h Provision and Contingencies

The Company creates a provision when there exists a present obligation 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 the obligation. A disclosure for a contingent
liability is made when there is a possible obligation or a present obligation that may, but probably will not require an outflow
of resources. When there is a possible obligation or a present obligation in respect of which likelihood of outflow of
resources is remote, no provision or disclosure is made.

i Earnings Per Share

(i) Basic earnings per share

Basic eamings per share is calculated by dividing:

- the profit attributable to owners of the company

- by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements in
equity shares issued during the year and excluding treasury shares

(ii) Diluted earnings per share

Diluted eamings per share adjusts the figures used in the determination of basic eamings per share to take
into account:

- the after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and

- the weighted average number of additional equity shares that would have been outstanding assuming the conversion of all
dilutive potential equity shares.

j Borrowing Cost

Borrowing cost includes interest costs incurred in connection with the arrangement of borrowings

General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a
qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended
use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or
sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying
assets is deducted from the borrowing costs eligible for capitalisation.

Other borrowing costs are expensed in the period in which they are incurred.

k Cash and Cash Equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits
held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or
less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value,
and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet.

1 Segment reporting.

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker (CODM). The Board of Directors of the Company has been identified as CODM which also consists of key
managerial personnel of the Company. Refer note 29 for segment information.

m Leases

As a lessee:

Leases of property, plant and equipment and intangible assets where the company, as lessee, has substantially all the risks
and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lease’s inception at the fair
value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding rental
obligations, net of finance charges, are included in borrowings or other financial liabilities as appropriate. Each lease
payment is allocated between the liability and finance cost. The finance cost is charged to the profit or loss over the lease
period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Leases in which a significant portion of the risks and rewards of ownership are not transferred to the company as lessee arc
classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are
charged to profit or loss on a straight-line basis over the period of the lease unless the payments are structured to increase in
line with expected general inflation to compensate for the lessor’s expected inflationary cost increases.

n Trade and other payables

These amounts represent liabilities for goods and services provided to the company prior to the end of financial year which
are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the
reporting period.

o Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at
amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in
profit or loss over the period of the borrowings using the effective interest method.

Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or
expired.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the
liability for at least 12 months after the reporting period. Where there is a breach of a material provision of a long-term loan
arrangement on or before the end of the reporting period with the effect that the liability becomes payable on demand on the
reporting date, the entity does not classify the liability as current, if the lender agreed, after the reporting period and before
the approval of the financial statements for issue, not to demand payment as a consequence of the breach.

p Rounding off amounts

All amounts disclosed in the financial statements and notes have been rounded off to nearest lakhs as per the requirement of
schedule IH unless otherwise stated.

Note 24 : Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (CODM). The Board of Directors of
the company has been identified as CODM & consists of key managerial personnel of the company.

For the F.Y. 2023-24, the company has just one reportable segment (i.e. Precious Stones) thus segment reporting is not applicable to the company and accordingly not
been provided

For Parekh Sharma & Associates For Tavernier Resources Limited

Chartered Accountants
Firm Registration No. 129301W

Mr. Sudhir Naheta Mrs. Rajkumari Naheta

DIN: 00297863 DIN: 00172026

(Managing Director) (Director)

CA Sujesh Sharma Mr. Krishna Sawant Mrs. Priyanka Chauhan

(Partner) PAN: AKHPS5544E PAN: AIUPC2350D

Membership No. 118944 (Chief Financial Officer) (Company Secretary)

Place : Mumbai Place : Mumbai

Date : 28th May, 2024 Date : 28th May, 2024