Mar 31, 2015
1. Contingent Liabilities:
a) Contingent liabilities for Bank Guarantee issued in favour of NSE /
BSE is Rs. 4,50,00,000/- (Previous year was Rs. 3,00,00,000/-).
b) Contingent liabilities in respect of demand raised by the concerned
departments against which company has preferred appeal before the
higher authorities, details of which are as under -
c) Ademand of Rs. 2,42,260/- has been raised by the Income Tax
Department for A.Y. 2010-11. The demand is due to the reason that the
assessing officer has made certain additions for which the Company has
not preferred any appeal. The department has also not allowed credit of
certain TDS claimed by the Company. As the exact calculation for amount
of tax and interest is not available with the Company, the Company has
provided Rs. 67, 700/-on prudent basis in the F.Y.2012-13, out of the
above demand and the same has been adjusted against the refund
receivable.
d) A provision of Rs. 3, 94,000/- for the similar reasons on prudent
basis for the A.Y. 2008-09 and A.Y. 2009-10 has been made during
F.Y.2011-12, the same has not been paid by the Company as no
calculation for the bifurcation of the amount for tax and interest has
been made available to the Company by the income tax department.
2. In the opinion of Management the current assets, loans and advances
have a value on realization in the ordinary course of the business at
least equal to the amount at which they are stated and provisions for
all known liabilities have been made. Balance of Sundry Debtors and
Sundry Creditors are subject to confirmations.
3. There are no amounts payable to any micro, small and medium (SMEs)
scale industrial undertaking as identified by the management from the
information available with the company and relied upon by the Auditors.
4. Shares and Securities received from or on behalf of clients, held
by the Company as collateral in its own name in a fiduciary capacity,
and/or are lodged with the exchanges/F 6t 0 Clearing Member towards
additional base capital / exposure and / or pledged to bank against
overdraft facility.
5. In the current year, various expenses like advertisement, salary,
rent and other expenses has been allocated and accounted for in
respective expenses head on proportionate basis to the Subsidiary
Company Swastika Commodities Private Limited and Swastika Fin-Mart
Private Limited and the payment from Subsidiary Company has been
received against the same.
6. Interest expenses is netted off by the amount of Rs. 44,15,096/-
(Previous year Rs.52,45,505/-) allocated to the Swastika Commodities
Private Limited (a 100% Subsidiary Company) on account of utilization
of the funds on behalf of the common clients of the Company and
Swastika Commodities Private Limited.
7. During the current year, the company has implemented Schedule II
of the Companies Act, 2013 and accordingly computed the depreciation
based on revised useful life of the fixed assets as prescribed under
Schedule II of the Act. The carrying value of the fixed assets which
have completed their useful life as on 1st April,2014 have been charged
off against the Statement of Profit and Loss at Rs. 20.62 lacs.
Had there not been any change in useful life of the fixed assets, the
depreciation would have been lower by Rs. 43.35 lacs and therefore the
profit would have been higher by Rs. 43.35 lacs.
8. In the opinion of the management, fixed assets are not found to be
impaired and therefore, no provision for impairment loss is made for
the year.
9. The management is of the view that the diminution in the value of
Long-term Investment is temporary in nature and therefore, no provision
for the same has been made in the books of accounts for the year.
10. Short term borrowing includes amount received from Sub-brokers /
Business Associates as security deposit for business purpose amounting
to Rs. 14,345,199/- (F.Y. Rs. 19,248,198/-)
11. Previous year figures have been reclassified wherever necessary to
confirm to the Classification for the year.
Mar 31, 2014
1. a) Contingent liabilities for Bank Guarantee issued in favour of
NSE / BSE is Rs. 3,00,00,000/- (Previous year was Rs. 3,00,00,000/-).
b) Demand in respect of the following matters is as follows:
(Figuresin Rs.)
Income Tax (A. Y. 2011-12) Rs.69,62,560/-
IncomeTax (A. Y. 2007-08) : Rs.93,375/-
ServiceTax : Rs.30,89,019/-
SEBI Penalty : Rs.7,00,000/-
Total: Rs. 1,08,44,954/-
c) Ademand of Rs. 2,42,260/- has been raised by the Income Tax
Department for A.Y. 2010-11. The demand is due to the reason that the
assessing officer has made certain additions for which the Company has
not preferred any appeal. The department has also not allowed credit of
certain TDS claimed by the Company. As the exact calculation for amount
of tax and interest is not available with the Company, the Company has
provided Rs. 67,700/-on prudent basis in the F.Y.2012-13, out of the
above demand.
d) A provision of Rs. 3, 94,000/- for the similar reasons on prudent
basis has been made during FY. 2011 -12, the same has not been paid by
the Company as no calculation for the bifurcation of the amount for tax
and interest has been made available to the Company by the income tax
department.
2. In the opinion of Management the current assets, loans and advances
have a value on realization in the ordinary course of the business at
least equal to the amount at which they are stated and provisions for
all known liabilities have been made. Balance of Sundry Debtors and
Sundry Creditors are subject to confirmations.
Note: Figures in brackets represent previous year balances.
C. Related Parties are identified by the management and relied upon by
the Auditor.
D. No Balances in respect of Related Parties have been written off.
3. There are no amounts payable to any micro, small and medium (SMEs)
scale industrial undertaking as identified by the management from the
information available with the company and relied upon by the Auditors.
4. Shares and Securities received from or on behalf of clients, held
by the Company as collateral in its own name in a fiduciary capacity,
and/or are lodged with the exchanges/F 6t 0 Clearing Member towards
additional base capital / exposure and / or pledged to bank against
overdraft facility
5. In the current year, various expenses like advertisement, salary,
rent and other expenses has been allocated and accounted for in
respective expenses head on proportionate basis to the Subsidiary
Company Swastika Commodities Private Ltd and the payment from
Subsidiary Company has been received against the same.
6. Interest expenses is netted off by the amount of Rs. 52,45,505/-
(Previous year Rs.73,80,049/-) allocated to the Swastika Commodities
Pvt. Ltd. (a 100% Subsidiary Company) on account of utilization of the
funds on behalf of the common clients of the Company and Swastika
Commodities Pvt. Ltd.
7. In the opinion of the management, fixed assets are not found to be
impaired and therefore, no provision for impairment loss is made for
the year.
8. Exceptional items represents the reversal of excess depreciation
charged in earlier years of Rs. 30,76,694 (Previous year Rs.
36,84,227/-) and other expenses of Rs. 24,437(Previous year related to
gratuity of Rs. 17,295/-)
9. Previous year figures have been reclassified wherever necessary to
confirm to the Classification for the year.
Mar 31, 2013
1. i) Contingent liabilities for Bank Guarantee issued in favour of
NSE / BSE is Rs. 300 Lacs. (Previous year was 300 Lacs).
ii) During the year,a demand of 2,42,260/-has been raised by the
Income Tax Department for A.Y.2010-11. The demand is due to the reason
that the assessing officer has made certain additions for which the
Company has not preferred any appeal. The department has also not
allowed credit of certain TDS claimed by the Company. As the exact
calculation for amount of tax and interest is not available with the
Company, the Company has provided Rs.67,700/- on prudent basis, out of
the above demand.
iii) A provision of Rs. 3,94,000/-for the similar reasons on prudent
basis has been made during F.Y.2011-12,the same has not been paid by
the Company as no calculation for the bifurcation of the amount for tax
and interest has been made available to the Company by the income
taxdepartment. 2. In the opinion of Management the current assets,
loans and advances have a value on realization in the ordinary course
of the business at least equal to the amount at which they are stated
and provisions for all known liabilities have been made. Balanceof
Sundry Debtors and Sundry Creditors are subject to confirmations.
Note: Figures in brackets represent previous year balances.
C) Related Parties are identified by the management and relied upon by
the Auditors.
D) No Balances in respect of Related Parties have been written off.
2. The details of the group''s post retirement benefit plan for gratuity
for its employees in conformity with the principlessetoutinAS 15which
has been determined by anActuary appointed forthe purpose and relied
upon bytheAuditorsaregiven below:
3. There are no amounts payable to any micro, small and medium (SMEs)
scale industrial undertaking as identified by the management from the
information available with the company and relied upon by the Auditors.
4. Shares and Securities received from or on behalf of clients, held
by the Company as collateral in its own name in a fiduciary capacity,
and/or are lodged with the exchanges/F & O Clearing Member towards
additional base capital/exposure and/or pledged to bank against over
draft facility
5. In the current year, various expenses like advertisement, salary,
rent and other expenses has been allocated and accounted for in
respective expenses head on proportionate basis to the Subsidiary
Company Swastika Commodities Private Ltd and the payment from
Subsidiary Company has been received against the same.
6. Interest expenses is netted off by the amount of Rs.73,80,049/-
allocated to the Swastika Commodities Pvt. Ltd. (a 100% Subsidiary
Company) on account of utilization of the funds on behalf of the common
clients of the Company and Swastika Commodities Pvt. Ltd.
7. In the opinion of the management, fixed assets are not found to be
impaired and therefore, no provision for impairment loss is made for
the year.
8. Exceptional items represents the reversal of excess depreciation
charged in earlier years of Rs.36, 84,227/- and gratuity of Rs.
17,295/-.
Mar 31, 2012
1. i) Contingent liabilities for Bank Guarantee issued in favour of
NSE / BSE is Rs. 300 Lacs. (Previous year was Rs. 300 Lacs).
ii) Demand in respect of the following matters is as follows:
(In Rs.)
Income Tax 1,610,175/-
Service Tax 3,834,419/-
SEBI Penalty 700,000/-
Total 6,144,594/-
2. In the opinion of Management the current assets, loans and advances
have a value on realization in the ordinary course of the business at
least equal to the amount at which they are stated and provisions for
all known liabilities have been made. Balance of Sundry Debtors and
Sundry Creditors are subject to confirmations.
3. Statutory auditor's remuneration :
Note: Figures in brackets represent previous year balances.
C) Related Parties are identified by the management and relied upon by
the Auditors.
D) No Balances in respect of Related Parties have been written off.
4. The details of the group's post retirement benefit plan for
gratuity for its employees in conformity with the principles set out in
AS 15 which has been determined by an Actuary appointed for the purpose
and relied upon by the Auditors are given below:
5. There are no amounts payable to any micro, small and medium (SMEs)
scale industrial undertaking as identified by the management from the
information available with the company and relied upon by the Auditors.
6. Shares and Securities received from or on behalf of clients, held
by the Company as collateral in its own name in a fiduciary capacity,
and/or are lodged with the exchanges/F & O Clearing Member towards
additional base capital / exposure and / or pledged to bank against
overdraft facility
7. Other Operational Income of Rs. 1.45 Crores shown under the head
Other Income during the Previous Year 2010- 11, represents
reimbursement of various expenses like advertisement, salary and rent
expenses from the Subsidiary Company Swastika Commodities Private Ltd.
In the current year, such expenses has been allocated and accounted for
in respective expenses head on proportionate basis and the payment from
Subsidiary Company has been received against the same
8. In the opinion of the management, fixed assets are not found to be
impaired and therefore, no provision for impairment loss is made for
the year.
9. Previous year figures have been reclassified wherever necessary to
confirm to the Classification for the year.
Mar 31, 2010
1. a) Contingent liabilities for Bank Guarantee issued in favour of
NSE / BSE is Rs. 300 Lacs.(Previous year was Rs 215 Lacs)
b) Demand in respect of Income Tax Matter for which appeal is pending
Rs. 9,25,484/-
2. In the opinion of Management the current assets, loans and advances
have a value on realization in the ordinary course of the business at
least equal to the amount at which they are stated and provisions for
all known liabilities have been made. Balance of Sundry Debtors and
Sundry Creditors are subject to confirmations.
3. Market value of shares shown as stock in trade is Rs. 1,51,64,529/-
(Previous year Rs. 33,97,013/-).
4. Remuneration Paid to the Directors of the Company:
The remuneration of the promoter directors and other directors are
decided on the recommendation of the Remuneration Committee and
approved by the Board of Directors and Shareholders. Any change in
remuneration is also effected in the same manner and / or in line with
the applicable statutory approvals.
5. a) Fixed Deposits lodged with Exchanges towards security
deposit/base minimum capital/Additional base capital.
b) Securities received from clients as collateral for margins are held
by the Company in its own name in a fiduciary capacity and / or lodged
with the exchanges towards additional base capital / exposure and / or
pledged to bank against overdraft facility.
6. The company in compliance with Accounting Standards (AS) 15-
"Employee Benefits" has, for the third time, provided for long term
compensated absences.
An amount of Rs 59,356/- as contribution towards defined contribution
plans is recognized as expenses in the profit & loss account.
7. There are no amounts payable to any micro, small and medium (SMEs)
scale industrial undertaking as identified by the management from the
information available with the company and relied upon by the Auditors.
8. Fixed Deposits with Banks of Rs. 1,65,00,000/- (P.Y. Rs.
2,07,50,000/-) have been pledged with Banks against Overdraft (Rs
1,48,50,000/-) and Bank Guarantee (1,50,00,000/-) facilities.
9. In the opinion of the management, fixed assets is not found to be
impaired and therefore, no provision for impairment loss is made for
the year.
10. Previous year figures have been reclassified wherever necessary to
confirm to the Classification for the year.