| Corporate Information :
Shantivijay Jewels Ltd. is located in Special Economic Zone Mumbai
having its showroom in Trident Hotel , Mumbai and factory at MIDC,
Andheri. Company is engaged in Manufacturing and exports of wide range
of studded gold jewellery and Diamond and P.stones.
1.1 FINANCIAL AND DERIVATIVE INSTRUMENT : -
1) During the year Company have entered into forward exchange contract
for the next year but it has no impact on the current year.
2) Foreign Currency exposure that is not hedged by forward exchange
contract as on 31-03-2015 Rs. 320.84 Lacs on account of Imports & others
(Pr. Yr 90.00 Lacs) and Rs.1357.88 lacs on account of Export of goods.
(Previous Year Rs. 1532.37 lacs )
1.2 SEGMENT REPORTING
Company is exclusively engaged in the Gems & Jewellery Business, which
as per Accounting Standard AS-17 is considered the only primary
reportable business segment.
1.3 Related Party Trasaction
Related Party Disclosures have been set out below. The Related parties,
as defined by Accounting Standard 18 related party disclosure, issued
by Institute of Chartered Accountants of India, in respcect of which
the disclosures have been made, have been identified on the basis of
information available with the company.
A) Wholly owned Subsidiary Companies
i) Shantivijay Jewels International Ltd -Mauritius
ii) Shantvijay Impex DMCC (Subsidiary of Shantivijay Jewels
International Ltd.) (Contd.)
B ) Associate Companies
i) Precious Gems Pvt. Ltd. ii) Diamondere Pvt. Ltd.
C ) Key Management Personnel
Shree Pradeep Kumar Godha - Chairman & Managing Director Shree Anurag
Godha - Vice Chairman & Managing Director
D ) Relatives of Key Management Personnel and Associates
Smt Rajrani Godha
Smt Sudha Godha Relatives of Directors
Smt Namita Godha
Shree Varun Godha
Smt Deepika Godha
1.4 LEASE DISCLOSURES
The Company has entered into Three Lease Agreements and had given
premises on lease for 60 Months to others, which are in the nature of
operating lease. Leased Asset i.e., premises is shown as Fixed Assets.
Gross value Rs. 257.33 Lacs and accumulated depreciation Rs. 185.71 Lacs.
Lease income Rs. 33.00 Lacs is recognized on straight-line basis in the
Profit & Loss Account. Depreciation Rs. 3.39 Lacs provided during the
year at rates for which similar Assets are depreciated. Future lease
rental receivable within the period of one year Rs. 2.40 Lacs (Previous
Year Rs. 42 lacs ) .
1.5 ACCOUNTING FOR DEFERRED TAX
The deferred Tax Liability has arisen mainly on account of timing
difference between Depreciation admissible under Income Tax Rules and
Depreciation in Books.
Major components of Deferred Tax Liabilities are arising on account of
timing difference as under :
1.6 The Profit & Loss A/c includes exchange difference of Rs. NIL
(Credit) (Pr Year Rs. 54.96 lacs Credit ) and Rs. 38.05 lacs (Debit) (Pr
year Rs. 6.06 lacs Dr )
1.7 Details of dues to Micro, Small and Medium Enterprises as per
MSMED Act, 2006;
There are no outstanding dues payable to parties covered under the
Micro, Small and Medium Enterprises as per MSMED Act, 2006. This
information has been determined to the extent such parties have been
identified on the basis of information available with the Company.
During the year, Company have not paid any interest to such suppliers
and no interest was accrued and remaining unpaid at the year end. This
has been relied upon by the auditors.
1.8 Figures of previous year has been regrouped and rearranged
wherever necessary.
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