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Notes to Accounts of Sheetal Diamonds Ltd.

Mar 31, 2014

1 CORPORATE INFORMATION

SHEETAL DIAMONDS LIMITED ("the company") is engaged in the trading of Loose Diamonds & Jewellery.

Note 2: Contingent Liabilities and Commitments

All Known Liabilities are provided for in the accounts excepts liabilities of Contingent nature which hav e been adequately disclosed in accounts

Note 3: Segment Information for the year ended March 31, 2014

As the Company is engaged only in one business segment i.e. Trading of Loose Diamonds & Jewellery goods and there are no geo graphical segments, the Balance Sheet as at March 31,2014 and the Profit and Loss Account for the year ended March 31,2014 pertain to one business segment and related activities as per Accounting Standard (AS) 17 on "Segment Reporting".

Note 4: Balances of Sundry Debtors, Sundry Creditors, Deposits, Loans and Advances are subjected to reconciliation and confirmation, necessary adjustment if required, will be made after reconciliation. The management does not expect any material difference affecting the current year''s financial statements.

Note 5: In the opinion of the Board and to the best of their knowledge and belief all the Current Assets, Loan s and Advances have value on realisation at least of an amount at which they are stated in Balance Sheet.

Note 6: Liability In respect of gratuity and leave encashment are accounted on cash basis which is not in conformity with Accounting Standard (AS)15 (Revised 2005) on Employee Benefits as issued by the Institute of Chartered Accountant of India, which requires that gratuity and Leave Encashment Liabilities be accounted for on actuarial basis.

Note 7: The Amount due to Small Scale Industries is NIL as on 31st March, 2014 and hence disclosure requirements in this regard as per schedule VI of the Companies Act, 1956 is not being provided.

Note 8: Previous Year figures

Figures of previous year are regrouped, rearranged and reclassified wherever necessary to correspond to figures of the current year


Mar 31, 2013

1 CORPORATE INFORMATION

SHEETAL DIAMONDS LIMITED ("the company") is engaged in the trading of Loose Diamonds & Jewellery.

Note 2: Balances of Sundry Debtors, Sundry Creditors, Deposits, Loans and Advances are subjected to reconciliation and confirmation, necessary adjustment if required, will be made after reconciliation. The management does not expect any material difference affecting the current year''s financial statements.

Note 3: In the opinion of the Board and to the best of their knowledge and belief all the Current Assets, Loans and Advances have value on realisation at least of an amount at which they are stated in Balance Sheet.

Note 4: Liability In respect of gratuity and leave encashment are accounted on cash basis which is not in conformity with Accounting Standard (AS)15 (Revised 2005) on Employee Benefits as issued by the Institute of Chartered Accountant of India, which requires that gratuity and Leave Encashment Liabilities be accounted for on actuarial basis.

Note 5: The Amount due to Small Scale Industries is NIL as on 31st March, 2013 and hence disclosure requirements in this regard as per schedule VI of the Companies Act, 1956 is not being provided.

Note 6: During the year company has sold investment of Rs 1,82,00,000 at Rs 1,46,25,000 & incurred loss of Rs 35,75,000

Note 7: Previous Year figures

Figures of previous year are regrouped, rearranged and reclassified wherever necessary to correspond to figures of the current year


Mar 31, 2012

1 CORPORATE INFORMATION

SHEETAL DIAMONDS LIMITED ("the company") is engaged in the trading of Loose Diamonds & Jewellery.

Note 2: Balances of Sundry Debtors' Sundry Creditors' Deposits' Loans and Advances are subjected to reconciliation and confirmation' necessary adjustment if required' will be made after reconciliation. The management does not expect any material difference affecting the current year's financial statements.

Note 3: In the opinion of the Board and to the best of their knowledge and belief all the Current Assets' Loans and Advances have value on realisation at least of an amount al which they are stated in Balance Sheet.

Note 4: Liability In respect of gratuity and leave encashment are accounted on cash basis which is not in conformity with Accounting Standard (AS)I5 (Revised 2005) on bmpluyee Benefits as issued by the Institute of Chartered Accountant of India' which requires that gratuity and Leave Encashment Liabilities be accounted for on actuarial basis

Note 5: The Amount due to Small Scale Industries is NIL as on 31st March' 2012 and hence disclosure requirements in this regard as per schedule VI of the Companies Act' 1956 is not being provided

Note 6: Previous Vear figures

Figures of previous year are regrouped' rearranged and reclassified wherever necessary to correspond to figures of the current year.


Mar 31, 2010

1. ACCOUNTING STANDARDS:

a) Accounting Standard 17:

The Company is mainly engaged in trading activity and the major revenue comes from the said activity, where as the other activities of investment and financial services form very negligent part. So the segment wise information is of no significant use, hence not given.

b) Related parties disclosure as per Accounting Standard 18:

List of the relative party with whom transaction took place during the year:

The Company has not made any transaction with any related party during the year.

c) Lease Agreement as per Accounting Standard 19:

The Company has not entered into any Agreement of Lease during the year.

2. Contingent Liabilities:

All known liabilities are provided for in the accounts except liabilities of contingent nature which have been adequately disclosed in the accounts.

3. Previous year figures have been rearranged regrouped wherever necessary with figures of the current year.

4. The figures have been rounded off to the nearest multiple of Rupee.

5. Balances of deposits, Advances and unsecured loans etc. are subject to confirmation.

6. In the opinion of the Board of Directors of the company, the current assets, loan and advances have value at least equal to the amount at which they are stated in Balance Sheet, if realized in ordinary course of business.

7. There is no employee who is in receipt of remuneration, which in aggregate was not less than Rs. 24, 00,000/- p.a. If employed through out the year, Previous year (NIL), and Rs. 2,00,000/- p.m. in aggregate if employed for the part of the year, Previous year (NIL).

8. During the year, transactions with small scale undertaking is Nil.

9. Amount due to Small Scale Industries Rs. NIL as on 31/03/10.

10. Additional information as required under part IV of schedule VI to the companies Act 1956.


Mar 31, 2009

1. ACCOUNTING STANDARDS:

a) Accounting Standard 17:

The Company is mainly engaged in trading activity and the major revenue comes from the said activity, where as the other activities of investment and financial services form very negligent part. So the segment wise information is of no significant use, hence not given.

b) Related parties disclosure as per Accounting Standard 18:

List of the relative party with whom transaction took place during the year:

The Company has not made any transaction with any related party during the year.

c) Lease Agreement as per Accounting Standard 19:

The Company has not entered into any Agreement of Lease during the year.

e) Taxes on Income Tax as per Accounting Standard 22:

i) Provision for Income Tax is made in accordance with the Income Tax Act, 1961

ii) Deferred Tax Assets/Liability are not recognized in the current year as there is a virtual certainty and evidence that there will not be any future taxable income which will be available against which such Deferred Tax Assets/ Liabilities could be realized or adjusted.

2. Contingent Liabilities:

All known liabilities are provided for in the accounts except liabilities of contingent nature which have been adequately disclosed in the accounts.

3. Previous year figures have been rearranged egrouped wherever necessary with figures of the current year.

4. The figures have been rounded off to the nearest multiple of Rupee.

5. Balances of deposits, Advances and unsecured loans etc. are subject to confirmation.

6. In the opinion of the Board of Directors of the company, the current assets, loan and advances have value at least equal to the amount at which they are stated in Balance Sheet, if realized in ordinary course of business.

7. There is no employee who is in receipt of remuneration, which in aggregate was not less than Rs. 24,00,000/- p.a. If employed through out the year, Previous year (NIL), and Rs. 2,00,000/- p.m. in aggregate if employed for the part of the year, Previous year (NIL).

8. During the year, transactions with small scale undertaking is Nil.

9. Amount due to Small Scale Industries Rs. NIL as on 31/03/09.

10. Additional information as required under part IV of schedule VI to the companies Act 1956.

 
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