Accounting Policies of Inditalia Refcon Ltd. Company

Mar 31, 2024

17 SIGNIFICANT ACCOUNTING POLICES

i CORPORATE INFORMATION

Inditalia Refon Limited is a Public Limited Company incorporated in the year 1986. The Company is listed on BSE LTD and is
primarily engaged in the business of manufacturing Refrigerated containers.

ii BASIS OF PREPARATION
Statement of Compliance

The financial statements as at and for year ended 31st March.2024 are prepared in accordance with Indian Accounting Standards
(Ind-AS) notified under section 133 of the companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards)
Rules, 2015 as amended from time to time.

Basis of Measurement

The Financial Statements are prepared on a going concern basis using historical cost convention and on an accrual method of
accounting,except in case of significant uncertainties

The standalone financial statements are presented in Indian Rupees (INR) and all values are rounded to the nearest lakhs, unless
otherwise indicated

Operating Cycle

An operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash equivalents. The
Company has ascertained the operating cycle as twelve months for the purpose of current or non-current classification of assets and
liabilities.

_iH USE OF ESTIMATES AND JUDGEMENTS

The preparation of the financial statements in conformity with the Ind AS requires management to make judgments, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities and disclosures as at date
of the financial statements and the reported amounts of the revenues and expenses for the year presented. The estimates and associated
assumptions are based on historical experience and other factors that are considered to be relevant Actual results may differ from
these estimates under different assumptions and conditions. The estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that
period, or in the period of the revision and future periods if the revision affects both current and future periods.

iv CASH A CASH EQUIVALENTS

Cash and cash equivalent in the Balance sheet comprise of cash at bank, cash in hand, other short term deposits with banks with an
original maturity of 12 months or less and highly liquid investments, that are readily convertible to known amount of cash and which
are subject to insignificant risk of changes in value and Bank overdraft

For the purpose of statement of cash flow, cash and cash equivalents consist of cash and short term bank deposits etc., as defined
above, net of outstanding bank overdrafts since they are considered integral part of the company’s cash management.

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Sep 30, 2014

A. Accounting Convention

The Accounts have been prepared on historical cost basis.

b. Revenue Recognition

The company follows mercantile system of accounting and recognises income and expenditure on accrual basis.

c. Valuation of inventories NA NA

d. Diminution in Value of Investments NA NA

e. Deferred Tax Liability NA NA

f. Depreciation: NA NA

g. Foreign Currency Transactions:

Transactions in foreign currency are recorded at the rate of exchange prevailing on the date of transaction.

h. Retirement Benefits:

There is no liability of gratuity and leave encashment or other retirement benefits on the company.

i. Tax Liability:

Provision for current income tax is made at the current tax rates based on assessable income.

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Sep 30, 2012

A. Accounting Convention

The Accounts have been prepared on historical cost basis.

b. Revenue Recognition

accounting and recognises income and

c. Valuation of inventories

d. Diminution in Value of Investments

e. Deferred Tax Liability

f. Depreciation :

g. Foreign Currency Transactions :

Transactions in foreign currency are recorded at the rate of exchange prevailing on the date of transaction.

h. Retirement Benefits :

encashment or other retirement benefits on

i. Tax Liability :

Provision for current income tax is made at the current tax rates based on assessable income.

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Sep 30, 2011

A) System of Accounting :

The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis. Financial Statements have been drawn up on a historical cost convention on accrual basis.

B) Fixed Assets :

There are no fixed assets with the Company.

C) Pre-operative Expenses :

No such expenses were incurred during the period under review.

D) Depreciation :

The Company used to provide Depreciation on Written Down value basis at the rates prevalent during the period as prescribed in Schedule XIV to the Companies Act, 1956. As the entire fixed assets were disposed off during last year, no provision is required to be made in the accounts for the period under review.

F) Leave Encashment :

Leave encashment is accounted on the basis of leave earned and outstanding at the year end up to maximum of 20 days incase of staff and 30 days in case of working directors as per the Service Rules.

G) Preliminary & Public Issue Expenses :

Preliminary and Public Issue expenses shall be written off equally over a period of 10 years from the year in which the Company commences commercial production in its new business.