Notes to Accounts of GSL Securities Ltd.

Mar 31, 2024

J. Provisions and Contingencies :

The company creates a provision when there is present obligation as a result of a past event that probably
requires an outflow of resources and a reliable estimate can be made of the amount of obligation. A disclosure
for a contingent liability is made when there is a possible obligation or a present obligation that probably will not
require an outflow of resources or where a reliable estimate of the obligation cannot be made.

K. Employee Benefits:

The company has not provided for Gratuity and Leave encashment benefits till 31.03.2024. The retirement
benefits will be debited as and when paid.

L. Foreign Exchange Transactions:-

a) Transactions in Foreign Currency are accounted at the exchange rate prevailing on the date of Transactions.

Exchange fluctuations between the transaction date and the settlement date in respect of Revenue

Transactions are recognized in Profit & Loss Account.

b) All export proceeds not realised at the year end are restated at the rate prevailing at the year end. The

exchange difference arising there from has been recognised as income / expenses in the Current Year’s

Profit & Loss A/c along with underlying transaction.

c) The premium or discount arising at the inception of forward exchange contract is amortised as expense or
income over the life of the contract. Exchange differences on such contracts are recognised in the
statement of profit and loss in the year in which the exchange rates change. Any profit or loss arising on
cancellation or renewal of forward exchange contracts is recognised as income or as expense for the
year. None of the forward exchange contracts are taken for trading or speculation purpose.

M. Borrowing Costs:-

Borrowing Costs that are attributable to the acquisition or construction of qualifying assets are capitalised as
part of the cost of such assets. A qualifying asset is one that necessarily takes a substantial period of time to get
ready for its intended use or sale. All other borrowing costs are charged to revenue.

N. Cash flow statement

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of
transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or
payments and item of income or expenses associated with investing or financing cash flows. The cash flows
from operating, investing and financing activities of the Company are segregated. The company considers all
highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.

The management has assessed that the fair value of current and non-current loan and advances, other non¬
current asset, trade receivables approximate their carrying amounts largely due to the short term maturities of
these instruments.

The fair value of Investments are based on the amount at which the instrument could be exchanged in a current
transaction between willing parties, other than in a forced or liquidation sale. The following methods and
assumptions were used to estimate the fair values:

1) The fair values of the quoted equity shares and mutual funds are based on price quotations at the reporting
date.

2) Investment in Subsidiary and Associate Companies are carried at cost.

3) The fair values of the unquoted debentures, mutual fund and equity shares have been estimated using Net
Asset Value (NAV) as at reporting date.

The valuation of unquoted equity shares requires management to make certain assumptions about the Model
Inputs, including forecast of cash flows, discount rate, credit risk and volatility. The probabilities of the various
estimates within range can be reasonably assessed and are used in management''s estimate of fair value for
these unquoted shares. Wherever, the probability is low, valuation has been done based on redemption
assumptions.

The significant unobservable inputs used in the fair value measurement categorized within Level 3 of the fair
value hierarchy together with a quantitative sensitivity analysis as at 31st March, 2023 and 31st March, 2024 are
as shown below.

19. Financial Risk Management Objectives and Policies

The Company’s financial risk management is an integral part of how to plan and execute its business strategies.
Fair Value Hierarchy

The different levels have been defined below:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities

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

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)

20. Disclosure relating to Trade payables:

a. There are no outstanding dues to Micro, Small and Medium Enterprises to the extent information available
with the company and the payments in respect of such suppliers are made within the appointed day.

b. Since there is no Outstanding Trade payables which is due for payment as on 31^st March 2024, hence
disclosures relating to its ageing schedule are not applicable to the company.

21. Trade receivables ageing schedule:

Since there is no Outstanding Trade receivables as on 31^st March 2024, hence disclosure relating to its ageing
schedule are not applicable to the company.

22. Capital work-in-progress ageing schedule:

Since Capital work-in-progress as on 31^st March 2024 is NIL, hence disclosure relating to its ageing schedule are
not applicable to the company.

23. Intangible assets under development ageing schedule:

Since Intangible assets under development as on 31^st March 2024 is NIL, hence disclosure relating to its ageing
schedule are not applicable to the company.

24. Disclosures pursuant to Master Direction - Reserve Bank of India (Transfer of Loan Exposures)
Directions 2021 dated 24^th September 2021:

a. Details of transfer through direct assignment in respect of loans not in default:

Since the company has not given any loan which is Outstanding at the beginning of the year nor has
granted any loan during the year, hence disclosure relating to same are not applicable.

b. The company has not acquired any loan in default during the year ended 31^st March 2024.

c. The Company has not transferred or acquired any stressed loan during the year ended 31^st March 2024.

25. Disclosure pursuant to RBI Master Directions, 2021 dtd. 17^th February 2021.

Since the company has not given any loan which is Outstanding at the beginning of the year nor has granted any
loan during the year, hence disclosure relating to same are not applicable.

26. Disclosure relating to RBI circular dtd. 12^th November 2021 and dtd. 13^th March 2020:

Since the company has not given any loan which is Outstanding at the beginning of the year nor has granted any
loan during the year, hence the said circulars are not applicable.

27. The Company does not hold any immovable property either owned or leased as on 31^st March 2024 and 31^st
March 2023, hence disclosure relating to Title deeds of immovable property held in the name of the company and
/ or its revaluation are not applicable.

28. No proceedings have been initiated or pending against the Company for holding any benami property under the
Benami Transactions (Prohibition) Act, 1988 and rules made thereunder, as at 31^st March 2024 and 31^st March
2023.

29. Since the company has not taken any borrowings from any banks and / or Financial institutions, hence disclosure
relating to filing of quarterly returns or statement of current assets are not applicable.

30. The Company are not a declared wilful defaulter by any bank or financial Institution or other lender, in accordance
with the guidelines on wilful defaulters issued by the Reserve Bank of India, during the year ended 31^st March
2024 and 31^st March 2023.

31. The Company does not have any transactions with the companies struck off under section 248 of Companies
Act, 2013 or section 560 of Companies Act, 1956 during the year ended 31^st March 2024 and 31^st March 2023.

32. Registration of charges or satisfaction with Registrar of Companies (ROC):

Since the company has not mortgaged any property / assets whether moveable or immoveable, nor has taken
any loan, hence the same are not applicable to the company.

33. Disclosure relation to utilisation of borrowed funds for specific purpose:

The company has not taken any borrowing from any Banks and/or Financial institutions, hence disclosure
relating to Utilisation of borrowings for specific purpose are not applicable.

34. Disclosure relating to utilisation of borrowed funds and share premium:

a. The company has not taken any borrowings from any banks and/or financial institutions and / or has not
issued any shares at premium. Hence disclosure relating to grant of loans, advances or its investment to
any other persons or to any other entity are not applicable.

b. The company has also not given any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
Hence disclosure of the same are not applicable.

c. The company has not received any funds from any persons or entities including Foreign entities, hence
disclosure relating to the same are not applicable

* The Company is not required to comply with the guidelines on Liquidity Coverage Ratio (LCR) in line with Master
Direction - Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021 as at
31^st March 2024 and 31^st March 2023.

36. The Company has not traded or invested in Crypto currency or Virtual Currency during the year ended 31^st March
2024 and 31^st March 2023.

37. Compliance with approved scheme of arrangements

The company has not applied for any scheme of arrangements with any competent authority in terms of sections
230 to 237 of the Companies Act, 2013, hence disclosure relating to same are not applicable.

38. Deferred taxes on Income:-

The company is entitled to create deferred tax asset/ liability in the Books of accounts with respect to timing
difference of carried forward business and depreciation losses as well as depreciation. However, in view of
carried forward business & depreciation losses there is no reasonable certainty that the asset can be realized.
Hence the deferred tax asset on account of carried forward losses are not recognized on the ground of
prudence, but Deferred Tax Assets on account of Depreciation for the current year has been recognised in the
Books of accounts, details of which are as under :

39. In the absence of confirmation from some of the parties and pending reconciliation the debit and credit balances
with regard to recoverable and payable have been taken as reflected in the books. In the opinion of the Directors,
Loans and Advances and Current Assets, if realized in the ordinary course of business, have the value at which
they are stated in the Balance Sheet.

40. There have been no transactions which have not been recorded in the books of accounts that have been
surrendered or disclosed as income during the year ended 31 March 2024 and 31 March 2023, in the tax
assessments under the Income Tax Act, 1961. There have been no previously unrecorded income and related
assets which were to be properly recorded in the books of account during the year ended 31 March 2024 and
31 March 2023.

43. The figures of the previous year have been regrouped and recast wherever necessary to confirm to the
groupings of the current year.

44. During the year, the Company has provided Rs. NIL/- (PY. NIL-), towards Non- performing Assets in accordance with
the prudential norms prescribed by Reserve Bank of India.

45. There were no outstanding Dues to Micro, Small and Medium Enterprises to the Extent Information Available with

the Company and the Payments in respect of such suppliers are made within the appointed day.

As per our report of even date,

For BAXI & ASSOCIATES For and on behalf of the board of Directors

Chartered Accountants

Firm Reg. No. 122552W Sd/- Sd/-

Sd/- S.K. BAGRODIA SHAILJA BAGRODIA

Abhay Baxi Managing Director Director

Partner DIN: 00246168 DIN: 00246710

Membership No. : 101020 Sd/- Sd/-

Place : Mumbai SWARA KANADE MAHESH PUROHIT

Date : 21.05.2024 CFO Company Secretary

ICAI UDIN : 24101020BKCRXM7317

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Mar 31, 2015

1. Terms/Rights attached to equity shares:

The company has only one class of equity share having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.

During the year ended 31st March 2015, the amount of per share dividend recognized as distributions to equity shareholders was Rs. Nil (31st March 2014 Rs. Nil)

While determining dimunition other than temporary in value of the long term quoted/unquoted investment has not been provided as in view of the management such dimunition is temporary in nature and as such there is no requirement of making any provision.

2. Contingent Liabilities Not Provided For : -

31.03.2015 31.03.2014

a) Estimated amount of contracts remaining to be executed on capital account NIL NIL

b) Claims against company not NIL NIL acknowledge as debts 3. Foreign Exchange earnings and out-go is Rs. NIL (P.Y. NIL)

4. Segment Reporting

Segment Reporting as defined in Accounting Standards 17 is not applicable as the company is primarily engaged in Finance Activity.

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

I. List of Related Parties :

a) Associate companies where Directors or Relatives of Director are Directors.

(i) Mangalam Exim Private Limited

(ii) Shree Kumar Mangalam Traders Private Limited

(iii) Harivasta Education Private Limited

(iv) Nalini Stockbrokers Private Limited

(v) Rastogi Textiles Private Limited

(vi) Sobhagya Mercantile Limited

(vii) Hues Developers Private Limited

(viii) A Fracas Entertainment Private Limited

b) Key Management Personnel

(i) Santkumar Kesardeo Bagrodia - Director

(ii) Shailja Santkumar Bagrodia - Director

(iii) Kaushal Atul Mehta - Director

(iv) Vijay Kumar Lahoti

II. Particulars of Outstanding Balance at the end of the year with Related Parties

Outstanding balance at the end of the year Rs. Nil (P. Y. 13,500) of any related Party

6. Deferred taxes on Income:- The company is entitled to create deferred tax asset/ liability in the books of A/ cs with respect to timing difference of carried forward business and depreciation losses as well as depreciation. However, in view of carried forward business & depreciation losses there is no reasonable certainty that the asset can be realized. Hence the deferred tax asset is not recognized on the ground of prudence.

7. In the absence of confirmation from some of the parties and pending reconciliation the debit and credit balances with regard to recoverable and payable have been taken as reflected in the books. In the opinion of the Directors, Loans and Advances and Current Assets, if realized in the ordinary course of business, have the value at which they are stated in the Balance Sheet.

8. As per Accounting Standard 20 "Earning Per Share" issued by Institute of Chartered Accountant of India the Company gives following disclosure for the year.

9. During the year, the Company has provided Rs. NIL/- (P.Y. NIL-), towards Non- performing Assets in accordance with the prudential norms prescribed by Reserve Bank of India.

10. The figures of the previous year have been regrouped and recast wherever necessary to confirm to the groupings of the current year.

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Mar 31, 2014

1 Terms/Rights attached to equity shares:

The company has only one class of equity share having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.

During the year ended 31st March 2014, the amount of per share dividend recognized as distributions to equity shareholders was Rs. Nil (31st March 2013 Rs. Nil)

2 Contingent Liabilities Not Provided For :

31.03.2014 31.03.2013

a) Estimated amount of contracts remaining to be executed on capital account NIL NIL

b) Claims against company not acknowledge as debts NIL NIL

3 Foreign Exchange earnings and out-go is Rs. NIL (P.Y. NIL)

4 Segment Reporting

Segment Reporting as defined in Accounting Standards 17 is not applicable as the company is primarily engaged in Finance Activity.

5 Disclosure requirements as per Accounting Standard 18 (AS-18) "Related Party Disclosure" issued by the Institute of Chartered Accountants of India

I. List of Related Parties :

a) Associate companies where Directors or Relatives of Director are Directors.

(i) Mangalam Exim Private Limited

(ii) Shree Kumar Mangalam Traders Private Limited

(iii) Harivasta Education Private Limited

(iv) Nalini Stockbrokers Private Limited

(v) Rastogi Textiles Private Limited

(vi) Sobhagya Mercantile Limited

(vii) Hues Developers Private Limited

b) Key Management Personnel

(i) Santkumar Kesardeo Bagrodia - Director

(ii) Shailja Santkumar Bagrodia - Director

(iii) Kaushal Atul Mehta - Director.

6 Deferred taxes on Income:- The company is entitled to create deferred tax asset/ liability in the books of A/ cs with respect to timing difference of carried forward business and depreciation losses as well as depreciation. However, in view of carried forward business & depreciation losses there is no reasonable certainty that the asset can be realized. Hence the deferred tax asset is not recognized on the ground of prudence.

7 In the absence of confirmation from some of the parties and pending reconciliation the debit and credit balances with regard to recoverable and payable have been taken as reflected in the books. In the opinion of the Directors, Loans and Advances and Current Assets, if realized in the ordinary course of business, have the value at which they are stated in the Balance Sheet.

8 During the year, the Company has provided Rs. NIL/- (P.Y. NIL-), towards Non- performing Assets in accordance with the prudential norms prescribed by Reserve Bank of India.

9 The figures of the previous year have been regrouped and recast wherever necessary to confirm to the groupings of the current year.

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Mar 31, 2013

1. Contingent Liabilities Not Provided For : :

31.03.2013 31.03.2012

a) Estimated amount of contracts remaining to be executed on capital account NIL NIL

b) Claims against company not acknowledge as debts NIL NIL

2. Foreign Exchange earnings and out-go is Rs. NIL (P.Y. NIL)

3. Segment Reporting

Segment Reporting as defined in Accounting Standards 17 is not applicable as the company is primarily engaged in Finance Activity.

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

I. List of Related Parties :

a) Associate companies where Directors or Relatives of Director are Directors. (i) Mangalam Exim Private Limited

(ii) Shree Kumar Mangalam Traders Private Limited

(iii) Harivasta Education Private Limited

(iv) Nalini Stockbrokers Private Limited

(v) Rastogi Textiles Private Limited

(vi) Sobhagya Mercantile Limited

(vii) Hues Developers Private Limited

b) Key Management Personnel

(i) Santkumar Kesardeo Bagrodia - Director (ii) Shailja Santkumar Bagrodia - Director (iii) Kaushal Atul Mehta - Director.

5. Deferred taxes on Income:- The company is entitled to create deferred tax asset/ liability in the books of A/ cs with respect to timing difference of carried forward business and depreciation losses as well as deprecia- tion. However, in view of carried forward business & depreciation losses there is no reasonable certainty that the asset can be realized. Hence the deferred tax asset is not recognized on the ground of prudence.

6. In the absence of confirmation from some of the parties and pending reconciliation the debit and credit balances with regard to recoverable and payable have been taken as reflected in the books. In the opinion of the Directors, Loans and Advances and Current Assets, if realized in the ordinary course of business, have the value at which they are stated in the Balance Sheet.

7. As per Accounting Standard 20 "Earning Per Share" issued by Institute of Chartered Accountant of India the Company gives following disclosure for the year.

8. During the year, the Company has provided Rs. NIL/- (P.Y. NIL-), towards Non- performing Assets in accordance with the prudential norms prescribed by Reserve Bank of India.

9. The figures of the previous year have been regrouped and recast wherever necessary to confirm to the groupings of the current year.

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Mar 31, 2012

1.1 Terms/Rights attached to equity shares:

The company has only one class of equity share having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.

During the year ended 31st March 2012, the amount of per share dividend recognized as distributions to equity shareholders was Rs. Nil (31st March 2011 Rs. Nil)

Aggregate Market Value of Quoted Investments Refer Note (a)

a) While determining diminution, other than temporary, in the value of the long term quoted / unquoted investments, has not been provided as in the view of the management such diminution is temporary in nature and as such there is no requirement of making any provision.

2. Contingent Liabilities Not Provided For : -

31.03.2012 31.03.2011

a) Estimated amount of contracts remaining to be executed on capital account NIL NIL

b) Claims against company not acknowledge as debts NIL NIL

3. Foreign Exchange earnings and out-go is Rs. NIL (P.Y. NIL)

4. Segment Reporting

Segment Reporting as defined in Accounting Standards 17 is not applicable as the company is primarily engaged in Finance Activity.

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

I. List of Related Parties :

a) Associate companies where Directors or Relatives of Director are Directors.

(i) Mangalam Exim Private Limited

(ii) Shree Kumar Mangalam Traders Private Limited

(iii) Harivasta Education Private Limited

(iv) Nalini Stockbrokers Private Limited

(v) Rastogi Textiles Private Limited

(vi) Sobhagya Mercantile Ltd

b) Key Management Personnel

(i) Santkumar Kesardeo Bagrodia - Director

(ii) Shailja Santkumar Bagrodia - Director

(iii) Kaushal Atul Mehta - Director.

6. Deferred taxes on Income:-

The company is entitled to create deferred tax asset/ liability in the books of A/cs with respect to timing difference of carried forward business and depreciation losses as well as depreciation. However, in view of carried forward business & depreciation losses there is no reasonable certainty that the asset can be realized. Hence the deferred tax asset is not recognized on the ground of prudence.

7. In the absence of confirmation from some of the parties and pending reconciliation the debit and credit balances with regard to recoverable and payable have been taken as reflected in the books. In the opinion of the Directors, Loans and Advances and Current Assets, if realized in the ordinary course of business, have the value at which they are stated in the Balance Sheet.

8. As per Accounting Standard 20 "Earning Per Share'''' issued by Institute of Chartered Accountant of India the Company gives following disclosure for the year.

9. During the year, the Company has provided Rs. NIL/- (PY. NIL-), towards Non- performing Assets in accordance with the prudential norms prescribed by Reserve Bank of India

10. Till the year ended 31 March 2011, the company was using pre-revised Schedule VI to the Companies Act, 1956, for preparation and presentation of its financial statements. During the year ended 31 March, 2012 the revised Schedule VI notified under the Companies Act, 1956, has become applicable to the company. the company has reclassified previous year figures to conform to this year''s classification. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. How- ever, it significantly impacts presentation and disclosures made in the financial statements, particularly presentation of balance sheet.

11 The figures of the previous year have been regrouped and recast wherever necessary to confirm to the groupings of the current year.

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Mar 31, 2010

1. Contingent Liabilities Not Provided For : -

31.03.2010 31.03.2009

a) Estimated amount of contracts remaining to be executed on capital account NIL NIL

b) Claims against company not acknowledge as debts NIL NIL

2. Foreign Exchange earnings and out-go is Rs. NIL (P.Y. NIL)

3. Segment Reporting

Segment Reporting as defined in Accounting Standards 17 is not applicable as the company is primarily engaged in Finance Activity.

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

I. List of Related Parties :

a) Associate companies where Relatives of the Managing Director / Chief Executive Officer are Directors.

(i) Manglam Exim Private Limited

{ii) Shree Kumar Mangalam Traders Private Limited

(iii) Harivasta Education Private Limited

(iv) Nalini Stockbrokers Private Limited

(v) Rastogi Textiles Private Limited

b) Key Management Personnel

(i) S. K Bagrodia

c) Director

(i) Shailja Bagrodia

5. Deferred taxes on Income:-

The company is entitled to create deferred tax asset/ liability in the books of a/cs with respect to timing difference of carried forward business and depreciation losses as well as depreciation. However, in view of carried forward business & depreciation losses there is no reasonable certainty that the asset can be realized. Hence the deferred tax asset is not recognized on the ground of prudence.

6. In the absence of confirmation from some of the parties and pending reconciliation the debit and credit balances with regard to recoverable and payable have been taken as reflected in the books. In the opinion of the Directors, Loans and Advances and Current Assets, if realized in the ordinary course of business, have the value at which they are stated in the Balance Sheet.

7. Diminution in Value of Long Term Investment

The diminution of Rs NIL (Previous Year Rs 43,00,775) in the value of aggregate long term investments in quoted equity shares as on 31st March, 2010 has not been provided as in the view of the management such diminution is temporary in nature and as such there is no requirement of making any provision.

8. As per Accounting Standard 20 "Earning Per Share" issued by Institute of Chartered Accountant of India the Company gives following disclosure for the year.

9. During the year, the Company has provided Rs. 75,000/- (P.Y. 1,42,500/-), towards Non- performing Assets in accordance with the prudential norms prescribed by Reserve Bank of India

10 The figures of the previous year have been regrouped and recast wherever necessary to confirm to the groupings of the current year.