Home  »  Company  »  Sovereign Diamon  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Sovereign Diamonds Ltd.

Mar 31, 2015

NOTE : 1 The Company have obtained interest free loans from a director.

NOTE : 2 The company have deposited a sum of Rs. 5.60 Lacs with Bombay High Court towards the recovery suit pending against the company. The Company have provided a sum of Rs. 2.75 Lacs in the account & balance amount of Rs. 2.85 Lacs is kept as deposit with Honourable High Court. This is pending since year 1993.

NOTE : 3 DISCLOSURE SPECIFIED BY THE MSMED ACT

The Company has not received any intimation from Suppliers regarding their status under Micro, Small and Medium Enterprise Development Act, 2006 and hence disclosure,if any, relating to amounts unpaid as at year end together with interest paid /payable as required under the said Act have not been given.

NOTE : 4 The figures of previous year have been regrouped/rearranged wherever considered necessary.


Mar 31, 2014

RELATED PARTY DISCLOSURES

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below :

i) List of related parties where control exists and related parties with whom transactions have taken place and relationships :

Sr. Name of the Related Party Relationship No.

1 Universal Jewellery Ltd.

2 Sovereign Jewellery Ltd. Associates

3 Ras Family Trust

4 R. B. Hotchand Hiranand Foundation

5 Mr. Ramesh H. Gehani Executive Chairman

6 Mr. Ajay R. Gehani Managing Director Key Managerial Personnel and

7 Mr. Sanjay R. Gehani Relative their relatives

8 Mrs. Rani R. Gehani Relative

NOTE : 2 The Company have obtained interest free loans from a directors.

NOTE : 3 The company have deposited a sum of Rs. 5.60 Lacs with Bombay High Court towards the recovery suit pending against the company. The Company have provided a sum of Rs. 2.75 Lacs in the account & balance amount of Rs. 2.85 Lacs is kept as deposit with Honourable High Court. This is pending since year 1993.

NOTE : 4 DISCLOSURE SPECIFIED BY THE MSMED ACT

The Company has not received any intimation from Suppliers regarding their status under Micro, Small and Medium Enterprise Development Act,2006 and hence disclosure, if any, relating to amounts unpaid as at year end together with interest paid /payable as required under the said Act have not been given. NOTE : 28 The fgures of previous year have been regrouped/rearranged wherever considered necessary.

NOTE : 5 Notes 1 to 28 form an integral part of the Financial Statement.


Mar 31, 2013

NOTE : 1 The Company have obtained interest free loans from associates directors and their relatives.

NOTE : 2 The company have deposited a sum of Rs. 5,59,591.66 with Bombay High Court in 1993 towards the recovery suit pending against the company. The Company have provided a sum of Rs. 2,75,000/- in the account and balance amount of Rs. 2,84,591.66 is kept as deposit with Honourable High Court.

NOTE : 3 DISCLOSURE SPECIFIED BY THE MSMED ACT

The Company has not received any intimation from Suppliers regarding their status under Micro, Small and Medium Enterprise Development Act,2006 and hence disclosure ,if any, relating to amounts unpaid as at year end together with interest paid /payable as required under the said Act have not been given.

NOTE : 4 The figures of previous year have been regrouped/rearranged wherever considered necessary.

NOTE : 5 Notes 1 to 28 form an integral part of the Financial Statement.


Mar 31, 2012

A) Nature of securities

i) Term Loans obtained from Corporation bank is secured against specific machineries.

ii) Corporate Loans obtained from Corporation bank is secured against Export bills, inventories, book debts, current assets, equitable mortgage of factory land and building situated at Adhere (E) Mumbai. And personal guarantee of directors.

iii) Vehicle loans acquired from bank/financial Services are secured against hypothecation of Vehicles.

Inventories are as taken, valued and certified by the Management. Value of Indigenous and Imported Raw materials Consumed during the year The Company have obtained interest free loans from associates, directors and their relatives.

The company have deposited a sum of Rs. 5.60/-Lacs with Bombay High Court towards the recovery suit pending against the company. The Company have provided a sum of Rs. 2.75/- Lacs in the account and balance amount of Rs. 2.85 Lacs is kept as deposit with Honorable High Court.

DISCLOSURE SPECIFIED BY THE MSMED ACT

The Company has not received any intimation from Suppliers regarding their status under Micro, Small and Medium Enterprise Development Act,2006 and hence disclosure ,if any, relating to amounts unpaid as at year end together with interest paid /payable as required under the said Act have not been given.

Notes 1 to 27 form an integral part of the Financial Statement.

*To be filled by Shareholders holding shares in dematerialized form **To be filled by shareholder holding shares in physical form.

I, hereby record my attendance at the Thirty- Eighth Annual General Meeting to be held on Tuesday, 18th September, 2012 at 10.30 a.m. at Embassy Rooms, 6th Floor, Hotel Tunga Paradise, Central Road, MIDC, Andheri (East), Mumbai: 400 093.

*To be filled by Shareholders holding shares in dematerialized form **To be filled by shareholder holding shares in physical form.


Mar 31, 2011

1. Segment Reporting :

a) Business Segment :

The Company's main business is manufacturing of Jewellery. All other activities of the company revolve around this main business. There are no separate segments within the company as defined by AS 17 (Segment Reporting) issued by The Institute of Chartered Accountants of India.

b) Geographical Segment :

The geographical segments considered for disclosures are :

(i) Sales within India made to Customers located within India Rs.17,56,68,600/-.

(ii) Sales outside India represents sales made to customers located outside India Rs. 1,97,41,817/-.

The entire activity pertaining to sales outside India is carried out from India.

2. Disclosure in respect of Related Parties pursuant to Accounting Standard 18 :

(a) Associate :

Hotchand Hiranand

Universal Jewellery Ltd.

Sovereign Jewellery Ltd.

Bombay Textiles

Ras Family Trust

R. B. Hotchand Hiranand Foundation

(b) Key Management Personnel and their Relatives :

Mr. Ramesh H. Gehani - Executive Chairman

Mr. Ajay R. Gehani - Managing Director

Mr. Sanjay R. Gehani - Relative

Mrs. Rani R. Gehani - Relative

Mr. Rajender R. Gehani - Relative

3. Impairment of assets :

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairement loss is charged to the profit and loss account in the year in which an asset is identified as impaired.

4. The Company is in the process of working and obtaining gratuity liability certificate from LIC as required under AS 15. On determining the said liability, provision shall be made in the account of following year by adjustment from General Reserve or charge to Profit & Loss Account.

5. The Company have obtained interest free loans from directors and their relatives. Interest of Rs.3,00,826/-(Rs.3,10,590/-) are not provided on the said loans.

6. Under the Micro, Small and Medium Enterprises Development Act, 2006 which came into force on 2nd October, 2006, certain disclosures are required to be made relating to dues payable to Micro, Small and Medium Enterprises. The Company is in the process of compiling relevant information from the suppliers regarding their coverage under the said Act. Since the relevant information is not readily available, no disclosure have been made in the Accounts.

7 The Company has not made provision for doubtful debts of Rs. 29.55 lakhs recoverable from foreign customer, as the directors are hopeful to recover the amount in current year.

8 The company have deposited a sum of Rs. 5,59,591.66 with Bombay High Court towards the recovery suit pending against the company. The Company have provided a sum of Rs. 2,75,000/- in the account and balance amount of Rs. 2,84,591.66 is kept as deposit with Honourable High Court.

9 The figures of previous year have been regrouped/rearranged wherever considered necessary.

10 Figure shown in brackets are of previous year.


Mar 31, 2010

1. Segment Reporting :

a) Business Segment :

The Companys main business is manufacturing of Jewellery. All other activities of the company revolve around this main business. There are no separate segments within the company as defined by AS 17 (Segment Reporting) issued by The Institute of Chartered Accountants of India.

b) Geographical Segment :

The geographical segments considered for disclosures are : (i) Sales within India made to Customers located within India Rs. 10,24,25,460/-. (ii) Sales outside India represents sales made to customers located outside India Rs. 2,41,62,301/-. The entire activity pertaining to sales outside India is carried out from India.

2. Disclosure in respect of Related Parties pursuant to Accounting Standard 18 :

(a) Associate Hotchand Hiranand

Universal Jewellery Ltd.

Sovereign Jewellery Ltd.

Bombay Textiles

Ras Family Trust

R. B. Hotchand Hiranand Foundation

(b) Key Management Personnel and their Relatives Mr. Ramesh H. Gehani - Managing Director

Mr. Ajay R. Gehani - Wholetime Director Mr. Sanjay R. Gehani - Wholetime Director Mrs. Rani R. Gehani - Relative Mr. Rajender R. Gehani - Relative



(c) During the year, the following transactions were carried out with the related parties in the ordinary course of the business.

3. Accounting for Taxes on Income

The significant component and classification of deferred tax assets and liabilities on account of timing differences are :

4. Impairment of assets :

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairement loss is charged to the profit and loss account in the year in which an asset is identified as impaired.

5. The Company is in the process of working and obtaining gratuity liability certificate from LIC as required under AS 15. On determining the said liability, provision shall be made in the account of following year by adjustment from General Reserve or charge to Profit & Loss Account.

6. The Company have obtained interest free loans from directors and their relatives. Interest of Rs.3,10,590/- are not provided on the said loans.

7. Under the Micro, Small and Medium Enterprises Development Act, 2006 which came into force on 2nd October, 2006, certain disclosures are required to be made relating to dues payable to Micro, Small and Medium Enterprises. The Company is in the process of compiling relevant information from the suppliers regarding their coverage under the said Act. Since the relevant information is not readily available, no disclosure have been made in the Accounts.

8 The Company has not made provision for doubtful debts of Rs. 90.30 lakhs recoverable from foreign customer, as the directors are hopeful to recover the amount in current year.

9 The company have deposited a sum of Rs. 5,59,591.66 with Bombay High Court towards the recovery suit pending against the company. The Company have provided a sum of Rs. 2,75,000/- in the account and balance amount of Rs. 2,84,591.66 is kept as deposit with Honourable High Court.

10 The figures of previous year have been regrouped/rearranged wherever considered necessary.

11 Figure shown in brackets are of previous year.

 
Subscribe now to get personal finance updates in your inbox!