MUKESH P. SHAH & CO .
CHARTERED ACCOUNTANTS

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

























CA. MUKESH P. SHAH
B. Com. (lions.) F.C.A •
CA. KETAN M. SHAH
B. Com., F.C.A.
INDEPENDENT AUDITOR'S REPORT
To
The Members of National Spot Exchange Limited
Report on the Financial Statement
CA. DHARMESH H. SHAH
B. Com., F.C.A.
We have audited the accompanying financial statements of National Spot Exchange 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:
• a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,
2013;
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MUKESH P. SHAH & CO .
• CHARTERED ACCOUNTANTS
• 12, Oamodar Niwas, 2nd Floor, 32134, C. P. Tank Road, Mumbai- 400 004. flJ 2388 6293/2382 2633 E-mail : mpshah_co@yahoo.co.in









I •























CA. MUKESH P. SHAH
B. Com. {BOIUI.) F.C.A .
CA. KETAN M. SHAH
B. Com., F.C.A.
CA. DHARMESH H. SHAH
B.   o m ~ F.c.A.
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
Place: Mumbai
Date:
1 7 MAY 2013





































MUKESH P. SHAH & CO .
CHARTERED ACCOUNTANTS
12, Damodar Niwas, 2nd Floor, 32/34, C. P. Tank Road, Mumbai- 400 004. fl> 2388 6293/2382 2633 E-mail: mpshah_oo@yahoo.co.in
CA. MUKESH P. SHAH
B. Com. (Hons.) F.C.A.
CA. KETAN M. SHAH
B. Com., F.C.A.
CA. DHARMESII H. SHAH
a. c--. F.CA.
i .
ii .
iii .
iv.
The Annexure referred to in paragraph 1 of the Our Report of even date to the members of
National Spot Exchange 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:
(a) The Company has maintained 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 .
(a) Inventory has been physically verified by the management at reasonable
during the year
intervals
(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 .
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 explanation given to us, there are
adequate internal control procedures commensurate with the size of the Company and the
nature of its business, for the purchase of inventory and fixed assets and for the sale of goods
and services. During the course of our audit, no major weakness has been noticed in the
internal control system in respect of these areas. During the course of our audit, we have not
observed any continuing failure to correct major weakness in internal control system of the
company .
v. (a) In our opinion and according to the information and explanation given to us by the
management, we are of the opinion that the particulars of contracts or arrangements
referred to in Section 301 of the Companies Act, 1956 that needs to be entered into the
register maintained under Section 301 have been so entered .
































MUKESH P. SHAH & CO •
CHARTERED ACCOUNTANTS
12, Oamodar Niwas, 2nd Floor, 32/34, C. P. Tank Road, Mumbai- 400 004. Ill 2388 6293/2382 2633 E-mail: mpshah_m@yahoo.oo..in
CA. MUKESH P. SHAH
B. Com. (Boas.) F.C.A.
CA. KETAN M. SHAH
B. Com., F.C.A.
CA. DHARMESII H. SHAH
B. c-., F.c.A.
vi .
vii .
viii.
ix .
X •
xi .
xii .
(b) In respect of transactions made in pursuance of such contracts or arrangements exceeding
value of Rupees five lakhs entered into during the financial year, because of the unique
and specialized nature of the items involved and absence of any comparable prices, we
are unable to comment whether the transactions were made at prevailing market prices at
the relevant time .
The company has not accepted any deposits from the public during the year.
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 for the products of the company .
According to the information and explanation given to us in respect of statutory and other
dues:-
(a) The undisputed statutory dues including Provident Fund, Investors Education and
Protection Fund, Income Tax, Sales 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. The provisions relating to Employee's State
Insurance, Wealth Tax are not applicable to the company .
(b) According to the information and explanations given to us, no undisputed amounts
payable in respect of Provident Fund, Investors Education and Protection Fund, Income Tax_
Sales 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. The provisions relating to Employee's State Insurance, Wealth Tax are not
applicable to the company .
(c) According to the information and explanations given to us, there are no dues of Income Tax,
Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess which have not been
deposited on account of any dispute .
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 .
Based on our audit procedures and as per the information and explanations given by the
management, we are of the opinion that the company has not defaulted in repayment of dues to
a financial institution, bank or debenture holders .
Based on our examinations of the records and the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security by way of pledge of
shares, debentures and other securities .
In our opinion the company is not a Chit Funds, Nidhi or Mutual Benefit Fund I Society.
Therefore, the provision of clause 4 (xiii) of the Companies (Auditor's Report) Order, 2003 (as
amended) are not applicable to the Company .

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MUKESH P. SHAH & CO •
CHARTERED ACCOUNTANTS
• 12, Oamodar Niwas, 2nd Floor, 32/34, C. P. Tank Road, Mumbai- 400 004. fl> 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
B. F.c.A.
xiv .
XV •
xvi
xvii .
xviii .
xix.
XX.
xxi .
In our opinion, the company is not dealing in or trading in shares, securities, debentures and
other investments. Accordingly, the provision of clause 4 (xiv) of the Companies (Auditor's
Report) Order, 2003 (as amended) are not applicable to the Company .
In our opinion and according to the information and explanations given to us, the Company
has not given any guarantee for loans taken by others from bank or financial institutions .
Based on the information and explanations given to us by the management, term loan were
applied for the purpose for which the loans were obtained .
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 are raised on short-term basis used for
long-term investments .
The company has not made preferential allotment of shares to parties or companies covered in
the register maintained under section 301 of the Companies Act, 1956 .
The company did not have any outstanding debentures during the year.
As informed to us, the company has not raised any money by way of public issues during the
year .
Based upon the audit procedures performed for the purpose of reporting the true and fair view
of the financial statements and according to the information and explanations given to us by the
management, we report that no fraud on or by the company has been noticed or reported
during the course of our audit.
For MUKESH P SHAH & CO .
Chartered Accountants
Firm Regn. No. 121719W

(MUKESH P .SHAH)
Partner
Membership No. 033862
Place: Mumbai

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1 7 MAY 2D13
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NATIONAL SPOT EXCHANGE LIMITED
BALANCE SHEET AS AT March 31, 2013

'
-=
Shareholders' Funds
Share capital
Reserves and surplus
Non-current liabilities
Deferred tax liabilities (Net)
other Lonq term liabilities
Lonq-term provisions
Current liabilities
Short-term borrowinqs
Trade payables
other current liabilities
Short-term provisions
TOTAL
,•nr
Non-current assets
Fixed assets
Tanqible assets
Intanqible assets
Capital work-in-profjress
Intanqible assets under development
Non-current investments
Lonq-term loans and advances
Other non-current assets
Current assets
Current investments
Trade receivables
Cash and Bank Balances
Inventories
Short-term loans and advances
Other current assets
TOTAL
Summary of significant accounting policies












The accompanying notes are an integral part of accounts
As per our report of even date
For Mukesh P. Shah & Co.

• Mukesh P. Shah
• Partner
Membership No. 33862


2013




' ,.
. ,
Notes
As at
31 March 2013
f
-,,_,_ '
--
3 450,000,000
4 1 408 448 184
1,858,448,184
5 5,702,132
6 75,749,182
7 3 743 403
85,194,717
8 291,215,617
9 544.491,548
9 7,047,544,089
7 139 959 832
8,023 211 087
9,966 853,987
- .
•ti.,.:••.·
10 22,361,018
11 92,360,044
982,170
-
12 89,992,250
13 5,997,489
14 25 586 567
237,279,538
15 -
16 2, 742,138,821
17 2,764,349,796
18 487,125,883
13 339,096,958
14 3 396 862 992
9,729 574,449
9,966,853,987
2.1
For and on behalf of the Board of
Directors of National Spot Exchange
As at
31 March 2012
f
450,000,000
160 489 131
610,489,131
26,021,097
57,369,201
3 962 383
87,352,681
-
36,082,266
3,559,543,304
4 123 343
3 599 748 913
4 297_L_590,725
15,636,722
141,192,251
9,303,158
827,250
88,664,250
38,998,857
60 262 399
354,884,888
1,617,253,160
130,849,957
180,901,852
-
570,993,128
1 442 707 740
3,942 705,837
4,297,590,725
 
Anjani Sinha Shreekant Javalgekar
Managing Director & CEO Director
Y\ . p o.."' c:-
Nirav Pandya
Company Secretary





































National Spot Exchange Limited
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31 MARCH 2013
Revenue from operations
Other income
Total Revenue {I)
-                     ..
..
-
Purchases of traded goods
(Increase)/ Decrease in inventories of finished goods and
Stock-in-Trade
Employee benefits expense
Other expenses
Total expenses {II)
Earnings before interest, tax, depreciation and
ammortization {EBITDA) {I-II)
Depreciation and amortization expense
Finance costs
Profit before tax
Tax expense:
Current tax
MAT Credit
Deferred tax
Total Tax Expense
Profit for the Year from continuing operations
Earnings per equity share:
(1) Basic
(2) Diluted
The accompanying notes are an integral part of accounts
As per our report of even date
For Mukesh P. Shah & Co.
Chartered Accountants
 
Mukesh P. Shah
Partner
Membership No. 33862
Place : Mumbai
Date : 1 7 M AY 2 013
Notes
For the year ended For the year ended
31 March 2013 31 March 2012
{ {
19 4,720,185,184 819,444,169
20 663,901,019 124,464,490
5,384,086,204 943,908,659
. .,
21 3,318,848,016 -
22
(487,125,883)
23 112,060,977 96,364,809
24 585,073,513 459,885,808
3,528,856,623 556,250,617
1,855,229,581 387,658,042
25 57,365,287 56,002,229
26 3,480,480 15,631 959
1, 794,383,814 316,023,854
566,743,727 55,799,568
- (22,165,465)
(20,318,965) 26 021,097
546,424,762 59,655,200
1 247,959,053 256,368,654
27
27.73 5.70
27.73 5.70
For and on behalf of the Board of Directors of National
Spot Exchange Limited

Anjani Sinha
Managing Director & CEO
N •1-'\ . .:>
I . J ""'"'"' :J .._:,._
Nirav Pandya
Company Secretary
Shreekant Javalgekar
Director





































NATIONAL SPOT EXCHANGE LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31 ,2013
rortneyear FOrtne year
ended March 31, ended March 31,
2013 2012
A. Cash Flow from Operating Activities before taxation
Net profit before taxation
1,794,383,814 316,023,854
Adjustments for -
Depredation
57,365,287 56,002,229
Dividend Income
(154,084,628) (54,527,469)
Interest Expenses
500,316 15,465,936
Interest Income
(495,527,923) (29, 782,347)
Profit on sale of Investments
(964,062) -
Loss on sale of fixed asset 935,123 531,054
Bad Debts
88,662 15,250,227
Provision for doubtful trade and other receivables, loans and advances 66,533,815 41,419,244
Profit on sale of fixed asset
(53,097)
(906 592
Unreallsed foreign exchange (gain)/ loss -
Operating profit/ (loss) before working capital changes 1 268 323 812 360 329 631
Movements In working capital :
Decrease I (Increase) In Inventories (487,125,883) -
Decrease 1 (Increase) In other current assets (1,998,714,258) (1,377,824)
Decrease I (Increase) In other non current assets 34,675,832 (52,977,220)
Decrease 1 (Increase) In trade receivables (2,633,352,335) 764,368,157
Decrease I (Increase) In long terrn loans and advances (543,045,398) 563,026,484
Decrease I (Increase) In short terrn loans and advances 231,896,170 (1,541,184,692)
Increase I (Decrease) In trade payables 507,337,583 (73,278,858)
Increase I (Decrease) In current liabilities & provisions 3,623,837,275 2,160,140,950
Increase I (Decrease) In non current liabilities & provisions 18 161 001 39 819 664
Cash generated from operations 21 993 800 2 218 866 293
Direct taxes paid (net of refunds) 540,696,961 37,675,055
Net Cash from Operating Activities
518 703 161 2 181 191 238
B. Cash Flow from Investing Activities
Purchase of fixed assets
(7,364,526) (12,491,303)
Proceeds from sale of fixed assets 320,264 303,442
Purchase of current investments( Including dividend reinvestment) (33,650,669,208) (7,842,331,327)
Proceeds from sale of current Investments 35,268,886,429 6,392,235,190
Purchase of non current Investments
(1,328,000) (17,312,400)
Deposits( with maturity more than 3 months) (1,590,040,834) (78,769,134)
Proceeds of deposits matured
78,769,137 61,350,171
Loans given
(8,822,500,000) (1,653,000,000)
Loan realised
9,372,500,000 1,103,000,000
Dividend received from subsidiaries 4,425,863 -
Dividend from investments
149,658,766 54,527,469
Interest received from subsidiarlles 76,209,750 18,863,415
Interest others
435 832 726 10 918 932
Net Cash Used in investing activities 1 314 700 364 1 962 705 546
C. Cash Flow from Financing Activities
Proceeds from short terrn borrowings
293,193,907 -
Repayment of short terrn borrowings
(500 316\
(200,000,000)
Interest Paid
(15 465 936
Net Cash from financing activities 292 693 592 215 465 936
Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C) 1,088,690,796 3,019,757
Cash and Cash Equivalents (Opening Balance) 102 132 719 99 112 962
cash and Cash Equivalents (Closing Balance) 1190 823 515 102 132 719
(1,088,690, 796) (3,019,757)
Closing Balance of Cash and Cash Equivalents consists of:
Components of cash and cash equivalents
Cash on Hand
25,783 58,549
Bank Balances:
- In Current Accounts 335,213,917 99,896,725
- In Deposits Accounts (Maturing Less than 3 Months) 839,069,261 2,177,444
- Interest accrued on fixed deposits 16 514 553 -
Cash and Cash Equivalents In Cash Flow Statement 1190 823 515 102 132 719
Cash and bank Balance 1 190 823 515 102 132 719
Notel: The aoove cashtlow statement has oeen prepared under the Indirect
method setout In Accounting Standard 3 - Cash Flow Statement, notified
persuant to the Companies (Accounting Standards Rules), 2006 (as
ammended) .
As oer our reoort of even date
For Mukesh P. Shah • Co.

Mukesh P. Shah
Partner
For and on behalf of the Board of
Directors of Spot Exchange
Limited
  . /
Membership No. 33862
Place : Mumbal
Date: 1 7 MAY Z013
Anjanl Sinha Shreekant
Javalaekar
Managing Director Director
&CEO
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Nirav Pandya --l :Z. •
Company Secretary
a


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&



NATIONAL SPOT EXCHANGE LIMITED
Notes to fmancial statements for the year 2012-13
1. Corporate Infonnation
National Spot Exchange is a pan India regulated electronic spot exchange offering trading
in various agricultural, metals and industrial commodities through its platform. It also
offers customized procurement solutions to government agencies and private companies.
It also offers services like warehousing and collateral management services to market
participants
2. Basis of preparation
The financial statements have been prepared to comply in all material respects with the
Accounting Standards notified by Companies (Accounting Standards) Rules, 2006, (as
amended) and the relevant provisions of the Companies Act, 1956 (the Act). The financial
statements have been prepared under the historical cost convention on an accrual basis .
The accounting policies have been consistently applied by the Company. All assets and
liabilities have been classified as current or non-current as per the Company's normat
operating cycle and other criteria set out in the Schedule VI to the Companies Act, 1956.
Based on the nature of products and the time between the acquisition of assets for
processing and their realization in cash and cash equivalents, the Company has
ascertained its operating cycle as upto twelve months for the purpose of current -
noncurrent classification of assets and liabilities.
2.1. Statement of signifiCant accounting policies
A. Use of estimates
The preparation of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent liabilities at the
date of the financial statements and the results of operations during the reporting period.
Although these estimates are based upon management's best knowledge of current events
and actions, actual results could differ from these estimates .
B. Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation and impairment losses if
any. Cost comprises the purchase price and any attributable cost of bringing the asset to
its working condition for its intended use .
c. Depreciation
Depreciation is provided using the Straight Line Method as per the useful lives of the
assets estimated by the management, or at the rates prescribed under schedule XIV of
the Act whichever is higher .














·•





















NATIONAL SPOT EXCHANGE LIMITED
Notes to financial statements for the year 2012-13
Rate Schedule XIV
(SLM) Rates (SLM)
Office Equipment 4.75% 4.75%
Computers 16.21% 16.21%
Furniture 6.33% 6.33%
Vehicles 9.50% 9.50%
Networking Equipments 20%
. 4.75%
In case of assets acquired during the year from the group companies depreciation has
been charged based on the residual life of the asset .
Depreciation in respect of assets acquired during the year whose actual cost does not
exceed Rs.5,000 has been provided at 100% .
Leasehold improvements are amortized over the primary period underlying lease of the
office premises or estimated useful life, whichever is lower .
D. Impainnent
The carrying amounts of assets are reviewed at each balance sheet date if there is any
indication of impairment based on internal/external factors. An impairment loss is
recognized wherever the carrying amount of an asset exceeds its recoverable amount.
The recoverable amount is the greater of the asset's net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted to their present
value at the weighted average cost of capital .
E. Intangible assets
Trademarks are amortized over ten years considering their related useful lives. Software is
amortized at the rate of 16.21% from the date of installation. Any additions to the base
software are amortized over the remaining useful life of the software .
F. Leases
Where the Company is the lessee
Leases where the lessor effectively retains substantially all the risks and benefits of
ownership of the leased item, are classified as operating leases. Operating lease payments
are recognized as an expense in the Profit and Loss account on a straight-line basis over
the lease term .
Where the Company is the lessor
Assets subject to operating leases are included in fixed assets. Lease income is recognised
in the Profit and Loss Account on a straight-line basis over the lease term. Costs, including
depreciation are recognised as an expense in the Profit and Loss Account. Initial direct
costs such as legal costs, brokerage costs, etc. are recognised immediately in the Profit
and Loss Account .
1111________ _















'*





















NATIONAL SPOT EXCHANGE LIMITED
Notes to financial statements for the year 2012-13
G. Invesbnents
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 long-term
investments. Current investments are carried at lower of cost and fair value determined
on an individual investment basis. Long-term investments are carried at cost .
H. 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) In case of sale of goods revenue is recognized when the significant risks and rewards of
ownership of the goods have passed to the buyer. Excise Duty, Sales Tax and VAT
deducted from turnover (gross) are the amount that is included in the amount of turnover
(gross) and not the entire amount of liability raised during the year.
b) Admission Fees (non refundable) and Processing Fees from new members for joining
the exchange are recognized when the membership is approved. Amount received from
prospective members towards admission fees is forfeited and recognized as income in the
year when allotment of membership is pending for a period more than one year on
account of non receipt of documents.
c) Annual subscription fees are charged upfront and recognized on accrual basis in the
financial year in which it is charged .
d) Transaction fees are charged to members based on the volume of transactions entered
into by the members through the exchange. These are accrued when orders placed by
members on the network are matched and confirmed .
e) Delivery fees are charged to members on the basis of trades executed. In case of seller
members, delivery fees are recognized on accrual basis and in case of buyer members,
delivery fees are recognized at the time of withdrawals of commodities from the
exchange/exchange accredited warehouses .
f) Warehouse receipts transfer charges are charged to buyer and seller on accrual basis on
completion of trade settlement .
g) Storage charges are accrued as income on the completion of the storage cycle and are
exclusive of service tax, if any .
h) Warehouse management charges are levied to recover the cost of day to day
administrative management of the warehouse and accrued on completion of the billing
cycle and are exclusive of service tax if any .
i) Procurement service charges are levied on value of procurement and are recognized on
accrual basis on completion of procurement and processing activity .
j) In case of joint procurement activities for export purposes, the company carries out
domestic procurement of the commodities for exports and the exporter carries out export
111111





































NATIONAL SPOT EXCHANGE LIMITED
Notes to fmancial statements for the year 2012-13
of the goods outside India. Income/ loss thereof is accounted for on effecting of export of
goods by the exporter .
k) Networking equipments deposits (non refundable) are treated as income in the year in
which it is received .
I) Dividend income is recognized when the Company's right to receive dividend is
established .
m) In case of interest income, revenue is recognised on a time proportion basis taking
into account the amount outstanding and the rate applicable .
I. Foreign Currency Transactions
(i) Initial Recognition
Foreign currency transactions are recorded in the reporting currency, by applying to the
foreign currency amount the exchange rate between the reporting currency and the
foreign currency at the date of the transaction .
(ii) 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 .
(iii) 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 .
J. Retirement Benefits and Other Employee Benefits
Retirement benefits in the form of Provident Fund are in the form of a defined contribution
scheme and the contribution is charged to the Profit and Loss Account of the year when
the contributions to the provident fund is due. There are no other obligations other than
the contribution payable to the respective funds .
The Company's liability towards gratuity is funded through a scheme (Group Gratuity)
administered by the Life Insurance Corporation of India. Leave encashment on retirement
is provided on actual basis in accordance with the Company's scheme in this respect .
Gratuity liability are defined benefit obligation and is provided for on the basis of an
actuarial valuation using projected unit cost method made at the end of each year .





































NATIONAL SPOT EXCHANGE LIMITED
Notes to fmancial statements for the year 2012-13
Short term compensated absences are provided for based on estimates. Long term
compensated absences are provided for based on actuarial valuation at year end. The
actuarial valuation is done as per projected unit credit method .
Actuarial gains/losses are immediately taken to profit and loss account and are not
deferred .
K. Income Taxes
Tax expense comprises of current and deferred tax. Current income tax is measured at
the amount expected to be paid to the tax authorities in accordance with the Income-tax
Act, 1961 enacted in India. Deferred income taxes reflects the impact of current year
timing differences between taxable income and accounting income for the year and
reversal of timing differences of earlier years .
Deferred tax is measured based on the tax rates and the tax laws enacted or substantively
enacted at the balance sheet date. Deferred tax assets and deferred tax liabilities are
offset, if a legally enforceable right exists to set off current tax assets against current tax
liabilities and the deferred tax assets and deferred tax liabilities relate to the taxes on
income levied by same governing taxation laws. Deferred tax assets are recognized only
to the extent that there is reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realized. In situations where the
Company has unabsorbed depreciation or carry forward tax losses, all deferred tax assets
are recognized only if there is virtual certainty supported by convincing evidence that they
can be realized against future taxable profits .
At each balance sheet date the Company re-assesses unrecognized deferred tax assets. It
recognizes deferred tax assets to the extent that it has become reasonably certain or
virtually certain, as the case may be that sufficient future taxable income will be available
against which such deferred tax assets can be realized .
The carrying amount of deferred tax assets are reviewed at each balance sheet date. The
Company writes-down the carrying amount of a deferred tax asset to the extent that it is
no longer reasonably certain or virtually certain, as the case may be, that sufficient future
taxable income will be available against which deferred tax asset can be realized. Any
such write-down is reversed to the extent that it becomes reasonably certain or virtually
certain, as the case may be, that sufficient future taxable income will be available .
Minimum alternate tax (MAT) paid in a year is charged to the statement of profit and loss
as current tax. The company recognizes MAT credit available as an asset only to the
extent that there is convincing evidence that the company will pay normal income tax
during the specified period, i.e., the period for which MAT credit is allowed to be carried
forward. In the year in which the company recognizes MAT credit as an asset in
accordance with the Guidance Note on Accounting for Credit Available in respect of
Minimum Alternative Tax under the Income-tax Act, 1961, the said asset is created by
way of credit to the statement of profit and loss and shown as "MAT Credit Entitlement."
The company reviews the "MAT credit entitlement" asset at each reporting date and writes
down the asset to the extent the company does not have convincing evidence that it will
pay normal tax during the specified period .





































NATIONAL SPOT EXCHANGE LIMITED
Notes to financial statements for the year 2012-13
L. Segment Reporting Polides
Identification of segments:
The Company's operating businesses are organized and managed separately according to
the nature of products and services provided, with each segment representing a strategic
business unit that offers different products and serves different markets .
Allocation of common costs :
Common allocable costs are allocated to each segment according to the relative
contribution of each segment to the total common costs .
Unallocated items:
Includes general corporate income and expense items which are not allocated to any
business segment .
Segment Policies :
The Company prepares its segment information in conformity with the accounting policies
adopted for preparing and presenting the financial statements of the Company as a whole .
M. Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or loss for the year
attributable to equity shareholders by the weighted average number of equity shares
outstanding during the year. For the purpose of calculating diluted earnings per share, the
net profit or loss for the period attributable to equity shareholders and the weighted
average number of shares outstanding during the year are adjusted for the effects of all
dilutive potential equity shares .
N. Provisions
A provision is recognized when an enterprise has a present obligation as a result of past
event; it is probable that an outflow of resources will be required to settle the obligation,
in respect of which a reliable estimate can be made. Provisions are not discounted to its
present value and are determined based on best estimate required to settle the obligation
at the balance sheet date. These are reviewed at each balance sheet date and adjusted to
reflect the current best estimates .
o. 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 .
P. Measurement of EBITDA
As permitted by the Guidance Note on the Revised Schedule VI to the Companies Act,
1956, the Company has elected to present earnings before interest, tax, depreciation and





































NATIONAL SPOT EXCHANGE LIMITED
3. Share capital
Authorised
50,000,000 (31 March 2012: 50,000,000) Equity Shares of Rs.10/- eaCh
Issued,subscribed and fully paid up
45,000,000 (31 March 2012: 45,000,000) Equity Shares of Rs.10/- each
fully paid up
Reconciliation of shares outstanding at beginning and end of reporting period
Particulars
Shares outstanding at the beginning of the year
Shares Issued during the year
Shares bought back during the year
Shares outstanding at the end of the year
As at
31 March
2013
f
500,000,000
450,000,000
As at
31 March
2012
f
500,000,000
450,000,000
450,000,000 450,000,000
As at 31 March 2013
No .
45,000,000
45,000,000
f
450,000,000
450,000,000
Shares held by holding/ultimate holding company and/or their subsidiaries/associates
Out of equity shares issued by the company, shares held by its holding
company, ultimate holding company is as below:
Financial Technologies India Limited, the holding company
44,999,900 (31 March 2012 : 44,999,900) equity shares of Rs. 10/- each
fully paid held by holding company and it's nominees
Details of shareholders holding more than 5% shares in the company
Financial Technologies Ltd.
44,999,900 equity shares are held by the holding company and its
nominees, paid up value amounting to Rs.449,999,000 (31 March 2012:
449,999,000),
The Company has only one class of equity shares having a par value of
Rs.10 per share. Each holder of equity shares is entitled to one vote per
share .
No bonus shares have been issued to equity share holders in last five years
( or since incorporation of the company)
No equity shares have been bought back in last five years ( or since
incorporation of the company)
As at
31 March
2013
f
449,999,000
As at
31 March
2012
f
449,999,000
449,999,000 449,999,000
As at 31 March 2013
%holding in
No. the class
44,999,900 99.99%
As at 31 March 2012
No.
45,000,000
45,000,000
 
450,000,000
450,000.000
As at 31 March 2012
%holding in
No. the class
44,999,900 99.99%





































NATIONAL SPOT EXCHANGE LIMTED
4. Reserves and surplus
Security Guarantee Fund
Balance as per Last Financial Statements
Add: amount transferred from surplus balance in the statement of
profit and loss (refer note 35)
Add: amount transferred from surplus balance in the statement of
profit and loss (refer note 35)
Closing Balance
Surplus/Deficit in the statement of Profit & Loss
Balance as per last financial statements
( +) Net Profit/(Net Loss) For the current year
Less: Appropriations
Transfer to Security Guarantee Fund (refer note 35)
Transfer to Security Guarantee Fund (refer note 35)
Net Surplus in the statement of Profit & Loss
Total Reserves and Surplus
5. Deferred tax liability (Net)
In accordance with the Accounting Standard 22 on Accounting for
Taxes on Income, the Company has made adjustments in its accounts
for deferred tax liabilities/ assets.
Deferred tax liability
Fixed assets : Impact of difference between tax depreciation and
depreciation/ amortization charoed for the financial reoortino
Others
Gross deferred tax liability
Deferred tax asset
Carry forward losses
Provision for diminution in the value of investments
Provision for doubtful debts
Gratuity/Leave encashment
Gross deferred tax asset
Net deferred tax Asset/ (Liability)
For the previous year, the Company had 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 was not recognized as the Company was
unable to substantiate virtual certainty of future profits against which
such asset coould be realized .
6. Other Long Term Liabilities
Members Liabilities
Members deposits against VSAT
Deposits from settlement bank
Total
As at
31 March
2013
 
6,466,448
2,000,000
8 466 448
160,489,131
1,247,959,053
(6,466,448}
(2,000,000)
1,399,981,736
1,408,448,184
As at
31 March
2013
 
31,648,065
31,648,065
22,644,980
3,300,952
25,945,932
{5,702,132)
As at
31 March
2013
 
70,064,944
684,238
5,000,000
75,749,182
As at
31 March
2012
 
(95,879,523)
256,368,654
160,489,131
160,489,131
As at
31 March
2012
 
42,082,984
42,082,984
13,438,474
2,623,414
16,061,888
(26,021,097)
As at
31 March
2012
 
55,504,939
1,864,262
57,369,201


NATIONAL SPOT EXCHANGE LIMITID
• 7. Provisions

• Provisions
































Gratuity
Leave Encashment
Provision for Income Tax (net of advance tax}
Total
8. Short Term Borrowings
Buyers Credit from bank (Secured)
(Buyers Credit from Bank of Baroda carries interest at
1.14% for a tenure of 90 days. The buyers credit is
secured aaainst FOR's and stocks\
Cash Credit from bank (Secured)
(Cash Credit from HDFC bank is secured against FOR's and
stocks)
Total
The above amount includes :
Secured Borrowings
Unsecured Borrowings
Total
9. Other Current Liabilities
Trade Payables
Other Liabilities
Members liabilities
Advances from members
Settlement guarantee fund (refer note 35)
Trade Deposits
Contractual Reimbursable expenses
Other Payables
Statutory remittances (Contributions to Pf and ESIC,
Withholding Taxes, APMC cess, VAT, Service Tax, etc.}
Total
Long Term
As at As at
31 March 31 March
2013 2012
3,743,403 3,962,383
3,743,403 3,962,383
As at As at
31 March 31 March
2013 2012
   
91,799,591
199,416,026 .
291,215,617
As at As at
31 March 31 March
2013 2012
   
291,215,617
291,215,617
As at As at
31 March 31 March
2013 2012
   
544,491,548 36,082,266
6,689,274,883 3,539,001,896
2,565,594 3,371,452
6,466,448
222,800,000
90,558,571 88,833
42,345,042 10,614,675
7,047,544,089 3,559,543,304
Short Term
As at
As at 31 March
31 March 2013 2012
2,660,443
3,307,694
133,991,695
139,959,832
1,230,189
2,893,154
4,123,343

     


10. Tangible assets

VSAT
Computer Office Fumitures and
Vehicles
Leasehold
Total
hardware equipment fixtures improvements

Gross Block
I(' I(' I(' I(' I(' I(' I('

At 1 April 2011 917,232 20,028,863 3,209,495 109,548 2,425,163 3,284,479 29,974,780
Additions 101,903 1,008,381 88,417 126,561 832,550 203,083 2,360,895
Disposals 564,078 107,649 881,551 323,730 1,877,008

Other adjustments
- Exchange differences

- Borrowing costs
At 31 March 20U 1,019,135 20,473,166 3,190,263 236,109 2,376,162 3,163,832 30,458,667

Additions 90,899 12,374,943 1,062,650 56,795 13,585,287
Disposals 384,712 209,868 2,960,749 3,555,329

Other adjustments
- Exchange differences

- Borrowing costs
At 31 March 2013 1,110,034 32,463,397 4,043,045 292,904 2,376,162 203,083 40,488,625

Depreciation
At 1 April 2011 351,072 8,216,465 350,031 50,760 723,769 1,568,015 11,260,112

Charge for the year 197,759 3,398,657 161,721 31,025 222,915 645,369 4,657,445
Disposals 354,173 23,233 394,481 323,725 1,095,612

At 31 March 2012 548,831 11,260,949 488,519 81,785 552,203 1,889,659 14,821,945
Charge for the year 217,876 4,653,418 197,008 24,198 225,735 287,369 5,605,603

Disposals 206,513 40,507 2,052,922 2,299,942
At 31 March 2013 766,707 15,707,854 645,020 105,983 777,938 124,106 18,127,607

NetBiock
At 31 March 2012 470,304 9,212,217 2,701,744 154,325 1,823,959 1,274,173 15,636,722

At 31 March 2013 343,327 16,755,543 3,398,025 186,921 1,598,224 78,977 22,361,018

11. Intangible assets

TradeMark
Computer
Total
software

Gross Block
I(' I(' I('
At 1 April 2011 278,500 295,326,645 295,605,145

Additions
Disposals

Other adjustments
- Exchange differences
- Borrowing costs

At 31 March 2012 278,500 295,326,645 295,605,145
Additions 39,326 2,888,151 2,927,477

Disposals
Other adjustments

- Exchange differences
- Borrowing costs
At 31 March 2013 317,826 298,214,796 298,532,622

Depreciation

At 1 April 2011 98,058 102,970,052 103,068,110
Charge for the year 27,850 51,316,934 51,344,784

Disposals
At 31 March 2012 125,908 154,286,986 154,412,894

Charge for the year 31,341 51,728,343 51,759,684
Disposals

At 31 March 2013 157,249 206,015,329 206,172,578

Net Block
At 31 March 2012 152,592 141,039,659 141,192,251
At 31 March 2013 160,577 92,199,467 92,360,044











































NATIONAL SPOT EXCHANGE LIMITED
12. Non current investments
As at
31 March
2013
f
As at
31 March
2012
f
Non Trade Investments Valued at Cost Unless stated otherwise
Unquoted Instruments
Investment in Subsidiaries
88,51,725 (31 March 2012: 88,51,725) Equity Shares of
Rs.10/- each fully paid of Indian Bullion Market Association
Limited.
2,550 (31 March 2012: NIL) Equity Shares of Rs.100/-
each fullv oaid of Western Ghats Aaro Growers Co. Ltd.
100,000 (31 March 2012: NIL) Equity Shares of Rs.10/-
each fully paid of Farmers Agricultural Integrated
Develooment Alliance ltd.
Government And Trust Securities
29 (31 March 2012:20) National Savings Certificates
Total
Aggregate amount of unquoted Instruments
13. Loans And Advances
Capital Advances
Secured, considered good
Unsecured, considered good
88,517,250 88,517,250
255,000
1,000,000
220,000 147,000
89,992,250 88.664,250
89,992,250 88,664,250
Non Current Current
As at As at As at As at
31 March 31 March 31 March 2013 31 March 2012
2013 2012
f f
3 171 005 2 422 595
(A) __
Security Deposit
Unsecured, considered good
Loans And Advances To related Parties
Unsecured, considered good
Advances Recoverable in Cash or Kind
Unsecured, considered good
Other Loans And Advances
Prepaid expenses
Loans to employees
Advance Tax & TDS (Net of provision)
Balances with Statutory I Government Authorities
Total (A+B+C+D+E)
14. Other Assets
Unsecured considered good
Others
Non Current Bank balances (refer note 17)
(A)
Interest accrued on Fixed deposits
(B)
Others- Contractually reimbursable expenses
Unsecured considered good
Doubtful
Provision for doubtful advances
(C)
Total (A+B+C)
859,047 8,111,443 2,276,573
(8) ____ ____
1 000 000 550 000 000
(C) ________________________________
145 086 300 780 593 989 932
(0) ______________ ______
835,251
1,085,385
1,828,384 21,439,110 19,413,895
589,300 397,782 839,976
26,046,766
46 801 46 801 12 760 707
(E) __                
5,997,489 38,998,857 339,096,958 570,993,128
Non Current
As at As at
31 March 31 March
2013 2012
f f
23 801485 56 995 141
23 801485 56 995 141
1,785,082 3,267,258
1,785,082 3,267,258
25,586,567 60,262,399
Current
As at As at
31 March 2013 31 March 2012
46,095,725
46,095,725
3,350,767,267
85,041,900
(85,041,900)
3 350 767 267
3,392,526
3,392,526
1,439,315,217
40,482,894
(40,482,894)
1 439 315 217





































NATIONAL SPOT EXCHANGE LIMITED
15. Current investments
Current Investments (Valued at lower of cost and fair
value unless stated otherwise l
Unquoted Equity Instruments
Unquoted Mutual funds
Nil (31 March 2012:21,691,764.313 u n i t s   ~ 10.05 each of
Reliance LiQuidity Fund - Daily Dividend Plan)
Nil ( 31 March 2012:512,869.74 u n i t s   ~ 100.01 each oftCIO
Prudential Sweep Plan - Cash Option Daily Dividend
Reinvestment)
Nil (31 March 2012:16,57,979.85 u n i t s   ~ 100.02 each of
ICICI Prudential Institutional Liquid Fund - SIP Daily Dividend
Reinvestment Plan)
Nil (31 March 2012: 208,114.92 u n i t s   ~ 1005.50 each of
Canara Robeco Liquid - Super Institutional Daily Dividend
Reinvestment Plan)
Nil (31 March 2012: 213,961.26 u n i t s   ~ 1000.10 each of
Axis LiQuid Fund - Institutional DDR)
Nil (31 March 2012: 209,654.16 u n i t s   ~ 1019.44 each of UTI
Liquid Cash Plan Institutional - Daily Dividend Reinvestment)
Nil (31 March 2012: 1,000,000 units @ 10 each of L & T
Short Term Debt Fund- Growth)
Nil (31 March 2012: 219,985.93 u n i t s   ~ 1001.72 each of
Religare Ultra Short Term Fund - Institutional Daily Dividend
Reinvestment)
Nil (31 March 2012: 100,060.59 units @ 1000 each of lOBI
Ultra Short Term Fund - Daily Dividend Reinvestment Plan)
Nil (31 March 2012: 215,644.95 u n i t s   ~ 1000.25 each of
IDFC Cash Fund - Super lnst Plan C - DDR)
Total
Aggregate amount of unquoted instruments
16. Trade Receivables
Trade receivables outstanding for a period less than six
months from the date they are due for payment
Secured, considered good
Unsecured, considered good
Unsecured, considered doubtful
Less: Provision for doubtful debts
Trade receivables outstanding for a period exceeding six
months from the date they are due for payment
Secured, considered good
Unsecured, considered good
Unsecured, considered doubtful
Less: Provision for doubtful debts
Total
As at
31 March
2013
f
As at
31 March
2013
f
1,990,624,874
1,990,624,874
751,513,947
23,805,730
(23,805,730)
751,513,947
2, 742,138,821
As at
31 March
2012
f
217,028,271
51,292,872
165,835,456
209,259,557
213,983,318
213,731,027
10,000,000
220,363,208
100,060,592
215,698,859
1,617.253.160
1,617,477,360
As at
31 March
2012
f
110,321,916
110,321,916
20,528,041
1,742,258
(1,742,258)
20,528,041
130,849,957

NATIONAL SPOT EXCHANGE UMITEO


17. Cash and Bank Balances

Non Current Current
As at As at As at As at
31 March 2013 31 March 2012 31 March 2013 31 March
c
2012
:( :(
t
:(
Cash And Cash Equivalents


Balances with Banks
On current Accounts 335,213,917 99,896,725
Deposits with maturity less than 3
839,069,261 2,177,444

months
cash on hand 25 783 58 549
1,174,308,961 102,132,718
~
Other Bank Balances
..
Bank deposits with more than 3
but less than 12 months maturity 1,590,040,834 78,769,134
Bank deposits with more than 12

months maturity 23 801485 56 995 141
23,801,485 56,995,141 1,590,040,834 78,769,134

Total 23,801,485 56,995,141 2, 76413491796 1801901,852

The above amount includes
Bank deposits with more than 12
months maturity 23,801,485 56,995,141

Amount disclosed under the head
"Other assets" (refer note 14) !2318011485) !561995,141}


18. Inventories

31 Mar 2013 31 Mar 2012
:( :(
(Valued at lower of cost or net

realizable value whichever is
lower)

Traded goods 487,125,883

Total 487 125,883

19. Revenue from operations

31 Mar 2013 31 Mar 2012

:( :(
Sale of goods 2,917,863,398
Sale of services 1, 766,328,557 819,391,527

Other operating revenues 35,9931229 521642
Total 4,72011851184 819,4441169

Details of sale of goods
31 Mar 2013 31 Mar 2012

Goods
:( :(
Agricultural 2,865,845,113
Non Agricultural 52 018 285

Total 2,9171863,398

Details of services rendered
Transaction Fees 355,717,974 340,510,966

Admission Fees (Approved) 64,850,000 101,405,000
Application Processing Fees - Memb 425,000 870,000
Annual Subscription Fees 14,727,500 12,247,500

Warehouse receipt Transfer l a r g e ~ 1,137,892,848 84,733,914
Exchange Delivery Charges 10,852,812 106,934,690

Procurement commission 102,468,893 142,873,215
Warehouse income 79,393,530 29,816,242
Total 1176613281557 8191391,527






1111





































NATIONAL SPOT EXCHANGE LIMITED
24. Other Expenses
Electricity Charges
Rent
Insurance
Handling & Transportation
Repairs and maintenance - Others
Advertising and sales promotion
Travelling and conveyance
Communication costs
Brokerage
Legal and professional fees
Business support charges
Payments to auditor (Refer details below)
Provision for bad debts /advances (Refer Note 40)
Bad debts written off
Net loss on sale of current investments
Miscellaneous expenses*
Total
(* includes vault charges, office expenses, printing
and stationery,security charges etc.)
Payments to the auditor
As auditor
Audit Fee
Taxation and other matters
Total
25. Depreciation and ammortiszation expense
Depreciation of tangible assets
Amortization of in tangible assets
Total
26. Finance Costs
Interest Expense on borrowings
From bank
Others
Other borrowing costs
Total
31 Mar 2013
 
4,884,652
65,349,193
7,155,351
10,725,812
3,513,348
15,790,580
12,656,619
13,375,278
7,407,822
4,018,638
338,240,202
2,490,233
66,622,477
88,662
263,413
32,491,233
585,073,513
31 Mar 2012
f
4,545,274
53,478,801
1,476,842
3,032,698
2,505,593
15,757,230
9,250,065
9,125,377
128,370,003
5,171,428
155,600,131
1,348,320
41,419,244
15,250,227
13,554,575
459,885,808
31 Mar 2013 31 Mar 2012
f f
2,022,480
467,753
2,490,233
1,348,320
1,348,320
31 Mar 2013 31 Mar 2012
f f
5,605,603
51,759,684
57,365,287
4,657,445
51,344,784
56,002,229
31 Mar 2013 31 Mar 2012
f f
87,639
412,676
2,980,164
3,480,480
195,948
15,269,988
166,023
15,631,959





































NATIONAL SPOT EXCHANGE LIMITED
Notes to financial statements for the year 2012-13
amortization (EBITDA) as a separate line item on the face of the statement of profit and
loss. The Company measures EBITDA on the basis of profit/loss from continuing
operations. In its measurement the Company does not include depreciation and
amortization expense, finance costs and tax expense .
27. Earnings per share (EPS) As at 31 March As at 31 March
2013 2012
Net profit as per profit and loss account including extra ordinary 1,247,959,053 256,368,654
items
Net profit for calculation of basic & diluted EPS 256,368 6
Weighted average nurrber of equity shares in calculating basic 45,000,000 45,000,000
EPS
Weighted average number of equity shares in calculating diluted 45,000,000 45,000,000
EPS
EPS- Basic & Diluted
28. Segment Information
Business Segments:
Company's business segments are as under:
27.73 5.70
Exchange related services: Includes admission fees, annual subscription fees,
processing fee, transaction fees, and exchange delivery charges .
Warehousing & storage income: Includes storages of agricultural products, fumigation,
quality certification etc .
Procurement Services: Procurement services consists of private procurement on behalf of
various corporate entities acting as an agent by procuring different commodities like
cotton, pulses, sugar etc. through different sources and locations by rendering added
services like quality testing, grading, sorting, loan syndication and offering other
customized solutions .
Trading Services: Trading services include purchase of different commodities like coal,
sugar, castor seed and various other agricultural commodities from different parties and
supplying the same to various customers •
Business Segments
Refer annexure A
29. Related parties
Names of related parties where control exists irrespective of whether
transactions have occurred or not:
Holding Company: Financial Technologies (India) Limited (mL}





































NATIONAL SPOT EXCHANGE LIMITED
Notes to fmancial statements for the year 2012-13
Subsidiary Companies:
Indian Bullion Market Association Limited (IBMAL) (since incorporation)
Western Ghats Agro Growers Co. Ltd. (WGAGL) (w.e.f 5th September, 2012)
Farmers Agricultural Integrated Development Alliance ltd. (FAIDA) (w.e.f 1st August,2012)
Names of other related parties with whom transactions have taken place during
the year
Fellow Subsidiaries:
1 Atom Technologies Limited (Atom)
2 National Bulk Handling Corporation Limited (NBHC)
3 Tickerplant Limited (Tickerplant)
4 Financial Technologies Communications Limited (FTCL)
5 Credit Market Services Limited (CMSL)
6 Riskraft Consulting Limited (Riskraft)
Associate Multi Commodity Exchange of India Limited (MCX)
Key Management Personnel
Mr. Anjani Sinha
30. Transactions with Related Party
Refer annexure B
31. Leases
In case of assets taken on lease
The Company has entered into cancellable leasing arrangements for it's offices and
warehouses. The lease rental of Rs.57,227,287 (Previous Year Rs. 52,665,816) has been
included under the head Rent under Schedule 24 in statement of Profit & Loss .
The Company has entered into non-cancellable leasing arrangements for it's offices and
warehouses. The lease rental of Rs.3,861,540 (Previous Year Rs.4,004,796) has been
included under the head Rent under Schedule 24 in statement of Profit & Loss .





































NATIONAL SPOT EXCHANGE LIMITED
Notes to fmancial statements for the year 2012-13
As at March As at March
31,2013 31,2012
Amountf Amountf
Payment not later than one year 21 360,384 26,101 462
Payment later than one year but not later than five 573,713 17,357,389
years
Payment later than five years 82 000 -
There are no restrictions imposed by lease arrangements .
In case of assets given on lease
The Company has entered into cancellable leasing arrangements for it's warehouses. The
lease rental of Rs. 254,533 (Previous Year Rs. 630,482) has been included under the head
warehousing and storage income under Schedule 20 in statement of Profit & Loss. These
warehouses have been sub-leased and hence not included in fixed assets .
32. Capital Commibnents
As at March As at March
31,2013 31,2012
Amountf Amountf
Estimated amount of contracts remaining to be executed 2,790,271 1,949,405
on capital account and not provided for .
33. Provisions and Contingencies
Contingent Liabilities not provided As at March As at March
31,2013 31,2012
Amountf Amountf
Bank/Corporate Guarantees 11 77,22,000 115,520,000
Bank/Corporate Guarantees - Third Partv* 32 16L16 469 -
TOTAL 43,93,36,469 115,520,000
* The company has placed FOR in the form of collateral for third party and the amount
above is to the extent, not covered by the securities available with the company. The
company has acted as a collateral provider for Rs. 544,416,469 in case of third party
against which it has received a sum of Rs. 222,800,000 as margin/security and the
balance amount is considered as contingent liability .
34. Gratuity and other post-employment benefit plans
Gratuity Plan: The Company has made annual contributions to the Gratuity-cum-Life
Assurance (Cash Accumulation) Scheme administered by the Life Insurance Corporation of





































NATIONAL SPOT EXCHANGE LIMITED
Notes to financial statements for the year 2012-13
India ('UC'), 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 .
The following table sets out the status of the gratuity plan and amounts recognized in the
Company's financial statements as at 31st March, 2013 and 2012
Profit and Loss Account
Net employee benefit expense (recognised in Employee Cost)
Gratuity
For The Year
Ended
March 31,
2012

229 658
 


Balance Sheet
Details of Provision for Gratuity
Gratuity
For The ForTh e
Year Ended Year E nded
March 31, March 31,
2013 2012
10 173 219 7 16 6 340
7 512 776 5 93 6,151
-
IIIII _______ ....




























>4








le
NATIONAL SPOT EXCHANGE LIMITED
Notes to fmancial statements for the year 2012-13
Changes in the present value of the defined benefit obligation are as follows:
Gratuity
For The For The
Year Ended Year Ended
March 31, March 31,
2013 2012
Opening defined benefit obligation 7 166 340 2 783,729
Interest cost 627,055 229,658
Current service cost 1,374,380 871,912
Benefits paid (166,197) (127,939)
Actuarial (gainsl/losses on obligation 1,171,641 3,408,981
Closing defined benefit obliqation 10 173 219 7 166,340
Changes in the fair value of plan assets are as follows:
Gratuity
For The Year For The Year
Ended March Ended March
31, 2013 31, 2012
Openinq fair value of plan assets 5,936,151 1 984 487
Expected return 510,509 163 720
Contributions by employer 1,004,097 3 765 298
Benefits paid (166,197) (127 939)
Actuarial gains I (losses) 228,216 150,585
Closing fair value of plan assets 7,512,776 5,936,151
The principal assumptions used in determining gratuity and post-employment medical
benef'd: obligations for the Company's plans are shown below:
For The Year For The Year
Ended March Ended March
31J 2013 31, 2012
% %
Discount rate 8.25 8.75
Expected rate of return on assets 8.70 8.75
EmpJoyee turnover 2-6 1.0





































NATIONAL SPOT EXCHANGE LIMITED
Notes to financial statements for the year 2012-13
Amounts for the current year are as follows
Defined Benefit Obligation
Plan Assets
Surplus/( deficit)
Experience adjustments on plan liabilities
(Gain)/Loss
Experience adjustments on plan Assets
Gain/(Loss)
For The Year For The Year
Ended March Ended March
31, 2013 31, 2012
Gratuity Gratuity
10,173,219 7,166,340
7,512,776 5,936,151
(2,660,443) (1,230,189)
618,545 3,695,635
228,216 150,585
The Company expects to contribute Rs. 4,032,934 gratuity in year 2012-13 .
35. Various State APMC's while issuing license for establishing E-market/ Private market I
spot exchange, had laid down to maintain a settlement Guarantee fund ('SGF') to meet
exchange obligations but have not given any guidelines for the constitution of the SGF. In
view of such a requirement an amount of Rs. 6,466,448 had been apportioned out of
initial margins of the members to SGF NC and shown under current liabilities in the
financial year 2011-12. In the current year the said amount has been transferred back to
initial margins from members account and an appropriation of an equal amount has been
done out of opening balance of Reserves and Surplus of the company. The company has
appropriated for Security Guarantee Fund (SGF) an additional amount of Rs. 2,000,000 for
the current financial year 2012-13 .
36. As a part of the documentary requirements for license from State level Agricultural
Produce Market Committee's (APMC's), National Savings Certificates (NSC) are required to
be submitted to the APMCs. However, since NSCs are not issued to corporates, the
Company has obtained NSCs in the name of employees and submitted to the APMC .
37. Remuneration to key managerial personnel
31 Mar 2013 31 Mar 2012
Mr. Anjani Sinha (Managing Director) f f
Salary,bonus and contribution to PF 17,133 341 14 302 088
38. Deposit accounts include Fixed deposits aggregating Rs. 2,408,527,342 (Previous Year
Rs. 6,470,000) placed with scheduled banks against guarantees given in favour of
Agricultural Produce Market Committee, Sales Tax authorities and third party .





































NATIONAL SPOT EXCHANGE LIMITED
Notes to fmancial statements for the year 2012-13
39. As at 31 March 2013, the company has maintained a settlement fund amounting to
Rs. 7,069,044,892 (Previous Year Rs. 3,606,046,920). The fund comprises of total of
initial margin, fixed deposits and bank guarantees collected from the members .
40. Included in the other current assets is an amount of Rs.85,041,899l- recoverable from
NAFED in connection with agreement dated December 30, 2008 entered in to with NAFED
by the company. Vide letter dated April 20, 2012 NAFED has agreed for the payment of
this amount. However, out of this amount, an amount of Rs.40,482,894l- has been
agreed for payment by NAFED subject to the examination and approval of Department of
Agricultural and Cooperative Ministry of Agriculture. Following the prudent accounting
policy, a sum of Rs.40,482,8941- was provided for in the books of accounts in financial
year 2011-2012 and balance of Rs.44,559,006l- has been provided for in the books of
accounts in the current financial year, thereby providing for the whole of the amount
recoverable form NAFED .
41. The Company has entered into an agreement with National Agricultural Co-operative
Marketing Federation of India Limited (NAFED) to carry out the procurement and
processing of cotton activity on their behalf as an agent. All the expenses related to
procurement and processing i.e ginning, pressing, loading, unloading, transportation,
interest on borrowed funds etc. incurred for the procurement and processing of cotton
activity, on behalf of the NAFED, will be reimbursed by NAFED to the company.Amount
receivable from NAFED amounted to Rs.7,027,392,247 towards payment to the farmers as
per procurement agreement and Rs.S33,327,076 towards reimbursement of expenses
incurred for ginning and pressing, labour charges etc. Out of this an amount of Rs .
4,788,640,014 has been received and the balance Rs.2,772,079,309 is included under
"Other current Assets" as receivable from NAFED. The procurement and processing of
cotton activity carried out by the company, is not in the nature of, trading and
manufacturing activity, respectively, of the company. The risk and rewards to the
company are operational, executional and for the procurement services .
42. Previous Year Comparatives
Previous year's figures have been regrouped I reclassified wherever necessary to
correspond with the current year's classification I disclosure .
As per our report of even date
For Mukesh P. Shah & Co .
Partner
Place : Mumbai
Date: 1 7 MAY Z013
For and on behalf of the Board of Directors
of National Spot Exchange Limited
         
Anjani Sinha Shreekant
Javalgekar
Managing Director & CEO Director
N· t-"l"'"'? ...........
Nirav Pandya "1. • •
Company Secretary
•••••••••••••••••••••••••••••••••••••
NATIONAL SPOT EXCHANGE LIMITED
Annexure A
Business Segmental Reporting
Exchange Warehousing Procurement Trading Consolldlted Total
2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
Revenue 1,631,681,883 687,222,225 79,901,583 29,440,382 102,468,893 142,936,236 2,920,421,292 - 4,734,473,651 859,598,843
Allocable Expenses 631143,988 354,174,302 53,698,729 43,792,036 47,272,011 129,002,591 2,851,383,189 275,971 3,583,497,918 527,244,900
Segment Result 1,000,537,895 333,047,923 26,202,854 (14,351,654) 55,196,883 13,933,645 69,038,103 (275,971) 1,150,975,733 332,353,943
Unallocated Corporate Expenses 2,723,990 85,007,946
Operating Profit/(loss) 1,148,251, 743 247,345,997
Dividend Income 154,084,628 54,527,469
Interest Income 495,527,923 29,782,347
Financial Expense 3,480,480 15,631,959
Income Tax 546,424,762 59,655,200
Net Profit 1,247,959,053 256,368,653
Other Information
Segment Assets 1,336,355,629 324,884,117 93,254,562 21,321,809 2,861,135,076 1,562,303,241 3,016,683,825 90,470 7,307,429,092 1,908,599,637
Unallocated Corporate Assets 2,659,424,896 2,388,991,088
Total Assets 1,336,355,629 324,884,117 93,254,562 21,321,809 2,861,135,076 1,562,303,241 3,016,683,825 90,470 9,966,853,987 4,297,590,725
Segment Liabilities 6, 767,518,180 3,612,815,620 1,671,827 414,409 446,786,629 3,097,057 486,115,982 - 7,702,092,617 3,616,327,087
Corporate Liabilities 406,313,186 70,774,507
Total liabilities 6,767,518,180 3,612,815,620 1,671,827 414,409 446,786,629 3,097,057 486,115,982 - 8,108,405,803 3,687,101,594
Other Segment Information
Caoltal
Tangible assets 13,585,287 2,360,895
Intangible Assets 2,927,477 -
!!Sll!r!!;li!tll!!l
Tangible assets 5,605,603 4,657,446
Intangible Assets __   ____    





































Natinal Spot Exchange Limited
Annexure B
Related Party Disclosure
NallnofTraN-
Sr.No •
1 Loan/Advonc:es taken
Balance .. ot the start of the -
Taken durtna the_,
R-Id dur1r1g the year
Balance ••• the """ ol the
2 Loan/Advoncos Given
Balance as ot the start ol the,.,..
Given during the year
R-Id dur1r1g the year
Balance as ot the ond of the
3 Income:
Tr.nsactlon Chameo
Dellverv chames
Warehousinc & storsaelncome
Testinc & Quality Cer111icate Chames
Handllna & Tran
sale o1 Commodities
VSA T Recunina Cha!llOI
Penalty for short delivery
Annual Subcription
Penalty for Trade Cancellation
AUCTION DIFFERENCE AC
QC Income
GunnvbaQs
Loading & Unloading Ch&lllOS
Interest
CTCLChalllOs
COnsultancy fees
Miscelleneuse Income
DPChargos
Reimbursement of expenaes charged to :
Fanner AQriculturallniegra1od
Westemghats AQro Groweno Corn
4 Expenses:
Commission &
Business suooort charaes
Rent
Interest
SOftware License Fees ExD
Fumioation ExPenses
QCExoenses
warehouse & storage Expenses
National Bulk Handlin Ud.
v T Connoctfvftv Charceo
Multi Commodity Exchanoo of India Ud.
Professional Charceo
Multi Commodity Exchanoo of India Ud.
Reimbursement of 8Xe!RHS Cha!Jiecf
Indian Bullion Mar1<et Association
National Bulk Handling   Ltd.
ATOM TechnoloOieo Ud.
Flnancial Technaloales Communication Ltd.
Multi Commodity Exchanoo of India Ud.
TlcltorPiant Ud.
5 Leased Une Expenses
Finandal Technolooles communication
Reoalrs.-
ATOM Technaloales Ud
Tocken>lant UmHod
Data Feed Ex noes
Tlclterolant UmHod
6 Relmbusement of the expenses FTIL
7 FlxodAooeto:
Fixed Assets Purchased
Fixed Assets Sold
caoital wor1<-Jn.oroaress lncludlnc caoilal advances
8 Rent Deposit as at the end of the year
9 Allotment of Eoulty Shares FAIDA
AUotment of Eauitv Shares WAGAL
10 Investment as at the end of the vear
11 Sundry Debtors Balance as at the end of the year
12
SUndry CredHors Balance as ot the ond o1 the year
13 Initial Marcin as at the end of the vear
14 Advance aiven as at the end of the vear
Holding company or group of
lndlvtdualo having conb'ol or
llgntllcant Inn- OWir ....
Compony and-of ouc11
lndlvtdualo
2013 2012
290000000
290000 000
.
.
.
.
250000 250000
3294409n 70573 328
17 539437 1524 509
15076 503
2 301 040
9026 915 3 424 596
42222 189 883
132132
8993320
241,858,427
SUbsidiaries Fellow SUblldlarta
-
Tolal
2013 2012 2013 2012 2013 2012 2013 2012
. 290000000
.
290 000000
550000000 550000000
8823500000 1653000000
. 8 823500000 1653000000
e3n500ooo 1103000000
. e3n500ooo 1103000000
1000000 550000000 1 000000 550000000
201 7931565 212 993135
. 2017931565 212 993135
221548 1473405 221548 1-473405
12231962 636459
. 12.2:1962 636459
15400 15400
18652 19652
548328684 . 548328694
70000 70000
290110 11960 260110 11960
50000 50000 50000 50000
25000 25000
1182 582 1182592
53485 53485
113894
. 113894
260 260
76209 750 18 863415 76209750 18 863415
250000 250000
15000 000 15000000
506 798 372 798 878
538482 485430 538462 485 430
86538 86538
2267 810 2267810
128 370003 128 370003
83642244 3294o409n 154215572
248 175 68244 17607681 1772684
15076 503
. 2 301 040
140997 10324 140997 10324
20899 17759 20899 17759
1153005 1153005
56923 56923
1694 078 1694078
9705 100000 9705 100000
245690 245690
28967 28967
330900 330900
436788 436788
122811 1557055 122811 1557 055
500 000 500000
6 391132 6391132
523 523
229411 229411
500000 500 000
36171 459 054 9 026915 3919 821
60957 309445 6834 487 301 838 968 257674
20008 61124 152140 61124
827250
. 9820 570
1000000
. 1 000 000
255000
. 255000
897n250 88 517 250
89n2250 88517250
805422205 192462n 605422205 192462n
95,811 6,074,250 7,184 241,961,422 6,074,250
2 500000 2 500000
2 500000 2 500 000
523925 523925

Related Interests

MEMBF.RSHIP
t\ · No   )
t\ ... \ . vu u ) *

,.,-,.._ \_' _I "'-""'
-- , ..... ..,J t-.\ '"-

 
....




MUKESH P. SHAH & CO .
• CHARTERED ACCOUNTANTS
• 12, Oamodar Niwas, 2nd Floor, 32134, C. P. Tank Road, Mumbai- 400 004. flJ 2388 6293/2382 2633 E-mail : mpshah_co@yahoo.co.in









I •























CA. MUKESH P. SHAH
B. Com. {BOIUI.) F.C.A .
CA. KETAN M. SHAH
B. Com., F.C.A.
CA. DHARMESH H. SHAH
B.   o m ~ F.c.A.
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
Place: Mumbai
Date:
1 7 MAY 2013





































MUKESH P. SHAH & CO .
CHARTERED ACCOUNTANTS
12, Damodar Niwas, 2nd Floor, 32/34, C. P. Tank Road, Mumbai- 400 004. fl> 2388 6293/2382 2633 E-mail: mpshah_oo@yahoo.co.in
CA. MUKESH P. SHAH
B. Com. (Hons.) F.C.A.
CA. KETAN M. SHAH
B. Com., F.C.A.
CA. DHARMESII H. SHAH
a. c--. F.CA.
i .
ii .
iii .
iv.
The Annexure referred to in paragraph 1 of the Our Report of even date to the members of
National Spot Exchange 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:
(a) The Company has maintained 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 .
(a) Inventory has been physically verified by the management at reasonable
during the year
intervals
(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 .
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 explanation given to us, there are
adequate internal control procedures commensurate with the size of the Company and the
nature of its business, for the purchase of inventory and fixed assets and for the sale of goods
and services. During the course of our audit, no major weakness has been noticed in the
internal control system in respect of these areas. During the course of our audit, we have not
observed any continuing failure to correct major weakness in internal control system of the
company .
v. (a) In our opinion and according to the information and explanation given to us by the
management, we are of the opinion that the particulars of contracts or arrangements
referred to in Section 301 of the Companies Act, 1956 that needs to be entered into the
register maintained under Section 301 have been so entered .
































MUKESH P. SHAH & CO •
CHARTERED ACCOUNTANTS
12, Oamodar Niwas, 2nd Floor, 32/34, C. P. Tank Road, Mumbai- 400 004. Ill 2388 6293/2382 2633 E-mail: mpshah_m@yahoo.oo..in
CA. MUKESH P. SHAH
B. Com. (Boas.) F.C.A.
CA. KETAN M. SHAH
B. Com., F.C.A.
CA. DHARMESII H. SHAH
B. c-., F.c.A.
vi .
vii .
viii.
ix .
X •
xi .
xii .
(b) In respect of transactions made in pursuance of such contracts or arrangements exceeding
value of Rupees five lakhs entered into during the financial year, because of the unique
and specialized nature of the items involved and absence of any comparable prices, we
are unable to comment whether the transactions were made at prevailing market prices at
the relevant time .
The company has not accepted any deposits from the public during the year.
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 for the products of the company .
According to the information and explanation given to us in respect of statutory and other
dues:-
(a) The undisputed statutory dues including Provident Fund, Investors Education and
Protection Fund, Income Tax, Sales 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. The provisions relating to Employee's State
Insurance, Wealth Tax are not applicable to the company .
(b) According to the information and explanations given to us, no undisputed amounts
payable in respect of Provident Fund, Investors Education and Protection Fund, Income Tax_
Sales 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. The provisions relating to Employee's State Insurance, Wealth Tax are not
applicable to the company .
(c) According to the information and explanations given to us, there are no dues of Income Tax,
Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess which have not been
deposited on account of any dispute .
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 .
Based on our audit procedures and as per the information and explanations given by the
management, we are of the opinion that the company has not defaulted in repayment of dues to
a financial institution, bank or debenture holders .
Based on our examinations of the records and the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security by way of pledge of
shares, debentures and other securities .
In our opinion the company is not a Chit Funds, Nidhi or Mutual Benefit Fund I Society.
Therefore, the provision of clause 4 (xiii) of the Companies (Auditor's Report) Order, 2003 (as
amended) are not applicable to the Company .

?_· r r- -, '/y ""-'
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MUKESH P. SHAH & CO •
CHARTERED ACCOUNTANTS
• 12, Oamodar Niwas, 2nd Floor, 32/34, C. P. Tank Road, Mumbai- 400 004. fl> 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
B. F.c.A.
xiv .
XV •
xvi
xvii .
xviii .
xix.
XX.
xxi .
In our opinion, the company is not dealing in or trading in shares, securities, debentures and
other investments. Accordingly, the provision of clause 4 (xiv) of the Companies (Auditor's
Report) Order, 2003 (as amended) are not applicable to the Company .
In our opinion and according to the information and explanations given to us, the Company
has not given any guarantee for loans taken by others from bank or financial institutions .
Based on the information and explanations given to us by the management, term loan were
applied for the purpose for which the loans were obtained .
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 are raised on short-term basis used for
long-term investments .
The company has not made preferential allotment of shares to parties or companies covered in
the register maintained under section 301 of the Companies Act, 1956 .
The company did not have any outstanding debentures during the year.
As informed to us, the company has not raised any money by way of public issues during the
year .
Based upon the audit procedures performed for the purpose of reporting the true and fair view
of the financial statements and according to the information and explanations given to us by the
management, we report that no fraud on or by the company has been noticed or reported
during the course of our audit.
For MUKESH P SHAH & CO .
Chartered Accountants
Firm Regn. No. 121719W

(MUKESH P .SHAH)
Partner
Membership No. 033862
Place: Mumbai

(,/,<::> r  
1 7 MAY 2D13
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Date:

















NATIONAL SPOT EXCHANGE LIMITED
BALANCE SHEET AS AT March 31, 2013

'
-=
Shareholders' Funds
Share capital
Reserves and surplus
Non-current liabilities
Deferred tax liabilities (Net)
other Lonq term liabilities
Lonq-term provisions
Current liabilities
Short-term borrowinqs
Trade payables
other current liabilities
Short-term provisions
TOTAL
,•nr
Non-current assets
Fixed assets
Tanqible assets
Intanqible assets
Capital work-in-profjress
Intanqible assets under development
Non-current investments
Lonq-term loans and advances
Other non-current assets
Current assets
Current investments
Trade receivables
Cash and Bank Balances
Inventories
Short-term loans and advances
Other current assets
TOTAL
Summary of significant accounting policies












The accompanying notes are an integral part of accounts
As per our report of even date
For Mukesh P. Shah & Co.

• Mukesh P. Shah
• Partner
Membership No. 33862


2013




' ,.
. ,
Notes
As at
31 March 2013
f
-,,_,_ '
--
3 450,000,000
4 1 408 448 184
1,858,448,184
5 5,702,132
6 75,749,182
7 3 743 403
85,194,717
8 291,215,617
9 544.491,548
9 7,047,544,089
7 139 959 832
8,023 211 087
9,966 853,987
- .
•ti.,.:••.·
10 22,361,018
11 92,360,044
982,170
-
12 89,992,250
13 5,997,489
14 25 586 567
237,279,538
15 -
16 2, 742,138,821
17 2,764,349,796
18 487,125,883
13 339,096,958
14 3 396 862 992
9,729 574,449
9,966,853,987
2.1
For and on behalf of the Board of
Directors of National Spot Exchange
As at
31 March 2012
f
450,000,000
160 489 131
610,489,131
26,021,097
57,369,201
3 962 383
87,352,681
-
36,082,266
3,559,543,304
4 123 343
3 599 748 913
4 297_L_590,725
15,636,722
141,192,251
9,303,158
827,250
88,664,250
38,998,857
60 262 399
354,884,888
1,617,253,160
130,849,957
180,901,852
-
570,993,128
1 442 707 740
3,942 705,837
4,297,590,725
 
Anjani Sinha Shreekant Javalgekar
Managing Director & CEO Director
Y\ . p o.."' c:-
Nirav Pandya
Company Secretary





































National Spot Exchange Limited
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31 MARCH 2013
Revenue from operations
Other income
Total Revenue {I)
-                     ..
..
-
Purchases of traded goods
(Increase)/ Decrease in inventories of finished goods and
Stock-in-Trade
Employee benefits expense
Other expenses
Total expenses {II)
Earnings before interest, tax, depreciation and
ammortization {EBITDA) {I-II)
Depreciation and amortization expense
Finance costs
Profit before tax
Tax expense:
Current tax
MAT Credit
Deferred tax
Total Tax Expense
Profit for the Year from continuing operations
Earnings per equity share:
(1) Basic
(2) Diluted
The accompanying notes are an integral part of accounts
As per our report of even date
For Mukesh P. Shah & Co.
Chartered Accountants
 
Mukesh P. Shah
Partner
Membership No. 33862
Place : Mumbai
Date : 1 7 M AY 2 013
Notes
For the year ended For the year ended
31 March 2013 31 March 2012
{ {
19 4,720,185,184 819,444,169
20 663,901,019 124,464,490
5,384,086,204 943,908,659
. .,
21 3,318,848,016 -
22
(487,125,883)
23 112,060,977 96,364,809
24 585,073,513 459,885,808
3,528,856,623 556,250,617
1,855,229,581 387,658,042
25 57,365,287 56,002,229
26 3,480,480 15,631 959
1, 794,383,814 316,023,854
566,743,727 55,799,568
- (22,165,465)
(20,318,965) 26 021,097
546,424,762 59,655,200
1 247,959,053 256,368,654
27
27.73 5.70
27.73 5.70
For and on behalf of the Board of Directors of National
Spot Exchange Limited

Anjani Sinha
Managing Director & CEO
N •1-'\ . .:>
I . J ""'"'"' :J .._:,._
Nirav Pandya
Company Secretary
Shreekant Javalgekar
Director





































NATIONAL SPOT EXCHANGE LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31 ,2013
rortneyear FOrtne year
ended March 31, ended March 31,
2013 2012
A. Cash Flow from Operating Activities before taxation
Net profit before taxation
1,794,383,814 316,023,854
Adjustments for -
Depredation
57,365,287 56,002,229
Dividend Income
(154,084,628) (54,527,469)
Interest Expenses
500,316 15,465,936
Interest Income
(495,527,923) (29, 782,347)
Profit on sale of Investments
(964,062) -
Loss on sale of fixed asset 935,123 531,054
Bad Debts
88,662 15,250,227
Provision for doubtful trade and other receivables, loans and advances 66,533,815 41,419,244
Profit on sale of fixed asset
(53,097)
(906 592
Unreallsed foreign exchange (gain)/ loss -
Operating profit/ (loss) before working capital changes 1 268 323 812 360 329 631
Movements In working capital :
Decrease I (Increase) In Inventories (487,125,883) -
Decrease 1 (Increase) In other current assets (1,998,714,258) (1,377,824)
Decrease I (Increase) In other non current assets 34,675,832 (52,977,220)
Decrease 1 (Increase) In trade receivables (2,633,352,335) 764,368,157
Decrease I (Increase) In long terrn loans and advances (543,045,398) 563,026,484
Decrease I (Increase) In short terrn loans and advances 231,896,170 (1,541,184,692)
Increase I (Decrease) In trade payables 507,337,583 (73,278,858)
Increase I (Decrease) In current liabilities & provisions 3,623,837,275 2,160,140,950
Increase I (Decrease) In non current liabilities & provisions 18 161 001 39 819 664
Cash generated from operations 21 993 800 2 218 866 293
Direct taxes paid (net of refunds) 540,696,961 37,675,055
Net Cash from Operating Activities
518 703 161 2 181 191 238
B. Cash Flow from Investing Activities
Purchase of fixed assets
(7,364,526) (12,491,303)
Proceeds from sale of fixed assets 320,264 303,442
Purchase of current investments( Including dividend reinvestment) (33,650,669,208) (7,842,331,327)
Proceeds from sale of current Investments 35,268,886,429 6,392,235,190
Purchase of non current Investments
(1,328,000) (17,312,400)
Deposits( with maturity more than 3 months) (1,590,040,834) (78,769,134)
Proceeds of deposits matured
78,769,137 61,350,171
Loans given
(8,822,500,000) (1,653,000,000)
Loan realised
9,372,500,000 1,103,000,000
Dividend received from subsidiaries 4,425,863 -
Dividend from investments
149,658,766 54,527,469
Interest received from subsidiarlles 76,209,750 18,863,415
Interest others
435 832 726 10 918 932
Net Cash Used in investing activities 1 314 700 364 1 962 705 546
C. Cash Flow from Financing Activities
Proceeds from short terrn borrowings
293,193,907 -
Repayment of short terrn borrowings
(500 316\
(200,000,000)
Interest Paid
(15 465 936
Net Cash from financing activities 292 693 592 215 465 936
Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C) 1,088,690,796 3,019,757
Cash and Cash Equivalents (Opening Balance) 102 132 719 99 112 962
cash and Cash Equivalents (Closing Balance) 1190 823 515 102 132 719
(1,088,690, 796) (3,019,757)
Closing Balance of Cash and Cash Equivalents consists of:
Components of cash and cash equivalents
Cash on Hand
25,783 58,549
Bank Balances:
- In Current Accounts 335,213,917 99,896,725
- In Deposits Accounts (Maturing Less than 3 Months) 839,069,261 2,177,444
- Interest accrued on fixed deposits 16 514 553 -
Cash and Cash Equivalents In Cash Flow Statement 1190 823 515 102 132 719
Cash and bank Balance 1 190 823 515 102 132 719
Notel: The aoove cashtlow statement has oeen prepared under the Indirect
method setout In Accounting Standard 3 - Cash Flow Statement, notified
persuant to the Companies (Accounting Standards Rules), 2006 (as
ammended) .
As oer our reoort of even date
For Mukesh P. Shah • Co.

Mukesh P. Shah
Partner
For and on behalf of the Board of
Directors of Spot Exchange
Limited
  . /
Membership No. 33862
Place : Mumbal
Date: 1 7 MAY Z013
Anjanl Sinha Shreekant
Javalaekar
Managing Director Director
&CEO
1'J. t"f\. ,., """" ..l'"'\ -:
Nirav Pandya --l :Z. •
Company Secretary
a


*




















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&



NATIONAL SPOT EXCHANGE LIMITED
Notes to fmancial statements for the year 2012-13
1. Corporate Infonnation
National Spot Exchange is a pan India regulated electronic spot exchange offering trading
in various agricultural, metals and industrial commodities through its platform. It also
offers customized procurement solutions to government agencies and private companies.
It also offers services like warehousing and collateral management services to market
participants
2. Basis of preparation
The financial statements have been prepared to comply in all material respects with the
Accounting Standards notified by Companies (Accounting Standards) Rules, 2006, (as
amended) and the relevant provisions of the Companies Act, 1956 (the Act). The financial
statements have been prepared under the historical cost convention on an accrual basis .
The accounting policies have been consistently applied by the Company. All assets and
liabilities have been classified as current or non-current as per the Company's normat
operating cycle and other criteria set out in the Schedule VI to the Companies Act, 1956.
Based on the nature of products and the time between the acquisition of assets for
processing and their realization in cash and cash equivalents, the Company has
ascertained its operating cycle as upto twelve months for the purpose of current -
noncurrent classification of assets and liabilities.
2.1. Statement of signifiCant accounting policies
A. Use of estimates
The preparation of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent liabilities at the
date of the financial statements and the results of operations during the reporting period.
Although these estimates are based upon management's best knowledge of current events
and actions, actual results could differ from these estimates .
B. Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation and impairment losses if
any. Cost comprises the purchase price and any attributable cost of bringing the asset to
its working condition for its intended use .
c. Depreciation
Depreciation is provided using the Straight Line Method as per the useful lives of the
assets estimated by the management, or at the rates prescribed under schedule XIV of
the Act whichever is higher .














·•





















NATIONAL SPOT EXCHANGE LIMITED
Notes to financial statements for the year 2012-13
Rate Schedule XIV
(SLM) Rates (SLM)
Office Equipment 4.75% 4.75%
Computers 16.21% 16.21%
Furniture 6.33% 6.33%
Vehicles 9.50% 9.50%
Networking Equipments 20%
. 4.75%
In case of assets acquired during the year from the group companies depreciation has
been charged based on the residual life of the asset .
Depreciation in respect of assets acquired during the year whose actual cost does not
exceed Rs.5,000 has been provided at 100% .
Leasehold improvements are amortized over the primary period underlying lease of the
office premises or estimated useful life, whichever is lower .
D. Impainnent
The carrying amounts of assets are reviewed at each balance sheet date if there is any
indication of impairment based on internal/external factors. An impairment loss is
recognized wherever the carrying amount of an asset exceeds its recoverable amount.
The recoverable amount is the greater of the asset's net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted to their present
value at the weighted average cost of capital .
E. Intangible assets
Trademarks are amortized over ten years considering their related useful lives. Software is
amortized at the rate of 16.21% from the date of installation. Any additions to the base
software are amortized over the remaining useful life of the software .
F. Leases
Where the Company is the lessee
Leases where the lessor effectively retains substantially all the risks and benefits of
ownership of the leased item, are classified as operating leases. Operating lease payments
are recognized as an expense in the Profit and Loss account on a straight-line basis over
the lease term .
Where the Company is the lessor
Assets subject to operating leases are included in fixed assets. Lease income is recognised
in the Profit and Loss Account on a straight-line basis over the lease term. Costs, including
depreciation are recognised as an expense in the Profit and Loss Account. Initial direct
costs such as legal costs, brokerage costs, etc. are recognised immediately in the Profit
and Loss Account .
1111________ _















'*





















NATIONAL SPOT EXCHANGE LIMITED
Notes to financial statements for the year 2012-13
G. Invesbnents
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 long-term
investments. Current investments are carried at lower of cost and fair value determined
on an individual investment basis. Long-term investments are carried at cost .
H. 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) In case of sale of goods revenue is recognized when the significant risks and rewards of
ownership of the goods have passed to the buyer. Excise Duty, Sales Tax and VAT
deducted from turnover (gross) are the amount that is included in the amount of turnover
(gross) and not the entire amount of liability raised during the year.
b) Admission Fees (non refundable) and Processing Fees from new members for joining
the exchange are recognized when the membership is approved. Amount received from
prospective members towards admission fees is forfeited and recognized as income in the
year when allotment of membership is pending for a period more than one year on
account of non receipt of documents.
c) Annual subscription fees are charged upfront and recognized on accrual basis in the
financial year in which it is charged .
d) Transaction fees are charged to members based on the volume of transactions entered
into by the members through the exchange. These are accrued when orders placed by
members on the network are matched and confirmed .
e) Delivery fees are charged to members on the basis of trades executed. In case of seller
members, delivery fees are recognized on accrual basis and in case of buyer members,
delivery fees are recognized at the time of withdrawals of commodities from the
exchange/exchange accredited warehouses .
f) Warehouse receipts transfer charges are charged to buyer and seller on accrual basis on
completion of trade settlement .
g) Storage charges are accrued as income on the completion of the storage cycle and are
exclusive of service tax, if any .
h) Warehouse management charges are levied to recover the cost of day to day
administrative management of the warehouse and accrued on completion of the billing
cycle and are exclusive of service tax if any .
i) Procurement service charges are levied on value of procurement and are recognized on
accrual basis on completion of procurement and processing activity .
j) In case of joint procurement activities for export purposes, the company carries out
domestic procurement of the commodities for exports and the exporter carries out export
111111





































NATIONAL SPOT EXCHANGE LIMITED
Notes to fmancial statements for the year 2012-13
of the goods outside India. Income/ loss thereof is accounted for on effecting of export of
goods by the exporter .
k) Networking equipments deposits (non refundable) are treated as income in the year in
which it is received .
I) Dividend income is recognized when the Company's right to receive dividend is
established .
m) In case of interest income, revenue is recognised on a time proportion basis taking
into account the amount outstanding and the rate applicable .
I. Foreign Currency Transactions
(i) Initial Recognition
Foreign currency transactions are recorded in the reporting currency, by applying to the
foreign currency amount the exchange rate between the reporting currency and the
foreign currency at the date of the transaction .
(ii) 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 .
(iii) 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 .
J. Retirement Benefits and Other Employee Benefits
Retirement benefits in the form of Provident Fund are in the form of a defined contribution
scheme and the contribution is charged to the Profit and Loss Account of the year when
the contributions to the provident fund is due. There are no other obligations other than
the contribution payable to the respective funds .
The Company's liability towards gratuity is funded through a scheme (Group Gratuity)
administered by the Life Insurance Corporation of India. Leave encashment on retirement
is provided on actual basis in accordance with the Company's scheme in this respect .
Gratuity liability are defined benefit obligation and is provided for on the basis of an
actuarial valuation using projected unit cost method made at the end of each year .





































NATIONAL SPOT EXCHANGE LIMITED
Notes to fmancial statements for the year 2012-13
Short term compensated absences are provided for based on estimates. Long term
compensated absences are provided for based on actuarial valuation at year end. The
actuarial valuation is done as per projected unit credit method .
Actuarial gains/losses are immediately taken to profit and loss account and are not
deferred .
K. Income Taxes
Tax expense comprises of current and deferred tax. Current income tax is measured at
the amount expected to be paid to the tax authorities in accordance with the Income-tax
Act, 1961 enacted in India. Deferred income taxes reflects the impact of current year
timing differences between taxable income and accounting income for the year and
reversal of timing differences of earlier years .
Deferred tax is measured based on the tax rates and the tax laws enacted or substantively
enacted at the balance sheet date. Deferred tax assets and deferred tax liabilities are
offset, if a legally enforceable right exists to set off current tax assets against current tax
liabilities and the deferred tax assets and deferred tax liabilities relate to the taxes on
income levied by same governing taxation laws. Deferred tax assets are recognized only
to the extent that there is reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realized. In situations where the
Company has unabsorbed depreciation or carry forward tax losses, all deferred tax assets
are recognized only if there is virtual certainty supported by convincing evidence that they
can be realized against future taxable profits .
At each balance sheet date the Company re-assesses unrecognized deferred tax assets. It
recognizes deferred tax assets to the extent that it has become reasonably certain or
virtually certain, as the case may be that sufficient future taxable income will be available
against which such deferred tax assets can be realized .
The carrying amount of deferred tax assets are reviewed at each balance sheet date. The
Company writes-down the carrying amount of a deferred tax asset to the extent that it is
no longer reasonably certain or virtually certain, as the case may be, that sufficient future
taxable income will be available against which deferred tax asset can be realized. Any
such write-down is reversed to the extent that it becomes reasonably certain or virtually
certain, as the case may be, that sufficient future taxable income will be available .
Minimum alternate tax (MAT) paid in a year is charged to the statement of profit and loss
as current tax. The company recognizes MAT credit available as an asset only to the
extent that there is convincing evidence that the company will pay normal income tax
during the specified period, i.e., the period for which MAT credit is allowed to be carried
forward. In the year in which the company recognizes MAT credit as an asset in
accordance with the Guidance Note on Accounting for Credit Available in respect of
Minimum Alternative Tax under the Income-tax Act, 1961, the said asset is created by
way of credit to the statement of profit and loss and shown as "MAT Credit Entitlement."
The company reviews the "MAT credit entitlement" asset at each reporting date and writes
down the asset to the extent the company does not have convincing evidence that it will
pay normal tax during the specified period .





































NATIONAL SPOT EXCHANGE LIMITED
Notes to financial statements for the year 2012-13
L. Segment Reporting Polides
Identification of segments:
The Company's operating businesses are organized and managed separately according to
the nature of products and services provided, with each segment representing a strategic
business unit that offers different products and serves different markets .
Allocation of common costs :
Common allocable costs are allocated to each segment according to the relative
contribution of each segment to the total common costs .
Unallocated items:
Includes general corporate income and expense items which are not allocated to any
business segment .
Segment Policies :
The Company prepares its segment information in conformity with the accounting policies
adopted for preparing and presenting the financial statements of the Company as a whole .
M. Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or loss for the year
attributable to equity shareholders by the weighted average number of equity shares
outstanding during the year. For the purpose of calculating diluted earnings per share, the
net profit or loss for the period attributable to equity shareholders and the weighted
average number of shares outstanding during the year are adjusted for the effects of all
dilutive potential equity shares .
N. Provisions
A provision is recognized when an enterprise has a present obligation as a result of past
event; it is probable that an outflow of resources will be required to settle the obligation,
in respect of which a reliable estimate can be made. Provisions are not discounted to its
present value and are determined based on best estimate required to settle the obligation
at the balance sheet date. These are reviewed at each balance sheet date and adjusted to
reflect the current best estimates .
o. 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 .
P. Measurement of EBITDA
As permitted by the Guidance Note on the Revised Schedule VI to the Companies Act,
1956, the Company has elected to present earnings before interest, tax, depreciation and





































NATIONAL SPOT EXCHANGE LIMITED
3. Share capital
Authorised
50,000,000 (31 March 2012: 50,000,000) Equity Shares of Rs.10/- eaCh
Issued,subscribed and fully paid up
45,000,000 (31 March 2012: 45,000,000) Equity Shares of Rs.10/- each
fully paid up
Reconciliation of shares outstanding at beginning and end of reporting period
Particulars
Shares outstanding at the beginning of the year
Shares Issued during the year
Shares bought back during the year
Shares outstanding at the end of the year
As at
31 March
2013
f
500,000,000
450,000,000
As at
31 March
2012
f
500,000,000
450,000,000
450,000,000 450,000,000
As at 31 March 2013
No .
45,000,000
45,000,000
f
450,000,000
450,000,000
Shares held by holding/ultimate holding company and/or their subsidiaries/associates
Out of equity shares issued by the company, shares held by its holding
company, ultimate holding company is as below:
Financial Technologies India Limited, the holding company
44,999,900 (31 March 2012 : 44,999,900) equity shares of Rs. 10/- each
fully paid held by holding company and it's nominees
Details of shareholders holding more than 5% shares in the company
Financial Technologies Ltd.
44,999,900 equity shares are held by the holding company and its
nominees, paid up value amounting to Rs.449,999,000 (31 March 2012:
449,999,000),
The Company has only one class of equity shares having a par value of
Rs.10 per share. Each holder of equity shares is entitled to one vote per
share .
No bonus shares have been issued to equity share holders in last five years
( or since incorporation of the company)
No equity shares have been bought back in last five years ( or since
incorporation of the company)
As at
31 March
2013
f
449,999,000
As at
31 March
2012
f
449,999,000
449,999,000 449,999,000
As at 31 March 2013
%holding in
No. the class
44,999,900 99.99%
As at 31 March 2012
No.
45,000,000
45,000,000
 
450,000,000
450,000.000
As at 31 March 2012
%holding in
No. the class
44,999,900 99.99%





































NATIONAL SPOT EXCHANGE LIMTED
4. Reserves and surplus
Security Guarantee Fund
Balance as per Last Financial Statements
Add: amount transferred from surplus balance in the statement of
profit and loss (refer note 35)
Add: amount transferred from surplus balance in the statement of
profit and loss (refer note 35)
Closing Balance
Surplus/Deficit in the statement of Profit & Loss
Balance as per last financial statements
( +) Net Profit/(Net Loss) For the current year
Less: Appropriations
Transfer to Security Guarantee Fund (refer note 35)
Transfer to Security Guarantee Fund (refer note 35)
Net Surplus in the statement of Profit & Loss
Total Reserves and Surplus
5. Deferred tax liability (Net)
In accordance with the Accounting Standard 22 on Accounting for
Taxes on Income, the Company has made adjustments in its accounts
for deferred tax liabilities/ assets.
Deferred tax liability
Fixed assets : Impact of difference between tax depreciation and
depreciation/ amortization charoed for the financial reoortino
Others
Gross deferred tax liability
Deferred tax asset
Carry forward losses
Provision for diminution in the value of investments
Provision for doubtful debts
Gratuity/Leave encashment
Gross deferred tax asset
Net deferred tax Asset/ (Liability)
For the previous year, the Company had 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 was not recognized as the Company was
unable to substantiate virtual certainty of future profits against which
such asset coould be realized .
6. Other Long Term Liabilities
Members Liabilities
Members deposits against VSAT
Deposits from settlement bank
Total
As at
31 March
2013
 
6,466,448
2,000,000
8 466 448
160,489,131
1,247,959,053
(6,466,448}
(2,000,000)
1,399,981,736
1,408,448,184
As at
31 March
2013
 
31,648,065
31,648,065
22,644,980
3,300,952
25,945,932
{5,702,132)
As at
31 March
2013
 
70,064,944
684,238
5,000,000
75,749,182
As at
31 March
2012
 
(95,879,523)
256,368,654
160,489,131
160,489,131
As at
31 March
2012
 
42,082,984
42,082,984
13,438,474
2,623,414
16,061,888
(26,021,097)
As at
31 March
2012
 
55,504,939
1,864,262
57,369,201


NATIONAL SPOT EXCHANGE LIMITID
• 7. Provisions

• Provisions
































Gratuity
Leave Encashment
Provision for Income Tax (net of advance tax}
Total
8. Short Term Borrowings
Buyers Credit from bank (Secured)
(Buyers Credit from Bank of Baroda carries interest at
1.14% for a tenure of 90 days. The buyers credit is
secured aaainst FOR's and stocks\
Cash Credit from bank (Secured)
(Cash Credit from HDFC bank is secured against FOR's and
stocks)
Total
The above amount includes :
Secured Borrowings
Unsecured Borrowings
Total
9. Other Current Liabilities
Trade Payables
Other Liabilities
Members liabilities
Advances from members
Settlement guarantee fund (refer note 35)
Trade Deposits
Contractual Reimbursable expenses
Other Payables
Statutory remittances (Contributions to Pf and ESIC,
Withholding Taxes, APMC cess, VAT, Service Tax, etc.}
Total
Long Term
As at As at
31 March 31 March
2013 2012
3,743,403 3,962,383
3,743,403 3,962,383
As at As at
31 March 31 March
2013 2012
   
91,799,591
199,416,026 .
291,215,617
As at As at
31 March 31 March
2013 2012
   
291,215,617
291,215,617
As at As at
31 March 31 March
2013 2012
   
544,491,548 36,082,266
6,689,274,883 3,539,001,896
2,565,594 3,371,452
6,466,448
222,800,000
90,558,571 88,833
42,345,042 10,614,675
7,047,544,089 3,559,543,304
Short Term
As at
As at 31 March
31 March 2013 2012
2,660,443
3,307,694
133,991,695
139,959,832
1,230,189
2,893,154
4,123,343

     


10. Tangible assets

VSAT
Computer Office Fumitures and
Vehicles
Leasehold
Total
hardware equipment fixtures improvements

Gross Block
I(' I(' I(' I(' I(' I(' I('

At 1 April 2011 917,232 20,028,863 3,209,495 109,548 2,425,163 3,284,479 29,974,780
Additions 101,903 1,008,381 88,417 126,561 832,550 203,083 2,360,895
Disposals 564,078 107,649 881,551 323,730 1,877,008

Other adjustments
- Exchange differences

- Borrowing costs
At 31 March 20U 1,019,135 20,473,166 3,190,263 236,109 2,376,162 3,163,832 30,458,667

Additions 90,899 12,374,943 1,062,650 56,795 13,585,287
Disposals 384,712 209,868 2,960,749 3,555,329

Other adjustments
- Exchange differences

- Borrowing costs
At 31 March 2013 1,110,034 32,463,397 4,043,045 292,904 2,376,162 203,083 40,488,625

Depreciation
At 1 April 2011 351,072 8,216,465 350,031 50,760 723,769 1,568,015 11,260,112

Charge for the year 197,759 3,398,657 161,721 31,025 222,915 645,369 4,657,445
Disposals 354,173 23,233 394,481 323,725 1,095,612

At 31 March 2012 548,831 11,260,949 488,519 81,785 552,203 1,889,659 14,821,945
Charge for the year 217,876 4,653,418 197,008 24,198 225,735 287,369 5,605,603

Disposals 206,513 40,507 2,052,922 2,299,942
At 31 March 2013 766,707 15,707,854 645,020 105,983 777,938 124,106 18,127,607

NetBiock
At 31 March 2012 470,304 9,212,217 2,701,744 154,325 1,823,959 1,274,173 15,636,722

At 31 March 2013 343,327 16,755,543 3,398,025 186,921 1,598,224 78,977 22,361,018

11. Intangible assets

TradeMark
Computer
Total
software

Gross Block
I(' I(' I('
At 1 April 2011 278,500 295,326,645 295,605,145

Additions
Disposals

Other adjustments
- Exchange differences
- Borrowing costs

At 31 March 2012 278,500 295,326,645 295,605,145
Additions 39,326 2,888,151 2,927,477

Disposals
Other adjustments

- Exchange differences
- Borrowing costs
At 31 March 2013 317,826 298,214,796 298,532,622

Depreciation

At 1 April 2011 98,058 102,970,052 103,068,110
Charge for the year 27,850 51,316,934 51,344,784

Disposals
At 31 March 2012 125,908 154,286,986 154,412,894

Charge for the year 31,341 51,728,343 51,759,684
Disposals

At 31 March 2013 157,249 206,015,329 206,172,578

Net Block
At 31 March 2012 152,592 141,039,659 141,192,251
At 31 March 2013 160,577 92,199,467 92,360,044











































NATIONAL SPOT EXCHANGE LIMITED
12. Non current investments
As at
31 March
2013
f
As at
31 March
2012
f
Non Trade Investments Valued at Cost Unless stated otherwise
Unquoted Instruments
Investment in Subsidiaries
88,51,725 (31 March 2012: 88,51,725) Equity Shares of
Rs.10/- each fully paid of Indian Bullion Market Association
Limited.
2,550 (31 March 2012: NIL) Equity Shares of Rs.100/-
each fullv oaid of Western Ghats Aaro Growers Co. Ltd.
100,000 (31 March 2012: NIL) Equity Shares of Rs.10/-
each fully paid of Farmers Agricultural Integrated
Develooment Alliance ltd.
Government And Trust Securities
29 (31 March 2012:20) National Savings Certificates
Total
Aggregate amount of unquoted Instruments
13. Loans And Advances
Capital Advances
Secured, considered good
Unsecured, considered good
88,517,250 88,517,250
255,000
1,000,000
220,000 147,000
89,992,250 88.664,250
89,992,250 88,664,250
Non Current Current
As at As at As at As at
31 March 31 March 31 March 2013 31 March 2012
2013 2012
f f
3 171 005 2 422 595
(A) __
Security Deposit
Unsecured, considered good
Loans And Advances To related Parties
Unsecured, considered good
Advances Recoverable in Cash or Kind
Unsecured, considered good
Other Loans And Advances
Prepaid expenses
Loans to employees
Advance Tax & TDS (Net of provision)
Balances with Statutory I Government Authorities
Total (A+B+C+D+E)
14. Other Assets
Unsecured considered good
Others
Non Current Bank balances (refer note 17)
(A)
Interest accrued on Fixed deposits
(B)
Others- Contractually reimbursable expenses
Unsecured considered good
Doubtful
Provision for doubtful advances
(C)
Total (A+B+C)
859,047 8,111,443 2,276,573
(8) ____ ____
1 000 000 550 000 000
(C) ________________________________
145 086 300 780 593 989 932
(0) ______________ ______
835,251
1,085,385
1,828,384 21,439,110 19,413,895
589,300 397,782 839,976
26,046,766
46 801 46 801 12 760 707
(E) __                
5,997,489 38,998,857 339,096,958 570,993,128
Non Current
As at As at
31 March 31 March
2013 2012
f f
23 801485 56 995 141
23 801485 56 995 141
1,785,082 3,267,258
1,785,082 3,267,258
25,586,567 60,262,399
Current
As at As at
31 March 2013 31 March 2012
46,095,725
46,095,725
3,350,767,267
85,041,900
(85,041,900)
3 350 767 267
3,392,526
3,392,526
1,439,315,217
40,482,894
(40,482,894)
1 439 315 217





































NATIONAL SPOT EXCHANGE LIMITED
15. Current investments
Current Investments (Valued at lower of cost and fair
value unless stated otherwise l
Unquoted Equity Instruments
Unquoted Mutual funds
Nil (31 March 2012:21,691,764.313 u n i t s   ~ 10.05 each of
Reliance LiQuidity Fund - Daily Dividend Plan)
Nil ( 31 March 2012:512,869.74 u n i t s   ~ 100.01 each oftCIO
Prudential Sweep Plan - Cash Option Daily Dividend
Reinvestment)
Nil (31 March 2012:16,57,979.85 u n i t s   ~ 100.02 each of
ICICI Prudential Institutional Liquid Fund - SIP Daily Dividend
Reinvestment Plan)
Nil (31 March 2012: 208,114.92 u n i t s   ~ 1005.50 each of
Canara Robeco Liquid - Super Institutional Daily Dividend
Reinvestment Plan)
Nil (31 March 2012: 213,961.26 u n i t s   ~ 1000.10 each of
Axis LiQuid Fund - Institutional DDR)
Nil (31 March 2012: 209,654.16 u n i t s   ~ 1019.44 each of UTI
Liquid Cash Plan Institutional - Daily Dividend Reinvestment)
Nil (31 March 2012: 1,000,000 units @ 10 each of L & T
Short Term Debt Fund- Growth)
Nil (31 March 2012: 219,985.93 u n i t s   ~ 1001.72 each of
Religare Ultra Short Term Fund - Institutional Daily Dividend
Reinvestment)
Nil (31 March 2012: 100,060.59 units @ 1000 each of lOBI
Ultra Short Term Fund - Daily Dividend Reinvestment Plan)
Nil (31 March 2012: 215,644.95 u n i t s   ~ 1000.25 each of
IDFC Cash Fund - Super lnst Plan C - DDR)
Total
Aggregate amount of unquoted instruments
16. Trade Receivables
Trade receivables outstanding for a period less than six
months from the date they are due for payment
Secured, considered good
Unsecured, considered good
Unsecured, considered doubtful
Less: Provision for doubtful debts
Trade receivables outstanding for a period exceeding six
months from the date they are due for payment
Secured, considered good
Unsecured, considered good
Unsecured, considered doubtful
Less: Provision for doubtful debts
Total
As at
31 March
2013
f
As at
31 March
2013
f
1,990,624,874
1,990,624,874
751,513,947
23,805,730
(23,805,730)
751,513,947
2, 742,138,821
As at
31 March
2012
f
217,028,271
51,292,872
165,835,456
209,259,557
213,983,318
213,731,027
10,000,000
220,363,208
100,060,592
215,698,859
1,617.253.160
1,617,477,360
As at
31 March
2012
f
110,321,916
110,321,916
20,528,041
1,742,258
(1,742,258)
20,528,041
130,849,957

NATIONAL SPOT EXCHANGE UMITEO


17. Cash and Bank Balances

Non Current Current
As at As at As at As at
31 March 2013 31 March 2012 31 March 2013 31 March
c
2012
:( :(
t
:(
Cash And Cash Equivalents


Balances with Banks
On current Accounts 335,213,917 99,896,725
Deposits with maturity less than 3
839,069,261 2,177,444

months
cash on hand 25 783 58 549
1,174,308,961 102,132,718
~
Other Bank Balances
..
Bank deposits with more than 3
but less than 12 months maturity 1,590,040,834 78,769,134
Bank deposits with more than 12

months maturity 23 801485 56 995 141
23,801,485 56,995,141 1,590,040,834 78,769,134

Total 23,801,485 56,995,141 2, 76413491796 1801901,852

The above amount includes
Bank deposits with more than 12
months maturity 23,801,485 56,995,141

Amount disclosed under the head
"Other assets" (refer note 14) !2318011485) !561995,141}


18. Inventories

31 Mar 2013 31 Mar 2012
:( :(
(Valued at lower of cost or net

realizable value whichever is
lower)

Traded goods 487,125,883

Total 487 125,883

19. Revenue from operations

31 Mar 2013 31 Mar 2012

:( :(
Sale of goods 2,917,863,398
Sale of services 1, 766,328,557 819,391,527

Other operating revenues 35,9931229 521642
Total 4,72011851184 819,4441169

Details of sale of goods
31 Mar 2013 31 Mar 2012

Goods
:( :(
Agricultural 2,865,845,113
Non Agricultural 52 018 285

Total 2,9171863,398

Details of services rendered
Transaction Fees 355,717,974 340,510,966

Admission Fees (Approved) 64,850,000 101,405,000
Application Processing Fees - Memb 425,000 870,000
Annual Subscription Fees 14,727,500 12,247,500

Warehouse receipt Transfer l a r g e ~ 1,137,892,848 84,733,914
Exchange Delivery Charges 10,852,812 106,934,690

Procurement commission 102,468,893 142,873,215
Warehouse income 79,393,530 29,816,242
Total 1176613281557 8191391,527






1111





































NATIONAL SPOT EXCHANGE LIMITED
24. Other Expenses
Electricity Charges
Rent
Insurance
Handling & Transportation
Repairs and maintenance - Others
Advertising and sales promotion
Travelling and conveyance
Communication costs
Brokerage
Legal and professional fees
Business support charges
Payments to auditor (Refer details below)
Provision for bad debts /advances (Refer Note 40)
Bad debts written off
Net loss on sale of current investments
Miscellaneous expenses*
Total
(* includes vault charges, office expenses, printing
and stationery,security charges etc.)
Payments to the auditor
As auditor
Audit Fee
Taxation and other matters
Total
25. Depreciation and ammortiszation expense
Depreciation of tangible assets
Amortization of in tangible assets
Total
26. Finance Costs
Interest Expense on borrowings
From bank
Others
Other borrowing costs
Total
31 Mar 2013
 
4,884,652
65,349,193
7,155,351
10,725,812
3,513,348
15,790,580
12,656,619
13,375,278
7,407,822
4,018,638
338,240,202
2,490,233
66,622,477
88,662
263,413
32,491,233
585,073,513
31 Mar 2012
f
4,545,274
53,478,801
1,476,842
3,032,698
2,505,593
15,757,230
9,250,065
9,125,377
128,370,003
5,171,428
155,600,131
1,348,320
41,419,244
15,250,227
13,554,575
459,885,808
31 Mar 2013 31 Mar 2012
f f
2,022,480
467,753
2,490,233
1,348,320
1,348,320
31 Mar 2013 31 Mar 2012
f f
5,605,603
51,759,684
57,365,287
4,657,445
51,344,784
56,002,229
31 Mar 2013 31 Mar 2012
f f
87,639
412,676
2,980,164
3,480,480
195,948
15,269,988
166,023
15,631,959





































NATIONAL SPOT EXCHANGE LIMITED
Notes to financial statements for the year 2012-13
amortization (EBITDA) as a separate line item on the face of the statement of profit and
loss. The Company measures EBITDA on the basis of profit/loss from continuing
operations. In its measurement the Company does not include depreciation and
amortization expense, finance costs and tax expense .
27. Earnings per share (EPS) As at 31 March As at 31 March
2013 2012
Net profit as per profit and loss account including extra ordinary 1,247,959,053 256,368,654
items
Net profit for calculation of basic & diluted EPS 256,368 6
Weighted average nurrber of equity shares in calculating basic 45,000,000 45,000,000
EPS
Weighted average number of equity shares in calculating diluted 45,000,000 45,000,000
EPS
EPS- Basic & Diluted
28. Segment Information
Business Segments:
Company's business segments are as under:
27.73 5.70
Exchange related services: Includes admission fees, annual subscription fees,
processing fee, transaction fees, and exchange delivery charges .
Warehousing & storage income: Includes storages of agricultural products, fumigation,
quality certification etc .
Procurement Services: Procurement services consists of private procurement on behalf of
various corporate entities acting as an agent by procuring different commodities like
cotton, pulses, sugar etc. through different sources and locations by rendering added
services like quality testing, grading, sorting, loan syndication and offering other
customized solutions .
Trading Services: Trading services include purchase of different commodities like coal,
sugar, castor seed and various other agricultural commodities from different parties and
supplying the same to various customers •
Business Segments
Refer annexure A
29. Related parties
Names of related parties where control exists irrespective of whether
transactions have occurred or not:
Holding Company: Financial Technologies (India) Limited (mL}





































NATIONAL SPOT EXCHANGE LIMITED
Notes to fmancial statements for the year 2012-13
Subsidiary Companies:
Indian Bullion Market Association Limited (IBMAL) (since incorporation)
Western Ghats Agro Growers Co. Ltd. (WGAGL) (w.e.f 5th September, 2012)
Farmers Agricultural Integrated Development Alliance ltd. (FAIDA) (w.e.f 1st August,2012)
Names of other related parties with whom transactions have taken place during
the year
Fellow Subsidiaries:
1 Atom Technologies Limited (Atom)
2 National Bulk Handling Corporation Limited (NBHC)
3 Tickerplant Limited (Tickerplant)
4 Financial Technologies Communications Limited (FTCL)
5 Credit Market Services Limited (CMSL)
6 Riskraft Consulting Limited (Riskraft)
Associate Multi Commodity Exchange of India Limited (MCX)
Key Management Personnel
Mr. Anjani Sinha
30. Transactions with Related Party
Refer annexure B
31. Leases
In case of assets taken on lease
The Company has entered into cancellable leasing arrangements for it's offices and
warehouses. The lease rental of Rs.57,227,287 (Previous Year Rs. 52,665,816) has been
included under the head Rent under Schedule 24 in statement of Profit & Loss .
The Company has entered into non-cancellable leasing arrangements for it's offices and
warehouses. The lease rental of Rs.3,861,540 (Previous Year Rs.4,004,796) has been
included under the head Rent under Schedule 24 in statement of Profit & Loss .





































NATIONAL SPOT EXCHANGE LIMITED
Notes to fmancial statements for the year 2012-13
As at March As at March
31,2013 31,2012
Amountf Amountf
Payment not later than one year 21 360,384 26,101 462
Payment later than one year but not later than five 573,713 17,357,389
years
Payment later than five years 82 000 -
There are no restrictions imposed by lease arrangements .
In case of assets given on lease
The Company has entered into cancellable leasing arrangements for it's warehouses. The
lease rental of Rs. 254,533 (Previous Year Rs. 630,482) has been included under the head
warehousing and storage income under Schedule 20 in statement of Profit & Loss. These
warehouses have been sub-leased and hence not included in fixed assets .
32. Capital Commibnents
As at March As at March
31,2013 31,2012
Amountf Amountf
Estimated amount of contracts remaining to be executed 2,790,271 1,949,405
on capital account and not provided for .
33. Provisions and Contingencies
Contingent Liabilities not provided As at March As at March
31,2013 31,2012
Amountf Amountf
Bank/Corporate Guarantees 11 77,22,000 115,520,000
Bank/Corporate Guarantees - Third Partv* 32 16L16 469 -
TOTAL 43,93,36,469 115,520,000
* The company has placed FOR in the form of collateral for third party and the amount
above is to the extent, not covered by the securities available with the company. The
company has acted as a collateral provider for Rs. 544,416,469 in case of third party
against which it has received a sum of Rs. 222,800,000 as margin/security and the
balance amount is considered as contingent liability .
34. Gratuity and other post-employment benefit plans
Gratuity Plan: The Company has made annual contributions to the Gratuity-cum-Life
Assurance (Cash Accumulation) Scheme administered by the Life Insurance Corporation of





































NATIONAL SPOT EXCHANGE LIMITED
Notes to financial statements for the year 2012-13
India ('UC'), 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 .
The following table sets out the status of the gratuity plan and amounts recognized in the
Company's financial statements as at 31st March, 2013 and 2012
Profit and Loss Account
Net employee benefit expense (recognised in Employee Cost)
Gratuity
For The Year
Ended
March 31,
2012

229 658
 


Balance Sheet
Details of Provision for Gratuity
Gratuity
For The ForTh e
Year Ended Year E nded
March 31, March 31,
2013 2012
10 173 219 7 16 6 340
7 512 776 5 93 6,151
-
IIIII _______ ....




























>4








le
NATIONAL SPOT EXCHANGE LIMITED
Notes to fmancial statements for the year 2012-13
Changes in the present value of the defined benefit obligation are as follows:
Gratuity
For The For The
Year Ended Year Ended
March 31, March 31,
2013 2012
Opening defined benefit obligation 7 166 340 2 783,729
Interest cost 627,055 229,658
Current service cost 1,374,380 871,912
Benefits paid (166,197) (127,939)
Actuarial (gainsl/losses on obligation 1,171,641 3,408,981
Closing defined benefit obliqation 10 173 219 7 166,340
Changes in the fair value of plan assets are as follows:
Gratuity
For The Year For The Year
Ended March Ended March
31, 2013 31, 2012
Openinq fair value of plan assets 5,936,151 1 984 487
Expected return 510,509 163 720
Contributions by employer 1,004,097 3 765 298
Benefits paid (166,197) (127 939)
Actuarial gains I (losses) 228,216 150,585
Closing fair value of plan assets 7,512,776 5,936,151
The principal assumptions used in determining gratuity and post-employment medical
benef'd: obligations for the Company's plans are shown below:
For The Year For The Year
Ended March Ended March
31J 2013 31, 2012
% %
Discount rate 8.25 8.75
Expected rate of return on assets 8.70 8.75
EmpJoyee turnover 2-6 1.0





































NATIONAL SPOT EXCHANGE LIMITED
Notes to financial statements for the year 2012-13
Amounts for the current year are as follows
Defined Benefit Obligation
Plan Assets
Surplus/( deficit)
Experience adjustments on plan liabilities
(Gain)/Loss
Experience adjustments on plan Assets
Gain/(Loss)
For The Year For The Year
Ended March Ended March
31, 2013 31, 2012
Gratuity Gratuity
10,173,219 7,166,340
7,512,776 5,936,151
(2,660,443) (1,230,189)
618,545 3,695,635
228,216 150,585
The Company expects to contribute Rs. 4,032,934 gratuity in year 2012-13 .
35. Various State APMC's while issuing license for establishing E-market/ Private market I
spot exchange, had laid down to maintain a settlement Guarantee fund ('SGF') to meet
exchange obligations but have not given any guidelines for the constitution of the SGF. In
view of such a requirement an amount of Rs. 6,466,448 had been apportioned out of
initial margins of the members to SGF NC and shown under current liabilities in the
financial year 2011-12. In the current year the said amount has been transferred back to
initial margins from members account and an appropriation of an equal amount has been
done out of opening balance of Reserves and Surplus of the company. The company has
appropriated for Security Guarantee Fund (SGF) an additional amount of Rs. 2,000,000 for
the current financial year 2012-13 .
36. As a part of the documentary requirements for license from State level Agricultural
Produce Market Committee's (APMC's), National Savings Certificates (NSC) are required to
be submitted to the APMCs. However, since NSCs are not issued to corporates, the
Company has obtained NSCs in the name of employees and submitted to the APMC .
37. Remuneration to key managerial personnel
31 Mar 2013 31 Mar 2012
Mr. Anjani Sinha (Managing Director) f f
Salary,bonus and contribution to PF 17,133 341 14 302 088
38. Deposit accounts include Fixed deposits aggregating Rs. 2,408,527,342 (Previous Year
Rs. 6,470,000) placed with scheduled banks against guarantees given in favour of
Agricultural Produce Market Committee, Sales Tax authorities and third party .





































NATIONAL SPOT EXCHANGE LIMITED
Notes to fmancial statements for the year 2012-13
39. As at 31 March 2013, the company has maintained a settlement fund amounting to
Rs. 7,069,044,892 (Previous Year Rs. 3,606,046,920). The fund comprises of total of
initial margin, fixed deposits and bank guarantees collected from the members .
40. Included in the other current assets is an amount of Rs.85,041,899l- recoverable from
NAFED in connection with agreement dated December 30, 2008 entered in to with NAFED
by the company. Vide letter dated April 20, 2012 NAFED has agreed for the payment of
this amount. However, out of this amount, an amount of Rs.40,482,894l- has been
agreed for payment by NAFED subject to the examination and approval of Department of
Agricultural and Cooperative Ministry of Agriculture. Following the prudent accounting
policy, a sum of Rs.40,482,8941- was provided for in the books of accounts in financial
year 2011-2012 and balance of Rs.44,559,006l- has been provided for in the books of
accounts in the current financial year, thereby providing for the whole of the amount
recoverable form NAFED .
41. The Company has entered into an agreement with National Agricultural Co-operative
Marketing Federation of India Limited (NAFED) to carry out the procurement and
processing of cotton activity on their behalf as an agent. All the expenses related to
procurement and processing i.e ginning, pressing, loading, unloading, transportation,
interest on borrowed funds etc. incurred for the procurement and processing of cotton
activity, on behalf of the NAFED, will be reimbursed by NAFED to the company.Amount
receivable from NAFED amounted to Rs.7,027,392,247 towards payment to the farmers as
per procurement agreement and Rs.S33,327,076 towards reimbursement of expenses
incurred for ginning and pressing, labour charges etc. Out of this an amount of Rs .
4,788,640,014 has been received and the balance Rs.2,772,079,309 is included under
"Other current Assets" as receivable from NAFED. The procurement and processing of
cotton activity carried out by the company, is not in the nature of, trading and
manufacturing activity, respectively, of the company. The risk and rewards to the
company are operational, executional and for the procurement services .
42. Previous Year Comparatives
Previous year's figures have been regrouped I reclassified wherever necessary to
correspond with the current year's classification I disclosure .
As per our report of even date
For Mukesh P. Shah & Co .
Partner
Place : Mumbai
Date: 1 7 MAY Z013
For and on behalf of the Board of Directors
of National Spot Exchange Limited
         
Anjani Sinha Shreekant
Javalgekar
Managing Director & CEO Director
N· t-"l"'"'? ...........
Nirav Pandya "1. • •
Company Secretary
•••••••••••••••••••••••••••••••••••••
NATIONAL SPOT EXCHANGE LIMITED
Annexure A
Business Segmental Reporting
Exchange Warehousing Procurement Trading Consolldlted Total
2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
Revenue 1,631,681,883 687,222,225 79,901,583 29,440,382 102,468,893 142,936,236 2,920,421,292 - 4,734,473,651 859,598,843
Allocable Expenses 631143,988 354,174,302 53,698,729 43,792,036 47,272,011 129,002,591 2,851,383,189 275,971 3,583,497,918 527,244,900
Segment Result 1,000,537,895 333,047,923 26,202,854 (14,351,654) 55,196,883 13,933,645 69,038,103 (275,971) 1,150,975,733 332,353,943
Unallocated Corporate Expenses 2,723,990 85,007,946
Operating Profit/(loss) 1,148,251, 743 247,345,997
Dividend Income 154,084,628 54,527,469
Interest Income 495,527,923 29,782,347
Financial Expense 3,480,480 15,631,959
Income Tax 546,424,762 59,655,200
Net Profit 1,247,959,053 256,368,653
Other Information
Segment Assets 1,336,355,629 324,884,117 93,254,562 21,321,809 2,861,135,076 1,562,303,241 3,016,683,825 90,470 7,307,429,092 1,908,599,637
Unallocated Corporate Assets 2,659,424,896 2,388,991,088
Total Assets 1,336,355,629 324,884,117 93,254,562 21,321,809 2,861,135,076 1,562,303,241 3,016,683,825 90,470 9,966,853,987 4,297,590,725
Segment Liabilities 6, 767,518,180 3,612,815,620 1,671,827 414,409 446,786,629 3,097,057 486,115,982 - 7,702,092,617 3,616,327,087
Corporate Liabilities 406,313,186 70,774,507
Total liabilities 6,767,518,180 3,612,815,620 1,671,827 414,409 446,786,629 3,097,057 486,115,982 - 8,108,405,803 3,687,101,594
Other Segment Information
Caoltal
Tangible assets 13,585,287 2,360,895
Intangible Assets 2,927,477 -
!!Sll!r!!;li!tll!!l
Tangible assets 5,605,603 4,657,446
Intangible Assets __   ____    





































Natinal Spot Exchange Limited
Annexure B
Related Party Disclosure
NallnofTraN-
Sr.No •
1 Loan/Advonc:es taken
Balance .. ot the start of the -
Taken durtna the_,
R-Id dur1r1g the year
Balance ••• the """ ol the
2 Loan/Advoncos Given
Balance as ot the start ol the,.,..
Given during the year
R-Id dur1r1g the year
Balance as ot the ond of the
3 Income:
Tr.nsactlon Chameo
Dellverv chames
Warehousinc & storsaelncome
Testinc & Quality Cer111icate Chames
Handllna & Tran
sale o1 Commodities
VSA T Recunina Cha!llOI
Penalty for short delivery
Annual Subcription
Penalty for Trade Cancellation
AUCTION DIFFERENCE AC
QC Income
GunnvbaQs
Loading & Unloading Ch&lllOS
Interest
CTCLChalllOs
COnsultancy fees
Miscelleneuse Income
DPChargos
Reimbursement of expenaes charged to :
Fanner AQriculturallniegra1od
Westemghats AQro Groweno Corn
4 Expenses:
Commission &
Business suooort charaes
Rent
Interest
SOftware License Fees ExD
Fumioation ExPenses
QCExoenses
warehouse & storage Expenses
National Bulk Handlin Ud.
v T Connoctfvftv Charceo
Multi Commodity Exchanoo of India Ud.
Professional Charceo
Multi Commodity Exchanoo of India Ud.
Reimbursement of 8Xe!RHS Cha!Jiecf
Indian Bullion Mar1<et Association
National Bulk Handling   Ltd.
ATOM TechnoloOieo Ud.
Flnancial Technaloales Communication Ltd.
Multi Commodity Exchanoo of India Ud.
TlcltorPiant Ud.
5 Leased Une Expenses
Finandal Technolooles communication
Reoalrs.-
ATOM Technaloales Ud
Tocken>lant UmHod
Data Feed Ex noes
Tlclterolant UmHod
6 Relmbusement of the expenses FTIL
7 FlxodAooeto:
Fixed Assets Purchased
Fixed Assets Sold
caoital wor1<-Jn.oroaress lncludlnc caoilal advances
8 Rent Deposit as at the end of the year
9 Allotment of Eoulty Shares FAIDA
AUotment of Eauitv Shares WAGAL
10 Investment as at the end of the vear
11 Sundry Debtors Balance as at the end of the year
12
SUndry CredHors Balance as ot the ond o1 the year
13 Initial Marcin as at the end of the vear
14 Advance aiven as at the end of the vear
Holding company or group of
lndlvtdualo having conb'ol or
llgntllcant Inn- OWir ....
Compony and-of ouc11
lndlvtdualo
2013 2012
290000000
290000 000
.
.
.
.
250000 250000
3294409n 70573 328
17 539437 1524 509
15076 503
2 301 040
9026 915 3 424 596
42222 189 883
132132
8993320
241,858,427
SUbsidiaries Fellow SUblldlarta
-
Tolal
2013 2012 2013 2012 2013 2012 2013 2012
. 290000000
.
290 000000
550000000 550000000
8823500000 1653000000
. 8 823500000 1653000000
e3n500ooo 1103000000
. e3n500ooo 1103000000
1000000 550000000 1 000000 550000000
201 7931565 212 993135
. 2017931565 212 993135
221548 1473405 221548 1-473405
12231962 636459
. 12.2:1962 636459
15400 15400
18652 19652
548328684 . 548328694
70000 70000
290110 11960 260110 11960
50000 50000 50000 50000
25000 25000
1182 582 1182592
53485 53485
113894
. 113894
260 260
76209 750 18 863415 76209750 18 863415
250000 250000
15000 000 15000000
506 798 372 798 878
538482 485430 538462 485 430
86538 86538
2267 810 2267810
128 370003 128 370003
83642244 3294o409n 154215572
248 175 68244 17607681 1772684
15076 503
. 2 301 040
140997 10324 140997 10324
20899 17759 20899 17759
1153005 1153005
56923 56923
1694 078 1694078
9705 100000 9705 100000
245690 245690
28967 28967
330900 330900
436788 436788
122811 1557055 122811 1557 055
500 000 500000
6 391132 6391132
523 523
229411 229411
500000 500 000
36171 459 054 9 026915 3919 821
60957 309445 6834 487 301 838 968 257674
20008 61124 152140 61124
827250
. 9820 570
1000000
. 1 000 000
255000
. 255000
897n250 88 517 250
89n2250 88517250
805422205 192462n 605422205 192462n
95,811 6,074,250 7,184 241,961,422 6,074,250
2 500000 2 500000
2 500000 2 500 000
523925 523925

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