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Jet Freight Logistics Ltd.

BSE: 538390 Sector: Others
NSE: JETFREIGHT ISIN Code: INE982V01017
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Jet Freight Logistics Ltd. (JETFREIGHT) - Auditors Report

Company auditors report

To the Members of Jet Freight Logistics Limited (Formerly Known as Jet Freight LogisticPrivate Limited) Report on the Financial Statements

1. We have audited the accompanying fi nancial statements of Jet Freight LogisticsLimited (Formerly Known as Jet Freight Logistic Private Limited) ("the Company")which comprise the Balance Sheet as at March 31 2017 the Statement of Profi t and Lossand Cash Flow Statement for the year then ended and a summary of signifi cant accountingpolicies and other explanatory information.

Management's Responsibility for the 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 fi nancial statements that give a true and fair view of the financial position fi nancial performance and cash fl ows of the Company in accordance withaccounting principles generally accepted in India including the Accounting Standardsspecifi ed under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014 and the Companies (Accounting Standards) Amendment Rules 2016. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; andthe design implementation and maintenance of adequate internal fi nancial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the fi nancial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these fi nancial statements basedon our audit.

4. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under.

5. We conducted our audit in accordance with the Standards on Auditing issued bythe Institute of Chartered Accountants of India as specifi ed under Section 143(10) ofthe Act. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the fi nancial statementsare free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about theamounts and disclosures in the fi nancial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe fi nancial statements whether due to fraud or error. In making those riskassessments the auditor considers internal fi nancial control relevant to the Company'spreparation of the fi nancial 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 fi nancialcontrols system over fi nancial reporting and the effectiveness of such controls. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the fi nancial statements.

7. We believe that the audit evidence we have obtained is suffi cient andappropriate to provide a basis for our audit opinion on the fi nancial statements.

Opinion

8. In our opinion and to the best of our information and according to theexplanations given to us the fi nancial statements give the information required by theAct 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 March 31 2017 its profi t and its cash fl ows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor's report) Order 2016("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure "B" a statement on the mattersspecifi ed 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 thebest 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 theCompany so far as it appears from our examination of those books;

(c) The Balance Sheet Statement of Profi t and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid fi nancial statements comply with the AccountingStandards specifi ed under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 and the Companies (Accounting Standards) Amendment Rules 2016;

(e) On the basis of written representations received from the directors as on March31 2017 and taken on record by the Board of Directors none of the directors isdisqualifi ed as on March 31 2017 from being appointed as a director in terms of section164 (2) of the Act;

(f) With respect to the adequacy of the internal financial controls over fi nancialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A" to this report; (g) With respect to theother matters to be included in the Auditor's Report in accordance with Rule 11 of theCompanies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation 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 derivative contractsfor which 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.

iv. The Company has provided requisite disclosures in Note 32 to these standalonefi nancial statements as to the holding of Specifi ed Bank Notes on November 8 2016 andDecember 30 2016 as well as dealing in Specifi ed Bank Notes during the period fromNovember 8 2016 to December 30 2016. Based on our enquiries test check of the books ofaccount and other details maintained by the Company and relying on the managementrepresentation regarding the holding and nature of cash transactions including Specifi edBank Notes we report that these disclosures are in accordance with the books of accountsmaintained by the Company.

For S C Mehra & Associates

Firm Registration Number: 106156W

Chartered Accountants

CA S C Mehra

Partner

Membership Number 039730

Place: Mumbai Date: May 29 2017

Annexure A to Independent Auditors' Report

Referred to in paragraph [10(f)] of the Independent Auditors' Report of even date tothe members of "Jet Freight Logistics Limited" (Formerly Known as Jet FreightLogistic Private Limited) on the standalone fi nancial statements for the year ended March31 2017

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Act

1. We have audited the internal fi nancial controls over fi nancial reporting of JetFreight Logistics Limited (Formerly Known as Jet Freight Logistic Private Limited)("the Company") as of March 31 2017 in conjunction with our audit of thestandalone fi nancial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing and maintaining internal financial controls based on the internal control over fi nancial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal fi nancialcontrols that were operating effectively for ensuring the orderly and effi cient conductof its business including adherence to company's policies the safeguarding of itsassets the prevention and detection of frauds and errors the accuracy and completenessof the accounting records and the timely preparation of reliable fi nancial informationas required under the Act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company's internal fi nancialcontrols over fi nancial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") and the Standards on Auditing deemed to beprescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal fi nancial controls both applicable to an audit of internal fi nancial controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal fi nancial controls over fi nancial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal fi nancial controls system over fi nancial reporting and their operatingeffectiveness. Our audit of internal fi nancial controls over fi nancial reportingincluded obtaining an understanding of internal fi nancial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the fi nancial statements whether due to fraud orerror.

5. We believe that the audit evidence we have obtained is suffi cient and appropriateto provide a basis for our audit opinion on the Company's internal fi nancial controlssystem over fi nancial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

6. A company's internal fi nancial control over fi nancial reporting is a processdesigned to provide reasonable assurance regarding the reliability of fi nancial reportingand the preparation of fi nancial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal fi nancial control over financial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly refl ect thetransactions and dispositions of the assets of the company; (2)provide reasonableassurance that transactions are recorded as necessary to permit preparation of fi nancialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the fi nancial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

7. Because of the inherent limitations of internal fi nancial controls over fi nancialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal fi nancial controls over fi nancialreporting to future periods are subject to the risk that the internal fi nancial controlover fi nancial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects an adequate internal financial controls system over fi nancial reporting and such internal fi nancial controlsover fi nancial reporting were operating effectively as at March 31 2017 based on theinternal control over fi nancial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For S C Mehra & Associates

Firm Registration Number: 106156W

Chartered Accountants

CA S C Mehra

Partner

Membership Number 039730

Place: Mumbai Date: May 29 2017

Annexure B to Independent Auditors' Report

Referred to in paragraph 9 of the Independent Auditors' Report of even date to themembers of Jet Freight Logistics Limited on the standalone fi nancial statements for theyear ended March 31 2017 i. (a) The Company is maintaining proper records showing fullparticulars including quantitative details and situation of fi xed assets.

(b) The fi xed assets of the Company have been physically verifi ed by the Managementduring the year and no material discrepancies have been noticed on such verifi cation. Inour opinion the frequency of verifi cation is reasonable.

(c) The title deeds of immovable properties as disclosed in Note 12 on fi xed assetsto the fi nancial statements are held in the name of the Company.

ii. The Company is in the business of rendering services and consequently does nothold any inventory. Therefore the provisions of Clause 3(ii) of the said Order are notapplicable to the Company. iii. The Company has not granted any loans secured orunsecured to companies fi rms Limited Liability Partnerships or other parties coveredin the register maintained under Section 189 of the Act. Therefore the provisions ofClause 3(iii) (iii)(a) (iii)(b) and (iii)(c) of the said Order are not applicable to theCompany. iv. The Company has not granted any loans or made any investments or providedany guarantees or security to the parties covered under Section 185 and 186. Thereforethe provisions of Clause 3(iv) of the said Order are not applicable to the Company. v. TheCompany has not accepted any deposits from the public within the meaning of Sections 7374 75 and 76 of the Act and the Rules framed there under to the extent notifi ed. vi. TheCentral Government of India has not specifi ed the maintenance of cost records undersub-section (1) of Section 148 of the Act for any of the products of the Company. vii. (a)According to the information and explanations given to us and the records of the Companyexamined by us in our opinion generally in all cases undisputed statutory dues includingprovident fund employees' state insurance income-tax service tax and cess have beenregularly deposited with the appropriate authorities.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of income-tax service-tax or value added taxwhich have not been deposited on account of any dispute.

viii. According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any fi nancial institution or bank. The Company does not have any loans fromGovernment. Further the Company has not issued any debenture.

ix. In our opinion and according to the information and explanations given to us themoneys raised by way of initial public offer or further public offer (including debtinstruments) and term loans have been applied for the purposes for which they wereobtained.

x. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its offi cers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

xi. The Company has paid/ provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct. xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are notapplicable to it the provisions of Clause 3(xii) of the Order are not applicable to theCompany. xiii. The Company has entered into transactions with related parties incompliance with the provisions of Sections 177 and 188 of the Act. The details of suchrelated party transactions have been disclosed in the financial statements as requiredunder Accounting Standard (AS) 18 Related Party Disclosures specified under Section 133of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

xiv. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Accordingly theprovisions of Clause 3(xiv) of the Order are not applicable to the Company

. xv. The Company has not entered into any non cash transactions with its directors orpersons connected with him. Accordingly the provisions of Clause 3(xv) of the Order arenot applicable to the Company. xvi. The Company is not required to be registered underSection 45-IA of the Reserve Bank of India Act 1934. Accordingly the provisions ofClause 3(xvi) of the Order are not applicable to the Company.

For S C Mehra & Associates

Firm Registration Number: 106156W Chartered Accountants

CA S C Mehra Partner

Membership Number 039730

Place: Mumbai
Date: May 29 2017