1. Basis of accounting:-
These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian
GAAP) including the Accounting Standards notified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies
(Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013.
The financial statements have been prepared under the historical cost convention on accrual basis.
2. Use of Estimates
The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities,
at the end of the reporting period. Although these estimates are based on the management's best knowledge of current events and
actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the
carrying amounts of assets or liabilities in future periods.
3. Revenue Recognition: -
Expenses and Income considered payable and receivable respectively are accounted for on accrual basis.
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.
4. Property, Plant & Equipment :-
Property, Plant & Equipment including intangible assets are stated at their original cost of acquisition including taxes, freight and
other incidental expenses related to acquisition and installation of the concerned assets less depreciation till date.
Company has adopted cost model for all class of items of Property Plant and Equipment.
5. Depreciation :-
Depreciation on Fixed Assets is provided to the extent of depreciable amount on the Written down Value (WDV) Method/SLM method.
Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.
Depreciation on assets acquired/sold during the year is recognized on a pro-rata basis to the statement of profit and loss till the date
of acquisition/sale.
The carrying amount of assets is reviewed at each balance sheet date if there is any indication of impairment based on internal/
external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The
recoverable amount is the greater of the assets, net selling price and value in use. 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 risks specific to the asset.
After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.
Foreign currency Transactions: -
Transactions arising in foreign currencies during the year are converted at the rates closely approximating the rates ruling on the
transaction dates. Liabilities and receivables in foreign currency are restated at the year-end exchange rates. All exchange rate
differences arising from conversion in terms of the above are included in the statement of profit and loss.
6. Investments :-
Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments
are made, are classified as current investments. All other investments are classified as non-current investments.
7. Inventories :-
Inventories are valued as under:-
I. Inventories : Lower of cost(FIFO/specific cost/Weighted Average) or net realizable value
II. Scrap : At net realizable value.
8. Borrowing cost:-
Borrowing costs that are attributable to the acquisition or construction of the qualifying assets are capitalized as part of the cost of
such assets. A qualifying assets is one that necessarily takes a substantial period of time to get ready for its intended uses or sale. All
other borrowing costs are charged to revenue in the year of incurrence. The amount of borrowing cost capitalized during the year is
NIL.
9. Retirement Benefits:-
The retirement benefits are accounted for as and when liability becomes due for payment.
10. Taxes on Income:-
Provision for current tax is made on the basis of estimated taxable income for the current accounting year in accordance with the
Income Tax Act, 1961. The deferred tax for timing differences between the book and tax profits for the year is accounted for, using the
tax rates and laws that have been substantively enacted by the balance sheet date. Deferred tax assets arising from timing differences
are recognized to the extent there is virtual certainty with convincing evidence that these would be realized in future. At each Balance
Sheet date, the carrying amount of deferred tax is reviewed to reassure realization
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