Mar 31, 2015
A. Revenue Recognition:
Brokerage income is recognized on the trade date of transaction, upon
confirmation of the transactions by stock exchanges and clients. Income
from depository services and penal charges are recognized on the basis
of agreements entered into with clients and when the right to receive
income is established.
b. Other Income
Interest income is accounted on accrual basis.
c. Fixed Assets
Fixed Assets are valued at the cost of acquisitions including taxes,
duties, and identifiable direct expenses are net of depreciation
charges thereon.
d. Depreciation & Amortization
Depreciation has been provided on all the assets on Straight Line
Method, at the rates and in manner prescribed in Schedule XIV of the
Companies Act, 1956. Assets costing less than Rs. 5,000 are fully
depreciated in the year of capitalization
e. Impairment of Assets
At each balance sheet date, the management requires the carrying
amounts of its assets to determine whether there is any indication of
that these assets were impaired. If any such indication exists, the
recoverable amount of the assets is estimated in order to determine the
extent of impairment loss.
An asset is treated as impaired when carrying cost of assets exceeds
its recoverable value. Impairment loss is charged to the profit & loss
accounts in the year in which an asset is identified as impaired.
The impairment loss recognized in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount.
f. Transactions in foreign currency
Transactions denominated in foreign currencies are recorded at the
exchange rates prevailing on the date of transaction. Gain/Loss arising
out of exchange rates variation is credited or charged to the Profit
and Loss Account. Monetary items denominated in foreign currencies at
the year end are reinstated at the year end rates.
g. Employees benefits
Short Term Employee Benefits such as salary and paid annual leave have
been provided on yearly basis. The contributions to Provident Fund are
charged to the statement of Profit & Loss for the year when the
contributions are made.
h. Provision for Current and deferred Tax
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act, 1961.
Deferred tax resulting from "timing differences" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date. The
deferred tax asset is recognized and carried forward only to the extent
that there is a virtual certainty that the asset will be realized in
future.
i. Provision. Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events & it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
j. Cash Flow Statement
Cash Flow Statement has been prepared on indirect method as per the
guidelines and AS-3 issued by ICAI.
k. Earning per share
EPS is calculated by dividing the net profit for year attributable to
equity shareholders by the weighted average no. of equity shares
outstanding during the year as per AS-20 issued by ICAI.
Mar 31, 2014
A. Revenue Recognition:
Brokerage income is recognized on the trade date of transaction, upon
confirmation of the transactions by stock exchanges and clients. Income
from depository services and penal charges are recognised on the basis
of agreements entered into with clients and when the right to receive
income is established.
b. Other Income
Interest income is accounted on accrual basis.
c. Fixed Assets
Fixed Assets are valued at the cost of acquisitions including taxes,
duties, and identifiable direct expenses are net of depreciation
charges thereon.
d. Depreciation & Amortisation
Depreciation has been provided on all the assets on Straight Line
Method, at the rates and in manner prescribed in Schedule XIV of the
Companies Act, 1956. Assets costing less than Rs. 5,000 are fully
depreciated in the year of capitalisation
e. Impairment of Assets
At each balance sheet date, the management requires the carrying
amounts of its assets to determine whether there is any indication of
that these assets were impaired. If any such indication exists, the
recoverable amount of the assets is estimated in order to determine the
extent of impairment loss.
An asset is treated as impaired when carrying cost of assets exceeds
its recoverable value. Impairment loss is charged to the profit & loss
accounts in the year in which an asset is identified as impaired.
The impairment loss recognised in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount.
f. Transactions in foreign currency
Transactions denominated in foreign currencies are recorded at the
exchange rates prevailing on the date of transaction. Gain/Loss arising
out of exchange rates variation is credited or charged to the Profit
and Loss Account. Monetary items denominated in foreign currencies at
the year end are reinstated at the year end rates.
g. Employees benefits
Short Term Employee Benefits such as salary and paid annual leave have
been provided on yearly basis. The contributions to Provident Fund are
charged to the statement of Profit & Loss for the year when the
contributions are made.
h. Provision for Current and deferred Tax
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act, 1961.
Deferred tax resulting from "timing differences" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date. The
deferred tax asset is recognised and carried forward only to the extent
that there is a virtual certainty that the asset will be realised in
future.
i. Provision. Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events & it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
j. Cash Flow Statement
Cash Flow Statement has been prepared on indirect method as per the
guidelines and AS-3 issued by ICAI.
k. Earning per share
EPS is calculated by dividing the net profit for year attributable to
equity shareholders by the weighted average no. of equity shares
outstanding during the year as per AS-20 issued by ICAI.
b. Terms/rights attached to equity issue
The company has only class of Equity Shares having a par value of Rs.10
per share. Each holder of Fully paid equity is entitled to one vote per
share. In the event of Liquidation of the Company, the holders of
Equity Shares will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts in proportion
to their shareholding. The distribution will be in proportion to the
number of equity shares held by the shareholders.
Mar 31, 2013
A. Revenue Recognition:
Brokerage income is recognized on the trade date of transaction, upon
confirmation of the transactions by stock exchanges and clients. Income
from depository services and penal charges are recognised on the basis
of agreements entered into with clients and when the right to receive
income is established.
b. Other Income
Interest income is accounted on accrual basis.
c. Fixed Assets
Fixed Assets are valued at the cost of acquisitions including taxes,
dutes, and identifiable direct expenses are net of depreciation charges
thereon.
d Depreciation & Amortisation
Depreciation has been provided on all the assets on Straight Line
Method, at the rates and in manner prescribed in Schedule XIV of the
Companies Act, 1956. Assets costing less than Rs 5.000 are fully
depreciated in the year of capitalisation
e. impairment of Assets
At each balance sheet date, the management requires the carring amounts
of its assets to determine whether there is any indication of that
these assets were ippaired. If any such indication exists, the
recoverable amount of the assets estimated in order to determeine the
extent of impairment loss.
An asset is treated as impaired when carrying cost of assets exceeds
its recoverable value. Impairment loss is charged to the profit & loss
accounts int the year in which an asset is identified as impaired.
The impairment ioss recognised in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount.
f. Transactions in foreign currency
Transactions denominated in foreign currencies are recorded at the
exchange rates prevailing on the date of transaction. Gain/Loss arising
out of exchange rates variation is credited or charged to the Profit
and Loss Account. Monetory items denominated in foreign currencies at
the year end are reinstates at the year eend rates.
g. Employees benefits
Short Term Employee Benefits such as salary and paid annual leave have
been provided on yearly basis. The contributions to Provident Fund are
charged to the statement of Profit & Loss for the year when the
contributions are made.
h. Provision for Current and deferred Tax
Provision for currrent tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act, 1961.
Deferred tax resulting from "timing differencec" between taxable and
accounting incoem is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date. The
deferred tax asset is recognised and carried forward only to the extent
that there is a virtual certainly that the asste will be realised in
future.
i. Provision, Contingent Liabilities and Contingent Assets.
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events & it is probable that there will be an outflow of resoures.
Contingent Assets are neither recognised nor disclosed in the financial
statements.
j. Cash Flow Statement
Cash Flow Statement has been prepared on indirect method as per the
guidelines and AS-3 issued by ICA1.
K. Earning per share
EPS is calculated by dividing the net profit for year attributable to
equity shareholders by the weighted average no. of equity shares
outstanding during the year as per AS-20 issued by ICAI.
Mar 31, 2010
1. ACCOUNTING CONVENTIONS
The accounts and financial statement have been prepared on historical
cost of accounting and on the basis of going concern concept. The cost
is adjusted to reflect the changing value in purchasing power of money.
2. METHODS OF ACCOUNTING
The accounts are prepared in accordance with generally accepted
accounting principles. The company follows accrual methods of
accounting.
3. FIXED ASSETS
Fixed assets are valued at the cost of acquisitions including taxes,
duties, and identifiable direct expenses are net of depreciation
charges thereon.
4. DEPRECIATION
The company has charged depreciation on its fixed assets following the
straight line methods on pro basis at the rate prescribed in schedule
XIV of the Companies Act, 1956 as amended by notification number
GSR/756 [E] dated 16/12/1994.
5. REVENUE RECOGNITION
Brokerage on secondary market transactions is recognized as per Stock
Exchange Guidelines.
6. STOCK EXCHANGE MEMBERSHIP
The deposits made by the company with the National Stock Exchange of
India (NSE) and Bombay Stock Exchange (BSE) towards acquiring the
membership of the exchange is considered as Loans & Advances.
Mar 31, 2009
1. ACCOUNTING CONVENTIONS
The accounts and financial statement have been prepared on historical
cost of accounting and on the basis of going concern concept. The cost
is adjusted to reflect the changing value in purchasing power of money.
2. METHODS OF ACCOUNTING
The accounts are prepared in accordance with generally accepted
accounting principles. The company follows accrual methods of
accounting.
3. FIXED ASSETS
Fixed assets are valued at the cost of acquisitions including taxes,
duties, and identifiable direct expenses are net of depreciation
charges thereon.
4. DEPRECIATION
The company has charged depreciation on its fixed assets following the
straight line methods on pro basis at the rate prescribed in schedule
XIV of the Companies Act, 1956 as amended by notification number
GSR/756 [E] dated 16/12/1994.
5. INVESTMENT AND STOCK IN TRADE
i) The securities acquired with the intention of short term holding for
the trading activities are considered as stock-in-trade and shown as
current assets and other are considered as long term investment.
ii) The securities held as stock-in-trade under current assets are
quoted one and are valued at acquisition cost.
iii) Investment other that stock-in-trade are valued at cost.
6. REVENUE RECOGNITION
i) Brokerage on secondary market transactions is recognized as per
Stock Exchange Guidelines. ii) Profit or loss on sale of investment
and stock in trade are recognized on the contract dates.
7. STOCK EXCHANGE MEMBERSHIP
The deposits made by the company with the National Stock Exchange of
India (NSE) and Bombay Stock Exchange (BSE) towards acquiring the
membership of the exchange is considered as Loans & Advances.