50
th
ANNUAL REPORT 2015-2016 THE GEM & JEWELLERY EXPORT PROMOTION COUNCIL
124
THE GEM & JEWELLERY EXPORT PROMOTION COUNCIL & ITS SUBSIDIARIES
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2016
THE GEM & JEWELLERY EXPORT PROMOTION COUNCIL & ITS SUBSIDIARIES
( COMPANIES LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL )
TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR END D 31ST MARCH, 2016
As at
As at
31.03.2016 31.03.2015
Rupees
Rupees
Rupees
4
Financial Assistance provided by
National Skill Development Corporation (NSDC)
73,35,000
95,01,000
(Refer Notes given below)
Deposits received from students
18,36,516
18,74,916
91,71,516
1,13,75,916
NOTES :
1
2
3 Interest free moratorian period of 3 years i.e. upto March, 2013.
4 Interest payable @ 6 % p.a. with effect from 1st April, 2013.
5
5 SHORT TERM BORROWINGS :
Short Term Secured Loan
(Due within one year
)
National Skill Development Corporation (NSDC)
42,06,000
20,40,000
(Refer Notes given in (4) above.)
Deposits
Others
5,61,055
3,55,000
Other Loans & Advances
Advances from Debtors ( Exhibitors)
15,04,51,653
20,48,33,775
15,52,18,708
20,72,28,775
6 TRADE PAYABLES :
Membership Fees Refundable
12,09,343
10,28,829
Accrued Expenses & Others
1,36,32,229
48,15,916
Sundry Creditors
9,45,23,403
5,78,29,866
10,93,64,975
6,36,74,611
7 OTHER CURRENT LIABILITIES :
Grant In Aid Refundable :
MDA Small Exporters' Scheme
-
20,23,785
MDA Code Scheme
-
94,77,305
MAI Scheme for the year 2015-2016
1,48,00,000
80,00,000
ASIDE Scheme for IIGJ New Delhi for the year 2015-2016
2,32,00,000
2,32,00,000
(Refer Note given below)
ASIDE Scheme for 5th Year Plan Project (CFC)
48,00,000
Income tax Deducted at Source (TDS) Payable
53,87,312
1,10,84,530
Other Statutory Liabilities
3,96,035
3,37,662
Caution Money Payable
9,85,000
-
Service Tax Payable
95,319
2,33,575
Security deposits
45,55,338
19,21,384
Advance Payment
76,25,888
73,45,332
Amount payable against fixed assets
37,38,136
-
Book Overdraft with Scheduled Banks due to issuance of cheques
3,42,29,537
9,56,37,284
Outstanding Liabilities for expenses
1,35,85,684
1,53,74,374
Provision for CSR Expenses
1,07,14,781
-
12,41,13,030
17,46,35,231
Notes:
1
8 SHORT TERM PROVISIONS :
Provision for Income Tax (A.Y.2011-2012)
1,17,350
1,17,350
Provision for Income Tax (A.Y.2014-2015)
15,36,308
15,36,308
Provision for Embezzlement of cash
3,28,851
-
19,82,509
16,53,658
The Council has received grant of
Rs. 2,80,00,000
(2014-2015: Rs.2,32,00,000) under Assistance to
States for Developing Export Infrastructure & Allied Activity (ASIDE) Scheme from the
Government of India. This grant is required to be utilised not later than 31st March, 2016. Pending
such utilisation the same has been included under the head 'Other Current Liabilities'.
LONG TERM BORROWINGS / SECURED LOANS :
for Indian Institute of Gems and Jewellery at Jaipur (IIGJ)
Secured by Irrevocable and Unconditional Bank Guarantee for a sum of Rs.1,33,07,435 (Rupees
One Crores Thirty three Lacs Seven Thousand Four Hundred Thirty Five Only) furnished by the
Council in favour of NSDC.
Repayable in 84 Equated Monthly Installments (EMI) commencing with effect from April, 2013.
Repayment during the year :
Rs.20,40,000
(2014-15 : Rs.19,22,000)
Effective 1st April,, 2015, the responsibility /liability towards repayment of the loan and payment
of interest rests with IIGJJ. However, IIGJJ has defaulted in payment and has requested the
Council for providing funds for the purpose. The matter is under consideration by the Council.
Accordingly provision has been made in the accounts of IIGJJ, for Interest payable for the year
2015-16.
