1. Previous year figures have been regrouped, reworked, rearranged and
reclassified whenever necessary.
2. The company is in default for making payment to banks. The banks
have declared company''s bank account as NPA and also started recovery
proceeding and filed an application in Debt Recovery Tribunal for
recovery of loan amount.
3. The company had applied for settlement with banks and arrived the
final settlement with Punjab and Sind Bank and in process of settlement
with ICICI Bank.
4. The secured creditors of the company ''ICICI Bank'' has filed winding
up petition u/s 439 of the Companies Act, 1961 in the Bombay High
Court. The matter is pending before Honorable Bombay High Court. The
said petition may affect the company''s going concern status.
5. Related Party Disclosure as per AS 18 (As identified by the
(i) Related Party Relationship
(a) Where Control Exists 1) Kamal & Co.
2) Sumona Jewels Private Limited
(b) Key Management
Personnel 1) Shri Bhawar U. Jain
2) Shri Kamal U. Jain
3) Shri Gautam T. Banerjee
(c) Relatives of Key
Management Personnel NIL
(d) Other Related Parties NIL
6. The amounts in the Balance Sheet and Statement of Profit and Loss
are rounded off to the nearest One Thousand Rupees.