1.13 Provisions, Contingent liabilities, Contingent Assets
(i) Provisions:
Provisions are recognized only when there is a present obligation (legal or constructive), as a
result of past events and when a reliable estimate of the amount of obligation can be made at the
reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the
current best estimates. Provisions are discounted to their present values, where the time value of
money is material.
(ii) Contingent liabilities:
Possible obligations which will be confirmed only by future events not wholly within the control
of the Company or Present obligations arising from past events where it is not probable that an
outflow of resources will be required to settle the obligation or a reliable estimate of the amount
of the obligation cannot be made.
(iii) Contingent Assets:
Contingent assets are neither recognized nor disclosed except when realization of income is
virtually certain, related asset is disclosed.
1.14 Employee benefits
(i) Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled
wholly within 12 months after the end of the period in which the employees render the related
service are recognised in respect of employees' services up to the end of the reporting period and
are measured at the amounts expected to be paid when the liabilities are settled. The liabilities
are presented as current employee benefit obligations in the balance sheet.
(ii) Other long-term employee benefit obligations
The liabilities for earned leave are not expected to be settled wholly within 12 months after the
end of the period in which the employees render the related service. They are therefore measured
as the present value of expected future payments to be made in respect of services provided
by employees up to the end of the reporting period using the projected unit credit method. The
benefits are discounted using the appropriate market yields at the end of the reporting period that
have terms approximating to the terms of the related obligation. Re-measurements as a result of
experience adjustments are recognised in Profit and Loss.
The obligations are presented as current liabilities in the balance sheet if the entity does not have
an unconditional right to defer settlement for at least twelve months after the reporting period,
regardless of when the actual settlement is expected to occur.
(iii) Post-employment obligations
The Company operates the following post-employment schemes:
(a) Defined benefit gratuity plan:
The liability or asset recognised in the balance sheet in respect of defined benefit gratuity
plan is the present value of defined benefit obligations at the end of the reporting period
less fair value of plan assets. The defined benefit obligations are calculated annually by
actuaries through actuarial valuation using the projected unit credit method.
The Company has opted for a Group Gratuity-cum-Life Assurance Scheme of the Life
Insurance Corporation of India (LIC).
The Company recognizes the following changes in the net defined benefit obligation as an
expense in the statement of profit and loss:
a. Service costs comprising current service costs, past-service costs, gains and losses on
curtailment and non-routine settlements; and
b. Net interest expense or income
Re-measurement gains and losses arising from experience adjustments and changes in
actuarial assumptions are recognised in the period in which they occur, directly in other
comprehensive income. They are included in retained earnings in the statement of changes
in equity and in the balance sheet.
Changes in the present value of the defined benefit obligation resulting from plan
amendments or curtailments are recognised immediately in profit or loss as past service
cost.
(b) Defined Contribution plan:
Contribution payable to recognised provident fund which is defined contribution scheme is
charged to Statement of Profit & Loss. The company has no further obligation to the plan
beyond its contribution.
1.15 Taxes on Income Income Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement
of Profit and Loss, except to the extent that it relates to items recognized in the other comprehensive
income or in equity, in which case, the tax is also recognized in other comprehensive income or equity.
Current Tax
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid
to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted
at the Balance sheet date. The tax liabilities are presented as net of advance tax for that particular
assessment year.
Deferred Tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and
liabilities used in the computation of taxable profit and their carrying amount in the financial statement.
Deferred tax assets and liabilities are measured using tax rates (and laws) that have been enacted or
substantively enacted by the end of the reporting period. The carrying amount of deferred tax liabilities
and assets are reviewed at the end of each reporting period.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses,
only if it is probable that future taxable amounts will be available to utilize those temporary differences
and losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current
tax assets and tax liabilities are offset where the Company has a legally enforceable right to offset and
intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
1.16 Earnings Per Share Basic Earnings per Share
Basic earnings per share is calculated by dividing the profit attributable to owners of the company
by the weighted average number of equity shares outstanding during the financial year. Earnings
considered in ascertaining the Company's earnings per share is the net profit for the year.
Diluted earnings per share
For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable
to equity shareholders and the weighted average number of shares outstanding during the year is
adjusted for the effects of all dilutive potential equity shares.
1.17 Leases
The Company's lease asset classes primarily consist of leases for Land and Buildings. The Company
assesses whether a contract is or contains a lease, at inception of a contract. A contract is, or contains,
a lease if the contract conveys the right to control the use of an identified asset for a period of time in
exchange for consideration. To assess whether a contract conveys the right to control the use of an
identified asset, the Company assesses whether:
(a) the contract involves the use of an identified asset
(b) the Company has substantially all of the economic benefits from use of the asset through the
period of the lease and
TD
(c) the Company has the right to direct the use of the asset.
At the date of commencement of the lease, the Company recognizes a right-of-use asset (“ROU”) and
a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a
term of twelve months or less (short term leases) and leases of low value assets. For these short term
and leases of low value assets, the Company recognizes the lease payments as an operating expense
on a straight-line basis over the term of the lease.
The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or prior to the commencement date of the lease
plus any initial direct costs less any lease incentives. They are subsequently measured at cost less
accumulated depreciation and impairment losses, if any. Right-of-use assets are depreciated from the
commencement date on a straight-line basis over the shorter of the lease term and useful life of the
underlying asset.
The lease liability is initially measured at the present value of the future lease payments. The lease
payments are discounted using the interest rate implicit in the lease or, if not readily determinable,
using the incremental borrowing rates. The lease liability is subsequently re-measured by increasing
the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the
lease payments made. A lease liability is re-measured upon the occurrence of certain events such as
a change in the lease term or a change in an index or rate used to determine lease payments. The
re- measurement normally also adjusts the leased assets.
Lease liability and ROU asset have been separately presented in the Balance Sheet and lease
payments have been classified as financing cash flows.
Lessor:
As a lessor the Company classifies its leases as either operating or finance leases. A lease is classified
as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of the
underlying asset, and classified as an operating lease if it does not.
When the Company is an intermediate lessor, it accounts for its interests in the head lease and the
sublease separately. The sublease is classified as a finance or operating lease by reference to the
right- of-use asset arising from the head lease.
1.18 Foreign currency transactions Functional & presentation currency
The financial statements are presented in Indian Rupees ("Rs.”) which is also the functional and
presentation currency of the Company.
Transactions & balances Initial recognition
Transactions in foreign currencies are initially recorded by the Company at its functional currency spot
rates at the date the transaction first qualifies for recognition.
Subsequent measurement
Monetary assets and liabilities denominated in foreign currencies are translated at the functional
currency spot rates of exchange at the reporting date.
imm GLOBAL LOGISTICS LTD
Exchange differences
Exchange differences arising on monetary items on settlement, or restatement as at reporting date, at
rates different from those at which they were initially recorded, are recognized in the statement of profit
and loss in the year in which they arise.
As per our report of attached even date attached
For DOOGAR & ASSOCIATES FOR FLOMIC GLOBAL LOGISTICS LIMITED
CHARTERED ACCOUNTANTS
Firm Registration No.: 000561N Sd/- Sd/-
LANCY BARBOZA ANITASHANTI LANCY BARBOZA
Sd/- (Managing Director) (Director)
VIJAY K. BORA DIN: 01444911 DIN: 00881594
(Partner)
M.No.: 102675 Place : Mumbai Place : Mumbai
Date: May 28, 2024 Date: May 28, 2024
Place : Mumbai Sd/- Sd/-
Date: May 28, 2024 SATYAPRAKASH SATYANARAYAN PATHAK RAVIKUMAR VENKATRAMAMULOO BOGUM
(Chief Financial Officer) (Company Secretary)
DIN: 00884844
Place : Mumbai Place : Mumbai
Date: May 28, 2024 Date: May 28, 2024
Note 16.3: Rights and restrictions attached to Equity shares:
The Company has only one class of equity shares having a par value of Rs. 10 per share. Each shareholder
is entitled to one vote per equity share. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. The
shareholders are entitled to dividend declared on proportionate basis.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining
assets of the company in proportion to the number of equity shares held.
(iii) No shares allotted as fully paid up pursuant to contracts without payment being received in cash
during a period of five years immediately preceding the year end except 1,09,68,360 Equity Shares
are alloted as fully paid up pursuant to amalgamation without payment being received in cash.
Note 16.6
Initially the company has a issued share of 72,00,000 shares of Rs. 10/- each with the name originally
registered with Companies Act, 1956 (Vinaditya Trading Company Limited) and the same has been
listed on BSE. However a Company “”Flomic Freight Services Private Limited”” got amalgamated
with the company as per order passed by the Hon'ble NCLT under the scheme of amalagamtion.
The scheme was approved by the Hon'ble NCLT by passing an order for the same dated 10 January,
2020. Under the scheme, transferee Company Vinaditya Trading Company Limited (VTCL) has issued
1,09,68,360 shares to transferor Company Flomic Freight Services Private Limited (FFSPL) for the
purchase consideration. With effect from 10 January, 2020 transferee Company VTCL has applied
for the listing of shares which was issued under the scheme of amalgamation to transferor Company
FFSPL for listing of shares and the process of the remaining shares for listing is under process even
till date. Therefore, due to this shares to the extent of 1,09,68,360 are not listed on BSE.
(*) For Movement, refer Statement of Changes in Equity
Description of the nature and purpose of each reserve within equity is as follows:
(a) Capital reserve on Amalgamation
Created pursuant to business combination of Flomic Freight Services Pvt. Ltd. and ANR Investments
Ltd.represents the excess of net assets taken over the cost of consideration paid is treated as capital
reserve.
(b) Retained Earnings :
Retained earnings are the profits that the Company has earned till date and is net of amount transferred
to other reserves such as general reserves, amount distributed as dividend and adjustments on
account of transition to Ind AS.
(c) Accumulated other comprehensive income
Difference between the interest income on plan assets and the return actually achieved, and any
changes in the liabilities over the year due to changes in actuarial assumptions or experience adjustment
within the plans, are recognised in ‘Other Comprehensive income' and subsequently not reclassified to
the Statement of Profit and Loss.
Note 1: Related party relationship is as identified by the management and relied upon by the auditors
Note 2: No amounts in respect of related parties have been written off/ written back during the year
or has not made any provision for doubtful debts/ receivable.
Note 3: Related party transactions have been disclosed on basis of value of transactions in terms of
the respective contracts.
Note 4: Terms and conditions of sales and purchases: the sales and purchases transactions among the
related parties are in the ordinary course of business based on normal commercial terms, conditions,
market rates and memorandum of understanding signed with the related parties.
EMPLOYEES BENEFITS
As per Indian Accounting Standard 19 “Employee Benefits” the disclosures of employee benefits as defined
are given below;
Defined benefits plan
The employee's gratuity fund scheme managed by the Life Insurance Corporation of India is a defined benefit
plan. The present value of obligation is determined based on the actuarial valuation using the Projected Unit
credit method, which recognizes each period of service as giving to rise additional unit of employee benefit
entitlement and measures each unit separately to build up the final obligation.
NOTE: 44
Balances of deposits, Loans and Advances, Trade payable, Other Payable and Trade Receivable are as per
books of accounts and subject to Reconciliation and consequential adjustments, if any.
NOTE: 45
The Company is operating in logistics industry - Freight forwarding and Custom clearance of Export/Import/
Local Consignments. Generally during the course of providing services, there are certain expenses like
custom duty, stamp duty, liner charges etc. which are technically supposed to be paid by the clients but due
to business expediency, the said expenses are paid by the company and the same gets reimbursed from
the clients. The amount of these expenses during the year is Rs. 1,25,71,87,036/- which is reduced from the
total amount of sale of services. However no GST is being charged on these recoveries on the ground that
these are covered under pure agent services.
NOTE: 46
Secured loans:
Cash Credit from Bank of Baroda
The above facilities are secured on current assets and immovable fixed assets (as listed below), both
present and future -
1. Mortgage of commercial property situated at Unit No. 101, 102, 301, 302 & 303, Span Landmark,
Andheri Kurla Road, Andheri (East), Mumbai 400093. (Owned by directors of the Company)
2. Mortgage of commercial property at Office No. 02, 1st Floor, Rohan Towers, Dapodi, Pune. (Owned by
directors of the Company)
3. Mortgage of commercial property at Unit No. 219 & 220 2nd Floor, Devnandan Mall, Ahmedabad.
(Owned by directors of the Company)
4. Mortgage of residential property at S2, Door No. 3E-22-1871/10, Upper Basement, Classque Signature,
Kadri Village Manglore. (Owned by directors of the Company)
5. Mortgage of commercial property at Office No.206, Laxmi Bhavan, Nehru Place, New Delhi. (Owned
by directors of the Company)
6. Mortgage of land at Survey No. 75, Hissa No. B (Adm 0-80-0 H-R-P) and Hissa No. 1-B (Adm 0-40-0
H-R-P), Usarli, Khurd, Panvel. (Owned by directors of the Company)
7. Mortgage of commercial property at 402, 4th Floor, The Great Eastern Summit, Plot No. 66, Sector No.
15, Belapur BCHSL, Navi Mumbai - 400093. (Owned by directors of the Company)
8. Mortgage of commercial property situated at Gala No. A-14, Mittal Industrial Estate, Andheri (East),
Mumbai- 400 059. (Owned by directors of the Company)
9. Mortgage of Property at Flat No. B001, B002, Ground Floor, Yellawa Smruti, Andheri (East), Mumbai -
400093 owned by director of the Company. (Owned by directors of the Company)
10. Mortgage of commercial property at Office No. 8A, 8th Floor, Bab Towers, Cochin. (Owned by directors
of the Company)
11. Mortgage of Plant and machinery as per the Audited Balance Sheet of FY 2020-21 of the Company.
12. Assignment of LIC policy in the name of directors of the Company.
13. Stock, Books Debts and Fixed Deposit.
Working Capital Term Loan (Guarantee Emergency Credit Line) from Bank of Baroda
The above facilities are secured on current assets and immovable fixed assets (as listed below), both
present and future;
1. Mortgage of commercial property situated at Unit No. 101, 102, 301, 302 & 303, Span Landmark,
Andheri Kurla Road, Andheri (East), Mumbai 400093. (Owned by directors of the Company)
2. Mortgage of commercial property at Office No. 02, 1st Floor, Rohan Towers, Dapodi, Pune. (Owned by
directors of the Company)
3. Mortgage of commercial property at Unit No. 219 & 220 2nd Floor, Devnandan Mall, Ahmedabad.
(Owned by directors of the Company)
4. Mortgage of residential property at S2, Door No. 3E-22-1871/10, Upper Basement, Classque Signature,
Kadri Village Manglore. (Owned by directors of the Company)
5. Mortgage of commercial property at Office No.206, Laxmi Bhavan, Nehru Place, New Delhi. (Owned
by directors of the Company)
6. Mortgage of land at Survey No. 75, Hissa No. B (Adm 0-80-0 H-R-P) and Hissa No. 1-B (Adm 0-40-0
H- R-P), Usarli, Khurd, Panvel. (Owned by directors of the Company)
7. Mortgage of commercial property at 402, 4th Floor, The Great Eastern Summit, Plot No. 66, Sector No.
15, Belapur BCHSL, Navi Mumbai - 400093. (Owned by directors of the Company)
8. Mortgage of commercial property situated at Gala No. A-14, Mittal Industrial Estate, Andheri (East),
Mumbai-400 059. (Owned by directors of the Company)
9. Mortgage of Property at Flat No. B001, B002, Ground Floor, Yellawa Smruti, Andheri (East), Mumbai
- 400093 owned by director of the Company. (Owned by directors of the Company)
10. Mortgage of commercial property at Office No. 8A, 8th Floor, Bab Towers, Cochin. (Owned by directors
of the Company)
11. Mortgage of Plant and machinery as per the Audited Balance Sheet of FY 2020-21 of the Company.
12. Assignment of LIC policy in the name of directors of the Company.
13. Stock, Books Debts and Fixed Deposit.
NOTE: 47 K GLOBAL LOGISTICS LTD
1. The Company does not have any benami property, where any proceeding has been initiated or
pending against the Company for holding any benami property.
2. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial
year.
3. The Company has 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
4. The Company has 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.
5. The Company does not have 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.
6. The Company is not declared willful defaulter by bank or financials institution or lender during the year.
7. The Company does not have any charges or satisfaction which is yet to be registered with ROC
beyond the statutory period.
8. The title deeds of immovable properties (other than properties where the Company is the lessee and
the lease agreements are duly executed in favor of the lessee) are held in the name of the Company
9. Quarterly returns or statements of current assets filed by the Company with banks or financial
institutions are not in agreement with the books of accounts as listed below:
(*)The difference is due to Reinstatement of Overseas debtors at the time of limited review or Balance write
off and write back or On Account settlement of Debtors after submission of Quarterly statement to Bank.
10. The Company has used the borrowings from banks and financial institutions for the specific purpose
for which it was obtained.
11. The Company does not have any transactions with companies which are struck off.
NOTE: 49 Financial Risk Management
The Company's principal financial liabilities comprise loans and borrowings, advances and trade, other
payables & lease liabilities. The purpose of these financial liabilities is to finance the Company's operations
and to provide support to its operations. The Company's principal financial assets include loans, trade and
other receivables, and cash and cash equivalents that derive directly from its operations.
The Company's activities exposes it to Liquidity Risk, Market Risk and Credit risk. The Board of Directors
reviews and agrees policies for managing each of these risks, which are summarised as below.
Liquidity risk
The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that
are settled by delivering cash or another financial asset. Liquidity risk management implies maintenance
sufficient cash including availability of funding through an adequate amount of committed credit facilities to
meet the obligations as and when due.
The Company manages its liquidity risk by ensuring as far as possible that it will have sufficient liquidity to
meet its short term and long term liabilities as and when due. Anticipated future cash flows are expected to
be sufficient to meet the liquidity requirements of the Company.
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because
of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and
other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk
includes foreign currency receivables and payables.
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The Company is exposed to interest rate risk primarily from
borrowings. The Company monitors the changes in interest rates and actively regarding finances its debt
obligations and/or re-evaluate the investment position to achieve an optimal interest rate exposure.
The Company is not exposed to any significant interest rate risk.
Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its contractual
obligations. The Company is exposed to credit risks from its operating activities, primarily trade receivables,
cash and cash equivalents, deposits with banks and other financial instruments.
Credit risk is managed by the Company through credit approvals, establishing credit limits and continuously
monitoring the credit worthiness of customers to which the Company grants credit terms in the normal
course of business.
Financial risk factors
Capital risk management
The Company’s objectives when managing capital are to :
(a) safeguard their ability to continue as a going concern, so that they can continue to provide returns for
shareholders and benefits
(b) maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Company may issue new shares, adjust the amount of
dividends paid to shareholders etc. The Company's policy is to maintain a stable and strong capital structure
with a focus on total equity so as to maintain investor, creditors and market confidence and to sustain future
development and growth of its business. The Company will take appropriate steps in order to maintain, or if
necessary adjust, its capital structure.
51 Segment Reporting:(IND AS 108) GLOBAL LOGISTICS LTD
The Company's business activity primarily falls within a single business segment i.e. “Freight forwarding and
Custom House Agent”. The Chief Operating Decision Maker assesses performance and allocates resources
for the business of the Company as a whole and hence the management considers Company's business
activities as a single operating segment.
52 Financial instruments ( Fair value Measurement)
The fair values of the financial assets and liabilities are included at the amount at which the instrument could
be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
The following methods and assumptions were used to estimate the fair values:
1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables,
other current liabilities, short term loans from banks and other financial institutions approximate their
carrying amounts largely due to short term maturities of these instruments.
2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on
parameters such as interest rates and individual credit worthiness of the counterparty. Based on this
evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair
value of such instruments is not materially different from their carrying amounts.”
53 Leases
Effective April 1, 2019, the Company has adopted Ind AS 116 “’’Leases”” using modified retrospective
approach. The Company's lease asset classes primarily consist of leases for buildings and vehicles. These
leases were classified as “Operating Leases” under Ind AS 17. On transition to Ind AS 116 “Leases””, for
these leases, lease liabilities were measured at the present value of remaining lease payments, discounted
at the Company's incremental borrowing rate as at April 01,2019. Right to Use if measured either at an
amount equal to the lease liability adjusted by the amount of any prepaid or accrued lease payments.
Lessor
The Company's accounting policy under Ind AS 116 has not changed from the comparative period. As a
lessor the Company classifies its leases as either operating or finance leases. A lease is classified as a
finance lease if it transfers substantially all the risks and rewards incidental to ownership of the underlying
asset, and classified as an operating lease if it does not.
55 The previous year's figures have been re-grouped / re-classified wherever required to conform to current
year's classification.
As per our report of attached even date attached
For DOOGAR & ASSOCIATES FOR FLOMIC GLOBAL LOGISTICS LIMITED
CHARTERED ACCOUNTANTS
Firm Registration No.: 000561N Sd/- Sd/-
LANCY BARBOZA ANITASHANTI LANCY BARBOZA
Sd/- (Managing Director) (Director)
VIJAY K. BORA DIN: 01444911 DIN: 00881594
(Partner)
M.No.: 102675 Place : Mumbai Place : Mumbai
Date: May 28, 2024 Date: May 28, 2024
Place : Mumbai Sd/- Sd/-
Date: May 28, 2024 SATYAPRAKASH SATYANARAYAN PATHAK RAVIKUMAR VENKATRAMAMULOO BOGUM
(Chief Financial Officer) (Company Secretary)
DIN: 00884844
Place : Mumbai Place : Mumbai
Date: May 28, 2024 Date: May 28, 2024
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