1. Basis of preparation
The financial statements have been prepared in accordance with the generally accepted accounting principles (GAAP) in India. Indian GAAP comprises mandatory accounting standards as specified under the section 133 of the Companies Act, 2013 read with Rule 7 of Companies (Accounts) Rules, 2014 and other accounting pronouncements of the Institute of Chartered Accountants of India.
The financial statements have been prepared on accrual basis and under the historical cost convention. The accounting policies not specifically referred, are consistently applied from the past accounting periods.
2. There are no dues to Micro, Small and Medium Enterprises as defined under Micro, Small & Medium Enterprises Development Act, 2006 which are outstanding for a period more than 45 days as at balance sheet date.
The above information regarding Micro, Small and Medium Enterprises has been determined on the basis of information available with the Company and has been duly relied upon by the auditors of the Company.
3. Balances shown under head Sundry Debtors, Creditors and Advances are subject to confirmation.
4. Segment Information:
The Company has identified two reportable segments viz., trading in shares & securities and advancing of loans after taking into account the nature of product and services and the differing risk and returns on such products and services. The accounting policies adopted for segment reporting are in line with the accounting policy of the company with following additional policies for segment reporting: -
i) Revenue and expenses have been identified to a segment on the basis of relation to operating activities of the segment. Revenue and expenses that relate to the enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as “Un-allocable”.
ii) Segment assets and Segment liabilities represent assets and liabilities in respective segments. Assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as “Un-allocable”.
a) Secondary Segment Information: -
The Company does not have secondary segment division in respect of reportable segments.
5. Necessary disclosures as per requirements of Accounting Standard (AS) - 18 on ‘Related Party Disclosures’ are made as under: -
6. The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.
7. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
8. Previous year’s figures have been re-arranged or re-grouped wherever considered necessary.
9. The financial statements were approved for issue by the board of directors on 30th May, 2019.
10. Figures have been rounded off to the nearest rupees.
11. Figures in brackets indicate negative (-) figures.
In terms of our report of even date annexed
b. Terms and rights attached to equity shares
The company has issued only one class of equity share having a par value of Rs. 10 per share. Each holder of equity shares is entitled to vote per share. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.
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