1.01 Reconciliation of the number of shares and amount outstanding at
the beginning and at the end of the reporting period:
Details to be given for each class of shares separately for Issued,
Subscribed and fully paid up and Subscribed but not fully paid up, as
2.1 Inventories except Consumables Stores and Spares are valued at
cost or net realisable value whichever is less.
2.2 Consumables Stores and Spares are valued at cost.
3.01 As per Accounting Standard 15 Employee benefits, the
disclosures as defined in the Accounting Standard are given below:
i) Defined Contribution Plan :
Contribution to Provident Fund is Rs0.52 Lakhs (Previous year Rs2.04
Lakhs), ESIC and Labour Welfare Fund includes Rs1.14 Lakhs (Previous
year Rs1.10 Lakhs).
ii) Defined Benefit Plan :
GRATUITY & LEAVE ENCASHMENT:
The Company makes annual contribution to the Employees'' Group
Gratuity-cum-Life Assurance Scheme of the Life Insurance Corporation of
India, a funded benefit plan for qualifying employees. The scheme
provides for lump sum payment to vested employees at retirement, death
while in employment or on termination of employment of an amount
equivalent to 15 days service for each completed year of service or
part thereof depending on the date of joining. The benefit vests after
five years of continuous service.
4 CONTINGENT LIABILITIES NOT PROVIDED FOR :
a) The Company has outstanding performance guarantee of Rs100.19 Lakhs
as on the Balance Sheet date, executed in favour of Deputy Commissioner
of Customs (Previous Year Rs100.19 Lakhs).
b) The Municipal Corporation of Greater Mumbai has preferred an appeal
in the High Court of Judicature at Bombay against the order of Small
Causes Court rejecting the claim of Municipal Corporation of Greater
Mumbai for an amount of Rs136.97 Lakhs (Previous year Rs136.97 Lakhs) on
account of property tax.
c) The Company has executed Bank Guarantee of Rs 2,500 Lakhs (Previous
year Rs2,000 Lakhs) favouring The Hongkong and Shanghai Banking
Corporation Limited and of Rs Nil (Previous year Rs1,000 Lakhs) favouring
YES Bank Limited, Mumbai for its wholly owned subsidiary, Goldiam
Jewellery Limited, Mumbai.
5 Estimated amount of contracts remaining to be executed on Capital
Account and not provided for is Rs Nil (Previous year Rs Nil)
6 IN THE OPINION OF THE DIRECTORS:
a) The Current Assets and Loans & Advances are approximately of the
value stated, if realised in the ordinary course of business.
b) The provision for depreciation and for all known liabilities is
adequate and not in excess of the amount reasonably necessary.
7.01 The above figures have been taken from audited accounts of Joint
Venture as on 31st March, 2012 and converted at the exchange rate
prevailing as on the date of Balance Sheet of Joint Venture.
Contingent liabilities in respect of Joint Venture is Rs Nil
8 The Ministry of Corporate Affairs, Government of India, vide General
Circular No.2 and 3 dated 8th February, 2011 and 2151 February, 2011
respectively has granted a general exemption from compliance with
Section 212 of the Companies Act, 1956, subject to fulfillment of
conditions stipulated in the Circular. The Company has satisfied the
conditions stipulated in the Circular and hence is entitled to the
exemption. Necessary information relating to the subsidiaries has been
included in the Consolidated Financial Statements.
9 FINANCIAL INSTRUMENTS / FORWARD CONTRACTS :
The Company has entered into following forward / derivative
The Company is exposed to foreign currency fluctuations on foreign
currency assets and forecasted cash flows denominated in foreign
currency. The Company limits the effects of foreign exchange rate
fluctuations by following established risk management policies
including the use of derivatives. The Company enters into forward
contracts and option contracts, where the counterparty is bank. The
forward contract or options are not used for trading or speculation
10 INFORMATION GIVEN IN ACCORDANCE WITH THE REQUIREMENTS OF AS 17 ON
SEGMENT REPORTING :
The Company has identified Two Reportable Segments viz. Jewellery
Manufacturing and Investment Activity. Segments have been identified
and reported taking into account nature of products and services, the
different risks and returns and the internal business reporting
a) Revenue and expenses have been identified to a segment on the basis
of relationship to operating activities of the segment. Revenue and
expenses which relate to enterprise as a whole and are not allocable to
a segment on reasonable basis have been disclosed as Unallocable.
b) Segment assets and Segment Liabilities represents assets and
liabilities in respective segments. Tax related assets and other assets
and liabilities that cannot be allocated to a segment on reasonable
basis have been disclosed as Unallocable.
Secondary segmental reporting is based on the geographical location of
the customers. The geographical segments have been disclosed on
revenues within India (Sales to customers in India) and revenues
outside India (Sales to customers outside India).
11 All assets and liabilities have been classified as current or
non-current as per the Company''s normal operating cycle and other
criteria set out in the Revised Schedule VI to the Companies Act, 1956
notified by MCA vide its notification no. 447(E) dated February 28,
2011. Based on the nature of products and the time between the
acquisition of assets for processing and their realisation in cash and
cash equivalents, the Company has ascertained its operating cycle as 12
months for the purpose of current - non current classification of
assets and liabilities.
12 The financial statements for the year 31st March, 2012 has been
prepared as per the Revised Schedule VI to the Companies Act, 1956.
Accordingly, the previous year''s figures have been regrouped and
rearranged wherever necessary to make in compliance with the current