Notes to Accounts of White Organic Agro Ltd.

Mar 31, 2025

(xiii) Accounting for provisions, contingent liabilities and contingent assets

Provisions are recognized, when there is a present legal or constructive obligation as a result of past
events, where it is probable that there will be outflow of resources to settle the obligation and when a
reliable estimate of the amount of the obligation can be made. Where 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. Where the effect is material, the provision is discounted to net present value using an appropriate
current market-based pre-tax discount rate and the unwinding of the discount is included in finance costs.

Contingent liabilities are recognised only when there is a possible obligation arising from past events, due
to occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of
the Company, or where any present obligation cannot be measured in terms of future outflow of resources,
or where a reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis
and only those having a largely probable outflow of resources are provided for.

Contingent assets are not disclosed in the financial statements unless an inflow of economic benefits is
probable

(xiv) Earnings per share

Basic Earnings per share is calculated by dividing the net profit / (loss) for the period attributable to the
equity shareholders by the weighted average number of equity shares outstanding during the period. The
Company did not have any potentially dilutive securities in any of the year presented.

---

Mar 31, 2024

Notes: Nature and purpose of reserve

(i) Securities Premium Account

Securities premium is used to record the premium received on issue of shares. It is used in accordance with the provisions of the Companies Act, 2013

(ii) Retained earnings

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, payment of dividends, etc.

(iii) Equity Instruments through Other Comprehensive Income

This represents cumulative gams / (losses! arising on the measurement of equity shares (other than subsidiaries and associate) at fair value through other comprehensive Income.

d. The Company has only one class of shares referred to as equity shares having a par value of Rs 10/- each. Each holder of equity shares is entitled to one vote per share.

Note 28 : Earnings per Share (EPS)

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of Equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the Company (after adjusting profit impact of dilutive potential equity shares, if any) by the aggregate of weighted average number of Equity shares outstanding during the year and the weighted average number of Equity shares that would be issued on conversion of

* During the year, company had repaid its long term debt as a result of which at year end no Debt is outstanding and hence we have not calculated Debt-Equity Ratio and Debt-Service Coverage Ratio.

# During the year there is reduction in sales as compared to previous year however we have collected from the major Debtor''s partes during the year and at the year end the Debtor''s outstanding is much less as compared to previous year and hence Improvement in trade debtors turnover ratio.

## During the year Purchases has reduced as compared to previous year and we have paid the major creditor''s during the year. Thus Creditor''s outstanding as at year end as compared to previous year is much less as compared to previous year and hence reduction in Trade payable turnover ratio.

** The Net Profit Ratio and Return of Investment Ratio has increased as compared to last year due to increase in Net Profit and Interest income.

Note 30 Financial instruments - Fair values and risk management (a) Financial Risk Management

The Company’s principal financial liabilities comprise trade and other payables. The purpose of these financial liabilities is to finance the Company''s operations and to provide to support its operations. The Company''s principal financial assets trade and other receivables and cash and cash equivalents that derive directly from its operations.

The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and adhoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.

The Company''s activities exposes it to Liquidity Risk, Market Risk and Credit risk. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised as below.

i. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its contractual obligations. The Company is exposed to credit risks from its operating activities, primarily trade receivables, cash and cash equivalents, deposits with banks and other financial instruments. To manage the credit risk from trade receivables, the Company periodically assess financial reliability of customes, taking into account the financial condtion, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly. The Company considers the probablity of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throught each reporting period.

ii. 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 risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and loans and borrowings.

iii. Liquidity risk

The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Liquidity risk management The Company manages its liquidity risk by ensuring as far as possible that it will have sufficient liquidity to meet its short tern and long term liabilities as and when due. Anticipated future cash

Note 34

Balances of certain trade receivables, loans and advances given and trade payables are subject to conflrmation/reconoliation In the opinion of the Board, the difference as may be, noticed on such reconciliation will not be material.

Note 35

The Company has asked for, from the suppliers regarding their registration under Micro, Small and Medium Enterprises Development Act, 2006 However, the company has not received confirmation from parties regarding thier Registration under the Micro, Small and Medium Enterprises Development Act, 2006. Therefore no amount is determined as payable to Micro pntprnrivpv anrl r»mall pnlprnnvpv in manappmpnf''t nnininn and thp*p farts arp hppn rplipH iinnn hv fhp Auditors

Note 36

The Company is operating in only one main segment "Agriculture produce" and thus Segment Reporting as under ind AS 108 ''Operating Segments'' is not applicable to us Note 37

There are no significant subsequent events that would require adjustments or disclosures In the financial statements as on the balance sheet date Note 38 Other Disclosures:

a) The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

b) Transaction with struck off companies: The Company does not have any transactions with companies struck- off under Section 248 of the Companies Act, 2013.

c) The Company have not traded or invested In Crypto currency or Virtual Currency during the financial year

d) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entitles (Intermediaries) with the understanding that the intermediary shall:

(i) Directly or indirectly lend or invest m other persons or entities identified m 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.

e) The Company have not received any fund from any person(s) or entityfies). 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 entitles identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or;

(Ii) Provide anv guarantee, securitv or the like on behalf of the Ultimate Beneficiaries

f) The Company do 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 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

g) The Code on Social Security, 2020 (''Code'') relating to employee benefits during employment and post- employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

h) The Company is not declared wilful defaulter by any bank or financial institution or lender during the year.

Note 39

Figures for the previous years have been regrouped / restated wherever necessary to conform to current year''s presentation.

---

Mar 31, 2018

Note 1 - Financial Risk Management

The Company''s business activities are exposed to financial risks, namely Credit risk, Liquidity risk .The Company''s Senior Management has the overall responsibility for establishing and governing the Company''s risk management framework. The Company has constituted a Risk Management Committee, which is responsible for developing and monitoring the Company''s risk management policies. The committee reports regularly to the Board of Directors on its activities.

The Company''s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities. The audit committee oversees how Management monitors compliance with the Company''s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and adhoc reviews of risk management controls and procedures, the results of which are reported the audit committee

i. 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 receivables from customers and investment securities. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company establishes, if require an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables and investments.

iii. 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.

Management monitors rolling forecasts of the Company''s liquidity position on the basis of expected cash flows.

This monitoring includes financial ratios and takes into account the accessibility of cash and cash equivalents

Note 2 Capital Management

For the purpose of the Company''s capital management, capital includes issued capital and other equity reserves. The primary objective of the Company''s Capital Management is to maximise shareholders value. The Company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirements of the financial covenants.

Note 3: First Time Adoption Explanation of transition to Ind AS:

As per Note 1, these are the Company''s first financial statements prepared in accordance with Ind AS. For the year ended 31 March 2018, the Company had prepared its financial statements in accordance with Companies (Accounting Standards) Rules, 2006, notified under Section 133 of the Act and other relevant provisions of the Act (''IGAAP'').

The accounting policies set out in Note 1 have been applied in preparing these financial statements for the year ended 31 March 2018 and the opening Ind AS balance sheet on the date of transition i.e. 1 April 2016.

In preparing its Ind AS balance sheet as at 1 April 2016 and in presenting the comparative information for the year ended 31 March 2018, the Company has adjusted amounts previously reported in the financial statements prepared in accordance with IGAAP. This note explains the principal adjustments made by the Company in restating its financial statements prepared in accordance with IGAAP, and how the transition from IGAAP to Ind AS has affected the Company''s financial position, financial performance and cash flows.

Optional exemptions availed and mandatory exceptions

In preparing the financial statements, the Company has applied the below mentioned optional exemptions and mandatory exceptions.

A. Optional exemptions availed

1. Property, plant and equipment and Intangible assets

The Company has availed the exemption available under Ind AS 101 to continue the carrying value for all of its property, plant and equipment and intangibles as recognised in the financial statements as at the date of transition to Ind AS, measured as per the IGAAP and use that as its deemed cost as at the date of transition (1 April 2016).

2. Investment in Subsidiaries

The Company has elected to use the exemption to measure all investments in Subsidiaries as recognised in the financial statements as at the date of transition to Ind ASs, measured as per the previous GAAP and use that as its deemed cost as at the date of transition (1st April 2016).

B. Mandatory Exceptions

1. Estimates

On assessment of the estimates made under the Previous GAAP financial statements, the Company has concluded that there is no necessity to revise the estimates under Ind AS, as there is no objective evidence of an error in those estimates. However, estimates that were required under Ind AS but not required under Previous GAAP are made by the Company for the relevant reporting dates reflecting conditions existing as at that date.

2. Classification and measurement of financial assets

As permited under Ind AS 101, Company has determined the classification of financial assets based on facts and circumstances that exist on the date of transition. In line with Ind AS 101, measurement of financial assets accounted at amortised cost has been done retrospectively except where the same is impracticable.

4. The company has no outstanding dues to small scale industrial undertakings as on 31st March, 2018.

5. Previous year''s figures have been regrouped / rearranged wherever necessary, so as to make them comparable with those of the current year.

---

Mar 31, 2014

1. Deferred Tax (Liabilities)/Assets(net)

In accordance with the Accounting Standard 22 on " Accounting for Taxes on Income " issued by The Institute of Chartered Accountants of India, Deferred assets and liabilities should be recognized for all timing differences in accordance with the said standard.

The tax effect of significant timing differences during the year that have resulted in deferred assets and liabilities are given below.

2. Related Party Transactions

a) List of Related Parties:

Key Management Personnel (KMP)

Mr. Darshak Rupani Managing Director

Mr. Prashantt Rupani Whole Time Director

Mr. Ramesh P Kothari Additional Director

Mr. Jaynish R. Kothari Director

Mr. Jitendra Mehta Director

Other Related Party (Enterprise Owend or significantly influenced by Key Management Personnel).

Suraj Enterprises (Proprietorship firm)

Sapna Infraventure Pvt Ltd (Wholly owned subsidiary)

Jaynish & Co. (Proprietorship firm)

3. Expenses in foreign currency : NIL (P.Y. NIL)

Earnings in foreign currency : NIL (P.Y. NIL)

4. The company has no outstanding dues to small scale industrial undertakings as on 31st March, 2014.

5. During the year, the company has not carried on more than one activity. Therefore Segment Reporting as per AS 17 is not applicable to the company.

6. Previous year''s figures have been regrouped/rearranged wherever necessary, so as to make them comparable with those of the current year.

---

Mar 31, 2013

Company Overview :

White Diamond Industries Limited along with its 100% owned and controlled subsidiary Sapna Infraventure Pvt. Ltd. is a company engaged in business of trading in cut and polished diamonds.

---

Mar 31, 2012

Company Overview :

White Diamond Industries Limited along with its 100% owned and controlled subsidiary Sapna Infraventure pvt. Ltd. is a company engaged in business of trading in cut and polished diamonds.

---

Mar 31, 2010

1. There is no contingent liability outstanding as on the year ended 31st March, 2010.

2. The company has given advance against export order of US $ 10 million from Romidiam B.V.B.A. Antwerp, Belgium to the various parties amounting to Rs. 5,09,65,000.

3. Impairment loss is not provided as the same is not material during the current financial year. The company will review the same in future.

4. Provision for gratuity amounting to Rs. 76,000 have not been invested in any fund by the Company,

5. The account pertaining to unclaimed dividend is under reconciliation and/or subject to adjustment, if any.

6. Disclosure of Segment Reporting under Accounting Standard:

Notes:

During the year the company has only one trading activity and hence segment wise report of activities is not given.

7. In accordance with the Accounting Standard 22 on "Accounting for Taxes on Income",(AS 22) issued by The Institute of Chartered Accountants of India, Deferred assets and liabilities should be recognized for all timing differences in accordance with the said standard.

8. Related party disclosure.

A) List of related party

Key Management Personnel

Mr. Ramesh Kothari Managing Director

Mr. Jaynish Kothari Director

Other Related Party (Enterprise owned or significantly influenced by key management personnel)

Suraj Enterprises

Jaynish & Co.

Nature of transaction Relationship Name of Related party Value

Salary Key Management Ramesh Kothari 96,000



9. Foreign Currency Expenses:

Foreign Traveling Expenses NIL NIL

10. Additional information pursuant to the provisions of Paragraph 4(C) & 4(d) of Part-II of Schedule-VI of the Companies Act, 1956 (As Certified by a Director) to the extent applicable.

A) The quantitative information regard to class of goods manufactured by the Company.

a) Licensed Capacity : Not Applicable

b) Installed Capacity : Not Applicable

c) Actual Production : Cut & Polished Diamonds Cts. NIL

B) Information required in terms of part IV of schedules VI of companies Act 1956 attached.

11. The Valuation of Fixed Assets has been taken, valued and certified by the Managing director of the Company.

12. The closing stock has been taken, valued and certified by the Managing director of the company and the company accepted the same on the basis of valuation certificate by valuer appointed by the company being a technical matter.

13. In the opinion of the Board, Stock in Hand, Current Assets, Loans and Advances have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated.

14. Balance of Debtors, Creditors, Loan & Advances are subject to confirmation and/or reconciliation/consequential adjustments, if any.

15. Information required in terms of Part IV of Schedule VI of the Companies Act, 1956 is attached.

16. Previous Years figures have been rearranged/regrouped wherever were necessary.

17. Figures in Brackets pertain to previous year.