| (i) Accounting convention
The financial statements have been prepared on historical costs and on
the basis of going concern and are in accordance with Generally
Accepted Accounting Principles in India and comply with the Accounting
Standards issued by the Institute of Chartered Accountants of India
notified under section 133 of the Companies Act, 2013. The financial
statements are prepared on accrual basis.
(ii) Use of estimates
The presentation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. The
estimates are made to the best of the management's ability considering
all necessary information. Differences, if any, between actual results
and estimates are recognized in the period in which the results are
ascertained. These being technical in nature the auditors rely on the
judgment of the management.
(iii) Revenue
(a) Revenue in respect of Professional fees activities is recognized
upon the transfer of significant risks and rewards to the buyer.
(b) Interest income is recognized on time basis determined by the
amount outstanding and the rate applicable
(iv) Investments
(a) Investments are stated at cost and are classified as Long
Term(non-current) Investments.
(v) Taxes on income
Current tax is ascertained on the basis of taxable income computed in
accordance with the provisions of the Income Tax Act, 1961.
(vi) Segment Reporting
As per Accounting Standard (AS) 17 on "Segment Reporting", segment
information has been provided under the Notes to Financial Statements.
(vii) Provisions
The Company creates a provision when there is a present obligation as a
result of past events that probably requires an outflow of resources
and reliable estimates can be made of the amount of the obligation.
(ix) Earnings per share
Basic earnings per share is calculated by dividing the net profit /
(loss) for the year attributable to equity shareholders by weighted
average number of equity shares outstanding during the year.
(x) Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow statement
comprise cash at bank and in hand.
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