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Notes to Accounts of Weizmann Forex Ltd.

Mar 31, 2015

1. CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for)

Rs. lakh

Name As at March 31, Maximum Balance 2015 Outstanding during the year

(a) Contingent liabilities

Corporate guarantees issued on behalf of 2,071.54 2,250.61 Group company and Joint Venture

(b) Commitments - -

2. The Company uses forward exchange contracts to hedge against its foreign currency exposures related to the underlying transactions and firm commitments. The Company does not enter into any derivative instruments for trading or speculative purposes.

3. The Company has carried out CSR expenditure during the year 2014-15.

(a) Gross amount required to be spent by the Company during the year : Rs. 60 Lakhs.

(b) Amount spent during the year on :

4. The Company has in place an Anti Sexual Harrasment Policy, compliance committee and process of redressal of complaints in line with the requirements of The Sexual Harassment of Women at the Workplace ( Prevention, Prohibition and Redressal ) Act, 2013. During the year no complaints were received.

5. Previous Year's figures have been regrouped wherever necessary.


Mar 31, 2014

1.0 DISCLOSURES PURSUANT TO ACCOUNTING STANDARD (AS) 17 SEGMENT REPORTING

Segment reporting : Segment identification, reportable segments and definition of each reportable segment :

1. Primary / secondary segment reporting format :

(a) The risk-return profile of the Company''s business is determined predominantly by the nature of its products and services. Accordingly, the business segments constitute the primary segments for the disclosure of segment information.

(b) The Company predominantly operates in domestic areas hence no geographical segments have been identified.

2. Segment identification :

Business segments have been identified on the basis of the nature of products / services, the risk-return profile of individual businesses, the organisation structure and the internal reporting system of the Company.

3. Reportable segments :

Reportable segments have been identified as per the criteria specified in Accounting Standard ( AS ) 17 " Segment Reporting".

4. Segment composition :

Foreign exchange segment comparises of purchase and sale of foreign currencies, notes and paid documents including income received from money transfer business.

Power segment comparises of generation and sale of wind power energy.

Other segment includes sale and purchase of airtime, travel business, insurance services etc.

1.2 DISCLOSURES PURSUANT TO ACCOUNTING STANDARD (AS) 18 RELATED PARTY DISCLOSURES

(a) Related parties and their relationship:

Joint Venture

Horizon Remit Sdn. Bhd. (Country - Malaysia )

Associates

Batot Hydro Power Limited (w.e.f. 06-04-2013)

Brahmanvel Energy Limited (w.e.f. 06-04-2013)

Khandesh Energy Projects Limited (w.e.f. 06-04-2013)

Weizmann Corporate Services Limited (w.e.f. 16-04-2013)

Key Management Personnel

Mr. B. S. Shetty Managing Director

Nature of Transaction

Subscription to equity capital Receipt of interest Rent payment Managerial remuneration

(b) Transactions with related parties:

Party Name

Horizon Remit Sdn. Bhd. Batot Hydro Power Limited Weizmann Corporate Services Ltd. Mr. B. S. Shetty

Relationship

Joint Venture

Associate

Associate

Key Management Personnel

2.31 DISCLOSURES PURSUANT TO ACCOUNTING STANDARD (AS) 27 FINANCIAL REPORTING OF INTERESTS IN JOINT VENTURE

Jointly controlled entity by the company

2.32 DISCLOSURES AS PER CLAUSE 32 OF THE LISTING AGREEMENT

(a) Loans and advances to subsidiary companies : < Nil

(b) Loans and advances to associate companies : < 3.83 lakh

(c) Loans and advances to associate companies / firms in which directors are interested (excluding subsidiary and associate companies):

1.3 CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for)



As at March 31, 2014 2013

(a) Contingent liabilities

Corporate guarantees issued on behalf of Group company and Joint Venture 2,250.61 2,334.15

(b) Commitments - -

1.4 The Company uses forward exchange contracts to hedge against its foreign currency exposures related to the underlying transactions and firm commitments. The Company does not enter into any derivative instruments for trading or speculative purposes.

1.5 Previous Year''s / Period''s figures have been regrouped wherever necessary.

The accompanying note 1 and 2 form an integral part of the financial statements


Mar 31, 2013

1.1 DISCLOSURES AS PER CLAUSE 32 OF THE LISTING AGREEMENT

(a) Loans and advances to subsidiary companies : Rs Nil

(b) Loans and advances to associate companies : Rs Nil

1.2 CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for)

Rs in lakh As at March 31, 2013 2012 (a) Contingent liabilities

Corporate guarantees issued on behalf of Group company and Joint Venture 2,334.15 2,308.00

(b) Commitments - -



1.3 The Company uses forward exchange contracts to hedge against its foreign currency exposures related to the underlying transactions and firm commitments. The Company does not enter into any derivative instruments for trading or speculative purposes.

1.4 Previous Year''s / Period''s fi gures have been regrouped wherever necessary.


Mar 31, 2012

Terms / rights attached to equity shares

a. The Company has only one class of Equity Shares having par value of Rs. 10 per share.

b. Each holder of Equity Shares is entitled to one vote per share.

c. The dividend on Equity Shares proposed by Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting.

d. In the event of liquidation of the Company, the holder of Equity Shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

e. The Company has neither issued any bonus shares nor bought back any equity shares in the last five years immediately preceeding the balance sheet date.

f. The Company in financial year 2010-11 had issued 11514357 equity shares of face value of Rs. 10 each pursuant to Composite Scheme of Arrangement under Sections 391 to 394 of the Companies Act 1956, sanctioned by the Hon'ble High Court of Bombay on October 29, 2010, pursuant to which the forex business undertaking of the de-merged Company Weizmann Limited stood vested in the Company with effect from de-merge Appointed date April 1,2010 and the Shares were issued in the proportion of 2 equity shares of face value of Rs. 10 each of the Company for every 3 equity shares held by the Shareholders in the de-merged Company Weizmann Limited.

The Board of Directors has recommended a dividend of Rs. 2 per share for the year ended March 31, 2012 (Previous year Rs. 2 per share) on the number of shares outstanding as on the record date. The provision for dividend has been made in the books of account for 11,564,357 equity shares outstanding as at March 31, 2012 amounting to Rs. 231.29 lakh.

[Note : Based on the information of status of suppliers to the extent received by the Company, there are no micro and small enterprises included in trade payables to whom the payments are outstanding for a period of more than 45 days. Further, the Company has not received any Memorandum (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status. Consequently, the amount paid / payable to these during the year is Rs. Nil; ( Previous year: Rs. Nil)]_

[Note: Some of the advances, trade receivables, trade payables are subject to confirmation / reconciliations, if any. In respect of trade receivables overdue for six months, the Company has initiated suitable legal actions in all major cases and does not envisage the need for any provision against the same. In the opinion of management the balances as appearing in the books of account are fully realisable in the normal course of business]

Segment reporting : Segment identification, reportable segments and definition of each reportable segment :

1. Primary / secondary segment reporting format :

(a) The risk-return profile of the Company's business is determined predominantly by the nature of its products and services. Accordingly, the business segments constitute the primary segments for the disclosure of segment information.

(b) The Company predominantly operates in domestic areas hence no geographical segments have been identified.

2. Segment identification :

Business segments have been identified on the basis of the nature of products / services, the risk-return profile of individual businesses, the organisation structure and the internal reporting system of the Company.

3. Reportable segments :

Reportable segments have been identified as per the criteria specified in Accounting Standard ( AS ) 17 " Segment Reporting".

4. Segment composition :

Foreign exchange segment comparises of purchase and sale of foreign currencies, notes and paid documents including income received from money transfer business.

Power segment comparises of generation and sale of wind power energy.

Other segment includes sale and purchase of airtime, travel business, insurance services etc.

1.1 DISCLOSURES AS PER CLAUSE 32 OF THE LISTING AGREEMENT

(a) Loans and advances to subsidiary companies : Rs. Nil

(b) Loans and advances to associate companies : Rs. Nil

(c) Loans and advances to associate companies / firms in which directors are interested (excluding subsidiary and associate companies):

1.2 CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for)

Rs. in Lakh

As At As At March 31, 2012 March 31, 2011

(a) Contingent liabilities

Corporate guarantees issued on behalf of Group company and Joint Venture 2,308.00 2,469.00

(b) Commitments - -

1.3 The Company uses forward exchange contracts to hedge against its foreign currency exposures related to the underlying transactions and firm commitments. The Company does not enter into any derivative instruments for trading or speculative purposes.

1.4 During the year ended March 31, 2012, the Revised Schedule VI notified under the Companies Act, 1956 has become applicable to the Company. The Company has reclassified previous years figures to confirm to this years classification. It significantly impacts presentation and disclosures made in the financial statements, particularly presentation of the Balance sheet. However it does not impact recognition and measurement principals followed for the preparation of the financial statements.


Mar 31, 2011

1. Pursuant to the Scheme of Amalgamation under Sections 391 to 394 of the Companies Act, 1956, sanctioned by the Honorable High Court of Bombay on 29th October, 2010, the forex business undertaking of Weizmann Limited stands demerged into the Resultant Company - Chanakya Holdings Limited, w.e.f., 1st April, 2010. Accordingly, the assets and liabilities of the said forex business undertaking as at 1st April, 2010 stands vested in the Company and the transactions post 1st April, 2010 have been incorporated in the financials of the Company. As per the Composite Scheme of Arrangement, the Company has issued and alloted 11,514,357 equity shares in the ratio of two equity shares of face value of Rs.10 each for every three equity shares held by the shareholders in the demerged company - Weizmann Limited. Consequently, the figures for the year are not comparable with those of the previous year.

2. Consequent to an approval received from the Registrar of Companies, Maharashtra, Mumbai and as envisaged in the Composite Scheme of Arrangement, during the year, the Company has changed its name from 'Chanakya Holdings Limited' to 'Weizmann Forex Limited' w.e.f., 29th December, 2010.

3. Estimated amounts of contracts remaining to be executed on capital account not provided for (net of advances) Rs. Nil; (Previous year: Rs. Nil).

4. Contingent liabilities

Rs. in Lakh

Particulars As at As at 31st March 31st March 2011 2010

Corporate guarantees issued 2,469.00 -

5. Some of the advances, debtors, sundry creditors are subject to confirmation / reconciliations, if any. In respect of debtors outstanding for more than six months, the Company has initiated suitable legal actions in all major cases and does not envisage the need for any provision against the same. In the opinion of management the balances as appearing in the books are fully realisable in the normal course of business.

6.There are no amounts due and outstanding to be credited to Investors Education and Protection Fund as at 31st March, 2011.

7. Based on the information of status of suppliers to the extent received by the Company, there are no micro, small and medium enterprises included in sundry creditors to whom the payments are outstanding for a period of more than 45 days. Further, the Company has not received any Memorandum (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status. Consequently, the amount paid / payable to these during the year is Rs. Nil ( Previous year: Rs. Nil ).

8.As the Company is not a manufacturing Company, information required under paragraphs 3 and 4 of Schedule VI of the Companies Act, 1956 is not given.

9.Disclosure pursuant to Accounting Standard (AS) 15 Employee Benefits The Employee's Gratuity Fund Scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on valuation using the projected unit credit method as per the LIC Certificate."

10. As per the Accounting Standard (AS) 28 Impairment of Assets, the Company has reviewed the potential generation of economic benefits from fixed assets. Accordingly, no impairment loss has been provided during the year. (Previous year: Rs. Nil).

11. Previous year's figures have been regrouped wherever necessary.

 
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