Accounting Policies of Poona Dal & Oil Industries Ltd. Company

Mar 31, 2024

2) Significant Accounting Policies

The significant accounting policies adopted, and which have been consistently followed, are as follows:

a) Statement of compliance and basis of preparation: These standalone financial statements are prepared in accordance with Indian Accounting Standards (Ind AS), 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 Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016. The IND AS standalone financial statements correspond to the classification provisions contained in Ind AS 1, "Presentation of financial statements". For clarity, various items are aggregated in the statements of profit and loss and balance sheet. These items are disaggregated separately in the notes to the standalone financial statements, wherever applicable. Due to rounding off, the numbers presented throughout the document may not add up precisely to the totals and percentages may not precisely reflect the absolute figures.

b) Method of Accounting: Company follows mercantile system of accounting.

c) Basis of measurement: These IND AS standalone financial statements have been prepared on a historical cost convention and on an accrual basis.

d) Use of estimates and judgment: The preparation of the standalone financial statements in conformity with IND AS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. In particular, information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized In the standalone financial statements are included in the notes separately mentioned below.

e) Non Current Assets: Non Current Assets, (Property, Plant and Equipment) are stated at cost less accumulated depreciation. The cost comprises of basic price and any attributable cost for bringing the asset to the working condition for its intended use.

f) Depreciation: Depreciation on Non Current Assets has been provided on WDV method on the basis of remaining useful life of the assets in the manner specified in schedule II of the Companies Act, 2013.

g) Inventories: Finished Goods are stated at the lower of cost or net realizable value. Cost comprises of direct materials, and other attributable overheads. Net realizable value is based on estimated selling prices.

Raw material, packing material is valued at cost. Cost is arrived at using the First-In, First-Out (FIFO) method and comprises invoice value plus applicable landing charges less discounts.

h) Retirement Benefits:

Short term Employee Benefits:

All employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits. Benefits such as salary, bonus, performance incentives, etc are recognised as an expense at the undiscounted amount in the profit & loss account of the year in which the employee renders the related service.

Employees State Insurance Scheme: Employer''s contribution to the ESIC has been accounted at the undiscounted amount in the profit & loss account of the year in which the employee renders the related service.

Long Term Employee Benefits:

Defined Contribution Plans: Provident Fund; The eligible employees of the Company are entitled to receive benefits under the provident fund, a defined contribution plan, in which both employees and the Company make monthly contributions at a specified percentage of the covered employees'' salary (currently 12% of employees'' basic salary). The contributions as specified under the law are paid and charged to Profit & Loss Account of the year when the contribution to the fund is due.

Staff end-of-service gratuity: The Company pays gratuity to the employee who has completed five years of service with the company at the time when employee leaves the Company. The gratuity is paid as per provisions of Payment of Gratuity Act, 1972. Staff end-of-service gratuity / sanugrah anudan has been accounted on payment basis.

i) Revenue:

i) Sale of goods: Revenue represents the amount invoiced, net of discounts and returns, for goods delivered during the year.

ii) Interest income: Interest income is recognised on an accrual basis using the effective interest method, when it is probable that the economic benefits will flow to the company and the interest can be measured reliably.

j) Leases: Leases under which substantially all the risks and rewards of ownership of the related asset remain with the lessor are classified as operating leases and the lease payments are charged to profit and loss.

k) Foreign currency transactions: The company has not carried any transactions in foreign currencies and hence further remarks on this point is not required.

l) Cash and cash equivalents: - Cash and cash equivalents comprise cash, bank current accounts, and bank deposits free of encumbrance with a maturity date of twelve months or less, from the date of deposit.

m) Provisions for Taxation: - Tax expense comprises both current and deferred taxes. Provision is made for current income tax based on the tax liability computed after considering tax allowances & exemptions,

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Mar 31, 2015

The significant accounting policies adopted, and which have been consistently followed, are as follows :

a) Basis of preparation: - The financial statements are presented in INR and prepared using historical cost and in accordance with accounting standards generally accepted in India. (GAAP)

b) Method of Accounting: - Company follows mercantile system of accounting.

c) Fixed Assets: - Fixed Assets are stated at cost less accumulated depreciation. The cost comprises of basic price, Excise Duty and any attributable cost for bringing the asset to the working condition for its intended use.

d) Depreciation: - Depreciation on Fixed Assets has been provided on WDV method on the basis of remaining useful life of the assets in the manner specified in schedule II of the Companies Act, 2013. Due to this reserve has been hit by INR 205,926/- e) Inventories: - Finished Goods are stated at the lower of cost and net realizable value. Cost comprises of direct materials, and other attributable overheads. Net realizable value is based on estimated selling prices. Raw material, packing material and baggasse are valued at cost. Cost is arrived at using the First-In, First-Out (FIFO) method and comprises invoice value plus applicable landing charges less discounts.

f) Staff end-of-service gratuity: - Staff end-of-service gratuity is accounted on payment basis.

g) Revenue

i) Sale of goods: - Revenue represents the amount invoiced, net of discounts and returns, for goods delivered during the year.

ii) Interest income: - Interest income is recognised on an accrual basis using the effective interest method, when it is probable that the economic benefits will flow to the company and the interest can be measured reliably.

iii) Godown Rent :- Godown Rent Income is recognised on an accrual basis, when it is probable that the economic benefits will flow to the company and the Rent has been accounted when it became realisable.

h) Leases: - Leases under which substantially all the risks and rewards of ownership of the related asset remain with the lessor are classified as operating leases and the lease payments are charged to profit and loss.

i) Foreign currency transactions: - Transactions in foreign currencies are translated into INR at the rate of exchange ruling on the date of the transactions. Gains or losses resulting from foreign currency transactions have been considered at the time of preparing financial statements.

j) Cash and cash equivalents: - Cash and cash equivalents comprise cash, bank current accounts and bank deposits free of encumbrance with a maturity date of twelve months or less, from the date of deposit except dividend accounts balances.

l) Estimated amount of Contracts remaining to be executed on Capital account is not determinable; however capitalised as WIP (Plant & Machinery) amounting to INR 13,53,342 (Previous year NIL).

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Mar 31, 2014

The significant accounting policies adopted, and which have been consistently followed, are as follows :

a) Basis of preparation: - The financial statements are presented in INR and prepared using historical cost and in accordance with accounting standards generally accepted in India. (GAAP)

b) Method of Accounting: - Company follows mercantile system of accounting.

c) Fixed Assets: - Fixed Assets are stated at cost less accumulated depreciation. The cost comprises of basic price, Excise Duty and any attributable cost for bringing the asset to the working condition for its intended use.

d) Depreciation: - Depreciation on Fixed Assets has been provided on WDV method at the rates and in the manner specified in schedule XIV of the Companies Act, 1956.

e) Inventories: - Finished Goods are stated at the lower of cost and net realizable value. Cost comprises of direct materials, and other attributable overheads. Net realizable value is based on estimated selling prices. Raw material, packing material and baggasse are valued at cost. Cost is arrived at using the First-In, First-Out (FIFO) method and comprises invoice value plus applicable landing charges less discounts.

f) Staff end-of-service gratuity: - Staff end-of-service gratuity is accounted on payment basis.

g) Revenue

i) Sale of goods: - Revenue represents the amount invoiced, net of discounts and returns, for goods delivered during the year.

ii) Interest income: - Interest income is recognised on an accrual basis using the effective interest method, when it is probable that the economic benefits will flow to the company and the interest can be measured reliably.

h) Leases: - Leases under which substantially all the risks and rewards of ownership of the related asset remain with the lessor are classified as operating leases and the lease payments are charged to profit and loss.

i) Foreign currency transactions: - Transactions in foreign currencies are translated into INR at the rate of exchange ruling on the date of the transactions. Gains or losses resulting from foreign currency transactions have been considered at the time of preparing financial statements.

j) Cash and cash equivalents: - Cash and cash equivalents comprise cash, bank current accounts, and bank deposits free of encumbrance with a maturity date of twelve months or less, from the date of deposit except dividend accounts balances.

l) Estimated amount of Contracts remaining to be executed on Capital account and provided for – NIL (Previous year NIL)

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Mar 31, 2013

The significant accounting policies adopted, and which have been consistently followed, are as follows:

a) Basis of preparation - The financial statements are presented in INR and prepared using historical cost and in accordance with accounting standards generally accepted in India. (GAAP)

b) Method of Accounting - Company follows mercantile system of accounting.

c) Fixed Assets - Fixed Assets are stated at cost less accumulated depreciation. The cost comprises of basic price, Excise Duty and any attributable cost for bringing the asset to the working condition for its intended use.

During the year company has disposed off Plant and machinery & Air conditioners situated at Chakan Unit along with Truck due to non operation of Chakan Unit remaining block of fixed assets has been transferred to Kurkumbh unit at its gross block.

d) Depreciation - Depreciation on Fixed Assets has been provided on WDV method at the rates and in the manner specified in schedule XIV of the Companies Act, 1956.

e) Inventories - Finished Goods are stated at the lower of cost and net realizable value. Cost comprises of direct materials, and other attributable overheads. Net realizable value is based on estimated selling prices.

Raw material and packing material are valued at cost. Cost is arrived at using the First-In, First-Out (FIFO) method and comprises invoice value plus applicable landing charges less discounts.

f) Staff end-of-service gratuity - Staff end-of-service gratuity is accounted on payment basis.

g) Revenue

i) Sale of goods - Revenue represents the amount invoiced, net of discounts and returns, for goods delivered during the year.

ii) Interest income - Interest income is recognised on an accrual basis using the effective interest method, when it is probable that the economic benefits will flow to the company and the interest can be measured reliably.

h) Leases - Leases under which substantially all the risks and rewards of ownership of the related asset remain with the lessor are classified as operating leases and the lease payments are charged to profit and loss.

i) Foreign currency transactions - Transactions in foreign currencies are translated into INR at the rate of exchange ruling on the date of the transactions.

Gains or losses resulting from foreign currency transactions have been considered at the time of preparing financial statements.

j) Cash and cash equivalents - Cash and cash equivalents comprise cash, bank current accounts, and bank deposits free of encumbrance with a maturity date of twelve months or less, from the date of deposit except dividend accounts balances.

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Mar 31, 2010

1.1 FIXED ASSETS : Gross Block of Fixed Assets are stated at cost. Cost comprise the basic price, Excise Duty and any attributable cost for bringing the asset to its working condition for its intended use.

1.2 DEPRECIATION : Depreciation on Fixed Assets has been provided on WDV method at the rates and in the manner specified in Schedule XIV of the Companies Act, 1956.

1.3 Mercantile System of Accounting is followed.

1.4 Inventories

a.Finished Goods are valued at cost or Market Price whichever is less. b. Raw Material and packing Material are valued at Cost. Inventories has been taken as valued & certified by management

1.5 Gratuity has been accounted for on payment basis.