Uniworth International Ltd. कंपली की लेखा नीति

Mar 31, 2024

1.3 SIGNIFICANT ACCOUNTING POLICIES:

A Recognition of Income &Expenditure:

Income and Expenditure are recognised on accrual basis.

B) Financial Instruments:

Financial Assets:

Financial assets are recognised when the Company becomes a party to the contractual provisions
of the instrument. On initial recognition, a financial asset is recognised at fair value, in case of
financial assets which are recognised at fair value through profit and loss (FVTPL), its transaction
costs are recognised in the statement of profit and loss. In other cases, the transaction cost is
attributed to the acquisition value of the financial asset.

Financial assets are subsequently classified as measured at

• amortized cost

• fair value through profit and loss (FVTPL)

• fair value through other comprehensive income (FVOCI).

Financial assets are not reclassified subsequent to their recognition, except if and in the period the
Company changes its business model for managing financial assets.

Cash and Cash Equivalents:

Cash and cash equivalents are short-term (twelve months or less from the date of acquisition),
highly liquid investments that are readily convertible into cash and which are subject to an
insignificant risk of changes in value.

Trade Receivables and Loans:

Trade receivables are initially recognised at fair value. Subsequently, these assets are held at
amortized cost, using the effective interest rate(EIR) method net of any expected credit losses. The
EIR is the rate that discounts estimated future cash income through the expected life of financial
instrument.

Equity Instruments:

All investments in equity instruments classified under financial assets are initially measured at fair
value; the Company may, on initial recognition, irrevocably elect to measure the same either at
FVOCI or FVTPL. The Company makes such election on an instrument-by-instrument basis. Fair
value changes on an equity instrument are recognised as other income in the Statement of Profit
and Loss unless the Company has elected to measure such instrument at FVOCI. Fair value
changes excluding dividends, on an equity instrument measured at FVOCI are recognized in OCI.
Amounts recognised in OCI are not subsequently reclassified to the Statement of Profit and Loss.
Dividend income on the investments inequity instruments are recognised as ‘other income’ in the
Statement of Profit and Loss.

Derecognition:

The Company derecognizes a financial asset when the contractual rights to the cash flows from the
financial asset expire, or it transfers the contractual rights to receive the cash flows from the asset.

Impairment of Financial Asset:

Expected credit losses are recognized for all financial assets subsequent to initial recognition other
than financials assets in FVTPL category. For financial assets other than trade receivables, as per
Ind AS 109, the Company recognizes 12 month expected credit losses for all originated or
acquired financial assets if at the reporting date the credit risk of the financial asset has not
increased significantly since its initial recognition. The expected credit losses are measured as
lifetime expected credit losses if the credit risk on financial asset increases significantly since its
initial recognition. The Company’s trade receivables do not contain significant financing
component and loss allowance on trade receivables is measured at an amount equal to life time
expected losses i.e. expected cash shortfall. The impairment losses and reversals are recognised in
Statement of Profit and Loss.

Financial Liabilities:

Initial recognition and measurement

Financial liabilities are recognised when the Company becomes a party to the contractual
provisions of the instrument. Financial liabilities are initially measured at the amortized cost
unless at initial recognition, they are classified as fair value through profit and loss. In case of trade
payables, they are initially recognised at fair value and subsequently, these liabilities are held at
amortized cost, using the effective interest method.

Subsequent measurement

Financial liabilities are subsequently measured at amortized cost using the EIR method. Financial
liabilities carried at fair value through profit or loss and are measured at fair value with all changes
in fair value recognised in the Statement of Profit and Loss.

Derecognition

A financial liability is derecognized when the obligation specified in the contract is discharged,
cancelled or expires.

C. Revenue Recognition:

Revenue from sale of goods is recognised when all the significant risks and rewards of ownership
in the goods are transferred to the buyer as per the terms of the contract, there is no continuing
managerial involvement with the goods and the amount of revenue can be measured reliably. The
Company retains no effective control of the goods transferred to a degree usually associated with
ownership and no significant uncertainty exists regarding the amount of the consideration that will
be derived from the sale of goods. Revenue is measured at fair value of the consideration received

or receivable, after deduction of any trade discounts, volume rebates and any taxes or duties
collected on behalf of the government which are levied on sales such as sales tax, value added tax,
etc.

Income from export incentives such as duty drawback and premium on sale of import licenses,
and lease license fee are recognised on accrual basis.

Income from services rendered is recognised based on agreements/arrangements with the
customers as the service is performed in proportion to the stage of completion of the transaction at
the reporting date and the amount of revenue can be measured reliably.

Effective from 1 April, 2018 the Company has adopted Ind AS 115 “Revenue from Contracts with
Customers”.

D. Foreign Currency Transactions:

a) Transactions in Foreign currency are initially recorded at the exchange rate at which the
transaction is carried out.

b) Monetary Financial Assets and Liabilities related to foreign currency transactions remaining

outstanding at the yearend are translated at the yearend rates.

c) Non-monetary items which are carried at historical cost denominated in a foreign currency are

reported using the exchange rate at the date of the transaction.

d) Any income or expense on account of exchange difference either on settlement or on translation

at the year end is recognized in the Statement of Profit & Loss.

e) In case of items which are covered by forward exchange contracts, the difference between the

yearend rate and the rate on the date of the contract is recognized as exchange difference. The
premium or discount on forward exchange contracts is recognized over the period of the
respective contract.

E. Borrowing Costs:

Borrowing Costs that are attributable to the acquisition or construction of qualifying non financial
assets are capitalized as part of the cost of such assets. A qualifying such asset is one that
necessarily takes a substantial period of time to get ready for intended use. All other borrowing
costs are charged to Statement of Profit and Loss in the period in which they are incurred.

F. Income Taxes:

Income-tax expense comprises Current tax and Deferred tax charge or credit. Provision for current
tax is made on the assessable income at the tax rate applicable to the relevant assessment year. The
Deferred tax Asset and Deferred tax Liability is calculated by applying tax rate and tax laws that
have been applicable to the relevant assessment year. The Deferred tax Asset and Deferred tax
Liability is calculated by applying tax rate and tax laws that have been depreciation under tax
laws, are recognised only if there is a virtual certainty of its realization, supported by convincing
evidence. Deferred tax Assets on account of other timing differences are recognised only to the
extent there is a reasonable certainty that the assets can be realized in future.

G. Impairment of Non Financial Assets:

Impairment loss, if any, misrecognised to the extent, the carrying amount of assets exceed their
recoverable amount. Recoverable amount is higher of an asset’s net selling price and its value in
use. Value in use is the present value of estimated future cash flows expected to arise from the
continuing use of an asset and from its disposal at the end of its useful life.

Impairment losses recognised in prior years are reversed when there is an indication that the
impairment losses recognised no longer exist or have decreased. Such reversals are recognised as
an increase in carrying amount of assets to the extent that it does not exceed the carrying amount
that would have been determined (net of amortization or depreciation) had no impairment loss
been recognised in previous years.

After impairment, depreciation or amortization on assets is provided on the revised carrying
amount of the respective asset over its remaining useful life.

H. Operating Cycle:

All Financial Assets and Liabilities have been classified as current or non-current as per the
Company’s normal operating cycle and other criteria set out in the Schedule III to the
Companies’ Act, 2013. Based on the nature of services provided and time between the rendering
of services and their realization in cash and cash equivalents, the Company has ascertained its
operating cycle as less than 12 months for the purpose of current and non-current classification of
financial assets and liabilities.

I. Cash flow statement:

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the
effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating
cash receipts or payments and item of income or expenses associated with investing or financing
flows. The cash flows from operating, investing and financing activities of the Company are
segregated.

J. Earnings Per Share:

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to
equity shareholders by weighted average number of equity shares outstanding during the period.
The weighted average number of equity shares outstanding during the period and for all periods
presented is adjusted for the events, such as bonus share, other than conversion of potential
equity shares that have changed the number of equity shares outstanding, without a
corresponding change in resources. For the purpose of calculating, diluted earnings per share, the
net profit or loss for the period attributable to equity shareholders and the weighted average
number of shares outstanding during the period is adjusted for the effects of all dilutive potential
equity shares.

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Mar 31, 2014

A. BASIS OF PREPARATION

The Financial Statements have been prepared to comply in material respects with the Accounting Principal generally accepted in India. Including mandatory Accounting Standard notified under the Companies (Accounting Standard) Rules,2006 (as amended) under the historical cost convention and on accrual basis. The Accounting Policies in all material respects, have been consistently applied by the company and are consistent with those used in previous year, except for changes in the presentation and disclosure of the Financial Statement as described in Notes below.

B. INVESTMENT

Long-term investments are stated at cost less provision wherever the management considers the fall in value to be of permanent nature.

C. RECOGNITION OF INCOME AND EXPENDITURE

The items of income and expenditure are recognised on accrual basis.

D. BORROWING COSTS :

Borrowing costs that are attributable to the acquisition and construction of a qualifying asset are capitalised as part of cost of that asset. Other borrowing costs are recognised as expense in the period in which they are incurred.

E. TAXATION :

Current Tax is determined on the basis of the amount of tax payable under the Income Tax Act, 1961, if any. Deferred Tax Liabilities/Assets, subject to consideration of prudence, are recognised and carried forward only when there is reasonable certainty that sufficient taxable Income will be available against which such Deferred Tax Liabilities/ Assets can be adjusted. Fringe Benefit Tax is accounted for on the estimated value for the year as per related provisions of Income Tax Act, 1961.

F. PROVISION AND CONTINGENT LIABILITY

The company recognizes a provision when there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of obligation. A disclosure of a contingent liability is made when there is a possible obligation that may but probably will not require an outflow of resources. Where there is possible obligation or a present obligation and the likelihood of outflow of resources is remote, no provision or disclosure for contingent liability is made. Contingent Liabilities is are generally not provided in accounts and are disclosed separately in the notes on accounts.

G EARNING PER SHARE

Basic earning per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for the events, such as bonus share, other than conversion of potential equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources. For the purpose of calculating, diluted earning per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

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Mar 31, 2013

A. BASIS OF PREPARATION

The Financial Statements have been prepared to comply in material respects with the Accounting Principal generally accepted in India. Including mandatory Accounting Standard notified under the Companies ( Accounting Standard ) Rules,2006 (as amended ) under the historical cost convention and on accrual basis. The Accounting Policies in all material respects, have been consistently applied by the company and are consistent with those used in previous year, except for changes in the presentation and disclosure of the financial statement as desribed in Notes below.

B. INVESTMENT

Long-term investments are stated at cost less provision wherever the management considers the fall in value to be of permanent nature.

C. RECOGNITION OF INCOME AND EXPENDITURE

The items of income and expenditure are recognised on accrual basis.

D. BORROWING COSTS :

Borrowing costs that are attributable to the acquisition and construction of a qualifying asset are capitalised as part of cost of that asset. Other borrowing costs are recognised as expense in the period in which they are incurred.

E. TAXATION :

Current Tax is determined on the basis of the amount of tax payable under the Income Tax Act, 1961, if any. Deferred Tax Liabilities/Assets, subject to consideration of prudence, are recognised and carried forward only when there is reasonable certainty that sufficient taxable Income will be available against which such Deferred Tax Liabilities/ Assets can be adjusted. Fringe Benefit Tax is accounted for on the estimated value for the year as per related provisions of Income Tax Act, 1961.

F. PROVISION AND CONTINGENT LIABILITY

The company recognizes a provision when there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of obligation. A disclosure of a contingent liability is made when there is a possible obligation that may but probably will not require an outflow of resources. Where there is possible obligation or a present obligation and the likelihood of outflow of resources is remote, no provision or disclosure for contingent liability is made. Contingent Liabilities is are generally not provided in accounts and are disclosed separately in the notes on accounts.

G. EARNING PER SHARE

Basic earning per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for the events, such as bonus share, other than conversion of potential equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources. For the purpose of calculating, diluted earning per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares. .

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Mar 31, 2012

A. BASIS OF PREPARATION

The Financial Statements have been prepared to comply in material respects with the Accounting Principal generally accepted in India. Including mandatory Accounting Standard notified under the Companies (Accounting Standard) Rules'2006 (as amended) under the historical cost convention and on accrual basis. The Accounting Policies in all material respects' have been consistently applied by the company and are consistent with those used in previous year' except for changes in the presentation and disclosure of the Financial Statement as described in Notes below.

B. INVESTMENT

Long-term investments are stated at cost less provision wherever the management considers the fall in value to be of permanent nature.

C. RECOGNITION OF INCOME AND EXPENDITURE

The items of income and expenditure are recognised on accrual basis.

D. BORROWING COSTS :

Borrowing costs that are attributable to the acquisition and construction of a qualifying asset are capitalised as part of cost of that asset. Other borrowing costs are recognised as expense in the period in which they are incurred.

E. TAXATION :

Current Tax is determined on the basis of the amount of tax payable under the Income Tax Act' 1961' if any. Deferred Tax Liabilities/Assets' subject to consideration of prudence' are recognised and carried forward only when there is reasonable certainty that sufficient taxable Income will be available against which such Deferred Tax Liabilities/ Assets can be adjusted. Fringe Benefit Tax is accounted for on the estimated value for the year as per related provisions of Income Tax Act' 1961.

F. PROVISION AND CONTINGENT LIABILITY

The company recognizes a provision when there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount o obligation. A disclosure of a contingent liability is made when there is a possible obligation that may but probably will not require an outflow of resources. Where there is possible obligation or a present obligation and the likelihood of outflow of resources is remote' no provision or disclosure for contingent liability is made. Contingent Liabilities is are generally not provided in accounts and are disclosed separately in the notes on accounts.

G EARNING PER SHARE

Basic earning per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for the events' such as bonus share' other than conversion of potential equity shares that have changed the number of equity shares outstanding' without a corresponding change in resources. For the purpose of calculating' diluted earning per share' the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

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Mar 31, 2010

The accounts are prepared under the historical cost convention and materially comply with the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India. Accounting policies, not specifically referred to, are consistent with generally accepted accounting principles:

1. INVESTMENT

Long-term investments are stated at cost less provision wherever the management considers the fall in value to be of permanent nature.

2. RECOGNITION OF INCOME AND EXPENDITURE

The items of income and expenditure are recognised on accrual basis.

3. BORROWING COSTS :

Borrowing costs that are attributable to the acquisition and construction of a qualifying asset are capitalised as part of cost of that asset. Other borrowing costs are recognised as expense in the period in which they are incurred.

4. TAXATION;

Current Tax is determined on the basis of the amount of tax payable under the Income Tax Act, 1961, if any. Deferred Tax Liabilities/Assets, subject to consideration of prudence, are recognised and carried forward only when there is reasonable certainty that sufficient taxable Income will be available against which such Deferred Tax Liabilities/Assets can be adjusted. Fringe Benefit Tax is accounted for on the estimated value for the year as per related provisions of Income Tax Act, 1961.

5. PROVISION AND CONTINGENT LIABILITY

The company recognizes a provision when there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of obligation. A disclosure of a contingent liability is made when there is a possible obligation that may but probably will not require an outflow of resources. Where there is possible obligation or a present obligation and the likelihood of outflow of resources is remote, no provision or disclosure for contingent liability is made. Contingent Liabilities is are generally not provided in accounts and are disclosed separately in the notes on accounts