3.11. Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognized when the Company has a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation, and a reliable estimate can be made of the amount of the

obligation.

The amount recognized as a provision is the best estimate of the consideration required to settle
the present obligation at the end of the reporting period, taking into account the risks and
uncertainties surrounding the obligation. When a provision is measured using the cash flows
estimated to settle the present obligation, its carrying amount is the present value of those cash
flows.

Contingent assets are neither disclosed nor recognized in the Financial Statements.

Contingent liabilities are disclosed in the Financial Statements by way of notes to accounts, unless
possibility of an outflow of resources embodying economic benefit is remote.

3.12. Income taxes

The income tax expense or credit for the period is the tax payable on the current period’s taxable
income based on the applicable income tax rate adjusted by changes in deferred tax assets and
liabilities attributable to temporary differences and to unused tax losses, if any.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively
enacted at the end of the reporting period. Management periodically evaluates positions taken in
tax returns with respect to situations in which applicable tax regulation is subject to interpretation.
It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax
authorities.

Deferred income tax is provided in full, using the liability method, on temporary differences
arising between the tax bases of assets and liabilities and their carrying amounts in the Financial
Information.

The carrying amount of deferred tax assets are reviewed at the end of each reporting period and
are recognized only if it is probable that future taxable amounts will be available to utilize those
temporary differences and losses.

The Description of the nature and purpose of each reserve within equity is as follows:

a) Securities Premium

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

b) Retained Earnings

Retained earnings are the profits thatthe Company has earned till date, less any transfers to dividends or other distributions paid to shareholders.
The Company recognises change on account of remeasurement of the net defined benefit liability (asset) as part of retained earnings witb separate
disclosure, which comprises of:

(a) actuarial gains and losses; and

(b) return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset).

29 Critical accounting estimates and judgments

The estimates and judgements used in the preparation of the said financial statements are continuously evaluated by the Company, and are based on historical experience and various other
assumptions and factors (Including expectations of future events), that the Company believes to be reasonable under the existing circumstances. The said estimates and judgements are based
on the facts and events, that existed as at the reporting date, or that occurred after that date but provide additional evidence about conditions existing as at the reporting date.

Although the Company regularly assesses these estimates, actual results could differ materially from these estimates - even if the assumptions under-ljing such estimates were reasonable
when made, if these results differ from historical experience or other assumptions do not turn out to be substantially accurate. The changes in estimates are recognised in the financial
statements in the period in which they become known.

The areas involving critical estimates, assumptions or judgm ents arei

1. Useful lives of property, plant and equipments Note 4

2. Useful life of intangible asset Note 5

3. Measurement defined benefit obligation Note 3 0

4. Estimation of provisions & contingent liabilities refer Note 31 & 32

Estimates and judgments are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on the
Company and that are believed to be reasonable under the circumstances.

(a) A former employee. Mr, Kama! Sharmahas filed a summary suit under Order 37 of the Civil Procedure Code (CPC) against Meyer Apparel Limited (Givo Limited) for the recovery of salary
du esThe suit is currently pending adjudication before the appropriate court. However, in view of the legal nature of the dispute and pending final judgment, it is disclosed as a contingent
Liability amount of Rs 9.28 Lakhs.

(b) M/s Orange Overseas Pvt. Ltd. has initiated execution proceedings against Meyer Apparel Limited (Givo Limited) for enforcement of an ex-parte decree passed bythe Civil Court, Gurugram.
The execution petition seeks recovery in accordance with the decree awarded in the absenceof representation by thecompany during the original suit proceedings.Based on Legal advice, the
management is of the view that the company has valid Legal grounds to challenge the enforcement of the decree. However, in line with applicable accounting standards and disclosure norms,
thematter has been disclosed as a contingent liability amount of Rs 33.47 Lakhs.

(c ) Image Design has filed a civil suit against Meyer Apparel Ltd. for the recovery of project-related dues allegedly arising from renovation work undertaken at the “Efficient Enterprises" store.
The plaintiff has claimed outstanding payments for services rendered under the said project The company is contesting the claim and believes it has valid grounds in its defense. Based on
legal opinion, the management considers the possibility of an adverse ruling as uncertain. However, in accordance with applicable financial reporting standards, the matter has been
disclosed as a contingent liability amount of Rs 11.59 Lakhs.

(d) Panchanan International has filed a civil suit for recovery of commission dues against Meyer Apparel Ltd. The suit arises out of alleged non-payment of commission pertaining to business
transactions between the parties.Panchanan International has filed a civil suit for recovery of commission dues against Meyer Apparel Ltd. The suit arises out of alleged non-payment of
commission pertaining to business transactions between the parties. Based on legal advice and the merits of the case, the management is confident in its position and is actively contesting
theclaim. Nevertheless, in view of the ongoing Litigation and in accordance with applicable accoun ting and disclosure norms, the claim has been classified as a contingent liability amount
of Rs. 4.20 Lakhs.

(iv) The Company's pending Litigations comprise of claims against the Company and proceedings pending with Tax Authorities. The Company has reviewed all its pending litigations and

proceedin gs and has mad e adequate provisions, wherever required and disclosed the contingent liabilities, wherever applicable, in its financial statements. The Company does not expect the
outcome of these proceedings to have a material impact on its financial position.

1. Fair Value measurement

Fair Value Hierarchy and valuation technique used to determine fair value:

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and are categorized into Level 1, Level 2
and Level 3 Inputs.

Significant estimates

The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. The Company uses its judgment to select a variety of methods and
make assumptions that are mainly based on market conditions existing attheend of each reporting period.

36 Financial risk management objectives and policies

The Company's principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables, and financial guarantee contracts. The main purpose of these
financial liabilities is to finance the Company's operations and to provide guarantees to support its operations. The Company's principal financial assets Include loans, trade and other
receivables, and cash and cash equivalents that derive directly from its operations.

The Company's business activities expose it to a variety of financial risks, namely liquidity risk, market risks and credit risk. The Company's senior management has the overall responsibility
for the establishment and oversight of the Company's risk management framework. The Company's risk management policies are established to identify and analyse the risks faced by the
C ompany, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market
conditions and the Company's activities.

MANAGEMENT OF LIQUIDITY RISK

Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. The Company¹ s approach to managing liquidity is to ensure that it will
have sufficient funds to meet its liabilities when due without incurring unacceptable losses. In doing this, management considers both normal and stressed conditions.

Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract leading to a financial loss. The Company is exposed to credit risk from
its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions and other financial instruments.

Trade Receivables

Customer credit risk is managed by each business unit subject to the Company established polity, procedures and control relating to customer credit risk management. Credit quality of a
customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment Outstanding customer receivables are
regularly monitored.

An impairment analysis is performed at each reporting date on an individual basis for major clients. The maximum exposure to credit risk at the reporting date is the carrying value of each
class of financial assets disclosed in Note 7. The Company does not hold collateral as security. The Company evaluates the concentration of risk with respect to trade receivables as low, as its
customers are located in several jurisdictions and industries and operate in largely independent markets.

Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the management in accordance with the Company’s policy. Counterparty credit limits are reviewed by the
management on an annual basis, and may be updated throughout the year. The limits are set to minimize the concentration of risks and therefore mitigate financial loss through
counterparty's potential failure to make payments.

The Company's maximum exposure to credit risk for the components ofthe balance sheet at 31 March, 2025 and 31 March, 2024 is thecarrying amounts as illustrated in Note 8.

0 The Company has applied for permission of Reserve Bank of India [RBI) through the authorized Bank for repayment of the advances against exports which were received by the company
from an overseas buyer M/s Trust Export PTE Ltd in which RBI approval is yet to be received. As per the letters received from the overseas buyers the sum of Rs. 332.65 lakhs was required
to be repaid within one month from the date of RBI approval, failing which the interest would also be required to be paid from the date of receipt of advances till the date of repayment
However pending the approval of RBI, the Overseas buyer have agreed to waive off the interest on pending amount till getting the approval from RBI, accordingly no provision has been
made for interest during the year.

41 In the opinion of the Board and to the best of their knowledge and belief, the value of realization in respect of the Current assets, loans and advances in the ordinary course of business would
not be less than the amount at which they are stated in the Balance Sheet and the provision for all known and determined liabilities is adequate and not in excess of amount reasonably
required.

42 Impairment of Fixed Assets

During the year Company has assessed the impairment loss on Fixed Assets and the Management is of the opinion that there is no asset [Previous year Rs, NIL) for which impairment is
required to be made as per IND-AS 36 - "Impairment of Assets" issued by ICAI.

43 Disaggregation of Revenue

The Company"s primary business segment is manufacturing of readymade garments. Revenue from contract with customers is from sale of Rs.120.25 lacs. Saleof goods are made at a point in
time and revenue is recognised upon satisfaction of the performance obligations which is typically upon dispatch / delivery. The Company has a credit evaluation policy based on which the
credit limits for the trade receivables are established. There is no significant financing component as the credit period provided by the Company isnot significant.

44 Other Statutory Information

i) The Company does not have any Immovable Property whose title deeds are not held in the name ofthe Company.

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

ni) The Company has not advanced any Loans or advances in the nature of loans to specified persons viz. promoters, directors, KMPs, related parties! which are repayable on demand or where
the agreement does not specify any terms or period of repayment.

iv) The Company has not obtained any borrowings from banks or financial institutions on the basis of security of current assets.

v) The Company has not been declared as a willful defaulter by any lenderwho has powers to declare a company as a willful defaulter at any time during the financial year or after the end of
reporting period but before the date when financial statements are approved.

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 und erstanding that the Intermediary
shall:

(a) directly or indirectly lend or invest in other person s 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 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.
viif| The Company does not have any transactions with struck-off companies.

ix) The Company does not have any transaction which is not recorded in th ebooks of accounts but 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 TaxAct, 1961).

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

xi) The Company has complied with the number of layers prescribed under clause (87) of section 2 ofthe Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules,
2017.

xii) The Company does not have any charges or satisfaction which is yet to be registered with the Registrar of Companies (ROC) beyond the statutory period,
xivl The Company has not revalued it's property plants and equipments or intangible assets or both during the current year and previous year.

xv) The Company does not have any investment in properties.

xv) The Company has not filed any scheme of arrangements in terms of section 230 to 237 ofthe Companies Act, 2013 duringtheyear.

46 [i) Figures for the previous year has been regrouped/rearranged wherever necessary to confirm current year classification / presentation.

[ii) Figures representing 0.00 lakhs are below Rs.500/-

As per our report of even date For and on behalf of the Board of Directors

For Khandehval Jain & Co.

Chartered Accountants

Firm Registration NO.105049W Sd/- Sd/-

Pawan Kakra Vivek Saxe na

Chairman & Director Independent Director

Sd/- D IN:01301671 DIN:10163717

Rohit Kumar Poddar

[Partner)

Membership No.472510

Sd/- Sd/-

Gajender Kumar Sharma Charu Sharnia

Place : Gurugram CFO & Whole Time Director Company Secretary

Dated: 17th May 2025 DIN:08073521 ACS; 39833