Mar 31, 2015
1.1 BASIS OF ACCOUNTING:
The Financial Statements have been prepared under the historical cost
convention, on accrual basis to comply in all material respects with
all applicable accounting principles in India, the applicable
Accounting Standards notified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.and the relevant
provisions of the Companies Act, 2013.
All assets and liabilities have been classified as current or
non-current as per the Company's normal operating cycle and other
criteria set out in the Revised Schedule III to the Companies Act,
2013. Based on the nature of products and the time between the
acquisition of assets for processing and their realization in cash and
cash equivalents, the Company has ascertained its operating cycle as 12
months for the purpose of current - non current classification of
assets and liabilities
1.2 USE OF ESTIMATES:
The preparation of the financial statements are in conformity with the
generally accepted accounting principles that requires the management
to make estimates and assumptions that affect the reported amount of
assets, liabilities, revenues and expenses and disclosure of contingent
assets and liabilities. The estimates and assumptions used in the
accompanying financial statements are based upon management's
evaluation of the relevant facts and circumstances as of the date of
the financial statements. Actual results may differ from the estimates
and assumptions used in preparing the accompanying financial
statements. Any differences of actual results to such estimates are
recognized in the period in which the results are known / materialized.
13 FIXED ASSETS:
The fixed assets are stated at acquisition cost less accumulated
depreciation.
1.4 DEPRECIATION :
* Depreciation on tangible Assets is provided on the written down value
method over the useful life of assets in accordance with Schedule II of
the Companies Act, 2013.
* Depreciation for assets purchased /sold during a period is
proportionately charged.
* Assets are amortized over their respective individual estimated
useful lives on a written down basis, commencing from the date the
asset is available to the Company for its use.
The estimated useful lives for the fixed assets as per Schedule II of
the Act are as follows:
* Servers and software : 6 years
* Computer : 3 years
System & Peripherals
* Furniture & Fixtures : 10 years
The residual value of assets after its useful life is estimated at 5%
of the cost of the assets in accordance with Schedule II of the Act
1.5 INVESTMENTS:
a) Investments, which are readily realizable and intended to the held
for not more than one year from the date on which such investments are
made, are classified as current investments. All other investments are
classified as long term investments.
b) Investments are classified as Quoted & Unquoted Investments.
c) Long term Investments are stated at cost less provision for
permanent diminution in value of such investments.
d) Current Investments are stated at lower of cost and fair market
value, determined by category of Investments.
1.6 RETIREMENT BENEFIT:
The leave encashment scheme of the company is not in the nature of
retirement benefit and hence no provision is necessary for the same.
1.7 REVENUE RECOGNITION:
a) Brokerage income is recognized as per contracted rates at the
execution of transactions on behalf of the customers on the trade date
and is inclusive of service tax.
b) Transaction of dealing in shares & securities are booked in the
accounts based on contract notes issued by the brokers and the account
statements received. Transactions of derivatives are recognized under
respective heads of accounts as and when the settlement takes place in
accordance with the terms of respective contracts.
c) Income from arbitrage in securities comprises profit/loss on sale of
securities held as stock-in-trade.
d) All incomes and expenditure are accounted for on accrual basis
unless otherwise stated.
e) Interest income is recognized on accrual basis, while dividend on
shares and securities is recognized when the right to receive the
dividend is established.
1.8 BORROWING COST:
Interest and other costs incurred in connection with borrowing of the
funds are charged to revenue on accrual basis except those borrowing
cost which are directly attributable to the acquisition or construction
of those fixed assets, which necessarily take a substantial period of
time to get ready for their intended use. Such costs are capitalized
with the fixed assets.
1.9 EARNINGS PER SHARE (EPS):
The earnings considered in ascertaining the Company's EPS comprises the
net profit after tax (after providing the post tax effect of any extra
ordinary items). The number of shares used in computing Basic EPS is
the weighted average number of equity shares outstanding during the
year.
1.10 INCOME TAX:
a) Current Tax: A Provision for Current Income Tax / Minimum Alternate
Tax is made on the Taxable Income using the applicable tax rates and
tax laws respectively.
b) Deferred Tax: Deferred tax arising on account of timing differences
and which are capable of reversal in one or more subsequent periods is
recognized using the tax rates and tax laws that have been enacted or
substantively enacted. Deferred tax assets are not recognized unless
there is a virtual certainty with respect to the reversal of the same
in future.
1.11 IMPAIRMENT OF ASSETS:
Assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognized for the amount by which the asset's
carrying amount exceeds its recoverable amount. The recoverable amount
is higher of the asset's fair value less costs to sell vis- &-vis value
in use. For the purpose of impairment, assets are grouped at the lowest
levels for which there are separately identifiable cash flows.
1.12 PROVISIONS AND CONTINGENCIES:
The company creates a provision when there is present obligation as a
result of a 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 or a present obligation that probably will not require an
outflow of resources or where a reliable estimate of the obligation can
not be made.
Mar 31, 2014
1.1 BASIS OF ACCOUNTING:
The Financial Statements have been prepared under the historical cost
convention, on accrual basis to comply in all material respects with
all applicable accounting principles in India, the applicable
Accounting Standards notified under Section 211(3C) of the Companies
Act. 1956 and the relevant provisions of the Companies Act. 1956.
All assets and liabilities have been classified as current or
non-current as per the Company''s normal operating cycle and other
criteria set out in the Revised Schedule VI to the Companies Act, 1956
Based on the nature of products and the time between the acquisition of
assets for processing and their realization in cash and cash
equivalents, the Company has ascertained its operating cycle as 12
months for the purpose of current non-current classification of assets
and liabilities
1.2 USE OF ESTIMATES:
The preparation of the financial statements are in conformity with the
generally accepted accounting principles that requires the management
to make estimates and assumptions that affect the reported amount of
assets, liabilities, revenues and expenses and disclosure of contingent
assets and liabilities The estimates and assumptions used in the
accompanying financial statements are based upon management''s
evaluation of the - relevant facts and circumstances as of the date of
the financial statements. Actual results may differ from the estimates
and assumptions used in preparing the accompanying financial
statements. Any differences of actual results to such estimates are
recognized in the period. In which the results are known / materialized
1.3 FIXED ASSETS:
The fixed assets are stated at acquisition cost less accumulated
depreciation.
1.4 DEPRECIATION:
Depreciation on Fixed Assets is provided on '' Written Down Value ''
method at the rates prescribed under schedule XIV to the Companies
(Amendment) Act, 988, on a pro-rata basis taking into consideration the
completed month of additions/ disposals.
1.5 INVESTMENTS:
a) Investments, which are readily realizable and intended to the held
for not more than one year from the date on which such investments are
made, are classified as current investments All other investments are
classified as long term investments.
b) Investments are classified as Quoted & Unquoted Investments.
c) Long term Investments are stated at cost less provision for
permanent diminution in value of such investments.
d) Current Investments are stated at lower of cost and fair market
value, determined by category of Investments.
1.6 RETIREMENT BENEFIT:
The leave encashment scheme of the company is not in the nature of
retirement benefit and hence no provision is necessary for the same.
1.1 REVENUE RECOGNITION;
a) Brokerage income is recognized as per contracted rates at the
execution of transactions on behalf of the customers on the trade date
and is inclusive of service tax.
b) Income from arbitrage in securities comprises profit/loss on sale of
securities, held as stock-in-trade,
c) All incomes and expenditure are accounted for on accrual basis
unless otherwise stated.
d) Interest income is recognized on accrual basis, while dividend on
shares and securities is recognized when the right to receive the
dividend is established.
1.8 BORROWING COST:
Interest and other costs incurred in connection with borrowing of the
funds are charged to revenue on accrual basis except those borrowing
cost which are directly attributable to the acquisition or construction
of those fixed assets, which necessarily take a substantial period of
time to get ready for their intended use. Such costs are capitalized
with the fixed assets
1.9 EARNINGS PER SHARE (EPS):
The earnings considered in ascertaining the Company''s EPS comprises the
net profit after tax (after providing the post-tax effect of any extra
ordinary items) The number of shares used in computing Basic EPS is the
weighted average number of equity shares outstanding during the year
1.10 INCOME TAX:
a) Current Tax: A Provision for Current Income Tax / Minimum Alternate
Tax is made on the Taxable Income using the applicable tax rates and
tax laws respectively.
b) Deferred Tax: Deferred tax arising on account of timing differences
and which are capable of reversal in one or more subsequent periods is
recognized using the tax rates and tax laws that have been enacted or
substantively enacted. Deferred tax assets are not recognized unless
there is a virtual certainty with respect to the reversal of the same
in future
1.11 IMPAIRMENT OF ASSETS:
Assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognized tor the amount by which the asset''s
carrying amount exceeds its recoverable amount. The recoverable amount
is higher of the assets fair value less costs to sell vis-a-vis value
in use. For the purpose of impairment, assets are grouped at the lowest
levels for which there are separately identifiable cash flows.
1.12 PROVISIONS AND CONTINGENCIES:
The company creates a provision when there is present obligation as a
result of a 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 or a present obligation that probably will not require an
outflow of resources or where a reliable estimate of the obligation
cannot be made.
Mar 31, 2013
1.1 Basis of Accounting :
The Financial Statements have been prepared under the historical cost
convention, on accrual basis to comply in all material respects with
all applicable accounting principles in India, the applicable
Accounting Standards notified under Section 211(3C) of the Companies
Act, 1956 and the relevant provisions of the Companies Act, 1956. *
All assets and liabilities have been classified as current or
non-current as per the Company''s normal operating cycle and other
criteria set out in the Revised Schedule VI to the Companies Act, 1956.
Based on the nature of products and the time between the acquisition of
assets for processing and their realisation ih cash and cash
equivalents, the Company has ascertained its operating cycle as 12
months for the purpose of current - non current classification of
assets and liabilities
1.2 Use of Estimates:
The preparation of the financial statements are in conformity with the
generally accepted accounting principles that requires the management
to make estimates and assumptions that affect the reported amount of
assets, liabilities, revenues and expenses and disclosure of contingent
assets and liabilities. The estimates and assumptions used in the
accompanying financial statements are based upon management''s
evaluation of the relevant facts and circumstances as of the date of
the financial statements. Actual results may differ from the estimates
and assumptions used in preparing the accompanying financial
statements. Any differences of actual results to such, estimates are
recognized in the period in which the results are known / materialized.
1 3 Fixed Assets :
The fixed assets are stated at acquisition cost less accumulated
depreciation.
1,4 Depreciation:
Depreciation on Fixed Assets is provided on " Written Down Value "
method at the rates prescribed under schedule XIV to the Companies
(Amendment) Act, 1988, on a pro-rata basis taking into consideration
the completed month of additions/ disposals.
15 Investments:
a) Investments, which are readily realizable and jntended to the held
for not more than." one year from the date on which such investments
are made, are classified as current invertments. All other investments
are classified as long term investments.
b) Investments are classified as Quoted & Unquoted Investments.
c) Long term Investments are stated at cost less provision for
permanent diminution in value of such investments.
d) Current Investments are stated at lower of cost and fair market
value, determined by category of Investments
1.6 RETIREMENT BENEFIT:
The leave encashment scheme of the company is not in the nature of
retirement benefit and hence no provision is necessary for the same.
1.7 REVENUE RECOGNITION:
a) Brokerage income is ''ecognized as per contracted rates at the
execution of transactions on behalf of the customers on the trade date
and is inclusive of service tax
b) Income from arbitrage n securities comprises profit/loss on sate of
securities held as stock-in-trade.
c) All incomes and expenditure are accounted for on accrual basis
unless otherwise stated.
d) Interest income is recognized on accrual basis, while dividend on
shares and securities is recognized when the right to receive the
dividend is established.
1.8 BORROWING COST:
Interest and other costs incurred in connection with borrowing of the
funds are charged tci revenue on accrual basis except those borrowing
cost which are directly attributable to the acquisition or construction
of those fixed assets, which necessarily take a substantial period of
time to get ready for their intended use. Such costs are capitalized
with the fixed assets.
1.9 EARNINGS PER SHARE (EPS):
The earnings considered in ascertaining the Company''s EPS comprises the
net profit after tax (after providing the post tax effect of any extra
ordinary items). The number of shares used in computing Basic EPS is
the weighted average number of equity shares outstanding during the
year.
1.10 INCOME TAX:
a) Current Tax: A Provision for Current Income Tax / Minimum Alternate
Tax is made on the Taxable Income using the applicable tax rates and
tax laws respectively.
b) Deferred Tax: Deferred tax arising on account of timing differences
and which are capable of reversal in one or more subsequent periods is
recognised using the tax rates and tax laws that have been enacted or
substantively enacted. Deferred tax assets are not recognised unless
there is .a virtual certainty with respect to the reversal of the same
in future.
1.11 IMPAIRMENT OF ASSETS:
Assets are reviewed for impairment whenever events or changes in;
circumstances indicate that'' the carrying amount may not be
recoverable. An impairment loss is recognized for the amount by which
the asset''s carrying amount exceeds its recoverable » amount. The
recoverable amount is higher of the asset''s fair value less costs to
sell vis- a-vis value in use. For the purpose of impairment, assets are
grouped at the lowest levels for which there are separately
identifiable cash flows.
1.12 PROVISIONS AND CONTINGENCIES:
The company creates a provision when there is present obligation as a
result of a 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 or a present obligation that probably will not require an
outflow of resources or where a reliable estimate of the obligation can
not be made.
Mar 31, 2010
1 ACCOUNTING CONVENTION:
The Financial Statements have been prepared under the historical cost
convention on accrual basis to comply in all material respects with all
applicable accounting principles in India, the applicable Accounting
Standards notified under Section 211(3C) of the Companies Act. 1956 and
the relevant provisions of the Companies Act. 1956.
2. USE OF ESTIMATES:
The preparation of the financial statements in conformity with the
generally accepted accounting principles requires the management to
make estimates and assumptions that affect the reported amount of
assets, liabilities, revenues and expenses and disclosure of contingent
assets and liabilities The estimates and assumptions used in the
accompanying financial statements are based upon management's
evaluation of the relevant facts and circumstances as of the date of
the financial statements Actual results may differ from the estimates
and assumptions used in preparing the accompanying financial statements
Any differences of actual results to such estimates are recognized In
the period in which the results are known / materialized
3. FIXED ASSETS:
Fixed assets are slated at cost of acquisition less accumulated
depreciation
4 DEPRECIATION / AMORTISATION.
Depreciation on Fixed Assets is provided on " Written Down Value"
method at the rates prescribed under schedule XIV to the Companies
(Amendment) Act, 1988, on a prorata basis taking into consideration the
completed month of additions/ disposals
5. INVESTMENTS:
Long term Investments are stated at cost less provision for permanent
diminution in value of such investments
Current Investments are stated at lower of cost and fair market value,
determined by category of Investments
6. RETIREMENT BENEFIT:
The leave encashment scheme of the company is not in the nature of
retirement benefit and hence no provision is necessary for the same
7. REVENUE RECOGNITION:
a) Brokerage income is recognised as per contracted rates at the
execution of transactions on behalf of the customers on the trade date
and is inclusive of ' service tax.
b) Income from arbitrage in securities comprises profit/loss on sale of
securities held as stock-in-trade.
c) All incomes and expenditure are accounted for on accrual basis
unless otherwise stated
d) Interest income is recognized on accrual basis, while dividend on
shares and securities is recognized when the right to receive the
dividend is established
8 BORROWING COST:
Interest and other costs incurred in connection with borrowing of the
funds are charged to revenue on accrual basis except those borrowing
cost which are directly attributable to the acquisition or construction
of those fixed assets, which necessarily take a substantial period of
time to get ready for their intended use Such costs are capitalised
with the fixed assets
9. EARNINGS PER SHARE (EPS):
The earnings considered in ascertaining the Company s EPS comprises the
net profit after tax (after providing the post tax effect of any extra
ordinary items) The number of shares used in computing Basic EPS is the
weighted average number of equity shares outstanding during the year
10 INCOME TAX:
a) Current Tax: A Provision for Current Income Tax I Minimum Alternate
Tax and is made on the Taxable Income using the applicable tax rates
and tax laws respectively
b) Deferred Tax: Deferred tax arising on account of timing differences
and which are capable of reversal in one or more subsequent periods is
recognised using the tax rates and lax laws that have been enacted or
substantively enacted Deferred tax assets are not recognised unless
there is a virtual certainty with respect to the reversal of the same
in future.
11 IMPAIRMENT OF ASSETS:
Assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable
An impairment loss is recognized for the amount by which the asset's
carrying amount exceeds Its recoverable amount The recoverable amount
is higher of the asset's fair value less costs to sell vis- a-vis value
in use For the purpose of impairment, assets are grouped at the lowest
levels for which there are separately identifiable cash flows.
12. PROVISIONS AND CONTINGENCIES:
The company creates a provision when there is present obligation as a
result of a 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 or a present obligation that probably will not require an
outflow of resources or where a reliable estimate of the obligation can
not be made.
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