Accounting Policies of Nanavati Ventures Ltd. Company

Mar 31, 2025

A. CORPORATE INFORMATION:

NANAVATI VENTURES LIMITED is a public limited company incorporated under provisions of the Companies Act, 1956. The Company is engaged in the business of diamond trading.

B. SIGNIFICANT ACCOUNTING POLICIES

(I) BASIS OF ACCOUNTING:

The financial statements are prepared under the historical cost convention in accordance with generally accepted accounting practices.

We have conducted audit in accordance with the auditing standards generally accepted in India on a test check basis after obtaining reasonable assurance from the director that the financial statements are free from material misstatement.

All items of material nature as regards financial statements have been accounted on going concern and accrual basis.

(II) REVENUE RECOGNITION:

Revenue is recognized when property in goods are transferred to buyer.

(III) FIXED ASSETS:

The company has valued its fixed assets at historical cost less depreciation. Depreciation on fixed assets is provided on written down value method over the useful lives of assets specified in Schedule II of the Companies Act, 2013.

(IV) INVENTORIES:

Raw materials are valued at cost and finished goods are valued at cost or market value whichever is lower.

(V) EMPLOYEE BENEFITS:

All employee benefits payable wholly within twelve months of rendering services are classified as short-term employee benefits. Benefits such as salaries, wages and bonus etc. recognized as actual amounts due in the period in which employee renders the related services.

(VI) TAXES ON INCOME:

Current Tax is determined on the basis of tax payable to the taxation authorities in respect of taxable income for the period.

For the purpose of determining accumulated deferred tax assets in current period, depreciation for accounting purposes and for tax purposes are compared and the differences is charged to the revenue reserves, subject to the consideration of prudence.

D. OTHER DISCLOSURES & INFORMATION:

1) The balance of debtors, creditors, unsecured loans and Loans & Advances are subject to confirmation. However, the director has certified the respective balances.

2) Expenses for which supporting evidences are not found are duly certified by the directors.

3) Previous reporting period''s figure have been regrouped / reclassified wherever necessary to correspond with the current reporting period''s classifications / disclosure.

4) Contingent Liabilities and Commitments: There is no Contingent Liabilities and Commitments for the reporting period.

5) Related Party disclosure in accordance with the Accounting Standard 18 issued by the Institute of Chartered Accountants of India is as under:

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Mar 31, 2024

B. SIGNIFICANT ACCOUNTING POLICIES

(I) BASIS OF ACCOUNTING:

The financial statements are prepared under the historical cost convention in accordance with generally
accepted accounting practices.

We have conducted audit in accordance with the auditing standards generally accepted in India on a test
check basis after obtaining reasonable assurance from the director that the financial statements are free
from material misstatement.

All items of material nature as regards financial statements have been accounted on going concern and
accrual basis.

(II) REVENUE RECOGNITION:

Revenue is recognized when property in goods are transferred to buyer.

(III) FIXED ASSETS:

The company has valued its fixed assets at historical cost less depreciation. Depreciation on fixed assets is
provided on written down value method over the useful lives of assets specified in Schedule II of the
Companies Act, 2013.

(IV) INVENTORIES:

Raw materials are valued at cost and finished goods are valued at cost or market value whichever is lower.

(V) EMPLOYEE BENEFITS:

All employee benefits payable wholly within twelve months of rendering services are classified as short¬
term employee benefits. Benefits such as salaries, wages and bonus etc. recognized as actual amounts due
in the period in which employee renders the related services.

(VI) TAXES ON INCOME:

Current Tax is determined on the basis of tax payable to the taxation authorities in respect of taxable
income for the period.

For the purpose of determining accumulated deferred tax assets in current period, depreciation for
accounting purposes and for tax purposes are compared and the differences is charged to the revenue
reserves, subject to the consideration of prudence.

D. OTHER DISCLOSURES & INFORMATION:

1) The balance of debtors, creditors, unsecured loans and Loans & Advances are subject to confirmation.
However, the director has certified the respective balances.

2) Expenses for which supporting evidences are not found are duly certified by the directors.

3) Previous reporting period’s figure have been regrouped / reclassified wherever necessary to correspond
with the current reporting period’s classifications / disclosure.

4) Contingent Liabilities and Commitments: There is no Contingent Liabilities and Commitments for the
reporting period.

5) Related Party disclosure in accordance with the Accounting Standard 18 issued by the Institute of
Chartered Accountants of India is as under:

6) Earnings per Share as required by Accounting Standard (AS - 20):

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the
Company by the weighted average number of Equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the Company by
the weighted average number of Equity shares outstanding during the year plus the weighted average
number of Equity shares that would be issued on conversion of all the dilutive potential Equity shares into
Equity shares.

8) Transactions in foreign currency

C.I.F. Value of Imports: Nil

FOB Value of Exports: Nil

Earning in Foreign Exchange: Nil

9) Details of dues to Micro & Small Enterprises under the Micro, Small & Medium Enterprise Development
Act, 2006 is as under: Nil

10) There is no any Immovable Property owned by the Company of which Title Deed not held in name of the
Company.

11) The Company has not revalued any of its Property, Plant & Equipment during the year.

12) The Company has not granted any Loans or Advances in the nature of loan to promoters, directors, KMPs

and the related parties either severally or jointly with any other person, that are repayable on demand or
without specifying any terms or period of repayment.

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

14) The company is not declared as wilful defaulter by any bank or financial Institution or other lender.

15) There is no Scheme of Arrangements approved by the Competent Authority in terms of Sections 230 to 237
of the Companies Act, 2013.

16) The company has no such 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.)

17) The company have not traded or invested in Crypto currency or Virtual Currency during the year.

18) The company does not have any transactions with companies struck off.

19) The company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.

20) The company have 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.

21) The company have 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.

22) The Company has not declared any dividend during the financial year under review.

23) The provisions of Section 135 of the Companies Act, 2013 are not applicable to the Company, hence
details regarding CSR activities are not provided.

24) The Company has no borrowings from banks or financial institutions on the basis of security of current
assets.

27) These financial statements are presented in Rupees and all values are rounded to the nearest thousand
(Rupees ‘000), except when otherwise indicated.

The accompanying notes are integral part of these financial statements
As per our report of even date,

FOR KANSARIWALA & CHEVLI For NANAVATI VENTURES LIMITED

Chartered Accountants

Shreykumar Sheth Vaishnavi Patel

Chairman & MD Director

(H. B. Kansariwala) DIN: 08734002 DIN: 08472582

Partner

Membership No. 032429
Firm Registration No. 0123689W

Peer Review No. 015136 Pankaj Pandav Yashkumar Trivedi

Company Secretary CFO

PAN: BFHPP6950D PAN: BNLPT3533Q

Place: Surat Place: Surat

Date: 30/05/2024_Date: 30/05/2024