SIGNIFICANT ACCOUNTING POLICIES: A. Basis of Accounting The financial statements have been brpared on accrual basis and under the historical cost convention in accordance with Generally accepted Accounting Principles (GAAP) in India and the Accounting Standard (AS) and the relevant provisions of the Companies Act, 2013. B. Revenue recognition Income and Expenditure are accounted for on accrual basis except otherwise stated C. Fixed Assets Fixed assets are stated at cost of acquisition., inclusive of expenses incidental to their acquisition as reduced by accumulated debrciation thereon. D. Investments Unquoted Investment comprising of shares in private limited company is valued at cost price. E. Inventories Inventories comprising quoted and un- quoted shares. The quoted share valued at lower of cost or market value and un-quoted shares are valued at cost. F. Employee's Benefits a) Contribution to Provident Fund and other Funds are made in accordance with the Provident Fund and Family Pension Act, 1952 with effect from 1st July,1995. b) Gratuity has not been provided in the accounts for the current year. G. Taxation y Tax expenses comprises of current and deferred tax. / Current Tax is determined as the amount of tax payable in respect of taxable income for the year. The deferred tax for timing difference between the book & tax profit for the year is accounted for using tax rates and tax laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred Tax Assets arising from the timing difference are recognized to the extent that there is virtual certainty that sufficient future taxable income will be available. Minimum Alternate Tax (MAT) credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. H. Provisions and Contingencies A provision is recognized when the Company has a legal and constructive obligation as a result of a past event, for which it is possible that cash outflow will be required and a reliable estimate can be made of the amount of the obligation. A contingent liability is disclosed when the Company has a possible or brsent obligation where it is not probable that an outflow of resources will be required to settle i t Contingent assets are neither recognized nor disclosed |