Notes to Accounts of Tavernier Resources Ltd.

Mar 31, 2024

h Provision and Contingencies

The Company creates a provision when there exists a present obligation as a result of a past event that probably requires an
outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent
liability is made when there is a possible obligation or a present obligation that may, but probably will not require an outflow
of resources. When there is a possible obligation or a present obligation in respect of which likelihood of outflow of
resources is remote, no provision or disclosure is made.

i Earnings Per Share

(i) Basic earnings per share

Basic eamings per share is calculated by dividing:

- the profit attributable to owners of the company

- by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements in
equity shares issued during the year and excluding treasury shares

(ii) Diluted earnings per share

Diluted eamings per share adjusts the figures used in the determination of basic eamings per share to take
into account:

- the after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and

- the weighted average number of additional equity shares that would have been outstanding assuming the conversion of all
dilutive potential equity shares.

j Borrowing Cost

Borrowing cost includes interest costs incurred in connection with the arrangement of borrowings

General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a
qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended
use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or
sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying
assets is deducted from the borrowing costs eligible for capitalisation.

Other borrowing costs are expensed in the period in which they are incurred.

k Cash and Cash Equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits
held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or
less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value,
and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet.

1 Segment reporting.

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker (CODM). The Board of Directors of the Company has been identified as CODM which also consists of key
managerial personnel of the Company. Refer note 29 for segment information.

m Leases

As a lessee:

Leases of property, plant and equipment and intangible assets where the company, as lessee, has substantially all the risks
and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lease’s inception at the fair
value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding rental
obligations, net of finance charges, are included in borrowings or other financial liabilities as appropriate. Each lease
payment is allocated between the liability and finance cost. The finance cost is charged to the profit or loss over the lease
period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Leases in which a significant portion of the risks and rewards of ownership are not transferred to the company as lessee arc
classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are
charged to profit or loss on a straight-line basis over the period of the lease unless the payments are structured to increase in
line with expected general inflation to compensate for the lessor’s expected inflationary cost increases.

n Trade and other payables

These amounts represent liabilities for goods and services provided to the company prior to the end of financial year which
are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the
reporting period.

o Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at
amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in
profit or loss over the period of the borrowings using the effective interest method.

Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or
expired.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the
liability for at least 12 months after the reporting period. Where there is a breach of a material provision of a long-term loan
arrangement on or before the end of the reporting period with the effect that the liability becomes payable on demand on the
reporting date, the entity does not classify the liability as current, if the lender agreed, after the reporting period and before
the approval of the financial statements for issue, not to demand payment as a consequence of the breach.

p Rounding off amounts

All amounts disclosed in the financial statements and notes have been rounded off to nearest lakhs as per the requirement of
schedule IH unless otherwise stated.

Note 24 : Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (CODM). The Board of Directors of
the company has been identified as CODM & consists of key managerial personnel of the company.

For the F.Y. 2023-24, the company has just one reportable segment (i.e. Precious Stones) thus segment reporting is not applicable to the company and accordingly not
been provided

For Parekh Sharma & Associates For Tavernier Resources Limited

Chartered Accountants
Firm Registration No. 129301W

Mr. Sudhir Naheta Mrs. Rajkumari Naheta

DIN: 00297863 DIN: 00172026

(Managing Director) (Director)

CA Sujesh Sharma Mr. Krishna Sawant Mrs. Priyanka Chauhan

(Partner) PAN: AKHPS5544E PAN: AIUPC2350D

Membership No. 118944 (Chief Financial Officer) (Company Secretary)

Place : Mumbai Place : Mumbai

Date : 28th May, 2024 Date : 28th May, 2024

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Mar 31, 2015

1. Related Party Disclosure

As per AS-18 "Related Party Disclosure" issued by the Institute of Chartered Accountants of India, the disclosures of transaction with the related parties as defined in the Accounting Standard are given below.

2. Key Management Personnel:

1) Sudhir Naheta - Managing Director

2) Rajkumari Sudhir Naheta - Director

3. Segment Reporting:

As per Accounting Standard (AS) 17 on "Segment Reporting", segment information has been provided under the Notes to the Financial Statements.

4. Contingent Liabilities:

As reviewed by management, there was no contingent liability as at the end of the Financial Year reported.

Fixed Deposit of ' 7,00,000 is pledged in favour of "President of India- Development Commissioner Indore SEZ" on behalf of M/s. CT Cotton Yarn Limited.

The aforesaid Fixed Deposit is duly matured but is yet to be released by the said Authority. Balance of FDR as stated in Balance sheet is subject to confirmation from UCO Bank.

5. These financial statements have been prepared in the format prescribed by the Schedule III to the Companies Act 2013. Previous period figures have been recast/ restated to confirm to the classification of the current period.

6. The balance lying with the Share Broker agents represents excess exchange margin lying with them against derivative transactions.

7. Micro, Small & Medium Enterprises:

As required by section 22 of the Micro, Small & Medium Enterprises Development Act 2006 there is no amount overdue to any Micro, Small & Medium Enterprises and hence no disclosure required.

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Mar 31, 2014

1 Related Party Disclosure

As per AS-18 "Related Party Disclosure" issued by the Institute of Chartered Accountants of India, the disclosures of transaction with the related parties as defined in the Accounting Standard are given below.

I. Key Management Personnel:

1) Sudhir Naheta – Managing Director

2) Rajkumari Sudhir Naheta – Director

There are no related party transactions during the year.

2 Contingent Liabilities:

As reviewed by management, there was no contingent liability as at the end of the Financial Year reported.

Fixed Deposit of Rs. 7,00,000 is pledged in favour of "President Of India- Development Commissioner Indore SEZ" on behalf of M/s. CT Cotton Yarn Limited.

The aforesaid Fixed Deposit is duly matured but is yet to be released by the said Authority. Balance of FDR as stated in Balance sheet is subject to confirmation from UCO Bank.

3 These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act 1956. Previous period figures have been recast/ restated to confirm to the classification of the current period.

4 The balance lying with the Share Broker agents represents excess exchange margin lying with them against derivative transactions.

5 Micro, Small & Medium Enterprises:

As required by section 22 of the Micro, Small & Medium Enterprises Development Act, 2006 there is no amount overdue to any Micro, Small & Medium Enterprises and hence no disclosure required.

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Mar 31, 2013

1. Related Party Disclosure

As per AS-18 "Related Party Disclosure" issued by the Institute of Chartered Accountants of India, the disclosures of transaction with the related parties as defined in the Accounting Standard are given below.

I. Key Management Personnel:

1) SudhirNaheta- Managin- Director

2) Rajkumari Sudhir Naheta Director

There are no related party transactions during the year.

2. Contingent Liabilities:

As reviewed by management, there was no contingent liability as at the end of the Financial Year reported.

Fixed Deposit of Rs. 7,00,000 is pledged in favour of "President Of India- Development Commissioner Indore SEZ" on behalfof M/s. CTCotton Yarn Limited.

The aforesaid Fixed Deposit is duly matured but is yet to be released by the said Authority. Balance of FDR as stated in Balance sheet is subject to confirmation from UCO Bank.

3. These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act 1956. Previous period figures have been recast/restated to confirm to the classification of the current period.

4. Micro, Small & Medium Enterprises:

As required by section 22 Of the Micro, Small & Medium Enterprises Development Act 2006 there is no amount overdue to any Micro, Small & Medium Enterprises and hence no disclosure required.

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Mar 31, 2012

1. Contingent Liabilities:

As reviewed by management, there was no contingent liability as at the end of the Financial Year reported.

Fixed Deposit of Rs. 7,00,000 is pledged in favour of "President Of India- Development Commissioner Indore SEZ"on behalf of M/s. CT Cotton Yarn Limited.

The aforesaid Fixed Deposit is duly matured but is yet to be released by the said Authority. Balance of FDR as stated in Balance sheet is subject to confirmation from UCO Bank.

2. These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous period figures have been recast / restated to confirm to the classification of the current period.

3. Micro, Small & Medium Enterprises:

As required by section 22 of the Micro, Small & Medium Enterprises Development Act 2006 there is no amount overdue to any Micro, Small & Medium Enterprises and hence no disclosure required.

As Per Our Report of Even Date Attached.

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Mar 31, 2011

A) CONTINGENT LIABILITIES: - As reviewed by management, there were no contingent liability as at the end of the Financial Year reported.

b) Fixed deposit of Rs. 7,00,000 is pledged in favour of "President Of India- Development Commissioner Indore SEZ" on behalf of M/S CT Cotton Yarn Limited. The aforesaid Fixed Deposit is duly matured but same is yet to be released by the said Authority. Balance of FDR as stated in Balance sheet is subject to confirmation from the UCO Bank.

c) The Company intends to switch to IFRS accounting standards at some point during the year towards the endeavour of improving corporate governance and providing a true and accurate state of accounts to all stake holders. This will provide a significant level of transparency and enable better performance measurement for all the new activities that company is undertaking.

d) INCOME-TAX

Provision for taxation for the year ended 31st March 2011 has been calculated as per Section 115JB of the Income Tax Act, 1961 i.e. MAT provisions and MAT credit available is Rs.4,42,795/- which will be carried forward for set-off against regular tax payable during the subsequent five year period .

e) Previous year figures have been regrouped /reclassified wherever necessary.

f) BALANCE CONFIRMATION

The Balances of the parties under the head debtors, creditors and loans and advances are subject to confirmation.

g) RELATED PARTY DISCLOSURE

There are no related party transactions entered into during the year.

i) EARNINGS PER SHARE (EPS)

In terms of Accounting Standards (AS-20) issued by the Institute of Chartered Accountants of India, the Calculation of EPS is given below: -

h) Additional Information pursuant to provision of paragraph 3 & 4 of schedule VI of the Companies Act, 1956. i) Particulars of Licensed Capacity, installed Capacity and production for the year ending 31.03.2011:

*Company is not holding any manufacturing license from the department of industrial license; hence it is not required to disclose Licensed Capacity.

**Company is not having any manufacturing facility, hence not required to disclose information as to installed capacity and production.

ii) Particulars of purchases, Sales and Stock:-

i) BALANCE SHEET ABSTRACT

A statement showing the Balance Sheet abstract and the Company's General Business profile in terms of Part IV to the Companies Act, 1956 is attached.

j) As per the Listing Agreement under clause 38 of Companies Act 1956, Company has paid the entire listing fee due for the year ended 31st March 2011.

k) FOREIGN EXCHANGE EARNING & OUTGO

Additional information pursuant to the provisions of Paragraph 4D of Part ii of schedule VI of the Companies Act, 1956

Amt. Rs.

a. Earnings in Foreign Exchange Nil

b. Expenditure in Foreign Exchange Nil

o) DEFERRED TAX: - During the year, Deferred Tax Asset on brought forward losses and unabsorbed depreciation pertaining to Financial Year 09-10 has been reassessed and Deferred Tax Asset of Rs.10,85,188/- has been recognised and reversed.

l) MICRO, SMALL & MEDIUM ENTERPRISES

As required by section 22 0f the Micro, Small & Medium Enterprises Development Act 2006 there is no amount overdue to any Micro, Small & Medium Enterprises and hence no disclosure required.

As Per Our Report of Even Date Attached

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Mar 31, 2010

A) The Company has incurred a loss before tax of Rs. 55, 89,033 /- during the year. It mainly comprises of loss due to trading in shares and derivatives carried out during the year. Schedule to Profit & Loss Account (Schedule-9) provides complete details of the same.

b) CONTINGENT LIABILITIES: - As reviewed by the management, company is liable to pay penalty for delay in furnishing the returns under regulation 8(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. But vide SEBI Circular no. EFD/ED/Cir-1/2007 dated April 20, 2007; Company is given the option to avail of the consent process of settling the administrative/civil cases. Company has opted to avail of the above option. As a result, Company would be liable to pay the legal expenses in relation to settlement of said case through consent order of SEBI and the settlement charges to be levied by SEBI. The amount so payable to SEBI can not be quantified until the conclusion of the case. As a result, provision to that effect can not be made in books. Hence, the disclosure is made as per the requirements of AS-29 (Provisions, Contingent Liabilities and Contingent Assets) in Notes on Accounts.

c) Fixed deposit of Rs. 7, 00,000 is pledged in favour of "President Of India- Development Commissioner Indore SEZ" on behalf of M/S CT Cotton Yarn Limited.

The aforesaid Fixed Deposit is duly matured but same is yet to be released by the said Authority. Balance of FDR as stated in Balance sheet is subject to confirmation from the UCO Bank.

d) INCOME-TAX: - Adequate provision for taxation has been made for the year ended 31st March 2010.

e) Previous year figures have been regrouped /reclassified wherever necessary.

f) BALANCE CONFIRMATION

The Balances of the parties under the head debtors, creditors and loans and advances are subject to confirmation.

g) RELATED PARTY DISCLOSURE

As per AS-18 "Related Party Disclosure" issued by the Institute of Chartered Accountants of India, the disclosures of transaction with the related parties as defined in the Accounting Standard are given below. I. Key Management Personnel:

1) Sudhir Naheta - Managing Director

2) Rajkumari Sudhir Naheta - Director

II. List of the parties holding substantial interest:

1) Jas Expoship Pvt. Ltd. - Associate Company

2) Connexions air travel services P. Ltd. - Associate Company

3) Mr. Ashwani Dewan - Director

I) BALANCE SHEET ABSTRACT

A statement showing the Balance Sheet abstract and the Companys General Business profile in terms of Part IV to the Companies Act, 1956 is attached.

h) As per the Listing Agreement under clause 38 of Companies Act 1956, Company has paid the entire listing fee due for the year ended 31st March 2010.

i) DEFERRED TAX: - As per the deferred tax computation as at 31st March, 2010, Deferred tax assets of Rs.17,45,751/- have been worked out on carry forward losses and unabsorbed depreciation. In view of the losses incurred by the Company, there is no virtual certainty that deferred tax assets will be realized and accordingly, no deferred tax assets have been recognized in the books in the line of Paragraph 17 of AS -22 and paragraph 3 and 4 of ASI -9. The same will be reassessed at subsequent balance sheet date and will be accounted for in the year of virtual certainty.

j) MICRO, SMALL & MEDIUM ENTERPRISES

As required by section 22 Of the Micro, Small & Medium Enterprises Development Act 2006 there is no amount overdue to any Micro, Small & Medium Enterprises and hence no disclosure required.