(i) Basis of Accounting
 
 The financial statements have been prepared on historic cost convention
 on accrual basis, except otherwise stated, in accordance with the
 Accounting Principles Generally accepted in India and comply with
 mandatory Accounting Standards notified by the Central Government of
 India under the Companies (Accounting Standards) Rules, 2006 and with
 the relevant provisions of the Companies Act, 1956.
 
 (ii) Use of estimates
 
 The preparation of financial statements, in conformity with the
 generally accepted accounting principles, requires the management to
 make estimates and assumptions based on the evaluation of the
 circumstances and the conditions prevailed in the industry that affect
 the reported amount of assets, liabilities, revenues and expenses and
 disclosure of contingent liabilities as of the date of the financial
 statements. Actual results could differ from those estimated.
 
 (iii) Investments
 
 Long term investments are stated at cost less provision, if any, for
 permanent diminution in the value of the investment.
 
 (iv) Fixed Assets
 
 Fixed Assets are stated at cost less accumulated depreciation. Cost
 comprises of purchase price and other attributable costs, if any, in
 bringing the assets to its working condition for its intended use.
 
 (v) Depreciation
 
 Depreciation is provided for on Straight Line method at the rates and
 in the manner prescribed under Schedule XIV of the Companies Act,1956.
 In respect of addition of assets, other than assets costing less than
 Rs. 5000/- each, depreciation has been provided on pro-rata basis.
 Assets costing less than Rs. 5000/- are fully depreciated in the year
 of purchase.
 
 (vi) Inventories
 
 Stocks which are primarily foreign currencies or a varied form thereof
 are valued at cost or market price whichever is less.
 
 (vii) Revenue recognition
 
 Revenue 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.
 
 (viii) Deferred Revenue Expenditure
 
 Preliminary expenses are being amortized over a period of 10 years.
 
 Amalgamation expenses are being amortized over a period of 5 years.
 
 Preliminary expenses (Relating to public issue Expenses) of
 amalgamating company has not been written off.
 
 (ix) Employee Benefits
 
 Regular contributions are being made towards the Provident fund and the
 same has been charged to revenue. The company does not provide for
 employees gratuity, superannuation, pension or any other benefits of
 similar nature. Provision for leave encashment has been made.
 
 (x) Taxation
 
 Provision for taxation comprises of the current tax provision, and the
 net change in the deferred tax asset or liability during the year.
 Provision for deferred tax is made on the timing differences arising
 between the taxable income and the accounting income computed using the
 tax rates and the laws that have been enacted or substantively enacted
 as of the balance sheet date.
 
 (xi) Provisions
 
 A provision is recognised when an enterprise has a present obligation
 as a result of past event and 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 the 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.
 
 (xii) Contingent Liabilities and Contingent Assets
 
 Contingent liabilities and contingent assets are neither recognized nor
 disclosed in the financial statements.
 
 (xiii) Earnings per share
 
 Basic earnings per share are calculated by dividing the net profit or
 loss for the period attributable to equity shareholders by the weighted
 average number of equity shares outstanding during the period.