GSK_ Annual_Report_2021-22

NOTES TO THE FINANCIAL STATEMENTS for the year ended March 31, 2022 187 presented in the Balance Sheet, if and only when the Company currently has a legally enforceable right to set-off the current income tax assets and liabilities. Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. i) Provision and contingent liabilities A provision is recognised if as a result of a past event, the Company has a present obligation (legal or constructive) that can be estimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the expenditure required to settle the present obligation at the balance sheet date. If the effect of time value of money is material, provisions are discounted using a current pre tax rate that reflects, when appropriate, the risks specific to the liability. The increase in the provision due to passage of time is recognised as an interest expense. A contingent liability exists when there is a possible but not probable obligation, or a present obligation that may, but probably will not, require an outflow of resources, or a present obligation whose amount cannot be estimated reliably. Contingent liabilities do not warrant provisions but are disclosed unless the possibility of outflow of resources is remote. j) Other Accounting Policies These are consistent with the generally accepted accounting principles. 2 Investment Property ( ` in lakhs) As at March 31, 2022 As at March 31, 2021 Gross carrying amount Opening gross carrying amount/ Deemed cost 2.08 2.08 Additions (Improvements) - - Deduction - - Closing gross carrying amount 2.08 2.08 Accumulated Depreciation Opening Accumulated Depreciation - - Depreciation charge - - Closing Accumulated Depreciation - - Net carrying amount 2.08 2.08 Estimation of fair value The Company has a land site that have been considered as Investment Property as it is not currently operational at present. In view of management, the fair market value of the land site is not reliably measurable as there are very few recent transactions of comparable composition of these properties in the market. Further, the fair market value will be subject to numerous municipal deductions dependent upon the current use and intended use of the property. Consequently, it is not possible to ascertain and disclose the range of fair market value. The estimated Ready Reckoner at year end, based on latest published data and current stated use, totals Rs 24,75.15 Lakhs for current year (Rs 24,75.15 Lakhs for previous year). Ready Reckoner rates are the prices of the residential property, land or commercial property for a given area that is published and regulated by the respective State Governments as a guide towards payment of stamp duty at the time of transaction. The Ready Reckoner is regarded as a gross value and does not represent the underlying fair market value to the company. Note 3 : Non current Financial assets - Loans ( ` in lakhs) As at March 31, 2022 As at March 31, 2021 Advances recoverable 26.55 26.55 Less: Provision for bad and doubtful loans and advances (26.55) (26.55) - - Non current Financial assets - Others ( ` in lakhs) As at March 31, 2022 As at March 31, 2021 Sundry Deposits 15.72 16.37 Less: Provision for bad and doubtful loans and advances (15.72) (16.37) Term deposit with maturity period of more than twelve months 1.45 1.45 1.45 1.45 Note 4 : Other non-current assets ( ` in lakhs) As at March 31, 2022 As at March 31, 2021 Balance with Government Authorities 7,32.38 4,28.70 7,32.38 4,28.70