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Notes to Accounts of Goldcrest Corporation Ltd.

Mar 31, 2014

1. SHARE CAPITAL

Rights, preferences and restrictions

The Company has two class of shares referred to as Equity Shares and preference shares having par value of Rs. 10 each and Rs. 100 each respectively. The Company has only issued Equity Shares. Each holder of Equity Shares is entitled to one vote per share.

Dividends, if any, is declared and paid in Indian rupees. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the 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. Gold crest Realty Trust is a private trust having Corpus amount of Rs.10,000/-. The Company has invested the said corpus amount and is holding 98% beneficiary interest. The other beneficiary is Mrs. Nita T. Tanna holding the balance 2% interest. By virtue of holding majority beneficiary interest in the said trust all the Assets, Liabilities, Income and Expenditures are incorporated in the Companies Books of Account. The interest of the other beneficiary in the said trust is shown separately as, amount recoverable from other beneficiary.

3. The name of the Company has been changed from Gold crest Finance (India) Limited to Gold crest Corporation Limited.

4. The Company has invested in the Partnership firm named M/s Avanti Electronic City Project LLP. The percentage of capital contribution of Gold crest Corporation Limited is 16.66%.

5. The Company had exposure of commodities trade on NSEL (National Spot Exchange Limited) during the current year through broker registered with NSEL. The goods that ought to be in the possession of NSEL were not in existence which resulted in failure to honour commitment to its brokers. The Company has joined NSEL INV FORUM whose members have filed a writ petition against NSEL, its promoters and its borrowers before High Court, Mumbai. The Company has also filed complaint with Economic Offence Wing. The Board is of the opinion that the chances of recovery is very remote and have decided to write off the sum of Rs.2,52,09,329/- as bad debts.

6. Related party Disclosures as required by Accounting Standard - 18:

Related Party disclosures have been set out in a separate statement annexed to Financial Statements. The related parties, as defined by Accounting Standard 18 "Related Party Disclosure" issued and as prescribed by the Companies (Accounting Standard) Rules, 2006 in respect of which the disclosures have been made, have been identified on the basis of disclosures made by the key management persons and taken on record by the Board.

Parties where control exists:

Subsidiary Company :

Gold crest Habitats Pvt. Ltd.

Other Related parties with whom transactions have taken place during the year:

Associate Companies ;

Mist Investment & Trading Pvt. Ltd.

Marmalade Construction Pvt. Ltd.

Gold crest Realty Trust

Key Management Personel :

Mr. Tulsidas J. Tanna

Mr. Tushar T. Tanna

Mr. Shirish B. Kamdar

Mr. Kishore M. Vussonji

Relatives of Key Management :

Anupa Tanna Shah Prime

Hygine Care Pvt. Ltd.

7. As per Schedule 6 of the Company's Act Part AC and 4D of (Manufacturing Company) is not applicable.

8. There are no Micro and Small Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2014.This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

9. Previous Year Figures are regrouped / rearranged / reclassified, wherever necessary.




Mar 31, 2013

(1) Goldcrest Realty Trust is a private trust having Corpus amount of Rs.10,000/-. The Company has invested the said corpus amount and is holding 98% beneficiary interest. The other beneficiary is Mrs. Nita T. Tanna holding the balance 2% interest. By virtue of holding majority beneficiary interest in the said trust all the Assets, Liabilities, Income and Expenditures are incorporated in the Companies Books of Account. The interest of the other beneficiary in the said trust is shown separately as, amount recoverable from other beneficiary.

(2) Related party Disclosures as required by Accounting Standard - 18:

Related Party disclosures have been set out in a separate statement annexed to Financial Statements. The related parties, as defined by Accounting Standard IS "Related Party Disclosure" issued and as prescribed by the Companies (Accounting Standard) Rules, 2006 in respect of which the disclosures have been made, have been identified on the basis of disclosures made by the key management persons and taken on record by the Board.

a) List of Related Parties;

Parties where control exists:

Other Related parties with whom transactions have taken place during the year

Associate Companies :

Mist Investment & Trading Pvt Ltd.

Marmalade Construction Pvt Ltd.

Goldcrest Realty Trust

GokJcrest Capital Markets Pvt Ltd.

Key Management Perspiwl.;

Mr. Tuteidas J. Tanna

Mr. Tushar T. Tanna

Mr. Shirish B. Kamdar

Mr. Kishore M. Vussonji

Relatives of Key Management ;

Anupa Tanna Shah

Prime Hygine Care Pvt. Ltd.

(3) The present liability for the future payment of gratuity to employees has not been ascertained by the Company and not provided for.

(4) As per Schedule 6 of the Company''s Act Part 4C and 4D of (Manufacturing Company) is not applicable.

(5) There are no Micro and Small Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2013.This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

(6) Previous Year Figures are regrouped / rearranged / reclassified, wherever necessary.


Mar 31, 2012

1.1. Rights, preferences and restrictions

The Company has two class of shares referred to as Equity Shares and preference shares having par value ofRs. 10 each and Rs. 100 each respectively. The Company has only issued Equity Shares. Each holder of Equity Shares is entitled to one vote per share.

Dividends, if any, is declared and paid in Indian rupees. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the 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.

The Company has issued 14,85,740/- Equity Shares at Par value ofRs. 10/- per share to Mr. Viresh P. Kothari as per Scheme of Amalgamation approved by Honourable Bombay High Court, with its wholly owned Subsidiary Company M/s. Goldcrest Trade & Merchandise Private Limited.

(2) Goldcrest Realty Trust is a private trust having Corpus amount of T10.000/-. The Company has invested the said corpus amount and is holding 98% beneficiary interest. The other beneficiary is Mrs. Nita T. Tanna holding the balance 2% interest. By virtue of holding majority beneficiary interest in the said trust all the Assets, Liabilities, Income and Expenditures are incorporated in the Companies Books of Account. The interest of the other beneficiary in the said trust is shown separately as, amount recoverable from other beneficiary.

(3) Related party Disclosures as required by Accounting Standard - 18:

Related Party disclosures have been set out in a separate statement annexed to Financial Statements. The related parties, as defined by Accounting Standard 18 "Related Party Disclosure" issued and as prescribed by the Companies (Accounting Standard) Rules 2006 in respect of which the disclosures have been made, have been identified on the basis of disclosures made by the key management persons and taken on record by the Board.

a) List of Related Parties:

Parties where control exists:

Other Related parties with whom transactions have taken place during the year:

Associate Companies :

Mist Investment & Trading Pvt. Ltd.

Perique Finance & Leasing Pvt. Ltd.

Marmalade Construction Pvt. Ltd.

Goldcrest Realty Trust

Goldcrest Capital Markets Limited

Key Management Personal :

Mr. Tulsidas J. Tanna

Mr. Tushar T. Tanna

Relatives of Key Management :

Prime Hygine Care Pvt. Ltd.

(4) The present liability for the future payment of gratuity to employees has not been ascertained by the Company and not provided for.

(5) As per Schedule 6 of the Company's Act Part 4C and 4D of (Manufacturing Company) is not applicable.

(6) There are no Micro and Small Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2012.This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

(7) The financial statements for the year ended March 31, 2011 had been prepared as per the then applicable, pre- Revised Schedule VI to the Companies Act, 1956. Consequent to the notification of the Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended March 31, 2012 are prepared as per the Revised Schedule VI. Accordingly, the previous year's figures have also been reclassified/regrouped to conform to this year's classification. The adoption of Revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements.


Mar 31, 2010

(1) Goldcrest Realty Trust is a private trust having Corpus amount of Rs. 10,000/-. The Company has invested the said corpus amount and is holding 98% beneficiary interest. The other beneficiary is Mrs. Nita T. Tanna holding the balance 2% interest. By virtue of holding majority beneficiary interest in the said trust all the Assets, Liabilities, Income and Expenditures are incorporated in the Companies Books of Account. The interest of the other beneficiary in the said trust is shown separately as, amount recoverable from other beneficiary.

(2) Related party Disclosures as required by Accounting Standard - 18: a) List of Related Parties:

Parties where control exists: Other Related parties with whom transactions have taken place during the year: Quest Academy Limited Mist Investment & Trading Pvt. Ltd. Perique Finance & Leasing Pvt. Ltd. Goldcrest Realty Trust Goldcrest Capital Markets Limited Goldcrest Trade & Merchandise Pvt. Ltd. Key Management Personel: Mr. Tulsidas J. Tanna Mr. Tushar T. Tanna

(3) The Company along with M/s Natasha Realtors Pvt. Ltd. has entered in to an Agreement dated 21st February, 2007 for Lease Hold Land for a consideration of Rs.177 Lacs and Villa for a consideration of Rs.275 Lacs at Aamby Valley City with Sahara India Commercial Corporation Limited. The Company holds one half share in the said property and other one half share is held by M/s Natasha Realtors Pvt. Ltd. The Company has paid Rs.8.85 Lacs out of Rs. 88.50 Lacs towards Lease Hold Land and Rs.13.75 Lacs out of Rs. 137.50 Lacs towards Villa and balance consideration is payable as per the said Agreement.

(4) The Company has made total payment of Rs. 1,03,27,050/- to M/s Sahara India Commercial Corporation Ltd. ("SICCL") towards perpetual lease of land and villa for Plot No.324. The total Agreed Consideration for the said perpetual lease of land and villa for Plot No.324 admeasuring 1171 Sq. Mtrs. is Rs.1,15,50,000/-. The agreement with SICCL was entered by the Company and registered with appropriate authority on 26.03.2009.

(5) The Company has Purchased for a total consideration of Rs.1,05,78,071/-, 0.79063 Acre land at Salt Lake City - Kolkatta. The company has been informed that additional stamp duty is payable over and above the stamp duty already paid. Since the additional amount of stamp duty is not ascertained the same is not provided in the books of accounts.

(6) Goldcrest Realty Trust has through its trustee M/s Varities Builders & Trustees Pvt. Ltd. had given to M/s Business Octane Solutions Pvt. Ltd. on Leave & Licence basis to use its part of its unit no. 001-006 on the ground floor and service area on the Mezzanine level on the building named "Panchshil Tech Park" situated at Pune for a period of 60 months from 19"1 September 2007 as per certain terms and conditions. The said Leave & Licence agreement had a lock-in-period clause of 36 months. The said M/s Business Octane Solutions Pvt. Ltd failed to make monthly payment towards Licence fees from February 2009 for four calendar months forcing the said Trust to terminate the Leave & Licence agreement w.e.f 22nd May 2009. The said Trust has filed a case through its above referred Trustee against M/s. Business Octane Solutions Pvt. Ltd. before small Cause Court at Pune vide Appeal No.40/2010 demanding a sum of Rs. 29,31,152.36 being outstanding licence fees, unpaid electricity bill, telephone bills, maintenance charges, Licence fees for the lock-in-period after adjusting security deposit alongwith service tax and interest © 18% p.a. on the outstanding amount.

(7) The present liability for the future payment of gratuity to employees has not been ascertained by the Company and not provided for.

(8) As per Schedule 6 of the Companys Act Part 4 C & 4 D of (Manufacturing Company) not applicable.

(9) There are no Micro and Small Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31s1 March 2010.This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

(10) Figures of the previous year have been regrouped / rearranged / reclassified wherever necessary.

 
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