Mar 31, 2015
(a) BASIS OF PRESENTATION OF FINANCIAL STATEMENTS:
The financial statements are prepared in accordance with generally
accepted accounting principles in India under the historical cost
convention and on accrual basis of accounting. These financial
statement have been prepared to comply in all material aspects with the
mandatory and applicable Accounting Standards as prescribed by the
Companies (Accounting Standards) Rules, 2006, as amended and relevant
provisions of the Companies Act, 2013(to the extent notified).
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 twelve
months for the purpose of current non-current classification of assets
and liabilities.
(b) USE OF ESTIMATES :
The presentation of Financial Statements requires estimates and
assumptions to be made that affect 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. Difference between
the actual results and estimates are recognized in the period in which
results are known/materialized.
(c) REVENUE RECOGNITION :
The company recognizes sale of products when they are invoiced to
customers. Revenue in respect of other income is recognized when no
significant uncertainty as to its determination or realization exists.
(d) FIXED ASSETS :
Fixed assets are stated at cost less accumulated depreciation. Cost for
this purpose includes purchase price, non refundable taxes or levies
and other directly attributable costs of bringing the assets to its
working condition for its intended use.
(e) DEPRECIATION :
Depreciation is provided on Straight Line method at the rates specified
II to the Companies Act, 2013. Depreciation is provided for on a
pro-rata basis on the assets acquired, sold or disposed off during the
year.
(F) TAXES ON INCOME :
(i) Current tax is determined as the amount of tax payable in respect
of taxable income for the year.
(ii) Deferred tax is provided on all timing differences which are
recognized during the period. Deferred Tax Asset is recognized only if
there is a reasonable certainty on the realisability of the assets.
Mar 31, 2014
A. Revenue Recognition
(i) Revenue from issue management services, loan syndication, financial
advisory services etc., is recognised based on the stage of completion
of assignements and terms of agreement with the client.
(ii) Gains and losses on dealing with securities & derivates are
recognised on trade date.
b. Stock - in - trade (i.e. Inventories)
(i) The seciurities acquired with the intention of holding for
short-term are classified as investment and securities acquired for
trading are classified as stock-in-trade.
(ii) The securities held as stock in trade are valued at lower of cost
arrived at on weighted average basis or market /fair value, computed
category-wise. In case of investments transferred to stock-in-trade,
carrying amount on the date of transfer is considered as cost.
Commission earned om respect of securities acquired upon devolvement is
reduced from the cost of acquisition. Fair value of unquoted shares is
taken at break-up value of shares as per the latest audited Balance
Sheet of the concerned company. In case of debt instruments, fair value
is worked out on the basis of yield to maturity rate selected
considering quotes where available and credit profile of the issuer and
market related spreads over the government securities.
c. Investments
(i) The securities acquired with the intention of holding till maturity
or for a longer period are classifed as investments.
(ii) Investments are carried at cost arrived at on weighted average
basis. Commissions earned in respect of securities acquired upon
development are reduced from the cost of acquisition. Appropriate
provision is made for other than temporary diminution in the value of
investments.
d. Fixed Assets and Depreciation
(i) Fixed Assets are stated at historical cost less accumulated
depreciation and inpairment loss, if any, Cost comprises the purchase
price and any attributable cost of bringing the assets to its working
condition for intended use.
(ii) Depreciation on fixed assets is provided on Written Down Method at
the rate and in the manner prescribed in Schedule XIV of the Companies
Act, 1956
e. Taxation
Tax expenses comprises both current and deffered taxes. Current Income
Tax is measured at the amount expected to be paid to the tax
authorities in accordance with the Indian Income Tax Act. Deferred
Income Tax reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Deffered tax is measured based
on the tax rates and the tax laws enacted or substantively enacted at
the Balance Sheet date. Deferred tax assets are recognised only to the
extent that there is reasonable certainity that sufficient future
taxable income will be available against which such deferred tax assets
can be realised. Unrecognised deferred tax assets of the earlier years
and re-assessed and recognised to the extent that it has become
reasonably certain that future taxable income will be available against
which such deferred tax assets can be realised.
Mar 31, 2013
A. Revenue Recognition
(i) Revenue from issue management services, loan syndication, financial
advisory services etc., is recognised based on the stage of completion
of assignements and terms of agreement with the client.
(ii) Gains and losses on dealing with securities & derivates are
recognised on trade date.
b. Stock - in - trade (i.e. Inventories)
(i) The seciurities acquired with the intention of holding for
short-term are classified as investment and securities acquired for
trading are classified as stock-in-trade.
(ii) The securities held as stock in trade are valued at lower of cost
arrived at on weighted average basis or market / fair value, computed
category-wise. In case of investments transferred to stock-in-trade,
carrying amount on the date of transfer is considered as cost.
Commission earned om respect of securities acquired upon development is
reduced from the cost of acquisition. Fair value of unquoted shares is
taken at break-up value of shares as per the latest audited Balance
Sheet of the concerned company. In case of debt instruments, fair value
is worked out on the basis of yield to maturity rate selected
considering quotes where available and credit profile of the issuer and
market related spreads over the government securities.
c. Investments
(i) The securities acquired with the intention of holding till maturity
or for a longer period are classified as investments.
(ii) Investments are carried at cost arrived at on weighted average
basis. Commissions earned in respect of securities acquired upon
development are reduced from the cost of acquisition. Appropriate
provision is made for other than temporary diminution in the value of
investments.
d. Fixed Assets and Depreciation
(i) Fixed Assets are stated at historical cost less accumulated
depreciation and impairment loss, if any, Cost comprises the purchase
price and any attributable cost of bringing the assets to its working
condition for intended use.
(ii) Depreciation on fixed assets is provided on Written Down Method at
the rate and in the manner prescribed in Schedule XIV of the Companies
Act, 1956
e. Taxation
Tax expenses comprises both current and deffered taxes. Current Income
Tax is measured at the amount expected to be paid to the tax
authorities in accordance with the Indian Income Tax Act. Deferred
Income Tax reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Deffered tax is measured based
on the tax rates and the tax laws enacted or substantively enacted at
the Balance Sheet date. Deferred tax assets are recognised only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realised. Unrecognised deferred tax assets of the earlier years
and re-assessed and recognised to the extent that it has become
reasonably certain that future taxable income will be available against
which such deferred tax assets can be realised.
Mar 31, 2012
A. Revenue Recognition
(i) Revenue from issue management services, loan syndication, financial
advisory services etc., is recognised based on the stage of completion
of assienements and terms of agreement with the client.
(ii) Gains and losses on dealing with securities & derivates are
recognized on trade date.
b. Stock - in - trade (i.e. Inventories)
(i) The securities acquired with the intention of holding for
short-term are classified as investment and securities acquired for
trading are classified as stock-in-trade.
(ii) The securities held as stock in trade are valued at lower of cost
arrived at on weighted average basis or market / fair value, computed
category-wise. In case of investments transferred to stock-in-trade,
carrying amount on the date of transfer is considered as cost.
Commission earned on respect of securities acquired upon devolvement is
reduced from the cost of acquisition. Fair value of unquoted shares is
taken at break-up value of shares as per the latest audited Balance
Sheet of the concerned company. In case of debt instruments, fair value
is worked out on the basis of yield to maturity rate selected
considering quotes where available and credit profile of the issuer and
market related spreads over the government securities.
c. Investments
(i) The securities acquired with the intention of holding till maturity
or for a longer period are classified as investments.
(ii) Investments are carried at cost arrived at on weighted average
basis. Commissions earned in respect of securities acquired upon
development are reduced from the cost of acquisition. Appropriate
provision is made for other than temporary diminution in the value of
investments.
d. Fixed Assets and Depreciation
(i) Fixed Assets are stated at historical cost less accumulated
depreciation and impairment loss, if any, Cost comprises the purchase
price and any attributable cost of bringing the assets to its working
condition for intended use.
(ii) Depreciation on fixed assets is provided on Written Down Method at
the rate and in the manner prescribed in Schedule XIV of the Companies
Act, 1956
e. Taxation
Tax expenses comprises both current and differed taxes. Current Income
Tax is measured at the amount expected to be paid to the tax
authorities in accordance with the Indian Income Tax Act. Deferred
Income Tax reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Differed tax is measured based
on the tax rates and the tax laws enacted or
Mar 31, 2010
(1) Revenue Recognition
(a) Revenue from issue management services, loan syndication, financial
advisory services etc., is recognized based on the stage of completion
of assignments and terms of agreement with the client.
(b) Gains and losses on dealing with securities & derivatives are
recognized on trade date.
(ii) Stock-in-trade (i.e. Inventories)
(a) The securities acquired with the intention of holding for
short-term are classified as investment and securities acquired for
trading are classified as stock-in-trade.
(b) The securities held as stock-in-trade are valued at lower of cost
arrived at on weighted average basis or market/ fair value, computed
category-wise. In case of investments transferred to stock-in-trade,
carrying - amount on the date of transfer is considered as cost.
Commission earned in respect of securities acquired upon devolvement is
reduced from the cost of acquisition. Fair value of unquoted shares is
taken at break-up value of shares as per the latest audited Balance
Sheet of the concerned company. In case of debt instruments, fair
value is worked out on the basis of yield to maturity rate selected
considering quotes where available and credit profile of the issuer and
market related spreads over the government securities
(c) Discounted instruments like Commercial paper/treasury bills/zero
coupon instruments are valued at carrying cost. The difference between
the acquisition cost and the redemption value of discounted instruments
is apportioned on a straight line basis for the period of holding arid
recognized as Interest income.
(d) Units of mutual fund are valued at lower of cost and net asset
value.
(iii) Investments
The securities acquired with the intention of holding till maturity or
for a longer period are classified as investments, (b) Investments are
carried at cost arrived at on weighted average basis. Commissions
earned in respect of securities acquired upon devolvement are reduced
from the cost of acquisition. Appropriate provision is made for other
than temporary diminution in the value of investments.
(iv) Fixed Assets and Depreciation
(a) Fixed assets are stated at historical cost less accumulated
depreciation and impairment loss, if any. Cost comprises the purchase
price and any attributable cost of bringing the asset to its working
condition for intended use.
(b) Depreciation on fixed assets is provided on Written Down Method at
the rate and in the manner prescribed in Schedule XIV of the Companies
Act, 1956.
(v) Deferred Tut
Tax expense comprises both current and deferred taxes. Current
income-tax is measured at the amount expected to be paid to the tax
authorities in accordance with the Indian Income Tax Act. Deferred
income tax reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Deferred tax is measured based
on the tax rates and the tax laws enacted or substantively enacted at
the Balance Sheet date. Deferred tax assets are recognised only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realised. Unrecognised deferred tax assets of earlier years are
re-assessed and recognised to the extent that it has become reasonably
certain that future taxable income will be available against which such
deferred tax assets can be realised.
(vi) Derivatives Transactions
(a) All open positions are marked to market.
(b) Gains are recognized only on settlement/expiry of the derivative
instruments except for Interest Rate derivatives where even mark
to-market gains are recognized.
(c) Receivables/payables on open position are disclosed as current
assets/current liabilities, as the case may be.
(vii) Earning Per Share
Basic earnings per share is calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting attributable taxes) by the weighted average number of equity
shares outstanding during the period.
(viii) Compliance with Reserve Bank of India Prudential Norms
Income recognition, provisioning and assets classification are in
accordance with norms prescribed by Reserve Bank of India from time to
time.
Schedule to the Balance Sheet of a Non-deposit taking Non-Banking
Financial Company as required in terms of Paragraph 13 of Non-Banking
Financial (Non-Deposit Accepting or HoldingJCompanies. Prudential Norms
(Reserve Bank) Directions 2007 :
a) Disclosure in respect of related party transaction :
(i) Borrower wise : Nil
(ii) Investor wise : Nil
b) Position of non-performing assets and business levels is lease and
hire purchase and other activities:
(i) Equipment leasing : Nil
(ii) Hire Purchase Finance, Loan, Investment : Nil
c) Disclosure in respect of related parties pursuant to Accounting
Standard 18:
a) List of related parties : NIL
b) List of Associates : NIL
c) During the year, no transaction was carried out with the related
parties in the ordinary course of the business.
Other information :
a) Gross Non-performing assets with related parties : NIL
b) Gross Non-performing assets with other than related parties : NIL
c) Net Non-performing assets with related parties : NIL
d) Net Non-performing assets with other than related parties : NIL
e) Assets acquired in satisfaction of debt : NIL
Special Reserve
Consequent to the Reserve Bank of India (Amendment) Act, 1997 coming
into force effective January 9, 1997 where in all Non-banking Companies
are required to transfer a sum not less than 20 % of its .net profit
after Tax to a special reserve wherever the net profit is adequately
available, the company has duly complied with the RBI norms in this
regards.