Provisions and Contingencies: Provisions are recognized when the Company has a present obligation of past
event, and it is more likely that an outflow of resources will be required to settle the obligation and the amount
can be reasonably estimated.
A disclosure for the contingent liability is made when there is a possible obligation or a present obligation that
may, but probably will not, require an outflow of resources. When there is a possible obligation or a present
obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.
Loss of contingencies arising from claims, litigation, assessment, fines, penalties, etc. are recorded when it is
probable that a liability has been incurred and the amount can be reasonably estimated.
Fixed Assets: Fixed assets are stated at cost, less accumulated depreciation and impairment losses, if any. Cost
comprises the purchase price and any attributable cost of bringing the asset to its working condition for its
intended use. Borrowing cost related to acquisition of fixed assets which takes substantial period of time to get
ready to its intended use are also included to the extent they relate to the period till such assets are ready to be put
to use.
Depreciation: Depreciation on Fixed Assets is provided on written down value basis in accordance with section
123 of Companies Act, 2013, at the rates specified in Schedule II to the Companies Act, 2013.
Inventories: Items of inventories are valued at cost or net realizable value whichever is lower; after providing for
obsolescence, if any.
Cost of inventories comprises of cost of purchase, cost of conversion and other costs incurred in bringing them to
their respective present condition.
Employee Benefits:
Short term Employee Benefits: All employee benefits payable wholly within twelve months of rendering the
service are classified as short-term employee benefits. The undiscounted amount of short-term employee benefits
expected to be paid in exchange for the services rendered by employees are charged of to the Profit and Loss
account/ Capital work-in-progress, as applicable.
c.) Revenue Recognition
The company follows mercantile system of accounting. Revenue is recognized only when it can be reliably
measured and it is reasonable to expect ultimate collection. Interest income is recognized on time proportion
basis taking into account the amount outstanding and rate applicable. Revenue and expenditures are recognized
on accrual basis; except in case of bonus and gratuity, where it is accounted on actual payment basis.
NOTE NO: 23
NOTES ON ACCOUNTS
1. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated if
realized in the ordinary course of business. The provision for all known liabilities is provided and the same
are adequate.
2. Figures for the previous year have been recast/regrouped/rearranged, wherever considered necessary.
3. Balance due to/from parties and other liabilities are subject to confirmation.
4. Figures in the Balance Sheet, Profit & Loss account have been rounded off to the nearest of rupee.
5. There is no information available for Micro, small and medium Enterprises, to whom the Company owes
dues, which are outstanding for more than 45 days as at 31st March 2023. This information as required to
be disclosed under the Micro, small and medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified to the extent of information gathered.
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