Accounting Policies of Inter State Oil Carrier Ltd. Company

Mar 31, 2025

1. SIGNIFICANT ACCOUNTING POLICIES

i) Basis of Preparation

The financial statements of the Company have been prepared to comply with the Indian Accounting
standards (''Ind AS''), including the rules notified under the relevant provisions of the Companies Act,
2013.

The financial statements have been prepared on a historical cost convention on the accrual basis,
except for the following assets and liabilities which have been measured at fair value.
a. Certain financial assets at fair value (refer accounting policy regarding financial instruments).

The financial statements are presented in Indian Rupees (^ Lakhs).

ii) Summary of Significant Accounting Policies

a) Property, Plant and Equipment

On transition to Ind AS, the Company has adopted optional exception under Ind AS 101 to
measure property, plant and equipment at Indian GAAP carrying value as deemed cost.
Consequently, the Indian GAAP carrying values has been assumed to be deemed cost of property,
plant and equipment on the date of transition. Subsequently, property, plant and equipment are
carried at cost less accumulated depreciation and accumulated impairment losses, if any. Cost
includes expenditure that is directly attributable to the acquisition of the items.

Depreciation on the property, plant and equipment is provided over the useful life of assets as
specified in schedule II to the Companies Act, 2013. Property, plant and equipment which are
added / disposed off during the year, depreciation is provided on pro-rata basis with reference to
the date of addition / deletion. Freehold land is not depreciated.

Capital work-in-progress includes cost of property, plant and equipment under installation /
under development as at the balance sheet date.

Property, plant and equipment''s are eliminated from financial statement, either on disposal or
when retired from active use. Profits / losses arising in the case of retirement of property, plant
and equipment and gains or losses arising from disposal of property, plant and equipment are
recognised in the statement of profit and loss in the year of occurrence.

Intangible assets have been amortized over the period of four financial years.

The estimated useful lives of Property, Plant & Equipments of the Company as follows:

Office Premises : 30 years

Garage : 30 years

Furniture & Fixtures : 10 years

Plant & Equipments : 5 years, 10 years and 15 years

Trucks /Tankers : 8 years

Motor Vehicles : 8 years and 10 years

Computers & Printers : 3 years

The assets residual values, useful lives and method of depreciation are reviewed at each financial
year end and are adjusted prospectively, if appropriate.

b) Impairment of non-current assets

An asset is considered as impaired when at the date of Balance Sheet there are indications of
impairment and the carrying amount of the asset or where applicable the cash generating unit to

which the asset belongs exceeds its recoverable amount (i.e. the higher of the net asset selling
price less cost to sell and value in use). The carrying amount is reduced to the recoverable amount
and the reduction is recognised as an impairment loss in the statement of Profit and Loss. The
impairment loss recognised in the prior accounting period is reversed if there has been a change
in the estimate of recoverable amount. Post impairment, depreciation is provided on the revised
carrying value of the impaired asset over its remaining useful life.

c) Cash and Cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks, cash in hand and short¬
term deposits with an original maturity of three months or less, which are subject to an
insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and
short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered
an integral part of the Company''s cash management.

d) Employee Benefits
Defined Contribution Plans

A defined contribution plan is a post-employment benefit plan under which the Company pays
specified contributions to a separate entity. The Company makes specified monthly contributions
towards Provident Fund. The Company''s contribution recognised as an expense in the Statement
of Profit & Loss during the period in which the employees renders the related service.

Defined Benefit Plans

In respect of liability towards Gratuity, Company has entered into a Group Gratuity Scheme with
Life Insurance Corporation of India.

The other retirement benefits are accounted for as and when the liability for payment arises.

e) Tax Expenses

The tax expense for the period comprises of current and deferred tax. Tax is recognised in
Statement of Profit & Loss, except to the extent that it relates to items recognised in the
comprehensive income or directly in equity respectively. In which case, the tax is also recognised
in other comprehensive income or equity.

Current Tax

Current tax assets and liabilities are measured at the amount expected to be recovered from or
paid to the taxation authorities, based on tax rates and laws that are enacted or substantively
enacted at the balance sheet date.

Deferred Tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used in the computation of
taxable profit.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the
period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that
have been enacted or substantively enacted by the end of the reporting period. The carrying
amount of deferred tax liabilities and assets are reviewed at the end of each reporting period.

f) Financial Instruments - Initial recognition, subsequent measurement and impairment

A financial instrument is any contract that gives rise to a financial asset of one entity and a
financial liability or equally instrument of another enfity.

Financial Assets Initial Recognition and Measurement

All financial assets are recognised initially at fair value plus, in the case of financial assets not
recorded at fair value through profit or loss, transaction costs that are attributable to the
acquisition of the financial asset. Financial assets are classified, at initial recognition, as financial
assets measured at fair value or as financial assets measured at amortised cost.

Financial Assets - Subsequent Measurement

For the purpose of subsequent measurement financial assets are classified in two broad
categories:-

a) Financial Assets at fair value

b) Financial assets at amortised cost

Where assets are measured at fair value, gains and losses are either recognised entirely in the
statement of profit and loss (i.e. fair value through profit or loss) or recognised in other
comprehensive income (i.e. fair value through other comprehensive income).

A financial asset that meets the following two conditions in measured at amortised cost (net of
any write down for impairment) unless the asset is designated at fair value through profit or loss
under the fair value option.

a) Business Model Test: The objective of the Company''s business model is to hold the financial
asset to collect the contractual cash flow (rather than to sell the instrument).

b) Cash Flow Characteristics Test: The contractual terms of the financial asset give rise on
specified dates to cash flow that are solely payments of principal and interest on the principal
amount outstanding.

A financial asset that meets the following two conditions is measured at fair value through other
comprehensive income unless the asset is designated at fair value through profit or loss under the
fair value option.

a) Business Model Test: The financial asset is held within a business model whose objective is
achieved by both collecting contractual cash flow and selling financial assets.

b) Cash Flow characteristics Test: The contractual terms of the financial asset give rise on
specified dates to cash flow that are solely payments of principal and interest on the principal
amount outstanding.

Even if an instrument meets the two requirements to be measured at amortised cost or fair value
through other comprehensive, a financial asset is measured at fair value through profit or loss if
doing so eliminates or significantly reduces a measurement or recognition inconsistency
(sometimes referred to as an accounting mismatch) that would otherwise arise from measuring
assets or liabilities or recognising the gains and losses on them on different bases. All other
financial assets are measured at fair value through profit or loss.

All equity instruments are measured at fair value in the balance sheet, with value changes
recognised in the statement of profit and loss, except for those equity instruments for which the
entity has elected to present value changes in other comprehensive income.

Financial Assets - De-recognition

A financial asset (or where applicable, a part of a financial asset or part of a group of similar

financial assets) is primarily derecognised (i.e. removed from the Company''s statement of
financial position) when:

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

b) The Company has transferred its rights to receive cash flow from the asset or has assumed an
obligation to pay the received cash flow in full without material delay to a third party under a pass¬
through arrangement and either i) the company has transferred substantially all the risks and
rewards of the asset, or ii) the company has neither transferred nor retained substantially all the
risks and rewards of the assets, but has transferred control of the asset.

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

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

Financial Liabilities - Initial Recognition and Measurement

The financial liabilities are recognised initially at fair value and in the case of loans and borrowings
and payables, net of directly attributable transaction costs. The Company''s financial liabilities
include trade and other payable, loans and borrowings including bank overdrafts.

Financial Liabilities - Subsequent Measurement

The measurement of financial liabilities depends on their classification, as described below:
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.
Gains or losses on liabilities held for trading are recognised in the statement of profit and loss.
Financial liabilities designated upon initial recognised at fair value through profit or loss are
designated at the initial date of recognition and only if the criteria in Ind AS 109 as satisfied.
Financial Liabilities - Loans and Borrowings

After initial recognition, interest bearing loans and borrowings are subsequently measured at
amortised cost using Effective Interest Rate (EIR) Method. Gains and losses are recognised in
profit and loss when the liabilities are de-recognition as well as through the EIR amortisation
process. Amortised 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 amortisation in includes
as finance costs in the statement of profit and loss.

Financial Liabilities - De-recognition

A financial liability is de-recognised when the obligation under the liability is discharged or

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

g) Revenue Recognition and Other Income
Sale of Services

Revenue from rendering of services is recognised when the performance of agreed contractual
task has been completed.

Interest income

For all financial instruments measured at amortised cost, interest income is recorded using the
effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash
payments or receipts over the expected life of the financial instrument or a shorter period, where
appropriate to the net carrying amount of the financial asset. Interest income is included in the
other income in the statement of profit and loss.

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Mar 31, 2024

1. SIGNIFICANT ACCOUNTING POLICIES

i) Basis of Preparation

The financial statements of the Company have been prepared to comply with the Indian Accounting standards (''Ind AS''), including the rules notified under the relevant provisions of the Companies Act, 2013.

The financial statements have been prepared on a historical cost convention on the accrual basis, except for the following assets and liabilities which have been measured at fair value.

a. Certain financial assets at fair value (refer accounting policy regarding financial instruments).

The financial statements are presented in Indian Rupees ('' Lakhs).

ii) Summary of Significant Accounting Policies

a) Property, Plant and Equipment

On transition to Ind AS, the Company has adopted optional exception under Ind AS 101 to measure property, plant and equipment at Indian GAAP carrying value as deemed cost. Consequently, the Indian GAAP carrying values has been assumed to be deemed cost of property, plant and equipment on the date of transition. Subsequently, property, plant and equipment are carried at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditure that is directly attributable to the acquisition of the items.

Depreciation on the property, plant and equipment is provided over the useful life of assets as specified in schedule II to the Companies Act, 2013. Property, plant and equipment which are added / disposed off during the year, depreciation is provided on pro-rata basis with reference to the date of addition / deletion. Freehold land is not depreciated.

Capital work-in-progress includes cost of property, plant and equipment under installation / under development as at the balance sheet date.

Property, plant and equipment''s are eliminated from financial statement, either on disposal or when retired from active use. Profits / losses arising in the case of retirement of property, plant and equipment and gains or losses arising from disposal of property, plant and equipment are recognised in the statement of profit and loss in the year of occurrence.

Intangible assets have been amortized over the period of four financial years.

The estimated useful lives of Property, Plant & Equipments of the Company as follows:

Office Premises : 30 years

Garage : 30 years

Furniture & Fixtures : 10 years

Plant & Equipments : 5 years, 10 years and 15 years

Trucks /Tankers : 8 years

Motor Vehicles : 8 years and 10 years

Computers &Printers : 3 years

The assets residual values, useful lives and method of depreciation are reviewed at each financial year end and are adjusted prospectively, if appropriate.

b) Impairment of non-current assets

An asset is considered as impaired when at the date of Balance Sheet there are indications of impairment and the carrying amount of the asset or where applicable the cash generating unit to which the asset belongs exceeds its recoverable amount (i.e. the higher of the net asset selling price less cost to sell and value in use). The carrying amount is reduced to the recoverable amount and the reduction is recognised as an impairment loss in the statement of Profit and Loss. The impairment loss recognised in the prior accounting period is reversed if there has been a change in the estimate of recoverable amount. Post impairment, depreciation is provided on the revised carrying value of the impaired asset over its remaining useful life.

c) Cash and Cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks, cash in hand and shortterm deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Company''s cash management.

d) Employee Benefits Defined Contribution Plans

A defined contribution plan is a post-employment benefit plan under which the Company pays specified contributions to a separate entity. The Company makes specified monthly contributions towards Provident Fund. The Company''s contribution recognised as an expense in the Statement of Profit & Loss during the period in which the employees renders the related service.

Defined Benefit Plans

In respect of liability towards Gratuity, Company has entered into a Group Gratuity Scheme with Life Insurance Corporation of India.

The other retirement benefits are accounted for as and when the liability for payment arises.

e) Tax Expenses

The tax expense for the period comprises of current and deferred tax. Tax is recognised in Statement of Profit & Loss, except to the extent that it relates to items recognised in the comprehensive income or directly in equity respectively. In which case, the tax is also recognised in other comprehensive income or equity.

Current Tax

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted at the balance sheet date.

Deferred Tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the

period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The carrying amount of deferred tax liabilities and assets are reviewed at the end of each reporting period.

f) Financial Instruments - Initial recognition, subsequent measurement and impairment

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equally instrument of another entity.

Financial Assets Initial Recognition and Measurement

All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Financial assets are classified, at initial recognition, as financial assets measured at fair value or as financial assets measured at amortised cost.

Financial Assets - Subsequent Measurement

For the purpose of subsequent measurement financial assets are classified in two broad categories:-

a) Financial Assets at fair value

b) Financial assets at amortised cost

Where assets are measured at fair value, gains and losses are either recognised entirely in the statement of profit and loss (i.e. fair value through profit or loss) or recognised in other comprehensive income (i.e. fair value through other comprehensive income)

A financial asset that meets the following two conditions in measured at amortised cost (net of any write down for impairment) unless the asset is designated at fair value through profit or loss under the fair value option.

a) Business Model Test: The objective of the Company''s business model is to hold the financial asset to collect the contractual cash flow (rather than to sell the instrument).

b) Cash Flow Characteristics Test: The contractual terms of the financial asset give rise on specified dates to cash flow that are solely payments of principal and interest on the principal amount outstanding.

A financial asset that meets the following two conditions is measured at fair value through other comprehensive income unless the asset is designated at fair value through profit or loss under the fair value option.

a) Business Model Test: The financial asset is held within a business model whose objective is achieved by both collecting contractual cash flow and selling financial assets.

b) Cash Flow characteristics Test: The contractual terms of the financial asset give rise on specified dates to cash flow that are solely payments of principal and interest on the principal amount outstanding.

Even if an instrument meets the two requirements to be measured at amortised cost or fair value through other comprehensive, a financial asset is measured at fair value through profit or loss if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an accounting mismatch) that would otherwise arise from measuring

assets or liabilities or recognising the gains and losses on them on different bases. All other financial assets are measured at fair value through profit or loss.

All equity instruments are measured at fair value in the balance sheet, with value changes recognised in the statement of profit and loss, except for those equity instruments for which the entity has elected to present value changes in other comprehensive income.

Financial Assets - De-recognition

A financial asset (or where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e. removed from the Company''s statement of financial position) when:

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

b) The Company has transferred its rights to receive cash flow from the asset or has assumed an obligation to pay the received cash flow in full without material delay to a third party under a pass-through arrangement and either i) the company has transferred substantially all the risks and rewards of the asset, or ii) the company has neither transferred nor retained substantially all the risks and rewards of the assets, but has transferred control of the asset.

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

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

Financial Liabilities - Initial Recognition and Measurement

The financial liabilities are recognised initially at fair value and in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company''s financial liabilities include trade and other payable, loans and borrowings including bank overdrafts.

Financial Liabilities - Subsequent Measurement

The measurement of financial liabilities depends on their classification, as described below: 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.

Gains or losses on liabilities held for trading are recognised in the statement of profit and loss.

Financial liabilities designated upon initial recognised at fair value through profit or loss are designated at the initial date of recognition and only if the criteria in Ind AS 109 as satisfied.

Financial Liabilities - Loans and Borrowings

After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using Effective Interest Rate (EIR) Method. Gains and losses are recognised in profit and loss when the liabilities are de-recognition as well as through the EIR amortisation process. Amortised 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 amortisation in includes as finance costs in the statement of profit and loss.

Financial Liabilities - De-recognition

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

g) Revenue Recognition and Other Income Sale of Services

Revenue from rendering of services is recognised when the performance of agreed contractual task has been completed.

Interest income

For all financial instruments measured at amortised cost, interest income is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate to the net carrying amount of the financial asset. Interest income is included in the other income in the statement of profit and loss.

h) Provisions, contingent liabilities, contingent assets and commitments

Provisions are recognised when the company has a present obligations (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligations and a reliable estimate can be made of the amount of the obligations. If the effect of the time value of money is material, provisions are discounted using equivalent period government securities interest rate. Unwinding of the discount is recognised in the statement of Profit and loss as a finance cost. Provisions are reviewed at each balance sheet date and are adjusted to reflect the current best estimate.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made. Information on contingent liability is disclosed in the Notes to be Financial Statements.

Contingent assets are not recognised. However when the realisation of income is virtually certain, then the related asset is no longer a contingent asset, but it is recognised as an asset.

i) Current and Non-current Classification

The company presents assets and liabilities in statement of financial position based on current / non-current classification.

The company has presented non-current assets and current assets before equity, non-current liabilities and current liabilities in accordance with Schedule III, Division II of Companies Act, 2013 notified by Ministry of Corporate Affairs.

An assets is classified as current when it is :

a) Expected to be realised or intended to be sold or consumed in normal operating cycle.

b) Held primarily for the purpose of trading.

c) Expected to be realised within twelve months after the reporting period or

d) Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current A liability is classified as current when it is :

a) Expected to be settled in normal operating cycle

b) Held primarily for the purpose of trading

c) Due to be settled within twelve months after the reporting period or

d) There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period

All other liabilities are classified as non-current

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash equivalents. Deferred tax assets and liabilities are classified as noncurrent assets and liabilities. The company has identified twelve months as its normal operating cycle.

j) Fair Value Measurement

The company measures financial instruments at fair value at each balance sheet date.

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

a) In the principal market for the asset or liability or

b) In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of non-financial asset takes into account a market participants ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised 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.

a) Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

b) Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

c) 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 recognised in the financial statements on a recurring basis, the company determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

k) Offseffing Financial Instruments

Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable rights to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable rights 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 counterparty.

iii) Significant Accounting Judgement, Estimates and Assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets, and liabilities and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future period. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significnat risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the company. Such changes are reflected in the assumptions when they occur.

Property, Plant and Equipment

Internal technical team or user team assess the remaining useful lives and residual value of property, plant and equipment. Management believes that the assigned useful lives and residual value are reasonable.

Contingencies

Management has estimated the possible outflow of resources at the end of each annual reporting

period, if any, in respect of contingencies / claim / litigations against the company as it is not possible to predict the outcome of pending matters with accuracy.

Impairment of Financial Assets

The impairment provisions for financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on Company''s past history, existing market conditions as well as forward looking estimates at the end of each reporting period.

Impairment of Non-Financial Assets

The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher of an asset''s or Cash Generating Units (CGU) fair value less costs of disposal and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent to those from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 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. In determining fair value less cost of disposal recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples or other available fair value indicators.

Defined Benefits Plans

The Cost of the defined benefit plan and other post-employment benefits and the present value of such obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and attrition rate. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

Fair Value Measurement of Financial Instruments

When the fair value of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted Cash flow (DCF) model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments.

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Mar 31, 2015

I. Basis of Preparation :

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 2013.

II. System of Accounting :

The financial statements have been prepared under the historical cost convention using accrual method of accounting.

III. Use of Estimates :

The preparation of the financial statements in conformity with the accounting standards generally accepted in India requires the management to make estimates that affect the reported amount of assets & liabilities disclosure of contingent liabilities as at the date of the financial statement and reported amounts of revenue and expenses for the year. Actual results could differ from these estimates.

IV. Investments:

Investments of Shares, being long term, are stated at cost, less permanent diminution in value, if any. Diminution in value of investment, if any, has been considered as temporary in nature.

V. Fixed Assets and Depreciation :

Fixed assets are carried at cost of acquisition inclusive of all direct expenses related to such assets up to the date the assets are put to useless accumulated depreciation.

Depreciation on Tangible Fixed Assets has been provided on written down value method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013. Depreciation on Tangible Fixed Assets added / disposed of during the year is provided on prorate basis with reference to the date of addition / disposal.

The unamortised carrying value is being depreciated over the revised / remaining useful lives. The written down value of Tangible Fixed Assets whose lives have expired as at 1 *' April 2014 have been adjusted in the opening balance of Profit & Loss Statement.

Intangible assets have been amortized over the period of four financial years.

VI. Material Events :

Material events occurring after the Balance Sheet date are taken into cognizance.

VII. Recognition of Income & Expenditure :

The Revenue recognized for transport as and when the service has been rendered and dividend accounted on accrual basis.

VIII. Retirement Benefit

In respect of liability towards gratuity, company has entered into a group gratuity scheme with Life insurance Corporation of India.

Retirement Benefits in the form of Provident Fund & Pension Scheme whether in pursuance of any law or otherwise is accounted for on accrual basis and charged to the Statement of Profit & Loss.

The other retirement benefits are accounted for as and when the liability for payment arises.

IX) Impairment Assets

At each Balance Sheet date, an assessment is made whether any indication exists that an assets has been impaired. If any such indication exists, an impairment loss i.e., the amount by which the carrying amount of an asset exceeds its recoverable amount is provided in the books of account.

X) Taxes on Income

Provision of current tax is made with reference to taxable income computed for the accounting period for which the financial statements are prepared by applying the tax rates as applicable.

Deferred Tax Liabilities is recognised on the basis of timing differences being the difference between taxable income that originate in one period and is capable of reversal in one or more subsequent years. The deferred tax charge is recognized using the enacted tax rate. Deferred Tax Assets are recognized only to the extent that there is virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax assets can be realized.

Deferred Tax Assets/Liabilities are reviewed as at balance sheet date based on the developments during the year and reassess assets/liabilities in terms of AS-22 issued by ICAI.

XI) Earning Per Share

Basic and diluted earnings per share are computed in accordance with Accounting Standard 20 "Earnings per Share".

Basic earnings per share is calculated by dividing the net profit or loss after tax for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.

Diluted earnings per share are computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the year except where the results are anti-dilutive.

XII) Prior Period Item

Prior period expenses / income is accounted under the respective heads, material item if any, are disclosed separately by way of notes.

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Mar 31, 2014

I. Basis of Preparation :

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956 and the Companies Act, 2013.

II. System of Accounting :

The financial statements have been prepared under the historical cost convention using accrual method of accounting.

III. Investments:

Investments of Shares, being long term, are stated at cost, less permanent diminution in value, if any. Diminution in value of investment, if any, has been considered as temporary in nature.

IV. Fixed Assets and Depreciation :

- Fixed assets are carried at cost of acquisition inclusive of all direct expenses related to such assets up to the date the assets are put to use less accumulated depreciation.

- In case of revaluation of fixed assets of the company, increase in net book value is credited to owner''s interest under the head Revaluation Reserve and decrease in net book value is charged to Statement of Profit & Loss.

- Depreciation on Fixed Assets has been provided under straight line method as per rates prescribed in Schedule XIV of the Companies Act, 1956. In respect of assets acquired/sold during the year, depreciation has been provided on pro-rata basis.

V. Material Events :

Material events occurring after the Balance Sheet date are taken into cognizance.

VI. Retirement Benefit

In respect of liability towards gratuity, company has made provision at the rate of one month current salary for each completed year of service instead of on actuarial basis as required under AS 15 "Employee Benefits". There is no defined contribution plan.

Retirement Benefits in the form of Provident Fund & Pension Scheme whether in pursuance of any law or otherwise is accounted for on accrual basis and charged to the Statement of Profit & Loss.

The other retirement benefits are accounted for as and when the liability for payment arises.

vii) Future Contract

In respect of Futures Contract, Mark to Market Debit and Credit balance on open contract as on 31.03.2014 has been recognized in the Statement of Profit & Loss.

viii) Impairment Assets

At each Balance Sheet date, an assessment is made whether any indication exists that an assets has been impaired. If any such indication exists, an impairment loss i.e., the amount by which the carrying amount of an asset exceeds its recoverable amount is provided in the books of account.

ix) Taxes on Income

Provision of current tax is made with reference to taxable income computed for the accounting period for which the financial statements are prepared by applying the tax rates as applicable.

Deferred Tax Liabilities is recognised on the basis of timing differences being the difference between taxable income that originate in one period and is capable of reversal in one or more subsequent years. The deferred tax charge is recognized using the enacted tax rate. Deferred Tax Assets are recognized only to the extent that there is virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax assets can be realized.

Deferred Tax Assets/Liabilities are reviewed as at balance sheet date based on the developments during the year and reassess assets/liabilities in terms of AS-22 issued by ICAI.

x) The preparation of the financial statements in conformity with the accounting standards generally accepted in India requires the management to make estimates that affect the reported amount of assets & liabilities, disclosure of contingent liabilities as at the date of the financial statement and reported amounts of revenue and expenses for the year. Actual results could differ from these estimates.

xi) Recognition of Income and Expenditure

The Revenue recognized for transport as and when the service has been rendered and dividend accounted on accrual basis.

xii) Change in Accounting Policy

The company has changed its accounting policy from cash basis to accrual basis in current financial year in respect of Bonus and Gratuity. The company has provided provision for bonus and gratuity on accrual basis in the financial statements. Due to change in method of accounting, the profit of the company during the year has been understated by Rs. 4,33,366/-.

xiii) Prior Period Item

Prior period expenses / income is accounted under the respective heads, material item if any, are disclosed separately by way of notes.

b) Terms attached to equity shares

The company has only one class of shares having par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share.

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Mar 31, 2013

I. Basis of Preparation :

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956..

II. System of Accounting :

The financial statements have been prepared under the historical cost convention using accural method of accounting except bonus which is accounted for on cash basis.

III. Investments:

Investments of Shares, being long term, are stated at cost, less permanent diminution in value, if any. Diminution in value of investment, if any, has been considered as temporary in nature.

IV. Fixed Assets and Depreciation :

- Fixed Assets are carried at cost of acquisition inclusive of all direct expenses related to such assets up to the date the assets are put to use less accumulated depreciation.

- In case of revaluation of fixed assets of the company, increase in net book value is credited to owner''s interest under the head Revaluation Reserve and decrease in net book value is charged to Statement of Profit & Loss.

- Depreciation on Fixed Assets has been provided under straight line method as per rates prescribed in Schedule XIV of the Companies Act, 1956. In respect of assets acquired/sold during the year, depreciation has been provided on pro-rata basis.

V. Material Events :

Material events occurring after the Balance Sheet date are taken into cognizance.

VI. Retirement Benefit

- The gratuity is accounted for as and when paid.

- Retirement Benefits in the form of Provident Fund & Pension Scheme whether in pursuance of any law or otherwise is accounted for on accural basis and charged to the statement of Profit & Loss.

- The other retirement benefits are accounted for as and when the liability for payment arises.

VII. Impairment of Assets:

At each Balance Sheet date, an assessment is made whether any indication exists that an assets has been impaired. If any such indication exists, an impairment loss i.e., the amount by which the carrying amount of an asset exceeds its recoverable amount is provided in the books of account.

VIII. Taxes on Income :

- Provision of current tax is made with reference to taxable income computed for the accounting period for which the financial statements are prepared by applying the tax rates as applicable.

- Deferred Tax Liabilities is recognised on the basis of timing differences being the difference between taxable income that originate in one period and is capable of reversal in one or more subsequent years. The deferred tax charge is recognized using the enacted tax rate. Deferred Tax Assets are recognized only to the extent that there is virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax assets can be realized.

Deferred Tax Assets/Liabilities are reviewed as at balance sheet date based on the developments during the year and reassess assets/liabilities in terms of AS-22 issued by ICAI.

IX. Future Contract

In respect of Futures Contract, Mark to Market Debit and Credit balance on open contract as on 31.03.2013 has been recognized in the Profit & Loss Account.

X. The preparation of the financial statements in conformity with the accounting standards generally accepted in India requires the management to make estimates that affect the reported amount of assets & liabilities, disclosure of contingent liabilities as at the date of the financial statement and reported amounts of revenue and expenses for the year. Actual results could differ from these estimates.

XI. Recognition of Income and Expenditure :

The Revenue Recognized for transport as and when the service has been rendered and dividend accounted on accrual basis.

XII. Prior Period Item:

Prior period expenses / income is accounted under the respective heads, material item if any, are disclosed separately by way on notes.

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Mar 31, 2011

1. Basis of Preparation of Financial Statement:

The Financial Statements of the Company have been prepared and presented under the historical cost convention on the accrual basis of accounting in accordance with the Accounting Principal Generally accepted in India (GAAP) and comply with the mandatory Accounting Standard (AS) issued by the Institute of Chartered Accountants of India to the extent applicable and with the relevant provisions of the Companies Act, 1956.

2. Revenue Recognition:

The Revenue Recognized for transport as and when the service has been rendered and for shares when transfer take place, dividend accounted on accrual basis.

3. Material Events:

Material events occurring after the Balance Sheet date are taken into cognizance.

4. Prior Period Item:

Prior period expenses / income is accounted under the respective heads, material item if any, are disclosed separately by way on notes.

5. Investments:

Investments: Investments of Shares, being long term, are stated at cost, less permanent diminution in value, if any. Diminution in value of investment, if any, has been considered as pemporary in nature.

6. Fixed Assets:

i) Fixed assets are stated at cost of acquisition inclusive of all direct expenses related to such assets up to the date the assets are put to use.

ii) Depreciation is provided on pro-rata basis under Straight Line Method as per Schedule XIV of the Companies Act, 1956.

7. Retirement Benefit

As informed to us, no employee has completed five years of service as on the balance sheet date, so provision of gratuity has not been made.

8. Provision for Taxation

Provision for current tax is made after taking into consideration benefit admissible under provisions of the Income Tax Act, 1961. Deferred tax resulting from timing difference between taxable profits and book profit is accounted for using the tax rate and law, which have been enacted or substantively enacted as on the balance sheet date. The deferred tax assets are recognized and carry forward only to the extent that there is reasonable certainty that the asset will be realized in future.

9. Related Party disclosure

Disclosure of transaction with related party as required by Accounting Standard 18 has been set out in a separate statement annexed to the Notes on Accounts. Related parties defined under clause 3 of Accounting Standard have been identified on the basis of representation made by key managerial personnel and information available with the company.

10. Impairment of Assets:

At each Balance Sheet date, an assessment is made whether any indication exists that an assets has been impaired. If any such indication exists, an impairment loss i.e., the amount by which the carrying amount of an asset exceeds its recoverable amount is provided in the books of account

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Mar 31, 2010

1. Basis of Preparation of Financial Statement:

The Financial Statements of the Company have been prepared and presented under the historical cost convention on the accrual basis of accounting in accordance with the Accounting Principal Generally accepted in India (GAAP) and comply with the mandatory Accounting Standard (AS) issued by the Institute of Chartered Accountants of India to the extent applicable and with the relevant provisions of the Companies Act, 1956.

2. Revenue Recognition:

The Revenue Recognized for transport as and when the service has been rendered and for shares when transfer take place, dividend accounted on accrual basis.

3. Material Events:

Material events occurring after the Balance Sheet date are taken into cognizance.

4. Prior Period Item:

Prior period expenses / income is accounted under the respective heads, material item if any, are disclosed separately by way on notes.

5. Investments:

Investments: Investments of Shares, being long term, are stated at cost, less permanent diminution in value, if any.

6. Fixed Assets:

i) Fixed assets are stated at cost of acquisition inclusive of all direct expenses related to such assets up to the date the assets are put to use.

ii) Depreciation is provided on pro-rata basis under Straight Line Method as per Schedule XIV of the Companies Act, 1956.

7. Retirement Benefit

As informed to us, no employee has completed five years of service as on the balance sheet date, so provision of gratuity has not been made. As Company is not covered under P.F Act so provision are not applicable.

8. Provision for Taxation

Provision for current tax is made after taking into consideration benefit admissible under provisions of the Income Tax Act, 1961. Deferred tax resulting from timing difference between taxable profits and book profit is accounted for using the tax rate and law, which have been enacted or substantively enacted as on the balance sheet date. The deferred tax assets are recognized and carry forward only to the extent that there is reasonable certainty that the asset will be realized in future.

9. Related Party disclosure

Disclosure of transaction with related party as required by Accounting Standard 18 has been set out in a separate statement annexed to the Notes on Accounts. Related parties defined under clause 3 of Accounting Standard have been identified on the basis of representation made by key managerial personnel and information available with the company.

10. Impairment of Assets:

At each Balance Sheet date, an assessment is made whether any indication exists that an assets has been impaired. If any such indication exists, an impairment loss i.e., the amount by which the carrying amount of an asset exceeds its recoverable amount is provided in the books of account

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Mar 31, 2009

1. Basis of Preparation of Financial Statement:

The Financial Statements of the Company have been prepared and presented under the historical cost convention on the accrual basis of accounting in accordance with the Accounting Principal Generally accepted in India (GAAP) and comply with the mandatory Accounting Standard (AS) issued by the Institute of Chartered Accountants of India to the extent applicable and with the relevant provisions of the Companies Act, 1956.

2. Revenue Recognition:

The Revenue Recognized for transport as and when the service has been rendered and for shares when transfer take place, dividend accounted on accrual basis.

3. Material Events:

Material events occurring after the Balance Sheet date are taken into cognizance.

4. Prior Period Item:

Prior period expenses / income is accounted under the respective heads, material item if any, are disclosed separately by way on notes.

5. Investments:

Investments: Investments of Shares, being long term, are stated at cost, less permanent diminution in value, if any.

6. Fixed Assets:

i) Fixed assets are stated at cost of acquisition inclusive of all direct expenses related to such assets up to the date the assets are put to use.

ii) Depreciation is provided on pro-rata basis under Straight Line Method as per Schedule XIV of the Companies Act, 1956.

7. Retirement Benefit

As informed to us, no employee has completed five years of service as on the balance sheet date, so provision of gratuity has not been made. As Company is not covered under P.F Act so provision are not applicable.

8. Provision for Taxation

Provision for current tax is made after taking into consideration benefit admissible under provisions of the Income Tax Act, 1961. Deferred tax resulting from timing difference between taxable profits and book profit is accounted for using the tax rate and law, which have been enacted or substantively enacted as on the balance sheet date. The deferred tax assets are recognized and carry forward only to the extent that there is reasonable certainty that the asset will be realized in future.

9. Related Party disclosure

Disclosure of transaction with related party as required by Accounting Standard 18 has been set out in a separate statement annexed to the Notes on Accounts. Related parties defined under clause 3 of Accounting Standard have been identified on the basis of representation made by key managerial personnel and information available with the company.

10. Impairment of Assets:

At each Balance Sheet date, an assessment is made whether any indication exists that an assets has been impaired. If any such indication exists, an impairment loss i.e., the amount by which the carrying amount of an asset exceeds its recoverable amount is provided in the books of account.