Accounting Policies of Whitehall Commercial Company Ltd. Company

Mar 31, 2024

This; note provides a lisL of Lho significant accounting policies adopted m ihe preparation of these
financial statements. These policies have been consistently applied to all the years presented,
unless otherwise stated.

(a) Basis of Preparation >

The Standalone financial statements of the company have been prepared in accordance with Indian
Accounting Standards (^l!nd AS’) notiMod under the companies (Indian Accounting Standards)
Rule. 2015 noli hod under section 133 of the Companies Act. 2013(^1-the Ad”), as amended
thereafter and other relevant provision of the act.

The Standalone financial statements have been prepared on an accrual basis and under the
historical cost convention, except for the following assets and liabilities which have been measured
at fail'' value:

• derivative Mnancial instruments;

* Cerium financial assets and li abilities measured at fair value (refer accounting policy on
financial instrument)

The Standalone financial statements are presented in Indian Rupees (“TNR”), which is also
company''s functional cuiTency.

Si gin tlca nl accounting estimates, assumptions and judgements

The preparation of the Standalone Mnancial statements requires management lo make estimates
and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and
the accompanying disclosures, and the disclosure of contingent liabi lilies. Uncertainty about Lhese
assumptions and estimates could result in outcomes that require a material adjustment to the
cairying amount of assets or liabilities clYcetcd in future periods.

(hi Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the
reporting date, that have a sign if cam risk ol causing a mu tonal adjustment lo the carrying amount
of assets and liabilities within the next financial year, are described below. The Company has based
its assumptions and estimates on parameters available when the Standalone financial statements
were prepared. Existing circumstances and assumptions about future developments, however, may

change due to market changes or circumstances arising Thai arc beyond the control of the Company.
Such changes arc rc dec Led in the assumptions when they occur.

(e) Fair Value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the Balance Sheet
cannot be measured based on quoted prices in active markets, their lair value is measured using
valuation techniques including the Discounted Cash flow (“DCF”) model. The inputs to Lhese
models are taken from observable markets where possible, but where this is not feasible, a degree
pf judgement is required in establishing their fair values. Judgements include eons id era Lion of
inputs such as liquidity risk, credit risk and volatility.. Changes in assumptions about these factors
could affect the reported lair values of financial instruments.

(d) Revenue Recognition

Ind AS 115 specifies a uniform., five-step model lor revenue recognition, which is generally to be
applied to all contracts with customers.

* Sale of Goods:

The Company recognizes revenue from sale of goods measured at fait value of the eonsideration
received or receivable, upon satisfaction of performance obligations which is at a point in time
when control of the goods is transferred to the cLLslomer generally on tire delivery of the goods.

* Suit of Services:

Sale of services are recognised on satisfaction of performance obligation toward? rendering of
such seivices.

* Interest and dividend income:

InleresL Income from a financial asset is recognised when it is probable that the economic benefits
will flow to the Company and the amount of income can be measured reliably. Interest income is
accrued on a time basis, by reference to the principal outstanding and at the effective interest rate
applicable and dividend income from investments in shares is recognised when the owner’s: light
to receive the payment is established.

(c) Property* plant and equipment

Tire Company has no investment in Property. Plant and hquipmenl.

(t) In tangible assets

The Company has no investment in intangible assets.

A Financial instrument is any contract that gives rise to a financial asset of one cntiLy and a
financial liability or equity instrument of another entity.

Fin undo! assets; Initial recognition and measurement

All financial assets are recognised initially at fair value plus, in the ease of financial assets not
recorded at fair value through profit or loss, transaction eosls that are attributable to the acquisition
of the financial asset. Purchases or sales of financial assets that require delivery of assets within a
lime frame established by regulation or convention in the market place (regular way trades) arc
recognised on the trade date, i.e., the date that the Company commits to purchase or sell the asset.

Subsequent measurement

for purposes of subsequent measurement, financial assets are classified in Jour categories:

* Debt instruments at amor used cost

* Debt instruments at fair value tlirough other comprehensive income (FVOCI)

* Debt instruments, derivatives and equity instruments at fair value through profit or loss (I"VPL)

* Equity instruments measured at lair value through other comprehensive income (FVOCI)

Equity investments

All equity investments in scope of Ind AS 109 arc measured at fail¹ value. Equity instmments which
are held for trading and contingent consideration recognised by an acquire!’ in a business
combination to which hid AS 103 applies are classified as at FVPL. For all other equity
instruments, the Company may make an irrevocable ejection to present in other comprehensive
income subsequent changes in the fair value. The Company makes such election on an instrument
by-instrument basis. The classification is made on initial recognition and is irrevocable, If the
Company decides to classify an equity instrument as at FVOCI, then all fair value changes on the
instrument, excluding dividends, are recognised in the OCI. There is no recycling of the amounts
from OCI to tile Statement of Profit and Loss, even on sale of investment. However, the Company
may transfer the cumulative gain or loss within equity. Equity instruments included within the
FVPL categoiy are measured al lair value with all changes recognised in the Statement of Profit
and Loss.

The Ghmpan^ recognizes loss allowance using the expected credit loss (EC'' L) model for the
financial as sols which ai''e not fair valued through prill or Joss. Loss allowance for trade
receivables with no significant financing component is measured at an amount equal to lifetime
ECL. For all financial assets with contractual cash Hows other than trade receivable, ECLs are
measured at an amount equal to the 12-month ECL. unless there has heen a significant increase in
credit risk from initial recognition in which case those arc measured at lifetime ECL. The amount
oi ECLs (or reversal) that is required to adjust the loss allowance at the reporting date to the amount
that is required to he recognised as an impairment gain or loss in the Statement of Profit and Loss.

JJemcogniikm

A financial asset (or> where applicable, a .part of a financial assel or part of a Company of similar
financial assets) is primarily derecognized when;

* The righLs to receive pash flows from the asset have expired, or

* The Company has transferred its rights to receive cash Hows from the asset or lias assumed an
obligation to pay the received cash flows in full without material delay to a third party under a
¦pass-through arrangement and cither (a) the Company has transferred substantially all the risks
and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all
tire risks and rewards of the asset, but has transferred control of the asset. When the Company has
transferred its rights to receive cash flows from an asset or has entered into a pass-through
arrangement, it evaluates il and to what extent it has retained the risks and rewards of ownership,
When it has neither transferred nor retained substantially all of the risks and rewards of the asset,
nor transierrod control of the assel, the Company eontinu.es to recognize the transferred assel to
the extent of the Company continuing invol vein cut. In that case, the Company also recognizes an
associated li ability. The transferred asset and the associated liability are measured on a has is that
reflects the rights and obligations Lhat the Company has retained,

Fihiincia! liabilities

Financial liabilities are classified and measured at amortised cost or FVTL. A financial liability is
classified as at FVPL if it is classified as held for trading, or it is a derivative or it is designated as
such on initial recognition. Financial liabilities at F''VI’L arc measured at fair value and net gajns
and Josses, including any interest expense, are recognised in Statement of Profit and Loss. Other
financial liabilities are subsequently measured at amortised cost using the effective interest
method. Interest expense and Foreign exchange gains and losses are recognised in Statement of
Profit and Loss. Any gain or loss on derecognition is also recognized in Statement of Profit and
Loss.

Derecognition

A financial liability is derecognized when tine obligation under the liability is discharged or
cancelled pr empires. When an existing financial liability is replaced by another from Lhe same
lender oil substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange ornu id ill cation is treated as the derecognition of tile original liability
and the recognition of a new liability. The difference in the respective car lying amounts is
recognised in the Statement of Profit and Loss.

Qffkeiiing.

Financial assets and financial liabilities are offset and the net amount presented in the Balance
Sheet when, and only when, the Company currently has a legally enforceable right to set off the
amounLs and it intends either to settle them on a nel basis or to realize the asset and settle the
i i ah i litj^r simultaneously.

(h) Impairment of non-financial assets

The Company assesses at each reporting date, whether there is an indication that an asset may be
impaired. If any indication exists, or when annual impairment testing for an asset is required, the
Company estimates the assets'' recoverable amount. The recoverable amount is dctcimined tor an
individual asset unless the asset does riot generate cashflow''s that arc largely independent of those
from other assets or Company of assets. For assets excluding goodwill, an assessment is made at
each reporting date to determine whether there is an indication that previously recognised
impairment loss no longer exist or has decreased. If such indication exists, the Company estimates
the assets'' or CGU’s recoverable amount. A previously recognised impairment Joss is reversed
only if there has been a change in the assumptions used to determine die assets'' recoverable
amount, since the last impairment loss was recognised. The reversal is limited so that the cany in g
amount of the asset docs not exceed us recoverable amount, nor exceed the carrying amount that
would have been dctcimined, net nf depreciation, bad no impairment loss been recognised for the
asset in prior years. Such reversal is recognised in the statement of profit and loss.

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Mar 31, 2014

A) Basis of Accounting :-

Financial statements are prepared under historical cost convention on accrual basis in accordance with the requirements of Companies Act 1956 except otherwise stated. Accounts are prepared on going concern basis.

b) Use of Estimates :-

The preparation of financial statements requires the management of the Company to make an estimate & assumptions that affect the reported balances of Assets & Liabilities and disclosure relating to Contingent liabilities as at the date of financial statements & reported amounts of Income & Expenses during the year. The estimates are based on management''s best knowledge of current events and actions. However, due to uncertainty of the assumptions and estimates the carrying amounts of the assets & liabilities may require material adjustment in future periods.

c) Revenue Recognition:-

Revenue is recognised to the extent it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Sale of goods and services are recognized net of duties & taxes. Expenditure & income are accounted on accrual basis including provisions/adjustments for committed obligations & amounts determined payable or receivable during the year except for Leave Encashment.

d) Tangible Fixed assets :-

Tangible Fixed assets are stated at cost less depreciation less impairment losses. Cost comprises purchase price, capitalised borrowing cost and subsequent expenditure if it increases the future benefits from the existing asset. In case of derecognition of Tangible Fixed Asset, the difference between the carrying amount and disposal proceeds is accounted as gain / loss in the Statement of Profit & Loss.

e) Depreciation on Tangible Fixed Assets :-

Depreciation on Tangible Fixed Assets has been provided on WDV method at the rates & in the manner prescribed in Schedule XIV of Companies Act 1956

f) Impairment of Tangible & Intangible Assets ;-

The company assesses at each reporting date an indication about impairment of an asset. If any indication exists, the company estimates the asset''s recoverable amount. The recoverable amount is determined for individual asset. The recoverable amount is higher of the selling price & value in use of the asset. The value in use is estimated on the basis of estimated future cash flows for next 5 years discounted to the present value by using pre-tax discount rate that reflects time value of the money and the risk specific to the asset. Where the carrying amount of the asset exceeds the recoverable amount, the asset is considered to be impaired & is written down to its recoverable value.

Impairment losses are recognised in the Statement of Profit & Loss and the depreciation is provided on the revised carrying amount of the asset after impairment. If the previously recognised impairment losses do not exist or have decreased, the same are reversed and the reversible is limited so that carrying amount does not exceed the recoverable amount-

g) Investments:-

Investments which are readily realisable and intended to be held for not more than 1 year from the date on which such investments are made are classified as current investments. AN other investments are classified as Long-term Investments. On initial recognition, all investments are measured at cost. The cost comprises Purchase price and directly attributable acquisition charges such as brokerage, fees and duties.

Current investments are carried in the financial statements at lower of cost or fair value determined on an individual invesment basis. Long term "investments are carried at cost. However, provision for diminution in value is made to recognise a decline other than temporary in the value of investments. On disposal of investment, the difference between its carrying amount and net disposal proceeds is charged or credited to the Statement of Profit and Loss.

h) Current Assets, Loans & advances :-

Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

i) Retirement and other employee benefits :-

Employee benefits like provident fund, gratuity are not applicable to the company and hence no provision has been made in the accounts. Leave encashment is not provided in the books of accounts but is charged to the Statement of Profit and Loss on payment basis.

j) Taxes on Income :-

Provision for current Income Tax is determined in accordance with the provisions of Income Tax Act 1961. Minimum Alternate Tax (MAT) paid / provided in the year is charged to the Statement of Profit and Loss as current Tax. Deferred Tax - subject to materiality - is recognized on timing differences, being the difference between the taxable income & the accounting income that originate in one period & are capable of reversal in one or more subsequent periods. Deferred tax asset is recognized & carried forward only to the extent that there is a virtual certainty that the asset will be realized in future

k) Provisions, Contingent Liabilities & Commitments and Contingent assets :-

Provisions in respect of present obligations arising out of past events are made in accounts when reliable estimates can be made of the amounts of obligations. Provisions are not discounted to their present value and reviewed at each reporting date. Contingent liabilities & commitments are not accounted but disclosed separately. Contingent assets are neither accounted nor disclosed in the financial statements.

I) Earnings per share :-

The earnings considered in ascertaining the Company''s earnings per share are net profit after tax. The number of shares is considered on weighted average basis. For the purpose of calculating dilutive EPS, the net profit attributable to equity shareholders and weighted average number of shares are adjusted for the effect of Dilutive Potential Equity shares.

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Mar 31, 2012

A) Basis of Accounting - Financial statements are prepared under historical cost convention on accrual basis in accordance with the requirements of Companies Act 1956 except otherwise stated. Accounts are prepared on going concern basis.

b) Use of Estimates - The preparation of financial statements requires the management of the Company to make an estimate & assumptions that affect the reported balances of Assets & Liabilities and disclosure relating to Contingent liabilities as at the date of financial statements & reported amounts of Income & Expenses during the year. The estimates are based on management's best knowledge of current events and actions. However, due to uncertainty of the assumptions and estimates the carrying amounts of the assets & liabilities may require material adjustment in future periods.

c) Revenue Recognition - Revenue is recognised to the extent it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Sale of goods and services are recognized net of duties & taxes. Expenditure & income are accounted on accrual basis including provisions/adjustments for committed obligations & amounts determined payable or receivable during the year except for Leave Encashment.

d) Tangible Fixed assets - Tangible Fixed assets are stated at cost less depreciation less impairment losses. Cost comprises purchase price, capitalised borrowing cost and subsequent expenditure if it increases the future benefits from the existing asset.

In case of derecognition of Tangible Fixed Asset, the difference between the carrying amount and disposal proceeds is accounted as gain / loss in the Statement of Profit & Loss.

e) Depreciation on Tangible Fixed Assets - Depreciation on Tangible Fixed Assets has been provided on WDV method at the rates & in the manner prescribed in Schedule XIV of Companies Act 1956

f) Impairment of Tangible & Intangible Assets -The company assesses at each reporting date an indication about impairment of an asset. If any indication exists, the company estimates the asset's recoverable amount. The recoverable amount is determined for individual asset. The recoverable amount is higher of the selling price & value in use of the asset. The value in use is estimated on the basis of estimated future cash flows for next 5 years discounted to the present value by using pre-tax discount rate that reflects time value of the money and the risk specific to the asset. Where the carrying amount of the asset exceeds the recoverable amount, the asset is considered to be impaired & is written down to its recoverable value.

Impairment losses are recognised in the Statement of Profit & Loss and the depreciation is provided on the revised carrying amount of the asset after impairment.

If the previously recognised impairment losses do not exist or have decreased, the same are reversed and the reversible is limited so that carrying amount does not exceed the recoverable amount.

g) Investments - Investments which are readily realisable and intended to be held for not more than 1 year from the date on which such investments are made are classified as current investments. All other investments are classified as Long-term Investments.

On initial recognition, all investments are measured at cost. The cost comprises Purchase price and directly attributable acquisition charges such as brokerage, fees and duties.

Current investments are carried in the financial statements at lower of cost or fair value determined on an individual invesment basis. Long term investments are carried at cost. However, provision for diminution in value is made to recognise a decline other than temporary in the value of investments. On disposal of investment, the difference between its carrying amount and net disposal proceeds is charged or credited to the Statement of Profit and Loss.

h) Current Assets, Loans & advances - Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

i) Retirement and other employee benefits - Employee benefits like provident fund, gratuity are not s

applicable to the company and hence no provision has been made in the accounts. Leave encashment is not provided in the books of accounts but is charged to the Statement of Profit and Loss on payment basis.

j) Taxes on Income - Provision for current Income Tax is determined in accordance with the provisions of Income Tax Act 1961. Minimum Alternate Tax (MAT) paid / provided in the year is charged to the Statement of Profit and Loss as current Tax. Deferred Tax - subject to materiality - is recognized on timing differences, being the difference between the taxable income & the accounting income that originate in one period & are capable of reversal in one or more subsequent periods. Deferred tax asset is recognized & carried forward only to the extent that there is a virtual certainty that the asset will be realized in future

k) Provisions, Contingent Liabilities & Commitments and Contingent assets - Provisions in respect of present obligations arising out of past events are made in accounts when reliable estimates can be made of the amounts of obligations. Provisions are not discounted to their present value and reviewed at each reporting date. Contingent liabilities & commitments are not accounted but disclosed separately. Contingent assets are neither accounted nor disclosed in the financial statements.

l) Earnings per share - The earnings considered in ascertaining the Company's earnings per share are net profit after tax. The number of shares is considered on weighted average basis. For the purpose of calculating dilutive EPS, the net profit attributable to equity shareholders and weighted average number of shares are adjusted for the effect of Dilutive Potential Equity shares.

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Mar 31, 2010

A) BASIS OF ACCOUNTING : The Financial Statements are prepared under historical cost convention on accrual basis in accordance with the requirements of the Companies Act, 1956.

b) Use of estimate :

The preparation of Financial Statements required the management of the Company to make estimate and assumption that effect the reported balances of assets ..and liabilities and disclosure relating to the contingent liabilities as at the date of financial statements and reported amounts of income and expenses during the year, example of such estimate includes tax, advances etc. Actual amount may differ from those estimate.

c) FIXED ASSETS

i) GROSS BLOCK : The Fixed Assets are stated at cost less accumulated depreciation.

ii) DEPRECIATION : The Depreciation in respect of the Fixed Assets has been provided at written down value method at the rates specified in Schedule XIV of the Companies Act, 1956.

d) CONTINGENT LIABILITIES : Provision in respect of present obligation arising out of past events are made in the accounts when reliable estimate can be made of the amount of obligation. Contingent liabilities in respect of possible obligation are stated by way of a notes to the accounts to the balance sheet.

e) IMPAIRMENT OF ASSETS : Impairment of assets, if any, is ordinarily assessed by comparing value in use of cash generating units, with the carrying value of assets.

f) BORROWING COSTS : The Borrowing costs incurred during the year are revenue in nature and are charged as expenses against revenue.

g) TAXES ON INCOME

i) Current Tax: Provision for Income tax is determined in accordance with the provisions of the Income Tax Act, 1961.

ii) Deferred Tax Provision: Deferred Tax is recognised, on timing differences, being the difference between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets, subject to the consideration of prudence, are recognised and carried forward only to the extent that there will be reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.