Accounting Policies of Panther Industrial Products Ltd. Company

Mar 31, 2024

A. SIGNIFICANT ACCOUNTING POLICIES

1. Compliance with Ind AS

These financial statements have been prepared in accordance with the Indian Accounting
Standards (referred to as "Ind AS") as prescribed under section 133 of the Companies Act,
2013 read with Companies (Indian Accounting Standards) Rules as amended from time to
time.

2. Basis of accounting

The accounts are prepared on historical cost convention on accrual system of accounting
except for certain Financial Assets that are measured at fair value.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the measurement date.

The Company has applied the same accounting policies for preparing its opening Ind AS
financial statements and all subsequent periods presented in these financial statements.

3. Property, Plant and Equipment
Tangible

Tangible assets are stated at cost, net of accumulated depreciation and accumulated impair¬
ment losses, if any. The cost comprises the purchase price, borrowing costs if capitalization
criteria are met & all expenses, direct and indirect, specifically attributable to its acquisition
and bringing it to its working condition for its intended use. Any trade discounts & rebates
are deducted in arriving at the purchase price. The Company considered the previous GAAP
carrying cost of plant and equipments as deemed cost, as the fair value of these assets does
not differ materially from its carrying cost.

4. Depreciation

Depreciation is provided on full value of the assets purchased during the year. It is provided
on the basis as prescribed in Schedule III of the Companies Act, 2013, as amended.
Depreciation is provided for property, plant and equipment so as to expense the cost over
their estimated useful lives based on evaluation. The estimated useful lives and residual
value are reviewed at the end of each reporting period, with the effect of any changes in
estimate accounted for on a prospective basis.

5. Financial Instruments

Financial assets and liabilities are recognised when the Company becomes a party to the
contractual provisions of the instrument. Financial assets & 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.

6. Claims, demands and contingencies

Disputed and/or contingent liabilities are either provided for or disclosed depending on
Managements judgment of the potential outcome.

7. Revenue Recognition

Expenses and Income considered payable and receivable, respectively, are accounted for on
accrual basis when no significant uncertainty as to determination or realisation exists.

8. Earnings per share (EPS)

The earnings considered in ascertaining the Company''s EPS is the net profit after tax. The
number of shares used in computing basic EPS is the weighted average number of shares
outstanding during the period.

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Mar 31, 2015

1 BASIS OF ACCOUNTING

The accounts are prepared under historical cost convention on accrual system of accounting.

2 FIXED ASSETS

Fixed Assets are carried at cost less depreciation.

3 DEPRECIATION

Depreciation is provided on full value of the assets purchased during the year. It is provided on the basis as prescribed in Schedule XlV.of the Companies Act, 1956, as amended.

4 INVESTMENTS

Long-term Investments are stated at cost; the costs are determined at FIFO Method.

5 CLAIMS, DEMANDS AND CONTINGENCIES

Disputed and/or contingent liabilities are either provided for or disclosed depending on Managements judgment of the potential outcome.

6 REVENUE RECOGNITION

Expenses and Income considered payable and receivable, respectively, are accounted for on accrual basis when no significant uncertainty as to determination or realization exists.

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Mar 31, 2014

(a) BASIS OF ACCOUNTING

The accounts are prepared under historical cost convention on accrual system of accounting.

(b) FIXED ASSETS

Fixed Assets are carried at cost less depreciation.

(c) DEPRECIATION

Depreciation is provided on full value of the assets purchased during the year. It is provided on the basis as prescribed in Schedule XIV of the Companies Act, 1956, as amended.

(d) REVENUE RECOGNITION

Expenses and Incomes considered payable and receivable, respectively, are accounted for on accrual basis when no significant uncertainty as to determination or realisation exists.

(e) INVESTMENTS

Long-term Investments are stated at cost; the costs are determined at FIFO Method.

(f) CLAIMS, DEMANDS AND CONTINGENCIES

Disputed and/or contingent liabilities are either provided for or disclosed depending on Managements judgement of the potential outcome.

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Mar 31, 2013

(a) BASIS OF ACCOUNTING

The accounts are prepared under historical cost convention on accrual system of accounting.

(b) FIXED ASSETS

Fixed Assets are carried at cost less depreciation.

(c) DEPRECIATION

Depredation is provided on full value of the assets purchased during the year. It is provided on the basis as prescribed in Schedule XIV of the Companies Act, 1956, as amended.

(d) REVENUE RECOGNITION

Expenses and Incomes considered payable and receivable, respectively, are accounted for on accrual basis when no significant uncertainty as to determination or realization exists.

(e) INVESTMENTS

Long-term Investments are stated at cost; the costs are determined at FIFO Method.

(f) CLAIMS, DEMANDS AND CONTINGENCIES

Disputed and/or contingent liabilities are either provided for or disclosed depending on Managements judgment of the potential outcome.

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Mar 31, 2012

(a) BASIS OFACCOUNTING

The accounts are prepared under historical cost convention on accrual system of accounting.

(b) FIXEDASSETS

Fixed Assets are carried at cost less depreciation.

(c) DEPRECIATION

Depreciation is provided on full value of the assets purchased during the year. It is provided on the basis as prescribed in Schedule XIV of the CompaniesAct, 1956, as amended.

(d) REVENUE RECOGNITION

Expenses and Incomes considered payable and receivable, respectively, are accounted for on accrual basis when no significant uncertainty as to determination or realisation exists.

(e) INVESTMENTS

Long-term Investments are stated at cost; the costs are determined at FIFO Method.

(f) CLAIMS, DEMANDSAND CONTINGENCIES

Disputed and/or contingent liabilities are either provided for or disclosed depending on Managements judgement of the potential outcome.

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Mar 31, 2009

1. Basis of accounting

The accounts are prepared under historical cost convention on accrual system of accounting.

2. Fixed Assets

Fixed Assets are carried at cost less depreciation.

3. Depreciation

Depreciation is provided on full value of the assets purchased during the year. It is provided on the basis as prescribed in Schedule XIV of the Companies Act, 1956, as amended.

4. Revenue recognition

Expenses and Income considered payable and receivable, respectively, are accounted for on accrual basis when no significant uncertainty as to determination or realisation exists.

5. Investments

Long-term Investments are stated at cost; the costs are determined at FIFO Method.

6. Claims, demands and contingencies

Disputed and/or contingent liabilities are either provided for or disclosed depending on Managements judgement of the potential outcome.