Professional Diamonds Ltd.-இன் இயக்குநர் அறிக்கை

Mar 31, 2014

The Members

The Directors have pleasure in presenting their Twenty-Eighth Annual Report together with the Audited Accounts for the year ended 31st March, 2014.

FINANCIAL RESULTS

For the year For the year ended ended 31.03.2014 31.03.2013 (Rupees) (Rupees)

Total Income 179,214 174,91,333

Gross Profit before Depreciation and Tax (1,741,458) (240,101)

Depreciation 68,410 68,410

Profit Before Tax (1,809,868) (308,511)

Provision for Tax - Current Nil

- Fringe benefit Tax

- Deferred 143,352 23,111

Profit After Tax (1,666,516) (285,400)

Balance in Profit and Loss Account brought forward 11,383,591 11,668,990

Add: Exces/Short Provision for Tax - -

Less: Provision for Tax for earlier year - -

Profit Available for Appropriation 9,717,075 11,383,591

Appropriation

Transfer to General Reserve

Balance Carried Forward 9,717,075 11,383,591



Management Comments on Auditor''s observations Basis for Disclaimer of Opinion

A. In respect of Trade receivables, which form a signifcant amount of the Company''s assets, amounting to Rs 5,24,35,100 the auditors have not received any confrmation of balances. The management has obtained confrmation of balances from the respective parties. The amounts have been outstanding for a considerable period of time taking into account the prevailing trade practice in respect of the Company''s business. In view of the above we are unable to comment on the realisability of the debts, and any provision to be made for unrealisability in the carrying amounts of these balances and on the consequential impact on the fnancial statements.

The company has received confrmation of balance receivables from the companies concerned. They have indicated their willingness to clear the same at the earliest. They are facing cash fow problems and as such are unable to pay to the company. The company received small sums during the year under consideration from the companies. The company has sent letters to customers for immediate payment of outstanding dues.

B. The Company has made long term investments in Forever Diamonds Pvt. Ltd., SRV Polishing Technologies and J R Diamonds Pvt Ltd amounting to Rs.3,45,350. The said investments continue to be valued at cost. In absence of availability of audited fnancial statements of the above mentioned companies we are unable to comment on the carrying costs of such investments and the provision for diminution in their value . We are unable to comment on the impact of the fnancial statements of provision for diminution in value of investments.

The investments in companies are done during 2012-13. It is too premature to write to these investments.

C. In view of what has been stated above regarding recoverability of Trade receivables which form a signifcant amount of the Company''s assets and the impact it could have on the Company''s fnancials, we are unable to conclude on the ability of the Company to carry on as a going concern.

The customers have confrmed the balances and have indicated willingness to clear the same at the earliest. They are facing cash fow problems and as such are unable to pay to the company. The company received small sums during the year under consideration from the companies.

Basis of Opinion

Because of the signifcance of the matters described in the Basis of Disclaimer of Opinion paragraph specifically relating to realisability of Trade Receivables, we have not been able to obtain audit evidence to provide a basis for an audit opinion. Accordingly, we do not express an opinion on the fnancial statement.

The customers have confrmed the balances and have indicated willingness to clear the same at the earliest. They are facing cash fow problems and as such are unable to pay to the company. The company received small sums during the year under consideration from the companies.

DIVIDEND

The Directors do not recommend payment of dividend for the year.

OPERATIONS

During the year the Company achieved an income Rs. 2 lakhs as compared to Rs. 174.91 lakhs in the previous year. The Company''s incurred a loss of Rs. 1,666,516 during the year as compared to a Profit of Rs. 285,400 in the previous year. As the monies from company''s debtors are not received despite several reminders the cash fow is hugely affected. The company has written letters for immediate payment. As explained by the debtors, since their infows are under stress they too are fnding it diffcult to pay to us.

PROSPECTS

With better infows coming your directors of hopeful of resuming its activities.

DIRECTORS

Mr. Rajendra Bhandari (DIN: 00361132), retires by rotation, and being eligible, offers himself for re- appointment. Your Directors recommend his re-appointment.

AUDITORS

The Auditors of the Company N. P. Jhaveri and Associates., Chartered Accountants, Mumbai retire at the conclusion of the ensuing Annual General Meeting. Your Directors wishes to state that retiring Auditors N. P. Jhaveri and Associates Chartered Accountants, Mumbai have shown their unwillingness to continue as Auditor of the Company due to their other pre-occupation. The Company has received a consent and eligibility letter under section 224(1B) of the Companies Act, 1956 from Rishi Shekri & Associates, Chartered Accountants, Mumbai . The Directors recommend their appointment at the forthcoming Annual General Meeting.

FIXED DEPOSIT

The Company has not accepted any deposit within the meaning of Section 58A of the Companies Act 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

EMPLOYEES

None of the employees of the Company were in receipt of remuneration in excess of the limits prescribed under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employee) Rules, 1975 including Companies (Particulars of Employees) Amendment Rules, 2011 and Companies (Amendment) Act, 1988.

DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE COMPANIES ACT, 1956

The Directors state:

(i) that in the preparation of the Annual Accounts, the applicable accounting standards have been followed;

(ii) that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the fnancial year ended 31st March, 2012 and of the loss of the Company for that fnancial year;

(iii) that the Directors have taken proper and suffcient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; (iv) that the Directors have prepared the Annual Accounts on a going concern basis.

TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUTGO

Information in accordance with the provisions of Section 217 (1)(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are annexed.

LISTING

The Equity Shares of the company are listed at the Bombay Stock Exchange Limited. The Company has paid the annual listing fees to the above exchange.

ACKNOWLEDGEMENT

The Directors wish to place on record their appreciation of the Company''s employees for their Support.

For and on behalf of the Board

Mumbai Rajendra Bhandari Chandrakant Ruparelia May 30, 2014 Director Director

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Mar 31, 2013

To The Members

The Directors have pleasure in presenting their Twenty-seventh Annual Report together with the Audited Accounts for the year ended 31st March, 2013.

FINANCIAL RESULTS For the year For the year ended ended 31.03.2013 31.03.2012 Rupees Rupees

Total Income 1,74,91,333 6,50,44,452

Gross Profit before Depreciation and Tax (2,40,100) 1,28,997

Depreciation 68,410 68,410

Profit Before Tax (3,08,510) 60,587

Provision for Tax - Current Nil (20,000)

- Fringe benefit Tax

- Deferred 23,111 22,618

Profit After Tax (2,85,399) 63,205

Balance in Profit and Loss Account brought forward 1,16,68,990 1,16,05,785

Add: Exces/Short Provision for Tax

Less: Provision for Tax for earlier year

Profit Available for Appropriation 1,13,83,591 1,16,68,990 Appropriation

Transfer to General Reserve Balance Carried Forward 1,13,83,591 1,16,68,990

DIVIDEND

The Directors do not recommend payment of dividend for the year.

OPERATIONS

During the year the Company achieved an income Rs. 174.91 lakhs as compared to Rs. 650.44 lakhs in the previous year. The Company incurred a loss of Rs. 285,399 during the year as compared to a profit of Rs. 63,205 in the previous year.

PROSPECTS

The company is hopeful of better performance in the coming year.

DIRECTORS

Mr. Chandrakant Ruparelia, retires by rotation, and being eligible, offers himself for re-appointment. Your Directors recommend his re-appointment.

AUDITORS

M/s. N. P. Jhaveri and Associates, Chartered Accountants, Mumbai, the Statutory Auditors of the Company retire at the forthcoming Annual General Meeting and are eligible for re-appointment.

FIXED DEPOSIT

The Company has not accepted any deposit within the meaning of Section 58A of the Companies Act 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

EMPLOYEES

None of the employees of the Company were in receipt of remuneration in excess of the limits prescribed under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employee) Rules, 1975 including Companies (Particulars of Employees) Amendment Rules, 2011 and Companies (Amendment) Act, 1988.

DIRECTORS’ RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE COMPANIES ACT, 1956

The Directors state:

(i) that in the preparation of the Annual Accounts, the applicable accounting standards have been followed;

(ii) that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year ended 31st March, 2013 and of the loss of the Company for that financial year;

(iii) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) that the Directors have prepared the Annual Accounts on a going concern basis.

TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUTGO

Information in accordance with the provisions of Section 217 (1)(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are annexed.

LISTING

The Equity Shares of the company are listed at the Bombay Stock Exchange Limited. The Company has paid the annual listing fees to the above exchange.

ACKNOWLEDGEMENT

The Directors wish to place on record their appreciation of the Company''s employees for their Support.

For and on behalf of the Board

RAJENDRA BHANDARI CHANDRAKANT RUPARELIA

Director Director

Place : Mumbai

Date : 28th May, 2013

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Mar 31, 2012

The Directors have pleasure in presenting their Twenty-sixth Annual Report together with the Audited Accounts for the year ended 31stMarch, 2012.

FINANCIAL RESULTS

For the year For the year ended ended 31.03.2012 31.03.2011

Rupees Rupees

Total Income 65,044,452 30,419,341

Gross Profit before Depreciation and Tax 128,997 145,404

Depreciation 68,410 68,410

Profit Before Tax 60,587 76,994

Provision for Tax - Current (20,000) (56,700)

- Deferred 22,618 85,867

Profit After Tax 63,205 105,861

Balance in Profit and Loss Account brought forward 11,605,785 11,499,924

Add: Exces/Short Provision for Tax - -

Less: Provision for Tax for earlier year - -

Profit Available for Appropriation 11,668,990 11,605,785

Appropriation

Transfer to General Reserve - -

Balance Carried Forward 11,668,990 11.605,785

DIVIDEND

The Directors do not recommend payment of dividend for the year.

OPERATIONS

During the year the Company achieved an income Rs. 65,044,452 as compared to Rs. 30,419,341 in the previous year. The Company's profit was Rs. 63,205 during the year as compared to a profit of Rs. 105,861 in the previous year.

PROSPECTS

With improving market conditions, Board is optimistic of better results ahead. The company has applied for membership in Multi Commodities Exchange and is hopeful of doing substantial business.

DIRECTORS

Mr. L. R. Bhansali, retires by rotation, and being eligible, offers himself for re-appointment. Your Directors recommend his re-appointment.

AUDITORS

M/s. N. P. Jhaveri and Associates, Chartered Accountants, Mumbai, the Statutory Auditors of the Company retire at the forthcoming Annual General Meeting and are eligible for re-appointment.

FIXED DEPOSIT

The Company has not accepted any deposit within the meaning of Section 58A of the Companies Act 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

EMPLOYEES

None of the employees of the Company were in receipt of remuneration in excess of the limits prescribed under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employee) Rules, 1975 including Companies (Particulars of Employees) Amendment Rules, 2011 and Companies (Amendment) Act, 1988.

DIRECTORS' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE COMPANIES ACT, 1956

The Directors state:

(i) that in the preparation of the Annual Accounts, the applicable accounting standards have been followed;

(ii) that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year ended 31st March, 2012 and of the profit of the Company for that financial year;

(iii)that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) that the Directors have prepared the Annual Accounts on a going concern basis.

TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUTGO

Information in accordance with the provisions of Section 217 (1)(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are annexed.

LISTING

The Equity Shares of the company are listed at the Bombay Stock Exchange Limited. The Company has paid the annual listing fees to the above exchange.

ACKNOWLEDGEMENT

The Directors wish to place on record their appreciation of the Company's employees for their support.

For and on behalf of the Board

CHANDRAKANT RUPARELIA Director

RAJENDRA BHANDARI Director

Place : Mumbai Date : 30th May, 2012

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Mar 31, 2011

The Members

The Directors have pleasure in presenting their Twenty-fifth Annual Report together with the Audited Accounts for the year ended 31st March, 2011

FINANCIAL RESULTS

For the year For the year ended ended 31.03.2011 31.03.2010 Rupees Rupees

Total Income 3,04,18,264 41,24,76,455

Gross Profit before Depreciation and Tax 1,44,327 91,049

Depreciation 68,410 68,410

Profit Before Tax 75,917 22,639

Provision for Tax - Current (56,700) (15,000)

- Deferred 85,567 (20,643)

Profit After Tax 1,04,784 28,282

Balance in Profit and Loss Account brought forward 1,14,99,924 1,15,00,900

Add: Exces/Short Provision for Tax 1,077 742

Less: Provision for Tax for earlier year - 30,000

Profit Available for Appropriation 1,16,05,785 1,14,99,924

Appropriation

Balance Carried Forward 1,16,05,785 1,14,99,924

DIVIDEND

The Directors do not recommend payment of dividend for the year.

OPERATIONS

During the year the Company achieved an income Rs. 304.18 Lakhs as compared to Rs. 4124.76 Lakhs in the previous year. The Company’s Profit was Rs. 1,04,784 during the year as compared to a profit of Rs. 28,282 in 2009-10.

PROSPECTS

With improving market conditions, the Board is optimistic of better results ahead.

DIRECTORS

Mr. Rajendra Bhandari, retires by rotation, and being eligible, offers himself for re-appointment. Your Directors recommend his re-appointment.

Mr. Chandrakant S. Ruparelia was appointed on 15th March, 2011 as an Additional Director of the Company and holds office upto the date of the forthcoming Annual General Meeting and being eligible offers himself for re-appointment. Your Directors recommend his re-appointment.

Mr. Jaikumar Kapoor resigned from the Board with effect from 30th March, 2011. The Board of Directors places on record its appreciation for the services rendered by Mr. Jaikumar Kapoor during his tenure.

AUDITORS

M/s. N. P. Jhaveri and Associates, Chartered Accountants, Mumbai, the Statutory Auditors of the Company retire at the forthcoming Annual General Meeting and are eligible for re-appointment.

FIXED DEPOSIT

The Company has not accepted any deposit within the meaning of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

EMPLOYEES

None of the employees of the Company were in receipt of remuneration in excess of the limits prescribed under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employee) Rules, 1975 including Companies (Particulars of Employees) Amendment Rules, 2011 and Companies (Amendment) Act, 1988.

DIRECTORS’ RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE COMPANIES ACT, 1956

The Directors state:

(i) that in the preparation of the Annual Accounts, the applicable accounting standards have been followed;

(ii) that the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year ended 31st March, 2011 and of the profit of the Company for that financial year;

(iii) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) that the Directors have prepared the Annual Accounts on a going concern basis.

TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUTGO

Information in accordance with the provisions of Section 217 (1)(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are annexed.

LISTING

The Equity Shares of the company are listed at the Bombay Stock Exchange Limited. The Company has paid the annual listing fees to the above exchange.

ACKNOWLEDGEMENT

The Directors wish to place on record their appreciation of the Company’s employees for their Support.

For and on behalf of the Board



RAJENDRA BHANDARI CHANDRAKANT RUPARELIA Director Director

Place : Mumbai Date : 31st May, 2011

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Mar 31, 2010

The Directors have pleasure in presenting their Twentyfourth Annual Report together with the Audited Accounts for the year ended 31st March. 2010

FINANCIAL RESULTS

For the year For the year ended ended 31.03.2010 31.03.2009 Rupees Rupees

Total Income 41,24,76,455 18.69.16.912

Gross Profit before depreciation and tax 91,049 3.22.985

Depreciation 68,410 71.247

Profit Before Tax 22.639 2.51.738

Provision for Tax - Current 15,000 -

- Fringe benefit Tax - 6.000

- Deferred (20,643) (1.11.028)

Profit after tax 28,282 3.56,766

Balance in Profit and Loss Account brought forward 1,15,00,900 1,11,49,134

Add:Excess/Short provision for tax 742 -

Less: Provision for Tax for earlier year 30,000 (5.000)

Profit available for appropriation 1,14,99,924 1.15,00.900

Proposed Appropriation

Transfer to General Reserve -- --

Balance Carried forward 114,99,924 1.15.00.900

DIVIDEND

The Directors do not recommend payment of dividend for the year.

OPERATIONS

During the year the Company achieved an income Rs. 4124.76 Lacs as compared to Rs. 1869.17 Lacs in the previous year. The companys profit was Rs. 28.282 during the year as compared to a profit of Rs. 3,56.766 in 2008-09.

PROSPECTS

Based on the prevailing market conditions, the Board is hopeful of achieving belter sales and profitability in the coming year.

DIRECTORS

Mr. Rajendra Bhandari, retires by rotation, and being eligible, offers himself for re-appointment. Your Directors recommend his re-appointment.

AUDITORS

M/s. N. P. Jhaveri and Associates. Chartered Accountants. Mumbai. the Statutory Auditors of the Company retire at the forthcoming Annual General Meeting and are eligible for re-appointment.

FIXED DEPOSIT

The Company has not accepted any deposit within the meaning of Section 58A of the Companies Act. 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

EMPLOYEES

None of the employees fall under the purview of the provisions of section 217 (2 A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975.

DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE COMPANIES ACT, 1956

The Directors state:

(i) that in the preparation of the Annual Accounts, the applicable accounting standards have been followed;

(ii) that the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year ended 31st March, 2010 and of the profit of the Company for that financial year;

(iii) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) that the Directors have prepared the Annual Accounts on a going concern basis.

TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUTGO

Information in accordance with the provision of Section 217 (l)(e) of the Companies Act. 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, are annexed.

LISTING

The equity shares of the company are listed at the Bombay Stock Exchange Limited. The company has paid the annual listing fees to the above exchange.

COMPLIANCE CERTIFICATE

In terms of the provisions of Section 383 A of the Companies Act, 1956, Compliance Certificate from M/s Alwyn Dsouza & Co., Company Secretaries, Mumbai. which forms a part of this report, is annexed.

ACKNOWLEDGEMENT

The Directors wish to place on record their appreciation of the Companys employees for their dedication and hard work. The Directors also wish to express their thanks to the bankers who are actively lending their support to the progress of the Company.

For and on behalf of the Board

L. R. BHANSALI RAJENDRA BHANDAR1

Director Director

Place : Mumbai

Date : May 31, 2010