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Notes to Accounts of S R G Securities Finance Ltd.

Mar 31, 2015

1. Related Party Disclosures : Disclosures as required by the accounting standard 18 of ICAI in respect of related party transactions for the year ended on 31/03/2015 :-

Key Managerial Personnel (KMP) on the Board

Mrs. Seema Jain Director Mr. Rajesh Jain Director

Particulars of Related Party Transactions:-

Directors Remuneration- Rs. 20.47 Lakh (Previous year Rs. 11.28 Lakh)

Relative of Key Managerial Personnel (KMP)

Genda Lal Jain HUF Aarti Jain Meenakshi Jain

Particulars of Related Party Transactions:-

Rent Rs.2.10 Lakh (Previous Year Rs.1.80 Lakh)

Salary Rs.8.40 Lakh (Previous Year Rs. 7.98 Lakh)

2. In the opinion of management the current assets and advances are approximately of the value as stated. If realized in the ordinary course of business unless otherwise stated. The provisions for all liabilities are adequate and not in excess/shortage of the amount reasonably necessary.

3. None of the employees were getting more than Rs. 60,00,000/-p.a. or 5,00,000/p.m. during the year.

4. All the balances of Sundry Creditors, Loans and Advances are subject to confirmation.

5. The Company have complied all the prudential norms prescribed by Reserve Bank of India on income recognition , accounting standards, assets classification , provisions for Bad & doubtful debts , capital adequacy and credit / investment concentration .

6. The Company has written off unrecoverable debts of Rs. 6.32 Lacs (Previous Year Rs.6.01 Lacs) during the year.

7. The company does not have any exposure in foreign currency at the year end.

8. As per the provisions of new Companies Act, 2013 ( Act), the Company has applied the new rates of depreciation based upon the useful life of fixed assets specified in Part C of schedule II of the Act. During the Current year , the Company has revised remaining useful lives of certain fixed as sets as specified in Part C of schedule II of the Act, accordingly , the carrying value of fixed assets as on 1st April,2014 has been depreciated over the revised remaining useful lives. As a result of this change, the net depreciation charge for the year ended on 31st March, 2015 is higher by Rs.1.29 Lakh as compared to provisions if made under earlier companies Act. Further , an amount of Rs.0.13 Lakh representing the carrying value of assets , whose remaining useful life is NIL, as at 1st April,2014 has been charged to opening balance of retained earnings as per the transitional pro vision prescribed in note 7(b) of part c of Schedule II of the Companies act, 2013.

9. Previous year figures have been regrouped / reclassified wherever necessary to correspond with the figures of the cur- rent year under review.


Mar 31, 2014

1. In the opinion of management the current assets and advances are approximately of the value as stated. If realized in the ordinary course of business unless otherwise stated. The provisions for all liabilities are adequate and notin excess/shortage of the amount reasonably necessary.

2. None of the employees were getting more than Rs.60, 00,000/-p.a. or Rs. 5, 00,000/- p.m. during the year.

3. All the balances of Sundry Creditors, Loans and advances are subject to confirmation.

4. The Company have complied all the prudential norms prescribed by Reserve Bank of India on income recognition, accounting standards, assets classification, provisions for Bad & doubtful debts, capital adequacy and credit / investment concentration .

5. The Company has written off unrecoverable debts of Rs. 6.01 Lacs during the year.

6. Capital adequacy ratio is 77.63% for the year ended 31.03.2014.

7. Previous year figures have been regrouped / reclassified wherever necessary to correspond with the figures of the current year under review.

 
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