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Notes to Accounts of Profin Capital Services Ltd.

Mar 31, 2015

1) a) Contingent liabilities not provided for, in respect of

i) In respect of a penalty claim of Rs.1.75 Lacs from SEBI u/s 15A of SEBI ACT.( Prev Year Rs 1.75 Lacs) b) Claim against the Company not acknowledged as Debts 6.35 Lacs (Prev. Year- 6.35 Lacs)

2) Disclosure in terms of Accounting Standards (AS) issued by the institute of Chartered Accountants of India

3. Related Party Disclosures (AS-18)

As per Accounting Standard 18 , the disclosures of transactions with the related parties are given below:-

Srl. Name of the Related Party Relationship

1 Mr. Anupam Narain Gupta Key Managerial Personnel

2 Mr. Narain Kumar Gupta Relative of Key Managerial Personnel

3 Mrs. Rashi Anand Kedia Relative of Key Managerial Personnel

4 Mr. Abhay Narain Gupta Key Managerial Personnel

5 Triyamb Securities Private Ltd. Associate Companies

6 Mrs Neha Gupta. Key Managerial Personnel

4. Segment reporting (AS-17)

In the opinion of the Management, the company operates in one segment i.e. dealing in purchase and sales of securities and also rendering related services. As such, there are no other reportable segments.

5. Tax on Income (AS-22)

The Company has substantial unabsorbed depreciation and carried forward losses under Tax laws. However, in view of the uncertainty future taxable income and prudent method, the tax effect of timing difference as per AS 22 of ICAI has not been assessed and accordingly deferred tax assets (net of the deferred tax liabilities) has not been recognized in the books as on 31st March 2014.

6. Earnings Per Share (AS - 20)

Basic earnings per share are calculated by dividing the profit for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year .

7.The Company has not issued any potential equity shares, and accordingly, the basic earnings per share and diluted earnings per share are the same.

8. As no commission is payable to Directors, the computation of net profits in accordance with section 309(5) read with section 349 of the companies Act, 1956, has not been given.

a) Expenditure in Foreign Currency Rs. NIL ( Prev Year NIL)

b) Earning in Foreign Currency Rs. Nil (Prev Year NIL)

c) Remittance in Foreign Currency Rs. Nil (Prev Year NIL)

9. Disclosure as required under section 22 of The Micro, Small and Medium Enterprises Development Act, 2006 is nil in respect of all the items specified therein.

10. In the opinion of the management, fall in the market value of Investment is temporary in nature .Therefore no provision for diminution in value of Securities has been considered by the company.

11. Gratuity In accordance with the Indian laws, the Company provides for gratuity, a defined benefit plan covering all employees, who have completed more than 5 years. There is no employee in the company who has completed 5 years of services. In view thereof, no provision has been created. Leave Encashment - Encashment of un-availed leaves credit, if any, is being done at the year-end. Accordingly, no provision is created at the year-end.

12. The company has made a petition with SEBI for the refund of deposit lying with OTCEI which is under process. However, the exchange has demanded due of Rs. 6,85 lakh which has been contested and has not been provided for in the accounts.

13. Debtors are subject to confirmation and reconciliation. In certain cases, the company has filed the civil cases against defaulted parties for recovery of old dues. Which have been decided in the favour of the company? However, in the opinion of the Management, all the debts and advances, including suit filed cases and deposit with OTCEI, are considered good for recovery. Further, balances of Sundry parties, debit or credit, are subject to confirmation / reconciliation. In the opinion of the Management, the Current Assets, Loans and Advances have a value of realization in the ordinary course of the business at least equal to the amount at which they were stated in the Balance Sheet.

14. Efforts have been made to employ full time Company Secretary. However, suitable person could not be found.

15. Cash Flow Statement :

The Cash Flow Statement is prepared by the "Indirect Method " set out un Accounting Standard on " Cash Flow Statement " and presents the Cash Flow by operating , investing and financing Activities.

16. Previous year's figures have been rearranged / regrouped wherever necessary.


Mar 31, 2014

1) a) Contingent liabilities not provided for, in respect of

i) In respect of a penalty claim of Rs. 1.75 Lacs from SEBI u/s 15A of SEBI ACT.( Prev Year Rs 1.75 Lacs)

b) Claim against the Company not acknowledged as Debts 6.35 Lacs (Prev. Year- 6.35 Lacs)

2) Disclosure in terms of Accounting Standards (AS) issued by the institute of Chartered Accountants of India

a. Related Party Disclosures (AS-18)

b. Segment reporting (AS-17)

In the opinion of the Management, the company operates in one segment i.e. dealing in purchase and sales of securities and also rendering related services. As such, there are no other reportable segments.

c. Tax on Income (AS-22)

The Company has substantial unabsorbed depreciation and carried forward losses under Tax laws. However, in view of the uncertainty future taxable income and prudent method, the tax effect of timing difference as per AS 22 of ICAI has not been assessed and accordingly deferred tax assets (net of the deferred tax liabilities) has not been recognized in the books as on 31st March 2014.

d. Earnings Per Share (AS - 20)

Basic earnings per share are calculated by dividing the profit for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year The Company has not issued any potential equity shares, and accordingly, the basic earnings per share and diluted earnings per share are the same.

6. Disclosure as required under section 22 of The Micro, Small and Medium Enterprises Development Act, 2006 is nil in respect of all the items specified therein.

7. In the opinion of the management, fall in the market value of Investment is temporary in nature .Therefore no provision for diminution in value of Securities has been considered by the company.

8. Gratuity In accordance with the Indian laws, the Company provides for gratuity, a defined benefit plan covering all employees, who have completed more than 5 years. There is no employee in the company who has completed 5 years of services. In view thereof, no provision has been created. Leave Encashment - Encashment of un-availed leaves credit, if any, is being done at the year-end. Accordingly, no provision is created at the year-end.

9. The company has made a petition with SEBI for the refund of deposit lying with OTCEI which is under process. However, the exchange has demanded due of Rs. 6,85 lakh which has been contested and has not been provided for in the accounts.

10. Debtors are subject to confirmation and reconciliation. In certain cases, the company has filed the civil cases against defaulted parties for recovery of old dues. Which have been decided in the favour of the company? However, in the opinion of the Management, all the debts and advances, including suit filed cases and deposit with OTCEI, are considered good for recovery. Further, balances of Sundry parties, debit or credit, are subject to confirmation / reconciliation. In the opinion of the Management, the Current Assets, Loans and Advances have a value of realization in the ordinary course of the business at least equal to the amount at which they were stated in the Balance Sheet.

11. Efforts have been made to employ full time Company Secretary. However, suitable person could not be found.


Mar 31, 2013

1) a) Contingent liabilities not provided for, in respect of

i) In respect of a penalty claim of Rs. 1.75 Lacs from SEBI u''s 15Aof SEBI ACT.( Prev Year Rs 1.75 Lacs)

b) Claim against the Company not acknowledged as Debts 6.35 Lacs (Prev. Year-6.35 Lacs)

2) Disclosure in terms of Accounting Standards (AS) issued by the institute of Chartered Accountants of India

a. Related Party Disclosures (AS-18)

b. Segment reporting (AS-17)

In the opinion of the Management, the company operates in one segment i.e. dealing in purchase and sales of securities and also rendering related services. As such, there are no other reportable segments.

c. Tax on Income (AS-22)

The Company has substantial unabsorbed depreciation and carried forward losses under Tax laws. However, in view of the uncertainty future taxable income and prudent method, the tax effect of timing difference as per AS 22 of ICAI has not been assessed and accordingly deferred tax assets (net of the deferred tax liabilities) has not been recognized in the books as on 31 st March 2013 d Earnings Per Share (AS - 20)

Basic earnings per share are calculated by dividing the profit for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. The Company has not issued any potential equity shares, and accordingly, the basic earnings per share and diluted earnings per share are the same.

3. Disclosure as required under section 22 of The Micro, Small and Medium Enterprises Development Act, 2006 is nil in respect of all the items specified therein.

4. In the opinion of the management, fall in the market value of Investment is temporary in nature .Therefore no provision for diminution in value of Securities has been considered by the company.

5. Gratuity In accordance with the Indian laws, the Company provides for gratuity, a defined benefit plan covering all employees, who have completed more than 5 years. There is no employee in the company who has completed 5 years of services. In view thereof, no provision has been created. Leave Encashment - Encashment of un-availed leaves credit, if any, is being done at the year-end. Accordingly, no provision is created at the year-end.

6. The company has made a petition with SEBI for the refund of deposit lying with OTCEI which is under process. However, the exchange has demanded due of Rs. 6,85 lakh which has been contested and has not been provided for in the accounts.

7. Debtors are subject to confirmation and reconciliation. In certain cases, the company has filed the civil cases against defaulted parties for recovery of old dues which have been decided in the favour of the company However, in the opinion of the Management, all the debts and advances, including suit filed cases and deposit with OTCEI, are considered good for recovery. Further, balances of Sundry parties, debit or credit, are subject to confirmation / reconciliation. In the opinion of the Management, the Current Assets, Loans and Advances have a value of realization in the ordinary course of the business at least equal to the amount at which they were stated in the Balance Sheet.

8. Efforts have been made to employ full time Company Secretary. However, suitable person could not be found.

9.Previous year''s figures have been rearranged / regrouped wherever necessary.


Mar 31, 2010

1) a) Contingent liabilities not provided for, in respect of

i) Income Tax matter disputed by the Company - NIL (Prev. Year- NIL)

ii) Guarantees given by the Company on behalf of others - NIL (Prev. Year- NIL)

iii) In respect of a penalty claim of Rs.1,75,000/- from SEBI u/s 15A of SEBI ACT.

b) Claim against the Company not acknowledged as Debts - Nil (Prev. Year-Nil)

c) Estimated amount of contracts remaining to be executed i.e. capital commitment (net of advances) not provided for - NIL (Prev. Year-Rs.NIL)

b. Segment reporting (AS-17)

In the opinion of the Management, the company operates in one segment i.e. dealing in purchase and sales of securities and also rendering related services. As such, there are no other reportable segments.

c. Tax on Income (AS-22)

The Company has substantial unabsorbed depreciation and carried forward losses under Tax laws. However, in view of the uncertainty future taxable income and prudent method, the tax effect of timing difference as per AS 22 of ICAI has not been assessed and accordingly deferred tax assets (net of the deferred tax liabilities) has not been recognized in the books as on 31st March 2010.

d. Leases

The company has taken certain properties on operating lease for office. These leasing arrangements are usually renewable on agreed terms but are not non-cancelable. The company has paid Rs.0.60 Lacs (Prev Year Rs.0.60 Lacs) towards this leased property and is shown as rent in schedule.

e. Earnings Per Share (AS - 20)

Basic earnings per share are calculated by dividing the profit for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. The Company has not issued any potential equity shares, and accordingly, the basic earnings per share .and diluted earnings per share are the same.

b) Sundry debtors include Rs. Nil (Previous Year Rs. Nil) due from companies in which directors are interested as directors.

2. During the Year, the company has surrendered the ticket of NSE. Now the company is dealing in purchase and sale of shares through approved panel brokers of SEBI.

3. The income Tax Assessment of the company have been completed up to the Assessment Year 2007-08

4. Disclosure as required under section 22 of The Micro, Small and Medium Enterprises Development Act, 2006 is nil in respect of all the items specified therein.

5. In the opinion of the management, fall in the market value of Investment is temporary in nature Therefore no provision for diminution in value of Securities has been considered by the company.

6. Gratuity In accordance with the Indian laws, the Company provides for gratuity, a defined benefit plan covering all employees, who have completed more than 5 years. There is no employee in the company who have completed 5 years of services. In view thereof, no provision has been created.

Leave Encashment - Encashment of un-availed leaves credit, if any, is being done at the year-end. Accordingly, no provision is created at the year-end.

7. The company has made a petition with SEBi for the refund of deposit lying with OTCEI which is under process. However, the exchange has demanded due of Rs. 6.75 lakh which has been contested and has not been provided for in the accounts.

8. Debtors are subject to confirmation and reconciliation. In certain cases, the company has filed the civil cases against defaulted parties for recovery of old dues, which have been decided in the favour of the company. However, in the opinion of the Management, all the debts and advances, including suit filed cases and deposit with OTCEI, are considered good for recovery. Further, balances of Sundry parties, debit or credit, are subject to confirmation / reconciliation. In the opinion of the Management, the Current Assets, Loans and Advances have a value of realization in the ordinary course of the business at least equal to the amount at which they were stated in the Balance Sheet.

9. Efforts have been made to employ full time Company Secretary. However, suitable person could not be found.

10. Previous years figures have been rearranged / regrouped wherever necessary. Schedule 1 to 10 forms an integral part of Balance Sheet and Profit & Loss Account

 
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