Mar 31, 2016
1 Corporate information
Company is registered with Securities and Exchange Board of India (SEBI) as BSE Sub Broker of M/s Shriyam Broking Intermediary Ltd. and is engaged in the activities of Investment in Shares/Bonds etc.
2 Significant accounting policies
2.1 Basis of accounting and preparation of financial statements
These accounts are prepared on historical cost basis and on accounting principles of the going concern. Accounting policies not specifically referred to otherwise, are consistent and in consonance with Generally accepted accounting principles (GAAP) comprising of mandatory Accounting Standards, Guidance notes, etc. issued by ICAI. The Company follows mercantile system of accounting recognizing income and expenses on accrual basis.
2.2 Use of estimates
The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known / materialize.
2.3 Cash and cash equivalents
Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.
2.4 Cash flow statement
Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and 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.
2.5 Depreciation
Pursuant to the enactment of Companies Act 2013, the company has applied the estimated useful lives as specified in Schedule II, except in respect of certain assets as disclosed in Accounting Policy on Depreciation, Amortization and Depletion. Accordingly the unamortized carrying value is being depreciated / amortized over the revised/remaining useful lives.
2.6 Revenue recognition
The Company is registered sub-broker of M/s Shriyam Broking Intermediary Ltd. Hence, there is exemption to take NBFC registration under RBI norms.
The activities of purchase and sale of investment and interest income from investments in bonds, fixed deposits etc are classified as ''Revenue from Operations''
Terms of income and expenditure are recognized on accrual basis.
2.7 Other income
Interest income is accounted on accrual basis. Dividend income is accounted for when the right to receive it is established
2.8 Tangible fixed assets
Fixed Assets are stated at cost less accumulated depreciation, cost comprises of purchase consideration and other directly attributable cost of bringing the assets to their working for intended use. Subsequent expenditures related to an item of Tangible Asset are added to its book value only if they increase the future benefits from the existing asset beyond its previously assessed standard of performance.
2.9 Investments
Investments are classified into Current and Long-term Investments. Current Investments are stated at cost value. Long-term Investments are stated at cost. A provision for diminution is made to recognize a decline, other than temporary, in the value of Long-term Investments. When disposing of a part of the holding of an individual investment, the carrying amount to be allocated to that part is determined on the basis of the First in First Out Method amount of the total holding of the investment
Security transaction tax paid on purchase and sale of investment have been debited to profit and loss account.
2.10 Segment Reporting
There are no other reportable segments as per AS 17 (Segmental Reposting), except Investment, as such reporting is done on a single segment basis.
2.11 Taxes on income
Current tax is determined as the amount of tax payable to the taxation authorities in respect of taxable income for the period. Deferred tax is recognized, subject to the consideration of prudence, on timing difference being differences between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets are not recognized on unabsorbed depreciation and carry forward of losses unless there is a virtual certainty that sufficient taxable profits will be available against which such deferred assets can be realized.
2.12 Provisions and contingencies
These are disclosed by way of notes on the Balance sheet. Provision is made in the accounts in respect of those contingencies which are likely to materialize into liabilities after the year end, till the finalization of accounts and have material effect on the position stated in the Balance sheet.
2.13 Earnings per share
Basic and Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year.
Rights of Equity Shareholders
The Company has only one class of Equity Shares having par value of Rs.10. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holder of equity shares will being entitled to receive any of the remaining assets of the company, after distribution of all preferential amount.
Mar 31, 2015
1 Corporate information
Company is registered with Securities and Exchange Board of India
(SEBI) as BSE Sub Broker of M/s Shriyam Broking Intermediary Ltd. and
is engaged in the activities of Investment in Shares/Bonds etc.
2.1 Basis of accounting and preparation of financial statements
These accounts are prepared on historical cost basis and on accounting
principles of the going concern. Accounting policies not specifcally
referred to otherwise, are consistent and in consonance with Generally
accepted accounting principles (GAAP) comprising of mandatory
Accounting Standards, Guidance notes, etc. issued by ICAI. The Company
follows mercantile system of accounting recognising income and expenses
on accrual basis.
2.2 Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialise.
2.3 Cash and cash equivalents
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
2.4 Cash flow statement
Cash flows are reported using the indirect method, whereby Profit /
(loss) before extraordinary items and 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.
2.5 Depreciation
Pursuant to the enactment of Companies Act 2013, the company has
applied the estimated useful lives as specified in Schedule II, except
in respect of certain assets as disclosed in Accounting Policy on
Depreciation, Amortisation and Depletion. Accordingly the unamortised
carrying value is being depreciated / amortised over the
revised/remaining useful lives.
2.6 Revenue recognition
The Company is registered sub-broker of M/s Shriyam Broking
Intermediary Ltd. Hence, there is exemption to take NBFC registration
under RBI norms.
The activities of purchase and sale of investment and interest income
from investments in bonds, fixed deposits etc are classified as 'Revenue
from Operations'
Terms of income and expenditure are recognised on accrual basis.
2.7 Other income
Interest income is accounted on accrual basis. Dividend income is
accounted on receipt basis.
2.8 Tangible fixed assets
Fixed Assets are stated at cost less accumulated depreciation, cost
comprises of purchase consideration and other directly attributable
cost of bringing the assets to their working for intended
use.Subsequent expenditures related to an item of Tangible Asset are
added to its book value only if they increase the future benefts from
the existing asset beyond its previously assessed standard of
performance.
2.9 Investments
Investments are classified into Current and Long-term Investments.
Current Investments are stated at cost value. Long-term Investments are
stated at cost. A provision for diminution is made to recognise a
decline, other than temporary, in the value of Long-term Investments.
When disposing of a part of the holding of an individual investment,
the carrying amount to be allocated to that part is determined on the
basis of the First in First Out Method amount of the total holding of
the investment
Security transaction tax paid on purchase and sale of investment have
been debited to Profit and loss account.
2.10 Segment Reporting
There are no other reportable segments as per AS 17 (Segmental
Reposting), except Investment, as such reporting is done on a single
segment basis.
2.11 Taxes on income
Current tax is determined as the amount of tax payable to the taxation
authorities in respect of taxable income for the period. Deferred tax
is recognised, subject to the consideration of prudence, on timing
difference being differences between taxable incomes and accounting
income that originate in one period and are capable of reversal in one
or more subsequent periods. Deferred tax assets are not recognised on
unabsorbed depreciation and carry forward of losses unless there is a
virtual certainty that sufficient taxable Profits will be available
against which such deferred assets can be realised.
2.12 Provisions and contingencies
These are disclosed by way of notes on the Balance sheet. Provision is
made in the accounts in respect of those contingencies which are likely
to materialise into liabilities after the year end, till the
fnalisation of accounts and have material effect on the position stated
in the Balance sheet.
2.13 Earnings per share
Basic and Diluted earnings per share is computed by dividing the Profit
/ (loss) after tax (including the post tax effect of extraordinary
items, if any) by the weighted average number of equity shares
outstanding during the year.
19.1 Contingent liabilities and commitments (to the extent not provided
for) Contingent liabilities
(i) Contingent liabilities not provided for uncalled liability on
a) Partly paid up preference shares Rs.18,750/-.
(ii) Demand of Rs.80,22,602/- is pending under Madhya Pradesh Sales Tax
Act against which appeals had been fled with Deputy Commissioner of
Commercial Tax. The Deputy Commissioner of Commercial tax has
redirected case to Assessing Officer for reassessment.
(iii) During F.Y. 2004-05,Company has kept Rs.100.70 Lacs in Escrow
account with Calyon Bank, Nariman Point Branch for any demands of stamp
duty, penalties and liabilities that may arise on the scheme of
arrangement as approved by the High Court of Judicature at Mumbai in
terms of which company has transferred its Aluminum Chloride
undertaking and wind mill undertaking to Nagda Orgo Chem Private
Limited under section 391 to section 394 of the companies Act, 1956.0n
01/10/2012, The High court of Indore (Single Judge ) has given decision
in favour of the Company. Revenue had fled an writ appeal against the
said order with Hon'ble The High court of M.P., Indore.( Double Judge),
wherein order dated 26.09.2014 states that the appeal be listed for
final hearing in due course.
(iv) NEPC India Limited had instituted a suit against the company in
the court of II FAST TRACK JUDGE Madras for deferment of payment to the
NEPC India Limited the sum of Rs. 20,47,156/- together with interest at
24% p.a on Rs. 10,53,450/-. Vide order dated 13/02/2012, court has given
decision in favour of NEPC India limited. In the result the suit is
decreed in favour of NEPC India Limited for Rs. 10,53,450/- with interest
at the rate of 12% p.a. from august 98 till realisation with costs.
Our Company has fled an appeal with High court of Madras against the
said order.
Mar 31, 2014
1.1 Basis of accounting and preparation of financial statements
These accounts are prepared on historical cost basis and on accounting
principles of the going concern. Accounting policies not specifically
referred to otherwise, are consistent and in consonance with Generally
accepted accounting principles (GAAP) comprising of mandatory
Accounting Standards, Guidance notes, etc. issued by ICAI. The Company
follows mercantile system of accounting recognising income and expenses
on accrual basis.
2.2 Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialise.
2.3 Cash and cash equivalents
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
2.4 Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and 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.
2.5 Depreciation
Depreciation on fixed assets has been provided on Written Down Value
Method as provided in Section 205 (2) (b) of the Companies Act, 1956
read with Schedule XIV of the Act on pro- rata basis.
2.6 Revenue recognition
The Company is registered sub-brocker of M/s Shriyam Broking
Intermediary Ltd. Hence, there is exemption to take NBFC registration
under RBI norms.
The activities of purchase and sale of investment and interest income
for investments in bonds, fixed deposit etc are classified as
"Revenue from Operation".
Terms of income and expenditure are recognized on accrual basis.
2.7 Other income
Interest income is accounted on accrual basis. Dividend income is
accounted on receipt basis.
2.8 Tangible fixed assets
Fixed Assets are stated at cost less accumulated depreciation.
2.9 Investments
Long Term Investments are stated at Cost. The Company has not provided
for decrease in value of investment as in the opinion of the management
decrease in value is not permanent in nature as per guidelines of
Accounting Standard 13 - "Accounting for Investment".
2.10 Segment Reporting
As the company''s business activity falls within single segment viz.
Investment the disclosure requirements of Accounting Standard 17
"Segment Reporting" issued by Institute of Chartered Accountants of
India is not applicable.
2.11 Taxes on income
Current tax is determined as the amount of tax payable to the taxation
authorities in respect of taxable income for the period. Deferred tax
is recognised, subject to the consideration of prudence, on timing
difference being differences between taxable incomes and accounting
income that originate in one period and are capable of reversal in one
or more subsequent periods. Deferred tax assets are not recognised on
unabsorbed depreciation and carry forward of losses unless there is a
virtual certainty that sufficient taxable profits will be available
against which such deferred assets can be realised.
2.12 Provisions and contingencies
These are disclosed by way of notes on the Balance sheet. Provision is
made in the accounts in respect of those contingencies which are likely
to materialise into liabilities after the year end, till the
finalisation of accounts and have material effect on the position
stated in the Balance sheet.
2.13 Earnings per share
Basic and Diluted earnings per share is computed by dividing the profit
/ (loss) after tax (including the post tax effect of extraordinary
items, if any) by the weighted average number of equity shares
outstanding during the year.
Mar 31, 2013
1.1 Basis of accounting and preparation of financial statements
These accounts are prepared on historical cost basis and on accounting
principles of the going concern. Accounting policies not specifically
referred to otherwise, are consistent and in consonance with Generally
accepted accounting principles (GAAP) comprising of mandatory
Accounting Standards, Guidance notes, etc. issued by ICAI. The Company
follows mercantile system of accounting recognising income and expenses
on accrual basis.
1.2 Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialise.
1.3 Cash and cash equivalents
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
1.4 Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and 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.
1.5 Depreciation
Depreciation on fixed assets has been provided on Written Down Value
Method as provided in Section 205 (2) (b) of the Companies Act, 1956
read with Schedule XIV of the Act on pro- rata basis.
12.6 Revenue recognition
Terms of income and expenditure are recognized on accrual basis
1.7 Other income
Interest income is accounted on accrual basis. Dividend income is
accounted on receipt basis
1.8 Tangible fixed assets
Fixed Assets are stated at cost less accumulated depreciation.
1.9 Investments
Long Term Investments are stated at Cost. The Company has not provided
for decrease in value of investment as in the opinion of the management
decrease in value is not permanent in nature as per guidelines of
Accounting Standard 13 Â ''Accounting for Investment''.
1.10 Segment Reporting
As the company''s business activity falls within single segment viz.
Investment the disclosure requirements of Accounting Standard 17
''Segment Reporting'' issued by Institute of Chartered Accountants of
India is not applicable.
1.11 Taxes on income
Current tax is determined as the amount of tax payable to the taxation
authorities in respect of taxable income for the period. Deferred tax
is recognised, subject to the consideration of prudence, on timing
difference being differences between taxable incomes and accounting
income that originate in one period and are capable of reversal in one
or more subsequent periods. Deferred tax assets are not recognised on
unabsorbed depreciation and carry forward of losses unless there is a
virtual certainty that sufficient taxable profits will be available
against which such deferred assets can be realised.
1.12 Provisions and contingencies
These are disclosed by way of notes on the Balance sheet. Provision is
made in the accounts in respect of those contingencies which are likely
to materialise into liabilities after the year end, till the
finalisation of accounts and have material effect on the position
stated in the Balance sheet.
1.13 Earnings per share
Basic and Diluted earnings per share is computed by dividing the profit
/ (loss) after tax (including the post tax effect of extraordinary
items, if any) by the weighted average number of equity shares
outstanding during the year.
Mar 31, 2012
1.1 Basis of accounting and preparation of financial statements
These accounts are prepared on historical cost basis and on accounting
principles of the going concern. Accounting policies not specifically
referred to otherwise, are consistent and in consonance with Generally
accepted accounting principles (GAAP) comprising of mandatory
Accounting Standards, Guidance notes, etc. issued by ICAI. The Company
follows mercantile system of accounting recognising income and expenses
on accrual basis.
1.2 Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialise.
1.3 Cash and cash equivalents
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
1.4 Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and 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.
1.5 Depreciation
Depreciation on fixed assets has been provided on Written Down Value
Method as provided in Section 205 (2) (b) of the Companies Act, 1956
read with Schedule XIV of the Act on pro- rata basis.
1.6 Revenue recognition
Terms of income and expenditure are recognized on accrual basis
1.7 Other income
Interest income is accounted on accrual basis. Dividend income is
accounted on receipt basis
1.8 Tangible fixed assets
Fixed Assets are stated at cost less accumulated depreciation.
1.9 Investments
Long Term Investments are stated at Cost. The Company has not provided
for decrease in value of investment as in the opinion of the management
decrease in value is not permanent in nature as per guidelines of
Accounting Standard 13 - "Accounting for Investment".
1.10 Segment Reporting
As the company's business activity falls within single segment viz.
Investment the disclosure requirements of Accounting Standard 17
"Segment Reporting" issued by Institute of Chartered Accountants of
India is not applicable.
1.11 Taxes on income
Current tax is determined as the amount of tax payable to the taxation
authorities in respect of taxable income for the period. Deferred tax
is recognised, subject to the consideration of prudence, on timing
difference being differences between taxable incomes and accounting
income that originate in one period and are capable of reversal in one
or more subsequent periods. Deferred tax assets are not recognised on
unabsorbed depreciation and carry forward of losses unless there is a
virtual certainty that sufficient taxable profits will be available
against which such deferred assets can be realised.
1.12 Provisions and contingencies
These are disclosed by way of notes on the Balance sheet. Provision is
made in the accounts in respect of those contingencies which are likely
to materialise into liabilities after the year end, till the
finalisation of accounts and have material effect on the position
stated in the Balance sheet.
1.13 Earnings per share
Basic and Diluted earnings per share is computed by dividing the profit
/ (loss) after tax (including the post tax effect of extraordinary
items, if any) by the weighted average number of equity shares
outstanding during the year.
Mar 31, 2011
Accounting Concept
These accounts are prepared on historical cost basis and on accounting
principles of the going concern. Accounting policies not specifically
referred to otherwise, are consistent and in consonance with Generally
accepted accounting principles (GAAP) comprising of mandatory
Accounting Standards, Guidance notes, etc. issued by ICAI. The Company
follows mercantile system of accounting recognising income and expenses
on accrual basis.
Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation.
Depreciation
Depreciation on fixed assets has been provided on Written Down Value
Method as provided in Section 205 (2) (b) of the Companies Act, 1956
read with Schedule XIV of the Act on pro-rata basis.
Investments
Long Term Investments are stated at Cost. The Company has not provided
for decrease in value of investment as in the opinion of the management
decrease in value is not permanent in nature as per guidelines of
Accounting Standard 13 Ã "Accounting for Investment".
Revenue Recognition
Terms of income and expenditure are recognized on accrual basis
Mar 31, 2010
Accounting Concept
These accounts are prepared on historical cost basis and on accounting
principles of the going concern. Accounting policies not specifically
referred to otherwise, are consistent and in consonance with Generally
accepted accounting principles (GAAP) comprising of mandatory
Accounting Standards, Guidance notes, etc. issued by ICAI. The Company
follows mercantile system of accounting recognising income and expenses
on accrual basis.
Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation.
Depreciation
Depreciation on fixed assets has been provided on Written Down Value
Method as provided in Section 205 (2) (b) of the Companies Act, 1956
read with Schedule XIV of the Act on pro-rata basis.
Investments
Long Term Investments are stated at Cost. The Company has not provided
for decrease in value of investment as in the opinion of the management
decrease in value is not permanent in nature as per guidelines of
Accounting Standard 13 - "Accounting for Investment".
Valuation of Inventories
Inventory includes shares and securities are valued at their cost on
FIFO basis.
Revenue Recognition
Terms of income and expenditure are recognized on accrual basis