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Notes to Accounts of Asis Logistics Ltd.

Mar 31, 2015

AA: Deferred Tax Asset :

On the consideration of prudence and in the absence of virtual certainty of sufficient future taxable income, the deferred tax asset has not been recognised.

AB: Related Party Disclosures:

I) Key managerial personnel: 1. Kailash Biyani - Promoter (upto March 12, 2014)

II) Relatives of KMP: 1. Kishor Mohatta

AD: During the year, pursuant to the notification of Schedule II to the Companies Act, 2013 with effect from April 1, 2014, the Company revised the estimated useful life of some of its assets to align the useful life with those specified in Schedule II. Further, assets individually costing Rs. 5,000/- or less that were depreciated fully in the year of purchase are now depreciated based on the useful life considered by the Company for the respective category of assets. The details of previously applied rates / useful life are as follows:

Pursuant to the transition provisions prescribed in Schedule II to the Companies Act, 2013, the Company has fully depreciated the carrying value of assets (determined after considering the change in useful life of assets), net of residual value, where the remaining useful life of the asset was determined to be nil as on April 1, 2014, and has adjusted an amount of Rs. 8.38 mn against the opening Surplus balance in the Statement of Profit and Loss under Reserves and Surplus.

The depreciation expense in the Statement of Profit and Loss for the year is lower by Rs. 4.34 mn consequent to the change in the useful life of the assets.

AC. Lease:

The Company has significant operating leases for office premises and go downs. These lease arrangements range for a period between 11 months to 60 months with cancellable clause of 2-3 months.

The aggregate lease rentals payable are charged as Rent in Note V aggregating Rs. 2.10 mn (Previous Year Rs 2.54 mn).

AD. Dues to Micro, Small and Medium Enterprises as per MSMED Act, 2006.

The Company, has during the period, not received any intimation from any of its suppliers regarding their status under the said Act. Based on the above facts, management has decided that none of them are registered under the Said act and hence disclosures, if any, relating to amounts unpaid as at the year end along with interest paid/payable have not been given.

AE. Dues to Micro, Small and Medium Enterprises as per MSMED Act, 2006.

Trade Receivable include 177.07 mn that are outstanding for a period of more than one year. The company is actively pursuing for the reconciliation and recovery of these debts and based on its relationships with these parties expects to recover the outstanding amounts. Accordingly, no provision is considered at this stage.

AF. On 12 March 2105, the Board has approved the sub division of equity shares from Rs 100/- each to Rs 1/- each. The Shareholders have approved the same, through postal ballot on 24 April 2015. The Company is in process of completing the formalities related to BSE.

AG. The preference shares are redeemable after end of 3 years and before the end of 10 years from the date of issue. The management is of the view that these preference shares will be redeemed from fresh issue of capital and accordingly the reserve has not been created.

AH. Previous years figures have been regrouped/reclassified wherever necessary to conform current years classification.


Mar 31, 2014

1 a. Terms/right attached to Equity shares

The company has only one class of equity shares having par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends only in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. The gratuity and leave encashment has not been provided in the books of account, however the amount will be paid at the time of settlement.

3. Contingent Liabilities:

The Company does not have any Contingent Liabilities at the end of the year.

4. In the opinion of Board of Directors the Current Assets, Loans & Advances are approximately of the value stated if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of amount reasonably necessary.

5. Lease:

"The Company has significant operating leases for office premises and godowns. These lease arrangements range for a period between 11 months to 60 months with cancellable clause of 2-3 months. The aggregate lease rentals payable are charged as Rent in Note V aggregating Rs. 2.54 mn (Previous Year Rs 0.2 mn)."

6. The Compnay has filed for merger of logistic division from ASIS India Infrastructure Limited (AIIL).

The Bombay Stock Exchange has granted its No-Objection to the Scheme of Arrangement vide its Letter dated May 9, 2012. The Scheme of Arrangement has been approved by Hon''ble High Court of Bombay and Hon''ble High Court of Gujarat . The Appointed date for the demerger is April 1, 2011 and the scheme is effective from 10 September 2013. As per the order, all the assets and liabilites as on April 1, 2011 of logistic division of AIIL has been transferred to ALL, and the consideration has been paid in terms of Equity and Preference shares. The goodwill arised on account of the excess of consideration over the net assets has been amortised over the period of 10 years w.e.f. April 1, 2011. The impact related to profit and loss for last two years i.e. year ended March 31, 2012 and 2013 has been considered in the opening retained earnings of ALL.

7. Dues to Micro, Small and Medium Enterprises as per MSMED Act, 2006.

The Company, has during the period, not received any intimation from any of its suppliers regarding their status under the said Act. Based on the above facts, management has decided that none of them are registered under the Said act and hence disclosures, if any, relating to amounts unpaid as at the year end along with interest paid/payable have not been given.

8. The name of the Company has changed from Paraan Limited to Asis Logistic Limited to Asis India Infrastructure Limited with effect from September 27, 2013.

9. Trade Receivable include 137.45 mn that are outstanding for a period of more than one year. The company is actively pursuing for the reconciliation and recovery of these debts and based on its relationships with these parties expects to recover the outstanding amounts. Accordingly, no provision is considered at this stage.

10. The preference shares are redeemable after end of 3 years and before the end of 10 years from the date of issue. The management is of the view that these preference shares will be redeemed from fresh issue of capital and accordingly the reserve has not been created.

11. Employees Benefits

The disclosures as required as per the revised AS-15 (Revised 2005) are as under:

(A) Other Long-term Employee Benefits

The liability for Compensated absences as at the Year end is Rs. 1 mn

12. The accounts of previous year were audited by another Auditor and opening balances are as per such accounts.

13. The previous years numbers are not comparable as explained in point AD.

14. Previous years figures have been regrouped/reclassified wherever necessary to conform current years classification.

The accompanying notes A to AN are an integral part of the financial statements


Mar 31, 2013

1) The Board of Directors of the Paraan Limited ("Paraan” or "the Company"), on January 19, 2012 announced and approved a Scheme of Arrangement (''the Scheme'') between the Company and ASIS Logistics Limited (''ALL") and their respective shareholders and creditors pursuant to Sections 391 to 394 and other applicable provisions of the Companies Act, 1956. As per the Scheme, the Logistics Business of ALL shall be demerged into Paraan Limited.

The Bombay Stock Exchange has granted its No-Objection to the Scheme of Arrangement vide its Letter dated May 9, 2012. The Company filed the Scheme of Arrangement with the Hon''ble High Court of Bombay and Hon''ble High Court of Gujarat for the approval. The Appointed date for the proposed restructuring is April 1, 2011 and the Scheme shall be effective when the certified copies of the High Court Orders are filed with the Registrar of Companies, which is still pending. Accordingly no effect of the Scheme has been given in these financial statements for the year ended March 31, 2013.

2) During the year, the Company has converted 2600 warrants into 2600 equity shares of Rs. 100 each at Rs. 1800 per share out of application money received for 26,000 warrants. As per the request of the warrant holder the application money received against 23,400 warrants has been forfeited by crediting capital reserve.

3) The auditors continued to rely on the representations received from Management that they are actively considering the options of reviving the company and other business models. Accordingly the accounts are prepared on the Going Concern basis.

4) Credit balances of creditors as also the Loans and Advances are shown as appearing in the accounts and are subject to confirmation.

5) Diminution in the value of unquoted shares being Non-Current Investments is considered to be of permanent nature by the management and hence provision of Rs.7,000/- (Previous Year Rs. Nil) has been made as on 31st March, 2013.

6) The company is not liable for any employee benefits and the same has not been provided for.

7) Borrowing Cost:

"NIL” amount of borrowing cost is capitalized during the year.

8) In the opinion of the Board, all the Current Assets, Loans and Advances are approximately of the values stated, if realized in the ordinary course of business.

9) Related Party Transactions: The following related party transactions were carried out during the reporting period:

10) The company has discontinued the business of providing Marketing Services. In the absence of business activity, there is no reportable segment as per the guiding principles given in Accounting Standard on Segment Reporting (AS-17).

11) Contingent Liabilities:

There is no contingent liability as on the date of balance sheet.

12) The Company, as on March 31, 2013, has deferred tax assets, primarily representing carry forward of losses and unabsorbed depreciation. In the absence of virtual certainty that sufficient future taxable income would be available against which deferred tax assets can be realized, the Company has not recognized the deferred tax asset as on March 31, 2013.

13) The Company has not appointed company secretary throughout the year under review, according to the provision of Sec 383 A (1) of the Companies Act, 1956 due to the unavailability of Company Secretary. The Company has written a letter to the Institute of Company Secretaries of India for giving the names of suitable candidate for appointment of Company Secretary of India. However company has continued to avail services of practicing company secretary.

14) Previous year''s figures have re-grouped and re-arranged wherever necessary.


Mar 31, 2012

1) The Board of Directors of the Paraan Ltd ("Paraan" or "the Company"), on January 19, 2012 announced and approved a Scheme of Arrangement ('the Scheme') between the Company and ASIS Logistics Limited ("ALL") and their respective shareholders and creditors pursuant to Sections 391 to 394 and other applicable provisions of the Companies Act, 1956. As per the Scheme, the Logistics Business of ALL shall be demerged into Paraan Ltd.

The Bombay Stock Exchange has granted its No-Objection to the Scheme of Arrangement vide its Letter dated May 9, 2012. We are in the process of filing the Scheme of Arrangement with the Hon'ble High Court of Bombay and Hon'ble High Court of Gujarat for the approval of the Scheme. The Appointed date for the proposed restructuring is April 1, 2011 and the Scheme shall be effective when the certified copies of the High Court Orders are filed with the Registrar of Companies, which is still pending. Accordingly no effect of the Scheme has been given in these financial statements for the year ended March 31, 2012.

2) Credit balances of creditors as also the Loans and Advances are shown as appearing in the accounts and are subject to confirmation.

3) Borrowing Cost:

"NIL" amount of borrowing cost is capitalized during the year.

4) In the opinion of the Board, all the Current Assets, Loans and Advances are approximately of the values stated, if realized in the ordinary course of business.

5) Managerial Remuneration to Directors : For 2011-12 For 2010-11

NIL NIL

6) Expenditure in Foreign Currency : - Nil Income in Foreign Currency : - Nil

8) There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at Balance sheet date. The Micro, Small and Medium Enterprises have been identified on the basis of information available of the Company. This has been relied upon by the auditors.

9) The company has discontinued the business of providing Marketing Services. In the absence of business activity, there is no reportable segment as per the guiding principles given in Accounting Standard on Segment Reporting (AS-17).

10) Contingent Liabilities:

There is no contingent liability as on the date of balance sheet.

11) The Company, as on March 31, 2012, has deferred tax assets, primarily representing carry forward of losses and unabsorbed depreciation. In the absence of virtual certainty that sufficient future taxable income would be available against which deferred tax assets can be realized, the Company has not recognized the deferred tax asset as on March 31, 2012.

12) The Company has not appointed company secretary throughout the year under review, according to the provision of sec 383 A (1) of the Companies Act, 1956 due to the unavailability of Company Secretary. The Company has written a letter to the Institute of Company Secretaries of India for giving the names of suitable candidate for appointment of Company Secretary of India. However company has continued to avail services of practicing company secretary.

13) Previous year's figures have re-grouped and re-arranged wherever necessary.


Mar 31, 2011

1) The company has taken initiative to establish commencement of new business activities. Accordingly the company has Proposed to pass resolution for the following matters;

a) Alteration /Reclassification of authorized capital of the company.

b) Issue of equity shares and warrants convertible in to equity shares of the company on preferential basis.

c) Rising of additional fund for expansion of business, commencement of new business activity, capital expenditure & for working capital requirement.

In view of this, accounts have been prepared on going concern.

2) Credit balances of creditors as also the Loans and Advances are shown as appearing in the accounts and are subject to confirmation.

3) Borrowing Cost:

"NIL" amount of borrowing cost is capitalized during the year.

4) In the opinion of the Board, all the Current Assets, Loans and Advances are approximately of the values stated, if realized in the ordinary course of business.

5) Managerial Remuneration to Directors:

For 2010-11 For 2009-10

Rs. NIL NIL

6) Expenditure in Foreign Currency - Nil

Income in Foreign Currency - Nil

7) There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at Balance sheet date. The Micro, Small and Medium Enterprises have been identified on the basis of information available of the Company. This has been relied up on by the auditors.

8) The company has discontinued the business of providing Marketing Services. In the absence of business activity, there is no reportable segment as per the guiding principles given in Accounting Standard on Segment Reporting (AS-17).

9) Impairment of Assets:

There is no Fixed Asset in the books of the company as on Balance sheet date.

The amount of impairment losses recognizes in the statement of profit and loss during the period and the line item(s) of the statement of profit and loss in which those impairment losses are included: NIL

The amount of reversals of impairment losses recognizes in the statement of profit and loss during the period and the line item(s) of the statement of profit and loss in which those impairment losses are reversed : NIL

The amount of impairment losses recognized directly against revaluation surplus during the period : NIL

The amount of reversals of impairment losses recognized directly in revaluation surplus during the period: NIL

10) Contingent Liabilities: There is no contingent liability as on the date of balance sheet.

11) The Company, as on March 31, 2011, has deferred tax assets, primarily representing carry forward of losses and unabsorbed depreciation. In the absence of virtual certainty that sufficient future taxable income would be available against which deferred tax assets can be realized, the Company has not recognized the deferred tax asset as on March 31, 2011.

12) The Company has not appointed company secretary throughout the year under review, according to the provision of sec 383 A (1) of the Companies Act, 1956 due to the unavailability to Company Secretary. The Company has written a letter to the Institute of Company Secretaries of India for giving the names of suitable candidate for appointment of Company Secretary of India. However company has continued to avail services of practicing company secretary.

13) Previous years figures have re-grouped and re-arranged wherever necessary.


Mar 31, 2010

1) The company is exploring the possibility of trading business. In view of this, the accounts have been prepared on going concern basis.

2) Credit balances of creditors as also the Loans and Advances are shown as appearing in the accounts and are subject to confirmation.

3) Borrowing Cost:

"NIL" amount of borrowing cost is capitalized during the year.

4) In the opinion of the Board, all the Current Assets, Loans and Advances are approximately of the values stated, if realized in the ordinary course of business.

5) Managerial Remuneration to Directors: For 2009-10 For 2008-09

Rs. NIL NIL

6) Expenditure in Foreign Currency - Nil

Income in Foreign Currency - Nil

7) There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at Balance sheet date. The Micro, Small and Medium Enterprises have been identified on the basis of information available of the Company. This has been relied up on by the auditors.

8) The company has discontinued the business of providing Marketing Services. In the absence of business activity, there is no reportable segment as per the guiding principles given in Accounting Standard on Segment Reporting (AS-17).

9) Impairment of Assets:

There is no Fixed Asset in the books of the company as on Balance sheet date. The amount of impairment losses recognizes in the statement of NIL profit and loss during the period and the line item(s) of the statement of profit and loss in which those impairment losses are included:

The amount of reversals of impairment losses recognizes in the NIL statement of profit and loss during the period and the line item(s) of the statement of profit and loss in which those impairment losses are reversed:

The amount of impairment losses recognized directly against NIL revaluation surplus during the period:

The amount of reversals of impairment losses recognized directly NIL in revaluation surplus during the period:

10) Contingent Liabilities:

There is no contingent liability as on the date of balance sheet.

11) The Company, as on March 31, 2010, has deferred tax assets, primarily representing carry forward of losses and unabsorbed depreciation. In the absence of virtual certainty that sufficient future taxable income would be available against which deferred tax assets can be realized, the Company has not recognized the deferred tax asset as on March 31, 2010.

12) The Company has not appointed company secretary throughout the year under review, according to the provision of sec 383 A (1) of the Companies Act, 1956 due to the unavailability to Company Secretary. The Company has written a letter to the Institute of Company Secretaries of India for giving the names of suitable candidate for appointment of Company Secretary of India. However company has continued to avail services of practicing company secretary.

13) Previous years figures have re-grouped and re-arranged wherever necessary.

 
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