Shantai Industries Ltd. कंपली की लेखा नीति

Mar 31, 2025

(a) Basis of Accounting

The financial statements of the Company have been prepared in accordance with the Indian Accounting Standards
(hereafter referred to as the ''Ind AS'') as notified by Ministry of Corporate Affairs pursuant to section 133 of the
Companies Act, 2013 (''the Act''), read with companies (Indian Accounting Standards (Ind AS)) Rules, 2015 and the
circulars and guideleines issued by the RBI from time to time to the extent they have an impact on the financial
statements and current practices prevailing in India. The financial statements have been prepared on an accrual basis
and under the historical cost convention. The financial statements are presented in Indian Rupees (INR) and all values
are recorded to the nearest ruppes (INR), except otherwise indicated.

(b) Use of Estimates

The preparation of the financial statement in comfimity with Indian AS requires the management to make judgments,
estimates and assumptions that effect the reported amounts of revenues, expenses, assets and liabilities and the
disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the
management''s best knowledge of current events and actions, uncertaintity about these assumptions and estimates
could result in the outcomes requiring a material adjustments to the carrying amounts of assets or liabilities in future
periods.

(c) Prior period Items

Previous years adjustments are on account of payment of taxes, duties, interest etc., of earlier years due to short /
excess provision thereof etc. which has been shown under the head ''Extraordinary Items.''

(d) Recognition of Income and Expenditure

All incomes and Expenditure are accounted on accrual basis. Sales, Purchases and all expenses are accounted for
exclusive of tax, duties, gst, cess, etc. collected on behalf of the government and are net of goods returned, discount,
rate difference, claim, etc. and are inclusive of other direct expenses on purchases.

(e) Government Grants

During the year under consideration the company has not received any government grants.

(f) Retirement benefits to Employees

Contribution to employee''s benefit funds remitted to statutory authority, if any is charged to revenue. The Company''s
liability towards gratuity to its employees is provided on the basis of an actuarial valuation basis. Actuarial gains and
losses are recognised in full in the statement of profit and loss in the year in which they occur. The company has made
provision on the basis of Gratuity Act.

(g) Borrowing Cost

The total borrowing cost on the acquisition of fixed assets if pertaining to the period up to the date on which the said
fixed assets have been put-to-use, has been capitalized in the respective fixed assets and the cost for the period after
the said fixed assets have been put-to-use has been debited to the Profit and Loss Account.

(h) Segment Reporting

The company has only one business segment and geographical segment. Therefore there is no separate reportable
segment as per AS-17.

(i) Dues to small scale and ancillary undertakings

According to the information and explanation provided to us, the Company has no amounts overdue under the Micro,
Small and Medium Enterprises Development Act, 2006 (MSMED) as at 31-03-2024 to the extent such parties have been
identified by the management.

(k) Taxation

Tax comprises of Current income tax and Deferred tax. Current income tax in the books is recognised by opting the
provisions of section 115BAA as introduced vide Taxation Laws (Amendment) Ordinance of 2019 to the Income Tax Act,
1961.

Deferred Tax Liability/Asset is recognised as per AS-22 (Accounting for Taxes on Income) arising out of temporary
timing differences. During the year under consdieration, as per AS-22 "Accounting for Taxes on Income" issued by
ICAI, company has recognised deferred tax assets and hence, not recognised in the books of accounts .

(l) Impairment of Assets

The carrying amounts of the company''s assets are reviewed at each balance sheet date. If any indication of impairment
exists, an impairment loss is recognized to the extent of the excess of the carrying amount over the estimated
recoverable amount.

---

Mar 31, 2024

21 Significant Accounting Poliicies & Notes on Standalone Financial Statements

(a) Basis of Accounting

The financial statements of the Company have been prepared in accordance with the Indian Accounting Standards
(hereafter referred to as the ''Ind AS'') as notified by Ministry of Corporate Affairs pursuant to section 133 of the
Companies Act, 2013 (''the Act''), read with companies (Indian Accounting Standards (Ind AS)) Rules, 2015 and the
circulars and guideleines issued by the RBI from time to time to the extent they have an impact on the financial
statements and current practices prevailing in India. The financial statements have been prepared on an accrual basis and
under the historical cost convention. The financial statements are presented in Indian Rupees (INR) and all values are
recorded to the nearest ruppes (INR), except otherwise indicated.

(b) Use of Estimates

The preparation of the financial statement in comfimity with Indian AS requires the management to make judgments,
estimates and assumptions that effect the reported amounts of revenues, expenses, assets and liabilities and the
disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the
management''s best knowledge of current events and actions, uncertaintity about these assumptions and estimates could
result in the outcomes requiring a material adjustments to the carrying amounts of assets or liabilities in future periods.

(c) Prior period Items

Previous years adjustments are on account of payment of taxes, duties, interest etc., of earlier years due to short / excess
provision thereof etc. which has been shown under the head ''Extraordinary Items.''

(d) Recognition of Income and Expenditure

All incomes and Expenditure are accounted on accrual basis. Sales, Purchases and all expenses are accounted for exclusive
of tax, duties, gst, cess, etc. collected on behalf of the government and are net of goods returned, discount, rate
difference, claim, etc. and are inclusive of other direct expenses on purchases.

(e) Government Grants

During the year under consideration the company has not received any government grants.

(f) Retirement benefits to Employees

Contribution to employee''s benefit funds remitted to statutory authority, if any is charged to revenue. The Company''s
liability towards gratuity to its employees is provided on the basis of an actuarial valuation basis. Actuarial gains and
losses are recognised in full in the statement of profit and loss in the year in which they occur. The company has made
provision on the basis of Gratuity Act.

(g) Borrowing Cost

The total borrowing cost on the acquisition of fixed assets if pertaining to the period up to the date on which the said fixed
assets have been put-to-use, has been capitalized in the respective fixed assets and the cost for the period after the said
fixed assets have been put-to-use has been debited to the Profit and Loss Account.

(h) Segment Reporting

The company has only one business segment and geographical segment. Therefore there is no separate reportable
segment as per AS-17.

(i) Dues to small scale and ancillary undertakings

According to the information and explanation provided to us, the Company has no amounts overdue under the Micro,
Small and Medium Enterprises Development Act, 2006 (MSMED) as at 31-03-2024 to the extent such parties have been
identified by the management.

Deferred Tax Liability/Asset is recognised as per AS-22 (Accounting for Taxes on Income) arising out of temporary timing
differences. During the year under consdieration, as per AS-22 "Accounting for Taxes on Income" issued by ICAI,
company has recognised deferred tax assets and hence, not recognised in the books of accounts .

(l) Impairment of Assets

The carrying amounts of the company''s assets are reviewed at each balance sheet date. If any indication of impairment
exists, an impairment loss is recognized to the extent of the excess of the carrying amount over the estimated recoverable
amount.

---

Mar 31, 2017

Explanation : For the purposes of this clause, the term ''Specified Bank Notes'' shall have the same meaning provided in the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E), dated the 8th November, 2016.

ACCOUNTING POLICES & NOTES ON ACCOUNTS

1. The accounts are prepared on historical cost basis and as a going concern. Accounting policies not referred to otherwise are consistent with generally accepted accounting principles.

2. Fixed Asset are value at cost less depreciation. The depreciation has been calculated at the rates provided. No depreciation has been taken on the value of land.

3. Closing Stock of the company has been valued at cost price.

4. Expenses are accounted for on Mercantile Basis but some expenses due to their peculiar nature are accounted for on cash basis.

5. The figures for the previous year have been rearranged and regrouped wherever considered necessary.

6. There are no prior period or extra ordinary expenses debited to Profit & Loss account.

7. Balances of Debtors, Creditors and Unsecured Loans are subject to confirmation.

8. Final Accounts has been prepared on Going Concern assumption.

9. Name of the company changed from Wheel And Axle Textiles Limited to Shantai Industries Ltd. w.e.f. 07/09/2016.

10. Company has declared interim dividend of Rs. 500000 i.e.Rs.1 Per share , out of which Rs. 5 is unclaimed as on 31.03.2017. Details are as below:

Bank Name: Kotak Mahindra bank Ltd.

Account Name: Shantai Industries Limited Unclaimed dividend-Interim Dividend-2016 Account No.: 0012540310

11. The Equity Shares of the company are listed on the following stock exchange and company has duly paid the requisite amount of annual listing fees for the year 2016-2017 to the exchange.

a) Bombay Stock Exchange LimitedPhiroz Jeejeebhoy Tower, Dalal street, Mumbai-01

---

Mar 31, 2013

A. SYSTEM OF ACCOUNTING :

The Company follows the mercantile system of accounting and recognises income and expenditure on the accrual basis.

B. INVESTMENTS :

i) Long Term investments of the company are stated at their cost of acquisition. ii) Provision for diminution in the value of long term investments is made only if, such a decline is other than temporary in the opinion of the management.

C. SALES & PURCHASES :

Sales & Purchases are recognised net of returns.

D. TAXATION :

Current tax has been determined and provided as the amount of tax payable in respect of taxable

i) income for the year.

ii) Deferred tax recognised, subject to the consideration of prudence, 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.

---

Mar 31, 2012

A. SYSTEM OF ACCOUNTING :

The Company follows the mercantile system of accounting and recognises income and expenditure on the accrual basis.

B. INVESTMENTS :

i) Long Term investments of the company are stated at their cost of acquisition.

ii) Provision for diminution in the value of long term investments is made only if, such a decline is other than temporary in the opinion of the management.

C. SALES & PURCHASES :

Sales & Purchases are recognised net of returns.

D. TAXATION :

Current tax has been determined and provided as the amount of tax payable in respect of taxable

i) income for the year.

ii) Deferred tax recognised, subject to the consideration of prudence, 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.