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Notes to Accounts of Shukra Jewellery Ltd.

Mar 31, 2015

1. Company Overview

Shukra Jewellery Limited is engaged in the manufacturing of diamond studded gold jewellery and trading of cut, polished diamond, Real estate and Construction work. It was incorporated on 13th December, 1991 as a public limited company and came out with a public issue on February 15, 1993. Earlier known as Shukra Diamond Exports Limited, it acquired its present name with effect from 10th January, 1997. The factory premises are located at Union Territory of Daman. Polished diamonds and gold Jewellery are sold in the domestic as well as the export markets.

From the current year company has started development of Residential Flat Scheme called "Shanti Shukra & Shubh Shukra ". The site of which is located at Narol & Visnagar respectively..

The registered office is located at 3rd Floor, Panchdhara Complex, Beside Grand Bhagwati, S.G. Highway, Ahmedabad-380054 (Gujarat). The corporate office of the company is situated at 232, Pancharatna, Opera House, Mumbai-400004.

2. The company has only one class of shares referred to as equity shares having a par value of Rs. 10/- each. Each holder of equity shares is entitled to one vote per share.

Board of Directors of the company has not proposed any dividend for the current reporting period.

3. Names of related parties and description of relationship:

a. Key Management Personnel and their relatives:

Chandrakant H Shah - Key Management Personnel

Mauyri C Shah - Key Management Personnel

Ramji Khimji Rajput - Key Management Personnel

Saurabh C Shah - Key Management Personnel

Anil M Patel - Key Management Personnel

Kejal Gaurav Shah - Relative of KMP

Gaurav Shah - C.F.O

b. Enterprises over which Key Management Personnel has significant influence

Shukra Bullions Limited

Shukra Land Developers limited

4. Impairment Loss:

The management has not assessed the impairment loss on the assets of the company.


Mar 31, 2014

Company Overview

Shukra Jewellery Limited is engaged in the manufacturing of diamond studded gold jewellery and trading of cut and polished diamond. It was incorporated on 13th December, 1991 as a public limited company and came out with a public issue on February 15, 1993. Earlier known as Shukra Diamond Exports Limited, it acquired its present name with effect from 10th January 1997. The factory premises are located at Union Territory of Daman. Polished diamonds and gold Jewellery are sold in the domestic as well as the export markets.

From the current year company has started development of Residential Bunglow Scheme called "Shree Shukra Bunglows". The site of which is located at Dholwani Three Way Road, Tal : Biloda District: Sabarkantha.

The registered office is located at 12, Zodiac Square, Opp. Gurudwara, S. G. Highway, Bodakdev, Ahmedabad (Gujarat] 380054. The corporate office of the company is situated at 232, Pancharatna, Opera House, Mumbai-400004.

1.1 Related Party Disclosures: Names of related parties and description of relationship:

1. Key Management Personnel and their relatives: Chandrakant H Shah - Key Management Personnel Mauyri C Shah - Key Management Personnel Ramji Khimji Rajput - Key Management Personnel

Gaurav Shah - Relative of Key Management Personnel

2. Enterprises over which Key Management Personnel has significant influence Shukra Bullions Limited

Shukra Land Developers limited

2.3 Contingent LiabilityAsset:

A demand ofRs. 19,53,465/- has been raised by the Income Tax Authorities for the Assessment Year 2007-08, which the company has not acknowledged as debt. This matter of dispute is pending before the Income Tax Appellate Tribunal (ITAT Appeals]. The management believes that ultimate outcome of this proceeding will not have a material adverse effect on the Company''s financial position and results of operation. Based on the decisions of the Appellate Authorities and the other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.


Mar 31, 2013

Company Overview

Shukra Jewellery Limited is engaged in the manufacturing of diamond studded gold jewellery and trading of cut and polished diamond. It was incorporated on 13th December, 1991 as a public limited company and came out with a public issue on February 15,1993. Earlier known as Shukra Diamond Exports Limited, it acquired its present name with effect from 10th Janu- ary, 1997. The factory premises are located at Union Territory of Daman. Polished diamonds and gold Jewellery are sold in the domestic as well as the export markets.

The registered office is located at Chirag Industrial Complex, 39/40, Golden Industrial Estate, Somnath Road, Daman & Diu (UT)-396210.The corporate office of the company is situated at 232, Pancharatna, Opera House, Mumbai-400004.

1.1 Contingent LiabilityAsset:

A demand of f 19,53,465/- has been raised by the Income Tax Authorities for the Assessment Year 2007-08, which the company has not acknowledged as debt. This matter of dispute is pending before the Commissioner of Income Tax (Appeals). The management believes that ultimate outcome of this proceeding will not have a material adverse effect on the Company''s financial position and results of operation. Based on the decisions of the Appellate Authorities and the other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.

1.2 Impairment Lota:

The management has not assessed the impairment loss on the assets of the company.


Mar 31, 2012

Company Overview

Shukra Jewellery Limited is engaged in the manufacturing of diamond studded gold jewellery and trading of cut and polished diamond. It was incorporated on 13th December, 1991 as a public limited company and came out with a public issue on February 15, 1993. Earlier known as Shukra Diamond Exports Limited, it acquired its present name with effect from 10th January, 1997. The factory premises are located at Union Territory of Daman. Polished diamonds and gold Jewellery are sold in the domestic as well as the export markets.

The registered office is located at Chirag Industrial Complex, 39/40, Golden Industrial Estate, Somnath Road, Daman & Diu (UT)-396210. The corporate office of the company is situated at 232, Pancharatna, Opera House, Mumbai-400004.

The previous period figures have been regrouped/ reclassified, whenever necessary to con- form to the current period presentation.

1.1 Related Party Disclosures:

Names of related parties and description of relationship:

1. Key Management Personnel:

Chandrakant H Shah - Chairman & Managing Director

Mauyri C Shah - Director

2. Enterprises over which Key Management Personnel has significant influence

Shukra Bullions Limited

Shukra Land Developers limited

1.2 Contingent LiabilityAsset:

There is no contingent liability or asset outstanding on the Balance Sheet date which can have a material adverse effect on the Company's financial position or results of operation.

1.3 Impairment Loss:

The management has not assessed the impairment loss on the assets of the company.


Mar 31, 2011

1. Contingent Liabilities in Respect of :

No provision is made for liabilities that are contingent in nature but, if material, the same are disclosed by way of notes to the accounts

2. Sundry Debtors/Creditors and Loans and Advances, Cash & Bank Balance /Investments are subject to Confirmation /reconciliation.

3. Inventories is taken, valued and certified by the management.

4. As regards payment made to specified persons, as covered by section 40 A (2) (b) of the Income Tax Act, 1961 we have relied in the list of person as furnished by the assesses.

5.Deferred Tax Assets for the current year is Rs. 1,06,80,571.00

6.Related Party Disclosures

Related Party disclosures as required by Accounting Standard 18,Related Party Disclosuers are given below

(1) Investment in shares of shukra Bullion Ltd Rs...20559350.(market valueRs... 1,80,00,000.00)

(2) Loan taken from Chandrakant Shah(Director) Rs.. .520000.00

(3) Loan Taken from Mauyri Shah( Director wife) Rs... 104000.00

(4) Loan taken from Shukra Land Developers Ltd Rs.. .6700000.00

(5) Loan Given to Shukr Bullions Ltd Rs.72,75,989.00

7. The company believes that no impairement of assets arises during the year as per the recommendations of Accounting Standard-28 Impairment of Assets,issued by the Institute of Chartered Accountants of India considering the age of the Fixed Assets Situated at its unit situated at Daman,Surat,Sachin-surat and office at Mumbai

8.We have conducted our audit in accordance with auditing standards generally accepted in India.Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement are free from material mis-statement .An Audit include examining ,on test basis evidence supporting the amount and disclosure in the financial statements. And audit also includes assessing the accounting principles used and significant estimated made by the managements well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

9.The Company does not possess information as to which of its supplies is small scale industrial undertaking and their outstanding dues or interest paid is not ascertained. Therefore the same is not reported. Such SSI or such SME's are also not identified or ascertained or such information is not available and auditee has not identified or classified such suppliers. The Assessed has not provided or paid any interest. As information by the Assesses there is no such interest payable or paid to any buyer

10. During the year Contingent Liabilities and Assets are Nil.

11. Previous year's figures have been regrouped, rearranged and recast wherever found necessary.


Mar 31, 2010

1. The Company does not possess information as to which of its supplies is small scale industrial undertaking and their outstanding dues or interest paid is not ascertained. Therefore the same is not reported. Such SSI or such SMEs are also not identified or ascertained or such information is not available and the Company has not identified or classified such suppliers.

2. As regards to AS-18 Related Party disclosure

None of the transactions with any of the related parties were in conflict with the interest of the company.

3. During the year Contingent Liabilities is Nil

4. In opinion of management, Current Assets, Loans and Advances are approximately of the value stated, if released in the ordinary course of business, the provision for all known liabilities are adequate and not in excess than reasonable necessary.

5. Figures of previous year have been re-grouped/re-arranged wherever necessary.

6. Previous figure regrouped or rearranged.

7. Factory was put in use in the Second Half of the year and hence depreciation claimed is for half year.

8. Schedule 1 to 14 is an integral part of the accounts.

 
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