Accounting Policies of Cubex Tubings Ltd. Company

Mar 31, 2024

1) CORPORATEINFORMATION

CubexTubings Limited (Company) was incorporated on 10th August 1979 under the lawsof the republic of India and has registered office at Secunderabad (Telangana). Company isa manufacturer of seamless solid drawn Tubes, Rods, Bus bars and Wires of copper andcopper-based alloys such as Cupronickel, admiralty Brass, Aluminum Brass etc. Copperbecauseofitshighelectricalconductivityand heattransfer

characteristicsfindswideapplication in the form of Tubes, Rods, Strips and Wires. The user industries are

PowerPlants,Powerplantsmanufacturers,Switchgears,Refineries,Furnacemanufacturers,Su garplants, Automobileand ElectricalEquipment industries&ShipBuilders.

The addresses of its registered office and principal place of business are disclosed in theintroductiontotheannualreport.

2) SIGNIFICANTACCOUNTINGPOLICIES

a) Basis of preparation, measurement and significant accounting policiesCompliancewithIndAS

The financial statements of the company have been prepared in accordance with IndianAccountingStandards(IndAS)notifiedundertheCompanies(IndianAccountingStandard s) Rules, 2015 (as amended from time to time) and presentation requirement ofDivision II of schedule III to the Companies Act, 2013 (Ind AS compliant Schedule III), asapplicable.TheIndASareprescribedunderSection133oftheActreadwithRule3oftheCompani es(IndianAccountingStandards)Rules,2015,asamended

ThefinancialstatementscomplyinallmaterialaspectswithIndianAccountingStandards (Ind AS) notified under Section 133 of the Companies Act,2013 (the Act)[Companies (Indian Accounting Standards) Rules, 2015] and other relevant provisionsoftheAct.

HistoricalCostConvention

The financial statements have been prepared on a historical cost basis, except for thefollowing:

- certainfinancialassetsandliabilitiesthataremeasuredatfairvalue

(a) Fairvaluemeasurement

Fairvalueisthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityin an orderly transaction between market participants on the measurement date. TheCompanyusesvaluationtechniquesthatareappropriateinthecircumstancesforwhichs ufficientdataareavailabletomeasurefairvalue,maximizingtheuseofrelevantobservablein putsandminimizingtheuseofunobservableinputs.Allassetsandliabilities for which fair value is measured or disclosed in the financial statements arecategorized within the fair value hierarchy, described as follows, based on the lowestlevelinputthatissignificanttothefair value measurementasawhole:

• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets orliabilities

• Level2 —Valuationtechniques for which the lowestlevel inputthat is significant tothefairvaluemeasurementisdirectlyorindirectlyobservable.

• Level 3 — Valuation techniques for which the lowest level input that is significant tothefairvaluemeasurementisunobservable.

(b) Currentvis-a-visnon-currentclassification

Thecompanypresentsassetsandliabilitiesbasedoncurrentandnon-currentclassification.

Anassetistreatedascurrentwhenitis:

• Expectedtoberealizedorintendedtobesoldorconsumedinnormaloperatingcycle

• Heldprimarilyforthepurposeoftrading

• Expectedtoberealizedwithintwelvemonthsafterthereportingperiod,

• Cashorcashequivalentunlessrestrictedfrombeingexchangedorusedtosettlea liabilityforatleasttwelve months afterthe reportingperiod Allotherassetsareclassifiedasnon-current.

Aliabilityiscurrentwhen:

• Itisexpectedtobesettledinnormaloperatingcycle

• Itisheldprimarilyforthepurposeoftrading

• Itisduetobesettledwithintwelvemonthsafterthereportingperiod,or

• Thereisnounconditionalrighttodeferthesettlementoftheliabilityforatleasttwelv e monthsafterthereportingperiod

Deferred tax assets and liabilities are classified as noncurrentassetsandliabilities.

The assets and liabilities reported in the Balance Sheet are classified on a "current/non-current basis”, with separate reporting of assets held for sale and liabilities. Currentassets, which include cash and cash equivalents, are assets that are intended to berealized, sold or consumed during the normal operating cycle of the Company or in the12 months following the balance sheet date; current liabilities are liabilities that areexpected to be settled during the normal operating cycle of the Company or within the12monthsfollowingthecloseofthefinancialyear.Thedeferredtaxassetsandliabilitiesar eclassifiedas non-currentassetsand liabilities.

(c) Functionalandpresentationcurrency

The financial statements are prepared in Indian Rupees (INR), which is the Company''sfunctional currency. All financial information presented in INR has been rounded to thenearestlakhs.

(d) RevenueRecognitioni. RecognitionofRevenuefromSaleofProducts(CopperandCopperAlloysProducts):

Revenuefromsaleofproductsisrecognizedwhenthe significant risks

andrewardsofownershiphavebeentransferredtothebuyer,recoveryoftheconsiderati on is probable, the associated cost can be estimated reliably, there is nocontinuing effective control or managerial involvement withthe goods, andtheamount of revenue can be measured reliably. Revenue is recognized to the extentthat it is probable that the economic benefits will flow to the Company and therevenuecanbereliablymeasured.Revenuefromsale ofproducts is

notrecognizedonthegroundsofprudence,untilrealizedinrespectofdelayedpaymentsa srecoveryofamountsarenotcertain.

Revenuefromsaleofproductsismeasuredatthefairvalueoftheconsiderationreceived orreceivable,takingintoaccountcontractually defined terms of paymentand excluding taxes or duties collected on behalf of the government. Revenue fromoperationsincludessaleofproducts,services,servicetax,exciseduty, GST

andadjustedfordiscounts(net).

ii. InterestIncome.

Interest income from a financial asset is recognized when it is probable that theeconomicbenefitswillflowtotheCompanyandtheamountofincomecanbemeasured reliably. Interest income is accrued on a time basis, with reference to theprincipal outstanding and at the effective interest rate applicable, which is the ratethat exactly discountsestimated future cashreceiptsthrough the expected life ofthefinancialassettothatasset''snetcarryingamountoninitialrecognition.

e) Propertv.plantandequipmentRecognition&Measurement

Itemsofproperty,plantandequipmentaremeasuredatcostlessaccumulateddepreciationan daccumulatedimpairmentlosses,ifany. Cost

includesexpendituresthataredirectlyattributabletotheacquisitionoftheassetThecostofse lf-

constructedassetsincludesthecostofmaterialsandothercostsdirectlyattributabletobringi

ngtheassettoaworkingconditionforitsintendeduse.

Borrowingcostsdirectlyattributabletotheacquisition,constructionorproductionofanasset

thatnecessarilytakesasubstantialperiodoftimetogetreadyforitsintendeduseorsalearecapi

talisedaspartofthecostoftheasset.Allotherborrowingcostsareexpensedintheperiodinwhi

chtheyoccur.Borrowingcostsconsistofinterestandothercoststhatanentityincursinconnec

tionwiththeborrowingoffunds.Borrowingcostalsoincludesexchangedifferencestotheexte

ntregardedasanadjustmenttotheborrowingcosts.

Whenpartsofanitemofproperty,plantand equipment have different usefullives, they are accounted for as separate items (major components) of

property,plantandequipment.Capitalworkinprogressis statedat cost, net ofaccumulated impairmentloss,ifany.Anitem of property, plant and

equipmentandanysignificantpartinitiallyrecognisedis derecognised upon disposal orwhen no future economic benefits are expected from its use or disposal. Gains andlossesupondisposalofanitemofproperty,plantandequipmentaredetermined

by comparing the proceeds from disposal with the carrying amount of property,plant and equipment and are recognised net within "Other income/ Selling andotherexpense”inthestatementofprofitandloss.

Thecostofreplacingpartofanitemofproperty,plant and equipment

isrecognisedinthecarryingamountoftheitemifitisprobablethatthefutureeconomic benefits embodied within the part will flow to the Company and its costcan be measured reliably. The costs of repairs and maintenance are recognised inthestatementofprofitandlossasincurred.

Itemsofproperty,plantandequipmentacquiredthroughexchangeofnon-monetary assets are measured at fair value, unless the exchange transaction lackscommercialsubstance or the fair value of either the asset received or asset givenup is not reliably measurable, in which case the asset exchanged is recorded at thecarryingamountoftheassetgivenup.

Depreciationmethods,estimatedusefullivesandresidualvalue:

Depreciation is recognised in the statement of profit and loss on a straight-line basisovertheestimatedusefullivesofproperty,plantandequipment.Landisnotdepreciate dbutsubjecttoimpairment.Depreciationmethods,usefullives andresidual values are reviewed at each reporting date and any changes are consideredprospectively

TheEstimatedusefullivesareasfollows:

Particulars	Estimatedusefullives(Years)
- Plantandequipment-I	15
- Plantandequipment-II	30*
- Furnitureandfixtures	10
- Officeequipments	5
- Computer	3
- Vehicles	8

*Theestimatedusefullifeofplantandequipmenthasbeentakenas30yearssincetheassetispurch

asedduringtheyear.

- Estimatedusefullives,residualvaluesanddepreciationmethodsarereviewedannually, takingintoaccountcommercialandtechnologicalobsolescenceaswellasnormalweara ndtearandadjustedprospectively.

- Schedule II to the Companies Act, 2013 ("Schedule”) prescribes the useful livesforvariousclassesoftangibleassets.Forcertainclassofassets,basedonthetechnical evaluation and assessment, the Company believes that the useful livesadopted byitbestrepresent theperiod overwhich an asset isexpected to beavailable for use. Accordingly, for these assets, the useful lives estimated by theCompanyaredifferentfromthoseprescribedintheSchedule.

f) Financiallnstruments

Afinancialinstrumentisanycontractthatgivesrisetoafinancialassetofoneentityandafinanci

alliabilityorequityinstrumentofanotherentity.

Financialassets-recognition

Allfinancialassetsarerecognizedinitiallyatfairvalue plus, in the case offinancial assets not recorded at fair value through profit and loss, transaction coststhatareattributabletotheacquisitionofthefinancialasset.Forpurposesofsubsequ entmeasurement,financialassetsareclassifiedinthreecategories:

• Debtinstrumentsatamortizedcost

A''Debtinstrument''ismeasuredattheamortizedcostifboththefollowingconditionsarem

et:

a) The asset is held within a business model whose objective is to hold assets forcollectingcontractualcashflows,and

b) Contractualtermsoftheassetgiveriseonspecifieddatestocashflowsthataresolelyp aymentsofprincipalandinterest(SPPI)ontheprincipalamountoutstanding.

Afterinitialmeasurement,suchfinancialassetsaresubsequentlymeasuredatamortizedcostus

ingtheeffectiveinterestrate(EIR)method.

Amortized cost is calculated bytaking into account any discount or premium onacquisitionandfeesorcoststhatareanintegralpartoftheEIR. The EIRamortization is included in finance income in the Statement of Profit and Loss. Thelosses arising from impairment are recognized in the Statement of Profit and Loss.Thiscategorygenerallyappliestotradeandotherreceivables.

Debt instruments atfair value through other comprehensive income (FVTOCI). A''debt instrument'' is classified as at the FVTOCI if both of the following criteria aremet:

a) The objective of the business model is achieved both by collecting contractualcashflowsandsellingthefinancialassets,and

b) Theasset''scontractualcashflowsrepresentPPI.

DebtinstrumentsincludedwithintheFVTOCIcategoryare measured initially aswell as at each reporting date at fair value. Fair value movements are recognized inthe other comprehensive income (OCI). However, the Company recognizes interestincome, impairment losses and reversals and foreign exchange gain or loss in theprofit and loss. Onderecognition of the asset, cumulative gain or loss previouslyrecognized in OCI is reclassified from the equity to profit and loss. Interest earnedwhilstholdingFVTOCIdebtinstrumentis reported as interest income using theEIRmethod.

• Debtinstruments,derivativesandequityinstrumentsatfairvaluethroughStatemento fProfitandLoss(FVTPL)

FVTPLisaresidualcategoryfordebt instruments. Any debt instrument, whichdoes not meet the criteria for categorization as at amortized cost or as FVTOCI, isclassifiedasatFVTPL.

Inaddition,theCompanymayelecttodesignate adebt instrument,

whichotherwisemeetsamortizedcostorFVTOCIcriteria,asatFVTPL.However,suchelecti onisallowedonlyifdoingsoreducesoreliminatesameasurementorrecognition inconsistency (Referred to as ''accounting mismatch''). The Company hasnotinvestedinanyequityinstruments.

DebtinstrumentincludedwithintheFVTPLcategoryaremeasured at fair

valuewithallchangesrecognizedintheStatementofProfitandLoss.

Financialassets-derecognition

Afinancialasset(or,whereapplicable,apartofafinancialassetorpartofagroupofsimilarfin

ancialassets)isprimarilyderecognized(i.e.removedfromtheCompany''sbalancesheet)w

hen:

• Therightstoreceivecashflowsfromtheassethaveexpired,or

• The Company has transferred itsrights to receive cash flows from the asset

orhasassumedanobligationtopaythereceivedcash flows in full

withoutmaterialdelaytoathirdpartyundera''pass-through''arrangement;andeither

(a) TheCompanyhastransferredsubstantiallyalltherisks and rewards of theasset,or

(b) the Company has neither transferred nor retained substantially all the risks andrewardsoftheasset,buthastransferredcontroloftheasset.

When the Company has transferred its rights to receive cash flows from an asset orhasenteredintoapass-

througharrangement,itevaluatesifandtowhatextentithasretained therisksand

rewardsof ownership. Whenit has neither transferrednor retained substantially all of the risks and rewards of the asset, nor transferredcontroloftheasset,theCompanycontinuestorecognizethetransferredassett otheextentoftheCompany''scontinuinginvolvement. In that case, the Companyalsorecognizesanassociatedliability.Thetransferredassetandtheassociatedli ability are measured on a basis that reflects the rights and obligations that theCompanyhasretained.

Impairmentoffinancialassets

InaccordancewithIndAS109,theCompanyappliesexpectedcreditloss(ECL)modelformeasu

rementandrecognitionofimpairmentlossonthefollowingfinancialassets:

• Financialassetsthataredebtinstruments,andaremeasuredatamortizedcost

oe.g.,loans,debtsecurities,depositsandtradereceivables

• FinancialassetsthataredebtinstrumentsandaremeasuredasatFVTOCI

TheCompanyfollows''simplifiedapproach''forrecognitionofimpairmentlossallowanceon tradereceivables.TheapplicationofsimplifiedapproachdoesnotrequiretheCompanytotr ackchangesincredit risk. Rather, itrecognizesimpairment loss allowance based onlifetime ECLs ateach reporting date, right fromitsinitial recognition. Forrecognitionofimpairmentlosson other financial assetsand riskexposure, theCompany determines whether there has been a significantincrease in the credit risk since initial recognition. If credit risk has not increasedsignificantly,12-monthECLisusedtoprovidefor impairment loss. However,

ifcreditriskhasincreasedsignificantly,lifetimeECLis used. If, in a subsequentperiod,creditqualityoftheinstrumentimprovessuchthatthereisnolongerasig nificantincreaseincreditrisksinceinitialrecognition,thentheCompanyrevertstorecogniz ingimpairmentlossallowancebasedon12-monthECL.

Lifetime ECL are the expected credit losses resulting from all possible default eventsover the expected life of a financial instrument. The 12-month ECL is a portion of thelifetimeECLwhich results from default events that are possible within 12 monthsafterthereportingdate.

ECListhedifferencebetweenallcontractualcashflows that are due to theCompanyinaccordancewiththecontractandallthecashflowsthat the

entityexpectstoreceive(i.e.allcashshortfalls),discountedattheoriginalEIR.

ECLimpairmentlossallowance(orreversal)recognizedduringtheperiodisrecognizedasi ncome/expenseintheStatementofProfitandLoss (P&L). Thisamount isreflected under thehead ''other expenses'' inthe Statementof Profit

andLoss(P&L).Thebalancesheetpresentationforvariousfinancialinstrumentsisdescribe dbelow:

• Financial assetsmeasured as atamortizedcost.ECLispresentedas

anallowance,i.e.,asanintegralpartofthemeasurementofthoseassetsinthebalancesheet.Th eallowancereducesthenetcarryingamountUntiltheassetmeetswrite-offcriteria,theCompanydoesnotreduceimpairmentallowancefromthegrosscarryingamo unt.

• DebtinstrumentsmeasuredatFVTOCI:Since financialassets are

alreadyreflectedatfairvalue,impairmentallowanceisnot further reduced from itsvalue.Rather,ECLamountispresentedas''accumulatedimpairmentamount''in

theOCI.Forassessingincreaseincreditriskandimpairmentloss,theCompanycombinesfina

ncialinstrumentsonthebasisofsharedcreditriskcharacteristicswiththeobjectiveoffacilitat

ingananalysisthatisdesignedtoenablesignificantincreasesincreditrisktobeidentifiedonat

imelybasis.

Financialliabilities-recognitionandmeasurement:

Financial liabilities are classified, at initial recognition, as financial liabilities at fairvaluethroughprofitorloss,loansandborrowings,payables,orasderivativesdesignated as hedging instruments in an effective hedge, as appropriate. All financialliabilitiesarerecognizedinitiallyatfairvalueand, inthe case of loans andborrowingsandpayables,netofdirectly attributable transaction costs. TheCompany''sfinancialliabilitiesincludetrade andother payables, loans andborrowingsincludingbankoverdraftsandderivativefinancialinstruments.

Subsequentmeasurement

The measurement of financial liabilities depends on their classification, as describedbelow:

• Financial liabilities at fair value through profit or loss financial liabilities at fairvaluethroughprofitorlossincludefinancialliabilitiesheldfortrading andfinancialliabilitiesdesignateduponinitialrecognitionasatfairvalue throughprofitorloss.Financialliabilitiesareclassifiedasheldfortradingiftheyareincurr edforthepurposeofrepurchasinginthenearterm.

Gains or losses on liabilities held for trading are recognized in the Statement of ProfitandLoss.

Financial liabilities designated upon initial recognition at fair value through profit orloss are designated as such at the initial date of recognition, and only if the criteria inInd AS 109 are satisfied. For liabilities designated as FVTPL, fair value gains/ lossesattributabletochangesinowncreditriskarerecognizedinOCI.Thesegains/lossesaren otsubsequentlytransferredtoStatementofProfitandLoss.However,theCompany may transfer the cumulative gain or loss within equity. All other changes infairvalueofsuchliabilityarerecognizedintheStatementofProfitandLoss.

• FinancialLiabilitiesatamortizedcost(Loansandborrowings)

Aft:erinitialrecognition,interest-

bearingloansandborrowingsaresubsequentlymeasuredatamortizedcostusingtheEIRmeth

od.Gainsandlossesarerecognizedinprofitorlosswhentheliabilitiesarederecognizedaswella

sthroughtheEIRamortizationprocess.

Amortized cost is calculated by taking into account any discount or premium

onacquisitionandfeesorcoststhatareanintegralpartoftheEIR.The

EIRamortizationisincludedasfinancecostsintheStatementofProfitandLoss.

Financialliabilities-derecognition

Afinancialliabilityisderecognizedwhentheobligationundertheliabilityisdischargedorc ancelledorexpires.Whenanexistingfinancialliabilityisreplacedby another from the same lender on substantially different terms, or the terms of anexistingliabilityaresubstantiallymodified,suchanexchangeormodificationistreated as the derecognition of the original liability and the recognition of a

newliability.ThedifferenceintherespectivecarryingamountsisrecognizedintheStatem entofProfitandLoss.

g) Inventories:

Inventoriesarevaluedatthelowerofcostandnetrealizable value, less anyprovision for obsolescence. Costs incurred in bringing each product to its

presentlocationandconditionareaccounted.

Netrealizablevalueisdeterminedbasedonestimated selling price, less

furthercostsexpectedtobeincurredtocompletionanddisposal.

h) TaxationCu rrenttax

Theincometaxexpenseorcreditfortheperiodisthetaxpayableonthecurrentperiod''staxableinc

omebasedontheapplicableincometaxrateforeachjurisdictionadjustedbychangesindeferredta

xassetsandliabilitiesattributabletotemporarydifferencesandtounusedtaxlosses.

The current income tax charge is calculated on the basis of the tax laws enacted orsubstantively enacted at the end of the reporting period in the countries where thecompanyanditssubsidiaryoperateandgeneratetaxableincome.Managementperiodical lyevaluatespositionstakenintaxreturnswithrespecttosituationsin

whichapplicabletaxregulationissubjecttointerpretation.Itestablishesprovisions,whereappro

priate,onthebasisofamountsexpectedtobepaidtothetaxauthorities.

Deferredincometaxisprovided infull,usingtheliability method,

ontemporarydifferences arising between the tax bases of assets and liabilities and their carryingamountsinthefinancialstatements.Deferredincometax is determined using taxrates (and laws) that have been enacted or substantially enacted by the end of thereportingperiodandareexpectedtoapplywhenthe related deferred income taxassetisrealisedorthedeferredincometaxliabilityissettled.

Deferredtaxassetsarerecognizedforalldeductible temporary differences andunused tax losses only if it is probable that future taxable amounts will be available toutilizethosetemporarydifferencesandlosses.

Deferred tax assets and liabilities are offset when there is a legally enforceable right tooffset current tax assets and liabilities and when the deferred tax balances relate to thesametaxationauthority.Currenttaxassetsandtaxliabilitiesareoffset where theentity has alegally enforceable right to offset and intends either to settle on a netbasis,ortorealisetheassetandsettletheliabilitysimultaneously.

Current and deferred tax is recognised in profit or loss, except to the extent that itrelatesto itemsrecognised inother comprehensiveincome or directly in equity. Inthiscase,thetaxisalsorecognisedinothercomprehensiveincomeor directly

inequity,respectively.

MinimumAlternativeT ax:

Minimumalternativetaxpaidinaccordancewiththetaxlaws,whichgivesfutureeconomicbe nefitsintheformofadjustmenttofutureincometax liability, isconsidered as an asset if there is convincing evidence that the company will pay anormal income tax. Accordingly, MAT is recognised as an asset in the Statement ofAssets and Liabilities are measured using the tax rates and tax laws that have beenenactedbythefutureeconomicbenefitassociatedwithitwillflowtothecompany.

i) Retirement and Other Employee benefit schemes:Short-termemploveebenefits:

Employeebenefitspayablewhollywithintwelvemonthsofreceivingemployeeservicesar

eclassifiedasshort-

termemployeebenefits.Thesebenefitsincludesalariesandwages,performanceincentive

sandcompensatedabsenceswhichare expectedtooccurinnexttwelvemonths.Theundiscountedamountofshort-

termemployeebenefitstobepaidinexchangeforemployeeservicesisrecognizedasanexp

enseastherelatedserviceisrenderedbyemployees.

ProvidentFundandESI:

TheCompanyoffersretirementbenefitstoitsemployees,underprovidentfundscheme and EmployeeState Insurance which is a defined benefit plan.

TheCompanyandemployeescontributeatpredeterminedratesto''CubexTubingsLimited

Employee''sContributoryProvidentFund''(Trust'')andESIaccountedonaccrualbasisandt

heconditionsforgrantofexemptionstipulatethattheemployershallmakegoodthedeficie

ncy,ifany,betweenthereturnguaranteedbythestatuteandactualearningoftheTrust.Thec

ontributiontowardsprovidentfundisrecognizedasanexpenseintheStatementofProfitan

dLoss.

j) Foreigncurrencytranslation

i) F unctionalandpresentationcurrency

Items included in the financial statements of the company are measured using thecurrencyofitsprimaryeconomicenvironmentinwhichthe company operates(''the functional currency''). The financial statements are presented in Indian rupees(INR),whichisthecompany''sfunctionalandpresentationcurrency.

ii) Transactionsandbalances

Fore igncurrencytransactio ns

aretranslatedintothefunctionalcurrencyusingtheexchangeratesatthedatesofthetransacti

ons.

k) Earningspershare

i) Basicearningspershare:

Basicearningspersharearecalculatedbydividing:

a. TheprofitattributabletoownersoftheCompany;

b. Bytheweightedaveragenumberofequitysharesoutstandingduringthefinancial year.

ii) Dilutedearningspershare

Dilutedearningspershareadjustthefiguresusedinthedeterminationofbasicearningspersh

aretotakeintoaccount:

c. The after-income tax effect of interest and other financing costs associatedwithdilutivepotentialequityshares,and

d. The weighted average number of additional equity shares that would havebeen outstanding assuming the conversion of all dilutive potential equityshares.

l) TradeReceivables:

Trade receivables are recognised initially at fair value and subsequently measured atamortised cost using the effective interest method, less provision for impairment. Thecompanyhasnotcreatedanyprovisionforimpairmentduringtheyear.

m) Cashandcashequivalents

Forthepurposeofpresentationinthestatementofcashflows,cashandcashequivalentsinclu descashonhand,depositsheldatcallwith financial institutions,other short-term,highly liquid investmentswithoriginal maturities of three monthsor less that are readily convertible to known amounts of cash and which are subject toaninsignificantrisk ofchangesinvalue,andbankoverdrafts.Bankoverdraftsareshownwithinborrowingsincurr entliabilitiesinthebalancesheet.

n) ContributedEquity

Equitysharesareclassifiedasequity.

o) Provisions.contingentliabilitiesandcontingentassets:

Provisionsforlegalclaims,volumediscountsandreturnsarerecognisedwhentheCompany has apresent legal or constructive obligation asa result of past events,itisprobable that anoutflow of resources will be required to settle the obligation and

theamountcanbereliablyestimated.Provisionsarenotrecognisedforfutureoperatinglosses.

Wherethere are a number of similar obligations, the likelihood that an outflow willbe required in settlement is determined by considering the class of obligations as awhole. A provisionis recognized even if the likelihood ofan outflow with respect toanyoneitemincludedinthesameclassofobligationsmaybesmall.

Provisions are measured at the present value of management''s best estimate of theexpenditurerequiredtosettlethepresentobligationattheend of the reportingperiod. The discount rate used to determine the present value is a pre-tax rate thatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecificto the liability. The increase in the provisions due to the passage of time is recognizedasinterestexpense.

p) Cashflowstatement:

Cashflowsarereportedusingtheindirectmethod,wherebyprofitbeforetax isadjustedfortheeffectsoftransactionsofnon-cashnatureand any deferrals oraccruals of past or future cash receipts or payments. The cash flows from operating,investingandfinancingactivitiesoftheCompanyaresegregated based on theavailableinformation.

q) Criticalaccountingestimatesandjudgements:

The presentation of financial statements under Ind AS requires management to takedecisionsandmakeestimatesandassumptionsthatmay impactthe value ofrevenues, costs, assets and liabilities and the related disclosures concerning the itemsinvolvedaswellascontingentassetsandliabilitiesatthe balance sheet

date.Estimatesandjudgementsarecontinuallyevaluatedandarebasedonhistoricalexperie nce and other factors, including expectations of future events that are believedtobereasonableunderthecircumstances.

The Company makes estimates and assumptions concerning the future. The resultingaccounting estimates will, by definition, seldom equal the related actual results. Theareasinvolvingcriticalestimatesorjudgementsare:

a. Estimationofdefinedbenefitobligation

b. UsefullifeofPropertyPlantandEquipment

c. Expectedcreditlossoffinancialassets

d. IncomeTaxes

r) RelatedPartyTransactions:

TheCompanyfurnishestheDisclosureoftransactionswithrelated parties,

asrequiredbyIndAS24“RelatedPartyDisdosures”asprescribed by

Companies(IndianAccountingStandard)Rules2015.RelatedpartiesasdefinedunderIndAS24h avebeenidentifiedonthebasisofrepresentationmadebythemanagementandinformationavaila blewiththecompany.

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Mar 31, 2015

BASIS OF PREPARATION:

The financial statements of the company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with theAccounting standards specified under section 133ofthe Companies Act.2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013 ("the 2013 Act"), as applicable. The financial statements have been prepared as a going concern on accrual basis underthe historical cost convention. TheAccounting policies adopted in the preparation o the financial statements are consistent with those followed in the previous year except for change in the accounting policy for depreciation

USE OF ESTIMATES:

The preparation of financial statements is in conformity with generally accepted accounting principles require the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the result of operations during the reporting period. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates. Significant estimates used by the management in the preparation of these financial statements include estimates of the economic useful lives of fixed assets and provisions for bad and doubtful debts. Any revision to accounting estimates is recognized prospectively.

a) Accounting Convention and Revenue Recognition:

The Financial Statements have been prepared on a going concern basis in accordance with historical cost convention except for such fixed assets which are revalued.

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue from operations includes revenue from sale of products, services and other operating revenue. Revenue from sale of products is recognized when all the significant risks and rewards of ownership of products have been passed to the buyer, usually on delivery of the products. The revenue from sale of products is net of discounts, excise duty, value added taxes and sales tax.

Revenue is not recognized on the grounds of prudence, until realized in respect of liquidated damages, delayed payments as recovery of the amounts are not certain.

b) CASH FLOW STATEMENT

i) Cash and Cash Equivalents (for the purpose of cash flow statement)

Cash comprises Margin Money, Current Accounts with Banks and cash on hand. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

ii) Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

c) RETIREMENTS BENEFITS:

Gratuity - No provision for gratuity has been made as no employees have put in qualifying period of service for entitlement of this benefit.

Provident Fund - the company makes monthly contribution to the Employees Provident Fund and Pension Fund under the provisions of Employees Provident Fund and Miscellaneous Provisions Act, 1952.

d) FIXED ASSETS:

Fixed Assets are stated at cost of acquisition and subsequent improvements thereto, inclusive of taxes, freight, and other incidental expenses related to acquisition, improvements and installation, except in case of revaluation of Fixed Assets where it is stated at revalued amount, as contained in AS-10.

e) DEPRECIATION:

Depreciation on Fixed Assets is provided on straight-line method as per the useful life specified in Schedule II of the Companies Act, 2013. This is in accordance with the AS-6 and there is no change in the method of Depreciation during the year.

f) TRANSACTIONS IN FOREIGN EXCHANGE:

Sales / Purchases and revenue incomes / expenses in foreign currency are booked at the exchange rate prevailing on the date of transaction. Gain / Loss arising out of fluctuations in exchange based on the rate on date of realization is accounted for in the Profit and Loss Account as per AS-11.

g) BORROWING COST:

Borrowing cost relating to acquisition/ construction of qualifying assets are capitalized until the time all substantial activities necessary to prepare the qualifying assets for their intended use are complete. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use/sale. Borrowing costs that are attributable to the projects are charged to the respective projects. All other borrowing costs, not eligible for inventorisation/capitalisation, are charged to revenue.

h) INVENTORIES:

Materials, stores & spares, tools and consumable are valued at cost or market value, whichever is lower on the basis of first in first out method reflecting the fairest possible approximation to the cost incurred in bringing the items of inventory to their present location and condition.

i) TAXES ON INCOME:

a) Provision for tax for the year comprises current Income Tax and Deferred Tax and is provided as per the Income Tax Act, 1961.

b) Deferred tax resulting from timing differences between the book and the tax profits is accounted for, at the current rate of tax, to the extent that the timing differences are expected to crystallize. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future; however where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognized only if there is a virtual certainty of realization of such assets. Deferred tax assets/ liabilities are reviewed as at each balance sheet date.

j) EARNINGS PER SHARE:

The earnings considered in ascertaining the Earning per Share comprise of Net Profit after Tax. The number of shares used in computing Basic Earnings per Share is the Weighted Average number of shares outstanding during the year, as per AS-20.

k) IMPAIRMENT OF FIXED ASSETS:

Management periodically assesses using external and internal sources whether there is an indication that an asset may be impaired. Impairment occurs where the carrying value exceeds the present value of future cash flows expected to arise from the continuing use of the asset and its eventual disposal. The impairment loss to be expensed is determined as the excess of the carrying amount over the higher of the asset's net sale price or present value as determined above.

I) RELATED PARTY DISCLOSURES :

The Company furnishes the Disclosure of transactions with related parties, as required by Accounting Standard 18 "Related Party Disclosure" as specified in the Companies (Accounting Standard) Rules, 2006. Related parties as defined under clause 3 of the Accounting Standard 18 have been identified on the basis of representation made by the management and information available with the company.

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Mar 31, 2014

I.CORPORATE INFORMATION

CUBEX TUBINGS LIMITED is a manufacturer of seamless solid drawn Tubes, Rods, Bus bars and Wires of copper and copper based alloys such as Cupronickel, admiralty Brass, Aluminum Brass etc. Copper because of its high electrical conductivity and heat transfer characteristics finds wide application in the form of Tubes, Rods, Strips and Wires. The user industries are Power plants, Power plants manufacturers, Switchgears, Refineries, Furnace manufacturers, Sugar plants, Automobile, Electrical Equipment industries and ship building company.

II. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PREPARATION:

The financial statements have been prepared to comply in all material respects with the accounting standards notified by Companies Accounting Standards Rules, 2006 and the relevant provisions of the Companies Act, 19S6 (''the Act''). The financial statements have been prepared under historical cost convention on an accrual basis in accordance with accounting principles generally accepted in India. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year:

USE OF ESTIMATES:

The preparation of financial statements is in conformity with generally accepted accounting principles require the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the result of operations during the reporting period. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates. Significant estimates used by the management in the preparation of these financial statements include estimates of the economic useful lives of fixed assets and provisions for bad and doubtful debts. Any revision to accounting estimates is recognized prospectively.

(a) Accounting Convention and Revenue Recognition:

The Financial Statements have been prepared on a going concern basis in accordance with historical cost convention except for such fixed assets which are revalued.

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue from operations includes revenue from sale of products, services and other operating revenue. Revenue from sale of products is recognized when all the significant risks and rewards of ownership of products have been passed to the buyer, usually on delivery of the products. The revenue from sale of products is net of discounts, excise duty, value added taxes and sales tax.

Revenue is not recognized on the grounds of prudence, until realized in respect of liquidated damages, delayed payments as recovery of the amounts are not certain.

(b) Cash Flow Statement: AS-3

i) Cash and Cash Equivalents (for the purpose of cash flow statement)

Cash comprises Margin Money, Current Accounts with Banks and cash on hand. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

ii) Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

(c) Retirements Benefits:

Gratuity - No provision for gratuity has been made as no employees have put in qualifying period of service for entitlement of this benefit.

Provident Fund - the company makes monthly contribution to the Employees Provident Fund and Pension Fund under the provisions of Employees Provident Fund and Miscellaneous Provisions Act, 19S2.

(d) Fixed Assets:

Fixed Assets are stated at cost of acquisition and subsequent improvements thereto, inclusive of taxes, freight, and other incidental expenses related to acquisition, improvements and installation, except in case of revaluation of Fixed Assets where it is stated at revalued amount, as contained in AS-IO.

(e) Depreciation:

Depreciation on Fixed Assets is provided on straight-line method as per the rates specified in Schedule XIV of the Companies Act, 19S6. This is in accordance with the AS-6 and there is no change in the method of Depreciation during the year.

(f) Transactions in Foreign Exchange:

Sales / Purchases and revenue incomes / expenses in foreign currency are booked at the exchange rate prevailing on the date of transaction. Gain / Loss arising out of fluctuations in exchange based on the rate on date of realization is accounted for in the Profit and Loss Account as per AS-II.

(g) Borrowing Cost:

Borrowing cost relating to acquisition/ construction of qualifying assets are capitalized until the time all substantial activities necessary to prepare the qualifying assets for their intended use are complete. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use/sale. Borrowing costs that are attributable to the projects are charged to the respective projects. All other borrowing costs, not eligible for inventorisation/capitalisation, are charged to revenue.

(h) Inventories:

Materials, stores & spares, tools and consumable are valued at cost or market value, whichever is lower on the basis of first in first out method reflecting the fairest possible approximation to the cost incurred in bringing the items of inventory to their present location and condition.

(i) Taxes on Income:

a) Provision for tax for the year comprises current Income Tax and Deferred Tax and is provided as per the Income Tax Act, 1961.

b) Deferred tax resulting from timing differences between the book and the tax profits is accounted for, at the current rate of tax, to the extent that the timing differences are expected to crystallize. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future; however where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognized only if there is a virtual certainty of realization of such assets. Deferred tax assets/ liabilities are reviewed as at each balance sheet date.

(j) Earnings per Share:

The earnings considered in ascertaining the Earning per Share comprise of Net Profit after Tax. The number of shares used in computing Basic Earnings Per Share is the Weighted Average number of shares outstanding during the year, as per AS-20.

(k) Impairment of Assets:

Management periodically assesses using external and internal sources whether there is an indication that an asset may be impaired. Impairment occurs where the carrying value exceeds the present value of future cash flows expected to arise from the continuing use of the asset and its eventual disposal. The impairment loss to be expensed is determined as the excess of the carrying amount over the higher of the asset''s net sale price or present value as determined above.

(l) Related Party Disclosures :

The Company furnishes the Disclosure of transactions with related parties, as required by Accounting Standard 18 "Related Party Disclosure" as specified in the Companies (Accounting Standard) Rules, 2006. Related parties as defined under clause 3 of the Accounting Standard 18 have been identified on the basis of representation made by the management and information available with the company.

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Mar 31, 2012

(a) Accounting Convention and Revenue Recognition:

The Financial Statements have been prepared on a going concern basis in accordance with historical cost convention except for such fixed assets which are revalued. Both Income and Expenditure are recognized on accrual basis.

Revenue is not recognized on the grounds of prudence, until realized in respect of liquidated damages, delayed payments as recovery of the amounts are not certain.

(b) Cash Flow Statement: AS-3

The Company has prepared Cash Flow Statement as per the AS-3.

(c) Retirements Benefits:

Gratuity - No provision for gratuity has been made as no employees have put in qualifying period of service for entitlement of this benefit.

Provident Fund -The company makes monthly contribution to the Employees Provident Fund and Pension Fund under the provisions of Employees Provident Fund and Miscellaneous Provisions Act, 1952.

(d) Fixed Assets:

Fixed Assets are stated at cost of acquisition and subsequent improvements thereto, inclusive of taxes, freight, and other incidental expenses related to acquisition, improvements and installation, except in case of revaluation of Fixed Assets where it is stated at revalued amount, as contained in AS-10.

(e) Depreciation:

Depreciation on Fixed Assets is provided on straight-line method as per the rates specified in Schedule XIV of the Companies Act, 1956. This is in accordance with the AS-6 and there is no change in the method of Depreciation during the year.

(f) Transactions in Foreign Exchange:

Sales / Purchases and revenue incomes / expenses in foreign currency are booked at the exchange rate prevailing on the date of transaction. Gain / Loss arising out of fluctuations in exchange based on the rate on date of realization is accounted for in the Profit and Loss Account as per AS-11.

(g) Borrowing Cost:

Borrowing cost relating to acquisition/construction of qualifying assets are capitalized until the time all substantial activities necessary to prepare the qualifying assets for their intended use are complete. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use/sale. Borrowing cost that are attributable to the projects are charged to the respective projects. All other borrowing costs, not eligible for inventorisation/capitalisation, are charged to revenue.

(h) Inventories:

Materials, stores & spares, tools and consumable are valued at cost or market value, which ever is lower on the basis of first in first out method reflecting the fairest possible approximation to the cost incurred in bringing the items of inventory to their present location and condition.

(i) Taxes on Income:

a) Provision for tax for the year comprises current Income Tax and Deferred Tax and is provided as per the Income Tax Act, 1961.

b) Deferred tax resulting from timing differences between the book and the tax profits is accounted for, at the current rate of tax, to the extent that the timing differences are expected to crystallize. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future; however where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognized only if there is a virtual certainty of realization of such assets. Deferred tax assets/ liabilities are reviewed as at each balance sheet date.

(j) Earnings per Share:

The earnings considered in ascertaining the Earning Pa Share comprise of Net Profit after Tax. The number of shares used in computing Basic Earnings Per Share is the Weighted Average number of shares outstanding during the year, as per AS-20.

(k) Impairment of Assets:

Management periodically assesses using external and internal sources whether there is an indication that an asset may be impaired. Impairment occurs where the carrying value exceeds the present value of future cash flows expected to arise from the continuing use of the asset and its eventual disposal. The impairment loss to be expensed is determined as the excess of the carrying amount over the higher of the asset's net sale price or present value as determined above.

(I) Related Party Disclosures:

The Company as requited by AS-18, furnishes the details of Related Party Disclosures

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Mar 31, 2011

BASIS OF PREPARATION:

The financial statements have been prepared to comply in all material respects with the accounting standards notified by Companies Accounting Standards Rules, 2006 and the relevant provisions of the Companies Act, 1956 ('the Act'). The financial statements have been prepared under historical cost convention on an accrual basis in accordance with accounting principles generally accepted in India. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year:

USE OF ESTIMATES:

The preparation of financial statements is in conformity with generally accepted accounting principles require the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the result of operations during the reporting period. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates. Significant estimates used by the management in the preparation of these financial statements include estimates of the economic useful lives of fixed assets and provisions for bad and doubtful debts. Any revision to accounting estimates is recognized prospectively.

(a) Accounting Convention and Revenue Recognition:

The Financial Statements have been prepared on a going concern basis in accordance with historical cost convention except for such fixed assets which are revalued. Both Income and Expenditure are recognized on accrual basis.

Revenue is not recognized on the grounds of prudence, until realized in respect of liquidated damages, delayed payments as recovery of the amounts are not certain.

(b) Cash Flow Statement: AS-3

The Company has prepared Cash Flow Statement as per the AS-3.

(c) Retirements Benefits:

No provision for gratuity has been made as no employees have put in qualifying period of service for entitlement of this benefit.

(d) Fixed Assets:

Fixed Assets are stated at cost of acquisition and subsequent improvements thereto, inclusive of taxes, freight, and other incidental expenses related to acquisition, improvements and installation, except in case of revaluation of Fixed Assets where it is stated at revalued amount, as contained in AS-10.

(e) Depreciation:

Depreciation on Fixed Assets is provided on straight-line method as per the rates specified in Schedule XIV of the Companies Act, 1956. This is in accordance with the AS-6 and there is no change in the method of Depreciation during the year.

(f) Transactions in Foreign Exchange:

Sales / Purchases and revenue incomes / expenses in foreign currency are booked at the exchange rate prevailing on the date of transaction. Gain / Loss arising out of fluctuations in exchange based on the rate on date of realization is accounted for in the Profit and Loss Account as per AS-11.

(g) Borrowing Cost:

Borrowing cost relating to acquisition/ construction of qualifying assets are capitalized until the time all substantial activities necessary to prepare the qualifying assets for their intended use are complete. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use/sale. Borrowing cost that are attributable to the projects are charged to the respective projects. All other borrowing costs, not eligible for inventorisation/capitalisation, are charged to revenue.

(h) Inventories:

Materials, stores & spares, tools and consumable are valued at cost or market value, which ever is lower on the basis of first in first out method reflecting the fairest possible approximation to the cost incurred in bringing the items of inventory to their present location and condition.

(i) Taxes on Income:

a) Provision for tax for the year comprises current Income Tax and Deferred Tax and is provided as per the Income Tax Act, 1961.

b) Deferred tax resulting from timing differences between the book and the tax profits is accounted for, at the current rate of tax, to the extent that the timing differences are expected to crystallize. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future; however where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognized only if there is a virtual certainty of realization of such assets. Deferred tax assets/ liabilities are reviewed as at each balance sheet date.

(j) Earnings per Share:

The earnings considered in ascertaining the Earning Per Share comprise of Net Profit after Tax. The number of shares used in computing Basic Earnings Per Share is the Weighted Average number of shares outstanding during the year, as per AS-20.

(k) Impairment of Assets:

Management periodically assesses using external and internal sources whether there is an indication that an asset may be impaired. Impairment occurs where the carrying value exceeds the present value of future cash flows expected to arise from the continuing use of the asset and its eventual disposal. The impairment loss to be expensed is determined as the excess of the carrying amount over the higher of the asset's net sale price or present value as determined above.

(I) Related Party Disclosures:

The Company as required by AS-18, furnishes the details of Related Party Disclosures in Schedule 9 of notes forming part of accounts

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Mar 31, 2010

General:

(i) These accounts are prepared on the historical cost basis and on the accounting principles of a going concern.

(ii) Accounting policies not specifically referred to othewise are consistent and in consonance with generally accepted accounting principles.

Revenue Recognition:

(i) The Company follows the mercantile system of Accounting and recognizes income and expenditure on accrual basis.

(ii) Revenue is not recognized on the grounds of prudence, until realized in respect of liquidated damages, delayed payments as recovery of the amounts are not certain.

Foreign ExchangeTransaction:

(i) Realised gains & loss in foreign exchange transaction are recognized in Profit & Loss Account.

Transaction in Foreign Currency will be recorded at the rates of exchange prevailing on the date of the transaction, Current Assets and liabilities denominated in foreign currency will be translated at the rate of exchange as at Balance Sheet date.

Fixed Assets:

(i) Fixed assets are stated at cost less accumulated depreciation. Cost of acquisitioni of fixed assets is inclusive of freight, duties, taxes and incidental expenses thereto.

Depreciation & Amortisation:

(i) Depreciation is provided on straight-line method on pro-rata basis and at the rates and manner specified in the Schedule XIV of the Companies Act, 1956.

Inventories:

Inventories are valued at cost or market price whichever is Lower.

Taxation:

The current charge for income tax is calculated in accordance with the relevant tax regulations applicable to the Company. Deferred tax asset and liability is recognized for future tax consequences attributable to the timing differences that result between the profit offered for income tax and the Loss profit as per the financial statements. Deferred tax asset & Liability are measured as per the tax rates/laws that have been enacted or substantively enacted by the Balance Sheet date.

Earning per Share:

The earning considered in ascertaining the compoanys earning per share comprise net profit after tax.The number of shares used in computing basic earning per share is the weihted average number of shares out standing during the year.

Gratuity:

No provision for gratuity has been made as no employees have put in qualifying period of service for entitlement of this benefit.