Accounting Policies of Turner Industries Ltd. Company

Mar 31, 2024

2 Significant accounting policies

2.01 Basis of accounting and preparation of financial statements

(a) Basis of accounting

Thefinancial statementsoftheCompanyhavebeenpreparedinaccordancewith theGenerallyAcceptedAccounting PrinciplesinIndia (Indian GAAP). The
Company hasprepared thesefinancials statementsto comply in all material respectswith the Accounting Standards notified under the Companies
(Accounting Standards)Rules,2014(asamended)andtherelevantprovisions oftheCompaniesAct,2013.Thefinancial statementshavebeenpreparedon
accrual basis and the directions issued by the Reserve Bank of India to the extent applicable to the Company.

(b) Use of estimates

Thepreparation ofthefinancial statementsin conformity with Indian GAAP requirestheManagementtomakeestimatesandassumptionsthataffectthe
reported amountsofassetsandliabilities anddisclosureofcontingent assetsandliabilities atthedateofthefinancial statementsandreported amountsof
revenuesandexpensesduring thereporting period. Although suchestimatesaremadeonareasonableandprudent basistaking into accountall available
information, actual results could differ from those estimates.

(c) Presentation and disclosures in financial statements:

All theassetsandliabilities havebeenclassifiedascurrent or noncurrent asperthenormal operating cycleoftheCompany andother criteria setout in
Scheduled totheCompaniesAct,2013.Basedonthenatureofproductsandthetimebetweentheacquisitionofassetsforprocessingandtheir realisationin

cashandcashequivalents,theCompany hasascertaineditsoperating cycleas12monthsfor thepurposeofcurrent andnon-current classificationofassets
and liabilities.

Trade payables due after 12 months is NIL and Security deposit payable to Sub contractor amounting to which are in nature of long term has been classified
as Long term liabilities based on management representation

2.2 Inventory

(a) finished goods, packing materials, stores, components; consumables and stock-in-trade are carried at the lower of cost and net realisable value.

(b) Costofinventory comprisesallcostsofpurchase,duties,taxes(otherthanthosesubsequentlyrecoverablefrom taxauthorities) andallothercostsincurred
in bringing the inventory to their present location and condition.

(c) CostofConsumablescomprisesall costsof purchase,duties, taxes(other thanthosesubsequentlyrecoverablefrom taxauthorities) andall other costs
incurred in bringing the inventory to their present location and condition.

(d) ChangeinValueofInventory istheMaterial thatwasconsumedfor theoperation.Diminision intheValueofInventory wascommunicatedbyPhoenix
ARC and adopted as such.

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

Cashcomprisescashonhandanddemanddepositswith banks.Cashequivalentsareshort-term balances(with anoriginal maturity ofthreemonthsorless
from thedateofacquisition),highly liquid investmentsthatarereadily convertibleinto known amountsofcashandwhich aresubjecttoinsignificant riskof
changes in value.

2.4 Cash flow statement

Cash flows are prepared in accordance with the indirect method prescribed in Accounting Standard-3.

2.5 Fixed Assets and Depreciation / Amortisation
(i) Tangible fixed assets and depreciation

Tangible fixed assets acquired by the Company are reported at acquisition cost, with deductions for accumulated depreciation and impairment losses, if any.
Theacquisitioncostincludesthepurchaseprice(excluding refundabletaxes)andexpensesdirectly attributable tobring theassettothelocationandcondition
foritsintendeduse.Examplesofdirectly attributable expensesincluded intheacquisitioncostaredelivery andhandling costs,installation, legalservicesand
consultancy services.

Wheretheconstruction ordevelopment ofanysuchassetrequiring asubstantialperiod oftime tosetup for itsintended use,isfunded byborrowings, the
corresponding borrowing costs are capitalised up to the date when the asset is ready for its intended use.

Depreciationisprovided onastraightlinebasisatratesandinthemannerspecifiedinScheduleIItotheCompaniesAct,2013,unlesstheuseofahigherrate
or anacceleratedchargeisjustified through technicalestimates.During theyear,thecompany hasbeenconvertedfrom partnership firm toprivate limited
company.sincethepartnership firm hasfollowed only DepreciationasperITact,theopeningWDV(Written value)isasperincometaxact.During theyear
after convertion the company is following calculation of depreciation both as per Companies Act and Income tax Act
(ii) Intangible Assets

Intangible assetsacquired separatelyaremeasuredon initial recognition at cost.Following initial recognition, intangible assetsarecarried at costless
accumulatedamortization andaccumulatedimpairment loss,ifany.Profit orLossondisposalofintangible assetsisrecognisedintheStatementofProfit and
Loss.

2.6 Revenue Recognition

Revenuefromsaleofgoodsisrecognisedontransferofallsignificant risksandrewardsofownership tothebuyer.Theamountrecognisedassaleisexclusive
of GST and are net of returns.

Interest income is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable.

Service income is recognised, net of service tax, when the related services are provided.

2.7 Investments

Investments that arereadily realisableand areintended to beheld for not more than oneyearfrom thedate,onwhich suchinvestments aremade,are
classifiedascurrentinvestments.All otherinvestmentsareclassifiedaslongterminvestments.Current Investmentsarestatedatlower ofcostandfair value.
Long term investments are stated at cost of acquisition. Provision for diminution is made when such diminution is considered other than temporary in nature.
Non-current investmentsarecarried atcost.Provision for diminution in thevalueofnon-current investmentsismadeonly if suchadeclineisother than
temporary in the opinion of the management.

Current investments arecarried at lower of costand fair value. Thecomparison of costand fair value isdoneseparatelyin respectof eachcategoryof
investments.

On disposal of an investment, the difference between its carrying amount and net disposal proceeds is charged or credited to the Statement of Profit and Loss.

2.8 Employee benefits

(i) Defined Benefit \ Contribution Plan :

Fixedcontributions toProvident FundandEmployeesStateInsurancearerecognizedintheaccountsatactualcosttothecompany.Company’scontributions
paid/payable during theyeartoProvident Fund andESICarerecognizedin theStatementofProfit andLoss.Company’s Contribution towards Provident
Fund and ESIC is based on a percentage of salary.

(ii) Short-Term Employee Benefit :

Short term employee benefits are recognized in the Statement of Profit and Loss relating to the year in which the employee has rendered service.

(iii) Termination Benefits

Termination benefits are recognised in the profit and loss account for the period in which the same is accrue.

2.9 Segment reporting

The Company has only one segment, hence the Segmental reporting regulations are not applicable.

2.10 Earnings per share

Basicearningspershareiscomputed by dividing theprofit /(loss)aftertax(including theposttaxeffectof extraordinary items,if any)by theweighted
averagenumber ofequity sharesoutstanding during theyear.Diluted earningspershareiscomputed bydividing theprofit /(loss)aftertax(including the
posttaxeffectofextraordinary items,ifany)asadjustedfordividend, interestandotherchargestoexpenseorincomerelating tothedilutive potential equity
shares,bytheweighted averagenumberofequity sharesconsideredforderiving basicearningspershareandtheweighted averagenumberofequity shares
which could have been issued on the conversion of all dilutive potential equity shares.

2.11 Segment reporting

TheCompanyprovidesonly FinancialServicesanddoesnothaveanyothersegmentofbusiness.SotheSegmentalreporting regulationsarenotapplicableto
the company.

2.12 Earnings per share

Basicearningspershareiscomputed by dividing theprofit /(loss)aftertax(including theposttaxeffectof extraordinary items,if any)by theweighted
averagenumber ofequity sharesoutstanding during theyear.Diluted earningspershareiscomputed bydividing theprofit /(loss)aftertax(including the
posttaxeffectofextraordinary items,ifany)asadjustedfordividend, interestandotherchargestoexpenseorincomerelating tothedilutive potential equity
shares,bytheweighted averagenumberofequity sharesconsideredforderiving basicearningspershareandtheweighted averagenumberofequity shares
which could havebeenissuedon the conversion of all dilutive potential equity shares.Potential equity sharesaredeemedto bedilutive only if their
conversiontoequity shareswould decreasethenetprofit persharefrom continuing ordinary operations.Potentialdilutive equity sharesaredeemedtobe
convertedasatthebeginning oftheperiod, unlesstheyhavebeenissuedatalaterdate.Thedilutive potential equity sharesareadjustedfor theproceeds
receivablehad the sharesbeenactually issuedat fair value (i.e.averagemarket value of the outstanding shares).Dilutive potential equity sharesare
determined independently for eachperiod presented.Thenumber of equity sharesand potentially dilutive equity sharesareadjustedfor sharesplits /
reverse share splits and bonus shares, as appropriate.

2.13 Provision for Taxation

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

Deferredtaxisrecognisedontiming differences,beingthedifferencesbetweenthetaxableincomeandtheaccountingincomethatoriginateinoneperiod and

arecapableofreversalinoneormoresubsequentperiods. Deferredtaxismeasuredusingthetaxratesandthetaxlawsenactedorsubstantially enactedasat

thereporting date. Deferred taxliabilities arerecognisedfor all timing differences. Deferred taxassetsin respectof unabsorbeddepreciation and carry
forward oflossesarerecognisedonlyifthereisvirtual certaintythattherewill besufficient future taxableincomeavailabletorealisesuchassets.Deferredtax
assetsarerecognisedfor timing differencesof other itemsonly to theextentthat reasonablecertainty existsthat sufficient future taxableincomewill be
availableagainstwhich thesecanberealised. Deferredtaxassetsandliabilities areoffsetifsuchitemsrelatetotaxesonincomeleviedbythesamegoverning
tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their realisability.
Current and deferred tax relating to items directly related to equity are recognised in equity and not in the Statement of Profit and Loss.

2.14 Impairment of Assets

ThecompanyassessesateachBalanceSheetdatewhether thereisanyindication thatanassetmaybeimpaired. An assetisidentified asimpaired, whenthe
carrying amountoftheassetsexceedsitsrecoverablevalue.Basedonsuchassessment,impairment lossifany,isrecognisedinthestatementofprofit andloss

accountfortheperiodinwhich theassetisidentified asimpaired. Theimpairment lossrecognisedintheprior accountingperiodsisreversediftherehasbeen
a change in the estimate of recoverable amount.

Animpairment lossisrecognisedwheneverthecarrying amountofanassetexceedsitsrecoverableamount.AnassessmentisalsodoneateachBalanceSheet
datewhetherthereisanyindication thatanimpairment lossrecognisedforanassetinprior accountingperiodsmaynolongerexistormayhavedecreased.If
any suchindication exists,theasset’srecoverableamount isestimated.Thecarrying amount of thefixed assetisincreasedto therevised estimateof its
recoverable amount but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss
been recognised for the asset in prior years. A reversal of impairment loss is recognised in the statement of Profit and Loss for the year.

After recognition ofimpairment lossorreversalofimpairment lossasapplicable,thedepreciation chargefor thefixed assetisadjustedin future periodsto
allocate the asset’s revised carrying amount, less its residual value (if any), on straight line basis over its remaining useful life.

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Mar 31, 2014

ACCOUNTING CONVENTION

The Financial Statements are prepared under the historical cost convention and in accordance with applicable accounting standards.

FIXED ASSETS

Fixed Assets are stated at cost less depreciation. Cost of Fixed Assets include all direct expenditure and expenditure during construction period allocated of Fixed Assets.

Depreciation on the fixed assets has not been provided. Since the fixed assets with the company is not in use and it is under litigation and the balance affixed assets has been discarded as mentioned in my report of Auditor''s report. But depreciation has been provided on new assets introduced in Block Assets during the year.

INCOME RECOGNITION

Income & Expenditure are accounted on accural basis.

Sales

Sales are recorded and supply of goods takes place in accordance with the terms of sales. Sales do not include Excise Duties.

There were no amounts due to Supplies water the Micro, Small and Medium Enterprises Development Act 2006, (MSMED Act, 2006) Units Sundry Creditors as on 31.03.2014

ACCOUNTING STANDARD

The Profit and Loss A/C. and Balance Sheet Complied with the accounting standards referred in section see 211 (3C) of companies Act 11086.

SECURED LOAN

There are no secured loan borrowed by the company.

CHANGE IN ACCOUNTING POLICY

There is no change in policy of accounts Expenditure in Foreign CurrencyNIL Previous Year figures have been rearranged and regrouped wherever necessary. Sundry Debtors unsecured considered goods

Outstanding for a period exceeding six months Rs. 27.55 Lakhs

Others Rs. 56.24 Lakhs

(The Company does not hold any security except the personal guarantee of debtors.)

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Mar 31, 2013

ACCOUNTING CONVENTION

The Financial Statements are prepared under the historical cost convention and in accordance with applicable accounting standards. FIXED ASSETS

Fixed Assets are stated at cost less depreciation. Cost of Fixed Assets include all direct expenditure and expenditure during construction period allocated of Fixed Assets.

Depreciation on the fixed assets has not been provided. Since the fixed assets with the company is not in use and it is under litigation and the balance of fixed assets has been discarded as mentioned in my report or Auditor''s report. But depreciation has been provided on new assets introduced in Block Assets during the year.

INCOME RECOGNITION

Income & Expenditure are accounted on accural basis.

Sales

Sales are recorded and supply of goods takes place in accordance with the terms of sales. Sales do not include Excise Duties.

There were no amounts due to Supplies water the Micro, Small and Medium Enterprises Development Act 2006, (MSMED Act, 2006) Units Sundry Creditors as on 31.03.2013

ACCOUNTING STANDARD

The Profit and Loss A/C. and Balance Sheet Complied with the accounting standards referred in section see 211 (3C) of companies Act 11086.

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Mar 31, 2012

ACCOUNTING CONVENTION

The Financial Statements are prepared under the historical cost convention and in accordance with applicable accounting standards.

FIXED ASSETS

Fixed Assets are stated at cost less depreciation. Cost of Fixed Assets include all direct expenditure and expenditure during construction period allocated of Fixed Assets.

Sales

Sales are recorded and supply of goods takes place in accordance with the terms of sales . sales do not include excise duties. There were no amounts due to Supplies water the Micro. Small and Medium Enterprises Development Act 2006, (MSMED Act, 2006) Units Sundry Creditors as on 31.03.2012

ACCOUNTING STANDARD

The Profit and Loss A/C. and Balance Sheet Complied with the accounting standards referred in section see 211 (3C) of companies Act 11086.

SECURED LOAN

There are no secured loan borrowed by the company.

TAXES

Since there is a toss no provision for taxation has been provided

The deferred tax liability has been provided on the depreciation provided during the year on car and inverter

FOREIGN EXCHANGE TRANSACTIONS:

Foreign Exchange Transactions of revenue In nature are accounted at the exchange rates prevailing on the date of transaction and are recognized In the Profit and loss Account. There are No Foreign Exchange Transactions with respect to Assets and Liabilities Profit on realization of Foreign Exchange is Rs.6.02.866(RY. Loss 1,53.451)

ADVANCE FOR MACHINERY:

The Liabilities for sundry creditor towards purchase of Machinery from M/s.Diamond Processing corporation and M/s.Star Machinery has been adjusted against the Machinery advances to M/s. R.V. Diamonds. Since They belongs to the same group as per the Information and explanation given to us. After adjust the credit balance against the advances for Machinery the net balance has been shown in the balance sheet but Amount advance to R.V. Diamond for purchase of machinery during the year 1995 (Rs.67.52 lakh). Company has filed suit against them which is still pending in the High Court.

PROVIDENT FUND:

As per the information provided the provisions of provident fund, state Insurance are not applicable Is accounted on accrual basis and is charges to revenue account.

In the opinion of the Board of Directors, Sundry debtors. Current assets. Loans and Advances have a value on realization. In the ordinary course of business, atleast equal to the amount at which they are stated.

The company Is yet to receive confirmations from parties In respect of balances outstanding In sundry debtors and creditors.