1. REPORTING ENTITY

S V Global Mill Ltd (S V Global or the Company) is company registered under the erstwhile Companies Act, 1956 with its registered office at New No. 5/1, Old No. 3/1, 6th Cross Street, CIT Colony, Mylapore, Chennai - 600004 and is also listed with the Bombay Stock Exchange Limited. S V Global is engaged in the business of real estate.

2. BASIS OF PREPARATION

a) Statement of Compliance

The Company has adopted the Ind AS in preparation of the financial statements with effect from 01st April 2017, with transition date of 01st April 2016 as notified by the Ministry of Corporate Affairs vide Notification No. G.S.R. 111(E) dated 16th February 2015 as amended from time to time. Accordingly, the financial statements have been prepared in accordance with Indian Accounting Standards ('Ind AS') as prescribed under section 133 of the Companies Act, 2013 (the "Act"), read together with the Companies (Indian Accounting Standards) Rules, 2015, relevant provisions of the Act and other accounting principles generally accepted in India.

The financial statements for the year ended 31st March 2018 are the first financial statements of the Company prepared under Ind AS. Certain of the Company's Ind AS accounting policies used in the opening balance sheet differed from its Previous GAAP policies applied as at 31st March 2016, and accordingly adjustments were made to restate the opening balances and/or the comparative financial information as per Ind AS. The resulting adjustments arose from events and transactions before the date of transition to Ind AS. Therefore, as required by Ind AS 101, those adjustments were recognized directly through retained earnings as at 01st April 2016.

As these are the Company's first financial statements prepared in accordance with Ind AS, Ind AS 101, First-time Adoption of Indian Accounting Standards has been applied. An explanation of how the transition to Ind AS has affected the previously reported financial position, financial performance and cash flows of the Company is provided in Note No. 22 of the financial statements.

b) Functional Currency

The management has determined the currency of the primary economic environment in which the Company operates i.e., functional currency, to be Indian Rupees (INR). The financial statements are presented in Indian Rupees ('INR') which is the Company's functional currency and presentational currency.

c) Basis of Measurement

The financial statements have been prepared on a historical cost basis, except otherwise stated.

d) Use Of Estimates

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Although these estimates are based on the management's best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes, requiring a material adjustment in the carrying amounts of assets or liabilities in the future periods. Difference between the actual results and estimates are recognized in the period in which the results are known or materialized.

e) Significant Estimates and Judgements

In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively.

- Estimation of useful life of Property, Plant and Equipment and residual values

- Estimation and evaluation of provisions and contingencies