Company Overview
Mach Conferences and Events Limited ("the Company") is a company limited by shares, incorporated
and domiciled in India. The Company is engaged in the business of Event & Conferences (Tourism
business that involves meetings, incentives, conferences and exhibitions for corporate groups). The
Registered office at “Office No-4, 2nd/Floor, Master Space Plot No-27 Kh/Mustatil No-154 Killa No-
19/2, Uggarsain Park, Dichaon Road Najafgarh Street No- 2, Najafgarh, South West Delhi, 110043”,
Corporate Office: C-127, 2nd Floor, Sector-2, Noida, Uttar Pradesh-201301.
A-Notes on Standalone;
a) Basis of Preparation of Financial Statements
These Standalone financial statements have been prepared in accordance with the Generally Accepted
Accounting Principles in India (Indian GAAP) including the Accounting Standards notified under
Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014
and the relevant provisions of the Companies Act, 2013.
The Standalone financial statements have been prepared under the historical cost convention on accrual
basis.
The Standalone financial statements are presented in INR, which is also the Company’s functional
currency and all values are rounded to the nearest Lakh (INR 00,000), except when otherwise indicated.
Ministry of Corporate Affairs ("MCA") through a notification dated March 24, 2021, amended Division
I of Schedule III of the Companies Act, 2013 and applicable for the reporting period beginning on or
after April 1, 2021. The amendment encompasses certain additional disclosure requirements. The
Company has applied and incorporated the requirements of amended Division I of Schedule III of the
Companies Act, 2013, to the extent applicable on it while preparing these financial statements.
b) Background
The Company is engaged in the business of Event & Conferences (Tourism business that involves
meetings, incentives, conferences and exhibitions for corporate groups).
c) Summary of Significant Accounting Policies
This note provides a list of the significant accounting policies adopted in the preparation of these
financial statements. These policies have been consistently applied to all the years presented, unless
otherwise stated.
i. Basis of Preparation
The financial statements of the Company have been prepared in accordance with generally accepted
accounting principles in India (Indian GAAP). The Company has prepared these financial statements to
comply in all material respects with the accounting standards notified under relevant provisions of the
Companies Act, 2013. The financial statements have been prepared on an accrual basis and under the
historical cost convention. The accounting policies have been consistently applied by the Company and
are consistent with those used in the previous year.
ii. Use of Estimates
The preparation of financial statements in conformity with Generally Accepted Accounting Principles
requires management to make estimates and assumptions that affect the reported amounts of assets,
liabilities and contingent liabilities at the reported date and the reported amounts of revenues and
expenses during the reporting period. Although these estimates are based on the managements’ best
knowledge of current events and actions, actual results could differ from these estimates. Any revision
in accounting estimate is recognized prospectively in current and future periods.
iii. Inventory Valuation
The Company is engaged in the business of service provider therefore inventory valuation is not
applicable.
iv. Construction Contracts
The company is not involved in any type of construction contracts. Hence this is not applicable.
v. Revenue recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured.
Income from service
Revenue from Tour Operator, Sales exclude Goods & Service Tax, sales tax, value added tax and work
contract tax but include excise duty. Commission earned is accounted for as part of revenue from
operations. Revenue from sale of service is recognized, net of trade discounts and rebates, when the
substantial risks and rewards of ownership are transferred to the buyer under the terms of contract.
Interest Income
Income from interest on deposits is recognized on the time proportion method taking into consideration
the amount outstanding and the applicable interest rate.
vi. Property, Plant and Equipment’s and Depreciation
Fixed asset, Property, Plant & Equipment including intangible assets are stated at their original cost of
acquisition including taxes, freight and other incidental expenses related to acquisition and installation
of the concerned assets less depreciation till date. Further:
Tangible Assets
Property, Plants & Equipment’s are stated at as per Cost Model i.e., at cost less accumulated depreciation
and impairment, if any. Costs directly attributable to acquisition are capitalized until the property, plant
and equipment are ready for use, as intended by the management. Cost comprises the purchase price and
any attributable cost of bringing the asset to its working condition for its intended use. Input tax credit
of GST, Grants on capital goods are accounted for by reducing the cost of Capital Goods.
Subsequent expenditures relating to property, plant and equipment are capitalized only when it is
probable that future economic benefits associated with them will flow to the Company and the cost of
the expenditure can be measured reliably. Repairs and Maintenance costs are recognised in the Statement
of Profit and Loss when they are incurred.
When assets are disposed or retired, their cost is removed from the financial statements. The gain or loss
arising on the disposal or retirement of an asset is determined as the difference between sales proceeds
and the carrying amount of the asset and is recognized in Statement of Profit and Loss for the relevant
financial year
Intangible Assets
Intangible assets purchased are initially measured at cost. The cost of an intangible asset comprises its
purchase price including any costs directly attributable to making the asset ready for their intended use.
v. Foreign currency Transactions
a) Initial Recognition: Foreign currency transaction, are recorded in the reporting Currency,
by applying the exchange rate between the reporting currency and the foreign currency at
the date of the transaction.
b) Conversion: Foreign currency monetary items are reported using the closing rate
c) Exchange Difference: Exchange differences arising on the settlement of monetary items at
rates different from those at which they are initially recorded during the year or reported in
previous financial statement are recognized as income or as expenses at the end of year by
applying closing rate
vi. Government Grant
The Company has not received any type of Government grant. Hence this is not applicable.
vii. Borrowing Cost
Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are
capitalized as part of the cost of such assets till such time the asset is ready for its intended use. A
qualifying asset is one that necessarily takes substantial period of time to get ready for intended use.
Costs incurred in raising funds are amortized equally over the period for which the funds are acquired.
All other borrowing costs are charged to profit and loss account.
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