Notes to Accounts of GSL Securities Ltd.

Mar 31, 2015

1. Terms/Rights attached to equity shares:

The company has only one class of equity share having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.

During the year ended 31st March 2015, the amount of per share dividend recognized as distributions to equity shareholders was Rs. Nil (31st March 2014 Rs. Nil)

While determining dimunition other than temporary in value of the long term quoted/unquoted investment has not been provided as in view of the management such dimunition is temporary in nature and as such there is no requirement of making any provision.

2. Contingent Liabilities Not Provided For : -

31.03.2015 31.03.2014

a) Estimated amount of contracts remaining to be executed on capital account NIL NIL

b) Claims against company not NIL NIL acknowledge as debts 3. Foreign Exchange earnings and out-go is Rs. NIL (P.Y. NIL)

4. Segment Reporting

Segment Reporting as defined in Accounting Standards 17 is not applicable as the company is primarily engaged in Finance Activity.

5. Disclosure requirements as per Accounting Standard 18 (AS-18) "Related Party Disclosure" issued by the Institute of Chartered Accountants of India

I. List of Related Parties :

a) Associate companies where Directors or Relatives of Director are Directors.

(i) Mangalam Exim Private Limited

(ii) Shree Kumar Mangalam Traders Private Limited

(iii) Harivasta Education Private Limited

(iv) Nalini Stockbrokers Private Limited

(v) Rastogi Textiles Private Limited

(vi) Sobhagya Mercantile Limited

(vii) Hues Developers Private Limited

(viii) A Fracas Entertainment Private Limited

b) Key Management Personnel

(i) Santkumar Kesardeo Bagrodia - Director

(ii) Shailja Santkumar Bagrodia - Director

(iii) Kaushal Atul Mehta - Director

(iv) Vijay Kumar Lahoti

II. Particulars of Outstanding Balance at the end of the year with Related Parties

Outstanding balance at the end of the year Rs. Nil (P. Y. 13,500) of any related Party

6. Deferred taxes on Income:- The company is entitled to create deferred tax asset/ liability in the books of A/ cs with respect to timing difference of carried forward business and depreciation losses as well as depreciation. However, in view of carried forward business & depreciation losses there is no reasonable certainty that the asset can be realized. Hence the deferred tax asset is not recognized on the ground of prudence.

7. In the absence of confirmation from some of the parties and pending reconciliation the debit and credit balances with regard to recoverable and payable have been taken as reflected in the books. In the opinion of the Directors, Loans and Advances and Current Assets, if realized in the ordinary course of business, have the value at which they are stated in the Balance Sheet.

8. As per Accounting Standard 20 "Earning Per Share" issued by Institute of Chartered Accountant of India the Company gives following disclosure for the year.

9. During the year, the Company has provided Rs. NIL/- (P.Y. NIL-), towards Non- performing Assets in accordance with the prudential norms prescribed by Reserve Bank of India.

10. The figures of the previous year have been regrouped and recast wherever necessary to confirm to the groupings of the current year.

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Mar 31, 2014

1 Terms/Rights attached to equity shares:

The company has only one class of equity share having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.

During the year ended 31st March 2014, the amount of per share dividend recognized as distributions to equity shareholders was Rs. Nil (31st March 2013 Rs. Nil)

2 Contingent Liabilities Not Provided For :

31.03.2014 31.03.2013

a) Estimated amount of contracts remaining to be executed on capital account NIL NIL

b) Claims against company not acknowledge as debts NIL NIL

3 Foreign Exchange earnings and out-go is Rs. NIL (P.Y. NIL)

4 Segment Reporting

Segment Reporting as defined in Accounting Standards 17 is not applicable as the company is primarily engaged in Finance Activity.

5 Disclosure requirements as per Accounting Standard 18 (AS-18) "Related Party Disclosure" issued by the Institute of Chartered Accountants of India

I. List of Related Parties :

a) Associate companies where Directors or Relatives of Director are Directors.

(i) Mangalam Exim Private Limited

(ii) Shree Kumar Mangalam Traders Private Limited

(iii) Harivasta Education Private Limited

(iv) Nalini Stockbrokers Private Limited

(v) Rastogi Textiles Private Limited

(vi) Sobhagya Mercantile Limited

(vii) Hues Developers Private Limited

b) Key Management Personnel

(i) Santkumar Kesardeo Bagrodia - Director

(ii) Shailja Santkumar Bagrodia - Director

(iii) Kaushal Atul Mehta - Director.

6 Deferred taxes on Income:- The company is entitled to create deferred tax asset/ liability in the books of A/ cs with respect to timing difference of carried forward business and depreciation losses as well as depreciation. However, in view of carried forward business & depreciation losses there is no reasonable certainty that the asset can be realized. Hence the deferred tax asset is not recognized on the ground of prudence.

7 In the absence of confirmation from some of the parties and pending reconciliation the debit and credit balances with regard to recoverable and payable have been taken as reflected in the books. In the opinion of the Directors, Loans and Advances and Current Assets, if realized in the ordinary course of business, have the value at which they are stated in the Balance Sheet.

8 During the year, the Company has provided Rs. NIL/- (P.Y. NIL-), towards Non- performing Assets in accordance with the prudential norms prescribed by Reserve Bank of India.

9 The figures of the previous year have been regrouped and recast wherever necessary to confirm to the groupings of the current year.

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Mar 31, 2013

1. Contingent Liabilities Not Provided For : :

31.03.2013 31.03.2012

a) Estimated amount of contracts remaining to be executed on capital account NIL NIL

b) Claims against company not acknowledge as debts NIL NIL

2. Foreign Exchange earnings and out-go is Rs. NIL (P.Y. NIL)

3. Segment Reporting

Segment Reporting as defined in Accounting Standards 17 is not applicable as the company is primarily engaged in Finance Activity.

4. Disclosure requirements as per Accounting Standard 18 (AS-18) "Related Party Disclosure" issued by the Institute of Chartered Accountants of India.

I. List of Related Parties :

a) Associate companies where Directors or Relatives of Director are Directors. (i) Mangalam Exim Private Limited

(ii) Shree Kumar Mangalam Traders Private Limited

(iii) Harivasta Education Private Limited

(iv) Nalini Stockbrokers Private Limited

(v) Rastogi Textiles Private Limited

(vi) Sobhagya Mercantile Limited

(vii) Hues Developers Private Limited

b) Key Management Personnel

(i) Santkumar Kesardeo Bagrodia - Director (ii) Shailja Santkumar Bagrodia - Director (iii) Kaushal Atul Mehta - Director.

5. Deferred taxes on Income:- The company is entitled to create deferred tax asset/ liability in the books of A/ cs with respect to timing difference of carried forward business and depreciation losses as well as deprecia- tion. However, in view of carried forward business & depreciation losses there is no reasonable certainty that the asset can be realized. Hence the deferred tax asset is not recognized on the ground of prudence.

6. In the absence of confirmation from some of the parties and pending reconciliation the debit and credit balances with regard to recoverable and payable have been taken as reflected in the books. In the opinion of the Directors, Loans and Advances and Current Assets, if realized in the ordinary course of business, have the value at which they are stated in the Balance Sheet.

7. As per Accounting Standard 20 "Earning Per Share" issued by Institute of Chartered Accountant of India the Company gives following disclosure for the year.

8. During the year, the Company has provided Rs. NIL/- (P.Y. NIL-), towards Non- performing Assets in accordance with the prudential norms prescribed by Reserve Bank of India.

9. The figures of the previous year have been regrouped and recast wherever necessary to confirm to the groupings of the current year.

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Mar 31, 2012

1.1 Terms/Rights attached to equity shares:

The company has only one class of equity share having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.

During the year ended 31st March 2012, the amount of per share dividend recognized as distributions to equity shareholders was Rs. Nil (31st March 2011 Rs. Nil)

Aggregate Market Value of Quoted Investments Refer Note (a)

a) While determining diminution, other than temporary, in the value of the long term quoted / unquoted investments, has not been provided as in the view of the management such diminution is temporary in nature and as such there is no requirement of making any provision.

2. Contingent Liabilities Not Provided For : -

31.03.2012 31.03.2011

a) Estimated amount of contracts remaining to be executed on capital account NIL NIL

b) Claims against company not acknowledge as debts NIL NIL

3. Foreign Exchange earnings and out-go is Rs. NIL (P.Y. NIL)

4. Segment Reporting

Segment Reporting as defined in Accounting Standards 17 is not applicable as the company is primarily engaged in Finance Activity.

5. Disclosure requirements as per Accounting Standard 18 (AS-18) "Related Party Disclosure" issued by the Institute of Chartered Accountants of India

I. List of Related Parties :

a) Associate companies where Directors or Relatives of Director are Directors.

(i) Mangalam Exim Private Limited

(ii) Shree Kumar Mangalam Traders Private Limited

(iii) Harivasta Education Private Limited

(iv) Nalini Stockbrokers Private Limited

(v) Rastogi Textiles Private Limited

(vi) Sobhagya Mercantile Ltd

b) Key Management Personnel

(i) Santkumar Kesardeo Bagrodia - Director

(ii) Shailja Santkumar Bagrodia - Director

(iii) Kaushal Atul Mehta - Director.

6. Deferred taxes on Income:-

The company is entitled to create deferred tax asset/ liability in the books of A/cs with respect to timing difference of carried forward business and depreciation losses as well as depreciation. However, in view of carried forward business & depreciation losses there is no reasonable certainty that the asset can be realized. Hence the deferred tax asset is not recognized on the ground of prudence.

7. In the absence of confirmation from some of the parties and pending reconciliation the debit and credit balances with regard to recoverable and payable have been taken as reflected in the books. In the opinion of the Directors, Loans and Advances and Current Assets, if realized in the ordinary course of business, have the value at which they are stated in the Balance Sheet.

8. As per Accounting Standard 20 "Earning Per Share'''' issued by Institute of Chartered Accountant of India the Company gives following disclosure for the year.

9. During the year, the Company has provided Rs. NIL/- (PY. NIL-), towards Non- performing Assets in accordance with the prudential norms prescribed by Reserve Bank of India

10. Till the year ended 31 March 2011, the company was using pre-revised Schedule VI to the Companies Act, 1956, for preparation and presentation of its financial statements. During the year ended 31 March, 2012 the revised Schedule VI notified under the Companies Act, 1956, has become applicable to the company. the company has reclassified previous year figures to conform to this year''s classification. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. How- ever, it significantly impacts presentation and disclosures made in the financial statements, particularly presentation of balance sheet.

11 The figures of the previous year have been regrouped and recast wherever necessary to confirm to the groupings of the current year.

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Mar 31, 2010

1. Contingent Liabilities Not Provided For : -

31.03.2010 31.03.2009

a) Estimated amount of contracts remaining to be executed on capital account NIL NIL

b) Claims against company not acknowledge as debts NIL NIL

2. Foreign Exchange earnings and out-go is Rs. NIL (P.Y. NIL)

3. Segment Reporting

Segment Reporting as defined in Accounting Standards 17 is not applicable as the company is primarily engaged in Finance Activity.

4. Disclosure requirements as per Accounting Standard 18 (AS-18) "Related Party Disclosure" issued by the Institute of Chartered Accountants of India

I. List of Related Parties :

a) Associate companies where Relatives of the Managing Director / Chief Executive Officer are Directors.

(i) Manglam Exim Private Limited

{ii) Shree Kumar Mangalam Traders Private Limited

(iii) Harivasta Education Private Limited

(iv) Nalini Stockbrokers Private Limited

(v) Rastogi Textiles Private Limited

b) Key Management Personnel

(i) S. K Bagrodia

c) Director

(i) Shailja Bagrodia

5. Deferred taxes on Income:-

The company is entitled to create deferred tax asset/ liability in the books of a/cs with respect to timing difference of carried forward business and depreciation losses as well as depreciation. However, in view of carried forward business & depreciation losses there is no reasonable certainty that the asset can be realized. Hence the deferred tax asset is not recognized on the ground of prudence.

6. In the absence of confirmation from some of the parties and pending reconciliation the debit and credit balances with regard to recoverable and payable have been taken as reflected in the books. In the opinion of the Directors, Loans and Advances and Current Assets, if realized in the ordinary course of business, have the value at which they are stated in the Balance Sheet.

7. Diminution in Value of Long Term Investment

The diminution of Rs NIL (Previous Year Rs 43,00,775) in the value of aggregate long term investments in quoted equity shares as on 31st March, 2010 has not been provided as in the view of the management such diminution is temporary in nature and as such there is no requirement of making any provision.

8. As per Accounting Standard 20 "Earning Per Share" issued by Institute of Chartered Accountant of India the Company gives following disclosure for the year.

9. During the year, the Company has provided Rs. 75,000/- (P.Y. 1,42,500/-), towards Non- performing Assets in accordance with the prudential norms prescribed by Reserve Bank of India

10 The figures of the previous year have been regrouped and recast wherever necessary to confirm to the groupings of the current year.