BAHRAIN FINANCIAL EXCHANGE BSC(C) - 63 moons · These consolidated financial statements were...

BAHRAIN FINANCIAL EXCHANGE BSC(C)

Bahrain Financial Exchange B.S.C. (closed)(under liquidation)

Contents

Page General information 1 Directors’ report 2 Independent auditors' report 3-5 Consolidated statement of financial position 6 Consolidated statement of comprehensive income 7 Consolidated statement of changes in equity 8 Consolidated statement of cash flows 9 Notes to the consolidated financial statements 10-21


- 1 -

General information

Commercial registration : 69910 -1 obtained on 18 September 2008 Directors Lambertus (Lamon) Rutten - Chairman Mehmood Vaid - Director Tawfiq Al Alawi - Director Rajendran Soundaram - Director Arshad Khan (Resigned on 31 August 2017) - Director Registered office : Flat 44, Building 8 Road 1901, Block 319 Manama Kingdom of Bahrain Bankers : Ahli United Bank BMI Bank Auditors : Grant Thornton - Abdulaal P.O. Box 11175 12th Floor, Al Nakheel Tower Seef District, Kingdom of Bahrain


- 2 -

Directors’ report The Board of Directors of Bahrain Financial Exchange B.S.C. (closed) (under liquidation) (the “Company”) and its subsidiary (together the “Group”) presenting the annual report and the audited consolidated financial statements of the Group for the period from 1 April 2017 to 25 November 2017. Principal activities

The Group was engaged in the business of securities and financial instruments exchange and trading system operators. The trading system has became inactive from 1 January 2015 as CBB has not approved for launch of contracts. The Group is currently under voluntary liquidation and there are no principal activities except for the realization of assets and settlement of liabilities. Financial highlights

The total income of the Group for the period from 1 April 2017 to 25 November 2017 was BD17,430 as compared to previous year’s income of BD2,219. The Group has incurred a loss of BD265,017 for the period from 1 April 2017 to 25 November 2017 as compared to loss of BD496,986 in the year 31 March 2017. Allowance of BD5,808 was paid to Members of the Board. Directors

The following served as Directors of the Company during the period ended 25 November 2017:

The Directors take this opportunity to place on record their sincere appreciation to the staff for their loyalty and dedication, which has greatly helped to maintain the reputation of the Group. On behalf of the Board of Directors ______________________ __________________ Lambertus (Lamon) Rutten Rajendran Soundaram Chairman Director 4 February 2018 Manama, Kingdom of Bahrain

Lambertus (Lamon) Rutten - Chairman Mehmood Vaid - Director Tawfiq Al Alawi - Director Rajendran Soundaram - Director Arshad Khan (Resigned on 31 August 2017) - Director


- 6 -

Consolidated statement of financial position

Notes 25 November

2017 31 March

2017

BD BD Assets Current assets Plant and equipment 3 - - Other receivables 4 905 30,183 Cash and cash equivalents 5 236,155 271,342

237,060 301,525

Total assets 237,060 301,525

Equity and liabilities Equity Equity attributable to owners of the parent: Share capital 9 529,057 529,057 Accumulated losses (761,936) (496,938)

(232,879) 32,119 Non-controlling interest 169 188

Total equity (232,710) 32,307

Liabilities Current liabilities Accruals and other payables 6 120,801 128,282 Loan from related party 7 334,636 112,800 Employees’ terminal benefits 8 14,333 28,136

Total liabilities 469,770 269,218

Total equity and liabilities 237,060 301,525

These consolidated financial statements were approved by the Board of Directors on 4 February 2018 and signed on its behalf by:

Lambertus (Lamon) Rutten Rajendran Soundaram Chairman Director

The accounting policies and the notes from pages 10 to 21 form an integral part of these consolidated financial statements.


- 7 -

Consolidated statement of comprehensive income

Notes

Period ended 25 November

2017

Year ended 31 March

2017

BD BD Other income 11 17,430 2,219

Expenses Staff costs (226,083) (305,876) Rent (17,240) (34,767) Other operating expenses 12 (28,735) (106,300) Finance costs (10,389) (52,262)

(282,447) (499,205)

Loss for the period/year transferred to accumulated losses (265,017) (496,986)

Loss for the period/year attributable to: Owners of the parent (264,998) (496,938) Non-controlling interest (19) (48)

(265,017) (496,986)

These consolidated financial statements were approved by the Board of Directors on 4 February 2018 and signed on its behalf by:

Lambertus (Lamon) Rutten Rajendran Soundaram Chairman Director



- 8 -

Consolidated statement of changes in equity

Share

capital Accumulated

losses

Total equity attributable to owners of the

parent

Non-controlling

interest Total

equity

BD BD BD BD BD

At 1 April 2016 27,072,000 (27,772,119) (700,119) 236 (699,883)

Loan transferred to capital (Note 7) 1,229,176 - 1,229,176 - 1,229,176

Accumulated losses written off (Note 9) (27,772,119) 27,772,119 - - -

Loss for the year - (496,938) (496,938) (48) (496,986)

At 31 March 2017 529,057 (496,938) 32,119 188 32,307

At 1 April 2017 529,057 (496,938) 32,119 188 32,307

Loss for the period - (264,998) (264,998) (19) (265,017)

At 25 November 2017 529,057 (761,936) (232,879) 169 (232,710)



- 9 -

Consolidated statement of cash flows


Period ended 25 November

2017

Year ended 31 March

2017

BD BD Operating activities Loss for the period/year (265,017) (496,986) Adjustments for: Provision for employees' terminal benefits 3,754 11,275 Interest income (2,107) (2,025) Reversal of provisions (7,960) - Gain on sale of plant and equipment (6,967) - Finance costs 10,389 52,262

Operating loss before working capital changes (267,908) (435,474) Changes in operating assets and liabilities: Change in other receivables 29,278 (7,553) Change in accruals and other payables (9,910) (22,815) Payments of employees' terminal benefits (17,557) -

Net cash used in operating activities (266,097) (465,842)

Investing activities Proceeds from sale of plant and equipment 6,967 - Interest received 2,107 2,025

Net cash generated from investing activities 9,074 2,025

Financing activities Proceeds from loan from related party –net 221,836 413,600

Net cash generated from financing activities 221,836 413,600

Net change in cash and cash equivalents (35,187) (50,217) Cash and cash equivalents, beginning of the period/year 271,342 321,559

Cash and cash equivalents, end of the period/year 236,155 271,342

Comprises: Cash in hand - 453 Bank balances 36,336 22,537 Short term deposits 199,819 248,352

236,155 271,342


- 10 -

Notes to the consolidated financial statements

25 November 2017

1. Organisation and activities Bahrain Financial Exchange B.S.C. (closed) (the “Company”) (under liquidation) is a closed Joint Stock Company registered in the Kingdom of Bahrain with the Ministry of Industry and Commerce under commercial registration number 69910-1 dated 18 September 2008. The Company’s Ultimate Holding Company is 63 Moons Technologies Limited (Formerly “Financial Technologies (India) Ltd.”) On 18 October 2010, the Central Bank of Bahrain (CBB) issued a license to the Company to operate as an exchange in the Kingdom of Bahrain. The Company was engaged in the business of securities and financial instruments exchange and trading system operators. The Company is currently under voluntary liquidation and there are no principal activities except for the realization of assets and settlement of liabilities. Based on the Board resolution passed on 13th April, 2017, the Board of Directors has decided to surrender the CBB license and dissolve the Company, subject to completing the necessary formalities and obtaining the necessary approvals. On 17th April, 2017 the Company requested the CBB to permit surrender of the CBB license and dissolve the Company. Based on the Extraordinary General Meeting of the Shareholders held on 25th October 2017, the Company ceased its business activities on 25th November 2017. Due to aforementioned reasons, the Company is not considered as a going concern, accordingly the management has assessed the recoverability of the assets and classification of liabilities as deemed necessary and prepared the financial statements on liquidation basis. The Company’s registered office is situated in the Kingdom of Bahrain. The Company has the following subsidiary: Subsidiary Country of

incorporation Ownership interest

Year end Principal activity

BFX Clearing and Depository Corporation B.S.C. (closed) (under liquidation)

Bahrain 99.9% 31 March The Subsidiary is providing settlement, clearing and depository of financial instruments.

The subsidiary is also under liquidation as on the financial position date. 1.1 Matters related to CBB rulebook 6

Below are certain matters related to the provision of CBB rulebook 6 and the actions initiated by the Management to notify the position of the Company: Non-submission of agreed upon procedures report on AML: Trading system has become inactive from 1.1.2015 and therefore, no trading and clearing activity had taken place. As a result of which no payment transactions were happened. Further, the Company neither accepts nor holds money of the clients / customers. The Company deals only with corporate/institutions and does not deal with individuals. Debit and Credit of Money transactions take place only through designated Clearing and Settlement Bank account of the respective Clearing Members and no direct cash transactions are being undertaken. Therefore, there is no risk of money laundering in the business being conducted. Hence, the applicability of AML / CFT in this context is very limited.


- 11 -

Notes to the consolidated financial statements for the period ended 25 November 2017

2. Summary of significant accounting policies 2.1 Basis of preparation

The Group has changed its basis of accounting from the going-concern to the liquidation basis, whereby assets as at 25 November 2017 are presented at estimated realisable value and liabilities, at estimated settlement amounts. The Group’s consolidated financial statements are presented in Bahrain Dinars. All values are rounded to the nearest Bahrain Dinar. 2.2 Statement of compliance

The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and in conformity with the Bahrain Commercial Companies Law and the Central Bank of Bahrain and Financial Industries Law 2006, the capital markets regulations set out in CBB Rulebook Volume 6. 2.3 Standards and amendments not yet effective

Certain new standards, amendments and interpretations to existing standards have been published and are expected to be relevant to the Group but are not yet effective and have not been adopted early by the Group.

IFRS 9, “Financial Instruments” (effective for annual periods beginning on or after 1 January 2018);

IFRS 15, “Revenue from Contracts with Customers” (effective from annual periods beginning on or after 1 January 2018); and

IFRS 16, “Leases” (effective from annual periods beginning on or after 1 January 2019).

2.4 Basis of consolidation

The Group’s consolidated financial statements consolidate those of the parent company and its subsidiary undertaking drawn up to 25 November 2017. Subsidiary is an entity over which the Company has the power to control the financial and operating policies. The Company obtains and exercises control through 99.9% ownership in BFX Clearing and Depository Corporation B.S.C. (closed)(under liquidation). The subsidiary has a reporting date of 25 November 2017. All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group. Non-controlling interests, presented as part of equity, represent the portion of the subsidiary’s profit or loss and net assets that is not held by the parent Company. The Group attributes total comprehensive income or loss of subsidiary between the owners of the parent and the non-controlling interests based on their respective ownership interests.


- 12 -

Notes to the consolidated financial statements for the period ended 25 November 2017 2.5 Plant and equipment

Items of plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. The cost of the plant and equipment includes the cost of bringing them to their present location and condition. The cost of replacing part of an item of plant and equipment is recognised in carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. All other costs are recognised in the consolidated statement of comprehensive income as expenditure incurred. Depreciation is recognised on a straight-line basis to write down the cost less estimated residual value of plant and equipment. The estimated useful lives of plant and equipment for the depreciation purpose are as follows: Gains or losses arising on the disposal of plant and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognised in the consolidated statement of comprehensive income. If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of an asset, the depreciation of that asset is revised prospectively to reflect the new expectations. 2.6 Impairment of assets

The carrying amount of the Group’s assets is reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset exceeds it’s estimated recoverable amount. Recoverable amount is higher of fair value less cost to sell and value in use. All impairment losses are recognised in the consolidated statement of comprehensive income. Impairment losses are reversed only if there is an indication that the impairment loss may no longer exist and there has been change in the estimates used to determine the recoverable amount. 2.7 Cash and cash equivalents

For the purpose of consolidated statement of cash flows, cash and cash equivalents comprise of cash in hand, bank balances and short term deposits. 2.8 Provisions

Provisions are recognised by considering an obligation of the Group as on date resulting from past events, and where it is probable that such obligation will result in outflow of economic resources and amount can be reliably estimated.

Furniture and fixtures 5 years Computer and other equipment 5 years Software and licenses 5 years


- 13 -

Notes to the consolidated financial statements for the period ended 25 November 2017 2.9 Employees’ terminal benefits

Employees’ terminal benefits and entitlements to annual leave, holiday, air passage and other short term benefits are recognized as they accrue to the employees. The Group contributes to the pension scheme for Bahraini nationals administered by the General Organisation for Social Insurance in the Kingdom of Bahrain. The Group’s share of contribution to this funded scheme which is defined contribution scheme under IAS-19 - Employee benefits, is recognised as an expense in the consolidated statement of comprehensive income. The expatriate employees of the Group are paid leaving indemnity in accordance with the provisions of the Bahrain Labour Laws for private sector 2012, based on length of service and final salary. Provision for this, which is unfunded and which represent a defined benefit plan under IAS-19 has been made by calculating the notional liability had all employees left at the reporting date. The provision is classified as a non-current liability in the consolidated statement of financial position. 2.10 Other income

Other income is recognised on an accrual basis or when the Group’s right to receive payment is established. 2.11 Foreign currency transactions

Transactions in foreign currencies are translated into Bahraini Dinars and recorded at the appropriate rates of exchange prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Bahraini Dinars at the exchange rates prevailing at the consolidated financial position date. The resultant exchange gains and losses are recognized in the consolidated statement of comprehensive income. 2.12 Financial instruments

Financial assets and liabilities are recognized when the Group becomes a party to the contractual provisions of the financial instruments. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires. Financial assets and financial liabilities are measured initially at fair value plus transactions costs, except for financial assets and financial liabilities carried at fair value through profit or loss, which are measured initially at fair value. Financial assets and liabilities are measured subsequently as described below: a. Financial assets

For the purpose of subsequent measurement, financial assets are classified into the following categories upon initial recognition:


- 14 -

Notes to the consolidated financial statements for the period ended 25 November 2017 Loans and receivables. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial recognition these are measured at amortised cost using the effective interest method, less provision for impairment. Discounting is omitted where the effect of discounting is immaterial. The Group’s cash and cash equivalents and other receivables fall into this category of financial instruments.

b. Financial liabilities

Financial liabilities are measured subsequently at amortised cost using the effective interest method, except for financial liabilities held for trading or designated at fair value through profit or loss, that are carried subsequently at fair value with gains or losses recognised in the consolidated statement of comprehensive income. The Group’s financial liabilities include accruals and other payables and loan from related party.

2.13 Contingencies

Contingent liabilities are not recognized in the consolidated financial statements but are disclosed when the possibility of an outflow of economic resources embodying economic benefits is improbable or remote. Possible inflows of economic benefits to the Group that do not meet the recognition criteria of an asset are not considered contingent assets.

2.14 Significant accounting judgments and estimates

The Group’s consolidated financial statements prepared under IFRS require the Group to make judgments and estimates that affect the amounts reported in the consolidated financial statements and related notes. Future events may occur which may cause the judgments and assumptions used in arriving at the estimates to change. The effects of any change in judgments and estimates are reflected in the Group’s consolidated financial statements as they become reasonably determinable.

a. Judgments

Judgment and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The following are significant management judgements in applying the accounting policies of the Group that have the most significant effect on the consolidated financial statements.

Leases. In applying the classification of leases, management considers its office leases as operating lease arrangement since the substantial risks and rewards incidental to ownership are not passed to the Group.

b. Use of estimates

The key assumptions concerning the future and other key sources of estimation uncertainty at the financial position date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are discussed below.

Useful lives of depreciable assets. Management reviews the useful lives of depreciable assets at each reporting date. At 25 November 2017, management assesses that the useful lives represent the expected utility of the assets to the Group. The carrying amounts are analysed in Note 3. Actual results, however, may vary due to technical obsolescence.


- 15 -


3. Plant and equipment

Furniture and

fixtures

Computer and other

equipment Software and

licenses

25 November 2017 Total

31 March 2017 Total

BD BD BD BD BD Cost At 1 April 58,872 491,410 11,733,289 12,283,571 12,283,571 Disposals (13,110) (18,723) - (31,833) -

At 25 November / At 31 March 45,762 472,687 11,733,289 12,251,738 12,283,571

Accumulated depreciation At 1 April 58,872 491,410 11,733,289 12,283,571 12,283,571 Disposals (13,110) (18,723) - (31,833) -

At 25 November / At 31 March 45,762 472,687 11,733,289 12,251,738 12,283,571

Net book value At 25 November 2017 - - - - -

At 31 March 2017 - - - - -

4. Other receivables

25 November

2017 31 March

2017 BD BD Prepayments - 22,165 Rent deposit 300 7,672 Other receivable 605 346

905 30,183

All amounts are short term. The net carrying value of other receivables is considered a reasonable approximation of fair value at the consolidated financial position date. The age of other receivables past due but not impaired are disclosed in Note 15(e).


- 16 -


5. Cash and cash equivalents

25 November

2017 31 March

2017 BD BD Cash in hand - 453 Bank balances 36,336 22,537 Short term deposits 199,819 248,352

236,155 271,342

There are no restrictions on bank balances at the time of approval of the consolidated financial statements. Short term deposits are placed with the Company’s bankers, earn interest rate of 1.31% (31 March 2017: 1.70%) per annum and maturing on 11th January 2018.

6. Accruals and other payables

25 November

2017 31 March

2017 BD BD Accruals 45,107 13,528 Margin money from members 5,525 39,688 Interest payable to related party 62,650 52,258 Leave salary 6,766 20,299 Other payables 753 2,509

120,801 128,282

The carrying values of accruals and other payables are considered to be reasonable approximate of fair value at the consolidated financial position date.

7. Loan from related party

25 November

2017 31 March

2017 BD BD FT Group Investments Private Limited 334,636 112,800

During the year ended 31 March 2017, loan and interest payable in the amount of BD1,229,176 was converted to share capital. Loan from related party is unsecured, bears interest at the rate of 6% and has no fixed repayment terms.


- 17 -


8. Employees’ terminal benefits

The movement in leaving indemnity liability applicable to expatriate employees is as follows:

25 November

2017 31 March

2017 BD BD At 1 April 28,136 16,861 Provision for the year 3,754 11,275 Payment during the year (17,557) -

At 25 Nov / At 31 March 14,333 28,136

The number of staff employed by the Group as at 25 November 2017 was 3 (31 March 2017: 12).

9. Share capital

The share capital of the Company comprises of 1,407,066 authorised, issued and fully paid up shares of BD0.376 (USD 1) each.

Number

of shares % Amount

BD Financial Technologies Middle East DMCC 121,276 8.62 45,600 FT Group Investments Private Limited 1,285,790 91.38 483,457

1,407,066 100 529,057

During the year ended 31 March 2017, loan of BD1,229,176 was converted to share capital (Note 7). In addition, the accumulated losses of BD27,772,119 was written off by reducing the share capital. Hence, the share capital was reduced to BD529,057.

10. Statutory reserve

Under the provisions of the Bahrain Commercial Companies Law, an amount equivalent to 10% of the Company’s profit for the year before appropriations is required to be transferred to a non-distributable reserve account up to a minimum of 50% of the issued share capital. No transfer has been made to this reserve during the period as the Group has incurred a loss (31 March 2017: Nil).

11. Other income

25 November

2017 31 March

2017 BD BD Reversal of provisions 7,960 - Gain on sale of plant and equipment 6,967 - Interest income on short term deposits 2,107 2,025 Other income 396 194

17,430 2,219


- 18 -


12. Other operating expenses

25 November

2017 31 March

2017 BD BD Legal and professional charges 8,603 42,352 Director's allowance 5,808 8,737 IT support expenses 4,019 32,169 Telephone and internet 3,039 7,983 Travel expenses - 2,298 Others 7,266 12,761

28,735 106,300

13. Related party transactions The Group’s related parties include its Shareholders, Directors, their close relatives and businesses under their control. The Group’s transactions with related parties are in the ordinary course of business. The balances with related parties at the financial position date have been separately disclosed in the consolidated financial statements. The following are the related party transactions:

Name of related party Nature of relationship Nature of transactions 25 November 2017

BD

31 March 2017

BD FT Group Investments Private Limited Shareholder Interest expense 10,389 52,262

The total salary paid to Director and other members of key management from 1 April 2017 to 25 November 2017 (including salaries and benefits) was BD26,250 (31 March 2017: BD57,750).

14. Commitments The Group had office under non-cancellable operating lease, future minimum operating lease payments are as follows:

31 March

2017 BD Within one year 24,930


- 19 -


15. Financial risk management objectives and policies

The Group’s principal financial instruments comprise of cash and cash equivalents, other receivables, loan from related party, and accruals and other payables. The main risks arising from the Group’s financial instruments are interest rate cash flow risk, liquidity risk, foreign currency risk and credit risk. The Board of Directors approves policies for managing each of these risks, which are summarized below. a. Cash flow interest rate risk

The Group's policy is to minimize interest rate cash flow risk exposures on long-term financing. The Group is not exposed to the risk for changes in market interest rates since the Group has fixed interest earning short term deposits and fixed interest bearing loan from related party. b. Liquidity risk

Liquidity risk is the risk arising from the Group not being able to meet its obligations. The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of cash and cash equivalents. The following table shows the maturity profile of financial liabilities as at 25 November 2017:

Particulars Due within

1 year

BD Accruals and other payables 114,035 Loan from related party 334,636

448,671

The following table shows the maturity profile of financial liabilities as at 31 March 2017:

Particulars Due within

1 year

BD Accruals and other payables 107,983 Loan from related party 112,800

220,783


- 20 -

Notes to the consolidated financial statements for the period ended 25 November 2017 c. Foreign currency risk

The Group’s primary exposure to the risk in changes in foreign currency relates to the transactional currency exposures. Such exposure arises when the transaction is denominated in currencies other than the functional currency of the operating unit or the counterparty. The Group manages this risk by maintaining foreign currency bank accounts, which are used for foreign currency transactions to minimize impact of foreign exchange differences. d. Credit risk

Credit risk is the risk that a counterparty fails to discharge an obligation to the Group. The Group transacts only with recognized, creditworthy third parties. The table below shows the gross maximum exposure to the Group’s credit risk, without considering the effects of collateral, credit enhancements and other credit risk mitigation techniques as at 31 March:

25 November

2017 31 March

2017 BD BD Other receivables 905 8,018 Bank balances 36,336 22,537 Short term deposits 199,819 248,352

237,060 278,907

e. Credit quality per class of financial asset

The Group continuously monitors defaults of other counterparties, identified either individually or by group, and incorporates this information into its credit risk controls. Where available at reasonable cost, external credit ratings and/or reports on other counterparties are obtained and used. The Group’s policy is to transact only with creditworthy counterparties. The Group’s management considers that all the above financial assets that are not impaired or past due for each of the reporting dates under review are of good credit quality. The table below shows the age analysis of the Group’s financial assets as at 25 November 2017.

Particulars

Neither past due nor

impaired

BD Other receivables 905 Bank balances 36,336 Short term deposits 199,819

237,060


- 21 -

Notes to the consolidated financial statements for the period ended 25 November 2017 The table below shows the age analysis of the Group’s financial assets as at 31 March 2017.

Particulars

Neither past due nor

impaired

BD Other receivables 8,018 Bank balances 22,537 Short term deposits 248,352

278,907

16. Capital management policy The Group is under voluntary liquidation. The current objective of the Group is to realise its assets, settle its liabilities and distribute the proceeds to its Shareholders.

17. Post-reporting date events Subsequent to the financial position date, the major shareholder – FT Group Investments Private Limited, has waived the loan payable of the Company in the amount of BD334,636 and accrued interest of BD62,650 in order to facilitate liquidation of the Company. No other adjusting or significant non-adjusting events have occurred between the reporting date and the date of authorization.

18. Comparative figures The consolidated financial statements for period ended 25 November 2017 which are for eight months are not comparable with the prior year ended 31 March 2017. However, the comparative figures for the previous year have been reclassified/re-arranged wherever necessary to conform with the presentation in the current period’s consolidated financial statements.

BAHRAIN FINANCIAL EXCHANGE BSC(C) - 63 moons · These consolidated financial statements were...

Documents

Transcript of BAHRAIN FINANCIAL EXCHANGE BSC(C) - 63 moons · These consolidated financial statements were...