MUKESH P. SHAH & CO. - National Spot Exchange Limited

MUKESH P. SHAH & CO. 

CHARTERED ACCOUNTANTS 

12, Damodar Niwas, 2nd Floor, 32/34, C. P. Tank Road, Mumbai - 400 004. ((; 2388 6293/2382 2633 E-mail : mpshah_co@yahoo.co.in 

CA. MUKESH P. SHAH 

B. Com. (Hons.) F.C.A. 

CA. KETAN M. SHAH 

B. Com., F.C.A. 

CA. DHARMESH H. SHAH 


INDEPENDENT AUDITOR'S REPORT 

To 

The Members 

Indian Bullion Market Association Limited 

Report on the Financial Statement 

We have audited the accompanying financial statements of Indian Bullion Market Association 

Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement 

of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant 

accounting policies and other explanatory information. 

Management's Responsibility for the Financial Statement 

Management is responsible for the preparation of these financial statements that give a true and fair 

view of the financial position, financial performance and cash flows of the Company in accordance 

with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 

1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal 

control relevant to the preparation and presentation of the financial statements that give a true and 

fair view and are free from material misstatement, whether due to fraud or error. 

Auditor's Responsibility 

Our responsibility is to express an opinion on these financial statements based on our audit. We 

conducted our audit in accordance with the Standards on Auditing issued by the Institute of 

Chartered Accountants of India. Those Standards require that we comply with ethical requirements 

and plan and perform the audit to obtain reasonable assurance about whether the financial 

statements are free from material misstatement. 

An audit involves performing procedures to obtain audit evidence about the amounts and 

disclosures in the financial statements. The procedures selected depend on the auditor's judgment, 

including the assessment of the risks of material misstatement of the financial statements, whether 

due to fraud or error. In making those risk assessments, the auditor considers internal control 

relevant to the Company's preparation and fair presentation of the financial statements in order to 

design audit procedures that are appropriate in the circumstances. An audit also includes evaluating 

the appropriateness of accounting policies used and the reasonableness of the accounting estimates 

made by management, as well as evaluating the overall presentation of the financial statements. 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis 

for our audit opinion. 

Opinion 

In our opinion and to the best of our information and according to the explanations given to us, the 

financial statements give the information required by the Act in the manner so required and give a 

true and fair view in conformity with the accounting principles generally accepted in India: 

in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 

2013;



12, Damodar Niwas, 2nd Floor, 32/34, C. P. Tank Road, Mumbai- 400 004. (() 2388 6293 I 2382 2633 E-mail : mpshah_co@yahoo.co.in 







b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that 

date; and 

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. 

Report on Other Legal and Regulatory Requirements 

1. As required by the Companies (Auditor's Report) Order, 2003 ("the Order") issued by the 

Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in 

the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 

2. As required by section 227(3) of the Act, we report that: 

a) we have obtained all the information and explanations which to the best of our 

knowledge and belief were necessary for the purpose of our audit; 

b) in our opinion proper books of account as required by law have been kept by the 

Company so far as appears from our examination of those books; 

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by 

this Report are in agreement with the books of account; 

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement 

comply with the Accounting Standards referred to in subsection (3C) of section 211 of the 

Companies Act, 1956; 

e) on the basis of written representations received from the directors as on March 31, 2013, 

and taken on record by the Board of Directors, none of the directors is disqualified as on 

March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section 

(1) of section 274 of the Companies Act, 1956. 

f) Since the Central Government has not issued any notification as to the rate at which the 

cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any 

Rules under the said section, prescribing the manner in which such cess is to be paid, no 

cess is due and payable by the Company. 

For MUKESH P. SHAH & CO. 

Chartered Accountants 

Firm Registration No: 121719W 

~_____!]~



12, Damodar Niwas, 2nd Floor, 32/34, C. P. Tank Road, Mumbai- 400 004. (f) 2388 6293/2382 2633 E-mail : mpshah_co@yahoo.co.in 







The Annexure referred to in paragraph 1 of the Our Report of even date to the members of Indian 

Bullion Market Association Limited on the accounts of the company for the year ended 31st March, 

2013. 

On the basis of such checks as we considered appropriate and according to the information and 

explanation given to us during the course of our audit, we report that: 

(i) 

(a) The Company is maintaining proper records showing full particulars including 

quantitative details and situation of fixed assets 

(b) The fixed assets are physically verified by the management at reasonable intervals, 

which, in our opinion, is reasonable having regard to the size of the Company and 

the nature of its assets. No material discrepancies were noticed on such verification. 

(c) The company has not disposed off any substantial part of fixed assets during the year 

and accordingly going concern is not affected. 

(ii) 

(a) The company has conducted a physical verification of stock-in-trade by actual 

inspection or on the basis of statement received from depository particjpants or 

warehouse receipts in respect of commodities held as stock-in-trade in physical or 

demat form at reasonable interval. 

(b) In our opinion and according to the information and explanations given to us, the 

procedures of physical verification of inventory followed by the Management are 

reasonable and adequate in relation to the size of the Company and the nature of its 

business. 

(c) In our opinion and according to the information and explanations given to us, the 

Company is maintaining proper records of inventory and no material discrepancies 

were noticed on physical verification. 

(iii) 

(iv) 

(v) 

The Company has not granted/taken any loan, secured or unsecured to/ from 

companies , firms or other parties listed in the register maintained under section 301 of 

the Companies Act, 1956 during the year hence, Paragraph 4 (iii) (a) to (g) of the Order 

are not applicable to the Company. 

In our opinion and according to the information and explanations given to us, the 

Company has adequate internal control procedures commensurate with the size of the 

Company and nature of its business for the purchase of fixed assets and for the sale of 

goods and services. During the course of our audit, we have not observed any continuing 

failure to correct major weakness in the internal controls. 

(a) According to the information and explanations given to us, we are of the opm10n 

that the transactions that need to be entered into the register maintained under 

section 301 of the Act, have been so entered.



12, Damodar Niwas, 2nd Floor, 32/34, C. P. Tank Road, Mumbai- 400 004. ({) 2388 6293/2382 2633 E-mail: mpshah_co@yahoo.co.in 







(b) In our opinion and according to the information and explanations given to us, the 

transactions made in pursuance of contracts or arrangements entered in the register 

maintained under section 301 of the Act and exceeding the value of five lakh rupees 

in respect of any party during the year have been made at prices which are 

reasonable having regard to prevailing market prices at the relevant time. 

(vi) 

(vii) 

(viii) 

(ix) 

The company has not accepted any deposits from the public during the year and 

therefore, the provisions of Paragraph 4 (vi) of the Order are not applicable to the 

Company. 

In our opinion, the Company has an internal audit system commensurate with the size 

and nature of its business. 

We are informed that the Central Government has not prescribed the maintenance of cost 

records ujs. 209 (1) (d) of the Companies Act, 1956. 

According to the information and explanation given to us in respect of statutory and 

other dues:- 

(a) 

(b) 

(c) 

The undisputed statutory dues including Provident Fund, Investors Education 

and Protection Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth 

Tax, Service Tax Custom Duty, Excise Duty, Cess and any other statutory dues 

have generally been regularly deposited with the appropriate authorities though 

there has been a slight delay in few cases. 

According to the information and explanations given to us, no undisputed 

amounts payable in respect of Provident Fund, Investors Education and 

Protection Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, 

Service Tax Custom Duty, Excise Duty, Cess and any other undisputed statutory 

dues were outstanding, at the year end, for a period more than six months from 

the date they became payable. 

According to the information and explanations given to us, no disputed amounts 

payable in respect of Income Tax, Sales Tax, Service Tax and cess were 

outstanding, as at 31st March, 2013. 

(x) 

(xi) 

The company has no accumulated losses at the end of the financial year. The company 

has not incurred cash losses in this financial year and also in the financial year 

immediately preceding the current financial year. 

In our opinion and according to the information and explanation given to us, the 

Company has not defaulted in repayment of dues to bank during the year. The Company 

did not have any outstanding dues to any financial institutions, banks or debenture 

holders during the year. 

The Company has not granted any loans or advances on the basis of security by way of 

pledge of shares, debentures and other securities.



12, Damodar Niwas, 2nd Floor, 32/34, C. P. Tank Road, Mumbai- 400 004. (/) 2388 6293 I 2382 2633 E-mail: mpshah_co@yahoo.co.in 







(xiii) 

(xiv) 

(xv) 

(xvi) 

(xvii) 

(xviii) 

(xix) 

(xx) 

(xxi) 

In our opinion and according to the information and explanations given to us the 

Company is not a chit fund, or a nidhi/ mutual benefit fund / societies. 

In our opinion and according to the information and explanations given to us the 

Company is not dealing or trading in shares, securities, debentures or other investments. 

According to the information and explanations given to us, the company has maintained 

proper records of transactions in respect of investments made of surplus funds in mutual 

funds. According to the information and explanations given to us proper records have 

been maintained of the transactions and timely entries have been made therein. Further 

such mutual funds have been held by the company in its own name. 


Company has not given any guarantee for loans taken by others from bank or financial 

institutions. 


Company had applied term loans for the purpose for which the loans were obtained 

during the year. 

According to the information and explanations given to us and on an overall examination 

of the balance sheet of the Company, we report that no funds raised on short t~rm basis 

used for long term investment. 

The company has not made preferential allotment of shares to company covered in the 

Register maintained under section 301 of the Act during the year; hence Paragraph 4 

(xviii) of the Order is not applicable to the Company. 

The Company has not issued any debentures during the year. 

The Company has not raised any money through a public issue during the year. 

According to the information and explanation given to us, no fraud on or by the 

company has been noticed or reported during the year. 

For MUKESH P. SHAH & CO. 


Registration No. : 121719W 

MUKESH P. SHAH 

Partner 

Membership No.033862 

Place: Mumbai 

Date: 

1 b ~1 A l L U 13

INDIAN BULLION MARKET ASSOCIATION LIMITED 

BALANCE SHEET as at 31st March, 2013 

PARTICULARS Notes 31 March 2013 

EQUITY AND LIABILITIES 

(1) Shareholders' Fund 

(a) Share Capital 3 145,389,490 

(b) Reserves and surplus 4 34,409,303 

179,798,793 

(2) Non-current liabilities 

(a) Long-term provisions 5 257,398 

257,398 

(3) Current liabilities 

. (a) Short-term borrowings 6 122,828,669 

(b) Trade payables 7 783,375,354 

(c) Other current liabilities 7 707,216,969 

(d) Short-term provisions 5 93,371 

1,613,514,364 

~ 

31 March 2012 

~ 

145,389,490 

9,260,021 

154,649,511 

139,922 

139,922 

550,000,000 

96,993,995 

50,740,643 

99,715 

697,834,353 

TOTAL 1,793,570,555 

852,623,786 

ASSETS 

(1) Non-current assets 

(a) Fixed assets 

(i)Tangible assets 8 1,353,637 

(ii)Intangible assets 9 2,653,450 

(b)Non-current investments 10 46,000 

(c) Long-term loans and advances 11 20,231,356 

(d) Other non-current assets 12 879,282 

25,163,725 

(2) Current assets 

(a) Inventories 13 770,579,694 

(b) Trade receivables 14 805,327,073 

(c) Cash and bank balances 15 57,810,239 

(d) Short-term loans and advances 11 121,982,059 

(e) Other current assets 12 12,707,765 

1,768,406,829 

TOTAL 1,793,570,555 

1,481,897 

2,950,763 

46,000 

6,321,225 

351,171 

11,151,057 

461,712,983 

105,769,992 

62,128,477 

195,888,285 

15,972,992 

841,472,729 

852,623,786 

Summary of significant accounting policies 2 

The accompanying notes are an integral part of the financial statements 

For Mukesh P. Shah & Co. 


For and on behalf of the Board of Directors of 


Mukesh P. Shah 

Partner 

Membership No. 3386 

Place : Mumbai 

Director 

s~~e 

Company Secretary 

ShreekantJavalgekar 

Director


Statement of Profit And Loss for the year ended 31 March 2013 

PARTICULARS Notes 31 March 2013 31 March 2012 

~ ~ 

Continuing Operations 

(I) Income 

Revenue from operations 16 11,784,590,246 9,373,090,700 

Other income 17 90,109,132 15,126,228 

Increase I (decrease) in inventories 18 308,866,711 419,039,772 

Total Revenue (I) 12,183,566,089 9,807,256,700 

(II) 

Expenses 

Purchases of traded goods 18 11,769,420,545 9,450,194,065 

Employee benefits expense 19 9,259,152 10,898,089 

Other expenses 20 264,647,178 277,102,021 

Total expenses (II) 12,043,326,876 9,738,194,175 

(III) 

(IV) 

(V) 

Earnings before interest, tax, depreciation and 

ammortization (EBITDA) (I-II) 140,239,214 69,062,525 

Depreciation and amortization expense 21 1,001,658 901,224 

Finance costs 22 83,311,197 20,210,693 

Profit before tax 55,926,359 47,950,607 

Tax expense: 

- Current Tax 22,328,311 17,099,878 

- MAT Credit availed (644,981) 

Total tax expense from continuing operations 22,328,311 16,454,897 

(VI) 

Profit for the year from continuing operations 33,598,048 31,495,710 

(VII) 

Profit I (Loss) for the year 33,598,048 31,495,710 

(VIII) 

Earnings per equity share 

(nominal value of share Rs.10) 

-Basic 2.31 2.17 

-Diluted 2.31 2.17 



As per our report of even date 





Anjani Sinha 

~ 


Director


Cash Flow Statement for the year ended March 31 ,2013 

PARTICULARS For the year ended For the year ended 

March 31, 2013 March 31, 2012 

~ ~ 

A. Cash flow from operating activities before taxation 

Net profit before taxation 55,926,359 47,950,607 

Adjustments for- 

Depreciation 1,001,658 901,224 

Provision for doubtful debts 7,507,846 16,989,276 

Interest expenses 83,311,197 18,928,688 

Interest income (85,450,183) (3,317,678) 

Loss on sale of fixed asset 10,159 

Dividend Income (714,259) 

Profit on sale of investments (866,843) (1,478,097) 

Unrealised Forex gain (6,600) 

Operating profit/ (loss) before working capital changes 60,719,334 79,974,020 

Movements in working capital : 

Increase I (Decrease) in trade payables 686,387,959 (37,440,999) 

Increase/ (Decrease) in long term provisions 117,476 50,999 

Increase I (Decrease) in short term provisions (6,344) (132,971) 

Increase I (Decrease) in other current liabilities 656,476,326 23,125,103 

Decrease/ (Increase) in inventories (308,866,711) (419,039,772) 

Decrease I (Increase) in trade receivables (707,064,926) (15,552,641) 

Decrease/ (Increase) in long term loans and advances 7,149,286 (707,801) 

Decrease I (Increase) in short term loans and advances 73,906,226 (171,543,784) 

Decrease/ (Increase) in other current assets 3,265,227 (15,542,593) 

Decrease I (Increase) in other non current assets (528,111) 475,287 

Cash generated from/ (used in) operations 471,555,742 (556,335,153) 

Less: Direct taxes paid (net of refunds) (43,387,727) (19,900,612) 

Net cash flow from/ (used in) operating activities 428,168,014 (576,235,765) 

B. Cash Flow from Investing Activities 

Purchase of fixed assets (640,955) (538,515) 

Proceeds from sale of fixed assets 54,711 72,405 

Purchase of current investments (5,452,214,259) (1,580,400,000) 

Proceeds from sale of current investments 5,453,081,102 1,596,878,097 

Investment in bank deposits (with maturity more than 3 months) (19,475,000) (57,460,000) 

Proceeds of bank deposits matured 38,710,000 38,145,000 

Dividend from investments 714,259 

Interest income 85,450,183 3,317,678 

Net cash flow from/ (used in) investing activities 105,680,041 14,665 

C. Cash Flow from Financing Activities 

Proceeds from short term borrowings 8,945,328,669 1,668,000,000 

Repayment of short term borrowings (9,372,500,000) (1,118,000,000) 

Refund of Share application money (26,377,240) 

Final dividend (F.Y. 11-12) (7,269,475) 

Tax on dividend (F.Y. 11-12) (1,179,291) - 

Interest paid (83,311,197) (18,928,688) 

Net Cash flow from Financing Activities (518,931,293) 504,694,072 

Net Increase,/(Decrease) in Cash and Cash Equivalents (A+B+C) 14,916,762 (71,527,028) 

Cash and cash equivalents (Opening balance) 23,418,477 94,945,506 

Cash and cash equivalents (Closing balance) 38,335,239 23,418,477 

Closing Balance of Cash and Cash Equivalents consists of: 

Components of cash and cash equivalents 

Cashon hand 19,598 14,612 

Bank Balances: 

- in current accounts 38,315,641 23,403,865 

Cash and Cash Equivalents in Cash Flow Statement 38,335,239 23,418,477 

-In deposit accounts (maturing more than 3 months) 19,475,000 38,710,000 

Cash and bank balance (refer note no.15) 57,810,239 62,128,477 

Note: The above cashflow statement has been prepared under the indirect 

method set out in Accounting Standard 3 - Cash Flow Statement, notified 

persuant to the Companies (Accounting Standards Rules), 2006 (as amended). 






t A. C 1:_ a_CL 

"---""--"-"'" /'- / . ___..--" 


Partner 

Membership No. 033862 


Indian Bullion Market Ass:ciatio~ 

~·~ ~~ 

Anjani Sinha 

s 


Shreekant Javalgekar 

Director

INDIAN BULLION MARKET ASSOCIATION LTD 

Notes to financial statements for the year ended 2012-13 

1. Nature of Operations 

Indian Bullion Market Association Limited is carrying on the business as buyer, seller and commission 

agent in physical market and through future and spot exchanges in gold, silver, base metals and 

agricultural commodities. The company is also offering facilities to Members of the Commodities 

Exchanges (Spot), their authorized agents and constituents and other participants to hedge,transact, clear 

and settle trades done on exchange/ s in different types of contracts in bullion, silver and various 

agricultural and other commodities. 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

A. Basis of preparation of financial statements 

'The financial statements of the Company have been prepared in accordance with the Generally 

Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards 

notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant 

provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis 

under the historical cost convention. The accounting policies adopted in the preparation of the 

financial statements are consistent with those followed in the previous year. All assets and liabilities 

are classified as current or noncurrent as per the Company's normal operating cycle and other criteria 

as set out in the Revised Schedule VI to the Companies Act, 1956. 

B. Use of estimates 

The preparation of the financial statements in conformity with Indian GAAP requires the 

Management to make estimates and assumptions considered in the reported amounts of assets and 

liabilities (including contingent liabilities) and the reported income and expenses during the year. The 

Management believes that the estimates used in preparation of the financial statements are prudent 

and reasonable. Future results could differ due to these estimates and the differences between the 

actual results and the estimates are recognized in the periods in which the results are known / 

materialized. 

C. Fixed Assets 

Fixed assets are stated at cost of acquisition inclusive of any tax, freight, any incidental expense 

incurred at the time of acquisition and / or installation less accumulated depreciation and impairment 

loss, if any. Any additions and deletions to fixed assets during the year are accounted at cost. 

Intangible assets are stated at cost of acquisition and are carried at cost less accumulated amortization 

and impairment loss, if any.



D. Depreciation and amortization 

Depreciation is provided using the Straight Line Method (SLM) as per the useful lives of the assets 

estimated by the management, or at the rates prescribed under schedule XIV of the Companies Act, 

1956 whichever is higher. 

Particular Rate (SLM) Schedule XIV Rates (SLM) 

Office Equipment 4.75% 4.75% 

Computers 16.21% 16.21% 

Furniture 6.33% 6.33% 

Depreciation in respect of assets acquired during the year whose actual cost does not exceed Rs.5,000 

has been provided at 100%. 

Computer software is amortized over six years considering their related useful lives. 

Trademarks are amortized over ten years considering their related useful lives. 

E. Inventories 

Inventories of trading goods are stated at cost or net realizable value whichever is less. Cost comprises 

of cost of purchase and other costs incurred in bringing the inventories to their respective present 

location and condition. Cost is determined on First in First out (FIFO) basis. 

Net realizable value is the estimated selling price in the ordinary course of business, less estimated cost 

of completion and estimated cost necessary to make the sale. 

F. Cash and Cash equivalents 

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand 

and short-term investments with an original maturity of three months or less. 

G. Revenue Recognition 

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the 

Company and the revenue can be reliably measured. 

(a) Revenue from sale of goods is recognized when the substantial risk and rewards of ownership are 

transferred to the buyer and are stated net of discounts, service tax and VAT. 

(b) Revenue from broking activities is accounted for on the date of transaction of trade. 

(c) Income from commission agency business is recognized on rendering of such services as per the 

terms of the contract. 

(d) Revenue sharing income is accounted for on accrual basis periodically as per the terms of 

agreement. 

(e) Consultancy income comprises of services provided in respect of procurement support services in 

agricultural commodities and produces has been recognized on rendering such services as per the 

terms of contract. 

(f) Income from derivatives comprises of profit/loss on buy j sell of commodity derivative 

instruments. Profit/Loss on commodity derivative transactions is accounted for on final settlement 

or on squaring up of contracts. Profit or Loss is calculated as the difference between settlement 

/squaring up price and the contract price. 

(g) Dividend income is recognized when the Company's right to receive dividend is established.



(h) Interest income is recognized on a time proportion basis taking into account the amount 

outstanding and the rate applicable. 

H. Investments 

Investments that are readily realizable and intended to be held for not more than a year are classified 

as current investments. All other investments are classified as non-current investments. Current 

investments are carried at lower of cost and fair value determined on an individual investment basis. 

Non-Current investments are stated at cost. Provision for diminution in the value of long term 

investment is made only if such a decline is other than temporary in the opinion of the management. 

The difference between average carrying amount of the investments and sale proceeds, net of 

expenses, is recognized as profit or loss on sale of investments. 

I. Foreign Currency Transactions 

Initial recognition: Foreign currency transactions are recorded in the reporting currency, by applying 

to the foreign currency amount the exchange rate between reporting currency and foreign currency at 

the date of transaction. 

Conversion: Foreign currency monetary items are reported using the closing rate. Non-monetary 

items which are carried in terms of historical cost denominated in a foreign currency are reported 

using the exchange rate at the date of the transaction; and non-monetary items which are carried at 

fair value or other similar valuation denominated in a foreign currency are reported using the 

exchange rates that existed when the values were determined. 

Exchange differences: Exchange differences arising on the settlement of monetary items are 

recognized as income or as expenses in the year in which they arise. 

I. Retirement Benefits 

a) Retirement benefits to employees comprises of payment towards gratuity and provident fund 

under the Payment of Gratuity Act and Employees Provident Fund and Miscellaneous 

Provisions Act, respectively. 

i) Accrual for gratuity is estimated on the basis of an actuarial valuation made at period-end 

by an actuary using Projected Unit Credit Method as per AS-15 as revised by the Institute of 

Chartered Accountants of India. . The Company's liability towards gratuity is funded 

through a scheme (Group Gratuity) administered by the Life Insurance Corporation of India. 

ii) Contribution to Provident Fund is expensed as incurred. 

iii) Employees' entitlement to leave encashment in future years based on un availed leave as at 

balance sheet date, as per the policy of the Company, is expected to be a long term benefit 

and is actuarially valued. Leave encashment on retirement is provided on actual basis in 

accordance with the Company's scheme in this respect. (Change in c/f leave policy) 

iv) Short term employee benefits are recognized as an expense in the Profit & Loss Account of 

the year in which the service is rendered



b) Short term employee benefits: 

The undiscounted amount of short term employee benefits expected to be paid in exchange for 

the services rendered by employees is recognized as an expense during the year when the 

employee renders those services. These benefits include compensated absences such as leave 

expected to be availed within a year and performance incentives. 

K. Borrowing costs 

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are 

capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes a 

substantial period of time to get ready for its intended use or sale. All other borrowing costs are 

charged to revenue. 

L. Operating Lease 

Assets taken on lease under which all the risks and rewards of ownership are effectively retained by 

the lesser are classified as operating lease. Lease payments under operating leases are recognized as 

expenses on straight line basis. 

M. Income taxes 

Income taxes are accounted for in accordance with Accounting Standard (AS-22) "Accounting for 

Taxes on Income". Tax expense comprises current tax, deferred tax. Current tax is the amount of tax 

payable on the taxable income for the year as determined in accordance with the applicable income 

that originate in one period and are capable of reversal in one or more subsequent periods. The effect 

on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of profit and 

loss using the tax rates and tax laws that have been enacted or tax laws. The Company recognizes 

deferred tax (subject to consideration of prudence) based on the tax effect of timing differences, being 

differences between taxable income and accounting substantively enacted by the balance sheet date. 

Deferred tax assets are not recognized on unabsorbed depreciation and carry forward of losses unless 

there is virtual certainty that sufficient future taxable income will be available against which such 

deferred tax assets can be realized. 

'Minimum Alternative tax (MAT) paid in a year is charged to statement of Profit & Loss as current tax. 

Minimum Alternative tax (MAT) credit is recognized as an asset only when and to the extent there is 

convincing evidence that the company will pay normal income tax during the specified period. In the 

year in which the MAT credit becomes eligible to be recognized as an asset in accordance with the 

recommendations contained in guidance note issued by the Institute of Chartered Accountants of 

India, the said asset is created by way of a credit to the Statement of profit and loss and shown as MAT 

Credit Entitlement. The Company reviews the same at each balance sheet date and writes down the 

carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the 

effect that Company will pay normal Income Tax during the specified period.



N. Impairment 

(a) Carrying amount of the assets is reviewed at each balance sheet date to assess whether there is 

any indication of impairment in respect of such assets or group of assets (cash generating 

unit). If such indication exists, the recoverable amount of such asset or group of assets is 

estimated. 

(b) If such recoverable amount of asset or the group of asset is less than its carrying amount, an 

impairment loss is reckoned by reducing the carrying amount to its recoverable amount. If 

there is an indication at the balance sheet date that a previously assessed impairment loss no 

longer exists, recoverable amount is reassessed and the asset is reflected at the recoverable 

amount subject to a maximum depreciable historical cost. 

0. Provisions, Contingent liabilities and Contingent assets 

The Company recognizes a provision when there is a present obligation as a result of past event on 

which it is probable that there will be outflow of resources to settle the obligation in respect of which 

reliable estimates can be made. 

Contingent Liabilities are disclosed by way of notes to Financial Statements after careful evaluation by 

the management of the facts and legal aspects of the matter involved. 

Contingent Assets are neither recognized nor disclosed.



3. Share capital 

As at 31 March 2013 

Nos. ~ 

Authorised 

Equity Shares of Rs.10/- each 30,000,000 300,000,000 

Issued,subscribed and fully paid up 

Equity shares of Rs.10/- each Fully Paid 14,538,949 145,389,490 

145,389,490 


Nos. ~ 

30,000,000 300,000,000 

14,538,949 145,389,490 

145,389,490 

a) Reconciliation of equity shares outstanding at beginning and end of year 


Nos. ~ 

At the beginning of the year 14,538,949 145,389,490 

Issued during the year - - 

Bought back during the year - - 

Outstanding at the end of the year 14,538,949 145,389,490 


Nos. ~ 

14,538,949 145,389,490 

- - 

14,538,949 145,389,490 

b) Shares held by holding company 


Nos. ~ 

National Spot Exchange Ltd 8,851,725 88517250 

c) Details of shareholders holding more than 5% shares in the company 


%holding in 

No. the class 

National Spot Exchange Ltd 8,851,725 60.88% 


Nos. ~ 

8,851,725 88517250 


%holding in the 

No. 

class 

8,851,725 60.88% 

d) As per records of the company, including its register of shareholders/ members and other declarations received 

from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial 

ownership of shares. 

e) Terms/rights attached to equity shares 

The company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity 

shares is having right to vote in respect of such shares. 

f) No bonus shares have been issued to equity share holders in last five years ( or since incorporation of the company) 

g) No equity shares have been bought back in last five years (or since incorporation of the company) 

f 

4. Reserves and surplus 

(in ~) 

31 March 2013 31 March 2012 

Surpluf'V'(Deficit) in the statement of profit & loss 

Balance as per last financial statements 9,260,021 (22,235,690) 

Add: Net Profit/ (Net Loss) For the current year 33,598,048 31,495,710 

Less: Appropriations 

Final dividend (F.Y. 11-12) (7,269,475) 

Tax on dividend (F.Y. 11-12) (1,179,291) 

- 

- 

Net Surplus in the statement of profit & loss 34,409,303 9,260,021

(in ~) 

5. Provisions 

Long Term 

Short Term 

31 March 2013 31 March 2012 31 March 2013 31 March 2012 

Provision for employee benefits 

Provision for gratuity - - - - 

Provision for leave encashment 257,398 139,922 93,371 99,715 

Total 257,398 139,922 93,371 99,715 

6. Short Term Borrowings 

(in ~) 

31 March 2013 31 March 2012 

Loan from bank 

-Warehouse receipt loan (Secured) - 

'- 100 Bank Ltd * 122,828,669 

Loans from Related Parties (Unsecured) - 550,000,000 

(refer note no. 27) 

Total 122,828,669 550,000,000 

The above amount includes 

- Secured borrowings 122,828,669 - 

-Unsecured borrowings - - 

122,828,669 - 

*Warehouse receipt loan has been obtained against pledge of warehouse receipts 

of agri-stock and produce. 

7. Other Current Liabilities 

(in ~) 

31 March 2013 31 March 2012 

Trade Payables 783,375,354 96,993,995 

(refer note no. 31) 

783,375,354 96,993,995 

Other Liabilities 

Advance received against goods and services 642,504,900 - 

Margin from client & trading members 43,638,684 26,563,067 

Statutory remittances 20,750,385 11,468,034 

(includes contributions to PF and ESIC, Withholding Taxes, Excise 

Duty, VAT, Service Tax, etc.) 

Other Payables 323,000 12,709,542 

707,216,969 50,740,643 

Total 1,490,592,323 147,734,638

~ 


9. Intangible assets (in ~) 

Gross Block Depreciation I Amortization/ Impairment Net Block 

Costas at Additions Disposals Other As at Up to For the On Other Upto As at As at 

Particulars 1st April, during the during the Adjustments 31st March, 31st March, year Disposals Adjustments 31st March, 31st March, 31st March, 

2012 year year 2013 2012 2013 2013 2012 

' ' ' 

INTANGIBLE ASSETS 

(Other than internally generated) 

TradeMark 69,500 - - - 69,500 16,056 6,950 - - 23,006 46,494 53,444 

Computer Software 4,118,559 450,000 - - 4,568,559 1,221,240 740,363 - - 1,961,603 2,606,956 2,897,319 

Total 4,188,059 450,000 - - 4,638,059 1,237,296 747,313 - - 1,984,609 2,653,450 2,950,763 

Previous year 3,945,218 242,841 

---·-- 

- - ~88,059 L ... 

575,643 661,653 - - 1,237,296 2,950,763 3,369,575 

-



10. Non current investments 

Non Trade Investments (Valued at Cost Unless stated Otherwise) 

Government and trust securities (Unquoted) 

Investment in National Savings Certificate 

(in ~) 

31 March 2013 31 March 2012 

46,000 46,000 

Total 

46,000 46,000 

11. Loans and advances 

NonCurrent 

31 March 2013 31 March 2012 

(in ~) 

Current 

31 March 2013 31 March 2012 

Security deposits 

Unsecured, considered good- Deposit: 

- Deposit for premise 100,000 - 

- Deposit with Government authorities 50,500 50,500 

(A) 150,500 50,500 

- - 

- - 

- - 

Advances recoverable in cash or kind 

Unsecured, considered good- Advances 

(B) 

- 

- 

- 

- 

Other loans and advances 

Prepaid expenses 23,773 17,717 

Provision for gratuity * 593,607 628,309 

Loans To employees (dues from officers) 100,004 104,050 

Advance tax & tax deducted at source (net of 

provision for tax) 19,363,473 5,520,649 

(C) 20,080,856 6,270,725 

Total (A+B+C) 20,231,356 6,321,225 

111,861,071 193,080,847 

111,861,071 193,080,847 

283,467 328,355 

- - 

316,545 174,700 

9,520,976 2,304,383 

10,120,988 2,807,438 

121,982,059 195,888,285 

* In case of gratuity, as the provision amount is less than the funded amount, the excess is disclosed 

under loans and advances 

12. Other assets 

Unsecured considered good (unless 

stated otherwise) 

(in ~) 

NonCurrent 

Current 

31 March 2013 31 March 2012 31 March 2013 31 March 2012 

Non current bank balances 791,547 306,547 - - 

(A) 791,547 306,547 - - 

Unbilled revenue - - 12,220,970 14349656 

Interest accrued on fixed deposits 73,711 35,039 486,795 1,623,336 

Interest accrued on investment 14,024 9,585 - - 

(B) 87,735 44,624 12,707,765 15,972,992 

Total (A+B) 879,282 351,171 12,707,765 15,972,992



13. Inventories 

(Valued at lower of cost or net realizable value 

whichever is lower) 

Traded goods 

Stock in transit 

(in ~) 

31 March 2013 31 March 2012 

770,579,694 302,328,731 

- 159,384,252 

Total 

770,579,694 461,712,983 

14. Trade Receivables 

Unsecured considered good (unless stated otherwise) 

Trade receivables outstanding for a period less than six 

months from the date they are due for payment 

Unsecured, considered good 

Trade receivables outstanding for a period exceeding six 

months from the date they are due for payment 

Unsecured, considered good 

Unsecured, considered doubtful 

Less: Provision for doubtful receivables 

(in ~) 

31 March 2013 31 March 2012 

585,226,623 103,712,102 

585,226,623 103,712,102 

220,100,450 560,496 

24,497,122 18,486,670 

24,497,122 16,989,276 

220,100,450 2,057,890 

Total 

805,327,073 105,769,992 

15.Cash and bank balances 

NonCurrent 

31 March 2013 31 March 2012 

(in ~) 

Current 

31 March 2013 31 March 2012 

Cash and cash equivalents 

Balances with banks 

in current accounts 

in client & settelment A/ c 

Cashon hand 

- - 

- - 

- - 

29,307,312 13,575,198 

9,008,329 9,828,667 

19,598 14,612 

Total 

- - 

38,335,239 23,418,477 

Other bank balances 

Bank deposits with original maturity of more than 3 but 

less than 12 months (refer note (a) below) 

Bank deposits with more than 12 months maturity 

(refer note (b) below) 

Amount disclosed under non-current assets (note 12 ) 

Total 

- - 

791,547 306,547 

791,547 306,547 

(791,547) (306,547) 

- - 

19,475,000 38,710,000 

- - 

19,475,000 38,710,000 

- - 

57,810,239 62,128,477 

(a) Current deposits are in respect of Securities against bank overdraft and bank guarantees issued 

(b) Non Current deposits of Rs.7,91,547 are in respect of Securities against bank overdraft and bank guarantees issued



16. Revenue from operations 

Sale of traded goods 

Sale of services 

Other operating revenues 

Less: Excise duty 

Revenue from operation (net) 

Details of sales of traded goods 

Agri commodities & produces 

Gold 

Silver 

Other metals 

( in ~ ) 

31 March 2013 31 March 2012 

11,447,744,217 9,081,832,288 

337,132,309 260,790,182 

835,180 30,468,230 

(1,121,460) - 

11,784,590,246 9,373,090,700 

343,923,741 508,148,770 

7,994,999,542 5,539,471,053 

206,170,343 2,855,702,537 

2,902,650,591 178,509,927 

Total 

11,447,744,217 9,081,832,288 

Details of services rendered 

Brokerage income 

Revenue sharing 

Business development and promotion services 

Procurement support services income 

93,390,098 19,791,088 

31,168,288 36,094,758 

- 75,000,000 

212,573,923 129,904,336 

Total 

337,132,309 260,790,182 

17. Other income 

Profit from derivatives on commodity futures /hedging (net) 

Foreign exchange fluctuation gain(net) 

Interest income 

- Bank deposits 

-Others 

Net gain on sale of current investments 

Dividend income from current investments 

Other non-operating income 

(in ~) 

31 March 2013 31 March 2012 

2,438,344 9,669,732 

109,752 - 

2,765,388 3,317,678 

82,684,795 174,864 

866,843 1,478,097 

714,259 - 

529,752 485,857 

Total 

90,109,132 15,126,228

18. (Increase)fdecrease in inventories 

(in ~) 

31 March 2013 31 March 2012 

Inventories at the end of the year 

Traded goods 770,579,694 461,712,983 

Inventories at the beginning of the year 

Traded goods 461,712,983 42,673,211 

Total (308,866,711) (419,039,772) 

Details of Purchase of traded goods 

Agri commodities & produces 1,026,331,720 525,445,649 

Gold 7,970,531,928 5,559,134,151 

Silver 227,463,215 3,174,548,500 

Other metals 2,545,093,683 191,065,765 

Total 11,769,420,545 9,450,194,065 

Details of Inventory 

(valued at lower of cost or net realizable value 

whichever is lower) 

Agri commodities & produces 689,649,830 26,740,481 

Gold 22,438,795 52,362,207 

Silver 44,780,061 362,042,248 

Other metals 13,711,009 20,568,047 

Total 770,579,694 461,712,983 

19. Employee Benefits Expense 

(in ~) 

31 March 2013 31 March 2012 

Salaries, incentives and bonus (net of notice period recovery) 8,709,889 10,363,090 

Contribution to providend fund and other funds 284,837 378,976 

Gratuity fund contributions 102,896 36,234 

Staff welfare expenses 161,530 119,789 

Total 9,259,152 10,898,089

20. Other Expenses 

( in ~) 

31 March 2013 31 March 2012 

Security charges 694,515 394,696 

Exchange charges 224,233,294 249,491,300 

Travelling and conveyance 392,831 224,576 

Communication expenses 715,399 974,541 

Insurance charges 199,675 153,804 

Repair & maintenance - others 463,759 84,018 

Electricity charges 1,088,221 773,298 

Rent 5,039,738 3,389,314 

Legal and professional charges 3,032,861 1,975,221 

Stamp duty 14,594 42,629 

Storage charges 11,944,491 260,971 

Business promotion charges 4,028,115 

Loss on sale of fixed assets 10,159 

- 

- 

Payments to auditor (refer details below) 989,277 500,564 

Provision for doubtful receivables 7,507,846 16,989,276 

Miscellaneous expenses* 4,292,404 1,847,812 

(*includes depository charges, office expenses, freight charges, 

bank charges, exchange penalty etc.) 

Total 264,647,178 277,102,021 

Payments to the auditor 

As auditor 

Audit fee 674,160 224,720 

In other capacity 

Taxation matters* 312,360 269,102 

*(Includes tax audit, vat audit and other taxation matters) 

Other services 2,757 6,742 

Total 989,277 500,564 

(in ~) 

21. Depreciation and Amortization expense 

31 March 2013 31 March 2012 

Depreciation on tangible assets 254,345 239,571 

Amortization on intangible assets 747,313 661,653 

Total 1,001,658 901,224 

( in ~) 

22. Finance Costs 

31 March 2013 31 March 2012 

-from bank 702,414 25,292 

- from others 81,589,051 19,070,039 

Other borrowing cost 1,019,732 1,115,362 

Total 83,311,197 20,210,693



23. Earning per share 

Net profit as per profit and loss account including 

extra ordinary items 

Net profit for calculation of EPS 

Weighted average number of equity shares in calculating basic 

EPS 

Weighted average number of equity shares in calculating basic 

diluted EPS 

EPS 

31 March 2013 

33,598,048 

33,598,048 

14,538,949 

14,538,949 

2.31 

(in ~) 

31 March 2012 

31,495,710 

31,495,710 

14,538,949 

14,538,949 

2.17 

24. In accordance with Accounting Standard 22 on accounting for taxes on Income, the company has 

made adjustments in its accounts for deferred tax liabilities/ assets 

The tax effects of significant temporary differences that resulted in 31 March 2013 

deferred tax assets and liabilities are 

Deferred Tax Asset 

Provision For Gratuity 23,094 

Provision For Leave Encashment 36,057 

Preliminary Expenses - 

Provision for doubtful debts 7,948,091 

Carried Forward Losses And Unabsorbed Depreciation 2,330,881 

Sub Total (a) 10,338,123 

Deferred Tax Liability 

Depreciation and other differences in block of fixed assets (b) 931,140 

Net Deferred Tax Asset* (a)- (b) 9,406,983 

(in ~) 

31 March 2012 

- 

77,750 

1,622 

5,512,171 

3,877,213 

9,468,756 

951,301 

8,517,456 

*The company has recognized deferred tax asset on the accumulated carry forward business losses and unabsorbed depreciation 

only to the extent of net deferred tax liability. Deferred tax asset on balance amount of accumulated carry forward business losses 

and unabsorbed depreciation is not recognized as the company is unable to substantiate virtual certainty of future profits against 

which such asset can be realized.



25. Contingent liability 

(in ~ ). 

Particulars 31.03.13 31.03.12 

a) Estimated amount of contract to be NIL NIL 

executed in capital account and not 

provided for (net of advances) 

b) For commitments relating to lease NIL NIL 

arrangements, please refer note L 

c) Contingent liabilities not provided for 4,90,000 10,04,90,000 

26. Actuarial Assumptions: 

Gratuity Plan: The Company has made annual contributions to the Gratuity-cum-Life Assurance (Cash 

Accumulation) Scheme administered by the Life Insurance Corporation of India ('LIC'), a funded defined 

benefit plan for qualifying employees. The scheme provides for lump sum payment to vested employees at 

retirement, death while in employment or on termination of employment of an amount equivalent to 

fifteen days salary payable for each completed year of service or part thereof in excess of six months. 

Vesting occurs on completion of five years of service. 

Following table sets out the status of gratuity and long term leave encashment assumptions used for 

purpose of Actuarial Valuation as on 31st March 2013: 

A. Gratuity: 

(in ~ ). 

2012-13 2011-12 

Gratuity Gratuity 

(Funded) (Funded) 

I. Mortality Table (LIC) 1994-96 1994-96 

(Ultimate) (Ultimate) 

Discount rate 8.25% 8.75% 

Salary Escalation rate 7.50% 7.50% 

Expected rate of return on plan assets 8.70% 8.75% 

II. Change in benefit obligation 

Projected benefit obligation at the beginning of the 1,48,695 88,923 

period 

Interest Cost 13,011 7,336 

Current Service Cost 84,034 90,611 

Benefit Paid - -



2012-13 2011-12 

Gratuity Gratuity 

(Funded) (Funded) 

Actuarial (gain) floss on obligations 81,299 (38,175) 

III. 

Projected benefit obligation at the end of the 3,27,039 1,48,695 

period 

Change in plan assets 

Fair value of plan assets at the beginning of the 

period 7,77,004 - 

Expected return on plan assets 71,975 - 

Contributions 8,283 7,53,466 

Fund Transfer In 59,911 - 

Benefit paid - - 

Actuarial gain/ (loss) on plan assets 3,473 23,538 

Fair value of plan assets at the end of the period 9,20,646 7,77,004 

IV. 

Excess of obligation over plan assets (5,93,607) (6,28,309) 

Expenses for the period 

Current Service Cost 84,034 90,611 

Interest Cost 13,011 7,336 

Expected return on plan assets (71,975) - 

Net actuarial gain/ (loss) recognized 77,826 (61,713) 

Expense recognized in Profit & Loss Account 102,896 36,234 

B. Leave Encashment 

2012-13 2011-12 

Leave Encashment Leave Encashment 

(Unfunded) 

(Unfunded) 

I. Mortality Table (LIC) 1994-96 (Ultimate) 1994-96 (Ultimate) 

Retirement Age 60 Period 60 Period 

Discount rate 8.25% 8.75% 

Salary Escalation rate 7.50% 7.50%



27. Related Party information 

(i) 

(A) 

Names of related parties and nature of relationship: 

Company whose control exists ( Holding company) 

National Spot Exchange Limited 

(B) 

Company having significant influence over the company 

(Ultimate holding company) 

Financial Technologies (India) Ltd 

(C) 

Fellow subsidiaries (with whom transaction are carried out in the year) 

1. Ticker Plant Ltd 

2. Atom Technologies Ltd 

3. National Bulk Handling Corporation Ltd 

4. Financial Technologies Knowledge Management Ltd 

(D) 

Key Management Personnel (KMP): 

Mr. Anjani Sinha 

Director 

(E) 

Transactions with related parties 

Sr. Nature of transactions Holding Ultimate Fellow 

No Company Holding Subsidiari 

company/ es 

Entities 

having 

significant 

influence over 

the company 

1. Loan taken 

Balance as at the start of 55,00,00,000 - - 

the year / on the date of (-) (-) (-) 

relationship coming into 

existence 

Taken during the period 8,82,25,00,000 - - 

(1,66,80,00,000) (-) (-) 

Repaid during the year 9,37,25,00,000 - - 

(1,11,80,00,000) (-) (-) 

(in ~ ). 

Key 

Management 

Personnel 

(Managing 

Director, Whole 

time director, 

Manager and 

other managerial 

personnel) 

- 

(-) 

- 

(-) 

- 

(-)



Balance as at March 31, - - - - 

2013 (55,00,00,000) (-) (-) (-) 

2. Purchases 54,83,28,694 - - - 

(-) (-) (-) (-) 

3. Sales - - - - 

(8,49,253) (-) (29,901) (-) 

4. Rent Paid - 38,41,639 - - 

(-) (27,00,044) (-) (-) 

5. Data feed charges paid - - 1,48,500 - 

(-) (-) (1,44,000) (-) 

6. Cost of Capital 20,008 12,848 4,628 - 

Expenditure (11,824) (67,841) (1,50,000) (-) 

7. Warehousing charges 1,22,31,962 - - - 

Paid (3,79,999) (-) (-) (-) 

8. Testing & Quality 53,485 - - - 

Certificate Charges paid (-) (-) (-) (-) 

9. Handling& 1,34,432 - - - 

Transportation chg (-) (-) (-) (-) 

10. Penalty Paid 14,87,702 - - - 

(-) (-) (-) (-) 

11. Interest Paid 7,61,89,476 - - - 

(1,88,63,414) (-) (-) (-) 

12. Annual Subscription fees 50,000 - - - 

paid (50,000) (-) (-) (-) 

13. Remuneration paid - - - - 

(-) (-) (-) (22,89,252) 

14. Demat Storage Charges 5,38,462 - - - 

paid (4,99,140) (-) (-) (-) 

15. VSAT Recurring Charges 70,000 - - - 

(-) (-) (-) (-) 

16. Delivery charges 2,21,548 - - - 

(-) (-) (-) (-) 

17. Turnover Transaction 23,30,85,506 - - - 

Charges Paid (24,68,57,977) (-) (-) (-) 

18. Procurement Fees - - - - 

Received (12,83,72,002) (-) (-) (-) 

19. Share of Revenue 3,11,68,288 - - - 

Received (3,60,94,758) (-) (-) (-) 

20. Rent Received - - - - 

(2,25,000) (-) (-) (-) 

21. Business development & - - - - 

promotion services (7,50,00,000) (-) (-) (-) 

charges received 

22. Sale of capital asset - 42,630 11,191 - 

(58,055) (-) (14,351) (-) 

23. Other Reimbursement of 

Expenses 

-Charged by them - 7,11,266 - -



(-) (1,41,725) (-) 

-Charged to them 2,45,690 - - 

(32,418) (-) (-) 

24. Closing balance 

(Debtors) - 2,734 - 

(63,10,916) (-) (30,200) 

Closing balance 

(Creditors) 59,79,24,903 - - 

(-) (-) (-) 

(-) 

- 

(-) 

- 

(-) 

- 

(-) 

Note: (i) Related party relationship is as identified by the Company and relied upon by the 

auditors. 

(ii) Previous year figures are given in brackets 

28. The business segment of the company fall under a single segment i.e. buying, selling and 

procurement services of commodities. The company has considered business segment as primary 

segment. Thus there is only one identifiable reportable segment. 

29. All transactions carried out for and on behalf of constituents are carried out on an agency basis 

and such purchases and sales are not included in purchases/ sales made by the company. 

30. Open Interest in Commodity Futures as at the Balance Sheet date: 

Sr. Name of Commodity Future Expiry Date No. of No. of Units 

No. contracts Involved 

1. CopperM 30/04/2013 181 45250 kgs 

2. Gold 05/04/2013 205 205 kgs 

3. GoldM 05/05/2013 89 8900 grams 

4. Silver 04/05/2013 141 4230 k_gs 

6. Silver M 30/04/2013 69 345 kgs 

7. Nickel 30/04/2013 26 6500 kgs 

8. Nickel M 30/04/2013 52 5200 Kgs 

9. Lead Mini 30/04/2013 23 23Mt 

10. Zinc Mini 30/04/2013 24 24Mt



31. Details of dues to Micro, Small and Medium Enterprises as per MSMED Act, 2006 

The Company has initiated the process of identification of 1 supplier' registered under the MSMED 

Act, 2006, by obtaining confirmations from the Suppliers .The Company has not received 

intimation from all the 1 suppliers' regarding their status under MSMED Act, 2006 and hence 

disclosure if any, relating to amounts unpaid as at the year-end together with interest 

paid/ payable as required have not been furnished. 

32. Previous Year Comparatives 

Previous year•s figures have been regrouped / reclassified wherever necessary to correspond with 

the current year•s classification / disclosure. 


For and on behalf of the Board. 

For Mukesh P. Shah & Co 



Partner 

Membership No.: 033862 

Place: Mumbai 

Date: 1 b M A'l' 2 013 

~75-rz_· 

Anjani Sinha 

Director 

s~~ane 



Director

MUKESH P. SHAH & CO. - National Spot Exchange Limited

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