Home  »  Company  »  India Finsec Ltd.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of India Finsec Ltd.

Mar 31, 2018

1. Basis of preparation of Financial Statement

The Financial Statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these Financial Statements to comply in all material respect with the accounting standards notified under the Companies (Accounting standards) Rule, 2006, (as amended) and the relevant provision of the companies Act, 2013.The Financial Statements have been prepared on the accrual basis and under the historical cost convention.

a. Terms and rights attached to equity shares

The company has issued only one class of equity share having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to vote per share. The company declares and pays dividend if any, in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will b e entitiled to receive remaining assets of the company, after distribution of all the preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholder.

2. There is no Micro, Small and Medium Enterprises as defined under Micro, Small & Medium Enterprises Development Act, 2006 to which Company owes dues which are outstanding for a period more than 45 days as on Balance Sheet Date.

The above information regarding Micro, Small and Medium Enterprises has been determined on the basis of information availed with the Company and has been duly relied by the auditors of the Company

3. Related party disclosures/ transactions

(a) Related Parties Covered: -

4. Segment Information:

(a) The Company has identified two reportable segments viz., trading in shares and securities and advancing of loans after taking into account the nature of product and services and the differing risk and returns on such products and services. The accounting policies adopted for segment reporting are in line with the accounting policy of the company with following additional policies for segment reporting: -

(i) Revenue and expenses have been identified to a segment on the basis of relation to operating activities of the segment. Revenue and Expenses relates to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as “Un-allocable”.

(ii) Segment Assets and Segment Liabilities represent Assets and Liabilities in respective segments. Assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as “Un-allocable”.

Primary Segment information: -

(b) The Reportable segment of “Trading in Share and Securities” includes trading in Quoted Equity Shares, Mutual Funds, Bonds, Futures and Options Contracts.

(c) Secondary Segment information: -

The Company does not have secondary segment division in respect of reportable segments.

5. In the opinion of the management, the current assets, loans and advances have a realizable value in the ordinary course of business is not less than the amount at which they are stated in the Balance Sheet.

6. Balance shown under head Sundry Debtors, Creditors, Loans and Advances are subject to confirmation.

7. Break-up of Payments made to Directors is disclosed as under:-

8. Break-up of Payments made to Statutory Auditors (including Service Tax) is disclosed as under:-

9. Previous year’s Figures have been re- arranged or re- grouped wherever considered necessary.

10. The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

11. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

12. The financial statements were approved for issue by the Board of Directors on 30th May, 2018.

13. Figures have been rounded off to the nearest rupees.

14. Figures in brackets indicate negative (-) figures.


Mar 31, 2016

c.1,15,21,470 Equity Shares were allotted as Bonus Shares in the F.Y. 2012-13 by capitalization of Securities Premium and Reserves.

d.60,00,000 Equity Shares were allotted in F.Y. 2013- 14 pursuant to the scheme of Initial Public Offer (IPO).

e.55,00,000 Equity Shares were allotted during the year 2014- 15 under preferential allotment at a premium of Rs. 1.65 per share.

* Pursuant to the enactment of Companies Act 2013, the company has applied the estimated useful lives as specified in Schedule II related to Depreciation on fixed assets. Accordingly the unamortized carrying value is being depreciated over the revised/ remaining useful lives. The written down value of Fixed Assets whose lives have expired as at 1st April 2015 have been adjusted net of tax, in the opening balance of Profit & Loss Account amounting to Rs. 94400.

1. There is no Micro, Small and Medium Enterprises as defined under Micro, Small & Medium Enterprises Development Act, 2006 to which Company owes dues which are outstanding for a period more than 45 days as on Balance Sheet Date.

The above information regarding Micro, Small and Medium Enterprises has been determined on the basis of information availed with the Company and has been duly relied by the auditors of the Company.

2. Related party disclosures/ transactions

3. Segment Information:

(a) The Company has identified two reportable segments viz., trading in shares and securities and advancing of loans after taking into account the nature of product and services and the differing risk and returns on such products and services. The accounting policies adopted for segment reporting are in line with the accounting policy of the company with following additional policies for segment reporting: -

(i) Revenue and expenses have been identified to a segment on the basis of relation to operating activities of the segment. Revenue and Expenses relates to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as “Un-allocable”.

(ii) Segment Assets and Segment Liabilities represent Assets and Liabilities in respective segments. Assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as “Un-allocable”.

(c) The Reportable segment of “Trading in Share and Securities” includes trading in Quoted Equity Shares, Mutual Funds, Bonds, Futures and Options Contracts.

(d) Secondary Segment information: -

The Company does not have secondary segment division in respect of reportable segments.

4. In the opinion of the management, the current assets, loans and advances have a realisable value in the ordinary course of business is not less than the amount at which they are stated in the Balance Sheet.

5. Balance shown under head Sundry Debtors, Creditors, Loans and Advances are subject to confirmation.

6. Break-up of Payments made to Statutory Auditors (including Service Tax) is disclosed as under:-

7. Previous year’s Figures have been re- arranged or re- grouped wherever considered necessary.

8. Figures have been rounded off to the nearest rupees.

9. Figures in brackets indicate negative (-) figures.


Mar 31, 2015

1. Basis of preparation of Financial Statement

The Financial Statements of the company have been prepared in accordance with generally accepted accounting principle s in India (Indian GAAP). The company has prepared these Financial Statements to comply in all material respect with the accounting standards notified under the Companies ( Accounting standards) Rule, 2006, (as amended) and the relevant provision of the companies Act, 2013. The Financial Statements have been prepared on the accrual basis and under the historical cost convention.

2. Terms and rights attached to equity shares

The company has is sued only one class of equity share having a par value of Rs . 10/- per s hare. Each holder of equity shares is entitled to vote per s hare. The company declare s and pays dividend if any, in Indian Rupee s . The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity s hares will be entitled to receive remaining assets of the company, after distribution of all the preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholder.

3. 1,15,21,470 Equity Shares were allotted as Bonus Shares in the F.Y. 2012-13 by capitalisation of Securities Premium and Reserves .

4. 60,00,000 Equity Share s were allotted in F.Y. 2013- 14 pursuant to the scheme of Initial Public Offer (IPO).

5. 55,00,000 Equity Shares were allotted during the year under preferential allotment at a premium of Rs . 1.65 per s hare.

6. There is no Micro, Small and Medium Enterprises as defined under Micro, Small & Medium Enterprises Development Act, 2006 to which Company owes dues which are outstanding for a period more than 45 days as on Balance Sheet Date.

The above information regarding Micro, Small and Medium Enterprises has been determined on the basis of information availed with the Company and has been duly relied by the auditors of the Company.

7. Provisions of Accounting Standard (AS) — 17 issued by the ICAI on 'Segment Reporting' are not been applicable to the Company.

8. In the opinion of the management, the current assets , loans and advance s have a realizable value in the ordinary course of business is not less than the amount at which they are stated in the Balance Sheet.

9. Related party disclosures/ transactions

a) Related Parties Covered: -

(i) Key Management Personnel

Sh. Gopal Bansal- Managing Director Sh. Mukesh Goyal- Whole- time Director Sh. Basant Mittal- Director Ms . Charu Goyal- Director

(ii) Relative s of Key Management Personnel

Ms . Sunita Bansal Mrs . Ganga Devi Bansal

(iii) Enterprises owned or significantly

influenced by the Key Management

Personnel or their Relative s

M/s Gopal Bansal (HUF)

10. Balance shown under head Sundry Debtors , Creditors and Advance s are subject to confirmation.

11. Quantitative Information in respect of Opening Stock, Purchases , Sales and Closing Stock pursuant to Schedule III of the Companies Act, 2013 are as per list attached.

12. The company does not have any pending litigation s as on Balance Sheet Date.

Contingent Liability not provided for 34. Figure s in brackets indicate negative (-) figures.


Mar 31, 2014

1. Basis of preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under Companies (Accounting Standards) Rules, 2006 (as amended from time to time) and the relevant provisions of the Companies Act, 1956,

The financial statements have been prepared on accrual basis and under the historical cost convention. The accounting policies not specifically referred, are consistently applied from the past accounting periods.

2. There is no Micro, Small and Medium Enterprises as defined under Micro, Small & Medium Enterprises Development Act, 2006 to which Company owes dues which are outstanding for a period more than 45 days as on Balance Sheet Date.

The above information regarding Micro, Small and Medium Enterprises has been determined on the basis of information availed with the Company and has been duly relied by the auditors of the Company.

3. Provisions of Accounting Standard (AS) - 17 issued by the ICAI on ''Segment Reporting'' are not been applicable to the Company.

4. In view of present uncertainty regarding generation of sufficient future income, net deferred tax asset or liability has not been recognized in these accounts on prudent basis.

5. In the opinion of the management, the current assets, loans and advances have a relaisable value in the ordinary course of business is not less than the amount at which they are stated in the Balance Sheet.

6. The management has not charged depreciation on office premises considering the present scenario of the Company. Due to this reason, there is an overstatement of profit in the books to the extent of Rs. 10,09,726 in the current financial year

7. Balance shown under head Sundry Debtors, Creditors and Advances are subject to confirmation.

8. Quantitive Information in respect of Opening Stock, Purchases, Sales and Closing Stock pursuant to Schedule VI of the Companies Act, 1956 are as per list attached.

9. Particulars Current Period Previous Year (Rs.) (Rs.)

Contingent Liability not provided for Nil Nil

10. Previous Year''s Figures have been re- arranged or re- grouped wherever considered necessary.

11. Figures have been rounded off to the nearest rupees.

12. Figures in brackets indicate negative (-) figures.


Mar 31, 2013

1. There is no Micro, Small and Medium Enterprises as defined under Micro, Small & Medium Enterprises Development Act, 2006 to which Company owes dues which are outstanding for a period more than 45 days as on Balance Sheet Date.

The above information regarding Micro, Small and Medium Enterprises has been determined on the basis of information availed with the Company and has been duly relied by the auditors of the Company.

2. Provisions of Accounting Standard (AS) - 17 issued by the ICAI on 'Segment Reporting' are not been applicable to the Company.

3. In view of present uncertainty regarding generation of sufficient future income, net deferred tax asset or liability has not been recognized in these accounts on prudent basis.

4. In the opinion of the management, the current assets, loans and advances have a realizable value in the ordinary course of business is not less than the amount at which they are stated in the Balance Sheet.

5. Related party disclosures/ transactions

There is no transaction entered with the related party covered by the Accounting Standard (AS) - 18 on 'Related Party Disclosure' during the period covered by these financial statements.

6. Previous Year's Figures have been re- arranged or re- grouped wherever considered necessary.

7. Figures have been rounded off to the nearest rupees.

8. Figures in brackets indicate negative (-) figures.

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X