UPSE SECURITIES LIMITED

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r-.-'-- ' UPSE SECURITIES LIMITED REGD.OFFICE: "PADAM TOWERS"14/113 CIVIL LINES KANPUR-208001 BALANCE SHEET AS AT 31st MARCH 2010 PARTICULARS SCHEDULE AS AT 31.03.

00 - APPLICATION TOTAL 46902309.03 26557561.11 OF FUNDS FIXED ASSETS GROSS BLOCK C 5257905.85 4100333.85 ADDITION:- DURING THE YEAR 72300.00 1157572.00 5330205.85 5257905.

00 10000.00 SHARESOF BSE LTD.OF Re.1/-FULLYPAIDUP 250 EQUITYSHAREOF CSEOF Re.1/-FULLY 250.00 250.00 PAIDUP 7264250.00 7264250.00 CURRENT ASSETS. LOANS & ADVANCES SUNDRY DEBTORS D 9576436.29 10946151.

42 LESS:-CURRENTLIABILITIES& PROVISIONS H -103385621.84-113344079.16 NET CURRENT ASSETS 38964557.18 18112836.26 DEFERRED TAX (ASSETS) NET 0.00 167701.00 TOTAL 46902309.03 26557561.

1 r-.-'-- ' UPSE SECURITIES LIMITED REGD.OFFICE: "PADAM TOWERS"14/113 CIVIL LINES KANPUR BALANCE SHEET AS AT 31st MARCH 2010 PARTICULARS SCHEDULE AS AT AS AT SOURCES OF FUNDS SHARE HOLDER'S FUNDS AMOUNT() AMOUNT() SHARE CAPITAL A RESERVES & SURPLUS B DEFERRED TAX(LIABILITIES)NET APPLICATION TOTAL OF FUNDS FIXED ASSETS GROSS BLOCK C ADDITION:- DURING THE YEAR LESS: DEPRECIATION NET BLOCK INVESTMENTSLONG TERM ( AT COST) BSE - MEMBERSHIP UNQUOTED ( PREVIOUSYEAR130000) EQUITY SHARESOF BSE LTD.OF Re.1/-FULLYPAIDUP 250 EQUITYSHAREOF CSEOF Re.1/-FULLY PAIDUP CURRENT ASSETS. LOANS & ADVANCES SUNDRY DEBTORS D CASH & BANK BALANCES E FIXED DEPOSITS WITH BANKS F LOANS & ADVANCES G LESS:-CURRENTLIABILITIES& PROVISIONS H NET CURRENT ASSETS DEFERRED TAX (ASSETS) NET TOTAL NOTES ON ACCOUNTS & SIGNIFICANT ACCOUNTING POLICIES L Schedules A to L referred to above form an integral part of th. alance Sheet and Profit & Loss Account As per our Audit Reportof even date attached For JSB ASSOCIATI;S??'~~ CHART.EREDAS;?U~fKJTS ':i:\ ((1i.."e' \ d ~A_./f/~--1!5. 1. ~ N'~.P\.w \ Jt;;!. /'7'1. '\'~../"'/'.. (JASBIR SINGH BHA~i\~:~;:>-::~:i~i PARTNER ~~~~~/ -..

"."" d. ' "" 1.. UPSE SECURITIES LIMITED REGD.

MARCH 2010 PARTICULARS ISCHEDULEICURRENTYEAR PREVIOUS YEAR AMOUNT( t ) I AMOUNT( t ) INCOME ~ROKERAG

31 DIVIDENDRECEIVEDFROM BSE & CSE 18773872.19 4031744.39 2748688.37 521750.00 300000.

INTEREST PAID ( - ) 6619379.13 3992733.54 5865716.12 4136343.60 2626645.59 1729372.

ADMINISTRATIVE& OTHER EXPENSES DEPRECIATION TOTAL (B) Profit from operations before tax for the year (

FOR TAX:- CURRENT YEAR DEFERRED TAX FRINGE BENEFIT TAX PROFIT I ( - ) LOSS AFTER TAX Less :-Adjustment

Settlement Stablization Fund Add: Transfer from Infrastructure DevelopmentFund PROFIT AFTER APPROPRIATION

POLICIES I J K C L 358139.90 556431.12 7538279.88 5334492.01 3113819.32 2514316.34 497610.53 560313.

61 0.00 1250750.00 1549308.92 318528.95 339065.00 57840.00-21547.00-35527.00 0.00 10686.00 1231790.

$~: ~~~ ~~ ~~AJ::E~~~~~~b~~{i~f~~~':~:::~ ~ ~ ~ ;~\ ~ lw "" " L-.' ;':'.\ RMA <./ ~ "" "".$

2 "."" d. ' "" 1.. UPSE SECURITIES LIMITED REGD.OFFICE: "PADAM TOWERS"14/113 CIVIL LINES KANPUR PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31st MARCH 2010 PARTICULARS ISCHEDULEICURRENTYEAR PREVIOUS YEAR AMOUNT( t ) I AMOUNT( t ) INCOME ~ROKERAG EARNED LESS:- BROKERAGEPAID ( - ) DIVIDENDRECEIVEDFROM BSE & CSE INTEREST RECEIVED ON BANK DEPOSITS (TAXDEDUCTEDAT SOURCE~ previous year '{ ) LESS:- INTEREST PAID ( - ) MISCELLANEOUS INCOME TOTAL (A) EXPENDITURE PAYMENTSTO & PROVISIONS FOR EMPLOYEES OPERATIONALEXPENSES ADMINISTRATIVE& OTHER EXPENSES DEPRECIATION TOTAL (B) Profit from operations before tax for the year ( A-B) Add:- Sundry Creditors Balance Written Back Less:- Cessation of Trading Right of CSE LESS PROVISION FOR TAX:- CURRENT YEAR DEFERRED TAX FRINGE BENEFIT TAX PROFIT I ( - ) LOSS AFTER TAX Less :-Adjustment relating to previous year-deferredtax Less :-Adjustment relating to previous year -FBT Add: Transfer from Settlement Stablization Fund Add: Transfer from Infrastructure DevelopmentFund PROFIT AFTER APPROPRIATION ADD :-PROFIT OF PREVIOUS YEAR PROFIT CARRIED TO BALANCE SHEET NOTES ON ACCOUNTS & SIGNIFICANT ACCOUNTING POLICIES I J K C L Schedules A to L referred to above form an integral part As per our AUdi'R' ' port Of eve n d ached F ~: ~~~ ~~ ~~AJ::E~~~~~~b~~{i~f~~~':~:::~ ~ ~ ~ ;~\ ~ lw "" " L-.' ;':'.\ RMA <./ ~ "" "".."" " ---' I> I -it (JASBIR SINGH BHA-ri~J2' "::'i<;f!1 NADHANI ~ * PARTNER '~.;eo.y~&j llvwn k:t~ ~~'t\\.\)~ ARV~D KUMAR MITTAL PLACE: ~ " as \..t ~. DA_fln2010- S8Cc.f\l\ AN T MIS~I KU~ '-'?St..f"..... { J foru ~ ~ ATULKUM~RA -- WAL ~ ~!.' $.. O\\\cet~.. (/. I ~ecu\\'ic Co / '~1 C~\8\ I.l.I -\ Cf)' t::j the Balance Sheet and Profit & Loss Account 0.' 0!(A N?'U~/ ' "

SCHEDULE A AS AT 31.03.2010 AS AT 31.03.2009 SHARE CAPITAL AMOUNT ( t) AMOUNT(t) AUTHORISED: 5000000 EQUITY SHARES OF t 10/-EACH 50000000.00 20000000.

00 (PREVIOUS YEAR 1950000 EQUITYSHARES OF 101-EACH FULLY PAID UP) TOTAL 25800000.00 19500000.

3 SCHEDULE A AS AT AS AT SHARE CAPITAL AMOUNT ( t) AMOUNT(t) AUTHORISED: EQUITY SHARES OF t 10/-EACH (PREVIOUS YEAR EQUITY SHARES OF 101-EACH) ISSUED SUBSCRIBED & PAID UP : EQUITY SHARES OF t101- EACH FULLY PAID UP (PREVIOUS YEAR EQUITYSHARES OF 101-EACH FULLY PAID UP) TOTAL SCHEDULE B RESERVES & SURPLUS -SHARE PREMIUM ACCOUNT ISSUED SHARES AT A PREMIUM OF ~ 201- PER SHARE (PREVIOUS YEAR SHARES AT A PREMIUM t 201-PER SHARE) AS AT AS AT AMOUNT(~). AMOUNT(t) CORPUS RECEIVED FROM SUB -BROKERS FOR PARTCIPATION TRADING PLATFORM IN SETTLEMENT STABLIZATION FUND AS PERLAST ACCOUNT LESS:-l RANSFERRED TO PROFIT & LOSS AlC INFRASTRUCTURE DEVELOPMENT FUND AS PERLAST ACCOUNT LESS:-TRANSFERRED TO PROFIT & LOSS AlC PROFIT t ~ t~.-4i\-\c) ARVIND KUMAR MITTAL A\~. AN~TKUMA~ ATUL~AGARWAL? DIRECTORS C i-'i1y-$'.)!:~"jecqiy fot \..;?3':. -.J~' ForJS ASSOCIATES..-;<'~~-.~::::. CHAR EED AC99uNTAr'fts~;.:~.!~q.;>~ (JASB PARTI PLACI DATE. yt~-j..a. (~F//'<~\ y:.1 : {!z.; ( "(J..:<j\)j ;: IJ R SINGH BHATIX\~:\/.:;:// \\:~.'.... "'~./J ER \0"'/;""""-'- 'j"l/ "Y5{;'D A:'.J// : KANPUR "~~/ : ~~ro1.) ~ -.:- _I i.. " ;/I \ J " _5/.

l. SCHEDULE C FIXED ASSETS GROSS BLOCK (AT COST) DEPRECIATION NET BLOCK S. PARTICULARS RATE OF AS AT ADDITIONS SALES/ADJ. TOTAL UPTO FORTHE ADJUST- TOTAL AS AT AS AT NO. DEPRE- 31.03.

$85 1012773.85 / P REVIOU$YE;ARFIGURE 4100333.85 1157572.00 YiW ~~~4)~ ARVIND KUMAR MITTAL ~ ATUL KUMAR AGARWAL ~/ ~~fka~oor AN~~ '''''' """ ""M'7"i:r"':'"'1~ I'\f!"'i" f V~ "'''...~. " ~ 11 I'!.t l.$

4 l. SCHEDULE C FIXED ASSETS GROSS BLOCK (AT COST) DEPRECIATION NET BLOCK S. PARTICULARS RATE OF AS AT ADDITIONS SALES/ADJ. TOTAL UPTO FORTHE ADJUST- TOTAL AS AT AS AT NO. DEPRE DURINGTHE DURING AS AT YEAR MENT UPTO CIATION YEAR THE YEAR COMPUTERS & PERIPHERALS 40% FURNITURE&FIXTURE 18.10% ;(OTAL I i / P REVIOU$YE;ARFIGURE YiW ~~~4)~ ARVIND KUMAR MITTAL ~ ATUL KUMAR AGARWAL ~/ ~~fka~oor AN~~ '''''' """ ""M'7"i:r"':'"'1~ I'\f!"'i" f V~ "'''...~. " ~ 11 I'!.t l. ~:~ ;-j( (\Jl'ESH"D ~~ VINOD PANDEY DIRECTORS -.~~ R.~..J.. ChJerEXO~iJU1JC Officer (OFFTG. For JSB ASSOCIATES CHARTEED ACCO~NTANTS 7~1~/ ~- (JASBIR SINGH BHATIA) PARTNER PLACE:KANPUR DATE : '" I'

2009 SUNDRY DEBTORS ( Unsecured considered good) AMOUNT(t) AMOUNT(t)

92 - Other Debts 8436330.37 10946151.63 TOTAL 9576436.29 10946151.

2009 CASH & BANK BALANCES AMOUNT(t) AMPUNT(t) CASH IN HAND - - - 5000.

MUMBAI 10291.00 10291.00 AXIS BANK LIMITED 437002.88 112042.

00 STANDARD CHARTERED BANK 32588395.11 44745329.14 TOTAL 34305157.

YES BANK LIMITED STATE BANK OF INDORE PUNJAB NATIONAL BANK AXIS BANK LTD.

5 SCHEDULE D AS AT AS AT SUNDRY DEBTORS ( Unsecured considered good) AMOUNT(t) AMOUNT(t) Debtsoutstandingfor a periodexceedingsix Months Other Debts TOTAL SCHEDULE E AS AT AS AT CASH & BANK BALANCES AMOUNT(t) AMPUNT(t) CASH IN HAND DRAFT IN HAND IN CURRENT ACCOUNT WITH SCHEDULED BANKS BANK OF INDIA MUMBAI AXIS BANK LIMITED HDFC BANK LIMITED YES BANK LIMITED STANDARD CHARTERED BANK TOTAL SCHEDULE F FIXED DEPOSITS WITH SCHEDULED BANKS AS AT AMOUNT(t) AS AT I AMOUNT(t) STANDARD CHARTERED BANK KOTAK MAHINDRA BANK HDFC BANK LTD. YES BANK LIMITED STATE BANK OF INDORE PUNJAB NATIONAL BANK AXIS BANK LTD. ICICI BANK LTD. ING. VYSYA BANK LT. INTEREs:F-ACCRUEDmi!JT NOT DUE ~ ~ AJ 1.\4. ARVIND KUMAR MITTAL DIRECTORS ATUL

SCHEDULE G AS AT 31.03.2010 AS AT 31.03.2009 LOANS & ADVANCES (Unsecured considered good) AMOUNT ( ) AMOUNT() INCOME TAX REFUNDABLE F.Y. 2003-04 55996.54 55996.54 INCOME TAX REFUNDABLE F.Y. 2005-06 444654.

00 - INCOME TAX DEMAND ( 2002-03) 98478.00 98478.00 SECURITY DEPOSIT WITH BSE 376085.00. 376085.00 SECURITY DEPOSIT WITH NSE 27283291.

50 HCL COMNETLIMITED 4000.00 - CENVAT CREDIT ( SERVICE TAX ) RECEIVABLE 510.00 508950.67 CENVAT CREDIT ( EDUCATION CESS) RECEIVABLE 10.20 10193.31 CENVAT CREDIT ( HIGHER EDUCATION CESS) RECEIVABLE 5.

43 SCHEDULE H CURRENT LIABILITIES & PROVISIONS SUNDRY CREDITORS BASE ADDITIONAL CAPITAL & ADVANCE MARGIN RECEIVED FROM SUB-BROKER'S PROVISION FOR "TN<" F.Y.2009-2010 OTHEIYI:IABILITIES AS AT 31.03.

6 SCHEDULE G AS AT AS AT LOANS & ADVANCES (Unsecured considered good) AMOUNT ( ) AMOUNT() INCOME TAX REFUNDABLE F.Y INCOME TAX REFUNDABLE F.Y INCOME TAX REFUNDABLE F.Y INCOME TAX REFUNDABLE F.Y TAX DEDUCTED AT SOURCE F.Y ADVANCE TAX ( F B T) F.Y INCOME TAX DEMAND ( ) SECURITY DEPOSIT WITH BSE SECURITY DEPOSIT WITH NSE DEPOSIT WITH IL& FS SECURITIES LIMITED ( NSE F & 0 SEGMENT -CM) SECURITIESPLEDGEDWITH BSE LESS:-SECURITIESRECIVEDFROMSUB BROKERS HCL COMNETLIMITED CENVAT CREDIT ( SERVICE TAX ) RECEIVABLE CENVAT CREDIT ( EDUCATION CESS) RECEIVABLE CENVAT CREDIT ( HIGHER EDUCATION CESS) RECEIVABLE PREPAID EXPENSES STAFF LOAN I ADVANCE ACCOUNT TOTAL SCHEDULE H CURRENT LIABILITIES & PROVISIONS SUNDRY CREDITORS BASE ADDITIONAL CAPITAL & ADVANCE MARGIN RECEIVED FROM SUB-BROKER'S PROVISION FOR "TN<" F.Y OTHEIYI:IABILITIES AS AT ASAT AMOUNT(~) AMOUNT(t) ARVIND KUMAR MITTAL AN~~ 1 ATULUR~ For JSB ASSOCIATES CHARTEEDAC90UNTANTS ~~' (JASBIR SINGH BHATIA) PARTNER PLACE: KANPUR DATE: I " DIRECTORS. C 'R't'Vt'S1" 11\"\1'1{:QY'i - t.. ~.!!."""O J< j '..'.."...-- ~'~.."-~ ~~.... #.

SCHEDULE I CURRENT YEAR PREVIOUS YEAR PAYMENTS TO & PROVISIONS FOR EMPLOYEES AMOUNT(t) AMOUNT(t) SALARIES AlC

34 HOUSE RENT ALLOWANCE 219140.25 195209.00 HOME TOWN ALLOWANCE 8715.00 1580.00 CONVEYANCE ALLOWANCE 139985.

DEPOSITORY CHARGES DEPOSIT CUSTODY CHARGES INFRASTUCTURE USAGE CHARGES INSURANCE PREMIU CURRENT YEAR AMOUNT(t)

$ATULKU~~~ ' DIRECTORS CERTIFIED TRUE COpy FC~ t;ps r'\ ~4':'j \..t" e SG'-'U '.$

7 SCHEDULE I CURRENT YEAR PREVIOUS YEAR PAYMENTS TO & PROVISIONS FOR EMPLOYEES AMOUNT(t) AMOUNT(t) SALARIES AlC EMPLOYERS CONTRIBUTION TO P.F DEARNESS ALLOWANCE HOUSE RENT ALLOWANCE HOME TOWN ALLOWANCE CONVEYANCE ALLOWANCE CITY COMPENSATORY ALLOWANCE MEDICAL EXPENSES TOTAL SCHEDULE J OPERATIONAL EXPENSES ANNUALSUBSCRIPTON BSE ANNUAL SUBSCRIPTON NSE NSE OPERATIONAL EXPENSES DEPOSITORY CHARGES DEPOSIT CUSTODY CHARGES INFRASTUCTURE USAGE CHARGES INSURANCE PREMIU CURRENT YEAR AMOUNT(t) PREVIOUS YEAR AMOUNT(t) ~ SAI ~ l~c"~.1rt-j ARVIND KUMAR MITTAL bj~ AN~i~U~I~". ATULKU~~~ ' DIRECTORS CERTIFIED TRUE COpy FC~ t;ps r'\ ~4':'j \..t" e SG'-'U '.. For JSB ASSOCIATES CHARTEED A~UNTANtS ~:-- (JASBIR SINGH BHATIA) PARTNER. PLACE: KANPUR DATE: ' :J C' " II '...c:~:/ t~~. ~'~ - """'". ' ~. " ; ~~;4'1 V / " -".. " A1~ r "j.' ~ ~ \ \ / "

SCHEDULE K ADMINISTRATIVE & OTHER EXPENSES AUDITORS REMUNERATION AlC - AUDIT FEES - TAX AUDIT FEES - OTHER SERVICES & CERTIFICATION INTERNAL I SYSTEM AUDIT FEES BOARD MEETING I

FEES STAFF WELFARE EXPENSES RENT TRAVELLING & CONVEYANCE POSTAGE& TELE I M TOTAL 30000.00 5000.00 10000.00 CURRENT YEAR AMOUNT(~) 45000.00 27500.00 92000.00 191619.00 462719.40 131426.

$43 94780.00 183235.75. 6600.00 25570.25 74400.00 28908.00 3501.67 1475165.56 SHARMA ~~SA &~ llvw\t.j-u~j I ARVIND KUMAR MITTAL ANA~~ ATULI~ ALOKT '" DIRECTORS ct.v:t\ lt.d't!-\lt.$

8 SCHEDULE K ADMINISTRATIVE & OTHER EXPENSES AUDITORS REMUNERATION AlC - AUDIT FEES - TAX AUDIT FEES - OTHER SERVICES & CERTIFICATION INTERNAL I SYSTEM AUDIT FEES BOARD MEETING I COMMITTEE SITTING FEES COMPUTER EXPENSES ELECTRIC GENERATOR AND OFFICE MAINTENANCE MISCELLANEOUS EXPENSES PRINTING & STATIONERY PROFESSIONAL CHARGES TELEPHONE & INTERNET EXPENSES FILING FEES STAFF WELFARE EXPENSES RENT TRAVELLING & CONVEYANCE POSTAGE& TELE I M TOTAL CURRENT YEAR AMOUNT(~) I PREVIOUS YEAR AMOUNT(~) ' SHARMA ~~SA &~ llvw\t.j-u~j I ARVIND KUMAR MITTAL ANA~~ ATULI~ ALOKT '" DIRECTORS ct.v:t\ lt.d't!-\lt. COy'i FOf V' :::-"'J""\.' r- t ~r"~""~#";:':d...h~~.~ \..\d. / =or JSB ASSOCIATES ;HARTEEDAC<i~N-r:ANTS ~~:;" 'ASBIR SINGH BHATIA)" ~RTNER ":~' ACE: KANPUR \TE : '' ''''..~;;:/ : ;';';' t;: 't.;

9 UPSE SECURITIES LIMITED Regd.Office: 'PadamTowers' 14/113 Civil Lines Kanpur NOTES FORMING PART OF THE ACCOUNTS AND SIGNIFICANT ACCOUNTING POLICIES: SCHEDULE L Significant Accounting Policies and Notes on Accounts A. Significant Accounting Policies a) Fundamental Accounting Assumption: i) The Company follows accounting assumption of a going concern. ii) The company is a wholly owned subsidiary of D.P. Stock Exchange Limited and is functioning as a clearing member of Bombay Stock Exchange Limited and no proprietary trading is done on its own behalf. Only the trading members of D.P. Stock Exchange Limited who are registered as Sub-brokers with the company are allowed to do business through the company. Although the purchases and sales are made in the name of the company only brokerage income is reflected in the financial results to reflect the actual state of affairs. b) Method of Accounting: The financial statements are prepared according to the historical cost convention and on an accrual basis in accordancewith the requirementsof the CompaniesAct c) Revenue recognition: i) Income from brokerage activities is recognised as income on the settlement date of transaction. ii) Other incomes are accounted on accrual basis. d) Fixed Assets and depreciation: i) Fixed assets are stated at cost of acquisition /construction less accumulated depreciation. All cost relating to acquisition and installation of fixed assets are capitalized and included in the cost of respective fixed assets. Software purchased during the year has been capitalized. ii) e) 0 Jnt~lm&'\\ 1- ' Depreciation on all fixed assets is provided on the written down value method at the rates and the manner prescribed in schedule XIV of the Companies Act OV~ ~\.n~c.. &\-"de C''5 secuf\\\9 D -.. F~tfnvestm:~;;-tm'9<('<'4~ all\wer of cost or market value. Long term ~~Ited cost. ProvISionfor diminution in the value of long tenn fo mvestm~=~~ investme\\ \~~.. ~t~y if such decline in the opinion of the management -_.:-~ 01'- ~. Cb~~-'. -:\\~S" ti4j / ~ c-/'~ ' ' \.. (.) ~.d -~...;' Wi''' " j:'. ". Q:. \~. n ~ '. / J~~<{ ~11 ~ -~)..

10 is other than temporary. f) Sundry Debtors & Creditors: Amounts receivable from & payable to Sub-Brokers Clients and Bombay Stock Exchange Ltd. Mumbai for broking transactions are recognized on completed settlement basis and disclosed as Sundry Debtors & Creditors. g) Accounting for Taxes on Income: Provision for Current Tax is made on the basis of estimated taxable income for the current accounting period and in accordance with the provisions as per Income Tax Act Deferred tax resulting from ''timing difference" between book and taxable profit for the year is accounted for using the tax rate/and laws that have been enacted or substantively enacted as on the balance sheet date. Permanent timing difference adjustmentsare not accountedfor in provisions. B. Contingent Liabilities: 1. Estimated amounts of contracts remaining to be executed on Capital account and not provided for Rs. Nil. (Previous year Nil) 2. Claims against the company not acknowledged as debt Nil) -Nil ( Previous year c. Notes on Accounts: 1. FDR (s) Rs Lakhs (previous Year Rs Lakhs) include FDR (s) amounting to Rs Lakhs (Previous Year Rs Lakhs) pledged with Bombay Stock Exchange Ltd. Mumbai for obtaining trading limits. 2. Securities received from Sub-brokers in demat form of Rs lakhs (previous Year Rs lakhs) valued at the year end have been pledged with Bombay Stock Exchange Ltd. Mumbai towards Additional Capital. For disclosure purposesthese are shown under the head Loans and Advances. 3. Securities ofrs lakhs (Previous Year Rs lakhs) valued at the year end received in advance towards from Clients towards pay-in of settlement No.242 of and 1 2 of are lying in the CM Pool Account of the Company pending settlement as per norms. 4. Other liabilities include Rs received as refundable security deposit for NSE from sub-brokersand Rs payable to sub-brokers towards interestpayableto them. 5. There was a demand of Rs from Income Tax Department for the Financial Year which was paid on and shown under the head Loans an~~~i0i~ The Company's appeal against the aforesaid d~"pja&~erore C~~1... the C.LT. (Appeals). ~\d. 6. Tl~~$hii:MeA~~a 5 to NSE for acquiring trading rights has been shown FOlis~JCJAtYdeposit with NSE under the head Loans& Advances...-.". ~\;:~G..-' ;". c\\\a' &~U\W '-- Y ~ I~\' l~. -1

7. In the opinion of Board of Directorsthe current assets loans and advances are stated at values which on realizationare at least equal to the amount at which these are stated in the ordinarycourse

11 7. In the opinion of Board of Directorsthe current assets loans and advances are stated at values which on realizationare at least equal to the amount at which these are stated in the ordinarycourse of business. 8. None of the employees are covered by the provisions contained in Section 217(2A) of the Companies Act 1956 read with Companies (Particulars of Employees) Rules No amount is due to micro and small scale industrial undertakings 10. Information pursuant to paragraph 4C and 4D of part II of Schedule VI of the Companies Act is not furnished as the same is not applicable to the company. (Previous year NIL) 11. Other benefits to employees: AS-1S (Revised) regarding "Employees Benefits" has been followed by the Company and is accounted as under:- i) The Company's Contribution towards Provident Fund is transferred to the recognized fund of the Holding Company named as VPSE Employees Provident Fund Trust. ii) Hi) Provision for unavailedleaves is made at the end of the year on accrual basis as valued by the Management. The Employees of the Company have been covered under the Group Gratuity Scheme Plan of Life Insurance Corporation ofindia (LIC) taken by V.P. Stock Exchange Limited and necessary disclosures are contained in its Annual Report. In compliance with the Accounting Standard as per figures provided by the Exchange the Company has provided for gratuity liability of Rs for its two employees and of Rs in proportionate to. salary paid to other employees (Le. employees on deputation from V.P. Stock Exchange Limited) for the year Accordingly the Company has to pay a total sum of Rs (Rs Rs ) to the Exchange. LIC ofindia has informed the position of accrued liability as at in respect of 02 employees of the Company as follows :- S.No. Name of Employee Date of Period Appointment Liability (in. Rs.) 1. Shri Ved P 9Yrs Mishra rakash Months (10 Yrs.) armendra Yrs " 2. ~\Jf.&OY'l Pandey Months C'E~11'\~1.Nath (10 Yrs.) For UPSE S8C1urltI8el.td. ~ Total Cb~~') r '.' (' - J.../ l'. Y' I \ < :;/ ''''''-. ~

For two employees the company had already accounted for gratuity liability of Rs.121635.00 in the year 2008-09 and Rs.15368.

08) has further been provided for by the Company. 12.

(Relationship) Nature of Transaction Amount (Rs.) Amount (Rs) 2009-10 2008-09 U.P.StockExchange Limited Payment of rent and 681761/- 1559011/- (HoldingCompany) reimbursement of expenses.

12 For two employees the company had already accounted for gratuity liability of Rs in the year and Rs have been provided for as per the figures provided by the Exchange as aforesaid. The remaining accrued liability as per LIC of Rs (Rs.l Rs.l Rs ) has further been provided for by the Company. 12. AS-IS "RELATED PARTIES DISCLOSURES": As per the Accounting Standard-18 "Related Party Disclosures" the related parties ofthe Company are as follows :- (a) Entities under Common Control: Name (Relationship) Nature of Transaction Amount (Rs.) Amount (Rs) U.P.StockExchange Limited Payment of rent and / /- (HoldingCompany) reimbursement of expenses. (b) Key Management Personnel: Name (Desil!nation) Nature of Transaction Amount (Rs.) Amount (Rs) Shri Ved Prakash Mishra Remuneration / /- (Chief Executive Officer) 13. AS-20 "EARNING PER SHARE (Rs) (i) Net profit after tax available for Equity Share holders (Numerator used for calculation) (ii) Weighted average of number of ** * equity shares as denominator for calculating EPS (iii) Basic earning per share (Face value ofrs.10 each) * Weightage of new shares issued taken for 3 months for this purpose. ** Weightage of new shares issued taken for 3 months for this purpose. In accordance with the Accounting Standard (AS)22 issued by Institute of Chartered Accountants of India Deferred tax provision has been made in the books of accounts as detailed below: Deferred Tax represents the followine: (Rs.) PARTICULARS Assets (Rs.) Lia bilities(rs.) Assets(Rs.) Liabilities(Rs.) a) Timing Difference on Depreciation b) Timing Difference on Losses c) Disallowance under the Income tax Total DeferredTax (Net) ~ ' C.: -A- I: T' 'i -.

$i4-j VIND KUMAR MITT AL Directors ~.-' ) ) ~~ r' " -/c"\ \: ';. /" '\.' " O v ill \:'J ' = "".".:.:J/~ ' ~ ' 'C:.. {!"!!'i '~ 'o--\!";...-\\.c.-" f. ~.. '""-A t" J." " -\.i "'.. 'D.-.)i:...J> jj.$

13 l' Figures of previous year have been regrouped or rearranged wherever considered neeessary. ASHO~MA Chainnan ~~~ ALOK TULsYA~ ced{dfficiating) V-~~ I B:k:~~~ ~ SAR~S~ Y ~ " ~t.r.m.i4-j VIND KUMAR MITT AL Directors ~.-' ) ) ~~ r' " -/c"\ \: ';. /" '\.' " O v ill \:'J ' = "".".:.:J/~ ' ~ ' 'C:.. {!"!!'i '~ 'o--\!";...-\\.c.-" f. ~.. '""-A t" J." " -\.i "'.. 'D.-.)i:...J> jj. Fot'Upse securit\es Ltd. t~~g') \. /~-~ ' ~::-t. ' " " " ' ~" "'c-. " "... <.!c.. ~. ~\ \; ~~r>'..

14 UPSE SECURITIES LTD BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE I. REGISTRATION DETAILS Registration No. I U67120UP2000PLC Balance Sheet ~ ~ ~ II. Capital raised during the year ( Amount ~ in Thousand) Public Issue Placement I NIL Right Issue NIL Bonus Issue State Cod~ Private NIL 6300 III. Position of Mobilisation and deployment of Funds ( Amount ~ in Thousand) Total liabilities Total Assets I Sources of Funds Paid up Capital I Secured Loans I NIL I Unsecured Loans I NIL I Application of Funds Net Fixed Assets 674 Accumulated [ Investments 7264 Net Current Assets I I Misc. Expenditure I NIL I IV. Performance of Company ( Amount ~ in Thousand) Total Income trax) 7538 I [ Earning per Share (in ~ ) I 0.51 I Total Expenditure 5989 Profit Before Tax Profit After Tax (Including deferred I 1549 I 1232 Dividend Rate % I NIL I v. Generic Names of Three Principal Products of Company (As per monetary terms) ~ Sfl Je. SHARMA B K NADHANI.--- ~ l~u;4t4-a ARVIND KUMAR MITTAL.- - ~- "' ~2.to - ANANTKU ATU(M~L ~SRA '\ \.~..". - -'

SHARE CAPITAL A 25,800, ,800, RESERVES & SURPLUS B 22,039, ,975,847.03

SHARE CAPITAL A 25,800, ,800, RESERVES & SURPLUS B 22,039, ,975,847.03 UPSE SECURITIES LIMITED REGD.OFFICE : "PADAM TOWERS",14/113, CIVIL LINES,KANPUR -208001 BALANCE SHEET AS AT 31st MARCH, 2011 PARTICULARS SCHEDULE AS AT 31.03.2011 AS AT 31.03.2010 AMOUNT ( ` ) AMOUNT (