Notes to Accounts of Pyxis Finvest Ltd.

Mar 31, 2015

- These financial statements have been prepared in accordance with the requirements of Schedule III the Companies Act 2013 as amended. As required by the Act:

- balance is attempted to be maintained between providing excessive detail that may not assist users of financial statements and not providing important information as a result of too much aggregation o the figures appearing in the Financial Statements have been rounded off to the rupee

- Line items, sub-line items and subtotals have been presented as an addition or substitution on the face of the Financial Statements when such presentation is relevant to an understanding of the company's financial position or performance or to cater to industry/ sector specific disclosure requirements or when required for compliance with the amendments to the Companies Act or under the Accounting Standards

- The company has complied with the prudential norms relating to income recognition, accounting standards, asset classification and provisioning for bad and doubtful debts as applicable to it in terms of Non-Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015

- The financial statements have been prepared in line with generally accepted accounting principles in India under the historical cost convention on accrual basis. These financial statements have been prepared to comply in all material aspects with the Accounting Standard(AS) notified form time to time and depending on the applicability

- AS1 - Disclosure of Accounting Policies

- The company follows the fundamental accounting assumptions of Going Concern, Consistency and Accrual o There are no change in the accounting policies which has a material effect in the current period or which is reasonably expected to have a material effect in later periods should be disclosed

- Depreciation, depletion and amortization

- The company does not have any fixed assets

- Treatment of expenditure during construction

- The company is not into construction activity

- Conversion or translation of foreign currency items

- The company does not deal in any foreign currency transactions

- Valuation of inventories

- the company does not have any inventories

- Treatment of goodwill

- there is no goodwill accounted for in the books of the company

- Recognition of profit on long-term contracts

- Not applicable on the company

- Valuation of fixed assets

- There are no fixed assets

- AS 1 - Revenue Recognition

- Revenues are recognized and expenses are accounted for on accrual basis with necessary provisions for all known liabilities and losses. Income from Non- Performing Assets is recognized only when it is realized. Interest on deposits and loans is accounted for on the time proportion basis after considering reasonable certainty that the ultimate collection will be made. Dividend income is recognized when right to receipts is established. Profit or loss on sale of securities is accounted on settlement date basis.

- No revenue recognition has been postponed pending the resolution of any uncertainties

- AS 2 -All investments in securities are current in nature in the form of stock in trade. The carrying amount for current investments is the lower of cost and market/ fair value. Investments are carried individually at the lower of cost and fair value. Any reduction to fair value and any reversals of such reductions are included in the profit and loss statement.

- AS 3 - Accounting for Retirement Benefits - When any employee of the Company is entitled to receive benefits under the provident fund/ Gratuity, the same is accounted for as and when paid.

- AS 4 - Segment Reporting - The Company has only one reportable segment

- AS 5 on "Related Party Disclosures", the following details are provided

1. No other elements of the related party transactions necessary for an understanding of the financial statements

2. No amounts or appropriate proportions of outstanding items pertaining to related parties at the balance sheet date and provisions for doubtful debts due from such parties at that date

3. No amounts written off or written back in the period in respect of debts due from or to related parties

- AS 6 Earnings Per Share - There are no potential equity shares. Therefore the basic and diluted Earnings per share is the same

- AS 7 - Consolidated Financial Statements is not applicable since the company is neither a holding company or a subsidiary company as on 31-Mar-2015

- AS 8 - Accounting for Taxes on Income - Income tax comprises the current tax and net change in deferred tax assets, which are made in accordance with the provisions as per the Income Tax Act, 1961. Deferred Tax resulting from timing differences between accounting income and taxable income for the period is accounted for using the tax rates and laws that have been enacted or substantially enacted as at the balance sheet date. The deferred tax asset is recognized and carried forward only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax asset can be realized.

- AS 9 - Impairment of Assets - The Company assesses at each balance sheet date whether there is any indication that an assets may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or recoverable amount of the cash generating unit to which the assets belongs is less than the carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as impairment loss and is recognized in the profit and loss account. If at the balance date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the assets is reflected at the recoverable amount.

- AS 10 - Provisions, Contingent Liabilities and Contingent Assets - The Company recognizes a provision when there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation that the likelihood of outflow of resources is remote, no provision or disclosure is made. When any employee of the Company is entitled to receive benefits under the provident fund/ Gratuity, the same is accounted for as and when paid.

- The management has asked for confirmation from its suppliers regarding their registration with competent authorities under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED). However, No one has confirmed their registration under the Act. Accordingly no further information is submitted in this regards. The Auditors have relied on the said submission of the management. Details are therefore Nil

- Preliminary expenses of Rs. 30.95 lakh have is being written off over a period of five years from FY 2011-12 to FY 2015-16 at the rate of Rs. 6.19 lakh per year

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Mar 31, 2014

1. There are no calls remaining unpaid as on March 31,2014, hence no disclosure is required pursuant to Note no. 6(A)(k) of Part I of Schedule VI to the Companies Act, 1956.

2. "Terms/rights attached to Equity Shares

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."

3. Disclosure under Accounting Standard

As per Accounting Standard (AS) 17 on "Segment Reporting", Segment information has not been provided as the Company has only one reportable segment.

4. Related

Related parties and their relationship

i. Individuals (directly/indirectly) having control over the reporting enterprise / Key Managerial Persons

a. Mr. Bharat Bagri, Chairman

b. Mr. Uttam Bagri, Managing Director

c. Mr. Kalpesh Ranka, Director

d. Mr. Suresh Ahiya, Director

Others:

Enterprises over which Key Management Personnel are able to exercise significant influence:

a. BCB Brokerage Private Limited

b. Ratnakar Securities Private Limited*

c. Ratnakar Commodities Private Limited*

d. Tumus Electric Corporation Limited

e. Bharat Bagri HUF

f. Uttam Bagri HUF

* Managing Director Uttam Bagri has declared that he holds substantial interest (49%)in Ratnakar Securities Private Limited, holding Company of Ratnakar Commodities Private Limited, but does not have control or significant influence/ directorship/ managerial position in the same under AS18

Relatives of the individuals mentioned at (i) with whom transactions have taken place during the period/ year

Sr. No. Name

1 Ankita Bagri

A) Transactions with related parties during the year ended 31st March, 2014:

1. Ratnakar Commodities Private Limited

Loans given - Rs.2,50,00,000/

Loans repaid - Rs.2,50,00,000/

Interest Received - Rs 97,516/-

Margins placed as broker - Rs. 1,30,75,000

Margins refunded as broker - Rs. 1,30,75,000

Interest received in margins placed 49,735 Brokerage paid - Rs.46.950/-

2. Bharat Bagri - Salary given - Rs. 24 lakh

3. Uttam Bagri - Salary given - Rs. 24 lakh

4. Ankita Bagri - Salary given - Rs. 12 lakh

5. BCB Brokerage Private Limited Brokerage paid - Rs.5,550/-

6. Ratnakar Securities Private Limited Margins placed as broker- Rs. 1,00,00,000/- Margins refunded as broker- Rs. 1,00,00,000/- Brokerage paid - Rs.50/-

Interest received - 1,57,019

These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous period figures have been recasted / restated to confirm to the classification of the current period.

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Mar 31, 2013

1 As per Accounting Standard (AS) 17 on "Segment Reporting", Segment information has not been provided as the Company has only one reportable segment.

2 An earnings per share is calculated by dividing the Profit / (Loss) attributable to the equity shareholders by the weighted average number of equity shares outstanding during the period. The numbers used in calculating the basic and diluted earnings per share are stated below:

3 Related party transactions:

A) Related parties and their relationship

i. Individuals (directly/indirectly) having control over the reporting enterprise / Key Managerial Persons

a. Mr. Bharat Bagri, Chairman

b. Mr. Uttam Bagri, Managing Director

c. Mr. Kalpesh Ranka, Director

d. Mr. Haresh Sanghvi, Director (Holding Directorship till 11th February, 2013)

e. Mr. Suresh Ahiya, Director

Others:

Enterprises over which Key Management Personnel are able to exercise significant influence:

a. BCB Brokerage Private Limited

b. Ratnakar Securities Private Limited*

c. Ratnakar Commodities Private Limited*

d. Tumus Electric Corporation Limited

e. Bharat Bagri HUF

f. Uttam Bagri HUF

* Managing Director Uttam Bagri has declared that he holds substantial interest (49%) in Ratnakar Securities Private Limited, holding company of Ratnakar Commodities Private Limited, but does not have control or significant influence/ directorship/ managerial position in the same under AS18

Note: Figures in brackets are of previous year.

4 These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous period figures have been recasted / restated to confirm to the classification of the current period.