(O) Provisions & Contingencies
Provisions

A provision is recognised if, as a result of past event, the company has present legal or constructive obligation that can be
estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions
are determined by discounting the expected future cash flows ( representing the best estimate of the expenditure required to
settle the present obligation at Balance Sheet date)at a pre-tax rate that reflects current market assessments of the time value
of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Expect future
operating losses are no provided for.

Contingent Liabilities and contingent assets

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will
be confirmed only by occurrence or non occurrence of one or more uncertain future events not wholly within the control of
the company or 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 reliable estimate of the amount cannot be made Contingent assets are not recognised however
are disclosed in the financial statements were an inflow of economic benefit is probable. Contingent assets are assessed
continually and if it is virtually certain that inflow of economic benefits will arise, the asset and related income are
recognised in the period in which the change occurs.

(P) Operating cycle

The company has ascertained its operating cycle as twelve months for the purpose of current and non current classification
of assets and liabilities.

Note 27: Segment reporting

In accordance with the requirements of IND AS 108, "Operating Segments"(specified under section 133 of the Companies Act
2013(the Act) read with Companies (Indian Accounting Standards) Rules 2015 (as amended from time to time) and other relevant
provisions of the Act, The Company has identified business segments as its primary segment and there are no geographical
segments of the company. Business segments are primarily divided into three segment. The first segment consists of Income from
sale/purchase or trading of ornaments, second segment consists of Income from sale/purchase or trading of fabric and third segment
consists of Income from sale/purchase or trading of shares . Revenues and expenses directly attributable to segment are reported
under reportable segment. Expenses which are not directly identifiable to reportable segment have been allocated on the basis of
associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segment have
been disclosed as unallocable expenses. Assets and liabilities that are directly attributable or allocable to segment are disclosed
under reportable segment. All other assets and liabilities are disclosed as unallocable:

Note 32: Contingent Liability

During the financial year 2019-20, a demand of Income Tax of Rs.14,897.65(Amount in thousand) was raised against the company
vide. Assessment order dated 29.12.2019 made under section 143(3) of the Income Tax Act,1961 for the Assessment Year 2017-18.
The company has filed an Appeal in CIT (Appeals) against abovesaid order. During the year The Ld. CIT (Appeal) allowed the
hearing of our Appeal and deleted the entire demand vide its DIN & Order no. ITBA/NFAC/S/250/2024-25/1067613242(1) DATED
13/08/2024 . Now the department has filed an Appeal in the Income Tax Appellate Tribunal (ITAT), Delhi Benches, New Delhi and
the management is still confident about positive oucome of Appeal proceedings with the ITAT also but ultimate liability depends on
outcome of hearings of Appeal hence there is contingent liability of Rs.14,897.65(Amount in thousand) of the company as on Balance
Sheet date. In relation to the above following bank accounts were earlier attached by the department but now during the year the
departmnet has removed the attachment/ lien marked order consequent to the deletion of abovesaid demand by Ld. CIT (Appeals) :-

i. HDFC A/c no.50081,

ii. HDFC A/c no.84205,

iii. INDUSIND A/c no. 02993.

Note 33:

In the opinion of the management, the balances shown under trade receivables, loans and advances and other current
assets have approximately same realizable value as shown in the accounts.

Credit risk is the risk of financial loss to the company if a customer or counter party fails to meet its contractual obligations.

Credit risk on cash & cash equivalents is limited as the company deals with high networth and well reputed banks.Trade receivables are non-interest bearing and are generally 30 to 45 days
credit,depending on respective terms and conditions of sale. The management evaluates the outstanding receivables on a periodic basis thereby risk is relatively low.

Loans includes security deposit and other inter corporate deposites recoverable from related parties . The company believes that amount receivable from related parties is collectible in full hence no loss
has been recognised.

(ii) Liquidity risk

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 asset. The
company approach is to maintain sufficient lequidity to meet its liabilities when they are due without incurring unacceptable losses or risking damage to the company's reputation.

Expousure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The contractual cash flow amount are gross and undiscounted.

Note 1. Total Shareholders' equity means total equity capital plus other equity.

2. EBITDA means Earnings before interest, tax & depreciation and amortisation.

3. Net earnings means Net profit after interest & tax

4. Average inventory means (Opening inventory Closing inventory)/2

5. Average accounts receivables means (Opening debtors Closing debtors)/2

6. Average accounts payables means (Opening creditors Closing creditors)/2

7. Net profit means profit after tax

8. Capital employed means total assets-current liabilities

Explanation for change in Ratios by more than 25% as compared to the preceding year

-Due to increase in current liability, current ratio decreased and debt equity ratio increased significantly during the year.

-During the year net profit after tax increased due to increase in rental income and increase in prices of gold(ornaments) hence net profit ratio, return on equity, return on
investment ratio and return on capital employed ratio increased significantly.

-Net capital turnover ratio increased due to increase in turnover .

b) Details of Benami property

The company neither hold any benami property nor any proceeding has been initiated against the company for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988(45 of 1988) and rules made thereunder.

c) The company has not borrowed money from banks or financial institutions on the basis of its current assets.

d) The company has not been declared wilful defaulter by any bank or financial institution.

e) The company has no transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

f) The company do not have any charges or satisfaction yet to be registered with ROC beyond the statutory period.

g) 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.

Note 36: Grouping and classification

Figures of the previous year have been rearranged and regrouped wherever necessary to make them comparable with the current year's classification.

In terms of our report attached. For and on behalf of Board of Directors

For Gaur & Associates Mishka Exim Limited

Chartered Accountants
F.R.N.:005354C

Sd/-

Sd/- Sd/-

Satish Kumar Gupta Rajneesh Gupta Suman Gupta

(Partner) (Director) (Director)

M. No.: 016746 DIN: 00132141 DIN: 00027797

UDIN : 25016746BMGYDM4931

Sd/- Sd/-

Place : New Delhi Varun Gupta Priyanka Pathak

Dated: 02/05/2025 (Chief Financial Officer & Director) (Company Secretary)