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एक्वा लजिस्टिक्स

बीएसई: 533159  |  NSE: AQUA  |  ISIN: INE544K01026  |  Transport & Logistics

खोजें एक्वा लजिस्टिक्स कनेक्शन Mar 12
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '13
1.  Report on the Financial Statements
 
 We have audited the accompanying financial statements of Aqua Logistics
 Limited (the Company), which comprise the Balance sheet as at 31st
 March 2013, the Statement of Profit and Loss and the Cash Flow
 Statement for the year then ended, and a summary of significant
 accounting policies and other explanatory information.
 
 2.  Management''s Responsibility for the Financial Statements
 
 The management is responsible for the preparation 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 Standards referred to in sub-section (3C) of section 211
 of the Companies Act, 1956. This responsibility includes the design,
 implementation and maintenance of internal control 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.
 
 3.  Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India.  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.
 
 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 misstatements of the financial statements,
 whether due to fraud or error. In making those risk assessments, the
 auditor considers internal control relevant to the Company''s
 preparation and fair presentation of the financial statements 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
 financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Basis for qualified opinion
 
 4.  We draw attention to Point (r) forming part of Note 1 to the
 financial statements regarding the accounting policy followed for
 treatment of advertisement expenditure as Deferred Revenue Expenditure,
 which is not in accordance with AS-26 on Intangible Assets issued by
 the ICAI. Consequently, the profit for the year has been understated by
 Rs 99.93 lakhs.
 
 5.  Parties'' Account Balances are subject to confirmation and
 reconciliation and the consequential effects of the same on the
 profits, assets and liabilities of the company are not determinable.
 
 6.  Provision for interest on loan accounts with banks and financial
 institutions where there has been a default has been made based on
 contracted rates of interest without providing for penal interest,
 liquidated damages and other charges (if any) and the same has not been
 quantified.
 
 7.  We draw attention to Note - 23 of notes to financial statements on
 the non completion of transfer formalities for change in ownership to
 the company for the mines acquired outside India.
 
 8.  Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, except for the effect of the matter described
 in Para4,5,6 and 7 of the basis for qualified opinion paragraph and the
 cumulative and consequential effects of the same on the financial
 statements of the Company which are not determinable, the 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:
 
 (i) in the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2013;
 
 (ii) in the case of the Statement of Profit and Loss, of the loss for
 the year ended on that date; and
 
 (iii) in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 9.  Emphasis of Matter
 
 We state that no actuarial valuation was made for the gratuity
 liability for the year ended 31.3.2013 and according to the information
 and explanations given to us and based on the estimated gratuity
 liability due to present employees, the existing provision carried in
 the books is adequate to cover the liabilities as at 31st March 2013.
 Our opinion is not qualified in respect of this matter.
 
 10.  Report on Other Legal and Regulatory Requirements
 
 1) As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) issued by the Central Government of India in terms of
 sub-section (4A) of section 227 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the Order.
 
 2) As required by section 227(3) of the Act, we report that:
 
 a) We have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary for the purpose 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, Statement of Profit and Loss and Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account;
 
 d) Except for the effects of the matter described in the basis for
 qualified opinion paragraph in our opinion, the Balance Sheet,
 Statement of Profit and Loss and Cash Flow Statement comply with the
 Accounting Standards referred to in subsection (3C) of section 211 of
 the Companies Act, 1956; and
 
 e) On the basis of written representations received from the directors
 as at March 31,2013, and taken on record by the Board of Directors,
 none of the directors are prima facie disqualified as on March 31,
 2013, from being appointed as a director in terms of clause (g) of
 sub-section (1) of section 274 of the Companies Act, 1956.
 
 f) Since the Central Government has not issued any notification as to
 the rate at which the cess is to be paid under section 441A of the
 Companies Act, 1956 nor has it issued any Rules under the said section,
 prescribing the manner in which such cess is to be paid, no cess is due
 and payable by the company.
 
 Annexure to the Auditors'' Report
 
 The Annexure referred to in our report to the members of Aqua Logistics
 Limited (the Company) for the year ended March 31, 2013. We report
 that:
 
 1) a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets on the basis of available information.
 
 b) As explained to us, the management during the year has physically
 verified all the fixed assets in a phased periodical manner, which in
 our opinion is reasonable, having regard to the size of the company and
 nature of its assets. No material discrepancies were noticed on such
 verification.
 
 c) As per the information and explanations given to us, during the
 year, the Company has not disposed off any substantial part of the
 fixed assets that would affect the going concern status of the company.
 
 2) The Company does not have any tangible inventory and accordingly the
 provisions of clause 4 (ii) of the order are not applicable.
 
 3) According to the information and explanations given to us the
 Company has not taken any loans secured or unsecured from parties
 listed in the Register U/s.301 of the Companies Act, 1956 except short
 term advances not in the nature of loans arising out of disposal of
 collateral belonging to the Director by a financial institution.
 
 b.  The company has not granted any loans secured or unsecured to
 companies, firms or other parties listed in the Register maintained
 U/s.301 of the Companies Act, 1956 during the year under review except
 advances in the ordinary course of the business and not in the nature
 of loans.
 
 4) In our opinion and according to the information and explanations
 given to us, there are adequate internal control systems commensurate
 with the size of the Company and the nature of its business for the
 purchase of fixed assets, for receiving of services and for rendering
 of services. During the course of our audit, we have not observed any
 continuing failure to correct major weaknesses in the internal control
 system.
 
 5) In respect of contracts or arrangements referred to in Section 301
 of Companies Act,1956
 
 a) In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of contracts or
 arrangements that need to be entered in the register maintained under
 Section 301 of the Companies Act, 1956 have been so entered.
 
 b) In our opinion and according to the information and explanations
 given to us, there is no contract or agreement that needs to be entered
 in the register required to be maintained under section 301 of the Act.
 Accordingly sub clause (b) of clause 4(v) of CARO is not applicable
 
 6) The company has not accepted any deposits from public and hence
 directives issued by the Reserve Bank of India and the provisions of
 the sections 58A and 58AA of the Companies Act, 1956 and the Companies
 (Acceptance of Deposits) Rules, 1975 are not applicable for the year
 under audit.
 
 7) In our opinion, the Company has an internal audit system
 commensurate with its size and nature of its business.
 
 8) In our opinion and according the information and explanations given
 to us the Central Government has not prescribed the maintenance of cost
 records by the company under section 209(1) (d) of the Companies Act,
 1956.
 
 9) In respect of statutory dues:
 
 a) Based on the records of the company examined by us, the company has
 generally been regular in depositing undisputed taxes like Service Tax
 and all other applicable statutory dues other than Income Tax Deducted
 at Source and Provident Fund where there has been a delay in depositing
 the same with the appropriate authorities and the following amounts
 were outstanding for a period exceeding six months as on 31st March
 2013 from the date to became payable.
 
 Name of the statute     Nature of the              Amount Rs.
                         dues                      (in. lakhs)
 
 Income Tax Act          Tax deducted                 107.31
                         at source
 
 Provident Fund Act      Provident fund                 3.43
                         contribution
 
 Name of the Statute     Period to                     Date of
                         which the                     payment
                         amount relates
 
 Income Tax Act          FY 2011-2012                  Not paid
                         & FY 2013-2014
 
 Provident Fund Act      FY 2013-2014                  Not paid
 
 b) According to the information and explanations given to us, the
 following sums have not been deposited on account of dispute.
 
 Name of the statute     Nature of the              Amount Rs.
                         dues                      (in. lakhs)
 
 Income Tax Act          Income Tax                  158.88
 
 Income Tax Act          Income Tax                  274.54
 
 Name of the Statute     Period to             Forum where the dispute is
                         which the             pending
                         amount relates
  
 Income Tax Act          Assessment            Income Tax
                         Year 2009-2010        Appellate Tribunal
 
 Income Tax Act          Assessment            Commissioner
                         Year 2010-2011        of Income Tax (Appeals)
 
 10) The company does not have any accumulated losses as at 31st March,
 2013 and even though the Company has incurred cash losses during the
 financial year covered by our audit and had posted profits in the
 immediately preceding financial year.
 
 11) Based on the information and explanation given to us the company
 has defaulted in the repayment of the following sums in respect of
 loans availed from banks and financial institutions. The default
 occurred on various dates and was not cleared till 31st March 2013
 aggregate to Rs. 3271.95 lacs. The over dues relate to the financial
 year 2011-2012 and 2012 - 2013.
 
 12) In our opinion and according to the information and explanations
 given to us, no loans and advances have been granted by the company on
 the basis of security by way of pledge of shares, debentures and other
 securities.
 
 13) In our opinion and to the best of our information and according to
 the explanations provided by the management, the Company is not a Chit
 Fund or a Nidhi / Mutual Benefit Fund / Society. Therefore the
 provisions of Clause 4(xiii) of the Companies (Auditors Report) Order
 2003 (as amended) do not apply to the Company.
 
 14) As per the records of the Company examined by us and the
 information and explanations given to us by the management, the company
 is not dealing or trading in shares, securities, debentures and other
 investments, therefore in our opinion Clause 4(xiv) of the Companies
 (Auditors Report) Order 2003 is not applicable to the company.
 
 15) According to the information and explanations given to us, the
 company has extended guarantees for loans taken by a company under the
 same management from a Bank of India. We are of the opinion that the
 terms and conditions thereof are not prima facie prejudicial to the
 interests of the company.
 
 16) According to the information and explanations given to us and in
 our opinion, the company has not taken any term loans during the year.
 
 17) According to the information and explanations given to us and an
 overall examination of the balance sheet of the Company, we are of the
 opinion that the funds raised on a short term basis have not been used
 for long term investments.
 
 18) The Company has not made any preferential allotment of shares to
 parties and companies covered in the Register maintained under Section
 301 of the Companies Act, 1956 during the year.
 
 19) During the period covered by our audit report the company has not
 issued any debentures.
 
 20) According to the information and explanations given to us company
 has not raised money from the public.
 
 21) Based upon the audit, procedures performed and information and
 explanation given by the management, we report that no fraud on or by
 the company has been noticed or reported during the year.
  
                                            For ANIL NAIR & ASSOCIATES
 
                                                 Chartered Accountants
 
                                             (Registration No. 000175S)
 
                                                               R.MOHAN
 
 Place: Mumbai                                                 Partner
 
 Date: 30th May 2013                            Membership No - 023022
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `4716 Cr की खरीदारी की
  • MARKET CUES : DIIs ने कैश में `2841 Cr की खरीदारी की
  • MARKET CUES : FIIs ने F&O में `926 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `189 Cr की खरीदारी
  • MARKET CUES : इंडेक्स ऑप्शंस में `483 Cr की खरीदारी
  • MARKET CUES : स्टॉक फ्यूचर्स में `1413 Cr की बिकवाली
  • MARKET CUES : स्टॉक ऑप्शंस में `186 Cr की बिकवाली
  • JEFFERIES ON NTPC : BUY रेटिंग, लक्ष्य `125/Sh
  • JEFFERIES ON POWER GRID : HOLD रेटिंग, लक्ष्य `160/Sh
  • CLSA ON TORRENT PHARMA : Outperform रेटिंग, लक्ष्य बढ़ाकर `2,920/Sh

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