b Sianiflcant Atsflimlip.il Pfliltles. and.Malta te Accounts
<*> Basis afAtcftun.UQ.fli
!) Statomonl of compliance 7ho ctandabne un.tr,not statements of the Company have tven prepared in
accordance HWl Indian Acxiounbng Standard* (Ind AS) as per Vte Companies (Indian Accounting Standards) Rotes
20} 5. as amended. notsOed unde* Section 133 of Companies Act, 2013 and other relevant previsions of toe Act
Accounting policies have been consistently applied except where a newly issued accounting standard * usually
adooted or a revision to an existing accounting standard requires a change in trie accounting policy hilheito in use
The statements of cash hows nave tieon prepared under indirect method as set oor In Ind AS-7 -Statement of Cash
flews-.
II) Functional and presentation currency
rticsc standalone financial statements are presented in Indian Rupees, nhSch ts also tho Company's functional
currency. As the year-end figures are tahen from the source and rounded to the nearest digits, /tie figures reported
ror the previous no arters might not always and up to the year-end figures.
Hi) Basis of measurement
rtie standalone financial statements have been prepared under the mstotlca’ cost convention on accrual tresis
(b) UacpfCaUmatea
The preparation of ft* standalone financial statements in conformity v/Hh Ind AS requires management to make
estimates, judgements and assumptions. These estimates, judgements and assumptions affect tho application of
accounting policies and the reported amount o' assets and OobDives and disclosure of contingent assets and
tiatwifies at the date of the financial statements and the reported amount of revenues and expenses dining the
prned. management belie ves that the estimates used in preparation of (mandat statements are prudent and
reasonable Actual future period's results could differ front those estimates. Changes In estimates are reflected in
the fimmoat statements tn the penod tn which changes are made, and If material thdr effects art. disclosed In the
notes to the financial statements.
(c) PrDpcrty4..PIaot.and.EQuipmcnts
Property, plant and equipments are stated at cost of acquisition or construction or cost of improvement utdosive of
incidental costs rotated to acquisition and installation or at revalued amounts wherever such assets have bean
revalued less accumulated depreciation and Impairment loss. Advances paid towards acquisition cf fixed assets ere
disclosed as Capital Advances under Other Non-Currant Assets Subsequent expenditure is capitalised omy if it is
probable that the future economic benefits associated with expenditure niil fion to the Company. Any gain or loss
on disposal of an item of property, plant and equipment is recognised vt (tie Statement of Profit and Loss
During the year Company acquired the Construction right at Khambhada village ot Gujarat near sarangpur. the
title deeds of immovable properties of buildings as disclosed in Note I has been classified as "Construction Right’.
Subsequent costs are included .vi the asset's carrying amount or recognised ass separate asset as appropriate, only
when it is pmbaNe that the future economy benefits associated with the Rem mu flow the entity and the cost tan
be measured roRably.
brope’ty, Went and Equipment which are significant to the total cost of that item or Property. Plant and Equipinenr
and having different useful life are accounted separately,
Oepteoaiioo <s calculated on cost or reams or property, plant and equipment i«s then estimated res-doat va<ue
using straight lute method over the useful lives of assets estimated by Ute Company based on an internal tcc.hmcai
evaluation performed by the Company and is recognised ,vi (fie Statement of Profit and toss. During the current
financial year depreciation as per companies Act, is charged to profit # loss account in cam of office, on addition to
furniture 8 fixture, metor car - sekos tcia and on addition to office equipment like air conditioners, television and
mobile phone handset bitty. No depreciation has been charged to popeny.p/ant and equipment Other than those
mentioned above, since there he no useful life left for the said tangible assets. Depreciation for assets purchased or
sold during the period n proporlianaleiy charged.
The range of estimated useful fives of Rems of property, plant and equipment are as fivkins
Asset Useful life
Depreciation has not been charged on Bendings construction in progress iFurmote & Fixtures 10 years : Vehicles S
years .office Equipments .5 years and Computer Systems 3 years
The residual values, useful lives and methods of depreciation oI properly, plant and equipment are rei-fewed at
each financial yeai-end and adhrsted tvosoecuvety, d appropriate.
Gam or losses arising from derecogmsaiion of Property, Plant and Equipments are measured as tde cGW?/er>c€
between We net disposal proceeds and the carrying amount at the asset and are recognized in the Statement or
Profit and Loss when the assets is derecognized
Cash comprises cash on hand Cash equivalents ere short-!crm balances, highly liquid investments that gre readily
convertible into known amounts of cash and which are subject to magnificent risk of changes in value.
All incomes and expenditures are accounted on accrual basis.
a) The Company recognizes revenue on the sale of products when risks and rewards of the ownership are
transferred to the customer Sales arc accounted exclusive of goods and Service tax and net of sales return,
h) Sales returns am accounted on actual receipt of return goods / settlements of claims.
c) Other income Hire dividend income and interest Income Is recognised when the right to receive payment Is
established.
(f) iflAaticn.;
a) Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any
adjustment to the tax payable or receivable In respect of previous years. The amount of current tax reflects the
best estimate of the tax amount expected to be paid or received after considering the uncertainty, if any related to
income taxes. It is measured using tax rates and tax lows enacted or substantively enacted by the reporting date
b) Minimum alternate tax (MAT), if any, paid In a year Is charged to the statement of profit and loss as current tax
Vie Company recognises MAT credit a vailable as an asset only to the extent that there is convincing evidence mat
the Company will pay normal Income tax during the specified period, i.e., the period for which MAT credit Is
allowed to be carried forward. Accordingly, MAT credit Is recognised as an asset in the balance sheet when it is
probable that the future economic benefit associated with It will flow to the Company arid the asset can be
measured reliably.
c) Deferred tax is recognised In respect of temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and corresponding amounts used for taxation purposes. Deferred tax. is
also recognised in respec t of carried forward lax losses and lax credits. Deferred tax assets are recognised to the
extent that it is probable that future taxable profits will be available against which they can be used However, the
Company has not provided for any deferred tax asset or liabilities during the year.
(g) Pray tQMS .Y.gar :.s .FiflUf.os
Figures have been rounded off to the nearest rupee. Previous year's figures have been regrouped, rearranged and
reclassified wherever found necessary to make them comparable with the current year's figures
(h) R^AtLSmeJlJiWliJia^AncillarjtwndertAKinflS
Amount due to small scale and ancillary undertakings to the extent such parties have been identified by the
management from available information Rs. -186.07 (Previous fear Rs. 746.71)
|