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Notes to Accounts of Inventure Growth & Securities Ltd.

Mar 31, 2015

1 Corporate Information

The Company was incorporated on 22 June 1995, The company is presently having membership of various exchanges and is in the business of providing Stock Broking and other related services.

2. Contingent Liabilities and Commitments

As at As at Particulars 31 March 2015 31 March 2014



Contingent liabilities:

Guarantees given by the Company's bankers and counter guaranteed by the 200,800,000 240 000 000 Company

Income Tax matters in Appeal 5,855,601 5,855,601

3. Details of Leasing arrangements

(a) Operating Lease: As a Lessee

The company has entered into cancellable operating leases. These lease arrangements are normally renewable on expiry. The lease arrangement can be cancelled either at the option of lessor giving notice for the period ranging from two months to three months or lessee giving two months notice.

Lease payments amounting to Rs.11,15,144/- (Previous year Rs. 2,619,448/-) are included in rental expenditure in the Statement of Profit and Loss during the current year.

(b) Operating Lease: As a Lessor

The Company had given office premises under cancellable lease arrangement for a period ranging from eleven months to

twelve months. These lease arrangements expired during the year and the same was not renewed by either of the parties. Lease rent received during the year and accounted as income is Rs.Nil/- (Previous year Rs. 297,768/-)

4. Depreciation on Fixed Assets

Pursuant to the Companies Act 2013, the company has realigned its depreciation policy in accordance with schedule II of the companies act 2013. Consequently, w.e.f. 1st April, 2014, (a) the carrying value of assets is now depredated over its revised remaining useful life, (b) Where the remaining useful life of the asset is Nil as on 1st April, 2014, carrying values of the assets has been charged to statement of profit & loss in accordance with transitional provision of schedule II of the Companies Act, 2013. (c) On account of above change, depredation charged to Statement of Profit & Loss for the year 2014-15 is higher by Rs. 53.99 Lacs.

5. Employee Benefit Plans

(a) Defined Contribution Plans:

The amount recognised as expense in respect of Defined Contribution Plans (Contribution to Provident Fund, Family Pension Fund and Employees State Insurance) aggregate to Rs.14,50,294/- (Previous year Rs.7,59,368/-).

(b) Retirement Benefit - Gratuity:

The employees of the Company are eligible for gratuity in accordance with the Payment of Gratuity Act, and is a Defined Employee Benefit, The above benefit is not funded but provision is made in the accounts for accrued gratuity under Projected Unit Credit Method of acturial valuation.

The following table summaries the components of the employee benefit expenses recognised in the Statement of Profit and Loss and the amount recognised in the Balance sheet for the gratuity provision made under actuarial method.

Statement of Profit and Loss

Net employee benefit expenses recognised in Employee Benefit Expenses (Note No. 23)

6. Related Party Disclosures

The following details give the information pursuant to Accounting Standard (AS) 18 " Related Party D

(a) Name of the Related Parties and the Nature of Relationship

Name of the Related Parties Nature of Relationship

Inventure Finance Private Limited Subsidiary Company

Inventure Insurance Broking Private limited Subsidiary Company

Inventure Commodities Limited Subsidiary Company

Inventure Wealth Management Limited Subsidiary Company

Inventure Merchant Banker Services Subsidiary Company Private Limited

Nagji Keshavji Rita Director and Key Management Personnel

Kartji B, Rita Director and Key Management Personnel

Virendra Dudhnath Singh Director and Key Management Personnel .

Kamlesh S Limbachiya - Director and Key Management Personnel

ArvindJ. Gala Key Management Personnel

Jayshree Nagji Rita Relative of Director

Kiran Virendra Singh Relative of Director

Shraddha V. Singh Relative of Director

Vaibhav N. Rita Relative of Director

Meet K. Rita Relative of Director

Neeta Mukesh Gada Relative of Director

Kalavati K. limbachiya Relative of Director

Manjulaben S. Limbachiya Relative of Director

Sagar K. Limbachiya Relative of Director

Kunjal A. Gala . Relative cf Key Management Personnel

Arvind J. Gala HUF Relative of Key Management Personnel

Nagji K, Rita HUF Enterprises significantly influenced by the Director

Keshavji M. Rita HUF Enterprises significantly influenced by the Director

Virendra Dudhnath Singh HUF Enterprises significantly influenced by the Director

Kamlesh S Limbachiya HUF Enterprises significantly influenced by the Director

Synergy Moneycontiol Pvt Ltd. Enterprises significantly influenced by the Director

Keshvi Developers Pvt. Ltd. Enterprises significantly influenced by the Director

Kenorita Realty LLP Enterprises significantly influenced by the Director 7. The accounts of the Trade Receivables and Trade Payables who have not responded to the Company's request for confirmation of balances, are subject to reconciliation, if any, required.

8. In accordance with the Company Policy, the company has reviewed the outstanding Trade Receivables and is in continuous process of working out different modalities of recovery. The Company has written off a sum of Rs. 31,63,344/-(Previous year Rs. 58,18,883/-) as bad debts and has also made a provision for bad debts of Rs. 9,12,014/- (Previous year Rs.9,00,000/-) during the year, which in the opinion of the Management, is adequate.

9. Segment Reporting

The Company's operations predominantly consist of "Broking of shares/securities and other related activities " Hence there are no reportable segments under Accounting Standard -17. During the year under report the Company was engaged in its business only within India. The conditions prevailing in India being uniform no separate geographical disclosures are considered necessary.

10. There are no amounts payable to any Micro, Small and Medium Enterprises as identified by the Management from the information available with the Company and relied by Auditors.

11. Figures have been rounded off to nearest rupees.


Mar 31, 2014

Note 1: Corporate Information

The Company was incorporated on 22 June 1995. The company is presently having membership of various exchanges and is in the business of providing Stock Broking and other related services.

Note 2: Contingent Liabilities and Commitments

As at As at Particulars 31 March 2014 31 March 2013

Contingent Liabilities :

Guarantees given by the Company''s bankers and counter guaranteed 240,000,000 400,000,000 by the Company

Corporate Guarantees given for subsidiaries - 550,000,000

Income Tax matters in Appeal 5,855,601 5,855,601

Note 3: Details of Leasing arrangements

(a) Operating Lease. As a Lessee

The company has entered into cancellable operating leases. These lease arrangements are normally renewable on expiry. The lease arrangement can be cancelled either at the option of lessor giving notice for the period ranging from two months to three months or lessee giving two months notice.

Lease payments amounting to Rs. 2,619,448/-(Previous year Rs. 4,421,852/-) are included in rental expenditure in the Statement of Profit and Loss during the current year.

(b) Operating Lease. As a Lessor

The Company has given office premises under cancellable lease arrangement for a period ranging from eleven months to twelve months. These lease arrangements are normally renewable on expiry. The lease arrangement can be cancelled either at the option of lessor giving three months notice or lessee giving notice for a period ranging from one month to two months.

Lease rent received during the year and accounted as income is Rs. 297,768/- (Previous year Rs. 1,004,299/-)

Note 4: Employee Benefit Plans

(a) Defined Contribution Plans.

The amount recognised as expense in respect of Definied Contribution Plans (Contribution to Provident Fund, Family Pension Fund and Employees State Insurance) aggregate to Rs. 7,59,368/- (Previous year Rs. 8,19,586/-).

(b) Retirement Benefit - Gratuity.

The employees of the Company are eligible for gratuity in accordance with the Payment of Gratuity Act, and is a Defined Employee Benefit. The above benefit is not funded but provision is made in the accounts for accrued gratuity under Projected Unit Credit Method of acturial valuation.

The following table summaries the components of the employee benefit expenses recognised in the Statement of Profit and Loss and the amount recognised in the Balance sheet for the gratuity provision made under actuarial method.

Note 5: The accounts of the Trade Receivables and Trade Payables who have not responded to the Company''s request for confirmation of balances, are subject to reconciliation, if any, required. Note 34 : In accordance with the Company Policy, the company has reviewed the outstanding Trade Receivables and is in continuous process of working out different modalities of recovery.

The Company has written off a sum of Rs. 58,1 8,883/- as bad debts and has also made a provision for bad debts of Rs. 9,00,000/ -, during the year, which in the opinion of the Management, is adequate.

Note 6: Segment Reporting

The Company s operations predominantly consist of Broking of shares/securities and other related activities" . Hence there are no reportable segments under Accounting Standard - 17. During the year under report the Company was engaged in its business only within India. The conditions prevailing in India being uniform no separate geographical disclosures are considered necessary.

Note 7: There are no amounts payable to any M icro, Small and Medium Enterprises as identified by the Management from the information available With the Company and relied by Auditors.


Mar 31, 2013

Note 1 Corporate Information

The Company was incorporated on 22 June 1995. The company is presently having membership of various exchanges and is in the business of providing Stock Broking and other related services.

Note 2 : Details of Leasing arrangements

(a) Operating Lease: As a Lessee

The company has entered into cancellable operating leases. These lease arrangements are normally renewable on expiry. The lease arrangement can be cancelled either at the option of lessor giving notice for the period ranging from two months to three months or lessee giving two months notice.

Lease payments amounting to Rs. 4,421,852/-(Previous year Rs. 5,180,644/-) are included in rental expenditure in the Statement of Profit and Loss during the current year.

(b) Operating Lease: As a Lessor

The Company has given office premises under cancellable lease arrangement for a period ranging from eleven months to twelve months.These lease arrangements are normally renewable on expiry. The lease arrangement can be cancelled either at the option of lessor giving three months notice or lessee giving notice for a period ranging from one month to two months.

Lease rent received during the year and accounted as income is Rs. 1,004,299/- (Previous year Rs. 989,950/-)

Note 3 Employee Benefit Plans

(a) Defined Contribution Plans:

The amount recognised as expense in respect of Definied Contribution Plans (Contribution to Provident Fund, Family Pension Fund and Employees State Insurance) aggregate to Rs. 8,19,586/- (Previous year Rs. 8,02,236/-).

(b) Retirement Benefit - Gratuity:

The employees of the Company are eligible for gratuity in accordance with the Payment of Gratuity Act, and is a Defined Employee Benefit. The above benefit is not funded but provision is made in the accounts for accrued gratuity under Projected Unit Credit Method of acturial valuation.

The following table summaries the components of the employee benefit expenses recognised in the Statement of Profit and Loss and the amount recognised in the Balance sheet for the gratuity

Note 4 Segment Reporting

The Company''s operations predominantly consist of "Broking of shares/securities and other related activities ". Hence there are no reportable segments under Accounting Standard -17. During the year under report the Company was engaged in its business only within India. The conditions prevailing in India being uniform no separate geographical disclosures are considered necessary.

Note 5 : There are no amounts payable to any Micro, Small and Medium Enterprises as identified by the Management from the information available with the Company and relied by Auditors.

Note 6 : Figures have been rounded off to nearest rupees.


Mar 31, 2012

Note 1 Corporate Information

The Company was incorporated on 22 June 1995. The company came out with the Initial Public Offer of 70,00,000 number of Equity shares in July 2011 and got listed on NSE and BSE on 4 August 2011. The company is presently having membership of various Exchanges and is in the business of providing Stock Broking and other related services.

(a) The Company has one class of Equity shares having a par value of Rs 10/- per share. Each shareholder is eligible for 1 vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of Interim dividend. In event of liquidation the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts in proportion to their shareholdings.

(b) Aggregate number of Bonus shares issued during the period of 5 years immediately preceding the reporting date:

7.000.000 Equity shares of Rs 10/- each were issued as Bonus shares by way of capitalisation of Rs 70.000.000 out of General Reserve.

(b) Secured long term borrowings of Rs 75,898,871/- (Previous year Rs 83,101,146/-) are personally guaranteed by some of the directors of the Company.

(c) Current maturities of Term loans from ICICI Bank Limited and ICICI Home Finance Limited amounting to Rs 72,02,275/- (Previous Year Rs 72,90,737/-) is disclosed under 'Other Current Liabilities' (Refer Note 10).

Note 2 Contingent Liabilities and Commitments

As at As at Particulars 31 March 2012 31 March 2011 Rs Rs

Contingent Liabilities :

Guarantees given by the Company's bankers and counter guaranteed by 455,000,000 551,500,000 the Company

Corporate Guarantees given for subsidiaries 550,000,000 25,000,000

Income Tax matters in Appeal 5,855,601 5,855,601

Note 3 : The expenditure in connection with the Initial Public Offer (IPO) aggregating Rs 4,15,80,879/- has been adjusted against the Securities Premium Account.

Note 4 : The Board of Directors of the Company declared an interim dividend of Rs 1/- per share on 4 April 2012 which has been subsequently paid.

Note 5 : Details of Leasing arrangements

(a) Operating Lease: As a Lessee

The company has entered into cancellable operating leases. These lease arrangements are normally renewable on expiry. The lease arrangement can be cancelled either at the option of lesser giving notice for the period ranging from two months to three months or lessee giving two months notice.

Lease payments amounting to Rs 5,180,644/-(Previous year Rs 5,460,744/-) are included in rental expenditure in the Statement of Profit and Loss during the current year.

(b) Operating Lease: As a Lessor

The Company has given office premises under cancellable lease arrangement for a period ranging from eleven months to twelve months. These lease arrangements are normally renewable on expiry. The lease arrangement can be cancelled either at the option of lessor giving three months notice or lessee giving notice for a period ranging from one month to two months. Lease rent received during the year and accounted as income is Rs 989,950/- (Previous year Rs 573,750/-)

Note 6 Employee Benefit Plans

(a) Defined Contribution Plans:

The amount recognised as expense in respect of Definied Contribution Plans (Contribution to Provident Fund, Family Pension Fund and Employees State Insurance) aggregate to Rs 8,02,236/- (Previous year Rs 6,97,934/-).

(b) Retirement Benefit - Gratuity:

The employees of the Company are eligible for gratuity in accordance with the Payment of Gratuity Act, and is a Defined Employee Benefit. The above benefit is not funded but provision is made in the accounts for accrued gratuity under Projected Unit Credit Method of acturial valuation.

The following table summaries the components of the employee benefit expenses recognised in the Profit & Loss account and the amount recognised in the Balance sheet for the gratuity provision made under actuarial method.

Note 7 Segment Reporting

The Company's operations predominantly consist of "Broking of shares/securities and other related activities Hence there are no reportable segments under Accounting Standard -17. During the year under report the Company was engaged in its business only within India. The conditions prevailing in India being uniform no separate geographical disclosures are considered necessary.

Note 8 : There are no amounts payable to any Micro, Small and Medium Enterprises as identified by the Management from the information available with the Company and relied by Auditors.

Note 9 : The Revised Schedule VI has become effective from 1 April 2011 for the presentation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been accordingly regrouped/reclassified, to correspond with the current year's classification/disclosure. This adoption does not impact recognition and measurement principles followed for preparation of financial statements as at 31 March 2011.

Note 10 : Figures have been rounded off to nearest rupees.

 
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