1.2 SIGNIFICANT ACCOUNTING POLICIES:
a. Basis of Preparation of Financial Statements:
The financial statements are prepared under the historical cost convention, in accordance with Indian Generally Accepted
Accounting Principles ("GAAP") , including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014., on the accrual basis, as adopted consistently by the company.
The preparation of the financial statements in conformity with GAAP requires that the management of the company
("Management") make estimates and assumptions that affect the reported amounts of revenue and expenses for the year,
reported balances of assets and liabilities, and disclosure relating to contingent liabilities as of the date of the financial statement.
The Company's Financial Statements for the period have not been prepared in accordance with the Indian Accounting Standards
(Ind AS).
In accordance with Ind AS 101, "First-time Adoption of Indian Accounting Standards,” we have applied the exemption criteria
which allows SME Listed companies for certain reliefs from the preparing Financial Statement as per Ind AS.
The decision to apply these exemptions was made after careful consideration of the costs and potential disruptions associated
with full retrospective application versus the benefits of providing comparable information. We believe that the application of
these exemptions does not detract from the true and fair view presented by our financial statements.
b. Revenue Recognition:
Revenue is recognized on accrual basis.
c. Expenditure :
Expenditure is recognized on accrual basis.
d. Fixed Assets:
Fixed Assets are stated at its cost less accumulated depreciation. Cost comprise of purchase price and attributable cost, if any.
e. Earning Per Share:
In determining earnings per share, the company considers the net profit / loss after tax. The no. of shares used in computing both
basic and dilutive earnings per share is the weighted average number of shares outstanding during the period. There is no
potential dilutive equity shares.
f. Foreign Currency Transaction:
Transactions in foreign currencies are translated to the reporting currency based on the average exchange rate for the month.
Exchange differences arising on settlement thereof during the year are recognized as income or expenses in the Profit and Loss
Statement.
Cash and Bank balances, receivables and liabilities ( monetary items) in foreign currencies as at the year end are translated at
closing-date rates, and unrealized translation differences are included in the Statement of Profit and Loss.
The Company enters into derivate contracts strictly for hedging purposes and not for trading or speculation. Derivative
transactions settlement take place with the terms of the respective contracts and Profit/Loss if any is recognized at the time of
execution of the contract.
g. Depreciation:
Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.
Depreciation on assets and their respective additions / deduction have been provided on pro- rata basis according to the period
for which each such assets have been put to use.
h. Income Tax:
(1) Provision for Current Tax is made as per the provisions of the Income Tax Act, 1961.
(2) Deferred Tax resulting from " timing differences that are temporary in nature" between accounting and taxable profit is
accounted for, using the tax rates and laws that have been enacted as on the Balance Sheet date. The deferred tax assets is
recognized and carried forward only to the extent that there is a reasonable or virtual certainty, as the case may be, that the
assets will be realized in future.
(3) Minimum Alternative Tax (MAT) paid in accordances with the tax laws, which gives rise to future economic benefits in the
form of adjustment of future income tax liability is considered as an asset if there is convincing evidence that the Company will
pay normal tax. Accordingly, it is recognized as an assets in the Balance Sheet when it is probable that the future economic
benefit associated with it will flow to the Company and the asset can be measured reliably.
(4) Tax on distributed profits payable in accordance with the provisions of the Income-Tax Act, 1961 is disclosed in accordance
with the Guidance Note on Accounting for Corporate Dividend Tax issued by the ICAI.
i. Employee Retirement Benefits:
i) Gratuity:
The Company accounts for its gratuity liability, a defined retirement benefit plan covering eligible employees. The gratuity plan
provides for a lum sum payment to employees at retirement, death and on attending specified years of completed services as
per The Payment of Gratuity Act, 1972. Liabilities with regards to Gratuity plan are determined based on the actuarial valuation
carried out by an independent actuary as at the Balance Sheet date using Projected Unit Credit Method.
Actuarial gains and losses are recognized in full in the Statement of Profit and Loss in the year in which they occur.
ii) Provident Fund:
The eligible employees of the Company are entitled to receive the benefits of Provident fund, a defined contribution plan, in
which both employees and the Company make monthly contributions at a specified percentage of the covered employees' salary
(Currently at 12% of Maximum Base Pay of Rs.15000/- p.m.), which are charged to the Statement of Profit and Loss on accrual
basis. The provident fund contributions are paid to the Regional Provident Fund Commissioner by the Company.
The Company has no further obligations other than its monthly contributions.
ii) Leave Encashment:
The Company is not having any policy for payment of leave encashment so no provision for the same has been made.
j. Investments
Investments are valued at cost as per the Accounting Standard 13 of Indian GAAP. The said investments are shown in Note I of
Balance Sheet.
k. Inventories
Inventories are valued at Cost or Market Value whichever is less; however at the end of year there is no Closing Inventory.
l. Preliminary Expenses
Preliminary and Pre- Operating expenses are written off over a period of 5 years
Note No. 21 : Additional regulatory disclosures as per Schedule III of Companies Act, 2013
I As per the Company's accounting policy, Property, Plant and Equipment (including Right of Use Assets)and intangible assets are carried at historical cost (less accumulated depreciation & impairment, ifany),
hence the revaluation related disclosures required as per Additional Regulatory Information of Schedule III (revised) to the Companies Act, is not applicable.
II No proceedings have been initiated or pending against the Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
III There are no transactions with the Companies whose name are struck off under Section 248 of The Companies Act, 2013 or Section 560 of the Companies Act, 1956 during the year ended 31st March, 2023.
IV The Company has not operated in any crypto currency or Virtual Currency transactions.
V During the year the Company has not disclosed or surrendered, any income other than the income recoginsed in the books of accounts in the tax assessments under Income Tax Act, 1961.
In terms of our report attached. For and on behalf of the Board of Directors,
For Samir M. Shah & Associates TGIF Agribusiness Limited
Chartered Accountants
FRN: 122377W
Rachana Gemawat Niraj C. Gemawat
Managing Director Director
Samir M.Shah DIN:02029832 DIN: 06960624
Membership No. 111052
Amrish Vashishth Sapan Dalal
Chief Finance Officer Company Secretary
Place: Ahmedabad Place: Ahmedabad
Date: 29th May, 2025 Date: 29th May, 2025
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