Accounting Policies of Crysdale Industries Ltd. Company

Mar 31, 2024

SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNT

1. Corporate Information:

RELSON INDIA LIMITED (‘the Company’) was incorporated in India on 6^th January,
1987. The Equity Shares of the Company are listed in India on the BSE Limited.

2. Basis of accounting and preparation of financial statements

The Financial Statement of the Company have been prepared in accordance with India
Accounting Standards ("Ind AS") notified under the Companies (Indian Accounting
Standards) Rules, 2015 and relevant provision of the Companies Act, 2013 ("the Act”).
These are the Company''s first Ind AS financial statement and Ind AS 101. ''First - time
Adoption of Indian Accounting Standards have been applied. The policies set out below
have been consistently applied during the year presented. For all periods up to and
including the year ended 31st March, 2024, the Company''s prepared its financial
statement in accordance with the accounting standards notified under Companies
(Accounting Standards) Rules, 2006 (as amended) and other relevant provision of the Act
("Previous GAAP").

All the assets and Liabilities have been classified as current or non-current as per the
criteria set out in Schedule III to the Companies Act, 2013. The accounting policies, in all
material respects, have been consistently applied by the Company and are consistent with
those used in the previous year, except to the extent stated in ‘Note - c’ below.

a) Use of estimates

In preparing these Standalone financial statements, management has made judgements,
estimates and assumptions that affect the application of accounting policies and the
reported amounts of assets, liabilities, income and expenses. Accounting estimates could
change from period to period. Actual results may differ from those estimates. Estimates
and underlying assumptions are reviewed on an ongoing basis and appropriate changes
are made as management becomes aware of changes in circumstances surrounding the
estimates. Revisions to accounting estimates are reflected in the period in which such
changes are made and if material, their effects are disclosed in the financial statements.

b) Cash and cash equivalents (for purposes of Cash Flow Statement)

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are
short-term balances (with an original maturity of three months or less from the date of
acquisition), highly liquid investments that are readily convertible into known amounts
of cash and which are subject to insignificant risk of changes in value.

c) Cash flow statement

The Cash flow statement is prepared under the “indirect method” in accordance with Ind
AS-7, whereby the profit / (loss) before extraordinary items and tax is adjusted for the
effects of transactions of non-cash nature and any deferrals or accruals of past or future
cash receipts or payments. The cash flows from operating, investing and financing
activities of the Company are segregated based on the available information.

d) Revenue Recognition
Other Income

i. Interest Income

Interest income is recognized on accrual basis. Overdue interest is recognized as
income on realization.

ii. Dividend Income

Dividend income is recognized on receipt basis i.e. it is accounted when the
Company has received the same.

e) Fixed assets

i. Tangible Assets: Fixed assets, carried at cost of acquisition or construction less
accumulated depreciation and impairment losses, if any. The cost of fixed assets
includes interest on borrowings attributable to acquisition of qualifying fixed
assets up to the date the asset is ready for its intended use and other incidental
expenses incurred up to that date. Fixed assets acquired and put to use for project
purpose are capitalized and depreciation thereon is included in the project cost
till commissioning of the project.

ii. Intangible Assets: Intangible assets are carried at cost less accumulated
amortization and impairment of the respective assets.

f) Depreciation and Amortization

The Company Depreciates its fixed assets on basis of “Written Down Value” over the
useful life or residual value as in the manner prescribed in Part C of Schedule II to the
Companies Act, 2013, as against the earlier practice of depreciating at the rate prescribed
in Schedule XIV of the Companies Act, 1956.

Depreciation on additions or disposals to the tangible assets during the year is provided
on pro-rata basis from / till the date of such additions or disposals as the case may be.

g) Investments

Investments are classified as Long term and Current Investments.

Long-term investments (excluding investment properties), are carried individually at cost
less provision for other than temporary diminution, if any, in the value of such
investments.

Current investments are carried individually, at the lower of cost and fair value. Cost of
investments includes acquisition charges such as brokerage, fees and duties.

The quoted and unquoted investments (shares) by the Company are held in physical form
and have not been verified.

h) Quoted Investment

The management has given custody of all the shares certificates to depository authorities
for completing the demating formalities and hence we are unable to conduct the physical
verification of shares. Further some of the shares are in the name of directors and their
relatives and yet not transferred in the name of the company.

i) Unquoted Investment

These share certificates are not available for verification, although allotment
acknowledgement letter from respective companies were made available. The shares in
respect of which market quotations are not available, disclosed under “Unquoted
Investment”.

j) Employee benefits

Employee benefits include provident fund, superannuation fund, gratuity fund,
compensated absences, long service awards and post-employment medical benefits.

k) Segment Reporting

The Company identifies primary segments based on the dominant source, nature of risks
and returns and the internal organisation and management structure. The operating
segments are the segments for which separate financial information is available and for
which operating profit/loss amounts are evaluated regularly by the executive
Management in deciding how to allocate resources and in assessing performance.

l) Earnings per share

Basic EPS is computed by dividing the net profit for the year attributable to the Equity
shareholders by the weighted average number of equity shares outstanding during the
period. Diluted EPS is computed by dividing the net profit for the year, adjusted for the
effects of dilutive potential equity shares, attributable to the equity shareholders by
weighted average number of equity shares and dilutive potential equity shares
outstanding during the year - end, except where the results would be anti-dilutive.

m) Taxes on income

Current tax is the amount of tax payable on the taxable income for the year as determined
in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax is recognized on timing differences, being the differences between the taxable
income and the accounting income that originate in one period and are capable of reversal
in one or more subsequent periods. Deferred tax is measured using the tax rates and the
tax laws enacted or substantially enacted as at the reporting date. Deferred tax assets are
recognized for timing differences of other items only to the extent that reasonable certainty
exists that sufficient future taxable income will be available against which these can be
realized.

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Mar 31, 2014

A) General

The significant accounting policies have been predominantly presented below in the order of the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended). The order of presentation may be customized for each Company.

b) Basis of accounting and preparation of financial statements

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956.

The Financial Statement have been prepared on accrual basis under the Historical cost convention except to the extent stated otherwise.

c) Use of estimates

The preparation of the financial statements in conformity with Indian GAAP and requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known/materialize.

d) Cash and cash equivalents (for purposes of Cash Flow Statement)

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

e) Cash flow statement

Cash flows are reported using the indirect method, whereby profit/(loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

f) Depreciation and Amortization

Depreciation has been provided on the written-down-value-line method as per the rates prescribed in Schedule XIV to the Companies Act, 1956.

g) Other income

Interest income is accounted on accrual basis. Dividend income is accounted for when the right to receive it is established.

h) Tangible fixed assets

Fixed assets, carried at cost less accumulated depreciation and impairment losses, if any. The cost of fixed assets includes interest on borrowings attributable to acquisition of qualifying fixed assets up to the date the asset is ready for its intended use and other incidental expenses incurred up to that date. Fixed assets acquired and put to use for project purpose are capitalized and depreciation thereon is included in the project cost till commissioning of the project.

i) Investments

Long-term investments (excluding investment properties), are carried individually at cost less provision for diminution, other than temporary, in the value of such investments. Current investments are carried individually, at the lower of cost and fair value. Cost of investments includes acquisition charges such as brokerage, fees and duties.

j) Quoted Investment

The management has given custody of all the shares certificates to depository authorities for completing the demating formalities and hence we are unable to conduct the physical verification of shares. Further some of the shares are in the name of directors and their relatives and yet not transferred in the name of the company.

k) Unquoted Investment

These share certificates are not available for verification, although allotment acknowledgement letter from respective companies were made available. The shares in respect of which market quotations are not available, disclosed under "Unquoted Investment".

l) Employee benefits

Employee benefits include provident fund, superannuation fund, gratuity fund, compensated absences, long service awards and post-employment medical benefits.

m) Earnings per share

Basic earnings per share is computed by dividing the profit/(loss) after tax (including the post tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit/(loss) after tax (including the post tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares.

n) Related Party Disclosures:

Disclosures as required by the Accounting Standard 18 "Related Party Disclosures" are given below:

List of Related Parties

i. Controlling Companies

BRCM Limited, Anusuya Rajiv Private Limited and Rajiv Associates Private Limited.

ii. Key Management Personnel and their relatives

Ms. Aparna Gupta and Mrs. Anusuya Gupta and Pravin Jain HUF.

o) Taxes on income

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax is recognized on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax assets are recognized for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realized.

p) Provisions

A provision is recognized when the Company 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. Provisions (excluding retirement benefits) are not discounted to their present value and are determined based on the 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.

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Mar 31, 2013

A) General

The significant accounting policies have been predominantly presented below in the order of the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended). The order of presentation may be customized for each Company.

b) Basis of accounting and preparation of financial statements

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956.

The Financial Statement have been prepared on accrual basis under the Historical cost convention except to the extent stated otherwise

c) Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known / materialize.

d) Cash and cash equivalents (for purposes of Cash Flow Statement)

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

e) Cash flow statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

f) Depreciation and amortization

Depreciation has been provided on the written-down-value-line method as per the rates prescribed in Schedule XIV to the Companies Act, 1956.

g) Other income

Interest income is accounted on accrual basis. Dividend income is accounted for when the right to receive it is established.

h) Tangible fixed assets

Fixed assets, carried at cost less accumulated depreciation and impairment losses, if any. The cost of fixed assets includes interest on borrowings attributable to acquisition of qualifying fixed assets up to the date the asset is ready for its intended use and other incidental expenses incurred up to that date. Fixed assets acquired and put to use for project purpose are capitalized and depreciation thereon is included in the project cost till commissioning of the project.

i) Investments

Long-term investments (excluding investment properties), are carried individually at cost less provision for diminution, other than temporary, in the value of such investments. Current investments are carried individually, at the lower of cost and fair value. Cost of investments include acquisition charges such as brokerage, fees and duties.

j) Quoted Investment

The management has given custody of all the shares certificates to depository authorities for completing the demoting formalities and hence we are unable to conduct the physical verification of shares. Further some of the shares are in the name of directors and their relatives and yet not transferred in the name of the company.

k) Unquoted Investment

These share certificates are not available for verification, although allotment acknowledgement letter from respective companies were made available. The shares in respect of which market quotations are not available, disclosed under "Unquoted Investment".

I) Employee benefits

Employee benefits include provident fund, superannuation fund, gratuity fund, compensated absences, long service awards and post-employment medical benefits.

m) Deferred Tax:

Deferred taxation liability as required by AS-22" Deferred taxation" issued by ICAI is not provided in accounts as the quantum of the same on account of depreciation is not material..

n) Earnings per share

Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares.

o) Related Party Disclosures :

Disclosures as required by the Accounting Standard 18 "Related Party Disclosures" are given below: List of Related Parties

a) Controlling Companies

BRCM Limited, Anusuya Rajiv Private Limited and Rajiv Associates Private Limited

b) Key Management Personnel and their relatives

Ms. Apama Gupta and Mrs. Anusuya Gupta and Pravin Jain HUF

p) Taxes on income

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax is recognized on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax assets are recognized for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realized.

q) Provisions

A provision is recognized when the Company 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. Provisions (excluding retirement benefits) are not discounted to their present value and are determined based on the 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.

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Mar 31, 2010

1. General:

a) Financial Statements are prepared on historical cost basis and in consonance with the generally accepted accounting principles.

b) All revenues and expenses are accounted on accrual basis except to the extent stated otherwise.

2. Fixed Assets and Depreciation :

a) Fixad Assets

Fixed Assets are stated at cost of acquisition and other direct cost incurred up to the date the assets is put to use.

b) Depreciation

Depreciation on fixed assets is provided on written down value method at the rates specified in Schedule XIV of the Companies Act, 1956.

3. Investments

Investments are stated at cost.

4. Sundry Debtors and Receivables :

Sundry Debtors and Loans and Advances are stated at the value if realized in the ordinary course of business. Irrecoverable amounts, if any are accounted and/or provided for as per managements judgment or only upon final settlement of accounts with the parties.

5. IMPAIRMENT OF ASSETS:

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. Where there is an indication that an asset is impaired, the recoverable amount, if any, is estimated and impairment loss is recognized to the extent of carrying amount exceeds recoverable amount.

6. PROVISIONS. CONTINGENT LIABILITIES AND CONTINGENT ASSETS:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present 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 are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

7. Borrowing Cost:

Borrowing costs directly attributable to the acquisition or construction of fixed assets are capitalized as part of the cost of the assets, upto the date the assets is put to use. Other borrowing costs are charged to the Profit and Loss Account in the year in which they are incurred.

8. Taxation :

a) Provision for Income Tax is made on the basis of the estimated taxable Income for the current year in accordance with the provisions of the Income Tax Act, 1961.

b) Deferred Tax resulting from timing differences between book and tax profits is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallize. Deferred Tax Asset, if any, is recognized and carried forward only to the extent that there is a reasonable certainty that the asset will be realized in future.

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Mar 31, 2003

1. General:

a) Financial Statements are prepared on historical cost basis and in consonance with the generally accepted accounting principles.

b) All revenues and expenses are accounted on accrual basis except to the extent stated otherwise.

2. Fixed Assets and Depreciation ;

a) Fixed Assets

Fixed Assests are stated at cost of acquisition and other direct cost incurred up to the date the assets is put to use.

b) Depreciation

Depreciation on fixed assets is provided on written down value method at the rates specified in Schedule XIV of the Companies Act, 1956.

3. Investments

a) Investments are stated at cost.

b) Investment in Shares for which market value as on 31st March, 2003 is not available shown as unquoted investments.

4. Sundry Debtors and Receivables :

Sundry Debtors and Loans and Advances are stated at the value if realised in the ordinary course of business. Irrecoverable amounts, if any are accounted and/or provided for as per managements judgment or only upon final settlement of accounts with the parties.

5. Contingent Liabilities :

Contingent liabilities are disclosed by way of note on the balance sheet. Provision is made in accounts for those liabilities, which are likely to materialise after the year end and having effect on the position stored in the balance sheet at the year end.

6. Borrowing Cost:

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 assets is put to use. Other borrowing costs are charged to the Profit and Loss Account in the year in which they are incurred.

7. Taxation ;

a. Provision for Income Tax is made on the basis of the estimated taxable Income for the current year in accordance with the provisions of the Income Tax Act, 1961.

b. Deferred Tax resulting from timing differences between book and tax profits is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystalise.

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Mar 31, 2002

1. General :

a) Financial Statements are prepared on historical cost basis and in consonance with the generally accepted accounting principles.

b) All revenues and expenses are accounted on accrual basis except to the extent stated otherwise.

2. Fixed Assets and Depreciation :

a) Fixed Assets

Fixed Assests are stated at cost of acquisition and other direct cost incurred up to the date the assets is put to use.

b) Depreciation

Depreciation on fixed assets is provided on written down value method at the rates specified in Schedule XIV of the Companies Act, 1956.

3. Investments

a) Investments are stated at cost.

b) Investment in Shares for which market value as on 31st March, 2002 is not available shown as unquoted investments.

4. Sundry Debtors and Receivables :

Sundry Debtors and Loans and Advances are stated at the value if realised in the ordinary course of business. Irrecoverable amounts, if any are accounted and/or provided for as per managements judgment or only upon final settlement of accounts with the parties.

5. Contingent Liabilities :

Contingent liabilities are disclosed by way of note on the balance sheet. Provision is made in accounts for those liabilities, which are likely to materialise after the year end and having effect on the position stored in the balance sheet at the year end.

6. Borrowing Cost :

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 assets is put to use. Other borrowing costs are charged to the Profit & Loss Account in the year in which they are incurred.

7. Taxation ;

a. Provision for Income Tax is made on the basis of the estimated taxable Income for the current year in accordance with the provisions of the Income Tax Act, 1961.

b. Deferred Tax resulting from timing differences between book and tax profits is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystalise.