Accounting Policies of Suyog Gurbaxani Funicular Ropeways Ltd. Company

Mar 31, 2025

A. CORPORATE INFORMATION

Suyog Gurbaxani Furnicular Ropeways Limited ( formerly known as "Suyog Gurbaxani Funicular Ropeways
Private Limited" ) is a Limited Company domiciled in India and incorporated under the provisions of the
Companies Act having Corporate Identity No. (CIN) :- L45203MH2010PLC200005. The Company has been
awarded the work to design, engineer, procure, finance, construct, operate and maintain Funicular Ropeway
on Build, Operate & Transfer (BOT) basis at Saptashrungi Gad, Vani, Kalwan, Nashik, and to charge and collect
the toll fees as per Concession Agreement dated 12.01.2010, executed with Government of Maharashtra,
Public Works Department. The Concession period of the project is 15.11.2009 to 14.06.2030. The Company
has completed the project and has started collection of toll with effect from 03.07.2018.

B. BASIS OF ACCOUNTING

a. These financial statements have been prepared on Accrual Basis under the historical cost convention,
in conformity with all material aspects with the Generally Accepted Accounting Principles in India, the
applicable accounting standards as prescribed under Section 133 of the Companies Act''2013 read with
Rule 7 of the Companies (Accounts) Rules''2014.

b. An asset has been be classified as current when it satisfies any of the following criteria :—

• it is expected to be realised in, or is intended for sale or consumption in, the company''s normal
operating cycle;

• it is held primarily for the purpose of being traded;

• it is expected to be realised within twelve months after the reporting date; orm

• it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for
at least twelve months after the reporting date.

All other assets has been classified as non-current.

c. A liability has been classified as current when it satisfies any of the following criteria:—

• it is expected to be settled in the company''s normal operating cycle;

• it is held primarily for the purpose of being traded;

• it is due to be settled within twelve months after the reporting date; or

• the company does not have an unconditional right to defer settlement of the liability for at least twelve
months after the reporting date. Terms of a liability that could, at the option of the counterparty,
result in its settlement by the issue of equity instruments do not affect its classification.

All other liabilities has been classified as non-current."

C. SIGNIFICANT ACCOUNTING POLICIES

1. Use of Estimates : -

The preparation of the Financial Statements in confirmity with Generally Accepted Accounting Principles
(GAAP) in India requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosures relating to contingent liabilities as at the date of the
financial statements and reported amount of income and expenses during the period. Examples of such
estimates includes future obligation with respect to employees benefits, income taxes, useful lives of
fixed assets etc. Although these estimates are based upon management''s best knowledge of current
events and actions, actual results could differ from these estimates. Difference between the actual
results and estimates are recognised in the period in which the results are known / materialised.

2. Accounting for Taxes

Tax expense comprises of current tax and deferred tax. Current tax is measured at the amount expected
to be paid to the tax authorities, using the applicable tax rates. Deferred income tax reflect the current
period timing differences between taxable income and accounting income for the period and reversal
of timing differences of earlier years/period. Deferred tax assets are recognised only to the extent that
there is a reasonable certainty that sufficient future income will be available except that deferred tax
assets, in case there are unabsorbed depreciation or losses, are recognised if there is virtual certainty
that sufficient future taxable income will be available to realise the same.

3. Significant Events Occurring After Balance Sheet Date :-

Impact of Signification Events occurring after Balance Sheet Date is given by specific mention in the
Directors Report.

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Mar 31, 2024

NOTE “ 1 “ SIGNIFICANT ACCOUNTING POLICIES

A. CORPORATE INFORMATION

Suyog Gurbaxani Furnicular Ropeways Limited ( formerly known as "Suyog Gurbaxani Funicular Ropeways Private Limited" ) is a Limited Company domiciled in India and incorporated under the provisions of the Companies Act having Corporate Identity No. (CIN) :- L45203MH2010PLC200005. The Company has been awarded the work to design, engineer, procure, finance, construct, operate and maintain Funicular Ropeway on Build, Operate & Transfer (BOT) basis at Saptashrungi Gad, Vani, Kalwan, Nashik, and to charge and collect the toll fees as per Concession Agreement dated 12.01.2010, executed with Government of Maharashtra, Public Works Department. The Concession period of the project is 15.11.2009 to 14.06.2030. The Company has completed the project and has started collection of toll with effect from 03.07.2018.

B. BASIS OF ACCOUNTING

a. These financial statements have been prepared on Accrual Basis under the historical cost convention, in conformity with all material aspects with the Generally Accepted Accounting Principles in India, the applicable accounting standards as prescribed under Section 133 of the Companies Act''2013 read with Rule 7 of the Companies (Accounts) Rules''2014.

b. An asset has been be classified as current when it satisfies any of the following criteria :—

it is expected to be realised in, or is intended for sale or consumption in, the company''s normal operating cycle;

- it is held primarily for the purpose of being traded;

- it is expected to be realised within twelve months after the reporting date; or

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

All other assets has been classified as non-current.

c. A liability has been classified as current when it satisfies any of the following criteria:— it is expected to be settled in the company''s normal operating cycle;

it is held primarily for the purpose of being traded;

it is due to be settled within twelve months after the reporting date; or

the company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

All other liabilities has been classified as non-current.

C. SIGNIFICANT ACCOUNTING POLICIES

1. Use of Estimates : -

The preparation of the Financial Statements in confirmity with Generally Accepted Accounting Principles (GAAP) in India requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures relating to contingent liabilities as at the date of the financial statements and reported amount of income and expenses during the period. Examples of such estimates includes future obligation with respect to employees benefits, income taxes, useful lives of fixed assets etc. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates. Difference between the actual results and estimates are recognised in the period in which the results are known / materialised.

2. Accounting for Taxes

Tax expense comprises of current tax and deferred tax. Current tax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates. Deferred income tax reflect the current period timing differences between taxable income and accounting income for the period and reversal of timing differences of earlier years/period. Deferred tax assets are recognised only to the extent that there is a reasonable certainty that sufficient future income will be available except that deferred tax assets, in case there are unabsorbed depreciation or losses, are recognised if there is virtual certainty that sufficient future taxable income will be available to realise the same.

3. Significant Events Occurring After Balance Sheet Date :-

Impact of Signification Events occurring after Balance Sheet Date is given by specific mention in the Directors Report.

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Mar 31, 2023

NOTE “ 1 “ SIGNIFICANT ACCOUNTING POLICIES

A. CORPORATE INFORMATION

Suyog Gurbaxani Furnicular Ropeways Limited ( formerly known as "Suyog Gurbaxani Funicular Ropeways Private Limited" ) is a Limited Company domiciled in India and incorporated under the provisions of the Companies Act having Corporate Identity No. (CIN) L45203MH2010PLC200005. The Company has been awarded the work to design, engineer, procure, finance, construct, operate and maintain Funicular Ropeway on Build, Operate & Transfer (BOT) basis at Saptashrungi Gad, Vani, Kalwan, Nashik, and to charge and collect the toll fees as per Concession Agreement dated 12.01.2010, executed with Government of Maharashtra, Public Works Department. The Concession period of the project is 15.11.2009 to 14.06.2030. The Company has completed the project and has started collection of toll with effect from 03.07.2018.

B. BASIS OF ACCOUNTING

a. These financial statements have been prepared on Accrual Basis under the historical cost convention, in conformity with all material aspects with the Generally Accepted Accounting Principles in India, the applicable accounting standards as prescribed under Section 133 of the Companies Act''2013 read with Rule 7 of the Companies (Accounts) Rules''2014.

b. An asset has been be classified as current when it satisfies any of the following criteria :—

• it is expected to be realised in, or is intended for sale or consumption in, the company''s normal operating cycle;

• it is held primarily for the purpose of being traded;

• it is expected to be realised within twelve months after the reporting date; or

• it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting date.

All other assets has been classified as non-current.

c. A liability has been classified as current when it satisfies any of the following criteria:—

• it is expected to be settled in the company''s normal operating cycle;

• it is held primarily for the purpose of being traded;

• it is due to be settled within twelve months after the reporting date; or

• the company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

All other liabilities has been classified as non-current."

C. SIGNIFICANT ACCOUNTING POLICIES

1. Use of Estimates : -

The preparation of the Financial Statements in confirmity with Generally Accepted Accounting Principles (GAAP) in India requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures relating to contingent liabilities as at the date of the financial statements and reported amount of income and expenses during the period. Examples of such estimates includes future obligation with respect to employees benefits, income taxes, useful lives of fixed assets etc. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates. Difference between the actual results and estimates are recognised in the period in which the results are known / materialised.

2. Accounting for Taxes

Tax expense comprises of current tax and deferred tax. Current tax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates. Deferred income tax reflect the current period timing differences between taxable income and accounting income for the period and reversal of timing differences of earlier years/period. Deferred tax assets are recognised only to the extent that there is a reasonable certainty that sufficient future income will be available except that deferred tax assets, in case there are unabsorbed depreciation or losses, are recognised if there is virtual certainty that sufficient future taxable income will be available to realise the same.

3. Significant Events Occurring After Balance Sheet Date :-

Impact of Signification Events occurring after Balance Sheet Date is given by specific mention in the Directors Report.

4. Provisions, Contingent Liabilities and Contingent Assets : -

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are generally not provided for in the books of accounts and are separately shown in the financial statements.