Accounting Policies of SV Trading & Agencies Ltd. Company

Mar 31, 2024

1) Company Overview

S. V. Trading and Agencies Limited is a listed entity incorporated in India on March 7th, 1980 under the provision of the Companies Act, 1956 having
CIN L51900MH1980PLC022309 and presently having its registered office at Shop No F-227, 1st Floor, Raghuleela Mega Mall, Behind Poisar Depot,
Kandivali West, Mumbai, Kandivlai West, Maharashtra, India, 400067. The Company offers a diverse range of products and services including
company is in to Trading and Agencies Business and Allied Activities business. The equity shares of the Company are listed on BSE Limited (“BSE”).
The financial statements are presented in Indian Rupee (?).

2) Basis of Preparation of Financial Statements

These financial statements are prepared in accordance with Indian Accounting Standards (IndAs) under the historical cost convention on the accrual
basis except for certain financial instruments which are measured at fair values, the provisions of the Companies Act, 2013 (‘The Act’) (to the extent
notified). The IndAs 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, 2017.

The Company has adopted all the IndAs Standards and the adoption was carried out in accordance with IndAs 101, First Time Adoption of Indian
Accounting Standards. The transition was carried out from Indian Accounting Principles generally accepted in India as prescribed U/s 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014 (IGAAP), which was the previous GAAP. Reconciliations and description of the effect of the
transition have been summarized in the statement separately.

Accounting policies have been consistently applied except where a newly issued Accounting Standard is initially adopted or a revision to an existing
Accounting Standard requires a change in the Accounting policies hitherto in the use.

The amendments to standards that are issued, but not yet effective, up to date of issuance of the Company''s financial statements are disclosed below.
Ind AS 40, Investment Property - Not Applicable

Ind AS 21, The Effects of Changes in Foreign Exchange Rates - Not Applicable
2A) Use of estimates

The preparation of financial statements in conformity with IndAs requires the management to make judgment, estimates and assumptions. These
estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosure
of contingent assets & liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. The
application of Accounting Policies that require critical Accounting estimates involving complex and subjective judgments and the use of assumptions in
these financial statements have been disclosed in the notes separately. Accounting estimates could change from period to period. Actual results could
differ from those estimates. Appropriate changes in estimates are made as the management becomes aware of the changes in circumstances
surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material,
there effects are disclosed in the notes to the financial statements.

2B) Summary of Significant Accounting Policies

The Financial Statements have been prepared using the Accounting Policies and measurement basis summarized below:

2B.1) Revenue Recognition

Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade discount
taxes and amounts collected on behalf of third parties. The Company recognises revenue when the amount of revenue can be reliably measured and it
is probable that future economic benefits will flow to the company.

Interest income is recognized as other income on a time proportion basis taking into account the amount outstanding and the applicable interest rate.

On Disposal of investments, the difference between its carrying amounts and net disposal proceeds is charged or credited to the Statement of Profit
and Loss under the head of other income. Gain/Loss on sale of investments is determined on First in First Out cost basis.

2B.2) Financial Instruments
Financial Assets
Equity Instruments

All investments in equity instruments classified under financial assets are initially measured at Book value, the Company may, on initial recognition,
irrevocably elect to measure the same at FVTOCI . The Company makes such election on an instrument-by-instrument basis. Fair value changes on
an equity instrument is recognised as other income in the Statement of Profit and Loss unless the Company has elected to measure such instrument at
FVOCI. Fair value changes excluding dividends, on an equity instrument measured at FVOCI are recognised in OCI. On derecognition of the asset,
cumulative gain or loss previously recognised in Other Comprehensive Income is reclassified from the OCI to Statement of Profit and Loss.

Financial liabilities

All financial liabilities are recognized initially at fair value, as applicable, and net of directly attributable transaction costs. The Company’s financial
liabilities include trade and other payables.

2B.3) Taxation
Current Income Tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates
and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.

Current income tax relating to items recognized outside profit or loss is recognized outside profit or loss. Current tax items are recognized in correlation
to the underlying transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to
situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Minimum Alternate Tax

Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future income
tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax in future.

Accordingly, MAT is recognized as an asset in the Balance Sheet when it is probable that future economic benefit associated with it will flow to the
Company. MAT Credit entitlements are reviewed for the appropriates of their respective carrying value at each balance sheet date.

2B.4) Employee benefit schemes

Short-term employee benefits are recognized as an expense at the undiscounted amount in the Statement of profit and loss for the year in which the
related service is rendered. Post employment and other long term employee benefits are recognized as an expense in the profit and loss account of the
year in which the employee has rendered services and treated as defined benefit plans. The expense is recognized on the assumption that such
benefits are payable at the end of the year to all the eligible employees.

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Mar 31, 2015

A. Basis & Method of Accounting:

These financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values. GAAP comprises mandatory accounting standards as prescribed under Section 133 of the Companies Act, 2013 ('the Act'), read with Rule 7 of the Companies (Accounts) Rules, 2014 and guidelines issued by the Securities and Exchange Board of India (SEBI). Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

b. Use of Estimates:

The preparation of financial statements is conformity with generally accepted Accounting principles requires the management to make estimates and assumptions that affects the reported balances of assets and liabilities as of the date of financial statement and reported amount of income and expenses during the year.

Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as the Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.

c. Fixed Assets:

Tangible assets are stated at cost, less accumulated depreciation and impairment, if any. Direct costs are capitalized until such assets are ready for use. Capital work-in-progress comprises the cost of fixed assets that are not yet ready for their intended use at the reporting date.

d. Impairment of Assets:

The carrying amount of assets are reviewed at each Balance Sheet date, if there is any indication of impairment based on internal / external factors. An asset is impaired when the carrying amount of the asset exceed the recoverable amount. An impairment loss is charged to the Profit and Loss Account in the year in which the asset is identified as being impaired.

e. Depreciation:

The depreciation on Fixed Assets is provided on straight line method, in accordance with the Schedule II to the companies Act, 2013. The depreciation on Assets added during the year has been provided on pro-rata basis with reference to the date on which the assets were put to use. No depreciation has been provided on the fixed assets, which have not been put to use during the year end.

f. Revenue recognition:

Sales represent invoice value of goods supplied and service rendered, including Sales Tax applicable and are net of rate difference and goods returned.

g. Inventories:

Inventories are valued at cost or net realizable value whichever is lower. The cost is worked out on weighted average basis.

h. Research and Development Expenses:

Expenditure relating to capital items is debited to fixed assets and depreciated at applicable rates. Revenue expenses are charged to profit & loss account of the year.

i. Retirement Benefits:

Retirement benefits are given as per term & condition of contract with employee. Short term employee's benefits are recognized at the undiscounted amount in the profit and loss account.

j. Taxation:

Income-tax expenses comprise current tax and deferred tax charge or credit. The Deferred tax asset and deferred tax liability is calculated by applying tax rate and Tax laws that have been enacted or substantially enacted by the Balance Sheet date. Deferred tax Assets arising mainly on account of brought forward losses And unabsorbed depreciation under tax laws, are recognized, only if there is a Virtual certainty of its realization, supported by convincing evidence. Deferred tax Liability on account of other timing differences is recognized only to the extent there is a reasonable certainty of its realization. At each Balance Sheet date, the Carrying amount of deferred tax assets is reviewed to reassure realization.

k. Earning Per Shares:

The earnings considered in ascertaining the Company's EPS are computed as per Accounting Standard 20 on "Earning Per Share", issued by the Institute of Chartered Accountants of India. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the period. The diluted EPS is calculated on the same basis as Basic EPS, after adjusting for the effects of potential dilutive equity shares unless the effect of the potential dilutive equity shares is anti-dilutive.

l. Segment Reporting:

The Company is engaged in the textile fabric and allied services thereof being a single segment hence disclosure as requirements of Accounting Standard AS-17 issued by the Institute of Chartered Accountants of India is not applicable

m. Other Accounting policies:

These are consistent with generally accepted accounting practices.

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Mar 31, 2014

A) The books of accounts are maintained on accrual basis.

b) Dividend Income in the books is accounted when right to receive the payment is established

c) Fixed Assets are stated at historical cost.

d) Depreciation has been provided on Written down value method at the rates specified in schedule XIV of the Companies Act, 1956.

e) Long Term Investments are stated at cost. Cost is determined on average method.

f) Stock in Trade quoted (Shares & debentures) are shown at Cost or Market value whichever is lower.

g) Stock in Trade unquoted (Shares & debentures) are shown at Cost h) Taxation

i. Income-tax expenses comprise current tax and deferred tax charge or credit

ii. The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax loss that have been enacted or substantially enacted by the Balance Sheet date.

iii. Deferred tax assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognised, only if there is a virtual certainly of its realisation, supported by convincing evidence. Deferred tax assets on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation.

iv. At each Balance Sheet date, the carrying amount of deferred tax assets is reviewed to reassure realisation.

i) Other Accounting Policies are consistent with generally accepted account practices.

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Mar 31, 2012

A) The books of accounts are maintained on accrual basis.

b) Dividend Income in the books is accounted when right to receive the payment is established

c) Fixed Assets are stated at historical cost.

d) Depreciation has been provided on Written down value method at the rates specified in schedule XIV of the Companies Act, 1956.

e) Long Term Investments are stated at cost. Cost is determined on average method.

f) Stock in Trade quoted (Shares & debentures) are shown at Cost or Market value whichever is lower.

g) Stock in Trade unquoted (Shares & debentures) are shown at Cost. h) Taxation

i. Income-tax expenses comprise current tax and deferred tax charge or credit

ii. The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax loss that have been enacted or substantially enacted by the Balance Sheet date.

iii. Deferred tax assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognized, only if there is a virtual certainly of its realization, supported by convincing evidence. Deferred tax assets on account of other timing differences are recognized only to the extent there is a reasonable certainty of its realization.

iv. At each Balance Sheet date, the carrying amount of deferred tax assets is reviewed to reassure realization.

h) Other Accounting Policies are consistent with generally accepted account practices.

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Mar 31, 2010

A) The books of accounts are maintained on accrual basis.

b) Dividend Income in the books is accounted when right to receive the payment is established

c) Fixed Assets are stated at historical cost.

d) Depreciation has been provided on Written down value method at the rates specified in schedule XIV of the Companies Act, 1956.

e) Long Term Investments are .stated at cost. Cost is determined on average method.

f) Stock in Trade quoted (Shares & debentures) are shown at Cost or Market value whichever is lower.

g) Stock in Trade unquoted (Shares & debentures) are shown at Cost.

h) Taxation

i. Income-tax expenses comprise current tax and deferred tax charge or credit

ii. The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax loss that have been enacted or substantially enacted by the Balance Sheet date.

iii. Deferred tax assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognised, only if there is a virtual certainly of its realisation, supported by convincing evidence. Deferred tax assets on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation.

iv. At each Balance Sheet date, the carrying amount of deferred tax assets is reviewed to reassure realisation.

i) Other Accounting Policies are consistent with generally accepted account practices.