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Notes to Accounts of Goenka Diamond & Jewels Ltd.

Mar 31, 2015

1. Nature of Security

Credit Facilities are secured by:

i) First pari passu charge on all tangible and intangible assets including current assets viz., stock of raw materials, work in progress and finished goods.

ii) Further secured, on pari-passu basis: -

a) Equitable Mortgage of Land and Building at C-114 & C-115A, Shivaji Marg, Tilak Nagar, Jaipur in the name of one of the director, Flat No. 4, Mount Unique Bldg., 62-A, Peddar Road, Mumbai, Factory land and building at surat, Shop No. 1,2 & Garage of Parekh Mansion Mumbai and Office at 1305, Pancharatna, Mumbai

b) Personal Guarantees of Chairman, Vice Chairman & MD and MD of the Company.

2. The Company has classified various benefits provided to employees as under:

A. Defined Contribution Plans

a. Provident Fund

b. State Defined Contribution Plan

c. Employers' Contribution to Employees' State Insurance

3. Related Party Disclosures:

A. List of related parties with whom transactions have taken place and relationships: Subsidiaries (Direct)

1. M.B. Diamonds LLC - Russia

2. Goenka Diamond & Jewels DMCC - Dubai

Enterprises in which Key management personnel are interested :

1. Goenka Diamonds Private Limited

2. Mystique Jewels

3. Goenka Jewellers

4. Geet Holdings Private Limited

5. Yash Complex Private Limited

6. Sonam Complex Private Limited

7. Goenka Infra Projects Private Limited

8. Goenka Mining Resources Private Limited

9. Goenka Entertainments Private Limited

10. Goenka Properties Private Limited

11. Gem Gold Mining Private Limited

12. Top Minerals Private Limited

13. Aureus Gold Mines Private Limited

14. Shree Vriddhi Mines and Minerals Private Limited

15. Gold Mineral Resources Development Private Limited

16. Chrome Mines and Minerals Private Limited

17. Goenka Power and Infra Limited

18. D.V.Exports

19. Dinyog Finvest Private Limited

20. Nand Lal Goenka(HUF)

21. Solitaire Diamond Exports

22. Shobhagya Capital Options Limited

23. Shobhagya Securities Limited

Key Management Personnel (KMP):

1. Sh Nandlal Goenka

2. Sh Navneet Goenka

3. Sh Nitin Goenka

Relative of Key Management Personnel

1. Smt. Namita Jain (Daughter of Sh Nandlal Goenka)

2. Smt. Neeta Saraf (Daughter of Sh Nandlal Goenka)

3. Smt. Nirmala Goenka (Wife of Sh Nandlal Goenka)

4. Smt. Bhawna Goenka (Wife of Sh Navneet Goenka)

5. Smt. Dhriti Goenka (Wife of Sh Nitin Goenka)

4. Contingent Liabilities & Commitments

Year ended Year ended March 31, 2015 March 31, 2014

Capital Commitment: Rs. Rs.

Estimated amount of contracts remaining to be NIL 5,618,000

Executed and not provided for Contingent Liabilities

(a) Claims against the Company not acknowleged as debts

i) Income Tax Matters (Against which company has preferred appeals) 16,220,942 409,306,768

(Pertaing to AY 2004-05, AY 2008-09 to AY 2011-12)

ii) Service Tax matter (Appeal filed by company) 622,540 622,540

5.The Income tax Authorities during the search u/s 132 of I.T Act 1961 on 13th August 1993 seized 5580 cts. of emerald cut valued at Rs. 819000/-. The same has been shown in the closing stock of emerald cut in the books of Accounts

6.(a) In the financial year 2013-2014, disputes amongst promoters arose under which allegations and counter allegation were made and legal actions were initiated amongst promoters. However, thereafter the promoters arrived at the settlement with the help of court mediation vide settlement agreement executed on March 18, 2014 which is still pending for final implementation. The management reiterates that no adjustment is required in the financial statements for the terms and conditions of settlement agreement executed and on account of the above disputes, allegations and legal actions.

(b) Consequent to dispute amongst promoters resulting in certain unfavourable development, the recovery from Trade receivables was slow and the sales decreased substantially. This has resulted in mismatch in cash flow and adverse effect on working capital cycle, consequent to which the company has defaulted in payment of statutory dues, creditors and in re-payment of dues to certain banks owing to which two out of eight bankers have classified the account as NPA. The bankers have formed Joint Lenders Forum (JLF) on May 29, 2014, in accordance with RBI guidelines wherein some additional facilities are sanctioned/proposed to be sanctioned to the Company, so that it can revive its operations and come out of the financial crises.

(c) Consequent to the account being classified as NPA by certain banks, the management as a matter of prudence and in order to account all probable interest liability has provided interest wherever banks have not applied or have reversed the interest on loan. Any difference on account of interest and penal interest shall be accounted for as and when the interest is charged or settled by the banks. In case of one bank, interest to the tune of Rs. 1,49,61,987 has been charged in excess against which company has made representation to the bank. The management is very much confident that the same will be decided in the favour of the Company and therefore no provision for the same has been made in the financial statements for the year ended March 31,2015

7. Due to inadequacy of profit and liquidity crunch faced by the company, Mr. Nandlal Goenka, Chairman and Mr. Navneet Goenka, Vice Chairman & Managing Director reduced their remuneration in last year from Rs. 5,00,000/-p.m. and Rs. 4,00,000/- p.m. to Rs. 50,000/- p.m. and Rs. 40,000/- p.m respectively w.e.f April 1,2013. Thereafter, the Remuneration Committee in its meeting held on November 14, 2014 recommended to reduce the remuneration of Mr. Nitin Goenka, Managing Director of the Company from Rs. 4,00,000 p.m. to Rs. 40,000 p.m. w.e.f. April 1, 2014 to bring it in line with the remuneration drawn by Mr. Nandlal Goenka, Chairman & Mr. Navneet Goenka, Vice Chairman & Managing Director of the Company. Subsequently, the Board in its meeting held on November 29, 2014 took a note of it and later in its meeting held on February 13, 2015 passed resolution to this effect and accordingly the remuneration is provided in the financial statements of the Company.

8. Segment Reporting

a) Segment has been identified in line with the Accounting Standard - 17 "Segment Reporting" issued by ICAI taking in to consideration the organization structure as well as the differential risks and returns of these segments.

b) The differential risks and rewards of the company is more identifiable and associated with the method of distribution of Products and hence, the company has identified two reportable segment viz. Diamond & Gems and Retail Jewellery Operations.

c) The Segment Revenues, Results, Assets and Liabilities include the respective amounts identifiable to each of the segment and amounts allocated on reasonable basis. The amounts, which are not allocable to any segment, are shown unallocable under respective heads.

9. Pursuant to the provisions of Schedule II to the Companies Act, 2013 effective from 1st April, 2014, the Company has reassessed the useful lives of its fixed assets. As a result of the change, the charge on account of depreciation for the year ended 31st March, 2015 is higher by 35.87 Lacs. In case of assets whose useful lives have ended, the carrying values, net of residual values as at 1st April, 2014 amounting to 19.32 Lacs have been charged to profit and loss account for the year.

10. In the opinion of the Board, all assets other than fixed assets and non current investment have a value on realisation in the ordinary course of business atleast equal to the amount at which they are stated in the Balance Sheet.

11. Previous year's figures have been regrouped or rearranged wherever necessary.


Mar 31, 2014

A The company has one class of equity shares having a par value of Rs. 1 per share. Each shareholder is eligible for one vote per share held In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

b Subsequent to dispute between promoters during the year under review, hon''ble Company Law Board (CLB) has directed that 4,09,76,250 equity shares of Goenka Diamond & Jewels Limited shall not carry any voting rights, pending the disposal of company petition before CLB.

A Nature of Security

Credit Facilities are secured by:

i) First pari passu charge on all tangible and intangible assets including current assets viz., stock of raw materials, work in progress and finished goods.

ii) Further secured, on pari-passu basis: -

a) Equitable Mortgage of Land and Building at C-114 & C-115A, Shivaji Marg, Tilak Nagar, Jaipur in the name of one of the director, Flat No. 4, Mount Unique Bldg., 62-A, Peddar Road, Mumbai, Factory land and building at surat, Shop No. 1, 2 & Garage of Parekh Mansion Mumbai and Office at 1305, Pancharatna, Mumbai

b) Personal Guarantees of Chairman, Vice Chairman & MD and MD of the Company.

B Company has defaulted in repayment of dues to banks amounting to Rs. 617.70 lacs being the amount of overdue bills crystallized by banks to the tune of Rs. 363.56 Lacs and Rs. 254.14 lacs (though,fully repaid during FY 2014-15) in the month of January and March, 2014 respectively. The interest amounting to Rs. 51.86 lacs remained unpaid from the Jan 14 to Feb 14.

Trade Payables include overdue amounts (mainly unclaimed) of Rs. Nil (Previous Year Rs. Nil) including interest of Rs. Nil (Previous Year Rs. Nil) payable to Micro, Small & Medium enterprises. The company does not owe any amount to Micro, Small & Medium enterprises. These enterprises have been identified on the basis of information available to the Company and relied upon by the auditors.

* Investor Education and Protection Fund to be credited by the amount as and when required.

# Includes Rs. 6,39,900 (Previous year Rs. "NIL") liabilities of outstanding foreign currency forward contracts arising on account of re-statement at closing rate

Notes:

1. Building include Flat at Jaipur which is not yet registered in the name of company.

2. Building includes 5 No. of shares held in Mount Unique CHS.

Net deferred tax charge/(credit) for the year of Rs. 169,205 (Previous year Rs. (10,01,268)) has been recognized in the Statement of Profit and Loss for the year.

In the opinion of the management, trade receivables outstanding for more than 6 months from the date they are due for payments are good and recoverable, though the recovery has been slow, due to economic slowdown especially in diamond sector and also on account of dispute between promoters, which had temporarily affected the working capital cycle adversely. However, a settlement agreement has been executed between the promoters with help of court mediation on 18th March 2014, post which the management hopes that the company would be able to revive its operations. Nonetheless, the company has directly obtained confirmation from all its overseas Trade receivables and the management is of the opinion that looking at the past record, the Trade Receivables are good and recoverable and therefore no provision is required to be made against these Trade Receivables

# Includes Rs. "NIL" (P/Y Rs. 180,114/-) given as advance to an enterprise in which directors are interested.

c Based on the Acturial valuation by Independent Actuary, there is decrease in gratuity obligation by Rs. 6,28,719/- as at March 31, 2014. However, the company has continued with the existing provision and has not reversed such decrease in obligation.

In view of the highly competitive and dynamic nature of the industry in which the Company operates and due to changing requirement of the company, the Board of Directors had approved at their meeting held on May 24th, 2011 and the shareholders had also approved in the annual general meeting held on Septmeber 30th, 2011 the following inter-se reallocation of utilisation of the IPO proceeds:

1 Contingent Liabilities & Commitments Year ended Year ended March 31, 2014 March 31,2013

Capital Commitment: Rs. Rs.

Estimated amount of contracts remaining to be 5,618,000 5,618,000

Executed and not provided for

Contingent Liabilities

(a) Claims against the Company not acknowleged as debts

i) There are certain disputed tax demands amounting to Rs. 40.93 crores raised by Income Tax Authorities for AY 2009- 10, AY 2010-11 & AY 2011-12, mainly relating to allowalibility of tax exemption u/sec. 10AA of the Income Tax Act 1961, in respect of which the company has filed appeal before appropriate forum (CIT (A) / ITAT). However, the company has already got favorable order from ITAT on the same issue for AY 2008-09. Hence it is confident that for other assessment years also, the company would be able to get favorable orders.

ii) Service Tax matter (Appeal filed by company) Rs. 622,540 -

b) During the financial year 2013-2014, independent directors and one of the joint statutory auditors resigned and therefore there was inadvertent delay in compliance of listing agreement and certain provisions of the Companies Act. Any fees, penalty or other financial obligations, if any, arising due to such delay in compliances shall be accounted for as and when the same are determined/ finalized by the appropriate authority.

2 The Income tax Authorities during the search u/s 132 of I.T Act 1961 on 13th August 1993 seized 5580 cts. of emerald cut valued at Rs. 819000/-. The same has been shown in the closing stock of emerald cut in the books of Accounts

3 There were disputes amongst promoters which arose during the financial year 2013-2014 under which allegations and counter allegation were made and legal actions were initiated amongst promoters. However, thereafter the promoters arrived at the settlement with the help of court mediation vide settlement agreement executed on 18th March, 2014. The management is of the opinion that no adjustment is required to be made on account of the above disputes, allegations, legal actions and settlement agreement on the financial statements of the company for the year ended March 31,2014.

4 Segment Reporting

a) Segment has been identified in line with the Accounting Standard - 17 "Segment Reporting" issued by ICAI taking in to consideration the organization structure as well as the differential risks and returns of these segments.

b) The differential risks and rewards of the company is more identifiable and associated with the method of distribution of Products and hence, the company has identified two reportable segment viz. Diamond & Gems and Retail Jewellery Operations.

c) The Segment Revenues, Results, Assets and Liabilities include the respective amounts identifiable to each of the segment and amounts allocated on reasonable basis. The amounts, which are not allocable to any segment, are shown unallocable under respective heads.

5 In the opinion of the Board, all assets other than fixed assets and non current investment have a value on realisation in the ordinary course of business atleast equal to the amount at which they are stated in the Balance Sheet.

6 Previous year''s figures have been regrouped or rearranged wherever necessary.


Mar 31, 2013

1 The Company has classified various benefits provided to employees as under:

A. Defined Contribution Plans

a. Provident Fund

b. State Defined Contribution Plan

c. Employers'' Contribution to Employees'' State Insurance

2 During the previous year 2011-12, the Company had the practice of recording all import and export transactions at the rate declared by the Customs department every month. Due to high volatility in the rates of USD during that year, there had been substantial differences in the Customs declared rate and the general rates prevailing on the date of the transactions. Had each of the import and export transactions been recorded at the RBI reference rate on the date of the transaction, the foreign exchange gain would have been lower by Rs. 6,03,77,480/- and normal trading profits would have been higher by the same amount.

3 Related Party Disclosures:

A. List of related parties with whom transactions have taken place and relationships: Subsidiaries (Direct)

1. M.B. Diamonds LLC - Russia

2. Goenka Diamond & Jewels DMCC - Dubai

Enterprises in which Key management personnel are interested :

1. Goenka Diamonds Private Limited

2. Mystique Jewels

3. Goenka Jewellers

4. Geet Holdings Private Limited

5. Yash Complex Private Limited

6. Sonam Complex Private Limited

7. Goenka Infra Projects Private Limited

8. Goenka Mining Resources Private Limited

9. Goenka Entertainments Private Limited

10. Goenka Properties Private Limited

11. Gem Gold Mining Private Limited

12. Top Minerals Private Limited

13. Aureus Gold Mines Private Limited

14. Shree Vriddhi Mines and Minerals Private Limited

15. Gold Mineral Resources Development Private Limited

16. Chrome Mines and Minerals Private Limited

17. Goenka Power and Infra Limited

18. D.V. Exports

19. Dinyog Finvest Private Limited

20. Nand Lal Goenka(HUF)

21. Solitaire Diamond Exports

22. Goenka Diamond & Jewels SDN BHD

23. Shobhagya Capital Options Limited

24. Shobhagya Securities Limited Key Management Personnel (KMP):

1. Sh Nandlal Goenka

2. Sh Navneet Goenka

3. Sh Nitin Goenka

Relative of Key Management Personnel

1. Smt. Namita Jain (Daughter of Sh Nandlal Goenka)

2. Smt. Neeta Saraf (Daughter of Sh Nandlal Goenka)

3. Smt. Nirmala Goenka (Wife of Sh Nandlal Goenka)

4. Smt. Bhawna Goenka (Wife of Sh Navneet Goenka)

5. Smt. Dhriti Goenka (Wife of Sh Nitin Goenka)

4 The Income tax Authorities during the search u/s 132 of IT Act 1961 on 13th August 1993 seized 5580 cts. of emerald cut valued at Rs. 819000/-. The same has been shown in the closing stock of emerald cut in the books of Accounts

5 Disclosure in respect of derivative instruments as at March 31, 2013

a) Following derivative instruments have been acquired for hedging purposes against our Export Receivables

6 Segment Reporting

a) Segment has been identified in line with the Accounting Standard - 17 "Segment Reporting" issued by ICAI taking in to consideration the organization structure as well as the differential risks and returns of these segments.

b) The differential risks and rewards of the company is more identifiable and associated with the method of distribution of Products and hence, the company has identified two reportable segment viz. Diamond & Gems and Retail Jewellery Operations.

c) The Segment Revenues, Results, Assets and Liabilities include the respective amounts identifiable to each of the segment and amounts allocated on reasonable basis. The amounts, which are not allocable to any segment, are shown unallocable under respective heads.

7 In the opinion of the Board, all assets other than fixed assets and non current investment have a value on realisation in the ordinary course of business atleast equal to the amount at which they are stated in the Balance Sheet.

8 Previous year''s figures have been regrouped or rearranged wherever necessary.


Mar 31, 2012

1 A) The Company has the practice of recording all import and export transactions at the rate declared by the Customs department every month. Due to high volatility in the rates of USD during the year, there have been substantial differences in the Customs declared rate and the general rates prevailing on the date of the transactions. Had each of the import and export transactions been recorded at the RBI reference rate on the date of the transaction, the foreign exchange gain would have been lower by Rs. 6,03,77,480/- and normal trading profits would have been higher by the same amount. B) During the previous year, the Company's GM-Treasury excecuted forwards contracts on behalf of the company in excess of the limits as specified in the employment contract duly signed by him on account of which the company suffered a loss to the tune of Rs. 9,37,87,000/- which has been netted off against exchange loss / (gain) in P/L A/c of Rs. 5,64,81,632/- of the previous year.

2 Related Party Disclosures:

A. List of related parties with whom transactions have taken place and relationships: Subsidiaries (Direct and Step down)

1. MB Diamonds LLC

Enterprises in which Key management personel are interested :

1. Goenka Diamonds Private Limited

2. Mystique Jewels

3. Goenka Jewellers

4. Geet Holdings Private Limited

5. Yash Holdings Private Limited

6. Sonam Complex Private Limited

7. Goenka Infra Projects Private Limited

8. Goenka Mining Resources Private Limited

9. Goenka Entertainments Private Limited

10. Goenka Properties Private Limited

11. Gem Gold Mining Private Limited

12. Top Minerals Private Limited

13. Aureus Gold Mines Private Limited

14. Shree Vriddhi Mines and Minerals Private Limited

15. Gold Minerals Private Limited

16. Chrome Mines and Minerals Private Limited

17. Goenka Power and Infra Limited

18. D.V. Exports

19. Dinyog Finvest Private Limited

20. Nand Lai Goenka(HUF)

21. Solitaire Diamond Exports

Key Management Personnel (KMP):

1. Sh Nandlal Goenka

2. Sh Navneet Goenka

3. Sh Nitin Goenka

Relative of Key Management Personnel

1. Smt. Nirmala Goenka

2. Smt. Bhawna Goenka

3. Smt. Dhriti Goenka

4. Smt. Neeta Saraf

5. Smt. Namita Jain

3. The Income tax Authorities during the search u/s 132 of l.T Act 1961 on August 13, 1993 seized 5580 cts. of emerald cut valued at Rs. 819000/-. The same has been shown in the closing stock of emerald cut in the books of Accounts

4. The Company had given guarantee of Rs. 692 lacs for a loan borrowed by an associate firm in which Directors were interested. At the time of providing the guarantee the Company was exempt U/s. 295 (2) of the Companies Act, 1956 to obtain prior approval from the Central Government. However, on renewal of the same the Company was a public limited company and consequently the guarantee given to bankers was in contravention to Section 295 of the Companies Act. Punjab and Sind Bank vide its letter dated 10.02.2011 and UCO Bank vide its letter dated .05.02.2011, have released the company from the Corporate Guarantee issued by it in favor of the firm in respect of working capital facilities of Rs. 28.00 crores enjoyed by the firm from the above banks. The Company has made a composite application u/s. 621A for compounding of the offence with Hon. CLB, Northern Region Bench which is pending for disposal.

5. Segment Reporting

a) Segment has been identified in line with the Accounting Standard - 17 "Segment reporting" issued by ICAI taking in to consideration the organization structure as well as the differential risks and returns of these segments.

b) The differential risks and rewards of the company is more identifiable and associated with the method of distribution of Products and hence, the company has identified two reportable segment viz. Diamond & Gems and Retail Jewellery Operations.

c) The Segment Revenues, Results, Assets and Liabilities include the respective amounts identifiable to each of the segment and amounts allocated on reasonable basis. The amounts, which are not allocable to any segment, are shown unallocable under respective heads.

6. Advances to Subsidiary / Partnership Firm

a) To M/s. M B Diamonds LLC ( a company under same management). Maximum Balance outstanding during the year Rs. 95,058,024 (Previous Year Rs. 74,726,005).

b) To M/s. Solitaire Diamond Exports ( a Partnership Firm). Maximum Balance outstanding during the year Rs. 1,036,000 (Previous YearRs. NIL).

7. As notified by Ministry of Corporate Affairs, Revised Schedule VI under the Companies Act, 1956 is applicable to the Financial Statements for the financial year commencing on or after 1st April, 2011. Accordingly, the financial statements for the year ended March 31, 2012 are prepared in accordance with the Revised Schedule VI. The amounts and disclosures included in the financial statements of the previous year have been reclassified to conform to the requirements of Revised Schedule VI.


Mar 31, 2011

1. Contingent Liabilities (Figures In Rs.)

Particulars As at Mar 31, 2011 As at March 31, 2010

A Guarantees given to banks for loans taken by other (refer note. 2) - 692,97,000

B Disputed Tax Matters

- Income Tax 33,89,347 33,89,347

C Estimated amount of contract remaining to be 83,57,170 - executed on capital account and not provided for (net)

2. The Company had given guarantee of Rs. 692 lacs for a loan borrowed by an associate firm in which Directors were interested. At the time of providing the guarantee the Company was exempt U/s. 295 (2) of the Companies Act, 1956 to obtain prior approval from the Central Government. However, on renewal of the same the Company was a public limited company and consequently the guarantee given to bankers was in contravention to Section 295 of the Companies Act. Punjab and Sind Bank vide its letter dated 10.02.2011 and UCO Bank vide its letter dated :05.02.2011, have released the company from the Corporate Guarantee issued by it in favor of the firm in respect of working capital facilities of Rs. 28.00 crores enjoyed by the firm from the above banks. The Company has made a composite application u/s. 621A for compounding of the offence with Hon. CLB, Northern Region Bench which is pending for disposal.

The Audit Committee in their meeting held on 24th May, 2011 has recommended the above inter-se reallocation of utilization of IPO proceeds and the Board of Directors in their meeting held on 24h May 2011 has approved the above. As required by the provisions of Section 61 of the Companies Act, 1956, the approval of the shareholders for the above inter-se reallocation would be sought at the ensuing Annual General Meeting.

3. The net worth of the subsidiary M. B. Diamonds LLC has been completely eroded. No provision against the investment made in the subsidiary is considered necessary as the management is committed to provide the necessary financial and operational support to carry on the business of the subsidiary.

4. The Income tax Authorities during the search u/s 132 of IT Act 1961 on 13th August 1993 seized 5580 cts. of emerald cut valued at Rs 819000/-. The same has been shown in the closing stock of emerald cut in the books of Accounts.

Increase in Deferred Tax Assets for the year of Rs.35,15,748 (Previous Year Rs. 5,17,432) has been recognized in profit and loss account for the year.

5. The Disclosures with respect to Accounting Standard (AS -15) (Revised 2005)" Employee Benefits" are as under: - 1. Defined Contribution Plans

a. Employer's Contribution to Provident Fund

b. Employers Contribution to Employees' State Insurance

c. Employers Contribution to Maharashtra Labour Welfare Fund

The Company has recognized the following amounts in Profit & Loss Account

6. Related Party Disclosure

A. List of related parties

Subsidiary

MB Diamonds LLC

Enterprises in which directors are interested/Associates

1. Goenka Diamonds Private Limited

2. Mystique Jewels

3. Goenka Jewellers

4. Geet Holdings Private Limited

5. Yash Holdings Private Limited

6. Sonam Complex Private Limited

7. Goenka Infra Projects Private Limited

8. Goenka Mining Resources Private Limited

9. Goenka Entertainments Private Limited

10. Goenka Properties Private Limited

11. Gem Gold Mining Private Limited

12. Top Minerals Private Limited

13. Aureus Gold Mines Private Limited

14. Shree Vriddhi Mines and Minerals Private Limited

15. Gold Minerals Private Limited

16. Chrome Mines and Minerals Private Limited

17. Goenka Power and infra Limited

18. D.V.Exports

19. Dinyog Finvest Private Limited

20. Nand Lai Goenka(HUF)

Key Managerial Personnel

1. Sh.NandLal Goenka

2. Sh.Nitin Goenka

3. Sh.Navneet Goenka

Relative of Key Managerial Personnel

1. Smt. Namita Jain

2. Smt. Nitu Saraf

3. Smt. Nirmala Goenka

4. Smt. Bhawna Goenka

7. Segment Reporting

a) Segment has been identified in line with the Accounting Standard - 17 "Segment reporting" issued by ICAI taking in to consideration the organization structure as well as the differential risks and returns of these segments.

b) The differential risks and rewards of the company is more identifiable and associated with the method of distribution of Products and hence, the company has identified two reportable segment viz. Diamond & Gems and Retail Jewellery Operations.

c) The Segment Revenues, Results, Assets and Liabilities include the respective amounts identifiable to each of the segment and amounts allocated on reasonable basis. The amounts, which are not allocable to any segment, are shown unallocable under respective heads.

8 Advance to Subsidiary

To M B Diamonds LLC ( a company under same management). Maximum Balance outstanding during the year Rs. 74,726,005 (Previous Year Rs. 15,620,057).

9 Sundry Creditors include overdue amounts (mainly unclaimed) of Rs. Nil (Previous Year Nil) including interest Rs. Nil (Previous Year Rs. Nil) payable to Micro, Small & Medium Enterprises. The company does not owe any amount to Micro, Small & Medium Enterprises. These enterprises have been identified on the basis of information available to the Company.

10 During the year, the Company's, GM - Treasury, ( since suspended pending enquiries) executed forward contracts oh behalf of the company in excess of the limits as specified in the employment contract duly signed by him on account of which the company suffered a loss to the tune of Rs.937.87 lacs which has been netted off against exchange loss / (gain) in P/L A/c of Rs.564.82 lacs.

11 In the opinion of the Directors the Current Assets including 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 and all known liabilities have been provided in accounts.

12 Previous year figures have been reworked, regrouped, rearranged and reclassified wherever considered necessary, to make them comparable to those of the current year.

 
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