Accounting Policies of Shiva Granito Export Ltd. Company

Mar 31, 2024

37SIGNIFICANTS ACCOUNTING POLICIES

1. Basis of preparation of financial statement

a) The financial statements are prepared under the historical cost convention in accordance with the generally accepted accounting
principles in India to comply with the Indian Accounting Standards (Ind AS) notified under section 133 of the Companies Act,2013

read with Rule 3 of the Companies (Indian Accounding Standards Rule 2015 (as amended from time to time and presentation requirement
.of Division li of schedule ill to the Companies Act 2013 9lnd AS COMPLIANT Schedule III) as applicable.The financial statements have been
prepared as going concern on accrual basis The accounting policies adopted in the preparation of fianancial statements are consistent
with those followes in previous year.

b) The Company follows mercantile syatem of accounting and recognises income and expenditure on accrual basis unless
otherwise stated hereinafter,

C) All the assets and liabilities have been classified as currentand non current as per the company''s normal operating cycle

and other criteria setoutin schedule III IN COMPANIES Act 2013. The Company has identified twelve months as its operating cycle.

2. Use of Estimates

The preparation of the financial statements isconfirmity with Ind AS requires and generally accounting principles accepted requires the
Managements make estimates and assumptions considered in the reported amount of assets and liabilities (including contingent liabilities
)and the reported income and expenses during the year .The management believes that the estimates used in preparation of the financial
are prudentand reasonable .Difference between the actual results and estimates are recognised in the period to which the results

3. Property,Plant and equipment and Depreciation

1 Fixed Assets are stated at cost less accumulted depreciation and impairment losses, if any All cost including financing cost till
commencement of business ,net charges on foreign exchanges contracts and adjustments arising from exchange rate variation
attributable to the fixed assets are capitalised .

2.Depreciable amount for assets is the cost of an assets or other amount substituted for cost less its estimated residual value
Depreciation on Tangible fixed assets has been provided on the written down value method as per the use full life prescribed
in schedule ilto the Companies Act,2013 subject to the followings deviations Additions and disposal s are reckoned on the
first and last day of the month respectively.The estimated use full life of the Tangible assets and amortisation period are
reviewed at the end of each financial year and the amortisation period is revised to reflect the changed pattem.if any
Capital assets costing up to Rs.5000/-are wholly depreciated in the year of purchase.

4. Inventories

Items of inventories are measured at lower of cost and net realisable value after providing for obsolescence,if any.Cost of

inventroies comprises of cost of purchases,cost of conversion and cost of manufacturing overhead incurred in bringing them to

to their respective present location and condition . Cost of raw material .stores, consumables and packing materials are determined at cost.

5 Revenue Recognistion

Revenue is recognised only when it can be reliably measured and it is reasonable to express ultimate collection Turnover includes
indigeneious and exportss sales of the company.

06 Current Assets, Loans and Advanecs & Liabilities

In the opinion of the management, the value on realization of current assets, loan and advances, if realized in the ordinary course of
the business, shall not be less than the amount which is stated in the current year Balance Sheet. The provision for all known liabilities
is reasonable and not in excess of the amount considered reasonably necessary

07 Borrowing Cost

Borrowing cost incurred in relation to qualifying asset is capitalised and borrowing cost other that qualifying asset is charged to

profit and loss account. The total amount of borrowing cost capitalised during the year is nil

08, Company has not received any government Grant during the year..

09. Employee Benefits:

i Shortterm employee benefit are recognised as an expenses at the undiscounted amount in the profit and loss account of the
year in which the related services is rendered.

ii Retirement benefits as regards to employes are accounted at the time of payment no any provision has been made.

iii No provision for accured leave encashment has been made ,as the payments are accounted on cash basis.

10 Taxes on income:

i. Provision for current tax is made after taking into consideration benefits admissible under the provisions of income tax

Act1961 .Deferred tax resulting from timing difference between taxable and accounting income is accounted for using the
tax rates and laws are enacted as on balance date

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Mar 31, 2016

1. Basis of preparation of financial statement

a) The financial statements are prepared under the historical cost convention in accordance with the generally accepted accounting principles in India to comply with the Accounting Standards specified under section 133 of the Companies Act,2013 read with Rule 7 of the Companies (accounts) Rules 2014 and relevant provisions of the Companies Act 2013. as applicable .The financial statements have been prepared as going concern on accrual basis The accounting policies adopted in the preparation of financial statements are consistent with those follows in previous years by the previous firm except for change in the accounting policy for depreciation as more fully described in notes

2. Use of Estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amount of assets and liabilities (including contingent liabilities and the reported income and expenses during the year .The management believes that the estimates used in preparation of the financial Difference between the actual results and estimates are recognized in the period to which the results

3. Fixed Assets and Depreciation

1 Fixed Assets are stated at cost less accumulated depreciation and impairment losses, if any All cost including financing cost till commencement of business ,net charges on foreign exchanges contracts and adjustments arising from exchange rate variation attributable to the fixed assets are capitalized.

2. Depreciable amount for assets is the cost of an assets or other amount substituted for cost less its, estimated residual value Depreciation on Tangible fixed assets has been provided on the written down value method as per the use full life prescribed in schedule II to the Companies Act,2013 subject to the followings deviations Additions and disposal s are reckoned on the first and last day of the month respectively. The estimated use full life of the Tangible assets and amortization period are reviewed at the end of each financial year and the amortization period is revised to reflect the changed pattern, if any Capital assets costing up to Rs.5000/- are wholly depreciated in the year of purchase.

4. Inventories

Items of inventories are measured at lower of cost and net realizable value after providing for obsolescence, if any. Cost of inventories comprises of cost of purchases, cost of conversion and cost of manufacturing overhead incurred in bringing them to their respective present location and condition. Cost of raw material, stores, consumables and packing materials are determined at cost.

5 Revenue Recognition

Revenue is recognized only when it can be reliably measured and it is reasonable to express ultimate collection Turnover includes sales and service provided by the company.

6. Employee Benefits:

i Short term employee benefit are recognized as an expenses at the undiscounted amount in the

profit and loss account of the year in which the related services is rendered.

ii Retirement benefits as regards to employees are accounted at the time of payment

iii No provision for accrued leave encashment has been made ,as the payments are accounted on cash basis.

7 Taxes on income:

i. Provision for current tax is made after taking into consideration benefits admissible under the provisions of Income tax Act 1961 .Deferred tax resulting from timing difference between taxable and accounting income is accounted for using the tax rates and laws are enacted as on balance date.

8. Contingent Liabilities

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources to settle the obligation and in respect of to settle the obligation and in respect of Provision is determined based on the best estimates required to settle the obligation at the yearend date. These are review Contingent liabilities are not provided for in the accounts and are separately shown in notes on account. Contingent assets are neither recognized nor provided or disclosed in the financial statements.