Accounting Policies of Cropster Agro Ltd. Company

Mar 31, 2024

II) SIGNIFICANT ACCOUNTING POLICIES:

a. BASIS OF PREPARATION:

The financial statements have been prepared in accordance with Indian Accounting Standards (hereafter referred to as the ‘Ind AS'') as notified by Ministry of Corporate Affairs pursuant to Section 133 of Companies Act, 2013 (the “Act”) read with Companies (Indian Accounting Standards (Ind AS)) Rules, 2015 and other relevant provisions of the Act. The financial statements have been prepared on a historical cost convention and accrual basis, except for certain financial assets and liabilities measured at fair value.

The Company''s Financial Statements are presented in Indian Rupees (?), which is its functional currency and all values are rounded to the nearest Lakh (? 00,000) except where otherwise indicated.

b. USE OF ESTIMATES

The preparation of the financial statements, in conformity with the recognition and measurement principles of Ind AS, requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities as at the date of financial statements and the results of operation during the reported period. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates which are recognized in the period in which they are determined.

III) New Standards/ Amendments and Other Changes adopted Effective 1 April 2023 or thereafter

(i) Ind AS 1 Presentation to Financial Statement: The Company has adopted the amendments wherein the Company was required to disclose the material accounting policies in the Standalone Financial Statements instead of the significant accounting policies. Accordingly, the Company is disclosing material accounting policies as Part C. There is no material change in the accounting policies adopted by the Company during the financial year 2023-24.

(ii) Ind AS 8- Accounting policies, change in Accounting Estimates and Errors.

This amendment has introduced a definition of ‘accounting estimates'' and included amendments to Ind AS 8 to help entities distinguish changes in accounting policies from changes in accounting estimates. The Company has adopted the amendment and there is no material impact on its Standalone Financial Statements.

(iii) Ind AS 12- Income Tax

The amendment has narrowed the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal and offsetting temporary differences. The Group has adopted the amendments and there is no material impact on its Consolidated Financial Statements.

IV) Recent Accounting Pronouncements: During the year no new standard or modifications in existing standards have been notified which will be applicable from 1 April, 2024 or thereafter.

V) Functional and presentation currency

These Standalone Financial Statements are presented in Indian Rupees (INR), which is the Company''s functional currency. All financial information presented in INR has been rounded to the nearest Lakhs (up to two decimals), except as stated

c. OPERATING CYCLE FOR CURRENT AND NON-CURRENT CLASSIFICATION

The Company presents assets and liabilities in the balance sheet based on current /non-current classification. All the assets and liabilities have been classified as current or non-current, wherever applicable, as per the operating cycle of the Company as per the guidance set out in Schedule III to the Act. The operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash equivalents. Based on the nature of activities of the Company and the normal time between acquisition of assets and their realization in cash or cash equivalents, the company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non-current.

d. PROPERTY, PLANT AND EQUIPMENT (INCLUDING CAPITAL WORK-IN-PROGRESS)

Property, Plant and Equipment are stated at cost of acquisition including attributable interest and finance costs, if any, till the date of acquisition / installation of the assets less accumulated depreciation and accumulated impairment losses, if any. Subsequent expenditure relating to Property, Plant and Equipment is capitalised 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. All other repairs and maintenance costs are charged to the Statement of Profit and Loss as incurred. The cost and related accumulated depreciation are eliminated from the financial statements, either on disposal or when retired from active use and the resultant gain or loss are recognised in the Statement of Profit and Loss. Capital work-in-progress, representing expenditure incurred in respect of assets under development and not ready for their intended use, are carried at cost. Cost includes related acquisition expenses, construction cost, related borrowing cost and other direct expenditure.

e. INVESTMENT PROPERTY

Land or Building held to earn rentals or for capital appreciation or both rather than for use in the production or supply of goods and services or for administrative purposes; or sale in the ordinary course of business is recognised as Investment Property. Investment Property are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated at cost less accumulated depreciation and accumulated impairment loss, if any. Investment properties are de-recognised either when they have been disposed off or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in the Statement of Profit and Loss in the period of de recognition.

f. DEPRECIATION/AMORTISATION ON FIXED ASSETS

Depreciation on Fixed Assets is provided on straight-line method in accordance with life of assets specified in Part C of Schedule II to the Companies Act, 2013 Nature of Assets Estimated useful life in years

1 Farming equipment 15

2 Tractor 8

ASSETS ACQUIRED IN SATISFACTION OF CLAIMS

Assets acquired in satisfaction of claim has been accounted at fair value of the assets acquired and is marked down by a

g. IMPAIRMENT OF NON FINANCIAL ASSETS

Non- financial assets other than inventories and non-current assets held for sale are reviewed at each balance sheet date to determine whether there is any indication. If any such indication exists or when annual impairment testing for an asset required, the company estimates the asset''s recoverable amount. The recoverable amount is higher of assets or cash generating units (CGU) fair value less cost of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash flow that is largely independent of those from other assets or group of assets. When the carrying amount of an assets or CGU exceeds its recoverable amount, the assets are considered impaired and is written down to its recoverable amount.

h. STOCK IN TRADE / SECURITIES FOR SALE

Stock in trade is valued at FIFO or net realisable value whichever is lower.

i. CASH AND CASH EQUIVALENTS

Cash and cash equivalents for the purpose of cash flow statement comprise cash in hand, balances in current accounts with scheduled banks and bank deposits.

j. REVENUE RECOGNITION

Revenue is recognized when there is reasonable certainty of its ultimate realization / collection. Revenue is net of Goods and Service Tax where recovered.

(i) Income from Operations

Brokerage income is recognized on transactions on which “Settlements” are completed during the year. In case of Income from Marketing of Financial Products the same are accounted on cash basis.

(ii) Profits on Sale of Investments

Profit on Sale of Investments is accounted reckoning the average cost of the investments.

(iii) Other Income

Other Income is accounted on accrual basis except Dividend Income, Interest on Government Bonds and Interest on Income Tax Refunds which are accounted on cash basis.

k. BORROWING COST

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

l. RETIREMENT BENEFITS

The Company has dissolved the Provident Fund Trust and is in the process of closure of the same as there are no employees left other than the two Whole Time Directors and Chief Financial Officer. The Company''s Superannuation Fund is administered through Life Insurance Corporation of India and is recognised by the Income Tax Department. Company''s contribution to Superannuation Fund for the year is charged against revenue. The Company has provided for Gratuity in Current Year for the Two Wholetime Directors

m. LEAVE ENCASHMENT

Provision is made for Leave Encashment on the basis of actual leave to the credit of the employee.

n. TAXES ON INCOME

Current Tax is determined as per Law. Deferred Tax Asset and Liability are measured using the tax rates that have been enacted or substantively enacted at the Balance Sheet date.

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Mar 31, 2023

1. Company Information

PLANTER’S POLYSACKS LIMITED (“the Company”) is a public limited Company domiciled in India. The registered office of the Company is at Office No. 496, Gavdevi Mandir, Ghansoli Village, Off site Ghansoli Gaon Post office, Ghansoli, Navi Mumbai Thane MH 400706.The Company was incorporated on 17/05/1985

Authorisation of financial statements

The financial statements were authorised for issue in accordance with a resolution of the Board of Directors passed on 12/05/2023

2. Summary of Significant Accounting Policies

(A) Basis of Preparation of Financial Statements:

(i) Compliance with Ind AS: The standalone financial statements have been prepared to comply, in all material aspects, with the Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013, read with Companies (Indian Accounting Standards) Rules, 2015 and the relevant provisions of the Companies Act, 2013.

Effective 1st April, 2017, the Company has adopted Ind AS and adoption was carried out in accordance with Ind

Accounting policies have been consistently applied except where a newly-issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

(ii) Classification of assets and liabilities: All assets and liabilities have been classified as current or non-current based on the Company’s normal operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013. Deferred tax assets and liabilities are classified as non-current on net basis.

(iii) Historical cost convention: The financial statements have been prepared on going concern basis under the historical cost convention.

(iv) Functional and presentation currency: The Company’s functional and presentation currency is Indian Rupee. All amounts disclosed in the financial statements and notes have been rounded off to the nearest rupee.

(B) Property, Plant and Equipment:

(i) All plant and equipment are shown at cost (net of adjustable taxes) less accumulated depreciation. The cost of an asset comprises of its purchase price, non- refundable / adjustable purchase taxes and any cost directly attributable to bringing the asset into the location and condition necessary for it to be capable of operating in the manner intended by the management, the initial estimate of any decommissioning obligation, if any and for assets that necessarily take a substantial period of time to get ready for their intended use, finance costs. The purchase price is the aggregate amount paid and the fair value of any other consideration given to acquire the asset. The cost also includes trial run cost and other operating expenses such as freight, installation charges etc.

(ii) Stores and spares which meet the definition of property, plant and equipment and satisfy the recognition criteria of Ind AS 16 are capitalised as property, plant and equipment.

(iii) An Item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset or significant part) is included in the Statement of Profit and Loss when the asset is derecognised.

(iv) In line with the provisions of Schedule II to the Companies Act, 2013, the Company depreciates significant components of the main asset (which have different useful lives as compared to the main asset) based on the individual useful life of those components. Useful life for such components of property, plant and equipment has been assessed based on the historical experience and internal technical inputs.

(v) The residual values and useful lives of property, plant and equipment are reviewed at each financial year end, and changes, if any, are accounted prospectively.

(C) Borrowing Costs:

(i) Borrowing costs are charged to Statement of Profit and Loss except to the extent attributable to acquisition /construction of and asset that necessarily takes a substantial period of time to get ready for its intended use or sale.

S Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of ids.

(ii) Others:

Revenue is recognised in respect of scheme discount, discount received etc., when it is reasonably certain that the ultimate collection will be made.

(F) Employee Benefits:

All employee benefits payable wholly within 12 months of rendering services are classified as shortterm employee benefits. Benefits such as salaries, wages, short-term compensated absences, performance incentives etc., and the expected cost of bonus are recognised during the period in which the employee renders related service.

(G) Taxation:

Income tax expense comprises of current tax expense and the net change in the deferred tax asset or liability during the year.

(i) Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961 enacted in India.

(ii) Deferred Tax: Deferred income tax is recognised using the balance sheet approach. Deferred income tax assets and liabilities are recognised for deductible and taxable temporary differences arising between the tax base of assets and liabilities and their carrying amount. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised.

(H) Segment Reporting:

Ind AS - 108 relating to “Operating Segment” is currently not applicable to the Company.

(I) Earning per share:

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

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

(J) Provisions:

Provisions are recognised when the Company has a present obligation (legal or constructive) as as result of past events, for which it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made.

A provision is recognized when an enterprise has a present obligation as a result of past event; 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. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

(K) Trade and other payables:

These amounts represent liabilities for goods and services provided to the Company prior to the end of financial period which are unpaid. The amounts are unsecured and are usually paid within twelve months of recognition. Trade and other payables are presented as current liabilities unless payment is not due within twelve months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

(L) Financial Instruments:

i) Financial Asset

Financial Assets are measured at amortised cost or fair value through Other Comprehensive Income or fair value through Profit or Loss, depending on its business model for managing those financial assets and the assets contractual cash flow Characteristics.

Subsequent measurements of financial assets are dependent on initial categorisation. For impairment purposes significant financial assets are tested on an individual basis, other financial assets are assessed collectively in groups that share similar credit risk characteristics.

ii) Financial Liability

At initial recognition, all financial liabilities other than fair valued through profit and loss are recognised initially at fair value less transaction costs that are attributable to the issue of financial liability.

(M) Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transaction of a 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. The cash flows from operating, investing and financing activities of the Company are segregated.

(N) Related Party Disclosure

(a) The company has not paid any remuneration to its Key Managerial person during the year ended 31.03.2023:

(b) As per Ind AS-24 "Related party Disclosure", the following are related parties:

Associate Companies	NIL
Joint Venture Company	NIL
Key Management Personnel and their	Jignesh Patel
Enterprises over which key management	NIL

The company has entered into the following related party transactions. Such parties and transactions have been identified as per Ind As 24

Particulars	As at 31.03.2	As at 31.03.2
Details of Transactions with Related Parties during the year
		_
Jignesh Patel	60,0000	-

(O) Audit Fee

Particulars	2022-23	2021-22
Audit Fee	35400	17700
Limited Review	-	-
For Certification/ other Services	-	-

(P) Amount due to Micro, Small and medium Enterprises.

There are no Micro and Small Scale Business Enterprises to whom the company overdues, which are outstanding for more than 45 days as at March 31 ^st 2023. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company. Therefore, the prescribed disclosures for liability of interest on overdue payment have not been given.

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Mar 31, 2015

1.01 DISCLOSURE AND BASIS OF ACCOUNTING:

a. Financial Statements have been prepared under the historical convention which is in accordance with the Generally Accepted Accounting Principles and provisions of the Companies Act, 2013. The Company has complied with the applicable Accounting Standards

b. The accounts are prepared on the basis of going concern concept and all expenses and income to the extent ascertainable with reasonable certainty are accounted for on accrual basis.

c. All assets and liabilities have been classified as current and non-current as per the Company's normal operating cycle and other criteria set out in the Companies Act, 2013.

1.02 VALUATION OF INVENTORIES:

The Finished goods are valued at Cost or market price whichever is lower, however there are no inventories.

1.03 NET PROFIT / LOSS FOR THE PERIOD AND PRIOR ITEMS:

a. All items of income and expenses pertaining to the year are included in arriving at the net profit for the year unless specially mentioned elsewhere in the financial statements or as required by accounting standards.

b. Prior period items are disclosed separately in the profit and loss accounts below the line.

1.04 DEPRECIATION:

Depreciation on fixed assets has been provided at the rates specified in Schedule II of the Companies Act, 2013. However there are no fixed assets in the Company.

1.05 REVENUE / INCOME RECOGNITION:

The Company recognises its revenue and expenditure on accrual basis.

1.06 EARNINGS PER SHARE:

The Company reports basic and diluted Earnings Per Share (EPS) in accordance with Accounting Standard 20 on "Earnings per share". Basic EPS is computed by dividing the net profit or loss for the year by the weighted average number of equity shares outstanding during the year. Diluted EPS is computed by dividing the net profit or loss for the year by the weighted average number of equity shares outstanding during the year as adjusted for the effects of all dilutive potential equity shares, except where the results are anti-dilutive.

1.07 CASH FLOW STATEMENT

The Cash flow Statement is prepared by the "indirect method" set out in Accounting Standard 3 on "Cash Flow Statements" and presents the cash flows by operating, investing and financing activities of the Company.

Cash and Cash equivalents presented in the Cash Flow Statement consist of cash on hand and demand deposits with banks.

1.08 FIXED ASSETS:

Fixed Assets are shown at cost less accumulated depreciation. However, there are no assets in the Company.

1.09 EMPLOYEES' BENEFITS:

No Provision for gratuity is provided by the company since there is no employee who has been in continuous service of more than 5 years.

1.10 SCHEME OF ARRANGEMENT:

The Hon'ble High Court adjudicator at Bombay vide its order dated 9th January, 2015 in the matter of Company Scheme Petition No.808 of 2014 had approved the Scheme of Arrangement and accordingly in terms of provisions of Section 100 - 104 of the Companies Act, 1956 and relevant provisions of Companies Act, 2013 and rules made there under the paid up capital of the company is reduced from 14,00,000 Equity Shares of Rs.10 each to 1,40,000 Equity Shares of Rs.10 each.

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Mar 31, 2014

1. DISCLOSURE AND BASIS OF ACCOUNTING:

a. Financial Statements have been prepared under the Historical convention which is in accordance with the Generally Accepted Accounting Principles and provisions of the Companies Act, 1956. The Company has complied with the Accounting Standards prescribed by the Institute of Chartered Accountants of India (ICAI) and as referred U/s 211(3C) of the Companies Act, 1956.

b. The accounts are prepared on the basis of going concern concept.

c. All expenses and income to the extent ascertainable with reasonable certainty are accounted for on accrual basis.

d. All assets and liabilities have been classified as current and non-current as per the Company''s normal operating cycle and other criteria set out in the revised Schedule VI to the Companies Act, 1956.

2. VALUATION OF INVENTORIES:

The Finished goods are valued at Cost or market price whichever is lower, however there are no inventories.

3. NET PROFIT / LOSS FOR THE PERIOD AND PRIOR ITEMS:

a. All items of income and expenses pertaining to the year are included in arriving at the net profit for the year unless specially mentioned elsewhere in the financial statements or as required by accounting standards.

b. Prior period items are disclosed separately in the profit and loss accounts below the line.

A. DEPRECIATION:

Depreciation on fixed assets has been provided on W.D.V. method at the rates specified in Schedule XIV of the Companies Act, 1956. Depreciation has been provided on the addition of assets on pro- rata basis.

B. REVENUE / INCOME RECOGNITION:

The Company recognise its revenue and expenditure on accrual basis.

C. FIXED ASSETS:

Fixed Assets are shown at cost less accumulated depreciation. However, there are no assets in the Company.

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Mar 31, 2013

1 DISCLOSURE AND BASIS OF ACCOUNTING:

a. Financial Statements have been prepared under the Historical convention which is in accordance with the Generally Accepted Accounting Principles and provisions of the Companies Act, 1956. The Company has complied with the Accounting Standards prescribed by the Institute of Chartered Accountants of India (ICAI) and as referred U/s 211(3C) of the Companies Act, 1956.

b. The accounts are prepared on the basis of going concern concept.

c. All expenses and income to the extent ascertainable with reasonable certainty are accounted for on accrual basis.

d. All assets and liabilities have been classified as current and non-current as per the Company''s normal operating cycle and other criteria set out in the revised Schedule VI to the Companies Act, 1956.

2 VALUATION OF INVENTORIES

The Finished goods are valued at Cost or market price whichever is lower, however there are no inventories as there are no business activities during the year.

3 NET PROFIT / LOSS FOR THE PERIOD AND PRIOR ITEMS

a. All items of income and expenses pertaining to the year are included in arriving at the net profit for the year unless specially mentioned elsewhere in the financial statements or as required by accounting standards.

b. Prior period items are disclosed separately in the profit and loss accounts below the line.

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Mar 31, 2012

1 AS -1. DISCLOSURE AND BASIS OF ACCOUNTING:

1. Financial Statements have been prepared under the Historical convention which is in accordance with the Generally Accepted Accounting Principles and provisions of the Companies Act, 1956. The Company has complied with the Accounting Standards prescribed by the Institute of Chartered Accountants of India (ICAI) and as referred U/s 211(3C) of the Companies Act, 1956.

2. The accounts are prepared on the basis of going concern concept.

3. The company has been consistently following the accrual basis of accounting in respect of its income and expenditure.

2 AS-2. VALUATION OF INVENTORIES

The Finished goods are valued at Cost or market price whichever is lower.

3 AS-5. NET PROFIT / LOSS FOR THE PERIOD AND PRIOR ITEMS

1. All items of income and expenses pertaining to the year are included in arriving at the net profit for the year unless specially mentioned elsewhere in the financial statements or as required by accounting standards.

2. Prior period items are disclosed separately in the profit and loss accounts below the line.

4 AS-6. DEPRECIATION

Depreciation on fixed assets has been provided on W.D.V. method at the rates specified in Schedule XIV of the Companies Act, 1956. Depreciation has been provided on the addition of assets on pro-rata basis.

5 AS-9. REVENUE / INCOME RECOGNITION

The Company recognise its revenue and expenditure on accrual basis.

6 AS -10. FIXED ASSETS

Fixed Assets are shown at cost less accumulated depreciation.

7 AS-15. EMPLOYEES' BENEFITS

No Provision for gratuity is provided by the company since there is no employee who has been in continuous service of more than 5 years.

8 AS-18. RELATED PARTY DISCLOSURE -

The Related parties as defined by Accounting standard 18 "Related Party disclosure" issued by the Institute of Chartered Accountants of India, in respect of which the Dire closure have been made and identified on the basis of Disclosures made by the Company;

10 AS 22- TAXES ON INCOME

Deferred tax as on 31.03.2012 has not been recognized since there is no certainty of sufficient taxable income being available against which such deferred tax assets can be realised.

11 AS - 28. IMPAIRMENT OF ASSETS

An asset is impaired when the carrying amount of the assets exceeds its recoverable amount. An impairment loss is charged to Profit and loss account in the year in which an asset is identified as impaired.

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Mar 31, 2000

Expenditure in foregin currency during the financial year on account of royalty, professional consultation fees, Interest and other matters: Nil (P. Year :Nil)

Value of Imported raw material spare part and components consumed during the year and the value of all indigenous raw materials, spare part and components, similarly consumed and the percentage of each to the total consumption is not applicable.

Debit & Credit Balance are subject to confirmation.