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Asian Star

BSE: 531847|ISIN: INE194D01017|SECTOR: Diamond Cutting & Jewellery & Precious Metals
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Mar 15
Notes to Accounts Year End : Mar '16

1.. Surplus / (Deficit] on account of exchange difference on outstanding forward exchange contracts to be recognized in profit and loss statement of subsequent accounting period aggregate to Rs. 5.66 crores (For F.Y. 2014-15 it was Rs 8.75 crores),

2. Derivatives Instruments:

a] Derivative contracts entered into by the Company and outstanding ason31stMarch,2016.

i] For hedging currency related risk:

Forward / option contracts (net] for Purchases entered into by the Company and outstanding as on 31st March, 2016 amount to Rs.79.47 crores (for F.Y. 2014-15 forward / option contracts (net] for Sales was Rs. 856.80 crores).

ii] For hedging commodity related risk:

Forward contracts for Sale of Gold and Purchase of Silver entered into by the Company and outstanding as on 31stMarch,

2016 covers 50 Kgs and 60 Kgs respectively. (For F.Y. 2014-15 it was for Sale of Gold 42 Kgs and for Sale of Silver 210 kgs.)

b] Foreign currency exposure (net Liability) that is not hedged by the derivative instruments as on 31stMarch, 2016, amount to Rs.310.55 crores. (For F.Y. 2014-15 it was Rs. 370.18 crores).

3. a] The Company has given guarantee of Rs. 242.00 crores (For F.Y. 2014-15 it was Rs. 205.74 crores) to banks for facilities availed by its subsidiary companies.

b] The Company has disputed service tax liability of Rs.4.46 crores (For F.Y. 2014-15 it was Rs. 4.46 crores),

c] The Company has disputed liability of Rs. 3.32 crores (For F.Y. 2014-15 it was Rs. 1.63 crores) in respect of Customs duty raised by Commissioner of Customs.

The Company is of the opinion that the demand raised by Service Tax Department & Commissioner of Customs is not tenable and has made appropriate submission to the departments. The Company has received stay order form Gujarat High Court against the demand of Custom Duty. The same shall be charged to profit & loss statement, if required, on disposal of the matter.

4. The figures of previous year have been regrouped / reclassified wherever necessary and possible so as to confirm with the figures of the current year.

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