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Chartered Logistics Ltd.

BSE: 531977 Sector: Others
NSE: N.A. ISIN Code: INE558F01026
BSE 00:00 | 20 Mar 6.24 -0.27
(-4.15%)
OPEN

6.79

HIGH

6.79

LOW

6.19

NSE 05:30 | 01 Jan Chartered Logistics Ltd
OPEN 6.79
PREVIOUS CLOSE 6.51
VOLUME 142100
52-Week high 21.00
52-Week low 3.60
P/E
Mkt Cap.(Rs cr) 62
Buy Price 6.24
Buy Qty 45.00
Sell Price 6.77
Sell Qty 2496.00
OPEN 6.79
CLOSE 6.51
VOLUME 142100
52-Week high 21.00
52-Week low 3.60
P/E
Mkt Cap.(Rs cr) 62
Buy Price 6.24
Buy Qty 45.00
Sell Price 6.77
Sell Qty 2496.00

Chartered Logistics Ltd. (CHARTLOGISTICS) - Auditors Report

Company auditors report

TO THE MEMBERS OF CHARTERED LOGISTICS LIMITED

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of CharteredLogistics Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2018 and the Statement of Profit and Loss (including other comprehensiveincome) the Cash Flow Statement the Statement of Changes in Equity for the year thenended and a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as "the standalone Ind AS financialstatements").

Management's Responsibility for the Standalone Ind AS Financial Statements

The Company's Board of Directors are responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accor- dance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.This responsibility also includes mainte- nance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit. In conducting our audit we have taken into account theprovisions of the Act the accounting and auditing standard and matters which are requiredto be included in the audit report under the provisions of the Act and the Rules madethereunder.

We conducted our audit of the standalone Ind-AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2018 and its profit total comprehensive profit and its cashflows and the changes in equity for the year ended on that date.

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 in terms of sub-section (11) of section143 of the Act we give in the "Annexure A" a statement on the matters specifiedin the paragraph 3 and 4 of the Order to the extent applicable.

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 bestof our knowledge and belief were necessary for the purpose of our audit.

b) In our opinion proper books of accounts as required by law relating to preparationof the aforesaid standalone Ind AS financial statements have been kept so far as itappears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss (including Other ComprehensiveIncome) the Cash Flow Statement and the Statement of Changes in Equity dealt with by thisReport are in agreement with the relevant books of account maintained for the purpose ofpreparation of the standalone Ind AS financial statements.

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards prescribed under Section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2014.

e) On the basis of written representation received from the directors of the Company ason 31st March2018 taken record by the Board of Directors of the Company noneof the directors is disqualified as on 31st March 2018 from being appointed asa director in terms of Section 164(2) of the Act.

f) With reference to the adequacy of the internal financial controls over financialreporting and the operating effectiveness of such controls refer to our separate Reportin "Annexure B". Our report expresses an unmodified opinion on the adequacy andoperating effectiveness of the Company's internal financial controls over financialreporting.

g) 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

I. The Company has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statement.

II. The Company has made provisions as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contractual includingderivative contracts and

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

For VIDYA & CO.

Chartered Accountants

FRN: 308022E

Rajendra K. Nagar

Partner

M. No. 057240

Ahmedabad 30 th May 2018

Annexure A to the Independent Auditors' Report

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the standalone financial statements for the year ended 31st March2018 we report that:

1) (Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

I. In respect of fixed assets:

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 in a phasedmanner designed to cover all the items over a period of three years which in ouropinion is reasonable having regards to the size of the Company and nature of itsbusiness. Pursuant to the program a portion of fixed assets has been physically verifiedby the management during the year and no material discrepancies between the books recordsand the physical fixed assets have been noticed.

c) The title deeds of the immovable properties are held in the name of Company.

II. As explained to us the inventories were physically verified during the year bythe management at reasonable intervals and no material discrepancies were noticed onphysical verification.

III. The company has not granted any loans secured or unsecured to companiesfirms Limited Liability Partnerships or other parties covered in the register maintainedunder section 189 of the Companies Act2013. Accordingly the provisions of clause 3 (iii)(a) to (c) of the Order are not applicable to the Company and hence not commented upon.

IV. In our opinion and according to the information and explanations given to usthe Company has complied with the provisions of Section 185 and 186 of the Companies Act2013 in respect of grant of loans making investments and providing guarantees andsecurities as applicable.

V. According to the information and explanations given to us the Company has notaccepted any deposits from the public to which the directives issued by the Reserve Bankof India and the provisions of section 73 to 76 or any other relevant provisions of theAct and the Companies (Acceptance of Deposit) Rule 2015 with regard to the depositsaccepted from the public are not applicable.

VI. As informed to us the maintenance of Cost Records has not been specified bythe Central Government under sub- section (1) of Section 148 of the Act in respect of theactivities carried on by the Company

VII. According to the information and explanations given to us in respect ofstatutory dues:

a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the Company has been generally regularin depositing undisputed statutory dues including Provident Fund Employees StateInsurance Income-Tax Sales Tax Duty of Customs Duty of Excise Value Added Tax CessGoods and Service Tax and any other statutory dues with the appropriate authorities.According to the information and explanations given to us no undisputed amounts payablein respect of the above were in arrears as at 31st March 2018 for a period ofmore than six months from the date on when they become payable.

b) According to the information and explanation given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxoutstanding on account of any dispute.

VIII. In our opinion and according to the information and explanations given to usas at the reporting date the Company has not defaulted in the repayment of loans orborrowings to financial institutions banks. The company has not taken any loans fromgovernment and has not issued debentures.

IX. Based upon the audit procedure performed and the information and explanationsgiven by the management the company has not raised money by way of initial public offeror further public offer including debt instruments and term loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.

X. To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no fraud on the Company by its officers oremployees has been noticed or reported during the year.

XI. Based upon the audit procedure performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act.

XII. The company is not a Nidhi Company and hence reporting under clause (xii) ofparagraph 3 of the Order is not applicable.

XIII. In our opinion and according to the information and explanations given to usthe Company is in compliance with Section 188 and 177 of the Companies Act 2013 whereapplicable for all transactions have been disclosed in the standalone Ind AS financialstatement as required by the applicable accounting standards.

XIV. Based on the audit procedure performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares of fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 of (xiv) of the order are not applicableto the Company and hence not commented upon.

XV. In our opinion and according to the information and explanations given to usduring the year the company has not entered into any non-cash transactions with itsdirectors or persons connected with him and hence provision of Section 192 of theCompanies Act2013 are not applicable.

XVI. In our opinion the company is not required to be registered under section45IA of the Reserve Bank of India Act1934 and accordingly the provisions of clause 3(xvi) of the order are not applicable to the Company and hence not commented upon.

For VIDYA & CO.

Chartered Accountants

FRN: 308022E

Rajendra K. Nagar

Partner

M. No. 057240

Ahmedabad 30th May 2018

"Annexure B" to the Independent Auditor's Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of CharteredLogistics Limited ("the Company") as of 31st March 2018 in conjunction with ouraudit of the standalone Ind AS financial statements of the Company for the year ended onthat date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal controlsstated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India". Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to respective company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note issued by the Institute of Chartered Accountants ofIndia and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and proce- dures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts and expendi-tures of the company are being made only in accordance with authorisations of managementand directors of the company; and (3) provide reasonable assurance regarding prevention ortimely detection of unauthorized acquisition use or disposition of the company's assetsthat 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 financialreporting 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 financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has maintained in all material respects an adequate internalfinancial control over financial reporting and such internal financial controls overfinancial reporting was operating effectively as of 31st March 2018 based on theinternal control over financial reporting criteria estab- lished by the Companyconsidering the essential components of internal control stated in the Guidance Note.

For and on behalf of

For VIDYA & CO.

Chartered Accountants

FRN: 308022E

Rajendra K. Nagar

Partner

M. No. 057240

Ahmedabad 30th May 2018