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Shantivijay Jewels Ltd. Notes to Accounts, Shantivijay Jewels Ltd. Company
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Notes to Accounts of Shantivijay Jewels Ltd.

Mar 31, 2015

Corporate Information :

Shantivijay Jewels Ltd. is located in Special Economic Zone Mumbai having its showroom in Trident Hotel , Mumbai and factory at MIDC, Andheri. Company is engaged in Manufacturing and exports of wide range of studded gold jewellery and Diamond and P.stones.

1.1 FINANCIAL AND DERIVATIVE INSTRUMENT : -

1) During the year Company have entered into forward exchange contract for the next year but it has no impact on the current year.

2) Foreign Currency exposure that is not hedged by forward exchange contract as on 31-03-2015 Rs. 320.84 Lacs on account of Imports & others (Pr. Yr 90.00 Lacs) and Rs.1357.88 lacs on account of Export of goods. (Previous Year Rs. 1532.37 lacs )

1.2 SEGMENT REPORTING

Company is exclusively engaged in the Gems & Jewellery Business, which as per Accounting Standard AS-17 is considered the only primary reportable business segment.

1.3 Related Party Trasaction

Related Party Disclosures have been set out below. The Related parties, as defined by Accounting Standard 18 related party disclosure, issued by Institute of Chartered Accountants of India, in respcect of which the disclosures have been made, have been identified on the basis of information available with the company.

A) Wholly owned Subsidiary Companies

i) Shantivijay Jewels International Ltd -Mauritius

ii) Shantvijay Impex DMCC (Subsidiary of Shantivijay Jewels International Ltd.) (Contd.)

B ) Associate Companies

i) Precious Gems Pvt. Ltd. ii) Diamondere Pvt. Ltd.

C ) Key Management Personnel

Shree Pradeep Kumar Godha - Chairman & Managing Director Shree Anurag Godha - Vice Chairman & Managing Director

D ) Relatives of Key Management Personnel and Associates

Smt Rajrani Godha

Smt Sudha Godha Relatives of Directors

Smt Namita Godha

Shree Varun Godha

Smt Deepika Godha

1.4 LEASE DISCLOSURES

The Company has entered into Three Lease Agreements and had given premises on lease for 60 Months to others, which are in the nature of operating lease. Leased Asset i.e., premises is shown as Fixed Assets. Gross value Rs. 257.33 Lacs and accumulated depreciation Rs. 185.71 Lacs. Lease income Rs. 33.00 Lacs is recognized on straight-line basis in the Profit & Loss Account. Depreciation Rs. 3.39 Lacs provided during the year at rates for which similar Assets are depreciated. Future lease rental receivable within the period of one year Rs. 2.40 Lacs (Previous Year Rs. 42 lacs ) .

1.5 ACCOUNTING FOR DEFERRED TAX

The deferred Tax Liability has arisen mainly on account of timing difference between Depreciation admissible under Income Tax Rules and Depreciation in Books.

Major components of Deferred Tax Liabilities are arising on account of timing difference as under :

1.6 The Profit & Loss A/c includes exchange difference of Rs. NIL (Credit) (Pr Year Rs. 54.96 lacs Credit ) and Rs. 38.05 lacs (Debit) (Pr year Rs. 6.06 lacs Dr )

1.7 Details of dues to Micro, Small and Medium Enterprises as per MSMED Act, 2006;

There are no outstanding dues payable to parties covered under the Micro, Small and Medium Enterprises as per MSMED Act, 2006. This information has been determined to the extent such parties have been identified on the basis of information available with the Company.

During the year, Company have not paid any interest to such suppliers and no interest was accrued and remaining unpaid at the year end. This has been relied upon by the auditors.

1.8 Figures of previous year has been regrouped and rearranged wherever necessary.


Mar 31, 2014

31.03.2014 31.03.2013 (Rs. in lacs) (Rs. in lacs)

1. CONTINGENT LIABILITIES

i) In respect of Income Tax matters contested by the company 673.95 0

ii) In respect of Custom Duty matter 4.51 4.51

iii) Estimated Amount of Contracts remaining to be executed on Capital Accounts and not provided for in the accounts. 0.00 9.94

2. FINANCIAL AND DERIVATIVE INSTRUMENT

1) During the year company have not entered into any forward exchange contract.

2) Foreign Currency exposure that is not hedged by forward exchange contract as on 31-03-2014 Rs. 90.00 Lacs on account of Imports & others (Pr. Yr. 74.75 Lacs) and Rs. 1532.37 lacs on account of Export of goods. (Previous Year Rs. 1109.37 lacs).

3. SEGMENT REPORTING

Company is exclusively engaged in the Gems & Jewellery Business, which as per Accounting Standard AS-17 is considered the only primary reportable business segment.

4. RELATED PARTY TRANSACTIONS

Related Party Disclosures have been set out below. The Related parties, as defined by Accounting Standard 18 Related Party Disclosure, issued by Institute of Chartered Accountants of India, in respect of which the disclosures have been made, have been identified on the basis of information available with the Company.

A) Wholly owned Subsidiary Companies

i) Shantivijay Jewels International Ltd. Mauritus

ii) Shantvijay Impex DMCC (Subsidiary of Shantivijay Jewels International Ltd.)

B) Associate Companies

Precious Gems Pvt. Ltd.

C) Key Management Personnel & Relatives

Shree Pradeep Kumar Godha - Chairman & Managing Director

Shree Anurag Godha - Vice Chairman & Managing Director

Smt. Rajrani Godha

Smt. Sudha Godha Relatives of Directors

Smt. Namita Godha

Mr. Varun Godha

Smt. Deepika Godha

5. LEASE DISCLOSURES

The Company has entered into Three Lease Agreements and had given premises on lease for 60 Months to others, which are in the nature of operating lease. Leased Asset i.e., premises is shown as Fixed Assets. Gross value Rs. 257.33 Lacs and accumulated depreciation Rs. 182.32 Lacs. Lease income Rs. 34.48 Lacs is recognised on straight-line basis in the Profit & Loss Account. Depreciation Rs. 8.33 Lacs provided during the year at rates for which similar Assets are depreciated.

Future lease rental receivable within the period of one year Rs. 42.00 lacs (Previous Year Rs. Nil).

6. The Profit & Loss A/c includes exchange difference of Rs. 54.96 Lacs (Credit) (Pr. Year Rs. 100.22 lacs Credit) and Rs. 6.06 lacs (Debit) (Pr. year Rs. 6.27 lacs Dr)

7. Details of dues to Micro, Small and Medium Enterprises as per MSMED Act, 2006; There are no outstanding dues payable to parties covered under the Micro, Small and Medium Enterprises as per MSMED Act, 2006. This information has been determined to the extent such parties have been identified on the basis of information available with the company.

During the year, Company have not paid any interest to such suppliers and no interest was accrued and remaining unpaid at the year end. This has been relied upon by the auditors.

8. Figures of previous year has been regrouped and rearranged wherever necessary.


Mar 31, 2013

Corporate Information :

Shantivijay Jewels Limited is located in Special Economic Zone Mumbai having its showroom in Trident Hotel, Mumbai. Company is engaged in Manufacturing and exports of wide range of studded gold jewellery and Diamond and P. stones.

1.1. FINANCIAL AND DERIVATIVE INSTRUMENT : -

1) Forward exchange contract entered into by the company for hedging currency related risks and outstanding as on 31-03-2013 Rs. Nil (Previous Year Rs. 258.52 Lacs)

2) The Company uses Foreign Currency forward contracts to hedge its risks against Foreign Currency.

3) Foreign Currency exposure that is not hedged by forward exchange contract as on 31-03-2013 Rs. 74.75 Lacs on account of Imports & others (Pr. Yr 26.69 Lacs) and Rs.1109.37 lacs on account of Export of goods. (Previous Year Rs. 1286.82 lacs)

1.2 SEGMENT REPORTING

Company is exclusively engaged in the Gems & Jewellery Business, which as per Accounting Standard AS-17 is considered the only primary reportable business segment.

1.3 RELATED PARTY TRANSACTIONS

Related Party Disclosures have been set out below. The Related parties, as defined by Accounting Standard 18 related party disclosure, issued by Institute of Chartered Accountants of India, in respect of which the disclosures have been made, have been identified on the basis of information available with the Company.

A) Wholly owned Subsidiary Companies

i) Shantivijay Jewels International Ltd -Mauritius

ii) Shantvijay Impex DMCC (Subsidiary of Shantivijay Jewels International Ltd)

B) Associate Companies

i) Precious Gems Pvt. Ltd. ii) Diamondere Pvt. Ltd.

C) Key Management Personnel & Relatives

Shree Pradeep Kumar Godha - Chairman & Managing Director Shree Anurag Godha - Vice Chairman & Managing Director

Smt Rajrani Godha

Smt Sudha Godha Relatives of Directors

Smt Namita Godha Shri Varun Godha

1.4. LEASE DISCLOSURES

The Company has entered into Four Lease Agreements and had given premises on lease for 33 Months to others, which are in the nature of operating lease. Leased Asset i.e., premises is shown as Fixed Assets. Gross value Rs. 257.33 Lacs and accumulated depreciation Rs. 173.98 Lacs. Lease income Rs. 60.75 Lacs is recognised on straight-line basis in the Profit & Loss Account. Depreciation Rs. 9.26 Lacs provided during the year at rates for which similar Assets are depreciated.

Future lease rental receivable within the period of one year Rs. NIL (Previous Year Rs. 60.75 Lacs).

1.5. The Profit & Loss A/c includes exchange difference of Rs.100.22 Lacs (Credit) and Rs. 6.27 lacs (Debit) Previous Year Rs. 37.55 lacs (Debit).

1.6. Details of dues to Micro, Small and Medium Enterprises as per MSMED Act, 2006;

There are no outstanding dues payable to parties covered under the Micro, Small and Medium Enterprises as per MSMED Act, 2006. This information has been determined to the extent such parties have been identified on the basis of information available with the company.

During the year, Company have not paid any interest to such suppliers and no interest was accrued and remaining unpaid at the year end. This has been relied upon by the auditors.

1.7. Figures of previous year has been regrouped and rearranged wherever necessary.


Mar 31, 2012

1. (Rs.in lacs)

2012 2011

CONTINGENT LIABILITIES

i) In respect of Income Tax matters contested by the company 2.52 59.31

ii) In respect of Custom Duty matter 4.51 4.51

iii) Estimated Amount of Contracts remaining to be executed on Capital

Accounts and not provided for in the accounts. 15.00 46.44

2. FINANCIAL AND DERIVATIVE INSTRUMENT : -

1) Forward exchange contract entered into by the company for hedging currency related risks and outstanding as on 31-03-2012 Rs 258.52 Lacs US $ 500000 (Previous Year Rs 276.44 Lacs)

2) The Company uses Foreign Currency forward contracts to hedge its risks against Foreign Currency.

3) Foreign Currency exposure that is not hedged by forward exchange contract as on 31-03-2012 Rs 26.69 Lacs on account of Imports & others (Previous Year 22.35 Lacs) and Rs1286.82 lacs on account of Export of goods. (Previous YearRs 1126.29 lacs)

3. RELATED PARTY TRANSACTIONS

Related Party Disclosures have been set out below. The Related parties, as defined by Accounting Standard 18 related party disclosure, issued by Institute of Chartered Accountants of India, in respect of which the disclosures have been made, have been identified on the basis of information available with the company.

A) Wholly owned Subsidiary Companies

i) Shantivijay Jewels International Ltd., Mauritius

ii) Shantvijay Impex DMCC (Subsidiary of Shantivijay Jewels International Ltd.,)

B) Associate Companies

i) Precious Gems Pvt. Ltd.

ii) Diamondere Pvt. Ltd.

C) Key Management Personnel & Relatives

Shree Pradeep Kumar Godha - Chairman & Managing Director

Shree Anurag Godha - Vice Chairman & Managing Director

Smt. Rajrani Godha .

Smt. Sudha Godha

Smt. Namita Godha / Relatives of Directors

Shri Varun Godha

4. The Company has not reported laibilities of Gratuity which is a defined benefit plan in accordance with Accounting Standard 15 issued by Institute of Chartered Accountants of India as it is covered under Group Gratuity Scheme of Life Insurance Corp. of India.

5. LEASE DISCLOSURES

The Company has entered into Four Lease Agreements and had given premises on lease for 33 Months to others, which are in the nature of operating lease. Leased Asset i.e., premises is shown as Fixed Assets. Gross valueRs257.33 Lacs and accumulated depreciation Rs164.72 Lacs. Lease income Rs 60.75 Lacs is recognized on straight-line basis in the Profit & Loss Account. Depreciation Rs 10.29 Lacs provided during the year at rates for which similar Assets are depreciated. Future lease rental receivable within the period of one year Rs 60.75 Lacs (Previous Year Rs60.75 Lacs).

6. The Profit & Loss A/c includes aggregate exchange difference (Net) of Rs47.42 Lacs (Credit) Previous Year Rs37.55 lacs (Debit) including Rs6.20 lacs on outstanding Forward Exchange Contract.

7. The Company has no information as to whether any of its suppliers constitute small-scale industrial undertakings and therefore, the amount due to such suppliers has not been identified.

8. Details of dues to Micro, Small and Medium Enterprises as per MSMED Act, 2006;

There are no outstanding dues payable to parties covered under the Micro, Small and Medium Enterprises as per MSMED Act, 2006. This information has been determined to the extent such parties have been identified on the basis of information available with the company.

During the year, Company have not paid any interest to such suppliers and no interest was accrued and remaining unpaid at the year end. This has been relied upon by the auditors.

9. Figures of previous year has been regrouped and rearranged wherever necessary.


Mar 31, 2010

(Rupees in lacs)

2010 2009

1) CONTINGENT LIABILITIES

i) In respect of Income Tax matters contested by the company 122.50 245.64

ii) In respect of Sales Tax Matters 0.85 0.85

iii) In respect of Custom Duty matter 4.51 4.51

iv) Estimated Amount of Contracts remaining to be executed on Capital Accounts and not provided for in the accounts. NIL NIL

2) Figures of previous year has been regrouped and rearranged wherever necessary.

3) Details of dues to Micro, Small and Medium Enterprises as per MSMED Act, 2006;

There are no outstanding dues payable to parties covered under the Micro, Small and Medium Enterprises as per MSMED Act, 2006. This information has been determined to the extent such parties have been identified on the basis of information available with the company. During the year, Company have not paid any interest to such suppliers and no interest was accrued and remaining unpaid at the year end. This has been relied upon by the auditors.

4) The Profit & Loss A/c includes aggregate exchange difference (Net) of Rs. 38.75 Lacs (Debit) Previous Year Rs. 118.97 lacs (credit).

5) RELATED PARTY TRANSACTIONS

AS PER ANNEXURE ATTACHED

6) SEGMENT REPORTING

Company is exclusively engaged in the Gems & Jewellery Business, which as per Accounting Standard AS-17 is considered the only primary reportable business segment.

7) LEASE DISCLOSURES

The Company has entered into Four Lease Agreements and had given premises on lease for 33 Months to others, which are in the nature of operating lease. Leased Asset i.e., premises is shown as Fixed Assets. Gross value Rs. 257.33 Lacs and accumulated depreciation Rs. 143.00 Lacs. Lease income Rs. 52.82 Lacs is recognised on straight-line basis in the Profit & Loss Account. Depreciation Rs. 12.70 Lacs provided during the year at rates for which similar Assets are depreciated. Future lease rental receivable within the period of one year Rs. 35.22 Lacs (Previous Year Rs. 52.82 Lacs).

8) ACCOUNTING FOR DEFERRED TAX

The deferred Tax Assets has arisen mainly on account of timing difference between Depreciation admissible under Income Tax Rules and Depreciation in Books.

9) There were no amount due and outstanding to be credited to Investor Education and Protection Fund.

10) FINANCIAL AND DERIVATIVE INSTRUMENT : -

1) Forward exchange contract entered into by the company for hedging currency related risks and outstanding as on 31/03/2010 Rs. NIL and (Previous Year Fts. 442.21 Lacs US$ 900000).

2) The Company uses Foreign Currency forward contracts to hedge its risks against Foreign Currency.

3) Foreign Currency exposure that is not hedged by forward exchange contract as on 31/03/2010 Rs. 62.82 Lacs on account of Imports & others (Previous Year Rs. 9.78 Lacs) and Rs.1326.02 lacs on account of Export of goods. (Previous Year Rs. 636.30 lacs).

ANNEXURE

ENCLOSURE FOR RELATED PARTY DISCLOSURE

As required by Accounting Standard -AS 18 " Related Parties Disclosures" issued by the Institute of Chartered Accountants of India are given below:

A) Wholly owned Subsidiary Companies

i) Shantivijay Jewels International Ltd., Mauritius

ii) Shantivijay Impex FZCO Dubai (Subsidiary of Shantivijay Jewels International Ltd.)

iii) Shantvijay Impex DMCC (Subsidiary of Shantivijay Jewels International Ltd.)

B) Associate Companies

i) Precious Gems Pvt. Ltd.

C) Key Management Personnel & Relatives

Shri Pradeep Kumar Godha - Chairman & Managing Director Shri Anurag Godha - Vice Chairman & Managing Director Smt Rajrani Godha

Smt Sudha Godha Relatives of Directors

Smt Namita Godha

 
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