b) Terms and rights attached to equity shares

The Company has only one class of equity shares having a par value of ? 10 each. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends, if any, in Indian Rupees. In the event of liquidation of the Company, holders of equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential payments. The distribution will be in proportion to the number of equity shares held by the equity shareholders.

c) Shares reserved for issue under options

3,461,867 equity shares are reserved for the issue under the Employees' stock option plan of the Company. Information relating to Employees' stock option plan, including details of options granted, exercised and lapsed during the financial year and options outstanding at the end of the reporting period, is set out in note 36.

General reserve

Under the Companies Act 1956, general reserve was created through an annual transfer of net income at a specified percentage in accordance with Companies (Transfer of profits to Reserve) Rules,1975. Consequent to introduction of the Companies Act 2013, there is no such requirement to mandatorily transfer a specified percentage of the net profit to general reserve.

Securities premium

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

Share options outstanding account

The reserve account is used to recognise the grant date fair value of options issued to employees under employee stock option plan, over the vesting period.

During the financial year ended 31 March 2022, all vehicle loans were closed due to prepayment of outstanding balance although the maturity was May 2024.

(ii) Cash credit facilities, Funded interest term loans, demand loans and bank overdrafts are secured against first pari passu charge on current assets, property, plant and equipment and fixed deposits of the Company. These loans are further fully secured by personal guarantees of promoter director and other individuals alongwith corporate guarantees and collateral securities of other companies.

(iii) The status of the Company's borrowing accounts continues to remain 'Non Performing Assets' (NPA) with all the banks (including the lead bank SBI, which is contested legally by the company). Total exposure outstanding with Banks/ FIs as on 31st March 2024 includes provision for interest upto 31st March 2024 (the company has however disputed the same legally) which has been calculated based on management's estimates which stands accrued but not applied by banks post NPA downgradation. Some of the banks have provided confirmation of outstanding amount including interest upto 31st March 2024, whereas some of the banks have provided figures without applied interest. Therefore provision for unapplied interest for ? 308.03 crore for year ended 31st March 2024 has been made as per the best estimates of the management. The quantum of finance cost as incorporated in the financials is to comply with the Ind AS 109. The figures in relation to interest and other amounts shown in books of accounts and Balance Sheet of the company, pertaining to secured creditors/Banks are disputed amounts and interest charged by the banks are not payable by company or its directors, as the same are also disputed. Hence, these figures or amounts are not an admission of any liability of any alleged debt of secured creditors/banks.

The company is disputing the alleged default and/or classification of Non Performing Asset (NPA) by the State Bank of India and has filed a Civil Suit No. 243 of 2023 before Hon'ble District Judge (Commercial-03), Patiala House Courts, New Delhi which is sub-judice. . The Lead Bank (State Bank of India) moved the Debts Recovery Tribunal-III Delhi, on 15 January 2023 against the Company seeking full recovery of its outstanding exposure and DRT-III Delhi, passed an ex-parte order on 18th of January 2023. In response, the Company has gone into appeal against the aforesaid order dated 18 January 2023 of DRT-III Delhi before Hon'ble Debts Recovery Appellate Tribunal, Delhi. The secured creditor/SBI, UBI (with 7 other banks), Indian Bank, Punjab National Bank and IDFC First Bank have filed case no. 01/2023, case no. 08/2023, case no. 14/2023, case no. 49/2023 before Debts Recovery Tribunal No. III, Delhi and case no. 416/2023 before Debts Recovery Tribunal No. II, Delhi, respectively,

against the company which are disputed and also being contested by the company and its Directors/Alleged Guarantors/ Corporate Guarantors. All these matters continue to remain sub-judice as on date. Further, the company has also filed counter claims for ? 10,034 crores, ? 16,759 crores, ? 2,956 crores and ? 6,939 crores against SBI, Union Bank (and seven other banks) and against Indian Bank and Punjab National Bank respectively, before Debts Recovery Tribunal No. III, Delhi and against IDFC First Bank for ? 768 crores before Debts Recovery Tribunal No. II, Delhi. It is therefore again clarified that any amounts/ figures shown earlier in the Financial statements for half year and nine months of FY 2023-24, FY 2022-23, FY 2021-22 and FY 2020-21 are in dispute as there has been breach of contract/agreement by the banks, failure to adhere to the minutes of meetings in various JLM's between banks and Company and hence cannot be termed as admission of any liability of any nature whatsoever in any court of law. The Company has also treated ? 17.00 crore debited by lead bank on various occasions arbitrarily as disputed receivable.

(a) 'During the previous year ended 31 March 2023, the Company has accounted income of ? 56.28 crore on account of reversal of outstanding provisions of Income-tax of ? 42.37 crore and ? 5.76 crore for the A.Y. 2020-2021 and A.Y. 2021-2022 respectively, and on account of booking income tax refund of ? 8.15 crore for the A.Y. 2020-2021, pursuant to assessment orders received under section 143(3) of the Income-tax Act, 1961. The refund amount has been adjusted against outstanding demand of A.Y. 2018-2019.

(b) The Company is following the option exercised for reduced tax rate permitted under section 115BAA of the Income-tax Act, 1961 for the financial year ended 31 March 2024 as introduced by the Taxation Laws (Amendment) Ordinance 2019.

(c) Considering the uncertainty w.r.t future taxable profits, the Company has not recognised the Deferred tax assets (on net basis) during the year ended 31st March 2024 in accordance with Ind AS-12. Further, during the previous year ended 31 March 2023, the existing Deferred Tax Assets of ? 150.55 crores were also derecognised . The same shall be reviewed and reassessed in future period.

These assumptions were developed by the management with the assistance of independent actuarial appraisers. Discount factors are determined close to each year end by reference to government bonds of relevant economic markets and that have terms to maturity approximating to the terms of the related obligation. Other assumptions are based on management's historical experience.

Sensitivity analysis

The significant actuarial assumptions for the determination of the defined benefit obligation are the discount rate, the salary growth rate and the average life expectancy. The calculation of the net defined benefit liability is sensitive to these assumptions. The following table summarises the effects of changes in these actuarial assumptions on the defined benefit liability:

The present value of the defined benefit obligation is calculated as mentioned in note 3(n) of the financial statements. The sensitivity analysis is based on a change in one assumption while not changing all other assumptions. This analysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in the assumptions would occur in isolation of one another since some of the assumptions may be co-related.

Based on historical data, the Company expects contributions of ? 0.54 crore (31 March 2023 : ? 0.99 crore) in the next 12 months.

Compensated absences

The leave obligations cover the Company's liability for sick and earned leaves. The Company does not have an unconditional right to defer settlement for the obligation shown as current provision balance. However, based on past experience, the Company does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months. Therefore, based on the independent actuarial report, provision for compensated absences has been bifurcated as current and non-current.

Defined contribution plans

The Company has certain defined contribution plans. Contributions are made to provident fund in India for employees at the rate of 12% of basic salary as per regulations. The contributions are made to registered provident fund administered by the Government. The obligation of the Company is limited to the amount contributed and it has no further contractual or any constructive obligation. The expense recognised during the period towards defined contribution plan is ? 0.90 crore (31 March 2023 : ? 1.42 crore). There are no amounts outstanding of post employment benefits, other long-term benefits and share based payment for the current and previous year.

NOTE 36: EMPLOYEE STOCK OPTION PLAN PC Jeweller limited employee Stock Option Plan 2011

During the year ended 31 March 2012, the Company had formulated Employee Stock Option Scheme referred to as PC Jeweller Limited Employee Stock Option Plan 2011 (the 'Plan') for all eligible employees/directors of the Company and its subsidiaries.

The plan is implemented by the Nomination and Remuneration Committee constituted by the Company under the policy and framework laid down by the Company and/ or the Board of Directors of the Company, in accordance with the authority delegated to the Nomination and Remuneration Committee in this regard from time to time and subject to the amendments, modifications and alterations to the plan made by the Company and/or the Board of Directors in this regard. The issuance of the options are under the guidance, advice and directions of the Nomination and Remuneration Committee.

Each stock option granted entitles the grantee thereof to apply for and be allotted one equity share of the Company upon vesting. Vesting of the options have taken place over a period of 4 years with a minimum vesting period of 1 year from the grant date.

(a) Vesting schedule:

For eligible employees as identified by Nomination and Remuneration Committee, the Options granted under ESOP 2011 shall vest not earlier than one year and not later than five years from the Grant Date.

Within the aforesaid period, the Vesting Plan could be different for different eligible employees as may be determined by Nomination and Remuneration Committee.

The options granted shall vest so long as the employee continues to be in employment with the Company, i.e., the options will lapse if the employment is terminated prior to vesting. Even after the options are vested, un-exercised options may be forfeited if the services of the employee are terminated for reasons specified in the Plan.

The volatility used in the Black Scholes Option Pricing Model is the annualized standard deviation of the continuously compounded rate of return of the stock over a period of time. Informal tests and preliminary research tends to confirm that estimates of the expected long-term future volatility should be based on historical volatility for a period that approximates the expected life of the options being valued. The Company was listed on BSE Limited and National Stock Exchange of India Limited on 27 December 2012. The volatility is determined by taking into account the period since the listing of the Company.

NOTE 39: HEDGING ACTIVITY AND DERIVATIVES

(i) The Company enters into foreign currency forward contracts to hedge against the foreign currency risk relating to payment of foreign currency payables. The Company does not apply hedge accounting on such relationships. Further, the Company does not enter into any derivative transactions for speculative purposes.

Fair value hedge of gold price risk in inventory

The Company enters into contracts to purchase 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 that is required to be separated. 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 is accordingly adjusted for the effective portion of change in fair value of hedging instrument. 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

Since there are no outstanding hedging instruments i.e. option to fix gold prices with respect to fair value hedge accounting as at 31 March 2023 & 31 March 2024, there is no impact of change in fair value of the hedged item i.e. inventory of gold.

Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Company enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Company uses the hypothetical derivative method to assess effectiveness. There was no hedge ineffectiveness in any of the periods presented above.

note 40: financial Instruments

i) Fair values hierarchy

Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity specific estimates;

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

A) Credit risk

Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or pay amounts due to the Company causing financial loss. It arises from outstanding trade receivables to whom the Company has either made direct sales or sent the goods on consignment.

However, the majority of Company's sales are in the domestic segment in which no credit is involved. The credit risk arises only from the export sales which are on a B2B basis and on a credit basis. The company has been facing the issue of overdues in its export receivables for the past five years and currently the entire lot of outstanding export receivables are overdue. Though the company has stopped its export business since September 2021, its position of overdue receivables has not improved.

The Company however, has old and existing relationship with its debtors and continues to remain confident of realizing the same in due course of time. The Company has therefore not classified any of its outstanding debt as bad or unrecoverable. However, at the same time, as a mark of adequate financial prudence, the Company has during the current financial year made provision in the form of ECL to the tune of ? 1.09 crore, with the total amount of ECL at ? 263.68 crore as on 31 March 2024.

The Company had extended loans to Luxury Products Trendsetter Private limited (wholly owned subsidiary) for business purposes. The outstanding balance of loans (including accrued interest on loan) stands at ? 24.45 crores as on 31 March 2023 and ? 24.60 crores as on 31 March 2024. An impairment to the tune of ? 1.59 crores has been considered on accrued interest on loan as on 31 March 2024.

The Company has also extended loans to two body corporates namely PC Universal Private Limited, which ceased to be a subsidiary during the year and Shivani Sarees Private Limited for business purposes. Their outstanding balances of loans (including accrued interest on loan) as on 31 March 2023 were ? 134.32 crores and ? 8.58 crores and as on 31 March 2024 are ? 135.40 crores and ? 8.50 crores respectively. An impairment to the tune of ? 134.32 crores has been considered towards the loan (including accrued interest on loan) extended to PC Universal Private Limited for the financial year ending 31st March 2023, which stands enhanced to ? 135.40 cr for the Financial year ending 31st March 2024.

B) Liquidity risk

The liquidity risk exposure arises from adjusting the operational expenditure, vendor payments, bank interest & other statutory liabilities etc with the incoming cash flows. The Company is locked in a legal dispute with its Lenders for more than a year now and its business operations have been declining. It is therefore facing liquidity constraints in meeting its operational expenditure, vendor

payments and other statutory liabilities. The Company is managing its liquidity by cost cutting and rationalising its expenses under all heads.

Contractual maturities of financial liabilities

The tables below analyses the Company's financial liabilities into relevant maturity groupings based on their contractual maturities for all non-derivative financial liabilities. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying amounts as the impact of discounting is not significant.

C) Market risk - foreign exchange

The Company is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to US Dollar. Foreign exchange risk arises from recognised assets and liabilities denominated in a currency that is not the Company's functional currency. However, the Company is a net foreign exchange positive unit and hence does not foresee any forex risk on its financials.

Sensitivity

The sensitivity to profit or loss from changes in the exchange rates arises mainly from financial instruments denominated in USD. In case of a reasonably possible change in INR/USD exchange rates of /- 4 % (previous year /-4%) at the reporting date, keeping all other variables constant, there would have been corresponding impact on losses/profits of ? 51.48 crore (previous year ? 50.76 crore).

D) market risk - interest rate i) Liabilities

Interest rate risk arises from borrowings at variable rates. However, the company is not paying any interest on its borrowings at present on account of ongoing litigation. It has however submitted an One Time Settlement Proposal (OTS) to its Lenders which has been approved by three of the consortium member banks and the same is under consideration with other consortium member banks. The OTS proposal includes repayment of borrowings at a specific rate of interest.

Sensitivity

The sensitivity to profit or loss in case of a reasonably possible change in interest rates of /- 50 basis points (previous year: /- 50 basis points), keeping all other variables constant, would have resulted in corresponding impact on losses/profits by ? 15.28 crore (previous year ? 13.57 crore).

However, the Company is under legal dispute with its Lenders and the issue of quantum of interest payable, if any, and at what rate is subject to future judicial judgement.

ii) Assets

The Company's financial assets are carried at amortised cost and are at fixed rate only. They are, therefore, not subject to interest rate risk since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

E) Market risk - security price

Exposure from investments in mutual funds:

The Company's exposure to price risk arises from investments in mutual funds held by the Company and classified in the balance sheet as current investments. However, the Company's investments in mutual funds is non material vis a vis its balance sheet size. Sensitivity:

The sensitivity to profit or loss in case of an increase in price of the instrument by 5% keeping all other variables constant would have resulted in corresponding impact on (losses)/profits by ? 0.09 crore (previous year ? 0.08 crore).

F) market risk - gold prices:

The Company's exposure to price risk also arises from trade payables of the Company that are at unfixed prices, and, therefore, payment is sensitive to changes in gold prices. However, the Company does not have any unfixed trade payables linked to gold prices as on 31 March 2024. Hence, there is no market risk linked to gold prices.

note 42: cAPiTAl management

The Company' s capital management objectives are:

- to ensure the Company's ability to continue as a going concern

- to provide an adequate return to shareholders

The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face of balance sheet.

*'This total exposure includes provision for interest upto 31st March 2024, and the Company has disputed the above amounts in various legal fora including DRT/DRAT and various courts as referred in Note-19 and Note-50.

NOTE 43: MiCRO, SMALL AND MEDiUM ENTERPRiSES

Information as required to be furnished as per section 22 of the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 as at the balance sheet date is given below. This information has been determined to the extent such parties have been identified on the basis of information available with the Company.

The Company's lease asset primarily consist of leases for buildings for factory, showrooms and offices having various lease terms.

The lease liabilities are secured by the related underlying assets. The maturity analysis of lease liabilities are disclosed in note 41(ii)(B).

The Company has leases for the factory, offices and showrooms. With the exception of short-term leases and leases with variable lease payments, each lease is reflected on the balance sheet as a right-of-use asset and a lease liability.

Each lease generally imposes a restriction that, unless there is a contractual right for the Company to sublet the asset to another party, the right-of-use asset can only be used by the Company. Leases are either non-cancellable or may only be cancelled by incurring a substantive termination fee. Some leases contain an option to extend the lease for a further term. The Company is prohibited from selling or pledging the underlying leased assets as security against the Company's other debts and liabilities. For leases over office buildings and factory premises the Company must keep those properties in a good state of repair and return the properties in their original condition at the end of the lease. Further, the Company must insure items of property, plant and equipment and incur maintenance fees on such items in accordance with the lease contracts.

The Company has considered automatic extension option available for the property leases in lease period assessment since the Company can enforce its right to extend the lease beyond the initial lease period as the Company is likely to be benefited by exercising the extension option.

The company has a right to extend/terminate its leasing arrangements beyond the initial agreement/lock in period. For the assessment of lease term as per Ind AS 116, the management of the Company has considered the extension options and not considered the early termination options wherever available for its property leases in its lease period assessment since the Company is likely to be benefited from a longer lease tenure.

Note: The Company was not required to spend any amount towards CSR activities during FY 2023-24 because average net profit of the Company as per section 135(5) of the Companies Act, 2013 was negative. The shortfall in CSR expenditure relates to FY 2021-22 and FY 2020-21 which was caused by strained liquidity position of the Company after March 2020 on account of lockdowns and disruptions in business due to Covid-19 pandemic as well as the Company's accounts turning non-performing asset since June 2021 with its bankers, which resulted into restriction on banking transactions as well as heavy reduction in the business operations and revenue generation.

In the absence of export revenues, there has been no separate reporting or reviews by the Chief Operating Decision Maker ('CODM') with respect to the export segment. Accordingly, the export segment has ceased to qualify as operating segment for reporting purposes as per Ind AS 108 'Operating Segments' The CODM examines the performance from the perspective of the Company as a whole viz. 'Jewellery business' and hence there are no separate reportable segments as per Ind AS 108.

NOTE 49: iND AS 115 - REVENUE FROM CONTRACTS WiTH CUSTOMERS

Ind AS 115: Revenue from Contracts with Customers, establishes a framework for determining whether, how much and when revenue is recognised and requires disclosures about the nature, amount, timing and uncertainty of revenues and cash flows arising from customer contracts. Under Ind AS 115, revenue is recognised through a 5-step approach:

(i) Identify the contract(s) with customer;

(ii) Identify separate performance obligations in the contract;

(iii) Determine the transaction price;

(iv) Allocate the transaction price to the performance obligations; and

(v) Recognise revenue when a performance obligation is satisfied.

NOTE 50: EXISTENCE OF UNCERTAINTY CASTING SIGNIFICANT DOUBT ON THE COMPANY'S ABILITY TO CONTINUE AS A GOING CONCERN

'In addition to civil suits mentioned in sub note (iii) of note 19, a majority of the Lenders have also issued notices to the Company under Section 13(2) of the SARFAESI Act 2002 which have been replied to by the Company. In addition to replying suitably to the Banks, the Company has also approached the High Court of Delhi vide its writ petition W.P.(c) No 3982 of 2023 against the SBI on various grounds including the non-compliance of the Principle of Natural Justice in as much as the Company was not given any opportunity to explain its case after 02 January 2023 and unilateral decision has been taken by the respondent (SBI). This matter is also currently pending adjudication. State Bank of India had also filed a petition (now withdrawn) before Hon'ble NCLT , Delhi seeking initiation of Corporate Insolvency Resolution Process of the Company.

The company however wants to settle all these legal issues amicably and hence has offered a One Time Settlement Proposal to all its Bankers. The company has received 'In-principle' approval of its One Time Settlement Proposal from the consortium of banks, subject to acceptance from their competent authority/board and upfront payment for the furtherance of the proposal was deposited in a no lien account with SBI by a promoter group entity. So far, the proposal has been accepted by the competent authorities of State Bank of India

(Lead Bank), Axis Bank as well as Karur Vysya Bank and the same is under active consideration of the remaining consortium member banks and in view of the same SBI had submitted an application under section 60(5) of the Insolvency and Bankruptcy Code, 2016 ("IBC 2016") dated April 29, 2024, before the Hon'ble National Company Law Tribunal, Principal Bench, New Delhi seeking withdrawal of its petition CP(IB) No. 421 (PB) of 2023 filed against PC Jeweller Limited under section 7 of the IBC 2016 on account of settlement terms agreed between SBI and the Company. Hon'ble National Company Law Tribunal, Principal Bench, New Delhi ("NCLT") vide its order dated April 30, 2024, has allowed State Bank of India ("SBI"),Financial Creditor to withdraw the petition (IB)-421(PB)/2023 filed by it against PC Jeweller Limited under section 7 of the Insolvency & Bankruptcy Code, 2016. Accordingly, NCLT dismissed petition (IB)-421(PB)/2023 as withdrawn and all other IA's pending in this matter were also disposed of accordingly.

Though there is no certainty either on the time frame or the end result of this ongoing judicial process, the Company continues to remain confident about a positive outcome of the same, especially its proactive action in approaching its Lenders to resolve the issue of unpaid debt with a One Time Settlement Proposal as well as withdrawal of the CIRP petition by the SBI. The Company is therefore confident that its status as a going concern will continue to remain intact in spite of the current adversities. The Management is also confident that, considering the net asset position of the company, it will be able to realize the assets and meet the liabilities and commitments of the company in the normal course of business irrespective of the final conclusion of decision in the ongoing legal process. Hence the current position of the events does not raise any concern on its going concern status and accordingly, the accompanying statement has been prepared considering Going Concern assumption.

NOTE 51: DISCOUNT TO EXPORT CUSTOMERS

During the financial year ended 31 March 2019, the Company had provided discounts to its export customers aggregating to ? 513.65 crore and had submitted the requisite applications for approval from the Authorised Dealer Banks as stipulated by the FED Master Direction No. 16/2015-16 dated January 1,2016 under the Foreign Exchange Management Act, 1999. Subsequently, the Company has obtained the approvals from the authorized dealer banks for reduction in receivables corresponding to discounts amounting to ? 330.49 crore. However, for the remaining discounts of ? 183.16 crore approvals are still pending. The management however, does not expect any material penalty to be levied on account of this matter and, therefore, no provision for the same has been provided in the books of accounts.

NOTE 52: DELAY IN RECEIPT OF FOREIGN CURRENCY AGAINST EXPORT

Trade receivables as at 31 March 2024, inter alia, include outstanding from export customers aggregating to ? 1467.61 crore. The export receivables have been outstanding for more than 9 months and have been restated as per the RBI exchange rate as on 31 March 2024. The Company has filed necessary applications with the requisite authority as per the regulations of the Foreign Exchange Management Act, 1999 for condonation of delays in repatriation of funds by its customers. The management is of the view that the possible penalties that may be levied, are currently unascertainable and are not expected to be material and accordingly, no consequential adjustments have been made in the books of accounts with respect to such default. However, as a mark of prudent accounting practices the company has computed and applied cumulative ECL (expected credit loss) on the outstanding export receivables of ? 263.68 crore as on 31 March 2024.

NOTE 53: Recoverability Of Investments, Loans And Short-Term Financial Assets, GIVEN TO/DUE From subsidiary COMPANIES

The Company has investments of ? 133.92 crore (previous year ? 133.97 crore) (excluding impairment) in its wholly-owned subsidiary companies viz Luxury Products Trendsetter Private Limited, PC Jeweller Global DMCC and PCJ Gems & Jewellery Limited as at 31 March 2024. The Company has also given non current loans amounting to ? 9.12 crore (previous year ? 9.62 crore) (excluding impairment) to Luxury Products Trendsetter Private Limited and has interest receivable amounting to ? 15.47 crore (previous year ? 14.82 crore)(excluding impairment) which is classified under current financial assets. PC Universal Private Limited and Transforming Retail Private Limited ceased to be subsidiaries during the current year ended 31 March 2024 and previous year ended 31 March 2023 respectively.

Additional Regulatory Information pursuant to Clause 6L of General Instructions for preparation of Balance Sheet as given in Part I of Division II of Schedule III to the Companies Act, 2013, are given hereunder to the extent relevant and other than those given elsewhere in any other notes to the Financial Statements.

£ Total debt has increased by 13 % due to unpaid interest on bank borrowings and Total equity has also reduced by 18% due to heavy losses , which has contributed to increase in this ratio.

$Earning available for Debt Service has decreased by 170 % due to decrease in the company's EBID vis a vis the debt service has also reduced, which has contributed to decrease in this ratio. The debt service amount includes only the finance cost paid and not the total finance cost.

#This decrease is due to sharp decrease in turnover as compared to previous year which has resulted in heavy losses.

*There is decrease in purchases from customers by 95 % as compared to previous year.

^AThere is decrease in EBIT by 160% as compared to last year, mainly because total income decreased by 90%, as turnover of the company decreased in this year.

**Due to share market factors.

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

g) The Company does not have any charges or satisfaction which is yet to be registered with the Registrar of Companies beyond the statutory period. No creation/modification/satisfaction of charges have taken place during the year.

h) The Company has compiled with the number of layers prescribed under section 2(87) of the Companies Act 2013 read with Companies (Restrictions on number of Layers) Rules, 2017.

i) 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.

j) 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.

k) The Company does not have any 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.

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

m) The Company has the following balances against the loans granted or advances in the nature of loans wherein there is no specific schedule of repayment of principal or payment of interest:

This is the summary of significant accounting policies and other explanatory information referred to in our report of even date