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Coastal Roadways Ltd.

BSE: 520131 Sector: Others
NSE: N.A. ISIN Code: INE229E01019
BSE 00:00 | 01 Mar Coastal Roadways Ltd
NSE 05:30 | 01 Jan Coastal Roadways Ltd
OPEN 20.50
PREVIOUS CLOSE 20.50
VOLUME 200
52-Week high 20.50
52-Week low 17.00
P/E
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 20.50
Sell Qty 100.00
OPEN 20.50
CLOSE 20.50
VOLUME 200
52-Week high 20.50
52-Week low 17.00
P/E
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 20.50
Sell Qty 100.00

Coastal Roadways Ltd. (COASTALROADWAYS) - Auditors Report

Company auditors report

TO THE MEMBERS OF COASTAL ROADWAYS LIMITED

Report on the Standalone Ind AS Financial Statements

1. We have audited the accompanying standalone Ind AS financial statements of CoastalRoadways Limited ("the company") which comprise the Balance Sheet as at March31 2018 and the Statement of Profit and Loss (Including Other Comprehensive Income) theCash Flow Statement and the Statement of Changes in Equity for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's responsibility for the Standalone Ind AS Financial Statements

2. The Company's Board of Directors is 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 accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) specifiedunder Section 133 of the Act read the Companies (Indian Accounting Standard) Rules 2015as amended and other accounting principles generally accepted in India.

This responsibility also includes the maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding of the assets of the Company andfor preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditor's Responsibility

3. 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 the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder.

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 and other applicableauthoritative accouincements issued by the Institute of Chartered Accountants of India.Those Standards and pronouncements require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the standalone IndAS financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand 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 true and fair view in order to design audit procedures that are appropriate in thecircumstances.An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of the accounting estimates made by Company's Directors aswell as evaluating the overall presentation of the standalone Ind AS financial statements.

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

Opinion

6. 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 income its cash flowsand the changes in equity for the year ended on that date.

7. The corresponding financial information of the Company as at and for the year ended31st March 2017 and the transition date opening balance as st 1st April 2016 included inthese Ind AS financial statements are based on the previously issued financial statementsfor the year ended 31st March 2017 and 31st March 2016 prepared in accordance with theCompanies( Accounting Standards) Rules 2006 (as amended) which were audited by M/s.Agarwal Maheshwari & Co. Chartered Accountants on which they expressed an unmodifiedopinion vide their report dated 29th May 2017 and 11th May 2016 respectively which isalso explained in note no. 37 to the attached financial statements. These financialstatements have been adjusted for differences in accounting principles to comply with IndAS and such adjustments on transition to Ind AS which have been approved bt the Company'sBoard of Directors have been audited by us.

Our opinion is not modified in respect of this matter.

Report on Other Legal & Regulatory Requirements

8. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of section 143 (11) of the Act we give in theAnnexure "A" statement on the matters specified in paragraphs 3 and 4 of theOrder.

9. As required by section 143(3) of the Act based on our audit we report to theextent applicable that:

a. We have osought and btained 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 appears from our examination of those books.

c. The Balance Sheet Statement of Profit and Loss including Other ComprehensiveIncome the Cash Flow Statement and Statement of Chnages in Equity dealt with by thisReport are in agreement with the relevant books of account.

d. In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards prescribed under section 133 of the Act.

e. On the basis of written representations received from the directors as on March 312018 taken taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2018 from being appointed as a director in terms of Section164(2) of the Act.

f. With respects to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate report in 'Annexure B'. Our audit expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls withreference to financial statements of the Company.

g. With respect to the other matters included in the Auditor's Report in accordancewith the Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended in ouropinion and to our best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have long-term contracts including derivatives contracts forwhich there were any material foreseeable losses.

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

iv. The disclousers in the financial statements regarding holdings as well as dealingsin Specified Bank Notes during the period from 8th November 2016 to 30th December 2016have not been made since they do not pertain to the financial year ended 31st March 2018.

For PATANJALI & CO.

Chartered Accountants Firm Reg. No. 38163E

(Virat Sharma)

Partner

Membership No. 061553

Place: Kolkata

Date: 29th day of May 2018

Annexure A to the Independents Auditors' Report

(Referred to in paragraph 8 with the heading 'Report on other Legal and RegulatoryRequirements' Section of our report of even date in respect of statutory audit of CoastalRoadways Ltd. For the year ended 31st March2018)

1. In respect of its fixed assets:

(a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets on the basis of availableinformation.

(b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and nature of its assets.

No material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties areheld in name of company.

2. The Company does not have any stock of inventory during the audit hence theprovisions of clause 3 (ii) of the Order are not applicable to the Company.

3. The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of The Companies Act2013.

4. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.

5. The Company has not accepted any deposits from the public to which directives issuedby Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevantprovisions of the Companies Act 2013 and the rules framed there under apply.

6. To the best of our knowledge and according to the information given to us theCentral Government has not prescribed the maintenance of Cost Records under sub-section(1) of section 148 of the Companies Act 2013 for any of the services provided by theCompany.

7. According to the information and explanations given to us in respect of statutorydues:

(a) The undisputed statutory dues including Provident Fund Employees' State InsuranceIncome-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty Value Added TaxCess and to the extent applicable and any other statutory dues to the appropriateauthorities have generally been regularly deposited with the appropriate authorities.

There is no undisputed statutory dues arrear as at March 31 2018 for a period notexceeding six months from the date they became payable.

(b) According to the information and explanations given to us there is no disputedstatutory dues as at March 31 2018.

8. The company has not defaulted in repayment of loans or borrowings to any financialinstitution banks government or debenture holders during the year.

9. Based on our audit procedures and on the information and explanations given to uswe are of the opinion that the Company has not raise any money by way of initial publicoffer or further public Offer (including debt instrument) and term loan during the year.Accordingly the provisions of clause 3(ix) of the Order are not applicable to theCompany.

10. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

11. According to the information and explanations given to us and based on ourexamination of the records of the company the company has provided for managerialremuneration in accordance with the requisite approvals mandated by provision of section197 read with schedule V to the Act.

12. According to the information and explanations given to us the company is not aNidhi company. Accordingly the provisions of clause 3(xii) of the Order are notapplicable to the Company.

13. According to the information and explanations given to us and based on ourexamination of the records of the company transactions with the related parties are incompliance with section 177 & 188 of the Act where applicable and details of suchtransaction have been disclosed in financial statements as required by the applicableAccounting Standards.

14. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debenture duringthe year.

15. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not entered into non cashtransaction with Director or persons connected with him.

Accordingly the provisions of clause 3(xv) of the Order are not applicable to theCompany.

16. The company is not required to registered under section 45-IA of the Reserve Bankof India Act 1934.

For PATANJALI & CO.

Chartered Accountants Firm Reg. No. 38163E

(Virat Sharma)

Partner

Membership No. 061553

Place: Kolkata

Date: 29th day of May 2018

Annexure B to the Independents Auditors' Report

(Report on the Internal Financial Controls under clause (i) of sub-section 3 of section143 of the Companies Act 2013.)( 'the Act')

We have audited the Internal Financial Controls over financial reporting of CoastalRoadways Limited. ("the company") as of 31st March 2018 in conjunction with ouraudit of the financial statements of the company for the year ended on that 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 control statedin Guidance Note on Audit of Internal Financial Controls over Financial Reporting issuedby the Institution of Chartered Accountants of India (ICAI). These responsibilitiesincludes the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the orderly and efficient conduct ofits business including adherence to the 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 financial informationas required under the companies Act 2013.

Auditor's responsibility

Our responsibility is to express an opinion on the company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith Guidance Note on internal financial controls over financial Reporting (the 'GuidanceNote') and the Standard of Auditing issued by ICAI and deemed to be prescribe undersection 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls both applicable to an audit of internal financial controlsand both issued by ICAI. Those standard and Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting were established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedure to obtained audit evidence about the adequacyof the internal financial controls system over the financial reporting and there operatingeffectiveness. Our audit of the internal financial controls system over the financialreporting includes obtaining an understanding of internal financial controls system overthe financial reporting assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based onassessed risk. The procedures selected depend on Auditor's judgment including theassessment of the risk of material misstatement of financial statement whether due tofraud 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 controls 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 controls over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transaction anddisposition of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statement inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorization of the

Management 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 material effect on the financial statements.

Inherent Limitation of Internal Financial Controls Over Financial reporting

Because of the inherent limitations of internal financial controls over financialreporting includes the possibility of collusion or improper management override ofcontrols material misstatement due to error or fraud may occur and not be detected. Alsoprojection of any evaluation of internal financial controls over financial reporting tofuture periods are subject to the risk that the internal financial control over financialreporting may become inadequate because of changes in conditions or that the degree ofcompliance with policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlover financial reporting were operate effectively as at 31st March 2018 based on theinternal control over financial 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 Institution ofChartered Accountants of India.

For PATANJALI & CO.

Chartered Accountants Firm Reg. No. 38163E

(Virat Sharma)

Partner

Membership No. 061553

Place: Kolkata

Date: 29th day of May 2018