Mar 31, 2013
1. Rights, preferences and restrictions attached to the shares-
Company has one class of Equity shares having a par value of Rs 10A per
share. Each share- holder is entitled to one vote per share held.
Dividend proposed by the Board is subject to approval of the
shareholders in the ensuing annual general meeting. In the event of
liquidation, the equity shareholders are eligible to receive the
remaining assets of the company in proportion to their shareholdings.
2. Contingent Liabilities not provided for in respect of:-
Particulars Current Previous Year
Year
(1) Estimated Amount of Contacts Nil Nil
remaining to be executed.
(2) Sales Tax/Customs/other statutory Nil Nil
claims.
Pending with respective authorities
(3) Unexpired bank guarantee Nil Nil
(4) Disputed demand of Income Tax Nil Nil
3. Deferred Tax Liabilities/(Assets)
Deferred Tax Asset/Liability has been created on the amount of
difference which is due to liming difference.
4. The Company has been carried on the business of trading of
precious metals & Ornaments. The quantity has been shown as an annexure
to the Balance Sheet
5. Expenditures on Employees
Break up of expenditure incurred on employees who were employed
throughout financial year and were in receipt of remuneration
aggregating to not less than Rs.24,00.000/-per annum,or if employed for
a part of financial year were in receipts of remuneration aggregating
to not less than Rs.2.00,000/-per month.
6. In the opinion of the board , the current assets,loans and advance
,if realized in the ordinary course of business have value on
realization at least to the amount at which these are staled in the
balance sheet, the provision for all known liabilities are adequate and
not in excess of the amount reasonably necessary.
7. Confirmation for Balances Grouped under the head "Sundry Creditors"
and "Sundry Debtors" and "Advances" has been confirmed by the
Management.
8. The MCX license which was in the name of Mr. Satish Kumar Goyal,
has been surrendered during the last financial year, so there is no
transaction in MCX during the year under audit.
9. As informed to us by the management no balances arc outstanding for
more than 45 days at the balances sheet date to the suppliers
registered themselves under the micro, Small and Medium Enterprises
development (MSMED) Act,2006.
10. Schedule 'A' to 'S' form integral part of Balance Sheet and profit
& loss accent and have been duly annexed .
11. Previous years comparative figures have been grouped wherever
necessary.
Mar 31, 2011
1. Related Party transactions
Transactions with related parties during the year ended and outstanding
balances as at 30 March 2011 are
2. Contingent Liabilities not provided for in respect of:
Particulars Current Year Previous Year
(1) Estimated Amount of Contracts
remaining to be executed. Nil Nil
(2) Sales Tax/Customs/other statutory
claims Pending with respective Nil Nil
authorities
(3) Unexpired bank guarantee Nil Nil
(4) Disputed demand of Income Tax Nil Nil
3. Deferred Tax Liabilities/ (Assets)
Deferred Tax Asset/Liability has been created on the amount of
difference which is due to timing difference.
4. The Company has been carried on the business of trading of precious
metals & Ornaments. The quantity has been shown as an annexure to the
Balance Sheet
5. Expenditures on Employees
Break up of expenditure incurred on employees who were employed
throughout financial year and were in receipt of remuneration
aggregating to not less than Rs.24,00,000/-per annum, or if employed
for a part of financial year were in receipts of remuneration
aggregating to not less than Rs.2,00,000/-per month.
6. In the opinion of the board, the current assets, loans and advance,
if realized in the ordinary course of business have value on
realization at least to the amount at which these are stated in the
balance sheet. The provision for all known liabilities are adequate and
not in excess of the amount reasonably necessary.
7. Confirmation for Balances Grouped under the head "Sundry Creditors"
and "Sundry Debtors" and "Advances" could not be produced before the
Auditors in some cases. The Management has however satisfied itself
about the balances.
8. The income / loss from MCX transactions are shown in the books of
accounts of the company but the member of MCX is in the name of
Directors Mr.Satish Kumar Goyal.
9. The Security Money /Margin money in MCX account is deposited in
form of FDRs which are in the name of Directors Mr. Satish Kumar Goyal
but the entire funds belongs to the company and shown in the books of
accounts of the company.
10. The interest on said FDR''s is taken as income of the company
however the said FDRs are in the name of Directors Mr. Satish Kumar
Goyal and the same way TDS deducted on interest of the said FDRs is
claimed in the hands of company .
11. The interest income on FDRs credited in the accounts for the whole
period of FDRs irrespective of the period of FDRs.
12. LIBOR charges debited in the accounts on the basis of transaction
irrespective of the period.
13. The profit/loss shown under the mentioned heads are calculated,
estimated and booked in the current year irrespective of the period,
payment date and settlement date of transaction.
a) L.C. Opening Charges
b) LIBOR Charges
c) FWC gain/loss
d) Withholding tax
e) L.C. Amendment & Remittance Charges
f) Overdue Interest
g) Other Charges
14. As informed to us by the management no balances are outstanding
for more than 45 days at the balances sheet date to the suppliers
registered themselves under the micro, Small and Medium Enterprises
development (MSMED) Act, 2006.
15. Schedule ''A'' to ''S'' form integral part of Balance Sheet and profit
& loss account and have been duly annexed.
16. Previous years comparative figures have been grouped wherever
necessary.
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