2. SIGNIFICANT ACCOUNTING POLICIES
a. Basis of preparation
These statements are prepared complying in all material respects with the notified Accounting standards by the Companies (Indian Accounting Standards)
Rules, 2015 as amended from time to time and the relevant provisions of the Companies Act, 2013 and in accordance with the generally accepted
accounting principles in lndia.
In absence of requisite inputs, classification of assets and liablities as current or noncurrent as per the Company’s normal operating cycle and other criteria
set out in the Schedule III to the Act has not been done. Subject to adjusments in accordance with the generally accepted accounting principles and
applicable accounting standards (Including Indian Accounting Standard), all assets and liabilities have been carried on in the financial statement as they
were appearing in the finacial statement of preceeding year.
Date of approval of financial statement in the Board is 6th Dec, 2024.
b. Basis of classification of Current and Non-Current
Assets and Liabilities in the Balance Sheet have been classified as either current or non-current.
An asset has been classified as current if:-
• I t is expected to be realized in, or is intended for sale or consumption in, the Company’s normal operating cycle; or
• I t is held primarily for the purpose of being traded; or
• I t is expected to be realized within twelve months after the reporting date; or
• I t is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting date.
All other assets have been classified as non-current.
A liability has been classified as current when
• I t is expected to be settled in the Company’s normal operating cycle; or
• I t is held primarily for the purpose of being traded; or
• I t is due to be settled within twelve months after the reporting date; or
•The Company does not have an unconditional right to defer settlement of the liability for atleast twelve months after the reporting date.
All other liabilities have been classified as non-current.
An operating cycle is the time between the acquisition of assets for processing and their realization in cash or cash equivalents.
c. Revenue recognition
In absence of requisite inputs, revenue have been recognised based on the substance of the transaction only.
d. Expenditure
In absence of requisite inputs, all expenses have been recognised based on the substance of the transaction only.
e. Property, Plant & Equipment
In absence of requisite inputs, all tangible assets have been reported at the value net of depreciation.
Save as otherwise stated, depreciation is provided on a pro-rata basis on the Written Down Value method as per the Companies Act, 2013. In the absense
of required input with regard to remaining useful life of the tangiable assets, the rate of depreciation has been kept unchanged.
f. Impairment
As per Indian Accounting Standard 36, assessment for impairment is required to be done at each Balance Sheet date as to whether there is any indication
g. Inventories
As per Indian Accounting Standard 2, inventories are required to be valued at the lower of cost and net realizable value.
In absence of required inputs, inventories have been carried on at the book value without any adjustments towards reduction in realizable value.
h. Trade receivables and Loans and advances
T rade receivables and loans and advances are not confirmed. In absence of requiste inputs they have been carried on at the book value without
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