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Jet Freight Logistics

BSE: 0|NSE: JETFREIGHT|ISIN: INE982V01017|SECTOR: Miscellaneous
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Notes to Accounts Year End : Mar '18

1 CORPORATE INFORMATION

The Jet Freight Logistics Limited (“The Company”) is a public limited company. The Company was incorporated in 2006 and status of the Company has been changed from Private Company to Public company with effect from July 16, 2016. The company is primarily engaged in the business of freight Forwarding for handling Perishable, General and time sensitive cargo and handling general and other kinds of cargo.

Jet freight logistics offers wide variety of services to its clients. Apart from Perishable, Time Sensitive and General Cargo, Company’s service includes Custom Clearance, Logistics Solution, Shipment of Hazardous cargo and ODC consignments.

Notes

2(a) : The company has also raised the share capital by issuing 3,50,000 (Three Lakhs Fifty Thousand Only) number of equity shares of Face Value Rs.10/- each by way of Preferential Issue . The record date of the Preferential issue was September 13,2017.

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 and equity shares does not have any preferential right towards dividend distribution and in case of liquidation. 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 in proportion to the number of equity shares held by the shareholders, after distribution of all preferential amounts.

Useful Life note :

Depreciation on tangible assets is provided on the straight-line method over the useful lives of assets estimated by the Management. Depreciation for assets purchased / sold during a period is proportionately charged. Intangible assets are amortized over their respective individual estimated useful lives on a straight-line basis, commencing from the date the asset is available to the Company for its use. The Management estimates the useful lives for the tangible fixed assets as follows :

3 Contingent Liabilities :-

The Company has issued bank guarantees in favour of customers / vendors for the purpose of its business. Details of outstanding guarantees as on the Balance Sheet date are given below:

4 In the opinion of the management, current assets, loans and advances have a value at least equal to the amount at which they are states in the balance sheet if realised in ordinary course of business.

5 Segment Reporting:

The company has determined that it operates in a single line of business viz. Freight Forwarders and also in a single geographic environment i.e. within India, therefore, the information required by the Accounting standard 17 on segment reporting is not applicable to the company.

6 Corporate Social Responsibility ( CSR )

(a) CSR amount required to be spend as per section 135 of the companies Act,2013 read with schedule VII thereof by the company during the year is Rs.586603/-

Details of Amount spend towards CSR given below.

1. Promoting Gender Equality ,Education and Aiding Pregnant Women.

2. The above amount of Rs.586603/- has been spend through Save Pearl Foundation which is a related party.

7 Employee Benefit :

The Company has classified the various benefits provided to employees as under

I Defined Contribution Plans

During the year, the Company has recognised the following amounts in the Statement of Profit and Loss:

II Defined Benefit Plans

Contribution to Gratuity Fund (funded Defined Benefit Plan)

The components of the net gratuity cost for the years ended March 31, 2018 and March 31, 2017 as per Acturial Valuation are as follows:

a) Major Assumptions

b) Change in Present Value of Obligation

8 Previous year figures have been recasted/ restated /regrouped where necessary to conform to current’s year classification.

Source : Dion Global Solutions Limited
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