(a) Basis of Preparation of Financial Statements
 
 The financial statements have been prepared with the Generally Accepted
 Accounting Principles in India (Indian GAAP) to comply in all material
 respects with the accounting standards notified by Companies
 (Accounting Standards) Rules, 2006 (as amended) and the relevant
 provisions of the Companies Act, 1956. The financial statements have
 been prepared under the historical cost convention on an accrual basis.
 The accountings policies have been consistently applied by the Company
 and are consistent with those used in the previous period.
 
 (b) Gse of Estimates
 
 The preparation of the financial statements requires the management to
 take reasonable estimates and assumption that affect the reported
 amount of assets, liabilities and disclosure of contingent liabilities
 as at the date of the financial statements. Management believes that
 these estimates are reasonable and prudent. However, actual results may
 differ from estimates.
 
 (c) Cash Row Statements
 
 Cash flow statement of the company reports cash flows during the period
 classified by operating, investing and financial activities.
 
 (d) Revenue Recognition
 
 Incomes/Expenses/Revenues are accounted for on accrual basis. Revenue
 is recognised to the extent that it is probable that the economic
 benefit will flow to the company and the revenue can be reliably
 measured.
 
 (e) Fixed Assets
 
 Fixed Assets are stated at cost including all incidental expenses
 incurred for bringing the asset to its current position, less
 depreciation at rates prescribed in Schedule XIV to the Companies Act,
 1956, subject to provisions of Accounting Standard 26 Intangible
 Assets.
 
 (f) Depreciation
 
 Depreciation has been provided on Straight Line Method in accordance
 with section 205(2) of the Companies Act, 1956 at the rates specified
 in schedule XIV to the Companies Act, 1956, on pro-rata basis with
 reference to the period of use of such assets. Assets costing less than
 Rs. 5,000/- per item are depreciated at 100% in the year of purchase.
 
 (g) Impairment of Assets
 
 The carrying amounts of Cash Generating Assets are reviewed at each
 Balance Sheet date to determine whether there is any indication of
 impairment. If any such indication exists, the recoverable amount is
 estimated at the higher of net realisable value and value in use.
 Impairment loss is recognised wherever carrying amount exceeds the
 recoverable amount.
 
 (h) Retirement Benefits
 
 All short-term and long term employee benefits are recognised at their
 undiscounted amount in the accounting period in which they are
 incurred.
 
 (i) Income Tax
 
 Provision for current tax is made for the tax liability payable on
 taxable income after considering the allowances, deductions and
 exemptions and disallowances if any determined in accordance with the
 prevailing tax laws.The differences between the taxable income and the
 net profit or loss before tax for the period as per the financial
 statements are identified and the tax effect on the timing
 differences is recognised as deferred tax asset or deferred tax
 liability. The tax effect is calculated on the accumulated timing
 differences at the end of the accounting period based on the tax rates
 and laws, enacted or substantively enacted as of the balance sheet
 date.
 
 (j) Provisions, Contingent Liabilities & Contingent Assets
 
 The Company creates 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
 outflow.
 
 Contingent liabilities are disclosed in respect of possible obligations
 that arise from past events but their existence is confirmed by the
 occurrence or non-occurrence of one or more uncertain future events not
 within the control of the company.
 
 Contingent Assets are neither recognized nor disclosed in the Financial
 Statements as a matter of prudence.