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Moneycontrol.com India | Notes to Account > Diamond Cutting & Jewellery & Precious Metals > Notes to Account from Suashish Diamonds - BSE: 526733, NSE: SUASHDIMON
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Suashish Diamonds

BSE: 526733|NSE: SUASHDIMON|ISIN: INE658A01017|SECTOR: Diamond Cutting & Jewellery & Precious Metals
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Suashish Diamonds is not traded in the last 30 days
Suashish Diamonds is not traded in the last 30 days
Mar 12
Notes to Accounts Year End : Mar '13
1. During the previous year, the Company filed a scheme of
 amalgamations under Section 391 to 394 and other relevant provisions of
 the Companies Act, 1956 with the Hon''ble High Court, Bombay to
 amalgamate Suashish Jewelry India Limited wholly owned subsidiary with
 the Company effective 1 April 2011 (''the Appointed Date''). In January
 2012, the Hon''ble High Court of Mumbai approved the aforesaid Scheme
 vide its order dated 20 January 2012, which was filed with the
 Registrar of Companies on 17 February 2012.
 
 As per the terms of the Scheme, Suashish Jewelry India Limited
 (Transferor company) was amalgamated with the Company (Transferee
 Company) with effect from 1 April 2011. The Company has accounted for
 the amalgamation as amalgamation in the nature of merger under pooling
 of interest method as per AS 14, Accounting for Amalgamations referred
 to in sub- section (3C) of Section 211 of the Companies Act, 1956.
 
 Following are the salient features of the Scheme:
 
 (a) Transferee Company shall record all the assets and the liabilities
 (including all the reserves) recorded in the books of account of the
 Transferor Company at their respective book values as on the Appointed
 Date after making adjustments required to align with the established
 Accounting Policies;
 
 (b) Inter-Company balances between the Transferor Company and
 Transferee Company, if any, shall stand cancelled;
 
 (c) The amount of investment in the Transferor Company appearing in the
 books of the Transferee Company, shall stand cancelled;
 
 (d) Retained earnings in the books of the Transferor Company shall be
 recorded in the books of the Transferee Company in the same form as it
 appears in the books of the Transferor Company.
 
 (e) The amount by which the value of the assets of the Transferor
 Company exceeds the liability (including all reserves) of the
 Transferor Company after adjusting for cancellation of investments held
 by the Transferee Company in Transferor Company and inter-company
 balances between the Transferor Company and the Transferee Company,
 shall be credited to the Capital Reserve ;
 
 (f) The amount by which the liabilities (including all reserves) of the
 Transferor Company exceeds the value of assets of the Transferor
 Company after adjusting for cancellation of investment held by the
 Transferee Company in the Transferor Company and inter-company balances
 between the Transferor Company and the Transferee Company shall be
 debited to Goodwill.
 
 Accordingly, the Scheme has been given effect to in these financial
 statements and the following assets and liabilities of the Transferor
 Companies as at 1 April 2011 have been accounted by the Transferee
 Company at their respective book values.
 
 2.  SEGMENT REPORTING
 
 The Company has only one business segments viz. Gem and Jewellery,
 which is considered as the primary segment.  The financial information
 about business segment is not applicable since segment results /
 revenue / assets of the wind mill business are not more than 10 percent
 of the combined business results / revenue / assets.
 
 3.  RELATED PARTY DISCLOSURES
 
 i. Related party relationships:
 
 a) Subsidiaries
 
 (Enterprises where control exists) : Suashish Diamonds (Hong Kong) Ltd.
 
 Suashish Diamond (Shanghai) Ltd.
 
 Suashish Jewels Inc.
 
 Suashish Jewels Canada Inc.
 
 Suashish Diamonds (Botswana) (Proprietary) Ltd.
 
 Suashish Realty Pvt. Ltd. (upto 10 April 2011)
 
 Suashish Realty LLP (w.e.f. 1 April 2011)
 
 Goenka Trading Company Mohinidevi Goenka Investments M.G. Investments
 
 b) Associates : Suashish Finance Ltd.
 
 Taruvarsh Tradeplace Pvt. Ltd. (Formerly Taruvarsh Leasing Co. Pvt.
 Ltd.) (Upto 18 June 2012)
 
 Suashish Realty LLP (formerly known as Suashish Realty Pvt. Ltd.)
 
 (upto 10 April 2011)
 
 c) Key management personnel : Mr. Ashish R. Goenka
 
 Mr. Rajeshkumar R. Kedia Mr. Pawankumar S. Bagla
 
 d) Relatives of key management personnel
 
 : Mrs. Lavina A. Goenka Mrs. Amita Kedia Mr. Siddharth Kedia Mrs.
 Sunita P. Bagla
 
 e) Enterprises on which key
 
 management personnel have significant influence
 
 : Rameshkumar S. Goenka (HUF) Fabulous Holdings Pvt. Ltd.  Goenka
 Holdings Pvt. Ltd.
 
 Rapid Holdings Pvt. Ltd.
 
 Radiant Holdings Pvt. Ltd.  Suashish Diamdeal (India) Ltd.  Suashish
 Realtors Pvt. Ltd.  Suashish Properties Pvt. Ltd.  Goenka Laser House
 Pvt. Ltd.  Mohinidevi Goenka Trust
 
 4.  LEASE DISCLOSURES
 
 The Company has entered into agreement for obtaining one office
 premises on rent which is in nature of operating leases.  The period of
 lease range is for 11 months and is cancellable in nature. Amount paid
 / payable in respect of such leases are charged to statement of profit
 and loss on accrual basis.
 
 5.  The Company is required to comply with the transfer pricing
 regulations under Section 92-92F of the Income Tax-Act, 1961. The
 management is of the opinion that its international and domestic
 transactions are at arms length and that the aforesaid legislation will
 not have any impact on the financial statements, particularly on the
 amount of tax expense and that of provision for taxation.
 
 6.  The Board of Directors of the Company vide its resolution dated 11
 May 2013 have resolved to voluntarily delist the securities of the
 Company from Bombay Stock exchange Limited in terms of SEBI (Delisting
 of Equity Shares) Regulations, 2009 and offers to acquire the shares of
 the Company from the public at an indicative price up to Rs. 230/- per
 share.
 
 7.  In the opinion of the Directors, current assets, loans, advances
 and deposits are approximately of the value stated, if realised in the
 ordinary course of business and are subject to confirmations.
 
 8.  Previous year figures have been reclassified in accordance with
 current year requirements.
Source : Dion Global Solutions Limited
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