Mar 31, 2015
I) CHANGE IN ACCOUNTING POLICY
PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS
During the year ended 31st March 2015, the revised Schedule III
notified under the Companies Act, 2013, has become applicable to the
company for the preparation and presentation of its Financial
Statements. The adoption of revised schedule III does not impact
recognition and measurement principles followed for preparation of
Financial Statements. However it has significant impact on the
presentation and disclosures made in Financial Statements.
The company has also reclassified the previous year figures in
accordance with requirement as applicable in the current year.
ii) USE OF ESTIMATES
The preparation of financial statements requires the management of the
Company to make estimates and assumptions that affect the reported
balance of Assets and Liabilities and disclosures related to the
contingent liabilities as at the date of financial statements and
reported accounts of revenues and expenses during the period. Actual
results could differ from those estimates. Any revision of accounting
estimates is recognized in accordance with the requirement of the
respective accounting standard.
iii) TANGIBLE ASSETS AND DEPRECIATION
The company has neither acquired any asset nor having any Fixed Assets
as on the date of Balance sheet
iv) INVESTMENT
Investments are valued at cost.
v) REVENUE RECOGNITION
Revenue is recognized on mercantile basis to the extent that it is
probable that the economic benefits will flow to the company and the
revenue can be reliably measured.
vi) TAX EXPENSES
Tax expense comprises of current tax. Current income tax is measured at
the amount expected to be paid to the tax authorities in accordance
with the Indian Income Tax Act 1961 enacted in India. The tax rates and
tax laws used to compute the amount are those as enacted, at operating
date.
Deferred Taxation is provided using the liability method in respect of
the taxation effect arising from all material timing difference between
the accounting and tax treatment for Income and Expenditure, which are
expected with reasonable probability to crystallize in the foreseeable
future.
Deferred Tax benefits are recognized in the financial statements only
to the extent of any deferred tax liability or when such benefits are
reasonable expected to be realizable in the near future.
Deferred Tax Assets and liabilities are measured at tax rates that have
been enacted or substantively enacted by the balance sheet date.
vii) EVENTS OCCURRING AFTER BALANCE SHEET DATE:
No significant events which could affect the financial position as on
31-03-2015 to a material extent have been reported by the assessee,
after the balance sheet date till the signing of report.
viii) PRIOR PERIOD AND EXTRAORDINARY ITEMS :
There are no material changes or credits which arise in the current
period, on accounts of errors and omission in the preparation of the
financial statements for the one or more prior periods.
ix) EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net profit for
the period attributable to equity shareholders by the weighted average
number of equity share outstanding during the year
x) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS PROVISIONS
A provision is recognized when an enterprise has a present obligation
as a result of past event. These are reviewed at each balance sheet
date and adjusted to reflect the current best estimates.
CONTINGENT LIABILITIES
A contingent liability is disclosed where, as a result of past events,
there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. When there is a
possible obligation or a present obligation in respect of which the
likelihood of outflow or resources is remote, no provision or
disclosure is made.
CONTINGENT ASSETS
Contingent Assets are neither recognized nor disclosed.
Provisions, Contingent Liabilities and Contingent Assets are reviewed
at each Balance Sheet date.
Mar 31, 2014
PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS
During the year ended 31st March 2014, the revised Schedule VI notified
under the Companies Act, 1956, has become applicable to the company for
the preparation and presentation of its Financial Statements. The
adoption of revised schedule VI does not impact recognition and
measurement principles followed for preparation of Financial
Statements. However it has significant impact on the presentation and
disclosures made in Financial Statements.
The company has also reclassified the previous year figures in
accordance with requirement as applicable in the current year.
ii) USE OF ESTIMATES
The preparation of financial statements requires the management of the
Company to make estimates and assumptions that affect the reported
balance of Assets and Liabilities and disclosures related to the
contingent liabilities as at the date of financial statements and
reported accounts of revenues and expenses during the period. Actual
results could differ from those estimates. Any revision of accounting
estimates is recognized in accordance with the requirement of the
respective accounting standard.
ix) EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net profit for
the period attributable to equity shareholders by the weighted average
number of equity share outstanding during the year
x) PROVISIONS. CONTINGENT LIABILITIES AND CONTINGENT ASSETS
PROVISIONS
A provision is recognized when an enterprise has a present obligation
as a result of past event. These are reviewed at each balance sheet
date and adjusted to reflect the current best estimates.
CONTINGENT LIABILITIES
A contingent liability is disclosed where, as a result of past events,
there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. When there is a
possible obligation or a present obligation in respect of which the
likelihood of outflow or resources is remote, no provision or
disclosure is made.
CONTINGENT ASSETS
Contingent Assets are neither recognized nor disclosed.
Provisions, Contingent Liabilities and Contingent Assets are reviewed
at each Balance Sheet date.
Mar 31, 2013
PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS
During the year ended 31st March 2013, the revised Schedule VI notified
under the Companies Act, 1956, has become applicable to the company for
the preparation and presentation of its Financial Statements. The
adoption of revised schedule VI does not impact recognition and
measurement principles followed for preparation of Financial
Statements. However it has significant impact on the presentation and
disclosures made in Financial Statements.
The company has also reclassified the previous year figures in
accordance with requirement as applicable in the current year.
ii) Principles of Consolidation:
a) The Consolidated Financial Statements (CFS) comprise the financial
statements of FMec International Financial Services Limited and its
subsidiary - YDS Securities Pvt. Ltd. as on 31st March 2013.
b) The consolidated financial statements have been prepared using
uniform accounting policies, in accordance with the generally accepted
accounting policies.
c) The effects of intra group transactions are eliminated in
consolidated.
iii) USE OF ESTIMATES
The preparation of financial statements requires the management of the
Company to make estimates and assumptions that affect the reported
balance of Assets and Liabilities and disclosures related to the
contingent liabilities as at the date of financial statements and
reported accounts of revenues and expenses during the period. Actual
results could differ from those estimates. Any revision of accounting
estimates is recognized in accordance with the requirement of the
respective accounting standard.
iv) TANGIBLE ASSETS AND DEPRECIATION
The company has neither acquired any asset nor having any Fixed Assets
as on the date of Balance sheet
v) INVESTMENT
Investments are valued at cost.
vi) INVENTORIES:
Inventories comprise of shares /securities are valued at lower of cost
or net realizable value.
vii) REVENUE RECOGNITION
Revenue is recognized on mercantile basis to the extent that it is
probable that the economic benefits will flow to the company and the
revenue can be reliably measured.
viii) TAX EXPENSES
Tax expense comprises of current tax. Current income tax is measured at
the amount expected to be paid to the tax authorities in accordance
with the Indian Income Tax Act 1961 enacted in India. The tax rates and
tax laws used to compute the amount are those as enacted, at operating
date.
Deferred Taxation is provided using the liability method in respect of
the taxation effect arising from all material timing difference between
the accounting and tax treatment for Income and Expenditure, which are
expected with reasonable probability to crystallize in the foreseeable
future.
Deferred Tax benefits are recognized in the financial statements only
to the extent of any deferred tax liability or when such benefits are
reasonable expected to be realizable in the near future.
Deferred Tax Assets and liabilities are measured at tax rates that have
been enacted or substantively enacted by the balance sheet date.
ix) EVENTS OCCURRING AFTER BALANCE SHEET DATE:-
No significant events which could affect the financial position as on
31-03-2013 to a material extent have been reported by the assessee,
after the balance sheet date till the signing of report.
x) PRIOR PERIOD AND EXTRAORDINARY ITEMS:-
There are no material changes or credits which arise in the current
period, on accounts of errors and omission in the preparation of the
financial statements for the one or more prior periods.
xi) EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net profit for
the period attributable to equity shareholders by the weighted average
number of equity share outstanding during the year
xii) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
PROVISIONS
A provision is recognized when an enterprise has a present obligation
as a result of past event. These are reviewed at each balance sheet
date and adjusted to reflect the current best estimates.
CONTINGENT LIABILITIES
A contingent liability is disclosed where, as a result of past events,
there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. When there is a
possible obligation or a present obligation in respect of which the
likelihood of outflow or resources is remote, no provision or
disclosure is made.
CONTINGENT ASSETS
Contingent Assets are neither recognized nor disclosed.
Provisions, Contingent Liabilities and Contingent Assets are reviewed
at each Balance Sheet date.
Mar 31, 2012
PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS
During the year ended 31st March 2013, the revised Schedule VI notified
under the Companies Act, 1956, has become applicable to the company for
the preparation and presentation of its Financial Statements. The
adoption of revised schedule VI does not impact recognition and
measurement principles followed for preparation of Financial
Statements. However it has significant impact on the presentation and
disclosures made in Financial Statements.
The company has also reclassified the previous year figures in
accordance with requirement as applicable in the current year.
ii) Principles of Consolidation:
a) The Consolidated Financial Statements (CFS) comprise the financial
statements of FMec International Financial Services Limited and its
subsidiary - YDS Securities Pvt. Ltd. as on 31st March 2013.
b) The consolidated financial statements have been prepared using
uniform accounting policies, in accordance with the generally accepted
accounting policies.
c) The effects of intra group transactions are eliminated in
consolidated.
iii) USE OF ESTIMATES
The preparation of financial statements requires the management of the
Company to make estimates and assumptions that affect the reported
balance of Assets and Liabilities and disclosures related to the
contingent liabilities as at the date of financial statements and
reported accounts of revenues and expenses during the period. Actual
results could differ from those estimates. Any revision of accounting
estimates is recognized in accordance with the requirement of the
respective accounting standard.
iv) TANGIBLE ASSETS AND DEPRECIATION
The company has neither acquired any asset nor having any Fixed Assets
as on the date of Balance sheet
v) INVESTMENT
Investments are valued at cost.
vi) INVENTORIES:
Inventories comprise of shares /securities are valued at lower of cost
or net realizable value.
vii) REVENUE RECOGNITION
Revenue is recognized on mercantile basis to the extent that it is
probable that the economic benefits will flow to the company and the
revenue can be reliably measured.
viii) TAX EXPENSES
Tax expense comprises of current tax. Current income tax is measured at
the amount expected to be paid to the tax authorities in accordance
with the Indian Income Tax Act 1961 enacted in India. The tax rates and
tax laws used to compute the amount are those as enacted, at operating
date.
Deferred Taxation is provided using the liability method in respect of
the taxation effect arising from all material timing difference between
the accounting and tax treatment for Income and Expenditure, which are
expected with reasonable probability to crystallize in the foreseeable
future.
Deferred Tax benefits are recognized in the financial statements only
to the extent of any deferred tax liability or when such benefits are
reasonable expected to be realizable in the near future.
Deferred Tax Assets and liabilities are measured at tax rates that have
been enacted or substantively enacted by the balance sheet date.
ix) EVENTS OCCURRING AFTER BALANCE SHEET DATE:-
No significant events which could affect the financial position as on
31-03-2013 to a material extent have been reported by the assessee,
after the balance sheet date till the signing of report.
x) PRIOR PERIOD AND EXTRAORDINARY ITEMS:-
There are no material changes or credits which arise in the current
period, on accounts of errors and omission in the preparation of the
financial statements for the one or more prior periods.
xi) EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net profit for
the period attributable to equity shareholders by the weighted average
number of equity share outstanding during the year
xii) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
PROVISIONS
A provision is recognized when an enterprise has a present obligation
as a result of past event. These are reviewed at each balance sheet
date and adjusted to reflect the current best estimates.
CONTINGENT LIABILITIES
A contingent liability is disclosed where, as a result of past events,
there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. When there is a
possible obligation or a present obligation in respect of which the
likelihood of outflow or resources is remote, no provision or
disclosure is made.
CONTINGENT ASSETS
Contingent Assets are neither recognized nor disclosed.
Provisions, Contingent Liabilities and Contingent Assets are reviewed
at each Balance Sheet date.