Home  »  Company  »  Summit Securities  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Summit Securities Ltd.

Mar 31, 2016

1. Related Party Transactions:

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below:

Related Party Relationship (As identified and certified by the management and relied upon by auditors);

Holding Entity

Swallow Associates LLP

Subsidiary Company

Instant Holdings Limited, (wholly owned Subsidiary Company)

Sudarshan Electronics and T.V. Limited, (Step down Subsidiary)

Key Managerial Personnel

Ms. Shruti Joshi (Manager)

Mr. Parasmal Rakhecha (CFO)

2. Company has an equity investment of ''244.30 Lacs In CFL Capital Financial Services Limited (CFL), a listed company as at 31st March,2016. Pursuant to the application by a creditor of CFL, Hon''ble High Court of Calcutta has, vide its Order dated 6th October,2015 approved liquidation and accordingly appointed the official liquidator. The carrying value of these investments in the books of the Company as at 31st March,2016 is lower than the last price quoted on the Stock Exchange. In the opinion of the Board adjustment in the value of Investment would be carried out as per final order of Calcutta High Court.

3. The Company is a NBFC and primarily engaged in investment in securities which is considered as one segment. As such, there is no other separate reportable segment as defined by Accounting Standard -17 “Segment Reporting”.

4. Previous year''s figures have been regrouped wherever necessary to conform to current year''s classification.


Mar 31, 2015

As at As at March 31,2015 March 31,2014

1. Contingent Liabilities Not Provided For

Income Tax - 109.83

Civil Suits (excluding interest - Amount indeterminable)* 140.14 140.14

*The above litigations are not expected to have any material adverse effect on the financial position of the Company.

2. There are no outstanding to parties covered under the Micro and Small Enterprises as per Micro Small Medium Enterprises Development Act, 2008.

Defined Benefit Plan

The employee's gratuity scheme is a defined benefit plan. The present value of obligations are determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the obligation. The obligation for Leave Encashment is recognized in the same manner as gratuity.

3. Related Party Transactions:

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below: Related Party Relationship (As identified and certified by the management and relied upon by auditors); Holding Entity

Swallow Associates LLP Subsidiary Company

Instant Holdings Limited, (Wholly Owned Subsidiary Company)

Sudarshan Electronics & TV Limited, (Step down Subsidiary)

Key Managerial Personnel

Ms. Shruti Joshi (Manager and Company Secretary)

Mr. Parasmal Rakhecha (CFO)

4. The Company is a NBFC and primarily engaged in investment in securities which is considered as one segment. As such, there is no other separate reportable segment as defined by Accounting Standard -17 "Segment Reporting".

5. Exceptional Items

Exceptional Item represents interim liability of NIL (PY Rs. 20,39,200) payable to the landlord of a leased property as per court order.

6. Previous year's figures have been regrouped wherever necessary to conform to current year's classification.


Mar 31, 2014

(All amounts in Rs. Lacs unless otherwise stated) As at March 31, 2014 As at March 31, 2013

1. Contingent Liabilities Not Provided For

Income Tax 109.83 177.98

Civil Suits (excluding interest-Amount indeterminable) 140.14 158.86

2. The disclosure required under Accounting Standard 15 related to "Employee Benefits" notified in the Companies (Accounting Standards) Rules 2006, are given below:

Defined Benefit Plan

The employee''s gratuity scheme is a defined benefit plan. The present value of obligations are determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the obligation. The obligation for Leave Encashment is recognized in the same manner as gratuity.

3. Related Party Transactions:

Related Party Relationship (As identified and certified by the management and relied upon by auditors);

Swallow Associates LLP (directly holding more than 50% shareholding w.e.f October 31, 2012)

Subsidiary Company

Instant Holdings Limited, (wholly owned Subsidiary Company)

Sudarshan Electronics & I V. Limited, (Step down Subsidiary w.e.f March 06, 2013)

Key Managerial Personnel

Ms. Shruti Joshi

Details of Transactions and Related Balance are disclosed excluding reimbursement

4. Exceptional Items

Exceptional Item represents interim liability of Rs. 20.39 Lacs payable to the landlord of a leased property as per court order.

5. The Company is a NBFC and primarily engaged in investment in securities which is considered as one segment. As such, there is no other separate reportable segment as defined by Accounting Standard -17 "Segment Reporting" as notified by the Companies (Accounting Standards) Rules, 2006.

6. Previous year''s figures have been regrouped wherever necessary to conform to current year''s classification.


Mar 31, 2013

1. Contingent liabilities not provided for:

Rs. Lacs

Particulars As at 31.03.2013 As at 31.03.2012

Income Tax 177.98 366.94

Civil Suits (excluding interest – Amount indeterminable) 158.86 138.81

2. There are no outstanding to parties covered under the Micro, Small and Medium Enterprises as per Micro Small Medium Enterprises Development Act, 2006.

3. Related Party Transactions:

Related Party Relationship (As identifed and certifed by the management);

Swallow Associates Limited *(Holding Company upto October 30, 2012)

Swallow Associates LLP (directly holding more than 50% shareholding with effect from October 31, 2012)

Instant Holdings Limited (Instant), Wholly owned Subsidiary Company

Sudarshan Electronics & T.V. Limited,

- Subsidiary Company upto March 05, 2013.

- Step Down Subsidiary w.e.f March 06, 2013.

- Converted to a Limited Liability partnership and is now known as Swallow Associates LLP with effect from October 31, 2012. Key Managerial Personnel: Ms. Shruti Joshi

4 The disclosures required under Accounting Standard 15 related to "Employee Benefts" notifed in the Companies (Accounting Standards) Rules 2006,are given below :

Defned Beneft Scheme

The employee''s gratuity scheme is a defned beneft plan.The present value of obligations are determined based on acturial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee beneft entitlement and measures each unit seperately to build up the obligation.The obligation for Leave Encashment is recognised in the same manner as gratuity.

5. Revenue from operations include Dividend Income Rs. 689.11 Lacs for FY 2012-13 (PY Rs. 627.13 Lacs)

6. Other Income Includes Interest on Income Tax Refund related to earlier years.

7. During the year Company had recognized MAT credit for Rs. 17.50 lacs to the extent of its virtual certainty available as per prevailing Tax law.

8. The Company is a NBFC and primarily engaged in investment in securities which is considered as one segment. As such, there is no other separate reportable segment as defned by Accounting Standard -17 "Segment Reporting" as notifed by the Companies (Accounting Standards) Rules, 2006.

9. General Instructions for preparation of Balance Sheet and Proft and Loss Statement as per Schedule VI are given to the extent they are applicable to the Company.

10. Previous year''s fgures have been regrouped wherever necessary to conform to current year''s classifcation.


Mar 31, 2012

(a) Terms / rights attached to equity shares

The Company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

The Shareholders have all other rights as available to Equity Shareholders as per the provisions of the Companies Act, 1956, read together with the Memorandum of Association and Articles of Association of the Company, as applicable.

* Provision made as required under the prudential norms prescribed by Reserve Bank of India for Non-Banking Financial Companies. Contingent Provisions against Standard Assets of Rs. Nil (previous year Rs. 2.21 lacs).

# Others includes sales tax deposits, deposit for consumer forum litigation.

1. There are no outstanding to parties covered under the Micro, Small and Medium Enterprises as per Micro Small Medium Enterprises Development Act, 2006.

2. Disclosure as required under clause 32 of listing agreement:

i. Loans and advances in the nature of Loans to Associates - Rs. Nil (PY - Rs. Nil).

ii. Loans and advances in the nature of Loans where there is no repayment schedule or no interest or interest below Section-372A of Companies Act, 1956 - Rs. Nil (PY - Rs. Nil).

iii. Loans and advances in the nature of Loans to firms/Companies in which Directors are interested - Rs. Nil (Previous year - Rs. Nil).

iv. Investment by the Loanee in shares of the Company as at March 31, 2012 - Nil (Previous year - Rs. Nil).

3. The Company is a NBFC and primarily engaged in investment in securities which is considered as one segment. As such, there is no other separate reportable segment as defined by Accounting Standard -17 "Segment Reporting" as notified by the Companies (Accounting Standards) Rules, 2006.

4. General Instructions for preparation of Balance Sheet and Profit and Loss Statement as per Revised Schedule VI are given to the extent they are applicable to the Company.

5. Previous year's figures have been regrouped wherever necessary to conform to current year's classification.


Mar 31, 2011

1. Contingent liabilities not provided for:

(Rs in '000)

As at As at Particulars 31.03.2011 31.03. 2010

Income Tax 67,285.22 1,41,421.20

Civil Suits (excluding interest 11,875.90 9,352.00 – Amount indeterminable)

2. Contracts remaining to be executed:

Partly paid Convertible Warrants of CEAT Limited: Rs 75,546.99 thousand (previous year – Rs. nil)

Investments Commitment: Rs. 40,494.52 thousand (previous year – Rs. nil)

Related Party Transactions:

Related Party Relationship (As identified and certified by the management);

Instant Holdings Limited, Subsidiary Company

Sudarshan Electronics & T.V. Limited, Subsidiary Company

FGP Limited, Holding Company (till 5th June, 2009)

RIFL Benefit Trust, Benefit Trust (till 2nd January, 2010)

RPG Cellular Investments and Holdings Private Limited, Holding Company (during 5th June, 2009 to 29th March, 2010)

Goodluck Dealcom Private Limited, Subsidiary Company, (from August 11, 2010 till September 6, 2010)

Ujala Agency Private Limited, Subsidiary Company, (from August 11, 2010 till September 6, 2010)

Goodhope Sales Private Limited, Subsidiary Company (w.e.f. September 6, 2010)

Idea Tracom Private Limited, Subsidiary Company (w.e.f. September 6, 2010)

Key Managerial Personnel: Ms. Shruti Joshi

3. Disclosure as required under clause 32 of listing agreement:

i. Loans and advances in the nature of Loans to Associates - Rs. Nil (Previous year Rs. Nil).

ii. Loans and advances in the nature of Loans where there is no repayment schedule, or no interest or interest below Section 372A of Companies Act, 1956 – Rs. Nil (Previous year Rs. Nil).

iii. Loans and advances in the nature of Loans to firms/ Companies in which Directors are interested – Rs. Nil (Previous year Rs. Nil).

iv. Investment by the Loanee in shares of the Company as at March 31, 2011 – Rs. Nil (Previous year Rs. Nil).

4. During the year, the Company has transferred certain listed companies shares to its wholly owned subsidiary company at book value based on the fair valuation report obtained by the Company.

5. The Company is a NBFC and primarily engaged in investment in securities which is considered as one segment. As such, there is no other separate reportable segment as defined by Accounting Standard -17 "Segment Reporting" as notified by the Companies (Accounting Standards) Rules, 2006.

6. Company's cash and bank balance and current liabilities include Rs. 6,619.18 thousand which represents dues payable to the shareholders who are entitled for fractional entitlement as per the Scheme of Arrangement as approved by the Hon'ble High Court of Judicature at Bombay, Maharashtra on December 18, 2009.

7. There are no outstanding to parties covered under the Micro, Small and Medium Enterprises as per Micro Small Medium Enterprises Development Act, 2006.

8. Previous year's figures have been regrouped wherever necessary.


Mar 31, 2010

1. The Scheme of Arrangement between erstwhile Summit Securities Limited and Brabourne Enterprises Limited and Octav Investments Limited and CHI Investments Limited (Transferor Companies) with the Company

In accordance with the Scheme of Arrangement (the Scheme) between Transferor Companies and the Company as approved by the shareholders at the Court convened meetings held on 23rd and 26th of October, 2009 and subsequently sanctioned by Honble High Court of Judicature at Bombay, Maharashtra, under the provisions of the Companies Act, 1956 vide its Order dated 18th December, 2009 and which has been filed with Registrar of Companies on 23rd December, 2009 and with Reserve Bank of India on 24th December, 2009, the entire business of Transferor Companies as defined in the Scheme have been vested in the Company retrospectively with effect from the Appointed Date i.e. 31st March, 2009. The Scheme has accordingly been given effect to in the previous accounting year.

2. Contingent liabilities not provided for:

(Rs in 000)

As at As at Particulars 31.03.2010 31.03.2009

Income Tax 141,421.20 111,531.00

Civil Suits (excluding interest 9,352.00 2,970.00 - Amount indeterminable)

Central Excise Act -- 232.04

3. Related Party Transactions:

Related Party Relationship (As identified and certified by the management);

Instant Holdings Limited (Formerly known as KEC Holdings Limited), Subsidiary Company (w.e.f. 31st March, 2009)

Sudarshan Electronics & T. V. Limited, Subsidiary Company (w.e.f. 25th June, 2009)

RIFL Benefit Trust, Benefit Trust (till 2nd January, 2010)

FGP Limited, Holding Company (till 5th June, 2009)

RPG Cellular Investments and Holdings Private Limited, Holding Company (during 5th June, 2009 to 29th March, 2010)

RPG Cellular Investments and Holdings Private Limited, Associate Company (w.e.f. 29th March, 2010)

Key Managerial Personnel: Ms. Shruti Joshi

4. The Company is a NBFC and primarily engaged in the investment in securities which is considered as one segment. As such, there is no other separate reportable segment as defined by Accounting Standard -17 "Segment Reporting" as notified by the Companies (Accounting Standards) Rules, 2006.

5. The disclosure required as per paragraph 13 of the Non Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 has been attached in a separate annexure.

6. There are no outstanding to parties covered under the Micro, Small and Medium Enterprises as per Micro Small Medium Enterprises Development Act, 2006. This information has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the Auditors.

7. Previous years figures have been regrouped wherever necessary. Current year figures, are not comparable with those of previous year on account of Scheme of Arrangement.

Find IFSC