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v2.4.0.6
Financial Instruments
6 Months Ended
Sep. 30, 2012
Fair Value Disclosures [Abstract]  
Financial Instruments
3.   Financial Instruments

 

The Company has designated its cash as held-for-trading; loan receivable, as loans and receivables; and accounts payable, accrued liabilities, loan payable and amounts due to related parties, as other financial liabilities.

 

  (a) Fair value

 

The fair values of the Company’s cash, loan receivable, accounts payable, accrued liabilities, loan payable and amounts due to related parties approximate their carrying values due to the short-term maturity of these instruments.

 

  (b) Credit risk

 

Credit risk is the risk of potential loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations. The Company’s financial asset that is exposed to credit risk is cash, which is minimized to the extent that it is placed with a major financial institution. Concentration of credit risk exists with respect to the Company’s cash as all amounts are held at a single major American financial institution.

 

  (c) Translation risk

 

The Company’s functional currency is the US dollar. The Company translates transactions in foreign currencies into US currency using rates on the date of the transactions. Translation risk is considered minimal as the Company does not incur any significant transactions in currencies other than US dollars.

 

  (d) Interest rate risk

 

The Company is not exposed to significant interest rate risk due to the short-term maturity of its monetary current assets and liabilities.

 

  (e) Liquidity risk

 

Liquidity risk is the risk that the Company will encounter difficulty in satisfying its financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows from operations and anticipated investing and financing activities. At September 30, 2012, the Company had accounts payable of $25,906 (2011 - $30,984), which are due within 30 days or less. The Company’s loan payable of $275,030 (2011 - $nil) and due to related parties of $263,274 (2011 - $152,457) have no specific terms of repayment.

 

As at September 30, 2012, accrued liabilities consist of accounting fees of $3,000 (2011 - $5,500).