m) Provisions/ Contingencies

A Provision is created when an enterprise has a present obligation as a result of past event that probably requires an
outflow of resources and a reliable estimate can be made of the amount and it is probable that an outflow of
recourses will be required to settle the obligation. A disclosure for 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 the likelihood of outflow of resources is
remote, no provision or disclosure is made.

The Company does not recognise assets which are of contingent nature until there is virtual certainty of reliability of
such assets. However, if it has become virtual certain that an inflow of economic benefits will arise, assets and related
income is recognised in the financial statements of the period in which the change occurs.

n) Earning per share

Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity
shareholders by the weighted average number of equity shares outstanding during the year. The weighted average
number of equity shares outstanding during the period are adjusted for events of buy back. For the purpose of
calculating diluted earnings per share, the net profit or loss attributable to equity shareholders and the weighted
average number of shares outstanding during the year are adjusted for the effects of all diluted potential equity
shares.

21.01 As per Accounting Standard 15 "Employee benefits", the disclosures as defined in the Accounting Standard are
given below:

(i) Defined Contribution Plan :

Contribution to Provident Fund is ' 4.83 lakhs (Previous year ' 4.83 lakhs), ESIC and Labour Welfare Fund
includes '0.03 lakhs(Previous year '0.04 lakhs).

(ii) Defined Benefit Plan :

Gratuity & Leave Encashment:

The scheme provides for lump sum payment to vested employees at retirement, death while in employment or
on termination of employment of an amount equivalent to 15 days service for each completed year of service
or part thereof depending on the date of joining. The benefit vests after five years of continuous service.

24 CONTINGENCIES AND COMMITMENTS :

a) The Company has executed Corporate Guarantee of' 1200.00 lakhs (Previous year ' 1200.00 lakhs) favouring
Punjab National Bank Mumbai for its direct control by key managerail, Patdiam Jewels of firm, Mumbai.

b) The Company has outstanding demand of ' 21.38 lakhs for Assessment year 2011-12, the said proceeding is
pending with Commissioner of Income Tax (Appeal).

31 During 2006, company has acquired some equity interest (equal to 18%) in two USA based companies, namely
American Value Chain Inc(AVC) and Gems Media LLC (GM) by the investing in the aggregate a sum of US $ 2.00 lakhs
(Equivalent Indian ' 92.56 lakhs )(US $ 1.90 lakhs in AVC and US $ 0.10 lakhs in GM-Equal to ' 87.93 lakhs in AVC and '
4.63 lakhs in GM). Subsequent to investment both companies run in to trouble and incurred huge loss. The aggregate
loss as on April, 2008 was US $ 47.45 lakhs However, company had a share holder agreement with other share holders of
these companies where in it was protected from the loss and was given an exit option at a valuation of it is interest for US
$ 9.80 lakhs, after 2009. Company has exercised its option and claimed that other share holders buy out its interest at an
agreed consideration in terms of share holder’s agreement. However, other share holders had initially sought an
extension of time, Ever after expiry of extened period, they have used delaying tactics citing huge loss, financial crunch
etc as reason. Pending action in terms of share holder’s agreement, company continue to present its investment as such
and has not considered any provision for diminution in value of its investments in terms of theoretical value of its equity
interest. In the mean time company came to know that order share holders have put in more equity fund in the
companies and raised their interest developments and after having exhausted all informal channels, finally in financial
year i.e.in F.Y.2015-16 company has lodged a suite in court of law in USA and claimed remedy and specific
performance under share holder’s agreement. It has made a plea before th court of law that its equity interest be
brought out and it be paid compensation as per share holder’s agreement. Management if the company has been
advised by its USA Lawyers that, there is more than probable chance of it getting its claim. Considering this company
has continued to show it investment at cost and has not made any provision for loss by way of diminution in value of
investments in the book . However as it has now filed a suite and expressed its intention to transfer or sale its equity
interest in those companies, same has beeen classified as current investments.

32 The Company has incurred ' 19.00 lakhs (previous year ' 16.00 lakhs) towards Corporate Social Responsibility
activities. Further, no amount has been spent on construction / acquisition of an asset of the Company and the entire
amount has been spent in cash. The amount required to be spent under Section 135 of the Companies Act, 2013 for the
year 2024-25 is ' 18.92 lakhs i.e. 2% of average net profits for last three financial years, calculated as per Section 198 of
the Companies Act, 2013. In FY 2024-25 The has contributed excess amount to of '0.08 lakhs which is to becarry
forward for next financial year.

33 Segment Reporting

The Company is only one Operating segments i.e Jewellery Manufacturing. There is no segment reporting required

34 Other statutory information

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against
the Company for any Benami property.

(ii) The Company does not have any transaction with companies struck off.

(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period,

(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(v) The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.

(vi) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

(vii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the Group shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

(viii) The Company has not any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such
as, search or survey or any other relevant provisions of the Income Tax Act, 1961

35 The previous year’s figures have been regrouped and rearranged wherever necessary to make in compliance with the
current financial year.

FOR DAVE & DAVE For and on behalf of the Board of Directors

Chartered Accountants

ICAI Firm Registration No. 102163W

PRAVIN KAKDIA SAMIR KAKADIA
LALIT KUMAR G. DAVE Chairman & Director Managing Director

Partner DIN: 00178140 DIN: 00178128

Membership No. 043509
Place : Mumbai
Date : 30^th May, 2025

UDIN : 25043509BMKQCD3483 BHARAT SHAH PREKSHA SALECHA

Chief Financial Officer Company Secretary
Place : Mumbai
Date : 30^th May, 2025