Notes to Accounts of Gemstone Investments Ltd.

Mar 31, 2024

C.11 PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES

Provisions are recognized only when there is a present obligation, as a result of past events, and when a reliable
estimate of the amount of obligation can be made at the reporting date. These estimates are reviewed at each reporting
date and adjusted to reflect the current best estimates. Provisions are discounted to their present values, where the time
value of money is material.

Contingent liability is disclosed for:

a) Possible obligations which will be confirmed only by future events not wholly within the control of the Company
or

b) Present obligations arising from past events where it is not probable that an outflow of resources will be required
to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

C.12 USE OF ESTIMATES

The preparation of the financial statements in conformity with Ind AS requires management to make estimates,
judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies
and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the
financial statements and reported amounts of revenues and expenses during the period. Application of accounting
policies that require critical accounting estimates involving complex and subjective judgments and the use of
assumptions in these financial statements have been disclosed. Accounting estimates could change from period to
period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management
becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the
financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes
to the financial statements.

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Mar 31, 2015

1. Additional information pursuant to the paragraph 3 and 4 of the part II to the Schedule VI to The Companies Act, 1956, has been given to the extent applicable.

2. Disclosure as required by Accounting Standard 18(AS-18) Related Party Disclosures issued by the Institute of Chartered Accountants Of India is as follows.

Enterprises owned or significantly influenced by key management personnel or their relatives:

1. Asian Fintrade Services Pvt. Ltd

2. Asian Comtrade Pvt. Ltd.

3. Money Mount Securities Pvt. Ltd

4. Power-point Energy Pvt. Ltd

3. As required by notification number, GSR 129(E) dated 22nd February,1999 issued by the department of company Affairs, Ministry of Law and company affairs the company doesn't owe Rs. 1,00,000/- and above which are outstanding for more than 30 days to any small scale industrial undertaking.

4. The RBI regulation on prudential norms for Income recognition and provisioning for non performing assets have been followed but no provision for standard assets has been made.

5. There is no amount due to be transferred to investor's education and Protection Fund as on 31st March 2015.

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Mar 31, 2014

1. The company adopts the accounting system as stipulated under Non banking Financial Companies Prudential Norms,(Reserve Bank)Directions,1998 dated 2nd January ,1998 issued by reserve Bank of India in respect of Income Recognition ,provisioning and assets classification for Non- Banking Financial Companies are followed by the company in preparation of accounts.

2. As required by notification number, GSR 129(E) dated 22nd February,1999 issued by the department of company Affairs, Ministry of Law and company affairs the company doesn''t owe Rs. 1,00,000/- and above which are outstanding for more than 30 days to any small scale industrial undertaking.

3. The RBI regulation on prudential norms for Income recognition and provisioning for non performing assets have been followed but no provision for standard assets has been made.

4. There is no amount due to be transferred to investor''s education and Protection Fund as on 31st March 2014.

5. Previous years figures have been regrouped, reclassified wherever necessary to make them comparable to that of current year.

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Mar 31, 2012

1. Provision of Rs. NIL for the diminution in investment is transferred to the Investment Fluctuation Reserve.

2. The company adopts the accounting system as stipulated under Non banking Financial Companies Prudential Norms,(Reserve Bank)Directions,1998 dated 2nd January ,1998 issued by reserve Bank of India in respect of Income Recognition provisioning and assets classification for Non- Banking Financial Companies are followed by the company in preparation of accounts.

3. Additional information pursuant to the paragraph 3 and 4 of the part II to the Schedule VI to the companies Act ,1956, has been given to the extent applicable.

Value of import on CIF basis (previous year 'Nil') NIL

Expenditure in foreign currency (previous year 'Nil') NIL

Earning in foreign currency (previous year'Nil) NIL

Remittance in foreign currency on account of dividend to foreign shareholders (Previous year 'Nil NIL

4. Disclosure as required by Accounting Standard 18(AS-18) Related party Disclosures issued by the Institute of Chartered Accountants Of India are as follows.

5. As required by notification number, GSR 129(E) dated 22nd February,1999 issued by the department of company Affairs, Ministry of Law and company affairs the company doesn't owe Rs. 100000/- and above which are outstanding for more than 30 days to any small scale industrial undertaking.

6 . The RBI regulation on prudential norms for Income recognition and provisioning for non performing assets have been followed but no provision for standard assets has been made.

7. There is no amount due to be transferred to investor's education and Protection Fund as on 31st March 2011.

8. Previous years figures have been regrouped, reclassified wherever necessary to make them comparable to that of current year.

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Mar 31, 2011

1. Provision of Rs. NIL for the diminution in investment is transferred to the Investment Fluctuation Reserve.

2. The company adopts the accounting system as stipulated udner Non banking Financial Companies Prudential Norms, (Reserve Bank) Directions, 1998 dated 2nd January, 1998 issued by Reserve Bank of India in respect of Income Recognition provisioning and assets classification for Non-Banking Financial Companies are followed by the company in preparation of accounts.

3. Additional information pursuant to the paragraph 3 and 4 of the part II to the Schedule VI to the companies Act, 1956 has been given to the extent applicable.

Value of import on CIF basis (previous year 'Nil') NIL

Expenditure in foreign currency (previous year 'Nil') NIL

Earning in foreign currency (previous year Nil) NIL

Remittance in foreign currency on account of dividend to foreign shareholders (Previous year Nil) NIL

4. Disclosure as required by Accounting Standard 18 (AS-18) Related party Disclosures issued by the Institute of Chartered Accountnats of India are as follows.

Enterprises owned or significantly influenced by key management personnel or their relatives

(a) Asian Fintrade Services Pvt. Ltd.

(b) Asian Comtrade Pvt. Ltd.

(c) Money Mount Securities Pvt. Ltd.

(d) Power-Point Energy Pvt. Ltd.

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Mar 31, 2010

1. Disclosure as required by Accounting Standard 20 (AS-20)eaming per Share issued by The Institute of Chartered Accountants of India are as follows.

2. As required by notification number, GSR 129(E) dated 22nd February,1999 issued by the department of Company Affairs, Ministry of Law and Company affairs the Company doesnt owe Rs. 100000/- and above which are outstanding for more than 30 days to any small scale industrial undertaking.

3. Deferred Tax Assets /Liability:

Separate provision for -ferred tax assets/ liability as stipulated by Accounting Standard (AS-22)issued by the Institute of Chartered Accountants Of India is not contemplated by the Company owing to non difference of taxable income under the Companies Act, 1956 and under the Income Tax Act,1961.

4. The RBI regulation on prudential norms for Income recognition and provisioning for non performing assets has been followed.

5. There is no amount due to be transferred to investors education and Protection Fund as on 31s1 March 2010.

6. Previous year figures have been regrouped, reclassified wherever necessary to make them comparable to that of current year.

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Mar 31, 2009

1. Remittance in foreign currency on account of dividend to foreign shareholders (Previous year Nil) NIL

2. Disclosure as required by Accounting Standard 18(AS-18) Related party Disclosures issued by the Institute of Chartered Accountants Of India are as follows.

3. As required by notification number, GSR 129(E) dated 22nd February.1999 issued by the department of company Affairs, Ministry of Law and company affairs the company doesnt owe Rs. 100000/- and above which are outstanding for more than 30 days to any small scale industrial undertaking.

4. Deferred Tax Assets /Liability :

Separate provision for deferred tax assets/ liability as stipulated by Accounting Standard (AS-22)issued by the Institute of Chartered Accountants Of India is not contemplated by the company owing to non difference of taxable income under the companies Act, 1956 and under the Income Tax Act,196t.

5. The RBI regulation on prudential norms for Income recognition and provisioning for non performing assets have been followed.

6. There is no amount due to be transferred to investors education and Protection Fund as on 31s1 March 2009.

7. Previous years figures have been regrouped, reclassified wherever necessary to make them comparable to that of current year.