Notes to Accounts of Royal India Corporation Ltd.

Mar 31, 2025

Contingent Liabilities

Contingent liabilities exist when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the Company, or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required or the amount cannot be reliably estimated. Contingent liabilities are appropriately disclosed unless the possibility of an outflow of resources embodying economic benefits is remote.

10) Contingent Assets

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. The Company does not recognize a contingent asset.

11) Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of goods & service tax, discounts and returns. The Company recognizes revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met for each of the Company’s activities, as described below.

i) Sale of goods and services

Sales are recognized when the significant risks and rewards of ownership of the goods are transferred to the buyer as per terms of contract. Income and fees from services are accounted as per terms of relevant contractual agreements/arrangements.

ii) Interest income

Interest income is recognized on accrual basis as per the terms of relevant contracts or by using the effective interest method, where applicable.

12) Employee Benefits

Short Term Employee Benefits are recognized on an undiscounted basis whereas Long Term Employee Benefits are recognized on a discounted basis.

13) Income Tax

i) Current Income Tax:

Current Income Tax is measured at the amount expected to be paid to the tax authorities in accordance with local laws of various jurisdiction where the Company operates.

ii) Deferred Tax:

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

Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible differences, and the carry forward of unused tax credits and unused tax losses can be utilized.

The tax rates and tax laws used to compute the tax are those that are enacted or substantively enacted at the reporting date.

Current and Deferred Tax are recognized in the Statement of Profit and Loss except to items recognized directly in Other Comprehensive income or equity, in which case the deferred tax is recognized in Other Comprehensive Income and equity respectively.

14) Borrowing Costs

Borrowing costs consist of interest, ancillary and other costs (i.e. Effective Interest Method) that the Company incurs in conne ction with the borrowing of funds and interest relating to other financial liabilities. Borrowing costs also include exchange differences to the extent regarded as an adjustment to the borrowing costs.

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 asset. All other borrowing costs are expensed in the period in which they occur.

15) Exceptional Items

Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the Company. They are material items of income or expense that have been shown separately due to the significance of their nature or amount.

16) Earnings per share

The company presents Basic and Diluted earnings per share data for the equity shareholders of the company. Basic and Diluted earnings per share is calculated by dividing the profit or loss attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the year.

17) Cash flow Statement:

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipt or payments and item of income or expense associated with investing or financing cashflows. The cash flow from operating, investing and financing activities of the Company is segregated.

18) Events after the reporting period

Adjusting events are events that provide further evidence of conditions that existed at the end of the reporting period. The financial statements are adjusted for such events before authorization for issue. Non-adjusting events are events that are indicative of conditions that arose after the end of the reporting period. Non-adjusting events after the reporting date are not accounted, but disclosed.

NOTE 26: FINANCIAL RISK MANAGEMENT RISK MANAGEMENT FRAMEWORK

The Board of Directors of the Company has overall responsibility for the establishment and oversight of the risk management framework. The respective Boards have established the Risk Management Committee for developing and monitoring the risk management policies.

The Committee reports regularly to the board of directors on their activities.

The Entity’s risk management policies are established to identify and analyze the risks faced by the Entity, to set appropria te risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions. The Entity, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

The Audit Committee oversees how management monitors compliance with the Entity’s risk management policies and procedures, an d reviews the adequacy of the risk management framework in relation to the risks faced by the Entity. The audit committee is assisted in its oversight role by internal audit which regularly reviews risk management controls and procedures, the results of which are reported to the audit committ ee.

The Entity has exposure to Credit, Liquidity and Market risks arising from financial instruments:

1) CREDIT RISK

Credit risk is the risk of financial loss to the Entity if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Entity’s receivables from customers and investments in debt securities.

Trade and other receivables

The Entity’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, manage ment also considers the factors that may influence the credit risk of its customer base, including the default risk of the country in which customers operate.

The Risk Management Committee has established a credit policy under which each new customer is analyzed individually for creditworthiness before the Entity’s standard payment and delivery terms and conditions are offered. Credit limits are established for each customer and reviewed periodically.

As at 31st March, 2025, the ageing of Trade Receivables and the maximum exposure to credit risk is as follows: TRADE RECEIVABLES
	As at	As at
	31st March, 2025	31st March, 2024
Outstanding for a period exceeding six months
(a) Overseas Debtors
Unsecured, Considered Good	7,00,03,727	7,00,03,727
(b) Domestic Debtors
Unsecured, Considered Good	24,42,34,874	84,96,97,592
Other Trade Receivables
(a) Overseas Debtors
Unsecured, Considered Good		-
(b) Domestic Debtors
Unsecured, Considered Good		-
	31,42,38,601	91,97,01,319
Less: Expected Credit Loss	-8,30,09,339	(13,50,12,837)
Total	23,12,29,263	78,46,88,483

2) LIQUIDITY RISKS

Liquidity risk is the risk that the Entity will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Entity’s approach to managing liquidity is to ensu re, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Entity’s reputation.

3) MARKET RISKS:

Market risk is the risk that changes in market prices such as commodity prices risk, foreign exchange rates and interest rates which will affect the Entity’s financial position. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables.

i) Currency Risk:

The Entity is exposed to currency risk on account of its borrowings and other payables in foreign currency. The functional currency of the Entity is Indian Rupee. The Entity uses forward exchange contracts to hedge its currency risk, most with a maturity o f less than one year from the reporting date. The Entity does not use derivative financial instruments for trading or speculative purposes.

ii) Interest Rate Risk:

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. In order to optimize the Entity’s position with regard to interest income and interest expenses and to manage the inte rest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.

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Mar 31, 2024

NOTE 23: GENERAL INFORMATION

Royal India Corporation Limited formerly known as Natraj Finance was incorporated in 1984 in the name and style of Natraj Commercial Enterprises Ltd. In October, 2006 Company changed its name to Natraj Financial & Services Limited. In September, 2008 the company was taken over by existing promoters as per the rules & regulation of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) regulations, 1997 and later on was named as Royal India Corporation Limited. The Company is a public limited company incorporated and domiciled in India and has its registered office at Nariman Point, Mumbai, India. The Company has its listings on the Bombay Stock Exchange.

Royal India Corporation Limited is engaged in the wholesale trading of Gold Bullion, plain gold jewellery, gold coins, and medallions. The Company has business operations mainly in India.

The principal accounting policies applied in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

NOTE 24: BASIS FOR PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS

1) Accounting convention

The Financial Statements are prepared in accordance with the Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended by the Companies (Indian Accounting Standards) Amendment Rules, 2016.

2) Basis of measurement

The Company Follow mercantile system of accounting and recognizes significant items of income and expenditure on accrual basis. These financial statements comply in all material aspects with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (the Act) [Companies (Indian Accounting Standards) Rules, 2015] and other relevant provisions of the Act. All assets and liabilities are classified into current and non-current based on the operating cycle of less than twelve months or based on the criteria of realization/settlement within twelve months period from the balance sheet date.

3) Key accounting judgment, estimates and assumptions

The preparation of the financial statements required the management to exercise judgment and to make estimates and assumptions. These estimates and associated assumptions are based on historical experiences and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis.

Revision to accounting estimates are recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future period.

The areas involving critical estimates or judgments are:

i) Depreciation and amortization

Depreciation and amortization are based on management estimates of the future useful lives of certain class of property, plant and equipment and intangible assets. Estimates may change due to technological developments, competition, changes in market conditions and other factors and may result in changes in the estimated useful life and in the depreciation and amortization charges.

ii) Provision and contingencies

Provisions and contingencies are based on the Management''s best estimate of the liabilities based on the facts known at the balance sheet date.

iii) Fair valuation

Fair value is the market-based measurement of observable market transaction or available market information. Fair valuation of Gold Bar and Gold Jewellery are based on the market rates published by the Indian Bullion Association for various grades from which the fair value of the Gold Bar and Gold Jewellery are derived.

NOTE 25: SIGNIFICANT ACCOUNTING POLICIES

1) Property, Plant and Equipment

i) Recognition and measurement: Property, plant and equipment are carried at cost of acquisition less accumulated depreciation and accumulated impairment loss, if any. Subsequent expenditure related to an item of fixed asset are added to its book value only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All repairs and maintenance are charged to the Statement of Profit and Loss during the financial year in which they are incurred.

ii) Depreciation: Depreciation of other items of Property, Plant and Equipment are provided on a Written down Value Method over the estimated useful life of the asset or as prescribed in Part C of Schedule II to the Companies Act, 2013.

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

The Company assesses at each balance sheet date whether there is objective evidence that an asset or a group of assets is impaired. An asset''s carrying amount is written down immediately to its recoverable amount if the asset''s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing the sale proceeds with the carrying amount and are recognized within operating profit in the Income statement.

2) Investment Property

Property that is held for long-term rental yields or for capital appreciation or both, and that is not used in the production of goods and services or for the administrative purposes, is classified as Investment Property. Investment property is measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated at cost less accumulated depreciation and accumulated impairment loss, if any.

3) Intangible Assets Computer software

Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. Computer software development costs recognized as assets are amortized over their estimated useful life of 5 years.

4) Financial Instruments

i) Financial assets

The Company classifies its financial assets in the following categories:

a) Financial assets at amortized cost - Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost.

They are presented as current assets, except for those maturing later than 12 months after the reporting date which are presented as non-current assets. Financial assets are measured initially at fair value which usually represents cost plus transaction costs and subsequently carried at amortized cost using the effective interest method, less any impairment loss if any. Financial assets at amortized cost are represented by trade receivables, security and other deposits, cash and cash equivalent, employee and other advances.

b) Equity investments - Investment in subsidiaries are stated at cost. All other equity investments are measured at fair value, except for certain unquoted equity investments which are carried at cost where the fair value of these investments cannot be reliably measured.

c) Financial Assets at Fair Value through Other Comprehensive Income (FVTOCI) - For investments which are not held for trading purposes and where the company has exercised the option to classify the investment as at FVTOCI, all fair value changes on the investment are recognized in OCI. The accumulated gains or losses on such investments are not recycled to the Statement of Profit and Loss even on sale of such investment.

d) Financial assets at Fair Value through Profit and loss (FVTPL) - Financial assets other than the equity investments and investment classified as FVTOCI are measured at FVTPL. These include surplus funds invested in mutual funds etc.

e) Impairment of financial assets - The Company assesses at each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a ''loss event'') and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated.

ii) Financial liabilities

Initial recognition and measurement

Financial liabilities are measured at amortized cost using effective interest method. For trade and other payable

maturing within one year from the Balance Sheet date, the carrying value approximates fair value due to short

maturity.

iii) Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty.

iv) Fair value measurement

The Company classifies the fair value of its financial instruments in the following hierarchy, based on the inputs used in their valuation:

a) The fair value of financial instruments quoted in active markets is based on their quoted closing price at the balance sheet date.

b) The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques using observable market data. Such valuation techniques include discounted cash flows, standard valuation models based on market parameters for interest rates, yield curves or foreign exchange rates, dealer quotes for similar instruments and use of comparable arm''s length transactions.

c) The fair value of financial instruments that are measured on the basis of entity specific valuations using inputs that are not based on observable market data (unobservable inputs). When the fair value of unquoted instruments cannot be measured with sufficient reliability, the Company carries such instruments at cost less impairment, if applicable.

5) Inventories

Inventories are valued at cost or net realizable value whichever is lower, cost being determined on weighted average method. Raw Materials and Stores are valued at weighted average cost.

6) Functional and presentation currency

The functional and presentation currency of the Company is the Indian Rupee (INR).

7) Foreign currency transaction

Foreign currency transactions are translated at the exchange rate that approximates the prevalent exchange rate on the transaction date. Monetary assets and liabilities in foreign currencies are translated at the year-end rate. Any resultant exchange differences are taken to the Statement of Profit and Loss, except:

i) When deferred, in Other Comprehensive Income as qualifying cash flow hedges; and

ii) Non-monetary assets and liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction.

The company is not being carrying on any business outside India since past five years and has been engaged in local business activities only.

8) Provisions

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

The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. If the effect of the time value of money is material, provisions are discounted. The discount rate used to determine the present value

is a pre- tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.

9) Contingent Liabilities

Contingent liabilities exist when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the Company, or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required or the amount cannot be reliably estimated. Contingent liabilities are appropriately disclosed unless the possibility of an outflow of resources embodying economic benefits is remote.

10) Contingent Assets

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. The Company does not recognize a contingent asset.

11) Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of goods & service tax, discounts and returns. The Company recognizes revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met for each of the Company''s activities, as described below.

i) Sale of goods and services

Sales are recognized when the significant risks and rewards of ownership of the goods are transferred to the buyer as per terms of contract. Income and fees from services are accounted as per terms of relevant contractual agreements/arrangements.

ii) Interest income

Interest income is recognized on accrual basis as per the terms of relevant contracts or by using the effective interest method, where applicable.

12) Employee Benefits

Short Term Employee Benefits are recognized on an undiscounted basis whereas Long Term Employee Benefits are recognized on a discounted basis.

13) Income Tax

i) Current Income Tax:

Current Income Tax is measured at the amount expected to be paid to the tax authorities in accordance with local laws of various jurisdiction where the Company operates.

ii) Deferred Tax:

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

Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible differences, and the carry forward of unused tax credits and unused tax losses can be utilized.

The tax rates and tax laws used to compute the tax are those that are enacted or substantively enacted at the reporting date.

Current and Deferred Tax are recognized in the Statement of Profit and Loss except to items recognized directly in Other Comprehensive income or equity, in which case the deferred tax is recognized in Other Comprehensive Income and equity respectively.

14) Borrowing Costs

Borrowing costs consist of interest, ancillary and other costs (i.e. Effective Interest Method) that the Company incurs in connection with the borrowing of funds and interest relating to other financial liabilities. Borrowing costs also include exchange differences to the extent regarded as an adjustment to the borrowing costs.

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 asset. All other borrowing costs are expensed in the period in which they occur.

15) Exceptional Items

Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the Company. They are material items of income or expense that have been shown separately due to the significance of their nature or amount.

16) Earnings per share

The company presents Basic and Diluted earnings per share data for the equity shareholders of the company. Basic and Diluted earnings per share is calculated by dividing the profit or loss attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the year.

17) Cash flow Statement:

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipt or payments and item of income or expense associated with investing or financing cash-flows. The cash flow from operating, investing and financing activities of the Company is segregated.

18) Events after the reporting period

Adjusting events are events that provide further evidence of conditions that existed at the end of the reporting period. The financial statements are adjusted for such events before authorization for issue. Non-adjusting events are events that are indicative of conditions that arose after the end of the reporting period. Non-adjusting events after the reporting date are not accounted, but disclosed.

NOTE 26: FINANCIAL RISK MANAGEMENT RISK MANAGEMENT FRAMEWORK

The Board of Directors of the Company has overall responsibility for the establishment and oversight of the risk management framework. The respective Boards have established the Risk Management Committee for developing and monitoring the risk management policies.

The Committee reports regularly to the board of directors on their activities.

The Entity''s risk management policies are established to identify and analyze the risks faced by the Entity, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions. The Entity, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

The Audit Committee oversees how management monitors compliance with the Entity''s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Entity. The audit committee is assisted in its oversight role by internal audit which regularly reviews risk management controls and procedures, the results of which are reported to the audit committee.

The Entity has exposure to Credit, Liquidity and Market risks arising from financial instruments:

l) CREDIT RISK

Credit risk is the risk of financial loss to the Entity if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Entity''s receivables from customers and investments in debt securities.

Trade and other receivables

The Entity''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk of the country in which customers operate.

The Risk Management Committee has established a credit policy under which each new customer is analyzed individually for creditworthiness before the Entity''s standard payment and delivery terms and conditions are offered. Credit limits are established for each customer and reviewed periodically.

As at 31^st March, 2024, the ageing of Trade Receivables and the maximum exposure to credit risk is as follows:

TRADE RECEIVABLES
	As at 31st March, 2024	As at 31st March, 2023
Outstanding for a period exceeding six months
(a) Overseas Debtors
Unsecured, Considered Good	7,00,03,727	7,00,03,727
(b) Domestic Debtors
Unsecured, Considered Good	84,96,97,592	87,34,49,812
Other Trade Receivables
(a) Overseas Debtors
Unsecured, Considered Good	-	-
(b) Domestic Debtors
Unsecured, Considered Good	-	-
	91,97,01,319	94,34,53,540
Less: Expected Credit Loss	(13,50,12,837)	(9,89,08,771)
Total	78,46,88,483	84,45,44,769

2) LIQUIDITY RISKS

Liquidity risk is the risk that the Entity will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Entity''s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Entity''s reputation.

3) MARKET RISKS:

Market risk is the risk that changes in market prices such as commodity prices risk, foreign exchange rates and interest rates which will affect the Entity''s financial position. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables.

i) Currency Risk:

The Entity is exposed to currency risk on account of its borrowings and other payables in foreign currency. The functional currency of the Entity is Indian Rupee. The Entity uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date. The Entity does not use derivative financial instruments for trading or speculative purposes.

ii) Interest Rate Risk:

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. In order to optimize the Entity''s position with regard to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.

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Mar 31, 2023

8) Provisions

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

The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. If the effect of the time value of money is material, provisions are discounted. The

discount rate used to determine the present value is a pre- tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.

9) Contingent Liabilities

Contingent liabilities exist when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the Company, or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required or the amount cannot be reliably estimated. Contingent liabilities are appropriately disclosed unless the possibility of an outflow of resources embodying economic benefits is remote.

10) Contingent Assets

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. The Company does not recognize a contingent asset.

11) Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of goods & service tax, discounts and returns. The Company recognizes revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met for each of the Company''s activities, as described below.

i) Sale of goods and services

Sales are recognized when the significant risks and rewards of ownership of the goods are transferred to the buyer as per terms of contract. Income and fees from services are accounted as per terms of relevant contractual agreements/arrangements.

ii) Interest income

Interest income is recognized on accrual basis as per the terms of relevant contracts or by using the effective interest method, where applicable.

12) Employee Benefits

Short Term Employee Benefits are recognized on an undiscounted basis whereas Long Term Employee Benefits are recognized on a discounted basis.

13) Income Tax

i) Current Income Tax:

Current Income Tax is measured at the amount expected to be paid to the tax authorities in accordance with local laws of various jurisdiction where the Company operates.

ii) Deferred Tax:

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

Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible differences, and the carry forward of unused tax credits and unused tax losses can be utilized.

The tax rates and tax laws used to compute the tax are those that are enacted or substantively enacted at the reporting date.

Current and Deferred Tax are recognized in the Statement of Profit and Loss except to items recognized directly in Other Comprehensive income or equity, in which case the deferred tax is recognized in Other Comprehensive Income and equity respectively.

14) Borrowing Costs

Borrowing costs consist of interest, ancillary and other costs (i.e. Effective Interest Method) that the Company incurs in connection with the borrowing of funds and interest relating to other financial liabilities. Borrowing costs also include exchange differences to the extent regarded as an adjustment to the borrowing costs.

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 asset. All other borrowing costs are expensed in the period in which they occur.

15) Exceptional Items

Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the Company. They are material items of income or expense that have been shown separately due to the significance of their nature or amount.

16) Earnings per share

The company presents Basic and Diluted earnings per share data for the equity shareholders of the company. Basic and Diluted earnings per share is calculated by dividing the profit or loss attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the year.

17) Cash flow Statement:

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipt or payments and item of income or expense associated with investing or financing cash-flows. The cash flow from operating, investing and financing activities of the Company is segregated.

18) Events after the reporting period

Adjusting events are events that provide further evidence of conditions that existed at the end of the reporting period. The financial statements are adjusted for such events before authorization for issue. Non-adjusting events are events that are indicative of conditions

that arose after the end of the reporting period. Non-adjusting events after the reporting date are not accounted, but disclosed.

NOTE 26: FINANCIAL RISK MANAGEMENT RISK MANAGEMENT FRAMEWORK

The Board of Directors of the Company has overall responsibility for the establishment and oversight of the risk management framework. The respective Boards have established the Risk Management Committee for developing and monitoring the risk management policies.

The Committee reports regularly to the board of directors on their activities.

The Entity''s risk management policies are established to identify and analyze the risks faced by the Entity, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions. The Entity, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

The Audit Committee oversees how management monitors compliance with the Entity''s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Entity. The audit committee is assisted in its oversight role by internal audit which regularly reviews risk management controls and procedures, the results of which are reported to the audit committee.

The Entity has exposure to Credit, Liquidity and Market risks arising from financial instruments: 1) CREDIT RISK

Credit risk is the risk of financial loss to the Entity if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Entity''s receivables from customers and investments in debt securities.

Trade and other receivables

The Entity''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk of the country in which customers operate.

The Risk Management Committee has established a credit policy under which each new customer is analyzed individually for creditworthiness before the Entity''s standard payment and delivery terms and conditions are offered. Credit limits are established for each customer and reviewed periodically.

As at 31^st March, 2023, the ageing of Trade Receivables and the maximum exposure to credit risk is as follows:

2) LIQUIDITY RISKS

Liquidity risk is the risk that the Entity will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Entity''s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Entity''s reputation.

3) MARKET RISKS:

Market risk is the risk that changes in market prices such as commodity prices risk, foreign exchange rates and interest rates which will affect the Entity''s financial position. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables.

i) Currency Risk:

The Entity is exposed to currency risk on account of its borrowings and other payables in foreign currency. The functional currency of the Entity is Indian Rupee. The Entity uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date. The Entity does not use derivative financial instruments for trading or speculative purposes.

ii) Interest Rate Risk:

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. In order to optimize the Entity''s position with regard to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.

For Agarwal Desai & Shah For Royal India Corporation Limited

Chartered Accountants

FRN: 124850W

Nitin K Gujral Madhusa H Inda

DIN:08184605 DIN:07971726

CA Rishi Sekhri Managing Director Independent Director

Partner

Membership No.: 126656

Dinesh G Jani Jinal R Shah

Place : Mumbai Chief Financial Officer Company Secretary

Date : 14-08-2023

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Mar 31, 2015

NOTE:1

Balances of Trade Receivables, Loans and Advances, Secured Loans, Trade Payables & Others are subject to confirmation and reconciliation and consequential adjustments, if any.

NOTE:2

In the opinion of the Board & to the best of their knowledge & belief the value of realization of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet & the provisions for all the loans & determined liabilities is adequate and not in excess of the amount stated in balance sheet.

NOTE:3

According to a technical assessment carried out by the Company, there is no impairment in the carrying cost of cash generating units of the Company in terms of Accounting Standards28 issued by The Institute of Chartered Accountants of India.

NOTE:4

The Company has not provided for Gratuity and Leave Encashment to Employees on accrual basis, which is not in conformity with AS - 15 issued by ICAI. However, in the opinion of management the amount involved is negligible and has no impact on Statement of Profit & Loss.

NOTE : 5 DEFERRED TAX ASSETS/(LIABILITY)

The Company has provided Deferred Tax Assets for the year, amounting to Rs. 321,112/- due to the difference between the book balance and the written down value of fixed assets under Income Tax, which is in conformity with Accounting Standard - 22 on "Accounting on Taxes on Income "issued by the Institute of Chartered Accountant of India.

NOTE:6

The Company has not received the required information from suppliers regarding their status under the Micro, Small and 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.

NOTE : 7 DERIVATIVE INSTRUMENTS

There was no contract related to hedging outstanding at the end of the year. Exposure related to Stock in hand at the end of the year were not hedged amount Rs. 77,103/- (P.Y- 8,92,42,215/-).

NOTE : 8 RELATED PARTY TRANSACTION

Related Parties and Nature of Relationship:

Related Party Nature of Relationship

MANISH NAVNIT SHAH Managing Director

HITESH MANGILAL JAIN Whole-Time Director& CFO

SIDDHI PATIL Company secretary

Note: Related Parties as disclosed by the management and relied upon by auditors.

NOTE : 9 SEGMENT INFORMATION (AS17)

Company has only one segment of activity namely "Trading of Bullion". Since there is No export turnover, there are no reportable geographical segments.

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Mar 31, 2014

1 Corporate information

Royal India Corporation Limited is engaged in the business of Bullion, Real Estate and Investments.

Note : 2 Contingent Liabilities

Sr. Contingent liabilities and commitments As at As at No. (to the extent not provided for) 31st March, 31st March, 2014 2013 Income Tax Demand for A.Y 2010-11, Substantive Additions made during the A assessment, however appeal has been 9,77,02,258 9,77,02,258 filed and is pending for disposal by Commissioner of Income Tax (Appeal)

In respect of Stamp Duty demand with respect to order under section 391 & 394 of the Companies Act, 1956 passed B by The Hon''ble High Court pertaining 30,75,492 30,75,492 to the scheme of Amalgamation of Companies. It is not tenable in the view of the management.

The Income Tax Assessments of the company has been completed up to Assessment Year 2010-11. The disputed demand outstanding upto the said Assessment Year is 977.02 Lacs. On the Analysis by the expert professionals of the nature of demand and based on the earlier decisions of the authorities, interpretations, relevant provisions and considering the fact the company has been legally advised that the demand is likely to be deleted and accordingly has not been accounted in the books of accounts.

Contingent liabilities with respect to inspection carried by Regional Director (WR), Ministry of Corporate Affairs under section 209A of the Companies Act, 1956 during the year 2010 are not provided in books of accounts, as there was no major discrepancy/ irregularities are observed during the inspection.

Note: 3 Impairment of Assets

As required by accounting standard (AS 28) "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the company has carried out the assessment of impairment of assets. There has been no impairment loss during the year.

Note: 4

The Company has not provided for Gratuity and Leave Encashment to Employees on accrual basis, which is not in conformity with AS - 15 issued by ICAI. However, in the opinion of management the amount involved is negligible and has no impact on Statement of Profit & Loss.

The Company has not received the required information from suppliers regarding their status under the Micro, Small and 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.

Note: 5 Derivative Instruments

pThere was no contract related to hedging outstanding at the end of the year. Exposure related to Stock in hand at the end of the year were not hedged amount Rs. 8,92,42,215 (P.Y- 8,61,11,580).

---

Mar 31, 2013

1. CORPORATE INFORMATION

Royal India Corporation Limited is engaged in the business of Trading in Gold Jewelley, Gold Bar and Diamond.

NOTE : 2 RELATED PARTY DISCLOSURE

A) Key Management Personnel 1. Details of the Related Party

I) Manish Shah

II) Hitesh Jain

III) Kumarpal Punamiya#

B) Companies/ Firms in which KMP can exercise influence

I) Balaji Universal Tradelink Private Limited

II) Balaji Bullions & Commodities (I) Private Limited

III) Balaji Lifestyle Realtors Private Limited

V) Balaji Propbuilders Private Limited

VI) Balaji Refineries Limited

VII) Labh Commodities Private Limited

VIII) Om Movies Production Private Limited

IX) Amla Global Impex Private Limited

X) Hillview Impex Private Limited

XI) Jaguar Energy & Power Limited

XII) Jaguar Gems & Jewellery Limited

XIII) Orbit Diamonds Private Limited

XIV) Shri Baiju Trading & Investment Private Limited

For the year ended 31st March, 2013

XV) Paridhi Overseas Private Limited

XVI) Khajana Jewellers

XVII) Base Mining Resources Private Limited # Resigned from Directorship w.e.f. 21.12.2012

Note: Related Parties have been identified by Management

Sr. Contingent liabilities and commitments As at As at No. (to the extent not provided for) 31st March, 31st March, 2013 2012

A Income Tax Demand for A.Y. 2007-08, however appeal has been filed and is pending for disposal by Commissioner of Income - 3,46,14,261 Tax (Appeal)

Note: The appeal of A.Y. 2007 -08 has been assessed in the favour of the company.

B Income Tax Demand for A.Y 2010-11, Substantive Additions made during the assessment, however appeal has been filed and is pending for disposal by Commissioner of Income Tax 9,77,02,258 9,77,02,258 (Appeal)

C In respect of Stamp Duty demand with respect to order under section 391 & 394 of the Companies Act, 1956 passed by The C Hon''ble High Court pertaining to the scheme of Amalgamation of Companies. It is 30,75,492 30,75,492 not tenable in the view of the management.

The Income Tax Assessments of the company has been completed up to Assessment Year 2010-11. The disputed demand outstanding upto the said Assessment Year is rs. 977.02 Lacs. On the Analysis by the expert professionals of the nature of demand and based on the earlier decisions of the authorities, interpretations, relevant provisions and considering the fact the company has been legally advised that the demand is likely to be deleted and accordingly has not been accounted in the books of accounts.

Contingent liabilities with respect to inspection carried by Regional Director (WR), Ministry of Corporate Affairs under section 209A of the Companies Act, 1956 during the year 2010 are not provided in books of accounts, as there was no major discrepancy/ irregularities are observed during the inspection.

NOTE : 3 IMPAIRMENT OF ASSETS

As required by accounting standard (AS 28) "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the company has carried out the assessment of impairment of assets. There has been no impairment loss during the year.

NOTE : 4

The Company has not provided for Gratuity and Leave Encashment to Employees on accrual basis, which is not in conformity with AS – 15 issued by ICAI. However, in the opinion of management the amount involved is negligible and has no impact on Profit & Loss Account.

NOTE : 5 SEGMENT INFORMATION (AS-17)

The Segments are identified based on the dominant sources and nature of risks and return. Unallocated Corporate Expenses relate to the enterprises as a whole and are not attributable to the segments.

NOTE : 6

The Company has not received the required information from suppliers regarding their status under the Micro, Small and 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.

NOTE : 7 DERIVATIVE INSTRUMENTS

There was no contract related to hedging outstanding at the end of the year. Exposure related to Stock in hand at the end of the year were not hedged amount rs. 8,61,11,580 (P.Y- rs. 8,42,90,000).

---

Mar 31, 2012

1. CORPORATE INFORMATION

Royal India Corporation Limited is engaged in the business of Real Estate, Investments and Bullion Trading. Further during the year company has applied for the mines and also under the process of setting up Manufacturing unit in Mumbai.

NOTE : 2 DEFERRED TAX

The Company has recognised deferred tax asset on unabsorbed depreciation to the extent of the corresponding deferred tax liability on the difference between the book balance and the written down value of fixed assets under Income Tax

NOTE : 3 RELATED PARTY DISCLOSURE 1. Details of the Related Party

A) Key Management Personnel

I) Manoj Punamiya#

II) Kumarpal Punamiya

III) Manish Shah

B) Companies/ Firms in which KMP can exercise influence.

I) Balaji Universal Tradelink Private Limited

II) Balaji Bullions & Commodities [I) Private Limited

III) Balaji Lifestyle Realtors Private Limited

IV) Balaji Propbuilders Private Limited

V) Balaji Refineries Limited

VI) Labh Commodities Private Limited

VII) Om Movies Production Private Limited

VIII) Amla Global Impex Private Limited

IX) Threewin Maritime India Private Limited#

X) Hillview Impex Private Limited

XI) Jaguar Energy & Power Limited

XII) Jaguar Gems & Jewellery Limited

XIII) Orbit Diamonds Private Limited

For the year ended 31st March, 2012

I) Shri Baiju Trading & Investment Private Limited

II) Paridhi Overseas Private Limited

III) Balaji Builders & Developers#

IV) Burhani Builders & Developers#

V) Silver Coin#

VI) Khajana Jewellers

VII) Base Mining Resources Private Limited # Resigned from Directorship w.e.f. 16th February 2012 Note: Related Parties have been identified by Management

NOTE : 4 CONTINGENT LIABILITIES

Sr. Contingent liabilities and commitments As at As at No. (to the extent not provided for] 31st March, 2012 31st March, 2011

Income Tax Demand for A.Y. 2006-07, however appeal has been A filed and is pending for disposal by Commissioner of Income - 8,08,662 Tax (Appeal)

Income Tax Demand for A.Y. 2006-07, however appeal has been B filed and is pending for disposal by Income Tax Appellate - 8,14,293 Tribunal

Income Tax Demand for A.Y. 2007-08, however appeal has been C filed and is pending for disposal by Commissioner of Income 3,46,14,261 Tax (Appeal)

Income Tax Demand for A.Y. 2008-09, however appeal has been D filed and is pending for disposal by Commissioner of Income - 21,87,080 Tax (Appeal)

Income Tax Demand for A.Y 2010-11, Substantive Additions made during the assessment, however appeal has been filed E 9,77,02,258 - and is pending for disposal by Commissioner of Income Tax (Appeal)

In respect of Stamp Duty demand with respect to order under section 391 & 394 of the Companies Act, 1956 passed by The F 30,75,492 30 75,492 Hon'ble High Court pertaining to the scheme of Amalgamation of Companies. It is not tenable in the view of the management.

The Income Tax Assessments of the company has been completed up to Assessment Year 2010-11. The disputed demand outstanding upto the said Assessment Year is ? 1323.17 Lacs. On the Analysis by the expert professionals of the nature of demand and based on the earlier decisions of the authorities, interpretations, relevant provisions and considering the fact the company has been legally advised that the demand is likely to be deleted and accordingly has not been accounted in the books of accounts.

Contingent liabilities with respect to inspection carried by Regional Director (WR), Ministry of Corporate Affairs under section 209A of the Companies Act, 1956 during the year 2010 are not provided in books of accounts, as there was no major discrepancy/ irregularities are observed during the inspection.

NOTE : 5 IMPAIRMENT OF ASSETS

As required by accounting standard (AS 28) "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the company has carried out the assessment of impairment of assets. There has been no impairment loss during the year.

NOTE:6

The Company has not provided for Gratuity and Leave Encashment to Employees on accrual basis, which is not in conformity with AS - 15 issued by ICAI. However, in the opinion of management the amount involved is negligible and has no impact on Profit & Loss Account.

NOTE:7

The Company has not received the required information from suppliers regarding their status under the Micro, Small and 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.

NOTE : 8 DERIVATIVE INSTRUMENTS

There was no contract related to hedging outstanding at the end of the year. Exposure related to Stock in hand at the end of the year were not hedged amount Rs. 8,42,90,000 (P.Y- 41,91,000).

---

Mar 31, 2010

NATURE OF BUSINESS:

Natraj Financial & Services Limited (NFSL) is engaged in the business of Real Estate, Investment, Finance and Bullion Trading.

1. Event Occurring after the Balance Sheet Date

The Audited Financial statements were approved by Board of Director on 29/05/2010 along with Auditor report. The above Financial Statements are restated after giving the effect of merged entity Luxury Exports Private Limited with the Company.

Amalgamation of Luxury Exports Private Limited with Company :

The Amalgamation of Luxury Exports Private Limited with Appointed Date as 1st April, 2009, has been completed and approved by the Honble High Court of Judicature at Mumbai. The financial statements include effects of this amalgamation.

a) In accordance with the Scheme of Amalgamation of the erstwhile Luxury Exports Private Limited (hereinafter referred to as LEPL) with the Natraj Financial And Services Limited (hereinafter referred to as Company) as sanctioned by the Honble High Court of Mumbai, the assets, liabilities and reserves of the LEPL were transferred to and vested in the Company w.e.f 1st April, 20O9.The Honble Mumbai High Court passed their order 01.16* July, 2010 approving the merger. The certified copies of the said orders were duly filed with the Registrar of Companies within the due * date.

b) LEPL was registered to carry on business in India and or outside India as dealers, trader, importer, exporter of goods, items, products and to deal in metal scrap, ferrous and non-ferrous metals, diamonds, precious/semi-precious stones, iron, steel, hardware items, aluminum items, machineries, engineering goods, cement, building materials, stones, minerals electronic and electrical items, mobile, mobile accessories, woods including plywood, chemicals, drugs, cosmetics, general pharmacy item, rubber, plastic items, tyre tubes, computers, scrap material, automobiles, accessories, agricultural products, grocery, textile items, yarns, fabrics, garments, papers and stationery items.

The company also invested in its subsidiary, Balaji Corporation Private Limited, which is engaged in the business of real estate.

c) The amalgamation has been accounted for under the pooling of interests method as prescribed by the Accounting Standard (AS 14 - Accounting for Amalgamations) issued by The Institute of Chartered Accountants of India. Accordingly, the assets, liabilities and reserves of erstwhile LEPL have been taken over at their books values. The difference between the amount recorded as share capital to be issued and the amount of share capital of the LEPL, i.e. Rs. 1122.00 Lacs has been adjusted in Security Premium of the Company.

d) As stipulated in the Scheme of Amalgamation and in accordance with the Accounting Standard AS 14 - Accounting for Amalgamations, issued by The Institute of Chartered Accountants of India, Security Premium for Rs.45.00 Lacs and Profit & Loss Account for Rs.(0.19) Lacs of erstwhile LEPL have been transferred to the corresponding Reserves accounts.

Consequent to the Amalgamation of LEPL with the Company and in accordance with the terms of Scheme of Amalgamation, the Company would allot 188 equity shares of the Company of Rs.10 each to the shareholders of LEPL for every 1 equity share of face value of Rs.10 held by them, total 1,12,80,000 equity shares would thus be allotted.

e) During the period between the Appointed Date and the Effective Date as erstwhile LEPL carried on the existing business in trust on behalf of the company, all vouchers, documents, etc., for the period are in the name of erstwhile LEPL. The title deeds for landed properties, licenses, agreements, loan documents, etc., if any, are being transferred in the name of the Company.

f) Previous years figures do not include the figures of LEPL and hence are not comparable to those of the current year.

g) The Balaji Corporation Private Limited, subsidiary of LEPL, has now become subsidiary of the Company, accordingly the consolidated financial statements are prepared separately.

2. The company has issued 73,00,000 new Equity Shares through the Postal Ballot dated 02/07/2009 under section 81(1A) and other applicable provision of The Company Act, 1956. These shares have been allotted at a price of Rs. 35.10 each which is in accordance with the Preferential Issue Guidelines issued by Securities & Exchange Board of India.

3. Contingent Liabilities -

Contingent Liabilities in respect of Income Tax Demand for the A.Y. 2007-08 of Rs. 8,08,662/- is not provided in the books of Accounts.

4. The Balance of Sundry Debtors, Loans & Advances and Current Liabilities are subject to confirmation from parties.

5. The Company has not provided for Gratuity and Leave Encashment to Employees on accrual basis, which is* not in conformity with AS - 15 issued by ICAI. However, in the opinion of management the amount involved is negligible and has no impact on Profit & Loss Account.

6. In the opinion of the management, loans & advances are recoverable at the value stated in the financial statements and adequate provisions have been made in the accounts for all known liabilities.

7. Additional information pursuant to the provisions of Clause 4a of Part II of Schedule VI of the Companies Act, 1956: Commission (u/s 349) "Nil".

9. Additional information pursuant to the provisions of Paragraphs 4d of Part II of Schedule VI of the Companies Act, 1956:

a. Expenditure in Foreign currency "Nil"

b. Earning in Foreign currency "Nil"

10. Accounts payable to Small Scale Industrial Undertaking the head of Sundry Creditors - Nil

(Previous Year - Nil)

11. Related Party Disclosures :

A. Related Parties and Nature of Relationship :

I. Companies in which Directors having significant influence

1. Balaji Universal Tradelink Private Limited

2. Balaji Bullions & Commodities (I) Private Limited

3. Balaji Lifestyle Realtors Private Limited

4. Balaji Propbuilders Private Limited

5. Balaji Refinery Limited

6. Labh Commodities Private Limited

7. Om Movies Production Private Limited

8. Amla Global Impex Private Limited

9. Threewin Maritime (I) Private Limited

10. Luxury Exports Private Limited

11. Hill View Impex Private Limited

12. Jaguar Energy & Power Limited

13. Jaguar Gems & Jewellery Limited

14. Orbit Diamonds Private Limited

15. Shree Baiju Trading & Investments Pvt. Ltd.

16. Varan Industries Limited $

17. Varan Jewels Private Limited $

18. Shri Sai Jewels Private Limited $

19. Varan Minerals Corporation Private Limited $

20. Varan Petroleum Corporation Private Limited $

21. Varan Real Estate (India) Private Limited $

22. Varan Capital Market Advisory Private Limited $

23. Varan Earthtech Limited $

24. Rainbow Sunlight Jewels Private Limited #

25. Aishnoni Copper and Alloys Private Limited

26. Bright Telecom India Private Limited

27. RAS Extrusions Limited @

28. RAS Propack Lamipack Limited @

29. Paridhi Overseas Private Limited*

II. Subsidiary

Balaji Corporation Private Limited

III. Firms in which Directors are Partners/Proprietor

1. Silver Coin

2.Balaji Builders & Developers 3.Burhani Builders & Devlopers 4.Balaji Enterprises 5.Devshanti Devlopers 6.Parshvwa Telesystem 7.Reliable Associates # 8. Rainbow Silk #

IV. Key Management Personnel Manoj Punamiya

14. Segment Information (AS-17):

The Segments are identified based on the dominant sources and nature of risks and return. Unallocated Corporate Expenses relate to the enterprises as a whole and are not attributable to the segments.

15. As required by accounting standard (AS 28) "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the company has carried out the assessment of impairment of assets. There has been no impairment loss during the year.

17. Schedule 1 to 15 form an integral part of the Balance Sheet as at 31st March 2010 and the P & L A/c for the year ended on that date.

18. Prior year amounts have been regrouped & reclassified, where necessary, to confirm to current years presentation.

19. The Company has not received the required information from suppliers regarding their status under the Micro, Small and 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.

20. Balance Sheet abstract and companys general business profile as per the annexure A.