(g) Provisions
Provisions are recognised when the Company has a present obligation as a result of a past event,
it is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of the amount of the obligation. If the effect
of the time value of money is material, provisions are discounted using a current pre-tax rate that
reflects, when appropriate, the risks specific to the liability.
The timing of recognition and quantification of the liability (including litigations) requires the
application of judgement to existing facts and circumstances, which can be subject to change. The
carrying amounts of provisions and liabilities are reviewed regularly and revised to take account
of changing facts and circumstances.
(h) Contingent Liabilities
Disclosure of contingent liability is made when there is a possible obligation arising from past
events, the existence of which will be confirmed only by the occurrence or non-occurrence of one
or more uncertain future events not wholly within the control of the Company or a present
obligation that arises from past events where it is either not probable that an outflow of resources
embodying economic benefits will be required to settle or a reliable estimate of amount cannot
be made.
(i) Employee Benefits Expense
The undiscounted amount of short-term employee benefits expected to be paid in exchange for
the services rendered by employees are recognised as an expense during the period when the
employees render the services
The Company recognises when contribution payable to the provident fund scheme as an expense,
when an employee renders the related service. If the contribution payable to the scheme for
service received before the balance sheet date exceeds the contribution already paid, the deficit
payable to the scheme is recognised as a liability. If the contribution already paid exceeds the
contribution due for services received before the balance sheet date, then excess is recognized
as an asset to the extent that the pre-payment will lead to a reduction in future payment or a
cash refund.
The Company pays gratuity to the employees who have completed five years of service with the
Company at the time of resignation/ superannuation. The gratuity is paid @15 days basic salary
for every completed year of service as per the Payment of Gratuity Act, 1972
(j) Tax Expenses
The tax expenses for the period comprises of current tax and deferred income tax. Tax is
recognised in Statement of Profit and Loss, except to the extent that it relates to items recognised
in the Other Comprehensive Income. In which case, the tax is also recognised in Other
Comprehensive Income
Current Tax
Current tax assets and liabilities are measured at the amount expected to be recovered from or
paid to the Income Tax authorities, based on tax rates and laws that are enacted at the Balance
sheet date.
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 assets are recognised to the extent it is probable that taxable profit will be available
against which the deductible temporary differences, and the carry forward of unused tax losses
can be utilised. 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
carrying amount of Deferred tax liabilities and assets are reviewed at the end of each reporting
period.
(k) Revenue Recognition
Revenue from contracts with customers is recognised when control of the goods or services are
transferred to the customer at an amount that reflects the consideration entitled in exchange for
those goods or services. The Company is generally the principal as it typically controls the goods
or services before transferring them to the customer
Generally, control is transferred upon shipment of goods to the customer or when the goods is
made available to the customer, provided transfer of title to the customer occurs and the
Company has not retained any significant risks of ownership or future obligations with respect to
the goods shipped
Revenue from rendering of services is recognized over time by measuring the progress towards
complete satisfaction of performance obligations at the reporting period
Revenue is measured at the amount of consideration which the Company expects to be entitled
to in exchange for transferring distinct goods or services to a customer as specified in the contract,
excluding amounts collected on behalf of third parties (for example taxes and duties collected on
behalf of the government). Consideration is generally due upon satisfaction of performance
obligations and a receivable is recognised when it becomes unconditional
Trade Receivables
A receivable represents the Company's right to an amount of consideration that is unconditional
Contract Liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the
Company has received consideration or is due from the customer. If a customer pays
consideration before the Company transfers goods or services to the customer, a contract liability
is recognised when the payment is made or the payment is due (whichever is earlier).
Contract liabilities are recognised as revenue when the Company performs under the contract.
Interest Income
Interest Income from a Financial Assets is recognised using effective interest rate method.
Dividend Income
Dividend Income is recognised when the Company's right to receive the amount has been
established.
(l) Financial Instruments
i)Financial Assets
Initial Recognition and Measurement
All Financial Assets are initially recognised at fair value. Transaction costs that are directly
attributable to the acquisition or issue of Financial Assets, which are not at Fair Value Through
Profit or Loss, are adjusted to the fair value on initial recognition. Purchase and sale of Financial
Assets are recognized using trade date accounting. However, trade receivables that do not contain
a significant financing component are measured at transaction price
Financial Assets measured at Amortised Cost (AC)
A Financial Asset is measured at Amortised Cost if it is held within a business model whose
objective is to hold the asset in order to collect contractual cash flows and the contractual terms
of the Financial Asset give rise to cash flows on specified dates that represent solely payments of
principal and interest on the principal amount outstanding
Financial Assets measured at Fair Value Through Other Comprehensive Income (FVTOCI)
A Financial Asset is measured at FVTOCI if it is held within a business model whose objective is
achieved by both collecting contractual cash flows and selling Financial Assets and the contractual
terms of the Financial Asset give rise on specified dates to cash flows that represents solely
payments of principal and interest on the principal amount outstanding
Financial Assets measured at Fair Value Through Profit or Loss (FVTPL)
A Financial Asset which is not classified in any of the above categories are measured at FVTPL.
Financial assets are reclassified subsequent to their recognition, if the Company changes its
business model for managing those financial assets. Changes in business model are made and
applied prospectively from the reclassification date following the changes in business model in
accordance with principles laid down under Ind AS 109 - Financial Instruments
Investment in Subsidiaries, Associates and Joint Ventures
The Company has accounted for its investments in Subsidiaries, associates and joint venture at
cost less impairment loss (if any). The investments in preference shares with the right of surplus
assets which are in nature of equity in accordance with Ind AS 32 are treated as separate category
of investment and measured at FVTOCI.
Other Equity Investments
All other equity investments are measured at fair value, with value changes recognized in
Statement of Profit and Loss, except for those equity investments for which the Company has
elected to present the value changes in 'Other Comprehensive Income'. However, dividend on
such equity investments are recognised in Statement of Profit and loss when the Company's right
to receive payment is established.
Impairment of Financial Assets
In accordance with Ind AS 109, the Company uses 'Expected Credit Loss'(ECL) model, for
evaluating impairment of Financial Assets other than those measured at Fair Value Through Profit
and Loss (FVTPL).
ii)Financial Liabilities
Initial Recognition and Measurement
All Financial Liabilities are recognised at fair value and in case of borrowings, net of directly
attributable cost. Fees of recurring nature are directly recognised in the Statement of Profit and
Loss as finance cost.
Financial Liabilities are carried at amortised cost using the effective interest method. For trade
and other payables maturing within one year from the balance sheet date, the carrying amounts
approximate fair value due to the short maturity of these instruments
Derecognition of Financial Instruments
The Company derecognises a Financial Asset when the contractual rights to the cash flows from
the Financial Asset expire or it transfers the Financial Asset and the transfer qualifies for
derecognition under Ind AS 109. A Financial liability (or a part of a Financial liability) is
derecognized from the Company's Balance Sheet when the obligation specified in the contract is
discharged or cancelled or expires.
(m) Non-current Assets Held for Sale
Non-current assets are classified as held for sale if their carrying amount will be recovered
principally through a sale transaction rather than through continuing use and sale is considered
highly probable.
A sale is considered as highly probable when decision has been made to sell, assets are available
for immediate sale in its present condition, assets are being actively marketed and sale has been
agreed or is expected to be concluded within 12 months of the date of classification.
Non-current assets held for sale are neither depreciated nor amortised. Assets and liabilities
classified as held for sale are measured at the lower of their carrying amount and fair value less
cost of disposal and are presented separately in the Balance Sheet.
(n) Earnings Per Share
Basic earnings per share is calculated by dividing the net profit after tax by the weighted average
number of equity shares outstanding during the year adjusted for bonus element in equity share.
Diluted earnings per share adjusts the figures used in determination of basic earnings per share
to take into account the conversion of all dilutive potential equity shares. Dilutive potential equity
shares are deemed converted as at the beginning of the period unless issued at a later date.
(n) Accounting Judgements and Estimation of Uncertainty
The preparation of the Company's Financial Statements requires management to make
judgement, estimates and assumptions that affect the reported amount of revenue, expenses,
assets and liabilities and the accompanying disclosures. Uncertainty about these assumptions and
estimates could result in outcomes that require a material adjustment to the carrying amount of
assets or liabilities affected in next financial years.
15 Contingent Liabilities & Comments
Under the Income Tax Act, 1961, assessment of income for the assessment years 2009-2010,have taken place under
section 143(3) of the Income Tax Act, 1961. As a result a total demand of Rs. 614.51 Lakhs has arisen. Aggrieved by the
orders so passed, the company has filed appeals before the Commissioner of Income Tax (Appeals) in the respective
assessment years. Considering the nature of additions made and recent judicial pronouncements, there are good chances
that the additions shall be deleted in the appellate proceedings and therefore no provision in this respect has been made
in respect of outstanding demand.
16 Employment Benefits
Provision for Gratuity, Leave Encashment and bonus has not been made as none of the employee have completed the
minimum qualified period of services.
18 Segment Reporting
The Company has only one segment of activity during the year, hance segment wise reporting as defined in accounting
standard 17 is not applicable.
19 Related Party Transaction
As per Indian Accounting Standard 24 (Ind AS-24) 'Related Party Transactions' as prescribed by Companies (Indian
Accounting Standards) Rules, 2015, the Company's related parties and transactions are disclosed below
20 Balances in the accounts of debtors, creditors and con-tracts and contractors, certain Bank Accounts are taken
subject to confirmation and reconciliation and only upon such confirmation and reconciliation, the entries for
discounts, claims and writing off sundry balances etc. will be recorded in the books.
21 In the absence of detailed information from Small Scale and Ancillary Undertaking, included under the head Sundry
Creditors dues there from are not ascertained as on the date of Balance Sheet.
22 CSR Activity
As per the Companies Act, 2013, all companies having a net woth of Rs. 500 crore or more, or a turnover of Rs. 1000
crore or more or a net profit of Rs. 5 crore or more during any financial year are required to constiture a CSR Committee of
the Board of Director comprising three director. All such companies are requaired to spend at least 2% of the average net
profit of their three immediately preceding financial years on CSR-related activities. , hence the provisions of CSR activity
not applicable to the company
23 Other Information
i) In the opinion of the management, the current assets and loans & advances are approximately of the value stated, if
realised / paid in the ordinary course of business. The provisions for all known liabilities is adequte and is not in excess of
ii) Balances grouped under non current Liabilities, Current Assets , and Non current assets in certain cases are subject to
confirmation and reconcillation from respective parties, impect of the same , if any , shall be accounted as when
24 Other information required under part I and Part II of schedule III of Companies Act 2013, are either NIL or NOT
Applicable
26 The previous year figures have been regrouped, rearranged wherever necessary.
As per our report of even date attached
For K. S. Subrahmanyam & Co. For and on Behalf of the Board of Directors of
Chartered Accountants FOR G-TECH INFO-TRAINING LIMITED
FRN: 017461S
SD/- SD/- SD/-
K. S. Subrahmanyam Sangramkumar M Das Gautam Kalu Mohite
Proprietor Managing Director Director
M. No.: 018630 (DIN No: 05235448) (DIN No.: 07703344)
UDIN:-25018630BMHCBF9998
Place : Mumbai
Date :14/05/2025
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