Mar 31, 2015
NOTE : 1 The Company have obtained interest free loans from a
director.
NOTE : 2 The company have deposited a sum of Rs. 5.60 Lacs with Bombay
High Court towards the recovery suit pending against the company.
The Company have provided a sum of Rs. 2.75 Lacs in the account &
balance amount of Rs. 2.85 Lacs is kept as deposit with Honourable
High Court. This is pending since year 1993.
NOTE : 3 DISCLOSURE SPECIFIED BY THE MSMED ACT
The Company has not received any intimation from Suppliers regarding
their status under Micro, Small and Medium Enterprise Development Act,
2006 and hence disclosure,if any, relating to amounts unpaid as at year
end together with interest paid /payable as required under the said Act
have not been given.
NOTE : 4 The figures of previous year have been regrouped/rearranged
wherever considered necessary.
Mar 31, 2014
RELATED PARTY DISCLOSURES
As per Accounting Standard 18, the disclosures of transactions with the
related parties are given below :
i) List of related parties where control exists and related parties
with whom transactions have taken place and relationships :
Sr. Name of the Related Party Relationship
No.
1 Universal Jewellery Ltd.
2 Sovereign Jewellery Ltd. Associates
3 Ras Family Trust
4 R. B. Hotchand Hiranand Foundation
5 Mr. Ramesh H. Gehani Executive Chairman
6 Mr. Ajay R. Gehani Managing Director Key Managerial
Personnel and
7 Mr. Sanjay R. Gehani Relative
their relatives
8 Mrs. Rani R. Gehani Relative
NOTE : 2 The Company have obtained interest free loans from a
directors.
NOTE : 3 The company have deposited a sum of Rs. 5.60 Lacs with Bombay
High Court towards the recovery suit pending against the company. The
Company have provided a sum of Rs. 2.75 Lacs in the account & balance
amount of Rs. 2.85 Lacs is kept as deposit with Honourable High Court.
This is pending since year 1993.
NOTE : 4 DISCLOSURE SPECIFIED BY THE MSMED ACT
The Company has not received any intimation from Suppliers regarding
their status under Micro, Small and Medium Enterprise Development
Act,2006 and hence disclosure, if any, relating to amounts unpaid as at
year end together with interest paid /payable as required under the
said Act have not been given. NOTE : 28 The fgures of previous year
have been regrouped/rearranged wherever considered necessary.
NOTE : 5 Notes 1 to 28 form an integral part of the Financial
Statement.
Mar 31, 2013
NOTE : 1 The Company have obtained interest free loans from associates
directors and their relatives.
NOTE : 2 The company have deposited a sum of Rs. 5,59,591.66 with
Bombay High Court in 1993 towards the recovery suit pending against the
company. The Company have provided a sum of Rs. 2,75,000/- in the
account and balance amount of Rs. 2,84,591.66 is kept as deposit with
Honourable High Court.
NOTE : 3 DISCLOSURE SPECIFIED BY THE MSMED ACT
The Company has not received any intimation from Suppliers regarding
their status under Micro, Small and Medium Enterprise Development
Act,2006 and hence disclosure ,if any, relating to amounts unpaid as at
year end together with interest paid /payable as required under the
said Act have not been given.
NOTE : 4 The figures of previous year have been regrouped/rearranged
wherever considered necessary.
NOTE : 5 Notes 1 to 28 form an integral part of the Financial
Statement.
Mar 31, 2012
A) Nature of securities
i) Term Loans obtained from Corporation bank is secured against
specific machineries.
ii) Corporate Loans obtained from Corporation bank is secured against
Export bills, inventories, book debts, current assets, equitable
mortgage of factory land and building situated at Adhere (E)
Mumbai. And personal guarantee of directors.
iii) Vehicle loans acquired from bank/financial Services are secured
against hypothecation of Vehicles.
Inventories are as taken, valued and certified by the Management.
Value of Indigenous and Imported Raw materials Consumed during the year
The Company have obtained interest free loans from associates,
directors and their relatives.
The company have deposited a sum of Rs. 5.60/-Lacs with Bombay High
Court towards the recovery suit pending against the company. The
Company have provided a sum of Rs. 2.75/- Lacs in the account and
balance amount of Rs. 2.85 Lacs is kept as deposit with Honorable High
Court.
DISCLOSURE SPECIFIED BY THE MSMED ACT
The Company has not received any intimation from Suppliers regarding
their status under Micro, Small and Medium Enterprise Development
Act,2006 and hence disclosure ,if any, relating to amounts unpaid as at
year end together with interest paid /payable as required under the
said Act have not been given.
Notes 1 to 27 form an integral part of the Financial Statement.
*To be filled by Shareholders holding shares in dematerialized form
**To be filled by shareholder holding shares in physical form.
I, hereby record my attendance at the Thirty- Eighth Annual General
Meeting to be held on Tuesday, 18th September, 2012 at 10.30 a.m. at
Embassy Rooms, 6th Floor, Hotel Tunga Paradise, Central Road, MIDC,
Andheri (East), Mumbai: 400 093.
*To be filled by Shareholders holding shares in dematerialized form
**To be filled by shareholder holding shares in physical form.
Mar 31, 2011
1. Segment Reporting :
a) Business Segment :
The Company's main business is manufacturing of Jewellery. All other
activities of the company revolve around this main business. There are
no separate segments within the company as defined by AS 17 (Segment
Reporting) issued by The Institute of Chartered Accountants of India.
b) Geographical Segment :
The geographical segments considered for disclosures are :
(i) Sales within India made to Customers located within India
Rs.17,56,68,600/-.
(ii) Sales outside India represents sales made to customers located
outside India Rs. 1,97,41,817/-.
The entire activity pertaining to sales outside India is carried out
from India.
2. Disclosure in respect of Related Parties pursuant to Accounting
Standard 18 :
(a) Associate :
Hotchand Hiranand
Universal Jewellery Ltd.
Sovereign Jewellery Ltd.
Bombay Textiles
Ras Family Trust
R. B. Hotchand Hiranand Foundation
(b) Key Management Personnel and their Relatives :
Mr. Ramesh H. Gehani - Executive Chairman
Mr. Ajay R. Gehani - Managing Director
Mr. Sanjay R. Gehani - Relative
Mrs. Rani R. Gehani - Relative
Mr. Rajender R. Gehani - Relative
3. Impairment of assets :
An asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairement loss is charged to the
profit and loss account in the year in which an asset is identified as
impaired.
4. The Company is in the process of working and obtaining gratuity
liability certificate from LIC as required under AS 15. On determining
the said liability, provision shall be made in the account of following
year by adjustment from General Reserve or charge to Profit & Loss
Account.
5. The Company have obtained interest free loans from directors and
their relatives. Interest of Rs.3,00,826/-(Rs.3,10,590/-) are not
provided on the said loans.
6. Under the Micro, Small and Medium Enterprises Development Act,
2006 which came into force on 2nd October, 2006, certain disclosures
are required to be made relating to dues payable to Micro, Small and
Medium Enterprises. The Company is in the process of compiling relevant
information from the suppliers regarding their coverage under the said
Act. Since the relevant information is not readily available, no
disclosure have been made in the Accounts.
7 The Company has not made provision for doubtful debts of Rs. 29.55
lakhs recoverable from foreign customer, as the directors are hopeful
to recover the amount in current year.
8 The company have deposited a sum of Rs. 5,59,591.66 with Bombay High
Court towards the recovery suit pending against the company. The
Company have provided a sum of Rs. 2,75,000/- in the account and
balance amount of Rs. 2,84,591.66 is kept as deposit with Honourable
High Court.
9 The figures of previous year have been regrouped/rearranged wherever
considered necessary.
10 Figure shown in brackets are of previous year.
Mar 31, 2010
1. Segment Reporting :
a) Business Segment :
The Companys main business is manufacturing of Jewellery. All other
activities of the company revolve around this main business. There are
no separate segments within the company as defined by AS 17 (Segment
Reporting) issued by The Institute of Chartered Accountants of India.
b) Geographical Segment :
The geographical segments considered for disclosures are : (i) Sales
within India made to Customers located within India Rs. 10,24,25,460/-.
(ii) Sales outside India represents sales made to customers located
outside India Rs. 2,41,62,301/-. The entire activity pertaining to
sales outside India is carried out from India.
2. Disclosure in respect of Related Parties pursuant to Accounting
Standard 18 :
(a) Associate Hotchand Hiranand
Universal Jewellery Ltd.
Sovereign Jewellery Ltd.
Bombay Textiles
Ras Family Trust
R. B. Hotchand Hiranand Foundation
(b) Key Management
Personnel and their Relatives Mr. Ramesh H. Gehani -
Managing Director
Mr. Ajay R. Gehani -
Wholetime Director
Mr. Sanjay R. Gehani -
Wholetime Director
Mrs. Rani R. Gehani - Relative
Mr. Rajender R.
Gehani - Relative
(c) During the year, the following transactions were carried out with
the related parties in the ordinary course of the business.
3. Accounting for Taxes on Income
The significant component and classification of deferred tax assets and
liabilities on account of timing differences are :
4. Impairment of assets :
An asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairement loss is charged to the
profit and loss account in the year in which an asset is identified as
impaired.
5. The Company is in the process of working and obtaining gratuity
liability certificate from LIC as required under AS 15. On determining
the said liability, provision shall be made in the account of following
year by adjustment from General Reserve or charge to Profit & Loss
Account.
6. The Company have obtained interest free loans from directors and
their relatives. Interest of Rs.3,10,590/- are not provided on the said
loans.
7. Under the Micro, Small and Medium Enterprises Development Act,
2006 which came into force on 2nd October, 2006, certain disclosures
are required to be made relating to dues payable to Micro, Small and
Medium Enterprises. The Company is in the process of compiling relevant
information from the suppliers regarding their coverage under the said
Act. Since the relevant information is not readily available, no
disclosure have been made in the Accounts.
8 The Company has not made provision for doubtful debts of Rs. 90.30
lakhs recoverable from foreign customer, as the directors are hopeful
to recover the amount in current year.
9 The company have deposited a sum of Rs. 5,59,591.66 with Bombay High
Court towards the recovery suit pending against the company. The
Company have provided a sum of Rs. 2,75,000/- in the account and
balance amount of Rs. 2,84,591.66 is kept as deposit with Honourable
High Court.
10 The figures of previous year have been regrouped/rearranged wherever
considered necessary.
11 Figure shown in brackets are of previous year.
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