Notes to Accounts of Eyantra Ventures Ltd.

Mar 31, 2024

b Rights, preferences, restrictions attached to equity shares

The company has only one class of shares having a face value of Rs. 10/- per share. All equity shareholders rank pari-passu in respect of dividend and voting rights. Each holder of equity shares is entitled to one vote per share.In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of preferential amounts, in proportion to their shareholding.

22 Employee Benefits

a. Defined contribution plan

Eligible employees of the Company receive benefits from a provident fund, which is a defined contribution plan. The Company has no further obligations under the plan beyond its monthly contributions. The Company contributed Rs.1.24 Lakhs (Previous year Rs. Nil/-) towards provident fund plan during the year ended 31 March 2024.

b. Defined Benefit Plan

The Company provides for gratuity, a defined benefit plan ("Gratuity Plan") covering eligible employees. The Gratuity Plan provides a lump sum gratuity payment to eligible employees of the company on superannuation, death and permanent disablement . The amount of the payment is based on the respective employee’s last drawn salary and the years of employment with the Company.

The following table sets out funded status of the gratuity plan and the amounts recognised in the Company’s financial statements as at 31 March, 2024.

vi. Sensitivity Analysis

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

26 Contingent Liabilities and Commitments
Particulars	Year ended	Year ended
	31 March 2024	31 March 2023
a. Contingent Liabilities	Nil	Nil
b. Commitments Nil	Nil	Nil

27 Capital Management

The company manages its capital to ensure that it will be able to continue as going concern while creating value for share holders by facilitating the meeting of long term and short term goals of the Company.

The company determines the amount of capital required on the basis of annual business plan coupled long term and short term strategic investment and expansion plans.

28 Segment Reporting

As per the assessment undertaken by CODM, the allocation of resources and assessment of the financial performance is undertaken at the company level. The Company has only one reportable business segment, which is corporate gifting and custom merchandise solutions. Accordingly, the amounts appearing in the financial statements relate to the Company’s single business segment

30 Financial Risk Management

In course of its business, the company is exposed to certain financial risk such as market risk , credit risk and liquidity risk that could have significant influence on the company’s business and operational/financial performance. The Board of directors and the Audit Commitee reviews and approves risk management framework and policies for managing these risks and monitor suitable mitigating actions taken by the management to minimize potential adverse effects and achieve greater predictability to earnings.

a. Credit risk

Credit Risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the company. The Company has a prudent and conservative process for managing its credit risk raising in the course of its business activities. Credit risk is managed through continuously monitoring the creditworthiness of customers and obtaining sufficient collateral, where appropriate, a means of mitigating the risk of financial loss from defaults.

The company makes an allowance for doubtful debts/advances using expected credit loss model.

b. Liquidity risk

Liquidity Risk refers to the risk that the company will not be able to meet its financial obligations as they become due. 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, under both normal and stressed conditions, without incurring unacceptable losses or risk to the Company’s reputation.

The company has obtained fund and non fund based working capital loans from bank .The borrowed funds are generally applied for company’s own operational activities.

c. 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 commodity prices, foreign currency exchange rates and other market changes.

d. Exchange rate risk

The company has no foreign operations and hence not exposed to exchange rate risk.

e. Interest rate risk

Interest rate ris can be either fair value interest rate risk or cash flow interest rate risk.Fair value interest rate risk is the risk changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. The company’s exposure to the risk of changes in the market interest rate relates primarily to the company’s long term debt obligations with floating interest rates.the company’s interest rate exposure is mainly related to variable interest rates debt obligations.the company manages the liquidity and fund requirements for its day to day operations like working capital,suppliers /buyers credit.

Cash flow sensitivity analysis for variable -rate instruments

The risk estimates provided assume a change of 25 basis points interest rate for the interest rate benchmark as applicable to the borrowing summarised above.This caluclation assumes that the change occurs at the balance sheet date and has been caluclated on risk exposures outstanding as at that date assuming that all other variables ,in particular foreign currency exchange rates,remain constant.The period end balances are not necessarily representative of the average debt outstanding during the period.

The management assessed that cash and cash equivalents, trade receivables, trade payables and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The financial instruments are categorized into three levels based on the inputs used to arrive at fair value measurements as described below:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.

Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: Unobservable Inputs for the asset or liability.

33 Other Statutory Information

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

(ii) The Company does not have any transactions with struck off companies

(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period,

(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the fi nancial year

(v) 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 identifi ed in any manner whatsoever by or on behalf of the company (Ultimate Benefi ciaries) or

b) provide any guarantee, security or the like to or on behalf of the Ultimate Benefi ciaries

vi) 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 identifi ed in any manner whatsoever by or on behalf of the Funding Party (Ultimate Benefi ciaries) or

b) provide any guarantee, security or the like on behalf of the Ultimate Benefi ciaries,

(vii) The Company has not entered in to 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 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

(viii) The Company has not been declared as wilful defaulter by any bank or fi nancial institution or other lender

(ix) 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

(x) No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013, during the year

(xi) The Company does not have any borrowings from banks or fi nancial institutions against security of its current assets.

34 The code of Social Security, 2020 (''Code'') relating to employee benefits during employment and post-employment received Presidential assent in September 2020 and its effective date is yet to be notified. The Company will assess and record the impact of Code, once its effective.

35 Previous year figures have been regrouped/reclassified wherever necessary to conform to the current year’s classification.

---

Mar 31, 2023

2.9 Provisions, contingent liabilities and contingent assets

Provisions are recognised 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. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of

Contingent liabilities

A contingent liability is disclosed when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

Contingent assets

Contingent assets are not recognised in the financial statements. However, contingent assets are assessed continually and if it is virtually certain that an inflow of economic benefits will arise, the asset and related income are recognised in the period in which the change occurs.

2.10 Revenue recognition

i. Revenue from contracts

Revenue from contracts priced on a time and material basis are recognised as the related services are rendered and the related costs are incurred. Revenue from the end of the last invoicing to the reporting date is recognized as unbilled revenue.

Revenue from fixed price contracts is recognised as per the ''percentage of completon'' method, where the performance obligations are satisfied over time and when there is no uncertainly as to measurement or collectability of consideration.

ii. Revenue from services

Service income is recognised as per the terms of contracts with the customer, when the related services are performed.

iii. Sale of goods

Revenue from sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, there is no continuing effective control or management involvement with the goods, and the amount of revenue can be measured reliably.

Revenue from sale of goods is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms and excluding taxes or duties collected on behalf of the government.

iv. Interest Income

Interest income is accrued on a time proportion basis, by reference to the principal outstanding and effective interest rate applicable.

2.11 Employee Benefits Expense

i. Short Term Employee Benefits

The undiscounted amount of short term employee benefits expected to be paid in exchange for the services rendered by employees are recognised as an expense during the period when the employees render the services.

ii. Post-Employment Benefits Defined Contribution Plans

A defined contribution plan is a post-employment benefit plan under which the Company pays specified contributions to a separate entity. The Company''s contributions to defined contribution plans are recognised as an expense in the Statement of Profit and Loss during the period in which the employee renders the related service.

Defined Benefit Plans

The liability in respect of gratuity benefit is determined using the Projected Unit Credit Method based on acturial valuation, performed by an independent qualified actuary.

Re-measurement of defined benefit plans in respect of post-employment are charged to the Other Comprehensive Income.

2.12 Finance cost

Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale are capitalized as part of the cost of such assets.

All other borrowing costs are charged to the statement of profit and loss for which they are incurred.

2.13 Foreign currencies transactions and translation

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of exchange at the reporting date.

Exchange differences arising on settlement or translation of monetary items are recognised in Statement of Profit and Loss except to the extent of exchange differences which are regarded as an adjustment to interest costs on foreign currency borrowings that are directly attributable to the acquisition or construction of qualifying assets, are capitalized as cost of assets.

Non-Monetary items thar are measured in terms of historical cost in a foreign currency are recorded using the exchange rates at the date of transaction.

2.14 Tax Expenses

The tax expense for the period comprises current and deferred tax. Tax expense is recognised in Statement of Profit and Loss, except to the extent that it relates to items recognised in the comprehensive income or in equity. In which case, the tax is also recognised in other comprehensive income or equity.

Current tax

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred tax

Deferred tax is recognised using the balance sheet method on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding amounts used in the computation of taxable profit.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply to the temporary differences in the period in which the liability is settled or the asset realised, based on tax laws that have been enacted or substantively enacted by the end of the reporting period.

A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

2.15 Earnings per share

The Company presents basic and diluted earnings per share ("EPS") data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period.

Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares except where the result would be anti dilutive.

2.16 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.

The Company applies a single recognition and measurement approach for all leases, except for shrot-term 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.

1) Right-to-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 depreciation 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 depreciated on a straight line basis ove the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.

The right of use assets are also subject to impairment 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 include fixed payments (Including in substance fixed payments) less any lease incentives receivables, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the excercise price of a purchase option reasonably certain to be excercised by the Company and payments of penalties for terminating the lease. If the lease term reflects the Company excercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. 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,

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 of office premises (i.e those leases that have a lease term of 12 months or less form the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office premises 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.

28 Financial Risk Management

In course of its business, the company is exposed to certain financial risk such as market risk , credit risk and liquidity risk that could have significant influence on the company''s business and operational/financial performance. The Board of directors and the Audit Commitee reviews and approves risk management framework and policies for managing these risks and monitor suitable mitigating actions taken by the management to minimize potential adverse effects and achieve greater predictability to earnings.

a. Credit risk

Credit Risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the company. The Company has a prudent and conservative process for managing its credit risk raising in the course of its business activities. Credit risk is managed through continuously monitoring the creditworthiness of customers and obtaining sufficient collateral, where appropriate, a means of mitigating the risk of financial loss from defaults.

The company makes an allowance for doubtful debts/advances using expected credit loss model.

b. Liquidity risk

Liquidity Risk refers to the risk that the company will not be able to meet its financial obligations as they become due. 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, under both normal and stressed conditions, without incurring unacceptable losses or risk to the Company''s reputation.

c. 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 commodity prices, foreign currency exchange rates and other market changes.

d. Exchange rate risk

The company has no foreign operations and hence not exposed to exchange rate risk.

e. Interest rate risk

Interest rate ris can be either fair value interest rate risk or cash flow interest rate risk.Fair value interest rate risk is the risk changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. The company''s exposure to the risk of changes in the market interest rate relates primarily to the company''s long term debt obligations with floating interest rates.the company''s interest rate exposure is mainly related to variable interest rates debt obligations.the company manages the liquidity and fund requirements for its day to day operations like working capital,suppliers /buyers credit.

31 Other Statutory Information

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

(ii) The Company does not have any transactions with struck off companies

(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutor period,

(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the fi nancial year

(v) 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 identifi ed in any manner whatsoever by or on behalf of the company (Ultimate Benefi ciaries) or

b) provide any guarantee, security or the like to or on behalf of the Ultimate Benefi ciaries

vi) 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 identify ed 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,

(vii) The Company has not entered in to 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 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

(viii) The Company has not been declared as wilful defaulter by any bank or financial institution or other lender

(ix) 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

(x) No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013, during the year

(xi) The Company does not have any borrowings from banks or fi nancial institutions against security of its current assets.

The code of Social Security, 2020 (''Code'') relating to employee benefits during employment and post-employment 32 received Presidential assent in September 2020 and its effective date is yet to be notified. The Company will assess and record the impact of Code, once its effective.

33 Previous year figures have been regrouped/reclassified wherever necessary to conform to the current year''s classification.

As per our report of even date attached

For PRSV & Co.LLP For and on behalf of Board of Directors

Chartered Accountants eYantra Ventures Limited

FRN No: S200016

Sd/- Sd/- Sd/-

Y.Venkateswarlu Vinita Raj Narayanam Anjana Ramesh Thakker

Partner Managing Director Non Executive Director

M.No.222068 DIN :09319780 DIN:09521916

Place: Hyderabad

Date: 18-05-2023 Sd/- Sd/-

Priyanka Gattani Koteswara Rao Meduri

Company Secretary Chief Financial Officer

& Compliance Officer

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Mar 31, 2015

1. The value on realization of current assets in the ordinary course of business would not be less than the amount at which they arc stated in the Balance Sheet. According to the management, provision for all the known liabilities is adequate.

2. Balances in Debtors, Creditors, loans, advances, and other current assets are subject to confirmation and reconciliation.

3. The Company is a Small and Medium Sized Company (SMC) as defined in die General Instructions in respect of Accounting Standards notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards a applicable to a Small and Medium Sized Company.

4. "The Micro, Small and Medium Enterprise Development Act, 2006" has repealed the provision of interest on delayed payment to small scale and ancillary industrial undertaking Act, 1993. The management does not find it necessary to provide for interest on delayed payments to the suppliers covered by the said insignificant amount and probability of its outgo.

A. Relationships:

Category I: Holding Company NIL

Category II: Key management Personnel

Priya N. Mehta,Nirav P. Mehta, Purnima P. Mehta,Sujit Mehta

Category ID: Others (Relatives of Key Management Personnel and Entities in which the Key Management Personnel have control or significant influence) Subir Diamonds Private Ltd.

5. The previous year's figures are regrouped / rearranged / reclassified wherever considered necessary to correspond with the figures of current year.

6. Value of imports calculated on C.I.F basis by the company during the financial year in respect of-

March 31, 2015 March 31, 2014

i Raw materials; - 20,014,515

ii Components and spare parts - -

iii Capital goods - -

iv Trading Goods - -

7. The additional information on Quantitative Information of Goods Traded Quantitative Information in respect of stock (in Kgs^units):

8. DEFERRED TAX LIABILITY (NET)

The Company has accounted for taxes on income in accordance with AS-22 - Accounting for Taxes on Income issued by (he Institute of Chartered Accountants of India Consequently, the net incremental deferred ten (liability) / asset is charged / credited to Profit and Loss Account. The year end position of taxes on income it as under

9. CONTINGENT LIABILITIES AND COMMITMENTS

Particulars March 31, 2015 March 31, 2014

A. Contingent Liabilities

(1) Claims against the company - - not acknowledge as debt

(2) Guarantees - -

(3) Other money for which the company is contingently liable - -

Sub Total (A) - -

B. Commitments

(1) Estimated amount of contracts - - remaining to be executed on capital account and not provided for

(2) Uncalled liability on shares - - and other investments partly paid

(3) Other commitments (specify nature) - -

Sub Total (B) - -

Total Contingent Liabilities and - - Commitments (A B)

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Mar 31, 2014

1. The value on realization of current assets in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. According to the management, provision for all the known liabilities is adequate.

2. Balances in Debtors, Creditors, loans, advances, and other current assets are subject to confirmation and reconciliation.

3. The Company is a Small and Medium Sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to a Small and Medium Sized Company.

4. The Micro, Small and Medium Enterprise Development Act, 2006" has repealed the provision of interest on delayed payment to small scale and ancillary industrial undertaking Act, 1993. The management does not find it necessary to provide for interest on delayed payments to the suppliers covered by the said Act in view of insignificant amount and probability of its outgo.

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Mar 31, 2013

1. The value on realization of current assets in the ordinary course of business would not be less than the amount at which they are stated in the!Balance Sheet. According to the management, provision for all the known liabilities is adequate.

2. Balances in Debtors, Creditors, loans, advances. and other current assets are subject to confirmation and reconciliatidn.

3. Auditors'' remuneration in accordance with paragraph 4B of part II of Schedule VI to the Comppnies Act. 1956 is as under:

4. The Company is a Small and Medium Sized Company (SMC) as defined in the General Instructions in respeel of Accounting Standards notified under the Companies Act. 1956 Accordingly the Compiim lias complied "ith .he Accounting Standards as applicable to a Small and Medium Sized Company

5. "The Micro. Small and Medium Enterprise Development Act. 2006" has repealed the provision of interest on delayed payment to small scale and ancillary industrial undertaking Act, 1993. The management does not find it necessary to provide for interest on delayed payments to the suppliers covered by the said Act in view of insignificant amount and probability of its outgo.

6. Related Party Disclosures, as required by AS-18 are given below

A, Relationships:

Category I: Holding Company NIL

Category II: Key management Personnel

PriyaN. Mehla,Nirav P. MclUa.Purnima P. Mehia.Sujil Mehia

Category 111: Others (Relatives of Key Management Personnel and Entities in which the Key Management Personnel have control or significant influence) Subir Diamonds Private Ltd.

7. The previous year''s figures are regrouped / rearranged / reclassified wherever considered necessary u correspond with the figures of current year.

8. Other information pursuant to General Instructions for prepaiation of Balance Sheet and Profit & Loss Account of Schedule VI to the Companies Act, 1956 is not applicable.

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Mar 31, 2012

1. The value on realization of current assets in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. According to the management, provision for all the known liabilities is adequate.

2. Balances in Debtors, Creditors, loans, advances, and other current assets are subject to confirmation and reconciliation.

3. The Company is a Small and Medium Sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to a Small and Medium Sized Company.

4. "The Micro, Small and Medium Enterprise Development Act, 2006" has repealed the provision of interest on delayed payment to small scale and ancillary industrial undertaking Act, 1993. The management does not find it necessary to provide for interest on delayed payments to the suppliers covered by the said Act in view of insignificant amount and probability of its outgo.

5. Related Party Disclosures, as required by AS-18 are given below:

A. Relationships:

Category I: Holding Company NIL

Category II: Key management Personnel

PriyaN. Mehta,Nirav P. Mehta,Purnima P. Mehta,Sujit Mehta

Category III: Others (Relatives of Key Management Personnel and Entities in which the Key Management Personnel have control or significant influence) Subir Diamonds Private Ltd.

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Mar 31, 2010

1) Balance of Sundry Creditors, Sundry Debtors Loans & Advances are subject to confirmation.

2) In the opinion of the Board, Current Assets, Loans & Advances will have a value at least equal to the amount stated in the Balance Sheet if realised in the ordinary course of Business.

3 RELATED PARTY DISCLOSURE: (3ased on disclosure made by Directors under the Companies Act, 1956)

a) List of Parties:

Where control exists: Subir Diamonds Pvt. Ltd.

Parties with whom the Transactions

are carried out during the year: Shri. Nirav P. Mehta

Smt. Purnima P. Mehta

e) Generic names of principal products of the Company

Item Code No. (ITC Code) 710239-01

Product Description Diamonds

4 Previous year figures have been regrouped and rearranged wherever necessary.