Notes to Accounts of Milestone Global Ltd.

Mar 31, 2024

12.1 No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries).

Rights, Preferences and restrictions attached to equity shares:

The Company has single class of equity shares. Accordingly, all equity shares rank equally with regard to dividend and share in the Company''s residual assets. The equity shareholders are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share in the paid- up equity capital of the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.

14 ( a ) Security Premium is the amount received in excess of face value of the equity shares issued and is recognised in Security

Premium Account

14 ( b ) Capital Reserve, represents the Subsidy received from State Government in respect of capital investment.

14 ( c ) Retained Earning represents the cumulative profits of the company . This reserve can be utilized in accordance with the

provision of the Companies Act,2013

NOTES ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH,2024 Notes to Other Equity

14 ( a ) Security Premium is the amount received in excess of face value of the equity shares issued and is recognised in Security Premium Account

14 ( b ) Capital Reserve, represents the Subsidy received from State Government in respect of capital investment.

14 ( c ) Retained Earning represents the cumulative profits of the company . This reserve can be utilized in

accordance with the provision of the Companies Act,201 3

CURRENT LIABILITIES FINANCIAL LIABILITIES

15 The Company has not received any fund from any party(s) or entity including foreign (Funding Party) with the understanding ( wheather recorded in writing or otherwise ) that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Funding party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like or on behalf of the Ultimate Beneficiaries.

(a) Based on the information avaialable with the company regarding the status of suppliers as defined under MSMED Act ,2006 there was no principal amount overdue and no interest was payable to the Micro ,Small and Medium Enterprises on 31st March 2024 as per the terms of contract.

Figures in bracket are in respect of previous year.

Note: Related Parties relationship is as identified by the Company and relied upon by the auditors.

33 Company has an investment of Rs. 80.59 Lacs in the share capital of Milestone Global (U.K.) Limited U.K a wholly owned subsidiary Company. Milestone Global (U.K.) Limited U.K. has accumulated losses Rs.31.85 Lacs as on 31.03.2024 (Previous Year Rs. 39.79 Lacs). The Management is, however, of the opinion that with strategic plan on hand and long-term involvement in the subsidiary company, no provision is necessary in this account.

34 Disclosure in terms of Ind AS- 19 issued by the Institute of Chartered Accountants of India has not been given as required details have not been provided by Life Insurance Corporation of India.

35 Actuarial valuation of leave encashment has not been carried out as company has paid leave earned up to 31-032024.

36 Satisfaction of charge with Registrar of Companies, of various assets under charge created in earlier Year. is still in process

38 CONTINGENT LIABILITIES:
Particulars	As at 31st March, 2024 Rs.	As at 31st March, 2023 Rs.
(1) In respect of Claims (Including Claims	Amount Indeterminate	Amount Indeterminate
made by Employees) not acknowledged as Debts
	NIL	NIL
(2) Capital commitment
(3) Other commitment	NIL	NIL

39 SEGMENT INFORMATION:

The Company has only one business segment “Stone” as primarily segment. The secondary segment is geographical which is given as under:

40 Financial Instruments and Related Disclosures Capital Management:

The Company’s financial strategy aims to support its strategic priorities and provide adequate capital to its businesses for growth and creation of sustainable stakeholder value. The Company funds its operations majorly through internal accruals. The Company aims at maintaining a strong capital base largely towards supporting the future growth of its businesses as a going concern.

41 FINANCIAL RISK MANAGEMENT OBJECTIVES:

The Company has a system-based approach to risk management, anchored to policies and procedures and internal financial controls aimed at ensuring early identification, evaluation and management of key financial risks (such as market risk, credit risk and liquidity risk) that may arise as a consequence of its business operations as well as its investing and financing activities. Accordingly, the Company’s risk management framework has the objective of ensuring that such risks are managed within acceptable and approved risk parameters in a

Disciplined and consistent manner and in compliance with applicable regulation. It also seeks to drive accountability in this regard.

i) Liquidity Risk:

The company is able to settle or to meet its obligation as they become due.

ii) Market Risks:

The Company is not an active investor in equity markets.

iii) Foreign Currency Risk:

The Company undertakes transactions denominated in foreign currency (mainly US Dollar) which are subject to the risk of exchange rate fluctuations

iv) Credit Risk:

The Company’s historical experience of collecting receivables and the level of default indicate that credit risk is low and generally uniform across markets; consequently, trade receivables are considered to be a single class of financial assets. The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer.

D. FAIR VALUE MEASUREMENT:

Fair value hierarchy:

Fair value of the financial instruments is classified in various fair value hierarchies based on the following three levels: Level 1:

Quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2:

Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3:

Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The fair value of trade receivables, trade payables and other Current financial assets and liabilities is considered to be equal to the carrying amounts of these items due to their short-term nature.

44 The company did not enter any transactions with companies stuck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956. There are no outstanding balances with stuck of Companies.

45. The company did not hold any Benami Properties and no proceedings has been initiated or pending against the company for holding any Benami Property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

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

47 All transactions have been recorded in the books of account and there are no unrecorded income have been disclosed during the year in the tax assessments under the Income-Tax Act, 1961. Moreover, there are no unrecorded income and related assets pertaining to previous years.

48 The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.

49 The company has not guranted any loans or advances in the nature of loans to promoters, directors, KMP’s And the related parties (As defined Under companies Act 2013) , either severally or jointly with any other Person that are:

a) Repayable on demand ;

b) Leave without specifying any terms or period of repayment.

50 Previous year figures have been regrouped and recasted wherever necessary to conform to the classification for the Year.

51 APPROVALS OF FINANCIAL STATEMENTS:

The financial statements were approved for issue by the board of directors on 25th May 2024.

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Mar 31, 2014

1. The Company has not received the required information from suppliers regarding their status under the Micro, Small, Medium Enterprises Development Act, 2006. Hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been made.

2. Balances of Trade Receivable , Loans and Advances and Creditors, are subject to confirmation.

3. Company has an investment of Rs.71,47,980/- in the share capital of Milestone Global (U.K.) Limited U.K a wholly owned subsidiary Company. Milestone Global (U.K.) Limited U.K. has accumulated losses GBP 70832 equivalent to Rs. 7081734/-as on 31.03.2014 (Previous Year GBP 66538 equivalent to Rs. 54,87,420/-). The Management is, however, of the opinion that with strategic plan on hand and long term involvement in the subsidiary company, no provision is necessary in this account.

4. Disclosure in terms of Accoun ting Standard- 15 issued by the Institute of Chartered Accountants of India has not been given as required details have not been provided by Life Insurance Corporation of India.

5. Acturial; valuation of leave encashment has not been carried out as company has paid leave earned up to 31-03- 2014.

6. CONTINGENT LIABILITIES:

As at 31st As at 31st March, 2014 March, 2013 Rs. Rs.

a) In respect of Claims (including claims made by Employees) not Amount Amount acknowledged as debts. Indeterminate Indeterminate

7. Previous year figures have been regrouped and recasted wherever necessary to conform to the classification for the Year.

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Mar 31, 2013

1. Balances of Trade Receivable, Loans and Advances and Creditors, are subject to confirmation.

2. Related Party Disclosures:

a) Related Party disclosures as required under Accounting Standard 18 - "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given below:

Subsidiary Companies

Milestone Global [U.K.] Limited - U.K.

Milestone Global [U.S.] INC - U.S.A.

Milestone Global (NZ) Limited - New Zealand

Enterprise over which key Management personal have significant influence

ANA Hospitality Pvt. Ltd. - India

Key Management Personnel and their relative:

Mr. Fiaz Ahmed - Executive Director

Mrs. Alka Agarwal - Relative

3. Company has an investment of Rs.71,47,980/- in the share capital of Milestone Global (U.K.] Limited U.K a wholly owned subsidiary Company. Milestone Global (U.K.] Limited U.K. has accumulated losses GBP 66538 equivalent to Rs. 54,87,420/-as on 31.03.2013 (Previous Year GBP 59528 equivalent to Rs. 48,56,897/. The Management is, however, of the opinion that with strategic plan on hand and long term involvement in the subsidiary company, no provision is necessary in this account.

4. Disclosure in terms of Accounting Standard- 15 issued by the Institute of Chartered Accountants of India has not been given as required details have not been provided by Life Insurance Corporation of India.

5. Acturial; valuation of leave encashment has not been carried out as company has paid leave earned up to 31-03- 2013.

6. Previous year figures have been regrouped and recasted wherever necessary to conform to the classification for the Year.

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Mar 31, 2012

1. Company has ari investment of Rs.71,47,980/- in the share capital of Milestone Global (U.K.) Limited U.K a wholly owned subsidiary Company. Milestone Global (U.K.) Limited U.K. has accumulated losses GBP 65,280 equivalent to Rs 53,26,185/-as on 31.03.2012 (Previous Year GBP 47„355 equivalent to Rs 33,94,406/ The Management is, however, of the opinion that with strategic plan on hand and long term involvement in the subsidiary company, no provision is necessary in this account.

2. CONTINGENT LIABILITIES:

As at 31st As at 31st March, 2012 March, 2011 Rs. Rs.

a) In respect of Claims (including claims made by Amount Amount Employees) not acknowledged as debts. Indeterminate Indeterminate

3. The Accounts were approved by the Board of Directors in its meeting held on 29.05.12. Board on observation of Auditors for provision for Closure compensation payable to workers, the same have been amended and approved by the Board of Directors in its meeting held on 31st August 2012.

4. Previous year figures have been regrouped and recasted wherever necessary to conform to the classification for the Year.

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Mar 31, 2010

1. CONTINGENT LIABILITIES:

As at 31st As at 31st March, 2010 March, 2009

Rs. Rs.

a) In respect of Claims (including claims made by Amount Amount Employees) not acknowledged as debts. Indeterminate Indeterminate

b) In respect of demand of Income Tax including Interest thereon which is not admitted as liabilities by the Company. Nil 39,63,981

2. The Company has not received the required information from suppliers regarding their status under the Micro, Small ,Medium Enterprises Development Act, 2006. Hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been made.

3. i). Term Loan from Bank Secured by hypothecation of Fixed Assets.

ii). Export Packing Credit Secured by hypothecation of inventories and export receivable.

iii). Vehicle Loans Secured by hypothecation of Vehicles.

4. Related Party Disclosures:

a) Related Party disclosures as required under Accounting Standard 18 "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given below:

Subsidiary Companies

Milestone Global (U.K.) Limited U.K.

Milestone Global (NZ) Limited New Zealand

ANA Hospitality Pvt. Limited

Key Management Personnel and their relative :

Mr. Sunil Agarwal - Managing Director

Mr. Fiaz Ahmed - Executive Director

Mrs. Alka Agarwa - Relative

Figures in bracket are in respect of Previous year.

Note: Related Parties relationship is as identified by the Company and relied upon by the auditors.

5. Company has an investment of Rs.71,47,980/ in the Share Capital in Milestone Global (U.K.) Limited U.K. a wholly owned subsidiary Company. Milestone Global (U.K.) Limited U.K. has accumulated losses GBP 12906 equivalent to Rs 877608/ as on 31st March, 2010 (Previous Year GBP 22411 equivalent to Rsl622556/ ). The Management is, however, of the opinion that with strategic plan on hand and long term involvement in the subsidiary company, no provision is necessary in this account.

6. Segment Reporting :

The Company has only one business segment "Stone" as primarily segment. The secondary segment is geographical which is given as under:

7. Previous years figures have been recasted or regrouped wherever necessary for the purpose of comparison.

8. Schedule 1 to 10 and accounting policies form integral part of the accounts and have been duly authenticated.

9. Information pursuant to the provisions of Paragraphs 3, 4C & 4D of Part II of Schedule VI to the Companies Act, 1956

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Mar 31, 2009

1. CONTINGENT LIABILITIES:

As at 31st As at 31st March, 2009 March, 2008

Rs. Rs.

a) In respect of Claims (including claims made by Amount Amount Employees) not acknowledged as debts. Indeterminate Indeterminate

b) In respect of demand of Income Tax including Interest thereon which is not admitted as liabilities by the Company. 39,63,981 39,63,981

2. Balances of Sundry Debtors, Loans and Advances and Creditors, are subject to confirmation.

3. The Company has not received the required information from suppliers regarding their status under the Micro, Small ,Medium Enterprises Development Act, 2006. And Small scale Industrial under taking . Hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been made.

4. i). Term Loan from Bank Secured by hypothecation of Fixed Assets.

ii). Export Packing Credit

Secured by hypothecation of inventories and export receivable.

iii). Vehicle Loans

Secured by hypothecation of Vehicles.

5. Related Party Disclosures:

a) Related Party disclosures as required under Accounting Standard 18 - "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given below: Subsidiary Company: Milestone Global (U.K.) Limited U.K. Milestone Global (NZ) Limited New Zealand ANA Hospitality Pvt. Limited Key Management Personnel and their relative :

Mr. Sunil Agarwal - Managing Director

Mr. Fiaz Ahmed - Executive Director

Mrs. Alka Agarwal - Relative

Figures in bracket are in respect of Previous year.

Note: Related Parties relationship is as identified by the Company and relied upon by the auditors.

6. Company has an investment of Rs.71,47,980/- in the Share Capital in Milestone Global (U.K.) Limited U.K. a wholly owned subsidiary Company. Milestone, Global (U.K.) Limited U.K. has accumulated losses GBP 22411 equivalent to Rs 1622556/- as on 31st March, 2009 (Previous Year GBP 27305 equivalent to Rs.2206244/-). The Management is, however, xof the opinion that with strategic plan on hand ari$ long term involvement in the subsidiary company, no provision is necessary in this account.

7. Segment Reporting:

The Company has only one business segment "Stone" as primarily segment. The secondary segment is geographical which is given as under

8. Previous years figures have been recasted or regrouped wherever necessary for the purpose of comparison.