Accounting Policies of New Markets Advisory Ltd. Company

Mar 31, 2025

2. Significant Accounting Policies

2.1 Compliance with IND-AS

The Company has prepared financial statements for the year ended March 31, 2025 in accordance with Indian
Accounting Standards (Ind AS) notified by the Ministry of Corporate affairs under the Companies (Indian Accounting
Standards) Rules, 2015 (as amended) together with the comparative period data as at and for the year ended March
31, 2025.

2.2 Basis of preparation and presentation

The financial statements prepared on the historical cost basis, except for certain financial assets that are measured
at fair values at the end of each reporting period as explained in the accounting policies below.

The financial statements are prepared in INR and all values are rounded to the nearest Lakhs, except when otherwise
stated. The company has consistently applied the following accounting policies to all periods presented in these
financial statements.

a) Current versus non-current classification of assets and liabilities:

The Company presents assets and liabilities in the Balance sheet based on current/non-current classification.
An asset is treated as current when it is:

• Expected to be realised or intended to be sold or consumed in normal operating cycle

• Held primarily for the purpose of trading

• Expected to be realised within twelve months after the reporting period, or

• 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:

• It is expected to be settled in normal operating cycle

• It is held primarily for the purpose of trading

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

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

The Company classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

The Operating Cycle is the time between the acquisition of assets for business purposes and their realization
into cash and cash equivalents.

b) Property, Plant and Equipment:

Property, Plant and Equipment are recorded at their cost of acquisition, net of refundable taxes or levies, less
accumulated depreciation and impairment losses, if any. The cost thereof comprises of its purchase price,
including import duties and other non-refundable taxes or levies and any directly attributable cost for bringing
the asset to its working condition for its intended use.

An item of property, plant and equipment and any significant part initially recognised is derecognized upon
disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on
de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying
amount of the asset) is included in the Statement of Profit or Loss when the asset is de-recognized

Machinery Spares which can be used only in connection with a particular item of Fixed Asset and
the use of which is irregular, are capitalized at cost. The cost thereof comprises of its purchase price, including
import duties and other non-refundable taxes or levies and any directly attributable cost for bringing the asset
to its working condition for its intended use.

For transition to Ind AS, the Company has elected to continue with the carrying value of all its property, plant
and equipment and other Non-current Assets recognised as on 1st April, 2016 (date of transition) measured as
per previous GAAP as its deemed cost on the date of transition.

Depreciation:

Depreciation on Property, Plant and Equipment and Investment Properties is provided on different class of
assets based on the method and on the basis of its useful lives as per Schedule II of the Companies Act, 2013,
Depreciation on Fixed Assets other than Plant and Machinery is provided on Written down value Method.
Depreciation on additions to Fixed Assets is provided on pro-rata basis from the date of acquisition or
installation.

Impairment of Property Plant and Equipment & other Non-Current Assets:

Carrying amount of tangible and intangible assets are reviewed at each Balance Sheet date. These are treated
as impaired when the carrying cost thereof exceeds its recoverable value. Recoverable value is higher of the
asset''s net selling price or value in use. Value in use is the present value of estimated future cash flows
expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Net
selling price is the amount receivable from the sale of an asset in an arm''s length transaction between
knowledgeable, willing parties, less the cost of disposal. An impairment loss is charged for when an asset is
identified as impaired.

c) Fair Value Measurement:

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

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

• In the absence of a principal market, 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 a non-financial asset takes into account a market participant''s ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant
that would use the asset in its highest and best use.

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

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized
within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the
fair value measurement as a whole:

• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable

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

d) Financial instruments:

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

FINANCIAL ASSETS

Initial recognition and measurement-

All financial assets are recognized 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.
Purchases or sales of financial assets that require delivery of assets within a time frame established by
regulation or convention in the market place (regular way trades) are recognized on the trade date.

Subsequent measurement-

For purposes of subsequent measurement, financial assets are classified in three categories:

i) Financial assets measured at fair value through other comprehensive income (FVTOCI)

ii) Financial assets measured at fair value through profit or loss (FVTPL)

iii) Financial assets at amortized cost

Equity instruments

All equity instruments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for
trading are classified as at FVTPL. For all other equity instruments, an irrevocable choice is made on initial
recognition to measure it at FVTOCI. All fair value changes on such investments, excluding dividends, are
recognized in the OCI. There is no recycling of the amounts from OCI to profit or loss, even on sale or disposal
of the investment. However, on sale or disposal the company may transfer the cumulative gain or loss within
equity.

Derecognition

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

• The contractual rights to receive cash flows from the asset have expired, or The Company has transferred its
rights to receive contractual cash flows from the asset or has assumed an obligation to pay the received
cash flows in full without material delay to a third party under a ''pass-through'' arrangement; and either (a)
the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has
neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred
control of the asset.

When the Company has transferred its rights to receive cash flows 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 recognize the transferred asset to the extent of the
Company''s continuing involvement. In that case, the Company also recognizes 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.

On Derecognition of a financial asset in its entirety, the difference between the asset''s carrying amount and the
sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in
OCI and accumulated in equity is recognized in profit or loss if such gain or loss would have otherwise been
recognized in profit or loss on disposal of that financial asset.

FINANCIAL LIABILITIES:

Initial Recognition and Measurement:

All financial liabilities are recognized 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
payables, loans and borrowings including bank overdrafts, financial guarantee contracts.

Subsequent Measurement:

This is dependent upon the classification thereof as under:

Loans and Borrowings:

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost
using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as
well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount

or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is
included as finance costs in the statement of profit and loss.

Derecognition:

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

Equity Instruments:

An equity instrument is any contract that evidences a residual interest in the assets of an entity in accordance
with the substance of the contractual arrangements. These are recognised at the amount of the proceeds
received, net of direct issue costs.

e) Revenue Recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company
and the revenue can be reliably measured, regardless of when the amount is received. Revenue is measured at
the fair value of the consideration received or receivable, taking into account contractually defined terms of
payment and excluding taxes or duties collected on behalf of the government, discounts and rebates.

Other Operating Revenue:

Revenue in respect of other income is recognized only when it is reasonably certain that ultimate collection will
be made.

Interest Income:

Interest Income from Financial Assets is recognized using the Effective Interest Rate (EIR) on amortized cost
basis.

Dividend Income:

Dividend income is recognized when the Company''s right to receive the payment is established, which is
generally when shareholders approve the dividend.

f) Employee Benefits:

Short term employee benefits are those which are payable wholly within twelve months of rendering service
and are recognized as an expense at the undiscounted amount in Statement of Profit and Loss of the year in
which the related service is rendered.

g) Borrowing Costs:

Borrowing costs comprising of interest and other costs that are incurred in connection with the borrowing of
funds that are attributable to the acquisition or construction of qualifying assets are considered as a part of
cost of such assets less interest earned on the temporary investment. A qualifying asset is one that necessarily
takes substantial period of time to get ready for its intended use. All other borrowing costs are charged to
Statement of profit and loss in the year in which they are incurred.

h) Taxes on Income:

Current Income Taxes:

Current income tax liabilities are measured at the amount expected to be paid to the taxation authorities. The
tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the
reporting date. Current income tax relating to items recognized directly in other comprehensive income /
equity is recognized similarly and not in the statement of profit and loss. Management periodically evaluates
positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to
interpretation and establishes provisions where appropriate.

Deferred Taxes:

Deferred tax is provided using the liability method on temporary differences between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax
liabilities are recognized for all taxable temporary differences, when the deferred tax liability arises from an
asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects
neither the accounting profit nor taxable profit or loss.

Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax
credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences, and the carry forward of
unused tax credits and unused tax losses can be utilized, except, when the deferred tax asset relating to the
deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is
not a business combination and, at the time of the transaction, affects neither the accounting profit nor
taxable profit or loss.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it
is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset
to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to
the extent that it has become probable that future taxable profits will allow the deferred tax asset to be
recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the
asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the reporting date.

Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax
items are recognized in correlation to the underlying transaction either in OCI or directly in equity. Deferred tax
assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets
against current tax liabilities.

MAT:

Minimum Alternate Tax (MAT) paid in accordance with the tax laws in India, which give rise to future economic
benefits in the form of adjustment of future income tax liability, is considered as an asset if there is convincing
evidence that the Company will pay normal income tax after the specified years. Accordingly, MAT is recognized
as deferred tax asset in the Balance Sheet when the asset can be measured reliably and it is probable that the
future economic benefits associated with it will flow to the Company.

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Mar 31, 2024

2. Significant Accounting Policies
2.1Compliance with IND-AS

The Company has prepared financial statements for the year ended March 31, 2024 in
accordance with Indian Accounting Standards (Ind AS) notified by the Ministry of Corporate
affairs under the Companies (Indian Accounting Standards) Rules, 2015 (as amended)
together with the comparative period data as at and for the year ended March 31, 2024.

2.2 Basis of preparation and presentation

The financial statements prepared on the historical cost basis, except for certain financial
assets that are measured at fair values at the end of each reporting period as explained in the
accounting policies below.

The financial statements are prepared in INR and all values are rounded to the nearest Lakhs,
except when otherwise stated. The company has consistently applied the following accounting
policies to all periods presented in these financial statements.

a) Current versus non-current classification of assets and liabilities:

The Company presents assets and liabilities in the Balance sheet based on current/non-
current classification. An asset is treated as current when it is:

• Expected to be realised or intended to be sold or consumed in normal operating cycle

• Held primarily for the purpose of trading

• Expected to be realised within twelve months after the reporting period, or

• 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:

• It is expected to be settled in normal operating cycle

• It is held primarily for the purpose of trading

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

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

The Company classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

The Operating Cycle is the time between the acquisition of assets for business purposes
and their realization into cash and cash equivalents.

b) Property, Plant and Equipment:

Property, Plant and Equipment are recorded at their cost of acquisition, net of refundable
taxes or levies, less accumulated depreciation and impairment losses, if any. The cost
thereof comprises of its purchase price, including import duties and other non-refundable
taxes or levies and any directly attributable cost for bringing the asset to its working
condition for its intended use.

An item of property, plant and equipment and any significant part initially recognised is
derecognized upon disposal or when no future economic benefits are expected from its
use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the
difference between the net disposal proceeds and the carrying amount of the asset) is
included in the Statement of Profit or Loss when the asset is de-recognized

Machinery Spares which can be used only in connection with a particular item of Fixed
Asset and

the use of which is irregular, are capitalized at cost. The cost thereof comprises of its
purchase price, including import duties and other non-refundable taxes or levies and any
directly attributable cost for bringing the asset to its working condition for its intended
use.

For transition to Ind AS, the Company has elected to continue with the carrying value of
all its property, plant and equipment and other Non-current Assets recognised as on 1st
April, 2016 (date of transition) measured as per previous GAAP as its deemed cost on the
date of transition.

Depreciation:

Depreciation on Property, Plant and Equipment and Investment Properties is provided on
different class of assets based on the method and on the basis of its useful lives as per
Schedule II of the Companies Act, 2013, Depreciation on Fixed Assets other than Plant
and Machinery is provided on Written down value Method.

Depreciation on additions to Fixed Assets is provided on pro-rata basis from the date of
acquisition or installation.

Impairment of Property Plant and Equipment & other Non-Current Assets:

Carrying amount of tangible and intangible assets are reviewed at each Balance Sheet
date. These are treated as impaired when the carrying cost thereof exceeds its
recoverable value. Recoverable value is higher of the asset''s net selling price or value in
use. Value in use is the present value of estimated future cash flows expected to arise
from the continuing use of an asset and from its disposal at the end of its useful life. Net
selling price is the amount receivable from the sale of an asset in an arm''s length
transaction between knowledgeable, willing parties, less the cost of disposal. An
impairment loss is charged for when an asset is identified as impaired.

c) Fair Value Measurement:

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

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

• In the absence of a principal market, 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 a non-financial asset takes into account a market
participant''s ability to generate economic benefits by using the asset in its highest and
best use or by selling it to another market participant that would use the asset in its
highest and best use.

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

All assets and liabilities for which fair value is measured or disclosed in the financial
statements are categorized within the fair value hierarchy, described as follows, based on
the lowest level input that is significant to the fair value measurement as a whole:

• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or
liabilities

• Level 2 — Valuation techniques for which the lowest level input that is significant to
the fair value measurement is directly or indirectly observable

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

d) Financial instruments:

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

FINANCIAL ASSETS

Initial recognition and measurement-

All financial assets are recognized 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. Purchases or sales of financial assets
that require delivery of assets within a time frame established by regulation or
convention in the market place (regular way trades) are recognized on the trade date.

Subsequent measurement-

For purposes of subsequent measurement, financial assets are classified in three
categories:

i) Financial assets measured at fair value through other comprehensive income (FVTOCI)

ii) Financial assets measured at fair value through profit or loss (FVTPL)

iii) Financial assets at amortized cost

Equity instruments

All equity instruments in scope of Ind AS 109 are measured at fair value. Equity
instruments which are held for trading are classified as at FVTPL. For all other equity
instruments, an irrevocable choice is made on initial recognition to measure it at FVTOCI.
All fair value changes on such investments, excluding dividends, are recognized in the
OCI. There is no recycling of the amounts from OCI to profit or loss, even on sale or
disposal of the investment. However, on sale or disposal the company may transfer the
cumulative gain or loss within equity.

Derecognition

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

• The contractual rights to receive cash flows from the asset have expired, or The
Company has transferred its rights to receive contractual cash flows from the asset or
has assumed an obligation to pay the received cash flows in full without material delay
to a third party under a ''pass-through'' arrangement; and either (a) the Company has
transferred substantially all the risks and rewards of the asset, or (b) the Company
has neither transferred nor retained substantially all the risks and rewards of the
asset, but has transferred control of the asset.

When the Company has transferred its rights to receive cash flows 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 recognize the transferred asset to the extent of the Company''s
continuing involvement. In that case, the Company also recognizes 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.

On Derecognition of a financial asset in its entirety, the difference between the asset''s
carrying amount and the sum of the consideration received and receivable and the
cumulative gain or loss that had been recognized in OCI and accumulated in equity is
recognized in profit or loss if such gain or loss would have otherwise been recognized in
profit or loss on disposal of that financial asset.

FINANCIAL LIABILITIES:

Initial Recognition and Measurement:

All financial liabilities are recognized 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 payables, loans and borrowings including bank
overdrafts, financial guarantee contracts.

Subsequent Measurement:

This is dependent upon the classification thereof as under:

Loans and Borrowings:

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

Derecognition:

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

Equity Instruments:

An equity instrument is any contract that evidences a residual interest in the assets of an
entity in accordance with the substance of the contractual arrangements. These are
recognised at the amount of the proceeds received, net of direct issue costs.

e) Revenue Recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will
flow to the Company and the revenue can be reliably measured, regardless of when the
amount is received. Revenue is measured at the fair value of the consideration received
or receivable, taking into account contractually defined terms of payment and excluding
taxes or duties collected on behalf of the government, discounts and rebates.

Other Operating Revenue:

Revenue in respect of other income is recognized only when it is reasonably certain that
ultimate collection will be made.

Interest Income:

Interest Income from Financial Assets is recognized using the Effective Interest Rate
(EIR) on amortized cost basis.

Dividend Income:

Dividend income is recognized when the Company''s right to receive the payment is
established, which is generally when shareholders approve the dividend.

f) Employee Benefits:

Short term employee benefits are those which are payable wholly within twelve months
of rendering service and are recognized as an expense at the undiscounted amount in
Statement of Profit and Loss of the year in which the related service is rendered.

g) Borrowing Costs:

Borrowing costs comprising of interest and other costs that are incurred in connection
with the borrowing of funds that are attributable to the acquisition or construction of
qualifying assets are considered as a part of cost of such assets less interest earned on
the temporary investment. A qualifying asset is one that necessarily takes substantial
period of time to get ready for its intended use. All other borrowing costs are charged to
Statement of profit and loss in the year in which they are incurred.

h) Taxes on Income:

Current Income Taxes:

Current income tax liabilities are measured at the amount expected to be paid to the
taxation authorities. The tax rates and tax laws used to compute the amount are those
that are enacted or substantively enacted, at the reporting date. Current income tax
relating to items recognized directly in other comprehensive income / equity is
recognized similarly and not in the statement of profit and loss. Management periodically
evaluates positions taken in the tax returns with respect to situations in which applicable
tax regulations are subject to interpretation and establishes provisions where
appropriate.

Deferred Taxes:

Deferred tax is provided using the liability method on temporary differences between the
tax bases of assets and liabilities and their carrying amounts for financial reporting
purposes at the reporting date. Deferred tax liabilities are recognized for all taxable
temporary differences, when the deferred tax liability arises from an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects
neither the accounting profit nor taxable profit or loss.

Deferred tax assets are recognized for all deductible temporary differences, the carry
forward of unused tax credits and any unused tax losses. Deferred tax assets are
recognized to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences, and the carry forward of unused tax credits
and unused tax losses can be utilized, except, when the deferred tax asset relating to the
deductible temporary difference arises from the initial recognition of an asset or liability
in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss.

The carrying amount of deferred tax assets is reviewed at each reporting date and
reduced to the extent that it is no longer probable that sufficient taxable profit will be
available to allow all or part of the deferred tax asset to be utilized. Unrecognized
deferred tax assets are re-assessed at each reporting date and are recognized to the
extent that it has become probable that future taxable profits will allow the deferred tax
asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to
apply in the year when the asset is realized or the liability is settled, based on tax rates
(and tax laws) that have been enacted or substantively enacted at the reporting date.

Deferred tax relating to items recognized outside profit or loss is recognized outside
profit or loss. Deferred tax items are recognized in correlation to the underlying
transaction either in OCI or directly in equity. Deferred tax assets and deferred tax
liabilities are offset if a legally enforceable right exists to set off current tax assets
against current tax liabilities.

MAT:

Minimum Alternate Tax (MAT) paid in accordance with the tax laws in India, which give
rise to future economic benefits in the form of adjustment of future income tax liability, is
considered as an asset if there is convincing evidence that the Company will pay normal
income tax after the specified years. Accordingly, MAT is recognized as deferred tax asset
in the Balance Sheet when the asset can be measured reliably and it is probable that the
future economic benefits associated with it will flow to the Company.

---

Mar 31, 2014

I. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

During the year ended 31st March 2014, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company, for preparation and presentation of its financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The company has also re-classified the previous year figures in accordance with the figures of the current year.

II. BASIS OF ACCOUNTING:

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the provisions of Companies Act, 1956 and the accounting principles generally accepted in India and comply with the Accounting Standards notified by the Companies (Accounting Standards) Rules, 2006.

III. REVENUE RECOGNITION

a) Income is recognized upon invoicing shares sold and services rendered.

b) The Income from dividend and interest are stated at gross.

IV. FIXED ASSETS

Fixed Assets are stated at cost of acquisition less accumulated depreciation.

V. DEPRECIATION

The company has provided depreciation on Fixed Assets on written down value basis at the revised rates prescribed under the Income Tax Act, 1961.

VIII. TAXES ON INCOME

Income Tax expenses comprises of current tax and deferred tax (charge or credit). Provision for Income Tax is made on the basis of taxable income for the current accounting year in accordance with the provisions of the Income Tax Act, 1961. There is no deferred tax liability up to the year ended 31st March, 2014.

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Mar 31, 2013

I. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

During the year ended 31st March 2013, the revised Schedule VI notified under the Companies Act 195 has become applicable to the company, for preparation and presentation of its financial statement However, it has significant impact on presentation and disclosures made in the financial statements. T company has also re-classified the previous year figures in accordance with the figures of the current ye;

II. BASIS OF ACCOUNTING :

The financial statements are prepared under historical cost convention, on accrual basis, in accordant with the provisions of Companies Act, 1956 and the accounting principles generally accepted in India a comply with the Accounting Standards notified by the Companies (Accounting Standards) Rules, 2006.

III. REVENUE RECOGNITION

a) Income is recognized upon invoicing shares sold and services rendered.

b) The Income from dividend and interest are stated at gross.

IV. FIXED ASSETS

Fixed Assets are stated at cost of acquisition less accumulated depreciation.

V. DEPRECIATION

The company has provided depreciation on Fixed Assets on written down value basis at the revised rat prescribed under the Income Tax Act, 1961.

VI. INVESTMENTS:

Investments are stated at cost. Fluctuation in value of investments is accounted on realization.

VII. PAYMENT TO AUDITORS Current Year Previous Year

Statutory Audit Fees 3,000 3,000

3,000 3,000

VIII. TAXES ON INCOME

Income Tax expenses comprises of current tax and deferred tax (charge or credit). Provision for Income Tax is made on the basis of taxable income for the current accounting year in accordance with the provisions of the Income Tax Act, 1961. There is no deferred tax liability up to the year ended 31st March, 2013.

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Mar 31, 2012

I. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

During the year ended 31s March 2012, the revised Schedule VI notified under the Companies Act 1956, has become appfcabie to the company, for preparation and presentation of its financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The company has also re-classified the previous year figures in accordance with the figures of the current year.

II. BASIS OF ACCOUNTING :

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the provisions of Companies Act, 1956 and the accounting principles generally accepted in India and comply with the Accounting Standards notified by the Companies (Accounting Standards) Rules, 2006.

III. REVENUE RECOGNITION

a] Income is recognized upon invoicing shares sold and services rendered.

b) The Income from dividend and interest are stated at gross.

IV. FIXED ASSETS

Fixed Assets are stated ai cost ol acquisition less accumulated depreciation.

V. DEPRECIATION

The company has provided depreciation on Fixed Assets on written down value basis at the revised rates prescribed under the Income Tax Ad, 1961.

VI. TAXES ON INCOME

Income Tax expenses comprises of currenl tax and deferred tax (charge or credit). Provision for Income Tax is made on the basis of taxable income for the cunent accounting year in accordance with the provisions of the Income Tax Act, 1961. There is no deferred tax liability up to the year ended 31st March, 2012.

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Mar 31, 2010

A) Basis of Accounting

The financial statements are prepared under historical cost convention or accrual basis.

b) Fixed Assets

Fixed Assets are stated at cost of acquisition less accumulated depreciation.

c. Depreciation

The company has provided depreciation on Fixed Assets on written down value basis at the revised rates prescribed under the Income Tax Act, 1961.

d> Investments

Investments are stated at cost Fluctuation in value of investments is accounted on realization.

e> Revenue Recognition

i) Income is recognised upon invoicing shares sold and services rendered.

ii) The Income from dividend and interest are stated at gross.