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Containerway International Ltd.

BSE: 540597 Sector: Others
NSE: N.A. ISIN Code: INE319U01022
BSE 12:17 | 07 Dec 4.70 -0.05
(-1.05%)
OPEN

4.70

HIGH

4.98

LOW

4.70

NSE 05:30 | 01 Jan Containerway International Ltd
OPEN 4.70
PREVIOUS CLOSE 4.75
VOLUME 6231
52-Week high 7.40
52-Week low 2.91
P/E
Mkt Cap.(Rs cr) 3
Buy Price 4.70
Buy Qty 5471.00
Sell Price 4.98
Sell Qty 220.00
OPEN 4.70
CLOSE 4.75
VOLUME 6231
52-Week high 7.40
52-Week low 2.91
P/E
Mkt Cap.(Rs cr) 3
Buy Price 4.70
Buy Qty 5471.00
Sell Price 4.98
Sell Qty 220.00

Containerway International Ltd. (CONTAINERWAYINT) - Auditors Report

Company auditors report

To the Members of Containerway International Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Containerway internationalLimited ("the Company") which comprise the Balance Sheet as at 31stMarch 2022 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 the significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the information requiredby the Companies Act 2013 (the ‘Act') in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in Indiaincluding Indian Accounting Standards (‘Ind AS') specified under Section 133 ofthe Act of the state of affairs (financial position) of the Company as at 31 March 2022and its losses (financial performance including other comprehensive income) its cashflows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditingspecified under Section 143(10) of the Act. Our responsibilities under those standards arefurther described in the Auditor's Responsibilities for the Audit of the FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India(‘ICAI') together with the ethical requirements that are relevant to our auditof the financial statements under the provisions of the Act and the rules thereunder andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters. Based on the size scale and business of the company and in ourprofessional judgment we find it prudent to report that there is no significant key auditmatter which requires our comment.

Information other than the Financial Statements and Auditor'sReport thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the AnnualReport but does not include the financial statements and our auditor's reportthereon.

Our opinion on the financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information we are required to report that fact. We have nothing to report in thisregard.

Responsibility of Management for Financial Statements

The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Act with respect to the preparation of these financialstatements that give a true and fair view of the state of affairs (financial position)profit or loss (financial performance including other comprehensive income) changes inequity and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Ind AS specified under Section 133 of the Act.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing 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 financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing thecompany's financial reporting process.

Auditor's Responsibilities for the Audit of the FinancialStatements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with Standards on Auditing will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with Standards on Auditing weexercise professional judgment and maintain professional skepticism throughout the audit.We also:

Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Companies Act 2013 we are also responsible for expressing our opinionon whether the company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report.

However future events or conditions may cause the Company to cease tocontinue as a going concern.

Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality

Materiality is the magnitude of misstatements in the financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements.

Communication with those charged with governance

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2020("the Order") issued by the Government of

India in terms of sub-section 11 of section 143 of the Act we give inthe "Annexure-I" a statement on the matters specified in paragraphs 3and 4 of the said Order.

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

a) We have sought and obtained all the information and explanationswhich to the best 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 beenkept by the Company so far as it appears from our examination of those books;

c) The Balance Sheet the Statement of Profit and Loss and the CashFlow Statement dealt with by this Report are in agreement with the books of account;

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

e) On the basis of the written representations received from thedirectors as on 31st March 2022 taken on record by the Board of Directors none of the directors is disqualified as on 31 March 2022 from being appointed as adirector in terms of Section 164(2) of the Act;

f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate report in "Annexure-II";

g) With respect to the matter to be included in the Auditor'sReport under section 197(16) In our opinion and according to the information andexplanations given to us the remuneration paid by the Company to its directors during thecurrent year is in accordance with the provisions of section 197 of the Act. Theremuneration paid to any director is not in excess of the limit laid down under section197 of the Act. The Ministry of Corporate Affairs has not prescribed other details undersection 197(16) which are required to be commented upon by us.

h) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us: i. The Company does not have any pending litigations which wouldimpact its financial position. ii. The Company did not have any long-term contractsincluding derivative contracts for which there were any material foreseeable losses iii.There were no amounts which were required to be transferred to the Investor Education andProtection Fund by the Company.

iv. a) The management has represented that to the best of it'sknowledge and belief no funds have been advanced or loaned or invested (either fromborrowed funds or share premium or any other sources or kind of funds) by the company toor in any other person(s) or entity(ies) including foreign entities("Intermediaries") with the understanding whether recorded in writing orotherwise that the Intermediary shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of thecompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries;

b) The management has represented that to the best of it'sknowledge and belief no funds have been received by the company from any person(s) orentity(ies) including foreign entities ("Funding Parties") with theunderstanding whether recorded in writing or otherwise that the company shall whetherdirectly or indirectly lend or invest in other persons or entities identified in anymanner whatsoever by or on behalf of the Funding Party ("UltimateBeneficiaries") or provide any guarantee security or the like on behalf of theUltimate Beneficiaries; and c) Based on such audit procedures that have been consideredreasonable and appropriate in the circumstances nothing has come to our notice that hascaused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e)as provided under (a) and (b) above contain any material mis-statement

v. No dividend have been declared or paid during the year by thecompany.

For and on behalf of
B. Aggarwal & Co.
Chartered Accountants
Firm Registration No. 004706N
Kapil Dev Aggarwal
Place :New Delhi (Partner)
Date :30.05.2022 Membership No. 082908
UDIN:22082908AJXFVT6026

ANNEXURE-I TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in Independent Auditors' Report to themembers of the Company on the financial statements for the year ended March 31 2022 wereport that:

1. The Company does not own any Property Plant & equipment; hencethe requirements of this para are not applicable to the Company.

2. The Company did not have any inventory during the year; hence therequirements of this para are not applicable to the Company.

3. The Company has not granted any loans secured or unsecured tocompanies firms Limited Liability partnerships or other parties covered in the Registermaintained under section 189 of the Act.

4. The company has not given any loan guarantee and security to and onbehalf of any of its Directors as stipulated under section 185 of the Act and the Companyhas not made any loan and investment for which compliance are to be complied with theprovisions of section 186 of the Act.

5. The Company has not accepted any deposits from the public.

6. The Company is not required to maintain cost records as prescribedunder section 148(1) of the Act.

7. a) According to the information and explanations given to us and onthe basis of our examination of the records of the Company amounts deducted/ accrued inthe books of account in respect of undisputed statutory dues including provident fundincome tax sales tax service tax duty of customs value added tax cess and othermaterial statutory dues (whichever applicable) have been generally regular regularlydeposited during the year by the Company with the appropriate authorities. As explained tous the Company did not have any dues on account of employees' state insurance andduty of excise.

According to the information and explanations given to us noundisputed amounts payable in respect of provident fund income tax goods and servicetax duty of customs value added tax cess and other material statutory dues were inarrears as at 31 March 2022 for a period of more than six months from the date they becamepayable.

8. According to the information and explanations given to us thecompany has not taken any loan from any financial institution or bank Government or duesto debenture holders; hence clause (viii) of paragraph 3 of the Order is not applicable.

9. The company did not raise any money by way of initial public offeror further public offer (including debt instruments) and term Loans during the year.Accordingly paragraph 3 (ix) of the Order is not applicable to the Company.

10. According to the information and explanations given to us nomaterial fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the course of our audit.

11. According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not paid/provided forany managerial remuneration during the year.

12. In our opinion and according to the information and explanationsgiven to us the Company is not a Nidhi company; hence clause (xii) of paragraph 3 of theOrder is not applicable.

13. According to the information and explanations given to us and basedon our examination of the records of the Company transactions with the related partiesare in compliance with sections 177 and 188 of the

Act where applicable and details of such transactions have beendisclosed in the financial statements as required by the applicable accounting standards.

14. Based upon the audit procedures performed and the information andexplanations given by the management the company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the year.

15. According to the information and explanations give to us and basedon our examination of the records of the Company the company has not entered into anynon-cash transactions with directors or persons connected with him. Accordingly theprovisions of clause 3(xv) of the Order are not applicable.

16. The company is not required to be registered under section 45-IA ofthe Reserve Bank of India Act 1934.

17. The company has not incurred cash losses in the financial year andin the immediately preceding financial year.

18. There has not been any resignation of the statutory auditors duringthe year.

19. On the basis of the financial ratios ageing and expected dates ofrealisation of financial assets and payment of financial liabilities other informationaccompanying the financial statements the auditor's knowledge of the Board ofDirectors and management plans we as a auditor give our opinion that no materialuncertainty exists as on the date of the audit report that company is capable of meetingits liabilities existing at the date of balance sheet as and when they fall due within aperiod of one year from the balance sheet date

20. (a) The company has not any ongoing or other projects thereforethe provision of this clause is not applicable. 21. There have not been any qualificationsor adverse remarks by the respective auditors in the Companies (Auditor's Report) Order(CARO) reports of the companies included in the consolidated financial statements.

For and on behalf of
B. Aggarwal & Co.
Chartered Accountants
Firm Registration No. 004706N
Kapil Dev Aggarwal
Place :New Delhi (Partner)
Date :30.05.2022 Membership No. 082908
UDIN:22082908AJXFVT6026

"Annexure II" to the Independent Auditor's Report ofeven date on the Financial Statements of Containerway International Limited Report on theInternal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of theCompanies Act 2013 ("the Act")

We have audited the internal financial controls over financialreporting of Containerway International Limited ("the Company") as of 31 March2022 in conjunction with our audit of the financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial 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 issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial 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 financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements 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 financial statements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Emphasis of Matter

The Company needs to formally document the policies and procedureadopted for internal financial controls system over financial reporting though the samehave been adopted communicated and followed by the process owners. Our report is notqualified in this respect.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31st March2022 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For and on behalf of
B. Aggarwal & Co.
Chartered Accountants
Firm Registration No. 004706N
SD/-
Kapil Dev Aggarwal
Place: New Delhi (Partner)
Date :30.05.2022 Membership No. 082908
UDIN:22082908AJXFVT6026

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