(a) The aforesaid financial results have been reviewed by the audit committee and subsequently approved by the board of directors at its meeting held on - 24th May,2024
(b) The standalone financial results for the year ended March 31,2024 were audited by the statutory auditors of the company.
(c) Previous period's/ year's figures have been regrouped/ rearranged wherever necessary, to confirm to the current half year's/ year's classification.
1. SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of Preparation of Financial Statements:
The financial statements have been prepared on the historical cost convention and in accordance with normally accepted accounting principles.
(b) Property, Plant and Equipment:
Property, Plant and Equipments are carried at cost of acquisition less accumulated depreciation.
Property, Plant and Equipment are stated at cost less accumulated depreciation and impairment loss, if any. All costs, including financing costs till the date on which the asset is
put to use, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the fixed assets are capitalised.
In case of assets, whose useful life has been complete as prescribed in Schedule-II of the Companies Act, 2013, the difference between the opening WDV and its residual value is
recognised in the opening balance of retained earnings.All other repairs and maintenance expenses are charged to the Statement of Profit and Loss during the period in which
they are incurred.
(c) Depreciation:
Depreciation on fixed assets is provided on Written down method at the rates and manner prescribed in Schedule II of the Companies Act, 2013. Depreciation is provided based
on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.
(d) Investments:
Investment which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current
investments. All other investments are classified as long term investment.
On initial recognition, all investments are measured at cost. The cost comprises price and directly attributable acquisition charges such as brokerage, fees and duties.
Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Long term investments are carried at
cost. However, provision for dimunition in value is made to recognize a decline other than temporary in the value of investments. On disposal of investment, the difference
between its carrying amount and net disposal proceeds is charged or credited to the statement of profit and loss account.
(e) Inventories:
(i) Raw materials and other consumables are valued at cost on FIFO basis.
(ii) Trading goods are valued at cost or net realizable value whichever is less.
(iii) Finished Goods are valued at cost or net realizable value whichever is less.
(f) Recognition of Income & Expenditure:
All Incomes & Expenditures are accounted on accrual basis except Bonus and gratuity. They are accounted when they are declared and paid by management to the
employees.
(g) Borrowing Cost:
Borrowing costs that are attributable to the acquisition and construction of qualifying fixed assets are capitalized as part of cost of such asset till such time the asset is ready for its
intended use. All other borrowing costs are charged to the Profit & Loss Account.
(h) Accounting for Taxation:
Income tax expense represents the sum of the 'current tax and deferred tax.
Current Tax
The current tax payable is based on taxable profit 'for the year. The Company’s current tax is calculated using tax rates that have been enacted by the end of the reporting
period.
Deffered Tax
Accounting for Deferred Tax Assets has been made in accordance with AS-22 which arises on account of timing difference other than permanent timing difference.
(i) Export Incentives
Export incentives in form of GST Refunds, Duty Drawback and Duty Free Entitlement certificates are recorded in books on accrual basis.
(j) Employee Benefits
Retirement benefit in the form of provident fund is a defined contribution scheme. The contribution to the provident fund is charged to the statement of profit and loss for the year
when an employee renders the related services. The company has no obligations, other than the contribution payable to the provident fund. Provision for leave encashment
has not been made in the accounts. Provision for bonus and gratuity are not made on accrual basis but are booked on actual payment basis.
(k) Earning Per Share
Basic earning per share is calculated by dividing the net profit or loss for the period attributable to the equity shareholders by the weighted number of equity shares outstanding
during the period. The weighted average 'number of equity shares outstanding during the period and for all the periods presented is adjusted for events, such as bonus shares,
that have changed the number of equity shares outstanding, without a corresponding change in resources.
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