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Notes to Accounts of Neogem India Ltd.

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.

 
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