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Notes to Accounts of Swastika Investmart Ltd.

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.







 
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