Notes to Accounts of Upsurge Investment & Finance Ltd.

Mar 31, 2018

c) Rights, preferences and restrictions attached to shares.

Equity Shares: The Company has only one class of Equity Shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

d) During the last 5 financial years the Company (i) has not issued any bonus shares (ii) has not issued shares for consideration other than cash (iii) has not bought back any of its shares.

1 CONTINGENT LIABILITY

Claim against the company not acknowledged as debts Nil Nil

2 CAPITAL & OTHERS COMMITMENTS Nil Nil

3 Under the Micro, Small and Medium Enterprises Development Act, 2006 certain disclosures are required to be made related to micro, small and medium enterprise. The company does not have any transactions with such entities.

4 Segment Reporting

The company is mainly engaged in the business of investment & finance. All the activities of the company revolve around the main business, and as such, in the opinion of the management, there are no separate reportable segments.

5 The Board of Directors of the Company has recommended a final dividend of Rupee 0.50 ( 5%) per equity share of Rupees 10/- each for the year ended 31st March, 2018. The said dividend will be paid after the approval of shareholders at the twenty forth annual General Meeting. As per the requirements of revised AS 4, the Company is not required to provide for dividend proposed after the balance sheet date. Consequently, no provision has been made in respect of the aforesaid dividend recommended by the Board of Directors for the year ended 31st March, 2018.

6 FOREIGN CURRENCY TRANSACTION

a) Expenditure in Foreign Currency Nil Nil

b) Earning in Foreign Currency Nil Nil

7 In the opinion of the board, any of the assets other than fixed assets and non-current investments do not have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

8 Previous years figures have been regrouped / reclassified , wherever necessary to correspond with current year''s figures classification / disclosure.

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Mar 31, 2015

1. SHARE CAPITAL

a) Rights, preferences and restrictions attached to shares.

Equity Shares: The Company has only one class of Equity Shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

2. SEGMENT REPORTING

The company is mainly engaged in the business of investment & finance. All the activities of the company revolve around the main business, and as such, in the opinion of the management, there are no separate reportable segments.

3. RELATED PARTY TRANSACTION

List of related parties with whom transactions have taken place:

i Associates & other Related Parties Nature of Relationship

Name of Related Party

Yash Securities Pvt. Ltd. Other Related Parties

Sankalp Properties Pvt. Ltd Other Related Parties

ii Key Management Personnel

Name of Related Party Nature of Relationship

Shri D.K. Goyal Chairman & Managing Director

4. AMOUNT DUE TO MICRO SMALL AND MEDIUM ENTERPRISES:

Under the Micro, Small and Medium Enterprises Development Act, 2006 certain disclosures are required to be made related to micro, small and medium enterprise. The company does not have any transactions with such entities.

5. Previous years figures have been regrouped / reclassified, wherever necessary to correspond with current year's figures classification / disclosure.

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Mar 31, 2014

1 SHARE CAPITAL

i) Rights, preferences and restrictions attached to shares.

Equity Shares: The Company has only one class of Equity Shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

2 SEGMENT REPORTING

The company is mainly engaged in the business of Investment & Finance. All the activities of the company revolve around the main business, and as such, in the opinion of the management, there are no separate reportable segments.

3 AMOUNT DUE TO MICRO SMALL AND MEDIUM ENTERPRISES:

Under the Micro, Small and Medium Enterprises Development Act, 2006 certain disclosures are required to be made related to micro, small and medium enterprise. The company does not have any transactions with such entities.

4 Previous year''s figures have been regrouped / reclassified, wherever necessary to correspond with current year''s figures classification / disclosure.

5 OTHER INFORMATION

i. As defined in Paragraph 2 (1) (xii) of the Non Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

ii. Provisioning norms shall be applicable as prescribed in the Non Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998.

iii. All Accounting Standard and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up / fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (4) above.

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Mar 31, 2013

1 SEGMENT REPORTING

The company is mainly engaged in the business of Investment & Finance. All the activities of the company revolve around the main business, and as such, in the opinion of the management, there are no separate reportable segments.

2 RELATED PARTY TRANSACTION

List of related parties with whom transactions have taken place:

i. Particulars of Associate Companies Nature of relationship Name of Related Party

Yash Securities Pvt. Ltd. Associate Company

Sankalp Properties Pvt. Ltd Associate Company

ii. Key Management Personnel

Name of Related Party Nature of Relationship

Shri D.K.Goyal Chairman & Managing Director

3 AMOUNT DUE TO MICRO SMALL AND MEDIUM ENTERPRISES:

Under the Micro, Small and Medium Enterprises Development Act, 2006 certain disclosures are required to be made related to micro, small and medium enterprise. The company does not have any transactions with such entities.

4 Previous year''s figures have been regrouped / reclassified, wherever necessary to correspond with current year''s figures classification / disclosure.

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Mar 31, 2012

A) Detailed note on the terms of the rights, preferences and restrictions relating to each class of shares including restrictions on the distribution of dividends and repayment of Capital.

i) The Company has only one class of Equity Shares having a par value of Rs. 10/- per share. Each holder of Equity Share is entitled to one vote per share.

ii) 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.

d) Detailed note on shares reserved to be issued under options and contracts / commitment for the sale of shares / divestments including the terms and conditions.

The company does not have any such contract / commitment as on reporting date.

e) Detailed terms of any securities convertible into shares, e.g. in the case of convertible warrants, debentures, bonds etc.

The company does not have any securities convertible into shares as on reporting date.

1 SEGMENT REPORTING

The company is mainly engaged in the business of Investment & Finance. All the activities of the company revolve around the main business, and as such, in the opinion of the management, there are no separate reportable segments.

2 AMOUNT DUE TO MICRO SMALL AND MEDIUM ENTERPRISES:

Under the Micro, Small and Medium Enterprises Development Act, 2006 certain disclosures are required to be made related to micro, small and medium enterprise. The company does not have any transactions with such entities.

3 In view of the revision to the Schedule VI as per notification issued by the Central Government, the financial statements for the year ended 31st March 2012 have been prepared as per the requirement of the Revised Schedule VI of the Companies Act, 1956. The previous year's figures have been accordingly regrouped/reclassified to conform to the current year's classification

Notes:

1. As defined in Paragraph 2 (1) (xii) of the Non Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

2. Provisioning norms shall be applicable as prescribed in the Non Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998.

3. All Accounting Standard and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up / fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (4) above.

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Mar 31, 2011

1. For the purpose of calculating market value of closing stock of shares where quotations are not available on the last day of the year, the latest available quotations are taken as the market value. And in case of delisted shares the same are valued at Nil. Stock in trade has been verified, valued and certified by the management.

2. Interest receivable/payable on excess/short payment of income tax as well as other taxes/duties is accounted for on completion of assessment. Similarly any income/expenditure resulting from any judicial pronouncement is accounted for at the time of such pronouncement.

3. Purchases/sale of shares and securities are accounted for inclusive of brokerage but exclusive of turnover charges, service tax and stamp duty which have been debited to other charges on securities.

4. As on 31st March 2011, the Company does not have any employees to whom gratuity or any retirement benefits are payable.

5. The Company has not prepared consolidated financial statements (CFS) as required by the AS21, since the transactions of subsidiary during the year/ its assets and liabilities are not material.

6. Segment Reporting: The company is mainly engaged in the business of investment & finance. All the activities of the company revolve around the main business, and as such, in the opinion of the management, there are no separate reportable segments.

7. The Company has utilized the fund raised through preferential issue for expansion of companys existing business as per the object stated in the explanatory statement attached with the notice for issue of warrants convertible into Equity Shares.

8. Deferred Taxation: The company has carried forward Losses under taxes Laws. In absence of virtual certainty of sufficient future taxable income, net deferred tax assets has not been recognized by way of prudence in accordance with Accounting Standard (AS22) "Accounting for taxes on Income" issued by the Institute of Chartered Accountants of India.

9. Related party Disclosure:

List of related parties with whom transactions have taken place:

(i) Particulars of Associates Companies

Name of Related Party Nature of Relationship

Yash Securities Pvt. Ltd. Associate Company

Sankalp Properties Pvt. Ltd Associate Company

(ii) Key Management Personnel

Name of Related Party Nature of Relationship

Shri D.K. Goyal Chairman & Managing Director

10. The policy of provisioning against Non-Performing Loans and Advances has been decided by the management considering prudential norms issued by the Reserve Bank of India for Non Banking Financial Companies except that the amount recovered subsequent to the Balance Sheet date have not been considered for provisioning.

11. There are no amounts due to small-scale industries in terms of "The Micro, Small & Medium Enterprises Development Act, 2006."

12. Interest income is shown net of interest paid to bank Rs. 23,43,579/- (Previous Year Rs. 632,767/-).

13. Balances of some of the sundry debtors, loans & advances and sundry creditors are subject to confirmation and resultant reconciliation if any.

14. No provision for Loans and advances considered doubtful amounting to Rs.10,00,000/- (Previous Year Rs.10,00,000/-) has been made in the books of accounts, since the Companys Management is of the opinion that the debts are fully recoverable.

15. In the opinion of the management the Current Assets, Loans & Advances have not less than the value stated in the Balance Sheet if realized in the ordinary course of business unless otherwise stated.

16. Previous Year Figures have been regrouped / rearranged / rectified / reclassified / wherever necessary.

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Mar 31, 2010

1. For the purpose of calculating market value of closing stock of shares where quotations are not available on the last day of the year, the latest available quotations are taken as the market value. And in case of delisted shares the same are valued at Nil. Stock in trade has been verified, valued and certified by the management.

2. Interest receivable/payable on excess/short payment of income tax as well as other taxes/duties is accounted for on completion of assessment. Similarly any income/expenditure resulting from any judicial pronouncement is accounted for at the time of such pronouncement.

3. Purchases/sale of shares and securities are accounted for inclusive of brokerage but exclusive of turnover charges, service tax and stamp duty which have been debited to other charges on securities.

4. As on 31st March 2010, the Company does not have any employees to whom gratuity or any retirement benefits are payable.

5. Segment Reporting:

The company is mainly engaged in the business of investment & finance. All the activities of the company revolve around the main business, and as such, in the opinion of the management, there are no separate reportable segments.

6. Deferred Taxation:

The company has carried forward Losses under taxes Laws. In absence of virtual certainty of sufficient future taxable income, net deferred tax assets has not been recognized by way of prudence in accordance with Accounting Standard (AS22) "Accounting for taxes on Income" issued by the Institute of Chartered Accountants of India.

7. Related party Disclosure:

List of related parties with whom transactions have taken place:

(i) Particulars of Associates Companies Name of Related Party

Yash Securities Pvt. Ltd. For five months

Sankalp Properties Pvt. Ltd For seven months

(ii) Key Management Personnel Name of Related Party

Shri D.K. Goyal (Director) For Full Year

8. The policy of provisioning against Non-Performing Loans and Advances has been decided by the management considering prudential norms issued by the Reserve Bank of India for Non Banking Financial Companies except that the amount recovered subsequent to the Balance Sheet date have not been considered for provisioning.

9. There are no amounts due to small-scale industries in terms of "The Micro, Small & Medium Enterprises Development Act, 2006."

10. Interest income is shown net of interest paid to bank Rs. 632,767/- (Previous Year Rs. 650,818/-).

11. Balances of some of the sundry debtors, loans & advances and sundry creditors are subject to confirmation and resultant reconciliation if any.

12. No provision for Loans and advances considered doubtful amounting to Rs. 10,00,000/- (Previous Year Rs.24, 00,000/-) has been made in the books of accounts.

13. In the opinion of the management the Current Assets, Loans & Advances have not less than the value stated in the Balance Sheet if realized in the ordinary course of business unless otherwise stated.

15. Previous Year Figures have been regrouped / rearranged / rectified / reclassified / wherever necessary.