Accounting Policies of Bluegod Entertainment Ltd. Company

Mar 31, 2025

B. Significant Accounting Policies

B.1 Basis of Preparation and Presentation

B.1.1 Statement of Compliance

The financial statements comply in all material aspects with Indian Accounting Standards (Ind AS) notified under
Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules,
2015 and the Companies (Indian Accounting Standards) Amendment Rules, 2016. The financial statements up to
year ended March 31, 2025 were prepared in accordance with the accounting standards notified under
Companies (Accounting Standard) Rules, 2006 (as amended) and other relevant provisions of the Act. Previous
period figures in the financial statements have been restated in Ind AS.

B.1.2 Basis of Measurement

The standalone financial statements have been prepared on a historical cost basis, on the accrual basis of
accounting except for certain financial assets and liabilities measured at fair value at the end of each reporting
period, as explained in relevant schedule notes.

B.1.3 Functional and presentation currency

Indian rupee is the functional and presentation currency.

B.1.4 Use of estimates

The preparation of the financial statements in conformity with Ind AS requires management to make estimates,
judgments and assumptions.

These estimates, judgments and assumptions affect the application of accounting policies and the reported
amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial
statements and reported amounts of revenues and expenses during the period.

Accounting estimates could change from period to period. Actual results could differ from those estimates.
Appropriate changes in estimates are made as management becomes aware of changes in circumstances
surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which
changes are made and, if material, their effects are disclosed in the notes to the financial statements.

Application of accounting policies that require critical accounting estimates involving complex and subjective
judgments and the use of assumptions in these financial statements are:

- Useful lives of Property, plant and equipment

- Valuation of financial instruments

- Provisions and contingencies

- Income tax and deferred tax

- Measurement of defined employee benefit obligations

- Export Incentive

B.2 Revenue Recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and
the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or
receivable.

B.2.1 Sale of Services

Revenue from sale of services is recognized when the Company transfers all significant risks and rewards of
ownership to the buyer, while the Company retains neither continuing managerial involvement nor effective
control over the products sold.

Revenue is exclusive of excise duty and is reduced for estimated customer returns, commissions, rebates and
discounts and other similar allowances.

B.2.2 Other Operating Revenue

Other Operating Revenue comprises of income from ancillary activities incidental to the operations of the
company and is recognised when the right to receive the income is established as per the terms of contracts.

B.2.3 Dividend and Interest income

Dividend income is recognized when the right to receive payment has been established (provided that it is
probable that the economic benefits will flow to the Company and the revenue can be measured reliably).

Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest
rate applicable (provided that it is probable that the economic benefits will flow to the Company and the
revenue can be measured reliably).

B.3 Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which
are assets that necessarily take a substantial period of time to get ready for their intended use, are added to the
cost of those assets, until such time as the assets are substantially ready for their intended use. All other
borrowing costs are recognised in profit or loss in the period in which they are incurred.

B.4 Income Taxes

Income tax expense represents the sum of the tax currently payable and deferred tax. Current and deferred tax
are recognised in profit or 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.

Current tax:

Current tax is determined on taxable profits for the year chargeable to tax in accordance with the applicable tax
rates and the provisions of the Income Tax Act, 1961 including other applicable tax laws that have been enacted
or substantively enacted.

Provisions for current income taxes are presented in the balance sheet after off-setting advance taxes paid and
TDS/TCS receivables.

Minimum Alternate Tax (MAT) credit is recognized as an asset only when and to the extent there is convincing
evidence that the Company will pay normal income tax during the specified period. In the year in which the MAT
credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in
Guidance Note issued by the Institute of Chartered Accountants of India. MAT Credit Entitlement, is classified as
unused tax credits under deferred tax by way of a credit to the statement of profit and loss.

Deferred tax:

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax
liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally
recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be
available against which those deductible temporary differences can be utilised. Deferred tax asset is recognised
for the carry forward of unused tax losses and unused tax credits to the extent that it is probable that future
taxable profit will be available against which the unused tax losses and unused tax credits can be utilised.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset
to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which
the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or
substantively enacted by the end of the reporting period.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the
manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying
amount of its assets and liabilities.

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Mar 31, 2024

i. Significant Accounting Policies
(a) Property, plant and equipment
i. Recognition and Measurement

Items of property, plant and equipment are measured at cost, which includes capitalised
borrowing costs, less accumulated depreciation and accumulated impairment losses, if any.
Cost of an item of property, plant and equipment comprises its purchase price, including
import duties and non-refundable Purchase taxes, after deducting trade discounts and rebates,
any directly attributable cost of bringing the item to its working condition for its intended use
and estimated costs of dismantling and removing the item and restoring the site on which it is
located.

The cost of a self-constructed item of Property, plant and equipment comprises the cost of
materials and direct labour, any other costs directly attributable to bringing the item to
working condition for its intended use, and estimated costs of dismantling and removing the
item and restoring the site on which it is located.

If significant parts of an item of property, Plant and equipment have different useful lives, then
they are accounted for as separate items (major components) of property, plant and
equipment.

Any gain or loss on disposal of an item of Property, plant and equipment is recognised in profit
or loss.

\ .

ii Subsequent Expenditure:

Subsequent expenditure is capitalised only if it is probable that the future economic
benefits associated with the expenditure will flow to the Company.

iii Depreciation:

Depreciation is calculated on cost of items of Property, plant and equipment less their
estimated residual values over their estimated useful lives using the straight-line method
and is recognised in the statement of . profit and loss.
The estimated useful lives of items of property, plant and equipment for the current and
comparative periods are as follows:

Depreciation method, useful lives and residual values are reviewed at each financial year-
end and adjusted if appropriate. Based on internal assessment and consequent advice, the
management believes that its estimates of useful lives as given above best represent the
period over which management expects to use these assets.

Depreciation on additions (disposals) is provided on a pro-rata basis i.e. from (up to) the
date on which asset is ready for use (disposed off).

(b) Intangible Assets : The company does not own any intangible assets as at the Balance
Sheet date.

(d) Foreign Currency Transactions : During the year under review the company did not
have any Foreign Currency Transactions.

(e) Impairment of Non-Financial Assets:

An asset is deemed impairable when recoverable value is less than its carrying cost and the
difference between the two represents provisioning exigency. Recoverable value is the
higher of the ''Value in Use'' and fair value as reduced by cost of disposal. Test of impairment
of assets are generally undertaken based on indication of impairment, if any, from external
and internal sources of information.

(f) Employee Benefits:

(a) Short Term Employee Benefits:

Short-term employee benefit obligations are measured on an undiscounted basis and
are expensed as the related service is provided. A liability is recognised for the amount
expected to be paid e.g., under short-term cash bonus, if the Company has a present
legal or constructive obligation to pay this amount as a result of past service provided by
the employee, and the amount of obligation can be estimated reliably.

(b) Defined Contribution Plans:

A defined contribution plan is a post-employment benefit plan under which an entity
pays fixed contributions into a separate entity and will have no legal or constructive
obligation to pay further amounts, the Company makes specified monthly contributions
towards Government administered provident fund and Employee State Insurance
Scheme. Obligations for contributions to defined contribution plans are recognised as an
employee benefit expense in profit or loss in the periods during which the related
services are rendered by employees. Prepaid contributions are recognised as an asset to
the extent that a cash refund or a reduction in future payments is available.

(c ) Defined benefit plans:

A defined benefit plan is a post-employment benefit plan other than a defined
contribution plan. The Company''s net obligation in respect of defined benefit plans is
calculated by estimating the amount of future benefit that employees have earned in

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the current and prior periods, discounting that amount and deducting the fair value of
any plan assets.

The calculation of defined benefit obligation is performed annually by a qualified
actuary using the projected unit credit method.

Remeasurements of the net defined benefit liability, which comprise actuarial gains and
losses are recognised in OCI. The Company determines the net interest expense
(income) on the net defined benefit liability (asset) for the period by applying the
discount rate used to measure the defined benefit obligation at the beginning of the
annual period to the then-net defined benefit liability (asset)'' taking into account any
charges in the net defined benefit liability (asset) during the period as a result of
contributions and benefit payments. Net interest expense and other expenses related to
defined benefit plans are recognised in Profit or loss.

When the benefits of a plan are changed or when a plan is curtailed'' the resulting
change in benefit that relates to past service (''past service cost'' or ''past service gain'' or
the gain or loss.on curtailment is recognised immediately in Profit or loss, the Company
recognises gains and losses on the settlement of a defined benefit plan when the
settlement occurs

(d ) Other long-term employee benefits:

The Company''s net obligation in respect of long term employee benefits other than
post- employment benefits is the amount of future benefit that employees have earned
in return for their service in the current and prior periods; that benefit is discounted to
determine its present value The obligation is measured on the basis of an annual
independent actuarial valuation using the Projected unit credit method.
Remeasurements gains or losses are recognised in Profit or loss in the period in which
they arise. *

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Mar 31, 2015

1. Accounting Standard 1: Disclosure of Significant Accounting Policies

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the generally accepted accounting principles in India, the accounting standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956.

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Mar 31, 2014

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the generally accepted accounting principles in India, the accounting standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956.

2. Accounting Standard 2 - Valuation of Inventory Raw Material - At cost Work in Process - At prime cost Finished Goods - At lower of cost of production or net realizable Value Scrap - At realizable value Stores, spares, tools, jigs & packing material - At cost

3. Accounting Standard 4 - Contingencies and Events occurring after Balance Sheet date No such events have occurred.

4. Accounting Standard 5 - Net Profit or Loss for the period, prior period items and changes in accounting policies: Such items have been earmarked separately.

5. Accounting Standard 6 - Depreciation

Fixed Assets are depreciated on Straight line Value Method. Depreciation is provided for at the rates specified in Schedule - XIV to the Companies Act, 1956.

Depreciation is provided on pro - rata basis from the date of addition.

6. Accounting Standard 7 - Accounting for Construction Contracts The company has not entered into any construction contracts.

7. Accounting Standard 9 - Revenue Recognition:

Sale of goods is recognized on dispatch to customers and it is net of discount.

Dividend income is accounted for on receipt.

Interest income is recognized on a time proportion basis.

8. Accounting Standard 10 - Accounting for Fixed Assets

Fixed Assets are stated at cost of acquisition, less accumulated depreciation. Cost includes all expenses related to acquisition and installation of the concerned assets.

9. Accounting Standard 11 - Accounting for effects of change in Foreign Exchange Transactions in foreign currency are recorded at exchange rates prevailing on the date of the transaction. Assets and Liabilities related to foreign currency transactions, remaining unsettled at the year end, are stated at the contracted rates, when covered under forward exchange contracts and at year end rates in other cases. The premium payable on forward foreign exchange contracts is amortized over the period of contract. Exchange gains /losses are recognized in the profit and loss account except for exchange differences relating to fixed assets, which are adjusted in the cost of assets.

10. Accounting Standard 12 - Accounting for Government Grants

The company has received Government grants during the year. Capital subsidy is forming part of reserve & surplus while interest subsidy has been net off from interest paid.

11. Accounting Standard 13 - Accounting for Investments

Investments are classified into current and long-term investments. Long-term investments are carried at cost. Current investments are stated at lower of cost and net realizable value.

12.Accounting Standard 14- Accounting for Amalgamations The company has not undergone any amalgamation.

13. Accounting Standard 15 - Accounting for Retirement Benefits

As per the Company''s policy, provision for gratuity payable on retirement is done at the end of year and the payment is made accordingly.

14. Accounting Standard 16 - Borrowing Cost

Borrowing cost incurred during pre-operation period is capitalized and those incurred in the post operation period is recognized as an expense.

15. Accounting Standard 22 - Taxes on Income

Current tax is determined as the amount of tax payable in respect of taxable income for the year. The deferred tax for timing difference between the book and tax profit for the year is accounted using tax rates and tax laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred Tax assets arising from the timing difference are recognized to the extent that there is reasonable certainty that sufficient future taxable income will be available.

16.Accounting Standard 26 - Intangible Assets The company does not have any intangible assets

17. Accounting Standard 29 - Provisions, Contingent Liabilities & Contingent Assets

(Rs. in lacs)

Contingent Liabilities 2014 2013

Bank guarantee 26.82 42.56

Cases in appeal 14.03 20.71

Letter of Credit 19.75 51.21

Cess on royalty - 6.00

Contingent liabilities are generally not provided for in the books of account and Contingent assets are not recognised.

18. Notes to Quantitative Details

* Sale is inclusive of shortage if any

19. In the opinion of the Board current assets, loans & advances have value of realization in the ordinary course of business at least equal to the amount of which they are stated and that provision for known liabilities is adequate and not in excess of the amount reasonably necessary.

20. The HDPE division of the company is exempted from entry tax vide letter no. 1049 dated 19/03/2012 for the period 24/02/2011 to 23/02/2016. Accordingly entry tax has not been levied/ provided for.

21. Name of Small Scale Industrial undertakings to whom the company owes any sum together with interest outstanding for more than 30 days

* Distinct Polymers

* Varsha Printing Inks Mfg. Co.

* Asiatic Marketing Company

* Ganesh Polygraph

* Lohia Corp Limited

* Gandhar Oil Refinary India Ltd

22. Previous year figures have been regrouped and rearranged wherever considered necessary.

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Mar 31, 2013

1 Accounting Standard 1: Disclosure of Significant Accounting Policies

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the generally accepted accounting principles in India, the accounting standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956.

2. Accounting Standard 2 - Valuation of Inventory Raw Material - At cost Work in Process - At prime cost Finished Goods - At lower of cost of production or net realizable Value Scrap - At realizable value

Stores, spares, tools, jigs & packing material - At cost

3. Accounting Standard 4 - Contingencies and Events occurring after Balance Sheet date No such events have occurred.

4. Accounting Standard 5 - Net Profit or Loss for the period, prior period items and changes in accounting policies : Such items have been earmarked separately.

5. Accounting Standard 6 - Depreciation

Fixed Assets are depreciated on Straight line Value Method. Depreciation is provided for at the rates specified in Schedule - XIV to the Companies Act, 1956.

Depreciation is provided on pro-rata basis from the date of addition.

6. Accounting Standard 7 - Accounting for Construction Contracts The company has not entered into any construction contracts.

7. Accounting Standard 9 - Revenue Recognition:

Sale of goods is recognized on dispatch to customers and it is net of discount.

Dividend income is accounted for on receipt.

Interest income is recognized on a time proportion basis.

8. Accounting Standard 10 - Accounting for Fixed Assets

Fixed Assets are stated at cost of acquisition, less accumulated depreciation. Cost includes all expenses related to acquisition and installation of the concerned assets.

9. Accounting Standard 11 - Accounting for effects of change in Foreign Exchange

Transactions in foreign currency are recorded at exchange rates prevailing on the date of the transaction. Assets and Liabilities related to foreign currency transactions, remaining unsettled at the year end, are stated at the contracted rates, when covered under forward exchange contracts and at year end rates in other cases. The premium payable on forward foreign exchange contracts is amortized over the period of contract. Exchange gains /losses are recognized in the profit and loss account except for exchange differences relating to fixed assets, which are adjusted in the cost of assets.

2013 2012

Earning in foreign currency NIL NIL

Expenditure in foreign currency NIL NIL

10 Accounting Standard 12 - Accounting for Government Grants

The company has received Government grants during the year. Capital subsidy is forming part of reserve & surplus while interest subsidy has been net off from interest paid.

II Accounting Standard 13 - Accounting for Investments

Investments are classified into current and long-term investments. Long-term investments are carried at cost. Current investments are stated at lower of cost and net realizable value.

12 Accounting Standard 14- Accounting for Amalgamations The company has not undergone any amalgamation.

13 Accounting Standard 15 - Accounting for Retirement Benefits

As per the Company''s policy, provision for gratuity payable on retirement is done at the end of year and the payment is made accordingly.

14 Accounting Standard 16 - Borrowing Cost

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Mar 31, 2012

1.. Accounting Standard 1: Disclosure of Significant Accounting Policies

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the generally accepted accounting principles in India, the accounting standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956

2. Accounting Standard 2 - Valuation of Inventory Raw Material - At cost Work in Process - At prime cost Finished Goods - At lower of cost of production or net realizable Value Scrap - At realizable value

Stores, spares, tools, jigs & packing material - At cost.

3. Accounting Standard 4 - Contingencies and Events occurring after Balance Sheet date No such events have occurred.

4. Accounting Standard 5 - Net Profit or Loss for the period, prior period items and changes in accounting policies: Earlier year tax of Rs. 1,11,878 has been debited to Profit and loss account.

5. Accounting Standard 6 - Depreciation

Fixed Assets are depreciated on Straight line Value Method. Depreciation is provided for at the rates specified in Schedule - XIV to the Companies Act, 1956.

Depreciation is provided on pro-rata basis from the date of addition.

6. Accounting Standard 7 - Accounting for Construction Contracts

The company has not entered into any construction contracts.

7. Accounting Standard 9 - Revenue Recognition:

Sale of goods is recognized on dispatch to customers and it is net of discount.

Dividend income is accounted for on receipt.

Interest income is recognized on a time proportion basis.

8. Accounting Standard 10 - Accounting for Fixed Assets

Fixed Assets are stated at cost of acquisition, less accumulated depreciation. Cost includes all expenses related to acquisition and installation of the concerned assets.

9. Accounting Standard 11 - Accounting for effects of

change in Foreign Exchange

Transactions in foreign currency are recorded at exchange rates prevailing on the date of the transaction. Assets and Liabilities related to foreign currency transactions, remaining unsettled at the year end, are stated at the contracted rates, when covered under forward exchange contracts and at year end rates in other cases. The premium payable on forward foreign exchange contracts is amortized over the period of contract. Exchange gains /losses are recognized in the profit and loss account except for exchange differences relating to fixed assets, which are adjusted in the cost of assets.

2012 2011

Earning in foreign currency NIL NIL

Expenditure in foreign currency NIL NIL

10. Accounting Standard 12 - Accounting for Government Grants No government grant has been received during the year.

11. Accounting Standard 13 - Accounting for Investments

Investments are classified into current and long-term investments. Long-term investments are carried at cost. Current investments are stated at lower of cost and net realizable value.

12. Accounting Standard 14- Accounting for Amalgamations The company has not undergone any amalgamation.

13. Accounting Standard 15 - Accounting for Retirement Benefits

As per the Company''s policy, provision for gratuity payable on retirement is done at the end of year and the payment is made accordingly.

14. Accounting Standard 16 - Borrowing Cost

Borrowing cost incurred during pre-operation period is capitalized and those incurred in the post operation period is recognized as an expense.