Mar 31, 2013
A) The preparation ofthe financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions to be made that affect the reported amounts
of revenue and expenses during the reporting period, the reported
amount of assets & liabilities and the disclosures relating to the
contingent liabilities on the date ofthe financial statements. Examples
of such estimates include useful lives of provisions for doubtful
debts/advances, deferred tax etc. Actual results could differ from
those estimates, such difference is recognised in the period/s in which
results are known / materialised.
b) The accounts are prepared on the basis of going concern under
historical cost convention as also accrual basis and in accordance with
Accountiog Standards referred to in Section 211(3C) ofthe Companies Act
1956, which have been precribed by the Companies (Accounting Standards)
Rules 2006, and the relevant provisions ofthe Companies Act. 1956.
c) Stock in Trade is valued at Cost or Market Value, whichever is
lower.
d) Fixed Assets are stated at Cost less Depreciation.
e) Depreciation on Fixed Assets is provided for as per the Straight
Line Method on pro-rata basis at the rates and in the manner prescribed
by the Schedule XIV ofthe Companies Act, 1986.
f) Long term Investments are carried at cost less provisions, if any,
for permanent diminution in value of such investment.
g) Current Tax is the amount of tax payable on the taxable income for
the year as determined in accordance with the provision of Income Tax
Act, 1961 h) Deferred Tax is recognised on timing differences, being
die difference between taxable income and accounting income that
originate in one period and are
capable of reversal in one or more subsequent periods. Deferred tax
assets/ Liabilities in respect of depreciation on fixed assets is
recognised if there is reasonable certainty that there will be
sufficient future taxable income to realise such assets / liabilities.
Moreover, deferred tax is shown net of deferred tax asseis and deferred
tax liabilities. Depreciation as per Company''s Act Rs. 934,731/-,
Depreciation as per Income Tax Rs. 808,649/-; Balance Rs. 126,082/- DTA
= 126,082 * 30% = Rs. 37,825/-
i) In view of smallness of liability and uncertainty, retirement
benefit have not been provided for as per AS 15.
j) If internal / external indications suggest that an asset ofthe
company may be impaired, the recoverable amount of asset / cash
generating asset is determined on the Balance Sheet date and if it is
less than its carrying amount, the carrying amount ofthe asset / cash
generating unit is reduced to the said recoverable amount. The
recoverable amount is measured as the higher of net selling price and
value in use of such assets / cash generating unit, which is determined
by the present value ofthe estimated future Cash Flows. As at the
Balance Sheet date, there was no such indication.
k) The Company has no other Segment except that of securities.
Therefore, segment accounting as of AS-17 is not required.
1) Income and expenditure pertaining to prior period, wherever
material, are disclosed separately.
in) The Company recognised as Provisions, the liabilities being present
obligations arising from past events, the settlement of which is
expected to result in an outflow of resources and which can be measured
only by using a substantial degree of estimation.
n) Contingent Assets are neither recognised nor disclosed.
o) Contingent Liability is disclosed by way of note to the financial
statements after careful evaluation by the management ofthe fact and
legal aspect ofthe matters involved.
The Company has no outstanding dues to small-scale industrial
undertakings as on 31 st March, 2012
Mar 31, 2012
A) The financial statements for the year ended 31/3/2011 had been
prepared as per the then applicable pre-revised Schedule VI of the
Companies, Act 1956.Consequent to the notification of Revised Schedule
VI under Companies Act 1956, financial statements for the year ended
31/03/2012 are prepaid as per Revised Schedule Vi. Accordingly the
previous years figures have also been reclassified/regrouped to conform
to this year's classifications. The adoption of Revised Sechdule VI
does not impact recognition and measurement principles followed for the
preparation of the financial statements.
b) The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to make
estimate and assumptions to be made that affect the reported amounts of
revenue and expenses during the reporting period, the reported amount
of assets & liabilities and the disclosures relating to the contingent
liabilities on the date of the financial statements. Examples of such
estimates include useful lives of provisions for doubtful
debts/advances, deferred ta* etc. Actual results could differ from
those estimates, such difference is recognised in the period/s in which
results are known / materialised.
c) The accounts are prepared on the basis of going concern under
historical cost convention as also accrual basis and in accordance with
Accounting Standards referred to in Section 211 (3C) of the Companies
Act 1956, which have been prescribed by the Companies (Accounting
Standards) Rules 2006, and the relevant provisions of the Companies
Act. 1956.
d) Stock in Trade is valued at Cost or Market Value, whichever is
lower.
e) Fixed Assets are stated at Cost less Depreciation.
f) Depreciation on Fixed Assets is provided for as per the Straight
Line Method on pro-rata basis at the rates and in the manner prescribed
by the . Schedule XIV of the Companies Act, 1986.
g) Long term Investments are carried at cost less provisions, if any,
for permanent diminution in value of such investment.
h) Current Tax is the amount of tax payable on the taxable income for
the year as determined in accordance with the provision of Income Tax
Act,1961
i) Deferred Tax is recognised on timing differences, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods. Deferred tax assets/ Liabilities in respect of depreciation on
fixed assets Is recognised if there is reasonable certainty that there
will be sufficient future taxable income to realise such assets /
liabilities. Moreover, deferred tax is shown net of deferred tax assets
and deferred tax liabilities.
Depreciation as per Company Rs. 849,020/-, Dep. as per Income Tax Rs.
1,196,192/-. Bal Rs. 347,172/- DTL = 347,172, * 30% = Rs. 104,152/- j)
In view of smallness of liability and uncertainty, retirement benefit
have not been provided for as per AS 15.
k) If internal / external indications suggest that an asset of the
company may be impaired, the recoverable amount of asSet / cash
generating asset is determined on the Balance Sheet date and if it is
less than its carrying amount, the carrying amount of the asset / cash
generating unit is reduced to the said recoverable amount. The
recoverable amount is measured as the higher of net selling price and
value in use of such assets / cash generating unit, which is determined
by the present value of the estimated future Cash Flows. As at the
Balance Sheet date, there was no such indication
I) The Company has no other Segment except that of securities.
Therefore, segment accounting as of AS-17 is not required, m) Income
and expenditure pertaining to prior period , wherever material, are
disclosed separately.
n) The Company recognised as Provisions, the liabilities being present
obligations arising from past events, the settlement of which is
expected to result in an outflow of resources and which can be measured
only by using a substantial degree of estimation, o) Contingent Assets
are neither recognised nor disclosed.
p) Contingent Liability is disclosed by way of note to the financial
statements after careful evaluation by the management of the fact and
legal aspect of the matters involved.
Mar 31, 2011
A) The Company follows the Accrual System of accounting for all Income,
Expenditure, Assets & Liabilities.
b) Stock in Trade is valued at Cost or Market Value, whichever is
lower.
c) Long term Investments are carried at cost less provisioned, if any,
for permanent diminution in value of such investment.
d) Fixed Assets are stated at Cost less Depreciation.
e) Depreciation on Fixed Assets is provided for as per the Straight
Line Method on pro-rata basis at the rates and in the manner prescribed
by the Schedule XTV of the Companies Act, 1986.
f) Current Tax is the amount of tax payable on the taxable income for
the year as determined in accordance with the provision of Income Tax
Act 1961
g) Deferred Tax is recognised on timing differences, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods. Deferred tax assets/ Liabilities in respect of depreciation on
fixed assets is recognised if there is reasonable certainty that there
will be sufficient future taxable income to realise such assets /
liabilities. Moreover, deferred tax is shown net of deferred tax assets
and deferred tax liabilities. Depreciation as per Company Rs.
864,519/-, Dep. as per Income Tax Rs. 956,493/-. Bal Rs. 91,974/-
DTL - 91,974, û 30% * Rs. 27.592/- h) In view of the smallness of
liability and uncertainty, retirement benefits have not been provided
for as per AS 15. i) If internal / external indications suggest that
an asset of the company may be impaired, the recoverable amount of
asset / cash generating asset is determined on the Balance Sheet date
and if it is less than its carrying amount, the carrying amount of the
asset / cash generating unit is reduced to the said recoverable amount.
The recoverable amount is measured as the higher of net selling price
and value in use of such assets / cash generating unit, which is
determined by the present value of the estimated future Cash Flows. As
at the Balance Sheet date, there was no such indication. j) The
Company has no other segment except that of securities. Therefore
segment accounting as of AS -17 is not required.
7) The Company has no outstanding dues to small-scale industrial
undertakings as on 31st March, 2011
8) (A) The Company is contingently liable to HDFC Bank, Fort Branch for
Rs. 425.00 Lakhs (PY Rs. 175.00 Lakhs) towards
Bank Guarantees issued by the bank in favour of The Bombay Stock
Exchange, and NSCCL against which Bank is holding Fixed Deposits of Rs.
106.25 Lakhs (PY Rs. 87.50 Lakhs). The Company is contingently liable
to the Directors for the collateral personal guarantee given by them
for the same.
(B) The Company is contingently liable on account of Gratuity up to
31/03/2011 is Rs. 1,838,044 /- (PY Rs. 841,629/-) Other benefits like
leave encashment are accounted on accrual basis.
(C) The Company has given counter guarantee to HDFC Bank towards
Guarantee given by HDFC Bank to Oasis Securities Ltd a company in which
directors are interested, for Rs Nil (PY Rs. 450.00 Lakhs).
(D) The Company is contingently liable to Director for the Guarantee
given to HDFC Bank for Overdraft Facility upto Approx Rs. 3.00 Cr (P.Y.
3.00 Cr).
( E) Fixed Deposit of Rs 37.50 Lacs pledge with the bank for availing
Short Term Loan of Rs 75.00 Lacs (P.Y. Rs Nil)
Mar 31, 2010
A) The Company follows the Accrual System of accounting for all Income,
Expenditure, Assets & Liabilities.
b) Stock in Trade is valued at Coat or Market Value, whichever is
lower.
c) Long term Investments are carried at cost less provisioned, if any,
for permanent diminution in value of such investment
d) Fixed Assets are stated at Cost less Depreciation.
e) Depreciation on Fixed Assets is provided for as per the Straight
line Method on pro-rata basis at the rates and in the manner prescribed
by the Schedule XIV of the Companies Act, 1986
f) Current Tax is the amount of tax payable on the taxable income for
the year as determined in accordance with the provision of Income Tax
Act 1961
g) Deferred Tax is recognised on timing differences, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods. Deferred tax assets. Liabilities in respect of depreciation
on fixed assets is recognised if there is reasonable certamty that
there wiO be sufficient future taxable income to realise such assets /
fcabumes. Moreover, deferred tax is shown net of deferred tax assets
and deferred tax liabilities. Depreciation as per Company Rs.
312,903/-, Dep. as per Income Tax Rs. 245,42ft"-. Bal Rs. 67,484/-
DTA = 67,484, ? 33.99% = Rs. 22,938/- h) In view of the smaBness of
SabSry and uncertainty, retirement benefits have not been provided for
as per AS IS. I) If internal / external indicators suggest that an
asset of the company may be impaired, the recoverable amount of asset /
cash generating asset is dctertnmod on the Balance Sheet date and if it
is less than its carrying amount, the carrying amount of the asset /
cash generating unit is reduced to the said recoverable amount The
recoverable amount is measured as the higher of net selling price and
value in use of such assets / cash generating unit, which is determined
by the present value of the estimated future Cash Flows. As at the
Balance Sheet date, there was no such indication. j ) The Company has
no.other segment except that of securities. Therefore segment
accounting as of AS - 17 is not required.