Accounting Policies of Available Finance Ltd. Company

Mar 31, 2024

A* Corporate Information

Available Finance Limited (''the Company^ is a company limited by shares and is domiciled in India. The company''s registered office is situated at Agarwal House, S Yeshwant Colony Indore 452003 MP India. As an Unregistered CIC the Company is primarily a holding company, holding investments in its associates, and other group companies. The Company''s associates are engaged in a wide array of businesses in the Trading sector. Its equity shares are listed In India on Bombay stock Exchange (BSE).

These standalone financial statements of the Company for the year ended March 31, 2024, were authorized for issue by the Board of Directors on 30/05/2024, pursuant to the provision of the Companies Act, 2013 (the ''Act'') Securities and Exchange Board of India and other statutory reguiatory bodies.

B, Significant accounting policies

1. Statement of compliance

These standalone financial statements are prepared and presented in accordance with the Indian Accounting Standards (Ind A5) notified under the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time as notified under section 133 of Companies Act, 2013, the relevant provisions of the Companies Act, 2013 ("the Act").

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2. Basis of Preparation

The standalone financial statements have been prepared on accrual basis and under the historical cost convention except for certain financial instruments which are measured at fair vafue at the end of each reporting period, as explained in the accounting policies mentioned below.

The financial statements have been prepared in accordance with the requirements of-the information and disclosures mandated by Schedule III (Division - lil) of the companies Act, applicable Ind AS and other applicable pronouncements and regulations.

The financial statements including notes thereon are presented in Indian Rupees ("Rupees" or "INft"), which is the Company''s functional and presentation .currency. All

amounts disclosed in the financial statements Including notes thereon have been rounded off to the nearest thousands of Rupees as per the requirement of Schedule Hi to the Act, unless stated otherwise,

3. Use of Estimates, Judgments and Assumptions

The preparation of financial statements in accordance with Ind AS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amount of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected,

Significant areas of estimation, uncertainty and critical judgements in applying accounting policies that have significant effect on amount recognized in the financial statements are:

i. Allowance for bad and doubtful trade receivable.

ii. Recognition and measurement of provision and contingencies,

Ifi. Depredation/ Amortisation and useful lives of Property, plant, and equipment / intangible assets.

Iv, Recognition of deferred tax.

v. Income Taxes.

vi. Measurement of defined benefit obligation,

vii. Impairment of noft-finandal assets arid financial assets.

4. Changes in accounting policies and disclosures:

The Company has not early adopted any standards or amendments that,have been issued but are not yet effective.

5. Revenue Recognition

a. interest income is recognized on accrual basis using the effective interest method,

b. Revenue from contract with customer is recognised upon transfer of control of promised products or services to customers in an amount that reflects the consideration which the Company expects to receive in exchange for those products or services. Revenue is measured based on the transaction price, which is the consideration, adjusted for discounts and other incentives, If any, as per contracts with the customers.

i. Other operational revenue represents income earned from the activities incidental to the business and Is recognized when the performance obligation Is satisfied and riqht to receive the income is established aSj^fth^tofjihs of the contract.

c. Dividend income is recognised in profit or loss on the date on which the company''s right to receive payment is established,

6. Property, Plant and Equipment

a. Measurement and recognition:

An item of property,, plant and equipment that qualifies as an asset is measured on initial recognition at cost.

Following initial recognition, items of property, plant and equipment are carried at its cost less accumulated depredation and accumulated impairment losses, if any.

The cost of an item of property, plant and equipment comprises of ''its purchase price including import duties and other non-refundable purchase taxes or levies, directly attributable cost of bringing the asset to its working condition for its intended use and the initial estimate of decommissioning, restoration and similar liabilities, if any.

Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the company,

b. Depreciation:

Depreciation is provided using straight-line method as specified in Schedule II to the Companies Act 2013. Depredation on assets acquired / disposed off during the year is provided on pro-rata basis with reference to the date of addition / disposal.

c. Derecognition:

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits ere expected to arise from continued use of the asset. Any gain or loss arising on the disposal or retirement of property, plant and equipment is determined ?£ the difference between the saie proceeds and the carrying amount of the assets and is recognised in Statement of Profit and Loss,

7. Intangible assets

a. Measurement and recognition:

Intangible assets are heid at cost less accumulated amortisation and impairment losses. Intangible assets developed or acquired with finite useful iife are amortised on straight line basis over the useful life of asset,

Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which It relates or when the development stage is

achieved. All other expenditure, including expenditure on internally generated goodwill and brands, when incurred is recognised in statement of profit and loss.

b. Amortisation

The intangible assets of the Company are assessed to be of finite lives and are amortized over the useful economic Iffe and assessed for impairmenL whenever there is an indication that the intangible asset may be Impaired, The Company reviews amortization period on an annual basis. Intangible assets are amortized on straight line basis in accordance with IND AS SB and Schedule Jl to the Companies Acb2Q13 or based on technical estimates.

c. Derecognition:

Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the Statement of Profit and Loss when the asset Is derecognised.

3. Impairment of non “financial asset

The company assesses at each reporting date whether there is any objective evidence that a non-finantial asset or a group of nort-finandai assets are impaired. If any such indication exists, the company estimates the amount of Impairment loss. For the purpose of assessing impairment the smallest identifiable group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows from other assets or group of assets is considered as cash generating unit. If any such indication exists, an estimate of the recoverable amount of the individual asset/cash generating unit ts made.

An impairment loss is calculated as the difference between an asset’s carrying amount and recoverable amount. Losses are recognized in profit or loss and reflected in an allowance account. When the company considers that there are no realistic prospects of recovery of the asset the relevant amounts are written off. If the amount of impairment loss subsequently decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, then the previously recognized impairment ioss is reversed through profit or loss.

When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) Is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been In place had there been no impairment loss been recognized for the asset (or

cash-generating unit) irt prior years. A reversal of an Impairment loss is recognized Immediately in Statement of Profit and Loss, taking Into account the normal de p redat io n/a m ortlzati on.

9. Taxation

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 for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

a. Current taxes

Provision for current tax is made after taking into consideration benefits admissible under provisions of the Income Tax Act, 1961, Minimum Alternative Tax (MAT) credit entitlement is recognized where there is convincing evidence that the same can be realized in future.

b, Deferred Taxes

The deferred tax charge or credit the corresponding deferred tax liabilities or assets are recognized using the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognized only to the extent there Is reasonable certainly that the assets can be realized In future; however, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognized only if there is reasonable certainty of realization of such assets.

TO. Provisions, contingent liabilities, and contingent assets

The Company creates a provision when there is a present obligation as a result of past events and it is probable that there will be outflow of resources and a reliable estimate of the obligation can be made of the amount of the obligation, Contingent liabilities are not recognized but are disclosed in the notes to the financial statements. A disclosure for a contingent liability Is made when there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote,

Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate- if it is no longer probable that the outflow of resources would he required to settle the obligation, the provision Is reversed.

Contingent assets are neither recognized nor disclosed in the financial statements.

11. Fair Value Measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The-fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, fn the most advantageous market for the asset or [lability. The principal or the most advantageous market must be accessible to the Company. ,

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or [lability, assuming that market participants act in their economic best interest, A fair value measurement of a non.’ financial asset takes into account a market participant''s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate In the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest''level input that is significant to the fair value measurement as a whole:

* Level 1 - quoted (unadjusted) market prices in active markets for identical assets or liabilities,

* Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

* Levei 3 - inputs that are unobservable for the asset or liability.

For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the- Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization at the reporting period and

discloses the same. f/^/ fs ^V*\\

12. Financial Instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial Instruments also include derivative contracts such as foreign currency foreign exchange forward contracts, interest rats swaps and currency options, and embedded derivatives in the host contract.

a. Financial Assets

Classification:

The Company shall classify financial assets and subsequently measured at amortised cost, fair value through other comprehensive income (FVOCf) or fair value through profit or loss (FVTPL) on the basis of its business model for managing the financial assets and the contractual cash flow characteristics of the financial asset

Initial recognition and measurement: *

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

Fair value through profit or loss:

Assets that do not meet the criteria for amortized cost or FVQCi are measured at fair value through profit or loss. A gain or Joss on a debt investment that Is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in Statement of Profit and Loss in the period in which it arises, unless it arises from debt instruments that were designated at fair value or which are not held for trading. Interest income from these financial assets is included in Interest income'' using the effective interest rate method.

Fair value through other oo m prehen si ve income:

Financial assets that are held for collection of contractual cash flows and for selling the assets, where the assets'' cash flows represent solely payments of principal and Interest, and that are not designated at FVPL, are measured at fair value through other comprehensive income, Movements in the carrying amount are taken through FVQCI, except for the recognition of Impairment gains or losses, interesjc-teitfinue and foreign exchange gams and losses on the instrument''s amortized cost A^fci^wsqjetocinized In

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profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in GCI is reclassified from equity to profit or loss. Interest Income from these financial assets is included in ''Interest income'' using the effective interest rate method.

Amortized Cost:

Assets that are held for contractual cash flows where those cash flows represent soleJy payments of principal and interest fSPPI''}, and that are not designated at PVT PL, are measured at amortized cost, The carrying amount of these assets is adjusted by any expected credit loss allowance recognized and measured. Interest income from these financial assets is recognized using the effective interest rate method-

interest income:

Interest income is calculated by applying the effective interest rate to the gross carrying amount of financial assets.

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Equity instruments:

Equity instruments are instruments that meet the definition of equity from the issuer''s perspective; that is, instruments that do not contain a contractual cbilgation to pay and that evidence a residual interest in the issuer''s net assets. Ind AS 109 requires all investments in equity instruments and contracts on those instruments to be measured at fair value.

The Company subsequently measures all quoted equity investments at fair value. Where the company''s management has elected to present fair value gains and losses on equity Investments in other comprehensive income, there is no subsequent reclassification for fair value gains and losses to profit or loss following the de-recognition of the investment ₍

The Company subsequently measures all un-quoted equity investments at cost based on the requirements of Ind AS 109, where in some limited circumstances cost is a more appropriate estimate of fair value, that may be the case if insufficient more recent information is available to measure the fair value or if there is a wide range of possible fair value measurements and cost represents the best estimate of the fair value within that range.

Changes in the fair value of financial assets at fair value through profit or Joss are recognized in net gain/ loss on fair value changes in the statemej j)d loss,

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impairment losses (end reversal of impairment losses) on equity investments measured at FVOC1 are not reported separately from other changes in fair value,

Gains and losses on equity investments at FVTPL are included in the Statement of Profit and Loss,

De-recognition:

A financial asset [or, where applicable, a part of a financial asset or part of a company of similar financial assets) is primarily derecognised (i,e. removed from the company''s balance sheet) when:

a, The rights to receive cash flows from the asset have expired, or

b. The company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash fiows in full without material delay to a third party under a ''pass-through'' arrangement and either (a) the company has transferred substantially all the risks and rewards of the asset, or (b) the company has

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neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset,

c, When the company has transferred its rights to receive cash flows from an asset or has entered into 3 pass-through arrangement, it evaluates If and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset nor transferred control of the asset the company continues to recognise the transferred asset to the extent of the company''s continuing involvement in that case, the company also recognises an associated liability, The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the company has retained,

d. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the company could be required to repay,

Impairment of financial assets:

In accordance with Jnd-AS 109, the Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on the following financial assets and credit risk exposure: ,^=7=5^

a. Financial assets that ate debt instruments, and are measured at amortised cost

e.g., loans, debt securities, deposits, and bank balance:

The Company follows general approach for recognition of impairment loss allowance for financials assets other than trade receivables. In general approach, the financial asset is divided into 3 stages and the amount of ECL is recognized depending on the stage of the financial asset into consideration.

The loss under this approach is either based on the 12 months ECL or lifetime ECL. All financial assets falling in stage 1 is performing and requires 12 months ECL, whereas financial assets in stage 2 where the credit risk has increased significantly post recognition or financial assets in stage 3 which are credit impaired a lifetime ECL is required.

b. Financial Liabilities

Classification: ¹

The Company classifies all financial liabilities as subsequently measured at amortised cost, except for financial liabilities at fair value through profit or foss. Such liabilities, including derivatives that are liabilities, shall be subsequently measured at fair value.

Initial recognition and measurement:

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or ioss or amortised costs,

Loans and borrowings

After initial recognition, interest-bearing loans end borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EJR amortisation process.

De-recognition:

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

Offsetting

Financial assets and financial liabilities are offset and the net amount is presented in the balance sheet when, and when the company has a legally enforceable right to set off the amount and it intends either to settle therm on net basis or to realize the asset and settle the liability simultaneously.

Derivative financial instruments

The company uses derivative financial instruments, such as forward currency contracts, interest rate swaps and forward commodity contracts, to hedge its foreign currency risks, interest rate risks and commodity price risks, respectively. Such derivative financial instruments are initially recognized at fair valua on the date on which a derivative contract Is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

13. Cash arid cash equivalents

Cash and cash Equivalents in the Balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three or less month, which are subject to an insignificant risk of changes in value.

14. Cash Flow Statement

Cash flows are reported using the indirect method, where by profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash fiows from operating, investing and financing activities of the Company are segregated,

15. Earnings per share

a. Basic earnings per share ¦

Basic earnings per share is calculated by dividing the profit attributable to owners if the Company by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus element in equity shares issued during the year, if any and Excluding treasury shares.

b. Diluted earnings per share

Diluted earnings per share adjusted the figures used in the determination of basic earnings per share to take into account the af^r-lgtiBESe^a^effed: of interest and other

financing costs associated with dilutive potential equity shares, and the weighted average number of additions] equity shares that would have been outstanding assuming the conversion of ail dilutive potential equity shares.

16, Events after reporting date

Where events occurring after the balance sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of such events is adjusted within the financial statements. Otherwise, events after the balance sheet date of material size or nature are only disclosed,

IT, Investment In subsidiaries and associates

Investments in subsidiary and associate companies are carried at cost and fair value (deemed cost) as per Ind AS - 101 and 100 less accumulated impairment losses, if any. Where an indication of impairment exists, the carrying amount of the investment is assessed and written down to its recoverable amount. On disposal of investments in subsidiary companies, associate companies and joint venture companies, the difference between net disposal proceeds and the carrying amounts are recognized in the Statement of Profit and Loss, ,

When the company ceases to control the investment in subsidiary or associate the said investment is carried at fair value through profit and loss In accordance with Ind AS 109 "Financial instruments".

18* Recognition Of MPA

Non-Performing Assets (NPA), if any, is recognized as per the prudential norms of NBFC Rules and Regulations of Reserve Bank: of India,

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Mar 31, 2015

1.01 BASIS OF ACCOUNTING

The accounts of the Company are prepared under the historical cost convention and in Accordance with applicable accounting standards except where otherwise stated. Accounting Policies not specifically referred to are consistent with generally accepted accounting policies. The Company follows the mercantile system of accounting and recognises Income and Expenditure on accrual basis except otherwise specified.

1.02 REVENUE RECOGNITION

Expenses and income considered payable and receivable respectively have been accounted for on accrual basis. Where the ability to assess the ultimate collection with reasonable certainty is lacking at the time of raising any claim, revenue recognition is postponed to the extent of uncertainty involved.

1.03 FIXED ASSETS:

Fixed Assets are stated at cost of acquisition inclusive of freight, duties, taxes and incidental expenses less depreciation.

1.04 DEPRECIATION

Depreciation on Tangible Assets has been provided on the straight-line method over the useful lives as prescribed in schedule II ofthe Companies Act, 2013 and on additions on Pro-rata basis.

1.05 INVESTMENTS

Long Term Investments are stated at cost.

1.06 STOCK-IN-TRADE:

Current Investments in the nature of stock in trade are valued at cost.

1.07 DECREASE IN VALUE OFINVESTMETS

Decreases in value of Current Investments in the nature of stock in trade are provided at in aggregate for each category at difference between cost and market value (if lower than cost), at the balance sheet date. And decrease in value of unquoted Investments are ascertained either from the latest balance sheet of the company, if available or value shares at Rs 1/-, as the case maybe in accordance with Reserve Bank of India guidelines.

1.08. GRATUITY & RETIREMENT BENEFITS

Retirement benefits, gratuity liability, medical reimbursement and Leave Payments to employees shall be accounted as and when company becomes statutory liable.

1.09 CONTINGENT LIABILITIES

Contingent liabilities are not provided and are disclosed by way of notes to accounts.

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Mar 31, 2014

1.01 BASIS OF ACCOUNTING

The accounts of the Company are prepared under the historical cost convention and in Accordance with applicable accounting standards except where otherwise stated. Accounting Policies not specifically referred to are consistent with generally accepted accounting policies. The Company follows the mercantile system of accounting and recognises Income and Expenditure on accrual basis except otherwise specified.

1.02 REVENUE RECOGNITION

Expenses and income considered payable and receivable respectively have been accounted for on accrual basis. Where the ability to assess the ultimate collection with reasonable certainty is lacking at the time of raising any claim, revenue recognition is postponed to the extent of uncertainty involved.

1.03 FIXED ASSETS:

Fixed Assets are stated at cost of acquisition inclusive of freight, duties, taxes and incidental expenses less depreciation.

1.04 DEPRECIATION

Depreciation on Fixed Assets has been provided on the straight-line method at the rates prescribed in schedule XIV of the Companies Act, 1956 and on additions on Pro-rata basis.

1.05 INVESTMENTS

Long Term Investments are stated at cost.

1.06 STOCK –IN –TRADE:

Current Investments in the nature of stock in trade are valued at cost.

1.07 DECREASE IN VALUE OF INVESTMETS

Decreases in value of Current Investments in the nature of stock in trade are provided at in aggregate for each category at difference between cost and market value (if lower than cost), at the balance sheet date. And decrease in value of unquoted Investments are ascertained either from the latest balance sheet of the company, if available or value shares at Rs. 1/-, as the case may be in accordance with Reserve Bank of India guidelines.

1.08. GRATUITY & RETIREMENT BENEFITS

Retirement benefits, gratuity liability, medical reimbursement and Leave Payments to employees shall be accounted as and when company becomes statutory liable.

1.09 CONTINGENT LIABILITIES

Contingent liabilities are not provided and are disclosed by way of notes to accounts.

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Mar 31, 2013

1.01 BASIS OF ACCOUNTING

The accounts of the Company are prepared under the historical cost convention and in Accordance with applicable accounting standards except where otherwise stated. Accounting Policies not specifically referred to are consistent with generally accepted accounting policies. The Company follows the mercantile system of accounting and recognizes Income and Expenditure on accrual basis except otherwise specified.

1.02 REVENUE RECOGNITION

Expenses and income considered payable and receivable respectively have been accounted for on accrual basis. Where the ability to assess the ultimate collection with reasonable certainty is lacking at the time of raising any claim, revenue recognition is postponed to the extent of uncertainty involved.

1.03 FIXED ASSETS:

Fixed Assets are stated at cost of acquisition inclusive of freight, duties, taxes and incidental expenses less depreciation.

1.04 DEPRECIATION

Depreciation on fixed assets has been provided on the straight-line method at the rates prescribed in schedule XIV of the Companies Act, 1956 and on additions on Pro-rata basis.

1.05 INVESTMENTS

Long Term Investments are stated at cost.

1.06 STOCK-IN-TRADE:

Current Investments in the nature of stock in trade are valued at cost.

1.07 DECREASE IN VALUE OF INVESTMETS

Decreases in value of Current Investments in the nature of stock in trade are provided at in aggregate for each category at difference between cost and market value (if lower than cost), at the balance sheet date. And decrease in value of unquoted Investments are ascertained either from the latest balance sheet of the company, if available or value shares at Re. 1 /-, as the case may be in accordance with Reserve Bank of India guidelines.

1.08. GRATUITY & RETIREMENT BENEFITS

Retirement benefits, gratuity liability, medical, reimbursement and Leave Payments to employees shall be accounted as and when company becomes statutory liable.

1.09 CONTINGENT LIABILITIES

Contingent liabilities are not provided and are disclosed by way of notes to accounts.

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Mar 31, 2012

1.01 BASIS OF ACCOUNTING

The accounts of the Company are prepared under the historical cost convention and in Accordance with applicable accounting standards except where otherwise stated. Accounting Policies not specifically referred to are consistent with generally accepted accounting policies. The Company follows the mercantile system of accounting and recognises Income and Expenditure on accrual basis except otherwise specified.

1.02 REVENUE RECOGNITION

Expenses and income considered payable and receivable respectively have been accounted for on accrual basis. Where the ability to assess the ultimate collection with reasonable certainty is lacking at the time of raising any claim, revenue recognition is postponed to the extent of uncertainty involved.

1.03 FIXED ASSETS:

Fixed Assets are stated at cost of acquisition inclusive of freight, duties, taxes and incidental expenses less depreciation.

1.04 DEPRECIATION

Depreciation on Fixed Assets has been provided on the straight-line method at the rates prescribed in schedule XIV of the Companies Act, 1956 and on additions on Pro-rata basis.

1.05 INVESTMENTS

Long Term Investments are stated at cost.

1.06 STOCK-IN-TRADE:

Current Investments in the nature of stock in trade are valued at cost.

1.07 DECREASE IN VALUE OF INVESTMETS

Decreases in value of Current Investments in the nature of stock in trade are provided at in aggregate for each category at difference between cost and market value (if lower than cost), at the balance sheet date. And decrease in value of unquoted Investments are ascertained either from the latest balance sheet of the company, if available or value shares at Re. 1 /-, as the case may be in accordance with Reserve Bank of India guidelines.

1.08. GRATUITY & RETIREMENT BENEFITS

Retirement benefits, gratuity liability, medical reimbursement and Leave Payments to employees shall be accounted as and when company becomes statutory liable.

1.09 CONTINGENT LIABILITIES

Contingent liabilities are not provided and are disclosed by way of notes to accounts.

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Mar 31, 2010

1. BASIS OF ACCOUNTING

The accounts of the Company are prepared under the historical cost convention and in Accordance with applicable accounting standards except where otherwise stated. Accounting Policies not spe- cifically referred to are consistent with generally accepted accounting policies. The Company follows the mercantile system of accounting and recognises Income and Expenditure on accrual basis except otherwise specified.

2. REVENUE RECOGNITION

Expenses and income considered payable and receivable respectively have been accounted for on accrual basis. Where the ability to assess the ultimate collection with reasonable certainty is lack- ing at the time of raising any claim, revenue recognition is postponed to the extent of uncertainty involved.

3. FIXED ASSETS:

Fixed Assets are stated at cost of acquisition inclusive of freight, duties, taxes and incidental expenses less depreciation.

4. DEPRECIATION

Depreciation on Fixed Assets has been provided on the straight-line method at the rates prescribed in schedule XIV of the Companies Act, 1956 and on additions on Pro-rata basis.

5. INVESTMENTS

Long Term Investments are stated at cost.

6. STOCK-IN-TRADE:

Current Investments in the nature of stock in trade are valued at cost.

7. DECREASE IN VALUE OF INVESTMETS

Decreases in value of Current Investments in the nature of stock in trade are provided at in aggre- gate for each category at difference between cost and market value (if lower than cost), at the balance sheet date. And decrease in value of unquoted Investments are ascertained either from the latest balance sheet of the company, if available or value shares at Re. I/-, as the case may be in accordance with Reserve Bank of India guidelines.

8. GRATUITY & RETIREMENT BENEFITS

Retirement benefits, gratuity liability, medical reimbursement and Leave Payments to employees shall be accounted as and when company becomes statutory liable.

9. CONTINGENT LIABILITIES

Contingent liabilities are not provided and are disclosed by way of notes to accounts.

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Mar 31, 2004

1. BASIS OF ACCOUNTING

The accounts of the Company are prepared under the historical cost convention and in Accordance with applicable accounting standards except where otherwise stated. Accounting Policies not specifically referred to are consistent with generally accepted accounting policies. The Company follows the mercantile system of accounting and recognises Income and Expenditure on accrual basis except otherwise specified.

2. REVENUE RECOGNITION

Expenses and income considered payable and receivable respectively have been accounted for on accrual basis. Where the ability to assess the ultimate collection with reasonable certainty is lacking at the time of raising any claim, revenue recognition is postponed to the extent of uncertainty involved.

3. FIXED ASSETS:

Fixed Assets are stated at cost of acquisition inclusive of freight, duties, taxes and incidental expenses less depreciation.

4. DEPRECIATION

Depreciation on Fixed Assets has been provided on the straight-line method at the rates prescribed in schedule XIV of the Companies Act, 1956 and on additions on Pro-rata basis.

5. INVESTMENTS

Long Term Investments are stated at cost.

6. STOCK-IN-TRADE:

Current Investments in the nature of stock in trade are valued at cost.

7. DECREASE IN VALUE OF INVESTMETS

Decrease in value of Current Investments in the nature of stock in trade are provided at in aggregate for each category at difference between cost and market value (if lower than cost), at the balance sheet date. And decrease in value of unquoted Investments are ascertained either from the latest balance sheet of the company, if available or value shares at Re. 1/-, as the case may be in accordance with Reserve Bank of India guidelines.

8. MISCELLANEOUS EXPENDITURE

Preliminary expenses are written off in 10 equal installments in each of accounting year.

9. GRATUITY & RETIREMENT BENEFITS

Retirement benefits, gratuity liability, medical reimbursement and Leave Payments to employees shall be accounted as and when company becomes statutory liable.

10. CONTINGENT LIABILITIES

Contingent liabilities are not provided and are disclosed by way of notes to accounts.

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Mar 31, 2003

1. BASIS OF ACCOUNTING

The accounts of the Company are prepared under the historical cost convention and in Accordance with applicable accounting standards except where otherwise stated. Accounting Policies not specifically referred to are consistent with generally accepted accounting policies. The Company follows the mercantile system of accounting and recognises Income and Expenditure on accrual basis except otherwise specified.

2. REVENUE RECOGNITION

Expenses and income considered payable and receivable respectively have been accounted for on accrual basis. Where the ability to assess the ultimate collection with reasonable certainty is lacking at the time of raising any claim, revenue recognition is postponed to the extent of uncertainty involved.

3. FIXED ASSETS:

Fixed Assets are stated at cost of acquisition inclusive of freight, duties, taxes and incidental expenses less depreciation.

4. DEPRECIATION

Depreciation on Fixed Assets has been provided on the straight-line method at the rates prescribed in schedule XIV of the Companies Act, 1956 and on additions on Pro-rata basis.

5. INVESTMENTS

Long Term Investments are stated at cost.

6. STOCK-IN-TRADE:

Current Investments in the nature of stock in trade are valued at cost.

7. DECREASE IN VALUE OF INVESTMETS

Decrease in value Current Investments in the nature of stock in trade are provided at in aggregate for each category at difference between cost and market value (if lower than cost), at the balance sheet date. And decrease in value of unquoted Investments are ascertained either from the latest balance sheet of the company, if available or value shares at Re. 1/-, as the case may be in accordance with Reserve Bank of India guidelines.

8. MISCELLANEOUS EXPENDITURE

Preliminary expenses are written off in 10 equal installments in each of accounting year.

9 GRATUITY & RETIREMENT BENEFITS

Retirement benefits, gratuity liability, medical reimbursement and Leave Payments to employees shall be accounted as and when company becomes statutory liable.

10. CONTINGENT LIABILITIES

Contingent liabilities are not provided and are disclosed by way of notes to accounts.

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Mar 31, 2002

1. BASIS OF ACCOUNTING

The accounts of the Company are prepared under the historical cost convention and in Accordance with applicable accounting standards except where otherwise stated. Accounting Policies not specifically referred to are consistent with generally accepted accounting policies The Company follows the mercantile system of accounting and recognises Income and Expenditure on accrual basis except otherwise specified.

2. REVENUE RECOGNITION

Expenses and income considered payable and receivable respectively have been accounted for on accrual basis. Where the ability to assess the ultimate collection with reasonable certainty is lacking at the time of raising any claim, revenue recognition is postponed to the extent of uncertainty involved.

3. FIXED ASSETS:

Fixed Assets are stated at cost of acquisition inclusive of freight, duties, taxes and incidental expenses less depreciation.

4. DEPRECIATION

Depreciation on Fixed Assets has been provided on the straight-line method at the rates prescribed in schedule XIV of the Companies Act, 1956 and on additions on Pro-rata basis.

5. INVESTMENTS

Long Term Investments are stated at cost.

6. STOCK-IN-TRADE :

Current Investments in the nature of stock in trade are valued at cost.

7. DECREASE IN VALUE OF INVESTMETS

Decrease in value Current Investments in the nature of stock in trade are provided at in aggregate for each category at difference between cost and market value (if lower than cost) , at the balance sheet date and decrease in value of unquoted Investments are ascertained either from the latest balance sheet of the company, if available or value shares at Re. 1/-, as the case may be in accordance with Reserve Bank of India guidelines.

8. MISCELLANEOUS EXPENDITURE

Preliminary expenses are written off in 10 equal installments in each of accounting year.

9. GRATUITY & RETIREMENT BENEFITS

Retirement benefits, gratuity liability, medical reimbursement and Leave Payments to employees shall be accounted as and when company become statutory liable.

10. CONTINGENT LIABILITIES

Contingent liabilities are not provided and are disclosed by way of notes to accounts.

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Mar 31, 2001

1. BASIS OF ACCOUNTING

The accounts of the Company are prepared under the historical cost convention and in Accordance with applicable accounting standards except where otherwise stated. Accounting Policies not specifically referred to are consistent with generally accepted accounting policies. The Company follows the mercantile system of accounting and recognizes Income and Expenditure on accrual basis except otherwise specified.

2. REVENUE RECOGNITION

Expenses and income considered payable and receivable respectively have been accounted for on accrual basis. Where the ability to assess the ultimate collection with reasonable certainty is lacking at the time of raising any claim, revenue recognition is postponed to the extent of uncertainty involved.

3. FIXED ASSETS:

Fixed Assets are stated at cost of acquisition inclusive of freight, duties, taxes and incidental expenses less depreciation.

4. DEPRECIATION

Depreciation on Fixed Assets has been provided on the straight-line method at the rates prescribed in schedule XIV of the Companies Act, 1956 and on additions on Pro-rata basis.

5. INVESTMENTS

Long Term Investments are stated at cost.

6. STOCK-IN-TRADE :

Current Investments in the nature of stock in trade are valued at cost less Provisions for diminution in value, if any .

7. DECREASE IN VALUE OF CURRENT INVESTMENTS

Decrease in value Current Investments in the nature of stock in trade are provided at in aggregate for each category at difference between cost and market value (if lower than cost) , at the balance sheet date, and decrease in value of unquoted Investments are ascertained either from the latest balance sheet of the company, if available or value shares at Re. 1/- , as the case may be in accordance with Reserve Bank of India guidelines.

8. MISCELLANEOUS EXPENDITURE

Preliminary expenses are written off in 10 equal installments in each of accounting year.

9. GRATUITY & RETIREMENT BENEFITS

Retirement benefits, gratuity liability, medical reimbursement and Leave Payments to employees shall be accounted as and when company become statutory liable.

10. CONTINGENT LIABILITIES

Contingent liabilities are not provided and are disclosed by way of notes to accounts.

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Mar 31, 2000

1. BASIS OF ACCOUNTING

The accounts of the Company are prepared under the historical cost convention and in According with applicable accounting standards except where otherwise stated Accounting Policies not specifically refereed to are consistent with generally accepted accounting policies. The Company follows the mercantile system of accounting and recognises Income and Expenditure on accrual basis except otherwise specified.

2. REVENUE RECOGNITION Expenses and income considered payable and receivable respectievely have been accounted for on accrual basis. Where the ability to assess the animate col1ection with reasonable certainty is lacking at the time of raising any claim, revenue recognition is postponed to the extent of uncertainty involved.

3. FIXED ASSETS : Fixed Assets are stated at cost of acquisition inclusive of freight, duties, taxes and incidental expenses less depreciation.

4. DEPRECIATION Depreciation on Fixed Assets has been provided on the straight-line method at the rates prescribed in schedule XIV of the Companies Act, 1956 and on additions on Pro-rata basis.

5. INVESTMENTS Investments ( Long Term, other and current investments) are stated at cost less provisions for diminution in value, if any and are held as "Stock in Trade".

6. PROVISION FOR DIMUNATION IN VALUE OF INVESTMENTS Provision for diminuation in value of Long Term-Quoted Investments and Current Investments are provided at in aggregate for each category at difference between cost and market value (if lower than cost), at the balance sheet date, and Provision for deminuation in value Other unquoted Investments are ascertained either from the latest balance sheet of the company, if available or value shres at Re. 1/- per stare , as the case may be in accordance with Reserve Bank of India guidelines.

7. MISCELLANEOUS EXPENDITURE

Preliminary expenses are written off in 10 equal installments in each of accounting yew.

8. GRATUITY & RETIREMENT BENEFITS

Retirement benefits, gratuity liability, medical reimbursement and Leave Payments to employees are accounted for on cash basis.

9. CONTINGENT LIABILITIES

Contingent liabilities are not provided and are disclosed by way of notes to accounts.