Notes to Accounts of Glance Finance Ltd.

Mar 31, 2015

1. Gratuity and Other post employment benefit plans (AS -15)

The company has an unfunded defined benefit gratuity plan. Every employee who has completed 5 years or more of service is eligible for a gratuity on departure at 15 days salary (last drawn salary) per each completed year of service. Consequent to the adoption of revised AS-15 Employee Benefits issued under Companies (Accounting Standards) Amendment Rules 2008, the following disclosures have been made as required by the standard.

2. Segment Reporting (AS -17)

Basis of Preparation:

Information is given in accordance with the requirements of Accounting Standard 17 on Segment Reporting. Revenues and expenses directly attributable to the Segments are allocated to the respective segments. Those revenues and expenses which cannot be directly allocated to the Segments are apportioned on a reasonable basis. Segment Capital employed represents the net assets in that Segment. It excludes Capital reserve and tax related assets

Business Segments:

The Company's business is organized and management reviews the performance based on the business segments. The Company's business may be divided into two major Segments.

(A) Income from Trading in Shares & Securities, Commodities & Derivatives; and

(B) income from Financial Consultancy Services.

Geographical Segments:

The Company's operations are solely in one Geographic segment namely "Within India" and hence no separate information for Geographic segment wise disclosure is required.

3. Related Party Disclosures (AS-18)

A. Related parties and nature of relationship

i) Key Management Personnel

Mr. TusharAgarwal, Chairman

Mr. NarendraArora, Whole Time Director

Ms. MamtaThakkar, Director (w.e.f. 12.03.2015)

ii) Enterprises & Other parties which are significantly influenced by the Company (either individually or with others) with whom transactions has taken place during the year:

Excelsior Electric Company (Upto 18/07/2013)

4. The Company believes that no impairment of assets has arisen during the year as per the accounting standard - 28" Impairment of asset"

5. Contingent Liabilities

There are no contingent liability as on balance sheet for which the company is required to make provision in the books of accounts.

6. Details of dues to Micro and Small Enterprises as defined under the MSMED Act, 2006

The Company has not received any information from it's vendors regarding their status under the Micro, small & medium enterprises & development act, 2006 and hence disclosure if any, required under the said act has not been made.

7. Additional Disclosures as required in terms of Paragraph 13 of NonBanking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 issued by Reserve Bank of India.

8. Disclosures as required by RBI Notification No. DNBR.019/CGM (CDS) - 2015 dated April 10,2015 has not been given since the asset size of the Company does not exceed Rs. 500 Crores as on the Balance Sheet date.

9. Earnings in Foreign Currency

Professional Fees Rs. Nil/-(31 March 2014 - Rs. 1,109,144/-)

10. Consequent to the enactment of the Coporate Act, 2013 ('the Act') and its applicability for the accounting period commencing on or after April 1,2014, the Company has re-worked the depreciation with respectto the useful lives of the fixed assets as precribed by PART-C of the Schedule II of the Act. Where remaining useful life of an asset is Nil, the carrying amount of the asset after retaining the residual value (net of deferred tax), as at April 1,2014 has been adjusted to the retained earnings amounting to Rs. 1.74 Lacs. In other cases, the carrying values has been depreciated over the remaining useful lives of the assets and recognised in the Statement of Prof it and Loss. Had not there been any change in the useful life of the assets, depreciation forthe year would have been lower by Rs. 4.15 lacs.

11. In the opinion of the Board of Directors, the Current Assets, Non-Current Assets have a value on realization in the normal course of business atleast equal to the value at which they are stated in the Balance Sheet.

12. a) Figures of the previous year have been re-grouped and reclassified wherever necessary to correspond with the figure of the current period

b) Figures have been rounded off to nearest rupees.

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Mar 31, 2014

1 Gratuity and Other post employment benefit plans (AS -15)

The company has an unfunded defined benefit gratuity plan. Every employee who has completed 5 years or more of service is eligible for a gratuity on departure at 15 days salary (last drawn salary) per each completed year of service. Consequent to the adoption of revised AS-15 Employee Benefits issued under Companies (Accounting Standards) Amendment Rules 2008, the following disclosures have been made as required by the standard. The following tables summarize the components of the net employee benefit expenses recognized in the Statement of profit and loss, and the fund status and amount recognized in the balance sheet forthe gratuity benefit plan.

2 Segment Reporting (AS-17)

Basis of Preparation:

Information is given in accordance with the requirements of Accounting Standard 17 on Segment Reporting. Revenues and expenses directly attributable to the Segments are allocated to the respective segments. Those revenues and expenses which cannot be directly allocated to the Segments are apportioned on a reasonable basis. Segment Capital employed represents the net assets in that Segment. It excludes Capital reserve and tax related assets

Business Segments:

The Company''s business is organized and management reviews the performance based on the business segments. The Company''s business may be divided into two major Segments.

(A) Income from Trading in Shares & Securities, Commodities & Derivatives; and

(B) income from Financial Consultancy Services.

Geographical Segments:

The Company''s operations are solely in one Geographic segment namely "Within India" and hence no separate information for Geographic segment wise disclosure is required.

3 Related Party Disclosures (AS-18)

A. Related parties and nature of relationship

i) Key Management Personnel

Mr. Tushar Agarwal, Chairman

Mr. NarendraArora, Whole Time Director

ii) Enterprises & Other parties which are significantly influenced by the Company (either individually or with others) with whom transactions has taken place during the year:

Excelsior Electric Company (Upto 18/07/2013)

4 The Company believes that no impairment of assets has arisen during the year as per the accounting standard - 28" Impairment of asset"

5 Contingent Liabilities

There are no contingent liability as on balance sheet for which the company is required to make provision in the books of accounts.

6 Details of dues to Micro and Small Enterprises as defined under the MSMED Act, 2006

The Company has not received any information from it''s vendors regarding their status under the Micro, small & medium enterprises & development act, 2006 and hence disclosure if any, required under the said act has not been made.

7 Additional Disclosures as required in terms of Paragraph 13 of NonBanking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 issued by Reserve Bank of India.

8 Earnings in Foreign Currency

Professional Fees Rs. 1,109,144/- (31 March 2013 - Rs. 3,327,254/-)

9 In the opinion of the Board of Directors, the Current Assets, Non-Current Assets have a value on realization in the normal course of business atleast equal to the value at which they are stated in the Balance Sheet.

10 a) Figures of the previous year have been re-grouped and reclassified wherever necessary to correspond with the figure of the current period b) Figures have been rounded off to nearest rupees.

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Mar 31, 2013

1 Segmenl Reporting (AS -17) Basis of Preparation:

Informaiton is given in accordance with (he requirements dI Accounting Standard 17 on Segment Reporting. Revenues and expenses directly attributable to me Segments are allocated to the respective segments. Those revenues and expanses which cannot be directly allocated to trie Segments are apportioned on a reasonable basts. Sagment Capital employed represents th& net assets i n Itial Segmenl. It excludes Capital reserve and tax f elated assets

Business Segments:

Tbe Company''s business is organized and management reviews the performance hased on the business segments. The Company''s business maybe divided Into two major Segments.

(A) Income from Trading in Shares & Securities. Commodities & Derivatives; and

{B) Income Irom Financial Consultancy Services.

Geographical Segments:

Trie Company''s operations are solely in one Geographic segment namely ''Within India* and hence no separate information for Geographic segment wise disclosure is required.

2 Relied Party Disclosures IAS-18)

A. Related parlies end neture et relationship i) Key Management Personnel

Mr. Tushar Agarwal Chairman

Mr. Nareidra Arora, WioteTime Director Enterprises & Other parties which are significantly Inlluenced fay Ihe Company (Either individually or with others) with whom transactions rias I a ken place during Ihe year: Sampoorna Investments Pvt. Ltd. Excelsior Eiecinc Company

3 The Company believes Ihat no impairment nl assets has arisen during the year as per me accounting standard - 2d" Impairment ol asset"

4 Contingent Liabilities

Tncre are no contingent tiabiliTy as on t-Lance shesifor which ine cornpany is rcquirsd to msks pravisiort in ihs books of accounts,

5 Details of dues In Micro and Small Enterprises as defined under the MSMEO Acl, 2006

The Co mpany has not received any i nformation from it''s vend ors regarding thepr status under tfte Mic ro. small A medium enterprises A development act, 2Q06and hence disclosure if any, required undermesaid act has nol bean mads.

6 Earnings in Foreign Currency

Professional Feas Rs. 3.327.254/- (31 Marcti 2012 -Rs. 5.119.939/-)

7 In the opinion of ihe Board of Directors, the Current Assets. Non-Current Assets have a value on realization In the normal course of business atleasl equal to trie value at which they are staled In the Batance Sheet.

8 a) Figures of the previous year ria-e been re-grouped and reclassified wherever necessary to correspond wilh the figure otrjie current penod D) Figures have been rounded oft to nearest rupees.

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Mar 31, 2011

1. Contingent Liabilities not provided for:

There is Income Tax demand of Rs. 2,40,181/- for Assessment Year 2005- 2006 for which the company has gone in appeal.

2. There are no Micro Small and Medium Enterprises, as defined in the Micro, Small and Medium Enterprises Development Act 2006, to whom the company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

The above information regarding Micro, Small and Medium Enterprises is on the basis of information available with the Company and this has been relied upon by the auditors.

3. Preference Shares Capital:

During the year 14,000 Non-Dividend bearing Redeemable Preference Shares of Rs. 100/- each amounting to Rs. 14,00,000/- were redeemed at par out of the profit of the Company.

4. Sundry Creditors, Sundry Debtors and Advances due to/from parties are subject to confirmation and reconciliation, if any.

5. Employees Benefit (AS-15):

The company has an unfunded defined benefit gratuity plan. Every employee who has completed 5 years or more of service is eligible for a gratuity on departure at 15 days salary (last drawn salary) per each completed year of service.

Consequent to the adoption of revised AS-15 Employee Benefits issued under Companies (Accounting Standards) Amendment Rules 2008, the following disclosures have been made as required by the standard.

The following tables summarize the components of the net employee benefit expenses recognized in the profit and loss account, and the fund status and amount recognized in the balance sheet for the gratuity benefit plan.

6. Segment reporting (AS-17) :

Information is given in accordance with the requirments of Accounting Standard - 17 on Segment Reporting issued by the Institute of Chartered Accountant of India. The Company's business is organized & management reviews the performance based on the business segments as mentioned below :

The Company's business may be divided into two major Segments : (i) Income from trading in Shares & Securities. (ii) Financial Consultancy Services.

A. Related parties and nature of relationship

i) Key Management Personnel (KMP) :

Mr. Narendra Karnavat, Chairman

Mr. Tushar Agarwal, Whole Time Director

Mr. Hasmukh Gandhi, Non-Executive Director

Mrs. Vandana Vasudeo, Non,Executive Director

ii) Enterprises & other parties which are significantly influenced by the Company (either individually or with others) :

Sampoorna Investments Pvt. Ltd. Excelsior Electric Company M/s Aluminous

8. As required in terms of paragraph 9BB of Non - Banking Financial Companies Prudential Norms (Reserve Bank of India) Directions, 2007

9. Based on exercise of impairment of assets undertaken by the management in due cognizance of paragraphs 5 to 13 of AS 28 issued by the ICAI, the company has concluded that no impaired loss is required to be booked.

The share of profit of Rs. 4,775,944/- from Zenstar Impex is taken on provisional basis as the accounts of the said firm are not finalized till date. Difference, if any, shall be accounted in the next accounting year.

10. Additional informaiton pursuant to the provisions of paragraph 3 of part II of schedule VI to the Companies Act, 1956; are as under :-

* includes 3,075 equity shares of English Indian Clays Limited received on account of 300 equity shares held as at the beginning of the year. During the year, English Indian Clays Limited has made Bonus issue of 5 shares for every 1 shares held & Stock Split from 1 equity share of Rs. 10/- each fully paid into 5 equity shares of Rs. 21- each fully paid.

All the above quoted shares are pledged towards Initial & Exposure margin for trading in derivatives with J. M. Financials Services Ltd

11. a) Previous year's figures have been regrouped and rearranged wherever considered necessary to make them comparable with current year's figures.

b) Figures have been rounded off to the nearest rupee.

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Mar 31, 2010

1. Contingent Liabilities not provided for:

There is Income Tax demand of Rs. 2,40,181/- for Assessment Year 2005-2006 for which the company has gone in appeal.

2. There are no Micro Small and Medium Enterprises, as defined in the Micro, Small and Medium Enterprises Development Act 2006, to whom the company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

The above information regarding Micro, Small and Medium Enterprises in on the basis of information available with the Company and this has been relied upon by the auditors.

3. Preference Shares Capital:

The Issue and paid-up Preference Share Capital comprises of 14,000 Non-

Dividend bearing Redeemable Preference Shares of Rs. 100/- each to be redeemable within a period of 10 years.

4. Sundry Creditors, Sundry Debtors and Advances are due to/from parties are subject to confirmation and reconciliation, if any.

5. Employees Benefit (AS-15):

Provision for gratuity is made on Actuarial Valuation as on March 31, 2010 as per Accounting Standard-15 (Revised) issued by Institue fo Chartered Accountants of India.

6. Segment reporting (AS-17) :

The company is engaged in trading of securities, commodities, financing and financial/accounting consultancy services which as per AS-17 is considered the only reportable business segment.

7. Related Party Disclosure : As per Accounting Standard (AS-18) : (As certified by the Management)

8. Earning per Share (AS-20):

9. The Break-up of Deferred tax asset and liabilities into major components arising due to timing differences at the year end is as below.

10. Details of option contracts outstanding at the year end (Open Contracts) for the financial year 2009-2010

11. Managerial Remuneration

12. Auditors Remuneration:

13. Based on exercise of impairment of assets undertaken by the management in due cognizance of paragraphs 5 to 13 of AS 28 issued by the ICAI, the company has concluded that no impaired loss is required to be booked.

14. Information regarding investment in Partnership Firm

The share of profit of Rs. 1,61,132/- from Zenstar Impex is taken on provisional basis as the accounts of the said firm are not finalized till date. Difference, if any, shall be accounted in the next accounting year.

15. Additional informaiton pursuant to the provisions of paragraph 3 of part II of schedule VI to the Companies Act, 1956; are as under :-

16. Foreign Exchange Earnings and Expenditures :

17. a) Previous years figures have been regrouped and rearranged wherever considered necessary to make them comparable with current years figures.

b) Figures have been rounded off to the nearest rupee.