4(n) Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised 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 (when the effect of the time value of money is material). The discount rate used is a pre-tax rate that reflects current market assessments of the time value of money in that jurisdiction and the risks specific to the liability.
4(o) Earnings per equity share:
Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the company by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the company after adjusting for diluted earning, by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.
The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.
4(p) Segment reporting
The Chief Operational Decision Maker (CODM) monitors the operating results of its business Segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the financial statements. Operating segments are reported in a manner consistent with the internal reporting to the CODM.
Accordingly, the Board of Directors of the Company is CODM for the purpose of segment reporting. Refer note 35 for segment information presented.
4(q) Statement of Cash flows
Cash flows are reported using the indirect method, whereby profit / (loss) before tax is adjusted for the effects of transactions of non cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.
4(r) Operating cycle
The Operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents. The Company has identified twelve months as its operating cycle. Accordingly, all assets and liabilities have been classified as current or non-current as per the Company's operating cycle and other criteria set out in Ind AS 1- 'Presentation of Financial Statements' and Schedule III to the Companies Act,2013.
4(s) Exceptional Items
Exceptional items include income or expense that are considered to be part of ordinary activities, however are of such significance and nature that separate disclosure enables the user of the financial statements to understand the impact in a more meaningful manner. Exceptional items are identified by virtue of either their size or nature so as to facilitate comparison with prior periods and to assess underlying trends in the financial performance of the Company.
4(t) Leases
The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Company as a lessee
The Company applies a single recognition and measurement approach for all leases, except for shortterm leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
i Right of use assets
The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated amortization and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are amortized on a straight-line basis over the lease term. If the Leasehold assets are being utilised for construction of other assets, amortization charge of the same during construction phase of the manfucturing plant is capitalied as a part of Capital Work-in-progress and then transferred to respective heads of Property, Plant & Equipment upon completion of plant.
ii Lease Liabilities
At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments are fixed payments. In calculating the present value of lease payments, the Company uses the interest rate implicit in the lease. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification due to a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
iii Short-term leases and leases of low-value assets
The Company applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption that are considered to be low value.
Lease payments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the lease term.
Company as a lessor:
Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Rental income from operating lease is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.
4(u) Use of estimates, critical accounting judgments and key sources Of estimation uncertainty
The preparation of these financial statements in conformity with the recognition and measurement principles of Ind AS requires the management of the Company to make estimates and assumptions that affect:
i. the reported balances of assets and liabilities,
ii. the disclosures relating to contingent liabilities as at the date of the financial statements and,
iii. the reported amounts of income and expense for the periods presented.
The estimates and assumptions used in the
accompanying financial statements are based upon management's evaluation of relevant facts and circumstances as at the date of the financial statements. Management believes that the estimates used in the preparation of financial statements are prudent and reasonable. Actual results could differ from estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and future periods are affected.
Key source of estimation uncertainty at the date of the financial statements, which may cause a material adjustment to the carrying amounts of assets and liabilities in coming financial years are specified here-inafter:
i. Useful lives of property, plant and equipment
Management reviews / reassesses its estimate for the useful lives of depreciable / amortisable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technical and economic obsolescence that may change the utility of the asset. This reassessment may result in change in depreciation expense in future periods.
ii. Taxes
The Company calculates income tax expense based on reported income. Deferred income tax expense is calculated based on the differences between the carrying value of assets and liabilities for financial reporting purposes and their respective tax basis that are considered temporary in nature. Valuation of deferred tax assets is dependent on management's assessment of future recoverability of the deferred benefit. Expected recoverability may result from expected taxable income in the future, planned transactions or planned tax optimizing measures. Economic conditions may change and lead to a different conclusion regarding recoverability. (Refer Notes 8 and 20)
iii. Obligation for defined benefit Liability
Liability for defined benefit plan is based on valuation by the actuary which is in turn based on realistic actuarial assumptions. These assumptions may change with the changes in the applicable law and the economy which can ultimately affect the liability.
iv. Contingent assets and liabilities and provisions
The Company assess its liabilities and contingent liabilities based upon the best information available, relevant tax and other laws, contingencies involved and other appropriate requirements. The Company also provides for certain liabilities basis of its assessment made.
This assessment require critical management judgment and assumptions, regarding the probability outflow or realization of economic resources and the timing and amount, or range of amounts, that may ultimately be determined. Such estimates may vary from the ultimate outcome as a result of differing interpretations of laws and facts, or application of relevant judicial precedents.
Major provisions recognized in financial statement and related accounting policy are specified as under: Measurement of defined benefit obligations - Refer Note 4(l), 17, and 33.
Allowances for expected credit losses - Refer Note 4(j) and 11.
(d) Rights, Preferences and Restrictions attached to equity shares
The Company has single class of equity shares of Rs. 2 per share. Accordingly, all equity shares rank equally with regard to dividend and share in the company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the company. Voting rights cannot be exercised in respect of shares which are fully paid. Dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting (AGM). Failure to pay any amount called up on shares may lead to forfeiture of the shares.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
(e) During the current year, One (1) fully paid-up equity share having face value of Rs. 10/- (Rupees Ten only) each in share capital of the company has been sub-divided / split into five (5) fully paid-up equity shares having face value of Rs. 2/- (Rupees Two Only) each, pursuant to the shareholders' approval received through postal ballot on April 29, 2023.
Other than above, the Company has not alloted any share pursuant to contract(s) without payment being received in Cash during the period of 5 years immediately preceding the Balance Sheet date.
(f) The Company has issued Nil Bonus Shares or allotted any share on payment being received in cash during the period of 5 years immediately preceding the Balance Sheet date.
(g) The company has not bought back shares during the period of 5 year immediately preceeding the Balance Sheet date.
(h) The Company has not reserved any share for issue under options and contracts or commitments for the sale of shares or disinvestment.
33. Details of Employee Benefits:
(a) Defined Contribution Plans
The Company offers its employees benefits under defined contribution plans in the form of provident fund. Provident fund cover substantially all regular employees which are on payroll of the company. Both the employees and the Company pay predetermined contributions into the provident fund. The contributions are normally based on a certain proportion of the employee's salary and are recognised in the Statement of Profit and Loss as incurred.
A sum of Rs. 14.94 lakhs and Rs. 10.54 lakhs have been charged to the Statement of Profit and Loss in respect of this plan during year ended March 31, 2024 and March 31, 2023 respectively
(b) Defined Benefit Plan - Gratuity:
The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with Life Insurance Corporation of India in the form of a qualifying insurance policy. The fund is managed by Life Insurance Corporation of India. It is responsible for the administration of the plan assets and for the definition of the investment strategy.
The company provides for the Liability for Gratuity to employees determined on the basis of actuarial Valuation based on Projected Unit Credit method.
The following table summarizes the components of net benefit expense recognized in the Statement of Profit and Loss and the amounts recognized in the Balance Sheet for the plan:
F. Characteristics of defined benefit plans and risks associated with them:
Valuation of defined benefit plan are performed on certain basic set of pre-determined assumptions and other regulatory framework which may vary over time. Thus, the Company is exposed to various risks in providing the above benefit plans which are as follows:
a. Actuarial Risk:
It is the risk that benefits will cost more than expected. This can arise due to one of the following reasons:
i. Adverse Salary Growth Experience: Salary hikes that are higher than the assumed salary escalation will result into an increase in Obligation at a rate that is higher than expected.
ii. Variability in mortality rates: If actual mortality rates are higher than assumed mortality rate assumption than the Gratuity Benefits will be paid earlier than expected. Since there is no condition of vesting on the death benefit, the acceleration of cashflow will lead to an actuarial loss or gain depending on the relative values of the assumed salary growth and discount rate.
iii. Variability in withdrawal rates: If actual withdrawal rates are higher than assumed withdrawal rate assumption than the Gratuity Benefits will be paid earlier than expected. The impact of this will depend on whether the benefits are vested as at the resignation date.
b. Investment Risk:
For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer may not be the fair value of instruments backing the liability. In such cases, the present value of the assets is independent of the future discount rate. This can result in wide fluctuations in the net liability or the funded status if there are significant changes in the discount rate during the intervaluation period.
c. Liquidity Risk:
Employees with high salaries and long durations or those higher in hierarchy, accumulate significant level of benefits. If some of such employees resign/retire from the company there can be strain on the cashflows.
d. Market Risk:
Market risk is a collective term for risks that are related to the changes and fluctuations of the financial markets. One actuarial assumption that has a material effect is the discount rate. The discount rate reflects the time value of money. An increase in discount rate leads to decrease in Defined Benefit Obligation of the plan benefits & vice versa. This assumption depends on the yields on the corporate/government bonds and hence the valuation of liability is exposed to fluctuations in the yields as at the valuation date.
e. Legislative Risk:
Legislative risk is the risk of increase in the plan liabilities or reduction in the plan assets due to change in the legislation/regulation. The government may amend the Payment of Gratuity Act thus requiring the companies to pay higher benefits to the employees. This will directly affect the present value of the Defined Benefit Obligation and the same will have to be recognized immediately in the year when any such amendment is effective.
34. Segment Reporting
The Company's operations pre-dominantly relates to manufacturing and sale of gold & diamond jewellery. The Company has considered this as the only one reporting segment in accordance with the requirement of Ind AS 108 - Operating Segments.
The Board of Directors ("BOD") evaluates the Company's performance and allocates resources based on an analysis of various performance indicators of this single operating segment. The BOD reviews revenue and gross profit as the performance indicator for this single operating segment. Accordingly, it constitutes as a single reportable operating segment.
Notes:
The below fair value hierarchy explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost for which fair values are disclosed in the financial statements. To provide the indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments in to three levels prescribed is as under:
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilties
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or
liabilty, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
Level 3 - Inputs for the assets or liabilties that are not based on observable market data (unobservable inputs)
There were no transfers between the levels during the year Valuation process
The finance department of the Company includes a team that performs the valuations of financial assets and liabilties required for financial reporting purposes, including level 3 fair values. The fair valuation of level 1 and level 2 classified assets and liabilties are readily available from the quoted pricies in the open market and rates available in secondary market respectively.
The carrying amount of trade receivable, trade payable, security deposits, cash and bank balances, statutory dues payable / receivable, and current borrowings and other financial assets / liabilities are considered to be the same as their fair value due to their short-term nature.
36. Financial risk management
The Company's activities expose it to a variety of financial risks which includes credit risk, market risk and liquidity risk. The Company's primary risk management focus is to minimize potential adverse effects of market risk on its financial performance. The Company's risk management policies and processes are established :
To identify & analyse the risks faced by the Company,
To set appropriate risk limits & controls, and
To monitor such risks & take corrective action for the same.
The Company's risk management is governed by policies approved by the board of directors. The Company identifies, evaluates and hedges financial risks in close co-operation with the Company's operating units. The Company has policies for overall risk management, as well as for specific areas, such as interest rate risk, credit risk, use of non-derivative financial instruments.
The Company's board of directors has overall responsibility for the establishment and oversight of the Company's risk management framework. The Company manages market risk through a treasury department, which evaluates and exercises independent control over the entire process of market risk management. The treasury department recommends risk management objectives and policies, which are approved by Board of Directors. The activities of this department include management of cash resources, borrowing strategies, and ensuring compliance with market risk limits and policies.
The Company's risk management policies are established to identify and analyse the risks faced by the Company, 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. The Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.
The Board of Directors (BOD) oversees how management monitors compliance with the company's risk management policies & procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The Board of Directors is assisted in its oversight role by finance department. Finance department undertakes both regular and ad-hoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.
II. Credit Risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company is exposed to credit risk from its operating activities (primarily trade receivables), cash and cash equivalents and other financial instruments.
Customer credit risk is managed by each business unit subject to the Company's established policy, procedures and control relating to the customer credit risk management. Outstanding customer receivables are regularly monitored and taken up on case to case basis. The Company has adopted a policy of dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The Company's exposure and the credit scores of its counterparties are continuously monitored. Credit exposure is controlled by counterparty limits that are reviewed and approved by the management team on a regular basis. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions representing large number of minor receivables operating in largely independent markets. The credit risk on cash and bank balances and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies.
i) Trade Receivables:
The Company's exposure to credit risk is influenced mainly by the individual characteristics of few customers to whom credit terms are granted. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment. The Company with various activities as mentioned above, manages its credit risk. An impairment analysis is performed at each reporting date on an individual basis for major customers. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The Company does not hold collateral as security.
ii) Financial assets that are neither past due nor impaired
Credit risk from balances with banks is managed by the Company's treasury department in accordance with the Company's assessment of credit risk about particular financial institution. None of the Company's cash equivalents were past due or impaired as at each balance sheet date.
II. Liquid Risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages liquidity risk by maintaining adequate reserves and by continuously monitoring the forecasted and actual cash flows and matching the maturity profiles of financial assets and liabilities. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. The Company's policy is to manage its borrowings centrally using mixture of non-current and current borrowing facilities to meet anticipated funding requirements.
Currently the company does not face any liquidity risk as the company has enough liquid assets compared to its liabilities. As on each reporting dates, the company's liquid assets are much higher than its liquid liabilities.
The tables below analyze the company's financial liabilities into relevant maturity groupings based on their contractual maturities.
The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.
III Market Risk
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes in market rates and prices (such as interest rates, foreign currency exchange rates and commodity prices) or in the price of market risk-sensitive instruments as a result of such adverse changes in market rates and prices. Market risk is attributable to all market risk-sensitive financial instruments, all foreign currency receivables and payables and all short term and long-term debt. The Company is exposed to market risk primarily related to commodity risk only.
a) Currency Risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The company is not exposed to currency risk as the company's operations are in Indian Rupees only. The company doesn't deal with any foreign currency.
b) Interest Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is not exposed to interest rate risk as the company does not have any floating interest rate borrowings. Borrowings from directors and NBFCs have fixed interest rates and repayable on demand.
c) Price Risk
Exposure to market risk with respect to commodity prices primarily arises from the Company's purchases and sales of Gold, Bullion, Diamonds and jewelleries made up of the same.
Gold is one of the commodities whose prices fluctuate on daily basis. Company's exposure to price risk arises from trade payables of the company that are at unfixed prices and therefore payment is sensitive to changes in gold prices. In order to hedge this risk, the company settles the bill with manufacturers in physical gold terms as opposed to cash payments. The company maintains a fixed inventory of gold in terms of kg which can be given as delivery for settlement of trade with the manufacturer. Further shortage of gold on account of sales are replenished by the company instantly by buying from the open market. Hence the company's inventory replenishment strategy as well as settlement of trade through physical inventory of gold act as a natural hedge against potential transaction losses on account of gold price swings.
37. Capital Management
The Company's capital management is intended to maximise the return to shareholders and benefits for other stakeholders for meeting the long-term and short-term goals of the Company; and reduce the cost of capital through the optimization of the capital structure i.e. the debt and equity balance.
The management of the company believes in owned equity and does not procure heavy borrowings to satisfy the operation needs. Rather the company invests its owned cash flows into the business due to which company generally doesnot have any significant borrowings on any reporting date. Further the company generally has excess funds to repay the debt amount. These excess funds owned by the company are generally invested in short-term mutual funds to earn capital gain incomes.
Foot notes explaining reasoning for variances in above ratios:
(i) Decrease in current ratios as well as increase in debt-equity ratio is mainly on account of increase in current borrowings of the company. During the current year, the company's current borrowings have been increased substantially as the company has obtained borrowing from directors and NBFC for the business purposes.
(ii) Decrease in debt-service coverage ratio is mainly on account of increase in loan and lease repayments during the current year. The company has larger debt-service base as it has made principal loan and lease repayments of Rs. 965.38 lakhs.
(iii) Increase in return on equity and return on capital employed is mainly on account of increase in earnings of the company. From the last year, the company has opened new showroom which has increase the revenue of the company significantly and in turn increased the profitability of the company.
(iv) Slight decrease in net profit ratios is mainly on account of decrease in gross profits of the company. During the current year, in order to increase the customer base at new showroom, the company has sold gold jewellery at lower profit margin compared to last year. Also the gold rates remained extremely volatile in the current year which in turn decreased the gross profit margin of the company.
(v) There is increase in inventory and net capital turnover ratios, on account of revenue growth in the current year as compared to last year which is mainly because of opening a new showroom (i.e. sales unit) in last year. Consequently the company's average inventory and working capital have also increased in line with the revenue.
(vi) Decrease in trade receivable turnover ratio is mainly on account of decrease in credit sales of the company during the current year. During the last year, the company has sold gold and jewellery made-up of gold on longer credit terms to its customers to increase customer base/footsteps on the new showroom opened by the company in last year only. But in the current year, the company has corrected / reduced the credit terms which in turn decreased the trade receivable turnover ratio.
(vii) There is slight increase in trade payable turnover ratio is mainly on account of increase in credit purchases of high amount of gold and jewellery made-up of gold on longer credit terms from its suppliers for its new showroom opened in last year only.
(viii) Decrease in return on investment ratio is mainly on account of reduction in investments by the company. During the current year, the company has not made any major higher investments in order to meet fund requirements in the business.
1. The lease agreement with related party is executed to take following on lease:
(a) A land admeasuring about 415-22 Sq Mtrs of Plot No. 2 situated at Kalawad Road, Opp. Swaminarayan Temple, Nr. Mahila College, Rajkot comprising of part of Revenue Survey No. 433 & 445/p, TPS No. 2 (Rajkot), FP No. 472 & 473, City Survey Ward No. 15/2, City Survey No. 3606 in Sub-Dist. & Regi. Dist. Rajkot,
(b) A showroom (i.e. building) covering various floors such as celler (underground), ground, first, second, third floor and terrace thereon, admeasuring carpet area dimensions of 660.24 Sq. Mtrs. constructed on above land.
2. Discount rate: The implicit rate of return is used as the discount rate in calculating the present value of the minimum lease payments,
3. No contingent rent is payable under this lease.
4. As per the lease agreement, rent charges shall be escalated by 5% at every year.
44. Subsequent Events
Subsequent to year-end, There are no other events occurred which require disclosure or adjustments in the financial statements.
45. During the year ended March 31, 2024; search operations were carried out by Income Tax department at the registered office and branch offices of the company during the period from July 11, 2023 to July 16 2023. The Prohibitory Order was effective at certain part of premises till September 5 2023.
During the search proceedings, the Income Tax department has identified certain unrecorded transactions in respect of charges for job-work services, jewellery making charges as well as the excess stock physically found as compared to stock recorded in books of account. The company has surrendered the said unrecorded transactions as “undisclosed income” and shall pay income-tax thereon in the tax assessments of the relevant financial years.
Currently legal proceedings for this matter are under-going. The company is in process of filing responses / statements for the information asked by Income Tax Officials in this regard. The total tax liability in respect of this matter shall be determined and provided in the books of account after the completion of the related proceedings.
46. In the opinion of the Board of the Directors of the Company, the current assets have a value on realization in the ordinary course of the business at least equal to the amount at which they are stated in the Balance Sheet and provision for all known liabilities have been made in the accounts except stated otherwise.
47. Previous Periods' / Years' figures have been re-grouped / Re-Classified where necessary to make it comparable with the current period.
For & on behalf of board of directors of
For, RADHIKA JEWELTECH LIMITED As per our report of even date attached ’
For Panchal S K & Associates Ashokkumar M. Zinzuwadia Darshit A. Zinzuwadia
Chartered Accountants, Managing Director Whole-time Director
FRN:145989W DIN: 07505964 DIN: 07506087
Swati Panchal
Partner
Mem. N°.:149279 Vipulkumar D. Parmar Aditi P. Gorasia
Place: Ahmedabad (Chief Financial Officer) (Company Secretary)
Date: 30.05.2024
Place: Rajkot Date:
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