| 1. Basis of Preparation of Financial Statements:
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India,
to comply with the applicable mandatory 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 followed in the
previous year, except wherever specified.
2. Going Concern :
The financial statements are prepared on a going concern basis. The
management of the Company believes that, the Company will continue to
operate as a going concern and will be in a position to meet all its
liabilities as they fall due for payment.
3. Use of Estimates:
In preparing the Company's financial statements in conformity with the
accounting principles generally accepted in India, management is
required to make estimates and assumptions that affect the reported
amounts of assets and liabilities and the disclosure of contingent
liabilities at the date of the financial statements and reported
amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates. Any revision to accounting
estimates is recognised prospectively in the current and future
periods.
4. Fixed Assets:
Fixed Assets is stated at cost of acquisition (net of CENVAT, wherever
applicable) as reduced by accumulated depreciation. The cost of assets
includes other direct/indirect and incidental cost incurred to bring
them into their working condition.
When assets are disposed or retired, their cost is removed from the
financial statements. The gain or loss arising on the disposal or
retirement of an asset is determined as the difference between sales
proceeds and the carrying amount of the asset and is recognised in
Statement of Profit and Loss for the relevant financial year.
5. Depreciation:
In respect of fixed assets acquired during the year, depreciation/
amortization is charged on a straight line basis so as to write off the
cost of the assets over the useful lives as prescribed in Schedule II
of the Companies Act, 2013 and for the assets acquired prior to April
1, 2014, the carrying amount as on April 1, 2014 is depreciated over
the remaining useful life of the assets. Depreciation on grant portion
of the assets is adjusted to the grant account.
6. Revenue Recognition:
Revenue is recognised when practically all risk and rights connected
with ownership have been transferred to the buyer. This usually occurs
upon dispatch, after the price has been determined and collection of
the sales proceeds is reasonable certain.
i. Interest Income
Interest Income is recognized on accrual basis.
7. Earning Per Share:
Basic earnings per share is calculated by dividing net profit after tax
for the year attributable to Equity Shareholders of the company by the
weighted average number of Equity Shares issued during the year.
Diluted earnings per share is calculated by dividing net profit
attributable to equity Shareholders (after adjustment for diluted
earnings) by average number of weighted equity shares outstanding
during the year.
8. Provisions, Contingent Liabilities and Contingent Assets:
A provision is recognized when there is a present obligation as a
result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made.
A disclosure for a contingent liability is made when there is a
possible or present obligation that may, but probably will not require
an outflow of resources.
Contingent Assets are neither recognized nor disclosed in the financial
statements
9. Income Tax
Provision for current tax is made after taking into consideration
benefits admissible under the provision of the Income Tax Act, 1961.
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