TO, The manager Listing, The Bombay Stock …...who are authorized to vote, to the...

DATE:07/09/2018

TO,ThemanagerListing,TheBombayStockExchangeCorporateRelatioshipDepartment,1stfloor,newtradingRing,RotundaBldg,P.J.Tower,Fort,Mumbai‐400001SECURITYCODENO:530605

SUB:NOTICEOFAGM&25THANNUALREPORTOFTHECOMPANY

DearSir/mam,

Please findenclosedherewith thesoft copyofAGMand25thAnnualReportofGSLNovaPetrochemicalsLimitedfor2017‐18Whichwillbecirculatedtothoseshareholdersofthecompanywhosenameisappearsinregisterofmembers/listofbeneficialownerason30thMay,2018.

ThankingYour,

YoursFaithfully

For,GSLNovaPetrochemicalsLimited

DhwaniShahCompanySecretary

25TH

ANNUAL REPORT2017-2018

[Formerly Known as Nova Petrochemicals Limited]

Your confidence is our biggest Asset

GSL Nova

Annual Report 2017-18 1

GSL Nova

25th ANNUAL REPORT

Board of Directors : Shyam Gupta Chairman Sunil Kumar Gupta Managing Director Anil Singhal Director Sandeep Goyal Director Meenu Maheshwari Director

ChiefFinancialOfficer : MayankaGupta

Company Secretary : Dhwani Shah

Bankers : StateBankofIndia

RegisteredOffice&Plant : SurveyNo.396/403,MoraiyaVillage, Sarkhej-BavlaHighway, Tal.Sanand,Dist.Ahmedabad–382210. Gujarat,India e-mail:[email protected] Website:www.novapetro.com

Share Transfer Agent : MCS Share Transfer Agent Limited 101,ShatdalComplex,1stFloor, Opp.BataShowRoom, AshramRoad,Ahmedabad–380009.

Contents Page No.

Notice 02

Directors’ Report 05

ManagementDiscussion&AnalysisReport 18

ReportonCorporateGovernance 19

Auditors’ Report 25

Balance Sheet 30

StatementofProfit&Loss 31

Cash Flow Statement 33

NotestotheFinancialStatements 35

Annual Report 2017-182

GSL Nova

NOTICENoticeisherebygiventhattheTwentyForthAnnualGeneralMeetingoftheMembersofM/S GSL NOVA PETROCHEMICALS LIMITED willbeheldonSaturday,29thdayofSeptember, 2018 at11.30 A.M. attheregisteredofficeoftheCompanyatSurveyNo.396/403, MoraiyaVillage,Sarkhej-BavlaHighway,Tal.Sanand,Dist.Ahmedabad–382210totransactthefollowingbusiness:

ORDINARY BUSINESS: -

1. Toreceive,considerandadopttheBalanceSheetasat31stMarch2018,StatementofProfitandLossAccountfortheyearendedonthatdayandtheReportsoftheDirectors’andAuditors’thereon.

2. ToappointaDirectorinplaceofShriShyamSunderGupta(holdingDIN:00010735),whoretiresbyrotationandbeingeligible,offershimselfforre-appointment.

3. ToconsidertheratificationofM/sSamirMShah&Associates,charteredaccountantsasstatutoryauditorsoftheCompany:

RESOLVED THAT subject to approval of shareholders at their forthcoming Annual GeneralMeeting,M/s. SamirM. Shah&AssociatescharteredAccountants,Ahmedabad,(Registrationnumber122377W),fromwhomcertificatepursuanttosection139oftheCompaniesAct,2013hasbeenreceivedbeandherebyratifiedtocontinueasStatutoryAuditorsoftheCompanytoholdofficefromtheconclusionofthisAnnualGeneralMeetingtilltheconclusionofthenextAnnualGeneralMeetingoftheCompanyataremunerationtobemutuallydecided’

Regd. Office: By order of the Board of Directors,SurveyNo.396/403,MoraiyaVillage,Sarkhej-BavlaHighway,Tal.Sanand,Dist.Ahmedabad–382210Dated:30/05/2018 CompanySecretary

Notes:-

1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF SELF AND A PROXY NEED NOT BE A MEMBER OF THE COMPANY.

2. THE PROXY FORM DULY STAMPED AND EXECUTED SHOULD REACH THE REGISTERED OFFICE OF THE COMPANY ATLEAST 48 HOURS BEFORE THE TIME FIXED FOR THE COMMENCEMENT OF THE MEETING.

3. TheRegisterofMembersandShareTransferBooksoftheCompanyshallremainclosedfrom23rdSeptember,2018to29thSeptember,2018(bothdaysinclusive).

4. MembersdesiringanyinformationpertainingtoAccountsarerequestedtowritetotheCompanyatleastsevendaysbeforethedateofthemeetinginorderthattheinformationcanbemadeavailableatthemeeting.

5. MembersarerequestedtobringtheircopyoftheAnnualReportatthemeetingandproducetheAttendanceSlipattheEntrancewheretheAnnualGeneralMeetingwillbeheld.

6. Memberswhohold shares in dematerialized formare requested tobring their Client ID andDP IDnumbers for easy identificationofattendanceatthemeeting.

7. TheMinistryofCorporateAffairshastakena“GreenInitiativeintheCorporateGovernance”byallowingpaperlesscompliancesbythecompaniesandhasissuedcircularsstatingthatserviceofnotice/documentsincludingAnnualReportcanbesentbye-mailtoitsmembers.Tosupportthisgreeninitiative,membersholdingsharesindematformarerequestedtoprovidetheire-mailIDtothedepositorythroughtheirconcerneddepositoryparticipantandmembersholdingsharesinphysicalformarerequestedtoprovidee-mailIDtotheCompany’sRTA,M/s.MCSSharetransferAgentLimited,101,ShatdalComplex,1stFloor,Opp.BataShowRoom,AshramRoadAhmedabad–380009andalsonotifythee-mailaddressasandwhenthereisanychange.

8. MembersholdingsharesinphysicalmodearerequestedtoimmediatelynotifytheCompanyoritsShareTransferAgentaboutanychangeofaddressandtheirbankparticulars.MembersholdingsharesindematerializedformarerequestedtoimmediatelynotifytheirrespectiveDepositoryParticipantsaboutanychangeofaddressandtheirbankparticulars.

9. TheSecuritiesandExchangeBoardofIndia(SEBI)hasdecidedthatsecuritiesoflistedcompaniescanbetransferredonlyindematerialisedw.e.f. December 05, 2018 onwards. In view of the above and to avail various benefits of dematerialisation,members are advised todematerialisesharesheldbytheminphysicalform.

10. NonResidentIndianmembersarerequestedtoinformBigshare/respectiveDPs,immediatelyof:

a. ChangeintheirresidentialstatusonreturntoIndiaforpermanentsettlement.

b. ParticularsoftheirbankaccountmaintainedinIndiawithcompletename,branch,accounttype,accountnumberandaddressofthebankwithpincodenumber,ifnotfurnishedearlier.

11. AStatementpursuantofSection102(1)oftheCompaniesAct,2013relatingtotheSpecialBusinesstobetransactedattheMeetingisannexedhereto.


GSL Nova

12. Memberswhohavenotregisteredtheire-mailaddressessofararerequestedtoregistertheire-mailaddressforreceivingallcommunicationincludingAnnualReport,Notices,Circulars,etc.fromtheCompanyelectronically.

13. Process and manner for members opting for e-voting are as under :

IncompliancewithprovisionofRegulation44ofSEBI(LODR)Regulations,2015,Section108oftheCompaniesAct,2013readwithRule20oftheCompanies(ManagementandAdministration)Rules,2014theCompanyispleasedtoprovidee-votingfacilitytoalltheshareholdersoftheCompany.ThefacilityofcastingthevotesbythemembersusinganelectronicvotingsystemfromaplaceotherthanvenueoftheAGM(remotee-voting)willbeprovidedbyNationalSecuritiesDepositoryLimited(NSDL).

I. The instructions for e-voting are as under :

(i) Openyourwebbrowserduringthevotingperiodandnavigatetohttps://www.evoting.NSDL.com/

(ii) Enterthelogincredentials(i.e.,user-id&Password)mentionedontheAnnualReport.Yourfolio/DPClientIDwillbeyourUser-ID.

User-ID ForMembersholdingsharesinDematForm:-ForNSDL:-8CharactersDPIDfollowedby8DigitsClientIDForNSDL:-16digitsbeneficiaryIDForMembersholdingsharesinPhysicalForm:-Eventno.followedbyFolioNumberregisteredwiththeCompany

Password ExistingPassword

(iii) Afterenteringthesedetailsappropriately,clickon“LOGIN”.

(iv) MembersholdingsharesinDemat/PhysicalformwillnowreachPasswordChangemenuwhereintheyarerequiredtomandatorilychangetheirloginpasswordinthenewpasswordfield.Changethepassword/PINwithnewpasswordofyourchoicewithminimum8digits/charactersorcombinationthereof.Notenewpassword.Itisstronglyrecommendednottoshareyourpasswordwithanyotherpersonandtakeutmostcaretokeepyourpasswordconfidential.

(v) Youneedtologinagainwiththenewcredentials.

(vi) Onsuccessfullogin,systemwillprompttoselectthe‘Event’i.e.,’CompanyName’

(vii) If youareholding shares inDemat Formandhad logged in tohttps://evoting.nsdl.comand casted your voteearlier for anycompany,thenyourexistingloginidandpasswordaretobeused.

(viii)Onthevotingpage,youwillseeResolutionDescriptionandagainstthesametheoption‘FOR/AGAINST/ABSTAIN’forvoting.Enterthenumberofshares(whichrepresentsnumberofvotes)under‘FOR/AGAINST/ABSTAIN’oralternativelyyoumaypartiallyenteranynumber‘FOR’andpartiallyin‘AGAINST’,butthetotalnumberin‘FOR/AGAINST’takentogethershouldnotexceedyourtotalshareholding.Iftheshareholderdonotwantstocast,select‘ABSTAIN’.

(ix) Afterselectingtheresolutionyouhavedecidedtovoteon,clickon“SUBMIT”.Aconfirmationboxwillbedisplayed.Ifyouwishtoconfirmyourvote,clickon“OK”,elsetochangeyourvote,clickon“CANCEL”andaccordinglymodifyyourvote.

(x) Onceyou‘CONFIRM’yourvoteontheresolution,youwillnotbeallowedtomodifyyourvote.

(xi) Institutionalshareholders(i.e.otherthanindividuals,HUF,NRIetc.)arerequiredtosendscannedcopy(PDF/JPGFormat)oftherelevantBoardResolution/Authorityletteretc.togetherwithattestedspecimensignatureofthedulyauthorizedsignatory(ies)whoareauthorizedtovote,[email protected],[email protected]@nsdl.co.in.ThefilescannedimageoftheBoardResolutionshouldbeinthenamingformat“CorporateName_Eventno.”

II. In case of Shareholders’ receiving Physical copy :

(i) Initialpasswordisprovidedasbelow/atthelastpageofAnnualReturn:

EVEN (E Voting Event Number) USER ID PASSWORD/PIN

(ii) PleasefollowallstepsfromSl.No.(ii)toSl.No.(xii)of(a)above,tocastvote.

III. General Information

(a) In caseof anyqueries, youmay refer the FrequentlyAskedQuestions (FAQs) for Shareholders ande-votingusermanual forShareholdersavailableattheDownloadssectionofwww.evoting.nsdl.com

(b) IfyouarealreadyregisteredwithNSDLfore-votingthenyoucanuseyourexistinguserIDandpassword/PINforcastingyourvote.

(c) Youcanalsoupdateyourmobilenumberande-mailidintheuserprofiledetailsofthefoliowhichmaybeusedforsendingfuturecommunication(s).


GSL Nova

(e) ThevotingrightsofshareholdersshallbeinproportiontotheirsharesofthepaidupequitysharecapitaloftheCompanyasonthecut-offdate(recorddate)of30thMay,2018.

(f) E-Votingrightcannotbeexercisedbyaproxy.

(g) TheVotingperiodbeginsonSeptember27,2018(10.00a.m.IST)andendsonSeptember28,2018(5.00p.m.IST).DuringthisperiodshareholdersoftheCompany,holdingshareseitherinphysicalformorindematerializedform,asonthecut-offdateof30thMay,2018maycasttheirvoteelectronically.Thee-votingmoduleshallbedisabledbyNSDLforvotingthereafter.

(h) M/sBuntyHudda&Associates,CompanySecretaryhasbeenappointedasScrutinizerforscrutinizingthee-votingprocedureinafairandtransparentmanner.

(i) TheScrutinizershall,withinaperiodnotexceedingthree(3)workingdaysfromtheconclusionofthee-votingperiod,unblockthevotesinthepresenceofatleasttwo(2)witnessesnotintheemploymentoftheCompanyandmakeaScrutinizer’sReportofthevotescastinfavoroforagainst,ifany,forthwithtotheChairmanoftheCompany.

(j) Theresultofthee-votingwillbedeclaredonorafterthedateoftheAGMi.e.29thSeptember,2018.SuchresultswillalsobeforwardedtotheStockExchangewheretheCompany’ssharesarelisted.

14. PursuanttoClause49oftheListingAgreement,thedetailsoftheDirectorsretiringbyrotationandeligibleforreappointmentarefurnishedbelow:

A) ShriShyamGupta,DirectoroftheCompany,isaCommerceGraduatehavingarichexperienceintextileindustryofmorethan40years.HehasbeenassociatedwiththeCompanysinceincorporationoftheCompany.HeistheChairmanofGuptaGroupofCompanies,SuratpromotersoftheCompany.TheCompanyisbenefitedunderhisableandmatureleadership.ShriSunilKumarGupta,ManagingDirectoroftheCompanyisrelatedtohim.

Mr.ShyamGupta,DirectoroftheCompanyisholdingdirectorshipinotherfollowingCompanies.

a) ElloraSyntexPvt.Ltd.

b) SubhlaxmiDyeing&PrintingMillsPvt.Ltd.

c) PandesaraInfrastructureLimited

d) BluechipBuildersPvt.Ltd.

e) GuptaEducationFoundationInstitution

f) AvivaPower&ProjectPvt.Ltd.

g) GUPTATEXPRINTSPRIVATELIMITED

ShriShyamGuptaretiresbyrotationandbeingeligibleoffershimselfforre-appointment.

15. PursuanttotheprovisionsofSection124oftheCompaniesAct,2013,dividendwhichremainunpaidandunclaimedforaperiodof7yearswillbetransferredbytheCompanytotheInvestorEducationandProtectionFund(IEPF)establishedbytheCentralGovernmentpursuanttoSection125oftheCompaniesAct,2013

ShareholdersarerequestedtonotethatnoclaimsshalllieagainsttheCompanyorthesaidFundinrespectofanyamountswhichweretransferredtotheFundwhichareunclaimedandunpaidforaperiodofsevenyearsfromthedatesthattheyfirstbecamedueforpaymentandnopaymentshallbemadeinrespectofanysuchclaims.

Regd. Office: By order of the Board of Directors,SurveyNo.396/403,MoraiyaVillage,Sarkhej-BavlaHighway,Tal.Sanand,Dist.Ahmedabad–382210Dated:30/05/2018 CompanySecretary


GSL Nova

DIRECTORS’ REPORT

To,TheMembers,

YourDirectorshavepleasureinpresentingtheCompany’s25thAnnualReportandtheauditedfinancialstatements(accounts)fortheyearendedMarch31,2018.

1. Financial highlights/Performance of the Company (Standalone)

(RsinLacs)

Particulars For the year ended 31.03.2018

For the year ended31.03.2017

TotalRevenue 767.15 1634.77

TotalExpense 545.07 2369.28

Profit/(Loss)beforeExtraordinaryItems 222.08 (734.50)

Less:CurrentTax 0 0

Add:EarlierYearsTax&DeferredTax 0 0

Profit/(Loss)aftertaxfortheYear 222.08 (734.50)

2. Dividend

DuetoheavyLossincurredinthepastyearsbytheCompany,yourdirectorsregrettheirinabilitytorecommendanydividendontheEquityShareCapital.

3. Reserves

In viewof the carry forward of heavy loss incurred in the Past years , your Board ofDirectors do not appropriate any amount to betransferredtoGeneralReservesduringtheyearunderreview.

4. Insurance

TheCompanyhasadequatelycoveredallassetsagainstallrisks.

5. Corporate Social Responsibility

DuetolossincurredbytheCompanyinpreviousyearsandcarryforwardofaccumulatedlossofthepastyears,yourdirectorsregrettheirinabilitytorecommendanyamountforCorporateSocialResponsibility.

6. Brief description of the Company’s working during the year/State of Company’s affair

Duringtheyearunderreview,yourCompanyrecordedtotalincomeofRs.7.67 Crores againstRs.16.34 Croresinthepreviousyear.ThenetProfitduringtheyearunderreviewwasplacedasRs.2.22CroresascomparedtoLossofRs.7.35Croresinthepreviousyear.

7. Statement for Improvement/Depressed Results:

Themanagement’sdiscussionandanalysisreport,asrequiredundercorporategovernance,formingpartofthisreport,isareflectionofthecurrentstateofbusiness.Italsodealswiththeopportunitiesandthreatsfacedbyyourcompany.

As,honorablemembersawarethatmemberhadgiventheirconsenttocarryonthebusinessofrealestatetosale,transferand/ordisposeoffcompany’salloranyundertakingand/orpropertiesincludingtheplantandmachinery(S),Utilities,OtherrelatedEquipments,itssparepartsandtheLand&Buildingfulland/orpartialasboardmaydecide.

8. Details in respect of adequacy of internal financial controls with reference to the Financial Statements.

TheCompanyhasadequateandeffectiveinternalcontrolstoprovidereasonableassuranceonachievementofitsoperational,complianceandreportingobjectives.TheCompanyhasreviewedanddiscussedwiththeManagementtheCompany’smajorfinancialriskexposuresandtakenstepstomonitorandcontrolsuchexposure.

9. Details of Subsidiary/Joint Ventures/Associate Companies

YourCompanydonothaveanySubsidiaryorJointVentureorAssociateCompany.


GSL Nova

10. Deposits

Duringtheyear,CompanyhasnotacceptedanydepositswithinthemeaningofSection73oftheCompaniesAct,2013andtheCompanies(AcceptanceofDeposits)Rules,2014.

11. Statutory Auditors

M/s.SamirMShah&Co.,CharteredAccountantsofAhmedabad(FirmRegistrationNo.122377W),CharteredAccountants,fromwhomcertificatepursuanttosection139oftheCompaniesAct,2013hasbeenreceivedbeandherebyratifiedtocontinueasStatutoryAuditorsoftheCompanytoholdofficefromtheconclusionofthisAnnualGeneralMeetingtotilltheconclusionofthenextAnnualGeneralMeetingoftheCompanyataremunerationtobemutuallydecided’

12. Explanation to the qualification in Auditors’ Report

TheDirectorssubmittheirexplanationtothequalificationsmadebytheAuditorsintheirreportfortheyear2017-18

TherelevantParanos.ofthereportandreplyareasunder:

4(i) Accounthasbeenpreparedas going concernbasis since companyhad startednewactivityof landdevelopment as approvedbymembersofthecompany.

7(b) ThedelayinthepaymentofWealthtaxofRs.5lacswasduetodemergersinceitwasbasedonCombinedwealthofcompanypriortodemerger.NowafterthedemergerthecompanyshallfilerevisedwealthtaxreturninconsultationwithAuditorsandpaywealthtaxaccordingly.Furtherthereisdelayindepositingunpaid/unclaimeddividendintoInvestorEducationandProtectionfundofRs,2.85lacsduetofreezingofunpaiddividendbankaccountbygovernmentauthorities.ThereisalsodelayinpaymentofTaxdeductedatsourcesinceitpertainstothepriorperiodsofDemergerandprofessionalTaxRs.96,030.TheCompanyisarrangingtomakethepaymentofthesame.

8. Theaccumulatedlossesaremorethan50%ofnetworthoftheCompany.TheCompanyshalltakeappropriateactionsinconsultationwiththeexperts,

9. Therehasbeendelay inrepaymentofprincipal toFinancial Institution(JMFinancialAssetReconstructionCompanyPvt.Ltd.)andinterestbeyond40daysduetodelayinsaleofMachinery,Land&buildingsetc.ThesaidFinancialInstitutionhasextendedsometimeforrepaymentoftheloan.

13. Significant and material orders passed by the regulators or courts

Members’attentionisdrawntothestatementoncontingentliabilities,commitmentsinthenotesformingpartoftheFinancialstatement.

14. Particulars of Employee

Thereare3permanentemployeesontherollsofcompany.

15. Share Capital

ThepaidupcapitaloftheCompanyisRs.13,50,00,000/-

YourCompanyhasnotissueanykindofShareduringthefinancialYearendingon31stMarch,2018.

16. Extract of the annual return

TheextractoftheannualreturninFormNo.MGT–9shallformpartoftheBoard’sreport

17. Conservation of energy, technology absorption and foreign exchange earnings and outgo

AsCompany’sManufacturingactivityissuspendedsothedetailsrequiredundertheprovisionsofthesection134(3)(m)oftheCompaniesAct,2013regardingconservationofEnergy,TechnologyAbsorption,ForeignExchangeEarningsarenotapplicabletothecompany.

18. Directors:

A) Changes in Directors and Key Managerial Personnel

RETIREMENT BY ROTATION

In accordance with the provisions of Section 152(6)and Articles of Association of the Company, Shri Shyam Sunder Gupta (DIN:00010735)will retirebyrotationat theensuingAnnualGeneralMeetingof theCompanyandbeingeligible,offershimself for re-appointment.TheBoardrecommendshisre-appointment.

CESSATION:

NoDirectorhasresignfromtheDirectorshipoftheCompany.


GSL Nova

B) DeclarationbyanIndependentDirector(s)andre-appointment,ifany

AdeclarationbyanIndependentDirectorsthattheymeetthecriteriaofindependenceasprovidedinsub-section(7)ofSection149oftheCompaniesAct,2013hasbeenreceivedandtakenonnote.

C) FormalAnnualEvaluation

The Nomination and Remuneration Committee of the Board has formulated a Performance Evaluation Framework, under whichtheCommitteehasidentifiedthecriteriauponwhichtheCommitteehasidentifiedthecriteriauponwhicheveryDirectorshallbeevaluated.ThePolicyalsoprovidesthemannerinwhichtheDirectors,asacollectiveunitintheformofBoardCommitteesandtheBoardfunctionandperform.

19. Details of establishment of vigil mechanism for directors and employees

TheCompanypromotesethicalbehaviorinallitsbusinessactivitiesandhasputinimplementationofamechanismwhereintheEmployeesarefreetoreport illegalorunethicalbehavior,actualorsuspectedfraudorviolationoftheCompany’sCodesofConductorCorporateGovernancePoliciesoranyimproperactivitytotheChairmanoftheAuditCommitteeoftheCompanyorChairmanoftheCompanyortheComplianceOfficer.TheWhistleBlowerPolicyhasbeenappropriatelycommunicatedwithintheCompany.

UndertheWhistleBlowerPolicy,theconfidentialityofthosereportingviolation(s)isprotectedandtheyarenotsubjecttoanydiscriminatorypractices.NopersonnelhavebeendeniedaccesstotheAuditCommittee.

20. Particulars of loans, guarantees or investments under section 186 Of the Companies Act,2013

Thecompanyhasnotgivenanyloansorguaranteescoveredundertheprovisionsofsection186oftheCompaniesAct,2013.

Thedetailsoftheinvestmentsmadebycompanyisgiveninthenotestothefinancialstatements.

21. Particulars of contracts or arrangements with related parties:

TheparticularsofeverycontractorarrangementsenteredintobytheCompanywithrelatedpartiesreferredtoinsub-section(1)ofsection188oftheCompaniesAct,2013includingcertainarmslengthtransactionsunderthirdprovisotheretoshallbedisclosedinFormNo.AOC-2.HoweveryourcompanyhasnotenteredinanytransactionattractingprovisionofSection188ofCompaniesAct,2013.HenceAOC-2isnotrequiredtobeattached.

22. Managerial Remuneration:

YourcompanyhaspaidRs.3.00lacsasremunerationtotheManagingDirectorShriSunilKumarGuptaoftheCompany.

YourCompanyhavenotanyemployee,whowasinreceiptofremunerationinexcessoflimitsspecifiedintheCompanies(AppointmentandRemunerationofManagerialPersonnel)Rules,2014.

23. Secretarial Audit

ASecretarialAuditReportgivenbyM/s.BuntyHuddaandassociates.,PracticingCompanySecretary(C.P.No.:11560)isenclosedherewiththeBoard’sReport.

TheBoardofDirectorsshallprovideexplanationsorcommentsoneveryqualification,reservationoradverseremarkordisclaimermadebythecompanysecretaryinpracticeinthesecretarialauditreport.

24. Corporate Governance Certificate

Pursuant to theClause49of theListingAgreementwithStockExchanges,a separatesectionentitled ‘CorporateGovernance’and theCertificatefromtheAuditorsoftheCompanyconfirmingCompliancewiththeconditionsoftheCorporateGovernancehasbeenincludedinthisAnnualReport.

25. Code of Conduct

TheBoardhaslaiddownaCodeofConductforBoardMembersandforSeniorManagementandEmployeesoftheCompany(“Code”).AlltheBoardMembersandSeniorManagementPersonnelhaveaffirmedcompliancewiththeseCodes.AdeclarationsignedbytheManagingDirectortothiseffectisenclosedattheendofthisReport.

TheBoardhasalsolaiddownaCodeofConductforIndependentDirectorspursuanttosection149(8)andScheduleIVtotheCompaniesAct,2013viatermsandconditionsforappointmentofIndependentDirectors,whichisaguidetoprofessionalconductforIndependentDirectorsandisuploadedonthewebsiteoftheCompany.


GSL Nova

26. Directors’ Responsibility Statement

TheDirectors’ResponsibilityStatementreferredtoinclause(c)ofsub-section(3)ofSection134oftheCompaniesAct,2013,shallstatethat—

(a) in thepreparationof theannualaccounts, theapplicableaccountingstandardshadbeen followedalongwithproperexplanationrelatingtomaterialdepartures;

(b) the directors had selected such accounting policies and applied them consistently andmade judgments and estimates that arereasonableandprudentsoastogiveatrueandfairviewofthestateofaffairsofthecompanyattheendofthefinancialyeari.e.at31stMarch,2018andoftheprofitandlossofthecompanyforthatperiod;

(c) the directors had taken proper and sufficient care for themaintenance of adequate accounting records in accordance with theprovisionsofthisActforsafeguardingtheassetsofthecompanyandforpreventinganddetectingfraudandotherirregularities;

(d) thedirectorshadagreedtopreparetheannualaccountsonagoingconcernbasis;and

(e) thedirectors,inthecaseofalistedcompany,hadlaiddowninternalfinancialcontrolstobefollowedbythecompanyandthatsuchinternalfinancialcontrolsareadequateandwereoperatingeffectively.

(f) thedirectorshaddevisedpropersystemstoensurecompliancewiththeprovisionsofallapplicablelawsandthatsuchsystemswereadequateandoperatingeffectively.

27. Disclosure under the Sexual Harassment of Woman at Workplace (Prevention, Prohibition and Redressal Act, 2013)

TheCompanyhasbeenemployingaboutonewomanemployee.TheCompanyhas inplaceanAntiharassmentpolicy in linewith therequirementsof theSexualHarassmentofWomanatWorkplace (Prevention,ProhibitionandRedressalAct,2013). InternalComplaintCommitteeissetuptoredresscomplaintsreceivedregularly,ismonitoredanddirectlyreporttotheChairman&ManagingDirector.Therewasnocompliantreceivedfromemployeeduringthefinancialyearfrom2015-16to2017-18andhencenocomplaintisoutstandingason31.03.2018forredressal.

28. Web Link of Company

Thewebaddress,ifany,whereannualreturnreferredtoinsub-section(3)ofsection92hasbeenplacedonwww.novapetro.com

29. Acknowledgements

YourDirectorsexpresstheirdeepsenseofgratitudetotheBanks,CentralandStateGovernmentsandtheirdepartmentsandthe localauthoritiesfortheircontinuedguidanceandsupport.

Wewouldalsoliketoplaceonrecordoursincereappreciationforthededication,commitmentandhardworkputinbyeverymemberoftheGSLNovaPetrochemicalsLimitedfamily.TheManagementisdeeplygratefulfortheconfidenceandfaiththattheshareholdershavealwaysreposedinthem.

ForandonbehalfoftheBoardofDirectorsGSL Nova Petrochemicals Limited

Sunil Kumar GuptaManaging Director

(Din:00008344)


GSL Nova

FORM NO. MGT 9

EXTRACT OF ANNUAL RETURNas on financial year ended on 31.03.2018Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company (Management & Administration ) Rules, 2014.

I REGISTRATION & OTHER DETAILS:

i CIN CINNo.-L70101GJ1993PLC020927

ii RegistrationDate 12/23/1993

iii NameoftheCompany GSLNovaPetrochemicalsLimited

iv Category/Sub-categoryoftheCompany LIMITEDBYSHARES

v AddressoftheRegisteredoffice&contactdetails Regd.Office:396,403,MORAIYAVILLAGE,SARKHEJ-BAVLAHIGHWAY,SANAND,Ahmedabad-382210.

vi Whether listed company BSE

vii Name,Address&contactdetailsoftheRegistrar&TransferAgent,ifany.

MCSsharetransferAgentLtd.

II PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY Allthebusinessactivitiescontributing10%ormoreofthetotalturnoverofthecompanyshallbestated

SL No Name & Description of main products/services NIC Code of the Product /service % to total turnover of the company

1 Developingandsubdividingrealestateintolots 70105 100%

III PARTICULARS OF HOLDING , SUBSIDIARY & ASSOCIATE COMPANIES

Sl No Name & Address of the Company CIN/GLN HOLDING/ SUBSIDIARY/ ASSOCIATE

% OF SHARES HELD APPLICABLE SECTION

1 N.A. N.A. N.A. N.A. N.A.

IV SHAREHOLDING PATTERN (Equity Share capital Break up as % to total Equity)

Category of Shareholders No. of Shares held at the beginning of the year No. of Shares held at the end of the year % change during the year

Demat Physical Total % of Total Shares


No. of Shares

% of Total Shares

A. Promoters

(1)Indian

a)Individual/HUF 139950 0 139950 0.52 139950 0 139950 0.52 0 0.00

b)CentralGovt.or StateGovt.

0 0 0 0.00 0 0 0 0.00 0 0.00

c)BodiesCorporates 12566800 12566800 46.54 12566800 0 12566800 46.54 0 0.00

d)Bank/FI 0 0 0 0.00 0 0 0 0.00 0 0.00

e)Anyother 2226530 2226530 8.25 2226530 2226530 8.25 0 0.00

SUB TOTAL:(A) (1) 14933280 0 14933280 55.31 14933280 0 14933280 55.31 0 0.00

(2)Foreign

a)NRI-Individuals 0 0 0.00 0 0 0.00 0 0.00

b)OtherIndividuals 0 0 0.00 0 0 0.00 0 0.00

c)BodiesCorp. 0 0 0.00 0 0 0.00 0 0.00

d)Banks/FI 0 0 0.00 0 0 0.00 0 0.00

e)Anyother… 0 0 0.00 0 0 0.00 0 0.00

SUB TOTAL (A) (2) 0 0 0.00 0 0 0.00 0 0.00

Total Shareholding of Promoter (A)= (A)(1)+(A)(2)

14933280 0 14933280 55.31 14933280 0 14933280 55.31 0 0.00


GSL Nova

Category of Shareholders No. of Shares held at the beginning of the year No. of Shares held at the end of the year % change during the year



No. of Shares

% of Total Shares

B. PUBLIC SHAREHOLDING

(1)Institutions

a)MutualFunds 0 0 0.00 0.00 0 0.00

b)Banks/FI 600 600 0.00 600 0 600 0.00 0 0.00

C)Cenntralgovt 0 0 0.00 0 0 0.00 0 0.00

d)StateGovt. 0 0 0.00 0 0 0.00 0 0.00

e)VentureCapitalFund 0 0 0.00 0 0 0.00 0 0.00

f)InsuranceCompanies 0 0 0.00 0 0 0.00 0 0.00

g)FIIS 0 0 0.00 0 0 0.00 0 0.00

h)ForeignVenture Capital Funds

0 0 0.00 0 0 0.00 0 0.00

i)Others(specify) 0 0 0.00 0 0 0.00 0 0.00

SUB TOTAL (B)(1): 600 0 600 0.00 600 0 600 0.00 0 0.00

(2)NonInstitutions

a)Bodiescorporates

i)Indian 4833329 3789 4837118 17.92 4675415 3789 4679204 17.33 -157914 0.58

ii)Overseas 0 0 0 0.00 0 0 0 0.00 0 0.00

b)Individuals 0.00 0 0 0 0.00 0 0.00

i)Individualshareholdersholding nominal share capital uptoRs.2lakhs

5315906 466150 5782056 21.42 5221101 462935 5684036 21.05 -98020 0.36

ii)Individualsshareholdersholding nominal share capital inexcessofRs.1lakhs

735651 0 735651 2.72 711315 0 711315 2.63 -24336 0.09

c)Others(specify) 0.00 0 0.00 0 0.00

HinduundividedFamilies 0 0 0 0.00 111561 0 111561 0.41 111561 -0.41

NonResidentIndividual 355295 351000 706295 2.62 525004 350000 875004 3.24 168709 -0.62

OCB 5000 5000 0.02 5000 0 5000 0.02 0 0.00

Trust 0 0 0 0.00 0 0 0 0.00 0 0.00

SUB TOTAL (B)(2): 11245181 820939 12066120 44.69 11249396 816724 12066120 44.69

Total Public Shareholding (B)= (B)(1)+(B)(2)

11245781 820939 12066720 44.69 11249996 816724 12066720 0.00 0 44.69

C.SharesheldbyCustodianfor GDRs&ADRs

0 0 0 0.00 0 0 0 0.00 0 0.00

Grand Total (A+B+C) 26179061 820939 27000000 100 26183276 816724 27000000 0 0 100.00


GSL Nova

(ii) SHARE HOLDING OF PROMOTERS

Sl No.

Shareholders Name Shareholding at the begginning of the year

Shareholding at the end of the year

% change in share holding

during the year

NO of shares

% of total shares of the

company

% of shares pledged

encumbered to total shares

NO of shares

% of total shares of the

company

% of shares pledged

encumbered to total shares

1 GuptaSilkMillsPvt.Ltd. 5047400 18.69 73.84 5047400 18.69 73.84 0.00

2 ComptelInfosysPvt.Ltd. 3400000 12.59 70.59 3400000 12.59 70.59 0.00

3 PolycoatIndiaPvt.Ltd. 1650000 6.11 0 1650000 6.11 0 0.00

4 ShikhaInvestmentsPvt.Ltd. 1333600 4.94 0 1333600 4.94 0 0.00

5 GuptaSyntheticsLimited 1135800 4.21 28.44 1135800 4.21 28.44 0.00

6 PrakashGupta 468440 1.73 0 468440 1.73 0 0.00

7 Shyamsunder Gupta 381430 1.41 0 381430 1.41 0 0.00

8 SunilkumarNGupta 332400 1.23 0 332400 1.23 0 0.00

SunianadeviSGupta 0.00 0.00 0 0.00

9 Shree Mohan Gupta 252400 0.93 0 252400 0.93 0 0.00

UmadeviGupta 0.00 0.00 0 0.00

10 SunianadeviSGupta 227600 0.84 0 227600 0.84 0 0.00

SunilkumarN.Gupta 0.00 0.00 0 0.00

11 UmadeviM.Gupta 162800 0.60 0 162800 0.60 0 0.00

ShreeMohanN.Gupta 0.00 0.00 0 0.00

12 SavitaGupta 109200 0.40 0 109200 0.40 0 0.00

Shyamsunder Gupta 0.00 0.00 0 0.00

13 UmadeviM.Gupta 106800 0.40 0 106800 0.40 0 0.00

14 NeetaGupta 56000 0.21 0 56000 0.21 0 0.00

PrakashGupta 0.00 0.00 0 0.00

15 GauravPrakashGupta 42000 0.16 0 42000 0.16 0 0.00

16 NikunjSGupta 41600 0.15 0 41600 0.15 0 0.00

17 JatinGupta 39750 0.15 0 39750 0.15 0 0.00

18 ShefaliM.Gupta 38000 0.14 0 38000 0.14 0 0.00

19 ShikhaShyamsunderGupta 30600 0.11 0 30600 0.11 0 0.00

20 KshitijM.Gupta 20200 0.07 0 20200 0.07 0 0.00

21 MallikaS.Gupta 16600 0.06 0 16600 0.06 0 0.00

22 AishaS.Gupta 16600 0.06 0 16600 0.06 0 0.00

23 VinayakS.Gupta 15600 0.06 0 15600 0.06 0 0.00

24 ShreeMohanN.Gupta 8440 0.03 0 8440 0.03 0 0.00

25 SunilkumarN.Gupta 20 0.00 0 20 0.00 0 0.00

Total 14933280 55.31 14933280 55.31

(iii) CHANGE IN PROMOTERS’ SHAREHOLDING ( SPECIFY IF THERE IS NO CHANGE)

NochangeinPromoterShareholdingpatternduringtheyear

(iv) Shareholding Pattern of top ten Shareholders (other than Direcors, Promoters & Holders of GDRs & ADRs)

ASPERANNEXURE-A


GSL Nova

(v) Shareholding of Directors & KMP

Sr. No.

For Each of the Directors & KMP Shareholding at the end of the year

Cumulative Shareholding during the year

No.of shares % of total shares of the

company

No of shares % of total shares of the

company

Sunil Kumar Gupta

Atthebeginningoftheyear 332420 1.23

Date wise increase/decrease in Promoters Share holdingduringtheyearspecifyingthereasonsforincrease/decrease(e.g.allotment/transfer/bonus/sweatequityetc)

At the end of the year 332420 1.23

Shyam Sunder Gupta




MayankaSunilKumarGupta




V. INDEBTEDNESS Indebtedness of the Company including interest outstanding/accrued but not due for payment

Secured Loans excluding deposits

Unsecured Loans

Deposits Total Indebtedness

Indebtness at the beginning of the financial year

i)PrincipalAmount 355220997 135852303 2245456 493318756

ii)Interestduebutnotpaid 1647340 1647340

iii)Interestaccruedbutnotdue

Total(i+ii+iii) 356868337 135852303 2245456 494966096

Change in Indebtedness during the financial year

Additions 21760693 6914402 28675095

Reduction 79083939 10145000 82500 89311439

Net Change -57323246 -3230598 -82500 -60636344

Indebtedness at the end of the financial year

i)PrincipalAmount 299545091 132621705 2162956 434329752

ii)Interestduebutnotpaid 0

iii)Interestaccruedbutnotdue 0

Total (i+ii+iii) 299545091 132621705 2162956 434329752


GSL Nova

VI REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole time director and/or Manager:

Sl.No Particulars of Remuneration Total Amount

1 Gross salary Sunil Kumar Gupta

(a)Salaryasperprovisionscontainedinsection17(1)oftheIncomeTax.1961. 300000 300000

(b)Valueofperquisitesu/s17(2)oftheIncometaxAct,1961 Nil

(c)Profitsinlieuofsalaryundersection17(3)oftheIncomeTaxAct,1961 Nil

2 Stockoption Nil

3 SweatEquity Nil

4 Commission Nil

as%ofprofit Nil

others(specify) Nil

5 Others,pleasespecify Nil

Total (A) 300000 300000

Ceiling as per the Act 1200000 1200000

B. Remuneration to other directors:

Sl.No Particulars of Remuneration Name of the Directors Total Amount

1 IndependentDirectors Meenu Maheshwari

(a)Feeforattendingboardcommitteemeetings 15000 15000

(b)Commission

(c)Others,pleasespecify

Total (1)

2 OtherNonExecutiveDirectors

(a)Feeforattendingboardcommitteemeetings

(b)Commission

(c)Others,pleasespecify.

Total (2) 15000 15000

Total (B)=(1+2)

Total Managerial Remuneration

Overall Cieling as per the Act.

C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD

Sl. No. Particulars of Remuneration Key Managerial Personnel Total

1 Gross Salary Dhwani Shah CFO

(a) Salary as per provisions contained in section 17(1) of theIncomeTaxAct,1961.

121800 310000 431800

(b)Valueofperquisitesu/s17(2)oftheIncomeTaxAct,1961 Nil Nil Nil

(c)Profitsinlieuofsalaryundersection17(3)oftheIncomeTaxAct,1961

Nil Nil Nil

2 StockOption Nil Nil Nil

3 SweatEquity Nil Nil Nil

4 Commission Nil Nil Nil

as%ofprofit Nil Nil Nil

others,specify Nil Nil Nil

5 Others,pleasespecify Nil Nil Nil

Nil Nil Nil

Total 121800 310000 431800


GSL Nova

AS PER ANNEXURE - A

SR. NO.

Name No. of Shares at the beginning of

the Year

% OF Holding

Change during the F.Y. No. of the shares at the closing of the

F.Y.

% OF HoldingDate of

Allotment/ Transfer

No. of the Shares

% OF Holding

1 CHIRIPALINDUSTRIESLIMITED 2596000 9.61 N.A. 20000 0.07 2616000 9.69

2 MilleniumInfosoftPvt.Ltd. 840068 3.11 N.A. 0 0.00 840068 3.11

3 SHANTIEXPORTSPVT.LTD. 399617 1.48 N.A. 0 0.00 399617 1.48

4 QUALITYEXIMPVT.LTD. 211863 0.78 N.A. 0 0.00 211863 0.78

5 VEDPRAKASHDCHIRIPAL 165219 0.61 N.A. 0 0.00 165219 0.61

6 ASHMIFINANCIALCONSULTANCYPVTLTD 165000 0.61 N.A. 0 0.00 165000 0.61

7 HARIPRAKASHKANODIA 120238 0.45 N.A. 0 0.00 120238 0.45

8 U/S206A 0 0.00 N.A. 118600 0.44 118600 0.44

9 SURESHKUMARPALLIYIL 0 0.00 N.A. 102999 0.38 102999 0.38

10 ROSHANLALSARAIWALAGARG 74460 0.28 N.A. -2850 -0.01 71610 0.27


GSL Nova

Form No.MR-3

SECRETARIAL AUDIT REPORTForthefinancialyearended31/03/2018[Pursuant to section204 (1)of theCompaniesAct, 2013and ruleNo.9of theCompanies (Appointment andRemunerationofManagerialPersonnel)Rules,2014]

To,TheMembers,GSL NOVA PETROCHEMICALS LIMITED(PreviouslyknownasNovaPetrochemicalsLimited)396,403,MoraiyaVillage,Sarkhej–BavlaHighway,Sanand,Ahmedabad–382210.

IhaveconductedthesecretarialauditofthecomplianceofapplicablestatutoryprovisionsandtheadherencetogoodcorporatepracticesbyM/s. GSL NOVA PETROCHEMICALS LIMITED (CIN: L70101GJ1993PLC020927) (hereinaftercalledthe‘Company’).SecretarialAuditwasconductedinamannerthatprovidedmeareasonablebasisforevaluatingthecorporateconducts/statutorycompliancesandexpressingmyopinionthereon.

BasedonmyverificationoftheCompany’sbooks,papers,minutebooks,formsandreturnsfiledandotherrecordsmaintainedbytheCompanyandalsotheinformationprovidedbytheCompany,itsofficers,agentsandauthorizedrepresentativesduringtheconductofSecretarialAudit,Iherebyreportthatinmyopinion,theCompanyhas,duringtheauditperiodcoveringthefinancialyearendedon31stMarch,2018,generallycompliedwiththestatutoryprovisionslistedhereunderandalsothattheCompanyhasproperBoard-processesandcompliance-mechanisminplacetotheextent,inthemannerandsubjecttothereportingmadehereinafter:

Ihaveexaminedthebooks,papers,minutebooks,formsandreturnsfiledandotherrecordsmaintainedbytheCompanyforthefinancialyearendedon31stMarch,2018,accordingtotheprovisionsof:

(i) TheCompaniesAct,2013(“theAct’)andtherulesmadethereunderasapplicable;

(ii) TheSecuritiesContracts(Regulation)Act,1956(‘SCRA’)andtherulesmadethereunder;

(iii) TheDepositoriesAct,1996andtheRegulationsandBye-lawsframedthereunder;

(iv) ForeignExchangeManagementAct,1999(FEMA)andtherulesandregulationsmadethereundertotheextentofForeignDirectInvestment,OverseasDirectInvestmentandExternalCommercialBorrowings;(NotapplicabletotheCompanyduringtheAuditReport)

(v) ThefollowingRegulationsandGuidelinesprescribedundertheSecuritiesandExchangeBoardofIndiaAct,1992(‘SEBIAct’):-

(a) TheSecuritiesandExchangeBoardofIndia(SubstantialAcquisitionofSharesandTakeovers)Regulations,2011;

(b) TheSecuritiesandExchangeBoardofIndia(ProhibitionofInsiderTrading)Regulations,2015;

(c) TheSecuritiesandExchangeBoardofIndia(IssueofCapitalandDisclosureRequirements)Regulations,2009;(NotapplicabletotheCompanyduringtheAuditReport)

(d) TheSecuritiesandExchangeBoardofIndia(EmployeeStockOptionSchemeandEmployeeStockPurchaseScheme)Guidelines,1999;(NotapplicabletotheCompanyduringtheAuditReport)

(e) TheSecuritiesandExchangeBoardofIndia(IssueandListingofDebtSecurities)Regulations,2008;(NotapplicabletotheCompanyduringtheAuditReport)

(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding theCompaniesActanddealingwithclient;

(g) TheSecuritiesandExchangeBoardofIndia(DelistingofEquityShares)Regulations,2009;(CompanyhadappliedforvoluntarydelistingofsharesfromNationalStockExchangeofIndiaLimitedandfurther,NationalStockExchangeofIndiaLimitedhasgranteddelistingofsharesw.e.f.22ndApril,2015.

(h) TheSecuritiesandExchangeBoardofIndia(BuybackofSecurities)Regulations,1998;(NotapplicabletotheCompanyduringtheAuditReport)

(i) TheSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015(Witheffectfrom1st December,2015)

(vi) EmployeesProvidentFundandMiscellaneousProvisionsAct,1952;EmployeesStateInsuranceAct,1948;EmployeesLiabilityAct,1938;EqualRemunerationAct,1976;MaternityBenefitsAct,1961;MinimumWagesAct,1948;PaymentofBonusAct,1965;PaymentofGratuityAct,1972;PaymentofWagesAct,1936andotherapplicablelabourlaws.

(vii) EnvironmentProtectionAct,1986andotherenvironmentallaws;

(viii)FactoriesAct,1948;

(ix) HazardousWastes(ManagementandHandling)Rules,1989andAmendmentRule,2003

(x) IndianContractAct,1872;

(xi) IncomeTaxAct,1961andIndirectTaxlaws;


GSL Nova

(xii)IndianStampAct,1999;

(xiii)IndustrialDisputeAct,1947;

(xiv)NegotiableInstrumentsAct,1881;

(xv) MotorVehiclesAct,1988;

(xvi)TheMotorTransportWorkersAct,1961;

(xvii)TheExplosiveAct,1884;

(xviii)ThePetroleumAct,1934;

(xix)TheEnvironment(Protection)Act,1986;

(xx) TheWater(PreventionandControlofPollution)Act,1974;

(xxi)TheAir(PreventionandControlofPollution)Act,1981;

Ihavealsoexaminedcompliancewiththeapplicableclausesofthefollowing:

(i) SecretarialStandardsIssuedByTheInstituteOfCompanySecretariesOfIndia(ICSI)

(ii) TheSEBI(ListingObligationsAndDisclosureRequirements)Regulations,2015asapplicabletotheCompany.

DuringtheperiodunderreviewtheCompanyhasgenerallycompliedwiththeprovisionsoftheAct,Rules,Regulations,Guidelines,Standards,etc.mentionedabovesubjecttothefollowingobservations:

1) Companyhasnotpaidlistingfeesfortheyear2017-18toStockExchangeswithinprescribedtimeduringtheyearunderreview;

2) Companyhasnotpaidcustodianfeesfortheyear2017-18toNationalSecuritiesDepositoryLtd(NSDL)andCentralDepositoryServicesLtd.(CDSL)withinprescribedtimeduringtheyearunderreview;

3) AspertheinformationandexplanationgivenbymanagementoftheCompany,withrespecttodepositofamountofunpaidandunclaimeddividendamountwithInvestorEducationandprotectionfund(IEPF),Companycouldnothavedepositedsuchamountintherespectiveyearbecauseofco-erosiveactiontakenbyBankandamounthasbeenfrozenagainstoutstandingloanamount.Hence,Companyhasnotfiledform1INVand5INVwithMinistryofCorporateAffairs;

4) ThereweredefaultsinrepaymentofprincipalamountalongwithinterestamounttowardsBanksandFinancialInstitution;

5) SEBIhasissueddirectionsPursuanttotheExchangenoticeno.20170807-31datedAugust07,2017,followingactionsareinitiatedw.r.t.thecompanyviz.GSLNovaPetrochemicalsLtd(ScripCode–530605)

(i) ThetradinginsecuritiesoftheCompanyshallberevertedtothestatusasitstoodpriortoissuanceofSEBIletterdatedAugust07,2017effectivefromJanuary22,2018

(ii) An independent auditor shall be appointed to conduct forensic audit of theCompany for verification, including the credentials /financialsoftheCompany.

6) BSEhasappointedM/s.CPJain&Co.,CharteredAccountantstocarryouttheforensicauditofthecompanywithreferencetoSEBIorderno.L/SURV/OFL/KM/2017-2018/SHELL/COMP/530605/IdatedJanuary19,2018.

I further report that the Board ofDirectors of the Company is duly constitutedwith proper balance of ExecutiveDirectors,Non-ExecutiveDirectorsandIndependentDirectors.TheChangesinthecompositionoftheBoardofDirectorsthattookplaceduringtheperiodunderreviewwerecarriedoutincompliancewiththeprovisionsoftheAct.

AdequatenoticeisgiventoalltheDirectorstoscheduletheBoardMeetings,agendaanddetailednotesonagendaweresentatleastsevendaysinadvance,andasystemexistsforseekingandobtainingfurtherinformationandclarificationsontheagendaitemsbeforethemeetingandformeaningfulparticipationatthemeeting.

Majoritydecisioniscarriedthroughwhilethedissentingmembers’viewsarecapturedandrecordedaspartoftheminutes.

IfurtherreportthatthereareadequatesystemsandprocessesintheCompanycommensuratewiththesizeandoperationsoftheCompanytomonitorandensurecompliancewithapplicablelaws,rules,regulationsandguidelines.

Ifurtherreportthatduringtheauditperiodthecompanyhasnotundertakenanyevent/actionhavingamajorbearingontheCompany’saffairsinpursuanceoftheabovereferredlaws,rules,regulations,guidelines,standards,etc.

Note:ThisReportistobereadwithmyletterofabovedatewhichisannexedasAnnexureAandformsanintegralpartofthisreport.

For Bunty Hudda & AssociatesPracticingCompanySecretaries

CS Bunty Hudda(DesignatedPartner)

Place : Ahmedabad ACSNo.31507Date : May 30, 2018 C.P.No.11560


GSL Nova

ANNEXURE “A” OF SECRETARIAL AUDIT REPORT

To,TheMembers,GSL NOVA PETROCHEMICALS LIMITED(PreviouslyknownasNovaPetrochemicalsLimited)396,403,MoraiyaVillage,Sarkhej–BavlaHighway,Sanand,Ahmedabad–382210

MyReportofevendateistobereadalongwiththisletter.

1) MaintenanceofsecretarialrecordistheresponsibilityofthemanagementoftheCompany.Myresponsibilityistoexpressanopiniononthesesecretarialrecordsbasedonmyaudit.

2) Ihavefollowedtheauditpracticesandprocessesaswereappropriatetoobtainreasonableassuranceaboutthecorrectnessofthecontentsofthesecretarialrecords.Theverificationwasdonebasedontherecordsanddocumentsprovided,ontestbasistoensurethatcorrectfactsarereflectedinsecretarialrecords.Ibelievethattheprocessesandpracticesfollowedbymeprovideareasonablebasisformyopinion.

3) IhavenotverifiedthecorrectnessandappropriatenessoffinancialrecordsandbooksofaccountsoftheCompany.

4) Whereverrequired,IhaveobtainedtheManagementrepresentationaboutthecomplianceoflaws,rulesandregulationsandhappeningofeventsetc.

5) Thecomplianceoftheprovisionofcorporateandotherapplicablelaws,rules,regulations,standardsistheresponsibilityofmanagement.Myexaminationwaslimitedtotheverificationofproceduresontestbasis.

6) TheSecretarialAuditreportisneitheranassuranceastothefutureviabilityoftheCompanynortheefficacyoreffectivenesswithwhichthemanagementhasconductedtheaffairsofthecompany.

For Bunty Hudda & AssociatesPracticingCompanySecretaries

CS Bunty Hudda(DesignatedPartner)

Place : Ahmedabad ACSNo.31507Date : May 30, 2018 C.P.No.11560


GSL Nova

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

• ECONOMIC REVIEW

Globalgrowthin2014waslowerthaninitiallyexpected,continuingapatternofdisappointingoutturnsoverthepastseveralyears.Atthesametime,demandforoilhasweakenedduetotheslowdowninChinaandthepersistentsluggishnessoftheEurozoneandJapan.

Severalmajor forces are driving the global outlook : Soft commodity prices; persistently low interest rates but increasingly divergentmonetarypoliciesacrossmajoreconomies;andweakworldtrade.Inparticular,thesharpdeclineinoilpricessincemid-2014willsupportglobalactivityandhelpoffsetsomeoftheheadwindstogrowthinoil-importingdevelopingeconomieslikeIndia.However,itwilldampengrowthprospectsforoil-exportingcountries,withsignificantregionalrepercussions.

• Current Status of Business

InviewofthisandforspeedyrealisationofthesalesproceedsfromphaseI,yourcompanyhasdroppedtheplanofsettingupindustrialshedsunderphaseIandnowplannedtodevelopplotsforIndustrial/warehousingpurposesonsaidland.

• OPPORTUNITIES & CHALLENGES

Opportunities

AsIndiaawaitspolicyreformstopickupspeed,yourCompanybelievesthatthedemandforRealEstate-IndustrialplottinginacountrylikeIndiashouldremainmoderateinthemediumtolongterm.

Challenges

Realestatesectoralsofindthefollowingchallenges:

§ Unanticipateddelaysinprojectapprovals

§ Non–Availabilityofaccomplishedandtrainedlabourforce.

§ IncreasecostofManpower

§ RaisingcostofConstruction

§ GrowthinAuxiliaryinfrastructurefacility

§ Overregulatedenvironment

• INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

Thecompanyhasadequatesystemofinternalcontrolprocedurescommensuratewiththesizeofthecompanyandthenatureofitsbusinesstokeepcheckontheactivitiesatall levels.TheCompanyhadalsoappointedafirmofCharteredAccountantsasaninternalauditortofurtherchecktheinternalcontrolsystemandtoreportonanydeficienciestothemanagement.

• HUMAN RESOURCES/INDUSTRIAL RELATIONS:

Yourcompanyhassuccessful inmaintainingthecordialandpeacefulrelationshipwiththeemployeesatall levelandinreciprocationithasreceivedwholeheartedsupportatalllevelsofoperationsfromallemployees.Thecordialandpeacefulrelationshipprevailswithallemployees.


GSL Nova

REPORT ON CORPORATE GOVERNANCE

1. Company’s philosophy on Corporate Governance

TheCompanyalwaysbelievesinenhancementofShareholdersvaluebyconsistentlyprovidingmaximumbenefitstoitsshareholders.InpursuitofthispolicytheCompanygiveshighestimportancetopracticeofgoodcorporategovernance.TheCompanyhaswellqualifiedandexperiencedBoardMembers.BesidestheCompanygivesdueweightagetodisclosurerequirementsandtransparencyandprovidingefficientservicetoitsshareholders.

2. Board of Directors

TheBoardofDirectors comprisesof anoptimumcombinationofExecutive&Non-ExecutiveDirectors.Outof total FiveDirectors, theBoardconsistsofoneExecutiveDirectorasManagingDirector,oneNon-ExecutiveNon IndependentDirectorandThreeNon-ExecutiveIndependentDirectors.

Duringthefinancialyear2017-2018,theBoardmetFourtimesonthefollowingdates30-05-2017,14-08-2017,14-12-2017and14-02-2018.

DetailsofDirectors,AttendanceofDirectorsat theBoardMeetings, aswell as inanAnnualGeneralMeetingheldon18.08.2017andnumberofmembershipsheldbyDirectorsintheBoard/CommitteeofotherCompaniesareasunder:

Sr.No.

Name of Director Designation/

Category

Attendance Particulars Number of other Directorship and Committee Member/Chairmanship in other Public Companies

Board Meetings

AGM held on 18.08.17

Directorship Committee Membership

CommitteeChairmanship

1 Shri Shyam Gupta NED/NID 4 Yes 2 -- --

2 Shri Sunil Kumar Gupta MD 4 Yes 1 -- --

3 Shri Sandeep Goyal IND/NE 4 Yes 1 -- --

4 Shri Anil Singhal IND/NE 4 Yes 2 2 1

5 Mrs.MeenuMaheshwari IND/NE 4 No 1 - -

CH-Chairman,MD-ManagingDirector,WTD–WholetimeDirector,ED–ExecutiveDirector,I/NE-Independent/Non-ExecutiveDirectorNED/NID-Non-ExecutiveDirector/NonIndependent.

3 Details of Remuneration paid to the Directors during the Financial Year ended as on 31-03-2018 (Rs. In Lacs)

Sr. No. Name of Director Category Salary Total

1 Shri Sunil Kumar Gupta MD 0.50 6Lacs

AnysittingfeesnotpaidtoManagingDirector.

4. Audit Committee

Duringtheyearunderreview,theAuditCommitteewasconstitutedinaccordancewiththeprovisionsoftheCompaniesAct,2013andlistingagreemententeredintobytheCompanywiththeStockExchanges.TheconstitutedCommitteeisasfollows:

Name of Director Designation Category

Shri Sandeep Goyal Member Independent&NonExecutive

Shri Sunil Kumar Gupta Member NonIndependent&Executive

Shri Anil Singhal Member Independent&NonExecutive

TheconstitutionofAuditCommitteemeetswiththerequirementsofCorporateGovernanceguidelinesaswellastheprovisionsofSection177oftheCompaniesAct,2013andClause49oftheListingAgreement.TermsofreferenceofappointmentofAuditCommitteeareasunder,

The Audit Committee shall have the following powers:

Ø ItshallhaveauthoritytoinvestigateintoanymatterinrelationtotheitemsspecifiedinSection177oftheCompaniesAct,2013orreferredtoitbytheBoardandforthispurpose,shallhavefullaccesstoinformationcontainedintherecordsoftheCompanyandexternalprofessionaladvice,ifnecessary.

Ø Toinvestigateanyactivitywithinitstermsofreference.

Ø Toseekinformationfromanyemployee.

Ø Toobtainoutsidelegalorotherprofessionaladvise.

Ø Tosecureattendanceofoutsiderswithrelevantexpertise,ifitconsidersnecessary.

Ø Oversightof theCompany’sfinancial reportingprocessand thedisclosureof itsfinancial information toensure that thefinancialstatementiscorrect,sufficientandcredible.


GSL Nova

Ø Recommendingtheappointmentandremovalofexternalauditor,fixationofauditfeesandalsoapprovalforpaymentforanyotherservices.

Ø ReviewingwithmanagementtheannualfinancialstatementsbeforesubmissiontotheBoard,focusingprimarilyon;

• Anychangesinaccountingpoliciesandpractices.

• Majoraccountingentriesbasedonexerciseofjudgmentbymanagement.

• Qualificationindraftauditreport.

• Significantadjustmentsarisingoutofaudit.

• Thegoingconcernassumption.

• Compliancewithaccountingstandards.

• Compliancewithstockexchangeandlegalrequirementsconcerningfinancialstatements.

• Any relatedparty transactions i.e. transactionof theCompanyofmaterialnature,withpromotersor themanagement, theirsubsidiariesorrelativesetc.thatmayhavepotentialconflictwiththeinterestsofCompanyatlarge.

Ø Reviewingwiththemanagement,externalandinternalauditors,theadequacyofinternalcontrolsystems.

Ø Reviewingtheadequacyofinternalauditfunction,includingthestructureoftheinternalauditdepartment,staffingandseniorityoftheofficialheadingthedepartment,reportingstructurecoverageandfrequencyofinternalaudit.

Ø Discussionwithinternalauditorsanysignificantfindingsandfollowupthereon.

Ø ReviewingthefindingsifanyinternalinvestigationsbytheinternalauditorsintomatterswherethereissuspectedfraudorirregularityorafailureofinternalcontrolsystemsofamaterialnatureandreportingthemattertotheBoard.

Ø Discussionwithexternalauditorsbeforetheauditcommences,natureandscopeofauditaswellashavepost-auditdiscussiontoascertainanyareaofconcern.

Ø ReviewintheCompany’sfinancialandriskmanagementpolicies.

Ø Tolookintothereasonsforsubstantialdefaultsinthepaymenttothedepositors,debentures,shareholders(incaseofnonpaymentofdeclareddividend)andcreditors.

Ø Itshallhavediscussionswiththeauditorsperiodicallyaboutinternalcontrolsystems,thescopeofauditincludingtheobservationsoftheauditorsandreviewthequarterly,half-yearlyandannualfinancialstatementsbeforesubmissionstotheBoard.

Ø Itshallensurecomplianceofinternalcontrolsystems.

AuditCommitteemetFourtimeson30-05-2017,14-08-2017,14-12-2017and14-02-2018

PresenceofthemembersoftheAuditCommitteeinitsmeeting

Sr. no. Name of the member of the Audit Committee No. of meetings attended

1 Shri Sandeep Goyal 4

2 Shri Anil Singhal 4

3. Shri Sunil Kumar Gupta 4

ChairmanofAuditCommitteehasattendedLastAGMoftheCompany.AlltheMeetingswerealsoattendedbytheAuditorsoftheCompany.

5. Nomination and Remuneration Committee

TheNominationandRemunerationCommitteewasconstitutedofthreeNonExecutiveDirectorsviz.,ShriSandeepGoyal,Chairman,ShriShyamGupta,MemberandShriAnilSinghalMemberinaccordancewithListingAgreementwithStockExchangesandinaccordancewithScheduleXIIIoftheCompaniesAct,2013,

TheCommitteemetonetimeon30-08-2017.Allthemembersofthecommitteewerepresentinthemeeting.

TheCommitteehasbeenconstitutedtodetermineallelementsofremunerationpackageoftheDirectorsi.e.salary,benefits,bonuses,stockoptions,pensionetc.

ChairmanofNominationandRemunerationCommitteehasattendedLastAGMoftheCompany.AlltheMeetingswerealsoattendedbytheAuditorsoftheCompany.

6. Stakeholder Relationship Committee

In Compliancewith the provisions of Listing Agreement and Section 178 of Companies Act, 2013, Company constitutes StakeholdersRelationshipCommittee.ThisCommitteeconsistingofShriSunilKumarGuptaasChairmanoftheCommittee,ShriAnilSinghalandShriSandeepGoyalasitsmembers.

TheCommitteeoverseestheperformanceoftheRegistrar&TransferAgentoftheCompanyandtakescareofgrievancesreceivedfromtheShareholders/Investors.


GSL Nova

Ms.DhwaniShah,CompanySecretaryoftheCompanyhasbeenappointedastheComplianceOfficer.ThereisnopendingShareTransferforaperiodaboveonemonth.

Chairmanof stakeholder relationshipCommitteehasattendedLastAGMof theCompany.All theMeetingswerealsoattendedby theAuditorsoftheCompany.

INVESTOR COMPLAINTS

1 Pendingatthebeginningoftheyear NIL

2 Receivedduringtheyear NIL

3 Disposed of during the year NIL

4 Remainingunresolvedattheendoftheyear NIL

7. General Meeting

Meeting Date of meeting Time of the meeting Place of the meeting

21stAnnualGeneralMeeting 29thSeptember,2014 3.30p.m. Survey No. 396, 403, Moraiya Village, Sarkhej-BavlaHighway,Tal.Sanand,Dist.Ahmedabad–382210

22ndAnnualGeneralMeeting 29thSeptember,2015 3.30p.m. Survey No. 396, 403, Moraiya Village, Sarkhej-BavlaHighway,Tal.Sanand,Dist.Ahmedabad–382210

23rdAnnualGeneralMeeting 30thSeptember,2016 3.30p.m. Survey No. 396, 403, Moraiya Village, Sarkhej-BavlaHighway,Tal.Sanand,Dist.Ahmedabad–382210

24thAnnualGeneralMeeting 18thAugust,2017 3.30p.m. Survey No. 396, 403, Moraiya Village, Sarkhej-BavlaHighway,Tal.Sanand,Dist.Ahmedabad–382210

OneSpecialResolutionwasrequiredtobeputthroughpostalballotatthetimeofthesemeetings.

9. Disclosures

1. Disclosure on materially significant related party transactions i.e. transactions of the company of material nature, with its promoter, the directors or the management, or relatives etc. that may have potential conflict wit the interest of company at large :

Alltransactionswithrelatedpartieswereintheordinarycourseofbusinessandatarm’slength.TheCompanyhasnotenteredintoanytransactionsofamaterialnaturewithanyoftherelatedpartieswhichareinconflictwiththeinterestoftheCompany.

2. Details of non-compliance by the company, penalties, imposed on the Company by Stock Exchange, SEBI or any statutory authority, on any matter related to Capital markets, during the last three years : None

3. Compliance with Accounting standards

InthepreparationoffinancialstatementsthereisnodeviationfromtheprescribedAccountingStandards.

4. Compliance Certificate from the Auditors

Certificatefromtheauditorsofthecompanyconfirmingcompliancewiththemandatoryrequirementsunderclause49ofthelistingagreementsunderclause49ofthelistingagreementisannexedtothisreport.ThiscertificatehasalsobeenforwardedtotheStockExchangewherethesharesofcompanyarelisted.

5. Adoption of non mandatory requirements under clause 49 and as applicable under companies Act, 2013

The company complieswith the following non-mandatory requirements under clause 49with reference to Companies Act, 2013relatingtoAuditCommittee.

(a) Whistle Blower Policy

Thecompanyhasputinplaceamechanismofreportingillegalorunethicalbehavior.Employeesarefreetoreportviolationsoflaws,rules,regulationsorunethicalconducttotheirimmediatesupervisor/notifiedpersons.

Thereportsreceivedfromanyemployeewillbereviewedbytheauditcommittee.Itisaffirmedthatnopersonhasbeendeniedaccess to the audit committee in this respect. TheDirectors and seniormanagement are tomaintain confidentiality of suchreportingandensurethatthewhistleblowersarenotsubjectedtoanydiscriminatorypractice.

TheAuditCommittee,hasbeendesignatedbytheBoardforreviewingtheadequacyoftheriskmanagementframeworkoftheCompany,thekeyrisksassociatedwiththebusinessoftheCompanyandthemeasuresaretakeninplacetominimizethesameandthereafterthedetailsarepresentedtoanddiscussedattheBoardmeeting.

10. Means of Communication

FinancialResultsarebeingpublishedinLeadingNews-PapersaswellascopiesofthesamearealsobeingsenttoalltheStockExchangeswheretheSharesoftheCompanyarelistedforthebenefitofthePublicatlarge.

FinancialResultsarepublishednormallyinleadingEnglishnewspaperandinVernaculardailyNewspaper.


GSL Nova

• TheCompanysuppliescopiesoftheFinancialResultsandAnnualReportoftheCompanytovariousAnalysts,registeredShareBrokers,variousGovernmentDepartments&Agencies,andotherInvestorsandallthoseinterestedingettingthesameasandwhenrequested.

• ManagementDiscussion&AnalysisisapartofAnnualReportattachedherewith.

10. General Shareholder Information

(a) AGM: Date, time and venue –

tobeheldon29TH the day of September, 2018 at3.30p.m.attheRegisteredOfficeoftheCompanyatSurveyNo.396,403,MoraiyaVillage,Sarkhej-BavlaHighway,Tal.Sanand,Dist.Ahmedabad–382210.

(b) Financial Calendar – From April to March (Tentative):

ResultsfortheQuarterending:

June30,2018 ThirdweekofAugust,2018.

September30,2018 SecondweekofNovember,2018.

December31,2018 SecondweekofFebruary,2019.

March31,2019 FifthweekofMay,2019.

(c) Listing on Stock Exchanges

ListingFeepaidbythecompanytilltheyear2017-18andEquitySharesoftheCompanyarelistedat:

TheBombayStockExchangeLtd.

(d) Stock Code –

TheBombayStockExchangeLtd. Code–530605

ISINNo.oftheCompany INE787A01022

(e) Registrar and Transfer Agent

M/sMCSShareTransferandAgentLtd.

101,ShatdalComplex,1StFloor,Opp.BataShowRoom,AshramRoad,Ahmedabad-09.

(f) Share Transfer System

EquitySharesoftheCompanyreceivedfromtheInvestorsforthepurposeofTransferintheirnamearebeingprocessedfortransferatintervalofeveryfortnightineachcalendarmonthandaftercompletingtheprocedureofShareTransfersharesarebeingreturnedwithinaperiodrangingfromtwotothreeweeks,providedthedocumentslodgedwiththeRegistrars/Companyareclearinallrespects.

(g) Distribution of Shareholding

DISTRIBUTION OF SHAREHOLDINGS AS ON 31-03-2018

Number of Shares held Number of Share Holders Total Number of Share

(1)Number

(2)% to Total Nos.

(3)Total Shares

(4)% to Total Shares

(5)

1 To 500 6945 77.03 1389320 5.15

501 To 1000 963 10.68 810997 3.00

1001 To 2000 498 5.52 818095 3.03

2001 To 3000 191 2.12 489265 1.81

3001 To 4000 105 1.16 382777 1.42

4001 To 5000 70 0.78 330408 1.22

5001 To 10000 113 1.25 851447 3.15

10001 To 50000 101 1.12 2062639 7.64

50001 To 100000 9 0.10 517578 1.92

100001 To above 22 0.24 19347474 71.66

Total 9017 100 27000000 100


GSL Nova

SHAREHOLDING PATTERN AS ON 31-03-2018

Category No. of shares Percentage of total shares

PromotersHolding

Indianpromoters 2366480 8.77

Bodies Corporate 12566800 46.54

Non-PromotersHolding

Financialinstitutions/Institutional 600 0.00

Mutual Funds 0 0

FIIs 0 0

Non-Institutional

Bodies Corporate 4679204 17.33

Individual 6395351 23.69

NRI 875004 3.24

HUF 111561 0.41

OverseasCorporateBody 5000 0.02

Trust 0 0

TOTAL 27000000 100.00

(h) Dematerialisation of Shares

2,61,83,276EquitySharesoftheCompanyaredematerializedason31stMarch,2018.Total96.97%sharesaredematerialize.

(i) Outstanding GDRs/ADRs/ Warrants or any convertible instruments, conversion date and likely impact on equity

CompanyhasnotissuedanyGDR/ADR/Warrant.

(j) Plant Location

Plantlocatedat:-SurveyNo.396/403,MoraiyaVillage,Sarkhej-BavlaHighway,Tal.Sanand,Dist.Ahmedabad–382210Gujarat,India.

(k) Address for correspondence

SurveyNo.396/403,MoraiyaVillage,Sarkhej-BavlaHighway,Tal.Sanand,Dist.Ahmedabad–382210Gujarat,India.

CONFIRMATION BY MANAGING DIRECTOR ABOUT COMPLIANCE OF CODE OF CONDUCT

Iherebyconfirmthat

TheCompanyhasobtainedaffirmationfromallthemembersoftheBoardandemployeesatSeniorManagementlevelthattheyhavecompliedwiththe“codeofconductforBoardofDirectorsandSeniorManagement“.

Sd/-Place:Ahmedabad Sunil Kumar GuptaDate :30thMay,2018 ManagingDirector


GSL Nova

AUDITORS’ CERTIFICATE ON CORPORATE GOVERNANCE

To,TheMembersofGSLNovaPetrochemicalsLimited(FormerlyknownasNovaPetrochemicalsLimited)

WehaveexaminedthecomplianceofconditionsofCorporateGovernancebyGSLNovaPetrochemicalsLimited(FormerlyNovaPetrochemicalsLimited)fortheyearendedonMarch31,2017asstipulatedinclause49oftheListingAgreementofthesaidCompanywiththestockexchanges.

ThecomplianceofconditionsofCorporateGovernanceistheresponsibilityofthemanagement.Ourexaminationwaslimitedtoproceduresandimplementationthereof,adoptedbytheCompanyforensuringthecomplianceoftheconditionsofCorporateGovernance.ItisneitheranauditnoranexpressionofopiniononthefinancialstatementsoftheCompany.

Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,wecertifythattheCompanyhascompliedwiththeconditionsofCorporateGovernanceasstipulatedinclause49oftheListingAgreement.

WestatethatnoinvestorgrievanceispendingforaperiodexceedingonemonthagainsttheCompanyaspertherecordsmaintainedbytheShareholdersGrievanceCommittee.

WefurtherstatethatsuchcomplianceisneitheranassuranceastofutureviabilityoftheCompanynortheefficiencyoreffectivenesswithwhichthemanagementhasconductedtheaffairsoftheCompany.

For,Samir M Shah & AssociatesChartered Accountants

Place:Ahmedabad (Samir Shah)Date :30thMay,2018 Partner

CEO_CFO CERTIFICATION

ShreeSunilKumarGupta,CEOandMissMayankaGupta,CFOofthecompanyshallcertifythat,tothebestoftheirknowledgeandbelief:

(a) Theyhavereviewedthebalancesheetandprofitandlossaccountandallitsschedulesandnotesonaccounts,aswellasthecashflowstatementsandtheDirectors’Report;

(b) Thesestatementsdonotcontainanymateriallyuntruestatementoromitanymaterialfactnordotheycontainstatementsthatmightbemisleading;

(c) Thesestatementstogetherpresentatrueandfairviewofthecompany,andareincompliancewiththeexistingaccountingstandardsand/orapplicablelaws/regulations;

(d) Theyareresponsibleforestablishingandmaintaininginternalcontrolsandhaveevaluatedtheeffectivenessof internalcontrolsystemsofthecompany;andtheyhavealsodisclosedtotheauditorsandtheAuditCommittee,deficienciesinthedesignoroperationofinternalcontrols,ifany,andwhattheyhavedoneorproposetodotorectifythese;

(e) TheyhavealsodisclosedtotheauditorsaswellastheAuditCommittee,instancesofsignificantfraud,ifany,thatinvolvesmanagementoremployeeshavingasignificantroleinthecompany’sinternalcontrolsystems;and

(f) Theyhaveindicatedtotheauditors,theAuditCommitteeandinthenotesonaccounts,whetherornotthereweresignificantchangesininternalcontroland/orofaccountingpoliciesduringtheyear.

For, GSL Nova Petrochemicals Limited

Date :30/05/2018Place:Ahmedabad CEO CFO


GSL Nova

INDEPENDENT AUDITORS’ REPORTTo,TheMembersofGSL NOVA PETROCHEMICALS LIMITEDAhmedabad

1. Report on the Standalone Ind AS Financial Statements

WehaveauditedtheaccompanyingstandaloneIndASfinancialstatementsofGSL NOVA PETROCHEMICALS LIMITED (“theCompany”),which comprise the Balance Sheet as at 31st March, 2018,andtheStatementofProfitandLoss(includingOtherComprehensiveIncome),theCashFlowStatementandtheStatementofChangesinEquityfortheyearthenended,andasummaryofthesignificantaccountingpoliciesandotherexplanatoryinformation.

2. Management’s Responsibility for the Standalone Ind AS Financial Statements

TheCompany’sBoardofDirectors is responsible for thematters stated inSection134(5)of theCompaniesAct,2013 (“theAct”)withrespecttothepreparationofthestandaloneIndASfinancialstatementsthatgiveatrueandfairviewofthefinancialposition,financialperformanceincludingothercomprehensiveincome,changesinequityandcashflowsoftheCompanyinaccordancewiththeaccountingprinciplesgenerallyacceptedinIndia,includingtheIndianAccountingStandards(IndAS)prescribedundersection133oftheAct.

ThisresponsibilityalsoincludesmaintenanceofadequateaccountingrecordsinaccordancewiththeprovisionsoftheActforsafeguardingthe assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriateaccountingpolicies;makingjudgmentsandestimatesthatarereasonableandprudent;anddesign,implementationandmaintenanceofadequateinternalfinancialcontrols,thatwereoperatingeffectivelyforensuringtheaccuracyandcompletenessoftheaccountingrecords,relevanttothepreparationandpresentationofthestandaloneIndASfinancialstatementsthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraudorerror.

3. Auditors’ Responsibility

OurresponsibilityistoexpressanopiniononthesestandaloneIndASfinancialstatementsbasedonouraudit.WehavetakenintoaccounttheprovisionsoftheAct,theaccountingandauditingstandardsandmatterswhicharerequiredtobeincludedintheauditreportundertheprovisionsoftheActandtheRulesmadethereunder.

WeconductedourauditofthestandaloneIndASfinancialstatementsinaccordancewiththeStandardsonAuditingspecifiedunderSection143(10)oftheAct.ThoseStandardsrequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthestandaloneIndASfinancialstatementsarefreefrommaterialmisstatement.

AnauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsandthedisclosuresinthestandaloneIndASfinancialstatements.Theproceduresselecteddependontheauditor’sjudgment,includingtheassessmentoftherisksofmaterialmisstatementofthestandaloneIndASfinancialstatements,whetherduetofraudorerror.Inmakingthoseriskassessments,theauditorconsidersinternalfinancial control relevant to theCompany’spreparationof thestandalone IndASfinancial statements thatgivea trueand fairview inordertodesignauditproceduresthatareappropriateinthecircumstances.AnauditalsoincludesevaluatingtheappropriatenessoftheaccountingpoliciesusedandthereasonablenessoftheaccountingestimatesmadebytheCompany’sDirectors,aswellasevaluatingtheoverallpresentationofthestandaloneIndASfinancialstatements.

WebelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourqualifiedauditopiniononthestandaloneIndASfinancialstatements.

4. Basis for Qualified Opinion

i. Thecompanyhassuspendeditsmanufacturingactivities,disposedoffitsplant&machineryandentirenetworthofthecompanyhasbeeneroded,hencethereisamaterialuncertaintywhichcastesignificantdoubtupontheCompany’sabilityasgoingConcern.HowevertheaccountsoftheCompanyhasbeenpreparedonagoingconcernbasis.TheFinancialstatementsdonotincludeanyadjustmentsrelatingtotherecoverabilityandclassificationofrecordedassetamountsandclassificationofliabilitythatmaybenecessaryiftheCompanyisunabletocontinueasagoingconcern.

ii. TradeReceivables,Advances,DepositsandTradePayables&otherpayablesaresubjecttoconfirmationandadjustmentifany.

iii. Compoundinterest,Penalinterestandliquidateddamagesinrespectofallborrowingshavenotbeenprovided,amountofwhichisunascertainable,pendingconfirmations/reconciliation(RefertoNoteNo.19.1)

5. Opinion

In ouropinion and to thebest of our informationandaccording to theexplanations given tous, except for theeffectsof thematterdescribed in theBasis forQualifiedOpinionparagraph, the IndAsfinancial statementsgivethe informationrequiredbytheAct in themannersorequiredandgiveatrueandfairviewinconformitywiththeaccountingprinciplesgenerallyacceptedinIndiaincludingtheIndAS,ofthefinancialpositionoftheCompanyasat31stMarch,2018,anditsfinancialperformanceincludingothercomprehensiveincome,itscashflowsandthechangesinequityfortheyearendedonthatdate.


GSL Nova

6. Emphasis Matter

We draw attention to the fact that, theministry of Corporate affairs vide its letter Dt.09/06/2017 considered the company as “ShellCompany”anddirectedSEBIwhointurndirectedBombayStockExchangeforinitiatingnecessaryactionasperSEBIlaws&Regulations.TheBombayStockExchangeVideOrderDt.19/01/2018hasdirectedtoconductforensicauditoftheCompany.Thereportoftheforensicauditorisawaited,theoutcomeofthesameisuncertain.Ouropinionisnotqualifiedinrespectofthismatter.

7. Other Matters

The comparativefinancial informationof theCompany for the year ended31stMarch, 2017and the transitiondateopeningbalancesheetasat1stApril,2016includedinthesestandaloneIndASfinancialstatements,arebasedonthepreviouslyissuedstatutoryfinancialstatementspreparedinaccordancewiththeCompanies(AccountingStandards)Rules,2006auditedbyotherauditor,whosereportfortheyearended31stMarch,2017and31stMarch,2016dated30thMay,2017and30thMay,2016respectivelyexpressedanqualifiedopiniononthosestandalonefinancialstatements,asadjustedforthedifferencesintheaccountingprinciplesadoptedbytheCompanyontransitiontotheIndAS,whichhavebeenauditedbyotherauditor.

8. Report on Other Legal and Regulatory Requirements

(i) AsrequiredbytheCompanies(Auditor’sReport)Order,2016(“theOrder”) issuedbytheCentralGovernmentof India intermsofSection143(11)ofCompaniesAct2013,wegiveinthe“AnnexureA”statementonthemattersspecifiedinparagraphs3and4oftheOrdertotheextentapplicable.

(ii) AsrequiredbySection143(3)oftheAct,wereportthat:

(a) Wehavesoughtandobtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwerenecessaryforthepurposesofouraudit.

(b) ExceptfortheeffectsofthematterdescribedintheBasisforQualifiedOpinionparagraph,inouropinion,properbooksofaccountasrequiredbylawhavebeenkeptbytheCompanysofarasitappearsfromourexaminationofthosebooks.

(c) TheBalanceSheet,theStatementofProfitandLoss,theCashFlowStatementandStatementofChangesinEquitydealtwithbythisReportareinagreementwiththebooksofaccount.

(d) ExceptfortheeffectsofthematterdescribedintheBasisforQualifiedOpinionparagraph,inouropinion,theaforesaidstandaloneIndAsfinancialstatementscomplywiththeAccountingStandardsspecifiedunderSection133oftheAct.

(e) Themattersdescribed intheBasis forQualifiedOpinionparagraphabove, inouropinion,mayhaveanadverseeffectonthefunctioningoftheCompany.

(f) Onthebasisofthewrittenrepresentationsreceivedfromthedirectorsason31stMarch,2018takenonrecordbytheBoardofDirectors,noneofthedirectorsisdisqualifiedason31stMarch,2018frombeingappointedasadirectorintermsofSection164(2)oftheAct.

(g) TheQualificationrelatingtothemaintenanceofaccountsandothermattersconnectedtherewithareasstatedinthebasisforQualifiedOpinionparagraphabove.

(h) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operatingeffectivenessofsuchcontrols,refertoourseparateReportin“AnnexureB”.

(i) WithrespecttotheothermatterstobeincludedintheAuditor’sReportinaccordancewithRule11oftheCompanies(AuditandAuditors)Rules,2014,inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous:

i. TheCompanyhasdisclosedtheimpactofpendinglitigationsonitsfinancialpositioninitsfinancialstatementsinNoteNo.32tothefinancialstatements;

ii. TheCompanyhasmadeprovision,asrequiredundertheapplicablelaworaccountingstandards,formaterialforeseeablelosses,ifany,onlong-termcontractsincludingderivativecontracts;

iii. TherewasadefaultintransferringasumofRs.2,85,041/-totheInvestorEducationandProtectionFundintheearlieryear.Thesaiddefaulthascontinuedintheyearunderaudit.(ReferClauseNo.7(a)oftheCompanies(Auditor’sReport)Order,2016)

For, Samir M Shah & Associates.Chartered Accountants,

[Firm Regd. No. 122377W]

(Samir M Shah)Place : Ahmedabad PartnerDate : 30.05.2018 [M. No. 111052]


GSL Nova

ANNEXURE “A” TO INDEPENDENT AUDITORS’ REPORTReferredtoinparagraph8(i)ofourReportofevendatetotheMembersofGSLNOVAPETROCHEMICALSLIMITEDfortheyearended31stMarch,2018.

1. In respect of Fixed Assets :

(a) The present register of Fixed Assets requires completion in certain respects & we have been informed that such work is in progress.

(b) Aspertheinformationandexplanationsgiventous,themanagementatreasonableintervalsduringtheyearinaccordancewithaprogrammeofphysicalverificationphysicallyverifiedthefixedassetsandnomaterialdiscrepancieswerenoticedonsuchverificationascomparedtotheavailablerecords.

(c) Asexplainedtous,thetitledeedsofalltheimmovablepropertiesareheldinthenameofthecompany.

2. In respect of its Inventories :

Aspertheinformationandexplanationsgiventous,inventorieswerephysicallyverifiedduringtheyearbythemanagementatreasonableintervals.Nomaterialdiscrepancieswerenoticedonsuchphysicalverification.

3. Asregardstheloans,thecompanyhasnotgrantedanyloans,securedorunsecuredduringtheyearunderaudit,totheCompaniesfirmsandotherpartiescoveredintheregistermaintainedundersection189ofthecompaniesAct,2013andtherefore,theclauses(iii)(a)to(c)ofthecompanies(Auditor’sReport)Order,2016arenotapplicable.

4. Accordingtotheinformationandexplanationgiventous,thecompanyhadneithergivenanyloan,guaranteeorsecurity,normadeanyinvestmentsduringtheyear.Hencetheprovisionsofsection185and186arenotapplicable.Therefore,clauses(iv)ofcompanies(Auditor’sReport)Order,2016isnotapplicable.

5. Duringtheyear,thecompanyhasnotacceptedanydepositsandhencethedirectivesissuedbytheReserveBankofIndiaandtheprovisionsofsections73to76oranyotherrelevantprovisionsoftheCompaniesActandtherulesframedthereunderarenotapplicabletothecompany.Therefore,clauses(v)ofcompanies(Auditor’sReport)Order,2016isnotapplicable.

6. Accordingtotheinformationandexplanationsgiventous,thecompanyisnotrequiredtomaintaincostrecordsasrequiredbythecentralgovernmentundersubsection(1)ofsection148oftheCompaniesAct,2013.Henceclause(vi)ofthe(Auditor’sReport)Order,2016isnotapplicable.

7. In respect of Statutory Dues :

(a) According to the records of the Company, the Company is by and large regular in depositing with appropriate authorities undisputed statutory dues including employees’ state insurance, income tax, wealth tax, Excise duty, duty of customs Service Tax, Value Added Tax, Central Sales Tax,cess and other statutory dues with the appropriate authorities applicable to it except there were instances of delay in payment of Professional Tax and Tax deducted at Source.

According to the informationandexplanations given tous, in respect statutoryduesProfessional Taxof Rs. 1,11,980/- , InvestorEducationProtectionFundRs2,85,041/-,TaxdeductedatsourceofRs.14,480/-,CentralsalestaxofRs.4,63,841/-andvalueaddedtaxofRs.1,01,151/-wereoutstandingasat31stMarch,2018foraperiodofmorethansixmonthsfromthedatetheybecamepayable.

(b) Accordingtotherecordsofthecompany,theduesofincometax,salestax,wealthtaxorservicetaxordutyofcustomsordutyofexciseorvalueaddedtaxorcesswhichhavenotbeendepositedonaccountofdisputesandtheforumwherethedisputeispendingareasunder:

Name of the Statute Nature of the Dues Year Amount (Rs.)

Forum where dispute is pending

TheCentralExciseandCustomsAct ExciseDuty&Penalty 2003-04 32,30,730 Custom Excise and Service TaxAppellateTribunal

ExciseDuty&Penalty 2005-06 11,89,019 Additional Commissioner of CentralExcise

TheFinanceAct,1994 Servicetax&Penalty 2004-05 33,98,641 Custom Excise and Service TaxAppellateTribunal

Servicetax&Penalty 2005-06 1,46,479 Assistant Commissioner of Central Excise

Servicetax&Penalty 2007-08 18,53,152 Commissioner(Appeal)ServiceTax

The Textile Committee AmendmentAct,1973

TextileCess 1995to2005 50,90,119 Textiles Committee, Government ofIndia,MinistryofTextiles

GujaratPollutionControlAct Compensation 2004to2010 5,164,620 HighCourtofGujarat


GSL Nova

4. In our opinion and according to the information and explanation given to us, there was a delay ranging upto 365 days in repayment of principal of Rs.590,90,457/- and a delay ranging upto 2 days in repayment of interest of Rs.16,47,340/- to financial institution which have been since paid. Further, the company has defaulted in repayment of principal and repayment of interest to Financial Institution as on balance sheet date the details of the same are as follows:-

Particulars Amount of default as at balance sheet date Period of default

JMFinancialAssetReconstructionCompanyPvt.Ltd. Principal-Rs.7,07,77,077/-Interest-Rs.34,14,551/-

Principal-395DaysInterest-1Days

5. Accordingtotheinformationandexplanationsgiventous,thecompanyhadnotraisedanymoneybywayofpublicissueduringtheyear.Accordingtothe informationandexplanationsgiventous,andonanoverallexaminationofthebalancesheetofthecompany, inouropinion,nonewtermloanshasbeentakenduringtheyearunderconsideration.

6. Basedupontheauditproceduresperformedandinformationandexplanationsgivenbythemanagement,wereportthatnofraudbytheCompanyoranyfraudonthecompanybyit’sofficeroremployeeshasbeennoticedorreportedduringthecourseofouraudit.

7. Inouropinionandaccordingtotheinformationandexplanationsgiventous,thecompanyhadpaidmanagerialremunerationwhichisinaccordancewiththerequisiteapprovalsmandatedbytheprovisionsofsection197readwithscheduleVofTheCompaniesAct,2013.

8. Inouropinionandaccordingtotheinformationandexplanationsgiventous,theprovisionsofspecialstatuteapplicabletochitfundsandnidhi/mutualbenefitfunds/societiesarenotapplicabletothecompany.Hence,clause(xii)oftheCompany’s(Auditor’sReport)Order,2016isnotapplicable.

9. Inouropinionandaccordingtotheinformationandexplanationsgiventous,thetransactionsenteredbythecompanywithrelatedpartiesareincompliancewiththeprovisionsofsection177and188ofTheCompaniesAct,2013anddetailsthereofareproperlydisclosedinthefinancialstatements.

10. Thecompanyhasnotmadeanypreferentialallotmentorprivateplacementofsharesorfullyorpartlyconvertibledebenturesduringtheyearunderreviewhenceprovisionsofsectionsof42oftheCompaniesAct,2013arenotapplicable.

11. Thecompanyhadnotenteredintoanynon-cashtransactionswiththedirectorsorpersonsconnectedwithhimduringtheyear,hencesection192oftheCompanies’Act,2013isnotApplicable.Andclause(xvi)ofCompany’s(Auditor’sReport)Order,2016isnotapplicable.

12. Inouropinionandaccordingtotheinformationandexplanationgiventousthecompanyisnotrequiredtoberegisteredundersection45-IAofReserveBankofIndiaAct,1934.





GSL Nova

ANNEXURE “B” TO INDEPENDENT AUDITORS’ REPORTReferredtoinparagraph8(ii)(f)ofourReportofevendatetotheMembersofGSLNOVAPETROCHEMICALSLIMITEDfortheyearended31stMarch,2018.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

Wehaveauditedthe internalfinancialcontrolsoverfinancial reportingofGSL NOVA PETROCHEMICALS LIMITED as of 31st March 2018, inconjunctionwithourauditofthestandalonefinancialstatementsoftheCompanyfortheyearendedonthatdate.

Management’s Responsibility for Internal Financial Controls

TheCompany’smanagementisresponsibleforestablishingandmaintaininginternalfinancialcontrolsbasedontheinternalcontroloverfinancialreportingcriteriaestablishedbytheCompanyconsideringtheessentialcomponentsofinternalcontrolstatedintheGuidanceNoteonAuditofInternalFinancialControlsOverFinancialReportingissuedbytheInstituteofCharteredAccountantsofIndia.Theseresponsibilitiesincludethedesign,implementationandmaintenanceofadequateinternalfinancialcontrolsthatwereoperatingeffectivelyforensuringtheorderlyandefficientconductofitsbusiness,includingadherencetocompany’spolicies,thesafeguardingofitsassets,thepreventionanddetectionoffraudsanderrors,theaccuracyandcompletenessoftheaccountingrecords,andthetimelypreparationofreliablefinancialinformation,asrequiredundertheCompaniesAct,2013.

Auditors’ Responsibility

OurresponsibilityistoexpressanopinionontheCompany’sinternalfinancialcontrolsoverfinancialreportingbasedonouraudit.WeconductedourauditinaccordancewiththeGuidanceNoteonAuditofInternalFinancialControlsOverFinancialReporting(the“GuidanceNote”)andtheStandardsonAuditing,issuedbyICAIanddeemedtobeprescribedundersection143(10)oftheCompaniesAct,2013,totheextentapplicabletoanauditofinternalfinancialcontrols,bothapplicabletoanauditofInternalFinancialControlsand,bothissuedbytheInstituteofCharteredAccountantsofIndia.ThoseStandardsandtheGuidanceNoterequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetheradequateinternalfinancialcontrolsoverfinancialreportingwasestablishedandmaintainedandifsuchcontrolsoperatedeffectivelyinallmaterialrespects.

Ourauditinvolvesperformingprocedurestoobtainauditevidenceabouttheadequacyoftheinternalfinancialcontrolssystemoverfinancialreportingandtheiroperatingeffectiveness.Ourauditofinternalfinancialcontrolsoverfinancialreportingincludedobtaininganunderstandingofinternalfinancialcontrolsoverfinancialreporting,assessingtheriskthatamaterialweaknessexists,andtestingandevaluatingthedesignandoperatingeffectivenessofinternalcontrolbasedontheassessedrisk.Theproceduresselecteddependontheauditor’sjudgment,includingtheassessmentoftherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.

WebelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinionontheCompany’sinternalfinancialcontrolssystemoverfinancialreporting.

Meaning of Internal Financial Controls over Financial Reporting

Acompany’sinternalfinancialcontroloverfinancialreportingisaprocessdesignedtoprovidereasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancialstatementsforexternalpurposesinaccordancewithgenerallyacceptedaccountingprinciples.Acompany’s internalfinancialcontroloverfinancial reporting includesthosepoliciesandproceduresthat (1)Pertain tothemaintenanceofrecords that, in reasonable detail ,accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) Providereasonableassurancethattransactionsarerecordedasnecessarytopermitpreparationoffinancialstatementsinaccordancewithgenerallyacceptedaccountingprinciples,andthatreceiptsandexpendituresofthecompanyarebeingmadeonlyinaccordancewithauthorizationsofmanagementanddirectorsofthecompany;and(3)providereasonableassuranceregardingpreventionortimelydetectionofunauthorizedacquisition,use,ordispositionofthecompany’sassetsthatcouldhaveamaterialeffectonthefinancialstatements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or impropermanagement override of controls,materialmisstatements due to error or fraudmay occur and not be detected. Also, projections of anyevaluationoftheinternalfinancialcontrolsoverfinancialreportingtofutureperiodsaresubjecttotheriskthattheinternalfinancialcontroloverfinancialreportingmaybecomeinadequatebecauseofchangesinconditions,orthatthedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.

Opinion

Inouropinion,theCompanyhas,inallmaterialrespects,anadequateinternalfinancialcontrolssystemoverfinancialreportingandsuchinternalfinancialcontrolsoverfinancialreportingwereoperatingeffectivelyasat31stMarch2018,basedontheinternalcontroloverfinancialreportingcriteriaestablishedbytheCompanyconsideringtheessentialcomponentsofinternalcontrolstatedintheGuidanceNoteonAuditofInternalFinancialControlsOverFinancialReportingissuedbytheInstituteofCharteredAccountantsofIndia.





GSL Nova

Balance Sheet as at March 31, 2018 Particulars Note

No.As at

31/03/2018 Rs.

As at 31/03/2017

Rs.

As at 01/04/2016

Rs. A ASSETS 1 Non-current assets (a) Property,PlantandEquipment 3 853.96 1,822.17 2,879.09 (b) CapitalWork-in-Progress - - - (c) OtherIntangibleAssets 4 0.23 0.34 - (d) FinancialAssets (i)Investments 5 0.74 3.61 3.32 (e) OtherNon-CurrentAssets 6 150.23 157.86 208.53 Total Non - Current Assets 1,005.16 1,983.98 3,090.94 2 Current assets (a) Inventories 7 - 6.12 740.37 (b) FinancialAssets (i) TradeReceivables 8 244.31 354.68 378.12 (ii) CashandCashEquivalents 9 11.63 39.78 8.81 (iii) OtherBankBalances 10 3.74 1.61 5.15 (c) CurrentTaxAssets(Net) 11 9.03 11.08 2.64 (d) OtherCurrentAssets 12 120.96 54.10 48.89 Total Current Assets 389.67 467.37 1,183.98 Total Assets (1+2) 1,394.83 2,451.35 4,274.92 B EQUITY AND LIABILITIES 1 Equity (a) ShareCapital 13 1,350.00 1,350.00 1,350.00 (b) OtherEquity 14 -6,235.49 -6,457.57 -5,723.07 Total Equity - 4,885.49 - 5,107.57 - 4,373.07 LIABILITIES 2 Non-Current Liabilities (a) FinancialLiabilities (i) Borrowings 15 - - - (b) DeferredTaxLiabilities(Net) 16 - - - Total Non - Current Liabilities - - - 3 Current liabilities (a) FinancialLiabilities (i) Borrowings 17 1,350.22 1,382.52 834.96 (ii) TradePayables 18 858.10 1,205.61 1,111.30 (iii) OtherFinancialLiabilities 19 3,020.83 3,594.68 5,036.82 (b) OtherCurrentLiabilities 20 1,051.17 1,376.11 1,664.91 Total Current Liabilities 6,280.32 7,558.92 8,647.99 Total Equity and Liabilities (1+2+3) 1,394.83 2,451.35 4,274.92 SummaryofSignificantAcountingPolicies 2

Asperourreportofevendateattachedherewith For, Samir M Shah & Associates For GSL Nova Petrochemicals Limited Chartered Accountants (FirmRegd.No.122377W)

(Samir M Shah) Shyam Gupta Sunil Kumar GuptaPartner [Chairman] [Mg.Director](M.No.111052) [DIN-00010735] [DIN-00008344]

Place: Ahmedabad Dhwani ShahDate : 30.05.2018 [Co.Sectretary]


GSL Nova




Statement of Profit and Loss for the year ended March 31, 2018Particulars Note

No.Year Ended

31/03/2018 Rs.

Year Ended 31/03/2017

Rs.

Continuing Operations

I RevenueFromOperations 21 - 1,533.72

II OtherIncome 22 767.15 101.05

III Total Income (I + II ) 767.15 1,634.77

IV EXPENSES

(a) CostOfMaterialsConsumed 23 - -

(b) PurchasesofStock-In-Trade 24 - 501.45

(c) ChangesInInventoriesofFinishedGoods,Stock-in-TradeandWork-In-Progress 25 - 615.83

(d) ExciseDuty - -

(e) EmployeeBenefitExpense 26 5.42 9.36

(f) FinanceCosts 27 191.53 526.15

(g) DepreciationAndAmortisationExpense 28 30.88 48.35

(h) OtherExpenses 29 317.24 668.18

Total Expenses 545.07 2,369.32

V Profit/(loss) before tax (III- IV) 222.09 (734.55)

VI Tax Expense

(a) CurrentTax - -

(b) DeferredTax - -

Total Tax Expense - -

VII Profit/(Loss) After Tax From Continuing Operations (V-VI) 222.09 (734.55)

VIII Profit/(Loss) for the Year (VII) 222.09 (734.55)

IX Other Comprehensive Income

A (i) Itemsthatwillnotbereclassifiedtoprofitorloss - -

(ii) Incometaxrelatingtoitemsthatwillnotbereclassifiedtoprofitorloss - -

B (i) Itemsthatmaybereclassifiedtoprofitorloss - -

(ii) Incometaxonitemsthatmaybereclassifiedtoprofitorloss - -

X Total Other Comprehensive Income (IX A + IX B) - -

XI Total Comprehensive Income for the year (VIII+X) 222.09 (734.55)

XII Basic & diluted earnings per share of face value of Rs.10 each Fully Paid up

(a) Basic 0.82 (2.72)

(b) Diluted 0.82 (2.72)


GSL Nova

Statement of Changes in Equity for the year ended on March 31, 2018

Equity Share Capital

Particulars Amount Rs.

Balanceason1stApril,2016 1,350.00

Changes during the year -

Balanceason31stMarch,2017 1,350.00

Changes during the year -

Balanceason31stMarch,2018 1,350.00

Other Equity (Amount in Rs.)

Particulars Reserves and Surplus Total

Undistributable Retained Earnings

Equity Securities Premium

General Reserve Retained

Earnings

Balanceasat1stApril,2016 2,028.89 1,189.70 225.00 (9,166.66) (5,723.07)

Profitfortheyear - - - (734.50) (734.50)

Other comprehensive income for theyear(netoftax)

- - - - -

TotalComprehensiveIncome

for the year - - - (734.50) (734.50)

Balanceasat31stMarch,2017 2,028.89 1,189.70 225.00 (10,635.66) (6,457.57)

Profitfortheyear - - - 222.09 222.09

Other comprehensive income for theyear(netoftax)

- - - - -

TotalComprehensiveIncome

for the year - - - 222.09 222.09

Balanceasat31stMarch,2018 2,028.89 1,189.70 225.00 (10,413.57) (6,235.48)





GSL Nova

CASH FLOW CashFlowStatementfortheyearendedMarch31,2018

PARTICULARS Year 2017-18 Year 2016-17

Rs. Rs. Rs. Rs.

A: Cash from Operating Activities :

NetProfitbeforeTaxation 222.08 (734.55)

AdjustmentFor:

Depreciation

Finance costs 30.88 48.35

ProvisionforBad&DoubtfulDebts 191.53 526.15

ProvisionforDoubtfulAdvances 1.36 21.56

ProvisionwrittenbackonBad&DoubtfulDebts 11.78 18.04

ProvisionwrittenbackDoubtfulAdvances (55.08) -

ImpairmentofProperty,Plant&Equipmentretiredfromactiveuse (6.27) -

Loss/(Profit)onSaleofProperty,PlantandEquipment - 166.02

Dimunitioninvalueofinvestment 223.84 265.54

DimunitioninvalueofStores&Spares 1.98 -

DimunitioninvalueofPackingMaterial 6.12 116.23

Netgain/lossoninvestmentsdesignatedatfairvaluethroughprofitorloss - 2.21

DividendIncomeonNonCurrentInvestments 0.89 (0.28)

InterestIncome - -

(0.42) (0.68)

406.61 1,163.14

Operating Profit Before Working Capital Changes: 628.69 428.59

Adjustment For :

Decrease/(increase)inOtherNonCurrentAssets 19.01 35.27

Decrease/(increase)ininventories - 615.81

Decrease/(increase)inTradeReceivables 164.09 1.88

Decrease/(increase)inOtherCurrentAssets (72.69) (5.21)

Increase/(decrease)inTradePayables (347.51) 94.31

Increase/(decrease)inOtherCurrentFinancialLiability (0.62) (6.26)

Increase/(decrease)inOtherCurrentLiabilities (324.94) (288.80)

(562.66) 447.00

CashGeneratedFromOperations 67.03 875.59

IncomeTaxPaid (9.00) (11.08)

(9.00) (11.08)

Net Cash From Operating Activities (A) 58.03 864.51


GSL Nova

PARTICULARS Year 2017-18 Year 2016-17

Rs. Rs. Rs. Rs.

B: Cash Flow From Investment Activities :

PurchaseofProperty,PlantandEquipment (0.63) (0.83)

SaleofFixedAssets 714.25 577.51

Decrease/(increase)inbankdeposits (2.13) 3.54

Dividendincome - -

InterestIncome 0.42 0.68

Net Cash from Investment Activities (B) 711.91 580.90

C: Cash Flow From Financing Activities :

Proceeds/(Repayment)fromCurrentBorrowings (589.06) 945.25

FinancecostsPaid (209.00) (2,359.72)

Net Cash from Financing Activities (C ) (798.06) (1,414.47)

Net Increase in Cash & Cash Equivalents (28.13) 30.93

Cash&CashEquivalentsattheBeginning 39.78 8.81

Cash&CashEquivalentsattheEnd 11.63 39.78Notes :TheaboveCashFlowStatementhasbeenpreparedunderthe“IndirectMethod”setoutinIndianAccountingStandard-7“StatementofCashFlows”.





GSL Nova

1. Corporate Information

GSLNovaPetrochemicalsLimited(referredtoas‘thecompany’)isdealinginRealEstatebusiness.Thecompanyhasitsregisteredofficeat396/406,VillageMoraiya,Sarkhej-BavlaHighway,Ahmedabad,Gujarat-382210.

2. SIGNIFICANT ACCOUNTING POLICIES

(i) Basis of Accounting:

a) Statement of Compliance:

ThefinancialstatementshavebeenpreparedwithallmaterialaspectwithIndianAccountingStandards(IndAs)notifiedundersection133oftheCompaniesAct,2013(theAct)readwiththeCompanies(IndianAccountingStandards)Rules,2015andotherrelevantprovisionsoftheAct.

TheFinancialStatementsuptotheyearended31stMarch,2017werepreparedinaccordancewiththeAccountingStandardsnotifiedunderCompanies(AccountingStandard)Rules,2006(asamended)andotherrelevantprovisionoftheAct.

TheseFinancialStatementsarethefirstFinancialStatementsoftheCompanyunderIndAsIndAs101–“FirstTimeadoptionofIndianAccountingStandards”.ThedateoftransitiontoIndAsis1stApril,2016.PleasereferNoteNo.39foranexplanationofthetransitionfrompreviousGAAPtoIndAshasaffectedtheCompany’sFinancialPositions,FinancialPerformanceandCashFlow.

b) Basis of preparation:

Thefinancialstatementshavebeenpreparedonaccrualbasisofaccountingunderhistoricalcostconventioninaccordancewithgenerallyacceptedaccountingprinciples in IndiaandtherelevantprovisionsoftheCompaniesAct,2013 includingIndianAccountingStandardsnotifiedthereunder,exceptforthefollowingwherethefairvaluationhavebeencarriedoutinaccordancewiththerequirementsofrespectiveIndAs:

1. Investment in equity instruments.

TheOperatingcycleisthetimebetweentheacquisitionofassetsforprocessingandtheirrealizationincashandcashequivalents.TheCompanyhasidentifiedtwelvemonthsasitsoperatingcycle.Accordingly,allassetsandliabilitieshavebeenclassifiedascurrentornon-currentaspertheCompany’soperatingcycleandothercriteriasetoutinIndAS1-‘PresentationofFinancialStatements’andScheduleIIItotheCompaniesAct,2013.

(ii) Use of Estimates:

ThepreparationandpresentationoffinancialstatementsareinconformitywiththeIndAswhichrequiredmanagementtomakeestimatesandassumptionsthataffectthereportedamountsofassetsandliabilities(includingcontingentliabilities)onthedateofthefinancialstatementsandthereportedamountofrevenuesandexpensesduringthereportingyear.

Estimatesandunderlyingassumptionsarereviewedonanongoingbasis.Revisionstotheaccountingestimatesarerecognisedintheperiodinwhichtheestimatesarerevisedandinanyfutureperiodsaffected.Managementbelievesthattheestimatesusedin thepreparationoffinancial statementsareprudentand reasonable. Future results coulddifferdue to theseestimatesanddifferencesbetweentheactualresultsandestimatesarerecognizedintheyearinwhichtheresultsareknown/materialized.

Informationaboutassumptionsandestimationuncertaintiesthathaveasignificantriskofresultinginamaterialadjustmentwithinthenextfinancialyearareincludedinthefollowingnotes:

Note5-Fairvaluationofinvestments

Note8-Expectedcreditlossforreceivables

(iii) Property, Plant and Equipment & Depreciation:

a) Property Plant and Equipment:

Freeholdlandiscarriedathistoricalcost.Allotheritemsofproperty,plantandequipmentarestatedathistoricalcost(netofrecoverabletaxes)lessaccumulateddepreciationandimpairmentlosses,ifany.Historicalcostincludesexpenditurethatisdirectlyattributabletogettingtheassetreadyfor intendeduse.Subsequentcostsare included intheasset’scarryingamountorrecognisedasaseparateasset,asappropriate,onlywhenitisprobablethatfutureeconomicbenefitsassociatedwiththe itemwillflowtothecompanyandthecostof the itemcanbemeasuredreliably.Thecarryingamountofanycomponentaccountedforasaseparateassetisderecognisedwhenreplaced.Allotherrepairsandmaintenancearechargedtoprofitorlossduringthereportingperiodinwhichtheyareincurred.


GSL Nova

Thegainorlossarisingonthedisposalorretirementofanproperty,plantandequipmentisdeterminedasthedifferencebetween net disposal proceeds and the carrying amount of the asset and is recognised as income or expenses in theStatementofProfitandLossintheyearordisposal.

b) Transition to Ind As:

On transition to Ind AS, the company has elected to continuewith the carrying value of all of its property, plant andequipmentrecognisedasat1April2016measuredasperthepreviousGAAPandusethatcarryingvalueasthedeemedcostoftheproperty,plantandequipment.Pleaserefertonote3fordetailsofthesame.

c) Depreciation methods, estimated useful life and residual value:

Depreciationisprovidedforproperty,plantandequipmentsoastoexpensethecostovertheirestimatedusefullivesbasedonevaluation.Theresidualvalues,usefullivesandmethodsofdepreciationofproperty,plantandequipmentarereviewedateachfinancialyearendandadjustedprospectively,ifappropriate.

Depreciationonproperty,plantandequipmenthasbeenprovidedonstraightlinemethodspecifiedinScheduleIItotheCompaniesAct,2013.However,landisnotdepreciated.

Theestimatedusefullivesarementionedbelow:

Nature of Assets Useful life (in Years)

Buildings 30

Furniture&Fixtures 10

ElectricalInstallations 10

Computers 3

Plant&Equipment 15&25

OfficeEquipment 5

Vehicles 8

Depreciationiscalculatedonproratabasiswithreferencetothedateofaddition/disposal.

(iv) Intangible Assets and Amortisation :

a) Intangible Assets:

Intangibleassetsaremeasuredoninitialrecognitionatcost(netofrecoverabletaxes,ifany).Subsequently,intangibleassetsarecarriedoutatcostlessanyaccumulatedamortizationandaccumulatedimpairmentlosses,ifany.

ThegainorlossarisingonthedisposalorretirementofanintangibleassetisdeterminedasthedifferencebetweennetdisposalproceedsandthecarryingamountoftheassetandisrecognisedasincomeorexpensesintheStatementofProfitandLossintheyearordisposal.

b) Transition to Ind As:

On transition to Ind As, the company has elected to continuewith the carrying value of all of its property, plant andequipmentrecognisedasat1April2016measuredasperthepreviousGAAPandusethatcarryingvalueasthedeemedcostoftheproperty,plantandequipment.Pleaserefertonote4fordetailsofthesame.

c) Amortisation methods, estimated useful life and residual value:

Intangibleassetsareamortisedonastraightlinebasisovertheirestimatedusefullivesbasedonunderlyingcontractswhereapplicable.Theusefullivesofintangibleassetsareassessedaseitherfiniteorindefinite.Theamortisationperiodandtheamortisationmethodforanintangibleassetwithafiniteusefullifearereviewedatleastattheendofeachreportingperiod.Arebuttablepresumptionthattheusefullifeofanintangibleassetwillnotexceedtenyearsfromthedatewhentheassetisavailableforuseisconsideredbythemanagement.

(v) Impairment of non – financial assets

TheCompanyreviewsthecarryingamountof itsProperty,PlantandEquipment, includingCapitalWorkinprogressofa“CashGeneratingUnit”(CGU)attheendofeachreportingperiodtodeterminewhetherthereisanyindicationthatthoseassetshavesufferedanimpairmentloss.Ifanysuchindicationexists,therecoverableamountoftheassetisestimatedinordertodeterminetheextentoftheimpairmentloss(ifany).Whenitisnotpossibletoestimatetherecoverableamountofanindividualasset,theCompanyestimatestherecoverableamountoftheCashGeneratingUnittowhichtheassetbelongs.


GSL Nova

RecoverableAmountisdetermined:

i) Incaseofindividualasset,athigherofthefairvaluelesscosttosellandvalueinuse;and

ii) Incaseofcashgeneratingunit(acompanyofassetsthatgeneratesidentified,independentcashflows),atthehigherofthecashgeneratingunit’sfairvaluelesscosttosellandthevalueinuse.

Iftherecoverableamountofanasset(orcashgeneratingunit)isestimatedtobelessthanitscarryingamount,thecarryingamountoftheasset(orcash-generatingunit)isreducedtoitsrecoverableamount.AnimpairmentlossisrecognizedimmediatelyintheStatementofProfitandLoss.

(vi) Financial Instruments :

Afinancialinstrumentisanycontractthatgivesrisetoafinancialassetofoneentityandafinancialliabilityorequityinstrumentofanotherentity.

1. Financial Assets:

i. Initial recognition and measurement:

Atinitialrecognition,theCompanymeasuresafinancialasset(whicharenotmeasuredatfairvalue)throughprofitorlossatitsfairvalueplusorminustransactioncoststhataredirectlyattributabletotheacquisitionorissueofthefinancialasset.

ii. Subsequent measurement:

Forpurposesofsubsequentmeasurement,financialassetsareclassifiedinfollowingcategories:

i) Financialassetsmeasuredatamortisedcost;

ii) Financialassetsatfairvaluethroughprofitorloss(FVTPL)and

iii) Financialassetsatfairvaluethroughothercomprehensiveincome(FVOCI)

TheCompanyclassifiesitsfinancialassetsintheabovementionedcategoriesbasedon:

a) TheCompany’sbusinessmodelformanagingthefinancialassets,and

b) Thecontractualcashflowscharacteristicsofthefinancialasset.

i) Financial assets measured at amortised cost :

Afinancialassetismeasuredatamortisedcostifbothofthefollowingconditionsaremet:

a) Afinancialasset ismeasuredatamortisedcost if thefinancialasset isheldwithinabusinessmodelwhoseobjectiveistoholdfinancialassetsinordertocollectcontractualcashflowsandtheContractualtermsofthefinancialassetsgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterest(SPPI)ontheprincipalamountoutstanding.

b) Financialassetsaresubsequentlymeasuredatamortisedcostusingtheeffectiveinterestrate(EIR)method.AmortisedcostiscalculatedbytakingintoaccountanydiscountorpremiumonacquisitionandfeesorcoststhatareanintegralpartoftheEIR.TheEIRamortisationisincludedinfinanceincomeintheprofitorloss.Thelossesarisingfromimpairmentarerecognisedintheprofitorloss.

ii) Financial assets at fair value through profit or loss (FVTPL):

Financialassetsaremeasuredatfairvaluethroughprofitandlossunlessitismeasuredatamortisedcostoratfairvaluethroughothercomprehensiveincomeoninitialrecognition.Thetransactioncostsdirectlyattributabletotheacquisitionoffinancialassetsandliabilitiesatfairvaluethroughprofitorlossareimmediatelyrecognizedinprofitorloss.

iii) Financial assets at fair value through other comprehensive income (FVOCI):

Financial assets aremeasured at fair value through other comprehensive income if these financialassetsareheldwithinabusinessmodelwhoseobjectiveisachievedbycollectingbothcontractualcashflowsthatgivesriseonspecifieddates tosolelypaymentsofprincipaland interestontheprincipalamountoutstandingandbysellingfinancialassets.

Afinancialassetismeasuredatfairvaluethroughprofitorlossunlessitismeasuredatamortisedcostorfairvaluethroughothercomprehensiveincome.Inaddition, The Company may elect to designate afinancialasset,whichotherwisemeetsamortisedcostorFVOCIcriteria,asatFVTPL.However,such


GSL Nova

electionisallowedonlyifdoingsoreducesoreliminatesameasurementorrecognitioninconsistency(referredtoas‘accountingmismatch’)

iii. Equity Instruments:

AllequityinvestmentsinscopeofIndAS109aremeasuredatfairvalue.EquityinstrumentswhichareheldfortradingandcontingentconsiderationrecognisedbyanacquirerinabusinesscombinationtowhichIndAS103appliesareclassifiedasatFVTPL.Forallotherequityinstruments,thecompanymaymakeanirrevocableelectiontopresentin other comprehensive income subsequent changes in the fair value. The companymakes such election on aninstrumentby-instrumentbasis.Theclassificationismadeoninitialrecognitionandisirrevocable.

IfthecompanydecidestoclassifyanequityinstrumentasatFVTOCI,thenallfairvaluechangesontheinstrument,excludingdividends,arerecognizedintheOCI.ThereisnorecyclingoftheamountsfromOCItoP&L,evenonsaleof investment.However, thecompanymaytransfer thecumulativegainor losswithinequity.Equity instrumentsincludedwithintheFVTPLcategoryaremeasuredatfairvaluewithallchangesrecognizedintheProfit&Loss.

ThecompanyhaselectedtomeasureitsequityinstrumentsthroughFVPTL

iv. Derecognition:

TheCompanyderecognizesafinancialassetwhencontractualrightstothecashflowsfromtheassetexpire,orwhenittransfersthefinancialassetandsubstantiallyalltherisksandrewardsofownershipoftheassettoanotherparty.

Onderecognitionofafinancialassetinitsentirety,thedifferencebetweentheassets’scarryingamountandthesumoftheconsiderationreceivedandreceivableisrecognizedintheStatementofProfitandLoss.

v. Impairment of financial assets:

Thecompanyassessesateachdateofstatementoffinancialpositionwhetherafinancialassetsorgroupoffinancialassetsisimpaired.InaccordanceofIndAS109,thecompanyappliesexpectedcreditloss(ECL)modelformeasurementandrecognitionofimpairmentloss.

Incaseoftradereceivables,theCompanyfollowsasimplifiedapproachwhereinanamountequaltolifetimeECLismeasuredand recognisedas loss allowance.As apractical expedient, the companyuses aprovisionmatrix todetermine impairment loss on portfolio of its trade receivables. The provisionmatrix is based on its historicallyobserved default rates over the expected life of trade receivables. ECL impairment loss allowances (or reversal)recognizedduringtheperiodisrecognizedasanexpense/incomerespectivelyinthestatementofprofitandloss.ProvisionforECLispresentedasdeductionfromcarryingamountoftradereceivables.

Forallotherfinancialassets,expectedcreditlossesaremeasuredatanamountequalto12monthexpectedcreditlosses or at an amount equal to lifetime expected losses, if the credit risk on the financial asset has increasedsignificantlysinceinitialrecognition.

Subsequently,ifthecreditqualityofthefinancialassetimprovessuchthatthereisnolongerasignificantincreaseincreditrisksinceinitialrecognition,theCompanyrevertstorecognizingimpairmentlossallowancebasedon12monthECL.

2. Financial Liabilities:

i. Initial recognition and measurement:

All financial liabilities are recognised initially at fair value and subsequently carried at amortised cost using theeffectiveinterestmethod.

Thecompany’sfinancialliabilitiesincludetradeandotherpayables,loansandborrowingsincludingbankoverdrafts.

ii. Subsequent measurement:

Themeasurementoffinancialliabilitiesdependsontheirclassification,asdescribedbelow:

i) Financialliabilitiesmeasuredatamortisedcost.

ii) Financialliabilitiesatfairvaluethroughprofitorloss.

i) Financial liabilities measured at amortised cost :

Subsequently, all financial liabilities aremeasured at amortised cost. Any discount or premium onredemption/settlementisrecognisedintheStatementofProfitandLossasfinancecostoverthelifeoftheliabilityusingtheeffectiveinterestmethodandadjustedtotheliabilityfiguredisclosedintheBalanceSheet.


GSL Nova

ii) Financial assets at fair value through profit or loss (FVTPL):

Financial liabilitiesat fairvaluethroughprofitor loss includefinancial liabilitiesheldfortradingandfinancialliabilitiesdesignateduponinitialrecognitionasatfairvaluethroughprofitorloss.Financialliabilitiesareclassifiedasheldfortradingiftheyareincurredforthepurposeofrepurchasinginthenearterm.Gainsorlossesonliabilitiesheldfortradingarerecognisedintheprofitorloss.

Financialliabilitiesdesignateduponinitialrecognitionatfairvaluethroughprofitorlossaredesignatedassuchattheinitialdateofrecognition,andonlyifthecriteriainIndAS109aresatisfied.ForliabilitiesdesignatedasFVTPL,fairvaluegains/lossesattributabletochangesinowncreditriskarerecognizedinOCI.Thesegains/lossarenotsubsequentlytransferredtoP&L.However,thecompanymaytransferthecumulativegainorlosswithinequity.Allotherchangesinfairvalueofsuchliabilityarerecognisedinthestatementofprofitandloss.

iii. Derecognition:

Financial liabilitiesarederecognisedwhen the liability isextinguished, that is,when thecontractualobligation isdischargedorcancelledorexpiry.Whenanexistingfinancialliabilityisreplacedbyanotherfromthesamelenderonsubstantiallydifferent terms,or the termsofanexisting liabilityaresubstantiallymodified, suchanexchangeormodification is treatedas thederecognitionof theoriginal liability and the recognitionof anew liability. Thedifferenceintherespectivecarryingamountsisrecognisedinthestatementofprofitandloss.

(vii) Off-setting of financial instruments:

Financialassetsandfinancial liabilitiesareoffsetandthenetamount is reported in thestandalonebalancesheet if there isacurrentlyenforceablelegalrighttooffsettherecognisedamountsandthereisanintentiontosettleonanetbasis,torealizetheassetsandsettletheliabilitiessimultaneously.

(viii) Fair value measurement:

Fairvalueisthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdateundercurrentmarketconditions.

TheCompanycategorizesassetsandliabilitiesmeasuredatfairvalueintooneofthreelevelsdependingontheabilitytoobserveinputsemployedintheirmeasurementwhicharedescribedasfollows:

(a) Level1inputsarequotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilities.

(b) Level2inputsareinputsthatareobservable,eitherdirectlyorindirectly,otherthanquotedpricesincludedwithinlevel1fortheassetorliability.

(c) Level 3inputs areunobservable inputs for theassetor liability reflecting significantmodifications toobservable relatedmarketdataorCompany’sassumptionsaboutpricingbymarketparticipants.

(ix) Inventories:

Inventoriesarevaluedatlowerofcostandnetrealizablevalue.RawMaterials,Stores,Spares,Fuel,PackingMaterialsandFinishedGoodsarevaluedonFIFObasisandLandheldasstockintradeisvaluedatcostandNetRealizableValuewhicheverislower.Netrealizablevalueistheestimatedsellingpriceintheordinarycourseofbusinesslessestimatedcostnecessarytomakesale.

Spares(notmeetingthedefinitionofproperty,plantandequipment)areaccountedasinventoryandexpensedtothestatementofprofitandlosswhenissuedforconsumption.

(x) Borrowing Cost :

Borrowingcostsincludeinterestandamortisationofancillarycostsincurredtotheextenttheyareregardedasanadjustmenttotheinterestcost.Costsinconnectionwiththeborrowingoffundstotheextentnotdirectlyrelatedtotheacquisitionofqualifyingassetsarecharged to theStatementofProfitandLossover the tenureof the loan.Borrowingcosts,allocated toandutilisedforqualifyingassets,pertaining to theperiod fromcommencementofactivities relating toconstruction/developmentof thequalifyingassetuptothedateofcapitalisationofsuchassetisaddedtothecostoftheassets.CapitalisationofborrowingcostsissuspendedandchargedtotheStatementofProfitandLossduringextendedperiodswhenactivedevelopmentactivityonthequalifyingassetsisinterrupted.

(xi) Cash and cash equivalents:

Cashcomprisescashonhandanddemanddepositswithbanks.Cashequivalentsareshort-termbalances(withanoriginalmaturityofthreemonthsorlessfromthedateofacquisition),whicharesubjecttoaninsignificantriskofchangesinvalue.


GSL Nova

Forthepurposeofthestatementofcashflows,cashandcashequivalentsconsistofcashandshort-termdeposits,asdefinedabove,netofoutstandingbankoverdraftsastheyareconsideredanintegralpartofthecompany’scashmanagement.

(xii) Statement of Cash flows:

Cashflowsarereportedusingtheindirectmethod,wherebyprofit/(loss)beforetaxisadjustedfortheeffectsoftransactionsofnoncashnatureandanydeferralsoraccrualsofpastorfuturecashreceiptsorpayments.Thecashflowsfromoperating,investingandfinancingactivitiesoftheCompanyaresegregatedbasedontheavailableinformation.

(xiii) Revenue recognition :

SalesareaccountedforondispatchofgoodstothecustomersandareinclusiveofExciseDutybutnetofnetofVAT/GST,DiscountsandReturnsasapplicable.

SalesinrespectofLandHeldasstockintradearerecognizedwhentitleoflandandsignificantrisksandrewardsofownershiphasbeentransferredtothecustomer.

Dividendoninvestmentisrecognizedwhentherighttoreceivethepaymentisestablished.

(xiv) Foreign Currency Transactions:

ThefunctionalcurrencyoftheCompanyisIndianRupeeswhichrepresentsthecurrencyoftheprimaryeconomicenvironmentinwhichitoperates.

TransactionsincurrenciesotherthantheCompany’sfunctionalcurrency(foreigncurrencies)arerecognizedattheratesofexchangeprevailingatthedatesofthetransactions.Attheendofeachreportingperiod,monetaryitemsdenominatedinforeigncurrenciesaretranslatedusingmeanexchangerateprevailingonthelastdayofthereportingperiod.

ExchangedifferencesonmonetaryitemsarerecognisedintheStatementofProfitandLossintheperiodinwhichtheyarise.

(xv) Cenvat, Service Tax, Vat & GST:

CENVAT/ServiceTax/VAT/GSTcreditonmaterialspurchasedforproduction/serviceavailedforproduction/inputservicearetakenintoaccountatthetimeofpurchaseandCENVAT/ServiceTax/VAT/GSTcreditonpurchaseofcapitalitemswhereverapplicablearetakenintoaccountasandwhentheassetsareacquired.

TheCENVAT/GSTcreditssotakenareutilizedforpaymentofexciseduty/GSTongoodsmanufactured.TheunutilizedCENVAT/GSTcreditiscarriedforwardinthebooks.TheVAT/GSTcreditssotakenareutilizedforpaymentoftaxongoodssold.TheunutilizedVAT/GSTcreditiscarriedforwardinthebooks.

(xvi) Employee Benefits:

(i) TheemployeeandCompanymakemonthlyfixedContributiontoGovernmentof IndiaEmployee’sProvidentfundequaltoaspecifiedpercentageofthecoveredemployee’ssalary,Provisionforthesameismadeintheyearinwhichservicearerenderedbytheemployees.

(ii) TheLiability forGratuitytoemployee,which isadefinedbenefitplan, isdeterminedonthebasisofactuarialValuationbasedonProjectedUnitCreditmethod.Actuarialgain/Lossinrespectofthesameischargedtotheprofitandlossaccount.

(iii) Leaveencashmentbenefittoeligibleemployeehasbeenascertainedonactuarialbasisandprovidedfor.Actuarialgain/lossinrespectofthesameischargedtotheprofitandlossaccount.

(iv) ShortTermbenefitsarerecognisedasanexpenseattheundiscountedamountsintheStatementofProfitandLossoftheyearinwhichtherelatedserviceisrendered.

(xvii) Earnings per Share

BasicearningspershareiscalculatedbydividingnetprofitaftertaxfortheyearattributabletoEquityShareholdersofthecompanybytheweightedaveragenumberofEquitySharesissuedduringtheyear.DilutedearningspershareiscalculatedbydividingnetprofitattributabletoequityShareholders(afteradjustmentfordilutedearnings)byaveragenumberofweightedequitysharesoutstandingduringtheyear.

(xviii) Provisions, Contingent Liabilities and Contingent Assets :

Provisionsarerecognisedonlywhenthereisapresentobligationasaresultofpasteventsandwhenareliableestimateoftheamountofobligationcanbemade.Contingentliabilityisdisclosedfor(i)PossibleobligationwhichwillbeconfirmedonlybyfutureeventsnotwhollywithinthecontroloftheCompanyor(ii)Presentobligationsarisingfrompasteventswhereitisnotprobablethatanoutflowofresourceswillberequiredtosettletheobligationorareliableestimateoftheamountoftheobligationcannotbemade.Contingentassetsarenotrecognisedinthefinancialstatements.


GSL Nova

(xix) Taxes on Income :

a) Current tax:

Currenttaxisdeterminedonincomefortheyearchargeabletotaxinaccordanceonthebasisofthetaxlawsenactedorsubstantivelyenactedattheendofthereportingperiod.CurrenttaxitemsarerecognisedincorrelationtotheunderlyingtransactioneitherinOCIordirectlyinequity.

b) Deferred tax:

DeferredtaxisrecognisedontemporarydifferencesbetweenthecarryingamountsofassetsandliabilitiesintheFinancialStatementsandthecorrespondingtaxbasesusedinthecomputationoftaxableprofit.Deferredtaxliabilitiesaregenerallyrecognisedforalltaxabletemporarydifferences.Deferredtaxassetsaregenerallyrecognisedforalldeductibletemporarydifferencestotheextentthatitisprobablethattaxableprofitswillbeavailableagainstwhichthosedeductibletemporarydifferencescanbeutilised.

Thecarryingamountofdeferredtaxassetsisreviewedattheendofeachreportingperiodandreducedtotheextentthatitisnolongerprobablethatsufficienttaxableprofitswillbeavailabletoallowallorpartofthedeferredtaxassettobeutilized.

Deferredtaxliabilitiesandassetsaremeasuredatthetaxratesthatareexpectedtoapplyintheperiodinwhichtheliabilityissettledortheassetrealised,basedontaxrates(andtaxlaws)thathavebeenenactedorsubstantivelyenactedbytheendofthereportingperiod.

ThemeasurementofdeferredtaxliabilitiesandassetsreflectsthetaxconsequencesthatwouldfollowfromthemannerinwhichtheCompanyexpects,attheendofthereportingperiod,torecoverorsettlethecarryingamountofitsassetsandliabilities.

Deferredtaxassets includeMinimumAlternativeTax(MAT)paidinaccordancewiththetaxlawsinIndia,whichis likelytogivefutureeconomicbenefitsintheformofavailabilityofsetoffagainstfutureincometaxliability.Accordingly,MATisrecognisedasdeferredtaxassetinthebalancesheetwhentheassetcanbemeasuredreliablyanditisprobablethatthefutureeconomicbenefitassociatedwithassetwillberealised.

Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in othercomprehensiveincomeorinequity).DeferredtaxitemsarerecognisedincorrelationtotheunderlyingtransactioneitherinOCIordirectlyinequity.

(xx) Segment reporting:

TheChiefOperationalDecisionMaker(CODM)monitorstheoperatingresultsofitsbusinessSegmentsseparatelyforthepurposeofmakingdecisionsaboutresourceallocationandperformanceassessment.Segmentperformanceisevaluatedbasedonprofitorlossandismeasuredconsistentlywithprofitorlossinthefinancialstatements.OperatingsegmentsarereportedinamannerconsistentwiththeinternalreportingtotheCODM.

Accordingly,theBoardofDirectorsoftheCompanyisCODMforthepurposeofsegmentreporting.Refernote32forsegmentinformationpresented.

(xxi) Leases :

a) Finance leases:

AssetsacquiredunderleasewheretheCompanyhassubstantiallyalltheriskandrewardsofownershipareclassifiedasfinanceleases.Suchassetsarecapitalisedatinceptionofleaseattheloweroffairvalueorpresentvalueofminimumleasepaymentsandaliabilityiscreatedforanequivalentamount.Eachleaserentalpaidisallocatedbetweentheliabilityandtheinterestcostsoastoobtainaconstantperiodicrateofinterestontheoutstandingliabilityforeachperiod.

b) Operating leases:

Assetsacquiredonleaseswhereasignificantportionoftheriskandrewardsofownershipareretainedbythelessorareclassifiedasoperatingleases.Leaserentalsarechargedtothestatementofprofitandlossonaccrualbasis.


GSL NovaN

ote

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171,152

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0.77

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Add

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Nil

40.88

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Nil

0.07

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theyear

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40.88

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0.07

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26.80

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0.12

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0.16

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71,152

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Free

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1,77

6.81

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1,77

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1,40

3.13

695.67

707.46

Furnitu

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135.54

1.65

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449.07

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2.22

102.03

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3.71

2,98

5.28

378.43

Equipm

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GSL Nova

** StatementshowingassetsdiscardedfromactiveuseandawaitingdisposalincludedinProperty,Plant&Equipmentsstatedabove(AmountinRs.)

Particulars Gross Block

Accumulated Depreciation

Net Block Net realisable

value

Impairment Loss booked during

the year

Gross Block after

Impairment

Net Block after

Impairment

Plant&Machineryasat31/03/2018 Nil Nil Nil Nil Nil Nil Nil

Plant&Machineryasat31/03/2017 2,796.69 2,471.65 325.04 159.02 166.02 2,630.67 159.02

OtherAdjustmentincludesimpairmentlossonitemsofPPEretiredfromactiveuserestatedatlowerofCarryingamountorNetRealizableValue.

Note 4 : Other Intangilble Assets (AmountinRs.)

Particulars Computer Software Total

GrossCarryingValueason01-04-2016 Nil Nil

Additionduringtheyear 0.51 0.51

Deductionduringtheyear 0.00 0.00

GrossCarryingValueason31-03-2017 0.51 0.51


Deductionduringtheyear 0.00 0.00

Gross Carrying Value as on 31-03-2018 0.51 0.51

Accumulateddepreciationason01-04-2016 Nil Nil


Deductionduringtheyear Nil Nil

Accumulated depreciation as on 31-03-2018 0.17 0.17


Deductionduringtheyear Nil Nil

Accumulated depreciation as on 31-03-2018 0.28 0.28

NetCarryingValueason01-04-2016 Nil Nil

NetCarryingVaueason31-03-2017 0.34 0.34

Net Carrying Value as on 31-03-2018 0.23 0.23

InaccordancewithInd-AStransitionalprovisions,thecompanyoptedtoconsiderpreviousGAAPcarryingvalueofintangibleasstesasdeemedcostontransitiondateowingtoexemptiongiveninParaD7AAofIndAS101-FirsttimeadoptionofIndianAccountingStandards.RefersignificantaccountingpolicySr.Noiv(b)

Intangible assets - Breakup of Net Carring amount as on 1st April,2016 as per previous GAAP

Particulars Gross block as at 01-04-2016

Accumulated Depreciation as at 01-04-2016

Written down value as at 01-04-2016

ComputerSoftware 3.63 3.63 Nil

Total 3.63 3.63 Nil


GSL Nova

5 Investments (Non-Current)

As at 31/03/2018

Rs

As at 31/03/2017

Rs

As at 01/04/2016

Rs

Investment in equity shares at fair value through profit and loss

Quoted [Non-Trade]

1 EquitySharesOfMahendraPetrochemicalLtd.(FormerlyknownasMahendraSuitingLtd.),OfRs.10/-EachFullyPaid-Up(100sharesason31-03-2018,100sharesason31-03-2017and100sharesason01-04-2016)

0.00 0.00 0.00

2 EquitySharesOfJCTLtd.,OfRs.2.5/-EachFullyPaid-Up(50sharesason31-03-2018,50sharesason31-03-2017and50sharesason01-04-2016)

0.00 0.00 0.00

3 EquitySharesOfRajasthanPetroSyntheticsLtd,OfRs.10/-EachFullyPaid-Up(100sharesason31-03-2018,100sharesason31-03-2017and100sharesason01-04-2016)

0.00 0.00 0.00

4 EquitySharesOfJBFIndustriesLtd,OfRs.10/-EachFullyPaid-Up(100sharesason31-03-2018,100sharesason31-03-2017and100sharesason01-04-2016)

0.08 0.28 0.18

5 EquitySharesOfSanghiPolesterLtd,OfRs.10/-EachFullyPaid-Up(100sharesason31-03-2018,100sharesason31-03-2017and100sharesason01-04-2016)

0.01 0.00 0.00

6 EquitySharesOfIndoRamaSynthetics(India)Ltd,OfRs.10/-EachFullyPaid-Up (8sharesason31-03-2018,8sharesason31-03-2017and8sharesason01-04-2016)

0.00 0.33 0.01

7 EquitySharesOfIndoSpentexIndustriesLtd,OfRs.10/-EachFullyPaid-Up(2sharesason31-03-2018,2sharesason31-03-2017and2sharesason01-04-2016)

0.00 0.00 0.00

8 EquitySharesOfRelianceIndustriesLtd,OfRs.10/-EachFullyPaid-Up(4sharesason31-03-2018,2sharesason31-03-2017and2sharesason01-04-2016)

0.04 0.01 0.01

9 EquitySharesOfUCOBankLtd,OfRs.10/-EachFullyPaid-Up(2,800sharesason31-03-2018,2,800sharesason31-03-2017and2,800sharesason01-04-2016)

0.61 1.01 1.14

10 EquitySharesOfRelianceCommunicationLtd,OfRs.5/-EachFullyPaid-Up(1sharesason31-03-2018,1sharesason31-03-2017and1sharesason01-04-2016)

0.00 0.00 0.00

0.74 1.63 1.34

Unquoted [Non-Trade]

11 EquitySharesOfNPLPowerPvt.Ltd,OfRs.10/-EachFullyPaid-Up(19,800sharesason31-03-2018,19,800sharesason31-03-2017and19,800sharesason01-04-2016)

1.98 1.98 1.98

Less:Provisonofdimunitionofunquotedshares 1.98 0.00 0.00

0.00 1.98 1.98

Total ….. 0.74 3.61 3.32

Aggregateamountofquotedinvestments 0.36 0.36 0.36

Aggregatemarketvalueofquotedinvestments 0.73 1.63 1.34

Aggregateamountofunquotedinvestments 1.98 1.98 1.98

Aggregateamountofimpairmentinvalueofinvestments 1.98 0.00 0.00


GSL Nova

6 Other Non-Current Assets

As at 31/03/2018

Rs

As at 31/03/2017

Rs

As at 01/04/2016

Rs

(a) Advances recoverable in Cash or Kind 40.22 51.94 51.94

Less:ProvisionfordoubtfulAdvances -16.94 -10.99 0.00

23.28 40.95 51.94

(b) Advances For Capital Goods 19.14 25.42 25.46

Less:ProvisionfordoubtfulAdvances -19.14 -25.42 -19.62

0.00 0.00 5.84

(c) Advances For Goods 22.16 22.16 22.16


0.00 0.00 1.25

(d) Advances For Expenses 1.89 1.89 1.89


0.00 0.00 0.00

(e) Security Deposits

-Unsecured,consideredgood 3.13 4.14 39.37

(f) Advance Income Tax (Net) (Unsecured, considered good)

AdvancePaymentOfIncomeTax 179.40 168.35 165.71

Less:ProvisionforIncomeTax -55.58 -55.58 -55.58

123.82 112.77 110.13

Total ….. 150.23 157.86 208.53

Movement Allowance for Doubtful Advances during the year

(a) Advances recoverable in Cash or Kind

Opening Balance 10.99 0.00 0.00

Add:Provisionduringtheyear 5.95 10.99 0.00

Less:Reversalduringtheyear 0.00 0.00 0.00

Closing Balance 16.94 10.99 0.00

(b) Advances For Capital Goods





(c) Advances For Goods





(d) Advances For Expenses






GSL Nova

7 Inventories

As at 31/03/2018

Rs

As at 31/03/2017

Rs

As at 01/04/2016

Rs

Raw materials 0.00 0.00 23.96

GreyFabric 0.00 0.00 126.66

Stores&Spareparts 0.00 6.12 122.34

PackingMaterial 0.00 0.00 2.21

Land(Stock-in-Trade) 0.00 0.00 465.20

Total ….. 0.00 6.12 740.37

InventoryofRawMaterialincludesgoodsintransit-ason31-03-2018ofRs.Nil(ason31-03-2017Rs.Nilandason01-04-2016Rs.Nil).

InventoryofFinishedGoodsIncludesgoodsintransit-ason31-03-2018Rs.Nil(ason31-03-2017Rs.Nilandason01-04-2016Rs.Nil).

InventoryofStores&SparepartsIncludesgoodsintransit-ason31-03-2018Rs.Nil(ason31-03-2017Rs.Nilandason01-04-2016Rs.Nil).

InventoryofPackingMaterialIncludesgoodsintransit-ason31-03-2018Rs.Nil(ason31-03-2017Rs.Nilandason01-04-2016Rs.Nil).

ThecostofinventoriesofstoresandsparesrecognisedasanexpensesincludesRs.6,11,723(during2016-17Rs.1,16,22,734)inrespectofwrite-downofinventorytonetrealisablevalue,andhasbeenreducedbyRs.Nil(during2016-17:Rs.Nil)inrespectofthereversalofsuchwrite-down.

ThecostofinventoriesofPackingMaterialrecognisedasanexpensesincludesRs.Nil(during2016-17Rs.2,21,212)inrespectofwrite-downofinventorytonetrealisablevalue,andhasbeenreducedbyRs.Nil(during2016-17:Rs.Nil)inrespectofthereversalofsuchwrite-down.

8 Trade receivables

As at 31/03/2018

Rs

As at 31/03/2017

Rs

As at 01/04/2016

Rs

Considered Good 244.31 354.68 378.12

ConsideredDoubtful 26.66 80.38 58.82

270.97 435.06 436.94

Less:AllowanceforBadandDoubtfulDebts 26.66 80.38 58.82

244.31 354.68 378.12

Total ….. 244.31 354.68 378.12

9 Cash & Cash Equivalents

As at 31/03/2018

Rs

As at 31/03/2017

Rs

As at 01/04/2016

Rs

Cash on hand 2.88 12.13 3.35

InCurrentAccount 8.75 27.65 5.46

Total ….. 11.63 39.78 8.81

Non Cash Transactions: Duringtheyear,thecompanyhasnotenteredintoanynoncashtransactionsoninvestingandfinancingacitivities.

10 Other Bank Balances

As at 31/03/2018

Rs

As at 31/03/2017

Rs

As at 01/04/2016

Rs

BankDeposithavingmaturitymorethan3monthsbutlessthan12months 3.71 1.58 5.12

UnclaimedDividend 0.03 0.03 0.03

Total ….. 3.74 1.61 5.15


GSL Nova

11 Current Tax Assets (Net)

As at 31/03/2018

Rs

As at 31/03/2017

Rs

As at 01/04/2016

Rs

AdvanceIncomeTax 9.03 11.08 2.64

ProvisionofIncomeTax 0.00 0.00 0.00

Total ….. 9.03 11.08 2.64

12 Other Current Assets

As at 31/03/2018

Rs

As at 31/03/2017

Rs

As at 01/04/2016

Rs

AdvancesforExpenses 30.27 24.01 6.58

Less:ProvisionfordoubtfulAdvances -5.84 0.00 0.00

24.42 24.01 6.58

AdvancesforGoods 0.00 9.88 10.22

AdvancesrecoverableinCashorKind 92.65 4.11 4.11

PrepaidExpenses 0.26 0.41 0.72

LoansandAdvancestoEmployees 0.01 0.01 0.01

BalanceswithStatutoryAuthorities 3.61 15.68 27.25

0.00 0.00 0.00

Total ….. 120.96 54.10 48.89

Movement Allowance for Doubtful Advances during the year

AdvancesforExpenses





13 Equity Share Capital

As at 31/03/2018

Rs

As at 31/03/2017

Rs

As at 01/04/2016

Rs

[i] Authorised :

4,50,00,000EquitysharesofRs.5each(asatMarch31,2017:4,50,00,000equityshares&asatApril01,2016:4,50,00,000equitysharesofRs.5each)

2,250.00 2,250.00 2,250.00

10,00,000 Preference Shares of Rs. 100/- (as atMarch 31, 2017 : 10,00,000 equityshares&asatApril01,2016:10,00,000equitysharesofRs.100each)

1,000.00 1,000.00 1,000.00

Total ….. 3,250.00 3,250.00 3,250.00

[ii] Issued, Subscribed & Paid-up Capital :

2,70,00,000equitysharesofRs.5eachfullypaid(asatMarch31,2017:2,70,00,000equityshares&asatApril01,2016:2,70,00,000equitysharesofRs.5each)

1,350.00 1,350.00 1,350.00

Total ….. 1,350.00 1,350.00 1,350.00

(a) ThecompanyhasissuedonlyOneclassofsharesreferredtoasEquityshareshavingfacevalueofRs.5/-.EachHolderofOneshareisentitledtoOnevotepershare.

(b) Intheeventofliquidationofthecompany,theholdersofequityshareswillbeentitledtoreceiveremainingassetsofthecompany,afterdistributionofallpreferentialamounts.Thedistributionwillbeinproportiontothenumberofequitysharesheldbytheshareholder.

(c) UnderaschemeofthedemergerofNovaPetrochemicalsLtd,thecompanyissuedandallotted2,70,00,000equityshareamountingtoRs.13,50,00,000/-totheshareholdersofNovaPetrochemicalsLtdintheratioofoneequityshareofRs.5eachfullypaidupinthecompanyforeveryoneequityshareofRs.10eachfullypaidupheldbytheshareholdersofNovaPetrochemicalsLtdintheyear2009-10.


GSL Nova

(d) Reconciliation of the number of shares outstanding and the amount of share capital as at 31/03/2018, 31/03/2017 & 01/04/2016 is set out below:-

Particulars As at 31/03/2018 As at 31/03/2017 As at 01/04/2016No. of Shares Amount (Rs.) No. of Shares Amount (Rs.) No. of Shares Amount (Rs.)

Sharesatthebeginning 27,000,000 1,350 27,000,000 1,350.00 27,000,000.00 1,350.00Addition Nil Nil Nil Nil Nil NilDeletion Nil Nil Nil Nil Nil NilShares at the end 27,000,000 1,350 27,000,000 1,350.00 27,000,000.00 1,350.00

(e) The details of shareholders holding more than 5% shares is set out below.

Name of Shareholder As at 31/03/2018 As at 31/03/2017 As at 01/04/2016No. of Shares % held No. of Shares % held No. of Shares % held

PolycoatIndiaPvt.Ltd.(FormarlyKnownasGuptaSilkMillLtd)

1,650,000 6.11% 1,650,000 6.11% 1,650,000.00 6.11%

GuptaSilkMillsPvtLtd 5,047,400 18.69% 5,047,400 18.69% 5,047,400.00 18.69%ComptelInfosysPvt.Ltd. 3,400,000 12.59% 3,400,000 12.59% 3,400,000.00 12.59%ChiripalIndustriesLtd. 2,616,000 9.69% 2,616,000 9.69% 2,596,000.00 9.69%

14 Other Equity

As at 31/03/2018

Rs

As at 31/03/2017

Rs

As at 01/04/2016

Rs

Revaluationreserve:OpeningBalanceofRevaluationReserveasat01/04/2016Rs.20,28,89,326isnowtransferredtoUndistributableRetainedearnings

Undistributable Retained Earnings

TransferredfromRevaluationReserve 2,028.89 2,028.89 2,028.89

Closing Balance 2,028.89 2,028.89 2,028.89

Undistributable Retained Earnings:

SecuritiesPremiumReserve

BalanceasperlastfinancialStatement 1,189.70 1,189.70 1,189.70

Closing Balance 1,189.70 1,189.70 1,189.70

EquitySecurityPremium:Theamountreceivedinexcessoffacevalueoftheequitysharesisrecognisedinequitysecuritypremium.

General Reserve

BalanceasperlastfinancialStatement 225.00 225.00 225.00

Closing Balance 225.00 225.00 225.00

GeneralReserve : Thegeneral reserve isused fromtime totime to transferprofits fromretainedearningsforappropriationpurposes.Generalreserveiscreatedbyatransferfromonecomponentofequitytoanotherand isnotan itemofothercomprehensive income,andtheitemsincludedinthegeneralreservewillnotbereclassifiedsubsequentlytoprofitorloss.

Retained Earnings

BalanceasperlastfinancialStatement -9,901.17 -9,166.66 -9,166.66

Add:Profitfortheyear 222.09 -734.50 0.00

Net Surplus in the statement of profit and loss -9,679.08 -9,901.16 -9,166.66

Retained earnings: The amount that can be distributed by the Company as dividends toits equity shareholders is determined based on the separate financial statements of theCompany and also considering the requirements of the Companies Act, 2013. Thus, theamountsreportedabovearenotdistributableinentirety.

Total ….. -6,235.49 -6,457.57 -5,723.07


GSL Nova

15 Borrowings (Non-Current)

As at 31/03/2018

Rs

As at 31/03/2017

Rs

As at 01/04/2016

Rs

Secured Borrowing

TermLoan-FromAssetReconstructionCompany@ 2,961.31 3,552.21 3,154.52

Less:Currentmaturitiesoflong-termdebt(Refernoteno.19) 2,961.31 3,552.21 3,154.52

Total ….. 0.00 0.00 0.00

Security : @ TermLoansfromAssetReconstructionCompanyaresecuredbyfirstchargeonFixedAssets(throughmortgage/hypothecationofall

immovable&movableassets),chargeonbookdebt&stocksbothpresent&future,furtherloanfromAssetReconstructionCompanywerefurthersecuredbymortgageoverpropertylyingatBasantBahar-4havingPlotNo.6&7,SharesofGSLNovapetrochemicalsLtd.,CorporateguranteeofBasantbaharpropertiesPvtLtdtotheextentofvalueofResidentialplotNo.6&7andfurthersecuredbypersonalguaranteeofPromoterDirectors&CorporateGuranteeofPromoter'sGroupCompanies.

Interest: InrespectofTermLoanfromAssetReconstructionCompanyisliabletopayinterest@24%P.a.

Repayment: TermLoanFacilitiesarerepayableinfollowingscheduleinmonthlyinstalments:- (AmountinRs.)

Particulars Upto 1 year 2 to 4 Years 5 to 7 years More than 8 years

Term Loan Nil Nil Nil Nil

Default in payment of Interest on Term Loans & Working Capital Loans: TheDetailsinrespectoftheDefaultsmadebytheCompanyinpaymentofInterestonTermLoan&InterestonCashCredithasbeengiven

inNoteNo.19.1

16 Thecompanyisentitledforsetoffofcarriedforwardlossesandunabsorbeddepreciationagainstthefutureincomeundertheincometaxact.However,asamatterofprudence,thecompany isnotrecognisingthedefferedtaxassetasprovided inthe IndianAccountingStandard-12"IncomeTaxes"issuedbytheInstituteofCharteredAccountantofIndia.

17 Borrowings (Current)

As at 31/03/2018

Rs

As at 31/03/2017

Rs

As at 01/04/2016

Rs

Unsecured Borrowing

LoanfromRelatedParties 1,326.22 1,358.52 810.96

Loan From other Corporate Bodies 24.00 24.00 24.00

1,350.22 1,382.52 834.96

Security : #WorkingCapitalloansaresecuredbyfirstchargeonBookDebtandStocks,andfurthersecuredbypersonalguaranteeofthePromoter

DirectorsandcorporateguaranteeofthePromoter'sGroupCompaniesandalsofurthersecuredbysecondchargeonfixedassets.

18 Trade payables

As at 31/03/2018

Rs

As at 31/03/2017

Rs

As at 01/04/2016

Rs

PayabletoMicroandSmallEnterprise 0.00 0.00 0.00

Payabletoothers 0.00 0.00 0.00

-Acceptance 0.00 0.00 0.00

-OtherthanAcceptances 858.10 1,205.61 1,111.30

858.10 1,205.61 1,111.30

Therewerenooverdueamounts/interestpaybletoMicro,SmallandMediumEnterprisesDevelpomentAct,2006asattheBalanceSheetdateoranytimeduringtheyear.

DuestoMicroandSmallenterpriseshavebeendeterminedtotheextentsuchpartieshavebeenidentifiedonthebasisoftheinformationcollectedbytheManagement.ThishasbeenrelieduponbytheAuditors.


GSL Nova

19 Other Financial Liabilites (Current)

As at 31/03/2018

Rs

As at 31/03/2017

Rs

As at 01/04/2016

Rs

Secured

CurrentMaturityoflongtermborrowings(Refernoteno.19.1) 2,961.31 3,552.21 3,154.52

Interestaccruedbutnotdueonborrowings(Refernoteno.19.1) 34.14 16.47 1,850.04

Unsecured 0.00 0.00 0.00

CreditorsforProperty,Plant&Equipment 1.84 1.84 3.05

Salary&WagesPayable 1.91 1.71 7.58

Deposit from Dealers 21.63 22.45 21.63

Total ….. 3,020.83 3,594.68 5,036.82

19 Default in payment of Interest & Installments: In earlier years, the Company had defaulted in repayment of total Principal loans amounting to Rs. 35,04,26,887/- and total interest

amountingtoRs.11,37,95,419/-.TheseloanshavebeentakenoverbytheAssetReconstructionCompany.Duringtheyear,theCompanyhasnotpaidtotalamountofresheduledPrincipalamountofRs.7,41,91,629/-payabletoAssetReconstructionCompanyupto31stMarch,2018totheAssetReconstructionCompany.

TheCompanyhasdefaultedinpaymentofrescheduledprincipalandinterestandhencetheentiretermloanisdueforpaymentasperthetermsofsanction.

Compoundinterest,penalinterest&liquidateddamageshavenotbeenconsideredonallborrowings,amountofwhichisunascertainable,pendingconfirmation/reconciliation.

20 Other Current Liablities

As at 31/03/2018

Rs

As at 31/03/2017

Rs

As at 01/04/2016

Rs

Advancereceivedfromcustomers 1,030.37 908.06 1,237.88

AdvancereceivedforSaleofCapitalAsset 1.54 430.50 366.25

Other Statutory dues 11.71 28.59 51.29

OtherPayables 4.70 6.11 6.64

InvestorEducation&ProtectionFund 2.85 2.85 2.85

Total ….. 1,051.17 1,376.11 1,664.91

21 Revenue from operation

Year ended 31/03/2018

Rs.


Rs.

SaleofProduct

Traded Goods 0.00 1,533.72

Total ….. 0.00 1,533.72


GSL Nova

22 Other Income


Rs.


Rs.

InterestIncomeFromBank 0.00 0.15

AdvanceForfietedonSaleofCapitalAsset 350.00 0.00

InterestIncomeFromOthers 0.42 0.53

DividendIncomeonNonCurrentInvestments 0.00 0.00

Netgain/(loss)oninvestmentsdesignatedatfairvaluethroughprofitorloss -0.89 0.28

RentIncome 7.89 18.51

ProvisionwrittenbackonBad&DoubtfulDebts 55.08 0.00

ProvisionwrittenbackDoubtfulAdvances 6.27 0.00

MiscellaneousBalancesWrittenOff 336.47 81.58

OtherIncome 11.91 0.00

Total ….. 767.15 101.05

23 Cost of Materials Consumed


Rs.


Rs.

Inventoryatthebeginningoftheyear 0.00 23.96

Add:Purchase 0.00 0.00

Less:Inventoryattheendoftheyear 0.00 0.00

Less:GoodsRemovedTransferredtoStock-in-trade(ReferNoteNo.25) 0.00 23.96

Cost of Materials Consumed 0.00 0.00

24 Purchase of Stock in Trade


Rs.


Rs.

TradingPurchase 0.00 501.45

Total ….. 0.00 501.45

Details of Purchase of Traded Goods

FabricCloth 0.00 501.45

25 Change In Inventories Of Finished Goods,Work In Progress And Stock In Trade


Rs.


Rs.

Inventory at the beginning of the year

Traded Goods 0.00 591.87

Add:GoodsTransferredfromcostofmaterialconsumed(ReferNoteNo.23) 0.00 23.96

0.00 615.83

Inventory at the end of the year

Finished Goods 0.00 0.00

0.00 0.00

Decretion / (Accretion) to Goods 0.00 615.83


GSL Nova

26 Employee Benefit Expense


Rs.


Rs.

Salary,Wages&Bonus 5.42 9.27

StaffwelfareExpenses 0.00 0.09

Total ….. 5.42 9.36

27 Finance Costs


Rs.


Rs.InterestPaidtoOthers 191.42 524.70BankCharges 0.11 1.45Total ….. 191.53 526.15

28 Depreciation And Amortisation Expense


Rs.


Rs.DepreciationofProperty,Plant&Equipment 30.77 48.18DepreciationofIntangibleAssets 0.11 0.17Total ….. 30.88 48.35

29 Other Expenses


Rs.


Rs.DiminutioninvalueofStores&Spares 6.12 116.23DiminutioninvalueofPackingmaterial 0.00 2.21Electricity&Fuelcharges 4.65 7.37Repairs To: Building 3.05 1.79 Machinery 0.00 0.00 Other 0.44 0.37Total ….. 3.49 2.16ImpairmentofProperty,Plant&Equipmentretiredfromactiveuse 0.00 166.02Insurance 1.02 0.89Rent 27.12 6.00Rates&Taxes 10.42 29.11Stationery,Printing&AdvertisementExpenses 0.50 1.02Postage&TelephoneExpenses 0.79 1.29Traveling,ConveyanceandVehicleExpenses 10.11 12.10Legal&Professionalexpenses 7.48 12.29Auditor's Remuneration: Audit Fees 0.75 0.75 TaxAuditFees 0.00 0.25Total ….. 0.75 1.00Allowancesforbadanddoubtfuldebts 1.36 21.56Provisionfordoubtfuladvances 11.78 18.04DiminuitioninValueofInvestment 1.98 0.00LossonSalesofProperty,Plant&Equipment 223.84 265.54GeneralCharges(ItincludesCustodialFess,DirectorSittingFees,ListingFess,GeneralExpenseetc) 5.83 5.35Total ….. 317.24 668.18


GSL Nova

30 Income tax recognised in profit or loss


Rs.


Rs.Currenttax NilDeferredtax NilTotal ….. Nil

Income tax reconciliation

Particulars Year ended 31/03/2018

Rs.


Rs.Profit/(loss)beforetax 222.09 (735)EnactedtaxrateinIndia 33.06% 33.06%CurrenttaxexpensesonprofitbeforetaxattheenactedincometaxrateinIndia 222.09 NilTaxeffectofIncomesetofffrombroughtforwardlosses (222.09) NilTotal tax expenses in the statement of profit and loss account Nil Nil Effectivetaxrate 0.00% 0.00%

31 Earning Per Share

Particulars Unit Year ended 31/03/2018

Rs.


Rs.

ProfitAttributabletoEquityShareHoldersfromContinuingOperations(ProfitafterTax) Rs. 222.08 (734.55)

WeightedaverageNo.ofsharesusedasdenominatorforcalculatingBasicandDiluted No.ofShares

270 270

NominalValueofShare Rs. 5 5

BasicandDilutedEarningsperShare Rs. 0.82 (2.72)

32 Contingent liabilities and Commitments

As at 31/03/2018

Rs

As at 31/03/2017

Rs

As at 01/04/2016

Rs

IncomeTaxdemandsdisputedinappealbytheCompany/IncomeTaxAuthorities(AgainstwhichtheCompanyhaspaidamountofRs.2,615/-31stMarch,2017:Rs.61,990/-;1stApril,2016:Rs.61,990/-)

0.06 2.39 2.39

ValueAddedTaxdemandsdisputedinappealbytheCompany nil 10.56 nil

Centralsalestaxdemandsdisputedinappealbythecompany nil 5.15 31.80

ExciseDutydemandsdisputedinappealbytheCompany/ExciseAuthorities(AgainstwhichtheCompanyhaspaidamountofRs.7,53,781/-31stMarch,2017:Rs.7,53,781/-;1stApril,2016:Rs.7,53,781/-)

1,188.25 1,207.84 1,219.73

TextileCessDemandsdisputedpendingwithTextilesCommittee,GovernmentofIndia,MinistryofTextiles.

50.90 50.90 50.90

ServiceTaxdemanddisputedinappealbytheCompany/Authority 67.29 67.29 64.13

Claimsnotacknowledgedasdebtsbythecompany. 982.87 982.87 982.87

ShowCauseNoticesreceivedfromvariousauthorities. 31.87 31.58 nil

GujaratPollutionControlAct 51.65 51.65 nil

EmployeesDemandspendingbeforeLabourCourts. Amount notascertainable

Amount not ascertainable


InrespectofrestructuredDebtsunderCDRmechanism,thebankswillhaverighttorecompenseinrespectofwaivers/sacrificemadebythemunderCDRrestructuring





GSL Nova

33 Segment Reporting TheCompany’smanagement,consistingofthechiefexecutiveofficer,thechieffinancialofficerandthemanagerforcorporateplanning,

monitorstheoperatingresultsofthebelowbusinesssegmentsseparatelyforthepurposeofmakingdecisionsaboutresourceallocationandperformanceassessmentandaccordingly,basedontheprinciplesfordeterminationofsegmentsgiveninIndianAccountingStandard108“OperatingSegments”andintheopinionofmanagementtheCompanyisprimarilyengagedinthebusinessof“RealEstate”.AllotheractivitiesoftheCompanyrevolvearoundthemainbusinessandassuchthereisnoseparatereportablebusinesssegment.Thereisnoreportablesecondarysegmentasnoneoftheconditionsaslaiddownfordeterminingthegeographicalsegmentsaresatisfied.

Thereisnotransactionswithsinglecustomerwhichamountsto10%ormoreoftheCompany'srevenue.

34 Related Party Disclosure

Key Management Personnel

Sr. No Name

1 ShriShyamGupta

2 ShriSunilkumarGupta

3 ShriSandeepShivkumarGoyal

4 ShriAnilkumarSinghal

5 ShriMayankaSunilkumarGupta

6 ShriMeenuMaheshwari

Entities controlled by Directors/Relative of Directors

Sr. No Name

1 GuptaSyntheticsLimited

2 ElloraSyntexPvt.Ltd

3 BasantBaharPropertiesPvt.Ltd

Transactions with the Related Parties

1 Compensation to Key Management Personnel (Amount in Rs.)

Particulars Transaction during

2017-18

Transaction during

2016-17

Shorttermemployeebenefits 6.10 6.00

Post-employmentbenefits Nil Nil

2 Disclosure in respect of material transactions with related parties (Amount in Rs.)


2017-18

Transaction during

2016-17Remuneration & Perquisites :Key Management PersonnelShriSunilkumarGupta 3.00 6.00ShriMayankaSunilkumarGupta 3.10 0.00

6.10 6.00 Sitting Fees :Key Management PersonnelShri Meenu Maheshwari 0.15 0.15

0.15 0.15Advances given for expenses:EntitiescontrolledbyDirectors/RelativeofDirectorsElloraSyntexPvt.Ltd 6.45 5.76

6.45 5.76 Advances settled:EntitiescontrolledbyDirectors/RelativeofDirectorsGuptaSyntheticsLimited 11.50 Nil

11.50 -


GSL Nova


2017-18

Transaction during

2016-17Unsecured loan taken :EntitiescontrolledbyDirectors/RelativeofDirectorsGuptaSyntheticsLimited 23.96 386.41BasantBaharPropertiesPvt.Ltd Nil 161.30

23.96 547.71 Unsecured loan repaid :EntitiescontrolledbyDirectors/RelativeofDirectorsGuptaSyntheticsLimited Nil 30.50BasantBaharPropertiesPvt.Ltd 74.65 61.25

74.65 91.75 Key Management PersonnelShri Shyam Gupta 10.00 NIL

10.00 NIL

3 Balance outstanding as on respective Balance Sheet date

As at 31/03/2018

Rs

As at 31/03/2017

Rs

As at 01/04/2016

Rs

Advances given:


ElloraSyntexPvt.Ltd 24.31 17.86 12.10

24.31 17.86 12.10

Trade Receivables:


EvergreenSyntheticsPvt.Ltd. 1.10 1.10 1.10

GuptaSyntheticsLimited 7.00 7.00 7.00

NandanDyeingPrintsPvt.Ltd 0.03 0.03 0.03

8.13 8.13 8.13

Advances received:


335.06 346.56 346.56


BasantBaharPropertiesPvt.Ltd 7.64 7.98 0


SharpSyntheticsPvt.Ltd 143.36 143.36 -23.27

698.94 699.28 524.67

Unsecured Borrowing:

KeyManagementPersonnel

Shri Shyam Gupta 32.00 42.00 42.00


BasantBaharPropertiesPvt.Ltd 47.22 121.88 21.83


ShubhlaxmiDying&PrintingMillsPvt.Ltd 38.15 38.15 38.15

998.01 1,058.71 602.75


GSL Nova

35 Fair Value Measurements Financial instrument by category and their fair value (Amount in Rs.)

As at 31st March, 2018 Carrying Amount Fair Value

FVPTL FVOCI Amortised Cost

Total Level 1 Level 2 Level 3 Total

Financial Assets

NonCurrentInvestments 0.74 - - 0.74 0.74 - - 0.74

TradeReceivables - - 244.31 244.31 - - - -

CashandCashEquivalents - - 11.63 11.63 - - - -

OtherBankBalances - - 3.74 3.74 - - - -

Total Financial Assets 0.74 - 259.68 260.42 0.74 - - 0.74

Financial Liabilities

Borrowings

NonCurrent - - - - - - - -

Current - - 1,350.22 1,350.22 - - - -

OtherFinancialLiabilities

Current - - 3,020.83 3,020.83 - - - -

TradePayables - - 858.10 858.10 - - - -

Total Financial Liabilties - - 5,229.15 5,229.15 - - - -

(AmountinRs.)

As at 31st March, 2017 Carrying Amount Fair Value



Financial Assets





Total Financial Assets 3.61 - 396.07 399.68 3.61 - - 3.61


Borrowings

NonCurrent - - - - - - - -

Current - - 1,382.52 1,382.52 - - - -


Current - - 3,594.68 3,594.68 - - - -

TradePayables - - 1,205.61 1,205.61 - - - -



GSL Nova

(AmountinRs.)

As at April 01, 2016 Carrying Amount Fair Value



Financial Assets





Total Financial Assets - - 392.08 392.08 - - - 3.32


Borrowings

NonCurrent - - - - - - -

Current - - 834.96 834.96 - - - -


Current - - 5,036.82 5,036.82 - - - -

TradePayables - - 1,111.30 1,111.30 - - - -


Theabovefairvaluehierarchyexplainsthe judgementsandestimatesmade indeterminingthefairvaluesofthefinancial instrumentsthatare(a)recognisedandmeasuredatfairvalueand(b)measuredatamortisedcostforwhichfairvaluesaredisclosedinthefinancialstatements. Toprovide the indicationabout the reliabilityof the inputsused indetermining fair value, theCompanyhas classified itsfinancialinstrumentsintothreelevelsprescribedisasunder:

Level1-Quotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilties

Level2-InputsotherthanquotedpricesincludedwithinLevel1thatareobservablefortheassetorliabilty,eitherdirectly(i.e.asprices)orindirectly(i.e.derivedfromprices)

Level3-Inputsfortheassetsorliabiltiesthatarenotbasedonobservablemarketdata(unobservableinputs)

Therewerenotransfersbetweenthelevelsduringtheyear

Valuation process

ThefinancedepartmentoftheCompanyincludesateamthatperformsthevaluationsoffinancialassetsandliabiltiesrequiredforfinancialreportingpurposes,includinglevel3fairvalues.Thefairvaluationoflevel1andlevel2classifiedassetsandliabiltiesarereadilyavailablefromthequotedpriciesintheopenmarketandratesavailableinsecondarymarketrespectively.Thevaluationmethodappliedforvariousfinancialassetsandliabiltiesareasfollows-

1. Quotedpriceintheprimarymarket(NAV)consideredforthefairvaluationofthenoncurrentinvestmenti.eEquityShares.Gain/(loss)onfairvalauationisrecognisedinprofitandloss.

2. Thecarryingamountoftradereceivable,tradepayable,cashandbankbalances,shorttermloansandadvances,statutory/receivable,shorttermborrowing,employeeduesareconsideredtobethesameastheirfairvalueduetotheirshort-termnature.

36 Financial risk management

TheCompanyhasexposuretothefollowingrisksarisingfromfinancialinstruments:

I CreditRisk

II LiquidRisk

III MarketRisk

Risk Management Framework

TheCompany’s riskmanagement is governedbypolicies andapprovedby theboardofdirectors.Company's identifies,evaluatesandhedgesfinancialrisksincloseco-operationwiththeCompany’soperatingunits.Thecompanyhaspoliciesforoverallriskmanagement,aswellaspoliciescoveringspecificareas,suchasforeignexchangerisk,interestraterisk,creditrisk,useofderivativefinancialinstrumentsandnon-derivativefinancialinstruments.

Theauditcommitteeoverseeshowmanagementmonitorscompliancewiththecompany’sriskmanagementpoliciesandprocedures,andreviewstheadequacyoftheriskmanagementframeworkinrelationtotherisksfacedbytheCompany.Theauditcommitteeisassistedinitsoversightrolebyinternalaudit.Internalauditundertakesbothregularandadhocreviewsofriskmanagementcontrolsandprocedures,theresultsofwhicharereportedtotheauditcommittee.


GSL Nova

I Credit Risk

Creditriskreferstotheriskofdefaultonitsobligationbythecounterpartyresultinginafinancialloss.TheCompanymaintainitscashandcashequivalentsandbankdepositswithbankshavinggoodreputation,goodpasttrackrecordandhighqualitycreditratingandalsoreviewstheircredit-worthinessonanon-goingbasis.

Themaximumexposuretocreditriskatthereportingdateisprimarilyfromtradereceivables.Creditriskhasalwaysbeenmanagedbythecompanythroughcreditapprovals,establishingcreditlimitsandcontinuouslymonitoringthecreditworthinessofcustomerstowhichthecompanygrantscredittermsinthenormalcourseofbusiness.

OnaccountoftheadoptionofIndAS109,thecompanyusesECLmodeltoassesstheimpairmentlossorgain.ThecompanyusesaprovisionmatrixtocomputetheECLallowancefortradereceivablesandunbilledrevenues.Theprovisionmatrixtakesintoaccountavailableexternalandinternalcreditriskfactorsandthecompany'sexperienceforcustomers.

TheCompanyreviewstradereceivablesonperiodicbasisandmakesprovisionfordoubtfuldebtsifcollectionisdoubtful.TheCompanyalsocalculatestheexpectedcredit loss (ECL) fornon-collectionofreceivables.TheCompanymakesadditionalprovision if theECLamountishigherthantheprovisionmadefordoubtfuldebts.IncasetheECLamountislowerthantheprovisionmadefordoubtfuldebts,theCompanyretainstheprovisionmadefordoubtfuldebtswithoutanyadjustment.

TheprovisionfordoubtfuldebtsincludingECLallowancesfornon-collectionofreceivablesanddelayincollection,onacombinedbasis,wasRs.80.38lakhsasatMarch,2017andRs.26.66lakhsasatMarch31,2018.Themovementinallowancesfordoubtfulaccountscomprisingprovisionforbothnon-collectionofreceivablesanddelayincollectionisasfollows:

Movement in allowance for bad and doubtful debts As at 31/03/2018

Rs.

As at 31/03/2017

Rs

Balanceatthebeginningoftheyear 80.38 58.82

Add : Allowance made during the year 1.36 21.56

Less:Reversalofallowancemadeduringtheyear 55.08 0.00

Balance at the end of the year 26.66 80.38

II Liquid Risk

LiquidityriskistheriskthattheCompanywillencounterdifficultyinmeetingtheobligationsassociatedwithitsfinancialliabilitiesthataresettledbydeliveringcashoranotherfinancialasset.TheCompany’sapproachtomanagingliquidityistoensure,asfaraspossible,that itwill have sufficient liquidity tomeet its liabilitieswhen theyaredue,underbothnormal and stressed conditions,withoutincurringunacceptablelossesorriskingdamagetotheCompany’sreputation.

Management regularlymonitors thepositionof cashandcashequivalentsvis-à-visprojections.Assesmentofmaturityprofilesoffinancialassetsandlibilities includingdebtfinancingplansandmaintainanceofbalancesheetliquidityratiosareconsideredwhilereviewingtheliquidityposition.

OR

Inearlieryears,theCompanyhaddefaultedinrepaymentoftotalPrincipalloansamountingtoRs.35,04,26,887/-andtotalinterestamounting to Rs.11,37,95,419/-. These loans have been taken over by the Asset Reconstruction Company. During the year, theCompanyhasnotpaidtotalamountofresheduledPrincipalamountofRs.7,41,91,629/-payabletoAssetReconstructionCompanyupto31stMarch,2018totheAssetReconstructionCompany.

i) Exposure to Liquid Risk:

Thefollowingaretheremainingcontractualmaturitiesoffinancialliabilitiesatthereportingdate.Theamountsaregrossandundiscounted,andincludeestimatedinterestpaymentsandexcludetheimpactofnettingagreements.

(AmountinRs.)

31.03.2018 Carrying Amount

Contractual Cash Flows

< 1 year 1-2 year 3-5 years More than 5 years

Total


NonCurrentBorrowings Nil Nil Nil Nil Nil Nil

Current Borrowings 1,350.22 1,350.22 - - - 1,350.22

TradePayables 858.10 858.10 - - - 858.10

Currentfinancialliabilities 3,020.83 3,020.83 - - - 3,020.83

Total 5,229.15 5,229.15 - - - 5,229.15


GSL Nova

(AmountinRs.)




Total



Current Borrowings 1,382.52 1,382.52 0.00 0.00 0.00 1,382.52

TradePayables 1,205.61 1,205.61 0.00 0.00 0.00 1,205.61

Currentfinancialliabilities 3,594.68 3,594.68 0.00 0.00 0.00 3,594.68

Total 6,182.81 6,182.81 - - - 6,182.81

(AmountinRs.)




Total



Current Borrowings 834.96 834.96 - - - 834.96

TradePayables 1,111.30 1,111.30 - - - 1,111.30

Currentfinancialliabilities 1,664.91 1,664.91 - - - 1,664.91

Total 3,611.17 3,611.17 - - - 3,611.17

III Market Risk Marketriskistheriskthatthefairvalueorfuturecashflowofafinancialinstrumentwillfluctuatebecauseofchangesinmarketfactors.

Marketriskcomprisesthreetypeofrisks:

a) CurrencyRisk

b) InterestRisk

c) PriceRisk

a) Currency Risk

ThefunctionalcurrencyoftheCompanyisIndianRupee.TheCompanyisnotexposedtocurrencyriskonaccountofpayablesandreceivablesinforeigncurrency.

Companydoesnotusederivativefinancialinstrumentsfortradingorspeculativepurposes.

b) Interest Risk

Interestrateriskistheriskthatthefairvalueoffuturecashflowsofthefinancialinstrumentswillfluctuatebecauseofchangesinmarketinterestrates.InordertooptimizetheCompany’spositionwithregardstointerestincomeandinterestexpensesandtomanagetheinterestraterisk,treasuryperformsacomprehensivecorporateinterestrateriskmanagementbybalancingtheproportionoffixedrateandfloatingratefinancialinstrumentsinitstotalportfolio.

AccordingtotheCompanyinterestrateriskexposureisonlyforfloatingrateborrowings.Forfloatingrateliabilities,theanalysisispreparedassumingtheamountoftheliabilityoutstandingattheendofthereportingperiodwasoutstandingforthewholeyear.A50basispointincreaseordecreaseisusedwhenreportinginterestrateriskinternallytokeymanagementpersonnelandrepresentsmanagement’sassessmentofthereasonablypossiblechangeininterestrates.

OR

TheCompanyhasdefaultedinpaymentofrescheduledprincipalandinterestandhencetheentiretermloanisdueforpaymentasperthetermsofsanction.


GSL Nova

i) Exposure to interest rate risk

As at 31/03/2018

Rs

As at 31/03/2017

Rs

As at 01/04/2016

Rs

Fixed Rate Instruments

Financial liabilities

NonCurrent 0.00 0.00 0.00

Current 0.00 0.00 0.00

Total ….. 0.00 0.00 0.00

Variable Rate Instruments

Financial liabilities

NonCurrent 0.00 0.00 0.00

Current 2,961.31 3,552.21 3,154.52

Total ….. 2,961.31 3,552.21 3,154.52

The outstanding position of borrowings at variable interest rate along with proportion of total loans is given below:

As at 31/03/2018

Rs

As at 31/03/2017

Rs

As at 01/04/2016

Rs

Total Borrowings 2,961.31 3,552.21 3,154.52

%oftotalborrowingsoutofabovebearingvariablerateofinterest 100.00% 100.00% 100.00%

ii) Interest Rate Sensitivity Achangeof50bpsininterestrateswouldhavefollowingImpactonprofitbeforetax

Particulars 2017-18Rs.

2016-17Rs.

50bpincreasewoulddecreasetheprofitbeforetaxby 14.81 17.76

50bpincreasewouldincreasetheprofitbeforetaxby (14.81) (17.76)

c) Price Risk i) Exposure

TheCompany’sexposuretoequitysecuritiespriceriskarisesfrominvestmentsheldbytheCompanyandclassifiedinthebalancesheeteitheratfairvaluethroughOCIoratfairvaluethroughprofitandloss.Tomanageitspriceriskarisingfrominvestmentsinequitysecurities,theCompanydiversifiesitsportfolio.DiversificationoftheportfolioisdoneinaccordancewiththelimitssetbytheCompany.

ii) Sensitivity

Thetablebelowsummarizestheimpactofincreases/decreasesoftheBSEindexontheCompany’sequityandGain/Lossfortheperiod.Theanalysisisbasedontheassumptionthattheindexhasincreasedby5%ordecreasedby5%withallothervariablesheldconstant,andthatalltheCompany’sequityinstrumentsmovedinlinewiththeindex.

Impact on profit before tax 2017-18Rs.

2016-17Rs.

Increase5% 0.04 0.08

Decrease5% -0.04 -0.08

Abovereferredsensitivitypertainstoquotedequityinvestment(Refernote5).Profitfortheyearwouldincrease/(decrease)asaresultofgains/lossesonequitysecuritiesasatfairvaluethroughprofitorloss.

37 Capital management

TheCompany’scapitalmanagementisintendedtomaximisethereturntoshareholdersandbenefitsforotherstakeholdersformeetingthelong-termandshort-termgoalsoftheCompany;andreducethecostofcapitalthroughtheoptimizationofthecapitalstructurei.e.thedebtandequitybalance.

TheCompanymonitorsthecapitalstructureonthebasisofNetdebttoequityratioandmaturityprofileoftheoveralldebtportfoliooftheCompany.


GSL Nova

The gearing ratio at the end of the reporting period was as follows: (Amount in Rs.)

Particulars As at

31.03.2018 31.03.2017 01.04.2016

Debt 2,961.31 3,552.21 3,154.52

Cashandbankbalances 15.37 41.39 13.96

Netdebt 2,976.68 3,593.60 3,168.48

Equity (4,885.49) (5,107.57) (4,373.07)

Netdebttoequityratio (0.61) (0.70) (0.72)

38 ThefinancialstatementareapprovedforissuebytheAuditCommitteeasatitsmeetingon30thMay,2018andbytheBoardofDirectorson30thMay,2018.

39 Theboarddoesnotrecommendeddividendforthefinancialyearended31stMarch,2018.

40 Transition to Ind-AS

Thesefinancialstatements,fortheyearended31March2018,arethefirstthecompanyhaspreparedinaccordancewithInd-AS.

Theaccountingpoliciessetoutinnote2havebeenappliedinpreparingthefinancialstatementsfortheyearended31March2018,thecomparativeinformationpresentedinthesefinancialstatementsfortheyearended31March2017andtheopeningIndASbalancesheetat1April2016(theCompany'sdateoftransitiontoIndAS).InpreparingitsopeningIndASbalancesheetthecompanyhasadjustedamountreportedpreviouslyinfinancialstatementsinaccordancewithaccountingstandardsnotifiedundertheCompanies(AccountingStandards)Rules,2006(asamended)andotherrelaventprovisionsoftheact(previousGAAP).AnexplanationofhowtransitionfrompreviousGAAPtoIndAShasaffectedtheCompany'sfinancialsposition,financialperformanceandcashflowsissetoutinfollowingtablesandnotes.

40.1 Exemptions and exceptions availed

Inpreparingthesefinancialstatement,theCompanyhaselectedtoapplythebelowoptionalexemptionsandmandatoryexceptionsinlinewithprinciplesofIndAS101.

I Optional exemptions

1 Property, Plant and Equipment (PPE) and intangible assets

IndAS101permitsafirst-timeadoptertoelecttocontinuewiththecarryingvalueforallofitsproperty,plantandequipmentasrecognisedinthefinancialstatementsasatthedateoftransitiontoIndAS,measuredasperthepreviousGAAPandusethatasitsdeemedcostasatthedateoftransition.ThisexemptioncanalsobeusedforintangibleassetscoveredbyIndAS38IntangibleAssetsAccordingly,theCompanyhaselectedtomeasureallofitsproperty,plantandequipmentandintangibleassetsattheirpreviousGAAPcarryingvalue.

II Mandatory Exceptions

1 Estimates

Anentity’sestimatesinaccordancewithIndASsatthedateoftransitiontoIndASshallbeconsistentwithestimatesmadeforthesamedateinaccordancewithpreviousGAAP(afteradjustmentstoreflectanydifferenceinaccountingpolicies),unlessthereisobjectiveevidencethatthoseestimateswereinerror.

IndASestimatesasat1April2016areconsistentwiththeestimatesasatthesamedatemadeinconformitywithpreviousGAAP.TheCompanymadeestimatesforfollowingitemsinaccordancewithIndASatthedateoftransitionasthesewerenotrequiredunderpreviousGAAP:

- InvestmentinfinancialinstrumentscarriedatFVTPL

- Impairmentoffinancialassetsbasedonexpectedcreditlossmodel

- Determinationofthediscountedvalueforfinancialinstrumentscarriedatamortisedcost.

2 Classification and measurement of financial assets

IndAS101providesexemptionstocertainclassificationandmeasurementrequirementsoffinancialassetsunderIndAS109,wheretheseareimpracticabletoimplement.Classificationandmeasurementisdoneonthebasisoffactsandcircumstancesexistingasonthetransitiondate.Accordingly,theCompanyhasdeterminedtheclassificationoffinancialassetsbasedonfactsandcircumstancesthatexistonthetransitiondate.


GSL Nova

40.2 Reconciliation of Balance Sheet as at 1 April, 2016 (Amount in Rs.)

Particulars Footnote Reference

Regrouped Previous

GAAP

Effects of transition to

Ind As

Amount as per Ind As

ASSETS

Non-current assets

(a) Property,PlantandEquipment 2,879.09 - 2,879.09

(b) CapitalWork-In-Progress - - Nil

(c) OtherIntangibleassets - - Nil

(d) FinancialAssets - -

(i) Investments 1 2.34 0.98 3.32

(e) OtherNon-CurrentAssets 208.53 Nil 208.53

Total Non - Current Assets 3,089.96 0.98 3,090.94

Current Assets

(a) Inventories 740.37 Nil 740.37

(b) FinancialAssets - Nil

(i) TradeReceivables 378.12 Nil 378.12

(ii) CashandCashEquivalents 8.81 Nil 8.81

(iii) OtherBankBalances 5.15 Nil 5.15

(c) CurrentTaxAssets(Net) 2.64 Nil 2.64

(d) OtherCurrentAssets 48.89 Nil 48.89

Total Current Assets 1,183.98 Nil 1,183.98

Total Assets (1+2) 4,273.94 0.98 4,274.92

EQUITY AND LIABILITIES

Equity

(a) ShareCapital 1,350.00 1,350.00

(b) OtherEquity 2 -5,723.50 0.43 -5,723.07

Total Equity (4,373.50) 0.43 -4,373.07

LIABILITIES

Non-current Liabilities

(a) FinancialLiabilities

(i) Borrowings Nil Nil Nil

(b) DeferredtaxLiabilities(Net) Nil Nil Nil

Total Non - Current Liabilities Nil Nil Nil

Current liabilities


(i) Borrowings 834.96 - 834.96

(ii) Tradepayables 3 1,110.75 0.55 1,111.30

(iii) OtherFinancialLiabilities 5,036.82 - 5,036.82

(b) OtherCurrentLiabilities 1,664.91 - 1,664.91

Total Current Liabilities 8,647.44 0.55 8,647.99

Total Equity and Liabilities (1+2+3) 4,273.94 0.98 4,274.92


GSL Nova

40.3 Reconciliation of Balance Sheet as at 31 March, 2017 (Amount in Rs.)


Regrouped Previous

GAAP


Ind As


ASSETS

Non-current assets

(a) Property,PlantandEquipment 1,822.16 - 1,822.16

(b) CapitalWork-In-Progress - - Nil

(c) OtherIntangibleassets 0.34 - 0.34

(d) FinancialAssets - -

(i) Investments 1 2.34 1.27 3.61

(e) OtherNon-CurrentAssets 157.86 - 157.86

Total Non - Current Assets 1,982.70 1.27 1,983.98

Current Assets

(a) Inventories 6.12 - 6.12

(b) FinancialAssets - -

(i) TradeReceivables 354.68 - 354.68

(ii) CashandCashEquivalents 39.78 - 39.78

(iii) OtherBankBalances 1.61 - 1.61

(c) CurrentTaxAssets(Net) 11.08 - 11.08

(d) OtherCurrentAssets 54.10 - 54.10

Total Current Assets 467.37 - 467.37

Total Assets (1+2) 2,450.07 1.27 2,451.35

EQUITY AND LIABILITIES

Equity

(a) ShareCapital 1,350.00 - 1,350.00

(b) OtherEquity 2 -6,456.61 -0.96 -6,457.57

Total Equity (5,106.61) (0.96) -5,107.57

LIABILITIES

Non-current Liabilities


(i) Borrowings Nil Nil Nil

(b) DeferredtaxLiabilities(Net) Nil Nil Nil

Total Non - Current Liabilities Nil Nil Nil

Current liabilities


(i) Borrowings 1,382.52 - 1,382.52

(ii) Tradepayables 3 1,203.38 2.23 1,205.61

(iii) OtherFinancialLiabilities 3,594.68 - 3,594.68

(b) OtherCurrentLiabilities 1,376.11 - 1,376.11

Total Current Liabilities 7,556.69 2.23 7,558.92

Total Equity and Liabilities (1+2+3) 2,450.08 1.27 2,451.35


GSL Nova

40.4 Reconciliation of total comprehensive income for the year ended 31.03.2017 (Amount in Rs.)


Regrouped Previous

GAAP


Ind As


I RevenueFromOperations 1,533.72 - 1,533.72II OtherIncome 1 100.77 0.28 101.05III Total Income (I + II ) 1,634.49 0.28 1,634.77 IV EXPENSES (a) CostofMaterialsConsumed Nil - - (b) PurchasesofStock-In-Trade 501.45 - 501.45 (c) Changes in Inventories of Finished Goods, Stock-In-Trade and

Work-In-Progress615.83 - 615.83

(d) ExciseDuty - - Nil (e) EmployeeBenefitExpense 9.36 - 9.36 (f) FinanceCosts 526.15 - 526.15 (g) DepreciationandAmortisationExpense 48.35 - 48.35 (h) OtherExpenses 3&4 483.24 184.92 668.18 TotalExpenses 2,184.38 184.92 2,369.28V Profit/(Loss) Before Tax (III- IV) (549.87) (184.64) -734.50 VI Tax Expense (a) CurrentTax Nil Nil Nil (b) DeferredTax Nil Nil Nil Total Tax Expense Nil Nil Nil VII Profit/(Loss) After Tax From Continuing Operations (V - VI) (549.87) (184.64) -734.50 VIII Profit/(Loss) for the Period (VII) (549.87) (184.64) -734.50IX Other Comprehensive Income A (i) Itemsthatwillnotbereclassifiedtoprofitorloss Nil Nil Nil (ii) Incometaxrelatingtoitemsthatwillnotbereclassifiedto

profitorlossNil Nil Nil

B (i) Itemsthatmaybereclassifiedtoprofitorloss Nil Nil Nil (ii) Income taxon items thatmaybe reclassified toprofitor

lossNil Nil Nil

X Total Comprehensive Income for the period (VIII+IX) (549.87) (184.64) -734.50

40.5 Reconciliation of Equity as at 01.04.2016 and 31.03.2017 (Amount in Rs.)


As at March 31, 2017

As at April 01, 2016

TotalEquity(Shareholder'sFund)asperpreviousGAAP -5,106.61 -4,373.50

Ind AS Adjustments

EffectofmeasuringinvestmentatfairvaluethroughFVTPL 1 1.27 0.99

Adjustmentinrespectofpriorperiodexpense 3 (2.23) (0.56)

Total Equity as per Ind AS (5,107.57) (4,373.07)

40.6 Impact of Ind As adjustment on statement of cash flow for the year ended March 31, 2017 (Amount in Rs.)


Regrouped Previous

GAAP


Ind As


NetCashFlowfromoperatingactivities 864.51 - 864.51

NetCashFlowfrominvestingactivities 580.90 - 580.90

NetCashFlowfromfinancingactivities -1,414.47 - -1,414.47

Netincrease/(decrease)incashandcashequivalents 30.93 - 30.93

CashandcashequivalentsasatApril1,2016 8.81 - 8.81

CashandcashequivalentsasatMarch31,2017 39.78 - 39.78


GSL Nova

40.7 Reconciliation of total comprehensive income for the year ended March 31, 2017 (Amount in Rs.)


As at March 31, 2017

ProfitaftertaxasperpreviousGAAP (549.87)Adjustments:EffectofmeasuringinvestmentatfairvaluethroughFVTPL 1 0.28Adjustmentinrespectofpriorperiodexpense 3 (1.67)ReclassificationoflossonrevaluedFreeholdlandConsideredatdeemedcostontransitiontoIndAS 4 (183.25)ProfitaftertaxasperIndAs (734.51)OtherComprehensiveIncome(netoftax) NilTotal Comprehensive income for the period under Ind As (734.51)

1 Current Investments

UnderpreviousGAAP,thecompanyaccountedforinvestmentsinequitysharesmeasuredatcost.AsperIndAS,investmentsinvestmentsinequityshareshavebeenrevaluedatfairvalue.Theresultingfairvaluechangesoftheseinvestmentshavebeenrecognisedinprofitandloss.

2 Retained Earnings

RetainedearningsasatApril1,2016hasbeenadjustedconsequenttotheaboveIndAStransitionadjustments.

3 Prior Period Items

UnderPreviousGAAP,priorperioditemswerereflectedaspartofcurrentyearexpenseorincomeinthestatementofprofit&loss.UnderIndAS,materialpriorperioditemsareadjustedtotheperiodtowhichtheyrelateandincasetheyrelatetotheperiodearlierthanperiodpresented,theseareadjustedagainstopeningequityoftheearliestperiodpresented.Accordingly,thepriorperioditemsofRs.55,620/-havebeenadjustedagainstequityasonthetransitiondatei.e.April1,2016resultingindecreaseinotherequityasonApril1,2016andRs.2,22,926/-havebeenadjustedagainstequityasontheMarch31,2017resultingindecreaseinprofitbeforetaxfortheyearendedMarch31,2017.

4 Reclassification on sale of land

UnderpreviousGAAP,SurplusofrevaluationpertainingtolandheldinstockintradewhichissoldduringtheyearwastransferredfromRevaluationReserveandadjustedtoretainedearnings.NowasperIndAs,ReclassificationoflossonrevaluedFreeholdlandConsideredatdeemedcostontransitiontoIndASRs.1,83,24,890/-isdebitedtoretainedearningsasontheMarch31,2017resultingindecreaseinprofitbeforetaxfortheyearendedMarch31,2017.

41 IntheopinionofManagement,anyoftheassetsotherthanitemsofproperty,plantandequipment,intangibleassetsandNon-CurrentInvestmentshaveavalueonrealizationintheordinarycourseofbusinessatleastequaltotheamountatwhichtheyarestated,unlessotherwisestated.

42 DebtorsincludeRs.8,12,158/-(Asat31/03/2017Rs.8,12,158/-andasat01/04/2016Rs.8,12,158/-)duefromprivatecompaniesinwhichsomeofthedirectorsareinterestedasdirectors.

43 BorrowingcostsattributabletotheacquisitionorconstructionofQualifyingAssetsamountingtoRs.Nil/-(P.YRs.Nil)iscapitalizedbythecompany.

44 TheCompanyhasenteredintocertainoperatingleaseagreementsandanamountofRs.27,12,320/-(P.YRs.6,00,000/-)paidundersuchagreementshasbeenchargedtotheStatementofProfit&Loss.Theseleasearegenerallynon-cancellableandarerenewablebymutualconsentonmutuallyagreedterms.Therearenorestrictionsimposedbysuchagreements.

45 Onperiodicalbasisandasandwhenrequired,theCompanyreviewsthecarryingamountsofitsassetsandhasimpairedit’sallassetstothetuneofRs.8,09,723/-(P.YRs.2,84,45,831).

46 Previousyear’sfigureshavebeenregroupedandrearrangedwherevernecessary,tomakethemcomparablewiththoseofcurrentyear.

SignaturetoNotes“1”to“46”




NOTES :


GSL Nova

GSL NOVA PETROCHEMICALS LIMITED(CIN:L70101GJ1993PLC020927)

RegisteredOffice:396,403,MORAIYAVILLAGE,SARKHEJ-BAVLAHIGHWAY,SANAND,AHMEDABAD-382210Email:[email protected]:02717-250550

ATTENDANCE SLIPPLEASEFILLATTENDANCESLIPANDHANDITOVERATTHEENTRANCEOFTHEMEETINGHALLJointshareholdersmayobtainadditionalSlipatthevenueofMeetingDPID* FolioNo.ClientID No.ofSharesNAMEANDADDRESSOFTHESHAREHOLDER

Iherebyrecordmypresenceatthe25thANNUALGENERALMEETINGoftheCompanyheldonSaturdaySeptember,292018at11:30a.m.attheregisteredofficeoftheCompanyatSurveyNo.396/403,MoraiyaVillage,Sarkhej-BavlaHighway,Tal.Sanand,Dist.Ahmedabad–382210*Applicableforinvestorsholdingsharesinelectronicform SignatureofShareholder/Proxy

TEARHERE

GSL NOVA PETROCHEMICALS LIMITED(CIN:L70101GJ1993PLC020927)

RegisteredOffice:396,403,MORAIYAVILLAGE,SARKHEJ-BAVLAHIGHWAY,SANAND,AHMEDABAD-382210Email:[email protected]:02717-250550

FORM OF PROXY(Form MGT-11)

(Pursuanttosection105(6)ofTheCompaniesAct,2013andRule19(3)oftheCompanies(ManagementandAdministration)Rules,2014-FormMGT-11)

NameoftheMember(s):Registered Address : E-mailID :FolioNo./ClientID :DPID :I/We,beingthemember(s)of sharesoftheCompany,herebyappoint:1. Name : Address : EmailID : Signature : orfailinghim;1. Name : Address : EmailID : Signature : orfailinghim;1. Name : Address : EmailID : Signature : asmy/ourproxytoattendandvote(onapoll)forme/usandonmy/ourbehalfatthe25thAnnualGeneralMeetingoftheCompany,tobeheldonSeptember,292018at11:30p.m.atSurveyNo.396/403,MoraiyaVillage,Sarkhej-BavlaHighway,Tal.Sanand,Dist.Ahmedabad-382210

Resolution No. Particulars of Resolutions Vote (Optional*)For Against

Ordinary Business:1 OrdinaryResolutionforconsiderationandadoptionofAuditedFinancialStatementfortheyear

endedMarch31,20182 OrdinaryResolutionforre-appointmentofShriShyamSunderGupta(holdingDIN:00010735)as

aDirectoroftheCompany,whoretiresbyrotation3 Ordinary Resolution for ratify appointment Samir Shah & Associats (Firm Registration

No.122377W),CharteredAccountantsasAuditorsoftheCompanyandfixingtheirremunerationSigned this day of ,2018

Signature of shareholder

SignatureofProxyholder(s)Note:ThisformofproxyinordertobeeffectiveshouldbedulycompletedanddepositedattheRegisteredOfficeoftheCompany,notlessthan48hoursbeforethecommencementoftheMeeting.*Itisoptionaltoputa“X”intheappropriatecolumnagainstResolutionidenticaredintheBox.Ifyouleavethe“For”and“Against”columnblankagainstanyorallresolutions,yourproxywillentitledtovoteinthemannerasshe/hethinksappropriate.

AffixRevenue

Stamp not less than Re.0.15

Ifundeliveredpleasereturnto:GSL NOVA PETROCHEMICALS LIMITED(FormerlyKnownasNOVAPETROCHEMICALSLIMITED)CIN:L23200GJ1993PLC020927RegisteredOffice:SurveyNo.396/403,MoraiyaVillage,Sarkhej-BavlaHighway,Tal.Sanand,Dist.Ahmedabad-382210.

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