Accounting Policies of Winro Commercial (India) Ltd. Company

Mar 31, 2024

MATERIAL ACCOUNTING POLICIES:

2.1 STATEMENT OF COMPLIANCE

Standalone Financial Statements have been prepared in accordance with the accounting principles generally
accepted in India including the Indian Accounting Standards (Ind AS) prescribed under the Section 133 of the
Companies Act, 2013 read with rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 as amended and
relevant provisions of the Companies Act, 2013.

Accordingly, the Company has prepared these Standalone Financial Statements which comprises of the
Balance Sheet as at 31^st March, 2024, the Statement of Profit and Loss for the year ended on 31^st March 2024, the
Statement of Cash Flows for the year ended on 31^st March 2024 and the Statement of Changes in Equity for the year
ended as on that date, and accounting policies and other explanatory information (together hereinafter referred to
as ''Standalone financial tatements'' or ''financial statements'').

2.2 BASIS OF PREPARATION & PRESENTATION OF FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with the Indian Accounting Standards (Ind AS)
notified under section 133 of the Companies Act, 2013 (''the Act'') read together with the Companies (Indian
Accounting Standards) Rules, 2015, as amended from time to time, and other relevant provisions of the Act on
an accrual basis. The financial statements have been prepared on a going concern basis.

Historical Cost Convention

The financial statements have been prepared on a historical cost basis, except for certain financial assets and
financial liabilities that are measured at fair value at initial and subsequent measurement as explained in the
accounting policies below.

Historical cost is the consideration paid in exchange for the goods and services or the amount paid for acquiring
the asset. 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, regardless of whether that price is directly
observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability,
the Company takes into account the characteristics of the asset or liability if market participants would take those
characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement
and/or disclosure purposes in these financial statements is determined on such a basis.

The financial statements are presented in INR, which is also the Company''s functional currency and all values are
rounded off to the nearest lakhs (INR 00,000), except when otherwise indicated.

Critical accounting estimates and judgments

The preparation of the Company''s financial statements requires Management to make use of estimates and
judgments. In view of the inherent uncertainties and a level of subjectivity involved in measurement of items,
it is possible that the outcomes in the subsequent financial years could differ from those on which the
management''s estimates are based. Accounting estimates and judgments are used in various line items in the
financial statements for e.g.:

• Business model assessment (refer Note No. 2.7)

• Fair value of financial instruments (Refer Note No 2.7)

• Impairment on financial assets (Refer Note No 2.7)

• Provision for tax expenses (Refer Note No 2.13)

• Provisions, Contingent liabilities and Contingent assets (Refer Note No 2.15)

Presentation of financial statements

The Company presents its Balance Sheet in order of liquidity as provided by the Ministry of Corporate Affairs (MCA)
under Division III of Schedule III. An analysis regarding recovery or settlement within 12 months after the reporting
date and more than 12 months after the reporting date is presented in Note No. 34 of balance sheet.

The Company generally reports financial assets and financial liabilities on a gross basis in the Balance Sheet. They are
offset and reported net only when Ind AS specifically permits the same or it has an unconditional legally enforceable
right to offset the recognised amounts without being contingent on a future event. Similarly, the Company offsets
incomes and expenses and reports the same on a net basis when permitted by Ind AS specifically unless they are
material in nature.

2.3 PROPERTY, PLANT & EQUIPMENT (PPE) :

Recognition and initial measurement

Property, plant and equipment are stated at cost less accumulated depreciation/amortization and impairment
losses, if any.

Cost comprises the purchase price and any attributable / allocable cost of bringing the asset to its working condition
for its intended use. The cost also includes direct cost and other related incidental expenses. Revenue earned, if any,
during trial run of assets is adjusted against cost of the assets. Cost also includes the cost of replacing part of the
plant and equipment.

Borrowing costs relating to acquisition / construction / development of tangible assets, if any, which takes
substantial period of time to get ready for its intended use are also included to the extent they relate to the period
till such assets are ready to be put to use.

When significant components of property and equipment are required to be replaced at intervals, recognition is
made for such replacement of components as individual assets with specific useful life and depreciation, if these
components are initially recognized as a separate asset. All other repair and maintenance costs are recognized in the
statement of profit and loss as incurred.

The carrying amount of PPE is reviewed periodically for impairment based on internal / external factors.
An impairment loss is recognized whenever the carrying amount of assets exceeds its recoverable amount.
The recoverable amount is the greater of the asset''s net selling price and value in use.

When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit)
is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not
exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset
(or cash generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.

De-recognition

PPE are de-recognized either when they have been disposed of or when they are permanently withdrawn from use
and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds
and the carrying amount of the asset is recognized in the statement of profit and loss in the period of de-recognition.

2.4 BUSINESS COMBINATION :

Business Combinations are accounted for using the acquisition method of accounting, except for common control
transactions which are accounted using the pooling of interest method that is accounted at carrying values.

The cost of an acquisition is measured at the fair value of the assets transferred, equity instruments issued and
liabilities assumed at the acquisition date i.e., the date on which control is acquired. Contingent consideration to
be transferred is recognised at fair value and included as part of cost of acquisition. Transaction related costs are
expensed in the period in which the costs are incurred.

2.5 LEASE
Short-term leases:

The company has elected not to recognised right-of-use assets and lease liabilities for short term leases that have a
lease term period of less than 12 months. The company recognises the lease payments associated with these leases
as an expense on a straight-line basis over the lease term.

2.6 INVESTMENTS IN ASSOCIATES :

Associates:

An associate is an entity over which the Company has significant influence. Significant influence is the power to
participate in the financial and operating policy decisions of the investee but is not control or joint control over those
policies.

Investments in Associates are accounted at Fair value as per Ind AS 109 and the same has been classified under Level
3 Investments.

2.7 FINANCIAL INSTRUMENTS :

Recognition of Financial Instruments

Financial instruments comprise of financial assets and financial liabilities. Financial assets and liabilities are
recognised when the company becomes the party to the contractual provisions of the instruments.

Financial assets primarily comprise of trade receivables, loan receivables, investments in shares & securities etc.

Financial liabilities primarily comprise of borrowings, trade payables and other financial liabilities etc.

Initial Measurement of Financial Instruments

Recognised financial assets and financial liabilities are initially measured at fair value. Transaction costs and
revenues that are directly attributable to the acquisition or issue of financial assets and financial liabilities
(other than financial assets and financial liabilities at Fair value through profit or loss (FVTPL)) are added to or
deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.
Transaction costs and revenues directly attributable to the acquisition of financial assets or financial liabilities
at FVTPL are recognised immediately in profit or loss.

If the transaction price differs from fair value at initial recognition, the Company will account for such difference as
follows:

a. if fair value is evidenced by a quoted price in an active market for an identical asset or liability or based on a
valuation technique that uses only data from observable markets, then the difference is recognised in profit
or loss on initial recognition (i.e. day one profit or loss);

b. in all other cases, the fair value will be adjusted to bring it in line with the transaction price (i.e. the
recognition of profit or loss on day one will be deferred by including it in the initial carrying amount of the
asset or liability).

After initial recognition, the deferred gain or loss will be released to the Statement of profit and loss on a rational
basis, only to the extent that it arises from a change in a factor (including time) that market participants would take
into account when pricing the asset or liability.

Subsequent Measurement of Financial Assets

All recognised financial assets that are within the scope of Ind AS 109 are required to be subsequently measured
at amortised cost or fair value on the basis of the entity''s business model for managing the financial assets and the
contractual cash flow characteristics of the financial assets.

The Company recognises all the financial assets, other than measured at fair value or amortised cost, which
are realized within 12 months, from the reporting date, at cost & not at fair value or amortised cost but tested for
impairment.

Business model assessment

The Company determines its business model at the level that best reflects how it manages groups of financial assets
to achieve its business objective. The Company''s business model is assessed on an instrument by instrument basis.

• Classification of Financial Assets

For the purpose of subsequent measurement, financial assets are classified into four categories:

> Debt instruments at amortised cost

> Debt instruments at Fair value through Other Comprehensive Income (FVOCI)

> Debt and equity instruments at FVTPL

> Equity instruments designated at FVOCI

> Debt instruments at amortised cost :

The Company measures its financial assets at amortised cost if both the following conditions are met:

¦ The asset is held within a business model of collecting contractual cash flows; and

¦ Contractual terms of the asset give rise on specified dates to cash flows that are Sole Payments of
Principal and Interest (SPPI) on the principal amount outstanding.

To make the SPPI assessment, the Company applies judgment and considers relevant factors such as
the nature of portfolio and the period for which the interest rate is set.

The business model of the Company for assets subsequently measured at amortised cost category is
to hold and collect contractual cash flows. However, considering the economic viability of carrying the
delinquent portfolios in the books of the Company, it may sell these portfolios to other entities.

After initial measurement, such financial assets are subsequently measured at amortised cost on
effective interest rate (EIR).

> Debt instruments at FVOCI :

The Company subsequently classifies its financial assets as FVOCI, only if both of the following criteria are
met:

¦ The objective of the business model is achieved both by collecting contractual cash flows and selling
the financial assets; and

¦ Contractual terms of the asset give rise on specified dates to cash flows that are Solely Payments of
Principal and Interest (SPPI) on the principal amount outstanding.

Debt instruments included within the FVOCI category are measured at each reporting date at fair
value with such changes being recognised in other comprehensive income (OCI) under the head
"items reclassify to profit & loss" The interest income on these assets is recognised in profit or loss.

On derecognition of the asset, cumulative gain or loss previously recognised in OCI is reclassified to
profit or loss.

> Debt / equity instruments at FVTPL:

The Company classifies financial assets which are held for trading & has elected to classify some other equity
instruments under FVTPL category. These instruments are recorded and measured in the standalone balance
sheet at fair value. Interest income is recognized in profit & loss as per the terms of contract. Dividend income
is recognized in profit & loss right when the right to receive the same has been established. Gains and losses
on changes in fair value of these debt and equity instruments are recognised on net basis through profit or
loss.

The Company''s majority of the investments into mutual funds, bonds, equity shares, Alternative investment
funds have been classified under this category.

> Equity instruments designated at FVOCI:

The Company''s management has elected to classify irrevocably some of its equity investments as
equity instruments at FVOCI, when such instruments meet the definition of Equity under Ind AS 32 ''Financial
Instruments. Such classification is determined on an instrument-by-instrument basis.

Gains and losses on equity instruments measured through FVOCI are never recycled to profit or loss, even
on sale of investments. Dividends are recognised in profit or loss as dividend income when the right of the
payment has been established.

De-recognition of Financial Assets

A financial asset is de-recognised only when:

• The Company has transferred the right to receive cash flows from the financial assets; or

• The right to receive cash flows from the asset have expired; or

• Retains the contractual rights to receive the cash flows of the financial assets, but assumes contractual
obligations to pay the cash flows to one or more recipients.

Where the entity has transferred an asset, the Company evaluates whether it has transferred substantially all risks
and rewards of ownership of the financial asset. In such cases, the financial asset is de-recognised. Where the entity
has not transferred substantially all risks and rewards of ownership of the financial asset, the financial asset is not
de-recognised.

On de-recognition of a financial asset in its entirety, the difference between the asset''s carrying amount and the sum
of the consideration received or receivable in profit & loss in case financial assets classified under FVTPL category.

In case of financial asset classified under FVOCI category, the cumulative gain or loss that had been recognised in
other comprehensive income and accumulated in other equity is transferred to retained earnings if such gain or loss
would have otherwise been recognised in profit or loss on disposal of that financial asset.

Write-off

Loans and debt securities are written off when the Company has no reasonable expectations of recovering the
financial asset (either in its entirety or a portion of it). This is the case when the Company determines that the
borrower does not have assets or sources of income that could generate sufficient cash flows to repay the amounts
subject to the write-off. A write-off constitutes a de-recognition event. The Company may apply enforcement
activities to financial assets written off. Recoveries resulting from the Company''s enforcement activities will result
in impairment gains.

Reclassifications

If the business model under which the Company holds financial assets changes, the financial assets affected
are reclassified. The classification and measurement requirements related to the new category apply prospectively
from the first day of the first reporting period following the change in business model that result in reclassifying the
Company''s financial assets. Such reclassification needs to be approved by the Board of Directors of the company.

Impairment of Financial Assets

The Company recognises loss allowances using the expected credit loss (ECL) model for the financial assets which
are not FVTPL. Expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been
a significant increase in credit risk or the assets have become credit impaired from initial recognition in which case,
those are measured at lifetime ECL. The amount of expected credit losses (or reversal) that is required to adjust the
loss allowance at the reporting date is recognised as an impairment gain or loss in the Statement of Profit and Loss.
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the
assets.

Measurement of expected credit loss

Expected credit losses are a probability weighted estimate of credit losses. Credit losses are measured as the present
value of all cash shortfalls (i.e. the difference between the cash flows due to the Company in accordance with the
contract and the cash flows which the Company expects to receive).

IND AS 109 requires all financial instruments other than those recognized as FVTPL and equity instruments to
be classified into one of the three stages (Stage 1, Stage 2 or Stage 3) based on the assessed credit risk of the
instrument/facility.

There are three stages:

• Stage 1 would include all facilities which have not undergone a significant increase credit risk

• Stage 2 would include facilities meeting the criteria for Significant Increase in Credit Risk and facilities with Days
Past Due (DPD) 30 or more. The Company may rebut this presumption based on behavioral pattern of financial
instruments and

• The stage 3 will have facilities classified as NPA and facilities with DPD 90 or more.

The Company continuously monitors all the financial assets subject to ECLs. In order to determine whether an
instrument is subject to 12 month ECL (12m ECL) or life time ECL (LTECL), the Company assesses whether there
has been a significant increase in credit risk or the asset has become credit impaired since initial recognition.
The Company applies following quantitative and qualitative criteria to assess whether there is significant increase
in credit risk or the asset has been credit impaired:

(a) Historical trend of collection from counterparty;

(b) Company''s contractual rights with respect to recovery of dues from counterparty;

(c) Credit rating of counterparty and any relevant information available in public domain;

After applying above criteria, the Management has decided to make minimum ECL provision as the provisioning
rates (as given in above table) as per RBI prudential norms unless higher provisioning is required as per the above
criteria.

Financial liabilities

A financial liability is a contractual obligation to deliver cash or another financial asset or to exchange financial
assets or financial liabilities with another entity under conditions that are potentially unfavorable to the Company
or a contract that will or may be settled in the its''s own equity instruments and is a non-derivative contract for
which the Company is or may be obliged to deliver a variable number of its own equity instruments, or a derivative
contract over own equity that will or may be settled other than by the exchange of a fixed amount of cash
(or another financial asset) for a fixed number of its own equity instruments.

All financial liabilities are subsequently measured at amortised cost using the effective interest method.

a) Subsequent measurement

Financial liabilities are subsequently carried at amortized cost using the EIR method. For trade and other
payables maturing within operating cycle, the carrying amounts approximate the fair value due to the short
maturity of these instruments.

Interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Inter¬
est Method (EIR). Gains and losses are recognized in the Statement of Profit and Loss when the liabilities are
derecognized.

The Company recognises all the financial liabilities, other than those measured at fair value or amortised
cost, which are settled within 12 months, from reporting date, at cost & not at fair value or amortised cost.

Amortised cost is calculated by taking into account any discount or premium on acquisition and the
transaction cost. The EIR amortization is included as finance costs in the Statement of Profit and Loss.

b) De-recognition

A financial liability (or a part of a financial liability) is de-recognised from the Company''s balance sheet
when the obligation specified in the contract is discharged or cancelled or expires. When an existing financial
liability is replaced by another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is treated as the de-recognition
of the original liability and the recognition of a new liability. The difference between the carrying amount of
the financial liability derecognized and the consideration paid is recognized in the Statement of Profit and
Loss.

Fair value measurement

The Company measures financial instruments at fair value on initial recognition and uses valuation techniques that
are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising
the use of relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are 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 - Level 1 hierarchy includes financial instruments measured using quoted prices in an active market.
This includes listed equity instruments, traded debentures and mutual funds that have quoted price. The fair value
of all equity instruments (including debentures) which are traded in the stock exchanges is valued using the closing
price as at the reporting period. The mutual funds are valued using the closing NAV as published on Association of
Mutual Funds of India (AMFI).

Level 2 - Level 2 hierarchy includes financial instruments that are not traded in an active market (for example,
traded bonds/debentures, over the counter derivatives). The fair value in this hierarchy is determined using
valuation techniques which maximize the use of observable market data. If all significant inputs required to measure
fair value of an instrument are observable, the instrument is included in level 2.

Level 3 - If one or more of the significant inputs is not based on observable market data, the instrument is included
in level 3. Fair values are determined in whole or in part using a valuation model based on assumptions that are
neither supported by prices from observable current market transactions in the same instrument nor are they based
on available market data. Financial instruments such as unlisted equity shares, loans are included in this hierarchy.

Fair value of quoted investments in Saraswati Commercial (India) Limited which is covered in Level 2 is further
adjusted on account cross holding within the group of companies.

Fair value of unquoted investment in National Stock Exchange of India Limited which is covered in Level 2 is derived
from the reported trades in share of NSE for the month of March for respective years. Further value is taken at price
at which maximum trades were reported in the month of March for respective years.

For unlisted group companies and other unlisted companies (other than classified as Level 2), for which latest
standalone / consolidated audited balance sheet are available are classified under level 3. Accordingly, their fair
value can be derived from the latest audited balance sheet by applying below formula:

"(Share capital other equity - prepaid expenses) / no of equity shares = value per share."

No of equity shares in above formula has been derived after reducing cross holding effect (if any).

For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Company
determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization at the
end of each reporting period and discloses the same.

Derivative financial instruments

The Company uses derivative financial instruments for trading purposes. Such derivative financial instruments are
initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently
re-measured at fair value.

Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value
is negative.

Any gains or losses arising from changes in the fair value of derivatives are taken directly to statement of profit and
loss as "Gain / (Loss) from trading in securities (future and option segments)" under the head "Net gain / (loss) on
fair value changes."

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet only if there
is an enforceable legal right to offset the recognised amounts with an intention to settle on a net basis or to realize
the assets and settle the liabilities simultaneously.

2.8 REVENUE RECOGNITION

A. Interest Income

For all financial instruments measured at amortised cost, interest income is recognised using the effective
interest rate (EIR), which is the rate that exactly discounts the estimated future cash payments or receipts
through the expected life of the financial instrument or a shorter period, where appropriate, to the net
carrying amount of the financial assets.

B. Sale of product

Sale is recognized when the power is delivered by the Company at the delivery point in conformity with
the parameters and technical limits and fulfilment of other conditions specified in the Wind Energy
Purchase Agreement. The Sale of product is accounted for as per tariff specified in the Wind Energy Purchase
Agreement. The sale of product is accounted for net of all local taxes and duties as may be leviable on sale of
electricity for all electricity made available and sold to customers.

C. Dividend Income

Dividend income is recognized when the Company''s right to receive payment is established.

D. Net gain on fair value changes

The Company recognises gains/losses on fair value changes of financial assets measured at FVTPL in
the statement of profit & loss, which are further bifurcated between realized & unrealized gain / (loss).
Net gain of fair value changes includes gain / (loss) on trading of shares & securities held as Stock in trade, gain
/ (loss) from shares trading in derivatives segment and realized / unrealized gain or (loss) on other financial
instruments fair value through profit & loss account (FVTPL).

E. Other revenue from operations
a. Fees

A fee on financial guarantee is recognized based on term of engagement, if any.

F. Other Income

Other incomes are accounted on accrual basis.

2.9 EXPENDITURES

A. Finance costs

Borrowing costs on financial liabilities are recognised using the EIR.

B. Others

Other expenses are accounted on accrual basis.

2.10 FOREIGN CURRENCY TRANSACTIONS

In preparing the financial statements of the Company, transactions in currencies other than the entity''s functional
currency (foreign currencies) are recognised at the rate of exchange prevailing on the date of the transactions.

At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates
prevailing on that date. Non-monetary items carried at fair value that are denominated in foreign currencies are
retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are
measured in terms of historical cost in a foreign currency are not retranslated.

All exchange differences are recognised in the Statement Profit and Loss in the period in which they arise.

2.11 CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash on hand & bank balance in current account and deposit in fixed account with
original maturities of three months or less, if any.

2.12 BORROWING COSTS

Borrowing costs that are attributable to the acquisition, construction or production of qualifying assets as defined in
Ind AS 23 are capitalised as a part of costs of such assets. A qualifying asset is one that necessarily takes a substantial
period of time to get ready for its intended use.

Interest expenses are calculated using the EIR and all other Borrowing costs are recognised in the Statement of Profit
and Loss in the period in which they are incurred.

Interest expense on Amount borrowed specifically for Initial Public Offering (IPO) - Anchor and QIB Category are
capitalized to investments.

2.13 INCOME TAXES

A) Current income tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid
to the taxation authorities using the tax rates and tax laws that are in force at the reporting date.

Current income tax relating to items recognised outside the statement of profit and loss is recognized
outside the statement of profit and loss (either in other comprehensive income or in equity). Current income
tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity.
The Company offsets current tax assets and current tax liabilities where it has a legally enforceable right to
set off the recognised amounts and where it intends either to settle on a net basis, or to realize the assets
and settle the liability simultaneously.

B) Deferred tax

Deferred income tax is recognised using the balance sheet approach.

Deferred tax liabilities are recognised for all taxable temporary differences, except:

a) When the deferred tax liability arises from the initial recognition of goodwill or 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.

b) In respect of taxable temporary differences associated with investments in associates, when the
timing of the reversal of the temporary differences can be controlled and it is probable that the
temporary differences will not reverse in the foreseeable future.

Deferred tax assets are recognised to the extent that it is probable that future 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 utilised.

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 utilised.

Deferred taxes are not provided on the undistributed earnings of associates where it is expected that the
earnings of the associates will not be distributed in the foreseeable future. Deferred tax assets and liabilities
are offset when they relate to income taxes levied by the same taxation authority and the relevant entity
intends to settle its current tax assets and liabilities on a net basis.

Deferred tax relating to items recognized outside the statement of profit and loss is recognised outside
the statement of profit and loss. Such deferred tax items are recognized in correlation to the underlying
transaction either in other comprehensive income or directly in equity.

Deferred tax assets and liabilities are measured using substantively enacted tax rates expected to apply to
taxable income in the years in which the temporary differences are expected to be received or settled.

Presentation of current and deferred tax:

Current and deferred tax are recognized as income or an expense in the Statement of Profit and Loss, except when
they relate to items that are recognized in Other Comprehensive Income, in which case, the current and deferred
tax income/expense are recognized in Other Comprehensive Income.

The Company offsets current tax assets and current tax liabilities, where it has a legally enforceable right to set off
the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the
liability simultaneously. 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 and the deferred taxes relate to the same taxable entity and
the same taxation authority.

2.14 IMPAIRMENT OF NON-FINANCIAL ASSETS

An assessment is done at each Balance Sheet date to ascertain whether there is any indication that an asset may be
impaired. If any such indication exists, an estimate of the recoverable amount of asset is determined. If the carrying
value of relevant asset is higher than the recoverable amount, the carrying value is written down accordingly.

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Mar 31, 2014

The significant accounting policies have been predominantly presented below in the order of the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006

2.1 Basis of accounting and preparation of financial statements

i) Financial statements are prepared under historical cost convention on accrual basis in accordance with the requirements of the Companies Act, 1956.

ii) The Company generally follows mercantile system of accounting and recognises significant items income and expenditure on accrual basis.

2.2 Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. 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 recognised in the periods in which the results are known / materialise.

2.3 Inventories

Stocks of shares are valued at Lower of cost or Net Realisable Value

2.4 Cash and cash equivalents (for purposes of Cash Flow Statement)

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition).

2.5 Cash flow statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

2.6 Depreciation

Depreciation has been provided on written down value method at the rates and the manner prescribed in scheduled XIV of the Companies Act, 1956. Depreciation on additions/ deletions during the year is provided on pro-rata basis.

2.7 Revenue recognition

Terms of income and expenditure are recognized on accrual basis except interest receivable from sub-standard assets. Interest on sub-standard loans are recognized on receipt basis.

2.8 Other income

Interest income is accounted on accrual basis. Dividend income and interest on sub- standard loans are accounted on receipt basis.

2.9 Tangible fixed assets

Fixed assets are stated at cost of acquisition less accumulated Depreciation.

2.10 Investments

Long Term Investments are stated at cost. Provision for diminution in the Market Value/ Break-up Value is made only if; such a decline is other than temporary in the opinion of Management.

2.11 Employee benefits

-As number of employees working in company are less than ten, provision for gratuity as per Accounting Standard 15 issued by Institute of Chartered Accountant of India does not apply to the company.

- The company has made provision for Leave Salary on the actual balance leaves of the employees at year end at the basic salary of the employees for the month of March 2014.

2.12 Segment reporting

There are no other reportable segments as per AS 17 (Segment Reporting), except Finance and investment,as such reporting is done on that basis.

2.13 Earnings per share

Basic and Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year.

2.14 Taxes on income

i. Provision for current tax is made and retained in the accounts on the basis of estimated tax liability as per the provisions of the Income-Tax Act 1961.

ii. Deferred tax for timing differences between tax profits and book profits is accounted by using the tax rates and laws that have been enacted or substantial enacted as of the balance sheet date. Deferred tax assets in respect of unabsorbed losses are recognised to the extent there is reasonable certainty that these assets can be realised in future.

2.15 Future / Option Contracts:-

In respect of future/option contracts income / loss is booked on the date of settlement of Contracts. However in respect of outstanding contracts as at the Balance sheet date keeping on view the consideration of prudence loss is booked but income is not recognised.

2.16 Provisions and contingencies

These are disclosed by way of notes on the Balance sheet. Provision is made in the accounts in respect of those contingencies which are likely to materialise into liabilities after the year end, till the finalisation of accounts and have material effect on the position stated in the Balance sheet.

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Mar 31, 2013

The significant accounting policies have been predominantly presented below in the order of the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006

1.1 Basis of accounting and preparation of financial statements

i). Financial statements are prepared under historical cost convention on accrual basis in accordance with the requirements of the Companies Act, 1956. ii). The Company generally follows mercantile system of accounting and recognises significant items income and expenditure on accrual basis.

1.2 Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. 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 recognised in the periods in which the results are known / materialise.

1.3 Inventories

Stocks of shares are valued at Lower of cost or Net Realisable Value

1.4 Cash and cash equivalents (for purposes of Cash Flow Statement)

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition),

1.5 Cash flow statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

1.6 Depreciation

Depreciation has been provided on written down value method at the rates and the manner prescribed in scheduled XIV of the Companies Act, 1956. Depreciation on additions/deletions during the year is provided on pro-rata basis.

1.7 Revenue recognition

Terms of income and expenditure are recognized on accrual basis

1.8 Other income

Interest income is accounted on accrual basis. Dividend income is accounted on receipt basis

1.9 Tangible fixed assets

Fixed assets are stated at cost of acquisition less accumulated Depreciation.

1.10 Investments

Long Term Investments are stated at cost. Provision for diminution in the Market Value/Break-up Value is made only if; such a decline is other than temporary in the opinion of Management.

1.11 Employee benefits

- Gratuity Liability has not been provided for in accordance with Accounting Standard 15 issued by Institute of Chartered Accountant of India and unascertained

- The company has made provision for Leave Salary on the actual balance leaves of the employees at year end at the basic salary of the employees for the month of March 2013.

1.12 Segment reporting

There are no other reportable segments as per AS 17 (Segment Reporting), except Finance and investment,as such reporting is done on that basis.

1.13 Earnings per share

Basic and Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year.

1.14 Taxes on income

i. Provision for current tax is made and retained in the accounts on the basis of estimated tax liability as per the provisions of the Income-Tax Act 1961.

ii. Deferred tax for timing differences between tax profits and book profits is accounted by using the tax rates and laws that have been enacted or substantial enacted as of the balance sheet date. Deferred tax assets in respect of unabsorbed losses are recognised to the extent there is reasonable certainty that these assets can be realised in future.

1.15 Future / Option Contracts:-

In respect of future/option contracts income / loss is booked on the date of settlement of Contracts. However in respect of outstanding contracts as at the Balance sheet date keeping on view the consideration of prudence loss is booked but income is not recognised.

1.16 Provisions and contingencies

These are disclosed by way of notes on the Balance sheet. Provision is made in the accounts in respect of those contingencies which are likely to materialise into liabilities after the year end, till the finalisation of accounts and have material effect on the position stated in the Balance sheet.

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Mar 31, 2012

The significant accounting policies have been predominantly presented below in the order of the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006

1.1 Basis of accounting and preparation of financial statements

i). Financial statements are prepared under historical cost convention on accrual basis in accordance with the requirements of the Companies Act, 1956.ii). The Company generally follows mercantile system of accounting and recognises significant items income and expenditure on accrual basis.

1.2 Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. 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 recognised in the periods in which the results are known / materialise.

1.3 Inventories

Stocks of shares are valued at Lower of cost or Net Realisable Value

1.4 Cash and cash equivalents (for purposes of Cash Flow Statement) Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition),

1.5 Cash flow statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

1.6 Depreciation

Depreciation has been provided on written down value method at the rates and the manner prescribed in scheduled XIV of the Companies Act, 1956. Depreciation on additions/deletions during the year is provided on pro-rata basis.

1.7 Revenue recognition

Terms of income and expenditure are recognized on accrual basis

1.8 Other income

Interest income is accounted on accrual basis. Dividend income is accounted on receipt basis

1.9 Tangible fixed assets

Fixed assets are stated at cost of acquisition less accumulated Depreciation.

1.10 Investments

Long Term Investments are stated at cost. Provision for diminution in the Market Value/Break-up Value is made only if; such a decline is other than temporary in the opinion of Management.

1.11 Employee benefits

Leave encashment is accounted in the year in which the right of encashment is exercised by the employees.

1.12 Segment reporting

There are no other reportable segments as per AS 17 (Segment Reporting), except Finance and investment ,as such reporting is done on that basis.

1.13 Earnings per share

Basic and Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year.

1.14 Taxes on income

i. Provision for current tax is made and retained in the accounts on the basis of estimated tax liability as per the provisions of the Income-Tax Act 1961.ii. Deferred tax for timing differences between tax profits and book profits is accounted by using the tax rates and laws that have been enacted or substantial enacted as of the balance sheet date. Deferred tax assets in respect of unabsorbed losses are recognised to the extent there is reasonable certainty that these assets can be realised in future.

1.15 Future / Option Contracts:-

In respect of future/option contracts income / loss is booked on the date of settlement of Contracts. However in respect of outstanding contracts as at the Balance sheet date keeping on view the consideration of prudence loss is booked but income is not recognised.

1.16 Provisions and contingencies

These are disclosed by way of notes on the Balance sheet. Provision is made in the accounts in respect of those contingencies which are likely to materialise into liabilities after the year end, till the finalisation of accounts and have material effect on the position stated in the Balance sheet.

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Mar 31, 2011

A) Basis of Accounting :

i). Financial statements are prepared under historical cost convention on accrual basis in accordance with the requirements of the Companies Act, 1956.

ii). The Company generally follows mercantile system of accounting and recognises significant items income and expenditure on accrual basis.

b) Fixed Assets and Depreciation :

Fixed assets are stated at cost of acquisition less accumulated Depreciation. Depreciation has been provided on written down value method at the rates and the manner prescribed in scheduled XV of the Companies Act, 1956. Depreciation on additions/deletions during the year in provided on prorata basis.

c) Investments :

Long Term Investments are stated at cost. Provision for diminution in the Market Value/Break-up value is made only if; such a decline is other than temporary in the opinion of Management.

d) Stock in Trade:

Stocks of shares are valued at Lower of cost or market value.

e) Miscellaneous Expenditure:

Miscellaneous Expenditure is written off over a period of ten years.

f) Taxation

i. Provision for current tax is made and retained in the accounts on the basis of estimated tax liability as per the provisions of the Income-Tax Act 1961.

ii. Deferred tax for timing differences between tax profits and book profits is accounted by using the tax rates and laws that have been enacted or substantial enacted as of the balance sheet date. Deferred tax assets in respect of unabsorbed losses are recognised to the extent there is reasonable certainty that these assets can be realised in future.

h) Future / Option Contracts:-

In respect of future/option contracts income / loss is booked on the date of settlement of Contracts. However in respect of outstanding contracts as at the Balance sheet

date keeping on view the consideration of prudence loss is booked but income is not recognised.

i) Contingent liabilities:-

These are disclosed by way of notes on the Balance sheet. Provision is made in the accounts in respect of those contingencies which are likely to materialise into liabilities after the year end, till the finalisation of accounts and have material effect on the position stated in the Balance sheet.

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Mar 31, 2010

A) Basis of Accounting:

i) Financial statements are prepared under historical cost convention on accrual basis in accordance with the requirements of the Companies Act, 1956.

ii) The Company generally follows mercantile system of accounting and recognises significant items income and expenditure on accrual basis.

b) Fixed Assets and Depreciation:

Fixed assets are stated at cost of acquisition less accumulated Depreciation. Depreciation has been provided on written down value method at the rates and the manner prescribed in scheduled XV of the Companies Act, 1956. Depreciation on additions/deletions during the year in provided on prorata basis.

c) Investments:

Long Term Investments are stated at cost. Provision for diminution in the Market Value/Break-up value is made only if; such a decline is other than temporary in the opinion of Management.

d) Stock in Trade:

Stocks of shares are valued at Lower of cost or market value.

e) Miscellaneous Expenditure:

Miscellaneous Expenditure is written off over a period of ten years.

f) Taxation

i. Provision for current tax is made and retained in the accounts on the basis of estimated tax liability as per the provisions of the Income-Tax Act 1961.

ii. Deferred tax for timing differences between tax profits and book profits is accounted by using the tax rates and laws that have been enacted or substantial enacted as of the balance sheet date. Deferred tax assets in respect of unabsorbed losses are recognised to the extent there is reasonable certainty that these assets can be realised in future.

h) Future / Option Contracts:-

In respect of future/option contracts income / loss is booked on the date of settlement of Contracts. However in respect of outstanding contracts as at the Balance sheet date keeping on view the consideration of prudence loss is booked but income is not recognised.

i) Contingent liabilities:-

These are disclosed by way of notes on the Balance sheet. Provision is made in the accounts in respect of those contingencies which are likely to materialise into liabilities after the year end, till the finalisation of accounts and have material effect on the position stated in the Balance sheet.