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Notes to Accounts of Gujarat Credit Corporation Ltd.

Mar 31, 2014

1. RELATED PARTY DISCLOSURE UNDER ACCOUNTING STANDARD-18:-(i) The list of Related Party is as identified by the management are as under.

a. Associates GCCLConstruction & Realities Ltd., GCCL Infrastructure & Projects Ltd., GCCLSecuritiesLtd., GCCL Housing Finance Ltd., DMCC Oil Terminals (Navlakhil Ltd.

b. Joint ventures None

c. Subsidiaries None

d. Individuals owing, directly or Shri Babubali S. Shah indirectly, an interest in the ShriAmamS. Shah voting power of the reporting Shri Shreyansh S. Shah enterprise that gives them control Shri Smrutiben S. Shah orsignificant influence over the ShriBinotiA. Shah enterprise, & relatives of any such individuals.

e. Key Management Personnel &relatives of Key Management Personnel. None

f. Enterprise over which any person described in [d] or [e] is As mentioned in [a] above & able to exercise significant influence. This exercise Aaspas Investment Pvt. Ltd.,

significant influence includes enterprises owned by Indian chronical Ltd.,

Directors or major shareholders of the reporting LokPrakashanLtd.,

enterprise that have a member of Key Management Zora Traders Ltd.,

Personnel in ommon with the reporting enterprise. L''P''Mercanti|e Ltd-

(ii The Company has identified all related parties and details of transactions are below. No provision for doubtful debts or advances is required to be made & no amounts have been written off or written back during the year in respect of debts due from or to related parties. There are no other related parties where control exists that need to be disclosed.


[01 ] Miscellaneous Expenditure consist or preliminary & Public Issue expenses written of equally over a period of 10 years.

[02] The figures of previous year have been regrouped and rearranged to make them comparable with those of the current year.

[03] Company has yet to obtain the confirmation from the loans and Advances, creditors and other balances. If any adjustment necessary the same will be made on the receipt of the same.

[04] In the opinion of the Board, Current Assets, Loans and Advances, are approximately of the value if realized in the ordinary course of the business. The provision for the depreciation and all known liabilities are adequate and not in excess of the amount realizably necessary.

[05] No provision has been made for accruing liability for future payment of gratuity to employees as none of the employee have become entitled forgratuity underthe Payment of Gratuity Act.

[06] The Company has made investments in different companies as detailed in schedule 3 to the balance sheet. For quoted investment, as there is no market quote available, the aggregate market value of such investment is not ascertainable and details not available for the same valuation. Its book value is Rs. 33,890,557/- [Previous year Rs.33,890,5577-] The company has made in the past provision for diminution is NIL in the value & further provision for diminution in value has not been made, of these investments which is not in agreement with the accounting Standard 13 (AS-13) in respect of "Accounting of Investments" issued by the "Institute of Chartered Accountants of India".

[07] The public issueAccounts are subjectto reconciliation.

[08] There are no other details to be given as required under para 4-c and 4-d of part III of Schedule VI of Companies Act, 1956.

[09] Estimated amount of contracts remaining to be executed on capital account (net of advance) Rs. NIL (P.Y.NIL).

[10] Transactionofstockduringtheyear. NIL

[11] Audit Fees

2013-14 2012-13

Rs.25000 Rs. 22472

[12] Earning Per Share:

The company reports basic and diluted earnings per share in accordance with Accounting Standard (AS) 20 - Earning per Share issued by the Institute of Chartered Accountants of India. Basic Earning per share are computed by dividing the net profit or loss for the year by the weighted average number of equity share outstanding during the year. Diluted earnings per share is computed by dividing the net profit or loss for the year by the weighted average number of Equity Shares outstanding during the year as adjusted for the effects of all dilutive potential equity share, except where the results are anti-dilutive.

Mar 31, 2013


Gujarat Credit Corporation Limited is a public company domiciled in india and incorporated under Companies Act, 1956. The Company is in the business of real estate development.

1. Information in respect of Opening Stock, Receipts, Sales and Closing Stock. NIL

2. Balances of Sundry debtors, Sundry creditors, loans and advances are subject to confirmation.

3. The dues to sundry creditor being SSI industry has not been worked out and the information is under process.

4. Previous year''s figures have been regrouped, rearranged wherever necessary to make them comparable to the current year''s figures.

5. Quoted Investment in Shares of GCCL Infrastructure & Projects Ltd, Despite there being no transaction. in respect of shares of GCCL Infrastructure & Projects Ltd and permanent diminution in the cost of investment, the shares of GCCL Infrastructure & Projects Ltd. are taken at cost.

6. In the opinion of the Board, the current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

Oct 24, 12:40 pm
Oct 24, 12:49 pm
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