Notes to Accounts of Sera Investments & Finance India Ltd.

Mar 31, 2014

1) Related Party Transactions

Other Associates - Nishuvi Trading And Investments Pvt. Ltd., Creative Corporation, Nishuvi Corporation, Indu Corporation Pvt. Ltd., Shreejee Darshan Corporation.

Directors / Key Management Personnel - Mr. Sevantilal Shantilal Kapashi, Mr. Indukumar Shantilal Kapashi.

Contingent Liability

Current Year Rs. NIL Previous Year Rs.NIL

2) Segment Reporting

The Company has only one primary business segment namely Trading "Ferrous - Non- Ferrous, Textiles, etc.", as such no separate reporting is being done for the year since it is reported in the final accounts for the year.

Previous year''s figures have been regrouped, reclassified and/or renamed to conform to this year''s classification.

3) Inserted by Notification No. DNBS. 135/CGM (VSNM)-2000, dated 13-1-2000, w.e.f. 13-1-2000.

4) Inserted by Notification No. DNBS. 155/CGM (LMF)-2000, dated 1-1-2000, w.e.f. 1-1-2002.

5) Inserted by Notification No. DNBS. 167/CGM (OPA)-2003, dated 29-3-2003 w.e.f. 29-3-2003.

6) As defined in Paragraph 2(1)(xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserved Bank) Directions, 1998.

7) Provisioning norms shall be applicable as prescribed in the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998.

8) All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break-up / fair value / NAV in respect of un-quoted investments should be disclosed irrespective of whether they are classified as long term or current in column [5] above.

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Mar 31, 2012

1) Related Party Transactions

Other Associates — Nishuvi Trading And Investments Pvt. Ltd., Creative Corporation, Nishuvi Corporation, Indu Corporation Pvt. Ltd., Shreejee Darshan Corporation.

Directors / Key Management Personnel — Mr. Sevanntilal Shantilal Kapashi, Mr. Indukumar Shantilal Kapashi.

2) Contingent Liability Current Year - NIL Previous Year — NIL

3) Deferred Tax:

The value of deferred tax assets and Deferred Tax Liability as on 31st March, 2012. is not material. Hence the value of such Net deferred tax assets is not recognized in accordance with AS22

4) Segment Reporting

The Company has only one primary business segment namely Trading "Ferrous — Non- Ferrous, Textiles, etc.", as such no separate reporting is being done for the year since it is reported in the final accounts for the year.

5) The Financial Statements for the year ended 31st March 2011 were prepared as per the then applicable pre-revised Schedule VI to Companies Act, 1956, consequent to the notification under the Companies Act, 1956. The Financial Statements for the year ended 31st March, 2012 are prepared under revised Schedule VI accordingly the previous year's figures have also been re-classified to conform to this year's classification.

Notes:

1. As defined in Paragraph 2(1)(xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserved Bank) Directions, 1998.

2. Provisioning norms shall be applicable as prescribed in the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998.

3. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break-up / fair value / NAV in respect of un-quoted investments should be disclosed irrespective of whether they are classified as long term or current in column [5] above.

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Mar 31, 2011

I. Additional Information pursuant to Para 3, 4B, 4C & 4D of the Part II of the Schedule VI to the Companies Act, 1956.

Quantitative information in respect of the opening stock, purchases, sales and closing stock for each class of goods traded in by the Company.

II. Deferred Tax:

The value of deferred tax assets and Deferred Tax Liability as on 31st March, 2011. is not material. Hence the value of such Net deferred tax assets is not recognized in accordance with AS22

III. Segment Reporting

The Company has only one primary business segment namely Trading "Ferrous - Non- ferrous, Textiles, etc.", as such no separate reporting is being done for the year since it is reported in the final accounts for the year.

IV. Related Party Transactions

Other Associates - Nishuvi Trading And Investments Pvt. Ltd., Creative Corporation, Nishuvi Corporation, Indu Corporation Pvt. Ltd., Shreejee Darshan Corporation..

Directors / Key Management Personnel - Mr. Sevanntilal Shantilal Kapashi, Mr. Indukumar Shantilal Kapashi.

Summary of the transactions with the above -related parties is as follows.

V. Previous years figures have been regrouped, reclassified and/or renamed to conform to this year's classification.

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Mar 31, 2010

I. Deferred Tax: The value of deferred tax assets and Deferred Tax Liability as on 31st March, 2010. is not material. Hence the value of such Net deferred tax assets is not recognized in accordance with AS22

II. Segment Reporting

The Company has only one primary business segment namely Trading "Ferrous - Non- ferrous, Textiles, etc.", as such no separate reporting is being done for the year since it is reported in the final accounts for the year.

III. Related Party Transactions

Other Associates - Nishuvi Trading And Investments Pvt. Ltd., Creative Corporation, Nishuvi Corporation, Indu Corporation Pvt. Ltd., Ratna Shree.

Directors / Key Management Personnel - Mr. Sevanntilal Shantilal Kapashi, Mr. Indukumar Shantilal Kapashi.

IV. Previous years figures have been regrouped, reclassified and/or renamed to conform to this years classification.