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Notes to Accounts of Golkunda Diamonds & Jewellery Ltd.

Mar 31, 2015

Note : 1 - Distribution of Proposed Dividend :

The Board of Directors, in its meeting held on 28th May,2015 recommended the final dividend of Rs.0.50 per equity share. If the same is approved by the share holders in the annual general meeting, there will be an appropriation of Rs. 41,90,901/- from surplus out of which Rs. 34,82,040/- as proposed dividend and Rs. 7,08,861/- as net corporate dividend tax.

Note : 2

Balances in respect of Unsecured Loans, Loans & Advances, Sundry Debtors & Sundry Creditors are subject to confirmation by respective parties.

Note : 3

Previous year's figures have been regrouped / rearranged wherever necessary to confirm to the current year grouping.


Mar 31, 2014

Note : 1 - Contingent Liabilities and commitment to the extent not provided for : 2014 2013

i) Contingent Liabilities :

a In respect of guarantees given by Banks and / or counter guarantees Uncertainable Uncertainable given by the Company b Other money for which the company is contingent liable :

In respect of Income Tax matters pending before the Income Tax Officer 955,291 955,291 which the Company expects to be deleted.

Note : 2

Balances in respect of Unsecured Loans, Loans & Advances, Sundry Debtors & Sundry Creditors are subject to confirmation by respective parties.

Note : 3

Previous year''s figures have been regrouped / rearranged wherever necessary to confirm to the current year grouping.


Mar 31, 2013

Note : 1

Balances in respect of Unsecured Loans, Loans & Advances, Sundry Debtors & Sundry Creditors are subject to confirmation by respective parties.

Note : 2

Previous year''s figures have been regrouped / rearranged wherever necessary to confirm to the current year grouping.


Mar 31, 2012

I) The equity share holders of the Company are entitled to receive final dividend as declared and approved by the Board of Directors and/ or the share holders of the Company. The dividend so declared will be in proportion to the number of equity shares held by the share holders.

ii) In the event of the liquidation of the Company, equity share holders will be entitled to receive remaining assets of the company after distribution of all preference share holders. However, no such Preference share capital exist during the year. The distribution will in proportion to the number of equity shares held by the share holders.

Securities for Loans :

A Secured by hypothecation of receivables, equitable mortgage of office premises and personal guarantee of three Directors of the Company.

B Secured by hypothecation of raw materials, material in process, finished goods, equitable mortgage of office of office premises & personal guarantee of three Directors of the Company.

C There are no continuous defaults in repayment of loan and interest thereon as on March 31,2012 for all the loans under this head.

Note : 1 - Contingent Liabilities and commitment to the extent not provided for :

j) Contingent Liabilities : 2012 2011

a In respect of guarantees given by Banks and / or counter Uncertainable Uncertainable guarantees given by the Company

b Other money for which the company is contingent liable :

In respect of Income Tax matters pending before the 955,291 955,291

Income Tax officer which the Company expects to be deleted.

Note : 2 - Deferred Tax :

A The Net Deferred Tax Liability of 46,962/- [ Previous Year: 2,77,533/-] for the year has been credited in the Profit and Loss Account.

B Break up of Deferred Tax Liabilities and Assets into major components of the respective balances are as under:

Note: 3

Balances in respect of Unsecured Loans, Sundry Debtors & Sundry Creditors are subject to confirmation by respective parties.

Note: 4

The revised Schedule VI as notified under the Companies Act, 1956, has become applicable to the Company for presentation of its financial statements for the year ending March 31,2012. The adoption Of the revised Schedule VI requirements has significantly modified the presentation and disclosures which have been complied with in these financial statements. Previous year's figures have been reclassified in accordance with current year requirements.

Note: 5

Previous year's figures have been regrouped t rearranged wherever necessary to confirm to the current year grouping


Mar 31, 2010

1. Contingent Liabilities:

Bank guarantee of Rs. 60007-

Income Tax Liability for A. Y 2007-08 of Rs.8,83,181/-

2. Balances in respect of Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation from the respective parties.

3. Sundry balances written off/back in Schedule K includes sundry debtors of Rs NIL (previous year Rs. 7,30,111/-) Written off being considered as bad and doubtful in the previous year.

4. Factory Premises in Schedule D of Fixed Assets includes Rs.520/- towards cost of shares in a Co-operative Society.

5. Related Party disclosures

Related parties disclosure in respect of Material Transaction are given below.:-

6. Segment Reporting:

The Company is engaged in manufacturing & Sale of Studded Gold Jewellery, which is the only reportable Segment.

7. Previous years figures have been regrouped/rearranged wherever necessary.

8. Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956.

 
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