ಕಂಪನಿಯ ಅಕೌಂಟಿಗ್ ಪಾಲಿಸಿ Rander Corporation Ltd.

Mar 31, 2025

A. Basis of Preparation & Measurement:

These financial statements have been prepared in accordance with Indian Accounting Standards
(‘Ind AS’) notified by the Ministry of Corporate Affairs under section 133 of the Companies Act, 2013
(‘Act’), read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 (as amended)
and the relevant provisions of the Act.

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

These Financial Statements were approved by the Board of Directors and authorised for issue on 30^th
May, 2025.

The Financial Statements have been presented in Indian Rupees (INR), which is the Company’s
functional currency. All financial information presented in INR has been rounded off to the nearest
rupee, unless otherwise stated.

The financial statements have been prepared on an accrual system, based on the principle of going
concern and under the historical cost convention, unless otherwise stated. Accounting policies have
been consistently applied except where a newly issued accounting standard is initially adopted or a
revision to an existing accounting standard requires a change in the accounting policy hitherto in
use.

Accounting Estimates and Judgments:

The preparation of financial statements in accordance with Ind AS requires management to make
certain judgments, estimates and assumptions in the application of accounting policies that affect the
reported amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates, with the differences between the same being recognized in the period in which the results
are known or materialize. Continuous evaluation is done on the estimation and judgments based on
historical experience and other factors, including expectations of future events that are believed to
be reasonable. Revisions to accounting estimates are recognised prospectively.

Information about areas involving a higher degree of judgment or complexity, or critical judgments
in applying accounting policies, as well as estimates and assumptions that have the most significant
effect on the carrying amounts of assets and liabilities, is included in the following notes:

The areas involving critical estimates or judgments are:

a. Impairment of Financial Assets such as Trade Receivables.

b. Impairment of Non-Financial Assets.

c. Estimates of Tax Expenses and Liability.

d. Revenue recognitions.

Estimates and judgments are regularly revisited. Estimates are based on historical experience and
other factors, including futuristic, reasonable information that may have a financial impact on the

1. Property, Plant &Equipment:

(a) Initial Measurement & Recognition

Property, plant and equipment are carried at cost less accumulated depreciation and
impairment losses, if any. The cost of an item of Property, plant and equipment comprises its
purchase price, including import duties and other non-refundable taxes or levies and any
directly attributable cost of bringing the assets to its working condition for its intended use,
with any trade discounts or rebates being deducted in arriving at the purchase price. Cost of
the assets also includes interest on borrowings attributable to acquisition, if any, of qualifying
fixed assets incurred up to the date the asset is ready for its intended use.

If significant parts of an item of property, plant and equipment have different useful lives,
then they are accounted for as separate items (major components) of Property, plant and
equipment.

Cost of Property, plant and equipment not ready for intended use as on the balance sheet
date, is disclosed as capital work in progress. Advances given towards acquisition of
property, plant and equipment outstanding at each balance sheet date are disclosed as
Capital Advances under Other non-current Assets.

Any gain or loss on disposal of an item of property plant and equipment is recognized
instatement of profit and loss.

(b) Subsequent expenditure

Subsequent costs are included in the asset’s carrying value 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 and the cost of the item can be measured reliably. All other repairs
and maintenance are charged to the Statement of Profit and Loss during the period in which
they are incurred.

(c) Depreciation:

Depreciation is provided on the written down value method based on the estimated useful life
prescribed under Schedule II to the Companies Act, 2013. Depreciation on assets
added/disposed off during the year is provided on a pro-rata basis from the date of addition
or up to the date of disposal, as applicable.

The residual values, useful lives and method of depreciation of property, plant and
equipment is reviewed at each financial year end and adjusted prospectively, if appropriate.

2. Cash and Cash Equivalents

Cash and cash equivalents are short-term (three months or less from the date of acquisition),
highly liquid investments that are readily convertible into cash and are subject to an insignificant
risk of changes in value.

3. Impairment of Non-Financial Assets:

Assessment for impairment is done at each Balance Sheet date as to whether there is any
indication that a non-financial asset may be impaired. If any indication of impairment exists, an
estimate of the recoverable amount of the individual asset/cash generating unit is made.

Asset/cash generating units whose carrying value exceeds their recoverable amount are written
down to the recoverable amount by recognising the impairment loss as an expense in the
Statement of Profit and Loss. Recoverable amount is the higher of an asset’s or cash generating
unit’s fair value, less cost of disposal, and its value in use. Value in use is the present value of
estimated future cash flows expected to arise from the continuing use of an asset or cash
generating unit and from its disposal at the end of its useful life.

Assessment is also done at each Balance Sheet date as to whether there is any indication that an
impairment loss recognised for an asset in prior accounting periods may no longer exist or may
have decreased. An impairment loss recognised for goodwill is not reversed in subsequent
periods.

4. Financial Instruments:

(A) Financial Assets

Recognition and measurement

Financial assets are recognised when the Company becomes a party to the contractual
provisions of the instrument. On initial recognition, a financial asset is recognised at fair
value. In the case of financial assets that are recognised at fair value through profit and loss
(FVTPL), their transaction cost is recognised in the statement of profit and loss. In other cases,
the transaction cost is attributed to the acquisition value of the financial asset.

Financial assets are subsequently classified as measured at

• Amortised cost

• Fair value through profit and loss (FVTPL)

• Fair value through other comprehensive income (FVOCI)

(a) Measured at amortised cost: Financial assets that are held within a business model

whose objective is to hold financial assets in order to collect contractual cash flows
that are solely payments of principal and interest, are subsequently measured at
amortised cost using the effective interest rate (‘EIR’) method less impairment, if any.
The amortization of EIR and loss arising from impairment, if any, is recognized in the
Statement of Profit and Loss.

(b) Measured at fair value through other comprehensive income: Financial assets that are
held within a business model whose objective is achieved by both, selling financial
assets and collecting contractual cash flows that are solely payments of principal and
interest, are subsequently measured at fair value through other comprehensive
income. Fair value movements are recognized in the other comprehensive income
(OCI). Interest income is measured using the EIR method and impairment losses, if
any, are recognised in the Statement of Profit and Loss. On de-recognition, cumulative
gain or loss previously recognized in OCI is reclassified from the equity to ‘other
income’ in the Statement of Profit and Loss.

(c) Measured at fair value through profit or loss: A financial asset not classified as either

amortized cost or FVOCI, is classified as FVTPL.Such financial assets are measured at
fair value with all changes infair value, including interest income and dividend income
if any,recognized as ‘other income’ in the Statement of Profit and Loss.

Financial assets are not reclassified subsequent to their recognition, except if and in
the period the Company changes its business model for managing financial assets.

Trade Receivables and Loans:

Trade receivables and loans are initially recognized at fair value. Subsequently, these assets
are held at amortized cost, using the effective interest rate (EIR) method net of any expected
credit losses. The EIR is the rate that discounts estimated future cash income through the
expected life of financial instrument.

Equity Instruments:

Investments in equity instruments, if any, are classified under financial assets are initially
measured at fair value.

De-recognition

The Company derecognizes a financial asset when the contractual rights to the cash flows from
the financial asset expire, or it transfers the contractual rights to receive the cash flows from
the asset.

Impairment of Financial Assets

Expected credit losses are recognized for all financial assets subsequent to initial recognition
other than financials assets in FVTPL category. For financial assets other than trade
receivables, as per Ind AS 109, the Company recognizes 12 month expected credit losses for
all originated or acquired financial assets if at the reporting date the credit risk of the financial
asset has not increased significantly since its initial recognition. The expected credit losses are
measured as lifetime expected credit losses if the credit risk on financial asset increases
significantly since its initial recognition. The Company’s trade receivables do not contain
significant financing component and loss allowance on trade receivables is measure date an
amount equal to life time expected losses i.e. expected cash short fall. The impairment losses
and reversals are recognized in Statement of Profit and Loss, if any.

(B) Financial Liabilities:

Initial recognition and measurement

Financial liabilities are recognized when the Company becomes a party to the contractual
provisions of the instrument. Financial liabilities are initially measured at the amortized cost
unless at initial recognition, they are classified as fair value through profit and loss. In case of
trade payables, they are initially recognised at fair value and subsequently, these liabilities
are held at amortised cost, using the effective interest method.

Subsequent measurement

Financial liabilities are subsequently measured at amortized cost using the EIR method.
Financial liabilities carried at fair value through profit or loss is measured at fair value with all
changes in fair value recognized in the Statement of Profit and Loss.

De-recognition

A financial liability is derecognized when the obligation specified in the contract is
discharged, cancelled or expires.

5. Revenue Recognition
Sale of goods

Revenue from the sale of goods is recognized when the significant risks and rewards of
ownership of the goods have passed to the buyer, usually on delivery of the goods. In case of
export sales, revenue is recognized as on the date of bill of lading, being the effective date of
dispatch. Revenue from the sale of goods is measured at the value of the consideration received
or receivable, net of returns and discounts and net of all taxes.

6. Taxation:

Income tax expense for the year comprises of current tax and deferred tax. It is recognised in the
Statement of Profit and Loss except to the extent it relates to a business combination or to an item
which is recognised directly in equity or in other comprehensive income.

Current tax is the expected taxpayable/receivable on the taxable income/ loss for the year using
applicable tax rates at the Balance Sheet date, and any adjustment to taxes in respect of previous
years. Interest income/ expenses and penalties, if any, related to income tax are included in
current tax expense

Deferred tax is recognised in respect of temporary differences between the carrying amount of
assets and liabilities for financial reporting purposes and the corresponding amounts used for
taxation purposes. Deferred tax is recognized using the tax rates enacted, or substantively
enacted, by the end of the reporting period.

Deferred tax assets are recognised only to the extent that it is probable that future taxable profits
will be available against which the asset can be utilised. Deferred tax assets are reviewed at each
reporting date and reduced to the extent that it is no longer probable that the related tax benefit
will be realized.

Current tax assets and current tax liabilities are offset when there is a legally enforceable right to
set off the recognized amounts and there is an intention to settle the asset and the liability on a
net basis. Deferred tax assets and deferred tax liabilities are offset when there is a legally
enforceable right to set off current tax assets against current tax liabilities; and the deferred tax
assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority.

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Mar 31, 2015

2.1 Basis of preparation

The accompanying financial statements are prepared and presented under the historical cost convention, on the accrual basis of accounting and comply with the Accounting Standards prescribed by Companies (Accounting Standard) Rules, 2006 (to the extent applicable) and issued by the Institute of Chartered Accountants of India (ICAI') to the extent applicable, and are in accordance with the generally accepted accounting principles ('GAAP') in India and the relevant provisions of the Companies Act, 1956, to extent applicable. The financial statement s are presented in Indian rupees.

This is the first year of application of the revised schedule VI to the Companies Act, 1956 for the preparation of the financial statements of the Company. The revised Schedule VI introduces conceptual changes as well as new disclosures in the financial statements. These include classification of all assets and liabilities into current and non-current. The previous year figures have also undergone a reclassification to comply with the requirements of the revised Schedule VI.

2.2 Use of estimates

The preparation of the financial statements in conformity with the generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and disclosure of contingent liabilities on the date of financial statements. The estimates and assumptions used in the accompanying financial statements are based upon the management's evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results may differ from those estimates and assumptions used in preparing the accompanying financial statements. Any revision to accounting estimates is recognised prospectively in current and future periods.

2.3 Current and non-current classification

All assets and liabilities are classified into current and non-current.

Assets

An asset is classified as current when it satisfies any of the following criteria:

a) it is expected to be realised in, or is intended for sale or consumption in, the Company's normal operating cycle;

b) it is held primarily for the purpose of being traded;

c) it is expected to be realised within 12 months after the reporting date; or

d) it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least 12 months after thereporting date.

Current assets include the current portion of non-current financial assets.

All other assets are classified as non-current.

Liabilities

A liability is classified as current when it satisfies any of the following criteria:

a) it is expected to be settled in the Company's normal operating cycle;

b) it is held primarily for the purpose of being traded;

c) it is due to be settled within 12 months after the reporting date; or

d) the Company does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

Current liabilities include current portion of non-current financial liabilities. All other liabilities are classified as non-current.

2.4 Revenue recognition

Revenue from constructed properties is recognised on the "percentage of completion method" net of cost of projects. Cost of project includes cost of land, cost of stores and spares, construction cost, labour cost and other allocable interest, administrative and finance expense net of interest and other finance income.

Interest income is recognized on accrual basis. Dividend is recognised when right to receive is established.

2.5 Fixed assets and depreciation

(a) Fixed assets are stated at historical Cost includes all expenses incidental to acquisition of the assets.

(b) Effective 1st April 2014, the company depreciates its fixed assets over the useful life in manner prescribed in schedule II of the act, as against the earlier practice of depreciating at the rates prescribed in Schedule XIV of the companies act, 1956.

(c) Depreciation is provided from the month of utilisation / purchase of asset.

2.6 Impairment of assets

The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired based on internal / external factors. If any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generating unit which the asset belongs to is less than it s carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognised in the statement of profit and loss. If at the balance sheet date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciable historical cost.

2.7 Investments

Long term investment s are stated at cost less provision for diminution in value other than temporary, if any. Current investment s are stated at lower of cost or fair value in respect of each separate investment.

2.8 Inventories

Inventories are stated at lower of cost and net realisable value. Construction Work-in-progress includes cost of land, construction cost, other allocable interest and administrative expenses incidental to the projects undertaken by the Company.

2.9 Borrowing costs

Borrowing cost that the directly attributable to project are recognised as an expense in the period in which they are incurred as a part of the project cost.

2.10 Foreign exchange transactions

Foreign exchange transactions are recorded using the rate of exchange on the date of the respective transaction. Exchange differences arising on foreign exchange transactions settled during the year are recognised in the statement of profit and loss of the year.

Monetary assets and liabilities denominated in foreign currencies as at the balance sheet date are translated at the closing exchange rates on that date; the resultant exchange differences are recognised in the statement of profit and loss.

2.11 Taxation

a) Current tax: Current tax is determined as the amount of tax payable in respect of estimated taxable income for the year computed in accordance provisions of the income Tax Act, 1961.

b) Deferred tax : Deferred tax arising on account of timing differences between accounting income and taxable income for the period and which are capable of reversal in one or more subsequent period s and the corresponding deferred tax liabilities or assets are recognised using the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realised in future.

2.12 Provisions and contingencies

The Company creates a provision when there is a present obligation as a result of a past even that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that the outflow of resources would be required to settle the obligation, the provision is reversed.

Contingent assets are not recognised in the financial statements. However, contingent assets are assessed continually and if it is virtually certain that an economic benefit will arise, the asset and related income are recognised in the period in which the change occurs.

2.13 Earnings per share

The basic earnings per share is computed by dividing the net profit / loss after tax attributable to the equity shareholders for the period by the weighted average number of equity shares outstanding during the reporting period. The number of shares used in computing diluted earnings per share comprises the weighted average number of shares considered for deriving earnings per share and also the weighted average number of equity shares, which could have been issued on the conversions of all dilutive potential shares. In computing dilutive earnings per share, only potential equity shares that are dilutive and that reduce profit / loss per share are included.

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Mar 31, 2014

1.1 Basis of preparation

The accompanying financial statements are prepared and presented under the historical cost convention, on the accrual basis of accounting and comply with the Accounting Standards prescribed by Companies (Accounting Standard) Rules, 2006 (to the extent applicable) and issued by the Institute of Chartered Accountants of India (ICAI'') to the extent applicable, and are in accordance with the generally accepted accounting principles (''GAAP'') in India and the relevant provisions of the Companies Act, 1956, to extent applicable. The financial statement s are presented in Indian rupees.

This is the first year of application of the revised schedule VI to the Companies Act, 1956 for the preparation of the financial statements of the Company. The revised Schedule VI introduces conceptual changes as well as new disclosures in the financial statements. These include classification of all assets and liabilities into current and non-current. The previous year figures have also undergone a reclassification to comply with the requirements of the revised Schedule VI.

2.2 Use of estimates

The preparation of the financial statements in conformity with the generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and disclosure of contingent liabilities on the date of financial statements. The estimates and assumptions used in the accompanying financial statements are based upon the management''s evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results may differ from those estimates and assumptions used in preparing the accompanying financial statements. Any revision to accounting estimates is recognised prospectively in current and future periods.

2.3 Current and non-current classification

All assets and liabilities are classified into current and non-current.

Assets

An asset is classified as current when it satisfies any of the following criteria:

a) it is expected to be realised in, or is intended for sale or consumption in, the Company''s normal operating cycle;

b) it is held primarily for the purpose ofbeing traded;

c) it is expected to be realised within 12 months after the reporting date; or

d) it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting date.

Current assets include the current portion of non-current financial assets. All other assets are classified as non-current.

Liabilities

A Liability is classified as current when it satisfies any of the following criteria:

a) it is expected to be settled in the Company''s normal operating cycle;

b) it is held primarily for the purpose of being traded;

c) it is due to be settled within 12 months after the reporting date; or

d) the Company does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

Current liabilities include current portion of non-current financial liabilities. All other liabilities are classified as non-current.

2.4 Revenue recognition

Revenue from constructed properties is recognised on the “percentage of completion method” net of cost of projects. Cost of project includes cost of land, cost of stores and spares, construction cost, labour cost and other allocable interest, administrative and finance expense net of interest and other finance income.

Interest income is recognized on accrual basis. Dividend is recognised when right to receive is established.

2.5 Fixed assets and depreciation

(a) Fixed assets are stated at historical cost less accumulated depreciation. Cost includes all expenses incidental to acquisition of the assets.

(b) Depreciation is provided at rates prescribed in Schedule XIV to the Companies Act, 1956 using written down value method. © Depreciation is provided from the month of utilisation / purchase of asset.

2.6 Impairment of assets

The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired based on internal / external factors. If any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generating unit which the asset belongs to is less than it s carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognised in the statement of profit and loss. If at the balance sheet date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciable historical cost.

2.7 Investments

Long term investment s are stated at cost less provision for diminution in value other than temporary, if any. Current investment s are stated at lower of cost or fair value in respect of each separate investment.

2.8 Inventories

Inventories are stated at lower of cost and net realisable value. Construction Work-in-progress includes cost of land, construction cost, other allocable interest and administrative expenses incidental to the projects undertaken by the Company.

2.9 Borrowing costs

Borrowing cost that the directly attributable to project are recognised as an expense in the period in which they are incurred as a part of the project cost.

2.10 Foreign exchange transactions

F oreign exchange transactions are recorded using the rate of exchange on the date of the respective transaction. Exchange differences arising on foreign exchange transactions settled during the year are recognised in the statement of profit and loss of the year.

Monetary assets and liabilities denominated in foreign currencies as at the balance sheet date are translated at the closing exchange rates on that date; the resultant exchange differences are recognised in the statement of profit and loss.

2.11 Taxation

a) Current tax: Current tax is determined as the amount of tax payable in respect of estimated taxable income for the year computed in accordance provisions of the income Tax Act, 1961.

b) Deferred tax : Deferred tax arising on account of timing differences between accounting income and taxable income for the period and which are capable of reversal in one or more subsequent period s and the corresponding deferred tax liabilties or assets are recognised using the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realised in future.

2.12 Provisions and contingencies

The Company creates a provision when there is a present obligation as a result of a past even that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a posible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that the outflow ofresources would be required to settle the obligation, the provision is reversed.Contingent assets are not recognised in the financial statements. However, contingent assets are assesssed continually and if it is virtually certain that an economic benefit will arise, the asset and related income are recognised in the period in which the change occurs.

2.13 Earnings per share

The basic earnings per share is computed by dividing the net profit / loss after tax attributable to the equity shareholders for the period by the weighted average number of equity shares outstanding during the reporting period. The number of shares used in computing diluted earnings per share comprises the weighted average number of shares considered for deriving earnings per share and also the weighted average number of equity shares, which could have been issued on the conversions of all dilutive potential shares. In computing dilutive earnings per share, only potential equity shares that are dilutive and that reduce profit / loss per share are included.

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Mar 31, 2013

1.1 Basis of preparation

The accompanying financial statements are prepared and presented under the historical cost convention, on the accrual basis of accounting and comply with the Accounting Standards prescribed by Companies (Accounting Standard) Rules, 2006 (to the extent applicable) and issued by the Institute of CharteredAccountants of India (ICAI'') to the extent applicable, and are in accordance with the generally accepted accounting principles (''GAAP'') in India and the relevant provisions of the Companies Act, 1956, to extent applicable. The financial statement s are presented in Indian rupees.

This is the first year of application of the revised schedule VI to the Companies Act, 1956 for the preparation of the financial statements of the Company. The revised Schedule VI introduces conceptual changes as well as new disclosures in the financial statements. These include classification of all assets and liabilities into current and non-current. The previous year figures have also undergone a reclassification to comply with the requirements of the revised Schedule VI.

1.2 Use of estimates

The preparation of the financial statements in conformity with the generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and disclosure of contingent liabilities on the date of financial statements. The estimates and assumptions used in the accompanying financial statements are based upon the management''s evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results may differ from those estimates and assumptions used in preparing the accompanying financial statements. Any revision to accounting estimates is recognised prospectively in current and future periods.

1.3 Current and non-current classification

All assets and liabilities are classified into current and non-current.

Assets

An asset is classified as current when it satisfies any of the following criteria:

a) it is expected to be realised in, or is intended for sale or consumption in, the Company''s normal operating cycle;

b) it is held primarily for the purpose of being traded;

c) it is expected to be realised within 12 months after the reporting date; or

d) it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting date.

Current assets include the current portion of non-current financial assets.

All other assets are classified as non-current.

Liabilities

A liability is classified as current when it satisfies any of the following criteria:

a) it is expected to be settled in the Company''s normal operating cycle;

b) it is held primarily for the purpose of being traded;

c) it is due to be settled within 12 months after the reporting date; or

d) the Company does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

Current liabilities include current portion of non-current financial liabilities. All other liabilities are classified as non-current.

1.4 Revenue recognition

Revenue from constructed properties is recognised on the "percentage of completion method" net of cost of projects. Cost of project includes cost of land, cost of stores and spares, construction cost, labour cost and other allocable interest, administrative and finance expense net of interest and other finance income.

Interest income is recognized on accrual basis. Dividend is recognised when right to receive is established.

1.5 Fixed assets and depreciation

(a) Fixed assets are stated at historical cost less accumulated depreciation. Cost includes all expenses incidental to acquisition of the assets.

(b) Depreciation is provided at rates prescribed in Schedule XIV to the Companies Act, 1956 using written down value method. © Depreciation is provided from the month of utilisation / purchase of asset.

1.6 Impairment of assets

The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired based on internal / external factors. If any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generating unit which the asset belongs to is less than it s carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognised in the statement of profit and loss. If at the balance sheet date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciable historical cost.

1.7 Investments

Long term investment s are stated at cost less provision for diminution in value other than temporary, if any.

Current investment s are stated at lower of cost or fair value in respect of each separate investment.

1.8 Inventories

Inventories are stated at lower of cost and net realisable value. Construction Work-in-progress includes cost of land, construction cost, other allocable interest and administrative expenses incidental to the projects undertaken by the Company.

1.9 Borrowing costs

Borrowing cost that the directly attributable to project are recognised as an expense in the period in which they are incurred as a part of the project cost.

1.10 Foreign exchange transactions

Foreign exchange transactions are recorded using the rate of exchange on the date of the respective transaction. Exchange differences arising on foreign exchange transactions settled during the year are recognised in the statement of profit and loss of the year.

Monetary assets and liabilities denominated in foreign currencies as at the balance sheet date are translated at the closing exchange rates on that date; the resultant exchange differences are recognised in the statement of profit and loss.

1.11 Taxation

a) Current tax: Current tax is determined as the amount of tax payable in respect of estimated taxable income for the year computed in accordance provisions of the income Tax Act, 1961.

b) Deferred tax : Deferred tax arising on account of timing differences between accounting income and taxable income for the period and which are capable of reversal in one or more subsequent period s and the corresponding deferred tax liabilties or assets are recognised using the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realised in future.

1.12 Provisions and contingencies

The Company creates a provision when there is a present obligation as a result of a past even that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a posible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that the outflow of resources would be required to settle the obligation, the provision is reversed.

Contingent assets are not recognised in the financial statements. However, contingent assets are assesssed continually and if it is virtually certain that an economic benefit will arise, the asset and related income are recognised in the period in which the change occurs.

1.13 Earnings per share

The basic earnings per share is computed by dividing the net profit / loss after tax attributable to the equity shareholders for the period by the weighted average number of equity shares outstanding during the reporting period. The number of shares used in computing diluted earnings per share comprises the weighted average number of shares considered for deriving earnings per share and also the weighted average number of equity shares, which could have been issued on the conversions of all dilutive potential shares. In computing dilutive earnings per share, only potential equity shares that are dilutive and that reduce profit / loss per share are included.

1.14 Segment Reporting

(a) Segment Revenue and Expense

Revenue and Expense have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and Expenses which relate to enterprises as a whole and are not allocable to a segment on a reasonable basis have been disclosed as "Unallocable".

(b) Segment Assets and Liabilities

Segment assets and segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on or reasonable basis have been disclosed as "Unallocable"

(c) Accounting Policies

The accounting policies consistently used in the preparation of the financial statements are also applied to item of revenue and expenditure in individual segments.

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Mar 31, 2012

1.1 Basis of preparation

The accompanying financial statements are prepared and presented under the historical cost convention, on the accrual basis of accounting and comply with the Accounting Standards prescribed by Companies (Accounting Standard) Rules, 2006 (to the extent applicable) and issued by the Institute of Chartered Accountants of India (ICAI') to the extent applicable, and are in accordance with the generally accepted accounting principles ('GAAP') in India and the relevant provisions of the Companies Act, 1956, to extent applicable. The financial statement s are presented in Indian rupees.

This is the first year of application of the revised schedule VI to the Companies Act, 1956 for the preparation of the financial statements of the Company. The revised Schedule VI introduces conceptual changes as well as new disclosures in the financial statements. These include classification of all assets and liabilities into current and non-current. The previous year figures have also undergone a reclassification to comply with the requirements of the revised Schedule VI.

1.2 Use of estimates

The preparation of the financial statements in conformity with the generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and disclosure of contingent liabilities on the date of financial statements. The estimates and assumptions used in the accompanying financial statements are based upon the management's evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results may differ from those estimates and assumptions used in preparing the accompanying financial statements. Any revision to accounting estimates is recognized prospectively in current and future periods.

1.3 Current and non-current classification

All assets and liabilities are classified into current and non-current.

Assets

An asset is classified as current when it satisfies any of the following criteria:

a) it is expected to be realized in, or is intended for sale or consumption in, the Company's normal operating cycle;

b) it is held primarily for the purpose of being traded;

c) it is expected to be realized within 12 months after the reporting date; or

d) it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting date.

Current assets include the current portion of non-current financial assets.

All other assets are classified as non-current.

Liabilities

A liability is classified as current when it satisfies any of the following criteria :

a) it is expected to be settled in the Company's normal operating cycle;

b) it is held primarily for the purpose of being traded;

c) it is due to be settled within 12 months after the reporting date; or

d) the Company does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

Current liabilities include current portion of non-current financial liabilities.

All other liabilities are classified as non-current.

1.4 Revenue recognition

Revenue from constructed properties is recognized on the "percentage of completion method" net of cost of projects. Cost of project includes cost of land, cost of stores and spares, construction cost, labour cost and other allocable interest, administrative and finance expense net of interest and other finance income.

Interest income is recognized on accrual basis. Dividend is recognized when right to receive is established.

1.5 Fixed assets and depreciation

(a) Fixed assets are stated at historical cost less accumulated depreciation. Cost includes all expenses incidental to acquisition of the assets.

(b) Depreciation is provided at rates prescribed in Schedule XIV to the Companies Act, 1956 using written down value method.

(c) Depreciation is provided from the month of utilization / purchase of asset.

1.6 Impairment of assets

The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired based on internal / external factors. If any such indication exists, the Company estimates the recoverable amount ofthe asset. If such recoverable amount of the asset or the recoverable amount of the cash generating unit which the asset belongs to is less than it s carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognized in the statement of profit and loss. If at the balance sheet date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciable historical cost.

1.7 Investments

Long term investment s are stated at cost less provision for domination in value other than temporary, if any.

Current investment s are stated at lower of cost or fair value in respect of each separate investment.

1.8 Inventories

Inventories are stated at lower of cost and net realizable value. Construction Work-in-progress includes cost of land, construction cost, other allocable interest and administrative expenses incidental to the projects undertaken by the Company.

1.9 Borrowing costs

Borrowing cost that the directly attributable to project are recognized as an expense in the period in which they are incurred as a part of the project cost.

1.10 Foreign exchange transactions

Foreign exchange transactions are recorded using the rate of exchange on the date of the respective transaction. Exchange differences arising on foreign exchange transactions settled during the year are recognized in the statement of profit and loss ofthe year.

Monetary assets and liabilities denominated in foreign currencies as at the balance sheet date are translated at the closing exchange rates on that date; the resultant exchange differences are recognized in the statement of profit and loss.

1.11 Taxation

a) Current tax: Current tax is determined as the amount of tax payable in respect of estimated taxable income for the year computed in accordance provisions of the income Tax Act, 1961.

b) Deferred tax : Deferred tax arising on account of timing differences between accounting income and taxable income for the period and which are capable of reversal in one or more subsequent period s and the corresponding deferred tax liabilties or assets are recognized using the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future.

1.12 Provisions and contingencies

The Company creates a provision when there is a present obligation as a result of a past even that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a posible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that the outflow of resources would be required to settle the obligation, the provision is reversed.

Contingent assets are not recognised in the financial statements. However, contingent assets are assesssed continually and if it is virtually certain that an economic benefit will arise, the asset and related income are recognised in the period in which the change occurs.

1.13 Earnings per share

The basic earnings per share is computed by dividing the net profit / loss after tax attributable to the equity shareholders for the period by the weighted average number of equity shares outstanding during the reporting period. The number of shares used in computing diluted earnings per share comprises the weighted average number of shares considered for deriving earnings per share and also the weighted average number of equity shares, which could have been issued on the conversions of all dilutive potential shares. In computing dilutive earnings per share, only potential equity shares that are dilutive and that reduce profit / loss per share are included.

1.14 Segment Reporting

(a) Segment Revenue and Expense

Revenue and Expense have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and Expenses which relate to enterprises as a whole and are not allocable to a segment on a reasonable basis have been disclosed as "Unallocable".

(b) Segment Assets and Liabilities

Segment assets and segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on or reasonable basis have been disclosed as "Unallocable"

(c) Accounting Policies

The accounting policies consistently used in the preparation of the financial statements are also applied to item of revenue and expenditure in individual segments.

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Mar 31, 2011

The financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) applicable in India. GAAP comprises of accounting standards notified by the Central Government of India under Section 211(3C) of the Companies Act, 1956, other pronouncements of the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956 (the "Act"). The summary of the significant accounting policies is set out below -

2.1 Basis of Preparation

The financial statements have been prepared and presented under the historical cost convention on the accrual basis of accounting and comply with the accounting standards prescribed by Companies (Accounting Standards) Rules, 2006 issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956, to the extent applicable.

2.2 Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities on the date of financial statements. Actual results could differ from those estimates. Any revision to accounting estimates is recognised prospectively in current and future periods.

2.3 Fixed Assets and Depreciation

(a) Fixed assets are stated at historical cost less accumulated depreciation. Cost includes all expenses incidental to acquisition of the assets.

(b) Depreciation is provided at rates prescribed in Schedule XIV to the Companies Act, 1956 using written down value method.

(c) Depreciation is provided from the month of utilisation / purchase of asset.

2.4 Impairment of Assets

The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generating unit which the asset belongs to, is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognised in the profit and loss account. If at the balance sheet date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciable historical cost.

2.5 Investments

Long term investments are stated at cost less provision for dimunition in value other than temporary, if any. Current investments are stated at lower of cost or fair value in respect of each separate investment.

2.6 Inventories

Inventories are stated at lower of cost and net realisable value. Construction Work-in-Progress includes cost of land, construction cost, other allocated interest and administrative expenses incidental to the projects undertaken by the Company.

2.7 Borrowing costs

Borrowing Costs that are directly attributable to project are recognised an expense in the period in which they are incurred as a part of the project cost.

2.8 Revenue Recognition

Revenue from constructed properties is recognised on the “percentage of completion method” net of cost of projects. Interest income is recognized on accrual basis. Dividend is recognised when right to receive is established. Cost of project includes cost of land cost of store and spares, construction cost, labour cost other allocated interest, administrative & finance expenses net of interest and other finance incomes.

2.9 Taxation

(a) Current tax: Current tax is determined as the amount of tax payable in respect of estimated taxable income for the year computed in accordance with provisions of the Income Tax Act,1961.

(b) Deferred tax: Deferred tax arising on account of timing differences between accounting income and taxable income for the period and which are capable of reversal in one or more subsequent periods and the corresponding deferred tax liabilities or assets are recognised using the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realised in future.

2.10 Provisions and Contingencies

The Company creates a provision when there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

2.11 Earnings Per Share

The basic earnings per share is computed by dividing the net profit / loss attributable to the equity shareholders for the period by the weighted average number of equity shares outstanding during the reporting period. The number of shares used in computing diluted earning per share comprises the weighted average number of shares considered for deriving earnings per share, and also the weighted average number of equity shares, which could have been issued on the conversions of all dilutive potential shares. In computing dilutive earnings per share, only potential equity shares that are dilutive and that reduce profit / loss per share are included.

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Mar 31, 2010

The financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) applicable in rndia. GAAP comprises of accounting standards notified by the Central Government of India under Section 211 (3C) of the Companies Act. 1956, other pronouncements of the Institute of Chartered Accountants of rndia and the relevant provisions of the Companies Act, 1956 (theAct") The summary of the significant accounting policies is set out below-

2.1 Basis of Preparation

Thefinancial statements havebeen prepared andpresented under the historical cost convention on the accrual basis of accounting and comply with the accounting standards prescribed by Companies (Accounting Standards) Rules, 2006 issued by the Institute of Chartered Accountants of Indiaand the relevant provisions of the Companies Act, 1956,totheextentapphcable.

2.2 Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities on the date of financial statements. Actual results could differ from those estimates. Any revision to accounting estimates is recognised prospectively in current and future periods.

2.3 Fixed Assets and .Depreciation

(a) Fixed assets are stated at historical cost less accumulated depreciation. Cost includes all expenses incidental to acquisition of the assets.

(b) Depreciation is provided at rates prescribed in Schedule XIV to the Companies Act,1 956 using written down value method.

(c) Depreciation is provided from the month of utihsation / purchase of asset.

2.4 Impairment of Assets

The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generating unit which the asset belongs to, is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognised in the profit and loss account. If at the balance sheet date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to amaximum of depreciable historical cost.

2.5 Investments

Longterm in vestments are stated at cost less provision for dimunition in value other than temporary, if any Current investments are stated at lower of cost or fair value inrespect of each separate investment.

2.6 Inventories

Inventories are stated at lower of cost and net realisable value. Construction Work-in-Progress includes cost of land, construction cost, other allocated interest and administrative expenses incidental to the projects undertaken by the Company.

2.7 Borrowing costs

Borrowing Costs that are directly attributable to project are recognised an expense in the period in which they are incurred as a part ofthe project cost.

2.8 Revenue Recognition

Revenue from constructed properties is recognised on the "percentage of completion method" net of cost of projects. Merest income is recognized on accrual basis. Dividend is recognised when right to receive is established Cost of project includes cost of land cost of store and spares, construction cost, labour cost other allocated interest, administrative & finance expenses net of interest income and finance income.

2.9 Taxation

(a) Currenttax: Currenttax is determined as the amount of tax payable in respect of estimatedtaxable income for the year computed in accordance with provisions of them come Tax Act, 1961.

(b) Deferred tax: Deferred tax arising on account oftiming differences between accounting income and taxable income for the period and which are capable of reversal in one ormore subsequent periods and the corresponding deferred tax liabilities or Lsets are recognised usmg the tax rates that have been enacted or substantively enactedbythebalancesheetdate. Deferred tax assets are recognised only to the extent there is reasonable certainty that the"assets canbe realised in future.

2.10 Provisions and Contingencies

The Company creates a provision when there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provisionordisclosureismade.

2.11 Earnings Per Share

The basic earnings per share is computed by dividing the net profit /loss attributable to the equity shareholders for the period by the weighted average number of equity shares outstanding during the reporting period. The number of shares used in computing diluted earning per share comprises the weighted average number of shares considered for deriving earnings per share, and also theweightedaveragenumberofequity shares, which could have been issued on the conversions ofall dilutive potential shares. In computing dilutive earnings per share, only potential equity shares that are dilutive and that reduce profit /loss per share are included.