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Notes to Accounts of Chartered Logistics Ltd.

Mar 31, 2018

a) Term loan obligation is repayable by Monthly Equated Installments beginning from the month subsequent to taking the loan. General repayment schedule is ranging from 3-5 years.

b) Term loan from Bank aggregating to Rs 2947.25 Lakhs ( Rs. -1597.56 lakhs as on 31st March,2017 and Rs.- 1270.46 Lakhs as on 1st April,2016 ) are secured/ to be secured by first charge on all immovable, movable assets of the Company on paripassu basis.

c) Secured loans from bank are secured by hypothecation of first and exclusive charge against respective equipment and vehicles.

a) Working Capital Loan from Bank of Rs. 2150.72 lakhs (Previous Year Rs. 822.49 lakhs) are secured by hypothecation of truck vehicles & book debts and mortgage by deposit of title deeds of Property & personal guarantee of directors.

b) Term loan obligation is repayable by Monthly Equated Installments beginning from the month subsequent to taking the loan.

c) Working Capital Demand loan is repayable on demand. Interest on loan utilised is payable on monthly basis.

d) Secured loans from bank are secured by hypothecation of first and exclusive charge against respective equipment and vehicles.

-There are no Micro, Small and Medium Enterprises, to whom the Company owes dues (including interest on outstandingdues) which are outstanding as at the Balance Sheet date. The above information has been determined to the extentsuch parties have been identified on the basis of information available with the Company. This has been relied upon by theauditors.

-The fair value of Trade payables is not materially different from the carrying value presented.

-These do not include any amounts due and outstanding to be credited to “Investors’ Education and Protection Fund”. -The fair value of Other Current Financial Liabilities is not materially different from the carrying value presented.

1 The Company’s activities during the year revolve around logistics service . Considering the nature of Company’s business and operations, as well as based on reviews of operating results by the chief operating decision maker to make decisions about resource allocation and performance measurement, there is only one reportable segment in accordance with the requirements of Ind AS - 108 - ‘‘Operating Segments’’, prescribed under Companies (Indian Accounting Standards) Rules, 2015.

2 As per Ind AS-19 “Employee Benefits”, the disclosure are given below:

(a) Defined Benefit Plan

The Company operates a defined benefit plan (the Gratuity plan) covering eliigible employees, which provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee’s salary and the tenure of employment.

3 Expenditure incurred on Employees who are in receipt of not less than 60,00,000 per year if employed through out the year and Rs. 5,00,000 per month if employed for the part of the month. : NIL

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

Expenditure in Foreign currency: Nil CIF Value of Income & Expenses: Nil

5. Figures of the Previous years have been regrouped/reclassified wherever necessary to confirm to the current year classification and presentation.

6. Corporate Information

Chartered Logistics Limited (“the Company”) is a public company domiciled in India and Incorporated under the provision of the Companies Act, 1956 having its registered office at C - 1, Jay Tower, 4th Floor, Ankur Road, Naranpura ,Ahmedabad ,Gujarat ,380013. The Company is engaged in logistics service dealing in domestic transportation of goods. The operation of the Company is spread through various branches.

7. Significant accounting judgments, estimates and assumptions

The application of the Company’s accounting policies as described in Note 2, in the preparation of the Company’s financial statements require management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. The estimates and assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis and any revisions thereto are recognised in the period in which they are revised or in the period of revision and future periods if the revision affects both the current and future periods. Actual results may differ from these estimates which could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Estimates and assumptions

The estimates at 1st April, 2016 and at 31st March, 2017 are consistent with those made for the same dates in accordance with Indian GAAP (after adjustments to reflect any differences in accounting policies)

The estimates used by the company to present these amounts in accordance with Ind AS reflect conditions at 1st April, 2016, the date of transition to Ind AS and as of 31st March, 2017.

Key Sources of estimation uncertainty:

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. Existing circumstances and assumptions about future developments may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

- Useful lives of property, plant and equipment.

Property, plant and equipment are depreciated over the estimated useful lives of the assets, after taking into account their estimated residual value. Management reviews the estimated useful lives and residual values of the assets annually in order to determine the amount of depreciation to be recorded during any reporting period. The useful lives and residual values are based on the Company’s historical experience with similar assets and take into account anticipated technological changes. The depreciation for future periods is adjusted if there are significant changes from previous estimates.

II. Fair Value measurement

Management uses valuation techniques to determine the fair value of financial instruments (where active market quotes are not available) and non-financial assets. This involves developing estimates and assumptions consistent with how market participants would price the instrument. Management bases its assumptions on observable data as far as possible but this is not always available. In that case management uses the best information available. Estimated fair values may vary from the actual prices that would be achieved in an arm’s length transaction at the reporting date.

III. Provisions

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of recognition and quantification of the liability require the application of judgement to existing facts and circumstances, which can be subject to change. Since the cash outflows can take place many years in the future, the carrying amounts of provisions and liabilities are reviewed regularly and adjusted to take account of changing facts and circumstances.

IV. Defined benefit plans (Gratuity benefits)

Management’s estimate of the Defined benefit plans is based on a number of critical underlying assumptions such as standard rates of inflation, mortality, discount rate and anticipation of future salary increases. Variation in these assumptions may significantly impact the Defined benefit plans amount and the annual defined benefit expenses

V. Impairment

In assessing impairment, management estimates the recoverable amount of each asset or cash-generating unit based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainty relates to assumptions about future operating results and the determination of a suitable discount rate.

VI. Taxes

Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies, including estimates of temporary differences reversing on account of available benefits from the Income Tax Act, 1961. Deferred tax assets recognised to the extent of the corresponding deferred tax liability.

8. First-time adoption of Ind-AS

The Company has adopted Ind AS from 1st April, 2017 and the date of transition to Ind AS is 1st April, 2016. These being the first financial statements in compliance with Ind AS, the impact of transition has been accounted for in opening reserves and comparable periods have been restated in accordance with Ind AS 101 - “First-time Adoption of Indian Accounting Standards”. The Company has presented a reconciliation of its equity under Previous GAAP to its equity under Ind AS as at 1st April, 2016 and 31st March, 2017 and of the total comprehensive income for the year ended 31st March, 2017 as required by Ind AS 101.

Following are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.

- Deemed cost of property, plant and equipment and intangible assets.

The Company has elected to continue with the carrying value of all its plant and equipment and intangible assets recognised as of 1st April, 2016 measured as per the previous GAAP and use that carrying value as its deemed cost on transition date.

I. Derecognition of financial assets and financial liabilities.

The Company has applied the derecognition requirements of financial assets and financial liabilities prospectively for transactions occurring on or after transition date.

II. Classification and measurement of financial assets.

The Company has assessed classification and measurement of financial assets on the basis of facts and circumstances that exist as on transition date.

IV. Impairment of financial assets

The Company has applied impairment requirements of Ind AS 109 retrospectively; however, as permitted by Ind AS 101, it has used reasonable and supportable information that is available without undue cost or effort to determine the credit risk at the date that financial instruments were initially recognised in order to compare it with the credit risk at the transition date.


Mar 31, 2016

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. Additional information pursuant to the provisions of New Schedule III of the Companies Act, 2013.

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

5. 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. - Mr. Harsh Gandhi- Director

Raj Marketing - Mrs. Taru Gandhi-Proprietor (Wife 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 Bus ness.

A) Details of Related party transaction with relatives of "KMP":

6. 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.

a) Defined Contribution Plan:

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

7. 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.

8. 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.

9. 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.

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

11. Due to change in estimation depreciation for the year 2015-16 has decreased by Rs. 305.16 Lakhs.

12. The Company during the year has settled loans taken from the lenders and has earned Rs.121.72 Lakhs as extra ordinary income for loan liabilities no longer payable. Moreover the Company has also saved Rs.65.27 Lakhs on term liability no longer payable and has credited the same to Capital Reserve on settlement.

14. 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 : NIL

CIF Value of Income & Expenses : NIL

15. Figures of the Previous Financial Year 2014-15 have been regrouped / reclassified wherever necessary to conform to the current year classification and presentation.


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


Mar 31, 2011

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 Provisions for Depreciation and for all known liabilities are adequate and not in excess of amounts reasonably necessary.

3. Equity Share Capital

During the year, each existing Equity shares of the face value of Rs. 10/- each was subdivided into 10 Equity shares of Face value of Rs. 1/- each. After the splitting, the company has issued 49670000 Bonus equity shares of face value of Rs. 1/- each by capitalizing Rs. 49670000/- accumulated balances in Profit and loss account.

4. During the year 2009-10, as on 11-02-2010, there was Income tax Search U/S 132 on our company along with Chartered logistics Group . Pursuant to the search income tax authorities have issued notices U/s 153A(1)(a) r.w.s. 143(2) of the income tax act for assessing/reassessing the returns income filed for Financial years 2003— 04 to 2008-09 relevant to assessment year 2004-05 to 2009-10. Company has already filed the returns of income in response to above notices. In view of this tax liability, if any, could not be ascertained. Liability, if any, that may arise after completion of assessments will be accounted/provided for as and when such liabilities will arise

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

6. Claims against the company for damage of goods worth of Rs.105000/ for which matter is in appeal.

Company has not accepted it as a liability, so it is not accounted in the books of account of the company as debt during the year.

7. During the year, the Company has adopted Accounting Standard; - 22 "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India.

8. 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, - Chairman & Managing Director

Mr. Kishore Gandhi, - Executive Director

Ms. Nisha Makwana, - Whole Time Director

Mr. Mohib Khericha, - Non Executive Director

Mr. Mangilal Bohra, - Non Executive Director

Mr. Sandip M. Shah, - Non Executive Director

Mr. Ajay C. Shah, - Non Executive Director

Mr. Jayprakash Gandhi - 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.

9. 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.

10. 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.

11. 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.

12. 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.

13. Previous year's figures have been regrouped, reclassified & rearranged wherever considered necessary.

14. 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

15. The figures have been rounded off to the nearest Rupee.

16. Additional information pursuant to the provisions of paragraph 3 and 4 of the part II of 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

17. Other information pursuant to the provisions of part II of schedule VI to the Companies Act, 1956 has not been furnished as the same is not Applicable.


Mar 31, 2010

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, un- secured loans, loans and advances have been approximately of the value sated, if realized in the ordinary course of business. The Provisions for Depreciation and for all known liabilities are adequate and not in excess of amounts reasonably necessary.

3. During the year, on 11-02-2010,there was Income tax Search U/S 132 on our company along with Chartered logistics Group . Pursuant to the search income tax authorities have issued notices U/s 153A(1)(a) of the income tax act for assessing/reassessing the returns income filed for Financial years 2003—04 to 2008-09 relevant to assessment year 2004-05 to 2009-10. Company has not yet filed the returns of income in response to above notices as well as return of income for current financial year, as the due date for the same are not yet over. In view of this tax liability, if any, could not be ascertained. Liability, if any, that may arise after filing of returns of income and completion of assessments will be accounted/provided for as and when such liabilities will arise

4. Claims against the company for damage of goods of Rs.105000/- for which matter is in appeal. Company has not accepted it as a liability, so it is not accounted in the books of account of the company as debt during the year.

5. During the year, the Company has adopted Accounting Standard; - 22 "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India.

6. Additional information pursuant to the provisions of paragraph 3 and 4 of Part II of Schedule VI of the Companies Act, 1956.

7. Calculation of Earning Per Share (EPS)

8. Related Party Transaction :

A. Name of the related party and Nature of Related Party relationship.

B. a) Directors and Their relatives:-

Mr. Lalit G. Gandhi, Mr. Mohib Khericha, Mr. Kishore Gandhi, Mr. Mangilal Bohra, Ms. Nisha Makwana, Mr. Sandip M. Shah, Mr. Ajay C. Shah

b) Enterprises significantly influenced by Directors and / or their relatives.

Raman Roadways

C. Transactions with Related Parties :

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

9. Previous years figures have been regrouped & rearranged wherever considered necessary.

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. The figures have been rounded off to the nearest Rupee.

12. Additional information pursuant to the provisions of paragraph 3 and 4 of the part II of schedule VI to the Companies Act, 1956 to the extent applicable, is given below .

(a) Expenditure in Foreign Currency :

CIF Value of Import Tyre Purchase - NIL

13. Other information pursuant to the provisions of part II of schedule VI to the Companies Act, 1956 has not been furnished as the same is not Applicable.

14. Additional information as required Under Part IV to the companies Act, 1956. Balance Sheet Abstract and Companys General Business Profile

i Registration Details :

Registration No. L74140GJ1995PLC026351 State Code 04

Balance Sheet Date 3 1 - 0 3 - 10

Date Month Year

ii Capital raised during the year (Amount in Rs. in Thousand)

Public Issue Right Issue Bonus Issue Private Placement

Nil Nil Nil Nil

iii Position of Mobilisation and Deployment of Funds (Amount in Rs. in Thousand)

Total Liabilities Total Assets

521677 521677

Sources of Funds

Paid-Up Capital Reserves & Surplus

50389 110331

Secured Loans Unsecured Loans

360957 NIL

Application of Funds

Net Fixed Assets Investment

241725 9413

Net Current Assets Misc. Expenditure

270539 NIL

iv Performance of Company (Amount in Rs. in Thousand)

Turnover Total Expenditure

1238903 1178517

Profit Before Tax Profit After Tax

60385 39996

Earning Per Share of Dividend Rate %

Rs.10/- each (in Rs.)

8.10 NIL

v Generic Names of Products/Services of Company (as per monetary terms)

Item Code No. N.A.

Product Description Transportation of Goods

Signature to Schedule 1 to 17

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