1. CLARIFICATION REGARDING NON APPLICABILITY OF ACCOUNTING STANDARD
18‐ RELATED PARTY TRANSACTION
With reference to the disclosure of Gross Value Transaction under Accounting Standard 18 to
be, made under financial parameters in Form 23AC (Page 9 of 11) and Form 23ACA (page 5 of
6), this is to clarify that as Accounting Standard is applicable to the enterprise which fall in any
one or more of the following categories, at any time during the accounting period:
1. Enterprises whose equity or debt securities are listed whether in India or outside India.
2. Enterprises which are in the process of listing their equity or debt securities as
evidenced by the board of directors’ resolution in this regard.
3. Banks including co‐operative banks.
4. Financial Institutions.
5. Enterprises carrying on insurance business.
6. All commercial industrial and business reporting enterprises whose turnover for the
immediately preceding accounting period on the basis of audited financial statements
exceeds Rs. 50crores, Turnover does not include ‘other income’.
7. All commercial, industrial and business reporting enterprises having borrowings,
including public deposits, in excess of Rs. 10 crore at any time during the accounting
period.
8. Holding and subsidiary enterprises of any one of the above at any time during the
accounting period.
As the Company doesn’t fall under any of the above category for any time during the
accounting period, Accounting Standard 18 is not applicable to the company and hence this is
to certify that the disclosures of Gross Value of Transactions under Accounting Standard 18, as
required to be made under financial parameters in Form 23AC (Page 9 of 11) and Form 23ACA
(page 5 of 6), is not made.