Mar 31, 2015
GENERAL
The financial statements are prepared under the historical cost
convention and are in accordance With applicable mandatory Accounting
Standards issued by the Institute of Chartered Accountants of India and
the provisions of the Companies Act, 2013.
Income and Expenses are accounted for on accrual basis.
REVENUE RECOGNITION
Brokerage Fee income is accounted for, on accrual basis in accordance
with the agreement entered into.
Dividend Income is recognized when it is actual received.
Interest Income is recognized on accrual basis.
I. USE OF ESTIMATES:
The preparation of financial statements requires the Management to make
estimates and assumptions considered in the reported amounts of assets
and liabilities (including contingent liabilities) as of the date of
the financial statements and the reported income and expenses during
the reporting period. Management believes that the estimates used in
preparation of the financial statements are prudent and reasonable.
Future results may vary from these estimates.
II. FIXED ASSETS:
Fixed Assets are stated at cost less depreciation
III. DEPRECIATION & AMORTISATION.
a) As per the instruction Under Schedule of Depreciation to the
Companies Act, 2013 the company has charged depreciation on assets at
the revised rates. As a result of the change in the depreciation rates,
the Profits Before Taxes for the year ending 31st March 2015 has
decreased by sum of Rs.2.62 lakhs Further the amount of Transitional
depreciation on the assets as per the aforesaid revised depreciation
rates before the financial year 2014-15 has been adjusted with the
reserves and surplus as shown at Schedule no 2. on notes on financial
statement for the year ended 31.03.2015. As a result of the said
adjustment of past depreciation, the amount of Reserves & Surplus as on
31st March 2015 has reduced by Rs.25.74 lakhs.
b) Deferred Revenue Expenses are written off in equal installments over
a period of 5 accounting years. (To the extent not written off or
adjusted).
IV. INVESTMENTS:
Long Term Investments are stated at cost. Provision for Diminution in
the value of Long Term Investments is made only if such a decline is
other than temporary.
V. INVENTORIES - Stock In Trade
The Securities held as stock in trade under current assets are valued
at lower Weighted Average Cost.
VI. TAXATION:
Current Tax is the amount of tax payable on the taxable income for the
year and determined in accordance with the provisions of the Income Tax
Act, 1961.
Deferred Tax is recognized, on timing differences, being the difference
between taxable income and accounting income that originates in one
period and are capable of reversal in one or more subsequent periods.
VII. EMPLOYEE RETIREMENT BENEFITS:
a) Short Term Employee Benefit obligations are estimated and provided
for.
b) Post employment benefits and other long term employee benefits:
Defined Contribution Plans:
Company's contribution to Provident Fund, Super Annulations Fund,
Employee state Insurance and other funds are determined under the
relevant schemes and/or statute and charged to revenue.
Defined Benefit Plans :
Company's Liabilities towards Gratuity and other Retirement Benefits
are recognized on the Basis of Actuarial Valuation Report.
VIII. PROVISION, CONTIGENT LIABILITIES AND CONTIGENT ASSETS
The company creates a provision when there is a present obligation as a
result of past event that probably requires an outflow of resources and
a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is 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. Contingent
asset are neither recognized nor disclosed in the financial statements.
IX. EARNINGS PER SHARE
Basic earning per share is computed by dividing net profit or loss for
the period attributable to equity shareholders by the weighted average
number of shares outstanding during the year. The number of equity
shares used in computing the dilutive equity earnings per share
comprises 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 have been issued on the conversion of all
dilutive potential equity shares, unless they are anti- dilutive.
Mar 31, 2014
I. USE OF ESTIMATES:
The preparation of financial statements requires the Management to make
estimates and assumptions considered in the reported amounts of assets
and liabilities (including contingent liabilities) as of the date of
the financial statements and the reported income and expenses during
the reporting period. Management believes that the estimates used in
preparation of the financial statements are prudent and reasonable.
Future results may vary from these estimates.
II. FIXEDASSETS:
Fixed Assets are stated at cost less depreciation.
III. DEPRECIATION & AMORTISATION.
a) Depreciation on Fixed Assets is provided on straight line method at
the rates prescribed in Schedule XIV of the Companies Act, 1956.
b) Deferred Revenue Expenses are written off in equal instalments over
a period of 5 accounting years. (To the extent not written off or
adjusted).
IV. INVESTMENTS:
Long Term Investments are stated at cost. Provision for Diminution in
the value of Long Term Investments is made only if such a decline is
other than temporary.
V. INVENTORIES-Stock In Trade
The Securities held as stock in trade under current assets are valued
at lower of Weighted Average Cost.
VI. TAXATION:
Current Tax is the amount of tax payable on the taxable income for the
year and determined in accordance with the provisions of the Income Tax
Act, 1961.
Deferred Tax is recognized, on timing differences, being the difference
between taxable income and accounting income that originates in one
period and are capable of reversal in one or more subsequent periods.
VII. EMPLOYEE RETIREMENT BENEFITS:
a) Short Term Employee Benefit obligations are estimated and provided
for.
b) Post employment benefits and other long term employee benefits:
Defined Contribution Plans:
Company''s contribution to Provident Fund, Super Annulations Fund,
Employee state Insurance and other funds are determined under the
relevant schemes and/or statute and charged to revenue.
Defined Benefit Plans:
Company''s Liabilities towards Gratuity and other Retirement Benefits
are recognized on the Basis of Actuarial Valuation Report.
VIII. PROVISION, CONTIGENT LIABILITIES AND CONTIGENT ASSETS
The company creates a provision when there is a present obligation as a
result of past event that probably requires an outflow of resources and
a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is 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. Contingent
asset are neither recognized nor disclosed in the financial statements.
IX. EARNINGS PER SHARE
Basic earning per share is computed by dividing net profit or loss for
the period attributable to equity shareholders by the weighted average
number of shares outstanding during the year. The number of equity
shares used in computing the dilutive equity earnings per share
comprises 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 have been issued on the conversion of all
dilutive potential equity shares, unless they are anti-dilutive.
Mar 31, 2012
GENERAL
The financial statements are prepared under the historical cost
convention and are in accordance With applicable mandatory Accounting
Standards issued by the Institute of Chartered Accountants of India and
the provisions of the Companies Act, 1956.
Income and Expenses are accounted for on accrual basis.
REVENUE RECOGNITION
Brokerage Fee income is accounted for, on accrual basis in accordance
with the agreement entered into.
Dividend Income is recognized when it is actually received.
Interest Income is recognized on accrual basis.
I. USE OF ESTIMATES:
The preparation of financial statements requires the Management to make
estimates and assumptions considered in the reported amounts of assets
and liabilities (including contingent liabilities) as of the date of
the financial statements and the reported income and expenses during
the reporting period. Management believes that the estimates used in
preparation of the financial statements are prudent and reasonable.
Future results may vary from these estimates.
II. FIXED ASSETS:
Fixed Assets are stated at cost less depreciation .
III. DEPRECIATION & AMORTISATION.
a) Depreciation on Fixed Assets is provided on straight line method at
the rates prescribed in Schedule XIV of the Companies Act, 1956.
b) Deferred Revenue Expenses are written off in equal installments over
a period of 5 accounting years. (To the extent not written off or
adjusted).
IV. INVESTMENTS:
Long Term Investments are stated at cost. Provision for Diminution in
the value of Long Term Investments is made only if such a decline is
other than temporary.
V. INVENTORIES - Stock In Trade
The Securities held as stock in trade under current assets are valued
at lower of Weighted Average Cost or Market value.
VI. TAXATION:
Current Tax is the amount of tax payable on the taxable income for the
year and determined in accordance with the provisions of the Income
Tax Act, 1961.
Deferred Tax is recognized, on timing differences, being the difference
between taxable income and accounting income that originates in one
period and are capable of reversal in one or more subsequent periods.
VII. EMPLOYEE RETIREMENT BENEFITS:
a) Short Term Employee Benefit obligations are estimated and provided
for.
b) Post employment benefits and other long term employee benefits:
Defined Contribution Plans:
Company's contribution to Provident Fund, Employee state Insurance
and other funds are determined under the relevant schemes and/or
statute and charged to revenue.
Defined Benefit Plans:
Company's Liabilities towards Gratuity and other Retirement Benefits
are recognized on the Basis of Actuarial Valuation Report.
VIII. PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
The company creates a provision when there is a present obligation as a
result of past event that probably requires an outflow of resources and
a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is 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. Contingent
asset are neither recognized nor disclosed in the financial statements.
IX. EARNINGS PER SHARE
Basic earning per share is computed by dividing net profit or loss for
the period attributable to equity shareholders by the weighted average
number of shares outstanding during the year. The number of equity
shares used in computing the dilutive equity earnings per share
comprises 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 have been issued on the conversion of all
dilutive potential equity shares, unless they are anti-dilutive.
Mar 31, 2010
GENERAL
The financial statements are prepared under the historical cost
convention and are in accordance With applicable mandatory Accounting
Standards issued by the Institute of Chartered Accountants of India and
the provisions of the Companies Act, 1956.
Income and Expenses are accounted for on accrual basis.
REVENUE RECOGNITION
Brokerage Fee income is accounted for, on accrual basis in accordance
with the agreement entered into.
Dividend Income is recognised when the right to establish dividend is
established.
Interest Income is recognised on accrual basis.
I. USE OF ESTIMATES:
The preparation of financial statements requires the Management to make
estimates and assumptions considered in the reported amounts of assets
and liabilities (including contingent liabilities) as of the date of
the financial statements and the reported income and expenses during
the reporting period. Management believes that the estimates used in
preparation of the financial statements are prudent and reasonable.
Future results may vary from these estimates.
II. FIXED ASSETS:
Fixed Assets are stated at cost less depreciation
III. DEPRECIATION:
Depreciation on Fixed Assets is provided on straight line method at the
rates prescribed in Schedule XIV of the Companies Act, 1956.
IV. INVESTMENTS;
Long Term Investments are stated at cost. Provision for Diminution in
the value of Long Term Invest- ments is made only if such a decline is
other than temporary.
V. INVENTORIES - Stock In Trade
The Securities held as Stock in trade under current assets are valued
at lower of Weighted Average Cost (or) Market Value.
VI. MISCELLANEOUS EXPENDITURE:
(To the extent not written off or adjusted)
Deferred Revenue Expenses are written off in equal installments over a
period of 5 accounting years.
VII. TAXATION:
Current Tax is the amount of tax payable on the taxable income for the
year and determined in accor- dance with the provisions of the Income
Tax Act, 1961.
Deferred Tax is recognized, on timing differences, being the difference
between taxable income and accounting income that originates in one
period and are capable of reversal in one or more subsequent periods.
VIII. EMPLOYEE RETIREMENT BENEFITS:
a) Short Term Employee Benefit obligations are estimated and provided
for.
b) Post employment benefits and other long term employee benefits:
Defined Contribution Plans:
Companys contribution to Provident Fund, Super Annuation Fund,
Employee state Insurance and other funds are determined under the
relevant schemes and/or statute and charged to revenue.
Defined Benefit Plans:
Companys Liabilities towards Gratuity and other Retirement Beneifts
are recognized on the Basis of Actuarial Valuation Report,
IX. PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
The company creates a provision when there is a present obligation as a
result of past event that probably requires an outflow of resources and
a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably wilt 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. Contingent
asset are neither recognized nor disclosed in the financial statements.
X. EARNINGS PER SHARE
Basic earning per share is computed by dividing net profit or loss for
the period attributable to equity shareholders by the weighted average
number of shares outstanding during the year. The number of equity
shares used in computing the dilutive equity earnings per share
comprises the weighted average numberof equity shares considered for
deriving basic earnings per share, and also the weighted average number
of equity shares which could have been issued on the conversion of all
dilutive potential equity shares, unless they are anti-dilutive.
XI. QUANTITATIVE DETAILS
The activities of the company do not involve the production or sale of
goods. Accordingly, quantitative details of safes and certain
information required under paragraphs 3,4C and 4D of part II of
schedule VI of the companies Act, 1956 have not been given.