Surbhi Industries Ltd. कंपली की लेखा नीति

Mar 31, 2024

2.Significant Accounting Policies

a. Method of Accounting

The company is following mercantile system of Accounting on Exclusive of
Tax Basis. There is no effect on profit because of said deviation from the
method of accounting prescribed under the Income Tax Act,1961.

b. Investment / Loans & Advances

Investment / Loans & Advances, if any are stated at cost of acquisition including
transfer cost, if any.

c. Taxation

Provision for deffered tax assets resulting from brought forward losses &
unabsorbed Depreciation has been recongnised after considering available
evidence that sufficient future taxable Income will arise against which such assets
can be set off

d. Revenue Recognisition

Revenue is recognized at the Point of issuance of bill.

eBooks of Accounts

Preparation and Maintenance of accounts is the responsibility of the concerned
assessee and its management. We have examined the books of accounts
maintained and furnished before us for verification on random basis and have
expressed our opinion on the basis of random verification of books of accounts
with corresponding bills and vouchers furnished along with explanation given
as and when asked for the purpose of audit.

f. Accounting for GST

The Company has followed Exclusive Method of Accounting as prescribed under
the Accounting Standard issued by ICAI in this regard Since Exclusive method of
GST is used and GST credit availed and utilized are accounted for in a separate
Account there is no effect

on profit as per Income Tax Act because of said deviation from accounting standard
prescribed U/s. 145A of the said Act.

Amount of GST Receivable as on 31.03.2024 is shown under Note 8 '' Other Current
Assets'' on Balance sheet.

g. Stock

Stock is taken ,valued and certified by the Directors / management of the Company and we
have relied upon the same. Stock is valued at "cost or market value, which ever is less" basis

h. Fixed Assets

? The Expenditure which are the capital nature are capitalized at cost (net of
Rebate & Allowances) and are shown in the Balance Sheet at their written
down value Depreciation is provided at the rate prescribed under the
Companies Act 2013 by following straight line method.

? Plot and Land are stated at their cost of Acquisition.

i. Interest On Borrowed Capital

The Company has provided interest on borrowed capital from Bank as per Bank
Statement and are paid to Bank within agreed period.

J .With regard to loan or deposit accepted or repaid exceeding Rs. 20,000/- by a/c payee cheques
/drafts as mentioned u/s. 269SS and 269T, it is not practical for us to verify whether the transaction is by
a/c payee cheques / draft as the necessary evidences are not with the Directors / management of the
Company but with the bank. However, we have obtained the certificate from the Directors / management
of the Company that transactions relating to sec. 269SS and 269T were entered into by account payee
cheques drawn on a bank or account payee bank draft only.

k. With regard to payment made exceeding Rs. 10,000/- by a/c payee cheques /drafts as
mentioned u/s. 40A(3), it is not practical for us to verify whether the payment is by a/c payee
cheques / draft as the necessary evidences are not with the Directors / management of the
Company but with the bank. However, we have obtained the certificate from the Directors /
management of the Company that payments relating to any expenditure covered u/s. 40A(3)
were made by account payee cheques drawn on a bank or account payee bank draft only

L Breakup of expenses among GST Registered and Unregistered dealers are provided by the
company management and we have relied upon the same.

3. Previous Year''s figure has been re-grouped, re-arranged wherever considered
necessary to meet the requirements of the current year.

9. In the opinion of the Directors:

The current assets and loans and advances are approximately of the value stated, if reliased in the
ordinary course of business. The provision for depreciation and for all known liabilities is adequate
and not in excess of the amount reasonably necessary.

The above information is given to the extent available with the Company.

For, Ghael Choksi & Co. For and on behalf of Board of Directors

Chartered Accounts Surbhi Industries Ltd.

FRN: 0153978W

Sd/- Sd/-

Sd/- Ravjibhai P. Patel Bipinbhai J. Patel

Vikrant Bipinchandra Ghael Director Director

M. No. 112324 DIN: 00023332 DIN : 00023447

Date: 18th

Date: 18th May,2024 May,2024

Place: Surat Place: Surat

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Mar 31, 2011

1. GENERAL :

i. These accounts are prepared under historical cost convention on accrual basis.

ii. Accounting Polices not specifically referred to otherwise are consistent and in consonance with the generally accepted accounting principles.

2. VALUATION OF INVENTORIES :

i. All the Materials including Raw Materials, Finished Goods, Stores & Spares and Packing Materials valued at the lower of the Cost or Net Realizable value as certified by the management.

ii. Cost is inclusive of taxes or duties incurred to bring goods at present location and condition as per AS-2.

3. SALES:

Sales includes forwarding Expenses but excludes Excise Duty & Sales Tax and other indirect taxes, wherever applicable and sales of goods is recognized on transfer of property of good as per agreed terms. Quantity Discount, Rate Difference, Rebate are accounted as and when settled.

4. FIXED ASSETS :

Fixed assets are stated at cost of acquisition or construction, including expenses attributable of bringing the assets to its present working condition and capitalised preoperative expenses less accumulated depreciation thereon.

5. DEPRECIATION :

Depreciation on fixed assets except land is provided on the SLM on prorata basis at the rates and in the manner specified in schedule XIV of the companies ACT., 1956.

6. INVESTMENTS :

Investments are stated at cost.

7. INCOME TAX:

Income tax comprises the Current tax provision and the net change in the deferred tax asset or liability in the year. Deferred tax assets and liability are recognised for the future tax consequences of temporary differences, between the carrying values of assets and liabilities and their respective tax bases, and operating loss carry forwards. Deferred tax assets are recognised subject to management's judgement that realisation is more likely that nor. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be received or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognised in the income statement in the period if enactment of the change.

8. CONTINGENT LIBILITIES :

Contingent liabilities have been shown in the Notes on accounts (if any) and no provisions for the same have been made in the books of accounts.

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Mar 31, 2010

1. GENERAL:

i. These accounts are prepared under historical cost convention on accrual basis.

ii. Accounting Polices not specifically referred to otherwise are consistent and in consonance with the generally accepted accounting principles.

2. VALUATION OF INVENTORIES :

i. All the Materials including Raw Materials, Finished Goods, Stores & Spares and Packing Materials valued at the lower of the Cost or Net Realizable value as certified by the management.

ii. Cost is inclusive of taxes or duties incurred to bring goods at present location and condition as per AS-2.

3. SALES:

Sales Includes forwarding & Octroi Expenses but excludes Excise Duty & Sales Tax, wherever applicable and sales of goods is recognized on transfer of property of goods as per agreed terms. Quantity Discount, Rate Difference, Rebate are accounted as and when settled.

4. FIXED ASSETS

Fixed assets are stated at cost of acquisition or construction, including expenses attributable of bringing the assets to its present working condition and capitalised preoperative expenses less accumulated depreciation thereon.

5. DEPRECIATION:

Depreciation on fixed assets except land is provided on the SLM on prorate basis at the rates and in the manner specified in schedule XIV of the companies ACT., 1956.

6. INVESTMENTS :

Investments are stated at cost.

7. INCOME TAX:

Income tax comprises the Current tax provision and the net change in the deferred tax asset or liability in the year. Deferred tax assets and liability are recognised for the future tax consequences if temporary differences, between the carrying values of assets and liabilities and their respective tax bases, and operating loss carry forwards. Deferred tax, assets are recognised subject to management's judgement that realisation is more likely that nor. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be received or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognised in the income statement in the period if enactment of the change.

8. CONTINGENT LIABILITIES:

Contingent Liabilities have been shown in the Notes on accounts (if any) and no provisions for the same have been made in the books of accounts.