Independent Auditors' Report Report ontheFinancial Statements · NGSCHARTERED ACCOUNTANTS & CO. LLP...
Transcript of Independent Auditors' Report Report ontheFinancial Statements · NGSCHARTERED ACCOUNTANTS & CO. LLP...
NGS CHARTEREDACCOUNTANTS
& CO. LLPMUMBAI • INDORE • CHITTORGARH
Independent Auditors' Report
To the Directors ofEC International Limited
Report on the Financial Statements
We have audited the accompanying financial statements of EC International Limited ('theCompany'), which comprise the Balance Sheet as at 31 March 2018, the Statement of Profit and Lossand the Cash Flow Statement for the year then ended, and a summary of significant accounting policiesand other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the preparation of these financial statements thatgive a true and fair view of the financial position, financial performance and cash flows of theCompany. This responsibility also includes maintenance of adequate accounting records forsafeguarding of the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design, implementation and maintenance of adequateinternal financial controls, that were operating effectively for ensuring the accuracy and completenessof the accounting records, relevant to the preparation and presentation of the financial statements thatgive 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, which requires that we complywith ethical requirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and thedisclosures 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 dueto fraud or error. In making those risk assessments, the auditor considers internal financial controlrelevant to the Company's preparation of the financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financial controlssystem over financial reporting and the operating effectiveness of such controls. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors, as well as evaluating the overall presentation of thefinancial statements.
B - 46, 3rd Floor, Pravasi Estate, V N Road, Goregaon (E),Mumbai - 400 063.Tel.: +91. 22. 4217 3337 I Email: [email protected]
www.ngsco.in
NGS CHARTEREDACCOUNTANTS
& CO. LLPMUMBAI • INDORE • CHITTORGARH
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, theaforesaid financial statements give the information required by the Companies Act, 2013 in the mannerso required and give a true and fair view in conformity with the accounting principles generallyaccepted in India, of the state of affairs of the Company as at 31 March 2018, and its profit and its cashflows for the year ended on that date.
For NGS& Co. LLPChartered AccountantsFirm Registration No. 119850W
R.P.SoniPartnerMembership No. 104796
Place: MumbaiDate: 24 April 2018
-!
EC International Limited
Balance Sb~et
EQlllTY 'AI''» LIABILi!1Es
Sb...elloldcn''l\Io~'SIwe c'pillliRe'lelW~.od,lIU!pillll
CU1'l'eni.Ib~Uilies,SbOrt-leim-bOrrowinS"Tr.>dcpiiy.bk.,0,1i ... current liilbnl1lesS~on'I""1"PI'Q~L'I_
TOTAL
ASSETS
NOA"'CUtrent I:&ssetlNQ.~urrcnl mvo.o;tn, .. us
Cllm!llt .... 1sCiOO. ""d co.h .quh .. lelll.Short·leon 10"'1 .n,1adv""t."dlhcr'cum:~r~~([lIi
TOTAL
Sigrufic:mt <:.I.cQCunling petiole ....ind nOlc." 10 t]1I! financial st:lU.:mr.:nLtri I &. ~
NOleA.o'
31 March 2018As ut
31.Murth 1017
ld ~.2DU.:<SO fi.21l0.251l2.'2: ll.39UiUS8.9U) (!.S02.665.496)
(~,383,l!53;691j t:!.A96A6$.:l46)
~.~ 3,1158,767.076 2.908.427.986:%,731i560 810.~B2
2.4 155,488.246 29.&~8.:!10:15 5.333 ~.3f1
3,2lli,992,715 2.93~.On.OO5
833,134.024 441.606.7~9
2,6 461l,291,2H .272. ICI{;SII460,291.221 2;2.101;811
1,255,292 67.6~J51,8SS.'l()S 158.142.88719.732.103 n.294.436
37~.lW2,afJ3 170~O4.9-l8
SJ3.JJ4.024 -142.606.759
2.7:U2,Y
201.April 1018
I·1
EC International Limited-
Statement .ofProfit and Loss
(CutrCncy: IlldiilJl rupees)
Ri!~Qilllafrom operations,Inrcre.tincome'InC:OIM frOm lreaSUfy owr;ations
Total reVelill.
E~pen.sesFi~uncitcoslsOthcr"'pens",
TnlDI CXPC:\lS1lS
Pnllitl ~oss} before "'"
TaxcxpCns~CUm:DII~
PI1lI'W(loss) for !he ~r
Ein:niDg5 P.et"ordinary s1wfl', (Fac. value USD1 ""ch)~Basic and dilulctl
Note For the rc"r. ended31Murch l018
2.102.11
lS,032,74J328,159,754
353,192,495
l.12'2.13
228,661,7155,117,507
233,779,222
119,413,273
119,413,273
'As per our repOrtof.even dale Quach.d.
Sit.nificant8CCOUntingpolicicS and notes to me tina.ici.1sta1""";",,, 1&'2
2.16
For NGS '&.Co. LLPChartered AccounlanUFirm RogbtrAliori No.: 11.98S0W
Pann,!"Membership No,: 1047g6Mum~HAlltil2018
---------------_ _ _ .
For Ute yo..,r ended31 M.rch2017
58,125,560
5.8.125.560
243.99.3.3532.483.400
246.476.753
tI8USI.l~3)
(18S.MS.37$l
955.31 (I,~06.7~)
11 and onbehalf of Ih. Board .of Diroclurli
Dlreetor
2.jApril~018
J
EC International Limited
Cash flow S.ialilment
A C"b·n~"(ram operollng .ctivillosProfiIIQ",,,H,.ron: 'M.cionAiQ.:.ltIlllt!nls/vrluu=(e"l'CXJ)en.~ean 100111>bll~n:.~Inl.'qmcun haanl!DJvid~~lJr~m IonS ktm1 inVeJltmf)'IJ
op.....tIn... III llow boC.r. ",.rkil,g .'pilOl <hull,"".-lilJ /(Ut.'fi): 1111j1ll.1;';"'nr.f/t,,..·fI,.kill~c-repira/drcll'.,(C'.f.11'k:I\.'3UIl"i:~rc,A:"I:)in Irldgo ~ll tHhL'fpu)'ublcs .D«msc ill Jonsu,'undudvllncc.;
CO:Jb'u$W·jnopcratiOnJI
InC\)Jn~luc.1JY..idNOt CI$lI·u•• d ill op .... tln~ "l1li1l ... A
D C",h now !'ru.. 1iI'.SllnG D01lTilI..IDv~mle01in orc1Jn~IY!l:h:naof (eilnw !l\ub~idi:u)'Dividend lI:cl.!h'efJ ,rrum lan, I~rmin\'~t~cuQl,.c:m"'iI'ctady;USC:W;: (;ivon tol/n:pllymcUl ,,~ciyc:l(rom i'dlo._',u1><idl.ry.(ncl) (ror.".",. bel,Ow)r.I~;CIIIrccdved
For thoyo.r ended31 Marth 2018
119,413.2~3
2:!8.465.27a125,032.141)
1328.139,754)
cs.m,iI44)
1.923,112884.979
(3.JD5,!l37)
13,JOS'!)37)
(lS1,JZ7.D08)328,159,154
1193.197.500)11,395.074
150,3J9,590(102,807,203 )
47.532,387
1.187,667
67,6251..zs5~92
F,n· Ihe )'eM cnd,,'d~I M.rc:h lO,)7
IIg8"l5I.1~31
l4U18.JDf 5~.115.5('OI
(2,64S.4411)
(1,62&.990)2.~14
(U74.SI6;
14.2;4.8(6)
fi05,J61J3S49.931.318
6S.5.29!.663
[491.1)9.1l67)ml.6.;3,~16)
t7I 8.772.99J)
6S.919.93N
(I.&1"20~)
I.S91;833'&7.625
UAprillQU
C CAobn." froln.n.'udng octh1l1e.Prcx:C:cd5 (rom I (~piyml!nrUr) untiOQurtOIOi1l1lll~1} (referntm: bew\\')"".'l:stp,2Id . .
NCIcash t~n'cmt'cd(rOull (us~dirl) fin~ncinp.5u:th'ilil:s • C
i>
C»k and cuh tq\livakn1s :\S~Ilb~ ~,JnniIiCllf the: yearCn31lD•.~ clS_h,,-q\ll~\'3Ia\L'"i1~:n 1heelhi or \bc )'tur (I\!r'erBOle 2.1)
N.te,J) Net figurri huw bcCII tqJOdC'd OD aCCI)UDIof YQluJllcof trans:a~ISon~.
For ...CS & Co. LLPChP1t,~,'\I "'<OUDI",,"Firm RcsiStr~ti9tl No.: I I98.S0W
~R. P. ,SlinlJ':Utn",MiiIu~cr.rup'Nb.:·11J.I796MUDlboi24AprillOIK
Ee International LimitedNotes to the financial statements for the year ended 31March 2018(Currency: Indian rupees)
1 Significant accounting policies
1.1 Basis of preparation of 'financial statements
The accompanying financial statements are prepared and presented in accordance with IndianGenerally Accepted Accounting Principles ("GAAP") under the historical cost convention, onthe accrual basis of accounting, unless otherwise stated, and comply with the AccountingStandards as prescribed under Section 133 of the Companies Act, 2013 read with Rule 7 of theCompanies (Accounts) Rules, 2014, the provisions of the Companies Act, 2013, (hereinafterreferred to as 'the Act') and the Schedule III to the Act. The financial statements are presentedin Indian Rupees.
The entity being a foreign company, the assets and liabilities for the purpose of preparation ofthese financial statements, are translated into Indian Rupees at the rate of exchange prevailingas at the Balance Sheet date. Further, revenue and expense are translated into Indian Rupees atthe average exchange rate prevailing during the year and the resulting net translationadjustment has been disclosed as "Foreign exchange translation reserve" in "Reserves andsurplus". The same is in compliance with Accounting Standard 11 issued by the Institute ofChartered Accountants of India on "The Effects of Changes in Foreign Exchange Rates".
1.2 Use of estimates
The preparation of the financial statements in conformity with the generally acceptedaccounting principles requires the management to make certain estimates and assumptions thataffect the reported amounts of assets, liabilities, disclosure of contingent liabilities on date ofthe financial statements and reported amount of revenue and expenses during the reportingperiod. The estimates and assumptions used in the accompanying financial statements are basedupon management's evaluation of the relevant facts and circumstances as on the date of thefinancial statements. Actual results could differ from the estimates. Any revision to accountingestimates is recognised prospectively in current and future periods.'
1.3 Current/non-current classification
All assets and liabilities are classified into current and non-current
Assets
An asset is classified as current when it is expected to be realized in, or is intended for sale orconsumption in, the company's normal operating cycle or it is held primarily for the purpose ofbeing traded or it is expected to be realized within 12 months after the reporting date or it iscash or cash equivalent unless it is restricted from being exchanged or expected to be used tosettle a liability for at least 12 months after the reporting date. Current assets include the currentportion of non-current assets. All other assets are classified as non-current.
Ee International LimitedNotes to the financial statements (Continued)(Currency: Indian rupees)
1 Significant accounting policies (Continued)
1.3 Currellt/noll-CU"elit classification (COlltillucd)
LiabilitiesA liability is classified as current when it is expected to be settled in the company's normaloperating cycle or it is held primarily for the purpose of being traded or it is due to be settledwithin 12 months after the reporting date or the company docs not have an unconditional rightto defer settlement of the liability for at least 12 months after the reporting date. Terms of theliability that could, at the option of the countcrparty, result in its settlement by the issue ofequity instruments do not affect its classification. Current liabilities include current portion ofnon-current liabilities. All other liabilities arc classified as non-current.
1.4 Revenue recognition• Interest income is recognised on accrual basis.• Dividend income is recognised when right to receive payment is established
1.5 Impairment of assets
The Company assesses at each balance sheet date whether there is any indication that an assetmay be impaired based on internal/external factors. If any such indication exists, the Companyestimates the recoverable amount of the asset. If such recoverable amount of the asset is lessthan its carrying amount, the carrying amount is reduced to its recoverable amount. Thereduction is treated as an impairment loss and is recognized in the statement of profit and loss.If at the balance sheet date there is an indication that a previously assessed impairment loss nolonger exists, the recoverable amount is reassessed and the asset is reflected at the recoverableamount subject to a maximum of the depreciable historical cost.
1.6 Investments
Investments are classified into non-current investments and current investments. Investmentswhich are intended to be held for one year or more are classified as non-current investmentsand investments which are intended to be held for less than one year arc classified as currentinvestments.
Non-current investments arc carried at cost less other than diminution in value which istemporary, determined separately for each investment.Current investments are carried at lower of cost and fair value. The comparison of cost and fairvalue is done separately in respect of each Investment.
1,7 Cash and Cash equivalentsCash and cash equivalents includes cash in hand, demand deposits with bank and other fixeddeposits with bank with original maturities of three months or less.
Ee International Limited
Notes to the financial statements (conlillued)
O.t5landln, as 11th. bo,ltlQing of Illt)'COrIn.cd dllriltg III: yeArO.woodln, 1111 tlte end orlllo year
As,,' AIDI31 M... ~2018 ~I M."h:1017
6,100,150 6,200,"'0
6.200,lSO 6.200,250
31 M.r.1I1011 n Mareh2017No Gfshores Ampuht NaOrAMRs ,\muunl
IlS,OOO 5,200,250 1lS.1lOO 6,100.2l0
115,000 6,200.250 12S.1lOO 6.100.250
2.1 SImi'll o:apllol
(:I) '"",d, lulJlcribelioad ~.Id uPIIlS,ooo (P... I.... year: 125,000) Ordlnuy ,hor., orUSD I each, rulln.ld-up\Tlle .ad,.shore .. pkulls held byJ!dolwel.. FI.... III So,.Ic•• UmI!ed.tlte holdinscompallY)
(11) ~f... merrt InOrcllnary,hon .. plloldurln,IIlG,....
,.) TernlSlri,hll all.cbod 10Ordll\ll')' sIIi ...
1'beC_ny bas OIIly.ne .Iass ofOnllnuy ,bo... hl.ing.par .. lu. orUSD I .. oh.Bo.h holde, orOniilW)l ,hlmb .n~I"~10... vole per Ihm: h.ld.1.1ho lvoll ofilljuldilio. or III Col1lpOll)'. lit.holdeR or otdl.11}' Ihm.s wPI be cntblCd10 roccl....... 1.10..... 1. or Ih. Compill1Y,lIlI., dl5lribullonor oil pIOrcmtli.1am.unU. 'lb. dlsuibullo. wIDbe In_odio.lo the nWllb.r.fordinory ,b"., held by lbe .llor.boldon,
2.2 Rrnrves and surplus
Porclln cxcban,c translauoD."1Im'C (II 0,853,015) (104,046,307)
Dillich in stllCf1III!nlotptolil and 1055Oponil1'b.I ....Add: p",nll (Lon) f.rlhc rurCID,in,hkneo
(1,J9D,OSB,9~1)
(2.210,170,814)(188,348,375)
(2,398,619,189)
(2,sD2.66H961
(Z,39S.619,189)119.413.173
(2,279,205,916)
----- ---------------------- - . - - - - -
Ee International LimitedNotes to the financial statements (Continued)(Currency: Indian rupees)
1 Significant accounting policies (Continued)
1.8 TaxationTax expense comprises of current tax (i.e. amount of tax for the period determined inaccordance with the applicable income-tax law), deferred tax charge or credit (reflecting the taxeffect of timing differences between accounting income and taxable income for the period).
Current Tax
Provision for current tax is recognised based on estimated tax liability computed after adjustingfor allowances, disallowances and exemptions in accordance with the tax laws applicable.
Deferred taxation
The deferred tax charge or credit and the corresponding deferred tax liabilities and assets arerecognized using the tax rates that have been enacted 01' substantively enacted by the balancesheet date. Deferred tax assets are recognised only to the extent there is reasonable certaintythat the asset can be realised in future; however, where there is unabsorbed depreciation 01'
carried forward loss under taxation laws, deferred tax assets arc recognised only if there is avirtual certainty of realisation of the assets. Deferred tax assets are reviewed as at each balancesheet date and written down or written-up to reflect the amount that is reasonable/virtuallycertain (as the case may be) to be realised.
1.9 Bamingsper share
The Company reports basic and diluted earnings per share in accordance with AccountingStandard 20 - "Earnings Pel' Share" as prescribed under Section 133 of the Companies Act,2013 read with Rule 7 of the Companies (Accounts) Rules, 2014. Basic earnings per share iscomputed by dividing the net profit after tux attributable to the ordinary shareholders for theyear by the weighted average number of ordinary shares outstanding during the year.
Diluted eamings per share reflect the potential dilution that could occur if securities or othercontracts to issue ordinary shares were exercised or converted during the year. Diluted earningsper share is computed by dividing the net profit after tax attributable to the ordinaryshareholders for the year by the weighted average number of ordinary shares considered forderiving basic earnings per share and weighted average number of ordinary shares that couldhave been issued upon conversion of all potential ordinary shares.
1.10 Provisions and contingencies
The Company creates a provision when there is present obligation as a result of a past eventthat probably requires an outflow of resources and a reliable estimate can he made of theamount of the obligation. A disclosure for a contingent liability is made when there is apossible obligation or a present obligation that may, but probably will not, require an outflow ofresources. When there is a possible ohligation or a present obligation in respect of which thelikelihood of outflow of resources is remote, no provision or disclosure is made.
Provisions are reviewed at each balance sheet date and adjusted to reflect the current bestestimate. If it is no longer probable that the outflow of resources would be required to settle theobligation, the provision is reversed.
Contingent assets are not recognised in the financial statements. However, contingent assets arcassessed continually and if it is virtually certain that an economic benefit will arise, the assetand related income are recognised in the period in which the change occurs.
EC International Limited
Notes to tbe financial statements (coliturued)
(Currency: IndianlllPccs)
2.3 Shorl.lenn borrowings
Loon {rom Bdelwel .. FillllllCiolServices Limited • the holdinG company(V4liobleInterest rote at the quarterly average one year government0( india securities yieldranging frem 6.2S% p.a 106.53% p.n (proviells ~C4r:rantling (rom 6.18% p.a 106.90% p.a)IIIld for a tenure of one:,'ClU'from thedale of loan)
Loan frolll Be Global Umi!cd. subsidiary(lnle..,.' ar7.S0?l> p.a (prcvlou. YC4r:7.50% p.•.) ; repayableon demand)
Loon from EAAA LLC, subsidior~(InllIlUl al qUlUlerly average ono month UBOR l'lItesranging from 1.349&p.a10 1.6S'II>p .•(previous :,'ClU': NA) ; repa~.ble on denland)
A•• l31M."'h2018
711.817,666
l,281,905,810
65,044,100
3.058.767,576
AlaI31 March 2017
698,634.761
1.209,793.225
2.908.427.986
EC International Limited
Notes to the flnanelal statements (co/llumed)
(Cwrency: Indian rupees)
Z.4 Other current liabilities
Inlerest accrued but not due on borrowingsWitholding tax payable
Z.s Shert-term provisioDs
Provision for taxation (net of advance tax)
As at Asa!31 Murch 2018 31 March2017
155,486,295 29.828.2201,951
155,488,246 29.828,220
5,333 5,317
5,333 5.317
EC International Limited
Noles to the financial statements (colifirllled)
(Currency: Indi"" IIIpeCS)
2.6 NOh.... rr.nlinYOIlhltn u- 01 ... 1
OU,... (~Dqualod)InYCOblltnllln ooIlnaryshare, or •• bsidl"'l' oumpoai... Mly paid upAslcrCommodiliesDMCC.llubai. UAS (0)EAAA LLC. M.urld"" (0)EPSLlnlemallonal Umlt!d.M.urlllus (0)EC Glob.l Umhed. M.urillu.
InvCltmcnlSin .Ias. D"' ..... of .ub,idiary .ompMic.s, fullypaid upEAM u.c:. Mauridu..(0)
1\J;;I'D8'llC of unqlJOledInvesltllCnl• 1\1 eotrylns VAluc
(') Change in amounl ofinvCStmenlls due 10forei&n cum:ncy I"nll.lion.
Asul ASOI31 March lO18 31 March 2017
Quantlly PIlr'BluC! Amount Qu ..."lty P.rVAluc Alnuunl
JI,OOO AED 1000 194,840.005 11.000 AEDIOOO 194.224.4281,101,001 USDI 71,613,619 1.101.001 USDI 71.387.363100,000 USDI 6,504,410 100,000 USD I 6.413.860
2,500,000 USDI 187,327,008
,S USDI 6,179 95 USDI 6.160
460.Z91,ZZI 272.101.811
460,z91,UI 272.101.811
EC International Limited
Notes to the financial statements (continued)
(Currency: Indian rupees)Aut
31 March 2018As a!
31 March 2017
2.7 Cash and cash equivalents
Balance with bank- in current account 1,255,292 67.625
1,255,292 67.625
2.8 Short.term loans and advances
Unsecured, cOllsideredgoodLoans given to subsidiaries 351,826,919 158.029,419
OlhersPrepaid expenses 28,489 113.468
351,855,408 158.142.6872.9 Other current assets
Interest accrued but not due on loans given 19,732,IU3 12.294.436
19,732,103 12.294,436
EC International Limited
Notes to the financial statements (continued)
(Currency: Indian rupees)
For the year ended31 March 2018
For the year ended31 March 2017
2.10 Interest Income
Interest income• on loans 25,032,741 58,125,560
25,032,741 58.125,560
2,11 Income from trcasury operations
Dividend Cromlong term Investments 328,159,754
328,1511.754
:U2 Finance costs
Interest expense on loan from holding company 45,091,337 179.692.988Interest on loan from fellow subsidiaries 183,373,941 64.135,325Bank charges 196,437 165.040
228,661,715 243.993.353
2.13 Other expenses
Auditors' remuneration (refer note below) 1,213,255 1.000,037Directors fees 866,012 31.275Foreign exchange loss 89,267Legal and professional fees Z,851,S29 1.321.262License:Iees 97,444 130.825
5,117.507 2,483,400
Note:Auditors' remuneration:As auditor 1.099,634 878,874For other services 64,447 61,722For reimbursement of expenses 49.173 59,441
11213,255 1,000,037
Ee International LimitedNotes to the financial statements (Continued)(Currency: Indian rupees)
2.14 Segment reportirzKThe Company has operated only in one business segment during the year viz. capitalbased business comprising of investing in shares, securities and granting of loans.Therefore, the Company has only one reportable business segment, the results of whichare disclosed in the financial statements. Further, there are no geographical segments.Hence, no disclosures are required under Accounting Standard 17 on Segment Reporting.
2.15 Disclosure as required by Accounting Standard 18 - "Related Party Disclosure" asprescribed under Section 133 of tile CompuniesAct, 2013 read with Rule 7 of tileCompanies (AccoulJts) Rules, 2014
(A) Names of related parties by whom control is exercisedEdelweiss Financial Services Limited Holding company
(B) Subsldlarles which are controlled by the CompanyAster Commodities DMCCEFSL International LimitedEMALLCEW India Special Assets Advisors LLCEWlndia Special Opportunities Advisors LLCEW SBI Crossover Advisors LLC (Upto 27 July 2017)EC Global Limited (w.e.f 12Apri12017)
(C) Fellow subsidiaries with whom transactions have taken place during theyear
EC Global Limited CUPlO 11 April 2017)Edelweiss Business Services Limited(Formerly known as Edelweiss Web Services Limited)Edelweiss Finance & Investments Limited
EC International Limited
Notes to the noaDelal statements (Contillued)
(Currency: Indian rupees)
2.15 Disclosure as required by ACCO'IIItillgStalldard 18- "Related ParlYDisclosure" as prescribed under Section 133of tireCompanies Act, 2013 read with Rul» 7 of tIreCompa/ries (AccoulIIs) Rules, 2014 (contlnued}
(D) Transactions and balancc.. with related parties :
Sr.No. Nature ortransaction Related party name 2017·18 2016·17
159,s07 ,333
26,101,200
413,927,028 6,458.866.343346,241,243257,789,630 35.410.06164,447,407
403,058,937 5.851.005.098281,729,764 1.042.877.144257,789,630 35.410.061
5,985,333 737,985,5823.095.R18.482
280,346,222 83.861.998
50,737,9175,985,333 1,430,429.780
3.095.818.48238,085,061
45,091,337 179.692.988178,753,228 64.044.2634,184,017 91.062436,696
58,739 29.560.63619.293.02~
1,099,073 4.142.90123,874,929 5.129.000
3l8,IS9,754
396,352
(1) Capital account transaction. during the year
Investment in ordinary shares of EC Global Umited
Purcbase of ordinary ,bare. or Be Global Limitedfrom Edelweiss finance & Investments Limited
(11) Current account transQctions during the yeur
Short term loans taken from (refer note below)
Short term loans repaid to (refer note below)
Short term loans given to (refer note below)
Edelweiss Finaaclal Services LimitedEC Global LimitedA.tcr Commeditie .•lJMCCUN\t\LLC
F.delwei.. Financial Services LimitedEC Glob.1 LimitedAster Commodities DMCC
t\~terCommodities DMCCsc Glob.1 LimitedEPSL International Limited
Repayment of short term loan.' by (rel"l note below) EAAA LLCAster Comrnoditiex DMCCEC Global LlmltedEI'SI.lnternotionol Limited
Interest paid on loans from
Interest received on loan, given 10
Dividend received on long term iavcstmcnt in
Professional fees paid
Edelweiss Financial Service. LimitedECGlobal UrnitedAster Commodities DMCCEAAAI.I.C
Aster Commodities DMCCEC Global LimitedEAAALLCEI'SL Internntional Limited
Aster Commodities DMCC
Edelweiss Business Services Limited
EC International Limited
Notes to tb.efinancial statements (Contillued)
(Currency:Indianrupees)
(0) Transactions and balances with related parties (Colltinlled):
Sr.No.
Nature of transaction Relaled party name 2017·18 2016·17
(III) Balanceswith relatedparties
Shor1 term borrowings from l!delweiss Financial Services limitedEC Global LimitedBAAALLC
711,817,666 (198,634,7622,281,905,810 2.209.793.22'-
65,044,100
23,874,6!17131,170,859
440,739
167,684
194,840,OOS71,613,6196,504,4JU
187,327,008
351,826,919
19,732,103
8,819,80021,008,420
194,224,42871,387.3636,483.860
6,179 6.160
Other' liabilitiesJnterest eccrued but not due on borrowings from Edelwei .. Financial Services Limited
HeWOOnlLimitedBAAALLC
51.045.729106,983.690
7.l03,9~94.9Q0,497
Trade payable. 10 Edelweiu Business Service.~Limited
Note:Loons given 10AakeRfrom related parties are disclosed based un the maximum Incremental amount givt!u/lilkenduring the reporting periud,
Investments in Ordinary shares of Aster Commodities DMCCBAAALLCEI'SL Internationnl LimitedBC Global Limited
Investments in Class B shares of EMALLC
Short-term loans and advance., given 10 F.AAA I.LC81'SL International Limiled
Other DS.'lC1SAccrued Interest on Jouns given to IlAAALLC
HFSI,lnlernation.J Umiled
;',', "
-,,,,,,;,.;;:,....;::::-;,,,,)'
Ee International LimitedNotes to the financial statements (Continued)(CUrrency: Indian rupees)
2.16 Earningsper share
In accordance with Accounting Standard 20 on Earnings per share notified underSection 133 of the Companies Act 2013, read together with Rule 7 of the Companies(Accounts) Rules, 2014, the computation of earnings per share is set out below:
125,000 125,000
For the yearended
31 March 2018
For the yearcnded
31 March 2017
a) Net amount attributable to ordinary shareholders(as per statement of Pro fit & Loss)
b) Calculation of weighted average number of ordinaryShares ofUSO I each:- Number of shares at the beginningof the year- Shares issued during the year (number of shares
issued)Total number of ordinary shares outstanding at the endof the yearWeighted average number of ordinary shares outstandingduring the year (based on the dale of issue of shares)Nominalvalue per share in usn
c) Basic and diluted earnings per share (in rupees) (alb)
119,413,273 (188,348,315)
125,000 125,000
125,0001
955.31
125,000I
(1.506.79)
The basic and diluted earnings per share are the same as there are no dilutive potentialordinary shares.
2.17 Capitalcommitments and contingent llabtlities
The Company has Rs. Nil (previous year Rs. Nil) capital commitments and contingentliabilities as at the balance sheet date.
2.18 The beneficial owner of the Company has confirmed its intention to provide continuingfinancial support to the Company so .as to enable the Company to continue operating inthe foreseeable future. Accordingly. the financial statements have been prepared on agoing concern basis.
.,
Ee International LimitedNotes to the financial statements (Continued)(Currency, Indian rupees)
1.19 ·PfI1VWuSyear comparaiiies
.Previolls·yenr figures have been regrouped und rClllTllllged whenever necessary.
As per our report of even date·attached.
For NGS & Co.LLPCllarreredACCOll(ltanl;S
Firm Registration No: 1]9SS0W
~~R. P.SOJIiParmerMembershlpNo: ID4796
Oil-ector
24 Apri! 2018
~NuvillAmarnaniDirector