Shree Marutinandan Tubes Ltd. कंपली की लेखा नीति

Mar 31, 2024

1. SIGNIFICANT ACCOUNTING POLICIES

a. Company Overview

Shree Marutinandan Tubes Limited was as a company incorporated as Private Limited Company on 12^th March, 2013 which was later on converted into Limited company on 22^nd June, 2023 having registered office at A-21, Second Floor, Amrapali Complex, S P Ring Road, Bopal, Ahmedabad - 380058 and since then the company is engaged in the business of trading of pipes and tubes and from March, 2024 the company has started trading of machineries.

b. Basis of Preparation of Financial Statements:

The financial statements of the Company have been prepared on accrual basis and under historical cost convention method and in accordance with Generally Accepted Accounting Principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the Accounting Standards notified under Section 133 of the Companies Act, 2013 read with Rule 7 of tire Companies (Accounts) Rules, 2014, the provisions of the Act (to the extent notified).

As per MCA notification dated 16th February 2015, the companies whose shares are listed on BSE SME Platform as referred to in Chapter XB of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2009 are exempted from the compulsory requirements of adoption of IND-AS. As the Company is covered under exempted category from the compulsory adoption of IND AS, it has not adopted IND AS for preparation of financial statements.

c. Use of Estimate:

The preparation of financial statements require management to make estimates and assumptions that affects the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities on thedate of the financial statements and reported amount of revenue and expenses during the year. Actual results could differ from those estimates. Any revision in the accounting estimates are recognized prospectively in the current and future periods.

d. Property, Plant and Equipment:

Property, Plant and Equipment are recorded and stated at cost less accumulated depreciation and impairment losses, if any. The cost comprises of tire purchase price

Inventories are carried at cost or net realizable value whichever is lower. Cost of inventories is generally ascertained on FIFO (First-In-First-Out) basis. The cost comprises of cost of purchase and other costs incurred in bringing the inventory to its present location and condition.

i. Revenue Recognition:

As per AS - 9 "Revenue Recognition" Revenue from tire sale of goods or services are recognized when ownership or control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. In other cases revenue is recognized when right to receive income is established.

j. Subsequent Events

Subsequent Events are those events which occur after the Balance Sheet date and before the date on which Books of Accounts are approved by Board of Directors. All the subsequent events which provide further evidence of conditions that existed at tire Balance Sheet date have been duly incorporated by the Management in the Financial Statements.

k. Prior Period, Extra Ordinary and Exceptional Items

^r Items of Incomes or Expenses which aroused in the current year but the conditions, events or evidences for those transactions relates to one or more prior periods are separately disclosed in the Financial Statements.

'' ^{The Items} of Incomes or Expenditure which does not relates to ordinary business activities are classified as Extra ordinary items in the Financial Statements.

- Incomes or Expenditures which relates to ordinary business activities but are excepbonaHy high or low as compared to one or more comparatives are classified as Exceptional Items.

l. Taxes on Income:

capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted as at the reporting date. Deferred tax liabilities are recognized for all riming differences. Deferred tax assets are recognized for riming differences only to the extent that there is reasonable certainty exists that sufficient future taxable income will be available against which these can be realized.

m. Earnings Per Share:

The Company reports basic and diluted earnings per equity share in accordance with Accounting Standard 20, ''Earnings Per Share''. Basic earnings per equity share is computed by dividing net profit/(loss) after tax by the weighted average number of equity shares outstanding during the year. Diluted earnings per equity share is computed by adjusting net profit or loss and using the weighted average number of equity shares outstanding during the year for dilution.

n. Employee Benefits:

The amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees is recognized during the period when the employee renders tire service.

Post-employment benefits such ns gratuity have not been provided for on accrual basis.

o. Borrowing Costs

Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

Borrowing costs that are directly attributable to the acquisition, construction or production of an asset that takes a substantial period to get ready for its intended use are capitalized. All other borrowing costs are recognized as expenditure in the period in which they are incurred.

p. Leases

Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased item are classified as Operating Leases. Operating Lease payments are recognized as an expense in the Profit & Loss Account on a straight

me basis over the period. The company does not have any outstanding Lease as on the balance sheet date.

q. Segment Reporting

The accounting policies adopted for segment reporting are in conformity with the accounting policies adopted for the Company. Revenue and expenses have been identified to segments on the basis of their relationship to the operating activities for the segment. Revenue and expenses, which relate to the Company as a whole and are not allocable to segments on a reasonable basis, have been included under "Unallocated corporate expenses/income.

The company is operating in single segment.

r. Foreign Currency Transactions:

Initial recognition: -

Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency amount die exchange rate between the reporting currency and the foreign currency at the date of the transaction.

Exchange differences: -

Exchange differences arising on settlement of monetary items or on reporting Company''s monetary items at rates different from those at which they were initially recorded during the year, or reported in previous financial statements, are recognized as income or as expenses in the year in which they arise.

There are no Foreign Currency transactions during the year.

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Mar 31, 2023

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