Notes to Accounts of Mihika Industries Ltd.

Mar 31, 2024

x) Provisions, Contingent Liabilities and Contingent Assets

A provision is recognised when the Company has a present obligation (legal or constructive) as a result of past events
and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation,
in respect of which a reliable estimate can be made of the amount of obligation. Provisions (excluding gratuity and
compensated absences) are determined based on management''s estimate required to settle the obligation at the
Balance Sheet date. In case the time value of money is material, provisions are discounted using a current pre-tax
rate that reflects the risks specific to the liability. When discounting is used, the increase in the provision due to the
passage of time is recognised as a finance cost. These are reviewed at each Balance Sheet date and adjusted to
reflect the current management 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 uncertain future events not wholly within
the control of the Company. A contingent liability also arises, in rare cases, where a liability cannot be recognised
because it cannot be measured reliably.

xi) Cash Flows

Cash flows are reported using the indirect method, where by net profit before tax is adjusted for the effects of
transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments
and item of income or expenses associated with investing or financing cash flows. The cash flows from operating,
investing and financing activities are segregated.

Note 36 : Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating
Decision Maker ("CODM") of the Company. The CODM, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Managing Director of the Company. The

Company operates only in one Business Segment i.e. "Agri Trading Business", hence does not have any reportable
Segments as per Ind AS 108 "Operating Segments".

Note 37 : Financial instruments - Fair values and risk management

The fair value of the financial assets are included at amounts at which the instruments could be exchanged in a
current transaction between willing parties other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair value

a) Fair value of cash and short-term deposits, trade and other short-term receivables, trade payables, other current
liabilities, approximate their carrying amounts largely due to the short-term maturities of these instruments

b) Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters
such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are
taken to account for the expected losses of these receivables."

A. Accounting classification and fair values

The carrying value and fair value of financial instruments by categories as at 31st March 2024 were as follows:

B. Fair Value Hierarchy

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by
valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are
observable, either directly or indirectly.

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on
observable market data.

Financial Risk Management

Risk management framework

A wide range of risks may affect the Company''s business and operational / financial performance. The risks that
could have significant influence on the Company are market risk, credit risk and liquidity risk. The Company''s Board
of Directors reviews and sets out policies for managing these risks and monitors suitable actions taken by
management to minimise potential adverse effects of such risks on the company''s operational and financial
performance.

Market risk

Market Risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price
risk.

Currency risk

The Company is not much exposed to currency risk.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company''s trade and other receivables, cash and
cash equivalents and other bank balances. To manage this, the Company periodically assesses financial reliability of
customers, taking into account the financial condition, current economic trends and analysis of historical bad debts
and ageing of accounts receivable. The maximum exposure to credit risk in case of all the financial instruments
covered below is restricted to their respective carrying amount.

Note 38 : Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital and all other equity
reserves attributable to the equity holders of the Company. The Company strives to safeguard its ability to continue
as a going concern so that they can maximise returns for the shareholders and benefits for other stake holders. The
aim to maintain an optimal capital structure and minimise cost of capital.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and
the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may return
capital to shareholders, issue new shares or adjust the dividend payment to shareholders (if permitted). Consistent
with others in the industry, the Company monitors its capital using the gearing ratio which is total debt divided by
total capital plus total debts.

Note 39 : Corporate Social Responsibility

The Provision for CSR are not applicable as per Section 135 of Companies act 2013.

Note 40 : ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III TO THE COMPANIES ACT, 2013

1. The Company does not have any benami property held in its name. No proceedings have been initiated on or are
pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988
(45 of 1988) and Rules made thereunder.

2. The Company has complied with the requirement with respect to number of layers as prescribed under section
2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.

3. Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediary shall:

a. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Company (Ultimate Beneficiaries) or

b. Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

(ii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate Beneficiaries) or

b. provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

4. There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax
Act, 1961 (such as search or survey), that has not been recorded in the books of account.

5. The Company has not traded or invested in crypto currency or virtual currency during the year.

6. The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of
Companies beyond the statutory.

7. During the year, the company has not announced any dividend during the year.

8. The Company has not been declared wilful defaulter by any banks.

Note 41 : Prior year comparatives

Previous year''s figures have been regrouped or reclassified, to conform to the current year''s presentation wherever
considered necessary.

For, S K Bhavsar & Co. For & on behalf of the Board of Directors of

Chartered Accountants Mihika Industries Limited

Firm Registration No. 145880W

Shivam Bhavsar Pranav Trivedi Sagar Kumar Dataniya

Proprietor (Managing Director) (Director)

Membership No. 180566 (DIN: 09218324) (DIN: 09629945)

UDIN: 24180566BKEZJK1073

Pawansut Swami

Company Secretary

Place: Ahmedabad Place: Ahmedabad

Date: May 24, 2024 Date: May 24, 2024

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Mar 31, 2015

1. Other Notes

(A) Dues to SMEs:

There are no dues to Micro and Small Enterprises, that are reportable under the Micro, Small and Medium Enterprises Development Act, 2006.

(B) Related Party Disclosure:

1. Relationship:

Key Management Personnel

a. Mr. Kuldeep Kumar Sethia, Managing Director

b. Ms. Varsha Khandelwal, Company Secretary and Compliance Officer

(C) The main business of the Company is Trading of Merchandise and Commission Agency. This is in context of Accounting Standard -17 on segment reporting notified by the Company(Accounting Standard) Rules 2006, is considered to constitute a single primary segment.

(D) At each Balance Sheet date an assessment is made whether any indication exists that an asset has been impaired. If any such indication exists, an impairment loss i.e. the amount by which the carrying amount of an asset exceeds its recoverable amount is provided in the books of account.

(E) The figures have been rounded off to nearest rupee.

(F) The figures of previous year have been regrouped / recast wherever considered necessary to make them comparable with those of current year.

(G) Disclosure u/s 186(4) of the Companies Act, 2013 regarding Loans given, Investment made or Guarantees given or Securities provided :

Notes :

(i) All loans given to unrelated corporate entities/others at an interest ranging from 9% to 12%.

(ii) All loans are short term in nature.

(iii) All the loans are provided for business purpose of respective entities, repayable on demand with prepayment option to the borrower.

2. Investment made

There are no investments by the Company other than those stated under Note No. 6 in the Financial Statements.

3. Guarantees Given

There are no guarantees given during the year.

4. Securities Provided

There are no guarantees given during the year.

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Mar 31, 2014

A) Rights, preferences and restrictions attached to shares :

The Company has issued one class of equity shares having a face value of Rs. 10 per share. Each shareholder has right to vote in respect of such share, on every resolution placed before the Company and his voting right on a poll shall be in proportion to his share of the paid-up equity capital of the Company. In the event of liquidation, the equity shareholders are entitled to receive the remaining assets of the Company after payments to secured and unsecured creditors, in proportion to their shareholding.

b) No shares are reserved for issue under options and contracts/ commitments for the sale of shares/disinvestment.

c) During the immediately preceeding five years to current year as well as previous year. The Company has :

not allotted any shares without payment being received in cash ;

not allotted any shares as bonus shares;

not bought back any shares.

1. (A) Dues to SMEs :

There are no dues to Micro and Small Enterprises, that are reportable under the Micro, Small and Medium Enterprises Development Act, 2006.

(B) Related Party Disclosure :

a) Related Parties as per AS-18

Associates : Jain Commodity Broking Pvt. Ltd.

Key Management Personnel: Kuldeep Kumar Sethia

(b) Segment Reporting :

The main business of the Company is Trading in Fabrics, Commission Agent and Investment and accordingly there are no separate reportable segment as per accounting standard -17.

(c) The Company has elected to publish quarterly financial results which were reviewed by the statutory auditors.

(d) During the year, the Company has not discontinued any of its operations.

(e) The figures have been rounded off to nearest rupee.

(f) The figures of previous year have been regrouped / recast whereever considered necessary to make them comparable with those of current year.

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Mar 31, 2013

A) Rights, preferences and restrictions attached to shares:

The Company has issued one class of equity shares having a face value of Rs. 10 per share. Each shareholder has right to vote in respect of such share, on every resolution placed before the Company and his voting right on a poll shall be in proportion to his share of the paid-up equity capital of the Company. In the event of liquidation, the equity shareholders are entitled to receive the remaining assets of the Company after payments to secured and unsecured creditors, in proportion to their shareholding.

No shares are reserved for issue under options and contracts/ commitments for the sale of shares/disinvestment.

b) During the immediately preceeding five years to current year as well as previous year. The Company has : not allotted any shares without payment being received in cash;

not allotted any shares as bonus shares;

not bought back any shares.

(C) Segment Reporting:

The main business of the Company is Trading in Fabrics, Commission Agent and Investment and accordingly there are no separate reportable segment as per Accounting Standard -17.

(D) The Company has raised its equity share capital by issue of 9759930 equity shares of Rs.10/- each at a premium of Rs.15/- per share amounting to Rs.24,39,98,250/- in terms of SEBI (ICDR) Regulations, 2009 after taking all the requisite approvals as required. The Company has received Final Listing Approval from the U.P.Stock Exchange Ltd. for the fresh equity shares issued.

(E) There has been no events occurred after the Balance Sheet date having financial effect on Financial Statement.

(F) There has been no foreign exchange transaction or operation conducted by the company.

(G) There are no contingencies existing at the Balance Sheet date.

(H) The Company has elected to publish quarterly financial results which were subject to limited review by the statutory auditors.

(I) During the year, the Company has not discontinued any of its operations.

(J) At each Balance Sheet date an assessment is made whether any indication exists that an asset has been impaired. If any such indication exists, an impairment loss i.e. the amount by which the carrying amount of an asset exceeds its recoverable amount is provided in the books of account.

(K) The figures have been rounded off to nearest rupee.

(L) The figures of previous year have been regrouped / recast whereever considered necessary to make them comparable with those of current year.

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Mar 31, 2012

1 Rights, preferences and restrictions attached to shares:

The Company has issued one class of equity shares having a face value of Rs. 10 per share. Each shareholder has right to vote in respect of such share, on every resolution placed before the Company and his voting right on a poll shall be in proportion to his share of the paid-up equity capital of the Company. In the event of liquidation, the equity shareholders are entitled to receive the remaininq assets of the Company after payments to secured and unsecured creditors, in proportion to their shareholding.

2 None of the shareholders held 5% or more as on 31/03/2012 as well as on 31/03/2011.

3 No shares are reserved for issue under options and contracts/ commitments for the sale of shares/disinvestment.

4 During the immediately preceeding five years to current year as well as previous year. The Company has:

not allotted any shares without payment being received in cash ; not allotted any shares as bonus shares; not bought back any shares .

5 Segment Reporting

The main business of the Company is trading in fabrics and commission agency and accordingly there are no separate reportable segment as per Accounting Standard -17

6 Other Notes

a. There has been no events occurring after the Balance Sheet date having any material effect on Financial Statements

b. The has been no foreign exchange transaction or operation conducted by the company

c. There are no contingencies existing at the Balance Sheet date.

d. The Company has elected to publish quarterly financial results which were subject to limited review by the statutory auditors.

e. During the year, the Company has not discontinued any of its operations.

f. At each Balance Sheet date an assessment is made whether any indication exists that an asset has been impaired. If any such indication exists, an impairment loss i.e. the amount by which the carrying amount of an asset exceeds its recoverable amount is provided in the books of account.

g. The figures have been rounded off to nearest rupee.

h. The Company has prepared current year''s account as per presentation and disclosure requirement of Revised Schedule VI of the Companies Act, 1956 applicable with effect from 1st April, 2011. Previous year''s figure has been reclassified/regrouped to conform current year figures.