Home  »  Company  »  Chartered Logistics  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Chartered Logistics Ltd.

Mar 31, 2015

1. In the opinion of Board of directors & Management, the current assets, current liabilities, unsecured loans, loans and advances have been approximately of the value sated, if realized in the ordinary course of business. The provision for depreciation and for all known liabilities is adequate and not in excess of amounts reasonably necessary.

2. As the company operates in a single segment engaged in Transport service, Accounting Standards 17 on Segment Reporting is not applicable.

3. Employee Benefits:

a) Defined Benefit Plan:

No Liability in respect of present future liability of gratuity has been ascertained and pro- vided in the accounts (Pre. Yr. - Not ascertained and provided for). This is in contravention with the accounting standard 15 issued by the ICAI, in respect of accounting for retirement benefits.

4. The companies have not received information's from the suppliers regarding their status under the Micro, small and Medium Enterprises Development Act, 2006. Hence, disclosure, if any relating to amount unpaid as at the balance sheet date together with interest paid or payable as per the requirement under the said act, have not been made.

5. Investment of the company has been considered by the management to be of long-term nature and hence they are valued at cost of acquisition. In respect of quoted investments where the market value is lower than the acquisition cost, no provision is made for diminution in the value of such investments, since in the opinion of the board it is a temporary phenomenon and no provision is necessary.

6. In the opinion of the Board, current assets, loans and advances have a value of the least equal to the amounts shown in the Balance sheet, if realized in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of amount considered reasonably necessary.

7. Expenditure incurred on employees who were in receipt of not less than Rs.60,00,000/- per year if employed through out the year and Rs.500000/- per month if employed for a part of a month - Rs. NIL

8. The written down value of Fixed Assets whose useful lives have expired as at 1st April 2014 have been adjusted in the opening balance of General Reserve amounting to net Rs. 23,98,121.00/-

9. Due to change in the estimate for calculation of depreciation profit for the year 2014-15 has been overstated by Rs. 31,822,797/-

10. Additional information pursuant to the provisions of new schedule III to the Companies Act, 2013 to the extent applicable, is given below.

(a) Expenditure in Foreign Currency :

CIF Value of Income & Expenses - NIL

11. Figures of the Previous Financial Year 2013-14 have been regrouped / reclassified wherever necessary to conform to the current year classification and presentation.


Mar 31, 2014

1. In the opinion of Board of directors & Management, the current assets, current liabilities, unsecured loans, loans and advances have been approximately of the value sated, if real-

2. Related Party Transaction :

As per Accounting standard 18 on "related party disclosures:, disclosures of transactions with related parties as defined therein are given below.

List of related parties with whom transactions have taken place and Nature of relationship.

a) Key Management Personnel (KMP): - Mr. Lalit G. Gandhi, - Managing Director

Mr. Harsh Gandhi, - Executive Director

b) Relatives of KMP

Chartered Motors Pvt. Ltd. - Harsh Gandhi -Director

Raj Marketing - Mrs. Taru Gandhi-Proprietor (Wife

of Mr. Lalitkumar Gandhi)

Chartered Auto Components Pvt. Ltd - Mr. Pankaj Gandhi-Director

(Brother of Mr. Lalitkumar Gandhi)

Chartered Auto Zone Pvt. Ltd. - Mr. Pankaj Gandhi-Director

(Brother of Mr. Lalitkumar Gandhi)

Transactions with Related Parties during the year :

The following transactions were carried out with the related parties in the ordinary course of Business.

3. Employee Benefits:

a) Defined Benefit Plan:

No Liability in respect of present future liability of gratuity has been ascertained and pro- vided in the accounts (Pre. Yr. – Not ascertained and provided for). This is in contravention with the accounting standard 15 issued by the ICAI, in respect of accounting for retirement benefits.

b) Defined Contribution Plan:

The Company has recognized the following amount in P & L account which is included under contribution to funds.

4. The companies have not received information''s from the suppliers regarding their status under the Micro, small and Medium Enterprises Development Act, 2006. Hence, disclosure, if any relating to amount unpaid as at the balance sheet date together with interest paid or payable as per the requirement under the said act, have not been made.

5. Investment of the company have been considered by the management to be of long-term nature and hence they are valued at cost of acquisition. In respect of quoted investments where the market value is lower than the acquisition cost, no provision is made for diminution in the value of such investments, since in the opinion of the board it is a temporary phenomenon and no provision is necessary.

6. In the opinion of the Board, current assets, loans and advances have a value of the least equal to the amounts shown in the Balance sheet, if realized in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of amount considered reasonably necessary.

7. Figures of the Previous Financial Year 2012-13 have been regrouped / reclassified wherever necessary to conform to the current year classification and presentation.

8. Expenditure incurred on employees who were in receipt of not less than Rs.60,00,000/- per year if employed through out the year and Rs.500000/- per month if employed for a part of a month - Rs. NIL


Mar 31, 2013

1. The balances in respect of Sundry Debtors, Current Liabilities and Loans and Advances are subject to confirmations and reconciliation if any.

2. In the opinion of Board of directors & Management, the current assets, current liabilities, unsecured loans, loans and advances have been approximately of the value sated, if real- ized in the ordinary course of business. The provision for depreciation and for all known liabilities is adequate and not in excess of amounts reasonably necessary.

3. As the company operates in a single segment engaged in Transport service, Accounting Standards 17 on Segment Reporting is not applicable.

4. Additional information pursuant to the provisions of New Schedule VI of the Compa- nies Act, 1956.

C. The Company is engaged in the transportation business, in our opinion and information and expla- nation from management, quantitative details are not applicable.

5. Calculation of Earning Per Share (EPS)

The numerators and denominators used for calculate the basic and Diluted EPS are as follows.

6. Related Party Transaction :

As per Accounting standard 18 on "related party disclosures:, disclosures of transactions with re- lated parties as defined therein are given below.

List of related parties with whom transactions have taken place and Nature of relationship.

a) Key Management Personnel ("KMP"):-

Mr. Lalit G. Gandhi, - Managing Director

Mr. Harsh Gandhi, - Executive Director

b) Relatives of "KMP"

Chartered Motors Pvt. Ltd. - Harsh Gandhi-Director

Transactions with Related Parties during the year:

The following transactions were carried out with the related parties in the ordinary course of Busi- ness.

7. Employee Benefits:

a) Defined Benefit Plan:

No Liability in respect of present future liability of gratuity has been ascertained and pro- vided in the accounts (Pre. Yr. - Not ascertained and provided for). This is in contravention with the accounting standard 15 issued by the ICAI, in respect of accounting for retirement benefits.

a) Defined Contribution Plan:

The Company has recognized the following amount in P & L account which is included under contribution to funds.

8. The companies have not received information''s from the suppliers regarding their status under the Micro, small and Medium Enterprises Development Act, 2006. Hence, disclosure, if any relating to amount unpaid as at the balance sheet date together with interest paid or payable as per the re- quirement under the said act, have not been made.

9. Investment of the company have been considered by the management to be of long-term nature and hence they are valued at cost of acquisition. In respect of quoted investments where the mar- ket value is lower than the acquisition cost, no provision is made for diminution in the value of such investments, since in the opinion of the board it is a temporary phenomenon and no provision is necessary.

10. In the opinion of the Board, current assets, loans and advances have a value of the least equal to the amounts shown in the Balance sheet, if realized in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of amount considered reasonably necessary.

11. Figures of the Previous Financial Year 2011-12 have been regrouped / reclassified wherever neces- sary to conform to the current year classification and presentation.

12. Expenditure incurred on employees who were in receipt of not Jess than Rs.60,00,000/- per year if employed through out the year and Rs.500000/- per month if employed for a part of a month - Rs. NIL

13. Additional information pursuant to the provisions of new schedule VI to the Companies Act, 1956 to the extent applicable, is given below:

(a) Expenditure in Foreign Currency :

CIF Value of Income & Expenses NIL


Mar 31, 2012

1. The balances in respect of Sundry Debtors, Current Liabilities and Loans and Advances are subject to confirmations and reconciliation if any.

2. In the opinion of Board of directors & Management, the current assets, current liabilities, unsecured loans, loans and advances have been approximately of the value sated, if realized in the ordinary course of business. The provision for depreciation and for all known liabilities is adequate and not in excess of amounts reasonably necessary.

3. As the company operates in a single segment engaged in Transport service, Accounting Standards 17 on Segment Reporting is not applicable.

4. Related Party Transaction :

As per Accounting standard 18 on "related party disclosures:, disclosures of transactions with related parties as defined therein are given below.

List of related parties with whom transactions have taken place and Nature of relationship.

a) Key Management Personnel ("KMP"):

Mr. Lalit G. Gandhi, - Managing Director

Mr. Kishore Gandhi, - Executive Director

Mrs. Nisha Makwana, - Whole Time Director

Mr. Mohib Khericha, - Non Executive Director

Mr. Sandip M. Shah, - Non Executive Director

Mr. Ajay C. Shah, - Non Executive Director

b) Relatives of "KMP"

M/s Raman Roadways - Father of Mr. Lalitkumar Gandhi

Transactions with Related Parties during the year :

The following transactions were carried out with the Related parties in the ordinary course of Business.

5. Employee Benefits:

a) Defined Benefit Plan:

No Liability in respect of present future liability of gratuity has been ascertained and provided in the accounts (Pre. Yr. - Not ascertained and provided for). This is in contravention with the accounting standard 15 issued by the ICAI, in respect of accounting for retirement benefits.

6. The companies have not received information's from the suppliers regarding their status under the Micro, small and Medium Enterprises Development Act, 2006. Hence, disclosure, if any relating to amount unpaid as at the balance sheet date together with interest paid or payable as per the requirement under the said act, have not been made.

7. Investment of the company have been considered by the management to be of long-term nature and hence they are valued at cost of acquisition. In respect of quoted investments where the market value is lower than the acquisition cost, no provision is made for diminution in the value of such investments, since in the opinion of the board it is a temporary phenomenon and no provision is necessary.

8. In the opinion of the Board, current assets, loans and advances have a value of the least equal to the amounts shown in the Balance sheet, if realized in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of amount considered reasonably necessary.

9. Figures of the Previous Financial Year 2010-11 have been regrouped/ reclassified wherever necessary to conform to the current year classification and presentation.

10. Expenditure incurred on employees who were in receipt of not less than Rs.24,00,000/- per year if employed through out the year and Rs.200000/- per month if employed for a part of a month - Rs. NIL

11. Additional information pursuant to the provisions of new schedule VI to the Companies Act, 1956 to the extent applicable, is given below

(a) Expenditure in Foreign Currency

CIF Value of Income & Expenses - NIL

 
Subscribe now to get personal finance updates in your inbox!