p Provision, Contingent Liabilities and Contingent Assets

Provision are recognised for when the company has at present, legal or contractual obligation as a result of past
events, only if it is probable that an outflow of resources embodying economic outgo or loss will be required and if the
amount involved can be measured reliably.

Contingent liabilities being a possible obligation as a result of past events, the existence of which will be confirmed
only by the occurrence or non occurrence of one or more future events not wholly in control of the company are not
recognised in the accounts. The nature of such liabilities and an estimate of its financial effect are disclosed in notes
to the Financial Statements.

Contingent assets are neither recognised nor disclosed in the financial statements.
q Earnings Per Share

The Basic EPS has been computed by dividing the income available to equity shareholders by the weighted average
number of equity shares outstanding during the accounting year.

The Diluted EPS has been computed using the weighted average number of equity shares and dilutive potential equity
shares outstanding at the end of the year.

r Estimates, Judgements and assumptions

The preparation of the Company’s Ind AS Financial Statements requires management to make judgments, estimates
and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future
periods.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the
next financial year, are described below. The Company based its assumptions and estimates on parameters available
when the financial statements were prepared. Existing circumstances and assumptions about future developments,
however, may change due to market changes or circumstances arising that are beyond the control of the Company.
Such changes are reflected in the assumptions when they occur.

(i) Impairment of non-financial assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount,
which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal
calculation is based on available data for similar assets or observable market prices less incremental costs for
disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the
budget for the next five years and do not include restructuring activities that The Company is not yet committed
to or significant future investments that will enhance the asset’s performance being tested. The recoverable
amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows
and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other
intangibles with indefinite useful lives recognised by the Company.

(ii) Taxes

Deferred tax assets are recognised for unused tax credits to the extent that it is probable that taxable profit will
be available against which the credits can be utilised. Significant management judgment is required to determine
the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future
taxable profits together with future tax planning strategies.

(iii) Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured
based on quoted prices in active markets, their fair value is measured using valuation techniques including the
DCF model. The inputs to these models are taken from observable markets where possible, but where this is
not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of
inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the
reported fair value of financial instruments.

Nature and Purpose of Reserves
General Reserve

General reserve is created by the Company by appropriating the balance of Retained Earnings. It is a free reserve
which can be used for meeting the future contingencies, creating working capital for business operations, strengthening
the financial position of the Company etc.

Securities Premium

Securities premium is used to record the premium on issue of shares. The reserve can be utilised only for limited
purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.

Retained Earnings

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends
or other distributions paid to shareholders.

Note:

The company has received an order under section 143(3) read with section 144B of the Income Tax Act for the
assemment year 2021-22. Against this order, the company has filed an appeal with Income Tax Appellate Tribunal.

34 Capital Management

The Company’s objectives when managing capital is to safeguard continuity and healthy capital ratios in order to
support its business and provide adequate return to shareholders through continuing growth. The Company’s overall
strategy remains unchanged from previous year.

The Company sets the amount of capital required on the basis of annual business and long-term operating plans
which include capital and other strategic investments.

The funding requirements are met through a mixture of equity, internal fund generation, borrowings. The Company’s
policy is to use borrowings to meet anticipated funding requirements. The Company monitors capital on the basis of
the net debt to equity ratio.

No changes were made in the objectives, policies or processes for managing capital during the years ended as at
31^st March, 2024 and as at 31^st March, 2025.

37 Financial Risk objective and policies

The Company’s principal financial liabilities comprise borrowings, trade and other payables, The main purpose of
these financial liabilities is to finance the Company’s operations/projects .The Company’s principal financial assets
include loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations.

In the ordinary course of business, the Company is mainly exposed to risks resulting from exchange rate fluctuation
(currency risk), interest rate movements (interest rate risk) collectively referred as Market Risk, Credit Risk, Liquidity
Risk and other price risks such as equity price risk. The Company’s senior management oversees the management of
these risks.

Interest rate risk

The company is exposed to changes in market interest rates due to financing, investing and cash management
activities. The Company’s exposure to the risk of changes in market interest rates relates primarily to The Company’s
long-term debt obligations with floating interest rates and period of borrowings. The Company manages its interest
rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The Company enters into
interest rate swap contracts or interest rate future contracts to manage its exposure to changes in the underlying
benchmark interest rates.

Interest rate sensitivity

The sensitivity analysis below have been determined based on the exposure to interest rates at the end of the reporting
period. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the
end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease represents
management’s assessment of the reasonably possible change in interest rates.

Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a loss to the
company. The Company has adopted the policy of only dealing with creditworthy counterparties as a means of
mitigating the risk of financial losses from default, and generally does not obtain any collateral or other security on
trade receivables.

The carrying amount of financial assets recorded in the financial statements represents the Company’s maximum
exposure to credit risk. Cash are held with creditworthy financial institutions.

Liquidity risk

The Company monitors its risk of shortage of funds using cash flow forecasting models. These models consider the
maturity of its financial investments, committed funding and projected cash flows from operations. The Company’s
objective is to provide financial resources to meet its business objectives in a timely, cost effective and reliable manner
and to manage its capital structure. A balance between continuity of funding and flexibility is maintained through the
use of various types of borrowings.

41 Additional Regulatory Information:-

i. Title deeds of immovable properties (other than properties where the Company is the leesee and the lease
agreements are duly executed in favour of the leesee) whose deeds are not held in the name of the Company:
NIL

ii. No procedings have been initiated or pending against Company for holding any Benami Property under
Prohibitions of Benami Transactions Act 1988 (Earliers titled as Benami transactions (Prohibitions) Act,1988.

iii. The Company is not declared a wilful defaulter by any Bank or Financial Institution or any other lender.

iv. The Company has no transaction with Companies which are stuck off under section 158 of the Companies Act,2013
or under section 530 of Companies Act,1956.

v. No charges of satisfication are pending for registration with the Registrar of Companies (ROC) beyond the
statutory period.

vi. The Company has no subsidiary. Hence, the provision for compliance with the number of layers as prescribed
under clause (87) of section 2 of the Companies Act, 2013 read with the Companies (Restriction on Number of
Layers) Rules, 2017 is not applicable to company.

vii. The Company have not traded or invested in crypto currency or virtual currency during the financial year.

viii. The Company have no 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).

ix. The Company has Split/Sub-Divided its One share from Face Value of ^ 10 each to Ten Shares of Face Value
of ^ 1 each vide Resolution Passed through Postal Ballot on 28^th June, 2023. The EPS has been re-calculated/re-
grouped on Face Value of ^ 1 each for comparison of this finanical statement

42 Other Disclosures

(i) The figures of the corresponding previous periods have been regrouped/ reclassified, wherever necessary to
conform to the current period’s presentation.

(ii) The Financial Statements for the year ended 31^st March, 2025 have been reviewed by the Audit Committee and
approved by the Board of Directors at their meetings held on 26^th May, 2025.

The accompanying notes forms an integral part of the financial statements.

In terms of our report attached

For SHIVAM SONI & CO. For and on behalf of the Board of Directors

Chartered Accountants ASHAPURI GOLD ORNAMENT LIMITED

Firm Registration Number : 152477W

CA Shivam Soni Saremal C. Soni Dineshkumar S. Soni

Proprietor Director Director

Membership No. 178351 DIN 02288750 DIN 01795746

Jitendrakumar S. Soni Dharmesh J. Shah

Chief Financial Officer Company Secretary

Place : Ahmedabad Place : Ahmedabad

Date : 26^th May, 2025 Date : 26^th May, 2025

UDIN : 25178351BMIRIZ6047