Accounting Policies of Valuemart Retail Solutions Ltd. Company

Mar 31, 2013

1. Basis of preparation of Financial Statements:

a) The financial statements have been prepared under the historical cost convention in accordance with generally accepted accounting principles as adopted consistently by the Company.

b) Accounting policies not specifically referred to otherwise are consistent with the generally accepted accounting principles followed by the Company.

2. Use of estimates:

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities on the date of financial statements and reported amounts of revenues and expenses during the period reported. Actual results could differ from those estimates.

3. Depreciation:

a) Depreciation has been charged to accounts under written down value method in accoi the provisions of Section 205(2)(a) of the Companies Act, 1956.

b) Depreciation has been charged in accordance with rates specified in Schedule- XIV to the Companies Act, 1956.

4. Fixed Assets are stated at Cost of Acquisition less accumulated depreciation.

5. Interest on Housing loans (Discontinued Operations):

Re-payment of Housing Loans is by way of Equated Monthly Instalments (EMIs) comprising principal and interest. Interest is calculated on the outstanding balance at the beginning of the year. EMIs commence once the entire loan is disbursed. Pending commencement of EMIs, Pre- EMI Interest is payable every month.

6. Basic of Accounting:

All Income and Expenditure items having a material bearing on the financial statements are recognised on accrual basis.

7. Deferred Tax Provision

Deferred tax is the tax effect of timing difference representing the difference between accounting income and the taxable income that originate in one period and are capable of reversal in one or more subsequent periods. Since the Company has no turnover during the year, the Deferred Tax Asset consequent on timing difference in depreciation is not recognised and hence, not provided for.

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Mar 31, 2012

I. Basis of preparation of Financial Statements:

a) The financial statements have been prepared under the historical cost convention in accordance with generally accepted accounting principles as adopted consistently by the Company.

b) Accounting policies not specifically referred to otherwise are consistent with the generally accepted accounting principles followed by the Company.

ii. Use of estimates:

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities on the date of financial statements and reported amounts of revenues and expenses during the period reported. Actual results could differ from those estimates.

iii. Depreciation:

a) Depreciation has been charged to accounts under written down value method in accordance with the provisions of Section 205(2)(a) of the Companies Act, 1956.

b) Depreciation has been charged in accordance with rates specified in Schedule- XIV to the Companies Act, 1956.

iv. Fixed Assets are stated at Cost of Acquisition less accumulated depreciation.

v. Interest on Housing loans:

Re-payment of Housing Loans is by way of Equated Monthly Installments (EMIs) comprising principal and interest. Interest is calculated on the outstanding balance at the beginning of the year. EMIs commence once the entire loan is disbursed. Pending commencement of EMIs, Pre- EMI Interest is payable every month.

vi. Basic of Accounting:

All Income and Expenditure items having a material bearing on the financial statements are recognised on accrual basis.

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Mar 31, 2011

1. Basis of preparation of Financial Statements:

a) The financial statements have been prepared under the historical cost convention in accordance with generally accepted accounting principles as adopted consistently by the Company.

b) Accounting policies not specifically referred to otherwise are consistent with the generally accepted accounting principles followed by the Company.

2. Depreciation:

a) Depreciation has been charged to accounts under written down value method in accordance with the provisions of Section 205(2) (a) of the Companies Act, 1956.

b) Depreciation has been charged in accordance with rates specified in Schedule- XIV to the Companies Act, 1956.

3. Fixed Assets are stated at Cost of Acquisition less accumulated depreciation.

4. Interest on Housing loans:

Re-payment of Housing Loans is by way of Equated Monthly Instalments (EMIs) comprising principal and interest. Interest is calculated on the outstanding balance at the beginning of the year. EMIs commence once the entire loan is disbursed. Pending commencement of EMIs, Pre- EMI Interest is payable every month.

5. Basic of Accounting:

All Income and Expenditure items having a material bearing on the financial statements are recognised on accrual basis.

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Mar 31, 2010

1. Basis of preparation of Financial Statements :

a) The financial statements have been prepared under the historical cost convention in accordance with generally accepted accounting principles as adopted consistently by the Company.

b) Accounting policies not specifically referred to otherwise are consistent with the generally accepted accounting principles followed by the Company.

2. Depreciation :

a) Depreciation has been charged to accounts under written down value method in accordance with the provisions of Section 205(2)(a) of the Companies Act, 1956.

b) Depreciation has been charged in accordance with rates specified in Schedule- XIV to the Companies Act, 1956.

3. Fixed Assets are stated at Cost of Acquisition less accumulated depreciation.

4. Interest on Housing Loans:

Re-payment of Housing Loans is by way of Equated Monthly Installments (EMls) comprising principal and Interest. Interest is calculated on the outstanding balance at the beginning of the year. EMls commence once the entire loan is disbursed. Pending commencement of EMls, Pre-EMI Interest is payable every month.

5. Basis of Accounting:

All Income and Expenditure items having a material bearing on the financial statements are recognized on accrual basis.