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NOTES TO ACCOUNTS

Accuracy Shipping Ltd.

You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (₹) 56.31 Cr. P/BV 0.81 Book Value (₹) 46.13
52 Week High/Low (₹) 87/25 FV/ML 10/1600 P/E(X) 6.99
Bookclosure 24/09/2018 EPS (₹) 5.35 Div Yield (%) 0.00
Year End :2018-03 

1 Corporate Information

Accuracy Shipping Limited “ASL” or “the Company” is a Public Limited Company involved in providing third party logistics solutions. It offers customized and end-to-end logistics solutions and services including transportation, distribution, freight forwarding, clearing and forwarding service, custom house clearance, warehousing and value added services. The company was incorporated under the Companies Act, 1956 in the year 2008 as Accuracy Shipping Private Limited, subsequently in 2018 the company was converted into public limited company.

a. Terms/ Rights attached to Equity shares

The Company has only one class of equity shares having par value of Rs.10 per share Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential payments. The distribution will be in proportion to the number of equity shares held by the shareholders.

As per the records of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

Foreign currency term loan carries an interest rate ranging from 4.40% p.a. - 4.50%. p.a. It is primarily secured against hypothecation of entire unencumbered movable fixed assets of the company, both present and future, and mortgage of the corporate office of the company. It is collateralised against hypothecation of entire current assets of the company, both present and future. Additionally, personal immovable properties of the promoters of the company have been mortgaged against this facility. The promoters of the company have also provided their personal guarantee for this facility.

Vehicle finance loans are secured against hypothecation of vehicle financed by the Bank/NBFC and carry interest ranging from 8.50%-9.50% p.a.and are repayable within a periods ranging from 4 to 5 years.

Cash credit facility carries interest rate ranging from 9.70% p.a. - 10.95% p.a. payable at monthly intervals on the actual amount utilised, and is repayable on demand. It is primarily secured against hypothecation of entire current assets of the company, both present and future and collateralised against extended hypothecation of entire unencumbered movable fixed assets of the company, both present and future, extended mortgage of corporate office of the company, and personal immovable properties of the promoters of the company. The promoters of the company have also provided their personal guarantee for this facility.

2. Initial Public Offer

The Company had filed Draft Red Herring Prospectus (DRHP) dated March 12, 2018 with the EMERGE Platform of National Stock Exchange of India Limited under SEBI (Issue of Capital and Disclosure Requirements) Regulation 2009. The National Stock Exchange of India Limited approved the DRHP vide letter dated April 20, 2018. Subsequently, company has filed Red Herring Prospectus (RHP) with the Registrar of Companies, Ahmedabad on June 18, 2018 and pursuant to successful completion of bidding process, the company has got listed on Emerge platform of National Stock Exchange on June 22, 2018.

3. Previous period figures

The figures for the previous year have been regrouped/rearranged as necessary to confirm to the current year’s presentation.

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