Mar 31, 2015
1. Contingent Liabilities and Provisions
The Company creates a provision when there is present obligation as a
result of a past event that probably requires an outflow of resources
and a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
There is a claim against company arised from arbitation award in favour
of a shipping company by the arbitation authority at Singapore
amounting to USD 1,62,027.75 plus interest of USD 7657.48 plus
arbitation costs of SGD 54,225.86. (INR Value as per 31/03/2015
exchange rates Rs 1,31,51,319.43. This claim is being defended in Delhi
High Court by the company. The company is confident to defend this, so
no iability is being provided.
2. Related Party Disclosures
As per accounting standard 18 on "Related party Disclosure" issued by
the Institute of Chartered Accountants of India the disclosure of
transactions with the related party is as under:
Name of Party Nature of Relationship
Mrs Abhilasha Agarwal Director/Promoter
Mr. Raja Ram Chandghotia COO
Mrs. Deepti Dabral Company Secretary
Mr. Praveen Chowdhary CFO
Mrs. Rekha Chowdhary Key Managerial personal relative
Key Managerial
Mrs. Rashmi Jain personal relative
Muren Impex Pvt. Ltd. Common Director
Whitewood Trading Pvt. Ltd. Controlled by Promoter's Relative
Kiran Tradewings Pvt Ltd Substantial Interest
Andaz Mercantile Pvt. Ltd. Promoter Group
E commodities Ltd. Common Director
FE Aagrochem Pvt. Ltd. Controlled by Promoter
Name of Party Nature of Transactions
Remunaration & Other Expenses
Mrs Abhilasha Agarwal on behalf
Mr. Raja Ram Chandghotia Remuneration
Mrs. Deepti Dabral Remuneration
Mr. Praveen Chowdhary Remuneration
Mrs. Rekha Chowdhary Professional Fees
Mrs. Rashmi Jain Rent Payments
Muren Impex Pvt. Ltd. Sale & Purchase
Rent Payments and Payments on
Whitewood Trading Pvt. Ltd. behalf
Payments on behalf, Loan
Kiran Tradewings Pvt Ltd received and and given
Payments on behalf, Loan recd
Andaz Mercantile Pvt. Ltd. and and given
E commodities Ltd. Sales
Payments on behalf ,Loan recd
FE Aagrochem Pvt. Ltd. and and given
3. The LIC Policies shown under the head 'Investments' amounting to
Rs. 35 lacs had been taken in the name of whole time director on her
life by the company out of its funds through its bankers. The WTD is
also promoter of the company. The company was the intended beneficiary,
however it could not be mentioned on policies at the time of issuance
of policies. The Director has given her consent for unconditional
absolute assignment in favour of company and to deal with these
policies as per free will of the company. The Company is in process of
completing the assignment to register itself ultimate beneficiary of
the policies.
4. In the current financial year the company has considered a stock
loss recoverable of Rs 158.75 lacs from one of its clearing agent and
his account represent net balance of Rs. 105.52 lacs debit as on
31/03/2015 due to this claim.
5. Information pursuant to the provisions of Section 22 of Micro,
Small and Medium Enterprises Development Act, 2006.
As per Information obtained from the parties,none of the parties are
covered under the Micro, Small and Medium Enterprises Development Act,
2006.Hence no disclosure is required.
6. Segment Reporting
Company is operating in a single segment environment; there is no
separate reportable segment which contributes more than 10% in
commercial/economic activities of the company(i.e. assets, liabilities,
revenue, losses etc.), than its main business activities i.e. trading
in agriculture product. Hence reporting under Accounting standard-17
"Segment Reporting" is not applicable.
7. The accounts of certain Sundry Debtors and Creditors, Advances for
supplies and are subject to confirmation / reconciliation and
adjustment, if any. The Management does not expect any material
difference affecting the current year's financial statements.
In the opinion of the management, the current assets, loans and
advances except the accounts classified under doubtful catagory are
expected to realize at least the amount at which they are stated , if
realized in the ordinary course of business and provision for all known
liabilities have been adequately made in the books of accounts.
8. The company has not spent any amount on CSR activities during the
period.
9. The Current Year refers to the period January 1 2014 to March 31,
2015. (Previous year refers to October 01, 2012 to December 31, 2013)
10. The previous year figures have been regrouped, rearranged and
reclassified wherever necessary to conform to this year's
classification.
Dec 31, 2013
1 Corporate Information
FE (INDIA) Limited formely known as Financial Eyes (India) Ltd is a
company registered under the Companies Act,19S6 listed on Bombay Stock
Exchange. The company mainly engaged into the export of food agric
commodities and food grains such as maize, Rice (both long rain and
parboiled), sorghum etc. Gradually the basket of Items being dealt by
the company is growing.
1.1.1 Money received against share warrants
a) Terms & Conditions : Covertible within IB months from date of
allottment i.e.22.07.2013 into equity shares at the discretion of the
warrant holder (no voting rights/dividend rights)
b) Number of shares proposed to be issued: 4347826 Equity Shares of
Rs.10/- each.
c)The amount of premium : Rs.24.S0/- per shares minimum (as per the
minimum rate of Rs.34.50/- approved)
d) The period before which shares to be allotted : 21.01.2015
e) Whether the company have suffiecient authorized share capital amount
on allottment of shares : Yes
f) Interest accrued on amount due for refund: Nil
g) The period for which share application money has been pending beyond
the period of allottment as mentioned in the share application from
along with the reasons for such share application money being pending :
Not Applicable
1.2 Contingent Liabilities and Provisions
The Company creates a provision when there is present obligation as a
result of a past event that probably requires an outflow of resources
and a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
1.3 Information pursuant to the provisions of Section 22 of Micro,
Small and Medium Enterprises Development Act, 2006
As per Information obtained from the parties,none of the parties are
covered under the Micro, Small and Medium Enterprises Development Act,
2006.Hence no disclosure is required.
1.4 Segment Reporting
Company is operating in a single segment environment; there is no
separate reportable segment which contributes more than 10% in
commercial/economic activities of the company(i.e. assets, liabilities,
revenue, losses etc.), than its main business activities i.e. trading
in agriculture product. Hence reporting under Accounting standard-17
"Segment Reporting" is not applicable.
1.5 The accounts of certain Sundry Debtors and Creditors, Advances for
supplies and are subject to confirmation j reconciliation and
adjustment, if any. The Management does not expect any material
difference affecting the current year''s financial statements.
1.6 The Current Year refers to the period October 01, 2012 to December
31, 2013. (Previous year refers to October 01, 2011 to September 30,
2012)
1.7 The previous year figures have been regrouped, rearranged and
reclassified wherever necessary to conform to this year''s
classification.
Sep 30, 2012
1 Corporate Information
FE (INDIA) Limited formely known as Financial Eyes (India) Ltd is a
company registered under the Companies Act,1956 listed on Bombay Stock
Exchange. Initially the company engaged into the export of food agric
commodities and food grains such as maize, Rice (both long rain and
parboiled), sorghum etc. Gradually the basket of commodities being
dealt by the company has been expanded to include coffee, spices,
imports & exports of raw sugar, PVC and other commodities.
2.1.1 Share application money pending allotment
- Share Application Money represents amount received against "Fully
Convertible Warrants" pending preferential allotment to the promoters
of the Company in terms of Board Resolution dated May 15, 2012, subject
to the approval of the members / shareholders.
- The Share Application Money has been received by the Company on
September 29, 2012 which have been classified as Cheques in Hand -
refer note 3.5.3 and 3.21
2.2.1 Deferred Tax Asset / Liability (NET)
As per the requirement of the Accounting Standard 22 on "Accounting for
Taxes on Income" issued by the Institute of Chartered Accountants of
India, the net Deferred Tax Liability charged to Profit during the year
is ` 944,938 [Previous YearÂDeferred Tax Liability debited ` 987,803].
The year-end position of Deferred Tax Liability and Asset is given
below:
Details of Loans
1. Working capital loan comprises of ` 190,277,994 from State Bank of
India and ` 655,004,700 from Punjab National Bank in the current year
and ` 178,144,307 and ` 289,335,227 in the previous year respectively
is secured against Hypothecation of Stocks, Book Debts and Movable
Fixed Assets of the Company, both present and future. The loan consists
of (i) Packing Credit from bank for a term of six months to year
carrying interest Libor plus applicable spread ranging from 1.45% to
3.5% P.a.(ii) Cash credit from bank repayable on demand and carries
Interest @ 12% to 15% p.a.
2.Term loan obtained from various financial institutions carrying
interest ranging from 8.5% - 16 % is secured against the hypothecation
of specific vechile financed out of the proceed of the loan amount.
2.3 Contingent Liabilities and Provisions
The Company creates a provision when there is present obligation as a
result of a past event that probably requires an outflow of resources
and a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
2.4 Related Party Disclosures
As per accounting standard 18 on "Related party Disclosure" issued by
the Institute of Chartered Accountants of India the disclosure of
disclosure of transaction with related party is as follows:
a) Related Party where control exists:
FE (Singapore) Pte. Limited- Subsidiary Company
b) Person having Substantial Interest in the company
Andaz Mercantile Pvt. Ltd- Associate Company
c) Key Managerial Personnal
Ms Abhilasha Agarwal  Whole Time Director
Mr Ravi Kant Joshi  Director
Mr Praveen Chowdhary  Chief Financial Officer
Mr Raja Ram Chandghotia  Chief Executive (Operations)
Mr K. C. Mathur  Chief Executive Officer
2.5 Information pursuant to the provisions of Section 22 of Micro,
Small and Medium Enterprises Development Act, 2006 During the year
company has not paid any interest in terms of the section 18 of the
above mentioned act.
No principal amount or interest amount are due at the end of this
accounting year which is payable to any Micro, Small or Medium
enterprises as defined in the Micro, Small and Medium Enterprises
Development Act, 2006.
2.6 Segment Reporting
Company is operating in a single segment environment; there is no
separate reportable segment which contributes more than 10% in
commercial/economic activities of the company(i.e. assets, liabilities,
revenue, losses etc.), than its main business activities i.e. trading
in agriculture product. Hence reporting under Accounting standard-17
"Segment Reporting" is not applicable.
2.7 The accounts of certain Sundry Debtors and Creditors, Advances for
supplies and are subject to confirmation / reconciliation and
adjustment, if any. The Management does not expect any material
difference affecting the current year''s financial statements.
2.8 Cheques in hand include cheques received agsint issue of ''Fully
Convertible Warrants" pending preferential allotment to the promoters
of the Company in terms of meeting of the board of Directrs held on May
15, 2012. The said allotment is however subject to the approval of
shareholders in a General Meeting.
2.9 Leases
The company is a lessee under various operating leases. Rental expenses
for the operating leases for the years ended September 30,2012 and
September 30, 2011 are Rs. 13,157,397 and Rs. 61,51,567 respectively.
2.10 Till the year ended 30 September 2011, the Company was using
pre-revised Schedule VI to the Companies Act 1956, for preparation and
presentation of its financial statements. During the year ended 30
September 2012, the revised Schedule VI notified under the Companies
Act 1956, has become applicable to the Company. The Company has
reclassified previous year figures to conform to this year''s
classification. The adoption of revised Schedule VI does not impact
recognition and measurement principles followed for preparation of
financial statements. However, it significantly impacts presentation
and disclosures made in the financial statements, particularly
presentation of balance sheet.
2.11 The Current Year refers to the period October 01, 2011 to
September 30, 2012. (Previous year refers to July 01, 2010 to September
30, 2011)
Sep 30, 2011
1. Accounting Year and Previous Year Comparatives
The Current Year refers to the period commencing from 1st July, 2010
and ending on 30th September, 2011. (Previous year refers to period
commencing from 1st April, 2009 and ending on 30th June, 2010).
2. Estimated amount of contracts remaining to be executed on capital
account and not provided for (net of advances): Rs Nil (Previous Year
Rs. Nil).
3. Proposed Dividend:
In its meeting held on November 29, 2011, the Board has recommended a
dividend of 2.5% i.e. Rs0.25 per Equity Shared of Rs10 Each) for the
period ended September 30, 2011
4. Deferred tax Assets (Liability)
As per the requirement of the Accounting Standard 22 on "Accounting for
Taxes on Income" issued by the Institute of Chartered Accountants of
India, the net deferred tax liability charged to profit during the year
is Rs 987,803/- [Previous Year - Deferred Tax Liability debited Rs
515,543/-]. The break-up and movement of deferred tax assets and
liabilities into major components is given below:
*The financial year followed by the company does not commensurate with
the financial year prescribed under the Income Tax Act, 1961.
Therefore, timing difference has been considered only in respect of
fixed assets and other timing differences have been ignored.
5. Contingent Liabilities not provided for in respect of:
Current Year Previous Year
Particulars (Rs In lacs) (Rs In lacs)
a) Claims against the company
not acknowledged as debts NIL NIL
b) Corporate guarantees given /
securities provided to banks /
financial institutions against NIL NIL
credit facilities extended to
other bodies corporate
c) Bills purchased and
discounted NIL NIL
d) Other matters NIL NIL
6. The accounts of certain Sundry Debtors and Creditors, Advances for
supplies and are subject to confirmation / reconciliation and
adjustment, if any. The Management does not expect any material
difference affecting the current year's financial statements.
In the opinion of the management, the current assets, loans and
advances are expected to realize at least the amount at which they are
stated, if realized in the ordinary course of business and provision
for all known liabilities have been adequately made in the books of
accounts.
07. Related Party Disclosure
As per accounting standard 18 on "Related Party Disclosure" issued by
the Institute of Chartered Accountants of India the disclosure of
transactions with the related party is as under:
a) Related Party where control exists
Ms. Abhilasha Agarwal - (Whole Time Director)
Andaz Mercantile Pvt. Ltd.-(AssociateCompany)
- FE Singapore Pte Ltd. - (Associate Company)
b) Key Managerial Personnel
- Mr. Ravi KantJoshi-(Director)
- Mr. P. Chowdhary-(Chief Financial Officer)
- Mr. Raja Ram Chandghotia-(Chief Operating Officer)
- Mr. K. C. Mathur - (Chief Executive Officer)
08. Information pursuant to the provisions of Section 22 of Micro,
Small and Medium Enterprises Development Act, 2006 During the year
company has not paid any interest in terms of the section 18 of the
above mentioned act.
No principal amount or interest amount are due at the end of this
accounting year which is payable to any Micro, Small or Medium
enterprises as defined in the Micro, Small and Medium Enterprises
Development Act, 2006.
09. Segment Reporting: Company is operating in a single segment
environment; there is no separate reportable segment, which contributes
more than 10% in commercial/economic activities of the company (i.e.
assets, liabilities, revenue, losses etc.), than its main business
activities i.e. trading in agriculture product. Hence reporting under
Accounting Standard - 17 "Segment Reporting" not applicable.
10. Previous year's figures/disclosures have been
reclassified/regrouped wherever necessary to conform/make more suitable
to this year's classification/disclosure/presentation.
Jun 30, 2010
1. Accounting Year and Previous Year Comparatives
The Current Year refers to the period 1st April, 2009 to 30th June,
2010. (Previous year refers to 1st April, 2008 to 31st March, 2009). In
a Board meeting held on 29th March 2010 the Directors of the Company
extended the financial year of the Company until June 30, 2010.
The previous year figures have been regrouped, rearranged and
reclassified wherever necessary to conform to this years
classification. Previous years are not comparable with the current year
figures due to change in accounting year.
2. Share Application Money
The Company has received share application money aggregating to `
137,500,000/- from Andaz Mercantile Pvt. Ltd. for allotment of 2,750,000
Warrants on Preferential Basis, which are convertible into equivalent
numbers of Equity Shares, at a price of 50/- each (including premium of `
40/- each), with in a period of 18 Months from the allotment thereof.
3. Deferred tax Assets (Liability)
As per the requirement of the Accounting Standard 22 on "Accounting for
Taxes on Income" issued by the Institute of Chartered Accountants of
India, the net deferred tax liability debited to Profit during the year
is ` 515,543/- [Previous Year à Deferred Tax Assets credited `
696,023/-]. The year-end position of Deferred Tax Liability and Asset
is given below:
4. Contingent Liabilities not provided for in respect of:
Current Year Previous Year
PARTICULARS Amount (in Rs.) Amount (in Rs.)
a) Claims against the company
not ac- NIL NIL
knowledge as debits
b) Corporate guarantees
given / securities Nil Nil
provided to banks /
financial institutions
against credit facilities
extended to other bodies
corporate
c) Bills purchased and
discounted NIL NIL
d) Other matters NIL NIL
5. Estimated amount of contracts remaining to be executed on capital
account and not provided for (net of advances): Rs Nil (Previous Year
Rs. NIL).
6. There are no outstanding dues in respect of small-scale industrial
undertakings as defined under clause (j) of section 3 of Industries
(Development and Regulation) Act, 1951. (Previous year: Nil).
7. The accounts of certain Sundry Debtors and Creditors, Advances for
supplies and are subject to confirmation / reconciliation and
adjustment, if any. The Management does not expect any material
difference affecting the current years financial statements.
In the opinion of the management, the current assets, loans and
advances are expected to realize at least the amount at which they are
stated, if realized in the ordinary course of business and provision
for all known liabilities have been adequately made in the books of
accounts.
8. Related Party Disclosure Andaz Mercantile Pvt. Ltd. - (Associate
As per accounting standard
18 on Re- Company)
lated party Disclosure"
issued by the b) Key Managerial Personnel
Institute of Chartered
Accountants of Mr. Ravi Kant Joshi - (Director)
India the disclosure
of transactions with Mr P. Chowdhary - (Chief
Financial Officer) the
related party is as under Mr. Raja Ram Chandghotia à Execu-
a) Related Party where
control exists tive - Operations)
Mrs. A. Agarwal Mr. Pradeep Sharma - (General Manager)
(Whole Time
Director)
9. Information pursuant to the provisions of Section 22 of Micro,
Small and Medium En- terprises Development Act, 2006 During the year
company has not paid any interest in terms of the section 18 of the
above mentioned act.
No principal amount or interest amount are due at the end of this
accounting year which is pay- able to any Micro, Small or Medium
enterprises as defined in the Micro, Small and Medium En- terprises
Development Act, 2006.
10. Segment Reporting
a) Geographical Segment
The Company has considered Geographical segment as the primary segment
for disclosure. The segments considered are Domestic and Overseas
b) Business Segment
The Company has considered business segment as secondary segment for
disclosure. Company has identified two segments agriculture product and
other products as business segments for reporting and disclosure
purpose as per the accounting standard 17.
11. Employee Benefits
Defined Benefit Plans
The Company has adopted Accounting Standard, AS-15 (revised 2005), on
employee benefits with effect from April 1, 2007.