| NOTE 1. Related Party Disclosures:
Names of related parties and description of relationship:
1. Key Management Personnel and their relatives: Chandrakant H Shah -
Key Management Personnel
Gaurav Shah - Relative of Key Management Personnel
2. Enterprises over which Key Management Personnel/Relative of Key
Managerial Personnel has significant influence:
Shukra Land Developers Limited
Shukra Jewellery Limited
Shree Jewellery Manufacturing Company Limited
Gaurav Jewellery LLC
2. Contingent Liability\Asset:
A demand of Rs,32,84,840/- has been raised by the Income Tax
Authorities for the Assessment Year 2009-10, which the company has not
acknowledged as debt. The company has deposited a sum ofRs, 8,00,000
against this demand. This matter of dispute is pending before the
Income Tax Appellate Tribunal (ITAT Appeals). The management believes
that ultimate outcome of this proceeding will not have a material
adverse effect on the Company's financial position and results of
operation. Based on the decisions of the Appellate Authorities and the
other relevant provisions, the Company has been legally advised that
the demand is likely to be either deleted or substantially reduced and
accordingly no provision has been made.
3. Impairment Loss: The management has not assessed the impairment
loss on the assets of the company.
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