SIGNIFICANT ACCOUNTING POLICIES:
a) Basis of Preparation of Financial Statements: -
For all periods up to and including the year ended March 31, 2017, the Company prepared its financial statements in accordance with Generally Accepted Accounting Principles (GAAP) in India and complied with the accounting standards (Previous GAAP) as notified under Section 133 of the Companies Act, 2013 read together with Rule 7 of the Companies (Accounts) Rules, 2014, as amended, to the extent applicable, and the presentation requirements of the Companies Act, 2013.
With effect from April 1, 2017, the company is required to prepare its financial statements in accordance with the notification dated February 16, 2015, issued by the Ministry of Corporate Affairs. The Company has to adopt Indian Accounting Standards (Ind AS) notified under Section 133 read with Rule 4A of Companies (Indian Accounting Standards) Rules, 2015 as amended, and the relevant provisions of the Companies Act, 2013 (collectively, "Ind ASs"). Company has prepared its financial statements for the period ended 31st March 2018 in accordance with Ind AS, the first financial statement that company has prepared in accordance with Ind AS. The Company continue to prepare its financial statements from the year ended March 31, 2018 till the current year ended March 31, 2024 in accordance with Ind AS.
b) Revenue and Expenditure Recognition: -
Revenue is recognized and expenditure is accounted for on accrual basis.
c) Property, Plant and equipment: -
The Company has applied Ind AS 16 with retrospective effect for all of its property, plant and equipment as at the transition date, viz., 01st April 2016. Fixed Assets are stated at cost as increased by revaluation in case of land, building, etc and less accumulated depreciation thereon in respect of assets acquired up to 31.03.1995. Fixed assets were revalued as on 31.03.1995.
d) Depreciation: -
Depreciation on fixed asset (including revalued assets) has been provided based on life assigned to each asset in accordance with Schedule II of the Companies Act 2013.
Deprecation on Residential Building, Furniture and Fittings, Motor vehicles, etc and addition to and deduction from such assets are provided for on pro-rata basis from/ up to the month of addition/ deduction.
Additional depreciation representing the difference between depreciation on revalued amount and original cost of the assets like Land and Buildings has been withdrawn from revaluation reserve.
e) Foreign Exchange Transactions/Translation
The company has no foreign exchange transactions during the current year.
f) Cash and Cash Equivalents
Cash and cash equivalent in the balance sheet comprise cash at banks and on hand. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash as defined above.
g) Investments: -
Long Term Investments made by the Company in shares are valued as per the Accounting Standards issued by The Institute of Chartered Accountants of India. Provision has been made for permanent diminution in the value of Long-Term Investments.
|