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Notes to Accounts of White Diamond Industries Ltd.

Mar 31, 2014

1. Deferred Tax (Liabilities)/Assets(net)

In accordance with the Accounting Standard 22 on " Accounting for Taxes on Income " issued by The Institute of Chartered Accountants of India, Deferred assets and liabilities should be recognized for all timing differences in accordance with the said standard.

The tax effect of significant timing differences during the year that have resulted in deferred assets and liabilities are given below.

2. Related Party Transactions

a) List of Related Parties:

Key Management Personnel (KMP)

Mr. Darshak Rupani Managing Director

Mr. Prashantt Rupani Whole Time Director

Mr. Ramesh P Kothari Additional Director

Mr. Jaynish R. Kothari Director

Mr. Jitendra Mehta Director

Other Related Party (Enterprise Owend or significantly influenced by Key Management Personnel).

Suraj Enterprises (Proprietorship firm)

Sapna Infraventure Pvt Ltd (Wholly owned subsidiary)

Jaynish & Co. (Proprietorship firm)

3. Expenses in foreign currency : NIL (P.Y. NIL)

Earnings in foreign currency : NIL (P.Y. NIL)

4. The company has no outstanding dues to small scale industrial undertakings as on 31st March, 2014.

5. During the year, the company has not carried on more than one activity. Therefore Segment Reporting as per AS 17 is not applicable to the company.

6. Previous year''s figures have been regrouped/rearranged wherever necessary, so as to make them comparable with those of the current year.


Mar 31, 2013

Company Overview :

White Diamond Industries Limited along with its 100% owned and controlled subsidiary Sapna Infraventure Pvt. Ltd. is a company engaged in business of trading in cut and polished diamonds.


Mar 31, 2012

Company Overview :

White Diamond Industries Limited along with its 100% owned and controlled subsidiary Sapna Infraventure pvt. Ltd. is a company engaged in business of trading in cut and polished diamonds.


Mar 31, 2010

1. There is no contingent liability outstanding as on the year ended 31st March, 2010.

2. The company has given advance against export order of US $ 10 million from Romidiam B.V.B.A. Antwerp, Belgium to the various parties amounting to Rs. 5,09,65,000.

3. Impairment loss is not provided as the same is not material during the current financial year. The company will review the same in future.

4. Provision for gratuity amounting to Rs. 76,000 have not been invested in any fund by the Company,

5. The account pertaining to unclaimed dividend is under reconciliation and/or subject to adjustment, if any.

6. Disclosure of Segment Reporting under Accounting Standard:

Notes:

During the year the company has only one trading activity and hence segment wise report of activities is not given.

7. In accordance with the Accounting Standard 22 on "Accounting for Taxes on Income",(AS 22) issued by The Institute of Chartered Accountants of India, Deferred assets and liabilities should be recognized for all timing differences in accordance with the said standard.

8. Related party disclosure.

A) List of related party

Key Management Personnel

Mr. Ramesh Kothari Managing Director

Mr. Jaynish Kothari Director

Other Related Party (Enterprise owned or significantly influenced by key management personnel)

Suraj Enterprises

Jaynish & Co.

Nature of transaction Relationship Name of Related party Value

Salary Key Management Ramesh Kothari 96,000



9. Foreign Currency Expenses:

Foreign Traveling Expenses NIL NIL

10. Additional information pursuant to the provisions of Paragraph 4(C) & 4(d) of Part-II of Schedule-VI of the Companies Act, 1956 (As Certified by a Director) to the extent applicable.

A) The quantitative information regard to class of goods manufactured by the Company.

a) Licensed Capacity : Not Applicable

b) Installed Capacity : Not Applicable

c) Actual Production : Cut & Polished Diamonds Cts. NIL

B) Information required in terms of part IV of schedules VI of companies Act 1956 attached.

11. The Valuation of Fixed Assets has been taken, valued and certified by the Managing director of the Company.

12. The closing stock has been taken, valued and certified by the Managing director of the company and the company accepted the same on the basis of valuation certificate by valuer appointed by the company being a technical matter.

13. In the opinion of the Board, Stock in Hand, Current Assets, Loans and Advances have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated.

14. Balance of Debtors, Creditors, Loan & Advances are subject to confirmation and/or reconciliation/consequential adjustments, if any.

15. Information required in terms of Part IV of Schedule VI of the Companies Act, 1956 is attached.

16. Previous Years figures have been rearranged/regrouped wherever were necessary.

17. Figures in Brackets pertain to previous year.

 
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