83 Background Amal Ltd (the Company) is a public company limited by shares, incorporated and domiciled in India. The Company is a subsidiary of Atul Ltd. Its shares are listed on the Bombay Stock Exchange (‘BSE’) in India. Its registered office is located at Atul House, 310 B, Veer Savarkar Marg, Dadar (West), Mumbai 400 028, Maharashtra, India and its principal place of manufacturing is located at Ankleshwar 393 002, Gujarat, India. The Company is engaged in the manufacturing of bulk chemicals such as Sulphuric acid and Oleum and their downstream products such as Sulphur dioxide and Sulphur trioxide. It is registered as a small manufacturing company effective, July 03, 2020, as per Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act). Note 1 Material accounting policies This Note provides a list of the material accounting policies adopted by the Company in preparation of these Standalone Financial Statements. These policies have been consistently applied to all the years presented, unless otherwise stated. a) Statement of compliance The Standalone Financial Statements comply in all material respects with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (the Act) read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and other relevant provisions of the Act, as amended. b) Basis of preparation i) Historical cost convention: The Standalone Financial Statements have been prepared on a historical cost basis except for the following: • Certain financial assets and liabilities (including derivative instruments): measured at fair value • Defined benefit plans: plan assets measured at fair value ii) The Standalone Financial Statements have been prepared on an accrual and going concern basis. iii) The accounting policies are applied consistently to all the periods presented in the Standalone Financial Statements. All assets and liabilities have been classified as current or non-current as per the normal operating cycle of the Company and other criteria as set out in Division II of Schedule III to the Companies Act, 2013. Based on the nature of products and the time between the acquisition of assets for processing and their realisation in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current or noncurrent classification of assets and liabilities. iv) Recent accounting pronouncements: The Ministry of Corporate Affairs (MCA) notifies new standards or amendments to the existing standards. There is no such notification which will be applicable from April 01, 2024. Notes to the Standalone Financial Statements
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