SENSEX NIFTY India | Notes to Account > Diamond Cutting & Jewellery & Precious Metals > Notes to Account from Asian Star - BSE: 531847, NSE: N.A

Asian Star

BSE: 531847|ISIN: INE194D01017|SECTOR: Diamond Cutting & Jewellery & Precious Metals
, 16:01
Asian Star is not listed on NSE
« Mar 14
Notes to Accounts Year End : Mar '15
 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. 8.75
 crores (For F.Y. 2013-14 it was Rs 10.22 crores).
 2. Derivatives Instruments:
 a) Derivative contracts entered into by the Company and outstanding as
 on 31st March, 2015.
 i) For hedging currency related risk:
 Forward / option contracts (net) for Sales entered into by the Company
 and outstanding as on 31st March, 2015 amount to Rs. 856.80 crores (For
 F.Y. 2013-14 forward / option contracts (net) for Sales was Rs.
 1,610.21 crores).
 ii) For hedging commodity related risk:
 Forward contracts for sale of Gold and Silver entered into by the
 Company and outstanding as on 31st March, 2015 covers 42 kgs and 210
 kgs respectively. (For F.Y. 2013 - 14 it was 5 kgs and 270 kgs
 b) Foreign currency exposure (net liablilty) that is not hedged by the
 derivative instruments as on 31st March, 2015, amount to Rs. 370.18
 crores. (For F.Y. 2013-14 it was Rs. 296.07 crores).
 3. a) The Company has given guarantee of Rs. 205.74 crores (For F.Y.
 2013-14 it was Rs. 150.43 crores) to Banks for facilities availed by
 its subsidiary companies.
 b) The Company has disputed income tax liability of Rs. Nil (For F.Y.
 2013-14 it was Rs. 0.54 crores).
 c) The Company has disputed service tax liability of Rs. 4.46 crores
 (For F.Y. 2013-14 it was Rs. 4.46 crores).
 d) The Company has disputed liability of Rs. 1.63 crores (For F.Y.
 2013-14 it was Rs. Nil) in respect of Customs duty raised by
 Directorate of Revenue Intelligence.
 The Company is of the opinion that the demand raised by Service Tax
 Department & Directorate of Revenue Intelligence is not tenable and has
 made appropriate submission to the departments. The same shall be
 charged to profit & loss statement, if required, on disposal of the
 4. Related Party Disclosure for the year ended 31st March, 2015
 (i) List of Related Parties and relationships:
 (A) Particulars of Enterprises controlled by the Company
 Name of Related Party                           Relationship
 Asian Star Company Ltd. - (U.S.A.)              Subsidiary
 Asian Star DMCC                                 Subsidiary
 Asian Star Jewels Pvt. Ltd.                     Subsidiary
 Asian Star Trading (Hong Kong) Ltd.             Subsidiary
 (B)  Particulars of Key Management Personnel
 Name of Related Party                           Relationship
 Dinesh T. Shah                                  Chairman & CFO
 Vipul P. Shah                                   CEO & Managing Director
 Dharmesh D. Shah                                Director
 Arvind T. Shah                                  Executive Director
 Priyanshu A. Shah                               Executive Director
 Rahil V. Shah                                   Executive Director
 (C) Particulars of Enterprises Under
 Common control of the Key Management
 Jewel Art
 Asian Star Diamonds International Pvt. Ltd.
 Shah Manufacturers
 Rahil Agencies
 A''Star Exports
 Shah Enterprises
 (D) Particulars of Relatives of Key Management
 Personnel where there are transactions
 Sujata V. Shah
 Sweta D. Shah
 Vimla P. Shah
 5. Pursuant to the enactment of Companies Act 2013, the company has
 applied the estimated useful lives as specified in Schedule II.
 Accordingly the unamortized carrying value is being depreciated /
 amortised over the revised / remaining useful lives. The written down
 value of Fixed Assets whose lives has expired as at 1st April, 2014
 have been adjusted net of tax, in the opening balance of Profit and
 Loss Statement amounting to Rs. 207.13 Lacs.
 6. The figures of previous year have been regrouped / reclassified
 wherever necessary and possible so as to confirm with the figures of
 the current year.
Source : Dion Global Solutions Limited
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