2.1 Basis of Preparation and Presentation
The Financial Statements have been prepared on the historical cost basis The Financial
Statements of the Company have been prepared to comply with the Indian Accounting standards
(Ind AS'), including the rules notified under the relevant provisions of the Companies Act, 2013,
amended from time to time The Company's Financial Statements are presented in Indian Rupees
(), which is also its functional currency and all values are rounded to the nearest Lakhs ( 00.000).
except when otherwise indicated
2.2 Current and Non-Current Classification
The Company presents assets and liabilities in the Balance Sheet based on Current/ Non-
Current classification. As per company’s normal operating cycle and other criteria set out in
Schedule III of the Act
2 3 Property, plant and equipment
Property, plant and equipment are recorded at their cost of acquisition, net of goods and service
tax, less accumulated depreciation and impairment losses, if any. The cost thereof comprises of its
purchase price, including import duties and other non-refundable taxes or levies and any directly
attributable cost for bringing the asset to its working condition for its intended use.
2.4 Depreciation
Depreciation on Property. Plant and Equipment is provided on SLM Method in accordance with the
provisions of Schedule II to the Companies Act 2013 The residual values, useful lives and methods
of depreciation of property, plant and equipment are reviewed at each financial year end and
adjusted prospectively, if appropriate
2.5 Inventories
Items of inventories are measured at lower of cost and net realisable value after providing for
obsolescence, if any. as per IND AS 2
2.6 Revenue Recognition
Revenue from contracts with customers is recognised when control of the goods or services are
transferred to the customer at an amount that reflects the consideration entitled in exchange for
those goods or services. The Company is generally the principal as it typically controls the goods or
services before transferring them to the customer
2.7 Deferred Tax Assets / Liability .
Deferred tax is provided using the balance sheet approach on temporary differences at the
reporting date between the tax bases of assets and liabilities and their carrying amounts for
financial reporting purpose at reporting date Deferred income tax assets and liabilities are
measured using tax rates and tax laws that have been enacted or substantively enacted by the
balance sheet date and are expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled During the year Deferred Tax Asset
is re-adjusted/re-appropenated with Reserves
2.8 Earnings per share
Basic earnings per share are calculated by dividing the net profit or loss (before other
comprehensive income) for the period attributable to equity shareholders by the weighted average
number of equity shares outstanding during the year Partly paid equity shares are treated as a
fraction of an equity share to the extent that they were entitled to participate in dividends relative to
a fully paid equity share during the reporting year.
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