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Flomic Global Logistics Ltd.

BSE: 504380 Sector: Financials
NSE: N.A. ISIN Code: INE952M01019
BSE 15:29 | 18 Jan 156.05 -1.20
(-0.76%)
OPEN

155.30

HIGH

162.00

LOW

155.30

NSE 05:30 | 01 Jan Flomic Global Logistics Ltd
OPEN 155.30
PREVIOUS CLOSE 157.25
VOLUME 11615
52-Week high 216.30
52-Week low 2.33
P/E 49.86
Mkt Cap.(Rs cr) 112
Buy Price 156.05
Buy Qty 94.00
Sell Price 158.40
Sell Qty 51.00
OPEN 155.30
CLOSE 157.25
VOLUME 11615
52-Week high 216.30
52-Week low 2.33
P/E 49.86
Mkt Cap.(Rs cr) 112
Buy Price 156.05
Buy Qty 94.00
Sell Price 158.40
Sell Qty 51.00

Flomic Global Logistics Ltd. (FLOMICGLOBAL) - Auditors Report

Company auditors report

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 ("The Act") in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards ("Ind AS") prescribed under section133 of the Act of the state of affairs of the Company as at 31st March 2021 its Profit(including Other Comprehensive Income) its cash flows and the changes in equity for theyear ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs")specified under section 143(10) of the Companies Act 2013. Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit ofthe Financial Statements section of our report. We are independent of the Company inaccordance with Code of Ethics issued by The Institute of Chartered Accountants of India(‘ICAI') together with ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the ICAI's Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion on the financialstatement.

Emphasis of Matter

We draw attention to Note 45 in the accompanying financial statements which describesmanagement's assessment of uncertainty relating to the effects of the COVID-19 pandemic onthe Company's operations.

Our opinion is not modified in respect of this matter.

Responsibilities of Management and Those Charged with Governance for the FinancialStatements

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 financial statements that give a true and fair view of the financial positionfinancial performance including other comprehensive income changes in equity and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the IND AS specified under Section 133 of the Act. This responsibilityalso includes the maintenance of adequate accounting records in accordance with theprovision of the Act for safeguarding of the assets of the Company and for preventing anddetecting the frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of internal financial control that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

In preparing the financial statements the Board of Directors is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe Board of Directors either intends to liquidate the Company or to cease operations orhas no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financialreporting process. Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance; but is not a guarantee that an audit conducted in accordance withStandard on Auditing will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

As part of an audit in accordance with Standards on Auditing we exercise professionaljudgment 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 in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act we are also responsible for expressing our opinion on whether thecompany has an adequate internal financial control with reference to financial statementsin place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect on anyidentified misstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were most significance in the audit of the financial statements of thecurrent period and are therefore the key Audit matters. We describe this matter in ourAuditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 197(16) of the Act based on our audit we report that theCompany has paid remuneration to its directors during the year in accordance with theprovisions of and limits laid down under Section 197 read with Schedule V to the Act.

2. As required by the Companies (Auditors Report) Order 2016(‘the Order') issuedby the Central Government of India in terms of sub-section (11) of section 143 of the Actwe give in the "Annexure A" a statement on the matters specified in paragraphs 3and 4 of the order to the extent applicable.

3. As required by section 143(3) of the Act based on our audit 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 purposes of our audit;

b. In our opinion proper books of accounts as required by law have been kept by theCompany so far as it appears from our examination of those books;

c. The Financial Statement dealt with by this report are in agreement with the books ofaccount;

d. In our opinion the aforesaid Financial Statement comply with the AccountingStandards specified under Section 133 of the Act read with the Rule 7 of the Companies(Accounts) Rules 2014 (as amended).

e. On the basis of the written representation received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 from being appointed as a director in terms of Section164 (2) of the Act.

f. We have also audited the internal financial controls over financial reporting(IFCOFR) of the Company as on 31st march 2021 in conjunction with our audit of thefinancial statements of the Company for the year ended on that date and our report as perAnnexure "B" expressed an unmodified opinion.

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 which would impactits financial position as on 31st March 2021;

(ii) The Company did not have any long-term contracts including derivativecontracts for which there were any material foreseeable losses as on 31st March 2021.

(iii) There was no amount which required to be transferred by the Company to theInvestor Education and Protection Fund during the year ended 31st March 2021.

FOR S A R A & ASSOCIATES

CHARTERED ACCOUNTANTS

FIRM REGISTRATION NO.: 120927W

RAMAWATAR SHARMA

(Partner)

M.No.: 102644

PLACE: MUMBAI

DATE: MAY 31 2021

ANNEXURE- ‘A' TO THE INDEPENDENT AUDITOR'S REPORT

Statement referred to in paragraph 2 of "Report on Legal and RegulatoryRequirements" section of our report of even date to the members of Flomic GlobalLogistics Limited (Formerly Known as Vinaditya Trading Co Ltd) on the financial statementsfor the year ended 31st March 2021.

On the basis of such checks as we considered appropriate and in terms of informationand explanations provided to us we state that:

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

b. We are informed that a test of physical verification of these assets was carried outby the management at reasonable intervals and no material discrepancies were noticed. Inour opinion the frequency of verification of fixed assets is reasonable having regards tothe size of the Company and nature of its assets.

c. The title deed of Immovable property i.e. Industrial Gala (which is included underthe head "Property Plant and Equipment") is not held in the name of thecompany. As per information given to us such asset is in the name of director.

2) The Company does not hold any inventory. Accordingly the provisions of clause 3(ii) of the order 2016 are not applicable.

3) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to Companies firms limited liabilitypartnerships or other parties covered in the register maintained under Section 189 of theCompanies Act 2013 during the year. Accordingly the provision of clause (iii) of theOrder is not applicable to the Company.

4) In our opinion and according to the information and explanations given to usprovisions of section 186 of the Act in respect of loans given have been complied with bythe Company. In our opinion and according to the information and explanations given to usthe Company has not advanced any loans to persons covered under the provisions of section185 of the Act. Further the company has not given guarantee or provided security or madeinvestment to which the provisions of the section 186 of the Act apply.

5) In our opinion and according to the information and explanations provided by theManagement the Company has not accepted deposit from the public therefore directivesissued by the Reserve Bank of India and the provisions of sections 73 to 76 of the Act orany other relevant provisions of the Companies Act 2013 are not applicable to theCompany.

6) As per the information and explanations given by the management maintenance of costrecords has not been prescribed by the Central Government under sub-section (1) of section148 of the Companies Act.

7) a) The Company is generally regular in depositing undisputed statutory duesincluding provident fund employee's state insurance income tax goods & service taxduty of customs cess and other material statutory dues as applicable to the appropriateauthorities. Further no undisputed amounts payable in respect thereof were outstanding atthe year-end for a period of more than 6 months from the date they become payable exceptIncome Tax amount of Rs. 13.49 lakhs Profession Tax Liability of Rs. 0.05 lakhs which wasoverdue for more than 6 months

b) In our Opinion and according to the information and explanation provided by thecompany there are no dues outstanding in respect of provident fund employee's stateinsurance income tax goods & service tax and duty of customs which has not beendeposited on account of any dispute.

8) Based on the audit procedures and according to the information and explanationsgiven to us we are of the opinion that the Company has not defaulted in repayment ofloans or borrowing to the financial institutions banks Government during the year. TheCompany has not issued any debentures.

9) Based on our audit procedures performed for the purpose of reporting true and fairview of the financial statements and according to the information and explanations givenby the management we are of the opinion that the term loans have been applied for thepurposes for which they were obtained. The Company has not raised any money by way ofInitial Public Offer or Further Public Offer (Including debt instruments).

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

11) According to the information and explanations given to us the managerialremuneration has been paid or provided in accordance with the requisite approval mandatedby the provisions of section 197 read with schedule V to the Companies Act 2013.

12) The Company is not a Nidhi Company. Accordingly provision of clause 3(xii) of theOrder is not applicable to the Company.

13) In our opinion and according to the information and explanation given to us theCompany's transactions with its related parties are in compliance with Sections 177 and188 of the Companies Act 2013 where applicable and the details of such transactions havebeen disclosed in the financial statements as required by the applicable AccountingStandards.

14) In our opinion and information and explanations given to us the Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year therefore the provision of clause 3(xiv) of theorder are not applicable to the Company.

15) 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. Therefore the provisions of clause 3 (xv) of theorder are not applicable to the Company.

16) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Accordingly provision of clause 3 (xvi) of the order are notapplicable to the Company.

FOR S A R A & ASSOCIATES

CHARTERED ACCOUNTANTS

FIRM REGISTRATION NO.: 120927W

RAMAWATAR SHARMA

(PARTNER)

M.NO.: 102644

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")

We have audited the internal financial controls over financial reporting of FlomicGlobal Logistics Limited [Formerly Known as Vinaditya Trading Co Ltd] (‘the Company')as of 31st March 2021 in conjunction with our audit of financial statements of theCompany for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's Board of Directors is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (‘ICAI'). 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 company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as 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 the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. 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 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 judgment 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 procedures that:

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 & according to the explanation givesto us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31 March 2021 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

FOR S A R A & ASSOCIATES

CHARTERED ACCOUNTANTS

FIRM REGISTRATION NO.: 120927W

RAMAWATAR SHARMA

(PARTNER)

M.NO.: 102644

PLACE: MUMBAI

DATE: MAY 31 2021.

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