GIRDHARI ESTATES PVT.

LTD,

Schedules forming part of Balance Sheet and Profit & Loss Account as at and for the year
ended 31st March 2008

SCHEDULE J: Significant Accounting Policies & Notes to Accounts

1. Basis of Accounting: Accounts have been prepared on a Going Concern basis, to

comply in all material respects with the relevant provisions of the Companies Act
1956 and the Accounting Standards issued by the Institute of Chartered Accountants
of India.

2. Revenue Recognition: Income and expenditure is generally recognised on accrual

basis, unless stated otherwise.

3. Fixed Assets: Fixed assets are stated at cost less accumulated depreciation. Cost
includes purchase value and all incidental expenses of bringing the asset to the
situation and condition for its intended use.

4. Depreciation: Depreciation is charged on the written down value method at the rates
prescribed under the Income tax Act 1961.

5. Investments: Investments are treated as long term and valued at cost. Provision for
diminution in value of such investments is made only if the diminution is not
temporary in view of, and to the extent of information available with, the
management.

6. Taxes on Income: Provision for Income tax and Fringe Benefit Tax is made in
accordance with the applicable provisions of the Income-tax Act 1961.
Deferred tax is accounted for based on the timing difference in recognition of
accounting taxable income that arises in one period and is capable of reversal in one
or more subsequent periods. Deferred tax liability is accounted for so far it is, in view
of the management, material in nature. Deferred tax assets are not accounted for
unless there is certainty of their realization in future. No deferred tax is accounted for
the current year since in the company had no material deferred tax assets or liabilities
as at the year end in accordance with Accounting Standard 22.

7. Earnings per Share- In accordance with Accounting Standard 20 of ICAI the

numerator & denominator used for calculation of EPS are-

2007-08 2006-07
Net profit after tax (in Rs.) 388699 406691
Avg. No. of Equity Shares 10968 10200
Nominal Value per share (in Rs.) 10/- 10/-
Earnings per Share (in Rs.) 35.44 39.87
[Basic/ Diluted]
8. Balances of Debtors & Loans and Advances are subject to confirmation. The value of
realization of debtors, loans & advances is in view of the management not lower than
the amount at which they are stated in the Balance Sheet in the ordinary course of
business.

9. Previous years figures have been regrouped/ rearranged where necessary. Figures in
brackets where disclosed show previous years figures.
_________________________________________________________________________________
In terms of our Report of even date

For & on behalf of For & on behalf of the Board

S.B.Dandeker & Co.

Chartered Accountants
D
I
R
(Kedarashish Bapat) E
Partner C
T
Place: Kolkata O
Date: 16th July, 2008 R
S