Accounting Policies of TBI Corn Ltd. Company

Mar 31, 2025

A. SIGNIFICANT ACCOUNTING POLICIES

1. BASIS OF ACCOUNTING:

The Financial Statements have been prepared under the historical cost convention in accordance with
the generally accepted accounting principles and materially complies with the mandatory accounting
standards issued by the ICAI and Provision of the Companies Act''2013

2. Property, Plant & Equipments:

Property, Plant & Equipments are stated at its revalued amount or at cost of acquisition or
construction less depreciation. Cost comprises purchase price and other attribute costs/expenses
related thereto.

3. DEPRECIATION:

Depreciation on assets has been provided on written down value method on the basis of useful life
mentioned as per section 123(2) and Schedule II Companies Act 2013

4. INVENTORIES:

Stock of Raw Materials, components and other stocks are valued At Cost (FIFO Basis) (net off CENVAT
& GST wherever applicable)

Finished products including traded goods and work-in-process are valued at lower of cost or net
realizable value. Cost of finished products and work-in-process includes material cost, labour, direct
expenses, production overheads and excise duty, where applicable.

5. REVENUE RECOGNITION:

Sale of goods is recognized on dispatch to the customers. "SALES" include amount recovered towards
sales tax Excise Duty and net of sales return.

6. TAX ON INCOME:

a) Current tax is determined in accordance with the provisions of the Income Tax Act, 1961, as the
amount of tax payable to the taxation authorities in respect of taxable income for the year.

b) Deferred tax is recognized on timing difference between book profit and the taxable income for
the year and quantified using the tax rates and laws enacted or substantively enacted as on the
Balance Sheet date.

7. Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit or (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.

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Mar 31, 2024

A. SIGNIFICANT ACCOUNTING POLICIES

1. BASIS OF ACCOUNTING:

The Financial Statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles and materially complies with the mandatory accounting standards issued by the ICAI and Provision of the Companies Act''2013

2. Property, Plant & Equipments:

Property, Plant & Equipments are stated at its revalued amount or at cost of acquisition or construction less depreciation. Cost comprises purchase price and other attribute costs/expenses related thereto.

3. DEPRECIATION:

Depreciation on assets has been provided on written down value method on the basis of useful life mentioned as per section 123(2) and Schedule II Companies Act 2013

4. INVENTORIES:

Stock of Raw Materials, components and other stocks are valued At Cost (FIFO Basis) (net off CENVAT & GST wherever applicable)

Finished products including traded goods and work-in-process are valued at lower of cost or net realizable value. Cost of finished products and work-in-process includes material cost, labour, direct expenses, production overheads and excise duty, where applicable.

5. REVENUE RECOGNITION:

Sale of goods is recognized on dispatch to the customers. "SALES" include amount recovered towards sales tax Excise Duty and net of sales return.

6. TAX ON INCOME:

a) Current tax is determined in accordance with the provisions of the Income Tax Act, 1961, as the amount of tax payable to the taxation authorities in respect of taxable income for the year.

b) Deferred tax is recognized on timing difference between book profit and the taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.

7. Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit or (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.

8. PROVISION AND CONTINGENT LIABILITIES:

a) Provisions in respect of present obligations arising out of past events are made in the accounts when reliable estimates can be made of the amount of the obligation.

b) Contingent liabilities are disclosed by way of note to the financial statements after careful evaluation by the management of the facts and legal aspects of the matter involved.

9. EARNING PER SHARE

Basic earnings per share are computed by dividing the net profit after tax attributable to equity shareholders for the year by the weighted average number of equity shares outstanding during the year.

Diluted earnings per share is computed by dividing the net profit after tax attributable to equity shareholders for the year by the weighted average number of equity shares outstanding during the year as adjusted for the effects of all dilutive potential equity shares, if any.

10. Contingent Liabilities

According to the information & explanation provided by the company, there is no liability of Contingent nature was outstanding as at 31st March, 2024.

11. Related Party Transactions:-

As per Accounting Standard (AS -18) issued by the Institute of Chartered Accountants of India, the disclosures of transactions with the related parties are given below:

List of related parties where control exists and related parties with whom transactions have taken place and relationships:

15. Others

a) Previous year''s figures have been rearranged / regrouped wherever necessary to make them comparable with the current year figures.

b) Balances of Sundry Debtors, Sundry Creditors, Loan & Advances, Advance Receivable are subject to confirmation and reconciliation if any,

c) In the opinion of the Board, the Current Assets, Loan & Advances are approximately of the value stated, in the ordinary course of business. Provision for depreciation and for all known liabilities are adequate and not in excess of the amount reasonably necessary.

d) The Company is in the process of compiling information from its suppliers regarding their status under Micro, Small and Medium Enterprise Development Act 2006. And hence disclosure, if any of the amounts unpaid as at the yearend together with the interest paid / payable as required is not given.