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Cut and Polished Diamonds
The overall gross export of Cut & Polished diamonds during 2015-16 at $ 19996 million (Rs. 130938 crores) is showing a decline of 13.66% (-7.47% in Re. term) as compared to $ 23160 million (Rs. 141514 crores) for the same period of previous year. This can be attributed somewhat to a decline in the quantity exported in 2015-16 to 329.87 lakh carats from 345.35 lakh carats in 2014-15.
Gem and Jewellery industry
The overall net export of Gem and Jewellery, which includes gold jewellery, gold medallions and coins and gemstones, in the year 2015-16 was USD 31983 mil (Rs. 209593 crores) as compared to USD 36220 million (Rs. 221332 crores) is showing a decline of 11.69% (-5.30% in Rs. term).
Gem and Jewellery Industry had demanded to scale down the duty on gold from 10 per cent to 2 per cent. The hike of import duty on gold has given rise to large scale gold smuggling, which in turn has affected domestic retail and manufacturing industry.
Levying of excise on Jewellery industry will create more trouble for this industry which is already starving. Companys Performance
The revenues during the year under review were Rs, 98,491 as against Rs, 121,012 in the previous year, Net Loss after tax during the year was Rs.3,99,26,370 as against a net loss of Rs, 14,90,399 in the previous year, During the year under the company wrote off the amounts due from Bombay Diamonds Company Pvt Ltd (BDCPL)who owed Rs.3,92,61,338. The management of BDCPL have informed that they are unable to pay any further amounts as there are no activities since last three years and also that their property (fixed asset) is offered as collateral for the working capital limits enjoyed by their Associate concern Winsome Diamonds and Jewellery Limited. BDCPL further informed that the assets will not be released by the bankers till the time Winsome Diamonds and Jewellery Limited is able to clear its due to their bankers.
Your company is following from other companies, who are in default of payment, namely, Forever Diamonds Pvt Ltd and Winsome Diamonds and Jewellery Limited.
With little scope of any income during the current year the outlook is not bright.
OPPORTUNITIES, THREAT, RISKS AND CONCERNS
With little or no business in the last few years the relevancy of opportunities, threats, risks and concerns are not applicable at the moment,
INTERNAL CONTROL SYSTEM
The Company has internal control system commensurate with its size and current activities to ensure efficiency of operation, compliance and applicable laws and other statutory regulations as well as with internal controls, protection of resources and assets,
During the year under review, there were no significant activities in the company. There are no employees at the moment in the company,
The company has not made any projections, estimate nor any expectations for the future.