12. Provisions, Contingent Liabilities and Contingent Assets:
The company, being a stock broker has availed bank
guarantees aggregating to 125 crores in favour of stock
exchange(s) , which are used for the margin and other
requirements. Guarantees are availed from banks are as
under:
Following are the Contingent Liabilities as on the Balance
Sheet date.
• Bank Guarantee availed from the Banks are as fol¬
lows:
Axis Bank - '75 Crores
ICICI Bank - '30 Crores
HDFC Bank - ' 30 Crores
However, these guarantees are issued by the bankers
after pledging an adequate collateral bank fixed depos¬
it. However, these bank guarantees are obtained by the
company as a normal course of business activities which
are backed by adequate securities, no material provision
is required to be made in the financial statements.
15. Proceedings were initiated in FY 23-24 against the Company under the provisions of the Benami Transactions (Prohibition)
Act, 1988 and the rules made thereunder. The Company contested the matter before the Adjudicating Authority, where it
received a favorable order and the order is deleted, however the department preferred to challenge the adjudication order
before the Appellate Tribunal, and the proceedings are currently pending. In view of the management assessment , the
company has a strong case thus no material impact is expected in the financial statements.
16. During the year the company has continued availing Working Capital limits against security by way of pledge of quoted
shares & securities. There is no material discrepancy in quarterly statements filed by the company with banks/financial
institutions and are in agreement with books of accounts.
17. During the year there have been income tax assessments proceedings under any other relevant provisions of the Income
Tax Act, 1961. There are no transactions needed to be recorded in the books of accounts which has been surrendered or
disclosed as income in the Tax Assessments. Certain additions were made during the course of assessment and the same
are challenged before the appropriate Appellate Authority.
18. During the year the company is covered under section 135 of the Companies Act 2013. Accordingly during the year the
company has expended way by of Donation of ' 64,82,727/- towards CSR contribution.
There are no charges or satisfaction of any charges that are yet to be registered with the ROC that goes beyond the
statutory period. The above list is of the charges open as on 31 March, 2025.
20. During the period under audit the company has not granted any Loans & Advances to Promoters, directors, KMPs, and the
related parties.
21. During the year the Company is not declared willful defaulter by any bank or financial institution or other lenders.
22. The Company doesn't provides for any Employee Benefit Obligation or Termination benefit as per AS 15 - Employee Benefits
like Gratuity but has the practice to account for the same in the year in which the benefit or amount is paid to the employee.
23 Initial Public Offer (IPO)
The Company had issued and alloted 8328000 shares having face value of Rs. 5 per shares at a premium of Rs. 81 per
share through Initial Public Offer (IPO) during the Financial Year 2024-25. The net issue expenses were of Rs. 732.46
Lakhs. The details of utilization of the net IPO proceeds are as follows:
7. Additional information as per Schedule III of the Companies Act, 2013 to the extent applicable are as under:
(As certified by the Directors and relied upon by the Auditors)
Current Year Previous Year
a) Value of Import on CIF Basis Nil Nil
b) Expenditure in the foreign Currency Nil Nil
c) Earning in Foreign Exchange Nil Nil
8. Previous Year figures have been rearranged and regrouped wherever necessary to make them comparable with the current
year figures.
As per our report of even date attached
For AHSP & Co LLP For and on behalf of Board
Chartered Accountants Rikhav Securities Limited
Siddhant Nitin Shah Hitesh H. Lakhani Rajendra Shah
(Partner) (Director) (Director & CFO)
FRN :100163W (DIN - 01457990) (DIN - 01248226)
Membership No.:156278
Date: 13 May, 2025
Place: Mumbai
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