Notes to Accounts of Shukra Bullions Ltd.

Mar 31, 2024

d) Cash and Cash Equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short¬
term deposits with an original maturity of twelve months or less, which are subject to an
insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and
short-term deposits, as defined above.

The Company assesses, at each reporting date, whether there is an indication that an asset may
be impaired. If any indication exists, or when annual impairment testing for an asset is
required, the Company estimates the asset’s recoverable amount. An asset’s recoverable
amount is the higher of an asset’s or cash-generating unit’s (CGU] fair value less costs of
disposal and its value in use. Recoverable amount is determined for an individual asset, unless
the asset does not generate cash inflows that are largely independent of those from other
assets or groups of assets. When the carrying amount of an asset or CGU exceeds its
recoverable amount, the asset is considered impaired and is written down to its recoverable
amount.

In assessing value in use, the estimated future cash flows are discounted to their present value
using a post-tax discount rate that reflects current market assessments of the time value of
money and the risks specific to the asset. In determining fair value less costs of disposal, recent
market transactions are taken into account.

f) Inventories

Inventories of Diamond and Jewellery are valued at the lower of cost and net realizable value.

Net realizable value is the estimated selling price in the ordinary course of business, less
estimated costs of completion and the estimated costs necessary to make the sale.

In case of Real Estate Business, Cost includes cost of land, construction, development cost,
borrowing cost and other related overheads as the case may be. Net realizable value is the
estimated selling price in the ordinary course of business less estimated cost of completion and
estimated costs necessary to make the sale.

g) Taxation
Current income tax

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

Current income tax relating to items recognized outside profit or loss is recognized outside
profit or loss (either in other comprehensive income or in equity]. Current tax items are
recognized in correlation to the underlying transaction either in OCI or directly in equity.
Management periodically evaluates positions taken in the tax returns with respect to situations
in which applicable tax regulations are subject to interpretation and establishes provisions
where appropriate.

Deferred tax

Deferred tax is provided using the liability method on temporary differences between the tax
bases of assets and liabilities and their carrying amounts for financial reporting purposes atthe
reporting date. Deferred tax liabilities are recognized for all taxable temporary differences,
except when it is probable that the temporary differences will not reverse in the foreseeable
future.

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

temporary differences, and the carry forward of unused tax credits and unused tax losses can
be utilized.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to
the extent that it is no longer probable that sufficient taxable profit will be available to allow all
or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re¬
assessed at each reporting dateand are recognized to the extent that it has become probable
that future taxable profits will allow thedeferred tax asset to be recovered.

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

Deferred tax relating to items recognized outside profit or loss is recognized outside profit or
loss (eitherin other comprehensive income or in equity). Deferred tax items are recognized in
correlation to theunderlying transaction either in OCI or directly in equity.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to
set offcurrent tax assets against current tax liabilities and the deferred taxes relate to the same
taxable entityand the same taxation authority.

h) Employee Benefit Schemes

i. Short-term employee benefits

Employee benefits payable wholly within twelve months of receiving employee services are
classified as short-term employee benefits. These benefits include salaries and wages,
performance incentives and compensated absences which are expected to occur in next twelve
months. The undiscounted amount of short-term employee benefits to be paid in exchange for
employee services is recognized as an expense as the related service is rendered by employees.

ii. Post-employment benefits
Defined benefit plans - Provident fund

Provisions of EPF are not applicable to the company as it does not fall under the implication
requirements of the act i.e. number of employees does not exceed the ceiling limit. Thus, there
is no contribution by the company towards post employment benefits.

i) Foreign Currency Transactions

In the financial statements of the Company, transactions in currencies other than the functional
currency are translated into the functional currency at the exchange rates ruling at the date of
the transaction. Monetary assets and liabilities denominated in other currencies are translated
into the functional currency at exchange rates prevailing on the reporting date.

All exchange differences are included in the statement of profit and loss.

j) Earnings Per Share

The Company presents basic and diluted earnings per share ("EPS”) data for its equity shares.
Basic EPS is calculated by dividing the profit and loss attributable to equity shareholders of the
Company by the weighted average number of equity shares outstanding during the period.
Diluted EPS is determined by adjusting the profit and loss attributable to equity shareholders

and the weighted average number of equity shares outstanding for the effects of all dilutive
potential equity shares.

k) Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided
to the chief operating decision-maker. Revenue and expenses are identified to segments on the
basis of their relationship to the operating activities of the segment. Inter segment revenue are
accounted for based on the cost price. Revenue, expenses, assets and liabilities which are not
allocable to segments on a reasonable basis, are included under "Unallocated revenue/
expenses/ assets/ liabilities".

l) Cash Flow Statement

Cash flows are reported using indirect method as set out in Ind AS -7 “Statement of Cash
Flows”, whereby profit / (loss) before tax is adjusted for the effects of transactions of non-cash
nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows
from operating, investing and financing activities of the Company are segregated based on the
available information.

m) Use of Estimates and ludgments

The preparation of the financial statements in conformity with Ind AS requires management to
make judgments, estimates and assumptions that affect the application of accounting policies
and the reported amounts of assets, liabilities, income, expenses and disclosures of contingent
assets and liabilities at the date of these financial statements and the reported amounts of
revenues and expenses for the years presented. Actual results may differ from these estimates
under different assumptions and conditions.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimate is revised and future
periods affected.

In particular, information about significant areas of estimation uncertainty and critical
judgments in applying accounting policies that have the most significant effect on the amounts
recognized in the financial statements are elaborated.

For, J. S. Shah & Co For and on Behalf of Board of Directors

Chartered Accountants Shukra Bullions Limited

FRN: 132059W

SD/- SD/- SD/-

Jaimin Shah Chandrakant Shah Mayuri Shah

Partner Director Director

M.No. :0138488 DIN: 01188001 DIN:01188108

UDIN:24138488BKBHNV9024

Date: 29.05.2024 Date: 29.05.2024

Place: Ahmedabad Place: Ahmedabad

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Mar 31, 2015

NOTE 1. Related Party Disclosures:

Names of related parties and description of relationship:

1. Key Management Personnel and their relatives: Chandrakant H Shah - Key Management Personnel

Gaurav Shah - Relative of Key Management Personnel

2. Enterprises over which Key Management Personnel/Relative of Key Managerial Personnel has significant influence:

Shukra Land Developers Limited

Shukra Jewellery Limited

Shree Jewellery Manufacturing Company Limited

Gaurav Jewellery LLC

2. Contingent LiabilityAsset:

A demand of Rs,32,84,840/- has been raised by the Income Tax Authorities for the Assessment Year 2009-10, which the company has not acknowledged as debt. The company has deposited a sum ofRs, 8,00,000 against this demand. This matter of dispute is pending before the Income Tax Appellate Tribunal (ITAT Appeals). The management believes that ultimate outcome of this proceeding will not have a material adverse effect on the Company's financial position and results of operation. Based on the decisions of the Appellate Authorities and the other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.

3. Impairment Loss: The management has not assessed the impairment loss on the assets of the company.

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Mar 31, 2014

1. Share Capital

The company has only one class of shares referred to as equity shares having a par value of Rs. 10/- each. Each holder of equity shares is entitled to one vote per share.

Board of Directors of the company has not proposed any dividend for the current reporting period.

The reconciliation of the number of shares outstanding and the amount of share capital as at March 31, 2014

1.1 Related Party Disclosures:

Names of related parties and description of relationship:

1. Key Management Personnel and their Relatives:

Chandrakant H Shah - Key Management Personnel

Gaurav Chandrakant Shah - Relative of Key Management Personnel

2. Enterprises over which Key Management Personnel has significant influence:

Shukra Land Developers Limited

1.2 Contingent Liability/Asset:

A demand of Rs. 32,84,840/- has been raised by the Income Tax Authorities for the Assessment Year 2009-10, which the company has not acknowledged as debt. The company has deposited a sum of Rs. 8,00,000 against this demand. This matter of dispute is pending before the Income Tax Appellate Tribunal (ITAT Appeals). The management believes that ultimate outcome of this proceeding will not have a material adverse effect on the Company''s financial position and results of operation. Based on the decisions of the Appellate Authorities and the other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.

1.3 Impairment Loss:

Management has not assessed any impairment loss on the assets of the company.

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Mar 31, 2013

Company overview

Shukra Bullions Limited was incorporated as a public limited company on February 14, 199S. The company is engaged in the manufacturing of diamond studded gold jewellery and trading of cut and polished diamond. Earlier known as Shukra Capitals Limited, it acquired its present name on Septem- ber 09, 1997. Company is having well developed land and building and plant and machinery at the special economic zone (SEZ) near Surat in Gujarat for the manufacturing project. Polished diamonds and gold jewellery are sold in the domestic as well as the export markets.

The registered office of the company is located at Chirag Industrial Complex, 39/40, Gold Industrial Estate, Somnath Road, Daman & Diu-396210 (UT). The corporate office of the company is situated at Opera House, Mumbai.

1.1 Related Party Disclosures:

Names of related parties and description of relationship:

1. Key Management Personnel and their Relatives:

Chandrakant H Shah - Key Management Personnel

Gaurav Chandrakant Shah - Relative of Key Management Personnel

2. Enterprises over which Key Management Personnel has significant influence

Shukra Land Developers Limited

1.2 Contingent LiabilityAsset:

A demand of Rs. 32,84,840/- has been raised by the Income Tax Authorities for the As- sessment Year 2009-10, which the company has not acknowledged as debt. The com- pany has deposited a sum of Rs. 8,00,000 against this demand. This matter of dispute is pending before the Income Tax Appellate Tribunal (ITAT Appeals). The management be- lieves that ultimate outcome of this proceeding will not have a material adverse effect on the Company''s financial position and results of operation. Based on the decisions of the Appellate Authorities and the other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accor- dingly no provision has been made.

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Mar 31, 2012

Company Overview

Shukra Bullions Limited was incorporated as a pubfc limited company on February 14, 1995. The company is engaged in the manufacturing of diamond studded gold jewellery and trading of cut and polished diamond. Earlier known as Shukia Capitals Limited,i t acquired its present name on September 09,1997. Company is having well developed land and building and plant and machinery at the special economic zone (SEZ) near Surat in Gujarat for the manufactur- ing project. Polished diamonds are sold in the domestic markets.

The registered office of the company is located at Chirag Industrial Complex, 39/40, Gold Industrial Estate, Somnath Road, Daman & Diu-396210 (UT). The corporate office of the company is situated at Opera House, Mumbai.

The previous period figures have been regrouped/ reclassified, whenever necessary to con- form to the current period presentation.

The company has only one class of shares referred to as equity shares having a par value of Rs.10/- each. Each holder of equity shares is entitled to one vote per share.

Board of Directors of the company has not proposed any dividend for the current reporting period.

1.1 Contingent LiabilityAsset:

A demand ofRs. 32,84,840/- has been raised by the Income Tax Authorities for the As- sessment Year 2009-10, which the company has not acknowledged as debt. The com- pany has deposited a sum of Rs. 8,00,000 against this demand. This matter of dispute is pending before the Commissioner of Income Tax (Appeals). The management believes that ultimate outcome of this proceeding will not have a material adverse effect on the Company's financial position and results of operation. Based on the decisions of the Ap- pellate Authorities and the other relevant provisions, the Company has been legally ad- vised that the demand is likely to be either deleted or substantially reduced and accor- dingly no provision has been made.

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Mar 31, 2010

1. The Company does not possess information as to which of its supplies is small scale industrial undertaking and their outstanding dues or interest paid is not ascertained. Therefore the same is not reported. Such SSI or such SMEs are also not identified or ascertained or such information is not available and the Company has not identified or classified such suppliers.

2. As regards to AS-18 Related Party disclosure

None of the transactions with any of the related parties were in conflict with the interest of the company.

3. During the year Contingent Liabilities is Nil

4. In opinion of management, Current Assets, Loans and Advances are approximately of the value stated, if released in the ordinary course of business, the provision for all known liabilities are adequate and not in excess than reasonable necessary.

5. Figures of previous year have been re-grouped/re-arranged wherever necessary.

6. Previous figure regrouped or rearranged.

7 Schedule 1 to 14 is an integral part of the accounts.