Mar 31, 2014
(i) Revenue Recognition
(a) Revenue from issue management, loan syndication, financial advisory
services etc., is recognized based on the stage of completion of
assignments and terms of agreement with the client.
(b) Gains and losses on dealing with securities & derivatives are
recognized on trade date.
(ii) Stock-in-trade (i.e. inventories)
(a) The securities acquired with the intention of holding for
short-term are classified as investment and securities acquired for
trading are classified as stock-in-trade.
(b) The securities held as stock-in-trade are valued at lower of cost
arrived at on weighted average basis or market/ fair value, computed
category-wise. In case of investments transferred to stock-in-trade,
carrying amount on the date of transfer is considered as cost.
Commission earned in respect of securities acquired upon devolvement is
reduced from the cost of acquisition. Fair value of unquoted shares is
taken at break-up value of shares as per the latest audited Balance
Sheet of the concerned company. In case of debt instruments, fair value
is worked out on the basis of yield to maturity rate selected
considering quotes where available and credit profile of the issuer and
market related spreads over the government securities
(c) Discounted instruments like Commercial paper/treasury bills/zero
coupon instruments are valued at carrying cost. The difference between
the acquisition cost and the redemption value of discounted instruments
is apportioned on a straight line basis for the period of holding and
recognized as Interest income.
(d) Units of mutual fund are valued at lower of cost and net asset
value.
(iii) Investments
The securities acquired with the intention of holding till maturity or
for a longer period are classified as investments. (b) Investments are
carried at cost arrived at on weighted average basis. Commissions
earned in respect of securities acquired upon devolvement are reduced
from the cost of acquisition. Appropriate provision is made for other
than temporary diminution in the value of investments.
(iv) Fixed Assets and Depreciation
(a) Fixed assets are stated at historical cost less accumulated
depreciation and impairment loss, if any. Cost comprises the purchase
price and any attributable cost of bringing the asset to its working
condition for intended use.
(b) Depreciation on fixed assets is provided on written down value
method at the rate and in the manner prescribed in Schedule XIV of the
Companies Act, 1956.
(v) Deferred Tax
Tax expense comprises both current and deferred taxes. Current
income-tax is measured at the amount expected to be paid to the tax
authorities in accordance with the Indian Income Tax Act. Deferred
income tax reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Deferred tax is measured based
on the tax rates and the tax laws enacted or substantively enacted at
the Balance Sheet date. Deferred tax assets are recognised only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realised. Unrecognised deferred tax assets of earlier years are
re-assessed and recognised to the extent that it has become reasonably
certain that future taxable income will be available against which such
deferred tax assets can be realised.
(vi) Derivatives Transactions
(a) All open positions are marked to market.
(b) Gains are recognized only on settlement/expiry of the derivative
instruments except for Interest Rate derivatives where even mark
to-market gains are recognized.
(c) Receivables/payables on open position are disclosed as current
assets/current liabilities, as the case may be.
(vii) Earning Per Share
Basic earnings per share is calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting attributable taxes) by the weighted average number of equity
shares outstanding during the period.
Mar 31, 2013
(i) Revenue Recognition
(a) Revenue from issue management, loan syndication, financial advisory
services etc., is recognized based on the stage of completion of
assignments and terms of agreement with the client.
(b) Gains and losses on dealing with securities & derivatives are
recognized on trade date.
(ii) Stock-in-trade (i.e. inventories)
(a) The securities acquired with the intention of holding for
short-term are classified as investment and securities acquired for
trading are classified as stock-in-trade.
(b) The securities held as stock-in-trade are valued at lower of cost
arrived at on weighted average basis or market/ fair value, computed
category-wise. In case of investments transferred to stock-in-trade,
carrying amount on the date of transfer is considered as cost.
Commission earned in respect of securities acquired upon devolvement is
reduced from the cost of acquisition. Fair value of unquoted shares is
taken at break-up value of shares as per the latest audited Balance
Sheet of the concerned company. In case of debt instruments, fair value
is worked out on the basis of yield to maturity rate selected
considering quotes where available and credit profile of the issuer and
market related spreads over the government securities
(c) Discounted instruments like Commercial paper/treasury bills/zero
coupon instruments are valued at carrying cost. The difference between
the acquisition cost and the redemption value of discounted instruments
is apportioned on a straight line basis for the period of holding and
recognized as Interest income.
(d) Units of mutual fund are valued at lower of cost and net asset
value.
(iii) Investments
The securities acquired with the intention of holding till maturity or
for a longer period are classified as investments. (b) Investments are
carried at cost arrived at on weighted average basis. Commissions
earned in respect of securities acquired upon devolvement are reduced
from the cost of acquisition. Appropriate provision is made for other
than temporary diminution in the value of investments.
(iv) Fixed Assets and Depreciation
(a) Fixed assets are stated at historical cost less accumulated
depreciation and impairment loss, if any. Cost comprises the purchase
price and any attributable cost of bringing the asset to its working
condition for intended use.
(b) Depreciation on fixed assets is provided on written down value
method at the rate and in the manner prescribed in Schedule XIV of the
Companies Act, 1956.
(v) Deferred Tax
Tax expense comprises both current and deferred taxes. Current
income-tax is measured at the amount expected to be paid to the tax
authorities in accordance with the Indian Income Tax Act. Deferred
income tax reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Deferred tax is measured based
on the tax rates and the tax laws enacted or substantively enacted at
the Balance Sheet date. Deferred tax assets are recognised only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realised. Unrecognised deferred tax assets of earlier years are
re-assessed and recognised to the extent that it has become reasonably
certain that future taxable income will be available against which such
deferred tax assets can be realised.
(vi) Derivatives Transactions
(a) All open positions are marked to market.
(b) Gains are recognized only on settlement/expiry of the derivative
instruments except for Interest Rate derivatives where even mark to-
market gains are recognized.
(c) Receivables/payables on open position are disclosed as current
assets/current liabilities, as the case may be.
(vii) Earning Per Share Basic earnings per share is calculated by
dividing the net profit or loss for the period attributable to equity
shareholders (after deducting attributable taxes) by the weighted
average number of equity shares outstanding during the period.
Mar 31, 2012
(i) Revenue Recognition
(a) Revenue from issue management, loan syndication, financial advisory
services etc., is recognized based on the stage of completion of
assignments and terms of agreement with the client.
(b) Gains and losses on dealing with securities & derivatives are
recognized on trade date.
(ii) Stock-in-trade (i.e. inventories)
(a) The securities acquired with the intention of holding for
short-term are classified as investment and securities acquired for
trading are classified as stock-in-trade.
(b) The securities held as stock-in-trade are valued at lower of cost
arrived at on weighted average basis or market/ fair value, computed
category-wise. In case of investments transferred to stock-in-trade,
carrying amount on the date of transfer is considered as cost.
Commission earned in respect of securities acquired upon devolvement is
reduced from the cost of acquisition. Fair value of unquoted shares is
taken at break-up value of shares as per the latest audited Balance
Sheet of the concerned company. In case of debt instruments, fair value
is worked out on the basis of yield to maturity rate selected
considering quotes where available and credit profile of the issuer and
market related spreads over the government securities
(c) Discounted instruments like Commercial paper/treasury bills/zero
coupon instruments are valued at carrying cost. The difference between
the acquisition cost and the redemption value of discounted instruments
is apportioned on a straight line basis for the period of holding and
recognized as Interest income.
(d) Units of mutual fund are valued at lower of cost and net asset
value.
(iii) Investments
The securities acquired with the intention of holding till maturity or
for a longer period are classified as investments. (b) Investments are
carried at cost arrived at on weighted average basis. Commissions
earned in respect of securities acquired upon devolvement are reduced
from the cost of acquisition. Appropriate provision is made for other
than temporary diminution in the value of investments.
(iv) Fixed Assets and Depreciation
(a) Fixed assets are stated at historical cost less accumulated
depreciation and impairment loss, if any. Cost comprises the purchase
price and any attributable cost of bringing the asset to its working
condition for intended use.
(b) Depreciation on fixed assets is provided on written down value
method at the rate and in the manner prescribed in Schedule XIV of the
Companies Act, 1956.
(v) Deferred Tax
Tax expense comprises both current and deferred taxes. Current
income-tax is measured at the amount expected to be paid to the tax
authorities in accordance with the Indian Income Tax Act. Deferred
income tax reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Deferred tax is measured based
on the tax rates and the tax laws enacted or substantively enacted at
the Balance Sheet date. Deferred tax assets are recognised only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realised. Unrecognised deferred tax assets of earlier years are
re-assessed and recognised to the extent that it has become reasonably
certain that future taxable income will be available against which such
deferred tax assets can be realised.
Mar 31, 2010
1. System of Accounting :
a) Financial Statements are based on historical cost basis and on the
Accounting principles of a going concern,
b) Accounting policies, not specifically referred to other otherwise,
are consistent and in consonance with generally accepted accounting
principles.
c> All expenditure & income to the extent considered payable and
receivable respectively, are accounted for on accrual basis except
those with significant uncertainties. Income is not recognized in
respect of NPA as per the Prudential Norms prescribed by RBI.
2. Fixed Assets and Depreciation :-
a) Cost of Fixed Assets comprises purchase price, duties, levies and
any directly attributable cost of bringing the asset to its working
condition for the intended use.
b) Depreciation on tangible assets has been provided at the rates and
in the manner prescribed at the rates and in the manner prescribed XIV
to the Companies Act, 1956 on a Straight line basis.
Capital Software costs are amortised over a period of three years.
c) In respect of addition to / deletion from fixed assets, the
depreciation has been provided on pro rata basis.
3. Investments :-
a) Investments are stated at cost of acquisition. Profits or losses on
investments are accounted as and when realised.
b) Provision for diminution in value of investments, if any, is made if
such diminution is other than temporary.
4. Public Issue Expenses :-
Public Issue Expenses are being amortised over a period of 10 years.
5. Taxes on Income :
Current tax is determined as the amount of tax payable in respect of
taxable income of the period. Deferred tax is recognised, subject to
the consideration of prudence, 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 are not recognised on unabsorbed
depreciation and carry forward of losses uniess there is virtual
certainly that sufficient future taxable income will be available
against which such deferred tax assets can be realised.
Mar 31, 2004
1. System of Accounting :
a) Financial Statements are based on historical cost basis and on the
Accounting principles of a going concern,
b) Accounting policies, not specifically referred to other otherwise,
are consistent and in consonance with generally accepted accounting
principles.
c) All expenditure & income to the extent considered payable and
receivable respectively, are accounted for on accrual basis except
those with significant uncertainties. Income is not recognised in
respect of NPA as per the Prudential Norms prescribed by RBI.
2. Fixed Assets and Depreciation :
a) Cost of Fixed Assets comprises purchase price, duties, levies and
any directly attributable cost of bringing the asset to its working
condition for the intended use.
b) Depreciation on tangible assets has been provided at the rates and
in the manner prescribed at the rates and in the manner prescribed XIV
to the Companies Act, 1956 on a Straight line basis.
Capital Software costs are amortised over a period of three years.
c) In respect of addition to / deletion from fixed assets, the
depreciation has been provided on pro rata basis.
3. Investments :
a) Investments are stated at cost of acquisition. Profits or losses on
investments are accounted as and when realised.
b) Provision for diminution in value of investments, if any, is made if
such diminution is other than temporary.
4. Preliminary and Public Issue Expenses :
Preliminary Expenses and Public Issue Expenses are being amortised over
a period of 10 years.
5. Taxes on Income :
Current tax is determined as the amount of tax payable in respect of
taxable income of the period. Deferred tax is recognised, subject to
the consideration of prudence, 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 are not recognised on unabsorbed
depreciation and carry forward of losses unless there is virtual
certainly that sufficient future taxable income will be available
against which such deferred tax assets can be realised.
Mar 31, 2002
1. System of Accounting:
a) Financial Statements are based on historical cost basis and on the
Accounting principles of a going concern,
b) Accounting policies, not specifically referred to other otherwise
are consistent and in consonance with generally accepted accounting
principles.
c) All expenditure & income to the extent considered payable and
receivable respectively, are accounted for on accrual basis except
those with significant uncertainties. Income is not recognised in
respect at NPA as per the Prudential Norms prescribed by RBI.
2. Fixed Assets and Depreciation :-
a) Cost of Fixed Assets comprises purchase price, duties, levies and
any directly attributable cost of bringing the asset to its working
condition for the intended use.
b) Depreciation on tangible assets has been provided at the rates and
in the manner prescribed at the rates and in the manner prescribed XIV
to the Companies Act, 1956 on a Straight line basis.
Capital Software costs are amortised over a period of five years.
c) In respect of addition to / deletion from fixed assets, the
depreciation has been provided on pro rata basis.
3. Investments :-
a) Investments are stated at cost of acquisition. Profits or losses on
investments are accounted as and when realised.
b) Provision for diminution in value of investments, if any, is made if
such - diminution is other than temporary.
4. Preliminery and Public Issue Expenses :-
Preliminery Expenses and Public Issue Expenses are being amortised over
a period of 10 years.
5. Deferred Taxation:
Deferred tax resulting from timing differences between book and tax
profits is accounted for under the liability method, at the current
rate of tax, to the extent that the timing differences are expected to
crystalise as deferred tax charge / benefit in the Profit and Loss
Account and as deferred tax assets/ liabilities in the Balance Sheet.
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