Mar 31, 2018
Notes to Account
2.25 RETIREMENT BENEFITS A) GRATUITY
The employees'' Group Gratuity Scheme is managed by Life Insurance Corporation of India. The present value of obligation is 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 final obligation.
Particulars |
Percentage |
Current Year Amount |
Percentage |
Previous Year Amount |
Actuarial assumptions |
||||
Discount Rate Per Annum |
8% |
8% |
||
Salary Escalation |
7% |
6% |
||
Reconciliation of opening and closing |
||||
balances of obligation |
||||
Obligation at beginning of the year |
559,065 |
552,092 |
||
Current Service Cost |
39,831 |
28,771 |
||
Interest Cost |
6,685 |
43,610 |
||
Actuarial (gain) /loss |
2,518 |
(65,408) |
||
Less: Benefits paid |
(568,269) |
- |
||
Obligation at the end of the year |
39,830 |
559,065 |
||
Reconciliation of opening and closing |
||||
balances of fair value assets |
||||
Fair value of plan assets at beginning of the year |
805,574 |
711,964 |
||
Employer contribution |
50,000 |
|||
Less: Benefits Paid |
(568,269) |
- |
||
Add: Expected return on plan assets |
46,440 |
43,610 |
||
Fair value of plan assets at the end of the year |
283,745 |
805,574 |
||
Amount Recognized in Balance Sheet |
||||
Present value of obligation |
39,830 |
559,065 |
||
Fair value of plan assets |
283,745 |
805,574 |
||
Amount recognized in Balance Sheet |
(243,915) |
(246,509) |
||
Gratuity cost for the period |
||||
Current Service Cost |
39,831 |
28,771 |
||
Interest Cost |
6,685 |
43,610 |
||
Expected return on plan assets |
(46,440) |
(43,610) |
||
Actuarial (gain) /loss |
2,518 |
(65,408) |
||
Net Gratuity cost |
2,594 |
(36,637) |
B) Leave accumulated during the year lapse on the balance sheet date and thus no provision for leave encashment is made.
C) Contribution to provident fund is made monthly at predetermined rates to the appropriate authorities.
Note:
1. The company has recognised the gratuity income (actuarial gain) of Rs. 2,43,915/- & gratuity expenses of Rs. 2,594/-in FY 2017-18.
2. The company has recognised the excess of fair value of plan assets over present value of obligation of Rs.2,43,915/- as an assets in FY 17-18 and Gratuity Payable of Rs. 2,5947- as an liability in FY 2017-18.
2.26 DEFERRED TAX BALANCES |
||
Particulars |
For the year ended 31.03.2018 |
For the year ended 31.03.2017 |
a. Deferred Tax Liabilities (Net) |
||
(i) Depreciation |
446,214 |
848,816 |
(ii) Others |
- |
|
446,214 |
848,816 |
|
b. Deferred Tax Assets (Net) |
||
(i) Depreciation |
- |
- |
(ii) Others (Capital loss) |
1,964,711 |
2,326,318 |
1,518,497 |
1,477,502 |
2.27 SEGMENT REPORTING
The company operates in one geographical segment, i.e. India and has identified two business segments i.e. Segment-I which is Consultancy Commission & Brokerage and Segment-II Investments in Bonds, Fixed Deposits & Loans & Advances. Segment Profit & Loss is measured on the basis of Operating Profit or Loss of each respective segment. Segment Assets and Liabilities have been apportioned similarly
(Amount in Rs.) |
||||
Service, Commission |
Investment in Bonds/ |
Unallocated |
Total |
|
& Brokerage |
FDR/Loans & Advances |
|||
Segment Revenue (A) |
||||
- Current Year |
31,087,500 |
4,022,422 |
94,497,353 |
129,607,274 |
- Previous Year |
(3,486,747) |
(4,577,445) |
(47,936,791) |
(56,000,982) |
Segment expense (B) |
||||
- Current Year |
5,190,089 |
5,070,314 |
1,061,455 |
11,321,858 |
- Previous Year |
(2,551,640) |
(2,484,974) |
(1,457,295) |
(6,493,909) |
Depreciation |
||||
- Current Year |
781,710 |
781,710 |
529,302 |
2,092,723 |
- Previous Year |
(81,760) |
(81,760) |
(178,130) |
(341,650) |
Segment Result (A) - (B) - Current Year |
25,115,701 |
(1,829,602) |
92,906,596 |
116,192,693 |
- Previous Year |
(853,347) |
(2,010,711) |
(46,301,366) |
(49,165,424) |
Segment Assets (A) |
||||
- Current Year |
36,442,098 |
67,911,092 |
371,264,731 |
475,617,921 |
- Previous Year |
(48,616,306) |
(80,754,613) |
(329,652,145) |
(459,023,063) |
Segment Liabilities (B) |
||||
- Current Year |
8,965,351 |
7,256,602 |
4,779,856 |
21,001,809 |
- Previous Year |
(12,453,510) |
(7,845,447) |
(2,112,333) |
(22,411,291) |
Total (A) - (B) |
||||
- Current Year |
27,476,746 |
60,654,490 |
366,484,874 |
454,616,111 |
- Previous Year |
(36,162,796) |
(72,909,166) |
(327,539,812) |
(436,611,772) |
Capital Expenditure |
||||
- Current Year |
17,313,317 |
17,313,317 |
34,626,634 |
|
- Previous Year |
(14,797,603) |
(14,797,603) |
(29,595,206) |
2.28 EARNING PER SHARE |
||
2.28.1 The Earning Per Share (EPS) is calculated as follows: |
||
Particulars |
For the year ended 31.03.2018 |
For the year ended 31.03.2017 |
(i) Profit attributable to Equity Share Holders |
99,640,581 |
44,996,863 |
(ii) # Weighted average number of equity shares for computations of Basic and Diluted Earning per share |
7,052,182 |
7,186,689 |
(iii) Nominal Value of Equity Share |
10 |
10 |
(iv) EPS- Basic and Diluted |
14.13 |
6.26 |
2.28.2 The basic & diluted EPS as on 31.03.2018 has been computed on reduced weighted average share capita] after buy back.
2.29 Payment to Auditor |
||
(Amount in Rs.) |
||
Particulars |
For the year ended 31.03.2018 |
For the year ended 31.03.2017 |
A) Auditor |
||
(i) Statutory Audit Fees |
21,000 |
21,000 |
(ii) Tax Audit Fees |
9,000 |
9,000 |
30,000 |
30,000 |
2.30 Capital & Other Commitments
Estimated amount of contracts remaining to be executed on Capital account and not provided for (net of advances) Rs. 7.38 Lakhs as on 31st March 2018 (Previous Year - Rs. 84.88 lakhs).
2.31 Foreign Exchange Earning and Expenditure
The company has not made any foreign exchange transaction during the year.
2.32 Corporate Social Responsibility
The Company shall utilize the available funds on long term projects such as education, old age home , orphanage etc (as specified under schedule VII of the Companies Act, 2013 for CSR Activities ). The Company is under process of finding suitable options and finalization of the implementation plan for the same.
In view of the above, the company is preserving the funds so that as and when adequate and appropriate option is available to the company , it will utilize them for CSR activities. Hence the Company has decided not to spend the amount on CSR during the year under review.
|
|
FOR AND ON BEHALF OF THE BOARD |
|
"AS PER OUR REPORT ATTACHED OF EVEN DATE" |
|
For M/s WALECHA INDER & ASSOCIATES |
||
Chartered Accountants |
||
Firm''s Registration Number : 014205N |
||
(RAKESH K. JAIN) |
(GAURI SHANKER PANDEY) |
|
Director |
Whole Time Director |
|
DIN : 00050524 |
DIN : 00050614 |
(Walecha Inder Jeet) |
Partner |
||
M.No: 093694 |
||
(CS RICHA ARORA) |
(CA MAYANK AGARWAL) |
|
Company Secretary |
Chief Financial Officer |
Place : Noida |
M.No. :-42906 |
M.No.-544992 |
Date : 28/05/2018 |
2.33. [Schedule to the Balance sheet of a Non Banking Financial company as required in terms of paragraph 13 of Non Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007]
LIABILITIES SIDE
1 |
Loans and advances availed by the NBFC inclusive of interest accrued thereon but not paid: |
Amount Outstanding |
Amount Overdue |
|
a. |
Debentures (other than falling within the meaning of public deposits) |
|||
- Secured |
- |
- |
||
- Unsecured |
- |
- |
||
b. |
Deferred Credits (Note No.l) |
11,151,256 |
- |
|
c. |
Term Loans |
- |
- |
|
d. |
Inter-corporate loans and borrowings |
- |
- |
|
e. |
Commercial Paper |
- |
- |
|
f. |
Public Deposits (Refer note 2 below) |
- |
- |
|
g- |
Other Loans - Cash credit |
- |
- |
|
2 |
Break up of l(f) above (Outstanding public deposits inclusive of interest accrued thereon but not paid); |
Amount Outstanding |
Amount Overdue |
|
a. |
In the form of unsecured debentures |
- |
- |
|
b. |
In the form of partly secured debentures i.e debentures where there is a shortfall in the value of security |
- |
- |
|
c. |
Other public deposits |
- |
- |
ASSET SIDE
3 |
Break up of Loans and Advances including bills receivables [other than those included in (4) below]: |
Amount Outstanding |
|
a |
Secured |
- |
|
b |
Unsecured |
13,056,824 |
|
4 |
Break up of Leased Assets and stocks on hire and other assets counting towards AFC activities |
Amount Outstanding |
|
i. Lease Assets including lease rental under sundry debtors: |
|||
a. Finance Lease |
- |
||
b. Operating Lease |
- |
||
ii. |
Stocks on hire including hire charges under sundry debtors: |
||
a. Assets on hire |
- |
||
b. Repossessed Assets |
- |
||
iii. |
Other Loans counting towards AFC activities: |
||
a. Loans where assets have been repossessed |
- |
||
b. Loans other than (a) above |
- |
||
5 |
Break up of Investments: Current Investments |
Amounts |
|
1 |
Quoted |
||
i. |
Shares - Equity |
_ |
|
- Preference |
_ |
||
ii. |
Debentures and Bonds |
_ |
|
iii. |
Units of mutual funds |
_ |
|
iv. |
Government Securities |
_ |
|
V. |
Others |
_ |
|
2 |
Unquoted |
||
i. |
Share - Equity |
- |
|
- Preference |
- |
||
ii. |
Debentures and Bonds |
- |
|
iii. |
Units of mutual funds |
- |
|
iv. |
Government Securities |
- |
|
V. |
Others |
- |
|
Long Term Investments |
|||
1 |
Quoted |
||
i. |
Shares - Equity |
179,000,728 |
|
- Preference |
- |
||
ii. |
Debentures and Bonds |
12,654,050 |
|
iii. |
Units of mutual funds |
99,654,369 |
|
iv. |
Government Securities |
- |
|
V. |
Others |
- |
|
2 |
Unquoted |
||
i. |
Share - Equity |
210 |
|
- Preference |
- |
||
11. |
Debentures and Bonds |
- |
|
iii. |
Units of mutual funds |
- |
|
iv |
Government Securities |
- |
|
V. |
Others |
- |
6 |
Borrower group wise classification of all leased assets, stock on hire and loans and advances (Refer note 3 below): |
||||
Category |
Amount net of provision |
||||
Secured |
Unsecured |
Total |
|||
1 |
Related Parties** |
_ |
_ |
. |
|
a. |
Subsidiaries |
_ |
_ |
_ |
|
b. |
Companies in the same group |
- |
- |
- |
|
c. |
Other than related parties |
- |
13,056,824 |
13,056,824 |
|
Total |
- |
13,056,824 |
13,056,824 |
7 |
Investor group wise classification of all investments (current and long term) in shares and securities (both quoted and unquoted): (Refer note 4 below) |
|||
Category |
Market Value / Break up of fair value or NAV |
Book Value (Net of Provisions) |
||
1 |
Related Parties** |
|||
a. |
Subsidiaries |
- |
- |
|
b. |
Companies in the same group |
- |
- |
|
c. |
Other related parties |
- |
- |
|
2 |
Other than related parties |
283,022,006 |
291,309,357 |
|
Total |
283,022,006 |
291309357 |
||
** As per Accounting Standard issued by the Institute of Chartered Accountants of India (''ICAI''). |
8 |
Other Information |
Amount |
|
i. |
Gross Non-Performing Assets |
||
a. Related Parties |
- |
||
b. Other than related parties |
- |
||
ii. |
Net Non-Performing Assets |
||
a. Related Parties |
- |
||
b. Other than related parties |
- |
||
iii. |
Assets acquired in satisfaction of debt |
- |
Notes:
1 Amount is due to Greater Noida Authority for purhase of lease hold land of 90 Year.
2 As defined in paragraph 2(l)(xii) of the Non- Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998
3 Provisioning norms shall be applicable as prescribed in the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998
4 All Accounting Standards and Guidance Notes issued by the Institute of Chartered Accountants of India (''ICAI'') are applicable including for calculation of investments and other assets as also assets acquired in satisfaction of debts. However, market value in respect of quoted investments and break up / fair value / NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term of current in category 5 above.
|
FOR AND ON BEHALF OF THE BOARD |
|
|
"AS PER OUR REPORT ATTACHED OF EVEN DATE" |
|
For M/s Walecha Inder & Associates |
||
Chartered Accountants |
||
Firm''s Registration Number- 014205N |
||
(RAKESH K. JAIN) |
(GAURI SHANKER PANDEY) |
|
Director |
Director |
|
DIN : 00050524 |
DIN : 00050614 |
|
(Walecha Inder Jeet) |
||
Partner |
||
M.No: 093694 |
||
(CS RICHA ARORA) |
(CA MAYANK AGARWAL) |
|
Company Secretary |
Chief Financial Officer |
Place : Noida |
M.No. :-42906 |
M.No. : 544992 |
Date: 28/05/2018 |
Mar 31, 2017
The previous year figures have been regrouped / reclassified, wherever necessary to confirm to the current period presentation.
1. RELATED PARTY DISCLOSURE
Following disclosures are made as per Accounting Standard 18, regarding "Related Party Disclosures" as notified by the Companies Accounting Standard Rules (2016):
2. List of Related Parties
3. Wholly Owned Subsidiary: Nil
5. Enterprise for which Reporting Enterprise is an Associate: Nil
6. Individual having significant influence or control Mr Rakesh K Jain Ms Prerna Jain
7. Relatives of individual having significant influence or control
Ms Aridhi Jain
8. Key Management Personnel:
Mr. Gauri Shanker Pandey (Whole Time Director)
Ms. Richa Arora (Company Secretary ) - shall become Whole Time Director w.e.f. 29.05.2017
Mr. Lav Agarwal (Chief Financial Officer Appointment Effective from 11.05.2016 and Resigned Effective from 01.11.2016)
Ms. Swarna Gowri S (Chief Financial Officer Appointed Effective from 01.11.2016)
Ms. Bhawna Grover (Chief Financial Officer Resigned Effective from 11.05.2016)
(vii) List of companies/enterprises, in which any of person (including any of relative), listed in (iv),(v) & (vi) have significant influence or control
9. Hope Consultants Limited
10. FSL Software Technologies Limited
11. Wonder Buildtech Private Limited
12. Frontline Commodities & Derivatives LLP
13. Petal Consultants Private Limited
14. Association of National Exchange Members of India
15. FSL Education Services LLP
16. FSL Consultants Private Limited
17. Jain Singhal & Associates (Converted to LLP w.e.f 25.04.2017)
18. JSAAdvisors LLP
19. Frontline Capital Services Limited
20. Front Investments & Financial Consultants LLP
21. Petal Resorts Private Limited
22 QUANTITATIVE DETAILS
The Company is engaged in financial consultancy, distribution of financial products and investments in financial securities. As the company is neither a manufacturing company nor a trading company therefore the requirement of Quantities Detail of Purchases and Sales are not applicable.
23. DUES TO MICRO SMALL AND MEDIUM ENTERPRISES
The company has no dues to micro and small enterprises during the year ended 31 March, 2017 and March 31, 2016.
24 RETIREMENT BENEFITS
25. GRATUITY
The employees'' Group Gratuity Scheme is managed by Life Insurance Corporation of India. The present value of obligation is 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 final obligation.
26. Leave accumulated during the year lapse on the balance sheet date and thus no provision for leave encashment is made.
27. Contribution to provident fund is made monthly at predetermined rates to the appropriate authorities.
28. The company on suomo to has recognized the gratuity expense of Rs. 1,465 in FY 16-17.
29. As per the prudence concept, the company has not recognized asset of gratuity in the balance sheet for FY 16-17. The amount of premium paid to LIC for the purpose of gratuity amounting to Rs 1,465 is booked as gratuity payable during the year.
Mar 31, 2015
1. RELATED PARTY DISCLOSURE
Following disclosures are made as per Accounting Standard 18, regarding
"Related Party Disclosures" as notified by the Companies Accounting
Standard Rules (2006):
(A) List of Related Parties
(i) Wholly Owned Subsidiary:
Nil
(ii) Fellow Subsidiary:
Nil
(iii) Enterprise for which Reporting Enterprise is an Associate:
Hope Consultants Ltd.
(iv) Individual having significant influence or control
Mr Rakesh K Jain
(v) Relatives of individual having significant influence or control
Ms. Aridhi Jain
(vi) Key Management Personnel:
Mr. Gauri Shanker Pandey
Mr. Avinash Chandra (Resigned Effective 13.04.2015)
CS Ekta Karwa (Appointed Effective 13.04.2015)
CA Bhawna Grover
(vii) List of companies/enterprises, in which any of person (including
any of relative), listed in (iv),(v) & (vi) have
significant influence or control
1. Hope Consultants Limited
2. FSL Software Technologies Limited
3. Wonder Buildtech Private Limited
4. Frontline Commodities & Derivatives Private Limited
5. Petal Consultants Private Limited
6. Association of National Exchange Members of India
7. FSL Education Services Private Limited
8. FSL Consultants Private Limited
9. Jain Singhal & Associates
10. JSA Advisors LLP
11. Frontline Capital Services Limited
12. Front Investments & Financial Consultants LLP
2. QUANTITATIVE DETAILS
The Company is engaged in financial consultancy,distribution of
financial products and investments in financial securities. As the
company is niether a manufacturing company nor a trading company
therefore the requirement of Quantative Detail of Purchases and Sales
are not applicable.
3. DUES TO MICRO SMALL AND MEDIUM ENTERPRISES
The company has no dues to micro and small enterprises during the year
ended 31 March, 2015 and March 31, 2014.
4. RETIREMENT BENEFITS
A) GRATUITY
The employees'' Group Gratuity Scheme is managed by Life Insurance
Corporation of India. The present value of obligation is 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 final obligation.
1. The company on suo moto has recognised the gratuity expense of Rs.
79587 in FY 14-15.
2. As per the prudence concept, the company has not recognised asset of
gratuity in the balance sheet for FY 14-15. The amount of premium paid
to LIC for the purpose of gratuity amounting to Rs 57,414 is booked as
gratuity payable during the year.
5. The Basic and Diluted Earning Per Share have been computed by
dividing the Profit After Tax by the weighted average number of equity
share for respective periods as specified by AS 20 issued by Institute
of Chartered Accountants of India (ICAI).
Mar 31, 2014
1.1 RELATED PARTY DISCLOSURE
Following disclosures are made as per Accounting Standard 18, regarding
"Related Party Disclosures" as notified by the Companies Accounting
Standard Rules (2006):
(A) List of Related Parties
(i) Wholly Owned Subsidiary:
Nil
(ii) Fellow Subsidiary:
Nil
(iii) Enterprise for which Reporting Enterprise is an Associate:
Nil
(iv) Individual having significant influence or control
Mr Rakesh K Jain
(v) Relatives of individual having significant influence or control
Ms. Aridhi Jain
(vi) Key Management Personnel:
Mr. Gauri Shanker Pandey Mr. Avinash Chandra CA. Bhawna Grover
(vii) List of companies/enterprises, in which any of person (including
any of relative), listed in (iv),(v) & (vi) have significant influence
or control
1. Hope consultants Limited
2. FSL Software Technologies Limited
3. Wonder Buildtech Private Limited
4. Frontline Commodities & Derivatives Private Limited
5. Petal Consultants Private Limited
6. Front Investments & Financial Consultants Private Limited
7. Vardhman Electricals Private Limited
8. FSL Education Services Private Limited
9. FSL Consultants Private Limited
10. Jain Singhal & Associates
11. JSA Advisors LLP
12. Frontline Capital Services Limited
During the year, Hope Consultants Limited & Frontline Capital Services
Limited has participated in the share buy-back programme conducted by
Frontline Securities Limited in which Hope Consultants Limited
surrenderred 6 lac shares & received proceeds of Rs. 1.95 Crore (Rupees
One Crore Ninety Five Lacs ) & Frontline Capital Services Limited
surrenderred 7.25 lac shares & received proceeds of Rs. 2.36 Crore
(Rupeees Two Crore Thirty Six Lacs ) from Frontline Securities Limited.
1.2 QUANTITATIVE DETAILS
The Company is engaged in financial consultancy, distribution of
financial products and investments in financial securities. As the
company is niether a manufacturing company nor a trading company
therefore the requirement of Quantative Detail of Purchases and Sales
are not applicable.
1.3 DUES TO MICRO SMALL AND MEDIUM ENTERPRISES
The company has no dues to micro and small enterprises during the year
ended 31 March, 2014 and March 31,2013.
1.4 RETIREMENT BENEFITS
A) GRATUITY
The employees'' Group Gratuity Scheme is managed by Life Insurance
Corporation of India. The present value of obligation is 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 final obligation.
B) Leave accumulated during the year lapse on the balance sheet date
and thus no provision for leave encashment is made.
C) Contribution to provident fund is made monthly at predetermined
rates to the appropriate authorities.
1.4.2 The Basic and Diluted Earning Per Share have been computed by
dividing the Profit After Tax by the weighted average number of equity
share for respective periods as specified by AS-20 issued by Institute
of Chartered Accountant of India (ICAI).
Notes:
1 As defined in paragraph 2(1)(xii) of the Non- Banking Financial
Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998
2 Provisioning norms shall be applicable as prescribed in the
Non-Banking Financial Companies Prudential Norms (Reserve Bank)
Directions, 1998
3 All Accounting Standards and Guidance Notes issued by the Institute
of Chartered Accountants of India (''ICAI'') are applicable including
for calculation of investments and other assets as also assets acquired
in satisfaction of debts. However, market value in respect of quoted
investments and break up / fair value / NAV in respect of unquoted
investments should be disclosed irrespective of whether they are
classified as long term of current in category 5 above.
Mar 31, 2013
CORPORATE INFORMATION
Frontline Securities Limited provides a wide range of fnancial
consultancy services including Mutual Fund Distribution and other
fnancial products distribution services. Company also does investments
in various fnancial products. The Company''s full service portfolio
consists of fnancial product distribution, providing fnancial
consultancy to corporates & individuals and investment in various
fnancial products.
The Company''s registered offce is in Delhi and also provides services
from the Branch offce situated at Noida.
1.1 RELATED PARTY DISCLOSURE
Following disclosures are made as per Accounting Standard 18, regarding
"Related Party Disclosures" as notifed by the Companies Accounting
Standard Rules (2006):
(A) List of Related Parties
(i) Wholly Owned Subsidiary:
Nil
(ii) Fellow Subsidiary:
Nil
(iii) Enterprise for which Reporting Enterprise is an Associate:
Nil
(iv) Individual having signifcant infuence or control
Mr Rakesh K Jain
(v) Relatives of individual having signifcant infuence or control
Mrs Prerna Jain Ms Vidha Jain Ms Aridhi Jain
(vi) Key Management Personnel:
Mr. Gauri Shanker Pandey
Mrs. Sarabjeet Kaur (resigned w.e.f. 16.03.2013)
Mr. Avinash Chandra
(vii) List of companies/enterprises, in which any of person (including
any of relative), listed in (iv),(v) & (vi) have signifcant infuence or
control
1. Hope consultants Limited
2. FSL Software Technologies Limited
3. Wonder Buildtech Private Limited
4. Frontline Commodities & Derivatives Private Limited
5. Petal Consultants Private Limited
6. Front Investments & Financial Consultants Private Limited
7. Vardhman Electricals Private Limited
8. FSL Education Services Private Limited
9. FSL Consultants Private Limited
10. Jain Singhal & Associates
11. JSA Advisors LLP
12. Frontline Capital Services Limited
* Mrs Sarabjeet Kaur resigned from the post of Whole Time Director &
Company Secretary w.e.f 16.03.2013
** Mr. Gauri Shanker Pandey has been appointed as Whole Time Director
w.e.f 16.03.2013. He has been paid an amount of Rs. 7,90,500/- for the
F.Y. 2012-13 as salary which includes amount of Rs.34,950/- paid to him
as remuneration for the period 16.03.2013 to 31.03.2013.
*** Mr. Avinash Chandra has been appointed as Company Secretary &
Compliance Offcer w.e.f 16.03.2013. He has been paid an amount of Rs.
74,312/- for the period from 01.11.2012 to 31.03.2013 as salary which
includes amount of Rs.8,453/- paid to him as remuneration for the
period 16.03.2013 to 31.03.2013.
1.2 QUANTITATIVE DETAILS
The Company is engaged in fnancial consultancy, distribution of
fnancial products and investments in fnancial securities. As the
company is niether a manufacturing company nor a trading company
therefore the requirement of Quantative Detail of Purchases and Sales
are not applicable.
1.3 DUES TO MICRO SMALL AND MEDIUM ENTERPRISES
The company has no dues to micro and small enterprises during the year
ended 31 March, 2013 and March 31, 2012.
1.4 RETIREMENT BENEFITS
A) GRATUITY
The employees'' Group Gratuity Scheme is managed by Life Insurance
Corporation of India. The present value of obligation is 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 beneft entitlement and measures each unit separately
to build up the fnal obligation.
Mar 31, 2012
1.1 RELATED PARTY DISCLOSURE
Following disclosures are made as per Accounting Standard 18, regarding
"Related Party Disclosures" as notified by the Companies Accounting
Standard Rules (2006):
(A) List of Related Parties
(i) Wholly Owned Subsidiary:
Nil
(ii) Fellow Subsidiary:
Nil
(iii) Enterprise for which Reporting Enterprise is an Associate:
Nil
(iv) Individual having significant influence or control
Mr Rakesh K Jain Ms Prerna Jain
(v) Relatives of individual having significant influence or control
Ms Vidha Jain Ms Aridhi Jain
(vi) Key Management Personnel:
Ms. Sarabjeet Kaur
(vii) List of companies/enterprises, in which any of person (including
any of relative), listed in (iv),(v) & (vi) have significant influence
or control
1. Hope Consultants Limited
2. FSL Software Technologies Limited
3. Wonder Buildtech Private Limited
4. Frontline Commodities & Derivatives Private Limited
5. Petal Consultants Private Limited
6. Front Investments & Financial Consultants Private Limited
7. Vardhman Electricals Private Limited
8. FSL Education Services Private Limited
9. FSL Consultants Private Limited
10. Jain Singhal & Associates
11. JSA Advisors LLP
12. Frontline Capital Services Limited
1.2 QUANTITATIVE DETAILS
The Company is engaged in financial consultancy,distribution of
financial products and investments in financial securities. As the
company is not a manufacturing company and cannot be expressed in any
generic unit. Hence, it is not possible to give the quantitative
details of sales and certain information as required under paragraph
5(viii)( c ) of general instructions for preparation of the statement
of profit and loss as per revised schedule VI to the Companies Act,
1956.
1.3 DUES TO MICRO SMALL AND MEDIUM ENTERPRISES
The company has no dues to micro and small enterprises during the year
ended 31, 2012 and March 31, 2011.
1.4 RETIREMENT BENEFITS
A) GRATUITY
The employees'' Group Gratuity Scheme is managed by Life Insurance
Corporation of India. The present value of obligation is 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 final obligation.
Mar 31, 2011
1. In the opinion of the Board, the current assets, loans and advances
have a value on realisation in the ordinary course of business, at
least equal to the aggregate amount as shown in the Balance sheet.
2 A)
(i) Expenditure in foreign currency: Rs. Nil [Previous year Rs. Nil]
(ii) Earning in foreign currency: Rs. Nil [Previous year Rs. Nil]
3. Income Tax
Company has accounted for Deferred Tax in accordance with Accounting
Standard- 22 (AS-22) "Accounting for Taxes on Income" issued by the
Institute of Chartered Accountants of India and accordingly deferred
tax assets and liabilities are recognized.
4 EARNING PER SHARE (EPS)
The numerator and denominator used to calculate the basic / diluted
earning per share.
5. Loans and advances include Rs. 5,000,000/- (Previous year Rs.
5,000,000/-) given as interest bearing cash margin to M/s Frontline
Capital Services Limited, a member of national stock exchange being the
company under the same management as defined under section 370(1B) of
the Companies Act 1956 and the maximum amount outstanding during the
year at any time Rs. 5,000,000/- (Previous year Rs. 5,000,000/-).
6. There are no amounts payable to any small scale industrial
undertaking registered under Micro, Small and Medium Enterprises
Development Act 2006.
7. Estimated amount of contract remaining to be executed on capital
and not provided for (Net of advance) is Rs. NIL (Previous Year Rs.
NIL).
8. The main business of the company is financial consultancy,
investment and finance. All other activities of the company revolve
around the main business. As such, there are no separate reportable
segments, as per accounting standard on Segment Reporting (AS-17),
issued by the ICAI.
9. RELATED PARTY DISCLOSURE
A. List of Related Parties and description of Relationship
1. Investing party in respect of which Frontline Capital Services
company is an associate Limited
2. Individuals having
significant influence Mr. Rakesh K. Jain
or control Mrs. Prerna Jain
3. Relatives of individual
having significant Ms. Vidha Jain
influence or control Ms. Aridhi Jain
4. Key Management Personnel Mrs. Sarabjeet Kaur
5. Enterprises over which person under Hope Consultants Ltd.
above item A(2),(3) have significant FSL Software Technologies Ltd.
influence or control
Jain Singhal & Associates
Frontline Capital Services
Limited
Wonder Buildtech Pvt. Ltd.
Frontline Commodities &
Derivatives Pvt. Ltd.
Petal Consultants Pvt. Ltd.
Front Investments & Financial
Consultants Pvt. Ltd.
Vardhman Electricals Pvt. Ltd.
FSL Education Services Private
Limited
FSL Consultants Pvt. Ltd.
10. Previous year''s figures have been regrouped / recasted wherever
considered necessary.
11. Schedules 1 to 14 form an integral part of the Balance Sheet and
Profit and Loss Account.
Mar 31, 2010
1. In the opinion of the Board, the current assets, loans and advances
have a value on realisation in the ordinary course of business, at
least equal to the aggregate amount as shown in the Balance sheet.
a) (i) Expenditure in foreign currency: Rs. Nil [Previous year Rs. Nil]
(ii) Earning in foreign currency: Rs. Nil [Previous year Rs. Nil]
2. Income Tax
Company has accounted for Deferred Tax in accordance with Accounting
Standard- 22 (AS-22) "Accounting for Taxes on Income" issued by the
Institute of Chartered Accountants of India and accordingly deferred
tax assets and liabilities are recognized.
The net cumulative tax effect of significant timing difference that
results in deferred tax assets and liabilities and description of items
thereof that creates these differences is as follows:
3. Loans and advances include Rs. 5,000,000/- (Previous year Rs.
5,000,000/-) given as interest bearing cash margin to M/s Frontline
Capital Services Limited, a member of national stock exchange being the
company under the same management as defined under section 370(1 B) of
the Companies Act 1956 and the maximum amount outstanding during the
year at any time Rs. 5,000,000/- (Previous year Rs. 5,000,000/-).
4. There are no amounts payable to any small scale industrial
undertaking.
5. Estimated amount of contract remaining to be executed on capital
and not provided for (Net of advance) is Rs. NIL (Previous Year Rs.
NIL)
6. The main business of the company is financial consultancy,
investment and finance. All other activities of the company revolve
around the main business. As such, there are no separate reportable
segments, as per accounting standard on Segment Reporting (AS-17),
issued by the ICAI.
7. RELATED PARTY DISCLOSURE
A. List of Related Parties and description of Relationship
1. Investing party in respect of
which Frontline Capital Services Limited
company is an associate
2. Individuals having significant
influence Mr. Rakesh K. Jain or
control Mrs. Prerna Jain
3. Relatives of individual
having significant Ms. Vidha Jain
influence or control Ms. Aridhi Jain
4. Key Management Personnel Mrs. Sarabjeet Kaur
5. Enterprises over which
person under FSL Software Technologies Ltd.
above item A(2),(3) have
significant Jajn Singhal & Associates
influence or control
Hope Consultants Ltd.
Frontline Capital Services Limited
Wonder Buildtech Pvt. Ltd.
Frontline Commodities & Derivat-
ives Pvt. Ltd.
Petal Consultants Pvt. Ltd.
Front Investments & Financial
Consultants Pvt. Ltd.
Vardhman Electricals Pvt. Ltd.
8. Previous years figures have been regrouped / recasted wherever
considered necessary.
9. Schedules 1 to 14 form an integral part of, the Balance Sheet and
Profit and Loss Account.
Mar 31, 2009
1. In the opinion of the Board, the current assets, loans and advances
have a value on realisation in the ordinary course of business, at
least equal to the aggregate amount as shown in the Balance sheet.
2. Income Tax
Company has accounted for Deferred Tax in accordance with Accounting
Standard-22 (AS-22) "Accounting for Taxes on Income" issued by the
Institute of Chartered Accountants of India and accordingly deferred
tax assets and liabilities are recognized.
3. Loans and advances include Rs. 5,000,000/- (Previous year Rs.
5,000,000/-) given as interest bearing cash margin to M/s Frontline
Capital Services Limited, a member of national stock exchange being the
company under the same management as defined under section 370(1 B) of
the Companies Act 1956 and the maximum amount outstanding during the
year at any time Rs. 5,000,000/- (Previous year Rs. 5,000,000/-).
4. There are no amounts payable to any small scale industrial
undertaking.
5. Estimated amount of contract remaining to be executed on capital
and not provided for (Net of advance) isRs. NIL (Previous Year Rs. NIL)
6. The main business of the company is financial Consultancy ,
distribution of mutual funds, investment and finance. All other
activities of the company revolve around the main business. As such,
there are no separate reportable segments, as per accounting standard
on Segment Reporting (AS-17), issued by the ICAI.
7. RELATED PARTY DISCLOSURE
A. List of Related Parties and description of Relationship
1. Investing party in respect of which Frontline Capital Services
Limited company is an associate
2. Individuals having significant Mr. Rakesh K. Jain influence or
control Mrs. Prerna Jain
3. Relatives of individual having Ms. Vidha Jain significant influence
or control Ms. Aridhi Jain
4. Key Management Personnel Mrs. Sarabjeet Kaur
5. Enterprises over which person Hope Consultants Ltd.
under above item A(3),(5) have FSL Software Technologies Ltd.
significant influence or control Jain Singhal & Associates
Frontline Capital Services Limited
Wonder Buildtech Pvt. Ltd.
Frontline Commodities & Derivatives
Pvt. Ltd.
8. Previous years figures have been regrouped / recasted wherever
considered necessary.
Mar 31, 2008
1. In the opinion of the Board, the current assets, loans and advances
have a value on realisation in the ordinary course of business, at
least equal to the aggregate amount as shown in the Balance sheet.
2. Income Tax
Company has accounted for Deferred Tax in accordance with Accounting
Standard-22 (AS-22) "Accounting for Taxes on Income" issued by the
Institute of Chartered Accountants of India and accordingly deferred
tax assets and liabilities are recognized.
3. Loans and advances includes Rs.Nil/-(Previous year Rs. 17,000,000 )
given to M/s FSL Software Technologies Limited which is a company under
same management and the maximum amount outstanding during the year at
any time Rs. 18,800,000/- (Previous yearRs. 17,000,000/-)
4. Loans and advances include Rs. 5,000,000/- (Previous year Rs.
5,000,000/-) given as cash margin to M/s Frontline Capital Services
Limited being the company under the same management as defined under
section 370(1B) of the Companies Act 1956 and the maximum amount
outstanding during the year at any time Rs. 5,000,000/- (Previous year
Rs. 5,000,000/-).
5. There are no amounts payable to any small scale industrial
undertaking.
6. Estimated amount of contract remaining to be executed on capital
and not provided for (Net of advance) is Rs. NIL (previous Year Rs.
NIL)
7. The main business of the company is financial consultancy,
investment and finance. All other activities of the company revolve
around the main business. As such, there are no separate reportable
segments, as per accounting standard on Segment Reporting (AS- 17),
issued by the ICAI.
8. FSL Software Technologies Limited has ceased to be the subsidiary
of the Company.
9. RELATED PARTY DISCLOSURE
A. List of Related Parties and description of Relationship
1. Investing party in respect of which company is an associate
2. Individuals having significant influence or control
3. Relatives of individual having significant influence or control
4. Key Management Personnel
5. Enterprises over which person under above item A(3),(5) have
significant influence or control
Frontline Capital Services Limited
Mr. Rakesh K. Jain
Mrs. Prerna Jain
Ms. Vidha Jain
Ms. Aridhi Jain
Mrs. Sarabjeet Kaur
Hope Consultants Ltd.
FSL Software Technologies Ltd.
Jain Singhal & Associates
Frontline Capital Services Limited
Wonder Buildtech Pvt. Ltd.
10. Previous years figures have been regrouped / recasted wherever
considered necessary.
Mar 31, 2007
1. In the opinion of the Board, the current assets, loans and advances
have a value on realisation in the ordinary course of business, at
least equal to the aggregate amount as shown in the Balance sheet.
2. a) Directors remuneration paid is as under : (The amount includes
payment made to Chief Financial officer who is not a board member)
(Amount in Rs.)
Particulars For the year For the year
ended 31.3.2007 ended 31.3.2006
Salary and other benefits (Rs.) 407,465/- 160,170/-
Contribution to Provident/other fund 8,663/- 6,735/-
b) Payment made to the auditors firm are as under:
For the year For the year
Particulars ended 31.03.2007 ended 31.03.2006
[Rupees] [Rupees]
Audit Fee 12,000/- 10,000/-
Tax Audit Fee 3,000/- 2,500/-
Consultancy matters NIL NIL
c) (i) Expenditure in foreign currency : Rs. Nil [Previous year Rs.
Nil] (ii) Earning in foreign currency : Rs. Nil [Previous year Rs. Nil]
3. Income Tax : Company has accounted for Deferred Tax in accordance
with Accounting Standard-22 (AS-22) "Accounting for Taxes on Income"
issued by the Institute of Chartered Accountants of India and
accordingly deferred tax assets and liabilities are recognized.
4. Other liabilities includes Rs.0.00/- (Previous year Rs. 233.623A as
creditors) due to M/s Frontline Capital Services Limited being the
company under the same management as defined u/s 370(1 B) of the
Companies Act 1956.
5. Loans and advances includes Rs. 17,000,0007- (Previous year Rs.
13,200,000 ) given to M/s FSL Software Technologies Limited being the
wholly owned subsidiary company and the maximum amount outstanding
during the year at any time Rs. 17,000,0007- (Previous year Rs.
13,500,0007-)
6. Loans and advances include Rs. 5,000,0007- (Previous year Rs.
2,000,0007-) given in cash margin to M/s Frontline Capital Services
Limited being the company under the same management as defined under
section 370(1 B) of the Companies Act 1956 and the maximum amount
outstanding during the year at any time Rs.5,000,0007- (Previous year
Rs. 12,640,5237-).
7. There are no amounts payable to any small scale industrial
undertaking.
8. As required under section 205C of the companies Act 1956, the
company has transferred Rs.41,389.507- (Previous year Rs. 60,153) to
the Investor Education And Protection Fund (IEPF) during the year. As
of March 31st 2007, no amount was due for transfer to IEPF.
9. Estimated amount of contract remaining to be executed on capital
and not provided for (Net of advance) is Rs. NIL (previous Year Rs.
NIL)
10. The main business of the company is financial consultancy,
investment and finance. All other activities of the company revolve
around the main business. As such, there are no separate reportable
segments, as per accounting Standard on Segment Reporting (AS-17),
issued by the ICAI.
11. RELATED PARTY DISCLOSURE
A. List of Related Parties and description of Relationship
1. Subsidiary Company FSL Software Technologies Limited
(formerly known as Budha Floriculture Ltd.)
2. Investing party in respect of
which company is an associate Frontline Capital Services Limited
3. Individuals having significant
influence or control Mr. Rakesh K. Jain
Mrs. Prema Jain
4. Relatives of individual
having significant influence
or control Ms. Vidha Jain
Ms. Aridhi Jain
5. Key Management Personnel Mrs. Sarabjeet Kaur
Mrs. Shikha Gupta
6. Enterprises over which
person under above item Hope Consultants Ltd.
A(3),(4),(5) have significant
influence or control Jain Singhal & Associates
Frontline Capital Services Limited
12. Previous years figures have been regrouped / recasted wherever
considered necessary.
Mar 31, 2006
ANNUAL REPORT 2005-2006
NOTES ON ACCOUNTS
ACCOUNTING POLICIES
I. Method of accounting
The company adopts the accrual system of accounting unless stated
otherwise.
II. Fixed Assets
Fixed Assets are accounted for in the books at cost including incidental
charges.
III. Depreciation
(i) Depreciation is provided at the rates prescribed in schedule-XIV to the
Companies Act, 1956 on straight-line method.
(ii) Depreciation on addition / deletion to the fixed assets are provided
from/to the date of addition/deletion of fixed assets.
IV. Valuation of the Investments
The long-term investments are valued at cost. However, if there is any
decline in the value of investment, other than temporary, the carrying
amount of investment is reduced for recognising the decline in value for
each such investment.
V. Valuation of stock of securities
Stock of securities has been valued at lower of cost and market price.
VI. Revenue Recognition
Profit or losses from dealing in securities reflects the net profit / loss
on Sale and purchase of securities.
VII. Retirement Benefits
a. Gratuity is provided on the basis of premium paid to Life Insurance
Corporation of India for the employees covered under the 'Frontline
Securities Limited Employees Group Gratuity Trust'.
b. Provision for leave encashment to employees is provided on the basis of
actual leave entitlement of employee as at balance sheet date.
c. Contribution to provident fund is made monthly at predetermined rates to
the appropriate authorities.
VIII. Translation of Foreign Currency
Transactions in foreign currency are recorded by applying the exchange rate
at the date of transaction. Monetary items denominated in the foreign
currency remaining unsettled at the end of the year, are translated at the
closing rate prevailing on the date of balance sheet. Gain / loss arising
out of fluctuation on realisation, payment or restatement, except those
identifiable to the acquisition of fixed assets is charged / credited to
profit & loss account.
IX. Income Tax
Income Tax expenses are accrued in accordance with Accounting Standard-22,
'Accounting for taxes on income', issued by the Institute of Chartered
Accountants of India, which includes current taxes and deferred taxes.
Deferred income tax reflects the impact of current year timing difference
between taxable income and accounting income for the year and reversal of
the timing difference of earlier years. Deferred tax assets are recognized
only to the extent of future taxable income, which will be available with
reasonable certainty. Such deferred tax asset and liability shall be
calculated and valued at each balance sheet date and carrying value of the
same will be adjusted for recognising the change in the value of such
deferred tax assets and liability.
X. Miscellaneous Expenditure
Preliminary expenditure and Public Issue expenditure are written off over a
period of ten years on pro-rata basis.
XI. Provisions & Contingencies
The Company creates a provision when there is present obligation as a
result of past event that probably requires an outflow of resources and a
reliable estimate can be made of the amount of obligation. A disclosure for
a contingent liability is made when there is a possible obligation that
probably will not require an outflow of resources or where a reliable
estimate of obligation cannot be made.
1. In the opinion of the Board, the current assets, loans and advances have
a value on realisation in the ordinary course of business, at least equal
to the aggregate amount as shown in the Balance sheet.
2. Additional information pursuant to the provisions of Para 3, 4, 4A, 4C
and 4D of Part-II of Schedule VI to the Companies Act, 1956 to the extent
applicable are given below:
a) Purchase and sale of shares / units of Indian Companies / Mutual funds.
Particulars Opening Stock Purchase
A B A B
Shares/Units
of Indian - - - -
Companies/ (8,157,549) (109,178,361) (17,002,162) (212,618,226)
Mutual Funds
Particulars Sales Closing Stock
A B A B
Shares/Units
of Indian - - - -
Companies/ (25,159,711) (320,114,802) (-) (-)
Mutual Funds
A = Qty. [Nos.]
B = Value [Nos.]
Notes:
(i) Figures in brackets pertain to previous year.
(ii) Above number of shares / units, for sale and purchase do not include
number of shares and amount for transactions of hedging in securities and
in respect of securities in speculation i.e. future & option, and further
the company has earned a net loss of Rs.300,304/- (Previous year profit of
Rs.511,925/-) in respect of speculation i.e. future & option transactions.
b) Directors' remuneration paid is as under:
(Amount in Rs.)
Particulars For the Year ended For the year ended
31.3.2006 31.3.2005
Salary and other benefits 160,170/- 137,561/-
Contribution to Provident/
other fund 6,735/- 7,001/-
c) Payment made to the auditor's firm are as under:
(Amount in Rs.)
Particulars For the year ended For the year ended
31.03.2006 [Rupees] 31.03.2005 [Rupees]
Audit Fee 10,000/- 10,000/-
Tax Audit Fee 2,500/- 2,500/-
Consultancy matters NIL 100,000/-
d) (i) Expenditure in foreign currency: Rs. Nil [Previous year Rs. Nil]
(ii) Earning in foreign currency. Rs. Nil [Previous year Rs. Nil]
3. Income Tax
Company has accounted for Deferred Tax in accordance with Accounting
Standard-22 (AS-22) 'Accounting for Taxes on Income' issued by the
Institute of Chartered Accountants of India and accordingly deferred tax
assets and liabilities are recognized.
The net cumulative tax effect of significant timing difference that results
in deferred tax assets and liabilities and description of items thereof
that creates these differences is as follows:
Particulars
As on As on
A. Deferred Tax Assets 31.03.2006 31.03.2005
- Unabsorbed Losses/ Depreciation - -
- Others 471 512
B. Deferred Tax Liabilities
- Depreciation Difference (1,064,893) (1,144,050)
Net Deferred Tax Assets /
(Liabilities) [A-B] (1,064,422) (1,143,538)
Opening Deferred Tax Assets/
(Liabilities) (1,143,538) (1,039,468)
Add/(Less): Net Deferred
Tax for the Year 79,116 (104,070)
Net Closing Deferred Tax Assets /
(Liabilities) (1,064,422) (1,143,538)
EARNING PER SHARE (EPS)
The numerator and denominator used to calculate the basic I diluted earning
per share.'
Year ended Year ended
31.03.2006 31.03.2005
Profit after tax Rs. 30,488,963 7,949,470
Profit attributable to
equity shareholders
(numerator) Rs. 30,488,963 7,949,470
Total number of fully
paid up equity shares
of Rs. 10/- each at
the end of year No. 9,504,950 9,504,950
Weighted average basic
and diluted equity
shares for the purpose
of EPS (denominator) No. 9,504,950 9,504,950
Nominal value of per
equity share Rs. 10 0
Basic and diluted
earning per share Rs. 3.21 0.84
5. Other liabilities includes Rs. 233,623/- (Previous year Rs. 3,364,630/-
as- creditors) due to M/s Frontline Capital Services Limited being the
company under the same management as defined u/s 370(1B) of the Companies
Act 1956.
6. Loans and advances includes Rs. 13,200,000/- (Previous year Rs. Nil)
given to M/s FSL Software Technologies Limited being the wholly owned
subsidiary company and the maximum amount outstanding during the year at
any time Rs. 13,500,000/- (Previous year Rs. 145,564/-)
7. Loans and advances include Rs. 2,000,000/- (Previous year Rs.3,260,260/-
given in cash margin to M/s Frontline Capital Services Limited being the
company under the same management as defined under section 370(1B) of the
Companies Act 1956 and the maximum amount outstanding during the year at
any time Rs.12,640,523/- (Previous year Rs. 3,260,260/-).
8. There are no amounts payable to any small scale industrial undertaking.
9. As required under Section 205C of the Companies Act 1956, the company
has transferred Rs. 60,153/- (Previous year Rs. NIL) to the Investor
Education And Protection Fund (IEPF) during the year. As of March 31st
2006, no amount was due for transfer to IEPF
10. Estimated amount of contract remaining to be executed on capital and
not provided for (Net of advance) is Rs. NIL (Previous Year Rs. NIL)
11. The main business of the company is consultancy, investment and
finance. All other activities of the company revolve around the main
business. As such, there are no separate reportable segments, as per
Accounting Standard on Segment Reporting (AS-17), issued by the ICAI.
12. RELATED PARTY DISCLOSURE
A. List of Related Parties and description of Relationship
1. Subsidiary Company
FSL Software Technologies Limited (formerly known as Budha Floriculture
Ltd.)
2. Investing party in respect of which company is an associate
Frontline Capital Services Limited
3. Individuals having significant influence or control
Mr. Rakesh K. Jain
Mrs. Prema Jain
4. Relatives of individual having significant influence or control
Ms. Vidha Jain
Ms. Aridhi Jain
5. Key Management Personnel
Mrs. Sarabjeet Kaur
Mrs. Shikha Gupta
6. Enterprises over which person under above item A(3),(4),(5) have
significant influence or control
Hope Consultants Ltd.
Avi Growth Avenue Pvt. Ltd.
Frontcap Securities Pvt. Ltd.
Jain Singhal & Associates
Ample Consultants Pvt. Ltd.
Frontline Capital Services Ltd.
B. Details of transactions relating to Person referred in item A above.
(Amount in Rs.)
For the Year For the Year
ended 2006 ended 2005
1. Remuneration to key
managerial personnel
- Sarabjeet Kaur 160,170 144,562
- Shikha Gupta 104,299 264,469 - 144,562
2. Other
Expenditures
- FSL Software
Technologies Ltd. 1,040,000 165,300
- Frontline Capital
Services Ltd. 728,862 1,768,862 259,358 424,658
3. Interest Income
on Cash Margin
- Frontline Capital
Services Ltd. 107,082 107,680
4. Investment in
Equity Share Capital
- FSL Software
Technologies Ltd. 7,660,110 7,660,110
5. Loans & Advances
(Current Assets)
- FSL Software
Technologies Ltd. 13,200,000 -
- Frontline Capital
Services Ltd. 2,000,000 15,200,000 3,260,260 3,260,260
6. Advance taken
(Current Liabilities)
- Frontline Capital
Services Ltd. 233,623 3,364,630
13. Previous year's figures have been regrouped / recasted wherever
considered necessary.
'AS PER OUR REPORT ATTACHED OF EVEN DATE'
For J. JAIN & COMPANY
Chartered Accountants
(JAYANTI JAIN)
Proprietor
M.No.83450
FOR AND ON BEHALF OF THE BOARD
(ATUL K. JAIN)
Director
(PRERNA JAIN)
Director
(SARABJEET KAUR)
Director & Company Secretary
Place : New Delhi
Dated : 29.06.2006
Mar 31, 2005
1. In the opinion of the Board, the current assets, loans and advances
have a value on realisation in the ordinary course of business, at
least equal to the aggregate amount as shown in the Balance sheet.
2. Directors remuneration paid is as under:
Particulars For the Year For the year
ended 31.3.2005 ended 31.3.2004
Salary and other benefits (Rs.) 1,37,561/- 1,37,673/-
Contribution to Provident/other fund (Rs.) 7.001/- 7.190/-
3. Contingent Liabilities
Uncalled liability on partly paid shares is Rs. 94.900/- (Previous year
Rs. 94.900/-)
4. Additional information pursuant to the provisions of Para 4, 4A, 4C
and 4D of Part-II of Schedule VI to the Companies Act, 1956 to the
extent applicable are given below:
a) Opening and closing stock of shares/units:
Particulars No. of shares/Units Value (Rs.)
Opening stock of shares/units of Indian 81,57,549 10,91,78,361
Companies/Mutual Funds. (81,46,574) (9,16,51,202)
Closing stock of shares/units of Indian - -
Companies/Mutual Funds. (81,57,549)(10,91,78,361)
b) Purchase and sale of shares/units of Indian Companies/Mutual funds
Particulars PURCHASES SALES
Qty. [Nos.] Value [Rs.] Oty. [Nos.] Value [Rs.]
Shares/Units
of Indian 170,02,162 21,26,18,226 2,51,59,711 32,01,14,802
Companies/
Mutual funds (3,59,48,856) (54,73,94,303) (3,59,37,881) (52,66,46,012)
Note : (i) Figures in brackets pertain to previous year.
(ii) Above number of shares/units and amount of Opening stock, Closing
stock, Sale and Purchase do not include number of shares and amount for
transactions of hedging in securities/speculation and futures in
respect of securities in speculation/future option, and further the
company has earned a net profit of Rs. 511,925/- (Previous year Rs.
3,951,159/-) in respect of speculation/future option transactions.
c) (i) Expenditure in foreign currency: Rs. Nil [Previous year Rs.
8,932/-]
(ii) Earning in foreign currency: Rs. Nil [Previous year Rs.
5,87,801/-]
5. INCOME TAX
Company has accounted for Deferred Tax in accordance with Accounting
Standard-22 (AS-22) "Accounting for Taxes on Income" issued by the
Institute of Chartered Accountants of India and accordingly deferred
tax assets and liabilities are recognized.
The net cumulative tax effect of significant timing difference that
results in deferred tax assets and liabilities and description of items
thereof that creates these differences is as follows:
Particulars As on 31.03.2005 As on 31.03.2004
A. Deferred Tax Assets
- Unabsorbed Losses/Depreciation - -
- Others 512 14,852
512 14,852
B. Deterred Tax Liabilities
- Depreciation Difference (1,144,050) (1,054,320)
Net Deferred Tax Assets/(Liabilities) [A-B](1,143,538) (1,039,468)
Opening Deferred Tax Assets/(Liabilities) (1,039,468) (1,727,132)
Add/(Less): Net Deferred Tax for the Year (104,070) 687,664
Net closing Deferred Tax
Assets/(Liabilities) (1,143,538) (1,039,468)
6. RELATED PARTY DISCLOSURE
A. List of the related partes and description of relationship
1. Subsidiary Company PSL Software Technologies Limited (formerly
known as Budha Floriculture Ltd)
2. Investing Party in respect of which Frontline Capital Services
Limited Company is an Associate
3 Individuals having significant influence or control. Mr. Rakesh K.
Jain Mrs. Prerna Jain
4 Relatives of Individual having significant Influence or Control. Ms
VidhaJain Ms Aridhi Jain
5. Key Management Personnel Ms. Sarabjeet Kaur
6. Enterprises over which person under above item A (3), A (4) & A (5)
have significant influence or control.
Hope Consultants Ltd. Avi. Growth Avenues Pvt. Ltd. Frontcap
Securities Pvt. Ltd. Jain Singhal & Associates Ample Consultants
Private Limited Frontline Capital Services Ltd.
7. EARNING PER SHARE (EPS)
The numerator and denominator used to calculate the basic/diluted
earning per share.
Particulars Year ended Year ended
31.03.2005 31.03.2004
Profit alter tax Rs. 7,949,470 39,394,778
Profit attributable to equity
shareholders (numerator) Rs. 7,949,470 39,394,778
Total number of fully paid up
equity shares of
Rs. 10/- each at the end of year No. 9,504,950 9,504,950
Weighted average basic and
diluted equity shares
for the purpose of EPS (denominator) No. 9,504,950 9,504,950
Nominal value of per equity share Rs. 10 10
Basic and diluted earning per share Rs. 0.84 4.14
8. Other liabilities include Rs. 3,364,630/- (previous year Rs.
26,60,744/- as debtors) due to M/s Frontline Capital Services Limited
being the company under the same management as defined u/s 370(1B) of
the Companies Act 1956.
9. Loans and advances includes Rs. Nil (Previous year Rs. 145.564/-)
given to M/s FSL Software Technologies Limited being the wholly owned
subsidiary company and the maximum amount outstanding during the year
at any time Rs. 145,564/- (previous year Rs. 41,43,188/-) -
10. Loans and advances include Rs. 3,260,260/- (previous year Rs.
20,00,000/-) given in cash margin to M/s Frontline Capital Services
Limited being the company under the same management as defined under
section 370(1 B) of the Companies Act 1956 and the maximum amount
outstanding during the year at any time Rs. 3,260,260/- (previous year
Rs. 20,00,000/-).
11. Payment made to the auditors firm are as under:
Particulars For the year ended For the year ended
31.03.2005 31.03.2004
(Rupees) (Rupees)
Audit Fee 10,000 10,000
Tax Audit Fee 2,500 2,500
Consultancy Matters 1,00.000 1,00,000
12. Financial statements of the company for the current year are
prepared for twelve months (i.e. from 1st April 2004 to 31st March
2005).
13. Previous years figures have been regrouped/recasted wherever
considered necessary.
Mar 31, 2004
1. In the opinion of the Board, the current assets, loans and advances
have a value on realisation in the ordinary course of business, at
least equal to the aggregate amount as shown in the Balance sheet.
2. Directors remuneration paid is as under:
For the Year ended For the period ended
particulars 31-03-2004 [Rs] 31-03-2003 [Rs]
Salary and other benefits 1,37,673/- 59.893/-
Contribution to Provident/other Fund 7,190/- 3.105/-
3. Contingent Liabilities
Uncalled liability on partly paid shares Rs.94,900/- (Previous Period
Rs.94,900/-)
4. Additional information pursuant to the provisions of Para 4, 4A, 4C
and 4D of part-ll of Schedule VI to the Companies Act, 1956 to the
extent applicable are given below:
a) Opening and closing stock of shares/units:
Particulars No.of Shares/Units Value [Rs.]
Opening stock of shares/units of Indian 8,146,574 91,651,202
Companies/Mutual funds (9,628,932) (106,699,924)
Closing stock of shares/units of Indian 81,57,549 10,91,78,361
Companies/Mutual funds (8,146,574) (91,651,202)
b) Purchase and sale of s hares/units of Indian Companies/Mutual funds
Particulars Purchases Sales
Qty.[Nos.] Value [Rs.] Qty. [Nos.] Value [Rs.]
Shares/Units
of Indian 3,59,48,856 54,73,94,303 3,59,37,881 52,66,46,012
Companies/
Mutual funds (23,412,083) (290,765,826) (24,894,441) (312,443,116)
Note:
(i) Figures in brackets pertain to previous periods.
(ii) Above number of share/units and amount of Opening stock, Closing
stock, Sales and Purchase do not include number of shares and amount
for transactions of hedging in securities/speculation and further,
Company has earned a Net profit of Rs.39,51,159/- (previous Period
Rs.34,585/-) in speculation/hedging pf Securities transactions.
c) (i) Expenditure in foreign currency: 8.932/- [Previous period Rs.
Nil/-]
(ii) Earning in foreign currency: Software Revenues Rs.5,87,801/-
[Previous period 12,99,652/-].
5 INCOME TAX
Company has accounted for Income Tax in compliance with Accounting
Standard-22 (AS-22) "Accounting for Taxes on Income" issued by the
Institute of Chartered Accountants of India and accordingly deferred
tax assets and liabilities are recognised.
The net cumulative tax effect of significant timing difference that
results in deferred tax assets and liabilities and description of items
thereof that creates these differences are as follows:
As on As on
31.03.2004 31.03.2003
A. Deferred Tax Assets
-Unabsorbed Losses/Depreciation - 45,276
-Others 14,852 51,006
14,852 96,282
B. Deferred Tax Liabilities
-Depreciation Difference 10,54,320 18,23,414
Net Deferred Tax Assets/Liabilities [A-B] (10,39,468) (17,27,132)
Opening Deferred tax assets/(liabilities) (17,27,132) 7,65,633
Add/(Less): Net Deferred Tax for the year 6,87,664 (24,92,765)
Net closing deferred tax assets/(liabilities) (10,39,468) (17,27,132)
6. SEGMENT REPORTING
(i) Segment Information has been provided in conformity with Accounting
Policies adopted in preparation and presentation of financial
statements of the company.
(ii) The company has disclosed Business Segment as primary segment. The
Segment has been identified taking into account the nature of
goods/services, the different risk and return, organisation structure
and internal, reporting system.
(iii) The company is mainly engaged in the Business of Finance,
Investment & Consultancy services and Software Business. Finance,
Investment & consultancy services and Software Business have been
identified as reportabte segment as per quantitative Criteria specified
in Accounting Standard 17 (AS17) Segment Reporting issued by the
Institute of Chartered Accountants of India.
(iv) Companys operations are mainly in domestic market and the export
turnover is not significant in the context of total turnover of the
company therefore there Is no reportable geographical segment.
(v) Segment Revenue, Segment Result Segment Assets. Segment Liabilities
Include respective amount identifiable to each segment and also Include
amount allocated on reasonable basis. The expenses and income, which
are not attributable to or allocated on reasonable basis to business
segment are shown as unallocated corporate income.
(vi) Assets and liabilities that cannot be allocated between the
segments are shown as a part of unallocated corporate assets and
liabilities respectively.
(vii) During the year, Company has transferred its Software business
namely FSL Technologies to FSL Software Technologies Limited being the
wholly owned Subsidiary Company. Segment information with respect to
such Software Business has been presented in these Segments information
till the date of transfer of Software Business and accordingly figure
of the current period of Software Business are not comparable with the
previous period.
(viii) Information about Primary Segment (Business)
T. RELATED PARTY DISCLOSURE
A List the related partes and description of relationship
1. Subsidiary Company FSL Software Technologies Limited (formerly
known as Budha Floriculture Ltd)
2 Inverting Party in respect of which Frontline Capital Services
Limited Company is an Associates
3 Individuals having significant influence Mr. Rakesh K. Jam or
control. Mrs. Prema Jain
4 Relatives of Individual having significant Ms Vidha Jain Influence or
Control. Ms Aridhi Jain
5. Key Mangement Personnel Mr. Jeelendra Garg Ms. Sarabjeet Kaur
6. Enterprises over which person under Hope Consultants Ltd. above
item A (3), A (4) & A (5) have Avi Growth Avenues Pvt Ltd. significant
influence or control. Frontcap Securities Pvt. Ltd. Jain Singhal &
Associates Ample Consultants Private Limited Frontline Capital Services
Ltd.,
8. EARNING PER SHARE (EPS)
The numerator and denominator used to calculate the basic and diluted
earning per share
Year ended Period ended
31.03.2004 31.03.2003
Profit after Tax Rs. 39.394,778 51,92,682
Profit attributable to equity
shareholders (numerator) Rs. 39,394,778 51,92,682
Total Number of Fully Paid
up equity shares of Rs.10/- No. 9,504,950 9,504,950
each at the end of period
Weighted Average Basic and
Diluted Equity Shares for No. 9,504,950 9,504,950
the purpose of EPS (Denominator)
Nominal value of per equity share Rs. 10 10
Basic and Diluted Earning per Share Rs. 4.14 0.55
9. Sundry debtors includes Rs.26,60,744/- (previous period
Rs.1,12,549/-) due from M/s Frontline Capital Services Ltd being the
company under the same management as defined u/s 370(1 B) of Companies
Act 1956.
10. Loan and advances includes Rs 145,564/-(Previous period Rs Nil-)
given to M/s FSL Software Technologies Limited being the wholly owned
subsidiary Company and the maximum amount outstanding during the year
at anytime Rs 41,43,188/- (previous period Nil).
11. Loan and advances includes Rs 20,00,000/- (Previous period Rs NIL)
given as cash margin to M/s Frontline Capital Services Limited being
the company under the same management as defined under section 370(1 B)
of the Companies Act 1956 and the maximum amount outstanding during the
year at any time Rs 20.00.000/- (previous period Nil).
12. The Company has transferred its Software Business namely FSL
Technologies to FSL Software Technologies Limited being the wholly
owned Subsidiary Company on 5th August 2003 on going concern basis.
Hence these financial statements contain the financial information with
respect to such software business from 1st April 2003 to 5th August
2003 as against eight month in previous period (i.e. 1st August 2002 to
31st March 2003). Further besides such Software Business, Company is
also engaged in the Business of Finance, Investment & Consultancy
services and accordingly the transfer of Software Business has not
affected the going concern assumption of the Company,
13. Payment made to auditors firm are as under:
For the Year ended For the period ended
Particulars 31-03-2004 31-03-2003
[Rupees] [Rupees]
As an Audit Fee 10,000 7,500
As an Tax Audit fee 2,500 2,500
As an Consultancy Matters 1,00,000
14. Financial statements of the company for the current year are
prepared for twelve months (i.e. from 1st April, 2003 to 31st March,
2004) as against eight months in the previous period (i.e. 1st August
2002 to 31st March 2003). Hence to that extent current year figures of
these financial statements are not comparable with the previous period
figures.
15. Previous years figures have been regrouped/recasted wherever
considered necessary.
Mar 31, 2003
1. In the opinion of the Board, the current assets, loans and advances
have a value on realisation in the ordinary course of business, at
least equal to the aggregate amount as shown in the Balance sheet.
2. Directors remuneration paid is as under:
Particulars For the period ended For the year ended
on 31.03.2003 [Rupees] on 31.07.2002 [Rupees]
Salary and other benefits 59,893/- 274,034/-
Contribution to Provident/other Fund 3,105/- 19,613/-
3. Contingent Liabilities
Uncalled liability on partly paid shares Rs. 94,900/- (previous year
Rs.94,900/-)
4. Additional information pursuant to the provisions of Para 4, 4A, 4C
and 4D of part-II of Schedule VI to the Companies Act, 1956 to the
extent applicable are given below:
a) Opening and closing stock of shares/units:
Particulars No. of Shares/Units Value [Rs.]
Opening stock of shares/units of 9,628,932 106,699,924
Indian Companies/Mutual funds (2,471,643) (35,142,851)
Closing stock of shares/units of 8,146,574 91,651,202
Indian Companies/Mutual funds (9,628,932) (106,699,924)
Note : (i) Figures in brackets pertain to previous years.
(ii) Above number of shares/units and amount of Opening stock, Closing
stock, Sale and Purchase do not include number of snares and amount for
transactions of securities in speculation/future & option, and
further, company has earned a Net profit of Rs. 34,585/- (previous year
Rs. 1,47,690/-) in. speculation/future & option transactions.
c) (i) Expenditure in foreign currency: Nil/- [Previous year Rs. Nil/-]
(ii) Earning in foreign currency: Software Development charges Rs.
12,99,652/- [Previous year Rs. 877,300/-] and consultancy charges Nil
[Previous year Rs. 57,553/-
5. INCOME TAX
Company has accounted for Income Tax in compliance with Accounting
Standard-22 (AS-22) "Accounting for Taxes on Income" issued by the
Institute of Chartered Accountants of India and accordingly deferred
tax assets and liabilities are recognised.
The net cumulative tax effect of significant timing difference that
results in deferred tax assets and liabilities and description of items
thereof that creates these differences are as follows:
As on As on
31.03.2003 31.07.2002
A. Deferred Tax Assets
Unabsorbed Losses/Depreciation 45,276 1,931,766
- Others 51,006 117,546
96,282 2,049,312
B. Deferred Tax Liabilities
Depreciation Difference 18,23,414 1,283,679
Opening Deferred tax assets/inabilities 7,65,633 3,843,633
Less: Net Deferred Tax for the period 24,92,765 3,078,000
Net closing deferred tax
assets/(liabllities) (17,27,132) 765,633
In the opinion of the management, there would be sufficient future
taxable income as evident from current period profitability, against
which above deferred tax assets on account of unabsorbed
losses/depreciation can be realised.
6. SEGMENT REPORTING
(i) Segment Information has been provided in conformity with Accounting
Policies adopted in preparation and presentation of financial
statements of the company.
(ii) The company has disclosed Business Segment as primary segment. The
Segment has been identified taking into account the nature of
goods/Services, the different risk and return, organisation structure
and internal reporting system.
(iii) The company is mainly engaged in the Business of Finance,
Investment & Consultancy services and Software Development. Finance,
Investment & consultancy services and Software Development have been
identified as reportable segment as per quantitative Criteria specified
in Accounting Standard 17 (AS-17) "Segment Reporting" issued by the
Institute of Chartered Accountants of India.
(iv) Companys operations are mainly in domestic market and the export
turnover is not significant in the context of total turnover of the
company therefore there is no reportable geographical segment.
(v) Segment Revenue, Segment Result, Segment Assets, Segment
Liabilities include respective amount identifiable to each segment and
also include amount allocated on reasonable basis. The expenses and
income, which are not attributable to or allocated on reasonable basis
to business segment, are shown as unallocated corporate income.
(vi) Assets and liabilities that cannot be allocated between the
segments are shown as a part of unallocated corporate assets and
liabilities respectively.
9. Financial statements of the company for the current period are
prepared for eight months (i.e. from 1st August, 2002 to 31st March,
2003) as against twelve months in the previous year. Hence to that
extent current period figures of these financial statements are not
comparable with the previous year figures.
10. Previous years figures have been regrouped/recasted wherever
considered necessary.
Jul 31, 2002
1. Contingent Liabilities:
(i) Guarantee given to bank on behalf of a company under the same
management is Nil (Previous year Rs.350 Lac)
(ii) Uncalled liability on partly paid shares Rs. 94,900/-.
2. In the opinion of the Board, the current assets, loans and advances
have a value on realisation in the ordinary course of business, at
least equal to the aggregate amount as shown in the Balance sheet.
3. Directors remuneration paid is as under:
Particulars 2001-2002 (Rs.) 2000-2001 (Rs.)
Salary and other benefits 274034/- 287,500/-
Contribution to Provident/other Fund 19613/- 9,600/-
4. Additional information pursuant to the provisions of Para 4, 4A, 4C
and 4D of part-II of Schedule VI to the Companies Act, 1956 to the
extent applicable are given below:
a) Opening and closing stock of shares/units:
Particulars No. of Value (Rs.)
Shares/Units
Opening stock of shares/units
of Indian 2,471,643 35,142,851
Companies/Mutual funds (599,364) (40,610,411)
Closing stock of shares/units
of Indian 9,628,932 106,699,924
Companies/Mutual funds (2,471,643) (35,142,851)
b) Purchase and sale of shares/units
of Indian Companies/Mutual funds
Particulars PURCHASES SALES
Qty. (Nos.) Value (Rs.) Qty. (Nos.) Value (Rs.)
Shares/Units
of Indian 27,338,642 341,658,544 20,181,353 281,069,396
Companies/
Mutual funds (4,955,483) (134,725,065) (3,083,204) (114.906,179)
Note:
(i) Figures in brackets pertain to previous years.
(ii) Above number of shares/units and amount of Opening stock, Closing
stock, Sale and Purchase do not include number of shares and amount for
transaction of securities in badla/ALBM/speculation/future option, and!
further company has earned a Net profit of Rs.147690 (previous year
Rs.6,503,837) in transaction of badla/ALBM/speculation/future option
transactions.
c) (i) Expenditure in foreign currency: Nil/- (Previous year Rs. Nil/-)
(ii) Earning in foreign currency: Software Development charges
Rs.877,300 and consultancy charges Rs.57,553 (Previous year
consultancy charges Rs.317,648/-)
5. INCOME TAX
During the year company has first time accounted for Deferred Tax in
accordance with Accounting Standard-22 (AS-22) "Accounting for Taxes on
Income" issued by the Institute of Chartered Accountants of India.
Consequently the company has recognised in these Financial Statement
the net Deferred Tax Assets of Rs.30,47,852/- for transitional period
upto March 31, 2001 by way of Crediting to General Reserve and
Rs.7,95,781/- for the period 01.04.2001 to 31.07.2001 to opening
balance of Profit & loss Account as on August, 1, 2001 The net
cumulative tax effect of significant timing difference that results in
deferred tax assets and liabilities and description of items (hereof
that creates these differences is as follows:
As on As on
31.07.2002 01.08.2001
A. Deferred Tax Assets
Unabsorbed Losses/Depreciation 1,931,766 4,632,151
Others 117,546 102,143
2,049,312 4,734,294
B. Deferred Tax Liabilities
Depreciation Difference 1,283,679 890,661
Opening Deferred tax
assets/(liabilities) 3,843,633 -
Add/(Less): Net Deferred Tax 3,078,000 3,843.633
Net closing deferred tax
assets/(liabilities) 765,633 3,843.633
In the opinion of the management, there would be sufficient future
taxable income as evident from current year profitability, against
which above deferred tax assets on account of unabsorbed
losses/depreciation can be realised.
6. SEGMENT REPORTING
(i) Segment Information has been provided in conformity with Accounting
Policies adopted in preparation and presentation of financial
statements of the company.
(ii) The company has disclosed Business Segment as primary segment. The
Segment has been identified taking into account the nature of
goods/services, the different risk and return, organisation structure
and internal reporting system.
(iii) The company is mainly engaged in the Business of Finance,
Investment & Consultancy services and Software Development. Finance,
Investment & consultancy services and Software Development have been
identified as reportable segment as per quantitative Criteria specified
in Accounting Standard 17 (AS-17) "Segment Reporting" issued by the
Institute of Chartered Accountants of India.
(iv) Companys operations are mainly in domestic market and the export
turnover is not significant in the context of total turnover of the
company therefore there is no reportable geographical segment.
(v) Segment Revenue, Segment Result. Segment Assets, Segment
Liabilities include respective amount identifiable to each segment and
also include amount allocated on reasonable basis. The expenses, which
are not attributable to or allocated on reasonable basis to business
segment, are shown as unallocated corporate expenses.
7. RELATED PARTY DISCLOSURE
A. List of Related parties and description of Relationship
1. Associates
Frontline Capital Services Ltd.
2. Individuals having significant influence or control.
Mr. Rakesh K. Jain
Mrs. Prerna Jain
3. Key Management Personnel (Part of the Year)
Mr. Rajendra K. Mangal
Mrs. Sarabjeet Kaur
4. Enterprises over which person under above item A(2) & A(3) have
significant influence or control.
Mope Consultants Ltd.
Avi Growth Avenues Pvt. Ltd.
Budlia Floriculture Pvt. Ltd.
Fronlcap Securities Pvt. Ltd.
Jain Singhal & Associates
Frontline Capital Services Ltd..
B. DETAILS OF TRANSACTIONS RELATING TO PERSON REFERRED IN ITEM A ABOVE
FOR THE YEAR ENDED 31.07.2002.
Particulars of Associates Individual Key Enterprises
Transaction and also having Management over which
enterprises significant personnel pesons
over which persons or influence mentioned
mentioned in above Control in above
item A(2) & A(3) item A(2) & A(3)
have significant have significant
influence influence
Brokerage on sale/
purchase of securities 148,399 - - -
D.P. Charges 1,884 - - -
Remuneration Paid - - 293,647 -
Outstanding Balance 9,986 - - -
Included in Current Assets
Outstanding Balance - - _ -
Included in Current Liabilities
Closing Investment - - - -
In Equity (Bonus Shares) See note below
Note: Besides above outstanding investments, during the year company
has surrendered 7,38,000 shares in equity of that party under the
Buy-back scheme.
9. Previous years figures have been regrouped/recasted wherever
considered necessary.
Jul 31, 2001
1. Contingent Liabilities for guarantee given to bank on behalf of a
company under the same management - Rs.350 Lacs (Previous year Rs.350
Lacs)
2. In the opinion of the Board, the current assets, loans and advances
have a value on realisa- tion in the ordinary course of business, at
least equal to the aggregate amount as shown in the Balance sheet and
provisions for all known liabilities have been made are adequate.
3. Provision for taxation has been made on the basis of results for
the previous year ended 31st March 2001. It has not been adjusted for
the result of the subsequent period of four month ended 31st July 2001,
as the provision for the subsequent period would depend upon the result
of the remaining eight-month ending 31st March 2002.
4. Company has issued 50,00,000 equity shares of Rs. 10 each at a
premium of Rs.4 per share on preferential basis during the year. The
Company has already made an application with the Delhi Stock Exchange
for their permission for listing and approval is awaited.
5. Amount Payable on calls on partly paid up shares (excluding
interest) Rs. 94,900/- (Previous Year Rs 724,900/-)
6. Accounting policies and notes forming part of the account as per
schedule - 17 & 18 are annexed.
7. Balance Sheet Abstract and company's general business profile as per
schedule 19 is annexed.
8. The schedules referred above form an integral part of the Balance
Sheet.
INVESTMENTS
1 a) Aggregate value of unquoted investment is Rs. 32,21,087/-
(Previous year Rs. 32,21,087/-).
b) Aggregate value of quoted investment is Rs.1,94,95,307/- (previous
year Rs.5,95,350/-) Market value of quoted investments is
Rs.89,26,015/- (previous year Rs.109,55,700/-).
c) In the opinion of the management decline in the value of quoted Long
term investments is temporary.
Jul 31, 2000
* Includes Rs. 928,594.38/- (Previous year Rs. 13,06,145/-) due from
Frontline Capital Services Ltd. (Company under the same management
engaged in stock broking) on account of sale of shares in the normal
course of business.
* Includes Rs. Nil (Previous year Rs. 10,00,000/-) due from Frontline
Capital Services Ltd. (Company under the same management) Maximum
amount outstanding during the year Rs. 10,00,000/- (Previous year Rs.
30,00,000/-).
1. Contingent Liabilities for guarantee given to bank on behalf of a
company under the same management - Rs.35,000,000.
2. In the opinion of the Board, the current assets, loans and advances
have a value on realisation in the ordinary course of business, at
least equal to the aggregate amount as shown in the Balance sheet.
3. Provision for taxation has been made on the basis of results for the
previous year ended 31st March 2000. It has not been adjusted for the
result of the subsequent period of four months ended 31st July 2000, as
the provision for the subsequent period would depend upon the result of
the remaining eight-month ending 31st March 2001.
4. During the year Rs. 827,010 [Previous year Rs. 826,797/-] received
as lease rent including Rs. 95.726/- [Previous year Rs. 96,010/-] as
advance.
5. The company has converted 1,26,000 Equity Shares of Flex Chemicals
Ltd. (Paidup Value Rs. 5/- each) into long term investment on 1.8.1999
at market value.
6. Amount payable on calls on partly paid up shares (excluding
interest) Rs. 7,24,900/- (Previous year Rs. 7,24,900/-).
7. Additional information pursuant to the provisions of Para 4, 4A, 4C
and 4D of part - II of Schedule VI to the Companies Act, 1956 to the
extent applicable are given below:
i. Figures in brackets pertain to previous years.
ii. Figures of opening/closing stock, purchase, sale do not include
transaction of badla, albm and speculation.
c) Expenditure in foreign currency :-
Foreign Travel Rs. Nil/- [Previous year Rs.85,637/-]
8. Previous year's figures have been regrouped/recasted wherever
considered necessary.
9. Directors' remuneration paid is as under :
Particulars 1999-2000 1998-1999
[Rupees] [Rupees]
Salaries and other benefits 232,000 216,000
10. The Company has provided depreciation on leased assets as per the
recommendation of the ICAI. However, if the depreciation is being
provided at the rates prescribed in schedule - XIV, the depreciation
would have been lower by Rs. 282,740/- [Previous year Rs. 209,416/-]
and accordingly the profit would have been higher by the same amount.
Jul 31, 1999
Information is taken from 1999-2000 annual reports therefore not available.
Jul 31, 1997
1. CONTINGENT LIABILITIES
Uncalled liability on partly paid shares Rs. 94,900\- (Previous Year Rs.
98,150\-).
2. The current period figures are of 13 months against 12 months
figures in the previous year and to that extent the current period
figures are not directly comparable with previous year's figure.
3. In the opinion of the Board, the current assets, loans and advances
have a value on realisation in the ordinary course of business, at
least equal to the aggregate amount as shown in the Balance Sheet.
4. The company has provided depreciation on leased assets as per the
recommendation of the ICAI. However, if the depreciation is being
provided at the rates prescribed in schedule-XIV, the depreciation
would have been lower by Rs. 13,78,264\- (previous year Rs. 8,94,272\-)
and accordingly the profit/loss would have been higher or lower
respectively by the same amount.
5. During the period Rs. 29,51,091 (Previous year Rs. 24,27,233) received as lease rent including Rs. 3,55,228 (previous year Rs. 2,45,302) as advance. Further Rs. 1,18,304 (previous year Nil) was receivable on account of lease rent as at 31.7.97
6. Profit/Loss from dealing in shares includes Profit from speculation
Rs. 3,70,357\- (Previous year Rs. 19,93,581\-)
Jun 30, 1996
1. CONTINGENT LIABILITIES
- Uncalled liability in partly shares Rs. 98,150/- (previous Year Rs.
1,46,500/-).
- Capital issue underwritten outstanding as on 30th June 1996 is Rs.
26,99,000/- (Previous Year Rs. 39,29,000/-).
2. In the opinion of the Board, the current assets, loans and
advances have a value on realisation in the ordinary course of
business, at least equal to the aggregate amount as shown in the
Balance Sheet.
3. During the year the company has comeout with rights issue of
15,01,650 Equity shares aggregating Rs.1,87,70,625/-. The issue was
opened on 26th June 1996 and closed on 25th July 1996 and the
allotment was made on 20th August 1996.
4. Additional information pursuant to the provisions of Para 4, 4A,
4C and 4D of part-II of Schedule VI to the Companies Act, 1956 to the
extent applicable are given below:
a) Opening and Closing Stock of Shares:
Nos. of Value Shares (Rs.)
i) Opening Stock of Shares 1,53,725 1,50,77,729
of Indian companies (Nil) (Nil)
ii)Closing Stock of Shares 4,88,261 2,21,82,568
of Indian companies (1,53,725) (1,50,77,729)
Figures in bracket represents previous year)
b) Purchase and sale of shares of Indian companies:
Particulars PURCHASES SALES
Qty.(Nos.) Value(Rs.) Qty.(Nos.) Value(Rs.)
Shares/debenture
of Indian 22,60,016 34,09,82,176 19,25,480 33,22,06,621
companies (9,27,275)(18,64,12,913) (7,73,550) (17,57,71,330)
(Figures in bracket represents previous year
c. Earning in foreign exchange from consultancy charges Rs. Nil
(Previous Year Rs.20,790/-).
5. Previous Year's figures have been regrouped/recast wherever
necessary to make them comparable with that of current year's
Jun 30, 1995
SCHEDULE - 20 NOTES TO THE ACCOUNTS
1.CONTINGENT LIABILITIES
- Uncalled liability on partly paid shares Rs. l,46,500/-.
- Capital issue underwritten outstanding as on 30th June
1995 is Rs. 39,29,000/-
2. The accounts has been prepared from the date of
incorporation i.e. 5th May 1994 to 30th June 1995. Since,
this is the first accounting year no figure for previous
year has been given.
3. In the opinion of the Board, the current assets, loans
and advances have a value on realisation in the ordinary
course of business, at least equal to the aggregate amount
as shown in the Balance Sheet.
4. Directors' remuneration paid are as under:
Particulars Amount Rs.
Salaries and others 1,39,513
5. Additional information pursuant to the provisions of Para
4, 4A, 4C and 4D of part-II of Schedule VI to the Companies
Act, 1956 to the extent applicable are given below:
a) Opening and Closing Stock of Shares:
Nos. of Value
Shares (Rs.)
i) Opening Stock of Shares
of Indian companies -- --
ii) Closing Stock of Shares of
Indian companies 153725 15077729
b) Purchase and sale of shares of Indian companies:
Particulars PURCHASES SALES
Qty.(Nos.) Value(Rs.) Qty.(Nos.) Value(Rs.)
Shares/
debenture of
Indian
companies 927275 186412913 773550 175771330
c. Earning in foreign exchange from consultancy charges Rs.
20,790/-.
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