1. CONTINGENT LIABILITIES
(a) Any tax, duty or levy demanded by the Govt. authorities in excess
of provision made.
(b) Rs.25.00 lacs (Previous Year Rs.50.00 lacs) on account of bank
guarantees for which FDRs of Rs.13,91,070/- (Previous Year
Rs.12,65,990/-) have been pledged as margin.
(c) Fixed deposit of Rs.20,43,408 have been pledged with National Stock
Exchange of India as per arbitration awards against which the company
has filed an appeal in the appropriate Courts.
(d) The Sacurities And Exchange Board Of India (SEBI) had levied a
turnover fee for the first five years of the turnover of brokers. The
company has paid a sum of Rs.12,94,901/- on the basis of revised
definition of the turnover. However, the Securities And Exchange Board
Of India (SEBl) may demand Interest payment for the late payment of
(e) Capital contracts not yet executed for Rs. NIL
2 AUDITORS REMUNERATION CURRENT YEAR FREVIOUS YEAR
AUDIT FEE 13.125.00 13,125.00
TAX AUDIT FEE 2,625.00 2,625.00
CERTIFICATION CHARGES 2,025.00 2,625.00
3 During the previous year Shri Arun Kumar Jain, ax Director of the
company committed an act of criminal breach of trust and
misappropriated the funds of the company against whom legal proceedings
as advised by the experts were initiated and the matter is in the
courts. All the debit and credit balances standing against his
personal account, his HUF account, accounts of companies in which he is
Director, accounts of his family members and the accounts of the
Clients who were dealing with the company but stopped dealings after
his suspension amounting to Rs.44,51,692.56 (Net) is included in Sundry
Debtors until the occasion by the court of law.
4 Unquoted shares of a company which has gone in BIFR has been valued
at 50 % of the cost.
5 In the opinion of the Directors, Current Assets, loans and advances
have the value at which they are stated in the Balance Sheet if
realised, in the ordinary course of business except amount recoverable
for which court case is pending (Refer Note No.3).
6 Previous years figures have been regrouped/rearranged to make them
comparable with those of current year.