SIGNIFICANT ACCOUNTING POLICIES
a. BASIS OF PREPARATION:
The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles
in India (Indian GAAP) in compliance with the Accounting Standards notified under the Companies (Accounting Standards)
Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared
on accrual basis under the historical cost convention. Further in view of the revised schedule III of the Companies Act, the
company has also reclassified the previous year figures in accordance with the requirements applicable for the current year
b. GENERAL:
The company follows the accrual method of accounting. The financial statements have been prepared in accordance with the
historical cost convention and in accordance with. Expenses are accounted on their accrual with necessary provision for all
known liabilities and losses.
c. USE OF ESTIMATES:
The preparation of financial statements requires estimates and assumptions to be made that affect the required amount of assets
and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Difference between the actual amounts and the estimates are recognized in the period in which the results are
known/materialized.
d. FIXED ASSETS:
Fixed assets are stated at cost including taxes, duties, freight, insurance etc. related to acquisition and installation.
e. DEPRECIATION:
Depreciation is provided to the extent of depreciable amount on written Down Value (WDV) at the rates and method prescribed
in the Schedule II of the Companies Act, 2013 and on pro rata basis for the additions / deletions during the year.
f. INVENTORIES:
Inventories were valued at lower of Cost or Net Realizable Value.
g. REVENUE RECOGNITION:
Revenue is recognized and expenditure is accounted for on their accrual.
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