AFLOAT Enterprises Ltd. நிறுவனத்தின் கணக்கியல் கொள்கைகள்

Mar 31, 2025

2 Summary of significant accounting policy

2.1 Basis of preparation of financial statements

These financial statements have been prepared to comply with the Generally Accepted Accounting Principles (Indian GAAP),
including Accounting Standards notified under the relevant provisions of the Companies Act, 2013. The financial statements
have been prepared on accrual basis under the historical cost convention. The accounting policies not specifically referred,
are consistently applied from the past accounting periods.

2.2 Use of estimates

The preparation of financial statements in conformity with the Generally Accepted Accounting Policies requires the
management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses
and disclosures of contingent assets and liabilities. The estimates and assumptions used in the accompanying financial
statements are based upon managements’ evaluation of the relevant facts and circumstances as on the date of the financial
statements. Actual results may differ from the estimates and assumptions used in preparing the accompanying financial
statements. Any differences of actual results to such estimates are recognized in the period in which the results are known/
materialized.

2.3 Revenue recognition

Having regard to size, nature and complexity of business and practices followed by others in the same line and level of
business, the management is of opinion that Company is applying accrual basis of accounting for recognition of income and
expenditure earned or incurred respectively, in the normal course of business.

2.4 Inventories

Inventories are stated at the lower of cost or net realisation value.

2.5 Employee benefits

Short- term Employee benefits payable wholly within twelve months of rendering the service such as salaries, performance,
incentives, etc, are recognised as an expense at the undiscounted amount in the Statement of Profit and Loss for the year in
which the employee renders the related service.

For defined benefits retirement schemes the cost of providing benefits is determined using the Projected Unit Credit
Method, with actuarial valuation being carried out at each year end balance sheet date. Re-measurement gains and losses of
the net defined benefit liability/(asset) are recognised as an expense within employment costs.

Past service cost is recognised as an expense when the plan amendment or curtailment occurs or when any related
restructuring costs or termination benefits are recognised, whichever is earlier. The retirement benefit obligation recognised
in the balance sheet represents the present value of defined-benefit obligation as reduced by the fair value of plan assets, if
any.

2.6 Taxes on income

Tax expense recognised in Statement of Profit and Loss comprises of current tax and deferred tax. Current taxis measured at
the amount expected to be paid/recovered from the tax authorities, based on estimated tax liability computed after taking
credit for allowances and exemption in accordance with Income Tax Act, 1961. Current and deferred tax are recognised in
Statement of Profit and Loss, except when they relate to items that are recognised in other comprehensive income or
directly in equity, in which case, the income taxes are recognised in other comprehensive income or directly in equity,
respectively. Advance taxes and provisions for current income taxes are presented in the statement of financial position after
off-setting advance tax paid and income tax provision.

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Mar 31, 2024

1 Company information

Afloat Enterprises Limited (Formerly known as Adishakti Loha & Ispat Limited)) (bearing CIN L46209DL2015PLC275150) was incorporated on
January 08, 2015 under the Companies Act, 2013 with the Registrar of Companies, NCT of Delhi & Haryana. The Company is currently engaged
in the business of buying and selling iron and steel,in plates, ETP Sheets,TFS and scrap. It is involved in dealing in the business to sell, buy,
trade, import and export of wheat, rice, paddies,corns, oils and all other commodities in India and abroad and to act as broker,
stockiest,market makers, underwriters, sub-underwriters, provider of services for all other commodity related activities and to buy, sell, take
hold deal in, convert, modify, addvalue, transfer, or otherwise dispose of commodities and commodity derivatives products and also to carry
on the business of manufacture, produce, process, trade and deal in all types of food grains including wheat products, rice & rice products and
all kinds of cereals etc.. The Company is listed on Bombay Stock Exchange of India Limited (BSE) with [Script code: ADISHAKTI].

2 Summary of significant accounting policy

2.1 Basis of preparation of financial statements

These financial statements have been prepared to comply with the Generally Accepted Accounting Principles (Indian GAAP), including
Accounting Standards notified under the relevant provisions of the Companies Act, 2013. The financial statements have been prepared
on accrual basis under the historical cost convention. The accounting policies not specifically referred, are consistently applied from
the past accounting periods.

2.2 Use of estimates

The preparation of financial statements in conformity with the Generally Accepted Accounting Policies requires the management to
make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and disclosures of
contingent assets and liabilities. The estimates and assumptions used in the accompanying financial statements are based upon
managements'' evaluation of the relevant facts and circumstances as on the date of the financial statements. Actual results may differ
from the estimates and assumptions used in preparing the accompanying financial statements. Any differences of actual results to such
estimates are recognized in the period in which the results are known/ materialized.

2.3 Revenue recognition

Having regard to size, nature and complexity of business and practices followed by others in the same line and level of business, the
management is of opinion that Company is applying accrual basis of accounting for recognition of income and expenditure earned or
incurred respectively, in the normal course of business.

2.4 Inventories

Inventories are stated at the lower of cost or net realisation value.

2.5 Employee benefits

Short- term Employee benefits payable wholly within twelve months of rendering the service such as salaries, performance, incentives,
etc, are recognised as an expense at the undiscounted amount in the Statement of Profit and Loss for the year in which the employee
renders the related service.

For defined benefits retirement schemes the cost of providing benefits is determined using the Projected Unit Credit Method, with
actuarial valuation being carried out at each year end balance sheet date. Re-measurement gains and losses of the net defined benefit
liability/(asset) are recognised as an expense within employment costs.

Past service cost is recognised as an expense when the plan amendment or curtailment occurs or when any related restructuring costs
or termination benefits are recognised, whichever is earlier. The retirement benefit obligation recognised in the balance sheet
represents the present value of defined-benefit obligation as reduced by the fair value of plan assets, if any.

2.6 Taxes on income

Tax expense comprises of current tax and deferred tax. Current tax is measured at the amount expected to be paid to the tax
authorities, using the applicable tax rates. Deferred tax is provided on timing differences between taxable income and accounting
income subject to consideration of prudence. Deferred tax assets and liabilities are measured using the tax rates and tax law that have
been enacted or substantively enacted by the balance sheet date.