14.2 Rights, preferences and restrictions attached to the equity shares -
a) Right to receive dividend as may be approved by the Board of Directors/Annual General Meeting.
b) The Equity Shares are not repayable except in the case of a buyback, reduction of capital or winding up in terms of the provisions of the Companies Act, 2013.
c) Every member of the Company holding equity shares has a right to attend the General Meeting of the Company and has a right to speak and on a show of hands, has one vote if he is present in person and on a poll shall have the right to vote in proportion to his share in the paid-up capital of the Company.
16.1 Secured Term Loan from Banks referred above are secured by way of hypothecation of Motor Cars and Land and Structure of Bangalore Warehouse.
16.2 Previous Year Secured Term Loan from Other Financial Institute referred above is secured by 10 Flats located at Bangalore.
19.1 Working Capital Loans From Banks :
Secured by :
Pari Passu Hypothecation charges on all the present & future book debts (upto 120 days) and movable assets except those as statutorily earmarked and those acquired under hire purchase agreement.
Collateral Security -
- Equitable Mortgage of following properties owned situated at Mumbai and Thane.
1) Unit No. 601 to 608 & 611 of The Avenue, Andheri, Mumbai.
2) Office No. 101 to 105 of Parijat Garden Commercial Complex, Thane.
3) Shop No. F/3/008/Ground Floor of EFF Jumbo CHS Ltd., Andheri, Mumbai.
4) Unit No. 31, Ground Floor of Adarsh Industrial Estate, Andheri, Mumbai.
19.2 Working Capital Loans From Other Financial Institutions secured by shares and securities held as investments.
19.3 Current Maturities of Term Loan Liabilities are secured, refer Note No. 16.1 and Note No. 16.2.
32. Corporate Social Responsibility Expenditure :
As required by Section 135 of Companies Act, 2013 and Rules therein, a Corporate Social Responsibility Committee has been formed by the Company. The Company is not liable under the Act for contribution towards CSR in the FY 2023 - 24 and PY 2022 - 23. Hence no amount is spent during the year towards Corporate Social Responsibility (CSR) for activities listed under schedule VII of the Companies Act, 2013.
34. Contingent Liabilities :
i. Estimated amount of contracts remaining to be executed on capital expenditure and not provided for as on 31st March, 2024 ' 25.00 Lakhs (Previous Year ' Nil).
ii. Counter guarantees given to Banks against credit facilities ' 353.15 Lakhs (Previous Year ' 353.15 Lakhs).
iii. Claims against the Company not acknowledged as debts ' 575.29 Lakhs (Previous Year ' 599.29 Lakhs).
iv. Income Tax appeal has been filed for AY 2021-22 against the demand of ' 10.00 Lakhs with CIT(A). GST appeal has been filed with Appellate Authority - Delhi for the demand of ' 89.74 lakhs for the FY 2017-18 and ' 5.07 lakhs for the FY 2018-19, and Appellate Authority- Madhya Pradesh for the demand of ' 21.62 lakhs for the FY 2017-18.
35. Trade Receivable against whom the Company has filed the legal suits for recovery are being reviewed by the legal department on year-to-year basis. The management is hopeful of recovery of these amounts.
36. Classification of Trade Receivable as secured and Trade Receivable / Loans and Advances as unsecured considered good are as evaluated and certified by the management.
37. Balances of Trade Receivables are based on acknowledgement of bills by the parties.
38. Other Loans and Advances under Long Term Loans & Advances includes Inter Corporate Deposits aggregating to ' 128.27 Lakhs (Previous Year ' 128.27 Lakhs) due from certain Companies. Having regards to the long-term association with these Companies, the management is of the view that no provision is considered necessary on these accounts.
39. Segment Reporting :
The Revenue is derived from multiple sources, however, the broad classification of revenue is done as under:
a) Co-loading of Air Freight is 99% of Total Revenue.
b) Others is 1% of Total Revenue, this includes (Membership and Subscription on Gym Service, Sale of Health related Supplements and Rent from Warehouse Services on Properties etc.).
40. Related Party Disclosures :
Related Parties have been classified as per Ind AS 24 as under:
A) Enterprises that directly or indirectly through one or more intermediaries, control, or are controlled by, or are under common control with, the reporting enterprise.
None
B) Individuals owning directly or indirectly an interest in the voting power of the reporting enterprise that gives them significant influence over the enterprise and relative of such individual.
Mr. Asgar S. Patel and his relatives as defined by the Act.
C) Key Management Personnel and Relatives of such personnel and his relatives as defined by the Act.
Mr. Mahesh Fogla
Ms. Jasmin Lalla (till 01.12.2023)
Mr. Vikas Porwal (w.e.f.01.12.2023)
Mr. Deepak Keni Mr. Avinash Paul Raj
i. The godown deposit is treated as property deposit pending final outcome of application filed by the Company for repossession in the Court of Additional Rent Controller, Central District, Tiz Hazari Court, New Delhi.
ii. There are no provisions for doubtful debts or amounts written off or written back during the year for debts due from or to related parties.
41. Current assets, loans and advances have a value of at least equal to the amounts shown in the Balance Sheet, if realised in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of amount considered reasonably necessary. There are no contingent liabilities other than those stated in Note No. 34.
42. The impact for adoption for IND-AS 116 in the Company's financial statements is not material as the Company has not entered into a long term lease agreement and the amount of lease rent paid is not of high value. However, the management will continue to assess its impact every year and account for the same, if required, as per IND-AS 116.
43. Deferred Tax Assets have been accounted on the basis of reassessment of previously unrecognized Deferred Tax Asset to be recovered.
45. Contingency Reserve:
During the year, the Company has transferred ' 7 Crores from General Reserve to Contingency Reserve for the purpose of unforeseen losses including Bad Debts etc. and have transferred amount of ' 395 Lakhs in Profit and Loss statement.
* During the year the Company has transferred unclaimed/unpaid dividend outstanding for more than 7 years amounting to Rs 4.35 lakhs to Investor Education and Protection Fund A/c under Section 124(5) and Section 125(2) ( C ) of the Companies Act,2013.
48. Right Issue :
i. During the previous year the balance call money of ' 108.76 Lakhs @ ' 7.50 per share as per the terms of the right issue was called from the eligible shareholders as on the record date. Balance call money was not paid by 3759 shareholders holding 14,50,177 shares. Accordingly, application money paid by these shareholders amounting to ' 36.25 Lakhs @ ' 2.50 per share were forfeited during the year as per approval received on April 10, 2023 as per the terms of the Right Issue.
ii. During the previous year the Company has received ' 28.91 Crores against Rights Issue towards First and Final call money @ ' 7.50 per share. ' 2.81 Crores has been utilised towards payment of right issue expenses and general corporate purposes and the amount of ' 26.06 Crores is utilised for reducing debt and thereby saving interest cost. ' 0.04 Crores which is unspent is paid during the current year towards creditors against right issue expenses.
49. Previous year's figures are regrouped/restated wherever required.
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