m. SIGNIFICANT ACCOUNTING POLICIES :
1. BASIS OF ACCOUNTING:
The Financial Statements have been prepared under the historical cost convention oil accrual basis excepting certain financial instruments which are measured in terms of relevant Ind AS at fair value/ amortized costs at the end of each reporting period and investment in one of its subsidiary which as on the date of transition have been fair valued to be considered as deemed cost.
2. PLANT. PROPERTY & EQUIPMENT
Property, Plant and Equipment arc stated at cost of acquisition, construction and subsequent improvements thereto less accumulated depreciation arid impairment losses, if any. For this purpose cost include deemed cost on the date of transition and adjustment for exchange difference wherever applicable and comprises purchase price of assets or its construction cost including duties and taxes, inward freight and other expenses incidental to acquisition or installation and any cost directly attributable to bring the asset into the location and condition nccc'dry for it to be capable of operating in the manner intended for its use. For major projects and capital installations, interest and other costs incurred on / related to borrowings to finance Such projects or fixed assets during construction period and related pre-operative expenses are capitalized.
3. REVENUE RECOGNITION
Revenue from sale of goods rendeicd is recognised upon passage of title.
4. TAXATION OF INCOME
Tax expenses comprises of current and deferred tax. Current income tax is measured at
the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961.
Deferred taxes reflects the impact of current year timing diflicnces between taxable income and accouting income fox tire year and reversal of tirnimg diffienccs of earlier year.
5. Earnings per Share
Basic Earnings per Share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding duiing the period.
Diluted Earnings per Share is calculated by adjustment of all the effects of dilutive potential equity shares from the net profit or loss for the period attributable to equity shareholders and the weighted average number of stiarcs outstanding during the period
6. INVENTORIES
Inventories arc valued at lower of cost or net realisable value.
Costs for the purpose of Raw materials, stores and spares and consumables comprise of the respective purchase costs including non-reimbursable duties and taxes. Cost for carriage, clearing and forwarding are included in inventory proportionately.
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