Accounting Policies of Vega Jewellers Ltd. Company

Mar 31, 2025

2.2. Summary of Material Accounting Policies

Basis of classification of Current and non-current

Assets and liabilities in the Balance Sheet have been classified as either current or non-current
based upon the requirements of Schedule III to the Companies Act, 2013.

An asset has been classified as current if (a) it is expected to be realized in, or is intended for sale or
consumption in the Company''s normal operating cycle; or (b) it is held primarily for the purpose of
being traded; or (c) it is expected to be realized within twelve months after the reporting date; or (d) it is
cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at
least twelve months after the reporting date. All other assets have been classified as non-current.

A liability has been classified as current when (a) it is expected to be settled in the Company''s normal
operating cycle; or (b) it is held primarily for the purpose of being traded; or (c) it is due to be settled
within twelve months after the reporting date; or (d) the Company does not have an unconditional
right to defer settlement of the liability for at least twelve months after the reporting date. All other
liabilities have been classified as non-current.

An operating cycle is the time between the acquisition of assets for processing and their realization in
cash or cash equivalents. The Company has considered its operating cycle to be 12 months.

Fair value measurement

The Company measures certain financial instruments at fair value at each reporting date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is
based on the presumption that the transaction to sell the asset or transfer the liability takes place
either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants
would use when pricing the asset or liability, assuming that market participants act in their economic
best interest.

A fair value measurement of a non-financial asset takes into account a market participant''s ability to
generate economic benefits by using the asset in its highest and best use or by selling it to another
market participant that would use the asset in its highest and best use.

For the purpose of fair value disclosures, the Company has determined classes of assets and
liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the
fair value hierarchy as explained above.

Revenue Recognition

Revenue, if any, from sale of goods will be recognized upon passage of title to the customers which
would generally coincide with delivery thereof. Claims, due to uncertainty in realization, are
accounted for on acceptance/cash basis. Dividend income on investments is accounted for when
the right to receive the payment is established. Interest income, if any, will be recognized on a time
proportion basis taking into account the amount outstanding and rate applicable. Profit on sale of
investments is recorded on transfer of title from the Company and is determined as the difference
between sale price, carrying value of Investment and other incidental expenses.Rental Income is
recognised on an accrual basis in accordance with the terms of the relevant agreement.

Retirement Benefits and other employee benefits

Contributions to Defined Benefit Scheme are not applicable as the number of employees is below the
statutory limit.

Borrowing Costs

Borrowing costs (including other ancillary borrowing cost) directly attributable to the acquisition,
construction or production of an asset that necessarily takes a substantial period of time to get ready
for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are
expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an
entity incurs in connection with the borrowing of funds. Borrowing cost also includes exchange
differences to the extent regarded as an adjustment to the borrowing costs.

Inventories

Inventories are stated at the lower of cost and net realizable value. Cost is determined for stock in
trade on ‘weighted average'' basis. The cost of inventories includes all cost of purchase, cost of
conversion and other cost incurred in bringing the inventories to their present location and condition.

Taxation

Provision for current Income Tax is made on the taxable income using the applicable tax rules and tax
laws. Deferred Tax, if any, arising on account of timing difference and which are capable of reversal in
one or more subsequent period is recognized using the tax rates and tax laws that have been enacted
or substantively enacted by the balance sheet date. Deferred tax assets, if any, subject to
consideration of prudence are recognized and carried forward only to the extent that there is
reasonable certainty that sufficient future taxable income will be available against which such
deferred tax assets can be realized.

Earnings Per Share

Earnings per share is calculated by dividing the net profit or loss before OCI for the year attributable to
equity shareholders by the weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net profit or loss before OCI for the
period attributable to equity shareholders and the weighted average number of shares outstanding
during the period are adjusted for the effects of all dilutive potential equity shares.

Property, plant and equipment

Property, Plant and Equipment is stated at cost, net of accumulated depreciation and accumulated
impairment losses, if any. Cost comprises of purchase price and any attributable cost of bringing the
asset to its working condition for its intended use. When significant parts of plant and equipment are
required to be replaced at intervals, the Company depreciates them separately based on their
specific useful lives.

Under the previous GAAP (Indian GAAP), property, plant and equipment were carried in the balance
sheet on cost. The Company has elected to regard those values as deemed cost at the date of
transition.

An item of property, plant and equipment and any significant part initially recognised is derecognised
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
loss arising on derecognition of the asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is included in the income statement when the asset is
derecognised.

The residual values, useful lives and methods of depreciation of property, plant and equipment are
reviewed at each financial year end and adjusted prospectively, if appropriate.

Depreciation on Property, plant and equipment

Depreciation on Fixed Assets is provided on Written down value method and manner specified in
Schedule II of the Companies Act, 2013.

The Company has used Useful lives as specified in Schedule-II of Companies Act, 2013.

Depreciation on Fixed Assets added/disposed off during the year is provided on pro-rata basis with
reference to the date of addition/disposal thereof.

Impairment of non-financial assets

The Company assesses, at each reporting date, whether there is an indication that an asset may be
impaired. If any indication exists or when annual impairment testing for an asset is required, the
Company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher of
an asset''s or cash-generating unit''s (CGU) fair value less costs of disposal and its value in use.
Recoverable amount is determined for an individual asset, unless the asset does not generate cash
inflows that are largely independent of those from other assets or Company‘s assets. When the
carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered as
impaired and is written down to its recoverable amount.

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Mar 31, 2024

1. Corporate Information

PH Trading Limited (the Company ) having CIN No.- L51109WB1982PLC035011 and
registered office at Plot No.-62, Tower -II, 12th Floor, Millennium City Information Technology
Park, Sector -V, Block DN, Bidhan Nagar, North 24 Parganas, Sakltlake, West Bengal, India,
700064, India is a Public Limited Company incorporated and domiciled in India.

2.1. Basis of Preparation

The financial statements of the Company have been prepared in accordance with Indian
Accounting Standards (Ind AS) notified under The Companies (Indian Accounting Standards)
Rules, 2015 (the Rules).

2.2. Basis of classification of Current and non-current

Assets and liabilities in the Balance Sheet have been classified as either current or non-current
based upon the requirements of Schedule III to the Companies Act, 2013.

An asset has been classified as current if (a) it is expected to be realized in, or is intended for
sale or consumption in the Company''s normal operating cycle; or (b) it is held primarily for the
purpose of being traded; or (c) it is expected to be realized within twelve months after the
reporting date; or (d) it is cash or cash equivalent unless it is restricted from being exchanged or
used to settle a liability for at least twelve months after the reporting date. All other assets have
been classified as non-current.

A liability has been classified as current when (a) it is expected to be settled in the Company''s
normal operating cycle; or (b) it is held primarily for the purpose of being traded; or (c) it is due to
be settled within twelve months after the reporting date; or (d) the Company does not have an
unconditional right to defer settlement of the liability for at least twelve months after the reporting
date. All other liabilities have been classified as non-current.

An operating cycle is the time between the acquisition of assets for processing and their
realization in cash or cash equivalents. The Company has considered its operating cycle to be
12 months.

Fair value measurement

The Company measures certain financial instruments at fair value at each reporting date.Fair value
is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the
presumption that the transaction to sell the asset or transfer the liability takes place either:"

- In the principal market for the asset or liability, or

- In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible by the Company.The fair value of
an asset or a liability is measured using the assumptions that market participants would use when
pricing the asset or liability, assuming that market participants act in their economic best interest."

A fair value measurement of a non-financial asset takes into account a market participant''s ability to
generate economic benefits by using the asset in its highest and best use or by selling it to another
market participant that would use the asset in its highest and best use.

For the purpose of fair value disclosures, the Company has determined classes of assets and
liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the
fair value hierarchy as explained above.

Revenue Recognition

Revenue, if any, from sale of goods will be recognized upon passage of title to the customers which
would generally coincide with delivery thereof. Claims, due to uncertainty in realization, are
accounted for on acceptance/cash basis. Dividend income on investments is accounted for when
the right to receive the payment is established. Interest income, if any, will be recognized on a time
proportion basis taking into account the amount outstanding and rate applicable. Profit on sale of
investments is recorded on transfer of title from the Company and is determined as the difference
between sale price, carrying value of Investment and other incidental expenses.Rental Income is
recognised on an accrual basis in accordance with the terms of the relevant agreement.

Operating Leases

Company as Lessee

Leases where the lessor effectively retains substantially all the risks and benefits of the ownership of
the leased assets, are classified as operating leases. Operating lease payments are recognized as
an expense in the Statement of Profit & Loss on a straight line basis over the leased term.

Company as Lessor

Leases in which the Company does not transfer substantially all the risks and benefits of ownership
of the asset are classified as operating leases. Assets subject to operating leases are included in
fixed assets. Lease income on an operating lease is recognized in the statement of profit and loss on
a straight-line basis over the lease term. Costs, including depreciation, are recognized as an
expense in the statement of profit and loss. Initial direct costs such as legal costs, brokerage costs,
etc. are recognized immediately in the statement of profit and loss.

Retirement Benefits and other employee benefits

Contributions to Defined Benefit Scheme are not applicable as the number of employees is below the
statutory limit.

Borrowing Costs

Borrowing costs (including other ancillary borrowing cost) directly attributable to the acquisition,
construction or production of an asset that necessarily takes a substantial period of time to get ready
for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are
expensed in the period in which they occur. Borrowing costs consist of interest and other costs that
an entity incurs in connection with the borrowing of funds. Borrowing cost also includes exchange
differences to the extent regarded as an adjustment to the borrowing costs.

Taxation

Provision for current Income Tax is made on the taxable income using the applicable tax rules and tax
laws. Deferred Tax, if any, arising on account of timing difference and which are capable of reversal in
one or more subsequent period is recognized using the tax rates and tax laws that have been
enacted or substantively enacted by the balance sheet date. Deferred tax assets, if any, subject to
consideration of prudence are recognized and carried forward only to the extent that there is
reasonable certainty that sufficient future taxable income will be available against which such
deferred tax assets can be realized.

Earnings Per Share

Earnings per share is calculated by dividing the net profit or loss before OCI for the year attributable
to equity shareholders by the weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net profit or loss before OCI for the
period attributable to equity shareholders and the weighted average number of shares outstanding
during the period are adjusted for the effects of all dilutive potential equity shares.

Property, plant and equipment

Property, Plant and Equipment is stated at cost, net of accumulated depreciation and accumulated
impairment losses, if any. Cost comprises of purchase price and any attributable cost of bringing the
asset to its working condition for its intended use. When significant parts of plant and equipment are
required to be replaced at intervals, the Company depreciates them separately based on their
specific useful lives.

Under the previous GAAP (Indian GAAP), property, plant and equipment were carried in the balance
sheet on cost. The Company has elected to regard those values as deemed cost at the date of
transition.

An item of property, plant and equipment and any significant part initially recognised is derecognised
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
loss arising on derecognition of the asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is included in the income statement when the asset is
derecognised.

The residual values, useful lives and methods of depreciation of property, plant and equipment are
reviewed at each financial year end and adjusted prospectively, if appropriate.

Depreciation on Tangible Fixed Assets

Depreciation on Fixed Assets is provided on Written down value method and manner specified in
Schedule II of the Companies Act, 2013.

The Company has used Useful lives as specified in Schedule-II of Companies Act, 2013.

Depreciation on Fixed Assets added/disposed off during the year is provided on pro-rata basis with
reference to the date of addition/disposal thereof.

Impairment of non-financial assets

The Company assesses, at each reporting date, whether there is an indication that an asset may be
impaired. If any indication exists or when annual impairment testing for an asset is required, the
Company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher of
an asset''s or cash-generating unit''s (CGU) fair value less costs of disposal and its value in use.
Recoverable amount is determined for an individual asset, unless the asset does not generate cash
inflows that are largely independent of those from other assets or Company‘s assets. When the
carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered as
impaired and is written down to its recoverable amount.

Impairment losses are recognised in the statement of profit and loss.

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Mar 31, 2014

A) All income & expenditures are accounted for on Accrual basis except Dividend which is accounted for on cash basis.

b) Investments

Long term investments are valued at cost Provision for diminution in the value of long term investments is made only if such a decline is other than temporary. Currentinvestments are valued at cost orMarket value whichever is lower.

c) Fixed Assets

Fixed Assetsare stated at cost less accumulated depreciation.

d) Depreciation:

Depreciation has been provided on all assets on written down value basis as per rates prescribed in Schedule XIV of the Companies Act, 1956. e) Inventories:

e) Inventories:

Inventories are valued at cost or Net realizable value whichever is lower. The cost is determined on the FIFO basis.

f) Employees Benefits:

i) Short-term employee benefits are recognised as an expense at the undiscounted amount in the statement of profit and loss fa the year in which the related service is render.

i) Post employment and other long term employee benefits are recognised as an expense in the statement of profit and loss for the year in which the employee has rendered services. The expense is recognised at the present value of the amount payable determined using actuarial valuation techniques. Actuarial Gain or Losses in respect of post employment and other long term benefits are charged to the statement of Profitand Loss.

g) Impairment of Assets:

An assets is treated as impaired when the carrying cost of assets exceeds is 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. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount

h) Taxation:

Provision for current fax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act 1961. Deferred tax resulting from "timing differences" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the Balance Sheet date. The deferred tax assets is recognised and carried forward only to the extent that there is a virtual certainty that the asset will be realised infuture.

i) Provision, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resouroes. Contingent Liabilities are not recognised but are disclosed in the notes. Contingent Assets are neither recognised nor disclosed on the financial statements.

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Mar 31, 2011

1. All income & expenditures are accounted for on Accrual basis except Dividend, debenture interest, which are accounted for on cash basis.

2. Investments:

Long term investments are valued at cost. Provision for diminution in the value of long term investments is made only if such a decline is other than temporary. Current investments are valued at cost or Market value whichever is lower.

3. Fixed Assets

Fixed Assets are stated at, cost less accumulated depreciation.

4. Depreciation:

Depreciation has been provided on all assets on written down value basis as per rates prescribed in Schedule. XIV of the Companies Act, 1956.

5. Inventories:

Inventories are valued at cost or Net realizable value whichever is lower. The cost is determined on the FIFO basis.

6. Employees Benefits:

i) Short-term employee benefits are recognised as an expense at the undiscounted amount in the profit and loss account for the year in which the related service is render.

ii) Post employment and other long term employee benefits are recognised as an expense in the profit and loss account for the year in which the employee has rendered services. The expense is recognised at the present value of the amount payable determined using actuarial valuation techniques. Actuarial Gain or Losses in respect of post employment and other long term benefits are charged to Profit and Loss Account.

7. Sales and Purchases are stated in accounts at net of discount thereon.

8. Impairment of Assets :

An assets is treated as impaired when the carrying cost of assets exceeds is recoverable value. An impairment loss is charged to the profit and loss account 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.

9. Taxation:

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act. 1961. Deferred tax resulting from "timing differences" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the Balance Sheet date. The deferred tax assets is recognised and carried forward only to the extent that there is a virtual certainly that the asset will be realised in future.

10. Provision, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are disclosed in the notes. Contingent Assets are neither recognised nor disclosed on the financial statements.

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Mar 31, 2010

1. All income & expenditures are accounted for on Accrual basis except Dividend, debenture interest, which are accounted for on cash basis.

2. Investments:

Long term investments are valued at cost. Provision for diminution in the value of long term invest- ments is made only if such a decline is other than temporary. Current investments are valued at cost or Market value whichever is lower.

3. Fixed Assets

Fixed Assets are stated at, cost less accumulated depreciation.

4. Depreciation:

Depreciation has been provided on all assets on written down value basis as per rates prescribed in Schedule. XIV of the Companies Act, 1956.

5. Inventories:

Inventories are valued at cost or Net realizable value whichever is lower. The cost is datermined on the FIFO basis.

6. Employees Benefits:

i) Short-term employee benefits are recognised as an expense at the undiscounted amount in the profit and loss account for the year in which the related service is render.

ii) Post employment and other long term employee benefits are recognised as an expense in the profit and loss account for the year in which the employee has rendered services. The expense is recognised at the present value of the amount payable determined using actuarial valuation techniques. Actuarial Gain or Losses in respect of post employment and other long term benefits are charged to Profit and Loss Account.

7. Sales and Purchases are stated in accounts at net of discount thereon.

8. Impairment of Assets :

An assets is treated as impaired when the carrying cost of assets exceeds is recoverable value. An impairment loss is charged to the profit and loss account 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.

9. Taxation:

Provision for current tax is made after taking into consideration benefits admissible under the provi- sions of the Income Tax Act. 1961. Deferred tax resulting from "timing differences" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the Balance Sheet date. The deferred tax assets is recognised and carried forward only to the extent that there is a virtual certainly that the asset will be realised in future.

10. Provision, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are disclosed in the notes. Contingent Assets are neither recognised nor disclosed on the financial statements.

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Mar 31, 2009

1. All income & expenditures are accounted for an Accrual basis except Dividend, debenture interest, which are accounted for on cash basis.

2. Investments:

Long term investments are valued at cost. Provision for diminution in the value of long term invest- ments is made only if such a decline is other than temporary. Current investments are valued at cost or Market value whichever is lower.

3. Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation.

4. Depreciation:

Depreciation has been provided on all assets on written down value basis as per rates prescribed in Schedule XIV of the Companies Act, 1956.

5. Inventories:

Inventories are valued at cost or Net realizable value whichever is lower. The cost is datermined on the FIFO basis.

6. Employees Benefits:

i) Short-term employee benefits are recognised as an expense at the undiscounted amount in the profit and loss account for the year in which the related service is render.

ii) Post employment and other long term employee benefits are recognised as an expense in the profit and loss account for the year in which the employee has rendered services. The expense is recognised at the present value of the amount payable determined using actuarial valuation techniques. Actuarial Gain or Losses in respect of post employment and other long term benefits are charged to Profit and Loss Account.

7. Sales and Purchases are stated in accounts at net of discount thereon.

8. Impairment of Assets :

An assets is treated as impaired when the carrying cost of assets exceeds is recoverable value. An impairment loss is charged to the profit and loss account 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

9. Taxation:

Provision for current tax is made after taking into consideration benefits admissible under the provi- sions of the Income Tax Act. 1961. Deferred tax resulting from "timing differences" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the Balance Sheet date. The deferred tax assets is recognised and carried forward only to the extent that there is a virtual certainly that the asset will be realised in future.

10. Provision, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are no recognised but are disclosed in the notes. Contingent Assets are neither recognised nor disclosed on the financial statements.