Notes to Accounts of Iconik Sports and Events Ltd.

Mar 31, 2025

A provision is recognized when the Company has a present obligation as a result of past event
and it is probable that an outflow of resources will be required to settle the obligation, in
respect of which reliable estimate can be made. Provisions (excluding retirement benefits) are
not discounted to its present value and are determined based on best estimate required to
settle the obligation at the balance sheet date. These are reviewed at each balance sheet date
and adjusted to reflect the current best estimates.

Contingent assets are neither recognized nor disclosed in the financial statements.

The estimated liability for product guarantee/warranties is recorded when products are sold.
These estimates are established using historical information on the nature, frequency and
average cost of warranty claims and management estimates regarding possible future
incidence based on corrective actions on product failures. The timing of outflows will vary as
and when warranty claim will arise - being typically upto three years.

14.14 Foreign currency transactions and translations

Income and expenses in foreign currencies are converted at exchange rates prevailing on the
date of the transaction. Foreign currency monetary assets and liabilities are translated at the
exchange rate prevailing on the balance sheet date. Any income or expense on account of
exchange difference either on settlement or on translation is recognized in the Statement of
Profit and Loss.

In respect of accounting periods commencing on or after 7th December, 2006, exchange
difference arising on reporting of the long-term foreign currency monetary items at rates
different from those at which they were initially recorded during the period, or reported in the
previous financial statements are added to or deducted from the cost of the asset and are
depreciated over the balance life of the asset, if these monetary items pertain to the
acquisition of a depreciable fixed asset.

For M/s. D G M S & CO. FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

Chartered Accountants ICONIK SPORTS AND EVENTS LIMITED

(FRN: 0112187W)

Sd/- Sd/-

^Sd/- Kannan Krishnan Naiker Sivani Kannan Naiker

^{(Atul B. Doshi)} Managing Director Director

^Partner DIN: 00014414 DIN: 10572891

M.No.102585

UDIN : 25102585BMJTFZ2401

Place : Mumbai Sd/- Sd/-

Date : 29/05/2025 Abhishek S. Morarka Prachi Karwa

CFO Company Secretary &

Compliance Officer

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Mar 31, 2024

13.13 Provisions, Contingent Liabilities and Contingent Assets

A provision is recognized when the Company has a present obligation as a result of past event and it is probable
that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be
made. Provisions (excluding retirement benefits) are not discounted to its present value and are determined
based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each
balance sheet date and adjusted to reflect the current best estimates.

Contingent liabilities are disclosed unless the possibility of outflow of resources is remote.

Contingent assets are neither recognized nor disclosed in the financial statements.

The estimated liability for product guarantee/warranties is recorded when products are sold. These estimates
are established using historical information on the nature, frequency and average cost of warranty claims and
management estimates regarding possible future incidence based on corrective actions on product failures. The
timing of outflows will vary as and when warranty claim will arise - being typically upto three years.

13.14 Foreign currency transactions and translations

Income and expenses in foreign currencies are converted at exchange rates prevailing on the date of the
transaction. Foreign currency monetary assets and liabilities are translated at the exchange rate prevailing on the
balance sheet date. Any income or expense on account of exchange difference either on settlement or on
translation is recognized in the Statement of Profit and Loss.

In respect of accounting periods commencing on or after 7th December, 2006, exchange difference arising on
reporting of the long-term foreign currency monetary items at rates different from those at which they were
initially recorded during the period, or reported in the previous financial statements are added to or deducted
from the cost of the asset and are depreciated over the balance life of the asset, if these monetary items pertain
to the acquisition of a depreciable fixed asset.

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Mar 31, 2014

1. In the opinion of the management, the current Assets, Loans and Advances are approximately of the value started, if realized in ordinary course of the business.

2. Previous year''s figure are regrouped/rearranged wherever necessary to make them comparable with those of current year.

3. As none of the employees have completed the qualifying period under the payment of Gratuity Act, 1952, therefore no provision has been made in respect of accrued gratuity liability.

4. There were no employees drawing more than 24,00,000/- Per annum employed throughout the year and drawing Rs. 2,00,000/- Per month, if employed for part of the year.

5. Other qualification information as required by Para II of schedule VI of the companies Act, 1956. Amount (in Rs.) :- Nil (Previous Year : NIL)

6. No Provision has been made in the accounts towards the demands raised by the income tax Department for the assessment year 2001 -02 amounts to Rs. 82 04 lacs and for the assessment Year 2002-03 amounts to Rs. 2.03 crores till the date and the appeals against those assessment are pending before the authorities.

7. Related Parties disclosure:

Relationship:

a) Key Management Personnel:

Mr. Sushil R. Morarka

Mr. Abhishek Morarka

b) Associated Companies:

1. Hemkuta Sugar & Allied Industries Ltd.

2. Rigveda Properties Ltd.

3. Realstone Exports Ltd.

4. Bell Tools Ltd.

5. Candy Filters (Bombay) Ltd.

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Mar 31, 2013

1. Payment to Auditors :

Statutory Audit Fees Current Year (Previous Year)

Amount (in Rs.) 16,854 9,000

2. Managerial Remuneration Paid to Directors : Amount (in Rs.) :- NIL (Previous Year : NIL)

3. In the opinion of the management, the current Assets, Loans and Advances are approximately of the value started, if realized in ordinary course of the business.

4. Previous year''s figure are regrouped/rearranged wherever necessary to make them comparable with those of current year.

5. As none of the employees have completed the qualifying period under the payment of Gratuity Act, 1952, therefore no provision has been made in respect of accrued gratuity liability.

6. There were no employees drawing more than 24,00,000/- Per annum employed throughout the year and drawing Rs. 2,00,000/- Per month, if employed for part of the year.

7. Other qualification information as required by Para II of schedule VI of the companies Act, 1956. Amount (in Rs.) :- Nil (Previous Year : NIL)

8. No Provision has been made in the accounts towards the demands raised by the income tax Department for the assessment year 2001-02 amounts to Rs. 82.04 lacs and for the assessment Year 2002-03 amounts to Rs. 2.03 crores till the date and the appeals against those assessment Are pending before the authorities.

9. Related Parties disclosure: Relationship:

a) Key Management Personnel: Mr. Sushil R. Morarka

Mr. Abhishek Morarka

b) Associated Companies:

1. Hemkuta Sugar & Allied Industries Ltd.

2. Rigveda Properties Ltd.

3. Realstone Exports Ltd.

4. BellTools Ltd.

5. Candy Filters (Bombay) Ltd.