Accounting Policies of Kalind Ltd. Company

Mar 31, 2025

Note 1 Company Overview

Arunis Abode Limited (hereinafter referred to as "the company") is a public company domiciled in India and is
incorporated under the provisions of the Companies Act, 1956 having a CIN: L70100GJ1994PLC021759 (old CIN
L65910GJ1994PTC021759). Equity shares are listed on Bombay Stock Exchange (BSE).

The Management of the Company has changed its main object to undertake Real Estate Business and dealing in
commodities as per Resolution dated 27^th May, 2020. The company has filed prescribed documents with the Registrar of
Companies. Earlier the Company was engaged in business of Stock and Securities Trading and Investment. Certificate
of Incorporation pursuant to change of Name of the company issued by Ministry of Corporate Affairs on November 09,
2020.

The Registered office of the company is situated at "Desai House", Survey No: 2523, Coastal Highway, Umersadi, Killa
Pardi, Valsad, Gujarat - 396 125.

Note 2 Basis of preparation of financial statements

a. Basis of preparation and compliance with Ind AS

The financial statements of the Company as at and for the year ended March 31, 2025 have been prepared in
accordance with Indian Accounting standards (''Ind AS'') notified under section 133 of the Companies Act, 2013
(''Act'') and the Companies (Indian Accounting Standards) Rules issued from time to time and relevant provisions
of the Companies Act, 2013 (collectively called as Ind AS).

b. Basis of measurement

The standalone financial statements have been prepared on a historical cost basis, except for fair value through
other comprehensive income (FVOCI) instruments, derivative financial instruments, other financial assets held for
trading and financial assets and liabilities designated at fair value through profit or loss (FVTPL), all of which have
been measured at fair value.

c. Functional and presentation currency

The financial statements are prepared in Indian Rupees, which is the Company''s functional and presentation
currency. All financial information presented in has been converted to in rupees in thousands.

d. Current and non-current classification

The Company presents assets and liabilities in the Balance Sheet based on current / non-current classification.
An asset is classified as current if it satisfies any of the following criteria:

a) It is expected to be realised or intended to sale or consumed within the normal operating cycle,

b) It is held primarily for the purpose of trading,

c) It is expected to be realised within twelve months after the reporting period, or

d) It is a 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 classified as current if it satisfies any of the following criteria:

a) it is expected to be settled in the Company''s normal operating cycle,

b) it is held primarily for the purpose of trading,

c) it is due to be settled within twelve months after the reporting period,

d) 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. Current liabilities include current portion of non-current
financial liabilities. Deferred tax assets and liabilities are classified as non-current assets and liabilities.

The standalone financial statements for the year ended March 31, 2025 are being authorised for issue in
accordance with a resolution of the Board of Directors passed on May 14, 2025.

The Company has applied the following accounting policies in the preparation of financial statements.

2.1 Revenue recognition

Revenue (other than for those items to which Ind AS 109 is applicable) is measured at fair value of the consideration
received or receivable. Ind AS 115, Revenue from contracts with customers, outlines a single comprehensive model of
accounting for revenue arising from contracts with customers.

The Company recognises revenue from contracts with customers based on a five-step model as set out in Ind AS 115:

Step 1: Identify contract(s) with a customer: A contract is defined as an agreement between two or more parties that
creates enforceable rights and obligations and sets out the criteria for every contract that must be met.

Step 2: Identify performance obligations in the contract: A performance obligation is a promise in a contract with a
customer to transfer a good or service to the customer.

Step 3: Determine the transaction price: The transaction price is the amount of consideration to which the Company
expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts
collected on behalf of third parties.

Step 4: Allocate the transaction price to the performance obligations in the contract: For a contract that has more than
one performance obligation, the Company allocates the transaction price to each performance obligation in an amount
that depicts the amount of consideration to which the Company expects to be entitled in exchange for satisfying each
performance obligation.

Step 5: Recognise revenue when (or as) the Company satisfies a performance obligation.

The Company recognises revenue from consultancy provided for real-estate projects. Interest income is recognized
using the effective interest rate method. Dividend income is recognised when the right to receive payment of the
dividend is established, and it is probable that the economic benefits associated with the dividend will flow to the
Company and the amount of the dividend can be measured reliably.

2.2 Operating Segments

Segments have been identified in accordance with Ind AS 108 on Operating Segments considering the risk or return
profiles of the business. As required under Ind AS 108, the Chief Operating Decision Maker (CODM) evaluates the
performance and allocates resources based on analysis of various performance indicators. Accordingly, information
has been presented for the operating segments and the Company has identified business segment as primary segment.
The reportable segments are real estate consultancy and the trading in securities.

2.3 nvestment in subsidiaries

Investment in subsidiaries is carried at cost in the separate financial statements.

2.4 Property, plant and equipment

Property, plant and equipment are stated at acquisition cost less accumulated depreciation and accumulated
impairment losses, if any. Subsequent costs are included in the asset''s carrying amount. Items of property, plant and
equipment are initially recorded at cost.

Cost comprises acquisition cost, borrowing cost if capitalization criteria are met, and directly attributable cost of
bringing the asset to its working condition for the intended use. Subsequent expenditure relating to property, plant and
equipment is capitalized only when it is probable that future economic benefit associated with these will flow with the
Company and the cost of the item can be measured reliably. Items of Property, plant and equipment that have been
retired from active use and are held for disposal are stated at the lower of their net book value or net realisable value
and are shown separately in the financial statements, if any.

Depreciation methods, estimated useful lives and residual value

Depreciation on Property, plant and equipment is provided on Straight Line Method at the rates prescribed in Schedule
II to the Company''s Act, 2012. Depreciation on additions to Property, plant and equipment and assets disposed-of /
discarded is charged on pro-rata basis.

The useful lives have been determined based on technical valuation done by the management''s expert which are higher
than those specified by Schedule II to the Companies Act; 2013, in order to reflect the actual usage of the assets. The
residual values are not more than 5% of the original cost of the asset.

The assets'' residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period.
An asset''s carrying amount is written down immediately to its recoverable amount if the asset''s carrying amount is
greater than its estimated recoverable amount.

De-recognition:

The carrying amount of an item of property, plant and equipment is derecognized on disposal or when no future
economic benefits are expected from its use. Gains or losses arising from de-recognition, disposal or retirement of
an item of property, plant and equipment are measured as the difference between the net disposal proceeds and the
carrying amount of the asset and are recognised net, within "Other Income" or "Other Expenses", as the case maybe, in
the Statement of Profit and Loss in the year of de-recognition.

2.5 Borrowing costs

Borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs
that an entity incurs in connection with the borrowing of funds.

2.6 Investment in equity shares and securities for trade

Investment in equity shares which were regularly traded on stock exchange are considered to be securities for trade.

2.7 Financial instruments
Recognition and initial Measurement

The Company recognizes all the financial assets and liabilities at its fair value on initial recognition; In the case of
financial assets not valued at fair value through profit or loss, transaction costs that are directly attributable to the
acquisition or issue of the financial asset are added to the fair value on initial recognition. The financial assets are
accounted on a trade date basis.

Classification and subsequent measurement of financial asset or financial liability: For subsequent measurement,
financial assets are categorised into:

a. Amortised cost: The Company classifies the financial assets at amortised cost if the contractual cash flows
represent solely payments of principal and interest on the principal amount outstanding and the assets are held
under a business model to collect contractual cash flows. The gains and losses resulting from fluctuations in fair
value are not recognised for financial assets classified in this category.

b. Fair value through other comprehensive income (FVOCI): The Company classifies the financial assets as
FVOCI if the contractual cash flows represent solely payments of principal and interest on the principal amount
outstanding and the Company''s business model is achieved by both collecting contractual cash flow and selling
financial assets. In case of debt instruments measured at FVOCI, changes in fair value are recognised in other
comprehensive income.

The impairment gains or losses, foreign exchange gains or losses and interest calculated using the effective interest
method are recognised in profit or loss. On de-recognition, the cumulative gain or loss previously recognised in
other comprehensive income is re-classified from equity to profit or loss as a reclassification adjustment. In case
of equity instruments irrevocably designated at FVOCI, gains / losses including relating to foreign exchange, are
recognised through other comprehensive income. Further, cumulative gains or losses previously recognised in
other comprehensive income remain permanently in equity and are not subsequently transferred to profit or loss
on de-recognition.

c. Fair value through profit or loss (FVTPL): The financial assets are classified as FVTPL if these do not meet the
criteria for classifying at amortised cost or FVOCI. Further, in certain cases to eliminate or significantly reduce a
measurement or recognition inconsistency (accounting mismatch), the Company irrevocably designates certain
financial instruments at FVTPL at initial recognition. In case of financial assets measured at FVTPL, changes in
fair value are recognised in profit or loss.

Profit or loss on sale of investments is determined on the basis of first-in-first-out (FIFO) basis.

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. The fair value measurement is based on the presumption
that the transaction to sell the asset or 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 principal or the most advantageous market must be accessible by the Company.

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 their best economic 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 asset 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.

In order to show how fair values have been derived, financial instruments are classified based on a hierarchy of
valuation techniques, as summarised below:

Level 1 financial instruments: Those where the inputs used in the valuation are unadjusted quoted prices from
active markets for identical assets or liabilities that the Company has access to at the measurement date. The
Company considers markets as active only if there are sufficient trading activities with regards to the volume and
liquidity of the identical assets or liabilities and when there are binding and exercisable price quotes available on
the balance sheet date.

Level 2 financial instruments: Those where the inputs that are used for valuation and are significant, are derived
from directly or indirectly observable market data available over the entire period of the instrument''s life.

Level 3 financial instruments: Those that include one or more unobservable input that is significant to the
measurement as whole.

Based on the Company''s business model for managing the investments, the Company has classified its securities
for trade at FVTPL.

Financial liabilities are carried at amortised cost using the effective interest rate method. For trade and other
payables, the carrying amount approximates the fair value due to short maturity of these instruments.

d. De-recognition: The Company derecognises a financial asset when the contractual rights to the cash flows
from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in
which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the
Company neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain
control of the financial asset. The Company derecognises a financial liability when its contractual obligations are
discharged or cancelled or expired.

e. Impairment of financial assets: In accordance with Ind AS 109, the Company applies expected credit loss model
(ECL) for measurement and recognition of impairment loss. The Company recognises lifetime expected losses for
all contract assets and / or all trade receivables that do not constitute a financing transaction. At each reporting
date, the Company assesses whether the loans have been impaired. The Company is exposed to credit risk
when the customer defaults on his contractual obligations. For the computation of ECL, the loan receivables are
classified into three stages based on the default and the aging of the outstanding. If the amount of an impairment
loss decreases in a subsequent period, and the decrease can be related objectively to an event occurring after
the impairment was recognised, the excess is written back by reducing the loan impairment allowance account
accordingly. The write-back is recognised in the statement of profit and loss.

The Company recognises lifetime expected credit loss for trade receivables and has adopted the simplified
method of computation as per Ind AS 109. The Company considers outstanding overdue for more than 90 days
for calculation of expected credit loss. A financial asset is written off when there is no reasonable expectation of
recovering the contractual cash flows.

2.8 Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an
original maturity of three months or less, which are subject to an insignificant risk of changes in value. For the purpose
of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above.

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Mar 31, 2024

Note 1 Company Overview

Arunis Abode Limited (hereinafter referred to as "the company") is a public company domiciled in India and is
incorporated under the provisions of the Companies Act, 1956 having a CIN: L70100GJ1994PLC021759 (old CIN
L65910GJ1994PTC021759). Equity shares are listed on Bombay Stock Exchange (BSE).

The Management of the Company changed its main object in the financial year 2020-21 to undertake Real Estate Business
and dealing in commodities as per Resolution dated 27th May, 2020. The company has filed prescribed documents with
the Registrar of Companies. Certificate of Incorporation pursuant to change of Name of the company issued by Ministry of
Corporate Affairs on 09/11/2020. Earlier the Company was engaged only in business of Stock and Securities Trading and
Investment. Further, the management has discontinued active trading / investing in shares and mutual funds in Cash and
Future & Options segments from February 2024.

The Registered office of the company is situated at “Desai House”, Survey No: 2523, Costal High Way, Umersadi, Killa
Pardi, Valsad, Gujarat 396125.

Note 2 Basis of preparation of financial statements

2.1 Basis of preparation and compliance with Ind AS

The financial statements of the Company as at and for the year ended March 31, 2024 have been prepared in accordance
with Indian Accounting standards (''Ind AS'') notified under section 133 of the Companies Act, 2013 (''Act'') and the
Companies (Indian Accounting Standards) Rules issued from time to time and relevant provisions of the Companies Act,
2013 (collectively called as Ind AS).

2.2 Basis of measurement

The standalone financial statements have been prepared on a historical cost basis, except for fair value through other
comprehensive income (FVOCI) instruments, derivative financial instruments, other financial assets held for trading and
financial assets and liabilities designated at fair value through profit or loss (FVTPL), all of which have been measured at
fair value.

2.3 Functional and presentation currency

The financial statements are prepared in Indian Rupees, which is the Company''s functional and presentation currency. All
financial information presented in Indian Rupees has been rounded to the nearest Rupee.

2.4 Current and non-current classification

The Company presents assets and liabilities in the Balance Sheet based on current / non-current classification. An asset is
classified as current if it satisfies any of the following criteria:

a) It is expected to be realised or intended to sale or consumed in the Company''s normal operating cycle,

b) It is held primarily for the purpose of trading,

c) It is expected to be realised within twelve months after the reporting period, or

d) It is a 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 classified as current if it satisfies any of the following criteria:

a) it is expected to be settled in the Company''s normal operating cycle,

b) it is held primarily for the purpose of trading,

c) it is due to be settled within twelve months after the reporting period,

d) 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 noncurrent. Current liabilities include current portion of noncurrent
financial liabilities. Deferred tax assets and liabilities are classified as non-current assets and liabilities.

The standalone financial statements for the year ended March 31, 2024 are being authorised for issue in accordance with
a resolution of the Board of Directors passed on May 24, 2024.

The Company has applied the following accounting policies total periods presented in the financial statements.

2.1 - Revenue recognition

Revenue from Contracts with Customers

Revenue (other than for those items to which Ind AS 109 Financial Instruments are applicable) is measured at fair value
of the consideration received or receivable. Ind AS 115, Revenue from contracts with customers, outlines a single
comprehensive model of accounting for revenue arising from contracts with customers.

The Company recognises revenue from contracts with customers based on a five-step model as set out in Ind AS 115:

Step 1: Identify contract(s) with a customer: A contract is defined as an agreement between two or more parties that
creates enforceable rights and obligations and sets out the criteria for every contract that must be met.

Step 2: Identify performance obligations in the contract: A performance obligation is a promise in a contract with a
customer to transfer a good or service to the customer.

Step 3: Determine the transaction price: The transaction price is the amount of consideration to which the Company
expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected
on behalf of third parties.

Step 4: Allocate the transaction price to the performance obligations in the contract: For a contract that has more than
one performance obligation, the Company allocates the transaction price to each performance obligation in an amount
that depicts the amount of consideration to which the Company expects to be entitled in exchange for satisfying each
performance obligation.

Step 5: Recognise revenue when (or as) the Company satisfies a performance obligation.

The Company recognises revenue from consultancy provided for real-estate projects. Interest income is recognized using
the effective interest rate method. Interest is earned on delayed payments from customers and is recognised on a time
proportion basis taking into account the amount outstanding from customers and the rates applicable. Dividend income
is recognised when the right to receive payment of the dividend is established,

it is probable that the economic benefits associated with the dividend will flow to the Company and the amount of the
dividend can be measured reliably.

2.2. - Operating Segments

Segments have been identified in accordance with Indian Accounting Standards (Ind AS) 108 on Operating Segments
considering the risk or return profiles of the business. As required under Ind AS 108, the Chief Operating Decision Maker
(CODM) evaluates the performance and allocates resources based on analysis of various performance indicators.
Accordingly, information has been presented for the Company''s operating segments and the Company has identified
business segment as primary segment. The reportable segment is real estate consultancy and the trading in securities.

2.3 - Investment in subsidiaries

Investment in subsidiaries is carried at cost in the separate financial statements.

2.4 - Property, plant and equipment

Property, plant and equipment are stated at acquisition cost less accumulated depreciation and accumulated impairment
losses, if any. Subsequent costs are included in the asset''s carrying amount. Items of property, plant and equipment are
initially recorded at cost.

Cost comprises acquisition cost, borrowing cost if capitalization criteria are met, and directly attributable cost of bringing
the asset to its working condition for the intended use. Subsequent expenditure relating to property, plant and equipment
is capitalized only when it is probable that future economic benefit associated with these will flow with the Company and
the cost of the item can be measured reliably. Items of Property, plant and equipment that have been retired from active
use and are held for disposal are stated at the lower of their net book value or net realisable value and are shown
separately in the financial statements, if any.

Depreciation methods, estimated useful lives and residual value

Depreciation on Property, plant and equipment is provided on Straight Line Method at the rates prescribed in Schedule II
to the Company''s Act, 2012. Depreciation on additions to Property, plant and equipment and assets disposed
off/discarded is charged on pro-rata basis.

The useful lives have been determined based on technical valuation done by the management''s expert which are higher
than those specified by Schedule II to the Companies Act; 2013, in order to reflect the actual usage of the assets. The
residual values are not more than 5% of the original cost of the asset.

The assets'' residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period.
An asset''s carrying amount is written down immediately to its recoverable amount if the asset''s carrying amount is
greater than its estimated recoverable amount.

Capital work-in-progress and Capital advances:

Capital work-in-progress are property, plant and equipment which are not yet ready for their intended use. Advances
given towards acquisition of fixed assets outstanding at each reporting date are shown as other non-financial assets.

Depreciation is not recorded on capital work-in-progress until construction and installation is completed and assets are
ready for its intended use.

De-recognition:

The carrying amount of an item of property, plant and equipment is derecognized on disposal or when no future
economic benefits are expected from its use or disposal. Gains or losses arising from de-recognition, disposal or
retirement of an item of property, plant and equipment are measured as the difference between the net disposal proceeds
and the carrying amount of the asset and are recognised net, within “Other Income” or “Other Expenses”, as the case
maybe, in the Statement of Profit and Loss in the year of de-recognition, disposal or retirement.

2.5 - Borrowing costs

Borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that
an entity incurs in connection with the borrowing of funds.

2.6 - Investment

Investment in equity shares which were not regularly traded on stock exchange is considered to be current investment.

2.7 - Financial instruments
Recognition and Initial Measurement

The Company recognizes all the financial assets and liabilities at its fair value on initial recognition; In the case of financial
assets not valued at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or
issue of the financial asset are added to the fair value on initial recognition. The financial assets are accounted on a trade
date basis.

Classification and subsequent measurement of financial asset or financial liability: For subsequent measurement,
financial assets are categorised into:

a. Amortised cost: The Company classifies the financial assets at amortised cost if the contractual cash flows represent
solely payments of principal and interest on the principal amount outstanding and the assets are held under a business
model to collect contractual cash flows. The gains and losses resulting from fluctuations in fair value are not recognised
for financial assets classified in amortised cost measurement category.

b. Fair value through other comprehensive income (FVOCI): The Company classifies the financial assets as FVOCI if the
contractual cash flows represent solely payments of principal and interest on the principal amount outstanding and the
Company''s business model is achieved by both collecting contractual cash flow and selling financial assets. In case of debt
instruments measured at FVOCI, changes in fair value are recognised in other comprehensive income.

The impairment gains or losses, foreign exchange gains or losses and interest calculated using the effective interest
method are recognised in profit or loss. On de-recognition, the cumulative gain or loss previously recognised in other
comprehensive income is re-classified from equity to profit or loss as a reclassification adjustment. In case of equity
instruments irrevocably designated at FVOCI, gains / losses including relating to foreign exchange, are recognised
through other comprehensive income. Further, cumulative gains or losses previously recognised in other comprehensive
income remain permanently in equity and are not subsequently transferred to profit or loss on de-recognition.

c. Fair value through profit or loss (FVTPL): The financial assets are classified as FVTPL if these do not meet the criteria
for classifying at amortised cost or FVOCI. Further, in certain cases to eliminate or significantly reduce a measurement or
recognition inconsistency (accounting mismatch), the Company irrevocably designates certain financial instruments at
FVTPL at initial recognition. In case of financial assets measured at FVTPL, changes in fair value are recognised in profit
or loss.

Profit or loss on sale of investments is determined on the basis of first-in-first-out (FIFO) basis.

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. The fair value measurement is based on the presumption that the
transaction to sell the asset or 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 principal or the most advantageous market must be accessible by the Company.

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 their 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 asset 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.

In order to show how fair values have been derived, financial instruments are classified based on a hierarchy of valuation
techniques, as summarised below:

Level 1 financial instruments: Those where the inputs used in the valuation are unadjusted quoted prices from active
markets for identical assets or liabilities that the Company has access to at the measurement date. The Company
considers markets as active only if there are sufficient trading activities with regards to the volume and liquidity of the
identical assets or liabilities and when there are binding and exercisable price quotes available on the balance sheet date.

Level 2 financial instruments: Those where the inputs that are used for valuation and are significant, are derived from
directly or indirectly observable market data available over the entire period of the instrument''s life.

Level 3 financial instruments: Those that include one or more unobservable input that is significant to the measurement
as whole.

Based on the Company''s business model for managing the investments, the Company has classified its investments and
securities for trade at FVTPL.

Financial liabilities are carried at amortised cost using the effective interest rate method. For trade and other payables,
the carrying amount approximates the fair value due to short maturity of these instruments.

d. De-recognition: The Company derecognises a financial asset when the contractual rights to the cash flows from the
financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially
all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers
nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. The
Company derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire.

e. Impairment of financial assets: In accordance with Ind AS 109, the Company applies expected credit loss model (ECL)
for measurement and recognition of impairment loss. The Company recognises lifetime expected losses for all contract
assets and / or all trade receivables that do not constitute a financing transaction. At each reporting date, the Company
assesses whether the loans have been impaired. The Company is exposed to credit risk when the customer defaults on his
contractual obligations. For the computation of ECL, the loan receivables are classified into three stages based on the
default and the aging of the outstanding. If the amount of an impairment loss decreases in a subsequent period, and the
decrease can be related objectively to an event occurring after the impairment was recognised, the excess is written back
by reducing the loan impairment allowance account accordingly. The write-back is recognised in the statement of profit
and loss.

The Company recognises life time expected credit loss for trade receivables and has adopted the simplified method of
computation as per Ind AS 109. The Company considers outstanding overdue for more than 90 days for calculation of
expected credit loss. A financial asset is written off when there is no reasonable expectation of recovering the contractual
cash flows.

2.8 Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an
original maturity of three months or less, which are subject to an insignificant risk of changes in value. For the purpose of
the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above.

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Mar 31, 2015

1.01 Basis of accounting and preparation of financial statements

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013 ("the 2013 Act") / Companies Act, 1956 ("the 1956 Act"), as applicable. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

1.02 Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.

1.03 Inventories

As the company is involved in trading and investing in shares, stocks, bonds and other funds, it does not carry stock in trade. Securities held for trading is considered as a current Investment.

1.04 Cash and cash equivalents (for purposes of Cash Flow Statement)

Cash comprises cash on hand. Cash equivalents are balance in current accounts with bank(s) and demand deposits with banks (with an original maturity of three months or less).

1.05 Cash flow statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of 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 based on the available information.

1.06 Depreciation and amortisation

Depreciation on Fixed Assets is provided on Written Down Value method at the rates prescribed in Schedule II to the Companies Act, 2013. Depreciation on additions to fixed assets and assets disposed off / discarded is charged on pro-rata basis. Assets costing less than ' 5,000 each are fully depreciated in the year of capitalisation.

1.07 Revenue recognition

a. Income from services

Brokerage income is recognised on the trade date of transaction upon confirmation of the transaction by recognised Stock Exchange and the client.

The Company has trading activities in Derivative segment in Shares and Commodities.

Derivative contracts are market-to-market and loss, if any, is recognised in the Statement of Profit and Loss as at the Balance Sheet date. Gains arising on the same are not recognised, until realised, on grounds of prudence.

b. Other income

Interest income is accounted on accrual basis. Dividend income is accounted for when the right to receive is established.

1.08 Tangible fixed assets

Fixed assets are carried at cost less accumulated depreciation and impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use, net of CENVAT (where claimed), excluding government grant, borrowing cost for qualifying assets.

1.09 Investments

Investments are classified as long term and Current based on their nature and intended holding period. Long-term investments are carried individually at cost less provision for diminution, other than temporary, in the value of such investments. Current investments are carried individually, at the lower of cost and fair value. The diminution in value, if any, of investment in funds is taken as per the published annual audited results of relevant fund.

1.10 Employee benefits

As the number of employees of the company is below the prescribed limit for Registration under the Payment of Gratuity Act, 1972; Employees Provident Funds and Miscellaneous Provisions Act, 1952 or any other Act pertaining to employee benefits, the company has not provided for such employee benefits. Bonus is paid to employees as decided by the Management.

1.11 Segment reporting

Considering the nature of Company's business and operations, there is no reportable segment (business and / or geographical) in accordance with the requirement of Accounting Standard - 17 ‘Segment Reporting', prescribed under the Companies (Accounts) Rules, 2014.

1.12 Earnings per share

Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by the number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) as adjusted for dividend, by the number of equity shares considered for deriving basic earnings per share.

1.13 Taxes on income

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax. Accordingly, MAT is recognised as an asset in the Balance Sheet when it is probable that future economic benefit associated with it will flow to the Company.

Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognised only if there is virtual certainty that there will be sufficient future taxable income available to realise such assets. Deferred tax assets are recognised for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realised. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their realisability. Current and deferred tax relating to items directly recognised in equity are recognised in equity and not in the Statement of Profit and Loss.

1.14 Provisions and contingencies

A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions are determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes. Contingent Assets are not recognised in financial statements.

1.15 Derivative contracts

The Company has trading activities in Derivative segment in Shares and Commodities.

Derivative contracts are marked-to-market and losses are recognised in the Statement of Profit and Loss. Gains arising on the same are not recognised, until realised, on grounds of prudence.

1.16 Impairment of Assets

The carrying values of assets / cash generating units at each balance sheet date are reviewed for impairment. If any indication of impairment exists, the recoverable amount of such assets is estimated and impairment is recognised, if the carrying amount of these assets exceeds their recoverable amount. The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor. When there is indication that an impairment loss recognised for an asset in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognised in the Statement of Profit and Loss, except in case of revalued assets.

1.17 Service Tax Input Credit

Service tax input credit is accounted for in the books in the period in which the underlying service received is accounted and when there is reasonable certainty in availing / utilising the credits.

For the period of five years immediately preceding the date as which the Balance Sheet is prepared:

(A) No shares were allotted as fully paid-up pursuant to contracts without payment being received in cash.

(B) No shares were allotted as fully paid-up by way of bonus shares.

(C) No shares were bought back.

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Mar 31, 2014

1.01 Basis of accounting and preparation of financial statements

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the Accounting Standards notified by the Companies (Accounting Standards) Rules, 2006, (which continue to be applicable in respect of Section 133 ofthe Companies Act, 2013 in terms of General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under the historical cost convention on an accrual basis. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

1.02 Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.

1.03 Inventories

As the company is involved in trading and investing in shares, stocks, bonds and other funds, it does not carry stock in trade. Securities held for trading is considered as a current Investment.

1.04 Cash and cash equivalents (for purposes of Cash Flow Statement)

Cash comprises cash on hand. Cash equivalents are balance in current accounts with bank(s) and demand deposits with banks (with an original maturity of three months or less).

1.05 Cash flow statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of 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 based on the available information.

1.06 Depreciation and amortisation

Depreciation has been provided on the Written down Value Method as per the rates and manner prescribed in Schedule XIV to the Companies Act, 1956 .

Assets costing less than Rs. 5,000 each are fully depreciated in the year of capitalisation.

1.07 Revenue recognition

a. Income from services

Brokerage income is recognised on the trade date of transaction upon confirmation of the transaction by recognised Stock Exchange and the client.

The Company has trading activities in Derivative segment in Shares and Commodities.

Derivative contracts are marked-to-market and loss, if any, is recognised in the Statement of Profit and Loss as at the Balance Sheet date. Gains arising on the same are not recognised, until realised, on grounds of prudence.

b. Other income

Interest income is accounted on accrual basis. Dividend income is accounted for when the right to receive is established.

1.08 Tangible fixed assets

Fixed assets are carried at cost less accumulated depreciation and impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use, net of CENVAT (where claimed), excluding government grant, borrowing cost for qualifying assets.

1.09 Investments

Investments are classified as long term and Current based on their nature and intended holding period. Long-term investments are carried individually at cost less provision for diminution, other than temporary, in the value of such investments. Current investments are carried individually, at the lower of cost and fair value. The diminution in value, if any, of investment in funds is taken as per the published annual audited results of relevant fund.

1.10 Employee benefits

As the number of employees of the company is below the prescribed limit for Registration under the Payment of Gratuity Act, 1972; Employees Provident Funds and Miscellaneous Provisions Act, 1952 or any other Act pertaining to employee benefits, the company has not provided for such employee benefits. Bonus is paid to employees as decided by the Management.

1.11 Segment reporting

Considering the nature of Company''s business and operations, there is no reportable segment (business and / or geographical) in accordance with the requirement of Accounting Standard - 17 ''Segment Reporting'', prescribed under Company (Accounting Standards) Rule, 2006.

1.12 Earnings per share

Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by the number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) as adjusted for dividend, by the number of equity shares considered for deriving basic earnings per share .

1.13 Taxes on income

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax. Accordingly, MAT is recognised as an asset in the Balance Sheet when it is probable that future economic benefit associated with it will flow to the Company.

Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognised only if there is virtual certainty that there will be sufficient future taxable income available to realise such assets. Deferred tax assets are recognised for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realised. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their realisability. Current and deferred tax relating to items directly recognised in equity are recognised in equity and not in the Statement of Profit and Loss.

1.14 Provisions and contingencies

A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions are determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes. Contingent Assets are not recognised in financial statements.

1.15 Derivative contracts

The Company has trading activities in Derivative segment in Shares and Commodities.

Derivative contracts are marked-to-market and losses are recognised in the Statement of Profit and Loss. Gains arising on the same are not recognised, until realised, on grounds of prudence.

1.16 Impairment of Assets

The carrying values of assets / cash generating units at each balance sheet date are reviewed for impairment. If any indication of impairment exists, the recoverable amount of such assets is estimated and impairment is recognised, if the carrying amount of these assets exceeds their recoverable amount. The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor. When there is indication that an impairment loss recognised for an asset in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognised in the Statement of Profit and Loss, except in case of revalued assets.

1.17 Service Tax Input Credit

Service tax input credit is accounted for in the books in the period in which the underlying service received is accounted and when there is reasonable certainty in availing / utilising the credits.

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Mar 31, 2012

1.01 Basis of accounting and preparation of financial statements

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

1.02 Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known / materialize.

1.03 Inventories

As the company is a finance company it does not carry stock in trade. Securities held for trading is considered as a current Investment.

1.04 Cash and cash equivalents (for purposes of Cash Flow Statement)

Cash comprises cash on hand. Cash equivalents are balance in current accounts with bank(s) and demand deposits with banks (with an original maturity of twelve months or less from the reporting date ).

1.05 Cash flow statement

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

1.06 Depreciation and amortization

Depreciation has been provided on the Written down Value Method as per the rates and manner prescribed in Schedule XIV to the Companies Act, 1956 .

Assets costing less than' 5,000 each are fully depreciated in the year of capitalization

1.07 Revenue recognition

a. Income from services

Revenues from Brokerage is recognized on the trade date of transaction upon confirmation of the transaction by recognized Stock Exchange and the client, when services are rendered and related costs are incurred.

The Company has trading activities in Derivative segment in Shares and Commodities. Derivative contracts are marked-to-market and losses are recognized in the Statement of Profit and Loss. Gains arising on the same are not recognized, until realized, on grounds of prudence.

b. Other income

Interest income is accounted on accrual basis. Dividend income is accounted for when the right to receive it is established.

1.08 Tangible fixed assets

Fixed assets are carried at cost less accumulated depreciation and impairment losses, if any. The cost of fixed assets includes interest on borrowings attributable to acquisition of qualifying fixed assets up to the date the asset is ready for its intended use and other incidental expenses incurred up to that date.

1.09 Investments

Investments are classified as long term and Current based on their nature and intended holding period. Long-term investments are carried individually at cost less provision for diminution, other than temporary, in the value of such investments.

Current investments are carried individually, at the lower of cost and fair value.

1.10 Employee benefits

Employee benefits include salary, allowance and bonus.

1.11 Segment reporting

The Company doesn't have more than one reportable segment in terms of AS-17 "Segment Reporting".

1.12 Earnings per share

Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by the number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) as adjusted for dividend, by the number of equity shares considered for deriving basic earnings per share.

1.13 Taxes on income

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax. Accordingly, MAT is recognized as an asset in the Balance Sheet when it is probable that future economic benefit associated with it will flow to the Company.

Deferred tax is recognized on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal ii one or more subsequent periods. Deferred tax is measured using the tax rates and the tax law enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognize for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognized only if there is virtual certainty that there will be sufficient future taxable income available to realize such assets. Deferred tax assets are recognized for timing differences of other items only to the extent that reasonable certainty exists the sufficient future taxable income will be available against which these can be realized. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their reliability.

Current and deferred tax relating to items directly recognized in equity are recognized in equity and not in the Statement of Profit and Loss.

1.14 Provisions and contingencies

A provision is recognized when the Company has a present obligation as a result of past' event; and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions are determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclose in the Notes.

1.15 Derivative contracts

The Company has trading activities in Derivative segment in Shares and Commodities.

Derivative contracts are marked-to-market and losses are recognized in the Statement of Profit and Loss. Gains arising on the same are not recognized, until realized, on grounds of prudence.

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Mar 31, 2011

1. Preparation of Financial Statements:

The Financial statements are prepared under the historical cost convention on the accrual basis and in accordance with Generally Accepted Accounting Principles (GAAP). GAAP comprises mandatory accounting standards issued by the Institute of Chartered Accountants of India (ICAI), the provisions of the Companies Act, 1956 and guidelines issued by SEBI.

2. Use of Estimates:

The preparation of financial statements in conformity with the accounting standards requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and notes thereto. Differences between actual results and estimates are recognized in the period in which they materialize.

3. Revenue Recognition:

Brokerage income is recognized on the trade date of transaction upon confirmation of the transactions by stock exchanges and clients. Interest income is recognized on time proportion basis. Profit on sale of securities held as stock-in-trade is recorded on transfer of title as per guidelines of SEBI. Dividend is recognized on receipt basis.

4. Fixed Assets:

Fixed Assets are stated at cost less accumulated depreciation. Costs attributable to the asset till the date asset is ready to be put to use are added to the cost of asset.

5. Depreciation:

Depreciation on Fixed Assets is provided on "Written Down Value Method" on a pro- rata basis at the rates and in the manner specified in Schedule XIV of the companies Act, 1956.

6. Investments:

Investments are classified as long term or Current based on their nature and intended holding period. Long term Investments are stated at fair value cost less provision for diminution other than temporary in value.

7. Financial Instruments (i.e. Stock-in-Trade of) Quoted Equity Shares:-

The financial instruments being quoted equity shares, acquired with the intention of short term holding and trading position are considered as Stock-in-Trade, and shown under current assets, are reported at Fair Value Through Profit or Loss (FVTPL) as per provisions of AS 30 – "Financial Instruments: Recognition and Measurement".

During the year, the company has adopted AS -30 "Financial Instruments: Recognition and Measurement" issued by the Institute of Chartered Accountants of India, which is made recommendatory w.e.f. 01.04.2009.

8. Taxes on Income:

Current Tax is determined on the taxable income for the year as per the provisions of the Income Tax Act, 1961. Deferred tax expenses or benefit is recognized, subject to consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax liabilities are measured using the tax rate and tax law that have been enacted or subsequently enacted.

9. Provisions:

A provision is recognized when there is a present obligation as a result of past event i.e. it is probable that an outflow of resources will be required to settle the obligation and in respect of which reliable estimate can be made. Provision is not discounted to its present value and is determined based on the best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the best current estimate.

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Mar 31, 2010

1. Preparation of Financial Statements:

The Financial statements are prepared under the historical cost convention on the accrual basis and in accordance with Generally Accepted Accounting Principles (GAAP). GAAP comprises mandatory accounting standards issued by the Institute of Chartered Accountants of India (ICAI), the provisions of the Companies Act, 1956 and guidelines issued by SEBI.

2. Use of Estimates:

The preparation of financial statements in conformity with the accounting standards requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and notes thereto. Differences between actual results and estimates are recognized in the period in which they materialize.

3. Revenue Recognition:

Brokerage income is recognized on the trade date of transaction upon confirmation of the transactions by stock exchanges and clients. Interest income is recognized on time proportion basis. Profit on sale of securities held as stock-in-trade is recorded on transfer of title as per guidelines of SEBI. Dividend is recognized on receipt basis.

4. Fixed Assets:

Fixed Assets are stated at cost less accumulated depreciation. Costs attributable to the asset till the date asset is ready to be put to use are added to the cost of asset.

5. Depreciation:

Depreciation on Fixed Assets is provided on "Written Down Value Method" on a pro-rata basis at the rates and in the manner specified in Schedule XIV of the companies Act, 1956.

6. Investments:

Investments are classified as long term or Current based on their nature and intended holding period. Long term Investments are stated at fair value cost less provision for diminution other than temporary in value.

7. Financial Instruments (i.e. Stock-in-Trade of) Quoted Equity Shares:-

The financial instruments being quoted equity shares, acquired with the intention of short term holding and trading position are considered as Stock-in-Trade, and shown undercurrent assets, are reported at Fair Value Through Profit or Loss (FVTPL) as per provisions of AS 30 - "Financial Instruments: Recognition and Measurement".

During the year, the company has adopted AS -30 "Financial Instruments: Recognition and Measurement" issued by the Institute of Chartered Accountants of India, which is made recommendatory w.e.f. 01.04.2009.

8. Taxes on Income:

Current Tax is determined on the taxable income for the year as per the provisions of the Income Tax Act, 1961.

Deferred tax expenses or benefit is recognized, subject to consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax liabilities are measured using the tax rate and tax law that have been enacted or subsequently enacted.

9. Provisions:

A provision is recognized when there is a present obligation as a result of past event i.e. it is probable that an outflow of resources will be required to settle the obligation and in respect of which reliable estimate can be made. Provision is not discounted to its present value and is determined based on the best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the best current estimate.