Accounting Policies of Croissance Ltd. Company

Mar 31, 2023

SIGNIFICANT ACCOUNTES POLICY

1. Basis for Preparation of Financial Statements:

a) Compliance with Indian Accounting Standards (Ind As)

The Standalone financial statements have been prepared in accordance with Indian
Accounting Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules,
2015 notified under section 133 of the Companies Act, 2013 and relevant amendments rules
issued thereafter.

The financial statements have been prepared on the historical cost basis except for certain
instruments that are measured at fair values at the end of each reporting period, as explained
in the accounting policies below.

Accordingly, the Company has prepared these Standalone Financial Statements
which comprise the Balance Sheet as at 31^st March, 2023, the Statement of Profit and
Loss for the year ended 31^st March 2023, the Statement of Cash Flows for the year
ended 31^st March 2023 and the Statement of Changes in Equity for the year ended as on
that date, and accounting policies and other explanatory information (together
hereinafter referred to as ‘Ind AS Financial Statements’ or ‘financial statements’).

These financial statements are approved by the Board of Directors on - 29.05.2023.

b) Basis of Preparation of financial statements

The standalone financial statements of the company have been prepared in accordance with
Indian Accounting Standards (‘Ind AS’) notified under The Companies (Indian Accounting
Standards) Rules 2015 (as amended from time to time) and presentation requirements of
Division II of Schedule III of companies Act, 2013. as applicable to the Standalone
Financial Statements.

The standalone financial statements have been prepared om historical cost basis and
consistent with previous year subject changes in accounting policies. The Standalone
financial statements are prepared in INR (Lakhs or Thousands)

Current and Non-Current Classification:

The Company presents assets and liabilities in the balance sheet based on current / non¬
current classification.

• Expected to be realised, or is intended to be sold or consumed, the Company’s
normal operating cycle.

• held primarily for the purpose of trading;

• It is expected to be realised within twelve months after the reporting date; or

• It is cash or cash equivalent unless restricted from being exchanged or used to settle a

liability for at least twelve months after the reporting period.

All other assets are classified as non-current.

A liability is classified as current when it satisfies any of the following criteria:

• It is expected to be settled in the Company’s normal operating cycle;

• It is held primarily for the purpose of being traded

• It is due to be settled within 12 months after the reporting date; or the Company does
not have an unconditional right to defer settlement of the liability for at least 12
months after the reporting date.

• Terms of a liability that could, at the option of the counterparty, result in its settlement
by the issue of equity instruments do not affect its classification

All other liabilities are classified as non-current liabilities.

The operating cycle is the time between the acquisition of assets for processing and their
realisation in cash and cash equivalents. The Company has identified twelve months as its
operating cycle.

c) Use of estimates and judgment

The preparation of the financial statements in conformity with Ind AS, management has
made judgments, estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets, liabilities, income and expenses. Actual results
may differ from these estimates.

This note provides an overview of the areas where there is a higher degree of judgment
or complexity. Detailed information about each of these estimates and judgments is
included in relevant notes together with information about the basis of calculation.

A. summary of the significant accounting policies applied in the preparation of the
financial statements is as given below. These accounting policies have been applied
consistently to all the periods presented in the financial statements.

1.1 Ind AS 105: Non-Current Assets held for Sale or Discontinued Operations:

This standard specifies accounting for assets held for sale, and the presentation and

disclosure for discontinued operations:

(a) Assets that meet the criteria to be classified as held for sale to be measured at the
lower of carrying amount and fair value less cost to sell, and depreciation on such
assets to cease; and

(b) Assets that meet the criteria to be classified as held for sale to be presented
separately in the balance sheet and the results of discontinued operations to be
presented separately in the statement of profit and loss.

The books of accounts of the company does not carry Non-Current Assets held for Sale or
Discontinued Operations during the reporting period, hence this accounting standard does
not have financial impact on the financial statements of the company.

1.2 Ind AS 106: Exploration for Evolution of Mineral resources:

This standard specifies the financial reporting for the exploration for evaluation of
mineral resources. In particular, this standard requires:

a. Limited improvements to existing accounting practices for exploration and
evaluation of expenditures

b. Entities that recognize exploration and evaluation of assets to assess such assets for
impairment in accordance with this standard and measure any impairment.

Disclosures that identify and explain the amounts in the entity’s financial statements
arising from the exploration for the evaluation of mineral resources and help users of
those financial statements understand the amount, timing and certainty of future cash
flows from any exploration and evaluation of assets recognized.

This Ind AS 106 not applicable, as the company is engaged in engaged in "Realty"
operating services. And hence this standard does not have any financial impact on the
financial statements of the company.

1.3 Ind AS-16: Property, Plant and Equipment:

Property, Plant and Equipment are stated at cost less accumulated depreciation.

Cost of an item of property, plants and equipment comprises its purchase price, including
import duties and non-refundable purchase taxes, after deducting trade discounts and
rebates, any directly attributable cost of bringing the item to its working condition for its
intended use and estimated costs of dismantling and removing the item and restoring the
site on which it is located.

The cost of a self-constructed item of property, plant and equipment comprises the cost
of materials and direct labor, any other costs directly attributable to bringing the item to
working condition for its intended use, and estimated costs of dismantling and removing
the item and restoring the site on which it is located.

Property, plant and equipment which are significant to the total cost of that item of
Property Plant and Equipment and having different useful life are accounted for as
separately.

Gains or losses arising from derecognition of property, plant and equipment are
measured as the difference between the net disposal proceeds and carrying amount of
the asset is recognized in the statement of profit or loss when the asset is derecognized.

Depreciation on Property Plant and Equipment is provided on Straight line method.
Depreciation is provided based on useful life as prescribed under part C of the schedule
II of the Companies act, 2013.

Depreciation on additions (disposals) is provided on a pro-rata basis i.e., from (up to)
the date on which asset is ready for use (disposed of).

The books of accounts of the company doesn’t carry any Property, Plant and Equipment
during the reporting period, hence this accounting standard does not have financial
impact on the financial statements of the company.

Impairment

Property Plant and Equipment are evaluated for recoverability whenever events or
changes in circumstances indicate that their carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the asset’s carrying amount
exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair
value less cost of disposal and value in use. For the purposes of assessing impairment,
assets are grouped at the lowest levels for which there are separately identifiable cash
inflows which are largely independent of the cash inflows from other assets or groups
of assets (cash-generating units).

1.4 Impairment Assets (Ind AS 36)

The Company’s non-financial assets, other than deferred tax assets are reviewed at each
reporting date to determine whether there is any indication of impairment. If any such
indication exists, then the asset’s recoverable amount is estimated.

For impairment testing, assets that do not generate independent cash inflows are grouped
together into cash-generating units (CGUs). Each CGU represents the smallest group of
assets that generates cash inflows that are largely independent of the cash inflows of
other assets or CGUs.

The recoverable amount of a CGU (or an individual asset) is the higher of its value in use
and its fair value less costs to sell. Value in use is based on the estimated future cash
flows, discounted to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the CGU (or the
asset).

An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its
estimated recoverable amount. Impairment losses are recognized in the statement of
profit and loss. Impairment loss recognized in respect of a CGU is allocated first to
reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the
carrying amounts of the other assets of the CGU (or group of CGUs) on a pro rata basis.

The books of accounts of the company doesn’t carry any impairment of assets during the
reporting period, hence this accounting standard does not have financial impact on the
financial statements of the company.

1.5 Intangible assets (Ind AS 38):

Intangible assets are stated at cost less accumulated amortization and impairment.
Intangible assets are amortized over their estimated useful life on straight line basis.

Subsequent costs are included in assets carrying amount or recognized 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 entity and the cost can be measured reliably.

The residual Values, useful lives and methods of depreciation of Property Plant and
Equipment are reviewed at each financial year end and adjusted prospectively, if
appropriate.

Gains or losses arising from derecognition of Intangible asset are measured as the
difference between the net disposal proceeds and carrying amount of the asset is
recognized in the statement of profit or loss when the asset is derecognized.

The books of accounts of the company doesn’t carry any intangible assets during the
reporting period, hence this accounting standard does not have financial impact on the
financial statements of the company.

1.6 Cash Flow Statement (Ind AS 7):

Cash flows are reported using the indirect method under Ind AS 7, 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.

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.

1.7 Operating Cycle:

The Company has adopted its normal operating cycle as twelve months based on the
nature of products and the time between the acquisition of assets for processing and
their realization, for the purpose of current / non-current classification of assets and
liabilities.

1.8 Capital Work in Progress

Capital Work in Progress (CWIP) includes Civil Works in Progress, Plant & Equipment
under erection and Preoperative Expenditure pending allocation on the assets to be
acquired/commissioned, capitalized. It also includes payments made to towards
technical know-how fee and for other General Administrative Expenses incurred for
bringing the asset into existence.

1.9 Investments:Investments are classified as Non-Current and Current investments.

Investments, which are readily realisable and are intended to be held for not more than
one year from the date on which such investments are made, are classified as current
investments. All other investments are classified as non-current investments.

The books of accounts of the company doesn’t carry any Capital Work in Progress
during the reporting period, and this does not have financial impact on the financial
statements of the company.

1.10 Effects of changes in Foreign Rates (Ind AS 21):

Foreign currency transactions are recorded at the exchange rates prevailing on the dates
when the relevant transactions took place. Exchange difference arising on settled
foreign currency transactions during the year and translation of assets and liabilities at
the yearend are recognized in the statement of profit and loss.

In respect of Forward contracts entered into to hedge risks associated with foreign
currency fluctuation on its assets and liabilities, the premium or discount at the
inception of the contract is amortized as income or expense over the period of contract.
Any profit or loss arising on the cancellation or renewal of forward contracts is
recognized as income or expense in the period in which such cancellation or renewal is
made.

The company has not entered any foreign exchange transactions during the reporting
period; hence this accounting standard does not have financial impact on the financial
statements.

1.11 Borrowing Costs (Ind AS 23):

Borrowing costs directly attributable to the acquisition, construction or production of
qualifying assets, which are assets that necessarily take a substantial period of time to
get ready for their intended use or sale, are added to the cost of those assets, until such
time as the assets is substantially ready for the intended use or sale.

Investment income earned on temporary investment of specific borrowings pending
their expenditure on qualifying assets is recognized in statement of profit and loss.

Discounts or premiums and expenses on the issue of debt securities are amortized over
the term of related securities are included within borrowing costs. Premiums payable on
early redemptions of debt securities, in lieu of future costs, are recognized as borrowing
costs.

All other borrowing costs are recognized as expenses in the period in which it is
incurred.

1.12 Revenue Recognition (Ind AS 18):

Revenue is recognized to the extent that it is probable that the economic benefits will
flow to the Company and the revenue can be reliably measured. The following specific
recognition criteria must also be met before revenue is recognized:

a) Sales Revenue is recognized on dispatch to customers as per the terms of the order.
Gross sales are net of returns and applicable trade discounts and excluding GST
billed to the customers.

b) Subsidy from Government is recognized when such subsidy has been earned by the
company and it is reasonably certain that the ultimate collection will be made.

c) Interest income is recognized on a time proportion basis taking into account the
amount outstanding and the applicable interest rate. Interest income is included
under the head “other income” in the statement of profit and loss.

d) All other incomes are recognized based on the communications held with the
parties and based on the certainty of the incomes.

1.13 Accounting for Government Grants and Disclosure of Government Assistance
(Ind AS 20):Government grants:

Government grants are not recognized until there is reasonable assurance that the
Company will comply with the conditions attached to them and that the grants will
be received.

Government grants are recognized in the Statement of Profit and Loss on a
systematic basis over the years in which the Company recognises as expenses the
related costs for which the grants are intended to compensate or when
performance obligations are me.

Government grants, whose primary condition is that the Company should
purchase, construct or otherwise acquire non-current assets and nonmonetary
grants are recognised and disclosed as ‘deferred income’ under non-current

liability in the Balance Sheet and transferred to the Statement of Profit and Loss
on a systematic and rational basis over the useful lives of the related assets.

The benefit of a government loan at a below-market rate of interest and effect of
this favourable interest is treated as a government grant. The loan or assistance is
initially recognised at fair value and the government grant is measured as the
difference between proceeds received and the fair value of the loan based on
prevailing market interest rates and recognised to the income statement
immediately on fulfillment of the performance obligations. The loan is
subsequently measured as per the accounting policy applicable to financial
liabilities.

As per the books of accounts of the company and information provided by the
management, the company did not receive any during the reporting period, hence
this accounting standard is not applicable and it does not have financial impact on
the financial statements of the company.

1.14 Inventories (Ind AS 2):

Inventories are assets:

a. Held for sale in the ordinary course of business;

b. In the process of production for such sale;

c. In the form of materials or supplies to be consumed in the production process or in
the rendering of services

Net Realisable value is the estimated selling price in the ordinary course of business
less the estimated costs of completion and the estimated costs necessary to make the
sale.

Fair value is the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date.

• Cost of Material excludes duties and taxes which are subsequently recoverable.

• Stocks at Depots are inclusive of duty, wherever applicable, paid at the time of dispatch
from Factories.

• Based on the information provided the difference between physical verification and
valuation of the of inventories are charged to the profit and loss account.

1.15 Trade Receivables - Doubtful debts:

A Trade receivable represents the company’s right to an amount of consideration that is
unconditional.

Provision is made in the Accounts for Debts/Advances which is in the opinion of
Management are Considered doubtful of Recovery.

1.16 Retirement and other Employee Benefits:

Retirement benefit in the form of provident fund is a defined contribution scheme. The
Company has no obligation, other than contribution payable to the provident fund. The
Company recognizes contribution payable to the provident fund scheme as expenditure,
when an employee renders related service. Gratuity liability is a defined benefit
obligation and the cost of providing the benefits under this plan is determined on the
basis of actuarial valuation at each year-end. Actuarial valuation is carried out for this
plan using the projected unit credit method. Actuarial gains and losses for defined
benefits plan is recognized in full in the period in which they occur in the statement of
profit and loss. Accumulated leave, which is expected to be utilized within the next 12
months, is treated as short term employee benefit. The Company measures the expected
cost of such absences as the additional amount that it expects to pay as a result of the
unused entitlement that has accumulated at the reporting date. The Company treats
accumulated leave expected to be carried forward beyond twelve months, as long-term
employee benefit for measurement purposes. Such long-term compensated absences are
provided for based on the actuarial valuation using the projected unit credit method at
the year-end. Actuarial gains/losses are immediately taken to the statement of profit and
loss and are not deferred. The Company presents the leave as a current liability in the
balance sheet, to the extent it does not have an unconditional right to defer its settlement
for 12 months after the reporting date.

1.17 Ind AS 17- Leases

A Lease is classified as a Finance Lease if it transfers substantially all the risks and
rewards incidental to ownership. A lease is classified as an operating lease if it does not
transfer substantially all the risks and rewards incidental to ownership.

Finance charges in respect of finance lease obligations are recognized as finance costs
in the statement of profit and loss. In respect of operating leases for premises, which
are cancellable / renewable by mutual consent on agreed terms, the aggregate lease
rents payable are charged as rent in the Statement of Profit and Loss.

1.18 Insurance Claims:

Insurance Claims are accounted for on the basis of claims admitted/expected to be
admitted and to the extent that the amount recoverable can be measured reliably and it
is reasonable to expect ultimate collection.

1.19 Earnings per Share (Ind AS 33):

Basic earnings per share are calculated by dividing the net profit or loss for the period
attributable to equity shareholders by the weighted average number of equity shares
outstanding during the period. Partly paid equity shares are treated as a fraction of an
equity share to the extent that they are entitled to participate in dividends relative to a
fully paid equity share during the reporting period. The weighted average number of
equity shares outstanding during the period is adjusted for events such as bonus issue,
bonus element in a rights issue, share split, and reverse share split (consolidation of
shares) that have changed the number of equity shares outstanding, without a
corresponding change in resources.

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.

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Mar 31, 2018

1.1. Basis for preparation of financial statements:

a) Compliance with Indian Accounting Standards (Ind As)

The financial statements have been prepared in accordance with Indian Accounting Standards (Ind As) as per the Companies (Indian Accounting Standards) Rules, 2015 notified under section 133 of the Companies Act, 2013. Up to the year ended March 31, 2017, the Company prepared financial statements in accordance with the requirements of previous GAAP, which includes Standards notified under the Companies (Accounting Standards) Rules, 2006.

These are the Company’s first Ind As financial statements. The date of transition to Ind As is April 1, 2017.

b) First time adoption

In accordance with Ind As 101 on First- time adoption of Indian Accounting Standards, the Company has prepared its first Ind As financial statements which include:

(i) Three Balance sheets namely, the opening Balance Sheet as at 1st April, 2016

(The transition date) by recognizing all assets and liabilities whose recognition is required by Ind As, not recognizing assets or liabilities which are not permitted by Ind As, by reclassifying assets and liabilities from previous GAAP as required by Ind As and applying Ind As in measurement of recognized assets and liabilities; and Balance Sheets as at March 31, 2018 and 2017; and

(ii) Two Statements each of profit and loss; cash flows and changes in equity for the years ended March 31, 2018 and 2017 together with related notes.

The same accounting policies have been applied for all the periods presented except when the company has made use of certain exceptions.

The financial statements have been prepared on the historical cost basis except for certain instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below.

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique.

All assets and liabilities have been classified as current or non-current as per the Company’s normal operating as per the Company’s normal operating cycle and other criteria set out in the schedule III of the Act. The Company has determined its operating cycle as twelve months for the purpose of current-noncurrent classification of assets and liabilities.

The financial statements are presented in Indian Rupees which is also its functional currency. All amounts have been rounded - off to the nearest rupees, unless otherwise indicated.

c) Use of estimates and judgment

In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively.

1.2. Property, Plant and Equipment & Depreciation

Items of Property, Plant and Equipment are stated at cost less accumulated depreciation.

Cost of an item of property, plant and equipment comprises its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates, any directly attributable cost of bringing the item to its working condition for its intended use and estimated costs of dismantling and removing the item and restoring the site on which it is located.

The cost of a self-constructed item of property, plant and equipment comprises the cost of materials and direct labor, any other costs directly attributable to bringing the item to working condition for its intended use, and estimated costs of dismantling and removing the item and restoring the site on which it is located.

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment.

Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss.

Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less cost of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units).

Depreciation on the fixed assets has been provided based on useful lives as prescribed under part C of the schedule II of the companies act, 2013.

Depreciation method, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.

Depreciation on additions (disposals) is provided on a pro-rata basis i.e. from (upto) the date on which asset is ready for use (disposed of).

1.3 Impairment of non-financial assets

The Company’s non-financial assets, other than deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated.

For impairment testing, assets that do not generate independent cash inflows are grouped together into cash-generating units (CGUs). Each CGU represents the smallest group of assets that generates cash inflows that are largely independent of the cash inflows of other assets or CGUs.

The recoverable amount of a CGU (or an individual asset) is the higher of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the CGU (or the asset).

An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its estimated recoverable amount. Impairment losses are recognised in the statement of profit and loss. Impairment loss recognised in respect of a CGU is allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets of the CGU (or group of CGUs) on a pro rata basis.

1.4 Intangible assets

Intangible assets are amortized over the estimated useful lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method are reviewed at least at each financial year end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortization period or method, as appropriate, and are treated as change in accounting estimates. The amortization expense on intangible assets with finite useful lives is recognized in profit or loss.

1.5 Inventory

Cost of inventories have been computed to include all costs of purchases (including materials), cost of conversion and other costs incurred, as the case may be, in bringing the inventories to their present location and condition.

Stores and consumables are valued at cost arrived at on FIFO basis or net realisable value, whichever is lower

1.6 Foreign currencies transactions and translations

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of exchange at the reporting date.

The gain or loss on decrease/increase in reporting currency due to fluctuations in foreign exchange rates, in case of monetary current assets and liabilities in foreign currency, are recognised in the Statement of Profit and Loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency are recorded using the exchange rates at the date of the transaction.

1.7 Provisions

A provision is recognised when the Company has a present legal or constructive obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. Provisions (other than employee benefits) 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.

1.8 Revenue Recognition

Revenue is measured at the fair value of the consideration received or receivable.

Interest Income

Interest income from a financial asset is recognised using effective interest rate method. However, in respect of certain financial assets where it is not probable that the economic benefits associated with the transaction will flow to the entity and amount of revenue cannot be measured reliably, in such cases interest income is not recognised.

1.9 Dividend Income

Dividends will be recognised when the company’s right to receive has been established

1.10 Employee benefits

1.10.1 Short term employee benefits

The undiscounted amount of short term employee benefits are expected to be paid in exchange for the services rendered by employees are recognised as an expense during the period when the employees render the services.

1.10.2 Defined benefit plans

a) Provident fund

Eligible employees receive benefits from a provident fund, which is a defined contribution plan. Aggregate contributions along with interest thereon is paid at retirement, death, incapacitation or termination of employment. Both the employee and the Company make monthly contributions to the Regional Provident Fund Commissioner equal to a specified percentage of the covered employee’s salary.

b) Employee State Insurance Fund

Eligible employees (whose gross salary is less than Rs.15,000 per month) are entitled to receive benefit under employee state insurance fund scheme. The employer makes contribution to the scheme at a predetermined rate (presently 4.75%) of employee’s gross salary. The Company has no further obligations under the plan beyond its monthly contributions. These contributions are made to the fund administered and managed by the Government of India. Monthly contributions are charges to income in the year it is incurred.

1.11 Tax Expenses

The tax expense for the period comprises current and deferred tax. Tax is recognised in Statement of Profit and Loss, except to the extent that it relates to items recognised in the comprehensive income or in equity. In which case, the tax is also recognised in other comprehensive income or equity.

Current tax

Current tax 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. The amount of current tax reflects the best estimate of the tax amount expected to be paid or received after considering the uncertainty, if any, related to income taxes. It is measured using tax rates (and tax laws) enacted or substantively enacted by the reporting date.

Current tax assets and current tax liabilities are off set only if there is a legally enforceable right to set off the recognised amounts, and it is intended to realise the asset and settle the liability on a net basis or simultaneously.

Deferred tax

Deferred tax is recognised on temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax is also recognised in respect of carried forward tax losses and tax credits.

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 is realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The carrying amount of deferred tax liabilities and assets are reviewed at the end of each reporting period.

1.12 Leases

Leases are classified as finance lease whenever the terms of the lease, transfers substantially all the risks and rewards of ownership to the lessee. Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the Statement of Profit and Loss on a straight line basis over the period of the lease.

1.13 Borrowing costs

Borrowing costs incurred for obtaining assets which takes substantial period to get ready for their intended use are capitalized to the respective assets wherever the costs are directly attributable to such assets and in other cases by applying weighted average cost of borrowings to the expenditure on such assets. Other borrowing costs are treated as expense for the year.

Transaction costs in respect of long-term borrowings are amortized over the tenor of respective loans using effective interest method.

1.14 Earnings per equity share

(i) Basic earnings per share

Basic earnings per share are calculated by dividing:

- The profit attributable to owner of the company.

- By the weighted number of equity shares outstanding during the financial year

(ii) Diluted earnings per share

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 share outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

1.15 Financial Instruments

i. Financial assets

A. Initial recognition and measurement

All financial assets and liabilities are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are adjusted to the fair value on initial recognition.

a) Financial assets carried at amortized cost (AC)

A financial asset is measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

b) Financial assets at fair value through profit or loss (FVTPL)

A Financial asset which is not classified as AC or FVOCI are measured at FVTPL e.g. investments in mutual funds. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss is recognised in profit or loss and presented net in the Statement of Profit and Loss within other gains/(losses) in the period in which it arises.

c) Financial assets at fair value through other comprehensive income (FVTOCI)

A financial asset is measured at FVTOCI if it is held within a business model whose Objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

B. Investments in subsidiaries

The Company has accounted for its investments in subsidiaries at cost and not adjusted to fair value at the end of each reporting period. Cost represents amount paid for acquisition of the said investments.

ii. Financial Liabilities

A. Initial recognition

All financial liabilities are recognized at fair value.

B. Subsequent measurement

Financial liabilities are carried at amortized cost using the effective interest method. For trade and other payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.

1.16 First time adoption of Ind As

Transition to Ind As

The Company has adopted Ind As with effect from 1st April 2017 with comparatives being restated. Accordingly the impact of transition has been provided in the Opening reserves as at 1st April, 2016. The figures for the previous period have been restated, regrouped and reclassified wherever required to comply with the requirement of Ind As and Schedule III.

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Mar 31, 2015

1. Accounting Convention

1.1 Financial statements are prepared in accordance with generally accepted accounting principles including accounting standards in India under historical cost convention except so far s they relate to revaluation of certain land and buildings.

1.2 All assets and liabilities have been classified as current or 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. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the company has determined its operating cycle as twelve months for the purpose of current-non current classification of assets and liabilities.

1.3 Use of estimates

The preparation of the financial statements in conformity with the generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities on the date of the financial statements, disclosure of contingent liabilities and reported amounts of revenues and expenses for the year. Estimates are based on historical experience, where applicable and other assumptions that management believes are reasonable under the circumstances, Actual result could vary from estimates and any such differences are dealt with in the period in which the result are known/materialize.

2. Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation.

3. Depreciation

Depreciation on Fixed Assets has been calculated on as per the provision of companies act, 2013.

4. Investments

Long-term quoted and unquoted investments are stated at cost. The income from Investments is accounted for when received. Provision for diminution in the value of Long Term Investment is made only if such a decline is other than temporary, in the opinion of the management. Application Money for unquoted shares pending for allotment have been shown under the head Investment (Unquoted Shares).

5. Inventories

Inventories are valued at cost or estimated net realizable value whichever is lower, computed on a FIFO basis, after providing for cost of obsolescence and other anticipate losses, wherever considered necessary. Finished goods and work in Progress include costs of conversion and other costs incurred in bringing the inventories to their present location and condition as certified by the management.

6. Expenditure

Expenses are accounted on accrual basis and provision is made for all known losses and liabilities.

7. Segment Reporting

The Company has only one segment of activity of dealing in IT Trading during the period; hence segment wise reporting as defined in Accounting Standard-17 is not applicable.

8. In the opinion of board of directors, current assets, loans and advances, have at least the value as stated in the balance sheet, if realized in the ordinary course of the business.

9. Based on the information available with the company regarding status of suppliers as defined under "The Micro, Small and Medium Enterprises Development Act.2006."There is no amount payable to the micro, small and medium enterprises company.

10. Revenue recognition

10.1 Revenue from contract works is stated net off discounts and any applicable duties and taxes on dispatch of goods in accordance with terms of sales. Service revenue is recognized on rendering services.

10.2 Other operating revenues comprise of income from ancillary activities incidental to the operation of the company and is recognized when the right to receive the income is established as per the terms.

10.3 Interest Income is recognized on time proportion basis.

11. Research and Development

Expenses incurred on research and developments are charges to revenue in the same year. Fixed assets purchased for research and development purpose are capitalized and depreciated as per Company's policy.

12. Employee's Benefits

Short Term Employee's Benefits

All employees' benefits payable within twelve months of rendering services are recognized in the period in which the employees render the related services.

Post Employment/Retirements Benefits

Contribution to defined Contribution plans such as Provident Fund etc. are charged to the statement of Profit and Loss as incurred.

Gratuity

As per AS-15 (Revised) 2005 of ICAI read with Accounting Standard Board Guidance, The Provision for Gratuity Liability is not made since none of the employees have completed 5 years of service for period under review.

13. Taxation

Provision for Income tax is made on the basis of relevant provisions of the Income Tax Act, 1961.as applicable to the financial year.

Deferred income taxes are recognized for the future tax consequences attributable to timing differences between the financial statement determination of income and their recognition for tax purposes.

14. Provisions and Contingent Liabilities

The Company recognizes a provision when there is a present obligation as a result of past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for contingent liabilities made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation that the likelihood of outflow of resources is remote, no provision or disclosure as specified in Accounting Standard 29-'Provisions, Contingent Liabilities and Contingent Assets' is made.

Contingent assets or liabilities neither recognized nor disclosed in the financial statements.

15. Earnings Per Share(EPS):

The earnings considered in ascertaining the Company's EPS are computed as per Accounting Standard 20 on "Earning per Share", issue by the Institute of Chartered Accountants of India. The number of shares used in computing basic EPS is the weighted average number of shares during the period. The diluted EPS is the weighted average number of shares outstanding during the period. The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effects of potential dilutive equity shares unless the effect of the potential dilutive equity shares is anti-dilutive.

16. Cash Flow Statement

Cash Flow Statement has been prepared in accordance with the Accounting standard Issued by Institute of Chartered Accounts of India on indirect method.

17. Foreign Currency Transaction

Expenses and income are recorded at the exchange rate prevailing on the date of the transaction. Assets and liabilities at the Balance Sheet date are restated at the exchange rate prevailing on the Balance Sheet date. Exchange difference arising on settlement of the transaction and on account of restatement of assets and liabilities are dealt with in the Profit and Loss Account.

18. Miscellaneous Expenditure

Deffered Revenue Expenses have been written-off over a period of five years.

19. Accounting for CENVAT Credit

CENVAT benefit is accounted for reducing the purchase cost of material/fixed assets and Services, where CENVAT credit is available.

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Mar 31, 2014

Not Available.

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Mar 31, 2013

1. Basis of preparation of financial statements

The accompanying financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles [GAAP) under the historical cost convention, on the basis of a going concern basis, while revenue, expenses, assets and Liabilities accounted/recognized on accrual basis. GAAP comprises mandatory accounting standards issued by the Institute of Chartered Accountants of India (ICAI), the provisions of the Companies Act, 1956. Accounting policies are 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.

Management evaluates all recently issued or revised accounting standards on an ongoing basis. The financial statements are prepared under the historical cost convention. Recognition of income and expenses, accrual basis of accounting is followed.

2. Use of Estimates

The preparation of financial statements in conformity with GAAP requires Management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent assets and liabilities as at the date of the financial statements and reported amounts of income and expenses during the period. Examples of such estimates include provisions for doubtful debts, future obligations under retirement benefit plans, income taxes, post-sales customer support and the useful lives of fixed assets and intangible assets.

Management periodically assessed using external and internal sources whether there is an indication that an asset may be impaired. Contingencies are recorded when it is probable that a liability will be incurred, and the amount can be reasonably estimated. Actual results could differ from those estimates.

3. Revenue Recognition

During the year the company has generated Revenue from portfolio services, all the incomes, receipts are accounted for after realization of bills.

4. Fixed Assets, intangible assets and capital work-in-progress

Fixed Assets are stated at cost, less accumulated depreciation. All direct costs are capitalized until fixed assets are ready for use including taxes, duties, freight and other incidental expenses relating to acquisition and installation. Capital work-in progress comprises outstanding advances paid to acquire fixed assets, and the cost of fixed assets that are not yet ready for their intended use at the balance sheet date.

5. Depreciation and amortization

Depreciation on fixed assets is applied on straight-line method, pro-rata for the period of usage, in accordance with the rates prescribed under schedule XIV of the Companies Act, 1956.

6. Expenditure

Expenses are accounted on accrual basis and provisions are made for all known losses and liabilities.

The cost of operations of solar power generator systems and development charges to the solar energy renewable products are charged to cost of revenues in the year of acquisition. Charges relating to non-cancelable, long-term operating leases are computed primarily on the basis of the lease rentals, payable as per the relevant lease agreements. Post-sales customer support costs are estimated by management, determined on the basis of past experience. The cost provided for are carried forwarded until expiry of the related lease warranty period. Provisions are made for known losses and liabilities.

7. Income tax

Income taxes are computed using the tax effect accounting method, in accordance with the Accounting Standard (AS 22) "Accounting for Taxes on Income" which includes current taxes and deferred taxes. Deferred income taxes reflect the impact if current year timing differences between taxable income and accounting income for the year and the relevant of timing difference of earlier years. Deferred tax asset and liabilities are measured at the tax rates that are expected to apply to the period when the asset / liability is realized, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred Tax assets are recognized and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

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Mar 31, 2012

The accompanying financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention, on the basis of a going concern basis, while revenue, expenses, assets and Liabilities accounted/recognized on accrual basis. GAAP comprises mandatory accounting standards issued by the Institute of Chartered Accountants of India (ICAI), the provisions of the Companies Act, 1956. Accounting policies are 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.

Management evaluates all recently issued or revised accounting standards on an ongoing basis. The financial statements are prepared under the historical cost convention. Recognition of income and expenses, accrual basis of accounting is followed.

2. Use of Estimates

The preparation of financial statements in conformity with GAAP requires Management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent assets and liabilities as at the date of the financial statements and reported amounts of income and expenses during the period. Examples of such estimates include provisions for doubtful debts, future obligations under retirement benefit plans, income taxes, post-sales customer support and the useful lives of fixed assets and intangible assets.

Management periodically assessed using external and internal sources whether there is an indication that an asset may be impaired. Contingencies are recorded when it is probable that a liability will be incurred, and the amount can be reasonably estimated. Actual results could differ from those estimates.

3. Revenue Recognition

During the year the company has generated Revenue from portfolio services, all the incomes, receipts are accounted for after realization of bills.

4. Fixed Assets, intangible assets and capital work-in-progress

Fixed Assets are stated at cost, less accumulated depreciation. All direct costs are capitalized until fixed assets are ready for use including taxes, duties, freight and

other incidental expenses relating to acquisition and installation. Capital work-in- progress comprises outstanding advances paid to acquire fixed assets, and the cost of fixed assets that are not yet ready for their intended use at the balance sheet date.

5. Depreciation and amortization

Depreciation on fixed assets is applied on straight-line method, pro-rata for the period of usage, in accordance with the rates prescribed under schedule XIV of the Companies Act, 1956.

6. Expenditure

Expenses are accounted on accrual basis and provisions are made for all known losses and liabilities.

The cost of operations of solar power generator systems and development charges to the solar energy renewable products are charged to cost of revenues in the year of acquisition. Charges relating to non-cancelable, long-term operating leases are computed primarily on the basis of the lease rentals, payable as per the relevant lease agreements. Post-sales customer support costs are estimated by management, determined on the basis of past experience. The cost provided for are carried forwarded until expiry of the related lease warranty period. Provisions are made for known losses and liabilities.

7. Income tax

Income taxes are computed using the tax effect accounting method, in accordance with the Accounting Standard (AS 22) "Accounting for Taxes on Income" which includes current taxes and deferred taxes. Deferred income taxes reflect the impact if current year timing differences between taxable income and accounting income for the year and the relevant of timing difference of earlier years. Deferred tax asset and liabilities are measured at the tax rates that are expected to apply to the period when the asset / liability is realized, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred Tax assets are recognized and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

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Mar 31, 2010

I) Fixed Assets :

To state Fixed Assets at cost of acquisition inclusive of inward freight and incidental expenses related to acquisition.

ii) Depreciation :

To calculate depreciation on Fixed Assets on written down value method as per rates under the Income Tax Act.

iii) Financial Accounting:

To follow the accrual method of accounting so that the books of account and other records are designed to facilitate compliance of the relevant provision of the Companies Act.

iv) Miscellaneous Expenditure :

Preliminary Expenditure is written-off over a period of Ten years.

v) Contingent Liabilities :

Contingent Liabilities are not provided and are disclosed by way of Notes.