a.  Basis of Accounting
 
 The financial statements have been prepared to comply in all material
 respects with the Accounting Standards notified by Companies
 (Accounting Standards) Rules, 2006 (as amended) and the relevant
 provisions of the Companies Act, 1956. The financial statements have
 been prepared under the historical cost convention on an accrual basis
 except in case of assets for which provision for impairment is made and
 revaluation is carried out. The accounting policies have been
 consistently applied by the Company and are consistent with those used
 in the previous year.
 
 b.  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 liabilities at the date of the
 financial statements and the results of operations during the reporting
 period. Although these estimates are based upon management''s best
 knowledge of current events and actions, actual results could differ
 from these estimates.
 
 c.  Investments
 
 Investments that are readily realisable and intended to be held for not
 more than a year are classified as current investments. All other
 investments are classified as long-term investments. Current
 investments are carried at lower of cost and fair value determined on
 an individual investment basis. Long-term investments are carried at
 cost. However, provision for diminution in value is made to recognise a
 decline other than temporary in the value of long term investments.
 
 d.  Fixed Assets
 
 Fixed Assets are stated at cost of acquisition (or revalued amounts, as
 the case may be)less accumulated depreciation and impairment losses if
 any. Cost comprises the purchase price and any attributable cost of
 bringing the asset to its working condition for its intended use. In
 case of revaluation of fixed assets, the revalued amount as determined
 by the valuer is considered in the books of account and the
 differential amount is transferred to Revaluation Reserve. Depreciation
 on excess of revalued amount over cost is transferred from Revaluation
 reserve to Profit and Loss Account.
 
 e.  Depreciation
 
 i.  Fixed Assets costing below Rs. 5,000 are fully depreciated in the
 year of acquisition.
 
 ii.  Lease hold improvements (LHI) included under building and
 furniture & fixtures are amortised on straight line basis over the
 period of lease or useful life (not exceeding 9 years), whichever is
 lower.
 
 iii. Depreciation on all other Fixed Assets is provided on Written Down
 Value method at the rates based on the estimated useful life of the
 assets, estimated by the management which is in accordance with the
 rates specified in Schedule XIV of the Companies Act, 1956.
 
 iv.  Depreciation on fixed assets added/disposed off during the year is
 provided on pro-rata basis with respect to date of acquisition/
 disposal.
 
 f.  Impairment
 
 i.  The carrying amounts of assets are reviewed at each balance sheet
 date if there is any indication of impairment based on
 internal/external factors. An impairment loss is recognized wherever
 the carrying amount of an asset exceeds its recoverable amount. The
 recoverable amount is the greater of the asset''s net selling price and
 value in use. In assessing value in use, the estimated future cash
 flows are discounted to their present value using a pre tax discount
 rate that reflects current market assessments of the time value of
 money and risk specific to the asset.
 
 ii.  After impairment, depreciation is provided on the revised carrying
 amount of the asset over its remaining useful life.
 
 g.  Inventories
 
 Raw materials, components, stores and spares are valued at lower of
 cost and net realizable value. However, raw materials and other items
 held for use in the production of inventories are not written down
 below cost if the finished products in which they will be incorporated
 are expected to be sold at or above cost. Cost is determined on a
 weighted average basis.
 
 Work in progress and finished goods are valued at lower of cost and net
 realizable value. Cost includes direct materials and labour and a
 proportion of manufacturing overheads based on normal operating
 capacity. Cost of finished goods includes excise duty. Cost is
 determined on a weighted average basis. Cost of traded goods includes
 purchase and allied costs incurred to bring inventory to its present
 condition and location, determined on FIFO basis.
 
 Net realizable value is the estimated selling price in the ordinary
 course of business, less estimated costs of completion and estimated
 costs necessary to make the sale.
 
 h.  Revenue Recognition
 
 Revenue is recognized to the extent that it is probable that the
 economic benefits will flow to the Company and the revenue can be
 reliably measured.
 
 i.  Sale of Goods:
 
 Revenue is recognized when the significant risks and rewards of
 ownership of goods have passed to the buyer, which generally coincides
 with delivery. It includes excise duty but excludes value added
 tax/sales tax. Excise Duty deducted from turnover (gross) is the amount
 that is included in the amount of turnover (gross) and not the entire
 amount of liability that arose during the year.
 
 ii.  Interest:
 
 Revenue is recognised on a time proportion basis taking into account
 the amount outstanding and the rate applicable.
 
 iii. Export Benefits:
 
 Export Entitlements in the form of Duty Drawback, Duty Entitlement Pass
 Book (DEPB) and other schemes are recognized in the Profit and Loss
 account when the right to receive credit as per the terms of the scheme
 is established in respect of exports made and when there is no
 significant uncertainty regarding the ultimate collection of the
 relevant export proceeds.
 
 i.  Foreign Currency Transactions
 
 i.  Initial Recognition
 
 Foreign currency transactions are recorded in the reporting currency,
 by applying to the foreign currency amount the exchange rate between
 the reporting currency and the foreign currency at the date of the
 transaction.
 
 ii.  Conversion
 
 Foreign currency monetary items are reported using the closing rate.
 Non-monetary items which are carried in terms of historical cost
 denominated in a foreign currency are reported using the exchange rate
 at the date of the transaction.
 
 iii. Exchange Differences
 
 Exchange differences arising on the settlement of monetary items or on
 reporting Company''s monetary items at rates different from those at
 which they were initially recorded during the year, or reported in
 previous financial statements, are recognised as income or as expenses
 in the year in which they arise.
 
 j. Government Grants and Subsidies
 
 Grants and subsidies from the government are recognized when there is
 reasonable assurance that the grant/subsidy will be received and all
 attaching conditions will be complied with.
 
 When the grant or subsidy relates to an expense item, it is recognized
 as income over the periods necessary to match them on a systematic
 basis to the costs, which it is intended to compensate. Where the grant
 or subsidy relates to an asset, its value is deducted from the gross
 value of the assets concerned in arriving at the carrying amount of the
 related asset.
 
 Government grants in the form of non-monetary assets given at a
 concessional rate are accounted for on the basis of their acquisition
 cost.
 
 k. Borrowing Cost
 
 Borrowing costs that are directly attributable to the acquisition or
 construction of Qualifying Assets, which take substantial period of
 time to get ready for its intended use are capitalized until the time
 all substantial activities necessary to prepare such assets for their
 intended use are complete. Other Borrowing costs are recognized as an
 expense in the year in which they are incurred.
 
 l. Segment Reporting Policies 
 
 (i) Identification of Segments:
 
 Primary Segment 
 
 Business Segment:
 
 The Company''s operating businesses are organized and managed separately
 according to the nature of products, with each segment representing a
 strategic business unit that offers different products and serves
 different markets. The identified segments are Footwear & Accessories
 and Surplus Property Development.
 
 Secondary Segment
 
 Geographical Segment:
 
 The analysis of geographical segment is based on the geographical
 location of the customers.
 
 The geographical segments considered for disclosure are as follows:
 
 - Sales within India include sales to customers located within India.
 
 - Sales outside India include sales to customers located outside India.
 
 (ii) Allocation of Common Costs:
 
 Common allocable costs are allocated to each segment according to the
 relative contribution of each segment to the total common costs.
 
 (iii) Unallocated Items :
 
 Includes general corporate income and expense items which are not
 allocated to any business segment.
 
 (iv) Segment Policies
 
 The Company prepare its segment information in conformity with the
 Accounting Policies adopted for preparing and presenting the Financial
 Statement of the company as a whole.
 
 m. Intangible Assets
 
 i.  Computer Software Acquired for Internal Use
 
 Costs relating to computer software which is acquired, are capitalized
 and amortized on a straight-line basis over its useful life of 5 years.
 
 ii.  Research and Development Costs
 
 Research costs are expensed as incurred. Development expenditure
 incurred on an individual project is recognized as an intangible asset
 when the Company can demonstrate.
 
 - The technical feasibility of completing the intangible asset so that
 it will be available for use or sale;
 
 - Its intention to complete the asset and use or sell it;
 
 - Its ability to use or sell the asset;
 
 - How the asset will generate probable future economic benefits;
 
 - The availability of adequate resources to complete the development
 and to use or sell the asset; and
 
 - The ability to measure reliably the expenditure attributable to the
 intangible asset during development.
 
 Any expenditure carried forward is amortised over the period of
 expected future sales from the related project, not exceeding ten
 years.
 
 The carrying value of development cost is reviewed for impairment
 annually when the asset is not yet in use, and otherwise when events or
 changes in circumstances indicate that the carrying value may not be
 recoverable.
 
 n. Retirement and Other Employee Benefits
 
 i Gratuity liability is defined benefit obligation and is provided for
 on the basis of an actuarial valuation on projected unit credit method
 made at the end of each financial year. The liability so provided is
 represented substantially by creation of separate funds and is used to
 meet the liability as and when it accrues for payment in future.
 
 ii.  The Provident Fund (where administered by a Trust) is a defined
 benefit scheme where by the Company deposits as amount determine as a
 fixed percentage of basic pay to the fund every month. The benefit
 vests upon commencement of employment. The interest credited to the
 accounts of the employees is adjusted on an annual basis to confirm to
 the interest rate declared by the government for the Employees
 Provident Fund. The Guidance Note on implementing AS-15, Employee
 Benefits (revised 2005) states that provident funds set up by
 employers, which requires interest shortfall to be met by the employer,
 need to be treated as defined benefit plan. Pending the issuance of the
 Guidance Note from the Actuarial Society of India, the Company''s
 actuary has expressed his inability to reliably measure the provident
 fund liability. Deficit in the fund, if any, as at the year end is
 further provided for.
 
 iii. Short term compensated absences are provided on estimated basis.
 Long term compensated absences are provided for based on actuarial
 valuation on project unit credit method carried by an actuary as at the
 end of the year.
 
 iv.  Retirement benefits in the form of Pension cost is a defined
 contribution scheme and the contributions are charged to the Profit and
 Loss Account of the year when the contributions to the respective funds
 are due.  There are no other obligations other than the contribution
 payable to the respective trusts.
 
 v.  Actuarial gains/losses are immediately taken to profit and loss
 account and are not deferred.
 
 o. Miscellaneous Expenditure
 
 The Company recognises payments made under voluntary retirement schemes
 upto March 31, 2009 as miscellaneous expenditure and write off the same
 in monthly instalments over a period of 60 months or by March 31, 2010,
 whichever was earlier. Payments made on or after April 1, 2009 under
 Voluntary Retirement Scheme are immediately charged under the head
 Salaries, Wages and Bonus of the Profit and Loss Account.
 
 p. Leases
 
 Leases where the lessor effectively retains substantially all the risks
 and benefits of ownership of the leased term, are classified as
 operating leases. Operating lease payments are recognized as an expense
 in the Profit and Loss account on a straight-line basis over the lease
 term.
 
 q. Taxes on Income
 
 Tax expense comprises of current and deferred tax. Current income tax
 is measured at the amount expected to be paid to the tax authorities in
 accordance with the Income Tax Act 1961 enacted in India. Deferred
 income taxes reflects the impact of current year timing differences
 between taxable income and accounting income for the year and reversal
 of timing differences of earlier years.
 
 Deferred tax is measured based on the tax rates and the tax laws
 enacted or substantively enacted at the Balance Sheet date. Deferred
 tax assets and deferred tax liabilities are off set, if a legally
 enforceable right exists to set off current tax assets against current
 tax liabilities and the deferred tax assets and deferred tax
 liabilities relate to the taxes on Income levied by the same governing
 taxation laws. Deferred tax assets are recognised only to the extent
 that there is reasonable certainty that sufficient future taxable
 income will be available against which such deferred tax assets can be
 realised.
 
 The carrying amount of deferred tax assets are reviewed at each balance
 sheet date. The Company writes- down the carrying amount of a deferred
 tax asset to the extent that it is no longer reasonably certain or
 virtually certain, as the case may be, that sufficient future taxable
 income will be available against which deferred tax asset can be
 realised. Any such write-down is reversed to the extent that it becomes
 reasonably certain or virtually certain, as the case may be, that
 sufficient future taxable income will be available.
 
 r. Provisions
 
 A provision is recognised when there is a present obligation as a
 result of past event and it is probable that an outflow of resources
 will be required to settle the obligation, in respect of which a
 reliable estimate can be made. Provisions are not discounted to its
 present value and are determined based on best estimate required to
 settle the obligation at the balance sheet date. These are reviewed at
 each balance sheet date and adjusted to reflect the current best
 estimates.
 
 s. Earnings Per Share (Basic & Diluted)
 
 Basic earnings per share is calculated by dividing the net profit or
 loss for the year attributable to equity shareholders by the weighted
 average number of equity shares outstanding during the year. Partly
 paid equity shares are treated as a fraction of an equity share to the
 extent that they were entitled to participate in dividends relative to
 a fully paid equity share during the reporting period. The weighted
 average number of equity shares outstanding during the period is
 adjusted for events of bonus issue; bonus element in a rights issue to
 existing shareholders; share split; and reverse share split
 (consolidation of shares).
 
 For the purpose of calculating diluted earnings per share, the net
 profit or loss for the period attributable to equity shareholders and
 the weighted average number of shares outstanding during the period are
 adjusted for the effects of all dilutive potential equity shares.
 
 t. Cash Flow Statement
 
 Cash flows are reported using indirect method, whereby profit before
 tax is adjusted for the effects transactions of a non-cash nature and
 any deferrals or accruals of past or future cash receipts or payments.
 The cash flows from regular revenue generating, financing and investing
 activities of the Company are segregated. Cash and cash equivalents in
 the cash flow statement comprise cash at bank, cash and short- term
 investments with an original maturity of three months or less.