Terms/Rights attached to Equity Shares
The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, holder of equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.
Increase in authorised equity share capital:
During the year ended March 31, 2024, the Company has in aggregate increased its authorised Equity Share Capital by INR 1,000.00 lacs divided into 1,00,00,000 equity shares of INR 10/- each vide Shareholders' approval at Annual General Meeting (AGM) held on September 29, 2023.
f. During the year the Company has completed its Initial Public Offer (IPO) of 35,40,000 equity shares of face value of INR 10 each at and issue price of INR 103 per share. The issue comprised of 100% fresh issue aggregating to INR 3,646.20 lacs. Pursuant to the IPO, the equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) on August 9, 2023.
Note:-
(a) Vehicle loan is secured by hypothecation of respective vehicle, payable in 21 monthly instalments and carries interest at 7.46% p.a.
(b) The Company has availed Overdraft facilities from various banks. Overdraft facilities are secured through first pari passu charge by way of hypothecation on current assets and immovable property owned by Directors and personal guaranty of the promoters and carry rate of interest ranging from 8.50% to 11.00%. The current outstanding amount of such overdraft facilities is INR 964.15 lacs (March 31, 2023: INR 1,705.84 lacs) against the sanctioned limit of INR 3,250.00 lacs (March 31, 2023: INR 5,336.00 lacs).
(c) Borrowings from related parties are interest free and repayable on demand.
(d) Quarterly returns or statements of current assets filed by the company with banks or financial institutions are in agreement with the books of accounts except to the following on account of variance of entries posted in routine book closure process which is normally concluded post filing of statements with the banks. This does not have any impact on classification of loan or any debt covenants:-
Micro, Small and Medium Enterprises Development Act
Information as required to be furnished as per section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) for the year ended March 31, 2024 and for the year ended March 31, 2023 is given below. This information has been determined to the extent such parties have been identified on the basis of information available with the Company.
a. It includes advance given to related party amounting to INR 165.69 lacs and INR 581.61 lacs for the year ended March 31, 2024 and March 31, 2023 respectively.
b. Loan to related parties carry an interest rate of 10.00% p.a.
c. It includes interest accrued amounting to INR 8.05 Lacs and INR 3.71 Lacs for the year ended March 31, 2024 and March 31, 2023 respectively.
d. It includes interest accrued amounting to INR Nil Lacs and INR 0.20 for the year ended March 31, 2024 and March 31, 2023 respectively.
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28 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)
As at
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Particulars
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March 31, 2024
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March 31, 2023
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i. Contingent liabilities
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- Income tax matters in respect of which appeals are pending
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Tax demand on matters in dispute
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226.56
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226.56
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Amount paid under protest against above tax demands
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45.32
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45.32
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ii. Commitments
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The company has issued corporate guarantees to bank on behalf of its related parties.
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2500.00
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iii. Undrawn committed borrowing facility
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The Company has been sanctioned working capital demand loan facility from various banks aggregating to I NR 3,250.00 lacs (March 31,2023: I NR 5,336.00 lacs). This loan is secured by way of first pari passu charge on current assets (book debts), both present and future of the company. An amount of INR 2,285.85 lacs (March 31, 2023 : INR 3,630.16 lacs) remains undrawn as at the year end.
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29. SEGMENT REPORTING
A. Basis for segmentation
The operations of the Company are limited to one segment viz. "Air Cargo Service", which as per AS - 17 "Segment Reporting" is considered the only reportable segment.
B. Geographic Segment
The Company provides all its services only from its offices located in India and does not have any separate identifiable geographic segment.
C. Major Customer
There are no single customers which accounted for 10% or more of the group's revenue.
31. EMPLOYEE BENEFITS
The Company participates in defined contribution and benefit schemes, the assets of which are held (where funded) in separately administered funds.
For defined contribution schemes the amount charged to the statement of profit or loss is the total of contributions payable in the year.
A. Defined contribution plan
The Company makes contributions towards provident fund and employee state insurance scheme to a defined contribution retirement benefit plan for qualifying employees. The Company's contribution to the Employees Provident Fund and Employees State Insurance scheme is deposited with the Regional Provident Fund Commissioner. Under the scheme, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit scheme to fund the benefits.
During the year, the Company has recognised I NR 4.71 Lacs (Previous year I NR 3.65 Lacs) for Employer's contributions to the Provident Fund and INR 0.22 Lacs (Previous year INR 0.20 Lacs) for Employee State Insurance Scheme contribution in the Statement of Profit and Loss. The contribution payable to the plan by the Company is at the rate specified in rules to the scheme.
B. Defined benefit plan - Gratuity plan
The gratuity liability arises on retirement, withdrawal, resignation and death of an employee. The aforesaid liability is calculated on the basis of fifteen days salary (i.e. last drawn basic salary) for each completed year of service subject to completion of five years service.
Risks associated with Plan Provisions
Risks associated with the plan provisions are actuarial risks. These risks are:- (i) interest risk (discount rate risk), (ii) mortality risk and (iii) salary risk.
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Interest risk (discount rate risk)
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A decrease in the bond interest rate (discount rate) will increase the plan liability.
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Mortality risk
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The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants. For this report we have used Indian Assured Lives Mortality (2012-14) ultimate table.
A change in mortality rate will have a bearing on the plan's liability.
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Salary risk
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The present value of the defined benefit plan liability is calculated with the assumption of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan's liability.
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In respect of the plan in India, the most recent actuarial valuation of the plan assets and the present value of the defined benefit obligation were carried out as at March 31, 2024 by Charan Gupta Consultants Private Limited. The present value of defined benefit obligation, and the related current service cost and past service cost, were measured using the projected unit credit method.
The following tables summarise the components of net benefit expense recognized in the statement of profit and loss and amounts recognized in the balance sheet for the gratuity plan.
Reason for change more than 25%:
1. The movement in current year is on account of decrease in borrowings.
2. The movement in current year is on account of increase in sales, and average trade receivables.
3. The movement in current year is on account of increase in purchases, and average trade payables.
4. The movement in current year is on account of increase in sales, and average working capital.
5. The movement in current year is on account of increase in both net profit, and sales
41. OTHER INFORMATION
i. The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
ii. The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.
iii. The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
iv. The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
v. The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.
42. During the year the Company was converted to a Public Limited Company and accordingly was granted a Certificate of Incorporation consequent upon conversion to Public dated April 25, 2023.
43. During the year the Company has completed its Initial Public Offer (IPO) of 35,40,000 equity shares of face value of INR 10 each at and issue price of INR 103 per share. The issue comprised of 100% fresh issue aggregating to INR 3,646.20 lacs. Pursuant to the IPO, the equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) on August 9, 2023.
44. The Company is in the process of migrating to upgraded version of accounting software for maintaining its books of account that has a feature of recording audit trail (edit log) facility from legacy accounting software. The audit trail feature in respect of the legacy accounting software is not enabled for direct changes to data for the financial year ended March 31, 2024.
45. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
46. The Company has regrouped/reclassified certain balances of previous year to conform with current year s presentation.
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