Mar 31, 2014
The Financial Statements are prepared under the historical cost
convention on the accrual basis of accounting and in accordance with
accounting principals generally accepted in India and comply with the
accounting standards notified by the Central Government of India, under
the Companies (Accounting Standards) rules 2006 and relevant provisions
of the Companies Act, 1956. The significant accounting polices are as
follows:
(a) Disclosure of accounting policies
The accounts are maintained on accrual basis as a going concern.
(b) Valuation of inventories
There being no inventory, not applicable.
(c) Cash flow statements
The cash flow statement is prepared under "Indirect method" and the
same is annexed.
(d) Prior period item debited to Profit & Loss A/c during the year
amounting Rs. Nil ( P.Y 27,82,174).
(e) Depreciation has not been provided on the Fixed Assets during the
year.
(f) Revenue were recognized on accrual basis. The expenditure are
accounted on a going concern basis and the provisions for all known
liabilities have been made.
(g) Accounting for fixed assets
Fixed assets are stated at cost including taxes, duties, freight and
other incidental expenses if any incurred in relation to acquisition of
the same.
(h) The matter of Accounting for effects in foreign exchange rates is
not applicable, as there are no such transactions.
(i) Investments are stated at cost.
(j) Accounting for retirement benefits:
Retirement benefits, if any, will be provided on cash basis. However
this matter is not applicable in the current financial year. The
matters of P.F., E. S. I etc. are not applicable to the Company.
(k) Borrowing cost
As the company has not borrowed any money, this matter is not
applicable
(l) Segment reporting
As there is no Sales / Income, this matter is also not applicable.
(m) Related party disclosure
There are no transactions requiring Disclosure under the Standard
issued by the Institute of Chartered Accountants of India.
(n) Leases
This matter is not applicable.
(o) Earnings per share
The Face value of the share is Re. 21- and the Earning per sharp is not
disclosed due to loss of current year.
(p) Consolidated financial statements
There being no subsidiary, this matter is not applicable.
(q) Accounting for taxes on income
As the company has incurred loss during the year, the provision for
taxation is not made in the accounts.
(r) Accounting for intangible assets
As per the practice adopted by the company, the Intangible assets have
not been amortised.
(s) Provision, contingent Liability & Contingent Assets:- As on
31-03-2013 Rs. NIL (P.Y. Rs. NIL)
Mar 31, 2012
1. Basis of Preparation of Financial Statements :
The financial statements have been prepared under the historical cost
convention and on accounting principle of going concern, on an accrual
concept, in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956 as adopted by
the Company.
2. Use of Estimates :
The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenue and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known / materialized.
3. Revenue Recognition :
The Company follows mercantile system of accounting and recongnises
income and expenditure on accrual basis.
4. Fixed Assets and Depreciation :
i) All tangible & intangible fixed assets are stated at historical cost
of accquisition or construction including all incidental cost of
acquisition, less accumulated depreciation / amortisation and
impairment loss, if any.
ii) Depreciation on fixed assets is provided on SLM Method at the rate
and in the manner prescribed in Schedule XIV of the Companies Act,
1956. However, depreciation has not been provided for the year ended on
31st March, 2012.
5. Investments :
The securities acquired with the intention of holding till maturity or
for a longer period are classified as investments.Investments are
carried at cost arrived at on weighted average basis. Commissions
earned in respect of securities acquired upon deveolvement are reduced
from the cost of acquisition. Appropriate provision is made for other
than temporary diminution in the value of investments.
6. Tax on Income :
Current Tax is the amount of tax payable for the year as determined in
accordance with the provisions of the Income Tax Act, 1961.
Deferred Tax is recognized on timing differences between taxable profit
and book profit using tax rates enacted or substantively enacted as at
the balance sheet date. Deferred tax asset is recognized and carried
forward only to the extent that there is a reasonable certainty that
the asset will be realized in future.
7. Impairment :
Impairment is ascertained at each balance sheet date in respect of Cash
Generating Units. An impairment loss is recognized whenever the
carrying amount of an asset exceeds its recovarable amount. The
coverable amount is the greater of the net realizable value and value
in use. In assessing value in use, the estimated future cash flows are
discounted to their present value based on an appropriate discount
factor.
8. Miscellaneous Expenditure :
The Public Issue Expenses incurred forthe public issue of the company
are shown under the head "Miscellaneous Expenditure" on the asset side
of the Balance Sheet. The same has not been amortised during the year.
9. Earning Per Share :
Basic earnings per share is calculated by dividing the net profit or
loss for the year attributable to equity shareholders (after deducting
attributable taxes) by the weighted average number of equity shares
outstanding during the year.
Mar 31, 2011
1. Basis of Preparation of Financial Statements :
The financial statements have been prepared under the historical cost
convention and on accounting principle of going concern, on an accrual
concept, in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956 as adopted by
the Company.
2. Use of Estimates :
The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenue and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known / materialized.
3. Revenue Recognition :
The Company follows mercantile system of accounting and recongnises
income and expenditure on accrual basis.
4. Fixed Assets and Depreciation :
i) All tangible & intangible fixed assets are stated at historical cost
of accquisition or construction including all incidental cost of
acquisition, less accumulated depreciation / amortisation and
impairment loss, if any.
ii) Depreciation on fixed assets is provided on SLM Method at the rate
and in the manner prescribed in Schedule XIV of the Companies Act,
1956. However, depreciation has not been provided for the year ended on
31st March, 2011.
5. Investments :
The securities acquired with the intention of holding till maturity or
for a longer period are classified as investments.Investments are
carried at cost arrived at on weighted average basis. Commissions
earned in respect of securities acquired upon deveolvement are reduced
from the cost of acquisition. Appropriate provision is made for other
than temporary diminution in the value of investments.
6. Tax on Income :
Current Tax is the amount of tax payable for the year as determined in
accordance with the provisions of the Income Tax Act, 1961.
Deferred Tax is recognized on timing differences between taxable profit
and book profit using tax rates enacted or substantively enacted as at
the balance sheet date. Deferred tax asset is recognized and carried
forward only to the extent that there is a reasonable certainty that
the asset will be realized in future.
7. Impairment :
Impairment is ascertained at each balance sheet date in respect of Cash
Generating Units. An impairment loss is recognized whenever the
carrying amount of an asset exceeds its recovarable amount. The
coverable amount is the greater of the net realizable value and value
in use. In assessing value in use, the estimated future cash flows are
discounted to their present value based on an appropriate discount
factor.
8. Miscellaneous Expenditure :
The Public Issue Expenses incurred forthe public issue of the company
are shown under the head "Miscellaneous Expenditure" on the asset side
of the Balance Sheet. The same has not been amortised during the year.
9. Earning Per Share :
Basic earnings per share is calculated by dividing the net profit or
loss for the year attributable to equity shareholders (after deducting
attributable taxes) by the weighted average number of equity shares
outstanding during the year.
Mar 31, 2010
(i) Revenue Recognition
(a) Revenue from issue management services, loan syndication, financial
advisory services etc., is recognized based on the stage of completion
of assignments and terms of agreement with the client.
(b) Gains and losses on dealing with securities & derivatives are
recognized on trade date.
(ii) Stock-in-trade (i.e. Inventories)
(a) The securities acquired with the intention of holding for
short-term are classified as investment and securities acquired for
trading are classified as stock-in-trade.
(b) The securities held as stock-in-trade are valued at lower of cost
arrived at on weighted average basis or market/fair value, computed
category-wise. In case of investments transferred to stock-in-trade,
carrying amount on the date of transfer is considered as cost.
Commission earned in respect of securities acquired upon devolvement is
reduced from the cost of acquisition. Fair value of unquoted shares is
taken at break up value of shares as per the latest audited Balance
Sheet of the concerned company. In case of debt instruments, fair
value is worked out on the basis of yield to maturity rate selected
considering quotes where available and credit profile of the issuer and
market related spreads over the government securities.
(c) Discounted instruments like Commercial paper / treasury / bills /
zero coupon instruments are valued at carrying cost. The difference
between the acquisition cost and the redemption value of discounted
instruments is apportioned on a straight line basis for the period of
holding and recognized as Interest income.
(d) Units of mutual fund are valued at lower of cost and net asset
value.
(iii) Investments
The securities acquired with the intention of holding till maturity or
for a longer period are classified as investments, (b) Investments are
carried at cost arrived at on weighted average basis. Commissions
earned in respect of securities acquired upon devolvement are reduced
from the cost of acquisition. Appropriate provision is made for other
than temporary diminution in the value of investments.
(iv) Fixed Assets and Depreciation
(a) Fixed assets are stated at historical cost less accumulated
depreciation and impairment loss, if any. Cost comprises the purchase
price and any attributable cost of bringing the asset to its working
condition for intended use.
(b) Depreciation on fixed assets is provided on SLM Method at the rate
and in the manner prescribed in Schedule XIV of the Companies Act,
1956. But no depreciation for the year ended on 31.03.2010 has been
charged.
(v) Deferred Tax
No provisions made as Depreciation has not been charged by the company
during the year.
(vi) Derivatives Transactions
(a) All open positions are marked to market.
(b) Gains are recognized only on settlement/expiry of the derivative
instruments except for Interest Rate derivatives where even
markto-market gains are recognized.
(c) Receivables/payables on open position are disclosed as current
assets/current liabilities, as the case may be.
(v) Earning Per Share
Basic earnings per share is calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting attributable taxes) by the weighted average number of equity
shares outstanding during the period.
Mar 31, 2009
(i) Revenue Recognition
(a) Revenue from issue management services, loan syndication, financial
advisory services etc., is recognized based on the stage of completion
of assignments and terms of agreement with the client.
(b) Gains and losses on dealing with securities & derivatives are
recognized on trade date.
(ii) Stock-in-trade (i.e. Inventories)
(a) The securities acquired with the intention of holding for
short-term are classified as investment and securities acquired for
trading are classified as stock-in-trade.
(b) The securities held as stock-in-trade are valued at lower of cost
arrived at on weighted average basis or market/ fair value, computed
category-wise. In case of investments transferred to stock-in-trade,
carrying amount on the date of transfer is considered as cost.
Commission earned in respect of securities acquired upon devolvement is
reduced from the cost of acquisition. Fair value of unquoted shares is
taken at break-up value of shares as per the latest audited Balance
Sheet of the concerned company. In case of debt instruments, fair value
is worked out on the basis of yield to maturity rate selected
considering quotes where available and credit profile of the issuer and
market related spreads over the government securities
(c) Discounted instruments like Commercial paper/treasury bills/zero
coupon instruments are valued at carrying cost. The difference between
the acquisition cost and the redemption value of discounted instruments
is apportioned on a straight line basis for the period of holding and
recognized as Interest income.
(d) Units of mutual fund are valued at lower of cost and net asset
value.
(iii) Investments
The securities acquired with the intention of holding till maturity or
for a longer period are classified as investments, (b) Investments are
carried at cost arrived at on weighted average basis. Commissions
earned in respect of securities acquired upon devolvement are reduced
from the cost of acquisition. Appropriate provision is made for other
than temporary diminution in the value of investments.
(iv) Fixed Assets and Depreciation
(a) Fixed assets are stated at historical cost less accumulated
depreciation and impairment loss, if any. Cost comprises the purchase
price and any attributable cost of bringing the asset to its working
condition for intended use.
(b) Depreciation on fixed assets is provided on SLM Method at the rate
and in the manner prescribed in Schedule XIV of the Companies Act,
1956.But no depreciation for the year ended on 31.03.2009 has been
charged.
(v) Deferred Tax
No provisions made as Depreciation has not been charged by the company
during the year.
(vi) Derivatives Transactions
(a) All open positions are marked to market.
(b) Gains are recognized only on settlement/expiry of the derivative
instruments except for Interest Rate derivatives where even mark
to-market gains are recognized.
(c) Receivables/payables on open position are disclosed as current
assets/current liabilities, as the case may be.
(vii) Earning Per Share
Basic earnings per share is calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting attributable taxes) by the weighted average number of equity
shares outstanding during the period.
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