1.  Basis for preparation of Accounts
 
 The Financial Statements are prepared on accrual basis under the
 historical cost convention in accordance with the Companies (Accounting
 Standard) Rules, 2006 notified by the Central Government, generally
 accepted accounting principles applicable in India (GAAP) and the
 provisions of the Companies Act, 1956, as applicable to the Company and
 applied > consistently, as supplemented by revaluation of certain
 assets in accordance with the generally accepted accounting principles
 applicable in India.
 
 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 the disclosure of contingent liabilities on the date of
 financial statements. Actual results if they differ from those
 estimates are recognized in the current and future period.
 
 3.  Fixed Assets and Depreciation
 
 Fixed assets are carried at cost of acquisition (except in case of
 Cable Division where they are increased for appreciation based on the
 revaluation of assets under replacement cost method as at 1 November
 1987) less accumulated depreciation.  Depreciation is provided on
 straight line method at the rates and in the manner specified in
 Schedule XIV to the Companies Act, 1956.
 
 Depreciation on incremental value of assets revalued is provided on the
 basis of life determined by the valuer and an equivalent amount is
 being transferred from revaluation reserve to the profit and loss
 account.
 
 4.  Investments
 
 Long term investments are stated at cost. However, there is a decline,
 other than temporary, if any, in the value of long term investments,
 the carrying amount is reduced to recognise the decline.
 
 5.  Inventories
 
 Inventories are valued as follows:
 
 At lower of cost or net realisable value
 Stores, Spares and Packing materials
 Raw materials
 Work in process
 Constructed Properties
 Land
 Construction work in progress
 
 At lower of cost and market value
 
 Finished products
 At net realisable value:
 Scrap
 
 Costs are determined using weighted average method. However material
 and other items held for use in the production of inventories are not
 written down below cost if the finished products in whjch they will be
 incoporated are expected to be sold at or above cost.
 
 Cost in case of finished products and work in process include cost of
 raw material and related conversion costs.
 
 6.  Retirement Benefits
 
 Defined contibution plans - provident fund: The Company expenses its
 contribution to Regional Provident Fund Commissioner.
 
 Defined benefit plans - gratuity and compensated absences : The Company
 makes contribution to insurer managed fund for gratuity. The difference
 between the balance with the fund and the gratuity liability of the
 Company, as determined by the insurer, is charged/credited to the
 Profit and Loss Account. Provision for compensated absences is made on
 the basis of estimate payout prepared by the management.
 
 7.  Sales
 
 Sales are disclosed net of excise duty and exclusive of sales tax.
 Claims and rebates on sales are accounted for on actual determination.
 
 8.  Recognition of revenue
 
 Revenue from sale of goods is recognized when the significant risks and
 rewards in respect of ownership of the goods are transferred to the
 customer.
 
 Revenue from sale of apartments and other areas is determined on
 percentage of completion method with reference to the age of
 completion/proportionate realisation on completion of constructed
 properties.  Revenue from sale of plots is recognized upon transfer of
 all significants risks and rewards of ownership by such real
 estate/property, as per the terms of contracts entered into with such
 buyers, which generally coincides with the firming of the sales
 contracts/agreements.  .
 
 Revenue from real estate projects include charges collected from
 clients towards registration, electricity and water charges, property
 taxes, khata charges and other charges, which are accounted based upon
 the contracts/agreements entered into by the Company with its
 customers.
 
 9.  Taxation
 
 Tax expense comprises both current, deferred income tax and fringe
 benefit taxes, Current tax is determined as the amount of tax payable
 in respect of taxable income for the year.
 
 Deferred income taxs reflects the impact of current year timing
 differences between taxable income and accounting income for the year
 and reversal of timing difference of earlier years. Deferred tax is
 measured based on the tax rates enacted or subsequently enacted at the
 balance sheet date. Deferred tax assets are recognized only to the
 extent that there is a reasonable/virtual certainty that sufficient
 future taxable income will be available against which such deferred tax
 asset can be realised.
 
 Fringe benefit tax is determined in accordance with applicable Income
 Tax Law.
 
 10.  Leases
 
 Leases (where, the lessor effectively retains substantially ail the
 risks and benefits of ownership of the leased item), are classified as
 operating leases. Lease rentals in respect of assets taken on
 operating lease are charged to the Profit and Loss account on a
 straight line basis over the lease term.
 
 11.  Earnings per share
 
 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 year.
 
 12.  Impairment of assets
 
 The Company on an annual basis makes an assessment of any indicator
 that may lead to impairment of assets. If any such indication exists,
 the Company estimates the recoverable amount of the assets. If such
 recoverable amount is less than the carrying amount, then the carrying
 amount is reduced to its. recoverable amount by treating the difference
 between them as impairment loss and is charged to the profit and loss,
 account.
 
 13.  Contingent Liabilities
 
 The Company recognises a provision when there is a present obligation
 as a result of a past event that probably requires an outflow of
 resources and a reliable estimate can be made of the amount of the
 obligation. A disclosure for a contingent liability is made when there
 is a possible obligation or a present obligation that may, but probably
 will not, require an outflow of resources. Where there is a possible
 obligation or a present obligation that the likelihood of outflow of
 resources is remote, no provision or disclosure is made.
 
 14.  Foreign currency transactions
 
 i) Initial Recognition : Transactions in foreign currency are recorded
 in the reporting currency by applying to the foreign currency amount
 the exchange rate prevailing on the date of the transaction.
 
 ii) Conversion : Monetary items denominated in foreign currency as at
 the balance sheet date are converted at the exchange rate prevailing on
 that date.
 
 iii) Exchange differences : Exchange differences arising on the
 settlement of monetary items or on the reporting companys monetary
 items at rates different from those at which they were initially
 recorded during the year, are recognized as income or as expenses in
 the year in which they arise.