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Arshiya International Ltd. share price- Notes To Account

Industry: Logistics
BSE Code :506074
Business Group:Arshiya Group
LTP (Rs.) :20.55  (-0.96%) [NSE]
ISIN No :INE968D01022
Face Value/M Lot :2.00/1
P/E Ratio : 0.00
Market Cap : 241.32 Cr
You can view the entire text of Notes to accounts of the company for the latest year.
Year End : 03 / 2013
Note 1.1: Company Information

Arshiya International Limited (the 'Company') is engaged in the business of providing end-to-end logistics solutions by way of unified supply chain infrastructure and warehousing facilities along with value added services and end-to-end transportations.

The Company has developed a Free Trade Warehousing Zone at Sai village, Panvel in the state of Maharashtra. Government of India vide its notification no. S.O. 1158(E) dated May 4, 2009 has notified the aforesaid area as a Free Trade Warehousing Zone under the provisions of Special Economic Zone Act, 2005 and the Special Economic Zone Rules, 2006.

The Company's equity shares are listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange (NSE).

2. a. Contingent liabilities not provided for:

(Amount in Rs

Sr. 2013 2012 No

i) Disputed income tax demands 122,197,838 4,350,076

ii) Claims against the Company not acknowledged as debts 167,741,290 55,222,057

iii) Guarantees/ Letter of credit issued by banks (net of liabilities 4,499,004 9,576,448 provided)

iv) Guarantees given on behalf of subsidiaries. Loans outstand- 15,291,519,332 12,119,332 ing (including interest accrued and due against such guaran-

tees is Rs 12,613,786,374 (Rs 11,256,501,746)

b. Capital and other commitments

i) Estimated amount of contracts remaining to be executed on capital and other account and not provided for (net of advances paid) is Rs 987,560,296 (Rs 1,214,173,468).

ii) The Company has also provided security (included in 22(a)(iv) above) to the lenders for loan granted of Rs 4,000,000,000 (Rs 4,000,000,000) to its subsidiary viz. Arshiya Rail Infrastructure Limited.

iii) The company has committed to provide continued need based financial support to subsidiaries.

3. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence the disclosures, if any, relating to amounts unpaid as at the year end together with interest payable as required under the said Act have not been given. This has been relied upon by the auditors.

4. a. In the opinion of the management, current assets, loans and advances and current liabilities are approximately of the value stated, if realised / paid in the ordinary course of business. Provision for all known liabilities is adequate and is not in excess of amounts considered reasonably necessary.

b. The company has sent confirmation letters for confirming the balances as on March 31, 2013 of trade receivables, trade payables, advances and loans/credit facilities from banks/financial institutions. However, certain trade receivables, trade payables and loans/credit facilities from banks/financial institutions are subject to confirmation and reconciliation. The difference, if any, will be adjusted on final reconciliation/determination.

5. a. Revenue from logistic operations (Refer note 17) mainly comprises of freight and forwarding income, clearing and handling charges, other related income and also includes related commission income of Rs. 212,760,595 (Rs. 470,380,202).

b. Cost of logistic operations (Refer note 19) mainly comprises of freight and forwarding expenses, clearing and handling charges and other related expenses.

6. Disclosure pursuant to Accounting Standard 15 (Revised) - Employee Benefits

a. Brief descriptions of the plans

The Company's defined contribution plans are Provident Fund and Employees State Insurance where the Company has no further obligation beyond making the contributions. The Company's defined benefit plans include gratuity. The employees are also entitled to leave encashment as per the Company's policy.

b. Defined benefit plan - Gratuity (Funded)

7. Segment information

Primary Segment Information

The Company operates in two primary reportable business segments, i.e. "Logistics operations and related services" and Free Trade Warehousing Zone ('FTWZ') operations" as per Accounting Standard 17 - "Segment Reporting".

8. There is no amount due and outstanding to be credited to Investor Education and Protection Fund as at March 31, 2013.

9. Related party disclosures, as required by Accounting Standard 18 "Related Party Disclosures" as given below.

Note : Percentage given in bracket are of previous year.

@ 6.63 % (6.63%) held through Arshiya Hongkong Limited

* 9.89 % (9.89%) held through the Company

$ 48.33 % (48.33 %) held through Arshiya Hongkong Limited

$S 14.05 % (16.44 %) held through Cyberlog Technologies (UAE) FZE

# Merged with the Company w.e.f 1 April 2012 pursuant to the Scheme of Amalgamation as referred in Note 40 ## Deregistered / dissolved on March 28, 2013

a. (I) Key Management Personnel

Mr. Ajay S. Mittal - Chairman and Managing Director

Mrs. Archana A. Mittal - Joint Managing Director

Mr. Sandesh R Chonkar- Chief Financial Officer and Executive Director

Mr. V. Shiykumar- Executive Director (resigned w.e.f. May 14, 2012)

(II) Relative of Key Management Personnel

Mr. Ananya Mittal - General Manager (Business Development) - August 6, 2012 to September 30, 2012.

b. Other related parties with whom transactions have taken place during the year or balances outstanding as at the reporting date.

Bhushan Steel Limited, Arshiya Lifestyle Limited.


The related party relationships have been determined by the management on the basis of the requirements of the AS-18 and the same have been relied upon by the auditors

The nature and amount of transactions with the above related parties are as follows

10. Disclosure pursuant to Accounting Standard 19 - Leases

Finance Lease

The Company has acquired vehicles under finance lease. Details of lease rentals payable are as follows

Operating Lease

a. In respect of assets given on cancellable operating lease

The company has entered into an agreement with its wholly owned subsidiary and others for leasing of part of the Pallet positions, Open yard area, Temperature Controlled Warehouse, Warehouse Floor space, Warehouse mezzanine floor space at its FTWZ Sai Village Panvel- Maharashtra.

Lease income recognised in respective of operating leases is Rs. 746,297,499 (723,724,037).

b. In respect of assets taken on non-cancelable operating lease

The Company has entered into operating lease arrangements for 3-5 years renewable at the option of the lessor and lessee. The lease arrangement provides escalations clause for increase in rent during the tenure of the lease. Under certain arrangements, refundable interest free deposits have been given.

11. Taxation

In view of loss for the year as calculated as per the provisions of the Income Tax Act, 1961 (The "Act"), no provision for taxation has been made. However, while computing the provision for taxation, income tax, if any, payable due to disallowance of expenses u/s 40(a)(i) of the Act on account of non-payment / non -deduction of Tax Deducted at Source as per chapter XVIIB and disallowances of certain expenses, if any, u/s 43B due to non-payment on or before due date of filing return of income has not been considered, as according to the management, all above dues will be paid before due date of filing of return of income.

12. Scheme of Amalgamation of Arshiya FTWZ Limited ("AFTWZL") and Arshiya Domestic Distripark Limited ("ADDL") with the Company.

a) A Scheme of Amalgamation ("The Scheme") of Arshiya FTWZ Limited ("AFTWZL") and Arshiya Domestic Distripark Limited ("ADDL") with the company as sanctioned by Hon'ble High Court, Bombay on 07 December 2012. The Scheme became effective on 04 January 2013 on filing with the Registrar of Companies and consequently, the entire undertaking of the transferor companies including all assets, liabilities and reserves, vested in the Company on appointed date 01 Aprii 2012.The Scheme is, accordingly given effect in these accounts.

b) The Amalgamation is accounted for as per "Pooling of Interest" method prescribed under Accounting Standard 14

"Accounting of Amalgamations". Pursuant to the Scheme:

i) Assets and liabilities of AFTWZL and ADDL as at 1 April 2012 have been taken over at their book values.

ii) The book value of Company's investments in the equity shares of the AFTWZL and ADDL and inter-company loans and advances have been cancelled. Accordingly, nosharesareallottedtoshareholdersof AFTWZLandADDLrespectively as all the shares of AFTWZL and ADDL are held by the Company on record date.

iii) The difference being shortfall of the net assets and reserves of ADDL and AFTWZL transferred to the Company, cancellation of inter-company investments etc., after making the above adjustments has been accounted as under:

13. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with current year's classifications / disclosures. Current year's figures are not comparable with that of previous year's figure due to Scheme of Amalgamation as referred in note 40 and in view of capitalization in current and previous years.

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