The Company has only one class of issued equity shares having a par value of Rs.5/- per share. Each Shareholder of equity shares is entitled to one vote per share held. The dividend (if any) proposed by the Board of Directors and approved by the shareholders in the Annual General Meeting, except in case of Interim Dividend, is paid in Indian rupees. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. (c) Shares held by holding/ultimate holding Company and/or their subsidiaries/associates

The Company being ultimate holding company, there are no shares held by any other Holding, ultimate holding company and their subsidiaries/associates.

3. (d) Aggregate number of bonus share issue, share issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date

There are no bonus share issued and shares bought back during the period of five years Immediately preceding reporting date, however the company had allotted, 25,14,580 equity shares of Rs.5/- each, to

* The shareholding information is based on legal ownership of shares and has been extracted from the records of the Company including register of shareholders/members.

4. (f) Other Information:

(1) (a) The Company had reissued 24,300 forfeited Equity Shares, of the face value of Rs.10/- each, at a premium of Rs.80.25 per equity share, on dated 23rd May, 2008, on preferential basis, for raising long term funds to part finance the setting up of new manufacturing unit, for the manufacture of auto component at Jamshedpur. The funds raised have been utilized towards the object of the issue. The profit arising on re-issue of forfeited Equity Shares had transferred to securities premium account.

The Company had issued 46,00,000 (forty Six Lacs) Equity Shares, of the face value of Rs.5/- (Rs.five) each, at a premium of Rs.5/-(Rs.Five) per equity share, on dated 01st July,2009, consequent to the conversion of 23,00,000 (Twenty three lacs) warrants into Equity shares, warrant earlier issued/allotted on dated 07th January,2008 of the face value of Rs.20/-(Twenty) per warrant, (to be converted into equivalent number of Equity Shares of the face value of Rs.10/- (Ten) each, at a premium of Rs.10/- (Ten) per Equity Share) to the promoters & others, on preferential basis, pursuant to the provisions of section 81(1A) and other applicable provisions of the Companies Act, 1956, for raising long term funds for the setting up of new manufacturing unit, for the manufacture of auto component at Jamshedpur. The funds raised have been utilized towards the object of the issue.

(b) During the year ended March 31, 2012, the Company had issued 40,00,000 (forty lacs) Equity Shares of Rs.5/- (Rs.five) each at a premium of Rs.22.41 per equity shares, on dated 02nd August, 2011, pursuant to the conversion of 40,00,000 (forty lacs) warrant allotted @ Rs.27.41 per warrant, to the promoter and others, on preferential basis, pursuant to the provisions of section 81(1A) and other applicable provisions of the Companies Act, 1956, for raising long term funds for the setting up of new manufacturing unit, for the manufacture of auto component at Jamshedpur. The funds raised have been utilized towards the object of the issue.

(2) The Company had sub-divided its Equity Share from the face value of Rs.10/- each, to the face value of Rs.5/- each, w.e.f. 27th August, 2008.

5. (a) Rupee Term Loan:

i) From Punjab National Bank:

Balance Outstanding Rs. 28, 76,171.00 (Previous year Rs.1, 23, 06,584.00) Secured by way of Hypothecation on entire block assets of erstwhile G.S. Automotives Private Limited by way of hypothecation of machinery and equipments, other fixed assets, machinery spares, tools and accessories and other movables, both present & future, of erstwhile G.S. Automotives Private Limited, whether installed or to be installed, stored or to be stored in or about all the factories, godowns and premises situated at G.S.Estate, G T Road, Dhandari Kalan, Ludhiana (Punjab), & further charge on erstwhile G.S. Automotives Private Limited's entire Current Assets (both present & future), such as Hypothecation of Raw Material, Stock in Process, Finished Goods, Consumable Stores/Spares required for manufacturing and lying in the unit(s) or elsewhere & Hypothecation of Book Debts arising out of genuine sales transaction of business not older than ninety days and further guaranteed by all the promoters directors of the Company.

Term loans from Punjab National Bank, is repayable as per detail:

Outstanding balance of term loan of Rs.28,76,171/- is originally repayable in 16 Quarterly installments of Rs.5,83,400/- each & balance will be paid in 17th Installment. Interest to be serviced as and when due @ base rate 3.50% TP p.a.

ii) From Axis Bank Limited:

Balance Outstanding Rs.394.56 Lacs (Previous year Rs. 452.45 Lacs)

For Jamshedpur unit of the Company: Secured by (i) first pari-passu charge by way of Hypothecation on entire block assets of the Company by way of hypothecation of machinery and equipments, other fixed assets, machinery spares, tools and accessories and other movables, both present & future, whether installed or to be installed, stored or to be stored in or about all the factories, godowns and premises situated at G.S.Estate, G T Road, Dhandari Kalan, Ludhiana (Punjab) & at M-09, Large Sector, Tata Kundra Main Road, Industrial Area, Adityapur, Jamshedpur (Jharkhand) and (ii) first pari-passu Equitable Mortgage by way of deposit of title deeds of immoveable properties of the Company admeasuring 75110 sq.yards situated at G.S. Estate, G.T.Road, Dhandari Kalan, Ludhiana (Punjab) & first pari- passu Equitable Mortgage of the leasehold rights of the Company's 3 (three) acre Land situated at M-09, Large Sector, Tata Kundra Main Road, Industrial Area, Adityapur, Jamshedpur (Jharkhand), together with all buildings and structures thereon and all Plant & Machineries attached to the earth or permanently fastened to anything attached to the earth (iii) first pari-passu charge on the Company's entire Current Assets (both present & future) (both Jamshedpur & Ludhiana unit of the Company), such as Hypothecation of Raw Material, Stock in Process, Finished Goods, Consumable Stores/Spares required for manufacturing and lying in the unit(s) or elsewhere & Hypothecation of Book Debts arising out of genuine sales transaction of business not older than ninety days and further guaranteed by all the promoters directors of the Company Repayable in 23 quarterly installments, first installment to commence from 19 months after first disbursement but not later than September, 2013. Interest to be serviced as and when due @ base rate 3% p.a.

(b) Foreign Currency Term Loan:

From Export Import Bank of India, Mumbai:

Balance Outstanding US$ 38.64 Lacs (equivalent to Rs.2040.00 Lacs) (Previous year US$ 45.45 Lacs (equivalent to Rs.2400.00 Lacs)

For Jamshedpur unit of the Company: Secured by (i) first pari-passu charge by way of Hypothecation on entire block assets of the Company by way of hypothecation of machinery and equipments, other fixed assets, machinery spares, tools and accessories and other movables, both present & future, whether installed or to be installed, stored or to be stored in or about all the factories, godowns and premises situated at G.S.Estate, G T Road, Dhandari Kalan, Ludhiana (Punjab) & at M-09, Large Sector, Tata Kundra Main Road, Industrial Area, Adityapur, Jamshedpur (Jharkhand) and (ii) first pari-passu Equitable Mortgage by way of deposit of title deeds of immoveable properties of the Company admeasuring 75110 sq.yards situated at G.S. Estate, G.T.Road, Dhandari Kalan, Ludhiana (Punjab) & first pari- passu Equitable Mortgage of the leasehold rights of the Company's 3 (three) acre Land situated at M-09, Large Sector, Tata Kundra Main Road, Industrial Area, Adityapur, Jamshedpur (Jharkhand), together with all buildings and structures thereon and all Plant & Machineries attached to the earth or permanently fastened to anything attached to the earth (iii) first pari-passu charge on the Company's entire Current Assets (both present & future) (both Jamshedpur & Ludhiana unit of the Company), such as Hypothecation of Raw Material, Stock in Process, Finished Goods, Consumable Stores/Spares required for manufacturing and lying in the unit(s) or elsewhere & Hypothecation of Book Debts arising out of genuine sales transaction of business not older than ninety days and further guaranteed by all the promoters directors of the Company.Repayment linked to commencement of commercial production, tentatively, to be repaid in 20 equally quarterly installments, commencing September, 2013. Interest to be serviced as and when due @ LIBOR (6 months) 600 bps p.a.

(c) Deferred Payment Liabilities:

(i) From HDFC Bank Limited:

Balance Outstanding Rs. 12.95 Lacs (Previous year Rs.NIL) Vehicle loan secured by way of charge on the respective vehicle financed. Repayable in equated monthly installment, of Rs.0.58 Lacs (previous year Rs.Nil) along with Interest @ 10.25 % p.a.

(ii) From HDFC Bank Limited:

Balance Outstanding Rs. 3.32 Lacs (Previous year Rs.NIL)

Vehicle loan secured by way of charge on the respective vehicle financed. Repayable in equated monthly installment, of Rs.0.13 Lacs (previous year Rs.Nil) along with Interest @ 10.50 % p.a.

(iii) From Kotak Mahindra Bank Limited

Balance Outstanding Rs. 6.68 Lacs (Previous year Rs.NIL)

Vehicle loan secured by way of charge on the respective vehicle financed. Repayable in equated monthly installment, of Rs.0.29 Lacs (previous year Rs.Nil) along with Interest @ 10 % p.a.

(d) Term Loan from Others:

Rupee Term Loan from HDFC Bank Limited:

Balance Outstanding Rs.57.38 Lacs (Previous year Rs. 65.21 Lacs),Used Car refinance loans(s) secured by way of charge on the respective vehicle(s) financed Repayable in equated monthly installment of Rs. 5.37 lacs (previous year Rs. 4.63 lacs l along with Interest of @ 10.50% p.a.

Security- (i) Working Capital of Rs. 26,02,02,936.54 (previous Rs.24,93,31,303.56) is secured against hypothecation of Raw Materials, Stock in process, Semi Finished and finished goods, Consumables Stores/Spares required for manufacturing and lying in the units(s) or elsewhere & book debts etc. of the company along with hypothecation of the leasehold rights of the Company's land at Jamshedpur & immoveable property of the company at G.S. Estate, G T Road Ludhiana & personal guarantee of the promoter directors of the Company on pari-passu basis.

(ii) From Punjab National Bank:

Balance Outstanding Rs. 29, 26,970.00 (Previous year Rs..NIL)

Secured by way of Hypothecation on entire block assets of erstwhile G.S. Automotives Private Limited by way of hypothecation of machinery and equipments, other fixed assets, machinery spares, tools and accessories and other movables, both present & future, of erstwhile G.S. Automotives Private Limited, whether installed or to be installed, stored or to be stored in or about all the factories, godowns and premises situated at G.S.Estate, G T Road, Dhandari Kalan, Ludhiana (Punjab), & further charge on erstwhile G.S. Automotives Private Limited's entire Current Assets (both present & future), such as Hypothecation of Raw Material, Stock in Process, Finished Goods, Consumable Stores/Spares required for manufacturing and lying in the unit(s) or elsewhere & Hypothecation of Book Debts arising out of genuine sales transaction of business not older than ninety days and further guaranteed by all the promoters directors of the Company.

Term loans from Punjab National Bank, is repayable as per detail:

Outstanding balance of term loan of Rs.29,26,970/- is repayable in the next 8 monthly installments of Rs.3,40,000/- each & balance will be paid in 9th Installment. Interest to be serviced as and when due @ base rate 3.50% TP p.a.

The information has been given in respect of such vendors to the extent they could be identified as "Micro and Small enterprises" on the basis of information available with the Company.

6. (c ) n furnishing information under Note 26 (b), the view has been taken that particulars are required only in respect of items that are incorporated in the Finished Goods produced and not for such material used for maintenance of Plant & Machinery.

7. The Company has filed an appeal against the demand and the management, including its tax/legal advisors, believes that its position will likely be upheld in the appellate process. The Company has paid an amount of Rs. 267.22 Lacs in protest, against the above said demand. The management believes that the ultimate outcome of this proceeding will not have a material adverse effect on the company's financial position and results of operations.

8. Commitments:

Estimated value of contracts remaining to be executed on Capital Accounts (net of advances), not provided for Rs.32.09 Lacs (Previous year Rs.217.18 Lacs).

9. All the Inventories are valued and certified by the Management.

10. Purchase of finished goods Rs.113.61 lacs (previous year Rs.120.15 lacs) consists of trading of Clutch parts.

11. Other Borrowing cost Note No.29 under the heading "Finance Cost" includes Bank Charges/Commission, Interest to others & hire charges.

12. The Company is primarily engaged in the business of "Auto Components" for commercial vehicles, which are governed by same set of risks and returns and hence there is only one segment as required by Accounting Standard (AS-17) on Segment Reporting issued by Companies (Accounting Standards) Rules, 2006.

13. In cases where letters of confirmation have been received from parties, book balances have been generally reconciled and adjusted, if required. In other cases, balance in accounts of sundry debtors, sundry creditors and advances or deposits have been taken as per books of accounts.

14. No amount is considered as doubtful, from the total debtors.

15. No amount is due, as on balance sheet date, from other officers or from directors or any of them either severally or jointly, with any other persons nor any debts due by firms or private companies, in which any of the directors is a partner or a director or a member except at Note No.64.

16. Fixed Deposits includes Rs. 52.91 lacs (previous year Rs.26.47 lacs) are held as margin money for the issuance of bank guarantee & for issuance lf Letter of Credit, as on balance sheet date.

17. Figures in bracket indicate deductions except otherwise stated.

18. Unclaimed Dividend:

Unclaimed dividends include amounts which will be credited to Investor Education and Protection Fund under Section 125 of the Companies Act, 2013 (on Expiry of the specified period, if the amount remains unclaimed at that time).

19. Intangible Assets comprises of Acquisition of computer Software & Video Advertisement have been amortized @ 25% on Straight line basis, as the useful life thereof has been estimated to be not more than four years.

20. Disclosure: as required by AS-28 (Impairment of Assets):

In terms of Accounting Standard 28 (AS-28) there was no impairment loss on assets during the year under report.

21. Balance with Central Excise & Revenue Authorities under Note 21, under the heading "Short term Loans & Advances", includes Rs.466.75 Lacs (Previous Rs.565.01 Lacs) on account of pending Value Added Tax (VAT) refunds, from the Sales Tax Authorities, Government of Punjab.

22. The Company is developing certain machineries (Special purpose Machines), as per its various in house production process requirements, along with for the requirements of its group Companies, as & when required, under its Research & Development Centre. The following expenditure has been incurred during the year, included under the relevant heads in the profit and loss account.

23. Deferral/Capitalization of exchange differences:

The Ministry of Corporate Affairs (MCA) has issued the amendment dated December 29, 2011 to AS 11 "The Effects of Changes in Foreign Exchange Rates", to allow companies deferral/capitalization of exchange differences arising on long-term foreign currency monetary items. In accordance with the amendment/earlier amendment to AS 11, the Company has capitalized exchange loss, arising on long-term foreign currency loan to the cost of plant and equipments & other assets, for the long term funds raised in foreign currency for the setting up of new manufacturing unit at Jamshedpur. Accordingly, during the year, foreign currency loss of Rs.104.90 lacs (previous year Rs.331.74 Lacs) has been adjusted against the cost of assets/Capital work in progress.

As at 31st March, 2015, the Company has un-hedged foreign currency exposure to the extent of US$ 38.64 Lacs (equivalent to Rs.2040.00 Lacs) (Previous year US$ 45.45 Lacs (equivalent to Rs.2400.00 Lacs ) in the shape of foreign currency term loan, from financial institution, for the setting up of new manufacturing unit at Jamshedpur, for the purchase of certain capital equipments.

24. (b) Un-hedged Foreign Currencies Exposures:

The year end foreign currency exposure in respect of monetary items that have not been hedged by a derivative instrument or otherwise are given below, Amount (net) in foreign currency on account of the followings:-

25. Capitalization of Expenses:

Bank Interest & Bank Charges capitalized in respect of Plant & Machinery & other Tangible Fixed Assets Rs.17.80 Lacs (Previous year Rs.3.53 Lacs) & in respect of other expenses in respect of plant & machinery & other tangible fixed assets Rs. Nil (Previous year Rs. Nil).

26. Miscellaneous Receipts include, Rs.4.00 Lacs (Previous year Rs.4.83 Lacs), on account of Insurance Claim received.

27. Advances recoverable in cash or in kind or for value to be received under Note No.22 under the heading "Short- term Loans and Advances" includes Rs.02.60 Lacs (previous year Rs.09.22 Lacs) due from various employees of the Company. Maximum balance outstanding during the year was Rs.9.22 Lacs (previous year Rs.15.72 Lacs).

28. The company has leased facility under cancellable and non-cancellable operating leases arrangements with a lease term ranging from one to thirty years, which are subject to renewal at mutual consent thereafter. The cancellable arrangements can be terminated by either party after giving due notice. The lease rent expenses recognized during the year amounted to Rs. 00.36 Lacs. The future minimum lease payments in respect of the non-cancellable operating leases as at 31st March 2015 are as under:

29. Disclosure required by Clause-32 of the Listing Agreement:

The Company has not made, during the year, any Loans & Advances in the nature of Loans to its Associates/ Firms/Companies, in which directors are interested.

30. Expenditure incurred on Jamshedpur Project during Construction period (Including Capital Work in Progress):

In furnishing information under Note 63 (a), the view has been taken that particulars are required only in respect of items that are incorporated in the finished goods produced and not for such material used for maintenance of plant and machinery.

31. Proposed Dividend:

During the year & during the previous year, the Company has not proposed any dividend on its Equity shares:

32. Additional Information under Part II of Schedule III to the Companies Act, 2013:

33. Related Party Disclosure:

Related party disclosures as required under Accounting Standard-18 issued by The Institute of Chartered Accountants of India are given below:

a. The Key Management personnel & individuals having control or significant Influence over the Company by reason of voting power, and their relatives:

Mr. Jasbir Singh Ryait - Chairman

Mr. Surinder Singh Ryait - Managing Director

Mrs. Dalvinder Kaur Ryait - Executive Director

Mrs. Amarjeet Kaur Ryait - Executive Director

b. Enterprises, over which control is exercised by individuals listed in "a" above:

G.S. Autocomp Private Limited *

G.S. Consumer Products Private Limited

G.J.Holdings Private Limited*

* No transaction has taken place during the year.

c. Relative of key management personnel:

Mr.Harkirat Singh Ryait

34. Rental income includes Rs.01.20 lacs (previous year Rs.1.20 lacs) from group companies as per Note No.64 above & Rs.0.06 lacs (previous year Rs.0.06 lacs) from others.

35. Rupee short term loan from others, outstanding balance as at 31st March, 2015 amounted to Rs. NIL (previous year Rs.42.84 lacs) is payable in equated monthly installment of Rs. NIL (Previous year of Rs.7.92 lacs each), (including interest).

36. Includes goods in transit of Rs.9.60 Lacs (Previous year Rs.NIL).

37. Previous year's figures have been regrouped or reclassified wherever necessary to confirm to the current year's classification.