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Notes to Accounts of Sunraj Diamond Exports Ltd.

Mar 31, 2015

1. (a) BASIS OF PREPARATION OF FINANCIAL 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 & Companies Act, 2013,

(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 & Finance 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)

(e) DEFERRED TAXATION

Deferred Tax Liability for the year is Rs. 53,845/-

(f) CONTINGENT LIABILITIES:

The Company has a contingent liability of income tax of Rs. 8,86,480 in respect for A.Y. 2002-2003.

2. Inventories are valued at cost as certified by the management.

3. There is no amount outstanding payable to Small Scale industries.

4. No provision for doubtful debts is made on long outstanding debtors, as the management is hopeful of realizing the same.

5. Licensed capacity - Not Applicable.

6. EXPENDITURE IN FOREIGN EXCHANGE

Foreign Travelling Expenditure Rs. 4,22,055/- (Previous year Rs. 16,98,568.00/-)

7. EARNING IN FOREIGN EXCHANGE

F.O.B. Value of Exports and Exchange Difference - Rs. 16,85,79,880/- (Previous year Rs. 33,78,36,486/-).

8. The previous year's figures are regrouped wherever necessary.


Mar 31, 2014

1. Inventories are valued at cost as certified by the management.

2. There is no amount outstanding payable to Small Scale industries.

3. No provision for doubtful debts is made on long outstanding debtors, as the management is hopeful of realizing the same.

4. Licensed capacity - Not Applicable.

5. EXPENDITURE IN FOREIGN EXCHANGE

Foreign Travelling Expenditure Rs 16,98,568.00/- (Previous year Rs 12,89,535.36/-)

6. EARNING IN FOREIGN EXCHANGE

F.O.B. Value of Exports and Exchange Difference - Rs 33,78,36,486/- (Previous year Rs 32,24,51,240/-).

7. The previous year''s figures are regrouped wherever necessary.


Mar 31, 2013

1. Inventories are valued at cost as certified by the management.

2. There is no amount outstanding payable to Small Scale industries.

3. No provision for doubtful debts is made on long outstanding debtors, as the management is hopeful of realizing the same.

4. Licensed capacity - Not Applicable.

5. The previous year''s figures are regrouped wherever necessary.

The company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation , the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

PROPOSED DIVIDEND

The Company at its Board Meeting held on 29th 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 after tax have been transferred to General Reserve Account.

Nature of Security

Working Capital facility (Postshipment Finance) Secured against

- Guarantee: - Personal Guarantee of the Directors.

-Collateral:

- Hypothecation of stocks and receivables

- Bank Fixed Deposit of Rs. 1,20,00,000 kept with The Royal Bank of Scotland N.V.

- Equitable Mortgage of the Registered Office fo the Company Other Loan facility Secured against hypothecation of Car

ACCOUNTING OF DEPRECIATION

Depreciation is provided on Fixed Assets on Straight Line Basis in accordance with Schedule XIV of the Companies Act, 1956.

ACCOUNTING FOR FIXED ASSETS

All Fixed Assets are valued at cost less Depreciation

Items of inventory are valued on the basis given below:

(l)Raw Materials: - At cost including incidental expenses incurred for its acquisitions, (ii) Finished Goods: - At cost or market value whichever is lower. In case of finished goods which are manufactured, the cost of labour incurred for converting raw material into finished goods and which are lying in the stock are added to the stock of finished goods.

Note: Converted at the rate of Exchange USD 1 = Rs. 54.335 prevailing on 31.03.2013 For and on behalf of Board


Mar 31, 2012

1. Inventories are valued at cost as certified by the management.

2. There is no amount outstanding payable to Small Scale industries.

3. No provision for doubtful debts is made on long outstanding debtors, as the management is hopeful of realizing the same.

4. Licensed capacity - Not Applicable.

5. The previous year's figures are regrouped wherever necessary.

(i) Raw Materials: - At cost including incidental expenses incurred for its acquisitions.

(ii) Finished Goods: - At cost or market value whichever is lower. In case of finished goods which are manufactured, the cost of labour incurred for converting raw material into finished goods and which are lying in the stock are added to the stock of finished goods.


Mar 31, 2010

1. PROVISIONS:

(a) Provision has been made for fall in market value of investments of the Company of Rs. NIL as on 31.3.2010 (Previous year Rs. 9,78,400/-).

2. CONTINGENT LIABILITIES:

There are no Contingent Liability as on Balance Sheet Dated 31.03.2010.

3. Inventories are valued at cost as certified by the management.

4. There is no amount outstanding payable to Small Scale industries.

5. No provision for doubtful debts is made on long outstanding debtors, as the management is hopeful of realizing the same.

6. Licensed capacity - Not Applicable.

7. EXPENDITURE IN FOREIGN EXCHANGE

Foreign Traveling Expenditure Rs. 7,54,129/- (Previous Year Rs. 7,59,422/-)

8. EARNING IN FOREIGN EXCHANGE

F.O.B. Value of Exports and Exchange Difference - Rs.221,100,129/- (Previous year Rs.76,308,387/-)

9. The previous years figures are regrouped wherever necessary.

 
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