Western Overseas Study Abroad Ltd. நிறுவனத்தின் கணக்கியல் கொள்கைகள்

1. The Financial Statements have been prepared under Historical Cost Convention in accordance
with the generally accepted accounting principles. The same are prepared on a going concern
basis.

2. Accounts have been maintained on mercantile basis.

3. Fixed Assets have been shown at historical cost less depreciation.

4. Inventories are held by the assessee in Digital form

5. Services are recognized when provided.

6. No value is ascertained to goodwill.

7 Dividend has not been declared during the year.

8. In the opinion of Board, the current assets, Loans and Advances are approximately

of the value stated if realized in the ordinary course of business. The provision for
all known liabilities is adequate and not in excess of amount considered necessary.

9. As per the written statement of the Board no amount is payable to SSI unit.

10. The Company has not made any provision for Gratuity during the year

11. Details of Income & Expenses Exceeding (1% of Turnover Or Rs. 100000/- Whichever is
Higher)- As per Annexure 1(i)

12 Principal Business Activities of the Company-As per Annexure 2 (i)

13. Particulars of Holding, Subsidiary & Associate Companies-As Per Annexure 3 (i)

14 Turnover & Net Worth of the Company-As Per Annexure 4 (i).

15. Debtedness-Indebtedness of the company including interest outstanding/accrued but not due for
payment-As Per Annexure 5 (i).

16. Remuneration of Directors and Key Managerial Personnel-

(i) Remuneration to Managing Director, Whole-time Directors and/or Manager-As per
Annexure 6 (i)

(ii) Remuneration to other Directors-As Per Annexure 6 (ii).

(iii) Remuneration to Key Managerial Personnel other than MD/Manager/WTD-As per
Annexure 6 (iii).

17. Particulars of inter-corporate loans, Investments etc.-As per Annexure-7 (i)

18. Particulars of Contracts or arrangements in which directors are interested/related party
transactions As per Annexure-8 (i).

19. Deferred Tax Calculation- As per Annexure-9 (i).

20. There are few expenses debited in the books of accounts are on the basis of self declaration of the
management of Assessee company & the same are un-vouched.

21. Due to the recession in the peculiar industry during the year, the Company has changed its
accounting policy relating to the treatment of Deferred Advertisement, Online Promotion and Research
& Development expenses.

Advertisement, online promotional and Research & Development expenses incurred during the previous
year by the Company, which are expected to provide benefits over future subsequent years, and only 1/3^rd
of the same are write off and debited to profit and loss account during the year.

Further, Advertisement, publicity, marketing and promotional expenses incurred by the Company in
connection with the Initial Public Offer (IPO), which are expected to provide enduring benefits in terms
of brand visibility, market presence and business development over future periods, are treated as Deferred
Advertisement Expenses and amortized over the estimated period of benefit.

Management believes that the expenditure incurred towards IPO-related advertisement and promotional
activities is expected to generate future economic benefits over subsequent accounting periods and
accordingly the same has been amortized over the estimated benefit period on a consistent basis.

The unamortized portion of such expenditure has been carried forward under Other Non-Current Assets in
the financial statements.

22. The Assessee Company has made the Payments towards Purchases/ Expenses within the purview of
Section 43B(h) of Income Tax Act,1961 (Enterprises covered under MSME Act, 2006) Except Rs.
400293/- and we have relied upon the declaration & confirmation obtained from the Company.

23. Advances to Staff amounting to Rs. 21,77,000/- is subject to confirmation.

24. A Special Resolution was passed by the members of the company on 6^th day of May, 2023 in Extra
Ordinary General Meeting giving the consent u/s 185 of Companies Act, 2013 and all other applicable
sections and rules including any Statutory modification and amendment to give unsecured loans/guarantee
for loan to Aboxlab IT Solutions Private Limited for business purpose only.

25. The Company has generally complied with the applicable provisions relating to deduction and deposit
of Tax Deducted at Source (TDS) during the year However, no TDS was deducted on certain payments

made to hotels towards seminar and conference arrangements, as the said payments were treated by
the management as rental/hall booking charges and not as contractual payments liable for deduction of
tax under section 194C of the Income Tax Act, 1961.

Further, No TDS was deducted on Payments made to Godaddy LLC, Meta Platforms Ireland Limited,
towards domain registration, online advertisement and related digital service , as the management is of the
opinion that such payments dose not constitute "royalty" or "fees for technical services," and also they
do not have a Permanent Establishment (PE) in India.

26. GST Recoverable amounting to Rs. 1,12,69,553.23 is subject to reconciliation and confirmation.

27. During the year, the Company successfully raised funds through an Initial Public Offer (IPO) by
issuing fresh equity shares to the public in accordance with the applicable provisions of the Companies
Act, 2013 and SEBI regulations.

Pursuant to the IPO, the paid-up share capital of the Company increased from ?4,21,40,000 to
?6,01,20,000. The proceeds from the issue are proposed to be utilized towards business expansion,
working capital requirements, repayment of borrowings, general corporate purposes and other objects as
stated in the offer document.

Expenses directly attributable to the issue of shares have been adjusted against Securities Premium
Account in accordance with applicable accounting principles.

28. The Company has not deposited the advance income tax in the stipulated instalments during the
Financial Years 2025-26. However, the Director/Promoter has given assurance that the outstanding
advance tax liability, along with applicable interest under the Income Tax Act, will be discharged on or
before the due date for filing the Income Tax Return for Assessment Year 2026-27.

29. Application Fees Recoverable amounting to Rs. 4315176.12 is subject to confirmation.

30. During the year, the company has received commission income denominated in foreign currency
amounting to Rs. 12,95,60,324.60. Such income has been recorded using the exchange rate prevailing on
the date of recognition of income. The Company has not undertaken any foreign currency expenditure,
Import transactions, or foreign currency borrowings during the year.