| 1 Corporate information:
Specular Marketing & Financing Limited (the Company) is a public
company domiciled in India and has its registered office at Mumbai,
Maharashtra, India. The Company is established with the object of
carrying on the business of marketing, financing and investments
activities.
The Company has its primary listings on BSE Limited in India.
Note 2
The Directors have waived the sitting fees for meetings attended by
them during the year.
Note 3
Based on the information available with the Company, there are no
suppliers who are registered as micro or small enterprises under
"The Micro, Small and Medium Enterprises Development Act, 2006" as
at 31st March, 2015.
Notes to Statement of Profit or Loss
Note 4
Segment Reporting
On applying the definition under 'Accounting Standard 17' for
business segment and geographical segment; the Company has not
identified more than one 'business segment' or 'geographical
segment'.
Note 5
Trade Receivables:
In the opinion of the Board of Directors, the Current Assets, Loans
and Advances pe of the value stated, if realised in the ordinary
course of business of the Company except for the Trade Receivables of
Rs. 50,37,030/- (L/Y Rs. 50,57,332/-) in the Commodity Market
Arbitrage with NSEL through Broking Firm - Motilal Oswal Commodity
Brokers Pvt. Ltd. This entire amount represents the principal amount
receivable and is shown as Trade Receivable remaining outstanding for
a period of more than six months.. As known to the Company and in the
opinion of the Directors, some fraud has taken place with NSEL and the
entire amount has turned out as a stagnant amount having no yield and
/ or recovery of principal amount in any form. The recovery of the
principal amount is coming in parts having very small values. The
Company has been trying through the said Broking firm to recover the
entire amount from the NSEL. However, in view of the available
information on the said fraud, the Company is of the opinion that the
entire amount may not be recovered and accordingly, Provision for
Doubtful Debts to the extent of Rs. 2,52,000/- (L/Y Rs. 2,53,000/-) of
the total amount is made in the current year. The recovery process is
being followed up with the broking firm. It is expected that the
entire amount shall be recovered within a short period. The provisions
for all other known liabilities except as mentioned above are adequate
and are not in excess of what is reasonably necessary.
Note 6
The previous year figures have been regrouped / reclassified, wherever
necessary to conform to the current year presentation.
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