17 SIGNIFICANT ACCOUNTING POLICES
i CORPORATE INFORMATION
Inditalia Refon Limited is a Public Limited Company incorporated in the year 1986. The Company is listed on BSE LTD and is
primarily engaged in the business of manufacturing Refrigerated containers.
ii BASIS OF PREPARATION
Statement of Compliance
The financial statements as at and for year ended 31st March.2024 are prepared in accordance with Indian Accounting Standards
(Ind-AS) notified under section 133 of the companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards)
Rules, 2015 as amended from time to time.
Basis of Measurement
The Financial Statements are prepared on a going concern basis using historical cost convention and on an accrual method of
accounting,except in case of significant uncertainties
The standalone financial statements are presented in Indian Rupees (INR) and all values are rounded to the nearest lakhs, unless
otherwise indicated
Operating Cycle
An operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash equivalents. The
Company has ascertained the operating cycle as twelve months for the purpose of current or non-current classification of assets and
liabilities.
iH USE OF ESTIMATES AND JUDGEMENTS
The preparation of the financial statements in conformity with the Ind AS requires management to make judgments, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities and disclosures as at date
of the financial statements and the reported amounts of the revenues and expenses for the year presented. The estimates and associated
assumptions are based on historical experience and other factors that are considered to be relevant Actual results may differ from
these estimates under different assumptions and conditions. The estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that
period, or in the period of the revision and future periods if the revision affects both current and future periods.
iv CASH A CASH EQUIVALENTS
Cash and cash equivalent in the Balance sheet comprise of cash at bank, cash in hand, other short term deposits with banks with an
original maturity of 12 months or less and highly liquid investments, that are readily convertible to known amount of cash and which
are subject to insignificant risk of changes in value and Bank overdraft
For the purpose of statement of cash flow, cash and cash equivalents consist of cash and short term bank deposits etc., as defined
above, net of outstanding bank overdrafts since they are considered integral part of the company’s cash management.
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