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Notes to Accounts of Sumedha Fiscal Services Ltd.

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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