| 1. The company did not have a whole time company secretary and hence
the accounts have been signed by Chairman & two Directors.
2. Gratuity & Leave Encashment: As informed by the directors the
Company accounts liability towards leave encashment on
Realization/Payment basis. The company has made provision for Gratuity
in compliance of AS -15
3. 4 Contingent liability not provided in respect of:
(a) Notice u/s 147 of the Income Tax Act, 1961 has been received for AY
2007-08 to AY 2011-12. Re: A.Y.2007-08, The company has filed Appeal on
16-04-2015 with the office of the Commissioner of Income Tax
(Appeal-10) Mumbai for A.Y.2007-08.
(b) Re: A.Y.2008-09,2009-10,2010-11 and 2011-12 Proceedings u/s 147 of
the Income Tax Act,1961 for the above stated four years have been
initiated by the Income Tax Department. Documents papers etc have been
submitted by the Company Assessment Orders for the same are awaited.
(c) Income Tax Assessment order has been received for A.Y : 2012-13 and
demand of tax for the year has been paid by the company.
Note : Actual production includes manufactured through outside job
work.
(*) PURCHASES GOLD INCLUDES IMPORT EXCHANGE DIFFERENCE IMPORT EXPENSES
OF RS.3278835 (8970827) (**) PURCHASES SILVER INCLUDES IMPORT EXCHANGE
DIFFERENCE IMPORT EXPENSES OF RS. 0 ( 0)
(*) Export of Polished Diamonds includes Export Exchange Difference of
Rs. 296731 LOCAL SALE RS.165607788 (Rs.5050083 local sale Rs. 170084621)
(**) Export of Jewellery includes Export Exchange Difference of Rs.
526488.00 LOCAL SALE 24425709 (Rs.6635011.00 local sale Rs. 28576172)
(***) Export of Precious & Semi-Precious includes Export Exchange
Difference of Rs.O (0)
Managerial Remuneration of Rs. 913999 (Previous year Rs. 818227)
The company has been advised that computation of Net Remuneration u/s
349 of the Companies Act, 1956 need not be enumerated, since no
commission is paid to Directors. Fixed monthly Remuneration is paid to
Directors as per schedule XII of the Companies Act, 1956.
(*) PURCHASES GOLD INCLUDES IMPORT EXCHANGE DIFFERENCE IMPORT EXPENSES
OF RS.64293 (76003)
(**) PURCHASES RAW PEARL INCLUDES IMPORT EXCHANGE DIFFERENCE IMPORT
EXPENSES OF RS.O (0)
(***) PURCHASES SEMI PRECIOUS INCLUDES IMPORT EXCHANGE DIFFERENCE
IMPORT EXPENSES OF RS.O ( 0)
(****) PURCHASE OF POLISHED DIAMOND INCLUDES IMPORT EXCHANGE DIFFERENCE
OF RS. 0 (0)
(*****) PURCHASES SILVER INCLUDES IMPORT EXCHANGE DIFFERENCE IMPORT
EXPENSES OF RS. 0(0) '
Segment Accounting :
The company's operation predominantly relate to single segment namely
Diamonds and is primary basis for segmental information's. Since the
Company operates in a single business, Segment wise Reporting as
defined in AS-17 of ICAI is not applicable.
Related Party Disclosures in accordance with AS-18 issued by ICAI:
a) Related Parties & nature of relationship with Associate Companies,
Firms, Relatives of Directors
1) JRD Gems Pvt. Ltd.
2) JRD-MKJ Diamonds Pvt. Ltd.
3) International Gems Export (I) Corporation (FIRM)
4. There are no subsidiary companies to Company. The company has not
obtained any economic benefits from its activities with the associate
Companies/firms hence provisions of AS-21 issued by I.C.A.I, are not
applicable in current year.
5. Deferred Tax :
A The Company has adopted As-22"Accounting for taxes on income" issued
by the Institute of Chartered Accountants of India. B The effect of
timing difference on account of: Difference between Book Depreciation &
Depreciation under Income Tax Act, 1961.
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