Notes to Accounts of GeeCee Ventures Ltd.

Mar 31, 2025

3.8 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

A provision is recognised when:

i) The Company has a present obligation (legal or constructive) as a result of a past event;

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.

A disclosure for a contingent liability is made when there is a possible obligation that arises from past
events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain
future events beyond the control of the Company or a present obligation that may, but probably may
not, require an outflow of resources. A contingent liability also arises in extreme cases where there is a
probable liability that cannot be recognized because it cannot be measured reliably.

Where there is a possible obligation or a present obligation such that the likelihood of outflow of resources
is remote, no provision or disclosure is made.

Contingent assets are disclosed in case a possible asset arises from past events and whose existence
will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the Company.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate
that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in
the provision due to the passage of time is recognized as a finance cost.

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet
date and adjusted to reflect the current best estimates.

3.9 EMPLOYEE BENEFITS

A) Short term employee benefits

All employee benefits payable wholly within twelve months of rendering the service are classified as
short-term employee benefits. Benefits such as salaries, wages etc. and the expected cost of ex-gratia
are recognised in the period in which the employee renders the related service. A liability is recognised
for the amount expected to be paid when there is a present legal or constructive obligation to pay this
amount as a result of past service provided by the employee and the obligation can be estimated reliably.

B) Defined contribution plans

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions
into a separate entity and will have no legal or constructive obligation to pay further amounts. The Company
makes specified monthly contributions towards Government administered provident fund & employee
state insurance scheme. Obligations for contributions to defined contribution plans are recognised as an
employee benefit expense in profit or loss in the periods during which the related services are rendered by
employees.

C) Defined benefit plans

For defined benefit retirement plans (i.e. gratuity) the cost of providing benefits is determined using
the projected unit credit method, with independent actuarial valuations being carried out at the end of
each annual reporting period. Re-measurement, comprising actuarial gains and losses, the effect of the
changes to the asset ceiling and the return on plan assets (excluding interest), is reflected immediately in

the statement of financial position with a charge or credit recognised in other comprehensive income in
the period in which they occur. Defined benefit costs are categorised as follows:

- Service cost (including current service cost, past service cost, as well as gains and losses on
curtailments and settlements)

- Net interest expense or income; and

- Re-measurement

D) Other employee benefits

Leave encashment is recognised as an expense in the statement of profit and loss account as and when
they accrue. The Company determines the liability using the projected unit credit method, with actuarial
valuations carried out as at balance sheet date. Actuarial gains and losses are recognized in the statement
of other comprehensive income.

3.10 LEASES

The Company as a lessee

The Company assess whether a contract contains a lease at the inception of contract. A contract is, or
contains, a lease if the contract conveys the right to control the use of an identified asset for a period of
time in exchange for consideration. To assess whether a contract conveys the right to control the use of
an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset;
(ii) the Company has substantially all of the economic benefits from use of the asset through the period of
the lease, and (iii) the Company has the right to direct the use of the asset. The Company uses significant
judgement in assessing the lease term (including anticipated renewals) and the applicable discount rate.

The Company determines the lease term as the non-cancellable period of a lease, together with both
periods covered by an option to extend the lease if the Company is reasonably certain to exercise that
option; and periods covered by an option to terminate the lease if the Company is reasonably certain not
to exercise that option. In assessing whether the Company is reasonably certain to exercise an option
to extend a lease, or not to exercise an option to terminate a lease, it considers all relevant facts and
circumstances that create an economic incentive for the Company to exercise the option to extend the
lease, or not to exercise the option to terminate the lease. The Company revises the lease term if there is
a change in the non-cancellable period of a lease.

The discount rate is generally based on the incremental borrowing rate specific to the lease being
evaluated or for a portfolio of leases with similar characteristics.

Lease payments associated with Low value & Short-term Leases are continued to be recognized as an
expense on a straight-line basis over the lease term or another systematic basis if that basis is more
representative of the pattern of the lessee''s benefit (refer note no 26).

3.11 EARNING PER SHARE

Basic earnings per share is calculated by dividing the net profit / (loss) for the year attributable to equity
shareholders (after deducting preference dividends and attributable taxes) by weighted average number
of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit / (loss) for the year attributable
to equity shareholders and the weighted average numbers of shares outstanding during the year are
adjusted for the effects of all dilutive potential equity shares.

The weighted average number of equity shares outstanding during the year is adjusted for events of
bonus issue and buy back.

3.12 BORROWING COST

Borrowing costs that are directly attributable to the acquisition / construction of qualifying assets are
capitalized as part of their costs. Borrowing costs are considered as part of the asset cost when the
activities that are necessary to prepare the assets for their intended use or sale are in progress.

Borrowing costs consist of interest and other costs that the Company incurs in connection with the
borrowing of funds. Other borrowing costs are recognized as an expense, in the period in which they are
incurred.

4. USE OF JUDGMENTS AND ESTIMATES

The preparation of standalone financial statements in conformity with Ind AS requires management
to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities,
income, expenses and disclosures of contingent assets and liabilities at the reporting date. However,
uncertainty about these assumptions and estimates could result in outcomes that require material
adjustment to the carrying amount of the asset or liability affected in future periods.

Estimates and underlying assumptions are reviewed at each reporting date. Any revision to accounting
estimates and assumptions is recognized prospectively i.e. recognised in the period in which the estimate
is revised and future periods affected.

The following are significant management judgements, estimates and assumptions in applying the
accounting policies of the Company that have a significant effect on the financial statements.

A) Revenue Recognition

Ind AS 115 requires entities to exercise judgement, taking into consideration all of the relevant facts
and circumstances when applying each step of the model to contracts with their customers. The
Company has evaluated and generally concluded that the recognition of revenue over the period of
time criteria are not met owing to non-enforceable right to payment for performance completed to
date and, therefore, recognises revenue at a point in time. The Company has further evaluated and
concluded that based on the analysis of the rights and obligations under the terms of the contracts
relating to the sale of property, the revenue is to be recognised at a point in time when control
transfers which coincides with receipt of Occupation Certificate.

B) Classification of property

The Company determines whether a property is classified as investment property or as inventory:

i) Investment property comprises land and buildings that are not occupied for use by, or in
the operations of, the Company, nor for sale in the ordinary course of business, but are held
primarily to earn rental income and capital appreciation. These buildings are held for capital
appreciation and are not intended to be sold in the ordinary course of business.

ii) Inventory comprises property that is held for sale in the ordinary course of business. Principally
these are properties that the Company develops and intends to sell.

C) Classification of assets and liabilities into current and non-current

The management classifies the assets and liabilities into current and non-current categories based
on the operating cycle of the respective business / projects.

D) Recognition of deferred tax assets

The extent to which deferred tax assets can be recognised is based on an assessment of the
probability of the Company''s future taxable income against which the deferred tax assets can be
utilized.

E) Impairment of assets

In assessing impairment, management estimates the recoverable amounts of each asset or CGU
(in case of non-financial assets) based on expected future cash flows and uses an estimated
interest rate to discount them. Estimation relates to assumptions about future cash flows and the
determination of a suitable discount rate.

F) Useful lives of depreciable / amortisable assets (Property, plant and equipment, intangible assets
and investment property)

Management reviews its estimate of the useful lives of depreciable / amortisable assets at each
reporting date, based on the expected usage of the assets. Uncertainties in these estimates relate
to technical and economic obsolescence that may change the usage of certain assets.

G) Defined benefit obligation

The cost of defined benefit gratuity plan and the present value of the gratuity obligation along with
leave salary are determined using actuarial valuations. An actuarial valuation involves making
various assumptions such as standard rates of inflation, mortality, discount rate, attrition rates and
anticipation of future salary increases. Due to the complexities involved in the valuation and its long¬
term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All
assumptions are reviewed at each reporting date.

H) Fair value measurements

The management applies valuation techniques to determine the fair value of financial instruments
(where active market quotes are not available) and non-financial assets. This involves developing
estimates and assumptions consistent with how market participants would price the instrument
/assets. Management bases its assumptions on observable data as far as possible but this may
not always be available. In that case management uses the best relevant information available.
Estimated fair values may vary from the actual prices that would be achieved in an arm''s length
transaction at the reporting date.

I) Provisions

The timing of recognition and quantification of liability (including litigations) requires the application
of judgement to existing facts and circumstances, which can be subject to change. The carrying
amounts of provisions and liabilities are reviewed regularly and revised to take account of changing
facts and circumstances.

Notes:

1) Trade receivables are valued considering provision for allowance using expected credit loss method. This
assessment is considering the nature of industries, impact immediately seen in the demand outlook of
these industries and the financial strength of the customers in respect of whom amounts are receivable.

2) No trade or other receivable are due from directors or other officers of the company either severally or
jointly with any other person. Nor any trade or other receivable are due from firms or private companies
respectively in which any director is a partner, a director or a member.

3) Please refer Note 43 for Ageing of Trade Receivables.

NOTE 31: SEGMENT INFORMATION

Operating segments are defined as components of an enterprise for which discrete financial information is
available that is evaluated regularly by the chief operating decision maker, in deciding how to allocate resources
and assessing performance.

The Company has identified business segments as reportable segments. The business segments comprise of
Real Estate, Financial Services & Others.

Revenue and expenses directly attributable to segments are reported under each reportable segment. Expenses
which are not directly identifiable to the reporting segment have been allocated on the basis of the associated
revenue of the segment. All other expenses which are not attributable or allocable to segments have been
disclosed as unallocable expenses.

Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable
segment. All other assets and liabilities are disclosed as unallocable.

II. Capital Commitments

i. The Company holds 2,30,976 (Previous Year 2,30,976) partly paid up equity shares of Bharti Airtel
Limited as investment as on 31st March 2025. The uncalled liability of these partly paid up equity
shares is ? 926.79 Lakhs at ? 401.25 per share (Previous Year ? 926.79 Lakhs). This investment is
measured at Fair Valued through Other Comprehensive Income (FVTOCI) in accordance with Indian
Accounting Standards (IndAS).

ii. The Company has committed a total investment of ? 500.00 Lakhs (Previous Year ? 500.00 Lakhs)
to Welspun One Logistics Park Fund 1. Against this commitment, the Fund has raised capital calls
amounting to ? 475.00 Lakhs as on reporting date (Previous Year ? 450.00 Lakhs), which has been
duly paid by the Company. As on the balance sheet date, the uncalled capital stands at ? 25.00 Lakhs
(Previous Year ? 50.00 Lakhs). This investment is measured at Fair Valued through Profit & Loss
(FVTPL) in accordance with Indian Accounting Standards (IndAS).

iii. The Company has committed a total investment of ? 5,000.00 Lakhs (Previous Year ? 5,000.00
Lakhs) to Anchorage Capital Scheme-I (Category II AIF). Against this commitment, the Fund has
raised capital calls amounting to ? 2,303.10 Lakhs as on reporting date (Previous Year ? 1,674.67
Lakhs), which has been duly paid by the Company. Balance uncalled capital as on balance sheet date
is ? 2,696.90 Lakhs (Previous Year ? 3,325.33 Lakhs). This investment is measured at Fair Valued
through Profit & Loss (FVTPL) in accordance with Indian Accounting Standards (IndAS).

B. Fair valuation techniques

The fair value of cash and cash equivalents, other bank balances, trade receivable, other financial assets,
trade payables and other financial liabilities approximate their carrying amount.

The fair value of investments in mutual fund units is based on the Net Asset Value (''NAV'') as stated by the
issuers of these mutual fund units in the published statements at reporting date.

The fair value of quoted investment in equity shares is based on the closing price on recognized stock
exchange of respective investment as at the reporting date.

The fair value of the remaining financial instruments is determined using discounted cash flow analysis.

Risk management framework

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the
Company''s risk management framework. The Board of Directors is responsible for developing and monitoring
the Company''s risk management policies. The committee reports regularly to the Board of Directors on its
activities.

The Company''s risk management policies are established to identify and analyze the risks faced by the
Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk
management policies and systems are reviewed regularly to reflect changes in market conditions and the
Company''s activities.

I) Credit risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The
maximum exposure to the credit risk at the reporting date is primarily from receivables from customers,
investment in various instruments and loans.

Trade and other receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer
pertaining to real estate business & receivables of power generation business. However, credit risk with
regards to trade receivable is almost negligible in case of its residential sale as the same is due to the fact
that Group does not handover possession till the entire outstanding is received & also of trade receivable of
power sale as the same is backed by the state government.

Investment in various instruments

Credit risk on investment in various instruments is limited as we generally invest in financial institutions
with high credit ratings assigned by international and domestic credit rating agencies. Investments primarily
include investment in liquid mutual fund units & overnight mutual funds units, quoted equity securities, quoted
& unquoted bonds, alternate investment funds, debentures & commercial papers issued by organizations
with high credit ratings.

Loans

Credit risk on loans has always been managed by the Company through credit approvals, establishing credit
limits and continuously monitoring the creditworthiness of customers to which the Company grants credit
terms in the normal course of business.

The Company uses the expected credit loss model to assess the impairment loss or gain. The Company
uses a provision matrix to compute the expected credit loss allowance for loans. The provision matrix
takes into account available external and internal credit risk factors such as credit ratings from credit rating
agencies and the Company''s historical experience for customers.

II) Liquidity risk

Liquidity risk is the risk that 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 principal sources of liquidity are cash and cash equivalents and the cash flow that is
generated from operations. The Company has no outstanding borrowings. The Company believes that the
working capital is sufficient to meet its current requirements.

As at March 31, 2025, the Company had a cash and cash equivalents of ? 26,625.30 lakhs, other bank
balances of ? 1,019.15 lakhs and current investments of ? 7,233.55 lakhs. As at March 31, 2024, the
Company had a cash and cash equivalents of ? 7,595.46 lakhs, other bank balances of ? 34.64 lakhs and
current investments of ? 2,435.81 lakhs.

III) Market risk

Market risk is the risk that changes in market prices - such as interest rates and commodity prices will
affect the Company''s income or the value of its holdings of financial instruments. Market risk is attributable
to all market risk sensitive financial instruments including payables and debt. We are exposed to market
risk primarily related interest rate risk and the market value of certain commodities. Thus, our exposure to
market risk is a function of investing activities and revenue generating and operating activities. The objective
of market risk management is to avoid excessive exposure to these risks in our revenues and costs.

A) Interest rate risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest
rate risk is the risk of changes in fair values of fixed interest-bearing investments because of fluctuations in
the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest-bearing
investments will fluctuate because of fluctuations in the interest rates.

The Company does not have any external borrowing as on March 31,2025.

B) Currency risk

Currency risk is not material, as the Company''s primary business activities are within India and do not have
any exposure in foreign currency.

C) Other price risk

The Company''s exposure to equity securities price risk arises from investments held by the Company
and classified in the financials as fair value through Other Comprehensive Income and fair value through
Profit & Loss. If the equity prices of investments are 10% higher / lower which are fair valued through Other
Comprehensive Income, then the Other Comprehensive Income for the year ended March 31, 2025 would
increase / decrease by ? 3,739.25 lakhs (PY - ? 2,356.61 lakhs) respectively with a corresponding increase /
decrease in Total Equity of the Company. Similarly, if the equity prices of investments are 10% higher / lower
which are fair valued through profit & loss, then the Revenue from Operation for the year ended March 31,
2025 would increase / decrease by ? 47.84 lakhs (PY - ? 299.94 lakhs) respectively with a corresponding
increase / decrease in Total Equity of the Company. 10% represents management''s assessment of
reasonably possible changes in equity prices.

NOTE 35: RECENT ACCOUNTING PRONOUNCEMENTS

Ministry of Corporate Affairs ("MCA”) notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31,
2025, MCA has not notified any new standards or amendments to the existing standards applicable to the
Company.

The Board of Directors has proposed a final dividend of ?2/- (i.e. 20%) per equity share of 10/- each on 2,09,11,729
fully paid equity shares for the year ended March 31, 2025, subject to approval of shareholders at the Annual
General Meeting, and if approved, would result in cash outflow aggregating to ? 418.23 lakhs.

NOTE 38: EVENTS AFTER THE REPORTING PERIOD

There was no significant event after the end of the reporting period which requires any adjustment or disclosure
in the Financial Statements.

1. The Company does not have any Benami Property, where any proceedings have been initiated or pending
against the company for holding any Benami Property.

2. The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.

3. The Company have not traded or invested in Crypto currency or Virtual currency during the financial year.

4. The Company is not declared as a wilful defaulter by any Bank or Financial Institution or any other lender.

5. There are no transactions executed by the company with companies struck off under section 248 of the
Companies Act, 2013 or section 560 of Companies Act, 1956.

6. During the year, no Scheme of Arrangement has been formulated by the company / pending with competent
authority.

7. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(i) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the company (Ultimate Beneficiaries); or

(ii) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

8. The Company has not received any fund from any person(s) or entity(ies), including foreign entities
(Funding Party) with the understanding (whether recorded in writing or otherwise) that the Group shall:

(i) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the Funding Party (Ultimate Beneficiaries); or

(ii) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

As per the provisions of section 135 of the Companies Act 2013, the Company must incur at least 2% of average
net profits of the preceding three financial years towards Corporate Social responsibility ("CSR”). Accordingly, a
CSR committee has been formed for carrying out CSR activities as per the Schedule VII of the Companies Act,
2013. Details are as under:

A. All current assets appearing in the Balance Sheet as at March 31, 2025 have a value on realisation in the
ordinary course of the Company''s business at least equal to the amount at which they are stated in the
Balance Sheet.

B. Balance of trade receivables, trade payables and loans and advances are subject to confirmation from
respective parties and reconciliation, if any.

C. Transactions and balances with values below the rounding off norm adopted by the Company have been
reflected as "0” in the financial statements.

D. Since the nature of Real Estate & Financial Service Business of the Company is such that profit/ (loss) do
not necessarily accrue evenly over the years, the profit/loss of the year may not be representative of the
preceding year.

E. The Company has maintained proper books of account as prescribed under Section 128(1) of the
Companies Act, 2013 (as amended). These books of account are maintained in electronic mode in
accordance with Section 128(1) of the Companies Act, 2013, read with the Companies (Accounts) Rules,
2014 (as amended). The Company has used accounting software for maintaining its books of accounts
for the year ended 31st March, 2025. This software includes an audit trail (edit log) feature, which was
operational throughout the year for all relevant transactions recorded in the system.

There were no instances of audit trail features being tampered with in respect of these softwares.
Furthermore, the Company has preserved the audit trail for the prior year in compliance with statutory
record retention requirements, to the extent enabled by the system.

F. On 24th December 2024, Geecee Comtrade LLP had applied for their voluntary strike off under the provisions
of Limited Liability Partnership Act, 2008. The said application has been accepted on 18th March 2025 by
the Registrar of Company.

G. Previous year figures have been regrouped, re-arranged and re-classified wherever necessary to conform
to current year''s classification.

In terms of our report attached.

For M R B & ASSOCIATES For and on behalf of the Board Of Directors

CHARTERED ACCOUNTANTS

Firm Registration Number: 136306W

Ghanshyam P. Gupta V. V. Sureshkumar Gaurav Shyamsukha

Partner Wholetime Director Managing Director

Membership No.: 138741 DIN: 00053859 DIN: 01646181

Vidit G. Dhandharia

Chief Financial Officer

Place : Mumbai Place : Mumbai

Date : 21st May, 2025 Date : 21st May, 2025

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Mar 31, 2024

3.8 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

A provision is recognised when:

i) The Company has a present obligation (legal or constructive) as a result of a past event;

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.

A disclosure for a contingent liability is made when there is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that may, but probably may not, require an outflow of resources. A contingent liability also arises in extreme cases where there is a probable liability that cannot be recognized because it cannot be measured reliably.

Where there is a possible obligation or a present obligation such that the likelihood of outflow of resources is remote, no provision or disclosure is made.

Contingent asset is disclosed in case a possible asset arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company.

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

3.9 EMPLOYEE BENEFITS

A) Short term employee benefits

All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits. Benefits such as salaries, wages etc. and the expected cost of ex-gratia are recognised in the period in which the employee renders the related service. A liability is recognised for the amount expected to be paid when there is a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

B) Defined contribution plans

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. The Company makes specified monthly contributions towards Government administered provident fund & employee state insurance scheme. Obligations for contributions to defined contribution plans are recognised as an employee benefit expense in profit or loss in the periods during which the related services are rendered by employees.

C) Defined benefit plans

For defined benefit retirement plans (i.e. gratuity) the cost of providing benefits is determined using the projected unit credit method, with independent actuarial valuations being carried out at the end of each annual reporting period. Re-measurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling and the return on plan assets (excluding interest), is reflected immediately in the statement of financial position with a charge or credit recognised in other comprehensive income in the period in which they occur. Defined benefit costs are categorised as follows:

- Service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements)

- Net interest expense or income; and

- Re-measurement

D) Other employee benefits

Leave encashment is recognised as an expense in the statement of profit and loss account as and when they accrue. The Company determines the liability using the projected unit credit method, with actuarial valuations carried out as at balance sheet date. Actuarial gains and losses are recognized in the statement of other comprehensive income.

3.10 LEASES

The Company as a lessee

The Company assess whether a contract contains a lease at the inception of contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset;

(ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease, and (iii) the Company has the right to direct the use of the asset. The Company uses significant judgement in assessing the lease term (including anticipated renewals) and the applicable discount rate.

The Company determines the lease term as the non-cancellable period of a lease, together with both periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option; and periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option. In assessing whether the Company is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, it considers all relevant facts and circumstances that create an economic incentive for the Company to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Company revises the lease term if there is a change in the non-cancellable period of a lease.

The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated or for a portfolio of leases with similar characteristics.

Lease payments associated with Low-value & Short term Leases are continued to be recognized as an expense on a straight-line basis over the lease term or another systematic basis if that basis is more representative of the pattern of the lessee''s benefit (refer note no 28).

3.11 EARNING PER SHARE

Basic earnings per share is calculated by dividing the net profit / (loss) for the year attributable to equity shareholders (after deducting preference dividends and attributable taxes) by weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit / (loss) for the year attributable to equity shareholders and the weighted average numbers of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

The weighted average number of equity shares outstanding during the year is adjusted for events of bonus issue and buy back.

4. USE OF JUDGMENTS AND ESTIMATES

The preparation of financial statements in conformity with Ind AS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosures of contingent assets and liabilities at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods.

Estimates and underlying assumptions are reviewed at each reporting date. Any revision to accounting estimates and assumptions are recognised prospectively i.e. recognised in the period in which the estimate is revised and future periods affected.

The following are significant management judgements, estimates and assumptions in applying the accounting policies of the Company that have a significant effect on the financial statements.

A) Revenue Recognition

Ind AS 115 requires entities to exercise judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model to contracts with their customers. The Company has evaluated and generally concluded that the recognition of revenue over the period of time criteria are not met owing to non-enforceable right to payment for performance completed to date and, therefore, recognises revenue at a point in time. The Company has further evaluated and concluded that based on the analysis of the rights and obligations under the terms of the contracts relating to the sale of property, the revenue is to be recognised at a point in time when control transfers which coincides with receipt of Occupation Certificate.

B) Classification of property

The Company determines whether a property is classified as investment property or as inventory:

i) Investment property comprises land and buildings that are not occupied for use by, or in the operations of, the Company, nor for sale in the ordinary course of business, but are held primarily to earn rental income and capital appreciation. These buildings are held for capital appreciation and are not intended to be sold in the ordinary course of business.

ii) Inventory comprises property that is held for sale in the ordinary course of business. Principally these are properties that the Company develops and intends to sell.

C) Classification of assets and liabilities into current and non-current

The management classifies the assets and liabilities into current and non-current categories based on the operating cycle of the respective business / projects.

D) Recognition of deferred tax assets

The extent to which deferred tax assets can be recognised is based on an assessment of the probability of the Company''s future taxable income against which the deferred tax assets can be utilized.

E) Impairment of assets

In assessing impairment, management estimates the recoverable amounts of each asset or CGU (in case of non-financial assets) based on expected future cash flows and uses an estimated interest rate to discount them. Estimation relates to assumptions about future cash flows and the determination of a suitable discount rate.

F) Useful lives of depreciable / amortisable assets (Property, plant and equipment, intangible assets and investment property)

Management reviews its estimate of the useful lives of depreciable / amortisable assets at each reporting date, based on the expected usage of the assets. Uncertainties in these estimates relate to technical and economic obsolescence that may change the usage of certain assets.

G) Defined benefit obligation

The cost of defined benefit gratuity plan and the present value of the gratuity obligation along with leave salary are determined using actuarial valuations. An actuarial valuation involves making various assumptions such as standard rates of inflation, mortality, discount rate, attrition rates and anticipation of future salary increases. Due to the complexities involved in the valuation and its longterm nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

H) Fair value measurements

Management applies valuation techniques to determine the fair value of financial instruments (where active market quotes are not available) and non-financial assets. This involves developing estimates and assumptions consistent with how market participants would price the instrument /assets. Management bases its assumptions on observable data as far as possible but this may not always be available. In that case management uses the best relevant information available. Estimated fair values may vary from the actual prices that would be achieved in an arm''s length transaction at the reporting date.

I) provisions

The timing of recognition and quantification of the liability (including litigations) requires the application of judgement to existing facts and circumstances, which can be subject to change. The carrying amounts of provisions and liabilities are reviewed regularly and revised to take account of changing facts and circumstances.

D. Financial risk management

The Company has exposure to the following risks arising from financial instruments:

• Credit risk

• Liquidity risk and

• Market risk

Risk management framework

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk management framework. The Board of Directors is responsible for developing and monitoring the Company''s risk management policies. The committee reports regularly to the Board of Directors on its activities.

The Company''s risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities.

I) Credit risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure to the credit risk at the reporting date is primarily from receivables from customers, investment in various instruments and loans.

Trade and other receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer pertaining to real estate business & receivables of power generation business. However credit risk with regards to trade receivable is almost negligible in case of its residential sale as the same is due to the fact that Group does not handover possession till entire outstanding is received & also of trade receivable of power sale as the same is backed by the state government.

Investment in various instruments

Credit risk on investment in various instruments is limited as we generally invest in financial institutions with high credit ratings assigned by international and domestic credit rating agencies. Investments primarily include investment in liquid mutual fund units & overnight mutual funds units, quoted equity securities, quoted & unquoted bonds, alternate investment funds, debentures & commercial papers issued by organizations with high credit ratings.

Loans

Credit risk on loans has always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

The Company uses expected credit loss model to assess the impairment loss or gain. The Company uses a provision matrix to compute the expected credit loss allowance for loans. The provision matrix takes into account available external and internal credit risk factors such as credit ratings from credit rating agencies and the Company''s historical experience for customers.

II) Liquidity risk

Liquidity risk is the risk that 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 principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. The Company has no outstanding borrowings. The Company believes that the working capital is sufficient to meet its current requirements.

As at March 31,2024, the Company had a cash and cash equivalents of ? 7,595.46 lakhs, other bank balances of ? 34.64 lakhs and current investments of ? 2,435.81 lakhs. As at March 31,2023, the Company had a cash and cash equivalents of ? 3,864.51 lakhs, other bank balances of T19.75 lakhs and current investments of ? 1,973.10 lakhs.

Exposure to liquidity risk

The details regarding the contractual maturities of significant financial liabilities as at March 31,2024 are as follows:

III) Market risk

Market risk is the risk that changes in market prices - such as interest rates and commodity prices- will affect the Company''s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including payables and debt. We are exposed to market risk primarily related interest rate risk and the market value of certain commodities. Thus, our exposure to market risk is a function of investing activities and revenue generating and operating activities. The objective of market risk management is to avoid excessive exposure to these risks in our revenues and costs.

A) Interest rate risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates.

The Company does not have any long term external borrowing as on March 31,2024.

B) Currency risk

Currency risk is not material, as the Company''s primary business activities are within India and do not have any exposure in foreign currency.

C) Other price risk

The Company''s exposure to equity securities price risk arises from investments held by the Company and classified in the financials as fair value through Other Comprehensive Income and fair value through Profit & Loss. If the equity prices of quoted investments are 10% higher / lower which are fair valued through Other Comprehensive Income, then the Other Comprehensive Income for the year ended March 31, 2024 would increase / decrease by ? 1,654.10 lakhs (PY - ? 1,535.42 lakhs) respectively with a corresponding increase / decrease in Total Equity of the Company as at 31st March, 2023. Similarly if the equity prices of quoted investments are 10% higher / lower which are fair valued through profit & loss, then the Revenue from Operation for the year ended March 31,2024 would increase / decrease by ? 299.94 lakhs (PY - ? 371.66 lakhs) respectively with a corresponding increase / decrease in Total Equity of the Company as at 31st March, 2023. 10% represents management''s assessment of reasonably possible change in equity prices.

NOTE 37: RECENT ACCOUNTING PRONOUNCEMENTS

Ministry of Corporate Affairs ("MCA”) notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.

note 39: DIVIDENDS

The Board of Directors has proposed a final dividend of ?2/- (i.e. 20%) per equity share of 10/- each on 2,09,11,729 fully paid Equity Shares for the year ended March 31, 2024, subject to approval of shareholders at the Annual General Meeting, and if approved, would result in cash outflow aggregating to ? 418.23 lakhs.

NOTE 40: EVENTS After THE REpORTING pERIOD

There was no significant event after the end of the reporting period which requires any adjustment or disclosure in the Financial Statements.

1. The Company does not have any Benami Property, where any proceedings have been initiated or pending against the company for holding any Benami Property.

2. The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

3. The Company have not traded or invested in Crypto currency or Virtual currency during the financial year.

4. The Company is not declared as a wilful defaulter by any Bank or Financial Institution or any other lender.

5. There are no transactions executed by the company with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

6. During the year, no Scheme of Arrangement has been formulated by the company / pending with competent authority.

7. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(i) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries); or

(ii) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

8. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Group shall:

(i) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries); or

(ii) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

9. The Company has not disclosed any income in terms of any transaction which is not recorded in books of account that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

10. The Company has not granted any loan during the year to its wholly owned subsidiary and LLP

11. The Company has complied with the number of layers prescribed under Clause (87) of Section 2 of the Act read with The Companies (Restriction on number of layer) Rules, 2017.

12. The Title deeds of all the immovable properties are held in the name of the company.

13. The Company has not revalued its Property, Plant and Equipment during the year.

14. The Company has not borrowed any fund from bank or financial institutions on the basis of current assets during the year or otherwise.

NOTE 43: CORPORATE SOCIAL RESPONSIBILITY

As per the provisions of section 135 of the Companies Act 2013, the Company has to incur at least 2% of average net profits of the preceding three financial years towards Corporate Social responsibility ("CSR”). Accordingly, a CSR committee has been formed for carrying out CSR activities as per the Schedule VII of the Companies Act, 2013. Details are as under:

A. All current assets appearing in the Balance Sheet as at March 31, 2024 have a value on realisation in the ordinary course of the Company''s business at least equal to the amount at which they are stated in the Balance Sheet.

B. Balance of trade receivables, trade payables and loans and advances are subject to confirmation from respective parties and reconciliation, if any.

C. Previous year figures have been regrouped, re-arranged and re-classified wherever necessary to conform to current year''s classification.

D. Transactions and balances with values below the rounding off norm adopted by the Company have been reflected as "0” in the financial statements.

E. Since the nature of Real Estate & Financial Service Business of the Company is such that profit/ (loss) do not necessarily accrue evenly over the years, the profit/loss of the year may not be representative of the preceding year.

F. The Company has used accounting software for maintaining its books of accounts for the year ended 31st March, 2024 which has features of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transaction recorded in the software. Further, there is not any instance of the audit trail features being tempered with.

In terms of our report attached.

For M R B & ASSOCIATES For and on behalf of the Board Of Directors

CHARTERED ACCOUNTANTS

Firm Registration Number: 136306W

Ghanshyam p. Gupta V. V. Sureshkumar Gaurav Shyamsukha

Partner Wholetime Director Wholetime Director

Membership No.: 138741 DIN: 00053859 DIN: 01646181

Vidit G. Dhandharia Dipyanti Jaiswar

Chief Financial Officer Company Secretary

, . M No.: A41024

Place : Mumbai Place : Mumbai

Date : 21st May, 2024 Date : 21st May, 2024

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Mar 31, 2018

NOTE 1:

STANDARDS ISSUED BUT NOT EFFECTIVE

On March 28, 2018, the Ministry of Corporate Affairs (MCA) has notified Indian Accounting Standard (In AS) 115, Revenue from Contracts with Customers. In AS 115 introduces a five-step model to revenue recognition:

Step 1: Identify the contract(s) with a customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation

Under In AS 115, revenue is recognized when (or as) the entity satisfies a performance obligation by transferring a promised good or service (i.e. an asset) to a customer (i.e. when (or as) the customer obtains control of that asset) at an amount that reflects the consideration to which the entity expects to be entitled in exchange for transferring goods or services to a customer. The new revenue standard will supersede all current revenue recognition requirements under In AS. Either a full retrospective application or a modified retrospective application is required for accounting periods commencing on or after April 1, 2018.

The Company will adopt In AS 115 effective from April 1, 2018. As at the date of issuance of the company’s financial statements, the company is in the process of evaluating the requirements of the said standard and the impact on its financial statements in the period of initial application.

NOTE 2

OTHER NOTES

A. In our opinion, all current assets appearing in the Balance Sheet as at March 31, 2018 have a value on realization in the ordinary course of the Company’s business at least equal to the amount at which they are stated in the Balance Sheet.

B. Balance of trade receivables, trade payables and loans and advances are subject to confirmation from respective parties and reconciliation, if any.

C. Previous year figures have been regrouped, re-arranged and re-classified wherever necessary to conform to current year’s classification.

D. Figures have been rounded off to the nearest lakh.

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Mar 31, 2016

B. NOTES FORMING PART OF THE ACCOUNTS:

1) In the opinion of the Board of Directors of the Company the sundry debtors, Loans and Advances. sundry creditors are subject to third party confirmation, have a value on realization / payment in the ordinary course of business, at least equal to the amounts at which they are stated and the provisions for all known liabilities are adequately made and are not in excess of the amount reasonably necessary.

2) Sales Tax Assessments have been completed up to the Accounting year ended 31.03.2008 except for the accounting year 1996-97, 1997-98 and 1998-99. The Company doesn’t foresee any additional liability for pending Assessments.

3) Income Tax Assessments have been completed up to assessment year 2008-2009 pertaining to previous accounting year ended on 31.03.2008 and the Company doesn’t foresee any additional Income Tax liability for pending Assessments.

5) Revenue Recognition

4s per the Guidance Note on Real Estate, the following are the basis on which the revenue would be recognized:

a) When the stage of completion of the project reaches a reasonable level of development. A reasonable level of development is not achieved if the expenditure incurred on construction and development costs is less than 25% of the total estimated construction and development costs.

b) At least 25% of the saleable project area is secured by contracts or agreements with buyers.

c) At least 10 % of the total revenue as per the agreements of sale or any other legally enforceable documents are realized at the reporting date in respect of each of the contracts and it is reasonable to expect that the parties to such contracts will comply with the payment terms as defined in the contracts.

On compliance of the above conditions , revenue has been recognized for the FY 2015-16 as per the proportionate completion method specified in the Guidance Note on Revenue Recognition of Real Estate.

b) Defined benefit plan

The employee’s gratuity fund scheme managed by Life Insurance Corporation of India is a defined plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The estimates of rate of escalation in salary considered in actuarial valuation, taken into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

4) Small Scale Industries:

The management is currently in the process of indentifying enterprises which have provided goods and services to the company which qualify under the definition of Medium and Small Enterprises as defined under Micro, Small and Medium Enterprises, Development Act, 2006. Accordingly the disclosures in the respect of amount payable to such Micro, Small, and Medium Enterprises as at March 31, 2016 has not been made in the financial statements, However, in view of the Management impact of the interest, if any, that may be payable in accordance with the Act is not expected to be material.

5) Segmental Information

The Company has identified Wind Power, Financing Activities & Real Estate Activities as its primary business segment taking into account the nature of products and services, risks and returns, the organization structure and the internal reporting system.

6) Amalgamation

To consolidate the businesses and lead to synergies in operation , the company has .subject to various approvals .decided to merge its wholly owned Subsidiary Company M/s Geecee Logistics & Distributions Pvt Ltd with effect from 1st April,2014 (Appointed Date ). The Board of Directors of GeeCee Ventures Limited at their meeting held on 30th March, 2015 have approved the Scheme of Amalgamation between GeeCee Logistics & Distributions Private Limited and their respective shareholders (“the scheme”). The Scheme is pending before the Hon’ble Court for approval. Thereafter, the Scheme will be given effect in the books of accounts of the Company.

7) Extraordinary Items

Extraordinary Items of Rs 450 Lacs is on account of write back of “Provisions for post closing adjustments of business transfer “relating to sale of Chemical Business.

8) Conversion of Investment into Stock in Trade

During the year , company converted a land at karjat which was held as investment into stock in trade . Profit on conversion has been recognized in the books on the basis of valuation certificate obtained from registered valuer.

9) The figures of the previous accounting period are re-grouped, re-classified wherever necessary. The figures are rounded to nearest rupees in lacs.

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Mar 31, 2015

Rights of Equity Shareholders

The Company has only one class of Equity Shares having par value of Rs. 10/- Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holder of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amount.

*Note: Raw material,store & consumables are valued at the lower of cost and net realizable value except waste/scrap, which is valued at net realizable value. The cost is computed on FIFO basis.

1) The figures of the previous accounting period are re-grouped, re-classified wherever necessary and are not comparable with the figures of the current accounting year. The figures are rounded to nearest rupees in lacs.

2) In the opinion of the Board of Directors of the Company the sundry debtors, Loans and Advances, sundry creditors are subject to third party confirmation, have a value on realization / payment in the ordinary course of business, at least equal to the amounts at which they are stated and the provisions for all known liabilities are adequately made and are not in excess of the amount reasonably necessary.

3) Contingent liabilities not provided for (AS-29)

(Rs in Lacs)

Particulars As on As on 31.03.2015 31.03.2014

A Sales Tax Liabilities

I On Account of C Forms (2001-02) 10.28 10.28 (Deposit 6.44 lacs)

II C Forms (2007-08,2008-09,2009-10) 3.22 3.22

III On A/c of VAT Reversal 2008-09 30.92 30.92

IV On A/c of VAT Reversal 2009-10 3.52 3.52

B Excise Duty Liabilities(Disputed) 8.40 8.40 (Deposit Rs 1.20 lacs)

C Entry Tax 2.46 2.46

D Service Tax 2.35 2.35

E Income Tax A.Y 2008-09 3.98 51.65

F Bank Guarantee 10.00 10.00

4) Sales Tax Assessments have been completed up to the Accounting year ended 31.03.2008 except for the accounting year 1996-97, 1997-98 and 1998-99. The Company doesn''t foresee any additional liability for pending Assessments.

5) I ncome Tax Assessments have been completed up to assessment year 2007-2008 pertaining to previous accounting year ended on 31.03.2007 and the Company doesn''t foresee any additional Income Tax liability for pending Assessments.

6) Audit Fees (Inclusive of Taxes)

7) The disclosures required under accounting standard 15 "Employee Benefits" notified in the Companies (Accounting Standards) rules 2006, are given below:

a) Defined Contribution Plan

Contribution to Defined Contribution Plan, recognized are charged off for the year are as under:

b) Defined benefit plan

The employee''s gratuity fund scheme managed by Life Insurance Corporation of India is a defined plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The estimates of rate of escalation in salary considered in actuarial valuation, taken into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

8) Small Scale Industries:

a) There were no dues outstanding of Small scale Industries as on March 31,2015.

b) There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days at the Balance Sheet date.

c) The above information given in paragraphs 9(a) and 9(b) above regarding Small Scale Industrial Undertakings and Micro, Small and Medium Enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

9) Segmental Information

The Company has identified Wind Power, Financing Activities & Real Estate Activities as its primary business segment taking into account the nature of products and services, risks and returns, the organization structure and the internal reporting system.

Diluted

The diluted earnings per share has been computed by dividing the Net Profit After Tax available for Equity Shareholders by the weighted average number of equity shares, after giving dilutive effect of the outstanding Warrants, Stock Options and Convertible bonds for the respective periods. Since, the effect of the conversion of Preference shares was anti- dilutive, it has been ignored. have taken place during the year ended 31st March 2015

(a) Subsidiary Companies

GCIL Finance Ltd.

GeeCee Logistics and Distributions Private Limited (Formerly GCV Trading Pvt. Ltd.)

GeeCee Business Pvt Ltd (Formerly Ananya Online IT Design Pvt. Ltd.)

(b) Associate Companies

Elrose Mercantile Pvt. Ltd.

Four Dimension Securities (I) Ltd.

Antique Stock Broking Ltd.

Winro Commerical (India) Ltd.

(c) Key Managerial Personnel

Name Designation

Shri Ashwin Kumar Kothari Chairman and Whole Time Director

Shri Harisingh Shyamsukha Whole Time Director

Shri Gaurav Shyamsukha Whole Time Director

Shri Nilesh Kala Chief Financial Officer

Mrs. Sonali Sathe Company Secretary w.e.f 19th Dec. 2014

Mrs. Namrata Mhatre Former Company Secretary till 10th Dec. 2014

Mr. Vazathara Vasudevan Additional Director w.e.f 30th March 2015 Sureshkumar

Mr. Vazathara Vasudevan Whole Time Director w.e.f 28th May 2015 Sureshkumar

Transactions carried out with related parties referred in 1 above, in ordinary course of business:

Note:

Remuneration includes Expenses debited in profit & loss accounts as well as capitalized in work in progress of inventories

10. Amalgamation & Merger

To consolidate businesses and synergies in operations, the Company has decided to merge its business with its hundred percent subsidiary company, GeeCee logistics and Distributions Private limited, as on 1st April 2014 ("Appointed date"), subject to various approvals.

11. A Share Warrants

The Company had allotted 27,00,000 convertible warrants at Rs. 36/- per warrant to promoters/ promoters group on preferential basis pursuant to the special resolution passed by the members of the Company at their meeting held on 9th July, 2014. The Warrants shall be convertible into Equity Shares (at the option of the Warrant holder) at any time, in one or more tranches, within a period of 18 months from the date of allotment of Warrants. An amount equivalent to 25% of total consideration is received by the company and the balance of 75% will be received on conversion.

12) Revenue recognition

As per guidance note issued by ICAI, which states that as per percentage completion method revenue is to be recognized only if all the three conditions are fulfilled viz.

a) When the stage of completion of the project reaches a reasonable level of development. A reasonable level of development is not achieved if the expenditure incurred on construction and development costs is less than 25 % of the construction and development costs.

b) Atleast 25% of the saleable project area is secured by contracts or agreements with buyers.

c) Atleast 10% of the total revenue as per the agreements of sale or any other legally enforceable documents are realised at the reporting date in respect of each of the contracts and it is reasonable to expect that the parties to such contracts will comply with the payment terms as defined in the contracts.

However, the company has not incurred 25% of the construction and development cost and hence, not recognised the revenue for the financial year 2014-2015.

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Mar 31, 2014

1) The figures of the previous accounting period are re-grouped, re-classified wherever necessary and are not comparable with the figures of the current accounting year. The figures are rounded to nearest rupees in lacs.

2) In the opinion of the Board of Directors of the Company the sundry debtors, Loans and Advances, sundry creditors are subject to third party confirmation, have a value on realization / payment in the ordinary course of business, at least equal to the amounts at which they are stated and the provisions for all known liabilities are adequately made and are not in excess of the amount reasonably necessary.

3) Contingent liabilities not provided for (AS-29)

(Rs. in Lacs)

Sr. Particulars As on As on No. 31.03.2014 31.03.2013

A Sales Tax Liabilities

i On account of C Forms (2001-02) Deposit Rs. 6.44 Lacs) 10.28 10.28

ii C Forms (2007-08,2008-09 & 2009-10) 3.22 6.53

iii Appeal filed by MPUVN in High Court 0.00 122.00 against single Bench H C Order.

iv On A/c of VAT Reversal 2008-09 30.92 30.92

v On A/c of VAT Reversal 2009-10 3.52 3.52

B Excise Duty Liabilities (Disputed) ( Deposit Rs. 1.20 Lacs ) 8.40 8.40

C Entry Tax 2.46 2.46

D Service Tax 2.35 2.35

E Income Tax A.Y2008-09 51.65 51.65

F Bank Guarantee 10.00 10.00

4) Sales Tax Assessments have been completed up to the Accounting year ended 31.03.2008 except for the accounting year 1996-97, 1997-98 and 1998-99. The Company doesn''t foresee any additional liability for pending Assessments.

5) Income Tax Assessments have been completed up to assessment year 2007-2008 pertaining to previous accounting year ended on 31.03.2007 and the Company doesn''t foresee any additional Income Tax liability for pending Assessments.

6) Small Scale Industries:

a) There were no dues outstanding of Small scale Industries as on March 31, 2014.

b) There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days at the Balance Sheet date.

c) The above information given in paragraphs 9(a) and 9(b) above regarding Small Scale Industrial Undertakings and Micro, Small and Medium Enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

7) Segmental Information

The Company has identified Wind Power, Financing Activities & Real Estate Activities as its primary business segment taking into account the nature of products and services, risks and returns, the organization structure and the internal reporting system.

8) Related Party Transactions

As required by Accounting Standard AS-18 "Related Parties Disclosure" issued by The Institute of Chartered Accountants of India, the following are treated as Related Parties with whom transactions have taken place during the year ended 31st March 2014

(a) Subsidiary Companies

GCIL Finance Ltd. GeeCee Logistics and Distributions Private Limited (Formerly GCV Trading Pvt. Ltd.) GeeCee Business Pvt Ltd (Formerly Ananya Online IT Design Pvt. Ltd.)

(b) Associate Companies

Elrose Mercantile Pvt. Ltd. Four Dimension Securities (I) Ltd. Antique Stock Broking Ltd. Winro Commercial (India) Ltd.

(c) Key Managerial Personnel

Shri Ashwin Kumar Kothari Shri Harisingh Shyamsukha Shri Gaurav Shyamsukha

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Mar 31, 2013

1) The figures of the previous accounting period are re-grouped, re-classified wherever necessary and are not comparable with the figures of the current accounting year. The figures are rounded to nearest rupees in lacs.

2) In the opinion of the Board of Directors of the Company the sundry debtors, Loans and Advances, sundry creditors are subject to third party confirmation, have a value on realization / payment in the ordinary course of business, at least equal to the amounts at which they are stated and the provisions for all known liabilities are adequately made and are not in excess of the amount reasonably necessary.

3) Contingent liabilities not provided for (AS - 29)

(Rs. in Lacs)

Particulars As on 31.03.2013 As on 31.03.2012

A Sales Tax Liabilities

i On account of C Forms (2001-02) Deposit Rs. 6.44 Lacs) 10.28 10.28

ii C Forms ( 2007-08,2008-09 & 2009-10) 6.53 42.05

iii Appeal filed by MPUVN in High Court against single Bench H C Order.122.00 122.00

iv On A/c of VAT Reversal 2006-07 & 2007-08 0.00 46.46

v On A/c of VAT Reversal 2008-09 30.92 30.92

vi On A/c of VAT Reversal 2009-10 3.52 0.00

B Bank Gurantee 10.00 0.00

C Excise Duty Liabilities (Disputed)(Deposit Rs.1.20 Lacs) 8.40 10.79

D Entry Tax 2.46 2.46

E Service Tax 2.35 2.35

F Income Tax A.Y. 2008-09 51.65 51.65

4) Sales Tax Assessments have been completed up to the Accounting year ended 31.03.2008 except for the accounting year 1996-97, 1997-98 and 1998-99. The Company doesn''t foresee any additional liability for pending Assessments.

5) Income Tax Assessments have been completed up to assessment year 2007–2008 pertaining to previous accounting year ended on 31.03.2007 and the Company doesn''t foresee any additional Income Tax liability for pending Assessments.

6) The disclosures required under accounting standard 15 "Employee Benefits" notified in the Companies (Accounting Standards) rules 2006, are given below:

a) Defned Contribution Plan

Contribution to Defined Contribution Plan, recognized are charged off for the year are as under:

b) Defned beneft plan

The employee''s gratuity fund scheme managed by Life Insurance Corporation of India is a defined plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

7) Small Scale Industries:

a) There were no dues outstanding of Small scale Industries as on March 31, 2013.

b) There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days at the Balance Sheet date.

c) The above information given in paragraphs 8(a) and 8(b) above regarding Small Scale Industrial Undertakings and Micro, Small and Medium Enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

8) Related Party Transactions

As required by Accounting Standard AS-18 "Related Parties Disclosure" issued by The Institute of Chartered Accountants of India, the following are treated as Related Parties with whom transactions have taken place during the year ended 31st March 2013.

(a) Subsidiary Companies

GCIL Finance Ltd.

GeeCee Logistics and Distributions Pvt. Ltd.

GeeCee Business Pvt Ltd b) Associate Companies

Elrose Mercantile Pvt. Ltd.

Four Dimension Securities (I) Ltd.

(c) Relative of Directors or concern where relative of directors has substantially interested Atul Transport (India)

Gaurav Shyamsukha

(d) Key Managerial Personnel Shri Ashwin Kumar Kothari Shri Harisingh Shyamsukha Shri V.P. Biyani

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Mar 31, 2012

Rights of Equity Shareholders

The Company has only one class of Equity Shares having par value of Rs.10/-. Each holder of equity shares is entitled to one vote per share.In the event of liquidation of the Company, the holder of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amount.

Point No. 1

1. Equity Shares Buy Back

Pursuant to the resolution passed by the Board of Directors of the Company and in accordance with the provisions of the Companies Act, 1956 and the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998, the Company made a Public Announcement dated 24.1.2012 , to buy-back the Equity Shares of face value of Rs.10/- each of the Company from open market through stock exchange route at a price not exceeding Rs.65/-per share, aggregating to Rs.1040.00 lacs. The Company has bought back 528611 Equity Shares as at 31st March, 2012 at an average price of Rs. 44.63 per share, utilizing a sum of Rs.235.93 lacs. The amount paid towards buy-back of shares, in excess of the face value, has been utilised out of Securities Premium A/C. In terms of the provisions of Section 77A of the Companies Act, 1956 and SEBI (Buy Back of Securities) Regulations 1998, as at 31st March, 2012 the Company has extinguished 350219 Equity Shares and the remaining 178392 Equity Shares have been extinguished on 9th April, 2012. Consequently, the paid-up Equity Share capital of the Company has been reduced and the Company has created Capital Redemption Reserve of Rs.35.02 lacs towards the face value of 350219 Equity Shares of Rs.10 /- each by utilising Securities Premium a/c .

Note: 2

A. Holdbacks amounts at the beginning of the period stood at Rs 5688.72 lacs. The Company has received an amount of Rs 2088.72 lacs against said amount . An amount of Rs 500.00 lacs continues to stand in the Holdbacks, which would get released on completion of certain post closing conditions.

B. The company will continue to keep balance provision of Rs 627 Lacs (PY Rs 1,150 Lacs) to meet the liability on account of post closing adjustments and other expenses as per the terms of Business Transfer Agreement.

Point No. 1

Holdbacks amounts at the beginning of the period stood at Rs 5791.64 lacs. The Company has received an amount of Rs 2191.64 lacs ( Rs 1610.06 lacs net of tax) against that amount. An amount of Rs 500.00 lacs continues to stand in the Holdbacks, which would only get released on completion of certain post closing conditions. The balance amounts in the Holdbacks have gone to the buyer.

Point No.1

Sale of DEPB Licences include Rs. 6.86 lacs to GeeCee Logistics and Distributions Pvt Ltd (100% subsidiary ) Sale of DEPB License is accounted on cash basis

1) The figures of the previous accounting period are re-grouped, re-classified wherever necessary and are not comparable with the figures of the current accounting year. The figures are rounded to nearest rupees in lacs.

2) In the opinion of the Board of Directors of the Company the trade receivables, Loans and Advances and trade payables are subject to third party confirmation, have a value on realization / payment in the ordinary course of business, at least equal to the amounts at which they are stated and the provisions for all known liabilities are adequately made and are not in excess of the amount reasonably necessary.

3) Trade receivables include due from wholly owned subsidiary company Rs. 0.00 Lacs (Previous year Rs 34.47Lacs) and maximum debit balance during the period was Rs 48.23Lacs (previous year Rs. 205.33 Lacs).

4) Contingent liabilities not provided for (AS - 29)

(Rs. in Lacs)

Particulars As on 31.03.2012 As on 31.03.2011

Sales Tax Liabilities

On account of 'C' Forms (2001-02) 10.28 10.28 (Deposit Rs. 6.44 Lacs)

'C' Forms (2007-08,2008-09 & 2009-10) 42.05 107.17

Appeal filed by MPUVN in High Court against single 122.00 122.00 Bench H C Order.

On A/c of VAT Reversal 2007-08 46.46 0.00

On A/c of VAT Reversal 2008-09 30.92 0.00

Excise Duty Liabilities (Disputed) (Deposit Rs. 1.20 Lacs) 13.14 13.14

Entry Tax 2.46 2.46

Service Tax 0.00 4.32

Income Tax A.Y2008-09 51.65 0.00

5) Sales Tax Assessments have been completed up to the Accounting year ended 31.03.2008 except for the accounting year 1996-97, 1997-98 and 1998-99. The Company doesn't foresee any additional liability for pending Assessments.

6) Income Tax Assessments have been completed up to assessment year 2007-2008 pertaining to previous accounting year ended on 31.03.2007 and the Company doesn't foresee any additional Income Tax liability for pending Assessments.

7) The disclosures required under accounting standard 15 "Employee Benefits" notified in the Companies (Accounting Standards) rules 2006, are given below:

a) Defined Contribution Plan

Contribution to Defined Contribution Plan, recognized are charged off for the year are as under:

b) Defined benefit plan

The employee's gratuity fund scheme managed by Life Insurance Corporation of India is a defined plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The estimates of rate of escalation in salary considered in actuarial valuation, taken into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

8) Small Scale Industries:

a) There were no dues outstanding of Small scale Industries as on March 31, 2012.

b) There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days at the Balance Sheet date.

c) The above information given in paragraphs 9(a) and 9(b) above regarding Small Scale Industrial Undertakings and Micro, Small and Medium Enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

9) Segmental Information

The Company has identified Wind Power as its primary business segment taking into account the nature of products and services, risks and returns, the organization structure and the internal reporting system.

10) Related Party Transactions

As required by Accounting Standard AS-18 "Related Parties Disclosure" issued by The Institute of Chartered Accountants of India, the following are treated as Related Parties with whom transactions have taken place during the year ended 31st March 2012.

(a) Subsidiary Companies GCIL Finance Ltd.

Gwalior Chemicals bvba*

GeeCee Logistics and Distributions Private Limited

GeeCee Business Pvt Ltd (Formerly Ananya Online IT Design Pvt. Ltd.)

b) Associate Companies

Elrose Mercantile Pvt. Ltd.

Four Dimension Securities (I) Ltd.

(c) Relative of Directors or concern where relative of directors has substantially interested

Atul Transport (India)

Gaurav Shyamsukha

(d) Key Managerial Personnel

Shri Ashwin Kumar Kothari

Shri Harisingh Shyamsukha

Shri VP Biyani

Notes:

1. Loan to GCIL Finance Ltd. and GeeCee Logistics & distributions Pvt Ltd carries Interest @ 7.5% up to December 2011 & from January, 2012 @ 8.5% per annum and the terms & conditions regarding repayment of the loan are not defined.

2. The company has not advanced any money to its employees for the purpose of investment in the securities of the company.

Additional information required under the Para 3 under Clause (i)(a), (ii)(a), (b), Para 4, Para 4 and Para 4D of Part II of Schedule VI of the Companies Act, 1956 is detailed as under:

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Mar 31, 2011

1) The figures of the previous accounting period are re-grouped, re-classified wherever necessary and are not comparable with the fgures of the current accounting year. The figures are rounded to nearest rupees in lacs.

2) In the opinion of the Board of Directors of the Company the sundry debtors, Loans and Advances, sundry creditors are subject to third party confrmation, have a value on realization / payment in the ordinary course of business, at least equal to the amounts at which they are stated and the provisions for all known liabilities are adequately made and are not in excess of the amount reasonably necessary.

3) Sundry debtors include due from wholly owned subsidiary company Rs. 34.47 Lacs (Previous year Rs 34.47Lacs) and maximum debit balance during the period was Rs 34.47Lacs (previous year Rs.205.33 Lacs).

4) Contingent liabilities not provided for (AS - 29)

(Rs. In Lacs)

Particulars As on As on 31.03.2011 31.03.2010

a) Bank Guarantees & LC 0.00 175.04

b) Sales Ta x Liabilities _ _

i) On account of C Forms and Tax on Freight (2001-02) 10.28 10.28 Deposit Rs. 6.44 Lacs)

ii) C Forms ( 2007-08,2008-09 & 2009-10) 107.17 278.18

iii) Appeal fled by MPUVN in High Court against single 122.00 122.00 Bench H C Order.

c) Excise Duty Liabilities (Disputed) ( Deposit Rs. 1.20 Lacs ) 13.14 13.14

d) Entry Tax 2.46 2.46 (e) Service Tax 4.32 4.32

5) Sales Tax Assessments have been completed up to the Accounting year ended as on 31.03.2008 except for the accounting year 1996-97, 1997-98 and 1998-99. The Company doesn't foresee any additional liability for pending Assessments.

6) Income Tax Assessments have been completed up to assessment year 2007–2008 pertaining to previous accounting year ended on 31.03.2007 and the Company doesn't foresee any additional Income Tax liability for pending Assessments.

7) The disclosures required under accounting standard 15 “Employee Benefts” notifed in the Companies (Accounting Standards) rules 2006, are given below:

a) Defned Contribution Plan

Contribution to Defned Contribution Plan, recognized are charged off for the year are as under:

b) Defned beneft plan

The employee's gratuity fund scheme managed by Life Insurance Corporation of India is a defned plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee beneft entitlement and measures each unit separately to build up the fnal obligation.

The estimates of rate of escalation in salary considered in actuarial valuation, taken into account infation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certifed by the actuary.

Note:-

In view of the computation of net proft pursuant to section 349 of the Companies Act, 1956 and the Ordinary Resolution passed by the Shareholder in the Extra Ordinary General Meeting held on 28th January, 2008, resulting in insuffcient proft, the remuneration of Rs. 27.90 Lacs paid to Shri Ashwinkumar Kothari, Chairman and Whole Time Director, the remuneration of Rs. 27.90 paid to Shri Harisingh Shyamsukha, Whole Time Director and remuneration of Rs. 5.20 Lacs paid to Shri V. P. Biyani are in excess of the limits prescribed under Schedule XIII to the Act (as Amended vide notifcation dated 16th January 2002 issued by Department of Company Affairs, New Delhi). The Company has applied to the Central Government for obtaining the necessary approval for waiver of excess remuneration paid for the period from 01st April, 2010 to 31st December, 2010 to the Directors of the Company.

The Shareholders of the Company has passed the Special Resolution for re-appointment of the Whole Time Directors in the Annual General Meeting held on 21st September, 2010 and the Company has obtained necessary approval from the Central Government for the re-appointment of Shri Ashwinkumar Kothari, Chairman and Whole Time Director and Shri Harisingh Shyamsukha, Whole Time Director of the Company for the period from 01st January, 2011 to 31st December, 2013.

8) Small Scale Industries:

a) There were no dues outstanding of Small scale Industries as on March 31, 2011.

b) There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days at the Balance Sheet date.

c) The above information given in paragraphs 12(a) and 12(b) above regarding Small Scale Industrial Undertakings and Micro, Small and Medium Enterprises have been determined to the extent such parties have been identifed on the basis of information available with the Company. This has been relied upon by the auditors.

9) Related Party Transactions

As required by Accounting Standard AS-18 “Related Parties Disclosure” issued by The Institute of Chartered Accountants of India, the following are treated as Related Parties with whom transactions have taken place during the year ended 31st March 2011

(a) Subsidiary Companies

GCIL Finance Ltd.

Gwalior Chemicals bvba

GeeCee Logistics and Distributions Private Limited (Formerly GCV Trading Pvt. Ltd.)

GeeCee Business Pvt Ltd (Formerly Ananya Online IT Design Pvt. Ltd.)

(b) Associate Companies

Elrose Mercantile Pvt. Ltd.

Four Dimension Securities (I) Ltd.

Aroni Commerical Limited

(c) Relative of Directors or concern where relative of directors has substantially interested

Atul Transport (India) Krasoma Corporation Gaurav Shyamsukha

(d) Key Managerial Personnel

Shri Ashwin Kumar Kothari Shri Harisingh Shyamsukha Shri V.P. Biyani Shri Rohit Kothari

10. Information with respect to discontinuation of Chemicals & Wind Power business with effect from 1st September, 2009 as per Accounting Standard-24 – ‘Discontinuing Operations' is as under:

A. Pursuant to the proposal of the Board, taken in a Board Meeting held on 8th June, 2009, the shareholders of the company have approved a resolution through postal ballot for the spinoff of the Company's Chemical Business & Wind power business including the factory at Nagda, Madhya Pradesh with all its Assets and Liabilities relating to the Division on ‘Slump Sale basis' and on ‘as is where is basis' as a ‘Going Concern' to Lanxess India Private Limited w.e.f 1st September 2009 together with the rights, title and interest in the immovable, moveable, intangible, and current assets, for a total gross slump sale value of Rs.53,600 Lacs, which would be received net of value of liabilities transferred. Moreover, these are also separate segments as per A.S.: 17 – Segment Reporting.

B. Holdbacks on the transfer of business and interest accrued thereon aggregating to 5791.64 as on 31st March, 2011(P.Y. Rs. 5,688.72 Lacs) lying in the Escrow Accounts will be accounted only on successful completion of certain conditions of the Business Transfer Agreement and therefore treated as Contingent Asset.

C. The company has made a provision of Rs 1,150 Lacs (P.Y. Rs 1,150 Lacs) towards estimated liability on account of post closing adjustments and other expenses as per the terms of Business Transfer Agreement.

D. The balance of Rs. 18.29 Lacs as on 31st March 2011 (P.Y. Rs. 261.13 Lacs) payable to Lanxess India Private Limited on account of payment received on their behalf from parties lying in Current Liabilities is subject to reconciliation.

E. The following statement shows the revenue and expenses attributable to Discontinuing Operations:

Notes:

1. Loan to GCIL Finance Ltd. carries Interest @ 7% up to September 2010 & from oct.2010 @ 7.5% per annum & for GeeCee Logistics & Distributions Pvt. Ltd. (Formerly GCV Trading Pvt. Ltd) interest up to September @ 6% and after sep.2010 @ 7.5% per annum and the terms & conditions regarding repayment of the loan are not defned.

2. The company has not advanced any money to its employees for the purpose of investment in the securities of the company.

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Mar 31, 2010

1) The figures of the previous accounting period are re-grouped, re-classified wherever necessary and are not comparable with the figures of the current accounting year. The figures are rounded to nearest rupees in Lacs.



2) a) Contingent liabilities not provided for(AS - 29)

(Rs. In Lacs)

Particulars As on As on

31.03.2010 31.03.2009

Amount Amount

a) Bank Guarantees & LC 175.04 1866.34

b) Sales Tax Liabilities __ __

i) Disputed 30.01

ii) On account of C Forms(1996-99) 10.28 20.94

iii) Current year C Forms 278.18 364.67

iv) Appeal filed by MPUVN in High Court against 122.00 122.00 single bench H C Order.

c) Excise Duty Liabilities (Disputed) 13.14 7.11

d) Entry Tax (Disputed)(Deposited Rs. 8.83 Lacs) 2.46 2.46

e) Export Obligation on A/c of Import of Machinery 0.00 817.60

f )Unexecuted Contracts (Net of advance) 0.00 2447.38

g) Custom duty on import of Raw Material 0.00 0.00

h) Bond submitted to customs for import of Toluene 0.00 1132.57

i) Bond submitted to Central Excise deptt. 0.00 447.10

j) Service Tax 4.32 0.00

k) Income Tax (Deposited Rs. 15 Lacs) 222.6 0.00

3) In the opinion of the Board of Directors of the Company the sundry debtors, Loans and Advances, sundry creditors are subject to third party confirmation, have a value on realization / payment in the ordinary course of business, at least equal to the amounts at which they are stated and the provisions for all known liabilities are adequately made and are not in excess of the amount reasonably necessary.

4) Sundry debtors include due from wholly owned subsidiary company Rs. 34.47 Lacs (Previous year Rs 201.99Lacs) and maximum debit balance during the period was Rs 205.33Lacs (previous year Rs.583.37 Lacs).

5) Deposit includes Rs NIL (Previous Year Rs. 282.14 Lacs) under Banks lien for guarantees & Margin Money.

6) The disclosures required under accounting standard 15 "Employee Benefits" notified in the Companies (Accounting Standards) rules 2006, are given below:

7) Sales

a) Sales figures are shown excluding Sales Tax and VAT of Rs. 283.25 Lacs (Previous year Rs.685.65 Lacs).

b) Sales include trading sale of Rs. 315.57 Lacs (PY 996.67 Lacs)

8) Early payment incentive of Rs. 20.19 Lacs (P.Y. 73.86 Lacs) from Reliance Industries Limited has been reduced from cost of Raw material.

9) Sales Tax Assessments have been completed up to the Accounting year ended as on 31.03.2004 except for the accounting year 1996-97, 1997-98 and 1998-99. The Company doesnt foresee any additional liability for pending Assessments.

10) Income Tax Assessments have been completed up to assessment year 2007-2008 pertaining to previous accounting year ended on 31.03.2007 and the Company doesnt foresee any additional Income Tax liability for pending Assessments.

11) Excise Duty on inventories of Rs.153.43 Lacs (Previous Year 82.04 Lacs) has not been provided in the accounts and included in the valuations. This accounting treatment has no impact on the profit of the Company.

12) Inter Unit Transfer of Gross Block of Plant & Machinery Rs. 495.79 Lacs ( WDV of Rs. 417.19 Lacs) shown at Lower the WDV or Market Value in Capital Stores and spares.

13) Small Scale Industries:

a) There were no dues outstanding of Small scale Industries as on March 31, 2010.

b) There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days at the Balance Sheet date.

c) The above information given in paragraphs 17(a) and 17(b) above regarding Small Scale Industrial Undertakings and Micro, Small and Medium Enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

14) Segmental Information

The Company has identified Chlorotoluene derivatives (chemicals) as its sole primary business segment taking into account the nature of products and services, risks and returns, the organization structure and the internal reporting system. Secondary Segments are not significant hence not reported.

15. Related Party Transactions

As required by Accounting Standard AS-18 “Related Parties Disclosure” issued by The Institute of Chartered Accountants of India, the following are treated as Related Parties with whom transactions have taken place during the year ended 31st March 2010

(a) Associate Companies

Elrose Mercantile Pvt Ltd.

Four Dimension Securities (I) Ltd.

Aroni Commercials Ltd.

Ananya Online IT Design Pvt Ltd.



b) Subsidiary

GCIL Finance Ltd.

Gwalior Chemicals bvba



(c) Relative of Directors or concern where relative of directors has

substantially interested Atul Transport (India) Krasoma Corporation Gaurav Shyamsukha

(d) Key Managerial Personnel

Shri Ashwin Kumar Kothari

Shri Harisingh Shyamsukha

Shri K.N. Luhariwala

Shri V.P. Biyani

Notes:

1. Loan to GCIL Finance Ltd. Carries interest @ 7% per annum and the terms & conditions regarding repayment of the loan are not defined.

2. The company has not advanced any money to its employees for the purpose of investment in the securities of the company.

22) Slump Sale of manufacturing facilities at NAGDA

A) Pursuant to the decision in the Board Meeting held on 8th June, 2009, the shareholders of the company have approved a resolution through postal ballot for the spinoff of the Companys Chemical Business & Wind power business including the factory at Nagda, Madhya Pradesh with all Assets and Liabilities relating to the Division on ‘Slump Sale basis and on as is where basis as a ‘Going Concern to Lanxess India Private Limited w.e.f 1st September 2009 together with the rights, title and interest in the immovable, moveable, intangible, and current assets, for a total gross slump sale value of Rs.53600 Lacs, which would be received net of value of liabilities transferred

Consequent to the above, the current years financial results include only the five months performance of the Chemicals & Wind Power Business and hence are not comparable with the previous years figures.

B) Holdbacks on the transfer of business and interest accrued thereon aggregating to Rs. 5689 Lacs as of 31st March, 2010 lying in the Escrow Accounts will be accounted only on successful completion of certain conditions of the Business Transfer Agreement and therefore treated as Contingent Asset.

C) The company has made a provision of Rs 1150 Lacs towards estimated liability on account of post closing adjustments as per the terms of Business Transfer Agreement.

D) The balances of Rs. 261.13 Lacs payable to Lanxess India Private Limited on account of payment received on their behalf from parties laying in Current Liabilities is subject to reconciliation.

23) Additional Information with respect to the Chemicals & Wind Power business with effect from 1st September, 2009 as per Accounting Standard-24 Discontinuing Operations

(i) Total Assets include an amount of 5688.72 Lacs receivable on account of discontinued business disclosed under Loans and Advances. The total liabilities include an amount of Rs. 5688.72 Lacs as provision for Holdback amount to be settled in connection with discontinued business.

(ii) The amounts of revenue and expenses in respect of the ordinary activities attributable to the discontinued operation during the current financial year are Rs.13137.76 Lacs and Rs.11997.88 Lacs respectively;

(iii) The amount of profit after tax from ordinary activities attributable to the discontinued operation during the current financial year is Rs.579.16 Lacs (Income-tax aggregating Rs.560.71 Lacs);

16) Buy Back of Shares

The Company has completed Buy - back of 40,50,000 Shares @ Rs. 120/- per share amounting to Rs. 48.60 Crores on 11th May, 2010, and hence the Paid - up Equity Share Capital after Buy - back of shares will be Rs. 20,62,65,430/- (2,06,26,543 Shares of Rs. 10/- each).

17) Information Pursuant to the Provisions of Part IV of Schedule of the Companies Act 1956.