Provisions:
A provision is recognized when there exists a present obligation as a result of past events and 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. Provisions
are not discounted to present value and are determined based on best estimates required to settle
the obligation at the reporting date. These estimates are reviewed at each reporting date and
adjusted to reflect the current best estimates.
Contingent liabilities:
A contingent liability is a possible obligation that arises from past events whose existence will be
confirmed only by the occurrence or non occurrence of one or more uncertain future events
beyond the control of the Company or a present obligation that is not recognized because it is not
probable that an outflow of resources will be required to settle the obligation. A contingent
liability also arises in extremely rare cases where there is a liability that cannot be recognized
because it cannot be measured reliably, the Company does not recognize a contingent liability
but discloses its existence in the financial statements.
Cash and cash equivalent:
Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in
hand and short-term deposits with banks with an original maturity of three months or less.
Other remarks
• The Company has generally been regular in depositing undisputed statutory dues
including income tax, sales tax, service tax, duty of customs, duty of excise, value added
tax, Goods and Services Tax, Cess and other material statutory dues to the appropriate
authorities.
• During the current financial period, certain reclassifications and regroupings of accounts
were made to enhance the presentation of the financial statements. These changes were
implemented to better align the financial reporting with industry practices and accounting
standards, without any impact on the overall financial position or performance of the
company. The reclassifications pertain only to presentation improvements and do not
affect the substance of the financial data.
For,
M N C A & ASSOCIATES
CHARTERED ACCOUNTANTS For GSM FOILS LIMITED
FRN: 100586W
NISHIT PABARI, FCA SAGAR BHANUSHALI MOHANSINGH PARMAR PRATIK MAKWANA
PARTNER CFO & Whole-time Director Managing Director Company Secretary
MEM. NO 149385 DIN : 09126902 DIN : 08413828
UDIN : 25149385BMIPYA5139
Place : VASAI (E)
Date : 08/05/2025
Foreign currency transactions are recorded in the reporting currency, by applying to the foreign
currency amount the exchange rate between the reporting currency and the foreign currency at
the date of the transaction.
Conversion:
Foreign currency monetary items are reported using the closing rate. Non-monetary items which
are carried in terms of historical cost denominated in a foreign currency are reported using the
exchange rate at the date of the transaction
Exchange Differences:
Exchange differences arising on the settlement of monetary items, or on reporting such monetary
items of Company at rates different from those at which they were initially recorded during the
year, or reported in previous financial statements, are recognized as income or as expenses in the
statement of profit and loss in the year in which they arise.
Derivatives and Commodity Hedging Transactions
In order to hedge its exposure to foreign exchange and commodity price risks, the Company
enters into forward, option, and other derivative financial instruments. The Company neither
holds nor issues any derivative financial instruments for speculative purposes. Derivative
financial instruments are initially recorded at their fair value on the date of the derivative
transaction and are re-measured at their fair value at subsequent balance sheet dates.
Foreign Exchange Earnings
During the year the Company has reported foreign exchange earnings of Rs. 0.00 Million
(Previous year: Rs. 0.00 Million). The foreign exchange outgo on account of import of raw
materials amounted to Rs. 0.00 Million (Previous year: Rs. 0.00 Million).
Disclosure related to Undisclosed income
There are no such transactions which are not recorded in the books of accounts that have been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax
Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act,
1961.
Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual Currency during the
financial year.
Other Accounting Standard Compliances
• For the compilation of the annual accounts for the financial year ended 31/03/2025 the
applicable accounting standards have been followed along with proper explanation relating to
the material departures.
• The Cash Flow statement is prepared by the indirect method set out in the accounting
standards on cash flow statement. Cash and cash equivalents for the purpose of cash flow
statement comprise cash at bank and in hand
• Diluted Earnings Per Share(EPS) pursuant to issue of shares on exercise of option calculated
in accordance with [Accounting Standard 20 ‘Earnings Per Share’]
• Additional Regulatory Information as per Para Y of Schedule III to Companies Act,
2013:
- The Company does not have any immovable property (other than properties where the
Company is the lessee and the lease agreements are duly executed in favour of the lessee)
whose title deeds are not held in the name of the company.
- The Company has not revalued its Property, Plant and Equipment
- The Company has not granted loans or advances in the nature of loans are granted to
promoters, Directors, KMPs and the related parties (as defined under Companies Act,
2013,) either severally orjointly with any other person, that are:
(a) repayable on demand or
(b) without specifying any terms or period of repayment
- No proceedings 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
- The Company has borrowings from banks or financial institutions on the basis of security
of current assets and quarterly returns or statements of current assets filed by the
Company with banks or financial institutions are subject to confirmation by the bank.
- The company does not have any transactions with companies struck off under section 248
of the Companies Act, 2013 or section 560 of Companies Act, 1956
- The Company does not have any scheme of arrangements which has been approved by
the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.
- The company does not have any investments and hence, compliance with the number of
layers prescribed under clause (87) of section 2 of the Act read with Companies
(Restriction on number ofLayers) Rules, 2017 is not applicable.
- No funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to or in any other
persons or entities, including foreign entities (“Intermediaries”), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall, directly or
indirectly lend or invest in other persons or entities identified in any manner whatsoever
(“Ultimate Beneficiaries”) by or on behalf of the Company or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries except for transaction of the
income tax liability of GSM Foils LLP was settled from the account ofLLP which is later
merged to the newly incorporated company, GSM Foils Limited. As informed to us the
said transaction will be settled in the current financial year by the directors of GSM Foils
Limited, who were previously partners in GSM Foils LLP, through their personal
accounts. The necessary adjustments will be made accordingly in the books of accounts.
- No funds have been received by the Company from any persons or entities, including
foreign entities (“Funding Parties”), with the understanding, whether recorded in writing
or otherwise, that the Company shall directly or indirectly, lend or invest in other persons
or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf
of the Funding Parties or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.
- During the current financial period, certain reclassifications and regroupings of accounts
were made to enhance the presentation of the financial statements. These changes were
implemented to better align the financial reporting with industry practices and accounting
standards, without any impact on the overall financial position or performance of the
company. The reclassifications pertain only to presentation improvements and do not
affect the substance of the financial data.
For,
MNCA& ASSOCIATES
Chartered Accountants
FRN: 100586W
NISHIT PABARI, FCA
(Partner)
Mem. No. 149385
UDIN : 25149385BMIPYA5139
Place : VASAI (E)
Date : 08.05.2025
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