Accounting Policies of Pan India Corporation Ltd. Company

Mar 31, 2025

SIGN1F1ACNT ACCOUNTING POLICIES AS AT MARCH 31, 2025.

1. Basis of Preparation
Compliance with IND AS

The Financial Statements comply in all material respects with Indian Accounting Standards (IND
AS) notified under Section 133 of the Companies Act, 2013 (the Act), [Companies (Indian
Accounting Standards) Rules, 2015] As amended from time to time and other relevant provisions
of the Act.

Historical Cost Convention

The Financial Statements have been prepared on accrual, going Concern basis and historical cost
basis

IND AS 01: Presentation of Financial Statements

IND AS 01 has been applied in preparing and presenting, General purpose Financial Statements.
Appending notes contain information in addition to that, presented in Balance Sheet, Statement
of Profit & Loss, Statement of Change in Equity and Statement of Cash Flows. Notes to financial
Statements provide narrative description or disaggregation of items presented in these Financial
Statements and information about the items that do not qualify for recognition in Financial
Statements.

Other Comprehensive Income comprises items of income and expenses that are not recognised
in profit and loss, as required or permitted by other IND AS. Financial Statements have been
prepared on going concern assumption

IND AS 02: Inventories

The Company does not deal in inventory hence IND AS 2 is not applicable.

IND AS 07: Statement of Cash Flows

Statement of Cash Flows has been prepared in accordance with requirements of IND AS 07 & is
presented as an integral part of Financial Statements for each period for which reporting is
required.

This statement reports cash flows during the period classified by Operating, Investing & Financial
activities. Cash flows from operating activities is reported using the Indirect method.

Cash & Cash Equivalents comprises of cash in hand demand deposit with bank and short-term
balance with maturity of three months or less and highly liquid funds that are convertible into
known amount of cash and which are subject to insignificant risk of change in value.

The income tax expenses or credit for the period is the tax payable on taxable income of current
period based on applicable income tax rates adjusted by changes in deferred tax assets and
liabilities attributable to temporary difference and unused tax losses.

The current income tax charges are calculated on the basis of tax laws enacted or substantively
enacted at the end of reported period. The management periodically evaluates position taken in
tax returns with respect to situation in which applicable tax regulation is subject to
interpretation. It establishes provision where appropriate, on the basis of amount expected to be
paid to tax authorities.

Deferred tax asset is recognised for all deductible temporary differences and unused tax losses
only if it is probable that future tax amount will be available to utilize those temporary
differences and losses. Current and deferred tax is recognised in profit and losses, except to the
extent that it relates to items recognised in Other Comprehensive Income.

IND AS 16: Property, Plant and Equipments

All other items of Property, Plant and Equipments are stated at acquisition cost, net of
accumulated depreciation and accumulated impairment losses, if any. Historical cost includes
expenditure that is directly attributable to the acquisition of items.

Subsequent expenses are included in the carrying amount of assets or recognised as a separate
asset, as appropriate, only when it is probable that future economic benefits associated with the
item will flow to the company and the cost of the item can be measured reliably. All other repair
and maintenance are charged to the statement of profit and loss during the period in which they
are incurred. Gains or losses arising on retirement, or disposal of assets are recognised in
statement of profit and loss.

Depreciation methods, estimated useful lives and residual value:

Depreciation is provided on the Straight-Line method (SLM) to allocate the cost of assets, net of
the residual values, over their estimated useful lives. Depreciation is calculated on pro-rata basis,
both, from the date of acquisition in the year of acquisition and till the date of
disposal/retirement, in the year of disposal/retirement.

IND AS 24: Related Party Disclosures

Disclosures of related party relationships, transactions and outstanding balances including
commitments in the financial statements have been given, where ever required. Items of similar
nature have been disclosed in aggregate except when separate disclosure is required for
understanding the effects of the same on financial statements of entity.

Basic and diluted earnings per share for profit or loss from continuing operations attributable to
the ordinary equity holders of the entity for each class of ordinary shares have been disclosed as
per the requirements of IND AS 33.

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Mar 31, 2024

SIGNIFIACNT ACCOUNTING POLICIES AS AT MARCH 31. 2024.

1. Basis of Preparation Compliance with IND AS

The Financial Statements comply in all material respects with Indian Accounting Standards (IND AS) notified under Section 133 of the Companies Act, 2013 (the Act), [Companies (Indian Accounting Standards) Rules, 2015] As amended from time to time and other relevant provisions of the Act.

Historical Cost Convention

The Financial Statements have been prepared on accrual, going Concern basis and historical cost basis

IND AS 01: Presentation of Financial Statements

IND AS 01 has been applied in preparing and presenting, General purpose Financial Statements. Appending notes contain information in addition to that, presented in Balance Sheet, Statement of Profit & Loss, Statement of Change in Equity and Statement of Cash Flows. Notes to financial Statements provide narrative description or disaggregation of items presented in these Financial Statements and information about the items that do not qualify for recognition in Financial Statements.

Other Comprehensive Income comprises items of income and expenses that are not recognised in profit and loss, as required or permitted by other IND AS. Financial Statements have been prepared on going concern assumption

IND AS 02: Inventories

The Company does not deal in inventory hence IND AS 2 is not applicable.

IND AS 07: Statement of Cash Flows

Statement of Cash Flows has been prepared in accordance with requirements of IND AS 07 & is presented as an integral part of Financial Statements for each period for which reporting is required.

This statement reports cash flows during the period classified by Operating, Investing & Financial activities. Cash flows from operating activities is reported using the Indirect method.

Cash & Cash Equivalents comprises of cash in hand demand deposit with bank and short-term balance with maturity of three months or less and highly liquid funds that are convertible into known amount of cash and which are subject to insignificant risk of change in value.

The income tax expenses or credit for the period is the tax payable on taxable income of current period based on applicable income tax rates adjusted by changes in deferred tax assets and liabilities attributable to temporary difference and unused tax losses.

The current income tax charges are calculated on the basis of tax laws enacted or substantively enacted at the end of reported period. The management periodically evaluates position taken in tax returns with respect to situation in which applicable tax regulation is subject to interpretation. It establishes provision where appropriate, on the basis of amount expected to be paid to tax authorities.

Deferred tax asset is recognised for all deductible temporary differences and unused tax losses only if it is probable that future tax amount will be available to utilize those temporary differences and losses. Current and deferred tax is recognised in profit and losses, except to the extent that it relates to items recognised in Other Comprehensive Income.

IND AS 16: Property, Plant and Equipments

All other items of Property, Plant and Equipments are stated at acquisition cost, net of accumulated depreciation and accumulated impairment losses, if any. Historical cost includes expenditure that is directly attributable to the acquisition of items.

Subsequent expenses are included in the carrying amount of assets or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. All other repair and maintenance are charged to the statement of profit and loss during the period in which they are incurred. Gains or losses arising on retirement, or disposal of assets are recognised in statement of profit and loss.

Depreciation methods, estimated useful lives and residual value:

Depreciation is provided on the Straight-Line method (SLM) to allocate the cost of assets, net of the residual values, over their estimated useful lives. Depreciation is calculated on pro-rata basis, both, from the date of acquisition in the year of acquisition and till the date of disposal/retirement, in the year of disposal/retirement.

IND AS 24: Related Party Disclosures

Disclosures of related party relationships, transactions and outstanding balances including commitments in the financial statements have been given, where ever required. Items of similar nature have been disclosed in aggregate except when separate disclosure is required for understanding the effects of the same on financial statements of entity.

Basic and diluted earnings per share for profit or loss from continuing operations attributable to the ordinary equity holders of the entity for each class of ordinary shares have been disclosed as per the requirements of IND AS 33.

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Mar 31, 2015

1.1 METHOD OF ACCOUNTING:

A) The company follows the mercantile system of accounting & recognizes income & expenditure on accrual basis.

b) Financial statements are prepared on the historical cost convention and on the principles of going concern, and in accordance with the prevalent accounting standards as applicable except as stated otherwise.

c) Accounting policies not specifically referred to otherwise, are consistent & in accordance with the generally accepted accounting principles followed by the company.

1.2 FIXED ASSETS:

Fixed assets are stated at cost of acquisition inclusive of freight, duties & taxes and incidental expenses less accumulated depreciation.

1.3 INVESTMENTS:

Investments are valued at cost of acquisition, which includes the brokerage and stamp duty. Dividend credited/debited for the ex-dividend/cum- dividend transactions are considered with the cost of acquisition of the investments.

1.4 INVENTORIES:

Closing stock has been valued at cost (FIFO Method) or market value whichever is less.

1.5 DEPRECIATION:

Depreciation is charged on a pro-rata basis on the Straight Line Method as per the rates and in the manner prescribed under the Schedule II to the Companies Act, 2013.

1.6 CONTINGENT LIABILITY

Contingent liabilities are determined on the basis of available information and are disclosed by way of Notes to the Accounts.

1.7 EMPLOYEE BENEFITS:

Since there is no employee in the Company who has completed 5 years of service till the end of this financial year so no provision for gratuity has been made in these financial statements.

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Mar 31, 2014

1.1 METHOD OF ACCOUNTING:

A) The company follows the mercantile system of accounting & recognizes income & expenditure on accrual basis.

b) Financial statements are prepared on the historical cost convention and on the principles of going concern, and in accordance with the prevalent accounting standards as applicable except as stated otherwise.

c) Accounting policies not specifically referred to otherwise, are consistent & in accordance with the generally accepted accounting principles followed by the company.

1.2 FIXED ASSETS:

Fixed assets are stated at cost of acquisition inclusive of freight, duties & taxes and incidental expenses less accumulated depreciation.

1.3 INVESTMENTS:

Investments are valued at cost of acquisition, which includes the brokerage and stamp duty. Dividend credited/debited for the ex-dividend/ cum-dividend transactions are considered with the cost of acquisition of the investments.

1.4 INVENTORIES:

Closing stock has been valued at cost (FIFO Method) or market value whichever is less.

1.5 DEPRECIATION:

Depreciation is charged on a pro-rata basis on the Straight Line Method as per the rates and in the manner prescribed under the Schedule XIV to the Companies Act, 1956.

1.6 CONTINGENT LIABILITY

Contingent liabilities are determined on the basis of available information and are disclosed by way of Notes to the Accounts.

1.7 EMPLOYEE BENEFITS:

Since there is no employee in the Company who has completed 5 years of service till the end of this financial year so no provision for gratuity has been made in these financial statements.

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Mar 31, 2010

1.1 METHOD OF ACCOUNTING:

A) The company follows the mercantile system of accounting & recognizes income & expenditure on accrual basis except as stated otherwise.

b) Financial statements are prepared on the historical cost convention and on the principles of going concern, and in accordance with the prevalent accounting standards as applicable except as stated otherwise elsewhere.

c) Accounting policies not specifically referred to otherwise, are consistent & in accordance with the generally accepted accounting principles followed by the company.

1.2 FIXED ASSETS:

Fixed assets are stated at cost of acquisition inclusive of freight, duties & taxes and incidental expenses less accumulated depreciation.

1.3 INVESTMENTS:

Investments are valued at cost of acquisition, which includes the brokerage and stamp duty. Dividend credited/debited for the ex-dividend/cum-dividend transactions are considered with the cost of acquisition of the investments.

1.4 INVENTORIES:

Closing stock has been valued at cost or market value whichever is less.

1.5 DEPRECIATION:

Depreciation is charged on a pro-rata basis on the Straight Line Method as per the rates and in the manner prescribed under the Schedule XIV to the Companies Act, 1956.

1.6 CONTINGENT LIABILITY

Contingent liabilities are determined on the basis of available information and are disclosed by way of Notes to the Accounts.

1.7 EMPLOYEE BENEFITS:

Since there is no employee in the Company who has completed 5 years of service till the end of this financial year so no provision for gratuity has been made in these financial statements.