Accounting Policies of IIRM Holdings India Ltd. Company

Mar 31, 2013

1.1 Basis for preparation of Financial Statements

The financial statements have been prepared under the historical cost convention on the accrual basis of accounting, and are in accordance with the applicable requirements of the Companies Act, 1956 & accounting standards.

1.2 Revenue recognition

The Company recognizes revenue on accrual basis in accordance with Accounting Standard 9.

1.3 Expenditure

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

1.4 Fixed assets/Depreciation & Amortization

Fixed assets are stated at cost less accumulated depreciation and impairment loss, if any costs include all expenses incurred to bring the assets to its presentlocation and condition for its intended use.

Depreciation on other tangible fixed assets is provided at the written down value method at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956. Depreciation on addition to fixed assets is provided on pro-rata basis from the date the assets are ready to use. Depreciation on sale/deduction from fixed assets is provided for upto the date of sale, deduction, discardment as the case may be.

1.5 Investments

Long term Investments are stated at cost, less provision for other than temporary diminution in value. Short term investments are carried at lower of cost and fair value, computed category-wise.

1.6 Foreign Exchange Transactions

Foreign exchange transactions are recorded at the exchange rates prevailing at the date of transaction. Exchange differences arising on these settlement of monetary items or on restatement of the Company''s monetary items at rates different from those at which they were initially recorded during the year, or reported in previous financial statements, other than those relating to fixed assets are recognized as income or as expenses in the year in which they arise.

1.7 Miscellaneous Expenditure

Miscellaneous expenditure is written off in the profit and loss account in the year of incurrence or commencement of business whichever is later.

1.8 Borrowing Cost

Borrowing costs are determined in accordance with the provisions of AS 16. Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

1.9 Provision tor Tax

Tax expense for the year comprises current and deferred is included in determining the net profit for the year. Provision for current tax is based on the tax liabilities computed in accordance with the provisions of the Income Tax Act, 1961.

Deferred Tax expense or benefit is recognized on timing difference between accounting and taxable income that originates in one year and is capable of reversal in one or more subsequent period. Deferred tax assets and liabilities are measured using the tax rates and laws that have been substantively enacted by the balance sheet date.

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Mar 31, 2012

1. 1 Basis for preparation of Financial Statements

The financial statements which have been prepared under the historical cost convention on the accrual basis of accounting, and are in accordance with the applicable requirements of the Companies Act, 1956 & accounting standards.

1.2 Revenue recognition

The Company recognizes revenue on accrual basis in accordance with Accounting Standard 9.

1.3 Expenditure

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

1.4 Fixed assets/Depreciation & Amortization

Fixed assets are stated at cost less accumulated depreciation and impairment loss, if any costs include all expenses incurred to bring the assets to its presentlocation and condition for its intended use.

Depreciation on other tangible fixed assets is provided at the written down value method at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956. Depreciation on addition to fixed assets is provided on pro-rata basis from the date the assets are ready to use. Depreciation on sale/deduction from fixed assets is provided for upto the date of sale, deduction, discardment as the case may be.

1.5 Investments

Long term Investments are stated at cost, less provision for other than temporary diminution in value. Short term investments are carried at lower of cost and fair value, computed category-wise.

1.6 Foreign Exchange Transactions

Foreign exchange transactions are recorded at the exchange rates prevailing at the date of transaction. Exchange differences arising on these settlement of monetary items or on restatement of the Company's monetary items at rates different from those at which they were initially recorded during the year, or reported in previous financial statements, other than those relating to fixed assets are recognized as income or as expenses in the year in which they arise.

1.7 Miscellaneous Expenditure

Miscellaneous expenditure is written off in the profit and loss account in the year of incurrence or commencement of business which ever is later.

1.8 Borrowing Cost

Borrowing costs are determined in accordance with the provisions of AS 16. Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

1.9 Provision for Tax

Tax expense for the year comprises current and deferred is included in determining the net profit for the year. Provision for current tax is based on the tax liabilities computed in accordance with the provisions of the Income Tax Act, 1961.

Deferred Tax expense or benefit is recognized on timing difference between accounting and taxable income that originates in one year and is capable of reversal in one or more subsequent period. Deferred tax assets and liabilities are measured using the tax rates and laws that have been substantively enacted by the balance sheet date.

1.10 Provision, 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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Mar 31, 2010

1 Revenue /Expense Recognition:

Accounts are being maintained on accrual basis and under historical cost convention in accordance with the generally accepted accounting principles in India and the provisions of the companies Act,1956.

2 Amortisation of Miscellaneous Expenditure:

Balance of Preliminary and share issue expenses are amortised over a period of ten years when commercial production begins in equal instalments.

3 Fixed Assets:

Fixed Assets are stated at cost of acquisition inclusive of freight, duties, tax related thereto and the cost of installation / construction and related expenses tehreto.

4 Depreciation :

Depreciation on the Fixed Assets is provided on the basis of the Staright Line Method at the rate of Specified under Schedule XIV of the Companies Act,1956 (as amended up to date on probate basis with reference to the month of installation).

5 Taxation:

No provision for Taxation for the year ended 31st March 2010 has been provided for.

6 Investment:

Investment, if any, are stated at cost; Dividend Income, if any, is accounted for on receipt basis.

7 Valuation of Inventories:

Finished goods and goods traded in are valued at cost or market value whichever is lower. Raw material is valued at cost.

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Mar 31, 2009

Not Available

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Mar 31, 2008

A The Financial statement prepared under the historical cost convention in accordance with generally accepted accounting principles, applicable accounting standard and relevant presentational requirements of the companies Act, 1956.

B.. FIXED ASSETS AND DEPRICIATION

(a) Fixed assets are stated at their original cost which includes expenditure in the acquisition and construction/installation and other related expenses.

(b) Depriciation on fixed assets is provided on straight line method at the rates prescribed under schedule xiv of the companies act, 1956 (as amended up to date on prorate basis with reference to the month of installation.

C. VALUATION OF INVENTORIES

Finished goods and goods traded - in are valued at cost or market value whichever is lower. Raw material is valued at cost.

D. INVESTMENT

Investment are valued at cost.

E. AMORTISATIONS OF MISCELLANEOUS EXPENDITURES

Preliminary expenses and share issue expenses are amortised in equal instalments in ten financial year when commercial production begins.

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Sep 30, 1995

I) Accounting Concepts

The financial statements prepared under the historical cost convention in accordance with generally accepted accounting principles, applicables Accounting standards and relevant presentational requirements of the Companies Act, 1956.

ii) Fixed Assets and Depreciation

a) Fixed Assets are stated at their original cost which includes expenditure in the acquisition and construction/ installation and other related expenses.

b) Depreciation on fixed assets is provided straight line method at the rates prescribed under schedule XIV of the Companies Act, 1956 (as amended upto date) on pro-rata basis with reference to the month of installation.

iii) Valuation of Inventories

Finished Goods are valued at cost or market value whichever is lower.

iv) Investments

Investment are valued at cost

v) Amortisation of Miscellaneous Expenditure

Preliminary Expenses and Share Issue Expenses will be amortised in equal instalments in ten Financial Year from the year when commercial production begins.

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Mar 31, 1994

I) Accounting Concepts

The financial statements prepared under the historical cost convention in accordance with generally accepted accounting principles, applicables Accounting standards and relevant presentational requirements of the Companies Act, 1956.

ii) Fixed Assets and Depreciation

a) Fixed Assets are stated at their original cost which includes expenditure in the acquisition and construction/ installation and other related expenses.

b) Depreciation on fixed assets is provided straight line method at the rates prescribed under schedule XIV of the Companies Act, 1956 (as amended upto date) on pro-rata basis with reference to the month of installation.

iii) Valuation of Inventories

Finished Goods are valued at cost or market value whichever is lower.

iv) Investments

Investment are valued at cost

v) Amortisation of Miscellaneous Expenditure

Preliminary Expenses and Share Issue Expenses will be amortised in equal instalments in ten Financial Year from the year when commercial production begins.