Accounting Policies of Trade Wings Ltd. Company

Mar 31, 2018

Significant Accounting Policies followed by the Company

(A) Basis of preparation

(i) Compliance with Ind AS

These financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the ‘Ind AS’) as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013 (‘Act’) read with of the Companies (Indian Accounting Standards) Rules,2015 as amended and other relevant provisions of the Act.

These financial statements for the year ended 31st March, 2018 are the first financials with comparatives, prepared under Ind AS. For all previous periods including the year ended 31st March, 2017, the Company had prepared its financial statements in accordance with the accounting standards notified under companies (Accounting Standard) Rule, 2006 (as amended) and other relevant provisions of the Act (hereinafter referred to as ‘Previous GAAP’) used for its statutory reporting requirement in India.

The accounting policies are applied consistently to all the periods presented in the financial statements, including the preparation of the opening Ind AS Balance Sheet as at 1st April, 2016 being the date of transition to Ind AS.

(ii) Historical cost convention

The financial statements have been prepared on a historical cost basis, except for the following:

1) Certain financial assets and liabilities that are measured at fair value;

2) assets held for sale - measured at lower of carrying amount or fair value less cost to sell;

3) defined benefit plans - plan assets measured at fair value;

(iii) Current non-current classification

All assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle (twelve months) and other criteria set out in the Schedule III to the Act.

Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs as per the requirement of Schedule III, unless otherwise stated.

(B) Use of estimates and judgments

The estimates and judgments used in the preparation of the financial statements are continuously evaluated by the Company and are based on historical experience and various other assumptions and factors (including expectations of future events) that the Company believes to be reasonable under the existing circumstances. Differences between actual results and estimates are recognised in the period in which the results are known/materialised.

The said estimates are based on the facts and events, that existed as at the reporting date, or that occurred after that date but provide additional evidence about conditions existing as at the reporting date.

(C) Property, plant and equipment

The Company has applied for the one time transition exemption of considering the carrying cost on the transition date i.e. April 1, 2016 as the deemed cost under IND AS. Hence, regarded thereafter as historical cost.

Freehold land is carried at cost. All other items of 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.

(D) Depreciation methods, estimated useful lives and residual value

Depreciation is provided on Written Down Value Method, over the estimated useful lives of assets.

The Company depreciates its property, plant and equipment over the useful life in the manner prescribed in Schedule II to the Act, and management believe that useful life of assets are same as those prescribed in Schedule II to the Act.

(E) Investments in subsidiaries, joint ventures and associates

Investments in subsidiaries, joint ventures and associates are recognised at cost as per Ind AS 27. Investments and other financial assets

(i) Classification

The Company classifies its financial assets in the following measurement categories:

(1) Those to be measured subsequently at fair value (either through other comprehensive income, or through the Statement of Profit and Loss), and

(2) Those measured at amortised cost.

The classification depends on the Company’s business model for managing the financial assets and the contractual terms of the cash flows.

(ii) Measurement

At initial recognition, the Company measures a financial asset at its fair value. Transaction costs of financial assets carried at fair value through the Profit and Loss are expensed in the Statement of Profit and Loss.

(F) Inventory Valuation

The stock of Foreign Currency has been valued at the Bank buying rate prevailing at the year end.

(G) Cash and Cash Equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, bank overdraft, deposits held at call with financial institutions, other short-term highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

(H) Borrowings

Borrowings are initially recognised at net of transaction costs incurred and measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the Statement of Profit and Loss over the period of the borrowings using the effective interest method.

Borrowing costs Interest and other borrowing costs attributable to qualifying assets are capitalised. Other interest and borrowing costs are charged to Statement of Profit and Loss.

(I) Provisions and contingent liabilities

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period.

Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be made.

(J) Revenue recognition

Revenue is measured at the value of the consideration received or receivable. Revenue is derived from sale & purchase of foreign currencies, tour packages and air ticket bookings and other allied services.

Interest income is recognized on a time proportion basis by reference to the principle outstanding and at the rate applicable.

(K) Income tax

The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

Deferred income tax is provided in full, using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amount in the financial statement. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are excepted to apply when the related deferred income tax assets is realised or the deferred income tax liability is settled.

Deferred tax assets are recognised for all deductible temporary differences and unused tax losses, only if, it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the Company has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Current and deferred tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

Minimum Alternate Tax credit is recognised as deferred tax asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. Such asset is reviewed at each Balance Sheet date and the carrying amount of the MAT credit asset is written down to the extent there is no longer a convincing evidence to the effect that the Company will pay normal income tax during the specified period.

(L) Employee benefits

(i) Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled.

(ii) Other long-term employee benefit obligations

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months are measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the Government Securities (G-Sec) at the end of the reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in the Statement of Profit and Loss.

(iii) Post-employment obligations

The Company operates the following post-employment schemes:

(a) Defined benefit plans such as gratuity and pension; and

(b) Defined contribution plans such as provident fund.

Pension and gratuity obligations

The liability or asset recognised in the balance sheet in respect of defined benefit pension and gratuity plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement of Profit and Loss.

Re-measurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Defined Contribution Plans

Defined Contribution Plans such as Provident Fund etc., are charged to the Statement of Profit and Loss as incurred. Further for certain employees, the monthly contribution for Provident Fund is made to a Trust administered by the Company. The interest payable by the Trust is notified by the Government. The Company has an obligation to make good the shortfall, if any.

Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Company recognises termination benefits at the earlier of the following dates: (a) when the Company can no longer withdraw the offer of those benefits; and (b) when the Company recognises costs for a restructuring that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.

(M) Foreign currency translation

Functional and presentation currency

(i)The financial statements are presented in Indian rupee (INR), which is Company’s functional and presentation currency.

(ii) Transactions and balances

Transactions in foreign currencies are recognised at the prevailing exchange rates on the transaction dates. Realised gains and losses on settlement of foreign currency transactions are recognised in the Statement of Profit and Loss.

Earnings Per Share

- the profit attributable to owners of the Company

(ii) Critical estimates and judgements -

The preparation of financial statements requires the use of accounting estimates which by definition will seldom equal the actual results. Management also need to exercise judgement in applying the Group’s accounting policies.

This note provides an overview of the areas that involved a higher degree of judgement or complexity, and items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed. Detailed information about each of these estimates and judgements is included in relevant notes together with information about the basis of calculation for each affected line item in the financial statements.

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Mar 31, 2017

GENERAL

Accounts are prepared on accrual basis in keeping with normally accepted accounting principles.

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles, the provisions of the Companies Act, 2013 and the applicable Accounting Standards issued by the Institute of Chartered Accountants of India, except in the case of fixed assets as given below:

FIXED ASSETS

Fixed assets are stated at cost. Cost compromises purchase price and any other attributable cost to bring the asset to its working condition for its intended use. Depreciation on tangible fixed assets has been provided on Written Down Value (WDV) at the rates prescribed under schedule II of the Companies Act, 2013.

Fixed Assets are carried at cost less depreciation. Cost of Fixed Assets includes addition on account of revaluation of property situated in Adarsh Society and in Bhogilal Building.

DEPRECIATION

The company provides depreciation as under:

I Depreciation is provided as per the Written Down Method at the rates prescribed under Schedule II of the Companies Act, 2013.

II Depreciation on addition during the year is being provided on a pro rata basis from the date of addition of the asset.

III Depreciation on additions due to revaluation to assets has been provided with reference to the balance useful life of the asset determined on a basis consistent with the policy for book depreciation. The additional charge of depreciation on account of revaluation is withdrawn from Revaluation Reserve and credited to the Profit & Loss Account.

IV Assets costing less than Rs. 5,000/- acquired during the year have been depreciated at 100%.

REVENUE RECOGNITION

Revenue is derived from sale & purchase of foreign currencies, tour packages and air ticket bookings and other allied services.

Interest income is recognized on a time proportion basis by reference to the principle outstanding and at the rate applicable.

investments

Investments are stated at cost. Long Term Investments are stated at cost and provision for diminution in value of investment is made unless the diminution is of temporary nature.

INVENTORY VALUATION

The stock of Foreign Currency has been valued at the Bank buying rate prevailing at the year end.

ACCOUNTING FOR INCOME AND EXPENSES:

Income and expenses are accounted in books of account on accrual basis

a) In the case of out - bound tour, invoices are raised on the basis of confirmation of tour received from the customers, but the income is recognized on the completion of the tour. Accordingly, amounts are shown as sundry debtors vis-a-vis advance from customers.

During the year, the Company had specified bank notes or other denomination notes as defined in MCA notification G.S.R. 308(E) dated March 31,2017 on the details of Specified Bank Notes (SBN) held and transacted during the period from November 8, 2016 to December 30, 2016, the denomination wise SBNs and other notes as per the notification is given below: Particulars for the purpose of this clause, the term ‘Specified Bank Notes’ shall have the same meaning provided in the notification of the Govt, of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E) dated the 8^th November, 2016.

FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of transaction. Current assets and liabilities not covered by Forward Exchange contracts are retranslated at year end exchange rates and the profit/loss so determined and also the realised exchange gains/losses are reflected in the Profit and Loss account.

Balance in Foreign Currency Accounts to the extent of Liabilities in Foreign Currencies is translated at the interbank selling rate.

RETIREMENT BENEFITS:

Contributions to Provident Fund and Pension fund are accounted on accrual basis. Liability in respect of leave encashment and gratuity due to employees is accounted on actuarial basis as certified by an approved Actuary.

CONTINGENT LIABILITIES:

Contingent Liabilities are not provided for but are disclosed separately.

Fixed Assets and other current assets used in the Company’s business or liabilities contracted have not been identified to any of the reportable segments, as the fixed assets and services are used interchangeably between segments. The company believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

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Mar 31, 2015

GENERAL

Accounts are prepared on accrual basis in keeping w ith normally accepted accounting principles.

BASIS OF PREPARATION OF FINANCIAL STATEMENTS;

The financial statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles, the provisions of the Companies Act, 2013 and the applicable Accounting Standards issued by the institute of Chartered Accountants of India, except in the case of fixed assets as given below:

FIXED ASSETS

Fixed assets are stated at cost. Cost compromises purchase price and any other attributable cost to bring the asset to its working condition for its intended use. Depreciation on tangible fixed assets has been provided on Written Down Value (WDV) at the rates prescribed under schedule II of the Companies Act, 2013.

Fixed Assets are carried at cost less depreciation, Cost of Fixed Assets includes addition on account of revaluation of property situated in Adarsh Society and in Shogilal Building.

DEPRECIATION

The company provides depreciation as under:

1 Depreciation is provided as per the Written Down Method at the rates prescribed under Schedule

II of the Companies Act, 2013.

II Depreciation on addition during the year is being provided on a pro rata basis from the date of addition of the asset.

III Depreciation on additions due to revaluation to assets has been provided with reference to the balance useful life of the asset determined on a basis consistent with the policy for book depreciation. The additional charge of depreciation on account of revaluation is withdrawn from Revaluation Reserve and credited to the Profit & Loss Account.

IV Assets costing less than Rs. 5,000/- acquired during the year have been depreciated at 100%. INVESTMENTS

Investments are stated at cost. Long Term Investments are stated at cost and provision for diminution in value of investment is made unless the diminution is of temporary nature.

INVENTORY VALUATION

The stock of Foreign Currency has been valued at the Bank buying rate prevailing at the year end.

ACCOUNTING FOR INCOME AND EXPENSES:

Income and expenses are accounted in books of account on accrual basis

a) In the case of out - bound tour, invoices are raised on the basis of confirmation of tour received from the customers, but the income is recognized on the completion of the tour. Accordingly, amounts are shown as sundry debtors vis-a-vis advance from customers.

FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of transaction. Current assets and liabilities not covered by Forward Exchange contracts are retranslated at year end exchange rates and the profit/loss so determined and also the realised exchange gains/iosses are reflected in the Profit and Loss account.

Balance in Foreign Currency Accounts to the extent of Liabilities in Foreign Currencies is translated at the interbank selling rate.

RETIREMENT BENEFITS:

Contributions to Provident Fund and Pension fund are accounted on accrual basis. Liability in respect of leave encashment and gratuity due to employees is accounted on actuarial basis as certified by an approved Actuary.

CONTINGENT LIABILITIES

Contingent Liabilities are not provided for but are disclosed separately.

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Mar 31, 2014

GENERAL

Accounts are prepared on accrual basis in keeping with normally accepted accounting principles.

BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

The financial statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles, the provisions of the Companies Act, 1956 and the applicable Accounting Standards issued by the Institute of Chartered Accountants of India, except in the case of fixed assets as given below

FIXED ASSETS

Fixed Assets are carried at cost less depreciation. Cost of Fixed Assets includes addition on account of revaluation of property situated in Adarsh Society and in Bhogilal Building.

DEPRECIATION

The company provides depreciation as under:

I On written down value method in accordance with section 205 (2) (a) of the Companies Act, 1956, at the rates specified in Schedule XIV of the Companies Act, 1956.

II Depreciation on addition during the year is being provided on a pro rata basis from the date of addition of the asset.

III Depreciation on additions due to revaluation to assets has been provided with reference to the balance useful life of the asset determined on a basis consistent with the policy for book depreciation. The additional charge of depreciation on account of revaluation is withdrawn from Revaluation Reserve and credited to the Profit & Loss Account.

IV Assets costing less than Rs. 5,000/- acquired during the year have been depreciated at 100%. INVESTMENTS

Investments are stated at cost. Long Term Investments are stated at cost and provision for diminution in value of investment is made unless the diminution is of temporary nature.

INVENTORY VALUATION

The stock of Foreign Currency has been valued at the Bank buying rate prevailing at the year end.

ACCOUNTING FOR INCOME AND EXPENSES:

Income and expenses are accounted in books of account on accrual basis

a) In the case of out - bound tour, invoices are raised on the basis of confirmation of tour received from the customers, but the income is recognized on the completion of the tour. Accordingly, amounts are shown as sundry debtors vis-a-vis advance from customers.

FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of transaction. Current assets and liabilities not covered by Forward Exchange contracts are retranslated at year end exchange rates and the profit/loss so determined and also the realised exchange gains/losses are reflected in the Profit and Loss account. Balance in Foreign Currency Accounts to the extent of Liabilities in Foreign Currencies is translated at the interbank selling rate.

RETIREMENT BENEFITS:

Contributions to Provident Fund and Pension fund are accounted on accrual basis. Liability in respect of leave encashment and gratuity due to employees is accounted on actuarial basis as certified by an approved Actuary

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Mar 31, 2013

GENERAL

Accounts an; prepared on accrual basis in keeping with normally accepted acquitting principles,

BASTS OF PKEPAR ATTON OF WNANCTAI, STATEMENTS:

The financial statements have been prepared under the historical cost conventiorL in accordance with tlis generally accepted accounting principles, trie provisions of (he Companies Act, 195ft and the applicable Accounting Standards issued by the Institute of Chartered Accountants of india, except in the case of fixed assets as given below:

FIXED ASSETS

Fixed Assets are carried at cost less depreciation. Cost of Fixed Assets includes addition on account of revaluation of property situated in Adarsh Society and in llhogiial Building,

DEPRECIATION

The company provides depreciation as under:

1 . On written down value method in accordance with section 205 (2) (a) of the Companies Act, 1956, at the rates specified in Schedule XIV of the Companies Act, 1556,

If Depreciation on addition during the year is being provided on a pro rata basis from the date of addition of the asset, Depredation on additions due to revaluation to assets has been provided with reference to the balance useful life of the asset determined on a basis consistent with the policy for book depreciation. The additiojial charge Of depreciation on account of revaluation is withdrawn from Revaluation Reserve and credited to the Profit & 1-oss Account.

IV Assets costing less than Rs-1000/- acquired during the year have been depreciated at 100%.

INVESTMENT

Investments are stated at cost. Long Term Investments are stated at cost and provision for diminution in value of investment is made unless the diminution is of temporary nature,

INVFNI O ItY VAl,VA 110JV

The stock of Foreign CiinencyhasbeenvaluedattheBankbuyingraieprev''ailingattheyearend.

AfrOITNTIISG FOB INCOME ANT) EXPENSES:

Income and expenses are accounted in boots of account on accrual basis

a) to the case ol out - bound lour, invoices are raised on the basis of confirmation Df tour received from the customers, but the income is recognized on the completion of the tour. Accordingly, amounts arc shown as sundry debtors vis-a-vis advance from customers.

ItETIREMENT BENEFITS;

CONTINGENT LIBRITI

Comirrgait Liabilities are not provided Ji-r but art disclosed separately,

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Mar 31, 2012

1. GENERAL

Accounts are prepared on accrual basis in keeping with normally accepted accounting principles.

2. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

The financial statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles, the provisions of the Companies Act, 1956 and the applicable Accounting Standards issued by the Institute of Chartered Accountants of India, except in the case of fixed assets as given below:

3. FIXED ASSETS

Fixed Assets are carried at cost less depreciation. Cost of Fixed Assets includes addition on account of revaluation of property situated in Adarsh Society and in Bhogilal Building.

4. DEPRECIATION

The company provides depreciation as under:

I On written down value method in accordance with section 205 (2)(a) of the Companies Act, 1956, at the rates specified in Schedule XIV of the Companies Act, 1956..

II Depreciation on addition during the year is being provided on a pro rata basis from the date of addition of the asset.

III Depreciation on additions due to revaluation to assets has been provided with reference to the balance useful life of the asset determined on a basis consistent with the policy for book depreciation. The additional charge of depreciation on account of revaluation is withdrawn from Revaluation Reserve and credited to the Profit & Loss Account.

IV Assets costing less than Rs. 5,000/- acquired during the year have been depreciated at 100%.

5. INVESTMENTS

Investments are stated at cost. Long Term Investments are stated at cost and provision for diminution in value of investment is made unless the diminution is of temporary nature.

6. INVENTORY VALUATION

The stock of Foreign Currency has been valued at the Bank buying rate prevailing at the year end.

7. ACCOUNTING FOR INCOME AND EXPENSES:

Income and expenses are accounted in books of account on accrual basis

a) In the case of out - bound tour, invoices are raised on the basis of confirmation of tour received from the customers, but the income is recognized on the completion of the tour. Accordingly, amounts are shown as sundry debtors vis-i-vis advance from customers.

8. FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of transaction. Current assets and liabilities not covered by Forward Exchange contracts are retranslated at year end exchange rates and the profit/loss so determined and also the realised exchange gains/losses are reflected in the Profit and Loss account. Balance in Foreign Currency Accounts to the extent of Liabilities in Foreign Currencies is translated at the inter bank selling rate.

9. RETIREMENT BENEFITS:

Contributions to Provident Fund and Pension fund are accounted on accrual basis. Liability in respect of leave encashment and gratuity due to employees is accounted on actuarial basis as certified by an approved Actuary.

10. CONTINGENT LIABILITIES:

Contingent Liabilities are not provided for but are disclosed separately.

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Mar 31, 2010

1. GENERAL

Accounts are prepared on accrual basis in keeping with normally accepted accounting principles.

2. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

The financial statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles, the provisions of the Companies Act, 1956 and the applicable Accounting Standards issued by the Institute of Chartered Accountants of India, except in the case of fixed assets as given below:

3. FIXED ASSETS

Fixed Assets are carried at cost less depreciation. Cost of Fixed Assets includes addition on account of revaluation of property situated in Adarsh Society and in Bhogilal Building.

4. DEPRECIATION

The company provides depreciation as under:

I On written down value method in accordance with section 205 (2)(a) of the Companies Act, 1956, at the rates specified in Schedule XIV of the Companies Act, 1956..

II Depreciation on addition during the year is being provided on a pro rata basis from the date of addition of the asset.

III Depreciation on additions due to revaluation to assets has been provided with reference to the balance useful life of the asset determined on a basis consistent with the policy for book depreciation. The additional charge of depreciation on account of revaluation is withdrawn from Revaluation Reserve and credited to the Profit & Loss Account.

IV Assets costing less than Rs. 5,000/- acquired during the year have been depreciated at 100%.

5. INVESTMENTS

Investments are stated at cost. Long Term Investments are stated at cost and provision for diminution in value of investment is made unless the diminution is of temporary nature.

6. INVENTORY VALUATION

The stock of Foreign Currency has been valued at the Bank buying rate prevailing at the year end.

7. ACCOUNTING FOR INCOME AND EXPENSES:

Income and expenses are accounted in books of account on accrual basis

a) In the case of out - bound tour, invoices are raised on the basis of confirmation of tour received from the customers, but the income is recognized on the completion of the tour. Accordingly, amounts are shown as sundry debtors vis-a- vis advance from customers.

8. FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of transaction. Current assets and liabilities not covered by Forward Exchange contracts are retranslated at year end exchange rates and the profit/loss so determined and also the realised exchange gains/losses are reflected in the Profit and Loss account. Balance in Foreign Currency Accounts to the extent of Liabilities in Foreign Currencies is translated at the inter bank selling rate.

9. RETIREMENT BENEFITS:

Contributions to Provident Fund and Pension fund are accounted on accrual basis. Liability in respect of leave encashment and gratuity due to employees is accounted on actuarial basis as certified by an approved Actuary.

10. CONTINGENT LIABILITIES:

Contingent Liabilities are not provided for but are disclosed separately.

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Mar 31, 2004

1 INVESTMENTS

Investments are stated at cost. Long Term Investments are stated at cost and provision for diminution in value of investment is made unless the diminution is of temporary nature

2 INVENTORY VALUATION

The stock of Foreign Currency has been valued at the Bank buying rate prevailing at the year end

3 ACCOUNTING FOR INCOME AND EXPENSES:

Income and expenses are accounted in hooks of account on accrual basis except

a) Dividend Income is accounted on cash basis

b) Insurance claims have been accounted on the basis of claims filed and accepted by the Insurance Company

4 FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currencies are recorded at the exchange rates prevailing on the dale of transaction. Current assets and liabilities not covered by forward Exchange contracts are retranslated at year end exchange rates and the profit/loss so determined and also the realised exchange gains/losses are reflected in the Profit and loss account Balance in foreign Currency Accounts to the extent of Liabilities in foreign Currencies is translated at the interbank selling rate

5 RETIREMENT BENEFITS :

Contributions to Provident Fund and Pension fund are accounted on accrual basis. Liability in respect of leave encashment and gratuity due to employees is accounted on actuarial basis as certified by an approved Actuary

6 CONTINGENT LIABILITIES

Contingent Liabilities are not provided for but are disclosed separately

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Mar 31, 2002

1. GENERAL

Accounts are prepared on accrual basis in keeping with normally accepted accounting principles.

2. FIXED ASSETS

Fixed Assets are carried at cost less depreciation. Cost of Fixed Assets includes addition on account of revaluation of building.

3. DEPRECIATION

The company provides depreciation as under:

I On written down value method in accordance with section 205 (2)(a) of the Companies Act. 1956, at the rates specified in Schedule XIV.

II Depreciation on addition during the year is being provided on a pro rata basis from the month of addition of the asset.

TIT Depreciation on additions due to revaluation to assets has been provided with reference to the balance useful life of the asset determined on a basis consistant with the policy for book depreciation. The additional charge of depreciation on account of revaluation is withdrawn from Revaluation Reserve and credited to the Profit & Loss Account.

IV Assets costing less than Rs. 5,000/- acquired during the year have been depreciated at 100%.

4. INVESTMENTS

Investments are stated at cost. Long Term Investments are stated at cost and provision for diminution in value of investment is made unless the diminution is of temporary in nature.

5. INVENTORY VALUATION

The stock of Foreign Currency has been valued at the Bank buying rate prevailing at the year end.

6. ACCOUNTING FOR INCOME AND EXPENSES:

Income and expenses are accounted in books of account on accrual basis except:

a) Dividend Income is accounted on cash basis.

b) Insurance claims have been accounted on the basis of claims filed and accepted by the Insurance Company.

7. FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of transaction. Current assets and liabilities not covered by Forward Exchange contracts are retranslated at year end exchange rates and the profit/loss so determined and also the realised exchange gains/losses are reflected in the Profit and Loss account. Balance in Foreign Currency Accounts to the extent of Liabilities in Foreign Currencies is translated at the interbank selling rate.

8. RETIREMENT BENEFITS:

Contributions to Provident Fund and Pension fund are accounted on accrual basis. Liability in respect of leave encashment and gratuity due to employees is accounted on actuarial basis as certified by an approved Actuary.

9. CONTINGENT LIABILITIES:

Contingent liabilities are not provided for but are disclosed separately.

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Mar 31, 2000

1. GENERAL

Accounts are prepared on accrual basis in keeping with normally accepted accounting principles.

2. FIXED ASSETS

Fixed Assets are carried at cost less depreciation. Cost of Fixed Assets includes addition on account of revaluation of building.

3. DEPRECIATION

The company provides depreciation as under:

I On written down value method in accordance with section 205 (2)(a) of the Companies Act, 1956.

II Depreciation on addition during the year is being provided on a pro rata basis from the month of addition of the asset.

III Depreciation on additions due to revaluation to assets has been provided with reference to the balance useful life of the asset determined on a basis consistent with the policy for book depreciation. The additional charge of depreciation on account of revaluation is withdrawn from Revaluation Reserve and credited to the Profit & Loss Account.

IV Assets costing less than Rs. 5,000/- acquired during the year have been depreciated at the rate of 100%.

4. INVESTMENTS

Investments are stated at cost. Long Term Investments are stated at cost and provision for diminution in value of investment is made unless the diminution is of temporary in nature.

5. INVENTORY VALUATION

The stock of Foreign Currency has been valued at the Bank buying rate prevailing as at the year end.

6. ACCOUNTING FOR INCOME & EXPENSES:

Income and expenses are accounted in books of account on accrual basis except:

a) Dividend Income which is accounted on cash basis.

b) Insurance claims have been accounted on the basis of claims filed and accepted by the Insurance Company.

7 FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of transaction. Current assets and liabilities not covered by Forward Exchange contracts are retranslated at year end exchange rates and the profit/loss so determined and also the realised exchange gains/losses are reflected in the Profit and Loss account. Balance in Foreign Currency Accounts to the extent of Liabilities in Foreign Currencies is translated at the interbank selling rate.

8 RETIREMENT BENEFITS :

Contributions to Provident Fund and Pension fund are accounted on actual liability basis. Liability in respect of leave encashment and gratuity due to employees is accounted on actuarial basis as certified by an approved Actuals

9 CONTINGENT LIABILITIES

Contingent Liabilities are not provided for but are disclosed separately.