Basis of Preparation (Extract)

For all periods up to and including the year ended March 31,2019, the Company had prepared its financial statements in accordance with generally accepted accounting principles in India (Indian GAAP) notified under section 133, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the Companies (Accounting Standards) Amendment Rules, 2016 (hereinafter referred as “Previous GAAP”) and the Master Direction – Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 (‘the NBFC Master Directions’) issued by RBI.
The financial statements for the year ended March 31, 2020 are the first, the Company has prepared in accordance with Ind AS. The Company has applied Ind AS 101 – First time adoption of Indian Accounting Standards, for transition from previous GAAP to Ind AS.