Yogi Infra Projects Ltd. कंपली की लेखा नीति

Mar 31, 2025

2. SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of Preparation:

In accordance with the notification issued by the Ministry of Corporate Affairs, the Company has
adopted IND AS notified under the Companies (Indian Accounting Standards) Rules, 2015 with
effect from 1^st April, 2016. The financial statements have been prepared under the historical cost
convention with the exception of certain assets and liabilities that are required to be carried at fair
values by IND AS.

2.2 Use of estimates and judgments

The preparation of financial statements in conformity with generally Accepted Accounting
Principles require estimates and assumptions to be made that affect the reported amounts of assets
and liabilities and disclosure of contingent liabilities on the date of financial statements and the
reported amounts of revenues and expenses during the reporting period. Actual results could differ
from these estimates and differences between actual results and estimates are recognized in the
periods in which the results are known / materialize.

All the assets and liabilities have been classified as current or non-current as per the Company’s
normal operating cycle. Based on the nature of products and the time between the acquisition of
assets for processing and their realization in cash and cash equivalents, the Company has
ascertained its operating cycle as 12 months for the purpose of current - noncurrent classification
of assets and liabilities.

2.3 Basis of Preparation

The financial statements are prepared in accordance with the historical cost convention, except for
certain items that are measured at fair values, as explained in the accounting policies below. The
financial statements are presented in Indian Rupees (INR) which is also the Company''s functional
currency.

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, regardless of whether
that price is directly observable or estimated using another valuation technique. In estimating the
fair value of an asset or a liability, the Company takes into account the characteristics of the asset
or liability if market participants would take those characteristics into account when pricing the
asset or liability at the measurement date.

2.4 Financial instrument, Financial assets, Financial liabilities

Financial assets and financial liabilities are recognized when the Company becomes a party to the
contractual provisions of the relevant instrument.

Financial assets are derecognized when the rights to receive benefits have expired or been
transferred, and the Company has transferred substantially all risks and rewards of ownership of such
financial asset. Financial liabilities are derecognized when the liability is extinguished, that is when
the contractual obligation is discharged, cancelled or expires.

Classification

The Company determines the classification of its financial assets at initial recognition. The financial
assets are classified in the following measurement categories as:

• Those to be subsequently measured at fair value [either through other comprehensive income (OCI),
or through profit or loss], and

• Those subsequently measured at amortised cost

Measurement

Subsequent measurement of is in accordance with the Company’s business model for managing the
asset and the contractual cash flows characteristics of the asset. There are three measurement
categories into which the company may classify its debt instruments:

• Amortised Cost: Assets which are held within the business model of collection of contractual cash
flows and where those cash flows represent payments solely towards principal and interest on the
principal amount outstanding.

• Fair Value through Other Comprehensive Income: Assets that are held within a business model
of collection of contractual cash flows and for selling and where the assets’ cash flow represents
solely payment of principal and interest on the principal amount outstanding.

• Fair Value through Profit or Loss: Financial assets which are not classified as measured at
amortised cost or fair value through other comprehensive income are classified as fair value through
profit or loss.

Loans and Receivables

Loans and receivables are non - derivative financial asset with fixed or determinable payments that
are not quoted in an active market. Loans and receivables are initially measured at transaction value,
which is the fair value and subsequently retained at cost less appropriate allowance for credit losses
as most loans and receivables of the Company are current in nature. Where significant, non - current
loans and receivables are accounted for at amortised cost using effective interest rate method less
appropriate allowance for credit losses, where the maturity period is specified.

Investments in Equity Instruments: -

In case of investments in subsidiaries, joint ventures and associates the Company has chosen to
measure its investments at deemed cost.

2.5 Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable, which is when it is
earned and no significant uncertainty exists as to its realization or collection.

Dividend and interest income:

Dividend income from investments is recognized when the shareholder’s right to receive payment
has been established (provided that it is probable that the economic benefits will flow to the
Company and the amount of income can be measured reliably).

Interest income from a financial asset is recognized when it is probable that the economic benefits
will flow to the Company and the amount of income can be measured reliably. Interest income is
accrued on a time basis, by reference to the principal outstanding and at the effective interest rate
applicable, which is the rate that exactly discounts estimated future cash receipts through the
expected life of the financial asset to that asset’s net carrying amount on initial recognition.

2.6 Foreign currency transactions

The functional currency of the Company is Indian Rupees which has been determined on the basis of
the primary economic environment in which it operates.

In preparing the financial statements of the Company, transactions in currencies other than the
entity''s functional currency (foreign currencies) are recognized at the rates of exchange prevailing at
the dates of the transactions. At the end of each reporting period, monetary items denominated in
foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at
fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date
when the fair value was determined. Non-monetary items that are measured in terms of historical cost
in a foreign currency are not retranslated.

Exchange differences on monetary items are recognized in Statement of Profit and Loss in the period
in which they arise except for:

• Exchange differences on foreign currency borrowings relating to assets under construction for
future productive use, which are included in the cost of those assets when they are regarded as an
adjustment to interest costs on those foreign currency borrowings;

• Exchange differences on transactions entered into in order to hedge certain foreign currency risks
and;

• Exchange differences on monetary items receivable from or payable to a foreign operation for
which settlement is neither planned nor likely to occur (therefore forming part of the net
investment in the foreign operation), which are recognized initially in other comprehensive
income and reclassified from equity to the Statement of Profit and Loss on repayment of the
monetary items.

2.7 Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying
assets, which are assets that necessarily take a substantial period of time to get ready for their
intended use or sale, are added to the cost of those assets, until such time as the assets are
substantially ready for their intended use or sale.

All other borrowing costs are recognized in the Statement of Profit and Loss in the period in which
they are incurred.

The Company determines the amount of borrowing costs eligible for capitalization as the actual
borrowing costs incurred on that borrowing during the period less any investment income on the
temporary investment of those borrowings, to the extent that an entity borrows funds specifically for
the purpose of obtaining a qualifying asset. In case if the Company borrows generally and uses the
funds for obtaining a qualifying asset, borrowing costs eligible for capitalization are determined by
applying a capitalization rate to the expenditures on that asset.

The Company suspends capitalization of borrowing costs during extended periods in which it
suspends active development of a qualifying asset.

2.8 Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current tax is the amount of tax payable on the taxable income for the year as determined in
accordance with the applicable tax rates and the provisions of the Income Tax Act, 1961 and other
applicable tax laws.

Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic
benefits in the form of adjustment to future income tax liability, is considered as an asset if there is
convincing evidence that the Company will pay normal income tax. Accordingly, MAT is recognized
as an asset in the Balance Sheet when it is highly probable that future economic benefit associated
with it will flow to the Company.

Deferred tax

Deferred tax is recognized on temporary differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used in the computation of
taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences.
Deferred tax assets are generally recognized for all deductible temporary differences to the extent
that it is probable that taxable profits will be available against which those deductible temporary
differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary
difference arises from the initial recognition (other than in a business combination) of assets and
liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition,
deferred tax liabilities are not recognized if the temporary difference arises from the initial
recognition of goodwill.

Deferred tax liabilities are recognized for taxable temporary differences associated with investments
in subsidiaries and associates, and interests in joint ventures, except where the Company is able to
control the reversal of the temporary difference and it is probable that the temporary difference will
not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary
differences associated with such investments and interests are only recognized to the extent that it is
probable that there will be sufficient taxable profits against which to utilize the benefits of the
temporary differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable that sufficient taxable profits will be available to
allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period
in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been
enacted or substantively enacted by the end of the reporting period.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would
follow from the manner in which the Company expects, at the end of the reporting period, to recover
or settle the carrying amount of its assets and liabilities.

For the purposes of measuring deferred tax liabilities and deferred tax assets on non-depreciable
assets, the carrying amounts of such properties are presumed to be recovered entirely through sale.

Current and deferred tax for the year

Current and deferred tax are recognized in profit or loss, except when they are related to items that
are recognized in other comprehensive income or directly in equity, in which case, the current and
deferred tax are also recognized in other comprehensive income or directly in equity respectively.
Where current tax or deferred tax arises from the initial accounting for a business combination, the
tax effect is included in the accounting for the business combination.

2.9 Property, plant and equipment

The cost of property, plant and equipment comprises of

• Purchase price net of any trade discounts and rebates, any import duties and other taxes (other
than those subsequently recoverable from the tax authorities),

• Any directly attributable expenditure on making the asset ready for its intended use, including
relevant borrowing costs for qualifying assets and

• Any expected costs of decommissioning.

Expenditure incurred after the property, plant and equipment have been put into operation, such as
repairs and maintenance, are charged to the Statement of Profit and Loss in the period in which the
costs are incurred. Major shut-down and overhaul expenditure is capitalized as the activities
undertaken improve the economic benefits expected to arise from the asset.

An item of property, plant and equipment is derecognized upon disposal or when no future economic
benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the
disposal or retirement of an item of property, plant and equipment is determined as the difference
between the sales proceeds and the carrying amount of the asset and is recognized in Statement of
Profit and Loss.

Assets in the course of construction are capitalized in the assets under construction account. At the
point when an asset is operating at management’s intended use, the cost of construction is transferred
to the appropriate category of property, plant and equipment and depreciation commences. Costs
associated with the commissioning of an asset and any obligatory decommissioning costs are
capitalized where the asset is available for use but incapable of operating at normal levels until a
period of commissioning has been completed. Revenue generated from production during the trial
period is capitalized.

The Company has elected to continue with the carrying value for all of its property, plant and
equipment as recognized in the financial statements as at the date of transition to Ind AS, measured
as per the previous GAAP and use that as its deemed cost as at the date of transition.

The company has not revalued any of its Property, Plant and Equipment and Intangible Assets during
the year.

The company does not own any Immovable property as on 31.03.2025.

Capital work-in-progress:

Projects under which tangible fixed assets are not yet ready for their intended use are carried at cost,
comprising direct cost, related incidental expenses and attributable interest.

2.10 Depreciation and amortization

Depreciable amount for assets is the cost of an asset, or other amount substituted for cost, less its
estimated residual value. Depreciation is provided on a straight-line method as per the useful life
prescribed in Schedule II to the Companies Act, 2013 except in respect of the certain categories of
assets, in whose case the life of the assets has been assessed as under based on technical advice,
taking into account the nature of the asset, the estimated usage of the asset, the operating conditions
of the asset, past history of replacement, anticipated technological changes, manufacturers warranties
and maintenance support, etc. (Refer Note 15)

Intangible assets are amortized over their estimated useful lives on straight line method.

Freehold land is not depreciated. Leasehold land is amortized over the period of the lease, except
where the lease is convertible to freehold land under lease agreements at future dates at no additional
cost.

Major overhaul costs are depreciated over the estimated life of the economic benefit derived from the
overhaul. The carrying amount of the remaining previous overhaul cost is charged to the Statement of
Profit and Loss if the next overhaul is undertaken earlier than the previously estimated life of the
economic benefit.

The Company reviews the residual value, useful lives and depreciation method annually and, if
expectations differ from previous estimates, the change is accounted for as a change in accounting
estimate on a prospective basis.

Impairment of Property, plant and equipment and other intangible assets.

At the end of each reporting period, the Company reviews the carrying amounts of its tangible and
intangible assets to determine whether there is any indication that those assets have suffered an
impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in
order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the
recoverable amount of an individual asset, the Company estimates the recoverable amount of the
cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation
can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise
they are allocated to the smallest group of cash-generating units for which a reasonable and
consistent allocation basis can be identified.

2.11 Intangible assets:

Intangible assets with indefinite useful lives that are acquired separately are carried at cost less
accumulated Amortization and accumulated impairment losses. Amortization is recognized on a
straight-line basis over their estimated useful lives. The estimated useful life and Amortization
method are reviewed at the end of each reporting period, with the effect of any changes in estimate
being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are
acquired separately are carried at cost less accumulated impairment losses

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in
use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset
for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable
amount. An impairment loss is recognized immediately in the Statement of Profit and Loss, unless
the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a
revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or a cash¬
generating unit) is increased to the revised estimate of its recoverable amount, but so that the
increased carrying amount does not exceed the carrying amount that would have been determined
had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A
reversal of an impairment loss is recognized immediately in the Statement of Profit and Loss, unless
the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is
treated as a revaluation increase.

Derecognition of intangible assets:

An intangible asset is derecognized on disposal, or when no future economic benefits are expected
from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as
the difference between the net disposal proceeds and the carrying amount of the asset are recognized
in the Statement of Profit and Loss when the asset is derecognized.

2.12 Employee benefits

Retirement benefit costs and termination benefits

Payments to defined contribution retirement benefit plans are recognized as an expense when
employees have rendered service entitling them to the contributions. For defined benefit retirement
benefit plans, the cost of providing benefits is determined using the projected unit credit method, with
actuarial valuations being carried out at the end of each annual reporting period. Re-measurement,
comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and
the return on plan assets (excluding interest), is reflected immediately in the Balance Sheet with a
charge or credit recognized in other comprehensive income in the period in which they occur. Re¬
measurement recognized in other comprehensive income is reflected immediately in retained
earnings and will not be reclassified to profit or loss. Past service cost is recognized in profit or loss
in the period of a plan amendment. Net interest is calculated by applying the discount rate at the
beginning of the period to the net defined benefit liability or asset. Defined benefit costs are
categorized as follows:

• service cost (including current service cost, past service cost, as well as gains and losses on
curtailments and settlements);

• net interest expense or income; and

• re-measurement.

The Company presents the first two components of defined benefit costs in profit or loss in the line
item employee benefits expenses. Curtailment gains and losses are accounted for as past service
costs. The retirement benefit obligation recognized in the statement of financial position represents
the actual deficit or surplus in the Company’s defined benefit plans. Any surplus resulting from this
calculation is limited to the present value of any economic benefits available in the form of refunds
from the plans or reductions in future contributions to the plans. A liability for a termination benefit
is recognized at the earlier of when the entity can no longer withdraw the offer of the termination
benefit and when the entity recognizes any related restructuring costs.

Short-term and other long-term employee benefits

A liability is recognized for benefits accruing to employees in respect of wages and salaries, annual
leave and sick leave in the period the related service is rendered at the undiscounted amount of the
benefits expected to be paid in exchange for that service.

Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted
amount of the benefits expected to be paid in exchange for the related service.

Liabilities recognized in respect of other long-term employee benefits are measured at the present
value of the estimated future cash outflows expected to be made by the Company in respect of
services provided by employees up to the reporting date.

2.13 Share-based payment arrangements

Equity-settled share-based payments to employees and others providing similar services are
measured at the fair value of the equity instruments at the grant date.

The fair value determined at the grant date of the equity-settled share-based payments is expensed on
a straight-line basis over the vesting period, based on the Company’s estimate of equity instruments
that will eventually vest, with a corresponding increase in equity. At the end of each reporting period,
the Company revises its estimate of the number of equity instruments expected to vest. The impact of
the revision of the original estimates, if any, is recognized in profit or loss such that the cumulative
expense reflects the revised estimate, with a corresponding adjustment to the equity-settled employee
benefits reserve.

Equity-settled share-based payment transactions with parties other than employees are measured at
the fair value of the goods or services received, except where that fair value cannot be estimated
reliably, in which case they are measured at the fair value of the equity instruments granted,
measured at the date the entity obtains the goods or the counterparty renders the service.

For cash-settled share-based payments, a liability is recognized for the goods or services acquired,
measured initially at the fair value of the liability. At the end of each reporting period until the
liability is settled, and at the date of settlement, the fair value of the liability is re-measured, with any
changes in fair value recognized in the statement of profit and loss for the year.

2.14 Investments

Investments are classified as current or long-term in accordance with Accounting Standard 13
“Accounting for Investments”.

Current investments are stated at lower of cost and fair value. Any reduction in the carrying amount
and any reversals of such reductions are charged or credited to the profit and loss account.

Long term investments are stated at cost. Provision for diminution is made to recognize a decline
other than temporary, in the value of such investments.

---

Mar 31, 2024

2. SIGNIFICANT ACCOUNTING POLICIES
2-1 Basis of Preparation:

~es assess vszxsss^zzxsr** - -—- •—

2-2 Usa of estimates and Judgments

SfmSE^⁰* °^{f fin} f^nciaJ statements >n conformity with generally Accepted Accounting Principles require

wnlingent^tShSK oS JS ^that,^afff?^th* ^{rffpcrted a}™^{unls cf aS5ets and} febBitta and £sclosu?e of

SndnSSl M ^bl- on foe date of finance! statements and the reported amounts of revenues and expenses

nrd o⁹J^at ^PC>r1in9 P⁹™?'' 5^2! ^{resutts could tflffer from these} estimates and differences between actual results
and estimates are recognized in the periods in which the results are known / materialise.

^ha^ ^b*^e" ^{cra&&l(led as CUffen[ or} « per the Company''s normal opening

3J£l2?5 . ^of P^roduc^ and the lime between the acquis Ilian of assets tor processing aSd the?

^{3nd CS5h the C}°^{mpany ha5} ascertained its operating cycle as 12 months for (he

purpose of current - noncurrent classification of assets and liabilities,

2.3 Basis of Preparation

JEJES; ^5taten,efl''^s are prepared In accordance with (he historical cost convention, except for certain
^maa^^{ur9d 31} fair values, as explained in the accounting policies below. The financial statements
are presented in Indian Rupees (INR) which is also the Company’s fonclfcmal currency.

iJH ^P"^Ce S ^W°^{tld bB} rsc*^wed t0 seN an «** ^or P** to Iransfer a liability Jn an orderly

SjSS or S™iPdS^art'' ih^antS ? I* ™^surwnmt date- of whether that price is direct!?

2JSSS52 5,- ,^{d 9 a}1^{D er valua}''^,0,1 technique In estimating ihe fair value of an asset or a Jiabirity*

£,?X2J SC T? ^{acroun tbe} ^^sraf^^ of the asset or liability If market participants would take
those characteristics Into account when pricing Ihe asset or llabfliiy at the measurement date.^P

^{2 A} Financial instrument. Financial assets. Financial li^biiin^

S^“5SlII!!SSr^3ra ”°°⁹ⁿⁱ^^wlKn *"^Oompan''^{bmm s} »-*^tto ™*»**

S ^deL^ei“;fⁿ''^Md *^{hen the J}‘^igh(s 10 re*^{ive benefits} have expired or been transferred and

Si transferred substantially all risks and rewards of ownership of such financial asset. Financial

^y * •**»**•^{is w,Kn the} "*«“ ** i.

Classification

SSRK5&iSS5KSSS."r“^assaB "^ln,,ial ™⁹ⁿ®"-^Th6 *"*'' ^ «

* ^{maasi,red at (air whB ,ei}''^{her ihr}"^ug''’^oiher i™». (oci), _w

• Those subsequently measured at amortised cost

Measurement

Subsequent measurement of is in accordance with the Company''s business model for managing the asset
and (he contractual cash flows characteristics of the asset. There are three measurement categories Into
which the company may classify ils debt instruments:

* Amortised Cost: Assets which are held within the business model of coil action of Contractual cash flows and

where teose cash flows represent payments solely towards principal and interest on {he principal amount
outstanding.

* ^Fa,r \^allJG through Other Comprehensive Income; Assets that are held within a business model of
coliecflon of contractual cash Hows and for selling and where (he assets'' cash flow represents solely payment
or principal and interest on Ihe principal amount outstanding.

* Fair Value through Profit or Loss: Financial assets which are not classified as measured at amortised cost
or fair value Ihrough othEr comprehensive Income are classified as fair value through profit or loss,

Loans and Receivables

Loans and receivables are non - derivative Financial asset with fixed or determinate payments that are not
quoted in an active market. Loans and receivables are initially measured at transaction value, which is the fair
value and subsequently retained at cost less appropriate allowance for credit losses as most loans and
receivables of the Company are current in nature. Where significant, non - current loans and receivables are
accounted for at amortised cost using Effective interest ratE method less appropriate allowance for credit
fosses, where the maturity period is specified.

Investments in Equity Instruments:''

In case of investments in subsidiaries, joint ventures and associates the Company has chosen to measure its
investments at deemed cost,

2.5 Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable, which Is when it is earned
and no significant uncertainty exists as to its realisation or collection.

Dividend and interest income:

Dividend income from investments is recognised when the shareholder''s right to receive payment has been
established (provided that it is probable that the economic benefits will flow to the Company and the amount of
income can be measured reliably},

interest income from a financial asset is recognized when it is probable that (he economic benefits wili flow to
Ihe Company and the amount of income can be measured reliably. Interest income is accrued on a time basis,
by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that
exactly discounts estimated future cash receipts Ihrough the expected life of the financial asset to teat asset''s
net carrying amount on initial recognition.

2.6 Foreign currency transactions

The functional currency of the Company is Indian Rupees which has been determined on the basis of the
primary economic environment in which it operates.

In preparing the financial statements of the Company, transactions in currencies ether than the entity''s
functional currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of the
transactions. At the end of each reporting period, monetary items denominated in foreign currencies are
retranslated at tee rates prevailing at that date. Non-moneiary Items carried at fair value teat are denominated
in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined.
Non-monetary Items ihal are measured in terms of historical cost in a foreign currency are not retranslated,

Exchange differences on monetary items are recognized in Statement of Profit and Loss in the period in which
they arise except for:

* Exchange differences on foreign currency borrowings relating to assets under construction for future
productive use, which are included in the cost of those assets when they are regarded as an adjustment to
interest costs on those foreign currency borrowings:

* Exchange differences on transactions entered frtto In order to hedge certain foreign currency risfcs and;

* Exchange differences on monetary items receivable from or payable 10 a foreign operation for which
settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign

^ly^l*»* W“V U«J* di>mprehen₅[v_e incom. n| rortassifed from equity to the
atatement or Profit snd Loss on repayment of the monetary items. ⁴ J

2.7 Borrowing costs

2™S£"? ^drrecl,y aJWbotahte to the acquisition, ooratructtofl or production of qualifying assets which

SSS5JS.S!Ji^!f*^{n,y a S}''^{JbS!anlfaf pe,!od} * ^{lime (}° 9^0t ready to ttwir intended IT?!*!*

added to Ihe cost of those assets, unh! such lime as ihe assets are substantial ready for their intended use

^b°^rr^^ng °°^{S,S a}™ ^w<*^nI“^{d in the} "f M and Loss in the period in which they are

^th0 T⁰" £^b0T^ ^{C0£tS eli0ibJe far} m the actual borrowing

5JSI ™ ^{d 0 th},^{at du}™9 ^the Period lees any investment income on the temporary Investment o(

^Int⁹?'' ^ ^e*^{tent 1bat} an eflEily borrows funds specifically for Uie purpose of obEaini-in a
SSSSSte''iBSbfo*¹" ^C?T^Pany ,^b0[TOVW severally and uses (he funds for obtaining a qualifying asset
on th£! as&ei ⁹'' * °^{r Capita|lEab0n are} determined by applying a capltalafloh rate lo (he expenditures

SSSaTCftKS^-" ^{of torro}*^{h9 c}“^,s mm >-“¦^ln “ -*¦*—

Z.STaxatfon

income tax expense represents the sum of [he tax currently payable and deferred tax.

Current tax

teTJtobte to SXXE,IStf* °" ** ''f^saMe *>''»• *Mmins) in arortno,wild

^A applicable tax rates and the provisions of the Income Tax Act, 1961 and other applicable (ax laws,

^{pBid if}* “™^r?^a"^ce ™^{|h ;he 13X} l*«w gives future economic benefits in

Sjt ftTSSJfSf Zl T™ ^!y‘^{iS oonBa#recr as} a" w*t ^inpere & convincing evidence

ShLl whenTtl bU SLSSSL A?™ ^tBK Accordlrt9^'' ^{MAT is} recognized as an asset In the Balance
^5nwt when it is highly probable that future economic benefit associated with it will flow lo the Company.

Deferred tax

tteScial it_a^rtem^!,nS^rlh^{temparary di}!^{erenCSS between lhe ca}^rng amounts of assets and liabilities in
ax SSL ^rrespondmg la* bases used in the computation of taxable profit Deferred

^s“ _u⁰2?^aIi₁^fs“^{or,[Md for aFI tetable} ^mporary differences Deferred tax assets are generally
2SH 5 ⁰ SS¹??* ^[emporafV differences lo the extent that it is probable that taxable profits wTlr be
SS; £!? ^{th0$e d}eductibi_e temporary differences can be utilized. Such deferred tax assets and

J2JS JJ-UJJJ^?c°9ⁿ''^Eed « the temporary difference arfees from the inMal recognition (other than in a

^{0 lranaaction lhat} ^Is nether the taxable profit nor the

(fro SSleS^SJSSS^ "^{8 n}°‘ "***”* ^{lf ,he} ’""“"l'' ''^)i,,eren“ ^{arlscs from}

5JSS. ^{3X liabi,1tie& are} recognized for taxable temporary differences associated with investment in
rave^^hftP^nn^^u''J^ ^rntere3‘^s,^rr|J J''^oirtl «"!««, except where the Company is abie to control the
fanmUs^taireS? ^pr,°^{bable that lhB lem}Porary difference will not revere in the

f^S 5 m-^>ng ff0m tfKfUCtfcta ^mperery differences associated with such

£^{the eKtent} ^^at 11 is pr3bable 1bat there be sufftciem

r_e,sfilh?tef₀,K^bSuro. ''^he ''"^{marl MeKmt> s}"^> they afe

^iS ’T^T ^{31 ,hE eMl} o''«* roporting period and roduced to inn
fe be re-olered ⁹ probabie that sufficient taxable profits will be available to allow afl or part of the asset

Deferred tax assets and liabilities are measured at the lax rates that are expected to apply in the period irr
which the liability is settled or the asset realized, based on tax rates [and tax laws) |h*| haw been enacted or
substantively enacted by Ihs and Of the reporting period,

The measurement of deferred [ax liabilities and assets reflects the lax consequences that would follow from
the manner in which the Company expects, at the end of (he reporting period, lo recove: or settle !he carrying
a moult of its assets and liabilities.

For the purposes of measuring deterred tax liabilities and deferred tax assets on non-depreciable assets, the
carrying amounts of such properties are presumed to be recovered entirely through sale.

Current and deferred tax For the year

Current and deferred tax are recognized in profit or loss, except when they are related to items that are
recognized in other comprehensive Income or directly in equity, in which case, the currant and deferred tax are
atso recognized in olher comprehensive income or directly in equity respectively. Where current tax or
deferred tax arses from the initial accounting for a business com bination, ihe tax affect is Included In the
accounting lor the business combination.

2.9 Proparty, plant and equipment

The cost of property, plant and equipment comprises or

• Purchase price net of any trade discounts and rebates, any import duties and other taxes [other lhan
those subsequently recoverable from the tax authorities),

• Any directly attributable expenditure on making the asset ready for its intended use. including relevant

borrowing costs for qualifying assets and ''

• Any expected costs of decommissioning.

Expenditure incurred after the property, plant and equipment have been put into operation, such as repairs
and maintenance, are charged to Ihe Statement of Profil and Loss in the period in which |he costs are
incurred. Major shut-down and overhaul expenditure is capitalized as the aclivities undertaken improve the
economic benefits expected to arise from the asset.

An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits
are expected to arise from the continued use of Ihe asset. Any gain or loss arising on Ihe disposal or
retirement of an item of property, plant and equipment is determined as Ihe difference between Ihe sales
proceeds and the carrying amount of the asset and is recognized In Statement of Profit and Loss,

Assets in the course of construction are capitalized in the assets under construction account. At the point
when an asset is operating at management''s intended use. the cost of construction is transferred to the
appropriate category of property, plant and equipment and depredation commences. Costs associated with
the commissioning of an asset and any obligatory decommissioning costs are capitalized where ihe asset is
available for use but incapable of operating at norma! levels unlit a period of commissioning has been
completed. Revenue generated from production during Ihe trial period is capitalized.

The Company has elected to continue with the carrying value for all of its property, plant and Equipment as
recognized i.n the financial statements as at the date of transition to fnd AS, measured as pe: the previous
GAAP and use that as Its deemed cost as at the date of transilion.

Capital workrin-proqress:

Projects under which tangible fixed assets are not yet ready tor Ihefr intended use are carried at cosl,
comprising direct cost, related incidental expenses and attributable Interest.

1.10 Depreciation and amortization

Depreciable amount for assets is Ihe cost of an asset, or other amount substituted for cost, less its eslimaled
residual value. Depreciation is provided on a straight-line method as per Ihe uselul life prescribed in Schedule
II to the Companies Act, 2013 except in respect of (he certain categories of assets, In whose case ihe life of
Ihe assets has been assessed as under based on technical advice, taking into account ihe nature of the asset,
tbe estimated usage gf the asset, (he operating conditions of the asset, past history of replacement,
anticipated lechnglagicai changes, manufacturers warranties and maintenance support, etc, (Refer Note 15)

intangible assets are amortized over their estimated useful lives an straight line melhod.

Freehold land is not depreciated. Leasehold lard is amortized over ihe period of the lease, except where the
lease Is convertible to freehold land under lease agreement at future dates at no additional cost.

Major overhaul costs are depreciated over the estimated life of the economic benefit derived from the
overhaul The carrying amount of the remaining previous overhaul cost is charged to the Statement of Profit
and Loss If the next overhaul is undertaken earlier than (he previously estimated life of the economic benefit.

The Company reviews ihe residual value, useful lives and depreciation method annually and, if expeclations
differ from previous estimates, the change is accounted for as a change in accounting estimate on a
prospective basis.

Impairment of Property, plant and equipment and other intangible assels,

At the end Of each reporting period, the Company reviews the carrying amounts of its tangible and Intangible
assets lo determine whether there is any indication that those assets have suffered an impairment toss, If any
such indication exists, the recoverable amount of Ihe asset re estimated in order lo determine the extent of the
Impairment loss (If any). Where it is not possible to estimate the recoverable amount of an individual asset, the
Company estimales the recoverable amount of the cash-generating unit lo which the asset belongs, Where a
reasonable and consistent basis of allocation can be identified, corporate assets are also allocated lo
Individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units
forwhich a reasonable and consistent allocation basis can be identified.

2,11 intangible assets:

Intangible assels with indefinite Useful lives that are acquired separately are carried at cost loss accumulated
Amortization and accumulated impairment losses. Amortization Is recognized on a straight-tine basis over their
estimated useful lives. The estimated useful rife and Amortization method are reviewed al Ihe end of each
reporting period, with the effect of any changes in estimate being accounted for on a prospective basis
Intangible assets with indefinite useful lives lhat are acquired separately are carried al cost less accumulated
impairment losses

Recoverable amount Is the higher of fair value less costs to sell and value in use. In assessing value in use,
the estimated future cash flews ere discounted to their present value using a pre-tax discount rate that reflects
current imarkEt assessments of the time value of money and Ihe risks specific to the asset for which the
estimates of future cash flows have not been adjusted,

If [he recoverable amount of an asset (or gash-generating unit) is estimated to be less than its carrying
amount, the carrying amount of the asset (or cash-generating unit) is reduced to Its recoverable amount, An
impairment loss is recognized immediately in the Statement of Profit and Loss, unless the relevant asset is
carried at a revalued amount, in which case the Impairment loss is treated as a revaluation decrease,

Where an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit)
is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does
not exceed the carrying amount that would have been determined had r.o Impairment loss been recognized for
(he asset [o; cash-generating unit) in prior years. A reversal of an impairment loss Is recognized immediately
in the Statement of Profit and Loss, unless the relevant asset is carried at a revalued amount, In which case
the reversal of the impairment loss is treated as a revaluation Increase.

Derecognition of intangible assets:

An intangible asset is derecognized on disposal, or when no future economic benefits are expected (Tom use
or disposal, Gains or losses arising from derecognition of an intangible asset, measured as the difference
between the net disposal proceeds and the carrying amount of Ihe asset, are recognized in ihe Statement of
Profit and Loss when the a see! is derecognized.

2-12 Employee benefits

Retirement benefit costs and termination benefits

Payments to defined contribution retirement benefit plans are recognized as an expense when emolovees
1m^I,Sf^e,ah^d service entitling them to (he contributions. For defined benefit retirement benefi'' p

ssrff yafgjy ^,|>*E?«£₁"2''«*>»** js“ss?vst

“JJJ the ^VSl 2jSL JF* reportrhg period. Remeamirsment, composing actuarial gains end

--rfvsasa-jsss? r«ss?

?ihⁱⁿh^W® " °⁵! £ ‘^{Ne peri0(! 0f 3 pJan} amendment. Net interest is calculated by applying ‘be

2JX3^-*S3E*" ^{01 ,he pe,}“ * ^{the defi}"^ed bene"SSStSSi

* S?3£iS}J^{JdlnS SefViCe C0St}'' ^past 5erviee cq5t- ^{as we}" ^a& 9^aina «** tows cn curtailments

¦ net interest expense or income; and

* rent ea sure ment.

U?nrn^^Ph^ny 5[^{8SH1lS [he nKl} K™* components of defined benefit costs in profit or loss in the line item
empfeyee benefits expenses. Curtailment gains and losses are accounted for as past service costs The

surXTn 2? ^sta!^emen'' ^c.^f ^snttal !>^ositi°n repots the actual deficit or

surplus rn me Company s defined benefit plans. Any surplus resultinq from this calculation is li-nlterf

T*^*¦ ''"^{m - rBtads S} MtEifiSK S£

JJJ5J2?£5ⁿi ^{A bl Jty for a lerm!n}»t^ benefit is recognized at (he earlier of when the entity car
nojortgsr Withdraw the offer of the termination benefit and when the entity recognises any related restructuring

Short-term and other long-term employee benefits

¹⁰ ™S™^{in rES}P''^cl “< ”9“ and nun annual leave ana

ErpSS ££&£ SEEK"^-" ^{at me l,nd[s}“^,jr,ted ™‘* »¦ **¦»«

lAMifearagyiiand Inr»p«ttiriKrt-lemwnploye. benrftnara measuredntn, undlscourled amounlof
rne oenenrs expected to be paid in exchange for the refated service,

1 "*“[ Sf''T^iener,,s are meas“^{red al} *¦ P™*W« of *e
™_P™“_S*°^ba ™^{de by 0,8 o<}"^np*ⁿ''ⁱⁿ °^f =“''** »™^id«i b,

2*13 Share-based payment arrangements

^{others pro,}“^d“^{,wi8r seddcas are wed} * **

The fair value determined a! the grant date of the equity-settled share-based payments is expensed on a

SJa r_v«t⁵''w,th^Va^r SJZJS Eh* ''*“*£ °^{n 1}''^{16 C}°^mpany’^{S eStirTlste} instruments that will

eventual y vest, wilh a corresponding Increase In equity. At the end of each reporting period the Comoanv

?S estiSfes If anlTy^{eXpepted to} ^ of tfie''revision of the

estlmato2SK ^{qr Jqss tdal lhe} ^tative ^pense reflects the revised

estrmate, with a corresponding adjuslmentto the equty-sdtlied employee benefits reserve,

SffSfee nni^^en?r^{d PaVfT,ent trJ}?^3aCtlCtr15 *^{#h partNis ather than} BA measured at the fair

ujif® ^gDods ot sewses received, except where that fair value cannot be estimated reliably in which

Obtains Hha^SJST™ ‘t* ^f3l^^value,^{qf 1,16 epiiit}V instruments granted, measured at the date the entity
ooiams itie goods or the counterparty renders the service. *

inStt¹SjfattatetrftSiS''i,! ^liabI?^VI^{s re,:09niiedforthe}9^{Dods 0f servi}«5acquired, measured
dale Df Sli ^m^nt h t ^Mh i ^Ai ^{hS end 0f each reporti}^ P^^r]ad until the liabifity Is settled, and at the

states S and ESSST* ^remEaSlire^ ^{Wfth any} °^han^ ^{in fair valu&} ™«S^*•

2,14 Investments

''nvestments''³^ ^{Cf33Sified as CUffent} 07 tong-term in accordance with Accounting Standard 13 ''Accounting for

Current investments are staled at lower of cost and fair value, Any reduction In the carrying amount and any
reversals of such reductions are charged or credited to the profit and loss account.

Long Isrm Investments are slated at cosL Provision for diminution is made to recognize a decline other than
temporary, in the value of such investments.

---

Mar 31, 2015

Not Available

---

Mar 31, 2014

1. Basis of preparation

The presentation of financial statements in conformity with the generally accepted accounting principles requires estimates and assumptions to be made that affect reportable amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the year in which the results are known/materialized.

The company has ascertained its operating cycle as up to twelve months for the purpose of current and non-current assets and liabilities.

2. Changes in Accounting Policy

2. Presentation and disclosure of financial statements

Consequent to the notification of Revised Schedule - VI under the companies act, 1956, the financial statements for the year ended March 31, 2014, are prepared as per the Revised Schedule VI.

3. Use of estimates

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, at the end of the reporting period. Although these estimates are based on the management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

4. Tangible fixed assets and depreciation

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

5. Investments

Investments which are not readily realizable and intended to be held for more than one year from the date on which such investments are made, are classified as non-current investments.

Investments are recorded as cost on the date of purchase, which includes acquisition charges such as brokerage, stamp duty, taxes etc. Current investments are stated at lower of cost and net realizable value.

6. Inventories

Inventories comprising shares are valued at lower of Cost and NRV.

Further the cost is determined on FIFO basis. The cost of shares represents the purchase price of share which is inclusive of brokerage.

7. Revenue Recognition

Income is recognized from Land Development Works and Sub Contract in the financial year in which the agreement to sell is executed with the concerned buyer and recognized net of service tax, and it is probable that economic benefits will flow to the company and the revenue can be reliably measured.

In respect of shares sales are recognized on transfer of significant risk to the buyer on accrual basis which comprises two categories namely delivery based and non delivery based.

Interest income is recognized on a time proportion basis taking into account the amount outstanding and applicable interest rate.

Dividend income is recognized in the year in which it is received.

8. Income taxes

MAT credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the Minimum Alternative tax (MAT) credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in Guidance Note issued by the Institute of Chartered Accountants of India, the said asset is created by way of a credit to the statement of profit and loss account and shown as MAT Credit Entitlement. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that Company will pay normal income tax during the specified period.

9. 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) by the weighted average number of equity shares outstanding during the period. Earning considered in ascertaining the company''s earning per share (EPS) is the net profit for the period after deducting preference dividend and any attributable tax thereto for the period. The weighted number of equity shares outstanding during the period and for all periods presented each adjusted for the events such as bonus shares, other then the conversion of potential Equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources.

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.

10. Cash and cash equivalents

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand.

12. Contingent Liabilities and commitments

Contingent liabilities are classified as claims not acknowledged as debts, guarantees or other money for which the company is contingently liable as per the provisions of Income Tax Act, 1961.

According to the information given to us, there are following dues to income tax which have not been deposited on account of any dispute.

Sr. Financial Amount(Rs.) Remarks No. Year

01. 1994-95 54,73,988 Appeal Pending with ITAT, Ahmedabad

02. 1995-96 8,65,427 Appeal Pending with ITAT, Ahmedabad

13. Prior Period Items

Interest for the financial year 2012-2013 of Rs. 223,693/- has been reversed during the current year and has been debited to the Interest A/c in the Profit & Loss Statement.

14. Employee benefits

Employee benefits include Salaries and wages to employees, Director''s Remuneration, Bonus and Staff Welfare Expenses.

15. Deferred Tax

No deferred tax liability has been provided during the year as the amount is very negligible.

16. Conservation Of Energy, Technology Absorption, And Foreign Exchange Earnings And Outgo:

Disclosure under section 217(1)(e) of the Companies Act, 1956, read with the Companies (Disclosure of particulars in the report of the Board of Directors) Rules, 1988 are as follows:

(i) Conservation of Energy:

Since the Company has not undertaken any business during the year, hence there is no question of energy conservation.

(ii) Technology Absorption:

No Technology has been developed or imported by way of foreign collaboration.

---

Mar 31, 2013

(a) Basis of preparation

The presentation of financial statements in conformity with the generally accepted accounting principles requires estimates and assumptions to be made that affect reportable amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the year in which the results are known / materialized.

The Company has ascertained its operating cycle as up to twelve months for the purpose of current and non-current assets and liabilities.

(b) Presentation and disclosure of financial statements

Consequent to the notification of Revised Schedule - VI under the companies act, 1956, the financial statements for the year ended March 31, 2013, are prepared as per the Revised Schedule VI.

(c) Use of estimates

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, at the end of the reporting period. Although these estimates are based on the management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

(d) Tangible fixed assets and depreciation

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

There are no fixed assets as on 31.03.2013.

(e) Investments

Investments which are not readily realizable and intended to be held for more than one year from the date on which such investments are made, are classified as non-current investments.

Investments are recorded at cost on the date of purchase, which includes acquisition charges such as brokerage, stamp duty, taxes etc. Current investments are stated at lower of cost and net realizable value.

(f) Inventories

Inventories comprising shares are valued at lower of Cost and NRV.

Further the cost is determined on FIFO basis. The cost of shares represents the purchase price of share which is inclusive of brokerage.

(g) Revenue Recognition

Income is recognized from Land Development Works and Sub Contract in the financial year in which the agreement to sell is executed with the concerned buyer and recognized net of service tax, and it is probable that economic benefits will flow to the Company and the revenue can be reliably measured.

In respect of shares sales are recognized on transfer of significant risk to the buyer on accrual basis which comprises two categories namely delivery based and non delivery based.

Interest income is recognized on a time proportion basis taking into account the amount outstanding and applicable interest rate.

Dividend income is recognized in the year in which it is received.

(h) Income taxes

MAT credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the Minimum Alternative tax (MAT) credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in Guidance Note issued by the Institute of Chartered Accountants of India, the said asset is created by way of a credit to the statement of profit and loss account and shown as MAT Credit Entitlement. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that Company will pay normal income tax during the specified period.

( i ) 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) by the weighted average number of equity shares outstanding during the period. Earning considered in ascertaining the Company''s earnings per share (EPS) is the net profit for the period after deducting preference dividend and any attributable tax thereto for the period. The weighted number of equity shares outstanding during the period and for all periods presented each adjusted for the events such as bonus shares, other than the conversion of potential Equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources.

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.

(= Cash and cash equivalents

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand.

(k) Related Party Transactions

Name of the Party: Moongipa Development and Infrastructure Ltd Outstanding Payable: Rs. 2,96,72,041/-

(I) Contingent Liabilities and commitments

Contingent liabilities are classified as claims not acknowledged as debts, guarantees or other money for which the Company is contingently liable as per the provisions of Income Tax Act, 1961.

According to the information given to us, there are following dues to income tax which have not been deposited on account of any dispute.

Sr. No. Financial Year Amount (Rs.) Remarks_

01 1994-95_ 54,73,988 Appeal Pending with ITAT, Ahmedabad

02. 1995-96 8,65,427 Appeal Pending with ITAT, Ahmedabad

(m) Employee benefits

Employee benefits include Salaries and wages to employees, Director''s Remuneration, Bonus and Staff Welfare Expenses.

(n) Conservat ion Of Energy, Technology Absorpt ion, And Fore ign Exchange Earnings And Outgo:

Disclosure under section 217(1)(e) of the Companies Act, 1956, read with the Companies (Disclosure of particulars in the report of the Board of Directors) Rules, 1988 are as follows:

(i) Conservation Of Energy:

Since the Company has not undertaken any business during the year, hence there is no question of energy conservation.

(ii) Technology Absorption:

No Technology has been developed or imported by way of foreign collaboration.

(iii) Foreign Exchange Earnings And Outgo:

During the year under review, the Company has not incurred any expenditure in foreign currency nor has earned any foreign exchange income.

---

Mar 31, 2012

(a) Basis of preparation

The presentation of financial statements in conformity with the generally accepted accounting principles requires estimates and assumptions to be made that affect reportable amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the year in which the results are known / materialized.

The company has ascertained its operating cycle as up to twelve months for the purpose of current and non-current assets and liabilities.

2. Changes in Accounting Policy

Presentation and disclosure of financial statements

(a) The financial statements for the year ended 31 March 2012, had been prepared as per the then applicable pre-revised schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule - VI under the Companies Act, 1956, the financial statements for the year ended March 31, 2012, are prepared as per the Revised Schedule VI. The adoption of Revised Schedule VI for previous year figures does not impact any recognition and measurement principles followed for the preparation of financial statements.

(b) Use of estimates

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, at the end of the reporting period. Although these estimates are based on the management's best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

(c) Tangible fixed assets and depreciation

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

No depreciation has been charged during the year as per the provision of companies Act, 1956 as the asset comprising freehold office equipment was written off during the year. Subsequently no depreciation as per Income Tax Act has been accounted for.

(d) Investments

Investments which are not readily realizable and intended to be held for more than one year from the date on which such investments are made, are classified as non-current investments.

Investments are recorded as cost on the date of purchase, which includes acquisition charges such as brokerage, stamp duty, taxes etc. Current investments are stated at lower of cost and net realisable value.

(e) Inventories

Inventories comprising shares are valued at lower of Cost and NRV.

Further the cost is determined on FIFO basis. The cost of shares represents the purchase price of share which is inclusive of brokerage.

(f) Revenue Recognition

Income is recognized from Land Development Works and Sub Contract in the financial year in which the agreement to sell is executed with the concerned buyer and recognized net of service tax, and it is probable that economic benefits will flow to the company and the revenue can be reliably measured.

In respect of shares sales are recognized on transfer of significant risk to the buyer on accrual basis which comprises two categories namely delivery based and non delivery based.

Interest income is recognized on a time proportion basis taking into account the amount outstanding and applicable interest rate.

Dividend income is recognised in the year in which it is received.

(g) Income taxes

MAT credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the Minimum Alternative tax (MAT) credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in Guidance Note issued by the Institute of Chartered Accountants of India, the said asset is created by way of a credit to the statement of

profit and loss account and shown as MAT Credit Entitlement. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that Company will pay normal income tax during the specified period.

(h) 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) by the weighted average number of equity shares outstanding during the period. Earning considered in ascertaining the company's earning per share (EPS) is the net profit for the period after deducting preference dividend and any attributable tax thereto for the period. The weighted number of equity shares outstanding during the period and for all periods presented each adjusted for the events such as bonus shares, other then the conversion of potential Equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources.

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.

(i) Cash and cash equivalents

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand.

G) Related Party Transactions

Name of the Party: Moongipa Development and Infrastructure Ltd

Outstanding Receivable: Rs. 55,14,693/-

(k) Contingent Liabilities and commitments

Contingent liabilities are classified as claims not acknowledged as debts, guarantees or other money for which the company is contingently liable as per the provisions of Income Tax Act, 1961.

(I) Employee benefits

Employee benefits include Salaries and wages to employees, Director's Remuneration, Bonus and Staff Welfare Expenses.

(m) Conservation Of Energy, Technology Absorption, And Foreign Exchange Earnings And Outgo:

---

Mar 31, 2011

Basis for preparation of Financial Statements

The financial statements are prepared under the historical cost convention in accordance with the generally accepted in accounting principles in India including the mandatory accounting standards issued by The Institute of Chartered Accountants of India (ICAI) and referred to in Section 211 (3C) of The Companies Act, 1956 (The Act). The significant accounting policies are as follows :

REVENUE RECOGNITION

Income and expenditure are recognized on accrual basis and works contract income is recognized upon completion of work/Contract. Dividend income is recognized as and when received.

DEPRECIATION

Depreciation on fixed assets is provided on written down value.

LOANS TO COMPANIES/FIRMS

There are no loans given by the Company.

MISCELLANEOUS EXPENDITURE

The company does not have any preliminary expenses.

PROVIDENT FUND

The Company is not covered under The Provident Fund Act.

PRIOR PERIOD ITEMS

Prior period items having material impact on the financial affairs of the company have been disclosed.

OTHER ACCOUNTING POLICIES

These are consistent with generally accepted accounting policies.

---

Mar 31, 2010

Basis for preparation of Financial Statements

The financial statements are prepared under the historical cost convention in accordance with the generally accepted in accounting principles in India including the mandatory accounting standards issued by The Institute of Chartered Accountants of India (ICAI) and referred to in Section 211 (3C) of The Companies Act, 1956 (The Act). The significant accounting policies are as follows :

REVENUE RECOGNITION

Income and expenditure are recognized on accrual basis in case of works contract income is recognized upon completion of work/Contract. Dividend income is recognized as and when received.

EXPENDTURE

Expenses are accounted on accrual basis and provision is made for all known losses and liabilities.

DEPRECIATION

Depreciation on fixed assets is provided on written down value.

LOANS TO COMPANIES/FIRMS

There are no loans given by the Company.

MISCELLANEOUS EXPENDITURE

The company does not have any preliminary expenses.

PROVIDENT FUND

The Company is not covered under The Provident Fund Act.

PRIOR PERIOD ITEMS

Prior period items having material impact on the financial affairs of the company have been disclosed.

OTHER ACCOUNTING POLICIES

These are consistent with generally accepted accounting policies.