Accounting Policies of Golden Legand Leasing & Finance Ltd. Company

Mar 31, 2024

2) Summary of the material accounting policies

(a) Basis of Preparation for Financial Statements and Purpose

The Financial Statement is prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies
Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015 as amended._

The Balance Sheet, Statement of Change in Equity and Statement of Profit & Loss are presented in the format prescnbed under Division III
of Schedule III of the Act, as amended from time to time, for Non-Banking Financial Companies (''NBFCs'') that are required to comply with
Ind AS. The Statement of Cash Flows has been presented as per the requirements of Ind AS 7 Statement of Cash Flows.

The Financial Statement have been prepared under historical cost convention basis except the following assets and liabilities which have
been measured at fair value All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs in
compliance with Schedule III of the Act, unless otherwise stated.

(b) Use of estimates

The preparation of this financial Statement in conformity with the recognition and measurement principles of Ind AS requires the
management of the Company to make estimates, judgments and assumptions. This estimates, judgments and assumptions affect application
of accounting policies and the reported amount of assets, liabilities, disclosure of contingent assets and liabilities at the date of financial
Statement and the reported amount of income and expenses for the periods presented. Although this estimates are based on the
management''s best knowledge of current events and actions, uncertainty about this assumptions and estimates could result in the outcomes
requiring a material adjustment to the carrying amounts of assets or liabilities in future periods. Further the estmates and underlying
assumptions are reviewed on an ongoing basis. Accounting estimates could change from period to period. Any revision to accounting
estmates is recognised prospectively. Actual results could differ from the estmates. Any difference between the actual results and estimates
are recognised in the period in which the results are known/materialize. In particular, information about significant areas of estimation
uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the
financial Statement are as below:

L Valuation of Financial Instruments;

__2. Evaluation of recoverability of deferred tax assets;_

__3. Useful lives of property, plant and equipment and intangible assets;_

4. Obligations relating to employee benefits;_

__5. Provisions and Contingencies;_

__6. Provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions;_

__7. Recognition of Deferred Tax Assets._

(c) Property, plant and equipment (PP&E)

There were certain items of Property, Plant and Equipment acquired / put to use / ready to use were included in Capital Work-in-progress in
the financial statements for the year ended 31 March, 2023 of and were capitalized on 1 April, 2023 of Rs. 1,77,91,381/- and hence
depreciation has been charged for the current year

An item of property, plant and equipment that qualifies for recognition as an asset shall be measured at its cost. Cost comprises of the
purchase price and any attributable / allocable cost of bnnging the asset to its working condition for its intended use. Cost also includes
direct cost and other related incidental expenses.

When significant components of property, plant and equipment are required to be replaced at intervals, recognition is made for such
replacement of components as individual assets with specific useful life and depreciation if this components are initially recognised as
separate asset All other repair and maintenance costs are recognised in the statement of profit and loss as incurred.

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._

An item of Property, Plant and Equipment is derecognised upon disposal or when no future economic benefits are expected to anse from the
continued use of the asset.

Depreciation is provided from the date the assets are ready to be put to use, as per straight line method (SLM) method over the useful life
of the assets, as prescribed under Part C of Schedule II of the Companies Act, 2013 mentioned below.

__Type of Asset_Estimated useful life_

__Computer_3 years_

Furniture and fittings_10 years_

Office Equipments_5 years_

Gains or losses arising on the disposal of property, plant and equipment are determined as the difference between the disposal proceeds and
the carrying amount of the assets and are recognized in the statement of profit and loss within ‘other income'' or ‘other expenses''
respectively.

(d) Impairment of assets

At each reporting date, The Company has not made impairment assessment and not identified, measured, quantified and accounted /
disclosed the impairment of assets and its impact on the current financial statements. Also, no mpairment assessment was earned out by
the Company in respect of Property, Plant and Equipment, Software under development and no provision in this respect for impairment loss,
if any, has been made for the period in the financial statements.

(e) Cash and cash equivalents

Cash and cash equivalents compnse cash on hand and demand deposits, together with other short-term, highly liquid investments maturing
within 3 months from the date of acquisition that are readily convertible into known amounts of cash and which are subject to an
insignificant risk of changes in value.

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Mar 31, 2014

The accounts are prepared on a historical cost convention and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India. The significant accounting policies followed by the company are as stated below: -

i. Basis of accounting: The accounts have been prepared on the basis of historical cost and accrual basis.

ii. Investments: Long term Investments are valued at cost of acquisition and related expenses.

iii. Inventories: The Company does not have any Inventories.

iv. Income Recognition: Interest Income on Non Performing Assets is accounted for as and when realized

in view of Guidelines issued by RBI in respect of Non Banking Finance Company.

v. IncomeTax : Tax expense comprises of current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act. The company does not made provision for deferred Tax assets or liability

vi. Earning Per Share: In accordance with the Accounting Standard 20 " Earnings per Share " issued by the Institute of Chartered Accountants of India , basic earnings per share is computed using the weighted average number of shares outstanding during the year.

vii. Provisions and Contingent Liabilities:

Provisions are recognized when the Company has a legal and constructive obligation as a result of past event, for which it is probable that a cash outflow will be required and a reliable estimate can be made of the amount of the obligation.

Contingent Liabilities are disclosed when the Company has a possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation.

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Mar 31, 2013

The accounts are prepared on a historical cost convention and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India. The significant accounting policies followed by the company are as stated below: ?

i. Basis of accounting: The accounts have been prepared on the basis of historical cost and accrual basis.

ii. Investments: Long term Investments are valued at cost of acquisition and related expenses.

iii. Inventories: The Company does not have any Inventories.

iv. Income Recognition: Interest Income on Non Performing Assets is accounted for as and when realized in view of Guidelines issued by RBI in respect of Non Banking Finance Company.

v. IncomeTax : Tax expense comprises of current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act. The company does not made provision for deferred Tax assets or liability

vi. Earning Per Share: In accordance with the Accounting Standard 20 " Earnings per Share " issued by the Institute of Chartered Accountants of India , basic earnings per share is computed using the weighted average number of shares outstanding during the year.

vii. Provisions and Contingent Liabilities:

Provisions are recognized when the Company has a legal and constructive obligation as a result of past event, for which it is probable that a cash outflow will be required and a reliable estimate can be made of the amount of the obligation.

Contingent Liabilities are disclosed when the Company has a possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation.

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Mar 31, 2012

The accounts are prepared on a historical cost convention and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India. The significant accounting policies followed by the company are as stated below: -

i. Basis of accounting: The accounts have been prepared on the basis of historical cost and accrual basis.

ii. Investments: Long term Investments are valued at cost of acquisition and related expenses.

iii. Inventories: The Company does not have any Inventories.

iv. Income Recognition: Interest Income on Non Performing Assets is accounted for as and when realized

in view of Guidelines issued by RBI in respect of Non Banking Finance Company.

v. IncomeTax : Tax expense comprises of current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act. The company does not made provision for deferred Tax assets or liability

vi. Earning Per Share: In accordance with the Accounting Standard 20 " Earnings per Share " issued by the Institute of Chartered Accountants of India , basic earnings per share is computed using the weighted average number of shares outstanding during the year.

vii. Provisions and Contingent Liabilities:

Provisions are recognized when the Company has a legal and constructive obligation as a result of past event, for which it is probable that a cash outflow will be required and a reliable estimate can be made of the amount of the obligation.

Contingent Liabilities are disclosed when the Company has a possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation.

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Mar 31, 2010

The accounts are prepared on a historical cost convention and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India. The significant accounting policies followed by the company are as stated below: -

i. Basis of accounting

The accounts have been prepared on the basis of historical cost and accrual basis.

ii. Investments

Long term Investments are valued at cost of acquisition and related expenses.

iii. Inventories

Inventories are valued at cost or market value whichever is lower. However, where the market quotations are not available, the same have been valued at cost.

iv. Income Recognition

Interest Income on Non Performing Assets is accounted for as and when realized in view of Guidelines issued by RBI in respect of Non Banking Finance Company.

v. IncomeTax

Tax expense comprises of current and deferred tax.

Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act.

The company does not made provision for deferred Tax assets or liability

vi Earning Per Share

In accordance with the Accounting Standard 20 “ Earnings per Share ” issued by the Institute of Chartered Accountants of India , basic earnings per share is computed using the weighted average number of shares outstanding during the year.

VII Provisions And Contingent Liabilities

Provisions are recognized when the Company has a legal and constructive obligation as a result of past event, for which it is probable that a cash outflow will be required and a reliable estimate can be made of the amount of the obligation.

Contingent Liabilities are disclosed when the Company has a possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation.