2.2.7 Provisions and Contingent liabilities

A provision is recognised when the Company
has a present obligation (legal or constructive)
as a result of past events and it is probable that
an outflow of resources will be required to settle

the obligation in respect of which a reliable
estimate can be made.

The amount recognised as a provision is the
best estimate of the consideration required to
settle the present obligation at the end of the
reporting period, taking into account the risks
and uncertainties surrounding the obligation.
When a provision is measured using the cash
flows estimated to settle the present obligation,
its carrying amount is the present value of those
cash flows (when the effect of the time value of
money is material). These are reviewed at each
balance sheet date and adjusted to reflect the
current best estimates.

When some or all of the economic benefits
required to settle a provision are expected to
be recovered from a third party, a receivable is
recognised as an asset if it is virtually certain
that reimbursement will be received and the
amount of the receivable can be measured
reliably.

Contingent liability is disclosed for (i) Possible
obligations which will be confirmed only by
future events not wholly within the control of
the Company or (ii) Present obligations arising
from past events where it is not probable
that an outflow of resources will be required
to settle the obligation or a reliable estimate
of the amount of the obligation cannot be
made. The Company does not recognise a
contingent liability but discloses its existence
in the Financial Statements. Contingent assets
are only disclosed when it is probable that the
economic benefits will flow to the entity.

2.2.8 Cash and cash equivalents and Cash Flow
Statement

For the purpose of presentation in the statement
of cash flows, cash and cash equivalents
includes cash in hand, cash with cash collecting
agents, balances with banks in current accounts
and balances with credit card companies and
wallets, 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 book overdrafts. Bank
overdrafts are shown within borrowings in
current liabilities in the balance sheet.

Cash flows are reported using the indirect
method, whereby net profit before tax is
adjusted for the effects of transactions of a non¬
cash nature, any deferrals or accruals of past
or future cash receipts or payments. The cash
flows from operating, investing and financing
activities of the Company are segregated based
on the available information.

2.2.9 Earnings per share (EPS)

Basic earnings per share is computed by dividing
the profit / (loss) after tax by the weighted
average number of equity shares outstanding
during the period. Diluted earnings per share
is computed by dividing the profit / (loss) after
tax as adjusted for dividend, interest and other
charges to expense or income relating to the
dilutive potential equity shares, by the weighted
average number of equity shares considered
for deriving basic earnings per share and the
weighted average number of equity shares
which could have been issued on the conversion
of all dilutive potential equity shares.

Potential equity shares are deemed to be
dilutive only if their conversion to equity shares
would decrease the net profit per share from
continuing ordinary operations. Potential dilutive
equity shares are deemed to be converted as at
the beginning of the period, unless they have
been issued at a later date. The dilutive potential
equity shares are adjusted for the proceeds
receivable had the shares been actually issued
at fair value (i.e. average market value of the
outstanding shares). Dilutive potential equity
shares are determined independently for
each period presented. The number of equity
shares and potentially dilutive equity shares are
adjusted for share splits / reverse share splits
and bonus shares, as appropriate.

2. 2. 10Operating Cycle

Based on the nature of products / activities of
the Company and the normal time between
acquisition of assets and their realisation in
cash or cash equivalents, the Company has
determined its operating cycle as 12 months for
the purpose of classification of its assets and
liabilities as current and non-current.

2.2.11 Borrowing Cost

Borrowing costs consist of interest, ancillary
and other costs that the Company incurs in
connection with the borrowing of funds and
interest relating to other financial liabilities.
Borrowing costs also include exchange
differences to the extent regarded as an
adjustment to the borrowing costs.

Borrowing costs 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 these occur.

9.1 The Company has trade receivable outstanding of more than 5% from two customers amounting to
' 9010.48 Lakhs (As at March 31, 2024: ' 6,407.44 Lakhs).

9.2 Trade Receivables are hypothecated as Security for part of Cash Credit facilities (Refer Note 14.1 & 14.2).
The credit worthiness of Trade Receivables and the credit terms set are determined on a case to case
basis. The fair values of Trade Receivables are not considered to be significantly different from their
carrying values, given their generally short period to maturity, with impairment reviews considered
on an individual basis rather than when these become overdue. The Company has used the practical
expedient by computing the expected credit loss allowance for trade receivable on provision matrix.
The provision matrix takes into account historical credit loss experience and adjusted for forward
looking information.

Notes:

14.1 The working capital facility from Ratnakar Bank Limited comprising of ' 8,000 Lakhs (March 31, 2024:
' 8,000 Lakhs), from ICICI Bank for ' 6,000 Lakhs (March 31,2024: ' 6,000 Lakhs), from Axis Bank for
' 4,000 Lakhs (March 31,2024: ' 4,000 Lakhs) and from HDFC Bank for ' 2,500 Lakhs (March 31,2024:
' 2,500 Lakhs) has been obtained. The facility has been availed for a tenure of 12 months.

14.2 The facility is secured by way of an exclusive charge on the entire current assets and movable property,
plant and equipment of the Company, both present and future.

14.3 As at March 31, 2025 Interest is charged at 0.25% above 1 year MCLR on a monthly basis in case of RBL
Bank, at 1.50% above 6 month MCLR in case of ICICI Bank, at 0.25% above 1 month MCLR in case of Axis
Bank and at WCDL 8.75% linked to 1 month T Bill with monthly reset in case of HDFC Bank.

14.4 The cash credit availed has been utilised to meet the Working Capital requirements of the Company.

14.5 There are no differences between the financial information filed with the banks and books of accounts
for the first three quarters of the financial year ended March 31, 2025. The Company is in the process of
filing the statement for the 4th quarter of financial year ended March 31, 2025.

i) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument
will fluctuate because of changes in foreign exchange rates. The Company’s exposure to the risk
of changes in foreign exchange rates relates primarily to its operating activities (when revenue or
expense is denominated in foreign currency). The Company evaluates exchange rate exposure arising
from foreign currency transactions and follows established risk management policies.

Foreign currency risk sensitivity

The following tables demonstrate the sensitivity to a reasonably possible change in USD exchange
rates, with all other variables held constant. The impact on the profit before tax is due to changes in the
fair value of monetary assets and liabilities. Foreign currency exposures recognised by the Company
that have not been hedged by a derivative instrument or otherwise are as under:

The fair value of the financial assets and liabilities is included at the amount at which the instrument could
be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
The following methods and assumptions were used to estimate the fair values:

1. The Company has disclosed financial instruments such as comprise of lease liabilities, trade payables
and other financial liabilities, trade receivables, other financial assets, cash and cash equivalents and
bank balances other than cash and cash equivalents at carrying value because their carrying values
are a reasonable approximation of the fair values due to their short term nature.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on
parameters such as interest rates and individual credit worthiness of the counter party.

C) Financial Risk Management

The Company’s principal financial liabilities, comprise of lease liabilities, trade payable and other financial
liabilities.

The main purpose of these financial liabilities is to finance the Company’s operations. The Company’s
principal financial assets include investments, trade receivables, cash and cash equivalents and bank
balances other than cash and cash equivalents that are derived directly from its operations.

The Company’s financial risk management is an integral part of how to plan and execute its business
strategies. The Company is exposed to market risk, credit risk and liquidity risk.

The Company’s senior management oversees the management of these risks. The senior professionals
working to manage the financial risks and the appropriate financial risk governance framework for the
Company are accountable to the Board of Directors.

This process provides assurance to Company’s senior management that the Company’s financial risk¬
taking activities are governed by appropriate policies and procedures and that financial risks are identified,
measured and managed in accordance with Company policies and Company’s risk objective.

The management reviews and agrees policies for managing each of these risks which are summarised as
below:

(a) Market Risk:

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate
because of changes in market prices. Market prices comprises three types of risk: currency rate risk,
interest rate risk and other price risks, such as equity price risk. Financial instruments affected by
market risks include borrowings, security deposits, investments and foreign currency receivables and
payables. The sensitivity analyses in the following sections relate to the position as at March 31, 2025.
The analyses exclude the impact of movements in market variables on; the carrying values of gratuity
and other post-retirement obligations; provisions; and the non-financial assets and liabilities. The
sensitivity of the relevant Profit and Loss item is the effect of the assumed changes in the respective
market risks. This is based on the financial assets and financial liabilities held as of March 31, 2025.

ii) Interest Rate Risk

Interest rate is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. Company’s financial liabilities comprises of interest
bearing cash credit facility; however these are not exposed to risk of fluctuation in market interest rate
as the rates are fixed at the time of contract/agreement and do not change for any market fluctuation.
Moreover, the cash credit facility is used to facilitate the cash flow movement of the Company during
the year, and the Company prefers to generally maintain a positive balance, hence controlling the
interest costs pertaining to the cash credit facility.

(b) Credit Risk :

Credit Risk is the risk that the counter party will not meet its obligation under a financial instrument,
leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily
trade receivables) and from its financing activities, including deposits with banks, foreign exchange
transactions and other financial instruments.

i) Trade Receivables

Customer credit risk is managed by each business unit subject to the Company’s established policy,
procedures and control relating to customer credit risk management. Credit quality of a customer
is assessed based on an extensive credit rating review and individual credit limits are defined in
accordance with this assessment. The Company regularly monitors its outstanding customer
receivables.

ii) Financial instruments and cash & bank deposits

Credit risk from balances with banks and financial institutions is managed by the Company’s finance
department in accordance with the Company’s policy. Investments of surplus funds are made in bank
deposits and mutual funds. The limits are set to minimise the concentration of risks and therefore
mitigate financial loss through counter party’s potential failure to make payments.

The Company’s maximum exposure to credit risk for the components of the balance sheet at March
31, 2025 is the carrying amounts which are given below. Trade Receivables and other financial assets
are written off when there is no reasonable expectation of recovery, such as debtor failing to engage
in the repayment plan with the Company.

(c) Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations
on time or at reasonable price. The Company’s objective is to at all times maintain optimum levels
of liquidity to meet its cash and liquidity requirements. The Company closely monitors its liquidity
position and deploys a robust cash management system. It maintains adequate source of financing
throughthe use of short term investments and a cash credit facility. Processes and policies related
to such risks are overseen by senior management. Management monitors the Company’s liquidity
position through rolling forecasts on the basis of expected cash flows. The Company assessed the
concentration of risk with respect to its debt and concluded it to be very low.

(D) Fair value hierarchy

The Company uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:

Level 1 (L-1): Quoted (unadjusted) prices in active markets for identical assets or liabilities

Level 2 (L-2): Other techniques for which all inputs that have a significant effect on the recorded fair
value are observable, either directly or indirectly

Level 3 (L-3): Techniques that use inputs that have a significant effect on the recorded fair value that
are not based on observable market data.

During the year, there are no transfer amongst levels for financial asset & liabilities.

This note provides information about how the Company determines fair value of various financial
assets and liabilities.

32. EMPLOYEE BENEFITS
(a) Defined Contribution plan:

(i) The Company makes Provident and Pension Fund contributions, which is a defined contribution plan,
for qualifying employees. Additionally, the Company also provides, for covered employees, health
insurance through the Employee State Insurance scheme. Under the Schemes, the Company is
required to contribute a specified percentage of the payroll costs to fund the benefits. The contributions
payable to these plans by the Company are at rates specified in the rules of the Schemes.

(b) Defined Benefit plans:

The Company operates a gratuity plan covering qualifying employees. The benefit payable is calculated as
per the Payment of Gratuity Act, 1972 and the benefit vests upon completion of five years of continuous
service and once vested it is payable to employees on retirement or on termination of employment. In
case of death while in service, the gratuity is payable irrespective of vesting. The Company makes annual
contribution to the group gratuity scheme administered by the Life Insurance Corporation of India.

In respect of the plan, the most recent actuarial valuation of the plan assets and the present value of the
defined benefit obligation were carried out as at March 31, 2025. The present value of the defined benefit
obligation, and the related current service cost and paid service cost, were measured using the projected
unit cost credit method.

These plans typically expose the Company to actuarial risks such as: investment risk, interest risk, longevity
risk and salary risk.

Investment risk : The present value of the defined benefit plan liability is calculated using a discount rate
which is determined by reference to market yields at the end of the reporting period on government
bonds. When there is a deep market for such bonds; if the return on plan asset is below this rate, it will
create a plan deficit.

Interest risk: A decrease in the bond interest rate will increase the plan liability.

Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best
estimate of the mortality of plan participants both during and after their employment. An increase in the
life expectancy of the plan participants will increase the plan’s liability.

Salary risk: The present value of the defined benefit plan liability is calculated by reference to the future
salaries of plan participants. As such, an increase in the salary of the plan participants will increase the
plan’s liability.

(xi) The weighted average duration of the defined benefit obligation is 5.97 years (March 31, 2024 -
7.78 years).

The Code on Social Security, 2020 ("the Code) which would impact the contributions by the Company
towards Provident Fund and Gratuity has received Presidential assent in September 2020. The Code
have been published in the Gazette of India. However, the date from which the Code will come into
effect has not been notified. The Company will complete its evaluation and will give appropriate
impact in its financial results in the period in which the Code becomes effective and the related rules
are published.

33. SEGMENT REPORTING

The Company is primarily engaged in the business of retail trade through retail and departmental stores
facilities, which in the terms of Ind AS 108 on ‘Operating Segments’, constitutes a single reporting business
segment.

There are no material individual markets outside India and hence the same is not disclosed for geographical
segments for the segment revenues or results or assets.

Explanations to items included in computing the above ratios:

1. Current Ratio: Current Asset over Current Liabilities

2. Debt-Equity Ratio: Debt (includes Borrowings and Current & Non-Current Lease Liabilities) over total
share holders equity (including Reserves & Surplus)

3. Debt Service Coverage Ratio: EBIT Interest on lease liabilities Depreciation over Lease payments
(prinicipal interest)

4. Return on Equity Ratio: Profit After Tax over average Equity (including Reserves & Surplus)

5. Inventory turnover ratio: Revenue over average Inventory

6. Trade Receivables turnover ratio: Revenue other than retail operations over average Trade Receivable

7. Trade payables turnover ratio: Purchases over average Trade Payable

8. Net capital turnover ratio: Revenue from operations over average working capital (working captial =
current assets - current liabilities)

9. Net profit ratio: Profit After Tax over Revenue from operations

10. Return on Capital employed: Profit Before Interest & Tax over Capital employed (Capital employed
includes total equity, borrowings and lease liabilities)

11. Return on investment: Interest income on fixed deposit with banks Mutual fund investment gain
over average investments (investments includes investments in mutual funds, margin money and
other bank deposits)

35. No proceedings have been initiated during the year or are pending against the Company as at March
31, 2025 and as at March 31, 2024 for holding any benami property under Benami Property Transactions
(prohibition) Act, 1988.

36. Transactions and balances with companies which have been removed from register of Companies [struck
off companies] as at March 31, 2025 and March 31, 2024 is Nil.

37. The Company has not traded / invested in Crypto currency or virtual currency during the financial year
March 31, 2025 and March 31, 2024.

38. The Company has no layers, hence not required to comply with the number of layers prescribed under the
Companies Act, 2013, read with the Companies (Restriction on number of layers) Rules, 2017.

39. The Company has not revalued its property, plant and equipment (including right-of-use assets) or
intangible assets or both during the current or previous year.

40. The Company has 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

41. The Company has 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

42. The Company has no 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
(such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

43. The Company has not granted any loans or advances in the nature of loans to promoters, directors, KMPs
and the related parties (as defined under Companies Act, 2013), either severally or jointly with any other
person.

44. The Company has not declared or paid any dividend during the year and has not proposed any final
dividend for the year.

45. No scheme of arrangements has been approved by the Competent Authority in terms of sections 230 to
237 of the Companies Act, 2013 and thus the disclosure is not applicable.

46. The Company has maintained the backup of the books of accounts on a daily basis on server situated in
India.

47. There were no unclaimed or unpaid dividend during the previous years and hence no funds or shares
required to be transferred to Investor Education and Protection Fund during the year under audit.

48. The Company did not have any long term contracts including derivative contracts for which there were any
material foreseeable losses.

49. Previous period’s figures have been reclassified wherever necessary to correspond with the current period’s
classification/disclosure.

50. APPROVAL OF THE FINANCIAL STATEMENTS:

The Board of Directors of the Company has reviewed the realisable value of all the current assets and has
confirmed that the value of such assets in the ordinary course of business will not be less than the value
at which these are recognised in the financial statements. In addition, the Board has also confirmed the
carrying value of the non-current assets in the financial statements. The Board, duly taking into account
all the relevant disclosures made, has approved these financial statements in its meeting held on April 30,
2025.

In terms of our report of even dated For and on behalf of the Board of Directors

For Price Waterhouse Chartered Accountants LLP Go Fashion (India) Limited

Firm Registration Number: 012754N/N500016

Arun Kumar R Prakash Kumar Saraogi Gautam Saraogi

Partner Managing Director Executive Director & CEO

Membership Number: 211867 DIN No: 00496255 DIN No: 03209296

R.Mohan Gayathri Kethar

Chief Financial Officer Company Secretary

Place : Chennai Place : Chennai

Date : April 30, 2025 Date : April 30, 2025