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Notes to Accounts of Prime Capital Market Ltd.

Mar 31, 2015

1. Company Information

Prime Capital Market Limited (referred to as "Company") has been incorporated on June 28, 1994 vide CIN L67120OR1994PLC003649 having registered office at Plot No. 18A, BJB Nagar, Bhubaneshwar - 751 014.

The Company is one of the RBI registered NBFC. The Company is in the business of Trading and Investments Activities in Shares & Securities as well as Commodities trading and engaged in financing activities by way of providing funding solutions to clients.

2. Other Notes and Additional Information forming part of Financial Statements

i. In the opinion of the management, current assets, loans and advances and other receivables are approximately of the value stated, if realized in the ordinary course of business. The provisions of all known liability are ascertained.

ii. Previous year figures have been restated to conform to the classification of the current year.

iii. Balances of Sundry Debtors, Unsecured Loans, and Sundry Creditors are Loans & Advances are subject to reconciliation, since conformations have not been received from them. Necessary entries will be passed on receipt of the same if required.

iv. The company has not provided for Gratuity and Leave Encashment to Employees on accrual basis, which is not in conformity with AS-15 issued by ICAI. However, in the opinion of management the amount involved is negligible and has no impact on Statement of Profit & Loss.

3. Terms/Rights attached to Equity Shares:-

(i) The Company has only one class of Equity shares having par value of Rs. 10/- per share.

(ii) Each holder of Equity share is entitled to one vote per share.

(iii) In the event of Liquidation of the Company , the holders of Equity shares will be entitled to receive the realised value of the assets of the Company, remaining after payment of all prefrential dues(if any) .The distribution will be in proportion to the number of equity shares held by the shareholders.

4. As defined in paragraph 2(1) (xii) of the Non-Banking Financial Companies of acceptance of Public Deposits (Reserve Bank) Directons 1998.

5. Provisioning norms shall be applicable as prescribed in the Non-Banking (Non-Deposit Accepting or Holding) Financial Companies Prudential Norms (Reserve Bank) Directors 2007.

6. All Accounting Standards and Guaidance Notes issued by the ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However market value in respect of quoted investments and break-up / fair value/ NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term current in column (5) above.


Mar 31, 2014

Contingent Liabilities

1. No provision has been made in the books of Accounts as against income tax demand.

Others

2. None of the Raw Materials, Stores, Spares and Components consumed or purchased during the year have been imported.

3. Noneof the Earnings/ Expenditures is in Foreign Currency.

4. Balance of Debtors, Creditors, Deposits, Loans and Advances are subject to confirmation.

5. In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amounts reasonably necessary.

6. Investments of the Company have been considered by the management to be of a long term nature and hence they are long term investments and are valued at cost of acquisitions.

7. There was no employee receiving remuneration to the extent as laid on under section 217 (2A) of the Companies Act, 1956.

Segment Report

8. Segment reporting as defined in Accounting Standard 17 is not applicable as the Company is primarily engaged in NBFC Activities. As informed to us, there are not separate segment within the Company as defined as 17 (Segment Report).

Related Party Transactions

9. Key Management Personnel -

a. Mr.SushilKr. Purohit - Managing Director

b. Mr. PawanKr. Purohit - Executive Director

Related Party Transactions

10. Sum of X Nil has been paid to related party during the financial year under review. Differed Tax on Income

11. Differed Income Tax reflects the impact of reversed of timing difference of earlier year. Deferred Tax is measured on the Tax rates and Tax Laws enacted or substantively enacted at the Balance Sheet date. Differed tax assets are recognized only to the extent that there is reasonable certainly that sufficient future taxable income will be available against which such differed tax assets can be realized.

12. Information pursuant to paragraph 98B of Non Banking Financial Companies Prudential Norms (Reserve Bank) direction, 1998 has been given in separate Annexure.

13. Previous years'' figures have been regrouped, rearranged wherever necessary to make them comparable with those of current year.

As per our report of even date

Notes: 1. As defined in paragraph 2(1) (xii) of the Non-Banking Financial Companies of acceptance of Public Deposits (Reserve Bank) Directons 1998.

2. Provisioning norms shall be applicable as prescribed in the Non-Banking (Non-Deposit Accepting or Holding) Financial Companies Prudential Norms (Reserve Bank) Directors 2007.

3. All Accounting Standards and Guaidance Notes issued by the ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However market value in respect of quoted investments and break- up / fair value/ NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term current in column (5) above.


Mar 31, 2013

Related Party Transactions

1. Key Management Personnel -

a. Mr. Sushil Kr. Purohit - Managing Director

b. Mr. Pawan Kr. Purohit - Executive Director Related Party Transactions

2. Sum of Rs. Nil has been paid to related party during the financial year under review. Differed Tax on Income

3. Differed Income Ta x reflects the impact of reversed of timing difference of earlier year. Deferred Tax is measured on the Ta x rates and Ta x Laws enacted or substantively enacted at the Balance Sheet date. Differed tax assets are recognized only to the extent that there is reasonable certainly that sufficient future taxable income will be available against which such differed tax assets can be realized.

4. Information pursuant to paragraph 98B of Non Banking Financial Companies Prudential Norms (Reserve Bank) direction, 1998 has been given in separate Annexure.

5. Previous years'' figures have been regrouped, rearranged wherever necessary to make them comparable with those of current year.


Mar 31, 2011

1. None of the Earnings / Expenditures is in Foreign Currency.

2. Balance of Debtors, Creditors, Deposits, Loans and Advances are subject to confirmation.

3. In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amounts reasonably necessary.

4. Investments of the Company have been considered by the management to be of a long term nature and hence they are long term investments and are valued at cost of acquisitions.

5. There was no employee receiving remuneration to the extent as laid on under section 217 (2A) of the Companies Act, 1956.

Segment Report

6. Segment reporting as defined in Accounting Standard 17 is not applicable as the Company is primarily engaged in NBFC Activities. As informed to us, there are not separate segment within the Company as defined as 17 (Segment Report).

Related Party Transactions

7. Key Management Personnel -

a. Mr. Bimal Joshi - Executive Director

b. Mr. Sushil Kr. Purohit - Managing Director

c. Mr. Dhruva Narayan Jha - Non-Executive Director

Related Party Transactions

8. Sum of Rs. Nil has been paid to related party during the financial year under review.

Differed Tax on Income

9. Differed Income Tax reflects the impact of reversed of timing difference of earlier year. Deferred Tax is measured on the Tax rates and Tax Laws enacted or substantively enacted at the Balance Sheet date. Differed tax assets are recognized only to the extent that there is reasonable certainly that sufficient future taxable income will be available against which such differed tax assets can be realized.

Carried Forward Losses on account of Differed Tax Provision

10. During the year the Company has for the first time adopted Accounting Standard 22 as "Accounting for Taxes on Income " issued by the institute of Chartered Accountants of India, consequently net differed Tax credit till 31st March 2003 of Rs. 2,59,522/- has been recorded by transferring the said amount to Profit and Loss A/c. as at 31st March, 201 1 Carry forward Loss - Rs. 2,59,522/-.

11. Information pursuant to paragraph 98B of Non Banking Financial Companies Prudential Norms (Reserve Bank) direction, 1998 has been given in separate Annexure.

12. Previous years'' figures have been regrouped, rearranged wherever necessary to make them comparable with those of current year


Mar 31, 2010

1. None of the Earnings / Expenditures is in Foreign Currency.

2. Balance of Debtors, Creditors, Deposits, Loans and Advances are subject to confirmation.

3. In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amounts reasonably necessary.

4. Investments of the Company have been considered by the management to be of a long term nature and hence they are long term investments and are valued at cost of acquisitions.

5. There was no employee receiving remuneration to the extent as laid on under section 217 (2A) of the Companies Act, 1956.

SEGMENT REPORT

6. Segment reporting as defined in Accounting Standard 17 is not applicable as the Company is primarily engaged in NBFC Activities. As informed to us, there are not separate segment within the Company as defined as 17 (Segment Report).

RELATED PARTY TRANSACTIONS

7. Key Management Personnel -

a. Mr. Bimal Joshi

b. Mr. Sushil Kr. Purohit

RELATED PARTY TRANSACTIONS

8. Sum of Rs. Nil has been paid to related party during the financial year under review.

DIFFERED TAX ON INCOME

9. Differed Income Tax reflects the impact of reversed of timing difference of earlier year. Deferred Tax is measured on the Tax rates and Tax Laws enacted or substantively enacted at the Balance Sheet date. Differed tax assets are recognized only to the extent that there is reasonable certainly that sufficient future taxable income will be available against which such differed tax assets can be realized.

CARRIED FORWARD LOSSES ON ACCOUNT OF DIFFERED TAX PROVISION

10. During the year the Company has for the first time adopted Accounting Standard 22 as "Accounting for Taxes on Income " issued by the institute of Chartered Accountants of India, consequently net differed Tax credit till 31st March 2003 of Rs. 2,59,522/- has been recorded by transferring the said amount to Profit and Loss A/c. as at 31st March, 2010 Carry forward Loss - Rs. 2,59,522/-.

11. Information pursuant to paragraph 98B of Non Banking Financial Companies Prudential Norms (Reserve Bank) direction, 1998 has been given in separate Annexure.

12. Previous years'' figures have been regrouped, rearranged wherever necessary to make them comparable with those of current year.


Mar 31, 2009

1. None of the Raw Materials, Stores, Spares and Components consumed or purchased during the year have been imported.

2. None of the Earnings / Expenditures is in Foreign Currency.

3. Balance of Debtors, Creditors, Deposits, Loans and Advances are subject to confirmation.

4. In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amounts reasonably necessary.

5. Investments of the Company have been considered by the management to be of a long term nature and hence they are long term investments and are valued at cost of acquisitions.

6. Segment reporting as defined in Accounting Standard 17 is not applicable as the Company is primarily engaged in NBFC Activities. As informed to us, there are not separate segment within the Company as defined as 17 (Segment Report).

Related Party Transactions

7. Sum of Rs. Nil has been paid to related party during the financial year under review. Differed Tax on Income

8. Differed Tax Asset (Net) for the year ended 31st March 2009 amounts to Rs. 36,599/-

9. Previous years'' figures have been regrouped, rearranged wherever necessary to make them comparable with those of current year.

 
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