Mar 31, 2015
1. Basis of Preparation of Financial Statement
The company follows mercantile system of accounting , recognition
income and expenditure on accrual basis. The accounts are prepared on
historical cost convention and as a going concern and in accordance
with the provision of the companies act, 1956 as adopted consistently
by the company. Accounting policies not referred to specifically
otherwise are consistent and in consonance with generally accepted
accounting policies.
2. Fixed Assets
Fixed Assets which have been put to use are shown at cost or
acquisition (including expenses related to installation and
proportionate share of Preoperative expenses top the relative assets)
less depreciation. No depreciation has been provided on fixed assets
which are under installation or installed but not put to use.
3. Depreciation
(1) Depreciation is provided on pro-rata basis, from the data on which
assets have been put to use.
(2) Depreciation is provided on Written Down value basis at the rates
as prescribed u/s. XIV to the Co. Act' 1956.
4. Related Party Disclosure
There is no related party transactions took place during the year.
5. The company has not made any provision for deferred tax liability
arising out of timing difference on account of depreciation as per
companies act and Income Tax Act as per Accounting Standard AS-22
prescribed ICAI
Mar 31, 2014
(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 Straight Line Method at
the rate and in the manner prescribed in Schedule XIV of the Companies
Act, 1956.
(v) Deferred Tax
Tax expense comprises both current and deferred taxes. Current
income-tax is measured at the amount expected to be paid to the tax
authorities in accordance with the Indian Income Tax Act. Deferred
income tax reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Deferred tax is measured based
on the tax rates and the tax laws enacted or substantively enacted at
the Balance Sheet date. Deferred tax assets are recognised only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realised. Unrecognised deferred tax assets of earlier years are
re-assessed and recognised to the extent that it has become reasonably
certain that future taxable income will be available against which such
deferred tax assets can be realised.
(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.
(viii) Compliance with Reserve Bank of India Prudential Norms
Income recognition, provisioning and assets classification are in
accordance with norms prescribed by Reserve Bank of India from time to
time.
(ix) Schedule to the Balance Sheet of a Non-deposit taking 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 :
a) Disclosure in respect of related party transaction :
(i) Borrower wise : Nil
(ii) Investor wise : Nil
b) Position of non-performing assets and business levels is lease and
hire purchase and other activities:
(i) Equipment leasing : Nil
(ii) Hire Purchase Finance, Loan, Investment : Nil
(ix) Disclosure in respect of related parties pursuant to Accounting
Standard 18:
a) List of related parties : NIL
b) List of Associates : NIL
c) During the year, no transaction was carried out with the related
parties in the ordinary course of the business.
xi) Other information :
a) Gross Non-performing assets with related parties : NIL
b) Gross Non-performing assets with other than related parties : NIL
c) Net Non-performing assets with related parties : NIL
d) Net Non-performing assets with other than related parties : NIL
e) Assets acquired in satisfaction of debt : NIL
(xii) Special Reserve
Consequent to the Reserve Bank of India (Amendment) Act, 1997 coming
into force effective January 9, 1997 where in all Non-banking Companies
are required to transfer a sum not less than 20 % of its net profit
after Tax to a special reserve wherever the net profit is adequately
available, the company has duly complied with the RBI norms in this
regards.
Mar 31, 2013
(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 Straight Line Method at
the rate and in the manner prescribed in Schedule XIV of the Companies
Act, 1956.
(v) Deferred Tax
Tax expense comprises both current and deferred taxes. Current
income-tax is measured at the amount expected to be paid to the tax
authorities in accordance with the Indian Income Tax Act. Deferred
income tax reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Deferred tax is measured based
on the tax rates and the tax laws enacted or substantively enacted at
the Balance Sheet date. Deferred tax assets are recognised only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realised. Unrecognised deferred tax assets of earlier years are
re-assessed and recognised to the extent that it has become reasonably
certain that future taxable income will be available against which such
deferred tax assets can be realised.
(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.
(viii) Compliance with Reserve Bank of India Prudential Norms
Income recognition, provisioning and assets classification are in
accordance with norms prescribed by Reserve Bank of India from time to
time.
(ix) Schedule to the Balance Sheet of a Non-deposit taking 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 :
a) Disclosure in respect of related party transaction :
(i) Borrower wise : Nil
(ii) Investor wise : Nil
b) Position of non-performing assets and business levels is lease and
hire purchase and other activities:
(i) Equipment leasing : Nil
(ii) Hire Purchase Finance, Loan, Investment : Nil
(ix) Disclosure in respect of related parties pursuant to Accounting
Standard 18:
a) List of related parties : NIL
b) List of Associates : NIL
c) During the year, no transaction was carried out with the related
parties in
the ordinary course of the business.
xi) Other information :
a) Gross Non-performing assets with related parties : NIL
b) Gross Non-performing assets with other than related parties : NIL
c) Net Non-performing assets with related parties : NIL
d) Net Non-performing assets with other than related parties : NIL
e) Assets acquired in satisfaction of debt : NIL (xii) Special Reserve
Consequent to the Reserve Bank of India (Amendment) Act, 1997 coming
into force effective January 9, 1997 where in all Non-banking Companies
are required to transfer a sum not less than 20 % of its net profit
after Tax to a special reserve wherever the net profit is adequately
available, the company has duly complied with the RBI norms in this
regards.
Mar 31, 2012
(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 Straight Line Method at
the rate and in the manner prescribed in Schedule XIV of the Companies
Act, 1956.
(v) Deferred Tax
Tax expense comprises both current and deferred taxes. Current
income-tax is measured at the amount expected to be paid to the tax
authorities in accordance with the Indian Income Tax Act. Deferred
income tax reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Deferred tax is measured based
on the tax rates and the tax laws enacted or substantively enacted at
the Balance Sheet date. Deferred tax assets are recognised only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realised. Unrecognised deferred tax assets of earlier years are
re-assessed and recognised to the extent that it has become reasonably
certain that future taxable income will be available against which such
deferred tax assets can be realised. 24
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.
(viii) Compliance with Reserve Bank of India Prudential Norms
Income recognition, provisioning and assets classification are in
accordance with norms prescribed by Reserve Bank of India from time to
time.
(xii) Special Reserve
Consequent to the Reserve Bank of India (Amendment) Act, 1997 coming
into force effective January 9, 1997 where in all Non-banking Companies
are required to transfer a sum not less than 20 % of its net profit
after Tax to a special reserve wherever the net profit is adequately
available, the company has duly complied with the RBI norms in this
regards.
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 Straight Line Method at
the rate and in the manner prescribed in Schedule XIV of the Companies
Act, 1956.
(v) Deferred Tax
Tax expense comprises both current and deferred taxes. Current
income-tax is measured at the aniount expected to be paid to the tax
authorities in accordance with the Indian Income Tax Act. Deferred
income tax reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Deferred tax is measured based
on the tax rates and the tax laws enacted or substantively enacted at
the Balance Sheet date.
Deferred tax assets are recognised only to the extent that there is
reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realised.
Unrecognised deferred tax assets of earlier years are re-assessed and
recognised to the extent that it has become reasonably certain that
future taxable income will be available against which such deferred tax
assets can be realised.
(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.
(viii) Compliance with. Reserve Bank of India Prudential Norms
Income recognition, provisioning and assets classification are in
accordance with norms prescribed by Reserve Bank of India from time to
time,
(be) Schedule to the Balance Sheet of a Non-deposit taking 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
a) Disclosure in respect of related party transaction :
(i) Borrower wise : Nil
(ii) Investor wise : Nil
b) Position of non-performing assets and business levels is lease and
hire purchase and other activities:
(i) Equipment leasing : Nil
(ii) Hire Purchase Finance, Loan, Investment : Nil
(ii) Disclosure in respect of related parties pursuant to Accounting
Standard 18:
a) List of related parties : NIL
b) List of Associates : NIL
c) During the year, no transaction was carried out with the related
parties in
the ordinary course of the business.
xi) Other information :
a) Gross Non-performing assets with related parties : NIL
b) Gross Non-performing assets with other than related parties : NIL
c) Net Non-performing assets with related parties : NIL
d) Net Non-performing assets with other than related parties : NIL
e) Assets acquired in satisfaction of debt : NIL
(xii) Special Reserve
Consequent to the Reserve Bank of India (Amendment) Act, 1997 coming
into force effective January 9, 1997 where in all Non-banking Companies
are required to transfer a sum not less than 20 % of its net profit
after Tax to a special reserve wherever the net profit is adequately
available, the company has duly complied with the RBI norms in this
regards.