Accounting Policies of Multiplus Holdings Ltd. Company

Mar 31, 2024

2. Summary of significant accounting policies

2.1 Basis of preparation and Measurement

The Financial statements have been prepared on an accrual basis of
accounting and under the historical cost convention.

The Financial statements are presented in Indian Rupees (“INR”) and all
values are rounded to the nearest lakhs, except otherwise stated as per the
requirement of Schedule III.

All the Assets & Liabilities have been classified as current or non-current
as per the Company’s normal operating cycle and other criteria as set out
in AS 1 and Schedule III to the said Act.

2.2 Classification of Current and Non-Current
An asset is treated as current when it is:

i) Expected to be realized or intended to be sold or consumed in
normal operating cycle,

ii) Held primarily for the purpose of trading,

iii) Expected to be realized within twelve months after the reporting
period, or

iv) 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 current when:

i) It is expected to be settled in normal operating cycle,

ii) It is held primarily for the purpose of trading,

iii) It is due to be settled within twelve months after the reporting
period, or

iv) There is no unconditional right to determine the settlement of the
liability for at least twelve months after the reporting period.

The Company classifies all other liabilities as non - current.

2.3 Use of estimates and judgements and estimation uncertainty

The preparation of financial statements in conformity with the recognition
and measurement principles of IndAS requires management of the
Company to make judgments, estimates and assumptions that affect the
reported amounts of assets and liabilities, disclosures including disclosures
of contingent assets and contingent liabilities as at the date of financial
statements and the reported amounts of revenues and expenses during the
period. Actual results may differ from these estimates. Estimates and
underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimates
are revised and in future periods which are affected.

Key sources of estimation of uncertainty at the date of the financial
statements, which may cause a material adjustment to the carrying
amounts of assets and liabilities within the next financial year, is in respect
of fair valuation of unquoted equity investments, impairment of financial
instruments.

2.4 Financial Instruments

Financial assets and liabilities are recognized when the company becomes
a party to the contractual provisions of the instruments.

Financial Assets

Initial recognition and measurement:

All financial assets are initially recognized at cost/fair value. Transaction
costs of acquisition of financial assets carried at Fair value through profit
or loss are expensed in the Statement of profit and loss. Financial assets
are classified, at initial recognition and subsequent measurements, as
financial assets at fair value or as financial assets measured at amortized
cost.

A financial asset is measured at amortized cost less impairment, if the
objective of the company’s business model is to hold the financial asset to
collect the contractual cash flows.

Impairment of financial assets:

The company assesses on a forward basis the expected credit losses
associated with its financial assets carried at amortized cost. For trade
receivables, the company applies the simplified approach permitted by Ind
AS 109 Financial instruments, which requires expected credit losses to be
recognized from initial recognition of the receivables.

Derecognition:

The company derecognizes a financial asset only when the contractual
rights to the cash flows from the asset expires or it transfers the financial
asset and substantially all the risks and rewards of ownership of the asset.

Financial liabilities

Initial recognition and measurement

All financial liabilities are recognized initially at cost/fair value. The
company’s financial liabilities include trade and other payables.

Financial liabilities are classified as ‘Financial liabilities at fair value
through profit or loss’ if they are held for trading or if they are designated
as financial liabilities upon initial recognition at fair value through profit
or loss. Financial liabilities are classified as held for trading if they are
incurred for the purpose of repurchasing in the near term.

Derecognition

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 or
loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offsetted and the net amount is
reported in the balance sheet if there is a currently enforceable legal right
to offset the recognized amounts and there is an intention to settle on a net
basis, to realize the assets and settle the liabilities simultaneously.

2.5 Fair Value Measurement

The fair value of an asset or a liability is measured using the assumptions
that the market participants would use when pricing the asset or liability.
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 and whether the asset is available
for sale during a reasonable foreseeable future:

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 re-assessing categorization
(based on the lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting year.

2.6 Cash Flows and Cash and cash equivalents
Cash Flows

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

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash on hand,
cheques and drafts on hand, balance with banks in current accounts and
short-term deposits with an original maturity of three months or less,
which are subject to an insignificant risk of change in value.

2.7 Property Plant and Equipment

Property, plant and equipment are stated at cost of acquisition less
accumulated depreciation / amortisation. Cost includes all expenses
incidental to the acquisition of the property, plant and equipment and any
attributable cost of bringing the asset to its working condition for its
intended use. However, there are no property, plant, equipment’s and
intangible assets in the company

2.8 Depreciation and amortisation of property, plant and equipment

Depreciation on tangible fixed assets has been provided on the straight¬
line method as per the useful life prescribed in Schedule II to the
Companies Act, 2013. The residual values, useful lives and method of
Depreciation of property, plant and equipment are reviewed at each
financial year end. Changes in the expected useful life are accounted by
changing the amortisation period or methodology, as appropriate, and
treated as changes in accounting estimates. Property plant and equipment

is derecognised on disposal or when no future economic benefits are
expected from its use. Any gain or loss arising on derecognition of the
asset (calculated as the difference between the net disposal proceeds and
the canying amount of the asset) is recognised in other income / expense
in the statement of profit and loss in the year the asset is derecognised.
The date of disposal of an item of property, plant and equipment is the
date the recipient obtains control of that item in accordance with the
requirements for determining when a performance obligation is satisfied in
IndAS 115.

As there are no property plant, equipment and Intangible assets in the
company no depreciation is provided for the year.

2.9 Use of Judgment''s, Estimates and Assumptions

The preparation of the Company’s financial statements requires
management to make judgments, 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 periods. Difference between actual
results and estimates are recognized in the periods in which the results are
known / materialize. The estimates and associated assumptions are based
on historical experience and various other factors that are believed to be
reasonable under the circumstances existing when the financial statements
were prepared. The estimates and underlying assumptions are reviewed on
an ongoing basis. Revision to accounting estimates is recognized in the
year in which the estimates are revised.

Judgments

In the process of applying the company’s accounting policies,
management has made the following judgements which have a significant
effect on the amounts recognized in the financial statements:

Fixed/Liquid Maturity Plans fCurrent/Non Current Investments)

Debt instruments that are measured at FVOCI have contractual terms that
give rise on specified dates to cash flows that are solely payments of
principal and interest on principal outstanding and that are held within a
business model whose objective is achieved by both collecting contractual
cash flows and selling financial assets. These instruments largely comprise
long-term investments made by the Company. On maturity/redemption
cumulative gains or losses are recognised through profit and loss account
The Non Current Investments are made by the company in debenture
bonds of various banking companies and fixed maturity plan mutual funds
which are not available for sale, they are recognised at cost in the balance
sheet upto contractual redemption.

Equity Instruments at FVOCI

These include financial assets that are equity instruments as defined in Ind
AS 32 “Financial Instruments: Presentation” and are not held for trading
and where the Company’s management has elected to irrevocably
designated the same as Equity instruments at FVOCI upon initial
recognition. Subsequently, these are measured at fair value and changes
therein are recognised directly in other comprehensive income, net of
applicable income taxes.

Dividends from these equity investments are recognised in the statement
of profit and loss when the right to receive the payment has been
established.

The Company has valued Current Investments in Equity Shares and
Liquid Equity Mutual Funds at FVOCI

Fair value through Profit and loss account

Financial assets are measured at FVTPL unless it is measured at amortised
cost or at FVOCI on initial recognition. The transaction costs directly
attributable to the acquisition of financial assets at fair value through profit
or loss are immediately recognised in profit or loss.

Financial Liabilities and equity instruments
Classification as debt or equity

Financial liabilities and equity instruments issued by the Company are
classified according to the substance of the contractual arrangements
entered into and the definitions of a financial liability and an equity
instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in
the assets of the Company after deducting all of its liabilities. Equity
instruments are recorded at the proceeds received, net of direct issue costs.

Other Financial Liabilities

These are measured at amortised cost.

Reclassification of Financial assets

The company re-classifies its financial assets subsequent to their initial
recognition, apart from the exceptional circumstances when the company
changes its business model for managing such financial assets. The
company does not re-classify its financial liabilities.

2.10 Investment in subsidiaries

The company has no investments in subsidiaries.

2.11 Foreign currency transactions and translation

The financial statements of the Company are presented in Indian rupees
(INR), which is the functional currency of the Company and the
presentation currency for the financial statements. In preparing the
financial statements, transactions in currencies other than the Company’s
functional currency are recorded at the rates of exchange prevailing on the
date of the transaction. At the end of each reporting period, monetary
items denominated in foreign currencies are re-translated at the rates

prevailing at the end of the reporting period. Exchange differences arising
on the retranslation or settlement of monetary items are included in the
statement of profit and loss for the period. However, there are no foreign
currency transaction during the year.

2.12 Employee benefits

All employee benefits payable wholly within twelve , months of rendering
the service are classified as shortterm employee benefits. Benefits such as
salaries, performance incentives, etc., are recognised as an expense at the
undiscounted amount in the Statement of Profit and Loss for the year in
which the employee renders the related service.

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Mar 31, 2014

1.1 Basis of preparation of financial statements

The financial statements have been prepared and presented under the historical cost convention on the accrual basis of accounting and comply with the Accounting Standards issued by the Institute of Chartered Accountants of India (''ICAI'') and the relevant provisions of the Companies Act, 1956, to the extent applicable.

1.2 Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles (''GAAP'') requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of financial statements, and the reported amount of revenue and expenses during the reporting period. The estimates and assumptions used in the accompanying financial statements are based upon management''s evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results may differ from the estimates used in preparing the accompanying financial statements. Any revision to accounting estimates is recognised prospectively in current and future periods.

1.3 Fixed assets and depreciation

The Company values its Fixed Assets on written down value. Depreciation is charged as per the rates prescribed by the Companies Act, 1956. The company practices reducing balance method for charging depreciation on Fixed Assets.

1.4 Intangible Assets

The Company does not own any Intangible Assets.

1.5 Going Concern

As at March 31, 2014 the Company has accumulated Profit of approximately Rs. 413.40 Lacs (Previous year - Rs. 399.48 Lacs).

Accordingly, these financial statements have been prepared under the going concern assumption.

1.6 Income

(i) Income from investment and derivatives trading in Shares is recognised on Accrual Basis

(ii) Dividend income from investments is recognised when the Company''s right to receive payment is established.

1.7 Employees Retirement benefits

The Company provides for retirment benefits in form of gratuty. Such defined benefits are charged to the Profit & Loss Accounts, as applicable, as incurred.

1.8 Foreign Currency Transactions

Company does not have any transaction involving foreign currency.

1.9 Investments

Long term investments are stated at cost. Cost includes brokerage and other directly related payments made for acquiring investments. Provision, where necessary, is made to recognise a diminution, other than temporary, in the value of the investments. Current investments are stated at lower of cost and fair value.

1.10 Inventories

Company does not possess any inventories.

1.11 Taxation

Income tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with the income tax law) and deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the period.) Provision for current Income taxes is made at the tax rate applicable to the relevant assessment year. The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognised using the tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognised only to the extent that there is a reasonable certainty that the assets can be realised in future; however, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognised only if there is a virtual certainty of realisation of such assets. Deferred tax assets are reviewed as at each balance sheet date and written down or written up to reflect the amount that is reasonable / virtually certain (as the case may be) to be realised.

1.12 Earnings per share (''EPS'')

The basic earnings per share is computed by dividing the net profit attributable to the equity shareholders for the period by the weighted average number of equity shares outstanding during the Year ended March 31,2014.

1.13 Provisions and contingent liabilities

The Company creates a provision where there is present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible or a present obligation that may, but probably will not require an outflow of resources. When there is a possible obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made

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Mar 31, 2013

1.1 Basis of preparation of financial statements

The financial statements have been prepared and presented under the historical cost convention on the accrual basis of accounting and comply with the Accounting Standards issued by the Institute of Chartered Accountants of India (TCAF) and the relevant provisions of the Companies Act, 1956, to the extent applicable.

1.2 Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles (''GAAP'') requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of financial statements, and the reported amount of revenue and expenses during the reporting period. The estimates and assumptions used in the accompanying financial statements are based upon management''s evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results may differ from the estimates used in preparing the accompanying financial statements. Any revision to accounting estimates is recognized prospectively in current and future periods.

1.3 Fixed assets and depreciation

The Company values its Fixed Assets on written down value. Depreciation is charged as per the rates prescribed by the Companies Act, 1956. The company practices reducing balance method for charging depreciation on Fixed Assets.

1.4 Intangible Assets

The Company does not own any Intangible Assets.

1.5 Going Concern

As at March 31, 2013 the Company has accumulated Profit of approximately Rs. 399.48 Lacs (Previous year - Rs. 302.18 Lacs).

Accordingly, these financial statements have been prepared under the going concern assumption.

1.6 Income

(i) Income from investment and derivatives trading in Shares is recognised on Accrual Basis

(ii) Dividend income from investments is recognized when the Company''s right to receive payment is established.

1.7 Employees Retirement benefits

The Company provides for retirement benefits in form of gratuity. Such defined benefits are charged to the Profit & Loss Accounts, as applicable, as incurred.

1.8 Foreign Currency Transactions

Company does not have any transaction involving foreign currency.

1.9 Investments

Long term investments are stated at cost. Cost includes brokerage and other directly related payments made for acquiring investments. Provision, where necessary, is made to recognize a diminution, other than temporary, in the value of the investments. Current investments are stated at lower of cost and fair value.

1.10 Inventories

Company does not possess any inventories.

1.11 Taxation

Income tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with the income tax law) and deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the period.) Provision for current Income taxes is made at the tax rate applicable to the relevant assessment year. The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is a reasonable certainty that the assets can be realized in future; however, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognized only if there is a virtual certainty of realization of such assets. Deferred tax assets are reviewed as at each balance sheet date and written down or written up to reflect the amount that is reasonable / virtually certain (as the case may be) to be realized.

1.12 Earnings per share (''EPS'')

The basic earnings per share is computed by dividing the net profit attributable to the equity shareholders for the period by the weighted average number of equity shares outstanding during the Year ended March 31,2013.

1.13 Provisions and contingent liabilities

The Company creates a provision where there is present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible or a present obligation that may, but probably will not require an outflow of resources. When there is a possible obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made

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Mar 31, 2012

1.1 Basis of preparation of financial statements

The financial statements have been prepared and presented under the historical cost convention on the accrual basis of accounting and comply with the Accounting Standards issued by the Institute of Chartered Accountants of India ('ICAI') and the relevant provisions of the Companies Act, 1956, to the extent applicable.

1.2 Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles ('GAAP') requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of financial statements, and the reported amount of revenue and expenses during the reporting period. The estimates and assumptions used in the accompanying financial statements are based upon management's evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results may differ from the estimates used in preparing the accompanying financial statements. Any revision to accounting estimates is recognised prospectively in current and future periods.

1.3 Fixed assets and depreciation

The Company values its Fixed Assets on written down value. Depreciation is charged as per the rates prescribed by the Companies Act, 1956. The company practices reducing balance method for charging depreciation on Fixed Assets.

1.4 Intangible Assets

The Company does not own any Intangible Assets.

1.5 Going Concern

As at March 31, 2012 the Company has accumulated Profit of approximately Rs. 302.18 Lacs (Previous year - Rs. 241.95 Lacs).

Accordingly, these financial statements have been prepared under the going concern assumption.

1.6 Income

(i) Income from investment and derivatives trading in Shares is recognised on Accrual Basis

(ii) Dividend income from investments is recognised when the Company's right to receive payment is established.

1.7 Employees Retirement benefits

The Company provides for retirement benefits in form of gratuity. Such defined benefits are charged to the Profit & Loss Accounts, as applicable, as incurred.

1.8 Foreign Currency Transactions

Company does not have any transaction involving foreign currency.

1.9 Investments

Long term investments are stated at cost. Cost includes brokerage and other directly related payments made for acquiring investments. Provision, where necessary, is made to recognise a diminution, other than temporary, in the value of the investments. Current investments are stated at lower of cost and fair value.

1.10 Inventories

Company does not possess any inventories.

1.11 Taxation

Income tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with the income tax law) and deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the period.) Provision for current Income taxes is made at the tax rate applicable to the relevant assessment year. The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognised using the tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognised only to the extent that there is a reasonable certainty that the assets can be realised in future; however, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognised only if there is a virtual certainty of realisation of such assets. Deferred tax assets are reviewed as at each balance sheet date and written down or written up to reflect the amount that is reasonable/virtually certain (as the case may be) to be realised.

1.12 Earnings per share ('EPS')

The basic earnings per share is computed by dividing the net profit attributable to the equity shareholders for the period by the weighted average number of equity shares outstanding during the Year ended March 31, 2012.

1.13 Provisions and contingent liabilities

The Company creates a provision where there is present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible or a present obligation that may, but probably will not require an outflow of resources. When there is a possible obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made

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Mar 31, 2010

1.1 Basis of preparation of financial statements

The financial statements have been prepared and presented under the historical cost convention on the accrual basis of accounting and comply with the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) and the relevant provisions of the Companies Act, 1956, to the extent applicable.

1.2 Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of financial statements, and the reported amount of revenue and expenses during the reporting period. The estimates and assumptions used in the accompanying financial statements are based upon managements evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results may differ from the estimates used in preparing the accompanying financial statements. Any revision to accounting estimates is recognised prospectively in current and future periods.

1.3 Fixed assets and depreciation

The Company does not own any Fixed Assets.

1.4 Intangible Assets

The Company does not own any Intangible Assets.

1.5 Going Concern

As at March 31, 2010 the Company has accumulated Profit of approximately Rs. 149.84 Lacs (Previous year-Rs. 120.32 Lacs).

Accordingly, these financial statements have been prepared under the going concern assumption.

1.6 Income

(i) Income from investment and derivatives trading in Shares is recognised on Accrual Basis

(ii) Dividend income from investments is recognised when the Companys right to receive payment is established.

1.7 Employees Retirement benefits

The Company provides for retirment benefits in form of gratuty. Such defined benefits are charged to the Profit & Loss Accounts, as applicable, as incurred.

1.8 Foreign Currency Transactions

Company does not. have any transaction involving foreign currency.

1.9 Investments

Long term investments are stated at cost. Cost includes brokerage and other directly related payments made for acquiring investments. Provision, where necessary, is made to recognise a diminution, other than temporary, in the value of the investments. Current investments are stated at lower of cost and fair value.

1.10 Inventories

Company does not possess any inventories.

1.11 Taxation

Income tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with . the income tax law) and deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the period.) Provision for current Income taxes is made at the tax rate applicable to the relevant assessment year. The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognised using the tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognised only to the extent that there is a reasonable certainty that the assets can be realised in future; however, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognised only if there is a virtual certainty of realisation of such assets. Deferred tax assets are reviewed as at each balance sheet date and written down or written up to reflect the amount that is reasonable / virtually certain (as the case may be) to be realised.

1.12 Earnings per share (EPS)

The basic earnings per share is computed by dividing the net profit attributable to the equity shareholders for the period by the weighted average number of equity shares outstanding during the Year ended March 31,2010.

1.13 Provisions and contingent liabilities

The Company creates a provision where there is present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible or a present obligation that may, but probably will not require an outflow of resources. When there is a possible obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made

2.1 Additional information pursuant to the provision of paragraph 3 and 4 in Part II of Schedule VI of the Companies Act, 1956 (As certified by the Directors and accepted by the Auditors without verification)

i) As the company is not a manufacturing company the provisions of paragraph 4C are not applicable.

ii) Provisions of para 4D

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Mar 31, 2002

METHOD OF ACCOUNTING:

a. The Company follows mercantile system of Accounting and recognises income & expenditure on accrual basis except mentioned otherwise.

b. Financial Statements are based on historical cost. These Cost are not adjusted to reflect inflation in the economy.

VALUATION OF INVESTMENT :

The Slock of shares is valued at cost of requisition.