l) Provision, contingent liabilities and contingent
assets
The Company creates a provision when there
is a present obligation (legal or constructive) as
a result of a past event that probably requires
an outflow of resources and a reliable estimate
can be made of the amount of obligation.
Provisions are measured at the best estimate of
the expenditure required to settle the present
obligation at the balance sheet date and are
discounted to its present value if the effect of
time value of money is considered to be material.
These are reviewed at each year end date and
adjusted to reflect the best current estimate.
The unwinding of the discount is recognized as
finance cost. Expected future operating losses
are not provided for.
A disclosure for a contingent liability is made
when there is a possible obligation or a present
obligation that may or may not require an
outflow of resources. When there is a possible
obligation or a present obligation in respect of
which the likelihood of outflow of resources is
remote, no provision or disclosure is made.
Contingent assets are neither recognised nor
disclosed in The standalone financial statements.
m) Investment in Subsidiaries
The Company has elected to account for its
equity investments in subsidiaries under Ind
AS 27 on separate financial statements, at cost
less accumulated impairment losses, if any.
Where an indication of impairment exists, the
carrying amount of the investment is assessed.
On disposal of investments in subsidiaries, the
difference between net disposal proceeds and
the carrying amounts are recognized in the
Statement of profit and loss.
n) Financial instruments
A Financial instruments is any contract that
gives rise to a financial assets of one entity and a
financial liability or equity instrument of another
entity.
Financial Assets
Initial recognition and measurement:
Financial assets are classified, at initial
recognition, as subsequently measured at
amortised cost, fair value through other
comprehensive income (OCI), and fair value
through profit or loss.
The classification of financial assets at initial
recognition depends on the financial asset's
contractual cash flow characteristics and the
Company's business model for managing them.
With the exception of trade receivables that do
not contain a significant financing component or
for which the Company has applied the practical
expedient, the Company initially measures a
financial asset at its fair value plus, in the case of
a financial asset not at fair value through profit or
loss, transaction costs. Trade receivables that do
not contain a significant financing component or
for which the Company has applied the practical
expedient are measured at the transaction price
determined under Ind AS 115.
In order for a financial asset to be classified and
measured at amortised cost or fair value through
OCI, it needs to give rise to cash flows that are
'solely payments of principal and interest (SPPI)'
on the principal amount outstanding. This
assessment is referred to as the SPPI test and is
performed at an instrument level.
The Company's business model for managing
financial assets refers to how it manages its
financial assets in order to generate cash flows.
The business model determines whether cash
flows will result from collecting contractual cash
flows, selling the financial assets, or both.
Purchases or sales of financial assets that require
delivery of assets within a time frame established
by regulation or convention in the market place
(regular way trades) are recognised on the trade
date, i.e., the date that the Company commits to
purchase or sell the asset.
Financial asset :
Subsequent measurement
For purposes of subsequent measurement,
financial assets are classified in four categories:
a) Debt instruments at amortised cost
b) Debt instruments at fair value through
other comprehensive income (FVTOCI)
c) Debt instruments, derivatives and equity
instruments at fair value through profit or
loss (FVTPL)
d) Equity instruments measured at fair value
through other comprehensive income
(FVTOCI)
Debt instruments at amortised cost
A 'debt instrument' is measured at the amortised
cost if both the following conditions are met:
a) The asset is held within a business model
whose objective is to hold assets for
collecting contractual cash flows, and
b) Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI)
on the principal amount outstanding.
This category is the most relevant to the
Company. After initial measurement, such
financial assets are subsequently measured at
amortised cost using the effective interest rate
(EIR) method. Amortised cost is calculated by
taking into account any discount or premium on
acquisition and fees or costs that are an integral
part of the EIR. The EIR amortisation is included
in finance income in the profit or loss. The losses
arising from impairment are recognised in the
profit or loss. This category generally applies to
trade and other receivables.
Debt instrument at FVTPL
FVTPL is a residual category for debt instruments.
Any debt instrument, which does not meet the
criteria for categorization as at amortized cost or
as FVTOCI, is classified as at FVTPL.
In addition, the Company may elect to designate
a debt instrument, which otherwise meets
amortized cost or FVTOCI criteria, as at FVTPL.
However, such election is allowed only if doing
so reduces or eliminates a measurement or
recognition inconsistency. The Company has not
designated any debt instrument as at FVTPL.
Debt instruments included within the FVTPL
category are measured at fair value with all
changes recognized in the P&L.
Equity investments
All equity investments in scope of Ind AS 109
are measured at fair value. Equity instruments
which are held for trading and contingent
consideration recognised by an acquirer in
a business combination to which Ind AS103
applies are classified as at FVTPL. For all other
equity instruments, the Company may make
an irrevocable election to present in other
comprehensive income subsequent changes in
the fair value. The Company makes such election
on an instrument-by-instrument basis. The
classification is made on initial recognition and
is irrevocable.
If the Company decides to classify an equity
instrument as at FVTOCI, then all fair value
changes on the instrument, excluding dividends,
are recognized in the OCI. There is no recycling
of the amounts from OCI to P&L, even on sale of
investment. However, the Company may transfer
the cumulative gain or loss within equity.
Equity instruments included within the FVTPL
category are measured at fair value with all
changes recognized in the P&L.
De-recognition of financial assets
A financial asset (or, where applicable, a part of
a financial asset or part of a Company of similar
financial assets) is primarily derecognised (i.e.
removed from the Company's consolidated
balance sheet) when:
a) The rights to receive cash flows from the
asset have expired, or
b) The Company has transferred its rights
to receive cash flows from the asset or
has assumed an obligation to pay the
received cash flows in full without material
delay to a third party under a 'pass¬
through' arrangement; and either (a) the
Company has transferred substantially
all the risks and rewards of the asset, or
(b) the Company has neither transferred
nor retained substantially all the risks and
rewards of the asset, but has transferred
control of the asset.
When the Company has transferred its rights to
receive cash flows from an asset or has entered
into a pass-through arrangement, it evaluates
if and to what extent it has retained the risks
and rewards of ownership. When it has neither
transferred nor retained substantially all of the
risks and rewards of the asset, nor transferred
control of the asset, the Company continues to
recognise the transferred asset to the extent of
the Company's continuing involvement. In that
case, the Company also recognises an associated
liability. The transferred asset and the associated
liability are measured on a basis that reflects the
rights and obligations that the Company has
retained.
Continuing involvement that takes the form
of a guarantee over the transferred asset is
measured at the lower of the original carrying
amount of the asset and the maximum amount
of consideration that the Company could be
required to repay.
Impairment of financial assets
In accordance with Ind-AS 109, the Company
applies Expected Credit Loss ("ECL") model for
measurement and recognition of impairment
loss on the financial assets measured at
amortized cost and financial assets measured
at FVOCI. For financial assets other than trade
receivables, as per Ind AS 109, the Company
recognises 12 month expected credit losses for
all originated or acquired financial assets if at
the reporting date the credit risk of the financial
asset has not increased significantly since its
initial recognition. The expected credit losses
are measured as lifetime expected credit losses
if the credit risk on financial asset increases
significantly since its initial recognition. The
Company's trade receivables do not contain
significant financing component and loss
allowance on trade receivables is measured at
an amount equal to life time expected losses i.e.
expected cash shortfall.
The impairment losses and reversals are
recognised in Statement of Profit and Loss.
Financial liabilities :
Initial recognition and measurement
Financial liabilities are classified, at initial
recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings,
payables, or as derivatives designated as
hedging instruments in an effective hedge, as
appropriate.
All financial liabilities are recognised initially
at fair value and, in the case of loans and
borrowings and payables, net of directly
attributable transaction costs.
The Company financial liabilities include trade
and other payables, loans and borrowings
including bank overdrafts, financial guarantee
contracts and derivative financial instruments.
The measurement of financial liabilities depends
on their classification, as described below:
Financial liabilities at fair value through profit or
loss
Financial liabilities at fair value through profit
and loss include financial liabilities held for
trading and financial liabilities designated upon
initial recognition as at fair value through profit
and loss. Financial liabilities are classified as held
for trading if they are incurred for the purpose of
repurchasing in the near term. This category also
includes derivative financial instruments entered
into by the Company that are not designated as
hedging instruments in hedge relationships as
defined by Ind AS 109. Separated embedded
derivatives are also classified as held for trading
unless they are designated as effective hedging
instruments. Gains or losses on liabilities held for
trading are recognised in the profit and loss.
Financial liabilities designated upon initial
recognition at fair value through profit and
loss are designated as such at the initial date of
recognition, and only if the criteria in Ind AS 109
are satisfied. For liabilities designated as FVTPL,
fair value gains/ losses attributable to changes
in own credit risk are recognized in OCI. These
gains/ loss are not subsequently transferred
to P&L. However, the Company may transfer
the cumulative gain or loss within equity. All
other changes in fair value of such liability are
recognised in the statement of profit or loss.
The Company has not designated any financial
liability as at fair value through profit and loss.
Loans and borrowings
This is the category most relevant to the
Company. After initial recognition, interest¬
bearing loans and borrowings are subsequently
measured at amortised cost using the EIR
method. Gains and losses are recognised in profit
or loss when the liabilities are derecognised as
well as through the EIR amortisation process.
Amortised cost is calculated by taking into
account any discount or premium on acquisition
and fees or costs that are an integral part of the
EIR. The EIR amortisation is included as finance
costs in the statement of profit and loss.
De-recognition
A financial liability is derecognised when the
obligation under the liability is discharged or
cancelled or expires. When an existing financial
liability is replaced by another from the same
lender on substantially different terms, or the
terms of an existing liability are substantially
modified, such an exchange or modification
is treated as the de-recognition of the original
liability and the recognition of a new liability. The
difference in the respective carrying amounts is
recognised in the Statement of Profit and Loss.
Offsetting
Financial assets and financial liabilities are
offset and the net amount is presented in the
Balance Sheet, if the Company currently has a
legally enforceable right to offset the recognised
amounts and there is an intention to settle on a
net basis, or to realise the assets and settle the
liabilities simultaneously.
o) Derivative financial instruments and hedge
accounting
Initial recognition, subsequent measurement
and fair value hedge
In order to hedge its exposure to commodity
price risks, the Company also enters into
forward contracts . The Company does not hold
derivative financial instruments for speculative
purposes. Such derivative financial instruments
are initially recognised at fair value on the date
on which a derivative contract is entered into
and are subsequently re-measured at fair value.
Derivatives are carried as financial assets when
the fair value is positive and as financial liabilities
when the fair value is negative.
Any gains or losses arising from changes in
the fair value of derivatives are taken directly
to statement of profit and loss. Changes in the
fair value of derivatives that are designated
and qualify as fair value hedges are recognised
in statement of profit and loss immediately,
together with any changes in the fair value of the
hedged asset or liability that are attributable to
the hedged risk.
Embedded derivative
An embedded derivative is a component of a
hybrid (combined) instrument that also includes
a non-derivative host contract - with the effect
that some of the cash flows of the combined
instrument vary in a way similar to a standalone
derivative. An embedded derivative causes some
or all of the cash flows that otherwise would
be required by the contract to be modified
according to a specified variable.
Derivative are initially measured at fair value.
Subsequent to initial recognition, derivative are
measured at fair value, and changes there in are
generally recognised in profit and loss.
At the inception of a hedge relationship, the
Company formally designates and documents
the hedge relationship to which the Company
wishes to apply hedge accounting and the
risk management objective and strategy for
undertaking the hedge. The documentation
includes the Company's risk management
objective and strategy for undertaking hedge,
the hedging/ economic relationship, the
hedged item or transaction, the nature of the
risk being hedged, hedge ratio and how the
entity will assess the effectiveness of changes in
the hedging instrument's fair value in offsetting
the exposure to changes in the hedged item's
fair value attributable to the hedged risk. Such
hedges are expected to be highly effective in
achieving offsetting changes in fair value and
are assessed on an ongoing basis to determine
that they actually have been highly effective
throughout the financial reporting periods for
which they were designated.
p) Recent accounting pronouncements - Standard
issued but not yet effective
Recent accounting pronouncements - Standard
issued but not yet effective, the Ministry
of Corporate Affairs (MCA) has notified the
Companies (Indian Accounting Standards)
Amendment Rules, 2025. This notification
has resulted into amendments in the existing
accounting standard i.e. Ind AS 21 - The Effects
of Changes in Foreign Exchange Rates, which is
applicable to the Company from 1st April, 2025
onwards. This amendment does not have any
significant impact on the Company's financial
statements.
Working capital demand loan and the Cash credit facilities are part of a consortium arrangement with banks. The
above facilities are secured by primary security by way of hypothecation charge on the entire current assets of the
Company, present and future, on first pari passu basis among the members of the consortium.
Further, the facility is secured by collateral security on first pari passu charge basis among the members of the
consortium
- By way of mortgage over premises at Zaveri Bazar, Mumbai, premises at Surat, premises at Kandivali Industrial Estate,
Mumbai, premises at Nariman Point, Mumbai, premises at Punjagutta, Hyderabad.
- By way of hypothecation charge over Property, Plant and Equipment installed/erected at Surat, at Kandivali Industrial
Estate, Mumbai, at Pune, and all movable and immovable assets present in all the Company's showrooms.
23 Current borrowings (Contd.)
The facility is also secured by way of extension of mortgage charge on Second pari passu basis over commercial
premises at Santacruz, Mumbai belonging to Shri Shrikant Zaveri (Chairman and Managing Director) and the personal
guarantee of Shri Shrikant Zaveri the Chairman and Managing Director, Raashi Zaveri Executive Director and Binaisha
Zaveri, Executive Director of the Company.
Deposit with carrying value of ' 7,285.45 Lacs (31st March, 2024'3,694.99 Lacs) are under lien to secure working
capital facilities availed from banks. The facilities are also secured by Bank Guarantee of ' 5303.44 lacs (31st March,
2024: ' 8,550.00 lacs).
* The contingent liability as at 31st March, 2025, the company has paid deposit under protest towards sales tax matters of ' 5.10
lacs and custom duty matters of ' 1.87 lacs.
The contingent liabilities, if materialised, shall entirely be borne by the Company, as there is no likely reimbursement
from any other party. No cash outflow in near future.
The Company's pending litigations comprises of claims against the Company primarily for shortfall of Forms
F and disallowance of input credit, with Sales, VAT tax, GST and other authorities. The Company has reviewed
all its pending litigations and proceedings, and has adequately provided for where provisions are required and
disclosed the contingent liabilities, where applicable, in its financial statements. The Company does not expect
the outcome of these proceedings to have a materially adverse effect on its financial statements.
(ii) Commitments
Estimated amount of Contracts remaining to be executed on capital account and not provided for (net of
advances) as at 31st March, 2025 is ' 29.75 lacs (31st March, 2024: ' 20.48 lacs).
39.5 Gratuity and Other Post-employment benefit plans
a) Defined contribution plans
The Company makes contributions, determined as a specified percentage of employee salaries, in respect of
qualifying employees towards Provident Fund and Employees State Insurance, which are defined contribution
plans. The Company has no obligations other than to make the specified contributions. The contributions are
charged to the Statement of Profit and Loss as they accrue. The amount recognised as an expense towards
contribution to Provident Fund and other funds for the year aggregated to ' 297.77 Lacs (31st March, 2024: '
288.08 Lacs) which is shown under notes to financial statements 34 - 'Employee benefits expenses'
b) Defined benefit plans
The Company operates gratuity plan through a Trust wherein every employee is entitled to the benefit equivalent
to fifteen days salary last drawn for each completed year of service. The same is payable on termination of
service or retirement, whichever is earlier. The benefit vests after five years of continuous service. In case of
some employees, the Company's scheme is more favourable as compared to the obligation under Payment of
Gratuity Act, 1972. The gratuity plan is funded. The Company contributes to the Fund based on the actuarial
valuation report. The Company has contributed to the Insurer Managed Fund. The following tables summarise
the components of net benefit expense recognised in the Statement of Profit and Loss, and the funded status and
amounts recognised in the Balance Sheet for the respective plans:
39.11 Fair value hedge of gold price risk in inventory
The Company enters into contracts for purchase of gold wherein the Company has the option to fix the purchase
price based on market price of gold during a stipulated time period. The prices are linked to gold prices. Accordingly,
these contracts are considered to have an embedded derivative (represented in the said option to fix the price) that is
required to be separated from the host contract which is the gold loan liability. Such feature is kept to hedge against
exposure in the value of inventory of gold due to volatility in gold prices. The Company designates the embedded
derivative in the payable for such purchases as the hedging instrument in fair value hedging of inventory. The Company
designates only the spot-to-spot movement of the gold inventory as the hedged risk. The carrying value of inventory
which are designated under fair value hedge relationship are measured at fair value at each reporting date. There is no
ineffectiveness in the relationships designated by the Company for hedge accounting.
Disclosure of effects of fair value hedge accounting on financial position:
Hedged item - Changes in fair value of inventory attributable to change in gold prices
Hedging instrument - Changes in fair value of the option to fix prices of gold purchases, as described above
39.12 Capital management
The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence
and to sustain future development of the business. Management monitors the return on capital as well as the level of
dividends to ordinary shareholders.
The board of directors seeks to maintain a balance between the higher returns that might be possible with higher
levels of borrowings and the advantages and security afforded by a sound capital position. The primary objective of
the Company's Capital Management is to maximise shareholder value. The Company manages its capital structure
and makes adjustments in the light of changes in the economic environment and the requirements of the financial
covenants, if any.
The Company monitors capital using a ratio of 'adjusted net debt' to 'equity' For this purpose, adjusted net debt is
defined as total borrowings, comprising interest-bearing loans and borrowings less cash and cash equivalents. Equity
comprises all components of equity.
39.13 Financial Instruments - Fair values and risk management
39.13.1 Financial Instruments - Fair values
Accounting classification and fair values
Carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value
hierarchy, are presented below.
a) The fair value of financial instruments have been classified into three categories depending on the inputs used in
the valuation technique. The hierarchy gives the highest priority to quoted prices in active markets for identical
assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements)
The categories used are as follows:
• Level 1: Quoted prices for identical instruments in an active market;
• Level 2: Directly or indirectly observable market inputs, other than Level 1 inputs; and
• Level 3: Inputs which are not based on observable market data.
39.13 Financial Instruments - Fair values and risk management (Contd.)
39.13.2 Financial risk management
The company's principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other
payable. The main purpose of these financial liabilities is to finance the Company's operations. The Company's
principal financial assets include trade and other receivables and cash and cash equivalents that derive directly from
its operations.
The company is exposed to market risk, credit risk and liquidity risk. The company's senior management oversees the
management of these risks. It is the Company's policy that no trading in derivatives for speculative purposes may be
undertaken. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised
below.
A Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails
to meet its contractual obligations, and arises principally from the Company's exposures to trade receivables
(mainly institutional customers and credit sales), deposits with landlords for store properties taken on leases and
other receivables including balances with banks.
Trade receivables and other deposits
The Company's retail business is predominantly on 'cash and carry' basis which is largely through cash and credit
card collections. The credit risk on such credit card collections is minimal, since they are primarily owned by
customers'card issuing banks. The Company has adopted a policy of dealing with only credit worth counterparties
in case of institutional customers and credit sales and the credit risk exposure for institutional customers and
credit sales are managed by the Company by credit worthiness checks. The Company also carries credit risk on
lease deposits with landlords for store properties taken on leases, for which agreements are signed and property
possessions timely taken for store operations. The risk relating to refunds of deposits after store shut down is
managed through successful negotiations or appropriate legal actions, where necessary.
Other financial assets
The Company maintains exposure in cash and cash equivalents and term deposits with banks. The Cash and cash
equivalents and term deposits are held with the banks with good credit ratings.
The Company's maximum exposure to credit risk as at 31st March, 2025 and 31st March, 2024 is the carrying value
of each class of financial assets.
B Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with
its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach
to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities
when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Company's reputation.
The Company maintained a cautious liquidity strategy, with a positive cash balance throughout the year ended
31st March, 2025 and 31st March, 2024. Cash flow from operating activities provides the funds to service the
financial liabilities on a day-to-day basis.
The Company regularly monitors the rolling forecasts to ensure it has sufficient cash on an on-going basis to meet
operational needs. Any short term surplus cash generated, over and above the amount required for working
capital management and other operational requirements, is retained as cash and cash equivalents (to the extent
required) and any excess is invested in interest bearing term deposits with appropriate maturities to optimise the
cash returns on investments while ensuring sufficient liquidity to meet its liabilities.
C Market risk
i. Market risk
Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and
equity prices - will affect the Company's income or the value of its holdings of financial instruments. The
objective of market risk management is to manage and control market risk exposures within acceptable
parameters, while optimising the return.
ii. Interest rate risk
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate
risk is the risk of changes in fair values of fixed interest bearing financial assets or borrowings because of
fluctuations in the interest rates, if such assets/borrowings are measured at fair value through profit or loss.
Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing borrowings will
fluctuate because of fluctuations in the interest rates.
Exposure to interest rate risk
The interest rate profile of the Company's interest-bearing financial instruments as reported to the
management of the Company is as follows.
The Company's fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest
rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate
because of a change in market interest rates.
Sensitivity
The sensitivity to profit and loss in case of a reasonable possible change in interest rate of /- 80 basis points
(previous year /- 80 basis points), keeping all other variables constant, would have resulted in an impact on
profits by ' 441.74 Lacs (previous year ' 381.16 Lacs)
iii Price risk
Exposure from Borrowings:
The Company's exposure to price risk also arises from borrowings of the Company that are at unfixed prices,
and therefore, payment is sensitive to changes in gold price. The option to fix gold prices are classified in the
balance sheet as fair value through profit or loss. The option to fix gold prices are at unfixed prices to hedge
against potential losses in value of inventory of gold held by the Company.
The Company applies fair value hedge for the gold purchased whose price is to be fixed in future. Therefore,
there will no impact of the fluctuation in the price of the gold on the Company's profit for the year.
39.15 Events after the reporting period
The Company has evaluated subsequent events from the balance sheet date through 22nd May, 2025, the date at which
the financial statement were available to be issued, and determine that there are no material items to disclose other
than those disclosed.
39.16 Other Statutory information
(a) 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:
(i) 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
(ii) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(b) 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:
(i) 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
(ii) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(c) The Company does not have any 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.
39.17 Relationship with Struck off companies
There are no balance outstanding on account of any transaction with companies struck off under section 248 of the
Companies Act, 2013 or section 560 of Companies Act,1956.
39.18 The Company has not traded or invested in crypto currency or virtual currency during the financial year.
39.19 The Company has not been declared a wilful defaulter by any bank or financial institution or other lender (as defined
under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters issued
by the Reserve Bank of India.
39.20 The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with
Companies (Restriction on number of Layers) Rules, 2017.
39.21 The figures for the previous year have been re-grouped/ re-arranged, wherever necessary, to correspond with the
current year classification/disclosure.
39.22The standalone financial statements were approved for issue by the Board of Directors on 22nd May, 2025.
As per our report of even date For and on behalf of the Board of Directors of
For Chaturvedi & Shah LLP Tribhovandas Bhimji Zaveri Limited
Chartered Accountants
Firm Registration No: 101720W/ W100355
Vijay Napawaliya Shrikant Zaveri Raashi Zaveri
Partner Chairman and Managing Director Whole time Director
Membership No. 109859 DIN: 00263725 DIN: 00713688
Mukesh Sharma Arpit Maheshwari
Place: Mumbai Chief Financial Officer Company Secretary
Date: 22nd May, 2025 Membership No: A42396
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