1.  Basis of Preparation of Accounts
 
 The Financial Statements have been prepared to comply in all material
 respects with the mandatory Accounting Standards issued by the Central
 Government as per the Companies Accounting Standard Rules, 2006 and the
 relevant provisions of the Companies Act, 1956. The Financial
 Statements have been prepared under the historical cost convention, on
 the basis of going concern and on an accrual basis except as stated
 elsewhere.
 
 2.  Use of Estimates
 
 The preparation of financial statements in conformity with generally
 accepted accounting principles requires management to make estimates
 and assumptions that affect the reported amounts of assets and
 liabilities and disclosure of contingent assets and liabilities at the
 date of the financial statements and the reported amounts of revenues
 and expenses for the year presented. Actual results could differ from
 these estimates. Difference between the actual results and estimates
 are recognised in the period in which the results are known /
 materialised.
 
 3.  Revenue Recognition
 
 a) The Company follows the percentage of completion method of
 accounting for the Real Estate division. As per this method, the
 revenue is recognised in proportion to the actual cost incurred as
 against the total estimated cost of the project under execution with
 the Company subject to actual cost being 30% or more of the estimated
 cost. As the project progresses, estimated costs, saleable area etc.
 are revised based on current cost indices and other information
 available to the Company. Expenses incurred on repairs and maintenance
 on completed projects are charged to the Profit & Loss Account.
 
 b) Indirect costs (detailed in Schedule 13) are treated as ''Period
 Costs'' and are charged to the Profit and Loss Account in the year
 incurred.
 
 c) Whereas all income and expenses are accounted for on accrual basis,
 Interest on delayed payments by customers against dues are taken into
 account on realisation owing to practical diffculties and uncertainties
 involved.
 
 d) Surrender / Cancellation of fats, plots etc. is treated as sales
 return and reduced from the sales value in the year of Surrender /
 Cancellation.
 
 4.  Inventories
 
 Inventories are valued as under :- 
 
 a) Building Material, Stores, Spares   At cost using FIFO method.
    parts etc.
 
 b) Food, Beverage and related stores   At lower of cost (using FIFO
                                        method) or net realisable 
                                        value.
 
 c) Completed Units (Unsold)            At lower of cost or market 
                                        value.
 
 d) Land                                At cost.
 
 e) Project/Contracts work in progress  At cost.
 
 Cost of Completed units and project/ work in progress includes cost of
 land , construction/development cost and other related costs incurred.
 
 5.  Fixed Assets
 
 Fixed assets are stated at cost less accumulated depreciation. However,
 revalued assets are stated at revalued amount less accumulated
 depreciation.
 
 6.  Depreciation
 
 Depreciation is provided on ''Straight Line Method'' on pro-rata basis at
 rates prescribed in Schedule-XIV to the Companies Act, 1956. Shuttering
 and Scaffolding are treated as part of Plant and Machinery and
 depreciated at the rate applicable to Plant & Machinery. Plant &
 Machinery costing up-to Rs. 5,000/- are fully depreciated in the year
 of purchase. Leasehold Improvements are amortized over the period of
 the lease.
 
 7.  Investments
 
 Current Investments are stated at lower of cost and market value. Long
 term investments are stated at cost. Decline in value of long term
 investments is recognised if it is not temporary.
 
 8.  Retirement and other benefits
 
 a) Contributions to the Provident Fund are charged to revenue each
 year.
 
 b) Provision for Gratuity is made on the basis of contribution made to
 Life Insurance Corporation of India under the Employees Group
 Gratuity-cum-Life Insurance Scheme.
 
 9.  Borrowing Cost
 
 The borrowing costs which have direct nexus and are directly
 attributable to the construction of a qualifying asset are charged to
 the cost of that asset and other interest costs are expensed as period
 costs.
 
 10.  Foreign Currency Transactions
 
 Transactions in foreign currency are recorded at the exchange rate
 prevailing on the date of the transaction. All monetary assets and
 liabilities are restated at the closing rate and resultant loss or gain
 is charged to Profit & Loss Account. Long term investments are stated
 at exchange rate prevailing on the date of transaction.
 
 11.  Segment Reporting
 
 Revenue and expenses have been identified to segments on the basis of
 their relationship to the operating activities of the segment. Revenue
 and expenses, which relate to the enterprise as a whole and are not
 allocable to segments on a reasonable basis, have been included under
 Unallocated expenditure net of unallocated income.
 
 12.  Taxes On Income
 
 Provision for current tax is made based on taxable income for the year
 computed in accordance with provisions of the Income Tax Act, 1961.
 Deffered tax is recognized, subject to the consideration of prudence,
 on timing differences, being the difference between taxable income and
 accounting income that originate in one period and are capable of
 reversal in one or more subsequent years. Deferred tax assets are
 recognized and carried forward to the extent that there is a reasonable
 certainty of realization. In case of unabsorbed depreciation and carry
 forward losses deferred tax assets are recognized, to the extent there
 is virtual certainty, that suffcient future taxable income will be
 available against which such deferred tax assets can be realized.
 
 13.  Impairment
 
 At each balance sheet date, the Company reviews the carrying amounts of
 its fixed assets to determine whether there is any indication that
 those assets sufered an impairment loss. If any such indication exists,
 the recoverable amount of the asset is estimated in order to determine
 the extent of impairment loss and necessary adjustments there against.
 Reversal of impairment loss is recognised as income in the Profit &
 Loss Account.
 
 14.  Provisions, Contingent Liabilities and Contingent Assets
 
 Provisions are recognized when the Company has a present obligation as
 a result of past event and it is more probable that an outfow of
 resources will be required to settle the obligation and in respect of
 which a reliable estimate can be made.  These are reviewed at each
 balance sheet and adjusted to refect the current best estimates.
 Contingent liabilities are disclosed when the Company has a present
 obligation arising from a past event when it is not probable that an
 outflow of resources will be required to settle the obligation or where
 a reliable estimate of the amount of obligation can be made.
 Contingent Asset is neither recognised nor disclosed in the financial
 statements.