Home  »  Company  »  Devine Impex Ltd.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Devine Impex Ltd.

Mar 31, 2015

1. No provision for employee retirement benefits has been made in the accounts as there are no regular employees during the year.

Note: There is no secondary segment.

2. CURRENT ASSETS, LOANS & ADVANCES

In the opinion of the management, the current assets, loans and advances are approximately of the value as stated, if realised in the ordinary course of business.

3. CURRENT LIABILITIES

In the opinion of the management of the Company, there are no micro, small and medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2015. The information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of the information available with the Company and have been relied upon by the statutory auditors of the Company.

4. RELATED PARTY DISCLOSURES

a) Relationship

i) Joint Venture & Associates * Tiara Jewels Private Limited

ii) Key Management Personnel

Sh. Rohitjain

Sh. Parvesh Kumar Oberoi

Sh. Vinay Kumar Sharma

iii) Relatives of Key Management Personnel *

Sh. Jawahar Lai Jain Sh. Neeraj Jain Smt. Manju Jain

iv) Entities of Key Management Personnel *

Jawahar Lai Jain (HUF)

* With whom the Company had transactions during the year.

5. EARNINGS PER SHARE

Basic earnings per equity share has been computed by dividing net profit after tax by the weighted average number of equity shares outstanding for the period. Diluted earnings per equity share have been computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the year.

6. DEPRECIATION

In terms of Schedule II to the Companies Act, 2013 read together with Accounting Standard 6 (AS - 6) "Depreciation Accounting", the management of the Company has applied the estimated useful lives as specified in Schedule II with effect from lstApril, 2014, as disclosed in Accounting Policy on Fixed Assets and Depreciation. In terms of these evaluations, the useful lives of certain assets required changes from their previous estimates, the effect of the same is not material.

7. INCOME TAX Current Tax

Provision for Income tax has been made as per Income-tax Act, 1961.

Deferred Tax

In compliance with Accounting Standard (AS-22) relating to "Accounting for Taxes on Income" issued under Companies (Accounting Standards) Rule 2014, as amended upto date, the Company has provided Deferred Tax Asset accruing during the year aggregating to Rs. 4,300/- (Previous Year Deferred Tax Asset Rs. 100/-) and it has been recognized in the Statement of Profit & Loss. In accordance with clause 29 of Accounting Standard (AS 22) Deferred Tax Assets and Deferred Tax Liabilities have been set off.

8. LEASES

Operating leases are mainly in the nature of lease of office premises with no restrictions and are renewable/ cancellable at mutual consent. There are no restrictions imposed by lease arrangements. 1'here are no sub leases.

Lease payments recognized in the statement of profit and loss are Rs. 1,77,396/- (Previous Year Rs. 1,68,416/-).

9. The Company has re-grouped/reclassified previous year's figures to conform to current year's classification. Paise have been rounded off to nearest rupee.


Mar 31, 2014

1. a) CONTINGENT LIABILITIES:

S. Particulars 31.03.2014 31.03.2013 No.

i) Claims against the company not Nil Nil acknowledged as debt

ii) Guarantees Nil Nil

iii) Other money for which the company is Nil Nil contingently liable

b) COMMITMENTS:

S. Particulars 31.03.2014 31.03.2013 No.

i) Estimated amount of contracts Nil Nil remaining to be executed on capital account and not provided for

ii) Uncalled liability on shares and other investment partly paid Nil Nil



iii) Other commitments Nil Nil

2. No provision for employee retirement benefits has been made in the accounts as there are no regular employees during the year.

3. CURRENT LIABILITIES

In the opinion of the management of the Company, there are no micro, small and medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2014. The information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of the information available with the Company and have been relied upon by the statutory auditors of the Company.

4. EARNINGS PER SHARE

Basic earnings per equity share has been computed by dividing net profit after tax by the weighted average number of equity shares outstanding for the period.

Diluted earnings per equity share have been computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the year.

5. INCOME TAX

Current Tax *

Provision for Income tax has been made as per Income-tax Act, 1961.

Deferred Tax

In compliance with Accounting Standard (AS-22) relating to "Accounting for Taxes on Income" issued under Companies (Accounting standards) Rule 2006, as amended upto date, the Company has provided Deferred Tax Asset accruing during the year aggregating to Rs. 100/- (Previous Year Deferred Tax Liability of Rs. 800/-) and it has been recognized in the Statement of Profit & Loss. In accordance with clause 29 of Accounting Standard (AS 22) Deferred Tax Assets and Deferred Tax Liabilities have been set off.

6. LEASES

Operating leases are mainly in the nature of lease of office premises with no restrictions and are renewable/ cancellable at mutual consent. There are no restrictions imposed by lease arrangements. There are no sub leases.

Lease payments recognized in the statement of profit and loss are Rs. 1,68,416/- (Previous Year Rs.1,58,560/-).

7. The Company has re-grouped/reclassified previous year''s figures to conform to current year''s classification. Paise have been rounded off to nearest rupee.


Mar 31, 2013

1.1 a) CONTINGENT LIABILITIES:

S. No.Particulars 31.03.2013 31.03.2012

i) Claims against the company not Nil Nil acknowledged as debt

ii) Guarantees Nil Nil

iii) Other money for which the company is Nil Nil contingently liable

1.2 No provision for employee retirement benefits has been made in the accounts as there are no regular employees during the year.

1.3 CURRENT ASSETS, LOANS & ADVANCES

In the opinion of the management, the current assets, loans and advances are approximately of the value as stated if realised in the ordinary course of business.

1.4 CURRENT LIABILITIES

In the opinion of the management of the Company, there are no micro, small and medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2013. The information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of the information available with the Company and have been relied upon by the statutory auditors of the Company.

1.5 RELATED PARTY DISCLOSURES a) Relationship

i) Subsidiary Company

Tiara Jewels Private Limited (till 31.12.2012)

ii) Joint Venture & Associates *

Tiara Jewels Private Limited (-w.e.f. 01.01.2013)

iii) Key Management Personnel

Sh. Jawahar Lai Jain

Sh. Neeraj Jain

Sh. Rohit Jain

Smt. Manju Jain

Sh. Parvesh Kumar Oberoi

Sh. Vinay Kumar Sharma

iv) Relatives of Key Management Personnel *

None

v) Entities of Key Management Personnel *

Jawahar Lai Jain (HUF)

* With whom the Company had transactions during the year.

1.6 EARNINGS PER SHARE

Basic earnings per equity share has been computed by dividing net profit after tax by the weighted average number of equity shares outstanding for the period. Diluted earnings per equity share have been computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the year.

1.7 INCOME TAX

Current Tax

Provision for Income tax has been made as per Income-tax Act, 1961.

Deferred Tax

In compliance with Accounting Standard (AS-22) relating to "Accounting for Taxes on Income" issued under Companies (Accounting standards) Rule 2006, as amended upto date , the Company has provided Deferred Tax Liability accruing during the year aggregating to Rs. 800/- (Previous Year Figure Rs 6,400/-) and it has been recognized in the Statement of Profit & Loss. In accordance with clause 29 of Accounting Standard (AS 22) Deferred Tax Assets and Deferred Tax Liabilities have been set off.

1.8 LEASES

Operating leases are mainly in the nature of lease of office premises with no restrictions and are renewable/ cancellable at mutual consent. There are no restrictions imposed by lease arrangements. There are no sub leases.

Lease payments recognized in the statement of profit and loss are Rs. 1,58,560/- (Previous Year Figure Rs.1,49,600/-).

1.9 The shareholding of Company in Tiara Jewels Pvt. Ltd. has reduced from 100% to 43.91% and hence Tiara Jewels Pvt. Ltd has ceased to be a Subsidiary of the company and has become an Associate w.e.f. 01.01.2013.

1.10 The Company has re-grouped/reclassified previous year''s figures to conform to current year''s classification. Paise have been rounded off to nearest ruppe.


Mar 31, 2012

1.1 No provision for employee retirement benefits has been made in the accounts as there are no regular employees during the year.

1.2 CURRENT ASSETS, LOANS & ADVANCES

In the opinion of the management, the current assets, loans and advances are approximately of the value as stated if realised in the ordinary course of business.

1.3 CURRENT LIABILITIES

In the opinion of the management of the Company, there are no micro, small and medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2012. The information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of the information available with the Company and have been relied upon by the statutory auditors of the Company.

1.4 RELATED PARTY DISCLOSURE a) Relationship

i) Subsidiary Company

Tiara Jewels Private Limited - 100 % Subsidiary ii) Joint Venture & Associates *

None iii) Key Management Personnel

Sh. Jawahar Lai JainA Sh. Neeraj Jain A Sh. Rohit Jain Smt. Manju JainA Sh. Parvesh Kumar Oberoi® Sh. Vinay Kumar Sharma® Aupto 01.03.2012 @w.e.f. 02.03.2012

iv) Relatives of Key Management Personnel *

Sh. Jawahar Lai Jain # Sh. Neeraj Jain # Smt. Manju Jain# Smt. Tina Jain

#w.e.f. 02.03.2012

v) Entities of Key Management Personnel *

Jawahar Lai Jain (HUF)

*With whom the Company had transactions during the year.

1.5 EARNINGS PER SHARE

Basic earnings per equity share has been computed by dividing net profit after tax by the weighted average number of equity shares outstanding for the period. Diluted earnings per equity share have been computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the year.

1.6 INCOME TAX

Current Tax

Provision for Income tax has been made as per Income-tax Act, 1961.

Deferred Tax

In compliance with Accounting Standard (AS-22) relating to "Accounting for Taxes on Income" issued under Companies (Accounting standards) Rule 2006, as amended upto date , the Company has provided Deferred Tax Liability accruing during the year aggregating to Rs. 6,400/- and it has been recognized in the Statement of Profit & Loss. In accordance with clause 29 of Accounting Standard (AS 22) Deferred Tax Assets and Deferred Tax Liabilities have been set off.

1.7 LEASES

Operating leases are mainly in the nature of lease of office premises with no restrictions and are renewable/ cancellable at mutual consent. There are no restrictions imposed by lease arrangements. There are no sub leases.

Lease payments recognized in the statement of profit and loss are Rs.1,49,600/ - (Previous Year Rs.1,12,340/-).

1.8 Due to applicability of Revised Schedule VI with effect from current financial year, the Company has reclassified previous year's figures to conform to this year's classification. Paise have been rounded off to nearest rupee.


Mar 31, 2011

1. Contingent Liabilities: Nil ( Previous Year: Nil)

2. The Company had no manufacturing activities during the year (Previous Year: Nil)

3. No provision for gratuity and other retirement benefits has made in the accounts as there are no employees who have put in qualifying period of service to be eligible for these benefits.

4. Estimated amounts of contracts remaining to be executed on capital account and not provided for - Nil

5. In the opinion of the Director of the Company the current assets, loans and advances are approximately of the value as stated if realised in the ordinary course of business.

6. Expenditure incurred on employees getting remuneration not less than Rs. 60/00,000/- p.a. in respect of persons employed throughout the year and/or not less than Rs. 5,00,000/- p.m. in respect of persons employed for part of the years is Nil.

7. Particulars of payments made to auditors :

a. Statutory Audit Fees Rs. 20,000.00

b. Tax Audit Fees Rs. 10,000.00

c. Service Tax ' Rs. 3,090.00

8. In the opinion of the management of the Company, there are no micro, small and medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2011. The information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of the information available with the Company and have been relied upon by the statutory auditors of the Company.

9. RELATED PARTY DISCLOUSER (as per AS 18)

a. List of related parties

i. Subsidiary Company

Tiara Jewels Private Limited - 100 % Subsidiary

ii. Joint Venture & Associates * None

iii. Key Management Personnel Sh. Jawahar Lai Jain Sh. Neeraj Jain Sh. Rohit Jain Smt. Manju Jain

iv. Relatives of Key Management Personnel * None

v. Entities of Relatives of Key Management Personnel * Jawahar Lai Jain (HUF) .

* With whom the Company had transactions during the year.

10. Provision Of Income Tax

As per Income Tax Act, the Company has incurred losses during the year, Consequently, in the opinion of the management, there will be no income tax liability for the current year. Provision for Minimum Alteration Tax (MAT) has not been made in view of book loss.

11. Taxes on Income (AS 22)

In view of brought forward losses, the Company has not provided for Deferred Tax Assets, adhering to concept of conservatism.

12. Additional Information Pursuant to Paragraphs 3 & 4 Part II of Schedule VI of the Companies Act, 1956 (as certified by the management and relied upon by the Auditors)

a) Particulars of Installed Capacities and Actual Production - Not Applicable

c) Consumption of Raw Materials - Not Applicable

d) Imports on CIF Basis - Nil

e) Expenditure in Foreign Currency - Nil

f) Dividend to Non-Resident Shareholders - Nil

g) Earnings in Foreign Exchange - Nil

13. Previous year figures have been re-grouped and re-arranged wherever considered necessary

14. Balance Sheet abstract and company's general business profile is given in Annexure XV-A


Mar 31, 2010

1. Contingent Liabilities: Nil ( Previous Year: Nil)

2. The Company had no manufacturing activities during the year (Previous Year: Nil)

3. No Provision for Gratuity has made in the accounts as no employee has put in qualifying period of service to be eligible for gratuity.

4. SEGEMENTAL REPORTING (as per AS 17)

The Company operates in single business segment, So there is no segmental reporting as required under AS 17 issued by The Institute of Chartered Accountants of India.

5. RELATED PARTY DISCLOUSER (as per AS 18)

a. List of related parties

i. Joint Venture / Associate Concerns / Subsidiary Company *

Tiara Jewels Private Limited - 100 % Subsidiary

ii. Key Management Personnel

Sh. Nagesh Agganval #

Sh. Jawahar Lai Jain

Sh. Neeraj Jain

Sh. Rohit Jain

Smt. Manju Jain A

iii. Relatives of Key Management Personnel *

Sh. Neeraj Aggarwal #

iv. Entities of Relatives of KMP *

Aniket N Aggarwal & Co. #

# Upto 23rd Sept. 2009

w.e.f. 23rd Sept. 2009

* With whom the Company had transactions during the year.

7. Porvision of Income Tax

As per income Tax Act. the company is carrying forward business losses and unabaled deprecciation. Consequently, in the opinion of the management, there will be no income tax liability for the current year. Provision for Minimum Alteration Tax (MAT) has not been made in view of book loss.

8. Taxes on Income (AS 22)

In view of huge brought forward losses, the Company has not provided for Deferred Tax Assets, adhering to concept of conservatism.

9. Additional Inlormation Pursuant to Paragraphs 3 & 4 Part II of Schedule VI of the Companies Act, 1956 (as certified by the management and relied upon by the Auditors)

a) Particulars of Installed Capacities and Actual Production - Not Applicable

b) Quantitative information about Opening Stock, Purchases, Sales and Closing Stock of goods traded:

c) Consumption of Raw Materials - Not Applicable

d) Imports on CIF Basis - Nil

e) Expenditure in Foreign Currency-Nil

f) Dividend to Non-Resident Shareholders - Nil

g) Earnings in Foreign Exchange - Nil

10. Previous year figures have been re-grouped and re-arranged wherever considered necessary

11. Balance Sheet abstract and companys general business profile is given in Annexure XIX-A

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X