Accounting Policies of Darshan Orna Ltd. Company

Mar 31, 2025

Significant Accounting Policies

A. Basis of preparation of Financial Statements

The Financial statements are prepared under the historical cost convention and on an accrual basis in accordance with the Indian Accounting Standards (referred to as “Ind AS”) prescribed under section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules as amended from time to time.

Accounting policies not specifically referred to otherwise are consistent and in accordance with the generally accepted accounting principles

B. Revenue Recognition

Sales are recorded Exclusive of Taxes.

C. Property, Plant and Equipment

Property, Plant, and Equipment are stated at the cost of acquisition or construction less accumulated depreciation, including financial cost till such assets are ready for their intended use.

D. Depreciation

Depreciation is charged on written down value method as per the useful life of assets prescribed under schedule n of the Companies Act, 2013.

E. Inventories

Inventories are valued at cost or net realizable value whichever is lower. Cost in respect of inventories is ascertained on Weighted Average Method.

F. Taxes on Income

Taxes on the income of the current period are determined on the basis of taxable income and credits computed in accordance with the provisions of the Income Tax Act, of 1961.

Deferred tax is recognized on timing differences between the accounting income and the taxable income for the year, and quantified using the tax rates and law''s enacted or substantively enacted as on the Balance Sheet date.

Deferred tax assets are recognized and carried forward to the extent that there is a reasonable and virtual certainty as the case may be, that sufficient future taxable income will be available against w''hich such deferred tax assets can be realized.

G. Related Party Transactions

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Mar 31, 2018

Note : 22

NOTES ON ACCOUNTS

1 Previous year’s figures are regrouped/rearranged wherever necessary.

2 Provision for Taxation for the current year has been made taking into consideration benefits admissible under the provisions of the Income Tax Act, 961

3. The balances of Loans and Advances are subject to their confirmation and reconciliation if any.

4 All the Opening Balance are taken as per previous year audit report.

5. Contingent liability in respect of claims against the company not acknowledged as debts against which the company has counter claims aggregating to Rs. is Nil.

6. In the opinion of the Board, the current assets, loans and advances are approximately the value stated in the Balance sheet, if realigned the ordinary course of business.

7. Information pursuant to paragraph 2 3, 4 5 of Part II of the schedule III is given as under so far as it applies to the company.

a) Payment to Statutory Auditors

Current Year Previous Year 1. Audit Fees 28750 28750/

8. There is no adjustment required to be made to the profits or loss for complying with ICDS notified u/s 145(2).

A. Basis of preparation of Financial Statements

The Financial statements are prepared under the historical cost couvade on accrual basis in accordance with applicable accounting standards referred to in section B3 read with rule 7 of the Companies (Accounts) rules, 204.

Accounting policies not specifically referred to otherwise are consistent and in accordance with the generally accepted accounting principles

B. Revenue Recognition

Sales are recorded Inclusive of Taxes.

C. Fixed Assets

Fixed assets are stated at cost of acquisition or construction less accumulated depreciation, including financial cost till show assets are ready for its intended use.

D. Depreciation

Depreciation is charged on written down value method as per useful life of assets prescribed under'' schedule II of the Companies Act, 20B.

E. Inventories

Inventories are valued at cost or net realizable value whichever is lower. Cost in respect of inventories is ascertained on Weighted Average Method.

F. Taxes on Income

Taxes on income of the current period are determined on the basis of taxable income and credits computed in accordance with the provisions of the Income tax Act, P61

Deferred tax is recognized on timing differences between the accounting income 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.

Deferred tax assets are recognized and carried forward to the extent that there is a reasonable and virtual certainty as the case may be, that sufficient future taxable income will be available against which such deferred tax assets can be realized.

G. Applicability of AS-18

In accordance with the requirements of Accounting Stan-fir ^AS -18) Related Party Transaction issued by the Institute of Chartered Accountants of India, the following persons are considered as Related Party as define irB: AS