Accounting Policies of Nyssa Corporation Ltd. Company

Mar 31, 2024

1. Significant Accounting Policies:

(a) Basis of Preparation:

The financial statements have been prepared and presented in accordance with Indian Accounting Standards
(Ind AS), as prescribed under section 133 of Companies Act, 2013. 3(‘the Act’) (to the extent notified) read with
the Rule 3 of the Companies (Indian Accounting Standard) Rules 2015 and Companies (Indian Accounting
Standards) Amendment Rules, 2016 and guidelines issued by the Securities and Exchange Board of India(SEBI).
The financial statements are prepared on going concern, accrual and historical cost basis except for the following
assets which have been measured at Fair Value:

(a) Non-Current Investments measured at Fair Value.

(b) Accounting Estimates

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

(c) Classification of Assets and Liabilities as Current and Non-Current:

All Assets and Liabilities have been classified as current or noncurrent based on the nature of product &
activities of the Company and their realization in cash and cash equivalent, the Company has determined its
operating cycle as 12 months for the purpose of current and non-current classification of assets and liabilities.
Deferred tax assets and deferred tax liabilities are classified as non-current assets and liabilities.

(d) Revenue Recognition:

1. Income from Sale of Shares:

Sale of shares is being accounted on the basis of date of settlement of transaction.

2. Revenue from constructed properties

i. Assets given on perpetual lease are considered sold in the year in which the agreement to sell is
executed and revenue is recognized on the percentage of completion method of accounting referred to
in (ii) below.

ii. Revenue from constructed properties is recognized on the “percentage of completion method”. Total
sale consideration as per the agreements to sell constructed properties entered into is recognized as
revenue based on the percentage of actual project costs incurred thereon to total estimated project
cost, subject to such actual cost incurred being 30 per cent or more of the total estimated project cost.
Project cost includes cost of land, estimated construction and development cost of such properties.
The estimates of the saleable area and costs are reviewed periodically and effect of any changes in
such estimates is recognized in the period such changes are determined. However, when the total
project cost is estimated to exceed total revenues from the project, the loss is recognized immediately.

3. Property, Plant & Equipment’s:

(i) Tangible Assets:

Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if
any. The cost comprises purchase price, borrowing cost if capitalization criteria are met and directly
attributable costs of bringing the asset to its working condition for the intended use. Any trade
discounts and rebates are deducted in arriving at the purchase price.

The management’s estimate of useful lives are in accordance with Schedule II to the Companies Act,
2013, other than the following asset classes, based on the Company’s expected usage pattern supported
by technical assessment:

(ii) Intangible Assets:

Intangible assets acquired separately are measured on initial recognition at cost. Following initial
recognition, intangible assets are carried at cost less accumulated amortization and accumulated
impairment losses, if any.

4. Depreciation/ Amortization:

All Fixed assets are capitalized at cost inclusive of legal and/or installation and incidental expenses, less
accumulated depreciation. The Company provides depreciation on straight line basis on the basis of useful lives
of assets as specified in Schedule II to the Companies Act, 2013. Depreciation on assets sold / purchased during
the year is proportionately charged.

5. Foreign Currency Translation:

Transactions in foreign currencies i.e. other than the Company’s functional currency of India rupees are recognized
at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary
items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items
carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date
when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign
currency are not retranslated. Exchange differences on monetary items are recognized in profit or loss in the
period in which they arise.

6. Borrowing Costs:

(i) Borrowing Cost that is directly attributable to the acquisition, construction or production of qualifying
asset is capitalized as part of cost of such asset.

(ii) Borrowing cost other than those directly attributable to the acquisition, construction or production of a
qualifying asset are recognized as expense in the period in which they are incurred.

7. Financial instruments:

(i) Financial assets and liabilities are recognized when the Company becomes party to the contractual provisions
of the instrument. Financial assets and liabilities are initially measured at fair value. Transaction costs that
are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than
financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the
fair value measured on initial recognition of financial asset or financial liability.

(ii) Financial assets at fair value through other comprehensive income

Financial assets are measured at fair value through other comprehensive income if these financial assets are
held within a business whose objective is achieved by both collecting contractual cash flows on specified
dates that are solely payments of principal and interest on the principal amount outstanding and selling
financial assets.

(iii) Financial assets at fair value through profit or loss

Financial assets are measured at fair value through profit or loss unless it is measured at amortized cost or
at fair value through other comprehensive income on initial recognition. The transaction cost directly
attributable to the acquisition of financial assets and liabilities at fair value through profit or loss are
immediately recognized in profit or loss.

8. Inventories:

Inventories are valued at cost or net realizable value-Whichever is lower.

9. Employee Benefits:

The Provided Fund and Gratuity is not applicable to the company in view of number of employees is less than
the required as per respective act.

10. Taxation:

Tax expense comprises current and deferred tax.

a. Current tax is measured at the amount expected to be paid to the tax authorities in accordance with the
Income Tax Act, 1961 enacted in India and the tax Laws prevailing in the respective Tax jurisdiction where
the Company operates. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted, at the reporting date. Current income tax relating to the items recognized directly in
equity is recognized in equity and not in the statement of profit and loss.

b. Deferred income taxes reflect the impact of timing differences between the taxable income and accounting
income originating during the current year and reversal of timing differences for the earlier years. Deferred
tax is measured using the tax rates and the tax laws enacted or substantively enacted at the reporting date.
Deferred income tax relating to the items recognized directly in equity is recognized in equity and not in the
statement of profit and loss.

c. Deferred Tax Liabilities are recognized for all taxable timing differences.

d. Deferred Tax Assets are recognized for deductible timing differences only to the extent that there is
reasonable certainty that sufficient future taxable income will be available against which such deferred tax
assets can be realised.

e. The carrying amount of deferred tax assets are reviewed at each reporting date. The company writes down
the carrying amount of deferred Tax asset to the extent that it is no longer reasonably certain or virtually
certain, as the case may be, that sufficient future taxable income will be available against which deferred tax
asset can be realised. Any such write down is reversed to the extent that it becomes reasonably certain or
virtually certain, as the case may be, that sufficient future taxable income will be available.

f. Minimum Alternative Tax (MAT) paid in a year is charges to the statement of profit and loss as current tax.
The company recognizes MAT credit available as an asset only to the extent that there is a convincing
evidence that the company will pay normal income tax during the specified period.i.e.the period for which
MAT credit is allowed to be carried forward.IN the year in which the company recognizes MAT credit as an
asset in accordance with the Guidance Note On Accounting For Credit Available in respect of Minimum
Alternative Tax under the income tax act, 1961, the said asset is created by way of credit to the statement of
profit and loss and shown as "MAT Credit Entitlement".

g. The company reviews the "MAT credit Entitlement" asset at each reporting date and writes down the asset
to the extent the company does not have convincing evidence that it will pay normal tax during the specified
period.

h. Current and deferred tax for the year :

Current and deferred tax are recognized in profit and loss, except when they relate to items that are recognized
in other comprehensive income or directly in equity, in which case, the current and deferred tax are also
recognized in to her comprehensive income or directly in equity respectively. Where current tax or deferred
tax arises from the initial accounting for a business combination, the tax effect is included in the accounting
for the business combination.

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Mar 31, 2015

(a) Basis of Preparation of financial statements:

These financial statements have been prepared to comply with the Generally/Accepted Accounting Principles in lndia(lndian GAAP), including the Accounting Standards notified under the relevant provisions of Companies Act,2013.

The financial statements are prepared on accrual basis under the historical cost convention. The financial statements are presented in Indian rupees rounded off to the nearest rupees..

(b) Revenue recognition:

A) Sale of plots is recognized in the financial year in which the condition of agreement to sell is fulfilled.

B) Revenue from constructed properties-.

i. Assets given on perpetual lease are considered sold in the year in which the agreement to sell is executed and revenue is recognized on the percentage of completion method of accounting referred to in (ii) below.

ii. Revenue from constructed properties is recognized on the "percentage of completion method". Total sale consideration as per the agreements to sell constructed properties entered into is recognized as revenue based on the percentage of actual project costs incurred thereon to total estimated project cost, subject to such actual cost incurred being 30 per cent or more of the total estimated project cost. Project cost includes cost of land, estimated construction and development cost of such properties. The estimates of the saleable area and costs are reviewed periodically and effect of any changes in such estimates is recognized in the period such changes are determined. However, when the total project cost is estimated to exceed total revenues from the project, the loss is recognized immediately.

(c) Fixed Assets and Depreciation :

a. Fixed Assets:

Fixed assets are stated at cost net of tax duty credits aviled, accumulated depreciation and impairment losses where applicable. Cost comprises purchase price and all direct/indirect cost incurred to bring the asses to its working condition for its intended use.

b. Depreciation:

Depreciation on fixed assets is provided under SLM method on the basis of useful life as prescribed in Schedule II to the Companies Act, 2013.

(d) Investment:

Investments are of long-term nature and are valued at cost, and include all other expenses incurred on its acquisition and interest accrued thereon, if any less any permanent diminishing in the value of investment.

(e) Use of estimates

The preparation of financial statements in conformity with Generally Accepted Accounting Principles requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and differences between actual results and estimates are recognized in the period in which the results are known/materialize.

(f) Provision, Contingent Liabilities and Contingent Assets:

Provision involving substantial degree of estimation in measurement is recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statement.

(g) Taxation:

Income-tax expenses comprises of Current Tax, and Deferred Tax charge or credit. Provision of Current Tax is made on the assessable income at the tax rate applicable to the relevant assessment year.

Deferred Tax is recognised, subject to the consideration of prudence, on timing differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

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Mar 31, 2014

(a) Basis of Preparation of financial statements:

The financial statements are prepared under the historical cost convention, on accrual basis; in accordance with applicable mandatory accounting standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

(b) Revenue recognition:

A) Sale of plots is recognized in the financial year in which the condition of agreement to sell is fulfilled.

B) Revenue from constructed properties-.

i. Assets given on perpetual lease are considered sold in the year in which the agreement to sell is executed and revenue is recognized on the percentage of completion method of accounting referred to in (ii) below.

ii. Revenue from constructed properties is recognized on the "percentage of completion method". Total sale consideration as per the agreements to sell constructed properties entered into is recognized as revenue based on the percentage of actual project costs incurred thereon to total estimated project cost, subject to such actual cost incurred being 30 per cent or more of the total estimated project cost. Project cost includes cost of land, estimated construction and development cost of such properties. The estimates of the saleable area and costs are reviewed periodically and effect of any changes in such estimates is recognized in the period such changes are determined. However, when the total project cost is estimated to exceed total revenues from the project, the loss is recognized immediately.

(c) Fixed Assets and Depreciation :

a. Fixed Assets:

Fixed assets are stated at cost net of tax duty credits aviled, accumulated depreciation and impairment losses where applicable. Cost comprises purchase price and all direct/indirect cost incurred to bring the asses to its working condition for its intended use.

b. Depreciation:

Depreciation on fixed assets is provided under SLM method at the rates specified in Schedule XIV to the Companies Act, 1965

(d) Investment:

Investments are of long-term nature and are valued at cost, and include all other expenses incurred on its acquisition and interest accrued thereon, if any less any permanent diminishing in the value of investment.

(e) Use of estimates

The preparation of financial statements in conformity with Generally Accepted Accounting Principles requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and differences between actual results and estimates are recognized in the period in which the results are known/materialize

(f) Provision, Contingent Liabilities and Contingent Assets:

Provision involving substantial degree of estimation in measurement is recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statement.

(g) Taxation:

Income-tax expenses comprises of Current Tax, and Deferred Tax charge or credit. Provision of Current Tax is made on the assessable income at the tax rate applicable to the relevant assessment year.

Deferred Tax is recognized, subject to the consideration of prudence, on timing differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

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Mar 31, 2013

(a) Basis of Preparation of financial statements:

The financial statements are prepared under the historical cost convention, on accrual basis; in accordance with applicable mandatory accounting standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

(b) Revenue recognition:

A) Sale of plots is recognized in the financial year in which the condition of agreement to sell is fulfilled.

B) Revenue from constructed properties-.

i. Assets given on perpetual lease are considered sold in the year in which the agreement to sell is executed and revenue is recognized on the percentage of completion method of accounting referred to in (ii) below.

ii. Revenue from constructed properties is recognized on the "percentage of completion method". Total sale consideration as per the agreements to sell constructed properties entered into is recognized as revenue based on the percentage of actual project costs incurred thereon to total estimated project cost, subject to such actual cost incurred being 30 per cent or more of the total estimated project cost. Project cost includes cost of land, estimated construction and development cost of such properties. The estimates of the saleable area and costs are reviewed periodically and effect of any changes in such estimates is recognized in the period such changes are determined. However, when the total project cost is estimated to exceed total revenues from the project, the loss is recognized immediately.

(c) Fixed Assets: All Fixed assets are valued at cost less accumulated depreciation.

(d) Investment:

Investments are of long-term nature and are valued at cost, and include all other expenses incurred on its acquisition and interest accrued thereon, if any less any permanent diminishing in the value of investment.

(e) Use of estimates

The preparation of financial statements in conformity with Generally Accepted Accounting Principles requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and differences between actual results and estimates are recognized in the period in which the results are known/materialize

(f) Contingent Liabilities:

Contingent Liability, if any, is generally not provided for in the accounts and is shown separately as a note to the accounts.

(g) Taxation:

Income-tax expenses comprises of Current Tax, and Deferred Tax charge or credit. Provision of Current Tax is made on the assessable income at the tax rate applicable to the relevant assessment year.

Deferred Tax is recognized, subject to the consideration of prudence, on timing differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

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Mar 31, 2012

(a) Basis of Preparation of financial statements:

The financial statements are prepared under the historical cost convention, on accrual basis; in accordance with applicable mandatory accounting standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

(b) Revenue recognition:

Company follows accrual system of accounting and takes into account expense and incomes as accrued. Dividend and Miscellaneous Income is accounted on cash basis.

(c) Fixed Assets:

All Fixed assets are valued at cost less accumulated depreciation.

(d) Investment:

Investments are of long-term nature and are valued at cost, and include all other expenses incurred on its acquisition and interest accrued thereon, if any less any permanent diminishing in the value of investment.

(e) Use of estimates

The preparation of financial statements in conformity with Generally Accepted Accounting Principles requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and differences between actual results and estimates are recognized in the period in which the results are known / materialize

(f) Contingent Liabilities:

Contingent Liability, if any, are generally not provided for in the accounts and is shown separately as a note to the accounts.

(g) Taxation:

Income-tax expenses comprises of Current Tax, and Deferred Tax charge or credit. Provision of Current Tax is made on the assessable income at the tax rate applicable to the relevant assessment year.

Deferred Tax is recognised, subject to the consideration of prudence, on timing differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

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Mar 31, 2009

1. Basis of Consolidation:

The Consolidated Financial Statements are prepared in accordance with the Accounting Standards 21 on Consolidated Financial Statements issued by the Institute of Chartered Accountants of India.

(a) Principles of Consolidation:

The consolidated financial statements comprise the financial statements of Ravinay Trading Company Limited (the Company) and Its 100% owned subsidiary. The financial statements of both the Companies are prepared according to uniform accounting policies In accordance with generally accepted accounting principles of India. The effects of inter-company transactions between consolidated Companies are eliminated on consolidation.

(b) Company included in consolidation:

Name: Vinaykumar Family Trading & Holding Company Limited

Country of Incorporation: India

Proportion of ownership interest: 100% owned subsidiary

(c) System of Accounting: The Company adopts the accrual concept in the preparation of its accounts. Investments: Long Term Investments are carried at cost less provisions, if any, for permanent Diminution in value of such investments.