1.1 Basis of preparation
 
 The financial statements are prepared under the historical cost
 convention, on accrual basis, in compliance with all material aspects
 of the notified Accounting standards by Companies (Accounting
 Standards) Amendment Rules, 2008 and the relevant provisions of the
 Companies Act, 1956. The accounting policies have been consistently
 applied by the Company and are consistent with those used in the
 previous year.
 
 1.2 Use of estimates
 
 The preparation of financial statements requires management to make
 estimates and assumptions that affect the reported amounts of assets
 and liabilities, the disclosure of contingent liabilities on the date
 of the financial statements and the reported amounts of revenues and
 expenses during the period reported. Actual results could differ from
 those estimates. Any revision to accounting estimates is recognized in
 accordance with the requirements of the respective accounting standard.
 
 1.3 Revenue Recognition
 
 a) Income from interest is accounted for on time proportion basis
 taking into account the amount outstanding and the applicable rate of
 interest.
 
 b) Other Income is recognized to the extent that it is probable that
 the economic benefits will flow to the Company and the revenue can be
 reliably measured.
 
 1.4 Fixed Assets & Depreciation
 
 Fixed assets are stated at cost (or revalued amounts, as the case may
 be), less accumulated depreciation and impairment losses. Depreciation
 is provided as per Schedule XIV of the Companies Act 1956.
 
 1.4 Investments
 
 Investments that are readily realizable and intended to be held for not
 more than a year are classified as current investments. Current
 investments are carried at lower of cost and market value whichever is
 less.
 
 All other investments are classified as noncurrent Investments. Non
 Current Investments are carried at cost, less provision for diminution
 in value other than temporary.
 
 1.6 Employee benefits
 
 Gratuity provision as required by Accounting Standard 15- Accounting
 for Retirement benefits in the financial Statements of Employers''
 issued by the Institute of Chartered Accountants of India has not been
 made as gratuity Act is not Applicable to Company.
 
 1.7 Borrowing Cost
 
 Borrowing costs which are directly attributable to acquisition,
 construction or production of a qualifying asset are capitalized as a
 part of the cost of that asset. Other borrowing costs are recognized as
 expenses in the period in which they are incurred.
 
 1.8 Taxation
 
 Tax expense comprises of current and deferred. Current income tax is
 measured at the amount expected to be paid to the tax authorities in
 accordance with the Indian Income Tax Act. Deferred income taxes
 reflects the impact of current year timing differences between taxable
 income and accounting income for the year and reversal of timing
 differences of earlier years.
 
 Deferred tax is not recognized as there is no timing difference,
 between taxable income and accounting income that originate in one
 period and are capable of reversal in one or more subsequent periods.
 
 1.9 Earnings Per Share
 
 The Company reports basic and diluted earnings per share in accordance
 with AS-20 Earnings per Share. Basic earnings per share are computed
 by dividing the net profit or loss for the period by the weighted
 average number of Equity Shares outstanding during the period. Diluted
 earnings per share is computed by dividing the net profit or loss for
 the period by the weighted average number of Equity Shares outstanding
 during the period as adjusted for the effects of all dilutive potential
 equity shares.
 
 1.10 Provision
 
 A provision is recognized when an enterprise has a present obligation
 as a result of past event it is probable that an outflow of resources
 will be required to settle the obligation, in respect of which a
 reliable estimate can be made. Provisions are not discounted to its
 present value and are determined based on best estimate required to
 settle the obligation at the balance sheet date. These are reviewed at
 each balance sheet date and adjusted to reflect the current best
 estimates.
 
 1.11 Contingent Liabilities
 
 Contingent Liabilities, if any, are disclosed in the Notes on Accounts.
 Provision is made in the accounts in respect of those contingencies
 which are likely to materialize into liabilities after the year end
 till the approval of the accounts by the Board of Directors and which
 have material effect on the position stated in the Balance Sheet.