Accounting Policies of Novyra Pharmachem Ltd. Company

Mar 31, 2025

1.0 Corporate Information

BANSISONS TEA INDUSTRIES LIMITED is a Limited Company, incorporated under the
provisions of Companies Act, 2013 and having CIN L15520WB1987PLC042982. The
Company is mainly engaged the primary objective for the formation of the Company is to
carry on the business of designing, manufacturing, erection, commissioning trading and
consultancy of chemical and process equipment by means of technology available
indigenously or otherwise. The Registered office of the Company is situated at 264, MG
road, PO- Siliguri, West Bengal- 734005

1. 1 Basis of preparation of financial statements

a. Accounting Convention: -

These financial statements of the Company have been prepared in accordance with
Generally Accepted Accounting Principles in India (“Indian GAAP”). Indian GAAP comprises
mandatory accounting standards as prescribed under Section 133 of the Companies Act,
2013 (“the Act”) read with the Rule 7 of the Companies (Accounts) Rules, 2014. The
financial statements have been prepared on an accrual basis and under the Historical Cost
Convention. and the Companies (Accounting Standards) Amendment Rules 2016 and the
relevant provisions of the Companies Act, 2013.

b. Functional and Presentation Currency

The functional and presentation currency of the company is Indian rupees. This financial
statement is presented in Indian rupees.

All amounts disclosed in the financial statements and notes are rounded off to lakhs the
nearest INR rupee in compliance with Schedule III of the Act, unless otherwise stated.

Due to rounding off, the numbers presented throughout the document may not add up
precisely to the totals and percentages may not precisely reflect the absolute figures.

c. Use of Estimates and Judgments

The preparation of financial statement in conformity with accounting standard requires
the Management to make estimates, judgments, and assumptions. These estimates,
judgments and assumptions affects the application of accounting policies and the
reported amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of financial statement and reported amounts of revenue and
expenses during the period. Accounting estimates could change form period to period.
Actual result could differ from those estimates. As soon as the Management is aware of
the changes, appropriate changes in estimates are made. The effect of such changes are
reflected in the period in which such changes are made and, if material, their effect are
disclosed in the notes to financial statement.

Estimates and underlying assumptions are reviewed at each balance sheet date. Revisions
to accounting estimates are recognised in the period in which the estimate is revised and
in future periods affected.

d. Current and Non - Current Classification

An asset or a liability is classified as Current when it satisfies any of the following
criteria:

i. It is expected to be realized / settled, or is intended for sales or consumptions, in the
Company''s Normal Operating Cycle;

ii. It is held primarily for the purpose of being traded.

iii. It is expected to be realized / due to be settled within twelve months after the end
of reporting date;

iv. The Company does not have an unconditional right to defer the settlement of the
liability for at least twelve months after the reporting date.

All other assets and liabilities are classified as Non - Current.

For the purpose of Current / Non - Current classification of assets and liabilities, the
Company has ascertained its operating cycle as twelve months. This is based on the
nature of services and the time between the acquisition of the assets or liabilities for
processing and their realization in Cash and Cash Equivalents.

1. 1 Basis of Preparation

a) Property, Plant & Equipment and Intangible Assets:-

i. The company has adopted Cost Model to measure the gross carrying amount of
Property Plant & Equipment.

ii. Tangible Property Plant & Equipment are stated at cost of acquisition less
accumulated depreciation. Cost includes the purchase price and all other attributable
costs incurred for bringing the asset to its working condition for intended use.

iii. Intangible assets are stated at the consideration paid for acquisition and
customization thereof less accumulated amortization.

iv. Cost of fixed assets not ready for use before the balance sheet date is disclosed as
Capital Work in Progress.

v. Cost of Intangible Assets not ready for use before the balance sheet date is disclosed
as Intangible Assets under Development.

b) Depreciation / Amortisation : -

Depreciation has been provided under Written down Method at the rates prescribed
under schedule III of the Companies Act, 2013 on single shift and Pro Rata Basis to result
in a more appropriate preparation or presentation of the financial statements.

In respect of assets added/sold during the year, pro-rata depreciation has been provided
at the rates prescribed under Schedule II.

Intangible assets being Software are amortized over a period of its useful life on a
straight line basis, commencing from date the assets is available to the company for its
use.

c) Impairment of Assets:-

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

d) Investments :-

• Long term investments are stated at cost. Provision for diminution in the value of
long-term investment is made only if such decline is other than temporary.

• Current investments are stated at lower of cost or market value. The determination
of carrying amount of such investment is done on the basis of specific identification.

e) Government Grants and Subsidies:-

The Company is entitled to receive any subsidy from the Government authorities or any

other authorities in respect of manufacturing or other facilities are dealt as follows:

• Grants in the nature of subsidies which are non - refundable are credited to

the respective accounts to which the grants relate, on accrual basis, where there is
reasonable assurance that the Company will comply with all the necessary conditions
attached to them.

• Grants in the nature of Subsidy which are Refundable are shown as Liabilities in the
Balance Sheet at the Reporting date.

f) Retirement Benefits:-

a) Short Term Employee Benefits:

All employee benefits payable within twelve months of rendering the service are
classified as short term benefits. Such benefits include salaries, wages, bonus, short term
compensated absences, awards, ex-gratia, performance pay etc. and the same are
recognised in the period in which the employee renders the related service.

b) Employment Benefits:

Short Term Employee Benefits:

All employee benefits payable within twelve months of rendering the service are
classified as short term benefits. Such benefits include salaries, wages, bonus, short term
compensated absences, awards, ex-gratia, performance pay etc. and the same are
recognised in the period in which the employee renders the related service.

a) Provident Fund/ESIC:

The company has not exceed minimum criteria for eligibility to contribute into
Defined Contribution Plans & Defined Contribution Plans for post-employment benefit
in the form.

g) Valuation of Inventory: -

Inventories of the raw material, work-in-progress, finished goods, packing material,
stores and spares, components, consumables and stock in trade are carried at lower of
cost and net realizable value. However, raw material and other items held for use in
production of inventories are not written down below cost if the finished goods in which
they will be incorporated are expected to be sold at or above cost. The comparison of
cost and net realizable value is made on an item-by-item basis.

Cost of inventories included the cost incurred in bringing each product to its present
location and conditions are accounted as follows:

a) Raw Material: - Cost included the purchase price and other direct or indirect costs
incurred to bring the inventories into their present location and conditions. Cost is
determined on First in First out basis (FIFO).

b) Finished Goods and Work-in-Progress: - Work in progress are valued at cost which
includes raw materials and cost incurred till the stage of production of process. Finished
Goods are valued at cost or Net realizable value whichever is lower. Cost included cost of
direct materials and the labor cost and a proportion of manufacturing overhead based on
the normal operating capacity, but excluding the borrowing costs. Cost is determined on
“First in First out basis (FIFO)”.

c) Stock in Trade: - Cost included the purchase price and other direct or indirect costs
incurred in bringing the inventories to their present location and conditions. Cost is
determined on “Weighted Average Basis”.

All other inventories of stores and spares, consumables, project material at site are
valued at cost. The stock of waste or scrap is valued at net realizable value.

“Net Realizable Value” is the estimated selling price in the ordinary course of business,
less estimated costs of completion and estimated cost necessary to make the sales of the
products.

h) Revenue Recognition:-

Revenue is recognized when it is probable that economic benefit associated with the
transaction flows to the Company in ordinary course of its activities and the amount of
revenue can be measured reliably, regardless of when the payment is being made.
Revenue is measured at the fair value of consideration received or receivable, taking into
the account contractually defined terms of payments, net of its returns, trade discounts
and volume rebates allowed.

Revenue includes only the gross inflows of economic benefits, including the excise duty,
received and receivable by the Company, on its own account. Amount collected on
behalf of third parties such as sales tax, value added tax and goods and service tax (GST)
are excluded from the Revenue.

Sale of goods is recognized at the point of dispatch of goods to customers, sales are
exclusive of Sales tax, Vat, GST and Freight Charges if any. The revenue and expenditure
are accounted on a going concern basis.

Interest Income is Recognized on a time proportion basis taking into account the amount
outstanding and the rate applicable i.e. on the basis of matching concept.

Dividend from investments in shares / units is recognized when the company. Other items
of Income are accounted as and when the right to receive arises.

i) Accounting for effects of changes in foreign exchange rates :-

Transactions denominated in foreign currencies are normally recorded at the exchange
rate prevailing at the time of the transactions.

Any income or expenses on account of exchange difference either on settlement or on
Balance sheet Valuation is recognized in the profit and loss account except in cases
where they relate to acquisition of fixed assets in which case they are adjusted to the
carrying cost of such assets.

Foreign currency transactions accounts are given in the notes of accounts.

Commodity Hedging: - The realized gain or loss in respect of commodity hedging
contracts, the principal period of which has expired during the year, is recognized in
profit and loss account. In respect of contracts, that are outstanding as on date of
Balance sheet are valued at prevailing market price and the resultant loss, if any, is
provided.

j) Borrowing Cost :-

Borrowing Cost includes the interest, commitments charges on bank borrowings,
amortization of ancillary costs incurred in connection with the arrangement of
borrowings.

Borrowing costs that are directly attributable to the acquisition or construction of
qualifying property, plants and equipments are capitalized as a part of cost of that
property, plants and equipments. The amount of borrowing costs eligible for
capitalization is determined in accordance with the Accounting Standards - 16 “Borrowing
Costs”. Other Borrowing Costs are recognized as expenses in the period in which they are
incurred.

In accordance with the Accounting Standard - 16, exchange differences arising from
foreign currency borrowings to the extent that they are regarded as adjustments to
interest costs are recognized as Borrowing Costs and are capitalized as a part of cost of
such property, plants and equipments if they are directly attributable to their acquisition
or charged to the Standalone Statement or Profit and Loss.

k) Related Party Disclosure :-

The Disclosures of Transaction with the related parties as defined in the related parties
as defined in the Accounting Standard are given in notes of accounts.

l) Cash flow:-

Cash flows are reported using the indirect method, whereby net profit before tax is
adjusted for the effects of transactions of a non-cash nature and any deferrals of past or
future cash receipts and payments. The cash flows from regular operating, investing and
financing activities of the company are segregated.

m) Earnings Per Share :-

The Company reports the basic and diluted Earnings per Share (EPS) in accordance with
Accounting Standard 20, “Earnings per Share”. Basic EPS is computed by dividing the Net
Profit or Loss attributable to the Equity Shareholders 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 attributable to the Equity Shareholders for the year by the
weighted average number of Equity Shares outstanding during the year as adjusted for
the effects of all potential Equity Shares, except where the results are Anti - Dilutive.

The weighted average number of Equity Shares outstanding during the period is adjusted
for events such a Bonus Issue, Bonus elements in right issue, share splits, and reverse
share split (consolidation of shares) that have changed the number of Equity Shares
outstanding, without a corresponding change in resources.

n) Taxes on Income :-

1. Current Tax: -

Provision for current tax is made after taken into consideration benefits admissible
under the provisions of the Income Tax Act, 1961.

2. Deferred Taxes:-

Deferred Income Tax is provided using the liability method on all temporary
difference at the balance sheet date between the tax basis of assets and liabilities
and their carrying amount for financial reporting purposes.

I. Deferred Tax Assets are recognized for all deductible temporary differences to
the extent that it is probable that taxable profit will be available in the future
against which this items can be utilized.

II. Deferred Tax Assets and liabilities are measured at the tax rates that are
expected to apply to the period when the assets is realized or the liability is
settled, based on tax rates (and the tax) that have been enacted or
enacted subsequent to the balance sheet date.

o) Discontinuing Operations :-

During the year the company has not discontinued any of its operations.

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Mar 31, 2014

A) The Company prepares its accounts on the basis of historical cost convention and income & expenditure are recognized on accrual basis in accordance with Generally Accepted Accounting principles for the preparation of its accounts and complies with accounting standards issued by the Institute of Chartered Accountants of India & relevant provisions of the Companies Act, 1956.

II) Fixed Assets :

a) Fixed Assets are stated at cost acquisition inclusive of duties (net of Cenvat and Value added Tax credits), taxes, incidental expenses, erection / commissioning expenses etc. Up to the date the assets is put to use, less accumulated depreciation and impairment of losses, if any.

b) The carrying amounts of assets are reviewed at each balance sheet date to determine if there is any indication of impairment based on external / internal factor.

III) Depreciation:

Depreciation of fixed assets is provided under the straight Line Method at the rates prescribed under Schedule XIV of the Companies Act, 1956 with the applicable shift allowance.

In respect of assets added / assets sold during the year, pro-rata depreciation has been provided at the rates prescribed under Schedule XIV.

IV) Revenue Recognition:

a) Sales are recognised when goods are supplied and are recorded net of trade discount rebates.

V) Employee Benefit:

a) The company has defined contribution plan for past employment benefit namely provident fund which are recognised by the Income Tax authorities this fund is administrated through trustees and the company''s contributions there to are charged to revenue account every year.

b) Provision for gratuity has not been made in the accounts.

VI) Valuation of inventory :

a) Closing inventories comprising of Stores & Consumables are taken and valued by the Directors, as informed, at cost or net realisable value which ever is lower.

VII) Directors Remuneration - Rs. Nil (Previous year Nil)

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Mar 31, 2013

I) Significant Accounting Policies :

A) The Company prepares its accounts on the basis of historical cost convention and income & expenditure are recognized on accrual basis in accordance with Generally Accepted Accounting principles for the preparation of its accounts and complies with accounting standards issued by the Institute of Chartered Accountants of India & relevant provisions of the Companies Act, 1956.

II) Fixed Assets :

a) Fixed Assets are stated at cost acquisition inclusive of duties (net of Cenvat and Value added Tax credits), taxes, incidental expenses, erection / commissioning expenses etc. Up to the date the assets is put to use, less accumulated depreciation and impairment of losses, if any.

b) The carrying amounts of assets are reviewed at each balance sheet date to determine if there is any indication of impairment based on external / internal factor.

III) Depreciation:

Depreciation of fixed assets is provided under the straight Line Method at the rates prescribed under Schedule XIV of the Companies Act, 1956 with the applicable shift allowance.

In respect of assets added / assets sold during the year, pro-rata depreciation has been provided at the rates prescribed under Schedule XIV.

IV) Revenue Recognition :

a) Sales are recognised when goods are supplied and are recorded net of trade discount rebates.

V) Employee Benefit:

a) The company has defined contribution plan for past employment benefit namely provident fund which are recognised by the Income Tax authorities this fund is administrated through trustees and the company''s contributions there to are charged to revenue account every year.

b) Provision for gratuity has not been made in the accounts.

VI) Valuation of inventory:

a) Closing inventories comprising of Stores & Consumables are taken and valued by the Directors, as informed, at cost or net realisable value which ever is lower.

VII) Directors Remuneration - Rs. Nil (Previous year Nil)

VIII) Quantitative inoformation of goods manufactured and traded as taken valued and certified by the Directors are as follows:

b) Manufactured and other items details - Stock, Purchase, Consumptation & Sales:

c) Store & consumbles consumed Rs. 21,85,537 (Previous year Rs. 12,67,688/-) Due to variety of items involved and their specifications, the Company has not been able to provide the quantitive details item wise.

IX. There was no Foreign Currency transaction during the year.

X. Unexecuted Capital Commitments could not be ascertained (Previous year-same).

XI. Interim Financial Reporting :

The company has elected to publish quarterly financial results which were subject to limited review by the statutory auditors.

XII. Sundry Debtors, Sundry Creditors and Sundry Advance balance are subject to Confirmation by the parties.

XIII. No provision for taxation has been made in the accounts in view of carried forward losses from previous years.

XIV. The company does not have any outstanding liability exceeding a sum of Rupees one lakh for the period of more than 30 days in respect of small scale undertakings.

XVI. Defferred Tax:

The company has unabsorved depreciation & carried forward losses available for set off under the Income Tax Act. 1961. However in view of present uncertainty regarding generation of sufficient future taxable income, Net Defferred Tax at the year end including related undefferred tax forthe year has not been recognised in the account on prudent basis.

XVII. The figures in bracket represent the previous yearfigure unless otherwise stated.

XVIII. Segment information :

The Company''s only business during the year is Green leaf growing & selling, hence disclosure of segment wise information is notapplicable under AS 1 7 ''segment information (AS 1 7)". There is no geographical segmentto be reported.

XIX. The figures have been regrouped and rearranged wherever found necessary and all figures are rounded off to the nearest rupee.

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Mar 31, 2010

A) The Company prepares its accounts on the basis of historical cost convention and income & expenditure are recognized on accrual basis in accordance with Generally Accepted Accounting principles for the preparation of its accounts and complies with accounting standards issued by the Institute of Chartered Accountants of India &relevant provisions of the Companies Act, 1 956.

2. Fixed Assets & Depreciation :

a) Fixed Assets are stated at cost plus additions, improvements and incidental expenses incurred in relation there to less accumulated depreciation.

b) Depreciation on assets put to use provided as per Schedule - XIV of the Companies Act on straigth line basis.

3. Revenue Recognition :

a) Sales are recognised when goods are supplied and are recorded net of trade discount rebates.

4. Employee Benefit :

a) The company has defined contribution plan for past employment benefit namely provident fund which are recognised by the Income Tax authorities this fund is administrated through trustees and the conpanys contributions there to are charged to revenue account every year.

b) Provision for gratuity has not been made in the accounts.

5. Valuation of inventory :

a) Closing inventories comprising of Stores & Consumables are taken and valued by the Directors, as informed, at cost or net realisable value which ever is lower.

6. Directors Remuneration - Rs. Nil (Previous year Nil)

7. Quantitative inoformation of goods manufactured and traded as taken valued and certified by the Directors are as follows:

c) Store & consumbles consumed Rs. 1060866 (Previous year Rs. 10,49007/-) Due to variety of items involved and their specifications, the Company has not been able to provide the quantitive details itemwise.

8. There was no Foreign Currency transaction during the year.

9. Unexecuted Capital Commitments could not be ascertained (Previous year - same).