Accounting Policies of Wagend Infra Venture Ltd. Company

Mar 31, 2024

1. Corporate Information:

Wagend Infra Venture Limited (''the Company’) was incorporated in India on 29^th September,
1981. The equity shares of the Company are listed in India on the Bombay stock exchange
(BSE Limited).

The Company is primarily engaged in the investing activities and the management of the
Company is building up the team to improve its investment decisions and increase the value
of the stakeholders and continues to focus on exploring opportunities in the infrastructure
sector.

2. Basis of Preparation of Financial Statements:

The financial statements are prepared in accordance with and in compliance, in all material
aspects with Indian Accounting Standards (Ind AS) notified under Section 133 of the
Companies Act, 2013 (the Act) read along with Companies (Indian Accounting Standards)
Rules, as amended and other relevant provisions of the Act. The presentation of the Financial
Statements is based on Ind AS Schedule III of the Companies Act, 2013.

Financials are prepared on Historical cost basis except few financial assets and financial
liabilities that are measured in Fair value.

These financial statements are presented in Indian Rupees, which is the Company’s functional
currency, and all values are rounded to the nearest lakhs, except otherwise indicated. Due to
rounding off, financials statements in a few places may face truncation.

3. Use of Estimates:

In preparing these Standalone financial statements, management has made judgements,
estimates and assumptions that affect the application of accounting policies and the reported
amounts of assets, liabilities, income, and expenses. Accounting estimates can change from
period to period. Actual results may differ from those estimates. Estimates and underlying
assumptions are reviewed on an ongoing basis and appropriate changes are made as
management becomes aware of changes in circumstances surrounding the estimates.
Revisions to accounting estimates are reflected in the period in which such changes are made
and if material, their effects are disclosed in the financial statements.

4. 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. The following are specific criteria on
which revenue is recognized.

Interest income is recognized on a time proportion basis.

Dividend Income is recognized when the instrument/unit holders’ right to receive
payment is established by the balance sheet date.

5. Property, Plant and Equipment:

a) Recognition and measurement:

Property, plant, and equipment are accounted for on historical cost basis (inclusive of the cost of
installation and other incidental costs till commencement of commercial production) net of
recoverable taxes, less accumulated depreciation and impairment loss, if any. Cost comprises the
purchase price and any costs of bringing the asset to its working condition for intended use.

Expenditure on renovation / modernization relating to existing fixed assets is added to the cost of such
assets where it increases its performance/life significantly.

b) Depreciation / Amortization:

Depreciation on fixed assets is provided on a written down value basis over the useful life of
the assets estimated by the management, in the manner prescribed in Schedule II of the
Companies Act, 2013.

Depreciation on additions/disposals to the fixed assets during the year is provided on pro¬
rata basis from/to the date of such additions/disposals as the case may be.

The assets costing up to Rs. 5,000/- are fully depreciated during the year of addition after
retaining 5% as net residual value.

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Mar 31, 2015

1. Corporate Information :

Wagend Infra Venture Limited ('the Company') was incorporated in India on 29th September, 1981. The equity shares of the Company are listed in India on the Bombay stock exchange (BSE Limited).

The Company is primarily engaged in the investing activities and the management of the Company is building up the team to improve its investment decisions and increase the value of the stakeholders and also continues to focus on exploring opportunities in the infrastructure sector.

2. Basis of Preparation of Financial Statements:

The financial statements of the company have been prepared in accordance with Generally Accepted Accounting Principles in India (Indian GAAP) under the historical cost convention on a going concern basis. Pursuant to Section 133 of the Companies Act, 2013 and Rule 7 of the Companies (Accounts) Rules, 2014, till the standards of accounting or any addendum thereto are prescribed by Central Government in consultation and recommendation of the National Financial Reporting Authority, the Company will continue to apply the Accounting Standards notified under Section 211(3C) of the Companies Act, 1956; the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 2013.

All the assets and Liabilities have been classified as current or non-current as per the criteria set out in Schedule III to the Companies Act, 2013. The accounting policies, in all material respects, have been consistently applied by the Company and are consistent with those used in the previous year, except to the extent stated in Note 3 below.

3. Changes in Accounting Policies

Depreciation of Fixed Assets:

The Schedule II of the Companies Act, 2013 is being implemented from 1st April, 2014 and the Company has adopted the new method of Depreciation on its Fixed Asset from "Written down value" method to "Depreciation on the basis of useful life" as provided in Part C of Schedule II. The depreciation charge for the year ended 31st March, 2015 is higher by Rs. 59,808/-

4. 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. The following are specific criteria on which revenue is recognized.

Test coe is recognized on the time proportion basis.

Dividend Income is recognized when the instrument/unit holders' right to receive payment is established by the balance sheet date.

5. Miscellaneous Expenditure:

Miscellaneous Expenditure comprising of preferential share issue expenses and are written off in five equal installments, the year 2014-15 being the 5th year of installment the Company no longer has any miscellaneous expenditure.

6. Fixed Assets:

Tangible Assets:

Tangible Assets are stated at cost of acquisition and includes all direct and indirect cost incurred up to the date of acquisition and / or the asset is put to use, less accumulated depreciation and impairment losses, if any. Subsequent expenditures related to an item of fixed asset are added to its book value only if they increase the future benefits from the existing asset beyond its previously assessed standard of performance.

Intangible Assets:

An item is recognized as an intangible asset if it meets the definition of an intangible asset. However the company has not acquired any Intangible Assets.

7. Depreciation / Amortization:

Effective from 1st April, 2014 the Company depreciates its fixed assets over the useful life or residual value as in the manner prescribed in Part C of Schedule II to the Companies Act, 2013, as against the earlier practice of depreciating at the rate prescribed in Schedule XIV of the Companies Act, 1956

Depreciation on additions/disposals to the fixed assets during the year is provided on pro- rata basis from/to the date of such additions/disposals as the case may be.

8. Impairment of Assets:

The carrying amounts of assets are reviewed at each Balance Sheet date if there is any indication of impairment based on internal / external factors. Impairment loss, if any, is provided in the Profit and Loss Account to the extent of carrying amount of assets exceeds their estimated recoverable amount.

9. Investments:

Long Term Investments are valued at cost. Diminution in value if any, which is of a temporary nature, is not provided. However, the company has no Long Term Investments.

Investments that are readily realizable and intended to be held for not more than a year from the date on which such investments are made are classified as current investments. Current Investments are valued at lower of cost and fair value.

10. Inventories:

Inventories are valued at lower of cost and market Value.

11. Foreign Currency Exposure:

Earnings and expenditure in foreign currency during the current and previous financial year - NIL

12. Segment Reporting:

As the company operates in only one business and operates only in one geographical segment i.e. domestic, the disclosure requirements under Accounting Standard 17-"Segment Reporting" is not required.

13. Employee Benefits:

As per management's view none of the current employees shall complete their term of service of five years, hence actuarial valuation of gratuity is not done.

14. Sundry Debtors and Receivables:

Sundry Debtors and Loans and Advances are stated at the value if realized in the ordinary course of business. Irrecoverable amounts, if any are accounted and/or provided for as per management's judgment or only upon final settlement of accounts with the parties.

15. Cash & Cash Equivalent:

Cash and cash equivalent includes cash on hand, and deposits maintained with banks which can be withdrawn by the company at any point of time.

16. Cash flow Statement:

Cash flow are reported using the indirect method, whereby profit / (loss) before extra-ordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

17. Provisions, Contingent Liabilities and Commitments:

Provisions involving substantial degree of estimation in measurement are recognized at the balance sheet date when

a) there is a present obligation as a result of past events.

b) there is a probability that there will be an outflow of resources.

c) the amount of obligation can be reliably estimated.

Contingent Liabilities are not recognized but are disclosed in the notes in case of:

(a) a present obligation arising from a past event, when it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of obligation cannot be made.

b) a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not within the control of the company.

18. Taxes on Income:

Current Tax represents the amount of Income Tax payable in respect of the taxable income for the reporting period as determined in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax assets and liabilities from timing differences between taxable income and accounting income for the year is accounted for using tax rates and laws that have been substantively enacted as on the balance sheet date. Deferred tax assets arising from timing differences are recognized to the extent there is virtual / reasonable certainty in their realization.

19. Earnings per Share (EPS)

Basic EPS is computed using the weighted average number of equity shares outstanding during the period. Diluted EPS is computed using the weighted average number of equity and dilutive equity equivalent shares outstanding during the year - end, except where the results would be anti dilutive.

20. Micro, small & Medium Enterprises

There was no amount due as on 31st March, 2015 as reported to us from/to Micro, small & Medium Enterprises as per MSMED Act, 2006.

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Mar 31, 2014

1. General :

a) Financial statements of the company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956.

b) Financial Statements are prepared on historical cost convention, on the basis of a going concern.

c) All revenues and expenses are accounted on accrual basis except to the extent stated otherwise.

d) The accounting policies adopted in preparation of financial statement are consistence with those of the previous year.

2. Revenue Recognition:

Revenue is recognized based on the nature of activity when consideration can be reasonably measured and there exists reasonable certainty of its recovery.

Interest income is recognized on the time proportion basis.

3. Miscellaneous Expenditure:

Miscellaneous Expenditure comprising of preferential share issue expenses and are written off in five equal installments.

4. Fixed Assets:

Tangible Assets:

Fixed Assets are stated at cost of acquisition and includes all direct and indirect cost incurred up to the date of acquisition and / or the asset is put to use.

Intangible Assets:

An item is recognized as an intangible asset if it meets the definition of an intangible asset. However the company has not acquired any Intangible Assets.

5. Depreciation / Amortization:

Depreciation has been provided on Written down value (WDV) as per the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956.

6. Impairment of Assets:

The carrying amounts of assets are reviewed at each Balance Sheet date if there is any indication of impairment based on internal / external factors. Impairment loss, if any, is provided in the Profit and Loss Account to the extent of carrying amount of assets exceeds their estimated recoverable amount.

7. Investments:

Long Term Investments are valued at cost. Diminution in value if any, which is of a temporary nature, is not provided. However, the company has no Long Term Investments.

Current Investments are valued at lower cost and fair Value.

8. Sundry Debtors and Receivables :

Sundry Debtors and Loans and Advances are stated at the value if realized in the ordinary course of business. Irrecoverable amounts, if any are accounted and/or provided for as per management''s judgment or only upon final settlement of accounts with the parties.

9. Inventories:

Inventories are valued at lower of cost and market Value.

10. Earnings per Share (EPS):

Basic EPS is computed using the weighted average number of equity shares outstanding during the period. Diluted EPS is computed using the weighted average number of equity and dilutive equity equivalent shares outstanding during the year - end, except where the results would be anti dilutive.

11. Taxes on Income:

Current Tax represents the amount of Income Tax payable in respect of the taxable income for the reporting period as determined in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax assets and liabilities from timing differences between taxable income and accounting income for the year is accounted for using tax rates and laws that have been substantively enacted as on the balance sheet date. Deferred tax assets arising from timing differences are recognized to the extent there is virtual / reasonable certainty in their realization.

12. Provisions, Contingent Liabilities And Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized at the balance sheet date when

a) there is a present obligation as a result of past events.

b) there is a probability that there will be an outflow of resources.

c) the amount of obligation can be reliably estimated.

Contingent Liabilities are not recognized but are disclosed in the notes in case of:

a) a present obligation arising from a past event, when it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of obligation cannot be made.

b) a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not within the control of the company.

13. Other Accounting Policies:

These are consistent with the generally accepted accounting practices.

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Mar 31, 2012

1. General :

a) Financial statements of the company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956.

b) Financial Statements are prepared on historical cost basis and in consonance with the generally accepted accounting principles.

c) All revenues and expenses are accounted on accrual basis except to the extent stated otherwise.

2. Miscellaneous Expenditure

Miscellaneous Expenditure comprising of share issue expenses and are written off in five equal installments.

3. Fixed Assets and Depreciation:

Fixed Assets are stated at cost of acquisition and other direct cost incurred up to the date the assets is put to use. However there were no fixed assets during the year.

4. Investments

Long Term Investments are valued at cost. Diminution in value if any, which is of a temporary nature, is not provided.

5. Sundry Debtors and Receivables :

Sundry Debtors and Loans and Advances are stated at the value if realized in the ordinary course of business. Irrecoverable amounts, if any are accounted and/or provided for as per management's judgment or only upon final settlement of accounts with the parties.

6. Provisions, 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.

7. Leases :

Leases where the company effectively remains substantially all the risk and benefits of ownership of the leased term, are classified as operating leases. Lease rental under operating lease are recognized in the Profit & Loss account on straight line basis.

8. Taxes on Income:

Provision for income tax is made on the basis of estimated taxable income for the year at current rates.

Current Tax represents the amount of Income Tax payable in respect of the taxable income for the reporting period as determined in accordance with the provisions of the Income Tax Act, 1961.

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Mar 31, 2011

1. General:

a) Financial Statements are prepared on historical cost basis and in consonance with the generally accepted accounting principles.

b) All revenues and expenses are accounted on accrual basis except to the extent stated otherwise.

2. Miscellaneous Expenditure:

Miscellaneous Expenditure comprising of share issue expenses are written off in five equal installments.

3. Fixed Assets and Depreciation:

a) Fixed Assets

Fixed Assets are stated at cost of acquisition and other direct cost incurred up to the date the assets is put to use.

b) Depreciation

Depreciation on fixed assets is provided on straight line method at the rates specified in Schedule ‘XIV of the Companies Act, 1956.

Depreciation on additionsdeletions to the fixed assets during the year is provided on pro-rata basis from o the date of such additionsdeletions as the case may be.

4. Investments:

Long Term Investments are valued at cost. Diminution in value if any, which is of a temporary nature, is not provided.

5. Sundry Debtors and Receivables :

Sundry Debtors and Loans and Advances are stated at the value if realized in the ordinary course of business. Irrecoverable amounts, if any are accounted and / or provided for as per managements judgment or only upon final settlement of accounts with the parties.

6. Provisions, 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.

7. Leases:

Leases where the company effectively remains substantially all the risk and benefits of ownership of the leased term, are classified as operating leases. Lease rental under operating lease are recognized in the Profit & Loss account on straight line basis.

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Mar 31, 2010

A. The Accounts have been prepared on historical cost basis.

b. The company generally follows the mercantile system of accounting and recognfses income and expenditure on accrual basis.

II Miscellaneous Expenditure

Miscellaneous Expenditure comprising of share issue expenses are written off in ten equal instalments.

III. Taxes

Current tax provision has been determined on the basis of relief, deductions etc. available under the Income Tax Act, 1961. Deferred tax is recognized for all timing differences, subject to the consideration of prudence.

IV. Fixed Assets

Fixed assets are recorded at the cost of acquisition. Cost includes all identifiable expenditure incurred to bring the assets to its present condition and location.

V. Depreciation

Depreciation is provided for on Straight line method at the rates and in the manner specified in Schedule XIV of the Companies Act, 1956.

Depreciation on additionsdeletions to the fixed assets during the year is provided on pro-rata basis frorm to the date of such additions deletions as the case may be.

VI. Investments

Long Term investments are valued at cost. Diminution in value if any, which is of a temporary nature, is not provided.

VII. Provisions, 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 not disclosed in the financial statements.

VIII. Leases

Leases where the company effectively remains substantially all the risks and benefits of ownership of the leased term, are classified as operating leases. Lease rental under operating lease are recognized in the profit and Loss account on straight line basis.