Mar 31, 2012
A) AS -1 Disclosure of Accounting Policies
The financial statements have been prepared using mercantile system of
accounting under the historical cost convention on a going concern
basis. It recognizes significant items of income and expenditure on
accrual basis.
b) AS - 2 Valuation of Inventories
Rough Diamonds & Cut and Polished Diamonds have been valued as under
Where stocks can be identified:
At cost or net realizable value whichever is lower.
Where the stocks are mixed:
At technically evaluated cost or net realizable value whichever is
lower.
Rough Rejection Diamonds have been valued at if s net realizable value.
Gold, Silver, Consumables and Alloys are valued At Cost. i.e. cost of
acquisition as on that date.
As the physical verification, examination and valuation of diamonds
involving visual appraisal etc. are technical in nature, the same are
fully relied upon by us on the management. According to the management,
except where the stock is valued at actual cost the values assigned are
the fairest possible approximations to the cost incurred or its net
realizable value.
c) AS - 4 Contingencies & Events occurring after the Balance Sheet Date
There were no events occurring after the Balance Sheet date.
d) AS - 5 Net Profit or Loss for the Period, Prior Period Items and
Changes In Accounting Policies No prior period items and extraordinary
items were noticed during the course of audit.
e) AS - 6 Depreciation Accounting
Depreciation has been provided under the written down valur method at
the rates prescribed under schedule XIV of the Companies Act, 1956. In
respect of the assets added / sold during the year pro-rata
depreciation has been provided.
f) AS - 9 Revenue Recognition
The income of the company, derived from sale including exchange
fluctuation on exports, is recognized on the completion of sale with
the passing of the title.
g) AS-10 Accounting for Fixed Assets
Fixed assets are stated at cost of acquisition to the company including
expenditure incurred up to the date the asset is put to use.
h) AS -11 Accounting for the effects of changes In Foreign exchange
rates
Transactions denominated in foreign currencies are normally record.? 1
at the Exchange rate prevailing as on the date of transaction.
Monetary items denominated in foreign currencies at the year-end and
not covered by forward contract are translated at year- end rate.
Non-monetary foreign currency items are carried at cost.
Any income or expense on account of exchange difference either on
settlement or on translation is adjusted to the profit and loss
account.
i) AS -16 Borrowing Cost
Interest & commitment charges on borrowings granted by the banks and
interest on loans obtained from other parties are recognised in the
Profit & Loss Account. No amounts of borrowing costs have been
capitalised during the year.
i) AS - 20 Earnings per share
Earning per share is calculated by dividing the net profit or loss for
the period attributable to equity shareholders, by the weighted average
number of equity shares outstanding during the period.
m) AS - 22 Accounting for Taxes on Income
Current Tax is determined as the amount of tax payable in respect of
taxable income for the year after considering various reliefs
admissible under provisions of the Income Tax Act, 1961.
The deferred tax for timing difference between the book profit and the
tax profit for the year is accounted for using tax rates and tax laws
that have been enacted or substantially enacted at the Balance Sheet
date.
n) AS - 28 Impairment of Assets
The Company assesses at each Balance Sheet date whether there is any
indication that asset may be impaired. If any such indication exists,
the Company estimates the recoverable amount of the asset. If such
recoverable amount of the asset or the recoverable amount of the cash
generating unit to which the asset belongs is less than its carrying
amount, the carrying amount is reduced to its recoverable amount. The
reduction is treated as an impairment loss and is recognised in the
Profit and Loss Account.
o) AS -29 Provisions, Contingent Liabilities and Contingent Assets
The Company recognizes a provision when there is a present obligation
as a result of a past event that requires an outflow of resources and a
reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but will not require an
outflow of resources. When there is a possible obligation or a present
obligation that the likelihood of outflow of resources is remote, no
provision or disclosure is made.
Mar 31, 2011
A) AS - 1 Disclosure of Accounting Policies
The financial statements have been prepared using mercantile system of
accounting under the historical cost convention on a going concern
basis. It recognizes significant items of income and expenditure on
accrual basis.
b) AS - 2 Valuation of Inventories
Rough Diamonds & Cut and Polished Diamonds have been valued as under:
Where stocks can be identified:
At cost or net realizable value whichever is lower.
Where the stocks are mixed:
At technically evaluated cost or net realizable value whichever is
lower.
Rough Rejection Diamonds have been valued at it''s net realizable value.
Gold, Silver, Consumables and Alloys are valued At Cost. i.e. cost of
acquisition as on that date.
As the physical verification, examination and valuation of diamonds
involving visual appraisal etc. are technical in nature, the same are
fully relied upon by us on the management. According to the management,
except where the stock is valued at actual cost the values assigned are
the fairest possible approximations to the cost incurred or its net
realizable value.
c) AS - 4 Contingencies & Events occurring after the Balance Sheet Date
There were no events occurring after the Balance Sheet date.
d) AS - 5 Net Profit or Loss for the Period. Prior Period Items and
Changes in Accounting Policies
No prior period items and extraordinary items were noticed during the
course of audit.
e) AS - 6 Depreciation Accounting
Depreciation has been provided under the written down value method at
the rates prescribed under schedule XIV of the Companies Act, 1956. In
respect of the assets added/ sold during the year pro-rata depreciation
has been provided.
f) AS - 9 Revenue Recognition
The income of the company, derived from sale including exchange
fluctuation on exports, is recognized on the completion of sale with
the passing of the title.
g) AS - 10 Accounting for Fixed Assets
Fixed assets are stated at cost of acquisition to the company including
expenditure incurred up to the date the asset is put to use.
h) AS - 11 Accounting for the effects of changes in Foreign exchange
rates
Transactions denominated in foreign currencies are normally recorded at
the Exchange rate prevailing as on the date of transaction.
Monetary items denominated in foreign currencies at the year-end and
not covered by forward contract are translated at year- end rate.
Non-monetary foreign currency items are carried at cost.
Any income or expense on account of exchange difference either on
settlement or on translation is adjusted to the profit and loss
account.
i) AS - 16 Borrowing Cost
Interest & commitment charges on borrowings granted by the banks and
interest on loans obtained from other parties are recognised in the
Profit & Loss Account. No amounts of borrowing costs have been
capitalised during the year.
j) AS - 17 Segmental Reporting Primary Segment
Company has only one primary reportable segment viz Gems & Jewellery.
Segment Reporting and Related Information requires that an enterprise
report a measure of total assets for each reportable segment. The fixed
assets and inventories used in the company''s business are not
identifiable to any particular reportable segment and can be used
interchangeably among geographical segments. Consequently, management
believes that it is not practical to provide segment disclosures
relating to total assets since a realistic analysis among the various
geographic segments is not possible.
l) AS - 20 Earnings per share
Earnings per share is calculated by dividing the net profit or loss for
the period attributable to equity shareholders, by the weighted average
number of equity shares outstanding during the period.
m) AS - 22 Accounting for Taxes on Income
Current Tax is determined as the amount of tax payable in respect of
taxable income for the year after considering various reliefs
admissible under provisions of the Income Tax Act, 1961.
The deferred tax for timing difference between the book profit and the
tax profit for the year is accounted for using tax rates and tax laws
that have been enacted or substantially enacted at the Balance Sheet
date.
n) AS - 28 Impairment of Assets
The Company assesses at each Balance Sheet date whether there is any
indication that asset may be impaired. If any such indication exists,
the Company estimates the recoverable amount of the asset. If such
recoverable amount of the asset or the recoverable amount of the cash
generating unit to which the asset belongs is less than its carrying
amount, the carrying amount is reduced to its recoverable amount. The
reduction is treated as an impairment loss and is recognised in the
Profit and Loss Account.
o) AS -29 Provisions. Contingent Liabilities and Contingent Assets
The Company recognizes a provision when there is a present obligation
as a result of a past event that requires an outflow of resources and a
reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but will not require an
outflow of resources. When there is a possible obligation or a present
obligation that the likelihood of outflow of resources is remote, no
provision or disclosure is made.
Mar 31, 2010
A) AS - 1 Disclosure of Accounting Policies
The financial statements have been prepared using mercantile system of
accounting under the historical cost convention on a going concern
basis. It recognizes significant items of income and expenditure on
accrual basis.
b) AS - 2 Valuation of Inventories
Roifgh Diamonds & Cut and Polished Diamonds have been valued as under:
Where stocks can be identified:
At cost or net realizable value whichever is lower.
Where the stocks are mixed:
At technically evaluated cost or net realizable value whichever is
lower.
Rough Rejection Diamonds have been valued at its net realizable value.
As the physical verification, examination and valuation of diamonds
involving visual appraisal etc. are technical in nature, the same are
fully relied upon by us on the management. According to the management,
except where the stock is valued at actual cost the values assigned are
the fairest possible approximations to the cost incurred or its net
realizable value.
c) AS - 4 Contingencies & Events occurring after the Balance Sheet Date
There were no events occurring after the Balance Sheet date.
d) AS - 5 Net Profit or Loss for the Period, Prior Period Items and
Changes in Accounting Policies
No prior period items and extraordinary items were noticed during the
course of audit.
e) AS - 6 Depreciation Accounting
Depreciation has been provided under the written down value method at
the rates prescribed under schedule XIV of the Companies Act, 1956.ln
respect of the assets added/ sold during the year pro-rata depreciation
has been provided.
f) AS - 9 Revenue Recognition
The income of the company, derived from sale of Cut & Polished Diamonds
including exchange fluctuation on exports, is recognized on the
completion of sale with the passing of the title.
g) AS - 10 Accounting for Fixed Assets
Fixed assets are stated at cost of acquisition to the company including
expenditure incurred up to the date the asset is put to use.
h) AS - 11 Accounting for the effects of changes in Foreign exchange
rates
Transactions denominated in foreign currencies are normally recorded at
the Exchange rate prevailing as on the date of transaction.
Monetary items denominated in foreign currencies at the year-end and
not covered by forward contract are translated at year- end rate.
Non-monetary foreign currency items are carried at cost.
Any income or expense on account of exchange difference either on
settlement or on translation is adjusted to the profit and loss
account.
i) AS-16 Borrowing Cost
Interest & commitment charges on borrowings granted by the banks and
interest on loans obtained from other parties are recognised in the
Profit & Loss Account. No amounts of borrowing costs have been
capitalised during the year.
j) AS-17 Segmental Reporting Primary Segment
Company has only one primary reportable segment viz Diamonds.
I) AS - 22 Accounting for Taxes on Income
Current Tax is determined as the amount of tax payable in respect of
taxable income for the year after considering various reliefs
admissible under provisions of the Income Tax Act, 1961.
The deferred tax for timing difference between the book profit and the
tax profit for the year is accounted for using tax rates and tax laws
that have been enacted or substantially enacted at the Balance Sheet
date.
m) AS - 28 Impairment of Assets
The Company assesses at each Balance Sheet date whether there is any
indication that asset may be impaired. If any such indication exists,
the Company estimates the recoverable amount of the asset. If such
recoverable amount of the asset or the recoverable amount of the cash
generating unit to which the asset belongs is less than its carrying
amount, the carrying amount is reduced to its recoverable amount. The
reduction is treated as an impairment loss and is recognised in the
Profit and Loss Account.
n) AS -29 Provisions, Contingent Liabilities and Contingent Assets
The Company recognizes a provision when there is a present obligation
as a result of a past event that requires an outflow of resources and a
reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but will not require an
outflow of resources. When there is a possible obligation or a present
obligation that the likelihood of outflow of resources is remote, no
provision or disclosure is made.
Mar 31, 2009
A) AS- 1 Disclosure of Accounting Policies
The financial statements have been prepared using mercantile system of
accounting under the historical cost convention on a going concern
basis It recognizes significant items of income and expenditure on
accrual basis
b) AS - 2 Valuation of Inventories
Rough Diamonds & Cut and Polished Diamonds have been valued as under:
Where stocks can be identified :
At cost or net realizable value whichever is lower.
Where the stocks are mixed :
At technically evaluated cost or net realizable value whichever is
lower.
Rough Rejection Diamonds have been valued at its net realizable value,
As the physical verification, examination and valuation of diamonds
involving visual appraisal etc. are technical in nature, the same are
fully relied upon by us on the management. According to the management,
except Where the Stock is valued at actual cost the values assigned are
the fairest possible approximations to the cost incurred or its net
realizable value.
c) AS - 4 Contingencies & Evefics occurring after the Balance Sheet
Date There were no events occurring after the Balance Sheet date.
d) AS - 5 Net Profit or Loss for the Period, Prior Period Items and
Changes In Accounting Policies No prior period items and extraordinary
items were noticed during the course of audit.
e) AS - 6 Depreciation Accounting
Depreciation has been provided under the written down value method at
the rates prescribed under schedule XIV of the Companies Act, 1956. In
respect of the assets added/ sold during the year pro-rata depreciation
has been provided.
f) AS - 9 Revenue Recognition
The income of the company, derived from sale of Cut & Polished Diamonds
including exchange fluctuation on exports, is recognized on the
completion of sale with the passing of the title.
g) AS - 10 Accounting for Fixed Assets
Fixed assets are stated at cost of acquisition to the company including
expenditure incurred up to the date the asset is put to use.
h) AS - 11 Accounting for the effects of changes in Foreign exchange
rates Transactions denominated in foreign currencies are normally
recorded at the Exchange rate prevailing as on the date of transaction.
Monetary items denominated in foreign currencies at the year-end and
not covered by forward contract are translated at year-end rate.
Non-monetary foreign currency items are carried at cost.
Any income or expense on account of exchange difference either on
settlement or on translation is adjusted to the profit and loss
account. i) AS-16 Borrowing Cost
Interest & commitment charges on borrowings granted by the banks and
interest on loans obtained from other parties are recognised in the
Profit & Loss Account. No amounts of borrowing costs have been
capitalised during the year.
j. AS - 17 Segmental Reporting Primary Segment
Company has only one primary reportable segment viz Diamonds.
Secondary Segment
Details as per Geographic Region
Segment Reporting and Related Information requires that an enterprise
report a measure of total assets for each reportable segment The fixed
assets and inventories used in the companys business are not
identifiable to any particular reportable segment and tan be used
interchangeably among geographical segments Consequently, management
believes that if is not praclical to provide segmeni disclosures
relating to total assets since a realistic analysis among the various
geographic segments is not possible.
I. AS - 22 Accounting for Taxes on Income
Current Tax is determined as the amount of tax payable in respect of
taxable income for the year after considering various reliefs
admissible under provisions of the Income Tax Act, 1961.
The deferred tax for timing difference between the book profit and the
fax profit for the year is accounted for using tax rates and tax laws
that have been enacted or substantially enacted at the Balance Sheet
date.
m, AS - 28 Impairment of Assets
The Company assesses at each Balance Sheet date whether there is any
indication that asset may be impaired. If any such Indication exists,
the Company estimates the recoverable amount of the asset. If such
recoverable amount of the asset or the recoverable amount of the cash
generating unit to which the asset belongs is less than its carrying
amount, the carrying amount is reduced to its recoverable amount The
reduction is treated as ar, impairment loss and is recognised in the
Profit and Loss Account,
n. AS -29 Provisions, Contingent Liabilities and Contingent Assets
The Company recognizes a provision when there is a present obligation
as a result of a past event that requires an outflow of resources and a
reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obiigation or a present obligation that may. but will not require an
outflow of resources. When there is a possible obligation or a present
obligation that the likelihood of outflow of resources is remote, no
provision or disclosure is made.
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