Financial Results For The Half Year Ended March 31, 2021

Date : 26.04.
2021
The General Manager,
Compliance Department
Bombay Stock Exchange Limited
P J Towers, Dalal Street,
Mumbai-400001
Dear Sir / Madam,
Financial Results for the half year ended March 31, 2021
Pursuant to the provisions of SEBI (Listing and Disclosure Requirements) Regulations, 2014, the SEBI
circular no. SEBVHO/DDHS/DDHS/CIR/P/2019/115 dated October 22, 2019 and SEBI/HO/DDHS/
DDHS/CIR/P/2019/167 dated December 24, 2019 as amended from time to time, please find herewith a
copy of the audited Financial Results for the half year ended March 31,2021 of the Company as approved
by the Board of Directors at its meeting held on April 26, 2021 which commenced at 11.15 A.M. and
concluded at 11.30 P.M.
Please take the same on record.
Thanking You,
For CaratLane Trading Private Limited
Ahona Das Gupta

Company Secretary
Encl: Mentioned as above
CaratLane Trading Private Limited

(A subsidiary of Titan Company Limited)
2nd, 3rd & 4th Floor, #32, Rutland Gate 2nd Street, Khader Nawaz Khan Road,
Nungambakkam, Chennai 600 006.
www.caratlane.com |Toll-free no:1800-102-0103
CIN: U52393TN2007PTC064830
B S R & Co. LLP
Chartered Accountants
Embassy Golf Links Business Park, Telephone: + 91 80 4682 3000

Pebble Beach, B Block, 3rd Floor, Fax: + 91 80 4682 3999
Off Intermediate Ring Road,
Bangaluru-560 071 India
INDEPENDENT AUDITORS’ REPORT
To the Members of CARATLANE TRADING PRIVATE LIMITED
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the standalone financial statements of CARATLANE TRADING PRIVATE LIMITED
(‘the Company’), which comprise the standalone balance sheet as at March 31, 2021, and the standalone
statement of profit and loss (including other comprehensive income), standalone statement of changes in
equity and standalone statement of cash flows for the year then ended, and notes to the standalone financial
statements, including a summary of the significant accounting policies and other explanatory information
(hereinafter referred to as ‘standalone financial statements’).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
standalone financial statements give the information required by the Companies Act, 2013 (‘the Act”) in
the manner so required and give a true and fair view in conformity with the accounting principles generally
accepted in India, of the standalone state of affairs of the Company as at March 31, 2021, and standalone
profit and other comprehensive income, standalone changes in equity and standalone cash flows for the
year ended on that date
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Act. Our responsibilities under those SAs are further described in the Auditors’
Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit of the standalone
financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the
Standalone financial statements.
Key Audit Matters

Key audit matters (‘KAM’) are those matters that, in our professional judgment, were of most significance
in our audit of the standalone financial statements of the current period. These matters were addressed in
the context of our audit of the standalone financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
Principal Office:
B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco
(a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 Center, Western Express Highway, Goregaon (East), Mumbai - 400063
B S R & Co. LLP
CARATLANE TRADING PRIVATE LIMITED
INDEPENDENT AUDITORS’ REPORT (continued)

Key Audit Matters (continued)
Revenue Recognition
Refer note 20 and 3(i) to the standalone financial statements
The key audit matter How the matter was addressed in our audit
The Company recognises revenue when the In view of the significance of the matter, we applied
control of goods being sold is transferred to the following audit procedures in this area, among
the customer. A substantial part of other procedures, to obtain sufficient appropriate audit
Company’s revenue relates to jewellery evidence in respect of revenue that has been
which involves large number of individual recognized:
sales contracts having varied contractual
terms with retail customers, online customers 1. Assessed the appropriateness of the accounting
and franchisees. This increases the risk of policy for revenue recognition as per relevant
misstatement of the timing and amount of accounting standard.
revenue recognised to achieve specific
performance targets or expectations. 2. We evaluated the design and implementation of
key internal financial controls and their operating
The Company and its external stakeholders effectiveness with respect to revenue recognition
focus on revenue as a key performance transactions selected on a sample basis. These
indicator. included general IT controls and key application
controls over the IT system which govern revenue
In view of the above we have identified recognition, including access controls and
revenue recognition as a key audit matter. controls over program changes.
3. We perused selected samples of key contracts

with customers and franchisees to understand
terms and conditions particularly relating to goods
acceptance.
4. We performed substantive testing of online and

retail sales by selecting samples of sales made
online and at the retail outlets using statistical
sampling and tested the underlying documents,
which included tracing sales to collection reports
and bank statements. For franchisee sales (other
than retail sales), we performed substantive
testing using statistical sampling and tested the
underlying documentation including verification
of invoices and collections thereon.
5. We tested, selected samples of sales transactions

made immediately pre and post year end, agreed
the period of revenue recognition to the
underlying documents
6. We assessed manual journals posted to revenue to

identify unusual items.
B S R & Co. LLP
Key Audit Matters (continued)
Inventories
Refer note 9 and note 3(vi) to the standalone financial statements
The key audit matter How the matter was addressed in our audit
The Company’s inventories primarily comprises In view of the significance of the matter we
jewellery (consisting of gold, diamonds, applied the following audit procedures in this
gemstones etc.). The Company holds inventory at area, among other procedures, to obtain sufficient
various locations including factories, fulfillment appropriate audit evidence:
centers, stores (retail outlets) and third-party
locations. 1. We evaluated the design, implementation and
tested the operating effectiveness of key
There is a significant risk of loss of inventory controls that the Company has in relation to
given the high value and nature of the inventory safeguarding and physical verification of
involved. inventories including the appropriateness of
the Company’s standard operating procedures
In view of the above, we have identified existence for conducting, recording and reconciling
of physical inventories as a key audit matter. physical verification of inventories and tested
the implementation thereof.
2. We evaluated the design, implementation

and operating effectiveness of general IT
controls and key application controls over the
Company's IT system including those relating
to recording of inventory quantities on
occurrence of each sale transaction, including
access controls and controls over program
changes.
3. For locations selected using statistical

sampling, we attended physical verification of
stocks conducted by the Company, performed
roll-back and roll-forward procedures as at the
year end, where applicable. We also
performed surprise stock counts at selected
stores on a sample basis. We also checked on
a sample basis reconciliation of inventories as
per physical inventory verification and book
records.
4. For samples selected using statistical

sampling, we obtained independent
confirmations of inventories held with third
parties.
B S R & Co. LLP
Other Information
The Company’s management and Board of Directors are responsible for the other information. The other
information comprises the information included in the Company’s annual report, but does not include the
standalone financial statements and our auditors’ report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
When we read the annual report, if we conclude that there is a material misstatement therein, we are required
to communicate the matter to those charged with governance and take necessary actions, as applicable under
the relevant laws and regulations.
Management's and Board of Directors’ Responsibility for the Standalone Financial Statements
The Company’s Management and Board of Directors are responsible for the matters stated in section 134(5)
of the Act with respect to the preparation of these standalone financial statements that give a true and fair
view of the state of affairs, profit/loss and other comprehensive income, changes in equity and cash flows of
the Company in accordance with the accounting principles generally accepted in India, including the
Indian Accounting Standards (Ind AS) specified under section 133 of the Act. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the standalone financial statements that
give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, the Management and Board of Directors are responsible for
assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the Board of Directors either intends
to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
standalone financial statements.
B S R & Co. LLP
Auditors’ Responsibilities for the Audit of the Standalone Financial Statements (continued)
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
 Identify and assess the risks of material misstatement of the standalone financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for
expressing our opinion on whether the company has adequate internal financial controls with reference
to standalone financial statements in place and the operating effectiveness of such controls.
 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures in the standalone financial statements made by the Management and Board of
Directors.
 Conclude on the appropriateness of the Management and Board of Directors use of the going concern
basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company’s ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the standalone financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditors’ report. However, future events or conditions may cause the Company to cease
to continue as a going concern.
 Evaluate the overall presentation, structure and content of the standalone financial statements, including
the disclosures, and whether the standalone financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the standalone financial statements of the current period and are therefore
the key audit matters. We describe these matters in our auditors’ report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
B S R & Co. LLP

Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors’ Report) Order, 2016 (“the Order”) issued by the Central
Government in terms of section 143(11) of the Act, we give in the “Annexure A” a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. (A) As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far
as it appears from our examination of those books.
c) The standalone balance sheet, the standalone statement of profit and loss (including other
comprehensive income), the standalone statement of changes in equity and the standalone statement
of cash flows dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified
under section 133 of the Act.
e) On the basis of the written representations received from the directors as on March 31, 2021 taken
on record by the Board of Directors, none of the directors is disqualified as on March 31, 2021 from
being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to standalone financial
statements of the Company and the operating effectiveness of such controls, refer to our separate
Report in “Annexure B”.
(B) With respect to the other matters to be included in the Auditors’ Report in accordance with Rule 11
of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations as at March 31, 2021 on its
financial position in its standalone financial statements - Refer Note 35 to the standalone
financial statements;
ii. The Company did not have any long-term contracts including derivative contracts;
iii. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company; and
iv. The disclosures in the standalone financial statements regarding holdings as well as dealings in
specified bank notes during the period from November 8, 2016 to December 30, 2016 have not
been made in these standalone financial statements since they do not pertain to the financial
year ended March 31, 2021.
B S R & Co. LLP
Report on Other Legal and Regulatory Requirements (continued)
(C) With respect to the matter to be included in the Auditors’ Report under section 197(16):
In our opinion and according to the information and explanations given to us, the remuneration paid by the
company to its directors during the current year is in accordance with the provisions of section 197 of the
Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the
Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act
which are required to be commented upon by us.
for B S R & Co. LLP

Firm Registration Number: 101248W/W-100022
Digitally signed
VIKASH by VIKASH
GUPTA
GUPTA Date: 2021.04.26
20:35:38 +05'30'
Vikash Gupta
Partner
Membership Number: 064597
UDIN: 21064597AAAAAT4689
Place: Bengaluru
Date: April 26, 2021
B S R & Co. LLP
Annexure B to the Independent Auditors’ report on the standalone financial statements of
CARATLANE TRADING PRIVATE LIMITED for the year ended March 31, 2021
Report on the internal financial controls with reference to the aforesaid standalone financial
statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
Referred to in paragraph 2(A)(f) under ‘Report on Other Legal and Regulatory Requirements’
section of our report of even date
Opinion
We have audited the internal financial controls with reference to standalone financial statements of
CARATLANE TRADING PRIVATE LIMITED (‘the Company’) as of March 31, 2021 in conjunction
with our audit of the standalone financial statements of the Company for the year ended on that date.
In our opinion, the Company has, in all material respects, adequate internal financial controls with reference
to standalone financial statements and such internal financial controls were operating effectively as at
March 31, 2021, based on the internal financial controls with reference to standalone financial statements
criteria established by the Company considering the essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India (the “Guidance Note”).
Management’s Responsibility for Internal Financial Controls
The Company’s management and the Board of Directors are responsible for establishing and maintaining
internal financial controls based on the internal financial controls with reference to standalone financial
statements criteria established by the Company considering the essential components of internal control
stated in the Guidance Note. These responsibilities include the design, implementation and maintenance of
adequate internal financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the accounting records,
and the timely preparation of reliable financial information, as required under the Companies Act, 2013
(hereinafter referred to as “the Act”).
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls with reference to
standalone financial statements based on our audit. We conducted our audit in accordance with the
Guidance Note and the Standards on Auditing, prescribed under section 143(10) of the Act, to the extent
applicable to an audit of internal financial controls with reference to the standalone financial statements.
Those Standards and the Guidance Note require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether adequate internal financial controls with
reference to standalone financial statements were established and maintained and whether such controls
operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls with reference to standalone financial statements and their operating effectiveness. Our
audit of internal financial controls with reference to standalone financial statements included obtaining an
understanding of such internal financial controls, assessing the risk that a material weakness exists, and
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.
1
B S R & Co. LLP
Annexure B to the Independent Auditors’ Report (continued)
Auditors’ Responsibility (continued)
The procedures selected depend on the auditor’s judgement, including the assessment of the risks of
material misstatement of the standalone financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion on the Company’s internal financial controls with reference to the standalone financial
statements.
Meaning of Internal Financial controls with Reference to Standalone Financial Statements
A company's internal financial controls with reference to financial statements is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. A company's
internal financial controls with reference to financial statements include those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorisations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or
disposition of the company's assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial controls with Reference to Standalone Financial

Statements
Because of the inherent limitations of internal financial controls with reference to standalone financial
statements, including the possibility of collusion or improper management override of controls, material
misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of
the internal financial controls with reference to standalone financial statements to future periods are subject
to the risk that the internal financial controls with reference to standalone financial statements may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
for B S R & Co. LLP

VIKASH Digitally signed by
VIKASH GUPTA

20:37:34 +05'30'
Vikash Gupta
Partner
UDIN: 21064597AAAAAT4689
Place: Bengaluru
STANDALONE BALANCE SHEET

(All amounts in INR lakhs, unless otherwise stated)
Note As at As at
Particulars
31 March 2021 31 March 2020
ASSETS
Non-current assets
Property, plant and equipment 4(i) 2,007 1,660
Right-of-use asset 5 4,487 4,343
Intangible assets 4(ii) 697 670
Intangible assets under development 514 352
Financial assets
i. Loans receivable 6(i) 936 963
ii. Other financial assets 6(ii) 3,630 3,808
Income tax assets (net) 7 96 225
Other non-current assets 8 1,868 1,424
14,235 13,445
Current assets
Inventories 9 25,453 20,100
Financial assets
i. Investments 10(i) 1,252 -
ii. Trade receivables 10(ii) 882 835
iii. Cash and cash equivalents 10(iii) 495 144
iv. Other bank balance 10(iv) 67 4
v. Loan receivables 10(v) 369 171
vi. Other financial assets 10(vi) 882 742
Other current assets 11 4,088 2,925
33,488 24,921
47,723 38,366
EQUITY AND LIABILITIES
Equity
Equity share capital 12 665 665
Other equity 13 1,123 922
1,788 1,587
Liabilities
Non-current liabilities
Financial liabilities
i. Borrowings 14(i) 870 1,697
ii. Lease liabilities 14(ii) 7,813 7,643
iii. Other financial liabilities 14(iii) 304 321
Provisions 15 401 367
Other non-current liabilities 16 128 131
9,516 10,159
Current liabilities
i. Borrowings 17(i) 11,405 7,968
ii. Gold on loan 17(ii) 11,569 7,760
iii. Lease liabilities 17(iii) 1,684 1,504
iv. Trade payables 17(iv)
(a) Total outstanding dues of micro and small enterprises 615 261
(b) Total outstanding dues of creditors other than micro and small 7,093 6,019
enterprises
v. Other financial liabilities 17(v) 754 1,139
Provisions 18 164 138
Other current liabilities 19 3,135 1,831
36,419 26,620
47,723 38,366
Summary of significant accounting policies 3
(0) 0
The accompanying notes are an integral part of the standalone financial statements.
As per our report of even date attached
for B S R & Co. LLP for and on behalf of the Board of Directors of
Chartered Accountants CARATLANE TRADING PRIVATE LIMITED
Firm registration number: 101248W/ W-100022 (CIN: U52393TN2007PTC064830)

VIKASH GUPTA MITHUN Digitally signed by
MITHUN PADAMCHAND
SUBRAMANIAM
Digitally signed by
SUBRAMANIAM
PADAMCHA SOMASUNDAR SOMASUNDARAM
GUPTA Date: 2021.04.26 SACHETI
Date: 2021.04.26 16:24:50
AM Date: 2021.04.26
21:00:41 +05'30' ND SACHETI +05'30' 18:57:10 +05'30'
Vikash Gupta Mithun Padamchand Sacheti S.Subramaniam

Partner Managing Director Director
Membership No. 064597 DIN: 01683592 DIN: 01494407
Place: Bengaluru Place: Chennai Place: Bengaluru
Date: April 26, 2021 Date: April 26, 2021 Date: April 26, 2021
Digitally signed by Digitally signed by

MANOJ MANOJ BHANAWAT AHONA AHONA DAS GUPTA
BHANAWAT Date: 2021.04.26

16:29:19 +05'30'
DAS GUPTA Date: 2021.04.26
19:18:59 +05'30'
Manoj Bhanawat Ahona Das Gupta

Chief Financial Officer Company Secretary
Place: Chennai Place: Chennai

Date: April 26, 2021 Date: April 26, 2021
STANDALONE STATEMENT OF PROFIT AND LOSS
Particulars Note For the year ended For the year ended
31 March 2021 31 March 2020
Revenue from operations 20 71,570 62,122
Other income 21 734 742
Total income (I) 72,304 62,864
Expenses
Cost of materials consumed 43,097 36,237
Purchase of stock-in-trade 10,708 12,085
Changes in inventories of finished goods, work-in-progress and 22 (3,734) (4,055)
stock-in-trade
Employee benefits expense 23 5,792 5,752
Finance costs 24 2,068 1,621
Depreciation and amortisation expense 25 2,183 1,753
Other expenses 26 12,028 12,198
Total expenses (II) 72,142 65,591
'Profit / (loss) before tax (III) [(I)-(II)] 162 (2,727)
Tax expense
- Current tax - -
- Deferred tax - -
Profit/(loss) after tax (A) 162 (2,727)
Other comprehensive income
Items that will not be reclassified subsequently to the statement
of profit and loss:
- Remeasurements of employee defined benefit plans 5 (36)
- Income-tax on above - -
Items that will be reclassified to the statement of profit and loss:
- Effective portions of gains and loss on designated portion of (2) (0)
hedging instruments in a cash flow hedge
- Income-tax on above - -
Total other comprehensive income (B) 3 (36)
Total comprehensive income for the year (A+B) 165 (2,763)
Earnings / (loss) per equity share (par value of Rs. 2 per share)
Basic earnings / (loss) per share 0.49 (8.20)
Diluted earnings / (loss) per share 27 0.48 (8.20)
*Represents amounts less than Rs. 1 lakh
Significant accounting policies 3
-
VIKASH GUPTA MITHUN Digitally signed by MITHUN SUBRAMANIAM
Digitally signed by
SUBRAMANIAM
PADAMCHAND PADAMCHAND SACHETI SOMASUNDAR SOMASUNDARAM

21:02:15 +05'30' SACHETI
Date: 2021.04.26 16:25:14
+05'30' AM Date: 2021.04.26
18:57:43 +05'30'

Digitally signed by
MANOJ Digitally signed by
MANOJ BHANAWAT
AHONA AHONA DAS GUPTA

16:28:52 +05'30'
DAS GUPTA Date: 2021.04.26
19:19:53 +05'30'


STANDALONE STATEMENT OF CASH FLOWS

Particulars For the year ended For the year ended

31 March 2021 31 March 2020
A. CASH FLOWS FROM OPERATING ACTIVITIES
Profir/(loss) before tax 162 (2,727)
Adjustments for:
Depreciation and amortisation expenses 2,183 1,753
Allowance for doubtful trade receivables 19 -
Allowance for doubtful trade receivables and advances (net) - 15
Interest income on fixed deposits (6) (37)
Interest income on financial assets carried at amortised cost (414) (321)
Deferred rental income and rent equalisation (89) (46)
Gain on sale of investment (net) (43) -
Finance cost 2,068 1,621
(Profit) / loss on sale of property, plant and equipment 8 (2)
Property, plant and equipment wrtitten off 23 -
Employee stock option expense 36 41
Operating profit before working capital changes 3,947 297
Change in operating assets and liabilities

(increase)/ decrease in trade receivables (66) 367
(increase)/ decrease in inventories (5,353) (3,635)
(increase)/ decrease in loans receivable, financial and other assets (1,755) (1,491)
increase/ (decrease) in other financial liabilities 3 188
increase/ (decrease) in provisions 65 30
increase/ (decrease) in gold on loan and trade payables 5,237 (2,759)
increase/ (decrease) in other liabilities 1,301 (64)
Cash genereated from/ used in operating activities before taxes 3,379 (7,067)
Income taxes paid 129 (122)
Net cash inflow / outflow from operating activities (A) 3,508 -7,189
B. CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment and intangible assets and
intangible assets under development (1,563) (1,641)
Proceeds from sale of property, plant and equipment 89 90
Purchase/sale of Mutual Fund investments, net (1,208) -
Interest received 5 38
(Investment)/redemption in other bank balances (63) 30
Lease payments received from sub-leases 915 706
Net cash used in investing activities (B) (1,825) (777)
C. CASH FLOWS FROM FINANCING ACTIVITIES

Payment towards lease liabilities (2,385) (2,463)
Repayment of borrowings (38,237) (11,109)
Proceeds from borrowings 40,438 17,826
Interest paid (1,148) (848)
Net cash used in / generated from financing activities (C) (1,332) 3,406
Net cash increase/(decrease) in cash and cash equivalents (A+B+C) 351 (4,560)
Cash and cash equivalents as at the beginning of the year (Refer note 10(iii)) 144 4,704
Cash and cash equivalents as at the end of the year (Refer note 10(iii)) 495 144

Chartered Accountants Caratlane Trading Private Limited
VIKASH GUPTA MITHUN Digitally signed by MITHUN
PADAMCHAND SACHETI
SUBRAMANIAM Digitally signed by
SUBRAMANIAM
PADAMCHAND
21:03:24 +05'30' SACHETI
Date: 2021.04.26 16:25:40
+05'30'
SOMASUNDAR SOMASUNDARAM
AM
Date: 2021.04.26
18:58:18 +05'30'
Vikash Gupta Mithun Padamchand Sacheti
S.Subramaniam

Digitally signed by AHONA Digitally signed
MANOJ by AHONA DAS
MANOJ BHANAWAT
DAS GUPTA
Date: 2021.04.26
16:28:32 +05'30'
GUPTA 19:20:19 +05'30'

(formerly known as Carat Lane Trading Private Limited)
STANDALONE STATEMENT OF CHANGES IN EQUITY

A. Equity share capital

Particulars Amount
Balance at the April 1, 2019 665
Changes in equity share capital during the year -
As at March 31, 2020 665
Changes in equity share capital during the year -
As at March 31, 2021 665
B. Other equity
Reserves and surplus Other comprehensive income

Securities Stock options Retained Cash flow Re-measurement of Total
Particulars
premium outstanding account earnings hedge reserve defined benefit
obligation
Balance at the April 1, 2019 40,901 665 (37,524) - (96) 3,946
Effect of adoption of Ind AS 116 - - (303) - - (303)
Premium on shares issued during the year 22 (22) - - - -
Loss for the year - - (2,727) - - (2,727)
Employee stock option expense - 41 - - - 41
Other comprehensive income for the year (net of taxes) - - - (0) (36) (36)
Total comprehensive income for the year - - (3,025)
Balance as at March 31, 2020 40,923 684 (40,553) (0) (132) 922
Balance as at April 1, 2020 40,923 684 (40,553) (0) (132) 922

Premium on shares issued during the year 2 (2) - - - -
Loss for the year - - 162 - - 162
Employee stock option expense - 36 - - - 36
Other comprehensive income for the year (net of taxes) - - - (2) 5 3
Total comprehensive income for the year - - 201
Balance as at March 31, 2021 40,925 718 (40,391) (2) (127) 1,123

VIKASH Digitally signed by Digitally signed by
MITHUN Digitally signed by SUBRAMANIAM SUBRAMANIAM
VIKASH GUPTA MITHUN PADAMCHAND
PADAMCHAND SOMASUNDAR SOMASUNDARAM
GUPTA Date: 2021.04.26 SACHETI
Date: 2021.04.26
Date: 2021.04.26 16:25:56 AM
21:04:32 +05'30' SACHETI +05'30' 18:59:26 +05'30'

Digitally signed by AHONA Digitally signed

MANOJ MANOJ BHANAWAT
by AHONA DAS
DAS GUPTA
Date: 2021.04.26
16:28:13 +05'30'
GUPTA 19:20:47 +05'30'


Significant accounting policies and notes to the standalone financial statements for the year ended March 31, 2021
1 BACKGROUND
CARATLANE TRADING PRIVATE LIMITED is a company limited by shares, incorporated and domiciled in India. The Company listed its commercial paper on the BSE Ltd. in
India on March 13, 2020 with ISN number INE015Y14039. The Company primarily manufactures and trades in jewellery.
The standalone financial statements for the year ended March 31, 2021 have been approved by the Board of Directors on April 26, 2021.
2 BASIS OF PREPARATION AND PRESENTATION

(i) Statement of compliance
The standalone financial statements comply in all material aspects with the Indian Accounting Standards ('Ind AS') notified under the Companies (Indian Accounting Standards) Rules,
2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016 read with Section 133 of the Companies Act, 2013 ('the Act') and other relevant provision of the act
under the historical cost convention on an accrual basis and going concern except for certain financial instruments which are measured at fair values notified under the Act & Rules
prescribed thereunder. (together hereinafter referred to as ‘Standalone Financial Statements’ or ‘financial statements’)
(ii) Basis of measurement
The standalone financial statements have been prepared on an accrual basis under the historical cost convention except for the following items:
a. Certain financial assets and liabilities that are measured at fair value
b. Share based payments that are measured at fair value
c. Net defined benefit liability that are measured at fair value of present value of defined benefit obligations
d. Right of use assets and lease liabilities are measured at fair market value as per INDAS 116
Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date.
(iii) Use of estimates, assumptions and judgement
The preparation of standalone financial statements in conformity with Ind AS requires management to make judgements, estimates and assumptions that affect the application of
accounting policies on the reported amount of assets and liabilities, revenues and expenses and disclosure of contingent liabilities. Such estimates, assumptions and judgement are based
on management's evaluation of relevant facts and circumstances as on the date of financial statements. The actual result may differ from these estimates.
Estimates and assumptions are reviewed on a periodic basis. Revisions to accounting estimates are recognized prospectively.
Judgements
Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognized in the standalone financial statements is included in
the following notes:
- Note 30 – Leases – whether an arrangement contains a lease
- Note 30 – Lease classification (including the expected general inflation rates)
- Note 33 - Revenue Recognition
Assumptions and estimation

Information about assumptions and estimation uncertainties that have significant risk of resulting in a material adjustment in the year ending March 31, 2021 is included in the following
notes:
- Note 4 (i) – Useful life of the Property, plant and equipment;
- Note 4 (ii) – Useful life of the Intangible assets;
- Note 34 – Contingent liabilities and commitments;
- Notes 31 – Measurement of defined benefit obligations: key actuarial assumptions;
- Note 30 – Leases - Lease term and incremental borrowing rate
- Note 36 – Fair value measurement of financial instruments
- Note 33 - Revenue recognition
Impact of COVID-19 (pandemic)

The Company has taken into account all the possible impacts of COVID-19 in preparation of these standalone financial statements, including but not limited to its assessment of,
liquidity and going concern assumption, recoverable values of its financial and non-financial assets, impact on revenue recognition owing to changes in pricing, impact on leases and
impact on effectiveness of its hedges. The Company has carried out this assessment based on available internal and external sources of information upto the date of approval of these
standalone financial statements and believes that the impact of COVID-19 is not material to these standalone financial statements and expects to recover the carrying amount of its
assets. The impact of COVID-19 on the standalone financial statements may differ from that estimated as at the date of approval of these standalone financial statements owing to the
nature and duration of COVID-19.
(iv) Functional and presentation currency

Items included in the standalone financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (i.e. the
“functional currency”). The standalone financial statements are presented in Indian Rupee ("Rs." or "INR"), which is the Company's functional and presentation currency and is
rounded-off to the nearest lakhs except when otherwise indicated.
(v) Measurement of fair values

Certain accounting policies and disclosures of the Company require the measurement of fair values, for both financial and non-financial assets and liabilities.
The Company has an established control framework with respect to the measurement of fair values and the valuation team regularly reviews significant unobservable inputs and
valuation adjustments.
Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible.
If the inputs used to measure the fair value of an asset or a liability fall into a different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in
the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
Further information about the assumptions made in the measuring fair values is included in the following notes:
- Note 36 - financial instruments.

3 SIGNIFICANT ACCOUNTING POLICIES

The Accounting policies set out below have been applied consistently to all periods presented in these Standalone Financial Statements unless otherwise indicated.
(i) Revenue recognition

Revenue is recognized upon transfer of control of promised goods or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for
those goods or services.
Sale of products
Revenue from the sale of products is recognised at the point in time when control is transferred to the customer.
Revenue is measured based on the transaction price, which is the consideration, net of customer incentives, discounts, variable considerations, payments made to customers, other
similar charges, as specified in the contract with the customer. Additionally, revenue excludes taxes collected from customers, which are subsequently remitted to governmental
authorities.
Contract assets are recognised when there is excess of revenue earned over billings on contracts. Contract assets are classified as unbilled receivables (only act of invoicing is pending)
when there is unconditional right to receive cash, and only passage of time is required, as per contractual terms. Unearned and deferred revenue (“contract liability”) is recognised when
there is billings in excess of revenues. Advances received for services are reported as liabilities until all conditions for revenue recognition are met.
Use of significant judgements in revenue recognition.

• The Company’s contracts with customers could include promises to transfer multiple goods to a customer. The Company assesses the goods promised in a contract and identifies
distinct performance obligations in the contract. Identification of distinct performance obligation involves judgement to determine the deliverables and the ability of the customer to
benefit independently from such deliverables.
• Judgement is also required to determine the transaction price for the contract. The transaction price could be either a fixed amount of customer consideration or variable consideration
with elements such as volume discounts, performance bonuses, price concessions and incentives. The transaction price is also adjusted for the effects of the time value of money if the
contract includes a significant financing component. Any consideration payable to the customer is adjusted to the transaction price, unless it is a payment for a distinct good from the
customer. The estimated amount of variable consideration is adjusted in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of
cumulative revenue recognised will not occur and is reassessed at the end of each reporting period.
• The Company uses judgement to determine an appropriate standalone selling price for a performance obligation. The Company allocates the transaction price to each performance
obligation on the basis of the relative stand-alone selling price of each distinct good or service promised in the contract. Where standalone selling price is not observable, the Company
uses the expected cost plus margin approach to allocate the transaction price to each distinct performance obligation.
Interest income is recognized as it accrues in the standalone statement of profit and loss using effective interest rate method.
Commission income is generally recognized when the related sale is executed as per the terms of the agreement.
The Company has determined that the revenues as disclosed in Note 20 are disaggregated into categories that depict how the nature, amount, timing and uncertainty of revenue and
cash flows are affected by economic factors.
i (a) Other income

Franchisee Signing Fees :Franchisee signining fees is recognised based on the franchisee stores opened during the year which varies based on the location. It excludes taxes remitted
to the goverment which are receovered from the Franchisee's. (Note 21)
(ii) Property, plant and equipment

Items of Property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses, if any.
The cost of an item of property, plant and equipment comprises its purchase price/ acquisition cost, net of any trade discounts and rebates, any import duties and other taxes (other than
those subsequently recoverable from the tax authorities), any directly attributable expenditure on making the asset ready for its intended use, other incidental expenses and interest on
borrowings attributable to acquisition of qualifying property, plant and equipment up to the date the asset is ready for its intended use.
Subsequent expenditure on property, plant and equipment after its purchase / completion is capitalized only if such expenditure results in an increase in the future benefits from such
asset beyond its previously assessed standard of performance.
Advance paid towards acquisition of fixed assets outstanding at each balance sheet date is disclosed as capital advances under non-current assets.
Any gain or loss on disposal of an item of property, plant and equipment is recognized in the standalone statement of profit or loss. Capital work-in-progress comprises the cost of
assets that are not ready for their intended use at the balance sheet date.
When significant parts of plant and equipment are required to be replaced at intervals, the Company depreciates them separately based on their specific useful lives. Repairs and
maintenance costs are recognised in the statement of profit and loss as incurred.
The Company identifies and determines cost of each component/ part of property, plant and equipment separately, if the component/ part has a cost which is significant to the total cost
of the property, plant and equipment and has useful life that is materially different from that of the remaining asset. Leasehold improvements are amortized over the estimated useful life
of the asset or the lease period whichever is less.
An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or
disposal. Gains or losses arising from de-recognition of Property, plant and equipment and intangible assets are measured as the difference between the net disposal proceeds and the
carrying amount of Property, plant and equipment and are recognized in the standalone statement of profit and loss when the Property, plant and equipment is derecognized.
Depreciation methods, estimated useful life and residual value

Depreciation is calculated using straight-line method to allocate their cost, net of their estimated residual values, over the useful lives of assets which is as follows:
Management estimate of Useful life as per

Asset category
useful life schedule II
Furniture and fittings 10 years 10 years
Computer equipment 3 years 3 years
Computer server 6 years 6 years
Office equipments 5 years 5 years
Jewellery Machine 15 years 15 years
Vehicles 5 years 8 years
Mock jewellery 1 year 1 year
Leasehold improvements 4 years Lease period
(ii) Property, plant and equipment (continued)

Depreciation for assets purchased / sold during the period is proportionally charged.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. Based
on technical evaluation and consequent advice, the management believes that its estimates of useful lives as given above best represent the period over which management expects to
use these assets. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization
period or method, as appropriate, and are treated as changes in accounting estimates.
(iii) Intangible assets
(a) Internally generated : Research and development
Expenditure on research activities is recognized in the statement of profit and loss as incurred.
Development expenditure is capitalized as part of the cost of the resulting intangible asset only if the expenditure can be measured reliably, the product or process is technically and
commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise,
it is recognized in profit or loss as incurred. Subsequent to initial recognition, the asset is measured at cost less accumulated amortization and any accumulated impairment losses.
(b) Amortization
Amortization is calculated to write off the cost of intangible assets less their estimated residual values over their estimated useful lives using the straight- line method, and is included in
depreciation and amortization in Statement of Profit and Loss.
The estimated useful lives are as follows:
Asset Useful life

Computer software 3 years
Caratlane portal 3 years
Amortization method, useful lives and residual values are reviewed at the end of each financial year and adjusted prospectively, if appropriate.
(iv) Impairment
(a) Financial assets
The Company recognizes loss allowances using the expected credit loss (ECL) model for the financial assets which are not fair valued through the statement of profit and loss.
Expected credit loss is the difference between the contractual cash flows and the cash flows that the entity expects to receive, discounted using the effective interest rate. Loss
allowance for trade receivables is measured at an amount equal to lifetime ECL. For all other financial assets, expected credit losses are measured at an amount equal to the 12-month
ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL, as required. The amount of expected credit
losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized is recognized as an impairment gain or loss in the
Statement of Profit and Loss.
(b) Non-financial assets

Intangible assets and property, plant and equipment
Intangible assets and property, plant and equipment are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be
recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in -use) is determined on an individual asset
basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the CGU to which
the asset belongs. If such assets are considered to be impaired, the impairment to be recognized in the Statement of Profit and Loss is measured by the amount by which the carrying
value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the statement of profit and loss if there has been a change in the estimates
used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying
amount that would have been determined (net of any accumulated amortization or depreciation) had no impairment loss been recognized for the asset in prior years.
(v) Leases
Company as a lessee
A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a
contract conveys the right to control the use of an identified asset, the Company assesses whether:
a. the contract involves the use of an identified asset;
b. the Company has the right to obtain substantially all the economic benefits from use of the asset throughout the period of use; and
c. the Company has the right to direct the use of the asset.
At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of the
relative stand-alone prices of the lease components and the aggregate stand-alone price of the non-lease components.
The Company recognises right-of-use asset representing its right to use the underlying asset for the lease term at the lease commencement date. The cost of the right-of-use asset
measured at inception shall comprise of the amount of the initial measurement of the lease liability, adjusted for any lease payments made at or before the commencement date, less any
lease incentives received, plus any initial direct costs incurred and an estimate of the costs to be incurred by the lessee in dismantling and removing the underlying asset or restoring the
underlying asset or site on which it is located.
The right-of-use asset is subsequently measured at cost less accumulated depreciation, accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability.
The right-of-use assets is depreciated using the straight-line method from the commencement date over the shorter of lease term or useful life of right-of-use asset. The estimated useful
lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. Right-of-use assets are tested for impairment whenever there is any indication
that their carrying amounts may not be recoverable. Impairment loss, if any, is recognised in the statement of profit and loss.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or,
if that rate cannot be readily determined, the incremental borrowing rate applicable to the entity within the Company. Generally, the Company uses its incremental borrowing rate as the
discount rate. For leases with reasonably similar characteristics, the Company, on a lease by lease basis, may adopt either the incremental borrowing rate specific to the lease or the
incremental borrowing rate for the portfolio as a whole. The lease payments shall include fixed payments, variable lease payments, residual value guarantees, exercise price of a
purchase option where the Company is reasonably certain to exercise that option and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an
option to terminate the lease.
The Company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of all assets that have a lease term of 12 months or less and leases of low-value
assets. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
Company as a lessor
When the Company acts as a lessor at the inception, it determines whether each lease is a finance lease or an operating lease.
The Company recognises lease payments received under operating leases as income on a straight-line basis over the lease term. In case of a finance lease, finance income is recognised
over the lease term based on a pattern reflecting a constant periodic rate of return on the lessor’s net investment in the lease. When the Company is an intermediate lessor it accounts
for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not
with reference to the underlying asset. If a head lease is a short -term lease to which the Company applies the exemption described above, then it classifies the sub-lease as an operating
lease.
If an arrangement contains a lease and non-lease components, the Company applies Ind AS 115-Revenue to allocate the consideration in the contract.
(v) Leases (continued)

Company as a lessee
As a lessee, the Company previously classified leases as operating or finance leases based on its assessment of whether the lease transferred significantly all of the risks and rewards
incidental to ownership of the underlying asset to the Company. Under Ind AS 116, the Company recognizes right of use assets and lease liabilities for most leases i.e. these leases are
on standalone balance sheet.
On transition, the Company has applied following practical expedients:
a. Applied a single discount rate to a portfolio of leases of similar assets in similar economic environment with similar end date.
b. Applied the exemption not to recognise right-of-use-assets and liabilities for leases with less than 12 months of lease term on the date of transition.
c. Excluded the initial direct costs from the measurement of the right-of -use-asset at the date of transition.
d. Grandfathered the assessment of which transactions are, or contain leases. Accordingly, Ind AS 116 is applied only to contracts that were previously identified as leases under Ind
AS 17.
e. Relied on its assessment of whether leases are onerous, applying Ind AS 37 immediately before the date of initial application as an alternative to performing an impairment review.
f. Used hindsight when determining the lease term if the contract contains options to extend or terminate the lease.
The Company has also applied recognition exemptions of short-term leases to all categories of underlying assets.
On transition, the Company recognised a lease liability measured at the present value of the remaining lease payments. Refer note 30 for details on impact due to Ind AS 116
application.
On application of Ind AS 116, the nature of expenses has changed from lease rent in previous periods to depreciation cost for the right-to-use asset, and finance cost for interest accrued
on lease liability.
Company as a lessor
The Company is not required to make any adjustments on transition to Ind AS 116 for leases in which it acts as a lessor, except for a sub-lease. The Company accounted for its leases
in accordance with Ind AS 116 from the date of initial application. On transition, the Company recognised a lease receivable measured at the present value of the remaining lease
payments receivable. Refer note 30 for details on impact due to Ind AS 116 application.
(vi) Inventories
Inventories [other than quantities of gold for which the price is yet to be determined with the suppliers (Unfixed Gold)] are measured at the lower of cost and net realizable value. The
cost is determined as follows:
(i) Raw materials are valued at weighted average except solitaires which are valued at the cost of purchase.
(ii) Work-in-progress and finished goods (other than gold) are valued at weighted average cost of production.
(iii) Traded goods are valued at weighted average / cost of purchase.
(iv) Gold is valued on first-in-first-out basis.
Cost comprises all costs of purchase including duties and taxes (other than those subsequently recoverable by the Company), freight inwards and other expenditure directly attributable
to acquisition. Work-in-progress and finished goods include appropriate proportion of overheads.
Unfixed gold is valued at the provisional gold price prevailing on the date of receipt of gold.
Net realizable value represent the estimated selling price for inventories less estimated cost of completion and costs necessary to make the sale.
(vii) Foreign currency transactions and balances
Foreign exchange transactions are recorded at the rates of exchange prevailing on the dates of the respective transactions. Exchange differences arising on foreign exchange transactions
settled during the year are recognized in the standalone statement of profit and loss for the year.
Monetary assets and liabilities denominated in foreign currencies as at the standalone balance sheet date are translated at the exchange rates on that date. The resultant exchange
differences are recognized in the standalone statement of profit and loss.
Non-monetary assets and liabilities which are carried in terms of historical cost denominated in foreign currency are translated at an exchange rate that approximates the rates prevalent
on the date of the transaction.
(viii) Taxation
Income tax expense comprises current tax expense and the net change in the deferred tax asset or liability during the year. Current and deferred tax are recognized in standalone
statement of profit and loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are
also recognized in other comprehensive income or directly in equity, respectively.
a) Current income tax: Current income tax for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities based on the
taxable income for that year. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date. The Company offsets
current tax assets and current tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the
asset and settle the liability simultaneously.
b) Deferred income tax: Deferred income tax assets and liabilities are recognized using the balance sheet approach. Deferred tax is recognized on temporary differences at the balance
sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, except when the deferred income tax arises from the initial
recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be
available to allow all or part of the deferred income tax asset to be utilized.
Deferred income tax assets are recognized for all deductible temporary differences, to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences can be utilized. Deferred income tax assets are recognized for carry forward of unused tax credits and unused tax losses, to the extent that there is convincing
evidence that taxable profit will be available against which the carry forward of unused tax credits and unused tax losses can be utilized.
Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply
to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and
liabilities is recognized as an income or expense in the period that includes the enactment or substantive enactment date.
Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will allow the deferred tax
asset to be recovered.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the
same taxable entity.
(ix) Employee benefits

i) Short term employee benefits
All employee benefits payable within twelve months of rendering the service are classified as short-term employee benefits. Benefits such as salaries, short-term compensated absences
and incentives etc., are recognized in the standalone statement of profit and loss for the year in which the employee renders the related service.
ii) Defined contribution plan
All eligible employees receive benefit from provident fund, which is a defined contribution plan. Both the employee and the Company make monthly contribution to the fund, which is
equal to a specified percentage of the covered employee's basic salary and including other fixed component not linked to the performance of employees. The Company has no further
obligations under this plan beyond its monthly contributions.
(ix) Employee benefits (continued)

iii) Post employment benefits
The Company provides for gratuity, a defined benefit plan covering all eligible employees. The present value of obligation under such defined benefit plan is determined based on
actuarial valuation carried at the year-end using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final obligation. The obligation is measured at the present value of the estimated future cash flows. The discount rate used
for determining the present value of the obligation under defined benefit plans, is based on the market yields on Government securities as at the balance sheet date having maturity
periods approximating the term of the related obligation. The Company recognizes the net obligation of a defined benefit plan in its balance sheet as an asset or liability. Gains and
losses through re-measurements of the net defined benefit liability / (asset) are recognized in other comprehensive income. In accordance with Ind AS, re-measurement gains and losses
on defined benefit plans recognized in OCI are not to be subsequently reclassified to standalone statement of profit and loss. As required under Ind AS compliant Schedule III, the
Company transfers it immediately to retained earnings.
The plan provides a lump-sum payment to eligible employees at retirement or on termination of employment based on the salary of the respective employee and the years of
employment with the Company. The gratuity liability is accrued based on an actuarial valuation at the balance sheet date, carried out by an independent actuary.
iv) Compensated absences

Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related services are recognized as an
actuarially determined liability at the present value of the defined benefit obligation at the balance sheet date using the projected unit credit method.
(x) Employee stock option expense

The Company measures compensation cost relating to share-based payments using the fair valuation method in accordance with Ind AS 102, Share-Based Payment. Compensation
expense is amortized over the vesting period of the option on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was
in-substance, multiple awards.
The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using the Black-Scholes-Merton Model. The expected term of an option is
estimated based on the vesting term and contractual life of the option. Expected volatility during the expected term of the option is based on the historical volatility of similar
companies. Risk free interest rates are based on the government securities yield in effect at the time of the grant.
The cost of equity settled transactions is recognized, together with a corresponding increase in share options outstanding account in equity, over the period in which the performance
and/or service conditions are fulfilled. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the
vesting period has expired and the company’s best estimate of the number of equity instruments that will ultimately vest. The income statement expense or credit for a period represents
the movement in cumulative expense recognized as at the beginning and end of that period and is recognized in employee benefits expense. The dilutive effect of outstanding options is
reflected as additional share dilution in the computation of diluted earnings per share.
(xi) Financial instruments
Recognition of financial assets and financial liabilities:
Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instruments.
Financial assets and liabilities are initially recognized at fair value. Transaction costs that are directly attributable to financial assets and liabilities [other than financial assets and
liabilities measured at fair value through profit and loss (FVTPL)] are added to or deducted from the fair value of the financial assets or liabilities, as appropriate on initial recognition.
Transaction costs directly attributable to acquisition of financial assets or liabilities measured at FVTPL are recognized immediately in the statement of profit and loss.
All recognized financial assets are subsequently measured in their entirety at either amortized cost or fair value, depending on the classification of financial assets.
A) Financial assets
Classification of financial assets:
On initial recognition, a financial asset is classified at
(i) Amortized cost
(ii) Fair value through other comprehensive income (FVOCI)
(iii) Fair value through profit and loss (FVTPL)
Financial assets are not reclassified subsequent to their initial recognition, except if and in the period the Company changes its business model for managing financial assets.
(i) Financial assets carried at amortized cost

A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the
contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets at fair value through comprehensive income

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting
contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
Financial assets at fair value through profit and loss
A financial asset which is not classified in any of the above categories are subsequently fair valued through profit or
loss .
B) Financial liabilities: classification, subsequent measurement and derecognition:
Financial liabilities carried at amortized cost
Financial liabilities are subsequently carried at amortized cost using the effective interest method. For trade and other payables maturing within one year from the balance sheet date,
the carrying amounts approximate fair value due to the short maturity of these instruments.
Financial liabilities at fair value through profit and loss
A financial liabilities which is not classified in any of the above categories are subsequently carried at fair value through profit or loss .
Derecognition
Financial assets
The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the right to receive the contractual cash flows in
a transaction in which substantially all of the risks and rewards of ownership of the financial assets are transferred or in which the Company neither transfers nor retains substantially all
of the risks and rewards of ownership and does not retain control of the financial asset.
If the Company enters into transactions whereby it transfers assets recognized on its balance sheet, but retains either all or substantially all of the risks and rewards of the transferred
assets, the transferred assets are not derecognized.
The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Company also derecognizes a financial liability when its
terms are modified and the cash flows under the modified terms are substantially different. In this case, a new financial liability based on the modified terms is recognized at fair value.
The difference between the carrying amount of the financial liability extinguished and a new financial liability with modified terms is recognized in the standalone statement of profit
and loss.
Offsetting
Financial assets and financial liabilities are offset and the net amount presented in the standalone balance sheet when, and only when, the Company currently has a legally enforceable
right to set off the amounts and it intends either to settle them on a net basis or realize the asset and settle the liability simultaneously.
(xii) Derivative financial instruments

a. Fair value hedge
The Company designates non derivative financial liabilities as hedging instruments to mitigate the risk of change in fair value of hedged item due to movement in interest rates and
commodity prices. Changes in the fair value of hedging instruments and hedged items that are designated and qualify as fair value hedges are recorded in Standalone Statement of Profit
and Loss with an adjustment to the carrying value of the hedged item. The Company has designated the trade payables pertaining to gold taken on loan from banks (‘unfixed gold’) as a
fair value hedge to the corresponding gold inventory purchased on loan.
b. Cash flow hedge
The Company uses derivative financial instruments to manage risks associated with gold price fluctuations relating to certain highly probable forecasted transactions. The company has
designated derivative financial instruments taken for gold price fluctuations as ‘cash flow’ hedges relating to highly probable forecasted transactions.
The use of derivative financial instruments is governed by the Company’s policies approved by the Board of Directors, which provide written principles on the use of such instruments.
Hedging instruments are initially measured at fair value, and are re-measured at subsequent reporting dates. Changes in the fair value of these derivatives that are designated and
effective as hedges of future cash flows are recognised in Other comprehensive income and accumulated under the heading cash flow hedge reserve and the ineffective portion is
recognised immediately in the statement of profit and loss.
Hedge accounting is discontinued when the hedging instrument expires or no longer qualifies for hedge accounting. For forecasted transactions, any cumulative gain or loss on the
hedging instrument recognised in hedging reserve is retained until the forecast transaction occurs upon which it is recognised in the standalone statement of profit and loss. If a hedged
transaction is no longer expected to occur, the net cumulative gain or loss accumulated in hedging reserve is recognised immediately to the statement of profit and loss.
The Company has designated derivative financial instruments taken for gold price fluctuations as ‘cash flow’ hedges relating to highly probable forecasted transactions.
(xiii) Provisions and contingent liabilities

a. General
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Company expects some or all of a provision to be
reimbursed, the expense relating to a provision is presented in the standalone statement of profit and loss net of any reimbursement. If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the
passage of time is recognized as a finance cost.
Product warranty costs are determined based on past experience and provided for in the year of sale.
b. Contingent liabilities
A disclosure for contingent liabilities is made where there is a possible obligation or a present obligation that may probably not require an outflow of resources. When there is a
possible or a present obligation where the likelihood of outflow of resources is remote, no provision or disclosure is made.
c. Onerous contracts
Provision for onerous contracts i .e. contracts where the expected unavoidable cost of meeting the obligations under the contract exceed the economic benefits expected to be
received under it, are recognized when it is probable that an outflow of resources embodying economic benefits will be required to settle a present obligation as a result of an obligating
event based on a reliable estimate of such obligation.
(xiv) Cash and cash equivalents

Cash and cash equivalents comprise of cash on hand, demand deposits with banks and balances with banks. The Company considers all highly liquid investments with an original
maturity at the date of purchase of three months or less and that are readily convertible to known amounts of cash to be cash equivalents.
(xv) Standalone cash flow statement

Cash flows are reported using the indirect method, whereby net loss before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future
operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities
of the Company are segregated.
(xvi) Borrowing Cost

Borrowing costs are interest and other costs incurred in connection with borrowing of funds. The borrowing cost includes interest expense accrued on gold on loan taken from banks.
Borrowing costs attributable to acquisition or construction of an asset which necessarily take a substantial period of time to get ready for their intended use are capitalized as part of the
cost of asset. Other borrowing costs are recognised as an expense in the period in which they are incurred.
(xvii) Earning per share

Basic earning per share is computed by dividing the net loss after tax by the weighted average number of equity shares outstanding during the year. Diluted loss per share is computed
by dividing the net profit after tax by the weighted average number of equity shares considered for deriving basic loss per share and also the weighted average number of equity shares
that could have been issued upon conversion of all dilutive potential equity shares. Diluted earnings per share is computed using the weighted-average number of equity and dilutive
equivalent shares outstanding during the year, using the treasury stock method for options, except where the results would be anti-dilutive. The diluted potential equity shares are
adjusted for the proceeds receivable had the shares been actually issued at fair value (i.e. the average market value of the outstanding shares). Dilutive potential equity shares are
deemed converted as of the beginning of the period, unless issued at a later date.
(xviii) 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
assesses the financial performance and position of the Company. The Managing Director has been identified as the CODM.
The Company operates in one segment only i.e. Jewellery. The CODM evaluates the Company's performance based on the revenue and operating income from the sale of Jewellery.
Accordingly, no additional segment disclosure has been made for the business segment.
In terms of geographical segment, since the Company operates only in India, there is only one geographical segment, i.e. India. Accordingly, no additional disclosure has been made for
geographical segment information.
(xix) Recent pronouncements:
On March 24, 2021, the Ministry of Corporate Affairs ("MCA") through a notification, amended Schedule III of the Companies Act, 2013. The amendments revise Division I, II and III
of Schedule III and are applicable from April 1, 2021. Key amendments relating to Division II which relate to companies whose financial statements are required to comply with
Companies (Indian Accounting Standards) Rules 2015 are:
Balance Sheet
(a) Lease liabilities should be separately disclosed under the head ‘financial liabilities’, duly distinguished as current or non-current.
(b) Certain additional disclosures in the statement of changes in equity such as changes in equity share capital due to prior period errors and restated balances at the beginning of the
current reporting period.
(c) Specified format for disclosure of shareholding of promoters
(d) Specified format for ageing schedule of trade receivables, trade payables, capital work-in-progress and intangible asset under development.
(e) If a company has not used funds for the specific purpose for which it was borrowed from banks and financial institutions, then disclosure of details of where it has been used.
(f) Specific disclosure under ‘additional regulatory requirement’ such as compliance with approved schemes of arrangements, compliance with number of layers of companies, title
deeds of immovable property not held in name of company, loans and advances to promoters, directors, key managerial personnel (KMP) and related parties, details of benami property
held etc
Statement of profit and loss:

(a) Additional disclosures relating to Corporate Social Responsibility (CSR), undisclosed income and crypto or virtual currency specified under the head ‘additional information’ in the
notes forming part of standalone financial statements.
The amendments are extensive and the Company will evaluate the same to give effect to them as required by law.
Notes to the standalone financial statements for the year ended 31 March 2021
4(i) Property, plant and equipment*
Particulars Gross carrying amount Accumulated depreciation Carrying amount (net)

As at Additions Deletions As at As at Charge for Deletions As at As at
1 April, 2020 31 March, 2021 1 April, 2020 the year 31 March, 2021 31 March, 2021
Tangible assets
Furniture and fittings 766 74 45 795 204 75 26 253 542
Leasehold improvements 977 314 49 1,242 577 177 25 729 513
Computer equipment 506 136 7 635 318 115 1 432 203
Computer server 26 6 - 32 13 3 - 16 16
Mock jewellery 250 - - 250 250 - - 250 -
Office equipment 591 164 24 731 311 93 13 391 340
Jewellery machine 275 216 - 491 73 26 - 99 392
Vehicles 19 2 18 3 4 2 4 2 1
Total (A) 3,410 912 143 4,179 1,750 491 69 2,172 2,007
Particulars Gross carrying amount Accumulated depreciation Carrying amount (net)

Tangible assets
Furniture and fittings 639 231 104 766 192 65 53 204 562
Leasehold improvements 784 293 100 977 514 149 86 577 400
Computer equipment 441 155 90 506 300 105 86 318 188
Computer server 24 6 4 26 15 3 6 13 13
Mock jewellery 250 - - 250 250 - - 250 -
Office equipment 434 209 52 591 277 79 45 311 280
Jewellery machine 244 42 11 275 66 18 11 73 202
Vehicles 48 18 47 19 32 8 36 4 15
Total (A) 2,864 954 408 3,410 1,646 427 323 1,750 1,660
*For details of property plant and equipment charged against borrowings, refer note 17(i)
4(ii) Intangible assets
Particulars Gross carrying amount Accumulated amortization Carrying amount (net)

Intangible assets
Computer software 1,298 501 141 1,658 628 451 118 961 697
Caratlane portal 253 - 14 239 253 - 14 239 -
Total 1,551 501 155 1,897 881 451 132 1,200 697
Particulars Gross carrying amount Accumulated amortization Carrying amount (net)

Intangible assets
Computer software 783 515 - 1,298 318 310 - 628 670
Caratlane portal 253 - - 253 248 5 - 253 -
Total 1,036 515 - 1,551 566 315 - 881 670
5 Right of use assets*
Particulars As at 31 March 2021

31 March 2021 March 31, 2020
Owned assets
Buildings
As at April 1 5,354 -
Transition impact of IndAS 116 - 3,207
Additions 1,385 2,147
Disposals - -
As at March 31 6,739 5,354
Accumulated amortisation
As at April 1 1,011 -
Charge for the year 1,241 4,343
Net carrying value 4,487 4,343
*Also refer note 30.
6 Financial assets
(i) Loan receivable
As at As at
Particulars
31 March 2021 31 March 2020
Unsecured, considered good
Security deposits 926 953
Other deposits 10 10
Total 936 963
(ii) Other financial assets
As at As at
Particulars
31 March 2021 31 March 2020
Lease receivables [refer note 30] 3,630 3,808
Total 3,630 3,808
7 Income tax asset (net)
As at As at
Particulars
31 March 2021 31 March 2020
TDS receivable 96 225
Total 96 225
8 Other non-current assets
As at As at
Particulars
31 March 2021 31 March 2020
Capital advances 87 96
Deferred rental deposit 138 133
Balance with revenue authorities 1,643 1,195
Total 1,868 1,424

9 Inventories
As at As at
Particulars
31 March 2021 31 March 2020
Raw materials 5,047 3,427
Work-in-progress 486 324
Finished goods 14,147 10,341
Stock-in-trade 5,773 6,008
Total 25,453 20,100
For the year ended 31 March, 2021

(i) The cost of inventories recognised as an expense during the year is INR 50,071 lakhs (previous year: INR 44,267 lakhs).
(ii) The cost of inventories recognised as an expense includes INR 15.46 lakhs (previous year: INR 4.38 lakhs) in respect of write down of inventory to net-
realisable value.
(iii) The inventory includes gold purchased on loan from banks amounting to INR 11,569 lakhs (previous year: INR 7,760 lakhs).
(iv) Refer point 3(vi) under significant accounting policies for mode of valuation.
10 Financial assets
(i) Investments
As at As at
Particulars
31 March 2021 31 March 2020
Investment in mutual funds
Mutual Fund -
411,012 units (previous year - nil) ICICI Prudential Liquid Fund -Direct-Growth 1,252
Total 1,252 -
Quoted
Agrregate book value 1,251 -
Agrregate market value 1,252
Total 1,252 -
(ii) Trade receivables

As at As at
Particulars
31 March 2021 31 March 2020
Unsecured
Trade receivables, considered good 713 577
Receivables from related parties (refer note 28) 169 258
Less: Allowance for doubtful trade receivables - -
Considered good 882 835
Trade receivables, credit imparied 43 24

Less: Allowance for doubtful trade receivables (43) (24)
Total 882 835
Age of receivables
As at As at
Particulars
31 March 2021 31 March 2020
- Less than 1 year 884 843
- 1 to 2 years 37 14
- 2 to 3 years 3 1
- 3 to 4 years 1 1
Total 925 859
Movement in the expected credit loss allowance
For the year ended For the year ended

Particulars
31 March 2021 31 March 2020
Balance at the beginning of the year 24 124
Provision created during the year 19 -
Bad debts written off during the year - (100)
Balance at the end of the year 43 24
10 Financial assets (continued)

(iii) Cash and cash equivalents
As at As at
Particulars
31 March 2021 31 March 2020
Cash on hand 42 22
Balances with banks
(i) in current accounts 333 120
Deposits with original maturity of less than three months 120 2
Total 495 144
(iv) Other bank balances
As at As at
Particulars
31 March 2021 31 March 2020
Deposits with original maturity of more than 3 months 67 4
Total 67 4
(v) Loan receivable
As at As at
Particulars
31 March 2021 31 March 2020
Employee loans 73 54
Total 369 171
(vi) Other financial assets
As at As at
Particulars
31 March 2021 31 March 2020
Lease receivables [refer note 30] 689 533
Interest accrued on fixed deposits 2 1
Other receivable (refer note a. below) 171 184
Margin money for gold future contracts 20 24
Total 882 742
a. Balance pertains to amount receivable from franchisee's towards day to day expenditure
11 Other current assets
As at As at
Particulars
31 March 2021 31 March 2020
Balance with revenue authorities 3,419 2,409
Prepayments 205 146
Contract assets [refer note 33] 197 100
Other advances 10 68
Other assets 19 17
Advance to suppliers 395 342
Less : Allowance towards advance to supplier (157) (157)
Total 4,088 2,925
* This page has intentionally been left blank*

Notes to the standalone financial statements for the year ended March 31, 2021
12 Share capital
As at March 31, 2021 As at March 31, 2020

Particulars Amount Amount
No of shares (Rs. lakhs) No of shares (Rs. lakhs)
Authorised share capital
Equity share of Rs. 2 each with voting rights 4,99,53,234 999 4,99,53,234 999
Total authorised share capital 4,99,53,234 999 4,99,53,234 999
Issued, subscribed and fully paid up equity share capital

Equity share of Rs. 2 each with voting rights 3,32,51,652 665 3,32,50,452 665
Total issued share capital 3,32,51,652 665 3,32,50,452 665
(i) Rights, preferences and restrictions attached to shares

The Company has only one class of equity shares having a par value of Rs. 2. Each holder of equity shares is entitled to one vote per share. The dividend proposed
by the Board of Directors is subject to approval by the shareholders at the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the Company after distribution of all
preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
(ii) Shares reserved for issue under Employee Stock Option Scheme
During the financial year 2017-18, the Company introduced Caratlane Stock Option Plan 2017 ('the Plan'). This Plan supersedes the following stock options and
stock option plans:
a. Executive Management Stock Option Scheme 2009
b. CaratLane Trading India Private Limited Stock Option Scheme for Consultants, 2013
c. Senior Management Stock Option Scheme, 2012
As per the plan, Board of Directors grants options to the employees of the Company. The vesting period of the option is one to four years from the date of grant.
Options granted under the Scheme can be exercised within a period of six years from the date of vesting. For employees leaving the organization, an option can be
exercised within 3 months from the date of resignation.
During the year the Company granted 70,000 options to employees.
A maximum of 714,017 options are issuable under this plan. The movement in options issued are as below:

March 31, 2021 March 31, 2020
Options outstanding at the beginning of the year 4,88,800 4,62,600
Options granted during the year 70,000 77,000
Options forfeited during the year (5,600) (38,800)
Options exercised during the year (1,200) (12,000)
Outstanding at the end of the year 5,52,000 4,88,800
Options exercisable at the end of the year 4,36,900 3,35,020
Weighted average exercise price per option (Rs.) 83.51 48.19
Fair value measurement

The fair value at grant date is determined using the Black-Scholes-Merton Model which takes into account the exercise price, the term of the option, the share
price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option.
The key inputs used in Black-Scholes-Merton Model for calculating fair value of options under the scheme as on the date of grant are as follows:
The weighted average remaining contractual life of the options outstanding as of March 31, 2021 and March 31, 2020 under the Caratlane stock Options Plan was
6 years and 7 years respectively.
The fair value of the options is estimated on the date of grant using the Black-Scholes-Merton Model with the following assumptions:
Particulars March 31, 2021 March 31, 2020

No. of options granted 70,000 77,000
Date of grant January 28, 2021 October 21, 2019
Vesting period 4 years 4 years
Dividend yield (%) - -
Volatility rate (%) - -
Risk free rate (%) 5.97% 6.30%
Expected life of options (years) 5.5 5.5
Weighted average fair value of options per share (Rs.) 474 328
12 Share capital (continued)
(ii) Shares reserved for issue under Employee Stock Option Scheme (continued)
The stock price of the Company is arrived using the last round of funding closest to the grant date. Implied volatility is the unit at which the price of shares of peer listed
companies has fluctuated during the past period. The expected time to maturity/ expected life of the options is the period for which the Company expects the options to
be alive, which has been taken as 10 years subject to adjustment of time lapses from the date of grant. The risk free rate considered for calculation is based on the yield
on Government Securities for 10 years as on the date of valuation.
During the year ended March 31, 2021, the Company recorded employee compensation of Rs 36 lakhs (previous year : Rs. 41 lakhs) in the standalone statement of
profit and loss towards options granted / forfeited / expired. Refer note 23 for further details.
(iii) Reconciliation of the shares outstanding at the beginning and at the end of the year
Particulars As at March 31, 2021 As at March 31, 2020

No. of shares Amount No. of shares Amount
Rs. In lakhs Rs. In lakhs
Equity shares with voting rights
At the beginning of the year 3,32,50,452 665 3,32,38,452 665
Add: Issue of shares pursuant to options being exercised by employees 1,200 - 12,000 -
At the end of the year 3,32,51,652 665 3,32,50,452 665
iv) Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company
As at March 31, 2021 As at March 31, 2020

Particulars No. of shares held % No. of shares held %
holding holding
Equity shares with voting rights
Mr. Mithun Padamchand Sacheti 38,35,327 11.53% 38,35,327 11.53%
Mr. Siddhartha Padamchand Sacheti 37,00,000 11.13% 37,00,000 11.13%
Mr. Padamchand Sacheti 16,55,000 4.98% 16,55,000 4.98%
Titan Company Limited 2,40,36,325 72.29% 2,40,36,325 72.29%
Total 3,32,26,652 99.92% 3,32,26,652 99.93%

13 Other equity
As at As at
Particulars
March 31, 2021 March 31, 2020
Securities premium 40,925 40,923
(Amounts received on issue of shares in excess of the par value has been classified as securities premium)
Stock options outstanding account 718 684

(Shares granted to employee under employee stock option plan)
Retained earnings (40,391) (40,553)

(Retained earnings comprise of the Company’s prior years’ losses after tax)
Other comprehensive income (129) (132)

(Represents actuarial gain or loss on remeasurement of net defined benefit liability and effective portions of gains
and loss on designated portion of hedging instruments in a cash flow hedge)
Total 1,122 922
14 Financial liabilities
i. Borrowings
As at As at
Particulars
March 31, 2021 March 31, 2020
At amortised cost:
Secured
Long-term borrowings (Term loan)* 1,523 2,758
Less: Current maturities of long-term borrowings (653) (1,061)
Total 870 1,697
* Secured against the Corporate Guarantee issued by Titan Company Limited at an interest rate of 0.5% per annum
The effective interest rate of the term loan was 8.19% per annum and is payable over 48 equal monthly installments begining from 1 June 2019. Current revised rate as per
the bank is 5.5% from 22 March 2021. A prepayment of Rs.500 lakhs of the principal amount was made in January 2021.
ii. Lease liabilities
As at As at
Particulars
March 31, 2021 March 31, 2020
Lease liabilities [refer note 30] 7,813 7,643
Total 7,813 7,643
iii. Other financial liabilities
As at As at
Particulars
March 31, 2021 March 31, 2020
Rental deposit [refer note 30] 304 321
Total 304 321
15 Provisions
As at As at
Particulars
March 31, 2021 March 31, 2020
Provision for gratuity [Refer note 31] 339 269
Provision for compensated absences [Refer note 31] 62 98
Total 401 367
16 Other non-current liabilities
As at As at
Particulars
March 31, 2021 March 31, 2020
Deffered rental deposit [refer note 30] 128 131
Total 128 131
17 Financial liabilities
i. Borrowings
As at As at
Particulars
March 31, 2021 March 31, 2020
Secured
Bank overdraft and cash credit** 1,000 3,025
Commercial paper [refer note 34] 10,405 4,943
Total 11,405 7,968
** Secured against the Company's inventory, receivables and movable fixed assets on pari-passu basis. The interest rate on the overdraft varies from 8.30% to 8.95% per
annum and is payable at monthly intervals. The overdraft is payable on demand.
ii. Gold on loan
Particulars As at As at
March 31, 2021 March 31, 2020
Secured
Payable to banks* 11,569 7,760
Total 11,569 7,760
*Secured against inventory and receivables. Includes amounts payable against gold purchased from various banks under gold on loan scheme. The interest rate of the gold
on loan varies from 2.25% to 3% per annum as at 31 March 2021 and is payable at monthly intervals. The credit period under the aforesaid arrangement is 180 days from
the date of the delivery of gold.
iii. Lease liabilities
March 31, 2021 March 31, 2020
Lease liabilities [refer note 30] 1,684 1,504
Total 1,684 1,504
iv. Trade payables
March 31, 2021 March 31, 2020
Trade payables
Outstanding dues of micro and small enterprises [Refer note (a) below] 615 261
Outstanding dues of creditors other than micro and small enterprises
- Creditors for goods 4,038 4,381
- Creditors for services 3,055 1,638
Total 7,708 6,280
(a) Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006:
There are no material dues owed by the Company to Micro and Small enterprises, which are outstanding for more than 45 days during the year and as at 31 March 2021.
This information as required under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified
on the basis of information available with the Company and has been relied upon by the auditors.
March 31, 2021 March 31, 2020
(a) the principal amount and the interest due thereon remaining unpaid to any supplier at the end of each accounting
year;
- Principal 615 261
- Interest - -
(b) the amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises - -
Development Act, 2006 (27 of 2006), along with the amount of the payment made to the supplier beyond the
appointed day during each accounting year;
(c) the amount of interest due and payable for the period of delay in making payment (which has been paid but beyond - -
the appointed day during the year) but without adding the interest specified under the Micro, Small and Medium
Enterprises Development Act, 2006;
(d) the amount of interest accrued and remaining unpaid at the end of each accounting year; and - -
(e) the amount of further interest remaining due and payable even in the succeeding years, until such date when the - -
interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible
expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006.
615 261
Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This
has been relied upon by the auditors.
17 Financial liabilities (continued)
v. Other financial liabilities
March 31, 2021 March 31, 2020
Capital creditors 12 9
At amortised cost:
Secured
Current maturities of long term borrowings* 653 1,061
Total 754 1,139
* Secured against the Corporate Guarantee issued by Titan Company Limited - [refer note 14(i) above]
18 Provisions
March 31, 2021 March 31, 2020
Provision for gratuity [refer note 31] 71 53
Provision for compensated absences [refer note 31] 33 35
Provision for warranty 60 50
Total 164 138
Note a: Provision for warranty

Movement below is for provision of warranty during the year:
As at As at
Particulars
March 31, 2021 March 31, 2020
Opening balance 50 31
Provisions made during the year 21 33
Utilsations / reversed during the year (11) (14)
Provision at the end of the year 60 50
19 Other current liabilities
March 31, 2021 March 31, 2020
Deffered rental deposit 23 21
Statutory dues 314 249
Contract liability [refer note 33] 274 143
Advance from franchisee 45 51
Advance from customers 2,479 1,367
Total 3,135 1,831

20 Revenue from operations
For the year ended

Particulars
March 31, 2021 March 31, 2020
Sale of products 71,525 61,456
Other operating revenue 45 666
Total 71,570 62,122
For the year ended

Particulars
March 31, 2021 March 31, 2020
Contracted price 84,874 72,163
Reduction towards variable componenets 13,349 10,707
Revenue recognised 71,525 61,456
The reduction towards variable consideration comprises of scheme discounts, incentives, taxes etc.
21 Other income
For the year ended

Particulars
March 31, 2021 March 31, 2020
Franchisee signining fees 100 138
Deferred rental income 69 30
Rent deposit equalization 20 16
Interest income on financial assets carried at amortised cost [refer Note-30] 414 320
Profit on sale of property, plant and equipment - 2
Net gain on sale of current investments 43 -
Miscellaneous income 88 236
Total 734 742
22 Changes in inventories of finished goods, work-in-progress and stock-in-trade
For the year ended

Particulars
March 31, 2021 March 31, 2020
Finished goods
- Closing stock 14,147 10,341
- Opening stock 10,398 5,563
3,749 4,778
Work-in-progress
- Closing stock 486 324
- Opening stock 323 66
163 258
Stock-in-trade
- Closing stock 5,773 6,008
- Opening stock 5,951 6,989
(178) (981)
Increase in inventory 3,734 4,055
23 Employee benefits expense
For the year ended

Particulars
March 31, 2021 March 31, 2020
Salaries, wages and bonus 5,251 5,299
Contribution to provident and other funds 181 172
Staff welfare expense 324 240
Employee share based payment expense 36 41
Total 5,792 5,752
24 Finance cost
For the year ended

Particulars
March 31, 2021 March 31, 2020
Interest on borrowings 1,144 816
Interest on lease liabilities 920 773
Others 4 32
Total 2,068 1,621
25 Depreciation and amortisation expense
For the year ended

Particulars
March 31, 2021 March 31, 2020
Depreciation of property, plant and equipment (refer note 4(i)) 491 427
Depriciation of right of use asset (refer note 5) 1,241 1,011
Amortisation of intangible assets (refer note 4(ii)) 451 315
Total 2,183 1,753
26 Other expenses
For the year ended

Particulars
March 31, 2021 March 31, 2020
Advertising 3,510 4,869
Agent commission 4,010 3,370
Rent (refer note 30) - 300
Freight and forwarding 1,074 393
Travelling and conveyance 98 312
Professional service charges 808 941
Bank charges 556 362
Software expenditure 553 548
Allowance for doubtful advances - 15
Bad debts written off - 89
Allowance for doubtful trade receivables 19 -
Power and fuel 144 128
Communication expenses 99 98
Rates and taxes 71 32
Director sitting fee 28 24
Repairs and maintenance 358 318
Insurance 36 35
Payments to auditors (Refer note below) 33 37
Loss on sale of property, plant and equipment 8 -
Property, plant and equipment wrtitten off 6 -
Intangiable assets wrtitten off 23 -
Miscellaneous expenses 594 327
Total 12,028 12,198
Payment to auditors
For the year ended

Particulars
March 31, 2021 March 31, 2020
For statutory audit 22 22
For tax audit 2 2
Other matters 8 12
Reimbursement of out-of-pocket expenses 1 1
Total 33 37
27 Earnings / (loss) per share
Reconciliation of basic and diluted shares used in computing per share
For the year ended

Particulars
March 31, 2021 March 31, 2020
Basic and diluted profit/(loss) per shares
Profit/(loss) after tax 162 (2,727)
Number of weighted average shares considered for calculation of basics earning per share 3,32,51,451 3,32,46,770
Add : Dilutive effect of stock options 4,99,346 -
Number of weighted average shares considered for calculation of diluted earning per share 3,37,50,797 3,32,46,770
Earning per share
Nominal value of shares (in INR) 2 2
Earnings / (Loss) per share - Basic (in INR) 0.49 (8.20)
Earnings / (Loss) per share - Diluted (in INR) 0.48 (8.20)
28 Related party disclosures
a) Holding company : Titan Company Limited

b) Other related parties : Jaipur Gems and Handicrafts Private Limited
Starfire Gems Private Limited
Freshworks Inc.
c) Key management personnel : Mr. Mithun Padamchand Sacheti, Managing Director
Mr. Bhaskar Bhat, Non-executive Director
Mr. C K Venkataraman (Resigned 20 August 2020), Non-executive Director
Mr. Subramaniam Somasundaram, Non-executive Director
Mr. Sandeep Anant Kulhalli, Non-executive Director
Mr. Ajoy Hiro Chawla, Non-executive Director
Mr. Mathrubootham Rathnagirish, Independent Director
Ms. Neelam Chhiber, Independent Director
Mr. Manoj Bhanawat, Chief Financial Officer
Mr. Bharatraj Panchal (Company Secretary) (Resigned 20 August 2020)
Ms. Ahona Das (Company Secretary) (w.e.f 25 September 2020 )
Enterprises in which Key Management Personnel or relative of Key Management Personnel has significant influence
1 Not A Box,Partnership Firm
2 Freshworks Inc
3 Microgo, LLP
4 Luxury Online Retail Private Limited
Transactions with the related parties during the year are set out in the table below:
For the year ended
Name of the related party Nature of transaction
March 31, 2021 March 31, 2020
Jaipur Gems and Handicrafts Private Limited Sale of goods 4 -
Purchase of goods 5 -
Reimbursement of expenses - Payable 5 5
Mithun Padamchand Sacheti Director’s remuneration 173 173
Manoj Bhawat Chief financial officer remunaration 66 -
Bhartraj Panchal Renumeration - 19
Ahona Das Gupta Remunaration 7 -
Starfire Gems Private Limited Purchase of goods 270 339
Sale of goods - 4
Rent payable 19 24
Reimbursement Payable 1 -
Freshworks Inc Services 13 7
Luxury Online Retail India Private Limited Reimbursement of expense - payable 9 3
Labour charges - 9
Purchase of capex - 9
Titan Company Limited Purchase of goods 869 1,676
Sale of goods 820 2,393
Sitting fees - 7
Services 45 708
Purchase of capex 14 -
Reimbursement of expenses/services - receivable 49 -
Reimbursement of expenses/services - payable 319 331
Interest receivable - 8
Interest on Corporate guarantee 14 18
28 Related party disclosures (continued)
Transactions with the related parties during the year are set out in the table below:
For the year ended
March 31, 2021 March 31, 2020
Mathrubootham Rathnagirish Sitting fees 4 4
Neelam Chhiber Sitting fees 12 13
Bhaskar Bhat Sitting fees 7 1
Sandeep Anant Kulhalli Sitting fees 5 -
Not A Box Reimbursement of expenses/services - Receivable 0 6
Microgo LLP Reimbursement of expenses/services - Receivable 3 3
Balances as on balance sheet date

Balance as on Balance as on
March 31, 2021 March 31, 2020
Jaipur Gems and Handicrafts Private Limited Advances received towards material - 2
Starfire Gems Private Limited Payables 55 7
Luxury Online Retail India Private Limited Receivable - 9
Titan Company Limited Payable 174 338
Others - 8
Receivable 209 249
Advances for services - 11
Not A Box Expenses reimbursement 6 6
29 Taxes
Reconciliation of taxes to the amount computed by applying the statutory income tax rate to the income before taxes is summarized below:
Particulars Year ended Year ended

March 31, 2021 March 31, 2020
Profit/ (loss) before tax 162 (2,727)
Applicable tax rate 33.38% 33.38%
Computed tax credit (A) 54 (910)
Tax effect of unrecognized deferred tax assets (B) (54) 910
Total tax expense (A-B) - -
The Company has not recognized a deferred tax asset in the absence of convincing evidence for set off against future taxable income. The Company has cumulative unrecognized
income tax losses of Rs. 23,395 lakhs (previous year: Rs. 21,803 lakhs). The Company has generated profit during the current year and losses in the immediately preceding two years,
30 Leases
The company has applied Ind AS 116 with the date of initial application of April 1, 2019. As a result, the company has changed its accounting policy for lease contracts as detailed
30.1 Amounts recognised in balance sheet
As at As at
Particulars Note
March 31, 2021 March 31, 2020
(i) Right-of-use assets 5
Buildings 4,487 4,343
(ii) Lease liabilities

Non-current 14(ii) 7,813 7,643
Current 17(iii) 1,684 1,504
9,497 9,147
(iii) Lease receivables
Non-current 6(ii) 3,630 3,941
Current 10(vi) 689 533
4,319 4,474
30.2 Amounts recognised in the statement of profit and loss
As at As at
Particulars Note
March 31, 2021 March 31, 2020
(i) Depriciation and amortisation expense
Buildings 25 1241 1,011
(ii) Interest expense (included in finance cost) 24 920 773
(iii) Interest income on sub-lease (included in other income) 21 414 321
(iv) Expense relating to short-term leases 25 347 458
(v) Expense relating to variable lease payments 25 - 13
(vi) Rent concessions 25 342 -
(a) Short-term lease has been accounted for applying paragraph 6 of Ind AS 116 - lease and accordingly recognized as expenses in the standalone statement of profit and loss.
(b) The total cash outflow for the year ended March 31, 2021 amounts to Rs. 2,385 lakhs.
30 Leases (continued)
30.3 The impact on the statement of profit and loss for the year ended March 31, 2021 is as below:
As at As at
Particulars
March 31, 2021 March 31, 2020
Rent is lower by (1,496) (1,252)
Depreciation is higher by 1,241 1,011
Finance cost higher by 920 773
Other income is higher by (414) (321)
251 211
The Company has discounted lease payments using applicable incremental borrowing rate which is ranging from 7.72% to 9.60% for measuring the lease liability.
31 Employee benefit obligations

a) Defined contribution plan
The contributions recognized in the standalone statement of profit and loss during the year are as under:
March 31, 2021 March 31, 2020
Employee provident fund 173 161
Employee state insurance 8 10
b) Defined benefit plan - Gratuity (non-funded)

Under the defined benefit plan, the company provides for a lumpsum payment to eligible employees, at retirement or termination of employment based on the last drawn salary and
years of employment with the company.
The plan typically exposes the company to actuarial risk such as interest risk and salary risk.
Interest risk A movement in the bond interest rate will impact the plan 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 and vice-versa.
The principal assumptions used for the purposes of the actuarial valuations were as follows:
March 31, 2021 March 31, 2020
Discount rate (p.a.) 5.30% 6.06%
Salary escalation rate (p.a.)
- Corporate 8.50% 8.41%
- Non-corporate 6.50% 5.65%
- Manufacturing 3.75% 6.36%
Attrition rate
- Corporate 25.83% 23.53%
- Non-corporate 28.51% 25.97%
- Manufacturing 10.34% 9.42%
- The employees of the Company are assumed to retire at the age of 58 years.
- The mortality rates considered are as per the published rates in the Indian Assured Lives Mortality (2012-14) Ult table.
Sensitivity analysis
The sensitivity analyses below have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all
other assumptions constant.
For the year ended March 31, 2021

Particulars
Discount rate Escalation rate
Defined benefit obligation when a plus 50 bps for respective rates is applied 400 417
Defined benefit obligation when a minus 50 bps for respective rates is applied 418 401
For the year ended March 31, 2020

Particulars
Discount rate Escalation rate
Defined benefit obligation when a plus 50 bps for respective rates is applied 314 330
Defined benefit obligation when a minus 50 bps for respective rates is applied 330 314
Maturity profile of defined benefit obligation:
As at As at
Maturity profile
March 31, 2021 March 31, 2020
Expected benefits for year 1 86 44
Expected benefits in next 5 years 199 119
31 Employee benefit obligations (continued)

Components of defined benefit costs recognised in the standalone statement of profit and loss are as follows:
March 31, 2021 March 31, 2020
Current service cost 94 58
Past service cost - -
Interest on net defined benefit liability 18 14
Total expense charged to the standalone statement of profit and loss 112 72
Components of defined benefit costs recognised in other comprehensive income are as follows:
March 31, 2021 March 31, 2020
Remeasurements during the year (5) 36
The service cost and the net interest expense for the year are included in the 'Salaries, wages and bonus' line item in the standalone statement of profit and loss. The remeasurement of
the net defined liability is included in other comprehensive income. The amount included in the standalone balance sheet arising from the entity's obligation in respect of its defined
benefit plans is as follows:
March 31, 2021 March 31, 2020
Opening defined benefit liability 322 217
Expense charged to standalone statement of profit and loss 112 72
Amount recognised outside the standalone statement of profit and loss account (5) 36
Employer contributions (19) (3)
Closing defined benefit liability 410 322
c) Compensated absences
This provision covers the Company's liability for earned leave.
Provision as at March 31, 2021 amounting to Rs. 33 lakhs (2020: Rs. 35 lakhs) is presented as current, since the Company based on past experience does not expect all employees to
avail the full amount of accrued leave or require payment for such leave within the next 12 months.
Similar assumptions have been made as per the defined benefit plan.
The service cost and the net interest expense for the year are included in the 'Salaries, wages and bonus' line item in the statement of profit and loss. The remeasurement of the net
liability is included in other comprehensive income. The amount included in the standalone balance sheet arising from the entity's obligation in respect of its compensated absences is as
follows:
March 31, 2021 March 31, 2020
Compensated absences
Non-current 62 98
Current 33 35
Total 95 133
32 Segment reporting
The Chief Operating Decision Maker ('CODM') evaluates the Company's performance and allocates resources based on analysis of various performance indicators by industry classes.
Accordingly, segment information has been presented for industry classes. The operating segment has been identified to be "Jewellery" as the CODM reviews business performance at
an overall Company level as one segment.
33 Contract asset and liability

Contract asset represents the amount of goods expected to be received by the Company on account of sales return. Contract liability represents the aggregate amount of the transaction
price allocated to the performance obligations that are unsatisfied as of the end of the reporting period. Thus, it represents the value of sales the Company estimates to be returned on
account of sales return.
As at As at
Nature
March 31, 2021 March 31, 2020
Contract liability
Less: Provision reversed towards sales returns (143) (294)
Add: Provision towards sales return (reversed) / created 274 143
Closing balance 274 143
Contract assets
Less: Provision reversed towards sales returns (100) (55)
Add: Provision towards sales return (reversed) / created 197 100
Closing balance 197 100
34 Commercial paper
The following tables set forth, for the period indicated, details of commercial paper:
March 31, 2021
Maturities 0-1 Month 2-3 Months 4-6 Months

Face value - 8,500 2,000
Carrying value - 8,433 1,972
The following tables set forth, ratings assigned by credit rating agency at March 31, 2021
Instrument ICRA CRISIL
Commerical paper A1+ -
35 Contingent liabilities and commitments

Contingent liabilities not provided for - Rs. 102.31 lakhs (Previous year: Rs.1 lakhs) relating to the applicability of rate of tax, computation of tax liability, submission of certain
statutory forms.
The above amounts are based on the notice of demand or the Assessment Orders or notification by the relevant authorities, as the case may be, and the Company is contesting these
claims with the respective authorities. Outflows, if any, arising out of these claims would depend on the outcome of the decisions of the appellate authorities and the Company's rights
for future appeals before the judiciary. No reimbursements are expected.
The Supreme court of India in the month of February 2019 had passed a judgement relating to definition of wages under the Provident Fund Act,1952. However, considering that there
are numerous interpretative issues relating to this judgement and in the absence of reliable measurement of the provision for the earlier periods, the Company has made a provision for
provident fund contribution based on it's interpretation of the said judgement.The Company will evaluate its position and update its provision, if required, on receiving further clarity on
the subject. The Company does not expect any material impact of the same.

36 Financial instruments
36.1 Categories of financial instruments
Financial assets
As at As at
Particulars
March 31, 2021 March 31, 2020
a. Measured at amortised cost
- Loans to employees 73 54
- Security and other deposits 1,232 1,080
- Trade receivables 882 835

- Cash and cash equivalents 495 144
- Other bank balances 67 5
- Lease receivables 4,319 4,341
-Other financial assets 1,445 208
Total financial assets measured at amortised cost 8,513 6,667
Total financial assets 8,513 6,667
March 31, 2021 March 31, 2020
a. Measured at fair value through profit or loss ("FVTPL")
- Gold on loan 11,569 7,760
Total financial liabilites measured at FVTPL (a) 11,569 7,760
a. Measured at amortised cost

- Borrowings 12,275 9,665
- Rental deposits 393 390
- Trade payables 7,708 6,280
- Lease liabilities 9,497 9,147
- Other financial liabilities 665 1,070
Total financial liabilities measured at amortised cost (b) 30,538 26,552
Total financial liabilities (a + b) 42,107 34,312
36.2 (i) Fair value hierarchy

This note explains about basis for determination of fair values of various financial assets and liabilities:
Particulars Level 1 Level 2 Level 3 Total

Financial assets and liabilities measured at fair value - March 31, 2021
Financial liabilites
- Gold loan 11,569 - - 11,569
Total financial assets 11,569 - - 11,569
Particulars Level 1 Level 2 Level 3 Total

Financial assets and liabilities measured at fair value - March 31, 2020
- Gold loan 7,760 - - 7,760
Total financial assets 7,760 - - 7,760
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments, mutual funds. The fair value of all equity instruments that
are traded in the stock exchanges is valued using the closing price at the reporting period. The mutual funds are valued using the closing net asset value.
Level 2: The fair value of financial instruments that are not traded in an active market (for example: Over-the-counter derivatives) is determined using valuation techniques which
maximize the use of observable data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is
included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case of unlisted instruments, deposits, employee
loans etc.
(ii) Valuation technique used to determine fair value
Specific value techniques used to value financial instruments include:
- the use of quoted market prices for listed instruments.
- the fair value of remaining financial instruments is determined using discounted cash flow analysis.
(iii) Fair value of financial assets and financial liabilities that are not measured at fair value (but fair value disclosures are required)
The carrying values of financial assets and liabilities approximate the fair values.
36 Financial instruments (continued)
36.3 Credit risk

Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company deals majorly with creditworthy
counterparties and obtains sufficient collateral, where appropriate as a means of mitigating the risk of financial loss from defaults. Credit risk is managed by the Company through
approved credit norms, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of
business. On account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment loss. Credit risk arises principally from the Company’s
receivables from customers. Credit risk on liquid funds is limited because the counterparties are banks. Refer note 10(ii) for the disclosures for trade receivables.
36.4 Liquidity risk

The Company invests its surplus funds from time-to-time in various short-term instruments. Security of funds and liquidity shall be the primary consideration while deciding on the type
of investments. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual
cash flows and by matching the maturity profiles of financial assets and liabilities. The company expects to meet its other obligations from operating cash flows and proceeds of maturing
financial assets.
Liquidity risk tables

The following table below analyses the Company’s financial liabilities into relevant maturity groupings based on their maturities for all non-derivative financial liabilities that are net
settled.
The tables have been drawn on an undiscounted basis based on the earliest date on which the Company can be required to pay.
Particulars March 31, 2021 March 31, 2020

Secured bank overdraft/term loan facility, payable
- amount used 2,523 7,325
- amount unused 7,977 7,475
Secured gold on loan facility, payable
- amount used 11,569 7,760
- amount unused 9,931 1,940
Liquidity and interest risk tables

The following tables details the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn on an
undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay.
Contractual maturities of financial liabilities Less than 3 > 3 months Total

months
March 31, 2021
Non-derivative
- Security deposits - 393 393
- Borrowings 9,432 2,843 12,275
- Trade payables 5,255 2,453 7,708
- Gold loan 4,319 7,250 11,569
- Lease liabilities 415 9,082 9,497
- Other financial liabilities 175 490 665
Total non-derivative liabilities 19,596 22,511 42,107
Contractual maturities of financial liabilities Less than 3 > 3 months Total

months
March 31, 2020
Non-derivative
- Security deposits - 390 390
- Borrowings 8,182 1,483 9,665
- Trade payables 6,101 179 6,280
- Gold loan 3,609 4,151 7,760
- Lease liabilities 489 8,658 9,147
- Other financial liabilities 214 856 1,070
Total non-derivative liabilities 18,595 15,717 34,312

36 Financial instruments (continued)
36.5 Market risk
The market risks to which the Company is exposed are price risk and foreign currency risk.
Price risk
The Company is exposed to fluctuations in gold price (including fluctuations in foreign currency) arising on purchase/ sale of gold.
To manage the variability in cash flows, the Company enters into derivative financial instruments to manage the risk associated with gold price fluctuations relating to all the highly
probable forecasted transactions. Such derivative financial instruments are primarily in the nature of future commodity contracts and forward foreign exchange contracts. The risk
management strategy against gold price fluctuation also includes procuring gold on loan basis, with a flexibility to fix price of gold at any time during the tenor of the loan.
The use of such derivative financial instruments is governed by the Company’s policies approved by the Board of Directors, which provide written principles on the use of such
instruments consistent with the Company’s risk management strategy.
As the value of the derivative instrument generally changes in response to the value of the hedged item, the economic relationship is established.
The Company assesses the effectiveness of its designated hedges by using the same hedge ratio as that resulting from the quantities of the hedged item and the hedging instrument that
the Company actually uses. However, this hedge ratio will be rebalanced, when required (i.e., when the hedge ratio for risk management purposes is no longer optimal but the risk
management objective remains unchanged and the hedge continues to qualify for hedge accounting), by adjusting weightings of the hedged item and the hedging instrument.
Sources of hedge ineffectiveness include mismatch in the weightings of the hedged item and the hedging instrument and the selling rate.
The following table gives details of contracts as at the end of the reporting period:
Cash flow hedges Sell future contracts:
Particulars Average rate Quantity of

(Per gram) hedge Nominal amount
March 31, 2021 4,476 instruments

4 192
March 31, 2020 4,296 43 1,847
The line item in the standalone balance sheet that include the above hedging instruments are other financial assets and other financial liabilities.
As at March 31, 2021 the aggregate amount of gains under forward/future contracts is recognised in “Other Comprehensive Income” and accumulated in the cash flow hedging reserve.
It is anticipated that the sales will take place during 3-6 months of the next financial year, at which time the amount deferred in equity will be reclassified to the standalone statement of
profit and loss. Details of movements in hedging reserve is as follows:

March 31, 2021 March 31, 2020
Balance at beginning of the year (net of taxes) - -
Changes in fair value of effective portion of cash flow hedges 315 55
Cumulative gain/(loss) arising on changes in fair value of cash flow hedges reclassified to standalone statement of profit and loss (312) (55)
Balance at end of the year (net of taxes) 2 -
Foreign currency risk management

The carrying amount of the Company's foreign currency denominated monetary assets and monetary liabilities at the end of the reporting year are as follows:
The following table gives details of contracts as at the end of the reporting period,
Currency Liabilities as at Assets as at

March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020
INR 161 43 * 62
*Respresent amount less than 1 lac
Foreign currency sensitivity analysis
The Company is mainly exposed to USD. The Company's sensitivity to a 1% increase and decrease in the INR against the relevant foreign currencies is presented below:
The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 1% change in foreign currency rates.
There is an increase in loss or equity by Rs 1.61 lakhs where the INR strengthens 1% against the relevant currency. For a 1% weakening of the INR against the relevant currency, there
would be a comparable decrease in profit or equity.
In management's opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk because the exposure at the end of the reporting period does not reflect the
exposure during the year.
37 Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs. 343.44 lakhs (Previous year: Rs. 194 lakhs)

38 The Company has incorporated a subsidiary namley StudioC Inc on 11 Februaray 2021. The board has appointed Mr Neeraj Rawat as a director. No investment has been made by the
company as of the Balance Sheet date.
The Subsidiary Company which is included in consolidation and the Company's holdings therein is as under:
Name of the Subsidiary Country of Controllership interest-

Company incorporation 31 March 2021
StudioC Inc United States 100%
39 Capital management
The Company's policy to maintain a stable and strong capital structure with a focus on total equity so as to maintain investors, creditors and market confidence and to sustain future
development and growth of its business. In order to maintain the capital structure, the Company monitors the return on capital, as well as level of dividends to equity shareholders. The
Company aims to manage its capital efficiency so as to safeguard it ability to continue as a going concern and to optimize returns to all its shareholders. For the purpose of the
Company's capital management, capital includes issued capital and all other equity reserves and debt is included as a part of borrowings and gold loan.
As at As at
Particulars
March 31, 2021 March 31, 2020
Total debt * 12,928 10,726
Total equity 1,788 1,587
Debt to equity ratio 723% 676%
* Total debt includes only borrowings. Gold on loan and lease liabilities has not been considered for the purpose of above.
Firm registration number: 101248W / W-100022 (CIN: U52393TN2007PTC064830)
SUBRAMANIA Digitally signed by
MITHUN Digitally signed by
MITHUN PADAMCHAND M SUBRAMANIAM
SOMASUNDARAM
PADAMCHA SACHETI
Date: 2021.04.26
SOMASUNDAR Date: 2021.04.26
ND SACHETI 16:26:46 +05'30' AM 19:00:04 +05'30'


VIKASH GUPTA
Place: Chennai
Place: Bengaluru
GUPTA 21:06:39 +05'30'

Date: 2021.04.26
MANOJ Digitally signed by
MANOJ
Digitally signed by
BHANAWA BHANAWAT AHONA AHONA DAS

GUPTA
T
Date: 2021.04.26 DAS GUPTA Date: 2021.04.26
Place: Bengaluru 16:27:30 +05'30' 19:21:32 +05'30'
Date: April 26, 2021 Manoj Bhanawat Ahona Das Gupta


CIN : U52393TN2007PTC064830
2nd, 3rd & 4th Floor, #32, Rutland Gate, 2nd Street, Khader Nawaz Khan Road, Nungambakkam, Chennai 600006
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER, HALF YEAR AND YEAR ENDED 31 MARCH 2021
PART I Rs. in lakhs

Particulars 3 months ended Half year ended Year ended
31-Mar-21 31-Mar-20 31-Mar-21 31-Mar-20 31-Mar-21 31-Mar-20
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
I. Revenue from operations

- Sale of products/ services 25,300 15,850 52,559 35,575 71,570 62,122
II. Other income 176 135 345 494 734 742
III. Total income (I +II) 25,476 15,985 52,904 36,069 72,304 62,864
IV. Expenses:
Cost of materials and components consumed 13,672 10,896 30,137 20,898 43,097 36,237
Purchase of stock-in-trade 3,659 2,404 8,055 5,055 10,708 12,085
Changes in inventories of finished goods, stock-in-trade and work-in-progress (466) (2,504) (2,212) (614) (3,734) (4,055)
Employee benefits expense 1,442 1,216 3,073 2,753 5,792 5,752
Finance costs 490 437 1,021 867 2,068 1,621
Depreciation and amortisation expense 596 526 1,155 1,001 2,183 1,753
Advertising 1,537 1,167 2,797 2,833 3,510 4,869
Other expenses 3,570 2,595 6,342 4,501 8,518 7,329
IV. Total expenses 24,500 16,737 50,368 37,294 72,142 65,591
V. Profit/(loss) before tax (III- IV) 976 (752) 2,536 (1,225) 162 (2,727)
VI. Tax expense:
Current tax - - - - - -
Deferred tax - - - - - -
VI. Total tax - - - - - -
VII. Profit/(loss) for the period (V-VI) 976 (752) 2,536 (1,225) 162 (2,727)
VIII. Other comprehensive income
(i) Items that will not be reclassified to the statement of profit and loss
- Remeasurement of employee defined benefit plan (15) 48 (15) (36) 5 (36)
- Income-tax on (i) above
(ii) Items that will be reclassified to the statement of profit and loss
- Effective portion of gain or (loss) on designated portion of hedging (2) 49 (4) - (2) (0)
instruments in a cash flow hedge
- income-tax on (ii) above
VIII. Total other comprehensive income (Net of Tax) (17) 97 (19) (36) 3 (36)
IX. Total comprehensive income/(loss) (VII+VIII) 959 (655) 2,517 (1,261) 165 (2,763)
X. Paid up equity share capital (face value Rs. 2 per share): 665 665 665 665 665 665
XI. Other equity - 1,123 922
XII. Earnings / (loss) per equity share of Rs. 2:

{basis on net profit/(loss) for the year (VII)}
Basic earnings / (loss) per share 2.94 (1.97) 7.62 (3.68) 0.49 (8.20)
Diluted earnings / (loss) per share 2.90 (1.97) 7.51 (3.68) 0.48 (8.20)
See accompanying notes to the audited standalone financial results

By order of the Board

MITHUN PADAMCHAND Digitally signed by
PADAMCHA SACHETI
Date: 2021.04.26
SUBRAMANIAM SUBRAMANIAM
ND SACHETI 16:31:22 +05'30' SOMASUNDAR SOMASUNDARAM
Date: 2021.04.26
Mithun Padamchand Sacheti AM
19:01:00 +05'30'
DIN: 01683592
Managing Director
Place: Chennai
Date: 26 April 2021
CIN : U52393TN2007PTC064830
2nd, 3rd & 4th Floor, #32, Rutland Gate 2nd Street, Khader Nawaz Khan Road, Nungambakkam, Chennai 600 006
Amount in lakhs
31-Mar-21 31-Mar-20
(Audited) (Audited)
ASSETS
(1) Non-current assets
(a) Property, plant and equipment 2,007 1,660
(b) Right-of-use asset 4,487 4,343
(c) Intangible assets 697 670
(d) Intangible assets under development 514 352
(e) Financial assets - -
(i) Loans receivable 936 963
(ii) Other financial assets 3,630 3,808
(f) Income tax assets (net) 96 225
(g) Other non-current assets 1,868 1,424
14,235 13,445
(2) Current assets
(a) Inventories 25,453 20,100
(b) Financial assets
(i) Investments 1,252 -
(ii) Trade receivables 882 835
(iii) Cash and cash equivalents 495 144
(iv) Bank balances other than (iii) above 67 4
(v) Loans receivable 369 171
(vi) Other financial assets 882 742
(c) Other current assets 4,088 2,925
33,488 24,921
TOTAL ASSETS 47,723 38,366
Equity
(a) Equity share capital 665 665
(b) Other equity 1,123 922
TOTAL EQUITY 1,788 1,587
Liabilities
(1) Non-current liabilities
(a) Financial liabilities
(i) Borrowings 870 1,697
(ii) Lease liability 7,813 7,643
(iii) Other financial liabilities 304 321
(b) Provisions 401 367
(c) Deferred tax liability (net) - -
(d) Other non-current liabilities 128 131
9,516 10,159
(2) Current liabilities

(i) Borrowings 11,405 7,968
(ii) Gold on loan 11,569 7,760
(iii) Lease liability 1,684 1,504
(iv) Trade payables - -
- Total outstanding dues of micro and small enterprises 615 261
- Total outstanding dues of creditors other than micro and small enterprises 7,093 6,019
(v) Other financial liabilities 754 1,139
(c) Other current liabilities 3,135 1,831
- -
36,419 26,620
TOTAL EQUITY AND LIABILITIES 47,723 38,366
See accompanying notes to the unaudited financial results

PADAMCHAN
MITHUN PADAMCHAND
SACHETI SUBRAMANIA Digitally signed by
Date: 2021.04.26 SUBRAMANIAM
D SACHETI 16:31:44 +05'30' M
SOMASUNDARAM
Mithun Padamchand Sacheti SOMASUNDAR Date: 2021.04.26
DIN: 01683592 AM 19:01:25 +05'30'
Managing Director
Place: Chennai
Date: 26 April 2021
CIN : U52393TN2007PTC064830
Notes:
1 The standalone audited financial results of CARATLANE TRADING PRIVATE LIMITED ('the Company') have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under
Companies (Indian Accounting Standards) Rules, 2015, as amended and in terms of Regulation 52 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
2 These results have been reviewed and recommended by the Audit Committee of the Board and approved by the Board of Directors on April 26, 2021.
3 During the year ended March 31, 2021, the Company has issued INR 40,000 lakhs of commercial papers with a tenure of 3-6 months. Out of these, INR 29,500 lakhs matured during the year with a balance of
INR 10,500 lakhs due for payment in the year ending March 31, 2021.
4 During the year ended March 31, 2021, the Company has renegotiated with certain landlords on the rent reduction / waiver due to the COVID 19 pandemic. The management believes that such reduction /
waiver in rent is short term in nature and also meets other conditions in accordance with the notifications issued by the Central Government in consultation with National Financial Reporting Authority
dated July 24, 2020 as Companies (Indian Accounting Standards) Amendment Rules, 2020 with effect from April 1, 2020. Thus, in accordance with the said notification, the Company has elected to apply the
practical expedient available and reduction / waiver does not necessitate a lease modification as envisaged in the Standard. Accordingly the Company has recognised INR 341.78 lakhs in the statement of
profit and loss for the year ended March 31, 2021.
5 Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker ('CODM'). The Managing Director has been identified as the CODM. The
Company operates in one segment only i.e. Jewellery. The CODM evaluates the Company's performance based on the revenue and operating income from the sale of Jewellery. Accordingly, no additional
segment disclosure has been made for the business segment.
6 The standalone annual financial results include the results for the half year and quarter ended March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year and
the published unaudited year to date figures up to thequarter/ half year of the current financial year which were subject to limited review by us. The quarter and half yearly figures for threee/six months
ended March 31, 2020 have been approved by the Company’s Board of Directors but have not been subject to the review or audit of the statutory auditors.
7 Also refer to Annexure 1.
Annexure 1
1 During the year ended March 31, 2021, the Company had not received any complaint from its commercial paper investors and there is no investor complaint pending for redressal at the beginning and at the
end of the period. The shares of the Company are not listed at the stock exchange.
2 Credit rating
The Company has a standalone issuer credit rating of ICRA [A1+] by ICRA. All instrument wise credit ratings by leading rating agencies are as follows:
Commercial paper ICRA [A1+] -
Long term bank facilities - CRISIL AA-/ Stable
3 Asset cover available: Not applicable as the Company doesn’t have any secured Non-convertible debentures outstanding as at March 31, 2021.
4 Key ratios
Year ended
At 31 March 2021 At 31 March 2020
Particular
Debt Equity Ratio 7.23 6.76

Debt Service Coverage Ratio 10.95% 5.08%
Interest Service Coverage Ratio 213.40% 39.93%
Networth (in Rs. Lakhs) 1,788 1,587
Formulas used for computation of ratios:

a. Debt represents long term debt including current maturities and bank overdraft and excludes gold on loan.
b. Net worth: Equity share capital + Reserves (i.e. other equity)
c. Debt equity ratio: (Debt / Net worth)
d. Debt service coverage ratio: Loss before finance costs, depreciation and amortisation and tax ('EBITDA') / (Finance costs + Principal repayments during the year)
e. Interest service coverage ratio: EBITDA / Finance costs
5 As per the requirements of SEBI Circular dated October 22, 2019 and subsequent amendments thereof, the Company has listed its outstanding CPs maturing after March 16, 2020 onwards on the Bombay
Stock Exchange (BSE). Further, the CPs which matured up to March 16, 2020 were not listed. All payment of CPs issued by the Company have been made on time and there is no pending dues thereof. Details
of due dates of payment of CPs issued till date are given below:
S. No. ISIN Issue Dates Due dates Amount in lakhs
1 INE015Y14039 13-Mar-20 12-Jun-20 5,000

2 INE015Y14047 14-May-20 12-Aug-20 5,000
3 INE015Y14062 26-Jun-20 25-Sep-20 5,000
4 INE015Y14070 21-Aug-20 19-Nov-20 5,000
5 INE015Y14054 11-Jun-20 08-Dec-20 5,000
6 INE015Y14088 29-Sep-20 28-Dec-20 3,000
7 INE015Y14096 12-Nov-20 10-Feb-21 3,000
8 INE015Y14104 08-Dec-20 08-Mar-21 3,500
9 INE015Y14112 21-Dec-20 18-Jun-21 3,500
10 INE015Y14120 05-Feb-21 04-Aug-21 2,000
11 INE015Y14138 08-Mar-21 07-Jun-21 5,000
Creation of capital redemption reserve (CRR) and debenture redemption reserve (DRR) is not applicable to the Company.

MITHUN Digitally signed by MITHUN
PADAMCHAND SACHETI
PADAMCHAND Date: 2021.04.26 16:31:58
SACHETI +05'30'
SUBRAMANIA Digitally signed by Mithun Padamchand Sacheti

SUBRAMANIAM
Place: Chennai M DIN: 01683592
SOMASUNDARAM
Date: 26 April 2021 SOMASUNDAR Date: 2021.04.26 Managing Director
AM 19:01:43 +05'30'
B S R & Co. LLP
Embassy Golf Links Business Park, Telephone: + 91 80 4682 3000

Pebble Beach, B Block, 3rd Floor, Fax: + 91 80 4682 3999
Off Intermediate Ring Road,
Bangaluru-560 071 India
INDEPENDENT AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS OF CARATLANE TRADING PRIVATE LIMITED-
Report on the audit of the Standalone Annual Financial Results
Opinion
We have audited the accompanying standalone annual financial results of CARATLANE TRADING
PRIVATE LIMITED (hereinafter referred to as the ‘‘Company”) for the year ended March 31, 2021,
attached herewith, being submitted by the Company pursuant to the requirement of Regulation 52 of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing
Regulations’).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
standalone annual financial results:
a. are presented in accordance with the requirements of Regulation 52 of the Listing Regulations in this
regard; and
b. give a true and fair view in conformity with the recognition and measurement principles laid down in
the applicable Indian Accounting Standards, and other accounting principles generally accepted in
India, of the net profit and other comprehensive income and other financial information for the year
ended March 31, 2021.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section
143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those SAs are further described
in the Auditor’s Responsibilities for the Audit of the Standalone Annual Financial Results section of our
report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of
the standalone annual financial statements under the provisions of the Act, and the Rules thereunder, and
we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis
for our opinion on the Standalone annual financial results.
Management’s and Board of Directors’ Responsibilities for the Standalone Annual Financial Results
These standalone annual financial results have been prepared on the basis of the standalone annual financial
statements.
Principal Office:
B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco
(a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 Center, Western Express Highway, Goregaon (East), Mumbai - 400063
B S R & Co. LLP
Management’s and Board of Directors’ Responsibilities for the Standalone Annual Financial Results
(continued)
The Company’s Management and the Board of Directors are responsible for the preparation and
presentation of these standalone annual financial results that give a true and fair view of the net profit/ loss
and other comprehensive income and other financial information in accordance with the recognition and
measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act
and other accounting principles generally accepted in India and in compliance with Regulation 52 of the
Listing Regulations. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and prudent; and the design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy
and completeness of the accounting records, relevant to the preparation and presentation of the standalone
annual financial results that give a true and fair view and are free from material misstatement, whether due
to fraud or error.
In preparing the standalone annual financial results, the Management and the Board of Directors are
responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the Board of
Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but
to do so.
The Board of Directors is responsible for overseeing the Company’s financial reporting process
Auditor’s Responsibilities for the Audit of the Standalone Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone annual financial results as
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
standalone annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
 Identify and assess the risks of material misstatement of the standalone annual financial results, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for
expressing our opinion through a separate report on the complete set of standalone annual financial
statements on whether the company has adequate internal financial controls with reference to
standalone annual financial statements in place and the operating effectiveness of such controls.
 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures in the standalone annual financial results made by the Management
and Board of Directors.
B S R & Co. LLP
Auditor’s Responsibilities for the Audit of the Standalone Annual Financial Results (continued)
 Conclude on the appropriateness of the Management and Board of Directors use of the going concern
basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the appropriateness of this assumption.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the standalone annual financial results or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions may cause the Company to cease to
continue as a going concern.
 Evaluate the overall presentation, structure and content of the standalone annual financial results,
including the disclosures, and whether the standalone annual financial results represent the underlying
transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
Other Matters
The standalone annual financial results include the results for the half year ended March 31, 2021 being the
balancing figure between the audited figures in respect of the full financial year and the published unaudited
year to date figures up to the half year of the current financial year which were subject to limited review by
us. The half yearly figures for six months ended March 31, 2020 have been approved by the Company’s
Board of Directors but have not been subject to our review or audit.
for B S R & Co. LLP

VIKASH Digitally signed

by VIKASH GUPTA
GUPTA 20:46:15 +05'30'

Date: 2021.04.26
Vikash Gupta
Partner
UDIN: 21064597AAAAAS1895
Place: Bangalore
CIN : U52393TN2007PTC064830
STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE YEAR ENDED 31 MARCH 2021
PART I Amount in lakhs
Particulars Half year ended Year ended
31-Mar-21 31-Mar-20 31-Mar-21 31-Mar-20
(Unaudited) (Unaudited) (Audited) (Audited)
I. Revenue from operations

- Sale of products/ services 52,529 35,246 71,525 61,456
- Other operating revenue 30 329 45 666
II. Other income 345 494 734 742
III. Total income (I +II) 52,904 36,069 72,304 62,864
IV. Expenses:
Cost of materials and components consumed 30,137 20,898 43,097 36,237
Purchase of stock-in-trade 8,055 5,055 10,708 12,085
Changes in inventories of finished goods, stock-in-trade and work-in-progress (2,212) (614) (3,734) (4,055)
Employee benefits expense 3,073 2,753 5,792 5,752
Finance costs 1,021 867 2,068 1,621
Depreciation and amortisation expense 1,155 1,001 2,183 1,753
Advertising 2,797 2,833 3,510 4,869
Other expenses 6,342 4,501 8,518 7,329
IV. Total expenses 50,368 37,294 72,142 65,591
V. Profit/(loss) before tax (III- IV) 2,536 (1,225) 162 (2,727)
VI. Tax expense:
Current tax - - - -
Deferred tax - - - -
VI. Total tax - - - -
VII. Profit/(loss) for the year (V-VI) 2,536 (1,225) 162 (2,727)
VIII. Other comprehensive income
(i) Items that will not be reclassified to the standalone statement of profit and loss
- Remeasurement of employee defined benefit plan (15) (36) 5 (36)
- Income-tax on (i) above - - - -
(ii) Items that will be reclassified to the standalone statement of profit and loss
- Effective portion of gain or (loss) on designated portion of hedging (4) - (2) -
instruments in a cash flow hedge
- income-tax on (ii) above - - - -
VIII. Total other comprehensive income (net of tax) (19) (36) 3 (36)
IX. Total comprehensive income/(loss) (VII+VIII) 2,517 (1,261) 165 (2,763)
X. Paid up equity share capital (face value Rs. 2 per share): 665 665 665 665
XI. Other equity - - 1,123 922
XII. Earnings / (loss) per equity share of Rs. 2:

{basis on net profit/(loss) for the year (VII)}
Basic earnings / (loss) per share 7.62 (3.68) 0.49 (8.20)
Diluted earnings / (loss) per share 7.51 (3.68) 0.48 (8.20)
See accompanying notes to the audited standalone financial results

CIN : U52393TN2007PTC064830
2nd, 3rd & 4th Floor, #32, Rutland Gate 2nd Street, Khader Nawaz Khan Road, Nungambakkam, Chennai 600 006

Amount in lakhs
31-Mar-21 31-Mar-20
(Audited) (Audited)
ASSETS
(1) Non-current assets
(a) Property, plant and equipment 2,007 1,660
(b) Right-of-use asset 4,487 4,343
(c) Intangible assets 697 670
(d) Intangible assets under development 514 352
(e) Financial assets
(i) Loans receivable 936 963
(ii) Other financial assets 3,630 3,808
(f) Income tax assets (net) 96 225
(g) Other non-current assets 1,868 1,424
14,235 13,445
(2) Current assets
(a) Inventories 25,453 20,100
(b) Financial assets
(i) Investments 1,252 -
(ii) Trade receivables 882 835
(iii) Cash and cash equivalents 495 144
(iv) Bank balances other than (iii) above 67 4
(v) Loans receivable 369 171
(vi) Other financial assets 882 742
(c) Other current assets 4,088 2,925
33,488 24,921
TOTAL ASSETS 47,723 38,366
Equity
(a) Equity share capital 665 665
(b) Other equity 1,123 922
TOTAL EQUITY 1,788 1,587
Liabilities
(1) Non-current liabilities
(i) Borrowings 870 1,697
(ii) Lease liability 7,813 7,643
(iii) Other financial liabilities 304 321
(c) Other non-current liabilities 128 131
9,516 10,159
(2) Current liabilities

(i) Borrowings 11,405 7,968
(ii) Gold on loan 11,569 7,760
(iii) Lease liability 1,684 1,504
(iv) Trade payables
- Total outstanding dues of micro and small enterprises 615 261
- Total outstanding dues of creditors other than micro and small enterprises 7,093 6,019
(v) Other financial liabilities 754 1,139
(c) Other current liabilities 3,135 1,831
36,419 26,620
TOTAL EQUITY AND LIABILITIES 47,723 38,366
CIN : U52393TN2007PTC064830
Notes:
1 The standalone audited financial results of CARATLANE TRADING PRIVATE LIMITED ('the Company') have been prepared in accordance with Indian Accounting Standards (Ind AS)
notified under Companies (Indian Accounting Standards) Rules, 2015, as amended and in terms of Regulation 52 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
2 These standalone financial results have been reviewed and recommended by the Audit Committee of the Board and approved by the Board of Directors on April 26, 2021.
3 During the year ended March 31, 2021, the Company has issued INR 40,000 lakhs of commercial papers with a tenure of 3-6 months. Out of these, INR 29,500 lakhs matured during the year
with a balance of INR 10,500 lakhs due for payment in the year ending March 31, 2022.
4 During the year ended March 31, 2021, the Company has renegotiated with certain landlords on the rent reduction / waiver due to the COVID 19 pandemic. The management believes that
such reduction / waiver in rent is short term in nature and also meets other conditions in accordance with the notifications issued by the Central Government in consultation with National
Financial Reporting Authority dated July 24, 2020 as Companies (Indian Accounting Standards) Amendment Rules, 2020 with effect from April 1, 2020. Thus, in accordance with the said
notification, the Company has elected to apply the practical expedient available and reduction / waiver does not necessitate a lease modification as envisaged in the Standard. Accordingly the
Company has recognised INR 341.78 lakhs in the statement of profit and loss for the year ended March 31, 2021.
5 Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker ('CODM'). The Managing Director has been identified as
the CODM. The Company operates in one segment only i.e. Jewellery. The CODM evaluates the Company's performance based on the revenue and operating income from the sale of
Jewellery. Accordingly, no additional segment disclosure has been made for the business segment.
6 The standalone annual financial results include the results for the half year ended March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year and
the published unaudited year to date figures up to the half year of the current financial year which were subject to limited review by us. The half yearly figures for six months ended March
31, 2020 have been approved by the Company’s Board of Directors but have not been subject to the review or audit of the statutory auditors.
7 Also refer to Annexure 1.

Annexure 1
1 During the year ended March 31, 2021, the Company had not received any complaint from its commercial paper investors and there is no investor complaint pending for redressal at the
beginning and at the end of the year. The shares of the Company are not listed at the stock exchange.
2 Credit rating
The Company has a standalone issuer credit rating of ICRA [A1+] by ICRA. All instrument wise credit ratings by leading rating agencies are as follows:
Commercial paper ICRA [A1+] -
Long term bank facilities - CRISIL AA-/ Stable
3 Asset cover available: Not applicable as the Company doesn’t have any secured Non-convertible debentures outstanding as at March 31, 2021.
4 Key ratios
Year ended
As at 31 March As at 31 March
Particular
2021 2020
Debt Equity Ratio 7.23 6.76
Debt Service Coverage Ratio 10.95% 5.08%
Interest Service Coverage Ratio 213.40% 39.93%
Networth (in Rs. Lakhs) 1,788 1,587
Formulas used for computation of ratios:

a. Debt represents long term debt including current maturities and bank overdraft and excludes gold on loan.
b. Net worth: Equity share capital + Reserves (i.e. other equity)
c. Debt equity ratio: (Debt / Net worth)
d. Debt service coverage ratio: Loss before finance costs, depreciation and amortisation and tax ('EBITDA') / (Finance costs + Principal repayments during the year)
e. Interest service coverage ratio: EBITDA / Finance costs
5 As per the requirements of SEBI Circular dated October 22, 2019 and subsequent amendments thereof, the Company has listed its outstanding CPs maturing after March 16, 2020 onwards on
the Bombay Stock Exchange (BSE). Further, the CPs which matured up to March 16, 2020 were not listed. All payment of CPs issued by the Company have been made on time and there is
no pending dues thereof. Details of due dates of payment of CPs issued till date are given below:
S. No. ISIN Issue Dates Due dates Amount in lakhs

1 INE015Y14039 13-Mar-20 12-Jun-20 5,000
2 INE015Y14047 14-May-20 12-Aug-20 5,000
3 INE015Y14062 26-Jun-20 25-Sep-20 5,000
4 INE015Y14070 21-Aug-20 19-Nov-20 5,000
5 INE015Y14054 11-Jun-20 08-Dec-20 5,000
6 INE015Y14088 29-Sep-20 28-Dec-20 3,000
7 INE015Y14096 12-Nov-20 10-Feb-21 3,000
8 INE015Y14104 08-Dec-20 08-Mar-21 3,500
9 INE015Y14112 21-Dec-20 18-Jun-21 3,500
10 INE015Y14120 05-Feb-21 04-Aug-21 2,000
11 INE015Y14138 08-Mar-21 07-Jun-21 5,000
45,000
Creation of capital redemption reserve (CRR) and debenture redemption reserve (DRR) is not applicable to the Company.

MITHUN Digitally signed by MITHUN
SUBRAMANIA Digitally signed by PADAMCHAND PADAMCHAND SACHETI
Date: 2021.04.26 16:32:54
SUBRAMANIAM
M SACHETI +05'30'
SOMASUNDARAM
SOMASUNDAR Date: 2021.04.26 Mithun Padamchand Sacheti
Place: Chennai AM 19:02:28 +05'30' DIN: 01683592
Date: April 26, 2021 Managing Director

Financial Results For The Half Year Ended March 31, 2021

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Date : 26.04.

Dear Sir / Madam,

Please take the same on record.

Ahona Das Gupta

Encl: Mentioned as above

CaratLane Trading Private Limited

Embassy Golf Links Business Park, Telephone: + 91 80 4682 3000

INDEPENDENT AUDITORS’ REPORT

To the Members of CARATLANE TRADING PRIVATE LIMITED

Report on the Audit of the Standalone Financial Statements

Key Audit Matters

CARATLANE TRADING PRIVATE LIMITED

INDEPENDENT AUDITORS’ REPORT (continued)

3. We perused selected samples of key contracts

4. We performed substantive testing of online and

5. We tested, selected samples of sales transactions

6. We assessed manual journals posted to revenue to

INDEPENDENT AUDITORS’ REPORT (continued)

Key Audit Matters (continued)

2. We evaluated the design, implementation

3. For locations selected using statistical

4. For samples selected using statistical

INDEPENDENT AUDITORS’ REPORT (continued)

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

INDEPENDENT AUDITORS’ REPORT (continued)

INDEPENDENT AUDITORS’ REPORT (continued)

2. (A) As required by Section 143(3) of the Act, we report that:

INDEPENDENT AUDITORS’ REPORT (continued)

Report on Other Legal and Regulatory Requirements (continued)

for B S R & Co. LLP

Management’s Responsibility for Internal Financial Controls

Meaning of Internal Financial controls with Reference to Standalone Financial Statements

Inherent Limitations of Internal Financial controls with Reference to Standalone Financial

for B S R & Co. LLP

GUPTA Date: 2021.04.26

STANDALONE BALANCE SHEET

As per our report of even date attached

VIKASH Digitally signed by

Vikash Gupta Mithun Padamchand Sacheti S.Subramaniam

Digitally signed by Digitally signed by

BHANAWAT Date: 2021.04.26

Manoj Bhanawat Ahona Das Gupta

Place: Chennai Place: Chennai

GUPTA Date: 2021.04.26

Vikash Gupta Mithun Padamchand Sacheti S.Subramaniam

BHANAWAT Date: 2021.04.26

Manoj Bhanawat Ahona Das Gupta

Place: Chennai Place: Chennai

STANDALONE STATEMENT OF CASH FLOWS

Particulars For the year ended For the year ended

Change in operating assets and liabilities

B. CASH FLOWS FROM INVESTING ACTIVITIES

C. CASH FLOWS FROM FINANCING ACTIVITIES

Significant accounting policies 3

Place: Bengaluru Place: Chennai Place: Bengaluru

Place: Chennai Place: Chennai

STANDALONE STATEMENT OF CHANGES IN EQUITY

A. Equity share capital

Reserves and surplus Other comprehensive income