2.14. Provisions

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result
of a past event, and it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

2.15. Revenue Recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the
Company, the Company retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold, and the revenue can be reliably
measured, regardless of when the payment is being made. Revenue is measured at the fair value of the
consideration received or receivable, taking into account contractually defined terms of payment.

a) Sales including export sales and trading sales are recognized when goods are dispatched from the
factory and are recorded at net of shortages, claims settled, rate differences, rebate allowed to
customers.

b) Export Sales are booked at the rate on the date of transaction and the resultant gain or loss on
realization on transaction is accounted as Exchange rate difference and is dealt with Statement of
Profit and Loss.

2.16. Export Incentive

Export incentives under various schemes notified by government are accounted for in the year of
exports based on eligibility and when there is no uncertainty in receiving the same.

2.17. Borrowing Cost

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 capitalized as
part of the cost of the respective assets. All other borrowing costs are expensed in the period in which
they occur. Borrowing costs consist of interest and other costs that the company incurs in connection
with the borrowing of funds.

2.18. Employee Benefits

(a) Short Term Employee Benefits

Short term employee benefits are recognized as an expense in the Profit & Loss Account of the year
in which the related service is rendered. However Bonus has been accounted on cash Basis.

(b) Post-Employment Benefits

Post employment and other long term employee benefits are recognized as an expense in the Profit &
Loss Account in the year of payment. Refer note no 34.

2.19. Taxes

Tax expense comprises of current income tax and deferred tax.

Current income tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from or
paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that
are enacted or substantively enacted at the reporting date.

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 liabilities are recognized for all taxable temporary differences.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year
when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been
enacted or substantively enacted at the reporting date.

2.20. Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to
equity shareholders by the weighted average number of equity shares outstanding during the period.
Earning considered in ascertaining the company’s earnings per share in the net profit for the period.

3.0 Useful lives of property, plant and equipment

Useful lives of property, Plant & Equipments are taken as per useful lives given in Part-C of Schedule
II to the Companies Act, 2013.

3.1 Investments

In case of investments, the Management assesses whether there is any indication of permanent
impairment in the value of investments. (Refer note 36).

3.2 Taxes

Significant management judgment is required to determine the amount of deferred tax assets that can
be recognized, based upon the likely timing and the level of future taxable profits together with future
tax planning strategies including estimates of temporary differences reversing on account of available
benefits from the Income Tax Act, 1961. Deferred tax assets recognized to the extent of the
corresponding deferred tax liability.

4.0 Regrouped, Recast, Reclassified

Figures of the earlier year have been regrouped or reclassified to conform to Ind AS presentation
requirements.

Note No:

34. The company has provided for gratuity benefits The same is in accordance with the Indian
Accounting Standard 19- “Employee Benefit” issued by the Institute of Chartered Accountants of India.

35. The balances of Loans and advances given, unsecured loan received, debtors and creditors are
subject to balance confirmation by the respective parties and necessary adjustment if any will be made
on its reconciliation.

36. The company is having investment of Rs. 35,90,220 being 211600 equity shares of Advance
Multitech Ltd Rs. 10 each . The shares of this company is listed at Mumbai stock Exchange ,but
presently these are not traded since trading is suspended by the exchange on account of non compliance
of some of the terms of exchange. Therefore, market value could not be determined .The company is in
process of resumption of listing and expect that shares would be traded in the exchange. The fair value
of investment is above than the cost of investment as per audited financial statement as on
31/03/2024.The management expects that on revocation of suspension, the shares may trade above its
cost and on account of it; there is no permanent deterioration in the value of investment.

37. The GST liability is reconciled with GST portal and GST liability is taken as per books of accounts.
The interest on GST liability and late return filing fees will be accounted as a when paid, however it may
not have any material amount.

43. Segment reporting

The Company’s business activity falls within a single primary business segment of Petroleum
Product. Accordingly the Company is a single segment company In accordance with Ind AS
108 “Operating Segment”.

44. Disclosure pursuant to Related Party

As per the Indian Accounting Standard on “Related Party Disclosures” (Ind AS 24), the related parties
of the Company are as follows:

As per our attached report of even date

For Suresh R Shah & Associates For and on behalf of the board of directors of
Chartered Accountant Advance Petrochemicals Limited

Mrugen K Shah Pulkit Goenka Arvind V Goenka

(Partner) (Whole time director) (Director)

FRN: 110691W DIN 00177230 DIN 00093200

Membership No.117412
UDIN : 24117412BKAHPI7635

Natrajan Arli Mohit Asawa

(Chief Financial officer) (Company Secretary)

Place: Ahmedabad Place: Ahmedabad

Date: 24-05-2024 Date: 24-05-2024