During the year M/s Lypsa Gems & Jewellery DMCC a 100% foreign subsidiary of M/s Lypsa Gems & Jewellery Ltd has earned a net profit/loss of Rs. NIL (P Y Rs. (-) 32,68,06,128/-).
The Application of Liquidation of M/s.Lypsa Gems & Jewellery DMCC, UAE 100% foreign subsidiary is already made with the concern authority on 29/03/2024 and as per the Letter dated 15/01/2025 of DMCC, the M/s. Lypsa Gems & Jewellery DMCC, UAE 100% foreign subsidiary has been dissolved, with effect from 29/03/2024.
15. Segment Reporting:
In accordance with the requirements of Accounting Standard 17 "Segment Reporting” the Company’s Business Segment is "Trading and working in Diamonds”. As the company operates in only one segment, Segment Reporting as per Accounting Standard 17 is not applicable.
16. Inventories:
Raw materials are valued at cost or net realizable value whichever is lower. Cost is computed using weighted average method. Work in progress is computed by adding cost of purchase, appropriate share of conversion and other overheads incurred in bringing the inventories to its present location and condition. Finished Goods are valued at weighted average cost. During the year, there is no change in the method of valuation of closing stock. Finished goods includes cost of purchase, cost of conversion and other overheads incurred in bringing the inventories to its present location and condition.
21. Share Capital:
During the year company has not allotted shares to the public.
22. Earnings per Share:
Basic earnings per share is computed by dividing the profit/(loss) after tax (including post tax effect of extra ordinary items, if any) by the weighted average number of equity shares outstanding the year. Diluted earnings per share is computed by dividing the profit/(loss) after tax (including post tax effect of extra ordinary items, if any) by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares. Dilutive potential equity shares are deemed converted as at the beginning of the period, unless they have been issued at a later date. The dilutive potential equity shares are adjusted for the proceeds receivable had the shares been actually issued at fair value (i.e., average market value of the outstanding shares). Since the bonus shares as stated in note no. 21 hereinabove, is an issue without consideration, the issue is treated as if it has occurred prior to the beginning of the year being the earliest period reported, the earnings per share and the adjusted earnings per share for the year ended March 31st, 2025 is as computed as per Accounting Standard 20 is as:
Cash Flow Statement:
Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the company are segregated based on the available information.
31. In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business. The provision for all known liabilities is adequate and is not in excess of the amounts reasonably necessary.
32. The Balances of Debtors, Creditors, Loans and advances are subject to reconciliation and confirmation.
33. Balance of Unsecured Loans includes interest charged on such loans, wherever applicable.
34. The information required under Section 134 of the Companies Act, 2013 read with Companies Employees Amendment Rules, 2011 is not given as there was no employee in receipt of salary exceeding Rs 8,50,000 per month or Rs 1,02,00,000 or more per annum.
35. As defined in "The Micro, Small and Medium Enterprises Development Act, 2006”, there are no amounts payable to any Micro and Small-Scale Enterprises / Undertaking.
36. The previous year’s figure has been reworked, regrouped, rearranged and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.
37. There are certain uncollected dues/receivables in foreign currency and domestic which are outstanding for a period of more than six months as on Balance sheet date. The amount of foreign currency and domestic receivables outstanding for more than six months is Rs.52,29,66,734/- (P Y Rs. 69,34,32,665/-). However, Rs. 94,24,218/- (P Y Rs. NIL) is received after the balance sheet date.
39. The Application of Liquidation of M/s.Lypsa Gems & Jewellery DMCC, UAE 100% foreign subsidiary is already made with the concern authority on 29/03/2024 and as per the Letter dated 15/01/2025 of DMCC, the M/s. Lypsa Gems & Jewellery DMCC, UAE 100% foreign subsidiary has been dissolved, with effect from 29/03/2024.
Accordingly the company has written off the Investment of USD $14000 equivalent to Rs.7,48,720/-
40. The company has outstanding unclaimed dividend of Rs. 7,49,900/- for the year 2009-10, Rs. 8,27,000/- for the year 2010-11, Rs. 5,61,855/- for the year 2011-12, Rs 4,33,587/- for F.Y. 2012-13, Rs.14,30,020/- for 2013-14 and Rs.3,33,282/- for 2014-15. The company has unclaimed fraction shares of Rs.3,436/-. As per provisions, the company is required to deposit a sum of Rs.7,49,900/- towards unclaimed dividend for 2009-10 & Rs. 8,27,000/-for 2010-11 Rs. 5,61,855/- for 2011-12 & Rs.4,33,587/- for F.Y.2012-13, Rs.14,30,020/- for 2013-14 and Rs.3,33,282/- for 2014-15 to Investor education and protection fund. The company has not deposited the same.
However the company is collating and compiling the relevant data so as to transfer the fund in due course.
41. Additional Regulatory Information:
As per the notification issued on 24th March 2021, the Ministry of Corporate Affairs, has amended Schedule III of The Companies Act, 2013, requiring additional disclosure which are applicable to the company has been disclosed below.
(i) There is no proceedings initiated or pending against the company for holding any Benami Property under the Benami Transactions (Prohibitions) Act, 1988 (45 of 1988) and Rules made there under during the year.
(iii) The Assessment proceedings under section 147 of the Income Tax Act 1961, for Assessment Year 2020-21 is going on.
(iv) The company has not traded nor invested in the Virtual Currency - Crypto Currency during the Year.
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