| a. Basis of Preparation of Financial Statements
The financial statements have been prepared under historical cost
convention in accordance with Indian Generally Accepted Accounting
Principles on a going concern on accrual basis and the rele- vant
provisions of the Companies Act, 2013.
b. Grouping / Regrouping
Previous year figures have been regrouped / reclassified wherever
necessary so as to make com- parable to figure of current year
presentation. The figures in bracket represent corresponding fig- ures
of the previous year.
c. Fixed Assets
Fixed Assets are stated at cost of acquisition less accumulated
depreciation, recoverable taxes and impairment loss, if any.
d. Depreciation and Amortisation
Depreciation has been calculated on fixed assets on their written down
value method in accor- dance with section 205 of the Companies Act,
2013 at the rates specified in Schedule XIV of the Companies Act 2013.
The company follows the policy of charging depreciation on pro-rata
basis on the assets acquired or disposed off during the year. There is
no change in the method of providing depreciation as compared to
previous year.
e. Impairment of Assets
An assets is treated as impaired when the carrying cost of fixed assets
exceeds its recoverable val- ue. The company on an annual basis makes
an assessment of any indicator that may lead to im- pairment of assets.
If any such indication exists, the company estimates the recoverable
amount of such assets. If such recoverable amount is less than the
carrying amount, then the carrying amount is reduced to its recoverable
amount by treating the difference between them as impairment loss and
is charged to Profit and Loss Account.
f. Investments
Investments are shown at acquisition cost, if any.
g. Inventories
The Inventory is valued at lower of cost price and realisable value
after providing for obsolescence, if any.
h. Trade Receivable, Trade Payables and Loans and Advances
Sundry Debtors, Creditors and Loans and advances are subject to
confirmation.
i. Realisation value of Current Assets
In the opinion of the Management, value of all the current assets
including loans and advances, if realised in the normal course shall
not be less than the value stated in Balance Sheet.
j. Revenue Recognition
a] Services: Revenue from rendering of services is recognized on the
date on which the invoice is raised to customers.
b] Products: Revenue from sale of products is recognized at a point of
despatch of finished prod- ucts to customers.
k. Borrowing Cost
There is no borrowing Cost which is attributable to acquisition of any
assets.
l. Foreign Currency Transactions
There are no foreign currency transactions.
m. Provision for Current and Deferred Income Taxes
a] Income Tax: - Provision for current tax for the year is based on
computations after considering rebates, relief and exemptions under the
Income TaxAct, 1961 applicable to the company.
b] Deferred Tax: - Deferred tax assets and liabilities are recognised
for future consequences at- tributable to the time difference that
result between the profit offered for income tax and the profit as per
financial statement of the company. Deferred tax assets and liabilities
are meas- ured as per the tax rates / laws that have been enacted or
substantively enacted by the Balance Sheet. Deferred tax assets and
liabilities are reassessed for the appropriateness of their respec-
tive carrying amount at each balance sheet.
n. Any other policy
Any other policy matter which is not specifically mentioned herein is
as per generally accepted ac- counting principles and standards.
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