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Notes to Accounts of Tiger Logistics (India) Ltd.

Mar 31, 2015

1. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of current assets, loans and advances in the ordinary course of business will not be less than the amount at which they arc stated in the Balance Sheet except as shown doubtful and provision for all known liabilities, expenses and income have been made in the accounts unless stated otherwise in the notes.

2. Certain debtors/creditors are subject to confirmation.

3. On the basis of data compiled by the Company, there are no small scale industrial undertakings to whom the Company owes any sum outstanding for more than 30 days.

4. The Company has taken office premises on cancellable operating lease. Lease Rents charged to Statement of Profit & Loss Rs.43,24,431 (previous year Rs. 3,142,400). Since the leases are cancellable in nature, other disclosures as required by Accounting Standard AS-19 arc not applicable.

5. Disclosure pursuant to Accounting Standard 15 on "Employee Benefits":

Defined contribution plans:

The Company's employee provident fund scheme is a defined contribution plans. A sum of Rs.1,107,751 (Previous Year Rs. 367,145) has been recognized as an expense in relation to the scheme and shown under Employee Benefit Expenses in the Statement of Profit and Loss.

Gratuity and compensated absences

Gratuity is payable to all eligible employees of the Company on superannuation, death or permanent disablement, in terms of the provisions of the Payment of Gratuity Act or as per the Company's Scheme whichever is more beneficial. Compensated absences is payable to all employees of the Company on superannuation, death or permanent disablement as per the Company's Scheme.

The discount rate is based on the prevailing market yields of Indian government securities as at the balance sheet date lot the estimated term of the obligations.

The salary escalation rate is based on estimates of salary increases, which take into account inflation, promotion and other relevant factors.

Economic Assumptions

The principal assumptions are the discount rate & salary growth rate. The discount rate is generally based upon the market yields available on Government bonds at the accounting date with a term that matches that of the liabilities & the salary growth rate takes account of inflation, seniority, promotion and other relevant factors on long term basis. Valuation assumptions are as follows which have been agreed by the company:

b) Segment Capital employed

Fixed Assets used in the company's business or liabilities contracted have not been identified to any of the reportable segments, as the fixed assets and services are used interchangeably between segments. Accordingly, no disclosure relating to individual segment assets and liabilities has been made.

6. Previous year figures have also been regrouped/ rearranged, wherever necessary.


Mar 31, 2014

1. Contingent Liabilities (not provided for) in respect of:

(as certified by Management) Amount in Rs.

Particulars CurrentYear PreviousYear

1. Show cause / demand / notices by Income 1,24,16,043 21,74,571 Tax authorities being disputed by the Company

2. Estimated amount of contracts remaining to Nil Nil be executed on capital account (net of advances)

3. Outstanding Bank Guarantees 50,85,000 76,85,000

4. Claims against the Company not 82,03,142 82,03,142 acknowledged as debts

2. No provision has been made for the Directors'' fee as the same has been voluntarily surrendered by the Directors.

3. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of current assets, loans and advances in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet except as shown doubtful and provision for all known liabilities, expenses and income have been made in the accounts unless stated otherwise in the notes.

4. Certain debtors/creditors are subject to confirmation.

5. On the basis of data compiled by the Company, there are no small scale industrial undertakings to whom the Company owes any sum outstanding for more than 30 days.

6. The Company has taken office premises on cancellable operating lease. Lease Rents charged to Statement of Profit & Loss Rs. 3,142,400 (previous year Rs. 2,542,881). Since the leases are cancellable in nature, other disclosures as required by Accounting Standard AS-19 are not applicable.

7. Disclosure pursuant to Accounting Standard 15 on "Employee Benefits":

Defined contribution plans:

The Company''s employee provident fund scheme is a defined contribution plans. A sum of Rs.367,145 (Previous Year Rs. 284,572) has been recognized as an expense in relation to the scheme and shown under Personnel Expenses in the Statement of Profit and Loss.

Gratuity and compensated absences

Gratuity is payable to all eligible employees of the Company on superannuation, death or permanent disablement, in terms of the provisions of the Payment of Gratuity Act or as per the Company''s Scheme whichever is more beneficial. Compensated absences is payable to all employees of the Company on superannuation, death or permanent disablement as per the Company''s Scheme.

The discount rate is based on the prevailing market yields of Indian government securities as at the balance sheet date for the estimated term of the obligations.

The salary escalation rate is based on estimates of salary increases, which take into account inflation, promotion and other relevant factors.

Economic Assumptions

The principal assumptions are the discount rate & salary growth rate. The discount rate is generally based upon the market yields available on Government bonds at the accounting date with a term that matches that of the liabilities & the salary growth rate takes account of inflation, seniority, promotion and other relevant factors on long term basis. Valuation assumptions are as follows which have been agreed by the company:

8. Related Party Disclosure

a) Disclosure of Related Parties and relationship between parties:-

i. Key Management Personnel : Mr. Harpreet Singh Malhotra : Mrs. Benu Malhotra : Mrs. Surjeet Kaur Malhotra

ii. Associate : Tiger Softech (India) Pvt. Ltd.

: Brahma Suppliers Pvt. Ltd. : Sun Warehousing & Distributions Pvt. Ltd. : Prithvi Shipping Pvt. Ltd. : Raina Transcontinental Ltd. : Yieshu Finance & Investment Pvt. Ltd.

iii. Firms In which Directors are Interested : Tiger Trading Enterprises : Scac Consultants

b) Details of transactions entered into with related parties during the year as required by Accounting Standard (AS)- 18 on "Related Party Disclosures" issued by Companies (Accounting Standards) Rules 2006 are as under:

c) Segment Capital employed

Fixed Assets used in the company''s business or liabilities contracted have not been identified to any of the reportable segments, as the fixed assets and services are used interchangeably between segments. Accordingly, no disclosure relating to individual segment assets and liabilities has been made.

9. Detail of foreign currency exposures that are not hedged by a derivative instrument or otherwise.

10. Previous year figures have also been regrouped/ rearranged, wherever necessary. As per our report of even date attached

 
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