1. Significant Accounting Policies
1.1 General
The financial statements of the Company comprising of Balance Sheet, Statement of Profit and Loss,Statement of changes in
Equity and Cash Flow Statement together with the notes have been prepared in accordance with Indian Accounting Standards
notified under the Companies (Indian Accounting Standards) Rules, 2015 (“Ind AS”) as amended.
These financial statements have been prepared and presented under the historical cost convention, on the accrual basis of
accounting except for certain financial assets and liabilities that are measured at fair values at the end of each reporting period, as
stated in the accounting policies stated out below.
1.2 Use of Estimate
The preparation of financial statements requires management to exercise judgment in applying the Company’s accounting policies.
It also requires the use of estimates and assumptions that affect the reported amounts of assets,liabilities, income and expenses
and the accompanying disclosures including disclosure of contingent liabilities. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis, with revisions recognised in the period in which the
estimates are revised and in any future periods affected.
1.3 Provisions, Contingent Liabilities and Contingent Assets
A provision is recognized when the company 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. If the effect of time value of
money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the
liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.
A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will
not require an outflow of resources embodying economic benefits or the amount of such obligation cannot be measured reliably.
When there is a possible obligation or a present obligation in respect of which likelihood of outflow of resources embodying
economic benefits is remote, no provision or disclosure is made.
Contingent assets are not recognised in the financial statements, however they are disclosed where the inflow of economic
benefits is probable. When the realisation of income is virtually certain, then the related asset is no longer a contingent asset and
is recognised as an asset.
1.4 Fixed Assets
Property, Plant and Equipment
Property, Plant and Equipment are stated at cost of acquisition as reduced by accumulated depreciation and impairment losses, if
any. Cost comprises the purchase price and attributable cost for bringing the asset to its working condition for its intended use.
Intangible Fixed Assets
Intangible Fixed Assets are carried at cost less accumulated amortisation and impairment losses, if any. The Cost of intangible
assets comprises of cost of purchase, production cost and any attributable expenditure on making the asset ready for its intended
use.
Capital Work in Progress :
Capital work in progress are assets that are not yet ready for their intended use which comprises cost of purchase and related
attributable expenditures.
1.5 Depreciation / Amortisation
Property, Plant and Equipment
Depreciation on Property, Plant and Equipment has been provided based on the useful life as follows:’Depreciation on Property,
Plant and Equipment has been provided on a straight line basis based on the useful life as follows:
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