Mar 31, 2014
1. (a) BASIS OF PREPARATION OF FIANANCIAL STATEMENTS
The financial statements have been prepared in compliance with the
mandatory Accounting Standards notified under the companies (Accounting
Standards) Rules, 2006 (as amended) and generally accepted Accounting
principles applicable in India (GAAP).
The financial statements are prepared under historical cost convention
on accrual basis accordance with the requirements of the Companies Act,
1956.
(b) FOREIGN CURRENCY TRANSACTIONS
Foreign transactions that has been entered into by the Company during
the year has been accounted as per the exchange rate prevailing as on
the date of transaction.
Sales or Purchases accounted during the year are accounted at the rate
of exchange as on the date of transaction. Subsequently, when the bills
are settled, any gain or loss arising on such transactions are credited
or debited to exchange rate fluctuation account.
Closing balances of the foreign parties as on the Balance Sheet date
are accounted at the realizable value as on that date. The difference
in the account is transferred to exchange rate fluctuation account.
(c) REVENUE RECOGNITION Sale of Goods:
Revenue from sale of goods is recognized when risk and rewards of
ownership of the products are passed on to the customers, which is
generally on dispatch of goods and is stated net of returns, trade
discounts, claims etc.
(d) RELATED PARTY DISCLOSURES Companies in which Directors are
interested
- Sunraj Investment & Finanace Pvt. Ltd.
- Gunial Investment & Finance Pvt. Ltd.
- K.D. Shah Investments Pvt. Ltd.
Management / Directors
- Sunil C. Gandhi
- Sunny S. Gandhi
- Nirav K. Shah
Shareholders
- Nirav K. Shah (HUF)
(g) CONTINGENT LIABILITIES:
The Company has a contingent liability of income tax of Rs 8,86,480 in
respect for A.Y. 2002-2003.
Mar 31, 2013
1 .(a) BASIS OF PREPARATION OF FIANANCIAL STATEMENTS
The financial statements have been prepared in compliance with the
mandatory Accounting Standards notified under the companies (Accounting
Standards) Rules, 2006 (as amended) and generally accepted Accounting
principles applicable in India (GAAP).
The financial statements are prepared under historical cost convention
on accrual basis accordance with the requirements of the Companies Act,
1956.
(b) FOREIGN CURRENCY TRANSACTIONS
Foreign transactions that has been entered into by the Company during
the year has been accounted as per the exchange rate prevailing as on
the date of transaction.
Sales or Purchases accounted during the year are accounted at the rate
of exchange as on the date of transaction. Subsequently, when the bills
are settled, any gain or loss arising on such transactions are credited
or debited to exchange rate fluctuation account.
Closing balances of the foreign parties as on the Balance Sheet date
are accounted at the realizable value as on that date. The difference
in the account is transferred to exchange rate fluctuation account.
(C) Revenue Recognition
Sale of Goods:
Revenue from sale of goods is recognized when risk and rewards of
ownership of the products are passed on to the customers, which is
generally on dispatch of goods and is stated net of returns, trade
discounts, claims etc.
(c) RELATED PARTY DISCLOSURES Companies in which Directors are
interested
-Sunraj Investment & Finance Pvt. Ltd.
- Gunial Investment & Finance Pvt. Ltd
- K.D. Shah Investments Pvt. Ltd.
Management / Directors
-Sunil C. Gandhi -SunnyS. Gandhi
- Nirav K. Shah
(e) DEFERRED TAXATION
Deferred Tax Liability fortheyearis Rs. 1,49,510/-
(f) PROPOSED DIVIDEND
The Company at its Board Meeting held on 29,h June, 2013 has proposed
to declare dividend @ 10% on its paid up capital. The effect for the
same has been provided in the accounts for the relevant year. As per
Companies (Transfer of profits to Reserves) Rules, 1975,2.5% of the
current years profit aftertax have been transferred to General Reserve
Account.
(g) CONTINGENT LIABILITIES:
The company has a contingent liability of income tax of Rs. 8,86,480 in
respect for A.Y. 20022003.
(h) MANAGERIAL REMUNERATION:
Managerial Remuneration U/s 198 of the Companies Act, 1956, to the
Managing Director.
Mar 31, 2010
The financial statements are prepared under historical cost convention
on accrual basis accordance with the requirements of the Companies Act,
1956.
(b) INVENTORIES
Items of inventory are valued on the basis given below:
(i) Raw Materials - At cost including incidental expenses incurred for
its acquisitions.
(ii) Finished Goods - At cost or market value whichever is lower.
(c) DEPRECIATION
Depreciation is provided on Fixed Assets on Straight Line Basis in
accordance with Schedule XIV of the Companies Act, 1956.
(d) FIXED ASSETS
All Fixed Assets are valued at cost less Depreciation.
(e) FOREIGN CURRENCY TRANSACTIONS
Foreign transactions that has been entered into by the Company during
the year has been accounted as per the exchange rate prevailing as on
the date of transaction.
Sales or Purchases accounted during the year are accounted at the rate
of exchange as on the date of transaction. Subsequently, when the bills
are settled, any gain or loss arising on such transactions are credited
or debited to exchange rate fluctuation account.
Closing balances of the foreign parties as on the Balance Sheet date
are accounted at the realizable value as on that date. The difference
in the account is transferred to exchange rate fluctuation account.
However, the Company has not accounted the exchange rate gain in
respect of dues outstanding as on Balance Sheet date of its debtor viz,
Marvel Gems BVBA. The principal amount receivable from the debtor is
doubtful to be received and hence the gain on valuation of the debtor
is not accounted. The Company has followed the policy of substance over
form to account the said gain as the principal amount is doubtful to be
received then any gain arising on the same cannot be accounted.
(f) INVESTMENTS
Investments are stated at cost of acquisition. During the year, the
Company has sold majority of the shares held by them as investment.
During the year F.Y. 2008-09, the Company had made a provision of
diminishing in value of investment in case of script of V. B. Desai
Financial Services Limited of Rs. 9,78,400 as per the Accounting
Standard - 13 issued by the Institute of Chartered
Accountants of India as the market value of the script was much below
the original purchase cost. During the year, F.Y. 2009-10, the said
script was sold by the Company and it has incurred an actual loss of
Rs. 9,51,808. Hence the provision for diminishing in value of
investment in respect of the said script that was made last year is now
reversed in the current year and actual loss on sale of said script is
accounted in the books.