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Notes to Accounts of Chowgule Steamships Ltd.

Mar 31, 2015

1. Corporate information:

Chowgule Steamships Limited (CSL) ("the Company") is a shipping company which presently owns and operates a fleet of 5 vessels (including that of its wholly owned subsidiaries) for seaborne transportation of bulk cargoes. CSL is principally engaged in the carriage of goods by sea and is committed to serve its customers to their satisfaction and mutual optimum benefits.

2. Rights, Preferences and Restrictions Attached to Equity Shares

The Company has issued only one class of shares referred to as equity shares having a par value of Rs. 10.

Each holder of equity shares is entitled to one vote per share.

The Company declares dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the Annual General Meeting except, in the case of interim dividend.

The equity shares are not repayable except, in the case of a buy-back, reduction of capital or winding up. In the event of liquidation of the Company, members of the Company holding equity shares are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

In last 5 years no classes of shares has been issued or bought back by the Company nor have any bonus issues been made by the Company.

3. CONTINGENT LIABILITIES

a) Sales Tax demand not provided for: (Refer to Note No. 13) 237.00 237.00 Note: The Company has contested the above claims against the Order of the Appellate Assistant Commissioner, Chennai, confirming the Order of the Commercial Tax Officer for the Assessment Year 1995-96 in respect of charter hire of the vessel, ''m.v. Maratha Prudence''. The Company has already deposited Rs. 47.40 lakhs (Refer Note No. 13) (including refunds withheld by the authorities) and executed a bond of Rs. 218.04 lakhs in respect of the said claim. The Company does not expect any liability to devolve on it in respect of the above and therefore no provision is held.

b) Income Tax demand not provided for: 479.71 386.14 The Company has filed appeal in respect of the same. Note : Future cash outflows in respect of the above matters are determinable only on receipt of judgments / decisions pending at various forums / authorities.

4. SEGMENT REPORTING

The Company treats ''Shipping'' as single business segment and therefore details of segments are not separately shown. Given the nature of the business there are no Geographic Segments either.


Mar 31, 2013

The Company has issued only one class of shares referred to as Equity Shares having a par value of Rs. 10.

Each holder of Equity Shares is entitled to one vote per share.

The Company declares and pays dividends in Indian Rupees.

The dividend proposed, if any, 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 any of the remaining assets of the Company, after distribution of all preferential amounts. However,no such preferential amounts exist currently. The distribution will be in proportion to the number of Equity Shares held by the shareholders.

In last 5 years, no classes of shares has been issued or bought back by the Company nor have any bonus issues been made by the Company. Following are the names of the shareholders together with the number of Equity Shares holding more than 5 percent of the total Equity Shares:

Terns of Repayment

The loan shall be repaid over a period of 8 years in 16 Semi annual installments to be paid durins Septermber & March every year of USD 1,500,000 each plus USD 6,000,000 alongwith last installment. Till date 12 installments of USD 1,500,000 has been paid and USD 8,500,000 has been prepaid.

1 CONTINGENT LIABILITIES AND COMMITMENTS

Sales Tax demand not provided for: (Refer to Note No. 14) 237.00 237.00

Note: The Company has contested the above claims asainst the Order of the Appellate Assistant Commissioner, Chennai, confirmins the Order of the Commercial Tax Officer for the Assessment Year 1995-96 in respect of charter hire of the vessel, ''m.v. Maratha

Prudence''. The Company has already deposited Rs. 47.40 lakhs (Refer Note No.14) (including refunds withheld by the authorities) and executed a bond of Rs. 218.04 lakhs in respect of the said claim. The Company does not expect any liability to devolve on it in respect of the above and therefore no provision is held.

The estimates of future salary increases considered in actuarial valuation take into account inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

The contribution expected to be made by the Company during the financial year 2013-14 is Rs. 19.00 lakhs (2012-13Rs. 25.00 lakhs).

The amounts of the present value of the obligation, fair value of plan assets, surplus or deficit in the plan, experience adjustment arising on plan liabilities and plan assets for the current annual period and previous four periods are as under -

2 SEGMENT REPORTING

The Company treats ''Shipping'' as single business segment and therefore details of segments are not separately shown. Given the nature of the business there are no Geographic Segments either.

3 Previous year''s figures have been regrouped /reclassified wherever necessary to correspond with the current year''s classification /disclosure.


Mar 31, 2011

1. CONTINGENT LIABILITIES (NOT PROVIDED FOR):

In respect of a Sales Tax demand, the Company has contested claims amounting to Rs. 23,700 thousand (2010 - Rs. 23,700 thousand) against the Order of the Appellate Assistant Commissioner, Chennai, confirming the Order of the Commercial Tax Officer for the Assessment Year 1995-96 in respect of charter hire of the vessel, m.v. Maratha Prudence. The Company has already deposited Rs. 14,740 thousand (including refunds withheld by the authorities) and executed a bond of Rs. 21,804 thousand in respect of the said claim. The Company does not expect any liability to devolve on it in respect of the above and therefore no provision is held.

Guarantees given by Bank and counter guaranteed by the Company is Rs. 50 thousand (2010 - Rs. 50 thousand) for due performance of the Companys obligations.

2. i) Miscellaneous Income includes exchange gain (net) Rs. 11,725 thousand (2010- Rs. Nil)

ii) Miscellaneous Expenses include exchange loss (Net) Rs. Nil (2010- Rs. 72,038 thousand)

The revaluation was based on comparable sale approach, taking into consideration situation of buildings, size, specification of construction, existing amenities and demand for such type of buildings in same locality and prevailing market for such type of buildings. Revaluation Reserve was appropriately created for the same.

3. Depreciation provided on the revalued portion of the buildings amounting to Rs. 7,186 thousand (2010- Rs. 7,564 thousand) has been directly adjusted from the Revaluation Reserve.

4.SEGMENT REPORTING

The Company treats Shipping as single business segment and therefore details of segments are not separately shown. Given the nature of the business there are no Geographic Segments either.

5. RELATED PARTY TRANSACTIONS

As per Accounting Standards (AS) 18, the transactions with Companys related parties are disclosed below: Name of the related parties where control exists

a) Chowgule Steamships Overseas Ltd. (CSOL) - Wholly owned subsidiary

b) Sunshine LLC - Wholly owned subsidiary of CSOL

c) Sea Bird LLC - Wholly owned subsidiary of CSOL

d) Sea Lord LLC - Wholly owned subsidiary of CSOL

e) Sea Green LLC - Wholly owned subsidiary of CSOL

f) Sea King LLC - Wholly owned subsidiary of CSOL

The Company has recognised in the Profit and Loss Account the net provision of deferred tax asset of Rs. 54,990 thousand (2010- net provision of deferred tax liability of Rs. 167,134 thousand),

Deferred Tax Asset had been recognized in the previous year on carry forward of Losses to the extent that the reversal of the deferred tax liability will give rise to sufficient future taxable income against which such deferred tax asset can be realized.

Deferred Tax Asset had also been recognized in the previous year on carry forward of long term capital losses on the assumption that the Company would make profits from current investments which are likely to be disposed off.

6. According to the information available with the Company there are no dues payable to micro and small enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006 as at March 31, 2011. This has been accepted by the Auditors.

7. The Ministry of Corporate Affairs, Government of India vide its notification dated 8th February, 2011 granted general exemption under sub-section (3) of section 211 of the Companies Act, 1956 to certain classes of Companies, including Shipping Companies from disclosing information under paragraphs 4-D(a), (b), (c) and (e) of Part II to Schedule VI of the Companies Act, 1956 in the Profit & Loss Account. The Board of Directors have passed a resolution to avail of the aforesaid exemption for the current financial year.

8. Previous years figures have been regrouped wherever necessary to conform to current years presentation.



 
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