Face value of shares in balance sheet

Share capital is always shows on its face value and the balance amount is shown in Securities Premium.

Company can issue shares at par or at premium. if company issued shares at premium over and above face value can be considered as capital profit. it is credited to share premium.

But company has the obligation to pay face value only at the time of company's winding up. 

So company can disclose share at face value, even thought market value (Fair Value) is greater.

if as per Registered valuer report the market value of one share  is Rs.5 , of  whose Nominal Value is Rs.10 and the Company issues the shares at Rs.10.
Does it means shares are issued at premium?

No.

A company issues its shares at a premium when the price at which it sells the shares is higher than their par value.

Nominal Value is Rs.10
Issue price is Rs. 12

Premium per share is Rs 2/-.

But practically issue will not get sucess, if share issued at nominal value which is greater then market value.