Accounting Policies of Autoriders International Ltd. Company

Mar 31, 2025

29 Significant accounting policies

Autoriders International Limited is a company domiciled in India and limited by shares

(CIN :L70120MH1985PLC037017) . The shares of the company are publicly traded on the Bombay Stock Exchange of India Limited.
The address of the Company''s registered office is 4A, Vikas Centre, S.V.Road, Santacruz West, Mumbai 400056. The Company is
primarily engaged in the business of Rent A Car providing services to majorly corporate business houses for the past 3 decades.

A Basis of preparation

The Financial Statements are prepared in accordance with Indian Accounting Standards (Ind AS) notified under
Section 133 of the Companies Act, 2013 ("Act”) read with Companies (Indian Accounting Standards) Rules,2015; and
other relevant provisions of the Act and Rules thereunder.

The financial statements have been prepared under historical cost convention basis except for certain financial assets
and financial liabilities measured at fair value.

Authorization of Financial Statements: The Financial Statements were authorized for issue in accordance with a
resolution of the directors on 30^thMay 2025.

All the assets and liabilities have been classified as current or non- current as per the Company''s normal operating
cycle and other criteria set out in Schedule III to the Act. Based on the nature of products and services and their
realization of cash and cash equivalent, the Company has ascertained the operating cycle to be 12 months.

The financial statements are presented in Indian Rupees, the functional currency rounded off to 2 decimal places.

^B Use of Estimates and judgments.

The preparation of financial statements in accordance with Ind AS requires use of estimates and assumptions for
some items, which might have an effect on their recognition and measurement in the balance sheet and statement of
profit and loss. The actual amounts realised may differ from these estimates.

^C Determination of the estimated useful lives of the Property Plant and Equipments

_ Useful lives of property plant and equipments are based on life prescribed in Schedule II of the Companies Act,2013.

D Recognition and measurement of the defined benefit obligations

The obligation arising from defined benefit plan is determined on the basis of actuarial assumptions. Key actuarial
assumption include discount rate, trends in salary escalation, actuarial rates and life expectancy. The discount rate is
determined by the reference to market yields at the end of the reporting period on government bonds. The period of
maturity of the underlying bonds correspond to the probable maturity of the post-employment benefit obligation.

E Recognition of deferred tax assets

Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits
and any unused tax losses. Deferred tax assets to the extent that profit will be available against which the temporary
differences and the carry forward unused tax credits and unused tax losses that can be utilized.

F Recognition and measurement of provisions

Provisions are recognized when the Company has a present obligation as a result of a past event, it is probable that an
outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the
amount of obligation.

Provisions are not discounted to present value and are determined based on 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.

Property, Plant and Equipment.

G Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated

impairment losses, if any.

Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for
use, as intended by the management.

Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with
expenditure will flow to the asset.

The residual values and useful lives of property, plant and equipment are reviewed at regular intervals and
changes, if any, are accounted in line with revisions to accounting estimates.

Capital Work in Progress include cost of Property, Plant and equipment under installation/development as on
the Balance Sheet date.

Any gain or loss on disposal of an item of property, plant and equipment is recognized in profit or loss.

The cost property, plant and equipment''s as on 1st April 2016, the Company''s date of transition to Ind AS, was
determined to its carrying value at that date.

^H Depreciation

Depreciation on Plant, Property and Equipment has been provided on the straight-line method based on the
useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.

Depreciation methods, useful lives and residual values are reviewed at each reporting date.

Subsequent expenditure relating to property, plant and equipment is capitalized only when it is probable that
future economic benefits associated with these will flow to the Company and the cost of the item can be
measured reliably.

Repairs and maintenance costs are recognized in the statement of profit and loss when incurred. The cost and
related accumulated depreciation are eliminated from the financial statements upon sale or disposition of
assets and the resultant gains or losses are recognised in the statement of profit or loss.

Intangible assets and it''s amortization_

Intangible assets are stated at cost less accumulated amortization and impairment. The intangible assets are
amortized at their estimated useful lives from the date they are available for use. Advances paid towards
acquisition of intangible asset are classified as capital advances under other noncurrent assets in balance
sheet.

Software are amortized over their estimated useful lives not exceeding 36 months on a straight-line basis
from the date they are available for use.

The cost of Intangible assets as at 1st April 2016, the Company''s date of transition to Ind AS, was determined
with reference of its carrying value at that date.

J Financial Instruments

The carrying amount of financial assets and liabilities measured at amortized cost in the financial statements
are a reasonable approximation of their fair value since the Company does not anticipate that the carrying
amounts would be significantly different from the values that would be eventually be received or settled.

Financial Assets

Initial recognition and measurement

K All financial assets (not measured subsequently at fair value through profit or loss) are recognized initially at

fair value plus transaction costs that are attributable to the acquisition of financial asset.

Subsequent measurement

Subsequent measurement is determined with reference to the classification of the respective financial assets.
The Company classifies financial assets as subsequently measured at amortized cost, fair value through other
comprehensive income or fair value through profit or loss on the basis of its business model for managing the
financial assets and the contractual cash flow characteristics of the financial asset.

Derecognition

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial
asset expire or it transfers the financial asset and the transfer qualifies for de-recognition under Ind AS 109.

Impairment of financial assets

In accordance with Ind-AS 109, the Company applies Expected Credit Loss ("ECL") model for measurement
and recognition of impairment loss on the financial assets measured at amortized cost.

Loss allowances on trade receivables are measured following the ''simplified approach'' at an amount equal to
the lifetime (ECL) at each reporting date. Trade receivable are tested for impairment on a specific basis after
considering the allowed credit period, security deposit collected and expectation about future cash flows.

Financial Liabilities

Initial recognition and measurement

All financial liabilities are recognized initially at fair value net of transaction costs that are attributable to the
respective liabilities.

Subsequent measurement

Subsequent measurement is determined with reference to the classification of the respective financial
liabilities. The Company classifies all financial liabilities as subsequently measured at amortized cost except
for financial liabilities at fair value through profit or loss except for financial liabilities at fair value through
profit or loss.

After initial recognition, financial liabilities other than those which are classified as fair value through profit
or loss are subsequently measured at amortized cost using the effective interest rate method("EIR).

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

Derecognition

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

Offsetting of 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 recognized amounts and there is an intention to settle on a
net basis, or to realize the assets and settle the liabilities simultaneously.

Cash & Cash Equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known
amounts of cash that are subject to an insignificant risk of change in value and having original maturities of
three months or less from the date of purchase, to be cash equivalents Cash and cash equivalents comprise
cash on hand and in banks and demand deposits with banks which can be withdrawn at any time without
prior notice or penalty on the principal. Bank overdrafts are shown within borrowings in current liabilities in
the balance sheet.

M Employee Benefits:

Short Term Employee Benefits

All employee benefits payable within twelve months of rendering the service are recognised in the period in
which the employee renders the related service

Post Employment/Retirement Benefits.

^ Defined Contribution Plans

Contribution to Defined Contribution Plans such as Provident Fund, ESIC, etc., are charged to the statement of
Profit and Loss as incurred.

^ Defined Benefit Plans

Defined Benefit Plans: The present value of the obligation under such plans, is determined based on an
actuarial valuation by an independent actuary at the end of each year, using Projected Unit Credit Method.

In the case of gratuity, which is funded, the fair value of the plan asset is reduced from gross obligation under
the defined benefit plans, to recognize the obligation on net basis.

Re-measurement of net defined benefit liability, which comprises actuarial gains and losses, and return on
plan assets(excluding interest) and the effect of the asset ceiling ( if any excluding interest) are recognized
immediately in other comprehensive income

Gratuity - Rs.1775646/-

Acturial Gain/(Loss) - Rs.(2638984/-)

N Compensated Absences.

The company has provided for liability in respect Leave Encashment payable to Employees on their
retirement based on actuarial valuation as required under Ind AS 19 on Accounting for Retirements benefits
as issued by ICAI.

Foreign Currency Transactions:

O Transactions in foreign currency are recorded at the exchange rate prevailing on the date of the transaction.

In case of liabilities incurred for the acquisition of fixed assets, the loss or gain on conversion (at the rate
prevailing at the year-end) is recognized as income or expenses in the statement of profit and loss. Current
assets and liabilities (other than those relating to fixed assets) are restated at the rate prevailing at the year
end. The difference between the year-end rate and the exchange rate at the date of the transaction is
recognized as income or expense in the statement of profit and loss.

Borrowing Costs:

P Borrowing costs that are attributable to the acquisition or construction of qualifying assets (i.e. an asset that

necessarily takes a Substantial period of time to get ready for its intended use) are capitalized as a part of
such assets. All other borrowing costs are charged to the Statement of Profit & Loss.

Recognition of Income and Expenditure

Q Revenue is recognized to the extent it is probable that the economic benefits will flow to the company and the

revenue can be reliably measured, regardless of when the payment is being made. The company derives
revenue from Car Rentals.

Effective April 1 2018, the company has applied Ind AS 115: Revenue from contracts with customers which
establishes a comprehensive framework for determining whether how much and when revenue is to be
recognized. Ind AS 115 replaces AS 18 Revenue. The impact of the adoption of the standard on the financial
statements of the company is insignificant.

Revenue is recognized on satisfaction of performance obligation upon completion of services to customers in
an amount that reflects the consideration the company expects to receive in exchange for those services. The
performance obligation in our contracts are fulfilled at the time of completion of service.

Revenue is measured based on transaction price which is fair value of the consideration received or
receivable, after deduction of any discounts, and any taxes or duties collected on behalf of the government
such as goods and services tax etc. Revenue is only recognized to the extent that it is highly probable a
significant reversal will not occur.

Dividend income is recognized in statement of Profit and Loss Account only when the right to receive
payment is established.

Interest income is recognized using Effective Interest Rate (EIR) method.
r Cash and cash equivalents.

The Company considers all highly liquid financial instruments, which are readily convertible into known
amounts of cash that are subject to an insignificant risk of change in value and having original maturities of
three months or less from the date of purchase, to be cash equivalents.

Cash and cash equivalents comprise cash on hand and in banks and demand deposits with banks which can be
withdrawn at any time without prior notice or penalty on the principal. Bank overdrafts are shown within
borrowings in current liabilities in the balance sheet.

S Taxation

Income tax expense comprises current tax expenses and the net change in the deferred tax asset or liability
during the year. Current and deferred tax are recognized in the statement of profit and loss except when they
relate to items that are recognised in other comprehensive income or directly in equity, in which case, the
current and deferred tax are also recognized in other comprehensive income or directly in equity,
respectively.

i. Current Tax

Current income tax for the current and prior periods are measured at the amount expected to be
recovered from or paid to the taxation authorities based on the taxable income for that period. The tax
rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the
balance sheet date.

Current tax assets and liabilities are offset only if, the Company:

• has a legally enforceable right to set off the recognized amounts; and

• intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

ii. Deferred Income Tax

Deferred tax is recognized for the future tax consequences of deductible temporary differences between
the carrying values of assets and liabilities and their respective tax bases at the reporting date, using the
tax rates and laws that are enacted or substantively enacted as on reporting date.
Deferred tax assets are recognized to the extent that it is probable that future taxable income will be
available against which the deductible temporary differences, unused tax losses and credits can be utilized.

Deferred tax assets and liabilities are offset only if:

• Entity has a legally enforceable right to set off current tax assets against current tax liabilities; and

• Deferred tax assets and the deferred tax liabilities relate to the income taxes levied by the same taxation
authority.

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Mar 31, 2024

.28 Significant accounting policies

Autoriders International Limited is a company domiciled in India and limited by shares

(CIN :L70120MH1985PLC037017) . The shares of the company are publicly traded on the Bombay Stock Exchange of India Limited.
The address of the Company''s registered office is 4A, Vikas Centre, S.V.Road, Santacruz West, Mumbai 400056. The Company is
primarily engaged in the business of Rent A Car providing services to majorly corporate business houses for the past 3 decades.

A Basis of preparation

The Financial Statements are prepared in accordance with Indian Accounting Standards (Ind AS) notified under
Section 133 of the Companies Act, 2013 ("Act") read with Companies (Indian Accounting Standards) Rules,2015;
and other relevant provisions of the Act and Rules thereunder.

The financial statements have been prepared under historical cost convention basis except for certain financial
assets and financial liabilities measured at fair value.

Authorization of Financial Statements: The Financial Statements were authorized for issue in accordance with a
resolution of the directors on 30^th May 2024.

All the assets and liabilities have been classified as current or non- current as per the Company''s normal
operating cycle and other criteria set out in Schedule III to the Act. Based on the nature of products and services
and their realization of cash and cash equivalent, the Company has ascertained the operating cycle to be 12
months.

The financial statements are presented in Indian Rupees, the functional currency rounded off to 2 decimal places.
^B Use of Estimates and judgments.

The preparation of financial statements in accordance with Ind AS requires use of estimates and assumptions for
some items, which might have an effect on their recognition and measurement in the balance sheet and statement
of profit and loss. The actual amounts realised may differ from these estimates.

C Determination of the estimated useful lives of the Property Plant and Equipments

Useful lives of property plant and equipments are based on life prescribed in Schedule II of the Companies
_ Act,2013.

D Recognition and measurement of the defined benefit obligations

The obligation arising from defined benefit plan is determined on the basis of actuarial assumptions. Key
actuarial assumption include discount rate, trends in salary escalation, actuarial rates and life expectancy. The
discount rate is determined by the reference to market yields at the end of the reporting period on government
bonds. The period of maturity of the underlying bonds correspond to the probable maturity of the post¬
employment benefit obligation.

E_ Recognition of deferred tax assets

Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax
credits and any unused tax losses. Deferred tax assets to the extent that profit will be available against which the
temporary differences and the carry forward unused tax credits and unused tax losses that can be utilized.

F_ Recognition and measurement of provisions

Provisions are recognized when the Company has a present obligation as a result of a past event, it is probable
that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made
of the amount of obligation.

Provisions are not discounted to present value and are determined based on 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.

Property, Plant and Equipment.

G Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated
impairment losses, if any.

Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready
for use, as intended by the management.

Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated
with expenditure will flow to the asset.

The residual values and useful lives of property, plant and equipment are reviewed at regular intervals and
changes, if any, are accounted in line with revisions to accounting estimates.

Capital Work in Progress include cost of Property, Plant and equipment under installation/development
as on the Balance Sheet date.

Any gain or loss on disposal of an item of property, plant and equipment is recognized in profit or loss.

The cost property, plant and equipment''s as on 1st April 2016, the Company''s date of transition to Ind AS,
was determined to its carrying value at that date.

^H Depreciation

Depreciation on Plant, Property and Equipment has been provided on the straight-line method based on
the useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.

Depreciation methods, useful lives and residual values are reviewed at each reporting date.

Subsequent expenditure relating to property, plant and equipment is capitalized only when it is probable
that future economic benefits associated with these will flow to the Company and the cost of the item can
be measured reliably.

Repairs and maintenance costs are recognized in the statement of profit and loss when incurred. The cost
and related accumulated depreciation are eliminated from the financial statements upon sale or disposition
of assets and the resultant gains or losses are recognised in the statement of profit or loss.

Intangible assets and it s amortization

i.

Intangible assets are stated at cost less accumulated amortization and impairment. The intangible assets
are amortized at their estimated useful lives from the date they are available for use. Advances paid towards
acquisition of intangible asset are classified as capital advances under other noncurrent assets in balance
sheet.

Software are amortized over their estimated useful lives not exeeding36 months on a straight-line basis
from the date they are available for use.

The cost of Intangible assets as at 1st April 2016, the Company''s date of transition to Ind AS, was determined
with reference of its carrying value at that date.

j. Financial Instruments

The carrying amount of financial assets and liabilities measured at amortized cost in the financial
_ statements are a reasonable approximation of their fair value since the Company does not anticipate that

the carrying amounts would be significantly different from the values that would be eventually be received
or settled.

Financial Assets

Initial recognition and measurement

All financial assets (not measured subsequently at fair value through profit or loss) are recognized initially
at fair value plus transaction costs that are attributable to the acquisition of financial asset.

Subsequent measurement

Subsequent measurement is determined with reference to the classification of the respective financial
assets. The Company classifies financial assets as subsequently measured at amortized cost, fair value
through other comprehensive income or fair value through profit or loss on the basis of its business model
for managing the financial assets and the contractual cash flow characteristics of the financial asset.

Derecognition

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial
asset expire or it transfers the financial asset and the transfer qualifies for de-recognition under Ind AS 109.

Impairment of financial assets

In accordance with Ind-AS 109, the Company applies Expected Credit Loss ("ECL") model for measurement
and recognition of impairment loss on the financial assets measured at amortized cost.

Loss allowances on trade receivables are measured following the ''simplified approach'' at an amount equal
. to the lifetime (ECL) at each reporting date. Trade receivable are tested for impairment on a specific basis
after considering the allowed credit period, security deposit collected and expectation about future cash
flows.

Financial Liabilities

Initial recognition and measurement

All financial liabilities are recognized initially at fair value net of transaction costs that are attributable to
the respective liabilities.

Subsequent measurement

Subsequent measurement is determined with reference to the classification of the respective financial
liabilities. The Company classifies all financial liabilities as subsequently measured at amortized cost except
for financial liabilities at fair value through profit or loss except for financial liabilities at fair value through
profit or loss.

After initial recognition, financial liabilities other than those which are classified as fair value through profit
or loss are subsequently measured at amortized cost using the effective interest rate method("EIR).

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

Derecognition

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

Offsetting of 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 recognized amounts and there is an intention to
settle on a net basis, or to realize the assets and settle the liabilities simultaneously.

Cash & Cash Equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known
amounts of cash that are subject to an insignificant risk of change in value and having original maturities of
three months or less from the date of purchase, to be cash equivalents Cash and cash equivalents comprise
cash on hand and in banks and demand deposits with banks which can be withdrawn at any time without
prior notice or penalty on the principal. Bank overdrafts are shown within borrowings in current liabilities
in the balance sheet.

Employee Benefits:_

Short Term Employee Benefits

All employee benefits payable within twelve months of rendering the service are recognised in the period
in which the employee renders the related service

Post Employment/Retirement Benefits.

^ Defined Contribution Plans

Contribution to Defined Contribution Plans such as Provident Fund, ESIC, etc., are charged to the statement
of Profit and Loss as incurred.

^ Defined Benefit Plans

Defined Benefit Plans: The present value of the obligation under such plans, is determined based on an
actuarial valuation by an independent actuary at the end of each year, using Projected Unit Credit Method.

In the case of gratuity, which is funded, the fair value of the plan asset is reduced from gross obligation
under the defined benefit plans, to recognize the obligation on net basis.

Re-measurement of net defined benefit liability, which comprises actuarial gains and losses, and return on
plan assets(excluding interest) and the effect of the asset ceiling ( if any excluding interest) are recognized
immediately in other comprehensive income

Gratuity - Rs.1370834/-
Acturial Gain/Loss - Rs.(597228 /-)

. Compensated Absences.

The company has provided for liability in respect Leave Encashment payable to Employees on their
retirement based on actuarial valuation as required under IND AS 19 on Accounting for Retirements
benefits as issued by ICAI.

Foreign Currency Transactions:

. Transactions in foreign currency are recorded at the exchange rate prevailing on the date of the transaction.
In case of liabilities incurred for the acquisition of fixed assets, the loss or gain on conversion (at the rate
prevailing at the year-end) is recognized as income or expenses in the statement of profit and loss. Current
assets and liabilities (other than those relating to fixed assets) are restated at the rate prevailing at the year
end. The difference between the year-end rate and the exchange rate at the date of the transaction is
recognized as income or expense in the statement of profit and loss.

Borrowing Costs:

. Borrowing costs that are attributable to the acquisition or construction of qualifying assets (i.e. an asset
that necessarily takes a Substantial period of time to get ready for its intended use) are capitalized as a part
of such assets. All other borrowing costs are charged to the Statement of Profit & Loss.

Recognition of Income and Expenditure_

Revenue is recognized to the extent it is probable that the economic benefits will flow to the company and
the revenue can be reliably measured, regardless of when the payment is being made. The company derives
revenues from Car Rentals.

Effective April 1 2018, the company has applied Ind AS 115: Revenue from contracts with customers which
establishes a comprehensive framework for determining whether how much and when revenue is to be
recognized. Ind AS 115 replaces AS 18 Revenue. The impact of the adoption of the standard on the financial
statements of the company is insignificant.

Revenue is recognized on satisfaction of performance obligation upon completion of services to customers
in an amount that reflects the consideration the company expects to receive in exchange for those services.
The performance obligation in our contracts are fulfilled at the time of completion of service.

Revenue is measured based on transaction price which is fair value of the consideration received or
receivable, after deduction of any discounts, and any taxes or duties collected on behalf of the government
such as goods and services tax etc. Revenue is only recognized to the extent that it is highly probable a
significant reversal will not occur.

Dividend income is recognized in statement of Profit and Loss Account only when the right to receive
payment is established.

Interest income is recognized using Effective Interest Rate (EIR) method.

_r Cash and cash equivalents._

The Company considers all highly liquid financial instruments, which are readily convertible into known
amounts of cash that are subject to an insignificant risk of change in value and having original maturities of
three months or less from the date of purchase, to be cash equivalents.

Cash and cash equivalents comprise cash on hand and in banks and demand deposits with banks which can
be withdrawn at any time without prior notice or penalty on the principal. Bank overdrafts are shown
within borrowings in current liabilities in the balance sheet.

s. Taxation

Income tax expense comprises current tax expenses and the net change in the deferred tax asset or liability
during the year. Current and deferred tax are recognized in the statement of profit and loss except when
they relate to items that are recognised in other comprehensive income or directly in equity, in which case,
the current and deferred tax are also recognized in other comprehensive income or directly in equity,
respectively.

i. Current Tax

Current income tax for the current and prior periods are measured at the amount expected to be
recovered from or paid to the taxation authorities based on the taxable income for that period. The tax
rates and tax laws used to compute the amount are those that are enacted or substantively enacted by
the balance sheet date.

Current tax assets and liabilities are offset only if, the Company:

• has a legally enforceable right to set off the recognized amounts; and

• intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

ii. Deferred Income Tax

Deferred tax is recognized for the future tax consequences of deductible temporary differences between
the carrying values of assets and liabilities and their respective tax bases at the reporting date, using the
tax rates and laws that are enacted or substantively enacted as on reporting date.
Deferred tax assets are recognized to the extent that it is probable that future taxable income will be
available against which the deductible temporary differences, unused tax losses and credits can be
utilized.

Deferred tax assets and liabilities are offset only if:

• Entity has a legally enforceable right to set off current tax assets against current tax liabilities; and

• Deferred tax assets and the deferred tax liabilities relate to the income taxes levied by the same taxation
authority.

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Mar 31, 2015

A) BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS

The financial statements of the Company have been prepared to comply with the Generally Accepted Accounting Principles in India (Indian GAAP) including the Accounting Standards notified under the Relevant Provisions of the Companies Act, 2012 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.

b) USE OF ESTIMATES

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

c) CASH AND CASH EQUIVALENT

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an origins maturity three months or less the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

d) CASH FLOW STATEMENT

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

e) FIXED ASSET'S

TANGIBLE ASSETS

Tangible Assets are stated at cost ,less accumulated depreciation and impairment loss, if any. The cost of Tangible Asset; comprises its purchase price and any cost directly attributable to bringing the asset to its working condition for its intended use except Registration expenses on vehicle purchases and Vehicle insurance expenses charged to Statement of Profit & Los; without adjustment for prepaid expenses. Subsequent expenditures related to an item of Tangible Asset are added to its bool value only if they increase the future benefits from the existing asset beyond its previously assessed standard of performance.

f) DEPRECIATION/ AMORTISATION TANGIBLE ASSETS

Depreciation on Fixed Assets is provided as per the provisions contained in Schedule II of the Companies Act 2013 and the net carrying amount of the fixed assets is amortised over their useful lifes as specified in Part C of the Schedule II of the Act or Straight Line Method.

g) INVESTMENTS

Long-term Investments are stated at cost. Provision for diminution in the value of long-term investments is made only if such a decline is other than temporary in the opinion of the management.

h) Defined Contribution Plan

a) in accordance with the provisions of Employees Provident Funds and Miscellaneous Provisions Act,1952, eligible employees of the company are entitled to receive benefits with respect to provident fund, a defined contribution plan in which both the company and the employee contribute monthly at a determined rate (currently 12% of employee's basic salary). Company's contribution to provident fund is charged to statement of profit and loss.

b) The Company has taken a Policy with Life Insurance Corporation of India for the payment of gratuity, a defined contribution plan and premium paid on the policy has been charged to statement of profit & loss in the year of payment.

Defined Benefit Plan

As per Leave encashment policy, are required to encash accumulated leave before the end of accounting year and accordingly form the part of expenses under the head Salaries and wages. However, liability towards leave encashment benefits in respect of unveiled leave at the end of their tenure is accounted on cash basis.

i) FOREIGN CURRENCY TRANSACTIONS

Transactions in foreign currency are recorded at the exchange rate prevailing on the date of the transaction. In case of liabilities incurred for the acquisition of fixed assets, the loss or gain on conversion (at the rate prevailing at the year end) is recognized as income or expenses in the statement of profit and loss. Current assets and liabilities (other than those relating to fixed assets) are restated at the rate prevailing at the year end. The difference between the year end rate and the exchange rate at the date of the transaction is recognized as income or expense in the statement of profit and loss.

j) TAXATION

Current tax is determined as the amount of tax payable in respect of taxable income for the year. recognised, subject to the consideration of prudence in respect of deferred tax assets, on timing between taxable income and accounting income that originate in one period and are capable of reversal in one or periods except for carried forward losses, which are recognized only if there is virtual certain their

k) REVENUE RECOGNITION

Income from car rental is recognized when service rendered and in accordance with agreement wherever applicable and other income is accounted on accrual basis. Insurance claims are accounted for on the claims admitted / expected to be admitted and to the extent that there is no uncertainty in receiving

l) IMPAIRMENT

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Statement in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

m) PROVISIONS AND CONTINGENT LIABILITIES

A provision is recognized when there is a present obligation as a result of past events for which it is probable that an outflow of resources will be required to settle the obligation and in respect of which a reliable estimate can be made. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed after an evaluation of the facts and legal aspects of the matters involved.

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Mar 31, 2013

1.1 BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS

The financial statements are prepared under the historical cost convention, in accordance with applicable accounting standards notified by the companies (Accounting Standards) ''Rules, 2006 and the relevant provisions of the Companies Act, 1956.

1.2 FIXED ASSETS

Fixed Assets are stated at cost less accumulated depreciation.

1.3 DEPRECIATION/AMORTISATION

Depreciation is provided on written down method at the rates and in the manner specified in Schedule XIV of the Companies Act, 1956.

1.4 INVESTMENTS

Long-term Investments are stated at cost. Provision for diminution in the value of long-term investments is made only if such a decline is other than temporary in the opinion of the management.

1.5 EMPLOYEE BENEFITS

a) The Company has taken a Policy with Life Insurance Corporation of India for the payment of gratuity, a defined contribution plan and premium paid on the policy has been charged to Profit & Loss Account in the year of payment.

b) Liability for employees'' leave encashment benefits has been provided as calculated as per rules of the Company.

1.6 FOREIGN CURRENCY TRANSACTIONS

Transactions in foreign currency are recorded at the exchange rate prevailing on the date of the transaction. In case of liabilities incurred for the acquisition of fixed assets, the loss or gain on conversion (at the rate prevailing at the yearend) is recognized as income or expenses in the profit & loss account. Current Assets and Liabilities (Other than those relating to fixed assets) are restated at the rate prevailing at the year end. The difference between the year end rate and the exchange rate at the date of the transaction is recognized as income or expense in the profit and loss account.

1.7 TAXATION

Deferred tax is recognized subject to the consideration of prudence in respect of deferred tax assets, on timing difference, being the differences between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods except for carried forward losses, which are recognized only if there is virtual certainty of their realization.

1.8 REVENUE RECOGNITION

Income from car rental is recognized in accordance with the terms of respective agreement and other income is accounted on accrual basis.

1.9 IMPAIRMENT

An asset is treated as Impaired when the carrying cost of assets exceeds its recoverable value.

An impairment loss is charged to the Profit & Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount.

1.10 PROVISIONS AND CONTINGENT LIABILITIES

A provision is recognized when there is a present obligation as a result of past events for which it is probable that an outflow of resources will be required to settle the obligation and in respect of which a reliable estimate can be made. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed after an evaluation of the facts and legal aspects of the matters involved.

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Mar 31, 2012

1.1 BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS

The financial statements are prepared under the historical cost convention, in accordance with applicable accounting standards notified by the companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956.

1.2 FIXED ASSETS

Fixed Assets are stated at cost less accumulated depreciation.

1.3 DEPRECIATION I AMORTISATION .

Depreciation is provided on written down method at the rates and in the manner specified in Schedule XIV of the Companies Act, 1956.

1.4 INVESTMENTS

Long-term Investments are stated at cost. Provision for diminution in the value of long-term investments is made only if such a decline is other than temporary in the opinion of the management

1.5 EMPLOYEE BENEFITS

Defined Contribution Plan:

a) The Company has taken a Policy with Life Insurance Corporation of India for the payment of gratuity, a defined contribution ; plan and premium paid on the policy has been charged to Profit & Loss Account in the year of payment.

Defined Benefit Plan:

a) Liability for employees'' leave encashment benefits has been provided.

1.6 FOREIGN CURRENCY TRANSACTIONS

transactions in foreign currency are recorded at the exchange rate prevailing on the date of the transaction. In case of liabilities incurred for the acquisition of fixed assets, the lofs or gain on conversion (at the rate prevailing at the year end) is recognized as income or expenses in the profit & loss account. Current Assets and Liabilities (Other than those relating to fixed assets) are restated at the rate prevailing at the year end. The difference between the year end rate and the exchange rate at the date of the transaction is recognized as income or expense in the profit and loss account.

1.7 TAXATION

Deferred tax is recognised subject to the consideration of prudence in respect of deferred tax assets, qn timing difference, being the differences between taxable income and accounting income that originate in one period and are capable of reversal irf one or more subsequent periods except for carried forward losses, which are recognized only Aere is virtual certainty of their realization.

1.8 Revenue recognition

Income from car rental is recognized in accordance with the terms of respective agreement and Other income is accounted on accrual basis. .

1.9 IMPAIRMENT

Art asset is treated as Impaired when the carrying (post of assets exceeds its recoverable valuej. An impairment loss is charged tf !the Profit & Loss Account in the year in which an ajsset is identified as impaired. The impairment loss recognised in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount

1.10 PROVISIONS AND CONTINGENT LIABILITIES

A provision is recognized when there is a present obligation as a result of past events for which it is probable thalran outflow of resources will be required to settle the obligation arid in respect of which a reliable estimate can be made. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabljties are disclosed after an evaluation of the facts and legal aspects of the matters involved.

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Mar 31, 2010

A. Accounting Convention

The financial statements are prepared under the historical cost convention, in accordance with applicable accounting standards notified by the Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956.

b. Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation.

c. Depreciation

Depreciation on Fixed Assets is provided on written down value method at the rate and in the manner prescribed under the Schedule XTV to the Companies Act, 1956.

d. Investments

Long Term Investments are stated at cost Provision for diminution in the value of long term investments is made only is such a decline is other than temporary in the opinion of the management.

e. Employee Benefit

i) Defined Contribution Plan:

The Company has taken a Policy with Life Insurance Corporation of India for the payment of gratuity, a defined contribution plan and premium paid on the policy has been charged to Profit & Loss Account in the year of payment. ii) Defined Benefit Plan:

Liability for employees leave encashment benefits has been provided for on the basis of Acturial valuation.

i. Foreign Currency Transactions

Transaction in foreign currency are recorded at the exchange rate prevailing on the date of the transaction. In case of liabilities incurred for the acquisition of fixed assets, the loss or gain on conversion (at the rate prevailing at the year end) is recognized as income or expenses in the profit & loss account. Current Assets and liabilities (other than those relating to fixed assets) are restated at the rate prevailing at the year end. The difference between the year end rate and the exchange rate at the date of the transaction is recognized as income or expense in the profit and loss account.

g. Revenue Recognition

Income from car rentals is recognized in accordance with the terms of the respective agreement and other income is accounted on accrual basis.

h. Impairment

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit & Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount

i. Provisions and Contingent Liabilities

A Provision is recognized when there is a present obligation as a result of past events for which it is probable that an outflow of resources will be required to settle the obligation and in respect of which a reliable estimate can be made. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed after an evaluation of the facts and legal aspects of the matters involved.