Notes to Accounts of Suyog Gurbaxani Funicular Ropeways Ltd.

Mar 31, 2025

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.

5. Earning Per Share (EPS) :-

The Company reports Basic earnings per equity share in accordance with the Accounting Standard - 20
on Earning Per Share. In determining earning per share, the Company considers the net profit after tax
and includes the post tax effect of any extraordinary/exceptional items. The number of shares used in
computing basic earning per share is the weighted average number of equity shares outstanding during
the period. The numbers of shares used in computing diluted earning per share comprises the weighted
average number of equity shares that would have been issued on the conversion of all potential equity

6. Segment Reporting :-

The Company has carried on the business of 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 during the year, thus there is only one
business segment. Hence segment reporting is not provided.

There is no geographical segment.

7. Investments :-

Investments thatare readilyrealisableand intendedtobeheld fornotmorethanayearareclassifiedascurrent
investments. All other investments are classified as long-term investment. Current investment are carried at
lower of costand fair value determined on an individual i tem basis. Long-term investmentsare carried atcost.
However, provision for diminution in value is made to recognise a decline other than temporary in the
value of the investments.

8. Borrowing Cost :-

Borrowing Cost includes Interest and Other Cost incurred in connection with the borrowing of funds.

Borrowing Cost that are directly attributable to the construction of a qualifying asset is capitalized as
Cost of the respective asset.

9. Income Tax :-

Income tax comprises current and deferred tax. Income tax expense is recognized in the statement of
profit and loss.

10. Employee Benefit :-

The Company has not made any provision in respect of Retirement Benefits of Employees & the
expenditure claimed if any is on basis of actual payment made during the year.

11 Income Tax

- Current Income Tax

The Company is in Tax Holiday - Deduction under section 80-IA of the Income Tax Act, 1956. Hence,
no provision for current income tax is made during the year.

- Deferred Income Tax

Deferred income tax assets and liabilities are recognized for deductible and taxable temporary
differences arising between the tax base of assets and liabilities and their carrying amount in financial
statements, except when the deferred income tax arises from the initial recognition of goodwill or an
asset or liability in a transaction that is not a business combination and affects neither accounting nor
taxable profits or losses at the time of the transaction. Deferred income tax assets are recognized to the
extent that it is probable that taxable profit will be available against which the deductible temporary
differences and the carry forward of unused tax credits and unused tax losses can be utilized.

Deferred income tax liabilities are recognized for all taxable temporary differences. The carrying amount
of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred income
tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are
expected to apply in the period when the asset is realized or the liability is settled, based on tax rates
(and tax laws) that have been enacted or substantively enacted at the reporting date.

12. Employee Benefit :-

The Company has not made any provision in respect of Retirement Benefits of Employees & the
expenditure claimed if any is on basis of actual payment made during the year.

13. Previous year figures have been re-grouped / re-classified wherever necessary to correspond with the
current year''s classification / disclosures.

As per our report of even date attached For & on behalf of Board of Directors

herewith

For Aniket Kulkarni & Associates (Rajkumar Gurbaxani) (Shivshankar Lature)

Chartered Accountants Director Director

FRN -130521W DIN :- 00324101 DIN :- 02090972

CA Esha Sawant (Amey Dhananjay Bodas) (Jagadamma P. Wandhare)

Partner Company Secretary Chief Financial Officer

M no-135225 M. No. :- A50027 PAN:-AAEPW4616L

Date- May 27^th 2025
UDIN-25135225BM1OPB7865

---

Mar 31, 2024

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.

b) Capital Commitments :-

Estimated amount of contracts remaining to be executed on capital account and not provided for:- Nil

2. Related Parties :-

As per Accounting Standard - 18, Details of Related Party is as under :-

a. Key Mangement Personnel :-Directors of the Company

Mr. Rajkumar Dwarakadas Gurbaxani Mr. Omprakash Dwarakadas Gurbaxani Mr. Shivshankar Gurushantappa Lature Mrs. Manisha Suyog Shelar (From 04.09.2021)

Mr. Hrishikesh Deodatta Marathe Mr. Ramlal Kishan Sarote

Mr. Suyash Shivshankar Lature (From 21.01.2022)

Mr. Aditya Rajkumar Gurbaxani (From 21.01.2022)

Mr. Nandan Kumar Basu (From 09.11.2022)

Chief Financial Officer of the Company

5. Earning Per Share (EPS) :-

The Company reports Basic earnings per equity share in accordance with the Accounting Standard - 20 on Earning Per Share. In determining earning per share, the Company considers the net profit after tax and includes the post tax effect of any extraordinary/exceptional items. The number of shares used in computing basic earning per share is the weighted average number of equity shares outstanding during the period. The numbers of shares used in computing diluted earning per share comprises the weighted average number of equity shares that would have been issued on the conversion of all potential equity shares. Dilutive potential equity shares have been deemed converted as of the beginning of the period, unless issued at a later date.

6. Segment Reporting :-

The Company has carried on the business of 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 during the year, thus there is only one business segment. Hence segment reporting is not provided. There is no geographical segment.

7. Investments :-

Investments thatarereadilyrealisableand intendedtobeheld fornotmorethanayearareclassifiedascurrent investments. All other investments are classified as long-term investment. Current investment are carried at lower of cost and fair value determined on an individual item basis. Long-term investments are carried at cost. However, provision for diminution in value is made to recognise a decline other than temporary in the value of the investments.

8. Borrowing Cost :-

Borrowing Cost includes Interest and Other Cost incurred in connection with the borrowing of funds.

Borrowing Cost that are directly attributable to the construction of a qualifying asset is capitalized as Cost of the respective asset.

9. Income Tax :-

Income tax comprises current and deferred tax. Income tax expense is recognized in the statement of profit and loss.

10. Employee Benefit :-

The Company has not made any provision in respect of Retirement Benefits of Employees & the expenditure claimed if any is on basis of actual payment made during the year.

11. Income Tax Current Income Tax

The Company is in Tax Holiday - Deduction under section 80-IA of the Income Tax Act, 1956. Hence, no provision for current income tax is made during the year.

Deferred Income Tax

Deferred income tax assets and liabilities are recognized for deductible and taxable temporary differences arising between the tax base of assets and liabilities and their carrying amount in financial statements, except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profits or losses at the time of the transaction. Deferred income tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized.

Deferred income tax liabilities are recognized for all taxable temporary differences. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

12. Employee Benefit :-

The Company has not made any provision in respect of Retirement Benefits of Employees & the expenditure claimed if any is on basis of actual payment made during the year.

13. Previous year figures have been re-grouped / re-classified wherever necessary to correspond with the current year''s classification / disclosures and necessary adjustments made to Inventories

E. ADDITIONAL REGULATORY INFORMATION : -

1. Title Deeds of Immovable Property Not Held In The Name of The Company

The company does not hold any immovable property whose title deeds are not held in the name of the company nor jointy holds such immovable property with others.

2. Benami Property

There are no proceedings that have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

3. Security of Current Assets against Borrowings

The Company has no borrowings from banks or financial institutions on the basis of security of current assets.

4. Wilful Defualter

The company is not declared a wilful defaulter by any bank or financial institution or any other lender.

5. Relationship With Struck Off Companies

The company has not entered into any transaction with Struck off Companies under Section 248 of the Companies Act, 2013 or Section 560 of the Companies Act, 1956.

9. Compliance With The Approved Scheme(S) of Arrangements

The company has not applied for any scheme of Arragements from any authorities in terms of Section 230 to 237 of the Companies Act, 2013.

10. Utilisation of Borrowed funds and share premium

The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other source or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries).

1. Intangible Assets : -

(i) Intangible assets are recognized as per the criteria specified in AS-26

Intangible Assets as specified in the Companies (Accounting Standards) Rule, 2006.

Toll Collection Rights are obtained as consideration for rendering construction, operation and maintenance service in relation to building and maintenance of the Project on Build, Operate and Transfer (BOT) basis. The cost of such toll collection comprises construction cost of Funicular Ropeway, Pre-Operative Expenses and Finance Cost. Such costs on completion of the project are capitalized as Intangible Assets.

(ii) Toll collection rights in respect of Construction of Funicular Ropeway on Build, Operate & Transfer (BOT) basis are amortized over the period of concession. The Concession period of the project is 15.11.2009 to 14.06.2030. The Company has commenced the commercial operation from 03.07.2018. The balance concession period left is 12 Years. However, as per the Management Representation received the Company is in the process of getting the extension of concession period by a period of 3 Years and accordingly the amortization of Intangible Asset is taken as 15 Years.

(iii) Borrowing Cost includes Interest and Other Cost incurred in connection with the borrowing of funds. Borrowing Cost that are directly attributable to the construction of a qualifying asset is capitalized as Cost of the respective asset.

2. Impairment : -

(i) The management periodically assesses, using external and internal sources, whether there is an indication that the asset may be impaired. An impairment loss is recognized wherever the carrying value of an asset exceeds its recoverable amount. An impairment loss for an asset is reversed if and only if, the reversal can be related objectively to an event occurring after the impairment loss was recognized. There are no impairment loss as on the balance sheet date.

CA Esha Sawant For & on behalf of Board of Directors

Suyog Gurbaxani Funicular Ropeways Limited

M.No 155225

UDIN: 24135225BKGOQC1590

For ^{Aniket Kulkarni} & ^Associates (Rajkumar Gurbaxani) (Shivshankar G Lature)

Partner Whole-time Director Director

DIN 00324101 DIN 02090972

(Pratima Hirani) (Jagadamma P. Wandhare)

Place :- Mumbai Company Secretary Chief Financial Officer

Date :- May 30, 2024 M. No. :- A61468 PAN :- AAEPW4616L

---

Mar 31, 2023

1. a)	Contingent Liabilities :- Claim against the Company not acknowledged as debts :-
	Particulars	2022-2023	2021-2022
	By employees for Wages and Other Benefits	Nil	Nil
	Statutory Dues & Taxes under Dispute	Nil	Nil
	Contingent Liabilities on financial assurance under Bank Guarantee / Letter of Credit (LC)	Nil	Nil
	Guarantees given by the Company	Nil	Nil

b) Capital Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided forNil

Earning Per Share (EPS) :-

The Company reports Basic earnings per equity share in accordance with the Accounting Standard - 20 on Earning Per Share. In determining earning per share, the Company considers the net profit after tax and includes the post tax effect of any extraordinary/exceptional items. The number of shares used in computing basic earning per share is the weighted average number of equity shares outstanding during the period. The numbers of shares used in computing diluted earning per share comprises the weighted average number of equity shares that would have been issued on the conversion of all potential equity shares. Dilutive potential equity shares have been deemed converted as of the beginning of the period, unless issued at a later date. Earning Per Share is computed as under:-

Segment Reporting :-

The Company has carried on the business of 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 duringthe year, thus there is only one business segment. Hence segment reporting is not provided. There is no geographical segment.

7. Investments :-

I nvestments that are readily realisable and intended to be held for not more than ayear are classified as current investments. All other investments are classified as long-term investment. Current investment are carried at lower of cost and fair value determined on an individual item basis. Long-term investments are carried at cost. However, provision for diminution in value is made to recognise a decline other than temporary in the value of the investments.

8. Borrowing Cost :-

Borrowing Cost includes Interest and Other Cost incurred in connection with the borrowing of funds.

Borrowing Cost that are directly attributable to the construction of a qualifying asset is capitalized as Cost of the respective asset.

9. Income Tax :-

Income tax comprises current and deferred tax. Income tax expense is recognized in the statement of profit and loss.

10. Employee Benefit :-

The Company has not made any provision in respect of Retirement Benefits of Employees & the expenditure claimed if any is on basis of actual payment made during the year.

11. Income Tax Current Income Tax

The Company is in Tax Holiday - Deduction under section 80-IA of the Income Tax Act, 1956. Hence, no provision for current income tax is made during the year.

Deferred Income Tax

Deferred income tax assets and liabilities are recognized for deductible and taxable temporary differences arising between the tax base of assets and liabilities and their carrying amount in financial statements, except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profits or losses at the time of the transaction. Deferred income tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized.

Deferred income tax liabilities are recognized for all taxable temporary differences. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

12. Employee Benefit :-

The Company has not made any provision in respect of Retirement Benefits of Employees & the expenditure claimed if any is on basis of actual payment made during the year.

13. Development Expenses - Haji Malang (EPC Contract) :-

The Company has entered into an EPC Contract to complete the Haji Malang Projec. The Development Expenses amounting to Rs. 6,33,411.08 (Rupees in Hundreds) is shown under Work- in-progess and routed is through Changes in Inventories (Notes No 18 - Changes in Inventories).

14. Disruption of Business Operations :-

The operations of the company were disrupted from 20.07.2022 till 25.09.2022, due to Vajralepa to Goddess Saptashrungi .

15. Previous year figures have been re-grouped / re-classified wherever necessary to correspond with the current year''s classification / disclosures.

E. ADDITIONAL REGULATORY INFORMATION : -

1. Title Deeds of Immovable Property Not Held In The Name of The Company

The company does not hold any immovable property whose title deeds are not held in the name of the company nor jointy holds such immovable property with others.

2. Benami Property

There are no proceedings that have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

3. Security of Current Assets against Borrowings

The Company has no borrowings from banks or financial institutions on the basis of security of current assets.

4. Wilful Defualter

The company is not declared a wilful defaulter by any bank or financial institution or any other lender.

5. Relationship With Struck Off Companies

The company has not entered into any transaction with Struck off Companies under Section 248 of the Companies Act, 2013 or Section 560 of the Companies Act, 1956.

7. Compliance With Number of Layers Of Companies

The Company is in compliance with the number of layers prescribed under clause (87) of Section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.

* Net profit after taxes Non-cash operating expenses Interest Other adjustments like loss on sale of fixed assets etc.

# Tangible Net Worth Deferred Tax Liabilities Lease Liabilities

9. Compliance With The Approved Scheme(S) of Arrangements

The company has not applied for any scheme of Arragements from any authorities in terms of Section 230 to 237 of the Companies Act, 2013.

10. Utilisation of Borrowed funds and share premium

The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other source or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries).

Terms /rights attached to Shares

i) The Company has one class of Equity Shares having at par value of Rs. 10 /- each. Each holder of equity shares is entitled to one vote per share. Each Shareholder is entitled for dividend declared / proposed if any by Board of Directors which is subject to the approval of the Shareholders in the ensuing Annual General Meeting.

ii) In the event of Liquidation of the company, the holders of Equity Shares will be entitled to receive remaining assets of the company after distribution of all preferntial amount. The distribution will be in proportion to the number of Equity Shares held by the Shareholder.

iii) No Bonus Shares issued during the preceeding 5 Years

The Borrowings from Banks and Financial Institutions have been utilised for the specific purpose for which they were borrowed.

Confirmation of Balances from parties under Corporate Loans and Non-Corporate Loans has not been received by the company. These balances have therefore been taken as per the Books of Accounts of the company which is subject to confirmation, reconciliation & adjustments if any.

1. Confirmation of Balances from parties under Trade Payables has not been received by the company. These balances have therefore been taken as per the Books of Accounts of the company which is subject to confirmation, reconciliation & adjustments if any.

2. As per MSME Act, 2006 necessary memorandum has been requested from suppliers and same is awaited. Status of the creditors is not known hence the entire trade payable is shown as "Trade Payable- Due to other than Micro & Medium Enterprises.

1. Plant, Property and Equipment : -

Plant, Property and Equipment are stated at cost net of recoverable taxes, trade discounts and rebates and include amounts added on revaluation, less accumulated depreciation and impairment loss, if any. The cost of plant, property and equipment comprises its purchase price, borrowing cost and any cost directly attributable to bringing the asset 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.Subsequent expenditures related to an item of Plant, Property and Equipment are added to its book value only if they increase the future benefits from the existing asset beyond its previously assessed standard of performance.

2. Impairment : -

The management periodically assesses, using external and internal sources, whether there is an indication that the asset may be impaired. An impairment loss is recognized wherever the carrying value of an asset exceeds its recoverable amount. An impairment loss for an asset is reversed if and only if, the reversal can be related objectively to an event occurring after the impairment loss was recognized.

3. Revaluation

The management has not revalued any of the listed Plant, property and Equipment.

4. Capital Work-In-Progress

There are no Plant,Property or Equipment or Intangible Assets curently under Work-In-Progress.

1. Intangible Assets : -

(i) Intangible assets are recognized as per the criteria specified in AS-26

Intangible Assets as specified in the Companies (Accounting Standards) Rule, 2006.

Toll Collection Rights are obtained as consideration for rendering construction, operation and maintenance service in relation to building and maintenance of the Project on Build, Operate and Transfer (BOT) basis. The cost of such toll collection comprises construction cost of Funicular Ropeway, Pre-Operative Expenses and Finance Cost. Such costs on completion of the project are capitalized as Intangible Assets. "

(ii) Toll collection rights in respect of Construction of Funicular Ropeway on Build, Operate & Transfer (BOT) basis are amortized over the period of concession. The Concession period of the project is 15.11.2009 to 14.06.2030. The Company has commenced the commercial operation from 03.07.2018. The balance concession period left is 12 Years. However, as per the Management Representation received the Company is in the process of getting the extension of concession period by a period of 3 Years and accordingly the amortization of Intangible Asset is taken as 15 Years.

(iii) Borrowing Cost includes Interest and Other Cost incurred in connection with the borrowing of funds. Borrowing Cost that are directly attributable to the construction of a qualifying asset is capitalized as Cost of the respective asset.

2. Impairment : -

(i) The management periodically assesses, using external and internal sources, whether there is an indication that the asset may be impaired. An impairment loss is recognized wherever the carrying value of an asset exceeds its recoverable amount. An impairment loss for an asset is reversed if and only if, the reversal can be related objectively to an event occurring after the impairment loss was recognized. There are no impairment loss as on the balance sheet date.

Confirmation of Balances from parties under Trade Receivables has not been received by the company. These balances have therefore been taken as per the Books of Accounts of the company which is subject to confirmation, reconciliation & adjustments if any.

Cash and cash equivalents includes deposits maintained by the Company with banks, which can be withdrawn by the Company at any point of time without prior notice or penalty on the principal.

1. Revenue is recognized to the extent it is probable that the economic benefits will flow to the company and revenue can be reliably measured.

2. Fee Collection from the user of the Funicular Ropeway, Rent from the Shops, Hotel Rent and Parking Tickets is accounted for as and when the amount is due and recovery is certain.