Notes to Accounts of Geetanjali Credit and Capital Ltd.

Mar 31, 2024

(viii) Provisions and contingencies:

Provisions: A provision is recognized when the Company has a present obligation as a result
of past events and it is probable that an outflow of resources will be required to settle the
obligation, in respect of which a reliable estimate can be made. The amount recognised as a
provision is the best estimate of the consideration required to settle the present obligation at the
end of the reporting period, taking into account the risks and uncertainties surrounding the
obligation. When a provision is measured using the cash flows estimated to settle the present
obligation, its carrying amount is the present value of those cash flows (when the effect of time
value of money is material).

Contingent liabilities: Contingent liability is a liability that may occur depending on the
outcome of an uncertain future event. The management of the company is aware of having an
outstanding demand amounting to Rs. 1,788.27 Lakhs towards Income Tax Department.
However, the Company has filed various appeals before the corresponding levels of Income
Tax Department. Management of the company is confident that these demand will not
materialize in future. Hence, there is no such impact on the financial statement of the company.

(ix) Cash and cash equivalents:

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short term
balances (with an original maturity of three months or less from the date of acquisition) and
highly liquid investments that are readily convertible into known amounts of cash and which
are subject to insignificant risk of changes in value.

For the purposes of the cash flow statement, cash and cash equivalents include cash on hand, in
banks and demand deposits with banks, net of outstanding bank overdrafts that are repayable
on demand, book overdraft and are considered part of the Company’s cash management
system.

(x) Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the
effects of transactions of a noncash nature, any deferrals or accruals of past or future operating
cash receipts or payments and item of income or expenses associated with investing or

financing cash flows. The cash flows from operating, investing and financing activities of the
Company are segregated.

(xi) Employee Benefits: Short Term Employee Benefits Employee benefits payable wholly within
twelve months of rendering the services are classified as short-term employee benefits and
recognized in the period in which the employee renders the related service. These are re¬
cognized at the undiscounted amount of the benefits expected to be paid in exchange for that
service.

(xiii) In the opinion of the board of Directors, Current Assets, Loans and Advances a value of
realization equivalent to the amount at which they are stated in the Balance Sheet. Adequate
provisions have been made in the accounts for all the known liabilities

(xiv) Fair Value:

The Company measures certain financial instruments at fair value at each balance sheet date.
The fair value measurement is based on the presumption that the transaction to sell the asset or
transfer the liability takes place either:

A. In the principal market for the asset or liability, or

B. In the absence of a principal market, in the most advantageous market for the asset or
liability.

The principal or the most advantageous market must be accessible by the Company. The fair
value of an asset or a liability is measured using the assumptions that market participants would
use when pricing the asset or liability, assuming that market participants act in their best
economic interest.

The Company uses valuation techniques that are appropriate in the circumstances and for
which sufficient data are available to measure fair value, maximizing the use of relevant
observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial
statements are categorized within the fair value hierarchy, described as under, based on the
lowest level input that is significant to the fair value measurement as a whole:

A. Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or
liabilities.

B. Level 2 - Valuation techniques for which the lowest level input that is significant to the fair
value measurement is directly or indirectly observable.

C. Level 3 - Valuation techniques for which the lowest level input that is significant to the fair
value measurement is directly or indirectly observable.

For assets and liabilities that are recognized in the financial statements on a recurring basis, the
Company determines whether transfers have occurred between levels in the hierarchy by re¬
assessing categorization (based on the lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting period.

This note summarizes the accounting policy for fair value. Other fair value related disclosures
are given in the relevant notes.

Details of foreign exchange mentioned above are certified and provided by the Management of the company.

(xvi) As certified by the company that it was received written representation from all the directors, that
companies in which they are directors had not defaulted in terms of section 164(2) of the companies Act, 2013,
and the representation from directors taken in Board that Director is disqualified from being appointed as
Director of the company.

(xvii) Earnings per share (EPS):

Basic earnings per share are computed using the weighted average number of equity shares
outstanding during the period. Diluted EPS is computed by dividing the profit or loss
attributable to ordinary equity holders by the weighted average number of equity shares
considered for deriving basic EPS and also weighted average number of equity shares that
could have been issued upon conversion of all dilutive potential equity shares. Dilutive
potential equity shares are deemed converted as of the beginning of the period, unless issued at

a later date. Dilutive potential equity shares are determined independently for each period
presented. The number of equity shares and potentially dilutive equity shares are adjusted for
bonus shares, as appropriate.

(xviii) Contributed Equity

Equity shares are classified as equity.

(a) Earnings per Share Basic earnings per share is calculated by dividing:

-the profit attributable to the owners group

-by the weighted average number of equities shares outstanding during the year.

(b) Rounding off amounts

All amounts disclosed in the financial statements and notes have been rounded
off to the nearest lacs as per the requirement of Schedule III, unless otherwise
stated.

(xix) Other Note:

As per the Ministry of Corporate Affairs (MCA) notification, proviso to Rule 3(1) of the
Companies (Accounts) Rules, 2014, for the financial year commencing April 1, 2023, every
company which uses accounting software for maintaining its books of account, shall use only
such accounting software which has a feature of recording audit trail of each and every
transaction, creating an edit log of each change made in the books of account along with the
date when such changes were made and ensuring that the audit trail cannot be disabled. The
interpretation and guidance on what level edit log and audit trail needs to be maintained
evolved during the year and continues to evolve.

In the company, the accounting software has a feature of audit trail, but it was disable at an
application level for maintenance of books of accounts and relevant transactions. However, the
global standard ERP used by the Company has not been enabled with the feature of audit trail
log at the database layer to log direct transactional changes, due to present design of ERP. This
is being taken up with the vendor. In the meanwhile, the Company continues to ensure that
direct write access to the database is granted only via an approved change management
process.

(xxi) Related Party Disclosure:

List of related parties where control exists and also related parties with whom transactions have
taken place and relationships, has been disclosed in Annexure - 1 to the Notes to Accounts.

For and on behalf of the board of directors As per our attached report of even date

For, Geetanjali Credit And Capital Limited For, V S S B & Associates

Chartered Accountants
Firm No. 121356W

Ashok Kumar Mathur VITTHAL KUMAR JAJOO (Vishves A. Shah)

Director Director (Partner)

(DIN: 00752964) (DIN: 03245882) M No:-109944

UDIN: 24109944BKACSC8768

Shivalingeshwar B Shreshthi
CFO(KMP)

Place : Ahmedabad Place : Ahmedabad

Date : 30/05/2024 Date : 30/05/2024

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Mar 31, 2015

1. Related Party Disclosures:-

During the year, there are no transactions entered in to by the Company with the related parties as prescribed by Accounting Standard -18

2. Addition information as required under Part II of the Schedule VI of the Companies Act, 1956:-

A. CIF Value of Imports during the period: Nil ( P.Y. Nil)

B. Expenditure in Foreign Currency: Nil ( P.Y. Nil)

C. Amount Remitted in Foreign Exchange: Nil ( P.Y. Nil)

D. Earning in Foreign Exchange: Nil ( P.Y. Nil)

3. Claims against the Company not acknowledged as Debts: Nil ( P.Y. Nil)

4. Contingent liability not provided for - Income tax Demand Rs. 99.96 lacs ( PY Rs. 99.96 Lacs)

5. In the opinion of the Board of Directors, the aggregate value of loans and advances on realisation in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

6. The Debit and Credit balances are subject to the confirmation from respective parties.

7. Audit Fee Payable for the current year Rs 29,500.00 ( P.Y Rs 29,500.00)

8. Previous year's figures have been regrouped /re-arranged wherever necessary

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Mar 31, 2014

1. Earnings Per Share:-

The Company reports basic and diluted earnings per share in accordance with Accounting Standard issued by the Institute of Chartered Accountant of India. Basic earnings per share are computed earnings per share are computed by dividing the net profit for the year by the Weighted Average Number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the net profit for the year by weighted average number of equity shares outstanding during the year as adjusted for the effects of all dilutive potential equity shares except where results are anti-dilutive. The earnings per share of the Company is as under:-

2. Related Party Disclosures:-

During the year, there are no significant transactions entered in to by the Company with the related parties as prescribed by Accounting Standard -18

3. Addition information as required under Part II of the Schedule VI of the Companies Act, 1956:-

A. CIF Value of Imports during the period NIL ( PY NIL)

B. Expenditure in Foreign Currency NIL (PY NIL)

C. Amount Remitted in Foreign Exchange NIL (PY NIL)

D. Earning in Foreign Exchange NIL (PY NIL)

4. Claims against the Company not acknowledged as Debts NIL (P.Y NIL)

5. Contingent liability not provided for - Income tax Demand Rs. 99.96 lacs ( PY Rs. 99.96 Lacs)

6. In the opinion of the Board of Directors, the aggregate value of loans and advances on realization in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

7. The Debit and Credit balances are subject to the confirmation from respective parties.

8. Audit Fee Payable for the current year Rs. 29,500.00 ( PY Rs. 29,500.00)

9. Previous year's figures have been regrouped / re-arranged wherever necessary.

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Mar 31, 2013

1. Related Party Disclosures:-

During the year, there are no significant transactions entered in to by the Company with the related parties as prescribed by Accounting Standard -18

2. Addition information as required under Part II of the Schedule VI of the Companies Act, 1956:-

A. CIF Value of Imports during the period NIL ( PY NIL)

B. Expenditure in Foreign Currency NIL (PY NIL)

C. Amount Remitted in Foreign Exchange NIL (PY NIL)

D. Earning in Foreign Exchange NIL (PY NIL)

3. Claims against the Company not acknowledged as Debts NIL ( P.Y NIL)

4. Contingent liability not provided for - Income tax Demand Rs. 99.96 lacs ( PY Rs. 99.96 Lacs)

5. In the opinion of the Board of Directors, the aggregate value of loans and advances on realisation in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

6. The Debit and Credit balances are subject to the confirmation from respective parties.

7. The Company has not complied with the provisions of Sectgion 383 A of the Companies Act, 1956 relating to the employment of a full time Company Secretary. The efforts of the Company including advertisement in journals have not resulted in any positive results so far.

8. The Company had not paid the Listing Fee for the year in stock exchanges where the Company is listed.

9. Audit Fee Payable for the current year Rs. 29,500.00 ( PY Rs. 5618.00)

10. Previous year's figures have been regrouped /re-arranged wherever necessary.

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Mar 31, 2012

1. Claims against the company not acknowledged as debts NIL (Prev.Year :NIL).

2. Contingent liabilities not provided for - Income tax Demand Rs.99.96 lacs (Prev.year: Rs.99.96 lacs)

3. Estimated amount of contracts remaining to be executed NIL (Prev.Year:NIL).

4. In the opinion of the Board of Directors, the aggregate value of loans and advances on realization in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

5. The Debit and Credit balances are subject to the confirmation from respective parties.

6. The company has not complied with the provision of section 383 A of the Companies Act, 1956 relating to the employment of a full time company secretary. The efforts of the company including advertisement in journals have not resulted in any positive result so far.

7. AS-20:EARNING PER SHARE

The basic EPS is Rs.(0.53) per share for the year ending 31.03.2012 and Rs.(311.69) per share for the ending 31.03.2011.

8. PARTICULARS OF PAYMENT MADE TO AUDITORS

Current Year Previous year

Audit Fee 5618/- 5 515/-

9. AS-18 RELATED PARTY DISCLOSURES

During the year there are no significant transactions entered in to by the company with the related parties as prescribed by Accounting Standard 18.

10. Addition information as required under Part II of the Schedule VI of the Companies Act, 1956.

A) CIF Value of Imports during the period NIL(Prev.Year NIL)

B) Expenditure in Foreign Currency NIL(Prev.year.NIL)

C) Value of Imported Raw Material consumed and % thereof NIL(Prev.year.NIL)

D) Amount Remitted in Foreign Exchange NIL(Prev.year.NIL)

E) Earning in Foreign Exchange NIL(Prev.year.NIL)

Additional information as required under para III & IV of Part II of Schedule VI of the Companies ACT, 1956 is an under the extent applicable.

11. Previous year's figures have been regrouped and rearranged wherever considered necessary to make them comparable with current year's figures.

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Mar 31, 2011

1. Claims against the company not acknowledged as debts NIL (Prev.Year :NIL).

2. Contingent liabilities not provided for NIL (Prev.year:NIL)

3. Estimated amount of contracts remaining to be executed NIL (Prev.Year:NIL).

4. In the opinion of the Board of Directors, the aggregate value of loans and advances on realization in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

5. The Debit and Credit balances are subject to the confirmation from respective parties.

6. The company has not complied with the provision of section 383 A of the Companies Act, 1956 relating to the employment of a full time company secretary. The efforts of the company including advertisement in journals have not resulted in any positive result so far.

7. AS-20:EARNING PER SHARE

The basic EPS is Rs.(4.99) per share for the year ending 31.03.2011 and Rs.(0.008) per share for the ending 31.03.2010.

8. PARTICULARS OF PAYMENT MADE TO AUDITORS

9. AS-18 RELATED PARTY DISCLOSURES

During the year there are no significant transactions entered in to by the company with the related parties as prescribed by Accounting Standard 18.

10. In terms of Accounting Standard-22 "Accounting for Taxes on Income" the company has determined the Deferred Tax Assets / (Liability) as follows :

11. Addition information as required under Part II of the Schedule VI of the Companies Act, 1956.

A) CIF Value of Imports during the period NIL(Prev.Year NIL)

B) Expenditure in Foreign Currency NIL(Prev.year.NIL)

C) Value of Imported Raw Material NIL(Prev.year.NIL) consumed and % thereof

D) Amount Remitted in Foreign Exchange NIL(Prev.year.NIL)

E) Earning in Foreign Exchange NIL(Prev.year.NIL)

Additional information as required under para III & IV of Part II of Schedule VI of the Companies ACT, 1956 is an under the extent applicable.

F) Break up value of expenditure incurred on employees who:

i) If employed for one or more than one full year were in NIL Receipt of remuneration which, in aggregate was not Less than Rs.24,00,000/-

ii) If employed for a part of the year were in receipt of NIL Remuneration which, for any month of that year was not less than Rs,2,00,000/-

12. Previous year's figures have been regrouped and rearranged wherever considered necessary to make them comparable with current year's figures.