Accounting Policies of Mayur Floorings Ltd. Company

Mar 31, 2024

A. Significant Accounting Policies

1. Basis of accounting:-

These financial statements have been prepared in accordance with the Generally Accepted Accounting
Principles in India (Indian GAAP) including the Accounting Standards notified under Section 133 of the
Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant
provisions of the Companies Act, 2013. The financial statements have been prepared under the historical
cost convention on accrual basis.

2. Use of Estimates

The preparation of financial statements in conformity with Indian GAAP requires the management to
make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses,
assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period.
Although these estimates are based on the management''s best knowledge of current events and actions,
uncertainty about these assumptions and estimates could result in the outcomes requiring a material
adjustment to the carrying amounts of assets or liabilities in future periods.

3. Revenue Recognition

Expenses and Income considered payable and receivable respectively are accounted for on accrual basis.
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.

4. Property, Plant & Equipment

Property, Plant & Equipment including intangible assets are stated at their original cost of acquisition
including taxes, freight and other incidental expenses related to acquisition and installation of the
concerned assets less depreciation till date. Company has adopted cost model for all class of items of
Property Plant and Equipment.

5. Depreciation

Depreciation on Fixed Assets is provided to the extent of depreciable amount on the Written down Value
SLM method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to
the Companies Act, 2013.

6. Investments

Investments, which are readily realizable and intended to be held for not more than one year from the
date on which such investments are made, are classified as current investments. All other investments
are classified as non-current investments.

7. Inventories

Inventories are valued as under

a. Inventory of construction raw material and stores and spares and other consumables are stated at
lower of cost or NRV

b. Work-in-progress are estimated at cost

c. Finished goods are value at lower of cost or NRV

8. Borrowing cost

Borrowing costs that are attributable to the acquisition or construction of the qualifying assets are
capitalized as part of the cost of such assets. A qualifying assets is one that necessarily takes a substantial
period of time to get ready for its intended uses or sale. All other borrowing costs are charged to revenue
in the year of incurrence.

9. Taxes on Income

Provision for current tax is made on the basis of estimated taxable income for the current accounting
year in accordance with the Income Tax Act, 1961. The deferred tax for timing differences between the
book and tax profits for the year is accounted for, using the tax rates and laws that have been
substantively enacted by the balance sheet date. Deferred tax assets arising from timing differences are
recognized to the extent there is virtual certainty with convincing evidence that these would be realized
in future. At each Balance sheet date, the Carrying amount of deferred tax is reviewed to reassure
realization.

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Mar 31, 2015

A) Accounting Convention :

The financial statements are prepared under historical cost convention in accordance with applicable mandatory cost convention Accounting Standards and relevant presentational requirements of the Companies Act, 2013.

b) Fixed Assets and Depreciations :

Fixed Assets are stated at cost less accumulated depreciations. Cost of acquisitions is inclusive of all incidental expenses for the purpose of acquiring Fixed Assets up to the date of installations. Depreciations have been provided on Fixed Assets on Straight Line Method in the manner and on the basis of useful lives prescribed in Schedule ii to the companies act 2013.

c) Inventories :

i) Raw Material, Stores and Spares, Consumable are valued at Cost.

ii) Work in progress valued at estimated cost.

iii) Finished Goods, Scraps are valued at cost or realizable value, whichever is lower.

d) Sales :

Sales are net of all levies and duties and are recognized on dispatches to the parties.

e) Revenue Recognitions:

Income and expenditure's on investments, interest on bills, FDR's are recorded on receipt basis.

f) Retirement Benefits :

No provisions for retirement benefits of Gratuity have been made for the period of service of employee's during the year under consideration.

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Mar 31, 2014

A) Accounting Convention:

The financial statements are prepared under historical cost convention in accordance with applicable mandatory cost convention Accounting Standards and relevant presentational requirements of the Companies Act, 1956.

b) Fixed Assets and Depreciations :

Fixed Assets are stated at cost less accumulated depreciations. Cost of acquisitions is inclusive of all incidental expenses for the purpose of acquiring Fixed Assets up to the date of installations. Depreciations have been provided on Fixed Assets on Straight Line Method at the rates prescribed in Schedule XIV of the Companies Act, 1956 on pro-rata basis.

c) Inventories:

i) Raw Material, Stores and Spares, Consumable are valued at Cost.

ii) Work in progress valued at estimated cost.

iii) Finished Goods, Scraps are valued at cost or realizable value, whichever is lower.

d) Sales:

Sales are net of all levies and duties and are recognized on dispatches to the parties. -

e) Revenue Recognitions:

Income and expenditure's on investments, interest on bills, FDR's are recorded on receipt basis.

f) Retirement Benefits:

No provisions for retirement benefits of Gratuity have been made for the period of service of employee's during the year under consideration.

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Mar 31, 2012

A) Accounting Convention:

The financial statements are prepared under historical cost convention in accordance with applicable mandatory cost convention Accounting Standards and relevant presentational requirements of the Companies Act, 1956.

b) Fixed Assets and Depreciations:

Fixed Assets are stated at cost less accumulated depreciations. Cost of acquisitions is inclusive of all incidental expenses for the purpose of acquiring Fixed Assets up to the date of installations. Depreciations have been provided on Fixed Assets on Straight Line Method at the rates prescribed in Schedule XIV of the Companies Act, 1956 on pro-rata basis.

c) Inventories:

i) Raw Material, Stores and Spares, Consumables are valued at Cost.

ii) Work in progress valued at estimated cost.

iii) Finished Goods, Scraps are valued at cost or realizable value, whichever is lower.

d) Sales:

Sales are net of all levies and duties and are recognized on dispatches to the parties.

e) Revenue Recognitions:

Income and expenditure's on investments, interest on bills, FDR's are recorded on receipt basis.

f) Retirement Benefits:

No provisions for retirement benefits of Gratuity have been made for the period of service of employee’s during the year under consideration.

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Mar 31, 2011

A) Accounting Convention:

The financial statements are prepared under historical cost convention in accordance with applicable mandatory cost convention Accounting Standards and relevant presentational requirements of the Companies Act, 1956.

b) Fixed Assets and Depreciations :

Fixed Assets are stated at cost less accumulated depreciations. Cost of acquisitions is inclusive of all incidental expenses for the purpose of acquiring Fixed Assets up to the date of installations. Depreciations have been provided on Fixed Assets on Straight Line Method at the rates prescribed in Schedule XIV of the Companies Act, 1956 on pro-rata basis.

c) Inventories:

i) Raw Material, Stores and Spares, Consumable are valued at Cost.

ii) Work in progress valued at estimated cost.

iii) Finished Goods, Scraps are valued at cost or realizable value, whichever is lower.

d) Sales:

Sales are net of all levies and duties and are recognized on dispatches to the parties.

e) Revenue Recognitions:

Income and expenditure's on investments, interest on bills, FDR's are recorded on receipt basis.

f) Retirement Benefits:

No provisions for retirement benefits of Gratuity have been made for the period of service of employee's during the year under consideration.