Significant Accounting Policies
A. Basis of preparation of Financial Statements
The Financial statements are prepared under the historical cost convention and on an accrual basis in accordance with the Indian Accounting Standards (referred to as “Ind AS”) prescribed under section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules as amended from time to time.
Accounting policies not specifically referred to otherwise are consistent and in accordance with the generally accepted accounting principles
B. Revenue Recognition
Sales are recorded Exclusive of Taxes.
C. Property, Plant and Equipment
Property, Plant, and Equipment are stated at the cost of acquisition or construction less accumulated depreciation, including financial cost till such assets are ready for their intended use.
D. Depreciation
Depreciation is charged on written down value method as per the useful life of assets prescribed under schedule n of the Companies Act, 2013.
E. Inventories
Inventories are valued at cost or net realizable value whichever is lower. Cost in respect of inventories is ascertained on Weighted Average Method.
F. Taxes on Income
Taxes on the income of the current period are determined on the basis of taxable income and credits computed in accordance with the provisions of the Income Tax Act, of 1961.
Deferred tax is recognized on timing differences between the accounting income and the taxable income for the year, and quantified using the tax rates and law's enacted or substantively enacted as on the Balance Sheet date.
Deferred tax assets are recognized and carried forward to the extent that there is a reasonable and virtual certainty as the case may be, that sufficient future taxable income will be available against w'hich such deferred tax assets can be realized.
G. Related Party Transactions
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