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Future Supply Chain Solutions Ltd.

BSE: 540798 Sector: Others
NSE: FSC ISIN Code: INE935Q01015
BSE 10:51 | 25 Mar 580.00 -12.80
(-2.16%)
OPEN

600.00

HIGH

600.00

LOW

575.00

NSE 10:39 | 25 Mar 575.50 -11.35
(-1.93%)
OPEN

590.00

HIGH

590.00

LOW

575.50

OPEN 600.00
PREVIOUS CLOSE 592.80
VOLUME 75
52-Week high 750.00
52-Week low 559.75
P/E 30.92
Mkt Cap.(Rs cr) 2,324
Buy Price 577.05
Buy Qty 1.00
Sell Price 579.45
Sell Qty 11.00
OPEN 600.00
CLOSE 592.80
VOLUME 75
52-Week high 750.00
52-Week low 559.75
P/E 30.92
Mkt Cap.(Rs cr) 2,324
Buy Price 577.05
Buy Qty 1.00
Sell Price 579.45
Sell Qty 11.00

Future Supply Chain Solutions Ltd. (FSC) - Auditors Report

Company auditors report

TO THE MEMBERS OF FUTURE SUPPLY CHAIN SOLUTIONS LIMITED

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying Standalone Financial Statements of future supplyChain solutions Limited ("the Company") which comprise the Balance Sheet asat March 31 2018 the Statement of Profit and Loss (including Other ComprehensiveIncome) the Cash Flows Statement and the Statement of Changes in Equity for the year thenended and a summary of significant accounting policies and other explanatory information(herein after referred to as "Standalone Financial Statements).

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

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 Financial Statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) prescribed underSection 133 of the Act read with relevant rules issued thereunder. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the Standalone FinancialStatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these Standalone Financial Statementsbased on our audit. In conducting audit we have taken into account the provisions of theAct the accounting and auditing standards and matters which are required to be includedin the audit report under the provision of the Act and the Rules made there under and theorder issued under section 143(11) of the Act.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe Standalone Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Standalone Financial Statements. The procedures selected depend onthe auditor's judgement including the assessment of the risks of material misstatement ofthe Standalone Financial Statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Standalone Financial Statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company Directors as well as evaluating theoverall presentation of the Standalone Financial Statements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the Standalone Financial Statements.

Opinion

In our opinion and to the best of information and according to the explanation given tous the aforesaid Standalone Financial Statements give the information required by the Actin the manner so required and give true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2018 and its profit including other comprehensive income the changes in equity andits cash flows 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 of sub-section (11) of section 143 ofthe Act we give in the Annexure"A" a statement on the matters specified inparagraph 3 and 4 of the Order.

2. As required by section 143(3) of the Act we that: a. We have sought and obtainedall the information and explanations which to the best of our knowledge and belief werenecessary for the purpose of our audit; b. In our opinion proper books of account asrequired by law have been kept by the Company so far as it appears from our examination ofthose books; c. The Balance Sheet the Statement of Profit and

Loss including other comprehensive income and the Statement of Changes in Equity andthe Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount; d. In our opinion the aforesaid Standalone

Financial Statements comply with the Indian Accounting Standards specified underSection 133 of the Act read with relevant rules issued thereunder; e. On the basis ofwritten representations received from the Directors as on March 31 2018 and taken onrecord by the Board of Directors none of the directors is disqualified as on March 312018 from being appointed as a director in terms of Section 164 (2) of the Act. f. Withrespect to the adequacy of Internal financial controls over financial reporting of theCompany and the operating effectiveness of such control refer to our separate report in"Annexure B" and g. With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinion and to the best of our information and according to the explanationgiven to us: i. The Company does not have any pending litigations which would impact itsfinancial position; ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses; iii. There wereno amounts which were required to be transferred to the Investor Education andProtection Fund by the Company.

For Ngs & Co. LLP
Chartered Accountants
Firm Registration No. : 119850W
Ashok A. Trivedi
Partner
Membership No. 042472
Place: Mumbai
Date: April 25 2018

ANNEXURE - A TO THE INDEPENDENT AUDITORS' REPORT

The Annexure referred to in Independent Auditors' Report to the members of the futuresupply Chain solutions Limited on the Standalone Financial Statements for the yearended March 31 2018 we report that: (i) (a) The Company has maintained proper recordsshowing full particulars including quantitative details and situation of fixed assets.

(b) The Company has a regular program of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this program certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.

(c) The Company did not have any immovable property of freehold or leasehold land andbuilding as at March 31 2018. Therefore paragraph 3(i) (c) of Order is not applicable.(ii) The Company is a service company primarily rendering logistics services.Accordingly it does not hold any physical inventories. Therefore paragraph 3 (ii) of theOrder is not applicable.

(iii) 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 theAct Therefore clause 3(iii) (a) (b) and (c) of the Order are not applicable. (iv) Inour opinion and according to the information and explanations given to us there are noloans investments guarantees and securities granted in respect of which provisions ofsection 185 and 186 of the Act are applicable and hence not commented upon.

(v) The Company has not accepted any deposits from the public. (vi) To the best of ourknowledge and as explained the Central Government has not prescribed the maintenance ofcost records under section 148(1) of the Act for any of the product of the Company.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including Provident Fund Employees'State Insurance Income-tax Sales-tax Goods and Services tax Service-tax Custom dutyValue Added Tax cess and other material statutory dues as applicable have beenregularly deposited during the year by the Company with the appropriate authorities.According to the information and explanations given to us no undisputed amounts inrespect of Provident Fund Employees' State Insurance Income-tax Sales-tax Goods andServices tax Service-tax Custom duty Value Added Tax cess and other material statutorydues were in arrears as at March 31 2018 for a period of more than six months from thedate they became payable.

(b) According to the information and explanations given to us there are no materialdues of income tax sales tax Goods and Services tax VAT service tax which have notbeen deposited with the appropriate authorities on account of any dispute.

(viii) Based on our audit procedures and on the basis of information and explanationsgiven by the management we are of the opinion that the Company has not defaulted inrepayment of loans or borrowings from banks and debenture holders. The Company has nottaken any loans from Government or any Financial Institution.

(ix) The Company did not raise moneys by way of initial public offer or further publicoffer (including debt instruments) or term loans and hence reporting under clause 3(ix) ofOrder is not applicable to the Company.

(x) According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during thecourse of our audit.

(xi) According to the information and explanations given by the management and based onour examination of the records of the Company the Company has paid/provided forManagerial Remuneration in accordance with the provisions of section 197 read withSchedule V of the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Therefore clause 3(xii) of the Order is not applicable.

(xiii) 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 sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the Financial Statements as required by the applicableAccounting Standards. (xiv) According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the years.

(xv) 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-cashtransactions with directors or persons connected with him. Therefore paragraph 3(xv) ofthe Order is not applicable. (xvi) The Company is not required to be registered undersection 45-IA of the Reserve Bank of India Act 1934.

For Ngs & Co. LLP
Chartered Accountants
Firm Registration No. : 119850W
Ashok A. Trivedi
Partner
Membership No. 042472
Place: Mumbai
Date: April 25 2018

annexure - B to the independent auditors' Report report on the Internal financialControls over financial reporting under Clause (i) of sub-section 3 of section 143 of theCompanies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of futuresupply Chain solutions Limited ("the Company") as of March 31 2018 inconjunction with our audit of the Standalone Financial Statements of the Company for theyear 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 the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued 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 Act.

AUDITORS' 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 Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's internal financial controls system overfinancial 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 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 andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 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 Institute of CharteredAccountants of India.

For Ngs & Co. LLP
Chartered Accountants
Firm Registration No. : 119850W
Ashok A. Trivedi
Partner
Membership No. 042472
Place: Mumbai
Date: April 25 2018