| Disclosure of accounting policies, change in accounting policies and changes in estimates explanatory Summary of Significant accounting policies 1. Basis of brparation of Financial Statements: These financial statements have been brpared to comply in all material aspects with applicable accounting principles in India, the applicable Accounting Standards brscribed under Section 133 of the Companies Act, 2013 (Act) read with Rule 7 of the Companies (Accounts) Rules, 2014, the provisions of the Act (to the extent notified) and other accounting principles generally accepted in India, to the extent applicable. The financial statements have been brpared under historical cost convention on accrual basis (unless otherwise stated). 2. Use of Estimates: The brparation of financial statements requires the management of the Company to make certain estimates and assumptions that affect the reported amounts in the financial statements and notes thereto. Difference between the actual results and estimates are recognized in the period in which results are known materialized. Disclosure of employee benefits explanatoryEmployee Benefits Defined Contribution Plan: The Company makes defined contribution to Provident Fund and Employee State Insurance which are recognized in the statement of Profit and Loss on accrual basis. Defined Benefit Plan: The Company’s liability towards gratuity is determined on the basis of year end actuarial valuations applying the Projected Unit Credit Method done by an independent actuary as on the Balance sheet date. The actuarial gains or losses determined by the actuary are recognized in the Statement of Profit and Loss as income or expense. |
