a) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
 
 The Financial Statements have been prepared under the historical cost
 convention method on the accrual basis of accounting and in accordance
 with generally accepted Accounting principles in India and comply with
 the Accounting Standards notified under the Companies (Accounting
 Standards) Rules, 2006 (as amended) and the relevant provisions of the
 Companies Act, 1956.
 
 b) PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS
 
 During the year ended 31st March, 2012, the revised Schedule VI
 notified under the Companies Act, 1956 has become applicable to the
 Company for preparation and presentation of its financial statements.
 The adoption of revised Schedule VI does not impact recognition and
 measurement policies followed for preparation of financial statements.
 However, it has significant impact on presentation and disclosure made
 in the financial statements. The Company has also reclassified its
 previous years figures in accordance with the requirements applicable
 in the current year.
 
 c) USE OF ESTIMATES
 
 The preparation of the financial statements in conformity with the
 Indian GAAP requires the management to make judgements, estimates and
 assumptions that affect the reported amount of revenues, expenses,
 assets and liabilities and the disclosure of contingent liabilities, at
 the end of reporting period. Although these estimates are based on
 management''s best knowledge of current events and actions,
 uncertainty about these assumption and estimates could result in the
 outcomes requiring a material adjustment to the carrying amount of
 assets or liabilities in future periods.
 
 Management believes that the estimates used in the presentation of
 financial statements are prudent and reasonable. Actual result could
 differ from these estimates.
 
 d) RECONGNITION OF INCOME AND EXPENDITURE
 
 Items of income and expenditure are recognised on accrual and prudent
 basis with due compliance of the Guidelines of the Reserve Bank of
 India on Prudential Norms for income recognition and provisioning for
 non-performing assets.
 
 e) FIXED ASSETS AND DEPRECITION
 
 i) All the Fixed Assets have been stated at cost of acquisition with
 the resultant write-up due to revaluation, as there may be.
 
 ii) Depreciation on all fixed assets have been provided on written down
 value method at the rates and in the manner specified in Schedule XIV
 to the Companies Act, 1956.
 
 f) INVESTMENTS
 
 Investments have been classified into long-term investments and current
 investments in accordance with the Accounting Standard 13 issued by the
 Institute of Chartered Accountants of India. Long Term Investments are
 stated at cost. Current investments are valued at lower of cost and
 market/ fair value determined by category of investments. Provisions in
 respect of diminution other than temporary, in the value of long term
 quoted investments are recognized on a prudent basis. Gains/losses on
 disposal of investments are recognized as income/expenditure. Dividends
 are accounted for when the right to receive the payment is established.
 
 g) RETIREMENT BENEFITS
 
 The Company contributes to Provident Fund and Superannuation Fund which
 are administered by duly constituted and approved independent
 Trust/Government and such defined contributions are charged against
 revenues every year.
 
 Accrued liability in respect of retirement gratuities are actuarially
 ascertained at the year end. The Company has created a Gratuity Fund
 under Group Gratuity Scheme under which yearly premium is being paid to
 take care of current as well as past liability. The annual premium for
 the year is charged to the financial statement.
 
 Accrued liability in respect of leave encashment benefits on retirement
 is actuarially ascertained at the year end and provided for in the
 financial statements.
 
 h) IMPAIRMENT
 
 Impairment loss is recognized wherever the carrying amount of the Fixed
 Assets exceeds the recoverable amount i.e. the higher of the assets net
 selling price and value in use.
 
 i) ACCOUNTING FOR TAXES ON INCOME
 
 Tax expense comprises current and deferred Tax. 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 tax is recognized on timing differences, being the difference
 between taxable income and accounting income that originate in one
 period and are capable of reversal in one or more subsequent periods.
 Deferred tax assets are recognized only if there is reasonable
 certainty that sufficient future taxable income will be available
 against which such deferred tax assets will be realised. Such assets
 are reviewed as at each Balance Sheet date to reassess realisability
 thereof.
 
 j) EARNINGS PER SHARE
 
 Basic earnings per share are calculated by dividing the net profit or
 loss for the year attributable to equity shareholders by the weighted
 average number of equity shares outstanding during the year.
 
 k) PROVISIONS, CONTIGENT LIABILITIES CONTIGENT ASSETS
 
 Provisions involving substantial degree of estimation in measurement
 are recognised when there is a present obligation as a result of past
 events and it is probable that there will be outflow of resources.
 
 A contingent liability is a possible obligation that arises from past
 events whose existence will be confirmed by the occurrence or
 non-occurrence of one or more uncertain future events beyond the
 control of the company or a present obligation that is not recognised
 because it is not probable that an outflow of resources will be
 required to settle the obligation. The company does not recognise a
 contingent liability but discloses its existence in the financial
 statements by way of Notes.
 
 Contingent assets are neither recognised nor disclosed in financial
 statements.