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Notes to Accounts of GCV Services Ltd.

Mar 31, 2010

1) The schedules referred to in the Balance Sheet and Profit and Loss Account form an integral part of accounts.

2) In the opinion of the Board and to the best of their knowledge and belief, the value on realization of Loans and 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.

3) Creditors and Loans and advances are subject to confirmation and investments are subject to verification.

4) In absence of Taxable Income, no provision for taxation is made.

5) In the opinion of management, there is no virtual certainty and hence deferred tax assets not created.

6) The Company does not owe any amount to Small Scale Industries as on Balance Sheet.

7) Contingent Liabilities not provided for Income Tax amounting to Rs. 13.21 Lacs (approx) as the matter is pending before Tribunal. In the opinion of the Management, there is no contingent liabilities except stated above.

8) Auditors Remuneration:

As Audit Fees Rs.19,500/- (Previous Year Rs.19,500/-)

9) Managerial Remuneration Rs. NIL (Previous Year Rs.NIL)

10) The company has not entered into any transactions with related parties during the year.

11) CIF Value of Imports Rs.NIL (Previous Year Rs.NIL) and Earnings in Foreign Exchange Rs.NIL (Previous Year Rs.NIL)

12) The companys business activity falls within a single primary business segment.

13) The company is engaged in the business of financial, Venture Support & Global Consultancy Services. The production and sale cannot be express in generic terms and hence it is not possible to give quantitative details in terms under paragraph 3 and 4C of Part II of Schedule VI of the Companies Act, 1956.

14) Previous Years figures have been regrouped, rearranged and recast to correspond with the figures of the current year.