Accounting Policies of Genesys International Corporation Ltd. Company

Mar 31, 2025

2. Material Accounting Policies

2.1. Basis of preparation of standalone financial statements

a) Statement of Compliance with Ind AS

The Company''s standalone financial statements
have been prepared in accordance with Indian
Accounting Standards (hereinafter referred to as
Ind-AS) notified under section 133 of Companies
Act, 2013, read with Companies (Indian Accounting
Standards) Rules, 2015 and Companies (Indian
Accounting Standards) Amendment Rules, 2016.

Accounting policies have been consistently applied
except where a newly issued accounting standard
is initially adopted or a revision to an existing
accounting standard requires a change in the
accounting policy hitherto in use.

The Company''s standalone financial statements
are presented in Indian Rupees (''), which is also
its functional currency.

b) Basis of Measurement

The standalone financial statements have been
prepared on a historical cost convention on accrual
basis, except for the following material items that
have been measured at fair value as required by
relevant Ind AS: -

i) Certain financial assets and liabilities
measured at fair value (refer accounting policy
on financial instruments)

ii) Share based payment transactions

iii) Net Defined Benefit obligations

All 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 Companies Act, 2013. Based
on the nature of services and the time between the
rendering of service and their realization in cash and
cash equivalents, the Company has ascertained its
operating cycle as twelve months for the purpose of
current and noncurrent classification of assets and
liabilities.

c) Use of Estimates and Judgments:

The preparation of the standalone financial
statements in conformity with Ind AS requires
management to make estimates, judgments and
assumptions. These estimates, judgments and
assumptions affect the application of accounting
policies and the reported amounts of assets and
liabilities, the disclosures of contingent assets and
liabilities at the date of the standalone financial
statements and reported amounts of revenues and
expenses during the period. Accounting estimates
could change from period to period. Actual results
could differ from those estimates. Appropriate
changes in estimates are made as management
becomes aware of changes in circumstances
surrounding the estimates. Changes in estimates
are reflected in the standalone financial statements
in the period in which changes are made and, if
material, their effects are disclosed in the notes to
the standalone financial statements.

Critical estimates and judgments

The preparation of standalone financial statements
requires management to make judgments, estimates
and assumptions in the application of accounting
policies that affect the reported amounts of assets,
liabilities, income and expenses. Actual results may
differ from these estimates. Continuous evaluation
is done on the estimation and judgments based on
historical experience and other factors, including
expectations of future events that are believed to
be reasonable. Revisions to accounting estimates
are recognized prospectively. Information about
critical judgments in applying accounting policies,
as well as estimates and assumptions that have the
most significant effect to the carrying amounts of
assets and liabilities within the next financial year,
are included in the following notes:

a) Revenue recognition

b) Estimation of Defined benefit obligation

c) Estimation of current tax expenses and
Payable

d) Useful lives of property, plant and equipment

e) Employee stock option compensation
expenses and payable

f) Impairment of Financial and Non-Financial
Assets

g) Fair Value measurement of Financial Assets
2.2. Revenue recognition

The company earns revenue primarily from Geographical
Information Services comprising of photogrammetry,
remote sensing, cartography, data conversion, state of
the art terrestrial and 3D geo-content including location
and other computer based related services.

Revenue is recognized upon transfer of control of
promised services or products to customers in an
amount that reflects the consideration which the
Company expects to receive in exchange for those
services or products.

• Revenue from time and material and job contracts
is recognized on output basis measured by units
delivered, efforts expended, number of transactions
processed, etc.

• Revenue related to fixed price maintenance and
support services contracts where Company is
standing ready to provide services is recognized
based on time elapsed mode and revenue is
straight lined over the period of performance.

• In respect of other fixed-price contracts, revenue
is recognized using the percentage-of-completion
method (''POC method'') of accounting with contract
costs incurred determining the degree of completion
of the performance obligation. The contract costs
used in computing the revenues include the cost of
fulfilling warranty obligations.

• Revenue from the sale of distinct third-party
hardware and / or software is recognized at the
point in time when control is transferred to the
customer.

Revenue is measured based on the transaction
price, which is the consideration, adjusted for volume
discounts, service level credits, performance bonuses,
price concessions and incentives, if any, as specified in
the contract with the customer. Revenue also excludes
taxes collected from customers.

Contract assets are recognized when there is excess
of revenue earned over billings on contracts. Contract
assets are classified as unbilled revenue when there is
unconditional right to receive cash, and only passage of
time is required, as per contractual terms.

The billing schedules agreed with customers include
periodic performance-based payments and / or
milestone-based progress payments. Invoices are
payable within a contractually agreed credit period.

In accordance with Ind AS 37, the company recognizes
an onerous contract provision when the unavoidable
costs of meeting the obligations under a contract
exceed the economic benefits to be received.

Contracts are subject to modification to account for
changes in contract specification and requirements.
Company reviews modification to contract in conjunction
with the original contract, basis which the transaction
price could be allocated to a new performance
obligation, or transaction price of an existing obligation
could undergo a change. In the event transaction price is
revised for existing obligation, a cumulative adjustment
is accounted for.

Company disaggregates revenue from contracts with
customers by geography.

The Company uses the following critical accounting
estimates in Revenue recognition:

The company''s contract with Customers could include
promises to transfer multiple products and services
to a customer. The Company assesses the products /
services promised in the contract and identifies distinct
performance obligations in the contract. Identification
of distinct performance obligation involves judgment to
determine the deliverables and the ability of the customer
to benefit independently from such deliverables.

Judgments are also required to determine the
transaction price for the contract and to ascribe the
transaction price to each distinct performance obligation.
The transaction price could be either a fixed amount
of customer consideration or variable consideration
with elements such as volume discounts, service level
credits, performance bonuses, price concessions and
incentives. The transaction price is also adjusted for the
effects of the time value of money if the contract includes
a significant financing component. Any consideration
payable to the customer is adjusted to the transaction
price, unless it is a payment for a distinct product or
service from the customer. The estimated amount of
variable consideration is adjusted in the transaction
price only to the extent that it is highly probable that
a significant reversal in the amount of cumulative
revenue recognized will not occur and is reassessed
at the end of each reporting period. The Company
allocates the elements of variable considerations to all
the performance obligations of the contract unless there
is observable evidence that they pertain to one or more
distinct performance obligations.

The company exercises judgments in determining
whether the performance obligation is satisfied at a
point in time or over a period of time. The Company
considers indicators such as how customer consumes
benefits as services are rendered or who controls the
asset as it is being created or existence of enforceable
right to payment for performance to date and alternate

use of such product or service, transfer of significant risk
and rewards to the customer, acceptance of delivery by
the customer, etc.

Revenue for fixed price contract is recognized using
percentage-of completion method. The Company uses
judgment to estimate the future cost-to-completion of
the contracts, which is used to determine the degree of
completion of the performance obligation.

Interest Income:

Interest income is recognized on a time proportion
basis taking into account the amount outstanding and
the rate applicable. For all debt instruments measured
either at amortized cost or at fair value through other
comprehensive income, interest income is recorded
using the effective interest rate (EIR).

Dividend Income:

Dividend income is accounted for when the right to
receive the same is established, which is generally
when shareholders approve the dividend.

Other Income:

Other income is accounted for on an accrual basis
except where the receipt of income is uncertain in which
case it is accounted for on receipt basis.

2.3 Common Control Business combination

Business combinations involving entities that are
controlled by the company or ultimately controlled by the
same party or parties both before and after the business
combination, and where control is not transitory, are
accounted for using the pooling of interests method as
follows:

- The assets and liabilities of the transferred division/
Company are reflected at their carrying amounts
immediately prior to the transfer

- No adjustments are made to reflect fair values, or
recognise any new assets or liabilities. Adjustments
are only made to harmonise accounting policies

- The financial information of the transferred division/
Company in respect of prior periods is restated as
if the business combination had occurred from the
beginning of the preceding period in the financial
statements, irrespective of the actual date of
the combination, however, where the business
combination had occurred after that date, the
prior period information is restated only from that
date. The difference, if any, between consideration
paid in the form of issue of share capital or cash
or other assets and the amount of share capital (if
any) of the transferor shall be transferred to capital
reserve and should be presented separately from
other capital reserves. Share capital issued will be
recorded at nominal value.

2.4 Property, Plant and equipment

Property, plant and equipment''s (PPE) are stated at cost
less accumulated depreciation and impairment losses,
if any. Cost of acquisition includes directly attributable
costs for bringing the assets to its present location and
use.

The cost of an item of PPE comprises its purchase
price net of any trade discounts and rebates, any import
duties and other taxes (other than those subsequently
recoverable from the tax authorities), any directly
attributable expenditure on making the asset ready for
its intended use, other incidental expenses and interest
on borrowings attributable to acquisition of qualifying
assets up to the date the asset is ready for its intended
use.

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

Advances paid towards the acquisition of property,
plant and equipment outstanding at each balance sheet
date is classified as capital advances under other non¬
current assets and the cost of assets not put to use
before such date are disclosed under ''Capital work-in¬
progress''.

Gains or losses arising from derecognition of a property,
plant and equipment are measured as the difference
between the net disposal proceeds and the carrying
amount of the asset and are recognized in the Statement
of Profit and Loss when the assets derecognized.

Depreciation:

Depreciation on PPE is provided as per straight line
method as per the useful life prescribed in Schedule II
of the Companies Act, 2013 except in case of following
category of PPE in whose case the life of the items of
PPE has been assessed as under based on technical
estimate, taking into account the nature of the asset, the
estimated usage of the asset, the operating condition
of the asset, past history of replacement, anticipated
technological changes, manufacturer''s warranties and
maintenance support etc.

Assets costing individually '' 5,000/- or less are fully
depreciated in the year of purchase / installation.

Residual value is considered as Nil for all the assets.

Depreciation methods, useful lives, and residual values
are reviewed at the end of each financial year and
adjusted prospectively, if necessary.

2.5 Intangible Assets

Intangibles are stated at the acquisition price including
directly attributable costs for bringing the asset into use,
less accumulated amortization and impairment. Direct
expenditure, if any, incurred for internally developed
intangibles from which future economic benefits are
expected to flow over a period of time is treated as
intangible asset as per the Indian Accounting Standard
on Intangible Assets.

Amortisation:

Amortization of Intangible assets is provided on straight
line method as per the useful life prescribed in Schedule
II of the Companies Act, 2013 except in case of following
category of Intangible assets in which case the life of
the items of Intangible assets has been assessed as
under based on technical estimate, taking into account
the nature of the asset, the estimated usage of the
asset, the operating condition of the asset, past history
of replacement, anticipated technological changes etc.

Amortization is charged on a pro-rata basis on assets
purchased/ sold during the year, with reference to date
of installation/ disposal.

Assets costing individually '' 5,000/- or less are fully
amortised in the year of purchase / installation.

Residual value is considered as Nil for all the assets.

2.6 Intangible Assets Under Development

Internal development costs for core technology are
recognized as an intangible asset if, and only if, all of
the following have been demonstrated:

• The technical feasibility to complete the project.

• The intention to complete the intangible asset and
use or sell it.

• The ability to use or sell intangible assets.

• How the intangible asset will generate probable
future economic benefits.

• The availability of adequate resources to complete
the project.

• The cost of developing the asset can be measured
reliably.

Internally generated databases are capitalized until
a certain level of map quality is reached and ongoing
activities focus on maintenance. Internal software costs
relating to development of non-core software with an
estimated average useful life of less than one year and
engineering costs relating to the detailed manufacturing
design of new products are expensed in the period in
which they are incurred.

The amount initially recognized for internally generated
intangible assets is the sum of the expenditure incurred
from the date when the intangible asset first meets
the recognition criteria listed above. All expenditures
on research activities are expensed in the income
statement as incurred.

2.7 Borrowing Costs

Borrowing costs, if any, directly attributable to the
acquisition of the qualifying asset are capitalized
for the period until the asset is ready for its intended
use. A qualifying asset is one that necessarily takes a
substantial period of time to get ready for intended use.

Other borrowing costs are recognized as expense in
the period in which they are incurred.

2.8. 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.

a) Initial measurement

The company recognizes financial assets and
financial liabilities when it becomes a party to the
contractual provisions of the instrument. All financial
assets and liabilities are recognized at fair value on
initial recognition except for the trade receivables
which are initially measured at transaction price.
Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial
liabilities, which are not at fair value through profit
or loss, are added to or deducted from the fair value
on initial recognition.

b) Subsequent measurement (Non derivative
financial instruments)

1. Financial assets carried at amortized cost

A financial asset is subsequently measured
at amortized cost if it is held within a business
model whose objective is to hold the asset in
order to collect contractual cash flows and the
contractual terms of the financial asset give
rise on specified dates to cash flows that are
solely for payments of principal and interest
on the principal amount outstanding. Interest

income from these financial assets is included
in finance income using the effective interest
rate method (EIR).

2. Financial assets at fair value through other
comprehensive income

A financial asset is subsequently measured
at fair value through other comprehensive
income if it is held within a business model
whose objective is achieved by both collecting
contractual cash flows and selling financial
assets and the contractual terms of the financial
asset give rise on specified dates to cash flows
that are solely for payments of principal and
interest on the principal amount outstanding.
Movements in the carrying amount are taken
through OCI, except for the recognition of
impairment gains or losses, interest revenue
and foreign exchange gains and losses
which are recognized in the Statement of
Profit and Loss. When the financial asset is
derecognized, the cumulative gain or loss
previously recognized in OCI is reclassified
from equity to Statement of Profit and Loss and
recognized in other gains/ (losses). Interest
income from these financial assets is included
in other income using the effective interest rate
method. Interest income from these financial
assets is included in other income using the
effective interest rate method.

Equity instruments: All equity investments in
scope of Ind AS 109 are measured at fair value.
Equity instruments which are held for trading
and contingent consideration recognized by an
acquirer in a business combination to which
Ind AS103 applies are classified as at FVTPL.
For all other equity instruments, the Company
may make an irrevocable election to present
in other comprehensive income subsequent
changes in the fair value. The Company makes
such election on an instrument- by-instrument
basis. The classification is made on initial
recognition and is irrevocable.

If the Company decides to classify an
equity instrument as at FVTOCI, then all fair
value changes on the instrument, excluding
dividends, are recognized in the OCI. There
is no recycling of the amounts from OCI to
P&L, even on sale of investment. However, the
Company may transfer the cumulative gain or
loss within equity.

3. Financial assets at fair value through profit
or loss

A financial asset which is not classified in any
of the above categories are subsequently fair

valued through profit or loss. Interest income
from these financial assets is included in the
other income.

4. Investment in Subsidiaries and Associates:

Investment in subsidiaries and Associates are
measured at cost less impairment.

5. Financial liabilities at fair value through
profit or loss

Financial liabilities at fair value through profit or
loss include financial liabilities held for trading
and financial liabilities designated upon initial
recognition as at fair value through profit or
loss.

6. Loans and borrowings

After initial recognition, interest-bearing loans
and borrowings are subsequently measured at
amortized cost using the EIR method. Gains
and losses are recognized in the Statement
of Profit and Loss when the liabilities are
derecognized as well as through the EIR
amortization process. Amortized cost is
calculated by taking into account any discount
or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR
amortization is included as finance costs in the
Statement of Profit and Loss.

c) Share Capital - Ordinary Shares

An equity instrument is a contract that evidences
residual interest in the assets of the company
after deducting all its liabilities. Equity instruments
recognized by the company are recognized at the
proceeds received net of direct issue cost.

d) De-recognition of financial instruments

A financial asset is derecognized only when

a) the rights to receive cash flows from the
financial asset is transferred or

b) retains the contractual rights to receive the
cash flows of the financial asset but assumes a
contractual obligation to pay the cash flows to
one or more recipients.

Where the financial asset is transferred then in
that case the financial asset is derecognized only
if substantially all risks and rewards of ownership
of the financial asset is transferred. Where the
entity has not transferred substantially all risks and
rewards of ownership of the financial asset, the
financial asset is not derecognized.

A financial liability is derecognized 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 derecognition 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 and Loss as finance costs.

e) Offsetting financial instruments

Financial assets and liabilities are offset, and the
net amount is reported in the balance sheet where
there is a legally enforceable right to offset the
recognized amounts and there is an intention to
settle on a net basis or realize the asset and settle
the liability simultaneously. The legally enforceable
right must not be contingent on future events
and must be enforceable in the normal course of
business and in the event of default, insolvency or
bankruptcy of the Company or the counterparty.

2.9. Fair Value measurement of Financial Instruments

Fair value is the price that would be received on sale
of an asset or paid to transfer a liability in an orderly
transaction between market participants at the
measurement date. The fair value measurement is
based on the presumption that the transaction to sell
the asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most
advantageous market which can be accessed by
the Company for the asset or liability

The fair value of an asset or a liability is measured
using the assumptions that market participants would
use when pricing the asset or liability, assuming that
market participants act in their economic best interest.
The Company uses valuation techniques that are
appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximizing the
use of relevant observable inputs and minimizing the
use of unobservable inputs.

All assets and liabilities for which fair value is measured
or disclosed in the standalone 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 Valuation techniques for which the lowest
level input that is significant to the fair value
measurement is directly or indirectly observable.

• Level 3 Valuation techniques for which the lowest
level input that is significant to the fair value
measurement is unobservable

For assets and liabilities that are recognized in the
standalone financial statements on a recurring basis,
the Company determines whether transfers have
occurred between levels in the hierarchy by reassessing
categorization (based on the lowest level input that is
significant to the fair value measurement as a whole) at
the end of each reporting period.

2.10. Impairment of assets

a) Financial Assets

The Company recognizes loss allowances using
the expected credit loss (ECL) model for financial
assets which are not fair valued through profit or
loss. Loss allowance for trade receivables with
no significant financing component is measured
at an amount equal to lifetime ECL. The amount
of expected credit losses (or reversal) that
is required to adjust the loss allowance at the
reporting date to the amount that is required to
be recognized is recognized as an impairment
gain or loss in the Statement of Profit and Loss.

b) Non-Financial Assets

The Company assesses at each year end
whether there is any objective evidence that a
non-financial asset or a group of non-financial
assets is impaired. If any such indication exists,
the Company estimates the asset''s recoverable
amount and the amount of impairment loss.

An impairment loss is calculated as the
difference between an asset''s carrying amount
and recoverable amount. Losses are recognized
in the Statement of Profit and 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 recognised, then
the previously recognised impairment loss is
reversed through the Statement of Profit and
Loss.

The recoverable amount of an asset or cash¬
generating unit (as defined below) is the greater
of its value in use and its fair value less costs
to sell. In assessing value in use, the estimated
future cash flows are discounted to their present
value using a pre-tax discount rate that reflects
current market assessments of the time value
of money and the risks specific to the asset.
For the purpose of impairment testing, assets
are grouped together into the smallest group
of assets that generates cash inflows from
continuing use that are largely independent of

the cash inflows of other assets or groups of
assets (the “cash-generating unit”).

2.11. Leases

Company as a lessee

The Company''s leases mainly comprise buildings and
plant and equipment. The Company leases premises
for office use and staff accommodation facilities.
The Company also has leases for equipment. The
Company assesses whether a contract contains a
lease, at inception of a contract. A contract is, or
contains, a lease if the contract conveys the right to
control the use of an identified asset for a period of
time in exchange for consideration. To assess whether
a contract conveys the right to control the use of an
identified asset, the Company assesses whether:

(i) the contract involves the use of an identified
asset

(ii) the Company has substantially all the economic
benefits from use of the asset through the period
of the lease and

(iii) the Company has the right to direct the use of
the asset.

At the date of commencement of the lease, the
Company recognizes a right-of-use asset (“ROU”)
and a corresponding lease liability for all lease
arrangements in which it is a lessee, except for
leases with a term of twelve months or less (short¬
term leases) and low value leases. For these short¬
term and low value leases, the Company recognizes
the lease payments as an operating expense on a
straight-line basis over the term of the lease.

Certain lease arrangements include the options to
extend or terminate the lease before the end of the
lease term. ROU assets and lease liabilities include
these options when it is reasonably certain that they
will be exercised.

The right-of use assets are initially recognized at
cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or
prior to the commencement date of the lease plus
any initial direct costs less any lease incentives. They
are subsequently measured at cost less accumulated
depreciation and impairment losses.

Right-of-use assets are depreciated from the
commencement date on a straight-line basis over
the shorter of the lease term and useful life of the
underlying asset. Right of use assets are evaluated
for recoverability whenever events or changes in
circumstances indicate that their carrying amounts
may not be recoverable. For the purpose of
impairment testing, the recoverable amount (i.e. The
higher of the fair value less cost to sell and the value-

in-use is determined on an individual asset basis
unless the asset does not generate cash flows that
are largely independent of those from other assets. In
such cases, the recoverable amount is determined for
the Cash Generating Unit (CGU) to which the asset
belongs.

The lease liability is initially measured at the present
value of the lease payments that are not paid at the
commencement date, discounted using the interest
rate implicit in the lease or, if that rate cannot be readily
determined, the Group''s incremental borrowing rate.
Generally, the Group uses its incremental borrowing
rate as the discount rate.

Lease liability and ROU asset have been separately
presented in the Balance Sheet and lease payments
have been classified as financing cash flows.

2.12. Foreign Currency Transactions

a. Functional and presentation currency

Items included in the standalone financial
statements are measured using the currency
of the primary economic environment in which
the entity and its foreign branches operates (''the
functional currency''). The Standalone Financial
Statements are presented in Indian rupee (INR),
which is the functional and presentation currency
of the Company and its foreign branches.

b. Transactions and balances

On initial recognition, all foreign currency
transactions are recorded by applying to the
foreign currency amount the exchange rate
between the functional currency and the foreign
currency at the date of the transaction. Gains/
Losses arising out of fluctuation in the foreign
exchange rate between the transaction date and
settlement date are recognised in the Statement
of Profit and Loss.

All monetary assets and liabilities in foreign
currencies are restated at the year end at the
exchange rate prevailing at the year end and
the exchange differences are recognised in the
Statement of Profit and Loss.

Non-monetary items that are measured in
terms of historical cost in a foreign currency are
translated using the exchange rates at the dates
of the initial transactions.

2.13. Employee Benefits

a. Short-term obligations -

Liabilities for wages and salaries, including
non-monetary benefits that are expected to be
settled wholly within 12 months after the end
of the year in which the employees render the

related service are recognized in respect of
employees'' services up to the end of the year
and are measured at the amounts expected
to be paid when the liabilities are settled. The
liabilities are presented as current employee
benefit obligations in the balance sheet.

b. Other long term employee benefit obligations:

i. Defined contribution plans

Provident fund: Contributions to the
provident fund is defined contribution plan
and is recognized as an expense in the
Statement of Profit and Loss in the period
in which the contribution is due. Both
the employee and the Company make
monthly contributions to the provident fund
scheme equal to the specified percentage
of the covered employees'' basic salary.

Employee''s State Insurance Scheme:

Contribution towards employees'' state
insurance scheme is made to the
regulatory authorities, where the Company
has no further obligations. Such benefits
are classified as Defined Contribution
Schemes as the Company does not carry
any further obligations, apart from the
contributions made on a monthly basis
which are charged to the Statement of
Profit and Loss.

ii. Defined benefit plans

Gratuity: The employees'' gratuity scheme
is a defined benefit plan. In accordance
with the Payment of Gratuity Act, 1972, the
Company provides for gratuity for eligible
employees. The Gratuity Plan provides a
lump sum payment to vested employees
at retirement, death, incapacitation or
termination of employment, of an amount
based on the respective employee''s
salary and the tenure of employment
with the Company. The present value of
the obligation under such defined benefit
plan is determined at each Balance Sheet
date based on an actuarial valuation
using projected unit credit method. The
discount rate is based on the prevailing
market yields of Indian government
securities. Gains and Losses through re¬
measurement of the net defined benefit
liability / (asset) are recognized in Other
Comprehensive Income.

Compensated Absences: Accumulated
compensated absences, which are

expected to be availed or encashed
within 12 months from the end of the
year are treated as short term employee
benefits. The obligation towards the same
is measured at the expected cost of
accumulating compensated absences as
the additional amount expected to be paid
as a result of the unused entitlement as at
the year end.

Accumulated compensated absences,
which are expected to be availed or
encashed beyond 12 months from the end
of the year end are treated as other long
term employee benefits. The Company''s
liability is actuarially determined (using the
Projected Unit Credit method) at the end
of each year. Actuarial losses/gains are
recognized in the statement of profit and
loss in the year in which they arise.

Leaves under defined benefit plans can
be encashed only on discontinuation of
service by employee.

c. Share based payments

The fair value of the options granted under the
scheme of the “Company Employee Option
Plan'''', is recognized as employee benefits
expense with the corresponding increase in
equity. The total amount to be expensed is
determined by the reference to the fair value of
the options granted:

- including any market conditions (e.g., the
entity''s share price)

- excluding the impact of any service
and non- market performance vesting
conditions (profitability, sales growth
targets and remaining an employee of the
entity over the specified period), and

- including the impact of any non-vesting
conditions (e.g., the requirement for the
employee to save or holding shares for the
specific period of time)

The total expense is recognized over the vesting
period, which is the period over which all the
specified vesting conditions are to be satisfied.
At the end of each period, the entity revises
its estimate of the number of options that are
expected to vest based on the non-market
vesting and service conditions. It recognizes
the impact of the revision to original estimates,
if any, in profit and loss, with the corresponding
adjustments to equity.

2.14. Taxation

Income tax expense comprises current tax expense
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 recognized 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.

a) Current Income 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.

b) Deferred Income Tax

Deferred income tax is provided in full, using
the balance sheet approach, on temporary
differences arising between the tax bases of
assets and liabilities and their carrying amounts
in standalone financial statements. Deferred
income tax is also not accounted for if it arises
from initial recognition of an asset or liability in a
transaction other than a business combination
that at the time of the transaction affects neither
accounting profit nor taxable profit (tax loss).
Deferred income tax is determined using tax
rates (and laws) that have been enacted or
substantially enacted by the end of the year and
are expected to apply when the related deferred
income tax asset is realized, or the deferred
income tax liability is settled.

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

Management periodically evaluates positions
taken in tax returns with respect to situations
in which applicable tax regulation is subject to

interpretation. It establishes provisions where
appropriate on the basis of amounts expected to
be paid to the tax authorities

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

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

Minimum alternate tax (MAT) paid in a year is
charged to the Statement of Profit and Loss
as current tax. The Company recognizes MAT
credit available as an asset only to the extent that
there is convincing evidence that the Company
will pay normal income tax during the specified
period, i.e., the period for which MAT credit is
allowed to be carried forward. In the year in
which the company recognizes MAT credit as
an asset in accordance with the Guidance Note
on Accounting for Credit Available in respect
of Minimum Alternative Tax under the Income-
tax Act, 1961, the said asset is created by way
of credit to the Statement of Profit and Loss
and shown as “MAT Credit Entitlement.” The
Company reviews the “MAT credit entitlement”
asset at each reporting date and writes down the
asset to the extent the company does not have
convincing evidence that it will pay normal tax
during the specified period.

2.15. Earnings per Share (EPS)

Basic earnings per share is computed by dividing the
net profit after tax by the weighted average number of
equity shares outstanding during the period. Diluted
earnings per share is computed by dividing the profit
after tax by the weighted average number of equity
shares considered for deriving basic earnings per
share and also the weighted average number of equity
shares that could have been issued upon conversion
of all dilutive potential equity shares. The diluted
potential equity shares are adjusted for the proceeds
receivable had the shares been actually issued at
fair value which is the average market value of the
outstanding shares. Dilutive potential equity shares

are deemed converted as of the beginning of the
period, unless issued at a later date. Dilutive potential
equity shares are determined independently for each
period presented.

2.16. Cash and Cash Equivalents

Cash and Cash equivalents comprise cash and calls
on deposit with banks and corporations. The Company
considers all highly liquid financial instruments, which
are readily convertible into cash and have original
maturities of three months or less from the date of
purchase, to be cash equivalent.

2.16. Cash Flow Statement

Cash flows are reported using the indirect method,
whereby 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 items of income or expenses associated
with investing or financing cash flows. The cash flows
from operating, investing and financing activities of the
Company are segregated.

2.17 Dividends

Final dividends on shares are recorded as a liability on
the date of approval by the shareholders and interim
dividends are recorded as a liability on the date of
declaration by the Company''s Board of Directors.

---

Mar 31, 2024

2. Material Accounting Policies

2.1. Basis of preparation of standalone financial statements

a) Statement of Compliance with Ind AS

The Company''s standalone financial statements have been prepared in accordance with Indian Accounting Standards (hereinafter referred to as Ind-AS) notified under section 133 of Companies Act, 2013, read with Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

The Company''s standalone financial statements are presented in Indian Rupees (''), which is also its functional currency.

b) Basis of Measurement

The standalone financial statements have been prepared on a historical cost convention on accrual basis, except for the following material items that have been measured at fair value as required by relevant Ind AS: -

i) Certain financial assets and liabilities measured at fair value (refer accounting policy on financial instruments)

ii) Share based payment transactions

iii) Net Defined Benefit obligations

All 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 Companies Act, 2013. Based on the nature of services and the time between the rendering of service and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as twelve months for the purpose of current and noncurrent classification of assets and liabilities.

c) Use of Estimates and Judgments:

The preparation of the standalone financial statements in conformity with Ind AS requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the standalone financial statements and reported amounts of revenues and expenses during the period. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the standalone financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the standalone financial statements.

Critical estimates and judgments

The preparation of standalone financial statements requires management to make judgments, estimates and assumptions in the application of accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Continuous evaluation is done on the estimation and judgments based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Revisions to accounting estimates are recognized prospectively. Information about critical judgments in applying accounting policies, as well as estimates and assumptions that have the most significant effect to the carrying amounts of assets and liabilities within the next financial year, are included in the following notes:

a) Revenue recognition

b) Estimation of Defined benefit obligation

c) Estimation of current tax expenses and Payable

d) Useful lives of property, plant and equipment

e) Employee stock option compensation expenses and payable

f) Impairment of Financial and Non-Financial Assets

g) Fair Value measurement of Financial Assets

2.2. Revenue recognition

The company earns revenue primarily from Geographical Information Services comprising of photogrammetry, remote sensing, cartography, data conversion, state of the art terrestrial and 3D geo-content including location and other computer based related services.

Revenue is recognized upon transfer of control of promised services or products to customers in an amount that reflects the consideration which the Company expects to receive in exchange for those services or products.

• Revenue from time and material and job contracts is recognized on output basis measured by units delivered, efforts expended, number of transactions processed, etc.

• Revenue related to fixed price maintenance and support services contracts where Company is standing ready to provide services is recognized based on time elapsed mode and revenue is straight lined over the period of performance.

• In respect of other fixed-price contracts, revenue is recognized using the percentage-of-completion method (''POC method'') of accounting with contract costs incurred determining the degree of completion of the performance obligation. The contract costs used in computing the revenues include the cost of fulfilling warranty obligations.

• Revenue from the sale of distinct third-party hardware and / or software is recognized at the point in time when control is transferred to the customer.

Revenue is measured based on the transaction price, which is the consideration, adjusted for volume discounts, service level credits, performance bonuses, price concessions and incentives, if any, as specified in the contract with the customer. Revenue also excludes taxes collected from customers.

Contract assets are recognized when there is excess of revenue earned over billings on contracts. Contract assets are classified as unbilled revenue when there is unconditional right to receive cash, and only passage of time is required, as per contractual terms.

The billing schedules agreed with customers include periodic performance-based payments and / or milestone-based progress payments. Invoices are payable within a contractually agreed credit period.

In accordance with Ind AS 37, the company recognizes an onerous contract provision when the unavoidable

costs of meeting the obligations under a contract exceed the economic benefits to be received.

Contracts are subject to modification to account for changes in contract specification and requirements. Company reviews modification to contract in conjunction with the original contract, basis which the transaction price could be allocated to a new performance obligation, or transaction price of an existing obligation could undergo a change. In the event transaction price is revised for existing obligation, a cumulative adjustment is accounted for.

Company disaggregates revenue from contracts with customers by geography.

The Company uses the following critical accounting estimates in Revenue recognition:

The company''s contract with Customers could include promises to transfer multiple products and services to a customer. The Company assesses the products / services promised in the contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligation involves judgment to determine the deliverables and the ability of the customer to benefit independently from such deliverables.

Judgments are also required to determine the transaction price for the contract and to ascribe the transaction price to each distinct performance obligation. The transaction price could be either a fixed amount of customer consideration or variable consideration with elements such as volume discounts, service level credits, performance bonuses, price concessions and incentives. The transaction price is also adjusted for the effects of the time value of money if the contract includes a significant financing component. Any consideration payable to the customer is adjusted to the transaction price, unless it is a payment for a distinct product or service from the customer. The estimated amount of variable consideration is adjusted in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur and is reassessed at the end of each reporting period. The Company allocates the elements of variable considerations to all the performance obligations of the contract unless there is observable evidence that they pertain to one or more distinct performance obligations.

The company exercises judgments in determining whether the performance obligation is satisfied at a point in time or over a period of time. The Company considers indicators such as how customer consumes benefits as services are rendered or who controls the asset as it is being created or existence of enforceable right to payment for performance to date and alternate use of such product or service, transfer of significant risk and rewards to the customer, acceptance of delivery by the customer, etc.

Revenue for fixed price contract is recognized using percentage-of completion method. The Company uses judgment to estimate the future cost-to-completion of the contracts, which is used to determine the degree of completion of the performance obligation.

Interest Income:

Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable. For all debt instruments measured either at amortized cost or at fair value through other comprehensive income, interest income is recorded using the effective interest rate (EIR).

Dividend Income:

Dividend income is accounted for when the right to receive the same is established, which is generally when shareholders approve the dividend.

Other Income:

Other income is accounted for on an accrual basis except where the receipt of income is uncertain in which case it is accounted for on receipt basis.

2.3. Property, Plant and equipment

Property, plant and equipment''s (PPE) are stated at cost less accumulated depreciation and impairment losses, if any. Cost of acquisition includes directly attributable costs for bringing the assets to its present location and use.

The cost of an item of PPE comprises its purchase price net of any trade discounts and rebates, any import duties and other taxes (other than those subsequently recoverable from the tax authorities), any directly attributable expenditure on making the asset ready for its intended use, other incidental expenses and interest on borrowings attributable to acquisition of qualifying assets up to the date the asset is ready for its intended use.

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

Advances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date is classified as capital advances under other noncurrent assets and the cost of assets not put to use before such date are disclosed under ''Capital work-inprogress''.

Gains or losses arising from derecognition of a property, plant and equipment are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the Statement of Profit and Loss when the assets derecognized.

Depreciation:

Depreciation on PPE is provided as per straight line method as per the useful life prescribed in Schedule II of the Companies Act, 2013 except in case of following category of PPE in whose case the life of the items of PPE has been assessed as under based on technical estimate, taking into account the nature of the asset, the estimated usage of the asset, the operating condition of the asset, past history of replacement, anticipated technological changes, manufacturer''s warranties and maintenance support etc.

Depreciation / Amortization is charged on a pro-rata basis on assets purchased/ sold during the year, with reference to date of installation/ disposal.

Assets costing individually '' 5,000/- or less are fully depreciated in the year of purchase / installation.

Residual value is considered as Nil for all the assets.

2.4 Intangible Assets

Intangibles are stated at the acquisition price including directly attributable costs for bringing the asset into use, less accumulated amortization and impairment. Direct expenditure, if any, incurred for internally developed intangibles from which future economic benefits are expected to flow over a period of time is treated as intangible asset as per the Indian Accounting Standard on Intangible Assets.

Amortisation:

Amortization of Intangible assets is provided on straight line method as per the useful life prescribed in Schedule II of the Companies Act, 2013 except in case of following category of Intangible assets in which case the life of the items of Intangible assets has been assessed as under based on technical estimate, taking into account the nature of the asset, the estimated usage of the asset, the operating condition of the asset, past history of replacement, anticipated technological changes etc.

Amortization is charged on a pro-rata basis on assets purchased/ sold during the year, with reference to date of installation/ disposal.

Assets costing individually '' 5,000/- or less are fully amortised in the year of purchase / installation.

Residual value is considered as Nil for all the assets.

2.5. Intangible Assets Under Development

Internal development costs for core technology are recognized as an intangible asset if, and only if, all of the following have been demonstrated:

• The technical feasibility to complete the project.

• The intention to complete the intangible asset and use or sell it.

• The ability to use or sell intangible assets.

• How the intangible asset will generate probable future economic benefits.

• The availability of adequate resources to complete the project.

• The cost of developing the asset can be measured reliably.

Internally generated databases are capitalized until a certain level of map quality is reached and ongoing activities focus on maintenance. Internal software costs relating to development of non-core software with an estimated average useful life of less than one year and engineering costs relating to the detailed manufacturing design of new products are expensed in the period in which they are incurred.

The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. All expenditures on research activities are expensed in the income statement as incurred.

2.6. Borrowing Costs

Borrowing costs, if any, directly attributable to the acquisition of the qualifying asset are capitalized for the period until the asset is ready for its intended use. A qualifying asset is one that necessarily takes a substantial period of time to get ready for intended use.

Other borrowing costs are recognized as expense in the period in which they are incurred.

2.7. 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.

a) Initial measurement

The company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial

assets and liabilities are recognized at fair value on initial recognition except for the trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are added to or deducted from the fair value on initial recognition.

b) Subsequent measurement (Non derivative financial instruments)

1. Financial assets carried at amortized cost

A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely for payments of principal and interest on the principal amount outstanding. Interest income from these financial assets is included in finance income using the effective interest rate method (EIR).

2. Financial assets at fair value through other comprehensive income

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely for payments of principal and interest on the principal amount outstanding. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognized in the Statement of Profit and Loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to Statement of Profit and Loss and recognized in other gains/ (losses). Interest income from these financial assets is included in other income using the effective interest rate method. Interest income from these financial assets is included in other income using the effective interest rate method.

Equity instruments: All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading and contingent consideration recognized by an acquirer in a business combination to which Ind AS103 applies are classified as at FVTPL.

For all other equity instruments, the Company may make an irrevocable election to present in other comprehensive income subsequent changes in the fair value. The Company makes such election on an instrument- by-instrument basis. The classification is made on initial recognition and is irrevocable.

If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to P&L, even on sale of investment. However, the Company may transfer the cumulative gain or loss within equity.

3. Financial assets at fair value through profit or loss

A financial asset which is not classified in any of the above categories are subsequently fair valued through profit or loss. Interest income from these financial assets is included in the other income.

4. Investment in Subsidiaries and Associates:

Investment in subsidiaries and Associates are measured at cost less impairment.

5. Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss.

6. Loans and borrowings

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in the Statement of Profit and Loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the Statement of Profit and Loss.

c) Share Capital - Ordinary Shares

An equity instrument is a contract that evidences residual interest in the assets of the company after deducting all its liabilities. Equity instruments recognized by the company are recognized at the proceeds received net of direct issue cost.

d) De-recognition of financial instruments

A financial asset is derecognized only when

a) the rights to receive cash flows from the financial asset is transferred or

b) retains the contractual rights to receive the cash flows of the financial asset but assumes a contractual obligation to pay the cash flows to one or more recipients.

Where the financial asset is transferred then in that case the financial asset is derecognized only if substantially all risks and rewards of ownership of the financial asset is transferred. Where the entity has not transferred substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognized.

A financial liability is derecognized 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 derecognition 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 and Loss as finance costs.

e) Offsetting financial instruments

Financial assets and liabilities are offset, and the net amount is reported in the balance sheet where there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.

f) Convertible Debentures

Convertible debentures are separated into liability and equity components based on the terms of the contract.

On issuance of the convertible debentures, the fair value ofthe liability portion of an optionally convertible debentures is determined using a market interest rate for an equivalent non-convertible bonds. This amount is recorded as a liability on an amortised cost basis until extinguished on conversion or redemption of the bonds. The remainder of the proceeds is attributable to the equity portion of the compound instrument since it meets Ind AS 32, Financial Instruments: Presentation, criteria for fixed-to-fixed classification. Transaction costs are

deducted from equity, net of associated income tax. The carrying amount of the conversion option is not subsequently re-measured.

Transaction costs are apportioned between the liability and equity components of the convertible debentures based on the allocation of proceeds to the liability and equity components when the instruments are initially recognized.

2.8. Fair Value measurement of Financial Instruments

Fair value is the price that would be received on sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most advantageous market which can be accessed by the Company for the asset or liability

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the standalone 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 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

• Level 3 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognized in the standalone financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

2.9. Impairment of assets

a) Financial Assets

The Company recognizes loss allowances using the expected credit loss (ECL) model for financial assets which are not fair valued through profit or loss. Loss allowance for trade receivables with no significant financing component is measured at an amount equal to lifetime ECL. The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized is recognized as an impairment gain or loss in the Statement of Profit and Loss.

b) Non-Financial Assets

The Company assesses at each year end whether there is any objective evidence that a non-financial asset or a group of non-financial assets is impaired. If any such indication exists, the Company estimates the asset''s recoverable amount and the amount of impairment loss.

An impairment loss is calculated as the difference between an asset''s carrying amount and recoverable amount. Losses are recognized in the Statement of Profit and 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 recognised, then the previously recognised impairment loss is reversed through the Statement of Profit and Loss.

The recoverable amount of an asset or cashgenerating unit (as defined below) is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”).

2.10. Leases Company as a lessee

The Company''s leases mainly comprise buildings and plant and equipment. The Company leases premises for office use and staff accommodation facilities. The Company also has leases for equipment. The Company assesses whether a contract contains a

lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether:

(i) the contract involves the use of an identified asset

(ii) the Company has substantially all the economic benefits from use of the asset through the period of the lease and

(iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use asset (“ROU”) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (shortterm leases) and low value leases. For these shortterm and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities include these options when it is reasonably certain that they will be exercised.

The right-of use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. The higher of the fair value less cost to sell and the value-in-use is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily

determined, the Group''s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows

2.11. Foreign Currency Transactions

a. Functional and presentation currency

Items included in the standalone financial statements are measured using the currency of the primary economic environment in which the entity and its foreign branches operates (''the functional currency''). The Standalone Financial Statements are presented in Indian rupee (INR), which is the functional and presentation currency of the Company and its foreign branches.

b. Transactions and balances

On initial recognition, all foreign currency transactions are recorded by applying to the foreign currency amount the exchange rate between the functional currency and the foreign currency at the date of the transaction. Gains/Losses arising out of fluctuation in the foreign exchange rate between the transaction date and settlement date are recognised in the Statement of Profit and Loss.

All monetary assets and liabilities in foreign currencies are restated at the year end at the exchange rate prevailing at the year end and the exchange differences are recognised in the Statement of Profit and Loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.

2.12. Employee Benefits

a. Short-term obligations -

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the year in which the employees render the related service are recognized in respect of employees'' services up to the end of the year and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.

b. Other long term employee benefit obligations:

i. Defined contribution plans

Provident fund: Contributions to the provident fund is defined contribution plan

and is recognized as an expense in the Statement of Profit and Loss in the period in which the contribution is due. Both the employee and the Company make monthly contributions to the provident fund scheme equal to the specified percentage of the covered employees'' basic salary.

Employee''s State Insurance Scheme:

Contribution towards employees'' state insurance scheme is made to the regulatory authorities, where the Company has no further obligations. Such benefits are classified as Defined Contribution Schemes as the Company does not carry any further obligations, apart from the contributions made on a monthly basis which are charged to the Statement of Profit and Loss.

ii. Defined benefit plans

Gratuity: The employees'' gratuity scheme is a defined benefit plan. In accordance with the Payment of Gratuity Act, 1972, the Company provides for gratuity for eligible employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee''s salary and the tenure of employment with the Company. The present value of the obligation under such defined benefit plan is determined at each Balance Sheet date based on an actuarial valuation using projected unit credit method. The discount rate is based on the prevailing market yields of Indian government securities. Gains and Losses through remeasurement of the net defined benefit liability / (asset) are recognized in Other Comprehensive Income.

Compensated Absences: Accumulated compensated absences, which are expected to be availed or encashed within 12 months from the end of the year are treated as short term employee benefits. The obligation towards the same is measured at the expected cost of accumulating compensated absences as the additional amount expected to be paid as a result of the unused entitlement as at the year end.

Accumulated compensated absences, which are expected to be availed or

encashed beyond 12 months from the end of the year end are treated as other long term employee benefits. The Company''s liability is actuarially determined (using the Projected Unit Credit method) at the end of each year. Actuarial losses/gains are recognized in the statement of profit and loss in the year in which they arise.

Leaves under defined benefit plans can be encashed only on discontinuation of service by employee.

c. Share based payments

The fair value of the options granted under the scheme of the “Company Employee Option Plan'''', is recognized as employee benefits expense with the corresponding increase in equity. The total amount to be expensed is determined by the reference to the fair value of the options granted:

- including any market conditions (e.g., the entity''s share price)

- excluding the impact of any service and non- market performance vesting conditions (profitability, sales growth targets and remaining an employee of the entity over the specified period), and

- including the impact of any non-vesting conditions (e.g., the requirement for the employee to save or holding shares for the specific period of time)

The total expense is recognized over the vesting period, which is the period over which all the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimate of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit and loss, with the corresponding adjustments to equity.

2.13. Taxation

Income tax expense comprises current tax expense 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 recognized 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.

a) Current Income 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.

b) Deferred Income Tax

Deferred income tax is provided in full, using the balance sheet approach, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in standalone financial statements. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting profit nor taxable profit (tax loss). Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the year and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled.

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

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities

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

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

Minimum alternate tax (MAT) paid in a year is charged to the Statement of Profit and Loss as current tax. The Company recognizes MAT credit available as an asset only to the extent that there is convincing evidence that the Company will pay normal income tax during the specified period, i.e., the period for which MAT credit is allowed to be carried forward. In the year in which the company recognizes MAT credit as an asset in accordance with the Guidance Note on Accounting for Credit Available in respect of Minimum Alternative Tax under the Income-tax Act, 1961, the said asset is created by way of credit to the Statement of Profit and Loss and shown as “MAT Credit Entitlement.” The Company reviews the “MAT credit entitlement” asset at each reporting date and writes down the asset to the extent the company does not have convincing evidence that it will pay normal tax during the specified period.

2.14. Earnings per Share (EPS)

Basic earnings per share is computed by dividing the net profit after tax by the weighted average number of equity shares outstanding during the period. Diluted earnings per share is computed by dividing the profit after tax by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The diluted potential equity shares are adjusted for the proceeds receivable had the shares been actually issued at fair value which is the average market value of the outstanding shares. Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

2.15. Cash and Cash Equivalents

Cash and Cash equivalents comprise cash and calls on deposit with banks and corporations. The Company considers all highly liquid financial instruments, which are readily convertible into cash and have original maturities of three months or less from the date of purchase, to be cash equivalent.

2.16. Cash Flow Statement

Cash flows are reported using the indirect method, whereby 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 items of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

2.17 Dividends

Final dividends on shares are recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company''s Board of Directors.

---

Mar 31, 2023

Significant Accounting Policies

2.1. Basis of preparation of Ind AS financial statements

a) Statement of Compliance with Ind AS

The financial statements of the Company
have been prepared in accordance with Indian
Accounting Standards (hereinafter referred to as
Ind-AS) notified under section 133 of Companies
Act, 2013, read with Companies (Indian Accounting
Standards) Rules, 2015 and Companies (Indian
Accounting Standards) Amendment Rules, 2016.

Accounting policies have been consistently applied
except where a newly issued accounting standard
is initially adopted or a revision to an existing
accounting standard requires a change in the
accounting policy hitherto in use.

The Company''s financial statements are presented
in Indian Rupees (''), which is also its functional
currency.

b) Basis of Measurement

The financial statements have been prepared on a
historical cost convention on accrual basis, except
for the following material items that have been
measured at fair value as required by relevant Ind
AS: -

i) Certain financial assets and liabilities
measured at fair value (refer accounting policy
on financial instruments)

ii) Share based payment transactions

iii) Net Defined Benefit obligations

All assets and liabilities have been classified as
current or non-current as per the Company''s
operating cycle and other criteria set out in the
Schedule III to the Companies Act, 2013. Based

on the nature of services and the time between the
rendering of service and their realization in cash and
cash equivalents, the Company has ascertained its
operating cycle as twelve months for the purpose of
current and noncurrent classification of assets and
liabilities.

c) Use of Estimates and Judgments:

The preparation of the financial statements in
conformity with Ind AS requires management to
make estimates, judgments and assumptions.
These estimates, judgments and assumptions
affect the application of accounting policies and
the reported amounts of assets and liabilities, the
disclosures of contingent assets and liabilities at
the date of the financial statements and reported
amounts of revenues and expenses during the
period. Accounting estimates could change
from period to period. Actual results could differ
from those estimates. Appropriate changes in
estimates are made as management becomes
aware of changes in circumstances surrounding
the estimates. Changes in estimates are reflected
in the financial statements in the period in which
changes are made and, if material, their effects are
disclosed in the notes to the financial statements.

Critical estimates and judgments

The preparation of financial statements requires
management to make judgments, estimates and
assumptions in the application of accounting
policies that affect the reported amounts of assets,
liabilities, income and expenses. Actual results may
differ from these estimates. Continuous evaluation
is done on the estimation and judgments based on
historical experience and other factors, including
expectations of future events that are believed to
be reasonable. Revisions to accounting estimates
are recognized prospectively. Information about
critical judgments in applying accounting policies,
as well as estimates and assumptions that have the
most significant effect to the carrying amounts of
assets and liabilities within the next financial year,
are included in the following notes:

a) Revenue recognition

b) Estimation of Defined benefit obligation

c) Estimation of current tax expenses and
Payable

d) Useful lives of property, plant and equipment

e) Employee stock option compensation
expenses and payable

f) Impairment of Financial and Non-Financial
Assets

g) Fair Value measurement of Financial Assets

2.2. Revenue recognition

Company earns revenue primarily from Geographical
Information Services comprising of photogrammetry,
remote sensing, cartography, data conversion, state of
the art terrestrial and 3D geo-content including location
and other computer based related services.

Revenue is recognized upon transfer of control of
promised services or products to customers in an
amount that reflects the consideration which Company
expects to receive in exchange for those services or
products.

• Revenue from time and material and job contracts
is recognized on output basis measured by units
delivered, efforts expended, number of transactions
processed, etc.

• Revenue related to fixed price maintenance and
support services contracts where Company is
standing ready to provide services is recognized
based on time elapsed mode and revenue is
straight lined over the period of performance.

• In respect of other fixed-price contracts, revenue
is recognized using percentage-of-completion
method (''POC method'') of accounting with contract
costs incurred determining the degree of completion
of the performance obligation. The contract costs
used in computing the revenues include cost of
fulfilling warranty obligations.

• Revenue from the sale of distinct third party
hardware and / or software is recognized at the
point in time when control is transferred to the
customer.

Revenue is measured based on the transaction
price, which is the consideration, adjusted for volume
discounts, service level credits, performance bonuses,
price concessions and incentives, if any, as specified in
the contract with the customer. Revenue also excludes
taxes collected from customers.

Contract assets are recognized when there is excess
of revenue earned over billings on contracts. Contract
assets are classified as unbilled revenue when there is
unconditional right to receive cash, and only passage of
time is required, as per contractual terms.

The billing schedules agreed with customers include
periodic performance based payments and / or
milestone based progress payments. Invoices are
payable within contractually agreed credit period.

In accordance with Ind AS 37, company recognizes an
onerous contract provision when the unavoidable costs
of meeting the obligations under a contract exceed the
economic benefits to be received.

Contracts are subject to modification to account for
changes in contract specification and requirements.
Company reviews modification to contract in conjunction
with the original contract, basis which the transaction
price could be allocated to a new performance
obligation, or transaction price of an existing obligation
could undergo a change. In the event transaction price is
revised for existing obligation, a cumulative adjustment
is accounted for.

Company disaggregates revenue from contracts with
customers by geography.

The Company uses the following critical accounting
estimates in Revenue recognition:

The company''s contract with Customers could include
promises to transfer multiple products and services
to a customer. The Company assesses the products /
services promised in a contract and identifies distinct
performance obligations in the contract. Identification
of distinct performance obligation involves judgment to
determine the deliverables and the ability of the customer
to benefit independently from such deliverables.

Judgments are also required to determine the
transaction price for the contract and to ascribe the
transaction price to each distinct performance obligation.
The transaction price could be either a fixed amount
of customer consideration or variable consideration
with elements such as volume discounts, service level
credits, performance bonuses, price concessions and
incentives. The transaction price is also adjusted for the
effects of the time value of money if the contract includes
a significant financing component. Any consideration
payable to the customer is adjusted to the transaction
price, unless it is a payment for a distinct product or
service from the customer. The estimated amount of
variable consideration is adjusted in the transaction
price only to the extent that it is highly probable that
a significant reversal in the amount of cumulative
revenue recognized will not occur and is reassessed
at the end of each reporting period. The Company
allocates the elements of variable considerations to all
the performance obligations of the contract unless there
is observable evidence that they pertain to one or more
distinct performance obligations.

The company exercises judgments in determining
whether the performance obligation is satisfied at a
point in time or over a period of time. The Company
considers indicators such as how customer consumes
benefits as services are rendered or who controls the
asset as it is being created or existence of enforceable
right to payment for performance to date and alternate
use of such product or service, transfer of significant risk
and rewards to the customer, acceptance of delivery by
the customer, etc.

Revenue for fixed price contract is recognized using
percentage-of completion method. The Company uses
judgment to estimate the future cost-to-completion of
the contracts which is used to determine the degree of
completion of the performance obligation.

Interest Income:

Interest income is recognized on a time proportion
basis taking into account the amount outstanding and
the rate applicable. For all debt instruments measured
either at amortized cost or at fair value through other
comprehensive income, interest income is recorded
using the effective interest rate (EIR).

Dividend Income:

Dividend income is accounted for when the right to
receive the same is established, which is generally
when shareholders approve the dividend.

Other Income:

Other income is accounted for on accrual basis except
where the receipt of income is uncertain in which case
it is accounted for on receipt basis.

2.3. Property, Plant and equipment

Property, plant and equipment''s (PPE) are stated at cost
less accumulated depreciation and impairment losses,
if any. Cost of acquisition includes directly attributable
costs for bringing the assets to its present location and
use.

The cost of an item of PPE comprises its purchase
price net of any trade discounts and rebates, any import
duties and other taxes (other than those subsequently
recoverable from the tax authorities), any directly
attributable expenditure on making the asset ready for
its intended use, other incidental expenses and interest
on borrowings attributable to acquisition of qualifying
assets up to the date the asset is ready for its intended
use.

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

Advances paid towards the acquisition of property,
plant and equipment outstanding at each balance sheet
date is classified as capital advances under other non¬
current assets and the cost of assets not put to use
before such date are disclosed under ''Capital work-in¬
progress''.

Gains or losses arising from derecognition of a property,
plant and equipment are measured as the difference
between the net disposal proceeds and the carrying
amount of the asset and are recognized in the Statement
of Profit and Loss when the assets derecognized.

Depreciation:

Depreciation on PPE is provided as per straight line
method as per the useful life prescribed in Schedule II
of the Companies Act, 2013 except in case of following
category of PPE in whose case the life of the items of
PPE has been assessed as under based on technical
estimate, taking into account the nature of the asset, the
estimated usage of the asset, the operating condition
of the asset, past history of replacement, anticipated
technological changes, manufacturer''s warranties and
maintenance support etc.

Depreciation / Amortization is charged on a pro-rata
basis on assets purchased/ sold during the year, with
reference to date of installation/ disposal.

Assets costing individually '' 5,000/- or less are fully
depreciated in the year of purchase / installation.

Residual value is considered as Nil for all the assets.

2.4 Intangible Assets

Intangibles are stated at the acquisition price including
directly attributable costs for bringing the asset into use,
less accumulated amortization and impairment. Direct
expenditure, if any, incurred for internally developed
intangibles from which future economic benefits are
expected to flow over a period of time is treated as
intangible asset as per the Indian Accounting Standard
on Intangible Assets.

Amortisation:

Amortization of Intangible assets is provided on straight
line method as per the useful life prescribed in Schedule
II of the Companies Act, 2013 except in case of following
category of Intangible assets in which case the life of
the items of Intangible assets has been assessed as
under based on technical estimate, taking into account
the nature of the asset, the estimated usage of the
asset, the operating condition of the asset, past history
of replacement, anticipated technological changes etc.

Assets costing individually '' 5,000/- or less are fully
amortised in the year of purchase / installation.

Residual value is considered as Nil for all the assets.

2.5. Intangible Assets Under Development

Internal development costs for core technology are
recognized as an intangible asset if, and only if, all of
the following have been demonstrated:

• The technical feasibility to complete the project.

• The intention to complete the intangible asset and
use or sell it.

• The ability to use or sell the intangible asset.

• How the intangible asset will generate probable
future economic benefits.

• The availability of adequate resources to complete
the project.

• The cost of developing the asset can be measured
reliably.

Internally generated databases are capitalized until
a certain level of map quality is reached and ongoing
activities focus on maintenance. Internal software costs
relating to development of non-core software with an
estimated average useful life of less than one year and
engineering costs relating to the detailed manufacturing
design of new products are expensed in the period in
which they are incurred.

The amount initially recognized for internally generated
intangible assets is the sum of the expenditure incurred
from the date when the intangible asset first meets
the recognition criteria listed above. All expenditures
on research activities are expensed in the income
statement as incurred.

2.6. Borrowing Costs

Borrowing costs, if any, directly attributable to the
acquisition of the qualifying asset are capitalized for the
period until the asset is ready for its intended use. A
qualifying asset is one that necessarily takes substantial
period of time to get ready for intended use.

Other borrowing costs are recognized as expense in
the period in which they are incurred.

2.7. 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.

a) Initial measurement

The company recognizes financial assets and
financial liabilities when it becomes a party to the
contractual provisions of the instrument. All financial
assets and liabilities are recognized at fair value on

initial recognition except for the trade receivables
which are initially measured at transaction price.
Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial
liabilities, which are not at fair value through profit
or loss, are added to or deducted from the fair value
on initial recognition.

b) Subsequent measurement (Non derivative
financial instruments)

1. Financial assets carried at amortized cost

A financial asset is subsequently measured
at amortized cost if it is held within a business
model whose objective is to hold the asset in
order to collect contractual cash flows and the
contractual terms of the financial asset give
rise on specified dates to cash flows that are
solely for payments of principal and interest
on the principal amount outstanding. Interest
income from these financial assets is included
in finance income using the effective interest
rate method (EIR).

2. Financial assets at fair value through other
comprehensive income

A financial asset is subsequently measured
at fair value through other comprehensive
income if it is held within a business model
whose objective is achieved by both collecting
contractual cash flows and selling financial
assets and the contractual terms of the financial
asset give rise on specified dates to cash flows
that are solely for payments of principal and
interest on the principal amount outstanding.
Movements in the carrying amount are taken
through OCI, except for the recognition of
impairment gains or losses, interest revenue
and foreign exchange gains and losses which
are recognized in Statement of Profit and Loss.
When the financial asset is derecognized, the
cumulative gain or loss previously recognized
in OCI is reclassified from equity to Statement
of Profit and Loss and recognized in other
gains/ (losses). Interest income from these
financial assets is included in other income
using the effective interest rate method.
Interest income from these financial assets is
included in other income using the effective
interest rate method.

Equity instruments: All equity investments in
scope of Ind AS 109 are measured at fair value.
Equity instruments which are held for trading
and contingent consideration recognized by an
acquirer in a business combination to which
Ind AS103 applies are classified as at FVTPL.
For all other equity instruments, the Company

may make an irrevocable election to present
in other comprehensive income subsequent
changes in the fair value. The Company makes
such election on an instrument- by-instrument
basis. The classification is made on initial
recognition and is irrevocable.

If the Company decides to classify an
equity instrument as at FVTOCI, then all fair
value changes on the instrument, excluding
dividends, are recognized in the OCI. There
is no recycling of the amounts from OCI to
P&L, even on sale of investment. However, the
Company may transfer the cumulative gain or
loss within equity.

3. Financial assets at fair value through profit
or loss

A financial asset which is not classified in any
of the above categories are subsequently fair
valued through profit or loss. Interest income
from these financial assets is included in other
income.

4. Investment in Subsidiaries and Associates:

Investment in subsidiaries and Associates are
measured at cost less impairment.

5. Financial liabilities at fair value through
profit or loss

Financial liabilities at fair value through profit or
loss include financial liabilities held for trading
and financial liabilities designated upon initial
recognition as at fair value through profit or
loss.

6. Loans and borrowings

After initial recognition, interest-bearing loans
and borrowings are subsequently measured
at amortized cost using the EIR method.
Gains and losses are recognized in Statement
of Profit and Loss when the liabilities are
derecognized as well as through the EIR
amortization process. Amortized cost is
calculated by taking into account any discount
or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR
amortization is included as finance costs in the
Statement of Profit and Loss.

c) Share Capital - Ordinary Shares

An equity instrument is a contract that evidences
residual interest in the assets of the company
after deducting all its liabilities. Equity instruments
recognized by the company are recognized at the
proceeds received net of direct issue cost.

d) De-recognition of financial instruments

A financial asset is derecognized only when

a) the rights to receive cash flows from the financial
asset is transferred or

b) retains the contractual rights to receive the
cash flows of the financial asset, but assumes a
contractual obligation to pay the cash flows to one
or more recipients.

Where the financial asset is transferred then in
that case financial asset is derecognized only if
substantially all risks and rewards of ownership
of the financial asset is transferred. Where the
entity has not transferred substantially all risks and
rewards of ownership of the financial asset, the
financial asset is not derecognized.

A financial liability is derecognized 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 derecognition 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 and Loss as finance costs.

e) Offsetting financial instruments

Financial assets and liabilities are offset and the
net amount is reported in the balance sheet where
there is a legally enforceable right to offset the
recognized amounts and there is an intention to
settle on a net basis or realize the asset and settle
the liability simultaneously. The legally enforceable
right must not be contingent on future events
and must be enforceable in the normal course of
business and in the event of default, insolvency or
bankruptcy of the Company or the counterparty.

f) Convertible Debentures

Convertible debentures are separated into liability
and equity components based on the terms of the
contract.

On issuance of the convertible debentures, the fair
value ofthe liability portion of an optionally convertible
debentures is determined using a market interest
rate for an equivalent non-convertible bonds. This
amount is recorded as a liability on an amortised
cost basis until extinguished on conversion or
redemption of the bonds. The remainder of the
proceeds is attributable to the equity portion of the
compound instrument since it meets Ind AS 32,
Financial Instruments: Presentation, criteria for
fixed to fixed classification. Transaction costs are

deducted from equity, net of associated income tax.
The carrying amount of the conversion option is not
subsequently re-measured.

Transaction costs are apportioned between the
liability and equity components of the convertible
debentures based on the allocation of proceeds
to the liability and equity components when the
instruments are initially recognized.

2.8. Fair Value measurement of Financial Instruments

Fair value is the price that would be received on sale
of an asset or paid to transfer a liability in an orderly
transaction between market participants at the
measurement date. The fair value measurement is
based on the presumption that the transaction to sell
the asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most
advantageous market which can be accessed by
the Company for the asset or liability

The fair value of an asset or a liability is measured
using the assumptions that market participants would
use when pricing the asset or liability, assuming that
market participants act in their economic best interest.
The Company uses valuation techniques that are
appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximizing the
use of relevant observable inputs and minimizing 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 Valuation techniques for which the lowest
level input that is significant to the fair value
measurement is directly or indirectly observable.

• Level 3 Valuation techniques for which the lowest
level input that is significant to the fair value
measurement is unobservable

For assets and liabilities that are recognized in the
financial statements on a recurring basis, the Company
determines whether transfers have occurred between
levels in the hierarchy by reassessing categorization
(based on the lowest level input that is significant to the
fair value measurement as a whole) at the end of each
reporting period.

2.9. Impairment of assets

a) Financial Assets

The Company recognizes loss allowances using the
expected credit loss (ECL) model for the financial
assets which are not fair valued through profit or
loss. Loss allowance for trade receivables with no
significant financing component is measured at
an amount equal to lifetime ECL. The amount of
expected credit losses (or reversal) that is required
to adjust the loss allowance at the reporting date
to the amount that is required to be recognized is
recognized as an impairment gain or loss in the
Statement of Profit and Loss.

b) Non-Financial Assets

The Company assesses at each year end whether
there is any objective evidence that a non-financial
asset or a group of non-financial assets is impaired.
If any such indication exists, the Company
estimates the asset''s recoverable amount and the
amount of impairment loss.

An impairment loss is calculated as the difference
between an asset''s carrying amount and recoverable
amount. Losses are recognized in Statement of
Profit and 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 recognised,
then the previously recognised impairment loss is
reversed through Statement of Profit and Loss.

The recoverable amount of an asset or cash¬
generating unit (as defined below) is the greater
of its value in use and its fair value less costs to
sell. In assessing value in use, the estimated future
cash flows are discounted to their present value
using a pre-tax discount rate that reflects current
market assessments of the time value of money
and the risks specific to the asset. For the purpose
of impairment testing, assets are grouped together
into the smallest group of assets that generates
cash in flows from continuing use that are largely
independent of the cash inflows of other assets or
groups of assets (the “cash-generating unit”).

2.10. Leases
Company as a lessee

The Company''s leases mainly comprise buildings and
plant and equipment. The Company leases premises
for office use and staff accommodation facilities.

The Company also has leases for equipment. The
Company assesses whether a contract contains a
lease, at inception of a contract. A contract is, or
contains, a lease if the contract conveys the right to
control the use of an identified asset for a period of
time in exchange for consideration. To assess whether
a contract conveys the right to control the use of an
identified asset, the Company assesses whether:

(i) the contract involves the use of an identified
asset

(ii) the Company has substantially all the economic
benefits from use of the asset through the period
of the lease and

(iii) the Company has the right to direct the use of
the asset.

At the date of commencement of the lease, the
Company recognizes a right-of-use asset (“ROU”)
and a corresponding lease liability for all lease
arrangements in which it is a lessee, except for
leases with a term of twelve months or less (short¬
term leases) and low value leases. For these short¬
term and low value leases, the Company recognizes
the lease payments as an operating expense on a
straight-line basis over the term of the lease.

Certain lease arrangements include the options to
extend or terminate the lease before the end of the
lease term. ROU assets and lease liabilities includes
these options when it is reasonably certain that they
will be exercised.

The right-of use assets are initially recognized at
cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or
prior to the commencement date of the lease plus
any initial direct costs less any lease incentives. They
are subsequently measured at cost less accumulated
depreciation and impairment losses.

Right-of-use assets are depreciated from the
commencement date on a straight-line basis over
the shorter of the lease term and useful life of the
underlying asset. Right of use assets are evaluated
for recoverability whenever events or changes in
circumstances indicate that their carrying amounts
may not be recoverable. For the purpose of
impairment testing, the recoverable amount (i.e. The
higher of the fair value less cost to sell and the value-
in-use is determined on an individual asset basis
unless the asset does not generate cash flows that
are largely independent of those from other assets. In
such cases, the recoverable amount is determined for
the Cash Generating Unit (CGU) to which the asset
belongs.

The lease liability is initially measured at the present
value of the lease payments that are not paid at the

commencement date, discounted using the interest
rate implicit in the lease or, if that rate cannot be readily
determined, the Group''s incremental borrowing rate.
Generally, the Group uses its incremental borrowing
rate as the discount rate.

Lease liability and ROU asset have been separately
presented in the Balance Sheet and lease payments
have been classified as financing cash flows

Company as a Lessor:

At the inception of the lease the Company classifies
each of its leases as either an operating lease or
a finance lease. The Company recognises lease
payments received under operating leases as income
on a straight-line basis over the lease term. In case
of a finance lease, finance income is recognised over
the lease term based on a pattern reflecting a constant
periodic rate of return on the lessor''s net investment
in the lease. When the Company is an intermediate
lessor, it accounts for its interests in the head lease
and the sub-lease separately. It assesses the lease
classification of a sub-lease with reference to the
right-of-use asset arising from the head lease, not with
reference to the underlying asset. If a head lease is
a short-term lease to which the Company applies the
exemption described above, then it classifies the sub¬
lease as an operating lease.

If an arrangement contains lease and non-lease
components, the Company applies Ind AS 115
Revenue from contracts with customers to allocate the
consideration in the contract.

2.11. Foreign Currency Transactions

a. Functional and presentation currency

Items included in the financial statements are
measured using the currency of the primary
economic environment in which the entity and
its foreign branches operates (''the functional
currency''). The Ind AS Financial Statements
are presented in Indian rupee (''), which is the
functional and presentation currency of the
Company and its foreign branches.

b. Transactions and balances

On initial recognition, all foreign currency
transactions are recorded by applying to the
foreign currency amount the exchange rate
between the functional currency and the foreign
currency at the date of the transaction. Gains/
Losses arising out of fluctuation in foreign
exchange rate between the transaction date and
settlement date are recognised in the Statement
of Profit and Loss.

All monetary assets and liabilities in foreign
currencies are restated at the year end at the

exchange rate prevailing at the year end and
the exchange differences are recognised in the
Statement of Profit and Loss.

Non-monetary items that are measured in
terms of historical cost in a foreign currency are
translated using the exchange rates at the dates
of the initial transactions.

2.12. Employee Benefits

a. Short-term obligations -

Liabilities for wages and salaries, including
non-monetary benefits that are expected to be
settled wholly within 12 months after the end
of the year in which the employees render the
related service are recognized in respect of
employees'' services up to the end of the year
and are measured at the amounts expected
to be paid when the liabilities are settled. The
liabilities are presented as current employee
benefit obligations in the balance sheet.

b. Other long term employee benefit obligations:

i. Defined contribution plans

Provident fund: Contributions to the
provident fund is defined contribution plan
and is recognized as an expense in the
Statement of Profit and Loss in the period
in which the contribution is due. Both
the employee and the Company make
monthly contributions to the provident fund
scheme equal to the specified percentage
of the covered employees'' basic salary.

Employee''s State Insurance Scheme:

Contribution towards employees'' state
insurance scheme is made to the
regulatory authorities, where the Company
has no further obligations. Such benefits
are classified as Defined Contribution
Schemes as the Company does not carry
any further obligations, apart from the
contributions made on a monthly basis
which are charged to the Statement of
Profit and Loss.

ii. Defined benefit plans

Gratuity: The employees'' gratuity scheme
is a defined benefit plan. In accordance
with the Payment of Gratuity Act, 1972,
the Company provides for gratuity for
the eligible employees. The Gratuity
Plan provides a lump sum payment
to vested employees at retirement,
death, incapacitation or termination of
employment, of an amount based on the
respective employee''s salary and the

tenure of employment with the Company.
The present value of the obligation under
such defined benefit plan is determined
at each Balance Sheet date based on an
actuarial valuation using projected unit
credit method. The discount rate is based
on the prevailing market yields of Indian
government securities. Gains and Losses
through re-measurement of the net defined
benefit liability / (asset) are recognized in
Other Comprehensive Income.

Compensated Absences: Accumulated
compensated absences, which are
expected to be availed or encashed
within 12 months from the end of the
year are treated as short term employee
benefits. The obligation towards the same
is measured at the expected cost of
accumulating compensated absences as
the additional amount expected to be paid
as a result of the unused entitlement as at
the year end.

Accumulated compensated absences,
which are expected to be availed or
encashed beyond 12 months from the end
of the year end are treated as other long
term employee benefits. The Company''s
liability is actuarially determined (using the
Projected Unit Credit method) at the end
of each year. Actuarial losses/gains are
recognized in the statement of profit and
loss in the year in which they arise.

Leaves under define benefit plans can
be encashed only on discontinuation of
service by employee.

c. Share based payments

The fair value of the options granted under the
scheme of the “Company Employee Option
Plan'''', is recognized as employee benefits
expense with the corresponding increase in
equity. The total amount to be expensed is
determined by the reference to the fair value of
the options granted:

- including any market conditions (e.g., the
entity''s share price)

- excluding the impact of any service
and non- market performance vesting
conditions (profitability, sales growth
targets and remaining an employee of the
entity over the specified period), and

- including the impact of any non-vesting
conditions (e.g., the requirement for the
employee to save or holding shares for the
specific period of time)

The total expense is recognized over the
vesting period, which is the period over
which all the specified vesting conditions
are to be satisfied. At the end of each
period, the entity revises its estimate of
the number of options that are expected to
vest based on the non-market vesting and
service conditions. It recognizes the impact
of the revision to original estimates, if any,
in profit and loss, with the corresponding
adjustments to equity.

2.13. Taxation

Income tax expense comprises current tax expense
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 recognized 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.

a) Current Income 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.

b) Deferred Income Tax

Deferred income tax is provided in full, using
the balance sheet approach, on temporary
differences arising between the tax bases of
assets and liabilities and their carrying amounts
in financial statements. Deferred income tax
is also not accounted for if it arises from initial
recognition of an asset or liability in a transaction
other than a business combination that at the
time of the transaction affects neither accounting
profit nor taxable profit (tax loss). Deferred
income tax is determined using tax rates (and
laws) that have been enacted or substantially
enacted by the end of the year and are expected
to apply when the related deferred income tax

asset is realized, or the deferred income tax
liability is settled.

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

Management periodically evaluates positions
taken in tax returns with respect to situations
in which applicable tax regulation is subject to
interpretation. It establishes provisions where
appropriate on the basis of amounts expected to
be paid to the tax authorities

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

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

Minimum alternate tax (MAT) paid in a year is
charged to the Statement of Profit and Loss
as current tax. The Company recognizes MAT
credit available as an asset only to the extent that
there is convincing evidence that the Company
will pay normal income tax during the specified
period, i.e., the period for which MAT credit is
allowed to be carried forward. In the year in
which the company recognizes MAT credit as
an asset in accordance with the Guidance Note
on Accounting for Credit Available in respect
of Minimum Alternative Tax under the Income-
tax Act, 1961, the said asset is created by way
of credit to the Statement of Profit and Loss
and shown as “MAT Credit Entitlement.” The
Company reviews the “MAT credit entitlement”
asset at each reporting date and writes down the
asset to the extent the company does not have
convincing evidence that it will pay normal tax
during the specified period.

2.14. Earnings per Share (EPS)

Basic earnings per share is computed by dividing the
net profit after tax by the weighted average number of
equity shares outstanding during the period. Diluted

earnings per share is computed by dividing the profit
after tax by the weighted average number of equity
shares considered for deriving basic earnings per
share and also the weighted average number of equity
shares that could have been issued upon conversion
of all dilutive potential equity shares. The diluted
potential equity shares are adjusted for the proceeds
receivable had the shares been actually issued at
fair value which is the average market value of the
outstanding shares. Dilutive potential equity shares
are deemed converted as of the beginning of the
period, unless issued at a later date. Dilutive potential
equity shares are determined independently for each
period presented.

2.15. Cash and Cash Equivalents

Cash and Cash equivalents comprise cash and calls
on deposit with banks and corporations. The Company
considers all highly liquid financial instruments, which
are readily convertible into cash and have original
maturities of three months or less from the date of
purchase, to be cash equivalent.

2.16. Cash Flow Statement

Cash flows are reported using the indirect method,
whereby 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 items of income or expenses associated
with investing or financing cash flows. The cash flows
from operating, investing and financing activities of the
Company are segregated.

2.17 Dividends

Final dividends on shares are recorded as a liability on
the date of approval by the shareholders and interim
dividends are recorded as a liability on the date of
declaration by the Company''s Board of Directors.

---

Mar 31, 2021

1. Company''s Background

Genesys International Corporation Limited (herein after referred as ''Company'' or ''GICL'') is engaged in providing Geographical Information Services comprising of photogrammetry, remote sensing, cartography, data conversion, state of the art terrestrial and 3D geo-content including location navigation mapping and other computer based related services.

The company is a public limited company incorporated and domiciled in India and has its registered office at Mumbai, Maharashtra.

The company has its Equity Shares listed on Bombay Stock Exchange and National Stock Exchange.

Authorization of Financial Statements: The

Financial Statements were authorized for issuance in accordance with a resolution of the Board of Directors in its meeting held on 29^th June, 2021.

2. Significant Accounting Policies

A) Basis of preparation of financial statements

The financial statements of the Company have been prepared in accordance with Indian Accounting Standards (hereinafter referred to as Ind-AS) notified under section 133 of Companies Act, 2013, read with Companies (Indian Accounting Standards) Rules, 2015 and other relevant provisions of the Act and rules there under.

The Financial Statements have been prepared under historical cost convention basis except for certain financial assets and financial liabilities measured at fair value (refer accounting policies for financial instruments).

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

The Company''s financial statements are presented in Indian Rupees (''), which is also its functional currency

B) Use of Estimates and Judgments:

The preparation of the financial statements in conformity with Ind AS requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the

disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.

Critical estimates and judgments

The preparation of financial statements requires management to make judgments, estimates and assumptions in the application of accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Continuous evaluation is done on the estimation and judgments based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Revisions to accounting estimates are recognized prospectively. Information about critical judgments in applying accounting policies, as well as estimates and assumptions that have the most significant effect to the carrying amounts of assets and liabilities within the next financial year, are included in the following notes:

a) Revenue recognition

b) Estimation of Defined benefit obligation

c) Estimation of current tax expenses and Payable

d) Useful lives of property, plant and equipment

e) Employee stock option compensation expenses and payable

f) Impairment of Financial and Non-Financial Assets

g) Fair Value measurement of Financial Assets

C) Current versus non-current classification

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

All the assets and liabilities have been classified as current/non-current as per the Company''s normal operating cycle and other criteria set out

in Division II to Schedule III of the Companies Act, 2013.

Based on the nature of services and their realization in cash and cash equivalents, the company has ascertained its operating cycle as 12 months for the purpose of current - noncurrent classification of assets and liabilities.

D) Revenue recognition and expenses

Company earns revenue primarily from Geographical Information Services comprising of photogrammetry, remote sensing, cartography, data conversion, state of the art terrestrial and 3D geo-content including location and other computer based related services.

Revenue is recognized upon transfer of control of promised services or products to customers in an amount that reflects the consideration which Company expects to receive in exchange for those services or products.

• Revenue from time and material and job contracts is recognized on output basis measured by units delivered, efforts expended, number of transactions processed, etc.

• Revenue related to fixed price maintenance and support services contracts where Company is standing ready to provide services is recognized based on time elapsed mode and revenue is straight lined over the period of performance.

• In respect of other fixed-price contracts, revenue is recognized using percentage-of-completion method (''POC method'') of accounting with contract costs incurred determining the degree of completion of the performance obligation. The contract costs used in computing the revenues include cost of fulfilling warranty obligations.

• Revenue from the sale of distinct third party hardware and / or software is recognized at the point in time when control is transferred to the customer.

Revenue is measured based on the transaction price, which is the consideration, adjusted for volume discounts, service level credits, performance bonuses, price concessions and incentives, if any, as specified in the contract with the customer. Revenue also excludes taxes collected from customers.

Contract assets are recognized when there is excess of revenue earned over billings on contracts. Contract assets are classified as unbilled revenue when there is unconditional right to receive cash, and only passage of time is required, as per contractual terms.

The billing schedules agreed with customers include periodic performance based payments and / or milestone based progress payments. Invoices are payable within contractually agreed credit period.

In accordance with Ind AS 37, company recognizes an onerous contract provision when the unavoidable costs of meeting the obligations under a contract exceed the economic benefits to be received.

Contracts are subject to modification to account for changes in contract specification and requirements. Company reviews modification to contract in conjunction with the original contract, basis which the transaction price could be allocated to a new performance obligation, or transaction price of an existing obligation could undergo a change. In the event transaction price is revised for existing obligation, a cumulative adjustment is accounted for.

Company disaggregates revenue from contracts with customers by geography.

The Company uses the following critical accounting estimates in Revenue recognition:

The company''s contract with Customers could include promises to transfer multiple products and services to a customer. The Company assesses the products / services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligation involves judgment to determine the deliverables and the ability of the customer to benefit independently from such deliverables.

Judgments are also required to determine the transaction price for the contract and to ascribe the transaction price to each distinct performance obligation. The transaction price could be either a fixed amount of customer consideration or variable consideration with elements such as volume discounts, service level credits, performance bonuses, price concessions and incentives. The transaction price is also adjusted for the effects of the time value of money if the contract

includes a significant financing component. Any consideration payable to the customer is adjusted to the transaction price, unless it is a payment for a distinct product or service from the customer. The estimated amount of variable consideration is adjusted in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur and is reassessed at the end of each reporting period. The Company allocates the elements of variable considerations to all the performance obligations of the contract unless there is observable evidence that they pertain to one or more distinct performance obligations.

The company exercises judgments in determining whether the performance obligation is satisfied at a point in time or over a period of time. The Company considers indicators such as how customer consumes benefits as services are rendered or who controls the asset as it is being created or existence of enforceable right to payment for performance to date and alternate use of such product or service, transfer of significant risk and rewards to the customer, acceptance of delivery by the customer, etc.

Revenue for fixed price contract is recognized using percentage-of completion method. The Company uses judgment to estimate the future cost-to-completion of the contracts which is used to determine the degree of completion of the performance obligation.

Interest Income:

Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable. For all debt instruments measured either at amortized cost or at fair value through other comprehensive income, interest income is recorded using the effective interest rate (EIR).

Dividend Income:

Dividend income is accounted for when the right to receive the same is established, which is generally when shareholders approve the dividend.

Other Income:

Other income is accounted for on accrual basis except where the receipt of income is uncertain in which case it is accounted for on receipt basis.

E) Property, Plant and equipment

Property, plant and equipment''s (PPE) are stated at cost less accumulated depreciation and impairment losses, if any. Cost of acquisition includes directly attributable costs for bringing the assets to its present location and use.

The cost of an item of PPE comprises its purchase price net of any trade discounts and rebates, any import duties and other taxes (other than those subsequently recoverable from the tax authorities), any directly attributable expenditure on making the asset ready for its intended use, other incidental expenses and interest on borrowings attributable to acquisition of qualifying assets up to the date the asset is ready for its intended use.

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

Gains or losses arising from derecognition of a property, plant and equipment are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the Statement of Profit and Loss when the assets derecognized.

Depreciation:

Depreciation on PPE is provided as per straight line method as per the useful life prescribed in Schedule II of the Companies Act, 2013 except in case of following category of PPE in whose case the life of the items of PPE has been assessed as under based on technical estimate, taking into account the nature of the asset, the estimated usage of the asset, the operating condition of the asset, past history of replacement, anticipated technological changes, manufacturer''s warranties and maintenance support etc.

Particulars	Useful Life
Computer hardware (including servers & networks)	3 years
Imaging Systems	3 years
Other Assets	As per Useful Life specified in Schedule II

Depreciation / Amortization is charged on a prorata basis on assets purchased/ sold during

the year, with reference to date of installation/ disposal.

Assets costing individually '' 5,000/- or less are fully depreciated in the year of purchase / installation.

Residual value is considered as Nil for all the assets.

F) Intangible Assets

Intangibles are stated at the acquisition price including directly attributable costs for bringing the asset into use, less accumulated amortization and impairment. Direct expenditure, if any, incurred for internally developed intangibles from which future economic benefits are expected to flow over a period of time is treated as intangible asset as per the Indian Accounting Standard on Intangible Assets.

Depreciation:

Depreciation on Intangible assets is provided on straight line method as per the useful life prescribed in Schedule II of the Companies Act, 2013 except in case of following category of Intangible assets in which case the life of the items of Intangible assets has been assessed as under based on technical estimate, taking into account the nature of the asset, the estimated usage of the asset, the operating condition of the asset, past history of replacement, anticipated

Particulars	Useful Life
Computer software	3 years
GIS database	3 years

Depreciation / Amortization is charged on a prorata basis on assets purchased/ sold during the year, with reference to date of installation/ disposal.

Assets costing individually '' 5,000/- or less are fully depreciated in the year of purchase / installation.

Residual value is considered as Nil for all the assets.

G) Borrowing Costs

Borrowing costs, if any, directly attributable to the acquisition of the qualifying asset are capitalized for the period until the asset is ready

for its intended use. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use.

Other borrowing costs are recognized as expense in the period in which they are incurred.

H) Financial Instruments Initial measurement

The company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition except for the trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are added to or deducted from the fair value on initial recognition.

a) Subsequent measurement (Non derivative financial instruments)

1. Financial assets carried at amortized cost

A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely for payments of principal and interest on the principal amount outstanding.

2. Financial assets at fair value through other comprehensive income

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely for payments of principal and interest on the principal amount outstanding. The Company has made an irrevocable election for its investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model.

3. Financial assets at fair value through profit or loss

A financial asset which is not classified in any of the above categories are subsequently fair valued through profit or loss.

4. Financial Liabilities

Financial liabilities are subsequently carried at amortized cost using the effective interest method.

5. Investment in Subsidiaries and Associates:

Investment in subsidiaries and Associates are measured at cost less impairment.

b) Share Capital - Ordinary Shares

An equity instrument is a contract that evidences residual interest in the assets of the company after deducting all its liabilities. Equity instruments recognized by the company are recognized at the proceeds received net of direct issue cost.

c) De-recognition of financial instruments

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. A financial liability (or a part of a financial liability) is derecognized from the Company''s Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

I) Fair Value measurement of Financial Instruments

Fair value is the price that would be received on sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most advantageous market which can be accessed by the Company for the asset or liability

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing 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 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable;

• Level 3 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

J) Impairment of assets (i) Financial Assets

The Company recognizes loss allowances using the expected credit loss (ECL) model for the financial assets which are not fair valued through profit or loss. Loss allowance for trade receivables with no significant financing component is measured at an amount equal to lifetime ECL. The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized is recognized as an impairment gain or loss in the Statement of Profit and Loss.

(ii) Non-Financial Assets

Intangible assets and property, plant and equipment

Intangible assets and property, plant and equipment are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis.

If such assets are considered to be impaired, the impairment to be recognized in the Statement of Profit and Loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the statement of profit and loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization or depreciation) had no impairment loss been recognized for the asset in prior years.

K) Leases

A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Company as a lessee

The Company accounts for each lease component within the contract as a lease separately from non-lease components of the contract and allocates the consideration in the contract to each lease component on the basis of the relative standalone price of the lease component and the aggregate standalone price of the non-lease components. The Company recognises right-of-use asset representing its right to use the underlying asset for the lease term at the lease commencement date. The cost of the right-of-use asset measured at inception shall comprise of the amount of the initial measurement of the lease liability adjusted for any lease payments made at or before the commencement date less any lease incentives received, plus any initial direct costs incurred and an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset or restoring the underlying asset or site on which it is located. The right-of-use assets is subsequently measured at cost less any accumulated depreciation, accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability. The right-of-use assets is depreciated using the straightline method from the commencement date over the shorter of lease term or useful life of right-of-use asset. The estimated useful lives of right-ofuse assets are determined on the same basis as those of property, plant and equipment. Right-of-use assets are tested for impairment whenever there is any indication that their carrying amounts may not be recoverable. Impairment loss, if any, is recognised in the statement of profit and loss. The Company measures the lease liability at the present value of the lease payments that are not paid at the commencement date of the lease. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Company uses incremental borrowing rate. For leases with reasonably similar characteristics, the Company, on a lease by lease basis, may adopt either the incremental borrowing rate specific to the lease or the incremental borrowing rate for the portfolio as a whole. The lease payments shall include fixed payments, variable lease payments, residual value guarantees, exercise price of a purchase option where the Company is reasonably certain to exercise that option and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease liability is subsequently remeasured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments. The company recognises the amount of the remeasurement of lease liability due to modification as an adjustment to the right-of-use asset and statement of profit and loss depending upon the nature of modification. Where the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in the measurement

of the lease liability, the Company recognises any remaining amount of the re-measurement in statement of profit and loss. The Company has elected not to apply the requirements of Ind AS 116 Leases to short-term leases of all assets that have a lease term of 12 months or less and leases for which the underlying asset is of low value. The lease payments associated with these leases are recognised as an expense on a straight-line basis over the lease term.

Company as a Lessor:

At the inception of the lease the Company classifies each of its leases as either an operating lease or a finance lease. The Company recognises lease payments received under operating leases as income on a straight-line basis over the lease term. In case of a finance lease, finance income is recognised over the lease term based on a pattern reflecting a constant periodic rate of return on the lessor''s net investment in the lease. When the Company is an intermediate lessor it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short term lease to which the Company applies the exemption described above, then it classifies the sub-lease as an operating lease.

If an arrangement contains lease and non-lease components, the Company applies Ind AS 115 Revenue from contracts with customers to allocate the consideration in the contract.

The Company''s leases mainly comprise buildings and plant and equipment. The Company leases premises for office use and staff accommodation facilities. The Company also has leases for equipment.

L) Foreign Currency Transactions

All transactions denominated in foreign currency are recorded at the exchange rate prevailing on the date when the relevant transactions take place.

Exchange differences arising on foreign exchange transactions settled during the year are recognized in the Statement of Profit and Loss of the year. Monetary assets and liabilities in the form of Loans, Current Assets and Current Liabilities in foreign currency, which are outstanding as

at the year-end, are translated at the year-end closing exchange rate and the resultant exchange differences are recognized in the Statement of Profit and Loss.

The premium or discount arising at the inception of the forward exchange contracts related to underlying receivables and payables, if any, are amortized as an expense or income recognized over the period of the contracts. Gains or losses on renewal or cancellation of foreign exchange forward contracts are recognized as income or expense for the period.

Investments in overseas entity are recognized at the relevant exchange rates prevailing on the date of investments.

All transactions of the foreign branch during the year are included in the accounts at the rate of exchange prevailing at the end of the month in which the transactions took place. Net Gain / Loss in foreign currency transactions are recognized in the Statement of Profit and Loss. Monetary assets and liabilities are translated at the rates prevailing on the Balance Sheet date.

M) Employee Benefits

Short-term employee benefits - Employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits and are recognized in the period in which the employee renders the related service.

Post-employment benefits (defined benefit plans) - The employees'' gratuity scheme is a defined benefit plan. In accordance with the Payment of Gratuity Act, 1972, the Company provides for gratuity for the eligible employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee''s salary and the tenure of employment with the Company. The present value of the obligation under such defined benefit plan is determined at each Balance Sheet date based on an actuarial valuation using projected unit credit method. The discount rate is based on the prevailing market yields of Indian government securities. Gains and Losses through re-measurement of the net defined benefit liability / (asset) are recognized in Other Comprehensive Income.

Post-employment benefits (defined contribution plans) - Contributions to the provident fund is defined contribution plan and is recognized as an expense in the Statement of Profit and Loss in the period in which the contribution is due. Both the employee and the Company make monthly contributions to the provident fund scheme equal to the specified percentage of the covered employees'' basic salary.

Long-term employee benefits - Long-term employee benefits comprise of compensated absences and other employee incentives, if any. These are measured based on an actuarial valuation carried out by an independent actuary at each Balance Sheet date unless they are insignificant. Actuarial gains and losses and past service costs are recognized in the Statement of Profit and Loss.

Employee Options

The fair value of the options granted under the scheme of the “Company Employee Option Plan'''', is recognized as employee benefits expense with the corresponding increase in equity. The total amount to be expensed is determined by the reference to the fair value of the options granted:

- including any market conditions (e.g., the entity''s share price)

- excluding the impact of any service and non- market performance vesting conditions (profitability, sales growth targets and remaining an employee of the entity over the specified period), and

- including the impact of any non-vesting conditions (e.g. the requirement for the employee to save or holding shares for the specific period of time)

The total expense is recognized over the vesting period, which is the period over which all the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimate of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit and loss, with the corresponding adjustments to equity.

N) Taxation

Income tax expense comprises current tax expense 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 recognized 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.

a) Current Income 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.

b) 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.

Minimum Alternate Tax (''MAT'') under the provisions of the Income Tax Act, 1961 is recognised as deferred tax in the Statement of Profit and Loss. The credit available under the Income Tax Act, 1961 in respect of MAT paid is recognised as an asset only when and to the extent it is probable that future taxable profit will be available against which these tax credit can be utilised. Such an asset is reviewed at each Balance Sheet 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

O) Earnings per Share (EPS)

Basic earnings per share is computed by dividing the net profit after tax by the weighted average number of equity shares outstanding during the period. Diluted earnings per share is computed by dividing the profit after tax by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The diluted potential equity shares are adjusted for the proceeds receivable had the shares been actually issued at fair value which is the average market value of the outstanding shares. Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

P) Cash and Cash Equivalents

Cash and Cash equivalents comprise cash and calls on deposit with banks and corporations. The Company considers all highly liquid financial instruments, which are readily convertible into cash and have original maturities of three months or less from the date of purchase, to be cash equivalent.

Q) Cash Flow Statement

Cash flows are reported using the indirect method, whereby 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 items of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

R) Dividends

Final dividends on shares are recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company''s Board of Directors.

S) Provisions and Contingencies

Provisions are recognized when the Company has a present obligation as a result of a past event, for which it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. Provision is not discounted to its present value and is determined based on the last estimate required to settle the obligation at the year end.

Contingent liabilities are not provided for and are disclosed by way of notes to accounts, where there is an obligation that may, but probably will not, require outflow of resources.

Where there is a possible obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

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 be required to settle the obligation, the provision is reversed.

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

2A) Recent Indian Accounting Standards (Ind AS)

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards. There is no such notification which would have been applicable from April 1,2021.

---

Mar 31, 2018

1. Significant Accounting Policies

A) Basis of preparation of financial statements

The financial statements of the Company have been prepared in accordance with Indian Accounting Standards (hereinafter referred to as Ind-AS) notified under section 133 of Companies Act, 2013, read with Companies (Indian Accounting Standards) Rules, 2015 and other relevant provisions of the Act and rules there under.

These financial statements for the year ended 31st March, 2018 are the first financials with comparatives, prepared under Ind AS. For all previous periods including the year ended 31st March, 2017, the Company had prepared its financial statements in accordance with the accounting standards notified under section 133 of the Companies Act, 2013, read with Rule 7 of Companies (Accounting Standards) Rules, 2014(as amended) and other relevant provisions of the Act (hereinafter referred to as ‘Previous GAAP’) used for its statutory reporting requirement in India.

The Financial Statements have been prepared under historical cost convention basis except for certain financial assets and financial liabilities measured at fair value (refer accounting policies for financial instruments).

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

The Company’s financial statements are presented in Indian Rupees (Rs.), which is also its functional currency

B) Use of Estimates and Judgments:

The preparation of the financial statements in conformity with Ind AS requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.

Critical estimates and judgments

The preparation of financial statements requires management to make judgments, estimates and assumptions in the application of accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Continuous evaluation is done on the estimation and judgments based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Revisions to accounting estimates are recognized prospectively. Information about critical judgments in applying accounting policies, as well as estimates and assumptions that have the most significant effect to the carrying amounts of assets and liabilities within the next financial year, are included in the following notes:

a) Estimation of Defined benefit obligation

b) Estimation of current tax expenses and Payable

c) Useful lives of property, plant and equipment

d) Employee stock option compensation expenses and payable

C) Current versus non-current classification

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

All the assets and liabilities have been classified as current/non-current as per the Company’s normal operating cycle and other criteria set out in Division II to Schedule III of the Companies Act, 2013.

Based on the nature of services and their realization in cash and cash equivalents, the company has ascertained its operating cycle as 12 months for the purpose of current - noncurrent classification of assets and liabilities.

D) Revenue recognition and expenses

Revenues are recognized on accrual basis. Revenue from operations is accounted for on the basis of services rendered and billed to / accepted by clients.

Revenue from contracts, which are generally time bound fixed price contracts, is recognized over the life of the contract using the percentage-of-completion method, with contract costs determining the degree of completion. Losses on such contracts are recognized when probable. Revenue in excess of billing is recognized as unbilled revenue in the balance sheet; to the extent billings are in excess of revenue recognized, the excess is reported as unearned and deferred revenue in the balance sheet.

Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the government

Expenses are accounted for on accrual basis and provisions are made for all known liabilities and losses.

Interest Income:

Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable. For all debt instruments measured either at amortized cost or at fair value through other comprehensive income, interest income is recorded using the effective interest rate (EIR).

Dividend Income:

Dividend income is accounted for when the right to receive the same is established, which is generally when shareholders approve the dividend.

Other Income:

Other income is accounted for on accrual basis except where the receipt of income is uncertain in which case it is accounted for on receipt basis.

E) Property, Plant and equipment

Property, plant and equipment’s (PPE) are stated at cost less accumulated depreciation and impairment losses, if any. Cost of acquisition includes directly attributable costs for bringing the assets to its present location and use.

The cost of an item of PPE comprises its purchase price net of any trade discounts and rebates, any import duties and other taxes (other than those subsequently recoverable from the tax authorities), any directly attributable expenditure on making the asset ready for its intended use, other incidental expenses and interest on borrowings attributable to acquisition of qualifying assets up to the date the asset is ready for its intended use.

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

On transition to Ind AS, the Company has elected to continue with the carrying value of all of its property, plant and equipment recognized as at 1st April 2016, measured as per the previous GAAP and use that carrying value as the deemed cost of the property, Plant and equipment.

Gains or losses arising from derecognition of a property, plant and equipment 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 assets derecognized.

Depreciation:

Depreciation on PPE is provided as per straight line method as per the useful life prescribed in Schedule II of the Companies Act, 2013 except in case of following category of PPE in whose case the life of the items of PPE has been assessed as under based on technical estimate, taking into account the nature of the asset, the estimated usage of the asset, the operating condition of the asset, past history of replacement, anticipated technological changes, manufacturer’s warranties and maintenance support etc.

Depreciation / Amortization is charged on a prorata basis on assets purchased/ sold during the year, with reference to date of installation/ disposal.

Assets costing individually Rs. 5,000/- or less are fully depreciated in the year of purchase / installation.

Residual value is considered as Nil for all the assets.

F) Intangible Assets

Intangibles are stated at the acquisition price including directly attributable costs for bringing the asset into use, less accumulated amortization and impairment. Direct expenditure, if any, incurred for internally developed intangibles from which future economic benefits are expected to flow over a period of time is treated as intangible asset as per the Indian Accounting Standard on Intangible Assets.

Depreciation:

Depreciation on Intangible assets is provided on straight line method as per the useful life prescribed in Schedule II of the Companies Act, 2013 except in case of following category of Intangible assets in which case the life of the items of Intangible assets has been assessed as under based on technical estimate, taking into account the nature of the asset, the estimated usage of the asset, the operating condition of the asset, past history of replacement, anticipated technological changes etc.

Depreciation / Amortization is charged on a prorata basis on assets purchased/ sold during the year, with reference to date of installation/ disposal.

Assets costing individually Rs. 5,000/- or less are fully depreciated in the year of purchase / installation.

Residual value is considered as Nil for all the assets.

G) Borrowing Costs

Borrowing costs, if any, directly attributable to the acquisition of the qualifying asset are capitalized for the period until the asset is ready for its intended use. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use.

Other borrowing costs are recognized as expense in the period in which they are incurred.

H) Financial Instruments Initial measurement

The company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition except for the trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are added to or deducted from the fair value on initial recognition.

a) Subsequent measurement (Non derivative financial instruments)

1. Financial assets carried at amortized cost

A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely for payments of principal and interest on the principal amount outstanding.

2. Financial assets at fair value through other comprehensive income

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely for payments of principal and interest on the principal amount outstanding. The Company has made an irrevocable election for its investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model.

3. Financial assets at fair value through profit or loss

A financial asset which is not classified in any of the above categories are subsequently fair valued through profit or loss.

4. Financial Liabilities

Financial liabilities are subsequently carried at amortized cost using the effective interest method.

5. Investment in Subsidiaries and Associates:

Investment in subsidiaries and Associates are measured at cost less impairment.

b) Share Capital - Ordinary Shares

An equity instrument is a contract that evidences residual interest in the assets of the company after deducting all its liabilities. Equity instruments recognized by the company are recognized at the proceeds received net of direct issue cost.

c) De-recognition of financial instruments

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. A financial liability (or a part of a financial liability) is derecognized from the Company’s Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

I) Fair Value measurement of Financial Instruments

Fair value is the price that would be received on sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

- In the principal market for the asset or liability, or

- In the absence of a principal market, in the most advantageous market which can be accessed by the Company for the asset or liability

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing 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 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable;

- Level 3 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

J) Impairment of assets

(i) Financial Assets

The Company recognizes loss allowances using the expected credit loss (ECL) model for the financial assets which are not fair valued through profit or loss. Loss allowance for trade receivables with no significant financing component is measured at an amount equal to lifetime ECL. The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized is recognized as an impairment gain or loss in profit or loss.

(ii) Non-Financial Assets

Intangible assets and property, plant and equipment

Intangible assets and property, plant and equipment are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis.

If such assets are considered to be impaired, the impairment to be recognized in the Statement of Profit and Loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the statement of profit and loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization or depreciation) had no impairment loss been recognized for the asset in prior years.

K) Leases

Leases under which the company assumes substantially all the risks and rewards of ownership are classified as finance leases. When acquired, such assets are capitalized at fair value or present value of the minimum lease payments at the inception of the lease, whichever is lower. Each lease rental paid is allocated between the liability and the interest cost so as to obtain a constant periodic rate of interest on the outstanding liability for each year.

Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor are recognised as operating leases. Lease payments under operating leases are recognized as an expense on a straight line basis in net profit in the Statement of Profit and Loss over the lease term.

L) Foreign Currency Transactions

All transactions denominated in foreign currency are recorded at the exchange rate prevailing on the date when the relevant transactions take place.

Exchange differences arising on foreign exchange transactions settled during the year are recognized in the Statement of Profit and Loss of the year. Monetary assets and liabilities in the form of Loans, Current Assets and Current Liabilities in foreign currency, which are outstanding as at the year-end, are translated at the year-end closing exchange rate and the resultant exchange differences are recognized in the Statement of Profit and Loss.

The premium or discount arising at the inception of the forward exchange contracts related to underlying receivables and payables, if any, are amortized as an expense or income recognized over the period of the contracts. Gains or losses on renewal or cancellation of foreign exchange forward contracts are recognized as income or expense for the period.

Investments in overseas entity are recognized at the relevant exchange rates prevailing on the date of investments.

All transactions of the foreign branch during the year are included in the accounts at the rate of exchange prevailing at the end of the month in which the transactions took place.Net Gain / Loss in foreign currency transactions are recognized in the Statement of Profit and Loss. Monetary assets and liabilities are translated at the rates prevailing on the balance sheet date.

M) Employee Benefits

Short-term employee benefits - Employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits and are recognized in the period in which the employee renders the related service.

Post-employment benefits (defined benefit plans) - The employees’ gratuity scheme is a defined benefit plan. In accordance with the Payment of Gratuity Act, 1972, the Company provides for gratuity for the eligible employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee’s salary and the tenure of employment with the Company. The present value of the obligation under such defined benefit plan is determined at each Balance Sheet date based on an actuarial valuation using projected unit credit method. The discount rate is based on the prevailing market yields of Indian government securities. Gains and Losses through re-measurement of the net defined benefit liability / (asset) are recognized in Other Comprehensive Income.

Post-employment benefits (defined contribution plans) - Contributions to the provident fund is defined contribution plan and is recognized as an expense in the Statement of Profit and Loss in the period in which the contribution is due. Both the employee and the Company make monthly contributions to the provident fund scheme equal to the specified percentage of the covered employees’ basic salary.

Long-term employee benefits - Long-term employee benefits comprise of compensated absences and other employee incentives, if any. These are measured based on an actuarial valuation carried out by an independent actuary at each Balance Sheet date unless they are insignificant. Actuarial gains and losses and past service costs are recognized in the Statement of Profit and Loss.

Employee Options

The fair value of the options granted under the value of the Company, Employee Option Plan is recognised as employee benefits expense with the corresponding increase in equity. The total amount to be expensed is determined by the reference to the fair value of the options granted:

- including any market conditions (e.g., the entity’s share price)

- excluding the impact of any service and non- market performance vesting conditions (profitability, sales growth targets and remaining an employee of the entity over the specified period), and

- including the impact of any non-vesting conditions (e.g. the requirement for the employee to save or holding shares for the specific period of time)

The total expense is recognised over the vesting period, which is the period over which all the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimate of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with the corresponding adjustments to equity.

N) Taxation

Income tax expense comprises current tax expense 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 recognized 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.

a) Current Income 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.

b) 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.

Minimum Alternate Tax (‘MAT’) under the provisions of the Income Tax Act, 1961 is recognised as deferred tax in the Statement of Profit and Loss. The credit available under the Income Tax Act, 1961 in respect of MAT paid is recognised as an asset only when and to the extent it is probable that future taxable profit will be available against which these tax credit can be utilised. Such an asset is reviewed at each Balance Sheet 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

O) Earnings per Share (EPS)

Basic earnings per share is computed by dividing the net profit after tax by the weighted average number of equity shares outstanding during the period. Diluted earnings per share is computed by dividing the profit after tax by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The diluted potential equity shares are adjusted for the proceeds receivable had the shares been actually issued at fair value which is the average market value of the outstanding shares. Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

P) Cash and Cash Equivalents

Cash and Cash equivalents comprises cash and calls on deposit with banks and corporations. The Company considers all highly liquid financial instruments, which are readily convertible into cash and have original maturities of three months or less from the date of purchase, to be cash equivalent.

Q) Cash Flow Statement

Cash flows are reported using the indirect method, whereby 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 items of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

R) Dividends

Final dividends on shares are recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company’s Board of Directors.

S) Provisions and Contingencies

Provisions are recognized when the Company has a present obligation as a result of a past event, for which it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. Provision is not discounted to its present value and is determined based on the last estimate required to settle the obligation at the year end.

Contingent liabilities are not provided for and are disclosed by way of notes to accounts, where there is an obligation that may, but probably will not, require outflow of resources.

Where there is a possible obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

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 be required to settle the obligation, the provision is reversed.

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

---

Mar 31, 2015

A) Basis of preparation of financial statements

These financial statements are prepared and presented in accordance with the Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis of accounting.

GAAP comprises mandatory accounting standards as prescribed under Section 133 of the Companies Act,2013 ('the Act') read with Rule 7 of the Companies (Accounts) Rules,2014,the provisions of the Act (to the extent notified) and guidelines issued by the Securities and Exchange Board of India (SEBI). Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

B) Use of estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported balance of assets, liabilities, revenues and expense and disclosures relating to contingent liabilities as of the date of the financials. Examples of such estimates include estimate of useful life of assets, provision for doubtful debts, income taxes, unbilled revenue, etc. Actual results may differ from these estimates. Difference between the actual results and estimates are recognized in the period in which the results are known / materialized. Any revisions to accounting estimates are recognized prospectively in current and future periods.

C) Revenue recognition and expenses

Revenues are recognized on accrual basis. Revenue from operations is accounted for on the basis of services rendered and billed to / accepted by clients.

Unbilled revenue represents amount recognized based on services performed in advance of billing in accordance with contract terms. Excess of billing over revenue recognized is classified as unearned revenue.

Interest income is recognized on accrual basis. Dividend income is recognized as and when right to receive dividend is established.

Expenses are accounted for on accrual basis and provisions are made for all known liabilities and losses.

D) Fixed Assets

(i) Tangible Assets

Tangible fixed Assets are stated at cost of acquisition including directly attributable costs for bringing the assets to its present location and use, less accumulated depreciation.

Advances paid, if any, towards the acquisition of fixed assets are disclosed under the head Long Term Loans and Advances, as Capital Advances.

(ii) Intangible Assets

Purchases of intangibles are capitalized at the acquisition price including directly attributable costs for bringing the asset into use, less accumulated depreciation. Direct expenditure, if any, incurred for internally developed intangibles from which future economic benefits are expected to flow over a period of time is treated as intangible asset as per the Accounting Standard on Intangible Assets (AS – 26).

(iii) Depreciation / Amortization

Depreciation is charged on fixed assets, other than the assets mentioned below, on straight line basis using useful lives of tangible assets contained in Part "C" Schedule II to the Companies Act, 2013.

Following fixed assets are subjected to accelerated rate of depreciation on straight line basis to take care of technology obsolescence, data relevance, etc., depreciated in the year of purchase / installation. Residual value is considered as Nil for all the assets.

E) Borrowing Costs

Borrowing costs, if any, directly attributable to the acquisition of the qualifying asset are capitalized for the period until the asset is ready for its intended use. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use.

Other borrowing costs are recognized as expense in the period in which they are incurred.

F) Impairment of assets

The carrying amounts of the Company's assets including intangible assets are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the assets recoverable amount is estimated, as the higher of the net selling price and the value in use. An impairment loss is recognized whenever the carrying amount of an asset or its cash generating units exceeds its recoverable amount. If at the Balance Sheet date, there is an indication that a previously assessed impairment loss no longer exists, then such loss is reversed and the asset is restated to the extent of the carrying value of the asset that would have been determined (net of depreciation/amortization) had no impairment loss been recognized.

G) Investments

Investments are classified into Current and Long-term Investments. Investments that are readily realizable and intended to be held for not more than a year as on the date of acquisition are classified as Current Investments. All other investments are classified as Long Term Investments.

Current investments are stated at lower of cost or fair value. Any reduction in the carrying amount and any reversal of such reductions are charged and credited to the Statement of Profit and Loss, as the case may be.

Long Term Investments are stated at cost. Provision is made to recognize a decline, other than temporary, in the value of such investments.

H) Leases

Finance Lease

Assets taken on finance lease are accounted for as fixed assets in accordance with Accounting Standard – 19.

Operating Lease

Assets taken on lease under which all the risk and rewards of ownership are effectively retained by the lessor are classified as operating lease. Lease payments under operating lease are recognized as expenses on accrual basis in accordance with the respective lease agreement.

I) Foreign Currency Transactions

All transactions denominated in foreign currency are recorded at the exchange rate prevailing on the date when the relevant transactions take place.

Exchange differences arising on foreign exchange transactions settled during the year are recognized in the Statement of Profit and Loss of the year. Monetary assets and liabilities in the form of Loans, Current Assets and Current Liabilities in foreign currency, which are outstanding as at the year-end, are translated at the year- end closing exchange rate and the resultant exchange differences are recognized in the Statement of Profit and Loss.

The premium or discount arising at the inception of the forward exchange contracts related to underlying receivables and payables, if any, are amortized as an expense or income recognized over the period of the contracts. Gains or losses on renewal or cancellation of foreign exchange forward contracts are recognized as income or expense for the period.

Investments in overseas entity are recognized at the relevant exchange rates prevailing on the date of investments.

All transactions of the foreign branch during the year are included in the accounts at the rate of exchange prevailing at the end of the month in which the transactions took place. Net Gain / Loss in foreign currency transactions are recognized in the Statement of Profit and Loss. Monetary assets and liabilities are translated at the rates prevailing on the balance sheet date.

J) Employee Benefits

Short-term employee benefits – Employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits and are recognized in the period in which the employee renders the related service.

Post employment benefits (defined benefit plans) – The employees' gratuity scheme is a defined benefit plan. In accordance with the Payment of Gratuity Act, 1972, the Company provides for gratuity for the eligible employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment with the Company. The present value of the obligation under such defined benefit plan is determined at each Balance Sheet date based on an actuarial valuation using projected unit credit method. The discount rate is based on the prevailing market yields of Indian government securities. Actuarial gains/losses and current plan costs are recognized in the Statement of Profit and Loss.

Post employment benefits (defined contribution plans) – Contributions to the provident fund is defined contribution plan and is recognized as an expense in the Statement of Profit and Loss in the period in which the contribution is due. Both the employee and the Company make monthly contributions to the provident fund scheme equal to the specified percentage of the covered employee's basic salary.

Long-term employee benefits – Long-term employee benefits comprise of compensated absences and other employee incentives, if any. These are measured based on an actuarial valuation carried out by an independent actuary at each Balance Sheet date unless they are insignificant. Actuarial gains and losses and past service costs are recognized in the Statement of Profit and Loss.

K) Taxation

Current Tax

The provision for current tax is made on the basis of tax liability computed after considering the admissible deductions and exemptions under the provisions of the Income Tax Act, 1961.

Minimum Alternate Tax (MAT) credit is recognized in the Balance Sheet where it is probable that it will be adjusted against the discharge of the tax liability in future under the Income Tax Act, 1961.

Deferred Tax

Deferred tax asset or liability is recognized for reversible timing differences between the profit as per financial statements and the profit offered for income taxes, based on tax rates that have been enacted or substantively enacted at the Balance Sheet date.

In respect of tax holiday unit deferred tax asset or liability is recognized only for those timing differences that originate during the tax holiday period but reverse after the tax holiday period. Timing differences, which reverse within the tax holiday period, do not result in tax consequence and therefore no deferred taxes are recognized in respect of the same. For this purpose, the timing differences, which originate first, are considered to reverse first.

Deferred tax assets are recognized and carried forward to the extent there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

Deferred tax assets on unabsorbed depreciation and business losses are not recognized unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets will be realized.

Deferred Tax assets and liabilities are reviewed at each balance sheet date.

L) Earning per Share (EPS)

Basic earnings per share is computed by dividing the net profit after tax by the weighted average number of equity shares outstanding during the period. Diluted earnings per share is computed by dividing the profit after tax by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The diluted potential equity shares are adjusted for the proceeds receivable had the shares been actually issued at fair value which is the average market value of the outstanding shares. Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

M) Cash and Cash Equivalents

Cash and Cash equivalents comprises cash and calls on deposit with banks and corporations. The Company considers all highly liquid financial statements, which are readily convertible into cash and have original maturities of three months or less from the date of purchase, to be cash equivalent.

N) Cash Flow Statement

Cash flows are reported using the indirect method, whereby 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 items of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

O) Provisions and Contingencies

Provisions are recognized when the Company has a present obligation as a result of a past event, for which it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. Provision is not discounted to its present value and is determined based on the last estimate required to settle the obligation at the year end.

Contingent liabilities are not provided for and are disclosed by way of notes to accounts, where there is an obligation that may, but probably will not, require outflow of resources.

Where there is a possible obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

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 be required to settle the obligation, the provision is reversed.

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

---

Mar 31, 2014

A) Basis of preparation of financial statements

These financial statements have been prepared and presented in accordance with the Generally Accepted Accounting Principles (GAAP) in India under the historical cost convention method and applying accrual basis of accounting. Pursuant to circular 15/2013 dated 13.09.2013 read with circular 08/2014 dated 04.04.2014, till the new set of Standards of Accounting or any addendum thereto are prescribed by Central Government in consultation and recommendation of the National Financial Reporting Authority, the existing Accounting Standards notified under the Companies Act, 1956 shall continue to apply. Consequently, these financial statements have been prepared to comply in all material aspects with the Accounting Standards ("AS") notified under Section 211(3C) (Companies (Accounting Standards) Rules, 2006 (as amended)) and other relevant provisions of the Companies Act, 1956, to the extent applicable.

B) Use of estimates

Preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported balance of assets, liabilities, revenues and expense and disclosures relating to contingent liabilities as of the date of the financials. Examples of such estimates include estimate of useful life of assets, provision for doubtful debts, income taxes, unbilled revenue, etc. Actual results may differ from these estimates. Difference between the actual results and estimates are recognized in the period in which the results are known/materialized. Any revisions to accounting estimates are recognized prospectively in current and future periods.

C) Revenue recognition and expenses

Revenues are recognized on accrual basis. Revenue from operations is accounted for on the basis of services rendered and billed to / accepted by clients.

Unbilled revenue represents amount recognized based on services performed in advance of billing in accordance with contract terms. Excess of billing over revenue recognized is classified as unearned revenue.

Interest income is recognized on accrual basis. Dividend income is recognized as and when right to receive dividend is established.

Expenses are accounted for on accrual basis and provisions are made for all known liabilities and losses.

D) Fixed Assets

(i) Tangible Assets

Tangible fixed Assets are stated at cost of acquisition including directly attributable costs for bringing the assets to its present location and use, less accumulated depreciation.

Advances paid, if any, towards the acquisition of fixed assets are disclosed under the head Long Term Loans and Advances, as Capital Advances.

(ii) Intangible Assets

Purchases of intangibles are capitalized at the acquisition price including directly attributable costs for bringing the asset into use, less accumulated depreciation. Direct expenditure, if any, incurred for internally developed intangibles from which future economic benefits are expected to flow over a period of time is treated as intangible asset as per the Accounting Standard on Intangible Assets (AS – 26).

Depreciation/Amortization is charged on a pro-rata basis on assets purchased /sold during the year with reference to date of installation/disposal. Assets costing individually Rs. 5,000/- or less are fully depreciated in the year of purchase / installation.

E) Borrowing Costs

Borrowing costs, if any, directly attributable to the acquisition of the qualifying asset are capitalized for the period until the asset is ready for its intended use. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use.

Other borrowing costs are recognized as expense in the period in which they are incurred.

F) Impairment of assets

The carrying amounts of the Company''s assets including intangible assets are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the assets recoverable amount is estimated, as the higher of the net selling price and the value in use. An impairment loss is recognized whenever the carrying amount of an asset or its cash generating units exceeds its recoverable amount. If at the Balance Sheet date, there is an indication that a previously assessed impairment loss no longer exists, then such loss is reversed and the asset is restated to the extent of the carrying value of the asset that would have been determined (net of depreciation/amortization) had no impairment loss been recognized.

G) Investments

Investments are classified into Current and Long-term Investments. Investments that are readily realizable and intended to be held for not more than a year as on the date of acquisition are classified as Current Investments. All other investments are classified as Long Term Investments.

Current investments are stated at lower of cost or fair value. Any reduction in the carrying amount and any reversal of such reductions are charged and credited to the Statement of Profit and Loss, respectively.

Long Term Investments are stated at cost. Provision is made to recognize a decline, other than temporary, in the value of such investments.

H) Leases

Finance Lease

Assets taken on finance lease are accounted for as fixed assets in accordance with Accounting Standard - 19 on leases.

Operating Lease

Assets taken on lease under which all the risk and rewards of ownership are effectively retained by the lessor are classified as operating lease. Lease payments under operating lease are recognized as expenses on accrual basis in accordance with the respective lease agreement.

I) Foreign Currency Transactions

All transactions denominated in foreign currency are recorded at the exchange rate prevailing on the date when the relevant transactions take place.

Exchange differences arising on foreign exchange transactions settled during the year are recognized in the Statement of Profit and Loss of the year. Monetary assets and liabilities in the form of Loans, Current Assets and Current Liabilities in foreign currency, which are outstanding as at the year-end, are translated at the year end closing exchange rate and the resultant exchange differences are recognized in the Statement of Profit and Loss.

The premium or discount arising at the inception of the forward exchange contracts related to underlying receivables and payables, if any, are amortized as an expense or income recognized over the period of the contracts. Gains or losses on renewal or cancellation of foreign exchange forward contracts are recognized as income or expense for the period.

Investments in overseas entity are recognized at the relevant exchange rates prevailing on the date of investments.

All transactions of the foreign branch during the year are included in the accounts at the rate of exchange prevailing at the end of the month in which the transactions took place. Net Gain / Loss in foreign currency transactions are recognized in the Statement of Profit and Loss. Monetary assets and liabilities are translated at the rates prevailing on the balance sheet date.

J) Employee Benefits

Short-term employee benefits – Employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits and are recognized in the period in which the employee renders the related service.

Post employment benefits (defined benefit plans) – The employees'' gratuity scheme is a defined benefit plan. In accordance with the Payment of Gratuity Act, 1972, the Company provides for gratuity for the eligible employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee''s salary and the tenure of employment with the Company. The present value of the obligation under such defined benefit plan is determined at each Balance Sheet date based on an actuarial valuation using projected unit credit method. The discount rate is based on the prevailing market yields of Indian government securities. Actuarial gains/losses and current plan costs are recognized in the Statement of Profit and Loss.

Post employment benefits (defined contribution plans) – Contributions to the provident fund is defined contribution plan and is recognized as an expense in the Statement of Profit and Loss in the period in which the contribution is due. Both the employee and the Company make monthly contributions to the provident fund scheme equal to the specified percentage of the covered employee''s basic salary.

Long-term employee benefits – Long-term employee benefits comprise of compensated absences and other employee incentives, if any. These are measured based on an actuarial valuation carried out by an independent actuary at each Balance Sheet date unless they are insignificant. Actuarial gains and losses and past service costs are recognized in the Statement of Profit and Loss.

K) Taxation

Current Tax

The provision for current tax is made on the basis of tax liability computed after considering the admissible deductions and exemptions under the provisions of the Income Tax Act, 1961.

Minimum Alternate Tax (MAT) credit is recognized in the Balance Sheet where it is probable that it will be adjusted against the discharge of the tax liability in future under the Income Tax Act, 1961.

Deferred Tax

Deferred tax asset or liability is recognized for reversible timing differences between the profit as per financial statements and the profit offered for income taxes, based on tax rates that have been enacted or substantively enacted at the Balance Sheet date. In respect of tax holiday unit deferred tax asset or liability is recognized only for those timing differences that originate during the tax holiday period but reverse after the tax holiday period.

Deferred tax assets are recognized and carried forward to the extent there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

Deferred tax assets on unabsorbed depreciation and business losses are not recognized unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets will be realized.

Timing differences, which reverse within the tax holiday period, do not result in tax consequence and therefore no deferred taxes are recognized in respect of the same. For this purpose, the timing differences, which originate first, are considered to reverse first.

Deferred Tax assets and liabilities are reviewed at each balance sheet date.

L) Earning per Share (EPS)

The earnings considered in ascertaining the Company''s EPS comprises the net profit after tax. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year.

Dilutive potential equity shares are deemed to be converted at the beginning of the year, unless they have been issued at a later date. The number of shares used for computing the diluted EPS is the weighted average number of shares outstanding during the year after considering the dilutive potential equity shares.

M) Cash and Cash Equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into cash and have original maturities of three months or less from the date of purchase, to be cash equivalent.

N) Cash Flow Statement

Cash flows are reported using the indirect method, whereby 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 items of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

O) Provisions and Contingencies

Provisions are recognized when the Company has a present obligation as a result of a past event, for which it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. Provision is not discounted to its present value and is determined based on the last estimate required to settle the obligation at the year end.

Contingent liabilities are not provided for and are disclosed by way of notes to accounts, where there is an obligation that may, but probably will not, require outflow of resources.

Where there is a possible obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

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 be required to settle the obligation, the provision is reversed.

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

There is no change in the number of equity shares outstanding as at the beginning and at the end of the year.

The Company has only one class of shares referred to as equity shares having a par value of Rs.5. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company, after distribution of all preferential amounts, in proportion to their shareholding.

The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

For the year ended March 31, 2014, the amount of dividend per equity share recognized as distributions to equity shareholders is Rs. 0.125 per share. The total dividend appropriation for the year ended March 31, 2014, amounts to Rs. 4,365,012 including dividend distribution tax of Rs. 634,073.

(a) Term loan taken from bank outstanding as on March 31, 2014 is Rs. 19,087,624 (Previous Year: Rs. 34,147,091), carrying interest rate of 12.85% p.a. and fully secured by the asset acquired by utilizing the said loan. This loan is repayable within a period of two years. This loan is further secured by :

- Hypothecation charge over all movables assets, equipments and fixtures of the company located at the Company''s offices at Bangalore and Mumbai.

- Lien on Term Deposit Receipt of Rs. 11,713,298 (Previous year: Rs. 10,880,320).

- Personal guarantees of Managing Director, Executive Director and Whole-time Director of the Company.

- Pledge of Promoters'' shares having a market value of Rs. 55,887,871 (Previous year: Rs. 73,023,673) as on March 31, 2014.

- Equitable mortgage of Company''s office situated at Mumbai.

(b) Vehicle loans outstanding as on March 31, 2014 is amounting to Rs. 69,58,274 ( Previous Year: Rs. 15,748,543), carrying variable interest rate ranging from 9.25% to 11.75% p.a., is repayable in EMIs & fully secured by hypothecation of vehicles acquired by utilizing the said loan.

(c) Assets acquired under finance lease outstanding as on March 31, 2014 is amounting to Rs. 62,53,045 (Previous Year: Rs. 1,38,71,200). This loan carry interest rate of 13.73% p.a. and is repayable in 3 years and is fully secured by hypothecation of assets acquired by utilizing the said loan.

Current maturities of the above loans up to 31.03.2015 have been grouped under "Current maturities of long term debt" (refer note no. 10).

The Company has obtained Post Shipment Line of Credit and Cash Credit facilities from bank. As on the balance sheet date, outstanding amount is Rs. 60,564,493 (Previous Year: Rs. 83,090,759).

Post Shipment Line of Credit facility and Cash Credit is secured by hypothecation of entire current assets of the company present & future, export bills and further secured by:

- Hypothecation charge over all movables assets , equipments and fixtures of the company located at the Company''s offices at Bangalore and Mumbai.

- Lien on Term Deposit Receipt of Rs. 11,713,298 (Previous year: Rs. 10,880,320).

- Personal guarantees of Managing Director, Executive Director and Whole-time Director of the Company.

- Pledge of Promoters'' shares having a market value of Rs. 55,887,871 (Previous year: Rs. 73,023,673) as on March 31, 2014.

- Equitable mortgage of Company''s office situated at Mumbai.

Amount due to Micro, Small and Medium Enterprises :

(a). Trade payables includes (i) Rs. Nil (Previous year: Nil) due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME); and (ii) Rs. 41,285,408 (Previous year: Rs. 30,456,276 ) due to other parties.

(b). No interest is paid/payable during the year to any enterprise registered under the MSME.

(c ). The above information has been determined to the extent such parties could be identified on the basis of the information available with the company regarding the status of suppliers under the MSME.

---

Mar 31, 2013

A) Basis of preparation of financial statements

The financial statements have been prepared and presented under the historical cost convention method'' applying accrual basis of accounting in accordance with the Generally Accepted Accounting Principles (GAAP) in India and comply with the Accounting Standards ("AS") prescribed in the Companies (Accounting Standards) Rules'' 2006 read with relevant provisions of the Companies Act'' 1956'' to the extent applicable.

B) Use of estimates

Preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported balance of assets'' liabilities'' revenues and expense and disclosures relating to contingent liabilities as of the date of the financials. Examples of such estimates include estimate of useful life of assets'' provision for doubtful debts'' income taxes'' unbilled revenue'' etc. Actual results may differ from these estimates. Difference between the actual results and estimates are recognized in the period in which the results are known/materialized. Any revisions to accounting estimates are recognized prospectively in current and future periods.

C) Revenue recognition and expenses

Revenues are recognized on accrual basis. Revenue from operations is accounted for on the basis of services rendered and billed to / accepted by clients.

Unbilled revenue represents amount recognized based on services performed in advance of billing in accordance with contract terms. Excess of billing over revenue recognized is classified as unearned revenue.

Interest income is recognized on accrual basis. Dividend income is recognized as and when right to receive dividend is established.

Expenses are accounted for on accrual basis and provisions are made for all known liabilities and losses.

D) Fixed Assets

Fixed Assets are stated at cost of acquisition including directly attributable costs for bringing the assets to its present location and use'' less accumulated depreciation. Advances paid'' if any'' towards the acquisition of fixed assets are disclosed under the head Long Term Loans and Advances'' as Capital Advances.

E) Intangible Assets

Purchases of intangibles are capitalized at the acquisition price including directly attributable costs for bringing the asset into use'' less accumulated depreciation. Direct expenditure'' if any'' incurred for internally developed intangibles from which future economic benefits are expected to flow over a period of time is treated as intangible asset as per the Accounting Standard on Intangible Assets (AS – 26) as prescribed in the Companies (Accounting Standards) Rules'' 2006.

F) Depreciation / Amortization

Depreciation is charged on straight line method on the following basis –

Depreciation/Amortization is charged on a pro-rata basis on assets purchased /sold during the year with reference to date of installation/disposal. Assets costing individually Rs. 5''000/- or less are fully depreciated in the year of purchase / installation.

G) Borrowing Costs

Borrowing costs'' if any directly attributable to the acquisition of the qualifying asset are capitalized for the period until the asset is ready for its intended use. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use.

Other borrowing costs are recognized as expense in the period in which they are incurred.

H) Impairment of assets

The carrying amounts of the Company''s assets including intangible assets are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists'' the assets recoverable amount is estimated'' as the higher of the net selling price and the value in use. An impairment loss is recognized whenever the carrying amount of an asset or its cash generating units exceeds its recoverable amount. If at the Balance Sheet date'' there is an indication that a previously assessed impairment loss no longer exists'' then such loss is reversed and the asset is restated to the extent of the carrying value of the asset that would have been determined (net of depreciation/amortization) had no impairment loss been recognized.

I) Investments

Investments that are readily realizable and intended to be held for not more than a year as on the date of acquisition are classified as Current Investments. All other investments are classified as Long Term Investments.

Current investments are stated at lower of cost or fair value. Any reduction in the carrying amount and any reversal of such reductions are charged and credited to the Statement of Profit and Loss'' respectively.

Long Term Investments are stated at cost. Provision is made to recognize a decline'' other than temporary'' in the value of such investments.

J) Leases

Finance Lease

Assets taken on finance lease are accounted for as fixed assets in accordance with Accounting Standard 19 on leases'' (AS 19) as prescribed in the Companies (Accounting Standards) Rules'' 2006.

Operating Lease

Assets taken on lease under which all the risk and rewards of ownership are effectively retained by the lessor are classified as operating lease. Lease payments under operating lease are recognized as expenses on accrual basis in accordance with the respective lease agreement.

K) Foreign Currency Transactions

Transactions denominated in foreign currency are recorded at exchange rates prevailing on the date of the respective transaction.

Exchange differences arising on foreign exchange

transactions settled during the year are recognized in the Statement of Profit and Loss of the year. Monetary assets and liabilities in foreign currency'' which are outstanding as at the year-end'' are translated at the yearend closing exchange rate and the resultant exchange differences are recognized in the Statement of Profit and Loss.

The premium or discount arising at the inception of the forward exchange contracts related to underlying receivables and payables'' if any'' are amortized as an expense or income recognized over the period of the contracts. Gains or losses on renewal or cancellation of foreign exchange forward contracts are recognized as income or expense for the period.

Investments in overseas entity are recognized at the relevant exchange rates prevailing on the date of investments.

All transactions of the foreign branch during the year are included in the accounts at the rate of exchange prevailing at the end of the month in which the transactions took place. Net Gain / Loss in foreign currency transactions are recognized in the Statement of Profit and Loss. Monetary assets and liabilities are translated at the rates prevailing on the balance sheet date.

L) Employee Benefits:

Short-term employee benefits – Employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits and are recognized in the period in which the employee renders the related service.

Post employment benefits (defined benefit plans) – The employees'' gratuity scheme is a defined benefit plan. In accordance with the Payment of Gratuity Act'' 1972'' the Company provides for gratuity for the eligible employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement'' death'' incapacitation or termination of employment'' of an amount based on the respective employee''s salary and the tenure of employment with the Company. The present value of the obligation under such defined benefit plan is determined at each Balance Sheet date based on an actuarial valuation using projected unit credit method. The discount rate is based on the prevailing market yields of Indian government securities. Actuarial gains/losses and current plan costs are recognized in the Statement of Profit and Loss.

Post employment benefits (defined contribution plans) – Contributions to the provident fund is defined contribution plan and is recognized as an expense in the Statement of Profit and Loss in the period in which the contribution is due. Both the employee and the Company make monthly contributions to the provident fund scheme equal to the specified percentage of the covered employee''s salary.

Long-term employee benefits – Long-term employee benefits comprise of compensated absences and other employee incentives'' if any. These are measured based on an actuarial valuation carried out by an independent actuary at each Balance Sheet date unless they are insignificant. Actuarial gains and losses and past service costs are recognized in the Statement of Profit and Loss.

M) Taxation

Current Tax

The provision for current tax is made on the basis of tax liability computed after considering the admissible deductions and exemptions under the provisions of the Income Tax Act'' 1961.

Minimum Alternate Tax (MAT) credit is recognized in the Balance Sheet where it is probable that it will be adjusted against the discharge of the tax liability in future under the Income Tax Act'' 1961.

Deferred Tax

Deferred tax asset or liability is recognized for reversible timing differences between the profit as per financial statements and the profit offered for income taxes'' based on tax rates that have been enacted or substantively enacted at the Balance Sheet date. In respect of tax holiday unit deferred tax asset or liability is recognized only for those timing differences that originate during the tax holiday period but reverse after the tax holiday period.

Deferred tax assets are recognized and carried forward to the extent there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

Deferred tax assets on unabsorbed depreciation and business losses are not recognized unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets will be realized.

Timing differences'' which reverse within the tax holiday period'' do not result in tax consequence and therefore no deferred taxes are recognized in respect of the same. For this purpose'' the timing differences'' which originate first'' are considered to reverse first.

Deferred Tax assets and liabilities are reviewed at each balance sheet date.

N) Earning per Share (EPS)

The earnings considered in ascertaining the Company''s EPS comprises the net profit after tax. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year.

Dilutive potential equity shares are deemed to be converted at the beginning of the year'' unless they have been issued at a later date. The number of shares used for computing the diluted EPS is the weighted average number of shares outstanding during the year after considering the dilutive potential equity shares.

O) Cash and Cash Equivalents

The Company considers all highly liquid financial instruments'' which are readily convertible into cash and have original maturities of three months or less from the date of purchase'' to be cash equivalent.

P) Cash Flow Statement

Cash flows are reported using the indirect method'' whereby 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 items of income or expenses associated with investing or financing cash flows. The cash flows from operating'' investing and financing activities of the Company are segregated.

Q) Provisions and Contingencies

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

Contingent liabilities are not provided for and are disclosed by way of notes to accounts'' where there is an obligation that may'' but probably will not'' require outflow of resources.

Where there is a possible obligation in respect of which the likelihood of outflow of resources is remote'' no provision or disclosure is made.

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 be required to settle the obligation'' the provision is reversed.

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

---

Mar 31, 2012

A) Basis of preparation of financial statements

The financial statements have been prepared and presented under the historical cost convention method, applying accrual basis of accounting in accordance with the Generally Accepted Accounting Principles (GAAP) in India and comply with the Accounting Standards ("AS") prescribed in the Companies (Accounting Standards) Rules, 2006 read with relevant provisions of the Companies Act, 1956, to the extent applicable.

B) Use of estimates

Preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported balance of assets, liabilities, revenues and expense and disclosures relating to contingent liabilities as of the date of the financials. Examples of such estimates include estimate of useful life of assets, provision for doubtful debts, income taxes, unbilled revenue, etc. Actual results may differ from these estimates. Any revisions to accounting estimates are recognized prospectively in current and future periods.

C) Revenue recognition and expenses

Revenues are recognized on accrual basis. Revenue from operations is accounted for on the basis of services rendered and billed to / accepted by clients.

Unbilled revenue disclosed under other current assets, represents amount recognized based on services performed in advance of billing in accordance with contract terms. Excess of billing over revenue recognized is classified as unearned revenue.

Interest income is recognized on accrual basis. Dividend income is recognized as and when right to receive payment is established.

Expenses are accounted for on accrual basis and provisions are made for all known liabilities and losses.

D) Fixed Assets

Fixed Assets are stated at cost of acquisition including directly attributable costs for bringing the assets to its present location and use, less accumulated depreciation. Advances paid, if any, towards the acquisition of fixed assets are disclosed under the head Long Term Loans & Advances as Capital Advances.

E) Intangible Assets

Purchased software and GIS data base are capitalized at the acquisition price including directly attributable costs for bringing the asset into use, less accumulated depreciation. Direct expenditure, if any, incurred for internally developed intangibles from which future economic benefits are expected to flow over a period of time is treated as Intangible asset as per the Accounting Standard on Intangible Assets (AS - 26) as prescribed in the Companies (Accounting Standards) Rules, 2006.

F) Depreciation / Amortization

Depreciation is charged on straight line method on the following basis-

Depreciation/Amortization is charged on a pro-rata basis on assets purchased /sold during the year with reference to date of installation/disposal. Assets costing individually Rs. 5,000/- or less are fully depreciated in the year of purchase / installation.

G) Borrowing Costs

Borrowing costs, if any directly attributable to the acquisition of the fixed assets are capitalized for the period until the asset is ready for its intended use.

Other borrowing costs are recognized as expense in the period in which they are incurred.

H) Impairment of assets

The carrying amounts of the Company's assets including intangible assets are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the assets recoverable amount is estimated, as the higher of the net selling price and the value in use. An impairment loss is recognized whenever the carrying amount of an asset or its cash generating units exceeds its recoverable amount. If at the Balance Sheet date, there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reinstated at the recoverable amount subject to a maximum of depreciable historical cost.

I) Investments

Investments that are readily realizable and intended to be used for not more than a year are classified as Current Investments. All other investments are classifieds as Long Term Investments.

Current investments are stated at lower of cost or fair value. Any reduction in the carrying amount and any reversal of such reductions are charged or credited to the Statement of profit & loss.

Long Term Investments are stated at cost. Provision is made to recognize a decline, other than temporary, in the value of such investments.

J) Leases

Finance Lease

Assets taken on finance lease are accounted for as fixed assets in accordance with Accounting Standard 19 on leases, (AS 19) as prescribed in the Companies (Accounting Standards) Rules, 2006.

Operating Lease

Assets taken on lease under which all the risk and rewards of ownership are effectively retained by the lessor are classified as operating lease. Lease payments under operating lease are recognized as expenses on accrual basis in accordance with the respective lease agreement.

K) Foreign Currency Transactions

Transactions denominated in foreign currency are recorded at exchange rates prevailing on the date of the respective transaction.

Exchange differences arising on foreign exchange transactions settled during the year are recognized in the Statement of profit & loss of the year. Monetary assets and liabilities in foreign currency, which are outstanding as at the year-end, are translated at the year end closing exchange rate and the resultant exchange differences are recognized in the Statement of profit & loss.

The premium or discount arising at the inception of the forward exchange contracts related to underlying receivables and payables, if any, are amortized as an expense or income recognized over the period of the contracts. Gains or losses on renewal or cancellation of foreign exchange forward contracts are recognized as income or expense for the period.

Investments in overseas subsidiary / other entities are recognized at the relevant exchange rates prevailing on the date of investments.

All transactions of the foreign branch during the year are included in the accounts at the rate of exchange prevailing at the end of the month in which the transactions took place. Net Gain / Loss in foreign currency transactions are recognized in the Statement of profit & loss. Monetary assets and liabilities are translated at the rates prevailing on the balance sheet date.

L) Employee Benefits:

Short-term employee benefits - Employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits and are recognized in the period in which the employee renders the related service.

Post employment benefits (defined benefit plans) - The employees' gratuity scheme is a defined benefit plan. In accordance with the Payment of Gratuity Act, 1972, the Company provides for gratuity for the eligible employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment with the Company. The present value of the obligation under such defined benefit plan is determined at each Balance Sheet date based on an actuarial valuation using projected unit credit method. The discount rate is based on the Government securities yield. Actuarial gains/losses and current plan costs are recognized in the Statement of profit & loss.

Post employment benefits (defined contribution plans) - Contributions to the provident fund is defined contribution scheme and is recognized as an expense in the Statement of profit & loss in the period in which the contribution is due. Both the employee and the Company make monthly contributions to the provident fund plan equal to the specified percentage of the covered employee's salary.

Long-term employee benefits - Long-term employee benefits comprise of compensated absences and other employee incentives, if any. These are measured based on an actuarial valuation carried out by an independent actuary at each Balance Sheet date unless they are insignificant. Actuarial gains and losses and past service costs are recognized in the statement of profit & loss.

M) Taxation

Current Tax

The provision for current tax is made on the basis of tax liability computed after considering the admissible deductions and exemptions under the provisions of the Income Tax Act, 1961.

Minimum Alternate Tax (MAT) credit is recognized in the Balance Sheet where it is probable that it will be adjusted against the discharge of the tax liability in future under the Income Tax Act, 1961.

Deferred Tax

Deferred tax asset or liability is recognized for reversible timing differences between the profit as per financial statements and the profit offered for income taxes, based on tax rates that have been enacted or substantively enacted at the Balance Sheet date. Deferred tax asset or liability is recognized only for those timing differences that originate during the tax holiday period but reverse after the tax holiday period.

Deferred tax assets are recognized and carried forward to the extent there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

Deferred tax assets on unabsorbed depreciation and business losses are not recognized unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets will be realized.

Timing differences, which reverse within the tax holiday period, do not result in tax consequence and therefore no deferred taxes are recognized in respect of the same. For this purpose, the timing differences, which originate first, are considered to reverse first.

Deferred Tax assets and liabilities are reviewed at each balance sheet date.

N) Earning per Share (EPS)

The earnings considered in ascertaining the Company's EPS comprises the net profit after tax. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year.

Dilutive potential equity shares are deemed to be converted at the beginning of the year, unless they have been issued at a later date. The number of shares used for computing the diluted EPS is the weighted average number of shares outstanding during the year after considering the dilutive potential equity shares.

O) Cash and Cash Equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into cash and have original maturities of three months or less from the date of purchase, to be cash equivalent except for current investments.

P) Cash Flow Statement

Cash flows are reported using the indirect method, whereby 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 items of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

Q) Provisions and Contingencies

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

Contingent liabilities are not provided for and are disclosed by way of notes to accounts, where there is an obligation that may, but probably will not, require outflow of resources.

Where there is a possible obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

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 be required to settle the obligation, the provision is reversed.

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

---

Mar 31, 2011

1.1 Basis of preparation of financial statements

The financial statements have been prepared and presented under the historical cost convention method, applying accrual basis of accounting in accordance with the Generally Accepted Accounting Principles (GAAP) in India and comply with the Accounting Standards (“AS”) prescribed in the Companies (Accounting Standards) Rules, 2006 read with relevant provisions of the Companies Act, 1956, to the extent applicable.

2.2 Use of estimates

Preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported balance of assets, liabilities, revenues and expense and disclosures relating to contingent liabilities as of the date of the financials. Examples of such estimates include estimate of useful life of assets, provision for doubtful debts, income taxes, unbilled revenue, etc. Actual results may differ from these estimates. Any revisions to accounting estimates are recognized prospectively in current and future periods.

2.3 Revenue recognition and expenses

Revenues are recognized on accrual basis. Revenue from operations is accounted for on the basis of services rendered and billed to / accepted by clients.

Unbilled revenue disclosed under Loans & Advances, represents amount recognized based on services performed in advance of billing in accordance with contract terms. Excess of billing over revenue recognized is classified as unearned revenue.

Interest income is recognized on accrual basis. Dividend income is recognized as and when right to receive payment is established.

Expenses are accounted for on accrual basis and provisions are made for all known liabilities and losses.

2.4 Fixed Assets

Fixed Assets are stated at cost of acquisition including directly attributable costs for bringing the assets to its present location and use, less accumulated depreciation. Advances paid, if any, towards the acquisition of fixed assets are disclosed under the head Capital Work-in-progress.

2.5 Intangible Assets

Purchased software and GIS data base are capitalized at the acquisition price including directly attributable costs for bringing the asset into use, less accumulated depreciation. Direct expenditure, if any, incurred for internally developed intangibles from which future economic benefits are expected to flow over a period of time is treated as Intangible asset as per the Accounting Standard on Intangible Assets (AS – 26) issued by the Institute of Chartered Accountants of India.

Depreciation/Amortization is charged on a pro- rata basis on assets purchased /sold during the year with reference to date of installation/ disposal. Assets costing individually Rs. 5,000/- or less are fully depreciated in the year of purchase / installation.

2.7 Borrowing Costs

Borrowing costs, if any directly attributable to the acquisition of the fixed assets are capitalized for the period until the asset is ready for its intended use.

Other borrowing costs are recognized as expense in the period in which they are incurred.

2.8 Impairment of assets

The carrying amounts of the Company's assets including intangible assets are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the assets recoverable amount is estimated, as the higher of the net selling price and the value in use. An impairment loss is recognized whenever the carrying amount of an asset or its cash generating units exceeds its recoverable amount. If at the Balance Sheet date, there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reinstated at the recoverable amount subject to a maximum of depreciable historical cost.

2.9 Investments

Investments are classified either as current or long term in accordance with Accounting Standard (AS) -13 on “Accounting for Investments”.

Current investments are stated at lower of cost or fair value. Any reduction in the carrying amount and any reversal of such reductions are charged or credited to the Profit & Loss account.

Long Term Investments are stated at cost. Provision is made to recognize a decline, other than temporary, in the value of such

2.10 Leases

2.10.1 Finance Lease

Assets taken on finance lease are accounted for as fixed assets in accordance with Accounting Standard 19 on leases, (AS 19) issued by The Institute of Chartered Accountants of India.

2.10.2 Operating Lease

Assets taken on lease under which all the risk and rewards of ownership are effectively retained by the lessor are classified as operating lease. Lease payments under operating lease are recognized as expenses on accrual basis in accordance with the respective lease agreement.

2.11 Foreign Currency Transactions

Transactions denominated in foreign currency are recorded at exchange rates prevailing on the date of the respective transaction.

Exchange differences arising on foreign exchange transactions settled during the year are recognized in the Profit and Loss Account of the year. Monetary assets and liabilities in foreign currency, which are outstanding as at the year-end, are translated at the year end closing exchange rate and the resultant exchange differences are recognized in the Profit and Loss Account.

The premium or discount arising at the inception of the forward exchange contracts related to underlying receivables and payables, if any, are amortized as an expense or income recognized over the period of the contracts. Gains or losses on renewal or cancellation of foreign exchange forward contracts are recognized as income or expense for the period.

Investments in overseas Subsidiary / other entities are recognized at the relevant exchange rates prevailing on the date of Investments.

All transactions of the foreign branch during the year are included in the accounts at the rate of exchange prevailing at the end of the month in which the transactions took place. Net Gain / Loss in foreign currency transactions are recognized in the Profit & Loss Account.

Monetary assets and liabilities are translated at the rates prevailing on the balance sheet date.

2.12 Employee Benefits

(a) Short-term employee benefits – Employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits and are recognized in the period in which the employee renders the related service.

(b) Post employment benefits (defined benefit plans) – The employees' gratuity scheme is a defined benefit plan. The present value of the obligation under such defined benefit plan is determined at each Balance Sheet date based on an actuarial valuation using projected unit credit method. Actuarial gains/losses and current plan costs are recognized in the Profit and Loss account.

(c) Post employment benefits (defined contribution plans) – Contributions to the provident fund is defined contribution scheme and is recognized as an expense in the Profit and Loss account in the period in which the contribution is due.

(d) Long-term employee benefits – Long- term employee benefits comprise of compensated absences and other employee incentives, if any. These are measured based on an actuarial valuation carried out by an independent actuary at each Balance Sheet date unless they are insignificant. Actuarial gains and losses and past service costs are recognized in the Profit and Loss account.

2.13 Taxation

2.13.1 Current Tax

The provision for current tax is made on the basis of tax liability computed after considering the admissible deductions and exemptions under the provisions of the Income Tax Act, 1961.

Minimum Alternate Tax (MAT) credit is recognized in the Balance Sheet where it is probable that it will be adjusted against the discharge of the tax liability in future under the Income Tax Act, 1961.

2.13.2 Deferred Tax

Deferred tax asset or liability is recognized for reversible timing differences between the profit as per financial statements and the profit offered for income taxes, based on tax rates that have been enacted or substantively enacted at the Balance Sheet date. Deferred tax asset or liability is recognized only for those timing differences that originate during the tax holiday period but reverse after the tax holiday period.

Deferred tax assets are recognized and carried forward to the extent there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

Deferred tax assets on unabsorbed losses are not recognized unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets will be realized.

Timing differences, which reverse within the tax holiday period, do not result in tax consequence and therefore no deferred taxes are recognized in respect of the same. For this purpose, the timing differences, which originate first, are considered to reverse first.

Deferred Tax assets and liabilities are reviewed at each balance sheet date.

2.14 Earning per Share (EPS)

The earnings considered in ascertaining the Company's EPS comprises the net profit after tax. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year.

Dilutive potential equity shares are deemed to be converted at the beginning of the year, unless they have been issued at a later date. The number of shares used for computing the diluted EPS is the weighted average number of shares outstanding during the year after considering the dilutive potential equity shares.

2.15 Provisions and Contingencies

Provisions are recognized when the Company has a present obligation as a result of a past event, for

which it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made.

Contingent liabilities are not provided for and are disclosed by way of notes to accounts, where there is an obligation that may, but probably will not, require outflow of resources.

Where there is a possible obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

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 be required to settle the obligation, the provision is reversed.

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

3. Genesys Worldeye Limited – a wholly owned subsidiary of the Company has been amalgamated with the Company with effect from April 1, 2010 in terms of the scheme of amalgamation (‘scheme') approved by the Honorable High Court of judicature at Mumbai, vide order dated December 16, 2010.

Genesys Worldeye Limited is in the business of state of the art terrestrial and 3D geo-content including location based and other computer based related services, information technologies services including Geographical Information Systems (GIS), systems, programs, data and word processing, multimedia, telecommunications, designing, technical, software development and data processing.

The merger would result in greater integration and greater financial strength which would result in maximizing overall shareholder value and will improve the competitive position of the combined entity.

Accordingly the Genesys Worldeye Limited stand dissolved without winding up and all assets and liabilities have been transferred to and vested with the Company with effect from April 1, 2010, the appointed date. As Genesys Worldeye Limited was wholly owned by the Company, no shares were exchanged to effect the amalgamation. The amalgamation was accounted as per the ‘pooling of interest' method as prescribed in Accounting Standard “14” issued by the ICAI. All the assets and liabilities have been taken

over at their respective book values as at the date of amalgamation.

In accordance with the “Scheme” of amalgamation approved by the Honorable High Court, an amount equal to the balance lying to the credit of “ Profit & Loss Account” of the Genesys Worldeye Limited is credited to the “Profit & Loss Account” of the Company.

4. During the year under review the equity shares of the Company of Rs. 10/- each is sub-divided into two equity shares of Rs. 5/- each.

The authorized share capital of the Company is increased to Rs. 25,00,00,000 comprising of 5,00,00,000 equity shares of Rs. 5/- each on 14th June, 2010.

Subsequently, as per the “Scheme” of amalgamation approved by the Honorable High Court, vide order dated 16th December, 2010 the Authorised share capital of the Company automatically stand increased without any further act, instrument or deed, by the Authorised share capital of Genesys Worldeye Limited, amounting to Rs. 50,00,000 comprising of 10,00,000 equity shares of Rs. 5/- each. As such Authorised share capital of the Company is increased to Rs. 25,50,00,000/- comprising of 5,10,00,000 equity share of Rs. 5/- each.

5. During the year, Aerial Surveyor Limited, UK a step down wholly owned subsidiary company has been dissolved.

6. During the year, wholly owned subsidiary Genesys International (UK) Limited has acquired further equity stake of 19.88% in Geodc Limited, UK. Total shareholding in Geodc Limited is now 69.88%.

---

Mar 31, 2010

1.1 Basis of preparation of financial statements

The financial statements have been prepared and presented under the historical cost convention method, applying accrual basis of accounting in accordance with the Generally Accepted Accounting Principles (GAAP) in India and comply with the Accounting Standards ("AS) prescribed in the Companies (Accounting Standards) Rules, 2006 read with relevant provisions of the Companies Act, 1956, to the extent applicable.

1.2 Use of estimates

Preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported balance of assets, liabilities, revenues and expense and disclosures relating to contingent liabilities as of the date of the financials. Examples of such estimates include estimate of useful life of assets, provision for doubtful debts, income taxes, unbilled revenue, etc. Actual results may differ from these estimates. Any revisions to accounting estimates are recognized prospectively in current and future periods.

1.3 Revenue recognition and expenses

Revenues are recognized on accrual basis. Revenue from operations is accounted for on the basis of services rendered and billed to / accepted by clients.

Revenue recognized over and above the billing to a customer is classified as unbilled revenue and is recognized at cost while excess of billing over revenue recognized is classified as unearned revenue.

Interest income is recognized on accrual basis. Dividend income is recognized as and when right to receive payment is established.

Expenses are accounted for on accrual basis and provisions are made for all known liabilities and losses. All project costs incurred are charged to revenue in the year of incurrence.

1.4 Fixed Assets

Fixed Assets are stated at cost of acquisition including directly attributable costs for bringing the asset into use, less accumulated depreciation. Advances paid towards the acquisition of fixed assets are disclosed under the head Capital Work-in-progress.

1.5 Intangible Assets

Purchased software is capitalized at the acquisition price including directly attributable costs for bringing the asset into use, less accumulated depreciation. Direct expenditure, if any, incurred for internally developed intangibles from which future economic benefits are expected to flow over a period of time is treated as Intangible asset as per the Accounting Standard on Intangible Assets (AS – 26) issued by the Institute of Chartered Accountants of India.

1.6 Depreciation / Amortization

1.6.1 Tangible Assets

Depreciation is provided using the straight line method, at the rates and in the manner specified in Schedule XIV of the Companies Act, 1956 except on computer hardware on which depreciation has been provided based on the useful lives as estimated by the management, being 3 to 5 years.

1.6.2 Intangible Assets

Depreciation is provided on computer software using straight line method based on the useful lives as estimated by the management, being 3 to 5 years.

1.6.3 Depreciation/Amortization is charged on a pro-rata basis on assets purchased / sold during the year with reference to date of installation/disposal. Assets costing individually Rs. 5,000/- or less are fully depreciated in the year of purchase / installation.

1.7 Borrowing Costs

Borrowing costs directly attributable to the acquisition of the fixed assets are capitalized for the period until the asset is ready for its intended use.

Other borrowing costs are recognized as expense in the period in which they are incurred.

1.8 Impairment of assets

The carrying amounts of the Companys assets including intangible assets are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the assets recoverable amount is estimated, as the higher of the net selling price and the value in use. An impairment loss is recognized whenever the carrying amount of an asset or its cash generating units exceeds its recoverable amount. If at the Balance Sheet date, there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reinstated at the recoverable amount subject to a maximum of depreciable historical cost.

1.9 Investments

Investments are classified either as current or long term in accordance with Accounting Standard (AS) -13 on “Accounting for Investments”. Current investments are stated at lower of cost or fair value. Any reduction in the carrying amount and any reversal of such reductions are charged or credited to the Profit & Loss account. Long Term Investments are stated at cost. Provision is made to recognize a decline, other than temporary, in the value of such investments.

1.10 Leases

1.10.1 Finance Lease

Assets taken on finance lease are accounted for as fixed assets in accordance with Accounting Standard 19 on leases, (AS 19) issued by The Institute of Chartered Accountants of India.

1.10.2 Operating Lease

Assets taken on lease under which all the risk and rewards of ownership are effectively retained by the lessor are classified as operating lease. Lease payments under operating lease are recognized as expenses on accrual basis in accordance with the respective lease agreement.

1.11 Foreign Currency Transactions

Transactions denominated in foreign currency are recorded at exchange rates prevailing on the date of the respective transaction.

Exchange differences arising on foreign exchange transactions settled during the year are recognized in the Profit and Loss Account of the year. Monetary assets and liabilities in foreign currency, which are outstanding as at the year-end, are translated at the year end closing exchange rate and the resultant exchange differences are recognized in the Profit and Loss Account.

The premium or discount arising at the inception of the forward exchange contracts related to underlying receivables and payables, if any, are amortized as an expense or income recognized over the period of the contracts. Gains or losses on renewal or cancellation of foreign exchange forward contracts are recognized as income or expense for the period.

Investments in overseas Subsidiary / other entities are recognized at the relevant exchange rates prevailing on the date of Investments.

All transactions of the foreign branch during the year are included in the accounts at the rate of exchange prevailing at the end of the month in which the transactions took place. Net Gain / Loss in foreign currency transactions are recognized in the Profit & Loss Account. Monetary assets and liabilities are translated at the rates prevailing on the balance sheet date.

1.12 Employee Benefits :

(a) Short-term employee benefits – Employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits and are recognized in the period in which the employee renders the related service.

(b) Post employment benefits (defined benefit plans) – The employees gratuity scheme is a defined benefit plan. The present value of the obligation under such defined benefit plan is determined at each Balance Sheet date based on an actuarial valuation using projected unit credit method. Actuarial gains and losses are recognized immediately in the Profit and Loss account.

(c) Post employment benefits (defined contribution plans) – Contributions to the provident fund is defined contribution scheme and is recognized as an expense in the Profit and Loss account in the period in which the contribution is due.

(d) Long-term employee benefits – Long- term employee benefits comprise of compensated absences and other employee incentives, if any. These are measured based on an actuarial valuation carried out by an independent actuary at each Balance Sheet date unless they are insignificant. Actuarial gains and losses and past service costs are recognized immediately in the Profit and Loss account.

1.13 Taxation

1.13.1 Current Tax

The provision for current tax is made on the basis of tax liability computed after considering the admissible deductions and exemptions under the provisions of the Income Tax Act, 1961.

Minimum Alternate Tax (MAT) credit is recognized in the Balance Sheet where it is probable that it will be adjusted against the discharge of the tax liability in future under the Income Tax Act, 1961.

1.13.2 Deferred Tax

Deferred tax asset or liability is recognized for reversible timing differences between the profit as per financial statements and the profit offered for income taxes, based on tax rates that have been enacted or substantively enacted at the Balance Sheet date. Deferred tax asset or liability is recognized only for those timing differences that originate during the tax holiday period but reverse after the tax holiday period.

Deferred tax assets are recognized and carried forward to the extent there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

Deferred tax assets on unabsorbed losses are not recognized unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets will be realized.

Deferred Tax assets and liabilities are reviewed at each balance sheet date.

1.14 Earning per Share (EPS)

The earnings considered in ascertaining the Companys EPS comprises the net profit after tax. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year.

Dilutive potential equity shares are deemed to be converted at the beginning of the year, unless they have been issued at a later date. The number of shares used for computing the diluted EPS is the weighted average number of shares outstanding during the year after considering the dilutive potential equity shares.

1.15 Provisions and Contingencies

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

Contingent liabilities are not provided for and are disclosed by way of notes to accounts, where there is an obligation that may, but probably will not, require outflow of resources.

Where there is a possible obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

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 be required to settle the obligation, the provision is reversed.

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