Accounting Policies of Symbiox Investment & Trading Co. Ltd. Company

Mar 31, 2024

Note 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND KEY ACCOUNTING
ESTIMATES AND JUDGEMENTS:

a. Statement of compliance:

The financial statements have been prepared in accordance with Indian Accounting Standards (‘Ind AS’) notified
under the Companies (Indian Accounting Standards) Rules, 2015 as amended by the Companies (Indian
Accounting Standards) (Amendment) Rules, 2016 and other relevant provisions of the Act..

For the year ended 31st March, 2024, the financial statements of the Company have been prepared in compliance
with the Indian Accounting Standards (Ind AS) noticed under Section 133 of Companies Act, 2013 read with rule
3 of the Companies (Indian Accounting Standards) Rules, 2015 as amended by the Companies (Accounting
Standards) Amendment Rules, 2016.

b. Basis of preparation of financial statements

The Company has prepared the Financial Statements which comprise the Balance Sheet as at 31st March, 2024,
the Statement of Profit and Loss, the Statement of Cash Flows and the Statement of Changes in Equity for the year
ended 31st March, 2024, and a summary of the significant accounting policies and other explanatory information
(together hereinafter referred to as “Financial Statements.

These financial statements have been prepared and presented under the historical cost convention, on accrual basis
of accounting except for certain financial assets and financial liabilities that are measured at fair values at the end
of each reporting period, as stated in the accounting policies set out below. The accounting policies have been
applied consistently over all the periods presented in these financial statements

The financial statements are presented in Indian Rupees (‘INR’) and all values are rounded to the nearest INR”,
except otherwise indicated.

c. Use of estimates and judgements

The preparation of the financial statements requires that the Management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as at the date of the financial
statements and the reported amounts of revenue and expenses during the reporting period. The recognition,
measurement, classification or disclosure of an item or information in the financial statements is made relying on
these estimates.

The estimates and judgements used in the preparation of the financial statements are continuously evaluated by the
Company and are based on historical experience and various other assumptions and factors (including expectations
of future events) that the Company believes to be reasonable under the existing circumstances. Actual results could
differ from those estimates. Any revision to accounting estimates is recognized prospectively in current and future
periods.

d. Presentation of Financial Statements

The Balance Sheet and the Statement of Profit and Loss are prepared and presented in the format prescribed in the
Schedule III to the Companies Act, 2013 ("the Act"). The Statement of Cash Flows has been prepared and presented
as per the requirements of Ind AS 7 "Statement of Cash flows". The disclosure requirements with respect to items
in the Balance Sheet and Statement of Profit and Loss, as prescribed in the Schedule III to the Act, are presented
by way of notes forming part of the financial statements along with the notes required to be disclosed under the
notified Accounting Standards and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(as amended).

e. Revenue Recognition

Revenue is recognized based to the extent it is probable that the economic benefit will flow to the company and
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
excludes taxes & duties collected on behalf of the Government and is reduced for estimated customer returns,
rebates and other similar allowances.

Interest Income is recorded using the Effective Interest Rate (EIR). EIR is the rate that exactly discounts the
estimated future cash receipts over the expected life of the financial instrument or a shorter period, where
appropriate, to the gross carrying amount of the financial asset.

The Company recognizes revenue when the amount of revenue can be reliably measured, it is probable that future
economic benefits will flow to the company and significant risk and reward incidental to sale of products is
transferred to the buyer, usually on delivery of the goods.

Other items of income are accounted as and when the right to receive such income arises and it is probable that the
economic benefits will flow to the company and the amount of income can be measured reliably.

f. Inventories

Inventories are valued at the lower of cost and net realizable value (NRV). At cost or Net Realizable value
whichever is lower.

g. Cash Flow Statement

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short term deposits with an
original maturity of three months or less, which are subject to an insignificant risk of change in value.

For the purpose of the statement of cash flows, cash and cash equivalents includes cash on hand, term deposits and
other short term highly liquid investments, net of bank overdrafts as they are considered an integral part of the
Company''s cash management. Bank overdrafts are shown within short term borrowing in balance sheet.

h. Tangible fixed assets

Fixed assets are stated at cost, less depreciation and impairment losses, if any. The cost comprises purchase price,
borrowing costs if capitalization criteria are met and directly attributable cost of bringing the asset to its working
condition for the intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.

i. Depreciation

Depreciation on fixed assets is provided on a straight-line basis using the rates arrived at based on the useful lives
estimated by the management, or those prescribed under the Schedule II to the Companies Act, 2013, whichever
is higher. However, Management has not estimated the useful lives of assets and rate is used as per the Companies
Act, 2013.

j. Borrowing

Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently
measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption
amount is recognized in profit or loss over the period of the borrowings using the effective interest method.
Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged,
cancelled or expired.

k. Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which
necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those
assets, until such time as the assets are substantially ready for their intended use or sale. In the current year, the
custom duty paid on acquisition of Fixed asset has been capitalized as the duty paid is not refundable.

All other borrowing costs are recognized in Statement of Profit and Loss in the period in which they are incurred.

l. Retirement and other employee benefits

Retirement benefit in the form of provident fund is a defined contribution scheme. The company has no obligation,
other than the contribution payable to the provident fund. The company recognizes contribution payable to the
provident fund scheme as expenditure, when an employee renders the related service.

m. Income taxes

Tax expense comprises current and deferred tax. Current income tax is measured at the amount expected to be paid
to the tax authorities in accordance with the Income Tax Act, 1961 enacted in India. The tax rates and tax Laws
used to compute the amounts are those that are enacted, at the reporting date.

Deferred Taxes reflect the impact of timing differences between taxable income and accounting income originating
during the current year and reversal of timing differences for the earlier years. Deferred tax is measured using the
tax rates and the tax laws enacted at the reporting date.

Deferred tax liabilities are recognized for all taxable timing differences. Deferred tax assets including the
unrecognized deferred tax assets, if any, at each reporting date, are recognized for deductible timing differences
only to the extent that there is reasonable certainty that sufficient future taxable income will be available against
which deferred tax assets can be realized.

The carrying amount of deferred tax assets are reviewed at each reporting date and are adjusted for its
appropriateness.

Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax
assets against current tax liabilities and deferred tax assets and deferred taxes relate to the same taxable entity and
the same taxation authority.

Minimum Alternate Tax (MAT) paid in a year is charged to the Statement of Profit and Loss as current tax. The
company recognizes MAT credit available as an asset only to the extent there is convincing evidence that the
company will pay normal income tax during the specified period, i.e., the period for which MAT Credit is allowed
to be carried forward. In the year in which the Company recognizes MAT Credit as an asset in accordance with the
Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax
Act, 1961, the said asset is created by way of credit to the statement of Profit and Loss and shown as “MAT Credit
Entitlement.” The Company reviews the “MAT Credit Entitlement” asset at each reporting date and writes down
the asset to the extent the company does not have convincing evidence that it will pay normal tax during the
sufficient period.

n. Earnings per share

Basic earnings per share is computed by dividing the profit/(loss) for the year by the weighted average number of
equities shares outstanding during the year. The weighted average number of equity shares outstanding during the
year is adjusted for treasury shares, bonus issue, bonus element in a rights issue to existing shareholders, share split
and reverse share split (consolidation of shares).

Diluted earnings per share is computed by dividing the profit/(loss) for the year as adjusted for dividend, interest
and other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares,
by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted
average number of equity shares which could have been issued on the conversion of all dilutive potential equity
shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease
the net profit per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be
converted as at the beginning of the period, unless they have been issued at a later date.

o. Cash flow statement

Cash Flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of
transaction of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and
item of income and expenses associated with investing or financing cash flows. The cash flows from operating,
investing and financing activities of the company are segregated.

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Mar 31, 2016

1 CORPORATE INFORMATION

Symbiox Investment & Trading Co. Ltd (the Company) is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 2013.

1.1 BASIS OF PREPARATION

The Company maintains its accounts on accrual basis following the historical cost convention in accordance with Generally Accepted Accounting Principles (GAAP) in India, in compliance with the provisions of the Companies Act, 2013 and the Accounting Standards as specified in the Companies (Accounting Standards) (Second Amendment) Rules, 2011, prescribed by the Central Government. Management evaluates all recently used or revised accounting standards on an ongoing basis.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below.

2 SIGNIFICANT ACCOUNTING POLICIES

(a) Use of Estimates

The preparation of the Financial Statements in conformity with Generally Accepted Accounting Principles (GAAP) in India requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures relating to contingent liabilities as at the date of the financial statements and reported amount of income and expenses during the period. Examples of such estimates includes future obligation with respect to employees benefits, income taxes, useful lives of fixed assets etc. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates. Difference between the actual results and estimates are recognized in the period in which the results are known / materialized.

(b) Fixed Assets and Depreciation

(i) Tangible Assets

Tangible assets are stated at their cost of acquisition net of receivable CENVAT and VAT Credits. All costs, direct or indirect, relating to the acquisition and installation of fixed assets and bringing it to its working condition for its intended use are capitalized and include borrowing costs and adjustments arising from foreign exchange rate variations directly attributable to construction or acquisition of fixed assets. Depreciation on fixed assets is provided on straight line method (SLM) on a pro-rata-basis at the rates and in the manner specified in Schedule II to the Companies Act, 2013. In respect of assets acquired/sold during the year, depreciation has been provided on pro-rata basis with reference to the days of addition/put to use or disposal.

(ii) Intangible Assets

Intangible Assets are stated at their cost of acquisition, less accumulated amortization and accumulated impairment losses thereon. An intangible asset is recognized where it is probable that future economic benefits attributable to the asset will flow to the enterprise and where its cost can be reliably measured. The depreciable amount of intangible assets is allocated based on the estimates of the useful life of the asset not exceeding five years.

(c) Impairment of Assets

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit & Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

(d) Investments

Investments that are readily realizable and intended to be held for not more than a year are classified as current investments. All other investments are classified as long-term investment. Current investment are carried at lower of cost and fair value determined on an individual item basis. Long-term investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of the investments.

(e) Inventories

(i) Finished and Semi-Finished products produced and purchased by the Company are carried at lower of cost and net realizable value after providing for obsolescence, if any.

(ii) Work-in-progress is carried at lower of cost and net realizable value.

(iii) Stock of raw materials, stores, spare parts and packing materials are valued at lower of cost less CENVAT Credit/ VAT availed or net realizable value.

(iv) Cost of inventories comprises all costs of purchase, cost of conversion and other costs incurred in bringing them to their respective present location and condition.

_(v) Liability for excise duty in respect of goods manufactured by the Company is accounted upon removal of goods from the factory.

(f) Revenue Recognition

Income and expenditure is recognized and accounted for on accrual basis. 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. Revenue from sale of goods is recognized on transfer of significant risks and rewards of ownership to the customer and when no significant uncertainty exists regarding realization of the consideration. Sales are recorded net of sales returns, sales tax/VAT, cash and trade discounts.

(g) Foreign Currency Transactions

The company follows Accounting Standard 11 issued by the Institute of Chartered Accountants of India to account for the foreign exchange transactions.

(h) Government Grants and Subsidies

Grants and Subsidies from the Government are recognized when there is reasonable certainty that the Grant/Subsidy will be received and all attaching conditions will be complied with. When the Grant or Subsidy relates to an expense item, it is recognized as income over the periods necessary to match them on a systematic basis to the costs, which it is intended to compensate. Where the Grant or Subsidy relates to an asset, its value is deducted from the gross value of the asset concerned in arriving at the carrying amount of the related asset. Government Grants of the nature of Promoters’ contribution are credited to Capital Reserve and treated as a part of Shareholders’ Funds.

(i) Retirement Benefits

Contributions to the provident fund and employees state insurance (if any) is made monthly at a pre-determined rate to the Provident Fund Commissioner and Employees State Insurance Fund respectively and debited to the profit & loss account on an accrual basis.

Provision for outstanding Leave Encashment benefit and Gratuity (if any) for employees, if any is accounted for on accrual basis.

(j) Borrowing Costs

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. All other borrowing costs are charged to revenue.

(k) Lease Policy

(i) Finance Leases

Leases which effectively transfer to the company substantially all the risks and benefits incidental to ownership of the leased item, are capitalized at the inception of the lease term at the lower of the fair value of the leased property and present value of minimum lease payments. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognized as finance costs in the Statement of Profit and Loss.

A Leased Asset is depreciated on a straight-line basis over the useful life of the asset or the useful life envisaged in Schedule II to the Companies Act, 2013, whichever is lower.

(ii) Operating Leases

Leases, where the less or effectively retains substantially all the risks and benefits of ownership of the leased item, are classified as Operating lease. Operating lease payments are recognized as an expense in the statement of profit and loss on a straight-line basis over the lease term.

(l) Earnings Per Share

The Company reports Basic and Diluted earnings per equity share in accordance with the Accounting Standard - 20 on Earning Per Share. In determining earning per share, the Company considers the net profit after tax and includes the post tax effect of any extraordinary/exceptional items. The number of shares used in computing basic earnings per share is the weighted average number of equity shares outstanding during the period. The numbers of shares used in computing diluted earnings per share comprises the weighted average number of equity shares that would have been issued on the conversion of all potential equity shares. Dilutive potential equity shares have been deemed converted as of the beginning of the period, unless issued at a later date.

(m) Provision for Current and Deferred Tax

Provision for current Income Tax and Wealth Tax are made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961. Deferred Tax resulting from "timing difference" between book and taxable profit is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognized and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax asset can be realized.

(o) Provision, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.

Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

(p) There are no Micro, Small and Medium Enterprises (MSMEs) as defined in the Micro, Small, Medium Enterprises Development Act, 2006 within the appointed date during the year and no MSMEs to whom the Company owes dues on account of principal amount together with interest at the balance sheet date and hence no additional disclosures have been made.

(r) The Company is a small and medium sized company (SMC) as defined in the general instructions in respect of accounting standards notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to a small and medium sized Company.

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Mar 31, 2014

Not available

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Mar 31, 2013

Not available

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Mar 31, 2012

Not available