Manglam Global Corporations Ltd. కంపెనీ అకౌంటింగ్ విధానాలు

Mar 31, 2025

A) Significant Accounting Policies:

1. Basis of Preparation and Presentation of Financial Statements -

The financial statements are prepared on accrual basis under the historical cost convention, except
for certain fixed assets which are carried at revalued amounts.

2. Use of Estimates -

The preparation of financial statement is in conformity with the generally accepted accounting
principles those requires management to make estimates and assumptions that affect the reported
amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial
statements and the reported amount of revenues and expenditures during the reporting year.
Difference between the actual result and estimates are recognized in the year in which the results are
known / materialized. The management believes that the estimates used in preparation of financial
statements are prudent and reasonable.

3. Fixed Assets -

3.01 Tangible Assets :

The Company has No Tangible during the year.

4. Borrowings Costs -

Borrowing cost directly attributable to the acquisition, construction or production of an asset that
necessarily takes a substantial period of time to get ready for its intended use is capitalized as part of the
cost of that assets. Other costs are charged to Profit and Loss Account.

5. Investments -

5.01 Non Current investment are stated at cost. Provision for diminution in the value of non current
investments is made only if such a decline is other than temporary.

5.02 Current investments are carried at the lower of cost and fair value determined by category of the
particular investment.

6. Revenue Recognition -

Revenue from sales effected directly, is recognised on issue of invoices (on delivery of goods)
except sales on consignment.

7. Employee Benefits -

a) The liability for the Gratuity and Superannuation Fund is not provided in the Accounts.

b) As informed by the management, the liability for the Gratuity and Superannuation Fund are
adhoc benefits and hence will be accounted for on pay-as-you-go basis as per Accounting
Standard 15.

8. Taxes on Income -

a) Current Income Tax is determined in respect of relative taxable amount for the period.

b) Deferred tax is recognised, subject to the consideration of prudence, on timing differences,
being the difference between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent period. Deferred tax assets are
not recognized un unabsorbed depreciation and carry forward of losses, unless there is virtual
certainty that sufficient future taxable income will be available against which such deferred
tax assets can be realized.

c) Company’s normal tax liabilities are more than the liability calculated under the MAT and
hence no occasion for recognizing the credit of Mat liabilities.

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Mar 31, 2024

A) Significant Accounting Policies:

1. Basis of Preparation and Presentation of Financial Statements -

The financial statements are prepared on accrual basis under the historical cost convention, except
for certain fixed assets which are carried at revalued amounts.

2. Use of Estimates -

The preparation of financial statement is in conformity with the generally accepted accounting
principles those requires management to make estimates and assumptions that affect the reported
amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial
statements and the reported amount of revenues and expenditures during the reporting year.
Difference between the actual result and estimates are recognized in the year in which the results
are known / materialized. The management believes that the estimates used in preparation of
financial statements are prudent and reasonable.

3. Fixed Assets -

3.01 Tangible Assets :

The Company has No Tangible during the year.

4. Borrowings Costs -

Borrowing cost directly attributable to the acquisition, construction or production of an asset that
necessarily takes a substantial period of time to get ready for its intended use is capitalized as part of the
cost of that assets. Other costs are charged to Profit and Loss Account.

5. Investments -

5.01 Non Current investment are stated at cost. Provision for diminution in the value of non current
investments is made only if such a decline is other than temporary.

5.02 Current investments are carried at the lower of cost and fair value determined by category of
the particular investment.

6. Revenue Recognition -

Revenue from sales effected directly, is recognised on issue of invoices (on delivery of goods)
except sales on consignment.

7. Employee Benefits -

a) The liability for the Gratuity and Superannuation Fund is not provided in the Accounts.

b) As informed by the management, the liability for the Gratuity and Superannuation Fund
are adhoc benefits and hence will be accounted for on pay-as-you-go basis as per
Accounting Standard 15.

8. Taxes on Income -

a) Current Income Tax is determined in respect of relative taxable amount for the period.

b) Deferred tax is recognised, subject to the consideration of prudence, on timing differences,
being the difference between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent period. Deferred tax assets
are not recognized un unabsorbed depreciation and carry forward of losses, unless there is

virtual certainty that sufficient future taxable income will be available against which such
deferred tax assets can be realized.

c) Company’s normal tax liabilities are more than the liability calculated under the MAT and
hence no occasion for recognizing the credit of Mat liabilities.

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Mar 31, 2014

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

These financial statements have been prepared on the accrual basis of accounting, under the historical cost convention, in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956.

2.2 USE OF ESTIMATES:

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the Financial Statements are prudent and reasonable. Future results could differ due to these estimates. Difference between the actual results and estimates are recognized in the period in which the results are known and materialized.

2.3 FIXED ASSETS:

Fixed assets are stated at cost less accumulated depreciation. Cost comprises the purchase price less creditable duties, taxes and levies, and any directly attributable cost of bringing the asset to its working condition for the intended use. However there are no fixed assets.

2.4 PROVISION FOR RETIREMENT BENEFITS:

Provision for Retirement benefits/leave Encashment is accounted for as per rules of the Company.

2.5 EARNING PER SHARE:

The earning considered in ascertaining the Company"s Earning per Share comprise Net Profit after tax. The number of shares (nominal value of Rs.10/-) used in computing Basic Earnings per share is weighted average number of shares outstanding during the year.

2.6 ACCOUNTING FOR TAXES ON INCOME:

a. Current Tax is determined as amount of tax payable in respect of taxable income for the year based on applicable tax rates and law.

b. Deferred Tax is recognized, subject to the consideration of prudence, on timing differences, being difference between taxable and accounting income/expenditure that originate in one period and are capable of reversal in one or more subsequent period(s).Deferred tax assets are not recognized unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets will be realized.

2.7 PROVISIONS AND CONTIGENT LIABLITIES:

a. Provisions are recognized when the Company has a legal and a constructive obligation as a result of a past event, for which it is probable that a future outflow will be required and a reliable estimate can be made on the amount of the obligation.

b. Contingent Liabilities are disclosed when the Company has a possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation.

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Mar 31, 2010

1.1. Method of Accounting :

The financial statements have been prepared on the historical cost convention and in accordance with mandatory accounting standards.

1.2. Revenue Recognition :

Sales are recognized on the basis of dispatches to the customers. Sales dose not includes State or Central Sales Tax.

1.3. Fixed Assets :

Fixed assets have been stated at the cost less accumulated depreciation Cost comprises the purchase price and other attributable expenses. Depreciation is provided on straight line method in accordance with the rate prescribed under schedule XIV of the companies Act 1956, on pro- rata basis.

1.4. Inventories :

Finished goods are valued at cost or net realizable value whichever is lower.

1.5. Miscellaneous Expenditure :

Preliminary expenses are being written off @10% from the year of commercial production.

1.6. Retirement Benefit :

Employees Provident Fund Act and Employees State Insurance Act are not applicable to the company. No provision has been made for leave encashment and Gratuity payable on retirement.