Gyan Developers & Builders Ltd. कंपली की लेखा नीति

Mar 31, 2025

Note 21: Significant accounting policies

1. Company Overview:

Gyan Developers & Builders Limited is a public Limited company incorporated and domiciled in India and has its registered office at Gyan kiran, Door No. 6, Hanumantha Rao street, T. Nagar, Chennai- 600 017. The company''s shares are listed in BSE Limited. The company is principally engaged in buying and selling of vacant land.

2. Significant Accounting Policies:

This note provides a list of the significant accounting policies adopted in the preparation of the financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated.

(a) Basis of preparation

These financial statements are prepared in accordance with Indian Accounting Standards (Ind AS), under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values, the provisions of the Companies Act, 2013 (''the Act'') and guidelines issued by the Securities and Exchange Board of India (SEBI). The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and the relevant amendment rules issued thereafter.

(b) Revenue recognition Income from Operations:

Income from Operations is determined as the aggregate during the period of the increase in land development cost, Service charges & sale of land. During the year there is no revenue generated from Increase in land development cost and Service charges.

(a) Increase in Land Development Cost

Increase in Land Development cost is the difference between the amount received from Prospective buyer and amount paid to the vendor at initial stage.

(b) Service charges

Service Charges is the nature of income which is generated from making out the deal between the land seller and prospective buyer.

(c) Revenue from Sale of Land

Revenue from Sale of land is the difference between the cost of land purchased (inclusive of stamp duty and other charges) and Sale value of the land.

(c) Current or Non-Current classification

An Asset or liability is classified as current if it satisfies any of the following conditions: Asset or liability is expected to be realized in the company''s normal settlement cycle (or) Asset is intended for sale or consumption (or) Asset or liability is held primarily for the purpose of trading (or)asset or liability is expected to be realized or settled within twelve months after reporting period.

(d) Impairment of assets

Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset''s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset''s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are companyed at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or companys of assets (cash-generating units). Non- financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.

(e) Accounting for Taxes on Income

Current Income Tax expenses comprise taxes on income from operations in India. Income tax payable in India is determined in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax expenses or benefit is recognized on timing differences being the differences between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.

In the event of unabsorbed depreciation and carry forward of losses, MAT and deferred tax assets are recognized only to the extent that there is virtual certainty that sufficient future taxable income will be available to realize such assets. In other situations, MAT and deferred tax

assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available to realize these assets.

(f) Cash and cash equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet.

(g) Trade receivables

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.

(h) Investments and other financial assets

(i) Classification

The company classifies its financial assets in the following measurement categories:

? those to be measured subsequently at fair value (either through other comprehensive income, orthrough profit or loss), and

? those measured at amortised cost.

The classification depends on the entity''s business model for managing the financial assets and thecontractual terms of the cash flows.

For assets measured at fair value, gains and losses will either be recorded in profit or loss or othercomprehensive income. For investments in debt instruments, this will depend on the business model inwhich the investment is held. For investments in equity instruments, this will depend on whether the companyhas made an irrevocable election at the time of initial recognition to account for the equity investment atfair value through other comprehensive income.

(ii) Measurement

At initial recognition, the company measures a financial asset at its fair value plus, in the case of a financialasset not at fair value through profit or loss, transaction costs that are directly attributable to theacquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit orloss are expensed in profit or loss.

Equity instruments

The company subsequently measures all equity investments at fair value. Where the management haselected to present fair value gains and losses on equity investments in other comprehensive income, there isno subsequent reclassification of fair value gains and losses to profit or loss. Dividends from suchinvestments are recognised in profit or loss as other income when the company''s right to receive payments isestablished.

Changes in the fair value of financial assets at fair value through profit or loss are recognised in other gain/(losses) in the statement of profit and loss. Impairment losses (and reversal of impairment losses) on equityinvestments measured at FVOCI are not reported separately from other changes in fair value.

Fair value through other comprehensive income (FVOCI): Assets that are held for collectionof contractual cash flows and for selling the financial assets, where the assets'' cash flows representsolely payments of principal and interest, are measured at fair value through other comprehensiveincome (FVOCI). Movements in the carrying amount are taken through OCI, except for the recognitionof impairment gains or losses, interest revenue and foreign exchange gains and losses which arerecognised in profit and loss. When the financial asset is derecognised, the cumulative gain or losspreviously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/(losses). Interest income from these financial assets is included in other income using the effectiveinterest rate method.

Fair value through profit or loss: Assets that do not meet the criteria for amortised cost or FVOCIare measured at fair value through profit or loss. A gain or loss on a debt investment that issubsequently measured at fair value through profit or loss and is not part of a hedging relationship isrecognised in profit or loss and presented net in the statement of profit and loss within othergains/(losses) in the period in which it arises. Interest income from these financial assets is included inother income.

(iii) Impairment of financial assets

The company assesses on a forward looking basis the expected credit losses associated with its assets carried atamortised cost and FVOCI debt instruments. The impairment methodology applied depends on whetherthere has been a significant increase in credit risk.

For trade receivables only, the company applies the simplified approach permitted by Ind AS 109 FinancialInstruments, which requires expected lifetime losses to be recognised from initial recognition of thereceivables.

(i) Property, plant and equipment

Property,plant and equipment:

i) Property, Plant and Equipment are stated at cost of acquisition net of accumulated depreciation/ amortization and impairment losses if any, except free hold land which is carried at cost less impairment losses if any. The cost comprises purchase prices, borrowing cost if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use.

ii) The Company identifies the significant parts of plant and equipment separately which are required to be replaced at intervals. Such parts are depreciated separately based on their specific useful lives. The cost of replacement of significant parts are capitalized and the carrying amount of replaced parts are de-recognized. When each major inception/ overhauling is performed, its cost is recognized in the carrying amount of the item of property, plant and equipment as a replacement if the recognition criteria are satisfied. Any remaining carrying amount of the cost of the previous inspection/ overhauling (as distinct from physical parts) is de- recognized.

iii) Other expenses on fixed assets including day to day repair and maintainance expenditure and cost of replacing parts that does not meet the captilization criteria in accordance with Ind AS 16 are charged to the statement of profit and loss for the period during which such expenses are incurred.

iv) Depreciation has been provided on written down value method.

v) The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each reporting date and adjusted prospectively, if appropriate.

vi) Upon first time adoption of Ind AS, the company has elected to measure all its property, plant and equipment at the previous GAAP carrying amount as its deemed cost on the date of transition to Ind AS i.e., 1st April 2016.

(j) Trade and other payables

These amounts represent liabilities for goods and services provided to the company prior to the

end of financial year which are unpaid. The amounts are unsecured and are usually paid within

30 days of recognition. Trade and other payables are presented as current liabilities unless

payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

(k) Land Owner''s Account

Advance to land owners are reflected as the aggregate of amounts paid to them and amounts due from them, reduced by the amounts credited to them if the agreement is cancelled or due to any change in the cost of the land.

(l) Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest lacs, asper the requirement of Schedule III, unless otherwise stated.

Note 22: Notes forming part of Financial Statements

1. Disclosure in Relation to Undisclosed Income

During the year, the Company has not surrendered or disclosed any income in the tax assessments under the Income Tax Act, 1961 (such as search or survey or any other relevant provisions of the Income Tax Act, 1961). Accordingly, there are no transactions which are not recorded in the books of accounts.

2. Disclosure of Transactions with Struck off Companies

The Company has reviewed transactions to the extent of information available for the purpose of identifying transactions with struck off Companies. Based on the above, there are no transaction with Struck off Companies in the current financial year.

3. Disclosure requirements as notified by MCA pursuant to amended Schedule III

Nothing to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:

(a) Crypto Currency or Virtual Currency

(b) Benami Property held under Benami Transactions (Prohibition) Act, 1988 (45 of 1988)

(c) Registration of charges or satisfaction with Registrar of Companies

(d) Relating to borrowed funds:

(i) Wilful defaulter

(ii) Utilisation of borrowed funds & share premium

(e) Loans to Related Parties

(f) Investments/advances through intermediaries

(g) Effect of scheme of arrangement

(h) Compliance with number of layers

(i) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with understanding that intermediary shall

(i) Directly to indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries); or

(ii) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(j) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding party) with the understanding

(Whether recorded in writing or otherwise) that the Company shall -

(i) Directly to indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funded party (Ultimate Beneficiaries); or

(ii) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

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Mar 31, 2024

Note 21: Significant accounting policies

1. Company Overview:

Gyan Developers & Builders Limited is a public Limited company incorporated and domiciled in India and
has its registered office at Gyan kiran, Door No. 6, Hanumantha Rao street, T. Nagar, Chennai- 600 017.
The company''s shares are listed in BSE Limited. The company is principally engaged in buying and selling
of vacant land.

2. Significant Accounting Policies

This note provides a list of the significant accounting policies adopted in the preparation of the financial
statements. These policies have been consistently applied to all the years presented, unless otherwise
stated.

(a) Basis of preparation

These financial statements are prepared in accordance with Indian Accounting Standards (Ind AS), under
the historical cost convention on the accrual basis except for certain financial instruments which are
measured at fair values, the provisions of the Companies Act, 2013 (''the Act'') and guidelines issued by
the Securities and Exchange Board of India (SEBI). The Ind AS are prescribed under Section 133 of the
Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and the relevant
amendment rules issued thereafter.

(b) Revenue recognition
Income from Operations:

Income from Operations is determined as the aggregate during the period of the increase in land
development cost, Service charges & sale of land. During the year there is no revenue generated from
Increase in land development cost and Service charges.

(a) Increase in Land Development Cost

Increase in Land Development cost is the difference between the amount received from Prospective
buyer and amount paid to the vendor at initial stage.

(b) Service charges

Service Charges is the nature of income which is generated from making out the deal between the land
seller and prospective buyer.

(c) Revenue from Sale of Land

Revenue from Sale of land is the difference between the cost of land purchased (inclusive of stamp duty
and other charges) and Sale value of the land."

(c) Current or Non-Current classification

An Asset or liability is classified as current if it satisfies any of the following conditions: Asset or liability is
expected to be realized in the company''s normal settlement cycle (or) Asset is intended for sale or
consumption (or) Asset or liability is held primarily for the purpose of trading (or)asset or liability is
expected to be realized or settled within twelve months after reporting period.

(d) Impairment of assets

Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are
tested annually for impairment, or more frequently if events or changes in circumstances indicate that

they might be impaired. Other assets are tested for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is
recognised for the amount by which the asset''s carrying amount exceeds its recoverable amount. The
recoverable amount is the higher of an asset''s fair value less costs of disposal and value in use. For the
purposes of assessing impairment, assets are companyed at the lowest levels for which there are
separately identifiable cash inflows which are largely independent of the cash inflows from other assets
or companys of assets (cash-generating units). Non- financial assets other than goodwill that suffered an
impairment are reviewed for possible reversal of the impairment at the end of each reporting period.

(e) Accounting for Taxes on Income

Current Income Tax expenses comprise taxes on income from operations in India. Income tax payable in
India is determined in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax expenses or benefit is recognized on timing differences being the differences between
taxable incomes and accounting income that originate in one period and are capable of reversal in one
or more subsequent periods. Deferred tax assets and liabilities are measured using the tax rates and tax
laws that have been enacted or substantively enacted by the balance sheet date."

In the event of unabsorbed depreciation and carry forward of losses, MAT and deferred tax assets are
recognized only to the extent that there is virtual certainty that sufficient future taxable income will be
available to realize such assets. In other situations, MAT and deferred tax assets are recognized only to
the extent that there is reasonable certainty that sufficient future taxable income will be available to
realize these assets.

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Mar 31, 2015

A. Basis of accounting:

The financial statements have been prepared to comply in all material aspects with the notified accounting standards by Companies Accounting Standards Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 2013. The financial statements are prepared under the historical cost convention and income and expenses are accounted for on an accrual basis, in accordance with the accounting principles generally accepted in India. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

B. Events Occurring After the Date of Balance Sheet:

Material events occurring after the date of Balance Sheet are taken into cognizance.

C. Revenue Recognition:

Income from Operations:

Income from Operations is determined as the aggregate during the period of the increase in land development cost, Service charges & sale of land. During the year there is no revenue generated from Increase in land development cost and Service charges.

(a) Increase in Land Development Cost

Increase in Land Development cost is the difference between the amount received from Prospective buyer and amount paid to the vendor at initial stage.

(b) Service charges

Service Charges is the nature of income which is generated from making out the deal between the land seller and prospective buyer.

(c) Revenue from Sale of Land

Revenue from Sale of land is the difference between the cost of land purchased (inclusive of stamp duty and other charges) and Sale value of the land.

D. Fixed Assets:

Expenditure which is of a capital nature is capitalised at cost which comprises purchase price (net of rebates and discounts), statutory levies and other expenses/charges directly expended in acquiring such assets.

E. Impairment:

The company assesses at each balance sheet date whether there is any indication that an asset may be impaired. If any such indication exists, then impairment loss is recognised wherever the carrying amount of an asset is in excess of its recoverable amount and the same is recognized as an expenses in the statement of profit and loss and carrying amount of the asset is reduced to its recoverable amount.

Reversal of impairment losses recognised in prior years is recorded when there is an indication that the impairment losses recognized for the asset no longer exist or have decreased.

F. Depreciation:

Depreciation is provided from the date on which assets have been installed and put to use on Written down Value method at the rates specified under Schedule II to the Companies Act, 2013. Depreciation is provided from the date of capitalization till the date of sale of assets. According to the circular No. 14, dated 20-12-1993, depreciation on assets, whose actual cost does not exceed five thousand rupees have been provided at the rate of hundred percent. Depreciation is not provided on Land and building since these assets are not used in the business either for production, or supply of goods and services for rental to others or for administrative purposes.

G. Land Owner's Account:

Advance to land owners are reflected as the aggregate of amounts paid to them and amounts due from them, reduced by the amounts credited to them if the agreement is cancelled or due to any change in the cost of the land.

H. Inventories:

The inventories are valued at cost. Inventory of the Company comprises of Lands purchased. Cost of the inventory shall also include the land development expenses incurred by the Company. Land development expenses are incurred for leveling of the land which is incidental for selling of the land.

I. Recognition of Income and Expenditure:

Income and expenditure are recognised on accrual basis and provision is made for all known expenses.

J. Borrowing Costs

There are no borrowing costs attributable to the acquisition or construction of assets. Other borrowing costs are recognised as expenses in the period in which they are incurred.

K. Taxation

Tax expense comprises current tax and deferred tax.

The accounting treatment for income-tax in respect of company's income is based on the Accounting Standard 22 on 'Accounting for Taxes on Income' issued by the Institute of Chartered Accountants of India. Provision for current income-tax is made in accordance with the Income- tax Act, 1961.

Deferred tax assets and liabilities are recognized at substantively enacted tax rates, subject to the consideration of prudence, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

L. Employee Benefits:

A. Short term Employee Benefits

All Short term employee benefits payable including salaries and other allowances are recognized on accrual basis, in the manner provided in AS 15.

B. Other Long Term Employee Benefits

No provision has been made for leave encashment retirement benefit for the period as the terms of employment does not provide for such obligation on the company.

C. Post Employment Benefits

(1) Defined Contribution Plans

No provision has been made for Provident Fund and other Superannuation benefits as the respective Acts are not applicable to the company.

(2) Defined Benefit Plans

No provision has been made for Gratuity liability for the period as the respective Acts are not applicable to the company.

M. Earning Per Share:

The earning considered in ascertaining the Company's earning Per Share ('EPS') comprise the net profit after tax. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year. The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effects of potential dilutive equity shares unless impact is anti dilutive.

N. Provisions and Contingent Liabilities:

Provisions are recognized when the company has a present obligation as a result of past event; it is more likely than not that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made based on technical evaluation and past experience. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent Liabilities are not provided for in the accounts and are disclosed by way of Notes.

O. Cash Flow Statement:

Cash Flow Statement has been prepared under indirect method, as prescribed in Accounting Standard 3. Cash and Cash Equivalents comprise Cash on Hand, current and other accounts held with Banks.

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Mar 31, 2014

A. Basis of accounting:

The financial statements have been prepared to comply in all material aspects with the notified accounting standards by Companies Accounting Standards Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements are prepared under the historical cost convention and income and expenses are accounted for on an accrual basis, in accordance with the accounting principles generally accepted in India. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

B. Events Occurring After the Date of Balance Sheet:

Material events occurring after the date of Balance Sheet are taken into cognizance.

C. Revenue Recognition:

Income from Operations:

Income from Operations is determined as the aggregate during the period of the increase in land development cost, Service charges & sale of land. During the year there is no revenue generated from Increase in land development cost and Service charges.

(a) Increase in Land Development Cost

Increase in Land Development cost is the difference between the amount received from Prospective buyer and amount paid to the vendor at initial stage.

(b) Service charges

Service Charges is the nature of income which is generated from making out the deal between the land seller and prospective buyer.

(c) Revenue from Sale of Land

Revenue from Sale of land is the difference between the cost of land purchased (inclusive of stamp duty and other charges) and Sale value of the land.

D. Fixed Assets:

Expenditure which is of a capital nature is capitalised at cost which comprises purchase price (net of rebates and discounts), statutory levies and other expenses/charges directly expended in acquiring such assets.

E. Impairment:

The company assesses at each balance sheet date whether there is any indication that an asset may be impaired. If any such indication exists, then impairment loss is recognised wherever the carrying amount of an asset is in excess of its recoverable amount and the same is recognized as an expenses in the statement of profit and loss and carrying amount of the asset is reduced to its recoverable amount.

Reversal of impairment losses recognised in prior years is recorded when there is an indication that the impairment losses recognized for the asset no longer exist or have decreased.

F. Depreciation:

Depreciation is provided from the date on which assets have been installed and put to use on Written down Value method at the rates specified under Schedule XIV to the Companies Act, 1956. Depreciation is provided from the date of capitalization till the date of sale of assets. According to the circular No. 14, dated 20-12-1993, depreciation on assets, whose actual cost does not exceed five thousand rupees have been provided at the rate of hundred percent. Depreciation is not provided on Land and building since these assets are not used in the business either for production, or supply of goods and services for rental to others or for administrative purposes.

G. Land Owner''s Account:

Advance to land owners are reflected as the aggregate of amounts paid to them and amounts due from them, reduced by the amounts credited to them if the agreement is cancelled or due to any change in the cost of the land.

H. Inventories:

The inventories are valued at cost. Inventory of the Company comprises of Lands purchased. Cost of the inventory shall also include the land development expenses incurred by the Company. Land development expenses are incurred for leveling of the land which is incidental for selling of the land.

I. Recognition of Income and Expenditure:

Income and expenditure are recognised on accrual basis and provision is made for all known expenses.

J. Borrowing Costs

There are no borrowing costs attributable to the acquisition or construction of assets. Other borrowing costs are recognised as expenses in the period in which they are incurred.

K. Taxation

Tax expense comprises current tax and deferred tax.

The accounting treatment for income-tax in respect of company''s income is based on the Accounting Standard 22 on ''Accounting for Taxes on Income'' issued by the Institute of Chartered Accountants of India. Provision for current income-tax is made in accordance with the Income- tax Act, 1961.

Deferred tax assets and liabilities are recognized at substantively enacted tax rates, subject to the consideration of prudence, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

L. Employee Benefits:

a. Short term Employee Benefits

All Short term employee benefits payable including salaries and other allowances are recognized on accrual basis, in the manner provided in AS 15.

b. Other Long Term Employee Benefits

No provision has been made for leave encashment retirement benefit for the period as the terms of employment does not provide for such obligation on the company.

c. Post Employment Benefits

(1) Defined Contribution Plans

No provision has been made for Provident Fund and other Superannuation benefits as the respective Acts are not applicable to the company.

(2) Defined Benefit Plans

No provision has been made for Gratuity liability for the period as the respective Acts are not applicable to the company.

M. Earning Per Share:

The earning considered in ascertaining the Company''s earning Per Share (''EPS'') comprise the net profit after tax. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year. The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effects of potential dilutive equity shares unless impact is anti dilutive.

N. Provisions and Contingent Liabilities:

Provisions are recognized when the company has a present obligation as a result of past event; it is more likely than not that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made based on technical evaluation and past experience. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent Liabilities are not provided for in the accounts and are disclosed by way of Notes.

O. Cash Flow Statement:

Cash Flow Statement has been prepared under indirect method, as prescribed in Accounting Standard 3. Cash and Cash Equivalents comprise Cash on Hand, current and other accounts held with Banks.

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Mar 31, 2013

A. Basis of accounting:

The financial statements have been prepared to comply in all material aspects with the notified accounting standards by Companies Accounting Standards Rules, 2006 {as amended) and the relevant provisions of the Companies Act, 1956. The financial statements are prepared under the historical cost convention and income and expenses are accounted for on an accrual basis, in accordance with the accounting principles generally accepted in India. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

B. Events Occurring After the Date of Balance Sheet:

Material events occurring after the date of Balance Sheet are taken into cognizance.

C. Revenue Recognition:

Income from Operations:

Income from Operations is determined as the aggregate during the period of the project promotion fee earned, value of the construction work done, increase in land development cost, sale of land and the proceeds from the demolition contracts.

(a) Project Promotion Fee:

Project promotion fee is the fee charged to the customers on allotment of flats at the specific rate per square foot of built up area to be constructed, in consideration of the various services rendered by the company for promoting the respective projects. Project promotion receipts include sale of land to the customers,

(b) Value of Construction Work:

The value of construction work done during the year is determined as follows:

i. In the case of projects completed during the year, it is the difference between the value of construction to the customers on completion of the project and the value of construction to the customers at the beginning of the accounting year.

ii. In the case of projects in progress at the close of the accounting period, it is the difference between the value of construction to the customers determined at the close of the accounting period and the value of construction to the customers at the beginning of the accounting period.

iii. Value of construction to the customers in respect of completed projects is the full value that is paid /payable by the customers for the project on this account.

iv. Value of construction to the customers in respect of projects in progress at the beginning of the accounting period and at the close of the accounting period is the value of work-in-progress on those dates respectively.

(c) Demolition Proceeds:

Demolition proceeds for the period is the aggregate sum stated as consideration in the demolition agreements executed during the period, for demolition of existing structures on the properties taken up for development by the company.

(d) Increase in Land Development Cost

Increase in Land Development cost is the difference between the amount received from Prospective buyer and amount paid to the vendor at initial stage.

(e) Service charges

Service Charges is the nature of income which is generated from making out the deal between the and seller and prospective buyer.

(f) Revenue from Sale of Land

Revenue from Sale of land is the difference between the cost of land purchased (inclusive of stamp duty and other charges) and Sale value of the land.

D. Fixed Assets:

Expenditure which is of a capital nature is capitalized at cost which comprises purchase price (net of rebates and discounts), statutory levies and other expenses/charges directly expended in acquiring such assets.

E. Intangible Assets:

There are no Intangible Assets of the Company.

F. Impairment:

The company assesses at each balance sheet date whether there is any indication that an asset may be impaired. If any such indication exists, then impairment loss is recognized wherever the carrying amount of an asset is in excess of its recoverable amount and the same is recognized as an expenses in the statement of profit and loss and carrying amount of the asset is reduced to its recoverable amount.

Reversal of impairment losses recognized in prior years is recorded when there is an indication that the impairment losses recognized for the asset no longer exist or have decreased.

G. Depreciation:

Depreciation is provided from the date on which assets have been installed and put to use on Written down Value method at the rates specified under Schedule XIV to the Companies Act, 1956. Depreciation is provided from the date of capitalization till the date of sale of assets. According to the circular No. 14, dated 20-12-1993, depreciation on assets, whose actual cost does not exceed five thousand rupees have been provided at the rate of hundred percent. Depreciation is not provided on Land and building.

H. Work - in - Progress:

Work - in - Progress in respect of each project in progress is first valued at the close of the accounting year at the aggregate of the cost of materials consumed, lab our charges and the other expenditure incurred on the project. Thereafter the adjustment for value addition is made on the following basis:

i. Where the actual expenditure incurred up to the end of the accounting year in a project is between 30% and 89% of its total estimated expenditure, and this total expenditure is less than its total estimated revenue, value addition is determined as 2/3rds of the proportionate estimated surplus (such proportion being the percentage of actual expenditure to total estimated expenditure). Where however the actual expenditure of a project up to the close of the accounting year is above 89% of the total estimated expenditure of the project, value addition is determined as the 4/5th of the proportionate estimated surplus (such proportion being the percentage of actual expenditure to total estimated expenditure)

ii. Where total estimated expenditure of a project is in excess of its total estimated revenue, the entire actual expenditure comprising of the cost of the material consumed, labour and other expenditure incurred on the project is considered as the value of work-in- progress till the project is completed.

I. Land Owner''s Account:

Amounts due from customers towards land cost are debited to their accounts on the land cost falling due under the agreements of the project promotion and construction are credited to the respective land owner''s accounts. Advance to land owners are reflected as the aggregate of amounts paid to them and amounts due from them, reduced by the amounts credited to them as aforesaid.

J. Inventories:

The inventories are valued at cost.

K. Recognition of Income and Expenditure:

Income and expenditure are recognized on accrual basis and provision is made for all known expenses.

L. Borrowing Costs

There are no borrowing costs attributable to the acquisition or construction of assets. Other borrowing costs are recognized as expenses in the period in which they are incurred.

M. Taxation

Tax expense comprises current tax and deferred tax.

The accounting treatment for income-tax in respect of company''s income is based on the Accounting Standard 22 on Accounting for Taxes on Income1 issued by the Institute of Chartered Accountants of India. Provision for current income-tax is made in accordance with the Income- tax Act, 1961.

Deferred tax assets and liabilities are recognized at substantively enacted tax rates, subject to the consideration of prudence, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

N. Employee Benefits:

a. Short term Employee Benefits

All Short term employee benefits payable including salaries and other allowances are recognized on accrual basis, in the manner provided in AS 15.

b. Other Long Term Employee Benefits

No provision has been made for leave encashment retirement benefit for the period as the terms of employment does not provide for such obligation on the company.

c. Post Employment Benefits

(1) Defined Contribution Plans

No provision has been made for Provident Fund and other Superannuation benefits as the respective Acts are not applicable to the company.

(2) Defined Benefit Plans

No provision has been made for Gratuity liability for the period as the respective Acts are not applicable to the company.

0. Earnings Per Share:

The earning considered in ascertaining the Company''s earnings Per Share (''EPS'') comprise the net profit after tax. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year. The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effects of potential dilutive equity shares unless impact is anti dilutive.

P. Provisions and Contingent Liabilities:

Provisions are recognized when the company has a present obligation as a result of past event; it is more likely than not that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made based on technical evaluation and past experience. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent Liabilities are not provided for in the accounts and are disclosed by way of Notes.

Q. Cash Flow Statement:

Cash Flow Statement has been prepared under indirect method, as prescribed in Accounting Standard 3 issued by The Institute of Chartered Accountants of India. Cash and Cash Equivalents comprise Cash on Hand, current and other accounts held with Banks.

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Mar 31, 2012

A. Basis of accounting:

The financial statements have been prepared to comply in all material aspects with the notified accounting standards by Companies Accounting Standards Rules' 2006 (as amended) and the relevant provisions of the Companies Act' 1956. The financial Statements are prepared under the historical cost convention and income and expenses are accounted for on an accrual basis' in accordance with the accounting principles generally accepted in India. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

B. Events Occurring After the Date of Balance Sheet:

Material events occurring after the date of Balance Sheet are taken into cognizance.

C. Revenue Recognition:

Income from Operations:

Income from Operations is determined as the aggregate during the period of the project promotion fee earned' value of the construction work done' increase in land development cost' sale of land and the proceeds from the demolition contracts.

(a) Project Promotion Fee:

Project promotion fee is the fee charged to the customers on allotment of flats at the specific rate per square foot of built up area to be constructed' in consideration of the various services rendered by the company for promoting the respective projects. Project * promotion receipts include sale of land to the customers.

(b) Value of Construction Work:

The value of construction work done during the year is determined as follows:

i. In the case of projects completed during the year' it is the difference between the value of construction to the customers on completion of the project and the; value of construction to the customers at the beginning of the accounting year'

ii. In the case of projects in progress at the close of the accounting period' it is the difference between the value of construction to the customers determined at the close of the accounting period and the value of construction to the customers at the beginning of the accounting period.

iii. Value of construction to the customers in respect of completed projects is the full value that is paid /payable by the customers for the project on this accourt.

iv. Value of construction to the customers in respect of projects in progress at the beginning of the accounting period and at the close of the accounting period is the value of work-in-progress on those dates respectively.

(c) Demolition Proceeds:

Demolition proceeds for the period is the aggregate sum stated as consideration in the '-——— demolition agreements executed during the period' for demolition of existing structures on the properties taken up for development by the company.

(d) Increase in Land Development Cost

Increase in Land Development cost is the difference between the amount received from Prospective buyer and amount paid to the vendor at initial stage.

(e) Service charges

Service Charges is the nature of income which is generated from making out the deal between the land seller and prospective buyer'

(1) Revenue from Sale of Land

Revenue from Sale of land is the difference between the cost of land purchased (inclusive of stamp duty and other charges) and Sale value of the land.

D. Fixed Assets:

Expenditure which is of a capita! nature is capitalised at cost which comprises purchase price (net of rebates and discounts)' statutory levies and other expenses/charges directly expended in acquiring such assets.

E. Intangible Assets:

There are no Intangible Assets of the Company.

F. Impairment:

The company assesses at each balance shee* date whether there is any indication that an asset may be impaired. If any such indication exists' then impairment loss is recognised wherever the carrying amount of an asset is in excess of its recoverable amount and the same is recognized as an expenses in the statement of profit and loss and carrying amount of the asset is reduced to its recoverable amount.

Reveisal of impairment losses recognised in prior years is recorded when there is an ind.cation ¦*

that the impairment losses recognized for the asset no longer exist or have decreased.

G. Depreciation:

Depreciation is provided from the date on which assets have been installed and put to jse on Written down Value method at the rates specified under Schedule XIV to the Compani3s Act' 1956. Depreciation is provided from the date of capitalization till the date of sale of assets. According to the circular No. 14' dated 20-12-1993' depreciation on assets' whose actual cost does not exceed five thousand rupees have been provided at the rate of hundred percent. Depr jciation is not provided on Land and building.

H.''" Work - In - Progress:

Work - in - Progress in respect of each project in progress is first valued at the close of the accojnting year at the aggregate of the cost of materials consumed' labour charges and the other expenditure incurred on the project. Thereafter the adjustment for value addition is made on the following basis:

i. Where the actual expenditure incurred up to the end of the accounting year in a project is between 30% and 89% of its total estimated expenditure' and this total expenditure is less than its total estimated revenue' value addition is determined as 2/3rds of the propolionate estimated surplus (such proportion being the percentage of actual expenditure to total estimated expenditure). Where however the actual expenditure of a project up to the close .- __ of the accounting year is above 89% of the total estimated expenditure of the project' value addition is determined as the 4/5th of the proportionate estimated surplus (such proportion being the percentage of actual expenditure to total estimated expenditure)

ii. Where total estimated expenditure of a project is inexcess of its total estimated revenue' the entire actual expenditure comprising of the cost of the material consumed' labour and other expenditure incurred on the project is considered as the value of work-in-progress till the project is completed.

I. Land Owner's Account:

Amounts due from customers towards land cost are debited to their accounts on the land cost falling due under the agreements of the project promotion and construction are credited to the respective land owner's accounts. Advance to land owners are reflected as the aggregate of amounts paid to them and amounts due from them' reduced by the amounts credited to them as aforesaid.

J. Inventories:

The inventories are valued at cost'

K. Recognition of Income and Expenditure:

Income and expenditure are recognised on accrual basis and provision is made for all known expenses.

L. Borrowing Costs

There are no borrowing costs attributable to the acquisition or construction of assets' Other borrowing costs are recognised as expenses in the period in which they are incurred.

M' Taxation

Tax expense comprises current tax and deferred tax

The accounting treatment for income-tax in respect of company's income is based on the Accounting Standard 22 on 'Accounting for Taxes on Income' issued by the Institute of Chartered Accountants of India. Provision for current income-tax is made in accordance with the Income- tax Act' 1961.

Deferred tax assets and liabilities are recognized at substantively enacted tax rates' subject to the consideration of prudence' on timing difference' being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

N. Employee Benefits:

a. Short term Employee Benefits

All Short term employee benefits payable including salaries and other allowances are recognized on accrual basis' in the manner provided in AS 15.

b. Other Long Term Employee Benefits

No provision has been made for leave encashment retirement benefit for the pe'iod as the terms of employment does not provide for such obligation on the company.

---

Mar 31, 2011

A. Basis of accounting;

The financial statements have been prepared to comply in all material aspects with the notified accounting standards by Companies Accounting Standards Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial Statements are prepared under the historical cost convention and income and expenses are accounted for on an accrual basis, in accordance with the accounting principles generally accepted in India. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year

B. Events Occurring After the Date of Balance Sheet :

Material events occurring after the date of Balance Sheet are taken into cognizance,

C. Revenue Recognition:

Income from Operations:

Income from Operations is determined as the aggregate during the period of the project promotion fee earned, value of the construction work done, increase in land development cost and the proceeds from the demolition contracts, interest receipts and other income.

(a) Project Promotion Fee:

Project promotion fee is the fee charged to the customers on allotment of flats at the specific rate per square foot of built up area to be constructed, in consideration of the various services rendered by the company for promoting the respective projects. Project promotion receipts include sale of land to the customers.

(b) Value of Construction Work:

The value of construction work done during the year is determined as follows:

i. In the case of projects completed during the year, it is the difference between the value of construction to the customers on completion of the project and the value of construction to the customers at the beginning of the accounting year.

ii. In the case of projects in progress at the close of the accounting period, it is the difference between the value of construction to the customers determined at the close of the accounting period and the value of construction to the customers at the beginning of the accounting period.

iii. Value of construction to the customers in respect of completed projects is the full value that is paid /payable by the customers for the project on this account.

iv. Value of construction to the customers in respect of projects in progress at the beginning of the accounting period and at the close of the accounting period is the value of work-in-progress on those dates respectively.

(c) Demolition Proceeds:

Demolition proceeds for the period is the aggregate sum stated as consideration in the demolition agreements executed during the period, for demolition of existing structures on the properties taken up for development by the company.

D. Fixed Assets:

Expenditure which is of a capital nature is capitalised at cost which comprises purchase price (net of rebates and discounts), statutory levies and other expenses/charges directly expended in acquiring such assets.

E. Intangible Assets:

There are no Intangible Assets of the Company.

F. Impairment:

The company assesses at each balance sheet date whether there is any indication that an asset may be impaired. If any such indication exists, then impairment loss is recognised wherever the carrying amount of an asset is in excess of its recoverable amount and the same is recognized as an expenses in the statement of profit and loss and carrying amount of the asset is reduced to its recoverable amount.

Reversal of impairment losses recognised in prior years is recorded when there is an indication that the impairment losses recognized for the asset no longer exist or have decreased.

G. Depreciation:

Depreciation is provided from the date on which assets have been installed and put to use on Written down Value method at the rates specified under Schedule XIV to the Companies Act, 1956. Depreciation is provided from the date of capitalization till the date of sale of assets. According to the circular No. 14, dated 20-12-1993, depreciation on assets, whose actual cost does not exceed five thousand rupees have been provided at the rate of hundred percent. Depreciation is not provided on Land and building.

H. Work - in - Progress:

Work - in - Progress in respect of each project in progress is first valued at the close of the accounting year at the aggregate of the cost of materials consumed, labour charges and the other expenditure incurred on the project. Thereafter the adjustment for value addition is made on the following basis:

i. Where the actual expenditure incurred up to the end of the accounting year in a project is between 30% and 89% of its total estimated expenditure, and this total expenditure is less than its total estimated revenue, value addition is determined as 2/3rds of the proportionate estimated surplus (such proportion being the percentage of actual expenditure to total estimated expenditure). Where however the actual expenditure of a project up to the close of the accounting year is above 89% of the total estimated expenditure of the project, value addition is determined as the 4/5th of the proportionate estimated surplus {such proportion being the percentage of actual expenditure to total estimated expenditure)

ii. Where total estimated expenditure of a project is in excess of its total estimated revenue, the entire actual expenditure comprising of the cost of the material consumed, labour and other expenditure incurred on the project is considered as the value of work-in-progress till the project is completed.

I. Land Owner's Account:

Amounts due from customers towards land cost are debited to their accounts on the land cost falling due under the agreements of the project promotion and construction are credited to the respective land owner's accounts. Advance to land owners are reflected as the aggregate of amounts paid to them and amounts due from them, reduced by the amounts credited to them as aforesaid.

J. Inventories:

The inventories are valued at cost. K. Recognition of Income and Expenditure:

Income and expenditure are recognised on accrual basis and provision is made for all known expenses.

L. Borrowing Costs

There are no borrowing costs attributable to the acquisition or construction of assets. Other borrowing costs are recognised as expenses in the period in which they are incurred.

M. Taxation

Tax expense comprises current tax, deferred tax and fringe benefits tax.

The accounting treatment for income-tax in respect of company's income is based on the Accounting Standard 22 on 'Accounting for Taxes on Income' issued by the Institute of Chartered Accountants of India. Provision for current income-tax is made in accordance with the Income- tax Act, 1961.

Deferred tax assets and liabilities are recognized at substantively enacted tax rates, subject to the consideration of prudence, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

N. Employee Benefits:

a. Short term Employee Benefits

All Short term employee benefits payable including salaries and other allowances are recognized on accrual basis, in the manner provided in AS 15.

b. Other Long Term Employee Benefits

No provision has been made for leave encashment retirement benefit for the period as the terms of employment does not provide for such obligation on the company.

c. Post Employment Benefits

(1) Defined Contribution Plans

No provision has been made for Provident Fund and other Superannuation benefits as the respective Acts are not applicable to the company.

(2) Defined Benefit Plans

No provision has been made for Gratuity liability for the period as the respective Acts are not applicable to the company.

O. Earning Per Share :

The earning considered in ascertaining the Company's Earning Per Share ('EPS') comprise the net profit after tax. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year. The diluted EPS is calculated on the same basis as basic EPSt after adjusting for the effects of potential dilutive equity shares unless impact is anti dilutive.

P. Provisions and Contingent Liabilities:

Provisions are recognized when the company has a present obligation as a result of past event; it is more likely than not that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made based on technical evaluation and past experience. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent Liabilities are not provided for in the accounts and are disclosed by way of Notes.

Q. Cash Flow Statement:

Cash Flow Statement has been prepared under indirect method, as prescribed in Accounting Standard 3 issued by The Institute of Chartered Accountants of India. Cash and Cash Equivalents comprise Cash on Hand, current and other accounts held with Banks.

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Mar 31, 2010

A. Basis of accounting:

The financial statements have been prepared to comply in all material aspects with the notified accounting standards by Companies Accounting Standards Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial Statements are prepared under the historical cost convention and income and expenses are accounted for on an accrual basis, in accordance with the accounting principles generally accepted in India. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

B. Events Occurring After the Date of Balance Sheet :

Material events occurring after the date of Balance Sheet are taken into cognizance.

C. Revenue Recognition:

Income from Operations:

Income from Operations is determined as the aggregate during the period of the project promotion fee earned, value of the construction work done, increase in land development cost and the proceeds from the demolition contracts, interest receipts and other income.

(a) Project Promotion Fee:

Project promotion fee is the fee charged to the customers on allotment of flats at the specific rate per square foot of built up area to be constructed, in consideration of the various services rendered by the company for promoting the respective projects. Project promotion receipts include sale of land to the customers.

(b) Value of Construction Work:

The value of construction work done during the year is determined as follows:

i. In the case of projects completed during the year, it is the difference between the value of construction to the customers on completion of the project and the value of construction to the customers at the beginning of the accounting year.

ii. In the case of projects in progress at the close of the accounting period, it is the difference between the value of construction to the customers determined at the close of the accounting period and the value of construction to the customers at the beginning of the accounting period.

iii. Value of construction to the customers In respect of completed projects is the full value that is paid /payable by the customers for the project on this account.

iv. Value of construction to the customers in respect of projects in progress at the beginning of the accounting period and at the close of the accounting period is the value of work-in-progress on those dates respectively.

{c) Demolition Proceeds:

Demolition proceeds for the period is the aggregate sum stated as consideration in the demolition agreements executed during the period, for demolition of existing structures on the properties taken up for development by the company.

D. Fixed Assets:

Expenditure which is of a capital nature is capitalised at cost which comprises purchase price (net of rebates and discounts), statutory levies and other expenses/charges directly expended in acquiring such assets.

E. Intangible Assets:

There are no Intangible Assets of the Company.

F. Impairment:

The company assesses at each balance sheet date whether there is any indication that an asset may be impaired. If any such indication exists, then impairment loss is recognised wherever the carrying amount of an asset is in excess of its recoverable amount and the same is recognized as an expenses in the statement of profit and loss and carrying amount of the asset is reduced to its recoverable amount.

Reversal of impairment losses recognised in prior years is recorded when there is an indication that the impairment losses recognized for the asset no longer exist or have decreased.

G. Depreciation:

Depreciation is provided from the date on which assets have been installed and put to use on Written down Value method at the rates specified under Schedule XIV to the Companies Act, 1956. Depreciation is provided from the date of capitalization till the date of sale of assets. According to the circular No. 14, dated 20-12-1993, depreciation on assets, whose actual cost does not exceed five thousand rupees have been provided at the rate of hundred percent. Depreciation is not provided on Land and building.

H. Work - In - Progress:

Work - in - Progress in respect of each project in progress is first valued at the close of the accounting year at the aggregate of the cost of materials consumed, labour charges and the other expenditure incurred on the project. Thereafter the adjustment for value addition is made on the following basis:

i. Where the actual expenditure incurred up to the end of the accounting year in a project is between 30% and 89% of its total estimated expenditure, and this total expenditure is less than its total estimated revenue, value addition is determined as 2/3rds of the proportionate estimated surplus (such proportion being the percentage of actual expenditure to total estimated expenditure). Where however the actual expenditure of a project up to the close of the accounting year is above 89% of the total estimated expenditure of the project, value addition is determined as the 4/5th of the proportionate estimated surplus (such proportion being the percentage of actual expenditure to total estimated expenditure)

ii. Where total estimated expenditure of a project is in excess of its total estimated revenue, the entire actual expenditure comprising of the cost of the material consumed, labour and other expenditure incurred on the project is considered as the value of work-in-progress till the project is completed.

I. Land Owners Account:

Amounts due from customers towards land cost are debited to their accounts on the land cost falling due under the agreements of the project promotion and construction are credited to the respective land owners accounts. Advance to land owners are reflected as the aggregate of

amounts paid to them and amounts due from them, reduced by the amounts credited to them as aforesaid.

J. Inventories:

The inventories are valued at cost.

K. Recognition of Income and Expenditure:

Income and expenditure are recognised on accrual basis and provision is made for all known expenses.

L. Borrowing Costs

There are no borrowing costs attributable to the acquisition or construction of assets. Other borrowing costs are recognised as expenses in the period in which they are incurred.

M. Taxation

Tax expense comprises current tax, deferred tax and fringe benefits tax.

The accounting treatment for income-tax in respect of companys income is based on the Accounting Standard 22 on Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India. Provision for current income-tax is made in accordance with the Income- tax Act, 1961.

Deferred tax assets and liabilities are recognized at substantively enacted tax rates, subject to the consideration of prudence, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Fringe Benefit Tax {FBT) is accounted for on the estimated value of fringe benefits for the period as per the related provisions of the Income-tax Act.

N. Employee Benefits:

A. Short term Employee Benefits

All Short term employee benefits payable including salaries and other allowances are recognized on accrual basis, in the manner provided in AS 15.

B. Other Long Term Employee Benefits

No provision has been made for leave encashment retirement benefit for the period as the terms of employment does not provide for such obligation on the company.

C. Posf Employment Benefits

(1) Defined Contribution Plans

No provision has been made for Provident Fund and other Superannuation benefits as the respective Act3 are not applicable to the company.

(2) Defined Benefit Plans

No provision has been made for Gratuity liability for the period as the respective Acts are not applicable to the company.

0. Earning Per Share :

The earning considered in ascertaining the Companys Earning Per Share (EPS) comprise the net profit after tax. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year. The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effects of potential dilutive equity shares unless impact is anti dilutive.

P. Provisions and Contingent Liabilities:

Provisions are recognized when the company has a present obligation as a result of past event; it is more likely than not that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made based on technical evaluation and past experience. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent Liabilities are not provided for in the accounts and are disclosed by way of Notes.

Q. Cash Flow Statement:

Cash Flow Statement has been prepared under indirect method, as prescribed in Accounting Standard 3 issued by The Institute of Chartered Accountants of India. Cash and Cash Equivalents comprise Cash on Hand, current and other accounts held with Banks.