Note - 1 SIGNIFICANT ACCOUNTING POLICIES & PRACTICES:

Basis of Accounting :

The financial statements are brpared and brsented under the historical cost convention and evaluated on a going-concern basis using the accrual system of accounting in accordance with the accounting principles generally accepted in India (Indian GAAP) and the requirements of the Companies Act, 2013 and all Expenses and Income (except Bonus to Employees), unless specifically stated to be otherwise, have been accounted for on mercantile basis. The accounting policies are consistent with those used in the brvious year.
Use of Estimates

The brparation and brsentation of financial statements in conformity with Generally Accepted Accounting Principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of financial statements and the results of operations during the reporting year. Although these estimates are based on management's best knowledge of current events and actions, actual result could differ from these estimates. The difference between the actual results and estimates are recognized in the period in which results are known or materialized. .
Cash Flow Statement

Cash flow statement has been brpared as per requirements of Accounting Standard - 3. Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. Cash flows from operating, investing and financing activities of the Company are segregated, accordingly.
Contingencies and Events Occurring After the Balance Sheet Date

Effects of, events occurred after Balance Sheet date and having material effect on financial statements are reflected where ever required.

Fixed Assets

Fixed assets are stated at cost less accumulated debrciation and impairment losses, if any. The cost comprises the purchase price and any attributable cost of bringing assets to its working condition for its intended use. Borrowing cost relating to acquisition of fixed assets which takes substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.



Debrciation Accounting:

Debrciation has been provided on debrciable value of assets using Straight-line method on the basis of useful life specified in Schedule II of the Companies Act, 2013.

Impairment of Assets

The carrying amount of assets is reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exist, the recoverable amount of the as estimated. An impairment loss is recognised whenever the carrying amount of an asset or its cash generating units exceeds its recoverable amount. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount and recognised in compliance with AS-28. .

Inventories:

Finished goods are valued at lower of cost or net realisable value after providing for obsolescence. The cost of inventories is computed on FIFO basis.
Investments:

If any, Investments of the Company are long-term. The same are valued at the cost of acquisition. Decline in the value of permanent nature is provided as per accounting standard AS 13. .
Revenue Recognition:

Sales comprise invoice value of goods net of GST, VAT & CENVAT and are recognized on transfer of risk and rewards associated with the property in goods to the buyer which is normally on delivery as per terms of sales. Interest Income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable i.e. on the basis of matching concept. Other items of Income are accounted as and when the right to receive arises.
Borrowing Costs:

Borrowing costs directly attributable to the acquisition or construction of fixed assets are capitalised as part of the cost of the assets upto the date the asset is put to use. Other borrowing costs are charged to the Profit & Loss Account in the year in which they are incurred.
Retirement Benefits:
P.F. & E.S.I. is accrued on monthly basis in accordance with the terms of contract with the employee/ relevant Act and is deposited in the Statutory Fund.

Gratuity Plan

Provision for Gratuity was not provided up to last year but this year it has been determined on the basis of acturial valuation for current year as well as brvious 3 years and contribution for the year is charged to the Statement of Profit and Loss for the year. For brviour 3 years, provision for gratuity has been charged to the Statement of Profit and Loss for the year under the head of Prior period items.

Related Party Disclosures:


The Disclosures of Transaction with the related parties as defined in the Accounting Standard 18 are given in NOTE 26.

Taxes on Income

Provision for Income Tax comprises of current tax and deferred tax charge or release. Deferred Tax is recognized subject to consideration of prudence on timing differences being difference between taxable and accounting Income/Expenditure that originate in one period and are capable of reversal in one or more subsequent periods. Deferred Tax Assets are not recognized unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets will be realized.

Earning Per Share:


Basic and diluted earnings per share are computed in accordance with Accounting Standard 20 - Earnings per Share. Basic earnings per share is calculated by dividing the net profit or loss after tax for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. Diluted earnings per share are computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the year except where the results are anti-dilutive.
Minimum Alternate Tax Credit:

Minimum Alternate Tax Credit Entitlement is recognised in the books of account when there is convincing evidence that the Company will pay normal income tax during the specified period. The Entitlement is reviewed at each balance sheet date with regard to the correctness of the carrying amount.

Discontinuing Operation:

During the years/period, the company has not discontinued any of its operations.

Provisions, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measuremen are recognized when there is a brsent obligation as a result of past events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but disclosed in the financial statements.
Contingent Assets are neither recognized nor disclosed in the financial statements.

Provisions, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet Date.

Retirement Benefits:
P.F. & E.S.I. is accrued on monthly basis in accordance with the terms of contract with the employee/ relevant Act and is deposited in the Statutory Fund.

Gratuity Plan

Provision for Gratuity was not provided up to last year but this year it has been determined on the basis of acturial valuation for current year as well as brvious 3 years and contribution for the year is charged to the Statement of Profit and Loss for the year. For brviour 3 years, provision for gratuity has been charged to the Statement of Profit and Loss for the year under the head of Prior period items.