Accounting Policies of Nexus Surgical and Medicare Ltd. Company

Mar 31, 2024

Note 1: Significant Accounting policies

1.1 Statement of Compliance

These financial statements are prepared in accordance with Indian Accounting
Standards (Ind AS) under the historical cost convention on the accrual basis except for
certain financial instruments which are measured at fair value, the provision of
Companies Act, 2013 (the Act) (to the extent notified) and the guidelines issued by
Securities and Exchange Board of India (SEBI). The Ind AS are prescribed under
Section 133 of the Companies Act, 2013 (the Act) read with Rule 3 Companies (Indian
Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards)
Amendment Rules, 2016.

The accounting policies have been consistently applied except where a newly-issued
accounting standard is initially adopted or a revision to existing accounting standards
required a change in the accounting policies hitherto in use.

1.2 Inventories

The inventories are valued at lower of cost or market value.

1.3 Taxes on Income

Tax expense for the period, comprising current tax and deferred tax, are included in
the determination of the net profit or loss for the period. Current tax is measured at
the amount expected to be paid to the tax authorities in accordance with the Income
Tax Act, 1961.

Deferred tax is recognized on temporary differences between the carrying amounts of
assets and liabilities in the separate financial statements and the corresponding tax
bases used in the computation of taxable profit. Deferred tax liabilities are generally
recognized for all taxable temporary differences. Deferred tax assets are generally
recognized for all deductible temporary differences to the extent that it is probable
that taxable profits will be available against which those deductible temporary
differences can be utilized.

The carrying amount of deferred tax assets is reviewed at the end of each reporting
period and reduced to the extent that it is no longer probable that sufficient taxable
profits will be available to allow all or part of the asset to be recovered. Deferred tax
liabilities and assets are measured at the tax rates that are expected to apply in the
period in which the liability is settled or the asset realized, based on tax rates (and tax
laws) that have been enacted or substantively enacted by the end of the reporting
period.

Current and deferred tax are recognized in profit or loss, except when they relate to
items that are recognized in other comprehensive income or directly in equity, in
which case, the current and deferred tax are also recognized in other comprehensive
income or directly in equity respectively.

1.4 Property, plant & equipment:

All Property, Plant & Equipment''s are stated at cost of acquisition, less accumulated
depreciation and accumulated impairment losses, if any. Direct costs are capitalized
until the assets are ready for use and include freight, duties, taxes and expenses
incidental to acquisition and installation.

Subsequent expenditures related to an item of Property, Plant & Equipment are added
to its carrying value only when it is probable that the future economic benefits from
the asset will flow to the Company and cost can be reliably measured.

Losses arising from the retirement of, and gains or losses arising from disposal of
Property, Plant and Equipment are recognized in the Statement of Profit and Loss.

Depreciation is provided on a pro-rata basis on the straight line method (''SLM'') over
the estimated useful lives of the assets specified in Schedule II of the Companies Act,
2013.

On transition to Ind AS, the Company has elected to continue with the carrying value
of all of its property, plant and equipment recognized as at April 1, 2016 measured as
per the previous GAAP and use that carrying value as the deemed cost of the property,
plant and equipment.

1.5 Revenue Recognition

Revenue is measured at the fair value of the consideration received or receivable and
recognized when it is probable that the economic benefits associated with the
transaction will flow to the entity.

1.6 Financial Instruments
Initial Recognition

The company recognizes financial assets & financial liabilities when it becomes a
party to the contractual provision of the instruments. All financial assets & liabilities
are recognized at fair value on initial recognition, except for trade receivables which
are initially measured at transaction price. Transaction cost that are directly
attributable to the acquisition or issue of financial assets & liabilities that are not at
fair value through profit or loss, are added to the fair value on initial recognition.
Regular way purchase and sale of financial assets are accounted for a trade date.

Subsequent measurement

Financial assets at amortized cost: Financial assets having contractual terms that
give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal outstanding and that are held within a business model whose
objective is to hold such assets in order to collect such contractual cash flows are
classified in this category. Subsequently, these are measured at amortized cost using
the effective interest method less any impairment losses

1.7 Employee Benefits

The Company follows the policy of accounting for the same only on crystallization of
the liability.

1.8 Earnings Per Share

Basic Earnings per share is computed by dividing the net profit attributable to equity
shareholders by the weighted average number of equity shares outstanding during
the period.

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Mar 31, 2015

1. Corporate Information

Nexus Commodities and Technologies Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in the advisory services in commodity market.

2.1 Basis of preparations

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India. The company has prepared these financial statements to comply in all material respect with the accounting standards notified under the Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provision of the Companies Act 2013. The financial statements have been prepared on an accrual basis and under the historical cost conventions. The accounting policies adopted in the preparation of the financial statements are consistent with those of the previous year.

2.2 Revenue Recognition:

The Company follows the Mercantile System of Accounting and recognizes Income and Expenditure on an accrual basis. Income from Sales and Services are recognized on date of sale or rendering of services.

2.3 Taxes on Income:

a) Income-tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with income tax laws) and deferred tax charge or credit (reflecting the tax effect of timing differences between accounting income and taxable income for the period).

b) The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that the assets can be realized in future.

2.4 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as results of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in Notes to Accounts, while contingent assets are neither recognized nor disclosed in the financial statements.

2.5 Earning Per Share

Basic Earning per Share is calculated by dividing the net profit after tax for the year attributable to equity shareholders of the Company by the weighted average number of shares outstanding during the year.

2.6 Fixed Assets

Fixed assets are stated at cost less accumulated depreciation. Cost is inclusive of freight, duties, levies and any directly attributable cost of bringing the assets to their working condition for their intended use.

Cost incurred towards acquisition and development of computer software products meant for sale, lease or otherwise marketed, are capitalized until the product is available for release to the customers.

2.7 Depreciation and Amortization

Depreciation on tangible assets is provided to the extent of depreciable amount on straight line method over the useful life of such assets as specified in Schedule II to the Companies Act, 2013.

Capitalized Software Cost are amortized on a product by product basis based on straight line method over the estimated economic life of the product. The carrying value of Capitalized Software Cost is reviewed at each Balance Sheet date and adjusted for any changes to the estimated economic life of the product.