q) Provisions and Contingent liabilities

A provision is recognised when the Company has a present obligation as a result of past events
and it is probable that an outflow of resources will be required to settle the obligation in respect of
which a reliable estimate can be made. Provisions (excluding retirement benefits) are discounted to
their present value and are determined based on the best estimate required to settle the obligation
at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect
the current best estimates.

Contingent liabilities are disclosed in the Notes. Contingent liabilities are disclosed for

i. possible obligations which will be confirmed only by future events not wholly within the
control of the Company or

ii. present obligations arising from past events where it is not probable that an outflow of
resources will be required to settle the obligation or a reliable estimate of the amount of the
obligation cannot be made.

Contingent assets are not recognised in the Financial Statements.

r) Segment Reporting

Operating segment are reported in a manner consistent with the internal reporting provided to the
Chief Operating Decision Maker (CODM). The Managing Director of the Company is responsible for
allocating resources and assessing performance of the operating segments and accordingly is
identified as the CODM. Refer note 39 for segment information presented.

s) Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are
subsequently measured at amortised cost. Any difference between the proceeds (net of transaction
costs) and the redemption amount is recognised in profit or loss over the period of the borrowings
using the effective interest method. Fees paid on the establishment of loan facilities are recognised
as transaction costs of the loan to the extent that it is probable that some or all of the facility will
be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is
no evidence that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period of the facility to
which it relates.

Borrowings are removed from the balance sheet when the obligation specified in the contract is
discharged, cancelled or expired. The difference between the carrying amount of a financial liability
that has been extinguished or transferred to another party and the consideration paid, including
any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as other
gains/(losses).

Where the terms of a financial liability are renegotiated and the entity issues equity instruments to
a creditor to extinguish all or part of the liability (debt for equity swap), a gain or loss is recognised
in profit or loss, which is measured as the difference between the carrying amount of the financial
liability and the fair value of the equity instruments issued.

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

t) Trade and Other Payables

These amounts represent liabilities for goods and services provided to the Company prior to the
end of financial year which are unpaid. The amounts are unsecured and are usually paid within 15
days of recognition. Trade and other payables are presented as current liabilities unless payment is
not due within 12 months after the reporting period. They are recognised initially at their fair value
and subsequently measured at amortised cost using the effective interest method.

u) Trade Receivables

Trade receivables are recognised initially at fair value and subsequently measured at amortised
cost using the effective interest method, less provision for impairment / doubtful debts.

v) Government Grants

Grants from the government are recognised at their fair value where there is a reasonable
assurance that the grant will be received, and the Company will comply with all attached
conditions.

Government grants relating to income are deferred and recognised in the profit or loss over the
period necessary to match them with the costs that they are intended to compensate and
presented within other income.

Government grants relating to the purchase of property, plant and equipment are included in non¬
current liabilities as deferred income and are credited to profit or loss on a straight-line basis over
the expected lives of the related assets and presented within other income.

w) Dividends

Provision is made for the amount of any dividend declared, being appropriately authorised and no
longer at the discretion of the entity, on or before the end of the reporting period but not
distributed at the end of the reporting period.

x) Business Combinations

Business combinations involving entities or businesses under common control shall be accounted
for using the pooling of interest’s method.

The consideration for the business combination may consist of securities, cash or other assets.
Securities shall be recorded at nominal value. In determining the value of the consideration, assets
other than cash shall be considered at their fair values.

The balance of the retained earnings appearing in the financial statements of the transferor is
aggregated with the corresponding balance appearing in the financial statements of the transferee.
Alternatively, it is transferred to General Reserve, if any.

The identity of the reserves shall be preserved and shall appear in the financial statements of the
transferee in the same form in which they appeared in the financial statements of the transferor.

Note :

1 The Company had reviewed all its pending litigations and proceeding and has adequately
provided for where provisions are required and disclosed as contingent liabilities where
applicable, in the financial statements. The Company does not expect the outcomes of these
proceedings to have a materially adverse effect on its financial results.

2 It is not practicable for the Company to estimate the timing of cash outflows, if any, in
respect of the above pending resolution of the respective proceedings as it is determinable
only on receipt of judgements/decisions pending with various forums/authorities.

Note 31 : Previous year figures

Previous Year's figures have been regrouped/reclassified, wherever ne cessary, to corr espond
with the current year's classification / disclosures.

Following are the additional disclosures required as per Schedule III to the Companies
Note 33 : Act, 2013 vide Notification dated March 24, 2021;

a. Details of Benami Property held:

The Company does not have any benami property held in its name. No proceedings have
been initiated or pending against the Company for holding any benami property under the
Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

b. Willful Defaulter:

The Company has not been declared as willful defaulter by any Bank or Financial
Institution or other Lender or government or any government authority.

c. Relationship with Struck off Companies :

During the year, the Company does not have any transactions with the companies struck
off under section 248 of Companies Act, 2013 or section 560 of Companies Act, 1956.

d. Compliance with number of layers of companies:

The Company does not have any subsidiary/ies and, therefore, compliance with number
of layers of companies as specified in section 2(87) of the Companies Act, 2013 is not
applicable to it.

e. Utilisation of Borrowed funds and share premium:

During the financial year ended 31st March 2023, other than the transactions
undertaken in the normal course of business and in accordance with extant regulatory
guidelines as applicable.

(i) No funds (which are material either individually or in the aggregate) have been
advanced or loaned or invested (either from borrowed funds or share premium or
any other sources or kind of funds) by the Company to or in any other person or
entity, including foreign entity (“Intermediaries”), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, whether, 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 provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(ii) No funds (which are material either individually or in the aggregate) have been
received by the Company from any person or entity, including foreign entity
(“Funding Parties”), with the understanding, whether recorded in writing or
otherwise, that the Company shall, whether, 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 provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.

f. Undisclosed Income:

The Company does not have any transactions 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). Also, there are nil previously unrecorded income
and related assets.

g. Details of Crypto Currency or Virtual Currency:

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

h. Capital work in progress (CWIP) and Intangible asset:

The Company does not have any CWIP and Intangible asset under
development.

i. The Company hold Property, Plant and Equipment during the year as well as in previous
year. The Company has not revalued its intangible assets during the current or previous
year.

The accompanying notes are an integral part of these financial Statement

As per out report of even date

For Ashok Shetty & Co. For and on behalf of the board of directors

Chartered Accountants Nouveau Global Ventures Limited

Firm Regn. No: 117134W

Ashok Shetty Krishan Khadaria Mohit Khadaria

Patner Managing Director Director

M.No. 102524 DIN: 00219096 DIN:05142395

Place: Mumbai Rajesh Agrawal Sunita Sharma

Date: 29th May,2024 CFO Company Secretary

UDIN: 24102524BKBMIV1Z92