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Accounting Policies of Arihant Capital Markets Ltd. Company
Mar 31, 2024
NOTE 2: SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION
This note provides a list of the material accounting policies information adopted in the preparation of these financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and future periods are affected.
Basis of preparation
The financial statement for the year ended 31st March, 2024 has been prepared in accordance with Indian Accounting Standard (âInd ASâ). The Company is covered under the definition of NBFC. These Financial Statements of the Company are presented as per Schedule III (Division III) of the Companies Act, 2013 applicable to NBFCs, as notified by the Ministry of Corporate Affairs (MCA). These Financial Statements of the Company are presented in Indian Rupees (âINRâ), which is also the Companyâs functional currency and all values are rounded to nearest lacs.
The financial statements are prepared on a going concern basis, as the Management is satisfied that the Company shall be able to continue its business for the foreseeable future and no material uncertainty exists that may cast significant doubt on the going concern assumption. In making this assessment, the Management has considered a wide range of information relating to present and future conditions, including future projections of profitability, cash flows and capital resources.
This note provides a list of the material accounting policies information adopted in the preparation of these financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated
2.1 Income Recognition
The Company recognizes revenue from contracts with customers based on a five-step model asset out in Ind AS 115, Revenue from Contracts with Customers, to determine when to recognize revenue and at what amount. Revenue is measured based on the consideration specified in the contract with a customer. Revenue from contracts with customers is recognized when services are provided and it is highly probable that a significant reversal of revenue is not expected to occur.
Revenue is measured at fair value of the consideration received or receivable. Revenue is recognized when (or as) the Company satisfies a performance obligation by transferring a promised service (i.e. an asset) to a customer. An asset is transferred when (or as) the customer obtains control of that asset.
When (or as) a performance obligation is satisfied, the Company recognizes as revenue the amount of the transaction price (excluding estimates of variable consideration) that is allocated to that performance obligation.
The Company applies the five-step approach for recognition of revenue:
⢠Identification of contract(s) with customers;
⢠Identification of the separate performance obligations in the contract;
⢠Determination of transaction price;
⢠Allocation of transaction price to the separate performance obligations; and
⢠Recognition of revenue when (or as) each performance obligation is satisfied.
(i) Brokerage income
It is recognized on settlement date basis and is exclusive of goods and service tax and securities transaction tax (STT) wherever applicable.
(ii) Fee & Commission income
Fees based income on services is recognized as earned on a pro-rata basis over the term of the contract. Commissions from distribution of financial products are recognized upon allotment of the securities to the applicant or as the case may be.
(iii) Depository income
Income from services rendered on behalf of depository is recognized upon rendering of the services, in accordance with the terms of contract.
(iv) Interest income
Interest income is recognized on accrual basis in Statement of profit and loss for all financial instruments measured at amortized cost.
(v) Dividend income
Dividend income is recognized in the statement of profit or loss on the date that the Companyâs right to receive payment is established.
2.2 Income Tax
The income tax expense or credit for the period is the tax payable on the current periodâs taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.
Current Tax
Current tax is measured at the amount of tax expected to be payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.
Current tax assets and current tax liabilities are off set when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle the asset and the liability on a net basis.
Deferred Tax
Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.
Deferred tax assets are recognized for all deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.
Deferred tax liabilities are not recognized for temporary differences between the carrying amount and tax bases of investments in subsidiaries where the Company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority.
2.3 Cash and cash equivalents
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
2.4 Asset held for sale
Assets are classified as held for sale if their carrying amount will have recovered principally through sale transaction rather than through continuing use and sale is considered highly probable. They are measured at lower of their carrying amount or fair value less cost to sell, except for assets such as deferred tax, assets arising from employee benefit, financials assets and contractual rights under insurance contracts, which are specifically exempted from this requirement. Where the Company is committed to a sale plan involving loss of control of an entity, it classifies investment in the entity and assets & liabilities associated with that entity as held for sale.
2.5 Financial Instruments
(A) Initial recognition and measurement:
Financial assets and financial liabilities are recognized when the entity becomes a party to the contractual provisions of the instrument. Regular way purchases and sales of financial assets are recognized on trade-date, the date on which the Company commits to purchase or sell the asset.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.
(B) Fair value of financial instruments:
Some of the Companyâs assets and liabilities are measured at fair value for financial reporting purpose. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date regardless of whether that price is directly observable or estimated using another valuation technique.
Information about the valuation techniques and inputs used in determining the fair value of various assets and liabilities are disclosed.
(a) Financial assets
(i) Classification and subsequent measurement
All recognized financial assets are subsequently measured at either amortized cost or fair value depending on their respective classification.
On initial recognition, a financial asset is classified as - measured at:
⢠Fair value through profit or loss (FVTPL);
⢠Fair value through other comprehensive income (FVOCI); or
⢠Amortized cost.
Financial assets are not reclassified subsequent to their initial recognition, except if and in the period the Company changes its business model for managing financial assets.
All financial assets not classified as measured at amortized cost or FVOCI are measured at FVTPL.
Financial assets at amortized cost are subsequently measured at amortized cost using effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain and loss on de-recognition are recognized in profit or loss.
Financial assets at FVOCI are subsequently measured at fair value. Interest income is recognized using the effective interest (EIR) method. The impairment losses, if any, are recognized through Statement of Profit and Loss. The loss allowance is recognized in OCI and does not reduce the carrying value of the financial asset. On derecognition, gains and losses accumulated in OCI are reclassified to the Statement of Profit and Loss.
Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss.
(ii) Impairment
The Company recognizes impairment allowances using Expected Credit Losses (âECLâ) method on all the financial assets that are not measured at FVTPL:
ECL are probability-weighted estimate of credit losses. For trade Receivables Company follows simplified approach which requires expected lifetime losses to be recognized. For other assets, the company uses 12-month ECL to provide for impairment loss where there is no significant increase in credit risk. If there is a significant increase in credit risk full lifetime ECL is used. For ECL all financial assets are classified as follows Stage 1: Financials assets that are not credit impaired
Stage 2: Financials assets with significant increase in credit risk but that is non-credit impaired.
Stage 3: Financials assets that are credit impaired.
Financial assets are written off / fully provided for when there is no reasonable of recovering a financial asset in its entirety or a portion thereof.
However, financial assets that are written off could still be subject to enforcement activities under the Companyâs recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognized in the Statement of Profit and Loss.
(iii) Derecognition
A financial asset is derecognized only when:
The Company has transferred the rights to receive cash flows from the financial asset or retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients.
Where the Company has transferred an asset, the Company evaluates whether it has transferred substantially all risks and rewards of ownership of the financial asset. In such cases, the financial asset is derecognized. Where the entity has not transferred substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognized.
Where the Company has neither transferred a financial asset nor retains substantially all risks and rewards of ownership of the financial asset, the financial asset is derecognized if the Company has not retained control of the financial asset. Where the Company retains control of the financial asset, the asset is continued to be recognized to the extent of continuing involvement in the financial asset.
(b) Financial liabilities
(i) Initial recognition and measurement
Financial liabilities are classified at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held for trading, or it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in
profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in Statement of Profit or loss.
(ii) Subsequent measurement
Financial liabilities are subsequently measured at amortized cost using the EIR method. Financial liabilities carried at fair value through profit or loss is measured at fair value with all changes in fair value recognized in the Statement of Profit and Loss.
(iii) Derecognition
A financial liability is derecognized when the obligation specified in the contract is discharged, cancelled or expires.
2.6 Property, plant and equipment
Property, plant and equipment are stated at cost of acquisition less accumulated depreciation. Cost includes expenditure that is directly attributable to the acquisition and installation of the assets.
Subsequent costs are included in the assetâs carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
Depreciation methods, estimated useful lives and residual value:
Depreciation is calculated using the straight-line method to allocate their cost, net of their residual values, over their estimated useful life prescribed under Schedule II to the Companies Act, 2013. The Company provides pro-rata depreciation from the date of installation till date the assets are sold or disposed.
Derecognition:
The carrying amount of an item of property, plant and equipment is derecognized on disposal or when no future economic benefits are expected from its use or disposal. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are recognized in the statement of profit and loss when the asset is derecognized.
!.7 Intangible assets
Measurement at recognition:
Intangible assets are recognized where it is probable that the future economic benefit attributable to the assets will flow to the Company and its cost can be reliably measured. Intangible assets are stated at cost of acquisition less accumulated amortization and impairment, if any.
Subsequent costs are included in the assetâs carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost can be measured reliably.
Amortization
The Company amortizes intangible assets on a straight-line basis over their estimated useful life. The Company provides pro-rata amortization from the day the asset is put to use.
The carrying amount of an intangible asset is derecognized on disposal or when no future economic benefits are expected from its use or disposal. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are recognized in the statement of profit and loss when the asset is derecognized.
2.8 Leases
The company lease asset primarily consists of office premises which are of short-term lease with lease term of twelve months or less and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an expense in the Statement of Profit and Loss on a straight-line basis over the term of lease.
2.9 Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.
2.10 Impairment of non-financial assets
At each reporting date, the Company assesses whether there is any indication based on internal /external factors, that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. The recoverable amount of asset is the higher of its fair value or value in use. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects the current market assessment of time value of money and the risks specific to it. 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 and the reduction is treated as an impairment loss and is recognized in the statement of profit and loss. All assets are subsequently reassessed for indications that an impairment loss previously recognized may no longer exist. An Impairment loss is reversed if there has been a change in estimates used to determine the recoverable amount. Such a reversal is made only to the extent that the assets carrying amount would have been determined, net of depreciation or amortization, had no impairment loss been recognized.
2.11 Segment reporting
An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the companyâs Chief Operating Decision Maker (âCODMâ) to make decisions for which discrete financial information is available. Based on the management approach as defined in Ind AS 108, the CODM evaluates the Companyâs performance and allocates resources based on an analysis of various performance indicators by business segments and geographic segments.
Mar 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER EXPLANATORY INFORMATION NOTE 1: CORPORATE INFORMATION
Arihant Capital Markets Limited (referred to as âACMLâ or âthe Companyâ) is a public limited company and incorporated on 25th June, 1992 having CIN: L67120MP1992PLC007182 under the provisions of Companies Act. The Company is domiciled in India having its registered office at 6, Lad Colony, YN Road Indore, Madhya Pradesh.
The Company is registered with Securities and Exchange Board of India (âSEBIâ) under the Stock brokers and sub-brokers Regulations, 1992 and is a member of Bombay Stock Exchange Limited, National Stock Exchange of India Limited, Multi Commodity Exchange of India Ltd. and National Commodity and Derivatives Exchange Limited. The Company acts as a stock broker and commodities broker to execute proprietary trades and also trades on behalf of its clients which include retail customers (including high net worth individuals), mutual funds, financial institutions and corporate clients. It is registered with Central Depository Services (India) Limited and National Securities Depository Limited in the capacity of Depository Participant and also registered with SEBI in capacity of Research Analyst and Merchant Banker. Company is also AMFI registered Mutual Fund distributor.
The Board of Directors approved the standalone financial statements for the year ended March 31,2023 and authorized for issue on May 20, 2023.
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
This note provides a list of the significant accounting policies adopted in the preparation of these financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and future periods are affected.
The financial statement for the year ended March 31,2023 has been prepared in accordance with Indian Accounting Standard (âInd ASâ). The Company is covered under the definition of NBFC. These Financial Statements of the Company are presented as per Schedule III (Division III) of the Companies Act, 2013 applicable to NBFCs, as notified by the Ministry of Corporate Affairs (MCA). These Financial Statements of the Company are presented in Indian Rupees (âINRâ), which is also the Companyâs functional currency and all values are rounded to nearest lacs.
The financial statements are prepared on a going concern basis, as the Management is satisfied that the Company shall be able to continue its business for the foreseeable future and no material uncertainty exists that may cast significant doubt on the going concern assumption. In making this assessment, the Management has considered a wide range of information relating to present and future conditions, including future projections of profitability, cash flows and capital resources.
This note provides a list of the significant accounting policies adopted in the preparation of these financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated
The Company recognizes revenue from contracts with customers based on a five-step model asset out in Ind AS 115, Revenue from Contracts with Customers, to determine when to recognize revenue and at what amount. Revenue is measured based on the consideration specified in the contract with a customer. Revenue from contracts with customers is recognized when services are provided and it is highly probable that a significant reversal of revenue is not expected to occur.
Revenue is measured at fair value of the consideration received or receivable. Revenue is recognized when (or as) the Company satisfies a performance obligation by transferring a promised service (i.e. an asset) to a customer. An asset is transferred when (or as) the customer obtains control of that asset.
When (or as) a performance obligation is satisfied, the Company recognizes as revenue the amount of the transaction price (excluding estimates of variable consideration) that is allocated to that performance obligation.
The Company applies the five-step approach for recognition of revenue:
⢠Identification of contract(s) with customers;
⢠Identification of the separate performance obligations in the contract;
⢠Determination of transaction price;
⢠Allocation of transaction price to the separate performance obligations; and
⢠Recognition of revenue when (or as) each performance obligation is satisfied.
It is recognized on settlement date basis and is exclusive of goods and service tax and securities transaction tax (STT) wherever applicable.
Fees based income on services is recognized as earned on a pro-rata basis over the term of the contract. Commissions from distribution of financial products are recognized upon allotment of the securities to the applicant or as the case may be.
Income from services rendered on behalf of depository is recognized upon rendering of the services, in accordance with the terms of contract.
Interest income is recognized on accrual basis in Statement of profit and loss for all financial instruments measured at amortized cost.
Dividend income is recognized in the statement of profit or loss on the date that the Companyâs right to receive payment is established.
The income tax expense or credit for the period is the tax payable on the current periodâs taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.
Current tax is measured at the amount of tax expected to be payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.
Current tax assets and current tax liabilities are off set when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle the asset and the liability on a net basis.
Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.
Deferred tax assets are recognized for all deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.
Deferred tax liabilities are not recognized for temporary differences between the carrying amount and tax bases of investments in subsidiaries where the Company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority.
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
Assets are classified as held for sale if their carrying amount will have recovered principally through sale transaction rather than through continuing use and sale is considered highly probable. They are measured at lower of their carrying amount or fair value less cost to sell, except for assets such as deferred tax, assets arising from employee benefit, financials assets and contractual rights under insurance contracts, which are specifically exempted from this requirement. Where the Company is committed to a sale plan involving loss of control of an entity, it classifies investment in the entity and assets & liabilities associated with that entity as held for sale.
2.5 Financial Instruments(A) Initial recognition and measurement:
Financial assets and financial liabilities are recognized when the entity becomes a party to the contractual provisions of the instrument. Regular way purchases and sales of financial assets are recognized on trade-date, the date on which the Company commits to purchase or sell the asset.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.
(B) Fair value of financial instruments:
Some of the Companyâs assets and liabilities are measured at fair value for financial reporting purpose. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date regardless of whether that price is directly observable or estimated using another valuation technique.
Information about the valuation techniques and inputs used in determining the fair value of various assets and liabilities are disclosed.
(a) Financial assets(i) Classification and subsequent measurement
All recognized financial assets are subsequently measured at either amortized cost or fair value depending on their respective classification.
On initial recognition, a financial asset is classified as - measured at:
⢠Fair value through profit or loss (FVTPL);
⢠Fair value through other comprehensive income (FVOCI); or
⢠Amortized cost.
Financial assets are not reclassified subsequent to their initial recognition, except if and in the period the Company changes its business model for managing financial assets.
All financial assets not classified as measured at amortized cost or FVOCI are measured at FVTPL.
Financial assets at amortized cost are subsequently measured at amortized cost using effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and
losses and impairment are recognized in profit or loss. Any gain and loss on de-recognition are recognized in profit or loss.
Financial assets at FVOCI are subsequently measured at fair value. Interest income is recognized using the effective interest (EIR) method. The impairment losses, if any, are recognized through Statement of Profit and Loss. The loss allowance is recognized in OCI and does not reduce the carrying value of the financial asset. On de-recognition, gains and losses accumulated in OCI are reclassified to the Statement of Profit and Loss.
Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss.
The Company recognizes impairment allowances using Expected Credit Losses (âECLâ) method on all the financial assets that are not measured at FVTPL:
ECL are probability-weighted estimate of credit losses. For trade Receivables Company follows simplified approach which requires expected lifetime losses to be recognized. For other assets, the company uses 12-month ECL to provide for impairment loss where there is no significant increase in credit risk. If there is a significant increase in credit risk full lifetime ECL is used. For ECL all financial assets are classified as follows Stage 1: Financials assets that are not credit impaired
Stage 2: Financials assets with significant increase in credit risk but that is non-credit impaired.
Stage 3: Financials assets that are credit impaired.
Financial assets are written off / fully provided for when there is no reasonable of recovering a financial asset in its entirety or a portion thereof.
However, financial assets that are written off could still be subject to enforcement activities under the Companyâs recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognized in the Statement of Profit and Loss.
A financial asset is derecognized only when:
The Company has transferred the rights to receive cash flows from the financial asset or retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients.
Where the Company has transferred an asset, the Company evaluates whether it has transferred substantially all risks and rewards of ownership of the financial asset. In such cases, the financial asset is derecognized. Where the entity has not transferred substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognized.
Where the Company has neither transferred a financial asset nor retains substantially all risks and rewards of ownership of the financial asset, the financial asset is derecognized if the Company has not retained control of the financial asset. Where the Company retains control of the financial asset, the asset is continued to be recognized to the extent of continuing involvement in the financial asset.
(b) Financial liabilities(i) Initial recognition and measurement
Financial liabilities are classified at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held for trading, or it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in Statement of Profit or loss.
Financial liabilities are subsequently measured at amortized cost using the EIR method. Financial liabilities carried at fair value through profit or loss is measured at fair value with all changes in fair value recognized in the Statement of Profit and Loss.
A financial liability is derecognized when the obligation specified in the contract is discharged, cancelled or expires.
2.6 Property, plant and equipment
Property, plant and equipment are stated at cost of acquisition less accumulated depreciation. Cost includes expenditure that is directly attributable to the acquisition and installation of the assets.
Subsequent costs are included in the assetâs carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
Depreciation methods, estimated useful lives and residual value:
Depreciation is calculated using the straight-line method to allocate their cost, net of their residual values, over their estimated useful life prescribed under Schedule II to the Companies Act, 2013. The Company provides pro-rata depreciation from the date of installation till date the assets are sold or disposed.
|
Assets |
Useful Life |
|
Building |
60 years |
|
Furniture and Fixtures |
10 years |
|
Office Equipments |
5 years |
|
Computers |
3 years |
|
Electrical Installations |
10 years |
|
Vehicles |
8 years |
The carrying amount of an item of property, plant and equipment is derecognized on disposal or when no future economic benefits are expected from its use or disposal. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are recognized in the statement of profit and loss when the asset is derecognized.
2.7 Intangible assetsMeasurement at recognition:
Intangible assets are recognized where it is probable that the future economic benefit attributable to the assets will flow to the Company and its cost can be reliably measured. Intangible assets are stated at cost of acquisition less accumulated amortization and impairment, if any.
Subsequent costs are included in the assetâs carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost can be measured reliably.
The Company amortizes intangible assets on a straight-line basis over their estimated useful life. The Company provides pro-rata amortization from the day the asset is put to use.
|
Assets |
Useful Life |
|
Computer Software |
6 years |
The carrying amount of an intangible asset is derecognized on disposal or when no future economic benefits are expected from its use or disposal. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are recognized in the statement of profit and loss when the asset is derecognized.
The company lease asset primarily consists of office premises which are of short-term lease with lease term of twelve months or less and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an expense in the Statement of Profit and Loss on a straight-line basis over the term of lease.
2.9 Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.
2.10 Impairment of non-financial assets
At each reporting date, the Company assesses whether there is any indication based on internal /external factors, that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. The recoverable amount of asset is the higher of its fair value or value in use. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects the current market assessment of time value of money and the risks specific to it. 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 and the reduction is treated as an impairment loss and is recognized in the statement of profit and loss. All assets are subsequently reassessed for indications that an impairment loss previously recognized may no longer exist. An Impairment loss is reversed if there has been a change in estimates used to determine the recoverable amount. Such a reversal is made only to the extent that the assets carrying amount would have been determined, net of depreciation or amortization, had no impairment loss been recognized.
An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the companyâs Chief Operating Decision Maker (âCODMâ) to make decisions for which discrete financial information is available. Based on the management approach as defined in Ind AS 108, the CODM evaluates the Companyâs performance and allocates resources based on an analysis of various performance indicators by business segments and geographic segments.
2.12 Provisions and contingencies
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the reporting date.
Provisions are determined by discounting the expected future cash flows (representing the best estimate of the expenditure required to settle the present obligation at the balance sheet date) at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost. Expected future operating losses are not provided for.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an
outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.
2.13 Employee benefits(i) Short-term obligations
Short-term employee benefits are recognized as an expense at the undiscounted amount in the Statement of Profit and Loss for the year in which the related services are rendered. The Company recognizes the costs of bonus payments when it has a present obligation to make such payments as a result of past events and a reliable estimate of the obligation can be made.
(ii) Post-employment obligations Defined contribution plan:
Contribution paid / payable to the recognized provident fund, which is a defined contribution scheme, is charged to the Statement of Profit and Loss in the period in which they occur.
Gratuity is post-employment benefit and is in the nature of defined benefit plan. The liability recognized in the Balance Sheet in respect of gratuity is the present value of defined benefit obligation at the Balance Sheet date together with the adjustments for unrecognized actuarial gain or losses and the past service costs. The defined benefit obligation is calculated at or near the Balance Sheet date by an independent actuary using the projected unit credit method. Actuarial gains and losses comprise experience adjustment and the effects of changes in actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.
Dividends paid is recognized in the period in which the interim dividends are approved by the Board of Directors, or in respect of the final dividend when approved by shareholders.
a) Basic earnings per share
Basic earnings per share is calculated by dividing the net profit for the period (excluding other comprehensive income) attributable to equity share holders of the Company by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus element in equity shares issued during the year.
Diluted earnings per share is computed by dividing the net profit for the period attributable to equity shareholders by the weighted average number of shares outstanding during the period as adjusted for the effects of all diluted potential equity shares except where the results are anti-dilutive.
All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs as per the requirements.
2.17 Events after reporting date
Where events occurring after the balance sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of such events is adjusted within the financial statements. Otherwise, events after the balance sheet date of material size or nature are only disclosed.
2.18 Derivative financial instruments
Derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value at the end of each reporting period. The resulting gain or loss is recognized in standalone statement of profit and loss immediately.
2.19 Foreign currency transaction Initial recognition
Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.
All exchange differences are accounted in the Statement of Profit and Loss.
2.20 Investment in subsidiaries and associates
Investment in subsidiaries are recognized at cost and is not adjusted to fair value at the end of each reporting period as allowed by Ind AS 27 âSeparate financial statementâ. Cost of investment represents amount paid for acquisition of the said investment and a proportionate recognition of the fair value of shares granted to employees of subsidiary under a group share based payment arrangement.
The Company assesses at the end of each reporting period, if there are any indications that the said investment may be impaired. If so, the Company estimates the recoverable value/amount of the investment and provides for impairment, if any i.e. the deficit in the recoverable value over cost.
NOTE 3: KEY ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of financial statements requires management to make judgments, estimates and assumptions in the application of accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on ongoing basis. Any changes to accounting estimates are recognized prospectively. Information about critical judgments in applying accounting policies, as well as estimates and assumptions that have the most significant effect on the amounts recognised in the financial statements are included in the following notes:
(a) Provision and contingent liability: On an ongoing basis, Company reviews pending cases, claims by third parties and other contingencies. For contingent losses that are considered probable, an estimated loss is recorded as an accrual in financial statements. For Contingencies losses that are considered possible are not provided for but disclosed as Contingent liabilities in the financial statements. Contingencies the likelihood of which is remote are not disclosed in the financial statements. Gain contingencies are not recognized until the contingency has been resolved and amounts are received or receivable.
(b) Allowance for impairment of financial asset: Judgements are required in assessing the recoverability of overdue and determining whether a provision against those is required. Factors considered include the aging of past dues, value of collateral and any possible actions that can be taken to mitigate the risk of non-payment.
(c) Recognition of deferred tax assets: Deferred tax assets are recognised for unused tax-loss carry forwards, deductible temporary differences and unused tax credit to the extent that realisation of the related tax benefit is probable. The assessment of the probability with regard to the realisation of the tax benefit involves assumptions based on the history of the entity and budgeted data for the future.
(d) Defined benefit plans: The cost of defined benefit plans and the present value of the defined benefit obligations are based on actuarial valuation using the projected unit credit method. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long term nature, a defined benefit obligation is highly sensitive to changes in these assumptions.
(e) Property, plant and equipment and Intangible Assets: Management reviews the estimated useful lives and residual values of the assets annually in order to determine the amount of depreciation and amortization to be recorded during any reporting period. The useful lives and residual values as per schedule II of the Companies Act, 2013 or are based on the Companyâs historical experience with similar assets and taking into account anticipated technological changes, whichever is more appropriate.
Mar 31, 2019
(i) (a) BASIS OF PREPARATION
The financial statements have been prepared to comply with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 2013. The accounts are prepared on historical cost basis and on the principle of going concern. Accounting policies not specifically referred to are in consonance with prudent and generally accepted accounting practices. The accounting policies have been consistently applied unless otherwise stated.
(b) USE OF ESTIMATES
The preparation of financial statements is in conformity with generally accepted accounting principles which require the management of the company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and results of operations during the reporting periods. Although these estimates are based upon the managementâs best knowledge of current events & actions, actual results could differ from those estimates. Difference between the actual results and estimates are recognized in the period in which the results are known / materialized.
(ii) REVENUE RECOGNITION
a) Company recognizes Brokerage Income on the basis of the date of trade of settlement, of respective stock exchanges.
b) Other Income is accounted for on accrual basis.
c) The Maintenance Charges in respect of Account Holders of the Depository Division of the Company are accounted on prorata basis. In case of receipt of lifetime fees, the total amount received is recognized in the period of receipt.
d) Incentive on primary market subscription - mobilization is accounted on the basis of intimation received by the Company.
(iiii) VALUATION OF INVENTORIES
Securities Shown as Inventories are valued scrip wise at Weighted Average Cost of the day or Market Value whichever is lower. Cost includes direct expenses.
(iv) PROPERTY, PLANT & EQUIPMENT
Property, Plant & Equipments are stated at historical cost less accumulated depreciation. Historical cost comprises the purchase price and all direct cost attributable to bring the asset to its working condition for intended use.
(v) DEPRECIATION
Depreciation on Property, Plant & Equipment is provided on the straight-line method over the useful lives of assets as mentioned and envisaged under Schedule 11 of the Companies Act, 2013. Depreciation for assets purchased / sold during a period is proportionately charged. Intangible assets are amortized over their respective individual estimated lives on a straight-line basis, commencing from the date the asset is available to the Company for its use.
(vi) IMPAIRMENT OF ASSETS
Impairment loss, if any, is provided to the extent the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an assetâs net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.
(vii) INVESTMENTS
Investments are classified into current investments and non-current investments. Investments which are intended to be held for more than one year are classified as non-current investments and investments which are intended to be held for less than one year are classified as current investments. Investments are accounted at cost and any decline in the carrying value other than temporary in nature is provided for.
(viii) CASH & CASH EQUIVALENTS
Cash comprises of cash in hand and balances with banks. Cash equivalents are short term, highly liquid investments that are readily convertible into cash and which are subject to insignificant risks of changes in value.
(ix) FOREIGN EXCHANGE TRANSACTIONS
(a) Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction or that approximates the actual rate at the date of the transaction.
(b) Monetary items denominated in foreign currencies at the year end are restated at year end rates. In case of items which are covered by forward exchange contracts, the difference between the year end rate and rate on the date of the contract is recognized as exchange difference and the premium paid on forward contracts is recognized over the life of the contract.
(c) Any income or expense on account of exchange difference either on settlement or on translation is recognized in the Profit and Loss account except in case of long term liabilities, where they relate to acquisition of fixed assets, in which case they are adjusted to the carrying cost of such assets.
(x) EARNING PER SHARE
The Company reports Basic and Diluted Earning Per Share in accordance with Accounting Standard -20, âEarning Per Shareâ issued by The Institute of Chartered Accountants of India. Basic Earning Per Share is computed by dividing net profit after tax by the weighted average number of equity shares outstanding for the period. Diluted Earning Per Share is computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the period.
(xi) TAXATION
a) Current corporate tax is provided on the results for the year after considering applicable tax rates and laws.
b) Deferred Tax is provided on timing differences between tax and accounting treatments that originate in one period and are expected to be reversed or settled in subsequent periods. Deferred tax assets and liabilities are measured using the enacted / substantially enacted tax rates and laws for continuing operations. Deferred tax assets, in the event of unabsorbed depreciation and carry forward losses under tax laws, that exceed the deferred tax liability, are recognized only where there virtual certainty of realization. Deferred tax assets on other accounts are recognized only to the extent there is reasonable certainty of realization. The carrying amount of deferred tax assets is reviewed at each balance sheet date to reassess realization.
c) Minimum Alternative Tax (MAT) credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the MAT credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in Guidance Note issued by the Institute of Chartered Accountants of India, the said asset is created by way of a credit to the profit and loss account and shown as MAT Credit Entitlement. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that the Company will pay normal Income Tax during the specified period.
(xii) RETIREMENT BENEFITS
i. Gratuity liability is a defined benefit obligation and is wholly unfunded. The Company accounts for liability for future gratuity benefits based on actuarial assumptions.
ii. Provident fund is a defined contribution scheme and the contributions as required by the statute are charged to the Profit and Loss Account as incurred.
(xiii) DERIVATIVE INSTRUMENTS
The Company enters into exchange traded derivative products i.e. equity/index futures and options, for proprietary trading purposes. The derivative contracts are recognised on a trade date basis and stated at the fair value, being the last quoted closing price on the National Stock Exchange of India Limited (âNSEâ) or last quoted closing price on BSE Limited is considered (âBSEâ) on the balance sheet date. Changes in the fair value of the derivative contracts are recognised in the statement of profit and loss.
(xiv) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions are recognized for present obligations, of uncertain timing or amount, arising as a result of a past event where a reliable estimate can be made and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Where it is not probable that an outflow of resources embodying economic benefits will be required or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability unless the possibility of outflow of resources embodying economic benefits is remote.
Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain future events, are also disclosed as contingent liabilities unless the possibility of outflow of resources embodying economic benefits is remote.
Mar 31, 2018
NOTE 1: STATEMENT ON SIGNIFICANT ACCOUNTING POLICIES
(i) (a) BASIS OF PREPARATION
The financial statements have been prepared to comply with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 20I3. The accounts are prepared on historical cost basis and on the principle of going concern.Accounting policies not specifically referred to are in consonance with prudent and generally accepted accounting practices.The accounting policies have been consistently applied unless otherwise stated.
(b) USE OF ESTIMATES
The preparation of financial statements is in conformity with generally accepted accounting principles which require the management of the company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and results of operations during the reporting periods. Although these estimates are based upon the managementâs best knowledge of current events & actions, actual results could differ from those estimates. Difference between the actual results and estimates are recognized in the period in which the results are known / materialized.
(ii) REVENUE RECOGNITION
a) Company recognizes Brokerage Income on accrual on the basis of the date of trade settlement, of respective stock exchanges.
b) Other Income is accounted for on accrual basis.
c) The Annual Maintenance Charges in respect of Account Holders of the Depository Division of the Group are accounted at the time of opening of account or completion of the year irrespective of the period they pertain to.
d) Incentive on primary market subscription - mobilization is accounted on the basis of intimation received by the Company.
(iii) VALUATION OF INVENTORIES
Securities shown as Inventories are valued scrip wise at Weighted Average Cost of the day or Market Value whichever is lower. Cost includes direct expenses.
(iv) FIXED ASSETS
Fixed assets are stated at historical cost less accumulated depreciation. Historical cost comprises the purchase price and all direct cost attributable to bring the asset to its working condition for intended use.
(v) DEPRECIATION
Depreciation on tangible assets is provided on the straight-line method over the useful lives of assets as mentioned and envisaged under Schedule II of the Companies Act, 20I3. Depreciation for assets purchased / sold during a period is proportionately charged. Intangible assets are amortized over their respective individual estimated lives on a straight-line basis, commencing from the date the asset is available to the Company for its use.
(vi) IMPAIRMENT OFASSETS
Impairment loss, if any, is provided to the extent the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an assetâs net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.
(vii) INVESTMENTS
Investments are classified into current investments and non-current investments. Investments which are intended to be held for more than one year are classified as non-current investments and investments which are intended to be held for less than one year are classified as current investments. Investments are accounted at cost and any decline in the carrying value other than temporary in nature is provided for.
(viii) CASH & CASH EQUIVALENTS
Cash comprises of cash in hand and balances with banks. Cash equivalents are short term, highly liquid investments that are readily convertible into cash and which are subject to insignificant risks of changes in value.
(ix) FOREIGN EXCHANGE TRANSACTIONS
(a) Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction or that approximates the actual rate at the date of the transaction.
(b) Monetary items denominated in foreign currencies at the year end are restated at year end rates. In case of items which are covered by forward exchange contracts, the difference between the year end rate and rate on the date of the contract is recognized as exchange difference and the premium paid on forward contracts is recognized over the life of the contract.
(c) Any income or expense on account of exchange difference either on settlement or on translation is recognized in the Profit and Loss account except in case of long term liabilities, where they relate to acquisition of fixed assets, in which case they are adjusted to the carrying cost of such assets.
(x) EARNING PER SHARE
The Company reports Basic and Diluted Earning Per Share in accordance with Accounting Standard -20, âEarning Per Shareâ issued by The Institute of Chartered Accountants of India. Basic Earning Per Share is computed by dividing net profit after tax by the weighted average number of equity shares outstanding for the period. Diluted Earning Per Share is computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the period.
(xi) TAXATION
a) Current corporate tax is provided on the results for the year after considering applicable tax rates and laws.
b) Deferred Tax is provided on timing differences between tax and accounting treatments that originate in one period and are expected to be reversed or settled in subsequent periods. Deferred tax assets and liabilities are measured using the enacted / substantially enacted tax rates and laws for continuing operations. Deferred tax assets, in the event of unabsorbed depreciation and carry forward losses under tax laws, that exceed the deferred tax liability, are recognized only where there virtual certainty of realization. Deferred tax assets on other accounts are recognized only to the extent there is reasonable certainty of realization. The carrying amount of deferred tax assets is reviewed at each balance sheet date to reassess realization.
c) Minimum Alternative Tax (MAT) credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the MAT credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in Guidance Note issued by the Institute of Chartered Accountants of India, the said asset is created by way of a credit to the profit and loss account and shown as MAT Credit Entitlement.The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that the Company will pay normal Income Tax during the specified period.
(xii) RETIREMENT BENEFITS
i. Gratuity liability is a defined benefit obligation and is wholly unfunded. The Company accounts for liability for future gratuity benefits based on actuarial assumptions.
ii. Provident fund is a defined contribution scheme and the contributions as required by the statute are charged to the Profit and Loss Account as incurred.
(xiii) EQUITY INDEX/ STOCK FUTURES
a) âInitial Margin - Equity Derivative Instrumentâ, representing the initial margin paid for entering into contracts for equity index/stock futures which are released on final settlement/squaring-up of underlying contracts, are disclosed under Other CurrentAssets.
b) Equity index/stock futures for arbitrage purposes are marked-to-market on a daily basis. Debit or credit balance disclosed under Other Current Assets or Other Current Liabilities, respectively, in the âMark-to-Market Margin - Equity Index/Stock Futures Accountâ, represents the net amount paid or received on the basis of movement in the prices of index/ stock futures till the Balance Sheet date.
c) As on the Balance Sheet date, profit/loss on open positions in equity index/ stock futures is accounted for as follows:
1. Credit balance in the âMark-to-Market Margin - Equity Index/Stock Futures Accountâ, being the anticipated profit, is ignored and no credit for the same is taken in the Profit and Loss Account.
2. Debit balance in the âMark-to-Market Margin - Equity Index/Stock Futures Accountâ, being anticipated loss, is adjusted in the Profit and Loss Account.
d) On final settlement or squaring-up of contracts for equity index/stock futures, the profit or loss is calculated as the difference between the settlement/squaring-up price and the contract price. Accordingly, debit or credit balance pertaining to the settled/squared-up contract in â âMark-to-Market Margin - Equity Index/ Stock Futures Accountâ after adjustment of provision for anticipated losses is recognized in the Profit and Loss Account.
e) When more than one contract in respect of the relevant series of equity index/ stock futures contract to which the squared-up contract pertains is outstanding at the time of the squaring-up of the contract, the contract price of the contract so squared-up is determined using the weighted average cost method for calculating the profit/loss on squaring-up.
(xiv) EQUITY INDEX/ STOCK OPTIONS
a) âInitial Margin Equity Derivative Instrumentâ representing the initial margin paid, and âMargin Depositâ, representing the additional margin paid over and above the initial margin, for entering into contracts for equity index/ stock options, which are released on final settlement/squaring-up of the underlying contracts, are disclosed under Other CurrentAssets.
b) âEquity Index/Stock Option Premium Accountâ represents the premium paid or received for buying or selling the options, respectively.
c) As at the Balance Sheet date, in the case of long positions, provision is made for the amount by which the premium paid for those options exceeds the premium prevailing on the Balance Sheet date, and in the case of short positions, for the amount by which the premium prevailing on the Balance Sheet date exceeds the premium received for those options, and is reflected in âProvision for Loss on Equity Index/ Stock Option Accountâ.
d) When the options are squared up before expiry of the options, the premium prevailing in âEquity Index/Stock Option Premium Accountâ on that date is recognized in the Profit and Loss Account. If more than one option contract in respect of the same index/stock with the same strike price and expiry date to which the squared-up contract pertains is outstanding at the time of squaring-up of the contract, the weighted average method is followed for determining the profit or loss. On the expiry of the contracts and on exercising the options, the difference between the final settlement price and the strike price is transferred to the Profit and Loss Account. In both the above cases, the premium paid or received for buying or selling the option, as the case may be, is recognized in the Profit and Loss Account for all squared-up/settled contracts.
(xv) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENTASSETS
Provisions are recognized for present obligations, of uncertain timing or amount, arising as a result of a past event where a reliable estimate can be made and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Where it is not probable that an outflow of resources embodying economic benefits will be required or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability unless the possibility of outflow of resources embodying economic benefits is remote.
Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain future events, are also disclosed as contingent liabilities unless the possibility of outflow of resources embodying economic benefits is remote.
Mar 31, 2016
NOTE 1: STATEMENT ON SIGNIFICANT ACCOUNTING POLICIES
(i) (a) BASIS OF PREPARATION
The financial statements have been prepared to comply with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 2013. The accounts are prepared on historical cost basis and on the principle of going concern. Accounting policies not specifically referred to are in consonance with prudent and generally accepted accounting practices. The accounting policies have been consistently applied unless otherwise stated.
(b) USE OF ESTIMATES
The preparation of financial statements is in conformity with generally accepted accounting principles which require the management of the company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and results of operations during the reporting periods. Although these estimates are based upon the management''s best knowledge of current events & actions, actual results could differ from those estimates. Difference between the actual results and estimates are recognized in the period in which the results are known / materialized.
(ii) REVENUE RECOGNITION
a) Company recognizes Brokerage Income on the basis of the date of trade of settlement, of respective stock exchanges.
b) Other Income is accounted for on accrual basis.
c) The Maintenance Charges in respect of Account Holders of the Depository Division of the Company are accounted on prorata basis. In case of receipt of lifetime fees, the total amount received is recognized in the period of receipt.
d) Incentive on primary market subscription - mobilization is accounted on the basis of intimation received by the Company.
(iii) VALUATION OF INVENTORIES
Securities Shown as Inventories are valued scrip wise at Weighted Average Cost of the day or Market Value whichever is lower. Cost includes direct expenses.
(iv) FIXED ASSETS
Fixed assets are stated at historical cost less accumulated depreciation. Historical cost comprises the purchase price and all direct cost attributable to bring the asset to its working condition for intended use.
(v) DEPRECIATION
Depreciation on tangible assets is provided on the straight-line method over the useful lives of assets as mentioned and envisaged under Schedule II of the Companies Act, 2013. Depreciation for assets purchased / sold during a period is proportionately charged. Intangible assets are amortized over their respective individual estimated lives on a straight-line basis, commencing from the date the asset is available to the Company for its use.
(vi) IMPAIRMENT OF ASSETS
Impairment loss, if any, is provided to the extent the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an asset''s net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.
(vii) INVESTMENTS
Investments are classified into current investments and non-current investments. Investments which are intended to be held for more than one year are classified as non-current investments and investments which are intended to be held for less than one year are classified as current investments. Investments are accounted at cost and any decline in the carrying value other than temporary in nature is provided for.
(viii) CASH & CASH EQUIVALENTS
Cash comprises of cash in hand and balances with banks. Cash equivalents are short term, highly liquid investments that are readily convertible into cash and which are subject to insignificant risks of changes in value.
(ix) FOREIGN EXCHANGE TRANSACTIONS
(a) Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction or that approximates the actual rate at the date of the transaction.
(b) Monetary items denominated in foreign currencies at the yearend are restated at year end rates. In case of items which are covered by forward exchange contracts, the difference between the yearend rate and rate on the date of the contract is recognized as exchange difference and the premium paid on forward contracts is recognized over the life of the contract.
(c) Any income or expense on account of exchange difference either on settlement or on translation is recognized in the Profit and Loss account except in case of long term liabilities, where they relate to acquisition of fixed assets, in which case they are adjusted to the carrying cost of such assets.
(x) EARNING PER SHARE
The Company reports Basic and Diluted Earnings Per Share in accordance with Accounting Standard -20, "Earning Per Share" issued by The Institute of Chartered Accountants of India. Basic Earnings Per Share is computed by dividing net profit after tax by the weighted average number of equity shares outstanding for the period. Diluted Earnings Per Share is computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the period.
(xi) TAXATION
a) Current corporate tax is provided on the results for the year after considering applicable tax rates and laws.
b) Deferred Tax is provided on timing differences between tax and accounting treatments that originate in one period and are expected to be reversed or settled in subsequent periods. Deferred tax assets and liabilities are measured using the enacted / substantially enacted tax rates and laws for continuing operations. Deferred tax assets, in the event of unabsorbed depreciation and carry forward losses under tax laws, that exceed the deferred tax liability, are recognized only where there virtual certainty of realization. Deferred tax assets on other accounts are recognized only to the extent there is reasonable certainty of realization. The carrying amount of deferred tax assets is reviewed at each balance sheet date to reassess realization.
c) Minimum Alternative Tax (MAT) credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the MAT credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in Guidance Note issued by the Institute of Chartered Accountants of India, the said asset is created by way of a credit to the profit and loss account and shown as MAT Credit Entitlement. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that the Company will pay normal Income Tax during the specified period.
(xii) RETIREMENT BENEFITS
i. Gratuity liability is a defined benefit obligation and is wholly unfunded. The Company accounts for liability for future gratuity benefits based on actuarial assumptions.
ii. Provident fund is a defined contribution scheme and the contributions as required by the statute are charged to the Profit and Loss Account as incurred.
(xiii) EQUITY INDEX/ STOCK FUTURES
a) "Initial Margin - Equity Derivative Instrument", representing the initial margin paid for entering into contracts for equity index/stock futures which are released on final settlement/squaring-up of underlying contracts, are disclosed under Other Current Assets.
b) Equity index/stock futures for arbitrage purposes are marked-to-market on a daily basis. Debit or credit balance disclosed under Other Current Assets or Other Current Liabilities, respectively, in the "Mark-to-Market Margin - Equity Index/Stock Futures Account", represents the net amount paid or received on the basis of movement in the prices of index/ stock futures till the Balance Sheet date.
c) As on the Balance Sheet date, profit/loss on open positions in equity index/ stock futures is accounted for as follows:
1. Credit balance in the "Mark-to-Market Margin - Equity Index/Stock Futures Account", being the anticipated profit, is ignored and no credit for the same is taken in the Profit and Loss Account.
2. Debit balance in the "Mark-to-Market Margin - Equity Index/Stock Futures Account", being anticipated loss, is adjusted in the Profit and Loss Account.
d) On final settlement or squaring-up of contracts for equity index/stock futures, the profit or loss is calculated as the difference between the settlement/squaring-up price and the contract price. Accordingly, debit or credit balance pertaining to the settled/squared-up contract in "Mark-to-Market Margin - Equity Index/ Stock Futures Account" after adjustment of provision for anticipated losses is recognized in the Profit and Loss Account.
e) When more than one contract in respect of the relevant series of equity index/ stock futures contract to which the squared-up contract pertains is outstanding at the time of the squaring-up of the contract, the contract price of the contract so squared-up is determined using the weighted average cost method for calculating the profit/loss on squaring-up.
(xiv) EQUITY INDEX/ STOCK OPTIONS
a) "Initial Margin Equity Derivative Instrument" representing the initial margin paid, and "Margin Deposit", representing the additional margin paid over and above the initial margin, for entering into contracts for equity index/ stock options, which are released on final settlement/squaring-up of the underlying contracts, are disclosed under Other Current Assets.
b) "Equity Index/Stock Option Premium Account" represents the premium paid or received for buying or selling the options, respectively.
c) As at the Balance Sheet date, in the case of long positions, provision is made for the amount by which the premium paid for those options exceeds the premium prevailing on the Balance Sheet date, and in the case of short positions, for the amount by which the premium prevailing on the Balance Sheet date exceeds the premium received for those options, and is reflected in "Provision for Loss on Equity Index/ Stock Option Account".
d) When the options are squared up before expiry of the options, the premium prevailing in "Equity Index/Stock Option Premium Account" on that date is recognized in the Profit and Loss Account. If more than one option contract in respect of the same index/stock with the same strike price and expiry date to which the squared-up contract pertains is outstanding at the time of squaring-up of the contract, the weighted average method is followed for determining the profit or loss. On the expiry of the contracts and on exercising the options, the difference between the final settlement price and the strike price is transferred to the Profit and Loss Account. In both the above cases, the premium paid or received for buying or selling the option, as the case may be, is recognized in the Profit and Loss Account for all squared-up/settled contracts.
(xv) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions are recognized for present obligations, of uncertain timing or amount, arising as a result of a past event where a reliable estimate can be made and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Where it is not probable that an outflow of resources embodying economic benefits will be required or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability unless the possibility of outflow of resources embodying economic benefits is remote.
Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain future events, are also disclosed as contingent liabilities unless the possibility of outflow of resources embodying economic benefits is remote.
Figure in italics represents previous year figures
*Payment to key management personnel for Salaries and Incentive includes two Ashok Kumar Jain Rs. 6916719 (Previous Year Rs.8305500) and Anita Gandhi Rs. 3192000 (Previous Year Rs.2996000) and to relatives of key management personal includes Shruti Jain Rs.495000 (Previous Year Rs.619831).
# Rent paid to Kiran Jain Rs.2028797 (Previous Year Rs.2025000), Ashok Kumar Jain HUF Rs.412500 (Previous Year Rs.412500), Arpit Jain Rs.412500 (Previous Year Rs.412500) and Shyam Developers Rs.105000 (Previous Year Rs. Nil).
% Sitting fees paid to Sunil Kumar Jain Rs.120000 (Previous Year Rs.60000), Rakesh Jain Rs.62000 (Previous Year Rs.80000), Pankaj Kumar Gupta Rs.Nil (Previous Year Rs.40000), Paragbhai Shah Rs.80000 (Previous Year Rs.60000),Pavan Ved Rs.40000 (Previous Year Rs.Nil) and Akhilesh Rathi Rs. 120000 (Previous Year Rs.80000).
A Rent Deposit given includes Kiran Jain Rs.1687500 (Previous Year Rs.1687500), Ashok Kumar Jain HUF Rs. 343750 (Previous Year Rs.343750), Arpit Jain Rs.343750 (Previous Year Rs.343750) and Shyam Developers Rs.13000000 (Previous Year Rs.27000000).
Defined Benefit Plan
The gratuity paid by the company is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the financial obligation. The company does not has any policy for leave encashment.
Mar 31, 2015
(i) (a) BASIS OF PREPARATION
The financial statements have been prepared to comply with applicable
accounting principles in India, the Accounting Standards issued by the
Institute of Chartered Accountants of India and the relevant provisions
of the Companies Act, 2013. The accounts are prepared on historical
cost basis and on the principle of going concern. Accounting policies
not specifically referred to are in consonance with prudent and
generally accepted accounting practices. The accounting policies have
been consistently applied unless otherwise stated.
(b) USE OF ESTIMATES
The preparation of financial statements is in conformity with generally
accepted accounting principles which require the management of the
company to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and results of
operations during the reporting periods. Although these estimates are
based upon the management's best knowledge of current events & actions,
actual results could differ from those estimates. Difference between
the actual results and estimates are recognized in the period in which
the results are known / materialized.
(ii) REVENUE RECOGNITION
a) Company recognizes Brokerage Income on the basis of the date of
trade of settlement, of respective stock exchanges.
b) Other Income is accounted for on accrual basis.
c) The Maintenance Charges in respect of Account Holders of the
Depository Division of the Company are accounted on pro-rata basis. In
case of receipt of lifetime fees, the total amount received is
recognized in the period of receipt.
d) Incentive on primary market subscription - mobilization is accounted
on the basis of intimation received by the Company.
(iii) VALUATION OF INVENTORIES
Securities Shown as Inventories are valued scrip wise at Weighted
Average Cost of the day or Market Value whichever is lower. Cost
includes direct expenses.
Inventories (Land) are valued at Cost or Market Value whichever is
lower. Cost includes direct expenses.
(iv) FIXED ASSETS
Fixed assets are stated at historical cost less accumulated
depreciation. Historical cost comprises the purchase price and all
direct cost attributable to bring the asset to its working condition
for intended use.
(v) DEPRECIATION
Depreciation on tangible assets is provided on the straight-line method
over the useful lives of assets as mentioned and envisaged under
Schedule II of the Companies Act, 2013. Depreciation for assets
purchased / sold during a period is proportionately charged. Intangible
assets are amortized over their respective individual estimated lives
on a straight-line basis, commencing from the date the asset is
available to the Company for its use.
(vi) IMPAIRMENT OF ASSETS
Impairment loss, if any, is provided to the extent the carrying amount
of assets exceeds their recoverable amount. Recoverable amount is
higher of an asset's net selling price and its value in use. Value in
use is the present value of estimated future cash flows expected to
arise from the continuing use of an asset and from its disposal at the
end of its useful life.
(vii) INVESTMENTS
Investments are classified into current investments and non-current
investments. Investments which are intended to be held for more than
one year are classified as non-current investments and investments
which are intended to be held for less than one year are classified as
current investments. Investments are accounted at cost and any decline
in the carrying value other than temporary in nature is provided for.
(viii) CASH & CASH EQUIVALENTS
Cash comprises of cash in hand and balances with banks. Cash
equivalents are short term, highly liquid investments that are readily
convertible into cash and which are subject to insignificant risks of
changes in value.
(ix) FOREIGN EXCHANGE TRANSACTIONS
(a) Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction.
(b) Monetary items denominated in foreign currencies at the year end
are restated at year end rates. In case of items which are covered by
forward exchange contracts, the difference between the year end rate
and rate on the date of the contract is recognized as exchange
difference and the premium paid on forward contracts is recognized over
the life of the contract.
(c) Any income or expense on account of exchange difference either on
settlement or on translation is recognized in the Profit and Loss
account except in case of long term liabilities, where they relate to
acquisition of fixed assets, in which case they are adjusted to the
carrying cost of such assets.
(x) EARNING PER SHARE
The Company reports Basic and Diluted Earning Per Share in accordance
with Accounting Standard -20, "Earning Per Share" issued by The
Institute of Chartered Accountants of India. Basic Earning Per Share is
computed by dividing net profit after tax by the weighted average
number of equity shares outstanding for the period. Diluted Earning Per
Share is computed using the weighted average number of equity shares
and dilutive potential equity shares outstanding during the period.
(xi) TAXATION
a) Current corporate tax is provided on the results for the year after
considering applicable tax rates and laws.
b) Deferred Tax is provided on timing differences between tax and
accounting treatments that originate in one period and are expected to
be reversed or settled in subsequent periods. Deferred tax assets and
liabilities are measured using the enacted / substantially enacted tax
rates and laws for continuing operations. Deferred tax assets, in the
event of unabsorbed depreciation and carry forward losses under tax
laws, that exceed the deferred tax liability, are recognized only where
there virtual certainty of realization. Deferred tax assets on other
accounts are recognized only to the extent there is reasonable
certainty of realization. The carrying amount of deferred tax assets is
reviewed at each balance sheet date to reassess realization.
c) Minimum Alternative Tax (MAT) credit is recognized as an asset only
when and to the extent there is convincing evidence that the Company
will pay normal income tax during the specified period. In the year in
which the MAT credit becomes eligible to be recognized as an asset in
accordance with the recommendations contained in Guidance Note issued
by the Institute of Chartered Accountants of India, the said asset is
created by way of a credit to the profit and loss account and shown as
MAT Credit Entitlement. The Company reviews the same at each balance
sheet date and writes down the carrying amount of MAT Credit
Entitlement to the extent there is no longer convincing evidence to the
effect that the Company will pay normal Income Tax during the specified
period.
(xii) RETIREMENT BENEFITS
a) Gratuity liability is a defined benefit obligation and is wholly
unfunded. The Company accounts for liability for future gratuity
benefits based on actuarial assumptions.
b) Provident fund is a defined contribution scheme and the
contributions as required by the statute are charged to the Profit and
Loss Account as incurred.
(xiii) EQUITY INDEX/ STOCK FUTURES
a) "Initial Margin - Equity Derivative Instrument", representing the
initial margin paid for entering into contracts for equity index/stock
futures which are released on final settlement/squaring-up of
underlying contracts, are disclosed under Other Current Assets.
b) Equity index/stock futures for arbitrage purposes are
marked-to-market on a daily basis. Debit or credit balance disclosed
under Other Current Assets or Other Current Liabilities, respectively,
in the "Mark-to-Market Margin - Equity Index/Stock Futures Account",
represents the net amount paid or received on the basis of movement in
the prices of index/ stock futures till the Balance Sheet date.
c) As on the Balance Sheet date, profit/loss on open positions in
equity index/ stock futures is accounted for as follows:
1. Credit balance in the "Mark-to-Market Margin - Equity Index/Stock
Futures Account", being the anticipated profit, is ignored and no
credit for the same is taken in the Profit and Loss Account.
2. Debit balance in the "Mark-to-Market Margin - Equity Index/Stock
Futures Account", being anticipated loss, is adjusted in the Profit and
Loss Account.
d) On final settlement or squaring-up of contracts for equity
index/stock futures, the profit or loss is calculated as the difference
between the settlement/squaring-up price and the contract price.
Accordingly, debit or credit balance pertaining to the
settled/squared-up contract in "Mark-to-Market Margin - Equity Index/
Stock Futures Account" after adjustment of provision for anticipated
losses is recognised in the Profit and Loss Account.
e) When more than one contract in respect of the relevant series of
equity index/ stock futures contract to which the squared-up contract
pertains is outstanding at the time of the squaring-up of the contract,
the contract price of the contract so squared-up is determined using
the weighted average cost method for calculating the profit/loss on
squaring-up.
(xiv) EQUITY INDEX/ STOCK OPTIONS
a) "Initial Margin Equity Derivative Instrument" representing the
initial margin paid, and "Margin Deposit", representing the additional
margin paid over and above the initial margin, for entering into
contracts for equity index/ stock options, which are released on final
settlement/squaring-up of the underlying contracts, are disclosed under
Other Current Assets.
b) "Equity Index/Stock Option Premium Account" represents the premium
paid or received for buying or selling the options, respectively.
c) As at the Balance Sheet date, in the case of long positions,
provision is made for the amount by which the premium paid for those
options exceeds the premium prevailing on the Balance Sheet date, and
in the case of short positions, for the amount by which the premium
prevailing on the Balance Sheet date exceeds the premium received for
those options, and is reflected in "Provision for Loss on Equity Index/
Stock Option Account".
d) When the options are squared up before expiry of the options, the
premium prevailing in "Equity Index/Stock Option Premium Account" on
that date is recognised in the Profit and Loss Account. If more than
one option contract in respect of the same index/stock with the same
strike price and expiry date to which the squared-up contract pertains
is outstanding at the time of squaring-up of the contract, the weighted
average method is followed for determining the profit or loss. On the
expiry of the contracts and on exercising the options, the difference
between the final settlement price and the strike price is transferred
to the Profit and Loss Account. In both the above cases, the premium
paid or received for buying or selling the option, as the case may be,
is recognised in the Profit and Loss Account for all squared-up/settled
contracts.
(xv) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions are recognized for present obligations, of uncertain timing
or amount, arising as a result of a past event where a reliable
estimate can be made and it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation.
Where it is not probable that an outflow of resources embodying
economic benefits will be required or the amount cannot be estimated
reliably, the obligation is disclosed as a contingent liability unless
the possibility of outflow of resources embodying economic benefits is
remote.
Possible obligations, whose existence will only be confirmed by the
occurrence or non-occurrence of one or more uncertain future events,
are also disclosed as contingent liabilities unless the possibility of
outflow of resources embodying economic benefits is remote.
Mar 31, 2014
A. BASIS OF ACCOUNTING
The accounts are prepared in accordance with the accounting principles
generally accepted in India and are in line with the relevant laws as
well as the guidelines prescribed by the Department of Company Affairs
and the Institute of Chartered Accountants of India. The accounts are
prepared on historical cost basis and on the principle of going
concern. Accounting policies not specifically referred to are in
consonance with prudent and generally accepted accounting practices.
The accounting policies have been consistently applied unless otherwise
stated.
B. USE OF ESTIMATES
The preparation of financial statements is in conformity with generally
accepted accounting principles which require the management of the
company to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and results of
operations during the reporting periods. Although these estimates are
based upon the management''s best knowledge of current events & actions,
actual results could differ from those estimates. Significant estimates
used by management in the preparation of these financial statements,
estimates of the economic useful lives of the fixed assets, provisions
for bad and doubtful debts and accruals.
C. REVENUE RECOGNITION
i. Company recognises Brokerage Income on the basis of the date of
trade of settlement, of respective stock exchanges.
ii. Other Income is accounted for on accrual basis.
iii. The Maintenance Charges in respect of Account Holders of the
Depository Division of the Company are accounted on prorata basis. In
case of receipt of lifetime fees, the total amount received is
recognized in the period of receipt.
iv. Incentive on primary market subscription - mobilisation is
accounted on the basis of intimation received by the Company.
D. VALUATION OF INVENTORIES
Securities Shown as Inventories are valued scrip wise at Weighted
Average Cost of the day or Market Value whichever is lower. Cost
includes direct expenses.
E. FIXED ASSETS
i. Fixed Assets are stated at cost of acquisition less accumulated
depreciation.
ii. Depreciation on Fixed Assets has been provided on Straight Line
Method at the rates specified in Schedule XIV of the Companies Act,
1956 on pro rata basis which in the opinion of the management are
reflective of the estimated useful lives of fixed asset.
F. IMPAIRMENT OF ASSETS
Impairment loss, if any, is provided to the extent the carrying amount
of assets exceeds their recoverable amount. Recoverable amount is
higher of an asset''s net selling price and its value in use. Value in
use is the present value of estimated Futures cash flows expected to
arise from the continuing use of an asset and from its disposal at the
end of its useful life.
G. INVESTMENTS
Investments are classified into current investments and non-current
investments. Investments which are intended to be held for more than
one year are classified as non- current investments and investments
which are intended to be held for less than one year are classified
as current investments. Investments are accounted at cost and any
decline in the carrying value other than temporary in nature is
provided for.
H. CASH & CASH EQUIVALENTS
Cash comprises cash on hand and balances with banks. Cash equivalents
are short term, highly liquid investments that are readily convertible
into cash and which are subject to insignificant risks of changes in
value.
I. FOREIGN CURRENCY TRANSACTIONS
(a) Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction.
(b) Monetary items denominated in foreign currencies at the year end
are restated at year end rates. In case of items which are covered by
forward exchange contracts, the difference between the year end rate
and rate on the date of the contract is recognised as exchange
difference and the premium paid on forward contracts is recognised over
the life of the contract.
(c) Any income or expense on account of exchange difference either on
settlement or on translation is recognised in the Profit and Loss
account except in case of long term liabilities, where they relate to
acquisition of fixed assets, in which case they are adjusted to the
carrying cost of such assets.
J. EARNING PER SHARE
The Company reports Basic and Diluted Earning Per Share in accordance
with Accounting Standard -20, "Earning Per Share" issued by The
Institute of Chartered Accountants of India. Basic Earning Per Share is
computed by dividing net profit after tax by the weighted average
number of equity shares outstanding for the period. Diluted Earning Per
Share is computed using the weighted average number of equity shares
and dilutive potential equity shares outstanding during the period.
K. TAXES ON INCOME
a. Current Tax is the amount of tax payable on the taxable income for
the year determined in accordance with the provisions of the Income Tax
Act, 1961.
b. Deferred Tax is recognized on timing differences; being the
differences between the taxable incomes and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods. Deferred Tax Assets subject to the consideration of
prudence are recognized and carried forward only to the extent there is
a reasonable certainty that sufficient Futures taxable income will be
available against which such deferred tax assets can be realized.
L. RETIREMENT BENEFITS
i. Gratuity liability is a defined benefit obligation and is wholly
unfunded. The Company accounts for liability for future gratuity
benefits based on actuarial assumptions.
ii. Provident fund is a defined contribution scheme and the
contributions as required by the statute are charged to the Profit and
Loss Account as incurred.
M. EQUITY INDEX/ STOCK FUTURES
a) "Initial Margin - Equity Derivative Instrument", representing the
initial margin paid for entering into contracts for equity index/stock
futures which are released on final settlement/squaring-up of
underlying contracts, are disclosed under Other Current Assets.
b) Equity index/stock futures for arbitrage purposes are
marked-to-market on a daily basis. Debit or credit balance disclosed
under Other Current Assets or Other Current Liabilities, respectively,
in the "Mark-to-Market Margin - Equity
Index/Stock Futures Account", represents the net amount paid or
received on the basis of movement in the prices of index/ stock futures
till the Balance Sheet date.
c) As on the Balance Sheet date, profit/loss on open positions in
equity index/ stock futures is accounted for as follows:
- Credit balance in the "Mark-to-Market Margin - Equity Index/Stock
Futures Account", being the anticipated profit, is ignored and no
credit for the same is taken in the Profit and Loss Account.
- Debit balance in the "Mark-to-Market Margin - Equity Index/Stock
Futures Account", being anticipated loss, is adjusted in the Profit and
Loss Account.
d) On final settlement or squaring-up of contracts for equity
index/stock futures, the profit or loss is calculated as the difference
between the settlement/squaring-up price and the contract price.
Accordingly, debit or credit balance pertaining to the
settled/squared-up contract in "Mark-to-Market Margin - Equity Index/
Stock Futures Account" after adjustment of provision for anticipated
losses is recognised in the Profit and Loss Account.
e) When more than one contract in respect of the relevant series of
equity index/ stock futures contract to which the squared-up contract
pertains is outstanding at the time of the squaring-up of the contract,
the contract price of the contract so squared-up is determined using
the weighted average cost method for calculating the profit/loss on
squaring-up.
N. EQUITY INDEX/ STOCK OPTIONS
a. "Initial Margin Equity Derivative Instrument" representing the
initial margin paid, and "Margin Deposit", representing the additional
margin paid over and above the initial margin, for entering into
contracts for equity index/ stock options, which are released on final
settlement/squaring-up of the underlying contracts, are disclosed under
Other Current Assets.
b. "Equity Index/Stock Option Premium Account" represents the premium
paid or received for buying or selling the options, respectively.
c. As at the Balance Sheet date, in the case of long positions,
provision is made for the amount by which the premium paid for those
options exceeds the premium prevailing on the Balance Sheet date, and
in the case of short positions, for the amount by which the premium
prevailing on the Balance Sheet date exceeds the premium received for
those options, and is reflected in "Provision for Loss on Equity Index/
Stock Option Account".
d. When the options are squared up before expiry of the options, the
premium prevailing in "Equity Index/Stock Option Premium Account" on
that date is recognised in the Profit and Loss Account. If more than
one option contract in respect of the same index/stock with the same
strike price and expiry date to which the squared-up contract pertains
is outstanding at the time of squaring-up of the contract, the weighted
average method is followed for determining the profit or loss. On the
expiry of the contracts and on exercising the options, the difference
between the final settlement price and the strike price is transferred
to the Profit and Loss Account. In both the above cases, the premium
paid or received for buying or selling the option, as the case may be,
is recognised in the Profit and Loss Account for all squared-
up/settled contracts.
O. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of
past events and it is probable that there will be an outflow of
resources. Contingent Liabilities are not recognised but are
disclosed in the notes. Contingent Assets are neither recognized
nor disclosed in the financial statements.
Mar 31, 2013
A. Basis of Accounting
The accounts are prepared in accordance with the accounting principles
generally accepted in India and are in line with the relevant laws as
well as the guidelines prescribed by the Department of Company Affairs
and the Institute of Chartered Accountants of India. The accounts are
prepared on historical cost basis and on the principle of going
concern. Accounting policies not specifically referred to are in
consonance with prudent and generally accepted accounting practices.
The accounting policies have been consistently applied unless otherwise
stated.
B. Use of Estimates
The preparation of financial statements is in conformity with generally
accepted accounting principles which require the management of the
company to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and results of
operations during the reporting periods. Although these estimates are
based upon the management''s best knowledge of current events & actions,
actual results could differ from those estimates. Significant estimates
are used by management in the preparation of these financial
statements, estimates of the economic useful lives of the fixed assets,
provisions for bad and doubtful debts and accruals.
C. Revenue Recognition
i. Company recognizes brokerage income on the basis of the date of
trade of settlement, of respective stock exchanges.
ii. Other income is accounted for on accrual basis.
iii. The maintenance charges in respect of account holders of the
depository division of the Company are accounted on prorata basis. In
case of receipt of lifetime fees, the total amount received is
recognized in the period of receipt.
iv. Incentive on primary market subscription - mobilization is
accounted on the basis of intimation received by the Company.
D. Valuation of Inventories
Securities shown as inventories are valued scrip wise at weighted
average cost of the day or market value whichever is lower. Cost
includes direct expenses.
E. Fixed Assets i. Fixed assets are stated at cost of acquisition
less accumulated depreciation.
ii. Depreciation on fixed assets has been provided on straight line
method at the rates specified in Schedule XIV of the Companies Act,
1956 on pro rata basis which in the opinion of the management are
reflective of the estimated useful lives of fixed asset.
F. Impairment of Assets
Impairment loss, if any, is provided to the extent the carrying amount
of assets exceeds their recoverable amount. Recoverable amount is
higher of an asset''s net selling price and its value in use. Value in
use is the present value of estimated Futures cash flows expected to
arise from the continuing use of an asset and from its disposal at the
end of its useful life.
G. Investments
Investments are classified into current investments and non-current
investments. Investments which are intended to be held for more than
one year are classified as non- current investments and investments
which are intended to be held for less than one year are classified as
current investments. Investments are accounted at cost and any decline
in the carrying value other than temporary in nature is provided for.
H. Cash & Cash Equivalents
Cash comprises cash on hand and balances with banks. Cash equivalents
are short term, highly liquid investments that are readily convertible
into cash and which are subject to insignificant risks of changes in
value.
J. Earnings Per Share
The Company reports basic and diluted earnings per share in accordance
with Accounting Standard -20, "Earning Per Share" issued by The
Institute of Chartered Accountants of India. Basic earnings per share is
computed by dividing net profit after tax by the weighted average
number of equity shares outstanding for the period. Diluted earnings per
share is computed using the weighted average number of equity shares
and dilutive potential equity shares outstanding during the period.
K. Taxes on Income
a. Current tax is the amount of tax payable on the taxable income for
the year determined in accordance with the provisions of the Income Tax
Act, 1961.
b. Deferred tax is recognized on timing differences; being the
differences between the taxable incomes and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods. Deferred Tax Assets subject to the consideration of
prudence are recognized and carried forward only to the extent there is
a reasonable certainty that sufficient Futures taxable income will be
available against which such deferred tax assets can be realized.
L. Retirement Benefits
i. Gratuity liability is a defined benefit obligation and is wholly
unfunded. The Company accounts for liability for future gratuity
benefits based on actuarial assumptions.
ii. Provident fund is a defined contribution scheme and the
contributions as required by the statute are charged to the profit and
loss account as incurred.
M. Equity Index/ Stock Futures a. "Initial Margin - Equity Derivative
Instrument", representing the initial margin paid for entering into
contracts for equity index/stock futures which are released on final
settlement/squaring-up of underlying contracts, are disclosed under
other current assets.
b. Equity index/stock futures for arbitrage purposes are
marked-to-market on a daily basis. Debit or credit balance disclosed
under Other Current Assets or Other Current Liabilities, respectively,
in the "Mark-to-Market Margin - Equity Index/Stock Futures Account",
represents the net amount paid or received on the basis of movement in
the prices of index/ stock futures till the balance sheet date.
c. As on the balance sheet date, profit/loss on open positions in
equity index/ stock futures is accounted for as follows:
- Credit balance in the "Mark-to-Market Margin - Equity Index/Stock
Futures Account", being the anticipated profit, is ignored and no
credit for the same is taken in the profit and loss account.
- Debit balance in the "Mark-to-Market Margin - Equity Index/Stock
Futures Account", being anticipated loss, is adjusted in the profit and
loss account.
d. On final settlement or squaring-up of contracts for equity
index/stock futures, the profit or loss is calculated as the difference
between the settlement/squaring-up price and the contract price.
Accordingly, debit or credit balance pertaining to the
settled/squared-up contract in "Mark-to-Market Margin - Equity Index/
Stock Futures Account" after adjustment of provision for anticipated
losses is recognized in the profit and loss account.
e. When more than one contract in respect of the relevant series of
equity index/ stock futures contract to which the squared-up contract
pertains is outstanding at the time of the squaring-up of the contract,
the contract price of the contract so squared-up is determined using
the weighted average cost method for calculating the profit/loss on
squaring-up.
N. Equity Index/ Stock Options
a. "Initial Margin Equity Derivative Instrument" representing the
initial margin paid, and "Margin Deposit", representing the additional
margin paid over and above the initial margin, for entering into
contracts for equity index/ stock options, which are released on final
settlement/squaring-up of the underlying contracts, are disclosed under
other current assets.
b. "Equity Index/Stock Option Premium Account" represents the premium
paid or received for buying or selling the options, respectively.
c. As at the balance sheet date, in the case of long positions,
provision is made for the amount by which the premium paid for those
options exceeds the premium prevailing on the Balance Sheet date, and
in the case of short positions, for the amount by which the premium
prevailing on the Balance Sheet date exceeds the premium received for
those options, and is reflected in "Provision for Loss on Equity Index/
Stock Option Account".
d. When the options are squared up before expiry of the options, the
premium prevailing in "Equity Index/Stock Option Premium Account" on
that date is recognized in the Profit and Loss Account. if more than
one option contract in respect of the same index/stock with the same
strike price and expiry date to which the squared-up contract pertains
is outstanding at the time of squaring-up of the contract, the weighted
average method is followed for determining the profit or loss. On the
expiry of the contracts and on exercising the options, the difference
between the final settlement price and the strike price is transferred
to the profit and loss Account. In both the above cases, the premium
paid or received for buying or selling the option, as the case may be,
is recognized in the profit and loss Account for all squared-up/settled
contracts.
O. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.
Mar 31, 2012
A. BASIS OF ACCOUNTING
The accounts are prepared in accordance with the accounting principles
generally accepted in India and are in line with the relevant laws as
well as the guidelines prescribed by the Department of Company Affairs
and the Institute of Chartered Accountants of India.
B. ACCOUNTING CONVENTION
The Financial Accounts, unless otherwise stated, are prepared at
historical cost under the accrual method of accounting.
C. REVENUE RECOGNITION
i. Company recognises Brokerage Income on the basis of the date of
trade of settlement, of respective stock exchanges.
ii. Other Income is accounted for on accrual basis.
iii. The Maintenance Charges in respect of Account Holders of the
Depository Division of the Company are accounted on prorata basis. In
case of receipt of lifetime fees, the total amount received is
recognized in the period of receipt.
iv. Incentive on primary market subscription - mobilisation is
accounted on the basis of intimation received by the Company.
D. FIXED ASSETS
i. Fixed Assets are stated at cost of acquisition less accumulated
depreciation.
ii. Depreciation on Fixed Assets has been provided on Straight Line
Method at the rates specified in Schedule XIV of the Companies Act,
1956 on pro rata basis which in the opinion of the management are
reflective of the estimated useful lives of fixed asset.
E. INVESTMENTS
Investments are classified into current investments and non-current
investments. Investments which are intended to be held for more than
one year are classified as non- current investments and investments
which are intended to be held for less than one year are classified as
current investments. Investments are accounted at cost and any decline
in the carrying value other than temporary in nature is provided for.
F. RETIREMENT BENEFITS
i. Gratuity liability is a defined benefit obligation and is wholly
unfunded. The Company accounts for liability for future gratuity
benefits based on actuarial assumptions.
ii. Provident fund is a defined contribution scheme and the
contributions as required by the statute are charged to the Profit and
Loss Account as incurred.
G. TAXES ON INCOME
a. Current Tax is the amount of tax payable on the taxable income for
the year determined in accordance with the provisions of the Income Tax
Act, 1961.
b. Deferred Tax is recognized on timing differences; being the
differences between the taxable incomes and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods. Deferred Tax Assets subject to the consideration of
prudence are recognized and carried forward only to the extent there is
a reasonable certainty that sufficient Futures taxable income will be
available against which such deferred tax assets can be realized.
H. EARNING PER SHARE
The Company reports Basic and Diluted Earning Per Share in accordance
with Accounting Standard -20, "Earning Per Share" issued by The
Institute of Chartered Accountants of India. Basic Earning Per Share is
computed by dividing net profit after tax by the weighted average
number of equity shares outstanding for the period. Diluted Earning Per
Share is computed using the weighted average number of equity shares
and dilutive potential equity shares outstanding during the period.
I. IMPAIRMENT OF ASSETS
Impairment loss, if any, is provided to the extent the carrying amount
of assets exceeds their recoverable amount. Recoverable amount is
higher of an asset's net selling price and its value in use. Value in
use is the present value of estimated Futures cash flows expected to
arise from the continuing use of an asset and from its disposal at the
end of its useful life.
Mar 31, 2011
A. BASIS OF ACCOUNTING
The accounts are prepared in accordance with the accounting principles
generally accepted in India and are in line with the relevant laws as
well as the guidelines prescribed by the Department of Company Affairs
and the Institute of Chartered Accountants of India.
B. ACCOUNTING CONVENTION
The Financial Accounts, unless otherwise stated, are prepared at
historical cost under the accrual method of accounting.
C. REVENUE RECOGNITION
i. Company recognises Brokerage Income on the basis of the date of
trade of settlement, of respective stock exchanges.
ii. Other Income is accounted for on accrual basis.
iii.The Maintenance Charges in respect of Account Holders of the
Depository Division of the Company are accounted on prorata basis. In
case of receipt of lifetime fees, the total amount received is
recognized in the period of receipt.
iv. Incentive on primary market subscription à mobilisation is
accounted on the basis of intimation received by the Company.
v. Portfolio management fees are accounted on accrual basis as
follows:
(a) In case of fees based on fixed percentage of the corpus/ fixed
amount, income is accrued over the period of the agreement.
(b) In case of fees, based on the returns of the portfolio, income is
accounted on the termination of the portfolio agreement/on each
anniversary as per the agreement.
(c) In case of an upfront non-refundable fee, income is accounted in
the year of receipt.
D. FIXED ASSETS
i. Fixed Assets are stated at cost of acquisition less accumulated
depreciation.
ii. Depreciation on Fixed Assets has been provided on Straight Line
Method at the rates specified in Schedule XIV of the Companies Act,
1956 on pro rata basis which in the opinion of the management are
reflective of the estimated useful lives of fixed asset.
E. INVESTMENTS
Investments are classified into long term investments and current
investments. Investments which are intended to be held for more than
one year are classified as long term investments and investments which
are intended to be held for less than one year are classified as
current investments. Investments are accounted at cost and any decline
in the carrying value other than temporary in nature is provided for.
F. RETIREMENT BENEFITS
i. Gratuity liability is a defined benefit obligation and is wholly
unfunded. The Company accounts for liability for future gratuity
benefits based on its own valuation.
ii. Provident fund is a defined contribution scheme and the
contributions as required by the statute are charged to the Profit and
Loss Account as incurred.
G. TAXES ON INCOME
a. Current Tax is the amount of tax payable on the taxable income for
the year determined in accordance with the provisions of the Income Tax
Act, 1961.
b. Deferred Tax is recognized on timing differences; being the
differences between the taxable incomes and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods. Deferred Tax Assets subject to the consideration
of prudence are recognized and carried forward only to the extent there
is a reasonable certainty that sufficient Futures taxable income will
be available against which such deferred tax assets can be realized.
H. EARNING PER SHARE
The Company reports Basic and Diluted Earning Per Share in accordance
with Accounting Standard Ã20, "Earning Per Share" issued by The
Institute of Chartered Accountants of India. Basic Earning Per Share is
computed by dividing net profit after tax by the weighted average
number of equity shares outstanding for the period. Diluted Earning Per
Share is computed using the weighted average number of equity shares
and dilutive potential equity shares outstanding during the period.
I. IMPAIRMENT OF ASSETS
Impairment loss, if any, is provided to the extent the carrying amount
of assets exceeds their recoverable amount. Recoverable amount is
higher of an assetÃs net selling price and its value in use. Value in
use is the present value of estimated Futures cash flows expected to
arise from the continuing use of an asset and from its disposal at the
end of its useful life.
Mar 31, 2010
A. BASIS OF ACCOUNTING
The accounts are prepared in accordance with the accounting principles
generally accepted in India and are in line with the relevant laws as
well as the guidelines prescribed by the Department of Company Affairs
and the Institute of Chartered Accountants of India.
B. ACCOUNTING CONVENTION
The Financial Accounts, unless otherwise stated, are prepared at
historical cost under the accrual method of accounting.
C. REVENUE RECOGNITION
i. Company recognises brokerage income on the basis of the date of
trade of settlement, of respective stock exchanges.
ii. Other Income is accounted for on accrual basis.
iii. The maintenance charges in respect of account holders of the
depository division of the Company are accounted on prorata
basis. In case of receipt of lifetime fees, the total amount received
is recognized in the period of receipt. iv. Incentive on primary
market subscription-mobilisation is accounted on the basis of
intimation received by the Company. v. Portfolio management fees are
accounted on accrual basis as follows:
(a) In case of fees based on fixed percentage of the corpus/ fixed
amount, income is accrued over the period of the agreement.
(b) In case of fees, based on the returns of the portfolio, income is
accounted on the termination of the portfolio agreement/on each
anniversary as per the agreement.
(c) In case of an upfront non-refundable fee, income is accounted in
the year of receipt.
D. FIXED ASSETS
i. Fixed Assets are stated at cost of acquisition less accumulated
depreciation.
ii. Depreciation on fixed assets has been provided on straight line
method at the rates specified in Schedule XIV of the Companies Act,
1956 on prorata basis.
E. INVESTMENTS
Investments are classified into long term investments and current
investments. Investments which are intended to be held for more than
one year are classified as long term investments and investments which
are intended to be held for less than one year are classified as
current investments. Investments are accounted at cost and any decline
in the carrying value other than temporary in nature is provided for.
F. RETIREMENT BENEFITS
i. Gratuity liability is a defined benefit obligation and is wholly
unfunded. The Company accounts for liability for future gratuity
benefits based on an actuarial valuation. ii. Provident fund is a
defined contribution scheme and the contributions as required by the
statute are charged to the Profit and
Loss Account as incurred.
G. TAXES ON INCOME
a. Current Tax is the amount of tax payable on the taxable income for
the year determined in accordance with the provisions of the Income Tax
Act, 1961.
b. Deferred tax is recognized on timing differences; being the
differences between the taxable incomes and accounting income that
originates in one period and is capable of reversal in one or more
subsequent periods. Deferred Tax Assets subject to the consideration of
prudence are recognized and carried forward only to the extent there is
a reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realized.
H. EARNING PER SHARE
The Company reports basic and diluted Earning Per Share in accordance
with Accounting Standard -20, ÃEarning Per Shareà issued by the
Institute of Chartered Accountants of India. Basic Earning Per Share is
computed by dividing net profit after tax by the weighted average
number of equity shares outstanding for the period. Diluted Earning Per
Share is computed using the weighted average number of equity shares
and dilutive potential equity shares outstanding during the period.
I. IMPAIRMENT OF ASSETS
Impairment loss, if any, is provided to the extent the carrying amount
of assets exceeds their recoverable amount. Recoverable amount is
higher of an assets net selling price and its value in use. Value in
use is the present value of estimated futures cash flows expected to
arise from the continuing use of an asset and from its disposal at the
end of its useful life.
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