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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