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Notes to Accounts of SMIFS Capital Markets Ltd.

Mar 31, 2015

Note : 1. Related Party Disclosures

Related party disclosures as required under Accounting Standard 18 on "Related Party disclosures" are given below :

List of Related Parties where control exists and related parties with whom transaction have taken place and relationship-

Subsidiary Company SMIFS Capital Services Limited

Key Management Personnel

Mr Utsav Parekh - Chairman Mr Ajay Kumar Kayan - Director Mr Kishor Shah - Managing Director

Entities over which Key Management Personnel / their relatives are able to exercise significant infl uence :

Stewart & Mackertich Wealth Management Limited Wealth Management Advisory Services Ltd C Mackertich Ltd

Note : 2 Contingent Liabilities and Commitments

Contingent liabilities not provided for :

1) Sale Tax demand net of payment under appeal is Rs. 91,125/- (P.Y Rs. 91,125/-)

2) Demand under Employees' State Insurance under appeal is Rs. 142,274/- (P.Y Rs. 142,274/-)

The company had applied to the Government of West Bengal for an exemption, from the provisions of Employees State Insurance Act, 1948, since the medical facilities/ benefits provided by the Company to the employees are superior to those covered by E.S.I Scheme.Government of West Bengal - Labour Department in consultation with Employees State Insurance Corporation had granted exemption for one year effective from 25th November, 1997. Prayer seeking exemption on permanent basis with retrospective effect is pending with the Government of West Bengal. The Employee State Insurance Corporation has raised demand for the period from June 1991 to 24th November 1997 amounting to Rs. 142,274/- The Company has filed a petition against the demand before E.S.I Court and the same has been partly heard.

3) Income Tax demand for Assessment years 2007-08 and 2008-09, aggregating to Rs. 3,050,623/- had been raised for which an appeal for each of the said assessment years has been made before CIT(A).

Commitments :

1) Uncalled liabilities on partly paid shares is Rs. 298,000/- (P.Y Rs. 3,034,000/-)

Note : 3

Previous year figures have been regrouped and reclassified, wherever necessary, to correspond with the current year's classification/ disclosure.


Mar 31, 2014

1. Other Current Liabilities

# This does not include any amount due and outstanding to be credited to Investor Education and Protection Fund.

2. FIXED ASSETS

i. Gross block includes Rs. 72,444,913/- (Previous year Rs. 72,444,913) on account of revaluation of building/premises. Consequent to the said revaluation there is an additional depreciation charge of Rs. 3,380,961/- (Previous year Rs. 3,558,906/-) and an equivalent amount has been withdrawn from the Revaluation Reserve and credited to Statement of Profit & Loss. This has no impact on profit for the year.

3. NON CURRENT INVESTMENT

# The shares have not been transferred in the name of the Company as the Company is reported to be under liquidation..

## The shares have not been transferred in the name of the Company as the manner of allotment of such shares is sub-judice before the Honourable Kolkata High Court.

### Preference shares have been converted into equity shares of " 10 each at a price of " 14.50 each resulting into allotment of 731,034 Equity shares of Digjam Limited vide Order of Hon''ble High Court of Gujarat dated May 4, 2012 in a Scheme of Arrangement u/s 391 to 393 of Companies Act, 1956 between the Company and its Shareholders.

4. Cash & Cash Equivalents

# Balances with Banks includes Unclaimed Dividend of Rs. 1,187,812/- (P.Y Rs. 1008,009/-).

## Fixed deposits with Bank is of maturity of more than 12 months

5. Capital employed

Fixed Assets used in the Company''s operations or liabilities contracted cannot be identified with any of the reportable segments as the fixed assets are used interchangeably between segments. The Company believes that it is currently not practicle to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of data is not possible.

6. Related Party Disclosures

Related party disclosures as required under Accounting Standard 18 on "Related Party disclosures" are given below.

List of Related Parties where control exists and related parties with whom transaction have taken place and relationship.

Subsidiary Company SMIFS Capital Services Limited

Key Management Personnel Mr Utsav Parekh- Chairman Mr Ajay Kumar Kayan -Director Mr Kishor Shah - Managing Director

Entities over which Key Management Personnel/their relatives are able to exercise significant influence. Stewart & Mackertich Wealth Management Limited Wealth Management Advisory Services Ltd C Mackertich Ltd (SMIFS Finance Ltd.)

7. Contingent Liabilities and Commitments

Contingent liabilities not provided for :

1) Sale Tax demand net of payment under appeal is Rs. 91,125/- (P. Y Rs. 91,125/-).

2) Demand under Employees'' State Insurance under appeal is Rs. 142,274/- (P.Y Rs. 142,274/-).

The company applied to the Government of West Bengal for exemption from the provision of Employees State Insurance Act, 1948, since the medical facilities/benefits provided by the Company to the employees are superior to those covered by E.S.I Scheme.Government of West Bengal, Labour Department in consultation with employees State Insurance Corporation granted exemption for one year effective from 25th November, 1997. Prayer seeking exemption on permanent basis with retrospective effect is pending with the Government of West Bengal. The

Employees State Insurance Corporation has raised demand for the period for the period from June 1991 to 24th November 1997 amounting to Rs. 142,274/-. The Company has filed a petition against the demand before E.S.I Court and the same has partly heard.

3) Income Tax demand for Assessment years 2007-08 and 2008-09 aggregating to Rs. 3,050,623/- has been raised for which an appeal for each of the said assessment years has been made before CIT(A).

Commitments.

1) Uncalled liabilities on partly paid shares is Rs. 3,034,000/- (P.Y Rs. 3,034,000/-)

8. Previous year figures have been regrouped and reclassified, wherever necessary, to correspond with the current year''s classification/ disclosure.


Mar 31, 2013

Note 1 : Related Party Disclosures

Related party disclosures as required under Accounting Standard 18 on "Related Party disclosures" are given below:

List of Related Parties where control exists and related parties with whom transaction have taken place and relationship-

Subsidiary Company

SMIFS Capital Services Limited

Key Management Personnel Mr Utsav Parekh- Chairman Mr Ajay Kumar Kayan -Director Mr Kishor Shah - Managing Director

Entities over which Key Management Personnel / their relatives are able to exercise significant influence: Stewart & Mackertich Wealth Management Limited Wealth Management Advisory Services Ltd C Mackertich Ltd SMIFS Finance Limited

Note 2 : Contingent Liabilities and Commitments

Contingent liabilities not provided for :

1) Sale Tax demand net of payment under appeal is Rs. 91,125/- (P. Y Rs. 91,125/-)

2) Demand under Employees'' State Insurance under appeal is Rs. 142,274/- (P.Y Rs.142,274/-)

The company applied to the Government of West Bengal for exemption from the provision of Employees State Insurance Act, 1948, since the medical facilities/ benefits provided by the Company to the employees are superior to those covered by E.S.I Scheme.Government of West Bengal , Labour Department in consultation with employees State Insurance Corporation granted exemption for one year effective from 25th November, 1997. Prayer seeking exemption on permanent basis with retrospective effect is pending with the Government of West Bengal. The Employees State Insurance Corporation has raised demand for the period for the period from June 1991 to 24th November 1997 amounting to Rs. 142,274/- . The Company has filed a petition against the demand before E.S.I Court and the same has partly heard.

3) Income Tax demand for Assessment years 2007-08 and 2008-09 aggregating to Rs. 3,050,623/- has been raised for which an appeal for each of the said assessment years has been made before CIT(A).

Commitments:

1) Uncalled liabilities on partly paid shares is Rs. 3,034,000/- (P.Y Rs. 3,034,000/-)

Note : 3 Previous year figures have been regrouped and reclassified, wherever necessary, to correspond with the current year''s classification/ disclosure.


Mar 31, 2012

Contingent Liabilities and Commitments

Contingent liabilities not provided for:

1) Sale Tax demand net of payment under appeal isRs. 91,125/- (P.YRs. 91,125/-)

2) Demand under Employees' State Insurance under appeal is Rs. 142,274/- (P.Y Rs. 142,274/-)

The company applied to the Government of West Bengal for exemption from the provision of Employees State Insurance Act, 1948, since the medical facilities/ benefits provided by the Company to the employees are superio to those covered by E.S.I Scheme.Government of West Bengal, Labour Department in consultation with employees State Insurance Corporation granted exemption for one year effective from 25th November, 1997. Prayer seeking exemption on permanent basis with retrospective effect is pending with the Government of West Bengal. The Employees State Insurance Corporation has raised demand for the period for the period from June 1991 to 24th November 1997 amounting to Rs.142,274/-. The Company has filed a petition against the demand before E.S.I Court and the same has partly heard.

3) Guarantees given Nil (P.Y Rs. 310,000,000/-) Commitments:

1) Uncalled liabilities on partly paid shares is Rs. 3,034,000/- (P.Y Rs. 6,813,000/-)

Note:1

The revised schedule VI has become effective from 1 st April 2011, for the preparation of financial statements. The disclosure and presentation has been made in the financial statements as per the revised schedule VI. Previous year figures have been regrouped and reclassified, wherever necessary, to correspond with the current year's classification/ disclosure.


Mar 31, 2011

1. Contingent Liabilities not provided for:

a. Sales Tax demand net of payment under appeal Rs.91,125 (Rs. 91,125).

b. Uncalled liabilities on partly paid shares Rs.6,813,000 (Rs. 6,813,000)

c. Employees State Insurance Rs.142,274 (Rs. 142,274).

d. Guarantees given Rs.310,000,000 (Rs. 168,500,000).

2. The Company applied to the Government of West Bengal for exemption from the provision of Employees State Insurance Act, 1948, since the medical facilities / benefits provided by the Company to the Employees are superior to those covered by E.S.I. Scheme. Government of West Bengal, Labour Department in consultation with Employees State Insurance Corporation granted exemption for one year effective from 25th November, 1997. Prayer seeking exemption on permanent basis with retrospective effect is pending with the Government of West Bengal. The Employees State Insurance Corporation has raised demand for the period from June 1991 to 24th November 1997 amounting to Rs. 142,274. The Company has filed a petition against the demand before E.S.I. Court and the same has been partly heard.

3. Balances lying as sundry debtors, creditors and loans & advances are subject to confirmation to be received from the concerned parties.

4. Physical verification of investments has been done by the management and a certificate in this regard has been issued to the auditors.

5. Suitable provisions have been made against sundry debtors, loans and advances which are considered doubtful. In certain cases legal proceedings have been initiated for recovery of the dues.

6. Although legally all debtors are unsecured, the Company, in the case of debts arising from lease transactions, has recourse to the assets given to the lessees.

7. Expenses on Personnel includes Managing Director's Remuneration

Note:- The contribution to gratuity fund has been made on a group basis and separate figure applicable in this case is not available and therefore, contribution to gratuity fund has not been taken into account in the above calculations.

8. Total outstanding dues of small scale industrial undertakings Rs. Nil (Nil).

9. Related Party Disclosures

Related party disclosures as required under Accounting Standard on ."Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given below:

a. Subsidiary Companies: SMIFS Capital Services Limited

b. Key Management Personnel: Mr. Utsav Parekh, Chairman Mr. Kishor Shah, Managing Director Mr. Ajay Kayan, Director

c. Entities over which Key Management Personnel / their relatives are able to exercise significant influence:

Stewart & Co. SMIFS Finance Limited Stewart & Mackertich wealth Management Ltd Mackertich Consultancy Services Pvt. Ltd. C. Mackertich Ltd.

Disclosure of transactions between the Company and related parties and their outstanding balances on 31st March 2011.

10. Prudential Norms:

a) Interest for the year amounting to Rs. 140,000 (Rs. 140,000) has not been recognized as the interest has become past due for more than six months.

b) Provision against Investment/substandard assets amounting to Rs. 70,390,625 has been reversed (Rs. 40,977,774 ) during the year

11. Following equity shares held as investment have not been transferred in the name of the company:

a) 91,200 Equity Shares of Malvika Steels Limited (partly paid Rs. 2.50 per share) in which the Company has invested Rs. 912,000 have not been transferred in the name of the Company as the manner of allotment of such shares is sub-judice before the Honorable Calcutta High Court.

b) 35,900 Equity Shares of Rs. 10 each of Shez Leather Ltd. (cost Rs. 359,000) as the Company is reported to be under liquidation.

12. Segment Reporting: Information about Primary Business Segments

Capital employed

Fixed Assets used in the Company's Operations or liabilities contracted have not been identified with any of the reportable segments, as the fixed assets are used interchangeably between segments. The company believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of data is onerous.

13. (a) Deferred tax assets on carry forward capital losses have been recognized since there is a virtual certainty of sufficient taxable income which will be available in future to realize such assets. Net Deferred Tax Liabilityt of Rs.324,607 [( Net Deferred Tax Assets Rs. .17,242,194)] for the year ended 31.03.2011 has been recognized in the Profit & Loss Account.

14. Figures in brackets pertain to the previous year.

15. Previous year's figures have been re-arranged, regrouped & re-classified wherever necessary to confirm to this year's classification.


Mar 31, 2010

1. Contingent Liabilities not provided for:

a. Sales Tax demand net of payment under appeal Rs.91,125 (Rs. 91,125).

b. Wealth Tax demand raised for Assessment Years 2003-04 to 2007-08 aggregating Rs 83,773/- for which an appeal has been preferred.

c. Uncalled liabilities on partly paid shares Rs.6,813,000 (Rs. 6,813,000)

d. Employees State Insurance Rs.142,274 (Rs. 142,274).

e. Guarantees given to banks on behalf of others Rs.168,500,000 (Rs. 168,500,000).

2. The Company applied to the Government of West Bengal for exemption from the provision of Employees State Insurance Act, 1948, since the medical facilities / benefits provided by the Company to the Employees are superior to those covered by E.S.I. Scheme. Government of West Bengal, Labour Department in consultation with Employees State Insurance Corporation granted exemption for one year effective from 25th November, 1997. Prayer seeking exemption on permanent basis with retrospective effect is pending with the Government of West Bengal. The Employees State Insurance Corporation has raised demand for the period from June 1991 to 24th November 1997 amounting to Rs. 142,274. The Company has filed a petition against the demand before E.S.I. Court and the same has been partly heard.

3. The Company applied to the Securities and Exchange Board of India (SEBI) for renewal of its registration as a Category I Merchant Banker under SEBI (Merchant Banker) Regulations, 1992. Pursuant to the SAT Order dated 24.02.2010, application for renewal of registration as Category I Merchant Banker filed by the Company is under consideration.

4. Balances lying as sundry debtors, creditors and loans & advances are subject to confirmation to be received from the concerned parties.

5. Physical verification of investments has been done by the management and a certificate in this regard has been issued to the auditors.

6. Suitable provisions have been made against sundry debtors, loans and advances which are considered doubtful. In certain cases legal proceedings have been initiated for recovery of the dues.

7. Although legally all debtors are unsecured, the Company, in the case of debts arising from lease transactions, has recourse to the assets given to the lessees.

8. Related Party Disclosures

Related party disclosures as required under Accounting Standard on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given below:

a. Subsidiary Companies:

SMIFS Capital Services Limited

Antriksh Vyapaar Pvt Ltd

b. Key Management Personnel:

Mr. Utsav Parekh, Chairman

Mrs Nilangi Parekh Wife of Chairman

Mr. Kishor Shah, Managinge Director

Mr. Ajay Kayan, Director

c. Entities over which Key Management Personnel / their relatives are able to exercise significant influence and where there have been actual transactions during :

Stewart & Co.

SMIFS Finance Limited

Stewart & Mackertich Wealth Management Ltd

S & M Advisory & Broking Pvt. Ltd.

Mackertich Consultancy Services Pvt. Ltd. C. Mackertich Ltd.

9. Prudential Norms:

a) Interest for the year amounting to Rs. 140,000 (Rs. 140,000) has not been recognized as the interest has become past due for more than six months.

b) Provision against Investment/substandard assets amounting to Rs.40,977,774 has been reversed (Rs. 89,070,893) during the year

10. Following equity shares held as investment have not been transferred in the name of the company:

a) 91,200 Equity Shares of Malvika Steels Limited (partly paid Rs. 2.50 per share) in which the Company has invested Rs. 912,000 have not been transferred in the name of the Company as the manner of allotment of such shares is sub-judice before the Honorable Calcutta High Court.

b) 35,900 Equity Shares of Rs. 10 each of Shez Leather Ltd., cost Rs. 359,000, as the Company is reported to be under liquidation.

11. (a) Deferred tax assets on carry forward capital losses have been recognized since there is a virtual certainty of sufficient taxable income which will be available in future to realize such assets. Net Deferred Tax Asset of Rs.17,242,194 [( Net Deferred Tax Assets Rs. 272,647)] for the year ended 31.03.2010 has been recognized in the Profit & Loss Account.

12. Figures in brackets pertain to the previous year.

13. Previous years figures have been re-arranged, regrouped & re-classified wherever necessary to confirm to this years classification.









 
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