Accounting Policies of Workmates Core2Cloud Solution Ltd. Company

1 Significant Accounting PoliciesBasis of accounting and preparation of Standalone
Financial Statements

The Company is a Small and Medium Sized Company
(SMC) as defined in the general instructions in respect
of Accounting Standards notified under the Companies
Act 2013 (the Act). The Standalone financial statements
of the Company have been prepared in accordance with
the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014. The Standalone
financial statements have been prepared on accrual basis
under the historical cost convention.

Basis of preparation

The Standalone Financial Statements have been prepared
in accordance with Indian GAAP, including the Accounting
Standards prescribed under Section 133 of the Act read
with Rule 7 of the Companies (Accounts) Rules, 2014
and the relevant provisions of the Act. The Standalone
financial statements are prepared on accrual basis under
the historical cost convention. The Standalone financial
statements are presented in Indian Rupees rounded off
to the nearest lakhs, upto 2 decimal places except as
otherwise indicated.

Key Accounting Estimates and Judgments

The preparation of the Standalone financial statements in
conformity with Indian GAAP requires the management
to make estimates and assumptions considered in the
reported amounts of assets and liabilities as on the
date of the Standalone financial statements and the
reported income and expenses during the reporting
year. The management believes that the estimates made
in preparation of the Standalone financial statements
are prudent and reasonable. The management does
not expect a material impact due to application of such
estimates in the preparation of Standalone financial
statements and actuals.

Current / Non-current classification of assets /
liabilities

The Company has classified all its assets / liabilities
as current / non-current as per the Company''s normal
operating cycle and other criteria as set out in the Schedule
III to the Act based on the nature of services and the time
between the acquisition of assets for processing and their
realization in cash and cash equivalents. Accordingly,
assets / liabilities expected to be realized/settled within
twelve months from the date of Standalone financial
statements are classified as current and other assets /
liabilities are classified as non-current.

Property, Plant and Equipment and Intangible Assets

Property, plant and equipment are carried at cost less
subsequent accumulated depreciation and subsequent
impairment losses, if any. The cost of property, plant
and equipment comprises its purchase price net of any
trade discounts and rebates, any import duties and other
taxes (other than those subsequently recoverable from
the tax authorities), any directly attributable expenditure
on making the asset ready for its intended use, other
incidental expenses and interest on borrowings attributable
to acquisition of qualifying property, plant and equipment
up to the date the asset is ready for its intended use.
Depreciation is provided on written down value method
as per the useful life specified in Schedule II of the Act.
Depreciation is charged on a pro-rata basis on addition/
deduction during the year.

As on every Balance Sheet date the Company does
an evaluation of its Property, Plant and Equipment and
Intangible Assets to determine if there is any impairment
on the same. Such impairment, if any, is provided for.

Capital work-in-progress

Capital work-in-progress assets in the course of
construction for production or/and supply of services or
administrative purposes, which are not ready for intended
use as on the date of Balance Sheet are disclosed as
Capital work-in-progress and are carried at cost, less any
recognised impairment loss, if any.

Revenue Recognition

• Sales are recognised on raising of invoices of the
work executed for the customer and there is no
significant uncertainty as to its realisation.

• Service charges are recognised on raising of invoices
of the work executed for the customer and there is
no significant uncertainty as to its realisation.

• The Company recognises revenue net of costs when
it acts as a facilitator / agent between the vendor and
the customer. From the amount receivable from such
customers the dues payable to the vendor and the
amount of taxes payable is netted off.

Other Income

Interest Income is generally recognised on a time proportion
basis taking into account the amount outstanding and the
rate applicable, when there is reasonable certainty as to its
realisation. Dividend income is recognised when the right
to receive dividend is established. Insurance claims are
accounted for on the basis of claims admitted/expected to
be admitted and to the extent that there is no uncertainty
in receiving the claims. All other items are recognised
on accrual basis.

Employee Benefits

- Defined contribution plans:

A defined contribution plan is a post-employment
benefit plan under which the Company pays specified
monthly contributions to Provident Fund. The
Company''s contribution is recognized as an expense
in the Statement of Profit and Loss during the year
in which the employee renders the related service.

- Defined benefit plans:

The Company provides for gratuity, a defined
benefit plan (the "Gratuity Plan") covering eligible
employees. The Company''s liability is calculated
using the Projected Unit Credit Method and spread
over the year during which the benefit is expected
to be derived from employee''s services. Actuarial
losses/ gains are recognized in the Statement of
Profit and Loss in the year in which they arise.

Foreign Currency Transactions and Translation
Initial recognition

Transactions in foreign currency are recorded at the
exchange rates prevailing on the date of the transaction
or at rates that closely approximate the rate on the date
of the transaction.

Measurement of foreign currency monetary items at the
Balance Sheet date

Monetary items denominated in foreign currency at the
year end are restated at year end rates.

Treatment of exchange differences

Any gain or loss on account of exchange difference either
on settlement or translation is recognised in the Statement
of Profit and Loss as income or expense.

Basis of accounting and preparation of financial statements

The Company is a Small and Medium Sized Company (SMC) as defined in the general
instructions in respect of Accounting Standards notified under the Companies Act 2013. The
financial statements of the Company have been prepared in accordance with the Generally
Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting
Standards specified under Section 133 of the Companies Act 2013, read with Rule 7 of the
Companies (Accounts) Rules. 2014. The financial statements have been prepared on accrual
basis under the historical cost convention.

Basis of preparation

These financial statements have been prepared in accordance with the Generally Accepted
Accounting Principles in India (Indian GAAP), including the Accounting Standards prescribed
under Section 133 of the Companies Act. 2013 (the Act) read with Rule 7 of the Companies
(Accounts) Rules. 2014 and the relevant provisions of the Act. The financial statements are
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. The financial statements are presented in Indian rupees rounded off to the nearest hundreds,
up to 2 decimal places except as otherwise indicated.

Key Accounting Estimates and Judgments

The preparation of the financial statements in conformity with Indian GAAP requires the
management to make estimates and assumptions considered in the reported amounts of assets
and liabilities as on the date of the financial statements and the reported income and expenses
during the reporting period. The management believes that the estimates made in preparation of
the financial statements are prudent and reasonable. The management does not expect a material
impact due to application of such estimates in the preparation of financial statements and actuals.

Current / Non-current classification of assets / liabilities

The Company has classified all its assets / liabilities into current / non-current portion as per the
Company''s normal operating cycle and other criteria set out in the Schedule III to the Act based
on the nature of products and the time between the acquisition of assets for processing and their
realisation in cash and cash equivalents. Accordingly, assets / liabilities expected to be
realized/settled within twelve months from the date of financial statements are classified as
current and other assets / liabilities are classified as non-current.

Property, Plant and Equipments and Intangible Assets

Property. Plant and Equipments and Intangible Assets are stated at cost. Depreciation is

provided on written down value method as per the useful life specified in Schedule II of the
Companies Act 2013. Depreciation is charged on a pro-rata basis on addition/deduction during
the year.

As on every Balance Sheet dale the Company does an evaluation of its Property., Plant and
Equipments and Intangible Assets to determine if there is any impairment on the same. Such
impairment if any, is provided for.

Revenue Recognition

Sales

Sales are recognised on raising of invoices of the work executed for the customer and
there is no significant uncertainty as to its realisation.

Service Charges

Service charges are recognised on raising of invoices of the work executed for the
customer and there is no significant uncertainty as to its realisation.

Other Income

Interest Income is generally recognised on a time proportion basis taking into account the
amount outstanding and the rate applicable, when there is reasonable certainty as to realisation.
Dividend income is recognised when the right to receive dividend is established. Insurance
claims are accounted lor on the basis of claims admitted/expected to be admitted and to the
extent that there is no uncertainty in receiving the claims. All other items are recognised on
accrual basis.

Employee Benefits

Defined contribution plans:

A defined contribution plan is a post-employment benefit plan under which the Company
pays specified monthly contributions to Provident Fund. The Company''s contribution is
recognized as an expense in the Statement of Profit and Loss during the period in which
the employee renders the related service.

Defined benefit plans:

The Company provides for gratuity, a defined benefit plan (the "Gratuity Plan) covering
eligible employees. The Company’s liability is calculated using the Projected Unit Credit
Method and spread over the period during which the benefit is expected to be derived
from employees services. Actuarial losses/ gains are recognized in the Statement of Profit
and Loss in the year in which they arise.

Foreign Currency Transactions & Translation

Initial recognition

Transactions in foreign currency are recorded at the exchange rates prevailing on the date of
the transaction or at rales that closely approximate the rate on the date of the transaction.

Measurement of foreign currency monetary items at the Balance Sheet date

Monetary items denominated in foreign currency at the yearend are restated at year end

rates.

Treatment of exchange differences

Any gam or loss on account of exchange difference either on settlement or translation is
recognised in the Statement of Profit and Loss as income or expenses.