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Notes to Accounts of Ajcon Global Services Ltd.

Mar 31, 2015

Note: 1. Contingent Liabilities and Commitments

i) Counter Guarantees given for the Bank Guarantees for Rs. 13,875 thousand (margin by way of Bank fixed deposits of Rs. 7203.98 thousand given) issued by the bankers of the Company in favour of the Clearing Corporation/Clearing Member/Stock Exchanges.

ii) In consideration with concept of prudence, no contingent assets are recognized.

Note: 2. Securities received from clients as Collaterals for margins are held by the Company in its own name in fiduciary Capacity. A part of these securities are pledged with the clearing Member for Futures & Options segments. Securities which are not registered in the name of the Company are held by the Company with valid transfer documents.

Note: 3. Bank fixed deposit of Rs. 50.00 thousand and shares worth Rs. 73.17 thousand as on 31st March 2015 are given to M.P. Stock Exchange towards Base Minimum Capital. Shares worth Rs. 5,118.03 thousands were lying with Clearing Member towards margins.

Note: 4. In the opinion of the Board of Directors, the current assets, loans and advances are of the value as stated, if realised in the ordinary course of the business. The aggregate market value of inventory though considered at cost as per the practice followed since inception, was higher than the value stated as at the date of balance sheet. The Book Debts of Rs. 4751.61 thousand (P.Y. Rs. 2515.23 thousand) are outstanding for the period exceeding six months but, considered good by the Management and hence, not provided for.

Note: 5. Some of the balances of Sundry Debtors, Creditors and Loans and Advances are subject to confirmation and reconciliation, if any.

Note: 6.

Information about foreign currency earnings and outgo:-

CIF value of imports, Expenditure & Earning in foreign exchange: - Consultancy Fees Income: Rs. NIL (P.Y. Rs. 1040.14) thousand. Foreign Travel Expenses: Rs. 242.35 (P.Y Rs. 525.46) thousand.

Note: 7. previous year's figures have been re-grouped/re-classified/re-arranged to correspond with the current year's classification/disclosure.


Mar 31, 2014

1.1 Face Value of Shares

All the equity shares are of same class with a face value of Rs. 10 per share. Company has not issued any shares during the year under consideration.

1.2 Rights, Preferences and Restrictions attached to Shares :

Equity Shares: The company has only one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held.

- Secured overdraft (OD-EQM) from Bank of India is secured by equitable mortgage of office premises owned by the company and equitable mortgage of a plot of land owned by Ajcon Infra Projects Pvt. Ltd., an associate company and personal guarantee of the Managing Director of the Company

- Secured Loans (OD-Shares) from Bank of India is payable on demand and is secured by pledge of shares with 50% margin.

- Payment of principal and interest thereon is in line with the stipulated terms of the loan.

Note: The disclosure under Section 22 of Micro, Small and Medium Enterprises Development Act, 2006 is not applicable to our company as we are neither a trading nor a manufacturing company. Also, due to absence of information from the creditors regarding their registration under Micro, Small and Medium Enterprises Development Act, 2006, no specific disclosure is possible.

Note: 2

Contingent Liabilities and Commitments

i) Counter Guarantees given for the Bank Guarantees for Rs. 12,375 thousand (margin by way of Bank fixed deposits of Rs. 7174.48 thousand given) issued by the bankers of the Company in favour of the Clearing Corporation/Clearing Member/Stock Exchanges.

ii) In consideration with concept of prudence, no contingent assets are recognized.

Note: 3

Securities received from clients as Collaterals for margins are held by the Company in its own name in fiduciary Capacity. A part of these securities are pledged with the clearing Member for Futures & Options segments. Securities which are not registered in the name of the Company are held by the Company with valid transfer documents.

Note: 4

Bank fixed deposit of Rs. 50.00 thousand and shares worth Rs. 92.89 thousand as on 31.03.2014 are given to M.P. Stock Exchange towards Base Minimum Capital. Shares are also pledged against the secured Loans from Bank of India (OD against Shares).

Note: 5

In the opinion of the Board of Directors, the current assets, loans and advances are of the value as stated, if realised in the ordinary course of the business. The aggregate market value of inventory though considered at cost as per the practice followed since inception, was higher than the value stated as at the date of balance sheet. The Book Debts of Rs. 2,515.23 thousand (P.Y. Rs. 2,260.25 thousand) are outstanding for the period exceeding six months but, considered good by the Management and hence not provided for.

Note: 6

Some of the balances of Sundry Debtors, Creditors and Loans and Advances are subject to confirmation and reconciliation, if any.

Note: 7

Information pursuant to the provisions of part II of Revised Schedule VI of the Companies Act, 1956. (To the extent applicable and as certified by the Management)

a) CIF value of imports, Expenditure & Earning in foreign exchange: - Consultancy Fees Income: Rs. 1,040.14 (P.Y. Rs. Nil) thousand. Foreign Travel Expenses: Rs. 525.46 (P.Y Rs. 343.47) thousand Connectivity and Communication Expenses: Rs. 1,107.97 (P.Y. Rs. 1,469.32) thousand

b) Break up of Imported & Indigenous materials and components concerned – Foreign Travel Expenses: Nil (P.Y. Nil) Connectivity and Communication Expenses: Nil (P.Y. Nil)

Note: 8 previous year''s figures have been re-grouped/re-classified to correspond with the current year''s classification/disclosure.


Mar 31, 2013

Note : 1 Contingent Liabilities and Commitments

i) Counter Guarantees given for the Bank Guarantees for Rs. 13,875 thousand (margin by way of Bank fixed deposits of Rs. 7,156.57 thousand given) issued by the bankers of the Company in favour of the Clearing Corporation/Clearing Member/Stock Exchanges.

ii) In consideration with concept of prudence, no contingent assets are recognized.

Note : 2 Securities received from clients as Collaterals for margins are held by the Company in its own name in fiduciary Capacity. A part of these securities are pledged with the clearing Member for Futures & Options segments. Securities which are not registered in the name of the Company are held by the Company with valid transfer documents.

Note : 3 Bank fixed deposit of Rs. 50.00 thousand and shares worth Rs. 68.22 thousand are given to M.P. Stock Exchange towards Base Minimum Capital. Shares are also pledged against the secured Loans from Bank of India (OD against Shares).

Note : 4 In the opinion of the Board of Directors, the current assets, loans and advances are of the value as stated, if realised in the ordinary course of the business. The aggregate market value of inventory though considered at cost as per the practice followed since inception, was higher than the value stated as at the date of balance sheet. The Book Debts of Rs.2,260.25 thousand (Rs.2,517.87 thousand) are outstanding for the period exceeding six months but, considered good by the Management and hence not provided for.

Note : 5 Some of the balances of Sundry Debtors, Creditors and Loans and Advances are subject to confirmation and reconciliation, if any.

Note : 6 Information pursuant to the provisions of part II of Revised Schedule VI of the Companies Act, 1956. (To the extent applicable and as certified by the Management)

a) CIF value of imports, Expenditure & Earning in foreign exchange: - Foreign Travel Expenses : Rs. 343.47 (P.Y Rs. 17.32) thousand

Connectivity and Communication Expenses : Rs. 1469.32, (P.Y. Nil) thousand

b) Break up of Imported & Indigenous materials and components concerned – Foreign Travel Expenses : Nil (P.Y. Nil)

Connectivity and Communication Expenses : Nil (P.Y. Nil)

Note :7 Previous year''s figures have been regrouped/reclassified to correspond with the current year''s classification/disclosure.


Mar 31, 2012

- Secured Overdraft (OD-EQM) from Bank of India is secured by equitable mortgage of office premises belonging to the Company, equitable mortgage of a piece of land belonging to Ajcon Infra Projects Pvt. Ltd. an associate Company and personal guarantee of Managing Director.

- Secured loans (OD-shares) from Bank of India payable on demand is secured by pledge of shares with 50% margin.

Footnote:

During the year the Company has sold at book value its ownership in the M.P. Stock Exchange membership card to a 100% subsidiary Company. However, the change of name is yet to be effected in the records of the concerned Exchange.

1. Contingent Liabilities and Commitments

i) Counter Guarantees given for the Bank Guarantees for Rs 73.75 lacs (less margin by way of Bank fixed deposits of Rs 38.04 lacs) issued by the bankers of the Company in favour of the Clearing Corporation/Clearing Member/Stock Exchanges.

ii) In consideration with concept of prudence, no contingent assets are recognized.

2. Securities received from clients as Collaterals for margins are held by the Company in its own name in fiduciary Capacity. A part of these securities are pledged with the clearing Member for Futures & Options segments. Securities which are not registered in the name of the Company are held by the Company with valid transfer documents.

3. Bank fixed deposit of Rs 50,000/- and shares worth Rs 182,789/- are given to M.P. Stock Exchange towards Base Minimum Capital. Shares are also pledged against the secured Loans from Bank of India (OD against Shares).

4. In the opinion of the Board of Directors, the current assets, loans and advances are of the value as stated, if realised in the ordinary course of the business. The aggregate market value of inventory though considered at cost as per the practice followed since inception, was higher than the value stated as at the date of balance sheet. The Book Debts of Rs25.18 lacs (Rs27.76 lacs) are outstanding for the period exceeding six months but, considered good by the Management and hence not provided for.

5. Advances recoverable in cash or in kind or for value to be received include Rs7.50 lacs (Rs9.00 lacs) due from the subsidiary Companies (maximum debit balance during the year Rs9.00 lacs) and Rs4.49 (RsNil) from Associate Companies. (The maximum debit balance during the year was Rs4.49 lacs)

6. Some of the balances of Sundry Debtors, Creditors and Loans and Advances are subject to confirmation and reconciliation, if any.

7. During the year, the Company has brought back in the books a liability of Rs25.00 lacs and corresponding book debt of Rs25.00 lacs, which were written off/ adjusted against each other in the year 2009-10. This was necessitated due to revival of an old legal case. While the book debt is written off as bad debt, the said liability is paid off subsequent to the date of Balance Sheet in full & final settlement of the dues in terms of Minutes of Order dated 30/04/2012 passed by the Hon'able Bombay High Court.

8. Information pursuant to the provisions of part II of Revised Schedule VI of the Companies Act, 1956. (To the extent applicable and as certified by the Management)

a) CIF value of imports, Expenditure & Earning in foreign exchange: -

Traveling Expenses incurred of Rs 0.17 lacs.

b) Break up of Imported & Indigenous materials and components concerned - N.A

9. Till the year ended 31st March, 2011, the Company was using pre-revised Schedule VI of the Companies Act, 1956 for preparation and presentation of its financial statements. The Revised Schedule VI has become effective from April 1, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have accordingly been regrouped/reclassified to correspond with the current year's classification/disclosure.


Mar 31, 2011

1. Provisions, Contingent Liabilities and Contingent Assets.

A provision is recognized when an enterprise has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are determined based on best management estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best management estimates.

Contingent Liabilities includes:

i) Counter Guarantees given for the Bank Guarantees for Rs. 163.75 lacs (less margin deposit of Rs. 81.88 lacs) issued by the bankers of the Company in favour of the Clearing Corporation/Clearing Member/Stock Exchanges.

ii) In consideration with concept of prudence, no contingent as sets are recognized.

2. Secured Loans/Overdrafts

a. Secured overdraft (OD-EQM) from Bank of India is secured by equitable mortgage of office premises belonging to the Company, equitable mortgage of a piece of land belonging to Ajcon Infra Projects Pvt. Ltd. an associate Company and personal guarantee of Managing Director (O/s as on 31.03.2011 is Rs.377.98 lacs).

b. Secured Over draft (OD-Shares) from Bank of India is secured by pledge of shares with 50% margin (O/s as on 31.03.2011 is Rs.120.05.lacs).

c. The charge of said bank is further extended to the said office premises of the Company on the total Fund based & Non fund based limits aggregating to Rs 1195.00 1acs.

d. Vehicle loans are secured by way of the hypothecation of Motorcars.

3. Impairment of Assets.

Impairment of Assets, if any, is recognized in accordance with AS-28.

4. Securities received from clients as Collaterals for margins are held by the Company in its own name in fiduciary Capacity. A part of these securities are pledged with the clearing Member for Futures & Options segments and also with the bank to secure cash margins on behalf of clients. Securities which are not registered in the name of the Company are held by the Company with valid transfer documents.

5. Bank fixed deposit of Rs. 50,000/- and shares worth Rs.177,370/- are given to M.P. Stock Exchange towards part of base minimum capital

6. In the opinion of the Board of Directors, the current assets, loans and advances are of the value as stated, if realised in the ordinary course of the business. The aggregate market value of inventory though considered at cost as per the practice followed since inception, was higher than the value stated as at the date of balance sheet. The Book Debts of Rs. 27.76 lacs (Rs. 25.51 lacs) are outstanding for the period exceeding six months but considered good by the management and hence not provided for. 7. Advances recoverable in cash or in kind or for value to be received include Rs.9.001acs (Rs.91.031acs) due from the subsidiary Company (maximum debit balance during the year 91.03 lacs) and Rs. Nil (Rs. 15.00 lacs) from Associate Company. (The maximum debit balance during the year was Rs.15.00 lacs)

8. Some of the balances of Sundry Debtors, Creditors and Loans and Advances are subject to confirmation and reconciliation, if any.

9. Related party Disclosures: Disclosure in accordance with Accounting Standards-18-Related party transactions during the year

RELATIONSSHIP(DURING RELATED PARTY YEAR>

A. Related party where M/s Ajcon commodity Brokers Limited controls exists: Subsidiary company

B. related parties where significant influence exists: Associated Enterprise M/s Ajcon IT.com Ltd M/s Ajcon Communication Pvt.Ltd M/s A.Ajmera & Associates. M/s Ajcon Infra Projects Pvt.Ltd M/s Ajcon Consultants Pvt.Ltd

C. Key Management Personel:

Chairman and Managing Mr. Ashok Kumar Ajmera Director Executive Director Mr. Ankit Ajmera Executive Director Mr. Anuj Ajmera

D. Other Related Parties Mrs. Pragati Ajmera Mrs. Pallavi Ajmera Mrs. Shikha Ajmera Mrs. Ajit Ajmera Mrs. Ajay AJmera

10. Information pursuant to the provisions of paragraphs 3,4C and 4D of part II of Schedule VI of the Companies Act, 1956. (To the extent applicable and as certified by the Management)

a) Quantitative Details :Shares and Securities

The Company trades in Equity shares, which involves continuous purchases and sales. Such trades are settled with actual delivery of the shares or without the delivery of the shares. Considering the volume of the transactions and variety of scripts, traded at various prices, it is not practical and meaningful to compile the quantitative details of the shares and securities. Hence, the quantitative details are not furnished. There were no Derivative contracts outstanding as at the end of the year.

b) CIF value of imports, Expenditure & Earning in foreign exchange: Professionals received Rs. 299.86 lacs.

c) Break up of Imported & Indigenous materials and components concerned: N. A

d) Previous year's figures are mentioned in bracket.

11. Previous year's figures are regrouped, reclassified or rearranged/ recast wherever necessary in order to make them comparable with the current year's figures.

 
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