Accounting Policies of Amraworld Agrico Ltd. Company

Mar 31, 2024

Note: 13 Significant Accounting Policies:

a) General:

i) Accounting policies not specifically referred to otherwise are in consistence with earlier year
and in consonance with generally accepted accounting principles.

ii) Expenses and income considered payable and receivable respectively are accounted for on
accrual basis.

b) Valuation of Inventories: There are no Inventories in the company.

c) Fixed assets and depreciation: There is no Fixed Assets in the company.

d) Investments: Investments in the company are valued at cost.

e) Foreign currency Transactions: There is no foreign currency transaction.

f) Retirement Benefits: Provident fund and employees state insurance scheme contribution is not
applicable to the company.

g) Taxes on Income:

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

Deferred Tax Provision: Deferred tax is recognized, on timing difference, being the difference
between the taxable incomes and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods.

Note: 14 Balances of Sundry Debtors, Creditors, Loans and Advances are subject to

confirmation and reconciliation.

Note: 15 In the opinion of the Board of directors, the current assets, Loans & advances are

approximately of the value stated if realized in the ordinary course of business. The
provision of all known liabilities is adequate and not in excess of the amount
reasonably necessary.

Note: 16 No Remuneration paid to the directors during the year.

Note: 17 No related party transaction were carried out during the year.

Note: 18 there is no reportable segment as per the contention of the management.

Note: 19 Basic and Diluted Earnings per share (EPS) computed in accordance with Accounting

Standard (AS) 20 "Earning per Share"

Note: 22 Other Notes

Additional Regulatory Information pursuant to Clause 6L of General Instructions for preparation of
Balance Sheet as given in Part I of Division II of Schedule III to the Companies Act, 2013, are given
hereunder to the extent relevant and other than those given elsewhere in any other notes to the
Financial Statements.

a. During the year ended March 31, 2024 and March 31, 2023, the Company has not advanced or
loaned or invested funds (either borrowed funds or share premium or kind of funds) to any other
person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether
recorded in writing or otherwise) that the Intermediary shall:

i) directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or

ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

Further, during the year ended March 31, 2024 and March 31, 2023, the Company has not
received any fund from any person(s) or entity(ies), including foreign entities (Funding Party)
with the understanding (whether recorded in writing or otherwise) that the Company shall:
i) directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or ii) provide any
guarantee, security, or the like on behalf of the ultimate beneficiaries.

b. The Company has not invested or traded in Crypto Currency or Virtual Currency during the year
ended March 31, 2024 (Previous: NIL)

c. No proceedings have been initiated on or are pending against the Company for holding benami
property under the Prohibition of Benami Property Transactions Act, 1988 (as amended in 2016)
(formerly the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)) and Rules made thereunder
during the year ended March 31, 2024 (Previous year: Nil).

d. The Company has not been declared Wilful Defaulter by any bank or financial institution or
government or any government authority during the year ended March 31, 2024 (Previous year: Nil).

e. The Company has not surrendered or disclosed as income any transactions not recorded in the
books of accounts in the course of tax assessments under the Income Tax Act, 1961 (such as, search
or survey or any other relevant provisions of the Income Tax Act, 1961) during the year ended March
31, 2024 (Previous year: Nil).

f. The Company does not have any transactions with the companies struck off under section 248 of
the Companies Act, 2013 or section 560 of the Companies Act, 1956 during the year ended March
31, 2024 (Previous year: Nil).

g. The Company has complied with the number of layers prescribed under clause (87) of section 2 of
the Act read with the Companies (Restriction on number of Layers) Rules, 2017.

Signature to Notes ''1'' to ''22''

As per our report on even date

FOR, BIPIN & CO. FOR & ON BEHALF OF THE BOARD

CHARTERED ACCOUNTANTS
FIRM NO: 101509W

CA AMIT SHAH DINESHKUMAR RATH OD MANISHA PATEL

PARTNER DIRECTOR DIRECTOR

M. No.126337 DIN:09406871 DIN:08482812

UDIN:24126337BKCXQU5073

PLACE: VADODARA
DATE : 23.05.2024

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Mar 31, 2015

A) General:

i) Accounting policies not specifically referred to otherwise are in consistence with earlier year and in consonance with generally accepted accounting principles.

ii) Expenses and income considered payable and receivable respectively are accounted for on accrual basis.

b) Sales: Sales are accounted on mercantile basis, when the sale of goods is completed.

c) Valuation of Inventories: No Inventories during the year.

d) Fixed assets and depreciation:

a. Fixed assets are capitalized at cost inclusive of interest, freight, duties, taxes and all incidental expenses related thereto.

b. Depreciation on assets has been provided on Written Down Value Method at the rates prescribed by schedule XIV to the Companies Act 1956 depreciation in respect of additions to / and deletion from assets has been charged on pro-rata basis to the month of addition or deletion.

e) Investments: Investments are valued at cost.

f) Foreign currency Transactions: There is no foreign currency transaction.

g) Retirement Benefits: Provident fund and employees state insurance scheme contribution is not applicable to the company.

h) Taxes on Income:

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

Deferred Tax Provision: Deferred tax is recognized, on timing difference, being the difference between the taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

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Mar 31, 2014

A) General:

i) Accounting policies not specifically referred to otherwise are in consistence with earlier year and in consonance with generally accepted accounting principles.

ii) Expenses and income considered payable and receivable respectively are accounted for on accrual basis.

b) Sales: Sales are accounted on mercantile basis, when the sale of goods is completed.

c) Valuation of Inventories: No Inventories during the year.

d) Fixed assets and depreciation:

a. Fixed assets are capitalized at cost inclusive of interest, freight, duties, taxes and all incidental expenses related thereto.

b. Depreciation on assets has been provided on Written Down Value Method at the rates prescribed by schedule XIV to the Companies Act 1956 depreciation in respect of additions to / and deletion from assets has been charged on pro-rata basis to the month of addition or deletion.

e) Investments: Investments are valued at cost.

f) Foreign currency Transactions: There is no foreign currency transaction.

g) Retirement Benefits: Provident fund and employees state insurance scheme contribution is not applicable to the company.

h) Taxes on Income:

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

Deferred Tax Provision: Deferred tax is recognized, on timing difference, being the difference between the taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

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Mar 31, 2013

A) General:

i) Accounting policies not specifically referred to otherwise are in consistence with earlier year and in consonance with generally accepted accounting principles.

ii) Expenses and income considered payable and receivable respectively are accounted for on accrual basis.

b) Sales: Sales are accounted on mercantile basis, when the sale of goods is completed.

c) Valuation of Inventories: No Inventories during the year.

d) Fixed assets and depreciation:

a. Fixed assets are capitalized at cost inclusive of interest, freight, duties, taxes and all incidental expenses related thereto.

b. Depreciation on assets has been provided on Written Down Value Method at the rates prescribed by schedule XIV to the Companies Act 1956 depreciation in respect of additions to / and deletion from assets has been charged on pro-rata basis to the month of addition or deletion.

e) Investments: Investments are valued at cost.

f) Foreign currency Transactions: There is no foreign currency transaction.

g) Retirement Benefits: Provident fund and employees state insurance scheme contribution is not applicable to the company.

h) Taxes on Income:

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

Deferred Tax Provision: Deferred tax is recognized, on timing difference, being the difference between the taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Note: 18 Balances of Sundry Debtors, Creditors, Loans and Advances are subject to confirmation and reconciliation.

Note: 19 In the opinion of the Board of directors, the current assets, Loans & advances are approximately of the value stated if realized in the ordinary course of business. The provision of all known liabilities is adequate and not in excess of the amount reasonably necessary.

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Mar 31, 2012

A) General:

i) Accounting policies not specifically referred to otherwise are in consistence with earlier year and in consonance with generally accepted accounting principles.

ii) Expenses and income considered payable and receivable respectively are accounted for on accrual basis.

b) Sales: Sales are accounted on mercantile basis, when the sale of goods is completed.

c) Valuation of Inventories: No Inventories during the year .

d) Fixed assets and depreciation:

a. Fixed assets are capitalized at cost inclusive of interest, freight, duties, taxes and all incidental expenses related thereto.

b. Depreciation on assets has been provided on Written Down Value Method at the rates prescribed by schedule XIV to the Companies Act 1956 depreciation in respect of additions to / and deletion from assets has been charged on pro-rata basis to the month of addition or deletion.

e) Investments: Investments are valued at cost.

f) Foreign currency Transactions: There is no foreign currency transaction.

g) Retirement Benefits: Provident fund and employees state insurance scheme contribution is not applicable to the company.

h) Taxes on Income:

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

Deferred Tax Provision: Deferred tax is recognized, on timing difference, being the difference between the taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

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Mar 31, 2010

A) General:

i) Accounting policies not specifically referred to otherwise are in consistence with earlier year and in consonance with generally accepted accounting principles.

ii) Expenses and income considered payable and receivable respectively are accounted for on accrual basis.

b) Sales:

Sales are accounted on mercantile basis, when the sale of goods is completed.

c) Valuation of Inventories:

Inventories are valued at cost .

d) Fixed assets and depreciation:

a. Fixed assets are capitalized at cost inclusive of interest, freight, duties, taxes and all incidental expenses related thereto.

b. Depreciation on assets has been provided on Written Down Value Method at the rates prescribed by schedule XIV to the Companies Act 1956 depreciation in respect of additions to / and deletion from assets has been charged on pro-rata basis to the month of addition or deletion.

e) Investments:

Investments are valued at cost.

f) Foreign currency Transactions:

There is no foreign currency transaction.

g) Retirement Benefits:

Provident fund and employees state insurance scheme contribution is not applicable to the company.

h) Taxes on Income:

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

Deferred Tax Provision: Deferred tax is recognized, on timing difference, being the difference between the taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

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Mar 31, 2009

1. Method of Accounting:

1.1 The Company follows the mercantile system of Accounting.

1.2 Financial Statements are based on historical 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.

2.2 The company has not charged depreciation on its Fixed Assets. This is contrary to Accounting Standard 6 “Depreciation Accounting”. The profit of the company has been overstated to that extent.

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. In the absence of timing difference, there is no deferred tax asset/liability for the year under consideration.

5. Segmental Reporting:

As explained to us, there is no business segment or geographical segment identified as per the meanings assigned to them respectively under Accounting Standard 17 “Segment Reporting”. Therefore, there is no reportable segment so as to comply with the disclosure requirements as contemplated by Accounting Standard 17.

6. Retirement Benefits : N/A

7. Foreign Currency Transactions : Nil