General
 
 These accounts are prepared on historical cost basis and on the
 accounting principles of a going concern. Accounting policies not
 specifically referred to otherwise are consistent and in consonance
 with generally accepted accounting principles. Applicable Accounting
 Standards notified by the Companies Accounting Standards Rules, 2006
 have been followed except otherwise stated.
 
 Fixed Assets
 
 Fixed assets are stated at cost net of Cenvat. Cost includes purchase
 price and related expenses.
 
 The carrying amounts of assets are reviewed at each balance sheet date
 to determine whether there is any indication of impairment based on
 external/internal factors. An impairment loss is recognised wherever
 the carrying amount of an asset exceeds its recoverable amount, which
 represents the greater of the net selling price and ''value in use'' of
 the assets. The estimated future cash flows considered for determining
 the value in use are discounted to their present value at the weighted
 average cost of capital.
 
 Depreciation
 
 Depreciation has been provided on straight line method except in
 respect of a unit (Neora Hydro) having a Gross assets Valuing Rs
 2,565.42 Lakhs (Previous Year Rs 2,564.23 Lakhs ) where Written Down
 method has been followed in accordance with the rates in Schedule XIV
 of the Companies Act, 1956.
 
 Investments
 
 Current Investment are stated at lower of cost and fair value.
 
 Long term Investments are considered “at Cost” on individual investment
 basis, unless there is a decline other than temporary in value thereof,
 in which case adequate provision is made against such diminution in the
 value of investments.
 
 Recognition of Income and Expenditure
 
 Sales revenue is recognised on transfer of the significant risks and
 rewards of ownership of the goods to the buyer and stated at net of
 Sales Tax, Service Tax, VAT, trade discounts, rebates. Dividend income
 on investments is accounted for when the right to receive the payment
 is established. Interest income is recognised on time proportion basis.
 Certain insurance and other claims, where quantum of accruals cannot be
 ascertained with reasonable certainty, are accounted on acceptance
 basis.
 
 Employee Benefits
 
 (1) The company''s contribution to provident fund, employees'' state
 insurance scheme are charged on accrual basis to Profit & Loss Account.
 
 (2) Leave :
 
 Leave liability is accounted for based on actuarial valuation at the
 end of year.
 
 (3) Gratuity:
 
 Year-end accrued liabilities on account of gratuity payable to
 employees are provided on the basis of actuarial valuation.
 
 Contingent Liabilities
 
 Liabilities which are material and whose future outcome cannot be
 ascertained with reasonable certainty are treated as contingent and
 disclosed by way of notes to the accounts.
 
 Provisions
 
 A provision is recognised when an enterprise has a present obligation
 as a result of past event 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.
 
 Use of Estimates
 
 The presentation of financial statements require estimates and
 assumptions to be made that affect the reported amount of assets and
 liabilities on the date of the financial statements and the reported
 amount of revenues and expenses during the reporting period.
 Difference between the actual result and the estimates are recognised
 in the period in which the results are known/ materialised.
 
 Borrowing Cost
 
 Interest on borrowings directly attributable to the acquisition,
 construction or production of qualifying assets is being capitalised
 till the date of commercial use of the qualifying assets. Other
 interests on borrowings are recognised as an expense in the period in
 which they are incurred.
 
 Segment Reporting
 
 a) Based on the organisational structures and its Financial Reporting
 System, the Company has classified its operation into three business
 segments namely Real Estate, Hydro Power and Others.
 
 b) Revenue and expenses have been identified to segments on the basis
 of their relationship to the operating activities of the segment.
 Revenue and expenses which are related to the enterprise as a whole and
 are not allocable to segments on a reasonable basis have been included
 under un-allocable expenses.
 
 c) Capital Employed to each segment is classified on the basis of
 allocable assets minus allocable liabilities identifiable to each
 segment on reasonable basis.
 
 Taxation
 
 Current Income Tax is measured at the amount expected to be paid to the
 tax authorities in accordance with the Indian Income Tax Act, 1961.
 Deferred tax is calculated at current statutory Income Tax Rate and is
 recognised on timing differences between taxable income and accounting
 income that originate in one period and are capable of reversal in one
 or more subsequent periods. Deferred tax assets, subject to
 consideration of prudence, are recognised and carried forward only to
 the extent that there is reasonable certainty supported by convincing
 evidence that sufficient future taxable income will be available
 against which such deferred tax assets can be realised.
 
 Employee Stock Option Scheme
 
 In respect of Stock options granted pursuant to the Company''s Employees
 Stock Option Schemes 2007, the intrinsic value of the options (excess
 of Market Price of the share over the exercise price of the option) is
 treated as discount and accounted as deferred employee''s compensation
 cost over the vesting period.
 
 Government Grant
 
 Grants from the government are recognised when there is a reasonable
 assurance that the grant will be received and all attaching conditions
 will be complied with. Revenue grants/subsidies are recognised in the
 Profit & Loss Account. Capital grants relating to specific fixed assets
 are reduced from the gross value of the respective fixed assets. Other
 Capital Grants are credited to Reserve & Surplus of the Company.