| 1. Corporate Information:
GUJARAT COTEX LIMITED is Public Company domiciled in India and
incorporated under the provisions of the Companies Act, 1956. Its
shares are listed on Bombay Stock Exchange in India. The Company is
engaged in the business of trading of Fabrics and Education of
Students. The Company caters to domestic markets.
1.1 Interest Rate Profile of Term Loans & Deposits :
Interest Rate Profile of Term Loans & Deposits are Not Applicable to
the Company.
2. Deferred Tax Liabilities (Net):
Not Provided as not required for the same.
3. Long Term Provisions :
Long Term Provisions are not Obtained.
3.1 The Company has not received information from vendors regarding
their status under the Micra Small and Medium Enterprises Development
Act, 2006 and hence disclosure relating to amounts unpaid as at the
year end together with interest paid/payable under this Act has not
been given. This has been relied upon by the Auditors.
4. Short Term Provisions:
Short Term Provisions are not Provided.
5. Short Term Borrowings:
All borrowings are from Share Holders or from Directors. All borrowings
are Unsecured borrowings.
6. Long Term Borrowings:
Car Loan taken from ICICI Bank Ltd against the Hypothecation of Motor
Car.
7. Cash And Cash Equivalents:
All Bank Balances are verified and tallied by the management. All Cash
are with the Managing Directors and verified by the management only.
8. Short Term Loans and Advances:
As informed to us, advances given for purchase of material or some
asset and Income Tax Deducted by the Party for our payments.
9. Revenue from Operation:
The Company is doing wholesale trading business. Revenue is recognized
as and when material received by the party.
10. Other Income:
Dividend, Care Claim received, Discount and Profit(Loss) on sale of
Fixed Assets are included in other Income .
11. Employee Benefits:
We have been informed that employees are paid Salary which includes all
benefits. No Separate Benefits are paid.
12. Expenditure and Earnings in Foreign Exchange:
As informed to us - No Earnings or Expenditure in Foreign Exchange
during the year under Audit.
13. Segment Reporting:
The Company operates in two segment (i) wholesale Trading in Fabrics
and (ii) Education Business. The Company earn Commission from Shikkim
Manipal University for their Education Business. The Revenue result of
two segments are as below:
14. Related party Disclosures as required by AS-18 are given below.
Directors are related in Company namely Prabhat Oil Ltd.
Common Director in Gujarat Co-tex Ltd and Prabhat Oil Ltd - are Shri
Shailesh J Parekh, Smt. Priyavanda S. Parekh, Shri Chetan S. Parekh
and Smt. Sonal D. Sheth.
NOTE : Related party relationship on the basis of the requirements of
Accounting Standard (AS) 18 as identified and Certified by the
Management and relied upon by the Auditors.
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