Accounting Policies of Duropack Ltd. Company

Mar 31, 2024

1. Significant Accounting Policies.

Set out hereunder are the significant accounting policies adopted by the company in the preparation of the accounts for
the year ended 31st March, 2024. There is no material change in accounting policies of the Company.
a) Basis of Accounting:

i) Compliance with Ind AS

The financial statements comply, in all material aspect, with Indian Accounting Standards (Ind AS) notified under section
133 of the Companies Act, 2013 (the Act) [Companies (Indian Accounting Standards) Rules,2015 and notified by Ministry
of Corporate Affairs (“MCA”)] and other relevant provisions of the Act.

ii) Historical Cost Convention

The accounts of the Company are prepared under the historical cost convention except for certain financial instruments
that are measured at fair value at the end of each reporting period, as explained in the accounting policies below.The
accounts are prepared in accordance with the applicable accounting standards issued by the Institute of Chartered
Accountants of India and relevant provisions of the Companies Act, 2013 except where otherwise stated. There is no
material change in the accounting policies of the company as compared to the previous year.

iii) Operating Cycle

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 Schedule III to the Companies Act, 2013 and Ind AS-1- Presentation of Financial Statements
based on the nature of services and the time between the acquisition of assets for processing and their realization in cash
and cash equivalents.

iv) Property, Plant and Equipment

Property, Plant and Equipment are stated at historical cost less depreciation and amortization and impairment losses, if
any. Such cost includes purchase price, borrowing cost, inward freight, duties, taxes and any other cost directly attributable
to bringing the assets into its working conditions for its intended use. As per management decisions, dies and moulds,
having lifespan of less than one year, have not been capitalized as per Companies Act, 2013, but have been treated as
consumable. Subsequent costs are included in the assets carrying amount only when it is probable that future economic
benefits associated with the item will be realized. All other repairs and maintenance costs are charged to the Statement
of Profit and Loss, as incurred.

Depreciation Method

Depreciation on Property, Plant and Equipment is provided on Straight Line Method. Depreciation is provided based on
useful life of the assets as prescribed in Schedule II to the Companies Act, 2013 except in respect of the following assets,
where useful life is different than those prescribed in Schedule II.

Asset Classification Life (in Years)

Building 30

Plant and Machineries 8

Electric Fittings and Installations 8

Fire Fighting Equipment''s 10

Vehicles 8

Impairment of Assets

The carrying amount of assets is reviewed at each balance sheet date if there is any indication of impairment based on
internal/external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable
amount. The recoverable amount is the greater of the assets, net selling price and value in use.

v) Inventories

Inventories are valued at lower of cost and net realizable value. Net realizable value represents the estimatedselling price
for inventories less all estimated costs of completion and costs necessary to make the sale. Inventory ofraw material,
stock-in-trade, stores and spares and finished goods are measured using FIFO (First InFirst Out) basis, whereas work- in¬
progress are valued on the basis of material''s FIFO rate, its cost of conversion and other costs incurred.

vi) Investment properties

Property that is held for long term rental yields or for capital appreciation or both, and that is not occupied by the company
(if any), will be classified as Investment Property. Investment Property will be initially measured at cost, including related
transactions costs and where applicable borrowing costs. Subsequent expenditures are capitalized to the assets carrying
amount only when it is probable that future economic benefits associated with the item will be measured reliably. All other
repairs and maintenance costs are charged to the statement of Profit and Loss as incurred.

Investment Properties are depreciated using the straight-line method over their estimated useful lives. Investment properties
generally have a useful life of 30 years.

vii) Intangible Assets

Company will amortize intangible assets (if any) with a finite life using the straight-line method over 5 years.

viii) Revenue Recognition

The Company derives its revenues from multiple products and services including flexible packaging products, and related
activities, etc. Revenue from sale of goods is recognised at a point in time when the control has been transferred subject
to the terms with the customers, which generally coincides with dispatch of goods to customers in case of domestic sales
and on the basis of bill of lading in the case of export sales. The performance obligations in our contracts are fulfilled at
the time of dispatch, delivery or upon formal customer acceptance depending on customer terms.

Revenue is measured on the basis of contracted price, after deduction of any trade discounts, volume rebates and any
taxes or duties collected on behalf of the government such as goods and services tax, etc. Revenue is only recognised
to the extent that is highly probable a significant reversal will not occur.

Customers have the contractual right to return goods only when authorised by the company.

Revenue from sale of services are measured at fair value of the consideration received or receivable, after deduction of
any sort of discounts and any taxes or duties collected on behalf of the government such as goods and services taxes.
Income from services rendered is recognised based on agreements/arrangements with the customers as the service is
performed and there are no unfilled obligations.

ix) Employees benefits:

The undiscounted amount of short-term employee benefits expected to be paid in exchange of services rendered by
employees is recognized during the period when the employee renders the services. These benefits include salaries,
bonus and performance incentives.

Short Term Employee Benefits:

All employee benefits payable wholly within twelve months of rendering the service are classified as short term employee
benefits and they are recognized in the period in which the employee renders the related service. These benefits include
salaries and wages, bonus etc. The Company recognizes the undiscounted amount of short term employee benefits
expected to be paid in exchange for services rendered as a liability (accrued expense) after deducting any amount
already paid.

Post-Employment Benefits
Gratuity

The liability or asset recognized in the balance sheet in respect of defined benefit gratuity plans is the present value of the
defined benefit obligation at the end of the reporting period less the fair value of plan assets. The Company''s liability is
actuarially determined (using the Projected Unit Credit method) at the end of each year. The present value of the defined
benefit obligation is determined by discounting the estimated future cash outflows using interest rates of government
bonds. Re-measurement gains and losses arising from experience adjustments and changes in actuarial assumptions
are charged or credited to equity in other comprehensive income in the period in which they arise.

x) Financial Instruments

A. Initial recognition and measurement

All financial assets and liabilities are initially recognized at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are
adjusted to the fair value on initial recognition. Purchase and sale of financial assets are recognized using trade date
accounting.

B. Subsequent measurement

Debt Instrument

• Financial assets carried at amortized cost (AC)

A financial asset is measured at amortized cost if it is held within a business model whose objective is to hold the asset
in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to
cash flows that are solely payments of principal and interest on the principal amount outstanding.

• Financial assets at fair value through other comprehensive income (FVTOCI)

A financial asset is measured at FVTOCI if it is held within a business model whose objective is achieved by both
collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on
specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

• Financial assets at fair value through profit or loss (FVTPL)

A financial asset which is not classified in any of the above categories is measured at FVTPL.

Equity Instruments

The Company subsequently measures all equity investments at fair value. Where the company''s management has
elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent
reclassification of fair value gains or losses to profit or loss as other income when the company rights to receive payment
is established.

Changes in the fair value of financial assets at fair value through profit or loss are recognized in other gain/ losses in the
statement of profit and loss. Impairment losses (and reversal of impairment losses) on equity investment measured at
FVOCI are not reported separately from other changes in fair value.

C. De-recognition of financial instruments
A financial asset is derecognized only when:

• The company has transferred the rights to receive cash flows from the financial assets or

• Retains the contractual rights to receive the cash flows of the financial assets, but assumes contractual obligations
to pay the cash flows to one or more recipients.

Where the company transferred the financial assets, the company evaluates whether it has transferred substantially all
risks and reward of ownership of the financial assets. In such cases, the financial asset is derecognized. Where the entity
has not transferred substantially all risks and rewards of the ownership of the financial assets, the financial assetsis not
derecognized.

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Mar 31, 2015

Set out hereunder are the significant accounting policies adopted by the company in the prepration of the accounts for the year ended 31st March, 2015. There is no material change in accounting policies of the Company

Method of Accounting

The company follows "Mercantile System" of accounting

Inventory Valuation

Stock of Raw Material, Stores, Spare & Packing Material Stated at cost. Finished goods, work in Progress and Scrap are valued at estimated cost (excluding excise duty) or realizable value, whichever is lower.

Depreciation

Depreciation has been calculated on written down value method at the rates given in schedule II of the Companies Act, 2013.

Gratuity

Provision has been made in the books for accruing liability under the payment of gratuity act 1972 to the employees on their future retirement or termination of service

Insurance/Claim

The premium pertaining to the year is charged against the revenue of the year. Insurance Claim lodged by the company will be adjusted as and when the final amount will be determined by the insurance companies.

Revenue Recognition

i) Sales are stated net of return, rebate & discount and excluding Sales Tax

ii) Services income is recognized when the services are rendered

iii) Scrape is accounted for on sales basis

iv )Interest income is recognized on accrual basis

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Mar 31, 2014

Set out hereunder are the significant accounting policies adopted by the company in the prepration of the accounts for the year ended 31st March, 2013. There is no material change in accounting policies of the Company

Method of Accounting

The company follows "Mercantile System" of accounting

Inventory Valuation

Stock of Raw Material, Stores, Spare & Packing Material Stated at cost. Finished goods, work in Progress and Scrap are valued at estimated cost (excluding excise duty) or realizable value, whichever is lower.

Depreciation

Depreciation has been calculated on written down value method at the rates given in schedule XIV of the Company Acts, 1956.

Gratuity

Provision has been made in the books for accruing liability under the payment of gratuity act 1972 to the employees on their future retirement or termination of service

Insurance/Claim

The premium pertaining to the year is charged against the revenue of the year. Insurance Claim lodged by the company will be adjusted as and when the final amount will be determined by the insurance companies.

Revenue Recognition

a) Sales are stated net of return, rebate & discount and excluding Sales Tax

b) Services income is recognized when the services are rendered

c) Scrape is accounted for on sales basis

d) Interest income is recognized on accrual basis

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Mar 31, 2013

Set out hereunder are the significant accounting policies adopted by the company in the prepration of the accounts for the year ended 31st March, 2013. There is no material change in accounting policies of the Company

Method of Accounting

The company follows "Mercantile System" of accounting

Inventory Valuation

Stock of Raw Material, Stores, Spare & Packing Material Stated at cost. Finished goods, work in Progress and Scrap are valued at estimated cost (excluding excise duty) or realizable value, whichever is lower.

Depreciation

Depreciation has been calculated on written down value method at the rates given in schedule XIV of the Company Acts, 1956.

Gratuity

Provision has been made in the books for accruing liability under the payment of gratuity act 1972 to the employees on their future retirement or termination of service

Insurance/Claim

The premium pertaining to the year is charged against the revenue of the year. Insurance Claim lodged by the company will be adjusted as and when the final amount will be determined by the insurance companies.

Revenue Recognition

a) Sales are stated net of return, rebate & discount and excluding Sales Tax

b) Services income is recognized when the services are rendered

c) Scrape is accounted for on sales basis

d) Interest income is recognized on accrual basis

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Mar 31, 2012

Set out hereunder are the significant accounting policies adopted by the company in the prepration of the accounts for the year ended 31st March, 2012. There is no material change in accounting policies of the Company

Method of Accounting

The company follows "Mercantile System" of accounting

Inventory Valuation

Stock of Raw Material, Stores, Spare & Packing Material Stated at cost. Finished goods, work in Progress and Scrap are valued at estimated cost (excluding excise duty) or realizable value, whichever is lower.

Depreciation

Depreciation has been calculated on written down value method at the rates given in schedule XIV of the Company Acts, 1956.

Gratuity

Provision has been made in the books for accruing liability under the payment of gratuity act 1972 to the employees on their future retirement or termination of service.

Insurance/Claim

The premium pertaining to the year is charged against the revenue of the year. Insurance Claim lodged by the company will be adjusted as and when the final amount will be determined by the insurance companies.

Revenue Recognition

a) Sales are stated net of return, rebate & discount and excluding Sales Tax.

b) Services income is recognized when the services are rendered.

c) Scrap is accounted for on sales basis.

d) Interest income is recognized on accrual basis.

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Mar 31, 2010

Set out hereunder are significant accounting policies adopted y the company in the preparation of the account for the period ended 31st March,2010.

a) Inventory Valuation

Stock of Raw Material, Stores, Spare & Packing Material Stated at cost. Finished goods, work in progress and Scrap are valued at estimated cost or realizable value, whichever is lower.

b) Depreciation

Depreciation has been calculated on written down value method at the rates given in schedule XIV of the Company Acts, 1956.

c) Gratuity

Provision has been made in the books for accruing liability under the payment of gratuity act,1972 to the employees on their future retirement or termination of service.

d) Insurance/Claim

The Company covers all normal risks on basis of costs for the fixed assets and the inventories. The premium pertaining to the year is charged against the revenue of the year. Insurance Claim lodged by the company will be adjusted as and when the final amount will be determined by the insurance companies.

e) Investments Investments are stated at cost.

f) Sales

Sales are stated net of return, rebate & discount and Sales Tax but inclusive of Excise Duty

g) Revenue Recognition

Dividend income is accounted on cash basis.

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Mar 31, 2009

Set out hereunder are significant accounting policies adopted y the company in the preparation of the account for the period ended 31st March, 2009.

a) Inventory Valuation

Stock of Raw Material, Stores, Spare & Packing Material Stated at cost. Finished goods, work in progress and Scrap are valued at estimated cost or realizable value, whichever is lower.

b) Depreciation

Depreciation has been calculated on written down value method at the rates given in schedule XIV of the Company Acts, 1956.

c) Gratuity

Provision has been made in the books for accruing liability under the payment of gratuity act, 1972 to the employees on their future retirement or termination of service.

d) Insurance/Claim

The Company covers all normal risks on basis of costs for the fixed assets and the inventories. The premium pertaining to the year is charged against the revenue of the year. Insurance Claim lodged by the company will be adjusted as and when the final amount will be determined by the insurance companies.

e) Investments

Investments are stated at cost.

f) Sales

Sales are stated net of return, rebate & discount and Sales Tax but inclusive of Excise Duty

g) Revenue Recognition

Dividend income is accounted on cash basis.