.03.2012
( Rupees)
4,133,455,947
24,064,450
4,267,048,569
22,411,580
4 ,1 5 7 ,5 2 0 ,3 9 7
4,289,460,149
2,508,498,900
734,748,030
200,901,456
181,081,022
13,748,070
312,102,326
3,591,187,902
( 26,454,338)
174,300,557
101,762,347
14,063,932
181,929,458
3 ,9 5 1 ,0 7 9 ,8 0 3
4,036,789,858
Profi t before Ta x
Ta x ex pense:
- Current Tax
- Earlier year adj ust m ent in t ax ( net )
- Deferred Tax
2 0 6 ,4 4 0 ,5 9 4
252,670,291
92,874,000
( 127,765)
( 16,449,726)
78,097,068
146,340
( 15,629,738)
Profi t for t he yea r
1 3 0 ,1 4 4 ,0 8 5
190,056,621
1 .0 8
1.59
I N COM E
Revenue from Operat ions
Ot her incom e
17
18
TOTAL
EXPEN SES
Proj ect Expenses
Changes in I nvent ories
Em ployee bene t s expenses
Finance Cost s
Depreciat ion/ Am ort isat ion expenses
Ot her expenses
19
20
21
22
9
23
TOTAL
Ba sic a nd dilut ed Ea rning Per Sha re

Signi cant account ing policies
24
The a ccom pa nying not es a re a n int egra l pa rt of t he consolida t ed fi na ncia l st a t em ent s

For L.B. Jha & Co.
Pa rt ner
Pla ce: Gurga on
Da t e: M a y 2 8 , 2 0 1 3
54

Vipul Lim it ed
Direct or
Sd/ Sum it Goel

An n u a l Re por t 2 0 1 2 - 1 3
N OTES TO TH E CON SOLI D ATED FI N AN CI AL STATEM EN TS

Schedule
AS AT
3 1 .0 3 .2 0 1 3
( Rupees)
AS AT
31.03.2012
( Rupees)
N OTE- 1
SH ARE CAPI TAL
Aut horised Sha re Ca pit a l
515,500,000 ( P.Y.515,500,000)
Equit y Shares of Rs. 1/ - ( P.Y.Rs. 1/ - ) each
5 1 5 ,5 0 0 ,0 0 0
515,500,000
I ssued Subscribed a nd Pa id up Sha re Ca pit a l

119,984,480 ( P.Y.119,984,480)
Equit y Shares of Rs.1/ - ( P.Y Rs.1/ - ) each fully paid up
1 1 9 ,9 8 4 ,4 8 0
119,984,480
1 1 9 ,9 8 4 ,4 8 0
119,984,480
Tot a l
a) Reconciliation of the num ber of shares outstanding:
Equity Shares
3 1 .0 3 .2 0 1 3
No. of Shares
Am t. in Rs.
31.03.2012
No. of Shares
Am t. in Rs.
At the beginning of the year

Add: I ssued/ (Cancelled) during the year
1 1 9 ,9 8 4 ,4 8 0
-
1 1 9 ,9 8 4 ,4 8 0
-
119,984,480
-
119,984,480
-
At the end of the year
1 1 9 ,9 8 4 ,4 8 0
1 1 9 ,9 8 4 ,4 8 0
119,984,480
119,984,480
b) Details of Shareholders holding m ore than

5 % of the Equity Shares in the Com pany:
Nam e of Shareholder
Mr. Punit Beriwala
WDC Ventures Ltd.
Mrs. Sunita Beriwala & Mr. Punit Beriwala (Jointly)
Shyam Sunder Punit Kum ar (HUF)
Punit Beriwala (HUF)
3 1 .0 3 .2 0 1 3
No. of Shares
33,835,000
17,937,680
15,791,000
9,355,000
7,838,000
%
28.20%
14.95%
13.16%
7.80%
6.53%
31.03.2012
No. of Shares
33,835,000
17,937,680
15,791,000
9,355,000
7,838,000
%
28.20%
14.95%
13.16%
7.80%
6.53%
c) Term s/ Right s a t t a ched t o Equit y Sha res

The Com pany has only one class of Equit y Share having par value of Rs. 1/ - each. Each shareholder is ent it led t o one vot e
per share. The com pany declares and pays dividends in I ndian rupees. The dividend proposed by t he Board of Direct ors
is subj ect t o t he approval of t he shareholders in t he ensuing Annual General Meet ing. I n t he event of liquidat ion of t he
Com pany, t he shareholders would be ent it led t o receive rem aining asset s of t he Com pany.
55
Vipu l Lim it e d

Schedule
AS AT
3 1 .0 3 .2 0 1 3
( Rupees)
AS AT
31.03.2012
( Rupees)
N OTE 2
RESERVES & SURPLUS
Genera l Reserve
Opening Balance
Add: Transfer from Pro t & Loss st at em ent
7 5 0 ,0 0 0 ,0 0 0
2 5 0 ,0 0 0 ,0 0 0
600,000,000
150,000,000
1 ,0 0 0 ,0 0 0 ,0 0 0
750,000,000
8 ,0 1 5 ,4 0 8
1 ,7 0 0 ,0 0 0
2 ,3 2 1 ,2 8 3 ,8 3 0
8,015,408
1,700,000
2,321,283,830
1 ,2 2 4 ,8 9 1
1,224,891
Surplus in St a t em ent of Profi t & Loss

Opening Balance
Add: Transfer from Pro t & Loss St at em ent
Less: Transfer t o Minorit y I nt erest
Less: Adj ust m ent of Pre-Acquisit ion share of Pro t
Less: Proposed Dividend on Equit y Shares
Less: Corporat e Dividend Tax
Less: Transferred t o General Reserve
7 2 2 ,9 6 2 ,6 8 0
1 3 0 ,1 4 4 ,0 8 5
3 5 ,6 1 8 ,6 4 8
1 7 ,9 9 7 ,6 7 2
3 ,0 5 8 ,7 0 4
2 5 0 ,0 0 0 ,0 0 0
703,688,292
190,056,621
( 135,111)
17,997,672
2,919,672
150,000,000
Closing Balance
5 4 6 ,4 3 1 ,7 4 1
722,962,680
3 ,8 7 8 ,6 5 5 ,8 7 0
3,805,186,809
2 6 6 ,6 6 6 ,6 6 7
8 0 ,0 0 0 ,0 0 0
1 8 3 ,5 6 1 ,7 2 6
8 0 8 ,5 4 9
5 5 ,0 0 0 ,0 0 0
5 0 ,0 0 0 ,0 0 0
1 9 3 ,6 0 0 ,0 0 0
648,684,817
100,000,000
100,000,000
190,000,000
9,026,998
55,000,000
50,000,000
-
7 ,0 2 3 ,0 4 8
12,093,759
Less: Current Mat urit ies ( Refer Not e no.- 7)
8 3 6 ,6 5 9 ,9 9 0
5 2 5 ,7 6 8 ,5 2 1
1,164,805,574
878,967,807
Tot a l
3 1 0 ,8 9 1 ,4 6 9
285,837,767
Tot a l
Revaluat ion Reserve
Capit al Subsidy
Securit ies Prem ium
Am algam at ion Reserves
Gra nd Tot a l
N OTE 3
LON G TERM BORROW I N GS
Term Loa ns ( Secured)
From Ot her Pa rt ies
LI C Housing Finance Lt d.- Loan-I ( 1)
LI C Housing Finance Lt d.- Loan-I I ( 2)
DMI Finance Lt d.- Loan-I ( 3)
DMI Finance Lt d.- Loan-I I ( 4)
Religare Finvest Lt d.- Loan-I ( 5)
Param ount Realt ec Pvt . Lt d. ( 6)
Bahubali Propert ies Lt d. ( 7)
Kot ak Mahindra Prim e Lt d. ( 8)
From Ba nk
Vehicle Loans ( 9)
56
An n u a l Re por t 2 0 1 2 - 1 3
( 1)
Loan- I from LI C Housing Finance Lt d. was secured by exclusive equit able m ort gage of propert ies at
sect or- 48, Village- Tikri, Fazilpur Jharsa, Dist t .- Gurgaon, equit able m ort gage of port ion of land at villagewazirpur, sect or- 53, Gurgaon , hypot hecat ion of receivables of t he proj ect at Gurgaon & Vipul Garden
Bhubaneshwar and Personal guarant ee of Mr. Punit Beriwala- Managing Direct or. Term s of repaym ent- 12
m ont hs m orat orium upt o March, 2011 and t hereaft er 24 equal m ont hly inst allm ent s. Rat e of I nt erest15.90 % p.a.
( 2)
Loan- I I from LI C Housing Finance Lt d. is secured by equit able m ort gage of ent ire land parcel of Vipul
Greens, Bhubaneshwar, equit able m ort gage of unsold st ock of proj ect at sect or- 81, Gurgaon, hypot hecat ion
of t he receivables of Vipul Greens, Bhubaneshwar & Personal guarant ee of Mr. Punit Beriwala- Managing
Direct or. Term s of repaym ent- 12 m ont hs m orat orium upt o February, 2013 and t hereaft er 18 m ont hly
equal m ont hly inst allm ent s. Rat e of I nt erest- 15.90 % p.a
( 3)
Loan-I from DMI Finance Lt d. is secured against pledge of equit y shares of t he Com pany held by Prom ot ers,
cross collat eral securit y of unsold st ock of com m ercial proj ect i.e Vipul Plaza at Faridabad and Personal
guarant ee of Mr. Punit Beriwala- Managing Direct or. Term s of repaym ent- 12 m ont hs m orat orium upt o July,
2013 and t hereaft er 24 m ont hly inst allm ent s. Rat e of I nt erest- 21% p.a
( 4)
Loan- I I from DMI Finance Lt d. is secured against m ort gage of unsold st ock of com m ercial proj ect at Vipul
Plaza, Faridabad, cross collat eral pledge of equit y shares of t he Com pany held by Prom ot ers & Personal
guarant ee of Mr. Punit Beriwala- Managing Direct or. Term s of repaym ent- 12 m ont hs m orat orium upt o
February, 2013 and t hereaft er 24 m ont hly inst allm ent s. Rat e of I nt erest- 21% p.a.
( 5)
Loan from Religare Finvest Lim it ed is secured by m ort gage of cert ain unit s in various proj ect s locat ed at
Gurgaon and Personal guarant ee of Mr. Punit Beriwala- Managing Direct or. Term s of repaym ent- 47 equal
m ont hly inst allm ent s from t he dat e of disbursem ent i.e 12.06.2009. Rat e of I nt erest- 17.25% p.a.
( 6)
Loan from Param ount Realt ec Privat e Lt d. is secured against pledge of equit y shares of t he Com pany
held by Prom ot ers and Personal guarant ee of Mr. Punit Beriwala- Managing Direct or. Term s of repaym entRepayable on 31.03.2014. Rat e of I nt erest- 12% p.a
( 7)
Loan from Bahubali Propert ies Lt d. is secured against pledge of equit y shares of t he Com pany held by
Prom ot ers & ot hers. Term s of repaym ent- Repayable on 07.11.2013. Rat e of I nt erest- 15% p.a.
( 8)
Loan from Kot ak Mahindra Prim e Lt d. is secured against m ort gage of im m ovable propert ies owned by
prom ot ers and a subsidiary com pany. Term s of repaym ent- 5 m ont hs m orat orium upt o Decem ber, 2012
and t hereaft er 25 equal m ont hly inst allm ent s. Rat e of I nt erest- 18.25% p.a.
( 9)
Vehicle loans are secured by hypot hecat ion of nanced Cars. Term s of repaym ent- I n equal m ont hly
inst alm ent s as per t he respect ive repaym ent schedules. Rat e of I nt erest- 10% - 12% p.a.
57
Vipu l Lim it e d

Pa rt icua lrs
AS AT
3 1 .0 3 .2 0 1 3
( Rupees)
AS AT
31.03.2012
( Rupees)
N OTE- 4
OTH ER LON G TERM LI ABI LI TI ES
Securit y Deposit s
Proj ect advances received
Ot her Liabilit ies
Tot a l
4 3 9 ,3 4 8 ,6 7 3
2 ,9 2 9 ,4 4 7
7 3 3 ,8 2 2 ,1 2 7
387,771,176
2,910,792
729,669,243
1 ,1 7 6 ,1 0 0 ,2 4 7
1,120,351,211
N OTE- 5
SH ORT TERM BORROW I N GS
Secured
Cash Credit from Banks
I ndian Overseas Bank ( 1)
Kot ak Mahindra Bank Lt d.( 2)
2 9 8 ,5 6 3 ,3 3 0
2 8 ,0 0 8 ,0 5 7
297,826,346
-
Unsecured
I nt er Corporat e Deposit s
a) I nt erest Bearing ( 3)
b) Ot hers ( Repayable on dem and, Rat e of I nt erest- Nil)
2 3 3 ,1 9 0 ,0 8 7
2 5 ,0 0 0 ,0 0 0
30,000,000
25,000,000
5 8 4 ,7 6 1 ,4 7 4
352,826,346
( 1) Cash Credit Facilit y from I ndian Overseas Bank is secured against hypot hecat ion of st ocks at sit e & receivables and
equit able m ort gage of propert y at village- Chakarpur, Tehsil & Dist rict Gurgaon, sect or- 43, Gurgaon. Term s of repaym ent sAnnual renewal. Rat e of I nt erest- 15.50% p.a
( 2) Cash Credit Facilit y from Kot ak Mahindra Bank Lt d. is secured against regist ered m ort gage of im m ovable propert y of a
subsidiary com pany & personal guarant ee of Mr. Punit Beriwala- Managing Direct or. Term s of repaym ent-Annual renewal.
Rat e of I nt erest- 15.75% p.a
( 3) Term s of Repaym ent- Repayable wit hin 1 year from t he dat e of receipt . Rat e of I nt erest- 14% - 16% p.a
N OTE- 6
TRADE PAYABLES
Sundry Credit ors
Tot a l
58
4 9 6 ,7 6 5 ,0 7 2
429,254,658
4 9 6 ,7 6 5 ,0 7 2
429,254,658
An n u a l Re por t 2 0 1 2 - 1 3

Pa rt icua lrs
chedule
AS AT
3 1 .0 3 .2 0 1 3
( Rupees)
AS AT
31.03.2012
( Rupees)
N OTE- 7
OTH ER CURREN T LI ABI LI TI ES
Current m at urit ies of long- t erm borrowings- Secured ( Refer Not e no.- 3)
Unpaid Dividend
Proj ect advances received
Ot her Liabilit ies
Securit y Deposit s
Taxes and Dut ies Payable
Tot a l
5 2 5 ,7 6 8 ,5 2 1
1 ,6 7 0 ,1 6 0
3 ,4 3 2 ,6 4 9 ,9 9 4
1 ,2 0 1 ,0 5 8 ,0 4 3
1 4 6 ,6 7 9 ,2 5 9
2 9 ,2 8 9 ,4 3 0
878,967,807
1,689,401
3,916,519,126
1,357,243,207
121,463,579
33,020,300
5 ,3 3 7 ,1 1 5 ,4 0 7
6,308,903,420
1 7 ,9 9 7 ,6 7 2
3 ,0 5 8 ,7 0 4
2 2 ,8 3 2 ,8 7 0
17,997,672
2,919,672
25,265,928
4 3 ,8 8 9 ,2 4 6
46,183,272
N OTE- 8
SH ORT TERM PROVI SI ON S
Proposed Dividend on Equit y Shares
Dividend Tax
Provision for I ncom e Tax ( Net of advance t ax)
Tot a l
N OTE- 9
FIXED ASSETS & DEPRECIATION/AMORTISATION
DESCRIPTION
(In Rupees)
GROSS BLOCK
As At
1.04.2012
Additions
DEPRECIATION/AMORTISATION
Adjustments
NET BLOCK
As At
31.03.2013
UpTo
01.04.2012
For The
Year
Adjustments
UpTo
31.03.2013
As At
31.03.2013
As At
31.03.202
Tangible Assets
Land & Building
79,302,400
79,302,400
12,726,227
3,328,809
16,055,036
63,247,364
66,576,173
Cars
29,345,323
515,024
29,860,347
11,679,487
4,638,485
16,317,972
13,542,375
17,665,836
Furniture and Fixtures
48,161,236
9,134,900
57,296,136
27,954,346
4,217,528
32,171,874
25,124,262
20,206,890
Computers &
Accessories
16,242,874
352,933
16,595,807
14,186,672
904,604
15,091,276
1,504,531
2,056,202
941,902
57,500
999,402
483,931
67,506
551,437
447,965
457,971
3,926,472
1,488,471
153,000
5,261,943
1,902,843
365,531
68,615
2,199,759
3,062,184
2,023,629
Air conditioners
Other Ofce
Equipments
Intangible Asset
Software
1,448,620
1,448,620
320,583
225,607
546,190
902,430
179,368,827
11,548,828
153,000
190,764,655
69,254,089
13,748,070
68,615
82,933,544
107,831,111
Capital Work In
Progress
114,254,571
75,184,673
6,646,484
182,792,760
182,792,760
114,254,571
Grand Total
293,623,398
86,733,501
6,799,484
373,557,415
69,254,089
13,748,070
68,615
82,933,544
290,623,871
224,369,309
Previous Year
388,975,833
212,588,011
307,940,446
293,623,398
63,703,476
14,063,932
8,513,319
69,254,089
224,369,309
325,272,357
Total
1,128,037
110,114,738
59
Vipu l Lim it e d

Schedule
AS AT
3 1 .0 3 .2 0 1 3
( Rupees)
AS AT
31.03.2012
( Rupees)
N OTE- 1 0
N ON CURREN T I N VESTM EN TS
Tra de I nvest m ent s
AT COST
A. I n Equit y Sha res ( Unquot ed : Fully pa id up)
I n Associa t es
Maxwort h Market ing Pvt .Lt d.
{ 6,25,000( P.Y. 6,25,000) Equit y shares of Rs.10/ - each}
6 ,2 5 0 ,0 0 0
6,250,000
1 ,5 0 0 ,0 0 0
1,500,000
3 2 ,2 9 9 ,3 1 5
32,299,315
5 ,0 0 0 ,0 0 0
5,000,000
1 3 ,3 0 0 ,0 0 0
13,300,000
5 0 ,1 2 5
5 ,0 0 0
5,000
3 8 ,7 4 7 ,5 2 9
9 7 ,1 5 1 ,9 6 9
58,354,315
LON G TERM LOAN S & ADVAN CES

Unsecured & considered good ( unless ot herw ise st a t ed)
i) Loans & Advances t o relat ed part ies: { Refer not e no. 36}
be received
b) Proj ect Advances
c) Advance for Share applicat ion m oney
1 9 3 ,2 9 1 ,0 6 1
1 3 0 ,4 5 2 ,8 2 2
7 ,5 4 5 ,0 0 0
204,297,775
123,660,850
7,545,000

be received
- Considered good
6 2 5 ,0 9 4 ,7 2 6
9 2 ,8 8 4 ,1 5 0
728,263,181
47,546,714
Whit eld I nfrast ruct ure Developm ent Pvt . Lt d.

{ 1,50,000 ( P.Y. 1,50,000) Equit y shares of Rs.10/ - each}
{ 266,650 ( P.Y 266,650) Equit y shares of Rs. 10/ - each}
{ 500,000 ( P.Y.500,000) Equit y Shares of Rs 10/ - each}
{ 70,000 ( P.Y.70,000) Equit y Shares of Rs. 10/ - each}
Choice Real Est at e Developers Pvt Lt d
{ 5000 ( P.Y. Nil) Equit y Shares of Rs 10/ - each}
I n Ot hers
Adore I nfrasm it h Pvt . Lt d.
{ 500 ( P.Y. Nil) Equit y Shares of Rs 10/ - each}
B. I n I m m ova ble Propert y
Villa at Gurgaon
Tot a l
N OTE- 1 1
60
An n u a l Re por t 2 0 1 2 - 1 3

Pa rt icua lrs
b)
c)
d)
e)
f)
AS AT
3 1 .0 3 .2 0 1 3
( Rupees)
Proj ect Advances

Taxat ion Paym ent s ( Net of provisions)
Securit y Deposit s
Advance for Share applicat ion m oney
Loans
- Considered good
AS AT
31.03.2012
( Rupees)
379,841,927
72,162,854
45,029,901
738,881
338,810,947
107,266,685
39,829,901
738,881
11,311,361
3,770,454
11,311,361
3,770,454
1,562,123,137
3,770,454
92,884,150
1,613,041,749
3,770,454
47,546,714
1 ,4 6 5 ,4 6 8 ,5 3 3
1,561,724,581
6 ,6 4 3 ,6 9 7 ,6 5 1
1 0 ,5 5 7 ,4 8 8
7,378,445,681
10,557,488
6 ,6 5 4 ,2 5 5 ,1 3 9
7,389,003,169
TRADE RECEI VABLES

( Unsecured)
Due for m ore t han Six m ont hs
- Considered good
Ot her Debt s- Considered good
7 7 ,6 0 4 ,8 8 6
1 ,4 1 0 ,3 4 6
1 ,0 1 0 ,9 8 1 ,7 3 3
66,452,147
1,410,346
935,433,181
Less: Provision for doubt ful debt s
1 ,0 8 9 ,9 9 6 ,9 6 5
1 ,4 1 0 ,3 4 6
1,003,295,674
1,410,346
1 ,0 8 8 ,5 8 6 ,6 1 9
1,001,885,328
Ca sh & Ca sh Equiva lent s

i) Balances wit h Banks in Current account s
ii) Cheques on hand
iii) Cash on hand
iv) St am p Papers in Hand
2 8 9 ,0 4 0 ,2 0 0
6 4 2 ,3 6 2
7 ,2 6 4 ,7 6 2
2 ,0 1 2 ,6 0 0
365,948,104
2,414,373
7,229,968
2,012,600
Ot her Ba nk Ba la nces
i) Unpaid Dividend
ii) Margin m oney deposit
1 ,6 7 0 ,1 6 0
2 1 8 ,2 0 5 ,4 7 4
1,689,401
183,804,807
5 1 8 ,8 3 5 ,5 5 8
563,099,253
Less: Provision for doubt ful loan

N OTE- 1 2
I N VEN TORI ES
( Valued at lower of cost or net realisable value)
Proj ect Work- in- Progress
Proj ect Finished St ocks
Tot a l
N OTE- 1 3
Tot a l
N OTE- 1 4
CASH & BAN K BALAN CES
Tot a l
61
Vipu l Lim it e d

Schedule
AS AT
3 1 .0 3 .2 0 1 3
( Rupees)
AS AT
31.03.2012
( Rupees)
N OTE- 1 5
SH ORT TERM LOAN S & ADVAN CES
( Unsecured & considered good)
i) Loans & Advances t o relat ed part ies: { Refer not e no. 36}
Proj ect Advances
3 4 9 ,3 8 3 ,6 9 9
435,333,704

be received
Proj ect Advances
Securit y Deposit
3 6 5 ,0 0 9 ,3 2 9
7 5 9 ,6 9 3 ,2 5 9
1 9 5 ,6 2 4 ,3 8 4
338,306,335
531,686,142
182,066,000
1 ,6 6 9 ,7 1 0 ,6 7 1
1,487,392,181
2 ,9 0 0 ,0 0 0
2,900,000
2 ,9 0 0 ,0 0 0
2,900,000
3 ,6 2 7 ,5 8 9 ,0 1 9
5 0 5 ,8 6 6 ,9 2 8
3,872,423,952
394,624,617
4 ,1 3 3 ,4 5 5 ,9 4 7
4,267,048,569
1 2 ,0 3 0 ,0 8 5
6 4 8 ,1 7 8
7 ,5 9 8 ,6 1 8
13,580,961
1,280,433
4,592,107
2 ,6 8 7 ,5 6 9
1 ,1 0 0 ,0 0 0
1,425,164
1,532,915
-
2 4 ,0 6 4 ,4 5 0
22,411,580
Tot a l
N OTE- 1 6
OTH ER CURREN T ASSETS
Am ount due on sale of xed asset s
Tot a l
N OTE- 1 7
REVEN UE FROM OPERATI ON S
I ncom e from Real est at e sale
I ncom e from Sale of services
Tot a l
N OTE- 1 8
OTH ER I N COM E
i) I nt erest I ncom e
ii) Rent al I ncom e
iii) Net gain on sale of I nvest m ent s
iv) Ot her non- operat ing I ncom e
a) Gain on sale of xed asset
b) Miscellaneous I ncom e
c) Provision for doubt ful advance writ t en back
Tot a l
62
An n u a l Re por t 2 0 1 2 - 1 3

Pa rt icua lrs
Schedule
AS AT
3 1 .0 3 .2 0 1 3
( Rupees)
AS AT
31.03.2012
( Rupees)
N OTE- 1 9
PROJECT EXPEN SES
Cost of Land
Borrowing Cost s
Const ruct ion & Developm ent Cost s
Ot her Proj ect relat ed expenses
Tot a l
2 0 8 ,5 6 0 ,0 7 2
8 1 ,6 3 3 ,2 2 4
1 ,5 3 9 ,7 0 9 ,9 1 8
6 7 8 ,5 9 5 ,6 8 6
650,581,972
207,827,257
1,893,880,906
838,897,767
2 ,5 0 8 ,4 9 8 ,9 0 0
3,591,187,902
7 ,3 7 8 ,4 4 5 ,6 8 1
( 6 ,6 4 3 ,6 9 7 ,6 5 1 )
7,348,502,310
( 7,378,445,681)
7 3 4 ,7 4 8 ,0 3 0
( 29,943,371)
1 0 ,5 5 7 ,4 8 8
( 1 0 ,5 5 7 ,4 8 8 )
14,046,521
( 10,557,488)
3,489,033
7 3 4 ,7 4 8 ,0 3 0
( 26,454,338)
1 8 5 ,4 2 6 ,8 9 2
1 0 ,7 3 5 ,8 3 9
4 ,7 3 8 ,7 2 5
158,840,644
10,554,581
4,905,332
2 0 0 ,9 0 1 ,4 5 6
174,300,557
1 6 6 ,6 2 5 ,0 8 1
1 4 ,4 5 5 ,9 4 1
98,267,576
3,494,771
1 8 1 ,0 8 1 ,0 2 2
101,762,347
N OTE- 2 0
CH AN GES I N I N VEN TORI ES
Decrea se/ ( I ncrea se) in W ork in progress
Opening Work in progress
Less: Closing Work in progress
Decrea se/ ( I ncrea se) in Finished St ock
Opening Finished St ock
Less : Closing Finished St ock
Tot a l
N OTE- 2 1
EM PLOYEE BEN EFI TS EXPEN SES
Salary, Bonus & ot her allowances
Cont ribut ion t o Provident & Ot her funds
St aff Welfare Expenses
Tot a l
N OTE- 2 2
FI N AN CE COSTS
I nt erest Expenses
Ot her borrowing Cost s
Tot a l
63
Vipu l Lim it e d

Pa rt icua lrs
chedule
AS AT
3 1 .0 3 .2 0 1 3
( Rupees)
AS AT
31.03.2012
( Rupees)
N OTE- 2 3
OTH ER EXPEN SES
Audit fees { Refer not e no. 28}
Advert isem ent and Publicit y
Power & Fuel Expenses
Brokerage
I nsurance Prem ium
I t em Relat ed t o Previous Year ( net )
Legal & Professional Charges
Rat es & Taxes
Direct ors Sit t ing Fees
Repairs and Maint enance
- On building
- On ot hers
Loss on sale of xed asset s
I rrecoverable balances writ t en off
Prelim inary Expense writ t en off
General/ Miscellaneous Expenses
Tot a l
64
1 ,3 3 4 ,9 9 1
1 0 0 ,5 3 0 ,2 4 7
9 8 8 ,1 8 6
4 7 ,0 2 6 ,6 8 1
4 5 4 ,3 9 5
3 4 ,3 1 8
2 0 ,0 6 5 ,7 9 1
1 ,4 4 1 ,0 5 0
3 0 7 ,5 0 0
1,304,924
6,835,650
1,279,378
2,647,225
390,602
1,092,885
28,691,623
278,207
525,000
4 ,4 4 7 ,3 4 0
3 ,6 0 3 ,7 1 9
4 4 ,3 8 5
8 ,6 2 4 ,9 8 9
4 6 ,4 3 7 ,4 3 6
7 6 ,7 6 1 ,2 9 8
4,215,257
4,738,331
27,686,123
1,281,136
45,000,000
227,154
55,735,963
3 1 2 ,1 0 2 ,3 2 6
181,929,458
An n u a l Re por t 2 0 1 2 - 1 3

N ot e 2 4
( A)
SI GN I FI CAN T ACCOUN TI N G POLI CI ES
The signi cant account ing policies adopt ed by t he Com pany and it s subsidiaries ( hereinaft er referred t o as t he Vipul Lim it ed
Group ) in respect of t hese Consolidat ed Financial St at em ent , are set out below:
1)
Principles of consolida t ion
The Consolidat ed Financial St at em ent s have been prepared on t he basis of Account ing St andard- 21 on Consolidat ed Financial
St at em ent s read wit h t he following assum pt ions:
2)
The nancial st at em ent s of t he parent com pany and it s subsidiaries have been com bined on a line- by- line basis
by adding t oget her t he book values of like it em s of asset s, liabilit ies, incom e and expenses, aft er fully elim inat ing
int ra- group balances and int er group t ransact ions
The consolidat ed nancial st at em ent are prepared by adopt ing uniform account ing policies for like t ransact ions
and ot her event s in sim ilar circum st ances and are present ed t o t he ext ent possible, in t he sam e m anner as t he
parent com panys separat e nancial st at em ent unless st at ed ot herwise.
The difference bet ween t he cost s of invest m ent s ni t he subsidiaries, over t he net asset s at t he t im e of acquisit ion
of shares in t he subsidiaries is recognized in t he Financial St at em ent s as Goodwill or Capit al Reserve as t he
case m ay be.
Goodwill arising, if any, out of consolidat ion isnot being am ort ized.
Minorit y I nt erest share of Net Pro t / Loss of Consolidat ed Subsidiaries for t he year is ident i ed and adj ust ed
against t he incom e of t he group in order t o arrive at t he net incom e at t ribut able t o t he shareholders of t he
Com pany.
Minority I nterest s share of Net Assets of Consolidated Subsidiaries is identi ed and presented in the Consolidated
Balance Sheet separat ely from liabilit ies and t he equit y of t he Com panys Shareholders.
Ba sis of Account ing

The nancial st at em ent s have been prepared on t he hist orical cost convent ion basis, except where ot herwise st at ed.
Generally accepted accounting principles and the Accounting Standards referred to under section 211(3C) of the Com panies
Act , 1956 has been adopt ed by t he com pany and disclosures are m ade in accordance wit h t he requirem ent s of Revised
Schedule VI of t he Com panies Act , 1956 and t he I ndian Account ing St andards. I ncom e and expenses are recognized
on accrual basis except ot herwise st at ed.
All asset s and liabilit ies have been classi ed as current / non- current as per t he com panys operat ing cycle and ot her
crit eria set out in t he revised Schedule VI of t he Com panies Act ,1956.
3)
I nvest m ent s
I nvestm ents other than in subsidiaries and associates have been accounted as per Accounting Standard- 13 on Accounting
for I nvest m ent s.
65
Vipu l Lim it e d

4)
Ot her Signifi ca nt a ccount ing policies

These are set out under Signi cant Account ing Policies as given in t he St andalone Financial St at em ent s of t he parent
com pany and it s subsidiaries.
2 5 . Group St ruct ure

1.
The list of subsidiary com panies and t he holding com pany viz. Vipul Lim it eds holding direct ly or t hrough subsidiaries
t herein are as under:
S.
Nam e of Com panies
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
URR Housing and Const ruct ion Privat e Lim it ed

Rit wiz Builders and Developers Privat e Lim it ed
Unit ed Buildwell Privat e Lim it ed
Vipul Sout hern I nfracon Lim it ed
Ent repreneurs ( Calcut t a) Privat e Lim it ed
Vipul East ern I nfracon Pvt Lt d
Vipul Hospit alit y Lim it ed
Vipul SEZ Developers Privat e Lim it ed
PKB Buildcon Privat e Lim it ed
PKBK Buildwell Privat e Lim it ed
KST Buildwell Privat e Lim it ed
VSD Buildwell Privat e Lim it ed
High Class Proj ect s Lim it ed
Bhat inda Hot els Lim it ed
Abhipra Trading Privat e Lim it ed
Vineet a Trading Privat e Lim it ed
Graphic Research Consult ant s ( I ndia) Privat e Lim it ed
Vipul Lavanya Developers Lim it ed
Count ry of
I ncorporat ion
I ndia
I ndia
I ndia
I ndia
I ndia
I ndia
I ndia
I ndia
I ndia
I ndia
I ndia
I ndia
I ndia
I ndia
I ndia
I ndia
I ndia
I ndia
Ownership in % eit her

direct ly or t hrough
subsidiaries
2013
2012
100
100
100
100
100
100
100
50.04
50.04
50.04
50.04
50.04
100
100
100
100
100
100
100
100
100
100
100
100
100
50.04
50.04
50.04
50.04
50.04
100
100
100
100
100
-
2 6 . During t he year ended March 31, 2013, Vipul Lavanya Developers Lt d. has becom e t he subsidiary of t he Com pany.
The effect of acquisit ion on t he nancial posit ion at t he report ing dat e and result for t he report ing period is as follows:
Pa r t icu la r s
Reserve and surplus ( de cit )
66
3 1 .0 3 .2 0 1 3 ( Rs.)
54,521
Ot her current liabilit ies
2,44,372
Cash and bank balance
4,59,660
Tot al Expense
64,348
Loss before t ax
64,348
Taxat ion
( 9,827)
Loss aft er t ax
54,521
An n u a l Re por t 2 0 1 2 - 1 3

2 7 . As t here are long t erm const raint s for t ransfer of funds, account ing of invest m ent s in shares of Associat e
Com panies of t he following has not been done under t he equit y m et hod in t erm s of Account ing St andard
23 on Account ing for I nvest m ent s in Associat es in Consolidat ed Financial St at em ent s :
Sr .
N o.
N a m e of t h e com pa n ie s
Ow n e r sh ip in % e it h e r
dir e ct ly or t h r ou gh su bsidia r ie s
50.00
Maxwort h Market ing Privat e Lim it ed
50.00
41.73
Whit eld I nfrast ruct ure Developm ent Privat e Lim it ed
50.00
33.33
Choice Real Est at e Developers Privat e Lim it ed
50.00
2 8 . Au dit or Re m u n e r a t ion
Au dit or s Re m u n e r a t ion
a.
As Audit or
b.
2013
( Rs.)
2012
( Rs.)
9 ,4 5 ,6 9 5
9,82,751
For Taxat ion Mat t ers
4 5 ,6 1 8
50,738
c.
For Com pany Law Mat t ers
9 0 ,3 5 3
91,137
d.
For Ot her Services
1 ,9 6 ,2 7 0
1,27,148
e.
For reim bursem ent of expense
5 7 ,0 5 5
53,150
1 3 ,3 4 ,9 9 1
13,04,924
Tot a l
2 9 . Con t in ge n t Lia bilit y a n d com m it m e n t s ( t o t h e e x t e n t n ot pr ovide d for ) :

S. N o. Con t in ge n t Lia bilit y
3 1 .0 3 .2 0 1 3
31.03.2012
Claim s against t he com pany, not acknowledged as debt s

( i) I ncom e t ax dem and disput ed under appeal
( ii) Service t ax disput ed claim s
( iii) Ot her Claim s
4 6 ,4 8 7 ,9 0 7 *
1 ,6 1 0 ,8 2 1
1 8 ,3 8 5 ,7 2 2
347,152,625*
1,610,821
26,544,472
( b)
Out st anding Bank Guarant ees
8 9 9 ,7 8 9 ,3 6 8
880,359,268
( c)
Corporat e Guarant ee
3 0 0 ,0 0 ,0 0 0
751,200,000
( d)
Capit al Com m it m ent s
N il
59,708
( e)
Ot her Com m it m ent s
1 ,6 5 9 ,3 9 2 ,9 0 0
2,168,787,000
( a)
* Net of Rs. 1,50,000/ - ( P.Y Rs. 21,37,37,562/ - ) paid under prot est .
67
Vipu l Lim it e d
3 0 . Ea r n in gs pe r Sh a r e :
S. N o. Pa r t icu la r s
1
2
3 1 .0 3 .2 0 1 3
31.03.2012
Net Pro t aft er t ax at t ribut able t o t he

Equit y share holders ( A) ( Rs)
1 3 0 ,1 4 4 ,0 8 5
190,056,291
Weight ed average num ber of Equit y Shares out st anding

during t he year ( B)
1 1 9 ,9 8 4 ,4 8 0
119,984,480
1 .0 8
1.59
Nom inal Value of Each Share ( Rs)
Basic and Dilut ed EPS ( A) / ( B)
3 1 . The deferred t ax Asset s/ ( liabilit ies) has been arrived as follows:

( I n Rs.)
D e fe r r e d Ta x Asse t s/ ( Lia bilit ie s)
As at
01.04.2012
Charged/
( Reversed)
t o Pro t & Loss
Account
As a t
3 1 .0 3 .2 0 1 3
7,14,400
( 14,958)
6 ,9 9 ,4 4 2
Ot hers
1,84,24,299
1,64,64,684
3 ,4 8 ,8 8 ,9 8 3
Net Deferred Tax Asset s
1,91,38,699
1,64,49,726
3 ,5 5 ,8 8 ,4 2 5
Deferred Tax Asset s:

Tax im pact of difference bet ween carrying
am ount of xed asset s in t he nancial st at em ent s
and as per t he incom e t ax calculat ion
3 2 . The Financial St at em ent s of Vipul SEZ Developers Privat e Lim it ed, a subsidiary of t he Com pany have been
drawn wit hout t aking t he effect of
Mem orandum of Underst anding execut ed on 13t h Sept em ber, 2008
am ongst Joint Vent ure Part ners and t he Com pany, it s subsidiaries & ot her Land Owning Com panies, viz.
M/ s Silverst one Developers Pvt Lt d and M/ s Karam chand Realt ech Pvt Lt d and M/ s Solit aire Vent ures Pvt Lt d
and M/ s Solit aire Capit al I ndia and M/ s Vipul Lim it ed and M/ s Rit wiz Builders & Developers Pvt Lt d and M/ s
Ent reprenuers ( Calcut t a) Pvt Lt d and URR Housing and Const ruct ion Pvt Lt d and Vipul SEZ Developers Pvt Lt d
and KST Buildwell Pvt Lt d and PKBK Buildwell Pvt Lt d and PKB Buildcon Pvt Lt d, result ing int o m odi cat ion
of t ot al area of Land from 150 Acres t o 138.568 Acres.
3 3 . Pending Capit al St ruct uring of Vipul SEZ Developers Pvt . Lt d.:
a. Cont ribut ion received for t he proj ect shall be convert ed int o share applicat ion m oney on ful llm ent of condit ions
as per Joint Developm ent and Const ruct ion Agreem ent wit h invest ors.
b. No allot m ent has been m ade in t hat Com pany in respect of foreign rem it t ances and for such receipt s,
clari cat ion has been sought from Reserve Bank of I ndia.
3 4 . Solit aire Capit al I ndia, a shareholder of Vipul SEZ Developers Pvt . Lt d. alongwit h Solit aire Vent ures Pt e Lt d.
have led a pet it ion before t he Honble High Court of Delhi at New Delhi seeking int erim relief and t he Honble
High Court vide it s ex- part e order dat ed 3rd Decem ber, 2012 has direct ed t hat Vipul SEZ Developers Pvt Lt d
and it s subsidiary com panies and Ent repreneurs ( Calcut t a) Privat e Lim it ed, URR Housing and Const ruct ion
Pvt Lt d & Rit wiz Builders & Developers Pvt Lt d, ot her wholly owned subsidiary Com panies of t he Com pany,
t o m aint ain st at us quo on t heir asset s, land, licences, receivables et c. result ing in rest raint on t he operat ions
of t hese Com panies
3 5 . Reserves shown in t he Consolidat ed Balance Sheet represent s t he Groups share in t he respect ive reserves
of t he Group Com panies. Ret ained earnings com prise general reserve and Pro t & Loss St at em ent .
3 6 . The det ails pert aining t o relat ed part ies t ransact ions are shown in a separat e sheet .
3 7 . Previous year s gures have been regrouped, rearranged and recast ed wherever considered necessary.
68
An n u a l Re por t 2 0 1 2 - 1 3
RELATED PARTY D I SCLOSURES

Relat ed part ies are classi ed as:
En t it ie s H a v in g Com m on
Pe r son n e l:
Ke y M a n a g e m e n t
S.U Finance Lt d.
Whit eld I nfrast ruct ure Developm ent Pvt . Lt d
Millennium Plaza Lt d
Sarvam angalam Builders & Developers Pvt . Lt d
Vipul Vocat ional I nst it ut es Pvt . Lt d.
Ngenox Technologies Pvt . Lt d.
Mudra Finance Lt d.
Am an Resort s Pvt Lt d
S.B Developers Lt d
10
Vipul Modern Buildcon Pvt . Lt d.
11
I nnovat ive Em ergency Managem ent Pvt . Lt d.
Ke y M a n a ge m e n t Pe r son n e l ( D ir e ct or ) :
1
Mr Punit Beriwala
Re la t ive s of Ke y M a n a ge m e n t Pe r son n e l
1
Mrs.Bim la Devi Beriwala
Mrs.Sunit a Beriwala
M/ s Punit Beriwala ( HUF)
Ms.Vishaka Beriwala
Ms. Mansi Beriwala
Mr. Vipul Beriwala
Mr. Shyam Sunder Beriwala
Associa t e s
1
Vipul I nfracon Pvt . Lt d.
Vipul Karam chand SEZ Pvt . Lt d.
Classic Real Est at e Developers Pvt . Lt d.
Maxwort h Market ing Pvt . Lt d.
Green Villas Pvt . Lt d.
S. Paul Leasing & Finance Pvt Lt d
Choice Real Est at e Developers Pvt . Lt d.
69
70
Su m m a r y of sign ifi ca n t r e la t e d pa r t ie s t r a n sa ct ion s ca r r ie d ou t in or din a r y cou r se of bu sin e ss a r e a s u n de r : ( I n Rs)

Sl. Description
No.
Key Managem ent

Personnel
( Director)
Relatives of Key
Managem ent
Personnel ( Director)
Associates
2012-13
2011-12
2012-13
2011-12
2012-13
2011-12
2012-13
2011-12
Loans
263,664
78,728,406
Project Advances Paid
54,827,314
251,819,257
102,647,573
85,305,500
Project Advances Received
1,101,500
145,790,555
92,822,689
Advance Against Flat Received
60,203,719
91,800
278,874,568
Rent Paid
432,000
120,000
1,296,000
220,000
Maintenance Services Received
Maintenance Services Provided
1,323,610
Share Application Money Paid
100,000
10 Share Application Money Received
11 Management Consultancy Service Provided
12 Security Deposit Paid
13 Maintenance Security Deposit Received
950,000
1,530,000
4,790,000
14 Land Holding Charges
15 Remuneration to Directors
15,153,636
14,789,868
16 Balance as on 31st March
i) Loans Recoverable
ii) Advances Recoverable
992,671
992,671
193,291,061
204,297,775
iii) Project Advances Paid
161,500,310
289,820,767
317,343,540
268,181,116
iv) Security Deposit Paid
v) Maintenance Security Deposit Received
950,000
950,000
6,320,000
4,790,000
vi) Advances Received
900,000
60,203,719
60,203,719
290,966,348
290,874,548
8,080,000
8,080,000
vii) Creditors/ Payables
viii)
5,248,760
5,248,760
7,545,000
7,545,000
Debtors/ Receivables
ix) Share application money given
Vipu l Lim it e d
2012-13
Entities Having
Com m on Key
Managem ent Personnel
FI N AN CI AL DETAI LS OF SUBSI DI ARI ES AS REQUI RED BY TH E APPROVAL GRAN TED UN DER SECTI ON 2 1 2 ( 8 ) OF TH E COM PAN I ES
ACT, 1 9 5 6 .
I n Ru pe e s
Sl. Nam e of the
No. Subsidiary
Paid up
Capital
Reserves
Total
Assets
Total
Liabilities
I nvestm ents
( other than
subsidiaries)
Turnover
Profi t/ ( Loss)
Before
Tax
Provision Profi t/ ( Loss) Proposed

for Tax
After
Dividend
( including
Tax
adjustm ents)
Ritwiz Builders & Developers Pvt Ltd
500,000
(6,086,318)
331,567,756
331,567,756
35,000
(18,463)
(18,463)
URR Housing and Construction Pvt. Ltd.
500,000 (13,473,339)
167,737,526
167,737,526 101,187,931 22,586,408
14,554,249
2,915,000
11,639,249
Entrepreneurs (Calcutta) Pvt. Ltd.
64,620,000 (58,403,640)
479,113,364
479,113,364 7,750,000
1,564,345
(2,339,423)
6,760
(2,346,183)
Vipul Eastern I nfracon Pvt. Ltd.
26,218,600
52,116,855
177,194,446
177,194,446
(2,226,479)
(2,226,479)
Vipul Hospitality Ltd.
500,000 (27,898,350)
68,539,043
68,539,043
(26,462)
(26,462)
K S T Buildwell Pvt Ltd
500,000
(11,397)
18,336,061
18,336,061
35,000
(5,606)
(5,606)
P K B K Buildwell Pvt Ltd
500,000
(62,955)
330,327,389
330,327,389
35,000
(5,854)
(5,854)
P K B Bulidcon Pvt Ltd
500,000
27,832,237
42,251,851
42,251,851
50,585,000
41,331,006 13,500,000
27,831,006
Vipul S E Z Developers Pvt Ltd
500,000
43,254,300 2,970,390,211 2,970,390,211
129,450,000
64,898,503 21,409,000
43,489,503
10 Vipul Southern I nfracon Ltd.
500,000
4,939,918
5,454,885
5,454,885
(27,715)
(13,698)
(14,017)
11 United Buildwell Pvt. Ltd.
500,000
(8,481,507)
117,377,551
117,377,551
(246,906)
(246,906)
500,000
361,750
70,205,607
70,205,607
(29,487)
1,971
(31,458)
500,000
(210,694)
302,789
302,789
(25,178)
9,875
(35,053)
14 Abhipra Trading Pvt. Ltd.
500,000
(246,088)
30,278,425
30,278,425
(31,096)
(85,828)
54,732
15 Vineeta Trading Pvt. Ltd.
4,976,450
1,686,706
36,706,639
36,706,639
(39,467)
(39,467)
16 Graphic Research Consultants

(I ndia) Pvt. Ltd.
500,000
7,129,226
153,296,238
153,296,238
295,655
261,918
50,000
211,918
17 VSD Buildwell Pvt. Ltd.
500,000
(59,377)
450,938
450,938
(14,717)
(14,717)
18 Vipul Lavanya Developers Ltd.
500,000
(54,521)
770,750
770,750
(64,348)
(9,827)
(54,521)
71
An n u a l Re por t 2 0 1 2 - 1 3
12 High Class Projects Ltd.

13 Bhatinda Hotels Ltd.
Vipu l Lim it e d
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2013
Pa rt icula rs
A.
CASH FLOW FROM OPERATI N G ACTI VI TI ES

Net Pro t before Tax, appropriation, and extra-Ordinary item s
Depreciation
(Pro t)/ Loss on sale of Fixed Asset
(Pro t)/ Loss on sale of I nvestm ents
I nterest and Finance Charges
I nterest I ncom e
Operating Profi t before W orking Capital Changes
Adjusted for :
(I ncrease)/ Decrease in Trade receivable
(I ncrease)/ Decrease in I nventory
(I ncrease)/ Decrease in Loans & Advances
I ncrease/ (Decrease) in Trade payable
I ncrease/ (Decrease) in Other payables
I ncrease/ (Decrease) in Miscellaneous Expenditure
Yea r Ended
3 1 st M a rch, 2 0 1 3
206,440,594
13,748,070
44,385
(7,598,618)
181,081,022
(12,030,085)
N ET CASH FROM OPERATI N G ACTI VI TI ES

CASH FLOW FROM I N VESTI N G ACTI VI TI ES
Sale of Fixed Asset
Purchase of Fixed Asset
I nterest Received
Sale of I nvestm ents
Purchase of I nvestm ents
3 8 1 ,6 8 5 ,3 6 7
CASH FLOW FROM FI N AN CI N G ACTI VI TI ES

I nterest and Finance Charges
Dividend Paid to equity shareholders (including dividend tax)
Net proceeds from Long Term Borrowings
N et Proceeds from Short Term borrow ings
-Proceeds from Unsecured Loans
-Net m ovem ent in Cash Credit facilities
N ET CASH FROM FI N AN CI N G ACTI VI TI ES
376,584,461
44,187,912
(26,454,337)
457,903,141
(122,107,620)
454,366,180
189,477
(2,830,238)
808,084,751
378,855,130
(60,075,462)
1,184,669,213
(166,683,657)
3 1 8 ,7 7 9 ,6 6 8
1,017,985,556
40,000
(80,087,017)
12,030,085
653,598,618
(684,797,654)
N ET CASH FROM I N VESTI N G ACTI VI TI ES

C.
252,670,291
14,063,932
26,260,959
(4,592,107)
101,762,347
(13,580,961)
(86,701,291)
734,748,030
(155,547,698)
67,510,413
(562,839,692)
-
Cash generated from operation

Taxes Paid during the year
B.
Year Ended
31st March, 2012
273,166,168
(212,588,011)
13,580,961
315,592,107
(311,005,000)
( 9 9 ,2 1 5 ,9 6 8 )
78,746,225
(181,081,022)
(20,917,344)
(328,145,584)
(101,762,347)
(20,917,344)
(792,152,148)
203,190,087
28,745,041
15,000,000
(15,404,230)
( 2 9 8 ,2 0 8 ,8 2 2 )
(915,236,069)
( 7 8 ,6 4 5 ,1 2 1 )
181,495,711
NET (DECREASE)/ I NCREASE I N CASH AND CASH EQUI VALENTS

CASH AND CASH EQUI VALENTS ( OPENI NG BALANCE)
(78,645,121)
377,605,045
181,495,711
196,109,334
CASH AND CASH EQUI VALENTS ( CLOSI NG BALANCE)
298,959,924
377,605,045
Cash & Cash Equivalents:

Less: Other Bank Balances
518,835,558
219,875,634
563,099,253
185,494,208
2 9 8 ,9 5 9 ,9 2 4
377,605,045
Total ( A+ B + C)
N otes:
1. Figures in brackets indicate cash out ow.
2. Previous gures have been regrouped/ recasted, whereever necessary, to con rm to the currrent years classi cation
As per our report of even date attached

For L.B. Jha & Co.
Chartered Accountants
Sd/(Bhaskar Auddy)
Partner
Membership No-53770
Place : Gurgaon
Date : May 28, 2013
72
For & on behalf of the Board of Directors of

Vipul Limited
Sd/Punit Beriwala
Managing Director
Sd/Rajesh Batra
Director
Sd/Sumit Goel
Company Secretary
Sd/Ajay Agrawal
General Manager (A&C)
An n u a l Re por t 2 0 1 2 - 1 3
VIPUL LIMITED
Regd. Off: Regus Rectangle, Level-4, Rectangle 1, D4,
Commercial Complex, Saket, New Delhi-110017
ATTENDANCE CARD
22ND ANNUAL GENERAL MEETING
ON SATURDAY, THE SEPTEMBER 28, 2013 AT 11.00 A.M.
Folio No. _________________________
No. of Shares _____________________
DP ID ___________________________
Client ID _________________________
Name ______________________________________________________________________________________
Address ____________________________________________________________________________________
I/We certify that I/We am/are a registered shareholder/proxy of the Company, I/We hereby record my/our presence
at 22ND ANNUAL GENERAL MEETING of the Company on September 28, 2013 at 11.00 A.M. at Sri Satya Sai
International Center, Pragati Vihar, Lodhi Road, New Delhi-110003
Proxys Name __________________________
(if applicable)
Tear Here
Proxys Signature _______________________
Members Signature ____________________
Note: Members are requested to communicate changes, if any, in the address registered with the Company at the
Registered Ofce of the Company.
Tear Here
VIPUL LIMITED
Regd. Off: Regus Rectangle, Level-4, Rectangle 1, D4,
Commercial Complex, Saket, New Delhi-110017
FORM OF PROXY
22ND ANNUAL GENERAL MEETING of the Company to be held on Saturday, the September 28, 2013 at 11.00 A.M.
I/We _________________________________________________________________________________________
of ____________________________________________________________________ being a member/members of
Vipul Limited hereby appoint ______________________________________________________________________
R/o ______________________________________ or failing him/her ______________________________________
R/o _____________________________________ or failing him/her _______________________________________
R/o __________________________________________________________________________________________
as my/our proxy to attend & vote for me/us on my/our behalf at the 22ND ANNUAL GENERAL MEETING of the Company
to be held on September 28, 2013 at 11.00 A.M. at Sri Satya Sai International Center, Pragati Vihar, Lodhi Road,
New Delhi-110003 or at any adjournment thereof
Dated______ day of _______________2013
For Ofce Use only
Proxy No.
Regd. Folio/Client ID ___________________ No. Shares ___________________
Afx
Rs. 1/Revenue
Stamp
Members Signature
Notes:
1. The Form should be signed across the stamp as per specimen signature registered with the Company.
2. The Proxy Form must be deposited at the Registered Ofce / Corporate Ofce of the Compnay not less than 48 hrs.
before the time xed for holding the Meeting.
3. A Proxy need not be a Member.
73
Vipu l Lim it e d
CIRCULAR
CIR/MRD/DP/10/2013
March 21, 2013
To,
All Companies whose securities are listed on Stock Exchanges (through Stock Exchanges);
All Registrars to an Issue and Share Transfer Agents (RTI & STA);
All Depositories;
All Stock Exchanges.
Dear Sir / Madam,
Sub: Usage of electronic payment modes for making cash payments to the investors
Please refer to SEBI circular no. DCC/FITTCIR-3//2001 dated October 15, 2001 and circular no D&CC/FITTC/CIR-04/2001 dated November 13, 2001 on
usage of ECS (Electronic Clearing Services) facility and warrants for distribution of dividends or other cash benefits to the investors.
2. Advancements in the field of electronic payment systems in the last decade have made available various other modes of electronic funds transfer viz.
National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), etc. In view of such advancements, it has been decided to modify the
framework as under:
(a) For making cash payments to the investors, companies whose securities are listed on the stock exchanges shall use, either directly or through their
RTI & STA, any RBI (Reserve Bank of India) approved electronic mode of payment such as ECS [ LECS (Local ECS) / RECS (Regional ECS) / NECS
(National ECS) ], NEFT, etc.
(b) Further, in order to enable usage of electronic payment instruments, companies whose securities are listed on the stock exchanges (or their RTI & STA)
shall maintain requisite bank details of their investors (i)
For investors that hold securities in demat mode, companies or their RTI & STA shall seek relevant bank details from the depositories. To this end,
vide circular SEBI/MRD/DEP/Cir-3/06 dated February 21, 2006 and letter MRD/DEP/PP/123624/2008 dated April 23, 2008, depositories have
been advised to ensure that correct account particulars of investors are available in the database of depositories.
(ii) For investors that hold physical share / debenture certificates, companies or their RTI & STA shall take necessary steps to maintain updated bank
details of the investors at its end.
c)
In cases where either the bank details such as MICR (Magnetic Ink Character Recognition), IFSC (Indian Financial System Code), etc. that are required
for making electronic payment are not available or the electronic payment instructions have failed or have been rejected by the bank, companies or
their RTI & STA may use physical payment instruments for making cash payments to the investors. Companies shall mandatorily print the bank account
details of the investors on such payment instruments.
3.
Stock exchanges are directed to bring the provisions of this circular to the notice of all the companies whose securities are listed on the stock exchange
and also to disseminate the same on their website.
4.
All companies whose securities are listed on Stock exchanges and their RTI & STA are directed to comply with the provisions of the circular.
5.
Depositories are directed to provide to companies (or to their RTI & STA) updated bank details of their investors.
6.
This circular shall supersede circular no. DCC/FITTCIR-3//2001 dated October 15, 2001 and circular no D&CC/FITTC/CIR-04/2001 dated November
13, 2001.
7.
This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 to protect
the interests of investors in securities and to promote the development of, and to regulate the securities market.
Yours faithfully,
Maninder Cheema
Deputy General Manager
Email: maninderc@sebi.gov.in
74

Vipul 2013

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COM PAN Y SECRETARY

REGI STERED OFFI CE

Direct ors Report

Report on Corporat e Governance

Vipul TechSquare, Golf Course Road,

Managem ent Discussion & Analysis Report

M/ s. L. B. Jha & Co.

Pro t & Loss St at em ent

Not es t o t he Financial St at em ent s

BAN KER( S) / I N STI TUTI ON ( S)

Cash Flow St at em ent

I ndian Overseas Bank

Pro t & Loss St at em ent

Not es t o t he Financial St at em ent s

Financial Det ails of Subsidiaries

Cash Flow St at em ent

ORD I N ARY BUSI N ESS:

aut horizing t heir represent at ive( s) t o at t end and

1. A M EM BER EN TI TLED TO ATTEN D AN D VOTE

vot e at t he Annual General Meet ing.

AT TH E M EETI N G I S EN TI TLED TO APPOI N T

RECEI VED AT TH E REGI STERED OFFI CE I .E.

3. The Regist er of Mem bers and Share Transfer Books

SECTOR- 4 3 , GURGOAN - 1 2 2 0 0 9 , N OT LESS

4. For effect ing any change in address, m em bers are

TH AN 4 8 H OURS BEFORE TH E COM M EN CEM EN T

request ed t o not ify t he sam e t o t he following:

OF TH E AN N UAL GEN ERAL M EETI N G. A BLAN K

- I f shares are held in physical m ode, t o t he

PROXY FORM I S EN CLOSED .

Com pany and/ or Regist rar and Share Transfer

- I f shares are held in elect ronic m ode, t o t heir

send duly cert i ed copy of t he Board Resolut ion

Deposit ory Part icipant ( DP) only and not t o t he

Regist rars & Share Transfer

m ode are request ed t o int im at e all changes

pert aining t o t heir bank det ails, ECS m andat es,

nom inat ions, power of at t orney, change of nam e

Agent s of t he Com pany. The said changes will

et c. t o t heir deposit ory part icipant only and not

t o t he Com pany or it s Regist rar and Transfer

Agent . The said changes will be aut om at ically

pa ym e nt s t o t he inve st or s.I n vie w of t he sa id

re ect ed in t he Com panys records.

pr int t he ba nk a ccount de t a ils of t he inve st or s

writ e t o t he Com pany at least one week before

on divide nd w a r r a nt s. The r e for e , m e m be r s

t he dat e of Annual General Meet ing giving det ails

holding sha r e s in physica l for m a r e r e que st e d

Mem bers seeking furt her inform at ion about t he

of t he inform at ion required.

All t he docum ent s referred t o in t he Not ice

Pa r t icula r s of t he ba nk in w hich t he y w ish

speci cally st at ed will be available for inspect ion

by t he Mem ber at t he Corporat e Of ce of t he

ha ve not be e n fur nishe d e a r lie r .

Com pany i.e. Vipul Techsquare, Golf Course

I I . Any cha nge in t he ir a ddr e ss/ m a nda t e /

11.00 a.m . t o 1.00 p.m . on all working days from

Sect or- 43,

t he dat e hereof up t o t he dat e of t he Annual

General Meet ing.

Under Sect ion 109A of t he Com panies Act ,