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Asis Logistics Ltd.

BSE: 506159 Sector: Others
NSE: N.A. ISIN Code: INE888E01020
BSE LIVE 15:14 | 29 Nov 8.46 -0.44
(-4.94%)
OPEN

8.46

HIGH

8.46

LOW

8.46

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 8.46
PREVIOUS CLOSE 8.90
VOLUME 500
52-Week high 18.65
52-Week low 5.91
P/E
Mkt Cap.(Rs cr) 6.35
Buy Price 0.00
Buy Qty 0.00
Sell Price 8.46
Sell Qty 8227.00
OPEN 8.46
CLOSE 8.90
VOLUME 500
52-Week high 18.65
52-Week low 5.91
P/E
Mkt Cap.(Rs cr) 6.35
Buy Price 0.00
Buy Qty 0.00
Sell Price 8.46
Sell Qty 8227.00

Asis Logistics Ltd. (ASISLOGISTICS) - Auditors Report

Company auditors report

To the Members of ASIS Logistics Limited

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of ASIS LogisticsLimited ("the Company") which comprise the Balance Sheet as at 31 March 2015the Statement o f Profit and Loss the Cash Flow Statement for the year then ended and asummary of the significant accounting policies.

Management’s Responsibility for the Standalone Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 (as amended). This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act; safeguarding theassets of the Company; preventing and detecting frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe standalone financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial controls relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

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

8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 March 2015 and its loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government

of India in terms of Section 143(11) of the Act we give in the Annexure a statement onthe matters specified

in paragraphs 3 and 4 of the Order.

10. 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 bestof 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 theCompany so far as it appears from our examination of those books;

c. the standalone financial statements dealt with by this report are in agreement withthe books of account;

d. in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 (as amended);

e. on the basis of the written representations received from the directors as on 31March 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2015 from being appointed as a director in terms of Section164(2) of the Act;

f. with respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. as detailed in Note X to the standalone financial statements the Company hasdisclosed the impact of pending litigations on its standalone financial position;

ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. there were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Agarwal Desai & Shah
Chartered Accountants
Firm’s Registration No.: 124850W
Date : May 29 2015
Place : Mumbai Rishi Sekhri
Partner
Membership No.: 126656

Annexure to the Independent Auditor’s Report of even date to the members of ASISLogistics Limited on the financial statements for the year ended 31 March 2015

Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit we report that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management during the yearand no material discrepancies were noticed on such verification. In our opinion thefrequency of verification of the fixed assets is reasonable having regard to the size ofthe Company and the nature of its assets.

(ii) (a) The Company does not have any inventory. Accordingly the provisions of clause3(ii) of the Order are not applicable.

(iii) The Company has not granted any loan secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Act.Accordingly the provisions of clauses 3(iii)(a) and 3(iii)(b) of the Order are notapplicable.

(iv) In our opinion there is an adequate internal control system commensurate with thesize of the Company and the nature of its business for the purchase of inventory and fixedassets and for the sale of goods and services. During the course of our audit no majorweakness has been noticed in the internal control system in respect of these areas.

(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended) .Accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) To the best of our knowledge and belief the Central Government has not specifiedmaintenance of cost records under sub-section (1) of Section 148 of the Act in respect ofCompany’s services. Accordingly the provisions of clause 3(vi) of the Order are notapplicable.

(vii) (a) Undisputed statutory dues including provident fund employees’ stateinsurance income-tax sales-tax wealth tax service tax duty of customs duty ofexcise value added tax cess and other material statutory dues as applicable havegenerally been regularly deposited with the appropriate authorities though there has beena slight delay in a few cases. Further no undisputed amounts payable in respect thereofwere outstanding at the year-end for a period of more than six months from the date theybecame payable.

(b) There are no dues in respect of income-tax sales-tax wealth tax service taxduty of customs duty of excise value added tax and cess that have not been depositedwith the appropriate authorities on account of any dispute.

(c) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company in accordance with the relevant provisions ofthe Companies Act 1956 (1 of 1956) and rules made thereunder. Accordingly the provisionsof clause 3(vii)(c) of the Order are not applicable.

(viii) In our opinion the Company’s accumulated losses at the end of thefinancial year are less than fifty percent of its net worth. The Company has incurred cashlosses in the current year and immediately preceding financial year.

(ix) As explained in the note X(i) of the financial statement the Company is inlitigation under SARFAESI act no principal and interest paid during the year to thebanks.

(x) The Company has not given any guarantees for loans taken by others from banks orfinancial institutions. Accordingly the provisions of clause 3(x) of the Order are notapplicable.

(xi) The Company did not have any term loans outstanding during the year. Accordinglythe provisions of clause 3(xi) of the Order are not applicable.

(xii) No fraud on or by the Company has been noticed or reported during the periodcovered by our audit.

For Agarwal Desai & Shah
Chartered Accountants
Firm’s Registration No.: 124850W
Date : May 29 2015
Place : Mumbai Rishi Sekhri
Partner
Membership No.: 126656

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