| 1) Basis of preparation:-
The financial statements of the Company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The Company has prepared these financial statements to
comply in all material respects with the accounting standards specified
under Section 133 of the Companies Act, 2013, read with rule 7 of the
Companies (Accounts) Rules, 2014, and the relevant provisions of the
Companies Act, 2013. The accounting policies adopted in the preparation
of financial statements are consistent with those of previous year.
2) Use of Estimates:-
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported value of assets and
liabilities on the date of the financial statements and reported amount
of revenue and expenditure for the year. Actual results could differ
from these estimates. Any revision to accounting estimates is
recognized prospectively in the current and future periods
3) Tangible/Intangible Fixed Assets:-
Fixed assets are stated at cost, net of accumulated depreciation. The
cost comprises purchase price, borrowing cost if capitalization
criteria are met and directly attributable cost of bringing the asset
to its working condition for the intended use. Any trade discounts and
rebates are deducted in arriving at the purchase price.
Subsequent expenditure related to an item of fixed asset is added to
its book value only if it increases the future benefits from the
existing asset beyond its previously assessed standard of performance.
All other expenses on existing fixed assets, including day-to-day
repair and maintenance expenditure and cost of replacing parts, are
charged to the statement of profit and loss for the year during which
such expenses are incurred. Trade Mark is amortized at 10% per annum.
4) Depreciation:-
Depreciation on all the fixed assets is provided at the rates specified
under schedule XIV to the Companies Act, 1956. In case of assets
discarded, depreciation is charged till the date of disposal of assets.
Depreciation is provided pro-rata to the period of use on WDV method.
5. Amortization of the Shares Issue Expenses:-
The share issue expenses are written off at 20% P.A. The unabsorbed
expenses are classified as other asset under non- current asset.
6. Revenue Recognition:-
Sale of products is recognized when the goods are delivered to the
customers.
7. Inventory:-
Inventories are valued at cost.
8. Retirement and Employee Benefits:-
The Employee benefits are recognized as & when they are paid.
Retirement benefit in the form of provident Fund is a defined
contribution scheme and the contributions are charged to the statement
of profit and loss of the year when the contributions to the respective
funds are due. There are no other obligations other than the
contribution payable to the fund.
9. Provision for Taxation:-
Current tax comprises of provision of income tax in accordance with the
provision of Income Tax Act, 1961. A tax expense comprises current and
deferred tax. Company has unabsorbed depreciation & business loss. As a
result company does not expect any current tax and hence no tax
provision is made during the year. Deferred income taxes reflect the
impact of timing differences between taxable income and accounting
income originating during the current year and reversal of timing
difference for the earlier years. Deferred tax is measured using the
tax rates and the laws enacted or substantively enacted at the
reporting date.
10. Provision:-
Provision are recognized when there is a present obligation as a result
of a past event, it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation and there
is a reliable estimate of the amount of the obligation. Provisions are
measured at the best estimate of the expenditure required to settle the
present obligation at the Balance sheet date and are not discounted to
its present value.
11. VAT Payment:-
Company opted for the composition scheme under MVAT Act; therefore VAT
is not recovered from the customer. Company pays the sales tax on the
turnover.
12. Contingent Liabilities:-
Contingent liability is a possible obligation that arises from past
events beyond the control of the company or a present obligation that
is not recognized because it is not possible that an outflow of
resources will be required to settle the obligation.
13. Previous Year figures have been re-grouped/re-classified, wherever
necessary to conform to the current year presentation.
14. Investments:-
Long term investments are stated at cost
* Team India Managers Limited ceases to be the Holding Company of Has
Lifestyle Private Limited since 10th March, 2014. Accordingly, Team
India Food Private Limited a Subsidiary of Team India Managers Limited
also ceases to be the Fellow Subsidiary of Has Lifestyle Private
Limited since 10th March, 2014.
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