Accounting Policies of Megh Mayur Infra Ltd. Company

Mar 31, 2024

II) SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies applied by the Company in the preparation of its financial
statements are listed below. Such accounting policies have been applied consistently to all the
periods presented in these financial statements.

(A) Basis of preparation and compliance with Ind AS:

The financial statements are prepared in accordance with Indian Accounting Standards (Ind AS)
prescribed under Section 133 of the Companies Act, 2013 read with the Companies (Indian
Accounting Standards) Rules, 2015 as amended from time to time, the provisions of the
Companies Act, 2013 (“the Companies Act”) as applicable and guidelines issued by the
Securities and Exchange Board of India (“SEBI”).

The accounting policies have been consistently applied except where a newly issued
accounting standard is initially adopted or a revision to an existing accounting standard
requires a change in the accounting policy hitherto in use

(B) Use of Estimates and judgment:

The preparation of the financial statements in conformity with Ind AS requires the Management
to make estimates, judgements and assumptions. These estimates, judgements and assumptions

affect the application of accounting policies and the reported amounts of assets and liabilities,
the disclosures of contingent assets and liabilities at the date of the financial statements and
reported amounts of revenues and expenses during the period. Accounting estimates could
change from period to period. Actual results could differ from those estimates. Appropriate
changes in estimates are made as the Management becomes aware of changes in circumstances
surrounding the estimates. Changes in estimates are reflected in the financial statements in the
period in which changes are made and, if material, their effects are disclosed in the notes to the
standalone financial statements.

(C) Cash flow statement [Ind AS 7]

Cash flows are reported using the Indirect Method, as set out in Ind AS 7 ‘Statement of Cash
Flow’, whereby profit/loss for the year is adjusted for the effects of transaction of non-cash
nature, any deferrals or accruals of past or future operating cash receipts or payments and item
of income or expenses associated with investing or financing cash flows. The cash flows from
operating, investing and financing activities of the Company are segregated.

(D) Employee Benefits: [Ind AS 19]

Short-term employee benefits

These are liabilities for wages and salaries, including non-monetary benefits that are expected to
be settled wholly within twelve months after the end of the period in which the employees render
the related employee service. The undiscounted amount of short-term employee benefits
expected to be paid in exchange for that service is recognised as a liability (accrued expense),
after deducting any amount already paid. If the amount already paid exceeds the undiscounted
amount of the benefits, an entity shall recognise that excess as an asset (prepaid expense). Or
else recognised as an expense, unless another Standard requires or permits the inclusion of the
benefits in the cost of an asset.

Post-employment obligations

The company do not operate any post-employment scheme.

(E) Related parties [Ind AS 24]

As per Ind AS-24 issued by the Institute of chartered Accountants of India, the company’s related
parties are disclosed below

Earnings Per Share: [Ind AS 33]

Basic and Diluted eamings/(loss) per share are calculated by dividing the net profit / (loss) for
the period attributable to equity shareholders (after deducting preference dividends and
attributable taxes) by the weighted average number of equity shares outstanding during the
period. The weighted average numbers of equity shares outstanding during the period are
adjusted for any share splits and bonus shares issues including for changes effected prior to the
approval of the financial statements by the board of directors.

*The fair value of cash and cash equivalents, other current financial assets and liabilities
approximate their carrying amount largely due to the short-term nature of these instruments.

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Mar 31, 2014

Significant accounting policies adopted in the preparation and the presentation of the accounts are stated as under. These accounting policies adopted by the company are as per standard accounting practices prescribed by the Institute of Chartered Accountants of India:

(A) Basis of Accounting:

1) The financial statements have been prepared in compliance with all material aspects with the Accounting Standards notified by Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956, read with General Circular No.15/2013 dated 13th September 2013, issued by the Ministry of Corporate Affairs, in respect of Section 133 of the Companies Act, 2013.

2) Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting principles followed by the Company.

3) All income and expenditure items & assets and liabilities having a material bearing on the financial statements are recognized on accrual basis.

(B) Investments:

Investments are valued at cost of acquisition and related expenses.

(C) Borrowing Costs:

Borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets.

All other borrowing costs are charged to profit and loss account. However, no such borrowing cost have been capitalized during the year.

Provision for taxation for the year comprises of current tax and deferred tax.

1) Current tax is the amount of Income Tax ascertained on the basis of assessable profit computed in accordance with the provision of Income Tax Act, 1961.

2) Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent at the reporting date. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognised only if there is virtual certainty that there will be sufficient future taxable income available to realize such assets. Deferred tax assets are recognised for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realized. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their realisability.

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Mar 31, 2013

(A) Basis of Accounting:

1) Financial statements have been prepared on accrual basis following historical cost convention, in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956.

2) Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting principles followed by the Company.

3) All income and expenditure items & assets and liabilities having a material bearing on the financial statements are recognized on accrual basis.

(B) Investments:

Investments are valued at cost of acquisition and related expenses.

(C) Borrowing Costs:

Borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. All other borrowing costs are charged to profit and loss account. However, no such borrowing cost have been capitalized during the year.

(D) Accounting for Taxes on Income:

Provision for taxation for the year comprises of current tax and deferred tax.

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Mar 31, 2012

(1) Accounting Policies:

Significant accounting policies adopted in the preparation and the presentation of the accounts are stated as under. These accounting policies adopted by the company are as per standard accounting practices prescribed by the Institute of Chartered Accountants of India:

(A) Basis of Accounting:

1) Financial statements have been prepared on accrual basis following historical cost convention, in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956.

2) Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting principles followed by the Company.

3) All income and expenditure items & assets and liabilities having a material bearing on the financial statements are recognized on accrual basis.

(B) Investments:

Investments are valued at cost of acquisition and related expenses.

(C) Borrowing Costs:

Borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. All other borrowing costs are charged to profit and loss account. However, no such borrowing

(D) Accounting for Taxes on Income:

Provision for taxation for the year comprises of current tax and deferred tax.

1) Current tax is the amount of Income Tax ascertained on the basis of assessable profit computed in accordance with the provision of Income Tax Act, 1961.

2) Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent at the reporting date. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognised only if there is virtual certainty that there will be sufficient future taxable income available to realize such assets. Deferred tax assets are recognised for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realized. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their realisability.

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Mar 31, 2011

(1) Accounting Policies:

Significant accounting policies adopted in the preparation and the presentation of the accounts are stated as under. These accounting policies adopted by the company are as per standard accounting practices prescribed by the Institute of Chartered Accountants of India.

(a) Basis of Accounting:

1. Financial statements have been prepared on accrual basis following historical cost convention, in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956.

2. Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting principles followed by the Company.

3. All income and expenditure items & assets and liabilities having a material bearing on the financial statements are recognized on accrual basis.

(b) Fixed Assets.

Fixed assets are stated at cost less depreciation. Cost comprises the purchase price and other attributable cost for bringing the asset to working condition for its intended use.

(c) Depreciation:

Depreciation is provided on Straight-Line method at the rates and in the manner prescribed by Schedule XIV of the Companies Act, 1956. Depreciation has been provided for the full year.

(d) Investment:

Investments are valued at cost of acquisition and related expenses.

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Mar 31, 2010

(1) Accounting Policies:

Significant accounting policies adopted in the preparation and the presentation of the accounts are stated as under. These accounting policies adopted by the company are as per standard accounting practices prescribed by the Institute of Chartered Accountants of India.

(a) Basis of Accounting:

1. Financial statements have been prepared on accrual basis following historical cost convention, in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956.

2. Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting principles followed by the Company.

3. All income and expenditure items & assets and liabilities having a material bearing on the financial statements are recognized on accrual basis.

(b) Fixed Assets:

Fixed assets are stated at cost less depreciation. Cost comprises the purchase price and other attributable cost for bringing the asset to working condition for its intended use.

(d) Depreciation:

Depreciation is provided on Straight-Line method at the rates and in the manner prescribed by Schedule XIV of the Companies Act, 1956. Depreciation has been provided for the full year.

(e) Investment:

Investments are valued at cost of acquisition and related expenses.