Accounting Policies of EFC (I) Ltd. Company

Mar 31, 2025

2 Summary of material accounting policies

a) Statement of compliance and basis of preparation

The financial statements as at and for the year ended
March 31, 2025 have been prepared in accordance with
Indian Accounting Standards ("Ind AS”) notified under the
Companies (Indian Accounting Standards) Rules, 2015 and
Companies (Indian Accounting Standards) Amendment
Rules, 2016 (as amended from time to time), and presentation
requirements of Division II of Schedule III to the Companies
Act, 2013, (Ind AS compliant Schedule III), as applicable to
the financial statement.

The financial statements have been prepared on the
accrual and going concern basis, and the historical cost
convention except where the Ind AS requires a different
accounting treatment.

The financial statements are approved for issue by the
Company''s Board of Directors on 29 May 2025.

b) Functional and presentation currency

The financial statements are presented in Indian Rupees
(INR), which is the functional and presentation currency. The
financial statements values are rounded to the nearest lakhs
(INR 00,000), except when otherwise indicated.

c) Current versus non-current classification

The Company presents assets and liabilities in the balance
sheet based on current/ non-current classification.

(i) An asset is classified as current when it is:

• Expected to be realized or intended to sold or
consumed in normal operating cycle

• Held primarily for the purpose of trading

• Expected to be realized within twelve months after
the reporting period, or

• Cash or cash equivalents unless restricted from
being exchanged or used to settle a liability for at
least twelve months

after the reporting period

(ii) All other assets are classified as non-current.

(iii) A liability is classified as current when:

• It is expected to be settled in normal operating cycle

• It is held primarily for the purpose of trading

• It is due to be settled within twelve months after
the reporting period, or

• There is no unconditional right to defer the
settlement of the liability for at least twelve months
after the reporting period

(iv) All other liabilities are classified as non-current.

(v) Deferred tax assets and liabilities are classified as
non-current assets and liabilities.

Based on the nature of service, the Company has

ascertained its operating cycle as twelve months for all

assets and liabilities.

d) Property, plant and equipment

Property, plant and equipment are stated at cost, net of
accumulated depreciation and accumulated impairment
losses, if any. The cost comprises purchase price, cost directly
attributable to bring the assets to its working condition for the
intended use and borrowing costs, if capitalization criteria
are met. Any trade discounts and rebates are deducted in
arriving at the purchase price.

Subsequent expenditure related to an item of property, plant
and equipment is added to its book value only if it increases the
future benefits from the existing asset beyond its previously
assessed standard of performance. All other expenses on
existing property, plant and equipment, including day-to-day
repair and maintenance expenditure and cost of replacing
parts, are charged to the statement of profit and loss for the
period during which such expenses are incurred.

Gains or losses arising from de-recognition of property, plant
and equipment are measured as the difference between the
net disposal proceeds and the carrying amount of the asset
and are recognized in the statement of profit and loss when
the asset is de-recognized.

Depreciation on property, plant and equipment is provided
on the straight-line method over their estimated useful
lives, as estimated by the Management. Schedule II of the
Companies Act, 2013, prescribes useful life for fixed assets.
Further schedule II also allows companies to use higher/
lower useful live and residual value if such useful live and
residual values can be technically supported and justification
for differences is disclosed in the financial statements. The
Management believes that depreciation rate currently used
fairly reflects the estimate of the useful lifes and residual value
of property plant and equipments.

The Company has estimated the following useful
lives to provide depreciation on its property, plant and
equipment, as follows:

Leasehold improvements are amortised over the useful life of
assets or the primary period of lease, whichever is shorter.

Pro-rata depreciation is provided from / upto the date of
purchase / disposal for assets purchased or sold during
the year. Assets individually costing INR 5,000 or less are
depreciated over a period of one year.

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

Property, plant and equipment under installation or
construction as at balance sheet date are shown as capital
work-in-progress and the related advances are shown
as other assets.

e) Revenue recognition

"Revenue is recognised on the basis of approved contracts
regarding the transfer of goods or services to a customer
for an amount that reflects the consideration to which
the entity expects to be entitled in exchange for those
goods and services.

Revenue towards satisfaction of a performance obligation is
measured at the amount of transaction price (net of variable
consideration) allocated to that performance obligation. The
transaction price of goods sold and services rendered is net
of variable consideration. Any amounts receivable from the
customer are recognised as revenue after the control over the
goods sold and services rendered are transferred to the customer.

Variable consideration includes incentives, rebates, discounts
etc. which is estimated at contract inception considering the
terms of various schemes with customers and constrained
until it is highly probable that a significant revenue reversal
in the amount of cumulative revenue recognised will not
occur when the associated uncertainty with the variable
consideration is subsequently resolved. It is reassessed at
end of each reporting period.

Satisfaction of performance obligation

Revenue is recognised when (or as) the Company satisfies
a performance obligation by transferring a promised good
or service (i.e. an asset) to a customer. An asset is transferred

when (or as) the customer obtains control of that asset.
For each performance obligation identified, the Company
determine at contract inception whether it satisfies the
performance obligation over time or satisfies the performance
obligation at a point in time.

Where performance obligation is satisfied over time, the
Company recognizes revenue over the contract period.
Where performance obligation is satisfied at a point in time,
Company recognizes revenue when customer obtains
control of promised goods and services in the contract.

Rental income

Service revenue includes rental revenue for use of leased
premises and related ancillary services. Revenue from leased
out premises under an operating lease is recognized on a
straight line basis over the non-cancellable period (lease
term from revenue), except where there is an uncertainty of
ultimate collection. After lease term for revenue where there
is no non-cancellable period, rental revenue is recognized as
and when services are rendered on a monthly basis as per
the contractual terms prescribed under agreement entered
with customers.

Revenue from lease income is classified as operating or
finance lease as per the lease policy at point (f) below

Other ancillary services

Revenue from other ancillary services mainly includes
other value added services. It is recognised as and when
the services are rendered in accordance with terms of
respective agreements.

f) Leases

Company as a lessee

The Company assesses whether a contract is, or contains a
lease, at inception of the contract. A contract is, or contains,
a lease if the contract conveys the right to control the use
of an identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys the
right to control the use of an identified asset, the Company
assesses whether:

i) the contract involves the use of an identified asset,

ii) the Company has substantially all of the economic
benefits from use of the asset through the period
of the lease and

iii) the Company has the right to direct the use of the asset.

At the commencement date of the lease, the Company
recognises a right-of-use asset and a corresponding lease
liability for all lease arrangements in which it is a lessee,
except for short-term leases (leases with a term of twelve
months or less), leases of low value assets and, for contract

where the lessee and lessor has the right to terminate a lease
without permission from the other party with no more than an
insignificant penalty. The lease expense of such short-term
leases, low value assets leases and cancellable leases, are
recognised as an operating expense on a straight-line basis
over the term of the lease.

At the commencement date, lease liability is measured at
the present value of the lease payments to be paid during
non-cancellable period of the contract, discounted using
the incremental borrowing rate. The right-of-use assets is
initially recognised at the amount of the initial measurement
of the corresponding lease liability, lease payments made
at or before commencement date less any lease incentives
received and any initial direct costs.

Subsequently, the right-of-use asset is measured at cost
less accumulated depreciation and any impairment losses.
Lease liability is subsequently measured by increasing the
carrying amount to reflect interest on the lease liability (using
effective interest rate method) and reducing the carrying
amount to reflect the lease payments made. The right-of-use
asset and lease liability are also adjusted to reflect any lease
modifications or revised in-substance fixed lease payments.

Short-term leases and leases of low-value assets:

The Company applies the short-term lease recognition
exemption to its short-term leases (i.e. those leases that have
a lease term of 12 months or less from the commencement
date and do not contain a purchase option). It also applies
the lease of low-value assets recognition exemption to
leases of assets that are considered to be low value. Lease
payments on short-term leases and leases of low value
assets are recognised as expense on a straight-line basis over
the lease term.

Company as a lessor

As a lessor, Leases for which the Company is a lessor are
classified as finance or operating leases. Whenever the terms
of the lease substantially transfer all the risks and rewards of
ownership to the lessee, the contract is classified as a finance
lease. All other leases are classified as operating leases

Income from operating leases where the Company is a lessor
is recognised as income on a straight-line basis over the lease
term unless the receipts are structured to increase in line
with the expected general inflation to compensate for the
expected inflationary cost increases. The respective leased
assets are included in the Standalone Balance Sheet based
on their nature. Leases of property, plant and equipment
where the Company as a lessor has substantially transferred
all the risks and rewards are classified as finance lease.
Finance leases are capitalised at the inception of the lease
at the fair value of the leased property or, if lower, the present
value of the minimum lease payments. The corresponding

rent receivables, net of interest income, are included in other
financial assets. Each lease receipt is allocated between the
asset and interest income. The interest income is recognised
in the Standalone Statement of Profit and Loss over the lease
period so as to produce a constant periodic rate of interest on
the remaining balance of the asset for each period.

g) Employee benefits expense and retirement

(i) Gratuity liability

The Company provides for gratuity, a defined benefit
plan (the "Gratuity Plan”) covering eligible employees.
The Gratuity Plan provides a lump sum payment to
vested employees at retirement, death, incapacitation
or termination of employment, of an amount based on
the respective employee''s base salary and the tenure
of employment. The liability is determined based on
an actuarial valuation carried out by an independent
actuary as at the balance sheet date using the
projected unit credit method. Actuarial gains / losses
are recognized immediately in the balance sheet with
a corresponding debit or credit to retained earnings
through other comprehensive income in the year in
which they occur.

(ii) Compensated absences

The employees of the Company are entitled to
compensated absences which are both accumulating
and non-accumulating in nature. The employees
can carry forward up to the specified portion of the
unutilized accumulated compensated absences and
utilize it in future periods or receive cash as per the
Company policy. The expected cost of accumulating
compensated absences is determined by actuarial
valuation (using the projected unit credit method)
based on the additional amount expected to be paid as
a result of the unused entitlement that has accumulated
at the balance sheet date. The expense on non¬
accumulating compensated absences is recognized in
the statement of profit and loss in the year in which the
absences occur.

The Company presents the liability as current liability
in the balance sheet, to the extent it does not have an
unconditional legal and contractual right to defer its
settlement for twelve months after the reporting date.

(iii) Provident fund

The Company''s contribution to provident fund is
charged to the statement of profit and loss. The
Company''s contributions towards provident fund
are deposited with the Regional Provident Fund
Commissioner under a defined contribution plan, in
accordance with Employees'' Provident Funds and
Miscellaneous Provisions Act, 1952.

h) Tax expense

Tax expense comprises current and deferred income tax.
Current income-tax is measured at the amount expected to
be paid to the tax authorities in accordance with the Income-
tax Act, 1961 enacted in India and tax laws prevailing in the
respective tax jurisdictions where the Company operates.
The tax rates and tax laws used to compute the amount
are those that are enacted or substantively enacted, at the
reporting date.

Deferred income taxes reflect the impact of temporary
differences between taxable income and accounting income
originating during the current year and reversal of timing
differences for the earlier years. Deferred tax is measured
using the tax rates and the tax laws enacted or substantively
enacted at the reporting date.

Deferred tax liabilities are recognized for all taxable temporary
differences, except when the deferred tax liability arises from
the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and, at the
time of the transaction, affects neither the accounting profit
nor the taxable profit or loss.

Deferred tax assets are recognized for deductible temporary
differences, the carry forward of unused tax credits and
unused tax losses. Deferred tax assets are recognized only
to the extent that it is probable that taxable profit will be
available against which deductible temporary differences,
the carry forward of unused tax credits and unused tax
losses can be utilized, except when the deferred tax asset
arises from the initial recognition of an asset or liability in a
transaction that is not a business combination and, at the
time of the transaction, affects neither the accounting profit
nor the taxable profit or loss.

The carrying amount of deferred tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow
or part of the deferred tax asset to be utilised. Unrecognized
deferred tax assets are re-assessed at each reporting date
and are recognized to the extent that it has become probable
that future taxable profit will allow the deferred tax assets
to be recovered.

Current and deferred tax are recognised in profit or loss,
except when they are related to items that are recognised in
other comprehensive income or directly in equity, in which
case, the current and deferred tax are also recognized in other
comprehensive income or directly in equity respectively.

Deferred tax assets and liabilities are offset, if a legally
enforceable right exists to set-off current tax assets against
current tax liabilities and the deferred tax assets and
deferred taxes relate to the same taxable entity and the same
taxation authority.

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Mar 31, 2024

2 Summary of significant accounting policies

(a) Statement of compliance and basis of preparation

The financial statements as at and for the year ended March 31, 2024 have been prepared in accordance with Indian Accounting Standards ("Ind AS”) notified under the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016 (as amended from time to time), and presentation requirements of Division II of Schedule III to the Companies Act, 2013, (Ind AS compliant Schedule III), as applicable to the financial statement.

These financial statements have been prepared under the historical cost convention on an accrual and going concern basis except for certain financial assets and liabilities which are measured at fair value. The financial statements are presented in INR and all values are rounded to the nearest lakhs (INR 00000), except when otherwise indicated.

(b) Functional and presentation currency

The company''s financial statements are presented in Indian Rupees (INR), which is the functional and presentation currency.

(c) Adoption of IND AS 115 Revenue from contracts with customers

MCA has notified Ind AS 115 - Revenue from contracts with customer, mandatorily applicable from 01 April 2018 either based on a full retrospective or modified retrospective application. The standard requires the Company to recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It establishes a new five-step model that will apply to revenue arising from contracts with customers.

The application of the new accounting policy has required management to make the following judgments:

The Company is required to assess each of its contracts with customers to determine whether performance obligations are satisfied over time or at a point in time in order to determine the appropriate method of recognising revenue. The Company has assessed that based on the sale and purchase agreements entered into with customers and the provisions of relevant laws and regulations, where contracts are entered

into to provide real estate assets to customer, the Company does not create an asset with an alternative use to the Company and usually has an enforceable right to payment for performance completed to date. In these circumstance the Company recognises revenue over time. Where this is not the case revenue is recognised at a point in time.

Determination of transaction prices

The Company is required to determine the transaction price in respect of each of its contracts with customers. In making such judgment the Company assess the impact of any variable consideration in the contract, due to discounts or penalties, the existence of any significant financing component in the contract and any non-cash consideration in the contract. In determining the impact of variable consideration the Company uses the "most-likely amount" method in IndAS 115, whereby the transaction price is determined by reference to the single most likely amount in a range of possible consideration amounts.

Transfer of control in contracts with customers

In cases where the Company determines that performance obligations are satisfied at a point in time, revenue is recognised when control over the assets that is the subject of the contract is transferred to the customer. In the case of contracts to sell real estate assets this is generally when the unit has been registered through a sale deed and legal enforceable right to collect payment is established.

In addition, the application of Ind AS 115 has resulted in the following estimation process:

Allocation of transaction price to performance obligation in contracts with customers

For registered contracts through a sale deed , but the project is not complete, revenue from such contracts is recognised over time. The Company has elected to apply the input method in allocating the transaction price to performance obligations where revenue is recognised over time. The Company considers that the use of the input method which requires revenue recognition on the basis of the Company''s efforts to the satisfaction of the performance obligation provides the best reference of revenue actually earned. In applying the input method the Company estimates the cost to complete the projects in order to determine the amount of revenue to be recognised. These estimates include the cost of providing infrastructure, potential claims by contractors as evaluated by the project consultant and the cost of meeting other contractual obligations to the customers.

lc) Fair value measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using

another valuation technique. The fair value measurement is based on the presumption that the transaction to sell the asset or the transfer the liability takes place either: in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant''s ability to generate economic benefits by using the assets in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest input that is significant to the fair value measurement as a whole:

Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

Level 2: Valuation techniques for which the lowest input that is significant to the fair value measurement is directly or indirectly observable.

Level 3: Valuation techniques for which the lowest input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognized in the financial statements on recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. The assets measured at fair value on a non-recurring basis, primarily consists of non-financial assets such as intangible assets

For the purpose of fair value disclosures, the Company has determined the class of assets and liabilities on the basis of the nature, characteristic and risks of the assets and liability and the level of fair value hierarchy as explained above.

(d) Current versus non-current classification

The Company presents assets and liabilities in the balance sheet based on current/ non-current classification.

(i) An asset is classified as current when it is:

• Expected to be realized or intended to sold or consumed in normal operating cycle

• Held primarily for the purpose of trading

• Expected to be realized within twelve months after the reporting period, or

• Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period

(ii) All other assets are classified as non-current.

(iii) A liability is classified as current when:

• It is expected to be settled in normal operating cycle

• It is held primarily for the purpose of trading

• It is due to be settled within twelve months after the reporting period, or

• There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period

(iv) All other liabilities are classified as non-current.

(v) Deferred tax assets and liabilities are classified as noncurrent assets and liabilities.

Based on the nature of service, the Company has ascertained its operating cycle as twelve months for all assets and liabilities.

(e) Property, plant and equipment

Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, cost directly attributable to bring the assets to its working condition for the intended use and borrowing costs, if capitalization criteria are met. Any trade discounts and rebates are deducted in arriving at the purchase price.

Subsequent expenditure related to an item of Property, plant and equipment is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing Property, plant and equipment, including day-to-day repair and maintenance expenditure and cost of replacing parts, are charged to the statement of profit and loss for the period during which such expenses are incurred.

Gains or losses arising from de-recognition of Property, plant and equipment are measured as the difference between the

net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is de-recognized.

The Company identifies and determines cost of asset significant to total cost of the asset having useful life that is materially different from that of the remaining life. Property, plant and equipment under installation or construction as at balance sheet date are shown as capital work-in-progress and the related advances are shown as other assets.

Depreciation on property, plant and equipment is provided on the straight-line method over their estimated useful lives, as estimated by the Management. The identified components, if any, are depreciated on their useful lives; the remaining asset is depreciated over the life of the principal asset. Schedule II of the Companies Act, 2013, prescribes useful life for fixed assets. Further schedule II also allows companies to use higher/ lower useful live and residual value if such useful live and residual values can be technically supported and justification for differences is disclosed in the financial statements. The Management believes that depreciation rate currently used fairly reflects the estimate of the useful lifes and residual value of property plant and equipments, though these rates in certain cases are different from lives prescribed under Schedule II.

The Company has estimated the following useful lives to provide depreciation on its Property, plant and equipment, as follows:

Intangible assets are amortized on a straight line basis over the estimated useful life. The Company uses a rebuttable presumption that the useful life of an intangible asset will not exceed ten years from the date when the asset is available for use. Such intangible assets and intangible assets not yet available for use are tested for impairment annually, either individually or at the cash-generating unit level. All other intangible assets are assessed for impairment whenever there is an indication that the intangible asset may be impaired.

The amortization period and the amortization method for an intangible asset are reviewed at least at the end of each reporting year. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit and loss unless such expenditure forms part of another asset.

Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is de-recognized.

The Company has estimated the following useful lives to provide amortisation on intangible assets, as follows:

* Telephone equipment are depreciated over a period of 3 years as per internal technical evaluation

Lease-hold improvements are amortised over the useful life of assets or the primary period of lease, whichever is shorter. Pro-rata depreciation is provided from / upto the date of purchase /disposal forassets purchased or sold during the year. Assets individually costing INR 5,000 or less are depreciated over a period of one year.

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

(f) Intangible assets

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment losses, if any.

(g) Foreign currency transactions and translations

These financial statements are presented in Indian rupees (''INR''), the currency of India, which is the functional currency of the Company.

Transactions in foreign currencies are initially recorded by the Company at their respective functional currency spot rates at the date of the transaction. Foreign-currency denominated monetary assets and liabilities are translated to the relevant functional currency at exchange rates in effect at the balance sheet date. Exchange differences arising on settlement or translation of monetary items are recognized in the statement of profit and loss. Foreign currency non-monetary assets / liabilities, measured at historical cost are translated at the exchange rate prevalent at the date of the initial transaction. Non-monetary items measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. The gain / loss arising on translation of nonmonetary item measured at fair value are treated in line with the recognition of the gain / loss on the change in the fair value of the item [other comprehensice income or profit and loss, respectively].

(h) Revenue recognition

In March 2018, Ministry of Corporate Affairs ("MCA”) had notified Ind AS 115, ''Revenue from Contract with Customers'', replacing the existing revenue recognition standards Ind AS 18, ''Revenue''. As per the new standard, revenue is recognised to depict the transfer of promised goods or services to a customer in an amount that reflects the fair value of the consideration received or receivable which the entity expects to be entitled in exchange for those goods or services. Ind AS 115 establishes a five-step model that is applied to revenue earned from a contract with a customer, regardless of the type of revenue transaction or the industry. The standard is effective for annual periods beginning on or after 1 April, 2018. The Company has adopted to the extent applicable this standard using the modified retrospective approach.

Revenue is recognized when, or as, control of a promised service transfers to a customer, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring those services. To recognize revenues, the following five step approach is applied: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenues when a performance obligation is satisfied.

Revenue recognition for time-and-material

Revenues related to time-and-materials are recognized over the period the services are provided using an input method (efforts expended).

Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The Company generally use the efforts expended as measure of progress for the Company''s contracts because there is a direct relationship between input and productivity.

Revenue recognition for fixed price contracts

Revenue related to fixed price contracts where performance obligations are satisfied over time is recognized either using the input method or output method. Under the input method, revenue is recognized based on the efforts incurred to date as a percentage of the total estimated efforts to fulfil the contract (i.e., percentage-of-completion (POC) method of accounting). Under output method, revenue is recognized based on the number of tasks completed. Provisions for estimated losses on contracts-in-progress are recorded in the period in which such losses become probable based on the current contract estimates.

Fixed price contracts are often modified to account for changes in contract specifications and requirements. The Company considers contract modifications to exist

when the modification either creates new or changes the existing enforceable rights and obligations. Most of contract modifications are for services that are not distinct from the existing contract due to the significant service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.

Revenue is recognized net of discounts and allowances, goods and services taxes, and includes reimbursement of out-of-pocket expenses, with the corresponding out-ofpocket expenses included in cost of revenues.

The Company extend credit to clients based upon Management''s assessment of their creditworthiness. The Company assess the timing of the transfer of services to the customer as compared to the timing of payments to determine whether a significant financing component exists. As a practical expedient, the Company do not assess the existence of a significant financing component when the difference between payment and transfer of deliverables is a year or less. If the difference in timing arises for reasons other than the provision of finance to either the customer or the Company, no financing component is deemed to exist. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our services, not to receive or provide financing from or to customers.

Incentive revenues, volume discounts, or any other form of variable consideration is estimated using either the sum of probability weighted amounts in a range of possible consideration amounts (expected value), or the single most likely amount in a range of possible consideration amounts (most likely amount), depending on which method better predicts the amount of consideration realizable. Transaction price includes variable consideration only to the extent it is probable that a significant reversal of revenues recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimates of variable consideration and determination of whether to include estimated amounts in the transaction price may involve judgment and are based largely on an assessment of anticipated performance and all information that is reasonably available to the Company.

Contract liabilities consist of advance payments and billings in excess of revenues recognized. The Company classify contract liability as current or noncurrent based on the timing of when they expect to recognize the revenues. The Company classify it''s right to consideration in exchange for deliverables as either as accounts receivable or a contract assets.

Accounts receivable are recorded at the invoiced amount and do not bear interest. Revenue recognized but not billed to customers is classified as contract assets in the statements of financial position. Contract assets represents contracts where right to consideration is unconditional (i.e. only the passage of time is required before the payment is due).

Finance income

For all debt instruments measured either at amortised cost or at fair value through other comprehensive income, interest income is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the gross carrying amount of the financial asset or to the amortised cost of a financial liability. When calculating the effective interest rate, the Company estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses.

Dividend income

Revenue is recognised when the Company''s right to receive dividend is established, which is generally the shareholders'' approval date.

(i) Borrowing Costs

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 a substantial period of time to get ready for its intended use or sale. All other borrowing costs are charged to the statement of profit and loss.

Borrowing costs also include exchange differences to the extent regarded as an adjustment to the borrowing costs.

(j) Leases

The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Policy applicable before April 01, 2019

The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains lease, if fulfilment of the arrangement is dependent on the use of specific asset or assets and the arrangement conveys the right to use the asset or assets, even if that right is explicitly in an arrangement.

A lease is classified at the inception date as finance lease or operating lease.

Finance lease

Finance lease, which effectively transfer to the Company substantially all the risks and benefits incidental to the ownership of the leased item, are capitalised at the inception of the lease term at the lower of the fair value of leased property and present value of minimum lease payments.

Lease payment are apportioned between the finance charges and reduction of lease liability so as to achieve a constant rate of interest on the remaining balance of lease liability. Finance charge are recognised as finance costs in the statement of profit and loss. Lease management fee, legal charges and other initial direct costs of lease are capitalized as they are directly attributable to the asset.

A leased asset is depreciated on straight line basis over the useful life of the asset. However if there are no reasonable certainty that the Company will obtain the ownership by the end of the lease term the capitalized asset is depreciated on straight line basis over the shorter of the useful life of the asset or the lease term.

Operating lease

Lease where the lessor effectively retains substantially all the risks and benefits of ownership of the leases term are classifies as operating leases. Operating lease payments are recognised as expense in statement of profit and loss on a straight-line basis over the lease term.

Policy applicable with effect from April 01, 2019 Company as a lessee

A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether the contract conveys the right to control the use of an identified asset, the Company assesses whether:

- the contract involves the use of an identified asset;

- the Company has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use; and

- the Company has the right to direct the use of the asset.

At inception or on reassessment of a contract that contains lease component, the Company allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components.

Right-of-use assets

The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured

at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received.

The right-of-use asset is subsequently measured at cost less accumulated depreciation, accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the right-of-use assets. The estimated useful life of the right-of-use assets are determined on the same basis as those of property, plant and equipment. Right-of-use assets are tested for impairment, whenever there is indication that their carrying amounts may not be recoverable. Impairment loss, if any, is recognised in statement of profit and loss.

Lease Liabilities

At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.

The lease liability is subsequently remeasured by increasing the carrying amount to reflect the interest on lease liability, reducing carrying amount to reflect the lease payment made and remeasuring the carrying amount to reflect any reassessment or lease modifications or reflect revised insubstance fixed lease payments.

Short-term leases and leases of low-value assets

The Company applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.

Company as a lessor

Leases in which the Company does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.

(k) Employee benefits expense and retirement

(i) Gratuity liability

The Company provides for gratuity, a defined benefit plan (the "Gratuity Plan”) covering eligible employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee''s base salary and the tenure of employment. The liability is determined based on an actuarial valuation carried out by an independent actuary as at the balance sheet date using the projected unit credit method. Actuarial gains / losses are recognized immediately in the balance sheet with a corresponding debit or credit to retained earnings through other comprehensive income in the year in which they occur.

(ii) Compensated absences

The employees of the Company are entitled to compensated absences which are both accumulating and non-accumulating in nature. The employees can carry forward up to the specified portion of the unutilized accumulated compensated absences and utilize it in future periods or receive cash as per the Company policy. The expected cost of accumulating compensated absences is determined by actuarial valuation (using the projected unit credit method) based on the additional amount expected to be paid as a result of the unused entitlement that has accumulated at the balance sheet date. The expense on non-

accumulating compensated absences is recognized in the statement of profit and loss in the year in which the absences occur.

The Company presents the liability as current liability in the balance sheet, to the extent it does not have an unconditional legal and contractual right to defer its settlement for twelve months after the reporting date.

(iii) Provident fund

The Company''s contribution to provident fund is charged to the statement of profit and loss. The Company''s contributions towards provident fund are deposited with the Regional Provident Fund Commissioner under a defined contribution plan, in accordance with Employees'' Provident Funds and Miscellaneous Provisions Act, 1952.

(iv) Share based compensation

Stock-based compensation represents the cost related to stock-based awards granted to employees of the Company by its ultimate holding Company. In accordance with Ind AS 102, ''Accounting for share based payment'', the Company measures stock-based compensation cost at grant date, based on the estimated fair value of the award and recognizes the cost (net of estimated forfeitures) over the requisite service period. The Company estimates the fair value of stock options and the cost is recorded under the head employee benefit expense in the statement of profit and loss with corresponding increase in "Share Based Payment Reserve”.

(v) Short-term employee benefits comprising employee costs including performance bonus is recognized in the statement of profit and loss on the basis of the amount paid or payable for the period during which services are rendered by the employee.

(l) Tax expense

Tax expense comprises current and deferred income tax. Current income-tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961 enacted in India and tax laws prevailing in the respective tax jurisdictions where the Company operates. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.

Current income tax relating to items recognized outside profit or loss is recognized outside profit or loss (either in other comprehensive income or in equity). Current tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to

situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred income taxes reflect the impact of temporary differences between taxable income and accounting income originating during the current year and reversal of timing differences for the earlier years. Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted at the reporting date.

Deferred tax liabilities are recognized for all taxable temporary differences, except when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor the taxable profit or loss.

Deferred tax assets are recognized for deductible temporary differences, the carry forward of unused tax credits and unused tax losses. Deferred tax assets are recognized only to the extent that it is probable that taxable profit will be available against which deductible temporary differences, the carry forward of unused tax credits and unused tax losses can be utilized, except when the deferred tax asset arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor the taxable profit or loss.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow or part of the deferred tax asset to be utilised. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax assets to be recovered.

Current and deferred tax are recognised in profit or loss, except when they are related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively.

Deferred tax assets and liabilities are offset, if a legally enforceable right exists to set-off current tax assets against current tax liabilities and the deferred tax assets and deferred taxes relate to the same taxable entity and the same taxation authority.

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Mar 31, 2023

Summary of significant accounting policies

(a) Statement of compliance and basis of preparation

The Consolidated financial statements of the group as at and for the year ended March 31, 2023 have been prepared in
accordance with Indian Accounting Standards ("Ind AS") notified under the Companies (Indian Accounting Standards) Rules, 2015
and Companies (Indian Accounting Standards) Amendment Rules, 2016 (as amended from time to time), and presentation
requirements of Division II of Schedule III to the Companies Act, 2013, (Ind AS compliant Schedule III), as applicable to the
consolidated financial statement.

These consolidated financial statements have been prepared under the historical cost convention on an accrual and going
concern basis except for certain financial assets and liabilities which are measured at fair value. The financial statements are
presented in INR and all values are rounded to the nearest lakhs (INR 00000), except when otherwise indicated.

(b) Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 31 March
2023. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and
has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only
if the Group has:

• Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee)

• Exposure, or rights, to variable returns from its involvement with the investee, and

• The ability to use its power over the investee to affect its returns

Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group
has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in
assessing whether it has power over an investee, including:

• Rights arising from other contractual arrangements

• The Group''s voting rights and potential voting rights

• The size of the group''s holding of voting rights relative to the size and dispersion of the holdings of the other voting
rights holders

• The contractual arrangement with the other vote holders of the investee

Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar
circumstances. If a member of the Group uses accounting policies other than those adopted in the consolidated financial
statements for like transactions and events in similar circumstances, appropriate adjustments are made to that Group member''s
financial statements in preparing the consolidated financial statements to ensure conformity with the Group''s accounting
policies.

The financial statements of all entities used for the purpose of consolidation are drawn up to same reporting date as that of the
parent company, i.e., year ended on 31 March. When the end of the reporting period of the parent is different from that of a
subsidiary, the subsidiary prepares, for consolidation purposes, additional financial information as of the same date as the
financial statements of the parent to enable the parent to consolidate the financial information of the subsidiary, unless it is
impracticable to do so.

(c) Functional and presentation currency

The group''s consolidated financial statements are presented in Indian Rupees (INR), which is the functional and presentation
currency.

(d) New and amended standards adopted by the Company

Ind AS 115 - Revenue from contracts with customers

MCA has notified Ind AS 115 - Revenue from contracts with customer, mandatorily applicable from 01 April 2018 either based on a
full retrospective or modified retrospective application. The standard requires the Company to recognise revenue to depict the
transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to
be entitled in exchange for those goods or services. It establishes a new five-step model that will apply to revenue arising from
contracts with customers.

The application of the new accounting policy has required management to make the following judgments:

The Company is required to assess each of its contracts with customers to determine whether performance obligations are
satisfied over time or at a point in time in order to determine the appropriate method of recognising revenue. The Company has
assessed that based on the sale and purchase agreements entered into with customers and the provisions of relevant laws and
regulations, where contracts are entered into to provide real estate assets to customer, the Company does not create an asset
with an alternative use to the Company and usually has an enforceable right to payment for performance completed to date. In
these circumstance the Company recognises revenue over time. Where this is not the case revenue is recognised at a point in
time.

Determination of transaction prices

The Company is required to determine the transaction price in respect of each of its contracts with customers. In making such
judgment the Company assess the impact of any variable consideration in the contract, due to discounts or penalties, the
existence of any significant financing component in the contract and any non-cash consideration in the contract. In determining
the impact of variable consideration the Company uses the "most-likely amount" method in IndAS 115, whereby the transaction
price is determined by reference to the single most likely amount in a range of possible consideration amounts.

Transfer of control in contracts with customers

In cases where the Company determines that performance obligations are satisfied at a point in time, revenue is recognised
when control over the assets that is the subject of the contract is transferred to the customer. In the case of contracts to sell
real estate assets this is generally when the unit has been registered through a sale deed and legal enforceable right to collect
payment is established.

In addition, the application of Ind AS 115 has resulted in the following estimation process:

Allocation of transaction price to performance obligation in contracts with customers

For registered contracts through a sale deed , but the project is not complete, revenue from such contracts is recognised over
time. The Company has elected to apply the input method in allocating the transaction price to performance obligations where
revenue is recognised over time. The Company considers that the use of the input method which requires revenue recognition on
the basis of the Company''s efforts to the satisfaction of the performance obligation provides the best reference of revenue
actually earned. In applying the input method the Company estimates the cost to complete the projects in order to determine the
amount of revenue to be recognised. These estimates include the cost of providing infrastructure, potential claims by contractors
as evaluated by the project consultant and the cost of meeting other contractual obligations to the customers.

(e) Fair value measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date, regardless of whether that price is directly observable or estimated using another
valuation technique. The fair value measurement is based on the presumption that the transaction to sell the asset or the transfer
the liability takes place either: in the principal market for the asset or liability, or in the absence of a principal market, in the most
advantageous market for the asset or liability. The fair value of an asset or a liability is measured using the assumptions that
market participants would use when pricing the asset or liability, assuming that market participants act in economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant''s ability to generate economic benefits
by using the assets in its highest and best use or by selling it to another market participant that would use the asset in its highest
and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available
to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized
within the fair value hierarchy, described as follows, based on the lowest input that is significant to the fair value measurement as
a whole:

Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

Level 2: Valuation techniques for which the lowest input that is significant to the fair value measurement is directly or
indirectly observable. Level 3: Valuation techniques for which the lowest input that is significant to the fair value
measurement is unobservable.

For assets and liabilities that are recognized in the consolidated financial statements on recurring basis, the Company determines
whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input
that is significant to the fair value measurement as a whole) at the end of each reporting period. The assets measured at fair
value on a non-recurring basis, primarily consists of non- financial assets such as intangible assets.

For the purpose of fair value disclosures, the Company has determined the class of assets and liabilities on the basis of the
nature, characteristic and risks of the assets and liability and the level of fair value hierarchy as explained above.

(f) Current versus non-current classification

The Company presents assets and liabilities in the balance sheet based on current/ non-current classification.

(i) An asset is classified as current when it is:

• Expected to be realized or intended to sold or consumed in normal operating cycle

• Held primarily for the purpose of trading

• Expected to be realized within twelve months after the reporting period, or

• Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at
least twelve months after the reporting period

(ii) All other assets are classified as non-current.

(iii) A liability is classified as current when:

• It is expected to be settled in normal operating cycle

• It is held primarily for the purpose of trading

• It is due to be settled within twelve months after the reporting period, or

• There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period

(iv) All other liabilities are classified as non-current.

(v) Deferred tax assets and liabilities are classified as non-current assets and liabilities.

Based on the nature of service, the Company has ascertained its operating cycle as twelve months for all assets and liabilities.

(g) Property, plant and equipment

Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost
comprises purchase price, cost directly attributable to bring the assets to its working condition for the intended use and borrowing costs,
if capitalization criteria are met. Any trade discounts and rebates are deducted in arriving at the purchase price.

Subsequent expenditure related to an item of Property, plant and equipment is added to its book value only if it increases the future
benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing Property, plant
and equipment, including day-to- day repair and maintenance expenditure and cost of replacing parts, are charged to the statement of
profit and loss for the period during which such expenses are incurred.

Gains or losses arising from de-recognition of Property, plant and equipment are measured as the difference between the net disposal
proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is de-recognized.

The Company identifies and determines cost of asset significant to total cost of the asset having useful life that is materially different
from that of the remaining life.

Property, plant and equipment under installation or construction as at balance sheet date are shown as capital work-in-progress
and the related advances are shown as other assets.

Depreciation on property, plant and equipment is provided on the straight-line method over their estimated useful lives, as estimated by the
Management. The identified components, if any, are depreciated on their useful lives; the remaining asset is depreciated over the life of the
principal asset. Schedule II of the Companies Act, 2013, prescribes useful life for fixed assets. Further schedule II also allows companies to
use higher/lower useful live and residual value if such useful live and residual values can be technically supported and justification for
differences is disclosed in the financial statements. The Management believes that depreciation rate currently used fairly reflects the
estimate of the useful lifes and residual value of property plant and equipments, though these rates in certain cases are different from
lives prescribed under Schedule II.

(h) Non-current assets held for sale

Non-current assets are classified as held for sale, if its carrying amount will be recovered principally through a sale transaction
rather than through continuing use. For this to be the case, the asset must be available for immediate sale in its present condition
subject only to terms that are usual and customary for sales of such assets and its sale must be highly probable and sale is
expected to be completed within one year from date of classification.

Non-current assets held for sale are presented separately in the current section of the consolidated balance sheet Non-current
assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell, unless these
items presented in the disposal group are deferred tax assets, assets arising from employee benefits and financial assets that are
specifically exempt from the requirements. Non-current assets are not depreciated or amortised while they are classified as held
for sale.

(i) Intangible assets

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are
carried at cost less accumulated amortization and accumulated impairment losses, if any.

Intangible assets are amortized on a straight line basis over the estimated useful life. The Company uses a rebuttable
presumption that the useful life of an intangible asset will not exceed ten years from the date when the asset is available for use.
Such intangible assets and intangible assets not yet available for use are tested for impairment annually, either individually or at
the cash-generating unit level. All other intangible assets are assessed for impairment whenever there is an indication that the
intangible asset may be impaired.

The amortization period and the amortization method for an intangible asset are reviewed at least at the end of each reporting
year. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the
asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting
estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit and loss unless
such expenditure forms part of another asset.

Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal
proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is de¬
recognized.

(j) Foreign currency transactions and translations

These consolidated financial statements are presented in Indian rupees (''INR''), the currency of India, which is the functional currency of
the Company.

Transactions in foreign currencies are initially recorded by the Company at their respective functional currency spot rates at the date of
the transaction. Foreign-currency denominated monetary assets and liabilities are translated to the relevant functional currency at
exchange rates in effect at the balance sheet date. Exchange differences arising on settlement or translation of monetary items are
recognized in the statement of profit and loss. Foreign currency non-monetary assets / liabilities, measured at historical cost are
translated at the exchange rate prevalent at the date of the initial transaction. Non-monetary items measured at fair value are translated
at the exchange rate prevalent at the date when the fair value was determined. The gain / loss arising on translation of non-monetary item
measured at fair value are treated in line with the recognition of the gain / loss on the change in the fair value of the item [other
comprehensice income or profit and loss, respectively].

(k) Revenue recognition

In March 2018, Ministry of Corporate Affairs ("MCA") had notified Ind AS 115, ''Revenue from Contract with Customers'', replacing the
existing revenue recognition standards Ind AS 18, ''Revenue''. As per the new standard, revenue is recognised to depict the transfer of
promised goods or services to a customer in an amount that reflects the fair value of the consideration received or receivable which the
entity expects to be entitled in exchange for those goods or services. Ind AS 115 establishes a five-step model that is applied to revenue
earned from a contract with a customer, regardless of the type of revenue transaction or the industry. The standard is effective for annual
periods beginning on or after 1 April, 2018. The Company has adopted to the extent applicable this standard using the modified
retrospective approach.

Revenue is recognized when, or as, control of a promised service transfers to a customer, in an amount that reflects the consideration to
which the Company expects to be entitled in exchange for transferring those services. To recognize revenues, the following five step
approach is applied: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the
transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenues when a
performance obligation is satisfied.

Revenue recognition for time-and-material

Revenues related to time-and-materials are recognized over the period the services are provided using an input method (efforts expended).
Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance
obligation. The Company generally use the efforts expended as measure of progress for the Company''s contracts because there is a direct
relationship between input and productivity.

Revenue recognition for fixed price contracts

Fixed price contracts are often modified to account for changes in contract specifications and requirements. The Company considers
contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most
of contract modifications are for services that are not distinct from the existing contract due to the significant service provided in the
context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the
transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to
revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.

Revenue is recognized net of discounts and allowances, goods and services taxes, and includes reimbursement of out-of-pocket expenses,
with the corresponding out-of-pocket expenses included in cost of revenues.

The Company extend credit to clients based upon Management''s assessment of their creditworthiness. The Company assess the timing of
the transfer of services to the customer as compared to the timing of payments to determine whether a significant financing component
exists. As a practical expedient, the Company do not assess the existence of a significant financing component when the difference
between payment and transfer of deliverables is a year or less. If the difference in timing arises for reasons other than the provision of
finance to either the customer or the Company, no financing component is deemed to exist. The primary purpose of our invoicing terms is
to provide customers with simplified and predictable ways of purchasing our services, not to receive or provide financing from or to
customers.

Incentive revenues, volume discounts, or any other form of variable consideration is estimated using either the sum of probability
weighted amounts in a range of possible consideration amounts (expected value), or the single most likely amount in a range of possible
consideration amounts (most likely amount), depending on which method better predicts the amount of consideration realizable.
Transaction price includes variable consideration only to the extent it is probable that a significant reversal of revenues recognized will not
occur when the uncertainty associated with the variable consideration is resolved. The estimates of variable consideration and
determination of whether to include estimated amounts in the transaction price may involve judgment and are based largely on an
assessment of anticipated performance and all information that is reasonably available to the Company.

Contract liabilities consist of advance payments and billings in excess of revenues recognized. The Company classify contract liability as
current or noncurrent based on the timing of when they expect to recognize the revenues. The Company classify it''s right to consideration
in exchange for deliverables as either as accounts receivable or a contract assets. Accounts receivable are recorded at the invoiced
amount and do not bear interest. Revenue recognized but not billed to customers is classified as contract assets in the statements of
financial position. Contract assets represents contracts where right to consideration is unconditional (i.e. only the passage of time is
required before the payment is due).

Finance income

For all debt instruments measured either at amortised cost or at fair value through other comprehensive income, interest income is
recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash payments or receipts over
the expected life of the financial instrument or a shorter period, where appropriate, to the gross carrying amount of the financial asset or to
the amortised cost of a financial liability. When calculating the effective interest rate, the Company estimates the expected cash flows by
considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not
consider the expected credit losses.

Dividend income

Revenue is recognised when the Company''s right to receive dividend is established, which is generally the shareholders'' approval date.

(l) Borrowing Costs

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 a substantial period of time to get ready for its intended use or sale. All other
borrowing costs are charged to the statement of profit and loss.

Borrowing costs also include exchange differences to the extent regarded as an adjustment to the borrowing costs.

(m) Leases

The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to
control the use of an identified asset for a period of time in exchange for consideration.

Policy applicable before April 01,2019

The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the
lease. The arrangement is, or contains lease, if fulfilment of the arrangement is dependent on the use of specific asset or assets and the
arrangement conveys the right to use the asset or assets, even if that right is explicitly in an arrangement.

A lease is classified at the inception date as finance lease or operating lease.

Finance lease

Finance lease, which effectively transfer to the Company substantially all the risks and benefits incidental to the ownership of the leased
item, are capitalised at the inception of the lease term at the lower of the fair value of leased property and present value of minimum lease
payments.

Lease payment are apportioned between the finance charges and reduction of lease liability so as to achieve a constant rate of interest on
the remaining balance of lease liability. Finance charge are recognised as finance costs in the statement of profit and loss. Lease
management fee, legal charges and other initial direct costs of lease are capitalized as they are directly attributable to the asset.

A leased asset is depreciated on straight line basis over the useful life of the asset. However if there are no reasonable certainty that the
Company will obtain the ownership by the end of the lease term the capitalized asset is depreciated on straight line basis over the
shorter of the useful life of the asset or the lease term.

Operating lease

Lease where the lessor effectively retains substantially all the risks and benefits of ownership of the leases term are classifies as operating
leases. Operating lease payments are recognised as expense in statement of profit and loss on a straight-line basis over the lease term.

Policy applicable with effect from April 01, 2019
Company as a lessee

A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in
exchange for consideration. To assess whether the contract conveys the right to control the use of an identified asset, the Company
assesses whether:

-the contract involves the use of an identified asset;

-the Company has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use;
and

-the Company has the right to direct the use of the asset.

At inception or on reassessment of a contract that contains lease component, the Company allocates the consideration in the contract
to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the
non-lease components.

Right-of-use assets

The right-of-use asset is subsequently measured at cost less accumulated depreciation, accumulated impairment losses, if any and
adjusted for any remeasurement of the lease liability. Right-of-use assets are depreciated on a straight-line basis over the shorter of the
lease term and the estimated useful lives of the right-of-use assets. The estimated useful life of the right-of-use assets are determined
on the same basis as those of property, plant and equipment. Right-of-use assets are tested for impairment, whenever there is indication
that their carrying amounts may not be recoverable. Impairment loss, if any, is recognised in statement of profit and loss.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement
date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of
lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments
(e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a
change in the assessment of an option to purchase the underlying asset.

The lease liability is subsequently remeasured by increasing the carrying amount to reflect the interest on lease liability, reducing
carrying amount to reflect the lease payment made and remeasuring the carrying amount to reflect any reassessment or lease
modifications or reflect revised in-substance fixed lease payments.

Short-term leases and leases of low-value assets

The Company applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those
leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also
applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value.
Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the
lease term.

Company as a lessor

Leases in which the Company does not transfer substantially all the risks and rewards incidental to ownership of an asset are
classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms. Initial direct
costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and
recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in
which they are earned.

(n) Employee benefits expense and retirement

(i) Gratuity liability

The Company provides for gratuity, a defined benefit plan (the "Gratuity Plan") covering eligible employees. The Gratuity Plan
provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an
amount based on the respective employee''s base salary and the tenure of employment. The liability is determined based on an
actuarial valuation carried out by an independent actuary as at the balance sheet date using the projected unit credit method.
Actuarial gains / losses are recognized immediately in the balance sheet with a corresponding debit or credit to retained
earnings through other comprehensive income in the year in which they occur.

(o) Employee benefits expense and retirement (cont''d)

(i) Compensated absences

The employees of the Company are entitled to compensated absences which are both accumulating and non-accumulating in
nature. The employees can carry forward up to the specified portion of the unutilized accumulated compensated absences and
utilize it in future periods or receive cash as per the Company policy. The expected cost of accumulating compensated
absences is determined by actuarial valuation (using the projected unit credit method) based on the additional amount
expected to be paid as a result of the unused entitlement that has accumulated at the balance sheet date. The expense on non¬
accumulating compensated absences is recognized in the statement of profit and loss in the year in which the absences occur.

The Company presents the liability as current liability in the balance sheet, to the extent it does not have an unconditional legal
and contractual right to defer its settlement for twelve months after the reporting date.

(ii) Provident fund

The Company''s contribution to provident fund is charged to the statement of profit and loss. The Company''s contributions
towards provident fund are deposited with the Regional Provident Fund Commissioner under a defined contribution plan, in
accordance with Employees'' Provident Funds and Miscellaneous Provisions Act, 1952.

(iii) Share based compensation

Stock-based compensation represents the cost related to stock-based awards granted to employees of the Company by its
ultimate holding Company. In accordance with Ind AS 102, ''Accounting for share based payment'', the Company measures stock-
based compensation cost at grant date, based on the estimated fair value of the award and recognizes the cost (net of
estimated forfeitures) over the requisite service period. The Company estimates the fair value of stock options and the cost is
recorded under the head employee benefit expense in the statement of profit and loss with corresponding increase in "Share
Based Payment Reserve".

(iv) Short-term employee benefits comprising employee costs including performance bonus is recognized in the statement of
profit and loss on the basis of the amount paid or payable for the period during which services are rendered by the employee.

(o) Tax expense

Tax expense comprises current and deferred income tax. Current income-tax is measured at the amount expected to be paid to
the tax authorities in accordance with the Income-tax Act, 1961 enacted in India and tax laws prevailing in the respective tax
jurisdictions where the Company operates. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted, at the reporting date.

Current income tax relating to items recognized outside profit or loss is recognized outside profit or loss (either in other
comprehensive income or in equity). Current tax items are recognized in correlation to the underlying transaction either in OCI or
directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred income taxes reflect the impact of temporary differences between taxable income and accounting income originating
during the current year and reversal of timing differences for the earlier years. Deferred tax is measured using the tax rates and
the tax laws enacted or substantively enacted at the reporting date.

Deferred tax liabilities are recognized for all taxable temporary differences, except when the deferred tax liability arises from the
initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither the accounting profit nor the taxable profit or loss.

Deferred tax assets are recognized for deductible temporary differences, the carry forward of unused tax credits and unused tax
losses. Deferred tax assets are recognized only to the extent that it is probable that taxable profit will be available against which
deductible temporary differences, the carry forward of unused tax credits and unused tax losses can be utilized, except when
the deferred tax asset arises from the initial recognition of an asset or liability in a transaction that is not a business combination
and, at the time of the transaction, affects neither the accounting profit nor the taxable profit or loss.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow or part of the deferred tax asset to be utilised. Unrecognized
deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that
future taxable profit will allow the deferred tax assets to be recovered.

Current and deferred tax are recognised in profit or loss, except when they are related to items that are recognised in other
comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other
comprehensive income or directly in equity respectively.

Deferred tax assets and liabilities are offset, if a legally enforceable right exists to set-off current tax assets against current tax
liabilities and the deferred tax assets and deferred taxes relate to the same taxable entity and the same taxation authority.

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Mar 31, 2014

A) Method gf Accounting

Accounts have been prepared on the basis of historical costs and on the basis of a going concern with revenues considered and expenses accounted wherever possible on their accrual, including provisions/ adjustments for committed obligation.

b) 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 the financial statements Actual results could differ from those estimates. Any revision of accounting estimates is recognized prospectively in current and future periods.

C) Fixed Assets and Depreciation :

Fixed assets .are accounted at the cost-of acquisition. They.are stated at historical cost less accumulated depreciation.

Depreciation on fixed assets for the year has been provided on written down value method at the rates and manner prescribed in Schedule XIV of the Companies Act, 1956

d) Investments

Investments of the company are long-term. The same are .valued at the cost of acquisition. Decline in the value of .permanent nature, as per the requirements of Accounting Standard (AS-13) issued by The Institute of Chartered-Accountants of India, is provided. Dividend on investments is accounted for as and when received.

e) Sales

The company recognizes sales of goods on transferring property of underlying goods to customers.

f) Employee benefits :

i) - Gratuity;

Liabilities of gratuity is determined as perthe provision of Gratuity Act who have completed the. requisite period required for being eligible for Retirement benefits under the payment of Gratuity Apt, 1972.

ii) Leave with pay:

Provision for leave with pay has been made on the basis of balance of leave to the credit of employees at the balance sheet date

g) Recognition of Income and Expenditure :

Income and expenditure are recognised on ''accrual basis

H)INVENTORIES ARE VALUED AT COST.

i) Taxes on Income :

Income tax provision comprises current tax provision and deferred tax provision.

Current tax provision-is made annually based on the tax liability computed after considering tax allowances and deductions.

Deferred tax is recognised on timing difference between the accounting income and the taxable income for the year that originate in one period and are capable of reversal in one or more subsequent periods. Such -deferred tax is quantified using the tax rates and laws enacted or substantively enacted as on the Balances Sheet date.

Deferred tax assets are recognised and carried forward to the extent-that there is a, reasonable/virtual certainty that sufficient future taxable ''income will be available against which such deferred tax assets can be realised.

j) Impairment loss .

Impairment ioss is provided to the extent the carrying amount of assets exceeds their recoverable amounts, Recoverable amount is the higher of an asset''s net selling price and its value! Value in use is the present value of estimated future cash flows expected to arise from the continuing use of the asset and from its disposal at the end of its useful life. Net selling price is the amount obtainable from sale of the assetIn the arm''s length transaction between knowledgeable, willing parties, less the costs of disposal.

k) Provisions and contingencies

Provisions are recognised when the company has a legal and constructive obligation as a result of a past event, for which it is probable that cash outflow will be required and a reliable estimate can be made of the amount of the obligation. Contingent liabilities are disclosed when the company has a possible or present obligation where it is not probable that an outflow of resources will be required to settle it. Contingent assets are-neither recognised nor disclosed.

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Mar 31, 2013

1. ACCOUNTING POLICIES :

a) Method of Accounting :

Accounts have been prepared on the basis of historical costs and on the basis of a going concern with revenues considered and expenses accounted wherever possible on their accrual including provisions/adjustments for committed obligation.

b) 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 the financial statements. Actual results could differ from those estimates. Any revision of accounting estimates is recognized prospectively in current and future periods.

c) Fixed Assets and Depreciation :

Fixed assets are accounted at the cost of acquisition. They are stated at historical cost less accumulated depreciation. Depreciation on fixed assets for the year has been provided on written down value method at the rates and manner prescribed in Schedule XIV of the Companies Act, 1956.

d) Investments :

Investments of the company are long-term. The same are valued at the cost of acquisition. Decline in the value of permanent nature, as per the requirements of Accounting Standard (AS-13) issued by The Institute of Chartered Accountants of India, is provided. Dividend on investments is accounted for as and when received.

e) Sales :

The company recognizes sales of goods on transferring property of underlying goods to customers.

f) Employee benefits :

i) Gratuity:

Liabilities of gratuity is determined as per the provision of Gratuity Act who have completed the requisite period required for being eligible for Retirement benefits under the payment of Gratuity Act, 1972.

ii) Leave with pay ;

Provision for leave with pay has been made on the basis of balance of leave to the credit of employees at the balance sheet date.

g) Recognition of Income and Expenditure

Income and expenditure are recognised on accrual basis. h) Inventories are valued at cost.

i) Taxes on Income :

Income tax provision comprises current tax provision and deferred tax provision. Current tax provision is made annually based on the tax liability computed after considering tax allowances and deductions.

Deferred tax is recognised on timing difference between the accounting income and the taxable income for the year that originate in one period and are capable of reversal in one or more subsequent periods. Such deferred tax is quantified using the tax rates and laws enacted or substantively enacted as on the Balances Sheet date.

Deferred tax assets are recognised and carried forward to the extent that there is a reasonable/virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.

j) Impairment loss

Impairment loss is provided to the extent the carrying amount of assets exceeds their recoverable amounts. Recoverable amount is the higher of an asset''s net selling price and its value. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of the asset and from its disposal at the end of its useful life. Net selling price is the amount obtainable from sale of the asset in the arm''s length transaction between knowledgeable, willing parties, less the costs of disposal.

k) Provisions and contingencies

Provisions are recognised when the company has a legal and constructive obligation as a result of a past event, for which it is probable that cash outflow will be required and a reliable estimate can be made of the amount of the obligation. Contingent liabilities are disclosed when the company has a possible or present obligation where it is not probable that an outflow of resources will be required to settle it. Contingent assets are neither recognised nor disclosed.

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Mar 31, 2012

A) Method of Accounting :

Accounts have been prepared on the basis of historical costs and on the basis of a going concern with revenues considered and expenses accounted wherever possible on their accrual including provisions/adjustments for committed obligation.

b) 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 the financial statements. Actual results could differ from those estimates. Any revision of accounting estimates is recognized prospectively in current and future periods.

c) Fixed Assets and Depreciation :

Fixed assets are accounted at the cost of acquisition. They are stated at historical cost less accumulated depredation. Depreciation on fixed assets for the year has been provided on written down value method at the rates and manner prescribed in Schedule XIV of the Companies Act, 1956.

d) Investments :

Investments of the company are long-term. The same are valued at the cost of acquisition. Decline in the value of permanent nature, as per the requirements of Accounting Standard (AS-13) issued by The Institute of Chartered Accountants of India, is provided. Dividend on investments is accounted for as and when received.

e) Sales :

The company recognizes sales of goods on transferring property of underlying goods to customers.

f) Employee benefits :

i) Gratuity :

Liabilities of gratuity is determined as per the provision of Gratuity Act who have completed the requisite period required for being eligible for Retirement benefits under the payment of Gratuity Act, 1972.

ii) Leave with pay :

Provision for leave with pay has been made on the basis of balance of leave to the credit of employees at the balance sheet date.

g) Recognition of Income and Expenditure

Income and expenditure are recognised on accrual basis.

h) Inventories are vaiued at cost.

i) Taxes on Income :

Income tax provision comprises current tax provision and deferred tax provision.

Current tax provision is made annually based on the tax liability computed after considering tax allowances and deductions.

Deferred tax is recognised on timing difference between the accounting income and the taxable income for the year that originate in one period and are capable of reversal in one or more subsequent periods. Such deferred tax is quantified using the tax rates and laws enacted or substantively enacted as on the Balances Sheet date.

Deferred tax assets are recognised and carried forward to the extent that there is a reasonable/virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.

j) Impairment loss

Impairment loss is provided to the extent the carrying amount of assets exceeds their recoverable amounts. Recoverable amount is the higher of an asset's net selling price and its value. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of the asset and from its disposal at the end of its useful life, Net selling price is the amount obtainable from sale of the asset in the arm's length transaction between knowledgeable, willing parties, less the costs of disposal.

k) Provisions and contingencies

Provisions are recognised when the company has a legal and constructive obligation as a result of a .past event, for which it is probable that cash outflow will be required and a reliable estimate can be made of the amount of the obligation. Contingent liabilities are disclosed when the company has a possible or present obligation where it is not probable that an outflow of resources will be required to settle it. Contingent assets are neither recognised nor disclosed.

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Mar 31, 2010

1. Method of Accounting :

Accounts have been prepared on the basis of historical costs and on the basis of a going concern with revenues considered and expenses accounted wherever possible on their accrual including provisions/adjustments for committed obligation.

2. Use of Estimates

The preparation of financial statements requires estimates and assumptions to be made that effect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period which the result are known / materialized.

j. Fixed Assets and Depreciation:

Fixed assets are accounted at the cost of requisition. They are stated at historical cost less accumulated depreciation. Depreciation on fixed assets for the year has been provided on written down value method at the rates and manner prescribed in Schedule XIV of the Companies Act, 1956.

4. Investments :

Investments of the company are long-term. The same are valued at the cost of acquisition. Decline in the value of permanent nature, as per the requirements of Accounting Standard (AS-13) issued by The Institute of Chartered Accountants of India, is provided. Dividend on investments is accounted for as and when received.

5. Sales :

The company recognizes sales of goods or. transferring property of underlying goods to customers.

6. Employee benefits:

i) Gratuity:

Liabilities of gratuity is determined as per the provision of Gratuity Act who have completed the requisite period required for being eligible for Retirement benefits under the payment of Gratuity Act, 1972.

ii) Leave with pay :

Provision for leave with pay has been made on the basis of balance of leave to ihe credit of employees at the balance sheet date.

7. Recognition of income and Expenditure income and expenditure are recognised on accrual basis.

8. Inventories are valued at cost.

9. Taxes on Income :

Income tux provision. comprises current tax piovision and dufomxl tax provision Current tax provision is made annually based on the tax liability computed after considering tax allowances and deductions.

Deferred tax is recognised on timing difference between the accounting income and the taxable income for the year that originate in one period and are capable of reversal in one or more subsequent periods. Such deferred tax is quantified using the tax rates and laws enacted or substantively enacted as on the Balances Sheet date.

Deferred tax assets are recognised and carried forward to the extent that there is a reasonable/virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.

10. Impairment loss:

Impairment loss is provided to the extent the carrying amount of assets exceeds their recoverable amounts. Recoverable amount is the higher of an assets net selling price and its value. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of the asset and from its disposal at the end of its useful life. Net selling p. ice is the amount obtainable from sale of the asset in the arms length transaction between knowledgeable, willing parties, less the costs of disposal.

11. Provisions and contingencies

Provisions are recognised when the company has a legal and constructive obligation as a result of a past event, for which it is probable that cash outflow will be required and a reliable estimate can be made of the amount of the obligation. Contingent liabilities are disclosed when the company has a possible or present obligation where it is not probable that an outflow of resources will be required to settle it. Contingent assets are neither recognised nor disclosed.

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Mar 31, 2009

1 Method of Accounting :

Accounts have been prepared on the basis of historical costs and on the basis of a going concern with revenues considered and expenses accounted wherever possible on their accrual including provisions/adjustments for committed obligation.

2 Use of Estimates

The preparation of financial statements requires estimates and assumptions to be made that effect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in tte period which the result are known / materialized.

3. Fixed Assets and Depreciation :

Fixed assets are accounted at the cost of acquisition. They are stated at historical cost less accumulated depreciation. Depreciation on fixed assets for the year has been provided on written down value method at the rates and manner prescribed in Schedule XIV of the Companies Act, 1956.

4. Investments :

Investments of the company are long-term investments and are accounted at cost of acquisition. Dividend income on investments in share is accounted as and when received.

5. Sales :

The company recognizes sales of goods on transferring property of underlying goods to customers.

6. Employee benefits:

i) Gratuity :

Liabilities of gratuity is determined as per the provision of Gratuity Act who have completed the requisite period required for being eligible for Retirement benefits under the payment of Gratuity Act, 1972.

ii) Leave with pay :

Provision for leave with pay has been made on the basis of balance of leave to the credit of employees at the balance sheet date.

7. Inventories are valued at cost.

8. Taxes on Income :

Income tax provision comprises current tax provision and deferred tax provision. Current tax provision is made annually based on the tax liability computed after considering tax allowances and deductions. Deferred tax is recognised on timing difference between the accounting income and the taxable income for the year that originate in one period and are capable of reversal in one or more subsequent periods. Such deferred tax is quantified using the tax rates and laws enacted or substantively enacted as on the Balances Sheet date.

Deferred tax assets are recognised and carried forward to the extent that there is a reasonable/virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.

9. Impairment loss :

Impairment loss is provided to the extent the carrying amount of assets exceeds their recoverable amounts. Recoverable amount is the higher of an assets net selling price and its value. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of the asset and from its disposal at the end of its useful life. Net selling price is the amount obtainable from sale of the asset in the arms length transaction between knowledgeable, willing parties, less the costs of disposal.

10. Provisions and contingencies

Provisions are recognised when the company has a legal and constructive obligation as a result of a past event, for which it is probable that cash outflow will be required and a reliable estimate can be made of the amount of the obligation. Contingent liabilities are disclosed when the company has a possible or present obligation where it is not probable that an outflow of resources will be required to settle it. Contingent assets are neither recognised nor disclosed.