1 COMPANY INFORMATION

GLOBAL LONGLIFE HOSPITAL AND RESEARCH LIMITED (’The Company” converted In to Limited from Private Limited In rhe month of August 2021) is a limited company limited by shares which was incorporated in the year 2012 under the provision of Companies Act, 19S6. The company is Multispecialty Hospital providing Medical & Allied Services. The company was established on the basis of innovative idea of Director Mr. Suresh Babulal Jani. On 04th May.2022 the equity shares ol the Company have been listed on the SME Platform of Bombay Stock Exchange limited. The financial statements of the Company for the year ended 31st March, 2023 were approved and adopted by board of directors In their meeting held on 30th May 2023

2 SIGNIFICANT ACCOUNTING POLICIES a Basis of Preparation

These financial statements have been prepared In accordance with the Generally Accepted Accounting Principles in India (‘Indian GAAP') to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013. as applicable The financial statements have been prepared under the historical cost convention on accrual basis, except for certain financial instruments which are measured at fair value

b Use of Estimates

The preparation of financial statements requires the management of the Company to make estimates and assumptions that affect the reported balances ol assets and liabilities and disclosures relating to the contingent liabilities as at the date of the financial statements and reported amounts of income and expense during the year. Examples of such estimates Include provisions for doubtful receivables, provision for Income taxes, the useful lives of depreciable Property, Plant and Equipment and provision for Impairment Future results could differ due to changes In these estimates and the difference between the actual result and the estimates are recognised in the period In which the results are known I materialise.

c Property. Plant and Equipment

Property, Plant and Equipment are Mated at cost, less accumulated depreciation / amortisation Costs include all expenses Incurred to bring the asset to Its present location and condition.

d Depredation and amortlxatlon

In respect of Property. Plant and Equipment (other than freehold land and capital work-m-progressl acquired during the year, depreclatlcn/amortisatlon Is charged on a straight line basis so as to write-off the cost of the assets over the useful lives.

As of the last date of Ihe financial year, the company did not hold any assets.

e Impairment of assets

At each balance sheet date, the management reviews the carrying amounts of its assets Included In each cash generating unit to determine whether there is any Indication that those assets were Impaired If any such indication exists, the recoverable amounl ol the asset Is estimated in order to determine the extent of impairment. Recoverable amount Is the higher of an asset's net selling price and value in use. In assessing value in use, the estimated future cash flows expected from the continuing use of the asset and fromfls disposal are discounted to their present value using a pretax discount rate that reflects the current market assessments of time value of money and the risks specific to the asset. Reversal ol impairment loss Is recognised os income In the statement of profit and loss, "

f Investment

Long-term Investments and current maturities of long-term investments are stated at cost, less provision for other than temporary diminution In value. Current investments, except for current maturities of long-term Investments, composing investments In mutual funds, government securities and bonds are stated at the lower of cost and fair value.

g Inventories

Raw materials are carried at the lower of cost and net realisable value. Cost is determined on a weighted average basis. Purchased goods-in-transit are carried at cost. Work-in-progress is carried at the lower of cost and net realisable value. Stores and spare parts are carded at lower of cost and net realisable value. Finished goods produced or purchased by the Company are carried at lower of cost and net realisable value. Cost Includes direct material and labour cost and a proportion of manufactunng overheads.

h Cash and cash equivalents

The Company considers all highly liquid financial instalments, which are readily convertible into known amount of cash that are subject to an insignificant risk of change in value and having original maturities of three months or less from the dale of purchase, to be cash equivalents

I Revenue recognition

Revenue from the sale of goods are recognised upon delivery, which is when title passes to the customer. Revenue is reported net of discounts.

Dividend -s recorded when the right to receive payment Is established Interest income Is recognised on time proportion basis taking into account the amount outstanding and the rate applicable.

J Employee Benefits

Post-employment benefit plans

Contnbudons to defined contribution retirement benefit schemes are recognised as expense when employees have rendered services entitling them to such benefits.

For defined benefit schemes, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at each balance sheet date. Actuarial gains and losses are recognised in full in the statement of profit and loss for the period m which they occur. Past service cost is recognised immediately to the extent that the benefits are already vested, or amortised on a straight-line basis over the average period until the benefits become vested.

The retirement benefit obligation recognised in the balance sheet represents the present value of the defined benefit obligation as adjusted for unrecognised past service cost, and as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to the present value of available refunds and reductions in future contributions to the scheme.

Other employee benefits

The undiscounted amount of short term employee benefits expected to be paid in exchange for the services rendered by employees is recognised during the period when the employee renders the service. These benefits include compensated absences such as paid annual leave, overseas social security contributions and performance incentives

Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related services are recognised as an actuarlally determined liability at the present value of the defined benefit obligation at the balance sheet date.

Foreign currency transactions

Income and expense in foreign currencies are converted at exchange rates prevailing on the date of the transaction. Foreign currency monetary assets and liabilities other than net investments in non-integral foreign operations are translated at the exchange rate prevailing on the baiance sheet date and exchange gains and losses are recognised in the statement of profit and loss. Exchange difference arising on a monetary item that, In substance, forms part of an enterprise's net Investments In a nonintegral foreign operation are accumulated in a foreign currency translation reserve.

Taxation

Current Income tax expense comprises taxes on income from operations In India and in foreign jurisdictions. Income taxpayable In India is determined in accordance with the provisions of the Income Tax Act, 1961. Tax expense relating to foreign operations is determined in accordance with tax laws applicable in countnes where such operations are domiciled

Minimum Alternative Tax (MAT) paid In accordance with the tax laws in India, which gives rise to future economic benefits In the form of adjustment of future Income tax liability. Is considered as an asset if there is convincing evidence that the Company will pay normal income tax after the tax holiday period. Accordingly, MAT is recognised as an asset in the balance sheet when the asset can be measured reliably and It Is probable that the future economic benefit associated with it will fructify.

Deferred tax expense or benefit is recognised on timing differences being the difference between taxable income and accounting income that originate In one period and is likely to reverse in one or more subsequent periods. Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.

Advance taxes and provisions for current Income taxes are presented in the balance sheet after off-settng advance tax paid and income tax provision arising in the same tax jurisdiction for relevant tax paying units and where the Company is able to and intends to settle the asset and liability on a net basis.

The Company offsets deferred tax assets and deferred tax liabilities if rt has a legally enforceable right and these relate to taxes on income levied by the same governing taxation laws

m Provisions, Contingent liabilities and Contingent assets

A provision is recognised when the Company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. Provisions {excluding retirement benefits and compensated absences) are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates Contingent liabilities are not recognised in the financial statements. A contingent asset is neither recognised nor disclosed in the financial statements.