Note 1: Corporate information
The Company was incorporated on 7th March, 2011 as a Private Limited company limited by shares. It was converted in Public Limited company on 16th July 2015. It has its Registered office in Navi Mumbai, Maharashtra, India. The company is engaged in the business of Freight Forwarding, Clearing and Forwarding, Non Vessel Operating Common Carrier and Trading in Containers and related activities. The company offers its services across India and to other countries.
Note 2: Terms/Rights attached to Equity Shares
The Company has only one class of Equity Shares having a par value of Rs. 10/- per share. Each holder of the Equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees and every equity share is entitled to the same rate of dividend.
In the event of liquidation of the company, the holders of the equity shares will be entitled to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.
Note 3: Terms/Rights attached to Share Warrants
5,70,000 share warrants (5,70,000 previous year) issued in previous year were having a right to convert into one equity share of Rs. 10 each at a premium at 28.45._
Note 4: Aggregate Number of Shares issued for consideration other than cash during the five year immediately preceding the reporting date
14,62,430 Equity Shares were issued other than cash in 2013-14.
10,95,590 Equity Shares were issued as bonus shares in the ratio 2:1 in 2014-15.
37,67,640 Equity Shares were issued as bonus shares in the ratio 3:5 in 2017-18.
Note 5:
Term Loan Finance is secured by Hypothecation of Plant & Machinery, Stock and Book Debts Plus Equitable mortgage of Plot No 90, Sector 26, Parsik Hill, CBD Belapur, Navi Mumbai 400614 owned by Pieko Premises Pvt Ltd a company in which one of the director of the company is a director and further secured by Lien on Fixed Deposits with the bank._
Note 6:
Term Loan for Containers are secured by Hypothecation of Containers and Equitable mortgage of company's property situated at 26/27 Arenja Towers Co-Op Hsg Society Ltd., Plot No 49/50/51 sector 11 CBD Belapur, Navi Mumbai - 400614, Shop No.3,16,17 & 18 Everest CHS, Parsik Hill, CBD Belapur, Shop No 12&13 ground floor and Office No B 202 and 203 2nd floor Kukreja Centre Premises Cooperative Housing Society Ltd, Plot No 13, Sector 11, CBD Belapur, Navi Mumbai, standing in the name of two directors and further guaranteed by one of the director in his personal capacity._
Note 7:
The Vehicles loans are secured by hypothecation of Vehicles.
Note 8:
The Working Capital Facility is secured by hypothecation of Capital Goods.
Note 9:
As per Accounting Standard 15 (Revised) " Employee Benefits", the disclosure as defined in the Accounting Standard are given below:
The discount rate is based on the prevailing Market Yields of Indian Government Securities as at the Balance Sheet date for the estimated term of the obligations.
The estimates of future salary increases considered takes into account the inflation, seniority, promotion and other relevant factor.
Note 10:
The Company operates only in one segment viz Non Vessel Operating Common Carrier and hence segment wise reporting in terms of the Accounting standard (AS) 17 "Segment Reporting" issued by the Institute of the Chartered Accountant of India is not applicable.
For Geographical segment the company operates on pan India basis and has business associates/independent agents worldwide and hence the geographical segment is not disclosed separately.
Note 11.
The provisions of the section 135 of Companies Act 2013 in respect of corporate social responsibility have become applicable to the company during the current year. Details of amount pending at the end of the year are as under:
12. Dues to Micro & Small Enterprises
Under the Micro and Small and Medium Enterprises Development Act 2006 (MSMED) which came into force from 2nd October 2006 certain disclosures are required to be made relating to Micro and Small Enterprises the following information is compiled on the basis of the information and records available with the management.
Note 13: Foreign Currency Exposures not covered by Forward Contracts
The Company has entered into any forward contracts during the year for Trade Receivables. Apart Trade Receivables for which forward contract has been entered into the company has foreign currency exposure as at 31st March 2018 as under:
Note 14:
a) Difference of Freight amount collected in Indian Rupees from the consignees and remittances made in foreign currencies are on the basis of information/data exchanged
b) Exchange rate difference on certain transactions settled during the year are net difference of freight amount collected from shippers and remittance made their against.
Note 15:
Period end Balances of payables / receivables of the parties which are subject to confirmation / reconciliation impact of which on the Profit/Loss and on the Assets/Liabilities, if any, is not ascertainable, however, management does not foresee any material differences arising in future.
On reconciliation / settlement of such accounts, resultant short / excess balances are transferred to ‘Sundry balances written off / back accounts’ in the year of reconciliation / settlement.
Note 16:
Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.
Note 17:
Previous years Financial Statements were audited by a firm of Chartered Accountants other than Soman Uday & Co.
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