Retro Green Revolution Ltd. நிறுவனத்தின் கணக்கியல் கொள்கைகள்

Mar 31, 2024

2. Significant Accounting Policies

2.1 Revenue recognition

Revenue from sale of goods and services is measured at the fair value of the
consideration received or receivable, net of estimated customer returns, rebates and
other similar allowances.

Sale of goods

Revenue from the sale of goods is recognised the significant risks and rewards of
ownership of the goods have passed to the buyer, usually on delivery of the goods and it
is probable that the economic benefits associated with the transaction will flow to the
Company.

Rendering of services

Revenue from rendering of services recognised when services are rendered and related
cost are incurred.

Dividend and interest income

Dividend income from investments is recognised when the shareholder''s right to receive
payment has been established (provided that it is probable that the economic benefits
will flow to the Company and the amount of income can be measured reliably).

Interest income from a financial asset is recognised when it is probable that the
economic benefits will flow to the Company and the amount of income can be measured
reliably. Interest income is accrued on a time basis.

2.2 Foreign currencies

In preparing the financial statements, transactions in currencies other than the entity''s
functional currency are recognised at the rates of exchange prevailing at the dates of the
transactions. At the end of each reporting period, monetary items denominated in
foreign currencies are retranslated at the rates prevailing at that date. Non-monetary
items carried at fair value that are denominated in foreign currencies are retranslated at
the rates prevailing at the date when the fair value was determined. Non-monetary
items that are measured in terms of historical cost in a foreign currency are not
retranslated.

Exchange differences on monetary items are recognised in profit or loss in the period in
which they arise.

2.3 Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of
qualifying assets, which are assets that necessarily take a substantial period of time to
get ready for their intended use or sale, are added to the cost of those assets, until such
time as the assets are substantially ready for their intended use or sale. Interest income
earned on the temporary investment of specific borrowings pending their expenditure on
qualifying assets is deducted from the borrowing costs eligible for capitalisation.

All other borrowing costs are recognised in profit or loss in the period in which they are
incurred.

2.4 Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.
Current and deferred tax are recognised in profit or loss, except when they relate to
items that are recognised in other comprehensive income or directly in equity, in which

case, the current and deferred tax are also recognised in other comprehensive income or
directly in equity respectively.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs
from ''profit before tax'' as reported in the statement of profit and loss because of items
of income or expense that are taxable or deductible in other years and items that are
never taxable or deductible. The Company''s current tax is calculated using tax rates that
have been enacted or substantially enacted by end of reporting periods.

Deferred tax

Deferred tax is recognised on temporary differences between the carrying amounts of
assets and liabilities in the financial statements and the corresponding tax bases used in
the computation of taxable profit. Deferred tax liabilities are generally recognised for all
taxable temporary differences. Deferred tax assets are generally recognised for all
deductible temporary differences to the extent that it is probable that taxable profits will
be available against which those deductible temporary differences can be utilised. Such
deferred tax assets and liabilities are not recognised if the temporary difference arises
from the initial recognition of assets and liabilities in a transaction that affects neither
the taxable profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at the end of each reporting
period and reduced to the extent that it is no longer probable that sufficient taxable
profits will be available to allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to
apply in the period in which the liability is settled or the asset realised, based on tax
rates that have been enacted or substantively enacted by the end of the reporting
period.

The measurement of deferred tax liabilities and assets reflects the tax consequences that
would follow from the manner in which the Company expects, at the end of the reporting
period, to recover or settle the carrying amount of its assets and liabilities.

2.5 Property, plant and equipment

Land and buildings held for use in the production or supply of goods or services, or for
administrative purposes, are stated in the balance sheet at cost less accumulated
depreciation and accumulated impairment losses.

Properties in the course of construction for production, supply or administrative purposes
are carried at cost, less any recognised impairment loss. Cost includes professional fees
for qualifying assets, borrowing costs capitalised in accordance with the Company''s
accounting policy. Such properties are classified to the appropriate categories of
property, plant and equipment when completed and ready for intended use. Depreciation
of these assets, on the same basis as other property assets, commences when the
assets are ready for their intended use.

Freehold land is not depreciated.

Fixtures and equipment are stated at cost less accumulated depreciation and
accumulated impairment losses.

Depreciation is recognised so as to write off the cost of assets (other than freehold land
& properties under construction) less their residual values over their useful lives, as
indicated in the Companies Act, 2013, using the written down method. The estimated

useful lives, residual values and depreciation method are reviewed at the end of each
reporting period, with the effect of any changes in estimate accounted for on a
prospective basis.

An item of property, plant and equipment is derecognised upon disposal or when no
future economic benefits are expected to arise from the continued use of the asset. Any
gain or loss arising on the disposal or retirement of an item of property, plant and
equipment is determined as the difference between the sales proceeds and the carrying
amount of the asset and is recognised in profit or loss.

For transition to Ind AS, the Company has elected to continue with the carrying value of
all of its property, plant and equipment recognised as of April 1, 2016 (transition date)
measured as per the previous GAAP and use that carrying value as its deemed cost as of
the transition date.

2.6 Impairment of tangible and intangible assets (other than goodwill)

At the end of each reporting period, the Company reviews the carrying amounts of its
tangible and intangible assets to determine whether there is any indication that those
assets have suffered an impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the impairment loss
(if any). When it is not possible to estimate the recoverable amount of an individual
asset, the Company estimates the recoverable amount of the cash-generating unit to
which the asset belongs. When a reasonable and consistent basis of allocation can be
identified, corporate assets are also allocated to individual cash-generating units, or
otherwise they are allocated to the smallest group of cash-generating units for which a
reasonable and consistent allocation basis can be identified.

Intangible assets with indefinite useful lives and intangible assets not yet available for
use are tested for impairment at least annually, and whenever there is an indication that
the asset may be impaired.

Recoverable amount is the higher of fair value less costs of disposal and value in use. In
assessing value in use, the estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current market assessment of the time
value of money and the risks specific to the asset for which the estimates of future cash
flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less
than its carrying amount, the carrying amount of the asset (or cash-generating unit) is
reduced to its recoverable amount. An impairment loss is recognised immediately in
profit or loss.

When an impairment loss subsequently reverses, the carrying amount of the asset (or a
cash-generating unit) is increased to the revised estimate of its recoverable amount, but
so that the increased carrying amount does not exceed the carrying amount that would
have been determined had no impairment loss been recognised for the asset (or cash¬
generating unit) in prior years.

A reversal of an impairment loss is recognised immediately in profit or loss.

2.7 Inventories

Inventories are stated at the lower of cost and net realisable value. Costs of inventories
are determined on a first-in-first-out basis. Net realisable value represents the estimated
selling price for inventories less all estimated costs of completion and costs necessary to
make the sale.

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Mar 31, 2014

1. METHOD OF ACCOUNTING: Accounts of the company are maintained on the basis of Mercantile System of accounting, Accounting method not referred otherwise are in consistent with the generally accepted accounting practices.

2. FIXED ASSETS: Fixed Assets are stated at cost less depreciation, fixed assets purchased during the year are capitalized at cost inclusive of expense up to their completion or acquisition.

3. INVESTMENT: Raw materials, stores and all other inventories are valued at cost or market value whichever is lower.

4. MISCELLANEOUS EXPENDITURE: Preliminary Expenses and deferred revenue expenditure are written off at 10% every year to amortize over a period of 10 years.

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Mar 31, 2012

1. METHOD OF ACCOUNTING: Accounts of the company are maintained on the basis of Mercantile System of accounting, Accounting method not referred otherwise are in consistent with the generally accepted accounting practices.

2. FIXED ASSETS: Fixed Assets are stated at cost less depreciation, fixed assets purchased during the year are capitalized at cost inclusive of expense up to their completion or acquisition.

3. INVESTMENT: Raw materials, stores and all other inventories are valued at cost or market value whichever is lower.

4. MISCELLANEOUS EXPENDITURE: Preliminary Expenses and deferred revenue expenditure are written off at 10% every year to amortize over a period of 10 years.

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Mar 31, 2011

METHOD OF ACCOUNTING

Accounts of the company are maintained on the basis of Mercantile System of accounting, Accounting method not referred otherwise are in consistent with the generally accepted accounting practices.

FIXED ASSETS :

Fixed Assets are stated at cost less depreciation, Fixed assets purchased during the year are capitalized at cost inclusive of expense up to their completion or acquisition.

INVESTMENT :

Raw materials, stores and all other inventories are valued at cost or market value which ever is lower.

MISCELLANEOUS EXPENDITURE :

Preliminary Expenses and deferred revenue expenditure are written off at 10% every year to amortize over a period of 10 years.

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Mar 31, 2010

METHOD OF ACCOUNTING

Accounts of the company are maintained on the basis of Mercantile System of accounting, Accounting method not referred otherwise are in consistent with the generally accepted accounting practices.

FIXED ASSETS :

Fixed Assets are stated at cost less depreciation, Fixed assets purchased during the year are capitalized at cost inclusive of expense up to their completion or acquisition.

INVESTMENT :

Raw materials, stores and all other inventories are valued at cost or market value which ever is lower.

MISCELLANEOUS EXPENDITURE :

Preliminary Expenses and deferred revenue expenditure are written off at 10% every year to amortize over a period of 10 years.