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Accounting Policies of Indrayani Biotech Ltd. Company

Mar 31, 2015

1 Statement on significant Accounting Policies followed by the company:

I System of Accounting:

A. The company generally follows the accrual basis of accounting both as to income & expenditure except those with significant uncertainties and complies in all material aspects with all the applicable accounting principles in India including the Accounting Standards specified under section 133 of the Companies Act, 2013 read with Rule 7of the Companies (Accounts) Rules, 2014.

B. Financial statements are based on historical costs. These costs are not adjusted to reflect the impact of the changing value in the purchasing power of money.

C. Estimates & Assumptions used in the preparation of the Financial Statements are based on the relevant facts and circumstances as of the date of the Financial Statements which may differ from the actual results at a subsequent date.

II Current- Non Current Classification:-

All assets and liabilities are classified into current & non-current.

Assets

An asset is classified as current when it satisfies any of the following criteria:

A. It is expected to be realized in, or is intended for sale or consumption in the Company's normal operating cycle;

B. It is primarily held for the purpose of being traded;

C. It is expected to be realized within 12 months after the reporting date; or

D. It is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting date.

Current assets include the current portion of non-current financial assets.

All other assets are classified as non-current.

Liabilities

A liability is classified as current when it satisfies any of the following criteria:

A. It is expected to be settled in the Company's normal operating cycle;

B. It is primarily held for the purpose of being traded;

C. It is due to be settled within 12 months after the reporting date; or

D. The Company does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Terms of a liability that could, at the option of the counterparty, result is in settlement by the issue of equity instruments do not affect its classification.

Current liabilities include current portion of non-current financial liabilities.

All other liabilities are classified as non-current Operating Cycle:

Operating cycle is the time gap between the acquisition of assets for processing and their realization in cash and cash equivalents. The Company's normal operating cycle is less than 12 months.

III Fixed Assets & Depreciation:

A. Fixed assets are carried at their cost of acquisition less accumulated depreciation.

B. Depreciation on all assets has been provided on "Written Down Value Method" in the manner and rates specified in Schedule II to Companies Act, 2013. If the management's estimate of the useful life on a subsequent review is shorter/ greater than that envisaged in the aforesaid Schedule, depreciation is provided at higher/lower rate based on the management's estimate of the remaining useful life.

The estimate of the useful lives of the asset is based on the technical evaluation of the Company. Pursuant to policy estimated useful life of the asset has ended and all the assets were disposed off during the current year.

C. Intangible assets viz. Goodwill is not amortised in the accounts.

IV Revenue Recognition:

Revenue is recognized as and when sale / services are rendered to the customer. During the year company could not make any Sale / Service.

V Taxation:

As there is no taxable income during the year, Current tax determined is NIL. Deferred Tax is recognized subject to consideration of prudence in respect of deferred tax assets arising due to timing differences, being the differences between the Taxable Income and Accounting Income which originate in one year and are capable of reversal in one or more subsequent years. Deferred Tax assets on account of brought forward losses and unabsorbed depreciation under the Tax laws are recognized, only if there is virtual certainty of its realization supported by convincing evidence. At each balance sheet date the carrying amount of deferred tax assets are reviewed, to reassure realization.

VI Miscellaneous Expenditure:

There is no Preliminary expenditure.

VII Investments

There are no Investments made by the company.

VIII Earnings/ (loss) per share:

Basic earnings/ (loss) per share are calculated by dividing the net profit after tax / (loss) for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

IX Retirement and other employee benefits:

There are no employees are employed during the year.

X Foreign Currency Transactions:

There are no foreign currency transactions.

XI Derivatives:

There are no derivative contracts.

XII Operating Leases:

Company is not entered into any lease contracts during the year.

XIII Provision & Contingencies:

A provision is recognized in the Balance Sheet when the Company has a present obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Loss contingencies arising from claims, litigation, assessment, fines, penalties etc. are recorded when it is probable that a liability has been incurred, and the amount can be reasonably estimated. A disclosure for a contingent liability is made when there is a possible or present obligation that may, but probably will not require an outflow of resources. When there is a possible obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.


Mar 31, 2013

I System of Accounting:

A. The company generally follows the accrual basis of accounting both as to income & expenditure except those with significant uncertainties.

B. Financial statements are based on historical costs. These costs are not adjusted to reflect the impact of the changing value in the purchasing power of money.

C. Estimates & Assumptions used in the preparation of the Financial Statements are based on the relevant facts and circumstances as of the date of the Financial Statements which may differ from the actual results at a subsequent date.

II Fixed Assets & Depreciation:

A. Fixed assets are carried at their cost of acquisition less accumulated depreciation

B. Depreciation on all assets has been provided on "Written Down Value Method" in the manner and at the rates specified in Schedule XIV to Companies Act, 1956.

C. Intangible assets viz. Goodwill is not amortised in the accounts.

III Revenue Recognition:

There is no revenue generation during the year.

IV Taxation:

As there is no taxable income during the year Current tax determined is NIL. Deferred Tax is recognized subject to consideration of prudence in respect of deferred tax assets arising due to timing differences, being the differences between the Taxable Income and Accounting Income which originate in one year and are capable of reversal in one or more subsequent years. Deferred Tax assets on account of brought forward losses and unabsorbed depreciation under the Tax laws are recognized, only if there is virtual certainty of its realization supported by convincing evidence. At each balance sheet date the carrying amount of deferred tax assets are reviewed, to reassure realization.

V Miscellaneous Expenditure:

There is no Preliminary expenditure.

VI Investments:

The company had invested in 100% owned subsidiary company RoomsXML Solutions Limited. During the year considering the performance of subsidiary, this Investment was disposed off at premium. Investments that are readily realizable and intended to be held for not more than a year are classified as current investments. All other investments are classified as long term investments. Long term investments are carried at cost. However, provision is made to recognize a decline other than temporary, in the value of long term investments. Current investments are carried at lower of cost and fair value, determined on an individual basis.

VII Earnings/floss] per share:

Basic earnings/(loss) per share are calculated by dividing the net profit after tax / (loss) for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

VIII Retirement and other employee benefits:

There are no employees are employed during the year.

IX Foreign Currency Transactions:

There are no foreign currency transactions

X Derivatives:

There are no derivative contracts.

XI Operating Leases:

Company is not entered into any lease contracts during the year.


Mar 31, 2010

A) General

Unless otherwise stated hereunder the financial accounts have been drawn upon historical cost convention on mercantile basis.

B) Fixed Assets and Depreciation

a) Fixed Assets: Fixed assets are valued at cost.

b) Depreciation: Depreciation of the fixed assets is provided on straight line method at the rates specified under amended ScheduleXIVof the CompaniesAct, 1956.

c) Inventories: inventories are valued at cost or net realizable value whichever is lower.

C) The company provides for retirement benefits in the form of gratuity.

As per companies Policy leave cannot be en-cashed. Provision for Gratuity is made on actual basis.



 
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