o. Provision and Contingencies:
i. Provisions
Provisions are recognised in accordance with the principles laid out under Ind AS 37 when the Company has a present legal
or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation, and a reliable estimate of the amount can be made.
Where the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects the
risks specific to the liability. The unwinding of the discount is recognised as a finance cost in the Statement of Profit and Loss.
ii. Contingent Liabilities
A contingent liability, as defined under Ind AS 37, is disclosed where the existence of a present obligation is uncertain and
will be confirmed only by the occurrence or non-occurrence of one or more future events not wholly within the control of the
Company, or where a present obligation does not meet the recognition criteria.
Claims considered frivolous or legally unsustainable, and where the likelihood of an outflow of resources is assessed to be
remote, are not disclosed as contingent liabilities.
iii. Contingent Assets
Contingent assets are not recognised in the financial statements in accordance with Ind AS 37. Such assets are disclosed
only when the realisation of income is virtually certain, in which case the related asset is recognised, not treated as contingent.
10.2 a) The balances of Trade Receivables have been reviewed and confirmed by the respective parties as at the balance sheet date,
except those forming part of the "Disputed Trade Receivables" disclosed separately.
b) The Company has evaluated the Expected Credit Loss (ECL) in accordance with Ind AS 109 - Financial Instruments and has
recognised a provision of ?168.00 lakhs (Previous Year: Nil) based on historical default experience, risk profile of customers,
and management estimates.
c) There are no receivables from directors or other officers of the company or firms/companies in which they are interested, as
defined under the Companies Act, 2013.
14.2 Rights, preferences and restrictions attached to the equity shares -
a) Right to receive dividend as may be approved by the Board of Directors/Annual General Meeting.
b) The Equity Shares are not repayable except in the case of a buyback, reduction of capital or winding up in terms of the
provisions of the Companies Act, 2013.
c) Every member of the Company holding equity shares has a right to attend the General Meeting of the Company and has a right
to speak and on a show of hands, has one vote if he is present in person and on a poll shall have the right to vote in proportion
to his share in the paid-up capital of the Company.
(ii) General Reserve: This represents appropriation from retained earnings for future expansion or to meet unforeseen contingencies.
(iii) Contingency Reserve: Represents appropriation for specific risks or regulatory provisions, created out of profits, and adjusted
during the year. The Contingency Reserve has been created in accordance with the Board's internal policy, to provide for
contingencies that may arise in the course of business.
(iv) Retained Earnings: Represents cumulative surplus of the Statement of Profit and Loss after appropriations.
(v) Other Comprehensive Income: Represents unrealised gains/(losses) on investments in equity instruments designated as
FVTOCI, actuarial remeasurements, etc.
(vi) Share issue expenses of ?53.75 lakhs incurred on rights issue have been adjusted against the Securities Premium Reserve as
per Section 52 of the Companies Act, 2013.
(vii) During the previous financial year, the Company had forfeited 14,50,177 equity shares of ?10 each due to non-payment of
call money (Refer Note 47 [iii]). The amount originally received on these forfeited shares aggregating to ?36.25 lakhs was
transferred to the Securities Premium Reserve in accordance with the applicable provisions of the Companies Act, 2013 and
the Company's Articles of Association.
31. Corporate Social Responsibility Expenditure:
As per Section 135 of the Companies Act, 2013, and the rules made thereunder, the Company has constituted a Corporate Social
Responsibility (CSR) Committee. However, based on the financial thresholds and net profit computation as per Section 198 of the Act,
the Company was not required to incur any CSR expenditure for the financial years ended 31st March 2025 and 31st March 2024.
Consequently, no amount has been spent towards CSR activities as specified in Schedule VII during the reporting period.
32. Earnings and Expenditure in Foreign Currency:
During the year, the Company has not earned any income in foreign currency. The foreign currency expenditure incurred during the
year amounted to ?0.60 lakhs (Previous Year: ?0.63 lakhs) towards subscription and membership fees. All other foreign currency
exposures have been translated and accounted for in accordance with Ind AS 21 on the Effects of Changes in Foreign Exchange
Rates.
33. Contingent Liabilities:
Contingent liabilities disclosed below represent possible obligations that arise from past events and whose existence will be confirmed
only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. The
Company has not provided for these obligations as the possibility of outflow of resources is not considered probable as of the reporting
date.
34. Trade Receivable against whom the Company has filed the legal suits for recovery are being reviewed by the legal department on
year-to-year basis. The management is hopeful of recovery of these amounts.
35. Classification of Trade Receivable as secured and Trade Receivable / Loans and Advances as unsecured considered good are as
evaluated and certified by the management.
36. Balances of Trade Receivables are based on acknowledgement of bills by the parties.
37. Other Loans and Advances under Long Term Loans & Advances includes Inter Corporate Deposits aggregating to ? 128.27 Lakhs
(Previous Year ? 128.27 Lakhs) due from certain Companies. Having regards to the long-term association with these Companies, the
management is of the view that no provision is considered necessary on these accounts.
38. Segment Reporting:
The Company has identified the following reportable segments:
a) Co-loading of Air Freight - Primary business segment
b) Other Services - Gym and health supplement income, rental income
NOTES:
i. The godown deposit is treated as property deposit pending final outcome of application filed by the Company for
repossession in the Court of Additional Rent Controller, Central District, Tiz Hazari Court, New Delhi.
ii. There are no provisions for doubtful debts or amounts written off or written back during the year for debts due from or to
related parties.
40. Current assets, loans and advances have a value of at least equal to the amounts shown in the Balance Sheet, if realised in the
ordinary course of business. The provision for all known liabilities is adequate and not in excess of amount considered reasonably
necessary. There are no contingent liabilities other than those stated in Note No. 33.
41. The impact for adoption for IND-AS 116 in the Company's financial statements is not material as the Company has not entered into a
long term lease agreement and the amount of lease rent paid is not of high value. However, the management will continue to assess
its impact every year and account for the same, if required, as per IND-AS 116.
42. Deferred Tax Assets have been accounted on the basis of reassessment of previously unrecognized Deferred Tax Asset to be
recovered.
44. Contingency Reserve:
During the year, the Company transferred ?900 lakhs from retained earnings (Profit and Loss account) to the Contingency Reserve,
in accordance with its policy to safeguard against unforeseen losses, including bad debts and other contingencies.
Subsequently, an amount of ?1,224.45 lakhs was transferred from the Contingency Reserve to the Statement of Profit and Loss.
This accounting treatment is in line with the Company's accounting and reserve policy and is consistent with the applicable provisions
of Indian Accounting Standards (Ind AS).
47. Right Issue:
i. During the year the Company issued 50,00,000 Equity shares @ ? 18 Per shares including premium of ? 8 per share on rights
basis in the ratio of 8:103 to eligible equity shareholders holding shares on record date of 9th September,2024.
ii. The Company received ? 9 Crores against Rights Issue towards First and Final call money @ ? 18.00 per share including
premium of ? 4 Crores @ ? 8 per share. Out of the money received ? 6.25 Crores was utilised for repayment of borrowings,
? 2.75 Crores was utilised for General Corporate purposes and Rights issue expenses.
iii. During the previous year application money paid by the shareholders on 14,50,177 shares amounting to ? 36.25 lakhs @ 2.50
per share were forfeited as per the approval received on April 10,2023 as per the terms of Rights issue.
48. Crypto/Virtual Digital Assets
The Company has neither traded in nor invested in any Crypto/Virtual Digital Assets during the financial year ended March 31,2025.
Further, the Company does not hold any such assets as at the balance sheet date. Accordingly, no gain or loss has been recognized
in the Statement of Profit and Loss in respect of Crypto/Virtual Digital Assets during the year.
As per our report of even date
For Hitesh Shah & Associates For and on behalf of the Board of Directors,
Chartered Accountants
(Registration No. 103716W)
HITESH SHAH Syed Husain Mahesh Fogla Vikas Porwal
Partner Director Director Director
Membership No. 040999 DIN-3010306 DIN-05157688 DIN-10382199
UDIN: 25040999BMIPCW9447
Mumbai, Deepak Keni Avinash Paul Raj
Dated : May 20, 2025 Chief Financial Officer Company Secretary
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