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Accounting Policies of Intellivate Capital Ventures Ltd. Company

Mar 31, 2023

1 Background Of The Reporting Entity

INTELLIVATE CAPITAL VENTURES LIMITED (‘the Company'') is a public limited company incorporated and domiciled in India and has its registered office at 1104, A Wing, Naman Midtown, 11th Floor, Senapati Bapat Marg, Prabhadevi, Mumbai - 400013. The Company has its primary listings on the Bombay Stock Exchange (BSE). These financial statements have been approved for issue by the Board of Directors at their meeting held on 27 May 2023. The Company is engaged in the business of providing Advisory and Consultancy Services.

I) Basis of preparation

The financial statements have been prepared on going concern basis in accordance with generally accepted accounting principles in India. Further, the financial statements have been prepared on a historical cost basis except for following items:

Items

Measurement basis

Certain financial assets and liabilities

Fair value as explained in relevant accounting policies.

2 Summary of significant accounting policies

The financial statements have been prepared using the significant accounting policies and measurement bases summarised below.

2.1 Current versus non-current classification

All assets and liabilities have been classified as current or non-current as per the Company''s operating cycle and other criteria set out in the Companies Act, 2013.

2.2 Revenue recognition and other income 2.2.1 Revenue

Revenue arises mainly from the sale of services. To determine whether to recognise revenue, the Company follows a 5-step process:

1) Identifying the contract with a customer

2) Identifying the performance obligations

3) Determining the transaction price

4) Allocating the transaction price to the performance obligations

5) Recognising revenue when/as performance obligation(s) are satisfied.

Revenue from contracts with customers which establishes a comprehensive framework for determining whether, how much and when revenue is to be recognised. Revenue is measured at transaction price (net of variable consideration), which is the consideration, net of any trade discounts, volume rebates and any taxes or duties collected on behalf of the government such as goods and services tax, etc. Revenue is only recognised to the extent that it is highly probable a significant reversal will not occur.

Revenue from services rendered is recognised as and when the services are rendered and related costs are incurred in accordance with the contractual agreement. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured, regardless of when the payment is made.

Advisory and consulting service

Advisory and Consultancy service fee is recognised at a fixed amount as per the agreement in lieu of providing consultancy services includes financial services support, accounting and auditing, legal and consultancy support and sales and distribution devlopment and is recorded at the end of the month.

2.2.2 Other income

Recognition of interest income

Interest income recorded on accrued basis using the effective interest rate (EIR) method.

2.2.3 Borrowing costs

Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings. Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of time that is necessary to complete and prepare the asset for its intended use or sale. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. All other borrowing costs are charged to the statement of profit and loss as incurred.

2.2.4 Impairment of non-financial assets

At each reporting date, the Company reviews the carrying amounts of its non-financial assets to determine whether there is any indication of impairment. If any such indication of impairment exists, then the asset''s recoverable amount is estimated. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash generating units (‘CGU''). Goodwill arising from a business combination is allocated to a CGU or groups of CGU that are expected to benefit from the synergies of the combination.

The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its estimated recoverable amount.

Impairment losses are recognised in the Statement of profit and loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis.

An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount. Such a reversal is made only to the extent that the asset''s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

2.2.5 Financial instruments

Initial recognition and measurement

Trade receivables are initially recognised when they are originated. All other financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument. Financial assets (except for trade receivables) and financial liabilities are measured initially at fair value adjusted for transaction costs, except for those carried at fair value through profit or loss which are measured initially at fair value. Trade receivables are initially measured at the transaction price. Subsequent measurement of financial assets and financial liabilities is described below.

Subsequent measurement

i. Financial assets carried at amortised cost - A ‘financial asset'' is measured at the amortised cost if both the following conditions are met:

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

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

After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method

ii. Investments in equity instruments of subsidiary- Investments in equity instruments of subsidiary are accounted for at cost in accordance with the option given under Ind AS 27, Separate Financial Statements.

De-recognition of financial assets

A financial asset is primarily derecognised when the contractual rights to receive cash flows from the asset have expired or the Company has transferred its rights to receive cash flows from the asset.

Non-derivative financial liabilities

Subsequent measurement

Subsequent to initial recognition, all non-derivative financial liabilities are measured at amortised cost using the effective interest method.

De-recognition/modification of financial liabilities

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

Offsetting of financial instruments

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

2.2.6 Impairment of financial assets

In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss for financial assets. The Company assesses on forward looking basis the expected credit losses associated with its assets and impairment methodology applied depends on whether there has been a significant increase in credit risk. An impairment loss is recognised based on the 12 months probability of default or life time probability of default and the expected loss good default estimated for each financial asset.

Trade receivables

In respect of trade receivables, the Company applies the simplified approach of Ind AS 109, which requires measurement of loss allowance at an amount equal to lifetime expected credit losses. Lifetime expected credit losses are the expected credit losses that result from all possible default events over the expected life of a financial instrument.

In respect of its other financial assets, the Company assesses if the credit risk on those financial assets has increased significantly since initial recognition. If the credit risk has not increased significantly since initial recognition, the Company measures the loss allowance at an amount equal to 12-month expected credit losses, else at an amount equal to the lifetime expected credit losses.

When making this assessment, the Company uses the change in the risk of a default occurring over the expected life of the financial asset. To make that assessment, the Company compares the risk of a default occurring on the financial asset as at the balance sheet date with the risk of a default occurring on the financial asset as at the date of initial recognition and considers reasonable and supportable information, that is available without undue cost or effort, that is indicative of significant increases in credit risk since initial recognition. The Company assumes that the credit risk on a financial asset has not increased significantly since initial recognition if the financial asset is determined to have low credit risk at the balance sheet date.

2.2.7 Income tax

Tax expense recognised in statement of profit and loss comprises the sum of deferred tax and current tax except the ones recognised in other comprehensive income or directly in equity.

i. Current tax

Current tax is determined as the tax payable in respect of taxable income for the year and is computed in accordance with relevant tax regulations. Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity).

ii. Deferred tax

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used for taxation purposes. Deferred tax is also recognised in respect of carried forward tax losses and tax credits. Deferred tax is not recognised for temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Company is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and

Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised. The existence of unused tax losses is strong evidence that future taxable profit may not be available. Therefore, in case of a history of recent losses, the Company recognises a deferred tax asset only to the extent that it has sufficient taxable temporary differences or there is convincing other evidence that sufficient taxable profit will be available against which such deferred tax asset can be realised. Deferred tax assets - unrecognised or recognised, are reviewed at each reporting date and are recognised/ reduced to the extent that it is probable/ no longer probable respectively that the related tax benefit will be realised.

Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on the laws that have been enacted or substantively enacted by the reporting date.

2.2.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, balance with banks in current in current accounts and other short term highly liquid investments with original maturity of three months and less.

2.2.9 Employee benefits Gratuity

Gratuity is a post-employment benefit and is in the nature of a defined benefit plan. The liability recognized in the balance sheet in respect of gratuity is the present value of the defined benefit/obligation at the balance sheet date, together with adjustments for unrecognized actuarial gains or losses and past service

costs. The defined benefit/obligation is calculated at or near the balance sheet date by an independent actuary using the projected unit credit method. This is based on standard rates of inflation, salary growth rate and mortality. Discount factors are determined close to each year-end by reference to market yields on government bonds that have terms to maturity approximating the terms of the related liability. Service cost on the Company''s defined benefit plan is included in employee benefits expense. Net interest expense on the net defined benefit liability is included in finance costs. Actuarial gains/losses resulting from re-measurements of the liability are included in other comprehensive income.

Short-term employee benefits

Short-term employee benefits comprise of employee costs such as salaries, bonus etc. is recognized on the basis of the amount paid or payable for the period during which services are rendered by the employee.

2.2.10 Provisions

Provisions are recognized when the Company has a present obligation as a result of past events, for which it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made. Provisions required to settle are reviewed regularly and are adjusted where necessary to reflect the current best estimates of the obligation. Provisions are discounted to their present values, where the time value of money is material.

2.2.11 Contingent liabilities and contingent assets

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognised because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements

Contingent assets are neither recognised nor disclosed. However, when realization of income is virtually certain, related asset is recognised.

2.2.12 Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting attributable taxes) by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period is adjusted for events including a bonus issue, right issue and share split transaction.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.

2.2.13 Segment

The Company''s business activity primarily falls within a single segment which is providing Consultancy and Advisory Services to achieve their business goals. The geographical segments considered are “within India” and are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (“CODM”) of the Company who monitors the operating results of its business units not separately for the purpose of making decisions about resource allocation and performance assessment. The CODM is considered to be the Board of Directors who make strategic decisions and is responsible for allocating resources and assessing the financial performance of the operating segments. The analysis of geographical segments is based on geographical location of the customers.

2.2.14 Significant management judgement and estimates

The preparation of the Company''s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the related disclosures.

Significant Management Judgements

Recognition of deferred tax assets - The extent to which deferred tax assets can be recognised is based on an assessment of the probability of the Company''s future taxable income against which the deferred tax assets can be utilised.

Evaluation of indicators for impairment of assets - The evaluation of applicability of indicators of impairment of assets requires assessment of several external and internal factors which could result in deterioration of recoverable amount of the assets.

Contingent liabilities - At each balance sheet date basis the management judgment, changes in facts and legal aspects, the Company assesses the requirement of provisions against the outstanding contingent liabilities. However, the actual future outcome may be different from this judgement.

Significant estimates

Defined benefit obligation (DBO) - Management''s estimate of the DBO is based on a number of underlying assumptions such as standard rates of inflation, mortality, discount rate and anticipation of future salary increases. Variation in these assumptions may significantly impact the DBO amount and the annual defined benefit expenses.

Useful lives of depreciable/amortisable assets - Management reviews its estimate of the useful lives of depreciable/amortisable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technical and economic obsolescence that may change the utilization of assets.

Provisions - At each balance sheet date basis management estimate, changes in facts and legal aspects, the Company assesses the requirement of provisions against the outstanding contingent liabilities. However, the actual future outcome may be different from this judgement.

2.3 Standards issued but not yet effective

The Ministry of Corporate Affairs (“MCA”) has vide notification dated 31 March 2023, notified companies (Indian Accounting Standards) amendment Rules, 2022 which amends certain accounting standards, and are effective 01 April 2023. These amendments are not expected to have a material impact on the Company in the current or future reporting periods and on unforeseeable future transactions.

Amendment to Ind AS 1, Presentation of Financial Statements

Ind AS 1, requires entities to disclose material accounting policies instead of significant accounting policies. Accounting policy information considered together with other information, is material when it can reasonably be expected to influence decisions of primary users of general purpose financial statements. The amendment also clarifies that immaterial accounting policy information does not need to disclose. If it is disclosed, it should not obscure material accounting information. The Company is evaluating the requirement of the said amendment and its impact on these financial statements.

Amendment to Ind AS 8, Accounting Policies, Change in Accounting Estimates and Errors

Ind AS 8, specifies an updated definition of an As per the amendment, accounting estimates are monetary amounts in the financial statements that are subject to measurement uncertainty and measurement techniques and inputs are used to develop an accounting estimate. Measurement techniques include estimation techniques and valuation techniques. The Company is evaluating the requirement of the said amendment and its impact on these financial statements.

Amendment to Ind AS 12, Income taxes

Ind AS 12, Income taxes This amendment has narrowed the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal and offsetting temporary differences. The effective date for adoption of this amendment is annual periods beginning on or after 01 April 2023 The Company has evaluated the amendment and there is no impact on its standalone financial statements.


Mar 31, 2016

Notes forming part of the on financial statements as on 31st March, 2016

Note 15. ''Corporate information

Indelicate Capital Ventures Limited (the Company) is a Public Company and is incorporate a ted under the provisions of The Companies Act,1956. Its shares are listed on Bombay Stock Exchange. The company is engaged in the Business of providing Advisory, Consultancy, Investments Services, Trading in Shares.

Note 16.

''Significant accounting policies

16.1 ''Basis of accounting and preparation offinancial statements

The financial statements are prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards prescribed in the Companies (Accounting Standards) Rules, 2006 (as amended) issued by the Central Govt. in terms of section 211 (3C) of the Companies Act, 1956 (the Act) (which continue to be applicable in respect of section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13 September of the Ministry of Corporate Affairs). The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year and comply with the mandatory accounting standards and statements issued by Institute of Chartered Accountants of India (ICAI).

Assets and Liabilities are classified as current if it is expected to realize or settle within 12 months after Balance Sheet date.

16.2 ''Use of estimates

The preparation of the financial statements in conformity with Indian Generally Accepted Accounting Principles (Indian GAAP) requires the Management to make judgments, estimates and assumptions that affect the application of Accounting Policies and reported amounts of Assets and Liabilities, Income and Expenses and disclosure of Contingent Liabilities at the end of Financial Statements. The Management believes that the estimates made in the preparation of the financial statements are prudent and reasonable. Actual results could differ from those estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known/ materialize.

16.3 ''Tangiblefixed assets

''Fixed assets, are stated at cost less accumulated depreciation/amortization and impairment loss if any.

cost comprises the purchase price and any attributable cost of bringing the assets to its working con do tons for its intended use.

Intangible assets

Intangible assets are recognized in the year it is put to use at cost. Intangible assets are carried at cost less accumulated amortization and accumulated impairment loss if any.

16.4 Depreciation and amortization

Pursuant to the enactment of the Companies Act, 2013 (''the Act''), becoming effective from 1st April, 2014, the Company has applied the estimated useful life as specified in the schedule II, accordingly depreciation is Provided on Revised Carrying Amount of the Assets over its remaining useful life on WDV Method.

Depreciation in respect of Assets acquired / Purchased / sold / discarded during the year has been provided on pro-rata basis. Intangible assets are amortized over useful life of the assets.

16.5 Investments

Long term investments are stated at cost less provision, for diminution which is other than temper a rye in nature. Current investments stated at lower of cost or market value.

16.6 ''Revenue recognition

Revenue from services rendered is recognized as and when services are rendered and related costs are incurred in accordance with the terms of the contractual agreement.

Income from the Consultancy services and commission is recognized on proportionate completion method based on agreed terms & Contract.

Interest, as and when applicable, on refunds from statutory authorities is recognized when such interest is determinable, based on completed proceedings. Other interest income is recognized using time proportion method, based on interest rate implicit in the transactions. Profit on sale of investments is recognized on completion of transactions.

Sales are recognized when all significant risks and rewards of ownership have been transferred to the buyer. Sales are shown Net of VAT.

Dividends are recognized when the shareholders'' right to receive payment is established by the balance sheet date.

16.7 Expenses

All materials known expenses and liabilities are provided for according to mercantile system on the basis of available information or estimates.

16.8 ''Foreign currency transactions

Transactions denominated in foreign currency are recorded at the exchange rates prevailing on the date of transactions. Exchange difference arising on foreign exchange transactions settled during the year are recognized in the profit and loss accounts of the year.

16.9 ''Employee benefits

Short term employee benefits are recognized as expenses at the undiscounted amounts in the year in which the related service is rendered.

Post employment and other long term employee benefits are recognized as an expense in the Profit and Loss Account of the year in which the employee has rendered services. The expense is recognized at the present value of the amount payable, determined as per Actuarial Valuations. Actuarial gains and losses in respect of post employment and long term employee benefits are recognized in the statement of Profit and Loss.

16.10 ''Taxes on income

Tax expense comprises both current tax & deferred tax. Current tax is the amount of tax payable on the assessable income for the year determined in accordance with the provisions of Income Tax Act 1961. Deferred tax is recognized on timing differences, being the difference between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets on unabsorbed tax losses and tax depreciation are recognized only when there is virtual certainty of their realization and or other items when there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. The tax effect is calculated and recognized at the rate of Income Tax prevailing at the Balance Sheet date or at the substantively enacted tax rate, subject to the consideration of prudence as per the Accounting Standards-22 "Accounting for Taxes on Income".

16.11 ''Provisions and contingencies

''A provision is recognized when 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 contingent liability is made when there is a possible obligation or a present obligation that may, but probably may not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which likely hood of outflow of resources is remote, no provision or disclosure is made. Loss contingencies arising from claims, litigations, assessments, fines, penalties etc. are recorded when it is probable that the liability has been incurred and the amount can be reasonably estimated.

16.12 Payment to Auditors

16.14 ''As regards compliance of Provision as per the requirement of Sec 22 of the Micro, Small and Medium enterprises act 2006 relating to dues to the Micro, Small and Medium enterprises. The company has not received from any parties claim to be small scale industries and the said information is not given.

16.15 Segment Information

The company is operating only in one segment.

16.16 Contingent Liabilities __

Claims against the company not acknowledged as liabilities in respect of Income Tax Matters

16.17 Related party disclosures under Accounting Standard -18 List of Related Parties where Control exists:

Samruddhi Fin stock Ltd

Samco Securities Ltd(formerly known as Samruddhi Stock Brokers Ltd) SEMCO Ventures Pvt Ltd

Samco Commodities Ltd(formerly known as Samruddhi Tradecom India . Ltd)

Bombay Exim Pvt Ltd

Jinal Finvest Pvt Ltd

Jimeet Developers Pvt Ltd

Ashwa Realty (India) Pvt Ltd

Galaxy Realty Pvt Ltd

Niralee Properties Pvt Ltd

High Rise Realty Pvt Ltd

Anish Properties Pvt Ltd

Saria Builders & Developers Pvt Ltd

Rock Builders and Developers Pvt Ltd

Piyali Builders & developers Pvt Ltd

Win Sure Trade Invest Private Limited

Hansa Villa Realty Private Limited

ICVL Steels Ltd.

Intellivate Capital Advisors Ltd.

(a) The transactions entered with the related parties are in ordinary course of business and on arms length basis of the cos.

(b) Related parties relationship is as identified by the management and relied upon by the auditor.

(c) No amounts in respect of related parties have been written off/written back, nor provision made for doubtful during the year.

16.20 Retirement Benefits

Long Term Employee Benefits are not provided because no employee has completed full year of service.

16.21 Provision for Taxes

Provision for current tax has been made as per the provisions of the Income Tax Act 1961.

16.22 Deferred Tax Liabilities

The breakup of deferred tax liability duet Tax effect on depreciation on assets is as under.

16.23 In the opinion of Management, the Current Assets, Loans and Advances are approximately of the value as stated if realized in the ordinary course of business.

16.24 No provision for diminution in the value of certain Long term Investments has been considered necessary, since in the opinion of the Management, such diminution in their value is temper ay in nature considering the nature of Investments.

16.25 Balances standing to the debit/credit of parties is subject to confirmation by them and reviews by the Company.

16.26 Pursuant to the guidelines under the Schedule II of the Companies Act, 2013 the carrying amount of the assets as on April 1, 2014 has been depreciated over the remaining revised useful life of the assets. Consequently, depreciation for the year ended March, 2015 is higher by Rs.11398 and profit before tax is lower to this extend further an amount of Rs. 4296 representing the carrying amount of assets with revised useful life as Nil, has been charges to the Retained profits opening balance as on 01-Apr-14.

16.27 The figures of the previous year have been regrouped, rearranged and reclassified wherever necessary to conform to current year''s classification.


Mar 31, 2014

1.1 ''Basis of accounting and preparation of financial statements

The financial statements are prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards prescribed in the Companies (Accounting Standards) Rules, 2006 (as amended) issued by the Central Govt. in terms of section 211 (3C) of the Companies Act, 1956 (the Act) (which continue to be applicable in respect of section 133 of the Companies Act, 2013 in terms of General Circullar 15/2013 dated 13 September of the Ministry of Corporate Affairs). The financial statements have been prepared on accrual basis under the historical costconvention.The accounting policies adopted in the preparation of thefinancial statements are consistent with those followed in the previousyearand comply with the mandatory accounting standards and statements issued by Institute of Chartered Accountantsof India (ICAI). Assets and Liabilities are classified as current if it is expected to realise orsettle within 12 months after Balance Sheetdate.

1.2 ''Use of estimates

The preparation of the financial statements in conformity with Indian Generally Accepted Accounting Principles (Indian GAAP) requires the Management to make judgements, estimates and assumptionsthat affect the application of Accounting Policies and reported amounts of Assets and Liabilities, Income and Expenses and disclosure of Contigent Liabilities at the end of Financial Statements. The Management believes that the estimates made in the preparation of the financial statements are prudent and reasonable. Actual results could differ from those estimates and the differences between the actual resultsand the estimates are recognised in the periods in which the results are known / materialise.

16.3 Tangiblefixed assets

''Fixed assets, are stated at cost less accumulated depreciation /amortisation and impariment loss if any.

cost comprises the purchase price and any attributable cost of bringing the assets to its working condotions for its intended use.

Intangible assets

Intangible assets are recognised in the year it is put to use at cost. Intangible assets are carried at cost less accumulated amortisation and accumulated impairment loss if any.

16.4 ''Depreciation and amortisation

Depreciation on Fixed Assets has been charged as per revised rates of depreciation prescribed in Schedule XIV to the CompaniesAct, 1956.

Depreciation in respect of Assets acquired / Purchased / sold / dicarded during the year has been provided on pro-rata basis.

Intangible assets are amortised over useful life of the assets.

16.5 Investments

Long term investments are stated at cost less provision, for diminution which is other than temporary in nature. Current investments stated at lowerofcostormarketvalue.

16.6 ''Revenue recognition

Revenue from services rendered is recognized as and when services are rendered and related costs are incurred in accordance with the terms of the contractual agreement.

Income from the Consultany services and commission is recongnised on proportionate completion method based on agreed terms & Contract.

Interest, as and when applicable, on refunds from statutory authorities is recognized when such interest is determinable, based on completed proceedings. Other interest income is recognized using time proportion method, based on interest rate implicit in the transactions. Profiton sale of investments is recognized on completion of transactions.

Sales are recognized when all significant risks and rewards of ownership have been transferred to the buyer. Sales are shown Net of VAT

Dividendsare recognized when the shareholders'' right to receive payment isestablished by the balance sheetdate.

16.7 Expenses

All materials known expenses and liabilities are provided for according to mercantile system on the basis of available information orestimates.

16.8 ''Foreign currency transaction

Transactions denominated in foreign currency are recorded at the exchange rates prevailing on the date of transactions. Exchange difference arising on foreign exchange transactions settled during the year are recognized in the profit and loss accountsoftheyear.

16.9 ''Employee benefits

Short term employee benefits are recognized as expenses at the undiscounted amounts in the year in which the related service is rendered.

Post employment and other long term employee benefits are recognized as an expense in the Profit and Loss Account of the year in which the employee has rendered services. The expense is recognized at the present value of the amount payable, determined as per Actuarial Valuations. Actuarial gains and losses in respect of post employment and long term employee benefits are recognized in the statment of Profit and Loss .

16.10 ''Taxes on income

Tax expense comprises both current tax & deferred tax. Current tax isthe amount of tax payable on the assessable income for the year determined in accordance with the provisions of Income Tax Act 1961. Deferred tax is recognised on timing differences, being the difference between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assests on unabsorbed tax losses and tax depreciation are recognised only when there is virtual certainty of their realiasation and or other items when there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assests can be realised. The tax effect is calculated and recognised at the rate of Income Tax pervailing at the Balance Sheet date or at the substantively enacted tax rate, subject to the consideration of purdance as per the Accounting Standards - 22 "Accounting for Taxes on Income".

16.11 ''Provisions and contingencies

''A provision is recognised when 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. Adisclosure for contingent liability is made when there is a possible obligation or a present obligation that may, but probably may not, require an outflow of resources. When there is a possible obligation ora present obligaion in respect of which likely hood of outflow of resources is remote, no provision or disclosure is made. Loss contingencies arising from claims, litigations, assessments, fines, penalties etc. are recorded when it is probablethatthe liability has been incurred and the amount can be resonably estimated.


Mar 31, 2013

1.1 Basis of accounting and preparation of financial statements

The financial statements are prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis under the historical cost convention.The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year and comply with the mandatory accounting standards and statements issued by Institute of Chartered Accountants of India (ICAI).

1.2 Use of estimates

The preparation of the financial statements in conformity with Indian Generally Accepted Accounting Principals requires the Management to make estimates and assumptions that affect the reported amounts of Assets and Liabilities and aisclosure of Contigent Liabilities at the end of Financial Statements and the results of operations during the reporting period end. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Actual ! results could differ from those estimates and the differences between the actual results and the estimates are recognised in the ¦ pehods in which the results are known / materialise.

1.3 Tangible fixed assets

Fixed assets, are stated at cost less accumulated depreciation / amortisation and impariment loss if any. cost comprises the purchase price and any attnbutetable cost of bring the assets to its working condotions for Its intended use.

1.4 Depreciation and amortisation _

Depreciation on Fixed Assets has been charged as per revised rates of depreciation prescribed in Schedule XIV to the Companies Act, 1956.

Depreciation in respect of Assets acquired / Purchased / sold / dicarded during the year has been provided on pro-rata basis.

1.5 Investments

Long term investments are stated at cost less provision, for diminution which is other than temporary in nature. "Current investments stated at lower of cost or market value.

1.6 Revenue recounition

Revenue from services rendered is recognized as and when services are rendered and related costs are incurred in accordance with the terms of the contractual agreement, Income from the Consultany services and commission..is recongnised on proportionate completion method based On agreed terms & Contract Interest, as and when applicable, on refunds from statutory authorities is recognized when such interest is determinable, based on completed proceedings. Other interest income is recognized using time proportion method, based on interest rate implicit in the transactions. Profit on sale of investments is recognized on completion of transactions.

Sales are recognized when all significant risks and rewards of ownership have been transferred to the buyer''Sales are shown

Net of VAT.

Dividends are recognized when the shareholders'' right to receive payment is established by the balance sheet

1.7 Expenses

Ail materials known expenses and liabilities are provided for according to mercantile system on the basis of available information or estimates.

1.8 Foreign currency transactions and translations ¦

Transactions denominated in foreign currency are recorded at the exchange rates prevailing on the date of transactions. Exchange difference arising on foreign exchange transactions settled during the year are recognized in the profit and loss accounts of the year

1.9 Employee benefits

Short term employee benefits are recognized as expenses at the undiscounted amounts in the year in which the related service is rendered

Post employment and other long term employee benefits are recognized as an expense in the Profit and Loss Account of the , year in which the employee has rendered services The expense is recognized at the present value of the amount payable, determined as per Actuarial Valuations. Actuarial gains and losses in respect of post employment and long term employee benefits are recognized in trie statment of Profit and Loss .

1.10 Taxes on income

Tax expense comprises both current tax & deferred tax. Current tax is the amount of tax payable on the assessable income for the year determined in accordance with the provisions of Income Tax Act 1961.

Deferred tax is recognised on timing differences, being the difference between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assests on unabsorbed tax losses and tax depreciation are recognised only when there is virtual certainty of their realiasation and or other items when there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assests can be realised The tax effect is calculated and recognised at the rate of Income Tax pervailing at the Balance Sheet date or at the substantively enacted tax rate, subject to the consideration of purdance as per the Accounting Standards - 22" Accounting for

Provisions and contingencies

A provision is recognised when 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 contingent liability is made when there is a possible obligation or a present obligation that may, but piobably may not, require an outflow of resources. When there is a possible obligation or a present obligaion in respect of which likely hood of outflow of resources is remote, no; provision or disclosure is made. Loss contingencies arising from claims, litigations, assessments, fines, penalties etc. are, recorded when it is probable that the liability has been incurred and the amount can be resonably estimated.


Mar 31, 2012

1.1 Basis of accounting and preparation of financial statement* The financial statements are prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year and comply with the mandatory accounting standards and statements issued by Institute of Chartered Accountants of India (ICAI).

1.2 Use of estimates

The preparation of the financial statements in conformity with Indian Generally Accepted Accounting Principals requires the Management to make estimates and assumptions that affect the reported amounts of Assets and Liabilities and disclosure of Contigent Liabilities at the end of Financial Statements and the results of operations during the reporting period end. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Actual results could differ from those estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known / materialize.

1.3 Tangible fixed assets

Fixed assets, are stated at cost less accumulated depreciation / amortization and impariment loss if any.

cost comprises the purchase price and any attribute table cost of bring the assets to its working conditions for its intended use

1.4 Depreciation and amortization

Depreciation on Fixed Assets has been charged as per revised rates of depreciation prescribed in Schedule XIV to the Companies Act, 1956.

Depreciation in respect of Assets acquired / Purchased / sold / dicarded during the year has been provided on pro-rata basis.

1.5 Investments

Long term investments are stated at cost less provision, for diminution which is other than temporary in nature. Current investments stated at lower of cost or market value.

1.6 Revenue recognition

Revenue from services rendered is recognized as and when services are rendered and related costs are incurred in accordance with the terms of the contractual agreement.

Income from the Consultany services and commission is recongnised on proportionate completion method based on agreed terms & Contract.

Interest, as and when applicable, on refunds from statutory authorities is recognized when such interest is determinable, based on completed proceedings. Other interest income is recognized using time proportion method, based on interest rate implicit in the transactions. Profit on sale of investments is recognized on completion of transactions.

Sales are recognized when all significant risks and rewards of ownership have been transferred to the buyer. Sales are shown Net of VAT.

Dividends are recognized when the shareholders* right to receive payment is established by the balance sheet date.

1.7 Expenses

All materials known expenses and liabilities are provided for according to mercantile system on the basis of available information or estimates.

1.8 Foretan currency transactions and translations

Transactions denominated in foreign currency are recorded at the exchange rates prevailing on the date of transactions. Exchange difference arising on foreign exchange transactions settled during the year are recognized in the profit and loss accounts of the year.

1.9 Employee benefits

Short term employee benefits are recognized as expenses at the undiscounted amounts in the year in which the related service is rendered.

Post employment and other long term employee benefits are recognized as an expense in the Profit and Loss Account of the year in which the employee has rendered services. The expense is recognized at the present value of the amount payable, determined as per Actuarial Valuations. Actuarial gains and losses in respect of post employment and long term employee benefits are recognized in the Profit and Loss Account.

1.10 Taxes on income

Income Tax expense comprises of current tax & deferred tax charges or credit. Deferred tax resulting from timing differences between book & tax profit is accounted at the current rate of tax, to the extent the timing difference are expected to crystallize, ab deferred tax charge / benefit in the Profit & Loss account and as deferred tax assets / liabilities in the balance sheet. Where there is carry forward loss, deferred tax assets are recognized only if there is virtual certainty of realization in future.

1.11 Provisions and contingencies

A provision is recognized when there is present obligation as a result of a past event that probably requires an outflow of re( urces and a reliable estimate can be made of the amount of the obligation. A disclosure for contingent liability is made w: n there is a possible obligation or a present obligation that may, but probably may not, require an outflow of resources. W. on there is a possible obligation or a present obligation in respect of which likely hood of outflow of resources is remote, no provision or disclosure is made. Loss contingencies arising from claims, litigations, assessments, fines, penalties etc. are recorded when it is probable that the liability has been incurred and the amount can be resonably estimated.


Mar 31, 2011

1) Basis of preparation of Financial statements

These financial statements have been prepared under the historical cost convention from the books of account maintained on an accrual basis which is in conformity with accounting principles generally accepted in India, relevant provisions of the Companies Act, 1956 and the mandatory Accounting Standards as specified in the Companies (Accounting Standard) Rules, 2006, prescribed by the Central Government.

2) Use of estimates

The preparation of financial statements in conformity with GAAP requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as at the date of financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Any revision to accounting estimates is recognized in the current and future periods.

3) Fixed Assets

Fixed assets are stated at historical cost of acquisition or construction less accumulated depreciation.

4) Depreciation

Depreciation is provided on written down value method at the rates and in the manner prescribed under Schedule XIV of the Companies, Act 1956.

5) Investments

Investments are classified as current or long term in accordance with Accounting Standards 13 on "Accounting for Investments" Long term Investments are carried at cost less provision for diminution in value considered to be other than temporary in nature, if any.

Trade investments are valued at lower cost or market value.

6) Revenue Recognition:

In appropriate circumstances, revenue (income) is recognized when it is earned and no significant uncertainty as to determination or realisation exists.

Income from Consultancy services and Commission is recognized on proportionate completion method based on agreed terms and contract.

Interest, as and when applicable, on refunds from statutory authorities is recognized when such interest is determinable, based on completed proceedings. Other interest income is recognized using time proportion method, based on interest rate implicit in the transactions. Profit on sale of investments is recognized on completion of transactions.

Sales are recognized when all significant risks and rewards of ownership have been transferred to the buyer. Sales are shown Net of VAT.

Dividends are recognized when the shareholders' right to receive payment is established by the balance sheet date.

7) Expenses

Material known liabilities are provided for on the basis of available information / estimates.

8) Deferred Revenue Expenditure

Deferred revenue expenditure is written off entirely in the year in which it is incurred as per the provision of AS-26 on "Intangible Assets".

9) Taxes on Income

Income tax is accounted for in accordance with Accounting Standard 22 on Accounting for Taxes on income. Tax comprises current Tax and deferred Tax.

Provision for taxation is made in accordance with the provisions of Income Tax Act, 1961. Deferred tax assets (if any) are recognized only if there is reasonable certainty that they will be realized.

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

10) Employee Benefits

a) Short Term Employee Benefits are recognized as an expense at the undiscounted amount in the Profit & Loss Account of the year in which the related service is rendered.

b) Post employment and other long term employee benefits are recognized as an expense in the Profit and Loss Account of the year in which the employee has rendered services. The expense is recognized at the present value of the amount payable, determined as per Actuarial Valuations. Actuarial gains and losses in respect of post employment and long term employee benefits are recognized in the Profit and Loss Account.

11) Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.

Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.


Mar 31, 2010

1) Basis of preparation of Financial statements

These financial statements have been prepared under the historical cost convention from the books of account maintained on an accrual basis which is in conformity with accounting principles generally accepted in India, relevant provisions of the Companies Act,1956 and the mandatory Accounting Standards as specified in the Companies (Accounting Standard) Rules, 2006, prescribed by the Central Government.

2) Use of estimates

The preparation of financial statements in conformity with GAAP requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as at the date of financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Any revision to accounting estimates is recognized in the current and future periods.

3) Fixed Assets

Fixed assets are stated at historical cost of acquisition or construction less accumulated depreciation.

4) Depreciation

Depreciation is provided on written down value method at the rates and in the manner prescribed under Schedule XIV of the Companies, Act 1956.

5) Investments

Investments are classified as current or long term in accordance with Accounting Standards 13 on "Accounting for Investments"

Long term Investments are carried at cost less provision for diminution in value considered to be other than temporary in nature, if any.

Trade investments are valued at lower cost or market value.

6) Revenue Recognition:

In appropriate circumstances, revenue (income) is recognized when it is earned and no significant uncertainty as to determination or realisation exists.

Income from Consultancy services and Commission is recognized on proportionate completion method based on agreed terms and contract.

Interest, as and when applicable, on refunds from statutory authorities is recognized when such interest is determinable, based on completed proceedings. Other interest income is recognized using time proportion method, based on interest rate implicit in the transactions.

Profit on sale of investments is recognized on completion of transactions.

7) Expenses

Material known liabilities are provided for on the basis of available information / estimates.

8) Deferred Revenue Expenditure

Deferred revenue expenditure is written off entirely in the year in which it is incurred as per the provision of AS-26 on "Intangible Assets".

9) Taxes on Income

Income tax is accounted for in accordance with Accounting Standard 22 on Accounting for Taxes on income. Tax comprises current Tax and deferred Tax.

Provision for taxation is made in accordance with the provisions of Income Tax Act, 1961. Deferred tax assets (if any) are recognized only if there is reasonable certainty that they will be realized.

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

10) Employee Benefits

a) Short Term Employee Benefits are recognized as an expense at the undiscounted amount in the Profit & Loss Account of the year in which the related service is rendered.

b) Post employment and other long term employee benefits are recognized as an expense in the Profit and Loss Account of the year in which the employee has rendered services. The expense is recognized at the present value of the amount payable, determined as per Actuarial ValuationsAcuarial gains and losses in respect of post employment and long term employee benefits are recognized in the Profit and Loss Account.

11) Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.

Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

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