a) Basis of preparation:
 
 The financial statements have been prepared to comply in all material
 aspects with the Notified Accounting Standards by Companies Accounting
 Standards Rules, 2006 and the relevant provisions of the Companies Act,
 1956. The financial statements have been prepared under the historical
 cost convention on an accrual basis. 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 are in conformity with
 generally accepted accounting principles that 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 year end. Although these estimates are based upon
 managements best knowledge of current events and actions, actual
 results could differ from these estimates.
 
 c) Fixed Assets:
 
 Fixed assets are stated at cost (or revalued amounts, as the case may
 be), less accumulated depreciation and impairment losses, if any. Cost
 comprises the purchase price and any attributable costs of bringing the
 asset to its working condition for its intended use. Borrowing costs
 relating to acquisition of fixed assets which take substantial period
 of time to get ready are also included to the extent they relate to the
 period till such assets are ready to be put to use.
 
 d) Depreciation:
 
 Depreciation is provided on Straight Line Method (SLM) over the
 estimated useful life of the fixed assets (except referred below) which
 is in line with the corresponding rates prescribed under Schedule XIV
 of the Companies Act, 1956. Depreciation on additions is provided on
 pro-rata basis from the date on which the assets have been put to use
 and individual assets acquired for less than Rs. 5,000/- are
 depreciated @ 100% per annum.
 
 In the following case, the estimated useful life of the assets
 determined by the Company has resulted in depreciation rates being
 higher than that provided under Schedule XIV.
 
 e) Impairment:
 
 The carrying amounts of assets are reviewed at each balance sheet date
 to determine, if there is any indication of impairment based on
 internal / external factors. An impairment loss is recognized if the
 carrying
 
 Art
 
 amount of an asset exceeds its recoverable amount. The recoverable
 amount is the greater of the assets net selling price and value in
 use. In assessing value in use, the estimated future cash flows are
 discounted to their present value at the weighted average cost of
 capital.
 
 f) Intangible assets:
 
 Intangible assets have finite useful lives and are measured at cost.
 The Company has considered computer software in the nature of software
 licenses as intangible assets, and is amortized over the license period
 or three years, being their expected useful economic lives, whichever
 is lower.
 
 g) Leases:
 
 Where the Company is the lessee
 
 Leases where the lessor effectively retains substantially all the risks
 and benefits of ownership of the leased item, 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.
 
 Where the Company is the lessor
 
 Assets leased under an operating lease are included in fixed assets.
 Lease income is recognized in the Profit and Loss Account on a
 straight-line basis over the lease term. Costs, including depreciation
 are recognized as an expense in the Profit and Loss Account. Initial
 direct costs such as legal costs, brokerage costs, etc. are recognized
 immediately in the Profit and Loss Account.
 
 h) Investments:
 
 Investments that are readily realizable 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 recognize a
 decline other than temporary in the value of the investments.
 
 i) Inventories:
 
 Stores and spares inventory of the Company comprises cutlery, crockery,
 linen, other store items food and beverage, liquor and wine items in
 hand, which are valued at lower of cost or net realizable value. Cost
 is determined on First in first out basis. Circulating stock of
 crockery and cutlery is charged to the profit and loss account as
 consumption.
 
 Unserviceable / damaged / discarded stocks and shortages observed at
 the time of physical verification are charged off to Profit & Loss
 Account.
 
 Net realizable value is the estimated selling price in the ordinary
 course of the business, less estimated costs necessary to make the
 sale.
 
 Inventory of food and beverage items in hand include items used for
 staff cafeteria and is charged to consumption, net of recoveries, when
 issued.
 
 j) 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.
 
 Revenue from hotel operations:
 
 Revenue from hotel operations comprise sale of rooms and apartments,
 food and beverages, liquor and wine, banquet rentals and other services
 relating to hotel operations including telecommunication, laundry,
 business centre, health centre, etc. Revenue is recognized when the
 significant risks and rewards of ownership of the goods have passed to
 the buyer, which coincides with the rendering of the services and are
 disclosed net of allowances. Taxes, such as excise duty, value added
 tax, luxury tax, entertainment tax and service tax is deducted from the
 gross revenue.
 
 Aircraft charter:
 
 Revenue from hiring of the aircraft is recognized as and when services
 are used for chartering.
 
 Rent:
 
 Income from rent is recognized over the period of the contract on an
 equitable straight line basis.
 
 Maintenance charges:
 
 Amounts collectible as maintenance charges are recognized over the
 period of the contract, on an accrual basis. Corresponding costs are
 recorded as incurred.
 
 Membership programme revenue:
 
 Membership revenue is recognized pro rata over the period of the
 membership term. Joining fee is recorded as income on sale of
 membership card.
 
 Interest:
 
 Revenue is recognized on a time proportion basis taking into account
 the amount outstanding and the rate applicable.
 
 k) Preoperative expenditure pending allocation:
 
 Expenditure directly relating to construction activity is capitalized.
 Indirect expenditure incurred during construction period is recognized
 as part of the indirect construction cost to the extent to which the
 expenditure is related to construction or is incidental thereto and is
 charged to preoperative expenditure pending allocation.  Other indirect
 expenditure (including borrowing costs) incurred during the
 construction period which is not related to the construction activity
 nor is incidental thereto is charged to the Profit and Loss Account.
 Income earned during construction period is deducted from the total of
 the indirect expenditure during construction period.
 
 I) Borrowing costs:
 
 Borrowing costs include interest and commitment charges on borrowings,
 amortization of costs incurred in connection with the arrangement of
 borrowings and finance charges under leases. Costs incurred on
 borrowings, directly attributable to development projects, which take a
 substantial period of time to complete, are capitalized and all other
 borrowing costs are recognized in the Profit and Loss Account in the
 period in which they are incurred.
 
 n) Employee benefits:
 
 i. Retirement benefit in the form of Provident Fund 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 Provident Fund authorities.
 
 ii. Gratuity liability is a 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.
 
 iii. Long term compensated absences are provided for based on actuarial
 valuation. The actuarial valuation is done as per projected unit credit
 method at the end of the each financial year.
 
 iv.  Actuarial gains/losses are immediately taken to profit and loss
 account and are not deferred.
 
 v. Payments made under the Voluntary Retirement Scheme are charged to
 the Profit and Loss Account over a period of five years, and the
 balance amount is disclosed under Miscellaneous expenditure to the
 extent not written off or adjusted.
 
 o) Income taxes:
 
 Tax expense comprises of current, deferred and fringe benefit tax.
 Current income tax and fringe benefit tax is measured at the amount
 expected to be paid to the tax authorities in accordance with the
 Income-tax Act, 1961. Deferred income taxes reflect 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 are recognized 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 realized.  In situations
 where the Company has unabsorbed depreciation or carry forward tax
 losses, all deferred tax assets are recognized only if there is virtual
 certainty supported by convincing evidence that they can be realized
 against future taxable profits.
 
 At each Balance Sheet date, the Company re-assesses unrecognized
 deferred tax assets. It recognizes deferred tax assets to the extent
 that it has become reasonably certain or virtually certain, as the case
 may be, that sufficient future taxable income will be available against
 which such deferred tax assets can be realized.
 
 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
 realized. 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.
 
 p) Segment Reporting Policies:
 
 Identification of the segments:
 
 The Companys operating businesses are organized and managed separately
 according to the nature of products and services provided.
 
 Inter-segment transfers
 
 The Company accounts for inter -segment sales and transfers as if the
 sales or transfers were to third parties at current market prices.
 
 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.
 
 Unallocated items:
 
 The corporate and other segments include general corporate income and
 expense items which are not allocated to any business segment.
 
 q) Earnings per share:
 
 Basic earnings per share are 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 period. The
 weighted average number of equity shares outstanding during the period
 are adjusted for events of bonus issue; bonus element in a rights issue
 to existing shareholders; share split; and reverse share split
 (consolidation of shares), if any.
 
 For the purpose of calculating diluted earnings per share, the net
 profit or loss for the year 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, if
 any.
 
 r) Provision, Contingent liabilities and Contingent Assets:
 
 As required by Accounting Standard 29 - Provisions, Contingent
 Liabilities and Contingent Assets (AS - 29), issued by the ICAI,
 provision is recognized when the Company has a present obligation as a
 result of a past event and it is probable that an outflow of resources
 will be required to settle the obligation and when a reliable estimate
 of the amount of the obligation can be made. Provisions are not
 discounted to its present value and are determined based on best
 estimates required to settle the obligation at the balance sheet date.
 Contingent liabilities are recognized only when there is a possible
 obligation arising from past events due to occurrence or non 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 of resources or where a reliable estimate of the
 obligation cannot be made. The obligations are reviewed at each balance
 sheet and adjusted to reflect the current best estimates. Contingent
 assets are not recognized in the financial statements.
 
 s) Cash and cash equivalents:
 
 Cash and cash equivalents in the balance sheet comprise cash at bank
 and on hand and short-term investments with a maturity of three months
 or less.