I. Provision Contingent Liabilities and Contingent Assets
The Company recognizes a provision when there is a present obligation as a result of past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligations. A disclosure of the contingent liability, if determinable, is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. But where is a possible obligation, but the likelihood of outflow of resources is remote, no provision/disclosure is made.
Contingent Assets are neither recognized nor disclosed in the financial statements. However, contingent assets are assessed continually and if it is virtually certain that an inflow of economic benefits will arise, the assets and related income are recognized in the period in which the change occurs.
J. Use of Estimates
In preparing Company's financial statements in conformity with accounting principles generally accepted in India, management is required to make estimated assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could in the period differ from those estimates. Any revision to accounting estimates is recognised in the period the same is determined.
K. Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand and short-term investments with an original maturity of three months or less .
L. Employee Benefits Short-Term Employee Benefits
All employee benefits falling due within twelve months of the end of the period in which the employees render the related services are classified as short-term employee benefits, which include benefits like salaries, wages, short term compensated absences, incentives, etc. and are recognized as expenses in the period in which the employee renders the related service and measured accordingly.
Gratuity
The Company's gratuity benefit scheme is a defined benefit plan. The Company's net obligation in respect of defined benefit plan is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; this benefit is discounted to determine its present value. Any unrecognised past service costs are deducted. The calculation of the Company's obligation under this plan is performed annually by a qualified actuary using the projected unit credit method.
Re-measurements comprising of actuarial gains and losses, are immediately recognised in statement of profit and loss as employee benefit expenses.
All other expenses related to defined benefit plans are recognised in statement of profit and loss as employee benefit expenses. Leave Encashment
The employees can carry forward a portion of the unutilized accrued compensated absences and utilise it in future service periods or receive cash compensation during termination of employment.
The calculation of the Company's obligation for unutilized accrued compensated absences is performed annually by a qualified actuary using the projected unit credit method.
Actuarial gains/losses are immediately taken to the statement of profit and loss
All other expenses related to defined benefit plans are recognised in statement of profit and loss as employee benefit expenses.
Provident Fund
Provident Fund is deposited with Regional Provident Fund Commissioner. This is treated as defined contribution plan. Company's contribution to the Provident Fund is charged to Profit & Loss Account.
1 These financial results were reviewed by the Audit Committee and then approved by the Board of Directors at their respective Meeting held on 30th May 2024.
2 These financial results have been prepared in accordance with the requirements of Accounting Standards specified under section 133 of the Companies Act, 2013 read with rule 7 of the Companies (Accounts) Rules 2014, as amended from time to time.
3 As per MCA Notification dated 16th February, 2015 Companies whose shares are listed on SME exchange as referred to in Chapter XB of SEBI (Issue of Capital and disclosure Requirements) Regulations, 2009 are exempted from the compulsory requirements of adoption of IND-AS.
4 Duringtheyear,theCompany,hadcompletedtheInitialPublic0ffering(IP0)of48,80,000EquitySharesofFaceValueofRs.10eachfor cashatapriceofRs.75perEquityShareaggregatingtoRs.3660LakhscomprisingaFreshIssueof33,80,000EquitySharesaggregatingto Rs. 2535 Lakhs and on offer for sale of 15,00,000 Equity Shares aggregating to Rs.1125 Lakhs by the existing shareholders pursuant to the IPO. The Equity Shares of the Company were listed on SME Platform of NSE Limited (NSE SME). The selling shareholders were Mr. Uddhav Poddar and Bhumika Realty Private Limited.
The Unutilised funds of Rs.130.64 Lakhs from IPO proceed have been kept with ICICI Bank in Escrow Account.
The Unutilised funds of Rs.900 Lakhs from IPO proceed have been kept with ICICI Bank in Current Account.
6 For the year ended on March 31, 2024, the Company had incurred Rs. 519.96 lakhs as towards IPO related expenses. The Company has utilised amount lying in Securities Premium Account towards IPO related expenses in terms of Section 52 (2)(c) of the Companies Act, 2013.
7 Earning Per Share: Earning Per Share is calculated on the weighted average of the share capital received by the company. Half yearly EPS is not annualised.
8 The figures for the half year ended 31st March 2024 are the balancing figures between audited figures in respect of full financial year and unaudited year to date figures of the half year ended 30th September 2023.
9 The figures for the half year ended 31st March 2023 are unaudited figures. Financial results were neither audited nor subject to limited review by the statutory auditors of the Company as the Company was listed during the half year ended March 31, 2024.
10 The above audited standalone financial results for the half year and year ended March 31, 2024 were reviewed by Audit Committee and approved by Board of Directors at its meeting held on 30th May, 2024. The Review Report of the Statutory Auditors is being filed with the National Stock Exchange.
11 The figures of the corresponding periods have been regrouped/reclassified, wherever necessary to conform to current period classification/presentation.
For and on behalf of the board For Kaushalya Logistics Limited
(Uddhav Poddar)
PLACE : NEW DELHI Managing Director
DATE : 30-05-2024 DIN: 00886181
2.4 Shares reserved for issue under options and contracts/commitments for the sale of shares/disinvestment, including the terms and amounts : NIL
2.5 In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.
2.6 The shareholders of the Company in Extraordinary General Meeting (EGM) held on 15th March, 2023 inter-alia approved the increase in Authorised Share Capital of the Company from Rs. 15.00 lakhs to Rs. 2500.00 lakhs divided into 250,00,000 equity shares of Rs.10/- each. The Company issued Bonus shares during the year in the ratio of 100 : 1 (i.e. Hundred bonus equity share of Rs.10/- each for every one fully paid up Equity Share of Rs.10/- each) to the shareholders by capitalizing existing surplus in profit and loss account balance amounting to Rs. 1500 lakhs. Accordingly, 150,00,000 equity shares by way of bonus shares were issued and allotted on 26th July 2023.
2.7 During the year, the Company, had completed the Initial Public Offering (IPO) of 48,80,000 Equity Shares of Face Value of Rs. 10 each for cash at a price of Rs.75 per Equity Share aggregating to Rs. 3660 Lakhs comprising a Fresh Issue of 33,80,000 Equity Shares aggregating to Rs. 2535 Lakhs and on offer for sale of 15,00,000 Equity Shares aggregating to Rs.1125 Lakhs by the existing shareholders pursuant to the IPO. The approval for IPO was sought from the shareholders of the Companyh at their meeting held on 15-Sep-2023. The Equity Shares of the Company were listed on SME Platform of NSE Limited (NSE SME). The selling shareholders were Mr. Uddhav Poddar and Bhumika Realty Private Limited.
2.8 For the year ended on March 31, 2024, the Company had incurred Rs. 519.96 lakhs as towards IPO related expenses. The Company has utilised amount lying in Securities Premium Account towards IPO related expenses in terms of Section 52 (2)(c) of the Companies Act, 2013.
4.1 Vehicle Loans are secured by way of first charge over specific vehicles and the same are repayable as per term of agreement
4.2 Term Loan includes Rupee Term loan availed from ICICI Bank amounting to Rs 804.70 Lacs is secured by exclusive charge over current assets and movable fixed assets of company including mortgage on property (immovable fixed assets) of Mr. Uddhav Poddar (Director) and is repayable in 83 equated installments of Rs 9.69 Lacs beginning from May 2022. Personal Guarantee of Loan is given by Mr. Uddhav Poddar (Director).
4.3 Term Loan includes Rupee Term loan availed from ICICI Bank amounting to Rs 72.82 Lacs is secured by exclusive charge over current assets and movable fixed assets of company including mortgage on property (immovable fixed assets) of Mr. Uddhav Poddar (Director) and is repayable in 84 equated installments of Rs 0.86 Lacs beginning from May 2022. Personal Guarantee of Loan is given by Mr. Uddhav Poddar (Director).
4.4 Term Loan includes ECLGS loan availed from ICICI Bank amounting to Rs 95.42 Lacs is secured by second ranking charge over all the existing security created in favour of ICICI Bank for the other facility (as stated above) and is repayable in 36 equated installments of Rs 2.65 Lacs beginning from April 2025. Personal Guarantee of Loan is given by Mr. Uddhav Poddar (Director).
4.5 Term Loan includes Working Capital Term loan availed from ICICI Bank amounting to Rs 700.00 Lacs is secured by exclusive charge over current assets and movable fixed assets of company including mortgage on property (immovable fixed assets) of Mr. Uddhav Poddar (Director) and is repayable in 48 equated installments of Rs 14.58 Lacs beginning from June 2023. Coborrower of Loan are Mr. Uddhav Poddar (Director) and Bhumika Realty Prviate Limited (Related party)
4.6 Property Loan availed from LIC Housing Finance Limited amounting to Rs. 560.00 Lacs to Purchase/ Construction/ Renovation of office/ Purchase of Equipments is used for takeover of Loan from ICICI Bank taken for Purchase of (Shop No. M012) Property at Plot No.F210 to F223, RHCO Industrial area, Sukher, Tehsil Udaipur, City Udaipur, Pincode-313004, Rajasthan and same is secured by charge on Property and is repayable in 180 equated installments of Rs 6.66 Lacs beginning from April 2023. Guarantee of Loan is given by Bhumika Enterprise Prviate Limited (Related party)
4.7 Loan against Property availed from LIC Housing Finance Limited amounting to Rs. 109.00 Lacs is secured by charge on Property - (Shop No. M012) Property at Plot No.F210 to F223, RHCO Industrial area, Sukher, Tehsil Udaipur, City Udaipur, Pincode-313004, Rajasthan and is repayable in 180 installments - 179 equated installments of Rs 1.15 Lacs beginning from November 2023 & 180th installment of Rs. 49.16 Lacs.
4.8 Loan against Property availed from LIC Housing Finance Limited amounting to Rs. 100.00 Lacs to Purchase/ Construction/ Renovation of office/ Purchase of Equipments and secured by charge on Property - (Shop No. M012) Property at Plot No.F210 to F223, RIICO Industrial area, Sukher, Tehsil Udaipur, City Udaipur, Pincode-313004, Rajasthan and is repayable in 180 equated installments of Rs 1.12 Lacs beginning from Feburary 2024. Co-borrower of Loan is Mr. Uddhav Poddar (Director)
4.9 Property Loan availed from Yes Bank amounting to Rs. 129.60 Lacs (Disbursed amount till 31-03-2023 - Rs. 119.69 Lacs) to Purchase (Unit No. M001A, M002A, M006A, M010A) Property at Plot No.F210 to F223, RIICO Industrial area, Sukher, Tehsil Udaipur, City Udaipur, Pincode-313004, Rajasthan and same is secured by charge on Property and is repayable in 180 equated installments of Rs 1.33 Lacs beginning from February 2023. Co-applicant of Loan are Mr. Uddhav Poddar (Director) and Bhumika Realty Prviate Limited (Related party)
4.10 Loan against Property availed from HDFC Bank amounting to Rs. 1900.00 Lacs for takeover of Loan from LIC Hosuing Finance taken for Purchase of (Shop No. M001 to M010) Property at Plot No.F210 to F223, RIICO Industrial area, Sukher, Tehsil Udaipur, City Udaipur, Pincode-313004, Rajasthan and same is secured by charge on Property and is repayable in 120 equated installments of Rs 22.86 Lacs beginning from September 2023. Guarantee of Loan is given by Bhumika Enterprise Prviate Limited (Related party). Co-borrower of Loan are Mr. Uddhav Poddar (Director) and Bhumika Realty Prviate Limited (Related party)
4.11 Loan against Property availed from HDB Financials amounting to Rs. 357.00 Lacs for Working Capital use of Rs. 119.00 Lacs and for takeover of Loan from ICIC Bank of Rs. 238.00 Lacs which is taken for Purchase of Purchase of Property(Shop No. M016 to M018) at Plot No.F210 to F223, RIICO Industrial area, Sukher, Tehsil Udaipur, City Udaipur, Pincode-313004, Rajasthan and
same is secured by charge on Property and is repayable in 86 equated installments of Rs 5.81 Lacs beginning from May 2023. Co-borrower of Loan are Mr. Uddhav Poddar (Director) and Bhumika Realty Prviate Limited (Related party)
4.12 Loan against Property availed from HDB Financials amounting to Rs. 154.00 Lacs for Working Capital use, which is secured by charge on Property (Shop No. M016 to M018) at Plot No.F210 to F223, RII'CO Industrial area, Sukher, Tehsil Udaipur, City Udaipur, Pincode-313004, Rajasthan and is repayable in 60 equated installments of Rs 3.23 Lacs beginning from October 2023. Co-borrower of Loan are Mr. Uddhav Poddar (Director) and Bhumika Realty Prviate Limited (Related party)
4.13 Loan against Property availed from RBL Bank amounting to Rs. 105.00 Lacs for Business Purpose, which is secured by charge on Property of Bhumika Enterprise Limited (Related party) - Shop No. FF04A at Plot No.F210 to F223, RIICO Industrial area, Sukher, Tehsil Udaipur, City Udaipur, Pincode-313004, Rajasthan and is repayable in 180 equated installments of Rs 1.06 Lacs beginning from October 2024. Co-borrower of Loan are Mr. Uddhav Poddar (Director), Bhumika Realty Private Limited (Related party) and Bhumika Enterprise Limited (Related party)
4.14 Unsecured Loans availed from Axis Bank of Rs. 50.00 Lacs is repayable in 24 equated installments of Rs 2.46 Lacs from November 2023.
4.15 Unsecured Loans availed from ICICI Bank of Rs. 50.00 Lacs is repayable in 18 equated installments of Rs 3.18 Lacs from February 2024.
4.16 Unsecured Loans availed from IDFC First Bank of Rs. 51.00 Lacs is repayable in 36 equated installments of Rs 1.78 Lacs from December 2023.
4.17 Unsecured Loans availed from Unity Small Finance Bank of Rs. 51.00 Lacs is repayable in 12 equated installments of Rs 4.65 Lacs from December 2023. Co-borrower of Loan are Mr. Uddhav Poddar (Director) and Bhumika Realty Prviate Limited (Related party)
4.18 Term Loan availed from Siemens Financial Services Pvt. Ltd. amounting to Rs. 89.37 Lacs to Purchase DG Set and same is secured by charge on DG Set and is repayable in 24 equated installments of Rs 5.36 Lacs beginning from November 2022.
4.19 Term Loan availed from Siemens Financial Services Pvt. Ltd. amounting to Rs. 32.00 Lacs to Purchase DG Set and same is secured by charge on DG Set and is repayable in 24 equated installments of Rs 1.47 Lacs beginning from February 2023.
4.20 Loan against Property availed from THE DELHI SAFE DEPOSIT CO. LTD amounting to Rs. 50.00 Lacs which is secured by charge on Property of Bhumika Enterprise Limited (Related party) - Shop No. UGF 136 at Plot No.F210 to F223, RHCO Industrial area, Sukher, Tehsil Udaipur, City Udaipur, Pincode-313004, Rajasthan and is repayable in 36 equated installments of Rs 1.75 Lacs beginning from January 2024. Co-borrower of Loan is Bhumika Enterprise Limited (Related party)
Based on the guiding principles given in Accounting Standard-17, The Company is presently engaged in 2 Segments -
a. Service Income - includes C & F Agency, Transportation and other ancillary activities
b. Trade of Electronic Appliances - includes retail trade of various types of home appliances, consumer electronics etc. and allied services on various online marketplaces,
c. Real-estate - includes Property at Urban Square Mall, Rajasthan given for rent purpose.
The Company prepares its operating segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the Company as a whole.
No operating segments have been aggregated to form the above reportable operating segments.
Revenue, expenses, assets and liabilities which relate to the Company as a whole and not allocable to segments on reasonable basis have been included under 'Unallocated'.
36. The Company is a Small and Medium Sized Company (SMC) as defined in the Genera! Instruction in respect of Accounting Standard notified under the Companies Act, 2013. Accordingly, the Company has complied with the Accounting Standard as applicable to a Small and Medium Sized Company.
37. Security of current assets against borrowings - Details of Quarterly statements filed by the Company with banks.
Company has taken borrowings from banks on the basis of security of current assets for which quarterly statements of current assets filed by the company with banks are in agreement with the books of accounts and there is no material discrepancies.
38. Other Notes -
a Sundry Advances, Sundry Debtors, Sundry Creditors are subject to confirmation
b There are no amounts due and outstanding to be credited to Investor Education and Protection Fund
c Earning in foreign exchange/ Expenditure in foreign currency:
IN TERMS OF OUR REPORT OF EVEN DATE.
FOR K N GUTGUTIA & CO.
CHARTERED ACCOUNTANTS For and on behalf of the board
Registration Number: 304153E For Kaushalya Logistics Limited
(B R Goyal) (Uddhav Poddar) (Ram Gopal Choudhary)
PARTNER Director Director Director
M. NO.12172 DIN: 00886181 DIN: 06637502
PLACE : NEW DELHI
DATE : 30.05.2024 (Abhishek Sapra) (Anupam Agr)
CFO Company Secretary
M.No. A31556
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