Notes to Accounts of Greencrest Financial Services Ltd.

Mar 31, 2018

1 OVERVIEW

a) Background

The company is incorporated on 15th February 1993 at Calcutta, West Bengal, India. It is a Public limited company by its shares. The company is one of the RBI registered NBFC and the Company is into the business of Finance and Investments. The activities of the company includes financing, investing in shares & other securities, Commodities and other related activities of capital market.

The Registered Office of the Company is situated at 8, Ganesh Chandra Avenue, Saha Court, 1st Floor, Kolkata-700 013.

aa) Financial Risk Management Objectives and Policies:

The Company’s activities are exposed to a variety of Financial Risks from its Operations. The key financial risks include Market risk, Credit risk and Liquidity risk.

i. Market Risk:

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises mainly three types of risk, foreign currency risk, Interest rate risk and other price risk such as Equity price risk and Commodity Price risk.

ii. Foreign Currency Risk:

There are no Foreign Currency transactions during the financial year.

iii. Foreign Currency Sensitivity:

There are no Foreign Currency transactions during the financial year.

iv. Credit Risk:

Credit risk is the risk that counterparty might not honor its obligations under a financial instrument or customer contract, leading to a financial loss. The company is exposed to credit risk from its operating activities (primarily trade receivables).

v. Trade Receivables:

Customer credit risk is managed based on company’s established policy, procedures and controls. The company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors.

Credit risk is reduced by receiving pre-payments and export letter of credit to the extent possible. The Company has a well-defined sales policy to minimize its risk of credit defaults. Outstanding customer receivables are regularly monitored and assessed. The Company follows the simplified approach for recognition of impairment loss and the same, if any, is provided as per its respective customer’s credit risk as on the reporting date.

vi. Liquidity Risk:

Liquidity risk is the risk, where the company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The company’s approach is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due.

bb) Provisions and Contingencies

A provision is recognised when there is a present obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and in respect of which reliable estimate can be made. Provision is not discounted to its present value and is determined based on the best estimate required to settle the obligation at the yearend date.

These are reviewed at each year end date and adjusted to reflect the best current estimate.

i. Disclosures in terms of Accounting Standards (AS 29) Provisions, Contingent Liabilities and Contingent Assets issued by the Institute of Chartered Accountants of India :

ii. The Company creates a provision when there is a present obligation as a result of past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation.

iii. A disclosure for a contingent liability is made when there is a possible obligation or present obligation that probably will not require an outflow of resources or where reliable estimate of the amount of the obligation cannot be made.

iv. Contingent Assets are neither recognized nor disclosed.

cc) Taxation

Income tax expense represents the sum of current and deferred tax -Current Tax :-

Current income tax assets and liabilities are measured at the amount to be recovered from or paid to taxation authorities. The tax rates and tax laws used to compute the amount are according to the prevailing Law on the reporting date. Income tax expense is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognized directly in equity or other comprehensive income, in such cases the tax is recognised directly in equity or in other comprehensive.

Deferred Tax:

Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the Balance sheet and the tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are generally recognized for all deductible temporary differences, Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which those deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred tax assets and deferred tax liabilities are off set, and presented as net. The carrying amount of deferred tax asset / liability is reviewed at each reporting date and necessary adj ustments made in the books of accounts accordingly.

dd) Earnings per Share

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the company by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the company by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares.

ee) Summary of Significant Accounting Policies General

- Contingent Liabilities & Commitments - Nil

- Additional Information disclosed as per Part II of The Companies Act, 2013 - Nil ff) Segment Reporting -

The company is primarily engaged in the single business of trading in shares and securities and there is no reportable secondary segment i.e. geographical segment. Hence, the disclosure requirement of Accounting Standard-17 “Segment Reporting” as notified by Companies (Accounting Standards) Rules, 2006 (as amended) is not applicable.

ff) Disclosure of related party transactions:

Wholly owned Subsidiary : Not Any

Company under same Management : Not Any

Companies in which Directors / relatives of Directors are interested :

gg) Details of Loans given, Investments made, guarantees given covered under Section 186(4) of The Companies Act, 2013

Since your Company is one of the RBI registered NBFC (Non-deposit taking Company), provision of Section 186 of the Companies Act, 2013 are not applicable to the Company.

hh) There are no Micro and Small Scale Business Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2018. This information as required to be disclosed under 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.

ii) Other Notes to Accounts

i. In the opinion of the management, current assets, loans and advances and other receivables are approximately of the value stated, if realized in the ordinary course of business. The provisions of all known liability are ascertained.

ii. Previous year figures have been restated to confirm the classification of the current year.

iii. Balances of Sundry Debtors, Unsecured Loans, and Sundry Creditors are Loans & Advances are subject to reconciliation, since conformations have not been received from them. Necessary entries will be passed on receipt of the same if required.

iv. The company has not provided for Gratuity and Leave Encashment to Employees on accrual basis, which is not in conformity with AS-15 issued by ICAI. However, in the opinion of management the amount involved is negligible and has no impact on Statement of Profit & Loss.

v. The Inventories includes 2,30,723 Equity Shares valuing to Rs. 21,62,985/-, are not in the name of the Company.

vi. There is an open position of the Contract of 25,000 Shares of IRB Infrastructures Limited valuing to Rs. 55,14,190/- in Future trading on NSE. The Company has provided for adjustments as per closing rates on said Contract.

Note : No amount is payable to Small Scale Industrial Undertakings. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Act, 2006 and hence disclosures, if any relating to amounts unpaid as at the year end together with interest paid/payable as required under the Act can not be furnished.

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Mar 31, 2017

COMPANY INFORMATION AND REGISTERED OFFICE-

The company is incorporated on 15^th February 1993 at Calcutta, West Bengal, India. It is a Public limited company by its shares. The company is one of the RBI registered NBFC and the Company is into the business of Finance and Investments. The activities of the company includes financing, investing in shares & other securities, Commodities and other related activities of capital market.

The Registered Office of the Company is situated at 8, Ganesh Chandra Avenue, Saha Court, 1st Floor, Kolkata-700 013

1.1 Summary of Significant Accounting Policies General

- Contingent Liabilities & Commitments - Nil

- Additional Information disclosed as per Part II of The Companies Act, 2013 - Nil

1.2 Segment Reporting -

The company is primarily engaged in the single business of trading in shares and securities and there is no reportable secondary segment i.e. geographical segment. Hence, the disclosure requirement of Accounting Standard-17 “Segment Reporting” as notified by Companies (Accounting Standards) Rules, 2006 (as amended) is not applicable.

1.3 Disclosure of related party transactions:

Wholly owned Subsidiary : Not Any

Company under same Management : Not Any

1.4 Details of Loans given, Investments made, guarantees given covered under Section 186(4) of The Companies Act, 2013

Since your Company is one of the RBI registered NBFC (Non-deposit taking Company), provision of Section 186 of the Companies Act, 2013 are not applicable to the Company.

1.5 Remuneration to Auditors

1.6 There are no Micro and Small Scale Business Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2017. This information as required to be disclosed under 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.

1.7 Other Notes to Accounts

i. In the opinion of the management, current assets, loans and advances and other receivables are approximately of the value stated, if realized in the ordinary course of business. The provisions of all known liability are ascertained.

ii. Previous year figures have been restated to confirm the classification of the current year.

iii. Balances of Sundry Debtors, Unsecured Loans, and Sundry Creditors are Loans & Advances are subject to reconciliation, since conformations have not been received from them. Necessary entries will be passed on receipt of the same if required.

iv. The company has not provided for Gratuity and Leave Encashment to Employees on accrual basis, which is not in conformity with AS-15 issued by ICAI. However, in the opinion of management the amount involved is negligible and has no impact on Statement of Profit & Loss.

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Mar 31, 2016

RELATED PARTIES

Parties are considered to be related if at any time during the reporting period one party has the ability to control the other party or exercise significant influence over the other party in making financial and/or operating decisions.

As required by AS-18 "Related Party Disclosure" only following related party relationships are covered:

i. Enterprises that directly, or indirectly through one or more intermediaries, control, or are controlled by, or are under common control with, the reporting enterprise (this includes holding Companies, subsidiaries and fellow subsidiaries);

ii. Associates and joint ventures of the reporting enterprise and the investing party or venture in respect of which the reporting enterprise is an associate or a joint venture;

iii. Individuals owning, directly or indirectly, an interest in the voting power of the reporting enterprise that gives them control or significant influence over the enterprise, and relatives of any such individual;

iv Key management personnel (KMP) and relatives of such personnel; and

v. Enterprises over which any person described in (iii) or (iv) is able to exercise significant influence.

EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the net profit for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources. For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

STOCK IN TRADE

Shares are valued at cost or market value, whichever is lower. The comparison of Cost and Market value is done separately for each category of Shares.

Units of Mutual Funds are valued at cost or market value whichever is lower. Net asset value of units declared by mutual funds is considered as market value for non-exchange traded Mutual Funds.

TAXES ON INCOME

Provision for current Income Tax is made on the taxable income using the applicable tax rates and tax laws. Deferred tax assets or liabilities arising on account of timing differences between book and tax profits, which are capable of reversal in one or more subsequent years is recognized using tax rate and tax laws that have been enacted or subsequently enacted. Deferred tax asset in respect of unabsorbed depreciation and carry forward losses are not recognized unless there is sufficient assurance that there will be sufficient future taxable income available to realize such losses.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES GENERAL

- Contingent Liabilities & Commitments - Nil

- Additional Information disclosed as per Part II of The Companies Act, 2013 - Nil

Segment Reporting -

The company is primarily engaged in the single business of trading in shares and securities and there is no reportable secondary segment i.e. geographical segment. Hence, the disclosure requirement of Accounting Standard-17 "Segment Reporting" as notified by Companies (Accounting Standards) Rules, 2006 (as amended) is not applicable.

Disclosure of related party transactions:

Wholly owned Subsidiary : Not Any

Company under same Management : Not Any

List of Related Parties & their Relations & details of Key Managerial Person:

Mr. Sushil Kr. Parakh - Managing Director

Mr. Sunil Kr. Parakh - Non-Executive Director

Mr. Abhijit Bose - Chief Financial Officer

Mr. Rahul Rungta - Company Secretary & Compliance Officer

Transactions with related parties: Not Any

Other Notes to Accounts

- Confirmation of balances/reconciliation of accounts pertaining to certain advances / creditors / debtors is pending for the year end. Hence, the balances have been adopted as per the books of accounts.

- Previous years'' figures have been regrouped, rearranged wherever necessary to make them comparable with those of current year.

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Mar 31, 2015

NOTE 1.

COMPANY INFORMATION & ACCOUNTING POLICIES

COMPANY INFORMATION

The company is incorporated on 15th February 1993 at Calcutta, West Bengal, India. It is a Public limited company by its shares. The company is one of the RBI registered NBFC and the Company is into the business of Finance and Investments. The activities of the company includes financing, investing in shares & other securities, Commodities and other related activities of capital market.

Note 2.1

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

Note. 2.2

There are no impairment of Assets, as the management is of the opinion that the carrying value of assets is more than the realizable value as on 31st March, 2015.

Note. 2.3

The Payment of Gratuity Act, 1972 is not applicable to the company as the number of permanent employees in the company are below ten, similarly no other benefits are paid.

Note. 2.4

There are no impairment of Assets, as the management is of the opinion that the carrying value of assets is more than the realizable value as at 31st March, 2015.

Note. 2.5

Related Party Disclosure: Directors are key Management Personnel of the Company

Directors of the Company

1) Aditya Parakh

2) Sushil Parakh

3) Sunil Parakh

Other related entiites

1) Aqua Projects Limited

2) B R Power Limited

3) Sekhar Commerce Private Limited

4) Vignesh Info Services Pvt. Ltd,

5) ATI Limited

6) Bonanza hirise Private Limited

7) ALPS Infradevelopers Private Limited

8) Cais Engineering Services Private Limited

9) Samar Vyapar Private Limited

10) Sujay Vinimay Private Limited

11) Gold Mouhar Vyapar Private Limited

12) Aspolight Commotrade Priavte Limited

13) Vikrant Leasing Limited

14) Authum Investment & Infrastructure Limited

15) Manjari Marketings Private Limited

16) Dream Whistlerz Entertainment Private Limited

17) Picasona Rail Engineers & Projects Private Limited

18) Century Ispat Limited

19) Veena Credit & Holdings Private Limited

20) Pingle Commerce Private Limited

Details Of Remuneration To Directors During The Year : Rs. 3,00,000 To Mr. Aditya Parakh & Rs. 36,000/- To Mr. Sunil Parakh.

Amount Paid To Relative Of Directors : Nil

Related Party Transactions : The Company Is Having Investment Of Rs. 49.754 Lac In The Companies Which Are Related To The Directors Of The Company

Note 2.6 Segment Reporting

The company operates in Trading activity of Commodity and Shares and is carrying financing activities, which is only identifiable reporting segment under AS-17 Segment Reporting issued by the Institute of Chartered Accountants of India.

Note. 2.7

Previous year's figures have been re-arranged and re-grouped wherever considered necessary.

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Mar 31, 2014

Rights, preference and restrictions attached to Equity Shares

The company has one class of Equity shares having a par value of Rs. 10/- each. Each shareholder is eligible to one vote per share held.

1 Contingent Liabilities & Commitments : NIL (PY : NIL)

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

3 Confirmation of balances/reconciliation of accounts pertaining to certain advances/creditors/ debtors is pending as at period end. Hence, the balances have been adopted as per the books of accounts.

4 Previous year''s figures have been regrouped wherever necessary to confirm to current period''s classification.

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Mar 31, 2013

1.1 RELATED PARTIES DISCLOSURES (AS PER ACCOUNTING STANDARD 18)

1. Relationship

a. Wholly Owned Company - Not Any

b. Associate Company - None

c. Company under the Common Control of Promoters Not Any

d. Key Management Personnel

1. Aditya Parakh

2. Sunil Parakh

2. Transactions

There has been no related parties transactions during the year under review.

1.2 NBFC Disclosure

The Disclosure as required in term of Paragraph "13" of Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank of India, 2007) is given by way of Annexure to the Balance Sheet.

1.3 Disclosure for Payment to Micro, Small & Medium Enterprises

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

1.4 Impairement of Assets

Company Management during the year have carried out technographical evaluation for identification of Assets, if any, in accordance with Accounting Standard 28. Based on the judgement of the Management and as certified by Directors, no provision for impairement is found to be necessary in respect of any Assets.

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Mar 31, 2012

1. Contingent Liability not provided for - Nil (Previous year - Nil)

2. Estimated amount of contracts remaining to be executed on capital account (net of advances) - Nil (Previous Year - Nil)

3. In the opinion of Board of Director and to the best of their knowledge and belief, the value on realization of Loans & advances and current assets in the ordinary course of business will not be less than the amount at which they are stated in the balance sheet.

4. Deferred Tax : During the year, company have not adopted the Accounting Standard 22 "Accounting for taxes on Income" issued by The Institute of Chartered Accountants of India. As explained to us by the management, the company is making losses with no immediate visibility of turnaround, so deferred assets has not been recognised as a matter of prudence.

5. The he company is unable to provide the details of Related Parties, so we are unable to give the Related Party Disclosure as required as per Accounting Standard (As - 18) on "Related Party Disclosure" issued by the Institute of Chartered Accountants of India.

6. SEGMENT INFORMATION FOR THE YEAR ENDED 31.3.2012 Primary Segment Reporting - Business Segment

Since the company's entire business of Finance & Investments, so there is no reportable segment.

Secondary Segment Reporting - Geographical Segment

Since the company's entire business is in India, so, there is no reportable segment.

7. The management has not made any provision for Income Tax as there will be no taxable income.

8. The company did not earn/spend any money in Foreign Exchange. (Previous year - Nil)

9. As per Managements' perception, the Advances so given are good in nature and realizable at Book Value; therefore the provision for sub standard Assets and NPA has not been made.

10. Negative figures have been shown in brackets.

11. Previous year's figures have been regrouped and rearranged wherever found necessary.

Rights, preference and restrictions attached to Equity Shares

The company has one class of Equity shares having a par value of Rs. 10/- each. Each shareholder is eligible to one vote per share held.

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Mar 31, 2010

A. Relationship are given below:

a) Directors (existing): 1) Shree Aditya Parakh and 2) Shree Niwas Singhee

3) Shree Rabindra Sahani

b) Group Companies where common control exists : Nil

B. Transaction with related Parties : Nil

v) Deferred Tax

As the Company has no fixed assets (neither charges in P & L A/c nor claimed under I.T. Act- hence no deferred tax liability) and the Company has substantial carried forward business loss under the Income Tax Act, 1961 but it is not sufficiently assured to have taxable income in the foreseeable future, the deferred tax assets hav not been recognized. This is in accordance with Accounting Standard (AS22) "Accounting for taxes on income" Account issued by the Institute of Chartered Accountants of India.

vi) Additional information pursuant to the provision of Paragraph 3 of Part II of Schedule VI of the Companies Act, 1956 :-

a) Expenditure on employees who were in receipt of or entitled to receive remuneration of not less than Rs. 24,00,000/- per annum, where employed for whole year or Rs. 2,00,000/- per month , where employed for a part of the year and number of such employees - Nil (Previous year-Nil)

b) Earning / Outgo in foreign currency on Export/Import of goods on F.O.B./C.I.F. basis- Nil. (Previous Year- Nil)

vi) As per Managements, perception the Loans & Advances so given are good in nature and releasable at book value, therefore provision for sub standard assets and NPA has not been made.

As per, .Managements, perception the Long term Advance so received against future sale of shares from various parties are refundable on demand if shares are not sold to them at market price in future as per their order.

Certain Debit & Credit balance including Sundry Debtors and Creditors, bank balances and advances are subject to confirmation and reconciliation thereof.

In the opinion of the Board of Director, Current Assets Loan & Advances have a value on the realization in the ordinary course of business at cost equal to amount at which they stated in the Balance Sheet save & subject to disclosures made any where else in this Annual Report

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Mar 31, 2009

I) Contingent liabilities are not provided for-Rs. Nil

ii) Segmental Reporting

The Companys major business trading in Shares & Securities and all the other activities of the Company revolve around the main business and as such there is no separate reportable segments as per the Accounting Standards (AS-17) as " Segment Reporting" Issued by the Institute of Chartered Accountants of India.

iii) Related Party Disclosures

Disclosures as required by the Accounting Standard 18 "Related Party Disclosures" issued by the Institute of Chartered Accountants of India.

A. Relationship are given below.

a) Directors (existing) : 1) Shree Aditya Parakh and

2) Shree Niwas Singhee

3) Shree Shakti Khaitan

b) Group Companies where common control exists : Nil

B. Transaction with related Parties: Nil

C. Amount outstanding (Receivable/Payable) as on 31.03.2009 : Nil

iv) Deferred Tax

As the Company has no fixed assets (neither charges in P & L A/c nor claimed under I.T. Act-hence no deferred tax liability) and the Company has substantial carried forward business loss under the Income Tax Act, 1961 but it is not sufficiently assured to have taxable income in the . foreseeable future, the deferred tax assets hav not been recognized. This, is in accordance with Accounting Standard (AS22) "Accounting for taxes on income" Account issued by the Institute of Chartered Accountants of India.

v) Additional information pursuant to the provision of Paragraph 3 of Part 11 of Schedule VI of the Companies Act, 1956 :-

a) Expenditure on employees who were in receipt of or entitled to receive remuneration of not less than Rs. 24,00,000/- per annum, where employed for whole year or Rs. 2,00,000/- per month , where employed for a part of the year and number of such employees - Nil - (Previous year- Nil)

b) earrning / Outgo in foreign currency on Export/Import of goods on F.O.B./C_.I.F. busist- Nil. (Previous Year - Nil)

vi) As per Managements, perception the Loans & Advances so given are good in nature and releusuhle at book value therefore provision for sub standard assets and NPA lass not been made.

vii) As per Managements, perception the Long term Advance so received against future sale of shares from various parties are refundable on demand if shares are not sold to them at market price in future as per their order.

viii) Certain. Debit & Credit balance. including Sundry Debtors and Creditors, bank balances and advances are subject to confirmation and reconciliation thereof.

ix) In the opinion of the Board of Director, Current Assets Loan & Advances have a Value on the realization in the ordinary course of business at cost equal to amount at which they stated in the Balance Sheet save & subject to disclosures made any where else in this Annual Report