(a) System of Accounting
 
 The Company generally adopts the mercantile system of accounting.
 
 (b) Fixed Assets
 
 (i) The fixed assets acquired, if any, during the current year are
 stated at cost plus incidental expenses relating to the same.
 
 (ii) The Major part of the fixed assets has been
 transferred/sold/disposed off during the year 2007 itself and the
 balance fixed assets are also sold during the previous years. Since all
 the fixed assets have been sold therefore the going concern concepts of
 the business has been affected.
 
 (c) Depreciation
 
 (i) Depreciation is provided under the Straight Line Method at the rate
 specified in Schedule XIV to the Companies Act, 1956. Depreciation on
 additions is provided prorata on monthly basis.
 
 (ii) The Gross Block & Corresponding depreciation is shown as deduction
 wherever assets are sold/ disposed off during the year with Profit/
 Loss adjusted to Profit & Loss A/c.
 
 (d) Investments
 
 (i) The investments in unquoted and quoted shares (except in
 subsidiaries) are stated at cost. The subsidiaries investments are
 shown at token value of Rs. 1/- by writing off the investment in
 earlier years.
 
 (ii) Any depreciation or fall in investment value unless otherwise held
 for long term is provided in the books.  
 
 (iii) The Company is currently having investment in subsidiaries
 namely, Polar Finance Ltd and Jai Thacker Land Development Ltd.  
 
 (iv) Any other investment in share & mutual fund held if any are for
 long term period and diminution, if any, is temporary in nature and
 hence not provided.
 
 (e) Retirement Benefits
 
 Since the last few years there are no major operations in the company
 and also there are no employees in the company and therefore other than
 any old liabilities if any which is not known, the provisions of The
 Payment of Gratuity Act, 1972, Leave Salary &The Employees Provident
 Fund & Miscellaneous Provision Act, 1952 are not applicable.
 
 (f) Sales
 
 The company has no sales from business of food or catering or hotel and
 no other new activity during the current year ended 31st March 2011 is
 commenced and therefore segment reporting is not applicable for the
 current year.
 
 (g) Inventories:
 
 During the current year, there are no Purchases & Sales and therefore
 no inventories are held.
 
 (h) Revenue Recognition 
     Timeshare Units sold
 
 The company has sold the Hotel at Matheran during the previous years
 and correspondingly decided to settle all Timeshare deposit holder''s
 amount. No revenue effect on account of Timeshare sale is therefore
 applicable during the current year.
 
 (i) Borrowing Costs
 
 Borrowing costs attributable to construction of asset are capitalized
 as a part of the cost of such asset upto date when such asset is ready
 for its intended use.  Other borrowing costs are charged to Profit and
 Loss Account.
 
 (j) Accounting for Taxes on Income
 
 Provision for the current tax is made on the assessable income at the
 relevant assessment year.
 
 Deferred Tax is recognised, on timing differences, being the difference
 between taxable income and accounting income that originate in one
 period and capable of reversal in one or more subsequent periods.
 
 Deferred Tax assets are recognised if there is reasonable certainty
 that there will be sufficient future profits available to realise such
 assets.
 
 (k) Business Segments
 
 Till the previous years, the company was engaged in the business of
 hoteliring, providing catering services and preparing and selling of
 sweet and savories. Hence the reportable business segments are Hotel,
 Catering Services and Sweet business. Since last few years there is no
 business segment except company is earning other income.
 
 (l) Provisions, Contingent Liabilities & Contingent Assets
 
 Provisions involving substantial degree of estimation in measurement
 are recognized when there is a present obligation as a result of past
 events and it is probable that there will be an outflow of recourses.
 Contingent liabilities are not recognized but are disclosed in the
 notes.  Contingent Assets are neither recognized, nor disclosed in the
 financial statements.
 
 (m) Earning per Share
 
 Basic earning per share is calculated by dividing the net profit or
 loss for the year attributable to equity shareholders (after deducting
 attributable taxes } by the weighted average number of equity shares
 outstanding during the year, for the purpose of calculating diluted
 earning per shares, the net profit or loss for the year attributable to
 equity per shareholders and the weighted average number of shares
 outstanding during the year are adjusted for the effects of all
 dilutive potential equity shares.
 
 (n) Cash Flow Statement:
 
 Cash flow Statement is prepared under the Indirect Method.