Generic Engineering Construction and Projects Ltd. कंपली की लेखा नीति

Mar 31, 2025

(A) CORPORATE INFORMATION

Generic Engineering Construction and Projects Limited is Listed Public Limited Company incorporated under
the provisions of Companies Act, 1956, having registered office at 201 & 202, 2nd Floor, Fitwell House, Opp.
Home Town, LBS Road, Vikhroli (West), Mumbai - 400083, Maharashtra, India and engaged in the construction of
Residential, Industrial, Commercial and Institutional buildings. Shares of the Company are listed on BSE Limited
(BSE) and National Stock Exchange of India Limited (NSE).

SUMMARY OF MATERIAL ACCOUNTING POLICIES :

(B) BASIS OF PREPARATION

The Company''s financial statements have been prepared in accordance with the provisions of the Companies Act,
2013 and the Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards)
Rules, 2015 read with Section 133 of the Companies Act, 2013 (as amended from time to time). During the year, the
Company has adopted amendments to the said Schedule III. The application of these amendments do not impact
recognition and measurement in financial statements. However, it has resulted in additional disclosures which are
given under various notes in the financial statements.

These financial statements include Balance sheet, Statement of Profit and Loss, Statement of Changes in
Equity and Statement of Cash Flows and notes, comprising a summary of material accounting policies and other
explanatory information and comparative information in respect of the preceding period.

The financial statements have been prepared on a historical cost convention except for the certain financial assets
& liabilities measured at fair value (refer accounting policy regarding financial instruments)

(C) Presentation of financial statements :

The financial statements (except for Statement of Cash Flow) are prepared and presented in the format prescribed
in Division II - Ind AS Schedule III (“Schedule III”) to the Companies Act, 2013. The Statement of Cash Flow has
been prepared and presented as per the requirements of Ind AS 7 “Statement of Cash flows”. Amounts in the
financial statements are presented in Indian Rupees in Lakhs as per the requirements of Schedule III. “Per share”
data is presented in Indian Rupees upto two decimals places.

Accounting policies followed in the preparation of these financial statements are consistent with the previous year.

(D) Significant accounting judgments, estimates and assumptions

The preparation of the financial statements in conformity with generally accepted accounting principles requires
management to make judgments, estimates and assumptions that affect the reported amount of assets and liabilities
as of the balance sheet date, reported amounts of revenues and expenses for the period ended and disclosure of
contingent liabilities as of the balance sheet date along with their disclosures. The estimates and assumptions used
in these financial statements are based upon management''s evaluation of the relevant facts and circumstances
as on the date of the financial statements. Existing circumstances and assumptions about future developments,
however may change due to market changes or circumstances arising that are beyond the control of the Company.
Actual results may differ from those estimates. Any revision to accounting estimates is recognized prospectively.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are described below.

1. Revenue Recognition

The Company account for revenue in accordance with Ind AS 115 (Revenues from Contracts with Customers).
The unit of account in Ind AS 115 is a performance obligation. A contract''s transaction price is allocated to
each distinct performance obligation and recognised as revenue when, or as, the performance obligation
is satisfied. The Company''s performance obligations are satisfied over time as work progresses. Stage of
completion is determined with reference to the certificates authorized and approved by clients/ consultants
appointed by client as well as on the billing schedule agreed for value of work done during the year.

Due to the nature of the work required to be performed on the performance obligations, the estimation of total
revenue and cost at completion is complex, subject to many variables, and requires significant judgment.

Costs associated with specific risks are estimated by assessing the probability that conditions arising from
these specific risks will affect the Company''s total cost to complete the project. After work on a project begins,
assumptions that form the basis for the Company''s calculation of total project cost are examined on a regular
basis and the Company''s estimates are updated to reflect the most current information and management''s
best judgment. The nature of accounting for long-term contracts is such that refinements of the estimating
process for changing conditions and new developments arc continuous and characteristic of the process.
There are many factors, including, but not limited to, the ability to properly execute the engineering and design
phases consistent with customers'' expectations, the availability and costs of labour and material resources,
productivity, and weather, all of which can affect the accuracy of the Company''s cost estimates, and ultimately,
its future profitability.

UNBILLED REVENUE: These are initially recognized for revenue earned from construction projects contracts,
as receipt of consideration is conditional on successful completion of project milestones/certification. Upon
completion of milestone and acceptance/certification by the customer, the amounts recognised as Unbilled
Revenue are reclassified to trade receivables.

2. Taxes

Significant management judgement is required to determine the amount of deferred tax assets that can be
recognised, based upon the likely timing and the level of future taxable profits together with future tax planning
strategies.

3. Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be
measured based on quoted prices in active markets, their fair value is measured using valuation techniques
including the DCF model. The inputs to these models are taken from observable markets where possible, but
where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include
considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these
factors could affect the reported fair value of financial instruments.

4. Employee benefit plans

The cost of defined benefit gratuity plan and other post-employment benefits are determined using
actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual
developments in the future. These include the determination of the discount rate, future salary increases and
mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit
obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting
date. The mortality rate is based on publicly available mortality tables for India. Those mortality tables tend to
change only at interval in response to demographic changes. Future salary increases and gratuity increases
are based on expected future inflation rates.

5. Estimation of provisions and contingencies

Provision for expected credit losses of trade receivables and contract assets
Impairment of financial assets

The impairment provision for financial assets are based on assumptions about risk of default and expected
loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the
impairment calculation, based on the Company''s past history, existing market conditions as well as forward
looking estimates at the end of each reporting period. Estimated impairment allowance on trade receivables
is based on the aging of the receivable balances and historical experiences. Individual trade receivables are
written off when management deems them not to be collectible.

6. CURRENT VERSUS NON-CURRENT CLASSIFICATION

The Company presents assets and liabilities in the standalone balance sheet based on current/ non-current
classification.

An asset is treated as current when it is:

i) Expected to be realised or intended to be sold or consumed in normal operating cycle,

ii) Held primarily for the purpose of trading,

iii) Expected to be realised within twelve months after the reporting period, or

iv) Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least
twelve months after the reporting period

All other assets are classified as non-current.

A liability is current when:

i) It is expected to be settled in normal operating cycle,

ii) It is held primarily for the purpose of trading,

iii) It is due to be settled within twelve months after the reporting period, or

iv) There is no unconditional right to defer the settlement of the liability for at least twelve months after the
reporting period.

All other liabilities are classified as non-current.

Deferred tax assets and liabilities are classified as noncurrent assets and liabilities.

Operating cycle for current and non-current classification

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash
and cash equivalents. The Company has identified twelve months as its operating cycle.

7. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is based on
the presumption that the transaction to sell the asset or transfer the liability takes place either:

i) In the principal market for the asset or liability, or

ii) In the absence of a principal market, in the most advantageous market for the asset or liability

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximising the use of relevant observable inputs and minimising the
use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the standalone financial statements
are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is
significant to the fair value measurement as a whole:

Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement
is directly or indirectly observable.

Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement
is unobservable.

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company
determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation
(based on the lowest level input that is significant to the fair value measurement as a whole) at the end of
each reporting period. For the purpose of fair value disclosures, the Company has determined classes of
assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of
the fair value hierarchy as explained above.

In determining the fair value or its financial instruments, the Company uses a variety of methods and
assumptions that are based on market conditions and risks existing at each reporting date. The methods used
to determine fair value includes discounted cash flow analysis, available quoted market prices and dealer
quotes. All methods of assessing fair value result from general approximation of value and the same may
differ from the actual realised value.

8. REVENUE RECOGNITION

Revenue from contracts with customers is recognised when control of the goods and services are transferred
to the customer at an amount that reflects the consideration to which the Company expects to be entitled in
exchange for those goods or services.

Revenue is measured based on the consideration specified in the contract with customers. The Company
recognizes revenue when or as it transfers control over a good or service to a customer.

Allocation of transaction price to performance obligations - A contract''s transaction price is allocated to
each distinct performance obligation and recognised as revenue, when, or as, the performance obligation
is satisfied. To determine the proper revenue recognition method, the Company evaluate whether two or
more contracts should be combined and accounted for as one single contract and whether the combined or
single contract should be accounted for as more than one performance obligation. This evaluation requires
significant judgment; mostly the Company''s contracts have a single performance obligation as the promise
to transfer the individual services is not separately identifiable from other promises in the contracts and.
therefore, not distinct.

Variable consideration is included in the transaction price only to the extent that it is highly probable that
a significant reversal in the amount of cumulative revenue recognized will not occur when that uncertainty
associated with the variable consideration is subsequently resolved.

Progress billings are generally issued upon completion of certain phases of the work as stipulated in the
contract. Payment terms may either be fixed. lump-sum or driven by time and materials. Typically, the
customer retains a small portion of the contract price until completion of the contract.

Revenue recognised over time - The Company''s performance obligations are satisfied over time as work
progresses when performance obligations are fulfilled and control transfers to the customer. Revenue from
services transferred to customers is recognised over time. Stage of completion is determined with reference
to the certificates given by the Clients / Consultants appointed by Clients as well as on the billing schedule
agreed with them for the value of work done during the year.

For contracts where the aggregate of contract cost incurred to date plus recognised profits (or minus
recognised losses as the case may be) exceeds the progress billing, the surplus is shown as contract asset
and termed as “Unbilled revenue”. For contracts where progress billing exceeds the aggregate of contract
costs incurred to date plus recognised profits (or minus recognised losses, as the case may be), the surplus
is shown as contract liability and termed as “Excess of billing over revenue”. Amounts received before the
related work is performed are disclosed in the Balance Sheet as contract liability and termed as “Advances
from customer”. The amounts billed on customer for work performed and are unconditionally due for payment
i.e. only passage of time is required before payment falls due, are disclosed in the Balance Sheet as trade
receivables. The Group recognises impairment loss (termed as provision for expected credit loss in the
consolidated financial statements) on account of credit risk in respect of a contract asset using expected credit
loss model on similar basis as applicable to trade receivables.

Interest income is recognized on a time proportion basis taking into account the amount outstanding and the
applicable interest rate.

9. PROPERTY PLANT & EQUIPMENT (PPE)

Tangible Assets:

Property Plant & Equipment are stated at cost of acquisition less accumulated depreciation and impairment
loss, if any. The cost of acquisition includes direct cost attributable to bringing the assets to their present
location and working condition for their intended use. The cost of fixed assets includes interest on borrowings
attributable to acquisition of qualifying fixed assets up to the date the asset is ready for its intended use and
other incidental expenses incurred up to that date and excludes any tax for which input credit is taken.

Subsequent expenditure is capitalised only when it increases the future economic benefits for its intended
from the existing assets beyond its previously assessed standard of performance. When significant parts
of plant and equipment are required to be replaced at intervals, the Company depreciates them separately
based on their specific useful lives and capitalises cost of replacing such parts if capitalisation criteria are met.
All other repairs and maintenance are charged to profit or loss during the reporting period in which they are
incurred.

Gains or losses arising from derecognition of property, plant and equipment are measured as the difference
between the net disposal proceeds and the carrying amount of the asset and are recognized in the Statement
of Profit and Loss when the asset is derecognized.

Assets individually costing Rs. 5000 or less are expensed out in the year of acquisition.

Intangible Assets:

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition,
intangible assets are carried at cost less accumulated amortization and accumulated impairment losses, if
any. The amortization period and the amortization method are reviewed at least at each financial year end. If
the expected useful life of the asset is significantly different from previous estimates, the amortization period is
changed accordingly.

10. DEPRECIATION

Depreciation on Tangible assets:

Depreciation is provided on the written down value method over the useful life of the assets as specified in
Schedule II of the Companies Act, 2013. Depreciation is charged on a pro-rata basis from / up to the date of
acquisition /sale or disposal.

The Company has used the following useful lives as prescribed in Schedule II of the Companies Act, 2013

11. IMPAIRMENT OF ASSETS

As at the end of each accounting year, the Company reviews the carrying amounts of its non-financial assets
to determine whether there is any indication that those assets have suffered an impairment loss. If such
indication exists, the said assets are tested for impairment so as to determine the impairment loss, if any. The
intangible assets with indefinite life are tested for impairment each year.

Impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount.
Recoverable amount is determined:

i) In the case of an individual asset, at the higher of the net selling price and the value in use; and

ii) In the case of a cash generating unit (a group of assets that generates identified, independent cash
flows), at the higher of the cash generating unit''s net selling price and the value in use.

The amount of value in use is determined as the present value of estimated future cash flows from the
continuing use of an asset and from its disposal at the end of its useful life. For this purpose, the discount rate
(pre-tax) is determined based on the weighted average cost of capital of the Company suitably adjusted for
risks specified to the estimated cash flows of the asset).

For this purpose, a cash generating unit is ascertained as the smallest identifiable group of assets that
generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
If recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount,
such deficit is recognised immediately in the Statement of Profit and Loss as impairment loss and the carrying
amount of the asset (or cash generating unit) is reduced to its recoverable amount.

When an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is
increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does
not exceed the carrying amount that would have been determined had no impairment loss is recognised for
the asset (or cash generating unit) in prior years. A reversal of an impairment loss is recognised immediately
in the Statement of Profit and Loss.

12. FINANCIAL INSTRUMENTS

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity.

Financial assets

Initial recognition and measurement

All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair
value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.

Subsequent measurement of financial assets:

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair
value, depending on the classification financial assets.

Following are the categories of financial instrument:

a) Financial assets at amortised cost

b) Financial assets at fair value through other comprehensive income (FVTOCI)

c) Financial assets at fair value through profit or loss (FVTPL)

a) Financial assets at amortised cost: Financial assets are subsequently measured at amortised cost
using the effective interest rate method if these financial assets are held within a business whose
objective is to hold these assets in order to collect contractual cash flows and the contractual terms of
the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the
effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or

premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is

included in the statement of profit or loss. The losses arising from impairment are recognised in the profit
or loss. This category generally applies to trade and other receivables, loans and other financial assets.

b) Financial assets at fair value through other comprehensive income (FVTOCI)

Debt financial assets measured at FVOCI: Debt instruments are subsequently measured at fair value
through other comprehensive income 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 are solely payments of principal and
interest on the principal amount outstanding.

Financial assets included within the FVTOCI category are measured initially as well as at each
reporting date at fair value. Fair value movements are recognized in the other comprehensive income
(OCI). However, the Company recognizes interest income, impairment losses & reversals and foreign
exchange gain or loss in the Statement of Profit and Loss. On derecognition of the asset, cumulative
gain or loss previously recognised in OCI is reclassified from the equity to Statement of Profit and Loss.
Interest earned whilst holding FVTOCI financial assets is reported as interest income using the EIR
method.

c) Financial assets at fair value through profit or loss (FVTPL)

Investments in equity instruments are classified as at FVTPL, unless the Company irrevocably elects
on initial recognition to present subsequent changes in fair value in other comprehensive income for
investments in equity instruments which are not held for trading. Other financial assets such as unquoted
Mutual funds are measured at fair value through profit or loss unless it is measured at amortised cost or
at fair value through other comprehensive income on initial recognition.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e. removed from the Company''s balance sheet) when:

a) the rights to receive cash flows from the asset have expired, or

b) the Company has transferred its rights to receive cash flows from the asset, and

i) the Company has transferred substantially all the risks and rewards of the asset, or

ii) the Company has neither transferred nor retained substantially all the risks and rewards of the
asset, but has transferred control of the asset.

When the Company has transferred its rights to receive cash flows from an asset or has entered into
a pass through arrangement, it evaluates if and to what extent it has retained the risks and rewards of
ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the
asset, nor transferred control of the asset, the Company continues to recognize the transferred asset
to the extent of the Company''s continuing involvement. In that case, the Company also recognises
an associated liability. The transferred asset and the associated liability are measured on a basis that
reflects the rights and obligations that the Company has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the
lower of the original carrying amount of the asset and the maximum amount of consideration that the
Company could be required to repay.

On derecognition of a financial asset in its entirety, the differences between the carrying amounts
measured at the date of derecognition and the consideration received is recognised in the Statement of
Profit and Loss.

Impairment of financial assets

In accordance with Ind AS 109, the Company applies expected credit loss (‘ECL'') model for
measurement and recognition of impairment loss on the following financial assets and credit risk
exposure:

a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans,
deposits, trade receivables and bank balance

b) Financial assets that are debt instruments and are measured at FVTOCI.

c) Financial guarantee contracts which are not measured as at FVTPL.

The Company follows ‘simplified approach'' for recognition of impairment loss allowance on trade
receivables. The application of simplified approach does not require the Company to track changes in
credit risk.

Rather, it recognises impairment loss allowance based on lifetime ECLs at each reporting date, right
from its initial recognition.

For recognition of impairment loss on other financial assets and risk exposure, the Company determines
that whether there has been a significant increase in the credit risk since initial recognition. If credit
risk has not increased significantly, 12-month ECL is used to provide for impairment loss. However,
if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality
of the instrument improves such that there is no longer a significant increase in credit risk since initial
recognition, then the entity reverts to recognising impairment loss allowance based on 12-month ECL.

Lifetime ECL are the expected credit losses resulting from all possible default events over the expected
life of a financial instrument. The 12-month ECL is a portion of the lifetime ECL which results from default
events that are possible within 12 months after the reporting date.

ECL is the difference between all contractual cash flows that are due to the Company in accordance with
the contract and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted
at the original EIR. When estimating the cash flows, an entity is required to consider:

1. All contractual terms of the financial instrument (including prepayment, extension, call and similar
options) over the expected life of the financial instrument. However, in rare cases when the
expected life of the financial instrument cannot be estimated reliably, then the entity is required to
use the remaining contractual term of the financial instrument

2. Cash flows from the sale of collateral held or other credit enhancements that are integral to the
contractual terms.

ECL impairment loss allowance (or reversal) recognized during the period is recognized as
income/ expense in the Statement of Profit and Loss. This amount is reflected under the head
‘other expenses'' in the Statement of Profit and Loss. In the balance sheet, ECL is presented as an
allowance, i.e., as an integral part of the measurement of those assets in the balance sheet. The

allowance reduces the net carrying amount. Until the asset meets write-off criteria, the Company
does not reduce impairment allowance from the gross carrying amount.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit
or loss, loans and borrowings, payables. All financial liabilities are recognised initially at fair value and,
in the case of loans and borrowings and payables, net of directly attributable transaction costs. The
Company''s financial liabilities include trade and other payables, loans and borrowings.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or
loss include financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated
as such at the initial date of recognition and only if the criteria in Ind AS 109 are satisfied. For liabilities
designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognized
in OCI. These gains/ loss are not subsequently transferred to P&L. However, the Company may transfer
the cumulative gain or loss within equity. All other changes in fair value of such liability are recognised
in the statement of profit or loss. The Company has not designated any financial liability as at fair value
through profit and loss. Gains or losses on liabilities held for trading are recognised in the profit or loss
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated
as such at the initial date of recognition, and only if the criteria in Ind AS 109 are satisfied. For liabilities
designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognized
in OCI. These gains/ loss are not subsequently transferred to P&L. However, the Group may transfer the
cumulative gain or loss within equity. All other changes in fair value of such liability are recognised in the
statement of profit or loss.

Loans and borrowings

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised
cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are
derecognised as well as through the EIR amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit and loss.

This category generally applies to borrowings.

De-recognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the de-recognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit and loss.

Financial guarantee contracts

Financial guarantee contracts issued by the Company are those contracts that require a payment
to be made to reimburse the holder for a loss it incurs because the specified debtor fails to make a
payment when due in accordance with the terms of a debt instrument. Financial guarantee contracts are
recognised initially as a liability at fair value, adjusted for transaction costs that are directly attributable to
the issuance of the guarantee. Subsequently, the liability is measured at the higher of the amount of loss
allowance determined as per impairment requirements of Ind AS 109 and the amount recognised less
cumulative amortisation.

Reclassification of financial assets

The Company determines classification of financial assets and liabilities on initial recognition. After initial
recognition, no reclassification is made for financial assets which are equity instruments and financial
liabilities. For financial assets which are debt instruments, a reclassification is made only if there is a

change in the business model for managing those assets. Changes to the business model are expected
to be infrequent. The Company''s senior management determines change in the business model as a
result of external or internal changes which are significant to the Company''s operations. Such changes
are evident to external parties. A change in the business model occurs when the Company either begins
or ceases to perform an activity that is significant to its operations. If the Company reclassifies financial
assets, it applies the reclassification prospectively from the reclassification date which is the first day of
the immediately next reporting period following the change in business model. The Company does not
restate any previously recognised gains, losses (including impairment gains or losses) or interest.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if
there is a currently enforceable legal right to offset the recognised amounts and there is an intention to
settle on a net basis, to realise the assets and settle the liabilities simultaneously.

13. INVENTORIES

The Inventories have been valued at cost or net realizable value whichever is lower. The Inventory is
physically verified by the management at regular intervals. Cost of Inventory comprises of Cost of Purchase,
Cost of Conversion and other Costs incurred to bring them to their respective present location and condition.

Cost of Centering Material, Construction Materials are Valued at cost or net realizable value whichever is
lower, Work-in-progress consist of Work done but not certified and the incomplete work as on balance sheet
date and same is valued at cost or net realizable value whichever is lower.

14. EMPLOYEE BENEFIT EXPENSES
Short term employee benefits

All employee benefits payable wholly within twelve months of rendering the service are classified as short¬
term employee benefits. Benefits such as salaries, wages and short term compensated absences, etc. and
the expected cost of ex-gratia are recognised in the period in which the employee renders the related service.

Defined Benefit Plan

Gratuity liability is a defined benefit obligation and is provided for on the basis of an actuarial valuation on
Projected Unit Credit Method made at the end of the financial year. Actuarial gains and losses for both defined
benefit plans are recognized in full in the period in which they occur in the statement of OCI.

Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts
included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts
included in net interest on the net defined benefit liability), are recognised immediately in the standalone
balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they
occur. Re-measurements are not reclassified to profit or loss in subsequent periods.

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The
Company recognises the following changes in the net defined benefit obligation as an expense in the
Statement of Profit and Loss:

• Service costs comprising current service costs, past-service costs, gains and losses on curtailments and
non-routine settlements; and

• Net interest expense

15. TAXATION
Current Tax:

Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with
the Income-tax Act, 1961 enacted in India. Current income tax relating to items recognised outside profit
or loss are recognised in correlation to the underlying transaction either in other comprehensive income
or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to
situations in which applicable tax regulations are subject to interpretation and establishes provisions where
appropriate.

Deferred Tax:

Deferred tax is provided using the liability method on temporary differences between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes at the reporting date.

Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the
balance sheet date. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right
exists to set off current tax assets against current tax liabilities and the deferred tax assets and deferred tax
liabilities relate to the taxes on income levied by same governing taxation laws.

Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax
credits and any unused tax losses. Deferred tax assets are recognised 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 utilised.

The carrying amount of deferred 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 tax asset
to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised
to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be
recovered.

Deferred tax relating to items recognised outside profit or loss is recognised outside profit and loss (either in
other comprehensive income or in equity).

16. Borrowing costs

Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of
funds including interest expense calculated using the effective interest method.

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily
takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of
the asset until such time as the assets are substantially ready for the intended use or sale. All other borrowing
costs are expensed in the period in which they occur.

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Mar 31, 2024

1. SIGNIFICANT ACCOUNTING POLICIES

(A) CORPORATE INFORMATION

Generic Engineering Construction and Projects Limited is Listed Public Limited Company incorporated under the provisions of Companies Act, 1956, having registered office at 201 & 202, 2nd Floor, Fitwell House, Opp. Home Town, LBS Road, Vikhroli (West), Mumbai - 400083, Maharashtra, India and engaged in the construction of Residential, Industrial, Commercial and Institutional buildings. Shares of the Company are listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE).

(B) BASIS OF PREPARATION

(i) Compliance with Indian Accounting Standards (Ind AS)

The financial statements are prepared in accordance with Indian Accounting Standard (Ind AS), under the historical cost convention on accrual basis, except for certain financial instruments which are measured at fair values, the provisions of the Companies Act, 2013 (''''the Act'''') and guidelines issued by the Securities and Exchange Board of India (SEBI). The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules issued thereafter.

(ii) Consistency of accounting policy

Accounting policies have been consistently applied, except where a newly-issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. The material accounting policy information used in preparation of the audited financial statements have been discussed in the respective notes.

(iii) Functional currency and rounding of amounts

The financial statements are presented in Indian Rupees (INR), which is also the Company''s functional and presentation currency. All values are rounded to nearest rupees in Lakhs expect when otherwise stated and the currency of the primary economic environment in which the company operates.

(iv) Use of estimates and judgments

The preparation of the financial statements in conformity with Ind AS requires the management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. The application of accounting policies that require critical accounting estimates, which involve complex and subjective judgments and the use of assumptions in these financial statements. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates and judgments are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements. During the year Expected Credit loss, Inventory valuation, Gratuity provision areas were estimates and judgements have been made.

(v) Current vs. Non-current classification

The Company has ascertained its operating cycle* as twelve months for the purpose of Current/ Non-Current classification of its Assets and Liabilities.

For the purpose of Balance Sheet, an asset is classified as current if: o expected to be realized in the Company''s normal operating cycle; o The asset is intended for sale or consumption; o The asset is held primarily for the purpose of trading;

o The asset is expected to be realized/settled within twelve months after the reporting period;

o The asset 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 are classified as non-current.

Similarly, a liability is classified as current if: o expected to be settled in the Company''s normal operating cycle o The liability is held primarily for the purpose of trading; o It is due to be settled within twelve months after the reporting period;

o There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting date.

All other liabilities are classified as non-current.

*The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents. The Company has identified twelve months as its operating cycle.

Material accounting policies

1. PROPERTY PLANT & EQUIPMENT (PPE)

Tangible Assets:

Property Plant & Equipment are stated at cost of acquisition less accumulated depreciation and impairment loss, if any. The cost of acquisition includes direct cost attributable to bringing the assets to their present location and working condition for their intended use. The cost of fixed assets includes interest on borrowings attributable to acquisition of qualifying fixed assets up to the date the asset is ready for its intended use and other incidental expenses incurred up to that date and excludes any tax for which input credit is taken.

Subsequent expenditure is capitalized only when it increases the future economic benefits for its intended from the existing assets beyond its previously assessed standard of performance. When significant parts of plant and equipment are required to be replaced at intervals, the Company depreciates them separately based on their specific useful lives and capitalises cost of replacing such parts if capitalization criteria are met. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.

Gains or losses arising from derecognition of property, plant and equipment are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the Statement of Profit and Loss when the asset is derecognized.

Assets individually costing INR 5,000 or less are expensed out in the year of acquisition.

Intangible Assets:

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment losses, if any. The amortization period and the amortization method are reviewed at least at each financial year end. If the expected useful life of the asset is significantly different from previous estimates, the amortization period is changed accordingly.

2. DEPRECIATION

Depreciation on Tangible assets:

Depreciation is provided on the written down value method over the useful life of the assets as specified in Schedule II of the Companies Act, 2013. Depreciation is charged on a pro-rata basis from / up to the date of acquisition /sale or disposal.

The Company has used the following useful lives as prescribed in Schedule II of the Companies Act, 2013

3. IMPAIRMENT OF ASSETS

As at the end of each accounting year, the Company reviews the carrying amounts of its non-financial assets to determine whether there is any indication that those assets have suffered an impairment loss. If such indication exists, the said assets are tested for impairment so as to determine the impairment loss, if any. The intangible assets with indefinite life are tested for impairment each year.

Impairment loss is recognized when the carrying amount of an asset exceeds its recoverable amount. Recoverable amount is determined:

i) In the case of an individual asset, at the higher of the net selling price and the value in use; and

ii) In the case of a cash generating unit (a group of assets that generates identified, independent cash flows), at the higher of the cash generating unit''s net selling price and the value in use.

The amount of value in use is determined as the present value of estimated future cash flows from the continuing use of an asset and from its disposal at the end of its useful life. For this purpose, the discount rate (pre-tax) is determined based on the weighted average cost of capital of the Company suitably adjusted for risks specified to the estimated cash flows of the asset).

For this purpose, a cash generating unit is ascertained as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. If recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, such deficit is recognised immediately in the Statement of Profit and Loss as impairment loss and the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount.

When an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss is recognized for the asset (or cash generating unit) in prior years. A reversal of an impairment loss is recognized immediately in the Statement of Profit and Loss.

4 INVESTMENT PROPERTY

Investment properties are properties held to earn rentals and/or for capital appreciation but not for sale in the ordinary course of business, use in the production or supply of goods or services, or for administrative purposes.

The investment properties are initially measured at cost, including transaction costs. The cost of a purchased investment property includes its purchase price and any directly attributable expenditures. Transaction costs comprise legal fees, transfer taxes, and other directly related costs.

5 FINANCIAL INSTRUMENTS

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial assets

Initial recognition and measurement

All financial assets are recognized initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.

Subsequent measurement of financial assets:

All recognized financial assets are subsequently measured in their entirety at either amortized cost or fair value, depending on the classification financial assets.

Following are the categories of financial instrument:

a) Financial assets at amortized cost

b) Financial assets at fair value through other comprehensive income (FVTOCI)

c) Financial assets at fair value through profit or loss (FVTPL)

a) Financial assets at amortized cost: Financial assets are subsequently measured at amortized cost using the effective interest rate method if these financial assets are held within a business whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included in the statement of profit or loss. The losses arising from impairment are recognized in the profit or loss. This category generally applies to trade and other receivables, loans and other financial assets.

b) Financial assets at fair value through other comprehensive income (FVTOCI)

Debt financial assets measured at FVOCI: Debt instruments are subsequently measured at fair value through other comprehensive income 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 are solely payments of principal and interest on the principal amount outstanding.

Financial assets included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognized in the other comprehensive income (OCI). However, the Company recognizes interest income, impairment losses & reversals and foreign exchange gain or loss in the Statement of Profit and Loss. On derecognition of the asset, cumulative gain or loss previously recognized in OCI is reclassified from the equity to Statement of Profit and Loss. Interest earned whilst holding FVTOCI financial assets is reported as interest income using the EIR method.

c) Financial assets at fair value through profit or loss (FVTPL)

Investments in equity instruments are classified as at FVTPL, unless the Company irrevocably elects on initial recognition to present subsequent changes in fair value in other comprehensive income for investments in equity instruments which are not held for trading. Other financial assets such as unquoted Mutual funds are measured at fair value through profit or loss unless it is measured at amortised cost or at fair value through other comprehensive income on initial recognition.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e. removed from the Company''s balance sheet) when:

a) The rights to receive cash flows from the asset have expired, or

b) The Company has transferred its rights to receive cash flows from the asset, and

i) The Company has transferred substantially all the risks and rewards of the asset, or

ii) The Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognize the transferred asset to the extent of the Company''s continuing involvement. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay.

On derecognition of a financial asset in its entirety, the differences between the carrying amounts measured at the date of derecognition and the consideration received is recognized in the Statement of Profit and Loss.

Impairment of financial assets

In accordance with IND AS 109, the Company applies expected credit loss (''ECL'') model for measurement and recognition of impairment loss on the following financial assets and credit risk exposure:

a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, deposits, trade receivables and bank balance

b) Financial assets that are debt instruments and are measured at FVTOCI.

c) Financial guarantee contracts which are not measured as at FVTPL.

The Company follows ''simplified approach'' for recognition of impairment loss allowance on trade receivables. The application of simplified approach does not require the Company to track changes in credit risk.

Rather, it recognizes impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

For recognition of impairment loss on other financial assets and risk exposure, the Company determines that whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the entity reverts to recognizing impairment loss allowance based on 12-month ECL.

Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial instrument. The 12-month ECL is a portion of the lifetime ECL which results from default events that are possible within 12 months after the reporting date.

ECL is the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original EIR. When estimating the cash flows, an entity is required to consider:

i) All contractual terms of the financial instrument (including prepayment, extension, call and similar options) over the expected life of the financial instrument. However, in rare cases when the expected life of the financial instrument cannot be estimated reliably, then the entity is required to use the remaining contractual term of the financial instrument.

ii) Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the Statement of Profit and Loss. This amount is reflected under the head ''other expenses'' in the Statement of Profit and Loss. In the balance sheet, ECL is presented as an allowance, i.e., as an integral part of the measurement of those assets in the balance sheet. The allowance reduces the net carrying amount. Until the asset meets write-off criteria, the Company does not reduce impairment allowance from the gross carrying amount.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company''s financial liabilities include trade and other payables, loans and borrowings.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at fair value through profit or loss include financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated as such at the initial date of recognition and only if the criteria in IND AS 109 are satisfied. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognized in OCI. These gains/ losses are not subsequently transferred to P&L. However, the Company may transfer the cumulative gain or loss within equity. All other changes in fair value of such liability are recognized in the statement of profit or loss. The Company has not designated any financial liability as at fair value through profit and loss. Gains or losses on liabilities held for trading are recognized in the profit or loss financial liabilities designated upon initial recognition at fair value through profit or loss are designated as such at the initial date of recognition, and only if the criteria in IND AS 109 are satisfied. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognized in OCI. These gains/ losses are not subsequently transferred to P&L. However, the Group may transfer the cumulative gain or loss within equity. All other changes in fair value of such liability are recognized in the statement of profit or loss.

6 INVENTORIES

The Inventories have been valued at cost or net realizable value whichever is lower. The Inventory is physically verified by the management at regular intervals. Cost of Inventory comprises of Cost of Purchase, Cost of Conversion and other Costs incurred to bring them to their respective present location and condition.

Cost of Centering Material, Construction Materials are Valued at cost or net realizable value whichever is lower, Work-inprogress consist of Work done but not certified and the incomplete work as on balance sheet date and same is valued at cost or net realizable value whichever is lower.

7 CASH AND CASH EQUIVALENT

Cash and cash equivalents includes cash on hand, deposits held at call with banks, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents consist of balances with banks which are unrestricted for withdrawal and usage.

8 BORROWINGS

This is the category most relevant to the Company. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process.

Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit and loss.

This category generally applies to borrowings.

De-recognition

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit and loss.

9 EMPLOYEE BENEFIT EXPENSES

Short term employee benefits

All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee

benefits. Benefits such as salaries, wages and short term compensated absences, etc. and the expected cost of ex-gratia are recognized in the period in which the employee renders the related service.

Defined Benefit Plan

Gratuity liability is a defined benefit obligation and is provided for on the basis of an actuarial valuation on Projected Unit Credit Method made at the end of the financial year. Actuarial gains and losses for both defined benefit plans are recognized in full in the period in which they occur in the statement of OCI.

Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognized immediately in the standalone balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods.

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Company recognizes the following changes in the net defined benefit obligation as an expense in the Statement of Profit and Loss:

o Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements; and

o Net interest expense

10. TAXATION Current Tax:

Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961 enacted in India. Current income tax relating to items recognized outside profit or loss are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred Tax:

Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.

Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to the taxes on income levied by same governing taxation laws.

Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred 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.

The carrying amount of deferred 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 tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax relating to items recognized outside profit or loss is recognized outside profit and loss (either in other comprehensive income or in equity).

11. REVENUE FROM OPERATIONS

The Company account for revenue in accordance with Ind AS 115 (Revenues from Contracts with Customers). The unit of account in Ind AS 115 is a performance obligation. A contract''s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company''s performance obligations are satisfied over time as work progresses. Stage of completion is determined with reference to the certificates authorized and approved by clients/ consultants appointed by client as well as on the billing schedule agreed for value of work done during the year.

Due to the nature of the work required to be performed on the performance obligations, the estimation of total revenue and cost at completion is complex, subject to many variables, and requires significant judgment.

Costs associated with specific risks are estimated by assessing the probability that conditions arising from these specific risks will affect the Company''s total cost to complete the project. After work on a project begins, assumptions that form the basis for the Company''s calculation of total project cost are examined on a regular basis and the Company''s estimates are updated to reflect the most current information and management''s best judgment. The nature of accounting for long-term contracts is such that refinements of the estimating process for changing conditions and new developments arc continuous and characteristic of the process. There are many factors, including, but not limited to, the ability to properly execute the engineering and design phases consistent with customers'' expectations, the availability and costs of labour and material resources, productivity, and weather, all of which can affect the accuracy of the Company''s cost estimates, and ultimately, its future profitability.

Unbilled Revenue: These are initially recognized for revenue earned from construction projects contracts, as receipt of consideration is conditional on successful completion of project milestones/certification. Upon completion of milestone and acceptance/certification by the customer, the amounts recognised as Unbilled Revenue are reclassified to trade receivables.

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Mar 31, 2023

1. SIGNIFICANT ACCOUNTING POLICIES:

(A) CORPORATE INFORMATION

GENERIC ENGINEERING CONSTRUCTION AND PROJECTS LIMITED is Listed Public Limited Company incorporated
under the Provisions of Companies Act, 1956, having registered office at 201 & 202, 2nd Floor, Fitwell House, Opp.
Home Town, LBS Road, Vikhroli (West), Mumbai - 400083 and engaged in the construction of residential, industrial,
commercial and Institutional buildings.

(B) BASIS OF PREPARATION

The company’s financial statements have been prepared in accordance with accounting principles generally accepted
in India including the Indian Accounting Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules,
2016 notified under Section 133 of Companies Act, 2013, (the ‘Act’) and other relevant provisions of the Act.

The financial statements have been prepared on a historical cost convention except for the certain financial assets &
liabilities measured at fair value (refer accounting policy regarding financial instruments)

The financial statements are presented in Indian Rupees (Rs.) and all values are recorded to the nearest lakhs, except
where otherwise indicated.

Accounting policies followed in the preparation of these financial statements are consistent with the previous year.

(C) Significant accounting judgments, estimates and assumptions

The preparation of the financial statements in conformity with generally accepted accounting principles requires
management to make judgments, estimates and assumptions that affect the reported amount of assets and liabilities
as of the balance sheet date, reported amounts of revenues and expenses for the period ended and disclosure of
contingent liabilities as of the balance sheet date along with their disclosures. The estimates and assumptions used
in these financial statements are based upon management’s evaluation of the relevant facts and circumstances as on
the date of the financial statements. Existing circumstances and assumptions about future developments, however
may change due to market changes or circumstances arising that are beyond the control of the Company. Actual results
may differ from those estimates. Any revision to accounting estimates is recognized prospectively. The key assumptions
concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are
described below.

Revenue Recognition

The Company account for revenue in accordance with Ind AS 115 (Revenues from Contracts with Customers). The unit
of account in Ind AS 115 is a performance obligation. A contract’s transaction price is allocated to each distinct performance
obligation and recognised as revenue when, or as, the performance obligation is satisfied. The Company’s performance
obligations are satisfied over time as work progresses. Stage of completion is determined with reference to the certificates
authorized and approved by clients/consultants appointed by client as well as on the billing schedule agreed for value
of work done during the year.

Due to the nature of the work required to be performed on the performance obligations, the estimation of total revenue
and cost at completion is complex, subject to many variables, and requires significant judgment.

Costs associated with specific risks are estimated by assessing the probability that conditions arising from these
specific risks will affect the Company’s total cost to complete the project. After work on a project begins, assumptions
that form the basis for the Company’s calculation of total project cost are examined on a regular basis and the Company’s
estimates are updated to reflect the most current information and management’s best judgment. The nature of accounting
for long-term contracts is such that refinements of the estimating process for changing conditions and new developments
arc continuous and characteristic of the process. There are many factors, including, but not limited to, the ability to
properly execute the engineering and design phases consistent with customers’ expectations, the availability and costs
of labour and material resources, productivity, and weather, all of which can affect the accuracy of the Company’s cost
estimates, and ultimately, its future profitability.

Taxes

Significant management judgement is required to determine the amount of deferred tax assets that can be recognised,
based upon the likely timing and the level of future taxable profits together with future tax planning strategies.

Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured
based on quoted prices in active markets, their fair value is measured using valuation techniques including the DCF
model. The inputs to these models are taken from observable markets where possible, but where this is not feasible,
a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as
liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of
financial instruments.

Employee benefit plans

The cost of defined benefit gratuity plan and other post-employment benefits are determined using actuarial valuations.
An actuarial valuation involves making various assumptions that may differ from actual developments in the future.
These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities
involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these
assumptions. All assumptions are reviewed at each reporting date. The mortality rate is based on publicly available
mortality tables for India. Those mortality tables tend to change only at interval in response to demographic changes.
Future salary increases and gratuity increases are based on expected future inflation rates.

Estimation of provisions and contingencies

Provision for expected credit losses of trade receivables and contract assets
Impairment of financial assets

The impairment provision for financial assets are based on assumptions about risk of default and expected loss rates.
The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation,
based on the Company’s past history, existing market conditions as well as forward looking estimates at the end of each
reporting period. Estimated impairment allowance on trade receivables is based on the aging of the receivable balances
and historical experiences. Individual trade receivables are written off when management deems them not to be
collectible.

(D) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. Current versus non-current classification

The Company presents assets and liabilities in the standalone balance sheet based on current/ noncurrent
classification.

An asset is treated as current when it is:

i) Expected to be realised or intended to be sold or consumed in normal operating cycle,

ii) Held primarily for the purpose of trading,

iii) Expected to be realised within twelve months after the reporting period, or

iv) Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve
months after the reporting period

All other assets are classified as non-current.

A liability is current when:

i) It is expected to be settled in normal operating cycle,

ii) It is held primarily for the purpose of trading,

iii) It is due to be settled within twelve months after the reporting period, or

iv) There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting
period.

All other liabilities are classified as non-current.

Deferred tax assets and liabilities are classified as noncurrent assets and liabilities.

Operating cycle for current and non-current classification

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and
cash equivalents. The Company has identified twelve months as its operating cycle.

2. Fair value measurement of financial instruments

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liability takes place either:

i) In the principal market for the asset or liability, or

ii) In the absence of a principal market, in the most advantageous market for the asset or liability

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are
available to measure fair value, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the standalone financial statements are
categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to
the fair value measurement as a whole:

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is
directly or indirectly observable.

Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable.

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company
determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based
on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting
period. For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on
the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as
explained above.

In determining the fair value or its financial instruments, the Company uses a variety of methods and assumptions
that are based on market conditions and risks existing at each reporting date. The methods used to determine fair
value includes discounted cash flow analysis, available quoted market prices and dealer quotes. All methods of
assessing fair value result from general approximation of value and the same may differ from the actual realised
value.

3. REVENUE RECOGNITION

Revenue from contracts with customers is recognised when control of the goods and services are transferred to the
customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for
those goods or services.

Revenue is measured based on the consideration specified in the contract with customers. The Company recognizes
revenue when or as it transfers control over a good or service to a customer.

Allocation of transaction price to performance obligations - A contract’s transaction price is allocated to each distinct

performance obligation and recognised as revenue, when, or as, the performance obligation is satisfied. To
determine the proper revenue recognition method, the Company evaluate whether two or more contracts should be
combined and accounted for as one single contract and whether the combined or single contract should be
accounted for as more than one performance obligation. This evaluation requires significant judgment; mostly the
Company’s contracts have a single performance obligation as the promise to transfer the individual services is not
separately identifiable from other promises in the contracts and. therefore, not distinct.

Variable consideration is included in the transaction price only to the extent that it is highly probable that a significant
reversal in the amount of cumulative revenue recognized will not occur when that uncertainty associated with the
variable consideration is subsequently resolved.

Progress billings are generally issued upon completion of certain phases of the work as stipulated in the contract.
Payment terms may either be fixed. lump-sum or driven by time and materials. Typically, the customer retains a
small portion of the contract price until completion of the contract.

Revenue recognised over time - The Company’s performance obligations are satisfied over time as work progresses
when performance obligations are fulfilled and control transfers to the customer. Revenue from services transferred
to customers is recognised over time. Stage of completion is determined with reference to the certificates given by
the Clients / Consultants appointed by Clients as well as on the billing schedule agreed with them for the value of
work done during the year.

Interest income is recognized on a time proportion basis taking into account the amount outstanding and the
applicable interest rate.

4. PROPERTY PLANT & EQUIPMENT (PPE)

Tangible Assets:

Property Plant & Equipment are stated at cost of acquisition less accumulated depreciation and impairment loss,
if any. The cost of acquisition includes direct cost attributable to bringing the assets to their present location and
working condition for their intended use. The cost of fixed assets includes interest on borrowings attributable to
acquisition of qualifying fixed assets up to the date the asset is ready for its intended use and other incidental
expenses incurred up to that date and excludes any tax for which input credit is taken.

Subsequent expenditure is capitalised only when it increases the future economic benefits for its intended from the
existing assets beyond its previously assessed standard of performance. When significant parts of plant and
equipment are required to be replaced at intervals, the Company depreciates them separately based on their
specific useful lives and capitalises cost of replacing such parts if capitalisation criteria are met. All other repairs
and maintenance are charged to profit or loss during the reporting period in which they are incurred.

Gains or losses arising from derecognition of property, plant and equipment are measured as the difference
between the net disposal proceeds and the carrying amount of the asset and are recognized in the Statement of
Profit and Loss when the asset is derecognized.

Assets individually costing Rs. 5000 or less are expensed out in the year of acquisition.

Intangible Assets:

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition,
intangible assets are carried at cost less accumulated amortization and accumulated impairment losses, if any.
The amortization period and the amortization method are reviewed at least at each financial year end. If the expected
useful life of the asset is significantly different from previous estimates, the amortization period is changed accordingly.

5. DEPRECIATION
Depreciation on Tangible assets:

Depreciation is provided on the written down value method over the useful life of the assets as specified in
Schedule II of the Companies Act, 2013. Depreciation is charged on a pro-rata basis from / up to the date of
acquisition /sale or disposal.

6. IMPAIRMENT OF ASSETS

As at the end of each accounting year, the Company reviews the carrying amounts of its non-financial assets to
determine whether there is any indication that those assets have suffered an impairment loss. If such indication
exists, the said assets are tested for impairment so as to determine the impairment loss, if any. The intangible
assets with indefinite life are tested for impairment each year.

Impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. Recoverable
amount is determined:

i) In the case of an individual asset, at the higher of the net selling price and the value in use; and

ii) In the case of a cash generating unit (a group of assets that generates identified, independent cash flows), at
the higher of the cash generating unit’s net selling price and the value in use.

The amount of value in use is determined as the present value of estimated future cash flows from the continuing
use of an asset and from its disposal at the end of its useful life. For this purpose, the discount rate (pre-tax) is
determined based on the weighted average cost of capital of the Company suitably adjusted for risks specified to
the estimated cash flows of the asset).

For this purpose, a cash generating unit is ascertained as the smallest identifiable group of assets that generates
cash inflows that are largely independent of the cash inflows from other assets or groups of assets. If recoverable
amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, such deficit is
recognised immediately in the Statement of Profit and Loss as impairment loss and the carrying amount of the
asset (or cash generating unit) is reduced to its recoverable amount.

When an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is
increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not
exceed the carrying amount that would have been determined had no impairment loss is recognised for the asset
(or cash generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the Statement
of Profit and Loss.

Also, Goodwill is tested for impairment annually on 31 March every year. Company operates in single segment/
CGU.

7. FINANCIAL INSTRUMENTS

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.

Financial assets

Initial recognition and measurement

All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value

through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.

Subsequent measurement of financial assets:

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value,

depending on the classification financial assets.

Following are the categories of financial instrument:

a) Financial assets at amortised cost

b) Financial assets at fair value through other comprehensive income (FVTOCI)

c) Financial assets at fair value through profit or loss (FVTPL)

a) Financial assets at amortised cost: Financial assets are subsequently measured at amortised cost using the
effective interest rate method if these financial assets are held within a business whose objective is to hold
these assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise
on specified dates to cash flows that are solely payments of principal and interest on the principal amount
outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the
effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium
on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included in the
statement of profit or loss. The losses arising from impairment are recognised in the profit or loss. This
category generally applies to trade and other receivables, loans and other financial assets.

b) Financial assets at fair value through other comprehensive income (FVTOCI)

Debt financial assets measured at FVOCI: Debt instruments are subsequently measured at fair value through
other comprehensive income 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 are solely payments of principal and interest on the principal amount
outstanding.

Financial assets included within the FVTOCI category are measured initially as well as at each reporting date
at fair value. Fair value movements are recognized in the other comprehensive income (OCI). However, the
Company recognizes interest income, impairment losses & reversals and foreign exchange gain or loss in the
Statement of Profit and Loss. On derecognition of the asset, cumulative gain or loss previously recognised in
OCI is reclassified from the equity to Statement of Profit and Loss. Interest earned whilst holding FVTOCI
financial assets is reported as interest income using the EIR method.

c) Financial assets at fair value through profit or loss (FVTPL)

Investments in equity instruments are classified as at FVTPL, unless the Company irrevocably elects on initial
recognition to present subsequent changes in fair value in other comprehensive income for investments in
equity instruments which are not held for trading. Other financial assets such as unquoted Mutual funds are
measured at fair value through profit or loss unless it is measured at amortised cost or at fair value through
other comprehensive income on initial recognition.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is

primarily derecognised (i.e. removed from the Company’s balance sheet) when:

a) the rights to receive cash flows from the asset have expired, or

b) the Company has transferred its rights to receive cash flows from the asset, and

i) the Company has transferred substantially all the risks and rewards of the asset, or

ii) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset.

When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass
through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it
has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of
the asset, the Company continues to recognize the transferred asset to the extent of the Company’s continuing
involvement. In that case, the Company also recognises an associated liability. The transferred asset and the
associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the
original carrying amount of the asset and the maximum amount of consideration that the Company could be
required to repay.

On derecognition of a financial asset in its entirety, the differences between the carrying amounts measured at the
date of derecognition and the consideration received is recognised in the Statement of Profit and Loss.

Impairment of financial assets

In accordance with Ind AS 109, the Company applies expected credit loss (‘ECL’) model for measurement and
recognition of impairment loss on the following financial assets and credit risk exposure:

a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, deposits, trade
receivables and bank balance

b) Financial assets that are debt instruments and are measured at FVTOCI.

c) Financial guarantee contracts which are not measured as at FVTPL.

The Company follows ‘simplified approach’ for recognition of impairment loss allowance on trade receivables. The
application of simplified approach does not require the Company to track changes in credit risk.

Rather, it recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial
recognition.

For recognition of impairment loss on other financial assets and risk exposure, the Company determines that
whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not
increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has increased
significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that
there is no longer a significant increase in credit risk since initial recognition, then the entity reverts to recognising
impairment loss allowance based on 12-month ECL.

Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a
financial instrument. The 12-month ECL is a portion of the lifetime ECL which results from default events that are
possible within 12 months after the reporting date.

ECL is the difference between all contractual cash flows that are due to the Company in accordance with the
contract and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original
EIR. When estimating the cash flows, an entity is required to consider:

1. All contractual terms of the financial instrument (including prepayment, extension, call and similar options)
over the expected life of the financial instrument. However, in rare cases when the expected life of the financial
instrument cannot be estimated reliably, then the entity is required to use the remaining contractual term of the
financial instrument

2. Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual
terms.

ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the
Statement of Profit and Loss. This amount is reflected under the head ‘other expenses’ in the Statement of Profit and
Loss. In the balance sheet, ECL is presented as an allowance, i.e., as an integral part of the measurement of those

assets in the balance sheet. The allowance reduces the net carrying amount. Until the asset meets write-off criteria,
the Company does not reduce impairment allowance from the gross carrying amount.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss,
loans and borrowings, payables. All financial liabilities are recognised initially at fair value and, in the case of loans
and borrowings and payables, net of directly attributable transaction costs. The Company’s financial liabilities
include trade and other payables, loans and borrowings.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include
financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities
designated upon initial recognition at fair value through profit or loss are designated as such at the initial date of
recognition and only if the criteria in Ind AS 109 are satisfied. For liabilities designated as FVTPL, fair value gains/
losses attributable to changes in own credit risk are recognized in OCI. These gains/ loss are not subsequently
transferred to P&L. However, the Company may transfer the cumulative gain or loss within equity. All other changes
in fair value of such liability are recognised in the statement of profit or loss. The Company has not designated any
financial liability as at fair value through profit and loss. Gains or losses on liabilities held for trading are recognised
in the profit or loss Financial liabilities designated upon initial recognition at fair value through profit or loss are
designated as such at the initial date of recognition, and only if the criteria in Ind AS 109 are satisfied. For liabilities
designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognized in OCI.
These gains/ loss are not subsequently transferred to P&L. However, the Group may transfer the cumulative gain or
loss within equity. All other changes in fair value of such liability are recognised in the statement of profit or loss.

Loans and borrowings

This is the category most relevant to the Company. After initial recognition, interest-bearing loans and borrowings
are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or
loss when the liabilities are derecognised as well as through the EIR amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that
are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.

This category generally applies to borrowings.

De-recognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or
the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de¬
recognition of the original liability and the recognition of a new liability. The difference in the respective carrying
amounts is recognised in the statement of profit and loss.

Financial guarantee contracts

Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to
reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in
accordance with the terms of a debt instrument. Financial guarantee contracts are recognised initially as a liability
at fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee. Subsequently,
the liability is measured at the higher of the amount of loss allowance determined as per impairment requirements
of Ind AS 109 and the amount recognised less cumulative amortisation.

Reclassification of financial assets

The Company determines classification of financial assets and liabilities on initial recognition. After initial recognition,
no reclassification is made for financial assets which are equity instruments and financial liabilities. For financial
assets which are debt instruments, a reclassification is made only if there is a change in the business model for

managing those assets. Changes to the business model are expected to be infrequent. The Company’s senior
management determines change in the business model as a result of external or internal changes which are
significant to the Company’s operations. Such changes are evident to external parties. A change in the business
model occurs when the Company either begins or ceases to perform an activity that is significant to its operations.
If the Company reclassifies financial assets, it applies the reclassification prospectively from the reclassification
date which is the first day of the immediately next reporting period following the change in business model. The
Company does not restate any previously recognised gains, losses (including impairment gains or losses) or
interest.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a
currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis,
to realise the assets and settle the liabilities simultaneously.

8. INVENTORIES

The Inventories have been valued at cost or net realizable value whichever is lower. The Inventory is physically
verified by the management at regular intervals. Cost of Inventory comprises of Cost of Purchase, Cost of Conversion
and other Costs incurred to bring them to their respective present location and condition.

Cost of Centering Material, Construction Materials are Valued at cost or net realizable value whichever is lower,
Work-in-progress consist of Work done but not certified and the incomplete work as on balance sheet date and
same is valued at cost or net realizable value whichever is lower.

9. EMPLOYEE BENEFIT EXPENSES
Short term employee benefits

All employee benefits payable wholly within twelve months of rendering the service are classified as short-term
employee benefits. Benefits such as salaries, wages and short term compensated absences, etc. and the expected
cost of ex-gratia are recognised in the period in which the employee renders the related service.

Defined Benefit Plan

Gratuity liability is a defined benefit obligation and is provided for on the basis of an actuarial valuation on Projected
Unit Credit Method made at the end of the financial year. Actuarial gains and losses for both defined benefit plans
are recognized in full in the period in which they occur in the statement of OCI.

Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts
included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts included
in net interest on the net defined benefit liability), are recognised immediately in the standalone balance sheet with
a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Re-measurements
are not reclassified to profit or loss in subsequent periods.

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Company
recognises the following changes in the net defined benefit obligation as an expense in the Statement of Profit and
Loss:

• Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non¬
routine settlements; and

• Net interest expense

10. TAXATION
Current Tax:

Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the
Income-tax Act, 1961 enacted in India. Current income tax relating to items recognised outside profit or loss are
recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity.
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable

tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred Tax:

Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes at the reporting date.

Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance
sheet date. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off
current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to the
taxes on income levied by same governing taxation laws.

Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits
and any unused tax losses. Deferred tax assets are recognised 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 utilised.

The carrying amount of deferred 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 tax asset to be utilised.
Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it
has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax relating to items recognised outside profit or loss is recognised outside profit and loss (either in other
comprehensive income or in equity).

11. Borrowing costs

Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds
including interest expense calculated using the effective interest method.

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes
a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset
until such time as the assets are substantially ready for the intended use or sale. All other borrowing costs are
expensed in the period in which they occur.

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Mar 31, 2018

1. SIGNIFICANT ACCOUNTING POLICIES:

(A) CORPORATE INFORMATION

GENERIC ENGINEERING CONSTRUCTION AND PROJECTS LIMITED is Listed Public Limited Company incorporated under the Provisions of Companies Act, 1956. The Company was formerly known as WELPLACE PORTFOLIO AND FINANCIAL CONSULTANCY SERVICES LIMITED.

(B) STATEMENT OF COMPLIANCE

The company’s financial statements have been prepared in accordance with the provisions of the Companies Act, 2013 and the Indian Accounting Standards (“Ind AS”) notified under the Companies (Indian Accounting Standards) Rules, 2015 issued by Ministry of Corporate Affairs in respect of sections 133 read with sub-section (1) of Section 210A of the Companies Act, 1956(1 of 1956). In addition, the guidance notes/announcements issued by the Institute of Chartered Accountants of India (ICAI) are also applied except where compliance with other statutory promulgations requires a different treatment. The financials for the year ended March 31, 2018 of the company are the first financial statements prepared in compliance with Ind AS. The date of transition to Ind AS is April 1, 2016. The financial statements up to the year ended March 31, 2017, were prepared in accordance with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (“I-GAAP”) and other relevant provisions of the Act. The figures for the year ended March 31, 2017 have now been restated as per Ind AS to provide comparability.These are the Company’s first Ind AS financial statements.

(C) BASIS OF PREPARATION

The financial statements are presented in Indian Rupees (Rs.) and all values are recorded to the nearest lakhs, except where otherwise indicated.

The financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below.

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

(D) USE OF ESTIMATES

The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the balance sheet date, reported amounts of revenues and expenses for the period ended and disclosure of contingent liabilities as of the balance sheet date. The estimates and assumptions used in these financial statements are based upon management’s evaluation of the relevant facts and circumstances as on the date of the financial statements. Actual results may differ from those estimates. Any revision to accounting estimates is recognized prospectively.

(E) First-time adoption

Company has prepared opening balance sheet as per Ind AS as of April 1, 2016 (the transition date) by recognising all assets and liabilities whose recognition is required by Ind AS, not recognising assets or liabilities which are not permitted by Ind AS, by reclassifying assets and liabilities from previous GAAP as required by Ind AS, and applying Ind AS in measurement of recognised assets and liabilities.

However, this principle is subject to certain exceptions and certain optional exemptions availed by the Company as stated in note no. 27.

(F) REVENUE RECOGNITION

(i) Revenue recognition and valuation of the contract Work in Progress are as per Ind As-11. Work receipts are taken on stage of completion of activity, stated on the basis of physical measurement of work actually completed at the balance sheet date, taking into account the contractual price and revision thereto. Foreseeable losses are accounted for when they are determined except to the extent they are expected to be recovered through claims presented or to be presented to the customers or in arbitration.

(ii) Stage of completion is determined with reference to the certificates given by the Clients / Consultants appointed by Clients as well as on the billing schedule agreed with them for the value of work done during the year.

(iii) Revenue from supply contract is recognized when the substantial risk and rewards of ownership is transferred to the buyer and the collectability is reasonably measured. Revenue from product sales are shown as net of all applicable taxes and discounts.

(iv) Dividend is recognized when the shareholders’ right to receive payment is established by the balance sheet date.

(v) Interest income is recognized on a time proportion basis taking into account the amount outstanding and the applicable interest rate.

(G) IMPACT OF IND AS 115- REVENUE FROM CONTRACTS WITH CUSTOMER

The Company has completed its evaluation of the possible impact of IND AS 115 and will adopt the standard with all related amendments to all contracts with customers. The standard is applied retrospectively only to contracts that are not completed contracts at the date of initial application and the Company does not expect material impact of the adoption of the new standard on its retained earnings and to its net income.

(H) FIXED ASSETS

Fixed Assets are stated at cost of acquisition less accumulated depreciation and impairment loss, if any. The cost of acquisition includes direct cost attributable to bringing the assets to their present location and working condition for their intended use. The cost of fixed assets includes interest on borrowings attributable to acquisition of qualifying fixed assets up to the date the asset is ready for its intended use and other incidental expenses incurred up to that date and excludes any tax for which input credit is taken.

(I) DEPRECIATION

Depreciation is provided on the written down value method over the useful life of the assets as specified in Schedule II of the Companies Act, 2013. Depreciation is charged on a pro-rata basis from / up to the date of acquisition /sale or disposal.

(J) IMPAIRMENT OF ASSETS

Management evaluates at regular intervals, using external and internal sources, whether there is any impairment of any asset. If any indication for impairment of assets exists, the carrying value of such assets is reduced to its recoverable amount and the impairment loss is recognized in the statement of profit and loss. Impairment occurs where the carrying value exceeds the present value of future cash flows expected to arise from the continuing use of the asset and/or its net realisable value on eventual disposal. Any loss on account of impairment is expensed as the excess of the carrying amount over the higher of the asset’s net realisable value or present value as determined. When there is indication that an impairment loss recognized for an asset in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognized in the Statement of Profit and Loss and the asset is restated to that extent.

(K) INVENTORIES

The Inventories have been valued at cost or net realizable value whichever is lower. The Inventory is physically verified by the management at regular intervals. Cost of Inventory comprises of Cost of Purchase, Cost of Conversion and other Costs incurred to bring them to their respective present location and condition.

Cost of Centering Material, Construction Materials are valued at cost or net realizable value whichever is lower, Work-in-progress consist of work done but not certified and the incomplete work as on balance sheet date and same is valued at cost or net realizable value whichever is lower.

(L) TAXATION

Taxes on income is computed using the tax effect accounting method whereby such taxes are accrued in the same period as the revenue and expense to which they relate.

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognised only if there is virtual certainty that there will be sufficient future taxable income available to realise such assets. Deferred tax assets are recognised for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realised. Deferred tax assets are reviewed at each Balance Sheet date for their realisability.

(M) PROVISIONS AND CONTINGENT LIABILITIES

A provision is recognized when the company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to their present value and are determined based on managements’ best estimates 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 disclosed in respect of possible obligations that arise from past events, whose existence would be confirmed by the occurrence or non-occurrence of one or more future events not wholly within control of the Company.

Contingent Assets are neither recognized nor disclosed in the Standalone Financial Statement.

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Mar 31, 2016

1. Basis of Preparation of financial statement

The Financial statement We place Portfolio & Financial Consultancy Services Limited have been prepared and presented in accordance with Generally Accepted Accounting Principles (GAAP) on the historical cost convention on the accrual basis. GAAP comprises accounting standardized by Central Government of India under the relevant provision of Companies Act, 2013.

2. Use of Estimates

The preparation of financial statements is in conformity with Generally Accepted Accounting Principles (GAAP) in India requires management to misestimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the Balance sheet financial statements and reported amounts of income and expenses during the period.

3. Investments

Long term investments are stated at cost. Provision for diminution in the value of the long term investments is made only if such a decline is other than temporary in the opinion of the management.

4. Valuation of inventories

Stock in trade (traded) is valued at (FIFO) or net realizable value whichever is low however unquoted securities held as stock in trade has been valued at cost.

5. Fixed Assets & Depreciation

Fixed Assets are stated at cost less Depreciation. Depreciation on Fixed Assets is provided on the of depreciable amount on the Written Down Value (WDV) Method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013. Depreciation on additions/ deletions is calculated on part with reject to date of addition/ deletions.

6. Revenue Recognition:

a) Dividend income is recognized when the unconditional right to receive the income is established.

b) Income from services rendered is accounted for when the work is performed. Services income: is exclusive of Service Tax.

7. Taxation:

Current T ax is measured at the amount expected to be paid to/ recovered from the tax authorities, us the applicable tax rate. Deferred tax resulting from timing difference “between taxable and annual income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax assets is recognized and carried forward only to the extent of the virtual certainty that the asset will be realized in future

8. Earnings Per Share:

The Basic Earnings Per Share (EPS)’ is computed by dividing the net profit after tax for the yea’'' by weighted average number of equity shares outstanding during the year.

9. Provisions, Contingent liabilities and Contingent Assets:

Contingent liabilities if any, are disclosed by way of notes to the Balance sheet. Provision in made the accounts in respect of those contingencies, which are likely to materialize in to liabilities in half year-end, till the finalization of the accounts, and have material effect on the position stated in the Balance Sheet. Contingent Assets are not recognized in the financial statement.

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Mar 31, 2015

1. Basis of Preparation of financial statment:

The Financial statements of Welplace Portfolio & Financial Consultancy Services Limited have been prepared and presented in accordance with Generally Accepted Accounting Principles (GAAP) on the historical cost convention on the accrual basis. GAAP comprises accounting standards notified by Central Government of India under the relevant provision of Companies Act, 2013.

2. Use of Estimates:

The preparation of financial statements is in conformity 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 the disclosures of contingent liabilities on the date of the financial statements and reported amounts of income and expenses during the period.

3. Investments:

Long term investments are stated at cost. Provision for diminution in the value of the long term investments is made only if such a decline is other than temporary in the opinion of the management.

4. Valuation of inventories:

Stock in trade (traded) is valued at cost (FIFO) or net realizable value whichever is lower.However unquoted securities held as stock in trade has been valued at cost.

5. Fixed Assets & Depreciation:

Fixed Assets are stated at cost less Depreciation. Depreciation on Fixed Assets is provided to the extent of depreciable amount on the Written Down Value (WDV) Method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013. Depreciation on additions/ deletions is calculated on pro-rata with respect to date of addition/ deletions.

6. Revenue Recognition:

A. Dividend income is recognized when the unconditional right to receive the income is established.

B. Income from services rendered is accounted for when the work is performed. Services income is exclusive of Service Tax.

7. Taxation:

Current Tax is measured at the amount expected to be paid to/ recovered from the tax authorities, using the applicable tax rate. Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax assets is recognized and carried forward only to the extent that there is virtual certainty that the asset will be realized in future.

8. Earning Per Share:

The Basic Earnings Per Share ("EPS") is computed by dividing the net profit after tax for the year by weighted average number of equity shares outstanding during the year.

9. Provisions. Contingent liabilities and Contingent Assets:

Contingent liabilities if any, are disclosed by way of notes to the Balance sheet. Provision is made in the accounts in respect of those contingencies, which are likely to materialize in to liabilities after the year-end, till the finalization of the accounts, and have material effect on the position stated in the Balance Sheet. Contingent Assets are not recognized in the Financial statement.

As per our attached Report of even date For Koshal & For Welplace Portfolio & Financial Consultancy Associates Chartered Services Ltd. Accountants Firm Number:121233W

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Mar 31, 2014

1. Basis of Preparation of financial statement

The Financial statements of Welplace Portfolio & Financial Consultancy Services Limited have been prepared and presented in accordance with Generally Accepted Accounting Principles (GAAP) on the historical cost convention on the accrual basis. GAAP comprises accounting standards notified by Central Government of India under section 211 (3C) Companies Act, 1956, other pronouncements of Institute of Chartered Accountants of India and the provisions of Companies Act, 1956.

2. Use of Estimates

The preparation of financial statements is in conformity 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 the disclosures of contingent liabilities on the date of the financial statements and reported amounts of income and expenses during the period.

3. Investments

Long term investments are stated at cost. Provision for diminution in the value of the long term investments is made only if such a decline is other than temporary in the opinion of the management.

4. Valuation of inventories

Stock in trade (traded) is valued at cost (FIFO) or net realizable value whichever is lower. However unquoted securities held as stock in trade has been valued at cost.

5. Fixed Assets & Depreciation

Fixed Assets are stated at cost less Depreciation. Depreciation is provided on Written Down Value Method at the rate prescribed in Sch XIV of the Companies Act 1956.

6. Revenue Recognition:

a) Dividend income is recognized when the unconditional right to receive the income is established.

b) Income from services rendered is accounted for when the work is performed. Services income is exclusive of Service Tax.

7. Taxation:

Current Tax is measured at the amount expected to be paid to/ recovered from the tax authorities, using the applicable tax rate. Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax assets is recognized and carried forward only to the extent that there is virtual certainty that the asset will be realized in future.

8. Earning Per Share:

The Basic Earnings Per Share ("EPS") is computed by dividing the net profit after tax for the year by weighted average number of equity shares outstanding during the year.

9. Provisions, Contingent liabilities and Contingent Assets

Contingent liabilities if any, are disclosed by way of notes to the Balance sheet. Provision is made in the accounts in respect of those contingencies, which are likely to materialize in to liabilities after the year-end, till the finalization of the accounts, and have material effect on the position stated in the Balance Sheet. Contingent Assets are not recognized in the Financial statement.

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Mar 31, 2013

1. Basis of Preparation of financial statement

The Financial statements of Welplace Portfolio & Financial Consultancy Services Limited have been prepared and presented in accordance with Generally Accepted Accounting Principles (GAAP) on the historical cost convention on the accrual basis. GAAP comprises accounting standards notified by Central Government of India under section 211 (3C) Companies Act, 1956, other pronouncements of Institute of Chartered Accountants of India and the provisions of Companies Act, 1956.

2. Use of Estimates

The preparation of financial statements is in conformity 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 the disclosures of contingent liabilities on the date of the financial statements and reported amounts of income and expenses during the period.

3. Presentation and disclosure in the ?nancial statements:

For the year ended 31st March, 2013 the revised Schedule VI noti?ed under the Companies Act, 1956, is applicable to the company, for presentation and disclosed in ?nancial statements. The company has reclassi?ed the previous year’s ?gures in accordance with the revised Schedule VI as applicable in the current year.

4. Investments

Long term investments are stated at cost. Provision for diminution in the value of the long term investments is made only if such a decline is other than temporary in the opinion of the management.

5. Valuation of inventories

Stock in trade (traded) is valued at cost (FIFO) or net realizable value whichever is lower. However unquoted securities held as stock in trade has been valued at cost.

6. Revenue Recognition:

a) Dividend income is recognized when the unconditional right to receive the income is established.

b) Income from services rendered is accounted for when the work is performed. Services income is exclusive of Service Tax.

c) Profit/sale of Investment and securities are accounted on the contract date.

d) Taxation:

Current Tax is measured at the amount expected to be paid to/ recovered from the tax authorities, using the applicable tax rate. Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax assets is recognized and carried forward only to the extent that there is virtual certainty that the asset will be realized in future.

e) Earning Per Share:

The Basic Earnings Per Share ("EPS") is computed by dividing the net profit after tax for the year by weighted average number of equity shares outstanding during the year.

f) Provisions, Contingent liabilities and Contingent Assets

Contingent liabilities if any, are disclosed by way of notes to the Balance sheet. Provision is made in the accounts in respect of those contingencies, which are likely to materialize in to liabilities after the year-end, till the finalization of the accounts, and have material effect on the position stated in the Balance Sheet. Contingent Assets are not recognized in the Financial statement.

7. Statutory Reserve:

In accordance with the prudential Norms prescribed by the Reserve Bank of India (Amendment) Act,1997, Twenty percent of the Pro?t after Taxation of the current year have been transferred to the Statutory Reserve.

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Mar 31, 2012

1. Basis of Preparation of financial statement

The Financial statements of Welplace Portfolio & Financial Consultancy Services Limited have been prepared and presented in accordance with Generally Accepted Accounting Principles (GAAP) on the historical cost convention on the accrual basis. GAAP comprises accounting standards notified by Central Government of India under section 211 (3C) Companies Act, 1956, other pronouncements of Institute of Chartered Accountants of India and the provisions of Companies Act, 1956.

2. Use of Estimates

The preparation of financial statements is in conformity 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 the disclosures of contingent liabilities on the date of the financial statements and reported amounts of income and expenses during the period.

3. Presentation and disclosure in the ?nancial statements:

For the year ended 31st March, 2013 the revised Schedule VI noti?ed under the Companies Act, 1956, is applicable to the company, for presentation and disclosed in ?nancial statements. The company has reclassi?ed the previous year’s ?gures in accordance with the revised Schedule VI as applicable in the current year.

4. Investments

Long term investments are stated at cost. Provision for diminution in the value of the long term investments is made only if such a decline is other than temporary in the opinion of the management.

5. Valuation of inventories

Stock in trade (traded) is valued at cost (FIFO) or net realizable value whichever is lower. However unquoted securities held as stock in trade has been valued at cost.

6. Revenue Recognition:

a) Dividend income is recognized when the unconditional right to receive the income is established.

b) Income from services rendered is accounted for when the work is performed. Services income is exclusive of Service Tax.

c) Profit/sale of Investment and securities are accounted on the contract date.

d) Taxation:

Current Tax is measured at the amount expected to be paid to/ recovered from the tax authorities, using the applicable tax rate. Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax assets is recognized and carried forward only to the extent that there is virtual certainty that the asset will be realized in future.

e) Earning Per Share:

The Basic Earnings Per Share ("EPS") is computed by dividing the net profit after tax for the year by weighted average number of equity shares outstanding during the year.

f) Provisions, Contingent liabilities and Contingent Assets

Contingent liabilities if any, are disclosed by way of notes to the Balance sheet. Provision is made in the accounts in respect of those contingencies, which are likely to materialize in to liabilities after the year-end, till the finalization of the accounts, and have material effect on the position stated in the Balance Sheet. Contingent Assets are not recognized in the Financial statement.

7. Statutory Reserve:

In accordance with the prudential Norms prescribed by the Reserve Bank of India (Amendment) Act,1997, Twenty percent of the Pro?t after Taxation of the current year have been transferred to the Statutory Reserve.

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Mar 31, 2011

1) Basis of Accounting:

The financial statements have been prepared under the historical cost convention, on the basis of going concern, and on accrual method of accounting, in accordance with Generally Accepted Accounting Principles (GAAP) and provision of the Companies Act 1956 as adopted consistently by the Company. All income and expenditure having material bearing of ?nancial statements are recognized on accrual basis. The company has completed with all the mandatory Accounting Standards (AS) issued by the Institute of Chartered Accountants of India, to the extent applicable.

2) Revenue Recognition a) Income from operations:

Income from operations which comprises dealing in shares and securities are all accounted for on accrual basis. Dividend income is accounted for when the right to receive is established.

3) Investments

As per the policy of the company, all the investment are treated as Long term Investment. Investments are stated at cost. In case of quoted investments, provision for diminution in value of investment is made, if such diminution is of permanent nature.

4) Statutory Reserve

In accordance with Section 45-IC of the Reserve Bank Of India (Amendment) Act, 1997, twenty percent of the Profit after taxation is to be transferred to Statutory Reserve.

5) Stock-in-trade

To comply with the Prudential Norms prescribed by the Reserve Bank of India, stock in trade has been valued at Cost or available market quotation whichever is lower, scrip wise. However unquoted securities held as stock in trade has been valued at cost.

6) Borrowing Costs

Borrowing Costs that are attributable to the acquisitions, construction or production of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use or sale. All other borrowing costs are charged as an expenses in the year in which these are incurred.

7) Treatment of Contingent Liabilities

Claims against the Company are recognized when Board of Directors determine that it is probable that the liability will be payable. Claims made by the Company are recognized when formal intimation of the agreement of the Claim is received from the counterparties.

8) Accounting Standard 22 issued by The Institute of Chartered Accountant of India on accounting for taxes on income become mandatory effective from April 1, 2001. However on a conservative basis, the company has not recognized the deferred tax asset.

General:

Accounting policies not speci?cally referred to are consistent with the Indian Generally Accepted Accounting Principles (GAAP).