l) Provision, contingent liabilities and contingent
assets

The Company creates a provision when there
is a present obligation (legal or constructive) as
a result of a past event that probably requires
an outflow of resources and a reliable estimate
can be made of the amount of obligation.
Provisions are measured at the best estimate of
the expenditure required to settle the present
obligation at the balance sheet date and are
discounted to its present value if the effect of
time value of money is considered to be material.
These are reviewed at each year end date and
adjusted to reflect the best current estimate.
The unwinding of the discount is recognized as
finance cost. Expected future operating losses
are not provided for.

A disclosure for a contingent liability is made
when there is a possible obligation or a present
obligation that may or may 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.

Contingent assets are neither recognised nor
disclosed in The standalone financial statements.

m) Investment in Subsidiaries

The Company has elected to account for its
equity investments in subsidiaries under Ind
AS 27 on separate financial statements, at cost
less accumulated impairment losses, if any.
Where an indication of impairment exists, the
carrying amount of the investment is assessed.
On disposal of investments in subsidiaries, the
difference between net disposal proceeds and
the carrying amounts are recognized in the
Statement of profit and loss.

n) Financial instruments

A Financial instruments is any contract that
gives rise to a financial assets of one entity and a
financial liability or equity instrument of another
entity.

Financial Assets

Initial recognition and measurement:

Financial assets are classified, at initial recognition,
as subsequently measured at amortised cost, fair
value through other comprehensive income
(OCI), and fair value through profit or loss.
The classification of financial assets at initial
recognition depends on the financial asset's
contractual cash flow characteristics and the
Company's business model for managing them.
With the exception of trade receivables that do
not contain a significant financing component or
for which the Company has applied the practical
expedient, the Company initially measures a
financial asset at its fair value plus, in the case of
a financial asset not at fair value through profit or
loss, transaction costs. Trade receivables that do
not contain a significant financing component or
for which the Company has applied the practical
expedient are measured at the transaction price
determined under Ind AS 115.

In order for a financial asset to be classified and
measured at amortised cost or fair value through
OCI, it needs to give rise to cash flows that are
'solely payments of principal and interest
(SPPI)' on the principal amount outstanding.
This assessment is referred to as the SPPI
test and is performed at an instrument level.
The Company's business model for managing
financial assets refers to how it manages its
financial assets in order to generate cash flows.
The business model determines whether cash
flows will result from collecting contractual
cash flows, selling the financial assets, or both.
Purchases or sales of financial assets that require
delivery of assets within a time frame established
by regulation or convention in the market place
(regular way trades) are recognised on the trade
date, i.e., the date that the Company commits to
purchase or sell the asset.

Financial asset :

Subsequent measurement

For purposes of subsequent measurement,
financial assets are classified in four categories:

a) Debt instruments at amortised cost

b) Debt instruments at fair value through
other comprehensive income (FVTOCI)

c) Debt instruments, derivatives and equity
instruments at fair value through profit or
loss (FVTPL)

d) Equity instruments measured at fair value
through other comprehensive income
(FVTOCI)

Debt instruments at amortised cost

A 'debt instrument' is measured at the amortised
cost if both the following conditions are met:

a) The asset is held within a business model
whose objective is to hold assets for
collecting contractual cash flows, and

b) Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI)
on the principal amount outstanding.

This category is the most relevant to the
Company. After initial measurement, such
financial assets are subsequently measured
at amortised cost using the effective
interest rate (EIR) method. Amortised cost
is calculated by taking into account any
discount or premium on acquisition and
fees or costs that are an integral part of
the EIR. The EIR amortisation is included
in finance income in the profit or loss.
The losses arising from impairment are
recognised in the profit or loss. This
category generally applies to trade and
other receivables.

Debt instrument at FVTPL

FVTPL is a residual category for debt instruments.
Any debt instrument, which does not meet
the criteria for categorization as at amortized
cost or as FVTOCI, is classified as at FVTPL.
In addition, the Company may elect to designate
a debt instrument, which otherwise meets
amortized cost or FVTOCI criteria, as at FVTPL.
However, such election is allowed only if doing
so reduces or eliminates a measurement or
recognition inconsistency. The Company has
not designated any debt instrument as at FVTPL.
Debt instruments included within the FVTPL
category are measured at fair value with all
changes recognized in the P&L.

Equity investments

All equity investments in scope of Ind AS 109
are measured at fair value. Equity instruments
which are held for trading and contingent
consideration recognised by an acquirer in
a business combination to which Ind AS103
applies are classified as at FVTPL. For all other
equity instruments, the Company may make
an irrevocable election to present in other
comprehensive income subsequent changes in
the fair value. The Company makes such election
on an instrument-by-instrument basis. The
classification is made on initial recognition and
is irrevocable.

If the Company decides to classify an equity
instrument as at FVTOCI, then all fair value
changes on the instrument, excluding dividends,
are recognized in the OCI. There is no recycling
of the amounts from OCI to P&L, even on sale of
investment. However, the Company may transfer
the cumulative gain or loss within equity.
Equity instruments included within the FVTPL
category are measured at fair value with all
changes recognized in the P&L.

De-recognition of financial assets

A financial asset (or, where applicable, a part of
a financial asset or part of a Company of similar
financial assets) is primarily derecognised (i.e.
removed from the Company's balance sheet)
when:

a) The rights to receive cash flows from the
asset have expired, or

b) The Company has transferred its rights
to receive cash flows from the asset or
has assumed an obligation to pay the
received cash flows in full without material
delay to a third party under a 'pass¬
through' arrangement; and either (a) the
Company has transferred substantially
all the risks and rewards of the asset, or
(b) the Company has neither transferred
nor retained substantially all the risks and
rewards of the asset, but has transferred
control of the asset.

When the Company has transferred
its rights to receive cash flows from an
asset or has entered into a pass-through
arrangement, it evaluates if and to what
extent it has retained the risks and
rewards of ownership. When it has neither
transferred nor retained substantially
all of the risks and rewards of the asset,
nor transferred control of the asset, the
Company continues to recognise the
transferred asset to the extent of the
Company's continuing involvement. In
that case, the Company also recognises an
associated liability. The transferred asset
and the associated liability are measured
on a basis that reflects the rights and
obligations that the Company has retained.
Continuing involvement that takes the
form of a guarantee over the transferred
asset is measured at the lower of the
original carrying amount of the asset and
the maximum amount of consideration
that the Company could be required to
repay.

Impairment of financial assets

In accordance with Ind-AS 109, the Company
applies Expected Credit Loss ("ECL") model for
measurement and recognition of impairment
loss on the financial assets measured at
amortized cost and financial assets measured
at FVOCI. For financial assets other than trade
receivables, as per Ind AS 109, the Company
recognises 12 month expected credit losses for
all originated or acquired financial assets if at
the reporting date the credit risk of the financial
asset has not increased significantly since its
initial recognition. The expected credit losses
are measured as lifetime expected credit losses
if the credit risk on financial asset increases
significantly since its initial recognition. The
Company's trade receivables do not contain
significant financing component and loss
allowance on trade receivables is measured at
an amount equal to life time expected losses i.e.
expected cash shortfall.

The impairment losses and reversals are
recognised in Statement of Profit and Loss.

Financial liabilities :

Initial recognition and measurement

Financial liabilities are classified, at initial
recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings,
payables, or as derivatives designated as hedging
instruments in an effective hedge, as appropriate.
All financial liabilities are recognised
initially at fair value and, in the case of
loans and borrowings and payables, net
of directly attributable transaction costs.
The Company financial liabilities include trade
and other payables, loans and borrowings
including bank overdrafts, financial guarantee
contracts and derivative financial instruments.

The measurement of financial liabilities depends
on their classification, as described below:

Financial liabilities at fair value through profit
or loss

Financial liabilities at fair value through profit
and loss include financial liabilities held for
trading and financial liabilities designated
upon initial recognition as at fair value through
profit and loss. Financial liabilities are classified
as held for trading if they are incurred for the
purpose of repurchasing in the near term.
This category also includes derivative financial
instruments entered into by the Company that
are not designated as hedging instruments
in hedge relationships as defined by Ind AS
109. Separated embedded derivatives are also
classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on liabilities held for trading
are recognised in the profit and loss.
Financial liabilities designated upon initial
recognition at fair value through profit and
loss are designated as such at the initial date of
recognition, and only if the criteria in Ind AS 109
are satisfied. For liabilities designated as FVTPL,
fair value gains/ losses attributable to changes
in own credit risk are recognized in OCI. These
gains/ loss are not subsequently transferred
to P&L. However, the Company may transfer
the cumulative gain or loss within equity. All
other changes in fair value of such liability are
recognised in the statement of profit or loss.
The Company has not designated any financial
liability as at fair value through profit and loss.

Loans and borrowings

This is the category most relevant to the
Company. After initial recognition, interest¬
bearing loans and borrowings are subsequently
measured at amortised cost using the EIR
method. Gains and losses are recognised in profit
or loss when the liabilities are derecognised as
well as through the EIR amortisation process.
Amortised cost is calculated by taking into
account any discount or premium on acquisition
and fees or costs that are an integral part of the
EIR. The EIR amortisation is included as finance
costs in the statement of profit and loss.

De-recognition

A financial liability is derecognised when the
obligation under the liability is discharged or
cancelled or expires. When an existing financial
liability is replaced by another from the same
lender on substantially different terms, or the
terms of an existing liability are substantially
modified, such an exchange or modification
is treated as the de-recognition of the original
liability and the recognition of a new liability. The
difference in the respective carrying amounts is
recognised in the Statement of Profit and Loss.

Offsetting

Financial assets and financial liabilities are
offset and the net amount is presented in the
Balance Sheet, if the Company currently has a
legally enforceable right to offset the recognised
amounts and there is an intention to settle on a
net basis, or to realise the assets and settle the
liabilities simultaneously.

o) Derivative financial instruments and hedge
accounting

Initial recognition, subsequent measurement
and fair value hedge

In order to hedge its exposure to commodity
price risks, the Company also enters into
forward contracts . The Company does not hold
derivative financial instruments for speculative
purposes. Such derivative financial instruments
are initially recognised at fair value on the
date on which a derivative contract is entered
into and are subsequently re-measured at fair
value. Derivatives are carried as financial assets
when the fair value is positive and as financial
liabilities when the fair value is negative.
Any gains or losses arising from changes in
the fair value of derivatives are taken directly
to statement of profit and loss. Changes in the
fair value of derivatives that are designated
and qualify as fair value hedges are recognised
in statement of profit and loss immediately,
together with any changes in the fair value of the
hedged asset or liability that are attributable to
the hedged risk.

Embedded derivative

An embedded derivative is a component of a
hybrid (combined) instrument that also includes
a non-derivative host contract - with the effect
that some of the cash flows of the combined
instrument vary in a way similar to a standalone
derivative. An embedded derivative causes some
or all of the cash flows that otherwise would
be required by the contract to be modified
according to a specified variable.

Derivative are initially measured at fair value.
Subsequent to initial recognition, derivative are
measured at fair value, and changes there in are
generally recognised in profit and loss.

At the inception of a hedge relationship, the
Company formally designates and documents
the hedge relationship to which the Company
wishes to apply hedge accounting and the
risk management objective and strategy for
undertaking the hedge. The documentation
includes the Company's risk management
objective and strategy for undertaking hedge,
the hedging/ economic relationship, the
hedged item or transaction, the nature of the
risk being hedged, hedge ratio and how the
entity will assess the effectiveness of changes in
the hedging instrument's fair value in offsetting
the exposure to changes in the hedged item's
fair value attributable to the hedged risk. Such
hedges are expected to be highly effective in
achieving offsetting changes in fair value and
are assessed on an ongoing basis to determine
that they actually have been highly effective
throughout the financial reporting periods for
which they were designated.

The Company's investment properties consist of one commercial property in India. The management has
determined that the investment property consist of one class of assets factory based on the nature, characteristics
and risks of property.

As at 31 March 2026, the fair values of the building is ? 4,644.67 lacs (31 March 2025 ? 3,027.95 lacs) . These
valuations are based on valuations performed by registered valuer.

The Company has no restrictions on the realisability of its investment property and no contractual obligations to
purchase, construct or develop investment property or for repairs, maintenance and enhancements.

Fair value hierarchy disclosures for investment property have been provided in Note 39.13.1

Securities premium

Securities premium is used to record the premium on issue of shares. The reserve can be utilised in accordance with
provisions of the Companies Act 2013.

General reserves

The general reserve is mainly created / built by the Company from time to time by transferring the profits from the
retained earnings. The reserve may be utilised as permitted under Companies Act 2013.

Retained Earnings

Retained earnings comprise of the Company's undistributed profits after taxes and includes re-measurement of
defined benefit plan.

23 Current borrowings (Contd.)

- By way of hypothecation charge over Property, Plant and Equipment installed/erected at Surat, at Kandivali Industrial
Estate, Mumbai, at Pune, and all movable and immovable assets present in all the Company's showrooms.

The facility is also secured by way of extension of mortgage charge on Second pari passu basis over commercial
premises at Santacruz, Mumbai belonging to Shri Shrikant Zaveri (Chairman and Managing Director) and the personal
guarantee of Shri Shrikant Zaveri the Chairman and Managing Director, Raashi Zaveri Executive Director and Binaisha
Zaveri, Executive Director of the Company.

Deposit with carrying value of ? 7,370.33 lacs (31 March 2025 ? 7,285.44 lacs) are under lien to secure working capital
facilities availed from banks. The facilities are also secured by Bank Guarantee of ? 5,300.00 lacs (31 March 2025:
? 5,303.44 lacs).

* The contingent liability as at 31 March 2026, the company has paid deposit under protest towards sales tax matters
of ? 5.10 lacs and custom duty matters of ? 1.87 lacs.

The contingent liabilities, if materialised, shall entirely be borne by the Company, as there is no likely reimbursement
from any other party. No cash outflow in near future.

The Company's pending litigations comprises of claims against the Company primarily for shortfall of Forms F
and disallowance of input credit, with Sales, VAT tax, GST and other authorities. The Company has reviewed all its
pending litigations and proceedings, and has adequately provided for where provisions are required and disclosed
the contingent liabilities, where applicable, in its financial statements. The Company does not expect the outcome of
these proceedings to have a materially adverse effect on its financial statements.

(ii) Commitments

Estimated amount of Contracts remaining to be executed on capital account and not provided for (net of advances) as
at 31 March 2026 is ? 2.55 lacs (31 March 2025: ? 29.75 lacs).

Note : Dues to Micro, Small and Medium Enterprises have been determined to the extent such parties have been
identified on the basis of information collected by the Management. This has been relied upon by the auditors.

39.5 Gratuity and Other Post-employment benefit plans

a) Defined contribution plans

The Company makes contributions, determined as a specified percentage of employee salaries, in respect of qualifying
employees towards Provident Fund and Employees State Insurance, which are defined contribution plans. The
Company has no obligations other than to make the specified contributions. The contributions are charged to the
Statement of Profit and Loss as they accrue. The amount recognised as an expense towards contribution to Provident
Fund and other funds for the year aggregated to ? 328.88 lacs (31 March 2025: ? 297.77 lacs) which is shown under
notes to financial statements 34 - 'Employee benefits expenses'

b) Defined benefit plans

The Company operates gratuity plan through a Trust wherein every employee is entitled to the benefit equivalent
to fifteen days salary last drawn for each completed year of service. The same is payable on termination of service or
retirement, whichever is earlier. The benefit vests after five years of continuous service. In case of some employees,
the Company's scheme is more favourable as compared to the obligation under Code on Social Security, 2020. The
gratuity plan is funded. The Company contributes to the Fund based on the actuarial valuation report. The Company
has contributed to the Insurer Managed Fund. The following tables summarise the components of net benefit expense
recognised in the Statement of Profit and Loss, and the funded status and amounts recognised in the Balance Sheet
for the respective plans:

IX Sensitivity Analysis

Significant actuarial assumptions for the determination of the defined benefit obligation are discount
rate, expected salary increase and mortality. The sensitivity analysis below have been determined based on
reasonably possible changes of the assumptions occurring at the end of the reporting period, while holding all
other assumptions constant. The results of sensitivity analysis is given below:

The Company expects to pay ? 391.35 lacs (31 March 2025 ? 427.78 lacs) to the fund in the year ending
31 March 2027.

*The Company has maintained funds with Life Insurance Corporation of India and HDFC Life. The details of major
category of plan assets held by the insurance companies is not available and hence the disclosure thereof is not
made. The expected long-term rate of return on plan assets is based exclusively on the historical returns, without
adjustments.

Estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority,
promotion and other relevant factors, such as supply and demand in the employment market.

c) Other long-term employee benefits
Compensated absences

The liability towards compensated absences (annual and sick leave) for the year ended 31 March 2026 based on
actuarial valuation carried out by using Projected unit credit method resulted in a charge of ? 45.86 lacs (31 March
2025: ? 154.44 lacs).

39.6 Long-term contracts

The Company has a process whereby periodically all long term contracts (including derivative contracts) are assessed
for material foreseeable losses. At the year end, the Company has reviewed and determined that there are no long term
contracts (including derivative contracts) which require provision under any law / accounting standards for material
foreseeable losses.

39.7 Information on related party transactions as required by the Indian Accounting Standard (IND AS) - 24 for the
year ended 31 March 2026

I. Name of related parties

Key Managerial Personnel

1 Shrikant Zaveri, Chairman and Managing Director

2 Binaisha Zaveri, Whole Time Director

3 Raashi Zaveri, Whole Time Director

4 Mukesh Sharma, Chief Financial Officer

5 Niraj Oza, Company Secretary till 23 August 2024

6 Arpit Maheshwari, Company Secretary from 4 September 2024

Relative of Key Managerial Personnel

1 Kunal S Vaishnav (Husband of Ms. Raashi Zaveri)

2 Bindu Zaveri (Wife of Mr. Shrikant Zaveri)

3 Rupen Jhaveri (Husband of Ms. Binaisha Zaveri)

Entities over which Key Managerial personnel and/or their relatives exercise significant influence / control
as mentioned in the sentence

1 TBZ Limited Employees Gratuity Trust

2 Tribhovandas Bhimji Zaveri (TBZ) Pvt Ltd

3 Tribhovandas Bhimji Zaveri Jewellers (Mumbai) Pvt Ltd

Notes:

1) No amount in respect of the related parties have been written off / back during the year.

2) ESIC is not applicable to KMPs and Provident Fund is opted by the Chief Financial Officer and Company Secretary.

3) The borrowing is secured by personal guarantee of the Chairman & Managing Director and Executive Directors of
the Company (refer note 23).

4) Amounts pertaining to year ended 31 March 2025 are in brackets.

5) * Excludes provision for gratuity which is determined on the basis of actuarial valuation done on overall basis for
the Company.

6) Compensation of Director and other members of KMP during the year are as follows:

The Board of Directors has recommended a dividend @ ? 2.50 /- per equity share (25%) of face value of ?10 per share
for financial year 2025-26.

39.9 Segment reporting

(i) The Company's business activity falls within a single primary business segment of "Jewellery" and one reportable
geographical segment which is "within India". Accordingly, the company is a single segment company in
accordance with Indian Accounting Standard 108 "Operating Segment".

(ii) Geographical information

a. The Company is domiciled in India. The amount of its revenue from external customers broken down by
location of customers is stated below:

* Non-current assets exclude non-current financial assets, non-current tax assets (net) and deferred tax.
c. Information about major customers:

No single customer contributed 10% or more to the Company's revenue during the years ended 31 March,
2026 and 31 March, 2025.

39.10 Disclosure pursuant with SEBI (Listing obligation and disclosure requirement, 2015) and section 186 of the
Companies Act,2013

No loans and guarantee have been given by the Company to any third party or its subsidiary companies.

The details of investment in subsidiary companies are given in Note 7.

The Company enters into contracts for purchase of gold wherein the Company has the option to fix the purchase
price based on market price of gold during a stipulated time period. The prices are linked to gold prices. Accordingly,
these contracts are considered to have an embedded derivative (represented in the said option to fix the price) that is
required to be separated from the host contract which is the gold loan liability. Such feature is kept to hedge against
exposure in the value of inventory of gold due to volatility in gold prices. The Company designates the embedded
derivative in the payable for such purchases as the hedging instrument in fair value hedging of inventory. The Company
designates only the spot-to-spot movement of the gold inventory as the hedged risk. The carrying value of inventory
which are designated under fair value hedge relationship are measured at fair value at each reporting date. There is no
ineffectiveness in the relationships designated by the Company for hedge accounting.

Disclosure of effects of fair value hedge accounting on financial position:

Hedged item - Changes in fair value of inventory attributable to change in gold prices

Hedging instrument - Changes in fair value of the option to fix prices of gold purchases, as described above

The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence
and to sustain future development of the business. Management monitors the return on capital as well as the level of
dividends to ordinary shareholders.

The board of directors seeks to maintain a balance between the higher returns that might be possible with higher
levels of borrowings and the advantages and security afforded by a sound capital position. The primary objective of
the Company's Capital Management is to maximise shareholder value. The Company manages its capital structure
and makes adjustments in the light of changes in the economic environment and the requirements of the financial
covenants, if any.

The Company monitors capital using a ratio of 'adjusted net debt' to 'equity' For this purpose, adjusted net debt is
defined as total borrowings, comprising interest-bearing loans and borrowings less cash and cash equivalents. Equity
comprises all components of equity.

39.13 Financial Instruments - Fair values and risk management

39.13.1 Financial Instruments - Fair values

Accounting classification and fair values

Carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value
hierarchy, are presented below.

a) The fair value of financial instruments have been classified into three categories depending on the inputs
used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active markets
for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3
measurements)

The categories used are as follows:

• Level 1: Quoted prices for identical instruments in an active market;

• Level 2: Directly or indirectly observable market inputs, other than Level 1 inputs; and

• Level 3: Inputs which are not based on observable market data.

39.13.2 Financial risk management

The company's principal financial liabilities, other than derivatives, comprise loans and borrowings, trade
and other payable. The main purpose of these financial liabilities is to finance the Company's operations. The
Company's principal financial assets include trade and other receivables and cash and cash equivalents that
derive directly from its operations.

The company is exposed to market risk, credit risk and liquidity risk. The company's senior management oversees
the management of these risks. It is the Company's policy that no trading in derivatives for speculative purposes
may be undertaken. The Board of Directors reviews and agrees policies for managing each of these risks, which
are summarised below.

A Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails
to meet its contractual obligations, and arises principally from the Company's exposures to trade receivables
(mainly institutional customers and credit sales), deposits with landlords for store properties taken on leases and
other receivables including balances with banks.

Trade receivables and other deposits

The Company's retail business is predominantly on 'cash and carry' basis which is largely through cash and credit
card collections. The credit risk on such credit card collections is minimal, since they are primarily owned by
customers'card issuing banks. The Company has adopted a policy of dealing with only credit worth counterparties
in case of institutional customers and credit sales and the credit risk exposure for institutional customers and
credit sales are managed by the Company by credit worthiness checks. The Company also carries credit risk on
lease deposits with landlords for store properties taken on leases, for which agreements are signed and property
possessions timely taken for store operations. The risk relating to refunds of deposits after store shut down is
managed through successful negotiations or appropriate legal actions, where necessary.

Other financial assets

The Company maintains exposure in cash and cash equivalents and term deposits with banks. The Cash and cash
equivalents and term deposits are held with the banks with good credit ratings.

The Company's maximum exposure to credit risk as at 31 March 2026 and 31 March 2025 is the carrying value of
each class of financial assets.

B Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with
its financial liabilities that are settled by delivering cash or another financial asset. 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.

The Company maintained a cautious liquidity strategy, with a positive cash balance throughout the year ended
31 March, 2026 and 31 March, 2025. Cash flow from operating activities provides the funds to service the financial
liabilities on a day-to-day basis.

39.13.2 Financial risk manaement (Contd.)

The Company regularly monitors the rolling forecasts to ensure it has sufficient cash on an on-going basis to meet
operational needs. Any short term surplus cash generated, over and above the amount required for working
capital management and other operational requirements, is retained as cash and cash equivalents (to the extent
required) and any excess is invested in interest bearing term deposits with appropriate maturities to optimise the
cash returns on investments while ensuring sufficient liquidity to meet its liabilities.

Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts
are gross and undiscounted, and include estimated interest payments:

39.13.2 Financial risk manaement (Contd.)

C Market risk

i. Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and
equity prices - will affect the Company's income or the value of its holdings of financial instruments. The
objective of market risk management is to manage and control market risk exposures within acceptable
parameters, while optimising the return.

ii. Interest rate risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate
risk is the risk of changes in fair values of fixed interest bearing financial assets or borrowings because of
fluctuations in the interest rates, if such assets/borrowings are measured at fair value through profit or loss.
Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing borrowings will
fluctuate because of fluctuations in the interest rates.

Exposure to interest rate risk

The interest rate profile of the Company's interest-bearing financial instruments as reported to the
management of the Company is as follows.

The Company's fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest
rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate
because of a change in market interest rates.

Sensitivity

The sensitivity to profit and loss in case of a reasonable possible change in interest rate of /- 80 basis points
(previous year /- 80 basis points), keeping all other variables constant, would have resulted in an impact on
profits by ? 559.79 lacs (previous year ? 441.74 lacs)

39.13.2 Financial risk manaement (Contd.)
iii Price risk

Exposure from Borrowings:

The Company's exposure to price risk also arises from borrowings of the Company that are at unfixed prices, and
therefore, payment is sensitive to changes in gold price. The option to fix gold prices are classified in the balance
sheet as fair value through profit or loss. The option to fix gold prices are at unfixed prices to hedge against
potential losses in value of inventory of gold held by the Company.

The Company applies fair value hedge for the gold purchased whose price is to be fixed in future. Therefore, there
will no impact of the fluctuation in the price of the gold on the Company's profit for the year.

39.15 Events after the reporting period

The Company has evaluated subsequent events from the balance sheet date through 27 May, 2026, the date at which
the financial statement were available to be issued, and determine that there are no material items to disclose other
than those disclosed.

39.16 Other Statutory information

(a) The Company have 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:

(i) 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

(ii) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(b) The Company have 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:

(i) 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

(ii) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(c) 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.

39.17 Relationship with Struck off companies

There are no balance outstanding on account of any transaction with companies struck off under section 248 of the
Companies Act, 2013 or section 560 of Companies Act,1956.

39.18 The Company has not traded or invested in crypto currency or virtual currency during the financial year.

39.19 The Company has not been declared a wilful defaulter by any bank or financial institution or other lender (as defined
under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters issued
by the Reserve Bank of India.

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

39.21 The figures for the previous year have been re-grouped/ re-arranged, wherever necessary, to correspond with the
current year classification/disclosure.

39.22 The standalone financial statements were approved for issue by the Board of Directors on 27 May, 2026.