Sanchay Finvest Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2024

2.10.Provision and Contingencies

A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made.

Provisions are discounted to their present value and are determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates.

Contingent Liabilities and Assets

Contingent liabilities are when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or nonoccurrence 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 or a reliable estimate of the amount cannot be made. Contingent liabilities are not recognised but are disclosed in the notes.

Contingent asset is a possible asset that arises 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 enterprise. Contingent assets are neither recognised nor disclosed in the financial statements.

2.11. Foreign Currency Transactions and Balances

Transactions in foreign currency are translated into the respective functional currencies using the exchange rates prevailing at the dates of the respective transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the exchange rates prevailing at reporting date of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Profit and Loss and reported within foreign exchange gains/ (losses).

2.12.Investments in Subsidiaries and Associates

Investments in subsidiaries and associates are measured at cost. Dividend income if any from subsidiaries and associates is recognised when its right to receive the dividend is established.

2.13.Financial Instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instruments. All financial instruments are recognised initially at fair value.

2.14.Financial Assets

Financial assets are classified into the following specified categories; financial assets "at amortised cost", "fair value through other comprehensive income", "fair value through Profit or Loss". The classification depends on the entity''s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset at the time of initial recognition.

Financial assets are recognised by the Company as per its business model All Financial Assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction cost that are attributable to the acquisition of the Financial Asset. However, trade receivables that do not contain a significant financing component are measured at transaction price. Transaction costs directly attributable to the acquisition of financial assets measured at fair value through profit or loss are recognised immediately in the Statement of Profit and Loss.

All equity instruments are measured at fair value other than investments in unquoted equity shares including investment in subsidiaries and associates. Equity instruments held for trading is classified as FVTPL. For all other equity instruments, the Company may make an irrevocable election to present subsequent changes in the fair value in OCI. The Company makes such election on an instrument-by-instrument basis.

Income and expense is recognised on an effective interest basis for debt instrument. All other investments are classified as Fair Value Through Profit or Loss (FVTPL). The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

Impairment of Financial Assets

In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss. Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been impacted.

Objective evidence of impairment could include -

• Significant financial difficulty of the users or counterparty; or

• Default or delinquency in interest or principal payments; or

• It becoming probable that the borrower will enter Note bankruptcy or financial reorganisation.

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade and other receivables. For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment loss was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

Expected Credit Losses on Trade Receivables

For trade receivables the Company measures the loss allowance at an amount equal to life time expected credit losses. Further, for the purpose of measuring life time expected credit losses for trade receivables, the company follows simplified approach as permitted under IndAS 109.

De-recognition of Financial Assets

The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognises its retained interest in the asset and an associated Lability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

Employee Benefits

Defined employee benefit assets / liabilities to be determined based on the present value of future obligations using assumptions as determine by the Company with advice from an independent qualified actuary.

2.19. Operating cycle

Based on the activities of the Company and the normal time between acquisition of assets and their realisation in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non-current.

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Mar 31, 2012

Terms/rights attached to equity shares

Equity Shares carry voting rights at the General Meeting of the Company and are entitled to dividend and to participate in surplus, if any, in the event of winding up.

1 The entire operation of the Company relates to one segment vis. income from Stock Broking, Dealing in shares and securities and Arbitrage / Jobbing transactions with associates. Companies Business activities are confined only in india hence no additional disclosures are made as required under Accounting Standard 17 on Segment Reporting issued by the Institute of Chartred Accounts of India.

2 In view of Accounting Standard - 22 "Accounting for tax on income" issued by the Institute of Chartered Accountants of India, the Company has started accounting for deferred taxes with effect from 1st April 2002

3 Expenditure/ Earnings in foreign currency is -NIL-

4 In the opinion of the Board of Directors the Current Assets, Loans & Advances are approximately of the value stated, if realised in the ordinary course of business. the provision of all known liabilities is adequate and not in excess of the amount reasonably required

5 Some of the debit and credit balances are taken at book figures & are subject to confirmation.

6 In the opinion of the board there is no Income Tax payable during the current financial year and hence no provision for tax is made.

7 The Reviesed Schedule VI has become effective from 1 st April 2011 for the preparation of financial statements.this has significantly impacted the disclosure and presentation made in the financial statements.previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/dislosure.

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Mar 31, 2011

1 Contingent liabilities on account of non compliance of certain fiscal statutes, if any :-

The company has surrendered the bank guarantee given by the Axis Bank Limited in favour The Stock Exchange, Mumbai on behalf of the Company for Rs.50 Lacs (P.Y. Rs.50 Lacs) and there is no other contingent liability ascertainable as on date.

2 The Securities and Exchange Board of India (SEBI) vide its interim ex-parte order dated 02nd December, 2010 have issued directions against the company for not to buy , sell or deal in securities in their own / proprietary account and also not to take / deal with fresh/new clients until further direction in this regard. As represented by the management the company have filed their detailed reply and submissions before the SEBI against the said interim ex-parte order.

3 The entire operation of the Company relates to one segment vis. income from Stock Broking, Dealing in shares and securities and Arbitrage / Jobbing transactions with associates. Companies Business activities are confined only in India hence no additional disclosures are made as required under Accounting Standard 17 on Segment Reporting issued by the Institute of Chartered Accounts of India.

4 The entire operation of the Company relates to only one segment vis. income from Stock Broking & Investment activities. Company''s business activities are confined only in India. Hence no additional disclosure are made as required under Accounting Standard 17 on Segment Reporting issued by the Institute of Chartered Accountants of India.

5 In view of Accounting Standard - 22 "Accounting for tax on income" issued by the Institute of Chartered Accountants of India, the Company has started accounting for deferred taxes with"-- effect from 1st April 2002

6 The Previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

7 Expenditure/ Earnings in foreign currency is -NIL-

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Mar 31, 2010

1. Retirement Benefits

No provision is made for the future liabilities arising out of gratuity and leave encashment, which are accounted on cash basis.

2 Contingent liabilities on account of non compliance of certain fiscal statutes, if any :-

Amount unascertainable and the Guarantee given by Axis Bank Ltd, Mumbai in favour of The a. National Stock Exchange of India Limited on behalf of the Company for Rs.50 Lacs (P.Y. Rs.50 Lacs) is not provided for.

3 The entire operation of the Company relates to only one segment vis. income from Stock Broking & Investment activities. Company''s business activities are confined only in India. Hence no additional disclosure are made as required under Accounting Standard 17 on Segment Reporting issued by the Institute of Chartered Accountants of India.

4 In view of Accounting Standard - 22 "Accounting for tax on income" issued by the Institute of Chartered Accountants of India, the Company has started accounting for deferred taxes with effect from 1st April 2002

5 The Previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

6 Expenditure/ Earnings in foreign currency is -NIL-

7 In the opinion of the Board of Directors the Current Assets, Loans & Advances are approximately of the value stated, if realised in the ordinary course of business.

8 Some of the debit and credit balances are taken at book figures & are subject to confirmation.

9 The company is in appeal before CIT (Appeals) against the addition made by the Assessing officer for the Assessment year 2005-06 of Rs.32,25,088/-.In the opinion of the board, they will get substantial relief from CIT (Appeal).

10 Balance Sheet Abstract and Company''s General Business Profile as required under Part IV of Schedule VI to the Companies Act,1956 is given as per Annexure I.

11 Other information required under Part I and Part II of Schedule VI to the Companies Act,1956 is either Nil or Not Applicable.

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Mar 31, 2001

1. In the opinion of the Board, the Current Assets, Loans & Advances, have a value on realisation in the ordinary course of business atleast equal to the amount at which they are stated in the Balance Sheet & that the provision for known liability is adequate and not in excess of the amount reasonably necessary.

2. The previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

3. As the Company is not a manufacturing Company, information required under paragraphs 3 and 4 of Schedule VI of the Companies Act, 1956 is not given.

4. Expenditures/Earnings in Foreign Currency -NIL-

5. None of the employees of the Company is covered under Section 217(2A) of the Companies Act, 1956 read with Companies (particulars of employees) Rule 1975 and amendments thereto from time to time.

6. The Company has been granted certificate of registration under section 45IA of The Reserve Bank of India Act 1934 vide registration no. 03-00036 dated 3.3.98. The Company has complied with the prudential norms relating to income recognition, accounting standards, asset classification and provisioning for bad and doubtful debts. Accordingly provision of Rs.1807640/- on substandard assets i.e. overdue debtors and Rs.346080.75 for diminution in value of investments is adequate.

7. MANAGERIAL REMUNERATIONS PAID TO DIRECTORS:

To Managing Director:

Salary Rs. 45,000/-

8. CONTINGENT LIABILITIES :

(Not provided for)

Guarantee given by UTI Bank, Mumbai in favour of National Stock Exchange, Bombay on behalf of the Company Rs. 50.00 lacs. (Previous year Rs. 25.00 lacs)

9. As decided by the Board of Directors of the Company in the meeting held on 30th March, 2001 the accounting year has been changed to financial year. Accordingly the financial accounts under report have been prepared for the nine months period from 1 st July 2000 to 31 st March 2001.

10. Keeping in view the carryforward losses, there is no tax liability for the period under report. However tax liability under section 115J (MAT) of I.T. Act 1961, on the total income of financial year commencing from 1 st April 2000 to 31 st March 2001 has been worked out at Rs.515406/- and accordingly provision for the same has been made.

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Mar 31, 1999

1. As the Company is not a manufacturing Company, information required under paragraphs 3 and 4 of Schedule VI of the Companies Act, 1956 is not given.

2. Expenditures/Earnings in Foreign Currency - NIL -

3. None of the employees of the Company is covered under Section 217(2A) of the Companies Act, 1956 read with Companies (particulars of employees) Rule 1975 and amendments thereto from time to time.

4. In the opinion of the Board, the Current Assets, Loans & Advances. have a value on realisation in the ordinary course of business atleast equal to the amount at which they are stated in the Balance Sheet & that the provision for known liability is adequate and not in excess of the amount reasonably necessary.

5. The previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

6. The Company has been granted certificate of registration under section 451A of The Reserve Bank of India Act 1934 vide registration no. 03-00036 dated 3.3.98. The Company has complied with the prudential norms relating to income recognition, accounting standards, asset classification and provisioning for bad and doubtful debts. Accordingly provision of Rs.72,949/- on substandard assets i.e. over due debtors and Rs.2,95,36O/- for diminution in value of investments is adequate.

7. MANAGERIAL REMUNERATIONS PAID TO DIRECTORS :

To Managing Director : Salary 1,44,000/-

To Whole Time Director : Salary 1,20,000/-

8. CONTINGENT LIABILITIES : (Not provided for)

Guarantee given by Canara Bank NSE Branch, Bombay in favour of National Stock Exchange, Bombay on behalf of the Company Rs.25.00 lacs. (Previous year Rs. 25.00 lacs)

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Mar 31, 1998

1. Expenditures/Earnings in Foreign Currency - Nil.

2. None of the employees of the Company is covered under Section 217(2A) of the Companies act,1956 read with Companies (particulars of employees) Rule 1975 and amendments thereto from time to time.

3. In the opinion of the Board, the Current Assets, Loans & Advances, have a value on realisation in the ordinary course of business atleast equal to the amount at which they are stated in the Balance Sheet & that the provision for known liability is adequate and not in excess of the amount reasonably necessary.

4. The Company has been granted certificate of registration under section 45IA of The Reserve Bank of India Act, 1934 vide registration no. 03-00036 dated 3.3.98. The Company has complied with the prudential norms relating to income recognition, accounting standards, asset classification and provisioning for bad and doubtful debts. Accordingly it has made a provision of Rs. 72,949/- on substandard assets i.e. over due debtors and Rs. 3,52,009/- for diminution in value of investments.

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Mar 31, 1997

NOTES ON ACCOUNTS

1. As the Company is not a manufacturing Company, information required under paragraphs 3 and 4 of Schedule VI of the Companies Act, 1956 is not given.

2. Expenditures/Earnings in Foreign Currency - NIL -

3. None of the employees of the Company is covered under Section 217(2A) of the Companies Act, 1956 read with Companies (particulars of employees) Rule 1975 and amendments thereto from time to time.

4. In the opinion of the Board, the Current Assets, Loans & Advances, have a value on realisation in the ordinary course of business atleast equal to the amount at which they are stated in the Balance Sheet & that the provision for known liability is adequate and not in excess of the amount reasonably necessary.

5. The previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

6. According to the norms prescribed by Reserve Bank of India, all the assets stated in the Balance Sheet are performing one and no provision for NPA assets is required.

7. MANAGERIAL REMUNERATIONS PAID TO DIRECTORS:

Salary to Managing Director: 1,44,000/- Salary to Whole Time Director: 1.20.000/-

8. As per R.B.I. Guidelines method of valuation of stock-in-trade has been changed from "at cost" to at cost or market price whichever is less" resulting in further losses of Rs.22.37 lacs.

9. Bhushan Steels & Alloys Limited came out with a public issue in April 1995 and the same was devolved. Under the obligation of underwriting commitment, the company had to pay a sum of Rs.3,31,200/- towards application money. Subsequently due to poor performance of the said company, lower market quotation and other adverse conditions the company preferred not to pay allotment money resulting in a forfeiture of 3450 Equity Share.

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Mar 31, 1996

1. As the Company is not a manufacturing Company, information required under paragraphs 3 and 4 of Schedule VI of the Companies Act, 1956 is not given.

2. Expenditures/Earnings in Foreign Currency - NIL.

3. None of the employees of the Company is covered under Section 217(2A) of the Companies Act, 1956 reed with Companies (particulars of employees) Rule 1975 and amendments there to from time to time.

4. In the opinion of the Board, the Current Assets, Loans & Advances, have a value on realisation in the ordinary course of business atleast equal to the amount at which they are stated in the Balance Sheet & that the provision for known liability is adequate and not in excess of the amount reasonably necessary.

5. The previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

6. According to the norms prescribed by Reserve Bank of India, all the assets stated in the Balance Sheet are performing one and no provision for NPA assets is required.

7. The Company has deposited a sum of Rs.20.00 lacs with OTC Exchange of India as one time entry fee which is non refundable. The same has been treated as deferred revenue expenditures and is proposed to be written off over a period of ten years in equal instalments.

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Mar 31, 1995

1. Membership of M.P. Stock Exchange in the name of D.S. Sancheti & Co., has been converted into Corporate membership of such stock exchange in the name and style as D.S. Sancheti Securities & Financial Services Limited, Indore w.e.f. June 1994.

2. The Company's business activities consists mainly of underwriting, share broking, merchant banking and allied services which do not involve any production activities or consumption of stores and raw materials. Hence information with regard to production, purchase, consumption, sales and closing stock of materials have not been given.

3. Expenditures/Earnings in Foreign Currency NIL.

8. Previous year figures have been regrouped wherever necessary. However the current year figures are in - comparable with previous year figures as the same relates to 9 months period only as against the current year of 12 months.

9. CONTINGENT LIABILITIES:

Pending Underwriting Commitments Rs. 70.00 lacs

10. In the opinion of the Board, the Current Assets, Loans & Advances have a value on realisation in the ordinary course of business, at least equal to the amounts at which these are stated in the Balance Sheet and that the provisions for the known liability are adequate and not in excess of the amount reasonably necessary. There are no contingent liabilities other than those stated here in above.

11. According to the norms prescribed by Reserve Bank of India, all the assets stated in the Balance Sheet are performing one and no provision for NPA assets is required.

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Mar 31, 1994

1. The Company has continued to run the business in the name of D.S. Sancheti & Co., till the end of the financial year ended on 31st March 1994.

2. The Company's business activities consist mainly of underwriting, share broking and allied services, which do not involve any production activities or consumption of stores and raw materials. Hence information with regard to production, purchases, Consumption sales and closing stock of materials have not been given.

3. The Company has again decided in its Board meeting held on 7th February 1994 to prepare its financial statements etc. and to keep it's third financial year of 9 months i.e. from 1.7.93 to 31.3.1994 to follow uniform accounting year from next year onwards as per I.T. Act 1961. Hence the enclosed financial statements including Income & Expenditure Account reflects the over all view of transactions for the 9 months period mentioned herein above.

4. Provision for Income Tax liability made during the previous year ended on 30.6.93 i.e. Rs.26,27,137/- relates to assessment year 1993-94 only. Hence to show & correct view of post tax profits for 9 months period commencing from 1st July 93 to 31st March 1994, tax liability on income pertaining to three months period from 1.4.93 to 30.6.93 (which falls under A.Y. 94-95) which works out to be of Rs. 19.36 lacs, has been appropriated from previous balance of Profit & Loss-Account and not charged to current period's revenue for 9 months.

5. As approved by the share holders in their extra ordinary general meeting held on 5th February 1994, the Company has capitalised a sum of Rs. 22.00 lacs out of general reserve by way of fully paid bonus shares.

CONTINGENT LIABILITIES:

In respect of amount payable to promoter Shri D. S. Sancheti for value of M.P. Stock Exchange Membership Card on final conversion into Corporate membership (Amount unascertained)