Provisions are recognised when the Company has a present obligation (legal or constructive), as a
result of past events, and it is probable that an outflow of resources, that can be reliably
estimated, will be required to settle such an obligation.

If the effect of the time value of money is material, provisions are determined by discounting the
expected future cash flows to net present value using an appropriate pre-tax discount rate that
reflects current market assessments of the time value of money and, where appropriate, the risks
specific to the liability. Unwinding of the discount is recognised in the Standalone Statement of
Profit and Loss as a finance cost. Provisions are reviewed at each reporting date and are adjusted
to reflect the current best estimate.

A present obligation that arises from past events where it is either not probable that an outflow
of resources will be required to settle or a liable estimate of the amount cannot be made, is
disclosed as a contingent liability. Contingent liabilities are also disclosed when there is a possible
obligation arising from past events, the existence of which will be confirmed only by the
occurrence or non -occurrence of one or more uncertain future events not wholly within the
control of the Company.

Claims against the Company where the possibility of any outflow of resources in settlement is

Contingent assets are not recognised in financial statements since this may result in the
recognition of income that may never be realised. However, when the realisation of income is
virtually certain, then the related asset is not a contingent asset and is recognised. However,
major contingent assets (if any) are disclosed in the notes to financial statements.

Onerous contracts

Present obligations arising under onerous contracts are recognised and measured as provisions.
An onerous contract is considered to exist where the Company has a contract under which the
unavoidable costs of meeting the obligations under the contract exceed the economic benefits
expected to be received from the contract.

(XIV) Earnings per Equity Share

Basic EPS is computed by dividing the net profit or loss after tax for the year attributable to the
equity shareholders by the weighted average number of equity shares outstanding during the
year.

Diluted EPS is computed by dividing the net profit or loss for the year by the weighted average
number of equity shares outstanding during the year as adjusted for the effects of all dilutive
potential equity shares, except where the results are anti-dilutive

1.2. Key sources of estimation uncertainty and critical accounting judgements

The preparation of Standalone financial statements, in conformity with Ind AS requires
management to make judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets, liabilities, income and expenses. The
management bases its estimates on historical experience and various other assumptions that are
believed to be reasonable under the circumstances. Actual results may differ from those
estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimates are revised and in any
future periods affected. In particular, information about significant areas of estimation,
uncertainty and critical judgements in applying accounting policies that have the most significant
effect on the amounts recognized in the Standalone Financial Statements is included in the
following notes:

a. Property, plant and equipment

The charge in respect of periodic depreciation is derived after determining an estimate of an
asset's expected useful lives and the expected residual value at the end of its lives. The useful
lives and residual values of Company's assets are determined by Management at the time the
asset is acquired and reviewed periodically, including at each financial year end. The lives are
based on historical experience with similar assets as well as anticipation of future events, which
may impact their life, such as changes in technology. Such lives are dependent upon an
assessment of both the technical lives of the assets, and also their likely economic lives based on
various internal and external factors including relative efficiency, the operating conditions of the

asset, anticipated technological changes, historical trend of plant load factor, historical planned
and scheduled maintenance. It is possible that the estimates made based on existing experience
are different from the actual outcomes and could cause a material adjustment to the carrying
amount of property, plant and equipment.

b. Impairment of investments in subsidiaries:

Determining whether the investments in subsidiaries are impaired requires an estimate in the
value in use of investments. In considering the value in use, the Directors have anticipated
various factors of the underlying businesses / operations of the investee companies as more fully
described. Any subsequent changes to the cash flows due to changes in the factors could impact
the carrying value of investments.

c. Defined benefit plans

The cost of the defined benefit plan and other post-employment benefits and the present value
of such obligation are determined using actuarial valuations. An actuarial valuation involves
making various assumptions that may differ from actual developments in the future. These
include the determination of the discount rate, future salary increases, mortality rates and
attrition rate. Due to the complexities involved in the valuation and its long-term nature, a
defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are
reviewed at each reporting date.

d. Contingencies

In the normal course of business, contingent liabilities may arise from litigation and other claims
against the Company. Potential liabilities that are possible but not probable of crystalising or are
very difficult to quantify reliably are treated as contingent liabilities. Such liabilities are disclosed
in the notes but are not recognized. The cases which have been determined as remote by the
Company are not disclosed.

Contingent assets are neither recognized nor disclosed in the Standalone Financial Statements
unless when an inflow of economic benefits is probable.

e. Provisions

The timing of recognition and quantification of the liability requires the application of judgement
to existing facts and circumstances, which can be subject to change. The carrying amounts of
provisions and liabilities are reviewed regularly and revised to take account of changing facts and
circumstances.

f. Income taxes

Significant judgements are involved in determining the provision for income taxes, including
amount expected to be paid / recovered for uncertain tax positions. In assessing the realizability
of deferred tax assets arising from unused tax credits, the management considers convincing
evidence about availability of sufficient taxable income against which such unused tax credits can
be utilized. The amount of the deferred income tax assets considered realizable, however, could
change if estimates of future taxable income changes in the future.

1.3. Recent Accounting Pronouncements

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. For
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 leaseback transactions, applicable to the
Company w.e.f. April 1, 2024. The Company has reviewed the new pronouncements and based
on its evaluation has determined that it does not have any significant impact in its financial
statements.

Nature and purpose of reserve

1. 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. Retained
earnings includes re-measurement loss / (gain) on defined benefit plans, net of taxes that will not be reclassified to Statement of Profit and Loss. Retained earnings is a free
reserve available to the Company.

2. Capital Reserve

Reserve is primarily created on amalgamation as per statutory requirement. This reserve is utilised in accordance with the specific provisions of the Companies Act 2013.

3. Security Premium

Securities Premium is credited when shares are issued at premium including non-cash transaction. This reserve is utilised in accordance with the specific provisions of the
Companies Act

4. Revaluation Reserve

It is created through the revaluation of assests as per the Companies Act, 2013 and Indian Accounting Standard notified by Ministry of Corporate Affirs (MCA).

5. General reserve

Under the erstwhile Indian Companies Act 1956, a general reserve was created through an annual transfer of net income at a specified percentage in accordance with
applicable regulations.The purpose of these transfers was to ensure that if a dividend distribution in a given year is more than 10% of the paid-up capital of the Company for
that year,then the total dividend distribution is less than the total distributable reserves for that year.

Consequent to introduction of Companies Act 2013, the requirement of mandatory transfer of a specified percentage of the net profit to general reserve has been
withdrawn and the Company can optionally transfer any amount from the surplus of profit and loss to the General reserves. This reserve is utilised in accordance with the
specific provisions of the Companies Act 2013.

NOTE 35:-

NOTE 35.1:- As per IndAS 115 - 'Revenue from Contracts with Customers', income is defined as a transaction which increases in economic benefits during
the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those
relating to contributions from equity participants.

NOTE 35.2 :- Company's investments in Subsidiaries viz. Minal Infojewels Limited ('MIJL') is 49.40% amounting to Rs 1235.00 lakhs which is long term in
nature and Company had made aggregate provision for investments of Rs. 600.00 lakhs in the books. The Company has also given loan aggregating to Rs.
2387.95 lakhs of which aggregate provision was made amounting to Rs. 1200.00 lakhs in the books in previous years. There is no change in the above
provison in the current year.

MIJL has earned a net profit of Rs. 532.93 lakhs during the year ended 31st March,2025. However, It has incurred losses for the past years and has
accumulated negative reserves to the tune of Rs 511.54 lakhs as on 31st March, 2025. As per management projections no further adjustment is necessary
for impairing the carrying cost (net of provisions) of investments of Rs. 635.00 lakhs and loans amounting to Rs. 1187.96 lakhs which is outstanding as an
31st March, 2025.

The interest income for the year ended 31st March 2025, has not been accrued for loan given to the subsidiary Minal Infojewels Limited since uncertainty
exists for interest already accrued and pending realization till 31st March 2025 due to accumulated losses of the Subsidiary and have expressed its inability
to pay interest till its financial condition improves. As explained to us, the management is in the process of identification of growth opportunities for the
Subsidiary which will ultimately allow the Company to realise the aggregate interest and loan amount outstanding as at 31st March 2025

NOTE 35.3 :- The Company wholly-owned overseas subsidiary, Minal International FZE on February 10, 2025 wound up its business and formal winding-up
process has been initiated and its commercial license has expired on that date. Based on the audited financial statements of the subsidiary dated February
10, 2025, which reflect accumulated losses eroding the entire capital, the Company has written off the full amount of its investment of Rs. 18.38 Lakhs and
loan receivable (including interest) of Rs. 390.61 lakhs during the current financial year, total write off amounting to Rs. 408.99 lakhs. Further in the year
ended March 31, 2024, the company had reassessed the recoverability of the loan given to and interest receivable and investment made in wholly owned
overseas subsidiary and recognised an impairment provision of Rs. 408.99 lakhs which had been disclosed as an exceptional item and hence there is no
impact on profit and loss account in the current financial year.

NOTE 35.4 :- The Managing Director of the Company, Shri Shrikant Parikh, has filed a petition before the National Company Law Tribunal (NCLT) under
Section 59 of the Companies Act, 2013 against Mr. Mahendra Shah and Mr. Champaklal Mehta and Share transfer agent M/s MCS Share Transfer Agent
Limited. The petition pertains to a dispute regarding ownership of equity shares of the Company . The matter is currently going on and no final order has
been passed by the NCLT as of the reporting date. Based on the current status of the proceedings and legal advice received, the Company does not expect
any financial implication as on date.

NOTE 36.1.(a):- It is not practicable to estimate the timing of cash outflows, if any, in respect of matters above, pending resolution of the arbitration /
appellate proceedings.

NOTE 36.1.(b):- The company does not expect any reimbursement in respect of the above contingent liabilities.

NOTE 36.2 :- In the opinion of management, the current assets, loans and advances have a value on realisation in the ordinary course of business, at least
equal to the amount at which they are stated in the balance sheet. Provision for all known liabilities is adequate and not in excess of what is required.

NOTE 36.3:- The Company is yet to receive balance confirmation in respect of certain trade payable, other payable, trade receivable, other receivable and
loan and advances. The management does not expect any material difference affecting the current year’s financial statements due to the same.

(a) Gratuity (Non-Funded):

"The Company provides for gratuity, a defined benefit retirement plan covering eligible employees. The Gratuity Plan provides a lump sum payment to
vested employees at retirement, death, incapacitation or termination of employment, of an amount equivalent to 15 days’ salary for each completed year
of service . Vesting occurs upon completion of five continuous years of service in accordance with Indian law.

The company is typically expose the Group to actuarial risks such as: interest rate risk, longevity risk and salary risk.

Interest Risk:

A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the return on the plan's debt
Longevity risk:

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and
after their employment. An increase in the life expectancy of the plan participants will increase the plan's liability.

Salary risk:

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary
of the plan participants will increase the plan's liability.

The most recent actuarial valuation of the plan assets and the present value of the defined benefit obligation were carried out at March 31, 2025 by M/S
Kewal Krishan Wadhwa, Consulting Actuary. The present value of the defined benefit obligation, and the related current service cost and past service cost,
were measured using the projected unit credit method.

The following tables summarise the components of net benefit expenses recognised in the statement of profit and loss and the funded status and amounts
recognised in the balance sheet for the respective plans:

Notes:

1. As the future liability for gratuity is provided on an actuarial basis for the Company as a whole, the amount pertaining to individual is not ascertainable
and therefore not included above.

2. The Company pays sitting fees at the rate of 0.15 Lakhs for meeting of the Board and Audit committees.The amount paid to them by way of sitting fees
during current year is Rs. Nil (Previous year Rs. 0.60 Lakhs), which is not included above.

Terms and conditions
Sales:

The sales to related parties are made on terms equivalent to those that prevail in arm's length transactions and in the ordinary
Loans to subsidiaries:

The Company had given loans to subsidiary for general corporate purposes. The loan balance as on 31st March 2025 was Rs 1187.95 lakhs (As on 31
March 2024: Rs.1230.57 lakhs ). These loans are unsecured and carry an interest rate of 5.25% repayable within a period of one year.

NOTE 39.1.(c) :- Financial Risk Management

The Company’s activities expose it to a variety of financial risks: market risk, credit risk, liquidity risk and foreign exchange risk. The Company’s focus is
to foresee the unpredictability of financial markets and seek to minimise potential adverse effects on its financial performance.

(i) Credit risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure to the credit risk at the
reporting date is primarily from trade receivables amounting to Rs. 403.62 lakhs and Rs. 409.12 lakhs as of 31st March, 2025 and 31st March, 2024,
respectively. The Company has its entire revenue from group companies. Hence no credit risk is perceived.

Credit risk on cash and cash equivalents is limited as the Company generally invest in deposits with banks.

(ii) Interest rate risk

Interest rate risk is the that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rate. The
company is exposed to interest rate risk because funds are borrowed at floating interest rates. interest rate risk is measured by using the cash flow
sensitivity for changes in variable interest rate.

(iii) Liquidity Risk management

Liquidity risk is the risk that the company will encounter difficulty in meeting the obligation associated with its financial liabilities that are settled by
delivering cash or another financial assets. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient
liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage
to the company’s reputation.

NOTE 42 :- The Company has Loss of Rs. 111.51 lakhs during the year ended March 31, 2025 and Loss of Rs. 347.47 lakhs during year ended March 31, 2024. The
net accumulated losses of the company being Rs. (2147.43 lakhs) as on Year ended March 31, 2025. Management continues to strengthen its strategy to expand its
market in order for the Company to increase its sales and eventually generate profit. In spite of these events or conditions which may cast a doubt on the ability of
the company to continue as a going concern, the management is of the opinion that going concern basis of accounting is appropriate in view of the continued
financial support from its Promoters. Accordingly, the standalone financial statements of the Company have been prepared on a going concern basis.

NOTE 43 :- ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III TO THE COMPANIES ACT, 2013

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

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

iii) 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.

iv) 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 Company 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.

v) The Company does not have 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.

vi) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of
Layers) Rules, 2017.

vii) The Company does not have any transactions with companies which are struck off.

viii) The Company had availed working capital facilities from bank of Rs. 15.90 Lakhs against hypothecation of stock and book debts. The charge of the company as
available in records of the Ministry of Corporate Affairs (MCA) is historic in nature and it involves practical challenges in obtaining no-objection certificate (NOC)
from the charge holder of such charges, despite repayment of the underlying loan. The Company is in the process of filing the charge satisfaction e-form with MCA
as and when it receives NOC from the charge holder

ix) The Company is not declared willful defaulter by any bank or financials institution or lender during the year

x) Section 135 of the Companies Act, regarding Corporate Social Responsibility is not applicable to the company.

Note 44 : The company evaluates events and transactions that occur subsequent to the balance sheet date but prior to the approval of financial statements to
determine the necessity for recognition and/or reporting of subsequent events and transactions in the financial statements. As of 30th May, 2025 there were no
subsequent events and transactions to be recognized or reported that are not already disclosed.

Note 45 : The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards Provident Fund
and Gratuity. The Ministry of Labour and Employment had released draft rules for the Code on Social Security, 2020 on November 13, 2020. The Company will
assess the impact and its evaluation once the subject rules are notified. The Company will give appropriate impact in its financial statements in the period in which,
the Code becomes effective and the related rules to determine the financial impact are published.

Note 46 : The figures for the previous periods have been regrouped / reclassified / restated wherever necessary in order to make them comparable with figures for
the year ended March 31, 2025.

As per our attached report of even date

For R H MODI & Co. For and on behalf of the Board of Directors

Chartered Accountants Sd/- Sd/-

Firm’s Registration No. 106486W Shrikant Parikh Subham Chand Jain

Sd/- Managing Director Director

R H Modi DIN : 00112642 DIN : 10293473

Proprietor Place : Mumbai Place : Mumbai

Membership No.: 037643 Dated : 30th May, 2025 Dated : 30th May, 2025

Place : Mumbai

Dated : 30th May, 2025 Sd/- Sd/-

Piyush Talyani Harshala Karangutkar

Company Secretary & Compliance Chief Financial Officer
Officer

Membership No : A60447 Place : Mumbai

Place : Mumbai Dated : 30th May, 2025

Dated : 30th May, 2025