TRIF Constructions Private Limited Schedules to the financial statements for the period from 29 October 2008 to 31 March 2009 (Currency: Indian Rupees) 1. (a) (b) © @ Statement of significant accounting policies Basis of preparat of financial statements: ‘The financial statements are prepared under the historical cost convention, on the accrual basis of accounting in accordance with the accounting principles generally accepted in India (‘Indian GAAP") and comply with the Companies (Accounting Standards) Rules, 2006 issued by the Central Government, in consultation with National Advisory Committee on Accounting Standards (‘NACAS") and relevant provisions of Companies Act, 1956 (‘the Act’) to the extent applicable. Use of estimates The preparation of financial statements in conformity with Indian GAAP requires the 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 the financial statements and the reported amounts of revenues and expenses during the reported period. Management believes that the estimates made in the preparation of the financial statements are prudent and reasonable. Actual results could differ from those estimates. Any revision to accounting estimates is recognised prospectively in current ‘and future periods. Income taxes Income tax expense comprises current income tax, fringe benefit tax (i.e. amount of tax for the period determined in accordance with the income tax law) and deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the period). The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that hhave 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; however; where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognized only if there is a virtual certainty of realization of such assets. Deferred tax assets are reviewed at each balance sheet date and written down or written up to reflect the amount that is reasonably/virtually certain (as the case may be) to be realized. Provision for Fringe Benefit Tax (FBT) is made on the basis of applicable FBT on the taxable value of specified expenses of the Company as prescribed under the Income Tax Act 1961. Earning per share Basic caming per share is calculated by dividing the net profivloss for the period attributable to the equity share holders by the weighted average number of equity shares ‘outstanding during the period. For the purpose of calculating diluted earnings per share, the net profitloss for the period attributable to the equity shareholders and the weighted average number of shares Ryistanding during the period are adjusted for the effects of all dilutive potential equityTRIF Constructions Private Limited Schedules to the financial statements for the period from 29 October 2008 to 31 March 2009 (Currency: Indian Rupees) © o shares outstanding during the period, except where the results would be anti-dilutive. Foreign currency translation Foreign exchange transactions are recorded at the spot rates on the date of the respective transactions. Exchange differences arising on foreign exchange transactions settled during the period are recognized in the profit and loss account of the period. ‘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 profit and loss account. Provisions and contingencies ‘The Company creates a provision where there is 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 or a present obligation that may, but probably will not require an outflow of resources. When there is a possible obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.TRIF Constructions Private Limited Schedules to the financial statements Jar the period from 29 October 2008 to 31 March 2009 (Currency: Indian Rupees) 6 Micro, Small and Medium Enterprises Under the Micro, Small and Medium Enterprises Development Act, 2006 MSMED') which came into force from 2 October 2006, certain disclosures are required to be made relating to Micro, Small and Medium enterprises. On the basis of the information and records available with the management, there are no outstanding dues to the Micro and Small enterprises as defined in the Micro, Small and Medium Enterprises Development ‘Act, 2006 as set out in the following disclosures: 2009, Principal amount remaining unpaid to any supplier as at the period end 2 Interest due thereon Amount of interest paid by the Company in terms of section 16 of the MSMED, along with the amount of the payment made to the supplier beyond the appointed day during the accounting period. Amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the period) but without adding the interest specified under the MSMED = Amount of interest accrued and remaining unpaid at the end of the accounting period . Earning per share Profit / (Loss) attributable to equity shareholders (A) (57,370) Weighted average number of equity shares outstanding during the 10,000 period (B) Basic and diluted earnings per equity share (Face value of Rs.10/- per (5.74) share) (A /B) Related Party Disclosure Names of related parties Holding Company (w.e.f 11 December 2008) Tata Realty and Infrastructure Limited Ultimate Holding Company(w.e.f 11 December 2008) ‘Tata Sons Limited Fellow subsidiaries (w.e.f 11December 2008) TRIF Gandhinagar Projects Private Limited Navinya Buildcon Private LimitedTRIF Constructions Private Limited Schedules to the financial statements for the period from 29 October 2008 to 31 March 2009 (Currency: Indian Rupees) Pioneer Infratech Private Limited ‘TRIF Hyderabad Projects Private Limited Abinsa Realtors Private Limi TRIF Kochi Projects Private Limited TRIF Kolkata Projects Private Limited TRIF Property Development Private Limited TRIF Infrastructure Private Limited TRIF Real Estate And Development Private Limited TRIF Realty Projects Private Limited TRIF Trivandrum Projects Private Limited TRIL Airport Developers Limited ‘TRIL Constructions Limited TRIL Developers Limited TRIF Erectors Private Limited (w.e.f. 30 December 2008) ‘TRIF Mega Projects Private Limited (w.e.f. 30 December 2008) ‘TRIF Modern Superstructures Private Limited (w.e.£. 30 December 2008) TRIF Structures and Builders Pi i 30 December 2008) Acme Living Solutions Private Limited (w.e.f. 27 February 2009) Ardent Properties Private Limited (w.e.f. 19 December 2008) Arrow Infra Estates Private Limited Landscape Structures Private Limited (w.e.f. 19 December 2008) Gurgaon Construct Well Private Limited (Formerly Unitech Construct Well Private Limited) Gurgaon Infratech Private Limited (Formerly Unitech Infratech Private Limited) Gurgaon Realtech Limited (Formerly Unitech Real Tech Limited) Pune Solapur Expressways Private Limited (w.e.f. 24 March 2009) 2st Century Infra Tele Limited ) Computational Research Laboratories Limited Concept Marketing and Advertising Limited ‘e-Nxt Financials Limited Ewart Investment Private Limited Ewart Investments Limited Good Health TPA Services Limited Infiniti Retail Limited (formerly Value Electronics Limited) Nova Integrated Systems Limited Panatone Finvest Limited ‘Tara Aerospace Systems Limited Tata Advanced Systems Limited Tata AG, Zug Tata AIG General Insurance Company Limited Tata AIG Life Insurance Company Limited ‘Tata Asset Management (Mauritius) Pvt Limited Tata Asset Management Limited ‘Tata Business Support Services Limited (formerly E2E SerWiz Solutions Limited) Tata Capital Advisors Pte. Limited Tata Capital Housing Finance Limited ‘Tata Capital Limited (formerly Primal Investment and Finance Limited) ‘Tata Capital Markets Limited Tata Capital Markets Pte. Limited