Note:-l Significant accounting policies:
a. AS - 1 Disclosure of accounting policies : -
The Financial statements are prepared under the accrual basis following the historical cost convention in accordance with generally accepted accounting principles (GAAP), and pursuant to section 133 of the companies act, 2013 read with Rule 7 of the Companies (Accounts) rules,2014, till the standards of accounting or any addendum thereto are prescribe by central government. Existing Accounting Standards notified under the companies act, 1956 shall continue to apply. Consequently, these financial statements have been prepared to comply in all material aspects with the accounting standards notified under section 211(3C) [Companies (Accounting Standards) Rules,2006 as amended] and other relevant provisions of the companies act,2013 (the 'Act')-
The presentation of financial statements requires estimates and assumption to be made that affect the reported amount of assets & Liabilities on the date of financial statements and the reported amount of revenue and expenses during the reporting period. Difference between the actual result and estimates are recognized in the period in which results are known/materialized.
b. AS - 2 Valuation of Inventory: -
Traded goods : At Lower of Cost or Net Realizable Value
c. AS-4 Contingencies and Events Occurring After the Balance Sheet Date:-
Effects of, events occurred after Balance Sheet date and having material effect on financial
statements are reflected in the accounts at appropriate places.
d. AS - 5 Net Profit or loss for the period, prior period items and changes in accounting policies: -
Material items of prior period, non-recurring and extra ordinary items are shown separately, if any.
e. AS - 9 Revenue Recognition: -
Sale of goods is recognized at the point of dispatch of goods to customers, sales are exclusive of Sales tax, VAT and Freight Charges if any. The revenue and expenditure are accounted on a going concern basis.
Interest Income is recognized on a time proportion basis taking into account the outstanding amount and the rate applicable i.e. on the basis of matching concept.
Dividend from investments in shares / units is recognized when the company declares.
Other items of Income are accounted as and when the right to receive arises.
f. AS - 10 Accounting for Property Plant & Equipment: -
Property Plant & Equipment are stated at cost less accumulated depreciation. Cost
comprises the purchase price and any other attributable cost of bringing the asset to its working condition for its intended use.
g. AS - 11 Accounting for effects of changes in foreign exchange rates: -
(a) . Transactions denominated in foreign currencies are normally recorded at the xchange
rate prevailing at the time of the transactions.
(b) . Any income or expenses on account of exchange difference either on settlement or on Balance sheet Valuation is recognized in the profit and loss account except in cases where they relate to acquisition of fixed assets in which case they are adjusted to the carrying cost of such assets.
(C). Foreign currency transactions accounts are given in the notes of accounts.
h. AS - 12 Accounting for Government Grants: -
Capital subsidiary receivable specific to fixed assets is treated as per accounting standard 12 and other revenue grants is recorded as revenue items.
i. AS - 15 Accounting for Employee Benefits: -
a. Provident Fund: -
Provident fund is a defined contribution scheme as the company pays fixed contribution at pre-determined rates. The obligation of the company is limited to such fixed contribution. The contributions are charged to Profit & Loss A/c.
j. AS - 16 Borrowing Cost: -
Borrowing costs directly attributable to the acquisition of qualifying assets are capitalized till the same is ready for its intended use. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing cost is charged to revenue.
k. AS - 18 Related Party Disclosure: -
The Disclosures of transaction with the Related Parties as defined in the related parties as defined in the Accounting Standard are given in notes of accounts.
l. AS - 19 Accounting for Leases: -
The Company has not entered into any lease agreements during the year.
m. AS - 20 Earnings Per Share: -
Disclosure is made in the Notes of accounts as per the requirements of the standard.
n. AS - 22 Accounting for Taxes on Income: -Current Tax: -
Provision for current tax is made after taken into consideration benefits admissible under the provisions of the Income Tax Act, 1961.
Deferred Taxes: -
Deferred Income Tax is provided using the liability method on all temporary difference at the balance sheet date between the tax basis of assets and liabilities and their carrying amount for financial reporting purposes.
1. Deferred Tax Assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available in the future against which this items can be utilized.
2. Deferred Tax Assets and liabilities are measured at the tax rates that are expected to apply to the period when the assets is realized or the liability is settled, based on tax rates ( and the tax) that have been enacted or enacted subsequent to the balance sheet date.
o. AS - 24 Discontinuing Operations :-
During the year the company has not discontinued any of its operations.
p. AS - 29 Provisions Contingent liabilities and contingent Asset :-
• Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.
• Contingent Liabilities are not recognized but are disclosed in the notes.
• Contingent Assets are neither recognized nor disclosed in the financial statements.
• Provisions, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet Date.
26. The previous year's figures have been reworked, regrouped, and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.
27. Credit and Debit balances of Unsecured Loans, Sundry Creditors, Sundry Debtors, Loans and Advances are subject to confirmation and therefore the effect of the same on profit could not be ascertained.
28. Based on the information given by the Company about Creditor's M.S.M.E. status, there is no amount due to such creditors outstanding for over 30 days as at 31st March 2025.
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