Prithvi Exchange (India) Ltd. நிறுவனத்தின் கணக்கியல் கொள்கைகள்

Mar 31, 2025

1 Corporate information

Prithvi Exchange (India) Limited (L30006TN1995PLC031931), a public limited company incorporated under Company Act, is licensed by RBI to function as
Authorised dealer Category II. Prithvi Exchange (India) Limited operates under the brand name of "PRITHVI EXCHANGE". The company deals in all
tradeable foreign currencies,traveller cheques, drafts and swift transfers. At present the company has branches spread across the state of Tamilnadu,
Kerla, Karnataka, Telengana,Gujarat, Delhi, Uttar Pradesh, West Bengal, Madhya Pradesh, Maharastra, Punjab, Haryana and Union Territory of
Chandigarh. ''Prithvi Exchange is also an authorised agent to receive Money Transfer send through Western Union Money Transfer, Money Gram and
Xpress Money.

The Registered office of the company is situated at No 02,2nd Floor, Gee Gee Universal, Me Nichols Road, Chetpet, Chennai-600031.

These financial statements were approved for issues in the meeting of the Board of Directors held on 24th May 2025.

2 Basis of preparation of financial statements

2.1 Basis of preparation and compliance with Ind AS

The Financial Statements of the Company as at and for the year ended 31st March 2024 have been prepared in accordance with Indian Accounting
Standards find AS'') notified under Section 133 of the Companies Act, 2013 (''Act"), and the Companies (Indian Accounting Standards) Rules issued from
time to time and relevant provisions of the Companies Act, 2013 (collectively called as Ind AS).

2.2 Basis of measurement

The financial statements have been prepared on a going concern basis, using historical cost convention and on an accrual method of accounting, except
for financial assets, financial liabilities and defined benefit plans which have been measured at fair value, as required by relevant Ind AS.

2.3 Current and non-current classification

The Company presents assets and liabilities in the Balance Sheet based on current / non-current classification.

An asset is classified as current if it satisfies any of the following criteria:

a) It is expected to be realised or intended to be sold in the Company''s normal operating cycle.

b) It is held primarily for the purpose of trading,

c) It is expected to be realised within twelve months after the reporting period, or

d) It is a cash or cash equivalent unless restricted from being exchanged or used to settle a liability for atleast twelve months after the
reporting period

All other assets are classified as non-current

A liability is classified as current if it satisfies any of the following criteria:

a) it is expected to be settled in the Company''s normal operating cycle,

b) it is held primarily for the purpose of trading,

c) it is due to be settled within twelve months after the reporting period

d) there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

The Company classifies all other liabilities as noncurrent. Current liabilities include current portion of noncurrent financial liabilities.

Deferred tax assets and liabilities are classified as noncurrent assets and liabilities.

2.4 Use of estimates and assumptions

The preparation of the company''s financial statements requires management to make judgements, estimates and assumptions that affect the reported
amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about
these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in
future periods.

2.5 Property, plant and equipment

Property, plant and equipments are stated at historical 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.

Depreciation

(i) Depreciation on Property, plant and equipment is provided for on Straight Line method in the manner prescribed in Part C of Schedule II of the
Companies Act,2013 and reckoning the maximum residual value (9) 5% of the original cost of the asset.

(ii) In respect of addition of assets during the year, depreciation has been provided on Pro-rata basis.

2.6 Inventories

Stocks are valued at cost or net realizable value whichever is less.

2.7 Revenue recognition
Income from forex

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. Revenue from the sale of currencies is recognised when the significant risks and rewards of ownership of the currencies have passed on to
the buyer, usually on delivery of the currencies, and no significant uncertainty exists regarding the amount of the consideration that will be derived from
the sale of currencies. Revenue from the sale of currencies is measured at the fair value of the consideration received or receivable, net of trade
discounts, other direct expenses and volume rebates.

Interest Income

Interest income is recognised on the time proportion basis, by reference to the principal outstanding and effective interest rate applicable.

Commission receipts

Commission receipts are recognised on accrual basis.

2.8 Employee benefits

(i) Short-term employee benefits

Short term employee benefits are recognized as an expense at the undiscounted amount in the statement of profit and loss of the year in which the
related service is rendered.

(ii) Post Employment benefits

(a) Defined contribution plans

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no
legal or constructive obligation to pay further amounts. Contributions paid/payable for Provident Fund of eligible employees is recognized in the
statement of Profit and Loss each year.

(b) Defined benefit plans

A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Company''s net obligation in respect of defined
benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior
periods, discounting that amount and deducting the fair value of any plan assets.

Post employment benefits are recognized as an expense in the statement of profit and loss for the year in which the employee has rendered services.
The calculation of defined benefit obligation is performed by a qualified actuary using the projected unit credit method.

2.9 Financial instruments

Financial instruments are recognised when the Company becomes a party to the contractual provisions of the instrument. Regular way purchases and
sales of financial assets are recognised on trade-date, the date on which the Company commits to purchase or sell the asset.

(A) Financial Assets

The Company determines the classification of its financial assets at initial recognition. The classification depends on the Company''s business model
for managing the financial assets and the contractual terms of the cash flows.

The financial assets are classified in the following measurement categories:

a) Those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and

b) Those to be measured at amortised cost.

For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For investments in debt
instruments, this will depend on the business model in which the investment is held. For investments in equity instruments, this will depend on whether
the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other
comprehensive income. At initial recognition, the Company measures a financial asset at its fair value plus, In the case of a financial asset not at fair
value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets
carried at fair value through profit or loss are expensed in profit or loss as incurred. Subsequent measurement of debt instruments depends on the
Company''s business model for managing t he asset and the cash flow characteristics of the asset. There are three measurement categories into which
the Company classifies its debt instruments.

(i) Amortised Cost

The Company classifies its financial assets as at amortised cost only if both of the following criteria are met:

a) The asset is held within a business model with the objective of collecting the contractual cash flows, and

b) The contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding.

Financial assets at amortised cost include loans receivable, trade and other receivables, and other financial assets that are held with the objective of
collecting contractual cash flows. After initial measurement at fair value, the financial assets are measured at amortised cost using the effective interest
rate (EIR) method, less impairment.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR
amortisation is included in finance income in the statement of profit or loss. The losses arising from impairment are recognised in the Statement of
Profit or Loss in other income.

(ii) Fair value through other comprehensive income

Financial assets that are held for collection of contractual cash flows and for selling the financial assets, where the asset''s cashflows represent solely
payments of principal and interest, are measured at fair value through other comprehensive income. Movements in the carrying amount are taken
through other comprehensive income, except for the recognition of impairment gains or losses, and interest revenue which are recognised in profit or
loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in other comprehensive income is reclassified
from equity to profit or loss and recognised in other gains/(losses). Interest income from these financial assets is included in other income using the
effective interest rate method.

(iii) Financial assets at fair value through profit or loss

The Company classifies the following financial assets at fair value through profit or loss:

a) Debt investments that do not qualify for measurement at amortised cost;

b) Debt investments that do not qualify for measurement at fair value through other comprehensive income; and

c) Debt investments that have been designated at fair value through profit or loss.

Derecognition of financial assets

The Company derecognises a financial asset when the contractual rights to the cash flows from the assets expire, or when it transfers the financial asset
and substantially all the risks and rewards of ownership of the asset to another party.

(B) Financial Liabilities

The Company determines the classification of its financial liabilities at initial recognition.

Classification

The Company classifies all financial liabilities as subsequently measured at amortised cost, except for financial liabilities at fair value through profit or
loss.

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss. Loans and borrowings, payables are
subsequently measured at amortised cost.

Derecognition of financial liabilities

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.

(C) Equity investments

All equity investments in scope of Ind AS 109 are measured at fair value. For equity instruments, the company may make an irrevocable election to
present in other comprehensive income subsequent changes in the fair value. The classification is made on initial recognition and is irrevocable.

If the company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognized
in the OCI. There is no recycling of the amounts from OCI to P&L, even on sale of investment. However, the company may transfer the cumulative gain
or loss within equity. Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the Profit and
Loss.

2.10 Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks, cash on hand, cheques on hand and short-term deposits with an original maturity
of three months or less, which are subject to an insignificant risk of changes in value. For the purpose of the statement of cash flows, cash and cash
equivalents consist of cash, cheques on hand and short-term deposits, as defined above.

2.11 Taxation

A. Current Tax

Current income tax is measured at the amount of tax expected to be payable on the taxable income for the year.

B. Deferred Tax

Deferred tax is recognised on temporary differences between carrying amounts of assets and liabilities in the financial statements and the
corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences.
Deferred tax assets are generally recognised for all deductible temporary differences to the extend that it is probable that taxable profits will be
available against which those deductible temporary differences can be utilised.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset
realised, based on the tax rates (and tax laws) that have been enacted or substantially enacted by the end of the reporting period.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly
in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

2.12 Segment accounting

The Company operates in a single segment i.e trading of foreign currencies and hence not call for segmentwise disclosure of assets, liabilities, revenues
or expenses as prescribed under Indian Accounting Standard 108 on "Operating Segments".

The Company operates mainly in Indian market and there are no reportable geographical segments.

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Mar 31, 2015

I) Basis of Accounting

The Financial Statements of the Company has been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 ofthe Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions ofthe Companies Act, 2013. The financial statements have been prepared on accrual ba- sis under the historical cost convention. The accounting policies adopted in the preparation ofthe financial statements are consistent with those followed in the previous year.

(ii) Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date ofthe financial statements and the results of operations during the reporting period. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates.

(iii) Investments

Long term investments are stated at cost less provision,if any, for permanent diminution in the value ofthe investments.

(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

(i) Depreciation is provided for on Straight Line method in the manner prescribed in Part C of Schedule II of the Companies Act,2013 and reckoning the maximum residual value @ 5% ofthe original cost ofthe asset.

(ii) In respect of addition of assets during the year, depreciation has been provided on Pro-rata basis.

(iii) The carrying amount of assets acquired prior to 01 st April 2014 is depreciated over the remaining useful life ofthe assets. Those assets whose useful life is Nil as on 01 st April 2014, the balance carrying amount is recognised as current year depreciation and for those assets where excess depreciation has been charged during the previous years, assets value has been revert back and adjusted against current year depreciation.

(vi) Inventories

Stocks are valued at cost or net realizable value 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 provide for employees leave encashment, gratuity or any other benefits of similar nature and the same have been charged to revenue.

(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 diferrences 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 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 not recognized 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."

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Mar 31, 2014

(i) Basis of Accounting

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

(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 investments.

(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.5,000/- each, depreciation has been provided on pro-rata basis. Assets costing less than Rs.5,000/- are fully depreciated in the year of purchase.

(vi) Inventories

Stocks are valued at cost or net realizable value 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 provide for employees leave encashment, gratuity or any other benefits of similar nature and the same have been charged to revenue.

(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 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 not recognized 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.

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Mar 31, 2013

(i) Basis of Accounting

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

(ii) Use of estimates

The preparation of financial statements, in conformity with the generally accepted accounting prin- ciples, 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 investments.

(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 cost- ing less than Rs.5000/- are fully depreciated in the year of purchase.

(vi) Inventories

Stocks are valued at cost or net realizable value 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. Priliminary 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 provide for employees leave encashment, gratuity or any other benefits of similar nature and the same have been charged to revenue.

(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 diferrences 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 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 not recognized 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.

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Mar 31, 2012

(i) Basis of Accounting

'The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

(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 investments.

(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 net realizable value 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.

Priliminary 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 provide for employees leave encashment, gratuity, superannuation, pension or any other benefits of similar nature and the same has been charged to revenue.

(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 diferrences 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 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 not recognized 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.

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Mar 31, 2011

(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.

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Mar 31, 2010

1.1 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 w;th 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.

1.2 Use of estimates

The preparation of financial statements, in conformity with the generally accepted accounting principles, requires the management to make estimates and assumptions Dassd 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.

1.3 Investments

Long term investments are stated at cost less provision,if any, for permanent diminution in the value of the investment.

1.4 Fixed Assets and Depreciation

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.

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 during the year.

1.5 Inventories

Stocks which are primarily foreign currencies or a varied form thereof are valued at cost or market price whichever is less.

1.6 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.

1.7 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.

1.8 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 diferrences 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.

9 Provisions,Contingent Liabilities and Contingent Assets

Provisions are recognized only when there is a present obligation as a result of past events and when a reliable estimate of the amount of obligation can be made as at the balance sheet date. Contingent liabilities and contingent assets are neither recognized nor disclosed in the financial statements.

10 Segment Reporting

The company operates in a single segment i,e trading of foreign currencies and hence does not caiis for segmentwise disclosure of assets,liabilities,revenues 01 expenses as prescribed under Accounting Standard 17 on " Segment Reporting", issued by the Institute of Chartered Accountants of India.

1.12 Disclosure requirement regarding Micro, Small & Medium Scale Enterprise?

The company has not received any intimation from suppliers regarding their status under the Micro. Small . and Medium Enterprises Development Act 2006 and Hence, disclosure , if any , relating to amount unpaid as at the year end together with Interest paid/ payable as required under the said Act have not been given.