a. Terms / rights attached to equity shares
The Company has only one class of equity shares having a par value of R
10 per share. Each holder of equity share is entitled to one vote per
share. The Company declares and pays dividend in Indian rupees. The
dividend proposed by the Board of Directors is subject to the approval
of the shareholders in the ensuing Annual General Meeting.
During the year ended March 31, 2012, the amount per share final
dividend recognised as distributions to equity shareholders is R 6;
(Previous year R 3 - final dividend, R 3 - interim dividend).
In the event of the liquidation of the Company, the holder of equity
shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
*Working capital loan from NBFC is secured against mortgage of the
Company''s immovable property together with all structures and
appurtenances thereon held by the Company situated at 8th Floor,
Mafatlal Centre, Nariman Point, Mumbai 400 021. The above loan amount
is repayable in lump sum at the end of the term of loan of 12 months.
**Bank overdraft is secured against debt securities and personal
guarantee of two directors of the company. The loan is repayable on
*During the year, R 38,790 has been credited into Investor Education
and Protection Fund under Section 205C of the Companies Act, 1956.
There are no dues as at March 31, 2012 which needs to be credited into
Investor Education and Protection Fund.
Consequent to the adoption of Accounting Standard 15 (AS 15 Revised
2005) on employee benefits, the following disclosures have
been made as required by the standards :
(i) Retirement benefits in the form of Provident fund are defined
contribution scheme and the contributions are charged to the statement
of profit and loss of the current year when the contribution to the
respective fund is due. There are no other obligations other than the
contribution payable to the respective fund.
(ii) Gratuity liability is a defined benefit obligation and is provided
for on the basis of an actuarial valuation made at the end of each
The estimates of future salary increases, considered in actuarial
valuation, take into account inflation, seniority, promotion and other
relevant factors, such as supply and demand in the employment market.
The Company operates in a single business and geographical segment i.e.
Providing Merchant Banking Services within India. Accordingly,
no separate disclosures for primary business and secondary geographical
segment are required.
RELATED PARTY DISCLOSURES: i Related party relationships:
A.K. Stockmart Private Limited (wholly owned)
A.K. Capital Corporation Private Limited (wholly owned)
A.K. Wealth Management Private Limited (wholly owned) (w.e.f. May 12,
A.K. Capital Finance Private Limited
Key managerial personnel
Mr. Atul Kumar Mittal Mr. Deepak Mittal
Relative of key management personnel
Mr. Abhinav Kumar Mittal Notes:
a The related party relationships have been determined on the basis of
the requirements of the Accounting Standard (AS) - 18 ''Related Party
Disclosures'' and the same have been relied upon by the auditors.
b The relationships as mentioned above pertain to those related parties
with whom transactions have taken place during the year, except where
control exist, in which case the relationships have been mentioned
irrespective of transactions with the relatives.
NOTE 4 LEASES
i Where the Company is lessee:
The Company has taken various office premises under operating lease
that are renewable on a periodic basis at the option of both the lessor
The amount of minimum lease payments with respect to the above lease
recognised in the statement of profit and loss for the year is R
5,895,420 (previous year R 1,943,200).
Above disclosure is for leases entered after 1 April, 2001, as per
Accounting Standard (AS) - 19 ''Leases'' issued by the Institute of
Chartered Accountants of India.
The Company has not received any intimation from its suppliers
regarding their registration under the ''Micro, Small and Medium
Enterprises Development Act, 2006''. Hence, no disclosure has been
There was no impairment loss on the fixed assets on the basis of review
carried out by the management in accordance with Accounting Standard
(AS) - 28 Impairment of Assets.
In the opinion of management, current assets, loans and advances have a
value on realisation in the ordinary course of business at least equal
to the amount at which they are stated in the balance sheet. The
provision for depreciation and all known liabilities is adequate and
not in excess of the amount reasonably stated.
Till the year ended March 31, 2011, the Company was using pre-revised
Schedule VI to the Companies Act, 1956, for the preparation and
presentation of its financial statements. During the year ended March
31, 2012, the revised Schedule VI notified under the Companies Act, has
become applicable to the Company. Therefore, the Company has
re-classified previous year figures to conform to the current year''s