59
e bad news. ere is a possibility that 98% of those reading this cannot touch their toes when standing, cannot get beyond ‘five’ when doing push-ups and cannot run three storeys without panting for five minutes thereafter.
Talwalkars Better Value Fitness Limited I Annual Report 2012-13
Talw
alk
ars
ha
s cr
ea
ted
a
n e
nti
re b
usi
ne
ss t
o
rev
ers
e t
his
gri
m r
ea
lity
.
e
g
oo
d
ne
ws.
Corp
ora
te id
enti
ty
2
Chair
man’s
sta
tem
ent
4
Perf
orm
ance
hig
hlig
hts
6
CFO
’s o
verv
iew
2
0
Manag
emen
t D
iscu
ssio
n a
nd
Analy
sis
22
Dir
ecto
rs’
rep
ort
32
Rep
ort
on C
orp
ora
te G
ove
rnance
36
Financi
al In
form
ati
on
Sta
nd
alo
ne
51
Conso
lidate
d
79
Co
nte
nts
Co
rpo
rate
In
form
ati
on
Forw
ard
loo
kin
g S
tate
me
nt
This
an
nu
al r
ep
ort
an
d o
the
r st
ate
me
nts
– w
ritt
en
an
d o
ral –
th
at w
e p
eri
od
ical
ly m
ake
co
nta
in fo
rwar
d-l
oo
kin
g s
tate
me
nts
th
at s
et
ou
t an
tici
pat
ed
re
sult
s b
ase
d
on
th
e m
anag
em
en
t’s p
lan
s an
d a
ssu
mp
tio
ns.
We
hav
e t
rie
d w
he
reve
r p
oss
ible
to
ide
nti
fy s
uch
sta
tem
en
ts b
y u
sin
g s
uit
able
wo
rds
in c
on
ne
ctio
n w
ith
an
y
dis
cuss
ion
of
futu
re p
erf
orm
ance
.
We
can
no
t g
uar
ante
e t
hat
th
ese
forw
ard
loo
kin
g s
tate
me
nts
will
be
re
alis
ed
, alt
ho
ug
h w
e b
elie
ve w
e h
ave
be
en
pru
de
nt
in o
ur
assu
mp
tio
ns.
Th
e a
chie
vem
en
t
of
resu
lts
is s
ub
ject
to
ris
ks, u
nce
rtai
nti
es
and
eve
n in
accu
rate
ass
um
pti
on
s. S
ho
uld
kn
ow
n o
r u
nkn
ow
n r
isks
or
un
cert
ain
tie
s m
ate
rial
ise
, or
sho
uld
un
de
rlyi
ng
assu
mp
tio
ns
pro
ve in
accu
rate
, act
ual
re
sult
s co
uld
var
y m
ate
rial
ly f
rom
th
ose
an
tici
pat
ed
, est
imat
ed
or
pro
ject
ed
.
We
un
de
rtak
e n
o o
blig
atio
n t
o p
ub
licly
up
dat
e a
ny
forw
ard
-lo
oki
ng
sta
tem
en
ts, w
he
the
r as
a r
esu
lt o
f n
ew
info
rmat
ion
, fu
ture
eve
nts
or
oth
erw
ise
.
BO
AR
D O
F D
IREC
TO
RS
Mad
huka
r Ta
lwalk
ar
- Exe
cutive
Chairm
an
Pra
shant
Talw
alk
ar
- M
anagin
g D
irect
or
& C
EO
Vin
aya
k G
aw
and
e -
Whole
-tim
e D
irect
or
Gir
ish T
alw
alk
ar
- W
hole
-tim
e D
irect
or
Hars
ha B
hatk
al
- W
hole
-tim
e D
irect
or
Anant
Gaw
and
e -
Whole
-tim
e D
irect
or
& C
FO
Manohar
Bhid
e -
Indep
endent
Direct
or
Ram
an M
aro
o
- In
dep
endent
Direct
or
Mohan J
aya
kar
- In
dep
endent
Direct
or
Avi
nash
Phad
ke
- In
dep
endent
Direct
or
Ab
hije
et P
ati
l -
Indep
endent
Direct
or
Din
esh A
fzulp
urk
ar
- In
dep
endent
Direct
or
CO
MPA
NY
SEC
RETA
RY
Ava
nti
Sanka
v
STA
TU
TO
RY
AU
DIT
OR
SM
.K.
Dand
eker
& C
om
pany
Chart
ere
d A
ccounta
nts
No.
24
4,
Ang
ap
pa N
aic
ken S
tree
t
2nd F
loor, C
hen
nai -
60
0 0
01
.
BA
NK
ER
SU
nio
n B
ank
of
Ind
ia
REG
ISTR
AR
& S
HA
RE T
RA
NSFER
AG
EN
TS
Link
Inti
me
Ind
ia P
riva
te L
imit
ed
C-1
3,
Pannala
l Silk
Mill
s C
om
pound
L.B.S
Marg
, Bhand
up
(W
est)
Mum
bai -
40
0 0
78
.
REG
ISTER
ED
OFFIC
E8
01
– 8
13
, M
ahala
xmi C
ham
ber
s
22
, Bhula
bhai D
esai Road
Mum
bai – 4
00 0
26.
10
TH
AN
NU
AL G
EN
ER
AL M
EETIN
GTh
urs
day,
8th A
ug
ust
, 2013 a
t 12.3
0 p
.m.
Ven
ue:
M.C
. G
hia
Hall
of
Ind
ian T
exti
le A
cces
sories
&
Mach
iner
y M
anufa
cture
r’s
Ass
oci
ati
on,
Bhog
ilal H
arg
ovi
nd
as
Build
ing
, 4
th F
loor, K
ala
Ghod
a,
18/2
0,
K.
Dub
ash
Marg
Mum
bai – 4
00 0
01.
Talw
alk
ars
is In
dia
’s
larg
est
- a
nd
on
ly
liste
d -
fitn
ess
ch
ain
.
e c
om
pa
ny
is
stru
ctu
red
aro
un
d
the
po
siti
on
ing
of
‘A
fitn
ess
ce
ntr
e t
o
suit
ev
ery
po
cke
t a
nd
a
fitn
ess
so
luti
on
to
su
it e
ve
ry a
ge
gro
up
.’W
ith
14
4 c
en
tre
s
spre
ad
acr
oss
75
In
dia
n c
itie
s a
nd
to
wn
s.
An
d o
ver
133
,00
0m
em
bers
.
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed2
USP
A w
idel
y re
cog
nis
ed p
an-I
nd
ia h
ealt
h
gym
min
g e
xper
ience
fac
ilita
ted
by
pro
fess
ional
tra
iner
s. T
he
Com
pan
y al
so
com
prise
s a
stat
e-of-
the-
art
trai
nin
g
inst
itute
in T
han
e (M
um
bai
) th
at f
ocu
ses
on c
reat
ing
ind
ust
ry-r
ead
y p
rofe
ssio
nal
s
to m
an its
pan
-Ind
ia o
utl
ets.
List
ing
The
Com
pany’
s Eq
uit
y Share
s are
lis
ted
on t
he
Bom
bay
and
Nati
onal Sto
ck
Exc
hang
es w
ith a
mark
et c
ap
italis
ati
on
of
₹3,7
53 m
illio
n a
s on 3
1 M
arc
h
2013.
Fitn
ess
serv
ices
Zum
ba®
pro
gra
mm
e, S
pa,
Mass
ag
e,
Aer
ob
ics,
Yog
a,
NuFo
rm a
nd
of
Talw
alk
ars
(la
rge
size
form
ats
most
ly loca
ted
in m
etro
and
Tie
r I &
II loca
tions)
and
HiF
i (low
-cost
form
at
loca
ted
in n
on-m
etro
loca
tions)
.
Ou
tlet
deta
ils
Of
the
144 c
entr
es t
hat
the
Com
pany
has,
129 a
re u
nd
er t
he
Talw
alk
ars
bra
nd
and
15 u
nd
er H
iFi. O
f th
e 129
Talw
alk
ars
outl
ets,
101 w
ere
Com
pany-
und
er f
ranch
isee
ag
reem
ents
and
six
und
er t
rad
emark
lic
ense
.
Pro
mo
ters
The
Pro
mote
rs e
njo
y an e
xper
ience
and
ow
n a
n a
gg
reg
ate
54.7
8%
of
the
Com
pany’
s eq
uit
y.
Hig
hlig
hts
2012-1
3
to ₹
1,6
88 m
illio
n a
nd
36%
gro
wth
in
₹301 m
illio
n
6-8
% t
o ₹
15,0
00–18,0
00 p
.a.
Key
hig
hlig
hts
2012-1
3
Reve
nu
eEB
IDTA
Cash
pro
fit
Net
pro
fit
₹1,6
88
mill
ion
₹739
mill
ion
₹447
mill
ion
₹301
mill
ion
EB
IDTA
marg
inN
et
marg
inRO
NW
RO
CE
49%
20%
14%
20%
Annual Rep
ort
2012-1
33
a g
row
ing
rec
og
nit
ion t
hat
hea
lth a
nd
lifes
tyle
-ind
uce
d illn
esse
s.
Fig
hti
ng
th
e s
loth
die
tary
counse
lling
. In
dia
lea
ds
the
suff
erin
g f
rom
dia
bet
es;
by
20
30
nea
rly
9%
of
the
countr
y’s
pop
ula
tion is
likel
y to
be
aff
ecte
d b
y Ty
pe-
II d
iab
etes
const
ituti
ng
ab
out
85
-95
% o
f all
(Sourc
e:
Inte
rnational D
iab
etic
Federa
tion).
ID
F
ind
icate
s th
at
nea
rly
80
% o
f all
Typ
e-II
a c
om
bin
ati
on o
f a h
ealt
hy
die
t and
op
port
unit
y fo
r fr
ontl
ine
pla
yers
lik
e
Talw
alk
ars
.
Healt
hy
dem
og
rap
hic
sTh
e w
ork
ing
and
youth
pop
ula
tion in
dis
posa
ble
inco
mes
will
incr
ease
the
and
pro
duct
s. In t
urn
, th
is is
exp
ecte
d
spin
nin
g a
nd
aer
ob
ics,
am
ong
oth
ers.
pro
gra
mm
es (
dance
wit
h a
erob
ics
or
dance
wit
h e
xerc
ises
).
Ind
ia –
th
e r
igh
t ‘f
it’
The
wel
lnes
s m
ark
et in Ind
ia s
ust
ain
ed
its
gro
wth
to r
each
₹590 b
illio
n in
20
11
, re
pre
senti
ng
a g
row
th o
f 2
0%
₹ the
past
few
yea
rs.
frag
men
ted
; th
e m
ark
et s
hare
of
the
mer
e 2
5%
. Th
ere
is a
noth
er n
um
eric
al
yard
stic
k th
at
ind
icate
s th
at
Ind
ia is
at
the
cusp
of
rap
id g
row
th in t
his
sec
tor;
Ind
ia a
ccounts
for
less
than 0
.8%
of
the
tota
l hea
lth c
lub
s w
orl
dw
ide
and
0.3
%
of
the
tota
l m
emb
ers
worl
dw
ide,
while
Chin
a a
ccounts
for
1.7
% o
f th
e hea
lth
club
s and
2.7
% o
f th
e to
tal m
emb
ers
worl
dw
ide
(Sourc
e:
IHRSA
2013).
At
incr
ease
in d
isp
osa
ble
inco
mes
, lif
esty
le
asp
irati
ons
and
hea
lth a
ware
nes
s,
infr
ast
ruct
ure
will
incr
ease
and
the
countr
y w
ill s
oon e
mer
ge
as
one
of
the
the
worl
d.
Talw
alk
ars
– a
t th
e
inte
rsect
ion
of
healt
h a
nd
w
ealt
hA
t Ta
lwalk
ars
, w
e are
the
mark
et lea
der
s
enjo
ying
a p
an-I
nd
ia p
rese
nce
, th
e
acr
oss
75 c
itie
s, t
ow
ns
and
Tie
r-III
loca
tions.
The
Com
pany’
s m
emb
ersh
ip
acr
oss
loca
tions,
ben
chm
ark
ed
to a
n inte
rnati
onal st
and
ard
and
cust
om
ised
aro
und
Ind
ian n
eed
s. T
he
Com
pany’
s 25,0
00 s
q.
ft r
esid
enti
al
train
ing
aca
dem
y in
Thane
(Mum
bai)
reso
urc
e sh
ort
ag
e.
Go
od
mo
rnin
g!
To a
Healt
hy
Ind
ia. Fi
t In
dia
.
I am
ple
ase
d t
o r
ep
ort
th
at
Talw
alk
ars
Bett
er
Valu
e F
itn
ess
Lim
ited
delive
red
a r
ob
ust
perf
orm
an
ce in
2012-1
3 d
esp
ite a
challen
gin
g e
nvi
ron
men
t m
ark
ed
by
slo
win
g c
on
sum
pti
on
an
d a
wid
esp
read
cu
tback
in
op
tio
nal sp
en
din
g.
Ch
air
ma
n’s
co
mm
un
iqu
é
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed4
acr
oss
aro
und
4,0
00 -
5,0
00 s
q.
ft,
larg
ely
targ
etin
g c
ust
om
ers
in T
ier-
I and
II c
itie
s. T
his
pru
den
tly-
stru
cture
d m
od
el
thro
ug
h r
oya
lty
rece
ipt.
This
mod
el a
lso
keep
s op
en t
he
buyo
ut
of
the
sub
sid
iary
Bes
ides
, Ta
lwalk
ars
is
pre
sent
acr
oss
chain
in t
erm
s of
the
fact
that
we
not
bra
nd
but
als
o o
per
ate
the
cost
-
whic
h a
re larg
ely
loca
ted
in T
ier-
II a
nd
III to
wns
and
ap
pea
l to
this
seg
men
t
of
the
pop
ula
tion.
The
15 H
iFi Fi
tnes
s
Cen
tre
are
com
ple
tely
op
erate
d t
hro
ug
h
franch
isee
s, w
hic
h h
as
a h
igh R
OC
E
imp
licati
on in t
erm
s of
zero
cap
ex o
n
of
an u
pfr
ont
roya
lty
fee
for
bra
nd
usa
ge,
tec
hnic
al su
pp
ort
and
ong
oin
g
roya
lty
of
6-8
% p
er y
ear
on t
he
oth
er.
® p
rog
ram
me,
NuFo
rm,
per
sonal tr
ain
ing
, sp
a,
aer
ob
ics
and
Red
uce
. Red
uce
was
Mum
bai in
clud
ed)
on 1
9 J
une
in 3
1
in 2
011-1
2 t
o a
round
20-2
2%
in 2
01
2-
13 w
ith c
om
men
sura
tely
hig
her
EBID
TA
Ou
tlo
ok
to 1
65-1
75 b
y FY
14.
The
pro
port
ion
franch
isee
s is
exp
ecte
d t
o r
ise,
whic
h
will
op
tim
ise
the
nee
d f
or
cap
ital and
we
exp
ect
to r
oll
out
Zum
ba
®
pro
gra
mm
e, N
uFo
rm a
nd
Red
uce
acr
oss
a g
row
ing
num
ber
of
centr
es,
whic
h
will
str
eng
then
our
EBID
TA m
arg
ins
goin
g f
orw
ard
. W
e are
als
o s
couti
ng
for
sport
s cl
ub
and
we
exp
ect
to c
om
e up
wit
h a
n a
nnounce
men
t so
on.
Nam
ast
e
To a
Hea
lthy
Ind
ia.
Fit
Ind
ia
Mad
hu
kar
Talw
alk
ar, C
hairm
an
Rig
ht
stra
teg
y fo
r g
row
th –
Ta
lwalk
ars
su
bsi
dia
ry m
od
el
T
arg
ets
cust
om
ers
in T
ier-
I and
II ci
ties
L
ow
cap
ex d
ue
to 5
1%
hold
ing
Talw
alk
ars
HiF
i m
od
el
up
front
roya
lty
fee
and
ong
oin
g a
nnuit
y fe
e
F
ast
er r
oll
out
S
tren
gth
en a
fford
ab
ility
as
the
entr
y p
rice
poin
t w
ould
be
typ
ically
low
er a
nd
hen
ce
net
a larg
e sw
ath
e of
cust
om
ers
wit
hout
incr
emen
tal co
sts
und
er f
ranch
isee
form
at
Annual Rep
ort
2012-1
35
He
alt
h is
w
ea
lth
2008-0
9
2008-0
9
595
2.2
2009-1
0
2009-1
0
661
3.2
2010-1
1
2010-1
1
1,0
23
3.8
2011-1
2
2011-1
2
1,3
05
3.3
2012-1
3
2012-1
3
1,6
88
3.7
Talw
alk
ars
Reve
nu
e g
row
th (
₹ m
illio
n )
…
… W
hic
h h
as
en
ab
led
co
mfo
rtab
le d
eb
t se
rvic
ing
th
rou
gh
gro
win
g in
tere
st c
ove
r (t
imes)
…
Five
-year
CA
GR o
f 3
0%
led b
y th
e e
stab
lishm
ent
of
new
fitness
centr
es,
gro
win
g m
em
bers
hip
base
and g
row
ing m
em
bers
hip
fees
Inte
rest
cove
r has
gro
wn f
rom
2.2
in 2
008-0
9 t
o 3
.7 in 2
012-1
3
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed6
2008-0
9
2008-0
9
2008-0
9
2008-0
9
68%
67
176
4.2
8
2009-1
0
2009-1
0
2009-1
0
2009-1
0
61%
79
260
4.4
3
2010-1
1
2010-1
1
2010-1
1
2010-1
1
60%
160
421
6.8
0
2011-1
2
2011-1
2
2011-1
2
2011-1
2
59%
221
559
9.1
5
2012-1
3
2012-1
3
2012-1
3
2012-1
3
55%
301
739
12.1
5
… A
nd
tig
ht
con
tro
l o
n o
pera
tin
g c
ost
s (o
pera
tin
g c
ost
s as
a p
erc
en
tag
e o
f g
ross
re
ven
ue)…
Co
up
led
wit
h a
tax
rate
of
32.4
5%
, n
et
pro
fit
(aft
er
min
ori
ty in
tere
st)
has
rep
ort
ed
ro
bu
st g
row
th (
₹ m
illio
n)…
Led b
y op
era
ting leve
rage k
ickin
g in
Five
-year
CA
GR o
f 45%
with h
ealthy
net
pro
fit
marg
in g
row
th –
from
13
% in 2
008-0
9 t
o 2
0%
in 2
012-1
3
… H
as
led
to
a s
urg
e in
op
era
tin
g p
rofi
t (₹
millio
n )
…
… A
nd
by
pro
tect
ing
sh
are
ho
lder
inte
rest
th
rou
gh
min
imal eq
uit
y d
ilu
tio
n, EPS h
as
incr
ease
d o
ver
the y
ears
(₹)
Five
-year
CA
GR o
f 43
% w
ith c
onsi
stent
op
era
ting p
rofit
marg
in
gro
wth
– f
rom
33
% in 2
008-0
9 t
o 4
9%
in 2
012-1
3
Five
-year
CA
GR o
f 29.8
% leadin
g t
o a
ttra
ctiv
e s
hare
hold
er
valu
e
creation
Annual Rep
ort
2012-1
37
Th
e b
ig p
ictu
re
to k
eep
gro
win
g y
ear-
on-y
ear, d
ecad
e-on-d
ecad
e d
ue
to a
fund
am
enta
l
This
then
is
the
basi
c arg
um
ent:
70%
of
urb
an Ind
ians
are
ob
ese
or
num
ber
of
Ind
ians
wit
h c
ard
iac
dis
ease
s had
incr
ease
d f
rom
1%
in
Inte
rnati
onal H
eart
Pro
tect
ion S
um
mit
).
train
ers,
die
tici
an a
nd
mass
eur
will
work
.
When
it
com
es t
o g
ym infr
ast
ruct
ure
, In
dia
is
one
of
the
most
und
er-
nati
ons.
For
inst
ance
USA
acc
ounts
for
38
% o
f to
tal hea
lth c
lub
mem
ber
s w
orl
dw
ide
while
this
share
of
Ind
ia is
0.3
% (Sourc
e:
IHRSA
2013). Inte
rest
ing
ly Ind
ia a
ccounts
for
17
.6%
of
the
worl
d’s
tota
l
pop
ula
tion w
hile
USA
acc
ounts
for
only
4.5
% (Sourc
e:
IMF,
World
Eco
nom
ic O
utlook 2
013).
At
Talw
alk
ars
, w
e are
tom
orr
ow
’s g
ym t
od
ay.
Ind
ia’s
only
org
anis
ed
liste
d p
laye
r.
hea
lthy.Do
yo
u t
hin
k
yo
u r
ea
lly k
no
wTa
lwa
lka
rs?
An insi
ght
into
the
Com
pany’
s uniq
ue
busi
nes
s m
od
el
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed8
centr
e to
day.
Ind
ia’s
only
org
anis
ed
liste
d p
laye
r.
Wid
enin
g its
busi
nes
s p
ort
folio
wit
h t
he
Annual Rep
ort
2012-1
39
When
you f
eel lik
e g
oin
g f
or
a m
orn
ing
str
etch
,
are
you m
ore
lik
ely
to a
dju
st y
our
dra
win
g r
oom
feel
lik
e sh
edd
ing
som
e w
eig
ht
are
you lik
ely
to jog
Ther
e is
an incr
easi
ng
com
munit
y of
Ind
ians
who w
ould
rath
er s
ign in w
ith
Inte
rest
ing
ly,
Talw
alk
ars
is
no long
er t
he
bra
nd
that
it u
sed
to b
e. T
he
bra
nd
has
For
one,
‘Ta
lwalk
ars
’ is
not
just
one
bra
nd
; it
has
exte
nd
ed f
rom
a c
ore
gym
bra
nd
to a
n u
mb
rella
bra
nd
com
pri
sing
thre
e su
b-b
rand
s, e
ach
of
whic
h c
an b
e
Thre
e, ‘
Talw
alk
ars
’ has
enri
ched
its
ap
pea
l th
roug
h inte
rnati
onal b
rand
alli
ance
s
wit
h Z
um
ba
®
Zum
ba
®
wee
kly
Zum
ba
® c
lass
es in m
ore
than 1
40
,00
0 loca
tions
acr
oss
more
than 1
51
countr
ies
(Sourc
e:
Zum
ba
® F
itness
web
site
).
are
as
will
com
prise
consu
ltin
g, ex
ecuti
on, m
anag
emen
t and
op
erati
ons
of
leis
ure
exp
erti
se a
nd
str
ate
gic
know
led
ge
on c
ost
s, im
ple
men
tati
on a
nd
exe
cuti
on o
f
e
Ta
lwa
lka
rs
bra
nd
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed10
Wh
at
sta
rte
d o
ut
as
a g
ym
b
ran
d n
ow
sta
nd
s fo
r re
call
s lik
e
‘we
lln
ess
’, ‘c
om
fort
lev
el’
an
d
‘mo
re t
ha
n ju
st g
ym
s’.
Annual Rep
ort
2012-1
311
You s
ee t
he
nam
e of
a g
ym e
ach
day
you g
o t
o w
ork
. W
hen
you g
o t
o
anoth
er c
ity,
you s
ee t
he
sam
e b
rand
ther
e. W
hen
you g
o t
o y
et a
noth
er
city
, yo
u s
ee t
he
sam
e b
rand
. W
hen
you r
ead
the
morn
ing
pap
ers,
you
see
an a
d b
y th
e co
mp
any.
Fin
ally
,
you s
ee t
he
sam
e co
mp
any
set
up
a
gym
in y
our
nei
ghb
ourh
ood
. A
re y
ou
likel
y to
see
this
and
say
‘Ho h
um
’ or
are
you lik
ely
to s
ay
‘Wow
, th
e sa
me
com
pany!
’
Talw
alka
rs is
India
’s la
rges
t org
anis
ed g
ym b
rand w
her
e th
e
(Sourc
e: c
om
pan
y w
ebsi
tes
as o
n M
ay 2
013
and IH
RSA
2013). T
his
mak
es t
he
Com
pan
y a
com
pel
ling
par
tner
for
inte
ndin
g a
llian
ce p
artn
ers.
Th
e r
esu
lt:
Talw
alk
ars
is
as
much
an u
rban Ind
ian b
rand
as
it is
sem
i-urb
an,
wit
h t
he
pro
port
ion o
f th
e la
tter
ris
ing
.
What
make
s th
is w
idel
y se
mi-
urb
an s
pre
ad
fasc
inati
ng
is
that
the
Com
pany
is p
rese
nt
in p
lace
s th
at
most
peo
ple
Guntu
r and
Bhila
i to
nam
e a f
ew.
larg
e, g
row
ing
and
late
nt
pan-I
nd
ia m
ark
et o
n t
he
oth
er.
Sh
ee
r sc
ale
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed12
what
the
Com
pany
is lik
ely
to p
ut
into
it.
The
Cap
ex s
pen
din
g in 2
013-1
4 is
exp
ecte
d t
o d
eclin
e
sub
stanti
ally
.
rollo
ut;
on t
he
contr
ary
, th
is m
od
erate
d s
pen
din
g is
exp
ense
d.
base
fro
m w
hic
h t
he
Com
pany
expec
ts t
o g
ener
ate
hig
her
to incr
ease
fro
m 1
29 t
o 1
40-1
45 in 2
013-1
4, H
iFi gym
s
expec
ted t
o incr
ease
form
15 t
o 2
0-2
5, th
e num
ber
of
centr
es o
ffer
ing Z
um
ba
® p
rogra
mm
e is
est
imate
d t
o incr
ease
from
29 t
o 1
00.
Th
e r
esu
lt:
gen
erati
on w
ill e
xcee
d o
r eq
ual ca
pit
al ex
pen
dit
ure
,
and
sust
ain
ab
ility
.
Would
you b
e se
duce
d b
y in
crea
sing
would
you r
ath
er s
ee h
ow
much
is
goin
g into
the
busi
nes
s and
how
much
the
com
pany
is e
xtra
ctin
g f
rom
it
our
busi
nes
s ex
iste
nce
fro
m w
hic
h p
oin
t it
will
bec
om
e
incr
easi
ng
ly p
oss
ible
to g
ener
ate
a s
urp
lus
hig
her
than
To
wa
rds
ca
sh-
po
siti
ve
from
144 in 2
012-1
3 t
o 1
65-1
75 b
y 2013-1
4 u
nd
er
the
die
tary
pla
n –
cum
- w
eig
ht
loss
(Red
uce
) to
centr
es o
ffer
ing
Zum
ba
® p
rog
ram
me
is e
stim
ate
d t
o
incr
ease
fro
m 2
9 t
o 1
00.
Annual Rep
ort
2012-1
313
would
you p
refe
r to
go t
o s
om
eone
who
solu
tion?
At
Talw
alk
ars
, w
e st
art
ed a
s a c
ore
gym
min
g c
om
pany
that
has
since
ext
end
ed into
ad
jace
nt
space
s and
em
erg
ed a
s a h
ealt
h-
ori
ente
d lifes
tyle
org
anis
ati
on.
So w
e are
not
just
ab
out
gym
s; w
e are
ab
out
off
erin
g d
ieta
ry
and
wei
ght
loss
pro
gra
mm
es;
we
are
ab
out
ente
rtain
men
t-
base
d d
ance
form
s (Z
um
ba
®
wit
h f
un;
we
are
ab
out
exte
nd
ing
a g
ym-c
entr
ic b
usi
nes
s to
a c
lub
-cen
tric
mod
el w
hic
h f
use
s g
yms,
wei
ght
loss
, Zum
ba
®
pro
gra
mm
e, h
osp
italit
y, s
pa,
mass
ag
e, a
erob
ics
and
yog
a into
a
com
posi
te o
ffer
ing
.
This
ext
ensi
on w
ill d
o a
num
ber
of
thin
gs
for
Talw
alk
ars
:
tick
et t
o larg
e ti
cket
.
Be
yo
nd
g
ym
min
g
At
Talw
alk
ars
, w
e st
art
ed a
s a c
ore
gym
min
g c
om
pany
that
has
since
exte
nd
ed into
ad
jace
nt
space
s and
emer
ged
as
a h
ealt
h-o
rien
ted
lifes
tyle
org
anis
ati
on.
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed14
Would
you r
ath
er s
ee a
com
pany
gro
win
g
spee
d b
ut
stra
inin
g its
Bala
nce
Shee
t in
the
pro
cess
or
would
you r
ath
er s
ee a
an a
sset
-lig
ht
ap
pro
ach
that
make
s it
poss
ible
to e
xpand
in a
sust
ain
ab
le w
ay?
anyw
her
e in
Ind
ia,
we
are
req
uired
to p
ut
dow
n 1
00%
of
the
In a
busi
nes
s w
ith a
sim
ult
aneo
usl
y la
rge,
und
er-a
dd
ress
ed
and
gro
win
g p
ote
nti
al, t
her
e is
a p
rem
ium
on o
ur
ab
ility
to
limit
ati
ons
imp
ose
d b
y our
Bala
nce
Shee
t si
ze o
n t
he
oth
er.
com
mis
sioned
in s
malle
r In
dia
n t
ow
ns
wher
e Ta
lwalk
ars
bea
rs
(up
front
eng
ag
emen
t fe
e and
ong
oin
g r
oya
lty
paym
ent)
and
make
s it
poss
ible
to e
xpand
at
a q
uart
er o
f th
e co
st o
f th
e
esti
mate
d 1
5 in 2
012-1
3 t
o 2
0-2
5 in 2
013-1
4.
Ass
et-
ligh
t
Annual Rep
ort
2012-1
315
Would
you m
erel
y g
lance
at
the
pro
mote
rs o
f th
e co
mp
any
or
als
o
mem
ber
s on t
he
Com
pany’
s Board
com
mit
men
t?
way,
com
plia
nce
wit
h t
he
law
s of
the
land
, co
rpora
te
transp
are
ncy
, re
spec
t fo
r m
erit
and
focu
sing
on t
he
show
case
d is
the
com
pany’
s Board
of
Dir
ecto
rs,
Go
ve
rna
nce
incr
easi
ng
ly h
esit
ant
ab
out
part
ing
wit
h t
hei
r
cash
in a
challe
ng
ing
20
12
-13
, th
e C
om
pany
core
busi
nes
s.
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed16
When
you look
at
the
busi
nes
s of
Talw
alk
ars
, are
you m
ore
lik
ely
to jud
ge
the
Com
pany
on t
he
basi
s of
whic
h s
ecto
r
of
its
core
busi
nes
s m
od
el is
on t
he
rise
?
ab
out
part
ing
wit
h t
hei
r ca
sh in a
challe
ng
ing
2012-1
3,
the
busi
nes
s.
orien
tati
on.
12 m
onth
s to
thre
e-and
-a-h
alf t
o f
our
years
tod
ay.
So a
t Ta
lwalk
ars
, th
e b
ig s
tory
is
not
just
that
we
are
gro
win
g o
ur
inte
rest
ed f
ranch
isee
s and
sub
sid
iary
part
ner
s ke
en t
o s
tart
more
Ris
ing
co
re
pro
fita
bili
ty Annual Rep
ort
2012-1
317
At
Talw
alk
ars
, w
e w
ent
into
busi
nes
s th
roug
h t
he
rollo
ut
of
gym
s w
hic
h g
ener
ate
d a
n u
pfr
ont
yearly
mem
ber
ship
fee
in a
dd
itio
n t
o r
epea
t re
new
al in
com
e.
stre
ng
then
ed:
from
33%
in 2
008-0
9 t
o 4
9%
in 2
012-
13.
in t
erm
s of
size
, fr
equen
cy a
nd
sust
ain
ab
ility
.
per
iod
ic o
r annuit
y in
natu
re,
sust
ain
ing
the
Com
pany’
s
pay-
per
-use
mod
el.
When
ap
pra
ised
by
syner
gy,
resu
ltin
g in a
gre
ate
r re
liance
on inte
rnal g
ener
ati
on
and
dec
line
in e
xter
nal b
orr
ow
ing
.
When
you a
pp
rais
e a b
usi
nes
s, w
ould
you b
e hap
py
seei
ng
a lin
ear
incr
ease
you b
e d
elig
hte
d t
o s
ee d
iffe
rent
imp
licati
ons?
Div
ers
e
rev
en
ue
st
rea
ms
Bu
sin
ess
Fr
eq
uen
cy*
Core
gym
A
nnual
HiF
i g
ym
Annual
Mass
ag
e, s
pa
Pay
per
use
Yog
a
Month
ly/ q
uart
erly
Zum
ba
® p
rog
ram
me
Month
ly/q
uart
erly
Red
uce
M
onth
ly/q
uart
erly
NuFo
rm
Quart
erly
/ annual
* F
requency
rep
rese
nts
the u
sual enro
llment
patt
ern
for
each
of
the g
iven s
erv
ices
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed18
Would
you a
pp
rais
e Ta
lwalk
ars
only
by
the
the
Com
pany’
s in
tern
ati
onal alli
ance
s w
ith
larg
e, m
ark
et-l
ead
ing
glo
bal le
ad
ers
as
wel
l?
hom
egro
wn s
ucc
ess
story
in p
rofe
ssio
nal g
ym c
om
mis
sionin
g a
nd
manag
emen
t.
Rath
er t
han b
e ca
ug
ht
up
in o
ur
ow
n s
ucc
ess
story
and
gro
w
to e
xten
d into
ad
jace
nt
busi
nes
s sp
ace
s th
roug
h e
ng
ag
emen
ts
Zum
ba
® F
itnes
s: Z
um
ba
® F
itnes
s, a
glo
bal lif
esty
le b
rand
, is
a L
ati
n ®
pro
gra
mm
e off
ers
a c
om
ple
te b
od
y w
ork
out
in a
sin
gle
ses
sion.
take
wee
kly
Zum
ba
® c
lass
es in m
ore
than 1
40,0
00
loca
tions
acr
oss
more
than 1
51 c
ountr
ies
(Sourc
e:
Zum
ba
® F
itness
web
site
).
sport
s, h
ealth a
nd lei
sure
gro
up. It
oper
ate
s 81 p
rem
ium
sport
s,
hea
lth a
nd lei
sure
clu
bs
in t
he
UK a
s w
ell as
10 c
lubs
acr
oss
Euro
pe.
DLL
clu
bs
com
prise
cel
ebrity
mem
ber
s in
cludin
g O
lym
pic
and w
orld
cham
pio
ns
and o
ther
elit
e sp
ort
smen
and w
om
en, act
ors
and
from
thes
e re
late
d b
usi
nes
ses.
Inte
rna
tio
na
l a
llia
nce
s
Annual Rep
ort
2012-1
319
Q: W
ere
yo
u p
lease
d w
ith
th
e
perf
orm
an
ce o
f th
e C
om
pan
y d
uri
ng
the y
ear
un
der
revi
ew
?
A: It
was
a g
ood
yea
r if o
ne
goes
as
inco
me
gre
w 2
9%
, EBID
TA g
rew
32
% a
nd
PA
T (a
fter
min
ori
ty inte
rest
)
busi
nes
s m
od
el.
rep
ort
ed a
45
% b
ott
om
line
gro
wth
bott
om
line
gro
wth
in t
he
seco
nd
half.
This
ind
icate
s th
at
as
the
year
pro
gre
ssed
, b
usi
nes
s co
nd
itio
ns
bec
am
e in
crea
sing
ly c
halle
ng
ing
;
spen
der
s hes
itate
d w
hen
it
cam
e to
dis
cret
ionary
sp
end
ing
and
yet
the
Com
pany
conti
nued
to r
eport
an
gain
to c
om
e out
of
our
work
ing
in
this
challe
ng
ing
yea
r w
as
that
ther
e
Q: W
hat
were
so
me o
f th
e
ach
ieve
men
ts o
f th
e C
om
pan
y
du
rin
g t
he y
ear
un
der
revi
ew
?
A: Pri
nci
pally
, I w
ould
say
that
we
from
the
sim
ilar
quantu
m o
f d
ebt
that
Consi
der
this
: w
e had
₹1
,31
2 m
illio
n
of
long
-ter
m d
ebt
as
on 3
1 M
arc
h
2012 a
nd
₹1
,51
8 m
illio
n a
s on 3
1
Marc
h 2
01
3.
We
gen
erate
d a
cash
₹4
47
mill
ion d
uri
ng
the
year
had
more
than ₹
40
cr
of
deb
t alr
ead
y
sanct
ioned
to u
s b
ut
unb
orr
ow
ed.
Q: W
hat
were
so
me o
f th
e p
osi
tive
s
to h
ave
em
erg
ed
ou
t o
f th
e
Co
mp
an
y’s
wo
rkin
g d
uri
ng
th
e y
ear
un
der
revi
ew
?
A: A
t Ta
lwalk
ars
, th
e ke
y to
our
core
infr
ast
ruct
ure
on a
yea
r-on-y
ear
basi
s.
In 2
012-1
3, w
e gen
erate
d 7
-8%
sam
e
Q: W
hat
are
th
e v
ari
ou
s in
itia
tive
s
that
the C
om
pan
y em
bark
ed
up
on
to s
tren
gth
en
th
e b
usi
ness
du
rin
g
the y
ear
un
der
revi
ew
?
A: A
t Ta
lwalk
ars
, w
e st
art
ed a
s a g
ym-
reco
gnis
ed a
larg
e sc
op
e in
the
ad
jace
nt
busi
nes
s sp
ace
s of
hea
lth-
base
d e
nte
rtain
men
t, w
elln
ess
and
wei
ght
red
uct
ion.
red
uct
ion m
od
ule
s and
Zum
ba
®
pro
gra
mm
es in s
elec
t g
yms.
I a
m
ple
ase
d t
o s
tate
that
unlik
e m
ost
busi
nes
ses
wher
e la
unch
es a
re
follo
wed
by
exte
nd
ed g
esta
tion,
the
intr
od
uct
ion o
f th
ese
busi
nes
ses
to e
mer
ge:
ad
dit
ional in
com
es f
rom
ab
ility
to c
reate
new
gate
ways
to e
nlis
t
we
can e
xpec
t not
just
to b
oost
our
CF
O’s
ov
erv
iew
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed20
Q: W
ere
th
ere
an
y o
ther
bu
sin
ess
-
stre
ng
then
ing
in
itia
tive
s d
uri
ng
th
e
year
un
der
revi
ew
?
A: A
t Ta
lwalk
ars
, w
e re
cog
nis
ed t
hat
the
tim
e had
com
e fo
r us
to g
rad
uate
the
gym
busi
nes
s of
the
Com
pany
into
a s
trong
pote
nti
al d
emand
in T
ier
II
and
III c
itie
s. T
hes
e are
tow
ns
wher
e a
junct
ure
.
So in 2
011-1
2,
we
exp
erim
ente
d
wit
h t
he
launch
of
a n
ew f
ranch
ised
(Hea
lthy
Ind
ia,
Fit
Ind
ia).
In e
ach
HiF
i, t
he
enti
re c
ap
ex is
born
e b
y th
e
com
ple
te s
up
port
to t
he
franch
isee
train
ing
req
uirem
ents
. Th
is a
sset
-lig
ht
franch
ised
arr
ang
emen
t g
ener
ate
s
an u
pfr
ont
paym
ent
for
the
com
pany
in a
dd
itio
n t
o o
ng
oin
g r
oya
lty,
We
launch
ed f
our
such
HiF
i ce
ntr
es
in 2
011-1
2, fo
llow
ed b
y 11 in 2
012-
continued
to f
ocu
s on t
he
HiF
i bra
nd’s
rollo
ut,
sta
bili
sation a
nd g
row
th. I am
ple
ase
d t
o s
tate
that
the
bra
nd h
as
reach
ed r
emote
corn
ers
of
the
countr
y
2013-1
4, w
e si
gned
a f
ranch
isee
who
of
30 f
ranch
ised
outlet
s to
be
rolle
d
of
our
bra
nd a
nd b
usi
nes
s m
odel
.
Q: T
he
Com
pany
evolv
ed its
busi
nes
s
mod
el w
hen
most
com
panie
s
would
have
ref
erre
d t
o p
lay
safe
in a
challe
ngin
g 2
012-1
3. H
ow
does
the
Com
pany
take
this
ahea
d in 2
013-1
4?
A:
wate
rshed
in t
he
Com
pany’
s ex
iste
nce
for
som
e g
ood
rea
sons.
The
Com
pany
incr
ease
d t
he
pro
port
ion o
f it
s
non-g
ym b
usi
nes
s w
ith a
gre
ate
r
Com
pany
als
o m
ad
e an im
port
ant
reco
gnis
ed t
hat
a g
ym a
nd
sup
port
ing
busi
nes
ses
are
only
a s
ub
set
of
a
larg
er s
ecto
ral p
lay
– lei
sure
and
recr
eati
on.
So d
uring
the
cours
e of
gym
and
anci
llary
busi
nes
ses
to t
he
larg
er b
usi
nes
s of
a c
lub
. To
ad
dre
ss
the
com
pany
mad
e a Q
IP a
t ₹205.1
8
a s
hare
, m
ob
ilisi
ng
₹423.7
4 m
illio
n.
busi
nes
s to
whic
h w
e m
ay
be
occ
asi
onally
com
pare
d,
the
club
busi
nes
s w
ill g
ener
ate
up
front
and
pay-
per
-use
op
port
unit
ies
wit
hin
and
crea
te m
erch
and
ise
op
port
unit
ies,
acc
eler
ati
ng
payb
ack
to a
few
yea
rs.
Q: H
ow
do
es
the C
om
pan
y exp
ect
to
perf
orm
in
2013-1
4?
A:
13;
we
exp
ect
the
tract
ion t
o s
ust
ain
,
in 2
012-1
3 w
her
e th
e p
erce
nta
ge
exp
ect
to s
ust
ain
this
tre
nd
into
2013-
14 o
n a
ccount
of
incr
ease
d n
um
ber
of
25,
incr
ease
in t
he
launch
of
Red
uce
from
17 g
yms
to 7
5 a
nd
incr
ease
in
centr
es o
ffer
ing
Zum
ba
® p
rog
ram
me
from
29 t
o 1
00 d
uring
the
cours
e of
the
year.
Q: W
hat
do
th
ese
deve
lop
men
ts
tran
slate
in
to f
rom
a larg
er
pers
pect
ive?
A: G
radually
, Ta
lwalk
ars
is
emer
gin
g
gro
wth
. A
s w
e in
crea
se t
he
rollo
ut
of
HiF
i, R
educe
and Z
um
ba®
pro
gra
mm
e
alo
ng w
ith s
pa, aer
obic
s, m
ass
age
and y
oga p
an-I
ndia
, w
e ex
pec
t to
in 2
008-0
9 t
o 2
0-2
2%
in 2
012-1
3
to a
n e
stim
ate
d 3
5-4
0%
thre
e ye
ars
from
now
. It
will
inte
rest
share
hold
ers
that
thes
e busi
nes
ses
are
mark
ed b
y
neg
ligib
le c
apex
, hig
h r
eturn
and
cross
-sale
, st
rength
enin
g o
ur
corp
ora
te
Annual Rep
ort
2012-1
321
Ma
na
ge
me
nt
dis
cuss
ion
a
nd
an
aly
sis
Ind
ian
eco
no
my
The
Ind
ian e
conom
y g
rew
a r
esp
ecta
ble
5%
in 2
01
2-1
3
Pla
n.
This
coin
cid
es w
ith t
he
countr
y ex
pec
ted
to e
mer
ge
as
years
, fo
llow
ed b
y Bra
zil as
the
thir
d r
anke
d c
ountr
y (S
ourc
e:
Pla
nnin
g C
om
mis
sion).
Ind
ust
ry o
verv
iew
Wit
h incr
easi
ng
glo
bal and
med
ia e
xposu
re,
for
many
consu
mer
s to
day
to look
good
eq
uals
fee
l g
ood
. A
n incr
easi
ng
emp
hasi
s on a
hea
lthy
and
whole
som
e lif
esty
le h
as
bee
n t
he
spri
ng
board
for
the
wel
lnes
s in
dust
ry in Ind
ia.
Wel
lnes
s to
day
is n
ot
just
a ‘
met
ro’
phen
om
enon b
ut
consu
mer
s acr
oss
Tie
r-
seek
ing
wel
lnes
s so
luti
ons
to m
eet
thei
r lif
esty
le c
halle
ng
es.
Tota
l in
du
stry
reve
nu
e: U
SD
76b
illio
nG
lob
al fi
tness
mark
ets
USA
UK
Jap
an
Bra
zil
Main
land
C
hin
a
Ind
ia
28.8
%
8.2
%
6.8
%
3.1
%
2.0
%
0.7
%
0%
10%
20%
30%
USA
UK
Jap
an
Bra
zil
Main
land
C
hin
a
Ind
ia
38%
6%
3%
5%
3%
0.3
%
20%
4%
2%
15%
2%
1%
0%
10%
20%
30%
40%
Sourc
e:
IHRSA
2013
% o
f to
tal hea
lth c
lub
mem
ber
s w
orld
-wid
e
% o
f to
tal hea
lth c
lub
s w
orld
-wid
e
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed22
Alt
ernate
ther
ap
y
Fit
nes
s and
slim
min
g
Bea
uty
care
2011(`
560-5
90b
illio
n)
2014 (`940-9
60b
illio
n)
200-2
20
10
210
110
400-4
10
230-2
45
50
145-1
506
125-1
40
hea
lthca
re e
xpen
dit
ure
is
still
am
ong
st t
he
low
est
glo
bally
and
sim
ply
tre
ati
ng
a d
isea
se o
r cu
ring
illn
ess.
The
Ind
ian w
elln
ess
thre
e ye
ars
to ₹
940-9
60 b
illio
n b
y 2014.
Fitn
ess
and
slim
min
g
mark
et is
peg
ged
at
₹5
0 b
illio
n a
nd
is
set
to g
row
at
a r
ob
ust
pace
of
20-3
0%
to ₹
FIC
CI W
elln
ess
Rep
ort
).
such
as
gym
nasi
um
s co
mp
rise
50%
(₹25 b
illio
n)
of
the
5%
pen
etra
tion o
f th
e urb
an p
op
ula
tion.
Fitn
ess
equip
men
t
com
prise
s 20%
of
the
mark
et w
ith t
he
inst
ituti
onal se
gm
ent
contr
ibuti
ng
to t
he
bulk
of
the
curr
ent
dem
and
. Slim
min
g
gro
win
g s
egm
ents
. Slim
min
g p
rod
uct
s acc
ount
for
10%
of
the
mark
et a
nd
incl
ud
es m
eal-
rep
lace
men
t sl
imm
ing
pro
duct
s
Gro
wth
dri
vers
Asp
irati
on
to
be a
sso
ciate
d w
ith
a t
rust
ed
bra
nd
If t
her
e is
one
word
that
des
crib
es t
he
consu
mer
of
tod
ay
like
none
oth
er is,
asp
irati
onal. T
her
e is
em
erg
ent
nee
d t
o
ass
oci
ate
ones
elf
wit
h a
n e
stab
lished
and
tru
sted
bra
nd
.
Talw
alk
ars
, th
e b
rand
has
gro
wn f
rom
str
eng
th t
o s
tren
gth
the
aeg
is o
f w
elln
ess.
This
gro
wth
can b
e att
rib
ute
d t
o n
ot
mem
ber
s b
y ke
epin
g u
p w
ith c
ease
less
ly c
hang
ing
tre
nd
s of
the
seg
men
t.
Urb
an
isati
on
an
d r
isin
g in
com
e leve
ls in
Tie
r-II a
nd
III c
itie
s
The
Ind
ian c
onsu
mer
now
dis
pla
ys a
wid
e sp
ectr
um
of
whom
wel
lnes
s is
an inte
gra
l p
art
of
thei
r re
gula
r sc
hed
ule
.
but
als
o incr
ease
d t
he
dis
cret
ionary
sp
end
ing
esp
ecia
lly in t
he
urb
an f
ront.
The
urb
an p
op
ula
tion in T
ier
II,
III ci
ties
is
now
keep
ing
pace
ad
mirab
ly w
ith T
ier-
I ci
ties
off
erin
g h
ug
e p
ool
hea
lthca
re m
ore
aff
ord
ab
le.
The
HiF
i m
od
el b
roug
ht
to t
he
gro
wth
. To
day’
s H
iFi is
tom
orr
ow
’s T
alw
alk
ars
.
Annual Rep
ort
2012-1
323
Incr
ease
in
dis
creti
on
ary
sp
en
din
gRap
id u
rbanis
ati
on h
as
led
to lim
ited
sco
pe
for
op
en a
reas
for
in d
irec
t p
rop
ort
ion w
ith lifes
tyle
dis
ease
s and
as
a r
esult
FIC
CI W
elln
ess
Rep
ort
the
share
of
dis
cret
ionary
sp
end
ing
is
exp
ecte
d t
o g
row
to 5
0%
by
2019-2
0 f
rom
30%
in 2
000-
mod
els
– a
ctors
, sp
ort
smen
, and
lea
din
g p
erso
nalit
ies
from
diffe
rent
are
nas
has
pro
pag
ate
d t
he
mes
sag
e of
wel
lnes
s, f
ar
and
wid
e, a
nd
ther
eby
has
incr
ease
d t
he
pro
pen
sity
to s
pen
d
Incr
easi
ng
po
pu
lati
on
Th
e p
op
ula
tion a
gin
g 4
0 y
ears
plu
s is
exp
ecte
d t
o r
ise
from
33
% in 2
01
2 t
o 4
3%
by
2041.
Ind
ia’s
pop
ula
tion o
f co
nsu
mer
ag
e 4
0 y
ears
-plu
s is
more
than t
he
tota
l p
op
ula
tion o
f th
e
USA
. Th
is n
ew b
reed
of
consu
mer
s is
more
incl
ined
to s
pen
d
of
‘looki
ng
good
and
fee
ling
good
’. O
n t
he
oth
er h
and
the
youth
pop
ula
tion is
exp
ecte
d t
o r
ise
from
384 m
illio
n in
20
05
to 4
27
mill
ion b
y 2015.
This
youth
pop
ula
tion c
reate
s a
yog
a,
Zum
ba
® p
rog
ram
me
and
bala
nce
d d
ieta
ry r
egim
es.
Urb
an
po
pu
lati
on
in
millio
n
Tie
r 1
90
Tie
r 2
70
Tie
r 3
30
Oth
er
urb
an
187
Tota
l urb
an
Sourc
e:
Pw
C F
ICC
I W
elln
ess
Rep
ort
377
Glo
balisa
tio
nG
lob
alis
ati
on h
as
exp
ose
d p
eop
le t
o inte
rnati
onal cu
lture
s, ®
pro
gra
mm
es,
aer
ob
ics,
yog
a,
EM
S t
rain
ing
and
sp
a t
o n
am
e
a f
ew.
A s
hift
in d
emog
rap
hic
s has
pla
yed
a k
ey r
ole
in t
he
acr
oss
reg
ions.
To c
ate
r to
this
gro
win
g d
emand
, Ta
lwalk
ars
stud
ios.
Need
fo
r co
nve
nie
nce
conce
pt
targ
etin
g a
sel
ect
few
, has
now
gain
ed m
ain
stre
am
aud
ience
. C
onsu
mer
s to
day
want
to t
ake
contr
ol of
how
they
Mem
ber
s to
day
want
one
stop
solu
tion f
or
all
thei
r hea
lth
– g
ym,
aer
ob
ics,
yog
a,
per
sonal tr
ain
ing
, Zum
ba
® p
rog
ram
me,
wei
ght
loss
, d
iet,
sp
a,
mass
ag
e, n
utr
itio
nal su
pp
lem
ents
,
mer
chand
isin
g u
nd
er o
ne
um
bre
lla.
In a
dd
itio
n,
pro
xim
ity
to
50%
60%
70%
50%
40%
30%
2019-2
0
2009-1
0
2000-0
1
Non-
dis
cret
ionary
sp
end
ing
Dis
cret
ionary
sp
end
ing
Sourc
e:
Pw
C F
ICC
I W
eln
ess
Rep
ort
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed24
Talw
alk
ars
bu
sin
ess
mo
del
ass
et lig
ht
Bala
nce
Shee
t.
Ou
r p
rese
nce
Sourc
e:
Pw
C F
ICC
I W
eln
ess
Rep
ort
% o
f to
tal Po
pula
tion
50%
700
Mill
ion
600
500
400
300
40%
30%
20%
40ye
ars
Plu
s Po
pula
tion
2011
2012
2031
2041
360
380
400
420
440
Sourc
e:
Pw
C F
ICC
I W
eln
ess
Rep
ort
29%
33%
38%
43%
TBV
FL
100%
O
wner
ship
Franch
isee
Sub
sid
iary
TM
Note
: C
itie
s in
red indic
ate
more
than o
ne
fitn
ess
centr
es.
Map
not
to s
cale
and n
ot
inte
nded t
o m
ean p
olit
ical m
ap
of
India
.
Mill
ion
Youth
pop
ula
tion (
15-3
4 y
ears
) in
mill
ion
Annual Rep
ort
2012-1
325
its
att
enti
on o
n t
he
core
of
its
gym
eq
uip
men
t. A
s a p
rud
ent
corp
ora
te p
olic
y, T
alw
alk
ars
purc
hase
s g
ym e
quip
men
t d
irec
tly
from
rep
ute
d inte
rnati
onal m
anufa
cture
rs incl
ud
ing
Pre
cor,
the
Com
pany
has
als
o e
nte
red
into
long
-ter
m c
ontr
act
s w
ith
5-6
yea
rs (
by
chang
ing
part
s w
hic
h s
uff
er t
he
hig
hes
t w
ear
and
tea
r) a
t a n
om
inal co
st.
Als
o,
for
all
equip
men
t it
has
bee
n a
ble
to g
et e
xten
ded
warr
anti
es a
nd
AM
Cs
(annual
main
tenance
contr
act
s) f
or
a long
er d
ura
tion o
f ab
out
8-1
0
East
Wes
t
Nort
h
S
outh
26%
5%
43%
26%
wer
e lo
cate
d in S
outh
and
Nort
h w
hile
the
East
rep
rese
nte
d t
he
rest
at
5%
.
The
com
pany
has
wid
ened
its
foot
pri
nts
fro
m 6
4 c
itie
s in
FY1
2 t
o 7
5 c
itie
s to
day.
Form
at
Talw
alk
ars
Ow
ned
10
1
Sub
sid
iary
15
Franch
isee
7
Trad
emark
Lic
ense
d6
HiF
i15
Tota
l1
44
Tie
r1
T
ier2
T
ier3
25%
34%
41%
0
30
60
90
120
150
No
. o
f fi
tness
cen
tres
Ad
dit
ions
Beg
innin
g o
f th
e ye
ar
*
as
on 8
May
2013
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed26
Talw
alk
ars
– g
ain
ing
mu
scle
Nu
Form
Stu
dio
– F
itn
ess
wit
h ju
st 2
0 m
inu
tes
per
week
Mih
a B
od
ytec
cam
e up
wit
h t
he
conce
pt
of
losi
ng
wei
ght
thro
ug
h t
he
Ele
ctro
Musc
le S
tim
ula
tion (
EM
S)
tech
nolo
gy.
at
more
than 1
,500 c
entr
es a
cross
Ger
many
and
the
rest
of
intr
od
uce
d a
s N
uFo
rm b
y Ta
lwalk
ars
in Ind
ia.
Ta
lwalk
ars
NuFo
rm m
od
el:
Focu
ses
on w
eig
ht
loss
thro
ug
h
boost
ing
one’
s ef
fort
s to
shed
that
extr
a p
ound
, b
ut
just
min
ute
s of
work
out
once
a w
eek.
The
train
ing
whic
h o
ne
wei
ght
train
ing
.
Ta
rget
cust
om
er s
egm
ent:
Nufo
rm c
ate
rs t
o t
hat
part
icula
r
due
to a
short
ag
e of
tim
e, o
r d
ue
to h
ealt
h a
nd
ag
eing
issu
es.
The
prim
e m
ark
ets
incl
ud
e Ti
er-I
cit
ies
wit
h a
kee
n
U
SPs:
hours
wort
h o
f w
ork
out
on a
wee
kly
basi
s.
Ger
man d
esig
ned
sys
tem
enab
les
TBV
FL t
o o
ffer
pre
mie
r
musc
le f
orm
ula
tion a
nd
sti
mula
tion,
gre
ate
r m
usc
ula
r
stre
ng
th a
nd
end
ura
nce
.
A
dva
nta
ges:
Aim
s to
targ
et t
he
met
ro a
nd
Tie
r-I ci
ties
and
the
to w
ork
out.
in t
his
sp
ace
.
Sta
nd
alo
ne
hig
h-s
tree
t st
ud
ios:
Six
NuFo
rm S
tud
ios
are
op
erati
onal in
Mum
bai (A
nd
her
i, B
and
ra,
Chem
bur
and
Vile
Parle)
and
Thane
(Panch
pakh
ad
i and
Pokh
ran R
oad
,
Vasa
nt
Vih
ar)
.
Zu
mb
a® f
itn
ess
pro
gra
mm
e
Sta
rted
in 2
001,
the
Zum
ba
®
stea
dily
in s
tatu
re t
o b
ecom
e th
e w
orld
’s larg
est
and
most
® p
rog
ram
me
®’s
chore
og
rap
hy
inco
rpora
tes
hip
-hop
, so
ca,
sam
ba,
sals
a,
mer
eng
ue,
mam
bo,
Sq
uats
and
lung
es a
re a
lso incl
ud
ed.
This
pro
gra
mm
e has
alrea
dy
14 m
illio
n p
eop
le t
aki
ng
wee
kly
Zum
ba
® c
lass
es in
It o
ffer
s a c
om
ple
te b
od
y w
ork
out
in a
sin
gle
ses
sion.
The
Com
pany
has
incr
ease
d t
he
centr
es o
ffer
ing
Zum
ba
®
pro
gra
mm
e to
29 f
rom
15 e
arlie
r. T
he
Com
pany
curr
entl
y
®
train
ers
whic
h s
hall
faci
litate
in f
ast
er r
ollo
ut
of
Zum
ba
®
larg
e co
rpora
tes,
incl
ud
ing
MN
Cs,
for
Zum
ba
® p
rog
ram
me.
colle
ges
, aud
itorium
s am
ong
oth
ers.
Targ
eti
ng
to
sele
ct a
ud
ien
ce
Focu
s o
n
slim
min
g a
nd
weig
ht
loss
Tim
e s
avi
ng
,
con
ven
ien
t
fitn
ess
so
luti
on
Bett
er
realiza
tio
ns
Sta
nd
alo
ne h
igh
stre
et
stu
dio
s-
low
cap
ex.
Hig
h
RO
I
Annual Rep
ort
2012-1
327
En
han
cin
g p
rod
uct
ivit
y an
d m
em
ber
pro
file
Str
en
gth
s
Co
mp
eti
tive
pri
cin
g a
nd
hig
h
bra
nd
reca
ll
valu
e
Eco
no
mie
s
of
scale
Pro
xim
ity
to t
arg
et
cust
om
er
Op
era
tin
g
stra
teg
y
Qu
ality
an
d
stan
dard
ized
off
eri
ng
Qu
ality
tra
inin
g
aca
dem
y
U
SPs:
Th
e usu
al g
ym a
nd
aer
ob
ic c
lass
es a
re a
pass
é. T
he
late
st
one
gain
ing
pop
ula
rity
acr
oss
the
worl
d a
s w
ell as
in Ind
ia,
that
can h
elp
one
stay
in s
hap
e, is
Zum
ba
® p
rog
ram
me.
Zum
ba
®
of
part
icip
ants
. Ta
lwalk
ars
exp
ects
to t
ake
Zum
ba
®
pro
gra
mm
es t
o s
chools
and
colle
ges
as
wel
l, r
epre
senti
ng
A
dva
nta
ges:
Aid
s in
targ
etin
g t
he
young
er g
ener
ati
on t
hro
ug
h t
he
Op
ens
up
op
port
unit
y of
fora
ying
into
sel
ling
Zum
ba
®’s
bra
nd
ed m
erch
and
ise
such
as
ap
pare
ls,
DV
D a
nd
musi
c
sets
, fo
otw
ear, a
mong
oth
ers.
Red
uce
Red
uce
is
the
easy
wei
ght
loss
solu
tion.
You m
ight
ask
wher
e
stra
teg
ic t
wea
king
chang
e in
the
freq
uen
cy,
tim
ing
and
siz
e
of
the
mea
ls w
ith n
o r
estr
ain
ts o
n c
ond
uct
ing
ones
’ lif
esty
le
is o
ffer
ed a
t 1
7 c
entr
es f
rom
5 in J
uly
2012.
Red
uce
is
als
o
off
ered
as
’Hom
e b
ase
d R
educe
‘, p
rim
arily
cate
ring
to H
NIs
and
corp
ora
tes
at
thei
r d
oor
step
. Th
is r
equires
min
imal ca
pex
.
U
SPs:
Anyt
ime,
anyw
her
e w
eig
ht
loss
pro
gra
mm
e,
Once
a w
eek
pro
gra
mm
e, luring
a larg
er n
um
ber
of
part
icip
ants
.
op
tion f
or
its
consu
mer
s.
A
dva
nta
ges:
Wei
ght-
loss
wit
hout
rig
oro
us
train
ing
will
aid
in
att
ract
ing
sub
stanti
al in
tere
st f
rom
exi
stin
g a
s w
ell as
Once
a w
eek
pro
gra
mm
e w
ill a
ttra
ct m
emb
ers
resi
din
g
in T
ier-
I ci
ties
who a
re b
urd
ened
wit
h h
ecti
c sc
hed
ule
s.
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed28
Mark
eti
ng
in
itia
tive
sTh
e m
ark
etin
g t
eam
work
s in
clo
se t
and
em w
ith b
oth
ext
ernal
Pin
kath
on
– R
un
to
lead
Talw
alk
ars
part
ner
ed w
ith ‘
Pin
kath
on 2
012-
Run t
o lea
d’,
as
elec
trifyi
ng
Zum
ba
® p
erfo
rmance
s b
y Ta
lwalk
ars
Zum
ba
®
train
ers.
The
win
ner
of
the
mara
thon w
as
gifte
d o
ne
year
Lose
rs c
hallen
ge 2
012
Talw
alk
ars
and
Brita
nnia
Nutr
iChoic
e cr
eate
d a
wond
erfu
l
part
ner
ship
to e
nco
ura
ge
mem
ber
s to
get
in s
hap
e and
cre
ate
a h
ealt
hy
start
for
the
New
Yea
r. T
he
Lose
rs C
halle
ng
e is
a
and
incu
lcati
ng
hea
lthy
eati
ng
hab
its.
Ch
air
man
’s r
ew
ard
pro
gra
mm
eTh
e C
hairm
an’s
rew
ard
pro
gra
mm
e is
hel
d in a
pp
reci
ati
on
per
form
ance
each
yea
r.
Web
inar
exp
erie
nce
. Th
e sp
eake
r in
the
web
inar
is a
consu
ltant
who
centr
es.
Als
o,
the
web
inar
can a
ct a
s a c
ata
lyst
for
up
-sel
ling
Mis
s H
ydera
bad
2012
Mis
s H
yder
ab
ad
is
the
lead
ing
bea
uty
pag
eant
hel
d in
(2nd
tim
e in
a r
ow
) of
the
pag
eant.
Com
pany’
s ex
per
t tr
ain
ers
req
uirem
ent
and
asp
irati
ons
of
the
fash
ion a
nd
gla
mour
world
.
Hu
man
reso
urc
es
Hum
an r
esourc
es a
re t
he
key
to t
he
succ
ess
of
the
ind
ust
ry it
is e
xtre
mel
y es
senti
al to
hire
and
ret
ain
qualit
y
skill
ed m
anp
ow
er.
A p
auci
ty o
f sk
illed
and
tra
ined
per
sonnel
is w
hat
ails
the
conte
mp
ora
ry d
om
esti
c w
elln
ess
ind
ust
ry
the
most
. In
this
sce
nario t
he
train
ing
aca
dem
y at
Thane
has
ord
er t
o c
reate
a p
ool of
skill
ed m
anp
ow
er s
o a
s to
faci
litate
are
in lin
e to
mee
t th
e d
emand
s of
the
gro
win
g b
usi
nes
s
in t
he
years
to c
om
e. T
rain
ing
nee
ds
acr
oss
all
funct
ions
and
cond
uct
ed o
n a
n o
ng
oin
g b
asi
s b
oth
for
exis
ting
and
new
em
plo
yees
. Th
e re
muner
ati
on p
olic
y is
in lin
e w
ith t
he
Ris
ks
an
d c
on
cern
s
Eco
no
mic
ris
ks
has
take
n m
easu
res
to m
inim
ise
thei
r im
pact
. Th
e C
om
pany
has
wid
ened
its
rea
ch b
eyond
met
ro a
nd
Tie
r-I ci
ties
to T
ier-
II
and
III c
itie
s w
hic
h c
onti
nue
to e
xhib
it s
trong
consu
mp
tion
dem
and
. A
long
wit
h its
rea
ch t
he
Com
pany
has
als
o w
iden
ed
in t
he
econom
y m
ay
aff
ect
the
per
form
ance
of
the
Com
pany.
Annual Rep
ort
2012-1
329
Reg
ula
tory
ris
ks
The
wel
lnes
s in
dust
ry is
of
stra
teg
ic im
port
ance
to t
he
Ind
ian
(Sourc
e:
Pw
C
FIC
CI W
elln
ess
Rep
ort
). R
ecog
nis
ing
the
imp
ort
ance
of
this
maki
ng
or
bre
aki
ng
of
this
ind
ust
ry a
t su
ch a
nasc
ent
stag
e
by
sup
port
ing
the
hea
lth a
nd
wel
lnes
s in
dust
ry w
ith s
ub
sid
ies
Co
mp
eti
tio
n r
isks
loca
l p
laye
rs.
Entr
y of
new
pla
yers
cre
ate
s m
ore
aw
are
nes
s and
of
a s
trong
inte
rnati
onal or
dom
esti
c p
laye
r ca
n p
ose
a r
isk
of
its
exis
tence
. Th
e C
om
pany
has
ad
op
ted
the
bes
t p
ract
ices
in t
he
ind
ust
ry s
uch
as
loya
lty,
rew
ard
and
cust
om
er r
efer
ral
the
Com
pany
to d
iffe
renti
ate
its
elf
from
its
com
pet
itors
.
Furt
her
, th
e co
mp
any’
s p
an-I
nd
ia p
rese
nce
and
inte
rnati
onal
Ava
ilab
ilit
y o
f sk
ille
d m
an
po
wer
To m
eet
cust
om
er e
xpec
tati
ons,
the
com
pany
nee
ds
to
manp
ow
er.
To e
nhance
mem
ber
exp
erie
nce
, th
e lo
ok
and
sim
ilar. T
he
com
pany
has
als
o s
tand
ard
ized
sys
tem
s and
pro
cess
for
smooth
er o
per
ati
ons.
Its
tra
inin
g a
cad
emy
hel
ps
crea
te s
kille
d p
ool of
reso
urc
es t
hat
enab
les
mit
igati
ng
Fin
an
cial ri
sks
The
com
pany
is in c
onst
ant
mod
e of
exp
ansi
on.
Hen
ce it
is
ensu
ring
bes
t p
oss
ible
cost
of
borr
ow
ing
. Th
e co
mp
any
has
bee
n r
ate
d a
s ‘A
A-’
by
CA
RE w
hic
h e
nab
les
the
com
pany
to
seek
bet
ter
term
s fr
om
its
banke
rs.
An
aly
sis
of
ou
r key
fin
an
cials
(co
nso
lid
ate
d)
Kee
pin
g p
ace
wit
h t
he
com
pany’
s co
re c
om
pet
ency
of
the
follo
win
g:
Reve
nu
e
( ` m
illio
n )
Reve
nu
es
In a
dd
itio
n t
o c
onti
nuin
g its
exp
ansi
on b
y ad
dit
ion o
f new
₹1
68
8 m
illio
n.
Wit
h c
onsi
sten
t ro
bust
per
form
ance
the
eig
ht
year
CA
GR s
tood
at
49%
.
Op
era
tio
nal C
ost
The
com
pany
has
bee
n a
ble
to c
onta
in its
tota
l op
erati
ng
cost
dec
lined
fro
m 5
4%
in F
Y12 t
o 5
1%
in F
Y13.
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed30
resp
onsi
bili
ties
to u
tiliz
e th
eir
exp
erie
nce
and
ind
uct
ing
new
Wit
h h
elp
of
exp
erie
nce
gain
ed b
y in
-house
tale
nts
fro
m t
hei
r
could
be
contr
olle
d o
r re
duce
d u
sing
bet
ter
manag
emen
t or
rep
licate
d a
cross
most
of
the
loca
tions
resu
ltin
g in r
educe
d
33%
of
inco
me
in F
Y12
to 3
1%
in F
Y13.
EB
IDTA
EBID
TA m
arg
ins
wen
t up
fro
m 4
6%
in F
Y12 t
o 4
9%
in F
Y13.
The
sam
e st
ood
at
₹73
9 m
illio
n in F
Y13 a
n incr
ease
of
32%
on Y
oY b
asi
s.
Fin
an
ce c
ost
as
per
centa
ge
of
inco
me.
The
sam
e re
duce
d f
rom
7.5
% t
o 7
%
Dep
reci
ati
on
Dep
reci
ati
on f
or
FY13 s
tood
at
₹146 m
illio
n a
n incr
ease
from
₹
Pro
fit
Aft
er
Tax
₹301 m
illio
n;
net
und
er r
eport
as
a r
esult
EPS incr
ease
d b
y ₹3 p
er s
hare
and
stood
at
₹12.1
5 p
er s
hare
.
Inte
rnal co
ntr
ol sy
stem
s
both
in t
erm
s of
hard
ware
and
soft
ware
. Th
e C
om
pany
and
op
erati
ng
contr
ols
and
ass
ura
nce
ab
out
ad
her
ence
to c
om
pany’
s la
id d
ow
n s
yste
ms
and
pro
ced
ure
s. P
rop
er
ensu
re t
hat
transa
ctio
ns
are
pro
per
ly a
uth
orize
d &
corr
ectl
y
rep
ort
ed a
nd
ass
ets
are
safe
guard
ed.
The
Aud
it C
om
mit
tee
and
rec
om
men
dati
ons
of
the
Aud
itors
and
take
nec
essa
ry
Cau
tio
nary
sta
tem
en
tTh
is m
anag
emen
t d
iscu
ssio
n a
nd
analy
sis
conta
ins
forw
ard
-
may
diffe
r m
ate
rially
fro
m t
hose
anti
cip
ate
d in t
he
forw
ard
-
looki
ng
sta
tem
ents
as
a r
esult
of
many
fact
ors
.
Ou
tlo
ok
als
o s
malle
r to
wns.
The
Com
pany
sees
str
ong
dem
and
and
pote
nti
al in
Tie
r-II a
nd
Tier
-III c
itie
s and
tow
ns
of
Ind
ia w
ith incr
ease
d a
ware
nes
s.
The
Com
pany
is f
ocu
sed
in p
enet
rati
ng
in t
o t
hes
e ci
ties
and
tow
ns
to r
each
a w
ider
cust
om
er b
ase
and
enhance
curr
ent
ass
et b
ase
and
cust
om
er p
ort
folio
.
®
the
Talw
alk
ars
net
work
. Fi
nanci
ally
, th
e C
om
pany
exp
ects
to
main
tain
the
marg
ins
in t
he
curr
ent
year
both
at
the
op
erati
ng
Annual Rep
ort
2012-1
331
Dir
ect
ors
’ Re
po
rt
Your
Dir
ecto
rs a
re p
lease
d t
o p
rese
nt
10
th
year
end
ed 3
1st M
arc
h,
20
13
:
Fin
an
cia
l R
esu
lts
st
₹ in M
illio
ns
Su
mm
ari
sed
Fin
an
cial Resu
lts
Sta
nd
alo
ne
Co
nso
lid
ate
d
31
.03
.20
13
31
.03
.2012
31.0
3.2
013
31.0
3.2
012
1471.5
71107.6
71700.8
91321.0
2
637.6
8464.7
0738.7
5558.5
4
94
.79
77
.86
107.9
191.2
8
Dep
reci
ati
on
13
2.2
71
09
.43
146.4
7117.7
3
-3.6
8-
3.6
8
Pro
fit
befo
re t
ax
410.6
2281.1
0484.3
7353.2
1
84
.62
59
.31
107.9
972.5
3
49
.32
29
.82
50.2
331.5
0
Pro
fit
aft
er
tax
bu
t b
efo
re m
ino
rity
in
tere
st276.6
8191.9
7326.1
5249
.18
--
25.6
528.5
7
Pro
fit
aft
er
tax
276.6
8191.9
7300.5
0220.6
1
--
0.0
9-
440.7
7304.1
3476.2
5310.9
7
717.4
5496.1
0776.8
4531.5
8
Pro
pose
d D
ivid
end
39
.27
30
.15
39.2
730.1
5
6.3
74
.89
6.3
74.8
9
34
.37
20
.29
34.3
720.2
9
Gen
eral Res
erve
18
.63
-18.6
3-
Bala
nce
carr
ied
fo
rward
618.8
1440.7
7678.2
0 476.2
5
32
Revie
w o
f Perf
orm
an
ce:
“Sp
read
ing
Fit
ness
. Th
at’
s o
ur
Karm
a.”
®
Talw
alk
ars
is
75 c
itie
s on c
onso
lidate
d b
asi
s.
Div
iden
d
₹₹10/-
) st M
arc
h, 2013. Th
e d
ivid
end
has
bee
n
its
gro
wth
pla
ns.
Ou
r O
ffers
Su
mm
er
Sch
em
e:
N
uFo
rm:
Zu
mb
a F
itn
ess
.
Red
uce
: Th
e ea
sy w
eig
ht
loss
solu
tion.
Ju
ly 1
999:
₹1999.
A
ug
ust
Sch
em
e 2
012:
year.
B
rita
nn
ia Lo
sers
C
hallen
ge 2012:
Unit
ed,
we
Fall.
How
N
ew
Year
2013:
Ou
r B
usi
ness
conce
pt.
Ou
r Su
bsi
dia
ries
(1) D
en
ovo
En
terp
rise
s Pri
vate
Lim
ited
(2)
Eq
uin
ox
Welln
ess
Pri
vate
Lim
ited
East
ern Ind
ia.
101
6
22
15
Sub
sid
iary
Franch
ised
Annual Rep
ort
2012-1
333
(3) A
spir
e F
itn
ess
Pri
vate
Lim
ited
(4) Jy
ots
na F
itn
ess
Pri
vate
Lim
ited
Fra
nch
isees
Secti
on
21
2
th F
ebru
ary
, 2
01
1,
has
Co
mp
an
y’s
QIP
₹
₹ bee
n incr
ease
d t
o ₹
₹2
4,1
1,5
6,7
20/-
.
Lis
tin
g o
f Eq
uit
y
₹2
6,1
8,0
8,8
80/-
is
liste
d o
n b
oth
the
Fix
ed
Dep
osi
ts
Dir
ecto
rs
Mee
ting
.
Dir
ecto
rs’
Resp
on
sib
ilit
y S
tate
men
t
st M
arc
h, 2013 a
nd
end
ed 3
1st M
arc
h,
2013 i
n a
ccord
ance
wit
h t
he
pro
visi
ons
goin
g c
once
rn b
asi
s.
Dis
clo
sure
un
der
Secti
on
27
4(1
)(g
)
34
Part
icu
lars
of
Em
plo
yees
₹₹
2011.
Co
nse
rvati
on
o
f En
erg
y,
Tech
no
log
y
Ab
sorp
tio
n
an
d
Fo
reig
n
Exch
an
ge
Earn
ing
s an
d O
utg
o
as
und
er:
₹ In
Mill
ions
Part
icu
lars
2012-1
32011-1
2
0.7
3
73.4
569.1
0
Co
rpo
rate
Go
vern
an
ce
Au
dit
ors
Au
dit
ors
’ R
ep
ort
are
att
ach
ed
alo
ng
w
ith
the
Annual
Rep
ort
. Th
ere
is
no
Ackn
ow
led
gem
en
t
Talw
alk
ars
Bett
er
Valu
e F
itn
ess
Lim
ited
.
Pra
shan
t Ta
lwalk
ar
An
an
t G
aw
an
de
Managin
g D
irect
or
& C
EO
W
hole
-tim
e D
irect
or
& C
FO
Date
: 8
th M
ay,
2013
Annual Rep
ort
2012-1
335
Co
mp
an
y’s
Ph
ilo
sop
hy o
n C
orp
ora
te G
overn
an
ce
succ
ess.
Bo
ard
of
Dir
ecto
rs
Co
mp
osi
tio
n o
f B
oard
of
Dir
ecto
rs
Meeti
ng
s o
f B
oard
of
Dir
ecto
rsth M
ay,
2012,
22
nd M
ay,
2012,
9th A
ug
ust
, 2012,
18
th
7th
Re
po
rt o
n
Co
rpo
rate
Go
ve
rna
nce
36
Nam
e o
f D
irect
or
Desi
gn
ati
on
Sala
ry &
Perq
uis
ites
(₹)
Co
mm
issi
on
Sto
ck O
pti
on
4,2
00,0
00
––
4,2
00,0
00
––
4,2
00,0
00
––
4,2
00,0
00
––
4,2
00,0
00
––
Mr. A
nant
Gaw
and
e4,2
00,0
00
––
No
te:
1956.
EC
MD
& C
EO
WTD
& C
FO
WTD
ID –
Ind
epen
den
t D
irec
tor.
Rem
un
era
tio
n p
aid
to
Dir
ecto
rs f
or
the y
ear
en
ded
31
st M
arc
h,
20
13
st
Nam
e o
f D
irect
ors
Cate
go
ry o
f
Dir
ect
ors
hip
No
. o
f B
oard
Meeti
ng
s
Att
en
ded
Att
en
dan
ce
at
last
AG
M
held
on
09.0
8.2
012
No
. o
f
Dir
ect
ors
hip
in a
ll o
ther
Co
mp
an
ies*
Co
mm
itte
e M
em
bers
hip
/
Ch
air
man
ship
in
all
Co
mp
an
ies
**
Mem
ber
Ch
air
man
05
Yes
05
Yes
05
Yes
01
05
Yes
01
05
Yes
01
Mr. A
nant
Gaw
and
e05
Yes
01
02
Mr. M
anohar
Bhid
eID
04
Yes
03
03
02
ID01
02
02
02
ID03
Yes
05
ID04
Yes
01
ID05
Yes
02
02
ID03
Yes
Rela
tio
nsh
ip b
etw
een
Dir
ecto
rs
Annual Rep
ort
2012-1
337
bei
ng
bro
ther
s, a
re r
elate
d t
o e
ach
oth
er.
Dir
ecto
r, b
eing
uncl
e and
nep
hew
, are
rel
ate
d t
o e
ach
oth
er.
Ind
ep
en
den
t / N
on
-Execu
tive D
irecto
rs
Sit
tin
g F
ees
₹
₹
Sh
are
ho
ldin
gst
Mate
rial o
r p
ecu
nia
ry r
ela
tio
nsh
ip
Bo
ard
Co
mm
itte
es
1)
Au
dit
Co
mm
itte
e
nd M
ay,
2012,
9th A
ug
ust
, 20
12,
18
thth
Feb
ruary
, 2
01
3.
Dir
ect
or’
s N
am
eN
o o
f Sh
are
s h
eld
Dir
ect
or’
s N
am
eN
o o
f Sh
are
s h
eld
Mr. M
anohar
Bhid
e6
,29
6–
––
––
38
2)
Rem
un
era
tio
n C
om
mit
tee/C
om
pen
sati
on
Co
mm
itte
e
nd M
ay,
2012.
3)
Sh
are
ho
lders
’/In
vest
ors
’ G
rievan
ce,
Sh
are
Allo
tmen
t an
d S
hare
Tra
nsf
er
Co
mm
itte
e
22
nd
May,
2012,
9th A
ug
ust
, 2012,
18
thth F
ebru
ary
, 2013.
4)
Man
ag
em
en
t C
om
mit
tee
nd M
ay,
2012,
9th A
ug
ust
, 2012,
18
th
7th F
ebru
ary
, 2013.
Nam
e o
f th
e D
irect
or
Desi
gn
ati
on
in
th
e C
om
mit
tee
Natu
re o
f D
irect
ors
hip
No
. o
f M
eeti
ng
s A
tten
ded
Mr. M
anohar
Bhid
eIn
dep
end
ent
Direc
tor
01
Ind
epen
den
t D
irec
tor
01
Ind
epen
den
t D
irec
tor
01
Nam
e o
f th
e D
irect
or
Desi
gn
ati
on
in
th
e C
om
mit
tee
Natu
re o
f D
irect
ors
hip
No
. o
f M
eeti
ng
s A
tten
ded
Ind
epen
den
t D
irec
tor
04
04
Mr. A
nant
Gaw
and
e04
Nam
e o
f th
e D
irect
or
Desi
gn
ati
on
in
th
e C
om
mit
tee
Natu
re o
f D
irect
ors
hip
No
. o
f M
eeti
ng
s A
tten
ded
Ind
epen
den
t D
irec
tor
04
Ind
epen
den
t D
irec
tor
03
Mr. A
nant
Gaw
and
e04
Annual Rep
ort
2012-1
339
Nam
e o
f th
e D
irect
or
Desi
gn
ati
on
in
th
e C
om
mit
tee
Natu
re o
f D
irect
ors
hip
No
. o
f M
eeti
ng
s A
tten
ded
06
06
Mr. A
nant
Gaw
and
e06
Mr. M
anohar
Bhid
eIn
dep
end
ent
Dir
ecto
r06
Fin
an
cial Ye
ar
Date
an
d T
ime
Ven
ue
Sp
eci
al Reso
luti
on
s Pass
ed
2009-1
023
rd
2nd
2010-1
112
th A
ug
ust
, 2
01
1
st
Main
Build
ing
,
2011-1
29
th A
ug
ust
, 2
01
2
2nd
5)
QIP
(Q
ualifi
ed
In
stit
uti
on
al Pla
cem
en
t) C
om
mit
tee
thth
th
10
thth
th
the
QIP
Co
mm
itte
e
Gen
era
l B
od
y M
eeti
ng
sG
en
era
l M
eeti
ng
s (A
nn
ual G
en
era
l M
eeti
ng
an
d E
xtra
Ord
inary
Gen
era
l M
eeti
ng
)
A
nn
ual G
en
era
l M
eeti
ng
(A
GM
):
Nam
e o
f th
e D
irect
or
Desi
gn
ati
on
in
th
e C
om
mit
tee
Natu
re o
f D
irect
ors
hip
No
. o
f M
eeti
ng
s A
tten
ded
04
04
04
04
03
Mr. A
nant
Gaw
and
e04
Mr. M
anohar
Bhid
eIn
dep
end
ent
Dir
ecto
r04
Ind
epen
den
t D
irec
tor
04
40
Fin
an
cial Ye
ar
Date
an
d T
ime
Ven
ue
Sp
eci
al Reso
luti
on
s Pass
ed
2009-1
08
th
Direc
tor.
2009-1
04
th A
ug
ust
, 2009
2009-1
024
th A
ug
ust
, 2009
2009-1
01
st
2009-1
09
th
2009-1
014
th
years
.
Direc
tors
.
Ext
ra-O
rdin
ary
Gen
era
l M
eeti
ng
(EG
M):
Po
stal B
allo
t
Annual Rep
ort
2012-1
341
Sp
eci
al Reso
luti
on
un
der
Sect
ion
81(1
A)
of
the C
om
pan
ies
Act
, 1956 f
or
rais
ing
fu
nd
s fr
om
QIB
s.
reso
luti
on b
y p
ost
al b
allo
t) R
ule
s, 2
01
1.
Dis
clo
sure
s
Dis
clo
sure
of
Rela
ted
Part
y Tr
an
sact
ion
s
All
rela
ted
part
y tr
ansa
ctio
ns
have
bee
n e
nte
red
into
in t
he
Dis
clo
sure
of
Acc
ou
nti
ng
Tre
atm
en
t
Dis
clo
sure
of
no
n-c
om
plian
ce b
y th
e C
om
pan
y
Ris
k M
an
ag
em
en
t Fr
am
ew
ork
Co
mp
lian
ce R
ep
ort
s
Co
de o
f C
on
du
ct f
or
Dir
ect
ors
an
d S
en
ior
Man
ag
em
en
t
rep
ort
.
Man
ag
em
en
t D
iscu
ssio
n a
nd
An
aly
sis
Rep
ort
Deta
ils
of
Un
claim
ed
Sh
are
s A
llo
tted
in
th
e (I
PO
) In
itia
l
Pu
blic
Off
eri
ng
₹₹128/-
per
Eq
uit
y Share
₹118/-
per
Eq
uit
y Share
) to
the
Part
icu
lars
No
. o
f Po
stal
Ballo
t Fo
rms
No
. o
f sh
are
s%
of
tota
l vo
tes
cast
25
31,8
5,2
3,0
91
–
11
7,9
9,0
27
–
-2
–
24
21,7
7,2
4,0
62
100.0
0%
22
71,7
7,1
9,2
86
99.9
7%
15
4,7
76
0.0
3%
42
CEO
/CFO
Cert
ific
ati
on
year
und
er r
evie
w.
Paym
en
t o
f Lis
tin
g F
ees
Rem
un
era
tio
n/ C
om
pen
sati
on
Co
mm
itte
e
Qu
alifi
cati
on
in
th
e A
ud
ito
rs R
ep
ort
end
ed 3
1st M
arc
h,
201
3.
Mean
s o
f C
om
mu
nic
ati
on
Rele
ase
s an
d E
ven
ts
Invest
or
Pre
sen
tati
on
s
Tota
l N
o.
of
Sh
are
ho
lders
an
d o
uts
tan
din
g S
hare
s ly
ing
as
at
01.0
4.2
012
No
. o
f Sh
are
ho
lders
wh
o
ap
pro
ach
ed
Co
mp
an
y fo
r
tran
sfer
of
Sh
are
s fr
om
th
e
susp
en
se a
cco
un
t to
th
eir
resp
ect
ive a
cco
un
ts
No
. o
f Sh
are
ho
lders
to w
ho
m s
hare
s w
ere
tran
sferr
ed
fro
m t
he
susp
en
se a
cco
un
t to
th
eir
resp
ect
ive a
cco
un
ts
Ag
gre
gate
No
. o
f
Sh
are
ho
lders
an
d t
he
ou
tsta
nd
ing
sh
are
s in
th
e
susp
en
se a
cco
un
t as
at
31.0
3.2
013
Share
hold
ers
22
Share
hold
er
3192
150
Annual Rep
ort
2012-1
343
Gen
era
l Sh
are
ho
lders
In
form
ati
on
An
nu
al G
en
era
l M
eeti
ng
Th
urs
day,
8th A
ug
ust
, 2013 a
t 12.3
0 p
.m.
M.C
. G
hia
Hall o
f In
dia
n T
ext
ile A
ccess
ori
es
& M
ach
inery
Man
ufa
ctu
rer’
s A
sso
ciati
on
, B
ho
gilal
Harg
ovi
nd
as
Bu
ild
ing
, 4
th
Flo
or, K
ala
Gh
od
a,
18/2
0,
K.
Du
bash
Marg
,
Mu
mb
ai – 4
00 0
01
Fin
an
cial Ye
ar
1st A
pri
l to
31
st M
arc
h
Fin
an
cial C
ale
nd
ar
(2012-1
3)
th9
th A
ug
ust
, 2
01
2
th18
th
st7
th F
ebru
ary
, 2
01
3
st M
arc
h,
20
13
8th M
ay,
20
13
Fin
an
cial C
ale
nd
ar
(2013-1
4)
thth A
ug
ust
, 20
13
thth
stth F
ebru
ary
, 2
014
st M
arc
h,
20
14
th M
ay,
2014
Bo
ok c
losu
re d
ate
s3
rd A
ug
ust
, 2
01
3 t
o 8
th
Div
iden
d p
aym
en
t d
ate
th A
ug
ust
, 2013
Sto
ck c
od
es
(Eq
uit
y)B
SE –
53
32
00
ISIN
fo
r N
SD
L an
d C
DSL
Eq
uit
y
th M
ay,
20
10
.
Deb
t Secu
riti
es
₹1
0,0
0,0
00/-
each
ag
gre
gati
ng
to ₹
30
,00
,00
,00
0/-
issu
ed a
nd
allo
tted
on
25
th
th F
ebru
ary
, 2
01
1.
Sto
ck c
od
es
B
SE: Scr
ip c
od
e: 947096 ; S
crip
ID
: TBV
FL250111
IS
IN
Nu
mb
er
for
NSD
L an
d
CD
SL
for
dem
ate
rialise
d
share
s: IN
E502K
07013
₹10,0
0,0
00/-
each
ag
gre
gati
ng
to ₹
25,0
0,0
0,0
00/-
issu
ed a
nd
allo
tted
on
7th
st F
ebru
ary
, 2012.
Sto
ck c
od
es
B
SE: Scr
ip c
od
e: 947816;
Scr
ip ID
: TBV
FL070212
IS
IN
Nu
mb
er
for
NSD
L an
d
CD
SL
for
dem
ate
rialise
d
share
s: IN
E502K
07021
O
uts
tan
din
g
GD
Rs/
AD
Rs/
Warr
an
ts
or
an
y co
nve
rtib
le
inst
rum
en
ts, co
nve
rsio
n d
ate
an
d li
kely
imp
act
on
eq
uit
y:
44
Sto
ck m
ark
et
pri
ce d
ata
fo
r th
e y
ear
on
NSE &
BSE:
Sh
are
Tra
nsf
er
Sys
tem
an
d R
eg
istr
ar
an
d T
ran
sfer
Ag
en
ts
st M
arc
h,
2013.
Mo
nth
BSE
NSE
₹)
₹)
₹)
₹)
Ap
ril, 2
012
184.0
0150.1
5183.9
0146.0
0
May,
2012
164.8
0141.0
5164.9
0141.7
0
171.9
0151.8
5179.9
0151.2
5
182.4
5151.6
0181.0
0152.0
0
Aug
ust
, 2012
166.2
5145.0
0166.4
5145.5
0
195.0
0145.4
0187.9
0146.0
0
223.0
0163.0
0223.7
0163.0
0
213.7
0192.1
5213.7
0192.4
0
221.3
0177.5
0221.4
5177.7
0
205.2
0175.2
0204.0
0175.0
0
Feb
ruary
, 2013
183.0
0151.5
5185.0
0152.1
5
Marc
h,
2013
172.4
5139.0
0172.3
5140.0
0
Sh
are
Pri
ce M
ove
men
t in
rela
tio
n t
o B
SE S
en
sex
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
140
120
100
80
60
40
20 0
Sh
are
Pri
ce M
ove
men
t in
rela
tio
n t
o N
SE N
ifty
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
140
120
100
80
60
40
20 0
Annual Rep
ort
2012-1
345
D
istr
ibu
tio
n o
f sh
are
ho
ldin
g a
s o
n 3
1st M
arc
h, 2013
Sh
are
ho
ldin
g p
att
ern
as
on
31
st M
arc
h, 2013
Cate
go
ries
of
share
ho
ldin
g a
s o
n 3
1st M
arc
h, 2013
No
. o
f Eq
uit
y Sh
are
s h
eld
No
. o
f sh
are
ho
lders
No
. o
f sh
are
s h
eld
% o
f sh
are
ho
ldin
g
Up
to 5
00
10
,47
210,0
4,9
05
3.8
4
50
1 t
o 1
,00
04
47
3,5
9,7
23
1.3
7
1,0
01
to 2
,000
2
04
3,1
7,2
97
1.2
1
2,0
01
to 3
,00
01
01
2,5
6,6
41
0.9
8
3,0
01
to 4
,00
05
01,8
0,8
10
0.6
9
4,0
01
to 5
,000
30
1,4
0,1
21
0.5
4
5,0
01
to 1
0,0
00
68
4,9
4,0
20
1.8
8
More
than 1
0,0
00
78
2,3
4,2
7,3
71
89.4
9
Tota
l11,4
50
2,6
1,8
0,8
88
100.0
0
Cate
go
ryN
o. o
f Sh
are
s h
eld
% o
f Sh
are
ho
ldin
g
1,4
3,4
0,9
23
54.7
8
6,2
96
0.0
2
65,8
47
0.2
5
17
,71,8
16
6.7
7
27
,95,4
68
10.6
8
Mutu
al Fu
nd
s1
9,5
1,6
67
7.4
5
1,8
0,5
54
0.6
9
59,0
13
0.2
3
Pub
lic5
0,0
9,3
04
19.1
3
Tota
l2,6
1,8
0,8
88
100.0
0
Dir
ecto
rs a
nd
Rel
ati
ves
Fin
anci
al In
stit
uti
ons
/ M
utu
al Fu
nd
s
46
D
em
ate
rialisa
tio
n o
f sh
are
s
As
on 3
1st
th
A
dd
ress
fo
r co
rresp
on
den
ce
Reg
iste
red
Off
ice A
dd
ress
Talw
alk
ars
Bett
er
Valu
e F
itn
ess
Lim
ited
22,
Bhula
bhai D
esai Road
,
Sh
are
ho
lders
co
rresp
on
den
ce m
ay
be d
irect
ed
to
Co
mp
an
y’s
Reg
istr
ar
an
d S
hare
Tra
nsf
er
Ag
en
t at:
Lin
k In
tim
e In
dia
Pri
vate
Lim
ited
Talw
alk
ars
Bett
er
Valu
e F
itn
ess
Lim
ited
.
Pra
shan
t Ta
lwalk
ar
A
nan
t G
aw
an
de
Managin
g D
irect
or
& C
EO
Whole
-tim
e D
irect
or
& C
FO
Date
: 8
th M
ay,
2013
Annual Rep
ort
2012-1
347
CERTIF
ICA
TES U
ND
ER R
EPO
RT O
N
CO
RPO
RA
TE G
OV
ERN
AN
CE
Cert
ific
ate
on
Co
rpo
rate
Go
vern
an
ce
To,
Talw
alk
ars
Bett
er
Valu
e F
itn
ess
Lim
ited
Talw
alk
ars
Bett
er
Valu
e F
itn
ess
Lim
ited
end
ed o
n 3
1st
For
Geeta
Can
ab
ar
& A
sso
ciate
s
Pra
ctic
ing C
om
pany
Secr
eta
ry
Geeta
Can
ab
ar
Pro
prieto
r
Date
: 8
th M
ay,
20
13
48
Decla
rati
on
on
Co
mp
lian
ce o
f th
e C
om
pan
y’s
Co
de o
f C
on
du
ct.
To,
The
Share
hold
ers
Talw
alk
ars
Bett
er
Valu
e F
itn
ess
Lim
ited
st M
arc
h,
2013.
Talw
alk
ars
Bett
er
Valu
e F
itn
ess
Lim
ited
Pra
shan
t Ta
lwalk
ar
Managin
g D
irect
or
& C
EO
Date
: 8
th M
ay,
2013
Annual Rep
ort
2012-1
349
Ch
ief
Execu
tive O
ffic
er
(CEO
) an
d C
hie
f Fin
an
cia
l O
ffic
er
(CFO
) C
ert
ific
ati
on
To
Talw
alk
ars
Bett
er
Valu
e F
itn
ess
Lim
ited
Dea
r Sir
s,
Su
b:
st
st M
arc
h,
2013 a
nd
base
d
stand
ard
s, a
pp
licab
le law
s and
reg
ula
tions.
that
we
have
:
Yours
sin
cere
ly,
Pra
shan
t Ta
lwalk
ar
A
nan
t G
aw
an
de
Managin
g D
irect
or
& C
EO
Whole
-tim
e D
irect
or
& C
FO
Date
: 8
th M
ay,
20
13
50
Annual Rep
ort
2012-1
351
Ind
ep
en
den
t A
ud
ito
rs’ Rep
ort
TO T
HE M
EM
BERS O
F
TALW
ALK
ARS B
ETTER V
ALU
E F
ITN
ESS L
IMIT
ED
REPO
RT O
N T
HE F
INA
NC
IAL
STA
TEM
EN
TS
MA
NA
GEM
EN
T’S
RESPO
NSIB
ILIT
Y
FOR
TH
E
FIN
AN
CIA
L
STA
TEM
EN
TS
AU
DIT
OR’S
RESPO
NSIB
ILIT
Y
OPIN
ION
:
REPO
RT O
N O
TH
ER L
EG
AL
AN
D R
EG
ULA
TO
RY
REQ
UIR
EM
EN
TS
For
M. K
. D
an
deker
& C
o.,
K. J.
Dan
deker
th M
ay,
2013
52An
nexu
re t
o t
he In
dep
en
den
t A
ud
ito
rs’ Rep
ort
W
ith
refe
ren
ce t
o t
he A
nn
exu
re r
efe
rred
to
para
gra
ph
1 o
f th
e r
ep
ort
of
Au
dit
ors
’ to
th
e M
em
bers
of
TALW
ALK
ARS B
ETTER
VA
LUE F
ITN
ESS L
IMIT
ED
on
th
e a
cco
un
ts f
or
the y
ear
en
ded
31st
Marc
h 2
013, w
e r
ep
ort
th
at
1.
Fixe
d A
ssets
:
(a)
(b)
(c)
2.
Inve
nto
ry :
(a)
(b)
(c)
3.
Loan
s :
``
`
`
`
`
4.
5.
Tran
sact
ion
s :
6.
Annual Rep
ort
2012-1
353
7.
8.
9.
Sta
tuto
ry D
ues
:
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
For
M. K
. D
an
deker
& C
o.,
K. J.
Dan
deker
th M
ay,
2013
Bala
nce
Sh
eet
Marc
h,
20
13
For
M. K
. D
an
deker
& C
o.,
Mad
hu
kar
Talw
alk
ar
Pra
shan
t Ta
lwalk
ar
Vin
aya
k G
aw
an
de
Whole
-tim
e D
irec
tor
Gir
ish
Talw
alk
ar
Whole
-tim
e D
irec
tor
K. J.
Dan
deker
An
an
t G
aw
an
de
Man
oh
ar
Bh
ide
Ind
epen
den
t D
irec
tor
Avi
nash
Ph
ad
ke
Ind
epen
den
t D
irec
tor
Ram
an
Maro
oIn
dep
end
ent
Direc
tor
th M
ay,
20
13
Ava
nti
San
kav
`
Part
icu
lars
Note
s to
A
ccounts
No.
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
I.
EQ
UIT
Y &
LIA
BIL
ITIE
S
1)
Sh
are
ho
lders
' Fu
nd
s
2 3
2)
No
n C
urr
en
t Li
ab
ilit
ies
5
3)
Cu
rren
t Li
ab
ilit
ies
6 9
TO
TAL
4,1
02.0
43,1
97.3
9
II.
ASSETS
1)
No
n-C
urr
en
t A
ssets
10
-
11
12
13
2)
Cu
rren
t A
ssets
15
-
16
TO
TAL
4,1
02.0
43,1
97.3
9
1
Annual Rep
ort
2012-1
355
Sta
tem
en
t o
f Pro
fit
an
d L
oss
M
arc
h,
2013
For
M. K
. D
an
deker
& C
o.,
Mad
hu
kar
Talw
alk
ar
Pra
shan
t Ta
lwalk
ar
Vin
aya
k G
aw
an
de
Whole
-tim
e D
irec
tor
Gir
ish
Talw
alk
ar
Whole
-tim
e D
irec
tor
K. J.
Dan
deker
An
an
t G
aw
an
de
Man
oh
ar
Bh
ide
Ind
epen
den
t D
irec
tor
Avi
nash
Ph
ad
ke
Ind
epen
den
t D
irec
tor
Ram
an
Maro
oIn
dep
end
ent
Direc
tor
th M
ay,
2013
Ava
nti
San
kav
`
Part
icu
lars
Note
s to
A
ccounts
No.
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
1.
Reve
nu
e
19
994.6
5
20
TO
TAL
REV
EN
UE
1,3
16.9
01,0
08.8
0
2.
Exp
en
ses
21
-
22
-
23
25
26
TO
TAL
EX
PEN
SES
906.2
8731.3
9
3.
Pro
fit
befo
re e
xcep
tio
nal an
d e
xtra
ord
inary
ite
ms
an
d t
ax
(1 -
2)
4.
Exc
ep
tio
nal It
em
s-
5.
Pro
fit
befo
re e
xtra
ord
inary
ite
ms
an
d t
ax
(3 +
4)
6.
Ext
rao
rdin
ary
Ite
ms
--
7.
Pro
fit
befo
re t
ax
for
the y
ear
(5 +
6)
8.
Tax
exp
en
se:
29
9.
Pro
fit
/ (L
oss
) fo
r th
e p
eri
od
fro
m c
on
tin
uin
g o
pera
tio
ns
(7 -
8)
10.
Pro
fit
/ (L
oss
) fr
om
dis
con
tin
uin
g o
pera
tio
ns
--
11.
Pro
fit
/ (L
oss
) fo
r th
e p
eri
od
(9 +
10)
276.6
8191.9
7
12.
Earn
ing
s Per
Eq
uit
y Sh
are
(o
f ` 1
0 e
ach
) :
32
32 1
56Cash
Flo
w S
tate
men
t M
arc
h,
20
13
`
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
A.
CA
SH
FLO
W F
RO
M O
PERA
TIN
G A
CTIV
ITIE
S:
-
223.6
1180.1
2
Op
era
tin
g P
rofi
t b
efo
re w
ork
ing
cap
ital ch
an
ges
(4.8
1)
(54.4
1)
Cash
gen
era
ted
fro
m o
pera
tio
ns
629.4
2406.8
1
Net
cash
fro
m o
pera
tin
g a
ctiv
itie
s570.3
0391.3
7
B.
CA
SH
FLO
W F
RO
M IN
VESTIN
G A
CTIV
ITIE
S:
-
Div
iden
d r
ecei
ved
Net
cash
(u
sed
in
) / fr
om
in
vest
ing
act
ivit
ies
(891.8
3)
(712.0
0)
Annual Rep
ort
2012-1
3
Cash
Flo
w S
tate
men
t M
arc
h,
2013
`
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
C.
CA
SH
FLO
W F
RO
M F
INA
NC
ING
AC
TIV
ITIE
S:
-
-
-
Net
cash
use
d in
fin
an
cin
g a
ctiv
itie
s334.9
9228.7
4
NET IN
CREA
SE IN
CA
SH
AN
D C
ASH
EQ
UIV
ALE
NTS (
A+
B+
C)
13.4
6(9
1.8
9)
CA
SH
AN
D C
ASH
EQ
UIV
ALE
NTS A
T T
HE B
EG
INN
ING
OF
TH
E P
ERIO
D181.9
7273.8
6
CA
SH
AN
D C
ASH
EQ
UIV
ALE
NTS A
T T
HE E
ND
OF
TH
E P
ERIO
D
For
M. K
. D
an
deker
& C
o.,
Mad
hu
kar
Talw
alk
ar
Pra
shan
t Ta
lwalk
ar
Vin
aya
k G
aw
an
de
Whole
-tim
e D
irec
tor
Gir
ish
Talw
alk
ar
Whole
-tim
e D
irec
tor
K. J.
Dan
deker
An
an
t G
aw
an
de
Man
oh
ar
Bh
ide
Ind
epen
den
t D
irec
tor
Avi
nash
Ph
ad
ke
Ind
epen
den
t D
irec
tor
Ram
an
Maro
oIn
dep
end
ent
Direc
tor
th M
ay,
2013
Ava
nti
San
kav
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
Co
rpo
rate
In
form
ati
on
:
No
te 1
: Sta
tem
en
t o
f Sig
nif
ican
t A
cco
un
tin
g P
olici
es:
(a)
Basi
s o
f p
rep
ara
tio
n o
f fi
nan
cial st
ate
men
ts:
Use
of
Est
imate
s:
(b)
Fixe
d a
ssets
:
(c)
Dep
reci
ati
on
/ A
mo
rtis
ati
on
:
(d)
Pro
visi
on
s, C
on
tin
gen
t Li
ab
ilit
ies
an
d C
on
tin
gen
t A
ssets
:
Annual Rep
ort
2012-1
359
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
(e)
Reve
nu
e R
eco
gn
itio
n:
(f)
Imp
air
men
t o
f A
ssets
:
(g)
Em
plo
yee b
en
efi
ts:
(h)
Bo
rro
win
g C
ost
:
60Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
(i)
Fore
ign
Cu
rren
cy T
ran
sact
ion
s:
(j)
Earn
ing
s Per
Sh
are
:
Basi
c Earn
ing
s Per
Sh
are
Dilu
ted
Earn
ing
s Per
Sh
are
(k)
Taxe
s o
n In
com
e:
(l)
Cash
Flo
w S
tate
men
t:
(m)
Inve
stm
en
ts:
(n)
Inve
nto
ries:
(o)
Deb
en
ture
Red
em
pti
on
Rese
rve:
(p)
Lease
s:
Annual Rep
ort
2012-1
361
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
No
te 2
: S
hare
Cap
ital
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
No
.` in
Millio
ns
No
.` in
Millio
ns
AU
TH
ORIS
ED
:
`30,0
00,0
00
30,0
00,0
00
300.0
0300.0
0
ISSU
ED
, SU
BSC
RIB
ED
& P
AID
-UP:
`
`
261.8
1241.1
6
No
tes
(i)
Term
s / Rig
hts
att
ach
ed
to
Eq
uit
y Sh
are
s
`
(ii)
Reco
nci
liati
on
of
Nu
mb
er
of
Eq
uit
y Sh
are
s an
d S
hare
Cap
ital
Deta
ils
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
No
.` in
Millio
ns
No
.` in
Millio
ns
2,0
65,2
16
--
26,1
80,8
88
261.8
124,1
15,6
72
241.1
6
(iii)
Deta
ils
of
Sh
are
s h
eld
by
each
sh
are
ho
lder
ho
ldin
g m
ore
th
an
5%
of
the t
ota
l eq
uit
y sh
are
s o
f th
e c
om
pan
y at
the e
nd
of
the y
ear
Deta
ils
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
No
. o
f
share
s h
eld
% o
f h
old
ing
No
. o
f
share
s h
eld
% o
f h
old
ing
Eq
uit
y Sh
are
s o
f ` 1
0/-
each
fu
lly
paid
up
1,9
20,2
00
1,9
20,2
00
1,9
20,2
00
1,9
20,2
00
1,9
20,2
00
1,9
20,2
00
--
--
Tota
l16,0
27,2
40
18,7
67,1
56
62Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
iv)
For
the p
eri
od
of
five
years
im
med
iate
ly p
rece
din
g t
he 3
1st
Marc
h, 2013 f
or
wh
ich
th
e B
ala
nce
Sh
eet
is p
rep
are
d
Eq
uit
y Sh
are
sA
gg
reg
ate
nu
mb
er
of
Sh
are
s
2013
2012
2011
2010
2009
2008
--
--
--
--
--
-
--
--
--
No
te 3
: R
ese
rves
an
d S
urp
lus
`
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
(a)
Secu
riti
es
Pre
miu
m A
cco
un
t
O
pen
ing
Bala
nce
- - -
(b)
Deb
en
ture
Red
em
pti
on
Rese
rve
O
pen
ing
Bala
nce
(c)
Gen
era
l Rese
rve
O
pen
ing
Bala
nce
-- - -
(d)
Su
rplu
s / (D
eb
it)
bala
nce
in
th
e S
tate
men
t o
f Pro
fit
an
d L
oss
O
pen
ing
Bala
nce
Ta
x on D
ivid
end
-
Tota
l1,7
60.6
41,1
63.5
7
Annual Rep
ort
2012-1
363
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
No
te 4
: L
on
g T
erm
Bo
rro
win
gs
`
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012 - -
Tota
l1,1
91.2
61,1
35.6
6
No
tes:
(a)
Secu
red
Red
eem
ab
le N
on
Co
nve
rtib
le f
ixed
rate
deb
en
ture
s (P
riva
tely
pla
ced
)`
S.
No
.
Natu
re o
f D
eb
en
ture
Face
Valu
e p
er
Deb
en
ture
(`)
Date
of
Allo
tmen
tA
s o
n
31.0
3.2
013
As
on
31.0
3.2
012
Inte
rest
fo
r 2012-1
3Te
rms
of
Rep
aym
en
t o
f D
eb
en
ture
s o
uts
tan
din
g a
s o
n 3
1.0
3.2
013
1
Sec
ure
d,
25-0
1-2
011
par
i pas
su c
har
ge
on
2
Sec
ure
d,
Tota
l550.0
0550.0
064.5
0
(b)
`
`
(c)
Term
s o
f re
paym
en
t o
f Te
rm lo
an
s`
Year
UB
I 1
UB
I 2
UB
I 3
UB
I 4
UB
I 5
UB
I 6
UB
I 7
Tota
l
-
2015-1
6
--
--
--
-
2019-2
0-
--
--
2020-2
1-
--
--
-
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
No
te 5
: O
ther
Lon
g T
erm
Lia
bilit
ies
`
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
Tota
l157.6
1
92.2
6
No
tes
`
No
te 6
: S
ho
rt T
erm
Bo
rro
win
gs
`
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
Tota
l 4
3.1
7
100.0
0
No
te
No
te 7
: T
rad
e P
aya
ble
s`
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
Trad
e P
aya
ble
s:
Tota
l60.3
552.0
6
No
te 8
: O
ther
Cu
rren
t Li
ab
ilit
ies
`
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
Tota
l311.6
4186.1
9
No
te
Annual Rep
ort
2012-1
365
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
No
te 9
: S
ho
rt T
erm
Pro
visi
on
s`
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
Ta
x on D
ivid
end
Tota
l130.8
389.7
4
No
te
(a)
Dis
clo
sure
pu
rsu
an
t to
Acc
ou
nti
ng
Sta
nd
ard
(A
S)
15 (
Revi
sed
):
A.
Du
rin
g t
he y
ear
ad
dit
ion
al p
rovi
sio
ns
were
cre
ate
d in
resp
ect
of
Gra
tuit
y, E
x-G
rati
a a
nd
Oth
er
Term
inal B
en
efi
ts a
s
deta
iled
belo
w:-
Du
rin
g t
he y
ear:
`
Part
icu
lars
Gra
tuit
yLe
ave
Sala
ryEx-
Gra
tia
an
d O
ther
Term
inal
Ben
efi
ts
Tota
l
Op
enin
g B
ala
nce
NIL
NIL
NIL
NIL
NIL
NIL
66Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
Du
rin
g t
he P
revi
ou
s ye
ar:
`
Part
icu
lars
Gra
tuit
yLe
ave
Sala
ryEx-
Gra
tia
an
d O
ther
Term
inal
Ben
efi
ts
Tota
l
Op
enin
g B
ala
nce
NIL
NIL
NIL
NIL
NIL
NIL
B.
`
Mort
alit
y Rate
Wit
hd
raw
al Rate
No
te 1
0 : F
ixed
Ass
ets
`
Desc
rip
tio
nG
ross
Blo
ckA
ccu
mu
late
d d
ep
reci
ati
on
/ A
mo
rtis
ati
on
Net
Blo
ck
As
at
1st
Ap
r,
2012
Ad
dit
ion
s D
ed
uct
ion
s A
s at
31st
Mar,
2013
As
at
1st
Ap
r,
2012
For
the
Year
On
Ded
uct
ion
s
As
at
31st
Mar,
2013
As
at
31st
Mar,
2013
As
at
31st
Mar,
2012
Tan
gib
le A
ssets
--
--
--
--
--
--
--
Tota
l 2444.6
6842.0
6-
3286.7
3266.1
6129.5
8-
395.7
42890.9
92178.5
2
Inta
ng
ible
Ass
ets
--
-
Tota
l 56.6
0-
-56.6
013.4
12.6
9-
16.1
040.5
043.1
9
--
-
Cap
ital w
ork
-in
-Pro
gre
ss293.6
6216.2
0
Inta
ng
ible
Ass
ets
un
der
Deve
lop
men
t3.3
2-
Tota
l3228.4
72437.9
1
Annual Rep
ort
2012-1
3
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
No
te 1
1 : N
on
-Cu
rren
t In
vest
men
ts`
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
No
n T
rad
e In
vest
men
ts
(Valu
ed
at
cost
un
less
sta
ted
oth
erw
ise)
Inve
stm
en
t in
Eq
uit
y In
stru
men
ts
Un
qu
ote
d In
vest
men
t
`
`
`
-
`
Sh
are
Ap
plica
tio
n M
on
ey
in S
ub
sid
iari
es
(pen
din
g a
llo
tmen
t)
Inve
stm
en
t in
Mu
tual Fu
nd
s
Qu
ote
d In
vest
men
t
`
-
`
Tota
l248.3
0193.8
6
No
te 1
2 : L
on
g T
erm
Lo
an
s an
d A
dva
nce
s`
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
(a)
Cap
ital A
dva
nce
s
(b)
Secu
rity
Dep
osi
ts
(c)
Oth
er
Loan
s an
d A
dva
nce
s
M
inim
um
Alt
ernate
Tax
cred
it e
nti
tlem
ent
Tota
l212.7
2186.1
1
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
No
te 1
3 : O
ther
no
n-c
urr
en
t ass
ets
`
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
Tota
l1.6
01.6
0
No
te 1
4 : C
urr
en
t In
vest
men
t
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
No
.` in
Millio
ns
No
.` in
Millio
ns
Qu
ote
d In
vest
men
t
Inve
stm
en
t in
Mu
tual Fu
nd
s
Tota
l177.0
00.2
274.5
20.0
9
Deta
ils
of
Inve
stm
en
ts p
urc
hase
d a
nd
so
ld d
uri
ng
th
e y
ear.
Natu
re o
f Tr
an
sact
ion
sA
s at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
No
.` in
Millio
ns
No
.` in
Millio
ns
No
te 1
5 : In
ven
tori
es
`
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
Trad
ed
go
od
s -
Tota
l1.5
5-
No
te 1
6: Tr
ad
e R
ece
ivab
les
`
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
Un
secu
red
, co
nsi
dere
d g
oo
d
-
Tota
l138.2
4147.6
8
No
te 1
7 : C
ash
an
d C
ash
Eq
uiv
ale
nts
`
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
Tota
l193.8
4180.3
7
Annual Rep
ort
2012-1
369
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
No
te: D
eta
ils
of
oth
er
Ban
k D
ep
osi
ts`
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012 -
No
te 1
8 : S
ho
rt T
erm
Lo
an
s an
d A
dva
nce
s`
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
In
put
VA
T-
Tota
l77.1
049.7
7
No
te 1
9 : R
eve
nu
e f
rom
Op
era
tio
ns
`
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
-
-
Tota
l1,4
59.0
31,0
93.5
2
No
te 2
0 : O
ther
Inco
me
`
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
Tota
l12.5
414.1
5
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
No
te 2
1 : C
han
ges
in In
ven
tori
es
`
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
Inve
nto
ries
at
the e
nd
of
the y
ear
-
1.5
5-
(In
crease
)/ D
ecr
ease
(1.5
5)
-
No
te 2
2 : P
urc
hase
of
Sto
ck-i
n-t
rad
e`
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012 -
Tota
l2.8
7-
No
te 2
3 : E
mp
loye
e B
en
efi
t Exp
en
ses
`
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
Tota
l266.9
0211.2
6
No
te 2
4 : F
inan
cial C
ost
s`
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
(a)
Inte
rest
exp
en
ses
(b)
Oth
er
bo
rro
win
g c
ost
s
Tota
l94.7
977.8
6
No
te 2
5 : D
ep
reci
ati
on
& A
mo
rtis
ati
on
Exp
en
ses
`
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
Tota
l132.2
7109.4
3
Annual Rep
ort
2012-1
3
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
No
te 2
6 : O
ther
Exp
en
ses
`
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
(a)
Ad
min
istr
ati
ve &
Oth
er
Exp
en
ses
-
Ren
t
Tota
l383.8
3300.0
4
(b)
Sellin
g &
Mark
eti
ng
Co
st
Tota
l27.1
732.8
0
Tota
l (a
+b
)411.0
0332.8
4
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
No
te 2
7 : E
xcep
tio
nal It
em
s`
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
-
Tota
l-
3.6
8
No
te 2
8 : C
urr
en
t Ta
x`
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
Tota
l88.2
660.0
5
No
te 2
9 : D
efe
rred
Tax
Ass
et
/ (L
iab
ilit
y)`
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
Defe
rred
Tax*
Tota
l49.3
229.8
2
* D
ue
to d
epre
ciati
on
No
te 3
0: C
on
tin
gen
t Li
ab
ilit
ies
`
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
-
Kora
mang
ala
`
`
No
te 3
1: D
iscl
osu
re p
urs
uan
t to
Acc
ou
nti
ng
Sta
nd
ard
(A
S)
13
`
Nam
e o
f th
e C
om
pan
yO
wn
ers
hip
In
tere
st
Annual Rep
ort
2012-1
3
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
No
te 3
2 : E
arn
ing
s Per
Sh
are
Part
icu
lars
2012-1
32011-1
2
`
`
`
`
No
te 3
3 : D
iscl
osu
re P
urs
uan
t to
Acc
ou
nti
ng
Sta
nd
ard
(A
S)
17
No
te 3
4 : R
ela
ted
Part
y D
iscl
osu
res
List
of
Rela
ted
Part
ies:
Key
Man
ag
em
en
t Pers
on
nel
Rela
tive
s o
f Key
Man
ag
em
en
t Pers
on
nel
Su
bsi
dia
ries
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
En
terp
rise
s o
ver
wh
ich
Key
Man
ag
em
en
t Pers
on
nel &
th
eir
rela
tive
s exe
rcis
e s
ign
ific
an
t in
flu
en
ce:
(a)
Tran
sact
ion
s w
ith
Rela
ted
Part
ies
:
`
Natu
re o
f tr
an
sact
ion
sSu
bsi
dia
ries
Ass
oci
ate
sKey
Man
ag
eri
al
Pers
on
nel
Oth
ers
Tota
l
--
--
--
-
--
-
--
-
--
-
--
Annual Rep
ort
2012-1
3
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
Bala
nce
as
on
31st
Marc
h, 2013:
`
Natu
re o
f tr
an
sact
ion
sSu
bsi
dia
ries
Ass
oci
ate
sKey
Man
ag
eri
al
Pers
on
nel
Oth
ers
Tota
l
-- -
-
--
--
Tran
sact
ion
s w
ith
Rela
ted
Part
ies
pu
rsu
an
t to
Acc
ou
nti
ng
Sta
nd
ard
(A
S)1
8, “R
ela
ted
Part
y D
iscl
osu
res”
Key
man
ag
em
en
t p
ers
on
nel an
d t
heir
rela
tive
s :
`
Nam
e o
f th
e p
art
yN
atu
re o
f tr
an
sact
ion
Join
t V
en
ture
s / Su
bsi
dia
ries:
`
Nam
e o
f th
e p
art
yN
atu
re o
f tr
an
sact
ion
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
Join
t V
en
ture
s / Su
bsi
dia
ries:
`
Nam
e o
f th
e p
art
yN
atu
re o
f tr
an
sact
ion
-
Share
Ap
plic
ati
on M
oney
giv
en
- - - - -
Ass
oci
ate
Co
mp
an
ies
/ Fi
rms
: `
Nam
e o
f th
e p
art
yN
atu
re o
f tr
an
sact
ion
-
- - - - - - - -
- -
-
Annual Rep
ort
2012-1
3
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
Ass
oci
ate
Co
mp
an
ies
/ Fi
rms
: `
Nam
e o
f th
e p
art
yN
atu
re o
f tr
an
sact
ion
-
- -
(b)
Co
rpo
rate
Gu
ara
nte
es
giv
en
to
:
`
Nam
e o
f th
e p
art
yRela
tio
n
No
te 3
5 : A
ud
ito
rs’ Rem
un
era
tio
n (
incl
usi
ve o
f se
rvic
e t
ax)
:
Part
icu
lars
2012-1
3
2011-1
2 -
No
te 3
6 :
`
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e F
inan
cial Sta
tem
en
ts
`
Part
icu
lars
2012-1
3
2011-1
2
No
te 3
7 : V
alu
e o
f Im
po
rts
on
CIF
Basi
s
No
te 3
8: Earn
ing
s in
Fo
reig
n C
urr
en
cyN
IL
No
te 3
9: Exp
en
dit
ure
in
Fo
reig
n C
urr
en
cy
No
te 4
0 : Sale
& L
ease
Back
Th
e C
om
pan
y h
as
taken
vari
ou
s A
ssets
/ E
qu
ipm
en
ts u
nd
er
can
cellab
le o
pera
tin
g lease
.
`
`
No
te 4
1:
No
te 4
2:
``
`
No
te 4
3:
No
te 4
4:
For
M. K
. D
an
deker
& C
o.,
Mad
hu
kar
Talw
alk
ar
Pra
shan
t Ta
lwalk
ar
Vin
aya
k G
aw
an
de
Whole
-tim
e D
irec
tor
Gir
ish
Talw
alk
ar
Whole
-tim
e D
irec
tor
K. J.
Dan
deker
An
an
t G
aw
an
de
Man
oh
ar
Bh
ide
Ind
epen
den
t D
irec
tor
Avi
nash
Ph
ad
ke
Ind
epen
den
t D
irec
tor
Ram
an
Maro
oIn
dep
end
ent
Direc
tor
th M
ay,
20
13
Ava
nti
San
kav
Annual Rep
ort
2012-1
379
Ind
ep
en
den
t A
ud
ito
rs’ Rep
ort
on t
he
Conso
lidate
d F
inanci
al Sta
tem
ents
of
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed
To T
he B
oard
of
Dir
ect
ors
of
Talw
alk
ars
Bett
er
Valu
e F
itn
ess
Lim
ited
We
have
aud
ited
the
att
ach
ed C
onso
lidate
d B
ala
nce
Shee
t of
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed (
“the
Com
pany”
) and
it
s su
bsi
dia
ries
(co
llect
ivel
y re
ferr
ed t
o a
s “t
he
Gro
up
”),
as
at
and
the
Conso
lidate
d C
ash
Flo
w S
tate
men
t fo
r th
e ye
ar
end
ed
on t
hat
date
annex
ed t
her
eto.
Man
ag
em
en
t’s
Resp
on
sib
ilit
y fo
r th
e C
on
solid
ate
d
Fin
an
cial Sta
tem
en
ts
Manag
emen
t is
re
sponsi
ble
fo
r th
e p
rep
ara
tion
of
thes
e
This
re
sponsi
bili
ty in
clud
es th
e d
esig
n,
imp
lem
enta
tion and
m
ain
tenance
of in
tern
al c
ontr
ol r
elev
ant
to t
he
pre
para
tion a
nd
p
rese
nta
tion o
f th
e C
onso
lidate
d F
inanci
al S
tate
men
ts t
hat
giv
e a t
rue
and
fair v
iew
and
are
fre
e fr
om
mate
rial
mis
state
men
t,
whet
her
due
to f
raud
or
erro
r.
Au
dit
or’
s Resp
on
sib
ilit
y
Our
resp
onsi
bili
ty i
s to
exp
ress
an o
pin
ion o
n t
hes
e C
onso
lidat
ed
Finan
cial
Sta
tem
ents
bas
ed o
n o
ur au
dit
. We
cond
uct
ed o
ur au
dit
in
acco
rdan
ce w
ith t
he
Stan
dar
ds
on A
ud
itin
g iss
ued
by
the
Inst
itute
of C
har
tere
d A
ccounta
nts
of In
dia
. Those
Sta
nd
ard
s re
quir
e th
at w
e co
mp
ly w
ith e
thic
al r
equir
emen
ts a
nd
pla
n a
nd
per
form
the
aud
it
to o
bta
in r
easo
nab
le a
ssura
nce
ab
out
whet
her
the
Conso
lidat
ed
Finan
cial
Sta
tem
ents
are
fre
e fr
om
mat
eria
l mis
stat
emen
t.
An
aud
it
invo
lves
p
erfo
rmin
g
pro
ced
ure
s to
ob
tain
aud
it
evid
ence
ab
out
the
am
ounts
and
d
iscl
osu
res
in
the
Conso
lidate
d Fi
nanci
al
Sta
tem
ents
. Th
e p
roce
dure
s se
lect
ed
dep
end
on t
he
aud
itor’
s ju
dg
emen
t, incl
ud
ing
the
ass
essm
ent
of
the
risk
s of
mate
rial
mis
state
men
t of
the
Conso
lidate
d
Financi
al Sta
tem
ents
, w
het
her
due
to f
raud
or
erro
r. In m
aki
ng
th
ose
ris
k ass
essm
ents
, th
e aud
itor
consi
der
s in
tern
al
contr
ol
rele
vant
to
the
Com
pany’
s p
rep
ara
tion
and
p
rese
nta
tion
of
the
Conso
lidate
d
Financi
al
Sta
tem
ents
th
at
giv
e a
true
and
fa
ir vi
ew in
ord
er to
d
esig
n aud
it p
roce
dure
s th
at
are
ap
pro
priate
in
th
e ci
rcum
stance
s.
An
aud
it
als
o
incl
ud
es
evalu
ati
ng
th
e ap
pro
priate
nes
s of
acc
ounti
ng
p
olic
ies
use
d
and
the
reaso
nab
lenes
s of
the
acc
ounti
ng
est
imate
s m
ad
e b
y m
anag
emen
t, a
s w
ell as
evalu
ati
ng
the
ove
rall
pre
senta
tion o
f th
e C
onso
lidate
d F
inanci
al Sta
tem
ents
.
and
ap
pro
priate
to p
rovi
de
a b
asi
s fo
r our
aud
it o
pin
ion.
the
Financi
al
Sta
tem
ents
of
the
follo
win
g s
ub
sid
iaries
of
the
tota
l re
venues
for
the
year
end
ed M
arc
h 3
1,
20
13 a
s se
t fo
rth
statu
tory
aud
itors
of
the
rele
vant
sub
sid
iaries
as
nam
ed h
erei
n
bel
ow
, and
have
bee
n r
elie
d u
pon b
y us,
exc
ep
t fo
r D
enovo
Ente
rprise
s Priva
te Li
mited w
here
w
e have
re
lied on figure
s ce
rtifie
d b
y th
e m
anagem
ent.
Sr
No
.
Nam
e o
f th
e s
ub
sid
iary
Fin
an
cial Ye
ar
en
ded
Nam
e o
f th
e S
tatu
tory
A
ud
ito
r in
resp
ect
of
the s
aid
Fi
nan
cial Sta
tem
en
ts
Tota
l A
ssets
(` in
Millio
ns)
Tota
l Reve
nu
es
(` in
Millio
ns)
1D
enovo
Ente
rprise
s Priva
te L
imit
ed31st
Marc
h,
2013
* -
270.1
7129.4
7
2Eq
uin
ox
Wel
lnes
s Priva
te L
imit
ed31st
Marc
h,
2013
A.
P. M
ehta
& A
ssoci
ate
s20.7
514.3
8
3A
spire
Fitn
ess
Priva
te L
imit
ed31st
Marc
h,
2013
C.
B.
Pokl
e &
Co.
99.0
469.5
4
4Jy
ots
na F
itnes
s Pri
vate
Lim
ited
31st
Marc
h,
2013
Chet
an J
osh
i &
Co.
94.1
68.6
2
*U
naudited F
inanci
al Sta
tem
ents
, ce
rtifie
d b
y th
e m
anagem
ent.
The
afo
rem
enti
oned
Fin
anci
al
Sta
tem
ents
for
the
sub
sid
iaries
as
det
aile
d her
einab
ove
, have
b
een aud
ited
b
y th
e re
leva
nt
statu
tory
aud
itors
nam
ed
ab
ove
w
hose
re
port
s have
b
een
furn
ished
to u
s, a
nd
our
op
inio
n,
inso
far
as
it r
elate
s to
the
am
ounts
incl
ud
ed in r
esp
ect
of
such
sub
sid
iaries
is
base
d s
ole
ly
on t
he
rep
ort
of
such
oth
er s
tatu
tory
aud
itors
.
Su
bje
ct t
o t
he m
att
er
refe
rred
to
in
para
gra
ph
ab
ove
:
We
furt
her
rep
ort
that
the
Conso
lidate
d F
inanci
al
Sta
tem
ents
have
b
een
pre
pare
d
by
the
Com
pany’
s M
anag
emen
t in
acc
ord
ance
w
ith
the
req
uirem
ents
of
Acc
ounti
ng
Sta
nd
ard
(‘A
S’)
21,
‘Conso
lidate
d Fi
nanci
al
Sta
tem
ents
’, and
all
oth
er
(Acc
ounti
ng
Sta
nd
ard
s) R
ule
s, 2
006.
Op
inio
n
On the
basi
s of th
e in
form
ati
on a
nd
exp
lanati
ons
giv
en to u
s and
on t
he
consi
der
ati
on o
f th
e se
para
te a
ud
it r
eport
s on in
div
idual
Financi
al
Sta
tem
ents
of
the
Com
pany,
and
its
sub
sid
iaries
, w
e
are
of
the
op
inio
n t
hat
the
att
ach
ed C
onso
lidate
d F
inanci
al
Sta
tem
ents
giv
e a t
rue
and
fair v
iew
in c
onfo
rmit
y w
ith t
he
acc
ounti
ng
pri
nci
ple
s g
ener
ally
acc
epte
d in Ind
ia:
(i)
in t
he
case
of
the
Conso
lidate
d B
ala
nce
Shee
t, o
f th
e st
ate
of
aff
airs
of
the
Gro
up
as
at
Marc
h 3
1,
201
3;
date
; and
(iii)
in
the
case
of th
e C
onso
lidate
d C
ash
Flo
w S
tate
men
t, o
f th
e
For
M. K
. D
an
deker
& C
o.,
(Firm
Reg
. N
o.
000679S)
Date
d :
8th M
ay,
2013
Pla
ce :
M
um
bai
K. J.
Dan
deker
Part
ner
Chart
ered
Acc
ounta
nts
Mem
ber
ship
No.
018533
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed80Co
nso
lid
ate
d B
ala
nce
Sh
eet
as
at
31
st M
arc
h,
20
13
` in M
illio
ns
Part
icu
lars
Note
s to
A
ccounts
No.
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
I.
EQ
UIT
Y &
LIA
BIL
ITIE
S
1)
Sh
are
ho
lders
' Fu
nd
s
(a
) Share
Cap
ital
1261.8
1241.1
6
(b
) Res
erve
s and
Surp
lus
21,8
23.1
61,2
02.1
9
2)
Min
ori
ty In
tere
st80.6
250.2
7
3)
No
n-C
urr
en
t Li
ab
ilit
ies
(a
) Lo
ng
Ter
m B
orr
ow
ing
s3
1,3
51.8
01,2
20.1
4
(b
) D
efer
red
Tax
Liab
iliti
es (
Net
)192.1
4142.7
7
(c
) O
ther
Long
Ter
m L
iab
iliti
es4
165.8
892.2
6
4)
Cu
rren
t Li
ab
ilit
ies
(a
) Short
Ter
m B
orr
ow
ing
547.9
3100.0
0
(b
) Tr
ad
e Pa
yab
les
680.3
439.3
0
(c
) O
ther
Curr
ent
Liab
iliti
es7
347.4
4186.6
5
(d
) Short
Ter
m P
rovi
sions
8154.8
6101.4
1
TO
TAL
4,5
05.9
83,3
76.1
5
II.
ASSETS
1)
No
n-C
urr
en
t A
ssets
(a
) Fi
xed
Ass
ets
9
(i)
Tang
ible
Ass
ets
3,1
12.1
62,3
16.1
7
(ii)
Inta
ng
ible
Ass
ets
40.5
443.2
5
(iii)
C
ap
ital W
ork
-In-P
rog
ress
421.8
0216.2
1
(iv)
In
tang
ible
Ass
ets
und
er D
evel
op
men
t3.3
2-
(b
) N
on-C
urr
ent
Inve
stm
ents
10
226.5
9175.0
0
(c
) Lo
ng
Ter
m L
oans
and
Ad
vance
s11
251.7
9199.4
3
(d
) O
ther
Non-C
urr
ent
Ass
ets
12
2.1
22.1
9
2)
Cu
rren
t A
ssets
(a
) C
urr
ent
Inve
stm
ents
13
0.2
20.0
8
(b
) In
vento
ries
14
1.5
5-
(c
) Tr
ad
e Rec
eiva
ble
s15
177.4
8200.9
6
(d
) C
ash
and
Cash
Eq
uiv
ale
nts
16
229.2
4198.4
7
(e
) Short
-Ter
m L
oans
and
Ad
vance
s17
39.1
724.3
9
TO
TAL
4,5
05.9
83,3
76.1
5
28
The
acc
om
panyi
ng
note
s are
form
ing
part
of
the
acc
ounts
As
per
our
rep
ort
of
even
date
att
ach
edFo
r and
on b
ehalf o
f th
e b
oard
For
M. K
. D
an
deker
& C
o.,
Mad
hu
kar
Talw
alk
ar
Exe
cuti
ve C
hairm
an
Chart
ered
Acc
ounta
nts
Pra
shan
t Ta
lwalk
ar
Manag
ing
Direc
tor
& C
EO
ICA
I FR
N :
00
06
79
SV
inaya
k G
aw
an
de
Whole
-tim
e D
irec
tor
Gir
ish
Talw
alk
ar
Whole
-tim
e D
irec
tor
K. J.
Dan
deker
An
an
t G
aw
an
de
Whole
-tim
e D
irec
tor
& C
FO
Part
ner
Man
oh
ar
Bh
ide
Ind
epen
den
t D
irec
tor
Mem
ber
ship
No.
01
85
33
Avi
nash
Ph
ad
ke
Ind
epen
den
t D
irec
tor
Pla
ce :
Mum
bai
Ram
an
Maro
oIn
dep
end
ent
Direc
tor
Date
: 8
th M
ay,
20
13
Ava
nti
San
kav
Annual Rep
ort
2012-1
381
Co
nso
lid
ate
d S
tate
men
t o
f Pro
fit
An
d L
oss
for
the
year
end
ed 3
1st
Marc
h,
2013
` in M
illio
ns
Part
icu
lars
Note
s to
A
ccounts
No.
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
1.
Reve
nu
e
(a
) Rev
enue
from
Op
erati
ons
18
1,6
87.8
31,3
05.3
1
Less
: Ser
vice
Tax
179.3
1111.6
7
1,5
08.5
21,1
93.6
4
(b
) O
ther
Inco
me
19
13.0
615.7
0
Tota
l Reve
nu
e1,5
21.5
81,2
09.3
4
2.
Exp
en
ses
(a
) C
hang
es in Inve
nto
ries
20
(1.5
5)
-
(b
) Purc
hase
of
Sto
ck-i
n-t
rad
e21
2.8
7-
22
311.7
4248.2
3
(d
) Fi
nanci
al C
ost
s23
107.9
191.2
8
(e
) D
epre
ciati
on a
nd
Am
ort
isati
on E
xpen
ses
24
146.4
7117.7
3
(f
) O
ther
Exp
ense
s25
469.7
7402.5
8
Tota
l Exp
en
ses
1,0
37.2
1859.8
2
3.
Pro
fit
befo
re e
xcep
tio
nal an
d e
xtra
ord
inary
ite
ms
an
d t
ax
(1 -
2)
484.3
7349.5
2
4.
Exc
ep
tio
nal It
em
s26
-3.6
8
5.
Pro
fit
befo
re e
xtra
ord
inary
ite
ms
an
d t
ax
(3 +
4)
484.3
7353.2
0
6.
Ext
rao
rdin
ary
Ite
ms
--
7.
Pro
fit
befo
re t
ax
for
the y
ear
(5 +
6)
484.3
7353.2
0
8.
Tax
exp
en
se:
(a
) C
urr
ent
Tax
27
111.6
373.2
7
Less
: M
AT
Cre
dit
Enti
tlem
ent
(3.6
4)
(0.7
4)
(b
) D
efer
red
Tax
50.2
331.5
0
9.
Pro
fit
/ (L
oss
) fo
r th
e p
eri
od
fro
m c
on
tin
uin
g o
pera
tio
ns
(7 -
8)
326.1
5249.1
7
10.
Pro
fit
/ (L
oss
) fr
om
dis
con
tin
uin
g o
pera
tio
ns
--
11.
Pro
fit
/ (L
oss
) fo
r th
e p
eri
od
(9 +
10)
326.1
5249.1
7
12.
Sh
are
of
Min
ori
ty In
tere
st25.6
528.5
7
13.
Pro
fit
/ (L
oss
) aft
er
Min
ori
ty In
tere
st300.5
0220.6
0
14.
Earn
ing
s Per
Eq
uit
y Sh
are
(o
f ` 1
0 e
ach
) :
(1
) Basi
c28 (
B)
(4)
12.1
59.1
5
(2
) D
ilute
d28 (
B)
(4)
12.1
59.1
5
28
The
acc
om
panyi
ng
note
s are
form
ing
part
of
the
acc
ounts
As
per
our
rep
ort
of
even
date
att
ach
edFo
r and
on b
ehalf o
f th
e b
oard
For
M. K
. D
an
deker
& C
o.,
Mad
hu
kar
Talw
alk
ar
Exe
cuti
ve C
hairm
an
Chart
ered
Acc
ounta
nts
Pra
shan
t Ta
lwalk
ar
Manag
ing
Direc
tor
& C
EO
ICA
I FR
N :
000679S
Vin
aya
k G
aw
an
de
Whole
-tim
e D
irec
tor
Gir
ish
Talw
alk
ar
Whole
-tim
e D
irec
tor
K. J.
Dan
deker
An
an
t G
aw
an
de
Whole
-tim
e D
irec
tor
& C
FO
Part
ner
Man
oh
ar
Bh
ide
Ind
epen
den
t D
irec
tor
Mem
ber
ship
No.
01853
3A
vin
ash
Ph
ad
ke
Ind
epen
den
t D
irec
tor
Pla
ce :
Mum
bai
Ram
an
Maro
oIn
dep
end
ent
Direc
tor
Date
: 8
th M
ay,
2013
Ava
nti
San
kav
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed82Co
nso
lid
ate
d C
ash
Flo
w S
tate
men
t fo
r th
e ye
ar
end
ed 3
1st
Marc
h,
2013
` in M
illio
ns
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
A.
CA
SH
FLO
W F
RO
M O
PERA
TIN
G A
CTIV
ITIE
S:
484.3
7353.2
0
Non-c
ash
exp
ense
s146.5
5117.7
3
Finance
cost
(N
et)
107.9
191.3
1
Inco
me
from
Inve
stm
ent
act
ivit
y(3
.45)
(3.4
9)
-(3
.68)
Inte
rest
Inco
me
(0.0
3)
(0.1
6)
250.9
8201.7
1
Op
era
tin
g P
rofi
t b
efo
re W
ork
ing
cap
ital ch
an
ges
735.3
5554.9
1
(55.3
1)
(63.9
8)
(4.6
1)
(0.0
5)
2.6
71.7
4
75.7
9(3
8.3
4)
(2.4
1)
(19.7
1)
16.1
3(1
20.3
4)
Cash
gen
era
ted
fro
m o
pera
tio
ns
751.4
8434.5
7
Dir
ect
taxe
s p
aid
(62.0
2)
(16.7
6)
Share
of
Min
ori
ty Inte
rest
(60.7
6)
(13.6
3)
Net
cash
fro
m o
pera
tin
g a
ctiv
itie
s628.7
0404.1
8
B.
CA
SH
FLO
W F
RO
M IN
VESTIN
G A
CTIV
ITIE
S:
Inve
stm
ent
in J
oin
t V
entu
re(3
.35)
(8.8
5)
Paym
ent
tow
ard
s p
urc
hase
of
Fixe
d A
sset
s, C
WIP
(1,0
32.6
0)
(889.0
7)
Pro
ceed
s fr
om
sale
of
Fixe
d A
sset
s-
263.3
8
Div
iden
d R
ecei
ved
3.0
70.0
1
Purc
hase
of
Short
-Ter
m Inve
stm
ents
(452.0
7)
(690.8
1)
Pro
ceed
s fr
om
sale
of
Short
-Ter
m Inve
stm
ents
401.2
3606.1
1
Inte
rest
Inco
me
0.0
30.1
6
Pre
limin
ary
Exp
end
iture
-(0
.02)
Share
of
Min
ori
ty Inte
rest
97.2
83.5
8
Net
cash
(u
sed
in
) / fr
om
in
vest
ing
act
ivit
ies
(986.4
1)
(715.5
1)
Annual Rep
ort
2012-1
383
` in M
illio
ns
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
C.
CA
SH
FLO
W F
RO
M F
INA
NC
ING
AC
TIV
ITIE
S:
423.7
4-
1.3
57.4
5
Share
iss
ue
Pro
ceed
s (n
et o
f re
fund
incl
ud
ing
sec
urity
pre
miu
m)
5.6
0-
Issu
e p
roce
eds
from
Non-C
onve
rtib
le D
eben
ture
s-
250.0
0
Non-C
onve
rtib
le D
eben
ture
s in
tere
st(6
4.4
4)
(34.5
0)
(37.0
7)
-
Borr
ow
ing
s d
one
848.6
2514.7
0
Rep
aym
ent
of
Long
-ter
m a
nd
oth
er b
orr
ow
ing
s(5
80.7
4)
(363.3
5)
Finance
cost
paid
(134.9
1)
(134.0
3)
Div
iden
d P
aid
(30.1
5)
(24.1
2)
Div
iden
d T
ax
Paid
(4.8
9)
(4.0
0)
Share
of
Min
ority
Inte
rest
(45.9
1)
8.8
0
Net
cash
use
d in
fin
an
cin
g a
ctiv
itie
s381.2
0220.9
5
NET IN
CREA
SE IN
CA
SH
AN
D C
ASH
EQ
UIV
ALE
NTS (
A+
B+
C)
23.4
9(9
0.3
7)
CA
SH
AN
D C
ASH
EQ
UIV
ALE
NTS A
T T
HE B
EG
INN
ING
OF
TH
E P
ERIO
D189.2
7279.6
4
Cash
& B
ank
Bala
nce
s in
clud
ing
Fix
ed D
eposi
ts230.8
4196.7
5
Less
: S
hare
of
Min
ority
Inte
rest
(18.0
8)
(7.4
8)
CA
SH
AN
D C
ASH
EQ
UIV
ALE
NTS A
T T
HE E
ND
OF
TH
E P
ERIO
D212.7
6189.2
7
As
per
our
rep
ort
of
even
date
att
ach
edFo
r and
on b
ehalf o
f th
e b
oard
For
M. K
. D
an
deker
& C
o.,
Mad
hu
kar
Talw
alk
ar
Exe
cuti
ve C
hairm
an
Chart
ered
Acc
ounta
nts
Pra
shan
t Ta
lwalk
ar
Manag
ing
Direc
tor
& C
EO
ICA
I FR
N :
000679S
Vin
aya
k G
aw
an
de
Whole
-tim
e D
irec
tor
Gir
ish
Talw
alk
ar
Whole
-tim
e D
irec
tor
K. J.
Dan
deker
An
an
t G
aw
an
de
Whole
-tim
e D
irec
tor
& C
FO
Part
ner
Man
oh
ar
Bh
ide
Ind
epen
den
t D
irec
tor
Mem
ber
ship
No.
01853
3A
vin
ash
Ph
ad
ke
Ind
epen
den
t D
irec
tor
Pla
ce :
Mum
bai
Ram
an
Maro
oIn
dep
end
ent
Direc
tor
Date
: 8
th M
ay,
2013
Ava
nti
San
kav
Co
nso
lid
ate
d C
ash
Flo
w S
tate
men
t fo
r th
e ye
ar
end
ed 3
1st
Marc
h,
2013
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed84Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e C
on
solid
ate
d F
inan
cial Sta
tem
en
ts
for
the
year
end
ed 3
1st
Marc
h,
20
13
.
No
te 1
: S
hare
Cap
ital
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
No
.` in
Millio
ns
No
.` in
Millio
ns
AU
TH
ORIS
ED
:
30
,00
0,0
00
Eq
uit
y Share
s of `
30
,00
0,0
00
3
00.0
0
30,0
00,0
00
300.0
0
30,0
00,0
00
300.0
0
30,0
00,0
00
300.0
0
ISSU
ED
, SU
BSC
RIB
ED
& P
AID
-UP:
26
,18
0,8
88
Eq
uit
y Share
s of `
26
,18
0,8
88
2
61.8
1
24,1
15,6
72
241.1
6
(Pre
vious
year
24
,11
5,6
72
Eq
uit
y sh
are
s of `
26,1
80,8
88
261.8
1
24,1
15,6
72
241.1
6
i)
Term
/Rig
hts
att
ach
ed
to
Eq
uit
y Sh
are
s:
Th
e C
om
pany
has
only
one
class
of
share
cap
ital nam
ely
Eq
uit
y Share
s havi
ng
a f
ace
valu
e of `10 p
er s
hare
.
(a)
In r
esp
ect
of ev
ery
Eq
uit
y Share
(w
het
her
fully
paid
or
part
ly p
aid
),vo
ting
rig
ht
shall
be
in t
he
sam
e p
rop
ort
ion a
s th
e ca
pit
al
paid
up
on s
uch
Eq
uit
y Share
bea
rs t
o t
he
tota
l p
aid
up
Eq
uit
y ca
pit
al of
the
Com
pany.
(b)
The
div
iden
d p
rop
ose
d b
y th
e Board
of
Dir
ecto
rs i
s su
bje
ct t
o t
he
ap
pro
val
of
the
share
hold
ers
in t
he
ensu
ing
Annual
Gen
eral M
eeti
ng
, ex
cep
t in
case
of
inte
rim
div
iden
d.
(c)
In t
he
even
t of
liquid
ati
on,
the
share
hold
ers
of
Eq
uit
y Share
s are
elig
ible
to r
ecei
ve t
he
rem
ain
ing
ass
ets
of
the
Com
pany
aft
er d
istr
ibuti
on o
f all
pre
fere
nti
al am
ounts
, in
pro
port
ion t
o t
hei
r sh
are
hold
ing
s.
ii)
Reco
nci
liati
on
of
Nu
mb
er
of
Eq
uit
y Sh
are
s an
d S
hare
Cap
ital
Deta
ils
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
No
.` in
Millio
ns
No
.` in
Millio
ns
Fully
Paid
up
Share
s O
uts
tand
ing
as
at
beg
innin
g o
f th
e ye
ar
24
,11
5,6
72
241.1
624,1
15,6
72
241.1
6
Fully
paid
up
share
s is
sued
duri
ng
the
year
2,0
65
,21
620.6
5-
-
Fully
paid
up
share
s O
uts
tand
ing
as
at
end
of
the
year
26,1
80,8
88
261.8
124,1
15,6
72
241.1
6
iii)
Deta
ils
of
Sh
are
s h
eld
by
each
sh
are
ho
lder
ho
ldin
g m
ore
th
an
5%
of
the t
ota
l eq
uit
y sh
are
s o
f th
e c
om
pan
y at
the e
nd
of
the y
ear
Deta
ils
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
No
. o
f
share
s h
eld
% o
f h
old
ing
No
. o
f
share
s h
eld
% o
f h
old
ing
Eq
uit
y Sh
are
s o
f `10/-
each
fu
lly
paid
up
1)
Pra
shant
Sud
haka
r Ta
lwalk
ar
& N
alin
a A
nn T
alw
alk
ar
2,8
76
,08
010.9
9%
2,8
76,0
80
11.9
3%
2)
Gir
ish M
ad
huka
r Ta
lwalk
ar
& N
and
a G
iris
h T
alw
alk
ar
2,8
64
,28
010.9
4%
2,8
64,2
80
11.8
8%
3)
Mad
huka
r V
ishnu T
alw
alk
ar
& U
sha M
ad
huka
r Ta
lwalk
ar
2,8
32
,28
010.8
2%
2,8
32,2
80
11.7
4%
4)
Anant
Ratn
aka
r G
aw
and
e &
Yam
ini A
nant
Gaw
and
e1
,92
0,2
00
7.3
3%
1,9
20,2
00
7.9
6%
5)
Vin
aya
k Ratn
aka
r G
aw
and
e &
Mad
huri
Vin
aya
k G
aw
and
e1
,92
0,2
00
7.3
3%
1,9
20,2
00
7.9
6%
6)
Hars
ha R
am
das
Bhatk
al &
Sm
eeta
Hars
ha B
hatk
al
1,9
20
,20
07.3
3%
1,9
20,2
00
7.9
6%
7)
Sm
allc
ap
Worl
d F
und
, In
c1
,69
4,0
00
6.4
7%
1,4
46,0
00
6.0
0%
8)
Shiv
anand
Shanka
r M
anke
kar
& K
edar
Shiv
anand
Manke
kar
--
1,2
58,8
00
5.2
2%
9)
Rel
iance
cap
ital Tr
ust
ee C
o.L
td &
Rel
iance
Month
ly Inco
me
Pla
n-
-1,7
29,1
16
7.1
7%
Tota
l16,0
27,2
40
18,7
67,1
56
Annual Rep
ort
2012-1
385
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e C
on
solid
ate
d F
inan
cial Sta
tem
en
ts
for
the
year
end
ed 3
1st
Marc
h,
2013.
iv)
For
the p
eri
od
of
five
years
im
med
iate
ly p
rece
din
g t
he 3
1st
Marc
h, 2013 f
or
wh
ich
th
e B
ala
nce
Sh
eet
is p
rep
are
d
Eq
uit
y Sh
are
sA
gg
reg
ate
nu
mb
er
of
Sh
are
s
2013
2012
2011
2010
2009
2008
Fully
paid
up
purs
uant
to c
ontr
act
s w
ithout
bei
ng
rec
eive
d in
cash
--
--
- -
Fully
paid
up
by
way
of
bonus
share
s-
-15,8
07,4
63
- -
Share
s b
oug
ht
back
--
--
- -
No
te 2
: R
ese
rves
an
d S
urp
lus
` in M
illio
ns
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
(a)
Secu
riti
es
Pre
miu
m A
cco
un
t
O
pen
ing
Bala
nce
700.2
5700.2
5
A
dd
: S
ecuriti
es p
rem
ium
cre
dit
ed o
n S
hare
iss
ue
403.0
9-
Le
ss :
Pre
miu
m U
tilis
ed :
Share
Iss
ue
Exp
ense
s25.4
0-
D
eben
ture
Iss
ue
Exp
ense
s11.6
6-
C
losi
ng
Bala
nce
1,0
66.2
8700.2
5
(b)
Cap
ital Rese
rve o
n C
on
solid
ati
on
O
pen
ing
Bala
nce
1.9
31.9
3
A
dd
: Tr
ansf
erre
d d
uring
the
year
--
C
losi
ng
Bala
nce
1.9
31.9
3
(c)
Deb
en
ture
Red
em
pti
on
Rese
rve
O
pen
ing
Bala
nce
22.5
52.2
6
A
dd
: Tr
ansf
erre
d d
uring
the
year
34.3
720.2
9
C
losi
ng
Bala
nce
56.9
222.5
5
(d)
Gen
era
l Rese
rve
O
pen
ing
Bala
nce
1.2
01.2
0
A
dd
: Tr
ansf
erre
d d
uring
the
year
18.6
3-
C
losi
ng
Bala
nce
19.8
31.2
0
(e)
Su
rplu
s / (D
eb
it)
bala
nce
in
Sta
tem
en
t o
f Pro
fit
an
d L
oss
O
pen
ing
Bala
nce
476.2
5310.9
7
300.5
0220.6
1
A
dd
: Exc
ess
Pro
visi
on o
f In
com
e Ta
x W
ritt
en B
ack
0.0
9-
Le
ss:
Ap
pro
priati
on
Pro
pose
d D
ivid
end
on E
quit
y Share
s39.2
730.1
5
Tax
on D
ivid
end
6.3
74.8
9
Deb
entu
re R
edem
pti
on R
eser
ve34.3
720.2
9
Gen
eral Res
erve
18.6
3-
C
losi
ng
Bala
nce
678.2
0476.2
5
Tota
l1,8
23.1
61,2
02.1
9
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed86Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e C
on
solid
ate
d F
inan
cial Sta
tem
en
ts
for
the
year
end
ed 3
1st
Marc
h,
20
13
.
No
te 3
: L
on
g T
erm
Bo
rro
win
gs
` in M
illio
ns
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
550.0
0550.0
0
(b)
Term
loans
Fr
om
banks
753.3
4652.2
3
(c)
Loans
and
Ad
vance
s fr
om
rel
ate
d p
art
ies
43.0
64.4
9
5.0
34.2
2
(e)
Oth
er L
oans
and
Ad
vance
s fr
om
oth
ers
0.3
79.2
0
Tota
l1,3
51.8
01,2
20.1
4
No
tes:
a)
Secu
red
Red
eem
ab
le N
on
Co
nve
rtib
le f
ixed
rate
deb
en
ture
s (P
riva
tely
pla
ced
)` in M
illio
ns
S.
No
.
Natu
re o
f D
eb
en
ture
Face
Valu
e p
er
Deb
en
ture
(`)
Date
of
Allo
tmen
tA
s o
n
31.0
3.2
013
As
on
31.0
3.2
012
Inte
rest
fo
r 2012-1
3Te
rms
of
Rep
aym
en
t o
f D
eb
en
ture
s o
uts
tan
din
g a
s o
n 3
1.0
3.2
013
1.
11
.5%
Sec
ure
d,
Taxa
ble
,
Red
eem
ab
le
Non
Conve
rtib
le
Deb
entu
res
1.0
025
-01-
2011
30
0.0
0
30
0.0
0
34
.50
Th
e princi
pal
am
ount
of
the
Non
Conve
rtib
le
Deb
entu
res,
in
tere
st
due
and
any
oth
er
monie
s pay
able
by
the
com
pan
y in
re
spec
t of
the
Non
Conve
rtib
le D
eben
ture
s w
ill b
e se
cure
d
par
i pas
su
asse
t co
ver
of
1.2
5 t
imes
is
mai
nta
ined
at a
ll tim
es d
uring t
he
tenor
of
the
Non
Conve
rtib
le D
eben
ture
s. N
on C
onve
rtib
le
Deb
entu
res
will
red
eem
ed in
thre
e eq
ual
annual
inst
allm
ent
& a
t th
e en
d o
f 4th
,
5th
and 6
th y
ear
from
the
dee
med
dat
e
of al
lotm
ent
2.
12%
Sec
ure
d,
Taxa
ble
,
Red
eem
ab
le
Non
Conve
rtib
le
Deb
entu
res
1.0
007-0
2-2
012
25
0.0
0
25
0.0
0
30
.00
Tota
l 5
50.0
0
550.0
0
64.5
0
No
te 4
: O
ther
Lon
g T
erm
Lia
bilit
ies
` in M
illio
ns
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
(a)
Acc
epta
nce
s 1
65.3
8
91.7
6
(b)
Dep
osi
ts 0
.50
0.5
0
Tota
l 1
65.8
8
92.2
6
Annual Rep
ort
2012-1
387
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e C
on
solid
ate
d F
inan
cial Sta
tem
en
ts
for
the
year
end
ed 3
1st
Marc
h,
2013.
No
te 5
: S
ho
rt T
erm
Bo
rro
win
gs
` in M
illio
ns
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
(a)
Loans
and
Ad
vance
s fr
om
Rel
ate
d p
art
ies
4.7
6-
(b)
Dra
wd
ow
n f
aci
lity
from
bank
(Ref
er n
ote
(a)
bel
ow
)43.1
7100.0
0
Tota
l47.9
3100.0
0
No
te
(a)
Short
Ter
m d
raw
dow
n f
aci
lity
has
bee
n a
vaile
d f
rom
Deu
tsch
e Bank
ag
ain
st P
led
ge
on D
euts
che
Inve
stm
ents
Ind
ia P
riva
te
Lim
ited
ap
pro
ved
mutu
al fu
nd
s hel
d in t
he
the
nam
e of
the
Com
pany.
No
te 6
: T
rad
e P
aya
ble
s` in M
illio
ns
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
Trad
e P
aya
ble
s:
Sund
ry C
red
itors
80.3
4
39.3
0
Tota
l 8
0.3
4
39.3
0
Base
d o
n t
he
inti
mati
on r
egard
ing
thei
r st
atu
s und
er M
icro
, Sm
all
and
Med
ium
Ente
rprise
s D
evel
op
men
t A
ct,
2006,
ther
e are
no a
mounts
due
and
paya
ble
to s
up
plie
rs c
ove
red
und
er t
he
ab
ove
cate
gory
. O
ne
of
our
gro
up
com
pany
is s
till
in t
he
pro
cess
of
2006 a
s at
the
Bala
nce
Shee
t d
ate
.
No
te 7
: O
ther
Cu
rren
t Li
ab
ilit
ies
` in M
illio
ns
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
(a)
Curr
ent
matu
riti
es o
f lo
ng
-ter
m d
ebts
258.5
0139.5
0
3.0
9-
(c)
Inte
rest
acc
rued
and
due
on b
orr
ow
ing
s1.0
6-
(d)
Oth
er p
aya
ble
s
Sund
ry c
red
itors
for
cap
ital g
ood
s13.7
114.7
7
Sta
tuto
ry D
ues
Paya
ble
60.3
121.6
1
(e)
Inte
rest
acc
rued
but
not
due
on N
on C
onve
rtib
le D
eben
ture
s (R
efer
note
(a)
bel
ow
)10.7
710.7
7
Tota
l347.4
4186.6
5
No
te
(a)
The
Com
pany
has
pro
vid
ed inte
rest
on 1
1.5
% a
nd
12%
Red
eem
ab
le S
ecure
d N
on C
onve
rtib
le D
eben
ture
s. R
efer
note
4 (
a)
of
Long
ter
m b
orr
ow
ing
s.
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed88Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e C
on
solid
ate
d F
inan
cial Sta
tem
en
ts
for
the
year
end
ed 3
1st
Marc
h,
20
13
.
No
te 8
: S
ho
rt T
erm
Pro
visi
on
s` in M
illio
ns
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
0.0
10.0
1
(b)
Pro
visi
ons
Pro
pose
d D
ivid
end
39.2
730.1
5
Ta
x on D
ivid
end
6.3
74.8
9
In
com
e Ta
x (N
et o
f A
dva
nce
Tax)
109.2
166.3
6
Tota
l154.8
6101.4
1
No
te 9
: F
ixed
Ass
ets
` in M
illio
ns
Desc
rip
tio
nG
ross
Blo
ckA
ccu
mu
late
d D
ep
reci
ati
on
/ A
mo
rtis
ati
on
Net
blo
ck
As
at
1st
Ap
r,
2012
Ad
dit
ion
s D
ed
uct
ion
s A
s at
31st
Mar,
2013
As
at
1st
Ap
r,
2012
For
the
Year
On
Ded
uct
ion
s
As
at
31st
Mar,
2013
As
at
31st
Mar,
2013
As
at
31st
Mar,
2012
Tan
gib
le A
ssets
i)
Build
ing
286.2
8
2.0
4
-
288.3
2
8.2
8
4.7
3
-
13.0
1
275.3
1
278.0
0
Ass
ets
und
er lea
se 2
0.4
7
-
-
20.4
7
3.4
5
0.6
9
-
4.1
4
16.3
3
17.0
1
ii)
Gym
Eq
uip
men
ts 9
49.5
0
107.1
8
-
1,0
56.6
8
102.1
6
48.8
9
-
151.0
5
905.6
3
847.3
4
iii)
Furn
iture
& F
itti
ng
s 8
70.7
5
658.2
0
-
1,5
28.9
5
126.6
7
59.4
2
-
186.0
9
1,3
42.8
6
744.0
8
iv)
Com
pute
rs 2
8.5
4
51.3
7
-
79.9
1
10.4
2
6.4
4
-
16.8
6
63.0
5
18.1
2
v)
Air-C
ond
itio
ner
s 1
64.8
4
44.4
9
-
209.3
3
15.9
2
9.2
7
-
25.1
9
184.1
4
148.9
2
230.5
3
24.3
1
-
254.8
4
23.4
7
11.1
8
-
34.6
5
220.1
9
207.0
6
59.6
3
52.1
6
-
111.7
9
5.0
3
3.0
5
-
8.0
8
103.7
1
54.6
0
viii)
V
ehic
le 1
.04
-
-
1.0
4
0.0
0
0.1
0
-
0.1
0
0.9
4
1.0
4
Tota
l2,6
11.5
8
939.7
5
-
3,5
51.3
3
295.4
0
143.7
7
-
439.1
7
3,1
12.1
6
2,3
16.1
7
Pre
vious
Year
1,9
91.3
1
920.4
4
300.1
8
2,6
11.5
7
251.9
4
114.9
3
71.4
7
295.4
0
2,3
16.1
7
1,7
39.3
7
Inta
ng
ible
Ass
ets
i)
Good
will
56.6
0
-
-
56.6
0
13.4
1
2.6
9
-
16.1
0
40.5
0
43.1
8
ii)
Lice
nse
s and
fr
anch
ise
0.3
0
-
-
0.3
0
0.2
3
0.0
2
-
0.2
6
0.0
4
0.0
7
Tota
l 5
6.9
0
-
-
56.9
0
13.6
5
2.7
1
-
16.3
6
40.5
4
43.2
5
Pre
vio
us
Year
56.9
0
-
-
56.9
0
10.9
2
2.7
3
-
13.6
5
43.2
6
45.9
9
Cap
ital w
ork
-in
-P
rog
ress
421.8
0
216.2
1
Inta
ng
ible
ass
ets
un
der
deve
lop
men
t 3
.32
-
Tota
l3,5
77.8
2
2,5
75.6
3
Annual Rep
ort
2012-1
389
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e C
on
solid
ate
d F
inan
cial Sta
tem
en
ts
for
the
year
end
ed 3
1st
Marc
h,
2013.
No
te 1
0 : N
on
Cu
rren
t In
vest
men
ts` in M
illio
ns
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
No
n T
rad
e In
vest
men
ts
(Valu
ed
at
cost
un
less
sta
ted
oth
erw
ise)
Inve
stm
en
t in
Eq
uit
y In
stru
men
ts
Un
qu
ote
d In
vest
men
t
i)
Inve
stm
ent
In J
oin
t V
entu
res:
Sp
lend
or
Fitn
ess
Priva
te L
imit
ed50.0
050.0
0
(form
erly
know
n a
s Ta
lwalk
ars
Panta
loon F
itnes
s Pvt
. Lt
d.)
[1,4
0,0
00 (
Pre
vious
year
1,4
0,0
00)
Eq
uit
y Share
s of `
ii)
A
pna S
ahaka
ri B
ank
0.5
0-
[5,0
00 (
Pre
vious
year
10)
Eq
uit
y Share
s of `
Inve
stm
en
t in
Mu
tual Fu
nd
s
Qu
ote
d In
vest
men
t
DW
S F
ixed
Matu
rity
Pla
n -
Ser
ies
2 (
12,5
00,0
00 u
nit
s)125.0
0125.0
0
` 1
37.8
1 m
illio
ns)
DW
S C
ash
Op
port
unit
ies
Fund
51.0
9-
` 5
1.0
9 m
illio
ns)
Tota
l226.5
9175.0
0
No
te 1
1 : L
on
g T
erm
Lo
an
s an
d A
dva
nce
s` in M
illio
ns
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
(a)
Cap
ital A
dva
nce
s
U
nse
cure
d,
consi
der
ed g
ood
13.2
015.7
3
(b)
Secu
rity
Dep
osi
ts
U
nse
cure
d,
consi
der
ed g
ood
190.9
1151.7
1
(c)
Loan
s &
Ad
van
ces
to r
ela
ted
part
ies
U
nse
cure
d,
consi
der
ed g
ood
12.8
5-
(d)
Oth
er
Loan
s &
Ad
van
ces
A
dva
nce
s re
cove
rab
le in C
ash
or
Kin
d f
or
valu
e to
be
rece
ived
-0.8
0
M
inim
um
Alt
ernate
Tax
Cre
dit
Enti
tlem
ent
34.8
331.1
9
Tota
l251.7
9199.4
3
No
te 1
2 : O
ther
No
n C
urr
en
t ass
ets
` in M
illio
ns
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
(a)
Unam
ort
ised
pre
limin
ary
exp
ense
s 0
.52
0.5
9
(b)
Fixe
d d
eposi
t (P
led
ged
as
Bank
guara
nte
e) 1
.60
1.6
0
Tota
l 2
.12
2.1
9
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed90Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e C
on
solid
ate
d F
inan
cial Sta
tem
en
ts
for
the
year
end
ed 3
1st
Marc
h,
20
13
.
No
te 1
3 : C
urr
en
t In
vest
men
ts
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
No
.` in
Millio
ns
No
.` in
Millio
ns
Qu
ote
d In
vest
men
t
(Valu
ed a
t lo
wer
of
cost
and
Mark
et v
alu
e unle
ss s
tate
d o
ther
wis
e)
Inve
stm
en
t in
Mu
tual Fu
nd
s
Axi
s Li
quid
Fund
17
7.0
0
0.2
2
74.5
2
0.0
8
Tota
l 1
77.0
0
0.2
2
74.5
2
0.0
8
Deta
ils
of
Inve
stm
en
ts p
urc
hase
d a
nd
so
ld d
uri
ng
th
e y
ear.
Natu
re o
f tr
an
sact
ion
sA
s at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
No
.` in
Millio
ns
No
.` in
Millio
ns
Purc
hase
s1
22
,29
6.3
9149.0
012,9
80,2
97.2
7690.8
1
Sale
s1
22
,19
3.9
1149.2
6515,0
00.0
0606.1
2
No
te 1
4 : In
ven
tori
es
` in M
illio
ns
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
Trad
ed
go
od
s 1.5
5-
(Valu
ed a
t lo
wer
of
cost
and
net
rea
lisab
le v
alu
e)
Tota
l1.5
5-
No
te 1
5: Tr
ad
e R
ece
ivab
les
` in M
illio
ns
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
Un
secu
red
, co
nsi
dere
d g
oo
d
(a)
More
than 6
month
s (f
rom
the
date
they
are
due
for
a p
aym
ent)
56.5
3-
(b)
Oth
er120.9
5200.9
6
Tota
l177.4
8200.9
6
No
te 1
6 : C
ash
an
d C
ash
Eq
uiv
ale
nts
` in M
illio
ns
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
(a)
Bala
nce
wit
h b
anks
Bank
bala
nce
in c
urr
ent
acc
ount
31.5
444.9
8
Bank
dep
osi
ts a
gain
st m
arg
in m
oney
18.8
638.3
6
O
ther
Bank
dep
osi
ts
74.4
636.5
9
(b)
Cheq
ues
, D
raft
s on H
and
80.4
455.8
1
(c)
Cash
on H
and
23.9
422.7
3
Tota
l229.2
4198.4
7
Annual Rep
ort
2012-1
391
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e C
on
solid
ate
d F
inan
cial Sta
tem
en
ts
for
the
year
end
ed 3
1st
Marc
h,
2013.
No
te 1
7 : S
ho
rt T
erm
Lo
an
s an
d A
dva
nce
s` in M
illio
ns
Part
icu
lars
As
at
Marc
h 3
1, 2013
As
at
Marc
h 3
1, 2012
(a)
Loans
and
Ad
vance
s to
rel
ate
d p
art
ies
7.1
42.5
5
(b)
Oth
ers
A
dva
nce
s re
cove
rab
le in C
ash
or
Kin
d f
or
valu
e to
be
rece
ived
2.0
110.8
2
Pre
paid
exp
ense
s22.1
76.4
7
Ser
vice
Tax
cred
it r
ecei
vab
le5.5
13.7
4
O
ther
s2.2
10.8
1
In
put
VA
T0.1
3-
Tota
l39.1
724.3
9
No
te 1
8 : R
eve
nu
e f
rom
Op
era
tio
ns
` in M
illio
ns
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
(a)
Gro
ss F
ees
incl
ud
ing
Ser
vice
Tax
1,6
12.0
31,1
69.0
7
(b)
Franch
isee
Fee
s in
clud
ing
Ser
vice
Tax
12.3
521.0
0
(c)
Manag
emen
t &
Consu
ltancy
Fee
s1.3
46.0
9
(d)
Com
mis
sion
-0.5
8
(e)
Sale
s (R
etail)
1.6
8-
(f)
Inp
ut
Cre
dit
Ser
vice
Tax
60.4
3108.5
7
Tota
l1,6
87.8
31,3
05.3
1
No
te 1
9 : O
ther
Inco
me
` in M
illio
ns
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
(a)
Inco
me
from
Juic
e C
entr
e and
Food
& S
up
ple
men
ts0.4
40.3
2
0.3
93.4
8
(c)
Sund
ry C
red
it b
ala
nce
s no long
er p
aya
ble
0.2
40.2
4
(d)
Div
iden
d f
rom
Mutu
al Fu
nd
s3.0
70.0
1
(e)
Mis
cella
neo
us
Inco
me
2.9
32.4
4
(f)
Inte
rest
on S
ecurity
Dep
osi
t0.0
7-
(g)
Inte
rest
on B
ank
Term
Dep
osi
ts5.8
98.4
6
(h)
Inte
rest
on L
oan
0.0
3-
(i)
Gain
on f
ore
ign c
urr
ency
tra
nsa
ctio
ns
and
tra
nsl
ati
on
-0.7
5
Tota
l13.0
615.7
0
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed92Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e C
on
solid
ate
d F
inan
cial Sta
tem
en
ts
for
the
year
end
ed 3
1st
Marc
h,
20
13
.
No
te 2
0 : C
han
ges
in In
ven
tori
es
` in M
illio
ns
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
Inve
nto
ries
at
the e
nd
of
the y
ear
Trad
ed g
ood
s1.5
5-
1.5
5-
(In
crease
) / D
ecr
ease
(1.5
5)
-
No
te 2
1 : P
urc
hase
of
Sto
ck-i
n-t
rad
e` in M
illio
ns
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
Purc
hase
of
good
s fo
r m
erch
and
ise
2.8
7-
Tota
l2.8
7-
No
te 2
2 : E
mp
loye
e B
en
efi
t Exp
en
ses:
` in M
illio
ns
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
(a)
Sala
ries
, W
ag
es a
nd
Bonus
30.2
720.0
4
277.3
6224.3
1
(c)
Dir
ecto
r's R
emuner
ati
on
2.7
12.9
7
(d)
Sta
ff W
elfa
re &
Oth
er A
men
itie
s 1.3
90.9
0
(e)
Contr
ibuti
on t
ow
ard
s Pro
vid
ent
& o
ther
fund
s 0.0
10.0
1
Tota
l311.7
4248.2
3
No
te 2
3 : F
inan
cial C
ost
` in M
illio
ns
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
(a)
Inte
rest
Exp
en
ses
In
tere
st o
n S
ecure
d L
oan
47.0
329.1
9
In
tere
st o
n U
nse
cure
d L
oan
3.0
89.6
2
In
tere
st o
n L
ette
r of
Cre
dit
0.1
65.0
3
In
tere
st o
n N
on C
onve
rtib
le D
eben
ture
s48.4
639.0
3
(b)
Oth
er
bo
rro
win
g c
ost
s
Pro
cess
ing
Fee
s0.0
90.3
9
Bank
Charg
es1.7
01.2
8
H
ire
Charg
es o
n L
oan T
ake
n1.3
20.9
2
C
red
it C
ard
Charg
es6.0
75.8
2
Tota
l107.9
191.2
8
No
te 2
4 : D
ep
reci
ati
on
& A
mo
rtis
ati
on
Exp
en
ses
` in M
illio
ns
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
Dep
reci
ati
on a
nd
Am
ort
isati
on
146.4
7
117.7
3
Tota
l 1
46.4
7
117.7
3
Annual Rep
ort
2012-1
393
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e C
on
solid
ate
d F
inan
cial Sta
tem
en
ts
for
the
year
end
ed 3
1st
Marc
h,
2013.
No
te 2
5 : O
ther
Exp
en
ses
` in M
illio
ns
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
(a)
Ad
min
istr
ati
ve &
Oth
er
Exp
en
ses
Sta
tuto
ry &
Tax
Aud
it F
ees
1.9
01.8
5
In
tern
al A
ud
it F
ees
3.0
22.6
8
A
GM
Mee
ting
Exp
ense
s0.1
50.9
1
C
onsu
mab
les,
Food
& S
up
ple
men
ts6.0
28.1
3
Ele
ctrici
ty &
Fuel
exp
ense
s87.2
984.2
7
Pre
limin
ary
Exp
ense
s w
ritt
en o
ff0.0
7-
In
sura
nce
Charg
es1.8
31.0
8
Ju
ice
Cen
tre
& S
pa E
xpen
ses
1.1
01.1
2
Po
oja
& S
pec
ial Fu
nct
ion E
xpen
ses
1.0
61.1
2
Pri
nti
ng
& S
tati
oner
y5.9
44.9
9
Pro
fess
ional Fe
es20.5
412.9
2
Rate
s &
Taxe
s8.2
93.7
4
In
tere
st o
n late
paym
ent
of
Ser
vice
Tax
6.7
9-
Ren
t162.8
8153.5
1
Rep
airs
& M
ain
tenance
-
Build
ing
, G
ym E
quip
men
ts &
Mach
iner
y11.9
011.5
1
-
Oth
ers
11.0
38.8
3
RO
C E
xpen
ses
1.0
01.9
1
Te
lep
hone
Exp
ense
s8.4
35.5
3
Tr
ave
lling
& C
onve
yance
Exp
ense
s6.7
24.3
0
Tu
rnke
y Pro
ject
Exp
ense
s-
16.7
1
W
ate
r C
harg
es4.6
73.5
6
M
isce
llaneo
us
Exp
ense
s13.3
014.0
5
Le
ase
Ren
tal
55.6
317.3
6
A
sset
Manag
emen
t fe
es12.8
41.3
2
D
irec
tors
’ Sit
ting
fee
s0.3
40.4
1
Tota
l432.7
4361.8
1
(b)
Sellin
g &
Mark
eti
ng
Co
st
A
dve
rtis
ing
Exp
ense
s 31.6
134.9
2
Busi
nes
s Pro
moti
on E
xpen
ses
5.4
25.8
5
Tota
l37.0
340.7
7
Tota
l ((
a)+
(b))
469.7
7402.5
8
No
te 2
6 : E
xcep
tio
nal It
em
s` in M
illio
ns
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
Loss
on S
ale
of
Ass
et-
3.6
8
Tota
l-
3.6
8
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed94Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e C
on
solid
ate
d F
inan
cial Sta
tem
en
ts
for
the
year
end
ed 3
1st
Marc
h,
20
13
.
No
te 2
7 : C
urr
en
t ta
x:` in M
illio
ns
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
Curr
ent
tax
111.6
3
73.2
7
Tota
l 1
11.6
3
73.2
7
No
te 2
8 :
A)
Sta
tem
en
t o
f Sig
nif
ican
t A
cco
un
tin
g P
olici
es:
1)
Basi
s o
f A
cco
un
tin
g:
a)
Basi
s o
f p
rep
ara
tio
n o
f C
on
solid
ate
d F
inan
cial Sta
tem
en
ts:
Marc
h,
20
13
of
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed (
the
“Com
pany”
) and
its
sub
sid
iaries
, co
llect
ivel
y re
ferr
ed t
o
as
the
”Gro
up
”, h
ave
bee
n c
onso
lidate
d a
s p
er t
he
pri
nci
ple
s of
conso
lidati
on e
nunci
ate
d i
n A
ccounti
ng
Sta
nd
ard
(AS)
21
- ‘C
onso
lidate
d F
inanci
al
Sta
tem
ents
’ is
sued
by
the
Counci
l of
The
Inst
itute
of
Chart
ered
Acc
ounta
nts
of
Ind
ia.
The
Conso
lidate
d F
inanci
al
Sta
tem
ents
of
the
Gro
up
are
pre
pare
d i
n a
ccord
ance
wit
h G
ener
ally
Acc
epte
d
Acc
ounti
ng
Pri
nci
ple
s in
Ind
ia (“I
nd
ian G
AA
P”)
und
er t
he
his
tori
cal c
ost
conve
nti
on o
n a
n a
ccru
al b
asi
s and
to c
om
ply
2006, (a
s am
end
ed)
and
the
rele
vant
pro
visi
ons
of
the
Com
panie
s A
ct, 1956. Th
e acc
ounti
ng
polic
ies
ad
op
ted
in t
he
pre
para
tion o
f th
e C
onso
lidate
d F
inanci
al Sta
tem
ents
are
consi
sten
t w
ith t
hose
of
pre
vious
year.
and
oth
er c
rite
ria s
et o
ut
in R
evis
ed S
ched
ule
VI
to t
he
Com
panie
s A
ct,
1956.
The
Com
pany
has
asc
erta
ined
its
Th
e am
ounts
in t
he
acc
om
panyi
ng
Conso
lidate
d F
inanci
al Sta
tem
ents
have
bee
n s
tate
d in m
illio
ns
of
Ind
ian r
up
ees
round
ed o
ff t
o t
wo d
ecim
als
.
b)
Use
of
Est
imate
s:
esti
mate
s and
ass
um
pti
ons
that
aff
ect
the
rep
ort
ed a
mounts
of
inco
me
and
exp
ense
s of
the
per
iod
, th
e re
port
ed
state
men
ts.
Thes
e es
tim
ate
s are
base
d u
pon m
anag
emen
t’s
bes
t kn
ow
led
ge
of
curr
ent
even
ts a
nd
act
ions.
The
diffe
rence
bet
wee
n t
he
act
ual
resu
lts
and
est
imate
s are
rec
og
nis
ed i
n t
he
per
iod
in w
hic
h t
he
resu
lts
are
know
n
esti
mate
s are
rec
og
nis
ed in t
he
year
in w
hic
h t
he
esti
mate
is
revi
sed
and
futu
re y
ears
aff
ecte
d.
c)
Pri
nci
ple
s o
f C
on
solid
ati
on
:
Th
e C
onso
lidate
d F
inanci
al Sta
tem
ents
rel
ate
to t
he
Com
pany
and
its
fo
ur
state
men
ts o
f th
e su
bsi
dia
ry c
om
panie
s use
d i
n c
onso
lidati
on a
re d
raw
n u
p t
o t
he
sam
e re
port
ing
date
as
of
the
Com
pany.
Th
e C
onso
lidate
d F
inanci
al Sta
tem
ents
of
the
Gro
up
have
bee
n p
rep
are
d o
n t
he
follo
win
g b
asi
s:
fou
r p
art
ially
ow
ned
sub
sid
iari
es h
ave
bee
n c
onso
lidate
d o
n a
line-
by-
line
basi
s b
y ad
din
g t
og
ether
the
book
valu
es o
f lik
e it
ems
of
ass
ets,
liab
iliti
es, in
com
e and
exp
ense
s, a
fter
ii)
The
Conso
lidate
d F
inanci
al S
tate
men
ts h
ave
bee
n p
rep
are
d u
sing
uniform
acc
ounti
ng
polic
ies
for
like
transa
ctio
ns
and
oth
er e
vents
in s
imila
r ci
rcum
stance
s and
are
pre
sente
d t
o t
he
exte
nt
poss
ible
, in
the
sam
e m
anner
, as
the
Annual Rep
ort
2012-1
395
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e C
on
solid
ate
d F
inan
cial Sta
tem
en
ts
for
the
year
end
ed 3
1st
Marc
h,
2013.
iii)
The
sub
sid
iari
es c
onsi
der
ed in t
he
Conso
lidate
d F
inanci
al Sta
tem
ents
are
:
Nam
e o
f th
e C
om
pan
yC
ou
ntr
y o
f In
corp
ora
tio
n%
ow
ners
hip
in
tere
st a
s at
31st
Marc
h, 2013
Den
ovo
Ente
rprise
s Priva
te L
imit
edIn
dia
50.1
0%
Eq
uin
ox
Wel
lnes
s Priva
te L
imit
edIn
dia
33.3
3%
*
Asp
ire
Fitn
ess
Priva
te L
imit
edIn
dia
50.0
01%
Jyots
na F
itnes
s Priva
te L
imit
edIn
dia
50.1
0%
*eff
ective
ow
ner
ship
due
to 6
6.6
7%
hold
ing o
f D
enovo
Ente
rprise
s Pr
ivat
e Li
mited
in E
quin
ox
Wel
lnes
s Pr
ivat
e Li
mited
2)
Fixe
d A
ssets
:
am
ort
isati
on. C
ost
s in
clud
e all
exp
ense
s in
curr
ed t
o b
ring
the
ass
ets
to its
pre
sent
loca
tion a
nd
cond
itio
n. A
sset
s acq
uired
by
way
of
slum
p s
ale
are
rec
ord
ed a
t b
ook
valu
e in
the
books
of
the
transf
eror
as
on t
he
date
of
transf
er.
Rev
enue
exp
ense
s in
curr
ed in c
onnec
tion w
ith p
roje
ct im
ple
men
tati
on in s
o f
ar
as
such
exp
ense
s re
late
to t
he
per
iod
prior
to t
he
In
tang
ible
ass
ets
are
rec
ord
ed a
t th
e co
nsi
der
ati
on p
aid
for acq
uis
itio
n a
nd
are
carr
ied
at co
st le
ss a
ccum
ula
ted
am
ort
isati
on.
are
not
yet
read
y fo
r th
eir
inte
nd
ed u
se a
t th
e Bala
nce
Shee
t d
ate
.
3)
Dep
reci
ati
on
/Am
ort
isati
on
:
met
hod
at
the
rate
s p
resc
rib
ed b
y Sch
edule
XIV
of
the
Com
panie
s A
ct,
1956.
4)
Pro
visi
on
s, C
on
tin
gen
t Li
ab
ilit
ies
an
d C
on
tin
gen
t A
ssets
:
Pro
visi
ons
invo
lvin
g s
ub
stanti
al d
egre
e of
esti
mati
on in m
easu
rem
ent
are
rec
og
nis
ed if
ther
e is
a p
rese
nt
ob
ligati
on a
s a
5)
Reve
nu
e R
eco
gn
itio
n:
In
com
e fr
om
Fee
s and
Sub
scrip
tions,
rec
ord
ed n
et o
f d
isco
unts
and
reb
ate
s have
bee
n r
ecog
nis
ed a
s in
com
e fo
r th
e ye
ar
irre
spec
tive
of
the
per
iod
, fo
r w
hic
h t
hes
e are
rec
eive
d. H
ow
ever
, th
e Fe
es r
ecei
vab
le f
rom
exi
stin
g m
emb
ers
as
at
the
end
of
the
year
has
bee
n r
ecog
nis
ed a
s in
com
e fo
r th
e ye
ar.
Th
e co
sts
rela
ting
to r
end
erin
g o
f th
ese
serv
ices
bei
ng
unasc
erta
inab
le a
re c
harg
ed o
ff t
o r
even
ue
in t
he
year
in w
hic
h t
hey
bec
om
e le
gally
paya
ble
.
In
put
cred
it a
vaile
d o
n S
ervi
ce T
ax
thro
ug
h r
even
ue
exp
ense
s p
aid
are
acc
ounte
d f
or
sep
ara
tely
as
inco
me,
thus
acc
ounti
ng
the
exp
ense
s at
thei
r g
ross
valu
es i
ncl
usi
ve o
f se
rvic
e Ta
x. E
xpen
ses
on w
hic
h s
ervi
ce T
ax
is p
aid
in s
ub
seq
uen
t ye
ar
are
booke
d n
et o
f th
e U
n-a
vaile
d S
ervi
ce T
ax
at
end
of
the
year.
In
com
e b
y w
ay
of
Franch
isee
Fee
s (incl
ud
ing
up
-fro
nt
fees
) re
ceiv
ed p
urs
uant
to f
ranch
isee
ag
reem
ents
ente
red
are
reco
gnis
ed a
s in
com
e of
the
per
iod
in a
ccord
ance
wit
h t
erm
s of
the
ag
reem
ent,
and
as
per
data
sub
mit
ted
by
the
franch
isee
s.
In
tere
st i
nco
me
is r
ecog
nis
ed o
n a
tim
e-p
rop
ort
ion b
asi
s ta
king
into
acc
ount
the
am
ount
outs
tand
ing
and
the
rate
ap
plic
ab
le.
A
ny
oth
er inco
me
i.e.
fro
m juic
e b
ar
sale
s, c
onsu
mab
les
etc.
are
rec
og
nis
ed o
n r
ecei
pt
basi
s si
nce
the
realis
ati
ons
ther
e-
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed96Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e C
on
solid
ate
d F
inan
cial Sta
tem
en
ts
for
the
year
end
ed 3
1st
Marc
h,
20
13
.
6)
Imp
air
men
t o
f A
ssets
:
Th
e m
anag
emen
t p
erio
dic
ally
ass
esse
s usi
ng
, ex
tern
al
and
inte
rnal
sourc
es,
whet
her
ther
e is
an i
nd
icati
on t
hat
an a
sset
may
be
imp
air
ed.
A
t ea
ch B
ala
nce
Shee
t d
ate
, th
e m
anag
emen
t re
view
s th
e ca
rryi
ng
am
ounts
of
its
ass
ets
incl
ud
ed in e
ach
cash
gen
erati
ng
unit
to d
eter
min
e w
het
her
ther
e is
any
ind
icati
on t
hat
those
ass
ets
wer
e im
paired
. If
any
such
ind
icati
on e
xist
s, t
he
reco
vera
ble
am
ount
of
the
ass
et is
esti
mate
d in o
rder
to d
eter
min
e th
e ex
tent
of
imp
airm
ent
loss
.
Th
e im
pair
men
t lo
ss r
ecog
nis
ed i
n p
rior
acc
ounti
ng
per
iod
s is
rev
erse
d i
f th
ere
has
bee
n a
chang
e in
the
esti
mate
of
reco
vera
ble
am
ount.
7)
Em
plo
yees
ben
efi
ts:
Th
e g
ratu
ity
liab
ility
is
pro
vid
ed a
nd
charg
ed o
ff a
s re
venue
exp
end
iture
base
d o
n t
he
act
uarial va
luati
on.
The
Com
pany
has
sub
scri
bed
to t
he
gro
up
gra
tuit
y sc
hem
e p
olic
y of
LIC
of
Ind
ia.
A
ny
oth
er p
aym
ents
und
er t
he
rele
vant
lab
our
statu
tes,
wher
ever
ap
plic
ab
le, are
rei
mb
urs
ed t
o t
he
Outs
ourc
ed A
gen
cy a
s
and
when
ap
plic
ab
le.
8)
Bo
rro
win
g C
ost
:
Borr
ow
ing
cost
incu
rred
for
qualif
ying
ass
ets
is c
ap
italis
ed u
p t
o t
he
date
; th
e ass
et i
s re
ad
y fo
r in
tend
ed u
se,
base
d
cap
italis
ati
on d
uri
ng
a p
erio
d, any
inco
me
earn
ed o
n t
he
tem
pora
ry in
vest
men
t on t
hose
borr
ow
ing
s is
ded
uct
ed f
rom
the
borr
ow
ing
cost
incu
rred
.
9)
Fore
ign
Cu
rren
cy T
ran
sact
ion
s:
Exc
hang
e d
iffe
rence
s are
rec
ord
ed o
n init
ial re
cog
nit
ion in t
he
rep
ort
ing
curr
ency
, usi
ng
the
exch
ang
e ra
te a
t th
e d
ate
of
the
transa
ctio
n.
At
each
Bala
nce
Shee
t d
ate
, fo
reig
n c
urr
ency
monet
ary
ite
ms
are
rep
ort
ed u
sing
the
closi
ng
rate
.
Exc
hang
e d
iffe
rence
s th
at
ari
se o
n s
ettl
emen
t of
monet
ary
ite
ms
or
on r
eport
ing
at
each
Bala
nce
Shee
t d
ate
of
the
Com
pany’
s m
onet
ary
ite
ms
at
the
closi
ng
rate
are
:
-
10)
Taxe
s o
n In
com
e:
C
urr
ent
Tax
is t
he
am
ount
of
tax
paya
ble
on t
he
taxa
ble
inco
me
for
the
year
as
det
erm
ined
in a
ccord
ance
wit
h t
he
pro
visi
ons
of
the
Inco
me
Tax
Act
, 1
96
1.
11)
Inve
stm
en
ts:
Lo
ng
ter
m i
nve
stm
ents
are
sta
ted
at
cost
, le
ss a
ny
pro
visi
on f
or
dim
inuti
on (
oth
er t
han t
emp
ora
ry)
in v
alu
e. C
urr
ent
inve
stm
ents
are
sta
ted
at
low
er o
f co
st a
nd
fair
valu
e.
12)
Inve
nto
ries:
In
vento
ries
of
stock
-in-t
rad
e are
valu
ed a
t lo
wer
of
cost
and
net
rea
lisab
le v
alu
e.
Annual Rep
ort
2012-1
397
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e C
on
solid
ate
d F
inan
cial Sta
tem
en
ts
for
the
year
end
ed 3
1st
Marc
h,
2013.
13)
Seg
men
t Rep
ort
ing
:
In
the
op
inio
n o
f th
e m
anag
emen
t, t
her
e is
only
one
rep
ort
ab
le b
usi
nes
s se
gm
ent
as
envi
sag
ed b
y A
ccounti
ng
Sta
nd
erd
(AS)
17 ‘Seg
men
t Rep
ort
ing
’. A
ccord
ing
ly, no s
epara
te d
iscl
osu
re f
or
the
seg
men
t re
port
ing
is
req
uired
to b
e m
ad
e in
the
Sec
ond
ary
seg
men
tati
on b
ase
d o
n g
eog
rap
hy
has
not
bee
n p
rese
nte
d a
s th
e C
om
pany
op
erate
s p
rim
arily
in Ind
ia a
nd
the
wit
hin
Ind
ia.
14)
Lease
s:
15)
Earn
ing
s Per
Sh
are
:
Share
hold
ers,
by
wei
ghte
d a
vera
ge
num
ber
of
Eq
uit
y Share
s outs
tand
ing
during
the
per
iod
.
16)
Cash
Flo
w S
tate
men
t :
Th
e C
ash
Flo
w S
tate
men
t is
pre
pare
d b
y th
e in
direc
t m
ethod
set
out in
Acc
ounti
ng
Sta
nd
ard
(A
S) 3 o
n C
ash
Flo
w S
tate
men
ts
C
ash
and
Cash
Eq
uiv
ale
nts
pre
sente
d i
n t
he
Cash
Flo
w S
tate
men
t co
nsi
sts
of
Cash
on h
and
, b
ala
nce
s in
Curr
ent,
Fix
ed
dep
osi
t and
Cash
Cre
dit
Acc
ounts
wit
h B
ank.
B)
No
tes
to t
he C
on
solid
ate
d F
inan
cial Sta
tem
en
ts:
1:
Co
nti
ng
en
t Li
ab
ilit
ies
Conti
ng
ent
liab
iliti
es n
ot
pro
vid
ed f
or
in r
esp
ect
of
` in M
illio
ns
Part
icu
lars
Year
En
ded
M
arc
h 3
1, 2013
Year
En
ded
M
arc
h 3
1, 2012
(a)
Bank
Guara
nte
e g
iven
on b
ehalf o
f Sub
sid
iaries
100.3
385.3
2
(b)
Cla
im f
rom
a land
lord
, ca
se p
end
ing
bef
ore
the
Jud
icia
ry
-
Hyd
erab
ad
27.9
736.5
5
-
Kora
mang
ala
12.5
88.7
8
(c)
Cla
im b
y A
dve
rtis
ing
ag
ency
#0.4
70.7
2
# 8
80
0 G
BP @
` 8
1.7
9 (
as
on 3
1.0
3.2
012)
# 5
72
0 G
BP @
` 8
2.5
6 (
as
on 3
1.0
3.2
013)
2.
Secu
rity
ag
ain
st S
ecu
red
Lo
an
s A
vailed
:
A.
Talw
alk
ars
Bett
er
Valu
e F
itn
ess
Lim
ited
A
ll lo
ans,
whic
h incl
ud
e su
b lim
it o
f In
land
and
Fore
ign L
ette
r of
cred
it a
nd
cash
cre
dit
faci
lity
are
sanct
ioned
by
and
im
mova
ble
Fix
ed A
sset
s &
Curr
ent
Ass
ets
of
the
Com
pany
incl
ud
ing
Gym
nasi
um
Eq
uip
men
ts,
Furn
iture
&
Fixt
ure
s and
any
oth
er e
quip
men
t in
stalle
d in t
he
Gym
nasi
um
s, e
quit
ab
le m
ort
gag
e of
imm
ova
ble
pre
mis
es o
f th
e
Com
pany,
corp
ora
te g
uara
nte
e and
colla
tera
l se
curity
by
way
of
equit
ab
le m
ort
gag
e of
pre
mis
es s
ituate
d a
t Ta
rdeo
and
Mahala
xmi, M
um
bai of
third
part
ies
and
the
per
sonal g
uara
nte
e of
thre
e D
irec
tors
of
the
Com
pany.
“Acc
epta
nce
s” u
nd
er t
he
hea
d “
Oth
er L
ong
-ter
m L
iab
iliti
es”.
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed98Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e C
on
solid
ate
d F
inan
cial Sta
tem
en
ts
for
the
year
end
ed 3
1st
Marc
h,
20
13
.
B.
Asp
ire F
itn
ess
Pri
vate
Lim
ited
A
ll lo
ans,
whic
h incl
ud
e su
b lim
it o
f In
land
and
Fore
ign L
ette
r of
Cre
dit
and
Cash
Cre
dit
faci
lity
are
sanct
ioned
by
Axi
s
Fixe
d A
sset
s of th
e C
om
pany
incl
ud
ing
Gym
nasi
um
Eq
uip
men
ts, F
urn
iture
& F
ixtu
res
and
any
oth
er e
quip
men
t in
stalle
d
in t
he
Gym
nasi
um
s and
the
per
sonal g
uara
nte
e of
two D
irec
tors
of
the
Com
pany.
C.
Eq
uin
ox
Welln
ess
Pri
vate
Lim
ited
mova
ble
Fix
ed A
sset
s of th
e C
om
pany
incl
ud
ing
Gym
nasi
um
Eq
uip
men
ts, F
urn
iture
& F
ixtu
res
and
any
oth
er e
quip
men
t
inst
alle
d in t
he
Gym
nasi
um
s.
D.
Den
ovo
En
terp
rise
s Pri
vate
Lim
ited
mova
ble
Fix
ed A
sset
s of th
e C
om
pany
incl
ud
ing
Gym
nasi
um
Eq
uip
men
ts, F
urn
iture
& F
ixtu
res
and
any
oth
er e
quip
men
t
inst
alle
d in t
he
Gym
nasi
um
s.
E.
Jyo
tsn
a F
itn
ess
Pri
vate
Lim
ited
A
ll lo
ans,
whic
h incl
ud
e su
b lim
it o
f In
land
and
Fore
ign L
ette
r of
Cre
dit
is
sanct
ioned
by
Ap
na S
ahaka
ri B
ank
Lim
ited
Ass
ets
of
the
Com
pany
incl
ud
ing
Gym
nasi
um
Eq
uip
men
ts,
Furn
iture
& F
ixtu
res
and
any
oth
er e
quip
men
t in
stalle
d in
the
Gym
nasi
um
s and
the
per
sonal g
uara
nte
e of
two D
irec
tors
of
the
Com
pany.
3.
Rela
ted
Part
y D
iscl
osu
res:
Dis
closu
re a
s re
quir
ed b
y th
e A
ccounti
ng
Sta
nd
ard
(A
S)
18
, “R
elate
d P
art
y D
iscl
osu
res”
is
giv
en b
elow
:
List
of
Rela
ted
Part
ies:
Key
Man
ag
em
en
t Pers
on
nel:
Ta
lwalk
ars
Bett
er
Valu
e F
itn
ess
Lim
ited
(H
old
ing
Co
mp
an
y)
M
r. G
iris
h T
alw
alk
ar
(Whole
-tim
e D
irec
tor)
M
r. H
ars
ha B
hatk
al (W
hole
-tim
e D
irec
tor)
M
r. M
ad
huka
r Ta
lwalk
ar
(Exe
cuti
ve C
hair
man)
M
r. V
inaya
k G
aw
and
e (W
hole
-tim
e D
irec
tor)
D
en
ovo
En
terp
rise
s Pri
vate
Lim
ited
M
r. H
ars
h M
ahes
hw
ary
(W
hole
-tim
e D
irec
tor)
Eq
uin
ox
Welln
ess
Pri
vate
Lim
ited
M
r. A
bhis
hek
Sharm
a (
Whole
-tim
e D
irec
tor)
A
spir
e F
itn
ess
Pri
vate
Lim
ited
M
r. V
iren
dra
Sher
leka
r (W
hole
-tim
e D
irec
tor)
Jy
ots
na F
itn
ess
Pri
vate
Lim
ited
M
r. V
ishw
as
Shin
de
(Whole
-tim
e D
irec
tor)
M
rs.
Jyots
na S
hin
de
(Whole
-tim
e D
irec
tor)
Annual Rep
ort
2012-1
399
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e C
on
solid
ate
d F
inan
cial Sta
tem
en
ts
for
the
year
end
ed 3
1st
Marc
h,
2013.
Rela
tive
s o
f Key
Man
ag
em
en
t Pers
on
nel:
M
r. K
edar
Sher
leka
r
M
r. S
ud
haka
r Ta
lwalk
ar
M
rs.
Yam
ini A
nant
Gaw
and
e
En
terp
rise
s o
ver
wh
ich
Key
Man
ag
em
en
t Pers
on
nel &
th
eir
rela
tive
s exe
rcis
e s
ign
ific
an
t in
flu
en
ce:
A
nant
Gaw
and
e (H
UF)
Bet
ter
Valu
e Bra
nd
s Priva
te L
imit
ed
Bet
ter
Valu
e Le
asi
ng
& F
inance
Lim
ited
Bet
ter
Valu
e Pro
per
ties
Priva
te L
imit
ed
Bra
inw
ork
s Le
arn
ing
Sys
tem
s Priva
te L
imit
ed
G
aw
and
e C
onsu
ltants
Priva
te L
imit
ed
In
dia
n C
ooke
ry P
riva
te L
imit
ed
In
dia
n C
ooke
ry.c
om
Pri
vate
Lim
ited
Li
fe F
itnes
s In
dia
Priva
te L
imit
ed
N
itin
Gaw
and
e (H
UF)
Pin
nacl
e Fi
tnes
s Priva
te L
imit
ed
Po
pula
r In
stit
ute
of
Art
s Priva
te L
imit
ed
Po
pula
r Pra
kash
an P
riva
te L
imit
ed
R2 Infr
ast
ruct
ure
Priva
te L
imit
ed
R2 S
pa S
yste
ms
Rad
hik
a H
ote
ls P
riva
te L
imit
ed
Sp
lend
or
Fitn
ess
Priva
te L
imit
ed
Ta
lwalk
ars
Ta
lwalk
ars
Fit
nes
s C
lub
Ta
lwalk
ars
Hea
lth &
Lei
sure
Ta
lwalk
ars
Hea
lth C
lub
Ta
lwalk
ars
Hea
lth C
om
mune
Ta
lwalk
ars
Hea
lth C
om
ple
x
Ta
lwalk
ars
Nutr
itio
n C
entr
e
V
inaya
k G
aw
and
e (H
UF)
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed100
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e C
on
solid
ate
d F
inan
cial Sta
tem
en
ts
for
the
year
end
ed 3
1st
Marc
h,
20
13
.
Tran
sact
ion
s w
ith
Rela
ted
Part
ies:
` in M
illio
ns
Natu
re o
f tr
an
sact
ion
sA
sso
ciate
sKey
Man
ag
eri
al
Pers
on
nel
Oth
ers
Tota
l
Inco
mes
1.3
9-
-1.3
9
Exp
ense
s1
1.1
42.4
2-
13.5
6
Inte
rest
on U
nse
cure
d L
oans
1.1
50.0
4-
1.1
9
Dir
ecto
r's R
emuner
ati
on
-25.2
0-
25.2
0
(1.5
4)
--
(1.5
4)
0.6
5-
-0.6
5
Bala
nce
as
at
Marc
h 3
1, 2013:
` in M
illio
ns
Natu
re o
f tr
an
sact
ion
sA
sso
ciate
sKey
Man
ag
eri
al
Pers
on
nel
Oth
ers
Tota
l
Inve
stm
ents
incl
ud
ing
Share
Ap
plic
ati
on M
oney
--
50.0
050.0
0
Sund
ry D
ebto
rs0
.23
--
0.2
3
Dep
osi
ts6
.41
1.3
1-
7.7
2
Loans
and
Ad
vance
s3
.11
0.3
0-
3.4
1
Tran
sact
ion
s w
ith
Rela
ted
Part
ies
pu
rsu
an
t to
Acc
ou
nti
ng
Sta
nd
ard
(A
S)
-18, “R
ela
ted
Part
y D
iscl
osu
res”
Key
man
ag
em
en
t p
ers
on
nel an
d t
heir
Rela
tive
s :
` in M
illio
ns
Nam
e o
f th
e p
art
yN
atu
re o
f tr
an
sact
ion
31st
Marc
h,
2013
31st
Marc
h,
2012
Mr. M
ad
huka
r Ta
lwalk
ar
Dir
ecto
r's R
emuner
ati
on
4.2
04.2
0
Mr. P
rash
ant
Talw
alk
ar
Dir
ecto
r's R
emuner
ati
on
4.2
04.2
0
Ren
t fo
r Pre
mis
es2.4
22.2
1
D
eposi
t outs
tand
ing
as
on
1.3
11.3
1
Mr. G
iris
h T
alw
alk
ar
Dir
ecto
r's R
emuner
ati
on
4.2
04.2
0
Mr. V
inaya
k G
aw
and
eD
irec
tor's
Rem
uner
ati
on
4.2
04.2
0
Mr. H
ars
ha B
hatk
al
Dir
ecto
r's R
emuner
ati
on
4.2
04.2
0
Mr. A
nant
Gaw
and
e D
irec
tor's
Rem
uner
ati
on
4.2
04.2
0
Mr. A
bhis
hek
Sharm
aIn
tere
st o
n loan
0.0
40.0
4
4.
Basi
c an
d D
ilu
ted
Earn
ing
s Per
Sh
are
has
been
co
mp
ute
d a
s u
nd
er:
Part
icu
lars
2012-1
3
2011-1
2
` in M
illio
ns)
300.5
0220.6
0
Wei
ghte
d a
vera
ge
num
ber
of
Eq
uit
y Share
s24,7
32,4
07
24,1
15,6
72
Nom
inal va
lue
of
share
s [`
10.0
010.0
0
Earn
ing
s p
er s
hare
– B
asi
c [`
12.1
59.1
5
Earn
ing
s p
er s
hare
– D
ilute
d [`
12.1
59.1
5
Annual Rep
ort
2012-1
3101
Sig
nif
ican
t acc
ou
nti
ng
po
lici
es
an
d n
ote
s to
th
e C
on
solid
ate
d F
inan
cial Sta
tem
en
ts
for
the
year
end
ed 3
1st
Marc
h,
2013.
5.
Base
d o
n t
he
inti
mati
ons
reg
ard
ing
thei
r st
atu
s und
er M
icro
, Sm
all
& M
ediu
m E
nte
rprise
s D
evel
op
men
t A
ct,
2006,
ther
e are
no a
mounts
due
and
paya
ble
to s
up
plie
rs c
ove
red
und
er t
he
ab
ove
cate
gory
. O
ne
of
our
gro
up
Com
pany
is s
till
in p
roce
ss o
f
20
06,
as
at
the
bala
nce
shee
t d
ate
.
6.
Th
e op
erati
ons
of
the
Bel
gaum
and
Kora
mang
ala
Bra
nch
es h
ave
bee
n t
emp
ora
rily
susp
end
ed d
ue
to s
om
e d
isp
ute
s. T
he
outc
om
e and
early
reco
mm
ence
men
t of
op
erati
ons
of
the
bra
nch
es.
7.
As
per
our
rep
ort
of
even
date
att
ach
edFo
r and
on b
ehalf o
f th
e b
oard
For
M. K
. D
an
deker
& C
o.,
Mad
hu
kar
Talw
alk
ar
Exe
cuti
ve C
hairm
an
Chart
ered
Acc
ounta
nts
Pra
shan
t Ta
lwalk
ar
Manag
ing
Direc
tor
& C
EO
ICA
I FR
N :
000679S
Vin
aya
k G
aw
an
de
Whole
-tim
e D
irec
tor
Gir
ish
Talw
alk
ar
Whole
-tim
e D
irec
tor
K. J.
Dan
deker
An
an
t G
aw
an
de
Whole
-tim
e D
irec
tor
& C
FO
Part
ner
Man
oh
ar
Bh
ide
Ind
epen
den
t D
irec
tor
Mem
ber
ship
No.
01853
3A
vin
ash
Ph
ad
ke
Ind
epen
den
t D
irec
tor
Pla
ce :
Mum
bai
Ram
an
Maro
oIn
dep
end
ent
Direc
tor
Date
: 8
th M
ay,
2013
Ava
nti
San
kav
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed102
Sta
tem
en
t p
urs
uan
t to
sect
ion
212 o
f th
e c
om
pan
ies
act
, 1956 r
ela
tin
g t
o s
ub
sid
iary
co
mp
an
ies
an
nexe
d t
o t
he B
ala
nce
Sh
eet
as
at
31
st M
arc
h,
20
13
Nam
e o
f th
e
Su
bsi
dia
ry
Co
mp
an
y
Th
e
Fin
an
cial
Year
of
the
Co
mp
an
y en
ded
on
Date
fro
m
wh
ich
th
ey
beca
me
the
sub
sid
iary
co
mp
an
y
Ho
ldin
g C
om
pan
y's
Inte
rest
as
at
clo
se o
f fi
nan
cial ye
ar
of
sub
sid
iary
co
mp
an
y
Net
ag
gre
gate
am
ou
nt
of
sub
sid
iary
co
mp
an
y's
pro
fit/
(lo
sses
dealt
wit
hin
th
e C
om
pan
y's
acc
ou
nt
Net
Ag
gre
gate
am
ou
nt
of
sub
sid
iary
co
mp
an
y's
pro
fit/
(lo
sses)
, n
ot
dealt
wit
hin
th
e
Co
mp
an
y's
acc
ou
nt
Sh
are
ho
ldin
gExt
en
t o
f H
old
ing
%
ag
e
For
the
curr
en
t fi
nan
cial
year
For
the
pre
vio
us
fin
an
cial
year
For
the
curr
en
t fi
nan
cial
year
For
the
pre
vio
us
fin
an
cial
year
Den
ovo
Ente
rpri
ses
Pri
vate
Lim
ited
30th
A
pri
l,
2013
28th
O
ctob
er,
2010
50,1
00
Eq
uit
y sh
are
s
each
50
.10
%2
0.6
424
.80
Eq
uin
ox
Wel
lnes
s Pri
vate
Lim
ited
31
st
Marc
h,
2013
28th
O
ctob
er,
2010
* 2
,00
,40
0
Eq
uit
y sh
are
s
each
33
.33
%0
.21
0.0
2
Asp
ire
Fitn
ess
Pri
vate
Lim
ited
31
st
Marc
h,
2013
28th
O
ctob
er,
2010
50,0
01
Eq
uit
y sh
are
s
each
.
50
.00
1%
3.2
83
.80
Jyots
na F
itnes
s Pri
vate
Lim
ited
31st
M
arc
h,
2013
14th
N
ove
mb
er,
2011
50
1 E
quit
y sh
are
s of
Rs.
5
0.1
0%
1.4
0
* H
old
ing
Com
pany
hold
s 5
0.1
0%
of
the
paid
-up
cap
ital o
f D
enovo
Ente
rpri
ses
Pri
vate
Lim
ited
whic
h, in
turn
, hold
s 66.6
7%
of
the
33
.33
% o
f th
e p
aid
-up
cap
ital of
the
Eq
uin
ox
Wel
lnes
s Pri
vate
Lim
ited
.
Annual Rep
ort
2012-1
3103
Fin
an
cial in
form
ati
on
rela
tin
g t
o S
ub
sid
iary
Co
mp
an
ies
for
the
year
end
ed 3
1st
Marc
h,
2013
Nam
e o
f th
e
Su
bsi
dia
ryC
ap
ital
Rese
rve
Tota
l A
ssets
Tota
l Li
ab
ilit
ies
Inve
stm
en
tTu
rno
ver
Pro
fit
befo
re
tax
Pro
visi
on
fo
r ta
xPro
fit
aft
er
tax
Pro
po
sed
d
ivid
en
d
Lon
g-
term
Sh
ort
-te
rmTo
tal
Den
ovo
Ente
rprise
s Priva
te
Lim
ited
10.0
0
62.6
4
270.1
7
144
.78
4.0
0
-
4.0
0
115.6
7
60.9
7
(19.7
8)
41
.19
-
Eq
uin
ox
Wel
lnes
s
Priva
te
Lim
ited
6.0
0
(0.3
7)
20.7
5
14
.66
-
-
-
14.3
8
0.4
0
0.2
3
0.6
3
Asp
ire
Fitn
ess
Priva
te
Lim
ited
10.0
0
102.2
7
96.2
8
68
.91
-
-
-
74.3
4
9.8
2
(3.2
7)
6.5
5
-
Jyots
na
Fitn
ess
Priva
te
Lim
ited
0.2
0
1.4
0
94.1
6
81
.96
0.5
0
-
0.5
0
7.7
0
4.2
7
(1.4
6)
2.8
0
-
Talw
alk
ars
Bet
ter
Valu
e Fi
tnes
s Li
mit
ed104
No
tes
No
tice
No
tice
is
here
by
giv
en
th
at
the T
en
th A
nn
ual
Gen
era
l M
eeti
ng
of
the m
em
bers
of
Talw
alk
ars
Bett
er
Valu
e F
itn
ess
Lim
ited
will
be h
eld
on
Th
urs
day,
th
e 8
th A
ug
ust
, 2013 a
t 12.3
0 p
.m.
at
M.C
. G
hia
Hall o
f In
dia
n T
ext
ile A
ccess
ori
es
& M
ach
inery
Man
ufa
ctu
rer’
s A
sso
ciati
on
, B
ho
gilal H
arg
ovi
nd
as
Bu
ild
ing
, 4
th F
loo
r, K
ala
Gh
od
a, 18/2
0, K
. D
ub
ash
Marg
, M
um
bai –
400 0
01
to t
ran
sact
th
e f
ollo
win
g b
usi
ness
:
OR
DIN
AR
Y B
USIN
ESS:
1.
To r
ece
ive, co
nsi
der
an
d a
do
pt
the A
ud
ited
Bala
nce
Sh
eet
as
at
31
st M
arc
h, 2013, th
e P
rofi
t &
Lo
ss A
cco
un
t fo
r th
e y
ear
en
ded
on
th
at
date
to
geth
er
wit
h t
he r
ep
ort
s o
f th
e D
irect
ors
an
d A
ud
ito
rs t
here
on
;
2.
To d
ecl
are
div
iden
d o
n E
qu
ity
Sh
are
s fo
r th
e y
ear
en
ded
31
st M
arc
h, 2013;
3.
To a
pp
oin
t a D
irect
or
in p
lace
of
Mr. M
ad
hu
kar
Talw
alk
ar, w
ho
reti
res
by
rota
tio
n a
nd
bein
g e
lig
ible
, o
ffers
him
self
fo
r
re-a
pp
oin
tmen
t;
4.
To a
pp
oin
t a D
irect
or
in p
lace
of
Mr. V
inaya
k G
aw
an
de,
wh
o r
eti
res
by
rota
tio
n a
nd
bein
g e
lig
ible
, o
ffers
him
self
fo
r
re-a
pp
oin
tmen
t;
5.
To a
pp
oin
t a D
irect
or
in p
lace
of
Mr. G
iris
h T
alw
alk
ar, w
ho
reti
res
by
rota
tio
n a
nd
bein
g e
lig
ible
, o
ffers
him
self
fo
r re
-
ap
po
intm
en
t;
6.
To a
pp
oin
t M
. K
. D
an
deker
& C
om
pan
y (F
irm
Reg
istr
ati
on
Nu
mb
er
: 000679S),
Ch
art
ere
d A
cco
un
tan
ts,
Mu
mb
ai as
the
Au
dit
ors
of
the C
om
pan
y to
ho
ld o
ffic
e f
rom
th
e c
on
clu
sio
n o
f th
e e
nsu
ing
An
nu
al G
en
era
l Meeti
ng
un
til t
he c
on
clu
sio
n
of
the n
ext
An
nu
al
Gen
era
l M
eeti
ng
of
the C
om
pan
y at
such
rem
un
era
tio
n a
s m
ay
be d
ete
rmin
ed
by
the B
oard
of
Dir
ect
ors
.
By
ord
er
of
the B
oard
of
Dir
ect
ors
For
Talw
alk
ars
Bett
er
Valu
e F
itn
ess
Lim
ited
Ava
nti
San
kav
Co
mp
an
y Secr
eta
ry &
Co
mp
lian
ce O
ffic
er
Pla
ce: M
um
bai
Date
: 8
th M
ay,
2013
Reg
iste
red
Off
ice:
801-8
13, M
ah
ala
xmi C
ham
bers
,
22, B
hu
lab
hai D
esa
i Ro
ad
,
Mu
mb
ai -
400 0
26, In
dia
.
An
nu
al Rep
ort
2012-1
31
NO
TES:
1.
A M
EM
BER E
NTIT
LED
TO
ATTEN
D A
ND
VO
TE A
T T
HE T
EN
TH
AN
NU
AL
GEN
ERA
L M
EETIN
G I
S E
NTIT
LED
TO
APPO
INT A
PRO
XY
/PRO
XIE
S T
O A
TTEN
D A
ND
VO
TE IN
STEA
D O
F H
IMSELF
/HERSELF
AN
D A
PRO
XY
NEED
NO
T B
E A
MEM
BER O
F TH
E
CO
MPA
NY.
2.
Pro
xy f
orm
(s)
du
ly c
om
ple
ted
an
d s
tam
ped
sh
ou
ld b
e d
ep
osi
ted
at
the R
eg
iste
red
Off
ice o
f th
e C
om
pan
y n
ot
less
th
an
48 h
ou
rs b
efo
re t
he c
om
men
cem
en
t o
f th
e m
eeti
ng
.
3.
Co
rpo
rate
mem
bers
in
ten
din
g t
o s
en
d t
heir
au
tho
rise
d r
ep
rese
nta
tive
s to
att
en
d t
he m
eeti
ng
are
req
uest
ed
to
sen
d a
cert
ifie
d c
op
y o
f th
e B
oard
Reso
luti
on
au
tho
risi
ng
th
eir
rep
rese
nta
tive
to
att
en
d a
nd
vo
te o
n t
heir
beh
alf
at
the m
eeti
ng
.
4.
Mem
bers
are
req
uest
ed
to
no
te t
hat
en
try
to t
he M
eeti
ng
Hall/P
rem
ises
is s
tric
tly
rest
rict
ed
to
th
e M
em
bers
/Ben
efi
cial
ow
ners
ho
ldin
g d
uly
fille
d in
att
en
dan
ce s
lip
s an
d p
roxi
es
ho
ldin
g v
alid
pro
xy f
orm
s.
5.
Mem
bers
wh
o h
old
sh
are
s in
dem
ate
rialise
d f
orm
are
req
uest
ed
to
wri
te t
heir
clien
t ID
an
d D
P ID
an
d t
ho
se w
ho
ho
ld
share
s in
ph
ysic
al fo
rm a
re r
eq
uest
ed
to
wri
te t
heir
fo
lio
nu
mb
er
in t
he a
tten
dan
ce s
lip
fo
r att
en
din
g t
he M
eeti
ng
.
6.
In c
ase
of
join
t h
old
ers
att
en
din
g t
he m
eeti
ng
, o
nly
su
ch jo
int
ho
lder
wh
o is
hig
her
in t
he o
rder
of
nam
es
will b
e e
nti
tled
to v
ote
.
7.
Th
e R
eg
iste
r o
f M
em
bers
an
d S
hare
Tra
nsf
er
Bo
oks
of
the C
om
pan
y w
ill
rem
ain
clo
sed
fro
m 3
rd A
ug
ust
, 2013 t
o
8th A
ug
ust
, 2013 (
bo
th d
ays
in
clu
sive
) fo
r th
e p
urp
ose
of
paym
en
t o
f d
ivid
en
d, if
an
y, a
pp
rove
d b
y th
e M
em
bers
.
8.
Th
e D
ivid
en
d f
or
the y
ear
en
ded
31
st M
arc
h,
2013 a
s re
com
men
ded
by
the B
oard
, if
ap
pro
ved
at
the m
eeti
ng
will
be
paid
wit
hin
th
e p
resc
rib
ed
tim
e l
imit
to
th
ose
mem
bers
wh
ose
nam
es
ap
pear
in t
he C
om
pan
y’s
Reg
iste
r o
f M
em
bers
on
2n
d A
ug
ust
, 2013.
In r
esp
ect
of
Sh
are
s in
ele
ctro
nic
fo
rm,
the d
ivid
en
d w
ill
be p
aya
ble
on
th
e b
asi
s o
f b
en
efi
cial
ow
ners
hip
as
per
the d
eta
ils
furn
ish
ed
by
the N
ati
on
al
Secu
riti
es
Dep
osi
tory
Lim
ited
(N
SD
L) a
nd
Cen
tral
Dep
osi
tory
Serv
ices
(In
dia
) Li
mit
ed
(C
DSL)
fo
r th
is p
urp
ose
.
9.
Mem
bers
are
req
uest
ed
to
no
tify
ch
an
ges
if a
ny
in t
heir
ad
dre
sses
imm
ed
iate
ly t
o t
he C
om
pan
y/Reg
istr
ar
(fo
r sh
are
s
held
in
ph
ysic
al fo
rm)
an
d t
o D
ep
osi
tory
Part
icip
an
ts (
for
Sh
are
s h
eld
in
dem
ate
rialise
d f
orm
).
10.
As
per
the S
EB
I n
oti
fica
tio
n d
ate
d 1
6th F
eb
ruary
, 2000,
the E
qu
ity
Sh
are
s o
f th
e C
om
pan
y h
ave
been
co
mp
uls
ori
ly
dem
ate
rialise
d a
nd
sale
/ p
urc
hase
of
the s
am
e is
req
uir
ed
to
take p
lace
in
dem
ate
rialise
d f
orm
on
ly.
11.
Pu
rsu
an
t to
SEB
I N
oti
fica
tio
n N
o.M
ED
/DO
P/C
ircu
lar/
05/2
009 d
ate
d 2
0th M
ay,
2009,
it h
as
beco
me m
an
dato
ry f
or
the
tran
sfere
e(s
) to
fu
rnis
h c
op
y o
f PA
N c
ard
to
th
e C
om
pan
y/ R
TA t
o e
nab
le/ eff
ect
tra
nsf
er
of
share
s in
ph
ysic
al fo
rms.
12.
Mem
bers
desi
rin
g a
ny
info
rmati
on
as
reg
ard
s th
e a
cco
un
ts a
re r
eq
uest
ed
to
wri
te t
o t
he C
om
pan
y at
least
fiv
e d
ays
befo
re t
he d
ate
of
the m
eeti
ng
to
en
ab
le t
he m
an
ag
em
en
t to
keep
th
e in
form
ati
on
read
y.
Dis
clo
sure
pu
rsu
an
t to
Cla
use
49 o
f th
e L
isti
ng
Ag
reem
en
t w
ith
resp
ect
to
th
e D
irect
ors
seekin
g a
pp
oin
tmen
t / r
e-a
pp
oin
tmen
t
at
the f
ort
hco
min
g A
nn
ual G
en
era
l M
eeti
ng
is
att
ach
ed
here
to.
Talw
alk
ars
Bett
er
Valu
e F
itn
ess
Lim
ited
2
Info
rmati
on
pu
rsu
an
t to
Cla
use
49 o
f th
e L
isti
ng
Ag
reem
en
t w
ith
reg
ard
to
th
e D
irect
ors
seekin
g a
pp
oin
tmen
t/re
-ap
po
intm
en
t
at
the f
ort
hco
min
g A
nn
ual G
en
era
l M
eeti
ng
:
No
te:
* p
urs
uan
t to
Cla
use
49 o
f th
e L
isti
ng
Ag
reem
en
t, o
nly
tw
o C
om
mit
tees,
viz
. A
ud
it C
om
mit
tee a
nd
Sh
are
ho
lders
/
Inve
sto
rs G
rieva
nce
, Sh
are
Allo
tmen
t an
d S
hare
Tra
nsf
er
Co
mm
itte
e h
ave
been
co
nsi
dere
d.
Nam
e o
f th
e D
irect
or
Mr. M
ad
hu
kar
Talw
alk
ar
Mr. V
inaya
k G
aw
an
de
Mr. G
iris
h T
alw
alk
ar
Date
of
Bir
th28.1
1.1
933
24.0
8.1
958
01.0
6.1
961
Date
of
Ap
po
intm
en
t24.0
4.2
003
24.0
4.2
003
25.0
4.2
003
Qu
alifi
cati
on
Bach
elo
rs d
eg
ree in
Text
ile
En
gin
eeri
ng
Bach
elo
rs d
eg
ree in
Co
mm
erc
e
Mast
ers
Deg
ree in
Ph
ysio
thera
py
Exp
ert
ise in
sp
eci
fic
fun
ctio
nal are
a
Healt
h a
nd
Fit
ness
In
du
stry
Taxa
tio
n, La
w, Fi
nan
ce a
nd
Ho
spit
ality
In
du
stry
Str
ate
gic
pla
nn
ing
, p
roje
ct
man
ag
em
en
t, e
xecu
tio
n,
corp
ora
te t
ie u
ps
an
d o
ther
pro
mo
tio
nal act
ivit
ies
Dir
ect
ors
hip
s h
eld
in
oth
er
Pu
blic
Co
mp
an
ies.
Nil
Bett
er
Valu
e L
easi
ng
&
Fin
an
ce L
imit
ed
Nil
* C
hair
man
ship
s/
Mem
bers
hip
s o
f th
e
Co
mm
itte
e o
n t
he B
oard
of
Dir
ect
ors
of
the
Co
mp
an
y
Au
dit
Co
mm
itte
e -
Nil
Sh
are
ho
lders
/ In
vest
ors
Gri
eva
nce
, Sh
are
Allo
tmen
t
an
d S
hare
Tra
nsf
er
Co
mm
itte
e-
Nil
Au
dit
Co
mm
itte
e -
Nil
Sh
are
ho
lders
/ In
vest
ors
Gri
eva
nce
, Sh
are
Allo
tmen
t
an
d S
hare
Tra
nsf
er
Co
mm
itte
e -
Nil
Au
dit
Co
mm
itte
e -
Nil
Sh
are
ho
lders
/ In
vest
ors
Gri
eva
nce
, Sh
are
Allo
tmen
t
an
d S
hare
Tra
nsf
er
Co
mm
itte
e –
Mem
ber
* C
hair
man
ship
s/
Mem
bers
hip
s o
f th
e
Co
mm
itte
es
of
oth
er
Pu
blic
Co
mp
an
ies
Au
dit
Co
mm
itte
e -
Nil
Sh
are
ho
lders
/ In
vest
ors
Gri
eva
nce
, Sh
are
Allo
tmen
t
an
d S
hare
Tra
nsf
er
Co
mm
itte
e
- N
il
Au
dit
Co
mm
itte
e -
Nil
Sh
are
ho
lders
/ In
vest
ors
Gri
eva
nce
, Sh
are
Allo
tmen
t
an
d S
hare
Tra
nsf
er
Co
mm
itte
e -
Nil
Au
dit
Co
mm
itte
e -
Nil
Sh
are
ho
lders
/ In
vest
ors
Gri
eva
nce
, Sh
are
Allo
tmen
t
an
d S
hare
Tra
nsf
er
Co
mm
itte
e -
Nil
No
s. o
f Sh
are
s h
eld
in
the C
om
pan
y
28,3
2,2
80
19,2
0,2
00
28,6
4,2
80
An
nu
al Rep
ort
2012-1
33
TALW
ALK
ARS B
ETTER V
ALU
E F
ITN
ESS L
IMIT
ED
Reg
d: O
ff.: 8
01-8
13, M
ah
ala
xmi C
ham
bers
, 22, B
hu
lab
hai D
esa
i Ro
ad
, M
um
bai -
400 0
26.
Tel. N
o.: 6
612 6
300. Fa
x N
o. 6612 6
363. W
eb
site
: w
ww
.talw
alk
ars
.net
ATTEN
DA
NC
E S
LIP
(To
be f
ille
d in
an
d h
an
ded
ove
r at
the e
ntr
an
ce o
f th
e M
eeti
ng
Hall)
I/W
e h
ere
by
reco
rd m
y/o
ur
pre
sen
ce a
t th
e 1
0th A
nn
ual G
en
era
l M
eeti
ng
of
the C
om
pan
y o
n Th
urs
day,
th
e 8
th A
ug
ust
, 2013
at
12.3
0 p
.m. at
M.C
. G
hia
Hall o
f In
dia
n T
ext
ile A
ccess
ori
es
& M
ach
inery
Man
ufa
ctu
rer’
s A
sso
ciati
on
, Bh
og
ilal H
arg
ovi
nd
as
Bu
ild
ing
, 4
th F
loo
r, K
ala
Gh
od
a, 18/2
0, K
. D
ub
ash
Marg
, M
um
bai – 4
00 0
01
TALW
ALK
ARS B
ETTER V
ALU
E F
ITN
ESS L
IMIT
ED
Reg
d: O
ff.: 8
01-8
13, M
ah
ala
xmi C
ham
bers
, 22, B
hu
lab
hai D
esa
i Ro
ad
, M
um
bai -
400 0
26.
Tel. N
o.: 6
612 6
300. Fa
x N
o. 6612 6
363. W
eb
site
: w
ww
.talw
alk
ars
.net
PRO
XY
FO
RM
Reg
iste
red
Fo
lio
No
. __________________ D
P-I
D N
o. __________________ C
lien
t ID
No
. __________________
I/W
e _
__________________________________________________ o
f ______________________ b
ein
g a
mem
ber(
s) o
f Ta
lwalk
ars
Bett
er
Valu
e F
itn
ess
Lim
ited
, h
ere
by
ap
po
int
Mr./M
s. _
_____________________________________________ o
r fa
ilin
g h
im/h
er,
Mr./M
s. _
____________________________________________
as
my/
ou
r p
roxy
to
vo
te f
or
me/u
s o
n m
y/o
ur
beh
alf
at
the 1
0th
An
nu
al G
en
era
l M
eeti
ng
of
the C
om
pan
y to
be h
eld
on
Th
urs
day,
th
e 8
th A
ug
ust
, 2013 a
t 12.3
0 p
.m.
at
M.C
. G
hia
Hall o
f
Ind
ian
Text
ile A
ccess
ori
es
& M
ach
inery
Man
ufa
ctu
rer’
s A
sso
ciati
on
, B
ho
gilal
Harg
ovi
nd
as
Bu
ild
ing
, 4
th F
loo
r, K
ala
Gh
od
a,
18/2
0, K
. D
ub
ash
Marg
, M
um
bai – 4
00 0
01 a
nd
an
y ad
jou
rnm
en
t th
ere
of.
No
te:
1.
Mem
bers
wh
o h
ave
mu
ltip
le f
olio
s/d
em
at
acc
ou
nts
wit
h d
iffe
ren
t jo
int-
ho
lders
may
use
co
pie
s o
f th
is a
tten
dan
ce s
lip
,
No
ad
dit
ion
al/d
up
lica
te A
tten
dan
ce S
lip
will b
e iss
ued
at
the m
eeti
ng
hall.
2.
Th
e c
op
y o
f th
e A
nn
ual Rep
ort
may
ple
ase
be b
rou
gh
t to
th
e M
eeti
ng
hall.
No
te:
1.
Th
e P
roxy
du
ly c
om
ple
ted
mu
st b
e d
ep
osi
ted
at
the r
eg
iste
red
off
ice o
f th
e C
om
pan
y n
ot
less
th
an
48 h
ou
rs b
efo
re t
he
tim
e o
f h
old
ing
th
e m
eeti
ng
.
2.
Mem
bers
wh
o h
ave
mu
ltip
le f
olio
s/d
em
at
acc
ou
nts
wit
h d
iffe
ren
t jo
int-
ho
lders
may
use
co
pie
s o
f th
is p
roxy
fo
rm.
Sig
natu
re: __________________
Date
: ______________________
Nam
e o
f th
e P
roxy
(in
blo
ck lett
ers
)
(To
be f
ille
d in
if
the p
roxy
att
en
ds
inst
ead
of
the M
em
ber)
Mem
ber’
s / Pro
xy’s
Sig
natu
re
Full N
am
e(s
) o
f th
e M
em
ber(
s)N
um
ber
of
Sh
are
s :
Reg
iste
red
Fo
lio
No
. :
DP-I
D N
o. :
Clien
t ID
No
. :
Reven
ue
Sta
mp
of
Re.
1/-
Ho
w c
an
I im
pro
ve m
y h
ealt
h in
gen
era
l?
To im
pro
ve y
ou
r h
ealt
h a
nd
pre
ven
t fr
eq
uen
t in
fect
ion
s, y
ou
can
try
th
e f
ollo
win
g:
Eat
reg
ula
r m
eals
A
void
ju
nk f
oo
d
H
ave
8 h
rs o
f sl
eep
D
rin
k a
t le
ast
tw
o lit
res
of
wate
r
A
void
su
dd
en
ext
rem
e c
han
ges
in t
em
pera
ture
in
yo
ur
en
viro
nm
en
t
W
hile e
ati
ng
ou
t, a
void
raw
/
un
coo
ked
fo
od
if
you
are
no
t
cert
ain
ab
ou
t th
e q
uality
of
foo
d. D
rin
k p
ack
ag
ed
dri
nkin
g
wate
r w
hile e
ati
ng
ou
tsid
e
W
ash
han
ds
freq
uen
tly
Reg
ula
r exe
rcis
e r
ou
tin
e w
ill
bo
ost
yo
ur
imm
un
ity.
Yo
ga
an
d d
eep
bre
ath
ing
exe
rcis
es
wo
uld
als
o b
en
efi
t yo
u
Ho
w m
an
y c
alo
ries
sho
uld
I
co
nsu
me in
a d
ay?
You
r b
od
y n
eed
s m
inim
um
of
600
calo
ries
to d
o its
daily
rou
tin
e
wo
rk r
igh
t fr
om
blin
k o
f an
eye
- to
bre
ath
ing
- t
o s
leep
. M
ore
calo
ries
are
req
uir
ed
fo
r th
e b
od
y
to d
o t
he o
ther
daily
rou
tin
e
wo
rk. It
dep
en
ds
on
yo
ur
need
. If
you
ad
d a
ny
mo
re w
ork
su
ch a
s
exc
erc
ise t
hen
yo
u w
ill n
eed
mo
re
calo
ries.
Wh
at
is t
he b
est
exerc
ise t
o
bu
rn c
alo
ries?
Aero
bic
s, b
icyc
lin
g, d
an
cin
g,
jog
gin
g a
nd
ru
nn
ing
are
all g
reat
exe
rcis
es
for
bu
rnin
g c
alo
ries.
Ho
w m
an
y c
alo
ries
do
yo
u b
urn
run
nin
g a
mile?
Ru
nn
ing
on
e m
ile c
an
bu
rn a
bo
ut
600-1
,000 c
alo
ries.
Ho
w lo
ng
do
es
it t
ake t
o t
on
e
mu
scle
?
Wh
en
yo
ur
mu
scle
to
ne w
ill
sho
w d
ep
en
ds
on
man
y fa
cto
rs,
incl
ud
ing
gen
eti
cs, d
iet,
wo
rko
ut
tech
niq
ues
an
d f
req
uen
cy.
Ho
w c
an
yo
u b
oo
st y
ou
r
meta
bo
lism
?
On
e o
f th
e b
est
ways
to
bo
ost
meta
bo
lism
is
exe
rcis
e, sp
eci
fica
lly
weig
ht
train
ing
an
d e
ati
ng
6 m
ini
meals
du
rin
g t
he d
ay.
Wh
at
are
th
e b
en
efi
ts o
f u
sin
g
a t
read
mill?
Walk
ing
on
tre
ad
mill w
hic
h is
a
card
io e
xcerc
ise, in
crease
s th
e
en
du
ran
ce w
hic
h im
pro
ves
the
oxy
gen
leve
l in
th
e b
od
y.
Sh
ou
ld I r
un
or
walk
on
th
e
tread
mill to
bu
rn m
ore
fat?
Eit
her
way
will g
et
you
th
e s
am
e
resu
lts,
bu
t o
nly
if
you
r h
eart
rate
is in
th
e r
igh
t zo
ne t
o b
urn
fat.
Ho
w c
an
I f
latt
en
my s
tom
ach
an
d g
et
rid
of
belly f
at?
Th
ree t
hin
gs
will g
et
the r
esu
lts
you
are
lo
okin
g f
or:
Str
en
gth
train
ing
, ca
rdio
vasc
ula
r tr
ain
ing
an
d n
utr
itio
n. N
utr
itio
n p
lays
mo
re t
han
60%
ro
le in
th
is.
Wh
y is
it m
ore
eff
ecti
ve t
o w
ork
wit
h a
pers
on
al tr
ain
er?
A p
ers
on
al tr
ain
er
is a
ble
to
ask
qu
est
ion
s an
d f
ind
ou
t w
hat
is
imp
ort
an
t to
yo
u in
wo
rkin
g o
ut.
Th
ey
can
sh
ow
yo
u e
xact
ly h
ow
to u
se t
he m
ach
ines,
th
e r
igh
t
am
ou
nt
of
tim
e f
or
card
io a
nd
incl
ud
e c
ore
tra
inin
g a
s a w
ay
to
bala
nce
yo
ur
bo
dy.
It
als
o g
ives
you
so
meo
ne t
o p
ush
yo
u in
th
e
rig
ht
dir
ect
ion
an
d n
ot
let
you
cheat
on
yo
ur
wo
rko
ut
rou
tin
e.
Ho
w d
o I t
on
e a
nd
fir
m?
Ton
ing
an
d f
irm
ing
yo
ur
bo
dy
can
be a
chie
ved
th
rou
gh
card
iova
scu
lar, a
ero
bic
exe
rcis
e a
nd
str
en
gth
tra
inin
g.
Card
iova
scu
lar
an
d a
ero
bic
exe
rcis
es
help
yo
ur
hip
s an
d leg
s
beco
me s
tro
ng
er
wit
h b
ett
er
ton
e b
esi
des
the f
act
it
help
s yo
ur
heart
. Str
en
gth
tra
inin
g w
ill als
o
help
yo
ur
bo
dy
beco
me s
tro
ng
er
bu
t h
elp
to
ne a
ll t
he p
art
s o
f yo
ur
bo
dy.
Un
less
yo
u’r
e e
ati
ng
a h
igh
pro
tein
an
d c
arb
oh
ydra
te d
iet
an
d lif
tin
g h
eavy
weig
hts
, yo
u w
ill
no
t b
ulk
up
.
He
alt
h F
AQ
s
Registered office
801 - 813 Mahalaxmi Chambers
22 Bhulabhai Desai Road
Mumbai 400026
Tel: +91 22 6612 6300
Fax: +91 22 6612 6363
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