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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


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