A. Significant Accounting Policies
1. Basis of accounting:-
These 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 financial statements have been prepared under the historical cost convention on accrual basis.
2. Use of Estimates
The preparation of financial statements in conformity with Indian GAAP requires the management to make
judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and
liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these
estimates are based on the management's best knowledge of current events and actions, uncertainty about
these assumptions and estimates could result in the outcomes requiring a materia! adjustment to the
carrying amounts of assets or liabilities in future periods.
3. Revenue Recognition: -
Expenses and Income considered payable and receivable respectively are accounted for on accrual basis,
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.
4. Properly. Plant & Equipment
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. Company has adopted cost model for all class of items of Property Plant
and Equipment
5. Depreciation
(a) During the year the company has not provided for the depreciation.
(b) No Write off has been made in respect of leasehold land.
6. investments:-
On initial recognition, al! investments are measured at cost. The cost comprises purchase price and directly
attributable acquisition charges such as brokerage, fees and duties.
7. Inventories
Inventories are valued as under:-
1. Inventories : Lower of cost or net realizable value
2. Scrap At net realizable value.
8. Borrowing cost:-
All other borrowing costs are charged to revenue in the year of incurrence. For the year under consideration,
no such costs are incurred.
9. Retirement Beneflts:-
The retirement benefits are accounted for as and when liability becomes due for payment. For the year
under consideration, no such retirement benefits are incurred nor paid.
10. Taxes on Income:-
No provision of tax as required by AS-22 issued by the Institute of Chartered Accountants of India has been
made due to uncertainty that sufficient taxable income against which such deferred tax assets can be
realized. The impact of same has also not been determined.
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