Accounting Policies of Tashi India Ltd. Company

Mar 31, 2024

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation

The financial statements (Separate financial statements) have been prepared on accrual basis in
accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian
Accounting Standards) Rules, 2015 and the provisions of the Companies Act, 2013.

The financial statements have been prepared on a historical cost basis, except for certain financial
assets and liabilities which have been measured at fair value (refer accounting policy regarding
financial instruments).

The financial statements are presented in Indian Rupees ("INR" or "''") and all amounts are
rounded to the nearest lacs, except as stated otherwise.

2.2 Estimates and Judgements

The preparation of the financial statements in conformity with Ind AS requires management to
make estimates, judgments and assumptions. These estimates, judgments and assumptions effect
the application of accounting policies and the reported amounts of assets and liabilities, the
disclosures of contingent assets and liabilities at the date of the financial statements and reported
amounts of revenues and expenses during the period. 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 note 2.3(a). Accounting
estimates could change from period to period. Actual results may differ from those estimates.
Appropriate changes in estimates are made as 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.

2.3 Presentation of financial statements

The Company presents its Balance Sheet in order of liquidity.

The Company generally reports financial assets and financial liabilities on a gross basis in the

Balance Sheet. They are offset and reported net only when Ind AS specifically permits the same
or it has an unconditional legally enforceable right to offset the recognised amounts without
being contingent on a future event. Similarly, the Company offsets incomes and expenses and
reports the same on a net basis when permitted by Ind AS specifically unless they are material in
nature. This note provides a list of the significant accounting policies adopted in the preparation
of these financial statements.

These policies have been consistently applied to all the years presented, unless otherwise stated.

(A) Income

(i) Interest Income

The Company recognises interest income using Effective Interest Rate (EIR) on all financial
assets subsequently measured at amortised cost or fair value through other comprehensive
income (FVOCI). EIR is calculated by considering all costs and incomes attributable to
acquisition of a financial asset or assumption of a financial liability and it represents a rate that
exactly discounts estimated future cash payments/receipts through the expected life of the
financial asset/financial liability to the gross carrying amount of a financial asset or to the
amortised cost of a financial liability.

(ii) Dividend income

Dividend income on equity shares is recognised when the Company''s right to receive the
payment is established, which is generally when shareholders approve the dividend.

(iii) Other revenue from operations

Other revenue from operations is accounted for on accrual basis except, where the receipt of
income is uncertain. Revenue is recognised 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 received. Revenue is measured at the fair value of the consideration received or
receivable, taking into account contractually defined terms of payment and excluding taxes,
duties or other charges collected on behalf of the government/authorities.

(IV) Other Income

Other Income is accounted for on accrual basis except, where the receipt of income is uncertain.

(B) Expenditures

(i) Finance costs

Borrowing costs on financial liabilities are recognised using the EIR.

(ii) Employee benefits
Short Term employee benefits

Liabilities for wages, salaries and other employee benefits that are expected to be settled within
twelve months of rendering the service by the employees are classified as short term employee
benefits. Such short term employee benefits are measured at the amounts expected to be paid
when the liabilities are settled

(iii) Taxes

Current Tax

The current tax expense for the period is determined as the amount of tax payable in respect of
taxable income for the period, based on the applicable income tax rates.

Current tax relating to items recognised in other comprehensive income or equity is recognised in
other comprehensive income or equity, respectively.

Deferred Tax

Deferred tax is provided using the liability method on temporary differences between the tax
bases of assets and liabilities and their carrying amounts for financial reporting purposes at the
reporting date.

Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets
are recognised for all deductible temporary differences and, the carry forward of unused tax
credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is
probable that taxable profit will be available against which the deductible temporary differences,
the carry forward of unused tax credits and unused tax losses can be utilised.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the
year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have
been enacted at the reporting date.

Deferred tax relating to items recognised in other comprehensive income or equity is recognised
in other comprehensive income or equity, respectively.

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.

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Mar 31, 2015

1. Accounting Convention:

The financial statements are prepared under the historical cost convention in accordance with Applicable Accounting Standards in India, the provisions of the Companies Act, 2013.

Fixed Assets and Depreciation:

Fixed Assets are valued at cost less depreciation. Depreciation on tangible assets is calculated using the rates arrived at based on the useful life of the assets as prescribed under schedule -II of the Companies Act, 2013.

Investments:

Long Term investments are valued at cost except that provision is made to recognize the permanent diminution in their value. Investments intended to be held for less than one year are classified as current investments and are valued at lower of cost and market value.

Inventories:

Stock in Trade is valued at cost or net realizable value whichever is lower. Impairment of assets:

Impairment loss in the value of assets as specified in Accounting Standard 28 is recognized Whenever carrying value of such assets exceeds the market value or value in use, whichever is higher.

Taxes on Income :

i) Current tax is determined as the amount of tax payable in respect of taxable income for the year.

ii) Deferred Tax is recognized, subject to consideration of prudence, in respect of deferred tax assets/liabilities arising on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

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Mar 31, 2014

1. Accounting Convention:

The financial statements are prepared under the historical cost convention in accordance with Applicable Accounting Standards in India, the provisions of the Companies Act, 1956 and the Companies Act, 2013.

Fixed Assets:

Fixed Assets are stated at cost less Depreciation.

Method of Depreciation :

Depreciation has been provided on written down value method for the year at rates and the manner prescribed under Schedule XIV to the Companies Act, 1956.

Investments:

Long Term investments are valued at cost except that provision is made to recognize the permanent diminution in their value. Investments intended to be held for less than one year are classified as current investments and are valued at lower of cost and market value.

Inventories:

Stock in Trade is valued at cost or net realizable value whichever is lower.

Sales and Other Income:

i) Sales excludes sales tax/Value added tax.

ii) Revenue recognition is postponed to a later date only when it is not possible to estimate it with reasonable accuracy.

Impairment of assets:

Impairment loss in the value of assets as specified in Accounting Standard 28 is recognized Whenever carrying value of such assets exceeds the market value or value in use, whichever is higher.

Taxes on Income :

i) Current tax is determined as the amount of tax payable in respect of taxable income for the year.

ii) Deferred Tax is recognized, subject to consideration of prudence, in respect of deferred tax assets/liabilities arising on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

31.03.2014 31.03.2013 (Rs.) (Rs.) 2. Contingent Liabilities not provided for: Income Tax demand - 4,38,097/-

Sales Tax 5,40,895/- -

3. Related parties and transaction with them as specified in Accounting Standard- 18 on "Related Party Disclosures" issued by the ICAI has been identified and given below;

(i) Related Party Relationships

(a) Where control exists None

(b) Other Related Parties Bajaj Global Limited with whom the Company Bajaj Steel Industries Limited had transactions Rohit Machine & Fabricators Ltd., Bajaj Exports Pvt Ltd., Bajaj Polymin Ltd., Glycosic Merchants Pvt Ltd., Bajaj Chemo-plast (I) Ltd., Bajaj Trade Developments Limited Rohit Polytex Ltd Luk Plastcon Ltd Gangalaxmi Industries Ltd Nissan Merchandise Pvt. Ltd. Bajaj Reinforcement LLP

NOTES: The parties listed under (b) above are not "related parties" as per the requirements of Accounting Standard 18. However, as a matter of abundant caution, they are being included for making the Financial Statements more transparent.

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Mar 31, 2013

Accounting Convention:

The financial statements are prepared under the historical cost convention in accordance with applicable Accounting Standards.

Fixed Assets:

Fixed Assets are stated at cost less Depreciation.

Method of Depreciation :

Depreciation has been provided on written down value method for the year at rates and the manner prescribed under Schedule XIV to the Companies Act, 1956.

Investments:

Long Term investments are valued at cost except that provision is made to recognize the permanent diminution in their value. Investments intended to be held for less than one year are classified as current investments and are valued at lower of cost and market value.

Inventories:

Stock of Trading items are valued at cost or net realizable value whichever is lower.

Sales and Other Income:

i) Sales excludes sales tax/Value added tax.

ii) Revenue recognition is postponed to a later date only when it is not possible to estimate it with reasonable accuracy.

Impairment of assets:

Impairment loss in the value of assets as specified in Accounting Standard 28 is recognized Whenever carrying value of such assets exceeds the market value or value in use, whichever is higher.

Taxes on Income :

i) Current tax is determined as the amount of tax payable in respect of taxable income for the year.

ii) Deferred Tax is recognized, subject to consideration of prudence, in respect of deferred tax assets/liabilities arising on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

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Mar 31, 2012

Accounting Convention:

The financial statements arc prepared under the historical cost convention in accordance with applicable Accounting Standards.

Fixed Assets:

Fixed Assets are stated at cost less Depreciation.

Method of Depreciation :

Depreciation has been provided on written down value method for the year at rates and the manner prescribed under Schedule XIV to the Companies Act, 1956.

Investments:

Long Term investments are valued at cost except that provision is made to recognize the permanent diminution in their value. Investments intended to be held for less than one year are classified as a current investments and are valued at lower of cost and market value.

Inventories:

Stock of Trading items are valued at cost or net realizable value whichever is lower.

Retirement Benefits:

Provision for liability of gratuity is made on the basis of actual accrued liability for all employees who have completed five years of services, determined using actuarial valuation techniques.

Sales and Other Income:

i) Sales excludes sales tax/value added tax.

ii) Revenue recognition is postponed to a later date only when it is not possible to estimate it with re unable accuracy.

Impairment of assets

Impairment loss in the value of assets as specified in Accounting Standard 28 is recognized whenever carrying value of such assets exceeds the market value or value in use, whichever is higher.

Taxes on Income :

i) Current tax is determined as the amount of tax payable in respect of Taxable income for the year.

ii) Deferred Tax is recognized, subject to consideration of prudence, in respect of deferred tax assets/liabilities arising on timing differences, being in difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

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Mar 31, 2010

- Fixed Assets:

Fixed Assets are stated at cost less Depreciation.

- Method or depreciation and amortization:

Depreciation has been provided on written down value method for the year at rates and the manner prescribed in schedule XIV to the Companies Act, 1956.

- Investments:

Investments are stated at cost. Provision for diminution is made to recognize a decline, other than temporary, in the value of such investments.

- Revenue and Expenditure Recognition:

Revenue is recognized and expenditure is accounted for on accrual basis however the amounts, which are not materially significant, is accounted on cash basis.

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Mar 31, 2009

Fixed Assets:

Fixed Assets are stated at cost less Depreciation.

Method of depreciation and amortization:

Depreciation has been provided on written down value method for the year at rates and the manner prescribed in schedule XIV to the Companies Act, 1956.

Investments:

Investments are stated at cost. Provision for diminution is made to recognize a decline, other than temporary, in the value of such investments.

Revenue and Expenditure Recognition:

Revenue is recognized and expenditure is accounted for on accrual basis however the amounts, which are not materially significant, is accounted on cash basis.

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Mar 31, 2004

Not Available

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Mar 31, 2002

Fixed Assets:

Fixed Assets are stated at cost less Depreciation.

Method of depreciation and amortisation:

Deprecation has been provided on written down value method for the year at rates and the manner prescribed in schedule XIV to the Companies Act, 1956.

Investments:

Investments are stated at cost. Provision for diminution is made to recognise a decline, order than temporary, in the value of such investments.

Inventories:

Inventories are valued at cost price or market price whichever is lower.

Revenue and Expenditure Recognition:

Revenue is recognised and expenditure is accounted for on accrual basis however the amounts that are not materially significant is accounted on cash basis.

Income from Lease Operations:

Lease rentals are accounted for as revenue when they contractually accrue.