Mar 31, 2014
NOTE 1 SHARE APPLICATION MONEY
* The company had taken approval of shareholders in the AGM held on
30.09.2010 for issue of 15,60,000 preferential shares at Rs. 11/- for
which the company had received 25% application money. However the
approval from stock exchange was not received. Hence the company in its
meeting of board of directors held on 02.04.2013 has resolved to repay
the share application money. The Share Application money has been
repaid by date 17-02-2014.
* Further the company had taken approval of shareholders in the AGM
held on 30.09.2013 for issue of 15,60,000 preferential shares at Rs.
18/- for which the company had received 25% Share Application Money on
10,60,000 preferential share warrant as on 31-03-2014. Approval form
stock exchange has been received.
NOTE 2 DEFERRED TAX LIABILITY & DEFERRED TAX ASSETS
1. Working Capital Loan is secured by hypothecation of stock of Raw
Material & Finished Goods, Export Documentary Bills, Fixed Assets.
2. The Working Capital loan are further secured by way of hypothecation
of 3 residential flat in the name of the directors and 2 shareholders.
3. The Working Capital loan is further secured by personal guarantee of
2 directors and 3 shareholders.
NOTE 3 TRADE PAYABLES
The information as required to be disclosed under the Micro, Small &
Medium Enterprises Development Act, 2006 has been determined to the
extent such parties have been identified on the basis of information
available with the Company.
NOTE 4 TRADE RECEIVABLES
* Debts considered good for which the company holds no security other
then the Debtors Personal Security.
NOTE 5 CASH AND CASH EQUIVALENTS
* Fixed Deposit with Banks include deposit of Rs. 31,157/- (P. Y Rs.
31,157/-) with maturity of more than 12 Months maturing on 4th August
2014
NOTE 6 OTHER INCOME
* Other Income Includes Income from Dividend, Discount & Bal W/Back
NOTE 7 EMPLOYEE BENEFIT EXPENSES
Defined Contribution Plan
The Company''s Provident Fund is exempted under section 17 of Employees''
Provident Fund and Miscellaneous Provisions Act, 1952. Conditions for
grant of exemption stipulate that the employer shall make good
deficiency, if any, in the interest rate declared by the trust
vis-a-vis statutory rate.
Defined Benefit Plan
The employees'' gratuity fund scheme managed by a Trust (Life Insurance
Corporation of India) is a defined benefit plan. The present value of
obligation is determined based on actuarial valuation using the
Projected Unit Credit Method, which recognises each period of service
as giving rise to additional unit of employee benefit entitlement and
measures each unit separately to build up the final obligation. The
obligation for leave encashment is recognised in the same manner as
gratuity.
NOTE 8 OTHER EXPENSES
* Sales Promotion Expenses include Foreign Travelling Expenses & Sales
Commission
NOTE 9 RELATED PARTY DISCLOSURES:
The Disclosure required under Accounting Standard 18 in respect of
Related Parties are given below:-
NAME OF RELATED PARTIES
Associates:
Kamya Impex Pvt. Ltd.
Key Management Personnel:
Gaurav Doshi
Ronak Doshi
Relative: Mahindra B. Doshi
Mar 31, 2013
NOTE 1.1 RELATED PARTY DESCLOSURES :
The Desclosure required under Accounting Standard 18 in respect of
Related Parties are given below :-
NAME OF RELATED PARTIES Associates
Kamya Impex Pvt. Ltd.
Key Management Personnel
Gaurav Doshi Ronak Doshi
Mar 31, 2012
* Working Capital (Secured Loan) from Oriental Bank of Commerce and
Punjab National Bank.
1. Working Capital Loan is secured by hypothecation of stock of Raw
Material & Finished Goods, Export Documentary Bills, Fixed Assets.
2. The Working Capital loan are further secured by way of
hypothecation of 3 residential flat in the name of the directors and 2
shareholders.
3. The Working Capital loan is further secured by personal guarantee
of 2 directors and 3 shareholders.
The Company's Provident Fund is exempted under section 17 of
EmployeesUProvident Fund and Miscellaneous Provisions Act, 1952.
Conditions for grant of exemption stipulate that the employer shall
make good deficiency, if any, in the interest rate declared by the
trust vis-a-vis statutory rate.
Defined Benefit Plan
The employeesEgratuity fund scheme managed by a Trust (Life Insurance
Corporation of India) is a defined benefit plan. The present value of
obligation is determined based on actuarial valuation using the
Projected Unit Credit Method, which recognises each period of service
as giving rise to additional unit of employee benefit entitlement and
measures each unit separately to build up the final obligation. The
obligation for leave encashment is recognised in the same manner as
gratuity.
Mar 31, 2011
1) During the financial year 2008-09, the Company had issued 15,65,000
preferential share warrants which were to be converted into 15,65,000
Equity shares of Rs. 10 each at par on or before 14th April 2010. The
Company had allotted 3,90,000 equity shares on 31st March 2010 and
balance 11,75,000 equity shares on 14th April 2010 pursuant to the
conversion of the share warrants. Further the Company had taken
approval of the shareholders at the A.G.M. held on 30th September 2010
for the issue of 15,60,000 preferential share warrants against which
25% application money has been received and the In-Principal Approval
from the Bombay Stock Exchange is in process.
2) In the absence of the information available with the company the
amounts due to the the suppliers who are registered under Micro, Small
& Medium Enterprises Development Act, 2006 have not been given. No
claim has been received from any such industrial undertaking upto the
date of the Balance Sheet.
3) Balances with Sundry Creditors, Debtors, Loans and Advances and
Deposits are subject to confirmation & reconcilation.
4) RELATED PARTY DESCLOSURES :
The Disclosure required under Accounting Standard 18 in respect of
Related Parties are given below :-
NAME OF RELATED PARTIES
Associates Key Management Personnel
of Key Managerial Relative
Personnel
Kamya Impex Pvt. Ltd. Gaurav Doshi Mahindra B. Doshi
Ronak Doshi
5) SEGMENT REPORTING
Since Company is Only dealing in One Type of Product i.e. Studded
Jewellery hence Segment Reporting is not Applicable.
6) CONTINGENT LIABILITIES :
Claims against the Company not acknowledged as debts : Rs. Nil
(Previous Year : Rs. Nil)
7) In view of b/f loss, Provision for Income Tax is not made in the
current year.
8) Previous figures have been recast and regrouped wherever necessary.
Mar 31, 2010
1) During the finacial year 2008-09 the company had issued 15,65,000
prefential share warrant which were to be converted into 15,65,000
Equity shares of Rs. 10 each at par on or before 14th April, 2010. Out
of which 3,90,000 prefential share warrant converted into 3,90,000
equity shares on 31st March, 2010. ( P.Y 2008-09 - NIL)
2) In the absence of the information available with the company the
amounts due to the the suppliers who are registered under Micro, Small
& Medium Enterprises Development Act, 2006 have not been given. No
claim has been received from any such industrial undertaking upto the
date of the Balance Sheet.
3) Balances with Sundry Creditors, Debtors, Loans and Advances and
Deposits are subject to confirmation & reconcilation.
4) Debtors includes Rs. 51,30,836/- due from a Customer after deducting
insurance claim & who has filled a voluatary petition under Chapter 11
of title 11 of the United States Code ("Bankcruptacy Code" in the
United State Bankcruptacy Court. The Company has not made provision for
this Debts since in the opinion of management insurance company has
wrongly calculated claim.
5) RELATED PARTY DESCLOSURES :
The Disclosure required under Accounting Standard 18 in respect of
Related Parties are given below :-
NAME OF RELATED PARTIES
Associates Key Management
Personnel Relative of
Key Managerial
Personnel
Kamya Impex Pvt. Ltd. Gaurav Doshi Mahindra B. Doshi
Empress Jewelry Pvt. Ltd. Ronak Doshi
6) SEGMENT REPORTING
Since ComDanv is Onlv dealina in One TvDe of Product i.e. Studded
Jewellerv hence Seament ReDortina is not ADDlicable.
7) CONTINGENT LIABILITIES :
Claims against the Company not acknowledged as debts : Rs. Nil
(Previous Year: Rs. Nil)
Income Tax demand disputed by the Company of Rs.6,10,834/- for A.Y.
1998-99 appeal file by the company during the F.Y.2001-02.
8) in view of b/f loss, Provision for Income Tax is not made in the
current year.
9) Previous years figures have been recast and regrouped wherever
necessary.