Samyak International Ltd. நிறுவனத்தின் கணக்கியல் கொள்கைகள்

Mar 31, 2025

A. General Information

Samyak International Ltd. (CIN: L67120MH1994PLC225907) is a public limited company incorporated on 21.07.1994 having registered office at 203-B, 2nd floor, A wing, Millionaire Heritage, SV Road, Nr Station, Andheri(w) B/H Andheri Market, Mumbai City, Mumbai, Maharashtra, India, 400058. The Company is engaged in trading of Petro products, aluminum caps and other commodities. The Company is listed with the BSE Limited (BSE).

The Financial Statements have been approved for issue by the Board of Directors at its meeting held on 04.06.2025

B. Material Accounting Policies

i. Statement of compliance

The Company''s financial statements have been prepared in accordance with the provisions of the Companies Act, 2013 and the Indian Accounting Standards ("Ind AS") notified under the Companies (Indian Accounting Standards) Rules, 2015 and amendments thereto issued by Ministry of Corporate Affairs under section 133 of the Companies Act, 2013. In addition, the guidance notes/announcements issued by the Institute of Chartered Accountants of India (ICAI) are also applied except where compliance with other statutory promulgations require a different treatment.

ii. Basis of Preparation

The financial statements have been prepared on accrual basis and under the historical cost convention except for certain financial instruments which are measured at fair value at the end of each reporting period, as explained in the accounting policies mentioned below.

All 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 Schedule III to the Companies Act, 2013. The Company has ascertained its operating cycle as 12 months for the purpose of current and non-current classification of assets and liabilities.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents.

Functional and presentation currency

These separate financial statements are presented in Indian rupees, which is the Company''s functional currency. All amounts have been rounded to the nearest Rupees in lacs unless otherwise indicated.

iii. Use of Estimates, Judgments and Assumptions

The preparation of financial statements in accordance with Ind AS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amount of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Significant areas of estimation, uncertainty and critical judgements in applying accounting policies that have significant effect on amount recognized in the financial statements are:

i. Allowance for bad and doubtful trade receivable.

ii. Recognition and measurement of provision and contingencies.

iii. Depreciation/Amortisation and useful lives of Property, plant and equipment / Intangible Assets.

iv. Recognition of deferred tax.

v. Income Taxes.

vi. Impairment of Non-financial assets and financial assets.

vii. Fair Value Measurement

iv. Revenue Recognition

The company recognised revenue i.e. account for a contract with a customer only when all of the following criteria are met:

(a) the parties to the contract have approved the contract (in writing, orally or in accordance with other customary business practices) and are committed to perform their respective obligations;

(b) the entity can identify each party''s rights regarding the goods or services to be transferred;

(c) the entity can identify the payment terms for the goods or services to be transferred;

(d) the contract has commercial substance (ie the risk, timing or amount of the entity''s future cash flows is expected to change as a result of the contract); and

(e) it is probable that the entity will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. In evaluating whether collectability of an amount of consideration is probable, an entity shall consider only the customer''s ability and intention to pay that amount of consideration when it is due. The amount of consideration to which the entity will be entitled may be less than the price stated in the contract if the consideration is variable because the entity may offer the customer a price concession.

Measurement

When (or as) a performance obligation is satisfied, company recognise as revenue the amount of the transaction price (which excludes estimates of variable consideration that are constrained) that is allocated to that performance obligation.

The transaction price is the amount that the entity expects to be entitled to in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties (for example, goods and service tax). The consideration promised may include fixed amounts, variable amounts, or both.

a. Sale of goods

Revenue is recognised upon transfer of control of promised goods to customers in an amount that reflects the consideration which the Company expects to receive in exchange for those goods. Revenue from the sale of goods is recognised at the point in time when control is transferred to the customer which is usually on dispatch / delivery of goods, based on contracts with the customers. Revenue is measured based on the transaction price, which is the consideration, adjusted for volume discounts, price concessions, incentives, and returns, if any, as specified in the contracts with the customers. Revenue excludes taxes collected from customers on behalf of the government. Due to the short nature of credit period given to customers, there is no financing component in the contract.

b. Sale of Services

Revenue from services rendered is recognised as the services are rendered and is booked based on agreements/arrangements with the concerned parties.

c. Interest and Dividend

Interest income is recognized on accrual basis using the effective interest method. Dividend income is recognised in profit or loss on the date on which the company''s right to receive payment is established.

v. Inventories

Inventories are valued at lower of cost and net realizable value on weighted average basis, except by-product/scrap is valued at net realizable value. Cost of inventory is generally comprises of cost of purchases, cost of conversion and other cost incurred in bringing the inventories to their present location and condition.

vi. Property, Plant and Equipment

a. Recognition and measurement

Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses (if any).

The cost of an item of property, plant and equipment comprises its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates, acquisition or construction cost including borrowing costs, any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management, initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located.

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment.

Any gain or loss on disposal of an item of property, plant and equipment is recognised in statement of profit or loss.

b. Subsequent expenditure

Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the company.

c. Depreciation

Depreciation on property, plant and equipment is provided on straight line method as per the useful life of the assets in the manner as specified in Schedule II to the Companies Act, 2013. The estimated useful life of assets and estimated residual value is taken as prescribed under Schedule II to the Companies Act, 2013.

Depreciation on additions during the year is provided on pro rata basis with reference to date of addition/installation. Depreciation on assets disposed /discarded is charged up to the date on which such asset is sold.

The estimated useful lives, residual value and depreciation method are reviewed at the end of each balance sheet date, any changes therein are considered as changes in estimate and accordingly accounted for prospectively.

vii. Income Tax

Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent that it relates to other comprehensive income or a business combination, or items recognised directly in equity.

a. Current tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends.

Current tax assets and liabilities are offset only if, the Company:

a) has a legally enforceable right to set off the recognised amounts; and

b) intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

b. 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.

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 (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax assets and liabilities are offset only if:

a) the entity has a legally enforceable right to set off current tax assets against current tax liabilities; and

b) the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on the same taxable entity.

viii. Borrowing cost

Borrowing costs that are directly attributable to the acquisition, construction or production of qualifying asset are capitalised as part of the cost of that asset till the date it is ready for its intended use or sale. Qualifying asset are the assets that necessarily takes a substantial period of time to get ready for its intended use. All other borrowing costs are charged to the statement of profit and loss in the period in which they are incurred.

ix. Cash and Cash Equivalent

Cash and cash equivalent includes the cash and Cheques in hand, bank balances, demand deposits with bank and other short term, highly liquid investments with original maturity of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Bank overdraft are shown within borrowings in current liabilities in the balance sheet and forms part of financing activities in the cash flow statement. Book overdraft are shown within other financial liabilities in the balance sheet and forms part of operating activities in the cash flow statement.

x. Cash Flow Statement

Cash flows are reported using indirect method, whereby profit/ (loss) before tax is adjusted for the effect of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments and items of income or expenses associated with investing or financing cash flow. The cash flow from operating, investing and financing activities of the company is segregated based on the available information.

xiv. Earnings Per Share

a. Basic earnings per shares is arrived at based on net profit / (loss) after tax available to equity shareholders divided by Weighted average number of equity shares , adjusted for bonus elements in equity shares issued during the year (if any) and excluding treasury shares.

b. Diluted earnings per shares is calculated by dividing Profit attributable to equity holders after tax divided by Weighted average number of shares considered for basic earning per shares including potential dilutive equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Potential ordinary shares shall be treated as dilutive when, and only when, their conversion to ordinary shares would decrease earnings per share or increase loss per share from continuing operations.

xv. Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised when there is a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognized for future operating losses.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation, or the amount of the obligation cannot be measured with sufficient reliability.

The Company does not recognize a contingent liability but discloses its existence in the financial statements

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. Contingent assets are not recognized, but its existence is disclosed in the financial statements.

xvi. Impairment of Non-Financial Assets

The company assesses at each reporting date whether there is any objective evidence that a non-financial asset or a group of non-financial assets are impaired. If any such indication exists, the company estimates the amount of impairment loss.

For the purpose of assessing impairment, the smallest identifiable group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows from other assets or group of assets is considered as cash generating unit.

An impairment loss is calculated as the difference between an asset''s carrying amount and recoverable amount. Losses are recognized in statement of profit and loss and reflected in an allowance account. When the company considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. If the amount of impairment loss subsequently decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, then the previously recognized impairment loss is reversed through 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 in place had there been no impairment loss been recognized for the asset (or cashgenerating unit) in prior years. A reversal of an impairment loss is recognized immediately in Statement of Profit and Loss, taking into account the normal depreciation/amortization.

xvii. Financial Instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments also include derivative contracts such as foreign currency foreign exchange forward contracts, interest rate swaps and currency options; and embedded derivatives in the host contract.

a. Financial assets

Classification

The Company classifies financial assets in the following measurement categories : i. Those measured at amortised cost and

ii. Those measured subsequently at fair value through other comprehensive income or fair value through profit or loss on the basis of its business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.

Initial recognition and measurement

All financial assets are recognised initially at fair value. Transaction costs that are attributable to the acquisition of the financial asset are adjusted to the fair value, in the case of financial assets not recorded at fair value through profit or loss. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the company commits to purchase or sell the asset.

Measured at amortised cost

A financial asset is measured at the amortised cost if both the following conditions are met:

a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and

b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the statement of profit and loss. The losses arising from impairment are recognised in the statement of profit and loss. This category generally applies to trade and other receivables.

Measured at fair value through other comprehensive income (FVOCI)

A financial asset is measured at FVOCI if both of the following criteria are met:

a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and

b) The asset''s contractual cash flows represent SPPI.

Financial assets included within the FVOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognized in the other comprehensive income (OCI). However, the company recognizes interest income, impairment losses & reversals and foreign exchange gain or loss in the profit and loss. On derecognition of the asset, cumulative gain or loss previously recognised in OCI is reclassified from the equity to profit and loss. Interest earned whilst holding FVOCI debt instrument is reported as interest income using the EIR method.

Financial Asset at fair value through profit and loss (FVTPL)

FVTPL is a residual category for financial asset. Any financial asset, which does not meet the criteria for categorization as at amortized cost or as FVOCI, is classified as at FVTPL.

In addition, the group company may elect to classify a financial asset, which otherwise meets amortized cost or FVOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as ''accounting mismatch'').

Financial assets included within the FVTPL category are measured at fair value with all changes recognized in the profit and loss.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a company of similar financial assets) is primarily derecognised (i.e. removed from the company''s balance sheet) when:

a. The rights to receive cash flows from the asset have expired, or

b. The company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ''pass-through'' arrangement; and either (a) the company has transferred substantially all the risks and rewards of the asset, or (b) the company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

c. When the company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the company continues to recognise the transferred asset to the extent of the company''s continuing involvement. In that case, the company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the company has retained.

d. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the company could be required to repay.

Impairment of financial assets

In accordance with Ind-AS 109, the Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on the following financial assets and credit risk exposure:

a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities, deposits, and bank balance.

b) Trade receivables.

The Company follows ''simplified approach'' for recognition of impairment loss allowance on:

i. Trade receivables which do not contain a significant financing component.

The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

ii. For recognition of impairment loss on other financial assets and risk exposure, the Company determines that whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the entity reverts to recognising impairment loss allowance based on 12-month ECL.

b. Financial liabilities

Classification

The Company classifies all financial liabilities as subsequently measured at amortised cost, except for financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, shall be subsequently measured at fair value.

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss or amortised costs.

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The company''s financial liabilities include trade and other payables, loans and borrowings, financial guarantee contracts and derivative financial instruments.

Financial liabilities at fair value through profit or loss.

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the group that are not designated as hedging instruments in hedge relationships as defined by Ind-AS 109. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments.

Gains or losses on liabilities held for trading are recognised in the profit or loss.

Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in Ind-AS 109 are satisfied. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognized in OCI. These gains/loss are not subsequently transferred to P&L. However, the company may transfer the cumulative gain or loss within equity. All other changes in fair value of such liability are recognised in the statement of profit or loss.

Loans and borrowings

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.

This category generally applies to interest-bearing loans and borrowings.

Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.

Derivative financial instruments

The company uses derivative financial instruments, such as forward currency contracts, interest rate swaps and forward commodity contracts, to hedge its foreign currency risks, interest rate risks and commodity price risks, respectively. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

Offsetting

Financial assets and financial liabilities are offset and the net amount is presented in the balance sheet when, and when the company has a legally enforceable right to set off the amount and it intends either to settle then an a net basis or to realize the asset and settle the liability simultaneously.

Measurement of fair values

The Company''s accounting policies and disclosures require the measurement of fair values, for financial instruments.

The Company has an established control framework with respect to the measurement of fair values. The management regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the management assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of Ind AS, including the level in the fair value hierarchy in which such valuations should be classified.

When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

C. Recent Accounting Pronouncement

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2025, MCA has notified Ind AS - 117 Insurance Contract and amendments to Ind AS - 116 Leases, relating to sale and leaseback transactions, these are effective from period beginning on or after 1st April, 2024. The company has reviewed the new pronouncements and based on its evaluation has determined that it has no impact on the company''s financial position.

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Mar 31, 2024

Note 1.1 Significant Accounting Policies

A. Company’s Information

Samyak International Limited is a Listed Public Company registered in India, under Companies Act 1956, and was
incorporated in July 1994. The Company is mainly engaged in the business of trading of Petro products and other
Commodities and Mf. Of aluminum Caps and Printing Jobwork etc. The registered office of the Company is located at
Mumbai (Maharastra), India and a Corporate Office is situated in Indore (Madhya Pradesh).

B. Basis of Preparation

The financial statements of the Company have been prepared to comply in all material respects with the Indian Accounting
Standards (" Ind AS") notified under the Companies (Accounting Standards) Rules, 2015.

The financial statements have been prepared under the historical cost convention with the exception of certain financial
assets and liabilities which have been measured at fair value, on an accrual basis of accounting.

All the assets and liabilities have been classified as current and non-current as per normal operating cycle of the Company and
other criteria set out in as per the guidance set out in Schedule III to the Act. Based on nature of services, the Company
ascertained its operating cycle as 12 months for the purpose of current and non- current classification of asset and liabilities.

The Company''s financial statements are reported in Indian Rupees in lacs, which is also the Company’s functional currency.

C. Accounting Estimates

The preparation of the financial statements, in conformity with the Ind AS, requires the management to make estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities and
disclosure of contingent liabilities as at the date of financial statements and the results of operation during the reported
period. Although these estimates are based upon management’s best knowledge of current events and actions, actual results
could differ from these estimates which are recognized in the period in which they are determined.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial
year. The Company based its assumptions and estimates on parameters available when the financial statements were prepared.
Existing circumstances and assumptions about future developments, however, may change due to market changes or
circumstances arising that are beyond the control of the Company. Such changes are reflected in the financial statements in the
period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.

Estimation of uncertainties relating to the global health pandemic from COVID-19

In March 2020, the World Health Organization declared COVID-19 to be a pandemic. The Company has adopted measures
to curb the spread of infection in order to protect the health of its employees and ensure business continuity with minimal
disruption. In view of the pandemic relating to COVID-19, the Company has considered internal and external information
and has performed an analysis based on current estimates while assessing the recoverability of assets including trade
receivables, inventories and other current / non-current assets (net of provisions established) for any possible impact on the
standalone financial statements. The Company has also assessed the impact of this whole situation on its capital and
financial resources, profitability, liquidity position, internal financial controls etc., and is of the view that based on its
present assessment; this situation does not materially impact these Standalone financial statements of the Company. The
Company will continue to closely monitor any material changes to future economic conditions.

Deferred tax assets

In assessing the reliability of deferred income tax assets, management considers whether some portion or all of the deferred
income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of
future taxable income during the periods in which the temporary differences become deductible. Management considers the
scheduled reversals of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making
this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in
which the deferred income tax assets are deductible, management believes that the Company will realize the benefits of those
deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the
near term if estimates of future taxable income during the carry forward period are reduced.

D. Property, Plant and Equipment

Property, Plant and Equipment are stated at cost of acquisition including attributable interest and finance costs, if any, till the
date of acquisition/ installation of the assets less accumulated depreciation and accumulated impairment losses, if any.
Subsequent expenditure relating to Property, Plant and Equipment is capitalized only when it is probable that future economic
benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other
repairs and maintenance costs are charged to the Statement of Profit and Loss as incurred. The cost and related accumulated
depreciation are eliminated from the financial statements, either on disposal or when retired from active use and the resultant
gain or loss are recognized in the Statement of Profit and Loss. This treatment is according to the IND AS 16 Property, Plant
and Equipment.

E. Depreciation/ Amortization

Depreciation/ Amortization is provided as stated below:-

i) Depreciation on all Fixed Assets is provided on ‘Straight Line Method’ at the rates and in the manner prescribed in the
Schedule II of the Companies Act, 2013 .Depreciations on additions & deletions made during the year is provided on pro¬
rata basis from & up to the date of acquisitions and deletions of assets respectively.

ii) Leasehold improvements written off over the non- cancellable period of lease.

iii) Intangible assets are amortized over a period of four years.

F. Financial Instruments

A financial instrument is any contract that gives rise to a financial asset for one entity and a financial liability or equity
instrument for another entity.

a) Financial Assets Initial
Recognition

In the case of financial assets, not recorded at fair value through profit or loss (FVPL), financial assets are recognized
initially at fair value plus transaction costs that are directly attributable to the acquisition of the financial asset. Purchases or
sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the
market place (regular way trades) are recognized on the trade date, i.e., the date that the Company commits to purchase or
sell the asset.

Subsequent Measurement

Forpurposes ofsubsequent measurement, financial assets are classified in following categories:

Financial Assets at Amortized Cost

Financial assets are subsequently measured at amortized cost if these financial assets are held within a business model
with an objective to hold these assets in order to collect contractual cash flows and the contractual terms of the financial
asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount
outstanding. Interest income from these financial assets is included in finance income using the effective interest rate
("EIR") method. Impairment gains or losses arising on these assets are recognized in the Statement of Profit and Loss.
Financial Assets Measured at Fair Value

Financial assets are measured at fair value through OCI if these financial assets are held within a business model with an
objective to hold these assets in order to collect contractual cash flows or to sell these financial assets and the contractual
terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on
the principal amount outstanding. Movements in the carrying amount are taken through OCI, except for the recognition of
impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognized in the Statement of
Profit and Loss.

Financial asset which are not measured at amortized cost or at fair value through OCI are measured at Fair Value through
P&L.

Impairment of Financial Assets

In accordance with Ind AS 109, the Company applies the expected credit loss ("ECL") model for measurement and
recognition of impairment loss on financial assets and credit risk exposures.

The Company follows ‘simplified approach’ for recognition of impairment loss allowance on trade receivables.
Simplified approach does not require the Company to track changes in credit risk. Rather, it recognises impairment loss
allowance based on lifetime ECL at each reporting date, right from its initial recognition.

For recognition of impairment loss on other financial assets and risk exposure, the Company determines that whether there
has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-
month ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used.
If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in
credit risk since initial recognition, then the entity reverts to recognising impairment loss allowance based on 12-month
ECL.

ECL is the difference between all contractual cash flows that are due to the group in accordance with the contract and all
the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original EIR. Lifetime ECL are the
expected credit losses resulting from all possible default events over the expected life of a financial instrument. The 12-
month ECL is a portion of the lifetime ECL which results from default events that are possible within 12 months after the
reporting date.

ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the
Statement of Profit and Loss.

De-recognition of Financial Assets

The Company de-recognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or it
transfers the financial asset and substantially all risks and rewards of ownership of the asset to another entity.

If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control
the transferred asset, the Company recognizes its retained interest in the assets and an associated liability for amounts it may
have to pay.

If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company
continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceedsreceived.

b) Equity Instruments and Financial Liabilities

Financial liabilities and equity instruments issued by the Company are classified according to the substance of the
contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

Equity Instruments

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its
liabilities. Equity instruments which are issued for cash are recorded at the proceeds received, net of direct issue costs.
Equity instruments which are issued for consideration other than cash are recorded at fair value of the equity instrument.
Financial Liabilities

1) Initial Recognition

Financial liabilities are classified, at initial recognition, as financial liabilities at FVPL, loans and borrowings and
payables as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and payables, net of directly attributable transaction costs.

2) Subsequent Measurement

The measurement of financial liabilities depends on their classification, as described below financial Liabilities at
FVTPL

Financial liabilities at FVTPL include financial liabilities held for trading and financial liabilities
designated upon initial recognition as at FVTPL. Financial liabilities are classified as held for trading if
they are incurred for the purpose of repurchasing in the near term. Gains or losses on liabilities held for
trading are recognized in the Statement of Profit and Loss.

Financial liabilities at amortized cost

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the
EIR method. Any difference between the proceeds (net of transaction costs) and the settlement or redemption of
borrowings is recognized over the term of the borrowings in the Statement of Profit and Loss.

Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortization is included as finance costs in the Statement of Profit and Loss.

3) De-recognition of Financial Liabilities

Financial liabilities are de-recognized when the obligation specified in the contract is discharged, cancelled or expired.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or the
terms of an existing liability are substantially modified, such an exchange or modification is treated as de-recognition of
the original liability and recognition of a new liability. The difference in the respective carrying amounts is recognized in the
Statement ofProfit and Loss.

c) Offsetting Financial Instruments

F inancial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a currently
enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis to realise the
assets and settle the liabilities simultaneously.

G. Cash and Cash Equivalents

Cash and cash equivalents in the Balance Sheet comprises of cash at banks and on hand and short-term deposits with an
original maturity of three month or less, which are subject to an insignificant risk of changes in value. Borrowing Costs
Borrowing costs consist of interest and other costs that the Company incurs in connection with the borrowing of funds. Also,
the EIR amortisation is included in finance costs.

H. Borrowing costs

Borrowing costs consist of interest and other costs that the Company incurs in connection with the borrowing of funds. Also, the
EIR amortization is included in finance costs.

Borrowing costs relating to acquisition, construction or production of a qualifying asset which takes substantial period of
time to get ready for its intended use are added to the cost of such asset to the extent they relate to the period till such assets
are ready to be put to use. All other borrowing costs are expensed in the Statement of Profit and Loss in the period in which they
occur.

I. Revenue Recognition

a Revenue is recognized to the extent it is probable that the economic benefits will flow to the Company and that the revenue
can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value of the
consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or
duties collected on behalf of the government. The Company assesses its revenue arrangements against specific criteria,
i.e., whether it has exposure to the significant risks and rewards associated with the sale of goods or the rendering of
services, in order to determine if it is acting as a principal or as an agent. Revenue is recognized, net of trade discounts, sales
tax, service tax, VAT or other taxes, as applicable

b Revenue from domestic sales of goods is recognized when the significant risks and the rewards of ownership of the
goods are passed on to the buyer (i.e. on dispatch of goods). Revenue from the sale of goods is measured at the fair value
of consideration received or receivable, net of returns and allowances and discounts. For all financial assets measured either
at amortized cost or at fair value through other comprehensive income, interest income is recorded using the effective
interest rate (EIR). Interest income is recognized on a time proportion basis taking into account the amount outstanding.
Interest income is included under the head " other income" in the Statement of Profit and Loss.

c Dividend income is recognized when right to receive the payment is established.

d Claims for insurance are accounted on receipts/ on acceptance of claim by insurer.

J. Taxes on Income

Income tax comprises of current and deferred income tax. Income tax is recognized as an expense or income in the Statement of
Profit and Loss, except to the extent it relates to items directly recognized in equity or in OCI.

a. Current IncomeTax

Current income tax is recognized based on the estimated tax liability computed after taking credit for allowances and
exemptions in accordance with the Income T ax Act, 1961 and is made annually based on the tax liability after taking credit
for tax allowances and exemptions. Current income tax assets and liabilities are measured at the amount expected to be
recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that
are enacted or substantively enacted, at the reporting date.

Current Tax items are recognized in correlation to the underlying transaction either in Statement of Profit And Loss, other
comprehensive income or directly in equity

b. Deferred Income Tax

Deferred tax is determined by applying the Balance Sheet approach. Deferred tax assets and liabilities are recognized for all
deductible temporary differences between the financial statements’ carrying amount of existing assets and liabilities and
their respective tax base. Deferred tax assets and liabilities are measured using the enacted tax rates or tax rates that are
substantively enacted at the Balance Sheet date. The effect on deferred tax assets and liabilities of a change in tax rates is
recognized in the period that includes the enactment date. Deferred tax assets are only recognized to the extent that it is
probable that future taxable profits will be available against which the temporary differences can be utilised. Such assets are
reviewed at each Balance Sheet date to reassess realisation.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset. Current tax assets and tax
liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or
to realize the asset and settle the liability simultaneously. Minimum Alternative Tax ("MAT") credit is recognized as an
asset only when and to the extent it is probable that the Company will pay normal income tax during the specified period.

K. Impairment of Non-Financial Assets

As at each Balance Sheet date, the Company assesses whether there is an indication that a non-financial asset may be impaired and
also whether there is an indication of reversal of impairment loss recognized in the previous periods. If any indication exists,
or when annual impairment testing for an asset is required, the Company determines the recoverable amount and impairment
loss is recognized when the carrying amount of an asset exceeds its recoverable amount.

Recoverable amount is determined: - In case of an individual asset, at the higher of the assets'' fair value less cost to sell and
value in use; and - In case of cash generating unit (a group of assets that generates identified, independent cash flows), at the
higher of cash generating unit''s fair value less cost to sell and value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value using pre-tax discount rate that reflects current market assessments of the time
value of money and risk specified to the asset. In determining fair value less cost to sell, recent market transaction are taken
into account. If no such transaction can be identified, an appropriate valuation model is used.

Impairment losses of continuing operations, including impairment on inventories, are recognized in the Statement of Profit
and Loss, except for properties previously revalued with the revaluation taken to OCI. For such properties, the impairment is
recognized in OCI up to the amount of any previous revaluation.

When the Company considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written
off. If the amount of impairment loss subsequently decreases and the decrease can be related objectively to an event occurring
after the impairment was recognized, then the previously recognized impairment loss is reversed through the Statement of
Profit and Loss.

L. Inventories

Inventories of Finished Goods, Raw-Material, Work-in-Progress are valued at cost or net realizable value, whichever is
lower. Stores & Spares and Packing Materials are valued at cost. Cost comprises of all cost of purchases and other costs
incurred in bringing the inventory to their present location and conditions. Cost is arrived at on weighted average basis. Due
allowance is estimated and made for defective and obsolete items, wherever necessary, based on the past experience.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and
estimated costs necessary to make the sale.

Obsolete, slow moving, surplus and defective stocks are identified at the time of physical verification of stocks and where
necessary, provision is made for such stocks. Due to Lockdown created to tackle COVID-19 pandemic Physical verification
of inventories was possible only up to certain extent. The valuation of Inventory is done on the best estimate of the
Management

M. Trade receivables

A receivable is classified as a ‘trade receivable ’ if it is in respect of the amount due on account of goods sold or services rendered
in the normal course of business. Trade receivables are recognized initially at fair value and subsequently measured at amortized
cost using the EIR method, less provision for impairment.

N. Trade payables

A payable is classified as a ‘trade payable’ if it is in respect of the amount due on account of goods purchased or services
received in the normal course of business. These amounts represent liabilities for goods and services provided to the
Company prior to the end of the financial year which are unpaid. These amounts are unsecured and are usually settled as per the
payment terms stated in the contract. Trade and other payables are presented as current liabilities unless payment is not due
within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at
amortized cost using the EIR method.

As per Management representation no creditors has submitted MSME registration certificate with the Company and as per
the Management knowledge none of the creditors are registered under MSME.

O. Earnings Per Share

Basic earnings per share is computed by dividing the net profit or loss for the period attributable to the equity shareholders
of the Company by the 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 events, such as bonus
shares, other than the conversion of potential equity shares that have changed the number of equity shares outstanding,
without a corresponding change in resources.

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Mar 31, 2015

I. Corporate Information :-

Samyak International Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 2013. Its shares are listed on two stock exchanges in India. The company is engaged in the trading in petroleum product and other commodities. The company caters to domestic markets only. Company is having Registered Office in Mumbai and Corporate Office at Indore, books are kept at Corporate Office.

ii. Basic of Preparation :-

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP) to comply with the Accounting Standards notified under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013 ("the 2013 Act")/Companies Act, 1956 ('the 1956 Act'), as applicable. The accounting poicies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

iii. Revenue Recognition :-

1. Income, Expenditure and debit & credit notes are generally recognized on accrual basis except tax demand which is recognized on Cash basis.

2. Company is a trading Company, during the financial year it has excited trade in various commodities as well as in Shares.

3. Interest and other income has been recognized on Accrual basis.

4. Company is having Head Office at Mumbai, all the accounts of the Head Office has been merged at the end of the year

iv. Fixed Assets :- Tangible

Fixed Assets are stated at Cost less depreciation.

v. Depreciation :- 1. Depreciation on Fixed Assets :- Depreciation on tangible fixed assets has been provided on the straight-line method as per the useful life prescribed in Schedule II to the Companies Act, 2013 recalculated as per new norms and accounted for accordingly.

vi. Investments/Stock in Trade :-

1. Investments are classified as long term and Current. Long term investments are carried at cost less provision for other than temporary diminution, if any, in value of such investments. Current investment are carried at lower of cost and fear value.

2. Stock in trade of the scraps have been maintained on the basis of first in first out method.

3. Inventories : Closing stock of various commodities is Rs.39.14 Lacs and closing stock of share is Rs. 25.42 Lacs.

4. Borrowing Cost : Borrowing cost i.e. interest on vechile loans are recognized as revenue expenditure.

I. Terms / Rights attached to equity shares

The Number of equity shares at the beginning of the year and end of the year is 6247200 and there is no change during the year. The Company has only one class of equity shares. Each Shares has a paid up value of Rs. 10/- every share holder is entitled to one vote per share.

By virture of holding 51% or more Alpha Tar Industries Pvt. Ltd. has become Subsidiary Co. of the Saymak International Ltd..

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Mar 31, 2014

Note No. 20

Accouting policies and notes forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March, 2014.

i. Corporate Information :-

Samyak International Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The company is engaged in the trading in petroleum product and other commodities. The company caters to domestic markets only.

ii. Basic of Accounting :-

The financial statements of the company have been prepared 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 the Companies (Accounting Standards) Rule, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an actual basis and under the historical cost convention.

The accounting policies adopted in the preparation of financial statement are consistent with those of the previous year During the year ended 31.03.14 the revised schedule VI notified under the Indian companies Act. 1956 has become applicable to the company for preparation and presentation of its financial statement. The adoption of revised schedule VI does not impact recognition and measurment principals followed for prepration of financial statements however, it has significant impact on presentation and disclousure made in the financial statements.The previous year''s figures have also been reclassified accordingly.

iii. Revenue Recognition :-

1. Dividend income has been recognised on Receipt basis.

2. Company is a trading Company, during the finanicial year it has excuted trade in various commodities as well as in Shares.

3. Interest and other income has been recognised on Accrual basis.

4. Company is having Branch Office at Mumbai, all the accounts of the Branch has been merged at the end of the year

iv. Fixed Assets :-

Fixed Assets are stated at Cost less depreciation.

v. Depreciation :- 1. Depreciation on Fixed Assets :- Depreciation on Fixed Assets, Excluding Assets on lease is provided in accordance with Section 205 (2) (b) of the Companies Act, 1956 as amended from time to time.

2. Depreciation is provided on pro-rate basis from the day on which assets have been put to use or upto the day on which the assets have been disposed off, as the case may be.

vi. Investments/Stock in Trade :-

1. Investments are valued at cost.

2. Stock in trade of the scrips have been maintained on the basis of first in first out method.

3.Inventories : Closing stock of various commodities is Rs.8870423/- and closing stock of share is Rs. 7121150/-

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Mar 31, 2013

I. Corporate Information :-

Samyak International Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The company is engaged in the trading in petroleum product and other commodities. The company caters to domestic markets only.

ii. Basic of Accounting :-

The financial statements of the company have been prepared 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 the Companies (Accounting Standards) Rule, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an actual basis and under the historical cost convention.

The accounting policies adopted in the preparation of financial statement are consistent with those of the previous year

During the year ended 31.03.13 the revised schedule VI notified under the Indian companies Act. 1956 has become applicable to the company for preparation and presentation of its financial statement. The adoption of revised schedule VI does not impact recognition and measurment principals followed for prepration of financial statements however, it has significant impact on presentation and disclousure made in the financial statements.The previous year''s figures have also been reclassified accordingly.

iii. Revenue Recognition :-

1. Dividend income has been recognised on Receipt basis.

2. Company is a trading Company, during the finanicial year it has excuted trade in various commodities as well as in Shares.

3. Interest and other income has been recognised on Accrual basis.

4. Company is having Branch Office at Mumbai, all the accounts of the Branch has been merged at the end of the year iv. Fixed Assets :-

Fixed Assets are stated at Cost less depreciation. v. Depreciation :-

1. Depreciation on Fixed Assets :- Depreciation on Fixed Assets, Excluding Assets on lease is provided in accordance with Section 205 (2) (b) of the Companies Act, 1956 as amended from time to time.

2. Depreciation is provided on pro-rate basis from the day on which assets have been put to use or upto the day on which the assets have been disposed off, as the case may be.

vi. Investments/Stock in Trade :-

1. I nvestments are valued at cost.

2. Stock in trade of the scrips have been maintained on the basis of first in first out method.

3. Inventories : Closing stock of various commodities is Rs.4009460 and closing stock of share is Rs.8211613

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Mar 31, 2010

I. Accounting Conventions :-

The accounts are prepared on accrual basis under the historical cost convention. The financial statements comply with the mandatory accounting standards issued by the institute of Chartered Accountants of India and are in accordance with the provisions of the Companies Act, 1956.

ii. Revenue Recognition :-

1. Dividend income has been recognised on Receipt basis.

2. Company is a trading Company, during the finanicial year it has excuted trade in various commodities as well as in Shares.

3. Interest and other income has been recognised on Accrual basis. iii. Fixed Assets :-

Fixed Assets are stated at Cost less depreciation. iv. Depreciation :-

1. Depreciation on Fixed Assets:- Depreciation on Fixed Assets, Excluding Assets on lease is provided in accordance with Section 205 (2) (b) of the Companies Act, 1956 as amended from time to time.

2. Depreciation is provided on pro-rate basis from the day on which assets have been put to use or upto the day on which the assets have been disposed off, as the case may be.

v. Investments/Stock in Trade :-

1 .Investments are valued at cost.

2.Stock in trade is valued at cost or Realisable value whichever is lower on an individual scrip basis.

3.Stock in trade of the scrips have been maintained on the basis of first in first out method.

4.lnventories : Closing stock of various commodities is Rs. 10.84 Lacs and closing stock of share is Rs.75.36 Lacs.