a. Depreciation on property, plant and equipment

Depreciation on property, plant and equipment
is calculated on a written down value basis using
the rates arrived at, based on the useful lives
estimated by the management. The identified
components are depreciated separately over
their useful lives; the remaining components are
depreciated over the life of the principal asset.
The company has used the rates prescribed
under Schedule II to the Companies Act, 2013,
which interalia are based on the estimated
useful life of the assets. The company has used
the following rates to provide depreciation on its
property, plant and equipment.

Useful lives estimated by the management
(years) as per Schedule II of Companies act,
2013

1. Furniture and Fixture 10 years

2. Office Equipment 5 years

3. Vehicle 8 years

4. Computer & Printers 3 years

The residual values, useful lives and methods of
depreciation of property, plant and equipment
are reviewed at each financial year end and
adjusted prospectively, if appropriate.

b. Intangible assets

Intangible assets acquired separately are
measured on initial recognition at cost.
Following initial recognition, intangible
assets are carried at cost less accumulated
amortization and accumulated impairment
losses, if any. Intangible assets are assessed
for impairment whenever there is an indication
that the intangible asset may be impaired.

Intangible assets are amortized on a straight
line basis over the useful life of the as under -

Computer software 5 years

Intangible assets internally generated are
measured at the cost that can be directly
attributed, or allocated on a reasonable and
consistent basis. Following initial recognition,
intangible assets are carried at cost less
accumulated amortization and accumulated
impairment losses, if any. Intangible assets
are assessed for impairment whenever there
is an indication that the intangible asset may be
impaired.

Intangible assets are amortized on a straight

line basis over the useful life of the as under¬
Licensing Agreement Rights 5 years

c. Leases

Where the company is a lessee:

Leases, where the lessor effectively retains
substantially all the risks and benefits of ownership
of the leased item, are classified as operating
leases. Operating lease payments are recognized
as an expense in the statement of profit and loss
on a straight-line basis over the lease term, if the
lease agreement contains a specific lock-in-period
otherwise expense is recognised as per lease terms.

d. Impairment of fixed assets

The company assesses at each reporting date whether
there is an indication that an asset may be impaired.
If any indication exists, or when annual impairment
testing for an asset is required, the company
estimates the asset's recoverable amount. An asset's
recoverable amount is the higher of an asset's or
cash-generating unit's (CGU) net selling price and its
value in use. The recoverable amount is determined
for an individual asset, unless the asset does not
generate cash inflows that are largely independent of
those from other assets or companys of assets. Where
the carrying amount of an asset or CGU exceeds its
recoverable amount, the asset is considered impaired
and is written down to its recoverable amount. In
assessing value in use, the estimated future cash
flows are discounted to their present value using a
pre-tax discount rate that reflects current market
assessments of the time value of money and the risks
specific to the asset. In determining net selling price,
recent market transactions are taken into account, if
available. If no such transactions can be identified, an
appropriate valuation model is used.

Impairment losses, including impairment on
inventories, are recognized in the statement of profit
and loss. After impairment, depreciation is provided
on the revised carrying amount of the asset over its
remaining useful life.

An assessment is made at each reporting date as
to whether there is any indication that previously
recognized impairment losses may no longer exist
or may have decreased. If such indication exists, the
company estimates the asset's or cash-generating
unit's recoverable amount. A previously recognized
impairment loss is reversed only if there has been
a change in the assumptions used to determine the
asset's recoverable amount since the last impairment
loss was recognized. The reversal is limited so that

the carrying amount of the asset does not exceed its
recoverable amount, nor exceed the carrying amount
that would have been determined, net of depreciation,
had no impairment loss been recognized for the
asset in prior years. Such reversal is recognized in
the statement of profit and loss.

e. 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. The following
specific recognition criteria must also be met before
revenue is recognized:

Income from services

The company exercises judgement in determining
whether the performance obligation is satisfied at a
point in time or over a period of time. The company
considers indicators such as how customer consumes
benefits as Air Cargo / Passenger services, transfer
of significant risks and rewards to the customer,
acceptance of delivery by the customer, etc.

Interest income

Revenue is recognized on a time proportion basis
taking into account the amount outstanding and the
rate applicable.

f. Retirement and other employee Benefits

Retirement benefit in the form of provident fund is a
defined contribution scheme. The contributions to the
provident fund are charged to the statement of profit
and loss for the year when the contributions are due.
The company operates a defined benefit plans for
its employees, viz., gratuity. The costs of providing
benefits under this plan is determined on the basis
of actuarial valuation at each year-end. Actuarial
valuation is carried out for plan using the projected
unit credit method. Actuarial gains and losses for
defined benefit plan is recognized in full in the period
in which they occur in the statement of profit and loss.

g. Foreign currency translation

Initial recognition

Foreign currency transactions are recorded in the
reporting currency, by applying to the foreign currency
amount the exchange rate between the reporting
currency and the foreign currency at the date of the
transaction.

Conversion

Foreign currency monetary items are retranslated
using the exchange rate prevailing at the reporting
date. Non-monetary items, which are measured in
terms of historical cost denominated in a foreign
currency, are reported using the exchange rate at the
date of the transaction. Non-monetary items, which
are measured at fair value or other similar valuation
denominated in a foreign currency, are translated
using the exchange rate at the date when such value
was determined.

Exchange differences

The company accounts for exchange differences
arising on translation/ settlement of foreign currency
monetary items as income or as expenses in the
period in which they arise.

h. Income taxes

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 Income-tax Act, 1961 enacted in India. The tax
rates and tax laws used to compute the amount are
those that are enacted or substantively enacted, at the
reporting date.

Deferred income taxes reflect the impact of timing
differences between taxable income and accounting
income originating during the current year and
reversal of timing differences for the earlier years.
Deferred tax is measured using the tax rates and
the tax laws enacted or substantively enacted at the
reporting date.

Deferred tax liabilities are recognized for all taxable
timing differences. Deferred tax assets are recognized
for deductible timing differences only to the extent
that there is reasonable certainty that sufficient future
taxable income will be available against which such
deferred tax assets can be realized. In situations
where the company has unabsorbed depreciation or
carry forward tax losses, all deferred tax assets are
recognized only if there is virtual certainty supported
by convincing evidence that they can be realized
against future taxable profits.

The carrying amount of deferred tax assets are
reviewed at each reporting date. The company writes-
down the carrying amount of deferred tax asset to
the extent that it is no longer reasonably certain or
virtually certain, as the case may be, that sufficient
future taxable income will be available against
which deferred tax asset can be realized. Any such
write-down is reversed to the extent that it becomes
reasonably certain or virtually certain, as the case
may be, that sufficient future taxable income will be
available.

Deferred tax assets and deferred tax liabilities are
offset, if a legally enforceable right exists to set-off
current tax assets against current tax liabilities and
the deferred tax assets and deferred taxes relate to the
same taxable entity and the same taxation authority.

i. Earnings Per Share

Basic earnings per share are calculated by dividing the
net profit or loss for the period attributable to equity
shareholders (after deducting preference dividends
and attributable taxes (if any)) by the weighted average
number of equity shares outstanding during the
period. The weighted average number of equity shares
outstanding during the period is adjusted for events
such as bonus issue, bonus element in a rights issue,
share split, and reverse share split (consolidation
of shares) that have changed the number of equity
shares outstanding, without a corresponding change
in resources.

For the purpose of calculating diluted earnings per
share, the net profit or loss for the period attributable
to equity shareholders and the weighted average
number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity
shares.