Notes to Accounts of Mystic Electronics Ltd.

Mar 31, 2024

q) Provisions and Contingent liabilities

A provision is recognised when the Company has a present obligation 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. Provisions (excluding retirement benefits) are discounted to their present value and are
determined based on the 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 liabilities are disclosed in the Notes. Contingent liabilities are 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.

Contingent assets are not recognised in the Financial Statements.

r) Segment Reporting

The company is primarily in the business of trading in Agriculture Products and related activities. Further most
of the business conducted is within the geographical boundaries of India.

In view of the above, in the opinion of the management and based on the organizational and internal reporting
structure, the company''s business activities as described above are subject to similar risks and returns. Further,
since the business activities undertaken by the company are substantiating within India, in the opinion of the
management, the business environment in India is considered to have similar risks and returns. Consequently,
the company''s business activities primarily represent a single business segment and the company''s operations
in India represent a single geographical segment.

s) 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. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the
extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred
until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility
will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.

Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged,
cancelled or expired. The difference between the carrying amount of a financial liability that has been
extinguished or transferred to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in profit or loss as other gains/(losses).

Where the terms of a financial liability are renegotiated and the entity issues equity instruments to a creditor
to extinguish all or part of the liability (debt for equity swap), a gain or loss is recognised in profit or loss, which
is measured as the difference between the carrying amount of the financial liability and the fair value of the
equity instruments issued.

Borrowings are classified as current liabilities unless the group 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.

t) 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. The amounts are unsecured and are usually paid within 15 days of recognition.
Trade and other payables are presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and subsequently measured at amortised
cost using the effective interest method.

u) Trade Receivables

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest method, less provision for impairment / doubtful debts.

v) Government Grants

Grants from the government are recognised at their fair value where there is a reasonable assurance that the
grant will be received, and the Company will comply with all attached conditions.

Government grants relating to income are deferred and recognised in the profit or loss over the period
necessary to match them with the costs that they are intended to compensate and presented within other
income.

Government grants relating to the purchase of property, plant and equipment are included in non-current
liabilities as deferred income and are credited to profit or loss on a straight-line basis over the expected lives of
the related assets and presented within other income.

w) Dividends

Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the
discretion of the entity, on or before the end of the reporting period but not distributed at the end of the
reporting period.

x) Business Combinations

Business combinations involving entities or businesses under common control shall be accounted for using the
pooling of interest''s method.

The consideration for the business combination may consist of securities, cash or other assets. Securities shall
be recorded at nominal value. In determining the value of the consideration, assets other than cash shall be
considered at their fair values.

The balance of the retained earnings appearing in the financial statements of the transferor is aggregated with
the corresponding balance appearing in the financial statements of the transferee. Alternatively, it is
transferred to General Reserve, if any.

The identity of the reserves shall be preserved and shall appear in the financial statements of the transferee in
the same form in which they appeared in the financial statements of the transferor.

⁽²²⁾ Following are the additional disclosures required as per Schedule III to the Companies Act, 2013 vide Notification
dated March 24, 2021;

a. Details of Benami Property held:

The Company does not have any benami property held in its name. No proceedings have been initiated or
pending against the Company for holding any benami property under the BenamiTransactions (Prohibition)
Act, 1988 and rules made thereunder.

b. Willful Defaulter:

The Company has not been declared as willful defaulter by any Bank or Financial Institution or other Lender
or government or any government authority.

c. Relationship with Struck off Companies :

During the year, the Company does not have any transactions with the companies struck off under section
248 of Companies Act, 2013 or section 560 of Companies Act, 1956.

d. Compliance with number of layers of companies:

The Company does not have any subsidiary/ies and, therefore, compliance with number of layers of
companies as specified in section 2(87) of the Companies Act, 2013 is not applicable to it.

e. Utilisation of Borrowed funds and share premium:

During the financial year ended 31st March 2022, other than the transactions undertaken in the normal
course of business and in accordance with extant regulatory guidelines as applicable.

(i) No funds (which are material either individually or in the aggregate) have been advanced or loaned or
invested (either from borrowed funds or share premium or any other sources or kind of funds) by the
Company to or in any other person or entity, including foreign entity ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, 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 provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

No funds (which are material either individually or in the aggregate) have been received by the Company
(ii) from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the Company shall, whether, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

f. Undisclosed Income:

The Company does not have any transactions 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). Also, there are nil
previously unrecorded income and related assets.

g. Details of Crypto Currency or Virtual Currency:

The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

h. Capital work in progress (CWIP) and Intangible asset:

The Company does not have any CWIP and Intangible asset under development.

i. The Company does not hold Property, Plant and Equipment during the year as well as in previous year and
hence revaluation of it is not applicable. The Company has not revalued its intangible assets during the
current or previous year.

(23) Previous year figures

Previous Year''s figures have been regrouped/reclassified, whe rever necessary, to correspond with the current
year''s classification/disclosures.

The acc ompanying notes are an integral part of these financial statements.

As per our report of even date
For Sunil Vankawala & Associates
Chartered Accountants
Firm Regn. No: 110616W

Sd/- Sd/-

Mohit Kh adaria Krishan Khadaria

Sunil T. Vankawala Managing Director Director

Proprietor DIN : 05142395 DIN: 00219096

M.No.033461

Sd/- Sd/-

Place : Mumbai Nitin Pawaskar Sakshi Dubey

Date : 23rd May, 2024 CFO Company Secretary

UDIN: 24033461BKCJPO3085

---

Mar 31, 2016

Minimum Alternate Tax

Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax. Accordingly, MAT is recognized as an asset in the Balance Sheet when it is probable that future economic benefit associated with it will flow to the Company.

Deferred Tax

Deferred tax is recognized on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognized for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognized only if there is virtual certainty that there will be sufficient future taxable income available to realize such assets. Deferred tax assets are recognized for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realized. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their reliability. Current and deferred tax relating to items directly recognized in equity is recognized in equity and not in the Statement of Profit and Loss.

1. Related Party Disclosures

As required under Accounting Standard 18 “Related Party Disclosure”, following are the details c transactions during the year with the related parties of the Company as defined in AS 18 :

a) Key Management Personnel

Mr. Krishan Khadaria Director

Mr. Manoj Bhatia Director

Mr. Tarun Keram Director

Ms. Madhumati Gawade Director

Ms. Parvati Nirban Director

b) Shareholder''s of the company Mr. Krishan Khadaria

c) Name of the enterprises having same Key Management Personnel and/or their relatives as the reporting enterprises:

Nouveau Shares & Securities Limited

Nouveau Global Ventures Limited

Attribute Shares & Securities Private Limited

Forever Flourishing Finance and Investment Private Limited

Golden Medows Export Private Limited

Hilton Vyapar Private Limited

Kashish Multitrade Private Limited

Kasturi Overseas Private Limited

Laxmiramuna Investments Private Limited

Bhaskar Realty Private Limited

Navyug Telefilm Private Limited

Slogan Infotech Private Limited

Keemaya Housing Finance Private Limited

Pearl Arcade Consultant Private Limited

Pearl Arcade Property Developers Private Limited

Mukta Agriculture Limited

Rajat Commercial Enterprises Pvt. Limited

Thai Malai Golf Resort & SPA Private Limited

K. K. Khadria & Co.

Khadaria & Associates Global Enterprises

d) Transactions with the enterprises out of (c ) above:

Nouveau Globa Ventures Limited Laxmiramuna Investments Private Limited Bhaskar Realty Private Limited Pearl Arcade Property Developers Private Limited Mukta Agriculture Limited

2. Segment reporting (AS - 17):

The Company is mainly engaged in trading in Computer hardware & other Electronic Products and also engaged in business of Tele-Shopping. All activities of the company revolve around this main business. As such there are no separate reporting segments as per the Accounting Standard on Segment Reporting (As 17).

---

Mar 31, 2015

1. 105362480 Equity Shares of Re 1/- each (Previous year 10536248 Equity shares of Rs. 10/- each ) with voting rights issued on 12.12.2012 pursuant to scheme of demerger sanctioned u/s 391 to 394 by the High Court.

2. Company has received Security Premium Rs. 1.50 per share on Shares of Re. 1/- at the time issue of preferential allotment 92300000. Additional Premium receivable Rs. 3.574 per share based on the pricing formula prescribed under chapter VII of SEBI ( Issue of capital and disclosure Requirements Regulation, 2009) in respect of 92300000 Equity Shares of Re. 1/- each ( Previous year 9230000 Equity shares of Rs. 10/- each) are as under:

3. In the Opinion of the Board, the Current assets, loans and advances are approximately of the value stated if realised in the ordinary course of business. The provisions for al known liabilities are adequate.

4. Related Party Disclosures

As required under Accounting Standard 18 "Related Party Disclosure", following are the details of transactions during the year with the related parties of the Company as defined in AS 18 :

a) Key Management Personnel

Mr. Krishan Khadaria Director

b) Shareholder's of the company Mr. Krishan Khadaria

c) Name of the enterprises having same Key Management

Personnel and/or their relatives as the reporting enterprises

Nouveau Shares & Securities Limited

Nouveau Global Ventures Limited

Attribute Shares & Securities Private Limited

Forever Flourishing Finance and Investment Private Limited

Golden Medows Export Private Limited

Hilton Vyaper Private Limited

Kashish Multitrade Private limited

Kasturi Overseas Private Limited

Laxmiramuna Investments Private Limited

Bhaskar Realty Private Limited Navyug Telefilm Private Limited

Slogan Infotech Private Limited

Keemaya Housing Finance Private Limited

Pearl Arcade Consultant Private Limited

Pearl Arcade Property Developers Private Limited

Pearl Agriculture Limited

Pearl Arcade Trading Private Limited

Rajat Commercial Enterprises Pvt. Ltd.

Thai Malai Golf Resort & SPA Private Limited

K.K.Khadria & Co.

Khadaria & Associates

Global Enterprises

d) Transactions with the enterprises out of (c ) above: Nouveau Global Ventures Limited Laxmiramuna Investments Private Limited Bhaskar Realty Private Limited

Pearl Arcade Property Developers Private Limited Pearl Agriculture Limited

5. Segment reporting (AS – 17) :

The Company is mainly engaged in trading in Computer hardware & other Electronic Products. All activities of the company revolve around this main business. As such there are no separate reportable segments as per the Accounting Standard on Segment Reporting (As 17).

---

Mar 31, 2014

1. Accounting for Taxation of Income:

Current Taxes

Provision for current income-tax is recognized in accordance with the provisions of Indian Income- tax Act, 1961 and is made annually based on the tax liability after taking credit for tax allowances and exemptions.

Deferred Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences that result between the profits offered for income taxes and the profits as per the financial statements. Deferred tax assets and liabilities are measured using the tax rates and the tax laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future. Deferred tax assets are reviewed as at each Balance Sheet date.

1.2 In respect of 9230000 Equity shares alloted on Preferential basis during the year the additonal amount is receivable based on the pricing formula prescribed under chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulation,2009.

3.1 The Company has not received the required information from suppliers regarding their status underthe Micro, Small and Medium Enterprises Development Act, 2006. Hence disclosure, if any, relating to amounts unpaid as at the year end together with interest paid/payable underthe said Act have not been made.

2 In the Opinion of the Board, the Current assets, loans and advances are approximately of the value stated if realised in the ordinary course of business. The provisions for all known liabilities are adequate.

3. Commitments and Contingent Liabilities: NIL NIL

4 Related Party Disclosures

As required under Accounting Standard 18 "Related Party Disclosure", following are the details of transactions during the year with the related parties ofthe Company as defined in AS 18: a) Key Management Personnel

Mr. Krishan Khadaria Director

b) Shareholder''s of the company Mr. Krishan Khadaria

c) Name of the enterprises having same Key Management Personnel and/or their relatives as the reporting enterprises

Nouveau Global Ventures Limited

Nouveau Share & Securities Ltd.

Navyug Telefilm Private Limited

Forever Flourishing Finance and Investment Private Limited

Attribute Shares & Securities Private Limited

Laxmiramuna Investments Private Limited

Golden Medwos Export Private Limited

Mitesh Polypack Private Limited

Vibhuti Properties Private Limited

Kashish Multitrade Private limited

Thai Malai Golf Resort & SPA Private Limited

Hilton Vyaper Private Limited

ONA Farms Private Limited

Pearl Arcade Amusement Private Limited

Pearl Arcade Property Developers Private Limited

Pearl Arcade Canteens and Caterers Private Limited

Pearl Arcade consultants Pvt. Ltd.

Pearl Agriculture Ltd.

Suman multitrade Private Limited

Pranjal Trading Company Pvt. Ltd.

Rajat Commericial Enterprises Pvt. Ltd.

K.K.Khadaria & Co.

5. Segment reporting (AS-17):

The Company is mainly engaged in trading in Computer hardware & other Electronic Products.All activities of the company revolve around this main business. As such there are no separate reportable segmants as perthe Accounting Standard on Segment Reporting (As 17).

---

Mar 31, 2013

1.1 The Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence disclosure, if any, relating to amounts unpaid as at the year end together with interest paid/payable under the said Act have not been made.

c) Name of the enterprises having same Key Management Personnel and/or their relatives as the reporting enterprise with whom the Company has entered into transactions during the year.

Nouveau Global ventures Limited Nouveau Share & Securities Ltd.

Safal Investment Limited Kasturi Overseas Private Limited Navyug Telefilm Private Limited

Mumbadevi Finance & Investment Company Private Limited Forever Flourishing Finance and Investment Private Limited Attribute Shares & Securities Private Limited Coronation Polymers Limited Laxmiramuna Investments Private Limited Golden Medwos Export Private Limited Kenex Builders Pvt. Ltd.

Aastha Broad Casting Network Limited

Mitesh Polypack Private Limited

Vibhuti Properties Private Limited

Kashish Multitrade Private limited

Subhkam Multimedia Private Limited

Thai Malai Golf Resort & SPA Private Limited

Hilton Vyaper Private Limited

Spectrum Venture Private Limited

ONA Farms Private Limited

Pearl Arcade Amusement Private Limited

Pearl Arcade Property Developers Private Limited

Pearl Arcade Canteens and Caterers Private Limited

Pearl Arcade consultants Pvt. Ltd.

Pearl Agriculture Ltd.

Suman multitrade Private Limited Ambit Multitrade Private Limited Pranjal Trading Company Pvt. Ltd.

Rajat Commericial Enterprises Pvt. Ltd.

Skylight Builcons Pvt. Ltd.

Pearl Arcade Amusement Pvt. Ltd.

Sukaniya Properties Private Limited

Ashadeep Multitrade Private Limited

Automagical Software Private Limited

Perfect Square Multimedia Private Limited

Omni Strategic Managements Consaltants Private Limited

K.K.Khadaria & Co.

Pearl Arcade Trading Pvt. Ltd.

2 Segment reporting (AS - 17):

The Company is mainly engaged in trading in Computer hardware & other Electronic Products.All activities of the company revolve around this main business. As such there are no separate reportable segmants as per the Accounting Standard on Segment Reporting (As 17).

3 Pursuant to the scheme of Arrangement (Scheme) approved by the Hon''able High Court of Bombay, all the assets and liabilities of the Electronics division of Nouveau Global Ventures Limied (Demerged Company) have been transferred to and vested in the company at their respective book values on a going concern basis from 1st October 2011 being the appointed date.As per the scheme,appointed date as approved by the Hon''able High court is 1st October 2011 and effective date is 9th October 2012 being the date on which the certified copy of the order sactioning the said scheme is filed with the Registrar of Companies, Maharashtra in accordance with the companies Act,1956. In view of this Previous period figures are not comparable with Current year''s figure.

3.1 Previous period''s figures are not provided in the Statement of Profit and loss as the same has been prepared first time since the incorporation of the company.