| (a) BASIS OF PRESENTATION OF FINANCIAL STATEMENTS:
The financial statements are prepared in accordance with generally
accepted accounting principles in India under the historical cost
convention and on accrual basis of accounting. These financial
statement have been prepared to comply in all material aspects with the
mandatory and applicable Accounting Standards as prescribed by the
Companies (Accounting Standards) Rules, 2006, as amended and relevant
provisions of the Companies Act, 2013(to the extent notified).
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 Revised 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 twelve
months for the purpose of current non-current classification of assets
and liabilities.
(b) USE OF ESTIMATES :
The presentation of Financial Statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of financial statements and the reported amount
of revenue and expenses during the reporting period. Difference between
the actual results and estimates are recognized in the period in which
results are known/materialized.
(c) REVENUE RECOGNITION :
The company recognizes sale of products when they are invoiced to
customers. Revenue in respect of other income is recognized when no
significant uncertainty as to its determination or realization exists.
(d) FIXED ASSETS :
Fixed assets are stated at cost less accumulated depreciation. Cost for
this purpose includes purchase price, non refundable taxes or levies
and other directly attributable costs of bringing the assets to its
working condition for its intended use.
(e) DEPRECIATION :
Depreciation is provided on Straight Line method at the rates specified
II to the Companies Act, 2013. Depreciation is provided for on a
pro-rata basis on the assets acquired, sold or disposed off during the
year.
(F) TAXES ON INCOME :
(i) Current tax is determined as the amount of tax payable in respect
of taxable income for the year.
(ii) Deferred tax is provided on all timing differences which are
recognized during the period. Deferred Tax Asset is recognized only if
there is a reasonable certainty on the realisability of the assets.
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