Exhibit 99.8
B M CHATRATH & CO LLP (FORMERLY B M CHATRATH & CO.) CHARTERED ACCOUNTANTS LLPIN : AAJ-0682 |
REGD OFFICE: CENTRE POINT , 4th FLOOR, suite no. 440 21, HEMANTA BASU SARANI, KOLKATA - 700 001 TEL : 2248-4575/4667/6810/6798, 2210-1385, 2248-9934 E-mail: bmccal@bmchatrath.in Website:www.bmchatrath.com |
INDEPENDENT AUDITOR’S REPORT
To the Members of
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying Financial Statements of UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED (“the Company”), which comprise the Balance Sheet as at March 31, 2021, the Statement of Profit and Loss and Statement of Cash Flows for the year then ended, and notes to the Financial Statements, including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us in the Basis for Opinion Paragraph the aforesaid Financial Statements give the information required by the Companies Act, 2013 (‘Act’) in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India, of the state of affairs ofthe Company as at March 31, 2021, its Profitand Cash Flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the Financial Statements under the provisions ofthe Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our Opinion.
NOIDA :- D-26, 2nd Floor, Sector - 3, Noida - 201301 (Uttar Pradesh), Ph. No. - 0120-4593360, 0120-4593361
DELHI ;- Flat No. - 10, 45 Friends Colony East, New Delhi 110065
MUMBAI:-104, Building No. B69, Nitin Shanti Nagar CHSL, Shanti Nagar, Sector -1, Mira Road East, Dist. - Thane, Mumbai - 401107 HYDERABAD :- Mangalgiri Vinaygar Apartments, Flat No. -202, 8-2-616/3/E/2, Road No. - 10, Banjara Hills, Pin : 500034 JAIPUR B-269, Janta Colony, Jaipur-302004, Ph. : 0141-2601727
Due to Covid-19 Pandemic and the consequential nation-wise Lockdown and restrictions on travel we have conducted Audit on a remote access basis based on the information sent to us by the Company. This includes various Financial Accounts/Records.
Our Report has been made based on the Digital Review of the records maintained in the System and other related information received through email from time to time from the Management on our specific queries. The Audit has been conducted as per the Guidelines of the Institute of Chartered Accountants of India (ICAI).
Responsibilities of Management and Those Charged with Governance for the Financial Statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation and presentation of these Financial Statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (As Amended). This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Financial Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the “Annexure - A”. Statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
| 2. | As required by Section 143(3) of the Act, we report that: |
| a) | We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. |
| b) | In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books. |
| c) | The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account. |
| d) | In our opinion, the aforesaid Financial Statements comply with the Accounting Standards (AS) specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. |
| e) | On the basis of the written representations received from the directors as on 31st March, 2021 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2021 from being appointed as a director in terms of Section 164 (2) of the Act. |
| f) | We have also audited the Internal Financial Controls over Financial Reporting (IFCoFR) of the Company as on 31’ (March, 2021 in conjunction with our audit of the Financial Statements of the Company for the year ended on that date and our Report as per “Annexure -B” expressed an unmodified opinion. |
| g) | With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2016, in our opinion and to the best of our information and according to the explanations given to us: |
| i. | There was no Pending Litigation as on 31st March, 2021 that would impact the Financial Statements of the Company for the year ended 31st March, 2021. |
| ii. | The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. |
| iii. | There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. |
| For B M CHATRATH & CO LLP | ||
| CHARTERED ACCOUNTANTS | ||
| Firm Registration No. 301011E/E300025 | ||
| /s/ S.K. BASU | ||
| (S.K. BASU) | ||
| Partner | ||
| Place: KOLKATA | Membership No. 054484 | |
| Date: 28.06.2021 | UDIN: 21054484AAAAJH7305 |
ANNEXURE - “A” TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 1 of Independent Auditor’s Report of even date to the members of UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED on the Financial Statements as of and for the year ended March 31,2021)
| i) | a) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of fixed assets. |
b) The fixed assets are physically verified by the Management according to a phased programme designed to cover all the items over a period of three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, the fixed assets have been physically verified by the Management during the year and no material discrepancies have been noticed on such verification.
c) No immovable properties are held by the Company as at 31st March, 2021 accordingly Paragraph 1(c) of the order is not applicable.
| ii) | The Company’s nature of operations does not require it to hold inventories. Accordingly the Paraprath 3(ii) of the Order is not applicable. |
| iii) | The Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Act. Therefore, the provisions of Clause 3(iii), (iii)(a), (iii)(b) and (iii)(c) of the said Order are not applicable to the Company. |
| iv) | The Company has not made any loan, or Investment or furnished any Guarantee or Securities within the meaning of Section 185 & 186 of the Companies Act, 2013. Accordingly the provisions of clause (iv) of Paragraph 3 of the said Order is not applicable to the Company. |
| v) | The Company has not accepted any deposits from the public, within the meaning of Section 73, 74, 75 & 76 of the Act & the Rules framed there under to the extent notified. Accordingly the provisions of clause (v) of Paragraph 3 of the Order is not applicable to the Company. |
| vi) | The Central Government has not prescribed the maintenance of cost records under Section 184 (1) of the Act, for any of the services rendered by the Company. |
| vii) | a) According to the information and explanations given to us and the records of the Company examined by us the Company generally regular in depositing undisputed statutory dues including Provident Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Duty of Customs, Value Added Tax, Cess, GST and other Material Statutory dues with the appropriate Authorities. |
b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Wealth Tax, Value Added Tax, Service Tax, Custom Duty, Excise Duty and GST were outstanding for a period more than six (6) months from the date they become payable.
| viii) | According to the records of the Company, examined by us and the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings to any Financial Institute or Bank or Government or dues to Debenture Holders as of the Balance Sheet date. |
| ix) | The Company did not raise any money by way of Initial Public Offer or Further Public Offer and Term Loans. Hence the provision of the clause (ix) of Paragraph 3 of the said Order are not applicable to the Company. |
| x) | During the course of our examination of the Books and Records of the Company carried out in accordance with the Generally Accepted Accounting Practices in India and according to the information and explanations given to us, we have neither come across any instance of Material Fraud by the Company or on the Company by its Officers or Employers obtain or Employees, noticed or reported during the year nor we have been informed of any such case by the Management. |
| xi) | Since, the Private Limited Companies are outside the purview of the Schedule V of Section 197 (1) of the Companies Act,2013, hence the Clause (xi) of the Paragraph 3 of the said Order is not applicable to the Company. |
| xii) | As the Company is not a Nidhi Company and Nidhi Rules 2014 are not applicable to it, the provisions of clause 3(xii) of Paragraph 3 of the Order are not applicable to the Company. |
| xiii) | The Company has entered into transactions with related parties in compliance with the provisions of Section 177 & 188 of the Act. The details of such Related Party Transactions have been disclosed in the Financial Statements as required under Accounting Standards (AS-18 Related Party Disclosures) specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. |
| xiv) | The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of Clause 3(xiv) of the Order are not applicable to the Company. |
| xv) | The Company has not entered into any non-cash transactions with its directors or persons connected with him. Accordingly, the provisions of Clause 3(xv) of the Order are not applicable to the Company. |
| xvi) | The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the provisions of Clause 3(xvi) of the Order are not applicable to the Company. |
| For B M CHATRATH& CO LLP | ||
| CHARTERED ACCOUNTANTS | ||
| Firm Registration No. 301011E/E300025 | ||
| /s/ S.K. BASU | ||
| (S.K. BASU) | ||
| Partner | ||
| Place: KOLKATA | Membership No. 054484 | |
| Date: 28.06.2021 | UDIN: 21054484AAAAJH7305 |
ANNEDURE - “B” TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 2(f) of the Independent Auditors’ Report of even date to the members of UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED on the financial statements as on and for the year ended March 31,2021)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”).
We have audited the Internal Financial Controls with reference to Financial Statements of UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED(“the Company”) as of March 31, 2021 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining Internal Financial Controls based on the Internal Control over Financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company’s Internal Financial Controls with reference to Financial Statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing deemed to be prescribed under section 143(10) of the Act to the extent applicable to an audit of Internal Financial Controls, both applicable to an audit of Internal Financial Controls and both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate Internal Financial Controls with reference to Financial Statements was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the Internal Financial Controls System with reference to Financial Statements and their operating effectiveness. Our audit of Internal Financial Controls with reference to Financial Statements included obtaining an understanding of Internal Financial Controls with reference to Financial Statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system with reference to financial statements.
Meaning of Internal Financial Controls with reference to Financial Statements
A company’s Internal Financial Controls with reference to Financial Statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Financial Statements for external purposes in accordance with Generally Accepted Accounting Principles. A company’s Internal Financial Controls with reference to Financial Statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisation of Management and Directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the Financial Statements.
Inherent Limitations of Internal Financial Controls with reference to Financial Statements
Because of the inherent limitations of Internal Financial Controls with reference to Financial Statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the Internal Financial Controls with reference to Financial Statements to future periods are subject to the risk that the Internal Financial Controls with reference to Financial Statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate Internal Financial Controls System with reference to Financial Statements and such Internal Financial Controls with reference to Financial Statements were operating effectively as at March 31,2021, based on the Internal Control Over Financial Reporting criteria established by the Company considering the essential components of Internal Control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
| For B M CHATRATH& CO LLP | ||
| CHARTERED ACCOUNTANTS | ||
| Firm Registration No. 301011E/E300025 | ||
| /s/ S.K. BASU | ||
| (S.K. BASU) | ||
| Partner | ||
| Place: KOLKATA | Membership No. 054484 | |
| Date: 28.06.2021 | UDIN: 21054484AAAAJH7305 |
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
BALANCE SHEET AS AT 31 MARCH 2021
| Note No. | As at 31st March, 2021 Amount (Rs.’000) | As at 31st March, 2020 Amount (Rs.000) | ||||||||
| I. EQUITY AND LIABILITIES | ||||||||||
| 1. Shareholders’ Funds | ||||||||||
| (a) Share Capital | 2 | 13,086 | 13,086 | |||||||
| (b) Reserves and Surplus | 3 | 77,218 | 67,294 | |||||||
| 90,304 | 80,380 | |||||||||
| 2. Non-Current Liabilities | ||||||||||
| (b) Long-Term Borrowings | 4 | 421 | 752 | |||||||
| (b) Long-Term Provisions | 5 | 16,816 | 8,543 | |||||||
| 17,237 | 9,295 | |||||||||
| 3. Current Liabilities | ||||||||||
| (a) Trade Payables | 6 | 291,741 | 234,096 | |||||||
| (b) Other Current Liabilities | 7 | 8,764 | 19,702 | |||||||
| (c) Short-Term Provisions | 8 | 21,810 | 26,229 | |||||||
| 322,315 | 280,027 | |||||||||
| 429,856 | 369,702 | |||||||||
| II. ASSETS | ||||||||||
| 1. Non-Current Assets | ||||||||||
| (a) Property, Plant & Equipment | ||||||||||
| (i) Tangible Assets | 4,343 | 3,417 | ||||||||
| (ii) Intangible Assets | 9 | 1 | 2 | |||||||
| (iii) Capital Work in Progress | - | - | ||||||||
| 4,344 | 3,419 | |||||||||
| (c) Deferred Tax Assets (net) | 10 | 1,997 | 2,548 | |||||||
| (d) Long-Term Loans and Advances | 11 | 34,730 | 30,356 | |||||||
| 36,727 | 32,904 | |||||||||
| 2. Current Assets | ||||||||||
| (a) Trade Receivables | 12 | 364,546 | 303,138 | |||||||
| (b) Cash and Cash Equivalents | 13 | 4,351 | 3,560 | |||||||
| (c) Short-Term Loans and Advances | 14 | 1,485 | 5,595 | |||||||
| (d) Other Current Asset | 15 | 18,403 | 21,086 | |||||||
| 388,785 | 333,379 | |||||||||
| 429,856 | 369,702 | |||||||||
| Significant Accounting Policies | 1 | |||||||||
The accompanying notes are an integral part of the financial statements. In terms of our report attached
| For B M CHATRATH & CO LLP |
For UNIQUE LOGISTICS INTERNATIONAL (INDIA) | |||
| CHARTERED ACCOUNTANTS | PRIVATE LIMITED | |||
| Firm Registration No. 301011E/E300025 | ||||
| /s/ S.K. BASU | /s/ PATRICK MAN BUN LEE | /s/ PING HONG TAM | ||
| (S.K. BASU) | PATRICK MAN BUN LEE | PING HONG TAM | ||
|
Partner |
Director | Director | ||
| Membership No. 054484 | DIN:06728542 | DIN:06709767 | ||
| UDIN: 21054484AAAAJH7305 | ||||
| Place: KOLKATA | Place: HONGKONG | |||
| Date: 28th June 2021 | Date: 28th June 2021 | |||
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 3IST MARCH 2021
| Note No. | For the year ended 31st March, 2021 Amount (Rs.’000) | For the year ended 31st March, 2020 Amount (Rs.’000) | ||||||||
| I. REVENUE | ||||||||||
| (a) Revenue from Operations (Gross) | 16 | 2,118,465 | 1,842,748 | |||||||
| (b) Other Income | 17 | 1,768 | 5,765 | |||||||
| Total Revenue | 2,120,233 | 1,848,513 | ||||||||
| II. EXPENSES | ||||||||||
| (a) Operating Expenses | 18 | 1,910,059 | 1,622,980 | |||||||
| (b) Employee Benefits Expense | 19 | 154,278 | 158,294 | |||||||
| (c) Finance Cost | 20 | 392 | 529 | |||||||
| (d) Depreciation and Amortisation Expense | 21 | 1,720 | 1,856 | |||||||
| (e) Other Expenses | 22 | 39,247 | 46,003 | |||||||
| Total Expenses | 2,105,696 | 1,829,662 | ||||||||
| III. Profit Before Exceptional and Extraordinary Items and Tax | 14,537 | 18,851 | ||||||||
| (III) | ||||||||||
| Exceptional Items | - | - | ||||||||
| IV. Profit Before Extraordinary Items and Tax | 14,537 | 18,851 | ||||||||
| Extraordinary Items | - | - | ||||||||
| V. Profit Before Tax | 14,537 | 18,851 | ||||||||
| VI. Tax Expense: | ||||||||||
| (a) Current Tax | 23 | 4,061 | 5,406 | |||||||
| (b) Deferred Tax Expense / (Income) | 24 | 551 | (80 | ) | ||||||
| (c) Short / (Excess) Provision of earlier years | ||||||||||
| 4,612 | 5,326 | |||||||||
| VII. Profit After Taxation (5-6) | 9,925 | 13,525 | ||||||||
| Basic and diluted Earning per Share (in Rs.) | 25 | 7.58 | 10.34 | |||||||
| Significant Accounting Policies | 1 | |||||||||
| For B M CHATRATH & CO LLP |
For UNIQUE LOGISTICS INTERNATIONAL (INDIA) | |||
| CHARTERED ACCOUNTANTS | PRIVATE LIMITED | |||
| Firm Registration No. 301011E/E300025 | ||||
| /s/ S.K. BASU | /s/ PATRICK MAN BUN LEE | /s/ PING HONG TAM | ||
| (S.K. BASU) | PATRICK MAN BUN LEE | PING HONG TAM | ||
|
Partner |
Director | Director | ||
| Membership No. 054484 | DIN:06728542 | DIN: 06709767 | ||
| UDIN: 21054484AAAAJH7305 | ||||
| Place: KOLKATA | Place: HONGKONG | |||
| Date: 28th June 2021 | Date: 28th June 2021 | |||
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31ST MARCH 2021
| For the year ended | For the year ended | |||||||
| Particulars | 31st March, 2021 | 31st March, 2020 | ||||||
| Amount (Rs.’000) | Amount (Rs.’000) | |||||||
| I. CASH FLOW FROM OPERATING ACTIVITIES | ||||||||
| Profit before exceptional items and tax as per statement of profit and loss | 14,537 | 18,851 | ||||||
| Adjustment for: Depreciation and amortisation expenses | 1,720 | 1,856 | ||||||
| Other Comprehensive Income / (Expenses) | - | |||||||
| (Profit) / Loss on Sale of Fixed Assets | - | (363 | ) | |||||
| Operating Profit before working capital changes | 16,257 | 20,344 | ||||||
| Adjustment for: (Increase) / Decrease in Trade Receivables | (61,408 | ) | (20,639 | ) | ||||
| (Increase) / Decrease in Short-Term Loans and Advances | 4,110 | (4,163 | ) | |||||
| (Increase) / Decrease in Other Current Assets | 2,684 | 1,414 | ||||||
| Increase / (Decrease) in Trade Payables | 57,645 | (24,922 | ) | |||||
| Increase / (Decrease) in Other Current Liabilities | (10,938 | ) | 11,434 | |||||
| Increase / (Decrease) in Short-Term Provisions | (8,481 | ) | (2,445 | ) | ||||
| Net cash flows generated from operating activities after exceptional items | (132 | ) | (18,978 | ) | ||||
| II. CASH FLOW FROM INVESTING ACTIVITIES | ||||||||
| (Increase) / Decrease in Property, Plant & Equipment | (2,645 | ) | (627 | ) | ||||
| (Increase) / Decrease in Deferred Tax Assets | - | |||||||
| (Increase) / Decrease in Security Deposit | 489 | 1,258 | ||||||
| (Increase) / Decrease in TDS Receivable | (4,864 | ) | 15,705 | |||||
| Net cash used in investing activities | (7,020 | ) | 16,336 | |||||
| HI. CASH FLOW FROM FINANCING ACTIVITIES | ||||||||
| Increased / (Decrease) in Long Term Borrowings | (331 | ) | (724 | ) | ||||
| Increased / (Decrease) in Employee Benefit Obligations | 2,866 | 465 | ||||||
| Increased / (Decrease) in Other Provision | 5,406 | (7,294 | ) | |||||
| Net cash used in financing activities | 7,942 | (7,553 | ) | |||||
| NET INCREASE / (DECREASE) IN CASH AND BANK BALANCE (I+II+III) | 790 | (10,194 | ) | |||||
| Add: Cash and equivalent at the beginning | 3,560 | 13,754 | ||||||
| Cash and equivalent at the end of the year | 4,351 | 3,560 | ||||||
| Cash and cash equivalent as per above comprises of the following | ||||||||
| Cash Balances | 6 | 39 | ||||||
| Bank Balances | 4,345 | 3,521 | ||||||
| Balance as per statement of cash flow | 4,351 | 3,560 | ||||||
| Significant Accounting Policies (Note -1) | ||||||||
The
accompanying notes are an integral part of the financial statements.
In terms of our report attached
| For B M CHATRATH & CO LLP |
For UNIQUE LOGISTICS INTERNATIONAL (INDIA) | |||
| CHARTERED ACCOUNTANTS | PRIVATE LIMITED | |||
| Firm Registration No. 301011E/E300025 | ||||
| /s/ S.K. BASU | /s/ PATRICK MAN BUN LEE | /s/ PING HONG TAM | ||
| (S.K. BASU) | PATRICK MAN BUN LEE | PING HONG TAM | ||
|
Partner |
Director | Director | ||
| Membership No. 054484 | DIN:06728542 | DIN:06709767 | ||
| UDIN: 21054484AAAAJH7305 | ||||
| Place: KOLKATA | Place: HONGKONG | |||
| Date: 28th June 2021 | Date: 28th June 2021 | |||
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2021
NOTE - 1: SIGNIFICANT OF ACCOUNTING POLICIES
| A | Basis of Preparation |
The Financial Statements of UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED have been prepared in conformity with Generally Accepted Accounting Principles, to comply in all material respects with the Accounting Standards notified by the Companies (Accounting Standards) Rules, 2015 (as amended) and the relevant provisions of the Companies Act, 2013. The Financial Statements have been prepared under the historical cost convention and on Accrual Basis. The accounting policies have been constantly applied by the Company and are consistent with those used in the previous years.
| B | Fixed Assets |
Fixed Assets have been stated at cost less depreciation. The cost includes all expenses incurred to bring the asset to its present location and condition.
| C | Depreciation |
Depreciation on own assets is provided on Written Down Value Method at the following rates prescribed under Schedule II of the Companies Act, 2013. Disclosure of useful file:
| a) Motor Vehicle | 8 Years | |
| b) Computer | 3 Years | |
| c) Office Equiptment | 5 Years | |
| d) Furniture & Fixture | 10 Years |
The depreciation of assets privided during the year has been charged on pro-rata basis as per Rate Prescribed Act under Schedule II of the Companies Act, 2013.
| D | Use of Estimates |
The preparation of Financial Statements requires management to make estimates and assumptions that affect the reported amounts of Assets and Liabilities and disclosure of contingent liabilities at the date of Financial Statements and results of operations during the reporting year end. Although these estimates are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates.
| E | Revenue Recognition |
Revenue from transactions is usually recognized at the completion of service on an accrual basis. This is consistent with the “Completed Service Contract Method” as mentioned in Para 7.1(ii) of Accounting Standard 9, issued by the Institute of Chartered Accountants of India.
| F | Trade Receivable |
Where ever necessary provision has been taken on Trade Receivables by the Company.
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2021
NOTE -1: SIGNIFICANT OF ACCOUNTING POLICIES
| G | Foreign Currency Transactions |
Transactions in Foreign Currencies are initially recorded at their respective functional currency (i.e. Indian Rupee) spot rates at the date the transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates if exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are recognized in the statement of profit and loss.
Non-monetary items are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the date of the initial transactions.
Exchange differences arising on translation / settlement of foreign currency monetary items are recognized as income or expenses in the period in which they arise.
| H | Cash Flow Statement |
Cash flows are reported using the indirect method, whereby profit/ (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past of future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated in the Cash Flow Statement.
| I | Employee Benefits (Defined Employee Benefit Plans unser AS 15) |
(i) Short-term employee benefits
Employee benefits payable wholly within twelve months of availing employee services are classified as short-term employee benefits. These benefits include salaries and wages, bonus and ex-gratia. The undiscounted amount of short term employee benefits such as salaries and wages, bonus and ex-gratia to be paid in exchange of employee services are recognized in the period in which the employee renders the related service.
(ii) Post-employee benefits
Defined contribution plans:
A defined contribution plan is a post-employment benefit plan under which an entity pays specified contributions to a separate entity and has no obligation to pay any further amounts. The company makes specified monthly contribution towards Provident Fund and Employees State Insurance Corporation (ESIC). The contribution in recognized as an expense in the Statement of Profit and Loss during the period in which employee renders the related service. There are no other obligations other than the contribution payable to the Provident Fund and Employee State Insurance Scheme.
Defined benefit plan:
Gratuity liability, wherever applicable, is provided for on the basis of an actuarial valuation done as per projected unit credit method, carried out by an independent actuary at the end of the year. The Companys’ gratuity benefit scheme is a defined benefit plan.
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2021
NOTE -1: SIGNIFICANT OF ACCOUNTING POLICIES
| J | Tax Expenses |
Tax Expenses Comprises Convert & Deferred Taxes. Convert Taxes are determined based on respective Taxable Income of each Taxable Entity & Tax Rules applicable for respective Tax Jurisdictions.
Deferred Tax is recognized on timing difference being the difference between Taxable Income & Accounting Income the originate in one period & are capable of reversal in one or more subsequent periods.
Deferred Tax Assets & Liabilities are measured based on Tax Rates that are expected to apply in the period when asset is realized or the liability is settled, based on Tax Rates & Tax Laws that have been enacted by the Balance Sheet date.
| K | Provisions |
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outfow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passenger of time is recognized as a finance cost.
| L | Earnings per Share |
Basic earnings per share are calculated by dividing net profit for the year attributable to ordinary equity shares by the number of Equity Shares.
| M | Contingent Liabilities |
A contingent liability is a possible obligation that arises from the past events whose existence will be confirmed by the occurrence of one or mone uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be requied to settle the obligation. A contingent liability also arises in extreme rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognized a contingent liability but discloses its existence in the Financial Statements.
| For B M CHATRATH & CO LLP |
For UNIQUE LOGISTICS INTERNATIONAL (INDIA) | |||
| CHARTERED ACCOUNTANTS | PRIVATE LIMITED | |||
| Firm Registration No. 301011E/E300025 | ||||
| /s/ S.K. BASU | /s/ PATRICK MAN BUN LEE | /s/ PING HONG TAM | ||
| (S.K. BASU) | PATRICK MAN BUN LEE | PING HONG TAM | ||
|
Partner |
Director | Director | ||
| Membership No. 054484 | DIN:06728542 | DIN: 06709767 | ||
| UDIN: 21054484AAAAJH7305 | ||||
| Place: KOLKATA | Place: HONGKONG | |||
| Date: 28th June 2021 | Date: 28th June 2021 | |||
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS AS AT 31ST MARCH, 2021
Note - 2: Share Capital
| Particulars | As at 31st March, 2021 | As at 31st March, 2020 | ||||||||||||||
Number of shares | Amount (Rs.’000) | Number of shares | Amount (Rs.’000) | |||||||||||||
| A. Authorised Capital | ||||||||||||||||
| 2000000 Equity Shares of Rs. 10/- each | 2000000 | 20,000 | 2000000 | 20,000 | ||||||||||||
B. Issued , Subscribed and Paid up Capital Opening Balance at the beginning of the year | 1308631 | 13,086 | 1308631 | 13,086 | ||||||||||||
| Add: Addition during the year | - | - | - | - | ||||||||||||
| Closing Balance (1308631 number of Equity Shares (2) Rs. 10/- each) | 1308631 | 13,086 | 1308631 | 13,086 | ||||||||||||
| Total | 1308631 | 13,086 | 1308631 | 13,086 | ||||||||||||
2 (a) The Company has one class of Shares having par value of Rs. 10/- each. Each Equity Shareholder is eligible for 1 vote per share held. In the event of liquidation the equity shareholders are eligible to receive the remaining assets of the Company.
2 (b) Reconciliation of Shares Outstanding:
| Particulars | As at 31st March, 2021 | As at 31st March, 2020 | ||||||||||||||
Number of shares | Amount (Rs.’000) | Number of shares | Amount (Rs.’000) | |||||||||||||
| Equity Shares outstanding at the beginning of the Period | ||||||||||||||||
| Equity Shares application received during the period | 1308631 | 13,086 | 1308631 | 13,086 | ||||||||||||
| Equity Shares allotted during the period | ||||||||||||||||
| Equity Shares outstanding at the end of the Period | 1308631 | 13,086 | 1308631 | 13,086 | ||||||||||||
2 (c) Equity Shares held by the Holding Company. The detail is given below:
| Particulars | As at 31st March, 2021 | As at 31st March, 2020 | ||||||||||||||
Number of shares | Percentage (%) | Number of shares | Percentage (%) | |||||||||||||
| Unique Logistics Holdings Limited | 850261 | 65 | 850261 | 65 | ||||||||||||
2 (d) Disclosure of Shareholders holding more than 5 percent share in the Company:
| Particulars | As at 31st March, 2021 | As at 31st March, 2020 | ||||||||||||||
Number of shares | Percentage (%) | Number of shares | Percentage (%) | |||||||||||||
| Unique Logistics Holdings Limited | 850261 | 65 | 850261 | 65 | ||||||||||||
| Frangipani Trade Services, INC., USA | 458370 | 35 | 458370 | 35 | ||||||||||||
2 (e) No Shares have been reserved for issue under Option and Contracts/ Commitments for the sale of shares/ Disinvestment as at the Balance Sheet date.
2 (f) No Shares have been allotted by way of Bonus share or pursuant to contracts or has been bought back by the Company during the period of five years preceding the date at which the Balance Sheet is prepared.
2 (g) No convertible securities have been issued by the Company during the year.
2 (h) No calls are unpaid by any Director, an Officer of the Company during the year.
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS AS AT 31ST MARCH, 2021
Note - 3: Reserves and Surplus
| Particulars | As at 31st March, 2021 Amount (Rs.’000) | As at 31st March, 2020 Amount (Rs.’000) | ||||||
(a) Securities Premium Reserve | ||||||||
| Balance
Brought Forward | 8,183 | 8,183 | ||||||
| Add:
During the year on issue of shares | - | - | ||||||
Closing Balance | 8,183 | 8,183 | ||||||
| (b) Surplus in the Statement of Profit and Loss | ||||||||
| Opening
Balance as per Statement | 59,110 | 45,585 | ||||||
| Add:
Adjustment of retained earning | - | - | ||||||
| Add:
Profit / (Loss) during the year | 9,925 | 13,525 | ||||||
| Closing Balance | 69,035 | 59,110 | ||||||
| Total (a+b) | 77,218 | 67,294 | ||||||
Note - 4: Long Term Borrowings
| Particulars | As at 31st March, 2021 Amount (Rs.’000) | As at 31st March, 2020 Amount (Rs.’000) | ||||||
| Secured Loan | ||||||||
| HDFC Bank Car Loan - Secured against Hypothecation of Car, repaybale in 3 years from date of purchase | 421 | 752 | ||||||
| Total | 421 | 752 | ||||||
Note - 5: Long-Term Provisions
| Particulars | As at 31st March, 2021 Amount (Rs.’000) | As at 31st March, 2020 Amount (Rs. ‘000) | ||||||
| Provision for Employee Benefits: | ||||||||
| Gratuity | 9,540 | 6,674 | ||||||
| Other Provision: | ||||||||
| Taxation | 7,276 | 1,869 | ||||||
| Total | 16.816 | 8.543 | ||||||
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS AS AT 31ST MARCH, 2021
Note - 6: Trade Payables
As at 31st March, 2021 | As at 31st March, 2020 | |||||||
| Particulars | Amount (Rs.’000) | Amount (Rs.’000) | ||||||
Dues to Micro, Medium and Small Enterprises Trade Payables ( Not being covered under Micro, Small & Medium Enterprises Development Act, 2006 ) : | ||||||||
| - Related Parties | 88,154 | 86,854 | z | |||||
| - Others | 203,587 | 147,242 | ||||||
| Total | 291,741 | 234,096 | ||||||
In absence of any specific information available with the Company from suppliers regarding their status under the Micro Small and Medium Enterprise Development Act, 2006, no disclosure have been considered necessary in this regard as at 31st March, 2021.
Note - 7: Other Current Liabilities
As at 31st March, 2021 | As at 31st March, 2020 | |||||||
| Particulars | Amount (Rs.’000) | Amount (Rs.’000) | ||||||
| Statutory Liabilities | ||||||||
| TDS Payable | 3,743 | 4,175 | ||||||
| P.F. Payable (Employer’s contribution) | 577 | 588 | ||||||
| P.F. Payable (Employees contribution) | 687 | 692 | ||||||
| ESI Payable | 27 | 30 | ||||||
| Professional Tax Payable | 15 | 16 | ||||||
| GST Payable | 2,926 | 1,344 | ||||||
| Outstanding Liability | ||||||||
| Audit Fees (Statutory Audit) | 210 | 191 | ||||||
| Audit Fees (Transfer Pricing) | 133 | 121 | ||||||
| Audit Fees (Tax Audit) | 46 | 42 | ||||||
| Audit Fess (GST Audit) | 69 | 194 | ||||||
| OD Loan | ||||||||
| HSBC Bank Account-Secured against Corporate Guarantee (by Holding Company) | - | 12,006 | ||||||
| Current Maturitv Of Car Loan | ||||||||
| HDFC Bank Car Loan - Secured against Hypothecation of Car, repayable in 3 years from date of purchase | 331 | 303 | ||||||
| Total | 8,764 | 19.702 | ||||||
Note - 8: Short-Term Provisions
As at 31st March, 2021 | As at 31st March, 2020 | |||||||
| Particulars | Amount (Rs.’000) | Amount (Rs.’000) | ||||||
| Provision for Income Tax: | ||||||||
| Provision for Income Tax Current year | 4,061 | 5,406 | ||||||
| Provision for Employee Benefits: | ||||||||
| Gratuity | 2,102 | 2,954 | ||||||
| Leave Encashment | - | 2,022 | ||||||
| Bonus & Ex-Gratia | 4,560 | 4,701 | ||||||
| LTA | 733 | 694 | ||||||
| Salaries | 8,888 | 9,289 | ||||||
| Medical Reimbursement | 872 | 755 | ||||||
| Other Provision: | ||||||||
| Others | 593 | 408 | ||||||
| Total | 21.810 | 26.229 | ||||||
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS AS AT 31ST MARCH, 2021
Note - 9: Property, Plan & Equipment
| Original Cost | Depreciation/Amortisation | Net Block | ||||||||||||||||||||||||||||||||||||||||||||||
| Description of assets | Useful Llife As Per Companies Act, 2013 | Depreciation Rate As Per Companies Act, 2013 | Balance As At 1st April, 2020 | Additions During The Period | Sold/ Written-off During The Period | Balance As At 31st March, 2021 | Balance As At 1st April,2020 | For The Period | Depreciation for Assets Sold/ Written-off During The Period | Balance As At 31st March, 2021 | Balance As At 31st March, 2021 | Balance As At 31st March, 2020 | ||||||||||||||||||||||||||||||||||||
| TANGIBLE ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Motor Vehicle | 8 | 31.23 | % | 3,628 | 0.0 | 0.0 | 3,628 | 2,190 | 449 | - | 2,639 | 988 | 1,437 | |||||||||||||||||||||||||||||||||||
| Computer | 3 | 63.16 | % | 8,186 | 1,019 | 0.3 | 9,205 | 7,229 | 825 | - | 8,054 | 1,150 | 957 | |||||||||||||||||||||||||||||||||||
| Office Equipment | 5 | 45.07 | % | 1,558 | 506 | 92 | 1,972 | 1,328 | 162 | 86 | 1,404 | 568 | 230 | |||||||||||||||||||||||||||||||||||
| Furniture & Fixture | 10 | 25.89 | % | 3,196 | 1,203 | 128 | 4,272 | 2,403 | 232 | - | 2,635 | 1,637 | 793 | |||||||||||||||||||||||||||||||||||
| INTANGIBLE ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Software internet | 3 | 63.16 | % | 202 | 50 | - | 252 | 200 | 51 | - | 251 | 0.70 | 2 | |||||||||||||||||||||||||||||||||||
| TOTAL | 16,770 | 2,778 | 220 | 19,328 | 13,351 | 1,720 | 86 | 14,984 | 4,344 | 3,419 | ||||||||||||||||||||||||||||||||||||||
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS AS AT 31ST MARCH, 2021
Note -10: Deferred Tax Assets
As at 31st March, 2021 | As at 31st March, 2020 | |||||||
| Particulars | Amount (Rs.’000) | Amount (Rs.’000) | ||||||
Deferred Tax Assets on | ||||||||
| Bonus | 1,147 | 1,183 | ||||||
| Leave Encashment | - | 509 | ||||||
| Gratuity | 529 | 743 | ||||||
| Provision for Doubtful Debts | 302 | 15 | ||||||
| Depreciations | 19 | 99 | ||||||
| Net Deferred Tax Asset / (Liability) | 1,997 | 2,548 | ||||||
Note - 11: Long-Term Loans and Advances
As at 31st March, 2021 | As at 31st March, 2020 | |||||||
| Particulars | Amount (Rs.’000) | Amount (Rs.’000) | ||||||
Unsecured considered Good | ||||||||
| Security Deposit | 5,081 | 5,571 | ||||||
| TDS Receivable | 29,649 | 24,785 | ||||||
| Total | 34,730 | 30356 | ||||||
Note - 12: Trade receivables
As at 31st March, 2021 | As at 31st March, 2020 | |||||||
| Particulars | Amount (Rs.’000) | Amount (Rs.’000) | ||||||
Unsecured Considered Good (Net of Adhoc Provision for Bad & Doubtful | ||||||||
| Outstanding
for the period exceeding six months | 2,364 | 5,568 | ||||||
| Others | 362,182 | 297,570 | ||||||
| Total | 364.546 | 303,138 | ||||||
Note - 13: Cash and Cash Equivalents
As at 31st March, 2021 | As at 31st March, 2020 | |||||||
| Particulars | Amount (Rs.’000) | Amount (Rs.’000) | ||||||
| Cash
in hand | 6 | 39 | ||||||
| Balances with Banks in Current Accounts | 4,345 | 3,521 | ||||||
| Total | 4,351 | 3,560 | ||||||
Note - 14: Short-Term Loans and Advances
As at 31st March, 2021 | As at 31st March, 2020 | |||||||
| Particulars | Amount (Rs.’000) | Amount (Rs.’000) | ||||||
(Unsecured, Considered Good) | ||||||||
| Prepaid Expenses | 1,061 | 1,226 | ||||||
| Staff Advance | 424 | 770 | ||||||
| Advance to Suppliers (Revenue Advance) | - | 3,599 | ||||||
| Total | 1,485 | 5,595 | ||||||
Note - 15: Other Current Asset
As at 31st March, 2021 | As at 31st March, 2020 | |||||||
| Particulars | Amount (Rs.’000) | Amount (Rs.’000) | ||||||
(Unsecured, Considered Good) | ||||||||
| GST Recievable | 3,009 | 1,646 | ||||||
| TDS Receivable - Current | 15,394 | 19,441 | ||||||
| Total | 18,403 | 21,087 | ||||||
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2021
Note - 16: Revenue from Operations
| For the year ended 31st March, 2021 | For the year ended 31st March, 2020 | |||||||
| Particulars | Amount (Rs.’000) | Amount (Rs.’000) | ||||||
Services | ||||||||
| Logistic Services provided to customer | 2,118,465 | 1,842,748 | ||||||
| Total | 2,118,465 | 1,842,748 | ||||||
Note - 17: Other Income
| For the year ended 31st March, 2021 | For the year ended 31st March, 2020 | |||||||
| Particulars | Amount (Rs.’000) | Amount (Rs.’000) | ||||||
Interest Income | ||||||||
| Interest
on Income Tax Refund | 1,113 | 2,482 | ||||||
Other Non-Oneratine Income | ||||||||
| Other
Income | 655 | 549 | ||||||
| Foreign
Exchange Difference (Net) | - | 2,370 | ||||||
| Profit on Sale of Fixed Asset | - | 364 | ||||||
| Total | 1,768 | 5,765 | ||||||
Note - 18: Operational Expenses
| For the year ended 31st March, 2021 | For the year ended 31st March, 2020 | |||||||
| Particulars | Amount (Rs.’000) | Amount (Rs.’000) | ||||||
| Clearing and Forwarding | - | 1,364 | ||||||
| Direct Expenses | 1,910,059 | 1,621,161 | ||||||
| Service Charges | - | 455 | ||||||
| Total | 1,910,059 | 1,622,980 | ||||||
Note -19: Employee Benefits Expense
| For the year ended 31st March, 2021 | For the year ended 31st March, 2020 | |||||||
| Particulars | Amount (Rs.’000) | Amount (Rs.’000) | ||||||
| Salaries & Wages | 135,359 | 141,918 | ||||||
| Contribution to Gratuity, Bonus & Ex-Gratia | 10,605 | 7,550 | ||||||
| Contribution to Provident Fund & ESI | 7,286 | 7,318 | ||||||
| Staff Welfare Expenses | 1,028 | 1,508 | ||||||
| Total | 154,278 | 158,294 | ||||||
Note - 20: Finance Cost
| For the year ended 31st March, 2021 | For the year ended 31st March, 2020 | |||||||
| Particulars | Amount (Rs.’000) | Amount (Rs.’000) | ||||||
| Interest on HSBC Bank Over Draft | 312 | 339 | ||||||
| Interest A/C -Company Car loan | 80 | 190 | ||||||
| Total | 392 | 529 | ||||||
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2021
Note - 21: Depreciation & Amortisation Expense
| For the year ended 31st March, 2021 | For the year ended 31st March, 2020 | |||||||
| Particulars | Amount (Rs.’000) | Amount (Rs.’000) | ||||||
| Depreciation for the year | 1,720 | 1,856 | ||||||
| Total | 1,720 | 1,856 | ||||||
Note - 22: Other Expenses
| For the year ended 31st March, 2021 | For the year ended 31st March, 2020 | |||||||
| Particulars | Amount (Rs.’000) | Amount (Rs.’000) | ||||||
| Advertising | 7 | 38 | ||||||
| Audit Fees - Statutory | 204 | 195 | ||||||
| Audit Fees - Transfer Pricing | 159 | 135 | ||||||
| Audit Fees - Tax Audit | 43 | 43 | ||||||
| Audit Fees - GST | 227 | 150 | ||||||
| Audit Fees - Other Matter | 52 | 61 | ||||||
| Bank Charges | 886 | 771 | ||||||
| Books and Periodicals | - | 35 | ||||||
| Provision for Bad and Doubtful debts | 1,200 | 1,200 | ||||||
| Brokerage and Commission | 140 | 125 | ||||||
| Asset Written off | 128 | 93 | ||||||
| Business Promotion | 22 | 335 | ||||||
| Car Hire Charges | 10 | 15 | ||||||
| Cleaning | 991 | 864 | ||||||
| Consultancy | 1,598 | 4,617 | ||||||
| Conveyance | 825 | 1,138 | ||||||
| Courier | 634 | 916 | ||||||
| Conference & Meeting | - | 117 | ||||||
| Subscriptions | 661 | 796 | ||||||
| Electricity | 2,025 | 2,282 | ||||||
| Entertainment | 136 | 260 | ||||||
| Employee Fuel Expenses Reimbursement | 2,961 | 3,965 | ||||||
| Foreign Exchange Difference (Net) | 93 | - | ||||||
| Insurance | 182 | 137 | ||||||
| Insurance Overseas | 682 | 496 | ||||||
| Interest & Late Filing Fees | - | 23 | ||||||
| Legal & professional Fees | 978 | 920 | ||||||
| Office Expenses | 451 | 426 | ||||||
| Printing & Stationary | 1,819 | 2,107 | ||||||
| Professional Tax (Company) | 16 | 17 | ||||||
| Rent | 14,080 | 14,134 | ||||||
| Repairs & Maintenance - Computer Maintenance | 1,072 | 799 | ||||||
| Repairs & Maintenance - Others | 3,896 | 4,160 | ||||||
| ROC Filing Fees | - | 6 | ||||||
| Service Tax Paid on Demand | - | 712 | ||||||
| Integrated GST Expenses | 319 | - | ||||||
| Taxes / Licenses | 16 | 7 | ||||||
| Telephone and Internet | 1,568 | 1,762 | ||||||
| Training | 59 | 58 | ||||||
| Travelling Expenses | 332 | 1,745 | ||||||
| Utilities | - | 275 | ||||||
| Misc.Expenses | 13 | 29 | ||||||
| Manpower Supply service | 440 | 39 | ||||||
| Interest & Penalty-GST | 322 | - | ||||||
| Total | 39,247 | 46,003 | ||||||
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2021
Note - 23: Current Tax
| For the year ended 31st March, 2021 | For the year ended 31st March, 2020 | |||||||
| Particulars | Amount (Rs.’000) | Amount (Rs.’000) | ||||||
| Provision for Taxation | 4,061 | 5,406 | ||||||
| Total | 4,061 | 5,406 | ||||||
Note - 24: Deferred Tax Expense / (Income)
| For the year ended 31st March, 2021 | For the year ended 31st March, 2020 | |||||||
| Particulars | Amount (Rs.’000) | Amount (Rs.’000) | ||||||
| Deferred Tax Expense / (Income) | 551 | (80 | ) | |||||
| Total | 551 | (80 | ) | |||||
Note - 25: Earning Per Share
| For the year ended 31st March, 2021 | For the year ended 31st March, 2020 | |||||||
| Particulars | Amount (Rs.’000) | Amount (Rs.’000) | ||||||
| Basic | ||||||||
| (i) Weighted average number of Equity Shares of Rs. 10 each | 1,308,631 | 1,308,631 | ||||||
| outstanding during the period (ii) Net Profit/(Loss) for the year | 9,925 | 13,525 | ||||||
| (iii) Basic Earnings per Share [(ii) / (i)] | 7.58 | 10.34 | ||||||
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH, 2021
Note - 26: Inventories
The nature of the Companies Business does not involves inventory.
Note - 27: Investments
The Company does not have any investments as on the date of Balance Sheet.
Note - 28: Micro, Small & Medium Enterprise
As per the information and records available with the Company there is no micro, small & medium enterprises as defined in the Micro, Small & Medium Enterprises Development Act, 2006, to whom the Company owes any amount of principal together with interest. Therefore, no additional disclosure is made.
Note - 29: (a) Related Party Disclosure under Accounting Standard – 18
| Name of Related Party | Address | Nature of Relationship | Business Description | |||
| Unique Logistics International (H.K.) Limited | Unit B & D, 4th Floor, Sunshine Kowloon Bay Cargo Centre, 59 Tai Yip Street, Kowloon Bay, Kowloon Hong Kong. | Indirect Shareholder Sec. 92A (2)(a/b) |
Logistic Service | |||
| PT Unique Logistics International Indonesia | Jl. Ir. H. Juanda lii No. 25b Jakarta 10120 Country: Indonesia | Indirect Shareholder Sec. 92A (2)(a/b) |
Logistic Service | |||
| TGF Unique Limited | Australis House Unit 2 Heron Way Feltham,Middlesex TW14 OAR. Country : U. K. | Indirect Shareholder Sec. 92A (2)(a/b) |
Logistic Service | |||
| Unique Logistics International (SIN) Pte Ltd | 1 Paya Lebar Link, #04-01 Paya Lebar Quarter 1 Country : Singapore | Indirect Shareholder Sec. 92A (2)(a/b) |
Logistic Service | |||
| Unique Logistics International (NYC), LLC - Charlotte Branch | 11020 DAVID TAYLOR DR STE 100, CHARLOTTE, US 28262 | Indirect Shareholder Sec. 92A (2)(a/b) |
Logistic Service | |||
| Unique International Logistics (M) Sdn Bhd | 46-7, Mentari Business Park ,Wisma Yapiem Jalan PJS 8/2, Dataran Mentari,Petaling Jaya Selangor D E 46150 Country: Malaysia | Indirect Shareholder Sec. 92A (2)(a/b) |
Logistic Service | |||
| Unique Logistics International (ATL), LLC | 510 Plaza Drive, Suite 2290, Atlanta, Ga 30349 United States of America | Indirect Shareholder Sec. 92A (2)(a/b) |
Logistic Service | |||
| ULI (North & East China) Co. Ltd. - Tianjin | RM 1206, LONGTONG PLAZA, TIANJIN, 300 051, NO.4, GUIZHOU ROAD, HEPING DIST, Country : China | Indirect Shareholder Sec. 92A(2)(a/b) |
Logistic Service | |||
| ULI (North & East China) Co. Ltd. - Bejing | RM 215B THREE GEORGE BUSINESS BUILDING All JIUXIANQIAD ROAD , CHAOYANG Country: China | Indirect Shareholder Sec. 92A(2)(a/b) |
Logistic Service | |||
| ULI (North & East China) Co. Ltd. - Shangai | ROOM 1308, TOMSON COMMERCIAL BUILDING, NO 710 DONGFANG ROAD Country: China | Indirect Shareholder Sec. 92A(2)(a/b) |
Logistic Service | |||
| ULI (North & East China) Co. Ltd. - Ningbo | RM302, HUI JIN MANSION, No 77 HEYI ROAD Counry: China | Indirect Shareholder Sec. 92A(2)(a/b) |
Logistic Service |
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH, 2021
| Unique Logistics International (BOS), INC | 35 Village Road,Middleton, MA 01949 SUITE #701, Country : U.S.A. |
Indirect Shareholder Sec. 92A (2)(a/b) |
Logistic Service | |||
| ULI (South China) Limited | UNIT 4 B & D Sunshine Kowloon Bay Cargo center 59 tai yip street Kowloon Bay, Country : China | Indirect Shareholder Sec. 92A (2)(a/b) |
Logistic Service | |||
| Unique Logisctics (Korea) Co. Ltd. | 10th FI, Jung An Bldg.,97-10, Seosomun- Dong,Jung-Gu,Seoul,100-814, Korea, Country : South Korea | Indirect Shareholder Sec. 92A (2)(a/b) |
Logistic Service | |||
| Unique Logistics International (Vietnam) Co. Ltd. | 181 Dien Bien Phu St Da Kao Ward, Dist.l, Hcmc Ho Chi Minh Socialist Republic of Vietnam, Country’: Vietnam | Indirect Shareholder Sec. 92A (2)(a/b) |
Logistic Service | |||
| Shenzhen Unique Logistics International Limited-Xiamen Branch | Room 1003, Metals and Minerals Building #226, Dongou Road, Xiamen, 361 012, Country : China | Indirect Shareholder Sec. 92A (2)(a/b) |
Logistic Service | |||
| Unique Logistics International Phillipines Inc. | 2/F,Alabang Citi Arcade Don Jesus Blvd.Cor West Service Rd.Cupang Muntinlupa City Philippines Country: Philippines |
Indirect Shareholder Sec. 92A (2)(a/b) |
Logistic Service | |||
| Unique Freight Solutions (Thailand) Co. Ltd. | 729/108 RATCHADAPHISEK RD., BANGPONGPANG, YANNAWA, BANGOK 10120, BANGKOK Country: Thailand |
Indirect Shareholder Sec. 92A (2)(a/b) |
Logistic Service | |||
| Shenzhen Unique Logistics International Limited | 8d2-8d3,Blocl Cd,Tianxiang Building,Tian’an Cyber Park,Futian District Shenzhen- China, Country: China | Indirect Shareholder Sec. 92A (2)(a/b) |
Logistic Service | |||
| Unique Logistics International (South China) Ltd - Guangzhou Branch | ROOM 2309-2310 YIAN PLAZA, 33 JIANSHE,LIU MA ROAD, YUE XIU DISTRICT,GUANGZHOU,510060 | Indirect Shareholder Sec. 92A (2)(a/b) |
Logistic Service | |||
| ULI International Company Limited | 11/F No, 107, Jen Ai Road Sec. 4 Taipai 106 Taiwan, R.D.C Country: China |
Indirect Shareholder Sec. 92A (2)(a/b) |
Logistic Service | |||
| Unique Logistics International (NYC) LLC. | 154-09 146th Avenue ,Unit 3B, Jamaica NY 11434 Country: U.S.A. |
Indirect Shareholder Sec. 92A (2)(a/b) |
Logistic Service | |||
| Unique Logistics International (NYC) LLC- Chicago | 1 Pierce Place, Suite 280C, Itasca, IL 60143 Chicago Country: U.S.A. | Indirect Shareholder Sec. 92A (2)(a/b) |
Logistic Service | |||
| Unique Logistics International (LAX) Inc. | 16330, Marquardt Avenue Cerritos Ca 90703 United States of America, Country : U.S.A. | Indirect Shareholder Sec. 92A (2)(a/b) |
Logistic Service |
(b) Key Management Perosons -18
| Name of Key Management Persons | Address | Nature of Relationship | Business Description | |||
| SUDHERSHAN SHARMA | C-3/37 II Floor Janakpuri New Delhi-110058 | Director | Salary |
Note: Sections mentioned above refer to sections of the Income-Tax Act, 1961
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH, 2021
Details of Transactions with Related Parties during the year
| Name of Related Party | Amount Paid (Rs.’000) | Amount Received (Rs.’000) | ||||||
| SHENZHEN UNIQUE LOGISTICS INTL LTD. | - | 1,911 | ||||||
| TGF UNIQUE LIMITED | 1,044 | 3,447 | ||||||
| ULI INTERNATIONAL COMPANY LIMITED | 1,234 | 33 | ||||||
| ULI (NORTH & EAST CHINA) CO LTD | 1,526 | 225 | ||||||
| UNIQUE FREIGHT SOLUTIONS (THAILAND) CO., LTD. | 1,956 | 10 | ||||||
| UNIQUE LOGISTICS INTERNATIONAL (SIN) PTE. LTD. | 271 | 83 | ||||||
| UNIQUE INTL LOGISTICS (M) SDN. BHD. - KUL | 310 | 43 | ||||||
| UNIQUE LOGISTICS INTL (NYC), LLC - ATLANTA BRANCH | 3,048 | - | ||||||
| UNIQUE LOGISTICS INTL (NYC), LLC - BOS BRANCH | 3 | 10,371 | ||||||
| UNIQUE LOGISTICS INTL (NYC), LLC - CHARLOTTE BRANCH | 42 | 4,769 | ||||||
| UNIQUE LOGISTICS INTL (SOUTH CHINA) LTD-GUANGZHOU BRANCH | 516 | - | ||||||
| UNIQUE LOGISTICS INTL (H.K.) LTD | 13,888 | 23,492 | ||||||
| PT. UNIQUE LOGISTICS INTERNATIONAL INDONESIA | 2,014 | - | ||||||
| UNIQUE LOGISTICS INTL (LAX) INC | 1,183 | 33 | ||||||
| UNIQUE LOGISTICS INTERNATIONAL (NYC), LLC - LOS ANGLES | 297 | 98 | ||||||
| UNIQUE LOGISTICS INTL (NYC), LLC | 38,904 | 147,614 | ||||||
| UNIQUE LOGISTICS INTL (NYC), LLC - CHICAGO BRANCH | 1,668 | 1,332 | ||||||
| UNIQUE LOGISTICS (KOREA) CO., LTD. | 1,224 | 24,318 | ||||||
| UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD. | 456 | 17,934 | ||||||
| ULI (NORTH & EAST CHINA) CO LTD | 10 | 56,745 | ||||||
| UNIQUE LOGISTICS INTL (SOUTH CHINA) LTD-XIAMEN BRANCH | 37 | 3 | ||||||
| Total | 69,632 | 292,461 | ||||||
| Name of Key Management Persons | Amount Paid (Rs.’000) | |||
| SUDHERSHAN SHARMA | 3,875 | |||
| Total | 3,875 | |||
Note - 30: Transactions in Foreign Currency (in,Rs.’000)
| Nature | FY2020-21 | FY2019-20 | ||||||
| Sale - Freight | 437,124 | 315,544 | ||||||
| Payment - Freight | 184,662 | 212,180 | ||||||
Note - 31: Gratuity
(i) The Company offers its employees, defined benefit plans in the form of Gratuity. A Gratuity scheme cover all employees as statutorily required under payment of Gratuity Act, 1972. The actuarial valuation is done based on Projected Unit Credit Method. Under this Rationale, each Individual’s up to valuation date Gratuity at valuation date, based on service up to valuation date and projected salary has been worked out year by year from current age to Superannuation age.
(ii) Actuarial Valuation Details of Gratuity as on 31.03.2021:
Table showing changes in Present Value of Obligations
| Particulars | Amount (Rs.’000) | |||
| Present Value of Obligation as at 31st March 2020 | 9,628 | |||
| (+) Interest Cost | 668 | |||
| (-) Past Service Cost | - | |||
| (+) Current Service Cost | 1,689 | |||
| (-) Benefits Paid | (88 | ) | ||
| (+) Actuarial Gain/Loss on Obligation | (255 | ) | ||
| Present Value of Obligation as on 31st March 2021 | 11,642 | |||
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH, 2021
Gratuity Plan
| Particulars | As of March 31, Amt(Rs.’000) | |||||||||||||||||||
| 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||
| Obligations at year end | 11,642 | 9,628 | 7,464 | 6,262 | 4,811 | |||||||||||||||
| Plan Assets at year end, at fair value | ||||||||||||||||||||
| Funded Status | ||||||||||||||||||||
| Gain /(Loss) | (255 | ) | 798 | 138 | (29 | ) | 463 | |||||||||||||
| Experience Adjustments on plan liabilities | ||||||||||||||||||||
| Experience Adjustments on plan assets | ||||||||||||||||||||
Table showing Expense recognised in Statement of Profit & Loss
| Particulars | Amount (Rs.) | |||
| Current service Cost | 1,689 | |||
| (-) Past Service Cost | - | |||
| (+) Interest Cost | 668 | |||
| (+) Actuarial Gain/Loss recognised in the year | (255 | ) | ||
| Expense recognised in Statement of Profit & Loss | 2,102 | |||
Table showing Actuarial Assumptions as at 31st March, 2021
| Mortality Table | IALM 2006-2008 ULTIMATE | |
| Superannuation Age | 60 | |
| Early Retirement & Disablement | 10 PER THOUSAND P.A 6 above age 45 3 between 29 and 45 1 below age 29 | |
| Discount Rate | 6.97% | |
| Inflation Rate | 4.00% | |
| Return on Asset | N/A | |
| Remaining Working Life | 18 YEARS | |
| FORMULA USED | PROJECTED UNIT CREDIT METHOD |
(iii) Company’s Leave Policy suggests that no leave days are carried forward to the next Fiscal Year. Therefore, this qualifies as a “Short Term Employee Benefit”. As per Para 8 and 9 of the AS 15 (Revised, 2005) “no actuarial assumptions are required to measure the obligation or the cost and there is no possibility of any actuarial gain or loss. Moreover, short-term employee benefit obligations are measured on an undiscounted basis.
(iv) The Company has Contributed Rs 7,015,385 towards employers provident fund during the Financial year ended 31st March 2021 (Rs. 6,965,527 during the financial year ended 31st March 2020).
Note - 32: Disclosure in respect of specified Bank Notes held and Transacted
The disclosure requirements relating to holdings as well as dealings in Specified Bank Notes are applicable for the period from 8th November 2016 to 30th November 2016 which are not relevant to these Financial Statements. Hence, reporting under this clause is not applicable.
Note - 33: Segment Reporting
| Geographical Segment | Turnover (Rs.’000) | |||
| A. Logistic Services | 2,118,465 | |||
| B. Logistics Services ( Segment Revenue) | ||||
| Within India(Rs) | 1,681,341 | |||
| Outside India(Rs) | 437,124 | |||
Note - 34: Deferred Tax Asset (Net)
The Deferred Tax Assets are shown in the Accounts as at 31st March 2021, Net off Deferred Tax Liability as on that date
| Amount (Rs.’000) | ||||
| Deferred Tax Assets: | ||||
| Opening Balance (01.04.2020) | 2,549 | |||
| Less: (Reversal) of Deferred Tax Assets during 2020-2021 | (2,549 | ) | ||
| Less: Deferred Tax (Asset) during 2020-2021 | 1,997 | |||
| Deferred Tax Assets (Net) | 1,997 | |||
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH, 2021
Note - 35: Auditor Remuneration:
| Nature | FY2020-21 (Rs.’000) | FY2019-20 (Rs.’000) | ||||||
| As Auditor: | ||||||||
| - Statutory | 204 | 195 | ||||||
| - Transfer Pricing | 159 | 135 | ||||||
| - Tax Audit | 43 | 43 | ||||||
| -GST | 227 | 150 | ||||||
| - Other Matter | 52 | 61 | ||||||
| Total | 685 | 583 | ||||||
Note - 36:
The Company has assessed the impact of COVID-19 on its financial statements based on the internal and external information up to the date of approval of these financial statements. The Company will continue to monitor the future economic conditions and update its assessment.
Note - 37:
Previous year’s figures have been rearranged/ regrouped wherever deemed necessary to make them comparable with the current year.
| For B M CHATRATH & CO LLP |
For UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED | |||
| CHARTERED ACCOUNTANTS | ||||
| Firm Registration No. 301011E/E300025 | ||||
| /s/ S.K. BASU | /s/ PATRICK MAN BUN LEE | /s/ PING HONG TAM | ||
| (S.K. BASU) | PATRICK MAN BUN LEE | PING HONG TAM | ||
|
Partner |
Director | Director | ||
| Membership No. 054484 | DIN:06728542 | DIN: 06709767 | ||
| UDIN: 21054484AAAAJH7305 | ||||
| Place: KOLKATA | Place: HONGKONG | |||
| Date: 28th June 2021 | Date: 28th June 2021 | |||
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
Computation of Depreciation admissible u/s 32(l)(ii) of the Income Tax Act, 1961 (Written Down Value Method)
| Additions during the period | Depreciation | |||||||||||||||||||||||||||||||||||||||||||
| Description of assets | Depreciation Rate as per Income Tax Act, 1961 | W.D.V. As On 01.04.2020 (Rs.’000) | More than 180 days (Rs.’000) | Less than 180 days (Rs.’000) | Total Addition (Rs.’000) | Sale During the year (Rs.’000) | Cost As On 31.03.2021 (Rs.’000) | Used More Than 180 Days (Rs.’000) | Used Less Than 180 Days (Rs.’000) | Total Depreciation (Rs.’000) | Net Assets As On 31.03.202 1 (Rs.’000) | |||||||||||||||||||||||||||||||||
| FURNITURE & FITTINGS | ||||||||||||||||||||||||||||||||||||||||||||
| Furniture & Fixture | 10.00 | % | 2,044 | 63 | 1,140 | 1,203 | 3,248 | 211 | 57 | 268 | 2,980 | |||||||||||||||||||||||||||||||||
| PLANT & MACHINERY | ||||||||||||||||||||||||||||||||||||||||||||
| Motor Vehicle | 15.00 | % | 2,344 | 0 | 2,344 | 352 | 352 | 1,992 | ||||||||||||||||||||||||||||||||||||
| Office Equipment | 15.00 | % | 860 | 21 | 485 | 506 | 5 | 1,361 | 131 | 36 | 168 | 1,193 | ||||||||||||||||||||||||||||||||
| Computer | 40.00 | % | 1,432 | 346 | 723 | 1,069 | - | 2,500 | 711 | 145 | 856 | 1,645 | ||||||||||||||||||||||||||||||||
| TOTAL | 6,680 | 430 | 2,348 | 2,778 | 5 | 9,453 | 1,405 | 238 | 1,643 | 7,811 | ||||||||||||||||||||||||||||||||||
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
Computation of Deferred Tax Assets / (Liability)
| Amount (Rs.’000) | ||||||||||||
| Particulars | Details | Timing
Difference | Tax @ 25.16% (22%+10%+4%) | |||||||||
| a) Disallowed u/s 43B of Income Tax Act 1961 | ||||||||||||
| Bonus | 4,560 | 4,560 | 1,147 | |||||||||
| b) Disallowed u/s 40 A(7) of Income Tax Act 1961: | ||||||||||||
| Gratuity (As per Acturial Valuation) | 2,102 | 2,102 | 529 | |||||||||
| Provision for Doubtful Debts | 1200 | 1,200 | 302 | |||||||||
| c) Difference Between Book Depreciation & Tax Depreciation | 77 | 19 | ||||||||||
| Depreciation As Per Companies Act, 2013 | 1,720 | |||||||||||
| Depreciation As Per Income Tax, 1961 | 1,643 | |||||||||||
| Total Deferred Tax Assets / (Liability) As On 31-03-2021 | 1,997 | |||||||||||
| Total Deferred Tax Assets / (Liability) As On 01-04-2020 | 2,549 | |||||||||||
| Deferred Tax Assets Increase / (Decrease) | (551 | ) | ||||||||||
UNIQUE LOGISTICS INTERNATIONAL (INDIA) PRIVATE LIMITED
Computation of taxable income for the Assessment Year 2021-2022
| Income from Business | (Rs.in ‘000) | |||||||
| Net Profit as per Profit & Loss Account | 14,537 | |||||||
| Less: Income treated separately | ||||||||
| Interest on Income Tax refund & Term Deposit | 1,113 | |||||||
| 13,424 | ||||||||
| Add: Depreciation as per Companies Act | 1,720 | |||||||
| 15,143 | ||||||||
| Less: Depreciation as per IT Rules | 1,643 | |||||||
| 13,500 | ||||||||
| Add: Provision for Gratuity [Disallowed u/s 40A(7)] | 2,954 | |||||||
| 16,454 | ||||||||
| Add: Provision for Bad Debts | 1,200 | |||||||
| 17,654 | ||||||||
| Add: Disallowance u/s 43B | ||||||||
| Bonus | 4,560 | |||||||
| 4,560 | ||||||||
| 22,214 | ||||||||
| Add: Expenses Disallowed | ||||||||
| Interest and penalty Tax | 322 | |||||||
| Interest on TDS | ||||||||
| Interest on GST | ||||||||
| Late Return Fees on GST | 322 | |||||||
| 22,537 | ||||||||
| Less: | ||||||||
| Allowable u/s 43B | ||||||||
| Gratutiy | 2,954 | |||||||
| Bonus | 4,560 | |||||||
| 7,514 | ||||||||
| 15,023 | ||||||||
| Income from Other Sources | ||||||||
| Interest on Income Tax refund | 1,113 | |||||||
| 1,113 | ||||||||
| Gross Total Income | 16,136 | |||||||
| R/O | 16,136 | |||||||
| Tax Payable @ 22 % | 3,550 | |||||||
| Add: Surchrge @ 10% | 355 | |||||||
| 3,905 | ||||||||
| Add: EC & SHEC @ 4% | 156 | |||||||
| Tax Provision | 4,061 | |||||||
| B M CHATRATH & CO LLP | REGD. OFFICE : CENTRE POINT, 4th FLOOR, Suite No. 440 | |
| (FORMERLY B M CHATRATH & CO.) | 21, HEMANTA BASU SARANI, KOLKATA - 700 001 | |
| CHARTERED ACCOUNTANTS | TEL : 2248-4575/4667/6810Z6798, 2210-1385, 2248-9934 | |
| LLPIN : AAJ-0682 | E-mail: bmccal@bmchatrath.in | |
| website: www.bmchatrath.com |
RECONCILIATION OF FINANCIAL STATEMENTS TO US GAAP
To: Unique Logistics International Inc.
Re: Unique Logistics International (INDIA) Pvt. Ltd. Reconciliation of Financial Statements toUnited States Generally Accepted Accounting Principles
We have audited the Financial Statements of Unique Logistics International (INDIA) Pvt. Ltd., as of March 31, 2021, which comprise the Balance Sheet as at March 31, 2021, the Statement of Profit and Loss, including the Statement of other comprehensive income, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.
The below mentioned reconciliation statement of thelndian GAAP financial statements to United States generally accepted accounting principles (U.S. GAAP) as at 31st March,2021, has been prepared following the same accounting policies and methods of computation as the reconciliation of the consolidated financial statements to U.S. GAAP for the year ended March 31, 2021. The disclosures provided below are incremental to those included with the financial statements and the reconciliation of those financial statements to U.S. GAAP.
The significant differences between Indian generally accepted accounting principles (IGAAP) as they apply to Unique Logistics are as follows:
| 1. | As per ASC 606,the core principle is that a vendor should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the vendor expects to be entitled in exchange for those goods or services. The revenue recognition is on the basis of allocation of the transaction price over the performance obligation and fulfillment of performance obligation. |
As per Indian GAAP revenue recognition criteria depend on the category of revenue transaction. In general criteria includes no significant uncertainty exists regarding the amount of the consideration that will be derived from the sale of goods/rendering of services.
The reporting entity (Unique Logistics International (India) Pvt. Ltd.) broadly recognize revenue which is in principal similar to US GAAP revenue recognition criteria. The revenue is recognized on the basis of performance obligation as defined in the service contract.
| 2. | As per ASC 842 there is a requirement that lessee to record operating leases on the balance sheet. As a result, lease liability will be recorded at the present value of future lease obligations and Right of Use(ROU) asset, which represents lease right to use the underlying asset, are recorded at commencement date. Rental charges for operating leases shall be straight lined over the period of the agreement considering the escalation prices and the net activity in lease liability and ROU asset is essentially rent equalization reserve and same shall be created for USD 20,700 as on 31st March 2021. |
NOIDA :- D-26, 2nd Floor, Sector - 3, Noida -201301 (Uttar Pradesh), Ph. No. - 0120-4593360, 0120-4593361
DELHI:-Flat No. - 10. 45 Friends Colony East, New Delhi 110065
MUMBAI :- 104, Building No B69, Nitin Shanti Nagar CHSL, Shanti Nagar, Sector -1, Mira Road East. Dist. - Thane, Mumbai - 401007
HYDERABAD :- Mangalgiri Vinaygar Apartments, Flat No. - 202, 8-2-616/3/E/2, Road No - 10, Banjara Hills. Pin : 500034
JAIPUR :- B-269, Janta Colony. Jaipur-302004. Ph : 0141-2601727
| 3. | ASC 830 states that, a reporting entity must use a “functional-currency approach” in which all transactions are first measured in the currency of the primary economic environment in which the reporting entity operates (i.e., the functional currency) and then translated into the reporting currency. Statement of Profit and Loss has been translated from Indian Rupees (INR) to United States Dollar (USD) using average rate of 1USD = INR 74.064. Balance Sheet has been translated from Indian Rupees (INR) to United States Dollar (USD) using closing rate of 1USD = INR 73.505. Impact of Increase (Decrease) in financial position due to creation of rent equalization reserve has been translated using average rate. |
| FoR B M CHATRATH & CO LLP | |
| CHARTERED ACCOUNTANTS | |
| Firm Registration No. 301011E/E300025 | |
| /s/ S K BASU | |
| Partner | |
Membership No.: 054484 UDIN: 21054484AAAALA5701 |
Place: Kolkata
Date: 30.08.2021
The application of U.S. GAAP would have the following effect on the financial statements:
| Particulars | Year Ended March 31,2021 | |||||||
| INR | USD | |||||||
| Revenue from Operations | 2,118,464,995 | 28,603,216 | ||||||
| Cost of Revenue | 1,910,059,478 | 25,789,354 | ||||||
| Operating Expenses: | ||||||||
| Depreciation and amortization | 1,719,569 | 23,217 | ||||||
| Employee benefit expense | 154,277,484 | 2,083,033 | ||||||
| Other Expense | 39,247,331 | 529,912 | ||||||
| Total Operating expenses | 195,244,384 | 2,636,162 | ||||||
| Income from operations | 13,161,133 | 177,700 | ||||||
| Other (Income) Expenses: | ||||||||
| Interest Expenses | 392,742 | 5,303 | ||||||
| Other Income | 1,768,416 | 23,877 | ||||||
| Total Other(Income) Expenses | 1,375,674 | 18,574 | ||||||
| Income (loss) before income taxes | 14,536,807 | 196,274 | ||||||
| Tax expense (benefit) | 4,611,973 | 62,270 | ||||||
| Net income (loss) for the period, as reported | 9,924,834 | 134,004 | ||||||
| Adjustments: | ||||||||
| Rent equalisation reserve | 1,533,144 | 20,700 | ||||||
| Net income - U.S. GAAP | 8,391,690 | 113,304 | ||||||
| Foreign Currency Translation Reserve | - | 37,964 | ||||||
| Comprehensive income - U.S. GAAP | 8,391,960 | 151,268 | ||||||
*Financial statements have been translated from Indian Rupees (INR) to United States Dollar (USD) using average rate of 1USD = INR 74.064 for Income Statement
| As at March 31, 2021 | As Reported | Increase (Decrease) | US GAAP | |||||||||||||||||||||
| INR | USD | INR | USD | INR | USD | |||||||||||||||||||
| Asset | ||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||
| Cash and cash equivalents | 4,351,463 | 59,200 | - | - | 4,351,463 | 59,200 | ||||||||||||||||||
| Accounts receivable, net | 364,546,061 | 4,959,493 | - | - | 364,546,061 | 4,959,493 | ||||||||||||||||||
| Prepayments and other current assets | 19,886,617 | 270,549 | - | - | 19,886,617 | 270,549 | ||||||||||||||||||
| Total current assets | 388,784,141 | 5,289,242 | - | - | 388,784,141 | 5,289,242 | ||||||||||||||||||
| Property and equipment, net | 4,343,733 | 57,839 | - | - | 4,343,733 | 57,839 | ||||||||||||||||||
| Intangible assets, net | 703 | 9 | 703 | 9 | ||||||||||||||||||||
| Other long term assets | 34,729,420 | 472,479 | 16,475,058 | 222,444 | 51,204,478 | 694,923 | ||||||||||||||||||
| Deferred Tax Asset | 1,997,616 | 27,177 | - | - | 1,997,616 | 27,177 | ||||||||||||||||||
| Total Assets | 429,855,614 | 5,846,746 | 16,475,058 | 222,444 | 446,330,672 | 6,069,190 | ||||||||||||||||||
| Liabilities and stockholders’ equity | ||||||||||||||||||||||||
| Current liabilities: | ||||||||||||||||||||||||
| Accounts payable | 291,740,701 | 3,969,007 | - | - | 291,740,701 | 3,969,007 | ||||||||||||||||||
| Accrued expenses and other liabilities | 30,574,326 | 415,951 | - | - | 30,574,326 | 415,951 | ||||||||||||||||||
| Total current liabilities | 322,315,027 | 4,384,958 | - | - | 322,315,027 | 4,384,958 | ||||||||||||||||||
| Other long-term liabilities | 17,236,535 | 234,496 | 18,008,202 | 243,144 | 35,244,737 | 477,640 | ||||||||||||||||||
| Total liabilities | 339,551,562 | 4,619,454 | 18,008,202 | 243,144 | 357,559,764 | 4,862,598 | ||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||
| Common Stock | 13,086,310 | 173,591 | - | - | 13,086,310 | 173,591 | ||||||||||||||||||
| Reserve and Surplus | 77,217,742 | 1,053,701 | (1,533,144 | ) | (20,700 | ) | 75,684,598 | 1,033,001 | ||||||||||||||||
| Total liabilities and stockholders’ equity | 429,855,614 | 5,846,746 | 1,64,75,058 | 222,444 | 446,330,672 | 6,069,190 | ||||||||||||||||||
*Financial statements have been translated from Indian Rupees (INR) to United States Dollar (USD) using closing rate of 1USD = INR 73.505 for Financial Positions. Increase (Decrease) in financial position is occurring due to creation of rent equalization reserve which has been translated at average rate.