Accounting Policies of Gujarat Inject (Kerala) Ltd. Company

Mar 31, 2025

2. SIGNIFICANT ACCOUNTING POLICIES:

A. Basis of Preparation

Standalone financial statements of the Company have been prepared in accordance with Indian Accounting
Standards (Ind AS) specified under Section 133 of the Companies Act, 2013 read with the Companies
(Indian Accounting Standards) Rules, 2015 (as amended from time to time).

The standalone financial statements are presented in Hundreds ('').

B. Use of estimates, assumptions and judgements

The preparation of the standalone financial statements in conformity with Ind AS requires the management
to make estimates, judgements and assumptions that affect the reported amounts of assets and liabilities,
the disclosure of contingent assets and liabilities on the date of the standalone financial statements and the
reported amounts of revenues and expenses for the year reported.

C. Revenue Recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company
and 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, considering contractually defined
terms of payment.

Revenues from sale is recognized on transfer of significant risks and rewards where it is probable that
economic benefits will flow to the Company and there is neither continuing managerial involvement nor
effective control over the goods sold.

Interest income is recognized as it accrues in the statement of profit and loss using effective interest rate
method.

D. Borrowing Costs

Borrowing costs Borrowing cost includes interest, amortization of ancillary costs incurred in connection
with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to
the extent they are regarded as an adjustment to the interest cost.

Borrowing costs 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 or sale are capitalized as part
of the cost of the respective asset. All other borrowing costs are expensed in the period they occur.

E. Retirement and other employee benefits

Short term employee’s benefits are recognized as an expense at the undiscounted amount in the Profit and
Loss account for the year in which related services rendered by the employees to the company.

The company has long term defined benefit plans of which the company has not been obtained the actuarial
valuation. However, these benefits are provided in financial statement on payment basis.

Contributions payable to recognized provident funds, which are defined contribution schemes, are charged
to the statement of profit and loss.

F. Income Taxes

Income tax expense comprises current tax expense and the net change in the deferred tax asset or liability
during the year. Current and deferred tax are recognised in the statement of profit and loss, except when
they relate to items that are recognised in other comprehensive income or directly in equity, in which case,
the current and deferred tax are also recognised in other comprehensive income or directly in equity,
respectively.

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Mar 31, 2024

2. SIGNIFICANT ACCOUNTING POLICIES:

A. Basis of Preparation

Standalone Financial statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) specified under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time).

The standalone financial statements are presented in Hundreds ('').

B. Use of estimates, assumptions and judgements

The preparation of the standalone financial statements in conformity with Ind AS requires the management to make estimates, judgements and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities on the date of the standalone financial statements and the reported amounts of revenues and expenses for the year reported.

C. Revenue Recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and 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, considering contractually defined terms of payment.

Revenues from sale is recognized on transfer of significant risks and rewards where it is probable that economic benefits will flow to the Company and there is neither continuing managerial involvement nor effective control over the goods sold.

Interest income is recognized as it accrues in the statement of profit and loss using effective interest rate method.

D. Borrowing Costs

Borrowing costs Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

Borrowing costs 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 or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are expensed in the period they occur.

E. Retirement and other employee benefits

Short term employee’s benefits are recognized as an expense at the undiscounted amount in the Profit and Loss account for the year in which related services rendered by the employees to the company.

1/L, .v

The company has long term defined benefit plans of which the company has not been obtained the actuarial valuation. However, these benefits are provided in financial statement on payment basis.

Contributions payable to recognized provident funds, which are defined contribution schemes, are charged to the statement of profit and loss.

F. Income Taxes

Income tax expense comprises current tax expense and the net change in the deferred tax asset or liability during the year. Current and deferred tax are recognised in the statement of profit and loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity, respectively.

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Mar 31, 2011

A) Accounting convention

The Financial statements have been prepared to comply in all material respects with the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956. The Financial Statements have been prepared under the historical cost convention on accrual and going concern basis subject to Note No. 2 given below. The accounting policies applied by the Company are consistent with those used in the previous year.

b) Fixed Assets/Depreciation

The Company has not held any fixed assets during the year.

Accordingly, no depreciation has been charged in the Profit and Loss Account.

c) Inventories

The Company has not held any inventory during the year. Hence, the accounting policy of valuation of inventories is not presently applicable to the company.

d) Retirement benefits

Since, the company has no employee, no provision for any retirement benefit has been made in the accounts.

e) Taxes on Income

In the absence of taxable income, no provision has been made for Income Tax.

f) Deferred Tax Liability/Asset

The Company has unabsorbed and carried forward losses under the Tax Laws.

In the absence of virtual certainty of sufficient future taxable income, net deferred tax assets has not been recognised in view of prudence in accordance with Accounting Standard - 22 'Accounting for Taxes on Income' issued by the Institute of Chartered Accountants of India.

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Mar 31, 2009

A The Financial statements have been prepared to comply in all material respects with the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956. The Financial Statements have been prepared under the historical cost convention on accrual and going concern basis subject to Note No. 2 given below. The accounting policies applied by the Company are consistent with those used in the previous year.

b Fixed Assets

Fixed Assets are valued at cost less depreciation. All expenses attributable to the fixed assets are capitalised and are allocated to assets on the completion of work.

c Depreciation

Depreciation on all fixed assets have been provided on Straight Line Method at the rates specified in Schedule XIV of the Companies Act, 1956. No depreciation has been considered on the part of the Fixed Assets arising on fluctuation in transalation of Foreign Currency Loan availed for acquiring those assets. Depreciation for the year 2008 - 09 has been provided only upto 12-11-2008 due to the take over of the Fixed Assests by IFCI Limited on 13-11-2008 under SARFAESI Act.

d Foreign Exchange Translation

Fluctuation in translation of Foreign Currency Loan as on 31.03.2009 from IFCI Ltd. has not been considered for adjustments in the accounts during the year.

e Inventories

Inventories of Stores & spares and packing materials are valued at lower of cost or net realisable value. Cost for the purpose of valuation in respect of Stores & spares and Packing materials are on the basis of F I F O method.

f Retirement benefits

Gratuity and other terminal benefits have been provided for in the accounts as per the settlement under section 12(3) of the Industrial Disputes Act, 1947 in connection with the discontinuation of operations by the company and the taking possession of the assests by IFCI Ltd under SARFAESI Act.

g Taxes on Income

In the absence of taxable income, no provision has been made for Income Tax under normal rates, as well as under Minimum Alternate Tax under section 115 JB of the Income Tax Act, 1961.

The Company has unabsorbed and carried forward losses under the Tax Laws. In the absence of virtual certainty of sufficient future taxable income, net deferred tax assets has not been recognised in view of prudence in accordance with Accounting Standard - 22 Accounting for Taxes on Income' issued by the Institute of Chartered Accountants of India.

h Provisions, Contingent Liabilities and Contingent Assets A provision is recognised when the company has a present obligation as a result of past event; it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions except those disclosed elsewhere in the notes to the financial statements, are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.