I Basis of Accounting
 
 The Financial statements have been prepared and presented under
 historical cost convention on the accrual basis of accounting in
 accordance with the accounting principles generally accepted in India
 (GAAP) and comply with the mandatory accounting standards (AS) as
 notifi ed by the Companies Accounting Standard (Rules), 2006 to the
 extent applicable and with the relevant provisions of the Companies
 Act, 1956.
 
 II Use of Estimates
 
 The preparation of financial statements in conformity with GAAP
 requires Management to make estimates and assumptions that affect the
 reported amount of assets and liabilities and disclosure of contingent
 liabilities on the date of financial statements and reported amount of
 revenue and expenses for the year. Actual results could differ from
 these estimates. Difference between the actual result and estimates are
 recognised in the year in which results are known /materialized. Any
 revision to an accounting estimate is recognised prospectively in the
 year of revision.
 
 III Revenue Recognition
 
 (a) The Company is in the business of Property Development. Revenue
 from sale of properties under construction is recognised on the basis
 of actual bookings done (provided the signifi cant risks and rewards
 have been transferred to the buyer and there is reasonable certainty of
 realisation of the monies) proportionate to the percentage of physical
 completion of construction/ development work as certifi ed by the
 Architect.
 
 (b) Revenue from sale of completed properties (Finished Realty Stock)
 is recognised upon transfer of signifi cant risks and rewards to the
 buyer.
 
 (c) Revenue on Development Rights is recognised on the basis of our
 revenue share receivable, from the related projects as per agreed terms
 and conditions.
 
 (d) Income from Operations include Realty Sale, Lease Rentals, Service
 Fees, Signages, Car park and PMC/ Marketing Fees.
 
 (e) Interest income is recognised on time basis determined by the
 amount outstanding and the rate applicable.
 
 (f) Dividend income is recognised when the right to receive the payment
 is established.
 
 IV Inventories
 
 (a) Inventories comprise of: (i) Finished Realty Stock representing
 unsold premises in closed projects and (ii) Realty Work in Progress
 representing properties under construction / development.
 
 (b) Inventories are valued at lower of cost and net realisable value.
 
 (c) Cost of Realty construction / development is charged to the Profit
 and Loss Account in proportion to the revenue recognised during the
 period and the balance cost is carried over under Inventory as part of
 either Realty Work-in-Progress or Finished Realty Stock. Cost of Realty
 construction / development includes all costs directly related to the
 Project and other expenditure as identifi ed by the Management which
 are incurred for the purpose of executing and securing the completion
 of the Project (net off incidental recoveries/receipts) upto the date
 of receipt of occupancy certifi cate from the relevant authorities.
 
 V Fixed Assets
 
 (a) Tangible Assets
 
 (i) Tangible assets are carried at cost of acquisition or construction
 less accumulated depreciation. The cost of fixed assets includes non
 refundable taxes, duties, freight and other incidental expenses related
 to the acquisition and installation of the respective assets. Borrowing
 cost attributable to acquisition or construction of fixed assets which
 takes substantial period of time to get ready for their intended use is
 capitalised.
 
 (ii) Expenses incurred for acquisition of capital assets along with
 advances paid towards the acquisition of fixed assets outstanding at
 each Balance Sheet date are disclosed under Capital Work in Progress.
 
 (b) Intangible Assets
 
 Intangible Assets are recorded at the consideration paid for the
 acquisition.
 
 VI Leases
 
 (a) Assets acquired on lease where a signifi cant portion of risks and
 rewards of ownership are retained by the Lessor are classifi ed as
 Operating Leases. Lease Rentals are charged to Profit and Loss Account
 on accrual basis.
 
 (b) Assets leased out under Operating Leases are capitalised. Rental
 Income is recognised on accrual basis over the Lease term.
 
 VII Depreciation / Amortization
 
 (a) Depreciation
 
 (i) Depreciation has been charged on SLM basis for the assets acquired
 from erstwhile Piramal Holdings Limited (PHL) and Piramyd Retail and
 Merchandising Private Limited (PRMPL).
 
 (ii) For all other assets depreciation is provided on WDV basis.
 
 (iii) Depreciation is provided at the rates and in the manner specifi
 ed under Schedule XIV of the Companies Act, 1956.
 
 (iv) Depreciation is calculated on a pro-rata basis from the date of
 installation / acquisition till the date the assets are sold or
 disposed.
 
 (v) Individual assets costing less than Rs 5,000/- are depreciated
 fully in the year of acquisition.
 
 (b) Amortization
 
 (i) Leasehold assets are amortized over the period of lease.
 
 (ii) Intangible assets are amortized over their estimated useful lives
 on a straight line basis, commencing from the date the asset is
 available to the Company for its use.
 
 VIII Investments
 
 Long term investments are carried at cost less any permanent diminution
 in value. Current investments are carried at the lower of cost and fair
 value.
 
 Carrying amount of the individual investment is determined on the basis
 of the average carrying amount of the total holding of the investments.
 
 IX Foreign Currency Transactions
 
 (a) Foreign exchange transactions are recorded at the closing rate
 prevailing on the dates of the respective transaction or at the
 contracted rates as applicable. Exchange difference arising on foreign
 exchange transactions settled during the year, if any is recognised in
 the Profit and Loss account.
 
 (b) Monetary assets and liabilities denominated in foreign currencies
 are converted at the closing rate as on Balance Sheet date. The
 resultant exchange difference is recognised in the Profit and Loss
 account.
 
 (c) Non monetary assets and liabilities denominated in foreign
 currencies are carried at the exchange rate prevalent on the date of
 the transaction.
 
 X Employee Benefits
 
 (a) Short Term Employee Benefits
 
 Short term employee benefits are recognised as an expense at the
 undiscounted amount in Profit and Loss account of the year in which
 the related service is rendered.
 
 (b) Post Employment Benefits
 
 Contribution to Provident Fund and Superannuation Scheme are charged
 against revenue. Provision for Gratuity is recorded on the basis of
 actuarial valuation certifi cate, provided by the actuary.
 
 (c) Other Long Term Employee Benefits
 
 Companys liability towards earned leave is determined by an
 independent actuary using Projected Unit Credit Method. Past services
 are recognised on a straight line basis over the average period until
 the benefits become vested. Actuarial gains and losses are recognised
 immediately in the Profit and Loss account as income or expense.
 Obligation is measured at the present value of the estimated future
 cash flows using a discounted rate that is determined by reference to
 the market yields at the Balance Sheet date on Government Bonds where
 the currency and terms of the Government Bonds are consistent with the
 currency and estimated terms of the defi ned benefit obligation.
 
 (d) VRS Payments
 
 Payments made under Voluntary Retirement Scheme are charged off in the
 year in which it is incurred.
 
 XI Taxation
 
 Tax expenses are the aggregate of current tax and deferred tax charged
 or credited in the statement of Profit and Loss for the year.
 
 (a) Current Tax
 
 The current charge for Income Tax is calculated in accordance with the
 relevant tax regulations applicable to the Company.
 
 (b ) Deferred Tax
 
 Deferred tax charge or credit refl ects the tax effects of timing
 differences between accounting income and taxable income for the year.
 The deferred tax charge or credit and the deferred tax liabilities or
 assets are recognised using the tax rates that have been enacted or
 substantively enacted by the Balance Sheet date.  Deferred tax assets
 are recognised only to the extent there is reasonable certainty that
 the assets can be realized in future, however where there is unabsorbed
 depreciation or carry forward of losses, deferred tax assets are
 recognised only if there is virtual certainty of realization of such
 assets. Deferred tax assets are reviewed at each Balance Sheet date.
 
 (c) Minimum Alternate Tax (MAT)
 
 In case the Company is liable to pay income tax U/s 115JB of Income Tax
 Act, 1961 (i.e. MAT), the amount of tax paid in excess of normal income
 tax is recognised as an asset (MAT Credit Entitlement) only if there is
 convincing evidence for realization of such asset during the specifi ed
 period. MAT credit entitlement is reviewed at each Balance Sheet date.
 
 XII Borrowing Cost
 
 Borrowing cost attributable to the individual Projects have been
 treated as Project Cost and added to Stock in Trade. Other borrowing
 costs are charged to Profit and Loss account in the year in which they
 are incurred.
 
 XIII Employee Stock Option
 
 Employee Compensation Cost, if any, arising on account of option
 granted to employees is recognised in the Financial Statements. It is
 the difference between the intrinsic value and the exercise price of
 options.
 
 XIV Impairment of Assets
 
 The Company assesses at each Balance Sheet date whether there is any
 indication that an asset may be impaired. If any such indication
 exists, the Company estimates the recoverable amount of the assets. If
 such recoverable amount of the assets or the recoverable amount of the
 cash generating unit to which the assets belongs is less than its
 carrying amount, the carrying amount is reduced to its recoverable
 amount.  The reduction is treated as an impairment loss and is
 recognised in the Profit and Loss account. If at the Balance Sheet
 date there is an indication that if a previously assessed impairment
 loss no longer exists, the recoverable amount is reassessed and the
 asset is refl ected at the recoverable amount subject to a maximum of
 depreciated historical cost.
 
 XV Provisions and Contingent Liabilities
 
 The Company creates a provision when there is a present obligation as a
 result of past events that probably requires an outflow of resources
 and reliable estimates can be made of the amount of the obligation. A
 disclosure for a contingent liability is made when there is possible
 obligation or a present obligation that may, but probably will not,
 require an outflow of resources. Contingent assets are neither
 recognised nor disclosed.