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ASSOCIATION OF MULTIMODAL TRANSPORT

OPERATORS OF INDIA

C/o. CKB, 1st Floor, 20, Raja Bahadur Mansion, Ambalal Doshi Marg, Fort, Mumbai - 400 023 T: +91 22 6637 0021 | F: +91 22 6637 0022 | E: [email protected] | www.amtoi.org

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Annual Report For The Year 2015 - 2016

The Managing Committee of the Association has the pleasure in presenting to its members this Annual Report for the Term 2015 to 2016 together with Audited Accounts and Balance Sheet for the period 1st April 2015 to 31st March, 2016.

1. THE MANAGING COMMITTEE MEMBERS 1. Mr. Vivek Kele President 2. Mr. R. K. Rubin Vice President 3. Mr. Xerxes Master Hon. Secretary 4. Mr. Nailesh Gandhi Hon. Treasurer 5. Mr. Shantanu Bhadkamkar MC Member 6. Mr. Ravindra J. Gandhi MC Member 7. Mr. S. Varadarajan MC Member 8. Mr. Sailesh Bhatia Immediate Past President 9. Mr. Anand Sheth Advisor 10. Mr. Shashi Tanna Advisor 11. Mr. Tushar Jani Advisor 12. Mr. Yogesh Parekh Special Invitee 13. Mr. George Abrao Special Invitee 14. Mr. Udayabhaskar Reddy SRC Invitee 15. Mr. P. K. Srivastava ERC Invitee 16. Mr. Mahesh Trikha NRC Invitee

2. INVITATION TO MC SPECIAL INVITEES AMTOI invited the following Members as Special Invitees on the Managing Committee for the term 2015-2016 as their experience and knowledge would help the Association. 1) Mr. Yogesh Parekh of Orchid Shipping Pvt Ltd., Mumbai 2) Mr. George Abrao of Triton Logistics & Maritime Pvt Ltd., Mumbai

3. INVITEE ASSOCIATIONS ON THE EXTENDED BOARD With a view to have joint representation to the government as well as to have enhanced co-ordination for its members, AMTOI has once again invited the following associations as invitees to the AMTOI Extended Board. 1. Air Cargo Agents Association of India 2. The Container Shipping Lines Association (India) 3. Consolidators Association of India 4. Federation of Ship Agents Association of India 5. Federation of Freight Forwarders’ Association in India 6. Indian National Shipowners’ Association 7. Container Freight Station Association of India 8. Indian Private Port & Terminals Association 9. Association of Container Train Operators 10. Women’s International Shipping & Trading Association 11. Coastal Container Transporters Association

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4. MANAGING COMMITTEE MEETINGS The Present Managing Committee held 12 meetings & 4 Extended Board Meetings during the term 2015-2016.

Meetings held during the Term 2015-2016

S.No. NAME OF THE MEMBERSMC

MEETINGS HELD

MC MEETINGS ATTENDED

EBM MEETINGS

HELD

EBM MEETINGS ATTENDED

1 Mr. Vivek Kele - President 12 12 04 042 Mr. R. K. Rubin - Vice President 12 09 04 04

3 Mr. Xerxes Master - Hon. Secretary 12 10 04 03

4 Mr. Nailesh Gandhi - Hon. Treasurer 12 11 04 04

5 Mr. Shantanu Bhadkamkar - MC Member 12 07 04 03

6 Mr. Ravindra J Gandhi - MC Member 12 09 04 04

7 Mr. S. Varadarajan - MC Member 12 06 04 04

8 Mr. Sailesh Bhatia - Immediate Past President 12 12 04 04

9 Mr. Shashi Tanna – Advisor 12 01 04 0010 Mr. Tushar Jani - Advisor 12 02 04 0111 Mr. Anand Sheth - Advisor 12 01 04 02

12 Mr. Yogesh Parekh - Invitee Member 12 07 04 03

13 Mr. George Abrao, Invitee Member 12 06 04 03

14 Mr. Udayabhaskar Reddy - SRC, Chennai 12 05 04 04

15 Mr. Mahesh Trikha – NRC, Chennai 12 05 04 02

16 Mr. P. K. Srivastava – ERC, Chennai 12 01 04 01

17 Mr. Anand Didwania | Mr. Keshav Tanna, Air Cargo Agents Association of India 04 03

18 Mr. Prithwijit Maitra, The Container Shipping Lines Association (India) 04 03

19 Mr. Nityam Khosla, Consolidators Association of India 04 03

20 Mr. Adarsh Hegde | Mr. Umesh Grover - Container Freight Station Association of India 04 03

21 Mr. Anil Devli, Indian National Shipowners’ Association 04 01

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S.No. NAME OF THE MEMBERSEBM

MEETINGS HELD

EBM MEETINGS ATTENDED

22 Capt. A. K. Bhattacharya, Indian Private Port & Terminal Association of India 04 03

23 Mr. C. R. Nambiar, Federation of Ship Agents Association of India 04 02

24 Mr. Ashish Pednekar, Federation of Freight Forwarders’ Association of India 04 01

25 Mr. Ramakrishna Nagabhirava, Association of Container Train Operators 04 01

26 Ms. Sumeet Sahi / Ms. Sanjam SahiWomen’s International Shipping & Trading Association 04 02

27 Mr. Rahul ModiCoastal Container Terminals Association 01 01

6. GROWTH OF MEMBERSHIP PATRON GOLD ORDINARY ASSOCIATE

As on 31.03.2015 01 03 198 10

Joined during the year (2015-2016) --- --- 15 08

Less : Resignation --- --- 07 01

As on 31.03.2016 01 03 206 17

Gold Member as on 07.07.16 --- 11 --- ---

Joined during the period 1.4.16 to 03.08.16 --- --- 14 09

Less : Transfer Ordinary Membership to Gold Membership --- --- 11 ---

TOTAL as on 2nd August 2016 01 14 209 26

5. LEGAL & TAX CONSULTANTS Mr. Vishal U. Sheth Shipping - Advocate M/s. BMR & Advisors Service Tax M/S Lakshmi Kumaran & Sridharan Service Tax M/s PHD Associates Company Law M/s Asher & Co., Service Tax M/s Ernst & Young Service Tax and GST

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7. A] NAME OF PATRON - LIFE MEMBER ALLCARGO LOGISTICS LTD, MUMBAI

B] NAME OF TERM GOLD MEMBERS 1) LINK SHIPPING & MANAGEMENT SYSTEMS PVT LTD., MUMBAI upto 2027 2) EXPO FREIGHT PVT LTD., CHENNAI upto 2027 3) TVS DYNAMIC GLOBAL FREIGHT SERVICE LTD., CHENNAI upto 2027 4) TEAMGLOBAL LOGISTICS PVT LTD., MUMBAI upto 2031 5) TRANSCON FREIGHT SYSTEM PVT LTD., MUMBAI upto 2031 6) EXPRESS GLOBAL LOGISTICS PVT LTD., MUMBAI upto 2031 7) ATC GLOBAL LOGISTICS PVT TLD., MUMBAI upto 2031 8) SHREYAS RELAY SYSTEM PVT LTD., MUMBAI upto 2031 9) TRITON LOGISTICS & MARITIME PVT LTD., MUMBAI upto 2031 10) VELJI DOSABHAI & SONS PVT LTD., MUMBAI upto 2031 11) PDP INTERNATIONAL PVT LTD., KOLKATA upto 2031 12) BHATIA SHIPPING PVT LTD., MUMBAI upto 2031 13) ORCHID SHIPPING PVT LTD. MUMBAI upto 2031 14) SANCO TRANS LTD., CHENNNAI upto 2031

C] NAMES OF NEW MEMBERS April 2015 – March 2016 ORDINARY MEMBER 1 S. J. Logistics (India) Pvt Ltd. Mumbai 2 SARR Freights Corporation, New Delhi 3 Cargosol Logistics Pvt Ltd., Mumbai 4 Sun Global Logistics Pvt Ltd., Chennai 5 Timescan Logistics (India) Pvt Ltd., Chennai 6 Brizo Global Logistics Pvt Ltd. Chennai 7 Global Container Lines India Pvt Ltd., Mumbai 8 CMA CGM Logistics (India) Pvt Ltd., Mumbai 9 MG Logistics Pvt Ltd., Chennai 10 IRC Supply Chain Solutions Ltd., New Delhi 11 ATZ Shipping Trade & Transport Pvt Ltd., Mumbai 12 EPT Global Logistics Pvt Ltd., Mumbai 13 Goodrich Maritime Pvt Ltd., Mumbai 14 Dolphin Maritime Agencies Pvt Ltd., Mumbai 15 Impex Services India Pvt Ltd., New Delhi

ASSOCIATE MEMBER 1 Proficient Services, Mumbai 2 RPS Logistics, Mumbai 3 Cargo Channels Pvt Ltd., New Delhi 4 iInterchange Systems Pvt Ltd., Chennai 5 Pennon Shipping Pvt Ltd., Kolkata

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6 FIDESTA Logistics Pvt Ltd., Mumbai 7 INext Freight Forwarders, Rajkot 8 Mac Nels Containers Lines Pvt Ltd., Kolkata

D] NAMES OF NEW MEMBERS 2015-16 (April 2016 upto 03.08.2016)

ORDINARY MEMBER 1 Athena Global Logistics Pvt Ltd., Mumbai 2 Atlas Shipping Services Pvt Ltd., Noida 3 Sterling Sea Air Freight Express Pvt Ltd., Mumbai 4 Solitaire Logistics Pvt Ltd., New Delhi 5 Grace Global Logistics Pvt Ltd., Mumbai 6 Topper & Router Logistics Pvt Ltd., New Delhi 7 EMU Lines Pvt Ltd., Navi Mumbai 8 Vrrddhi Freight Pvt Ltd., Chennai 9 Om Saptarshi International Service (P)Ltd., Kolkata 10 Linkedin Logistics Partners Pvt Ltd., Noida 11 Swift Freight Moovers, New Delhi 12 Ahlers India Pvt Ltd., Chennai 13 Synergy Shipping Pvt Ltd., Visakhapatnam 14 Opal Asia (India) Pvt Ltd., Mumbai

8. REPRESENTATIONS The Association has been successful in being on the following committees,

a) Permanent Trade Facilitation Committee at the following custom stations,

(i) Jawaharlal Nehru Custom Nhava Sheva- Export / Import (ii) Mumbai Air Cargo Customs – Export / Import (iii) Mumbai Customs – Export / Import (iv) Chennai Sea Port Custom – Import

a) Working Group on amendment of MMTG Act

b) Working Group (Sub Group) on coastal shipping policy

c) Member in Indian Maritime University, Chennai as Composition of Members for the Court

d) Member of Governing Council of Maharashtra Chamber of Commerce, Industry & Agriculture (MACCIA).

e) Member of Expert Committees of MACCIA

f) Member in Madras Chamber of Commerce & Industry (MCCI)

h) Representation to Ministry of Shipping as regards inputs on the SOP for coastal shipping between India and Bangladesh.

j) Participated in meeting held at DG Shipping in VGM / SOLAS.

k) Confederation of India Logistics Association (Proposed)

l) Executive Member of the Governing Council in Logistics Sector Skill Council

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10. SUB-COMMITTEE ACTIVITIES • SRO Committee As a solution to settlement of Commercial Disputes AMTOI has recommended that SRO (Self Regulatory Organization) concept be brought about in the Indian Shipping Industry. This is based on a concept that is already in place for professionals like Lawyers, Doctors and Chartered Accountants, etc. The recommendations to that effect have already been forwarded to office D G Shipping, who in turn have forwarded the same to the ministry of Shipping.

Now the same is being pursued with the MoS in the right earnest. Mr Vivek Kele had meetings with former secretary shipping and current chairman NSB Dr. Vishwapati Trivedi and other MoS officials in Delhi and explained the necessity of implementing the SRO in the interest of growth of MTOs. It is hoped the SRO will be introduced in the proposed amendments to MMTG Act.

9. SUB-COMMITTEE’S AMTOI Managing Committee formed sub-committeesto work in various segments and the work allocation was done on the following basis

S.No. Sub-Committee Responsible Alternate

1 SRO Committee Mr. Vivek Kele Mr. Sailesh Bhatia2 Taxation (Direct & Indirect) Mr. Nailesh V. Gandhi Mr. Shantanu Bhadkamkar

3 Training/ Conference/ Workshop Mr. S. Varadarajan Mr. Vivek Kele / Mr. Shashi

Tanna4 Digital Platform Mr. Ravindra J Gandhi Mr. George Abrao5 MTO License Renewal Mr. R.K. Rubin Mr. Nailesh Gandhi

6 AMTOI Day Mr. Ravindra J Gandhi Mr. Vivek Kele / Mr. Xerxes Master

7Publication (Weekly newsletter / quarterly AMTOI News)

Mr. Xerxes Master Mr. Shantanu Bhadkamkar

8 GRF Mr. Anand Sheth Mr. Nailesh Gandhi

9 Membership Drive Mr. Yogesh ParekhMr. R. K. Rubin / Mr. Mahesh Trika /Mr. Ashok Jankiram / Mr. Udaybhaskar

10 Coastal Shipping Mr. S. Varadarajan Mr. P K Srivastava11 Customs (PTFC - AIR) Mr. Shashi Tanna Office Coordinator12 Customs (PTFC - JNCH) Mr. R. K. Rubin Office Coordinator

13 Confederation of Logistics Association Mr. Sailesh Bhatia Mr. Shantanu Bhadkamkar

14 Cargo Community System Mr. Vivek Kele Mr. George Abrao15 Chapter Mr. R. K. Rubin Mr. Xerxes Master16 Skill Development Mr. Vivek kele Mr. Nailesh Gandhi

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• Taxation (Direct & Indirect)

AMTOI has been closely working with M/s BMR Advisors, M/s Laxmikumaran Sridharan, M/s Ernst & Young to help prepare, submit and pursue representation on Service Tax issues with various Govt. Bodies and also explain AMTOI position on the matter at various public forums through presentation and distribution of reference Material.

A meeting with Mr. Najib Shah, chairman CBEC was attended by Mr. Shantanu Bhadkamkar and Mr. Nailesh Gandhi along with representative of Ernst & Young who made a representation with regard to the levy of Service Tax on inbound ocean freight which would make the Indian Exports expensive and unviable. This meeting was the result of deliberations held by representatives of E & Y with Mr. Vivek Kele, Mr. Shantanu Bhadkamkar and Mr Nailesh Gandhi on several occasions. The meeting has resulted in positive result of Service Tax for import freight being withdrawn from retrospective effect, however the same will continue to be charged with prospective effect.

It was decided to have other Associations also on board to take up the matter of Import Service Tax jointly with the ministry of Shipping and finance. CAI, FFFAI and ACCAI have confirmed to be on board of this initiative.

• DigitalPlatform The Digital Sub Committee along with the Secretariat has identified areas of improvement to make the web site more users friendly and largely informative. Mr Ravi Gandhi and Mr. George Abrao have been given the responsibility to work on this and make this platform more useful to members, which should be akin to help desk of AMTOI.

Members are requested to visit the website in order to access information as per their requirements.

• MTOLicenseRenewal Since last couple of years, Office of DG Shipping has gone online for granting New License and Renewal of License which is a boon to the MTOs. AMTOI is playing a very active role in guiding the New license seekers and Trade members in renewal of their licenses. AMTOI has also requested DG Shipping to make their MTO website more informative and comprehensive which can be used as a guide. As pro-active measures, AMTOI is sending periodical Website alerts/reminders to its Members to renew their licenses to avoid paying late fees.

Mails/letters are being sent to office of DG Shipping requesting them to update the list of MTO License holders and make it more comprehensive.

• AMTOIAnnualDay AMTOI Day was celebrated on Friday, March 11, 2016 at Hotel ITC Grand Maratha in an exclusive AMTOI Style. The theme for the evening was ‘Amchi Mumbai’. The event saw a conglomeration of “WHOs WHO” of Indian Maritime community who S. displayed camaraderie of oneness and togetherness, making the event as most cherished and memorable one.

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The Chief Guest at the function was Mr. Dilip Dandekar, Chairman & Managing Director of Kokuyu Camlin Ltd a renowed industrialist and past president of IMC & MACCIA.

The event was graced by Mr. Deepak Shetty, Director General of Shipping, Mr. Micheal Pinto former Secretary Shipping, Mr. Hazara, Ex- Chairman of SCI, Mr. Gautam Chatterjee former D.G. Shipping, Mr. Naresh Parekh, of Parekh Group and other senior officials from shipping lines, CFS, Terminals, DGS, Freight Forwarders and MTOs.

It was a unique sight to see all the galaxy of Maritime logistics and shipping personalities under one roof, enjoying the fun filled evening and looking forward to Raffle draws. The main Bumper prize was an ALTO Car sponsored by Chinubhai Khalidass & Bros Group to commemorate their 100 years in the Industry.

• Publication(Weeklynewsletter/quarterlyAMTOINews)

AMTOI is circulating a Weekly News Letter by mail to all its members. We are happy to inform, that the Weekly News is sent regularly to members, which contains latest and important news related to Shipping & Logistics industry.

AMTOI is also publishing quarterly “AMTOINews” which is circulated to members and important Ministries, Customs, Trade Bodies, Consulates and other important entities. AMTOI News gives an insight into the activities of AMTOI during the quarter, photographs of the events and many more.

• GrievanceRedressalForum(GRF)

The GRF committee was reconstituted under the Chairmanship of Mr Anand Seth, Past President of AMTOI. A meeting was held with the new nominees to brief them on the functioning of the forum and the role played by it in addressing the grievances of the members of their respective associations. The members were apprised of the involvement of office of DG shipping, who forwarded the complaints to GRF for resolving them and a monthly update on the resolved and pending status is required to be sent their office.

Trade body members are requested to take full advantage of this facility and forward their grievances through their respective associations which would be addressed and resolved on merit.

• MembershipDrive

The Sub-Committee has been actively increasing the Members strength which has now grown to 250 members. In order to increase the membership, a special drive has been launched to enroll new members by offering them a one time discount equivalent to one membership subscription per year. This incentive scheme is applicable from 1st July till 31st March 2017. At AMTOI we feel that unless more and more MTO’s do not become members of AMTOI, they would not know the benefits of becoming AMTOI members.

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The details of the Membership till 31st July 2016 are as follows:

Ordinary Members 209 Associate Members 26 Patron Member 01 Term Gold Members 14 250

• CoastalShipping

AMTOI has carried out a detailed study on requirement of Documentation on the Cross border movement of cargo using Multimodal Transport between main land India through Bangladesh to North East India and vice versa. A couple of meetings were also held with MoS, who asked AMTOI to provide standard operating procedure (SOP) to operationalize the Coastal Trade Agreement between India and Bangladesh. AMTOI is closely working with INSA on the matter.

Considering the keenness of the PMO office in promoting coastal shipping, AMTOI has started a dialogue with major coastal shipping players and even inducted the representative of Coastal Container Transporters Association (CCTA) as its Extended Board Member to provide inputs for the development of coastal shipping.

• Customs(PTFC–AIR/JNCH)

AMTOI is participating in all Customs, Air Cargo and JN Customs PTFC and voicing its concern over the matters affecting its members. AMTOI will continue to play a constructive role in giving quality inputs at these forums which will eventually solve various trade related issues.

• ConfederationofIndiaLogisticsAssociation(CILA)

In order to jointly find a solution to Common trade related issues AMTOI took an initiative to create a common platform by the name of CILA comprising of nine national bodies viz. CSLA, CFSAI, ACAAI, FFFAI, MANSA, CAI, AMTOI, INSA and IPPTA. It was noticed that all these associations had common issues which were being separately addressed and in effect there was no resolution to the satisfaction of the trade. Therefore, the concept of collective representation was conceived and it was agreed by all the nine promoters to constitute a confederation by the name “CONFEDRATIONOF INDIA LOGISTICSASSOCIATION” (CILA) for jointly addressing the common trade issues.

It is proposed that the main objectives and activities to begin with would be to promote Cargo Community System and Skill Development. The Con-federation would be professionally run by industries experts with an independent revenue generating stream in order to fund its own expenses.

CILA would be headed by an eminent personality who shall function independently as per the Constitution that is being drafted.

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• CargoCommunitySystem

Since CCS has been successfully implemented and adopted by the Shipping fraternities in some of the developed countries across globe, road map for the same was initiated by AMTOI which has been taken forward in partnership with other Trade bodies. A meeting was held with the Joint Secretary of Ports as well, who was willing to support this initiative.

• SkillDevelopment

AMTOI signed an MOU with Narottam Morarjee Institute of Shipping (NMIS) to provide Skill Development TRAINING to the Shipping and allied Industry. Both these organizations agreed to develop a joint set of activities in areas of mutual interest on the basis of equality and reciprocity.

Both AMTOI and NMIS are also looking to work closely with the office of D.G.SHIPPING to expand the scope, scale and credibility of this program across the country in different segments of the Industry.

A Committee has been formed to formulate Skill Development program and a calendar is being formulated to implement the same. AMTOI is planning to go for sustainable skill development as some of the Skill Development programs are bigger with wider scope as well as costly affairs hence long term initiatives and financial plans are being drawn to make it a success.

AMTOI has entered into a yearly agreement with Maersk training institute, Chennai to impart classroom Skill Development Training to AMTOI Members and their staff in Chennai and Mumbai. The training first commenced in Chennai and till July, seven training courses have been held, which drew a great response.

Similar initiative has been introduced in Mumbai also. Members are urged to take advantage of this initiative and enroll themselves/their staff for the training course whenever the same is announced. AMTOI now plans to launch the training program of Maersk Institute in ERC, Kolkata and NRC, Delhi.

AMTOI has been invited to join the Executive Committee of Logistics Skill Council of CII to support the GOI initiative in Skill Development in the Logistics Sector.

• Chapters

Southern Region Chapter The Regional Committee of SRC is as follows:

1) Convenor Mr. U. Udayabhaskar Reddy, Sanco Trans Ltd

2) Secretary Mr. Deepak Ramaswamy, International Clearing & Shipping Agency (India) Pvt Ltd

The southern Region Chapter organized a panel discussion in JANUARY ’16, at Chennai on need for a Cargo Community System (CCS), to be set up by the Government of India for

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the benefit of the fraternity. Besides Mr Vivek Kele and Mr Sailesh Bhatia, other participants were Mr. J Krishnan, General Committee Member, Madras Chamber of Commerce, Mr. V V Giri, President of CCHAA, Mr. MS Arun, President of Chennai Chapter of NACFS and Mr. Leeladharan, President of CHENSAA.

Northern Region Chapter The Regional Committee of NRC is as follows:

1) Mr. Mahesh Trikha - Convenor 2) Mr. T. Sunder Raman-Member 3) Mr. Anil Malhotra- Member 4) Capt. V K Chugh-Member 5) Mr. Tarun Sharma- Member

AMTOI’s Northern India Region Chapter was formally launched on 3rd May 2016 at New Delhi by organising a Road Show. The Road Show was attended by more than 100 participants from cross section of MTOs, Custom Brokers, AMTOI MC Members from Mumbai, Chennai and Kolkata chapters and freight forwarders.

The aim of the roadshow was primarily to introduce and highlight the presence of AMTOI’s Northern Region Chapter and its activities, focusing on issues and concerns of the trade specific to the north India hinterland.

The gathering was addressed by Mr. Vivek Kele, who briefed the participants about the effective role and importance of AMTOI, and various initiatives taken by AMTOI in the area of skill development and Trainings for the benefit of the trade. It was also explained as to how AMTOI Secretariat could assist any members of the Trade to obtain MTO License and Renewal of Licenses.

Mr. H.D. Gujarati, Director Marketing DFCCIL was the Chief Guest on the occasion, he gave an update on the development of Dedicated Freight Corridor. The event was a huge success and the participants appreciated the initiative of AMTOI.

Eastern Region Chapter The Regional Committee of ERC is as follows:

1) Convenor Mr. P K Srivastava

AMTOI, in its endeavour to expand its base, started Eastern Regional Chapter in Kolkata which is headed by Mr P.K. Srivastava, from PDP Group. AMTOI has ambitious plans to commence activities similar to SRC and NRC Chapters in ERC Chapter.

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11. AMTOI FOUNDATION DAY AMTOI Foundation Day was held on 2nd December 2015 during the 5th M.C Meeting held at the office of Teamglobal Logistics Pvt. Ltd. The event was celebrated with great enthusiasm by present MC members.

12. IMPORTANT ACTIVITIES AND CONTRIBUTIONS OF AMTOI IN VARIOUS AREAS 1) SERVICE TAX: A representation letter dated 23rd December 2015, along with copies of previous correspondence, on the subject of Service Tax concerning Freight Forwarders and Multi Modal Transport Operators was sent to Mr. Ashok Lahiri, Chairman, High Level Committee on Tax Laws requesting him to exempt Freight Forwarders from paying Service Tax.

AMTOI conducted a meeting with PWC representatives on the Service Tax matter dated 6th October 2015 at Teamglobal Office.

2) ICDS (Income Computation & Disclosure Standard): AMTOI hosted an Interactive Seminar on Income Computation and Disclosure Standard (ICDS) at MACCIA on 14th October 2015. Mr. Hetan Patel, Senior Partner, PHD & Associates, a reputed Tax Firm, gave a Power point presentation on the ICDS. Further he held a very extensive and informative question answer session with the audience which was appreciated by the gathering.

3) AMTOI President & MC Members attended the Sagarmala Programme meeting at Delhi on 14th December 2015.

4) AMTOI sent a representation to MoS as regards inputs on the draft mechanism for coastal shipping between India and Bangladesh.

5) AMTOI signed a MOU with Maersk Training for the purpose of skill development.

6) AMTOI wrote a letter on 1st February 2016 to Chairman, Parliamentary Committee, New Delhi on inputs for study by parliament standing committee on Commerce in Mumbai.

• OfficePremises

AMTOI has finalised the purchase of its office premises as per the following details.

Building Name and Address : Kanakia Zillion : Phase 2, Second Floor, : LBS Road Junction, CST Road, : BKC Annexe, Mumbai – 400 070. Office No. : 234 Size – Build Up Area : 1929 Sq.ft. Carpet Area : 1169 Sq.ft. Approx. Final Costs : 2,68,13,100 Likely date of possession : December 2016

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13. FINANCIAL RESULTS

2015-2016 2014-2015 INCOME FROM Annual Membership Fees & Entrance Fees 26,94,834.00 26,07,000.00 Interest Income of FDs 14,32,880.00 12,87,242.00 Income and Expenditure A/c. 28,28,971.00 46,60,365.00 Excess of Income Excess of Income over Expenditure over Expenditure

7) AMTOI wrote a letter dated 29.01.16 to BCHAA on acceptance of BCHAA Members cheque upto a value of Rs.1 Lacs with a back up guarantee by BCHAA.

8) AMTOI wrote a letter dated 22.12.2015 to Chandramani Rout, Director of Jt. Technical Committee of India & Bangladesh to consider Transhipment of Cargo.

9) AMTOI submitted representation dated 23.12.2015 to Dr. Ashok Lakhari, Chairman, High Level Committee on Tax Laws, New Delhi on Service Tax issues.

10) AMTOI attended Meeting dated 14.1.16 on Ease of doing business organised by MANSA.

11) AMTOI attended conference dated 22.1.16 on International Conference on Port & Shipping organised by BCCI at Taj Mahal Hotel, Mumbai,

12) AMTOI President attended Skill Development meeting held at 2.2.16 at Hind Terminals Office.

13) AMTOI, President attended Development of Hub Logistics Meeting held on 9.2.16 at Mantralya.

14) AMTOI, President attended Maritime India summit meeting held on 18.03.16 at Taj Lands’ end with Mr. Nitin Gadkari,

15) AMTOI President attended Service Tax meeting on 28.3.16 organised by Mr. Amitabh Kumar, Jt. Secretary, CBEC, New Delhi.

16) AMTOI President & IPP attended SOLAS meeting held at DG Shipping office held on 22.3.16.

MANAGING COMMITTEE MEMBERS’ RESPONSIBILITY STATEMENT Pursuant to Section 217 (2AA) of the Companies Amendment Act, 2001 the Managing Committee Members confirm that,

I. In preparation of the annual accounts, the applicable Accounting Standards have been followed;

II. Appropriate accounting policies have been selected and applied consistently and have judgment and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Association as on March 31, 2016 and there is excess Income over Expenditure for the year ended March 31, 2016.

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AUDITORS The present Auditors Sameer Doshi & Co., and hold office till the conclusion of the ensuing Annual General Meeting.

THANKS GIVING The Managing Committee Members would like to sincerely thank Ministry of Shipping, Road Transport and Highways who is our parent Ministry and The Directorate General of Shipping who is our regulatory body for all their help, assistance in addressing our difficulties.

Further the Managing Committee Members are thankful to :

1. Ministry of Commerce & Industry 2. Mumbai Port Trust 3. Jawaharlal Nehru Port Trust 4. Central Board of Excise & Customs (CBEC) 5. Container Shipping Lines’ Association of India (CSLA) 6. Mumbai and Nhava Sheva Ship Agents’ Association (MANSA) 7. Indian National Shipowners’ Association (INSA) 8. Federation of Freight Forwarders’ Association (FFFAI) 9. Air Cargo Agents Association of India (ACAAI) 10. Federation of Ship Agents Association of India (FEDSAI) 11. Container Freight Station Association of India (CFSAI) 12. Indian Private Port & Terminals Association (IPPTA) 13. Association of Container Train Operators (ACTO) 14. Coastal Container Transporters Association (CCTA) 15. Our Auditors – Sameer Doshi & Co., Chartered Accountant 16. EXIM News, Daily Shipping Times, Maritime India, Cargo Talk & Bhandarkar Shipping.

III. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provision of the Companies Act, 1956 for safeguarding the assets of the Association and for preventing and detecting fraud and other irregularities; and

IV. Sub-clause (iv) is not applicable to our Association.

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SPECIAL THANKS TO 1. M/s. Chinubhai Kalidass & Bros (CKB) for availability of their office space for our Secretariat.

2. M/s. International Clearing & Shipping Agency Pvt Ltd for availability of their office for Southern Regional Chapter.

3. M/s. Cargo Channels Pvt Ltd for availability of their office for Northern Regional Chapter.

4. M/s. PDP Group for availability of their office for Eastern Regional Chapter.

5. Master Group of Companies assisting in AMTOI Newsletter weekly.

6. Extended Board Members for their contribution and inputs in various matter

Mr. Anand Didwania Air Cargo Agents Association of India Mr. Prithwijit Maitra The Container Shipping Lines Association (India) Mr. Nityam Khosla Consolidators Association of India Mr. C. R. Nambiar Federation of Ship Agents Association of India Mr. Ashish Pednekar Federation of Freight Forwarders’ Association in India Mr. Anil Devli Indian National Shipowners’ Association Mr. Adarsh Hegde Container Freight Station Association of India Capt. A.K. Bhattacharya Indian Private Port & Terminals Association Mr. Ramakrishnan N Association of Container Train Operators Ms. Sumeet Sahi Women’s International Shipping & Trading Association Mr. Rahul Modi Coastal Containers Transporters Association

OnBehalfofManagingCommitteeMembers

VivekKele President

Mumbai, 2nd August 2016

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Audited Statements of Accounts For Financial Year 2015 - 2016

B-602, Panchsheel Gardens, Mahavir Nagar, Kandivali (West), Mumbai 400067.

Tel : 6522 1917 / 7208021917 Email : [email protected]

Independent Auditor’s ReportTo the Members of ASSOCIATION OF MUTIMODAL TRANSPORT OPERATORS OF INDIA

Report on the Financial StatementsWe have audited the accompanying financial statements of ASSOCIATION OF MUTIMODAL TRANSPORT OPERATORS OF INDIA (“the company”), which comprise the Balance Sheet as at 31 March 2016, the Statement of Income and Expenditure and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial StatementsThe Management is responsible for the matters in section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance 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. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

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An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2016; and

b) In the case of the Statement of Income and Expenditure Account, of excess of income over expenditure for the year ended on that date;

Report on other Legal and Regulatory Requirements.1. This Report does not include a statement on the matter’s specified in Companies (Auditor’s Report) Order, 2015 (“the Order”) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act 2013, since in our opinion and according to the information and explanation given to us, the said Order is not applicable to the company.

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 appears from our examination of those books.

c) The Balance Sheet and the Statement of Income and Expenditure 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 specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of written representations received from the directors as on 31 March, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2016, from being appointed as a director in terms of Section 164(2) of the Act.

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f) With respect to the adequacy of the internal financial controls Over financial reporting of the Company and the operating effectiveness Of such controls, refer to our separate Report in “Annexure A’’. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over financial reporting.

g) With respect to the other matters included in the Auditor’s Report and to our best of our information and according to the explanations given to us:

i. The company does not have any pending litigations which would impact its financial position

ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

For Sameer Doshi & Co. Chartered Accountants

FRN : 129436W

CA Sameer Doshi Membership No. : 107890

Place : Mumbai

Date : 27th July, 2016

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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 over financial reporting of Worldport Logistics Private Limited (“the Company’’) as of March 31, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended and as on that date.

Management’s Responsibility for Internal Financial ControlsThe 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 (the “Guidance Note’’). 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’ ResponsibilityOur responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Standards on Auditing prescribed under Section 143(10) of the Act and the Guidance Note, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting 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 over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, 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 auditors’ judgment, including the assessment of the risks of material misstatement of the standalone 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 over financial reporting.

Meaning of Internal Financial Controls Over Financial ReportingA company’s internal financial control over financial reporting 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 control over financial reporting 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

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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 authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized 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 Over Financial ReportingBecause of the inherent limitations of internal financial controls over financial reporting, 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 over financial reporting to future periods are subject to the risk that the internal financial controls over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

OpinionIn our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, 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.

For Sameer Doshi & Co. Chartered Accountants

FRN : 129436W

CA Sameer Doshi Membership No. : 107890

Place : Mumbai

Date : 27th July, 2016

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Particulars Note Amount as at March 31, 2016

Amount as at March 31, 2015

` `

I. EquityandLiabilitiesShare capital - - Reserves and surplus & other funds 2 26,203,842 20,461,871 Non-current liabilitiesLong-term borrowings - - Deferred tax liabilities (Net) - - Other Long term liabilities - - Long-term provisions - - Current liabilitiesShort-term borrowings - - Trade payables - - Other current liabilities 3 50,786 12,956 Short-term provisions 4 1,006,600 463,490 TOTAL 27,261,228 20,938,317

II AssetsNon-current assetsFixed AssetsTangible assets 5 55,818 59,274 Intangible assets - Capital work-in progress - - Intangible assets under development - - Non-currentinvestments - Deferredtaxassets(net) - - Long-termloansandadvance - - Other non-current assets - - Current assetsCurrent investments - - Inventories - - Trade receivables 6 2,817,106 717,977 Cash and cash equivalents 7 18,736,740 13,082,787 Short-term loans and advancesOther current assets 8 5,651,564 7,078,279 TOTAL 27,261,228 20,938,317

Notes to Accounts Schedule “1” As per our report of even date For SAMEER DOSHI & CO. Chartered Accountants Firm Regn.No. 129436W

SAMEER P. DOSHI VivekKele Xerxes Master Nailesh Gandhi Proprietor President Hon. Secretary Hon. Treasurer M/SHIP NO. 107890 DIN No.: 01304128 DIN No.: 01899748 DIN No.: 00059459

MUMBAI MUMBAI Dated: 27th July, 2016 Dated: 26th July, 2016

Balance Sheet as on 31st March 2016

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Notes to Accounts Schedule “1” As per our report of even date For SAMEER DOSHI & CO. Chartered Accountants Firm Regn.No. 129436W

SAMEER P. DOSHI VivekKele Xerxes Master Nailesh Gandhi Proprietor President Hon. Secretary Hon. Treasurer M/SHIP NO. 107890 DIN No.: 01304128 DIN No.: 01899748 DIN No.: 00059459

MUMBAI MUMBAI Dated: 27th July, 2016 Dated: 26th July, 2016

Particulars Note Amount as at March 31, 2016

Amount as at March 31, 2015

Income: ` `

Income From Operations 9 6,635,553 7,886,046 Other Income 10 1,955,302 1,401,833 Total Income 8,590,855 9,287,879 Expenses:Employee Benefits Expenses 11 925,047 577,808 Depreciation 37,256 42,770 Other expenses 12 5,573,910 6,820,797 Total expenses 6,536,213 7,441,375 Incomebeforeexceptionalandextraordinaryitemsand tax (III-IV)

2,054,642 1,846,504

Prior Period Items - - Incomebeforeextraordinaryitemsandtax(V-VI) 2,054,642 1,846,504 Extraordinary Items - - Incomebeforetax(VII-VIII) 2,054,642 1,846,504 Tax expense:(1) Current tax 430,000 203,000 (2) Deferred tax(3) Income Tax Adjustments - Income(Loss)fortheperiodfromcontinuingoperations (VII-VIII)

1,624,642 1,643,504

Income/(loss)fromdiscontinuingoperations - - Taxexpenseofdiscontinuingoperations - - Income/(loss)fromDiscontinuingoperations(aftertax) (XII-XIII) - -

Income(Loss)fortheperiod(XI+XIV) 1,624,642 1,643,504 Earningsperequityshare:(1) Basic -- --(2) Diluted -- --

Income & Expenditure Account for the year ended 31st March 2016

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Equity and Liabilities

2. Reserve and surplus & other Funds

Particulars March 31, 2016 March 31, 2015` `

ReserveFunda.GeneralReserveFundBalance as per last Balance Sheet 2,485,472 2,257,177 (-) Tax On Regular Assessment (260)

58,555 (+) Provision for Tax (AY 2011-12 )(+) Entrance fees received during the year 240,000 170,000

A 2,725,472 2,485,472 b.Building/OfficeDevelopmentFund Balance as per last balance sheet 9,281,500 6,264,639 (+) Surplus of AMTOI Day 1,204,329 3,016,861 (+) Contribution Received for Building fund for the year 2,673,000

B 13,158,829 9,281,500 c. Income & Expenditure AccountOpening balance 8,694,899 7,060,464 (+) Excess from income over expenditure 1,624,642 1,643,504 (-) Remainig Value of one computer whose (9,069)useful life has exceeded 3 years

C 10,319,541 8,694,899 TOTAL(A+B+C) 26,203,842 20,461,871

3. Other Current Liabilities


Service Tax payable 12,767

Duties and taxes 189

Sundry Creditors 50,786TOTAL 50,786 12,956

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4. Short Term Provisions


Provision for Tax Ay 12-13 120,000 120,000 Provision for tax Ay 14-15 - 97,000 Provision for tax Ay 15-16 203,000 203,000 Provision for tax Ay 16-17 430,000 - 0Samir Doshi( CA) 43,616 36,480 Electricity Exp Payable 1,790 4,990 Telephone Exp Payable - 2,020 Service tax payable 65,272 TDS 142,922

TOTAL 1,006,600 463,490

5. Tangible Assets

Sr No. Particulars Balance as on

01/04/2015 Addition Deduction Depreciation SalvageValue

Balance as on 31/03/2016

1 Office Equipments 4,675 - 0 - 0 2,107 704 2,568 2 Air Conditioner 844 - 0 - 0 112 841 732 3 Computer 19,303 - 0 - 0 9,643 3,515 9,660 4 Led monitor - 0 33,800 - 0 16,474 1,690 17,326 5 Furniture 34,452 - 0 - 0 8,920 1,811 25,532

TOTAL 59,274 33,800 - 0 37,256 8,561 55,818

6. Trade Receivables


Associate Members 1,028,095 610,113 Ordinary Members 1,789,011 107,864

TOTAL 2,817,106 717,977

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7. Cash and cash equivalents


A.BalanceswithbanksCorporation Bank 304,452 154,758 STATE BANK OF INDIA (A/C-CLTD-91DAYS) 4,392,187 1,980,094 STATE BANK OF INDIA ( A/C NO. 32217) (409,413.00)TermDeposithavingremainingmaturity3monthorlessCorporation Bank 11,122,254 State Bank Of India 3,324,221 -B. Cash BalanceCash In Hand 3,039 1,460C.OtherBankBalancesTermdeposithavingremainingmaturityofmorethen 3 months but not more than 12 monthsCorporation Bank 7,622,254 State Bank Of India 3,324,221

TOTAL 18,736,740 13,082,787

8. Other current assets


Accrued InterestFixed Deposit with Corporation Bank 1,815,159 994,797 Fixed Deposit with State Bank of India 641,998 360,584 Other deposits 650 650 Income Tax (incl. TDS Receivable) 607,996 550,938 Prepaid Expenses 11,446 17,170 Service tax Credit not Claimed - 5,407 Advance received - 5,322 Advance for Office 2,500,000 4,896,992 Other Advances 55,000 135,705 Service tax Credit Carried Forward 19,315 110,714

TOTAL 5,651,564 7,078,279

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9. Income from operations


Annual Membership Fees 2,694,834 2,607,000 Training Programme 119,719 -AMTOI Day Receipts 3,821,000

TOTAL 6,635,553 7,886,046

10. Other income


Interest on Fixed Deposits 1,432,880 1,287,242 Interest on Income Tax Refund 5,219 5,094 Interest received 517,203 - 0Professional Tax W/o - 0 9,120 Service tax credit Diff of 13-14 - 0 92,090 Service tax credit not taken of 13-14 - 0 8,287.00

TOTAL 1,955,302 1,401,833

11. Employee benefit Expenses


Salaries 925,047 572,000 Staff welfare expenses - 5,808

TOTAL 925,047 577,808

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12. Other Expenses


Conveyance expense 10,155 9,527 Electricity Charges 57,030 59,740 Communication Expenses 69,302 167,190 Membership & Subscription 45,596 60,633 Printing & Stationery 342,032 315,389 Bank Charges 3,081 3,402 Office Expenses 8,997 11,875 AGM Expenses 36,462 - 0Meeting Expenses 60,285 3,467 Repairs & Maintenance Charges 66,587 11,690 Legal & Professional Fees 313,950 317,450 Auditors Remuneration 22,000 20,000 Sundry Balances W/off 371 29,688 Sundry Expenses 14,088 31,452 Diwali Expense 950 1,150 Interest on Service Tax - 1,096 Accounting charges 36,000 36,000 Computer expenses 17,080 30,407 Interest on TDS - 451 Penalty on professional tax - 7,000 Fixed Assets w/off - 12,164 Interest on Professional tax - 28,162 Professional tax (CO) - 22,500 Loss On sale of Asset - 909 Seminar & meeting exps 351,010 142,829 Software exps 3,600 17,800 Bad Debts 165,981 154,187 Courier Expenses 57,232 43,651 Pest Control Charges - 1,943 Catering charges 22,621 - 0Discount 2,622 - 0Training Expenses 30,000 - 0Food expenses 5,712 - 0Photography expenses 5,200 - 0SBC cenvat credit 4,966 - 0AMTOI Day Expenses 2,616,671 2,262,185 Building / Office Development Fund (Exp.) 1,204,329 3,016,861

TOTAL 5,573,910 6,820,797

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NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st March,16

Schedule - 1

1. Background Association of Multimodal Transport Operators of India is a non- profit making company registered under section 25 of the Companies Act, 1956, section 8 of new companies Act, 2013.

The Company is having its Registered Office at Mumbai in the state of Maharashtra having address at C/o. CKB-20, Rajabhadur Mansion, Ambalal Doshi Marg, Fort, Mumbai -400 023.

2 Significant accounting policies

2.1 Basisofaccountingandpreparationoffinancialstatements

The accompanying financial statements are prepared and presented under the historical cost convention, on the accrual basis of accounting and comply with the Accounting Standards specified under Section 133 of the Act, read with rule 7 of the Companies (Accounts) Rules, 2014, the relevant provisions of the Companies Act, 2013 and other accounting principles generally accepted in India, to the extent applicable. The financial statements are presented in Indian rupees.

2.2 Useofestimates

The preparation of the financial statements in conformity with generally accepted accounting principles (‘GAAP’) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, and the disclosure of contingent liabilities on the date of the financial statements. The estimates and assumptions used in the accompanying financial statements are based upon management’s evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results may differ from the estimates and assumptions used in preparing the accompanying financial statements. Any revision to accounting estimates is recognised prospectively in current and future periods.

2.3 TangibleandIntangiblefixedassets,depreciationandamortisation

Fixed assets are stated at cost of acquisition less accumulated depreciation and impairment loss, if any. Cost includes all expenses incidental to the acquisition of the fixed assets. Depreciation on fixed assets has been provided on WDV method on prorata basis over the useful life prescribed in schedule II to the Companies Act, 2013 after considering salvage value of five percent of original cost. The Company has considered useful life of assets same as prescribed under the Companies Act, 2013.

Assets individually costing Rs.5000 or less are fully depreciated in the year of purchase acquisition. The Company provides pro-rata depreciation from the date of asset being put to use and for any asset sold, till the date of sale.

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2.4 Leaseholdimprovements

Leasehold improvement includes all expenditure incurred on the leasehold premises that have future economic benefits. Leasehold improvements are amortised over the remaining period of lease or estimated useful life whichever is lower.

2.5 Impairmentoftangibleandintangibleassets

The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognized in the statement of profit and loss. After impairment, depreciation is provided on revised carrying amount of the assets over its remaining useful life. If at the balance sheet date, there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciable historical cost.

2.6 Inventory

The Company is a trade association. Hence, there is no inventory of the Company.

2.7 Revenuerecognition

Revenue is being recognized in accordance with the Guidance Note on Accrual Basis of Accounting issued by The Institute of Chartered Accountants of India. Accordingly, wherever there are uncertainties in the realization of income same is not accounted for till such time the uncertainty is resolved.

2.8 Transactionsinforeigncurrency

Transactions denominated in foreign currency are recorded at the rates of exchange prevailing on the date of the transaction. Exchange differences, if any arising out of transactions settled during the year are recognised in the statement of profit and loss.

Monetary assets and liabilities denominated in foreign currencies as at the balance sheet date are translated at the closing exchange rate on that date. The exchange differences, if any, are recognised in the statement of profit and loss and related assets and liabilities are accordingly restated in the balance sheet.

Non-monetary items which are carried in terms of historical cost denominated in foreign currency are reported using the exchange rate at the date of the transaction.

2.9 Taxation

Income tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with the Income Tax Act, 1961) and deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the period).

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Provision for income tax is recognised on an annual basis under the taxes payable method, based on the estimated tax liability computed after taking credit for allowances and exemption in accordance with Income Tax Act, 1961. In case of matters under appeal due to disallowance or otherwise, full provision is made when the said liabilities are accepted by the Company.

In accordance with the recommendations contained in guidance note issued by the Institute of Chartered Accountants of India, Minimum Alternative Tax (MAT) credit is recognised as an asset to the extent there is convincing evidence that the Company will pay normal income tax in future by way of a credit to the profit and loss account and shown as MAT credit entitlement.

The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognised using the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realised in future, However, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognised only if there is a virtual certainty of realisation of such assets. Deferred tax assets are reviewed as at each balance sheet date and written down or written up to reflect the amount that is reasonable/virtually certain (as the case may be) to be realised.

2.10 Operating leases

Leases where the lessor effectively retains substantially all the risks and benefits of ownership over the lease term are classified as operating leases.

2.11 Earnings per share

The basic earnings per share is computed by dividing the net profit attributable to the equity shareholders by weighted average number of equity shares outstanding during the reporting year.

2.12 ProvisionsandContingencies

The Company creates a provision when there is present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that the outflow of resources would be required to settle the obligation, the provision is reversed.

Contingent assets are not recognised in the financial statements. However, contingent assets are assessed continually and if it is virtually certain that an economic benefit will arise, the asset and related income are recognised in the period in which the change occurs. Related party information

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a) List of related party & relationship NIL

b) Transactions with related party during the period ended March 31, 2016. NIL

2.13 Remunerationtokeymanagerialpersonnel:

2016 2015 (i) Salary, allowance and bonus NIL NIL

2.14 Foreign exchange earned and utilized (on accrual basis)

2016 2015 (i) Expenditure in Foreign Currency NIL NIL

(ii) Value of Imports (on CIF)

(iii) Earnings in Foreign Currency

Net Earnings

2.15 Earnings per share (EPS):

2016 2015 Profit/ (Loss) after tax (a)

Number of equity shares (b)

Weighted average number of (c) equity shares outstanding

Basic earnings per share (a)/ (c) (in Rs.)

Face value per share 10 10

2.16 Gratuity:

Provision is made on the basis of actuarial valuation obtained at the end of the year. The following assumptions are used by the actuary

2016 2015 NOT APPLICABLE

2.17 Micro, small and medium enterprises

As per the information available with the Company, 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 as at the year end on account of principal and interest thereon and accordingly no additional disclosures have been made.

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The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the company. This has been relied upon by the statutory auditors of the Company.

2.18 Contingent liabilities and Capital Commitments:

Taxation matters in respect of which appeal is pending - Rs. NIL(previous year Rs. NIL).

The Company has assessed its obligations arising in the normal course of business, including pending litigations, proceedings pending with tax authorities and other contracts including derivative and long term contracts. In accordance with the provisions of Accounting Standard - 29 on ‘Provisions, Contingent Liabilities and Contingent Assets’, the Company recognises a provision for material foreseeable losses when it has a present obligation as a result of a past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. In cases where the available information indicates that the loss on the contingency is reasonably possible but the amount of loss cannot be reasonably estimated, a disclosure to this effect is made as contingent liabilities in the financial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial results.

The balance of clients account & other accounts are subject to confirmation .In the opinion of the directors , no excess provision has been made for any known liability.

2.19 Previousperiodcomparatives

This being the first year of the company, there are no previous year figures. As per our report of even date attached

For SAMEER DOSHI & CO. For ASSOCIATION OF MUTIMODAL TRANSPORT OPERATORS OF INDIA FirmRegn.No.129436W

CHARTERED ACCOUNTANTS For and on behalf of the Board of Directors

SAMEER P. DOSHI VivekKele Xerxes Master Nailesh Gandhi M/SHIP NO. 107890 President Hon. Secretary Hon. Treasurer PROPRIETOR DIN No.: 01304128 DIN No.: 01899748 DIN No.: 00059459

MUMBAI

C/o. CKB, 1st Floor, 20, Raja Bahadur Mansion Ambalal Doshi Marg, Fort, Mumbai - 400 023Tel.: +91 22 6637 0021 • Fax : +91 22 6637 [email protected] • www.amtoi.org

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