| 1. Previous year figures have been regrouped, reworked, rearranged and
reclassified whenever necessary.
2. The company is. in default for making payment to the banks. The
banks have declared the company's bank account as NPA and also
initiated recovery proceeding and filed an application in Debt Recovery
Tribunal for recovery of loan amount. The Debt Recovery Tribunal in
its order instructed the company to pay the ICICI Bank loan amount with
interest at the rate 18% p.a. from 30th May, 2012 onwards.
3. The interest on outstanding loan from ICICI bank is provided at the
rate specified in the Debt Recovery Tribunal and interest on Punjab &
Sindh Bank has provided by the bank in the loan recovery letter.
However the final settlement with the bank may change the actual
liability of interest.
4. During the year the company has not carried out any manufacturing
activity due to its liquidity crisis and market conditions.
5. 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.
(Rs. in Thousands)
As at 31st
March, 2013 As at 31st
March, 2012
6. Contingent Liabilities 155600.00 109800.00
7. Segment Reporting:-
The Company has been operating significantly in a single segment of
Diamond & Jewellery.
8. There are no delays in payments to Micro, Smail and Medium
Enterprises as required to be disclosed under "The Micro, Small and
Medium Enterprises Development Act, 2006."
9. Related Party Disclosure as per AS 18 (As identified by the
Management): (i) Related Party Relationship
(a) Where Control Exists l)Kamal&Co.
(b) Key Management Personnel 1) Shrj Bhawar U. Jain
2) Shri Kama! U. Jain
(c) Relatives of Key Management Personnel 1) Sanaudit Synthetics Pvt
Ltd
(d) Other Related Parties NIL
10. The amounts in the Balance Sheet and Statement of Profit and Loss
are rounded off to the nearest One Thousand Rupees.
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