Accounting Policies of Magnus Steel and Infra Ltd. Company

Mar 31, 2025

1.1 Corporate information

The Financial Statements of "Magnus Steel & Infra Limited"("the Company")( Formerly know as Magnus Retail Limited) are
for the year ended March 31,2025.

Magnus Steel & Infra Limited (The Company) ( Formerly know as Magnus Retail Limited) is a public limited company
incorporated under the provisions of the companies Act applicable in India. The registered office of the company is located at
Unit no 365, Shirshagaon, Niphad , Nashik - 422001.

The Company is providing service activities in Information Technology related fields, with special focus on Computer
hardware, software, Business process outsourcing, draining in Information Technology related fields, Academic Training, etc.
However the company has closed down its operations and there is no operational reveneue during the financial year.

1.2 Basis of preparation and presentation:

These Financial Statements have been prepared in accordance with Indian Accounting Standards (Tnd AS) under the
historical cost convention on the accrual basis except for

(i) Certain financial assets and liabilities measured at fair value,

The Financial Statements of the Company have been prepared in accordance with applicable Indian Accounting Standards
(‘Ind-AS’) Prescribed under section 133 of Comapnies Act,2013 ("Act") read with the Companies (Indian Accounting
Standards) Rules and other relevant provisions of the Act and and Rules thereunder,as amended from time to time.

The Standalone Fianacial Statements arc Presented in indian Rupees(Rs.) which is company''s presentation and functional
currency

1.3 Standard issued effective from current period:

(i) Ind AS 115, Revenue from Contract with Customer

According to the standard, revenue is recognized to depict the transfer of promised goods or services to a customer in an
amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or sendees. Ind-
AS 115 establishes a five step model that will apply to revenue earned from a contract with a customer (with limited
exceptions), regardless of the type of revenue transaction or the industry¹. Extensive disclosures will be required, including
disaggregation of total revenue; information about performance obligation; changes in contract asset and liability account
balances between periods and key judgments and estimates. The standard permits the use of either the retrospective or
cumulative effect transition method. The Company is currently assessing the impact of adopting Ind-AS 115 on the financial
statements.

(ii) Amendments to Ind-AS 40, ''Investment Property'', Ind-AS 21, ''The effects of changes in Foreign Exchange Rates'', Ind-
AS 12, ''Income Faxes'', Ind-AS 28 ''Investments in Associates and Joint Ventures'',Ind-AS 112 ''Disclosure oflnterest in Other
Entities'' and Ind AS 109 -I ledge Accounting are does not apply to Company''.

1.4 Current and non-current classification:

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

An asset is treated as current when it is:

(i) expected to be realised or intended to be sold or consumed in normal operating cycle,

(ii) held primarily for the purpose of trading,

(iii) expected to be realised within twelve months after the reporting period,

(iv) cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after
the reporting period, or

(v) carrying current portion of non current financial assets.

All other assets arc classified as non-current.

A liability is current when:

(i) it is expected to be settled in normal operating cycle ;

(ii) it is held primarily for the purpose of trading;

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

(iv) there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period,
or

(v) It includes current portion of non current financial liabilities.

All other liabilities are classified as non-current.

1.5 Operating cycle

All assets and liabilities have been classified as current and non-current as per the company’s normal operating cycle and
other criteria set out above which are in accordance with the schedule III to the Act. Based on the nature of services and time
between the acquisition of assets for providing of sendees and their realisation in cash and cash equivalents, the Company has
ascertained its operating cycle as 12 months for the purpose of current / non-current classification of assets and liabilities.

1.6 Property Plant and Equipment:

Property, plant and equipment are stated at cost less depreciation and impairment, if any. Historical cost includes expenditure
that is directly attributable to the acquisition of the items,

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be
measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced.
All other repairs and maintenance are charged to the Statement of Profit and Loss during the reporting period in which they
are incurred.

Depreciation is provided under the "written down value" method at the cates and in the manner prescribed in Part C of
Schedule II to the Companies Act, 2013, over their useful life., and management believe that useful life of assets are same as
those prescribed in Part C of Schedule II to the Act.

Useful life considered for calculation of depreciation for various assets class are as follows-
Asset Class Useful Life

Furniture and Fixtures 10 years

Office Equipment 5 years

Computers 3 years

The Property, plant and equipment residual values, useful lives and method of depreication are reviewed, and adjusted if
appropriate, at the end of each reporting period.

Gains and losses arising from dereognition of a property, plant and equipment are measured as the difference between the net
disposal proceeds and the carrying amount of the assets and arc recognised in the Statement of Profit and Loss, when the
asset is derecognised.

An property, plant and equipment carrying amount is written down immediately to its recoverable amount if the asset’s
carrying amount is greater than its estimated recoverable amount.

1.7 Investments and other financial assets:

Initial recognition

In the case of financial assets, not recorded at fair value through profit or loss (FVPL), financial assets are recognised initially
at fair value plus transaction costs that are directly attributable to the acquisition of the financial asset. Purchases or sales of
financial assets that require delivery of assets within a time frame established by regulation or convention in the market place
(regular way trades) are recognised on the trade date, i.e., the date that the Company commits to purchase or sell the asset.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in following categories

(a) Financial Assets at amortised cost

Financial assets are subsequently measured at amortised cost if these financial assets are held within a business model with an
objective to hold these assets in order to collect contractual cash flows and the contractual terms of the financial asset give
rise on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Interest income from these financial assets is included in finance income using the effective interest rate ("EIR") method.
Impairment gains or losses arising on these assets are recognised in the Statement of Profit and Loss.

(b) Financial Assets measured at fair value

Financial assets are measured at fair value through other comprehensive income (FVOCI) if these financial assets are held
within a business model with an objective to hold these assets in order to collect contractual cash flows or to sell these
financial assets and the contractual terms of the financial asset give rise on specified dates, to cash flows that arc solely
payments of principal and interest on the principal amount outstanding. Movements in the carrying amount are taken through
OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which
are recognised in the Statement of Profit and Loss.

Impairment of Financial Assets

In accordance with Ind AS 109, the Company applies the expected credit loss ("ECL") model for measurement and
recognition of impairment loss on financial assets and credit risk exposures.

The Company follows ‘simplified approach’ for recognition of impairment loss allowance on trade receivables. Simplified
approach does not requite the Company to changes in credit risk. Rather, it recognises impairment loss allowance based on
lifetime ECL at each reporting date, right from its initial recognition.

For recognition of impairment loss on other financial assets and risk exposure, the Company determines whether there has
been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month
ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a
subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk
since initial recognition, then the entity reverts to recognising impairment loss allowance based on 12-month ECL.

ECL is the difference between all contractual cash flows that are due to the Company in accordance with the contract and all
the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original EIR. Lifetime ECL are the
expected credit losses resulting from all possible default events over the expected life of a financial instrument. The 12-month
ECL is a portion of the lifetime ECL which results from default events that are possible within 12 months after the reporting
date.

ECL impairment loss allowance (or reversal) recognised during the period is recorded as expense/ income in the Statement
of Profit and Loss.

De-recognition of Financial Assets

The Company de-recognises a financial asset only when the contractual rights to the cash flows from the asset expire, or it
transfers the financial asset and substantially all risks and rewards of ownership of the asset to another entity.

If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the
transferred asset, the Company recognizes its retained interest in the assets and an associated liability for amounts it may have
to pay.

If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company
continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

Equity investments

All equity investments in the scope of Ind AS 109, Financial Instruments, are measured at fair value. For equity instruments,
the Company may make an irrevocable election to present the subsequent fair value changes in Other Comprehensive Income
(OCI). The Company makes sucli election on an instrument-by-instrument basis. The classification is made on initial
recognition and is irrevocable.

There is no recycling of the amounts from OCI to profit or loss, even on sale of investment.

Equity instruments included within the FVTPL (fair value through profit and loss) category are measured at fait value with all
changes in fair value recognized in the profit or loss.

1.8 Financial Liabilities
Initial Recognition

Financial liabilities are classified, at initial recognition, as financial liabilities at FVPL, loans and borrowings and payables as
appropriate, All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables,
net of directly attributable transaction costs.

Subsequent measurement
Financial liabilities at FVPL

Financial liabilities at FVPL include financial liabilities held for trading and financial liabilities designated upon initial
recognition as FVPL. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. Gains or losses on liabilities held for trading are recognised in the Statement of Profit and Loss.

Financial liabilities at amortised cost

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR
method. Any difference between the proceeds (net of transaction costs) and the settlement or redemption of borrowings is
recognised over the term of the borrowings in the Statement of Profit and Loss.

Amortised 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 amortisation is included as finance costs in the Statement of Profit and Loss.

Where the terms of a financial liability is re-negotiated and the Company issues equity instruments to a creditor to extinguish
all or part of the liability (debt for equity swap), a gain or loss is recognised in the Statement of Profit and Loss; measured as a
difference between the carrying amount of the financial liability and the fair value of equity instrument issued.

De-recognition of Financial Liabilities

financial liabilities are de-recognised when the obligation specified in the contract is discharged, cancelled or expired. 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 de-recognition of the original
liability and recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of
Profit and Loss.

Offsetting financial instruments

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

1.10 Fair value measurement

The Company measures financial assets and financial liability at fair value at each balance sheet date.

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

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

- J .evel 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

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

- Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company
determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the
lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

[he Company’s Valuation team determines the policies and procedures for both recurring fair value measurement, such as
derivative instruments and unquoted financial assets measured at fair value, and for non-recurring measurement

1.11 Impairment of non-financial assets

Assessment is done at each Balance Sheet date to evaluate whether there is any indication that a non-financial asset may be
impaired. For the purpose of assessing impairment, the smallest identifiable group of assets that generates cash inflows from
continuing use that are largely independent of the cash inflows from other assets or groups of assets, is considered as a cash
generating unit. If any such indication exists, an estimate of the recoverable amount of the asset/cash generating unit is made
Assets whose carrying value exceeds their recoverable amount are written down to their recoverable amount. Recoverable
amount is higher of an asset’s or cash generating unit’s net selling price and its value in use, Value in use is the present value
of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its
useful life* A previously recognised impairment loss is increased or reversed depending on changes in circumstances.
However, the carrying value after reversal is not increased beyond the carrying value that would have prevailed by charging
usual depreciation if there was no impairment.

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Mar 31, 2024

1 SIGNIFICANT ACCOUNTING POLICIES:

1.1 Corporate information

The Financial Statements of “Magnus Retail Limited”(“the Company”) are for the year
ended March 31, 2024.

Magnus Retail Limited (The Company) is a public limited company incorporated
under the provisions of the companies Act applicable in India. The registered office
of the company is located at 163-164/A, Mittal Tower, 16^th Floor, Nariman Point,
Mumbai-400021. Earlier the name of the Company was Savant Infocomm Limited.

The Company is providing service activities in Information Technology related fields,
with special focus on Computer hardware, software, Business process outsourcing,
Training in Information Technology related fields, Academic Training, etc. However the
company has closed down its operations and there is no operational reveneue during
the financial year. In the last financial year the name of the Company was changed to
Magnus Retail Limited. Company has entered into new line of business of Trading of
Agro Products in the last financial year.

1.2 Basis of preparation and presentation:

These Financial Statements have been prepared in accordance with Indian Accounting
Standards (Ind AS) under the historical cost convention on the accrual basis except for

(i) Certain financial assets and liabilities measured at fair value,

The Financial Statements of the Company have been prepared in accordance
with applicable Indian Accounting Standards (‘Ind-AS’) Prescribed under section
133 of Comapnies Act,2013 (“Act”) read with the Companies (Indian Accounting
Standards) Rules and other relevant provisions of the Act and and Rules
thereunder,as amended from time to time.

The Standalone Fianacial Statements are Presented in indian Rupees(Rs.) which
is company’s presentation and functional currency

1.3 Standard issued effective from current period:

(i). Ind AS 115, Revenue from Contract with Customer

According to the standard, revenue is recognized to depict the transfer of promised
goods or services to a customer in an amount that reflects the consideration to
which the entity expects to be entitled in exchange for those goods or services.
Ind-AS 115 establishes a five step model that will apply to revenue earned from a
contract with a customer (with limited exceptions), regardless of the type of revenue
transaction or the industry. Extensive disclosures will be required, including
disaggregation of total revenue; information about performance obligation;
changes in contract asset and liability account balances between periods and key
judgments and estimates. The standard permits the use of either the retrospective
or cumulative effect transition method. The Company is currently assessing the
impact of adopting Ind-AS 115 on the financial statements.

(ii) Amendments to Ind-AS 40, ‘Investment Property’, Ind-AS 21, ‘The effects of
changes in Foreign Exchange Rates’, Ind-AS 12, ‘Income Taxes’, Ind-AS 28
‘Investments in Associates and Joint Ventures’ ,Ind-AS 112 ‘Disclosure of Interest
in Other Entities’ and Ind AS 109 -Hedge Accounting are does not apply to
Company.

1.4 Current and non-current classification:

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

An asset is treated as current when it is:

(i) expected to be realised or intended to be sold or consumed in normal operating
cycle,

(ii) held primarily for the purpose of trading,

(iii) expected to be realised within twelve months after the reporting period,

(iv) cash or cash equivalent unless restricted from being exchanged or used to settle
a liability for at least twelve months after the reporting period, or

(v) carrying current portion of non current financial assets.

All other assets are classified as non-current.

A liability is current when:

(i) it is expected to be settled in normal operating cycle ;

(ii) it is held primarily for the purpose of trading ;

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

(iv) there is no unconditional right to defer the settlement of the liability for at least
twelve months after the reporting period, or

(v) It includes current portion of non current financial liabilities.

All other liabilities are classified as non-current.

1.5 Operating cycle

All assets and liabilities have been classified as current and non-current as per the
company’s normal operating cycle and other criteria set out above which are in
accordance with the schedule III to the Act. Based on the nature of services and time
between the acquisition of assets for providing of services and their realisation in cash
and cash equivalents, the Company has ascertained its operating cycle as 12 months
for the purpose of current / non-current classification of assets and liabilities.

1.6 Property Plant and Equipment:

Property, plant and equipment are stated at cost less depreciation and impairment, if
any. Historical cost includes expenditure that is directly attributable to the acquisition of
the items.

Subsequent costs are included in the asset’s carrying amount or recognised as a
separate asset, as appropriate, only when it is probable that future economic benefits
associated with the item will flow to the Company and the cost of the item can be
measured reliably. The carrying amount of any component accounted for as a separate
asset is derecognised when replaced. All other repairs and maintenance are charged to
the Statement of Profit and Loss during the reporting period in which they are incurred.

Depreciation is provided under the “written down value” method at the rates and in
the manner prescribed in Part C of Schedule II to the Companies Act, 2013, over
their useful life., and management believe that useful life of assets are same as those
prescribed in Part C of Schedule II to the Act.

Useful life considered for calculation of depreciation for various assets class are as
follows-

Asset Class Useful Life

Furniture and Fixtures 10 years

Office Equipment 5 years

Computers 3 years

The Property, plant and equipment residual values, useful lives and method of
depreication are reviewed, and adjusted if appropriate, at the end of each reporting
period.

Gains and losses arising from dereognition of a property, plant and equipment are
measured as the difference between the net disposal proceeds and the carrying amount
of the assets and are recognised in the Statement of Profit and Loss, when the asset is
derecognised.

An property, plant and equipment carrying amount is written down immediately to
its recoverable amount if the asset’s carrying amount is greater than its estimated
recoverable amount.

1.7 Investments and other financial assets:

Initial recognition

In the case of financial assets, not recorded at fair value through profit or loss (FVPL),
financial assets are recognised initially at fair value plus transaction costs that are
directly attributable to the acquisition of the financial asset. Purchases or sales of
financial assets that require delivery of assets within a time frame established by
regulation or convention in the market place (regular way trades) are recognised on the
trade date, i.e., the date that the Company commits to purchase or sell the asset.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in following
categories

(a) Financial Assets at amortised cost

Financial assets are subsequently measured at amortised cost if these financial
assets are held within a business model with an objective to hold these assets in
order to collect contractual cash flows and the contractual terms of the financial

asset give rise on specified dates, to cash flows that are solely payments of
principal and interest on the principal amount outstanding. Interest income from
these financial assets is included in finance income using the effective interest rate
(“EIR”) method. Impairment gains or losses arising on these assets are recognised
in the Statement of Profit and Loss.

(b) Financial Assets measured at fair value

Financial assets are measured at fair value through other comprehensive
income (FVOCI) if these financial assets are held within a business model with
an objective to hold these assets in order to collect contractual cash flows or to
sell these financial assets and the contractual terms of the financial asset give
rise on specified dates, to cash flows that are solely payments of principal and
interest on the principal amount outstanding. Movements in the carrying amount
are taken through OCI, except for the recognition of impairment gains or losses,
interest revenue and foreign exchange gains and losses which are recognised in
the Statement of Profit and Loss.

Financial assets that do not meet the criteria for amortised cost or FVOCI are
measured at fair value through profit or loss.

Impairment of Financial Assets

In accordance with Ind AS 109, the Company applies the expected credit loss
(“”ECL””) model for measurement and recognition of impairment loss on financial
assets and credit risk exposures.

The Company follows ‘simplified approach’ for recognition of impairment loss
allowance on trade receivables. Simplified approach does not require the Company
to changes in credit risk. Rather, it recognises impairment loss allowance based on
lifetime ECL at each reporting date, right from its initial recognition.

For recognition of impairment loss on other financial assets and risk exposure, the
Company determines whether there has been a significant increase in the credit
risk since initial recognition. If credit risk has not increased significantly, 12-month
ECL is used to provide for impairment loss. However, if credit risk has increased
significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the
instrument improves such that there is no longer a significant increase in credit
risk since initial recognition, then the entity reverts to recognising impairment loss
allowance based on 12-month ECL.

ECL is the difference between all contractual cash flows that are due to the
Company in accordance with the contract and all the cash flows that the entity
expects to receive (i.e., all cash shortfalls), discounted at the original EIR. Lifetime
ECL are the expected credit losses resulting from all possible default events over
the expected life of a financial instrument. The 12-month ECL is a portion of the
lifetime ECL which results from default events that are possible within 12 months
after the reporting date.

ECL impairment loss allowance (or reversal) recognised during the period is
recorded as expense/ income in the Statement of Profit and Loss.

De-recognition of Financial Assets

The Company de-recognises a financial asset only when the contractual rights
to the cash flows from the asset expire, or it transfers the financial asset and
substantially all risks and rewards of ownership of the asset to another entity.

If the Company neither transfers nor retains substantially all the risks and rewards
of ownership and continues to control the transferred asset, the Company
recognizes its retained interest in the assets and an associated liability for amounts
it may have to pay.

If the Company retains substantially all the risks and rewards of ownership of a
transferred financial asset, the Company continues to recognise the financial asset
and also recognises a collateralised borrowing for the proceeds received.

Equity investments

All equity investments in the scope of Ind AS 109, Financial Instruments, are
measured at fair value. Forequity instruments, the Company may make an irrevocable
election to present the subsequent fair value changes in Other Comprehensive
Income (OCI). The Company makes such election on an instrument-by-instrument
basis. The classification is made on initial recognition and is irrevocable.
ThereisnorecyclingoftheamountsfromOCItoprofitorloss,evenonsaleofinvestment.
Equity instruments included within the FVTPL (fair value through profit and loss)
category are measured at fair value with all changes in fair value recognized in the
profit or loss.

1.8 Financial Liabilities
Initial Recognition

Financial liabilities are classified, at initial recognition, as financial liabilities at FVPL,
loans and borrowings and payables as appropriate. All financial liabilities are recognised
initially at fair value and, in the case of loans and borrowings and payables, net of
directly attributable transaction costs.

Subsequent measurement

Financial liabilities at FVPL

Financial liabilities at FVPL include financial liabilities held for trading and financial
liabilities designated upon initial recognition as FVPL. Financial liabilities are classified
as held for trading if they are incurred for the purpose of repurchasing in the near term.
Gains or losses on liabilities held for trading are recognised in the Statement of Profit
and Loss.

Financial liabilities at amortised cost

After initial recognition, interest-bearing loans and borrowings are subsequently
measured at amortised cost using the EIR method. Any difference between the
proceeds (net of transaction costs) and the settlement or redemption of borrowings is
recognised over the term of the borrowings in the Statement of Profit and Loss.

Amortised 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 amortisation
is included as finance costs in the Statement of Profit and Loss.

Where the terms of a financial liability is re-negotiated and the Company issues equity
instruments to a creditor to extinguish all or part of the liability (debt for equity swap), a
gain or loss is recognised in the Statement of Profit and Loss; measured as a difference
between the carrying amount of the financial liability and the fair value of equity
instrument issued.

De-recognition of Financial Liabilities

Financial liabilities are de-recognised when the obligation specified in the contract
is discharged, cancelled or expired. 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 de-recognition of the original liability and recognition of a new liability. The difference
in the respective carrying amounts is recognised in the Statement of Profit and Loss.

Offsetting financial instruments

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

1.10 Fair value measurement

The Company measures financial assets and financial liability at fair value at each
balance sheet date.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. The Company uses valuation techniques that are appropriate
in the circumstances and for which sufficient data are available to measure fair
value, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.

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

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

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

- Level 3 — Valuation techniques for which the lowest level input that is significant
to the fair value measurement is unobservable. For assets and liabilities that
are recognised in the financial statements on a recurring basis, the Company
determines whether transfers have occurred between levels in the hierarchy by
re-assessing categorisation (based on the lowest level input that is significant to
the fair value measurement as a whole) at the end of each reporting period.

The Company’s Valuation team determines the policies and procedures for both
recurring fair value measurement, such as derivative instruments and unquoted
financial assets measured at fair value, and for non-recurring measurement

1.11 Impairment of non-financial assets

Assessment is done at each Balance Sheet date to evaluate whether there is any
indication that a non-financial asset may be impaired. For the purpose of assessing
impairment, the smallest identifiable group of assets that generates cash inflows from
continuing use that are largely independent of the cash inflows from other assets
or groups of assets, is considered as a cash generating unit. If any such indication
exists, an estimate of the recoverable amount of the asset/cash generating unit is
made. Assets whose carrying value exceeds their recoverable amount are written
down to their recoverable amount. Recoverable amount is higher of an asset’s or cash
generating unit’s net selling price and its value in use. Value in use is the present value
of estimated future cash flows expected to arise from the continuing use of an asset
and from its disposal at the end of its useful life. A previously recognised impairment
loss is increased or reversed depending on changes in circumstances. However, the
carrying value after reversal is not increased beyond the carrying value that would have
prevailed by charging usual depreciation if there was no impairment.

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Mar 31, 2014

1.1 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 notified under the Companies (Accounting Standard) Rules 2006 (as amended) and the relevant provisions of Companies Act 1956. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year. Further, the financial statements have been prepared on the ''going concern'' concept.

1.2 Use of Estimates

The preparation of the financial statements in conformity with the Indian GAAP requires the management to make estimates and assumptions considered in the reporting of assets and liabilities and the reported income and expenses during the year. The management believes that the estimates used in the preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the difference between the actual results and the estimates will be recognized in the periods in which the results are known/materialize.

1.3 Cash and Cash Equivalents (for the purpose of the Cash flow Statement)

Cash and cash equivalents comprise cash on hand and demand deposits with banks.

1.4 Cash Flow Statement

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

1.5 Depreciation and amortization

Depreciation has been provided on the written down value method as per the rates prescribed in Schedule XIV to the Companies Act 1956

1.6 Revenue Recognition

Income from Services

There are no revenue generating activities during the financial year, hence there is no revenue for the financial year 2013-14.

1.7 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

1.8 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 weighted average number of equity shares outstanding during the year.

1.9 Taxes on income

Since the company has incurred loss during the current year, provision for current tax has not been made in accordance with the provisions of the Income Tax Act, 1961. Based on the past performance and adopting the prudence concept, the company has not made provision for Deferred Tax Asset as required by the Accounting Standard-22 on ''Accounting for taxes on Income.

1.10 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 recognized, 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 recognized for an asset in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognized in the Statement of Profit and Loss, except in case of revalued assets.

1.11 Provisions and contingencies

A provision is recognized 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 (excluding retirement benefits) are not discounted to their present value and 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.

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Mar 31, 2013

1.1 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 notified under the Companies (Accounting Standard) Rules 2006 (as amended) and the relevant provisions of companies Act 1956. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year. Further, the financial statements have been prepared on the ‘going concern'' concept.

1.2 Use of Estimates

The preparation of the financial statements in conformity with the Indian GAAP requires the management to make estimates and assumptions considered in the reporting of assets and liabilities and the reported income and expenses during the year. The management believes that the estimates used in the preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the difference between the actual results and the estimates will be recognized in the periods in which the results are known/materialize.

1.3 Cash and Cash Equivalents (for the purpose of the Cash flow Statement)

Cash and cash equivalents comprise cash on hand and demand deposits with banks.

1.4 Cash Flow Statement

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

1.5 Depreciation and amortization

Depreciation has been provided on the written down value method as per the rates prescribed in Schedule XIV to the Companies Act 1956

1.6 Revenue Recognition

Income from Services

Revenue on consultancy services as well as Interest incomes are recorded on accrual basis.

1.7 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

1.8 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 weighted average number of equity shares outstanding during the year.

1.9 Taxes on income

Since the company has incurred loss during the current year, provision for current tax has not been made in accordance with the provisions of the Income Tax Act, 1961. Based on the past performance and adopting the prudence concept, the company has not made provision for Deferred Tax Asset as required by the Accounting Standard-22 on ‘Accounting for taxes on Income.

1.10 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 recognized, 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 recognized for an asset in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognized in the Statement of Profit and Loss, except in case of revalued assets.

1.11 Provisions and contingencies

A provision is recognized 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 (excluding retirement benefits) are not discounted to their present value and 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.

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Mar 31, 2012

1.1 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 notified under the Companies (Accounting Standard) Rules 2006 (as amended) and the relevant provisions of companies Act 1956. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year. Further, the financial statements have been prepared on the 'going concern' concept.

1.2 Use of Estimates

The preparation of the financial statements in conformity with the Indian GAAP requires the management to make estimates and assumptions considered in the reporting of assets and liabilities and the reported income and expenses during the year. The management believes that the estimates used in the preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the difference between the actual results and the estimates will be recognized in the periods in which the results are known/materialize.

1.3 Cash and Cash Equivalents (for the purpose of the Cash flow Statement)

Cash and cash equivalents comprise cash on hand and demand deposits with banks.

1.4 Cash Flow Statement.

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

1.5 Depreciation and amortization

Depreciation has been provided on the written down value method as per the rates prescribed in Schedule XIV to the Companies Act 1956

1.6 Revenue Recognition

Income from Services

Revenue on consultancy services as well as Interest incomes are recorded on accrual basis.

1.7 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

1.8 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 weighted average number of equity shares outstanding during the year.

1.9 Taxes on income

Since the company has incurred loss during the current year, provision for current tax has not been made in accordance with the provisions of the Income Tax Act, 1961. Based on the past performance and adopting the prudence concept, the company has not made provision for Deferred Tax Asset as required by the Accounting Standard-22 on 'Accounting for taxes on Income.

1.10 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 recognized, 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 recognized for an asset in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognized in the Statement of Profit and Loss, except in case of revalued assets.

1.11 Provisions and contingencies

A provision is recognized 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 (excluding retirement benefits) are not discounted to their present value and 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.

1.12 The Company is rendering Services in the field of Education and Training. Since risks and returns are not distinguishable into different segments, in accordance with Accounting Standard 17 on Segmental Reporting, has not been applied.

1.13 The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure.

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Mar 31, 2011

A) Basis of preparation of financial statements

The financial statements have been prepared on historical cost and accrual basis. Further, the statements have been prepared on the ‘going concern' concept.

b) Revenue Recognition

Revenue on Training / Education services as well as Interest incomes are recorded on accrual basis.

c) Fixed assets

Fixed assets are stated at cost, less accumulated Depreciation. Direct costs are capitalized until the assets are ready to be put into use.

d) Depreciation

Depreciation has been charged on Fixed Assets in accordance with the provisions of Schedule xiv to the Companies Act, 1956, on written down value basis.

e) Inventories:

Since the main objectives of the Company are changed from Manufacturing to Service Activities in Information Technology related fields, with special focus on Computer hardware, software, Business process outsourcing, Training in Information Technology related fields, Academic Training, etc the question of inventories and their valuation do not arise.

f) Investments:

Investments are classified into Trade and Non-trade investments. They are stated at cost.

g) Retirement Benefits:

Contribution to provident fund is in accordance with The Employees Provident fund and Miscellaneous Provisions Act, 1952.The Company participates in the Group Gratuity Scheme of the Life Insurance Corporation of India, for payment of gratuity to its employees. However there is no such scheme available with the company at present.

h) Segmental reporting

The company is rendering Services in the field of Education and Training. Since risks and returns are not distinguishable into different segments, in accordance with Accounting Standard 17 on Segmental Reporting, issued by the Institute of Chartered Accountants of India, the same has not been applied.

i) Taxes on income

Based on past performance and going by prudence the Company has not recognized deferred tax asset as required by Accounting Standard 22 on Accounting for taxes on income, issued by the Institute of Chartered Accountants of India.

j) Accounting of preliminary expenses:

Preliminary expenses are written off over a period of 10 years.

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Mar 31, 2010

A) Basis of preparation of financial statements

The financial statements have been prepared on historical cost and accrual basis. Further, the statements have been prepared on the going concern concept.

b) Revenue Recognition

Revenue oh Training / Education services as well as Interest income is recorded on accrual basis.

c) Fixed assets

Fixed assets will be normally stated at cost, less accumulated Depreciation. Direct costs will be capitalized until the assets are ready to be put into use. However there are no fixed assets in respect of this financial year.

d) Depreciation

Depreciation will be charged on Fixed Assets in accordance with the provisions of Schedule xiv to the Companies Act, 1956, on written down value basis.

e) Inventories:

Since the main objectives of the Company are changed from Manufacturing to Service Activities in Information Technology related fields, with special focus on Computer hardware, software, Business process outsourcing, Training in Information Technology related fields, Academic Training, etc the question of inventories and their valuation do not arise.

f) Investments:

Investments are classified into Trade and Non-trade investments. They are stated at cost.

g) Retirement Benefits:

Contribution to provident fund is in accordance with The Employees Provident fund and Miscellaneous Provisions Act, 1952.The Company participates in the Group Gratuity Scheme of the Life Insurance Corporation of India, for payment of gratuity to its employees. However there is no such scheme available with the company at present.

h) Segmental reporting

The company is rendering Services in the field of Education and Training. Since risks and returns are not distinguishable into different segments, in accordance with Accounting Standard 17 on Segmental Reporting, issued by the Institute of Chartered Accountants of India, the same has not been applied.

i) Taxes on income

Based on past performance and going by prudence the Company has not recognized deferred tax asset as required by Accounting Standard 22 on Accounting for taxes on income, issued by the Institute of Chartered Accountants of India.

j) Accounting of preliminary expenses:

Preliminary expenses are written off over a period of 10 years.