Notes to Accounts of Gyan Developers & Builders Ltd.

Mar 31, 2024

(f) Cash and cash equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash
on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with
original maturities of three months or less that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are
shown within borrowings in current liabilities in the balance sheet.

(g) Trade receivables

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest method, less provision for impairment.

(h) Investments and other financial assets

(i) Classification

The company classifies its financial assets in the following measurement categories:

- those to be measured subsequently at fair value (either through other comprehensive income, or
through profit or loss), and

- those measured at amortised cost.

The classification depends on the entity''s business model for managing the financial assets and the
contractual terms of the cash flows.

For assets measured at fair value, gains and losses will either be recorded in profit or loss or other
comprehensive income. For investments in debt instruments, this will depend on the business model in
which the investment is held. For investments in equity instruments, this will depend on whether the
company has made an irrevocable election at the time of initial recognition to account for the equity
investment at fair value through other comprehensive income.

(ii) Measurement

At initial recognition, the company measures a financial asset at its fair value plus, in the case of a
financial asset not at fair value through profit or loss, transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through
profit or loss are expensed in profit or loss.

Equity instruments

The company subsequently measures all equity investments at fair value. Where the management has
elected to present fair value gains and losses on equity investments in other comprehensive income,
there is no subsequent reclassification of fair value gains and losses to profit or loss. Dividends from
such investments are recognised in profit or loss as other income when the company''s right to receive
payments is established.

Changes in the fair value of financial assets at fair value through profit or loss are recognised in other
gain/ (losses) in the statement of profit and loss. Impairment losses (and reversal of impairment losses)
on equity investments measured at FVOCI are not reported separately from other changes in fair value.

Fair value through other comprehensive income (FVOCI): Assets that are held for collection of
contractual cash flows and for selling the financial assets, where the assets'' cash flows represent solely
payments of principal and interest, are measured at fair value through other comprehensive income
(FVOCI). Movements in the carrying amount are taken through OCI, except for the recognition of
impairment gains or losses, interest revenue and foreign exchange gains and losses which are
recognised in profit and loss. When the financial asset is derecognised, the cumulative gain or loss
previously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/
(losses). Interest income from these financial assets is included in other income using the effective
interest rate method.

Fair value through profit or loss: Assets that do not meet the criteria for amortised cost or FVOCI are
measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently
measured at fair value through profit or loss and is not part of a hedging relationship is recognised in
profit or loss and presented net in the statement of profit and loss within other gains/(losses) in the
period in which it arises. Interest income from these financial assets is included in other income.

(iii) Impairment of financial assets

The company assesses on a forward looking basis the expected credit losses associated with its assets
carried at amortised cost and FVOCI debt instruments. The impairment methodology applied depends
on whether there has been a significant increase in credit risk.

For trade receivables only, the company applies the simplified approach permitted by Ind AS 109
Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition
of the receivables.

(i)Property, plant and equipment

Property, plant and equipment:

i) Property, Plant and Equipment are stated at cost of acquisition net of accumulated depreciation/
amortization and impairment losses if any, except free hold land which is carried at cost less impairment
losses if any. The cost comprises purchase prices, borrowing cost if capitalization criteria are met and
directly attributable cost of bringing the asset to its working condition for the intended use.

ii) The Company identifies the significant parts of plant and equipment separately which are required to
be replaced at intervals. Such parts are depreciated separately based on their specific useful lives. The
cost of replacement of significant parts are capitalized and the carrying amount of replaced parts are de¬
recognized. When each major inception/ overhauling is performed, its cost is recognized in the carrying
amount of the item of property, plant and equipment as a replacement if the recognition criteria are
satisfied. Any remaining carrying amount of the cost of the previous inspection/ overhauling (as distinct
from physical parts) is de-recognized.

iii) Other expenses on fixed assets including day to day repair and maintainance expenditure and cost of
replacing parts that does not meet the captilization criteria in accordance with Ind AS 16 are charged to
the statement of profit and loss for the period during which such expenses are incurred.

iv) Depreciation has been provided on written down value method.

v) The residual values, useful lives and methods of depreciation of property, plant and equipment are
reviewed at each reporting date and adjusted prospectively, if appropriate.

vi) Upon first time adoption of Ind AS, the company has elected to measure all its property, plant and
equipment at the previous GAAP carrying amount as its deemed cost on the date of transition to Ind AS

i.e., 1st April 2016."

(j) Trade and other payables

These amounts represent liabilities for goods and services provided to the company prior to the end of
financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of
recognition. Trade and other payables are presented as current liabilities unless payment is not due
within 12 months after the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.

(k) Land Owner''s Account

Advance to land owners are reflected as the aggregate of amounts paid to them and amounts due from
them, reduced by the amounts credited to them if the agreement is cancelled or due to any change in
the cost of the land.

(l) Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off as per the
requirement of Schedule III, unless otherwise stated.

Note 22: Notes forming part of Financial Statements

1. Disclosure in Relation to Undisclosed Income

During the year, the Company has not surrendered or disclosed any income in the tax assessments
under the Income Tax Act, 1961 (such as search or survey or any other relevant provisions of the Income
Tax Act, 1961). Accordingly, there are no transactions which are not recorded in the books of accounts.

2. Disclosure of Transactions with Struck off Companies

The Company has reviewed transactions to the extent of information available for the purpose of
identifying transactions with struck off Companies. Based on the above, there are no transaction with
Struck off Companies in the current financial year.

3. Disclosure requirements as notified by MCA pursuant to amended Schedule III

"Nothing to report against the following disclosure requirements as notified by MCA pursuant to
amended Schedule III:

(a) Crypto Currency or Virtual Currency

(b) Benami Property held under Benami Transactions (Prohibition) Act, 1988 (45 of 1988)

(c) Registration of charges or satisfaction with Registrar of Companies

(d) Relating to borrowed funds:

(i) Wilful defaulter

(ii) Utilisation of borrowed funds & share premium

(e) Loans to Related Parties

(f) Investments/advances through intermediaries

(g) Effect of scheme of arrangement

(h) Compliance with number of layers

(i) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies),
including foreign entities (Intermediaries) with understanding that intermediary shall -

(i) Directly to indirectly lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the Company (Ultimate Beneficiaries); or

(ii) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(j) The Company has not received any fund from any person(s) or entity(ies), including foreign entities
(Funding party) with the understanding

(Whether recorded in writing or otherwise) that the Company shall -

(i) Directly to indirectly lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the funded party (Ultimate Beneficiaries); or

(ii) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries."

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Mar 31, 2015

1. Previous years figures have been regrouped/ reclassified wherever necessary. Accordingly, amounts and other disclosure for the previous year are included as an integral part of the current year's financial statement and are to be read in relation to the amounts and other disclosures relating to the current year.

2. In the opinion of the Board, loans and advances are approximately of the value stated, if realized in the ordinary course of business.

3. The outstanding amount in respect of loans and advances, current liabilities, advance to land owners and payments received from customers are based on external confirmations.

4. Amounts due to Micro, Small & Medium Enterprises is Rs. NIL as at 31.03.2015 (Previous year Rs.NIL).

5. In the opinion of the Board there is no contingent liability of the company.

6. No provision has been made for gratuity liability for the period as the payment of Gratuity Act is not applicable.

7. Related Party Disclosures: Key managerial personnel :

Mr. T. Ashok Raj (Managing Director)

Mrs M Sunita (Director & CFO)

Mr. S. Vijayan (NEI Director)

Mr. J. Chandra Sekar (NEI Director)

Relatives to Key Managerial Personnel :

Mr. P. Tarachand Jain - Father of Managing Director

Mr. T. Mahendar Raj - Brother of Managing Director

T. Ashok Raj HUF - Managing Director is Karta

A. Sumitha - Wife of Managing Director

8. Deferred Tax:

The Company has provided deferred tax in accordance with the Accounting Standard – 22 (Accounting for taxes on Income) issued by the Institute of Chartered Accountants of India applicable with effect from 1-4-2002.

9. Segment Reporting:

The company is engaged in the business of Construction / Real Estate Activity which is the only significant Business Segment and hence Segment reporting is not considered necessary.

10. Earnings per Share:

Basic and Diluted Earnings per share (as per AS 20 issued by the Institute of Chartered Accountant of India) :

Net Profit for the year (after tax) Rs.1,338,835.22/-

Weighted Average no. of Equity Shares 30,00,000

Nominal value of Shares 10/-

Basic and Diluted EPS Rs.0.45/-

11. Balance of current assets, loans and advance are as per Books are subject to confirmation. In the opinion of management, these are realizable approximately at the value stated in the ordinary course of the business.

12. Figures in bracket represent previous year's figures.

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Mar 31, 2014

Note 1 : Rights, preference and restriction attached to shares

The company has only one class of shares referred to as equity shares having a per value of Rs.10/-. Each holder of equity shares is entitled to vote per share. In the event of liquidation of the company, the holder of equity share will be entitled to receive remaining assets of the company after distribution of all preferential amounts, in proportional to their shareholding.

1. Previous years figures have been regrouped/ reclassified wherever necessary. Accordingly, amounts and other disclosure for the previous year are included as an integral part of the current year''s financial statement and are to be read in relation to the amounts and other disclosures relating to the current year.

2. In the opinion of the Board, loans and advances are approximately of the value stated, if realized in the ordinary course of business.

3. The outstanding amount in respect of loans and advances, current liabilities, advance to land owners and payments received from customers are based on external confirmations.

4. Amounts due to Micro, Small & Medium Enterprises is Rs. NIL as at 31.03.2014 (Previous year Rs.NIL).

5. In the opinion of the Board there is no contingent liability of the company.

6. No provision has been made for gratuity liability for the period as the payment of Gratuity Act is not applicable.

7. Related Party Disclosures:

Key managerial personnel :

Mr. T Ashok Raj (Managing Director)

Mrs M Sunita (Director)

Mr. S. Vijayan (NEI Director)

Mr. J. Chandra Sekar (NEI Director)

Relatives to Key Managerial Personnel :

Mr. P. Tarachand Jain - Father of Managing Director

Mr. T. Mahendar Raj - Brother of Managing Director

T Ashok Raj HUF - Managing Director is Karta

A. Sumitha - Wife of Managing Director

8. Deferred Tax:

The Company has provided deferred tax in accordance with the Accounting Standard - 22 (Accounting for taxes on Income) issued by the Institute of Chartered Accountants of India applicable with effect from 1-4-2002.

9. Segment Reporting:

The company is engaged in the business of Construction / Real Estate Activity which is the only significant Business Segment and hence Segment reporting is not considered necessary.

10. Balance of current assets, loans and advance are as per Books are subject to confirmation. In the opinion of management, these are realizable approximately at the value stated in the ordinary course of the business.

11. Figures in bracket represent previous year''s figures.

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Mar 31, 2013

1. Previous year''s figures have been regrouped/ reclassified wherever necessary. Accordingly, amounts and other disclosure for the previous year are included as an integral part of the current year''s financial statement and are to be read in relation to the amounts and other disclosures relating to the current year.

2. In the opinion of the Board, loans and advances are approximately of the value stated, if realized in the ordinary course of business.

3. The outstanding amount in respect of loans and advances, current liabilities, advance to land owners and payments received from customers are subject to confirmations.

4. Amounts due to Micro, Small & Medium Enterprises is Rs. NIL as at 31,03.2013 (Previous year Rs.NIL).

5. In the opinion of the Board there is no contingent liability of the company.

6. No provision has been made for gratuity liability for the period as the payment of Gratuity Act is not applicable.

7. Related Party Disclosures:

Key managerial personnel :

Mr. T. Ashok Raj (Managing Director)

Mrs M Sunita (Director)

Mr. S. Vijayan (NEI Director)

Mr. J. Chandra Sekar (NEI Director)

Relatives to Key Managerial Personnel :

Mr. P. Tarachand Jain - Father of Managing Director Mr. T. Mahendar Raj - Brother of Managing Director

T. Ashok Raj HUF - Managing Director is Karta

A. Sumitha - Wife of Managing Director

8. Deferred Tax:

The Company has provided deferred tax in accordance with the Accounting Standard - 22 (Accounting for taxes on Income) issued by the Institute of Chartered Accountants of India applicable with effect from 1 -4-2002.

9. Segment Reporting:

The company is engaged in the business of Construction / Real Estate Activity which is the only significant Business Segment and hence Segment reporting is not considered necessary.

10. Balance of current assets, loans and advance are as per Books are subject to confirmation. In the opinion of management, these are realizable approximately at the value stated in the ordinary course of the business.

11. Figures in bracket represent previous year''s figures.

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Mar 31, 2012

1a. Post Employment Benefits

(1) Defined Contribution Plans

No provision has been made for Provident Fund and other Superannuation benefits as the respective Acts are not applicable to the company.

(2) Defined Benefit Plans

No provision has been made for Gratuity liability for the period as the respective Acts are not applicable to the company.

b. Earning Per Share:

The earning considered in ascertaining the Company's earning Per Share ('EPS') comprise the net profit after tax. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year. The diluted EPS is calculated on the same basis as basic EPS' after adjusting for the effects of potential dilutive equity shares unless impact is anti dilutive.

c. Provisions and Contingent Liabilities:

Provisions are recognized when the company has a present obligation as a result of past event; it is more likely than not that an outflow of resources will be required to settle the obligation' in respect of which a reliable estimate can be made based on technical evaluation arid past experience. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent Liabilities are not provided for in the accounts and are disclosed by way of Notes.

b. Cash Flow Statement: -

Cash Flow Statement has been prepared under indirect method' as prescribed in Accounting Standard 3 issued by The Institute of Chartered Accountants of India. Cash and Cash Equivalents compr-ise Cash on Hand' current and other accounts held with Banks.

1. Previous years figures have been regrouped/ reclassified wherever necessary. Accordingly' amounts and other disclosure for the previous year are included as an integral pan. of the current year's financial statement and are to be read in relation to the amounts and other disclosures relating to the current year.

2. In thn opinion of the Board' loans and advances are approximately of the value stated' if realized in th 3 ordinary course of business.

3. The outstanding amount in respect of loans and advances' current liabilities' advance to land owners and payments received from customers are subject to confirmations.

4. Amounts due to Micro' Small & Medium Enterprises is Rs. NIL as at 31.03.2012 (Previous year Rs.ML).

5. In th 3 opinion of the Board there is no contingent liability of the company.

6. No r. rovision has been made for gratuity liability for the period as the payment of Gratui :y Act is not applicable.

B. Deferred Tax:

Trvs Company has provided deferred tax in accordance with the Accounting Standard - 22 (Accounting for taxes on Income) issued by the Institute of Chartered Accountants of India applicable with effect from 1-4-2002.

7. Segment Reporting:

The company is engaged in the business of Construction / Real Estate Activity which is the only significant Business Segment and hence Segment reporting is not considered necessary.

8. Balance of current assets' loans and advance are as per Books are subject to confirmation. In the opinion of management' these are realizable approximately at the value stated in the ordinary course of the business.

9. Figures in bracket represent previous year's figures.

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Mar 31, 2011

1. Previous years figures have been regrouped/ reclassified wherever necessary. Accordingly, amounts and other disclosure for the previous year are included as an integral part of the current year's financial statement and are to be read in relation to the amounts and other disclosures relating to the current year

2. In the opinion of the Board, loans and advances are approximately of the value stated, if realized in the ordinary course of business.

3. The outstanding amount in respect of loans and advances, current liabilities, sundry debtors, advance to land owners and payments received from customers are subject to confirmations.

4. Amounts due to Small Scale Industrial Undertakings is Rs. NIL as at 31.03.2011 (Previous year Rs.NIL).

5. In the opinion of the Board there is no contingent liability of the company.

6. No provision has been made for gratuity liability for the period as the payment of Gratuity Act is not applicable.

7. Related Party Disclosures: Key managerial personnel :

Mr. T. Ashok Raj (Managing Director)

Mrs. T. Kamala Devi ( Director)

Mrs M Sunitha (Director)

Mr. N. Gajraj (NEI Director)

Mr. S. Vijayan (NEI Director)

Mr. J. Chandra Sekar (NEI Director, w e f: 27.06.2009)

Relatives to Key Managerial Personnel :

Mr. P. Tarachand Jain - Father of Managing Director

Mr, T. Mahendar Raj - Brother of Managing Director

T. Ashok Raj HUF - Managing Director is Karta

A. Sumitha - Wife of Managing Director

8. Deferred Tax:

The Company has provided deferred tax in accordance with the Accounting Standard - 22 (Accounting for taxes on Income) issued by the Institute of Chartered Accountants of India applicable with effect from 1-4-2002.

9. Segment Reporting:

The company is engaged in the business of Construction / Real Estate Activity which is the only significant Business Segment and hence Segment reporting is not considered necessary.

10. Balance of current assets, loans and advance are as per Books are subject to confirmation. In the opinion of management, these are realizable approximately at the value stated in the ordinary course of the business.

11. Figures in bracket represent previous year's figures.

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Mar 31, 2010

1. Previous years figures have been regrouped/ reclassified wherever necessary. Accordingly, amounts and other disclosure for the previous year are included as an integral part of the current years financial statement and are to be read in relation to the amounts and other disclosures relating to the current year.

2. In the opinion of the Board, loans and advances are approximately of the value stated, if realized in the ordinary course of business.

3. The outstanding amount in respect of loans and advances, current liabilities, sundry debtors, advance to land owners and payments received from customers are subject to confirmations.

4. Amounts due to Small Scale Industrial Undertakings is Rs. NIL as at 31.03.2010 (Previous year Rs.NIL).

5. In the opinion of the Board there is no contingent liability of the company.

6. No provision has been made for gratuity liability for the period as the payment of Gratuity Act is not applicable.

7. Related Party Disclosures: Key managerial personnel :

Mr. T. Ashok Raj (Managing Director)

Mrs. T. Kamala Devi ( Director)

Mrs M Sunitha (Director)

Mr. N. Gajraj (NEI Director)

Mr. S. Vijayan (NEI Director)

Mr. J. Chandra Sekar (NEI Director, w e f:27.06.2009)

Relatives to Key Managerial Personnel :

Mr. R Tarachand Jain - Father of Managing Director

Mr. T. Mahendar Raj - Brother of Managing Director

T. Ashok Raj HUF - Managing Director is Karta

A. Sumitha - Wife of Managing Director

Related Party Transactions:

The following transactions are carried out with the related parties in the ordinary course of business :

Current Year Previous Year

1. Directors Remuneration

- Mr. T. Ashok Raj Rs. 1,80,000/- Rs. 1,64,449/-

2. Rent

- Mrs. A. Sumitha Rs. 114,000/- Rs.114.000/-

8. Deferred Tax:

The Company has provided deferred tax in accordance with the Accounting Standard - 22 (Accounting for taxes on Income) issued by the Institute of Chartered Accountants of India applicable with effect from 1-4-2002.

9. Segment Reporting:

The company is engaged in the business of Construction / Real Estate Activity which is the only significant Business Segment and hence Segment reporting is not considered necessary.

10. Earnings per Share:

Basic and Diluted Earnings per share (as per AS 20 issued by the Institute of Chartered Accountant of India) :

Net Profit for the year (after tax) Rs.28t ,268/-

Weighted Average no. of Equity Shares 3000000

Nominal value of Shares 10/-

Basic and Diluted EPS Rs.0.094/-

11. Balance of current assets, loans and advance are as per Books are subject to confirmation. In the opinion of management, these are realizable approximately at the value stated in the ordinary course of the business.

12. Provision of Rs. NIL (previous year Rs.5,764/-) towards Fringe Benefit Tax (FBT) as Tax payable under section 115W of the Income Tax Act,1961 has been made for the current year.

13. Work in progress of Rs.1,694,696.45/- {previous year Rs. NIL) is transferred to inventory account.

14. BSE Revocation Charges of Rs.360,000/- (previous year Rs. NIL) denotes re-instatement charges paid to BSE for revocation of suspension in trading of equity shares.

15. Figures in bracket represent previous years figures.