Accounting Policies of Accedere Ltd. Company

Mar 31, 2024

Note No.1.

1. SIGNIFICANT ACCOUNTING POLICIES

(i) Basis of Preparation of financial statements:

These Standalone financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the ''Ind AS'') as notified by Ministry of Corporate Affairs pursuant to section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules as amended from time to time.

The statement of cash flows have been prepared under indirect method.

These standalone financial statements have been prepared in Indian Rupee ('') which is the functional currency of the Company.

(ii) Basis of Measurement

These Standalone financial statements are prepared under the historical cost convention unless otherwise indicated.

(iii) Key estimates and assumptions

The preparation of Standalone financial statements requires management to make judgments, estimates and assumptions in the application of accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Continuous evaluation is done on the estimation and judgments based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Information about judgments in applying accounting policies, as well as estimates and assumptions that have the most significant effect to the carrying amounts of assets and liabilities are as follows:

- Determination of the estimated useful lives of tangible assets and the assessment as to which component of the cost may be capitalized - Note 1(v)

- Recognition of deferred tax assets - Note 1(xii)

- Measurement of Provisions and contingencies - Note 1(xiv)

(iv) Property, plant and equipment (PPE).

PPE are initially recognized at cost. The initial cost of PPE comprises its purchase price, including non-refundable duties and taxes net of any trade discounts and rebates. PPE are stated at cost less accumulated depreciation.

Subsequent costs are included in the asset''s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.

Depreciation is provided on pro-rata basis on Written Down Value method based on the useful life prescribed in the Schedule II of the Companies Act, 2013.

The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

The residual values, useful life and depreciation method are reviewed at each financial year-end to ensure that the amount, method and period of depreciation are consistent with previous estimates and the expected pattern of consumption of the future economic benefits embodied in the items of property, plant and equipment.

An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on disposal or retirement of an item of property, plant and equipment is determined as the difference between sales proceeds and the carrying amount of the asset and is recognized in profit or loss. Fully depreciated assets still in use are retained in financial statements

The estimated useful lives are as mentioned below:
Type of asset	Useful lives
Plant and equipment	8 years
Furniture and fixtures	10 Years
Vehicle	8 years
Office Equipment	5 Years
Computer and data processing Unit	3 Years
Electricals Instrument and Equipment	10 Years

(v) Investments in subsidiaries

Investments in Subsidiaries, Associates and Joint Ventures are carried at cost less accumulated impairment losses, if any. Where an indication of impairment exists, the carrying amount of the investment is assessed and written down immediately to its recoverable amount. On disposal of investments in subsidiaries, associates and joint venture, the difference between net disposal proceeds and the carrying amounts are recognized in the Statement of Profit and Loss.

(vi) Non - derivative Financial instruments

Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value measured on initial recognition of financial asset or financial liability

(vii) Cash and cash equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known amounts of cash that are subject to an insignificant risk of change in value and having original maturities of three months or less from the date of purchase, to be cash equivalents. Cash and cash equivalents consist of balances with banks which are unrestricted for withdrawal and usage

(viii) Financial liabilities

Financial liabilities are measured at amortized cost using the effective interest method. Equity instruments

An equity instrument is a contract that evidences residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments recognized by the Company are measured at the proceeds received net off direct issue cost.

Off-setting of financial instruments

Financial assets and financial liabilities are off set and the net amount is reported in financial statements if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.

(ix) Revenue recognition

Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflect the consideration which the company expects to receive in exchange for those products or services

Revenue is measured based on the transaction price, which is the consideration, adjusted for volume discount, price concessions and incentives, if any as specified in the contract with the customer. Revenue also excludes taxes collected from customers

Dividend income is recognized when the right to receive the same is established, it is probable that the economic benefits associated with the dividend will flow to the Company and the amount of dividend can be measured reliably.

Interest income from financial assets is recognized when it is probable that economic benefits will flow to the Company and the amount of income can be measured reliably.

(x) Employee benefits Short-Term Employee Benefits

All employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits. Benefits such as salaries, performance incentives, etc., are recognized as an expense at the undiscounted amount in the Statement of Profit and Loss of the year in which the employee renders the related service.

(xi) Taxes on Income

Income tax expense comprises current and deferred tax and is recognized in the Statement of Profit and Loss except to the extent that it relates to items recognized directly in equity or in OCI.

Current tax

Current tax, if any, comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the reporting date.

Deferred Tax

Deferred income tax is recognized using the Balance Sheet approach. Deferred income tax assets and liabilities are recognized for deductible and taxable temporary differences arising between the tax base of assets and liabilities and their carrying amount, except when the

deferred income tax arises from the initial recognition of an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction.

Deferred tax assets are recognized only to the extent that it is probable that either future taxable profits or reversal of deferred tax liabilities will be available, against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.

The carrying amount of a deferred tax asset shall be reviewed at the end of each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.

Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realized or the deferred tax liability is settled.

Deferred tax assets and liabilities are off set when there is a legally enforceable right to set off current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority

(xii) Foreign Exchange Transaction: -

Transactions entered into and concluded during the year in foreign currency, if any, are recorded at the actual exchange rates prevailing at the time of conclusion of transactions. In respect of transaction covered by forward exchange contracts, the difference between the forward rate and the exchange rate on the date of transaction is recognized as income or expenses over the life of the contracts. Outstanding assets and liabilities at the year-end are converted into Indian rupees as per FEDAI rate of exchange prevalent on the said date. Exchange rate Difference arising out of subsequent settlements is dealt in the Profit & Loss Accounts.

(xiii) Accounting for provisions, contingent liabilities and contingent assets

Provisions are recognized, when there is a present legal or constructive obligation as a result of past events, where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. Where the effect is material, the provision is discounted to net present value using an appropriate current market-based pre-tax discount rate and the unwinding of the discount is included in finance costs.

Contingent liabilities are recognized only when there is a possible obligation arising from past events, due to occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of the Company, or where any present obligation cannot be measured in terms of future outflow of resources, or where a reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for.

Contingent assets are not disclosed in the financial statements unless an inflow of economic benefits is probable

(xiv) Earnings per share

Basic Earnings per share is calculated by dividing the net profit / (loss) for the period attributable to the equity shareholders by the weighted average number of equity shares outstanding during the period. The Company did not have any potentially dilutive securities in any of the year presented.

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Mar 31, 2015

(i).The financial statement have been prepared in accordance with Indianss generally Accepted Accounting Principle (GAAP) under the historical cost convention on the accrual basis except for certain financial instrument which are measured at fair value. GAAP comprise mandatory accounting standards notified under section 133 of the companies act, 2013 read together with Rule 7 of the Companies (Accounts) Rules 2014. the provision of the Companies Act, 2013 and guide line issued by the securities and exchange Board of India, (SEBI). Accounting policies have been consistently apply expects Where a newly issue accounting standards initially adopt or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use or different accounting standard required by statute.

(ii) Use Of Estimate:-

The presentation of financial statements in conformity with the generally accepted accounting principles requires estimate and assumptions to be made. The affects the reported amount of assets and liabilities in the date of the financial statement and the reported amount of revenues and expenses during the reporting period. Differences between the actual result and estimates are recognized in the period in which the results are known/ materialized.

(iii) Fixed Assets:-

Fixed assets are stated at cost less accumulated depreciation. Cost is inclusive of fright, duties (net of tax credits are applicable) levies and any directly attributable cost of bringing the assets to their working condition for their intended use.

(iv) Depreciation & Amortisation:-

Depreciation and fixed assets is provided on straight line method (SLM) on pro-rata basis as per the useful life prescribed in the schedule II of the companies Act,2013.

The carrying amount of the asset as on 01.04.2014 after remaining the residual value, has been charged to statement of Profit and Loss were the remaining useful life of the asset is NIL.

(v) Investments:-

Long term investments are stated at cost. Provision for diminution in value of long term investment is made only if such delaine is other than temporary in the opinion of management. Investments other than Long term investments being current investments are valued at cost or fair value whichever is lower.

(vi) Provision:-

A provision is recognized when an enterprise has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provision are determined based on management estimate require to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current management estimates.

(vii) Treatment Of Contingent Liabilities:-

Contingent liabilities are disclosed by way of notes. Provision is made in the accounts for those liabilities which are likely to materialize after the year end till the finalization of accounts and having effect on the position stated in the balance sheet as at the year end.

(viii) Foreign Exchange Transaction;-

Transactions entered into and concluded during the year in foreign currency are recorded at the actual exchange rates prevailing at the time of conclusion of transactions. In respect of transaction covered by forward exchange contracts, the difference between the forward rate and the exchange rate on the date of transaction is recognized as income or expenses over the life of the contracts. Outstanding assets and liabilities at the year end are converted into Indian rupees as per FEDAI rate of exchange prevalent on the said date. Exchange rate Difference arising out of subsequent settlements is dealt in the Profit & Loss Accounts.

(ix) Taxation:-

Provision for taxation has been made in accordance with the rates of Income Tax Act, 1961 prevailing for the relevant assessment year.

(x) Deferred Taxation:-

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences that result between the profits offered for income taxes and the profits as per the financial statements. Deferred tax assets and liabilities are measured using the tax rates and the tax laws that have been enacted or substantially enacted at the balance sheet date. Deferred tax Assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future. Deferred Tax Assets are reviewed as at each Balance Sheet date.

(xi) Revenue Recognition:-

Sales are recognized, net of returns and trade discounts, on dispatch of goods / delivery of service to Customers.

(xii) Impairment of Assets:-

The Company assess whether there is any indication that any assets may be impaired at the balance sheet date. If any indication exists, the company estimates the recoverable amount and an impairment loss is recognized in the accounts, to the extent the carrying amount exceeds the recoverable amount.

GENERAL: The Accounts of Company are prepared under the historical cost convention generally using the accrual method of accounting.

FIXED ASSETS: Fixed assets are stated at cost less depreciation.

The Balance Sheet and Profit &Loss Account are in compliance with the Accounting Standards referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956.

REVENUE RECOGNITION: Sales are recognized at the time of billing.

DEPRECIATION: Depreciation has been provided on straight-line method at the rates and in the manner prescribed in Schedule XI of the Companies Act, 1956.

RETIREMENT BENEFITS: Retirement benefits like gratuity etc. are accounted in cash basis.

INVESTMENTS:

Investments are stated at cost.

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Mar 31, 2014

1. GENERAL: The Accounts of Company are prepared under the historical cost convention generally using the accrual method of accounting.

2. FIXED ASSETS: Fixed assets are stated at cost less depreciation.

3. The Balance Sheet and Profit &Loss Account are in compliance with the Accounting Standards referred to in Suh-section (3C) of Section 211 of the Companies Act, 1956.

4. REVENUE RECOGNITION: Sales are recognized at the time of billing.

5. DEPRECIATION: Depreciation has been provided on straight-line method at the rates and in the manner prescribed in Schedule XI of the Companies Act, 1956.

6. RETIREMENT BENEFITS: Retirement benefits like gratuity etc. are accounted in cash basis.

7. INVESTMENTS: Investments are stated at cost.

8 FOREIGN CURRENCY TRANSACTIONS: Transactions in foreign currency are recorded at the rates of exchange prevailing at the date of transaction.

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Mar 31, 2013

A Basis of Accounting:

The Financial Statements have been prepared under (he historical cost convention, on an accrual basis of accounting and in accordance with the Generally Accepted Accounting Principles in India and comply with the Accounting Standards prescribed by the Companies (Accounting Standard) Rules 2006 to the extent applicable and in accordance with the relevant provisions of the Companies Act 1956.

B Use of Estimates:

The preparation of financial statements in conformity with Generally Accepted Accounting Principles requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the financial statements and the reported amounts of revenues and expenses during the reporting period.

C Revenue Recognition

i) Sales is recognized as and when the significant risk & rewards in respect of goods is transferred to the buyer.

ii) Interest income is recognized on time proportion basis.

F Investments:

Investments that are intended to be held for more than a year, from the date of acquisition, are classified as long term investment and are carried at cost less any provision for permanent diminution in value. Investments other than long term investments being current investments are valued at cost or fair value whichever is lower.

G Foreign Currency Transactions :

i) The transactions in foreign currencies are stated at the rate of exchange prevailing on the date of transactions.

ii) The difference on account of fluctuation in the rate of exchange prevailing on the date of transaction and the date of realization is charged to the Profit and Loss Account.

iii) Differences on translations of Current Assets and Current Liabilities remaining unsettled at the year-end are recognized in Die Profit and Loss Account.

iv) The premium in respect of forward exchange contract is amortised over the life of the contract. The net gain or loss on account of any exchange difference, cancellation or renewal of such forward exchange contracts is recognised in the Profit & Loss Account

H Acco u nti ng fo i Ta xes ot Inco me: - Current Taxes

Provision for current income-tax is recognized in accordance with the provisions of Indian Income- tax Act 1961 and is made annually based on the tax liability after taking credit for tax allowances and exemptions

Deferred Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences that result between the profits offered for income taxes and the profits as per the financial statements. Deferred tax assets and liabilities are measured using the tax rates and the tax laws that have been enacted or substantially enacted at the balance sheet date Deferred tax Assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future. Deferred Tax Assets are reviewed as at each Balance Sheet date.

I Provisions and Contingent Liabilities:

i) Provisions are recognized in terms of Accounting Standard 29- ''Provisions, Contingent Liabilities and Contingent Assets issued by The Institute of Chartered Accountants of India (ICAI): when there is a present legal or statutory obligation as a result of past events where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of ihe amount of the obligation can be made.

ii) Contingent Liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or where reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for

iii) Contingent Liabilities are disclosed by way of notes.

J Impairment of Assets:

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

K Capital Work-in-Progress:

Capital work-in-progress includes outstanding advances paid to acquire fixed assets and cost of fixed assets that are not yet ready for their intended use at the year end.

L Change in accounting policy :

During the year ended 31i! March. 2012. the revised schedule VI of the Companies Act, 1958. has become applicable to the Company, for preparation & presentation of its financial statements. Except accounting for dividend on investments in subsidiary companies, the adoption of Revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements applicable in the current year.

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Mar 31, 2010

1. GENERAL : The Accounts of Company-are prepared under the historical cost convention generally using the accrual method of accounting.

2. FIXED ASSETS: Fixed assets are stated at cost less depreciation.

3. The Balance Sheet and Profit &Loss Account are in compliance with the Accounting Standards referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956.

4. REVENUE RECOGNITION: Sales are recognized at the time of billing.

5. DEPRECIATION: Depreciation has been provided on straight-line method at the rates and in the manner prescribed in Schedule XI of the Companies Act, 1956.

6. RETIREMENT BENEFITS: Retirement benefits like gratuity etc. are accounted in cash basis.

7. INVESTMENTS:

Investment in subsidiary company: Investment in Subsidiary Company are valued at cost inclusive of all expenses incidental to their acquisition or formation.

Other investments: Investments are stated at cost.

8 FOREIGN CURRENCY TRANSACTIONS: Transactions in foreign currency are recorded at the rates of exchange prevailing at the date, of transaction.