I Company Information and Significant Accounting Policies
NOTE '1'
Corporate Information
Limited (Mthe CTpany") is 3 public limited ComP“ylisted on BSE Ltd and "Permitted to trade in National Stock Exchange of India Ltd
pto 02/05/2023 . The company rs engaged trading business in Ferrous/ Non-Ferrous Metals mainly: Copper, Aluminium, Zinc, Lead, etc. The company caters to
lomestic market and is having if s registered office at 7A/39, W.E.A. CHANNA MARKET, KAROL BAGH, NEW DELHI-110005.
luring the previous financial year, the company has closed its all manufacturing operations, now company is engaged in trading of Ferrous/ Non-Ferrous Metals.
VOTE ’2'
LI Accounting Standards
he Company has complied with all the Indian Accounting Standard (Ind AS) as applicable to the company under Companies under Section 133 of the Act, read
ith Rule 7 of the Companies (Accounts) Rules, 2014, and made necessary disclosures wherever applicable.
.2 Basis of Accounting and Preparation of Financial Statements
lie financial statements have been prepared on the historical cost basis except for following assets and liabilities which have been measured at fair value amount
) Certain financial assets and liabilities.
) Defined benefit plans - plan assets.
ie financial statements of the Company have been prepared to comply with the Indian Accounting standards (‘Ind AS’), including the rules notified under the
levant provisions ofthe Companies Act, 2013. I
>mpany’s financial statements are presented in Indian Lakh ('), which is also its functional currency
3 Use of Estimates
,e preparation of the financial statements requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities
eluding contmgent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation ofthe
ancial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates
: recognised in the periods in which the results are known / materialise.
4 Inventories
mshed goods, and Scrap are valued at Cost or NRV which ever is lower. Net realisable value is estimated selling price in ordinary course of business less
imafed cost for completion/ making sale.
w Materials, Trading Goods is determined on First in First Out (FIFO) Basis.
5 Depreciation and amortisation
suant to Companies Act, 2013, the company depreciates its assets by the estimated useful life ofthe fixed assets on written down value as prescribed under
ledule II of the Companies Act, 2013.
i Revenue Recognition
CnUe IS rec0gnlSed on accrued basis- Revenue from sale of goods is recognised on transfer of all significant risk and rewards of ownership to the buyer. GST isl
aunted on exclusive method. Interest income is recognised on accural basis. Revenue is recognized only when it can be reliably measured and it is reasonable to
ect ultimate collection All expenses and income to the extent considered payable and receivable respectively unless specifically stated otherwise are accounted
an mercantile basis.
Property, Plant and Equipment ,
>erty, Plant and Equipment are stated at cost net of recoverable taxes and includes amounts added on revaluation, less accumulated depreciation and impairment
rded^e ^ ASSetS comPrlses lts Purchase price and any cost directly attributable to bringing the asset to its working condition for its
costs, atfributabfr to the fixed assets are capitalized. Subsequent expenditures related to an item of Tangible Asset are added to its book value only if they
jase the future benefits from the existing asset beyond its previously assessed standard of performance. During the previous financial year, the company has sold
s movable and non-movable assets. F J I
Employee Benefits ||
Company's contributions to Employees State Insurance Fund and Provident Fund is considered a defined contribution plan and is charge as an expenses as it fall
oased on the amount of contribution required to be made. Eligible employees receive benefits from a provident fund, which is a defined benefit plan Both the
ale employee and the Company make monthly contributions to|btff^tKffiind plan equal to a specified percentage of th^coiifired employee’s salary The
a r;°n 10 f EmPTeS- Pr0Videm has no, made any provision for ar^S%4eave encashment and
. travel allowance etc. during the year. The company pays gWty to the emfedfcs as and when payable as requircd^JielSr^^A I
o{ Ne* OeM }*) hf b JSR
r2.9 Foreign Currency Transactions and Translations I
jAlI transaction in Foreign currency, are recorded at the rates of exchange prevailing on the dates when the relevant transactions take place. Foreign-currency
denominated monetary assets and liabilities are translated at exchange rates in effect at the Balance Sheet date. The gains or losses resulting from, such translations
are included in the Statement of profit and loss. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are
translated at the exchange rate prevalent at the date when the fair value was determined. Revenue, expense and cash-flow items denominated in foreign currencies
are translated using the exchange rate in effect on the date of the transaction. Transaction gains or losses realized upon settlement of foreign currency transactions
jaie included in determining net profit for the period in which the transaction is settled.
I 2.10 Investment
[investment include Long Term Investment only and are stated at cost.
[2.11 Earning Per Share
basic earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by the number of equity
Isharcs outstanding during the year.
[2.12 Impairment of assets
|The carrying value of assets/cash generating units at each Balance Sheet date are reviewed for impairment. If any indication of impairment exists, the recoverable
amount of such assets is estimated and impairment is recognised, if the carrying amount of these assets exceeds their recoverable amount. The recoverable amount is
Ithe greater of the net selling price and their value in use.
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