B. SIGNIFICANT ACCOUNTING POLICIES:
1) Basis of Preparation of financial statements:
a) These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles
(Indian GAAP) in India under the historical cost convention on accrual basis and on principles of going concern. The
accounting policies are consistently applied by the Company.
b) These financial statements have been prepared to comply in all material aspects with the Accounting Standards
notified under Rule 7 of the Companies (Accounts) Rules, 2014 in respect of section 133 of the Companies Act, 2013
and other recognized accounting practices and policies.
c) All assets and liabilities have been classified as current or non-current as per the Company's normal operating
cycle and other criteria set out in the Schedule III to the Companies Act, 2013. Based on the nature of products and
the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the
Company has ascertained its operating cycle as 12 months for the purpose of current - non-current classification of
2) Use of Estimates:
The preparation of the financial statements requires the management to make estimates and assumptions which are
considered to arrive at the reported amounts of assets and liabilities disclosure of contingent liabilities as on the date
of the financial statements and the reported income and expenses during the reporting year. Although, these
estimates are based upon the management's best knowledge of current events and actions, actual results could
differ from these estimates. The difference between the actual results and estimates are recognized in the period in
which the results are known / materialized. Any revision to the accounting estimates is recognised prospectively in
the current and future accounting years.
3) Depreciation:
Depreciation
Depreciation on Property, Plant and Equipment is provided for on Written Down Value Method calculated with
reference to the useful life of the asset prescribed in Schedule II of the Companies Act, 2013. The company provides
pro-rata depreciation on additions and disposals made during the period/year. Software are under development is
not put to use as on 31.03.2024. Therefore no amortisation charged during the current year.
4) Property, plant and equipment (PPE) and Intangible assets:
PPE
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment (if
any). The cost of property, plant and equipment comprises its purchase price and any attributable cost of bringing
the asset to its working condition for its intended use. Expenditure on addition, Improvement and renewals is
capitalized and expenditure for maintenance and repair is charged to Profit and Loss account.
Intangible Assets
Intangible assets are stated at acquisition cost, net of accumulated amortization and accumulated impairment losses
(if any). Intangible assets are amortized on a straight line basis over their estimated useful lives. A rebuttable
presumption that the useful life of an intangible assets will not exceed ten years from the date when asset is
available for use is considered by the management. The amortisation period and amortisation method are reviewed
at least at each financial year end and if the expected useful life of the asset is significantly different from previous
estimate, the amortisation period is changes accordingly. Software are under development is not put to use as on
31 03 9094 Therefore no amortication charged during the current year
5) Borrowing Costs:
General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying
assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale,
are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or
sale. All other borrowing costs are recognised in Statement of Profit and Loss in the period in which they are
6) Investments:
Investments are classified into long term investments and current investments. Investments that are readily
realisable and are intended to be held for not more than one year from the date, are classified as current
investments. All other investments are classified as long term investments. Current investments are carried at cost or
fair value, whichever is lower. Long term investments are carried at cost. However, provision for diminution is made
to recognize a decline, other than temporary, in the value of investments, such reduction being determined and
7) Inventories:
There is no inventory.
8) Revenue Recognition:
(a) Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and
revenue can be reliably measured and there is reasonable certainty regarding ultimate collection.
(b) Revenue in respect of other income is recognized when no significant uncertainty as to its determination or
(c) lnterest income is recognized on a time proportion basis taking into account the amount outstanding and the rate
9) Taxes on Income :
Tax expense comprises of current tax & deferred tax.
(a) Current income tax is amount of tax payable on the taxable income for the year determined in accordance with
the provisions of the Income Tax Act,1961.The Company has opted new tax regime under section 115BAA of Income
(la) Defirred Tax reflects the impact of current year timing differences between taxable income and accounting
income for the current reporting year and reversal of timing differences of earlier years. Deferred tax is measured
based on the tax rates and tax laws that are enacted or substantively enacted at the Balance Sheet date. Deferred tax
assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against
current tax liabilities. The deferred tax assets and deferred tax liabilities relate to the taxes on income levied by the
same governing tax laws Deferred tax asset are recognized only to the extent there is reasonable certainty that
sufficient future taxable income will be available against which such deferred tax assets can be realized.
At each Balance Sheet date, the company re-assesses unrecognized deferred tax assets.
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