a Basis of accounting and preparation of financial statements
 
 The financial statements of the Company have been prepared in
 accordance with the Generally Accepted Accounting Principles in India
 (Indian GAAP) to comply with the Accounting Standards notified under
 the Companies (Accounting Standards) Rules, 2006 (as amended) and the
 relevant provisions of the Companies Act, 1956 except in the case of
 Revenue Recognition and Employee Benefits more fully explained in Notes
 2 (d) and 2(i) below. The financial statements have been prepared on
 accrual basis under the historical cost convention. The accounting
 policies adopted in the preparation of the financial statements are
 consistent with those followed in the previous year, b Use of estimates
 
 The preparation of the financial statements in conformity with Indian
 GAAP requires the Management to make estimates and assumptions
 considered in the reported amounts of assets and liabilities (including
 contingent liabilities) and the reported income and expenses during the
 year. The Management believes that the estimates used in preparation of
 the financial statements are prudent and reasonable. Future results
 could differ due to these estimates and the differences between the
 actual results and the estimates are recognised in the periods in which
 the results are known / materialise, c Depreciation and amortisation
 
 Depreciation has been provided on the Written Down Value method as per
 the rates prescribed in the Income Tax Act 1961.
 
 Assets costing less than Rs.5,000 each are fully depreciated in the
 year of capitalisation d Revenue recognition Property Development
 
 In respect of Contract, the Company follows the Completed Contract of
 method of Accounting revenue and costs. Under the method, revenue is
 recognised only when the Project is completed or substantially
 completed.
 
 Project Promotion fees is the fee charged to Customers on allotment of
 flats at a specific rate per Square Feet of Built up Area to be
 constructed in consideration of the various services rendered by the
 Company by promoting the respective projects. The same is recognised as
 Income upon signing the construction agreement with the Customers and
 is not linked to the status of completion of the Project, e Other
 income
 
 Other Income including Interest income is accounted on accrual basis, f
 Fixed Assets
 
 Fixed Assets are stated at Cost, less accumulated
 depreciation/amortisation. Costs include all expenses incurred to bring
 the asset to its present location and condition.
 
 Fixed Assets individually costing Rs.5,000/- or less are fully
 depreciated during the year, g Foreign currency transactions and
 translations Initial recognition
 
 Transactions in foreign currencies entered into by the Company and its
 integral foreign operations are accounted at the exchange rates
 prevailing on the date of the transaction or at rates that closely
 approximate the rate at the date of the transaction.
 
 Measurement of foreign currency monetary items at the Balance Sheet
 date
 
 Foreign currency monetary items of the Company outstanding at the
 Balance Sheet date are restated at the year-end rates.
 
 In the case of integral operations, assets and liabilities (other than
 non-monetary items), are translated at the exchange rate prevailing on
 the Balance Sheet date. Non-monetary items are carried at historical
 cost. Revenue and expenses are translated at the average exchange rates
 prevailing during the year. Exchange differences arising out of these
 translations are charged to the Statement of Profit and Loss. h
 Investments
 
 Long-term investments, are carried individually at cost less provision
 for diminution, other than temporary, in the value of such investments.
 Current investments are carried individually, at the lower of cost and
 fair value. Cost of investments include acquisition charges such as
 brokerage, fees and duties. i Employee benefits
 
 Employee benefits include provident fund, gratuity fund and compensated
 absences.
 
 Defined contribution plans
 
 The Company''s contribution to provident fund and superannuation fund
 are considered as
 
 defined contribution plans and are charged as an expense as they fall
 due based on the amount of contribution required to be made.
 
 Defined benefit plans
 
 For defined benefit plans in the form of gratuity fund, the cost of
 providing benefits is not ascertainable as the Company is yet to evolve
 a scheme for the same.
 
 Short-term employee benefits
 
 The undiscounted amount of short-term employee benefits expected to be
 paid in exchange for the services rendered by employees are recognised
 during the year when the employees render the service. These benefits
 include performance incentive and compensated absences which are
 expected to occur within twelve months after the end of the period in
 which the employee renders the related service. The cost of such
 compensated absences is accounted as under :(a) in case of accumulated
 compensated absences, when employees render the services that increase
 their entitlement of future compensated absences; and(b) in case of
 non-accumulating compensated absences, when the absences occur.
 
 Long-term employee benefits and post employment benefits
 
 The Company does not have a Scheme for Compensated absences which are
 not expected to occur within twelve months after the end of the period
 in which the employee renders the related service. The Company does not
 have a scheme for providing Post Employment benefits to its employees,
 j Earnings per share
 
 Basic earnings per share is computed by dividing the profit I (loss)
 after tax (including the post tax effect of extraordinary items, if
 any) by the weighted average number of equity shares outstanding during
 the year. Diluted earnings per share, if any, is computed by dividing
 the profit/ (loss) aftertax (including the post tax effect of
 extraordinary items, if any) as adjusted for dividend, interest and
 other charges to expense or income relating to the dilutive potential
 equity shares, by the weighted average number of equity shares
 considered for deriving basic earnings per share and the weighted
 average number of equity shares which could have been issued on the
 conversion of all dilutive potential equity shares. Potential equity
 shares are deemed to be dilutive only if their conversion to equity
 shares would decrease the net profit per share from continuing ordinary
 operations. Potential dilutive equity shares are deemed to be converted
 as at the beginning of the period, unless they have been issued at a
 later date, 
 
 k Taxes on income
 
 Current tax is the amount of tax payable on the taxable income for the
 year as determined in accordance with the provisions of the Income Tax
 Act, 1961.
 
 Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which
 gives future economic benefits in the form of adjustment to future
 income tax liability, is considered as an asset if there is
 
 convincing evidence that the Company will pay normal income tax.
 Accordingly, MAT is recognised as an asset in the Balance Sheet when it
 is probable that future economic benefit associated with it will flow
 to the Company.
 
 Deferred tax is recognised on timing differences, being the differences
 between the taxable income and the accounting income that originate in
 one period and are capable of reversal in one or more subsequent
 periods. Deferred tax is measured using the tax rates and the tax laws
 enacted or substantially enacted as at the reporting date. Deferred tax
 liabilities are recognised for all timing differences. Deferred tax
 assets in respect of unabsorbed depreciation and carry forward of
 losses are recognised only if there is virtual certainty that there
 will be sufficient future taxable income available to realise such
 assets. Deferred tax assets are recognised for timing differences of
 other items only to the extent that reasonable certainty exists that
 sufficient future taxable income will be available against which these
 can be realised. Deferred tax assets and liabilities are offset if such
 items relate to taxes on income levied by the same governing tax laws
 and the Company has a legally enforceable right for such set off.
 Deferred tax assets are reviewed at each Balance Sheet date for their
 readability.
 
 Current and deferred tax relating to items directly recognised in
 equity are recognised in equity and not in the Statement of Profit and
 Loss.
 
 I Impairment of assets
 
 The carrying values of assets I cash generating units at each Balance
 Sheet date are reviewed for impairment. If any indication of impairment
 exists, the recoverable amount of such assets is estimated and
 impairment is recognised, if the carrying amount of these assets
 exceeds their recoverable amount. The recoverable amount is the greater
 of the net selling price and their value in use. Value in use is
 arrived at by discounting the future cash flows to their present value
 based on an appropriate discount factor. When there is indication that
 an impairment loss recognised for an asset in earlier accounting
 periods no longer exists or may have decreased, such reversal of
 impairment loss is recognised in the Statement of Profit and Loss,
 except in case of revalued assets.
 
 m Provisions and contingencies
 
 A provision is recognised when the Company has a present obligation as
 a result of past events 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 (excluding retirement
 benefits) are not discounted to their present value and are determined
 based on the 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. Contingent liabilities
 are disclosed in the Notes.