Accounting Policies of Virtual Global Education Ltd. Company

Mar 31, 2025

i) Basis of preparation and presentation of financial statements in
compliance with Ind AS.

The financial statements have been prepared in accordance with Indian
Accounting Standards (“Ind AS”) notified under the Companies (Indian
Accounting Standards) Rules, 2015 and Companies (Indian Accounting
Standards) Amendment Rules, 2016, as applicable.

The financial statements have been prepared on a historical cost basis.

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.

In addition, for financial reporting purposes, fair value measurements are
categorised into Level 1, 2, or 3 based on the degree to which the inputs to the
fair value measurements are observable and the significance of the inputs to
the fair value measurement in its entirety, which are described as follows:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical
assets or liabilities that the entity can access at the measurement date;

Level 2 inputs are inputs, other than quoted prices included within Level 1,
that are observable for the asset or liability, either directly or indirectly; and

Level 3 inputs are unobservable inputs for the asset or liability.

All assets and liabilities have been classified as current or non-current as per
the Company’s normal operating cycle (twelve months) and other criteria set
out in the Schedule III to the Act.

ii) Functional and presentation Currency

These Ind AS Financial Statements are prepared in Indian Rupee which is the
Company’s functional currency. All financial information presented in Rupees
has been rounded to the nearest lakhs with two decimals.

iii) Use of Estimates and assumptions:

The preparation of financial statements requires estimates and assumptions to
be made based on the current working that affect the reported amount of
assets and liabilities (including contingent liabilities) on the date of financial
statements and the reported amount of revenues and expenses for the
reporting period. Difference between the actual and the estimates, if any, are
accounted for in the period in which such differences are known/materialized.

The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period, or in the period of
the revision and future periods if the revision affects both current and future
periods.

The following are the key assumptions concerning the future, and other key
sources of estimation uncertainty at the end of the reporting period that may
have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year:

a) Useful life of property, plant and equipment: The Company reviews the
useful life of property, plant and equipment at the end of each reporting
period. This assessment may result in change in the depreciation expense in
future periods.

b) Deferred tax assets: The carrying amount of deferred tax asset is reviewed at
each reporting period and is reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to allow all or part of the asset
to be recovered.

c) Employee Benefits: Liabilities for salaries, wages and performance incentives
including non monetary benefits are expected to be settled wholly within
twelve months after the end of the period in which the employees render the
related services are recognized in respect of employees’ services upto the end
of the reporting period and are measured at the amounts expected to be paid
when the liabilities are settled. The liabilities are presented as current
employee benefits obligations in the Balance sheet. No provision for gratuity
has been made as provisions of payment of Gratuity Act, 1972 are not
applicable

d) Trade Receivables: Furthermore, the management believe that the net
carrying amount of trade receivables is recoverable based on their past
experience in the market and their assessment of the credit worthiness of
debtors at at Balance Sheet date. Such estimates are inherently imprecise and
there may be additional information about one or more debtors that the
management are not aware of, which could significantly affect their
estimations.

e) Provisions & Liabilities: Provisions and liabilities are recognized in the period
when it becomes probable that there will be a future outflow of funds resulting
from past operations or events that can reasonably be estimated. The timing of
recognition requires application of judgement to existing facts and
circumstances which may be subject to change. The amounts are determined
by discounting the expected future cash flows at a pre-tax rate that reflects
current market assessments of the time value of money and the risks specific
to the liability.

f) Contingencies: In the normal course of business, contingent liabilities may
arise from litigation and other claims against the Company. Potential liabilities
that are possible but not probable of crystallizing or are very difficult to
quantify reliably are treated as contingent liabilities. Such liabilities are
disclosed in the notes but are not recognized.

iv) Property, plant and equipment:

Property, plant and equipment are stated at its purchase price including direct
expenses, finance cost till it is put to use net of recoverable taxes. If the
Property, plant and equipment are revalued then they are stated at revalued
amount. Accumulated depreciation(other than freehold land), impairment loss,
if any, is reduced from the Property, plant and equipment and shown under
the net asset value on the reporting date. The cost including additions,
improvements, renewals, revalued amount and accumulated depreciation of
assets which are sold and/or discarded and/or impaired, are removed from
the fixed assets and any profit or loss resulting there from is included in the
Statement of Profit & Loss and the residual value of the revalued amount is
withdrawn from such reserves created for the purpose through Other
Comprehensive Income.

Capital Work in progress includes cost of property, plant and equipment
under installation/under development as at the Balance Sheet date.

Ind AS 101 provides that the net carrying amounts of all of its Property, Plant
and Equipment as per previous GAAP can be used as deemed cost on the date
of transition to Ind AS. In that case the accumulated depreciation and
provision for impairment under previous GAAP would be treated as nil on the
date of transition. The Company has applied for the one time transition
exemption of considering the carrying cost on the transition date i.e. April 1,
2016 as the deemed cost under Ind AS. Hence regarded thereafter as historical
cost.

v) Depreciation methods, estimated useful lives and residual value :

Depreciation is calculated on all the fixed assets based on the method
prescribed under Schedule II of the Companies Act, 2013. . Depreciation on
the assets are calculated on Written Down Value Method i.e. useful life of the
assets as prescribed under the Act. Depreciation on the assets
added/disposed off/impaired during the year is provided on pro-rata basis.

Freehold land & Books are not depreciated

Content Development for E-Siksha & Computer Software treated as intangible
block and not depreciated.

vi) Impairment of Assets :

An asset is treated as impaired when the carrying cost of the asset exceeds its
recoverable value being higher of value in use and net selling price. Value in
use is computed at net present value of cash flow expected over the balance
useful life of the assets. An impairment loss is recognized as an expense in the
Statement of Profit & Loss in the year in which an asset is identified as
impaired. In case of impaired revalued assets, the impaired loss on the
residual value is withdrawn from such reserves created for the purpose
through Other Comprehensive Income. The impairment loss recognized in
earlier accounting period is reversed if there has been an improvement in
recoverable amount.

Foreign Currency Transactions & Translations :

a) The financial statements are presented in Indian rupee (INR), which is
Company’s functional and presentation currency.

b) Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of transaction.

c) Year end balance of assets and liabilities in foreign currencies are
translated at the year-end rates and difference between year-end balance
and such restated balance are dealt in under Exchange rate difference in
the profit and loss statement.

d) The difference arising out of the actual settlement on realization / payment
are dealt with in the Statement of Profit & Loss under Exchange Rate
Difference arising on such transactions.

viii) Financial instruments

1) Financial Assets

A. Initial recognition and measurement: All financial assets and liabilities are
initially recognized at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial
liabilities, which are not at fair value through profit or loss, are adjusted to the
fair value on initial recognition. Purchase and sale of financial assets are
recognised using trade date accounting.

B. Subsequent measurement:

a) Financial assets carried at amortised cost (AC): A financial asset is
measured at amortised cost if it is held within a business model whose
objective is to hold the asset in order to collect contractual cash flows and the
contractual terms of the financial asset give rise on specified dates to cash
flows that are solely payments of principal and interest on the principal
amount outstanding.

b) Financial assets at fair value through other comprehensive income
(FVTOCI): A financial asset is measured at FVTOCI if it is held within a
business model whose objective is achieved by both collecting contractual
cash flows and selling financial assets and the contractual terms of the
financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.

c) Financial assets at fair value through profit or loss (FVTPL): A financial
asset which is not classified in any of the above categories are measured at
FVTPL.

C. Investments: Equity oriented investments are measured at fair value, with
value changes recognised in ‘Other Comprehensive Income’. Whereas
investments other than equity are measured at cost.

2) Financial Liabilities

A. Initial recognition and measurement :All financial liabilities are recognized
at fair value and in case of loans, net of directly attributable cost. Fees of
recurring nature are directly recognised in the Statement of Profit and Loss as
finance cost.

B. Subsequent measurement: Financial liabilities are carried at amortized cost
using the effective interest method. For trade and other payables maturing
within one year from the balance sheet date, the carrying amounts
approximate fair value due to the short maturity of these instruments.

3) De-recognition of financial instruments

The Company derecognizes a financial asset when the contractual rights to the
cash flows from the financial asset expire or it transfers the financial asset
and the transfer qualifies for de-recognition under Ind AS 109. A financial
liability (or a part of a financial liability) is derecognized from the Company''s
Balance Sheet when the obligation specified in the contract is discharged or
cancelled or expires.

ix) Revenue Recognition :

Sale of Services

The company derives its revenues primarily from skilling and training and
project comprises income from time development and billable in accordance
with the terms of contracts with clients. Such revenue is recognized on

completion of the related services and is billable in accordance with the
specific terms of the contracts with the clients.

Interest income

Interest income from a financial asset is recognised using effective interest
rate method.

x) Borrowing Cost :

Borrowing costs that are directly attributable to the acquisition, construction
or production of a qualifying asset are capitalized as part of the cost of that
asset. Other borrowing costs are recognized as an expense in the period in
which they are incurred. Capitalization of borrowing costs ceases when the
qualifying asset is ready for intended use.

xi) Tax Expense :

Tax Expense for the period are recognised in profit or loss, except when they
are relate to items that are recognised in other comprehensive income or
directly in equity, in which case, the tax expense are also recognized in other
comprehensive income or directly in equity respectively

- 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.

xii) Earning per Share :

Basic earning per share is calculated by dividing the net Profit for the year
attributable to equity shareholders (after deducting the dividend on
redeemable preference share) by the weighted average number of equity
shares outstanding during the year.

Diluted earning per share is calculated by dividing the net profit attributable
to equity shareholders (after deducting the dividend on redeemable
preference share) by weighted average number of equity shares outstanding
during the year after adjusting for the effects of dilutive options.

xiii) Events occurring after Balance Sheet Date :

Events occurring after the balance sheet date have been considered in the
preparation of financial statements.

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Mar 31, 2024

i) Basis of preparation and presentation of financial statements in
compliance with Ind AS.

The financial statements have been prepared in accordance with Indian
Accounting Standards (“Ind AS”) notified under the Companies (Indian
Accounting Standards) Rules, 2015 and Companies (Indian Accounting
Standards) Amendment Rules, 2016, as applicable.

The financial statements have been prepared on a historical cost basis.

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.

In addition, for financial reporting purposes, fair value measurements are
categorised into Level 1, 2, or 3 based on the degree to which the inputs to the
fair value measurements are observable and the significance of the inputs to
the fair value measurement in its entirety, which are described as follows:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical
assets or liabilities that the entity can access at the measurement date;

Level 2 inputs are inputs, other than quoted prices included within Level 1,
that are observable for the asset or liability, either directly or indirectly; and

Level 3 inputs are unobservable inputs for the asset or liability.

All assets and liabilities have been classified as current or non-current as per
the Company’s normal operating cycle (twelve months) and other criteria set
out in the Schedule III to the Act.

ii) Functional and presentation Currency

These Ind AS Financial Statements are prepared in Indian Rupee which is the
Company’s functional currency. All financial information presented in Rupees
has been rounded to the nearest lakhs with two decimals.

iii) Use of Estimates and assumptions:

The preparation of financial statements requires estimates and assumptions to
be made based on the current working that affect the reported amount of
assets and liabilities (including contingent liabilities) on the date of financial
statements and the reported amount of revenues and expenses for the
reporting period. Difference between the actual and the estimates, if any, are
accounted for in the period in which such differences are known / materialized.

The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period, or in the period of
the revision and future periods if the revision affects both current and future
periods.

The following are the key assumptions concerning the future, and other key
sources of estimation uncertainty at the end of the reporting period that may
have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year:

a) Useful life of property, plant and equipment: The Company reviews the
useful life of property, plant and equipment at the end of each reporting
period. This assessment may result in change in the depreciation expense in
future periods.

b) Deferred tax assets: The carrying amount of deferred tax asset is reviewed at
each reporting period and is reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to allow all or part of the asset
to be recovered.

c) Employee Benefits: Liabilities for salaries, wages and performance incentives
including non monetary benefits are expected to be settled wholly within
twelve months after the end of the period in which the employees render the
related services are recognized in respect of employees’ services upto the end
of the reporting period and are measured at the amounts expected to be paid
when the liabilities are settled. The liabilities are presented as current
employee benefits obligations in the Balance sheet. No provision for gratuity
has been made as provisions of payment of Gratuity Act, 1972 are not
applicable

d) Trade Receivables: Furthermore, the management believe that the net
carrying amount of trade receivables is recoverable based on their past
experience in the market and their assessment of the credit worthiness of
debtors at at Balance Sheet date. Such estimates are inherently imprecise and
there may be additional information about one or more debtors that the
management are not aware of, which could significantly affect their
estimations.

e) Provisions & Liabilities: Provisions and liabilities are recognized in the period
when it becomes probable that there will be a future outflow of funds resulting

from past operations or events that can reasonably be estimated. The timing of
recognition requires application of judgement to existing facts and
circumstances which may be subject to change. The amounts are determined
by discounting the expected future cash flows at a pre-tax rate that reflects
current market assessments of the time value of money and the risks specific
to the liability.

f) Contingencies: In the normal course of business, contingent liabilities may
arise from litigation and other claims against the Company. Potential liabilities
that are possible but not probable of crystallizing or are very difficult to
quantify reliably are treated as contingent liabilities. Such liabilities are
disclosed in the notes but are not recognized.

iv) Property, plant and equipment:

Property, plant and equipment are stated at its purchase price including direct
expenses, finance cost till it is put to use net of recoverable taxes. If the
Property, plant and equipment are revalued then they are stated at revalued
amount. Accumulated depreciation(other than freehold land), impairment loss,
if any, is reduced from the Property, plant and equipment and shown under
the net asset value on the reporting date. The cost including additions,
improvements, renewals, revalued amount and accumulated depreciation of
assets which are sold and/or discarded and/or impaired, are removed from
the fixed assets and any profit or loss resulting there from is included in the
Statement of Profit & Loss and the residual value of the revalued amount is
withdrawn from such reserves created for the purpose through Other
Comprehensive Income.

Capital Work in progress includes cost of property, plant and equipment
under installation/under development as at the Balance Sheet date.

Ind AS 101 provides that the net carrying amounts of all of its Property, Plant
and Equipment as per previous GAAP can be used as deemed cost on the date
of transition to Ind AS. In that case the accumulated depreciation and
provision for impairment under previous GAAP would be treated as nil on the
date of transition. The Company has applied for the one time transition
exemption of considering the carrying cost on the transition date i.e. April 1,
2016 as the deemed cost under Ind AS. Hence regarded thereafter as historical
cost.

v) Depreciation methods, estimated useful lives and residual value :

Depreciation is calculated on all the fixed assets based on the method
prescribed under Schedule II of the Companies Act, 2013. . Depreciation on
the assets are calculated on Written Down Value Method i.e. useful life of the
assets as prescribed under the Act. Depreciation on the assets
added/disposed off/impaired during the year is provided on pro-rata basis.

Freehold land & Books are not depreciated

Content Development for E-Siksha & Computer Software treated as intangible
block and not depreciated.

vi) Impairment of Assets :

An asset is treated as impaired when the carrying cost of the asset exceeds its
recoverable value being higher of value in use and net selling price. Value in
use is computed at net present value of cash flow expected over the balance
useful life of the assets. An impairment loss is recognized as an expense in the
Statement of Profit & Loss in the year in which an asset is identified as
impaired. In case of impaired revalued assets, the impaired loss on the
residual value is withdrawn from such reserves created for the purpose
through Other Comprehensive Income. The impairment loss recognized in
earlier accounting period is reversed if there has been an improvement in
recoverable amount.

Foreign Currency Transactions & Translations :

a) The financial statements are presented in Indian rupee (INR), which is
Company’s functional and presentation currency.

b) Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of transaction.

c) Year end balance of assets and liabilities in foreign currencies are
translated at the year-end rates and difference between year-end balance
and such restated balance are dealt in under Exchange rate difference in
the profit and loss statement.

d) The difference arising out of the actual settlement on realization / payment
are dealt with in the Statement of Profit & Loss under Exchange Rate
Difference arising on such transactions.

viii) Financial instruments

1) Financial Assets

A. Initial recognition and measurement: All financial assets and liabilities are
initially recognized at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial
liabilities, which are not at fair value through profit or loss, are adjusted to the
fair value on initial recognition. Purchase and sale of financial assets are
recognised using trade date accounting.

B. Subsequent measurement:

a) Financial assets carried at amortised cost (AC): A financial asset is
measured at amortised cost if it is held within a business model whose
objective is to hold the asset in order to collect contractual cash flows and the
contractual terms of the financial asset give rise on specified dates to cash
flows that are solely payments of principal and interest on the principal
amount outstanding.

b) Financial assets at fair value through other comprehensive income
(FVTOCI): A financial asset is measured at FVTOCI if it is held within a
business model whose objective is achieved by both collecting contractual
cash flows and selling financial assets and the contractual terms of the
financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.

c) Financial assets at fair value through profit or loss (FVTPL): A financial
asset which is not classified in any of the above categories are measured at
FVTPL.

C. Investments: Equity oriented investments are measured at fair value, with
value changes recognised in ‘Other Comprehensive Income’. Whereas
investments other than equity are measured at cost.

2) Financial Liabilities

A. Initial recognition and measurement:All financial liabilities are recognized
at fair value and in case of loans, net of directly attributable cost. Fees of
recurring nature are directly recognised in the Statement of Profit and Loss as
finance cost.

B. Subsequent measurement: Financial liabilities are carried at amortized cost
using the effective interest method. For trade and other payables maturing
within one year from the balance sheet date, the carrying amounts
approximate fair value due to the short maturity of these instruments.

3) De-recognition of financial instruments

The Company derecognizes a financial asset when the contractual rights to the
cash flows from the financial asset expire or it transfers the financial asset
and the transfer qualifies for de-recognition under Ind AS 109. A financial
liability (or a part of a financial liability) is derecognized from the Company''s
Balance Sheet when the obligation specified in the contract is discharged or
cancelled or expires.

ix) Revenue Recognition :

Sale of Services

The company derives its revenues primarily from skilling and training and
project comprises income from time development and billable in accordance
with the terms of contracts with clients. Such revenue is recognized on

completion of the related services and is billable in accordance with the
specific terms of the contracts with the clients.

Interest income

Interest income from a financial asset is recognised using effective interest
rate method.

x) Borrowing Cost :

Borrowing costs that are directly attributable to the acquisition, construction
or production of a qualifying asset are capitalized as part of the cost of that
asset. Other borrowing costs are recognized as an expense in the period in
which they are incurred. Capitalization of borrowing costs ceases when the
qualifying asset is ready for intended use.

xi) Tax Expense :

Tax Expense for the period are recognised in profit or loss, except when they
are relate to items that are recognised in other comprehensive income or
directly in equity, in which case, the tax expense are also recognized in other
comprehensive income or directly in equity respectively

- 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.

xii) Earning per Share :

Basic earning per share is calculated by dividing the net Profit for the year
attributable to equity shareholders (after deducting the dividend on
redeemable preference share) by the weighted average number of equity
shares outstanding during the year.

Diluted earning per share is calculated by dividing the net profit attributable
to equity shareholders (after deducting the dividend on redeemable
preference share) by weighted average number of equity shares outstanding
during the year after adjusting for the effects of dilutive options.

xiii) Events occurring after Balance Sheet Date :

Events occurring after the balance sheet date have been considered in the
preparation of financial statements.

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Mar 31, 2016

SIGNIFICANT ACCOUNTING POLICIES

a) Basis of Preparation

These financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis of accounting. GAAP comprises mandatory accounting standards as prescribed under Section 133 of the companies Act 2013 (Act) and in accordance with the Accounting Standards notified in the Companies (Accounting Standard) Rules, 2014. Accounting Policies have been consistently applied except where a newly issued accounting Standard is initially adopted or a revision to an existing Accounting Standard requires a change in the Accounting Policy hitherto in use. Profit & Loss Statement & Balance sheet are prepared accordance to Schedule III of The companies Act, 2013.

(b) Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to Contingent Liabilities as at the date of the financial statements and the reported amounts of Income and Expenses during the Period. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known/materialize.

(c) Cash and Cash Equivalents:

Cash & Cash Equivalent consists of Cash in hand, Bank balances and Bank Deposits.

(d) Cash Flow Statement

Cash flows are reported using the indirect method, as per AS-3, issued by the ICAI. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

(e) Fixed Assets & Depreciation

Fixed Assets are stated at cost of acquisition less accumulated depreciation thereon. Direct costs are capitalized until assets are ready to be put to use.

Depreciation on the Fixed Assets has been provided on the basis of WDV method over the useful lives of assets as per useful life prescribed under Schedule II of Companies Act, 2013.

(f) Investments:

Long term quoted Investments (non-trade) are valued at cost less provision for diminution in value, which is other than temporary.

(g) Provision & Contingencies

The Company recognizes a provision when there is a present obligation as a result of an obligating event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure of contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not require an outflow of resources.

(h) Tax on Income:

Taxation is accounted on the basis of the "Liability Method" which is generally followed in India. Provision is made for income tax based on computation after considering rebates, relief and exemption under the Income Tax Act, 1961.In accordance with the Accounting Standards 22 "Accounting for taxes on Income" issued by the Institute of Chartered Accountants of India, Deferred Tax Liability/Assets has been calculated on timing differences between the accounting income and the taxable income for the year and quantified using the tax rate enacted or substantively enacted as on the Balance Sheet date.

(i) Provision, Contingent Liabilities & Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statement.

(j) Provision for Gratuity

No provision for gratuity has been made as the provisions of Payment of Gratuity Act, 1972 are not applicable.

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Mar 31, 2015

A) Basis of Preparation

These financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis of accounting. GAAP comprises mandatory accounting standards as prescribed under Section 133 of the companies Act 2013 (Act) and in accordance with the Accounting Standards notified in the Companies (Accounting Standard) Rules, 2014. Accounting Policies have been consistently applied except where a newly issued accounting Standard is initially adopted or a revision to an existing Accounting Standard requires a change in the Accounting Policy hitherto in use. Profit & Loss Statement & Balance sheet are prepared accordance to Schedule III of the companies Act, 2013.

(b) Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to Contingent Liabilities as at the date of the financial statements and the reported amounts of Income and Expenses during the Period. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known/materialize.

( c) Cash and Cash Equivalents:

Cash & Cash Equivalent consists of Cash in hand, Bank balances and Bank Deposits.

(d) Cash Flow Statement

Cash flows are reported using the indirect method, as per AS-3, issued by the ICAI. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

(e) Fixed Assets & Depreciation

Fixed Assets are stated at cost of acquisition less accumulated depreciation thereon. Direct costs are capitalized until assets are ready to be put to use.

Depreciation on the Fixed Assets has been provided on the basis of WDV method over the useful lives of assets as per useful life prescribed under Schedule II of Companies Act, 2013.

(f) Investments:

Long term quoted Investments (non-trade) are valued at cost less provision for diminution in value, which is other than temporary.

(g) Provision & Contingencies

The Company recognizes a provision when there is a present obligation as a result of an obligating event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure of contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not require an outflow of resources.

(h) Tax on Income:

Taxation is accounted on the basis of the "Liability Method" which is generally followed in India. Provision is made for income tax based on computation after considering rebates, relief and exemption under the Income Tax Act, 1961. In accordance with the Accounting Standards 22 "Accounting for taxes on Income" issued by the Institute of Chartered Accountants of India, Deferred Tax Liability/Assets has been calculated on timing differences between the accounting income and the taxable income for the year and quantified using the tax rate enacted or substantively enacted as on the Balance Sheet date.

(i) Provision, Contingent Liabilities & Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statement.

(j) Provision for Gratuity

No provision for gratuity has been made as the provisions of Payment of Gratuity Act, 1972 are not applicable.

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Mar 31, 2014

(a) Accounting Convention:

The Financial Statements are prepared by following the Going Concern Concept under the historical cost convention on accrual basis, in accordance with the generally accepted accounting principles in India, the accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the companies Act, 2013.

(b) Fixed Assets:

Fixed assets are stated at cost of acquisition less accumulated depreciation less impairment loss, if any. Cost includes all expenses related to acquisition and installation of the concerned assets.

(c) Depreciation:

Depreciation on Fixed Assets has been provided as per rates prescribed under Income Tax Act, 1961 as amended from time to time.

(d) Impairment of Assets:

The Company identifies impairable assets at the year-end in term of cash generating unit concept based on Para 5 to 13 of AS-28 issued by ICAI for the purpose of arriving at impairment loss on fixed assets and capital work in progress (as required under para-34, AS-28) being the difference between the book value and recoverable value of relevant assets. Impairment loss, if any, when crystallizes is charged against revenue of the year.

(e) Investments:

Long term quoted Investments (non-trade) are valued at cost less provision for diminution in value, which is other than temporary.

(f) Tax on Income:

Current Tax is determined as the amount of tax payable in respect of taxable income for the period.

Deferred tax is recognised, subject to the consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods, Deferred tax assets are not recognised on unabsorbed depreciation and carry forward of losses unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

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Mar 31, 2013

(a) Accounting Convention:

The Financial Statements are prepared by following the Going Concern Concept under the historical cost convention on accrual basis, in accordance with the generally accepted accounting principles in India, the accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the companies Act, 1956.

(b) Fixed Assets:

Fixed assets are stated at cost of acquisition less accumulated depreciation less impairment loss, if any. Cost includes all expenses related to acquisition and installation of the concerned assets.

(c) Depreciation:

Depreciation on Fixed Assets has been provided as per rates prescribed under Income Tax Act, 1961 as amended from time to time.

(d) Impairment of Assets:

The Company identifies impairable assets at the year-end in term of cash generating unit concept based on Para 5 to 13 of AS-28 issued by ICAI for the purpose of arriving at impairment loss on fixed assets and capital work in progress (as required under para-34, AS-28) being the difference between the book value and recoverable value of relevant assets. Impairment loss, if any, when crystallizes is charged against revenue of the year.

(e) Investments:

Long term quoted Investments (non-trade) are valued at cost less provision for diminution in value, which is other than temporary.

(f) Tax on Income:

Current Tax is determined as the amount of tax payable in respect of taxable income for the period.

Deferred tax is recognised, subject to the consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods, Deferred tax assets are not recognised on unabsorbed depreciation and carry forward of losses unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

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Mar 31, 2012

(a) Accounting Convention:

The Financial Statements are prepared by following the Going Concern Concept under the historical cost convention on accrual basis, in accordance with the generally accepted accounting principles in India, the accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the companies Act, 1956.

(b) Fixed Assets:

Fixed assets are stated at cost of acquisition less accumulated depreciation less impairment loss, if any. Cost includes all expenses related to acquisition and installation of the concerned assets.

(c) Depreciation:

Depreciation on Fixed Assets has been provided as per rates prescribed under Income Tax Act, 1961 as amended from time to time.

(d) Impairment of Assets:

The company identifies impairable assets at the year-end in term of cash generating unit concept based on Para 5 to 13 of AS-28 issued by ICAI for the purpose of arriving at impairment loss on fixed assets and capital work in progress (as required under para-34, AS-28) being the difference between the book value and recoverable value of relevant assets. Impairment loss, if any, when crystallizes is charged against revenue of the year.

(c) Investments:

Long term quoted Investments (non-trade) are valued at cost less provision for diminution in value, which is other than temporary.

(f) Tax on Income:

Current Tax is determined as the amount of tax payable in respect of taxable income for the period.

Deferred tax is recognised, subject to the consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods, Deferred tax assets are not recognised on unabsorbed depreciation and carry forward of losses unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be relized.

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Mar 31, 2011

(a) Accounting Convention:

The Financial Statements are prepared by following the Going Concern Concept under the historical cost convention on accrual basis, in accordance with the generally accepted accounting principles in India, the accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the companies Act, 1956.

(b) Fixed Assets:

Fixed assets are stated at cost of acquisition less accumulated depreciation less impairment loss, if any. Cost includes all expenses related to acquisition and installation of the concerned assets.

(c) Depreciation:

Depreciation on Fixed Assets has been provided as per rates prescribed under Income Tax Act, 1961 as amended from time to time.

(d) Impairment of Assets:

The company identifies impairable assets at the year-end in term of cash generating unit concept based on Para 5 to 13 of AS-28 issued by ICAI for the purpose of arriving at impairment loss on fixed assets and capital work in progress [as required under para-34, AS-28) being the difference between the book value and recoverable value of relevant assets. Impairment loss, if any, when crystallizes is charged against revenue of the year.

(e) Investments:

Long term quoted Investments (non-trade) are valued at cost less provision for diminution in value, which is other than temporary.

(f) Tax on Income:

Current Tax is determined as the amount of tax payable in respect of taxable income for the period.

Deferred tax is recognised, subject to the consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods, Deferred tax assets are not recognised on unabsorbed depreciation and carry forward of losses unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

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Mar 31, 2010

(a) Accounting Convention:

The Financial Statements are prepared by following the Going Concern Concept under the historical cost convention on accrual basis, in accordance with the generally accepted accounting principles in India, the accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the companies Act, 1956.

(b) Fixed Assets:

Fixed assets are stated at cost of acquisition less accumulated depreciation less impairment loss, if any. Cost includes all expenses related to acquisition and installation of the concerned assets.

(c) Depteciation:

Depreciation on Fixed Assets has been provided as per rates prescribed under Income Tax Act, 1961 as amended from time to time.

(d) Impairment of Assets:

The company identifies impairable assets at the year-end in term of cash generating unit concept based on Para 5 to 13 of AS-28 issued by ICAI for the purpose of arriving at impairment loss on fixed assets and capital work in progress (as required under para-34, AS- 28) being the difference between the book value and recoverable value of relevant assets. Impairment loss, if any, when crystallizes is charged against revenue of the year.

(e) Investments:

Long term quoted Investments (non-trade) are valued at cost less provision for diminution in value, which is other than temporary.

(f) Tax on Income:

Current Tax is determined as the amount of tax payable in respect of taxable income for the period.

Deferred tax is recognised, subject to the consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods, Deferred tax assets are not recognised on unabsorbed depreciation and carry forward of losses unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

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Mar 31, 2009

(a) Accounting Convention:

The Financial Statements are prepared by following the Going Concern Concept under the historical cost convention on accrual basis, in accordance with the generally accepted accounting principles in India, the accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the companies Act, 1956.

(b) Fixed Assets:

Fixed assets are stated at cost of acquisition less accumulated depreciation less impairment loss, if any. Cost includes all expenses related to acquisition and installation of the concerned assets.

(c) Depreciation:

Depreciation on Fixed Assets has been provided as per rates prescribed under Income Tax Act, 1961 as amended from time to time.

(d) Impairment of Assets:

The company identifies impairable assets at the year-end in term of cash generating unit concept based on Para 5 to 13 of AS-28 issued by ICAI for the purpose of arriving at impairment loss on fixed assets and capital work in progress (as required under para-34, AS-28) being the difference between the book value and recoverable value of relevant assets. Impairment loss, if any, when crystallizes is charged against revenue of the year.

(e) Investments:

Long term quoted Investments (non-trade) are valued at cost less provision for diminution in value, which is other than temporary.

(f) Tax on Income:

Current Tax is determined as the amount of tax payable in respect of taxable income for the period.

Deferred tax is recognised, subject to the consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods, Deferred tax assets are not recognised on unabsorbed depreciation and carry forward of losses unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

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Mar 31, 2007

(a) Accounting Convention:

The Financial Statements are prepared by following the Going Concern Concept under the historical cost convention on accrual basis, in accordance with the generally' accepted accounting principles in India, the accounting Standards issued - by the Institute of Chartered Accountants of India and the provisions of the companies Act, 1956.

(b) Fixed Assets:

Fixed assets are stated at cost of acquisition less accumulated depreciation less impairment loss, if any. Cost includes all expenses related to acquisition and installation of the concerned assets.

(c) Depreciation:

Depreciation on Fixed Assets have been provided as per rates prescribed under Income Tax Act, 1961 as amended from time to time.

Depreciation is charged on pro-rata basis for assets purchased/ sold during the year.

(d) Impairment of Assets:

The company identifies impairable assets at the year-end in term of cash generating unit concept based on Para 5 to 13 of AS-28 issued by ICAI for the purpose of arriving at impairment loss on fixed assets and capital work in progress (as required under para-34, AS-28) being the difference between the book value and recoverable value of relevant assets. Impairment loss, if any, when crystallizes is charged; against revenue of the year.

(e) Investments:

Long term quoted Investments (non-trade) are valued at cost less provision for diminution in value, which is other than temporary eferred tax is recognised, subject to the consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods,'Deferred tax assets are not recognised on unabsorbed depreciation and carry forward of losses unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

(g) Borrowing Cost:

Borrowing costs are expensed in the year in which it is incurred. Interest on borrowings has been charged to revenue account.