Notes to Accounts of Utssav CZ Gold Jewels Ltd.

Mar 31, 2025

11) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provision is recognised when the company has present obligation as a result of past event(s)
and it is probable that an outflow of resources will be required to settle the obligation, in
respect of the estimate made.

Provisions are not discounted to its present value and are determined based on best estimate
required to settle the obligation at reporting date. These estimates are reviewed at each
reporting date and adjusted to reflect the current best estimates.

Contingent liabilities are disclosed unless the possibility of outflow of resources is remote.
Contingent asset is neither recognised nor disclosed in the financial statement.

12) IMPAIRMENT OF ASSETS

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value.
An impairment loss is charged to the Statement of Profit and Loss in the year in which an
asset is identified as impaired.

An impairment loss is charged to the Profit and Loss Statement in the year in which an asset
is identified as impaired. The impairment loss recognised in prior accounting period is
reversed if there has been a change in the estimate of recoverable amount.

After impairment, depreciation is provided on the revised carrying amount of the asset
over its useful life.

C. NOTES TO ACCOUNTS

1. In the opinion of the Board, the current assets, loans and advances are approximately of the
value stated, if realised, in the ordinary course of business. The provision for all known
liabilities is adequate and not in excess of the amount reasonably necessary.

2. BALANCES IN RESPECT OF LOANS, ADVANCES AND DEPOSITS MADE

Debit balances, if any in respect of loans, advances and deposits made, are subject to
confirmation. Their balances are reflected in the accounts as appearing in the general
ledger and unfavourable adjustments, if any, not currently ascertainable will be
considered in the subsequent financial years.

3. CONTINGENCIES AND EVENTS OCCURRING AFTER BALANCE SHEET
DATE

There are no contingencies or events occurred between the Balance Sheet date and
reporting date.

4. EFFECT OF CHANGES IN FOREIGN EXCHANGE RATES

The company has accounted Exports at FOB value at the exchange rate as provided by
customs on the date of transaction. Any difference on realization of export invoice is

recognised as income/expenditure in the Statement of Profit & Loss. Receivables in
respect of exports are stated at TT buying rate at the end of the year.

5. Company has raised fund through bookbuilding process in Initial Public Offer. The shares
got listed on NSE SME on 7^th August 2024. Total Rs 6,949.80 Lakhs are raised through
Initial Public Offer. Total 63,18,000 shares are issued in Initial Public Offer which is entirely
fresh issue. Thereby the total number of Equity Share post listing reporting date stands at
2,38,18,000 shares.

D) IMPAIRMENT OF ASSETS

No provision for Impairment loss in terms of Accounting Standard - 28 has been made as
the management is of the opinion that considering the future use of the said assets, the fair
value of the respective assets will be higher than the value for which they are carried.

J) WORKING CAPITAL/BORROWING

The Company has obtained borrowings from banks or financial institutions on the basis of
security of Current Assets. The Company has filed Monthly Statements of Current Assets with
Banks &/or Financial Institutions and, the same are in agreement with the books of accounts.

K) As per the information available with the Company and certified by them, total outstanding
due to Small Enterprises as required to be disclosed under the Micro, Small and Medium
Enterprises Development Act, 2006 as below: -

L) Rounding Off

All amounts disclosed in the financial statements and notes have been rounded off to nearest
thousands, wherever applicable. Transactions and balances with values below the rounding off
norm adopted by the Company have been reflected as “0.” in the relevant notes to these
financial statements.

M) Other Statutory Information

i. The Company does not have any Benami property or any proceeding is pending against
the Company for holding any Benami property.

ii. The Company do not have any charges or satisfaction which is yet to be registered with
Registrar of Companies beyond the statutory period.

iii. The Company has not traded or invested in crypto currency or virtual currency during
the financial year.

iv. The Company is not classified as wilful defaulter.

v. The Company doesn’t 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 such as search or survey.

N) The company has not produced confirmation for balances under the head debtors &
creditors.

Utssav CZ Gold Jewels Limited

Sd/- Sd/- Sd/-

Pankaj H. Jagawat Hitesh Chhajed Shashank Jagawat

Managing Director Director Wholetime Director

DIN No: - 01843846 DIN No: - 02134198 DIN No: - 01824609

Sd/- Sd/-

Rachna Jajoo Rakesh Shantilal Jagawat

Company Secretary Chief Financial Office

PAN - BMVPJ0967R PAN - AEWPJ3180L

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Mar 31, 2024

Rounding Off

All amounts disclosed in the financial statements and notes have been rounded off to nearest thousands, wherever applicable. Transactions and balances with values below the rounding off norm adopted by the Company have been reflected as "0." in the relevant notes to these financial statements.

Other Statutory Information

i. The Company does not have any Benami property or any proceeding is pending against the Company for holding any Benami property.

ii. The Company do not have any charges or satisfaction which is yet to be registered with Registrar of Companies beyond the statutory period.

iii. The Company has not traded or invested in crypto currency or virtual currency during the financial year.

iv. The Company is not classified as wilful defaulter.

v. The Company doesn''t 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 such as search or survey.

N) The company has not produced confirmation for balances under the head debtors & creditors.