GENERAL INFORMATION
Fervent Synergies Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on the Bombay Stock Exchange in India. The company, during the year under review, continued its food division along with its finance division lending short term funds as and when available with the company, for earning business income in line with continuation of business activities of its amalgamating companies.
The Company has adopted Indian Accounting Standards (Ind AS) as notified by the Ministry of Corporate Affairs with effect from 1st April 2017, with a transition date of 1st April 2016. The adoption of Ind AS has been carried out in accordance with Ind AS 101, First-time Adoption of Indian Accounting Standards. Ind AS 101 requires that all Ind AS standards and interpretations that are issued and effective for the first Ind AS financial statements for the year ended 31st March 2018, be applied retrospectively and consistently for all financial years presented. However, in preparing these Ind AS financial statements, the Company has availed of certain exemptions and exceptions in accordance with Ind AS 101, as explained in notes. The resulting difference, if any, between the carrying values of the assets and liabilities in the financial statements as at the transition date under Ind AS and Previous GAAP have been recognized directly in retained earnings.
1.1 The Company has no information as to whether any of its business associate is covered within the meaning of Section 2 (n) of the Micro, Small and Medium Enterprises Development Act, 2006 as no declarations were received under the said Act from them.
1.2 There is no contingent liability required to be reported.
1.3 Value of Imports calculated on C.I.F. Basis - Traded goods Rs.2.26 crore (Pr. Yr. 33.13 crore)
1.4 Value of imported stores, spares and components consumed during the year - NIL (Pr. Yr. -NIL)
1.5 Expenditure in Foreign Currency Equivalent to - Rs. 3,60,299 (Pr. Yr. - 1,17,614)
1.6 Remittances during year in Foreign Currency for Dividend to Non-Resident Shareholders -NIL (Pr. Yr. - NIL)
1.7 Earnings in Foreign Exchange - NIL (Pr. Yr. - NIL)
1.8 Risk Management
Capital Risk Management - The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the returns to stakeholders. The company has no borrowings, except overdraft facilities.
Financial and liquidity risk management objectives - The Company has a very conservative policy on investing surplus funds. The investments are mainly in fixed deposits with banks and financial institutions.
1.9 During the year under review, the Company has continued its food division business & operates in two reportable segments, as identified in accordance with Ind AS-108: ‘Operating Segments’.
- Foods Business Division - Segment traded in almonds
- Finance Business Division - Segment continues business activities of erstwhile amalgamating companies i.e. Funds lending, Investing in fixed term deposits & similar securities.
1.10 Related Parties Disclosure Key Management Personnel
Vijay P. Thakkar Chairman, Director
Sanjay P. Thakkar Managing Director
Karan V. Thakkar Director, Chief Financial Officer
Ashok P. Gohil Whole Time Director
Rashmi Kumari Company Secretary & Compliance Officer
Other Related Parties:
Posse Investments Pvt. Ltd.
Leeverage Finance & Securities Pvt. Ltd.
Yester Investments Pvt. Ltd.
Hurricane Investment Pvt. Ltd.
Verve Greens Inc.
1.11 As the Company does not carry on any manufacturing activity, information regarding Licensed / Registered Capacity, Installed Capacity is not applicable.
1.12 The figures have been regrouped / rearranged, wherever necessary.
|