1.1 Basis for Preparation of Financial Statements:
 
 The financial statements are prepared and presented under the
 historical cost convention on the accrual basis of accounting in
 accordance with accounting principles accepted in India (Indian GAAP)
 and are in compliance with Accounting Standards as notified by the
 Companies (Accounting Standards) Rules, 2006.
 
 1.2 Use of Estimates:
 
 The preparation of the financial statements in conformity with the
 Indian GAAP requires Company management to make estimates and
 assumptions that affect the reported amount of assets and liabilities
 and the disclosure of contingent liabilities as of the date of the
 financial statements. Actual results could differ from these estimates
 and assumptions. Any revision to accounting estimates is recognized
 prospectively in the current and future periods.
 
 1.3 Revenue Recognition:
 
 The Company derives revenues primarily from hospitality services.
 Revenue on time and material contracts are recognized as the related
 services are performed. Revenue yet to be billed is recognized as
 unbilled revenue. Sales and services are stated exclusive of taxes.
 
 Export Benefits arising out of Duty Free Scrips utilised for the
 acquisition of fixed and other assets are being adjusted against the
 cost of the related assets.
 
 1.4 Fixed Assets:
 
 Fixed Assets are stated at cost less depreciation. In the case of new
 projects successfully implemented, substantial expansion of existing
 units and expenditure resulting into enduring benefit, all
 pre-operative expenses including interest on borrowings for the
 project, incurred up to the date of installation are capitalized and
 added pro-rata to the cost of fixed assets.
 
 1.5 Depreciation:
 
 i.  Depreciation is provided in the accounts on straight-line method at
 the rates prescribed in Schedule XIV to the Companies Act, 1956.
 
 ii.  Where the historical cost of a depreciable asset undergoes a
 change due to increase or decrease on account of price adjustments,
 changes in duties or similar factors, depreciation on the revised
 amount is provided prospectively over the residual useful life of the
 asset.
 
 1.6 Impairment:
 
 In accordance with Accounting Standard 28 - Impairment of Assets, the
 carrying amount of the Company''s assets including intangible assets are
 reviewed at each balance sheet date to determine whether there is any
 indication of impairment. If any such indication exists, the asset''s
 recoverable amount is estimated, as the higher of the net selling price
 and the value in use. Any impairment loss is recognized whenever the
 carrying amount of an asset or its cash generating unit exceeds its
 recoverable amount.
 
 1.7 Investments:
 
 Long Term Investments are valued at cost. Provision for diminution in
 value is made, if in the opinion of the management, such a decline is
 considered permanent. Other Investments are valued at cost or market
 value whichever is lower.
 
 1.8 Inventories:
 
 Stock of food, beverages and operating supplies are carried at cost
 (computed on weighted average basis) or net realizable value, whichever
 is lower.
 
 1.9 Employee Benefits:
 
 Company''s contributions to Provident Fund are charged to Statement of
 Profit and Loss. Gratuity payable at the time of retirement are charged
 to Statement of Profit and Loss on the basis of independent external
 actuarial valuation determined on the basis of the projected unit
 credit method carried out annually.  Actuarial gains and losses are
 immediately recognized in the Statement of Profit and Loss. Gratuity in
 certain applicable cases is provided for in accordance with the
 provisions of the Goa Shops & Establishment Act, 1973. Provision for
 compensated absences is made on the basis of independent external
 actuarial valuation carried out at the end of the year.
 
 1.10 Foreign Currency Transactions:
 
 (i) Sales made in foreign currency are converted at the prevailing
 applicable exchange rate.
 
 (ii) Payment made in foreign currency including for acquiring fixed
 assets are converted at the applicable rate prevailing on the date of
 remittance. Liability on account of foreign currency is converted at
 the exchange rate prevailing at the end of the year except in cases of
 subsequent payments where liability is provided at actual. Foreign
 currency in hand is translated at the year-end exchange rate.
 
 (iii) Monetary assets and liabilities denominated in foreign currency
 at the balance sheet date other than long term foreign currency items
 of assets and liabilities having a term of twelve months or more as
 discussed herein below, are translated at the year end exchange rate
 and the resultant exchange differences are recognized in the Statement
 of Profit and Loss. Exchange differences relating to long term foreign
 currency items of assets and liabilities having a term of twelve months
 or more as covered in the Companies (Accounting Standards) Amendment
 Rules 2009 on Accounting Standard
 
 11 (AS-11) notified by Government of India on March 31, 2009 in so far
 as they relate to the acquisition of a depreciable capital asset, are
 added to or deducted from the cost of the assets and depreciated over
 the balance useful life of the asset, and in other cases are
 accumulated in a Foreign Currency Monetary Item Translation Difference
 Account and amortized over the balance period of such long term
 monetary item in accordance with the aforesaid Notification.
 
 1.11 Prior Period Adjustments, Extra Ordinary Items and Changes in
 Accounting Policies:
 
 Prior period adjustments, extraordinary items and changes in accounting
 policies having material impact on the financial affairs of the Company
 are disclosed.
 
 1.12 Leases:
 
 Lease payment under an operating lease is recognized as an expense in
 the Statement of Profit and Loss with reference to the lease terms and
 other consideration.
 
 Assets taken on finance lease are capitalized and finance charges are
 charged to the Statement of Profit and Loss on accrual basis.
 
 1.13 Borrowing Costs:
 
 Borrowing costs that are directly attributable to and incurred on
 acquiring qualifying assets (assets that necessarily takes a
 substantial period of time for its intended use) are capitalized. Other
 borrowing costs are recognized as expenses in the period in which same
 are incurred.
 
 1.14 Segment Accounting:
 
 Reportable Segments are identified having regard to the dominant source
 of revenue and nature of risks and returns.
 
 1.15 Taxes on Income:
 
 Tax on income for the current period is determined on the basis of
 taxable income and tax credits computed in accordance with the
 provisions of the Income Tax Act, 1961.  Deferred tax is recognized on
 timing differences between the accounting income and the taxable income
 for the year and quantified using the tax rates and laws enacted as on
 the Balance Sheet date. Deferred tax assets are recognized and carried
 forward to the extent that there is a reasonable certainty that
 sufficient future taxable income will be available against which such
 deferred tax assets can be realized.
 
 1.16 Accounting Provisions, Contingent Liabilities and Contingent
 Assets:
 
 Provisions are recognized in terms of Accounting Standards 29 -
 Provisions, Contingent Liabilities and Contingent Assets as notified
 by the Companies (Accounting Standards) Rules, 2006, when there is a
 present legal or statutory obligation as a result of past events where
 it is probable that there will be outflow of resources to settle the
 obligation and when a reliable estimate of the amount of the obligation
 can be made.
 
 Contingent Liabilities are recognized only when there is a possible
 obligation arising from past events due to occurrence of one or more
 uncertain future events not wholly within the control of the Company or
 where any present obligation cannot be measured in terms of future
 outflow or resources or where a reliable estimate of the obligation
 cannot be made. Obligations are assessed on an ongoing basis and only
 those having a largely probable outflow of resources are provided for.