Mar 31, 2014
(Amount in Rs.)
As at 31st March
Particular 2014 2013
1 CONTINGENT LIABILITY
a) Contingent liabilities not provided
for in respect of Guarantee given by 1,30,00,000 1,30,00,000
Canara bank to National Securities
Clearing Corporation limited ( Rs. 80 lacs)
and Stock Holding Corporation of
India Limited (Rs. 50 lacs) #
b) Estimated amount of contracts
remaining to be executed on capital 20,01,085 26,84,687
account and not provided for
(net of advances)
# : The above bank guarantees extended by Canara Bank is secured by
pledge of fixed deposits and also secured by way of equitable mortgage
of a company''s Immovable Property. The said facilities are further
secured by personal guarantees of three directors of the Company.
2 Revaluation of Office Premises was carried out as on 31.03.96 by an
approved Valuer. The revaluation resulted in an increase of Rs.
13,11,255/- in the value of the assets over its net book value as on
31.03.96 which has been credited to Revaluation Reserve. Depreciation
for the year ended 31.03.2014 of Rs. 21,373/- on revalued portion has
been adjusted with Revaluation Reserve.
3 Previous year''s figures have been regrouped/reclassified wherever
necessary to correspond with the current year''s
classification/disclosure
4 Figures have been rounded off to nearest rupee.
Mar 31, 2013
1.1 Rights, preferences and restrictions attached to shares
The Company has only one class of issued shares i.e. Equity Shares
having par value of Rs.10/- per share. Each holder of Equity Shares is
entitled to one vote per share held. In the event of liquidation, the
equity shareholders are eligible to receive the remaining assets of the
Company after payment of all preferential amounts, in proportion to
their shareholding.
2 GRATUITY AND POST-EMPLOYMENT BENEFITS PLANS
The company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service is entitled to gratuity on
terms not less favourable than ''The provisions of Gratuity Act, 1972''.
The above said scheme is funded.
The following table summarises the components of net benefits / expense
recognised in the profit and loss account and the balance sheet for the
respective plans.
3 DISCLOSURES OF RELATED PARTY TRANSACTIONS (AS IDENTIFIED & CERTIFIED
BY THE MANAGEMENT):
a As per Accounting Standard-18- '' Related Party Disclosures'' issued by
the Institute of Chartered Accountants of India, the names of the
related parties are given below :
b List of related parties with whom the Company has transacted during
the year
i Subsidiary Company SFSL Commodity Trading (P) Ltd.
ii Associate /Joint Venture Concerns SFSL Insurance Advisory Services
(P) Ltd.
SFSL Risk Management Services (P) Ltd.
Capita Finance Services Ltd.
U.S. Infotech (P) Ltd.
iii Key Management Personnel Mr. Bhawani Sankar Rathi (Wholetime
Director)
Mr. Rajesh Kumar Gupta (Wholetime Director)
Mr. Vijay Maheshwari ( Director)
Mr. Bijay Murmuria ( Director)
iv Enterprise owned or significantly influenced by Superb Estate
Services Pvt. Ltd.
Key Management Personnel and their relatives
4 Balances of some of the trade receivables, trade payable, loans and
advances incorporated in the books as per balances appearing in the
relevant subsidiary records, are subject to confirmation from the
respective parties and consequential adjustments arising from
reconciliation, if any. The management, however, is of the view that
there will be no material discrepancies in this regard.
5 During the year unpaid dividend amounting to Rs. 95,225/- relating
to financial year 2004-05 has been transferred to the Investor
Education and Protection Fund as per Section 205C of the Companies Act,
1956
6 Historically, the company''s investment in unquoted shares has been
done with a view to hold them for long term and thereby earn capital
gains, since dividend payout on such investments has generally been
irregular. The aforesaid policy has been taken into consideration while
computing the provision for income-tax as applicable.
(Amount in Rs.)
As at 31st March
Particular 2013 2012
7 CONTINGENT LIABILITY
a Contingent liabilities not provided for
in respect of Guarantee given by 1,30,00,000 1,30,00,000
Canara bank to National Securities
Clearing Corporation limited (Rs 80
Lakhs) and Stock Holding Corporation of
India Ltd ( Rs 50 Lakhs) #
# The above bank guarantees extended by Canara Bank is secured by
pledge of fixed deposits and also secured by way of equitable mortgage
of a company''s Immovable Property. The said facilities are further
secured by personal guarantees of three directors of the Company.
8 Revaluation of Office Premises was carried out as on 31.03.96 by an
approved Valuer. The revaluation resulted in an increase of Rs.
13,11,255/- in the value of the assets over its net book value as on
31.03.96 which has been credited to Revaluation Reserve. Depreciation
for the year ended 31.03.2013 of Rs. 21,373/- on revalued portion has
been adjusted with Revaluation Reserve.
9 Previous year''s figures have been regrouped/reclassified wherever
necessary to correspond with the current year''s
classification/disclosure
10 Figures have been rounded off to nearest rupee.
Mar 31, 2012
A) The Company has reserved issuance of 3,42,447 Options under ESOP
2011 which are yet to be granted.
b) During the year the Company has issued 2,00,000 Equity Share of Rs.
10/- each at a Premium of Rs. 21/- per share, against 2,00,000 fully paid
convertible share warant of Rs. 31/- each as per terms of allotment.
c) During the year the Company has issued 9,35,484 Equity Shares of Rs.
10/- each at a premium of Rs. 21/- per share to the Brand Equity Treaties
Ltd. against one 0% Convertible Debenture of Rs. 2,90,00,000/- as per
terms of allotment.
1 GRATUITY AND POST-EMPLOYMENT BENEFITS PLANS
The Company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service is entitled to gratuity on
terms not less favorable than 'The Payment of Gratuity Act, 1972'. The
above said scheme is funded.
The following table summarizes the components of net benefits / expense
recognized in the Profit and Loss Account and the Balance Sheet for the
respective plans.
Notes :
1 The Company is operating in three main service segments mainly.
a Capital Market Operations comprising of Stock Broking, Investment,
Mutual Funds & other products distribution.
b Investment Banking comprising of Loan Syndication, Merchant Banking,
Restructuring & Other related advisory services.
c Other comprising of other services area.
Segments have been identified and reported taking into account the
nature of services, different risk & return and internal reporting
system.
2 Segment Revenue, Results, Assets and Liabilities include the
respective amounts identified to each of the segment and amounts
allocated on a reasonable basis. Whereas un- allocable Revenue,
Results, Assets and Liabilities have been included in "others".
3 Segment liabilities excludes Deferred Tax Liabilities of Rs.
10,476,399/- (Previous year Rs. 7,396,548/- )
B There are no reportable geographical segment.
a) Disclosure in Respect of Material Related Party Transactions during
the year
i Mangerial Remuneration paid to Mr. Bhawani Sankar Rathi Rs. 1,158,200/-
( Rs. 1,136,200/-)
ii Rent paid to SFSL Commodity Trading (P) Limited Rs. 900,000/- (Rs.
900,000/-), Superb Estate Services Private Limited Rs. 168,000/- (Rs.
120,000/-), and Mr. Vijay Maheshwari Rs.600,000/- (Rs.600,000/-)
iii Guarantee Commission paid to Mr. Vijay Maheshwari Rs. 125,000/- (Rs.
125,000/-), Mr. Bijay Murmuria Rs. 125,000/- (Rs. 125,000/-).
iv Balance receivable from SFSL Commodity Trading (P) Limited Rs.
1,000,000/- ( Rs. Nil )
v Equity Share Allotted to Capita Finance Services Limited Rs.
3,100,000/- (Rs. Nil), SFSL Risk Management Services Pvt. Limited Rs.
1,550,000/- (Rs. Nil), SFSL Insurance Advisory Services Pvt. Limited Rs.
1,550,000/- (Rs. Nil)
vi Dividend paid to Mr. Vijay Maheshwari Rs. 1,249,776/- (Rs. 1,249,776/-)
(Amount in Rs.)
2 CONTINGENT LIABILITY
Contingent liabilities not
provided for in respect of:
a Guarantee given by Canara Bank
to National Securities Clearing 13,000,000 13,000,000
Corporation Limited ( Rs. 80 lacs)
and Stock Holding Corporation
of India Ltd ( Rs. 50 lacs)
b Estimated amount of contracts
remaining to be executed on capital 1,349,995 1,349,995
account and not provided for
(net of advances)
3 Revaluation of Office Premises was carried out as on 31.03.96 by an
approved Valuer. The revaluation resulted in an increase of Rs.
1,311,255/- in the value of the assets over its net book value as on
31.03.96 which has been credited to Revaluation Reserve. Depreciation
for the year ended 31.03.2012 of Rs. 21,373/- on revalued portion has
been adjusted with Revaluation Reserve.
4 Since the Company is predominantly engaged in broking business, the
deposits made with NSE and OTCEI towards acquiring membership of these
exchanges, are considered as deposits.
5 Previous year's figures have been regrouped/rearranged, to conform
to the classification of the current year, wherever considered
necessary and to conform to the requirements of Revised Schedule VI
under the Companies Act, 1956.
6 Figures have been rounded off to nearest rupee.
Mar 31, 2010
As at As at
31.03.2010 31.03.2009
(Rupees) (Rupees)
1 Contingent liabilities not provided
for in respect of:
Guarantee given by Canara Bank to National
Securities 13,000,000 13,000,000
Clearing Corporation limited (Rs 80 lacs)
and Stock Holding Corporation
of India Ltd (Rs 50 lacs)
2 Estimated amount of contracts remaining
to be executed on capital 2,053,125 3,037,500
account and not provided for (net
of advances)
3 As per information available with the Company there are no amounts
payable or paid during the period which are required to be disclosed as
per Section 22 of the Micro, Small and Medium Enterprises Development
Act, 2006.
4 Secured loans
a Term loans (Vehicle Loans) from banks and bodies corporate are
secured by hypothecation of respective vehicles.
b Working capital facilities and Bank Guarantees extended by Canara
Bank is secured by pledge of fixed deposits and also secured by way of
equitable mortgage of an Immovable Property. The said facilities is
further secured by personal guarantees extended by three directors of
the Company.
c Working capital facilities extended by State Bank of Indore is
secured by way of equitable mortgage of an Immovable Property and by
Personal Guarantee extended by a Director.
5 Revaluation of Office Premises was carried out as on 31.03.96 by an
approved Valuer. The revaluation resulted in an increase of Rs.
1,311,255/- in the value of the assets over its net book value as on
31.03.96 which has been credited to Revaluation Reserve. Depreciation
for the year ended 31.03.2010 of Rs. 21,373/- on revalued portion has
been adjusted with Revaluation Reserve.
6 Since the Company is predominantly engaged in broking business, the
deposits made with NSE and OTCEI towards acquiring membership of these
exchanges, are considered as Fixed Assets and no depreciation has been
provided on the same.
7 Disclosures of related party transactions:
a List of related parties with whom the Company has transacted during
the year
i Subsidiary Company SFSL Commodity Trading (P) Ltd.
ii Associate /Joint Venture
Concerns SFSL Insurance Advisory Services (P) Ltd.
SFSL Risk Management Services (P) Ltd.
Capita Finance Services Ltd.
U.S. Infotech (P) Ltd.
Seasoft Solutions Pvt. Ltd.
iii Key Management Personnel Mr. Bhawani Shankar Rathi
(Wholetime Director)
Mr. Vijay Maheshwari (Director)
Mr. Bijay Murmuria (Director)
iv Relatives of Key
Management Personnel Mr. Kartick Maheshwari
Mrs. Garima Maheshwari
v Enterprise owned or
significantly Superb Estate Services Pvt. Ltd.
influenced by Key Management
Personnel and their relative
8 Gratuity and post-employment benefits plans
The Accounting Standard- 15 (Revised 2005) on "Employees Benefits"
issued by the Institute of Chartered Accountants of India has been
adopted by the Company and Defined Benefit Plans / Long Term
Compensated Absences - as per Acturial Valuations as on March 31, 2010
and recognised in the financial statements in respect of Employee
Benefit Scheme:
9 Previous years figures have been regrouped/rearranged, wherever
necessary.
Mar 31, 2009
As at 31.03.2009 As at 31.03.2008
(Rupees) (Rupees)
1 Contingent liabilities not
provided for in respect of:
Guarantee given by Canara Bank
to National Securities 13,000,000 13,000,000
Clearing Corporation limited
( Rs 80 lacs) and Stock
Holding Corporation of India
Ltd ( Rs 50 lacs)
2 Estimated amount of contracts
remaining to be executed on capital 3,037,500 5,625,000
account and not provided
for (net of advances)
3 As per information available with the Company there are no amounts
payable or paid during the period which are required to be disclosed as
per Section 22 of the Micro, Small and Medium Enterprises Development
Act, 2006.
4 Secured Loans
a Term loans (Vehicle Loans) from banks and bodies coporates are
secured by hypothecation of respective vehicles.
b Working capital facilities and Bank Guarantees extended by Canara
Bank is secured by pledge of fixed deposits and also secured by way of
equitable mortgage of an Immovable Property. The said facilities are
further secured by personal guarantees extended by three Directors of
the Company.
c Working capital facilities extended by State Bank of Indore are
secured by way of equitable mortgage of an Immovable Property and by
Personal Guarantee extended by a Director.
5 Disclosures of related party transactions:
a List of related parties with whom the Company has transacted during
the year
i Subsidiary Company SFSL Commodity Trading Pvt. Ltd.
ii Associate /Joint Venture Concerns
SFSL Insurance Advisory Services Pvt. Ltd. SFSL Risk Management
Services Pvt. Ltd. Capita Finance Services Ltd. U.S. Infotech Pvt.
Ltd. Seasoft Solutions Pvt. Ltd.
iii Key Management Personnel
Mr. Bhawani Shankar Rathi (Whole time Director)
Mr. Vijay Maheshwari (Director)
Mr. Bijay Murmuria (Director)
iv Relatives of Key Management Personnel
Kartick Maheshwari
Garima Maheshwari
6 Revaluation of Office Premises was carried out as on 31.03.96 by an
approved Valuer. The revaluation resulted in an increase of Rs
1,311,255/- in the value of the assets over its net book value as on
31.03.96 which has been credited to Revaluation Reserve. Depreciation
for the year ended 31.03.2009 of Rs 21,373/- on revalued portion has
been adjusted with Revaluation Reserve Account.
7 Since the Company is predominantly engaged in broking business, the
deposits made with NSE and OTCEI towards acquiring menbership of these
exchanges, are considered as Fixed Assets and no depreciation has been
provided on the same.
8 Gratuity and post-employment benefits plans
The Accounting Standard- 15 (Revised 2005) on "Employees Benefits"
issued by the Institute of Chartered Accountants of India has been
adopted by the Company effective from April 1, 2007. In accordance with
the above Standard the additional obligations of the Company, on
account of employee benefits, based on independent acturial valuation
amounting to Rs 1 7,903/- have been accounted by debiting the opening
balance of the Profit/Loss Account as on April 1, 2007 as per the
transitional provisions of AS 15 (Revised 2005).
9 Previous years figures have been regrouped/rearranged, wherever
necessary.
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