Notes to Accounts of GFL Financials India Ltd.

Mar 31, 2015

1. Other current assets (specify nature)

(a) Unbilled revenue

(b) Unamortised expenses

(i) Ancillary borrowing costs

(ii) Share issue expenses (where applicable)

(iii) Discount on shares (where applicable)

(c) Accruals

(i) Interest accrued on deposits

(ii) Interest accrued on investments

(iii) Interest accrued on trade receivables

(d) Others

(i) Insurance claims

(ii) Receivables on sale of fixed assets

2. Contingent liabilities and commitments (to the extent not provided for) -

(i) Contingent liabilities shall be classified as:

(a) Claims against the company not acknowledged as debt;

(b) Guarantees;

(c) Other money for which the company is contingently liable.

(ii) Commitments shall be classified as:

(a) Estimated amount of contracts remaining to be executed on - capital account and not provided for;

(b) Uncalled liability on shares and other investments partly paid;

(c) Other commitments (specify nature).

3. The amount of dividends proposed to be distributed to equity and preference shareholders for the period and the related amount per share shall be disclosed separately. Arrears of fixed cumulative dividends on preference shares shall also be disclosed separately.

4. Where in respect of an issue of securities made for a specific purpose, the whole or part of the amount has not been used for the specific purpose at the balance sheet date, there shall be indicated by way of note how such unutilised amounts have been used or invested.

5. If, 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, the fact that the Board is of that opinion, shall be stated.

6. a. Imported & Indigenous raw materials, components and stores & spares consumed

Raw Material

Imported Indigenous

Stores & Spares

Imported Indigenous

Other Components

Imported Indigenous

7. OTHER NOTES TO ACCOUNTS

1. Balance confirmation have not been received in certain cases. Thus such balance due to or due from the parties are subject to necessary adjustment on receipt of confirmation.

2. We relying the entry appearing in the books of accounts when ever proper supporting not attached.

3. Additional information pursuant to the provision of paragraph 3 & 4 in part 11 of the Schedule vi of the companies act 1656 is not applicable.

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Mar 31, 2014

A. Balance on sundry Creditors and Loans are subject to confirmation and reconciliation from respective parties.

b. In the opinion of the Board of Director of the Company aggregate value of current Assets, Loans & Advances on realization in the ordinary course of business will not be less than the amount at which these stated in the Balance Sheet.

c. Previous year figures have been regrouped / reclassified wherever necessary.

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Mar 31, 2013

A. Balance on sundry Creditors and Loans are subject to confirmation and reconciliation from respective parties.

b. In the opinion of the Board of Director of the Company aggregate value of current Assets, Loans & Advances on realization in the ordinary course of business will not be less than the amount at which these stated in the Balance Sheet.

c. Previous year figures have been regrouped / reclassified wherever necessary.

d. Amounts are rounded off to the nearest rupee.

e. Earning in Foreign Exchange Nil

f. Remittance in Foreign Exchange Nil

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Mar 31, 2012

NOTE NO. 1 CONTINGENT LIABILITIES AND COMMITMENT

PARTICULARS Amount of Amount of current period previous period

a) Contingent Liabilities - -

i) Claim against the company not acknowledged

ii) Guarantees

iii) Other Money for which the company is contingent liable

b) Commitments - -

i) Estimated amt. of contracts remaining to be executed on capital account and not provided for

ii) Uncalled liability on share and other investments parties

iii) Other Commitments



Sale are recognized at the time of despatches and include excise duty, VAT and are net of returns. In case of export sales, revenue is recognized as on the date of bill of lading, being the effective date of despatch.

2) Pursuant to the Notification No.447 (E) dated February 28,2011 and Notification No.653 (E) dated March 30, 2011, issued by the Ministry of Corporate Affairs, the Company has prepared its financial statements for the year ended March 31, 2012 as per revised schedules VI to the Companies Act, 1956. Accordingly, the previous year's figures have been regrouped / reclassified, wherever required to align the financial statements

a. Balance on sundry Creditors and Loans are subject to confirmation and reconciliation from respective parties.

b. In the opinion of the Board of Director of the Company aggregate value of current Assets, Loans & Advances on realization in the ordinary course of business will not be less than the amount at which these stated in the Balance Sheet.

c. Previous year figures have been regrouped / reclassified wherever necessary.

d. Amounts are rounded off to the nearest rupee.

e. Earning in Foreign Exchange Nil

f. Remittance in Foreign Exchange Nil

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Mar 31, 2010

1 Balance Sheet

Fixed Assets

Fixed Assets are accounted for at historical cost, which includes Freight, Installation Cost, Duties, Taxes and other incidental expenses incurred during installation stage.

Investments in Securities intended to be traded are classified as "Stock-in-Trade".

Preliminary and Share Issue Expenses are amortized over the period of ten accounting years.

Current Assets

Loans including receivables considered good and unsecured in respect of which the company holds no security other than the debtors personal security. Advances and deposits considered good which are in cash or kind or for value to be received.

2. Taxation

The income tax provision if applicable have been made as per the provisions of I.T. Act.

Deferred Tax

Tax expense comprises both current and deferred taxes. Current income-tax is measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax Act. Deferred income tax reflects the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years. Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the Balance Sheet date. Deferred tax assets are recognised only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised. Unrecognised deferred tax assets of earlier years are re-assessed and recognised to the extent that it has become reasonably certain that future taxable income will be available against which such deferred tax assets can be realised.

3. Derivatives Transactions

(a) All open positions are marked to market.

(b) Gains are recognized only on settlement/expiry of the derivative instruments except for Interest Rate derivatives where even mark to-market gains are recognized,

(c) Receivables/payables on open position are disclosed as current assets / current liabilities, as the case may be.

4. Compliance with Reserve Bank of India Prudential Norms

Income recognition, provisioning and assets classification are in accordance with norms prescribed by Reserve Bank of India from time to time.

Schedule to the Balance Sheet of a Non-deposit taking Non-Banking Financial Company as required in terms of Paragraph 13 of Non-Banking Financial (Non- Deposit Accepting or Holding)Companies. Prudential Norms (Reserve Bank) Directions 2007 :

a) Disclosure in respect of related party transaction :

(i) Borrower wise : Nil

(ii) Investor wise : Nil

b) Position of non-performing assets and business levels is lease and hire purchase and other activities:

(i) Equipment leasing : Nil

(ii) Hire Purchase Finance, Loan, Investment : Nil

5 Disclosure in respect of related parties pursuant to Accounting Standard 18:

a) List of related parties : NIL

b) List of Associates : NIL

c) During the year, no transaction was carried out with the related parties in the ordinary course of the business.

6 Other information :

a) Gross Non-performing assets with related parties : NIL

b) Gross Non-performing assets with other than related parties : NIL

c) Net Non-performing assets with related parties : NIL

d) Net Non-performing assets with other than related parties : NIL

e) Assets acquired in satisfaction of debt : NIL

7 Special Reserve

Consequent to the Reserve Bank of India (Amendment) Act, 1997 coming into force effective January 9, 1997 where in all Non-banking Companies are required to transfer a sum not less than 20 % of its net profit after Tax to a special reserve wherever the net profit is adequately available, the company has duly complied with the RBI norms in this regards.

8. Remuneration to Managing Director : NIL (NIL)

9. There are no employees drawing exceeding Rs. 25,000/- p.m as the case may be.

10. Auditors Remuneration :

As Audit Fees Rs. 15,500 (Prv.yr. 15,500)

As Tax Audit/ Income Tax Rs. Nil (Prv.yr. NIL)

As Other Matter Rs. Nil (Prv. Yr. NIL)



11. Remittance in Foreign Exchange NIL (Previous NIL)

12. As per Accounting Standard (Earning Per Shares):

a) Profit / (Loss) after tax 91836

b) No. of Equity Shares 3000000

c) Loss per Shares (a/b) 0.03

13. General

No further information pursuant to paragraph 4C and 4D of the part II of the Schedule VI of the Companies Act, 1956 is given, as the same does not apply to the company.

Investments are treated as long term and are carried at cost. The figures of previous year have been regrouped whenever necessary. Contingent Liability : NIL