Provisions and contingencies:
Provisions are recognised 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.
Cash and cash equivalents
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, 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.
Earnings per share
(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.
(b) Diluted earnings per share
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.
Segment Reporting
As such, there are no reportable segments that need to be reported separately as defined in Ind AS 108, Operating Segments.
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.
Key accounting estimates and judgement
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. Loss Contingencies 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 loans and determining whether a provision
against those loans 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.
©Recognition of Deferred Tax Assets: Deferred Tax Assets are recognised for unused Tax-loss carry forwards and unused tax credits 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)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 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 Company's historical experience with similar assets and taking into account anticipated technological changes, whichever is
more appropriate.
I Valuation techniques used to determine fair value
Specific valuation techniques used to value financial instruments include :
1. Mutual Fund - Net Asset value of the Scheme
2. Alternate Investment Fund - valued at cost as NAV not available for the Scheme
3. Quoted Shares - Quoted closing Price in the stock exchange
II Financial instruments not measured at fair value
Financial assets not measured at fair value includes cash and cash equivalents, trade receivables, loans and other financial assets. These are financial assets
whose carrying amounts approximate fair value, due to their short-term nature.Additionally, financial liabilities such as trade payables and other financial
liabilities are not measured at FVTPL,whose carrying amounts approximate fair value, because of their short-term nature.
Note 32 : Tax expense
The Company pays taxes according to the rates applicable in India. Most taxes are recorded in the income statement and relate totaxes payable for the
reporting period (current tax), but there is also a charge or credit relating to tax payable for future periods due to income or expenses being
recognised in a different period for tax and accounting purposes (deferred tax). Tax is charged toequity when the tax benefit exceeds the cumulative
income statement expense on share plans.The Company provides for current tax according to the tax laws of India using tax rates that have been enacted
or substantively enacted by the balance sheet date. Management periodically evaluates positions taken in tax returns in respect of situations in which
applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the
tax authorities.method, on temporary differences at the reporting date between the tax bases of assets Deferred tax is provided, using the liability and
liabilities and their carrying amounts for financial reporting purposes. Deferred tax is recognised in respect of all temporary differences that have originated
but not the balance sheet date. A deferred tax asset is to pay more tax in the future or a right to pay less tax in the future have occurred at recognised when
it is considered recoverable and herefore recognised only when, on the basis of all available evidence, it can be regarded as probable that there will be
suitable taxable profits against which to recover carried forward tax losses and from which the future reversal of underlying temporary differences can be
deducted. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the temporary differences are expected to
reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Note 33: Segment Reporting
The business of the Company falls within a single primary segment Hence disclosure requirements of Ind AS 108- Operating Segments is not applicable.
Note 34: Additional regulatory information pursuant to the requirement in Division III of Schedule III to the Companies Act, 2013
(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
(ii) The Company does not have any transactions with companies struck off.
(iii) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year.
(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income
during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax
Act, 1961)
(vi) None of the entities in the Company have been declared wilful defaulter by any bank or financial institution or government or any government authority.
(vii) The Company has complied with the number of layers prescribed under the Companies Act, 2013.
(viii) The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.
(ix) The ratios as specified in the new amendments under clause B (VI)(xiv) of "Division III of Schedule III" under "Part I - Balance Sheet - General
Instructions for preparation of Balance Sheet" are not applicable to the Company as the Company is primarily into stock broking business.
(x) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in
any other persons or entities, including foreignentities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary
shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries")
or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(xi) No funds have been received by the Company from any persons or entities, including foreign entities ("Funding Parties"), with the understanding,
whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.
Note 35: Events after reporting date
There are no material events after the reporting date that require disclosure in these financial statements.
Note 36: Previous year's figures have been regrouped wherever found necessary.
For Ramesh and Ramachandran For and on behalf of the Board of Directors
Chartered Accountants
FRN: 002981S
G. Suresh Manoj N shah Shanmukh N Shah
Partner Director Managing Director
Membership No: 029366 DIN : 00554893 DIN : 00554879
UDIN: 24029366BKEJPY2216
Place: Chennai
Date : 23/05/2024
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