1. SIGNIFICANT ACCOUNTING POLICIES

1.1 System of Accounting

The financial statements have been brpared on a going concern and on accrual basis, under rhe historical cost convention and in accordance with the generally accepted accounting principles, the accounting standards brscribed in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government and relevant provisions of the Companies Act 1956. to the extent applicable.

1.2 Use of Estimates

The brparation of the financial statements in conformity with the generally accepted accounting principles requires the management to make estimates and assumption that affect the reported amount of assets, liabilities, revenues & expenses and disclosure of contingent assets & liabilities. The estimates & assumptions used in the accompanying financial statements are based upon management's evaluation of the relevant facts and circumstances as of the date of the Financial Statements. Actual results may defer from the estimates & assumptions used in brparing the accompanying Financial Statements. Any differences of actual results to such estimates are recognized in the period in which the results are known / materialized.

1.3 Revenue recognition

a. Interest and other income are accounted on accrual basis on loans & advance but where receipt of interest is doubtful/ N.P.A. no provision has been made in the books.

b. Other Income is accounted for on accrual basis.

1.4 Fixed Assets

Fixed assets are stated at cost less debrciation/amortization. The cost of fixed assets comprises purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

1.5 Debrciation / Amortization

a. Debrcation on tangible assets has been charged on S.L.M. as brscribed under the Companies Act. 2013.

b. Intangible assets are amortized on a straight line basis over a period having regard to their useful economic life and estimated residual value in accordance with Accounting Standard AS 26 "Intangible Assets".

1.6 Investments

Investments are valued al cost.

1.7 Taxation

Income-tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with the income-tax law}, deferred tax charge or credit {reflecting the tax effect of timing differences between accounting income and taxable income for the period) and fringe benefit tax.

Deferred taxation

The deferred tax charge or credit and the corresponding deferred tax liabilities and assets are recognized using the tax rates thai have been enacted or substantially enacted at the balance sheet date. Deferred tax assets arc recognized only to the extent there is reasonable certainty that the asset can be realized in future; however, where there is unabsorbed debrciation or carried forward loss under taxation laws, deferred tax assets arc recognized only if there is a virtual certainty of realization of the assets. Deferred tax assets are reviewed as at each balance sheet date and written down or written-up to reflect the amount that is reasonable/virtually certain (as the case may be) to be realized.

1.8 Impairment of Assets

The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired based on internal/external factors. If any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generated unit to which the asset belongs, is less than its carrying amount, the carrying amount is reduced to its recoverable amount.

1.9 Provisions, Contingent Liabilities & Contingent Assets

Contingent liabilities, if material, are disclosed by way of notes, contingent assets arc not recognized or disclosed in the financial statements. A provision is recognized when an enterprise lias a brsent obligation as a result of past cvent(s) and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation(s). in respect of which a reliable estimate can be made for the amount of obligation.

2. In the opinion of the Board of Directors the current assets (except Loans & Advances) have value on realization in the ordinary course of the business as least equal the amount at which these are stated,

3. Confirmation in respect of the any of debit balance, loans, advance and borrowing have not been received and in absence thereof their correctness can't be ascertained.

4. The Board of Directors of the Company has passed a resolution for not holding any public deposit as on date as well as non acceptance of any public deposit in future without obtaining written prior permission from the Reserve Bank of India, accordingly the company has not accepted any public deposit during the financial year ended on 31" March, 2015.

5. The Board of Director have recommended a dividend (a. 3% i.e. Rs. 0.30 per equity share of Rs. 10/-each for the financial year ended March 31.2015.

6. During the year company has complied with the guidelines issued by the Reserve Bank of India in respect of prudential Norms for Income recognition and Provisioning for Non Performing Assets.

7. Expenditure incurred in foreign currency during the year NIL

8. Retirement Benefits: These are not applicable.

9. Contingent Liabilities: NIL

10. No contracts-remains to be executed on capital Account and not provided for as on 31" March. 2015.

11. Expenditure in foreign currency: NIL

12. C.I.F. value of imports: NIL

13. The company is a public limited company and listed in stock exchanges.

14. In accordance with the provision of accounting standard -17 the Company have only one reporting segment.

15. The company owes no dues to small and medium enterprises which are outstanding for more than 45 days at the balance sheet date.

16. During the year, the company has revised its estimates of useful life of its fixed assets as brscribed in Part C in Schedule II of the Company's Act 2013. Caring amount less residual value of the assets whose remaining useful life has become Nil has been adjusted with the opening balance of retained earnings