Accounting Policies of IIRM Holdings India Ltd. Company

Mar 31, 2025

2. Significant Accounting Policies

This note provides a list of the significant accounting
policies adopted in the preparation of these separate
financial statements. These policies have been
consistently applied to all the years presented, unless
otherwise stated.

a) Basis of preparation

The standalone financial statements for the year
ended March 31, 2025 comprising of standalone
balance sheet as at March 31, 2025, standalone
statement of profit and loss, including the standalone
statement of other comprehensive income, standalone
cash flow statement and standalone statement of
changes in equity for the year ended, and a summary
of explanatory notes (together hereinafter referred
to as “financial statements”) have been prepared in
accordance with Indian Accounting Standards (“Ind
AS”) notified under Companies Act, 2013 read with the
Companies (Indian Accounting Standards) Rules, 2015,
as amended including presentation requirements
of Division II of Schedule III to the Companies Act,
2013 (Ind AS Compliant Schedule III), as applicable to
the standalone financial statements (to the extent
notified) and other accounting principles generally
accepted in India.

The financial statements have been prepared on a
historical cost basis, except for the following assets and
liabilities which have been measured at fair value:

- Certain financial assets and liabilities measured
at fair value (refer accounting policy regarding
financial instruments), and

- Defined benefits plan - plan assets measured at
fair value.

The Company''s Financial Statements are presented in
Indian Rupees, which is also its functional currency, and
all values are rounded to the nearest lakh, except when
otherwise indicated.

b) Current and non-current classification

The Company presents assets and liabilities in the
Balance Sheet based on Current/Non-Current
classification.

An asset is treated as Current when it is:

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

• Held primarily for the purpose of trading;

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

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

All other assets are classified as non-current.

A liability is 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.

The Company classifies all other liabilities as non¬
current.

Deferred tax assets and liabilities are classified as non¬
current assets and liabilities.

c) Use of estimates and judgements

The preparation of the financial statements in
conformity with Ind AS requires management to make
judgements, estimates and assumptions that affect
the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses.
Difference between the actual results and estimates
are recognized in the year in which results are known/
materialized.

Although these estimates are based upon
management''s best knowledge of current events and
actions, actual results could differ from these estimates.
Any revision to accounting estimates is recognized
prospectively in the current and future periods.

d) Revenue recognition

Revenue is recognized to the extent that it is probable
that the economic benefits will flow to the company
and the revenue can be reliably measured, regardless of
when the payment is being made. Revenue is measured
at the fair value of the consideration received or

receivable, taking into account contractually defined
terms of payment net of taxes or duties collected on
behalf of the government.

The specific recognition criteria described below must
also be met before revenue is recognized.

Income from Professional and Consultancy services
are recognized based on the level of completion, the
possibility of additional risks and the potential risks of
default. It is recognized either by the proportionate
completion method or by the completed service
contract method as the case may be.

e) Fair value measurement

The Company measures certain financial instruments
at fair value at each reporting date.

Certain accounting policies and disclosures require the
measurement of fair values, for both financial and non¬
financial asset and liabilities.

Fair value is the price that would be received to sell
an asset or paid to settle a liability in an ordinary
transaction between market participants at the
measurement date. The fair value of an asset or
a liability is measured using the assumption that
market participants would use when pricing an asset
or liability acting in their best economic interest.
The Company uses valuation techniques, which are
appropriate in circumstances and for which sufficient
data is available considering the expected loss/profit
in case of financial assets or liabilities.

f) Property, plant and equipment

i. Recognition and initial measurement

Property, plant and equipment are stated in the
balance sheet at their carrying value being the cost
of acquisition less accumulated depreciation. The
cost comprises purchase price, borrowing cost if
capitalization criteria are met and directly attributable
cost of bringing the asset to its working condition for
the intended use. Any trade discount and rebates are
deducted in arriving at the purchase price.

Subsequent costs are included in the asset''s carrying
amount or recognized as a separate asset, as
appropriate, only when it is probable that future
economic benefits associated with the item will flow to
the Company. All other repair and maintenance costs
are recognized in statement of profit or loss as incurred.

ii. Depreciation, estimated useful lives and
residual value

Depreciation on property, plant and equipment is
provided on written down value method, computed on
the basis of useful lives as estimated by management
which coincides with rates prescribed in Schedule II to
the Companies Act, 2013.

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

iii. De-recognition

An item of property, plant and equipment and any
significant part initially recognized is de-recognized
upon disposal or when no future economic benefits
are expected from its use or disposal. Any gain or loss
arising on de-recognition of the asset (calculated as
the difference between the net disposal proceeds and
the carrying amount of the asset) is included in the
income statement when the asset is de-recognized.

g) Impairment of assets

At each reporting date, the Company assesses
whether there is any indication that an asset may be
impaired, based on internal or external factors. If any
such indication exists, the Company estimates the
recoverable amount of the asset or the cash generating
unit. If such recoverable amount of the asset or cash
generating unit to which the asset belongs is less than
its carrying amount, the carrying amount is reduced
to its recoverable amount. The reduction is treated as
an impairment loss and is recognized in the statement
of profit and loss. If, at the reporting date there is an
indication that a previously assessed impairment loss
no longer exists, the recoverable amount is reassessed,
and the asset is reflected at the recoverable amount.

Impairment losses previously recognized are accordingly
reversed in the statement of profit and loss.

h) 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.

Company as a lessee

The Company applies a single recognition and
measurement approach for all leases, except for
short-term leases and leases of low-value assets. The
Company recognizes lease liabilities to make lease
payments and right-of-use assets representing the
right to use the underlying assets.

i. Right-of-use assets

The Company recognizes right-of-use assets (“ROU
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 re-measurement of lease liabilities. The
cost of right-of-use assets includes the amount of lease
liabilities recognized, initial direct costs incurred, and
lease payments made at or before the commencement
date less any lease incentives received. 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 assets. If ownership of the leased asset
transfers to the Company at the end of the lease term
or the cost reflects the exercise of a purchase option,
depreciation is calculated using the estimated useful
life of the asset. The right-of-use assets are also subject
to impairment. Refer to the accounting policies in
Section (g) Impairment of non-financial assets.

ii. Lease liabilities

At the commencement date of the lease, the Company
recognizes 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 recognized 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. Lease liabilities has been presented under the
head “Other Financial Liabilities”.

iii. 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 that are considered to be low
value. Lease payments on short-term leases and leases
of low-value assets are recognized as expense on a
straight-line basis over the lease term eases where the
lessor effectively retains substantially all the risks and
benefits of ownership of the leased term are classified
as operating leases.

i) Financial instruments

a. Financial Assets

Initial recognition and measurement

The company recognizes financial assets when it
becomes a party to the contractual provisions of the
instrument. All financial assets are recognized at fair
value on initial recognition. Transaction costs that are
directly attributable to the acquisition of financial
assets that are not at fair value through profit or loss,
are added to the fair value on initial recognition.
Transaction costs of financial assets carried at fair value
through profit and loss are expensed in the statement
of profit and loss. Regular way purchase and sale of
financial assets are accounted for at trade date.

Subsequent measurement

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

De-recognition of financials assets

A financial asset (or, where applicable, a part of a
financial asset or part of a group of a similar financial
asset) is primarily de-recognized (i.e., removed from the
company''s separate balance sheet) when:

• The rights to receive cash flows from the asset
have expired, or

• The company has transferred its rights to receive
cash flows from the asset.

Investments in subsidiaries, associates and joint
ventures

Investment in subsidiaries, associates and joint ventures
is carried at cost less impairment loss (if any) in the
separate financials statements.

b. Financial Liabilities

Initial recognition and measurement

The company recognizes financial liabilities when
it becomes a party to the contractual provisions of
the instrument. All financial liabilities are recognized
at fair value on initial recognition. Transaction costs
that are directly attributable to the issue of financial
liabilities, that are not at fair value through profit
or loss, are reduced from the fair value on initial
recognition. Transaction costs that are directly
attributable to the issue of financial liabilities at fair
value through profit and loss are expensed in the
statement of profit and loss.

Subsequent measurement

These liabilities include borrowings and deposits.
After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortized
cost using the effective interest rate (EIR) method.
Gains and losses are recognized in the statement of
profit and loss when the liabilities are de-recognized as
well as through the EIR amortization process.

Amortized cost is calculated by taking into account any
discount or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR amortization
is included as finance costs in the statement of profit
and loss.

De-recognition of financial liabilities

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

c. Offsetting financials instruments

Financial assets and liabilities are offset and the net
amount is reported in the balance sheet where there
is a legally enforceable right to offset the recognized
amounts and there is an intention to settle on a
net basis or realize the asset and settle the liability
simultaneously. The legally enforceable right must
not be contingent on future events and must be
enforceable in the normal course of business and in the
event of default, insolvency or bankruptcy of the group
or the counterparty.

j) Income taxes

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

Calculation of current tax is based on tax rates and tax
laws that have been enacted for the reporting period.
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 other comprehensive income or
directly in equity.

Deferred tax is provided using the liability method on
temporary differences between the tax bases of assets
and liabilities and their carrying amounts for financial
reporting purposes at the reporting date. Deferred tax
assets are recognized to the extent that it is probable
that the underlying tax loss or deductible temporary
difference will be utilized against future taxable income.
This is assessed based on the Company''s forecast of
future operating results, adjusted for significant non¬
taxable income and expenses and specific limits on
the use of any unused tax loss or credit. 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 all or part of the deferred tax asset
to be utilized. Un-recognized deferred tax assets are
re-assessed at each reporting date and are recognized
to the extent that it has become probable that future
taxable profits will allow the deferred tax asset to
be recovered. Deferred tax assets and liabilities are
measured at the tax rates that are expected to apply
in the year when the asset is realized, or the liability is
settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted at the reporting
date. Deferred tax relating to items recognized outside
profit or loss is recognized outside profit or loss (either in
other comprehensive income or in equity).

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Mar 31, 2024

1 CORPORATE INFORMATION

IIRM Holdings India Limited [Formerly known as Sudev Industries Limited] (“the Company”) is a listed public Company domiciled in India and is incorporated under the Companies Act, 1956 (“the Act”) on April 20, 1992. The registered office of the Company is located at B1/26, Sector -18, Gautam Buddha Nagar, Noida, Uttar Pradesh, India, 201301.

The Company is primarily engaged in the business of Professional and Consultancy services. The Company is listed on Bombay Stock Exchange Limited (“BSE”).

2. SIGNIFICANT ACCOUNTING POLICIES

This note provides a list of the significant accounting policies adopted in the preparation of these separate financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated.

a) Basis of preparation

These separate financial statements are prepared in accordance with Ind AS under the historical cost convention on accrual basis except for certain financials instruments and liabilities which have been measured at fair value.

The Financial Statements of the Company have been prepared to comply with the Indian Accounting Standards (‘Ind AS''), including the rules notified under the relevant provisions of the Companies Act, 2013, (as amended from time to time) and Presentation and disclosure requirements of Division II of Schedule III to the Companies Act, 2013, (Ind AS Compliant Schedule III) as amended from time to time.

Accounting policies have been consistently applied except where the change is required by an Ind AS or change results in the financial statements providing reliable and more relevant information about the effects of transactions, other events or condition on the entity''s financial position, performance or cash flow.

The Company''s Financial Statements are presented in Indian Rupees, which is also its functional currency and all values are rounded to the nearest lakh, except when otherwise indicated.

b) Current and Non-Current classification

The Company presents assets and liabilities in the Balance Sheet based on Current/Non-Current classification

An asset is treated as Current when it is:

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

• Held primarily for the purpose of trading;

• Expected to be realised within twelve months after the reporting period; or

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

All other assets are classified as non-current.

A liability is 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.

The Company classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as noncurrent assets and liabilities.

c) Use of estimates and judgements

The preparation of the financial statements in conformity with Ind AS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Difference between the actual results and estimates are recognized in the year in which results are known/materialized.

Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates. Any revision to accounting estimates is recognized prospectively in the current and future periods.

d) Revenue Recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment net of taxes or duties collected on behalf of the government.

The specific recognition criteria described below must also be met before revenue is recognized.

Income from Professional and Consultancy services are recognized based on the level of completion, the possibility of additional risks and the potential risks of default. It is recognized either by the proportionate completion method or by the completed service contract method as the case may be.

e) Fair value measurement

The Company measures certain financial instruments at fair value at each reporting date.

Certain accounting policies and disclosures require the measurement of fair values, for both financial and nonfinancial asset and liabilities.

Fair value is the price that would be received to sell an asset or paid to settle a liability in an ordinary transaction between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumption that market participants would use when pricing an asset or liability acting in their best economic interest. The Company uses valuation techniques, which are appropriate in circumstances and for which sufficient data is available considering the expected loss/profit in case of financial assets or liabilities.

f) Property, plant and equipment

i. Recognition and initial measurement

Property, plant and equipment are stated in the balance sheet at their carrying value being the cost of acquisition less accumulated depreciation. The cost comprises purchase price, borrowing cost if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Any trade discount and rebates are deducted in arriving at the purchase price.

Subsequent costs are included in the asset''s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company. All other repair and maintenance costs are recognized in statement of profit or loss as incurred.

ii. Depreciation, estimated useful lives and residual value

Depreciation on property, plant and equipment is provided on written down value method, computed on the basis of useful lives as estimated by management which coincides with rates prescribed in Schedule II to the Companies Act, 2013.

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

iii. De-recognition

An item of property, plant and equipment and any significant part initially recognized is de-recognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognized.

g) Impairment of assets

At each reporting date, the Company assesses whether there is any indication that an asset may be impaired, based on internal or external factors. If any such indication exists, the Company estimates the recoverable amount of the asset or the cash generating unit. If such recoverable

amount of the asset or cash generating unit to which the asset belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognized in the statement of profit and loss. If, at the reporting date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed, and the asset is reflected at the recoverable amount.

Impairment losses previously recognized are accordingly reversed in the statement of profit and loss.

h) Leases

Where the lessor effectively retains all risk and benefits of ownership of the leased items, such leases are classified as operating leases. Operating lease payments are recognized as an expense in the statement of profit and loss on a straight-line basis.

The Company, as a lessee, recognises a right-of-use asset and a lease liability for its leasing arrangements, if the contract conveys the right to control the use of an identified asset.

The contract conveys the right to control the use of an identified asset, if it involves the use of an identified asset and the Company has substantially all of the economic benefits from use of the asset and has right to direct the use of the identified asset. The cost of the right-ofuse asset shall comprise of the amount of the initial measurement of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs incurred. The right-of-use assets is subsequently measured at cost less any accumulated depreciation/ amortisation, accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability. The right-of-use assets is depreciated/amortised using the straight-line method from the commencement date over the shorter of lease term or useful life of right-of-use asset.

The Company measures the lease liability at the present value of the lease payments that are not paid at the commencement date of the lease. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Company uses incremental borrowing rate.

For short-term and low value leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the lease term.

i) Financial Instruments

a. Financial Assets

InitiaL recognition and measurement

The Company recognizes financial assets when it becomes a party to the contractual provisions of the instrument. All financial assets are recognized at fair value on initial recognition. Transaction costs that are directly attributable to the acquisition of financial assets that are not at fair value through profit or loss, are added to the fair value on initial recognition. Transaction costs of financial assets carried at fair value through profit and loss are expensed in the statement of profit and loss. Regular way purchase and sale of financial assets are accounted for at trade date.

Subsequent measurement

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

De-recognition of financiaLs assets

A financial asset (or, where applicable, a part of a financial asset or part of a group of a similar financial asset) is primarily de-recognized (i.e., removed from the Company''s separate balance sheet) when:

• The rights to receive cash flows from the asset have expired; or

• The Company has transferred its rights to receive cash flows from the asset.

Investments in subsidiaries, associates and joint ventures

Investment in subsidiaries, associates and joint ventures is carried at cost less impairment loss (if any) in the separate financials statements.

b. Financial Liabilities

InitiaL recognition and measurement

The Company recognizes financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial liabilities are recognized at fair value on initial recognition. Transaction costs that are directly attributable to the issue of financial liabilities, that are not at fair value through profit or loss, are reduced from the fair value on initial recognition. Transaction costs that are directly attributable to the issue of financial liabilities at fair value through profit and loss are expensed in the statement of profit and loss.

Subsequent measurement

These liabilities include borrowings and deposits. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the effective interest rate (EIR) method. Gains and losses are recognized in the statement of profit and loss when the liabilities are de-recognized as well as through the EIR amortization process.

Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit and loss.

De-recognition of financial liabilities

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

c. Offsetting financials instruments

Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the group or the counterparty.

j) Income Taxes

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

Calculation of current tax is based on tax rates and tax laws that have been enacted for the reporting period. 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 other comprehensive income or directly in equity.

Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax assets are recognized to the extent that it is probable that the underlying tax loss or deductible temporary difference will be utilized against future taxable income. This is assessed based on the Company''s forecast of future operating results, adjusted for significant non-taxable income and expenses and specific limits on the use of any unused tax loss or credit. 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 all or part of the deferred tax asset to be utilized. Un-recognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss (either in other comprehensive income or in equity).

k) Provisions, contingent liabilities and contingent assets

Provisions are recognized only when there is a present obligation, as a result of past events, and when a reliable estimate of the amount of obligation can be made at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. Provisions are discounted to their present values, where the time value of money is material.

Contingent liability is disclosed for:

• Possible obligations which will be confirmed only by future events not wholly within the control of the Company or

• Present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

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

l) Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less, that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet.

m) Cash flow statement

Cash flows are reported using the indirect method, whereby net profit/(loss) before tax is adjusted for the effects of transactions of a non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated.

n) Earnings per share

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

For calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

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Mar 31, 2013

1.1 Basis for preparation of Financial Statements

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

1.2 Revenue recognition

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

1.3 Expenditure

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

1.4 Fixed assets/Depreciation & Amortization

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

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

1.5 Investments

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

1.6 Foreign Exchange Transactions

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

1.7 Miscellaneous Expenditure

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

1.8 Borrowing Cost

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

1.9 Provision tor Tax

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

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

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Mar 31, 2012

1. 1 Basis for preparation of Financial Statements

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

1.2 Revenue recognition

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

1.3 Expenditure

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

1.4 Fixed assets/Depreciation & Amortization

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

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

1.5 Investments

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

1.6 Foreign Exchange Transactions

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

1.7 Miscellaneous Expenditure

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

1.8 Borrowing Cost

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

1.9 Provision for Tax

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

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

1.10 Provision, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.

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Mar 31, 2010

1 Revenue /Expense Recognition:

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

2 Amortisation of Miscellaneous Expenditure:

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

3 Fixed Assets:

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

4 Depreciation :

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

5 Taxation:

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

6 Investment:

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

7 Valuation of Inventories:

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

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Mar 31, 2009

Not Available

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Mar 31, 2008

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

B.. FIXED ASSETS AND DEPRICIATION

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

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

C. VALUATION OF INVENTORIES

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

D. INVESTMENT

Investment are valued at cost.

E. AMORTISATIONS OF MISCELLANEOUS EXPENDITURES

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

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Sep 30, 1995

I) Accounting Concepts

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

ii) Fixed Assets and Depreciation

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

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

iii) Valuation of Inventories

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

iv) Investments

Investment are valued at cost

v) Amortisation of Miscellaneous Expenditure

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

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Mar 31, 1994

I) Accounting Concepts

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

ii) Fixed Assets and Depreciation

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

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

iii) Valuation of Inventories

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

iv) Investments

Investment are valued at cost

v) Amortisation of Miscellaneous Expenditure

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