Basis of accounting
 
 The financial statements are prepared under historical cost convention,
 on accrual basis, on the principles of going concern, in accordance
 with the generally accepted accounting principles, the relevant
 accounting standards and the relevant guidance notes issued by the
 Institute of Chartered Accountants of India (ICAI) and the applicable
 provisions of the Companies Act, 1956.
 
 Revenue Recognition
 
 Under the terms of the Concession Agreement with Yamuna Expressway
 Industrial Development Authority (YEA), the Company has undertaken the
 work of development, operation and maintenance of the six – lane access
 controlled expressway along with service road and associated structures
 etc. between Noida and Agra and the revenues are derived there from at
 present mainly by way of transfer of constructed properties & transfer
 of developed and undeveloped land allotted under the said Concession
 Agreement along the proposed expressway. These revenues are recognised
 as under:
 
 Revenue from real estate development of constructed properties is
 recognised on the percentage of completion method. Total sale
 consideration as per the legally enforceable agreements to sell entered
 into is recognised as revenue based on the percentage of actual project
 costs incurred to total estimated project cost, subject to such actual
 cost incurred being 30 percent or more of the total estimated project
 cost. Project cost includes cost of land, estimated cost of
 construction and development of such properties. The estimates of the
 saleable area and costs are reviewed periodically and effect of any
 change in such estimates is recognised in the period such change is
 determined. Where aggregate of the payment received from customers
 provide insufficient evidence of their commitment to make the complete
 payment, revenue is recognised only to the extent of payment received.
 
 Revenue from sale/sub-lease of undeveloped land is recognised when full
 consideration is received against agreement to sell/sub- lease; all
 significant risks and rewards are transferred to the customer and
 possession is handed over.
 
 Revenue from sale/sub-lease of developed land/plot is recognised based
 on the percentage of completion method when a firm agreement has been
 entered into and 30 percent or more of the consideration is received
 and where no significant uncertainty exists regarding the amount of the
 consideration that will be derived from such sales and it is not
 unreasonable to expect ultimate collection, and all significant risks
 and rewards are transferred to the customer.
 
 Use of Estimates
 
 The preparation of financial statements in conformity with generally
 accepted accounting principles requires estimates and assumptions to be
 made that affect the reported amounts of assets and liabilities on the
 date of the financial statements and reported amount of revenues and
 expenses during the reporting period. Differences between actual
 results and estimates are recognised in the period in which the results
 are known/ materialise.
 
 Fixed Assets
 
 Fixed Assets are stated at cost of acquisition or construction
 inclusive of freight, erection & commissioning charges, duties and
 taxes and other incidental expenses related thereto.
 
 Capital Work in Progress
 
 Capital work-in-progress represents capital expenditure incurred in
 respect of Yamuna Expressway Project and is carried at cost.  Cost
 includes land, related acquisition expenses, construction costs,
 borrowing costs capitalized and other direct expenditure and advances
 to contractors and others.
 
 Depreciation
 
 Depreciation on Fixed Assets is provided on Straight Line Method as per
 the classification and in the manner specified in Schedule XIV to the
 Companies Act, 1956.
 
 Employee Benefits
 
 Employee Benefits are provided in the books as per AS-15 (revised) in
 the following manner:
 
 (i) Provident Fund and Pension contribution – as a percentage of
 salary/wages is a Defined Contribution Scheme.
 
 (ii) Gratuity and Leave Encashment is a defined benefit obligation.
 The liability is provided for on the basis of actuarial valuation made
 at the end of each financial year. The actuarial valuation is made on
 Projected Unit Credit method.
 
 Inventories
 
 Inventories are valued as under:
 
 i) Stores & Spares : At Weighted Average Cost.
 
 ii) Project under Development : As under
 
 The stock of land and plot is valued at cost (average cost) or as
 revalued on conversion to stock-in-trade, as applicable. Cost shall
 include acquisition cost of land, internal development cost and
 external development charges, construction cost, material costs, cost
 of services etc.
 
 Foreign Currency Transactions:
 
 i) Monetary assets and liabilities related to foreign currency
 transactions and outstanding at the close of the year are expressed in
 Indian Rupees at the rate of exchange prevailing on the date of Balance
 Sheet.
 
 ii) Transactions in foreign currency are recorded in the books of
 accounts in Indian Rupees at the rate of exchange prevailing on the
 date of transaction.
 
 Lease Rentals:
 
 i) Operating Leases: Rentals are expensed with reference to lease
 terms.
 
 ii) Finance Leases: The lower of the fair value of the assets or
 present value of the minimum lease rentals is capitalised as fixed
 assets with corresponding amount shown as lease liability.  The
 principal component in the lease rental is adjusted against the lease
 liability and the interest component is charged to Profit & Loss
 Account.
 
 Miscellaneous Expenditure
 
 Preliminary Expenses are written off in the year in which it is
 incurred, in terms of Accounting Standard (AS – 26).
 
 Expenditure during Construction Period
 
 Expenditure incurred on the project during construction is capitalized
 to project asset(s) on commissioning.
 
 Earnings Per Share
 
 Basic Earnings Per Equity Share is computed by dividing the net profit
 or loss after tax by the weighted average number of Equity Shares
 outstanding during the year. Diluted earnings per equity share is
 computed by dividing adjusted net profit after tax by the aggregate of
 weighted average number of equity shares and dilutive potential equity
 shares outstanding during the year.
 
 Borrowing Costs
 
 Borrowing costs that are attributable to the acquisition or
 construction of qualifying assets are capitalized as part of the cost
 of such assets.  A qualifying asset is one that takes substantial
 period of time to get ready for intended use or sale. All other
 borrowing costs are charged to revenue.
 
 Taxes on Income
 
 Provision for current tax is being made after taking into consideration
 benefits admissible to the company under the provisions of the Income
 Tax Act, 1961.
 
 Deferred Tax Assets and Deferred Tax Liability are computed by applying
 tax rates and tax laws that have been enacted or substantively enacted
 by the Balance Sheet Date.
 
 Impairment of Assets
 
 Management periodically assesses using external and internal sources
 whether there is an indication that assets may be impaired.  Impairment
 occurs where the carrying value exceeds the present value of future
 cash flows expected to arise from the continuing use of the assets and
 its eventual disposal. The impairment loss to be expensed is determined
 as the excess of the carrying amount over the higher of the asset''s net
 sale prices or present value as determined above.
 
 Provisions, Contingent Liabilities and contingent Assets
 
 Provisions involving substantial degree of estimation in measurement
 are recognised when there is a present obligation as a result of past
 events and it is probable that there will be an outflow of resources.
 Contingent Liabilities are not recognised but are disclosed in the
 notes. Contingent assets are neither recognised nor disclosed in the
 financial statements.