1.3 Significant Accounting Policies
i) Basis of preparation of financial statements.
These financial statements are prepared in accordance with Indian Accounting Standards
(Ind AS) as per Companies (Indian Accounting Standards) Rules, 2015 notified under
Section 133 of Companies Act 2013, (the 'Act') and other relevant provisions of the Act.
ii) Property, plant and equipment
Property, plant and equipment are stated at historical cost less depreciation. Historical cost
includes expenditure that is directly attributable to the acquisition of the items. Subsequent
costs are included in the asset's carrying amount or recognized as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item
will flow to the Company and the cost of the item can be measured reliably. The carrying
amount of any component accounted for as a separate asset is derecognized when replaced.
All other repairs and maintenance are recognized in profit or loss during the reporting
period, in which they are incurred.
iii) Impairment of non-financial assets
Assessment is done at each balance sheet date as to whether there is any indication that an
asset may be impaired. If any such indication exists or when annual impairment testing for
an asset is required, an estimate of the recoverable amount of the asset/cash generating
unit is made. Recoverable amount is higher of an asset's or cash generating unit's fair value
less costs of disposal and its value in use. Value in use is the present value of estimated
future cash flows expected to arise from the continuing use of an asset and from its disposal
at the end of its useful life. For the purpose of assessing impairment, the recoverable
amount is determined for an individual asset, unless the asset does not generate cash
inflows that are largely independent of those from other assets or group of assets. The
smallest identifiable group of assets that generates cash inflows from continuing use that
are largely independent of the cash inflows from other assets or groups of assets, is
considered as a cash generating unit [CGU). An asset or CGU whose carrying value exceeds
its recoverable amount is considered impaired and is written down to its recoverable
amount. Assessment is also done at each balance sheet for possible reversal of an
impairment loss recognized for an asset, in prior accounting periods.
V
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iv) Valuation of Inventories
Raw Materials and work in progress have been valued at cost and Finished Goods has been
valued at Cost or Net Realizable Value, whichever is lower. Valuation is done and certified
by the Management.
v) Investments
Fair Value of Investments in shares of various company is non-determinable by
management being unlisted companies. Hence, investments have been stated at cost.
vi) Revenue Recognition
Revenue is measured at the fair value of consideration received or receivable, [net of goods
and services tax). Revenue is recognized when the amount of revenue can be reliably
measured, and it is probable that future economic benefits will flow to the entity.
vii) Security Deposit
Security deposit doesn’t have a determinable fixed period hence the same has not been
discounted.
viii) Cash and cash equivalents
Cash and cash equivalent in the balance sheet comprise cash in hand, amount at banks and
other short-term deposits with an original maturity of three months or less that are readily
convertible to known amount of cash and, which are subject to an insignificant risk of
changes in value. For the purpose of the statement of cash flows, cash and cash equivalents
consist of cash and short-term deposits, as defined above, net of outstanding bank
overdrafts as they are considered an integral part of the company’s cash management.
(fain
For and on behalf of the Board As per our report of even date
of Directors of SHAKTI PRESS LIMITED For, D P SARDA & CO
1\ f\ Chartered Accountants
FRN ll7227w
RAGHAVSHARMA / t J -
DIN:00588740
MANAGING DIRECTOR (H (Y J
f\ y' JJ CA Pavan Gahukar
11^— Partner
ARAVirfD MODAK MRN 140097
DIN:08681473 UDIN:24140097BKHIEX2599
DIRECTOR
/I V / Place: Nagpur
[ / ]jyy Date: 28/05/2024
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PAN:^Ap?W9156F
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