b) Rights, preferences and restrictions attached to equity shares
The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll are in proportion to its share of the paid-up equity capital of the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion of the shares held by the shareholder.
1. Segment Reporting
As the Company is operating only in one business segment i.e. operation of cranes, the requirement to give segment reporting as per Accounting Standard (AS 17) on Segment Reporting issued by the Institute of Chartered Accountants is not applicable.
2. As regards compliance by the Company with certain requirements of the Companies Act, 2013, the accounts have not been authenticated by a whole-time company secretary as required under Section 134 of the Act, as no whole-time company secretary as required under section 203 of the Act was appointed by the Company, there is inadequate representation of Independent directors on the Board of the Company and Internal auditors were not appointed under section 138 of the Act. Management of the Company believes that the penalties, if any, on account of the above stated non-compliances are not expected to be material and the same are currently not determinable. Hence, no provision for any consequential liability have been made in accounts.,
3. Related Party Disclosures a Related parties
Description of relationship_
Name of party_
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Subsidiary Companies
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ABG Project and Services Limited - UK
Starport Logistics Limited (formerly known as ABG Ports Limited)
Starlift Services Private Limited (formerly known as ABG Kolkata Container Terminal Private Limited)
ABG Turnkey Private Limited India Ports & Logistics Private Limited Dakshin Bharat Gateway Terminal Private Limited Kandla Container Terminal Private Limited West Quay Multiport Private Limited
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b Key Managerial personnel (KMP)
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Mr. Saket Agarwal, Managing Director
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c Jointly Controlled Entities
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ALBA Asia Private Limited ALBA Ennore Private Limited ALBA Marine Private Limited Haldia Bulk Terminals Private Limited Tuticorin Coal Terminal Private Limited Vizag Agriport Private Limited
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d Enterprises over which Key Managerial Personnel can exercise significant influence
Agbros Leasing and Finance Private Limited ABG Power Private Limited Aspen Material Handling Private Limited Indami Investment Private Limited Oblique Trading Private Limited Tagus Engineering Private Limited
Tusker Cranes Private Limited (formerly known as ABG Cranes Private Limited) e Associate Company
South West Port Limited
As per management, whilst the Company(Starlog Enterprises Limited) has had transactions with ABG Cement Limited, PFS Shipping (India) Limited and Tirupati Landmark Private Limited (collectively referred to as "Enterprises"), none of the Key Managerial Personnel of the Company can exercise significant influence over these "Enterprises" and the relatives of the Key Managerial Personnel of the Company who are able to exercise significant influence over these "Enterprises" are not able to exercise significant influence over the Company.
However, as and by way of abundant caution, the transactions between the Company and the above mentioned "Enterprises" have been included below.
e Significant Transactions with Related Parties
The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year:
4. As per Accounting standard 15 "Employee Benefits", the disclosure of Employee benefits as defined in the Accounting standard are given below :-
(a) Defined Contribution Plans viz Provident Fund
Eligible employees receive benefits from a provident Fund which is a defined contribution plan. Both the employees and the Company make monthly contributions to the Provident Fund plan equal to a specified percentage of the covered employee's salary.
(b) Post Employment defined benefit plan
The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy.
The following tables summarize the components of net benefit expense recognized in the profit and loss account and the funded status and amounts recognized in the balance sheet for the respective plans.
5. Details of dues to Micro and Small Enterprises as per MSMED Act, 2006
As determined by management and relied upon by Auditors, there are no Micro, Small and Medium Enterprises as defined in the "Micro, Small, Medium Enterprises Development Act 2006" to whom the company owes dues on account of principal amount together with Interest and accordingly no additional disclosures have been made.
The above information has been determined to the extent such parties have been identified on the basis of information available with the Company.
6. Previous year comparatives
Previous year's figures have been regrouped where necessary to conform to this year's classification.
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