Mar 31, 2014
1. Estimated amount of contracts remaining to be executed on capital account not provided for as on 31-03-2014 is Nil (Pre.Year Nil) (as certified by M.D.)
2. The figures have been rounded off to the nearest rupee and the figures for the previous year have been re-arranged wherever considered necessary.
3. Current Assets loans & advances are approximately of the value stated in the Balance Sheet if realized in the ordinary course of business.
4. SEGMENT INFORMATION
Company is engaged only in one business segment. Beside, there are not any significant variations on geographical basis.
Note : Cash Flow is prepared as per Stock Exchange Regulations.
Â Figures in brackets represents outflows.
Â Previous year figures are regrouped or recast whereever considered necessary.
Â The Cash inflow on sale of fixed assets has been considered on actual money received.
Mar 31, 2012
1. Legal status and business activity :
1.1 Beckons Trading FZE, registered as Free Zone Establishment on June 11, 2009 and operate in the United Arab Emirates under a trade license No. 5259 issued by the Hamriyah Free Zon Authority, The Government of Sharjah.
1.2 The activities of the Company as per trade license is general trading
2 The management and control are vested with Mr Gangadhar Valkonda & Mr. Ambrish Sing Ahluwalia, as Managers.
Basis of preparation
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), interpretations issued by International Financial Reporting Interpretations Committee (IFRIC), and applicable requirements of the U.A.E. Law. A summary of the significant accounting policies, which have been applied constituently, are set out below:
3. Financial instruments
Financial instruments of the Company of cash at bank, trade receivables, other assets, trade payables, bills payable, due to banks and other liabilities.
Financial assets which potentially expose the Company to concentration of credit risk comprise principally bank accounts, trade receivables, other receivables. The Company's bank accounts are placed with high credit quality financial institutions. Currency risk
There are no significant exchange rate risks as substantially all financial assets and financial liabilities are denominated in Arab Emirates Dirhams or US Dollars to which the conversion of Dirhams into US Dollar is fixed.
Interest rate risk
The Company is not exposed to any significant interest rate risk.
At the balance sheet date, the fair values of financial assets and liabilities at year-end appropriate their carrying amounts.
Mar 31, 2010
1. Contingent liabilities not provided for Rs. 42.79 lacs towards income tax liability for assessment year 2005-06 ( as certified by Managing Director)
2. Out of the 14,38,333 GDRÃS representing 21574995 underlying equity share of Rs.10/- each has been issued to Public. Last year 489500 GDRÃs Representing 7342500 Equity shares has already been converted into equity shares and balance 948833 GDRÃs still remain at . The proceeds have already been invested in Beckon Trading FZE (a Subsidary at Dubai) the exchange difference on remittance has been credited to capital reserve for adjustment of future exchange variation.
3. Estimated amount of contracts remaining to be executed on capital account not provided for as on 31-3-2010 is Nil (Pre.Year Nil) (as certified by M.D.)
4. Balance on account of various parties are still subject to confirmation / Reconciliation.
5. The figures have been rounded off to the nearest rupee and the figures for the previous year have been re-arranged wherever considered necessary.
6. Company has not received an amount of Rs. 33.10 Lacs against the Land & Building sold in 2003-04 however the company has not received any payment during the year.
7. Company has not provided for any provision for bad debts for an amount of Rs. 32.41 lacs recoverable from a company which has gone into liquidation and as per our opinion the amount is unrecoverable from the liquidator.
8. Current Assets loans & advances are approximately of the value stated in the Balance Sheet if realized in the ordinary course of business.
9 . Sundry debtors, Loans and advances in Schedule 7 includes an amount of Rs. 377.54 Lac (Previous Year 101.14 Lacs) due from Company/firms in which Directors are interested and relatives of Directors.
The deferred tax has been calculated on the current tax rate i.e. 30.90% previous year @ 30.90% Liability on account of GDR Expenses incurred in terms of US Dollars has been stated at the exchange rate applicable as on 31/03/2009 for the liability which was outstanding as on 31/03/2009.