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Notes to Accounts of Laser Diamonds Ltd.

Mar 31, 2014

Related Party Transactions:

As per accounting standard 1 8 (AS18) issued by the Institute of Chartered Accountants of India, the Company''s related parties are as under:

Key Managerial Persons:

1. Sri Rikhabchand Samdaria, Chairman

AUDITOR''S REMUNERATION 2013-14 2012-2013

For Audit Rs.30000 30000

TOTAL Rs.30000 30000

Interested Party payments, if any Nil

TAXES

Since there is a loss no provision for taxation has been provided The deferred tax liability has been provided on the depreciation provided during the year on car and inverter.

FOREIGN EXCHANGE TRANSACTIONS :

Foreign Exchange Transactions of revenue in nature are accounted at the exchange rates prevailing on the date of transaction and are recognized in the Profit and Loss Account. There are no Foreign Exchange Transactions with respect to Assets and Liabilities. Profit on realization of Foreign Exchange is Rs.7,40,861 and previous year profit for Rs.2,85,284

ADVANCE FOR MACHINERY:

The Liabilities for sundry creditor towards purchase of Machinery from M/s. Diamond Processing Corporation and M/s. Star Machinery has been adjusted against the Machinery advances to M/s. R.V. Diamonds. Since They belongs to the same group as per the information and explanation given to us. After adjust the credit balance against the advances for Machinery the net balance has been shown in the balance sheet but Amount advance to R.V. Diamond for purchase of machinery during the year 1995 (Rs.67.52 lakh). Company has filed suite against them which is still pending in the High Court.

PROVIDENT FUND:

As per the information provided the provisions of provident fund, state insurance are not applicable is accounted on accrual basis and is charges to revenue account. In the opinion of the Board of Directors, Sundry debtors, Current assets, Loans and Advances have a value on realization, in the ordinary course of business, atleast equal to the amount at which they are stated. The company is yet to receive confirmations from parties in respect of balances outstanding in sundry debtors and creditors.

SEGMENT REPORTING :

The Company''s business consists of one primary reportable business segment purchase and sale of Precious stones hence segment report is not required under Accounting Standard - 17.

Provision is recongnized in respect of obligations where, based on the evidence available, their existence at the Balance Sheet date is considered probable.

A Provision is recognized if, as a result of a past event, the Company has a present legal obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation Provisions are determined by the best estimate of the outflow of economic benefits required to settle the obligation at the reporting date. Provisions, contingent liabilities and contingent assets are reviewed at each balance sheet date. Re-imbursement expected in respect of expenditure to settle a provision is recognized only when it is virtually certain that the Re-imbursement will be received.

A Contingent Asset is not recognized in the Accounts.

Previous years figures have been regrouped wherever necessary As per our report of even date.


Mar 31, 2013

SECURED LOAN

There are no secured loan borrowed by the company .

CHANGE IN ACCOUNTING POLICY

There is no change in policy of accounts Expenditure in Foreign CurrencyNIL

Previous Year figures have been rearranged and regrouped wherever necessary.

Sundry Debtors unsecured considered goods

Outstanding for a period exceeding six months Rs. 9.66 Lakhs Others Rs. 65.34 Lakhs

(The Company does not hold any security except the personal guarantee of debtors.)

Related Party Transactions:

As per accounting standard 1 8 (AS1 8) issued by the Institute of Chartered Accountants of India, the Company''s related parties are as under:

Key Managerial Persons:

1. Sri Rikhabchand Samdaria, Chairman

TAXES

Since there is a loss no provision for taxation has been provided

The deferred tax. liability has been provided on the depreciation provided during the year on car and inverter.

FOREIGN EXCHANGE TRANSACTIONS

Foreign Exchange Transactions of revenue in nature are accounted at the exchange rates prevailing on the date of transaction and are recognized in the Profit and Loss Account. There"are no Foreign Exchange Transactions with respect to Assets and Liabilities. Profit on realization of Foreign Exchange is Rs.2,85,284 and previous year profit for

Rs.6,02,866

ADVANCE FOR MACHINERY :

The liabilities for sundry creditor towards purchase of Machinery from M/s. Diamond Processing Corporation and M/s. Star Machinery has been adjusted against the Machinery advances to M/s. R.V. Diamonds. Since They belongs to the same group as per the information and explanation given to us. After adjust the credit balance against the advances for Machinery the net balance has been shown in the balance sheet but Amount advance to R.V. Diamond for purchase of machinary during the year 1995 (Rs.67.52 lakh). Company has filed suite against them which is still pending in the High Court.

PROVIDENT FUND :

As per the information provided the provisions of provident fund, state insurance are not applicable is accounted on accrual basis and is charges to revenue account.

In the opinion of the Board of Directors,, Sundry debtors, Current assets, Loans and Advances have a value on realization, in the ordinary course of business, atleast equal to the amount at which they are stated.

The company is yet to receive confirmations from parties in respect of balances outstanding in sundry debtors and creditors.

SEGMENT REPORTING :

The Company''s business consists of one primary reportable business segment purchase and sale of Precious stones hence segment report is not required under Accounting Standard - 17. Provisions, Contingent Liabilities and Contingent Assets

Prevision is recongnized in respect of obligations where, based on the evidence available, their existence at the Balance Sheet date is considered probable.

A Provision is recognized if, as a result of a past event, the Company has a present legal obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation Provisions are determined by the best estimate of the outflow of economic benefits required to settle the obligation at the reporting date. Provisions, contingent liabilities and contingent assets are reviewed at each balance sheet date.

Reimbursement expected in respect of expenditure to settle a provision is recognized only when it is virtually certain that the

Re-imbursement will be received.

A Contingent Asset is not recognized in the Accounts.

Previous years figures have been regrouped wherever necessary

As per our report of even date


Mar 31, 2012

Related Party Transactions:

As per accounting standard 18 (AS18) issued by the Institute of Chartered Accountants of India, the Company's related parties are as under: Key Managerial Persons:

1. Sri Rikhabchand Samdaria, Chairman

2. Sri lalit kumar Sarndaria Director

Provisions, Contingent Liabilities and Contingent Assets

Provision is recongnized in respect of obligations where, based on the evidence available, their existence at the Balance Sheet date is considered probable.

A Provision is recognized if, as a result of a past event, the Company has a present legal obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation Provisions are determined by the best estimate of the outflow of economic benefits required to settle the obligation at the reporting date.

Provisions, contingent liabilities and contingent assets are reviewed at each balance sheet date.

Re-imbursement expected in respect of expenditure to settle a provision is recognized only when it is virtually certain that the Re-imbursement will be received.

A Contingent Asset is not recognized in the Accounts, Previous years figures have been regrouped wherever necessary

 
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