The company was originally incorporated on January 11, 1996 as Achyut Healthcare Private Limited under the provisions of the
Companies Act, 1956 and certificate of incorporation was issued by the Registrar of Companies, Gujarat on January 11, 1996. The
status of our Company was changed to public limited and the name of our Company was changed to “Achyut Healthcare Limited”
vide Special Resolution passed by the shareholders at the Extra Ordinary General Meeting of our Company held on November 08,
2021. The fresh certificate of incorporation consequent to conversion was issued on November 30, 2021 by the Registrar of
Companies, Gujarat. The Corporate Identification Number of our Company is U67120GJ1996PLC028600.
Note SIGNIFICANT ACCOUNTING POLICIES adopted by the Company in the preparation and presentation of the
Accounts: -
1. Basis of preparation of Financial Statements:
The Financial Statements are prepared and presented under the historical cost convention and evaluated on a going-concern
basis using the accrual system of accounting in accordance with the accounting principles generally accepted in India (Indian
GAAP) and the requirements of the Companies Act, including the Accounting Standards as prescribed by the Section 133 of
the Companies Act, 2013 (“the Act”) read with Rule 7 of Companies (Accounts) Rules, 2014..
All assets and liabilities have been classified as current and non-current as per normal operating cycle of the Company and
other criteria set out in the Schedule III of the Companies Act, 2013.
Use of Estimates
The preparation of the Financial Statements in conformity with Indian GAAP requires the Management to make estimates and
assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported
income and expenses during the period/year. The Management believes that the estimates used in preparation of the
Financial Statements are prudent and reasonable. Future results could differ due to these estimates and the differences
between the actual results and the estimates are recognised in the periods in which the results are known / materialize.
Property, Plant & Equipment
Fixed assets are stated at historical cost less accumulated depreciation and impairment losses.
Cost includes purchase price and all other attributable cost to bring the assets to its working condition for the intended use.
Subsequent expenditures related to an item of tangible asset are added to its book value only if they increase the future
benefits from the existing asset beyond its previously assessed standard of performance.
Depreciation:
Tangible Assets:
'Depreciation on Fixed Assets has been provided based on the useful life of the assets and in the manner prescribed in the
Schedule II of the Companies Act, 2013.
Intangible Assets:
'Computer Software is amortised based on the tenure for right to use such softwares.
Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. Recoverable amount is the
higher of an asset's net selling price and its value in use. Value in use is the present value of estimated future cash flows
expected to arise from the continuing use of the asset and from its disposal at the end of its useful life. Net selling price is the
amount obtainable from sale of the asset in an arm's length transaction between knowledgeable, willing parties, less the costs
of disposal. An impairment loss is charged to the Statement of Profit and Loss in the period/year in which an asset is identified
as impaired. The impairment loss recognised in prior accounting periods is reversed if there has been a change in the
estimate of the recoverable value.
|