A. SIGNIFICANT ACCOUNTING POLICIES 1 Basis of Accounting
These financial statements are prepared in accordance Generally Accepted Accounting principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measure fair values. GAAP Comprises mandatory accounting standards as prescribed under section 133 of the Companies . 2016 (the Act) read with rule 7 of the Companies (Accounts0 Rules 204, the provision of the Act 9 to the extend notified) and guidelines issued by the Securities and Exam board of India. Accenting policies have been consistently applied.
2. Use of Estimates:
The preparation of Financial Steatites requires certain and assumption to be that effect the reported amount of assets and liabilities as on date of the financed mattes and the reported amount of revenues and expenses during the reporting period. Difference between the actual are recognized in the period in which the results are known/materialized.
3. Revenue Recognition
Revenue is recognized to the extent that it is probable benefits will flow to the company and the revenue can be reliably measured. In addition, the following criteria must also be revenue is recognized:
-Interest and other dues are accounted on accrues .basis
4. Investments
Current Investment are valiant cost.
5. Fixed Assets & Depreciation
Fixed Assets are stated at Cost net of Cenvet Credit less accumulated Depreciation. Depreciation is system at allocated over the useful life of Assets stat educing C of Schedule II of the Companies Act, 2013.
6. Retirement and Other Benefits
The provisions of payment of Gratuity Act are not paddies to the employees of the Company for they under review.
7. Taxes on Income
a) Current tax the amount payable on the taxable incomes the year determined accordance with the provisions of the Income Tax Act, 1986
b) Deferred tax is recognized on timing differences; belong differences between treadle incomes and accounting income that originate in one period and are capable in one or more subsequent periods. Deferred tax assets subject to the consideration of prudence are forward only to the extent that there is reasonable certainty that sufficient future taxable be available against which such deferrt3ik assets can be realize.
8. Earnings per Share
The Company reports basic and diluted earnings penname in accordance with Accounting Standards-Earnings per Share, issued by the Institute of Chartered Accost Basic earnings per equity share have been putted by dividing net profit after tax by the weighted average number of equity shares outstanding for the period.
9. Provisions and Contingencies
-A Provision is recognized when the company has a present attend as a result of Past events and it is probable than an outflow of resources will be required to settle the hooligans respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not discount edifier present value and are determined based on the best estimate required to settle the obligation as at t date. These are rebidded each Balance Sheet date and adjusted to reflect the current best Contingent liabilities are disclosed separately.
10. Cash and Cash Equivalents
Cash and Cash Equivalents comprise cash and cash on deposit banks and finance institutions. The Company considers all highly liquid investments with a remaining mitigate date of purchase of three months or less and they are readily convertible to known amount cash to be cash equivalents.
11. Cash Flow Statement
Cash flows are reported using the indirect method, whereby tax is adjusted for the effects of transactions d a non-cash nature ,any deferrals or accruals of past or cash receipts or payments and item of income or expenses associated with investing or financing cast . The cash flows from operating, investing and financing activities of the Group are assigned.
12. Previous year figures has been re-arranged or re-cast where assay, however the same not strictly comparable with that of the current year as the previous year.
13. The Company operates solely in one Geographic hence no separate information for Geographic wise disclosure is required.
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