SIGNIFICANT ACCOUNTING POLICIES

1. Basis of Presentation :

The Company maintains its accounts on accrual basis, following the historical cost convention in compliance with the Accounting Standards referred to in Section 133 and other requirements of the Companies Act,2013.

2. Fixed Assets :

a) Capitalised at acquisition cost including directly attributable costs such as freight, insurance and specific installation charges for bringing the assets to the working condition for use.

b) Intangible assets are stated at cost, net of tax / duty availed, less accumulated amortization / impairment losses, if any.

c) The carrying amount of the assets, shall be recognised in retained earning, where the remaining useful life of an asset is nil.

Cost includes original cost of acquisition, including incidental expenses related to such acquisition.

3. Debrciation on Fixed Assets :

(a) The company provides debrciation as per Schedule II of the Companies Act 2013.

(b) Debrciation on assets acquired and sold during the year/ period, has been charged pro-rata from / upto the month of acquisition/sale of the assets.

(c) Intangible assets such as softwares, leasehold office brmises etc are amortised over a period of Five (5) years

4. Inventories:

All Shares and Securities are valued at Cost.

5. Investments :

Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other Investments are classified as non - current investments.

Current investments are stated at lower of cost or market / fair value. Non - current investments are carried at cost. Provision for diminution in value of non - current investments is made, if in the opinion of the management, such diminution is other than temporary

6. Revenue Recognition :

(a) Merchant Banking/Syndication/Advisory Fees are recognised on accrual basis

(b) Income from Securities/Invetments is recognized on accrual basis.

7. (a) Future Contracts:

Initial margin payment paid at the time of inception of the contract is shown under the head "Current Assets"

All the future contracts are marked to market on daily basis. The amount of marked to market margin received / paid into/from such accounts, are debited or credited to marked to market margin Index / Stock Future Account and appear as separate item as "Current Asset" or "Current Liability" as the case may be.

At the year end, appropriate provisions are created by debit to Profit & Loss Account for anticipated loss.

Anticipated profit at the year end is ignored.

At the time of final settlement, the difference between the contract price and the settlement price is calculated and recognized in the Profit & Loss Account after adjusting provision created for anticipated loss, if any.

 (b) Option Contracts:

At the inception of the contract, brmium paid is debited to Index Option Premium Account or Stock Option Premium Account, as the case may be. On receiving the brmium at the time of sale, the Index Option Premium Account or Stock Option Premium Account is credited and shown separately under the head "Current Assets" or "Current Liabilities" as the case may be.

All the Open Option Contracts are marked to market on daily basis in the similar manner as in the case of Future Contracts. If the Contracts are Open as on the Balance Sheet date, appropriate provision is made in the books of accounts by crediting / debiting the Profit & Loss Account.

At the time of Balance Sheet date, if the brmium brvailing in the market for a contract of similar nature is lower than the brmium so paid, then provision is made for the difference in the Profit & Loss Account.

If the brmium received is lower than the brmium brvailing in the market for contract of similar nature, appropriate provision for loss will be made by debiting Profit & Loss Account and crediting provision for loss on Index / Stock Option Account appearing under the head Current Liability.

At the time of settlement or at the time of squaring-up, brmium is recognized either as expense or income as the case may be.

8. Borrowing Cost :

Borrowing Cost that are attributable to acquisition, construction or production of qualifying assets are capitalized as part of cost of such assets. Such expenses are shown under Capital Work in Progress to be allocated to the relevant items of assets on such assets.

Such expenses are shown under Capital Work in Progress to be allocated to the relevant items of assets on such assets being put to use.

A qualifying asset is an asset that takes substantial period of time to get ready for the intended use. Borrowing Cost other than those incurred for qualifying asset is expensed out in the year in which it is incurred.

9. Employee Stock Option Plan :

The accounting value of stock options rebrsenting the excess of the market price over the exercise price of the shares granted under "Emplyees Stock Option Scheme" of the Company, is amortised as "Deferred Employees compensation" on a straight-line basis over the vesting period in accordance with the SEBI (Employees Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999.

10. Foreign Currency Transactions :

Foreign Currency Transactions are accounted for at the rates brvailing on the dates of the transactions.

Foreign Currency Assets & Liabilities are converted at contracted rates / year end rates as applicable, the exchange differences on settlement are adjusted to the Profit and Loss Account.

11. Retirement Benefits:

(a) Defined Contribution Plan:

Company's contribution paid/payable during the year to provident fund, are charged to Profit & Loss Account. There are no other obligations other than the contribution payable to the respective trusts.

(b) Defined Benefit Plan:

Company's liability towards gratuity are determined using the projected unit credit method which considers each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately to build up the final obligation. Past services are recognized on a straight line basis over the average period until the amended benefits become vested. Actuarial gain and losses are recognized immediately in the statement of Profit and Loss account as income or expense. Obligation is measured at the brsent value of estimated future cash flow using a discounted rate that is determined by the reference to market yields at the Balance Sheet date on Government bonds where the currency and terms of Government bonds are consistent with the currency and estimated terms of the defined benefit obligation.

12. Assets on Operating Leases:

Lease payments under operating leases are recognized as expenses on accrual basis in accordance with the respective leave and license agreements.

13. Miscellaneous Expenditure :

Preliminary Expenses, Development Expenditure, Share Issue Expenses in connection with Public Issue of Equity Shares by the Company and Rights Issue Expenses are written off over a period of 5 years.

14. Contingencies and Events occurring after the Balance Sheet Date :

Accounting for contingencies (gains & losses) arising out of contractual obligations are made only on the basis of mutual acceptances. Events occurring after the date of Balance Sheet, where material, are onsidered upto the date of adoption of accounts.

15. Taxation :

The current charge for taxes is calculated in accordance with the relevant tax regulations applicable to the Company. Deferred tax assets and liabilities are recognised for future tax consequences attributable to the timing difference that result between the profit offered for Income Tax and the profit as per the financial statement. Deferred tax assets and liabilities are measured as per the tax rates / laws that have been enacted or subsequently enacted by the Balance Sheet date & are reviewed for appropriateness of their respective carrying values at each balance sheet date.

16. Impairment of Assets:

The Company assesses at each Balance Sheet date whether there is any indication that an asset may be impaired.

If such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount

The reduction is treated as an impairment loss and is recognized in the Profit & Loss Account.

If at the Balance Sheet date there is an indication that if a brviously assessed impaired loss no longer exists, the reassessed asset is reflected at the recoverable amount, subject to a maximum of debrciated historical cost.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2015

1. Provision for Income Tax has been made in the accounts as per the provisions of the Income Tax Act, 1961.

2. The Company has not received any intimation from 'suppliers' regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure requirements in this regard have not been provided.

3. In the opinion of the Board of Directors and to the best of their knowledge adequate provisions has been made in the accounts for all known liabilities and the current assets, loans and advances have a value on realization in the ordinary course of business.

4. The figures of the brvious year are regrouped or reclassified, wherever necessary, to make them comparable with the figures of current year.

For Jayesh Dadia & Associates

Firm Reg. No. 121142W

Chartered Accountants

Nishit Dave

Partner

M.No. : 120073

Mumbai, 27th May, 2015

G.M.Gandhi  Managing Director (DIN - 00008057)

A.B.Desai Director (DIN - 01488287)

C.C.Dalal Director (DIN - 00091132)

R.M.Bhatia CFO

A.J.Chandra Company Secretary

Mumbai, 27th May, 2015