| a) Accounting Convention
The financial statements have been prepared on historical cost
convention in accordance with the normally accepted accounting
principles and the provisions of the Companies Act, 2013. These
Statements have been prepared in accordance with applicable mandatory
Accounting Standards and relevant presentational requirements of the
Companies Act, 2013.
b) Basis of Accounting
Income and expenses are accounted on accrual basis expect claims.
c) Valuation of Inventories
Company follows the method of valuation of inventories valued at lower
cost or net realizable value.
d) Fixed Assets
i) Fixed Assets are stated at cost of acquisition and subsequent
improvement thereto. The cost of acquisition includes taxes, duties,
freight and other expenses related to acquisition and installation.
Expenditure relating to the project, incurred during the period of
commissioning of the project is allocated to the respective fixed
assets.
ii) Depreciation on fixed assets is provided on written down value
method at the rates laid down in schedule -XIV of the companies
Act,2013 expect Ponds & Reservoir, vehicle and plant & machinery which
are remaining idle and going to retired asset.
e) Events Occurring after Balance Sheet Date
There are no materials events occurred after the balance sheet date for
Reporting.
f) Miscellaneous Expenditure
Preliminary and share issue expenditure are amortised over a period of
10years
g) Treatment of Contingencies
Contingencies which can be reasonably ascertained are provided for:
h) Deferred Tax
Deferred tax is recognized subject the consideration of prudence on
timing differences being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
i) Related party transactions
There was no transaction with any related party during the year under
audit.
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