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श्रीजी ट्रांसलॉजिस्टिक्स

बीएसई: 540738  |  NSE: N.A  |  ISIN: INE402Y01010  |  Transport & Logistics

खोजें श्रीजी ट्रांसलॉजिस्टिक्स कनेक्शन
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '18

Report on Standalone Financial Statements

I have audited the accompanying Standalone Financial Statements of SHREEJI TRANSLOGISTICS LIMITED {Formerly Known As : SHREEJI TRANSPORT SERVICES PRIVATE LIMITED}, which comprise the Balance Sheet as at 31st March 2018 , the Statement of Profit and Loss and Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information.

In my opinion to the best of my information and according to the explanations given to me, the aforesaid standalone 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 31 March 2018;

(ii) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date;

(iii) in the case of Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

Basis for Opinion

I conducted my audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. My responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of my report. I am independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to my audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and I have fulfilled my other ethical responsibilities in accordance with these requirements and the Code of Ethics. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013 (the Act”) with respect to the preparation of these standalone 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. 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.

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 Responsibility

My 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 my 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.

My responsibility is to express an opinion on these standalone financial statements based on my audit.

I have taken into account the provision of the Act, the accounting and audiing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. I conducted my audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those standards require that I comply with the 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 judgement, 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 control relevant to the Company’s preparation of the Financial Statement that give a true and fair view in order to design audit procedures that are appropriate in the circumstances,but not for the purpose of expressing an opinion on whether Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion on the standalone Financial Statement.

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 Act, I give in the Annexure A” a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

2. As required by section 143 (3) of the Act, I report that:

a. I have sought and obtained all the information and explanations which to the best of my knowledge and belief were necessary for the purpose my audit;

b. In my opinion, proper books of account as required by law have been kept by the Company so far as it appears from my examination of those books;

c. The Balance Sheet, Statement of Profit and Cash Flow Statement, dealt with by this Report are in agreement with the books of account;

d. In my opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards specified under section 133 of the Companies Act, 2013,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 2018 , and taken on record by the Board of Directors, none of the Directors are disqualified as on 31st March 2018, from being appointed as a Director in terms section 164 (2) Companies Act, 2013;

f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectivness of such controls, refer to our separate report in Annexure B” and

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 2014, in my opinion and to the best of my information and according to the explananations given to us:-

i. The Company has disclosed the impact of pending litigation on its financial position in its Financial Statement- Refer No:- 23;

ii. The Company has made provision, as required under the applicable law or accounting standards, for materials foreseeable losses, if any on long term contracts including derivative contracts;

iii. There were no amount which were required to be transferred to the Investor Education and Protection Fund.

ANNEXURE A TO INDEPENDENT AUDITOR’S REPORT

Referred to Paragraph 1 under the heading of Report on Other Legal and Regulatory Requirements” of my report of even date, I report that :

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets except in case of certain assets where item wise particulars and tagging of fixed asses are in the process of updation in the fixed asset register;

(b) A substantial portion of the fixed assets has been physically verified by the Management at regular intervals and in my opinion the frequency of verification is reasonable having regard to the size of the Company and the nature of its assets. According to information and explanation given to me, no material discrepancies were noticed on such physical verification as compared to available records.

(c) Accooding to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.

(ii) The Company is a Service Company, primarily rendering transportation services. Accrodignly , it does not hold any physical inventories. Thus, paragraph 3 (ii) of the Order is not applicable;

(iii) As per the information and explanations given to me, during the year covered under audit, the Company has not granted any unsecured loans, whether secured or unsecured, to the parties covered in the register maintained under section 189 of the Companies Act, 2013. Hence, the provisions of Clause (a) and (b) of the Companies (Auditor’s Report) Order 2016 are not applicable to the Company;

(iv) The Company has not granted any loans during the year under section 185 and in my opinion and according to information and explanation given to me, it has complied with provisions of section 186 of the Act in respect of grant of any loans, making investment or providing guarantees and securities, as applicable.

(v) The Company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of section 73 to 76 of the Companies Act, 2013 and the rules framed thereunder are applicable.

(vi) The Central Government has not prescribed the maintenance of Cost records under section 148 (1) of the Act, for any of the services rendered by the Company.

(vii) (a) According to the information and explanations given to me and the records of the Company examined by me, in my opinion, the Company is generally regular in depositing the undisputed statutory dues including provident fund, employee’s state insurance, income-tax, sale-tax,wealth tax, custom duty, excise duty, service tax, cess and other material statutory dues as applicable with the appropriate authorities.

However, according to the information and explanations given to me,there are no outstanding statutory dues which have remained outstanding as to last date of the financial period for a period more than six months from the date they became payable.

(b) According to the information and explanation given to me, the following amount of Sales Tax, Custom Duty, Excise Duty, Cess, Income Tax, Wealth Tax, Service Tax have been disputed by the Company, and hence, were not remitted to the concerned authorities at the date of the Balance sheet under report.

Name of the Statute

Nature of Dues

Amount

Year to which Amount Relates

Cases Pending before

Income Tax Act,1961

Income Tax

59,56,468

A .Y.2006-07

Pending before Hon’ble ITAT

Income Tax Act,1961

Income Tax

6,35,665

A.Y.2013-14

Pending before Hon’ble CIT (Appeal)

Income Tax Act,1961

Income Tax

6,22,487

A.Y.2014-15

Pending before Hon’ble CIT (Appeal)

(viii) In my opinion and according to the record of the Company examined by me and the information and explanation given to me, the Company has not defaulted in repayment of its dues to bank.

(ix) According to the information and explanation given to us and on the basis of my examination of the books o’ account, term loans accepted by the company have been applied for the purpose for which those are raised.

(x) According to the information and explanation given to us and on the basis of my examination of the books c account, the company has raised money by way of Public offer or further public offer (including debt instruments). the Company has utilized all the money raised by way of initial public offer, for the purpose for which they were raised.

(xi) According to the information and explanation given to me, no material frauds by the Company and no fraud on the Company by its officers or employees has been has been noticed or reported during the course of my audit;

(xii) According to the information and explanation given to us and on the basis of my examination of the books o’ account the manangerial remuneration are payable as per provisions of section 197 read with Schedule V to the Companies Act 2013.

(xiii) The Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore the paragraph

(xii) of the Companies (Auditor’s Report) Order, 2016 are not applicable to the Company;

(xiv) All Transactions with the related parties are in compliance with the sections 177 and 188 of the companies Act, 2013 are applicable and the details have been disclosed in the Financial statements etc., as required by the applicable accounting standards;

(xv) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review;

(xvi) In our opinion and according to the information and explanations given to us, during the year the Company has not entered into non - cash transaction with the Directors or persons connected with them;

(xvii) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

ANNEXURE B TO THE INDEPENDENT AUDITOR’S REPORT

Referred to Paragraph 2(f) under the heading of Report on Other Legal and Regulatory Requirements” of my report of even date, I report that:

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

I have audited the internal financial controls over financial reporting of SHREEJI TRANSLOGISTICS LIMITED {Formerly Known As : SHREEJI TRANSPORT SERVICES PRIVATE LIMITED} (the Company”) as of 31slMarch 2018in conjunction with my audit of the Standalone Financial Statements of the Company for the year ended as on 3f March 2018.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financialcontrols based on 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. 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 Companies Act, 2013.

Auditors’ Responsibility

My responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on my audit. I conducted my audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, 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 Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that I comply with 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.

My audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. My 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 auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A 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 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 Reporting

Because 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 control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In my opinion, 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, 2018, 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 SANJAY C. SHAH & ASSOCIATES

CHARTERED ACCOUNTANTS

FIRM ‘S REGISTRATION NO. 128148W

SANJAY C. SHAH

Mumbai Proprietor

Date : 30-05-2018 Membership Number: 39179

स्रोत: रेलीगरे टेचनोवा

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