Accounting Policies of Southern Latex Ltd. Company

Mar 31, 2025

Significant Accounting Policies

1. Basis of preparation of financial statements

(a) Basis of Accounting:

The financial statements have been prepared and
presented under the historical cost convention except
for following assets and liabilities which have been
measured at fair value;

1. Certain Financial Assets and Liabilities (including
derivative instruments),

2. Defined Benefit Plans

The Financial Statements are prepared on the accrual
basis of accounting in accordance with the accounting
principles generally accepted in India (‘Indian GAAP’) and
comply with the Indian Accounting standards (‘Ind AS’),
including the rules notified under the relevant provisions
of the Companies Act, 2013, amended from time to time.

The Company''s Financial Statements are presented in
Indian Rupees, which is also its functional currency and
all values are rounded to the nearest rupee except when
otherwise indicated.

(b) Use of Estimates:

In the application of accounting policy, the management is
required to make judgment, estimates and assumptions

about the carrying amount of assets and liabilities,
income and expenses, contingent liabilities and the
accompanying disclosures that are not readily apparent
from other sources. The estimates and associated
assumptions are based on historical experience and
other factors that are considered to be relevant and
are prudent and reasonable. Actual results may differ
from those estimates. The estimates and underlying
assumptions are reviewed on ongoing basis. Revisions
to accounting estimates are recognized in the period in
which the estimates are revised if revision affects only
that period or in the period of revision and future periods
if the revision affects both current and future periods.

The few critical estimations and judgments made in
applying accounting policies are:

i. Property, Plant and Equipment:

Useful life of Property, Plant and Equipment and Intangible
Assets are as specified in Specified in Schedule II to the
Companies Act, 2013.

ii. Income Taxes:

Significant judgment is required in determining the
amount for income tax expenses. There are many
transactions and positions for which the ultimate tax
determination is uncertain during the ordinary course of
business. Where the final tax outcome is different from
the amount that were initially recorded, such differences
will impact the income tax and deferred tax provisions in
the period in which such determination is made.

iii. The Company does not have any inventories during
the financial year 2024-25 and hence not applicable.

iv. Impairment of Non-Financial Assets:

The Company assesses at each reporting date whether
there is an indication that an asset may be impaired.
If any indication exists, or when annual impairment
testing for an asset is required, the Company estimates
the asset’s recoverable amount. An assets recoverable
amount is higher of assets or CGU’s fair value less costs
of disposal and its value in use. It is determined for an
individual asset, unless the asset does not generate cash

inflows that are largely independent of those from other
asset or group of assets. Where carrying amount of
an asset or CGU exceeds its recoverable amount, the
asset is considered as impaired and is written down
to its recoverable amount. In assessing value in use,
the estimated future cash flow are discounted to their
present value using pre-tax discount rate that reflects
current market assessment of the time value of money
and the risks specific asset. In determining fair value less
costs of disposal, recent market transactions are taken
into account. If no such transactions can be identified, an
appropriate valuation model is used. These calculations
are corroborated by valuation multiples or other available
fair value indicators.

v. Impairment of Financial assets

The impairment provisions for financial assets are based
on assumptions about risk of default and expected loss
rates. The Company uses judgement in making these
assumptions and selecting the inputs to the impairment
calculation, based on Company’s past history, existing
market conditions as well as forward looking estimates
at the end of each reporting period.

(c) Current/Non-Current Classification:

The Company presents assets and liabilities in the balance
sheet based on current / non-current classification.

A. An assets treated as current when it is:

• Expected to be realised or intended to be sold or
consumed in normal operating cycle

• Held primarily for the purpose of trading

• Expected to be realised within 12 months after a
reporting period, or

• Cash or cash equivalent unless restricted from being
exchanged or used to settle a liability for at least 12
months after a reporting period.

All other assets are classified as non-current.

B. Liability is current when:

• It is expected to be settled in normal operating cycle

• It is held primarily for the purpose of trading

• It is due to be settled within 12 months after the
reporting period, or

• There is no unconditional right to defer the settlement

of the liability for at least 12 months after the reporting
period.

All other liabilities are classified as non-current.

C. There have been no need for providing for Deferred Tax
Liability. Considering the concept of conservatism, the
Company has not provided for any Deferred Tax Asset.

2. Property, Plant and Equipment

Property, Plant and Equipment are stated at cost less
accumulated depreciation and accumulated impairment
losses. Cost include purchase price after deducting trade
discount / rebate, import duty, non-refundable taxes,
cost of replacing the component parts, borrowing cost
and other directly attributable cost of bringing the asset
to its working condition in the manner intended by the
management.

An item of PPE is derecognized on disposal or when
no future economic benefits are expected from use or
disposal. Any gain or loss arising on de-recognition of
an item of property, plant and equipment is determined
as the difference between the net disposal proceeds and
the carrying amount of the asset and is recognized in
Statement of Profit and Loss when asset is de-recognized.

The depreciable amount of an asset is determined after
deducting its residual value. Where the residual value of
an asset increases to an amount equal to or greater than
the asset’s carrying amount, no depreciation charge
is recognized till the asset’s residual value decreases
below the asset’s carrying amount. Depreciation of an
asset begins when it is available for use, i.e., when it is in
the location and condition necessary for it to be capable
of operating in the intended manner. Depreciation of an
asset ceases at the earlier of the date that the asset is
classified as held for sale in accordance with Ind AS 105
and the date that the asset is derecognized.

Depreciation is charged so as to allocate the cost of assets
less their residual values, if any, over their estimated
useful lives, using the written down value method except
intangible assets. Depreciation on intangible assets is
provided on straight line basis. The following useful lives
are considered for the depreciation of property, plant and
equipment:

Description of the Asset Estimated Useful Life

Furniture & fixtures 10 Years

Buildings 60 Years

Office Equipment 5 Years

Air Conditioner 10 Years

Electricity Fittings 10 Years

If there is an indication that there has been a significant
change in useful life or residual value of an asset, the
depreciation of that asset is revised accordingly to reflect
the new expectations.

The residual values, useful lives and methods of
depreciation of properties, plant and equipment are
reviewed at each financial year end and adjusted
prospectively, if appropriate.

Investment properties:

Property that is held for long-term rental yields or for
capital appreciation or both, and that is not occupied
by the Company, is classified as investment property.
Investment property is measured initially at its cost,
including related transaction costs and where applicable
borrowing costs. Subsequent expenditure is capitalized
to the asset’s carrying amount only when it is probable
that future economic benefits associated with the
expenditure will flow to the Company and the cost of
the item can be measured reliably. All other repairs and
maintenance costs are expensed when incurred. When
part of an investment property is replaced, the carrying
amount of the replaced part is derecognized.

On disposal of an investment property, the difference
between its carrying amount and net disposal proceeds
is charged or credited to the Statement of Profit and Loss.

Intangible assets under development:

The amount disclosed as ‘Intangible asset under
development’ represents assets purchased/acquired
and not available for use, as at the date of Statement of
Financial Position.

An item of Intangible asset is derecognized on disposal
or when no future economic benefits are expected from
its use or disposal. Any profit or loss arising from de¬
recognition of an intangible asset measured as the
difference between the net disposals proceeds and the
carrying amount of the asset and are recognized in

the Statement of Profit and Loss when the asset is de¬
recognized.

Impairment of Tangible (PPE) and Intangible Assets:

At each reporting date, property, plant and equipment
and intangible assets are reviewed to determine whether
there is any indication that those assets have suffered
an impairment loss. If there is an indication of possible
impairment, the recoverable amount of any affected asset
(or group of related assets where it is not possible to
estimate the recoverable amount of an individual asset),
is estimated and compared with its carrying amount. If
the estimated recoverable amount is lower, the carrying
amount is reduced to its estimated recoverable amount,
and an impairment loss is recognized immediately in
Statement of Profit and Loss.

Recoverable amount is the higher of fair value less cost
to sell and value in use. In assessing value in use, the
estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects
current market assessment of the time value of money
and the risk specific to the asset. In determining fair
value less cost of disposal, recent market transactions
are taken into account. If no such transactions can be
identified, an appropriate valuation model is used.

If an impairment loss subsequently reverses, the
carrying amount of the asset (or group of related assets)
is increased to the revised estimate of its recoverable
amount (selling price less costs to complete and sell, in
the case of inventories), but not in excess of the amount
that would have been determined had no impairment
loss been recognized for the asset (or group of related
assets) in prior years. A reversal of an impairment loss is
recognized immediately in Statement of Profit and Loss.

3. Revenue Recognition

Revenue is recognized to the extent that it is probable that
the economic benefits will flow to the Company and the
revenue can be reliably measured regardless of when the
payment is being made. Revenue is measured at the fair
value of the consideration received or receivable, taking
into account contractually defined terms of payment
and excluding taxes or duties collected on behalf of the
government.

The specific recognition criteria described below must
also be met before the revenue is recognized.

Sale of Goods:

Revenue from the sale of goods is recognized when the
significant risk and rewards of ownership of the goods
have passed to the buyer, usually on delivery of the
goods. Sale is recognized when no significant uncertainty
exists regarding the amount of consideration that will be
derived from the sale of goods. Revenue from the sale of
goods is measured at the fair value of the consideration
received or receivable, net of returns and allowances,
trade discounts and volume rebates.

Dividend Income:

Dividend is recognized when right to receive is
established, which is generally when shareholders
approve the dividend.

Interest Income:

Interest income on financial assets measured at
amortized cost is recognized on time proportion basis,
using effective interest method.

4. Lease Accounting

The determination of whether an arrangement is
(or contains) a lease is based on the substance of
the arrangement at the inception of the lease. The
arrangement is (or contains) a lease, if fulfillment of
the arrangement is dependent on the use of a specific
asset or assets and the arrangement conveys a right to
use the asset or assets, even if that right is not explicitly
specified in an arrangement.

Finance leases that transfer substantially all the risks
and benefits incidental to ownership of the leased items
(i.e. PPE), are generally capitalized at the inception of the
lease at the fair value of the leased assets or, if lower,
at the present value of minimum lease payments. Lease
payments are apportioned between finance charges and
a reduction in lease liability so as to achieve a constant
rate of interest on the remaining balance of the liability.
Finance charges are recognized in finance cost in the
Statement of Profit and Loss.

Lease in which significant portion of the risks and
rewards of ownership are not transferred to the Company
as lessee is classified as operating leases. Payments
made under operating leases are charged to Statement
of Profit and Loss over the period of lease on straight line
basis other than those cases where the escalation are
linked to expected general inflation in which case they
are charged on contractual terms.

6. Financial Instruments

A financial instrument is any contract that gives rise to
a financial asset of one entity and a financial liability
or equity instrument of another entity. The Company
recognizes a financial asset or financial liability in its
balance sheet only when the entity becomes party to the
contractual provisions of the instrument.

Financial assets:

A financial asset inter-alia includes any asset that is cash,
equity instrument of another entity and a financial liability
or equity instrument of another entity. The Company
recognizes a financial asset or financial liability in its
balance sheet only when the entity becomes party to the
contractual provisions of the instrument.

Financial assets of the Company comprise trade
receivables. Cash and cash equivalents, bank balances,
investment in equity shares of Companies, investment
other than in equity shares, loans / advances to
employees / related parties / others, security deposit,
claims recoverable etc.

Initial recognition and measurement

All financial assets are recognized initially at fair value
plus, in the case of financial assets not recorded at
fair value through profit or loss, transaction costs that
are attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at fair value
through profit or loss are expensed in Statement of Profit
and Loss. When transaction price is not the measure of
fair value and fair value is determined using a valuation
method that uses data from observable market, the
difference between transaction price and fair value is
recognized in Statement of Profit and Loss and in other
cases spread over life of the financial instrument using
effective interest method.

Subsequent measurement

For purposes of subsequent measurement financial
assets are classified in three categories:

• Financial asset measured at amortised cost

• Financial asset at fair value through OCI

• Financial assets at fair value through profit or loss

Financial assets measured at amortized cost

Financial assets are measured at amortized cost if the
financial asset is held within a business model whose

objective is to hold financial assets in order to collect
contractual cash flows and the contractual terms of
the financial asset give rise on specified dates to cash
flows are solely payments of principal and interest on the
principal amount outstanding. These financial assets are
amortized using the effective interest rate (EIR) method,
less impairment. Amortized cost is calculated by taking
into account any discount or premium on acquisition
and fees or costs that are an integral part of the EIR.
The EIR amortization is included in finance income in
the statement of profit and loss. The losses arising from
impairment are recognized in the statement of profit and
loss in finance costs.

Financial assets at fair value through OCI (FVTOCI)

Financial assets are measured at fair value through other
comprehensive income if the financial asset is held
within a business model whose objective is achieved
by both collecting contractual cash flows and selling
financial assets and the contractual terms of the financial
asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal
amount outstanding. At initial recognition, an irrevocable
election is made (on an instrument-by-instrument basis)
to designate investments in equity instruments other than
held for trading purpose at FVTOCI. Fair value changes
are recognized in the other comprehensive income
(OCI). On Derecognition of the financial asset other than
equity instruments, cumulative gain or loss previously
recognized in OCI is reclassified to income statements.

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

Any financial asset that does not meet the criteria for
classification as at amortized cost or as financial assets
at fair value through other comprehensive income, is
classified as financial assets at fair value through profit
or loss. Further, financial assets at fair value through
profit or loss also include financial assets held for trading
and financial assets designated upon initial recognition
at fair value through profit or loss. Financial assets are
classified as held for trading if they are acquired for the
purpose of selling or repurchasing in the near term.
Financial assets at fair value profit or loss are fair valued
at each reporting date with all the changes recognized in
the Statement of profit and loss.

De-recognition of financial assets

The Company derecognizes a financial asset only when
the contractual rights to the cash flows from the asset

expire, or it transfers the financial asset and substantially
all the risks and rewards of ownership of the asset to
another entity. Ifthe Company neither transfers norretains
substantially all the risks and rewards of ownership of the
financial asset and continues to control the transferred
asset, the Company recognizes its retained interest in
the asset and an associated liability for amounts it may
have to pay. If the Company retains substantially all the
risks and rewards of ownership of a transferred financial
asset, the Company continues to recognize the financial
asset and also recognizes a collateralized borrowing for
the proceeds receivables.

Impairment of financial assets

The Company assesses impairment based on expected
credit loss (ECL) model on the following:

Financial assets that are measured at amortized cost.

Financial assets measured at fair value through other
comprehensive income (FVTOCI)

ECL is measured through a loss allowance on a following
basis:-

The 12 month expected credit losses (expected credit
losses that result from all possible default events on the
financial instruments that are possible within 12 months
after the reporting date)

Full life time expected credit losses (expected credit
losses that result from all possible default events over
the life of financial instruments)

The company follows ‘simplified approach’ for
recognition of impairment on trade receivables or contract
assets resulting from normal business transactions. The
application of simplified approach does not require the
Company to track changes in credit risk. However, it
recognizes impairment loss allowance based on lifetime
ECLs at each reporting date, from the date of initial
recognition.

For recognition of impairment loss on other financial
assets, the Company determines whether there has
been a significant increase in the credit risk since initial
recognition. If credit risk has increased significantly,
lifetime ECL is provided. For assessing increase in credit
risk and impairment loss, the Company assesses the
credit risk characteristics on instrument-by-instrument
basis.

ECL is the difference between all contractual cash flows

that are due to the Company in accordance with the
contract and all the cash flows that the entity expects
to receive (i.e., all cash shortfalls), discounted at the
original EIR.

Impairment loss allowance (or reversal) recognized
during the period is recognized as expense/income in
the statement of profit and loss.

Financial liabilities and equity instruments:

Classification as debt or equity

Financial liabilities and equity instruments issued by the
Company are classified according to the substance of the
contractual arrangements entered into and the definitions
of a financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences
a residual interest in the assets of the Company after
deducting all of its liabilities. Equity instruments are
recorded at the proceeds received, net of direct issue
costs.

Financial liabilities

The Company’s financial liabilities include loans and
borrowings including book overdraft, trade payable,
accrued expenses and other payables.

Initial Recognition and measurement

All financial liabilities at initial recognition are classified as
financial liabilities at amortized cost or financial liabilities
at fair value through profit or loss, as appropriate. All
financial liabilities are recognized initially at fair value and,
in the case of loans and borrowings and payables, net
of directly attributable transaction costs. Any difference
between the proceeds (net of transaction costs) and
the fair value at initial recognition is recognized in the
Statement of Profit and Loss or in the “Expenditure
Attributable to Construction" if another standard permits
inclusion of such cost in the carrying amount of an asset
over the period of the borrowings using the effective rate
of interest.

Subsequent measurement

Subsequent measurement of financial liabilities depends
upon the classification as described below: -

Financial Liabilities classified at Amortized Cost:

Financial Liabilities that are not held for trading and are not

designated as at FVTPL are measured at amortized cost
at the end of subsequent accounting periods. Amortized
cost is calculated by taking into account any discount or
premium on acquisition and fees or costs that are integral
part of the Effective Interest Rate. Interest expense that
is not capitalized as part of cost of assets is included as
Finance costs in the Statement of Profit and Loss.

Financial Liabilities at Fair value through profit and
loss (FVTPL)

FVTPL includes financial liabilities held for trading and
financial liabilities designated upon initial recognition as
FVTPL. Financial liabilities are classified as held fortrading
if they are incurred for the purpose of repurchasing in the
near term. Financial liabilities have not been designated
upon initial recognition at FVTPL.

Derecognition

A financial liability is derecognized when the obligation
under the liability is discharged/cancelled/expired. When
an existing financial liability is replaced by another from
the same lender on substantially different terms, or the
terms of an existing liability are substantially modified,
such an exchange or modification is treated as the de
recognition of the original liability and the recognition of
a new liability. The difference in the respective carrying
amounts is recognized in the statement of profit and loss.

Offsetting of financial instruments

Financial assets and liabilities are offset and net amount
is reported if there is currently enforceable legal right
to offset the recognized amounts and there is intention
to settle on a net basis, to realize assets and settle the
liabilities simultaneously.

7. Transactions in Foreign Currency

(a) Initial recognition:

Transactions in foreign currencies entered into by the
Company are accounted at the exchange rates prevailing
on the date of the transaction. Exchange differences
arising on foreign exchange transactions settled during
the year are recognized in the Statement of Profit and
Loss.

(b) . Measurement of foreign currency items at the
Balance Sheet date:

Foreign currency monetary items of the Company are
restated at the closing exchange rates. Non-monetary
items are recorded at the exchange rate prevailing on the

date of the transaction. Exchange differences arising out
of these translations are recognized in the Statement of
Profit and Loss.

(c). Forward exchange contracts:

The Company had not entered into any forward
exchange contracts to hedge against its foreign currency
exposures relating to the underlying transactions and
firm commitments. The Company had not entered into
any derivative instruments for trading or speculative
purposes.

8. Trade receivables

Trade receivables are amounts due from customers for
goods sold or services rendered in the ordinary course
of business. Trade receivables are recognised initially at
fair value (at carrying value) and subsequently measured
at amortised cost using the effective interest method,
less provision for impairment if require.

9. Employee Benefits

A. Short Term Employee Benefits:

All employee benefits payable wholly within twelvemonths
of rendering the service are classified as short-term
employee benefits and they are recognized in the period
in which the employee renders the related service. The
Company recognizes the undiscounted amount of short
term employee benefits expected to be paid in exchange
for services rendered as a liability (accrued expense)
after deducting any amount already paid.

B. Post-employment benefits:

(a) Defined contribution plans:

Defined contribution plans are employee state insurance
scheme and Government administered pension fund
scheme for all applicable employees and superannuation
scheme for eligible employees. There has been no
contribution by the Company to any defined contribution
plans during the year.

(b) Defined benefit plans : Nil

(c) Provident fund scheme

The Company does not make any monthly contributions
towards Employee Provident Fund scheme, for any of its
employee(s)

(d) Gratuity scheme

As represented by the Management, the Company has
not provided for any gratuity during the year since none
of the employee(s) are eligible to be covered under the
provisions of Gratuity Act.

10. Research and Development

No Research and Development Activities carried on by
the Company during the year.

11. Provision for Taxation

Tax expense comprises of current tax (i.e. amount of tax
for the period determined in accordance with the Income
Tax Act, 1961) and deferred tax charge or credit (reflecting
the tax effects of timing differences between accounting
income and taxable income for the period). The deferred
tax charge or credit and the corresponding deferred tax
liabilities or assets are recognized using the tax rates
that have been enacted or substantively enacted by the
Balance Sheet date. Deferred tax assets are recognized
only to the extent there is reasonable certainty that the
assets can be realized in future; however, where there
is unabsorbed depreciation or carry forward loss under
taxation laws, deferred tax assets are recognized only if
there is a virtual certainty of realization of such assets.
Deferred tax assets are reviewed as at each Balance
Sheet date to reassess realization.

---

Mar 31, 2024

Significant Accounting Policies

1. Basis of preparation of financial statements

(a) Basis of Accounting:

The financial statements have been prepared and
presented under the historical cost convention except
for following assets and liabilities which have been
measured at fair value;

1. Certain Financial Assets and Liabilities (including
derivative instruments),

2. Defined Benefit Plans

The Financial Statements are prepared on the accrual
basis of accounting in accordance with the accounting
principles generally accepted in India (‘Indian GAAP’) and
comply with the Indian Accounting standards(‘lnd AS’),
including the rules notified under the relevant provisions
of the Companies Act, 2013, amended from time to time.

The Company’s Financial Statements are presented in
Indian Rupees, which is also its functional currency and
all values are rounded to the nearest rupee except when
otherwise indicated.

(b) Use of Estimates:

In the application of accounting policy, the management is
required to make judgment, estimates and assumptions

about the carrying amount of assets and liabilities,
income and expenses, contingent liabilities and the
accompanying disclosures that are not readily apparent
from other sources. The estimates and associated
assumptions are based on historical experience and
other factors that are considered to be relevant and
are prudent and reasonable. Actual results may differ
from those estimates. The estimates and underlying
assumptions are reviewed on ongoing basis. Revisions
to accounting estimates are recognized in the period in
which the estimates are revised if revision affects only
that period or in the period of revision and future periods
if the revision affects both current and future periods.

The few critical estimations and judgments made in
applying accounting policies are:

i. Property, Plant and Equipment:

Useful life of Property, Plant and Equipment and Intangible
Assets are as specified in Schedule II to the Companies
Act, 2013.

ii. Income Taxes:

Significant judgment is required in determining the
amount for income tax expenses. There are many
transactions and positions for which the ultimate tax
determination is uncertain during the ordinary course of
business. Where the final tax outcome is different from
the amount that were initially recorded, such differences
will impact the income tax and deferred tax provisions in
the period in which such determination is made.

iii. The Company does not have any inventories during
the financial year 2023-24 and hence not applicable.

iv. Impairment of Non-Financial Assets:

The Company assesses at each reporting date whether
there is an indication that an asset may be impaired.
If any indication exists, or when annual impairment
testing for an asset is required, the Company estimates
the asset’s recoverable amount. An assets recoverable
amount is higher of assets or CGU’s fair value less costs
of disposal and its value in use. It is determined for an
individual asset, unless the asset does not generate cash

inflows that are largely independent of those from other
asset or group of assets. Where carrying amount of
an asset or CGU exceeds its recoverable amount, the
asset is considered as impaired and is written down
to its recoverable amount. In assessing value in use,
the estimated future cash flow are discounted to their
present value using pre-tax discount rate that reflects
current market assessment of the time value of money
and the risks specific asset. In determining fair value less
costs of disposal, recent market transactions are taken
into account. If no such transactions can be identified, an
appropriate valuation model is used. These calculations
are corroborated by valuation multiples or other available
fair value indicators.

v. Impairment of Financial assets

The impairment provisions for financial assets are based
on assumptions about risk of default and expected loss
rates. The Company uses judgement in making these
assumptions and selecting the inputs to the impairment
calculation, based on Company’s past history, existing
market conditions as well as forward looking estimates
at the end of each reporting period.

(c) Current/Non-Current Classification:

The Company presents assets and liabilities in the balance
sheet based on current / non-current classification.

A. An assets treated as current when it is:

• Expected to be realised or intended to be sold or
consumed in normal operating cycle

• Held primarily for the purpose of trading

• Expected to be realised within 12 months after a
reporting period, or

• Cash or cash equivalent unless restricted from being
exchanged or used to settle a liability for at least 12
months after a reporting period.

All other assets are classified as non-current.

B. Liability is current when:

• It is expected to be settled in normal operating cycle

• It is held primarily for the purpose of trading

• It is due to be settled within 12 months after the
reporting period, or

• There is no unconditional right to defer the settlement

of the liability for at least 12 months after the reporting
period.

All other liabilities are classified as non-current.

C. There have been no need for providing for Deferred Tax
Liability. Considering the concept of conservatism, the
Company has not provided for any Deferred Tax Asset.

2. Property, Plant and Equipment

Property, Plant and Equipment are stated at cost less
accumulated depreciation and accumulated impairment
losses. Cost include purchase price after deducting trade
discount / rebate, import duty, non-refundable taxes,
cost of replacing the component parts, borrowing cost
and other directly attributable cost of bringing the asset
to its working condition in the manner intended by the
management.

An item of PPE is derecognized on disposal or when
no future economic benefits are expected from use or
disposal. Any gain or loss arising on de-recognition of
an item of property, plant and equipment is determined
as the difference between the net disposal proceeds and
the carrying amount of the asset and is recognized in
Statement of Profit and Loss when asset is de-recognized.

The depreciable amount of an asset is determined after
deducting its residual value. Where the residual value of
an asset increases to an amount equal to or greater than
the asset’s carrying amount, no depreciation charge
is recognized till the asset’s residual value decreases
below the asset’s carrying amount. Depreciation of an
asset begins when it is available for use, i.e., when it is in
the location and condition necessary for it to be capable
of operating in the intended manner. Depreciation of an
asset ceases at the earlier of the date that the asset is
classified as held for sale in accordance with Ind AS 105
and the date that the asset is derecognized.

Depreciation is charged so as to allocate the cost of assets
less their residual values, if any, over their estimated
useful lives, using the written down value method except
intangible assets. Depreciation on intangible assets is
provided on straight line basis. The following useful lives
are considered for the depreciation of property, plant and
equipment:

Description of the Asset Estimated Useful Life

Furniture & fixtures 10 Years

Buildings 60 Years

Office Equipment 5 Years

Air Conditioner 10 Years

Electricity Fittings 10 Years

If there is an indication that there has been a significant
change in useful life or residual value of an asset, the
depreciation of that asset is revised accordingly to reflect
the new expectations.

The residual values, useful lives and methods of
depreciation of properties, plant and equipment are
reviewed at each financial year end and adjusted
prospectively, if appropriate.

Investment properties:

Property that is held for long-term rental yields or for
capital appreciation or both, and that is not occupied
by the Company, is classified as investment property.
Investment property is measured initially at its cost,
including related transaction costs and where applicable
borrowing costs. Subsequent expenditure is capitalized
to the asset’s carrying amount only when it is probable
that future economic benefits associated with the
expenditure will flow to the Company and the cost of
the item can be measured reliably. All other repairs and
maintenance costs are expensed when incurred. When
part of an investment property is replaced, the carrying
amount of the replaced part is derecognized.

On disposal of an investment property, the difference
between its carrying amount and net disposal proceeds
is charged or credited to the Statement of Profit and Loss.

Intangible assets under development:

The amount disclosed as ‘Intangible asset under
development’ represents assets purchased/acquired
and not available for use, as at the date of Statement of
Financial Position.

An item of Intangible asset is derecognized on disposal
or when no future economic benefits are expected from
its use or disposal. Any profit or loss arising from de¬
recognition of an intangible asset measured as the
difference between the net disposals proceeds and the
carrying amount of the asset and are recognized in
the Statement of Profit and Loss when the asset is de¬
recognized.

Impairment of Tangible (PPE) and Intangible Assets:

At each reporting date, property, plant and equipment
and intangible assets are reviewed to determine whether
there is any indication that those assets have suffered
an impairment loss. If there is an indication of possible
impairment, the recoverable amount of any affected asset
(or group of related assets where it is not possible to

estimate the recoverable amount of an individual asset),
is estimated and compared with its carrying amount. If
the estimated recoverable amount is lower, the carrying
amount is reduced to its estimated recoverable amount,
and an impairment loss is recognized immediately in
Statement of Profit and Loss.

Recoverable amount is the higher of fair value less cost
to sell and value in use. In assessing value in use, the
estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects
current market assessment of the time value of money
and the risk specific to the asset. In determining fair
value less cost of disposal, recent market transactions
are taken into account. If no such transactions can be
identified, an appropriate valuation model is used.

If an impairment loss subsequently reverses, the
carrying amount of the asset (or group of related assets)
is increased to the revised estimate of its recoverable
amount (selling price less costs to complete and sell, in
the case of inventories), but not in excess of the amount
that would have been determined had no impairment
loss been recognized for the asset (or group of related
assets) in prior years. A reversal of an impairment loss is
recognized immediately in Statement of Profit and Loss.

3. Revenue Recognition

Revenue is recognized to the extent that it is probable that
the economic benefits will flow to the Company and the
revenue can be reliably measured regardless of when the
payment is being made. Revenue is measured at the fair
value of the consideration received or receivable, taking
into account contractually defined terms of payment
and excluding taxes or duties collected on behalf of the
government.

The specific recognition criteria described below must
also be met before the revenue is recognized.

Sale of Goods:

Revenue from the sale of goods is recognized when the
significant risk and rewards of ownership of the goods
have passed to the buyer, usually on delivery of the
goods. Sale is recognized when no significant uncertainty
exists regarding the amount of consideration that will be
derived from the sale of goods. Revenue from the sale of
goods is measured at the fair value of the consideration
received or receivable, net of returns and allowances,
trade discounts and volume rebates.

Dividend Income:

Dividend is recognized when right to receive is
established, which is generally when shareholders
approve the dividend.

interest income:

Interest income on financial assets measured at
amortized cost is recognized on time proportion basis,
using effective interest method.

4. Lease Accounting

The determination of whether an arrangement is
(or contains) a lease is based on the substance of
the arrangement at the inception of the lease. The
arrangement is (or contains) a lease, if fulfillment of
the arrangement is dependent on the use of a specific
asset or assets and the arrangement conveys a right to
use the asset or assets, even if that right is not explicitly
specified in an arrangement.

Finance leases that transfer substantially all the risks
and benefits incidental to ownership of the leased items
(i.e. PPE), are generally capitalized at the inception of the
lease at the fair value of the leased assets or, if lower,
at the present value of minimum lease payments. Lease
payments are apportioned between finance charges and
a reduction in lease liability so as to achieve a constant
rate of interest on the remaining balance of the liability.
Finance charges are recognized in finance cost in the
Statement of Profit and Loss.

Lease in which significant portion of the risks and
rewards of ownership are not transferred to the Company
as lessee is classified as operating leases. Payments
made under operating leases are charged to Statement
of Profit and Loss over the period of lease on straight line
basis other than those cases where the escalation are
linked to expected general inflation in which case they
are charged on contractual terms.

6. Financial Instruments

A financial instrument is any contract that gives rise to
a financial asset of one entity and a financial liability
or equity instrument of another entity. The Company
recognizes a financial asset or financial liability in its
balance sheet only when the entity becomes party to the
contractual provisions of the instrument.

Financial assets:

A financial asset inter-alia includes any asset that is cash,

equity instrument of another entity and a financial liability
or equity instrument of another entity. The Company
recognizes a financial asset or financial liability in its
balance sheet only when the entity becomes party to the
contractual provisions of the instrument.

Financial assets of the Company comprise trade
receivables. Cash and cash equivalents, bank balances,
investment in equity shares of Companies, investment
other than in equity shares, loans / advances to
employees / related parties / others, security deposit,
claims recoverable etc.

Initial recognition and measurement

All financial assets are recognized initially at fair value
plus, in the case of financial assets not recorded at
fair value through profit or loss, transaction costs that
are attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at fair value
through profit or loss are expensed in Statement of Profit
and Loss. When transaction price is not the measure of
fair value and fair value is determined using a valuation
method that uses data from observable market, the
difference between transaction price and fair value is
recognized in Statement of Profit and Loss and in other
cases spread over life of the financial instrument using
effective interest method.

Subsequent measurement

For purposes of subsequent measurement financial
assets are classified in three categories:

• Financial asset measured at amortised cost

• Financial asset at fair value through OCI

• Financial assets at fair value through profit or loss

Financial assets measured at amortized cost

Financial assets are measured at amortized cost if the
financial asset is held within a business model whose
objective is to hold financial assets in order to collect
contractual cash flows and the contractual terms of
the financial asset give rise on specified dates to cash
flows are solely payments of principal and interest on the
principal amount outstanding. These financial assets are
amortized using the effective interest rate (EIR) method,
less impairment. Amortized cost is calculated by taking
into account any discount or premium on acquisition
and fees or costs that are an integral part of the EIR.
The EIR amortization is included in finance income in

the statement of profit and loss. The losses arising from
impairment are recognized in the statement of profit and
loss in finance costs.

Financial assets at fair value through OCI (FVTOCI)

Financial assets are measured at fair value through other
comprehensive income if the financial asset is held
within a business model whose objective is achieved
by both collecting contractual cash flows and selling
financial assets and the contractual terms of the financial
asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal
amount outstanding. At initial recognition, an irrevocable
election is made (on an instrument-by-instrument basis)
to designate investments in equity instruments other than
held for trading purpose at FVTOCI. Fair value changes
are recognized in the other comprehensive income
(OCI). On Derecognition of the financial asset other than
equity instruments, cumulative gain or loss previously
recognized in OCI is reclassified to income statements.

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

Any financial asset that does not meet the criteria for
classification as at amortized cost or as financial assets
at fair value through other comprehensive income, is
classified as financial assets at fair value through profit
or loss. Further, financial assets at fair value through
profit or loss also include financial assets held for trading
and financial assets designated upon initial recognition
at fair value through profit or loss. Financial assets are
classified as held for trading if they are acquired for the
purpose of selling or repurchasing in the near term.
Financial assets at fair value profit or loss are fair valued
at each reporting date with all the changes recognized in
the Statement of profit and loss.

De-recognition of financial assets

The Company derecognizes a financial asset only when
the contractual rights to the cash flows from the asset
expire, or it transfers the financial asset and substantially
all the risks and rewards of ownership of the asset to
another entity. If the Company neither transfers nor retains
substantially all the risks and rewards of ownership of the
financial asset and continues to control the transferred
asset, the Company recognizes its retained interest in
the asset and an associated liability for amounts it may
have to pay. If the Company retains substantially all the
risks and rewards of ownership of a transferred financial
asset, the Company continues to recognize the financial

asset and also recognizes a collateralized borrowing for
the proceeds receivables.

Impairment of financial assets

The Company assesses impairment based on expected
credit loss (ECL) model on the following:

Financial assets that are measured at amortized cost.

Financial assets measured at fair value through other
comprehensive income (FVTOCI)

ECL is measured through a loss allowance on a following
basis:-

The 12 month expected credit losses (expected credit
losses that result from all possible default events on the
financial instruments that are possible within 12 months
after the reporting date)

Full life time expected credit losses (expected credit
losses that result from all possible default events over
the life of financial instruments)

The company follows ‘simplified approach’ for
recognition of impairment on trade receivables or contract
assets resulting from normal business transactions. The
application of simplified approach does not require the
Company to track changes in credit risk. However, it
recognizes impairment loss allowance based on lifetime
ECLs at each reporting date, from the date of initial
recognition.

For recognition of impairment loss on other financial
assets, the Company determines whether there has
been a significant increase in the credit risk since initial
recognition. If credit risk has increased significantly,
lifetime ECL is provided. For assessing increase in credit
risk and impairment loss, the Company assesses the
credit risk characteristics on instrument-by-instrument
basis.

ECL is the difference between all contractual cash flows
that are due to the Company in accordance with the
contract and all the cash flows that the entity expects
to receive (i.e., all cash shortfalls), discounted at the
original EIR.

Impairment loss allowance (or reversal) recognized
during the period is recognized as expense/income in
the statement of profit and loss.

Financial liabilities and equity instruments:

Classification as debt or equity

Financial liabilities and equity instruments issued by the
Company are classified according to the substance of the
contractual arrangements entered into and the definitions
of a financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences
a residual interest in the assets of the Company after
deducting all of its liabilities. Equity instruments are
recorded at the proceeds received, net of direct issue
costs.

Financial liabilities

The Company’s financial liabilities include loans and
borrowings including book overdraft, trade payable,
accrued expenses and other payables.

Initial Recognition and measurement

All financial liabilities at initial recognition are classified as
financial liabilities at amortized cost or financial liabilities
at fair value through profit or loss, as appropriate. All
financial liabilities are recognized initially at fair value and,
in the case of loans and borrowings and payables, net
of directly attributable transaction costs. Any difference
between the proceeds (net of transaction costs) and
the fair value at initial recognition is recognized in the
Statement of Profit and Loss or in the “Expenditure
Attributable to Construction” if another standard permits
inclusion of such cost in the carrying amount of an asset
over the period of the borrowings using the effective rate
of interest.

Subsequent measurement

Subsequent measurement of financial liabilities depends
upon the classification as described below: -

Financial Liabilities classified at Amortized Cost:

Financial Liabilities that are not held fortrading and are not
designated as at FVTPL are measured at amortized cost
at the end of subsequent accounting periods. Amortized
cost is calculated by taking into account any discount or
premium on acquisition and fees or costs that are integral
part of the Effective Interest Rate. Interest expense that
is not capitalized as part of cost of assets is included as
Finance costs in the Statement of Profit and Loss.

Financial Liabilities at Fair value through profit and
loss (FVTPL)

FVTPL includes financial liabilities held for trading and
financial liabilities designated upon initial recognition as

FVTPL. Financial liabilities are classified as held fortrading
if they are incurred for the purpose of repurchasing in the
near term. Financial liabilities have not been designated
upon initial recognition at FVTPL.

Derecognition

A financial liability is derecognized when the obligation
under the liability is discharged/cancelled/expired. When
an existing financial liability is replaced by another from
the same lender on substantially different terms, or the
terms of an existing liability are substantially modified,
such an exchange or modification is treated as the de
recognition of the original liability and the recognition of
a new liability. The difference in the respective carrying
amounts is recognized in the statement of profit and loss.

Offsetting of financial instruments

Financial assets and liabilities are offset and net amount
is reported if there is currently enforceable legal right
to offset the recognized amounts and there is intention
to settle on a net basis, to realize assets and settle the
liabilities simultaneously.

7. Transactions in Foreign Currency

(a) Initial recognition:

Transactions in foreign currencies entered into by the
Company are accounted at the exchange rates prevailing
on the date of the transaction. Exchange differences
arising on foreign exchange transactions settled during
the year are recognized in the Statement of Profit and
Loss.

(b) . Measurement of foreign currency items at the
Balance Sheet date:

Foreign currency monetary items of the Company are
restated at the closing exchange rates. Non-monetary
items are recorded at the exchange rate prevailing on the
date of the transaction. Exchange differences arising out
of these translations are recognized in the Statement of
Profit and Loss.

(c) . Forward exchange contracts:

The Company had not entered into any forward
exchange contracts to hedge against its foreign currency
exposures relating to the underlying transactions and
firm commitments. The Company had not entered into
any derivative instruments for trading or speculative
purposes.

8. Trade receivables

Trade receivables are amounts due from customers for
goods sold or services rendered in the ordinary course
of business. Trade receivables are recognised initially at
fair value (at carrying value) and subsequently measured
at amortised cost using the effective interest method,
less provision for impairment if require.

9. Employee Benefits

A. Short Term Employee Benefits:

All employee benefits payable wholly within twelve
months of rendering the service are classified as short¬
term employee benefits and they are recognized in the
period in which the employee renders the related service.
The Company recognizes the undiscounted amount of
short term employee benefits expected to be paid in
exchange for services rendered as a liability (accrued
expense) after deducting any amount already paid.

B. Post-employment benefits:

(a) Defined contribution plans:

Defined contribution plans are employee state insurance
scheme and Government administered pension fund
scheme for all applicable employees and superannuation
scheme for eligible employees. There has been no
contribution by the Company to any defined contribution
plans during the year.

(b) Defined benefit plans: Nil

(c) Provident fund scheme

The Company does not make any monthly contributions
towards Employee Provident Fund scheme, for any of its
employee(s)

(d) Gratuity scheme

As represented by the Management, the Company has
not provided for any gratuity during the year since none
of the employee(s) are eligible to be covered under the
provisions of Gratuity Act.

10. Research and Development

No Research and Development Activities carried on by
the Company during the year.

11. Provision for Taxation

Tax expense comprises of current tax (i.e. amount of tax
for the period determined in accordance with the Income

Tax Act, 1961) and deferred tax charge or credit (reflecting
the tax effects of timing differences between accounting
income and taxable income for the period). The deferred
tax charge or credit and the corresponding deferred tax
liabilities or assets are recognized using the tax rates
that have been enacted or substantively enacted by the
Balance Sheet date. Deferred tax assets are recognized
only to the extent there is reasonable certainty that the
assets can be realized in future; however, where there
is unabsorbed depreciation or carry forward loss under
taxation laws, deferred tax assets are recognized only if
there is a virtual certainty of realization of such assets.
Deferred tax assets are reviewed as at each Balance
Sheet date to reassess realization.

---

Mar 31, 2015

1. FIXED ASSETS:

Fixed Assets are stated at cost of acquisition and subsequent improvement thereto inclusive of taxes, duties, freight and other incidental expenses related to acquisition, improvement and installation.

2. DEPRECIATION:

Depreciation on Fixed Assets has been provided as per Written down Value Method as per the Useful Life's prescribed under Schedule II of the Companies Act, 2013.

3. REVENUE RECOGNITION:

Revenue from sale of goods is recognized when significant risks and rewards in respect of ownership of the products are transferred to customers net of rate difference and discount given.

4. INVENTORIES:

Inventories are valued on the following basis:

a) Raw Material at Cost

b) Work In progress at cost

C) Finished goods at lower of cost and net realizable value.

5. MISCELLANEOUS EXPENDITURE:

Miscellaneous expenditure is amortized over the number of years, as prescribed in the provision of Income Tax Act, 1962.

6. SYSTEM ACCOUNTING:

The company adopts the accrual concept in the preparation of the accounts.

7. INFLATION:

Assets and Liabilities are recorded at historical cost at the company. These costs are not adjusted to the reflect the changing value in the purchasing power of money.

8. CONTIGENT LIABILITIES:

Contingencies are disclosed.

9. PRIOR PERIOD ADJUSTMENTS, EXTRA – ORDINARY ITEMS AND CHANGES IN ACCOUNTING POLICY:

There are no prior period adjustments, extra – ordinary items and no changes in accounting policy as compared to previous years.

---

Mar 31, 2014

1. FIXED ASSETS :

Fixed Assets are stated at cost of acquisition and subsequent improvement thereto inclusive of taxes, duties, freight and other incidental expenses related to acquisition, improvement and installation.

2. DEPRECIATION:

Depreciation on fixed assets other than land is provided on "Written down value method" at the rate which are in conformity with the requirement of schedule XIV to the companies act, 1956.

3. REVENUE RECOGNITION:

Revenue from sale of goods is recognized when significant risks and rewards in respect of ownership of the products are transferred to customers net of rate difference and discount given.

4. INVENTORIES:

Inventories are valued on the following basis:

a) Raw Material at Cost

b) Work In progress at cost

c) Finished goods at lower of cost and net realizable value.

5. MISCELLANEOUS EXPENDITURE:

Miscellaneous expenditure is amortized over the number of years, as prescribed in the provision of Income Tax Act, 1956.

6. SYSTEM ACCOUNTING:

The company adopts the accrual concept in the preparation of the accounts.

7. INFLATION:

Assets and Liabilities are recorded at historical cost at the company. These costs are not adjusted to the reflect the changing value in the purchasing power of money.

8. CONTIGENT LIABILITIES:

Contingencies are disclosed.

9. PRIOR PERIOD ADJUSTMENTS, EXTRA - ORDINARY ITEMS AND CHANGES IN ACCOUNTING POLICY:

There are no prior period adjustments, extra - ordinary items and no changes in accounting policy as compared to previous years.

---

Mar 31, 2013

FIXED ASSETS

Fixed Assets are stated at cost of acquisition and subsequent improvement thereto inclusive of taxes, duties, freight and other incidental expenses related to acquisition, improvement and installation .

DEPRECIATION :

Depreciation on fixed assets other than land is provided on "Straight Line Method" at the rate which are in conformity with the requirement of schedule XIV to the companies act, 1956.

REVENUE RECOGNITION:

Revenue from sale of goods is recognized when significant risks and rewards in respect of ownership of the products are transferred to the customers net of rate difference and discount given.

INVENTORIES:

Inventories are valued on the following basis:

a) Raw material at cost

b) Work In progress at cost

c) Finished goods at lower of cost and net realizable value.

MISCELLANEOUS EXPENDITURE:

Miscellaneous expenditure is a mortised over the number of years, as prescribed in the- provision of Income Tax act, 1956.

SYSTEM OF ACCOUNTING:

- The company adopt the accrued concept in the preparation of the accounts.

---

Mar 31, 2012

FIXED ASSETS

Fixed Assets are stated at cost of acquisition and subsequent improvement thereto inclusive of taxes, duties, freight and other incidental expenses related to acquisition, improvement and installation .

DEPRECIATION :

Depreciation on fixed assets other than land is provided on "Straight Line Method" at the rate which are in conformity with the requirement of schedule XIV to the companies act, 1956.

REVENUE RECOGNITION:

Revenue from sale of goods is recognized when significant risks and rewards in respect of ownership of the products are transferred to the customers net of rate difference and discount given.

INVENTORIES:

Inventories are valued on the following basis:

a) Raw material at cost

b) Work In progress at cost

c) Finished goods at lower of cost and net realizable value.

MISCELLANEOUS EXPENDITURE:

Miscellaneous expenditure is a mortised over the number of years, as prescribed in the provision of Income Tax act, 1956.

SYSTEM OF ACCOUNTING:

The company adopt the accrued concept in the preparation of the accounts.

INFLATION:

Assets and Liabilities are recorded at historical cost to the company. These costs are not adjusted to the reflect the changing value in the purchasing power of money.

CONTIGENT LIABILITIES:

Contingencies are disclosed.

PRIOR PERIOD ADJUSTMENTS, EXTRA- ORDINARY ITEMS AND CHANNGES IN ACCOUNTING POLICY:

There are no prior period adjustments, extra-ordinary items and no changes in accounting policy as compared to previous years.

---

Mar 31, 2010

FIXED ASSETS

Fixed Assets are stated at cost of acquisition and subsequent improvement thereto inclusive of taxes duties, freight and other incidental expenses related to acquisition, improvements and installation.

DEPRECIATION

Depreciation on fixed assets other than land is provided on "Straight Line Method" at the rates which are in conformity with requirements of Schedule XIV to the companies Act, 1956.

INVENTORIES

Inventories are valued on the following basis.

a) Raw Materials at cost

b) Work in-Progress at cost

c) Finished goods at lower of cost and net realizable value.

MISCELLANEOUS EXPENDITURE

Miscellaneous Expenditure is a mortised over the number of years, as prescribed in the provisions of the Income Act, 1961.

SYSTEM OF ACCOUNTING

The Company adopts the accrued concept in the preparation of accounts.

INFLATION

Assets and Liabilities are recorded at historical cost to the Company. These costs are not adjusted to reflect the changing value in the purchasing power of money.

CONTIGENT LIABILITY

Contingencies are disclosed.

PRIOR PERIOD ADJUSTMENTS, EXTRA-ORDINARY ITEMS AND CHANGES IN ACCOUNTING POLICY

There are no prior period adjustments , extra-ordinary items and no changes in accounting policy as compared to the previous year.

---

Mar 31, 2009

FIXED ASSETS

Fixed Assets are stated at cost of acquisition and subsequent improvement thereto inclusive of taxes duties, freight and other incidental expenses related to acquisition, improvements and installation.

DEPRECIATION

Depreciation on fixed assets other than land is provided on "Straight Line Method" at the rates which are in conformity with requirements of Schedule XIV to the companies Act, 1956.

INVENTORIES

inventories are valued on the following basis.

a) Raw Materials at cost ,

b) Work in-Progress at cost

c) Finished goods at lower of cost and net realizable value.

MISCELLANEOUS EXPENDITURE

Miscellaneous Expenditure is a mortised over the number of years, as prescribed in the provisions of the Income Act, 196 i.

SYSTEM OF ACCOUNTING

The Company adopts the accrued concept in the preparation of accounts.

INFLATION

Assets and Liabilities are recorded at historical cost to the Company. These costs are not adjusted to reflect the changing value in the purchasing power of money.

CONTIGENT LIABILITY

Contingencies are disclosed.

PRIOR PERIOD ADJUSTMENTS, EXTRA-ORDINARY ITEMS AND CHANGES IN ACCOUNTING POLICY

There are no prior period adjustments , extra-ordinary items and no changes in accounting policy as compared to the previous year.