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Lancer Containers Lines Ltd.

BSE: 539841 Sector: Others
NSE: N.A. ISIN Code: INE359U01010
BSE 16:01 | 23 Oct 39.25 0.15
(0.38%)
OPEN

37.10

HIGH

39.25

LOW

37.10

NSE 05:30 | 01 Jan Lancer Containers Lines Ltd
OPEN 37.10
PREVIOUS CLOSE 39.10
VOLUME 343
52-Week high 87.90
52-Week low 37.10
P/E 4.64
Mkt Cap.(Rs cr) 39
Buy Price 38.00
Buy Qty 1.00
Sell Price 41.90
Sell Qty 5.00
OPEN 37.10
CLOSE 39.10
VOLUME 343
52-Week high 87.90
52-Week low 37.10
P/E 4.64
Mkt Cap.(Rs cr) 39
Buy Price 38.00
Buy Qty 1.00
Sell Price 41.90
Sell Qty 5.00

Lancer Containers Lines Ltd. (LANCERCONTAINE) - Auditors Report

Company auditors report

To

The Members

Lancer Container Lines Limited

Navi Mumbai

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of LANCER CONTAINERLINES LIMITED

(‘the Company') which comprise the Balance Sheet as at 31st March2018 the Statement of Profit and Loss the Statement of Cash Flow for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting 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 financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder.

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 judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company's preparation ofthe standalone financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the standalone financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2018 and its profit and its 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 of the Act we give inthe Annexure A a statement on the matters specified in paragraphs 3 and 4 of the Order tothe 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 purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books

(c) The Balance Sheet the Statement of Profit and Loss and the Statement of Cash Flowdealt with by this Report are in agreement with the books of account.

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

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

(f) With respect to the adequacy of internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in ‘Annexure B'; and

(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 in our opinion and to the best ofour 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 any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Soman Uday & Co. Chartered Accountants

ICAI Firm Registration No. 110352W

Sd/- Uday Soman Proprietor Membership No. 038870

Mumbai June 5 2018

The Annexure A referred to in Para 1 Report on Other Legal Regulatory Requirements ofour

Independent Auditor's Report to the members of the Company on the standalone financialstatements for the year ended 31 March 2018 we report that:

(i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets and is in theprocess of updating these records ;

(b) As explained to us the fixed assets have been physically verified bythe management at reasonable intervals during the year which in our opinion is reasonablehaving regard to the size of the Company and nature of its assets. No materialdiscrepancies were noticed on such verification;

(c) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the title deeds of immovable properties areheld in the name of the company;

(ii) As explained to us physical verification of inventories has been conducted atreasonable intervals by the management during the year and the discrepancies noticed onverification between the physical stocks and book records were not material and the samehave been properly dealt with in the books of accounts;

(iii) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained underSection 189 of the Companies Act 2013;

(iv) The Company has not given loans or made investments or given guarantees andprovided security in terms of provisions of section 185 and 186 of The Companies Act2013.

(v) The Company has not accepted deposits and hence the directives issued by theReserve Bank of India and the provisions of the sections 73 to 76 or any other relevantprovisions of the Act and the rules framed there under are not required to be compliedwith by the Company.

(vi) The Maintenance of cost records has not been specified by the Central Governmentunder sub-section 1 of the section 148 of the Act for any of the products traded by theCompany.

(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 employee's stateinsurance income tax sales tax service tax duty of customs duty of excise valueadded tax cess and any other statutory dues have been generally deposited regularlyduring the year by the Company with the appropriate authorities and no undisputed amountspayable were in arrears as at 31 March 2018 for a period of more than six months from thedate they became payable.

(b) According to the information and explanations given to us the dues outstanding ofincome tax sales tax service tax duty of customs duty of excise or value added tax onaccount of dispute are as follows;

Nature of the statute Nature of dues Amount Amount Paid Under Protest Period to which amount relates Forum where dispute is pending
I I I
Maharashtra Value Added Tax Act 2002 Mismatch Unmatched as per J2 of others 10066786 415125 F.Y. 2011-12 Deputy Commissioner of Sales Tax Raigad Division Navi Mumbai

(viii) In our opinion and according to the information and explanation given to us theCompany has not defaulted in repayment of loans or borrowings to a bank. The Company hasnot obtained any borrowing from any financial institutions Government or by way ofdebentures;

(ix) The company has raised monies by way of term loans from bank and the same wereapplied for the purposes for which they were raised.

(x) In our opinion and according to the information and explanations given to us nofraud by the Company or on the Company by its officers or employees has been noticed orreported during the year.

(xi) In our opinion and according to the information and explanations given to us andbased on our examination of the records of the Company the Company has paid/providedmanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us thecompany is not a Nidhi company. Accordingly paragraph 3(12) is not applicable.

(xiii) In our opinion and according to the information and explanations given to usand based on our examination of the records of the Company all transactions with therelated parties are in compliance with sections 177 and 188 of the Act where applicableand the details of the same have been disclosed in the financial statements as required bythe applicable accounting standards;

(xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has made preferential allotment ofshares on conversion of preferential warrants during the year and the amount raised hasbeen used for the purpose for which the funds were raised.

(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 any non-cashtransactions with directors or persons connected with them. Accordingly paragraph 3(15) ofthe order is not applicable.

(xvi) The Company is not required to be registered under section 45-1A of the ReserveBank of India 1934.

For Soman Uday & Co. Chartered Accountants

ICAI Firm Registration Number 110352W

Sd/-

Uday Soman Proprietor

Membership No. 038870

Mumbai June 5 2018

The Annexure B referred to in Para 2(f) - Report on other Regulatory requirements ofour

Independent Auditor's Report to the Members of the Company on the Internal FinancialControls under clause (i) of sub-section 3 of section 143 of the Companies Act 2013("the act") for the year ended 31st March 2018

We have audited the internal financial controls over financial reporting of LancerContainer Lines Limited ("the company") as of 31st March 2018 inconjunction with our audit of the financial statements of the company for the year endedon 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." These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors. The accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 in accordance with the Guidance Noteon Audit of internal Financial Controls

Over Financial Reporting (the "Guidance Note") and the Standards on Auditingissued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act2013 to the extent applicable to an audit of internal financial controls both applicableto an audit of internal Financial Controls and both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over assurance about whether adequateinternal financial controls over financial reporting was established and maintained and ifsuch 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 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 procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions assets of the company; (2) provide reasonable assurance that transactions arerecorded as necessary to permit preparation of financial statements in accordance withgenerally accepted accounting principles. And that receipts and expenditures of thecompany are being made only in accordance with authorities of management and directors ofthe company; and (3) provide reasonable assurance regarding prevention or timely detectionof unauthorized 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 overrides ofcontrols materials 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 procedure 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 Soman Uday & Co. Chartered Accountants

ICAI Firm Registration No. 110352W Sd/- Uday Soman Proprietor Membership No. 038870

Mumbai June 5 2018