Mar 31, 2018
1. Basis of Presentation :
The financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with all material aspects of the applicable Accounting Standards notified under section 133 of companies Act 2013 (Act) read with Rule 7 of the Companies Accounts Rules, 2014 (as amended) and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year by the Company.
2. Use of Estimates:
The preparation of financial statements in conformity with the generally accepted accounting principles which requires the 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 revenues and expenses during the reporting period. The management believes that the estimates used in the preparation of financial statements are prudent and reasonable. Difference between the actual result and estimates are recognized in the period in which the results are known / materialized.
3. Fixed Assets and Depreciation and Amortization :
Fixed assets are stated at cost of acquisition less accumulated depreciation and impairment loss, if any, thereon.
Depreciation is charged using the straight line method based on the useful life of fixed assets as estimated by the management as specified below.
Depreciation is charged from the month in which new assets are put to use. No depreciation is charged for the month in which assets are sold. In the case of transfer of used fixed assets from group Companies, depreciation is charged over the remaining useful life of the assets. Individual assets / group of similar assets costing up to 5,000 has been depreciated in full in the year of purchase. Lease hold land is depreciated on a straight line basis over the lease hold period.
4. Inventories:
All Shares and Securities are valued at Cost.
5. 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 non -current investments.
Current investments are stated at lower of cost or market / fair value. Non - current investments are carried at cost. Provision for diminution in value of non - current investments is made, if in the opinion of the management, such diminution is other than temporary.
6. Revenue Recognition :
(a) Merchant Banking/Syndication/Advisory Fees are recognized on accrual basis
(b) Income from Securities/Investments is recognized on accrual basis.
7. (a) Future Contracts:
Initial margin payment paid at the time of inception of the contract is shown under the head âCurrent Assetsâ
All the future contracts are marked to market on daily basis. The amount of marked to market margin received / paid into/from such accounts, are debited or credited to marked to market margin Index / Stock Future Account and appear as separate item as âCurrent Assetâ or âCurrent Liabilityâ as the case may be.
At the year end, appropriate provisions are created by debit to Profit & Loss Account for anticipated loss. Anticipated profit at the year end is ignored.
At the time of final settlement, the difference between the contract price and the settlement price is calculated and recognized in the Profit & Loss Account after adjusting provision created for anticipated loss, if any.
(b) Option Contracts:
At the inception of the contract, premium paid is debited to Index Option Premium Account or Stock Option Premium Account, as the case may be. On receiving the premium at the time of sale, the Index Option Premium Account or Stock Option Premium Account is credited and shown separately under the head âCurrent Assetsâ or âCurrent Liabilitiesâ as the case may be.
All the Open Option Contracts are marked to market on daily basis in the similar manner as in the case of Future Contracts. If the Contracts are Open as on the Balance Sheet date, appropriate provision is made in the books of accounts by crediting / debiting the Profit & Loss Account.
At the time of Balance Sheet date, if the premium prevailing in the market for a contract of similar nature is lower than the premium so paid, then provision is made for the difference in the Profit & Loss Account.
If the premium received is lower than the premium prevailing in the market for contract of similar nature, appropriate provision for loss will be made by debiting Profit & Loss Account and crediting provision for loss on Index / Stock Option Account appearing under the head Current Liability.
At the time of settlement or at the time of squaring-up, premium is recognized either as expense or income as the case may be. .
8. Borrowing Cost :
Borrowing Cost that are attributable to acquisition, construction or production of qualifying assets are capitalized as part of cost of such assets. Such expenses are shown under Capital Work in Progress to be allocated to the relevant items of assets on such assets. Such expenses are shown under Capital Work in Progress to be allocated to the relevant items of assets on such assets being put to use.
A qualifying asset is an asset that takes substantial period of time to get ready for the intended use.
Borrowing Cost other than those incurred for qualifying asset is expensed out in the year in which it is incurred.
9. Employee Stock Option Plan :
The accounting value of stock options representing the excess of the market price over the exercise price of the shares granted under "Employees Stock Option Scheme" of the Company, is amortized as "Deferred Employees compensation" on a straight-line basis over the vesting period in accordance with the SEBI (Employees Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999.
10. Foreign Currency Transactions :
Foreign Currency Transactions are accounted for at the rates prevailing on the dates of the transactions. Foreign Currency Assets & Liabilities are converted at contracted rates / year end rates as applicable, the exchange differences on settlement are adjusted to the Profit and Loss Account.
11. Retirement Benefits:
(a) Defined Contribution Plan:
Company''s contribution paid/payable during the year to provident fund, are charged to Profit & Loss Account. There are no other ''obligations other than the contribution payable to the respective trusts.
(b) Defined Benefit Plan:
Company''s liability towards gratuity are determined using the projected unit credit method which considers each period of services giving rise to an additional unit of benefit entitlement and measures each unit separately to build up the final obligation. Past services are recognized on a straight line basis over the average period until the amended benefits become vested. Actuarial gain and losses are recognized immediately in the statement of Profit and Loss account as income or expense. Obligation is measured at the present value of estimated future cash flow using a discounted rate that is determined by the reference to market yields at the Balance Sheet date on Government bonds where the currency and terms of Government bonds are consistent with the currency and estimated terms of the defined benefit obligation.
12. Assets on Operating Leases:
Lease payments under operating leases are recognized as expenses on accrual basis in accordance with the respective leave and license agreements.
13. Miscellaneous Expenditure :
Preliminary Expenses, Development Expenditure, Share Issue Expenses in connection with Public Issue of Equity Shares by the Company and Rights Issue Expenses are written off over a period of 5 years.
14. Contingencies and Events occurring after the Balance Sheet Date :
Accounting for contingencies (gains & losses) arising out of contractual obligations are made only on the basis of mutual acceptances. Events occurring after the date of Balance Sheet, where material, are considered upto the date of adoption of accounts.
15. Taxation :
''The current charge for taxes is calculated in accordance with the relevant tax regulations applicable to the Company. Deferred tax assets and liabilities are recognized for future tax consequences attributable to the timing difference that result between the profit offered for Income Tax and the profit as per the financial statement. Deferred tax assets and liabilities are measured as per the tax rates / laws that have been enacted or subsequently enacted by the Balance Sheet date & are reviewed for appropriateness of their respective carrying values at each balance sheet date.
16. Impairment of Assets:
''The Company assesses at each Balance Sheet date whether there is any indication that an asset may be impaired. ''If such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the ''recoverable amount of the cash generating unit to which the asset belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognized in the statement of profit & loss. If at the Balance Sheet date there is an indication that if a previously assessed impaired loss no longer exists, the reassessed asset is reflected at the recoverable amount, subject to a maximum of depreciated historical cost.
Mar 31, 2016
1. Basis of Presentation :
The financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with all material aspects of the applicable Accounting Standards notified under section 133 of companies Act 2013 (Act) read with Rule 7 of the Companies Accounts Rules, 2014 (as amended) and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year by the Company.
2. Use of Estimates:
The preparation of financial statements in conformity with the generally accepted accounting principles which requires the 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 revenues and expenses during the reporting period. The management believes that the estimates used in the preparation of financial statements are prudent and reasonable. Difference between the actual result and estimates are recognized in the period in which the results are known / materialized
3. Fixed Assets :
a) Capitalised at acquisition cost including directly attributable costs such as freight, insurance and specific installation charges for bringing the assets to the working condition for use.
b) Intangible assets are stated at cost, net of tax / duty availed, less accumulated amortization / impairment losses, if any.
c) The carrying amount of the assets, shall be recognised in retained earnings, where the remaining useful life of an asset is nil. Cost includes original cost of acquisition, including incidental expenses related to such acquisition.
4. Depreciation on Fixed Assets :
(a) The company provides depreciation as per Schedule 11 of the Companies Act 2013.
(b) Depreciation on assets acquired and sold during the year/ period, has been charged pro-rata from / up to the month of acquisition/sale of the assets.
(c) Intangible assets such as softwareâs, leasehold office premises etc are amortised over a period of Five (5) years
5. Inventories:
All Shares and Securities are valued at Cost.
6. 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 non -current investments.
Current investments are stated at lower of cost or market / fair value. Non - current investments are carried at cost. Provision for diminution in value of non - current investments is made, if in the opinion of the management, such diminution is other than temporary
7. Revenue Recognition :
(a) Merchant Banking/Syndication/Advisory Fees are recognised on accrual basis
(b) Income from Securities/Investments is recognized on accrual basis.
8 (a) Future Contracts:
Initial margin payment paid at the time of inception of the contract is shown under the head âCurrent Assetsâ
All the future contracts are marked to market on daily basis. The amount of marked to market margin received / paid into/from such accounts, are debited or credited to marked to market margin Index / Stock Future Account and appear as separate item as âCurrent Assetâ or âCurrent Liabilityâ as the case may be.
At the year end, appropriate provisions are created by debit to Profit & Loss Account for anticipated loss. Anticipated profit at the year end is ignored.
At the time of final settlement, the difference between the contract price and the settlement price is calculated and recognized in the Profit & Loss Account after adjusting provision created for anticipated loss, if any.
(b) Option Contracts:
At the inception of the contract, premium paid is debited to Index Option Premium Account or Stock Option Premium Account, as the case may be. On receiving the premium at the time of sale, the Index Option Premium Account or Stock Option Premium Account is credited and shown separately under the head âCurrent Assetsâ or âCurrent Liabilitiesâ as the case may be.
All the Open Option Contracts are marked to market on daily basis in the similar manner as in the case of Future Contracts. If the Contracts are Open as on the Balance Sheet date, appropriate provision is made in the books of accounts by crediting / debiting the Profit & Loss Account.
At the time of Balance Sheet date, if the premium prevailing in the market for a contract of similar nature is lower than the premium so paid, then provision is made for the difference in the Profit & Loss Account.
If the premium received is lower than the premium prevailing in the market for contract of similar nature, appropriate provision for loss will be made by debiting Profit & Loss Account and crediting provision for loss on Index / Stock Option Account appearing under the head Current Liability.
At the time of settlement or at the time of squaring-up, premium is recognized either as expense or income as the case may be.
9. Borrowing Cost :
Borrowing Cost that are attributable to acquisition, construction or production of qualifying assets are capitalized as part of cost of such assets. Such expenses are shown under Capital Work in Progress to be allocated to the relevant items of assets on such assets. Such expenses are shown under Capital Work in Progress to be allocated to the relevant items of assets on such assets being put to use.
A qualifying asset is an asset that takes substantial period of time to get ready for the intended use.
Borrowing Cost other than those incurred for qualifying asset is expensed out in the year in which it is incurred
10. Employee Stock Option Plan :
The accounting value of stock options representing the excess of the market price over the exercise price of the shares granted under "Emplyees Stock Option Scheme" of the Company, is amortised as "Deferred Employees compensation" on a straight -line basis over the vesting period in accordance with the SEBI (Employees Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999.
11. Foreign Currency Transactions :
Foreign Currency Transactions are accounted for at the rates prevailing on the dates of the transactions. Foreign Currency Assets & Liabilities are converted at contracted rates / year end rates as applicable, the exchange differences on settlement are adjusted to the Profit and Loss Account.
12. Retirement Benefits:
(a) Defined Contribution Plan:
Company''s contribution paid/payable during the year to provident fund, are charged to Profit & Loss Account. There are no other ''obligations other than the contribution payable to the respective trusts.
(b) Defined Benefit Plan:
Company''s liability towards gratuity are determined using the projected unit credit method which considers each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately to build up the final obligation. Past services are recognized on a straight line basis over the average period until the amended benefits become vested. Actuarial gain and losses are recognized immediately in the statement of Profit and Loss account as income or expense. Obligation is measured at the present value of estimated future cash flow using a discounted rate that is determined by the reference to market yields at the Balance Sheet date on Government bonds where the currency and terms of Government bonds are consistent with the currency and estimated terms of the defined benefit obligation.
13. Assets on Operating Leases:
Lease payments under operating leases are recognized as expenses on accrual basis in accordance with the respective leave and license agreements.
14. Miscellaneous Expenditure :
Preliminary Expenses, Development Expenditure, Share Issue Expenses in connection with Public Issue of Equity Shares by the Company and Rights Issue Expenses are written off over a period of 5 years.
15. Contingencies and Events occurring after the Balance Sheet Date :
Accounting for contingencies (gains & losses) arising out of contractual obligations are made only on the basis of mutual acceptances. Events occurring after the date of Balance Sheet, where material, are considered upto the date of adoption of accounts.
16. Taxation :
The current charge for taxes is calculated in accordance with the relevant tax regulations applicable to the Company. Deferred tax assets and liabilities are recognised for future tax consequences attributable to the timing difference that result between the profit offered for Income Tax and the profit as per the financial statement. Deferred tax assets and liabilities are measured as per the tax rates / laws that have been enacted or subsequently enacted by the Balance Sheet date & are reviewed for appropriateness of their respective carrying values at each balance sheet date.
17 Impairment of Assets:
The Company assesses at each Balance Sheet date whether there is any indication that an asset may be impaired. ''If such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the ''recoverable amount of the cash generating unit to which the asset belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognized in the statement of profit & loss. If at the Balance Sheet date there is an indication that if a previously assessed impaired loss no longer exists, the reassessed asset is reflected at the recoverable amount, subject to a maximum of depreciated historical cost.
Mar 31, 2015
1. Basis of Presentation :
The Company maintains its accounts on accrual basis, following the
historical cost convention in compliance with the Accounting Standards
referred to in Section 133 and other requirements of the Companies
Act,2013.
2. Fixed Assets :
a) Capitalised at acquisition cost including directly attributable
costs such as freight, insurance and specific installation charges for
bringing the assets to the working condition for use.
b) Intangible assets are stated at cost, net of tax / duty availed,
less accumulated amortization / impairment losses, if any.
c) The carrying amount of the assets, shall be recognised in retained
earning, where the remaining useful life of an asset is nil.
Cost includes original cost of acquisition, including incidental
expenses related to such acquisition.
3. Depreciation on Fixed Assets :
(a) The company provides depreciation as per Schedule II of the
Companies Act 2013.
(b) Depreciation on assets acquired and sold during the year/ period,
has been charged pro-rata from / upto the month of acquisition/sale of
the assets.
(c) Intangible assets such as softwares, leasehold office premises etc
are amortised over a period of Five (5) years
4. Inventories:
All Shares and Securities are valued at Cost.
5. 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 non - current investments.
Current investments are stated at lower of cost or market / fair value.
Non - current investments are carried at cost. Provision for diminution
in value of non - current investments is made, if in the opinion of the
management, such diminution is other than temporary
6. Revenue Recognition :
(a) Merchant Banking/Syndication/Advisory Fees are recognised on
accrual basis
(b) Income from Securities/Invetments is recognized on accrual basis.
7. (a) Future Contracts:
Initial margin payment paid at the time of inception of the contract is
shown under the head "Current Assets" All the future contracts are
marked to market on daily basis. The amount of marked to market margin
received / paid into/from such accounts, are debited or credited to
marked to market margin Index / Stock Future Account and appear as
separate item as "Current Asset" or "Current Liability" as the case may
be.
At the year end, appropriate provisions are created by debit to Profit
& Loss Account for anticipated loss. Anticipated profit at the year
end is ignored.
At the time of final settlement, the difference between the contract
price and the settlement price is calculated and recognized in the
Profit & Loss Account after adjusting provision created for anticipated
loss, if any.
(b) Option Contracts:
At the inception of the contract, premium paid is debited to Index
Option Premium Account or Stock Option Premium Account, as the case may
be. On receiving the premium at the time of sale, the Index Option
Premium Account or Stock Option Premium Account is credited and shown
separately under the head "Current Assets" or "Current Liabilities" as
the case may be.
All the Open Option Contracts are marked to market on daily basis in
the similar manner as in the case of Future Contracts. If the Contracts
are Open as on the Balance Sheet date, appropriate provision is made in
the books of accounts by crediting / debiting the Profit & Loss
Account.
At the time of Balance Sheet date, if the premium prevailing in the
market for a contract of similar nature is lower than the premium so
paid, then provision is made for the difference in the Profit & Loss
Account.
If the premium received is lower than the premium prevailing in the
market for contract of similar nature, appropriate provision for loss
will be made by debiting Profit & Loss Account and crediting provision
for loss on Index / Stock Option Account appearing under the head
Current Liability.
At the time of settlement or at the time of squaring-up, premium is
recognized either as expense or income as the case may be.
8. Borrowing Cost :
Borrowing Cost that are attributable to acquisition, construction or
production of qualifying assets are capitalized as part of cost of such
assets. Such expenses are shown under Capital Work in Progress to be
allocated to the relevant items of assets on such assets.
Such expenses are shown under Capital Work in Progress to be allocated
to the relevant items of assets on such assets being put to use.
A qualifying asset is an asset that takes substantial period of time to
get ready for the intended use.
Borrowing Cost other than those incurred for qualifying asset is
expensed out in the year in which it is incurred.
9. Employee Stock Option Plan :
The accounting value of stock options representing the excess of the
market price over the exercise price of the shares granted under
"Emplyees Stock Option Scheme" of the Company, is amortised as
"Deferred Employees compensation" on a straight-line basis over the
vesting period in accordance with the SEBI (Employees Stock Option
Scheme and Employee Stock Purchase Scheme) Guidelines, 1999.
10. Foreign Currency Transactions :
Foreign Currency Transactions are accounted for at the rates prevailing
on the dates of the transactions. Foreign Currency Assets &
Liabilities are converted at contracted rates / year end rates as
applicable, the exchange differences on settlement are adjusted to the
Profit and Loss Account.
11. Retirement Benefits:
(a) Defined Contribution Plan:
Company's contribution paid/payable during the year to provident fund,
are charged to Profit & Loss Account. There are no other obligations
other than the contribution payable to the respective trusts.
(b) Defined Benefit Plan:
Company's liability towards gratuity are determined using the projected
unit credit method which considers each period of service as giving
rise to an additional unit of benefit entitlement and measures each
unit separately to build up the final obligation. Past services are
recognized on a straight line basis over the average period until the
amended benefits become vested. Actuarial gain and losses are
recognized immediately in the statement of Profit and Loss account as
income or expense. Obligation is measured at the present value of
estimated future cash flow using a discounted rate that is determined
by the reference to market yields at the Balance Sheet date on
Government bonds where the currency and terms of Government bonds are
consistent with the currency and estimated terms of the defined benefit
obligation.
12. Assets on Operating Leases:
Lease payments under operating leases are recognized as expenses on
accrual basis in accordance with the respective leave and license
agreements.
13. Miscellaneous Expenditure :
Preliminary Expenses, Development Expenditure, Share Issue Expenses in
connection with Public Issue of Equity Shares by the Company and Rights
Issue Expenses are written off over a period of 5 years.
14. Contingencies and Events occurring after the Balance Sheet Date :
Accounting for contingencies (gains & losses) arising out of
contractual obligations are made only on the basis of mutual
acceptances. Events occurring after the date of Balance Sheet, where
material, are considered upto the date of adoption of accounts.
15. Taxation :
The current charge for taxes is calculated in accordance with the
relevant tax regulations applicable to the Company. Deferred tax assets
and liabilities are recognised for future tax consequences attributable
to the timing difference that result between the profit offered for
Income Tax and the profit as per the financial statement. Deferred tax
assets and liabilities are measured as per the tax rates / laws that
have been enacted or subsequently enacted by the Balance Sheet date &
are reviewed for appropriateness of their respective carrying values at
each balance sheet date.
16. Impairment of Assets:
The Company assesses at each Balance Sheet date whether there is any
indication that an asset may be impaired.
If such indication exists, the Company estimates the recoverable amount
of the asset. If such recoverable amount of the asset or the
recoverable amount of the cash generating unit to which the asset
belongs is less than its carrying amount, the carrying amount is
reduced to its recoverable amount The reduction is treated as an
impairment loss and is recognized in the Profit & Loss Account.
If at the Balance Sheet date there is an indication that if a
previously assessed impaired loss no longer exists, the reassessed
asset is reflected at the recoverable amount, subject to a maximum of
depreciated historical cost.
Mar 31, 2014
1. Basis of Presentation:
The Company maintains its accounts on accrual basis, following the
historical cost convention in compliance with the Accounting Standards
referred to In Section 211 (3C) and other requirements of the Companies
Act, 1956.
2. Fixed Assets:
a) Capitalised at acquisition cost including directly attributable
costs such as freight, insurance and specific installation charges for
bringing the assets to the working condition for use.
b) Intangible assets are stated at cost, net of tax/duty availed,
less accumulated amortization/impairment losses, if any. Cost
includes original cost of acquisition, including incidental expenses
related to such acquisition.
3. Depreciation on Fixed Assets
(a) Depreciation is provided on Straight Line Method at the rates
specified in Schedule XIV of the Companies Act, 1956.
(b) Depreciation on assets acquired and sold during the year/period,
has been charged pro-rata from/upto the month of acquisition/sale of
the assets.
(c) Intangible assets such as softwares, lease hold office premises etc
are amortised over a period of Five (5) years.
4. Inventories
All Shares and Securities are valued at Cost.
5. 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 non-current investments.
Current investments are stated at lower of cost or market/fair value.
Non-current investments are carried at cost. Provision for diminution
in value of non-current investments is made, if in the opinion of the
management, such diminution is other than temporary.
6. Revenue Recognition
(a) Merchant Banking/Syndication/Advisory Fees are recognised on
accrual basis.
(b) Income from Securities/lnvetments is recognized on accrual basis.
7. (a) Future Contracts:
Initial margin payment paid at the time of inception of the contract is
shown under the head "Current Assets" All the future contracts are
marked to market on daily basis. The amount of marked to market margin
received/paid into/from such accounts, are debited or credited to
marked to market margin Index/Stock Future Account and appear as
separate item as "Current Asset" or "Current Liability" as the case
may be.
At the year end, appropriate provisions are created by debit to Profit
& Loss Account for anticipated loss. Anticipated profit at the year
end is ignored.
At the time of final settlement, the difference between the contract
price and the settlement price is calculated and recognized in the
Profit & Loss Account after adjusting provision created for anticipated
loss, if any.
(b) Option Contracts:
At the inception of the contract, premium paid is debited to index
Option Premium Account or Stock Option Premium Account, as the case may
be. On receiving the premium at the time of sale, the Index Option
Premium Account or Stock Option Premium Account Is credited and shown
separately under the head "Current Assets" or "Current Liabilities" as
the case may be.
All the Open Option Contracts are marked to market on dally basis In
the similar manner as in the case of Future Contracts. If the Contracts
are Open as on the Balance Sheet date, appropriate provision is made in
the books of accounts by crediting/debiting the Profit & Loss
Account.
At the time of Balance Sheet date, if the premium prevailing in the
market for a contract of similar nature is lower than the premium so
paid, then provision is made for the difference in the Profit & Loss
Account.
If the premium received Is lower than the premium prevailing In the
market for contract of similar nature, appropriate provision for loss
will be made by debiting Profit & Loss Account and crediting provision
for loss on Index/Stock Option Account appearing under the head Current
Liability.
At the time of settlement or at the time of squaring-up, premium is
recognized either as expense or income as the case may be.
8. Borrowing Cost:
Borrowing Cost that are attributable to acquisition, construction or
production of qualifying assets are capitalized as part of cost of such
assets. Such expenses are shown under Capital Work in Progress to be
allocated to the relevant Items of assets on such assets.
Such expenses are shown under Capital Work in Progress to be allocated
to the relevant items of assets on such assets being put to use.
A qualifying asset Is an asset that takes substantial period of time to
get ready for the Intended use.
Borrowing Cost other than those incurred for qualifying asset is
expensed out in the year in which it is incurred.
9. Employee Stock Option Plan
The accounting value of stock options representing the excess of the
market price over the exercise price of the shares granted under
"Emplyees Stock Option Scheme" of the Company, is amortised as
"Deferred Employees compensation" on a straight-line basis over the
vesting period in accordance with the SEBI (Employees Stock Option
Scheme and Employee Stock Purchase Scheme) Guidelines, 1999.
10. Foreign Currency Transactions
Foreign Currency Transactions are accounted for at the rates prevailing
on the dates of the transactions. Foreign Currency Assets &
Liabilities are converted at contracted rates/year end rates as
applicable, the exchange differences on settlement are adjusted to the
Profit and Loss Account.
11. Retirement Benefits
(a) Defined Contribution Plan
Company''s contribution paid/payable during the year to provident fund,
are charged to Profit & Loss Account. There are no other obligations
other than the contribution payable to the respective trusts.
(b) Defined Benefit Plan
Company''s liability towards gratuity are determined using the projected
unit credit method which considers each period of service as giving
rise to an additional unit of benefit entitlement and measures each
unit separately to build up the final obligation. Past services are
recognized on a straight line basis over the average period until the
amended benefits become vested. Actuarial gain and losses are
recognized immediately in the statement of Profit and Loss account as
income or expense. Obligation is measured at the present value of
estimated future cash flow using a discounted rate that is determined
by the reference to market yields at the Balance Sheet date on
Government bonds where the currency and terms of Government bonds are
consistent with the currency and estimated terms of the defined benefit
obligation.
12. Assets on Operating Leases
Lease payments under operating leases are recognized as expenses on
accrual basis In accordance with the respective leave and license
agreements.
13. Miscellaneous Expenditure
Preliminary Expenses, Development Expenditure, Share Issue Expenses in
connection with Public Issue of Equity Shares by the Company and Rights
Issue Expenses are written off over a period of 5 years.
14. Contingencies and Events occurring after the Balance Sheet Date
Accounting for contingencies (gains & losses) arising out of
contractual obligations are made only on the basis of mutual
acceptances. Events occurring after the date of Balance Sheet, where
material, are considered upto the date of adoption of accounts.
15. Taxation
The current charge for taxes Is calculated In accordance with the
relevant tax regulations applicable to the Company. Deferred tax assets
and liabilities are recognised for future tax consequences attributable
to the timing difference that result between the profit offered for
Income Tax and the profit as per the financial statement. Deferred tax
assets and liabilities are measured as per the tax rates/laws that
have been enacted or subsequently enacted by the Balance Sheet date &
are reviewed for appropriateness of their respective carrying values at
each balance sheet date.
16. Impairment of Assets
The Company assesses at each Balance Sheet date whether there is any
indication that an asset may be impaired.
If such indication exists, the Company estimates the recoverable amount
of the asset. If such recoverable amount of the asset or the
recoverable amount of the cash generating unit to which the asset
belongs is less than its carrying amount, the carrying amount is
reduced to its recoverable amount.
The reduction is treated as an impairment loss and is recognized in the
Profit & Loss Account.
If at the Balance Sheet date there is an indication that if a
previously assessed impaired loss no longer exists, the reassessed
asset is reflected at the recoverable amount, subject to a maximum of
depreciated historical cost.
Mar 31, 2013
1. Basis of Presentation:
The Company maintains its accounts on accrual basis, following the
historical cost convention in compliance with the Accounting Standards
referred to in Section 211(3C) and other requirements of the Companies
Act, 1956.
2. Fixed Assets :
a) Capitalised at acquisition cost including directly attributable
costs such as freight, insurance and specific installation charges for
bringing the assets to the working condition for use.
b) Intangible assets are stated at cost, net of tax / duty availed,
less accumulated amortization / impairment losses, if any. Cost
includes original cost of acquisition, including incidental expenses
related to such acquisition.
3. Depreciation on Fixed Assets :
(a) Depreciation is provided on Straight Line Method at the rates
specified in Schedule XIV of the Companies Act, 1956.
(b) Depreciation on assets acquired and sold during the year/ period,
has been charged pro-rata from / upto the month of acquisition/sale of
the assets.
(c) Intangible assets such as softwares, leasehold office premises etc
are amortised over a period of Five (5) years.
4. Inventories:
All Shares and Securities are valued at Cost.
5. 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 non  current investments.
Current investments are stated at lower of cost or market / fair value.
Non  current investments are carried at cost. Provision for diminution
in value of non  current investments is made, if in the opinion of the
management, such diminution is other than temporary.
6. Revenue Recognition :
(a) Merchant Banking/Syndication/Advisory Fees are recognised on
accrual basis.
(b) Income from Securities/Invetments is recognized on accrual basis.
7. (a) Future Contracts:
Initial margin payment paid at the time of inception of the contract is
shown under the head "Current Assets"
All the future contracts are marked to market on daily basis. The
amount of marked to market margin received / paid into/from such
accounts, are debited or credited to marked to market margin Index /
Stock Future Account and appear as separate item as "Current Asset" or
"Current Liability" as the case may be.
At the year end, appropriate provisions are created by debit to Profit
& Loss Account for anticipated loss. Anticipated profit at the year
end is ignored.
At the time of final settlement, the difference between the contract
price and the settlement price is calculated and recognized in the
Profit & Loss Account after adjusting provision created for anticipated
loss, if any.
(b) OptionContracts:
At the inception of the contract, premium paid is debited to Index
Option Premium Account or Stock Option Premium Account, as the case may
be. On receiving the premium at the time of sale, the Index Option
Premium Account or Stock Option Premium Account is credited and shown
separately under the head "Current Assets" or "Current Liabilities" as
the case may be.
All the Open Option Contracts are marked to market on daily basis in
the similar manner as in the case of Future Contracts. If the Contracts
are Open as on the Balance Sheet date, appropriate provision is made in
the books of accounts by crediting / debiting the Profit & Loss
Account.
At the time of Balance Sheet date, if the premium prevailing in the
market for a contract of similar nature is lower than the premium so
paid, then provision is made for the difference in the Profit & Loss
Account.
If the premium received is lower than the premium prevailing in the
market for contract of similar nature, appropriate provision for loss
will be made by debiting Profit & Loss Account and crediting provision
for loss on Index / Stock Option Account appearing under the head
Current Liability.
At the time of settlement or at the time of squaring-up, premium is
recognized either as expense or income as the case may be.
8. Borrowing Cost :
Borrowing Cost that are attributable to acquisition, construction or
production of qualifying assets are capitalized as part of cost of such
assets. Such expenses are shown under Capital Work in Progress to be
allocated to the relevant items of assets on such assets.
Such expenses are shown under Capital Work in Progress to be allocated
to the relevant items of assets on such assets being put to use.
A qualifying asset is an asset that takes substantial period of time to
get ready for the intended use.
Borrowing Cost other than those incurred for qualifying asset is
expensed out in the year in which it is incurred.
9. Employee Stock Option Plan :
The accounting value of stock options representing the excess of the
market price over the exercise price of the shares granted under
"Emplyees Stock Option Scheme" of the Company, is amortised as
"Deferred Employees compensation" on a straight-line basis over the
vesting period in accordance with the SEBI (Employees Stock Option
Scheme and Employee Stock Purchase Scheme) Guidelines, 1999.
10. ForeignCurrency Transactions :
Foreign Currency Transactions are accounted for at the rates prevailing
on the dates of the transactions. Foreign Currency Assets &
Liabilities are converted at contracted rates / year end rates as
applicable, the exchange differences on settlement are adjusted to the
Profit and Loss Account.
11. RetirementBenefits:
(a) Defined ContributionPlan:
Company''s contribution paid/payable during the year to provident fund,
are charged to Profit & Loss Account. There are no other obligations
other than the contribution payable to the respective trusts.
(b) Defined Benefit Plan:
Company''s liability towards gratuity are determined using the projected
unit credit method which considers each period of service as giving
rise to an additional unit of benefit entitlement and measures each
unit separately to build up the final obligation. Past services are
recognized on a straight line basis over the average period until the
amended benefits become vested. Actuarial gain and losses are
recognized immediately in the statement of Profit and Loss account as
income or expense. Obligation is measured at the present value of
estimated future cash flow using a discounted rate that is determined
by the reference to market yields at the Balance Sheet date on
Government bonds where the currency and terms of Government bonds are
consistent with the currency and estimated terms of the defined benefit
obligation.
12. AssetsonOperating Leases:
Lease payments under operating leases are recognized as expenses on
accrual basis in accordance with the respective leave and license
agreements.
13. Miscellaneous Expenditure :
Preliminary Expenses, Development Expenditure, Share Issue Expenses in
connection with Public Issue of Equity Shares by the Company and Rights
Issue Expenses are written off over a period of 5 years.
14. Contingencies and Events occurringafter the Balance Sheet Date :
Accounting for contingencies (gains & losses) arising out of
contractual obligations are made only on the basis of mutual
acceptances. Events occurring after the date of Balance Sheet, where
material, are considered upto the date of adoption of accounts.
15. Taxation :
The current charge for taxes is calculated in accordance with the
relevant tax regulations applicable to the Company. Deferred tax assets
and liabilities are recognised for future tax consequences attributable
to the timing difference that result between the profit offered for
Income Tax and the profit as per the financial statement. Deferred tax
assets and liabilities are measured as per the tax rates / laws that
have been enacted or subsequently enacted by the Balance Sheet date &
are reviewed for appropriateness of their respective carrying values at
each balance sheet date.
16. Impairment ofAssets:
The Company assesses at each Balance Sheet date whether there is any
indication that an asset may be impaired.
If such indication exists, the Company estimates the recoverable amount
of the asset. If such recoverable amount of the asset or the
recoverable amount of the cash generating unit to which the asset
belongs is less than its carrying amount, the carrying amount is
reduced to its recoverable amount
The reduction is treated as an impairment loss and is recognized in the
Profit & Loss Account.
If at the Balance Sheet date there is an indication that if a
previously assessed impaired loss no longer exists, the reassessed
asset is reflected at the recoverable amount, subject to a maximum of
depreciated historical cost.
Mar 31, 2012
1. Basis of Presentation:
The Company maintains its accounts on accrual basis, following the
historical cost convention in compliance with the Accounting Standards
referred to in Section 211(3C) and other requirements of the Companies
Act, 1956.
2. Fixed Assets:
a) Capitalized at acquisition cost including directly attributable
costs such as freight, insurance and specific installation charges for
bringing the assets to the working condition for use.
b) Intangible assets are stated at cost, net of tax / duty availed,
less accumulated amortization / impairment losses, if any. Cost
includes original cost of acquisition, including incidental expenses
related to such acquisition.
3. Depreciation on Fixed Assets:
(a) Depreciation is provided on Straight Line Method at the rates
specified in Schedule XIV of the Companies Act, 1956;
(b) Depreciation on assets acquired and sold during the year/ period,
has been charged pro-rata from / up to the month of acquisition/sale of
the assets.
(c) Intangible assets such as software's, leasehold office premises etc
are amortized over a period of Five
(5) years
4. Inventories:
All Shares and Securities are valued at Cost or market value, whichever
is lower.
5. Investments:
All Investments are stated at cost and provision for diminution in
value, of permanent nature, if any, of Investments is charged to the
Profit and Loss account.
6. Revenue Recognition:
(a) Merchant Banking/Syndication/Advisory Fees are recognized on
accrual basis
(b) Income from Securities/Investments is recognized on accrual basis.
7. (a) Future Contracts:
Initial margin payment paid at the time of inception of the contract is
shown under the head "Current Assets" All the future contracts are
marked to market on daily basis. The amount of marked to market margin
received / paid into/from such accounts, are debited or credited to
marked to market margin Index/Stock Future Account and appear as
separate item as "Current Asset" or "Current Liability" as the
case may be.
At the year end, appropriate provisions are created by debit to Profit
& Loss Account for anticipated loss. Anticipated profit at the year
end is ignored.
At the time of final settlement, the difference between the contract
price and the settlement price is calculated and recognized in the
Profit & Loss Account after adjusting provision created for anticipated
loss, if any.
(b) Option Contracts:
At the inception of the contract, premium paid is debited to Index
Option Premium Account or Stock Option Premium Account, as the case may
be. On receiving the premium at the time of sale, the Index Option
Premium Account or Stock Option Premium Account is credited and shown
separately under the head "Current Assets" or "Current
Liabilities" as the case may be.
All the Open Option Contracts are marked to market on daily basis in
the similar manner as in the case of Future Contracts. If the Contracts
are Open as on the Balance Sheet date, appropriate provision is made in
the books of accounts by crediting / debiting the Profit & Loss
Account.
At the time of Balance Sheet date, if the premium prevailing in the
market for a contract of similar nature is lower than the premium so
paid, then provision is made for the difference in the Profit & Loss
Account.
If the premium received is lower than the premium prevailing in the
market for contract of similar nature, appropriate provision for loss
will be made by debiting Profit & Loss Account and crediting provision
for loss on Index/Stock Option Account appearing under the head Current
Liability.
At the time of settlement or at the time of squaring-up, premium is
recognized either as expense or income as the case may be.
8. Borrowing Cost:
Borrowing Cost that are attributable to acquisition, construction or
production of qualifying assets are capitalized as part of cost of such
assets. Such expenses are shown under Capital Work in Progress to be
allocated to the relevant items of assets on such assets. Such expenses
are shown under Capital Work in Progress to be allocated to the
relevant items of assets on such assets being put to use.
A qualifying asset is an asset that takes substantial period of time to
get ready for the intended use.
Borrowing Cost other than those incurred for qualifying asset is
expensed out in the year in which it is incurred.
9. Employee Stock Option Plan:
The accounting value of stock options representing the excess of the
market price over the exercise price of the shares granted under
"Employees Stock Option Scheme" of the Company, is amortized as
"Deferred Employees compensation" on a straight-line basis over the
vesting period in accordance with the SEBI (Employees Stock Option
Scheme and Employee Stock Purchase Scheme) Guidelines, 1999.
10. Foreign Currency Transactions:
Foreign Currency Transactions are accounted for at the rates prevailing
on the dates of the transactions. Foreign Currency Assets &
Liabilities are converted at contracted rates / year end rates as
applicable, the exchange differences on settlement are adjusted to the
Profit and Loss Account.
11. Retirement Benefits:
(a) Defined Contribution Plan:
Company's contribution paid/payable during the year to provident fund,
are charged to Profit & Loss Account. There are no other obligations
other than the contribution payable to the respective trusts.
(b) Defined Benefit Plan:
Company's liability towards gratuity are determined using the projected
unit credit method which considers each period of service as giving
rise to an additional unit of benefit entitlement and measures each
unit separately to build up the final obligation. Past services are
recognized on a straight line basis over the average period until the
amended benefits become vested. Actuarial gain and losses are
recognized immediately in the statement of Profit and Loss account as
income or expense. Obligation is measured at the present value of
estimated future cash flow using a discounted rate that is determined
by the reference to market yields at the Balance Sheet date on
Government bonds where the currency and terms of Government bonds are
consistent with the currency and estimated terms of the defined benefit
obligation.
12. Miscellaneous Expenditure:
Preliminary Expenses, Development Expenditure, Share Issue Expenses in
connection with Public Issue of Equity Shares by the Company and Rights
Issue Expenses are written off over a period of 5 years.
13. Contingencies and Events occurring after the Balance Sheet Date:
Accounting for contingencies (gains & losses) arising out of
contractual obligations are made only on the basis of mutual
acceptances. Events occurring after the date of Balance Sheet, where
material, are considered up to the date of adoption of accounts.
14. Taxation:
The current charge for taxes is calculated in accordance with the
relevant tax regulations applicable to the Company. Deferred tax assets
and liabilities are recognized for future tax consequences attributable
to the timing difference that result between the profit offered for
Income Tax and the profit as per the financial statement. Deferred tax
assets and liabilities are measured as per the tax rates/ laws that
have been enacted or subsequently enacted by the Balance Sheet date &
are reviewed for appropriateness of their respective carrying values at
each balance sheet date.
15. Impairment of Assets:
The Company assesses at each Balance Sheet date whether there is any
indication that an asset may be impaired.
If such indication exists, the Company estimates the recoverable amount
of the asset. If such recoverable amount of the asset or the
recoverable amount of the cash generating unit to which the asset
belongs is less than its carrying amount, the carrying amount is
reduced to its recoverable amount The reduction is treated as an
impairment loss and is recognized in the Profit & Loss Account.
If at the Balance Sheet date there is an indication that if a
previously assessed impaired loss no longer exists, the reassessed
asset is reflected at the recoverable amount, subject to a maximum of
depreciated historical cost.
Mar 31, 2011
1. Basis of Presentation
The Company maintains its accounts on accrual basis, following the
historical cost convention in compliance with the Accounting Standards
referred to in Section 211(3C) and other requirements of the Companies
Act, 1956.
2. Fixed Assets
a) Capitalised at acquisition cost including directly attributable
costs such as freight, insurance and specific installation charges for
bringing the assets to the working condition for use.
b) Intangible assets are stated at cost, net of tax / duty availed,
less accumulated amortization / impairment losses, if any cost includes
original cost of acquisition, including incidental expenses related to
such acquisition.
3. Depreciationon Fixed Assets
(a) Depreciation is provided on Straight Line Method at the rates
specified in Schedule XIV of the Companies Act, 1956;
(b) Depreciation on assets acquired and sold during the year/ period,
has been charged pro-rata from / upto the month of acquisition/sale of
the assets.
(c) Intangible assets such as softwares, leasehold office premises etc
are amortised over a period of Five (5) years
4. Inventories
All Shares and Securities are valued at Cost or market value, whichever
is lower.
5. Investments
All Investments are stated at cost and provision for diminution in
value, of permanent nature, if any, of Investments is charged to the
Profit and Loss account.
6. Revenue Recognition
(a) Merchant Banking/Syndication/Advisory Fees are recognised on
accrual basis
(b) Income from Securities/Invetments is recognized on accrual basis.
7. (a) Future Contracts
Initial margin payment paid at the time of inception of the contract is
shown under the head "Current Assets"
All the future contracts are marked to market on daily basis. The
amount of marked to market margin received / paid into/from such
accounts, are debited or credited to marked to market margin Index /
Stock Future Account and appear as separate item as "Current Asset" or
"Current Liability" as the case may be.
At the year end, appropriate provisions are created by debit to Profit
& Loss Account for anticipated loss. Anticipated profit at the year end
is ignored.
At the time of final settlement, the difference between the contract
price and the settlement price is calculated and recognized in the
Profit & Loss Account after adjusting provision created for anticipated
loss, if any.
(b) Option Contracts
At the inception of the contract, premium paid is debited to Index
Option Premium Account or Stock Option Premium Account, as the case may
be. On receiving the premium at the time of sale, the Index Option
Premium Account or Stock Option Premium Account is credited and shown
separately under the head "Current Assets" or "Current Liabilities" as
the case may be.
All the Open Option Contracts are marked to market on daily basis in
the similar manner as in the case of Future Contracts. If the Contracts
are Open as on the Balance Sheet date, appropriate provision is made in
the books of accounts by crediting / debiting the Profit & Loss
Account.
At the time of Balance Sheet date, if the premium prevailing in the
market for a contract of similar nature is lower than the premium so
paid, then provision is made for the difference in the Profit & Loss
Account.
If the premium received is lower than the premium prevailing in the
market for contract of similar nature, appropriate provision for loss
will be made by debiting Profit & Loss Account and crediting provision
for loss on Index / Stock Option Account appearing under the head
Current Liability.
At the time of settlement or at the time of squaring-up, premium is
recognized either as expense or income as the case may be.
8. Borrowing Cost
Borrowing Cost that are attributable to acquisition, construction or
production of qualifying assets are capitalized as part of cost of such
assets. Such expenses are shown under Capital Work in Progress to be
allocated to the relevant items of assets on such assets, being put to
use.
A qualifying asset is an asset that takes substantial period of time to
get ready for the intended use.
Borrowing Cost other than those incurred for qualifying asset is
expensed out in the year in which it is incurred.
9. EmployeeStockOptionSchemes
The accounting value of stock options representing the excess of the
market price over the exercise price of the shares granted under
"Emplyees Stock Option Scheme" of the Company, is amortised as
"Deferred Employees compensation" on a straight-line basis over the
vesting period in accordance with the SEBI (Employees Stock Option
Scheme and Employee Stock Purchase Scheme) Guidelines, 1999.
10. Foreign Currency Transactions
Foreign Currency Transactions are accounted for at the rates prevailing
on the dates of the transactions. Foreign Currency Assets &
Liabilities are converted at contracted rates / year end rates as
applicable, the exchange differences on settlement are adjusted to the
Profit and Loss Account.
11. RetirementBenefits
(a) DefinedContribution Plan
Company's contribution paid/payable during the year to provident fund,
are charged to Profit & Loss Account. There are no other obligations
other than the contribution payable to the respective trusts.
(b) Defined Benefit Plan
Company's liability towards gratuity are determined using the projected
unit credit method which considers each period of service as giving
rise to an additional unit of benefit entitlement and measures each
unit separately to build up the final obligation. Past services are
recognized on a straight line basis over the average period until the
amended benefits become vested. Actuarial gain and losses are
recognized immediately in the statement of Profit and Loss account as
income or expense. Obligation is measured at the present value of
estimated future cash flow using a discounted rate that is determined
by the reference to market yields at the Balance Sheet date on
Government bonds where the currency and terms of Government bonds are
consistent with the currency and estimated terms of the defined benefit
obligation.
12. Miscellaneous Expenditure
Preliminary Expenses, Development Expenditure, Share Issue Expenses in
connection with Public Issue of Equity Shares by the Company and Rights
Issue Expenses are written off over a period of 5 years.
13. Contingencies and Events occurring after the Balance Sheet Date
Accounting for contingencies (gains & losses) arising out of
contractual obligations are made only on the basis of mutual
acceptances. Events occurring after the date of Balance Sheet, where
material, are considered upto the date of adoption of accounts.
14. Taxation
The current charge for taxes is calculated in accordance with the
relevant tax regulations applicable to the Company. Deferred tax assets
and liabilities are recognised for future tax consequences attributable
to the timing difference that result between the profit offered for
Income Tax and the profit as per the financial statement. Deferred tax
assets and liabilities are measured as per the tax rates / laws that
have been enacted or subsequently enacted by the Balance Sheet date &
are reviewed for appropriateness of their respective carrying values at
each balance sheet date.
15 Impairment of Assets
The Company assesses at each Balance Sheet date whether there is any
indication that an asset may be impaired.
If such indication exists, the Company estimates the recoverable amount
of the asset. If such recoverable amount of the asset or the
recoverable amount of the cash generating unit to which the asset
belongs is less than its carrying amount, the carrying amount is
reduced to its recoverable amount
The reduction is treated as an impairment loss and is recognized in the
Profit & Loss Account.
If at the Balance Sheet date there is an indication that if a
previously assessed impaired loss no longer exists, the reassessed
asset is reflected at the recoverable amount, subject to a maximum of
depreciated historical cost.
Mar 31, 2010
1. Basis of Presentation
The Company maintains its accounts on accrual basis, following the
historical cost convention in compliance with the Accounting Standards
referred to in Section 211 (3C) and other requirements of the Companies
Act, 1956.
2. Fixed Assets
a) Capitalised at acquisition cost including directly attributable
costs such as freight, insurance and specific installation charges for
bringing the assets to the working condition for use.
b) Intangible assets are stated at cost, net of tax / duty availed,
less accumulated amortization / impairment losses, if any. Cost
includes original cost of acquisition, including incidental expenses
related to such acquisition.
3. Depreciation on Fixed Assets
a) Depreciation is provided on Straight Line Method at the rates
specified in Schedule XIV of the Companies Act, 1956;
b) Depreciation on assets acquired and sold during the year/period, has
been charged pro-rata from/ upto the month of acquisition/sale of the
assets.
c) Intangible assets such as softwares, leasehold office premises etc
are amortised over a period of Five (5) years.
4. Inventories
All Shares and Securities are valued at Cost or market value, whichever
is lower, in accordance with the Accounting Standard 2, "Inventory
Valuations" issued by ICAI.
5. Investments
All Investments are stated at cost and provision for diminution in
value, of permanent nature, if any, of Investments is charged to the
Profit and Loss account.
6. Revenue Recognition
a) Merchant Banking/Syndication/Advisory Fees are recognised on accrual
basis.
b) Incomefrom Securities/Investments is recognized on accrual basis.
7. a) Future Contracts
Initial margin payment paid at the time of inception of the contract is
shown under the head "Current Assets".
All the future contracts are marked to market on daily basis. The
amount of marked to market margin received/paid into/from such
accounts, are debited or credited to marked to market margin Index/
Stock Future Account and appear as separate item as "Current Asset" or
"Current Liability" as the case may be.
At the year end, appropriate provisions are created by debit to Profit
& Loss Account for anticipated loss. Anticipated profit attheyearend is
ignored.
At the time of final settlement, the difference between the contract
price and the settlement price is calculated and recognized in the
Profit & Loss Account after adjusting provision created for anticipated
loss, if any.
b) Option Contracts
At the inception of the contract, premium paid is debited to Index
Option Premium Account or Stock Option Premium Account, as the case may
be. On receiving the premium at the time of sale, the Index Option
Premium Account orStock Option Premium Account is credited and shown
separately under the head "Current Assets" or "Current Liabilities" as
the case may be.
All the Open Option Contracts are marked to market on daily basis in
the similar manner as in the case of Future Contracts. If the Contracts
are Open as on the Balance Sheet date, appropriate provision is made
inthe books of accounts bycred iting/debiting the Profit&Loss Account.
At the time of Balance Sheet date, if the premium prevailing in the
market for a contract of similar nature is lowerthan the premium so
paid, then provision is madeforthe difference in the Profit & Loss
Account.
If the premium received is lower than the premium prevailing in the
market for contract of similar nature, appropriate provision for loss
will be made by debiting Profit & Loss Account and crediting provision
for loss on Index/StockOption Account appearing underthe head Current
Liability.
At the time of settlement or at the time of squaring-up, premium is
recognized either as expense or income as the case may be.
8. Borrowing Cost
Borrowing Cost that are attributable to acquisition, construction or
production of qualifying assets are capitalized as part of cost of such
assets. Such expenses are shown under Capital Work in Progress to be
allocated to the relevant items of assets on such assets. Such expenses
are shown under Capital Work in Prog ressto be allocated tothe relevant
items of assets on such assets being putto use.
Aqualifying asset is an assetthat takes substantial period of time to
get ready forthe intended use.
Borrowing Cost other than those incurred for qualifying asset is
expensed out in the year in which it is incurred.
9. EmployeeStockOptionPlan
The accounting value of stockoptions representing the excess of the
market price overthe exercise price of the shares granted under
"Emplyees Stock Option Scheme" of the Company, is amortised as
"Deferred Employees compensation" on a straight-line basis overthe
vesting period in accordance with the SEBI (Employees Stock Option
Scheme and Employee Stock Purchase Scheme) Guidelines, 1999.
10. Retirement Benefits
a) Defined Contribution Plan
Companys contribution paid/payable during the year to provident fund,
are charged to Profit & Loss Account.There are no
otherobiigationsotherthan the contribution payable to the
respectivetrusts.
b) Defined Benefit Plan
Companys liability towards gratuity are determined using the projected
unit credit method which considers each period of service as giving
rise to an additional unit of benefit entitlement and measures each
unit separately to build up the final obligation. Past services are
recognized on a straight line basis overthe average period until the
amended benefits become vested. Actuarial gain
and losses are recognized immediately in the statement of Profit and
Loss account as income or expense. Obligation is measured at the
present value of estimated future cash flow using a discounted rate
that is determined by the reference to market yields at the Balance
Sheet date on Government bonds where the currency and terms of
Government bonds are consistent with the currency and estimated terms
ofthedefined benefit obligation.
11. Miscellaneous Expenditure
Preliminary Expenses, Development Expenditure, Share Issue Expenses in
connection with Public Issue of Equity Shares bythe Company and Rights
Issue Expenses are written off overa period of 5 years.
12. Contingenciesand Events occurring afterthe Balance Sheet Date
Accounting for contingencies (gains & losses) arising out of
contractual obligations are made only on the basis of mutual
acceptances. Events occurring after the date of Balance Sheet, where
material, are considered upto the date of adoption of accounts.
13. Taxation
The current charge fortaxes is calculated in accordance with the
relevant tax regulations applicable to the Company. Deferred tax assets
and liabilities are recognised forfuture tax consequences attributable
to the timing difference that result between the profit offered for
Income tax and the profit as per the financial statement. Deferred tax
assets and liabilities are measured as per the tax rates / laws that
have been enacted or subsequently enacted by the Balance Sheet date &
are reviewed for appropriateness of their respective carrying val ues
at each balance sheet date.
14. Impairment of Assets
The Company assesses at each Balance Sheet date whether there is any
indication that an asset may be impaired.
If such indication exists, the Company estimates the recoverable amount
of the asset. If such recoverable amount of the asset or the
recoverable amount of the cash generating unit to which the asset
belongs is less than its carrying amount, the carrying amount is
reduced to its recoverable amount
The reduction is treated as an impairment loss and is recognized in the
Prof it & Loss Account.
If at the Balance Sheet date there is an indication that if a
previously assessed impaired loss no longer exists, the reassessed
asset is reflected at the recoverable amount, subject to a maximum of
depreciated historical cost.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article