Victoria Enterprises Ltd. कंपली की लेखा नीति

Mar 31, 2025

1.2 Basis of Preparation and Presentation
a Compliance with Indian Accounting Standards (Ind AS)

The financial statements have been prepared in accordance with the accounting principles generally accepted in India
including Indian Accounting Standards (Ind-AS) prescribed under the Section 133 of the Companies Act, 2013 read
with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and
presentation requirement of Division II of Schedule III of the Companies Act 2013 ("the Act"), as applicable to
financial statements.

The financial statements have been prepared under the historical cost convention and on accrual basis, except for
defined benefit plan, certain financial assets and liabilities being measured at fair value. Refer note 4 (A) (a) relating
to certain items of property, plant and equipment measured at fair value on the date of transition to Ind AS.

In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2, or 3 based on
the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the
fair value measurements in its entirety, which are described as follows:

• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity ca
access at the measurement date;

• Level 2 inputs are inputs, other than quoted prices included within level 1, that are observable for the asset or
liability, either directly or indirectly; and

• Level 3 inputs are unobservable inputs for the asset or liability.

Accordingly, the Company has prepared these financial statements which comprise the Balance Sheet as at 31st
March 2025, the Statement of Profit and Loss, the Statement of Changes in Equity and the Statement of Cash Flows
for the year ended as on that date, and material accounting policies and other explanatory information (together
hereinafter referred to as “financial statements”).

These financial statements are presented in INR, which is the Company’s functional currency. All financial
information presented in INR has been rounded to the nearest Rupee.

These financial statements are approved for issue by the Board of Directors on 5th September 2025
Accounting pronouncements issued

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules, 2015 as issued from time to time. For the year ended 31st March,
2024, MCA has not notified any new standards or amendments to the existing standards.

a Property, plant and equipment

Recognition and initial measurement

Property, plant and equipment are stated at cost less accumulated depreciation/amortisation and impairment losses, if
any. Cost comprises the purchase price and any attributable/allocable cost of bringing the asset to its working
condition for its intended use. The cost also includes direct costs and other related incidental expenses. Revenue
earned, if any, during the trial run of the assets is adjusted against the cost of the assets. Cost also includes the cost of
replacing part of the plant and equipment. Borrowing costs relating to the acquisition/construction/development of
tangible assets, which take a substantial period of time to get ready for their intended use, are also included to the
extent they relate to the period till such assets are ready to be put to use.

Subsequent measurement (depreciation and useful lives)

When significant components of property and equipment are required to be replaced at intervals, recognition is made
for such replacement of components as individual assets with specific useful life and depreciation, if these
components are initially recognised as separate assets. All other repair and maintenance costs are recognised in the
statement of profit and loss as incurred.

Depreciation is provided from the date the assets are ready to be put to use, on the Written Down Value Method as
per the useful life of the assets as prescribed under Part C of Schedule II of the Companies Act, 2013.

Depreciation method, useful life and residual value are reviewed periodically. Leasehold land and improvements are
amortised on the basis of duration and other terms of the lease. The carrying amount of PPE is reviewed periodically
for impairment based on internal/external factors. An impairment loss is recognised wherever the carrying amount of
assets exceeds their recoverable amount. The recoverable amount is the greater of the asset’s net selling price and
value in use.

De-recognition

PPE are derecognised either when they have been disposed of or when it is permanently withdrawn from use and no
future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the
carrying amount of the asset is recognised in the statement of profit and loss in the period of de-recognition.

Capital work in progress

Capital work in progress is stated at cost less impairment losses, if any. Cost comprises expenditures incurred in
respect of capital projects under development and includes any attributable/allocable cost and other incidental
expenses. Revenues earned, if any, from such capital project before capitalisation are adjusted against the capital
work in progress.

b Investment property

Recognition and initial measurement

Investment properties are properties held to earn rentals or for capital appreciation, or both. Investment properties are
measured initially at cost, including transaction costs. The cost comprises purchase price, borrowing cost if
capitalisation criteria are met and directly attributable cost of bringing the asset to its working condition for the
intended use.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only
when it is probable that future economic benefits associated with the item will flow to the Company. Though the
Company measures investment property using cost-based measurement, the fair value of investment property is
disclosed in the notes. Fair values are determined based on an annual evaluation performed by an accredited external
independent valuer who holds a recognised and relevant professional qualification and has experience in the category
of the investment property being valued.

Subsequent measurement (depreciation and useful lives)

Investment Properties are stated at cost less accumulated depreciation and accumulated impairment loss, if any,
subsequently. Depreciation is provided from the date the assets are ready to be put to use, on the straight line method
as per the useful life of the assets as prescribed under Part C of Schedule II of the Companies Act, 2013.

The carrying amount of Investment Property is reviewed periodically for impairment based on internal /external
factors. An impairment loss is recognised wherever the carrying amount of assets exceeds their recoverable amount.
The recoverable amount is the greater of the asset’s net selling price and value in use. When significant components
of Investment Properties are required to be replaced at intervals, recognition is made for such replacement of
components as individual assets with specific useful life and depreciation, if these components are initially
recognised as separate assets. All other repair and maintenance costs are recognised in the statement ofprofit and loss
as incurred.

De-recognition

Investment properties are derecognised either when they have been disposed of or when they are permanently
withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net
disposal proceeds and the carrying amount of the asset is recognised in the statement of profit and loss in the period
of de-recognition.

c Inventories

Inventories are valued at the lower of cost and net realisable value.

•Construction materials and consumables

The construction materials and consumables are valued at the lower of cost or net realisable value. The construction
materials and consumables purchased for construction work issued to the construction work in progress are treated as
consumed.

•Construction work in progress

The construction work in progress is valued at the lower ofcost or net realisable value. Cost includes the cost ofland,
development rights, rates and taxes, construction costs, borrowing costs, other direct expenditure, allocated
overheads and other incidental expenses.

•Finished stock of completed projects (ready units)

Finished stock of completed projects and stock in trade of units is valued at the lower of cost or net realisable value.
d Financial Instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual
provisions of the instruments.

e Financial assets

a) . Financial assets at amortised cost

A financial asset is measured at the amortised cost if both the following conditions are met:

1. The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows,
and

2. Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and
interest (SPPI) on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the effective
interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income
in the profit or loss. The losses arising from impairment are recognised in the profit or loss. This category generally
applies to trade and other receivables.

b) . Financial Assets at fair value through other comprehensive income (FVTOCI)

A financial asset is classified as at the FVTOCI if both of the following criteria are met:

1. The objective of the business model is achieved both by collecting contractual cash flows and selling the financial
assets, and

2. The asset’s contractual cash flows represent SPPI.

Financial assets included within the FVTOCI category are measured initially as well as at each reporting date at fair
value. Fair value movements are recognised in the other comprehensive income (OCI).

c) . Financial assets at fair value through profit and loss (FVTPL)

FVTPL is a residual category for debt instruments. Any debt instrument which does not meet the criteria for
categorisation as at amortised cost or as FVTOCI is classified as at FVTPL.

In addition, a company may elect to designate a debt instrument, which otherwise meets amortised cost or FVTOCI
criteria, as at FVTPL. However, such an election is allowed only if doing so reduces or eliminates a measurement or
recognition inconsistency (referred to as ‘accounting mismatch’). The Company has not designated any debt
instrument as at FVTPL.

Financial assets included within the FVTPL category are measured at fair value with all changes recognised in the
Statement of Profit and Loss.

f Financial liabilities

Initial recognition and measurement

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net
of directly attributable transaction costs.

The company’s financial liabilities include trade and other payables, loans and borrowings, including bank
overdrafts.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

1 .Financial liabilities at fair value through profit or loss

2. Loans and borrowings measured on an amortised cost basis

3. Financial guarantee contracts

i) Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial
liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified
as held for trading if they are incurred for the purpose of repurchasing in the near term.

Gains or losses on liabilities held for trading are recognised in the profit or loss.

Financial liabilities designated upon initial recognition at fair value through profit or loss are designated as such at
the initial date of recognition, and only if the criteria in Ind AS 109 are satisfied. For liabilities designated as FVTPL,
fair value gains/ losses attributable to changes in own credit risk are recognised in OCI. These gains/losses are not
subsequently transferred to the Statement of Profit and Loss. However, the company may transfer the cumulative gain
or loss within equity. All other changes in fair value of such liability are recognised in the statement of profit and
loss. The Company has not designated any financial liability as at FVTPL.

ii) Loans and borrowings

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the
EIR method. Gains and losses are recognised in the Statement of Profit and Loss when the liabilities are
derecognised, as well as through the EIR amortisation process. Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees or costs that are an integral part ofthe EIR. The EIR amortisation is
included as finance costs in the Statement of Profit and Loss.

iii) Financial guarantee contracts

Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to
reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance
with the terms of a debt instrument. Financial guarantee contracts are recognised initially as a liability at fair value,
adjusted for transaction costs that are directly attributable to the issuance of the guarantee. Subsequently, the liability
is measured at the higher of the amount of loss allowance determined as per the impairment requirements of Ind AS
109 and the amount recognised less cumulative amortisation.

iv) Derecognition of financial instruments

A financial liability is derecognised when the obligation under the liability is discharged, cancelled, or expires. When
an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms
ofan existing liability are substantially modified, such an exchange or modification is treated as the derecognition of
the original liability and the recognition of a new liability. The difference in the respective carrying amounts is
recognised in the statement of profit and loss.

g Offsetting financial instruments

Financial assets and financial liabilities are offset, and the net amount is reported in the balance sheet if there is a
currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to
realise the assets and settle the liabilities simultaneously.

h Fair value measurement

The Company measures financial instruments, such as derivatives, at fair value at each balance sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the presumption that
the transaction to sell the asset or transfer the liability takes place either:

1 .In the principal market for the asset or liability, or

2.In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible to the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when
pricing the asset or liability, assuming that market participants act in their economic best interest.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are
available to measure fair value, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised
within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair
value measurement as a whole:

1 .Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or Liabilities.

2. Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement
directly or indirectly observable.

3. Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement
unobservable.

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company determines
whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest

i Employee benefits

(A) Short-term employee benefits

All employee benefits payable wholly within twelve months of rendering the service are classified as short-term
employee benefits and are measured on undiscounted basis. Benefits such as salaries, wages, etc. and the expected
cost of exgratia are recognised in the period in which the employee renders the related service. A liability is
recognised for the amount expected to be paid if the Company has a present legal or constructive obligation to pay
this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

(B) Defined contribution plans

Retirement benefits in the form of contributions to the provident fund and pension fund are charged to the statement
of profit and loss

(C) Defined benefit plans
Gratuity obligations

Liability in respect of Gratuity is made based on the valuation conducted by the management in consultation with
their gratuity advisors.

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Mar 31, 2013

(a) Basis of preparation

The financial statements have been prepared to comply, in all material respects with the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under the historical cost convention on an accrual basis.

(b) Employee Benefits :-

i. Gratuity liability is defined benefit obligations and is provided for on the basis of actuarial valuation made at the end of each financial year.

ii. The Provisions of the Provident Fund Act, 1952 are not applicable to the Company.

(c) Fixed Assets

Fixed assets are stated at cost less accumulated depreciation. Cost comprises of Purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

(d) Depreciation

I. Depreciation has been provided on written down value method corresponding to the rates prescribed under schedule XIV of the Companies Act 1956.

H. Depreciation on additions is being provided on pro-rata basis from the date of such additions.

III. Leasehold Land is being amortised over the period of lease.

(e) Impairment

According to AS-28 on "Impairment of Assets"An Asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. Impairment Loss is charged to Profit & Loss A/c in the year in which impairment is identified.

(f) Leases

Assets acquired under finance leases are recognised in accordance with the method recommended by the ICAI. Lease payments are apportioned between finance charge and reduction of outstanding liabilities. The finance charge is allocated to periods during lease term at a constant periodic rate of interest on the remaining balance of the liability.

(g) Investments

Investments that are readily realisable and intended to be held for not more than a year are classified as current investments. All other investments are classified as long-term investments. Current investments are carried at lower of cost and fair value determined on an individual investment basis. Long-term investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of the investments.

(h) Inventories

(i) Inventories of finished goods and materials at site are valued at lower of cost or net realisable value

(ii) All cost incurred for development of Real Estates are shown as work in progress till the completion / sale / recognition of revenues related to such property. This includes cost of land, development expenses, interest and other cost / expenses incidental to the projects undertaken by the company.

(iii) All cost incurred for movies under production, which has not been completed till date of Balance sheet has been shown as work in progress which also includes advances paid in relation to such production.

(i) Revenue recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

Development of Real Estates

In case of Development of Real Estates revenue is recognised when significant risk and rewards incidental to transaction / property has been transferred to the buyer

Civil Construction *

In case of Civil Construction Contracts the Company follows the percentage of completion method to recognise the Revenue as per Accounting Standard - 7 relating to Construction contracts issued by ICAI as and when and wherever applicable. However company is not undertaking any contracts for others. The Revenue is recognised only on completion of projects above stipulated percentage.

Determination of revenues under the Percentage of Completion Method necessarily involves making estimates by the Company, some of which are of technical nature, concerning, where relevant, the percentage of completion, costs to completion, the expected revenues from the project / activity and the foreseeable losses to completion. The auditors have relied upon such estimates.

Dividend

Dividendnncluding Interim is accounted for when declared.

(j) Foreign currency translation

(i) Monetary Assets and Liability related to Foreign Currency transaction 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 Account in Indian rupees at the rate of exchange prevailing on the date of transaction.

(k) Taxes on Income

Income Tax expense comprises of Current Tax and Deferred Tax charge or credit. The current tax is determined as the amount of tax payable in respect of taxable income for the year, as per the provisions of Income Tax Act, 1961. The Company provides for Deferred Tax Liability based on the tax effect of Timing Differences resulting from the recognition of item in the financial statements and estimating its current income tax provision. Where there are brought forward fiscal allowances, deferred tax asset is recognized only if there is virtual certainty of realization of such assets. Deferred tax assets and liabilities are reviewed as at each balance sheet date and restated as per current developments.

(I) Borrowing Costs

Borrowing Costs attributable to the fixed assets during their construction/renovation and modernization are capitalized in accordance with AS-16 issued by ICAI. Such borrowing costs are apportioned on the average balance of Capital Work-in-Progress for the year. Other borrowing costs are recognized as an expense in the period in which they are incurred.

(m) Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes, if any) by the weighted average number of equity shares outstanding during the period. Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

(n) Provisions

A provision is recognized when an enterprise has a present obligation as a result of past event; 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. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Provision for expenditure relating to voluntary retirement is made when the employee accepts the offer of early retirement.

(o) Segment Information

Revenue, operating results, assets and liabilities have been identified to represent separate segment. Assets, Liabilities Revenue and Expanses which are not allocable to separate segment on a reasonable basis, are included under Unallocated.

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Mar 31, 2012

(a) Basis of preparation

The financial statements have been prepared to comply, in all material respects with the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under the historical cost convention on an accrual basis.

(b) Employee Benefits

i. Gratuity liability is defined benefit obligations and is provided for on the basis of actuarial valuation made at the end of each financial year.

ii. The Provisions of the Provident Fund Act, 1952 are not applicable to the Company.

(c) Fixed Assets

Fixed assets are stated at cost less accumulated depreciation. Cost comprises of Purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

(d) Depreciation

I. Depreciation has been provided on written down value method corresponding to the rates prescribed under schedule XIV of the Companies Act 1956.

II. Depreciation on additions is being provided on pro-rata basis from the date of such additions.

III. Leasehold Land is being amortized over the period of lease.

(e) Impairment

According to AS-28 on "Impairment of Assets "An Asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. Impairment Loss is charged to Profit & Loss A/c in the year in which impairment is identified.

(f) Leases

Assets acquired under finance leases are recognized in accordance with the method recommended by the ICAI. Lease payments are apportioned between finance charge and reduction of outstanding liabilities. The finance charge is allocated to periods during lease term at a constant periodic rate of interest on the remaining balance of the liability.

(g) Investments

Investments that are readily realizable and intended to be held for not more than a year are classified as current investments. All other investments are classified as long-term investments. Current investments are carried at lower of cost and fair value determined on an individual investment basis. Long-term investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of the investments.

(h) Inventories

(I) Inventories of finished goods and materials at site are valued at lower of cost or net realizable value

(ii) All cost incurred for development of Real Estates are shown as work in progress till the completion / sale / recognition of revenues related to such property. This includes cost of land, development expenses, interest and other cost / expenses incidental to the projects undertaken by the company.

(iii) All cost incurred for movies under production, which has not been completed till date of Balance sheet has been shown as work in progress which also includes advances paid in relation to such production.

(i) Revenue recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

Development of Real Estates

In case of Development of Real Estates revenue is recognized when significant risk and rewards incidental to transaction / property has been transferred to the buyer

Civil Construction

In case of Civil Construction Contracts the Company follows the percentage of completion method to recognize the Revenue as per Accounting Standard - 7 relating to Construction contracts issued by ICAI as and when and wherever applicable. However company is not undertaking any contracts for others. The Revenue is recognized only on completion of projects above stipulated percentage.

Determination of revenues under the Percentage of Completion Method necessarily involves making estimates by the Company, some of which are of technical nature, concerning, where relevant, the percentage of completion, costs to completion, the expected revenues from the project / activity and the foreseeable losses to completion. The auditors have relied upon such estimates.

Dividend

Dividend including Interim is accounted for when declared.

(j) Foreign currency translation

(i) Monetary Assets and Liability related to Foreign Currency transaction 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 Account in Indian rupees at the rate of exchange prevailing on the date of transaction.

(k) Taxes on Income

Income Tax expense comprises of Current Tax and Deferred Tax charge or credit. The current tax is determined as the amount of tax payable in respect of taxable income for the year, as per the provisions of Income Tax Act, 1961. The Company provides for Deferred Tax Liability based on the tax effect of Timing Differences resulting from the recognition of item in the financial statements and estimating its current income tax provision. Where there are brought forward fiscal allowances, deferred tax asset is recognized only if there is virtual certainty of realization of such assets. Deferred tax assets and liabilities are reviewed as at each balance sheet date and restated as per current developments.

(I) Borrowing Costs

Borrowing Costs attributable to the fixed assets during their construction/renovation and modernization are capitalized in accordance with AS-16 issued by ICAI. Such borrowing costs are apportioned on the average balance of Capital Work-in-Progress for the year. Other borrowing costs are recognized as an expense in the period in which they are incurred.

(m) Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes, if any) by the weighted average number of equity shares outstanding during the period. Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

(n) Provisions .

A provision is recognized when an enterprise has a present obligation as a result of past event; 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. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Provision for expenditure relating to voluntary retirement is made when the employee accepts the offer of early retirement.

(o) Segment Information

Revenue, operating results, assets and liabilities have been identified to represent separate segment. Assets, Liabilities Revenue and Expanses which are not allocable to separate segment on a reasonable basis, are included under Unallocated.

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Mar 31, 2010

(a) Basis of preparation

The financial statements have been prepared to comply in all material respects with the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under the historical cost convention on an accrual basis.

(b) Employee Benefits :-

i. Gratuity liability is defined benefit obligations and is provided for on the basis of an actuarial valuation made at the end of each financial year.

ii. The Provisions of the Provident Fund Act, 1952 are not applicable to the Company.

(c) Fixed Assets

Fixed assets are stated at cost less accumulated depreciation. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

(d) Depreciation

I. Depreciation has been provided on written down value method corresponding to the rates prescribed under schedule XIV of the Companies Act 1956.

II. Depreciation on additions is being provided on pro-rata basis from the date of such additions.

III. Leasehold Land is being amortised over the period of lease.

(e) Impairment

According to AS-28 on "Impairment of Assets" An Asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. Impairment Loss is charged to Profit & Loss A/c in the year in which impairment is identified.

(f) Leases

Assets acquired under finance leases are recognised in accordance with the method recommended by the ICAI. Lease payments are apportioned between finance charge and reduction of outstanding liabilities. The finance charge is allocated to periods during lease term at a constant periodic rate of interest on the remaining balance of the liability.

(g) Investments

Investments that are readily realisable and intended to be held for not more than a year are classified as current investments. All other investments are classified as long-term investments. Current investments are carried at lower of cost and fair value determined on an individual investment basis. Long-term investments are-earned at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of the investments.

(h) Inventories

(i) Inventories of finished goods and materials at site are valued at lower of cost or net reusable value

(ii) All cost incurred for development of Real Estates are shown as work in progress till the completion / sale / recognition of revenues related to such property. This includes cost of land, development expenses, interest and other cost / expenses incidental to the projects undertaken. by the company.

(iii) All cost incurred for movies under production, which has not been completed till date of Balance sheet has been shown as work in progress which also includes advances paid in relation to such production.

(i) Revenue recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

Development of Real Estates

In case of Development of Real Estates revenue is recognised when significant risk and rewards incidental to transaction / property has been transferred to the buyer

Civil Construction

In case of Civil Construction Contracts the Company follows the percentage of completion method to recognise the Revenue as per Accounting Standard - 7 relating to Construction contracts issued by ICAI as and when basis, wherever applicable, however company is not undertaking any contracts for others. The Revenue is recognised only on completion of projects above stipulation percentage.

Determination of revenues under the Percentage of Completion Method necessarily involves making estimates by the Company, some of which are of technical nature, concerning, where relevant, the percentage of completion, costs to completion, the expected revenues from the project / activity and the foreseeable losses to completion. The auditors have relied upon such estimates.

Dividend

Dividend including Interim is accounted for when declared.

G) Foreign currency translation

(i) Monetary Assets and Liability related to Foreign Currency transaction 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 Account in Indian rupees at the rate of exchange prevailing on the date of transaction.

(k) Taxes on Income

Income Tax expense comprise of Current Tax and Deferred Tax charge or credit. The current tax is determined as the amount of tax payable in respect of taxable income for the year, as per the provisions of Income Tax Act, 1961. The Company provides for Deferred Tax Liability based on the tax effect of Timing Differences resulting from the reorganization of item in the financial statements and estimating its current income tax provision. Where there are brought forward fiscal allowances, deferred tax asset is recognized only if there is virtual certainty of realization of such assets. Deferred tax assets and liabilities are reviewed as at each balance sheet date and restated as per current developments.

(i) Borrowing Costs

Borrowing Costs attributable to the fixed assets during their construction/renovation and modernization are capitalized in accordance with AS-16 issued by ICAI. Such borrowing costs are apportioned on the average balance of Capital Work-in-Progress for the year. Other borrowing costs are recognized as an expense in the period in which they are incurred.

(m) Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes, if any) by the weighted average number of equity shares outstanding during the period. Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

(n) Provisions

A provision is recognized when an enterprise has a present obligation as a result of past event; 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. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Provision for expenditure relating to voluntary retirement is made when the employee accepts the offer of early retirement.

(o) Segment Information

Revenue, operating results, assets and liabilities have been identified to represent separate segment. Assets, Liabilities Revenue and Expanses which are not allocable to separate segment on a reasonable basis, are include under Unallocated.

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Mar 31, 2009

(a) Basis of preparation

The financial statements have been prepared to comply in all material respects with the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under the historical cost convention on an accrual basis.

(b) Employee Benefits :-

i. Gratuity liability is defined benefit obligations and is provided for on the basis of an actuarial valuation made at the end of each financial year. ii. The Provisions of the Provident Fund Act, 1952 are not applicable to the Company.

(c) Fixed Assets

Fixed assets are stated at cost less accumulated depreciation. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

(d) Depreciation

I. Depreciation has been provided on written down value method corresponding to the rates prescribed under schedule XIV of the Companies Act 1956.

II. Depreciation on additions is being provided on pro-rata basis from the date of such additions.

III. Leasehold Land is being amortised over the period of lease

(e) Impairment

According to AS-28 on "Impairment of Assets" an Asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. Impairment Loss is charged to Profit & Loss A/c in the year in which impairment is identified.

(f) Leases

Assets acquired under finance leases are recognised in accordance with the method recommended by the ICAI. Lease payments are apportioned between finance charge and reduction of outstanding liabilities. The finance charge is allocated to periods during lease term at a constant periodic rate of interest on the remaining balance of the liability.

(g) Investments

Investments that are readily realisable and intended to be held for not more than a year are classified as current investments. All other investments are classified as long-term investments. Current investments are carried at lower of cost and fair value determined on an individual investment basis. Long-term investments are carried at cost. However, provision for diminution in value is made to recognise a decline other than temporary in the value of the investments.

(h) Inventories

I. Inventories of finished goods are valued at lower of cost or net relisable value

II. All cost incurred for development of Real Estates are shown as work in progress till the completion / sale / recognition of revenues related to such property. This includes cost of land, development expenses, interest and other cost / expenses incidental to the projects undertaken by the company.

III. All cost incurred for movies under production, which has not been completed till date of Balance sheet has been shown as work in progress which also includes advances paid in relation to such production.

(i) Revenue recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

Development of Real Estates

In case of Development of Real Estates revenue is recognised when significant risk and rewards incidental to transaction / property has been transferred to the buyer.

Civil Construction

In case of Civil Construction Contracts the Company follows the percentage of completion method to recognise the Revenue as per Accounting Standard - 7 relating to Construction contracts issued by ICAI. The Revenue is recognised only on completion of projects above stipulation percentage.

Determination of revenues under the Percentage of Completion Method necessarily involves making estimates by the Company, some of which are of technical nature, concerning, where relevant, the percentage of completion, costs to completion, the expected revenues from the project / activity and the foreseeable losses to completion. The auditors have relied upon such estimates.

Dividend

Dividend including Interim is accounted for when declared.

(J) Foreign currency translation

(i) Monetary Assets and Liability related to Foreign Currency transaction 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 Account in Indian rupees at the rate of exchange prevailing on the date of transaction.

(k) Taxes on Income

Income Tax expense comprise of Current Tax and Deferred Tax charge or credit. The current tax is determined as the amount of tax payable in respect of taxable income for the year, as per the provisions of Income Tax Act, 1961. The Company provides for Deferred Tax Liability based on the tax effect of Timing Differences resulting from the recognization of item in the financial statements and estimating its current income tax provision. Where there are brought forward fiscal allowances, deferred tax asset is recognized only if there is virtual certainty of realization of such assets. Deferred tax assets and liabilities are reviewed as at each balance sheet date and restated as per current developments.

(l) Borrowing Costs

Borrowing Costs attributable to the fixed assets during their construction/renovation and modernization are capitalized in accordance with AS-16 issued by ICAI. Such borrowing costs are apportioned on the average balance of Capital Work-in-Progress for the year. Other borrowing costs are recognized as an expense in the period in which they are incurred.

(m) Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes, if any) by the weighted average number of equity shares outstanding during the period. Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

(n) Provisions

A provision is recognized when an enterprise has a present obligation as a result of past event; 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. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Provision for expenditure relating to voluntary retirement is made when the employee accepts the offer of early retirement.

(o) Segment Information

Revenue, operating results, assets and liabilities has been identified to represent separate segment. Assets, Liabilities Revenue and Expanses which are not allocable to separate segment on a reasonable basis, are include under Unallocated.

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Mar 31, 2008

A) Accounting Convention

The Accompanying Financial Statement have been prepared in accordance with the historical cost convention and in accordance with the Companies Act, 1956 and in all material aspect with applicable accounting standards issued by the Institute of Chartered Accountants of India.

B) System of Accounting

The company adopts the accrual basis in the preparation of its accounts.

C) Fixed Assets

Fixed assets are stated at cost, less accumulated depreciation. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

D) Depreciation

I) Depreciation has been provided on written down value method corresponding to the rates prescribed under schedule XIV of the Companies Act 1956.

II) Depreciation on additions is being provided on pro-rata basis from the date of such additions.

III) Leasehold Land is being amortised over the period of lease.

E) Revenue Recognition

I) In case of Development of Real Estates revenue is recognised when significant risk and rewards incidental to transaction / property has been transferred to the buyer according to Accounting Standard - 9 relating to Revenue Recognition issued by ICAI.

II) In case of Civil Construction Contracts the Company follows the percentage of completion method to recognised the Revenue as per Accounting Standard - 7 relating to Construction contracts issued by ICAI. The Revenue is recognised only on completion of projects above stipulation percentage.

III) Determination of revenues under the Percentage of Completion Method necessarily involves making estimates by the Company, some of which are of technical nature, concerning, where relevant, the percentage of completion, costs to completion, the expected revenues from the project / activity and the foreseeable losses to completion. The auditors have relied upon such estimates.

IV) Dividend including Interim are accounted for when declared.

F) Inventory

Inventories are valued on the following basis :

I) Inventories of finished goods and materials at site are valued at lower of cost or net relisable value

II) All cost incurred for development of Real Estates are shown as work in progress till the completion / sale / recognition of revenues related to such property. This includes cost of land, development expenses, interest and other cost expenses incidental to the projects undertaken by the company.

III) All cost incurred for movies under production, which has not been completed till date of Balance sheet has been shown as work in progress which also includes advances paid in relation to such production.

G) Lease Transactions

Assets acquired under finance leases are recognised in accordance with the method recommended by the ICAI. Lease payments are apportioned between finance charge and reduction of outstanding liabilities. The finance charge is allocated to periods during lease term at a constant periodic rate of interest on the remaining balance of the liability.

H) Investments

Long term Investments are stated at cost less permanent diminution in value if any. Current Investments are valued at lower of cost and fair value.

I) Taxes on Income

Income Tax expense comprise of Current Tax and Deferred Tax charge or credit. The current tax is determined as the amount of tax payable in respect of taxable income for the year, as per the provisions of Income Tax Act, 1961. The Company provides for Deferred Tax Liability based on the tax effect of Timing Differences resulting from the recognization of item in the financial statements and estimating its current income tax provision. Where there are brought forward fiscal allowances, deferred tax asset is recognized only if there is virtual certainty of realization of such assets. Deferred tax assets and liabilities are reviewed as at each balance sheet date and restated as per current developments.

J) Borrowing Costs

Borrowing Costs attributable to the fixed assets during their construction/renovation and modernization are capitalized in accordance with AS-16 issued by ICAI. Such borrowing costs are apportioned on the average balance of Capital Work-in-Progress for the year. Other borrowing costs are recognized as an expense in the period in which they are incurred.

K) Impairment

According to AS-28 on "Impairment of Assets"an impaired when the carrying cost of asset exceeds its recoverable Loss is charged to Profit & Loss A/c in the year in which impairment is identified.

L) Provisions, Contingent Liabilities and Contingent Assets

Provisions involving a 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.

M) Miscellaneous Expenditure

The Company has written off all the preliminary / miscellaneous expenditure in the financial year in which they have incurred as per Accounting Standard - 26 on Intangible Assets issued by ICAI

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Mar 31, 1999

(i) Accounting Convention :

The accompanying Financial Statement have been prepared in accordance with the historical cost convention. These costs are not adjusted to reflect the impact of the changing value in the purchasing power of money.

(ii) The company follows the mercantile system of accounting and recognises income and expenditure on an accrual basis.

(iii) The company follows prudential norms for income recognition and provisioning for non-performing assets as prescribed by Reserve Bank of India for non-banking financial companies.

(iv) Investments :

Investments are capitalised at cost of acquisition plus incidental expenses and are classified into two categories viz, current and long term. Provision for diminution in the value of investments is made in accordance with the prudential norms issued by the Reserve Bank of India and accounting standards 13 issued by the Institute of Chartered Accountants of India.

(v) Dividend is accounted for when received.