Accounting Policies of Amrapali Industries Ltd. Company

Mar 31, 2024

Note: - 1 Significant accounting policies:

1.0 Corporate Information

Amrapali Industries Limited is a Limited Company, incorporated under the provisions of Companies Act, 1956 and having CIN: L91110GJ1988PLC010674. The Company is engaged in the business of different types of activities like entertainment Activities, Bullion Trading and Share trading, etc. The Registered office at Unit No. PO5-02D, 5th Floor Tower A WTC Gift City Gandhinagar, Gujarat - 382355.

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

a. Accounting Convention: -

The financial statements have been prepared in accordance with Section 133 of Companies Act, 2013, i.e. Indian Accounting Standards (''Ind AS'') notified under Companies (Indian Accounting Standards) Rules 2015. The Ind AS Financial Statements are prepared on historical cost convention, except in case of certain financial instruments which are recognized at fair value.

All assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle and other criteria set out in the Part I of Schedule lll to the Companies Act, 2013. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents.

b. Functional and Presentation Currency

All amounts disclosed in the financial statements and notes are rounded off to lakhs, the nearest INR rupee in compliance with Schedule III of the Act, unless otherwise stated.

The functional and presentation currency of the company is Indian rupees. This financial statement is presented in Indian rupees. Due to rounding off, the numbers presented throughout the document may not add up precisely to the totals and percentages may not precisely reflect the absolute figures.

c. Compliance with Ind AS

The financial statements have been prepared in accordance with Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015.

d. Use of Estimates and Judgments

The preparation of the Ind AS financial statements in conformity with the generally accepted accounting principles in India requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the Balance Sheet date, reported amount of revenue and expenses for the year and disclosure of contingent liabilities and contingent assets as of the date of Balance Sheet. The estimates and assumptions used in these Ind AS financial statements are based on management''s evaluation of the relevant facts and circumstances as of the date of the Ind AS financial statements. The actual amounts may

differ from the estimates used in the preparation of the Ind AS financial statements and the difference between actual results and the estimates are recognized in the period in which the results are known/materialize.

Estimates and underlying assumptions are reviewed at each balance sheet date. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in future periods affected.

Particular, information about significant areas of estimation uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial Statement are as below:

1. Valuation of Financial Instruments;

2. Evaluation of recoverability of deferred tax assets/Liabilities;

3. Useful lives of property, plant and equipment and intangible assets;

4. Measurement of recoverable amounts of cash-generating units;

5. Obligations relating to employee benefits;

6. Provisions and Contingencies;

7. Provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions;

8. Recognition of Deferred Tax Assets/Liabilities

e. Current versus Non-Current Classification

The Company presents assets and liabilities in the Balance Sheet based on current/ noncurrent classification.

An asset / liability is treated as current when it is:-

i. Expected to be realized or intended to be sold or consumed or settled in normal operating cycle.

ii. Held primarily for the purpose of trading.

iii. Expected to be realized / settled within twelve months after the reporting period, or.

iv. Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

v. There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

All other assets and liabilities are classified as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities respectively.

1.2 ACCOUNTING POLICIES:

(A) Property, Plant and Equipment

All items of property, plant and equipment are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Cost includes purchase price, non-recoverable taxes and duties, labour cost and direct overheads for self-constructed assets and other direct costs incurred up to the date the asset is ready for its intended use.

Subsequent costs are included in the asset''s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.

Freehold land is not depreciated. Depreciation is provided on a pro-rata basis on the straight-line method in Amusement Division and on other assets Written Down Value Method over the estimated useful lives of the assets or the rates prescribed under Schedule II of the Companies Act, 2013.considering the nature, estimated usage, operating conditions, past history of replacement, anticipated technological changes, manufacturers'' warranties and maintenance support. The Company provides pro-rata depreciation from the day the asset is put to use and for any asset sold, till the date of sale.

Projects under commissioning and other Capital work-in-progress are carried at cost comprising of direct and indirect costs, related incidental expenses and attributable interest. Depreciation is not recorded on capital work-in-progress until construction and installation are complete and the asset is ready for its intended use.

An item of property, plant and equipment is derecognized on disposal. Any gain or loss arising from derecognition of an item of property, plant and equipment is included in profit or loss.

(B) Intangible Assets

Intangible assets are stated at cost of acquisition net of recoverable taxes, accumulated amortization, and impairment losses, if any. Such costs include purchase price, borrowing cost, and any cost directly attributable to bringing the asset to its working condition for the intended use, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the intangible assets.

Subsequent costs are included in the asset''s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and cost can be measured reliably.

The amortization period for intangible assets with finite useful lives is reviewed at each year-end. Changes in expected useful lives are treated as changes in accounting estimates.

Internally generated intangible asset Research costs are charged to the statement of Profit and Loss in the year in which they are incurred.

The cost of an internally generated intangible asset is the sum of directly attributable expenditure incurred from the date when the intangible asset first meets the recognition criteria to the completion of its development.

Product development expenditure is measured at cost less accumulated amortization and impairment, if any. Amortization is not recorded on product in progress until development is complete.

Gains or losses arising from derecognition of an Intangible Asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is derecognized.

(C) Impairment of assets

Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset''s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset''s fair value less costs of disposal and value in use.

The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash-generating unit to which the asset belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognized in the statement of profit and loss. If at the balance sheet date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciable historical cost.

(D) Leases

As a lessee

The Company has applied IND AS 116 using the partial retrospective approach.

The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

Right of use assets

The Company recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.

Lease Liabilities

At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.

As Lessor:

At the inception of a lease, the lease arrangement is classified as either a finance lease or an operating lease, based on contractual terms & substance of the lease arrangement. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

Amounts due from lessees under finance leases are recognised as receivables at the amount of the Company''s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Company''s net investment outstanding in respect of the leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

(E) Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to Chief Operating Decision Maker (CODM).

The Company has identified its Chief Financial Officer as CODM who is responsible for allocating resources and assessing performance of the operating segments and makes strategic decisions.

CODM is in view that the Company is operating in single business segments. Hence, reporting requirement of Segment reporting is not arise.

(F) Statement of Cash flow

Cash Flows of the Group are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing Cash Flows. The cash flows from operating, investing and financing activities of the Company are segregated.

(G) Cash and cash equivalents

Cash and cash equivalents comprises cash on hand, demand deposits and highly liquid investments with an original maturity of up to three month that are readily convertible into cash and which are subject to an insignificant risk of changes in value.

(H) Inventories

Inventories includes stock -in -trade, stores & spares, consumables, packing materials, goods for resale and material in transit are valued at lower of cost and net realizable value.

Stock-in-trade - Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and conditions. Cost is determined on First-In-First-Out basis.

Stores, Spare Parts, Consumables, Packing Materials etc. - Cost is determined on First-In-First-Out basis.

Goods for Resale - valuation Cost is determined on First-In-First-Out basis.

Net realizable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. Adequate allowance is made for obsolete and slow-moving items.

(I) Foreign Currency Transactions

i) Initial Recognition

On initial recognition, all foreign currency transactions are recorded by applying to the foreign currency amount the exchange rate between the functional currency and the foreign currency at the date of the transaction.

ii) Subsequent Recognition

As at the reporting date, non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction. All non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the values were determined.

All monetary assets and liabilities in foreign currency are restated at the end of accounting period. Exchange differences on restatement of all other monetary items are recognized in the Statement of Profit and Loss.

Any subsequent events occurring after the Balance Sheet date up to the date of the approval of the financial statement of the Company by the board of directors on May 30, 2024 have been considered, disclosed and adjusted, if changes or event are material in nature wherever applicable, as per the requirement of Ind AS.

(J) Income Taxes

The tax expense for the period comprises of current tax and deferred income tax. Tax is recognized in Statement of Profit and Loss, except to the extent that it relates to items recognized in the Other Comprehensive Income or in Equity. In which case, the tax is also recognized in Other Comprehensive Income or Equity.

I. Current tax: -

Current tax is measured at the amount expected to be paid to the tax authorities in accordance with the taxation laws prevailing in the respective jurisdictions. Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle the asset and the liability on a net basis.

II. Deferred tax:-

Deferred tax is recognized using the balance sheet approach. Deferred tax assets and liabilities are recognized for deductible and taxable temporary differences arising between the tax base of assets and liabilities and their carrying amount in financial statements.

Deferred tax asset is recognized to the extent that it is probable that taxable profit will be available against which such deferred tax assets can be realized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.

(K) Provisions and Contingencies

Provisions:

Provisions are recognized when there is a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic

benefits will be required to settle the obligation and there is a reliable estimate of the amount of the obligation. Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the Balance sheet date and are discounted to its present value as appropriate.

Contingent Liabilities:

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made, is termed as a contingent liability.

The company does have a statutory obligation of income tax which is under dispute. The company is went for further proceedings before the Hon''ble settlement commission has got abated as per Section 245HA of the I.T Act, 1961 in pursuance of settlement commission order u/s 245D (4) of the Act dated 31/05/2016 and pending search case assessment u/s 153A of the I.T Act, 1961 for A.Y 2007-08 and 2012-13 and regular assessment u/s 143(3) of the I.T Act, 1961 for A.Y 2013-14; currently matter have been pending in Supreme Court, also stay order has been granted.

(L) Revenue recognition

Revenue is measured at fair value of the consideration received or receivable. Revenue is recognized when (or as) the Company satisfies a performance obligation by transferring a promised good or service (i.e. an asset) to a customer. An asset is transferred when (or as) the customer obtains control of that asset.

When (or as) a performance obligation is satisfied, the Company recognizes as revenue the amount of the transaction price (excluding estimates of variable consideration) that is allocated to that performance obligation.

The Company applies the five-step approach for recognition of revenue:

i. Identification of contract(s) with customers;

ii. Identification of the separate performance obligations in the contract;

iii. Determination of transaction price;

iii. Allocation of transaction price to the separate performance obligations; and

iv. Recognition of revenue when (or as) each performance obligation is satisfied.

(M) Other income: - There are rent income, scrap income, kasar income, GST income & insurance claim

Interest: Interest income is calculated on effective interest rate, but recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

Dividend: Dividend income is recognized when the right to receive dividend is established.

(N) Finance Cost

Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. Based on borrowings incurred specifically for financing the asset or the weighted average rate of all other borrowings, if no specific borrowings have been incurred for the asset.

Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.

Borrowing costs include exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

All other borrowing costs are charged to the Statement of Profit and Loss for the period for which they are incurred.

(O) Earnings per share (EPS):

Basic EPS is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted EPS, the net profit or loss for the period attributable to equity shareholders and the weighted average number of additional equity shares that would have been outstanding are considered assuming the conversion of all dilutive potential equity shares. Earnings considered in ascertaining the EPS is the net profit for the period and any attributable tax thereto for the period.

(P) Fair Value Measurement:

The Company measures financial instruments such as investments in quoted equity shares, certain other investments etc. at fair value at each Balance Sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability at the measurement date. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole.

Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

(Q) Financial Instruments:

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

Financial assets:

Initial recognition

Financial assets are recognized when the Company becomes a party to the contractual provisions of the instruments. Financial assets other than trade receivables and other specific assets are initially recognized at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in the Statement of Profit and Loss.

Subsequent measurement

Financial assets, other than equity instruments, are subsequently measured at amortized cost, fair value through other comprehensive income or fair value through profit or loss on the basis of both:

i. The entity''s business model for managing the financial assets and

ii. The contractual cash flow characteristics of the financial asset.

De-recognition

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers rights to receive cash flows from an asset, it evaluates if 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 transferred control of the asset, the Company continues to recognize the transferred asset to the extent of the Company''s continuing involvement. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.

Financial Liabilities:

Initial Recognition and Subsequent Measurement

All financial liabilities are recognized initially at fair value and in case of borrowings and payables, net of directly attributable cost. Financial liabilities are subsequently carried at amortized cost using the effective interest method. For trade and other payables maturing within one year from the Balance Sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments. Changes in the amortized value of liability are recorded as finance cost.

De-recognition

A financial liability is de-recognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.

26. The previous year''s figures have been reworked, regrouped, and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current annual financial statements and are to be read in relation to the amounts and other disclosures relating to the current financial year.

27. Credit and Debit balances of unsecured loans, sundry creditors, sundry Debtors, loans and Advances are subject to confirmation and therefore the effect of the same on profit could not be ascertained.

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Mar 31, 2023

Note: - 1 Significant accounting policies:

1.0 Corporate Information

Amrapali Industries Limited is a Limited Company, incorporated under the provisions of Companies Act, 956 , id having CINL9JDGJB88PLC0Ij674 . The Company is engaged in the business of different types of activities like

entertainment Activities, Bullion Trading and Share tradingThte Registeredffice atUnit No. PO02D, 5th Floor Tower A WTC Gift City Gandhinagar, Guja8at355.

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

a. Accounting Convention: -

The financial statements have been prepared in accordance with Section B3 of Companies Act, 20B, i.e. I dian Accounting Standards (''Ind AS'') notified under Companies (Indian Accounting Standards) Rules 20B. The L d AS Financial Statements are prepared on historical cost convention, except in case of certain financial instrume: ts wh are recognized at fair value.

All assets and liabilities have been classified as current ocurrant as per the Company''s normal operating cy le and other criteria set out in the Part I of Schedule Ill to the Companies Act, 20B. Based on the nature of pr( ducts the time between the acquisition of assets for processing andrfeheiizationin cash and cash equivalent s.

b. Functional and Presentation Currency

All amounts disclosed in the financial statements and notes are rounded off to lakhs the nearest INR rupee compliance with Schedule Ill of the Act, unless otherwise s tated.

The functional and presentation currency of the company is Indian rupeefin&hiaal statement is presented i Indian rupees. Due to rounding off, the numbers presented throughout the document may not add up precisel to tl totals and percentages may not precisely reflect the absolute figures.

c. Compliance with Ind AS

The financial statements have been prepared in accordance with Ind AS notified under the Companies Indian Accounting Standards) Rules, 205

d. Use of Estimates and Judgments

The preparation of the Ind AS financial statements in conformity with the generally accepted accounting pri ciples India requires management to make estimates and assumptions that affect the reported amount of assets and iabilit as of the Balance Sheet date, reported amount of revenue and expenses for the year and disclosure of contingen liabilities and contingent assets as of the date of Balance Sheet. The estimates and assumptions used in these Ind A financial statements are based on management''s evaluation of the relevant facts and circumstances as of the date the Ind AS financial statements. The actual amounts may differ from the estimates used in the preparation of the AS financial statements and the difference between actual results and the estimates are recognized in the period which the results are known/materiaiize.

Estimates and underlying assumptions are reviewed at each balance sheet date. Revisions to accounting estim tes ai recognized in the period in which the estimate is revised and in future periods affected.

Particularinformationabout significant areas of estimation uncertainty and critical judgments in applying accoi Ring policies that have the most significant effect on the amounts recognized in the financial Statement are as bele v:

1 Valuation of Financial Instruments;

2 Evaluation of recoverability of deferred tax asLatifoilities ;

3. Useful lives of property, plant and equipment and intangible as sets;

4. Measurement of recoverable amounts of cgeherating units ;

5. Obligations relating to employee benefit s;

6. Provisions and Contingencies;

7. Provision for income taxes, including amount expected to be paid/recovered for uncertain tax posit ms;

8. Recognition of Deferred Tax Assets/Liabilities

e. Current versus Non-Current Classification

The Company presents assets and liabilities in the Balance Sheet based on currentfrnon classification.

An asset / liability is treated as current when it is:

i. Expected to berealized or intended to be sold or consumed or settled in normal operating cycle.

ii. Held primarily for the purpose of trading.

iii. Expected to berealized/ settled within twelve months after the reporting period, or.

iv. Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at lea twelve months after the reporting period.

v. There is no unconditional right to defer the settlement of the liability for at least twelve months after reporting period.

All other assets and liabilities are classified as-auraient .

Deferred tax assets and liabilities are classified ascuonent assets and liabilities respectively.

1.2 ACCOUNTING POLICIES:

(A) Property, Plant and Equipment

All items of property, plant and equipment are stated at historical cost less depreciation. Historical cost nclud expenditure that is directly attributable to the acquisition of the items.

Cost includes purchase price, nonecoverable taxes and duties, labour cost and direct overheads forconsfructed assets and other direct costs incurred up to the date the asset is ready for its int ended use.

Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the co t of t item can be measured reliably. The carrying amount of any component accounted for as a separate asset is dere ognize when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in w ich tl are incurred.

Freehold land is not depreciate© epreciation is provided on a pricata basis on the straight method in Amusement Division and on other assets Written Down Value Method over the estimated useful lives of the assets or the r prescribed under Schedule II of the Companies Act, 2fifinsidering the nature, estimated usage, operating conditio: s, past history of replacement, anticipated technological changes, manufacturers’ warranties and maintenance support. The Company provides prorata depreciation from the day the asset is put to use and for any asset sold, till the date f sale

Projects under commissioning and other Capital wor-progress are carried at cost comprising of direct and ind ect costs, related incidental expenses and attributable interest. Depreciation is not recorded on capita-progkess until construction and installation are complete and the asset is ready for its intended use.

An item of property, plant and equipment is derecognized on disposal. Any gain or loss arising from derecognitio of an item of property, plant and equipment is included in profit or loss.

(B) Intangible Assets

Intangible assets are stated at cost of acquisition net of recoverable taxes, accumulated amortization, and imp lirmei losses, if any. Such costs include purchase price, borrowing cost, and any cost directly attributable to bringing im ass to its working condition for the intended use, net charges on foreign exchange contracts and adjustments aris ng fro exchange rate variations attributable to the intangible as sets.

Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, on ^r when it is probable that future economic benefits associated with the item will flow to the entity and cost can

tvnaot''iira/1 r Almmtr

The amortizationperiod for intangible assets with finite useful lives is reviewed at eaehnyedJhanges in expected useful lives are treated as changes in accounting estimates.

Internally generated intangible asset Research costs are charged to the statement of Profit and Lear; in which they are incurre d.

The cost of an internally generated intangible asset is the sum of directly attributable expenditure incurred fro m the when the intangible asset first meets the recognition criteria to the completion of its development.

Product development expenditure is measured at cost less accumulamdrtization and impairment, if any. Amortizations not recorded on product in progress until development is complete.

Gains or losses arising from derecognition of an Intangible Asset are measured as the difference betweei the i disposal proceeds and the carrying amount of the asset and enognized in the statement of profit and loss when he asset isderecognized.

(C) Impairment of assets

Goodwill and intangible assets thhave an indefinite useful life are not subject to amortization and are tested ar nually for impairment, or more frequently if events or changes in circumstances indicate that they might be impair d. Ot assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amou: t may be recoverable. An impairment loss is recognized for the amlbynWhich the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use.

The Company assesses at each balance sheet date whether there is any indication that an asset may be impairid. If a such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amou t of t asset or the recoverable amount of the -generating unit to which the asset belongs is less than its carrying ar aunt, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment los s and recognized in the statement of profit and loss. If at the balance sheet date there is an indication that a reviou assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at t recoverable amount subject to a maximum of depreciable historical cost.

(D) Leases

As a lessee

The Company has applied IND AS lb using the partial retrospective appr oach.

The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contra t corn the right to control the use of an identified asset for a period of time in exchange for cons ideration.

The Company applies a single recognition and measurement approach for all leases, except fort eshmrteases and leases of lowvalue assets. The Group recognizes lease liabilities to make lease payments andof-ight assets representing the right to use the underlying assets.

Right of use assets

The Company recognizes rightf-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Rightf-use assets are measured at cost, less any accumulated depreciation and impairment l sses, and adjusted for anymeasurementof lease liabilities. The cost of righ-tuse assets includes the amount of lea e liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement d te les any lease incentives received. Righf-use assets are depreciated on a straight: basis over the shorter of the lea se term and the estimated useful lives of the assets.

Lease Liabilities

At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lea: payments to be made over the lease term. The lease payments include fixed payments (including in substanc fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and aiounts expected to be paid under residual value guarantees.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at tie lea

commencement date because the interest rate implicit in the lease is not readily determinable. After the comm'' iceme date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payme made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in re lea term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or ate us to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.

As Lessor:

At the inception of a lease, the lease arrangement is classified as either a finance lease or an operating lease, based contractual terms & substance of the lease arrangement. Whenever the terms of the lease transfer substant illy al risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classi as operating leases .

Amounts due from lessees under finance leases are recognised as receivables at the amount of the Company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant per rdic r of return on the Company’s net investment outstanding in respect of the leases.

Rental income from operating leases is recognised on a str-iiightbasis over the term of the relevant lease. In tial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the le;;ed as and recognised on a straightne basis over the lease ter m.

(E) Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to Chief (perati Decision Maker (CODM ).

The Company has identified itC hief Financial Officer CODM who is responsible for allocating resources nd assessing performance of the operating segments and makes strategic dec isions.

CODM is in view thatetCompany is operating in single business segments. Hence, reporting requirement of Se ment reporting is not arise.

(F) Statement of Cash flow

Cash Flows of the Group are reported using the indirect method, whereby profit before tax is adjusted for the effect transactions of a noncash nature, any deferrals or accruals of past or future operating cash receipts or pay nents item of income or expenses associated with investing or financing Cash Flows. The cash flows from op rating investing and financing activities of the Company are segregated.

(G) Cash and cash equivalents

Cash and cash equivalents compris esish on hand, demand deposits and highly liquid investments with an origi al maturity of up to three month that are readily convertible into cash and which are subject to an insignificant risk changes in value .

(H) Inventories

Inventories includes stockn -trade, stores & spares, consumables, packing materials, goods for resale and materi l in transit are valued at lower of cost and net

Stock-in-trade - Cost includes cost of purchase and other costs incurred in bringing the inventories to their prese location and conditions. Cost is determined on F-InsF irs-Out basis .

Stores, Spare Parts, Consumables, Packing Materials ©tst is determined on Fi-Isn-Firs-tOut basis .

Goods for Resale- valuation Cost is determined on F—Firs-Out basis .

Net realizable value represents the estimated selling price for inventories less all estimated costs of complet on an costs necessary to make the saAdequate allowance is made for obsolete and slowoving items.

(I) Foreign Currency Transactions

i) Initial Recognition

On initial recognition, all foreign currency transactions are recorded by applying to the foreign currency amoui the exchange rate between the functional currency and the foreign currency at the date of the t ransaction

ii) Subsequent Recognition

As at the reporting date, i-monetary items which are carried in terms of historical cost denominated in a 1 >reign currency are reported using the exchange rate at the date of the transactionrmdilLetifliny items which ar< carried at fair value or other similar valuation denominated in a foreign currency are reported using the ixchan rates that existed when the values were determined.

All monetary assets and liabilities in foreign currency are restated at the end of accounting period. I xchan differences on restatement of all other monetary items:cdgIlized in the Statement of Profit and Loss.

Any subsequent events occurring after the Balance Sheet date up to the date of the approval of the financial st temen the Company by the board of directors May 30, 2023 have been considered, disclosedand adjusted, if changes or event are material in nature wherever applicable, as per the requirement of Ind AS.

(J) Income Taxes

The tax expense for the period comprises of current tax and deferred income tax. Tax is recognized in Statement Profit ancLoss, except to the extent that it relates to items recognized in the Other Comprehensive Inco ie or Equity. In which case, the tax is also recognized in Other Comprehensive Income or Equity.

I. Current tax: -

Current tax is measured at the amount expected to be paid to the tax authorities in accordance with the taxati laws prevailing in the respective jurisdictioCsrrrent tax assets and current tax liabilities are offset when there is a legally enforceable right to set off rtenognized amounts and there is an intention to settle the asset and the liability on a net bas is.

II. Deferred tax:-

Deferred tax is recognized using the balance sheet approach. Deferred tax assets and liabilities are re< )gnize for deductible and taxable temporary differences arising between the tax base of assets and liabilities a d thei carrying amount in financial statements

Deferred tax asset is recognized to the extent that it is probable that taxable profit will be available against w ich su deferred tax assets can be realized. The carrying amount of deferred tax assets is reviewed at each reporting date reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all tore p rt of deferred income tax asset to be utilized

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Mar 31, 2015

A. Basis of Preparation of Financial Statements

These financial statements have been prepared in accordance with the generally accepted accounting principles in India under the historical cost convention on accrual basis. These financial statements have been prepared to comply in all material aspects with the accounting standards notified under Section 133 and other relevant provisions of the Companies Act, 2013 read with Rule 7 of Companies (Accounts) Rules, 2014.

B. Revenue Recognition

a. Sales are accounted on basis of dispatches.

b. Interest income is recognised on time basis.

c. Dividend income and interest on Income Tax refund is accounted as and when received.

d. Other incomes are recognised on accrual basis.

C. Fixed Assets

Fixed assets are stated at cost of acquisition or construction less accumulated depreciation. All costs relating to the acquisition and installation of fixed assets are capitalized.

D. Depreciation

The company has changed the method of providing depreciation on fixed assets from Written Down Value method to Straight Line Method based on the years as prescribed under Schedule II to the Companies Act 2013. On additions/deletions, pro rata depreciation has been provided.

E. Change In Accounting Policy

The company is using the Written Down Value (WDV) method for calculation of depreciation on tangible fixed assets for earlier years. Now, as per Schedule II of Companies Act, 2013 useful lives have been specified for various types of assets. Due to this change over, the company has changed accounting policy from Written Down Value (WDV) method to Straight Line Method (SLM) for charging depreciation.

F. Exceptional Item

The company has revised its policy of providing depreciation on fixed assets effective April 1, 2014. Depreciation is now provided on a straight line basis for all assets as against the policy of providing on written down value basis for all assets and straight basis for others. The carrying amount as on April 1, 2014 is depreciated over the revised remaining useful life. As a result of these changes, the impact on financial statement has been shown as an exceptional item in the Profit and Loss Account.

G. Inventories :

Inventories are valued at cost or net realizable value whichever is lower.

H. Investments :

Investments in unquoted shares are valued and shown at cost.

I. Borrowing Costs :

Borrowing costs that are attributable to acquisition or construction of assets are included as part of the cost of such assets. All other borrowing costs are charged to the profit and loss statement in the period in which they are incurred.

J. Provisions:

The company recognizes provision when there is a present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits which can be measured only by using a substantial degree of estimation.

Provision for contractual obligation has been provided for in accounts based on management's assessment of the probable outcome with reference to the available information supplemented by experience of similar transactions.

K. Contingent Liabilities:

The company recognizes contingent liability for disclosure in notes to accounts, if any of the following conditions are fulfilled:

i) a possible obligation that arises from past events and the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of enterprise; or ii) a present obligation that arises from past events but is not recognized because:

a. it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or

b. a reliable estimate of the amount of the obligation cannot be made.

L. Taxes on Income:

Taxes on income is computed using the tax effect accounting method whereby such taxes are accrued in the same period as the revenue and expense to which they relate.

Current tax liability is measured using the applicable tax rate and tax laws and the necessary provision is made annually. Deferred tax asset / liability arising out of the tax effect of timing difference is measured using the tax rates and the tax laws that have been enacted / substantially enacted at the balance sheet date.

The deferred tax liabilities recognized for the year ending as on 31st March, 2015 comprise of the following:

a. Related to Fixed Assets (Depreciation):

M. Impairment of assets

At every balance sheet date, the company determines whether the provisions should be made for the impairment loss on fixed assets by considering the indications that the carrying amount of fixed asset exceeds the recoverable amount as per AS-28 "Impairment of Assets". Considering this, the management is of opinion that there is no impairment of assets during the year under audit; hence no provision is required to be made.

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Mar 31, 2014

1. ACCOUNTING CONVENTIONS:

These financial statements have been drawn up using the historical cost convention and following the accrual method of accounting.

2. REVENUE RECOGNIITON:

a. Sales are accounted on basis of dispatches.

b. Entertainment segment income is recognised on accrual basis.

c. Interest income is recognised on time basis.

d. Dividend income and interest on Income Tax refund is accounted as and when received.

e. Other incomes are recognised on accrual basis.

3. FIXED ASSETS AND DEPRECIATION:

Fixed assets are stated at cost of acquisition and at the value at which they are taken over or vested. The cost of fixed assets comprise the purchase price including import duties and other non refundable taxes or levies and any directly attributable cost to bring the asset to the working condition for intended use.

The company has provided depreciation on fixed assets using the WDV method at the rates prescribed in the Income Tax Rules.

4. INVESTMENTS: Long term investments are stated at cost less provision for diminution in value other than temporary, if any. Short term investments are valued at cost or fair value whichever is lower.

5. INVENTORIES: Inventories are valued at cost or net realizable value, whichever is lower.

6. FOREIGN CURRENCY TRANSACTIONS: NIL

7. TAXES ON INCOME:

Taxes on income is computed using the tax effect accounting method whereby such taxes are accrued in the same period as the revenue and expense to which they relate.

Current tax liability is measured using the applicable tax rate and tax laws and the necessary provision is made annually. Deferred tax asset / liability arising out of the tax effect of timing difference is measured using the tax rates and the tax laws that have been enacted / substantially enacted at the balance sheet date.

8. BORROWING COSTS:

Borrowing costs that are attributable to acquisition or construction of assets are included as part of the cost of such assets.

9. IMPAIRMENT OF ASSETS:

At every balance sheet date, the company determines whether the provisions should be made for the impairment loss on fixed assets by considering the indications that the carrying amount of fixed asset exceeds the recoverable amount as per AS-28 "Impairment of Assets". Considering this, the management is of opinion that there is no impairment of assets during the year under audit; hence no provision is required to be made.

10. PROVISIONS

The company recognizes provision when there is a present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits which can be measured only by using a substantial degree of estimation.

Provision for contractual obligation has been provided for in accounts based on management''s assessment of the probable outcome with reference to the available information supplemented by experience of similar transactions.

11. CONTIGNET LIABILITIES:

The company recognizes contingent liability for disclosure in notes to accounts, if any of the following conditions are fulfilled:

i) a possible obligation that arises from past events and the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of enterprise; or

ii) a present obligation that arises from past events but is not recognized because:

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Mar 31, 2013

1. ACCOUNTING CONVENTIONS:

These financial statements have been drawn up using the historical cost convention and following the accrual method of accounting in accordance with the applicable mandatory accounting standards notified by the Companies (Accounting Standard) Rules, 2006 and the relevant provisions of Companies Act, 1956.

2. REVENUE RECOGNIITON:

a. Sales are accounted on basis of dispatches.

b. Entertainment segment income is recognised on accrual basis.

c. Interest income is recognised on time basis.

d. Dividend income and interest on Income Tax refund is accounted as and when received.

e. Other incomes are recognised on accrual basis.

3. FIXED ASSETS AND DEPRECIATION:

Fixed assets are stated at cost of acquisition and at the value at which they are taken over or vested. The cost of fixed assets comprise the purchase price including import duties and other non refundable taxes or levies and any directly attributable cost to bring the asset to the working condition for intended use.

The company has provided depreciation on fixed assets using the WDV method at the rates prescribed in the Income Tax Rules.

4. INVESTMENTS: Long term investments are stated at cost less provision for diminution in value other than temporary, if any. Short term investments are valued at cost or fair value whichever is lower.

5. INVENTORIES: Inventories are valued at cost or net realizable value, whichever is lower.

6. FOREIGN CURRENCY TRANSACTIONS : NIL

7. TAXES ON INCOME:

Taxes on income is computed using the tax effect accounting method whereby such taxes are accrued in the same period as the revenue and expense to which they relate.

Current tax liability is measured using the applicable tax rate and tax laws and the necessary provision is made annually. Deferred tax asset / liability arising out of the tax effect of timing difference is measured using the tax rates and the tax laws that have been enacted / substantially enacted at the balance sheet date.

8. BORROWING COSTS:

Borrowing costs that are attributable to acquisition or construction of assets are included as part of the cost of such assets.

9. IMPAIRMENT OF ASSETS:

At every balance sheet date, the company determines whether the provisions should be made for the impairment loss on fixed assets by considering the indications that the carrying amount of fixed asset exceeds the recoverable amount as per AS-28 "Impairment of Assets". Considering this, the management is of opinion that there is no impairment of assets during the year under audit; hence no provision is required to be made.

10. PROVISIONS

The company recognizes provision when there is a present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits which can be measured only by using a substantial degree of estimation.

Provision for contractual obligation has been provided for in accounts based on management''s assessment of the probable outcome with reference to the available information supplemented by experience of similar transactions.

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Mar 31, 2012

1. ACCOUNTING CONVENTIONS:

These financial statements have been drawn up using the historical cost convention and following the accrual method of accounting in accordance with the applicable mandatory accounting standards notified by the Companies (Accounting Standard) Rules, 2006 and the relevant provisions of Companies Act, 1956.

2. REVENUE RECOGNIITON:

a. Sales are accounted on basis of dispatches.

b. Entertainment segment income is recognised on accrual basis.

c. Interest income is recognised on time basis.

d. Dividend income and interest on Income Tax refund is accounted as and when received.

e. Other incomes are recognised on accrual basis.

3. FIXED ASSETS AND DEPRECIATION:

Fixed assets are stated at cost of acquisition and at the value at which they are taken over or vested. The cost of fixed assets comprise the purchase price including import duties and other non refundable taxes or levies and any directly attributable cost to bring the asset to the working condition for intended use.

The company has provided depreciation on fixed assets using the WDV method at the rates prescribed in the Income Tax Rules.

4. INVESTMENTS: Long term investments are stated at cost less provision for diminution in value other than temporary, if any. Short term investments are valued at cost or fair value whichever is lower.

5. INVENTORIES: Inventories are valued at cost or net realizable value, whichever is lower.

6. FOREIGN CURRENCY TRANSACTIONS : NIL

7. TAXES ON INCOME:

Taxes on income is computed using the tax effect accounting method whereby such taxes are accrued in the same period as the revenue and expense to which they relate.

Current tax liability is measured using the applicable tax rate and tax laws and the necessary provision is made annually. Deferred tax asset / liability arising out of the tax effect of timing difference is measured using the tax rates and the tax laws that have been enacted / substantially enacted at the balance sheet date.

8. BORROWING COSTS:

Borrowing costs that are attributable to acquisition or construction of assets are included as part of the cost of such assets.

9. IMPAIRMENT OF ASSETS:

At every balance sheet date, the company determines whether the provisions should be made for the impairment loss on fixed assets by considering the indications that the carrying amount of fixed asset exceeds the recoverable amount as per AS-28 "Impairment of Assets". Considering this, the management is of opinion that there is no impairment of assets during the year under audit; hence no provision is required to be made.

10. PROVISIONS

The company recognizes provision when there is a present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits which can be measured only by using a substantial degree of estimation.

Provision for contractual obligation has been provided for in accounts based on management''s assessment of the probable outcome with reference to the available information supplemented by experience of similar transactions.

11. CONTIGNET LIABILITIES:

The company recognizes contingent liability for disclosure in notes to accounts, if any of the following conditions are fulfilled:

i) a possible obligation that arises from past events and the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of enterprise; or

ii) a present obligation that arises from past events but is not recognized because:

a. it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or

b. a reliable estimate of the amount of the obligation cannot be made.

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Mar 31, 2010

1. ACCOUNTING CONVENTIONS :

These financial statements have been drawn up using the historical cost convention and following the accrual method of accounting in accordance with the applicable mandatory accounting standards notified by the Companies (Accounting Standard) Rules, 2006 and the relevant previsions of Companies Act, 1956.

2. REVENUE RECOGNITION :

a. Sales are accounted on basis of dispatches.

b. Entertainment segment income is recognized on accrual basis.

c. Interest income is recognized on time basis.

d. Dividend income and interest on Income Tax refund is accounted as and when received.

e. Other Incomes are recognized on accrual basis.

3. FIXED ASSETS AND DEPRECIATION :

Fixed assets are stated at cost of acquisition and at the value at which they are taken over of vested. The cost of fixed assets comprise the purchase price including import duties and other non refundable taxes or levies and any directly attributable cost to bring the asset to the working condition for intended use.

The Company has provided depreciation on fixed assets using the WDV method at the rates prescribed in the Income Tax Rules.

4. INVESTMENTS :

Long term investments are stated at cost less provision for diminution in value other than temporary, if any. Short term investments are valued at cost of fair value whichever is lower.

5. INVENTORIES :

Inventories are valued at cost or net realizable value, whichever is lower.

6. FOREIGN CURRENCY TRANSACTIONS :

Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of acquisition.

7. TAXES ON INCOME :

Taxes on income is computed using the tax effect accounting method whereby such taxes are accrued in the same period as the revenue and expense to which they relate.

Current tax liability is measured using the applicable tax rate and tax laws and the necessary provision is made annually. Deferred tax asset / liability arising out of the tax effect of timing difference is measured using the tax rates and the tax laws that have been enacted / substantially enacted at the balance sheet date.

8. BORROWING COSTS :

Borrowing costs that are attributable to acquisition or construction of assets are included as part of the cost of such assets.

9. IMPAIRMENT OF ASSETS :

At every balance sheet date, the company determines whether the provisions should be made for the impairment loss on fixed assets by considering the indications that the carrying amount of fixed asset exceeds the recoverable amount as per AS-28 “Impairment of Assets”. Considering this, the management is of opinion that there is no impairment of assets during the year under audit; hence no provision is required to be made.

10. PROVISIONS :

The company recognizes provision when there is a present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits which can be measured only by using a substantial degree of estimation.

Provision for contractual obligation has been provided for in accounts based on managements assessment of the probable outcome with reference to the available information supplemented by experience of similar transaction.

11. CONTIGNET LIABILITIES :

The company recognizes contingent liability for disclosure in notes to accounts, if any of the following conditions are fulfilled :

i. a possible obligation that arises from past events and the existence of which

will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of enterprise; or

ii. a present obligation that arises from past events but is not recognized because :

a. it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or

b. a reliable estimate of the amount of the obligation cannot be made.

12. MISCELLANEOUS EXPENDITURE :

Miscellaneous expenditure relates to the expenditure incurred on amalgamation as well as increase in authorized capital of the company. These are being written off over the period of five years.

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Mar 31, 2009

1. Method of Accounting

1.1 The company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis.

1.2 Financial Statements are based on historic cost. The costs are not adjusted to reflect the impact of the changing value in the purchasing power of money.

2. Fixed Assets and Depreciation

2.1 Fixed assets are stated at the cost of acquisition or construction, including expenses less accumulated depreciation.

2.2 The company has provided depreciation on fixed assets using the WDV method at the rates prescribed in the Income Tax Rules.

3. Investments : Investments are valued at cost.

4. Taxes on Income:

Taxes on income is computed using the tax effect accounting method whereby such taxes are accrued in the same period as the revenue and expense to which they relate.

Current tax liability is measured using the applicable tax rate and tax laws and the necessary provision is made annually. Deferred tax asset / liability arising out of the tax effect of timing difference is measured using the tax rates and the tax laws that have been enacted / substantially enacted at the balance sheet date.