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Notes to Accounts of Shahi Shipping Ltd.

Mar 31, 2015

NOTE 1 : SHARE CAPITAL

(a) Terms / Rights - Equity Shares

The Company has only one class of shares referred to as equity shares having a 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 in Indian Rupees. Payment of dividend is also made in foreign currency to shareholders outside India.

NOTE NO-2 OTHER NOTES TO ACCOUNTS

I. Contingent liability not provided for:

(a) On account of guarantees executed by the company's Bankers for Rs. 155.99 lacs (previous year Rs. 110.33 lacs), which is partly secured by the Margin Money amounting to Rs. 17.15 lacs (previous year Rs. 11.18 lacs) retained by the Bank.

(b) (i) Rs. 240.12 Lacs (Previous Year Rs. 240.12 Lacs) in respect of Appeal Orders passed in favour of Company

by the Commissioner of Income Tax (Appeal) and by Income Tax appelate Tribunal , the Income Tax Department has prefer appeals against the above said orders before the High Court.

(ii) Claim against the Company not acknowledged as debts Rs. 30.37 Lacs (previous year Rs. 30.37 lacs)

II. Debtors include Rs. 22.67 lacs (Previous year Rs. 22.67 lacs) in respect of cases which are under arbitration/ dispute. In the opinion of the management the said debts are considered good.

III. The other current assets in Note No.16 includes Rs. 645.23 lacs (Previous year Rs. 645.23 lacs) of interest subsidy receivable from Central Government Inland Waterways Authority. To recover the same the petition is pending before the Allahabad High Court. The amount outstanding is considered good by the management,

IV. The Company is in the process of restructuring its Dena Bank 3(Three) Term Loans outstanding as on 31/03/2015 principal sum of Rs. 530.32 lacs (Previous Year Rs. 486.35 Lacs) and interest sum of Rs. 169.08 lacs (Previous Year Rs. 132.98 Lacs) , to reduce the interest burden and improve the financial condition of the Company. Accordingly the company has approached to Dena Bank who have advanced above stated loans to the Company to restructure / reschedule the above stated loans in line with expected cash flow to enable the Company to service them appropriately. However the Company has made the interest provision sum of Rs. 169.08 lacs (Previous Year Rs. 132.98 Lacs) on above stated term loans up to 31/03/2015

V. In the opinion of the Board, Current Assets, Loans, Advances and Deposit have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

VI. The company is engaged only in the business of shipping and as such there is no separate reportable segment as per Accounting Standard 17.

VII. There are no Micro, Small and Medium Enterprises, as defined in the Micro, Small, Medium Enterprises Development Act, 2006, to whom the Company owes on account of principal amount together with the interest and accordingly no additional disclosures have been made.

The above information regarding Micro, Small and Medium Enterprises, has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

VIII. The company's two Subsidiary Company namely SKS Waterways Ltd and Royal Logistics (Ship) Ltd has not yet started operation hence the consolidated financial statement of the Shahi Shipping Limited and its subsidiaries SKS Waterways Ltd & Royal Logistics (Ship) Ltd has not been prepared.

IX. There was no impairment loss on fixed assets on the basis of review carried out by the management in accordance with the Accounting Standard 28 issued by the Institute of Chartered Accountants of India.

X. Pursuant to the enactment of the Companies Act, 2013 ("the Act") and its applicability for the accounting periods commencing on or after 1, April 2014, the Company has reviewed and revised the useful lifes of Fixed Assets as prescribed in PART-C of Schedule II of the Act. Accordingly where the remaining useful life of an fixed asset have expired as at 1st April, 2014, the carrying amount of those assets amounting to Rs. 7.93 lacs (net of deferred tax Rs. 3.79 Lacs) has been adjusted in the opening balance of Profit & Loss Account after retaining the residual value of those assets. As a result of this for the year ended 31st march 2015 the depreciation charge is higher by Rs. 116.48 Lacs and so Loss has been increased to that extent.

XI. Employee Benefit Expenses Note 19 includes Managerial Remuneration to (i) the Chairman & Managing Director amounting to Rs.42 Lacs and sum of Rs. 1.80 Lacs Employer's Contribution to Provided Fund . The Members had approved the remuneration as per Ordinary Resolution passed in the Extra Ordinary General Meeting held on 14/02/2015 . (ii) the Whole Time Director for the period from April 2014 to August 2014 amounts to Rs. 126452/-, whose reappointment was recommended by the Board of Directors in the Meeting held on 12/02/2014 which was subject to the approval in the ensuing Annual General Meeting. The members at the said Annual General Meeting did not approve the Special Resolution of above said reappointment of Whole Time Director.

XII. Prior period expenses debited during the year is Rs. 0.99 Lacs. (previous year was Rs. 11.38 Lacs).

XIII. Previous year's figures have been regrouped and rearranged wherever necessary to confirm to those of the current year.

XIV. Related parties Disclosures:

Description of relationship Names of related parties

Where Control Exists India First Logistics Limited

Shahi Gasol Limited

Royal Logstics (Ship) Ltd.

SKS Waterways Ltd.

Key Management Personnel and Relatives Mr.S.K Shahi

Chairman & Managing Director

Mrs.Anjana Shahi

Relative of Mr.S.K.Shahi


Mar 31, 2014

1. SHARE CAPITAL

a) Equity Shares Issued for consideration other than cash

Out of total Issued, Subscribed & Paid Up Equity Shares, 72,47,437 Equity shares of Rs.10/- each was alloted as fully paid-up bonus shares by capitalisation of General Reserve

b) Terms/Rights - Equity Shares

The Company has only one class of shares referred to as equity shares having a 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 in Indian Rupees. Payment of dividend is also made in foreign currency to shareholders outside India.

2. DEFERRED TAX LIABILITY (NET)

* Working Capital Borrowings repayable on demand is secured by principal security of hypothecation of Book Debts & collateral security of: 1) extension of mortgage on the Registered Office Premises 2) Exclusive 1st charge over specific barges of the company by way of mortgage/hypothecation.

3. NON CURRENT INVESTMENT

All the above Investments are intended to be held on a long term basis and have been classified accordingly.

4. CONTINGENT LIABILITY NOT PROVIDED FOR

I. (a) On account of guarantees executed by the company''s Bankers for Rs. 110.33 lacs (previous year Rs. 74.28 lacs), which is partly secured by the Margin Money amounting to Rs. 11.18 lacs (previous year Rs. 7.50 lacs) retained by the Bank.

(b) Claim against the Company not acknowledged as debts Rs. 30.37 Lacs (previous year Rs. 30.37 lacs).

(c) Rs. 240.12 Lacs in respect of Appeal Orders passed in favour of Company by the Commissioner of Income Tax (Appeal) and by Income Tax appelate Tribunal ,the Income Tax Deprtment has prefer appeals against the above said orders before the High Court and Rs. 686.85 Lacs demand in respect of Income Tax against which Compnay has prefer appeal before the Commissioner of Income Tax (Appeal) (previous Year : NIL)

(d) Demand in respect of ESI Contribution dispited in Industrial Court sum of Rs. 83.62 lacs (Previous Year : Rs. 83.62 lacs).

II. Debtors include Rs. 22.67 lacs (Previous year Rs. 22.67 lacs) in respect of cases which are under arbitration/ dispute. In the opinion of the management the said debts are considered good.

III. The other current assets in Note No.18 includes Rs. 645.23 lacs (Previous year Rs. 645.23 lacs) of interest subsidy receivable from Central Government Inland Waterways Authority. To recover the same the petition is pending before the Allahabad High Court. The amount outstanding is considered good by the management,

IV. The Company is in the process of restructuring its Dena Bank 3 (Three) Term Loans outstanding as on 31/03/2014 principal sum of Rs. 486.35 lacs and interest sum of Rs. 132.98 lacs, to reduce the interest burden and improve the financial condition of the Company. Accordingly the company has approached to Dena Bank who have advanced above stated loans to the Company to restructure/reschedule the above stated loans in line with expected cash flow to enable the Company to service them appropriately. However the Company has made the interest provision sum of Rs. 132.98 lacs on above stated term loans up to 31/03/2014

V. Trade receivable, Trade Payable, Loans, Advances & Deposit Taken, Loan, Advances & Deposit given are subject to confirmation.

VI. In the opinion of the Board, Current Assets, Loans, Advances and Deposit have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

VII. The company is engaged only in the business of shipping and as such there is no separate reportable segment as per Accounting Standard 17.

VIII. There are no Micro, Small and Medium Enterprises, as defined in the Micro, Small, Medium Enterprises Development Act, 2006, to whom the Company owes on account of principal amount together with the interest and accordingly no additional disclosures have been made.

The above information regarding Micro, Small and Medium Enterprises, has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

IX. The company''s two Subsidiary Company namely SKS Waterways Ltd and Royal Logistics (Ship) Ltd has not yet started operation. Shahi Shipping (BD) Ltd, is in the process of liquidation, hence the consolidated financial statement of the SKS Logistics Limited and its subsidiaries SKS Waterways Ltd, Royal Logistics (Ship) Ltd and Shahi Shipping (BD) Ltd has not been prepared.

X. There was no impairment loss on fixed assets on the basis of review carried out by the management in accordance with the Accounting Standard 28 issued by the Institute of Chartered Accountants of India.

XI. Prior period expenses debited during the year was Rs. 11.38 lacs (previous year was Rs. 2.65 Lacs).

XII. Previous year''s figures have been regrouped and rearranged wherever necessary to confirm to those of the current year.

XIII. Related parties Disclosures

Description of relationship Names of related parties

(a) Where Control Exists Shahi Shipping (BD) Limited

India First Logistics Limited

Shahi Gasol Limited

SKS Shipyard Pvt. Ltd

Royal Logstics (Ship) Ltd.

SKS Waterways Ltd.

(b) Key Management Personnel Mr.S.K Shahi and Relatives Chairman & Managing Director

Mrs.Anjana Shahi

Relative of Mr.S.K.Shahi


Mar 31, 2013

I Contingent liability not provided for:

(a) On account of guarantees executed by the company''s Bankers for Rs. 74.28 lacs (previous year Rs. 169.87 lacs), which is partly secured by the Margin Money amounting to Rs. 7.50 lacs (previous year Rs. 20.00 lacs) retained by the Bank.

(b) Claim against the Company not acknowledged as debts Rs.30.37 Lacs (previous year Rs. 30.37 lacs)

(c) Demand in respect of additional ESI Contribution dispited in Industrial Court sum of Rs. 83.62 lacs and the industrial court has granted stay to the company. (Previous Year: NIL)

II Debtors include Rs. 22.67 lacs (Previous year Rs. 22.67 lacs) in respect''of cases which are under arbitration/ dispute. In the opinion of the management the said debts are considered good. .,

III The other current assets in Note No.18 includes Rs. 645.23 lacs (Previous year Rs. 645.23 lacs) of interest subsidy receivable from Central Government Inland Waterways Authority. To recover the same the petition is pending before the Delhi High Court. The amount outstanding is considered good by the management,

IV The company had lodged a claim for Rs. 396.23 lacs in the Financial Year 2009-10, in respect of main engine break down of a ship during the voyage. The salvage expenses of Rs. 321.58 lacs, which has been incurred on account of above has been shown in the books of accounts in other current assets till 31.03.2012. During the current year, the said claim has been settled by the insurance company by making the full and final payment of Rs. 34.25 lacs, As per Company accounting policy the insurance cliam are accounted on cash basis.Accordingly, the above said insurance claim which has been settled and received during the year has been credited to above stated Salvage Expenses and reaming balance amount sum of Rs. 287.33 lacs has been charge to Profits Loss a/c under the head Salvage Expenses.

V As per representation received from the Management o''f the Company, the Other Current Liabilities Note No.9 includes the sum of Rs. 21.68 lacs outstanding dues to Bank subject to reconsilation.

VI Trade receivable, Trade Payable, Loans, Advances & Deposit Taken, Loan, Advances & Deposit given are subject to confirmation.

VII In the opinion of the Board, Current Assets, Loans, Advances and Deposit have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

VIII The company is engaged only in the business of shipping and as such there is no separate reportable segment as per Accounting Standard 17.

IX There are no Micro, Small and Medium Enterprises, as defined in the Micro, Small, Medium Enterprises Development Act, 2006, to whom the Company owes on account of principal amount together with the interest and accordingly no additional disclosures have been made.

The above information regarding Micro, Small and Medium Enterprises, has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

X The company''s two Joint Venture Company namely SKS Waterways Ltd and Royal Logistics (Ship) Ltd has not yet started operation. Shahi Shipping (BD) Ltd, is in the process of liquidation, hence the consolidated financial statement of the SKS Logistics Limited and its subsidiaries SKS Waterways Ltd, Royal Logistics (Ship) Ltd and Shahi Shipping (BD) Ltd has not been prepared.

XI There was no impairment loss on fixed assets on the basis of review carried out by the management in accordance with the Accounting Standard 28 issued by the Institute of Chartered Accountants of India.

XII Prior period expenses debited during the year was 2.65 lacs (previous year was Rs. 2.61 Lacs).

XIII Previous year''s figures have been regrouped and rearranged wherever necessary to confirm to those of the current year.

XIV Related parties Disclosures:

Description of relationship Names of related parties

(a) Where Contror Exists . Shahi Shipping (BD) Limited

India First Logistics Limited Shahi Gasol Limited SKS Shipyard Pyt. Ltd Royal Logstics (Ship) Ltd. SKS Waterways Ltd.

(b) Key Management Personnel and Relatives Mr.S.K Shahi

Chairman & Managing Director Mrs. Anjana Shahi Relative of Mr.S.K.Shahi


Mar 31, 2012

(a) Equity Shares issued for consideration other then cash

Out of total issued, Subscribed & Paid Up Equity Shares, 72,47,437 Equity shares of Rs.10/- each were ailoted as fully paid-up bonus shares by capitalisation of General Reserve

(b) Terms / Rights - Equity Shares

The Company has only one class o* shares referred to as equity shares having a 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 in Indian Rupees. Payment of dividend is also made in foreign currency to shareholders outside India. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

Terms of Borrowing and other details

a. Repayable in quartely 28 equal installments, Last Installment falling due 30th June 2013,Interest Rate 12.50%) Term Loan is Secured by hypothecation on vessels Hugali, Mahanadi, Sewaree, Saraswati And Vishal Laxmi, Gandak & Book debts and personal guarantee of director.

b. Repayable in quarterly 20 equal installments,Last Installment falling due 15th Feb 2013 .Interest Rate 12.25% Term loan is secured by hypothecation on vessels of the Company and personal guarantee of director.

c. Repayable in quarterly 16 installment, Last Installment falling due on 1st April 2014, Interest Rate 13.25%. Overdue Installment of interest sum of Rs.12,19,880/- exist as on 31-03-2012.

Term loans is secured by hypothecation on vessels Amba, Yamuna, Tapi, Godavari, Petrol, Sharavati, Priyabandhu And personal guarantee of director.

d. Repayable in quarterly 16 equal installments , Last Installment falling due 30th June 2012 .Interest Rate 14.00%. Overdue Installment of loan sum of Rs. 3,10,17,336/- and interest sum of Rs. 11,98,939/- exist as on 31-03-2012.

Term loans are secured by hypothecation on Office Premises & R Kali, Vikrant & Gomati and personal guarantee of director.

e. Repayable in monthly 44 equal installments , Last Installment falling due 1st March 2014 .Interest Rate 14.00%. Overdue Installment of loan sum of Rs. 3,52,201/- and interest sum of Rs. 1,31,799/- exist as on 31-03-2012

Term loan are secured by hypothecation on Office Premises and personal guarantee of director.

f. Repayble in quartely 28 equal installments, Last Installment falling due 1st Sept 2013 .Interest Rate 14.75%. Overdue interest sum of Rs. 6,13,833/- exist as on 31-03-2012.

Term Loan is Secured by hypothecation on vessals Hugali, Mahanadi, Sewaree, Saraswati And Vishal Laxmi, Gandhak & Book debts.

g. Repayble in quartely 20 equal installments , Last Installment falling due 1st Sept 2013 .Interest Rate 14.75%. Overdue interest sum of Rs. 12,74,788/- exist as on 31-03-2012.

Term Loan is Secured by hypothecation on vessel :mgali, Mahanadi, Sewaree, Saraswati And Vishal Laxmi, Gandhak & Book debts.

h. Repayble in quartely 30 equal installmentsLast Installment falling due 30th June 2016 .Interest Rate 14.75%

Term Loan is Secured by hypothecation on vessals Hugali, Mahanadi, Sewaree, Saraswati And Vishal Laxmi, Gandhak & Book debts

i. Repayble in monthly 60 equal installments Last Instalment falling due 7th Aug 2016 .Interest Rate 12.50%.

j. Repayble in monthly 60 equal installments, Last ih.s.-JIment falling aue 15th Aug 2015 .Interest Rate 10.05%. k. Repayble in monthly 84 equal installments,Last li bailment falling due 1st March 2019, Interest Rate 12.00%.

I. Repayble in monthly 48 equal installments,Last installment falling due 11th April 2012 .Interest Rate 10.50%

* Working Capital Borrowings repayable on demand is secured by principal security of hypothecation of Book Debts & collateral security of: 1) extension of mortgage on the Registered Office Premises 2) Exclusive 1st charge over 5 vessels of the company by way of mortgage/hypothecation, valued at Rs. 1000 lacs, namely: a) M V Vishalaksmi b) D B Mahanadi c) M V Royal Gandak d) Royal Sewree e) Royal Saraswati.

Note: The Board of Directors has recommended dividend Rs. 0.10 per equity share of Rs. 10/- each on 1,44,94,874 equity shares for the year ended 31st March 2012 (Previous year Rs. 0.50 per equity share of Rs. 10 each on 1,44,94,874 equity shares)

I Contingent liability not provided for:

(a) On account of guarantees executed by the company's Bankers for Rs. 169.87 lacs (previous year Rs. 258.43 lacs), which is partly secured by the Margin Money amounting to Rs. 20.00 lacs (previous year Rs. 99.46 lacs) retained by the Bank.

(b) Claim against the Company not acknowledged as debts ^ 30.37 Lacs (previous year Rs. 30.37 lacs)

II Debtors include Rs. 22.67 lacs (Previous year Rs. 22.67 lacs) in respect of cases which are under arbitration/ dispute. In the opinion of the management the said debts are considered good.

III The other current assets in Note No. 18 includes Rs. 645.23 lacs (Previous year Rs. 645.23 lacs) of interest subsidy receivable from Central Government Inland Waterways Authority. To recover the same the petition is pending before the Delhi High Court. The amount outstanding is considered good by the management,

IV The company has lodged the claim of sum of Rs. 396.23 lacs in the Financial Year 2009-10, in respect of main engine break down of a ship during the voyage. The salvage expenses sum of Rs. 316.58 (Previous year 316.58lacs) which has been incurred on account of above has been included in the other current assets in Note No. 18 . As per Company accounting policy the insurance claim are accounted on cash basis, the above said insurance claim has not been received hence not recorded in the books of accounts. The amount outstanding is considered good by the management.

V Trade receivable, Trade Payable, Loans, Advances & Deposit Taken, Loan, Advances & Deposit given are subject to confirmation.

VI In the opinion of the Board, Current Assets, Loans, Advances and Deposit have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

VII The company is engaged only in the business of shipping and as such there is no separate reportable segment as per Accounting Standard 17.

VIII There are no Micro, Small and Medium Enterprises, as defined in the Micro, Small, Medium Enterprises Development Act, 2006, to whom the Company owes on account of principal amount together with the interest and accordingly no additional disclosures have been made.

The above information regarding Micro, Small and Medium Enterprises, has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

IX The company's two Subsidiary Companies namely SKS Waterways Ltd and Royal Logistics (Ship) Ltd have not yet started operations. Shahi Shipping (BD) Ltd, is in the process of liquidation, hence the consolidated financial statement of the SKS Logistics Limited and its subsidiaries SKS Waterways Ltd, Royal Logistics (Ship) Ltd and Shahi Shipping (BD) Ltd has not been prepared.

X There was no impairment loss on fixed assets on the basis of review carried out by the management in accordance with the Accounting Standard 28 issued by the Institute of Chartered Accountants of India.

XI Prior period expenses debited during the year was Rs. 2.61 lacs (previous year was Rs. 18.38 Lacs).

XII The remunaration committee has approved the remunaration of shri Sarvesh Kumar Shahi Chairman & Managing Director a sum of Rs 3.50 lacs per month with effect from 1st April 2011. The Company will seek the approval of the shareholder of the Company by way of a special resolution in the ensuring Annual General Meeting for the aforesaid remunaration paid by it to its Chairman & Managing Director.

XIII Till the year ended 31st March 2011,the Company was using pre-revised Schedule VI to the Companies Act 1956, for preparation and presentation of its financial statements. During the year ended 31 March 2012, the revised Schedule VI notified under the companies Act 1956, has become applicable to the company. The company has reclassified previous year figures to confirm to this year's classification. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it significantly impacts presentation and disclosures made in the financial statements, particularly presentation of balance sheet.


Mar 31, 2010

1. Contingent liability not provided for:

a) On account of guarantees executed by the companys Bankers for Rs. 108.15 lacs (previous year Rs. 73.90 lacs), which is partly secured by the Margin Money amounting to Rs. 16.28 lacs (previous year Rs. 11.15 lacs) retained by the Bank.

b) Claim against the Company not acknowledged as debts Rs. 30.37 lacs.

c) Demand in respect of additional Income Tax disputed in Appeal Rs. NIL ( Previous year 146.16 lacs ).

2. Debtors include Rs. 22.67 lacs (Previous year Rs. 22.67 lacs) in respect of cases which are under arbitration/ dispute. In the opinion of the management the said debts are considered good.

3. On account of being a shipping company, details in connection with Para 3 of Part II of Schedule VI of the Companies Act, 1956 have not been given.

4. The other current assets in schedule 9 includes Rs. 645.23 lacs (Previous year Rs. 645.23 lacs) of interest subsidy receivable from Central Government Inland Waterways Authority. The Company to recover there dues has filed a petition in the Delhi High Court in May 2010. The amount outstanding is considered good by the management,

5. The company has lodged the claim of sum of Rs 396.23 lacs in respect of main engine break down of a ship during the voyage. The salvage expenses sum of Rs 312.10 lacs which has been incurred on account of above has been shown in the books of accounts in Loan & Advances. As per Company accounting policy the insurance claim are accounted on cash basis, the above said insurance claim has not been received hence not recorded in the books of accounts.

6. The Sundry Debtors, Sundry Creditors, Loans, Deposits and Loans & Advances are subject to confirmation/ reconciliation.

7. In the opinion of the Board, Current Assets, Loan and Advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

8. The company is engaged only in the business of shipping and as such there is no separate reportable segment as per Accounting Standard 17.

9. (a) Sundry Creditors include amounts due to small scale Industrial undertakings - Rs. 6076 /-(previous year Rs. 50,333 ).

(b) There were no party being small scale /ancillary industrial undertaking to whom amount exceeding Rs. 100,000/- is outstanding for more than 30 days but not overdue.

(c) There were no amounts overdue to Small Scale and/or Ancilliary Industrial suppliers on account of principal and / or interest as at the close of the year.

(d) The above disclosure is based on the information/ documents available with the company.

10. The company has formed two Subsidiary Company to namely SKS Waterways Ltd and Royal Logistics (Ship) Ltd which has not been started operation during the year. Shahi Shipping (BD) Ltd, in the process of liquidation, hence the consolidated financial statement of the SKS Logistics Limited and its subsidiaries SKS Waterways Ltd, Royal Logistics (Ship) Ltd and Shahi Shipping (BD) Ltd has not been prepared. SKS Logistics (Singapore) Pvt Ltd has been wound up during the year.

11. Previous years figures have been regrouped and rearranged wherever necessary to confirm to those of the current year.

As in the past years the accumulated credit balance in the Deferred Tax Account has been shown under the head "Reserves & Surplus ", as in the opinion of the management the liability for deferred tax does not exist on the date of the Balance Sheet.

12. There was no impairment loss on fixed assets on the basis of review carried out by the management in accordance with the Accounting Standard 28 issued by the Institute of Chartered Accountants of India.

13. Prior period expenses debited during the year was 2.93 lacs (previous year was Rs. NIL).

14. Related Party Disclosures :

RELATED PARTY RELATIONSHIPS:

a) Where control exists:

Shahi Shipping (BD) Limited

India First Logistics Limited

Shahi Gasol Limited

SKS Shipyard Pvt.Ltd.

Royal Logistics ( Ship ) Ltd.

SKS Waterways Ltd

b) Key Management Personnel:

Mr. S. K. Shahi

Chairman & Managing Director

Late Mr. F. M. Koli

Wholetime Director

c) Other Related Parties:

Aryan Transport Company Pvt Ltd.

Royal Cruise Liners Limited

Koli Finance Pvt. Limited

 
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