Mar 31, 2015
I. BASIS OF PREPARATION
a) These financial statements have been prepared in accordance with the
generally accepted accounting principles in India under the historical
cost convention on accrual basis. Pursuant to section 133 of the
Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rule,
2014, till the standards of accounting or any addendum thereto are
prescribed by Central Government in consultation and recommendation of
the National Financial Reporting Authority, the existing Accounting
Standards notified under the Companies Act, 1956 shall continue to
apply. Consequently, these financial statements have been prepared to
comply in all material aspect with the Accounting Standards notified
under Section 211(3C) of Companies Act, 1956 [ Companies ( Accounting
Standards ), 2006 as amended ] and other relevant provisions of the
Companies Act, 2013.
b) 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 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 up to
twelve months for the purpose of current / non-current classification
of assets and liabilities.
c) Accounting policies not specifically referred to otherwise are
consistent with the generally accepted accounting principles followed
by the Company.
d) The preparation of financial statements requires estimates and
assumption to be made that effect the reported amount of assets and
liabilities on the date of financial statements and the reported amount
of revenue and expenses during the reporting period .The Difference
between the actual and estimate are recognized in the period in which
results are known/materialized.
II. TANGIBLE FIXED ASSETS AND DEPRECIATION
a) Tangible Fixed Assets are stated at 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 its intended use.
b) Depreciation has been provided as under:
(i) For assets existing on 1st April 2014 the carrying amount will be
amortized over the remaining useful lives on straight line method as
prescribed in the schedule II of companies act, 2013.
(ii) For the assets added after the 1st April 2014 :- On straight line
method at the useful standard Lives prescribed in Schedule II to The
Companies act, 2013.
(iii) Leasehold Improvements is written off / depreciated over the
period of 5 years.
III. INTANGIBLEASSETS AND AMORTISATION
a) Intangible Assets are stated at acquisition of cost, net of
accumulated amortization and accumulated impairment losses, if any.
b) Intangible assets include Cost of software capitalized is amortized
over a period of 3 years.
IV. IMPAIRMENT OF ASSETS
The carrying amounts of assets are reviewed at each Balance Sheet date
if there is any indication of impairment based on internal / external
factors. An asset is treated as impaired when the carrying cost of the
assets exceeds its recoverable value. An impairment loss, if any, is
charged to the statement of Profit and Loss in the year in which an
asset is identified as impaired. Reversal of impairment losses
recognized in the prior years is recorded when there is an indication
that the impairment losses recognized for the assets no longer exist or
have decreased.
V. BORROWING COST
Borrowing Costs attributable to acquisition and construction of
qualifying assets are capitalized as a part of the cost of such assets
up to the date when such assets are ready for its intended use.
Other borrowing costs are charged to the Statement of Profit and Loss
in the period in which they are incurred.
VI. INVESTMENTS
Investments, which are readily realizable and intended to be 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.
Investments are recorded at cost on the date of purchase, which
includes acquisition charges such as brokerage, stamp duty, taxes, etc.
Current Investments are stated at lower of cost and net realizable
value. Long-term investments are stated at cost after deducting
provisions made, if any, for other than temporary diminution in the
value.
VII. INVENTORIES
The securities held as stock-in-trade are valued at weighted average
cost or net realizable value whichever is lower. In respect of
securities held as stock-in-trade, brokerage, Security Transaction Tax
and stamp duty are included in cost. Net realizable value is the
estimated selling price in the ordinary course of business, less the
estimated costs of completion and the estimated costs necessary to make
the sale.
VIII. REVENUE RECONGNITION
a) Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and can be reliably
measured.
b) Revenue from sale of shares & securities is recognized when the
significant risks and rewards of ownership of shares & securities have
passed. Sale of shares & securities are recorded net of brokerage and
Taxes.
c) Transaction of Purchase and Sales effected in cash market, which are
settled otherwise than by actual delivery or transfer of Shares and
securities are netted and the resultant Gain or loss is accounted as
speculation profit or loss in the statement of profit and loss.
d) Derivative Instruments: Transaction of Purchase and Sales of
derivative contracts effected in F & O market, which are settled
otherwise than by actual delivery or transfer of Shares and securities
are netted and the resultant Gain or loss is accounted as F & O profit
or loss in the statement of profit and loss.
Accounting for derivative contracts, the outstanding derivative
contract with respect to F & O as at the yearend are marked to market
individually to account for the loss, if any and is charged to the
statement of profit and loss. The gains arising on account of mark to
market are ignored.
e) Interest Income is recognized on a time proportion basis.
f) Dividend income on investments is accounted for when the right to
receive the payment is established.
IX. EMPLOYEE BENEFITS
a) The Provident Fund contribution and Gratuity is not required to be
provided as the Company does not fulfill the criterion of minimum
number of Employees employed during the year and hence is not under the
statutory obligation to pay the same.
b) Leave Encashment: The leave Encashment benefits, being defined
benefit plans are charged to the profit & loss account, which are paid
annually based on the available leave credit on actual basis.
X. TAXATION
Ta x expense for the period, comprising Current tax and Deferred Tax
are included in the determination of net profit or loss for the period.
Current tax is measured at the amount expected to be paid to the tax
authorities in accordance with the taxation laws prevailing in India.
Deferred Tax is recognized for all the timing differences, subject to
the consideration of prudence in respect of deferred tax assets.
Deferred tax assets are recognized and carried forward only to the
extent that there is a reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realized.
Deferred Tax assets and liabilities are measured using the tax rates
and tax laws that have been enacted and substantively enacted by the
Balance Sheet date. At each Balance Sheet date, the company re-assesses
unrecognized deferred tax assets, if any.
In case of unabsorbed losses and unabsorbed depreciation, all deferred
tax assets are recognized only if there is virtual certainty supported
by convincing evidence that they can be realized against future taxable
profit. At each Balance Sheet date the Company reassesses the
unrecognized deferred tax assets.
XI. OPERATING LEASES
As a Lessee :Leases, where significant portion of risk and reward of
ownership are retained by the Lessor, are classified as Operating
Leases and lease rentals thereon are charged to the Statement of Profit
and Loss on a straight-line basis over the lease term.
XII. CASH AND CASH EQUIVALENT
Cash and Cash Equivalents for the purpose of cash flow statement
comprise cash on hand and cash at bank including fixed deposit with
original maturity period three months or less and short term highly
liquid investments with an original maturity of three months or less.
XIII. EARNINGS PER SHARE
Basic earnings per share are calculated by dividing the net profit for
the year attributable to equity shareholders by the weighted-average
number of equity shares outstanding during the period. Earnings
considered in ascertaining the Company's earnings per share are the net
profit for the period. The weighted-average number of equity shares
outstanding during the period and for all periods presented is adjusted
for events, such as bonus shares, other than the conversion of
potential equity shares that have changed the number of equity shares
outstanding, without a corresponding change in resources.
XIV. CONTINGENT LIABILITIES AND PROVISIONS
Contingent Liabilities are possible but not probable obligations as on
Balance Sheet date based on the available evidence.
Provisions are recognized when there is a present obligation as a
result of past events, and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made.
Provisions are not discounted to its present value and are determined
based on best estimate required to settle the obligation at the Balance
Sheet date.
Mar 31, 2014
(A) Basis of preparation of Financial Statements.
(a) The financial statements have been prepared under the historical
cost convention, in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956, as adopted
consistently.
(b) Accounting policies not specially referred to otherwise are
consistent with generally accepted accounting principles followed by
the Company.
(c) The company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual
basis.
(B) Fixed Assets and Depreciation:
(a) Fixed assets are stated at cost less depreciation.
(b) Depreciation
(i) Depreciation on fixed assets is provided on the straight line
method at the rates and in the manner specified in Schedule XIV of the
Companies Act, 1956.
(ii) Leasehold Improvements is written off / depreciated over the
period of 5 years.
(iii) Depreciation on software is taken at the rate 16.21% on straight
line method.
(C) Investments: Long Term Investments are stated at cost.
(D) Sales: Sales are accounted net of brokerage and taxes.
(E) Employees Benefits:
The Provident Fund contribution and Gratuity is not required to be
provided as the Company does not fulfill the criterion of minimum
number of Employees employed during the year.
(F) Stock In Trade:
(a) In respect of securities held as stock-in-trade, brokerage and
stamp duty are included in cost.
(b) The securities held as stock-in-trade are valued at cost or market
value whichever is lower.
(G) Taxation: Current Taxes, if any, are provided as per the provision
of Income Tax Act 1961.
Deferred Tax is recognized on the timing difference being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in future. Deferred Tax
Assets is recognized only upon actual certainty of sufficient taxable
profit in the future against which such deferred tax asset can be
rectified.
(H) Impairment of Assets: An asset is treated as impaired when the
carrying cost of asset exceeds its recoverable value. An impairment
loss is charged to Profit and Loss Account in the year in which an
asset is identified as impaired. The impairment loss recognized in
prior accounting periods is reversed if there has been a change in the
estimate of recoverable amount.
(I) Lease Rent: The Lease rent expenditure from operating lease of
office premises is accounted on accrual basis.
Mar 31, 2012
(A) Basis of preparation of Financial Statements.
(a) The financial statements have been prepared under the historical
cost convention, in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956, as adopted
consistently.
(b) Accounting policies not specially referred to otherwise are
consistent with generally accepted accounting principles followed by
the Company.
(c) The company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual
basis.
(B) Fixed Assets and Depreciation.
(a) Fixed assets are stated at cost less depreciation.
(b) Depreciation
(i) Depreciation on fixed assets is provided on the straight line
method at the rates and in the manner specified in Schedule XIV of the
Companies Act, 1956.
(ii) Leasehold Improvements is written off / depreciated over the
period of 5 years.
(iii) Depreciation on software is taken at the rate 16.21% on straight
line method.
(C) Investments: Long Term Investments are stated at cost.
(D) Sales: Sales are accounted net of brokerage and taxes.
(E) Employees Benefits:
The Provident Fund contribution and Gratuity is not required to be
provided as the Company does not fulfill the criterion of minimum
number of Employees employed during the year.
(F) Stock In Trade:
a) In respect of securities held as stock-in-trade, brokerage and stamp
duty are included in cost.
b) The securities held as stock-in-trade are valued at cost or market
value whichever is lower.
(G) Taxation: Current Taxes, if any, are provided as per the provision
of Income Tax Act 1961.
Deferred Tax is recognized on the timing difference being the
difference between taxable incomes and accounting income that originate
in one period and are capable of reversal in future. Deferred Tax
Assets is recognized only upon actual certainty of sufficient taxable
profit in the future against which such deferred tax asset can be
rectified.
(H) Impairment of Assets: An asset is treated as impaired when the
carrying cost of asset exceeds its recoverable value. An impairment
loss is charged to Profit and Loss Account in the year in which an
asset is identified as impaired. The impairment loss recognized in
prior accounting periods is reversed if there has been a change in the
estimate of recoverable amount.
(I) Lease Rent: The Lease rent expenditure from operating lease of
office premises is accounted on accrual basis.
Mar 31, 2011
(A) Basis of preparation of Financial Statements.
(a) The financial statements have been prepared under the historical
cost convention, in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956, as adopted
consistently.
(b) Accounting policies not specially referred to otherwise are
consistent with generally accepted accounting principles followed by
the Company.
(c) The company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual
basis.
(B) Fixed Assets and Depreciation:
(a) Fixed assets are stated at cost less depreciation adjusted by
revaluation in case of Office Premises.
(b) Depreciation
(i) Depreciation on fixed assets is provided on the straight line
method at the rates and in the manner specified in Schedule XIV of the
Companies Act, 1956.
(ii) Leasehold Improvements is written off / depreciated over the
period of 5 years.
(C) Investments:
Long Term Investments are stated at cost.
(D) Sales:
Sales are accounted net of brokerage and taxes.
(E) Employees Benefits:
The Provident Fund contribution and Gratuity is not required to be
provided as the Company does not fulfill the criterion of minimum
number of Employees employed during the year.
(F) Stock In Trade:
a) In respect of securities held as stock-in-trade, brokerage and stamp
duty are included in cost.
b) The securities held as stock-in-trade are valued at cost or market
value whichever is lower.
(G) Taxation:
Current Taxes, if any, are provided as per the provision of Income Tax
Act 1961.
Deferred Tax is recognized on the timing difference being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in future. Deferred Ta x
Assets is recognized only upon actual certainty of sufficient taxable
profit in the future against which such deferred tax asset can be
rectified.
(H) Impairment of Assets:
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to Profit and Loss
Account in the year in which an asset is identified as impaired. The
impairment loss recognized in prior accounting periods is reversed if
there has been a change in the estimate of recoverable amount.
Mar 31, 2010
(A) Basis of preparation of financial Statements.
(a) The financial statements have been prepared under the historical
cost convention, in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956, as adopted
consistently.
(b) Accounting policies not specially referred to otherwise are
consistent with generally accepted accounting principles followed by
the Company.
(c) The company generally follows mercantile system of accounting and -
recognizes significant items of income and expenditure on accrual
basis.
(B) Fixed Assets and Depreciation:
(a) Fixed assets are stated at cost less depreciation adjusted by
revaluation in case of Office Premises.
(b) Depreciation
(i) Depreciation on fixed assets is provided on the straight line
method at the rates and in the manner specified in Schedule XIV of the
Companies Act, 1956.
(ii) Leasehold Improvements is written off/ depreciated over the period
of 5 years.
(C) Investments:
Long Term Investments are stated at cost
(D) Sales:
Sales are accounted net of brokerage and taxes.
(E) Employees Benefits:
The Provident Fund contribution and Gratuity is not required to be
provided as the Company does not fulfill the criterion of minimum
number of Employees employed during the year.
(F) Stock In Trade:
a) In respect of securities held as stock-in-trade, brokerage and stamp
duty are included in cost
b) The securities held as stock-in-trade are valued at cost or market
value whichever is lower.
(G) Taxation:
Current Taxes, if any, are provided as per the provision of Income Tax
Act 1961.
Deferred Tax is recognized on the timing difference being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in future. Deferred Tax
Assets is recognized only upon actual certainty of sufficient taxable
profit in the future against which such deferred tax asset can be
rectified.
(H) Impairment of Assets:
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to Profit and Loss
Account in the year in which an asset is identified as impaired. The
impairment loss recognized in prior accounting periods is reversed if
there has been a change in the estimate of recoverable amount