Notes to Accounts of Uday Jewellery Industries Ltd.

Mar 31, 2025

26.2.10 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.

26.2.11 Contingent Liabilities / Assets
Contingent Liabilities

Contingent liabilities are not recognized but disclosed
in Notes to the Accounts when the company has
possible obligation due to past events and existence
of the obligation depends upon occurrence or non¬
occurrence of future events not wholly within the
control of the company.

Contingent liabilities are assessed continuously to
determine whether outflow of economic resources
have become probable. If the outflow becomes
probable then relative provision is recognized in the
financial statements.

Where an entity is jointly and severally liable for an
obligation, the part of the obligation that is expected
to be met by other parties is treated as a contingent
liability. The entity recognises a provision for the part
of the obligation for which an outflow of resources
embodying economic benefits is probable, except in
the extremely rare circumstances where no reliable
estimate can be made. Contingent Liabilities are
disclosed in the General Notes forming part of the
accounts.

Contingent Assets

Contingent Assets are not recognised in the financial
statements. Such contingent assets are assessed
continuously and are disclosed in Notes when the
inflow of economic benefits becomes probable. If
it’s virtually certain that inflow of economic benefits
will arise then such assets and the relative income
will be recognised in the financial statements.

26.2.12 Taxation

Income tax expense represents the sum of the tax
currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit
for the year. Taxable profit differs from ‘profit before
tax’ as reported in the statement of profit or loss and
other comprehensive income/statement of profit or
loss because of items of income or expense that
are taxable or deductible in other years and items
that are never taxable or deductible. The Company’s
current tax is calculated using tax rates that have

been enacted or substantively enacted by the end
of the reporting period.

Deferred tax

Deferred tax is recognized on temporary differences
between the carrying amounts of assets and liabilities
in the financial statements and the corresponding
tax bases used in the computation of taxable profit.

Deferred tax liabilities are generally recognized
for all taxable temporary differences. Deferred tax
assets are generally recognized for all deductible
temporary differences to the extent that it is
probable that taxable profits will be available against
which those deductible temporary differences can
be utilized.

Such deferred tax assets and liabilities are not
recognized if the temporary difference arises from
the initial recognition (other than in a business
combination) of assets and liabilities in a transaction
that affects neither the taxable profit nor the
accounting profit.

The carrying amount of deferred tax assets is
reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to
allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured at
the tax rates that are expected to apply in the period
in which the liability is settled or the asset realised,
based on tax rates (and tax laws) that have been
enacted or substantively enacted by the end of the
reporting period.

Deferred tax relating to items recognised in other
comprehensive income or equity is recognised in
other comprehensive income or equity, respectively.

26.2.13 Impairment

If the recoverable amount of an asset (or cash¬
generating unit) is estimated to be less than its
carrying amount, the carrying amount of the
asset (or cash-generating unit) is reduced to
its recoverable amount. An impairment loss is
recognized immediately in profit or loss, unless the
relevant asset is carried at a revalue amount, in which
case the impairment loss is treated as a revaluation
decrease.

Recoverable amount is the higher of fair value less
costs of disposal and value in use. In assessing value in
use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate
that reflects current market assessments of the time
value of money and the risks specific to the asset for
which the estimates of future cash flows have not
been adjusted.

When an impairment loss subsequently reverses,
the carrying amount of the asset (or a cash¬
generating unit) is increased to the revised estimate
of its recoverable amount, but so that the increased
carrying amount does not exceed the carrying
amount that would have been determined had no
impairment loss been recognized for the asset (or
cash-generating unit) in prior years. A reversal of
an impairment loss is recognized immediately in
profit or loss, unless the relevant asset is carried at
a revalued amount, in which case the reversal of the
impairment loss is treated as a revaluation increase.

At the end of each reporting period, the company
reviews the carrying amounts of its tangible,
intangible assets to determine whether there is
any indication that those assets have suffered an
impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in
order to determine the extent of the impairment
loss (if any). When it is not possible to estimate
the recoverable amount of an individual asset, The
Company estimates the recoverable amount of the
cash-generating unit to which the asset belongs.
When a reasonable and consistent basis of allocation
can be identified,

Intangible assets with indefinite useful lives and
intangible assets not yet available for use are tested
for impairment at least annually, and whenever there
is an indication that the asset may be impaired.

Impairment of financial assets

Financial assets, other than those at Fair Value
through Profit and Loss (FVTPL), are assessed
for indicators of impairment at the end of each
reporting period. Financial assets are considered to
be impaired when there is objective evidence that,
as a result of one or more events that occurred
after the initial recognition of the financial asset, the
estimated future cash flows of the investment have
been affected. For Available for Sale (AFS) equity
investments, a significant or prolonged decline in the
fair value of the security below its cost is considered
to be objective evidence of impairment.

For all other financial assets, objective evidence of
impairment could include:

• Significant financial difficulty of the issuer or
counterparty;

• Breach of contract, such as a default or
delinquency in interest or principal payments;

• It becoming probable that the borrower will
enter bankruptcy or financial re-organisation;
or the disappearance of an active market
for that financial asset because of financial
difficulties.

For certain categories of financial assets, such
as trade receivables, assets are assessed for
impairment on individual basis. Objective evidence
of impairment for a portfolio of receivables could
include company’s past experience of collecting
payments, an increase in the number of delayed
payments in the portfolio past the average credit
period of zero days, as well as observable changes in
national or local economic conditions that correlate
with default on receivables.

For financial assets that are carried at cost, the
amount of impairment loss is measured as the
difference between the asset’s carrying amount and
the present value of the estimated future cash flows
discounted at the current market rate of return for a
similar financial asset. Such impairment loss will not
be reversed in subsequent periods.

The carrying amount of the financial asset is reduced
by the impairment loss directly for all financial
assets with the exception of trade receivables; such
impairment loss is reduced through the use of an
allowance account for respective financial asset.
When a trade receivable is considered uncollectible,
it is written off against the allowance account.
Subsequent recoveries of amounts previously
written off are credited against the allowance
account. Changes in the carrying amount of the
allowance account are recognized in profit or loss.

For financial assets measured at amortised cost,
if, in a subsequent period, the amount of the
impairment loss decreases and the decrease can
be related objectively to an event occurring after
the impairment was recognized, the previously
recognized impairment loss is reversed through
profit or loss to the extent that the carrying amount
of the investment at the date the impairment is
reversed does not exceed what the amortised cost
would have been had the impairment not been
recognized.

De-recognition of financial assets

The Company de-recognises a financial asset
when the contractual rights to the cash flows from
the asset expire, or when it transfers the financial
asset and substantially all the risks and rewards
of ownership of the asset to another party. If the
Company neither transfers nor retains substantially
all the risks and rewards of ownership and continues
to control the transferred asset, The Company
recognises its retained interest in the asset and an
associated liability for amounts it may have to pay.
If the Company retains substantially all the risks
and rewards of ownership of a transferred financial
asset, the Company continues to recognise the
financial asset and also recognises a collateralised
borrowing for the proceeds received.

On de-recognition of a financial asset in its entirety,
the difference between the asset’s carrying amount
and the sum of the consideration received and
receivable and the cumulative gain or loss that had
been recognized in other comprehensive income
and accumulated in equity is recognized in profit or
loss.

26.2.14 Financial instruments

Non-derivative financial instruments

Non-derivative financial instruments consist of:

• Financial assets, which include cash and
cash equivalents, trade receivables, unbilled
revenues, finance lease receivables, employee
and other advances, investments in equity and
debt securities and eligible current and non¬
current assets;

• Financial liabilities, which include long and
short-term loans and borrowings, bank
overdrafts, trade payables, eligible current and
non-current liabilities.

Non derivative financial instruments are recognized
initially at fair value including any directly attributable
transaction costs. Financial assets are derecognized
when substantial risks and rewards of ownership of
the financial asset have been transferred. In cases
where substantial risks and rewards of ownership
of the financial assets are neither transferred nor
retained, financial assets are derecognized only
when the Company has not retained control over
the financial asset.

Subsequent to initial recognition, non derivative
financial instruments are measured as described
below:

a) Cash and cash equivalents

For the purposes of the cash flow statement,
cash and cash equivalents include cash in hand,
at banks and demand deposits with banks,
net of outstanding bank overdrafts that are
repayable on demand and are considered part
of the Company’s cash management system.
In the statement of financial position, bank
overdrafts are presented under borrowings
within current liabilities.

b) Investments in liquid mutual funds, equity
securities (other than Subsidiaries, Joint
Venture and Associates)

These investments are measured at fair value
and changes therein, other than impairment
losses, are recognized through the Statement
of Profit & Loss. The impairment losses, if any,
are reclassified from equity into statement of
income. When an available for sale financial

asset is derecognized, the related cumulative
gain or loss recognised in equity is transferred
to the statement of income.

c) Loans and receivables

Loans and receivables are non-derivative
financial assets with fixed or determinable
payments that are not quoted in an active
market. 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. Loans and
receivables are initially recognized at fair value
plus directly attributable transaction costs
and subsequently measured at amortized
cost using the effective interest method, less
any impairment losses. Loans and receivables
comprise trade receivables, unbilled revenues
and other assets.

The company estimates the un-collectability
of accounts receivable by analysing historical
payment patterns, customer concentrations,
customer credit-worthiness and current
economic trends. If the financial condition of
a customer deteriorates, additional allowances
may be required.

d) Trade and other payables

Trade and other payables are initially recognized
at fair value, and subsequently carried at
amortized cost using the effective interest
method. For these financial instruments, the
carrying amounts approximate fair value due to
the short-term maturity of these instruments.

e) Foreign Currencies Transactions

Transactions in foreign currencies are recorded
at the exchange rate prevailing on the date of
transaction.

Monetary assets and liabilities denominated
in foreign currencies are translated at the
functional currency closing rates of exchange
at the reporting date. Exchange differences
arising on settlement or translation of
monetary items are recognised in Statement
of Profit and Loss.

26.2.15 Materiality of income / expenditure:

An item of income or expenditure of one or more
prior periods is considered material only if, it exceeds
0.5% of total revenues of the company, as per last
years audited Financial Statements, in each such
case.

26.2.15 Earnings per Share

Basic EPS amounts are calculated by dividing the
profit for the quarter attributable to equity holders
of the parent by the weighted average number of

Equity shares outstanding during the quarter.

Diluted EPS amounts are calculated by dividing the
profit attributable to equity holders of the parent
(after adjusting for interest on the convertible
preference shares) by the weighted average number
of Equity shares outstanding during the quarter plus
the weighted average number of Equity shares that
would be issued on conversion of all the dilutive
potential Equity shares into Equity shares

26.2.16 Statement of Cash Flows

Cash flows are reported using the indirect method,
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.

26.2.17 Recent accounting pronouncements

> New and Amended Standards Adopted by
the Company:

Ind AS 8 - Accounting Policies, Changes in
Accounting Estimates and Errors

The amendments to Ind AS 8 clarify the
distinction between changes in accounting
estimates, changes in accounting policies and
the correction of errors. They also clarify how
entities use measurement techniques and
inputs to develop accounting estimates.

Ind AS 1 - Presentation of Financial
Statements

The amendments to Ind AS 1 provide guidance
and examples to help entities apply materiality
judgements to accounting policy disclosures.
The amendments aim to help entities provide
accounting policy disclosures that are more
useful by replacing the requirement for entities
to disclose their ‘significant’ accounting policies
with a requirement to disclose their ‘material’
accounting policies and adding guidance on
how entities apply the concept of materiality
in making decisions about accounting policy
disclosures. This amendment does not have
any material impact on the Company’s financial
statements and disclosures.

Ind AS 12 - Income Taxes

The amendments to Ind AS 12 Income Tax
narrow the scope of the initial recognition
exception, so that it no longer applies to
transactions that give rise to equal taxable
and deductible temporary differences such
as leases and decommissioning liabilities. The
above amendments did not have any material
impact on the amounts recognised in prior
periods and are not expected to significantly
affect the current or future periods.

> New Standards/Amendments notified but not yet effective:

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. During the year ended March 31,
2025, MCA has notified Ind AS 117 - Insurance Contracts and amendments to Ind As 116 - Leases, relating
to sale and lease back transactions, applicable from April 1, 2024. The Company has assessed that there is no
significant impact on its financial statements.

On May 9, 2025, MCA notifies the amendments to Ind AS 21 - Effects of Changes in Foreign Exchange Rates.
These amendments aim to provide clearer guidance on assessing currency exchangeability and estimating
exchange rates when currencies are not readily exchangeable. The amendments are effective for annual periods
beginning on or after April 1, 2025. The Company has assessed that there is no significant impact on its financial
statements.

ii) Fair Value Hierarchy

Level 1 - Level 1 hierarchy includes financial instruments measured using quoted prices (unadjusted) in active
markets.

Level 2 - Level 2 hierarchy includes financial instruments measured using inputs other than quoted prices
included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e.
derived from prices).

Level 3 - Level 3 hierarchy includes financial instruments measured using inputs that are not based on observable
market data (unobservable inputs).

(c) Liquidity Risk

Our liquidity needs are monitored on the basis of monthly and yearly projections. The company’s principal
sources of liquidity are cash and cash equivalents, cash generated from operations and availability of
funding through an adequate amount of committed credit facilities to meet obligations when due.

Due to the dynamic nature of underlying businesses, the company maintains flexibility in funding by
maintaining availability under committed credit lines.

Short term liquidity requirements consist mainly of sundry creditors, expense payable, employee dues
arising during the normal course of business as of each reporting date. The company maintains sufficient
balance in cash and cash equivalents to meet short term liquidity requirements.

The company assesses long term liquidity requirements on a periodical basis and manages them through
internal accruals and committed credit lines.

The table below provides details regarding the contractual maturities of non-derivative financial liabilities.

In accordance with Ind AS 33 - Earnings per share, the company has computed the Basic and Diluted Earnings
per Share (EPS) based on the net profit attributable to equity shareholders, as reported in the Statement of Profit
and Loss, and the weighted average number of equity shares outstanding during the period.

During the year, the Company had outstanding warrants convertible into equity shares. According to Paragraph
41 of Ind AS 33, potential ordinary shares shall be treated as dilutive when, and only when, their conversion
to ordinary shares would decrease earnings per share or increase loss per share from continuing operations.
However, these potential equity shares were not included in the calculation of Diluted EPS for the period, as
their effect was anti-dilutive.

The exercise price of the warrants was higher than the average market price of the share during the period,
making the EPS anti-dilutive. Therefore, it has not been considered for computing Diluted EPS as per Ind AS 33.

Accordingly, Diluted EPS is equal to Basic EPS for the current period.

26.3.17 Company has not revalued any Plant, Property or Equipment during the quarter or in previous year.

26.3.18 Company does not have any undisclosed income, which has not been recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessment under the Income tax Act, 1961 (such as,
search or survey or any other relevant provisions of the Income Tax Act,1961).

26.3.19 No proceeding has been initiated or pending against the company for holding any benami property under the Benami
Transaction (Prohibition) Act, 1988 (45 of 1988) and the rules made there under.

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

26.3.21 Company has not been declared wilful defaulter by any bank/FI.

26.3.22 To the best of information available at the time of transactions, the Company has not done any transaction with
another company whose name was struck off at the time of transaction with the company.

26.3.23 Regrouping:

In order to have better presentation the previous year’s figures have been re-casted/restated/ reclassified, wherever
necessary, to conform to current year’s classification.

Our Report attached, For Uday Jewellery Industries Ltd.,

For Anant Rao & Mallik,

Chartered Accountants, Ritesh Kumar Sanghi Sanjay Kumar Sanghi

FRN:006266S Managing Director Director

DIN:00628033 DIN:00629693

(V Anant Rao)

Partner

Membership No.022644

Rakesh Agarwal Riya Jindal

Hyderabad Chief Financial Officer Company Secretary

Date: 28.05.2025 M.No.: A70615

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Mar 31, 2024

26.3.3Amount due to Micro & Small Enterprises:

The Company identifies the enterprises which have provided goods and services to the Company and which qualify under the definition of Micro and Small Enterprises as defined under Micro, Small and Medium Enterprises development Act, 2006.

Accordingly, the disclosure in respect of amount payable to such enterprise as at 31st March 2024 has been made in the financial statements (as disclosed in Note No. 14 - T rade Payables) on the basis of information received and available with the Company.

26.3.4Financial Instruments- Fair Values and Risk Managementi) Financial Instruments by Categories

The following tables show the carrying amounts and fair values of financial assets and financial liabilities by categories. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

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

ii) Fair Value Hierarchy

Level 1 - Level 1 hierarchy includes financial instruments measured using quoted prices (unadjusted) in active markets.

Level 2 - Level 2 hierarchy includes financial instruments measured using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - Level 3 hierarchy includes financial instruments measured using inputs that are not based on observable market data (unobservable inputs).

iii) Financial risk management

The company''s activities expose it to the following financial risks:

-market risk (see (a));

-credit risk (see (b)); and -liquidity risk.(see (c)).

The company has not arranged funds that have any interest rate risk. a) Market risk

(i) Foreign Exchange Risk

Foreign Currency Risk is the risk that the Fair Value or Future Cash Flows of an exposure will fluctuate because of changes in foreign currency rates. Exposures can arise on account of the various assets and liabilities which are denominated in currencies other than Indian Rupee.

Sensitivity:

As of March 31,2024 increase or decrease of the respective foreign currencies compared to our functional currency would impact our profit before tax by approximately INR 11.43(in Lakhs) respectively.

(ii) Price Risk: The company is not expose to price risk arises out of the investments in equity shares because the company does not hold any investment in equity shares.

b) Credit Risk: Credit risk refers to the risk of default on its obligation by a counterparty resulting in a financial loss. The maximum exposure to the credit risk at the reporting date is primarily from trade receivables. Accordingly, credit risk from trade receivables has been separately evaluated from all other financial assets in the following paragraphs

Trade Receivables:

The company has outstanding trade receivables amounting to INR 4784.08 (in lakhs) as of March 31,2024 and INR 4432.49 (in lakhs) as of March 31,2023 respectively. Trade receivables are typically unsecured and are derived from revenue earned from customers.

Impairment on trade receivables is recognized based on expected credit loss in accordance with provisions of Ind AS 109. The company’s historical experience for customers, present economic condition and present performance of the customers, future outlook for the industry etc are taken into account for the purposes of expected credit loss.

Trade receivables are generally considered credit impaired after 365 days past due, unless the amount is considered receivable, when recoverability is considered doubtful based on the recovery analysis performed by the company for individual trade receivables.

Financial assets:

Credit risk relating to cash and cash equivalents is considered negligible because our counterparties are banks. There will be no credit risk related to employee loans as they are adjusted against their salaries.

(c) Liquidity Risk

Our liquidity needs are monitored on the basis of monthly and yearly projections. The company’s principal sources of liquidity are cash and cash equivalents, cash generated from operations and availability of funding through an adequate amount of committed credit facilities to meet obligations when due.

Due to the dynamic nature of underlying businesses, the company maintains flexibility in funding by maintaining availability under committed credit lines.

Short term liquidity requirements consists mainly of sundry creditors, expense payable, employee dues arising during the normal course of business as of each reporting date. The company maintains sufficient balance in cash and cash equivalents to meet short term liquidity requirements.

The company assesses long term liquidity requirements on a periodical basis and manages them through internal accruals and committed credit lines.

Contract Liabilities: During the year the advances received are recognised as revenue as and when the goods are delivered to the customer.

Practical expedients: During the year company has entered into sales contracts with its customers where some of the part is yet to be executed, same has not been disclosed as per practical expedient as the duration of the contract is less than one year or right to receive the consideration established on completion of the performance by the company.

Note: The carrying amount of deferred tax assets is reviewed at the end of each reporting period and has been recognized only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax asset can be realized. Deferred tax is calculated at the tax rate applicable to company for the reporting period.

26.3.14 Operating Segments - Ind AS -108

In the opinion of management, the company has no operating/reportable segment as envisaged in Ind AS-108 as the risks and returns associated with product categories are not different. Hence, disclosures with regard to segment reporting are not applicable to Company

1. Explanation for Change in Debt Equity Ratio & Debt Service Coverage Ratio is due to repayment of loans.

2. Explanation for Change in Trade Payable Turnover Ratio is due to increase in trade payable during the year.

26.3.17 Company has not revalued any Plant, Property or Equipment during the year or in previous year.

26.3.18 Company does not have any undisclosed income, which has not been recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessment under the Income tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act,1961).

26.3.19 No proceeding have been initiated or pending against the company for holding any benami property under the Benami Transaction (Prohibition) Act, 1988 (45 of 1988) and the rules made there under.

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

26.3.21 Company has not been declared willful defaulter by any bank/FI.

26.3.22 To the best of information available at the time of transactions, the Company has not done any transaction with another company whose name was struck off at the time of transaction with the company.

26.3.23 Regrouping:

In order to have better presentation the previous year’s figures have been re-casted/restated/ reclassified, wherever necessary, to conform to current year’s classification.

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Mar 31, 2023

1.8 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.

1.9 Contingent Liabilities / Assets Contingent Liabilities

Contingent liabilities are not recognized but disclosed in Notes to the Accounts when the company has possible obligation due to past events and existence of the obligation depends upon occurrence or non-occurrence of future events not wholly within the control of the company.

Contingent liabilities are assessed continuously to determine whether outflow of economic resources have become probable. If the outflow becomes probable then relative provision is recognized in the financial statements.

Where an entity is jointly and severally liable for an obligation, the part of the obligation that is expected to be met by other parties is treated as a contingent liability. The entity recognises a provision for the part of the obligation for which an outflow of resources embodying economic benefits is probable, except in the extremely rare circumstances where no reliable estimate can be made. Contingent Liabilities are disclosed in the General Notes forming part of the accounts.

Contingent Assets

Contingent Assets are not recognised in the financial statements. Such contingent assets are assessed continuously and are disclosed in Notes when the inflow of economic benefits becomes probable. If it''s virtually certain that inflow of economic benefits will arise then such assets and the relative income will be recognised in the financial statements.

1.10Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax'' as reported in the statement of profit or loss and other comprehensive income/statement of profit or loss because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company''s current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the

computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill.

Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current and deferred tax for the year

Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

1.11 Impairment

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalue amount, in which case the impairment loss is treated as a revaluation decrease.

Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

When an impairment loss subsequently reverses, the carrying amount of the asset (or a cashgenerating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless

the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

At the end of each reporting period, the company reviews the carrying amounts of its tangible, intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, The Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified,

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired.

Impairment of financial assets

Financial assets, other than those at Fair Value through Profit and Loss (FVTPL), are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected. For Available for Sale (AFS) equity investments, a significant or prolonged decline in the fair value of the security below its cost is considered to be objective evidence of impairment.

For all other financial assets, objective evidence of impairment could include:

• Significant financial difficulty of the issuer or counterparty;

• Breach of contract, such as a default or delinquency in interest or principal payments;

• It becoming probable that the borrower will enter bankruptcy or financial re-organisation; or the disappearance of an active market for that financial asset because of financial difficulties.

For certain categories of financial assets, such as trade receivables, assets are assessed for impairment on individual basis. Objective evidence of impairment for a portfolio of receivables could include company''s past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period of zero days, as well as observable changes in national or local economic conditions that correlate with default on receivables.

For financial assets that are carried at cost, the amount of impairment loss is measured as the difference between the asset''s carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables; such impairment loss is reduced through the use of an allowance account for respective financial asset. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in profit or loss.

For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognized.

De-recognition of financial assets

The Company de-recognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, The Company recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

On de-recognition of a financial asset in its entirety, the difference between the asset''s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity is recognized in profit or loss.

1.12Financial instruments

Non-derivative financial instruments Non-derivative financial instruments consist of:

• Financial assets, which include cash and cash equivalents, trade receivables, unbilled revenues, finance lease receivables, employee and other advances, investments in equity and debt securities and eligible current and non-current assets;

• Financial liabilities, which include long and short-term loans and borrowings, bank overdrafts, trade payables, eligible current and non-current liabilities.

Non derivative financial instruments are recognized initially at fair value including any directly attributable transaction costs. Financial assets are derecognized when substantial risks and rewards of ownership of the financial asset have been transferred. In cases where substantial risks and rewards of ownership of the financial assets are neither transferred nor retained, financial assets are derecognized only when the Company has not retained control over the financial asset.

Subsequent to initial recognition, non derivative financial instruments are measured as described below:

a) Cash and cash equivalents

For the purposes of the cash flow statement, cash and cash equivalents include cash in hand, at banks and demand deposits with banks, net of outstanding bank overdrafts that are repayable on demand and are considered part of the Company''s cash management system. In the statement of financial position, bank overdrafts are presented under borrowings within current liabilities.

b) Investments in liquid mutual funds, equity securities (other than Subsidiaries, Joint Venture and Associates) are valued at their fair value. These investments are measured at fair value and changes therein, other than impairment losses, are recognized in other comprehensive income and presented within equity, net of taxes. The impairment losses, if any, are reclassified from equity into statement of income. When an available for sale financial asset is derecognized, the related cumulative gain or loss recognised in equity is transferred to the statement of income.

c) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. 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. Loans and receivables are initially recognized at fair value plus directly attributable transaction costs and subsequently measured at amortized cost using the effective interest method, less any impairment losses. Loans and receivables comprise trade receivables, unbilled revenues and other assets.

The company estimates the un-collectability of accounts receivable by analysing historical payment patterns, customer concentrations, customer credit-worthiness and current economic trends. If the financial condition of a customer deteriorates, additional allowances may be required.

d) Trade and other payables

Trade and other payables are initially recognized at fair value, and subsequently carried at amortized cost using the effective interest method. For these financial instruments, the carrying amounts approximate fair value due to the short term maturity of these instruments.

e) Foreign Currencies Transactions

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are recognised in Statement of Profit and Loss.

1.13 Prior Period Errors

Errors of material amount relating to prior period(s) are disclosed by a note with nature of prior period errors, amount of correction of each such prior period presented retrospectively, to the extent practicable along with change in basic and diluted earnings per share. However, where retrospective restatement is not practicable for a particular period then the circumstances that lead to the existence of that condition and the description of how and from where the error is corrected are disclosed in Notes to Accounts. Taking into account the nature of activities of the company, prior period errors are considered material if the items of income / expenditure collectively (net) exceed 0.5% of sales turnover of the company.

1.14Recent accounting pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. On March 23, 2022, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2022, applicable from April 1st, 2022, as below:

i. Ind AS 103 - Reference to Conceptual Framework

The amendments specify that to qualify for recognition as part of applying the acquisition method, the identifiable assets acquired and liabilities assumed must meet the definitions of assets and liabilities in the Conceptual Framework for Financial Reporting under Indian Accounting Standards (Conceptual Framework) issued by the Institute of Chartered Accountants of India at the acquisition date. These changes do not significantly change the requirements of Ind AS 103.

ii. Ind AS 16 - Proceeds before intended use

The amendments mainly prohibit an entity from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, an entity will recognise such sales proceeds and related cost in profit or loss. The Company does not expect the amendments to have any impact in its recognition of its property, plant and equipment in its financial statements.

iii. Ind AS 37 - Onerous Contracts - Costs of Fulfilling a Contract

The amendments specify that that the ‘cost of fulfilling'' a contract comprises the ‘costs that relate directly to the contract''. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts. The amendment is essentially a clarification and the Company does not expect the amendment to have any significant impact in its financial statements

iv. Ind AS 109 - Annual Improvements to Ind AS (2021)

The amendments clarifies which fees an entity includes when it applies the ‘10 percent'' test of Ind AS 109 in assessing whether to derecognise a financial liability. The Company does not expect the amendment to have any significant impact in its financial statements

v. Ind AS 116 - Annual Improvements to Ind AS (2021)

The amendments remove the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion regarding the treatment of lease incentives that might arise because of how lease incentives were described in that illustration. The Company does not expect the amendment to have any significant impact in its financial statements

(ii) Price Risk

The company is not expose to price risk arises out of the investments in equity shares because the company does not hold any investment in equity shares.

b) Credit Risk

Credit risk refers to the risk of default on its obligation by a counterparty resulting in a financial loss. The maximum exposure to the credit risk at the reporting date is primarily from trade receivables. Accordingly, credit risk from trade receivables has been separately evaluated from all other financial assets in the following paragraphs

Trade Receivables:

The company has outstanding trade receivables amounting to INR 4432.49 (in lakhs) and INR 3424.86 (in lakhs) as of March 31, 2023 and March 31, 2022 respectively. Trade receivables are typically unsecured and are derived from revenue earned from customers.

Impairment on trade receivables is recognized based on expected credit loss in accordance with provisions of Ind AS 109. The company''s historical experience for customers, present economic condition and present performance of the customers, future outlook for the industry etc are taken into account for the purposes of expected credit loss.

Trade receivables are generally considered credit impaired after 120 days past due, unless the amount is considered receivable, when recoverability is considered doubtful based on the recovery analysis performed by the company for individual trade receivables.

Financial assets:

Credit risk relating to cash and cash equivalents is considered negligible because our counterparties are banks. There will be no credit risk related to employee loans as they are adjusted against their salaries.

(c) Liquidity Risk

Our liquidity needs are monitored on the basis of monthly and yearly projections. The company''s principal sources of liquidity are cash and cash equivalents, cash generated from operations and availability of funding through an adequate amount of committed credit facilities to meet obligations when due.

Due to the dynamic nature of underlying businesses, the company maintains flexibility in funding by maintaining availability under committed credit lines.

Short term liquidity requirements consists mainly of sundry creditors, expense payable, employee dues arising during the normal course of business as of each reporting date. The company maintains sufficient balance in cash and cash equivalents to meet short term liquidity requirements.

The company assesses long term liquidity requirements on a periodical basis and manages them through internal accruals and committed credit lines.

*Includes interest accrued on borrowings

30. Disclosure in respect of Indian Accounting Standard 24 “Related Parties Disclosures”

Related Party Disclosures

A. Key Managerial Personnel (KMP):

Sri Ritesh Kumar Sanghi - Managing Director

Sri Rakesh Agarwal - Chief Financial Officer

Ms Sarita Panchal - Company Secretary (3rd June 2022 to 26th Nov 2022)

Mr Bolledu Kiran Kumar - Company Secretary (w.e.f 15th April,2023)

B. Non - Executive Directors

Sri Sanjay Kumar Sanghi Smt. Pritha Sanghi

Sri Ramprasad Vempati- Independent Sri Sunil Garg- Independent Sri Vikram Goel- Independent

C. Enterprises in which Key Management Personnel has significant influence

Narbada Gems and Jewellery Limited Sanghi Jewellers Private Limited Trisa Retail Limited

D. Relatives of Key Management Personnel

Sri Sanjay Kumar Sanghi - Director Smt. Pritha Sanghi - Director Smt Bhavna Sanghi Sri Tejas Sanghi

Sri Uday Sanghi - Business Development Head

33. Disclosure in respect of Indian Accounting Standard (Ind AS)-115: “Revenue from Contract with Customers)

Transitional Provision

The company has adopted the new Indian Accounting Standard 115 (Revenue from Contract with Customers) retrospectively with cumulative effect of adoption as an adjustment to opening retained earnings as on 01.04.2018. The company has examined the changes bought in under Ind AS 115 and observed that there has been no impact on the opening retained earnings as at 01.04.2018.

A. (i) Contracts with customers

(a) Company has recognized the following revenue during the year from contracts with its customers

Practical expedients

During the year company has entered into sales contracts with its customers where some of the part is yet to be executed, same has not been disclosed as per practical expedient as the duration of the contract is less than one year or right to receive the consideration established on completion of the performance by the company.

34. Contingent Liabilities - Income Tax

The Company has contested against assessment orders passed by Assistant Commissioner of Income Tax. Details are as follows:

37. Regrouping:

In order to have better presentation the previous year''s figures have been re-casted/restated/ reclassified, wherever necessary, to conform to current year''s classification.

Our Report attached, For Uday Jewellery Industries Limited,

For Anant Rao & Mallik,

Chartered Accountants, Sd/- Sd/_-

FRN:006266S Ritesh Kumar Sanghi Sanjay Kumar Sanghi

Managing Director Director

(V Anant Rao) DIN: 00628033 DIN_: 00629693

Partner

Membership No.022644

Sd/- Sd/-

Rakesh Agarwal Bolledu Kiran Kumar

Chief Financial Officer Company Secretary

M.No:A67921

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Mar 31, 2018

1. General Information

The Company was incorporated under the Companies Act, 1956 on 13.05.1999 under the name of “Net Trade Innovations Private Limited” at Kolkata. The company was primarily dealing in shipping business. The Company was subsequently converted into a Public Limited Company on February 16, 2000. The name was later changed to “Hifunda.Com Limited” and further to “Hifunda Limited” with the change in its various business activities. The Company was then taken over by the present promoters in 2011 and name was changed to “Uday Jewellery Industries Limited”. Subsequently, the Registered Office of the Company has been shifted from the state of West Bengal to the state of Andhra Pradesh (Now Telangana). At present, the Registered Office of the Company is situated at Plot No. 5-9-60, Flat 301, Moghuls Court Building, Deccan Tower Complex, Basheerbagh, Hyderabad- 500001.

The manufacturing unit of the Company is located at Plot No. 5-9-60, Flat No. 301, Moghuls Court Building, Deccan Tower Complex, Basheerbagh, Hyderabad- 500001. The unit was set up in the month of August 2015 in an area of about 1500 sqft, with intent to expand its existing business profile. The unit specializes in creating handmade jewellery studded with cz and colour stones.

2. Basis of preparation of Financial Statements

The financial statements have been prepared in accordance with Indian Accounting Standards (Ind-AS) as notified by Ministry of Corporate Affairs, Government of India vide Notification dated February 16, 2015. Accounting policies have been applied consistently to all periods presented in these financial statements. The Financial Statements are prepared under historical cost convention from the books of accounts maintained under accrual basis except for certain financial instruments which are measured at fair value and in accordance with the Indian Accounting Standards prescribed under the Companies Act, 2013

These financial statements are presented in Indian rupees, the national currency of India, which is the functional currency of the Company. All amounts included in the financial statements are reported in Indian rupees (in Rupees ) except number of equity shares and per share data, unless otherwise stated.

The accounting policies have been applied consistently to all periods presented in these financial statements.

3. Use of estimates and judgment

The preparation of financial statements requires judgements, estimates and assumptions to be made that affect the reported amount of assets and liabilities, disclosure of contingent liabilities on the date of financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/ materialised.

4. Additional information pursuant to Schedule III of the Companies Act, 2013

5. Financial Instruments- Fair Values and Risk Management

5.1 Financial Instruments by Categories

The following tables show the carrying amounts and fair values of financial assets and financial liabilities by categories. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

5.2 Fair Value Hierarchy

k Level 1 - Level 1 hierarchy includes financial instruments measured using quoted prices (unadjusted) in active markets.

k Level 2 - Level 2 hierarchy includes financial instruments measured using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

k Level 3 - Level 3 hierarchy includes financial instruments measured using inputs that are not based on observable market data (unobservable inputs).

The following tables present fair value hierarchy of assets and liabilities measured at fair value:

5.3 Financial risk management

The company’s activities expose it to the following financial risks:

-market risk (see (a));

-credit risk (see (b)); and -liquidity risk.(see (c)).

The company has not arranged funds that have any interest rate risk.

a) Market risk

(i) Foreign Exchange Risk

The company has no import and export transactions and hence there is no foreign exchange risk.

(ii) Price Risk

The company is not expose to price risk arises out of the investments in equity shares because the company does not hold any investment in equity shares.

b) Credit Risk

Credit risk refers to the risk of default on its obligation by a counterparty resulting in a financial loss. The maximum exposure to the credit risk at the reporting date is primarily from trade receivables. Accordingly, credit risk from trade receivables has been separately evaluated from all other financial assets in the following paragraphs Trade Receivables :

The company has outstanding trade receivables amounting to INR 1883.04(in lakhs), INR 865.06(in lakhs) and INR 778.97(in lakhs) as of March 31, 2018, March 31, 2017 and 1st April, 2016, respectively. Trade receivables are typically unsecured and are derived from revenue earned from customers. Impairment on trade receivables is recognized based on expected credit loss in accordance with provisions of Ind AS 109. The company’s historical experience for customers, present economic condition and present performance of the customers, future outlook for the industry etc are taken into account for the purposes of expected credit loss.

Credit risk exposure:

An analysis of age of trade receivables at each reporting date is summarized as follows:

Trade receivables are generally considered credit impaired after 120 days past due, unless the amount is considered receivable, when recoverability is considered doubtful based on the recovery analysis performed by the company for individual trade receivables.

Financial assets:

Credit risk relating to cash and cash equivalents is considered negligible because our counterparties are banks. There will be no credit risk related to employee loans as they are adjusted against their salaries. (c) Liquidity Risk

Our liquidity needs are monitored on the basis of monthly and yearly projections. The company’s principal sources of liquidity are cash and cash equivalents, cash generated from operations and availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the dynamic nature of underlying businesses, the company maintains flexibility in funding by maintaining availability under committed credit lines.

Short term liquidity requirements consists mainly of sundry creditors, expense payable, employee dues arising during the normal course of business as of each reporting date. The company maintains sufficient balance in cash and cash equivalents to meet short term liquidity requirements.

The company assesses long term liquidity requirements on a periodical basis and manages them through internal accruals and committed credit lines.

The table below provides details regarding the contractual maturities of non-derivative financial liabilities.

6. Disclosure in respect of Indian Accounting Standard 24 “Related Parties Disclosures” Related Party Disclosures

A. Key Managerial Personnel (KMP):

Sri Ritesh Kumar Sanghi - Managing Director

Sri Rakesh Agarwal - Chief Financial Officer

Ms. Pragya Sarda - Company Secretary upto 10.01.2018

B. Non - Executive Directors Sri Sanjay Kumar Sanghi Smt. Pritha Sanghi

Sri Ramprasad Vempati- Independent Sri Siddharth Goel- Independent Sri Vikram Goel- Independent

C. Enterprises in which Key Management Personnel has significant influence

1. Sanghi Jewellers Private Limited

2. Trisa Retail Ltd.

D. Relatives of Key Management Personnel Sri Sanjay Kumar Sanghi - Director Smt. Pritha Sanghi - Director

Smt. Sarala Sanghi

E. Related Party Transactions

7. Disclosure in respect of Indian Accounting Standard (Ind AS)-33 “Earnings Per Share (EPS)”

a) Basic EPS

The earnings and weighted average number of ordinary shares used in the calculation of basic EPS and Basic EPS is as follows:

b) Diluted EPS

The earnings and weighted average number of ordinary shares used in the calculation of Diluted EPS is as follows:

8. Approval of financial statements

The financial statements were approved by the board of directors and authorised for issue on 30-05-2018.

9. Transition from IGAAP to IND AS

These financial statements, for the year ended March 31st, 2018, are first financial statements prepared by the Company in accordance with Ind AS. For years upto and including the year ended March 31, 2016, the company prepared its financial statements in accordance with IGAAP, including accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended).

Accordingly, the company has prepared IND AS compliant financial statements for year ending on March 31st, 2017. In preparing these financial statements, the company has prepared opening IND AS balance sheet as at 1st April, 2016 the company’s date of transition to Ind-AS in accordance with requirement of IND AS 101, “First time Adoption of Indian Accounting Standards”. The basic approach adopted is summarized hereunder:

i) All assets and liabilities have been classified into financial assets/liabilities and non-financial assets/ liabilities.

ii) All non-current financial assets/liabilities at below market rate of interest or zero interest and outstanding as on 1st April, 2016 have been measured at fair value.

iii) In accordance with IND AS 101, the resulting adjustments are considered as arising from events and transactions entered before date of transition and recognized directly in the retained earnings at the date of transition to IND AS.

iv) The estimates as at 1 April 2016 and at 31 March 2017 are consistent with those made for the same dates in accordance with IGAAP (after adjustments to reflect any differences in accounting policies).

v) IND AS 101 also allows to first time adopter certain exemptions from the retrospective application of certain requirements under IND AS. Accordingly, the company has availed the following exemptions/ mandatory exceptions as per IND AS 101:

a) Deemed Cost for Property, Plant & Equipment and Intangible Assets: The company has availed exemption under para D7AA of appendix D to IND AS 101 which permits a first time adopter to continue with the carrying values for its PPE as at date of transition to IND ASs measured as per previous GAAP

b) Classification & Fair value measurement of financial assets or financial liabilities at initial recognition: The financial assets and financial liabilities have been classified on the basis of facts existing as at the date of transition to IND AS. In addition, the exemption permits prospective application of requirements of IND AS 109 to transactions entered into on or after date of transition.

Impairment of financial assets: The Company has availed exemption under para B8D of appendix B which permits the first time adopter to apply the impairment requirement of Ind AS 109 prospectively

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Mar 31, 2015

1. The Company has not ascertained, from out of the amounts payable, "dues" to Small Scale undertakings.

2. The Company is in the business of trading Jewellery. It has no separate segments. Hence, Segment reporting as per AS-17 is not applicable.

3. Related party disclosure in accordance with the Accounting Standard 18 is as follows:

A. Name of related parties and related party relationships:

Associate Concerns: Sanghi Jewellers Pvt. Ltd, Narbada Gems and Jewellery Limited, Trisa Retail Limited

B. Transactions with related party during the year along with balances at year end:

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Mar 31, 2014

1. Balances standing to the debit/credit of the parties are subject to reconciliation and confirmation by them.

2. The Company has not ascertained, from out of the amounts payable, "dues" to Small Scale undertakings.

3. The Company is in the business of trading Jewellery. It has no separate segments. Hence, Segment reporting as per AS-17 is not applicable.

4. Related part disclosure in accordance with the Accounting Standard 18:

A Name of related parties and related part relationships:

B . Transactions with related party during the year along with balances at year end:

5. The Company has no reportable segments either by geography or by products.

6. Previous year's figures are regrouped wherever necessary.

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Mar 31, 2013

1. Terms /Rights attached to equity shares :The company has one class of equity shares having a par value of Rs10/-per share. Each shareholder is eligible for one vote per share. The dividend proposed, if any by the board of directors is subject to the approval. shareholders in the ensuring Annual General Meeting In the event of Liquidation, the equity shareholders are eligible to receive the remaining assets of the companyafter distribution of all preferencial amounts,in proportion to their shareholding.

2. Balances standing to the debit/credit of the parties are subject to reconciliation and confirmation by them.

3. The Company has not ascertained, from out of the amounts payable, “dues” to Small Scale undertakings.

4. No provision is made towards Income Tax and Deferred Tax, as a matter of prudence, in view of Unabsorbed Depreciation and carried forward losses.

5. The Company is in the business of trading Jewellery. It has no separate segments. Hence, Segment reporting as per AS-17 is not applicable.

6. The Company has no reportable segments either by geography or by products.

7. Previous year’s figures are regrouped wherever necessary.

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Mar 31, 2012

1. Balances standing to the debit/credit of the parties are subject to reconciliation and confirmation by them.

2. No provision is made towards Income Tax and also Deferred Tax, as a matter of prudence, in view of Unabsorbed Depreciation and carried forward losses.

3. Transactions during the year with related parties:

Associate concerns:

i) Sanghi Jewellers Pvt Ltd

ii) Narbada Gems & Jewellery Ltd

iii) Trisa retail Ltd

Nature of Transaction Associate(Rs)

(a) Purchases 11,54,81,185/-

Note : Necessary approval from the Regional Director has been taken by the Company

5. The Company has no reportable segments either by geography or by products.

6. Previous year's figures are regrouped wherever necessary.