Notes to Accounts of Gold Rock Investments Ltd.

Mar 31, 2024

2.23 Provision, Contingent Liabilities and Contingent Assets

Provisions are recognized when the Company has a present obligation (legal or constructive) as
a result of a past event, it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation, and a reliable estimate can be made of the amount of the
obligation.

The amount recognized as a provision is the best estimate of the consideration required to settle
the present obligation at the end of the reporting period, taking into account the risks and
uncertainties surrounding the obligation. When a provision is measured using the cash flows
estimated to settle the present obligation, it carrying amount is the present value of those cash
flows.

Contingent liabilities are disclosed in the Financial Statements by way of notes to accounts, unless
the possibility of an outflow of resources embodying economic benefit is remote.

Contingent assets are disclosed in the Financial Statements by way of notes to accounts when
an inflow of economic benefits is probable.

2.24 Exceptional Items

Exceptional items refer to items of income or expense within the statement of profit and loss from
ordinary activities which are non-recurring and are of such size, nature or incidence that their
separate disclosure is considered necessary to explain the performance of the Company.

2.25 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.
On March 31, 2023, MCA amended the Companies (Indian Accounting Standards) Amendment
Rules, 2023, as below.

Ind AS 1 - Presentation of Financial Statements -

This amendment requires the entities to disclose their material accounting policies rather than
their significant accounting policies.

The effective date for adoption of this amendment is annual periods beginning on or after 1 April
2023.

Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors -

This amendment has introduced a definition of ? accounting estimates and included amendments
to Ind AS 8 to help entities distinguish changes in accounting policies from changes in accounting
estimates. The effective date for adoption of this amendment is annual periods beginning on or
after 1 April 2023.

Ind AS 12 - Income Taxes -

This amendment has narrowed the scope of the initial recognition exemption so that it does not
apply to transactions that give rise to equal and offsetting temporary differences. The effective
date for adoption of this amendment is annual periods beginning on or after 1 April 2023.

The amendments are extensive, and the Company will evaluate the same to give effect to them
as required by law.

27. The Company has assessed its obligations arising in the normal course of business,
proceedings pending with tax authorities and other contracts including derivative and long¬
term contracts. In accordance with the provisions of Indian Accounting Standard (Ind AS) -
37 on ‘Provisions, Contingent Liabilities and Contingent Assets’, the Company recognises a
provision for material foreseeable losses when it has a present obligation as a result of a past
event and it is probable that an outflow of resources will be required to settle the obligation,
in respect of which a reliable estimate can be made. In cases where the available information
indicates that the loss on the contingency is reasonably possible but the amount of loss
cannot be reasonably estimated, a disclosure to this effect is made as contingent liabilities in
the financial statements. The Company does not expect the outcome of these proceedings
to have a materially adverse effect on its financial results.

28. The Company has not advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or other kind of funds) to or in any other person or entity,
including foreign entity (“Intermediaries”), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, 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 provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;

The Company has not received any funds (which are material either individually or in the
aggregate) from any person or entity, including foreign entity (“Funding Parties”), with the
understanding, whether recorded in writing or otherwise, that the Company shall, 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 provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries;

29. The disclosure on the following matters required under Schedule III as amended not being
relevant or applicable in case of the Company, same are not covered:

a) The Company has not traded or invested in crypto currency or virtual currency during
the financial year.

b) No proceedings have been initiated or are pending against the Company for holding any
benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and
rules made thereunder.

c) The Company has not been declared willful defaulter by any bank or financial institution
or government or any government authority.

d) The Company has not entered into any scheme of arrangement.

e) Registration and/or satisfaction of charges are pending to be filed with ROC are as below:

f) There are no transactions which are not recorded in the books of account which have
been surrendered or disclosed as income during the year in the tax assessments under
the Income Tax Act, 1961.

g) The Company does not have any relationship with struck off companies.

30. In the opinion of the Board, the realizable value of Current Assets, Loans and Advances in the
ordinary course of business would not be less than the amount at which they are stated in the
Balance Sheet and the provision for all known and determined liability is adequate and not in
excess of the amount reasonably required.

31. Contingent Liabilities & Commitments (to the extent not provided for): - Nil

32. The Company has given an undertaking to various Financial Institutions not to transfer, assign,
pledges, hypothecate or otherwise dispose off in any manner its investments in equity shares
of LML Ltd. (In Liquidation) (2500598 Equity Shares of Rs.10/- each) without prior approval of
the institutions so long as the loans, advances to LML Ltd., (In Liquidation) by the institutions
remains outstanding.

33. In view of liquidation order passed by Hon’ble NCLT vide order no. CP NO.(IB)55/ALD/2017
WITH CA NO.73/2018 dated 23rd March, 2018 in case of LML Ltd., and after reviewing the
status the company has decided to write off its Investments in LML Ltd and its subsidiaries &
its associates which are holding investment in equity shares of LML Ltd of Rs. 7,11,11,700/-
including the amount of Loans given to subsidiaries & associates. As a consequence, the
provision for impairment made in earlier years has been reversed (written back).

35. There are no dues to Micro and Small Enterprises. This information, as required to be
disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis of information
available with the Company.

36. Additional information pursuant to Part II of Schedule III of the Companies Act, 2013 are not
applicable to the company.

37. Previous year figures have been regrouped and rearranged wherever considered necessary.

38. Disclosure required by clause 32 of the Listing Agreement of loans/advances in nature of
loans outstanding from Subsidiaries and Associates during 2023-2024:

Investment by the loan holders in the shares of the Company: None of the loan holders have
made investments in the shares of the Company.

I. Schedule to the Balance Sheet of a non-deposit taking non-banking financial company
(as required in terms of paragraph 13 of Non-Banking Financial (Non-Deposit
Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007):

For Rajeev Sharma & Associates For and on behalf of the Board of Directors

Chartered Accountant of Gold Rock Investments Limited

FRN - 004849C

Kshitij Sharma Alok Mukherjee Sanjeev Kumar Jain

Partner Managing Director Director

(M. No. 432185) (DIN-00186055) (DIN-02281689)

^{Place: Mumbai} j k Srivastava Pooja Solanki

Dated: 30^th May 2024 CFO Company Secretary

(M. No. F-9629)

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Mar 31, 2013

1. The Company operates only in one segment i.e. Investment & Fiancé Activities and therefore no separate segment wise- details required by Accounting Standard 17 "Segment Reporting" issued by Institute of Chartered Accountants of India is disclosed..

2. In the opinion of the Board the realizable value of Current Assets, Loans and Advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet and the provision for all known and determined liability is adequate and not in excess of the amount reasonably required.

3. Contingent liabilities not provided for-

(a) In respect of corporate guarantees As, Nil/- {Previous year Rs.150000000/-)

(b) In respect of liability that may arise relating to the Trading Division of the Company System Corporation which is disposed, off subject to disputed and contingent liabilities to bo home by the Company |c] Disputed income tax liability of Rs. 312,980/- for the AY. 2010-11,

4. In respect of foreign exchange transactions and related current liability pertaining to erstwhile division System Corporation, which is under litigation/dispute, which are carried forward either at the exchange rate prevailing the dais of transaction or at the exchange rate at that year end as the case may be and same has not been restated at the year end exchange rate.

5. The outstanding balances of some nf the Borrowing, Loans and Advances, Deposits and Trade Payables are subject to confirmation from the respective parties and consequential reconciliation /adjustments arising there from. If any, The management, however, does not export any material variation,

6. The Company has Biven an undertaking to various Financial institutions not to transfer, assign, pledges, hypothecate or otherwise dispose off In any manner its investments in equity shares of LML Ltd., (2500598 Equity Shares of Rs.10/- each) without prior approval of the institutions so long as the loans, advances to LML Ltd., by the institutions remains outstanding.

7. Additional information pursuant to Part II of schedule VI of the Companies Act, 1956 are not applicable to the company

8. Previous year figures have been regrouped and rearranged wherever considered necessary.

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Mar 31, 2012

1.1 143600 have been issued as fully paid

salary paid to gauri shriya Rs,576000/- (P.Y.Rs.576000/-

Rent paid to B.k. shriya Rs,400908/- ( P.Y.Rs.354000/-

Rent paid to sanjeev shriya Rs.300000/- (P.Y.Rs,300000/-)

Outstanding security deposit senjeev infrasystems India (P.Y.Rs,2500000/-

Corporate guarantees on behalf of M/S vihaan infra systems India ltd. Rs,150000000/-

the felted party information is as indentified by the management based on the information available and relied upon by the auditors.

2. The company operates only in one segment i.e. investment & financial Activities and therefore no separate segment wise details required by Accounting standard 17 segment reporting issued by institute of chartered Accountants of India is disclosed.

3. In the opinion of the Board the realizable value of current Assets loans and Advertise in the ordinary course of business would not be less than the amount at which they are stated in the Balance sheet and the provision for all known and datelined liability is adequate and not in excess of the amount reasonably required.

4. Contingent liabilities not provided for;

(a) In respect of corporate guarantees Rs, 15000000/- (previous year Rs,150000000/-

(b) In respect of liability that may relating to the trading division of the company syscorn corporation which is disposed off subject to disputed and contingent liabilities to be borne by the company.

5. In respect of foreign exchange transaction and related current liabilities pertaining to erstwhile division syscorn corporation which is under litigation/dispute which sure carried forward either at the exchange rate prevailing the date of transaction or at the exchange rate at their year end as the case may be and same has not been restated at the yearend exchange rate.

6. The outstanding balances of some of the Borrowings loans and Advances Deposits and trade payables are subject to confirmation from the respective parties and consequential reconcitiation/adjustments arising there from if any the management however does not expect any material variation.

7. The company has given an undertaking to various Financial institutions not to transfer assign pledges hypothecate or otherwise dispose off in any manner its investments in equity share of LML Ltd., (2500598) Equity shares of Rs,10/- each) without prior approval of the institutions 50 long as the loans advances to LML Ltd., by the institutions remains outstanding.

The above referred loans are interest free and there is no repayment schedule.

Investment by the loaner in the shares of the company.

None of the loaners have made investments in the shares of the company.

8. For the year ended march 31,2012 the Revised schedule Vii notified under the companies Act,1956 has become applicable for preparation and presentation of financial statements. The preparation of financial statements based on the Revised Vi does not impact the recognition and measurement principle following for preparation of the financial statements However it has significant impact on the preparation of the disclosures made in the financial statements however it has required /reclassified the previous year figure in accordance with the requirement applicable in the current year.

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Mar 31, 2011

1. Contingent Liabilities not provided for :-

(a) In respect of Corporate guarantees Rs. 15.00 Crore (Previous year Rs. 15.00 Crore).

(b) In respect of liability that may arise relating to the Trading Division of the Company Syscom Corporation which is disposed off subject to disputed and contingent liabilities to be borne by the Company.

2. In respect of foreign exchange transactions and related current liability pertaining to erstwhile division Syscom Corporation which is under litigation/dispute Ve carried forward either at the exchange rate prevailing the date of transaction or at the exchange rate at that year end as the case may be and same has not been restated at the year end exchange rate.

3. The outstanding balances of some of the loans, advances recoverable in cash or kind, and sundry creditors are subject to confirmation from the respective parties and consequential reconciliation / adjustments arising there from, if any The management, however, does not expect any material variation.

4. The Company has given an undertaking to various Financial Institutions not to transfer, assign, pledges, hypothecate or otherwise dispose off in any manner its investments in equity shares in LML Ltd., (2500598 Equity Shares of Rs. 10/- each) without prior approval of the institutions so long as the loans, advances to LML Ltd., by the institutions remains outstanding.

5. In the opinion of the Board, the value of realisation of Current Assets, Loans and Advances in the ordinary course of business would not be less than the amount at which they are staled in the Balance Sheet and the provision for all known and determined liability is adequate and not in excess of the amount reasonably required

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

(i) List of Related Parties and Relationships:

Sr. No. Name of the Related Party Relationship

1. Biue Point Leasing Limited

2. Gold Rock Agrotech Limited

3. Gold Rock World Trade Limited Subsidiary Companies

4. Gold Rock Metals Limited

5. Tridhar Finance & Trading Limited

6. Sugata Investments Limited

7. B.K. Shriya Major Shareholders

8. Gauri Shriya of the Company

9. Sanjeev Shriya

10. MadhuRuia Relatives of Major

11. Vani Shriya Shareholders

12. Vidhushie Shriya

13. Inlac Trading & Agencies Ltd. Enterprise over

14. Picanova Investments Ltd. which relatives of

15. Panki Roadlines Pvt. Limited Major Shareholders are

16. Smart Chip Syscom Ltd. able to exercise

17. Seattle Online (P) Limited significant

18. Splendour Trade Place (P) Limited influence

19. Vihaan Infrasystems India Ltd.

7. Salary Paid to Gauri Shnya- Rs. 576,000/- (P.Y. 5,76,000/-)

8. Rent paid to B. K. Shriya- Rs. 395,044/- (P.Y.398264/-)

9. Rent paid to sanjeev shriya- Rs. 3,00,000/- (P.Y. Rs Nil) and Deposit paid Rs. Rs. 2500000/- (P.Y. Rs. Nil)

10. Corporate Guarantees given on behalf of M/s Vihaan Infrasystems India Ltd (formerly as Gold Rock Trading Limited) - Rs. 150,000,000/-

The related party information is as identified by the management based on the information available and relied upon by the auditors

11. There are no dues to Micro and Small Enterprises. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

12. The company operates only in one segment i.e. Investment & Finance Activities and therefore no separate segment wise details required by Accounting Standard 17 "Segment Reporting" issued by Institute of Chartered Accountants of India is disclosed.

13. Additional information pursuant to provisions of paragraph 3 of Part II of Schedule VI of Companies Act, 1956.

14. Previous years figures have been regrouped, reclassified, recast and rearranged wherever necessary.