1. COMPANY OVERVIEW & SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS FOR THE PERIOD ENDED MARCH 31, 2024
1.1 COMPANY OVERVIEW
We are primarily a horticulture company engaged in open farming of fruits and vegetables. Our farm land is situated in the vicinity of three villages i.e. Ajari, Kasindra and Kojra, all of which are located in the tehsil Pindwara, district Sirohi, Rajasthan.
During the reporting period, we have incorporated the company by converting the Limited Liability Partnership firm into a Public Limited Company in the name of "TGIF Agribusiness Limited" on December 27, 2023 with the main objects of farming of certain fruits and vegetables.
The financial statements are approved for issue by Company's Board of Directors on May 30, 2024.
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.
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.
|