1) Basis of preparation of Financial statements
 
 These financial statements have been prepared under the historical cost
 convention from the books of account maintained on an accrual basis
 which is in conformity with accounting principles generally accepted in
 India, relevant provisions of the Companies Act, 1956 and the mandatory
 Accounting Standards as specified in the Companies (Accounting
 Standard) Rules, 2006, prescribed by the Central Government.
 
 2) Use of estimates
 
 The preparation of financial statements in conformity with GAAP
 requires the management to make estimates and assumptions that affect
 the reported amounts of assets and liabilities and the disclosure of
 contingent assets and liabilities as at the date of financial
 statements and the reported amounts of revenue and expenses during the
 reported period. Actual results could differ from those estimates. Any
 revision to accounting estimates is recognized in the current and
 future periods.
 
 3) Fixed Assets
 
 Fixed assets are stated at historical cost of acquisition or
 construction less accumulated depreciation.
 
 4) Depreciation
 
 Depreciation is provided on written down value method at the rates and
 in the manner prescribed under Schedule XIV of the Companies, Act 1956.
 
 5) Investments
 
 Investments are classified as current or long term in accordance with
 Accounting Standards 13 on Accounting for Investments Long term
 Investments are carried at cost less provision for diminution in value
 considered to be other than temporary in nature, if any.
 
 Trade investments are valued at lower cost or market value.
 
 6) Revenue Recognition:
 
 In appropriate circumstances, revenue (income) is recognized when it is
 earned and no significant uncertainty as to determination or
 realisation exists.
 
 Income from Consultancy services and Commission is recognized on
 proportionate completion method based on agreed terms and contract.
 
 Interest, as and when applicable, on refunds from statutory authorities
 is recognized when such interest is determinable, based on completed
 proceedings. Other interest income is recognized using time proportion
 method, based on interest rate implicit in the transactions. Profit on
 sale of investments is recognized on completion of transactions.
 
 Sales are recognized when all significant risks and rewards of
 ownership have been transferred to the buyer. Sales are shown Net of
 VAT.
 
 Dividends are recognized when the shareholders'' right to receive
 payment is established by the balance sheet date.
 
 7) Expenses
 
 Material known liabilities are provided for on the basis of available
 information / estimates.
 
 8) Deferred Revenue Expenditure
 
 Deferred revenue expenditure is written off entirely in the year in
 which it is incurred as per the provision of AS-26 on Intangible
 Assets.
 
 9) Taxes on Income
 
 Income tax is accounted for in accordance with Accounting Standard 22
 on Accounting for Taxes on income. Tax comprises current Tax and
 deferred Tax.
 
 Provision for taxation is made in accordance with the provisions of
 Income Tax Act, 1961. Deferred tax assets (if any) are recognized only
 if there is reasonable certainty that they will be realized.
 
 Minimum Alternate Tax (MAT) credit is recognized only when and to the
 extent there is convincing evidence that company will pay normal income
 tax during the specified period. In the year in which the MAT credit
 becomes eligible to be recognized as an asset in accordance with the
 Guidance Note issued by the Institute of Chartered Accountants of
 India, the said assets is created by the way of a credit to the Profit
 and Loss account.
 
 10) Employee Benefits
 
 a) Short Term Employee Benefits are recognized as an expense at the
 undiscounted amount in the Profit & Loss Account of the year in which
 the related service is rendered.
 
 b) Post employment and other long term employee benefits are recognized
 as an expense in the Profit and Loss Account of the year in which the
 employee has rendered services. The expense is recognized at the
 present value of the amount payable, determined as per Actuarial
 Valuations. Actuarial gains and losses in respect of post employment
 and long term employee benefits are recognized in the Profit and Loss
 Account.
 
 11) Provisions, Contingent Liabilities and 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 statements.