Home  »  Company  »  SKP Securities  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of SKP Securities Ltd. Company

Mar 31, 2018

1.1 Statement of Compliance with Ind AS

These financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013. The financial statements have also been prepared in accordance with the relevant presentation requirements of the Companies Act, 2013. The Company adopted Ind AS from 1st April, 2017. Up to the year ended 31st March, 2017, the Company prepared its financial statements in accordance with the requirements of previous Generally Accepted Accounting Principles (GAAP), which includes Standards notified under the Companies (Accounting Standards) Rules, 2006. These are the Company’s first Ind AS financial statements. The date of transition to Ind AS is 1st April, 2016. Details of the exceptions and optional exemptions availed by the Company and principal adjustments along with related reconciliations are detailed in Note 31 (First-time Adoption).

1.2 Basis of preparation

The financial statements are prepared in accordance with the historical cost convention, except for certain items that are measured at fair values, as explained in the accounting policies. Historical cost is generally based on the fair value of the consideration in exchange for goods and services.

All amount disclosed in the financial statements including notes thereon have been rounded off to the nearest lakh as per the requirement of Schedule III to the Act, unless stated otherwise.

1.3 Use of estimates

The preparation of financial statements in conformity with Ind AS requires management to make judgements, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period; they are recognised in the period of the revision and future periods if the revision affects both current and future periods.

1.4 Operating Cycle

All assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013 and Ind AS 1 - Presentation of Financial Statements. The Company has ascertained its operating cycle to be 12 months for the purpose of current, non-current classification of assets and liabilities.

1.5 Property, plant and equipment (PPE) and Depreciation

a) Property, plant and equipment are stated at cost of acquisition less accumulated depreciation and impairment, if any. For this purpose, cost includes deemed cost which represents the carrying value of PPE recognised as at 1st April, 2016 measured as per the previous GAAP.

b) Cost is inclusive of inward freight, non-refundable taxes and duties and directly attributable costs of bringing an asset to the location and condition of its intended use. Expenses capitalised also include applicable borrowing costs for qualifying assets, if any. All upgradation / enhancements are charged off as revenue expenditure unless they bring similar significant additional benefits.

The cost and related accumulated depreciation are derecognised from the financial statements upon sale or retirement of the asset and the resultant gains or losses are recognized in the Statement of Profit and Loss.

c) Depreciation of these assets commences when the assets are ready for their intended use which is generally on commissioning. Depreciation on items of PPE is provided on a straight line basis to allocate their cost, net of their residual value over the estimated useful life of the respective asset as specified in Schedule II to the Companies Act, 2013 which in the view of the management best represents the period for which the asset is expected to be used:

The estimated useful lives of PPE of the Company are as follows:

Freehold Premises 60 years

Office equipment 5 years

Furniture and fixtures 10 years

Computers, Servers and other Information Technology Equipments 3 to 6 years

Vehicles 8 years

The assets’ residual values, useful lives and methods of depreciation are reviewed at each financial year end and adjusted prospectively, if appropriate. The residual life is considered as 5% of the value of PPE.

1.6 Impairment of Assets

As at each balance sheet date, the Company assesses whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, if any, an impairment loss is recognized for the amount by which the carrying amount of the asset exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use.

If at the balance sheet date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the impairment loss previously recognized is reversed such that the asset is recognized at its recoverable amount but not exceeding written down value which would have been reported if the impairment loss had not been recognized.

1.7 Revenue recognition

Revenue is recognised to the extent it is probable that economic benefits would flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received/receivable taking into account contractually defined terms of payment net of rebate and taxes.

The specific recognition criteria for revenue recognition are as follows:

a) Broking Services

Income from broking activities and transactions in respect ofdealing in shares and securities are recognised on the date of settlement on the respective stock exchange.

b) Distribution Services

Brokerage/commission from mutual funds and on distribution of third party products are recognised when the Company’s right to receive the same is established.

c) Depository and Advisory Services

Income from Depository and Advisory services are recognised on the basis of agreement entered into with the clients and when the Company’s right to receive the income is established.

d) Interest income

Interest income is recorded on accrual basis using the effective interest rate (EIR) method.

e) Dividend Income

Dividend income is recognised when the Company’s right to receive the dividend is established.

f) All other income are accounted for on accrual basis.

1.8 Foreign Currency Transactions

The functional and presentation currency of the Company is Indian Rupee.

Transactions in foreign currency are accounted for at the exchange rate prevailing on the transaction date. Gains/ losses arising on settlement as also on translation of monetary items are recognised in the Statement of Profit and Loss.

1.9 Borrowing costs

Borrowing costs that are directly attributable to the acquisition and/or construction of a qualifying asset are capitalized as part of the cost of such asset till such time that is required to complete and prepare the asset to get ready for its intended use. A qualifying asset is one that necessarily takes a substantial period of time to get ready for its intended use.

All other borrowing costs are charged to the Statement of Profit and Loss in the period in which they are incurred.

1.10 Provisions, contingent liabilities and contingent assets

a) Provisions are recognized only when there is a present obligation, as a result of past events and when a reliable estimate of the amount of obligation can be made at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. Provisions are discounted to their present values, where the time value of money is material.

b) Contingent liability is disclosed for possible obligations which will be confirmed only by future events not wholly within the control of the Company or present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

c) Contingent assets are neither recognized nor disclosed except when realisation of income is virtually certain, related asset is disclosed.

d) Provisions, contingent liabilities and contingent assets are reviewed at each balance sheet date.

1.11 Employee benefits

a) Short-term employee benefits

Short-term employee benefits in respect of salaries and wages, including non-monetary benefits are recognised as an expense at the undiscounted amount in the Statement of Profit and Loss for the year in which the related service is rendered.

b) Defined contribution plans

Company’s Contributions to Provident are charged to the Statement of Profit and Loss in the year when the contributions to the respective funds are due.

c) Defined benefit plans

Gratuity is in the nature of a defined benefit plan. The cost of providing benefits under the defined benefit obligation is calculated on the basis of actuarial valuations carried out at reporting date by independent actuary using the projected unit credit method. Service costs and net interest expense or income is reflected in the Statement of Profit and Loss. Gain or Loss on account of remeasurements are recognised immediately through other comprehensive income in the period in which they occur.

1.12 Share based payments (Employee stock options)

The eligible employees of the Company receive remuneration in the form of equity settled instruments, for rendering services over a defined vesting period. When the options are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to equity share capital (par value of the equity share) and securities premium reserve.

The Company determines the compensation cost based on the intrinsic value method. The compensation cost is amortised on a straight line basis over the vesting period.

1.13 Financial instruments, Financial assets, Financial liabilities and Equity instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the relevant instrument and are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities measured at fair value through profit or loss) are added to or deducted from the fair value on initial recognition of financial assets or financial liabilities.

i) Financial Assets

(a) Recognition

Financial assets include Investments, Trade receivables, Advances, Security Deposits,

Cash and cash equivalents. Such assets are initially recognised at transaction price when the Company becomes party to contractual obligations. The transaction price includes transaction costs unless the asset is being fair valued through the Statement of Profit and Loss

(b) Classification

Management determines the classification of an asset at initial recognition depending on the purpose for which the assets were acquired. The subsequent measurement of financial assets depends on such classification.

Financial assets are classified as those measured at:

1) amortised cost, where the financial assets are held solely for collection of cash flows arising from payments of principal and/ or interest.

2) fair value through other comprehensive income (FVTOCI), where the financial assets are held not only for collection of cash flows arising from payments of principal and interest but also from the sale of such assets. Such assets are subsequently measured at fair value, with unrealised gains and losses arising from changes in the fair value being recognised in other comprehensive income.

3) fair value through profit or loss (FVTPL), where the assets does not meet the criteria for categorization as at amortized cost or as FVTOCI. Such assets are subsequently measured at fair value, with unrealised gains and losses arising from changes in the fair value being recognised in the Statement of Profit and Loss in the period in which they arise.

Trade receivables, Advances, Security Deposits, Cash and cash equivalents etc. are classified for measurement at amortised cost while investments may fall under any of the aforesaid classes. However, in respect of particular investments in equity instruments that would otherwise be measured at fair value through profit or loss, an irrevocable election at initial recognition may be made to present subsequent changes in fair value through other comprehensive income.

c) Impairment

The Company assesses at each reporting date whether a financial asset (or a group of financial assets) such as investments, trade receivables, advances and security deposits held at amortised cost and financial assets that are measured at fair value through other comprehensive income are tested for impairment based on evidence or information that is available without undue cost or effort.

The Company recognizes loss allowances using the expected credit loss (ECL) model and ECL impairment loss allowance are measured at an amount equal to lifetime ECL.

Until the asset meets write-off criteria, the Company does not reduce impairment allowance from the gross carrying amount.

(d) De-recognition

Financial assets are derecognised when the right to receive cash flows from the assets has expired, or has been transferred, and the Company has transferred substantially all of the risks and rewards of ownership. If the asset is one that is measured at:

i) amortised cost, the gain or loss is recognised in the Statement of Profit and Loss;

ii) fair value through other comprehensive income, the cumulative fair value adjustments previously taken to reserves are reclassified to the Statement of Profit and Loss unless the asset represents an equity investment in which case the cumulative fair value adjustments previously taken to reserves is reclassified within equity.

iii) Financial liabilities

Borrowings, trade payables and other financial liabilities are initially recognised at the value of the respective contractual obligations. They are subsequently measured at amortised cost.

Financial liabilities are derecognised when the liability is extinguished, that is, when the contractual obligation is discharged, cancelled and on expiry.

iv) Equity instruments

Equity instruments are recognised at the value of the proceeds, net of direct costs of the capital issue.

v) Offsetting of financial instruments

Financial assets and liabilities are offset and the net amount is included in the Balance Sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

vi) Dividend distribution

Dividends paid (including income tax thereon) is recognised in the period in which the interim dividends are approved by the Board of Directors, or in respect of the final dividend when approved by shareholders.

vii) Fair value measurement

The Company measures financial instruments at fair value at each balance sheet date.

For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions.

In determining the fair value of financial instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

1.14 Taxes

Taxes on income comprises of current taxes and deferred taxes. Current tax in the Statement of Profit and Loss is provided as the amount of tax payable in respect of taxable income for the period using tax rates and tax laws enacted during the period, together with any adjustment to tax payable in respect of previous years.

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities and the amounts used for taxation purposes (tax base), at the tax rates and tax laws enacted or substantively enacted by the end of the reporting period.

Deferred tax assets are recognized for deductible temporary differences, the carry forward of unused tax credits and any unused tax losses to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised.

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax assets to be utilised.

Unrecognised deferred tax assets are re-assessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Income tax, in so far as it relates to items disclosed under other comprehensive income or equity, are disclosed separately under other comprehensive income or equity, as applicable.

1.15 Earnings per Share

a) 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.

b) For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted-average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

The number of equity shares and potential dilutive equity shares are adjusted retrospectively for all periods presented for any share split and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.

1.16 Leases As a lessee

Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the Statement of Profit and Loss on a straight line basis over the period of the lease or other systematic basis more representative of the time pattern of the user’s benefits.

As a lessor

Leases in which the company has substantially retained all the risks and rewards of ownership are classified as Operating Leases. Lease Income on such operating leases are recognized in the Statement of Profit and Loss on a straight line basis over the lease term which is representative of the time pattern in which benefit derived from the use of the leased asset is diminished. Initial direct costs are recognized as an expense in the Statement of Profit and Loss in the period in which they are incurred.

1.17 Cash and cash equivalents

Cash and cash equivalents in the Balance sheet comprise cash on hand, cheques on hand, balance with banks on current accounts and short term, highly liquid investments with an original maturity of three months or less and which carry insignificant risk of changes in value.

For the purpose of the Cash Flow Statement, Cash and cash equivalents consist of Cash and cash equivalents, as defined above and net of outstanding book overdrafts as they are considered an integral part of the Company’s cash management.

1.18 Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit/loss before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing flows. The cash flows from operating, investing and financing activities of the Company are segregated.


Mar 31, 2017

1.1 Basis of preparation of Financial Statements

a) These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP). These Financial Statements have been prepared to comply in all material respects with the Accounting Standards (‘AS’) notified under Section 133 of the Companies Act 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014, and the Companies (Accounting Standards) Amendments Rules, 2016, other pronouncements of the Institute of Chartered Accountants of India and relevant applicable provisions of the Companies Act, 1956 and Companies Act, 2013 (to the extent notified) and the applicable guidelines issued by the Securities and Exchange Board of India (SEBI).

b) The financial statements are prepared in accordance with the historical cost convention and the accrual basis of accounting. Accounting policies have been consistently applied except where a newly issued Accounting Standard is initially adopted or a revision to an existing Accounting Standard requires a change in the accounting policy hitherto in use.

c) All Assets and Liabilities have been classified as current or non-current as per the company’s normal operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013. Based on the nature of services provided and time between the rendering of services and their realization in cash and cash equivalents, the company has ascertained its operating cycle as less than 12 months for the purpose of current and noncurrent classification of assets and liabilities.

1.2 Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known/ materialized.

1.3 Property, Plant & Equipment

a) Property, Plant & Equipment are stated at their original cost less accumulated depreciation and impairments, if any.

b) Intangible assets expected to provide future enduring economic benefits are recorded at the consideration paid for acquisition of such assets and are carried at cost of acquisition less accumulated amortization and impairment, if any.

1.4 Depreciation and Amortization

a) Depreciation on tangible assets is provided on Straight Line Method (‘SLM’) over the useful lives of the respective fixed assets estimated by the management and such useful life are equal to the corresponding useful life prescribed in Part C of Schedule II to the Companies Act 2013.

b) Depreciation/amortization on assets added, sold or discarded during the year has been provided on pro-rata basis.

c) Computer Software (Acquired) are amortized on straight line basis over a period of four years.

1.5 Investments

Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as long-term investments.

Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Long-term investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of the investments.

1.6 Revenue Recognition

a) Income from broking activities and transactions in respect of dealing in shares and securities are recognized on the date of settlement on the respective stock exchange.

b) Income from Depository and other services are recognized when the right to receive the same is established.

c) Interest income is recognized on time proportion basis taking into account the amount outstanding and rate applicable.

d) Dividend income is recognized when the Company’s right to receive dividend is established.

e) All other income is accounted for on accrual basis.

1.7 Provisions, Contingent Liabilities and Contingent Assets

A provision is recognized if, as a result of a past event, the Company has a present legal obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by the best estimate of the outflow of economic benefits required to settle the obligation at the reporting date.

Where no reliable estimate can be made, a disclosure is made as contingent liability. A disclosure for a contingent liability is also made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

Provisions, contingent liabilities and contingent assets are reviewed at each Balance Sheet date.

Re-imbursement expected in respect of expenditure to settle a provision is recognized only when it is virtually certain that the re-imbursement will be received.

A Contingent Asset is not recognized in the Accounts.

1.8 Impairment of Assets

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Statement of Profit and Loss in the year in which an asset is identified as impaired. The impairment loss recognized in previous accounting period is reversed if there has been a change in the estimate of recoverable amount.

1.9 Foreign Currency Transactions

Transactions in Foreign currency are initially recorded at the exchange rate at which the transaction is carried out.

1.10 Employee Benefits

a) Short-term employee benefits

Short-term employee benefits are recognized as an expense at the undiscounted amount in the Statement of Profit and Loss for the year in which the related service is rendered.

b) Defined contribution plan

Company’s contribution towards Provident Fund is a defined contribution plan. These contributions are charged to the Statement of Profit and loss for the year to which it relates.

c) Defined benefit plan

Company’s liability towards gratuity is defined benefit plan. The company has opted for a Group Gratuity cum Life Assurance Scheme of Birla Sun Life Insurance Company Limited and the contribution towards gratuity liability as determined by Actuarial Valuer using the Projected Unit Credit Method is recognized as an expense in the Statement of Profit and Loss for the year to which it relates as required under Accounting Standard 15-Employee Benefits. Actuarial gains and losses in respect of such benefits are recognized in the Statement of Profit and Loss.

1.11 Taxes on Income

Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961.

Deferred tax is recognized, subject to the consideration of prudence in respect of deferred tax assets, 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, if any are reviewed as at each Balance Sheet date and written down or written up to reflect the amount that is reasonably/virtually certain to be realized.

1.12 Research Expenses

Research costs are expensed as incurred.

1.13 Earnings Per share

Basic earnings per share is computed by dividing the profit/(loss) after tax (including the post tax effect of extra ordinary items, if any by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit/(loss) after tax (including the post tax effect of any extra ordinary items, if any) by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted average number of equity shares which could be issued on the conversion of all dilutive potential equity shares.

1.14 Cash flow statement

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.


Mar 31, 2015

1.1 Basis of preparation of Financial Statements

a) These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP). These Financial Statements have been prepared to comply in all material respects with the Accounting Standards (''AS'') specified under Section 133 of the Companies Act 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014, other pronouncements of the Institute of Chartered Accountants of India and relevant applicable provisions of the Companies Act, 1956 and Companies Act, 2013.

b) The financial statements are prepared in accordance with the historical cost convention and the accrual basis of accounting. Accounting policies have been consistently applied except where a newly issued Accounting Standard is initially adopted or a revision to an existing Accounting Standard requires a change in the accounting policy hitherto in use.

c) All Assets and Liabilities have been classified as current or non-current as per the company''s normal operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013. Based on the nature of services provided and time between the rendering of services and their realization in cash and cash equivalents, the company has ascertained its operating cycle as less than 12 months for the purpose of current and non- current classification of assets and liabilities.

1.2 Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/ materialised.

1.3 Fixed Assets and Intangible Assets

a) Fixed Assets are stated at their original cost less accumulated depreciation and impairments, if any.

b) Intangible assets expected to provide future enduring economic benefits are recorded at the consideration paid for acquisition of such assets and are carried at cost of acquisition less accumulated amortisation and impairment, if any.

1.4 Depreciation and Amortization

a) Depreciation on tangible assets is provided on Straight Line Method (''SLM''), which reflects the management''s estimate of the useful lives of the respective fixed assets. Pursuant to the enactment of the Companies Act, 2013, the company has, effective 1st April 2014, reviewed and revised the useful life of its respective fixed assets and such useful lives are equal to the corresponding useful life prescribed in Part C of Schedule II to Companies Act, 2013.

b) Depreciation/amortisation on assets added, sold or discarded during the year has been provided on pro-rata basis.

c) Stock Exchange membership card is not being amortised.

d) Computer Software (Acquired) are amortised on straight line basis over a period of four years.

1.5 Investments

Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as long-term investments.

Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Long-term investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of investments.

1.6 Revenue Recognition

a) Income from broking activities and transactions in respect of dealing in shares and securities are recognised on the date of settlement on the respective stock exchange. Income from depositary and other services is recognized when the right to receive the same is established.

b) Interest income is recognized on time proportion basis taking into account the amount outstanding and rate applicable.

c) Dividend income is recognized when the Company''s right to receive dividend is established.

d) All other income are accounted for on accrual basis.

1.7 Provisions, Contingent Liabilities and Contingent Assets

A provision is recognized if, as a result of a past event, the Company has a present legal obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by the best estimate of the outflow of economic benefits required to settle the obligation at the reporting date.

Where no reliable estimate can be made, a disclosure is made as contingent liability. A disclosure for a contingent liability is also made when there is a possible obligation or a present obligation that may ,but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

Provisions, contingent liabilities and contingent assets are reviewed at each Balance Sheet date. Re-imbursement expected in respect of expenditure to settle a provision is recognized only when it is virtually certain that the re-imbursement will be received.

A Contingent Asset is not recognized in the Accounts.

1.8 Impairment of Assets

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Statement of Profit and Loss in the year in which an asset is identified as impaired. The impairment loss recognized in previous accounting period is reversed if there has been a change in the estimate of recoverable amount.

1.9 Foreign Currency Transactions

Transactions in Foreign currency are initially recorded at the exchange rate at which the transaction is carried out.

1.10 Employee Benefits

a) Define contribution plan

Company''s contribution towards Provident Fund is a defined contribution plan. These contributions are charged to the Statement of Profit and loss for the year to which it relates.

b) Defined benefit plan

Company''s liability towards gratuity is defined benefit plan. The company has opted for a Group Gratuity cum Life Assurance Scheme of Birla Sun Life Insurance Company Limited and the contribution towards gratuity liability as determined by Birla Sun Life Insurance Company Limited is recognized as an expense in the Statement of Profit and Loss for the year to which it relates as required under Accounting Standard 15 -Employee Benefits.

1.11 Taxes on Income

Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961.

Deferred tax is recognized, subject to the consideration of prudence in respect of deferred tax assets, 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, if any are reviewed as at each Balance Sheet date and written down or written up to reflect the amount that is reasonably/virtually certain to be realized.

1.12 Research Expenses

Research costs are expensed as incurred.

1.13 Earnings Per share

Basic earnings per share is computed by dividing the profit/(loss) after tax (including the post tax effect of extra ordinary items, if any by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit/(loss) after tax (including the post tax effect of any extra ordinary items, if any) by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted average number of equity shares which could be issued on the conversion of all dilutive potential equity shares.

1.14 Cash flow statement

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financingch flows. The cash flows from operating, investing and financing activities of the Company are segregated.


Mar 31, 2014

1.1 Basis of preparation of Financial Statements

The Financial Statements are prepared on an accrual basis and under the historical cost convention and in compliance with the provisions of the Companies Act, 1956, Companies Act, 2013 to the extent applicable and the Accounting Standards as specified in the Companies (Accounting Standard) Rules, 2006 notified by the Central Government of India.

Accounting policies have been consistently applied except where a newly issued Accounting Standard is initially adopted or a revision to an existing Accounting Standard requires a change in the accounting policy hitherto in use.

All Assets and Liabilities have been classified as current or non-current as per the company''s normal operating cycle and other criteria set out in the Schedule VI to the Companies'' Act, 1956. Based on the nature of services provided and time between the rendering of services and their realization in cash and cash equivalents, the company has ascertained its operating cycle as less than 12 months for the purpose of current and non-current classification of assets and liabilities.

1.2 Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/ materialised.

1.3 Fixed Assets and Intangible Assets

a) Fixed Assets are stated at their original cost less accumulated depreciation and impairments, if any.

b) Intangible assets expected to provide future enduring economic benefits are recorded at the consideration paid for acquisition of such assets and are carried at cost of acquisition less accumulated amortisation and impairment, if any.

1.4 Depreciation and Amortization

a) Depreciation on Fixed Assets is provided on Straight Line method at the rates and in the manner as specified in Schedule XIV to the Companies Act, 1956.

b) Depreciation/amortisation on assets added, sold or discarded during the year has been provided on pro-rata basis.

c) Stock Exchange membership card is not being amortised.

d) Computer Software (Acquired) are amortised on straight line basis over a period of four years.

1.5 Investments

Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as long-term investments.

Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Long-term investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of the investments.

1.6 Revenue Recognition

a) Income from broking activities and transactions in respect of dealing in shares and securities are recognised on the date of settlement on the respective stock exchange.

Income from depository and other services is recognized when the right to receive the same is established.

b) Interest income is recognized on time proportion basis taking into account the amount outstanding and rate applicable.

c) Dividend income is recognized when the Company''s right to receive dividend is established.

d) All other income are accounted for on accrual basis.

1.7 Provisions, Contingent Liabilities and Contingent Assets

A provision is recognized if, as a result of a past event, the Company has a present legal obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by the best estimate of the outflow of economic benefits required to settle the obligation at the reporting date.

Where no reliable estimate can be made, a disclosure is made as contingent liability. A disclosure for a contingent liability is also made when there is a possible obligation or a present obligation that may ,but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

Provisions, contingent liabilities and contingent assets are reviewed at each Balance Sheet date.

Re-imbursement expected in respect of expenditure to settle a provision is recognized only when it is virtually certain that the re-imbursement will be received.

A Contingent Asset is not recognized in the Accounts.

1.8 Impairment of Assets

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Statement of Profit and Loss in the year in which an asset is identified as impaired. The impairment loss recognized in previous accounting period is reversed if there has been a change in the estimate of recoverable amount.

1.9 Foreign Currency Transactions

Transactions in Foreign currency are initially recorded at the exchange rate at which the transaction is carried out.

1.10 Employee Benefits

a) Defined Contribution Plan

Company''s contribution towards Provident Fund is a Defined Contribution Plan. These contributions are charged to the Statement of Profit and loss for the year to which it relates.

b) Defined Benefit Plan

Company''s liability towards gratuity is Defined Benefit Plan. The company has opted for a Group Gratuity cum Life Assurance Scheme of Birla Sun Life Insurance Company Limited and the contribution towards gratuity liability as determined by Birla Sun Life Insurance Company Limited is recognized as an expense in the Statement of Profit and Loss for the year to which it relates as required under Accounting Standard 15 -Employee Benefits.

1.11 Taxes on Income

Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961.

Deferred tax is recognized, subject to the consideration of prudence in respect of deferred tax assets, 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, if any are reviewed as at each Balance Sheet date and written down or written up to reflect the amount that is reasonably/virtually certain to be realized.

1.12 Research Expenses

Research costs are expensed as incurred.

1.13 Earnings Per share

Basic earnings per share is computed by dividing the profit/(loss) after tax (including the post tax effect of extra ordinary items, if any by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit/(loss) after tax (including the post tax effect of any extra ordinary items, if any) by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted average number of equity shares which could be issued on the conversion of all dilutive potential equity shares.

1.14 Cash flow statement

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financingch flows. The cash flows from operating, investing and financing activities of the Company are segregated.


Mar 31, 2013

1.1 Basis of preparation of Financial Statements

The Financial Statements are prepared on an accrual basis and under the historical cost convention and in compliance with the provisions of the Companies Act, 1956 and the Accounting Standards as specified in the Companies (Accounting Standard) Rules, 2006 notified by the Central Government of India.

Accounting policies have been consistently applied except where a newly issued Accounting Standard is initially adopted or a revision to an existing Accounting Standard requires a change in the accounting policy hitherto in use.

All Assets and Liabilities have been classified as current or non-current as per the company''s normal operating cycle and other criteria set out in the Schedule VI to the Companies'' Act, 1956. Based on the nature of services provided and time between the rendering of services and their realization in cash and cash equivalents, the company has ascertained its operating cycle as less than 12 months for the purpose of current and non-current classification of assets and liabilities.

1.2 Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/ materialised.

1.3 Fixed Assets and Intangible Assets

a) Fixed Assets are stated at their original cost less accumulated depreciation and impairments, if any.

b) Intangible assets expected to provide future enduring economic benefits are recorded at the consideration paid for acquisition of such assets and are carried at cost of acquisition less accumulated amortisation and impairment, if any.

1.4 Depreciation and Amortization

a) Depreciation on Fixed Assets is provided on Straight Line method at the rates and in the manner as specified in Schedule XIV to the Companies Act, 1956.

b) Depreciation/amortisation on assets added, sold or discarded during the year has been provided on pro-rata basis.

c) Stock Exchange membership card is not being amortised.

d) Computer Software (Acquired) are amortised on straight line basis over a period of four years.

1.5 Investments

Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as long-term investments.

Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Long-term investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of the investments.

1.6 Revenue Recognition

a) Income from broking activities and transactions in respect of dealing in shares & securities are recognised on the date of settlement on the respective stock exchange.

Income from depositary and other services is recognized when the right to receive the same is established.

b) Interest income is recognized on time proportion basis taking into account the amount outstanding and rate applicable.

c) Dividend income is recognized when the Company''s right to receive dividend is established.

d) All other income are accounted for on accrual basis.

1.7 Provisions, Contingent Liabilities and Contingent Assets

A provision is recognized if, as a result of a past event, the Company has a present legal obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by the best estimate of the outflow of economic benefits required to settle the obligation at the reporting date.

Where no reliable estimate can be made, a disclosure is made as contingent liability. A disclosure for a contingent liability is also made when there is a possible obligation or a present obligation that may ,but probably will not, require an outflow of resources.Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

Provisions, contingent liabilities and contingent assets are reviewed at each Balance Sheet date.

Re-imbursement expected in respect of expenditure to settle a provision is recognized only when it is virtually certain that the re-imbursement will be received.

A Contingent Asset is not recognized in the Accounts.

1.8 Impairment of Assets

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Statement of Profit and Loss in the year in which an asset is identified as impaired. The impairment loss recognized in previous accounting period is reversed if there has been a change in the estimate of recoverable amount.

1.9 Foreign Currency Transactions

Transactions in Foreign currency are initially recorded at the exchange rate at which the transaction is carried out.

1.10 Employee Benefits

a) Define contribution plan

Company''s contribution towards Provident Fund is a defined contribution plan. These contributions are charged to the Statement of Profit and loss for the year to which it relates.

b) Defined benefit plan

Company''s liability towards gratuity is defined benefit plan. The company has opted for a Group Gratuity cum Life Assurance Scheme of Birla Sun Life Insurance Company Limited and the contribution towards gratuity liability as determined by Birla Sun Life Insurance Company Limited is recognized as an expense in the Statement of Profit and Loss for the year to which it relates as required under Accounting Standard 15 -Employee Benefits.

1.11 Taxes on Income

Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961.

Deferred tax is recognized, subject to the consideration of prudence in respect of deferred tax assets, 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, if any are reviewed as at each Balance Sheet date and written down or written up to reflect the amount that is reasonably/virtually certain to be realized.

1.12 Research Expenses

Research costs are expensed as incurred.

1.13 Earnings Per share

Basic earnings per share is computed by dividing the profit/(loss) after tax (including the post tax effect of extra ordinary items, if any by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit/(loss) after tax (including the post tax effect of any extra ordinary items, if any) by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted average number of equity shares which could be issued on the conversion of all dilutive potential equity shares.

1.14 Cash flow statement

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financingch flows. The cash flows from operating, investing and financing activities of the Company are segregated.


Mar 31, 2012

1.1 Basis of preparation of Financial Statements

The Financial Statements are prepared on an accrual basis and under the historical cost convention and in compliance with the provisions of the Companies Act, 1956 and the Accounting Standards as specified in the Companies (Accounting Standard) Rules, 2006 notified by the Central Government ofIndia.

Accounting policies have been consistently applied except where a newly issued Accounting Standard is initially adopted or a revision to an existing Accounting Standard requires a change in the accounting policy hitherto in use.

All Assets and Liabilities have been classified as current or non-current as per the company's normal operating cycle and other criteria set out in the Schedule VI to the Companies' Act, 1956. Based on the nature of services provided and time between the rendering of services and their realization in cash and cash equivalents, the company has ascertained its operating cycle as less than 12 months for the purpose of current and non-current classification of assets and liabilities.

1.2 Use ofEstimates

"The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/ materialised.

1.3 Fixed Assets and Intangible Assets

a) Fixed Assets are stated at their original cost less accumulated depreciation and impairments, if any.

b) Intangible assets expected to provide future enduring economic benefits are recorded at the consideration paid for acquisition of such assets and are carried at cost of acquisition less accumulated amortisation and impairment, if any.

1.4 Depreciation and Amortization

a) Depreciation on Fixed Assets is provided on Written Down Value method at the rates and in the manner as specified in Schedule XIV to the Companies Act, 1956.

b) Depreciation/amortisation on assets added, sold or discarded during the year has been provided on pro-rata basis.

c) Stock Exchange membership card is not being amortised.

d) Computer Software (Acquired) are amortised on straight line basis over a period of four years.

1.5 Investments

Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as long-term investments.

Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Long-term investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of the investments.

1.6 Revenue Recognition

a) Income from broking activities and transactions in respect of dealing in shares & securities are recognised on the date of settlement on the respective stock exchange. Income from depository and other services is recognized when the right to receive the same is established.

b) Interest income is recognized on time proportion basis taking into account the amount outstanding and rate applicable.

c) Dividend income is recognized when the Company's right to receive dividend is established.

d) All other income are accounted for on accrual basis.

1.7 Provisions, Contingent Liabilities and Contingent Assets

A provision is recognized if, as a result of a past event, the Company has a present legal obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by the best estimate of the outflow of economic benefits required to settle the obligation at the reporting date.

Where no reliable estimate can be made, a disclosure is made as contingent liability. A disclosure for a contingent liability is also made when there is a possible obligation or a present obligation that may ,but probably will not, require an outflow of resources.Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

Provisions, contingent liabilities and contingent assets are reviewed at each Balance Sheet date.

Re-imbursement expected in respect of expenditure to settle a provision is recognized only when it is virtually certain that the re-imbursement will be received.

A Contingent Asset is not recognized in the Accounts.

1.8 Impairmentof Assets

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Statement of Profit and Loss in the year in which an asset is identified as impaired. The impairment loss recognized in previous accounting period is reversed if there has been a change in the estimate of recoverable amount.

1.9 Foreign Currency Transactions

a) Transactions in Foreign currency are initially recorded at the exchange rate at which the transaction is carried out.

1.10 Employee Benefits

a) Defined Contribution Plan

Company's contribution towards Provident Fund are charged to the Statement of Profit and loss for the year to which it relates.

b) Defined Benefit Plan

Company's liability towards gratuity is Defined Benefit Plan. The company has opted for a Group Gratuity cum Life Assurance Scheme of Birla Sun Life Insurance Company Limited and the contribution towards gratuity liability as determined by Birla Sun Life Insurance Company Limited is recognized as an expense in the Statement of Profit and Loss for the year to which it relates as required under Accounting Standard 15 -Employee Benefits.

1.11 Taxes on Income

Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961.

Deferred tax is recognized, subject to the consideration of prudence in respect of deferred tax assets, 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, if any are reviewed as at each Balance Sheet date and written down or written up to reflect the amount that is reasonably/virtually certain to be realized.

1.12 Research Expenses

Research costs are expensed as incurred.

1.13 Earnings Per share

Basic earnings per share is computed by dividing the profit/(loss) after tax (including the post tax effect of extra ordinary items, if any by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit/(loss) after tax (including the post tax effect of any extra ordinary items, if any) by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted average number of equity shares which could be issued on the conversion of all dilutive potential equity shares.

1.14 Cash flow statement

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.


Mar 31, 2011

1. Basis of Accounting

These financial statements have been prepared on an accrual basis and under historical cost convention and in compliance, in all material aspects, with the applicable accounting principles in India, the applicable accounting standards notified under section 211(3C) and the relevant provisions of the Companies Act, 1956.

2. Uses of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Difference between actual results and estimates are recognized in the period in which the results are known/materialized.

3. Fixed Assets & Depreciation

Fixed Assets are stated at original cost of acquisition less accumulated depreciation.

Depreciation on Fixed Assets (Other than Stock Exchange Membership Shares) for the year has been provided on Written Down Value Method at the rates and in the manner as specified in Schedule XIV to the Companies Act, 1956.

4. Intangibles Assets & Amortization

Intangible assets are recorded at the consideration paid for acquisition of such assets and are carried at cost of acquisition less accumulated amortization and impairment, if any.

Computer Software are amortized on straight line method over a period of four years.

5. Investments

Long-term Investments are stated at cost.

6. Revenue recognition

Income from Brokerage is recognized on the date of settlement on the respective stock exchange.

Income from depository and other services is recognized when the right to receive the same is established.

7. Employee Benefits

i) Defined contribution plan

Companys contribution towards Provident Fund and Employees State Insurance Corporation are charged to the Profit and Loss Account.

ii) Defined benefit plan

Companys liability towards gratuity is defined benefit plan. The company has opted for a Group Gratuity cum Life Assurance Scheme of Birla Sun Life Insurance Company Limited and the contribution towards gratuity liability as determined by Birla Sun Life Insurance Company Limited as required under AS 15 (Revised) is charged to Profit and Loss account.

8. Taxation:

Provision of current tax is made with reference to taxable income computed for the accounting period for which the financial statements are prepared by applying the tax rates as applicable. The deferred tax charge is recognized using the enacted tax rate. Deferred Tax Assets are recognized only to the extent that there is virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax assets can be realized,

Deferred Tax Assets/ Liabilities are reviewed as at balance sheet date based on the development during the year and reassess realization/liabilities in terms of the Accounting Standards issued under the Companies (Accounting Standard) Rules, 2006.

9. Impairment of Assets:

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit & Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in previous accounting period is reversed if there has been a change in the estimate of recoverable amount.

10. Provisions, Contingent Liabilities and Contingent Assets:

Provision is recognized in respect of obligations where, based on the evidence available, their existence at the Balance Sheet date is considered probable.

Contingent Liabilities are shown by way of notes to the Accounts in respect of obligations where, based on the evidence available, their existence at the Balance Sheet date is considered not probable.


Mar 31, 2010

I) Basis of Accounting:

a. The financial statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles and adopted consistently by the Company.

b. The Company follows the Mercantile System of Accounting and recognizes Income and Expenditure on accrual basis.

ii) Fixed Assets & Depreciation/Amortisation:

a. Fixed Assets are stated at their original cost of acquisition including all the related expenses for installations.

b. Depreciation on Fixed Assets (Other than Stock Exchange Membership Card) for the year has been provided on Straight Line Method at the rates and in the manner as specified in Schedule XIV to the Companies Act, 1956.

c. In view of long term use of Computer Software, the same are being amortized over a period of four years.

iii) Investments:

Long-term investments are valued at cost.

iv) Gratuity liability has been provided as per Actuarial Valuation as per revised Accounting Standard 15 and has been paid to an approved Gratuity Fund.


Mar 31, 2009

I) Basis of Accounting:

a. The financial statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles and adopted consistently by the Company.

b.The Company follows the Mercantile System of Accounting and recognizes Income and Expenditure on accrual basis.

ii) Fixed Assets & Depreciation:

a. Fixed Assets are stated at their original cost of acquisition including all the related expenses for installations.

b. Depreciation on Fixed Assets (Other than Stock Exchange Membership Card) for the year has been provided on Straight Line Method at the rates and in the manner as specified in Schedule XIV to the Companies Act, 1956.

iii) Investments: Long-term investments are valued at cost.

iv) Computer Software: Computer Software was considered as intangible assets and the same were amortized over a period of two years up to 31.03.2008. In view of long term use of such software, the same are being amortized over a period of four year from the accounting year ending 31st March 2009. Due to this change in accounting policy, the software expense debited to Profit & Loss Account is lower by Rs 34,23,486/- and the Profit before Tax for the year is higher by Rs 34,23,486/-.

v) Gratuity liability has been provided as per Actuarial Valuation as per revised Accounting Standard 15 and has been paid to an approved Gratuity Fund.


Mar 31, 2007

I) Basis of Accounting:

a. The financial statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted consistently by the Company. All expenses and income to the extent ascertainable with reasonable certainty, considered payable and receivable, respectively are accounted for on accrual basis.

b. The Company follows the Mercantile System of Accounting and recognizes Income and Expenditure on accrual basis.

ii) Fixed Assets & Depreciation :

a. Fixed Assets are stated at their original cost of acquisition including all the related expenses of acquisition.

b. Depreciation on Fixed Assets (other than Stock Exchange Membership Card) for the year has been provided on Straight Line Method at the rates specified in the Schedule XIV to the Companies Act, 1956.

iii) Investments:

Long term investments are valued at cost,

iv) Stock-in-Trade: Stock-in-Trade is valued at cost or market value whichever is lower.

v) Provision for gratuity amounting Rs.758198/- (P.Y. Rs. 265685/-J has been made in accounts.


Mar 31, 2006

ACCOUNTING POLICIES FOR THE YEAR ENDED 31ST MARCH 2006

i) Basis of Accounting:

a. The financial statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted consistently by the Company. All expenses and income to the extent ascertainable with reasonable certainty, considered payable and receivable, respectively are accounted for on accrual basis.

b. The Company follows the Mercantile System of Accounting and recognizes Income and Expenditure on accrual basis.

ii) Fixed Assets & Depreciation

a. Fixed Assets are stated at their original cost of acquisition including all the related expenses of acquisition.

b. Depreciation on Fixed Assets (other than Stock Exchange Membership Card) for the year, has been provided on Straight Line Method at the rates specified in the Schedule XIV to the Companies Act, 1956.

iii) Investments:

Long term investments are valued at cost.

iv) Stock-in-Trade:

Stock-in-Trade is valued at cost or market value whichever is lower.

v) Provision for gratuity amounting Rs. 265685/- (PY Rs. 391356/-) has been made in accounts.

Signed on : 22nd April, 2006


Mar 31, 2005

I) Basis of Accounting:

a. The financial statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted consistently by the Company. All expenses and income to the extent ascertainable with reasonable certainty, considered payable and receivable, respectively are accounted for on accrual basis.

b.The Company follows the Mercantile System of Accounting and recognises Income and Expenditure on accrual basis.

ii) Fixed Assets & Depreciation :

a. Fixed Assets are stated at their original cost of acquisition including all the related expenses of acquisition.

b. Depreciation on Fixed Assets (other than Stock Exchange Membership Card) for the year has been provided on Straight Line Method at the rates specified in the Schedule XIV to the Companies Act, 1956.

iii) Investments:

Long term investments are valued at cost,

iv) Stock-in-Trade:

Stock-in-Trade is valued at cost or market value whichever is lower,

v) Provision for gratuity amounting Rs.391356 /- (P.Y. Rs.24,346/-) has been made in accounts.

vi) As per Accounting Standard 28 issued by The Institute of Chartered Accountants of India, Impairment Loss of Rs 23 Lakhs has been provided in the accounts on the value of CSE Membership Card.


Mar 31, 2003

1. SIGNIFICANT ACCOUNTING POLICIES

i) Basis of Accounting:

a. The financial statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted consistently by the Company. All expenses and income to the extent ascertainable with reasonable certainty, considered payable and receivable, respectively are accounted for on accrual basis.

b. The Company follows the Mercantile System of Accounting and recognises Income and Expenditure on accrual basis, except otherwise stated.

ii) Fixed Assets & Depreciation:

a. Fixed Assets are stated at their original cost of acquisition including all the related expenses of acquisition.

b. Depreciation on Fixed Assets (other than Stock Exchange Membership Card) for the year has been provided on Straight Line Method at the rates specified in the Schedule XIV to the Companies Act, 1956.

iii) Investments:

Long term investments are valued at cost.

iv) Stock-in-Trade:

Stock-in-Trade are valued at cost or market value whichever is lower.

v) Provision for gratuity amounting Rs.60,003/- (P.Y. Rs.22,513/-) has been made in accounts.


Mar 31, 2002

I) Basis of Accounting :

a. The financial statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted consistently by the Company. All expenses and income to the extent ascertainable with reasonable certainty, considered payable and receivable, respectively are accounted for on accrual basis.

b. The Company follows the Mercantile System of Accounting and recognises Income and Expenditure on accrual basis, except otherwise stated.

ii) Fixed Assets & Depreciation :

a. Fixed Assets are stated at their original cost of acquisition including all the related expenses of acquisition.

b. Depreciation on Fixed Assets (other than Stock Exchange Membership Card) for the year has been provided on straight line method at the rates specified in the Schedule XIV to the Companies Act, 1956.

iii) Investments:

Long term investments are valued at cost,

iv) Stock-in-Trade:

Stock-in-Trade are valued at cost or market value whichever is lower,

v) Provision for gratuity amounting Rs. 22,513 /- (P.Y. Rs. 89,582/-) has been made in accounts.


Mar 31, 2001

1. SIGNIFICANT ACCOUNTING POLICIES

i) Basis of Accounting :

a. The financial statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted consistently by the Company.

b. The Company follows the Mercantile System of Accounting and recognises Income and Expenditure on accrual basis, except otherwise stated.

ii) Fixed Assets & Depreciation :

a. Fixed Assets are stated at their original cost of acquisition including all the related expenses of acquisition.

b. Depreciation on Fixed Assets (other than Stock Exchange Membership Card) for the year has been provided on straight line method at the rates specified in the Schedule XIV to the Companies Act, 1956.

iii) Investments :

Investments are valued at cost. In case of long term quoted investments, permanent diminution in value thereof is being written off during the year.

iv) Stock-in-Trade :

Stock-in-Trade are valued at cost or market value whichever is lower .

v) Provision for gratuity amounting Rs. 89,582/- (P.Y. Rs. 22.269/-) has been made in accounts.


Mar 31, 1999

1. ACCOUNTING CONCEPTS :

The Company follows the Mercantile System of Accounting and recognises Income and Expenditure on accrual basis, except otherwise stated.

2. FIXED ASSETS & DEPRECIATION :

a) Fixed Assets are stated at their original cost of acquisition including all the related expenses of acquisition.

b) Depreciation on Fixed Assets (other than Stock Exchange Membership Card) for the year has been provided on straight line method at the rates specified in the Schedule XIV to the Companies Act, 1956.

3. INVESTMENTS :

Investments are valued at cost. Gains/Losses on disposal of the Investments are recognised as Income/Expenditure.

4. STOCK-IN-TRADE :

Stock-in-Trade are valued at cost or market value whichever is lower.

5. The Portfolio Advisory Fees is accounted on acceptance of portfolios.

6. Provision for gratuity amounting Rs. 56,250/- has been made in accounts.


Mar 31, 1998

1. Accounting Policies

The Company follows the Mercantile System of Accounting and recognises Income and Expenditure on accrual basis, except otherwise stated.

2. i Fixed Assets are stated at their original cost of acquisition including all the related expenses of acquisition.

ii. Depreciation on other Fixed Assets for the year has been provided on straight line method at the rates specified in the Schedule XIV to the Companies Act, 1956.

3. Investments are valued at cost.

4. Stock-in-Trade is valued at cost.

5. The Portfolio Advisory Fees is accounted on acceptance of portfolios.

6. No provision has been made for gratuity liability as the same will be treated on cash basis.


Mar 31, 1997

NOTES ON ACCOUNTS AND ACCOUNTING POLICIES

1. Accounting Policies

i) The Company follows the mercantile System of Accounting and recognises Income and Expenditure on accrual basis, except otherwise stated.

ii) a) Fixed Assets are stated at their original cost of acquisition including all the related expenses of acquisition.

b) Depreciation for the year has been provided on straight line method at the rates specified in the Schedule XlV to the Companies Act, 1956.

iii) Investments are valued at cost.

iv) Stock-in-Trade is valued at cost.

v) The Portfolio Advisory Fees is accounted on acceptance of portfolios.

vi) Fees income on Underwriting is recognised on receipts basis.

vii) Income from Lease Rentals and Lease Transactions are accounted in accordance with Guidance Note on Accounting for Lease issued by the Institute of Chartered Accountants of India.

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X