Mar 31, 2015
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The accompanying financial statements are prepared under the historical
cost convention on accrual basis in accordance with the applicable
mandatory Accounting Standards as per the Companies (Accounting
Standards) Rules, 2014 prescribed by the Central Government of India
and relevant presentational requirements of the Companies Act, 2013.
b) FIXED ASSETS
Fixed Assets have been valued at cost less accumulated depreciation.
C) DEPRECIATION AND AMORTISATION
i) Amount spent on renovation including extensions on office premises,
taken on rent, is capitalised under the head 'Leased Premises
Development' and amortised on straight line basis in nine years (being
reasonably expected lease tenure) on pro- rata basis.
ii) Depreciation on other fixed assets has been provided on the written
down value method based on useful life of the assets as prescribed in
Schedule II to the Companies Act, 2013 on pro-rata basis.
d) INVESTMENTS
i) Investments in shares, debentures and other securities are
classified into 'Current Investments' and 'Non-Current Investments'.
ii) Non-Current Investments are valued at cost. Adequate provision is
made for a decline, other than temporary, in the value of Non-Current
Investments.
ill) Current Investments i.e. the investments, which are not intended
to be held for more than one year, are carried at lower of cost or
market price. Where no market quotes are available, the investments are
valued at rupee one per company. Shortfall in the book value as
compared to market value of investments is charged to the Statement of
Profit & Loss.
iv) Cost is arrived at on Weighted Average cost basis.
e) SHARES & OTHER SECURITIES HELD AS STOCK-IN-TRADE
Shares and other securities held as stock-in-trade are valued at lower
of cost or market price. Where no market quotes are available value is
taken at rupee one per company. Cost is arrived on Weighted Average
cost basis. Cost of Bonus Shares acquired is taken as nil.
In case of units of mutual fund held as Stock-In-Trade, net assets
value is considered as fair value.
f) INCOME RECOGNITION
* Income from Merchant Banking Operations is accounted on accrual
basis, when the right to receive is established in terms of the
agreements with respective clients.
* Dividend income is recognised when the right to receive payment is
established.
* Interest income is recognised on a time proportion basis taking into
account the amount outstanding and the interest rate applicable.
g) RETIREMENT BENEFITS
i. Contribution to Provident Fund and Family Pension Fund are provided
for on accrual basis and deposited in the Employees Provident Fund
Account(s) administrated by the Central Government.
ii. Gratuity is accounted for on cash basis.
h) PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS
A provision is recognised when the Company has a present obligation as
a result of past event and it is probable that an outflow of economic
resources will be required to settle the obligation, in respect of
which a reliable estimate can be made. Provisions are not discounted to
its present value and are determined based on best estimate required to
settle the obligation at the Balance Sheet date. These are reviewed at
each Balance Sheet date and adjusted to reflect the current best
estimates. Contingent liabilities are not recognised but disclosed in
the financial statements. Contingent assets are neither recognised nor
disclosed in the financial statements.
I) EARNINGS PER SHARE
In determining earnings per share, the Company considers net profit
after tax. Basic earnings per share is computed using the weighted
average number of equity shares outstanding during the year. There are
no dilutive equity shares.
J) TAXES ON INCOME
A provision is made for income tax, based on the tax liability
computed, after considering tax allowances and exemptions.
Deferred tax assets are recognised for all deductible timing
differences and carried forward to the extent there is reasonable
certainty that sufficient future taxable profit will be available
against which such deferred tax assets can be realised. Deferred tax
assets to the extent they pertain to brought forward losses and
unabsorbed depreciation, are recognised only if there is virtual
certainty of realisation, based on expected profitability in the future
as estimated by the Company.
Deferred tax assets and liabilities are measured at the tax rates that
have been enacted or substantively enacted by the balance sheet date.
Minimum alternative tax (MAT) is paid in accordance with the provisions
of Income Tax Act, 1961. MAT credit is recognised as an asset only when
and to the extent there is convincing evidence that the Company will
pay the normal income tax during the specified period.
Mar 31, 2014
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The accompanying financial statements are prepared under the historical
cost convention on accrual basis in accordance with the applicable
mandatory Accounting Standards as per the Companies (Accounting
Standards) Rules, 2006 prescribed by the Central Government of India
and relevant presentational requirements of the Companies Act, 1956 (to
the extent applicable) and the Companies Act, 2013 (to the extent
notified).
b) FIXED ASSETS
Fixed Assets have been valued at cost less accumulated depreciation.
c) DEPRECIATION
i) Softwares are amortised on straight line basis in three years on
prorata basis.
ii) Amount spent on renovation including extensions on office premises,
taken on rent, is capitalised under the head ''Leased Premises
Development'' and amortised on straight line basis in nine years (being
reasonably expected lease tenure) on prorata basis.
iii) Assets costing upto five thousand rupees are fully depreciated in
the year of purchase.
iv) Depreciation on other assets has been provided on the written down
value basis at rates provided by Schedule XIV to the Companies Act,
1956 on pro-rata basis.
d) INVESTMENTS
i) Investments in shares, debentures and other securities are
classified into ''Current Investments'' and ''Non-Current Investments''.
ii) Non-Current Investments are valued at cost. Adequate provision is
made for a decline, other than temporary, in the value of Non-Current
Investments.
iii) Current Investments i.e. the investments, which are not intended
to be held for more than one year, are carried at lower of cost or
market price. Where no market quotes are available, the investments are
valued at rupee one per company. Shortfall in the book value as
compared to market value of investments is charged to the Statement of
Profit & Loss.
iv) Cost is arrived at on Weighted Average cost basis.
e) SHARES & OTHER SECURITIES HELD AS STOCK- IN-TRADE
Shares and other securities held as stock-in-trade are valued at lower
of cost or market price. Where no market quotes are available value is
taken at rupee one per company. Cost is arrived on Weighted Average
cost basis. Cost of Bonus Shares acquired is taken as nil.
In case of units of mutual fund held as Stock-in-Trade, net assets
value is considered as fair value.
f) INCOME RECOGNITION
Income from Merchant Banking Operations is accounted on accrual basis,
when the right to receive is established in terms of the agreements
with respective clients.
Dividend income is recognised when the right to receive payment is
established.
Interest income is recognised on a time proportion basis taking into
account the amount outstanding and the interest rate applicable.
g) RETIREMENTBENEFITS
i. Contribution to Provident Fund and Family Pension Fund are provided
for on accrual basis and deposited in the Employees Provident Fund
Account(s) administrated by the Central Government.
ii. Gratuity is accounted for on cash basis.
Mar 31, 2013
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements are prepared under the historical cost
convention on accrual basis in accordance with the applicable
Accounting Standards and the provisions of the Companies Act, 1956 and
Guidelines issued by the Reserve Bank of India.
b) FIXED ASSETS
Fixed Assets have been valued at cost less accumulated depreciation.
c) DEPRECIATION
i) Softwares are amortised on straight line basis in three years on
pro-rata basis.
ii) Amount spent on renovation including extensions on office premises,
taken on rent, is capitalised under the head ''Leased Premises
Development'' and amortised on straight line basis in nine years (being
reasonably expected lease tenure) on pro-rata basis.
iii) Assets costing upto five thousand rupees are fully depreciated in
the year of purchase.
iv) Depreciation on other assets has been provided on the written down
value basis at rates provided by Schedule XIV to the Companies Act,
1956 on pro-rata basis.
d) INVESTMENTS
i) Investments in shares, debentures and other securities are
classified into ''Current Investments'' and ''Non-Current Investments''.
ii) Non-Current Investments are valued at cost. Adequate provision is
made for a decline, other than temporary, in the value of Non-Current
Investments.
iii) Current Investments i.e. the investments, which are not intended
to be held for more than one year, are carried at lower of cost or
market price. Where no market quotes are available the investments are
valued at rupee one per company. Shortfall in the book value as
compared to market value of investments is charged to Profit & Loss
Account.
iv) Cost is arrived at on Weighted Average cost basis.
e) SHARES & OTHER SECURITIES HELD AS STOCK-IN-TRADE
Shares and other securities held as stock-in-trade are valued at lower
of cost or market price. Where no market quotes are available value is
taken at rupee one per company. Cost is arrived on Weighted Average
cost basis. Cost of Bonus Shares acquired are taken as Nil.
In case of units of mutual fund held as Stock-in-Trade, net assets
value is considered as fair value.
f) PROVISION FOR NON-PERFORMING ADVANCES
Provision for Non-performing advances i.e. Sub-Standard and Doubtful
Advances is based on the management assessment of the degree of
impairment of the loan assets and the level of provisioning required as
per the prudential norms prescribed by Reserve Bank of India.
g) INCOME RECOGNITION
Income from Merchant Banking Operations is accounted on accrual basis,
when the right to receive is established in terms of the agreements
with respective clients.
In accordance with the prudential norms prescribed by the Reserve Bank
of India, interest on loans and advances are not recognised on
non-performing assets unless the same are actually realised.
h) RETIREMENT BENEFITS
i. Contribution to Provident Fund and Family Pension Fund are provided
for on accrual basis and deposited in the Employees Provident Fund
Account(s) administrated by the Central Government.
ii Accrued liability in respect of gratuity is provided on the basis of
actuarial valuation.
Actuarial gain / loss are recognized immediately in the Profit and Loss
Account.
Mar 31, 2012
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements are prepared under the historical cost
convention on accrual basis in accordance with the applicable
Accounting Standards and the provisions of the Companies Act, 1956 and
Guidelines issued by the Reserve Bank of India.
b) FIXED ASSETS
Fixed Assets have been valued at cost less accumulated depreciation.
c) DEPRECIATION
i) Softwares are amortised on straight line basis in three years on
pro-rata basis.
ii) Amount spent on renovation including extensions on office premises,
taken on rent, is capitalised under the head ''Leased Premises
Development'' and amortised on straight line basis in nine years (being
reasonably expected lease tenure) on pro-rata basts.
iii) Assets costing upto five thousand rupees are fully depreciated in
the year of purchase.
iv) Depreciation on other assets has been provided on the written down
value basis at rates provided by Schedule XIV to the Companies Act,
1956 on pro-rata basis,
d) INVESTMENTS
i) Investments in shares, debentures and other securities are
classified into ''Current Investments'' and ''Non-Current Investments''.
ii) Non-Current Investments are valued at cost. Adequate provision is
made for a decline, other than temporary, In the vatue of Non-Current
Investments.
iii) Current Investments i.e. the investments, which are not intended
to be held for more than one year, are carried at lower of cost or
market price. Where no market quotes are available the Investments are
valued at rupee one per company. Shortfall in the book value as
compared to market value of Investments is charged to Profit & Loss
Account.
iv) Cost is arrived at on Weighted Average cost basis.
e) PROVISION FOR ADVANCES
Provision for Standard, Sub-Standard (NPA) and Doubtful Advances (NPA)
has been made In accordance with the prudential norms prescribed by
Reserve Bank of India.
f) INCOME RECOGNITION
- Income from Merchant Banking Operations is accounted on accrual
basis, when the right (o receive is established in terms of the
agreements with respective clients.
- In accordance with the prudential norms prescribed by the Reserve
Bank of India, the Hire Purchase Income, Leasing Income and Interest on
loans and advances are not recognised on non-performing assets (NPA)
unless the same are actually realised.
g) RETIREMENT BENEFITS
i. Contribution to Provident Fund and Family Pension Fund are provided
for on accrual basis and deposited in the Employees Provident Fund
Account(s) administrated by the Central Government.
ii. Gratuity Is accounted for on cash basis.
Mar 31, 2011
A) Basis of Preparation of Financial Statements :
The financial statements are prepared under the historical cost
convention on accrual basis in accordance with the applicable
Accounting Standards and the provisions of the Companies Act, 1956 and
Guidelines issued by the Reserve Bank of India.
b) Fixed Assets :
Fixed Assets have been valued at cost less accumulated depreciation.
c) Depreciation :
i) Software's are amortised on straight line basis in three years on
pro-rata basis.
ii) Amount spent on renovation including extensions on office premises,
taken on rent, is capitalised under the head 'Leased Premises
Development' and amortised on straight line basis in nine years (being
reasonably expected lease tenure) on pro-rata basis.
iii) Assets costing up to five thousand rupees are fully depreciated in
the year of purchase.
iv) Depreciation on other assets has been provided on the written down
value basis at rates provided by Schedule XIV to the Companies Act,
1956 on pro-rata basis.
d) Investments :
i) Investments in shares, debentures and other securities are
classified into 'Current Investments' and 'Long Term Investments'.
ii) Long Term Investments are valued at cost. Adequate provision is
made for a decline, other than temporary, in the value of Long Term
Investments.
iii) Current Investments i.e. the investments, which are not intended
to be held for more than one year, are carried at lower of cost or
market price. Where no market quotes are available the investments are
valued at rupee one per company. Shortfall in the book value as
compared to market value of investments is charged to Profit & Loss
Account.
iv) Cost is arrived at on Weighted Average cost basis.
e) Income Recognition :
i) Income from Merchant Banking Operations is accounted on accrual
basis, when the right to receive is established in terms of the
agreements with respective clients.
ii) In accordance with the prudential norms prescribed by the Reserve
Bank of India, the Hire Purchase Income, Leasing Income and interest on
loans and advances are not recognised on non-performing assets (NPA)
unless the same are actually realised.
f) Retirement Benefits :
i) Contribution to Provident Fund and Family Pension Fund are provided
for on accrual basis and deposited in the Employees Provident Fund
Account(s) administrated by the Central Government.
ii) Gratuity is accounted for on cash basis.