Notes to Accounts of GCM Commodity & Derivatives Ltd.

Mar 31, 2024

1.20 Provisions, contingent liabilities and contingent assets:

Provisions are recognised only when:

i. an Company entity has a present obligation (legal or constructive) as a result of a past event; and

ii. it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation; and

iii. a reliable estimate can be made of the amount of the obligation

Provision is measured using the cash flows estimated to settle the present obligation and when the effect of time
value of money is material, the carrying amount of the provision is the present value of those cash flows.
Reimbursement expected in respect of expenditure required to settle a provision is recognised only when it is
virtually certain that the reimbursement will be received.

Contingent liability is disclosed in case of:

i. a present obligation arising from past events, when it is not probable that an outflow of resources will be
required to settle the obligation; and

ii. a present obligation arising from past events, when no reliable estimate is possible.

Contingent assets are disclosed where an inflow of economic benefits is probable. Provisions, contingent liabilities
and contingent assets are reviewed at each Balance Sheet date.

Where the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected
to be received under such contract, the present obligation under the contract is recognised and measured as a
provision.

1.21 Statement of cash flows:

Statement of cash flows is prepared segregating the cash flows into operating, investing and financing activities.
Cash flow from operating activities is reported using indirect method adjusting the net profit for the effects of:

i. changes during the period in operating receivables and payables transactions of a non-cash nature;

ii. non-cash items such as depreciation, provisions, deferred taxes, realized gains and losses; and

iii. all other items for which the cash effects are investing or financing cash flows.

Cash and cash equivalents (including bank balances) shown in the Statement of Cash Flows exclude items which are
not available for general use as on the date of Balance Sheet.

1.22 Earnings per share:

The Company presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is
calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted
average number of ordinary shares outstanding during the year. Diluted earnings per share is determined by
adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares
outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares.

1.23 Key source of estimation:

The preparation of financial statements in conformity with Ind AS requires that the management of the Company
makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the
reported balances of assets and liabilities and the disclosures relating to contingent liabilities as of the date of the
financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates include useful lives of property, plant and equipment & intangible assets, expected credit loss
on loan books, future obligations in respect of retirement benefit plans, fair value measurement etc. Difference, if
any, between the actual results and estimates is recognised in the period in which the results are known.

1.24 Changes in Accounting Standard and recent accounting pronouncements (New Accounting Standards issued
but not effective):

On March 30, 2021, the Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards)
(Amendments) Rules, 2019, notifying Ind AS 116 on Leases. Ind AS 116 would replace the existing leases standard Ind
AS 17. The standard sets out the principles for the recognition, measurement, presentation and disclosures for both
parties to a contract, i.e. the lessee and the lessor. Ind AS 116 introduces a single lease accounting model and requires
a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying
asset is of low value. Currently for operating lease, rentals are charged to the statement of profit and loss. The
Company is currently evaluating the implication of Ind AS 116 on the financial statements.

The Companies (Indian Accounting Standards) Amendment Rules, 2019 notified amendments to the following
accounting standards. The amendments would be effective from April 1, 2019

a) Ind AS 12, Income taxes — Appendix C on uncertainty over income tax treatments

b) Ind AS 19— Employee benefits

c) Ind AS 23 - Borrowing costs

d) Ind AS 28— investment in associates and joint ventures

e) Ind AS 103 and Ind AS 111 — Business combinations and joint arrangements

f) Ind AS 109 — Financial instruments

The Company is in the process of evaluating the impact of such amendments.

1.25 Inventories

Inventories have been valued at the method prescribed in the Accounting Standards.

1.26 Other Income Recognition

Interest on Loan is booked on a time proportion basis taking into account the amounts invested and the rate of
interest.

Dividend income on investments is accounted for when the right to receive the payment is established.

1.27 Purchases

Purchase is recognized on passing of ownership in share based on broker''s purchase note.

1.28 Expenditure

Expenses are accounted for on accrual basis and provision is made for all known losses and liabilities.

1.29 Investments

Current investments are stated at the lower of cost and fair value. Long-term investments are stated at cost. A
provision for diminution is made to recognise a decline, other than temporary, in the value of long-term investments.
Investments are classified into current and long-term investments.

Investments that are readily realisable and are intended to be held for not more than one year from the date, on
which such investments are made, are classified as current investments. All other investments are classified as non¬
current investments.

1.30 Related Parties

Parties are considered to be related if at any time during the reporting period one party has the ability to control the
other party or exercise significant influence over the other party in making financial and/or operating decisions.

As required by AS-18 "Related Party Disclosure" only following related party relationships are covered:

i. Enterprises that directly, or indirectly through one or more intermediaries, control, or are controlled by, or are
under common control with, the reporting enterprise (this includes holding Companies, subsidiaries and
fellow subsidiaries);

ii. Associates and joint ventures of the reporting enterprise and the investing party or venture in respect of which
the reporting enterprise is an associate or a joint venture;

iii. Individuals owning, directly or indirectly, an interest in the voting power of the reporting enterprise that gives
them control or significant influence over the enterprise, and relatives of any such individual;

iv. Key management personnel (KMP) and relatives of such personnel; and

v. Enterprises over which any person described in (iii) or (iv) is able to exercise significant influence.

1.31 Stock In Trade

Shares are valued at cost or market value, whichever is lower. The comparison of Cost and Market value is done
separately for each category of Shares.

Units of Mutual Funds are valued at cost or market value whichever is lower. Net asset value of units declared by
mutual funds is considered as market value for non-exchange traded Mutual Funds.

1.32 Fair Value Hierarchy

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

1.33 Financial Risk Management Objectives and Policies:

The Company''s activities are exposed to a variety of Financial Risks from its Operations. The key financial risks
include Market risk, Credit risk and Liquidity risk.

i. Market Risk:

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises mainly three types of risk, foreign currency risk, Interest rate
risk and other price risk such as Equity price risk and Commodity Price risk.

ii. Foreign Currency Risk:

There are no Foreign Currency transactions during the financial year.

iii. Foreign Currency Sensitivity:

There are no Foreign Currency transactions during the financial year.

iv. Credit Risk:

Credit risk is the risk that counterparty might not honor its obligations under a financial instrument or
customer contract, leading to a financial loss. The company is exposed to credit risk from its operating
activities (primarily trade receivables).

v. Trade Receivables:

Customer credit risk is managed based on company''s established policy, procedures and controls. The
company assesses the credit quality of the counterparties, taking into account their financial position, past
experience and other factors.

Credit risk is reduced by receiving pre-payments and export letter of credit to the extent possible. The
Company has a well-defined sales policy to minimize its risk of credit defaults. Outstanding customer
receivables are regularly monitored and assessed. The Company follows the simplified approach for
recognition of impairment loss and the same, if any, is provided as per its respective customer''s credit risk as
on the reporting date.

vi. Liquidity Risk:

Liquidity risk is the risk, where the company will encounter difficulty in meeting the obligations associated
with its financial liabilities that are settled by delivering cash or another financial asset. The company''s
approach is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due.

1.34 Summary of Significant Accounting Policies General

• Contingent Liabilities & Commitments - Nil

• Additional Information disclosed as per Part II of the Companies Act, 2013 - Nil

1.35 Cash and cash Equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand,
deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of
three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant
risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the
balance sheet.

1.36 Earnings/(loss) per share computation method

i. Basic earnings/ (loss) per share

Basic earnings / (loss) per share is calculated by dividing:

• the profit attributable to owners of the Company

• by the weighted average number of equity shares outstanding during the financial year.

ii. Diluted earnings / (loss) per share

Diluted earnings / (loss) per share adjusts the figures used in the determination of basic earnings per share to
take into account:

• the after income tax effect of interest and other financing costs associated with dilutive potential equity
shares, and

• the weighted average number of additional equity shares that would have been outstanding assuming the
conversion of all dilutive potential equity shares.

Note 24 — Contingent Liabilities not provided for

The Company does not have any contingency Liability as on the Closing of current financial year.

Note 25: Corporate Social Responsibility

The Company does not meet the criteria specified in sub section (1) of section 135 of the Companies Act, 2013, read with
Companies [Corporate Social Responsibility (CSR)] Rules, 2014. Therefore it is not required to incur any expenditure on
account of CSR activities during the year.

Note 26: Segment Reporting -

The company is primarily engaged in the single business of trading in shares and securities and there is no reportable
secondary segment i.e. geographical segment. Hence, the disclosure requirement of Accounting Standard-17
"Segment Reporting" as notified by Companies (Accounting Standards) Rules, 2006 (as amended) is not applicable.

i. Fair Value hierarchy

Financial assets and financial liabilities measured at fair value in the statement of financial position are
grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability of
significant inputs to the measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for financial instruments.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using
valuation techniques which maximize the use of observable market data rely as little as possible on entity
specific estimates.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is
included in level 3.

The Company''s principal financial liabilities comprise borrowings, trade and other payables. The main
purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal
financial assets include loans, trade and other receivables, and cash and cash equivalents that derive directly
from its operations. The Company also holds FVTPL investments in equity shares.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s Board of Directors
oversees the management of these risks. The Company''s Board of Directors is supported by the senior
management that advises on financial risks and the appropriate financial risk governance framework for the
Company. The senior management provides assurance to the Company''s board of directors that the
Company''s financial risk activities are governed by appropriate policies and procedures and that financial
risks are identified, measured and managed in accordance with the Company''s policies and risk objectives.

The carrying amounts reported in the statement of financial position for cash and cash equivalents, trade
and other receivables, trade and other payables and other liabilities approximate their respective fair values
due to their short maturity.

Note 33: Financial Instruments Risk Management

Market Risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity
prices, which will affect the company''s income or the value of its holdings of financial instruments. The
objective of market risk management is to manage and control market risk exposures within acceptable
parameters, while optimizing the return.

Interest rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The company has exposure only to financial instruments at fixed
interest rates. Hence, the company is not exposed to significant interest rate risk.

Price Risk

The company''s exposure to equity securities price risk arises from investments held by the company and
classified in the balance sheet either at fair value through OCI or at fair value through profit and loss.

Credit Risk

Credit risk is the risk that counterparty fails to discharge an obligation to the Company, leading to a financial
loss. The Company is mainly exposed to the risk of its balances with the bankers and trade and other
receivables.

Liquidity Risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the
availability of funding through an adequate amount of committed credit facilities to meet obligations when due.
Due to the nature of the business, the Company maintains flexibility in funding by maintaining availability under
committed facilities.

Management monitors rolling forecasts of the Company''s liquidity position and cash and cash equivalents on
the basis of expected cash flows. The Company considers the liquidity of the market in which the entity
operates. The Company''s principal sources of liquidity are the cash flows generated from operations. The
Company has no long-term borrowings and believes that the working capital is sufficient for its current
requirements. Accordingly, no liquidity risk is perceived.

The tables below analyses the Company''s financial liabilities into relevant maturity groupings based on their
contractual maturities for all non-derivative financial liabilities. The amounts disclosed in the table are the
contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact
of discounting is insignificant.

Note 34^: Capital Risk Management

The Company''s objective when managing capital is to safeguard the Company''s ability to continue as a going
concern in order to provide returns for shareholders and benefits for stakeholders. The Company also proposes
to maintain an optimal capital structure to reduce the cost of capital. Hence, the Company may adjust any
dividend payments, return capital to shareholders or issue new shares. Total capital is the equity as shown in the
statement of financial position. Currently, the Company primarily monitors its capital structure on the basis of
gearing ratio. Management is continuously evolving strategies to optimize the returns and reduce the risks. It
includes plans to optimize the financial leverage of the Company.

i. In the opinion of the management, current assets, loans and advances and other receivables are
approximately of the value stated, if realized in the ordinary course of business. The provisions of all known
liability are ascertained, except for Trade Receivables. Since the receivables are dues for more than one year,
we are not certain about the recoveries of the same. The Company is confident of receiving the dues and
hence no contingency liabilities have been provided.

ii. Previous year figures have been restated to confirm the classification of the current year.

iii. Balances of Sundry Debtors, Unsecured Loans, and Sundry Creditors are Loans & Advances are subject to
reconciliation, since conformations have not been received from them. Necessary entries will be passed on
receipt of the same if required.

iv. The audited financial statement, valuation of the unquoted investments are subject to the valuation by
independent valuer, as per management explanation they are under process to carrying out fair valuation
from registered valuer , these are shown its investment value.

For Maheshwari & Co. For & on behalf of the Board of Directors

Chartered Accountants
Firm Registration No. 105834W

Sd/- Sd/-

Sd/- Amalesh Sadhu Laxmi Narayan Sharma

Pawan Gattani Managing Director Director

Partner DIN : 00235198 (DIN: 00356855)

M. No.144734

UDIN: 24144734BKBINV3633

Sd/- Sd/-

Place: Mumbai Indrajeet Bhagat Neha Sharma

Date: May 19, 2024 Chief Financial Officer Company Secretary

---

Mar 31, 2015

1. COMPANY INFORMATION

The company is incorporated on 26th April, 2005 at Calcutta, West Bengal, India. It is a Public limited company by its shares. The company operates in Capital & Commodity Market. The activities of the company include broking, trading, investing in shares & other securities, Commodities and other related activities of capital market.

Note 2

The Company has initiated legal proceeding against National Spot Exchange Limited through BSE Brokers' Forum and is also a member of National Spot Exchange Investor Forum. The total amount receivable from National Spot Exchange Limited on account of settlement dues in Rs.1605.49 Lacs which includes both Client Fund and Self Fund.

Note 3

The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure, if any, relating to amount unpaid as at the year end together with interest paid/payable as required under the said act, have not been given.

Note. 4

In accordance with the requirement under the Accounting Standard - 22 "Accounting for taxes on Income" the company has accounted for deferred Tax during the year. Consequently the net deferred tax asset of Rs. 130,416/- during the year arising due to timing difference in depreciation & related items has been credited to Profit & Loss account.

Note. 5

There are no impairment of Assets, as the management is of the opinion that the carrying value of assets is more than the realizable value as on 31st March, 2015.

Note. 6

Related Party Disclosure: Directors are key Management Personnel of the Company Directors of the company

1) Inder Chand Baid

2) Manish Baid

3) Samir Baid

Other Related Entities

1) GCM Securities Limited

2) Global Capital Market & Infrastructures Ltd.

3) Chello Comotrade Ltd.

4) Cadillac Vanijya Pvt. Ltd,

5) Silver pearl Hospitality & Luxury Spaces Ltd.

6) GCM Capital Advisors Ltd.

Details of Remuneration to Directors : (Samir Baid Rs. 1.50 Lac & Amrita Baid Rs. 1.50 Lac)

Amount Paid to relative of director : Nil

Note 7 Segment reporting

The company operates in Trading activity of Commodity and Shares which is only identifiable reporting segment under AS-17 Segment Reporting issued by the Institute of Chartered Accountants of India.

Note. 8

Events Occurring after Balance Sheet Date

No significant events which could effect the financial position as on March 31, 2015, to a material extent have been reported by the management, after the balance sheet date till the signing of the report.

Note. 9

Details of Loans given, Investments made, guarantees given covered under section 186(4) of The Companies Act, 2013

Investments made are disclosed with respective notes, further no loans and guarantee has been given by the Company.

Note. 10

Previous year's figures have been re-arranged and re-grouped wherever considered necessary.

---

Mar 31, 2014

Company Information

The company is incorporated on 10th May, 1995 at Calcutta, West Bengal, India. It is a Public limited company by its shares. The company operates in Capital Market. The activities of the company include broking, trading, investing in shares & other securities and other related activities of capital market.

NOTE 1

The Company has initiated legal proceeding against National Spot Exchange Limited through BSE Brokers'' Forum and is also a member of National Spot Exchange Investor Forum. The total amount receivable from National Spot Exchange Limited on account of settalment dues in Rs.1611.98 Lacs which includes both Client Fund and Self Fund.

NOTE 2

The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure, if any, relating to amount unpaid as at the year end together with interest paid/payable as required under the said act, have not been given.

NOTE 3

In accordance with the requirement under the Accounting Standard - 22 "Accounting for taxes on Income" the company has accounted for deferred Tax during the year. Consequently the net deferred tax asset of Rs. 15,844/- during the year arising due to timing difference in depreciation & related items has been credited to Profit & Loss account.

NOTE 4

Related Party Disclosure: Directors are key Management Personnel of the Company Directors of the Company

1) Inder Chand Baid

2) Manish Baid

3) Samir Baid

Other Related entities:

1) GCM Securities Limited

2) Global Capital Market & Infrastructures Ltd.

3) Chello Comotrade Pvt. Ltd.

4) Cadillac Vanijya Pvt. Ltd,

5) Silver Pearl Commercial Pvt. Ltd.

6) GCM Capital Advisors Ltd.

Details of Remuneration to Directors : Nil

Amount Paid to relative of director : Nil

NOTE 5. SEGMENT REPORTING

The company operates in Trading activity of Commodity and Shares which is only identifiable reporting segment under AS-17 Segment Reporting issued by the Institute of Chartered Accountants of India.

NOTE 6.

Previous year''s figures have been re-arranged and re-grouped wherever considered necessary.

---

Mar 31, 2013

Note 1.

The company has net frattoed any ifitcnMiSn from iLpiu*ri rpprdinf their iijCui urejc the- Wcro, L'nflU and Medium Enteprise Development Act, 2006 and hance dis p, of any, relating to amount ungaild as at the year end together with paid/payable as required under the said act, taw not been

Note. 2.

in accoundance the ew*emiiiL under the Accounting; Standard - 22 "Accounting for takes income* the company i has accounted for deleried tax during year; condequend thel deteried I the at due to timing depreciation fc flown hen Been profit & loan accound

Note. 3.

Related party Disclouse Direction, are hey management personal of the company.'

director of the company.

1) Inder chard Baid

2) Marish Baid

3) samir baid

other related enter

1) GCM Securited Limited

2) Gpobal Capital market & interstruction Ltd.

3) Chella Comoirede Pvt Ltd

4) Cadiact vanjya Pvt. Ltd,

5)SILVER PEAMIL COMMERCHAL PRAVANIT LIMITED Disaeh of Regemantes of Directors : Nil Amount paid do relative of.director: Nil

Puretti of As 90,00,000/- shares of oF Pvt Ltd. Co. Trim Gopal Capital Mu lift & infrastunuctured Ltd Aivdance# paid to Glopal Capital market & inlftolruklyiei UliMur iNtftiWtotStunei Rs 1,50,00,000/ Received relund of Rs 10,00,000- frath Glopal Capital market 1 tafnaisiucDuiw Ltd.

Note: 4. Segmend reporting

The company operation is Trading; activity of commedity and shares which is identifible reporting segment under AS-17 Segment Reporting issued by the oF chartered Accountants of india.

Note. 5

previous year 's figures been re-arrangemnd and is gipuoid comidcrod notritifv.