Accounting Policies of G-Tech Info-Training Ltd. Company

Mar 31, 2024

2. Significant Accounting Policies:

2.1 Basis of Preparation and Statement of compliance

The financial statements have been prepared in accordance with Ind AS''s notified under the
Companies (Indian Accounting Standards) Rules, 2015 as amended by the Companies (Indian
Accounting Standards) (Amendment) Rules, 2016.

The financial statements are prepared under the historical cost convention, on the accounting
principles of a going concern. All assets and liabilities have been classified as current or non¬
current in accordance with the operating cycle criteria set out in Ind AS 1 and Schedule III to the
Companies Act, 2013.

Accounting Policies not specifically referred to otherwise are consistent and in consonance with
the applicable accounting standards specified under Section 133 of the Companies Act, 2013,
read with Rule 7 of the Companies (Accounts) Rules,2014.

All expenses and incomes to the extent ascertainable with reasonable certainty are accounted for
on accrual basis. All taxes, duties and cess etc. paid on purchases have been charged to the
Statement of Profit and Loss except such taxes, duties and cess, which are subsequently
recoverable with reasonable certainty from the taxing authorities.

The preparation of these financial statements in conformity with the recognition and
measurement principles of Ind AS requires the management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and the disclosures of contingent
liabilities on the date of financial statements and reported amounts of revenue and expenses for
that year. Actual result could differ from these estimates. Any revision to such estimate is
recognised in the period in which same is determined.

The financial statements are presented in Indian Rupees (''INR''), which is also functional currency
and all values are rounded to the nearest Lakh, except otherwise indicated.

2.2 Significant Accounting Policies:

(a) Current and Non-Current Classification

The Company presents assets and liabilities in the Balance Sheet based on Current/ Non-Current
classification.

An asset is treated as Current when it is -

- Expected to be realised or intended to be sold or consumed in normal operating cycle;

- Held primarily for the purpose of trading;

- Expected to be realised within twelve months after the reporting period, or

- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at
least twelve months after the reporting period.

All other assets are classified as non-current

A liability is current when:

- It is expected to be settled in normal operating cycle;

- It is held primarily for the purpose of trading;

- It is due to be settled within twelve months after the reporting period, or

- There is no unconditional right to defer the settlement of the liability for at least twelve months
after the reporting period.

The Company classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

(b) Property, Plant and Equipment:

Property, Plant and Equipment are stated at cost, net of recoverable taxes, trade discount and
rebates less accumulated depreciation and impairment losses, if any. Such cost includes purchase
price, borrowing cost and any cost directly attributable to bringing the assets to its working
condition for its intended use, net charges on foreign exchange contracts and adjustments arising
from exchange rate variations attributable to the assets. In case of land the Company has availed
fair value as deemed cost on the date of transition to Ind AS.

Subsequent costs are included in the asset''s carrying amount or recognised as a separate asset,
as appropriate, only when it is probable that future economic benefits associated with the item
will flow to the enfity and the cost can be measured reliably.

Property, Plant and Equipment which are significant to the total cost of that item of Property,
Plant and Equipment and having different useful life are accounted separately. Other Indirect
Expenses incurred relating to project, net of income earned during the project development stage
prior to its intended use, are considered as pre-operative expenses and disclosed under Capital
Work-in-Progress. Depreciation on Property, Plant and Equipment is provided using written down
value method on depreciable amount except in case of certain assets of Oil to Chemicals and
Other segment which are depreciated using straight line method.

Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the
Companies Act, 2013.

The residual values, useful lives and methods of depreciation of Property, Plant and Equipment
are reviewed at each financial year end and adjusted prospectively, if appropriate.

Gains or losses arising from derecognition of a Property, Plant and Equipment are measured as
the difference between the net disposal proceeds and the carrying amount of the asset and are
recognised in the Statement of Profit and Loss when the asset is derecognised.

(c) Leases

The Company, as a lessee, recognises a right-of-use asset and a lease liability for its leasing
arrangements, if the contract conveys the right to control the use of an identified asset.

The contract conveys the right to control the use of an identified asset, if it involves the use of an
identified asset and the Company has substantially all of the economic benefits from use of the
asset and has right to direct the use of the identified asset. The cost of the right-of use asset shall
comprise of the amount of the initial measurement of the lease liability adjusted for any lease
payments made at or before the commencement date plus any initial direct costs incurred. The
right-of-use assets is subsequently measured at cost less any accumulated depreciation/
amortisation, accumulated impairment losses, if any and adjusted for any remeasurement of the
lease liability. The right of- use assets is depreciated/ amortised using the straight-line method
from the commencement date over the shorter of lease term or useful life of right-of-use asset.

(d) Cash and Cash Equivalents

Cash and cash equivalents comprise of cash on hand, cash at banks, short-term deposits and
short-term highly liquid investments that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value.

(e) Inventories

Items of inventories are measured at lower of cost and net realisable value after providing for
obsolescence, if any, except in case of by-products which are valued at net realizable value. Cost
of inventories comprises of cost of purchase, cost of conversion and other costs including
manufacturing overheads net of recoverable taxes incurred in bringing them to their respective
present location and condition.

Cost of finished goods, work-in-progress, raw materials, chemicals, stores and spares, packing
materials, trading and other products are determined on weighted average basis.

(f) Impairment of Non-Financial Assets - Property, Plant and Equipment and Intangible Assets

The Company assesses at each reporting date as to whether there is any indication that any
Property, Plant and Equipment and Intangible Assets may be impaired. If any such indication
exists, the recoverable amount of an asset is estimated to determine the extent of impairment, if
any.

An impairment loss is recognised in the Statement of Profit and Loss to the extent, asset''s carrying
amount exceeds its recoverable amount. The recoverable amount is higher of an asset''s fair value
less cost of disposal and value in use. Value in use is based on the estimated future cash flows,
discounted to their present value using pre-tax discount rate that reflects current market
assessments of the time value of money and risk specific to the assets. The impairment loss
recognised in prior accounting period is reversed if there has been a change in the estimate of
recoverable amount.

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Mar 31, 2014

1. Accounting Convention

1.1 Financial statements are prepared in accordance with generally accepted accounting principles including accounting standards in India under historical cost convention except so far as they relate to revaluation of certain land and buildings.

1.2 All assets and liabilities have been classified as current or non-current as per the company''s normal operating cycle and other criteria set out in the Revised Schedule VI to the companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the company has determined its operating cycle as twelve months for the purpose of current-non current classification of assets and liabilities.

1.3 Use of estimates

The preparation of the financial statements in conformity with the generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities on the date of the financial statements, disclosure of contingent liabilities and reported amounts of revenues and expenses for the year. Estimates are based on historical experience, where applicable and other assumptions that management believes are reasonable under the circumstances, Actual result could vary from estimates and any such differences are dealt with in the period in which the result are known/m aterialize.

2. Fixed Assets

There is no Fixed Assets.

3. Expenditure

Expenses are accounted on accrual basis and provision is made for all known losses and liabilities.

4. Segment Reporting

The Company has only one segment of activity of relating to IT services during the period, hence segment wise reporting as defined in Accounting Standard-17 is not applicable.

5. In the opinion of board of directors, current assets, loans and advances, have at least the value as stated in the balance sheet, if realized in the ordinary course of business.

6. Based on the information available with the company regarding status of suppliers as defined under "The Micro, Small and Medium Enterprises Development Act.2006."There is no amount payable to the micro, small and medium enterprises company.

7. Revenue recognition

7.1 Revenue from IT Services is stated net off discounts and any applicable duties and taxes on rendering and completion of services in accordance with terms of services.

7.2 Other operating revenues comprise of income from ancillary activities incidental to the operation of the company and is recognized when the right to receive the income is established as per the terms.

8. Research and Development

Expenses incurred on research and developments are charges to revenue in the same year. Fixed assets purchased for research and development purpose are capitalized and depreciated as per Company''s policy.

9. Employee''s Benefits

Short Term Employee''s Benefits

All employees'' benefits payable within twelve months of rendering services are recognized in the period in which the employees render the related services.

Post Employment/Retirements Benefits

Contribution to defined Contribution plans such as Provident Fund etc. are charged to the Statement of Profit and Loss as incurred.

Gratuity

As per AS-15 (Revised) 2005 of ICAI read with Accounting Standard Board Guidance, The Provision for Gratuity Liability is not made since none of the employees have completed 5 years of service for period under review.

10. Taxation

Provision for Income tax is made on the basis of relevant provisions of the Income Tax Act, 1961.as applicable to the financial year.

Deferred income taxes are recognized for the future tax consequences attributable to timing differences between the financial statement determination of income and their recognition for tax purposes.

11. Provisions and Contingent Liabilities

The Company recognizes a provision when there is a present obligation as a result of past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for contingent liabilities made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation that the likelihood of outflow of resources is remote, no provision or disclosure as specified in Accounting Standard 29-''Provisions, Contingent Liabilities and Contingent Assets'' is made.

Contingent assets or liabilities neither recognized nor disclosed in the financial statements.

12. Earnings Per Share(EPS):

The earnings considered in ascertaining the Company''s EPS are computed as per Accounting Standard 20 on "Earning per Share", issue by the Institute of Chartered Accountants of India. The number of shares used in computing basic EPS is the weighted average number of shares during the period. The diluted EPS is the weighted average number of shares outstanding during the period. The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effects of potential dilutive equity shares unless the effect of the potential dilutive equity shares is anti-dilutive.

13. Cash Flow Statement

Cash Flow Statement has been prepared in accordance with the Accounting standard Issued by Institute of Chartered Accounts of India on indirect method.

14. Foreign Currency Transaction

Expenses and income are recorded at the exchange rate prevailing on the date of the transaction. Assets and liabilities at the Balance Sheet date are restated at the exchange rate prevailing on the Balance Sheet date. Exchange difference arising on settlement of the transaction and on account of restatement of assets and liabilities are dealt with in the Profit and Loss Account.

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Mar 31, 2011

1. Accounting Convention :

a. The financial statements are prepared under the historical cost convention in accordance with mandatory accounting Standards and relevant requirement of the Companies Act, 1956.

b. The company adopts accruals system of accounting.

2. Investment :

The Quoted and Unquoted Investments are stated at cost.

3. Fixed assets and Depreciation :

a. Fixed Assets are stated at cost less depreciation.

b. Depreciation of Fixed Assets is provided on the straight line method at the rates and manner laid down in schedule to the Company Act, 1956.

4. Miscellaneous Expenses :

a. Preliminary expenses are amortized over a period of 10 years as permissible in the Act.

b. Share issue expenses are spread over a period of 10 years from the date of commencement of business i.e. 01.07.1999 to 31.03.2010 and are charged to profit and loss Account.

5. Taxes on Income:

Current tax is determined as the amount of tax payable in respect of taxable income for the year. Deferred tax is recognized subject to the consideration of prudence in respect of deferred tax assets, on Timing differences, being the difference between taxable incomes and accounting income that originates in one period and are capable of reversal in one or more subsequent periods.

6. Related party disclosures under accounting standard 18 issued by ICAI is not applicable. There is no related party transaction.

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Mar 31, 2009

A) ACCOUNTING CONVENTION:

1) The Financial Statements are prepared under the Historical cost convention in accordance with mandatory accounting standard and relevant requirement of the Companies Act, 1956.

2) The Company adopts accruals system of accounting.

b) INVESTMENTS:

The Investments are capitalized at cost plus expenses. Unquoted and long term Investments are considered at cost.

c) FIXED ASSETS AND DEPRECIATION:

1) Fixed Assets are stated at cost less depreciation

2) Depreciation of Fixed Assets is provided on the straight line method at the rates and manner laid down jn schedule to the Company Act, 1956.

d) MISCELLANEOUS EXPENSES:

i) Preliminary expenses are amortized over a period of 10 years as permissible in the Act.

ii) Share issue expenses are spread over a period of 10 years from the date of commencement of business i.e.01.07.1999 to 31.03.2009 and are charged to Profit and Loss Account.

e) TAXES ON INCOME:

Current tax is determined as the amount of tax payable in respect of taxable income for the year. Deferred Tax is recognized subject to the consideration of prudence in respect of deferred tax assets, on Timing differences, being the difference between taxable incomes and accounting income that originates in one period and are capable of reversal in one or more subsequent periods.

f) Related party disclosures under accounting standard-18 issued byICAI is not applicable. There is no Related party transaction.