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Maheshwari Logistics Ltd.

BSE: 538394 Sector: Others
NSE: MAHESHWARI ISIN Code: INE263W01010
BSE 05:30 | 01 Jan Maheshwari Logistics Ltd
NSE 00:00 | 20 Jul 202.00 3.00
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Maheshwari Logistics Ltd. (MAHESHWARI) - Auditors Report

Company auditors report

To the Members of Maheshwari Logistics Limited

Report on the Financial Statements

We have audited the accompanying standalone financial statements of MaheshwariLogistics Limited ("the Company") previously known as Maheshwari Logistics Pvt.Ltd. which comprise of the Balance Sheet as at 31March 2017 the Statement of Profit andLoss and Cash Flow Statement for the year then ended and a summary of significantaccounting policies and other explanatory information.

Management's Responsibility for the 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 and financial performance of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 (asamended). This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing 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.

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 there under. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the standalone financial statements arefree from material misstatement. An audit involves performing procedures to obtain auditevidence about the amounts and the disclosures in the financial statements. 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. Inmaking those risk assessments the auditor considers internal financial controls relevantto the Company's preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on whether the Company has in place an adequateinternal financial controls system over financial reporting and the operatingeffectiveness ofsuch controls. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company's Directors as well as evaluating the overall presentation of the financialstatements.

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 31March 2017 and its profit and its cash flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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 inparagraphs 3 and 4 of the Order.

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

We have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purpose of our audit.

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.

The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt with bythis Report are in agreement with the books of account.

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 (as amended).

On the basis of the written representations received from the directors as on 31March2017 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31st March 2017 from being appointed as a director in terms of Section164(2) of theAct.

With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B". Our report express an unmodified opinion on theadequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

With respect to the other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Amendment Rules 2017 in our opinionand to the best of our information and according to the explanations given to us: in ouropinion the Company has disclosed the impact of pending litigation on its financialstatements – Refer Notice No. 33 to financial statements

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

There were no amounts which were required to be transferred to the Investors Educationand Protection Fund by the Company.

The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016. Based on audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with books of accountmaintained by the Company and as produced to us by the Management – Refer Note 43 tofinancial statements.

ANNEXURE TO THE INDEPENDENT AUDITOR`S REPORT (Referred to in paragraph 7 under 'Reporton Other Legal and

Regulatory Requirements' section of our report of even date)

(a) The company has maintained proper records showing full particulars includingQuantitative details and situation of Fixed Assets.

For KAKARIA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Regn. No. 104558W
(KAKARIA UJWAL K.)
PARTNER PLACE: Vapi
M.No.35416 DATE: May 19 2017

ANNEXURE TO THE INDEPENDENT AUDITOR`S REPORT (Referred to in paragraph 7 under 'Reporton Other Legal and Regulatory Requirements' section of our report of even date)

(a) The company has maintained proper records showing full particulars includingQuantitative details and situation of Fixed Assets.

(b) It is explained to us that the fixed assets were physically verified during theyear by the Management in accordance with a regular programme of verification which inour opinion provides for physical verification of all the fixed assets at reasonableintervals. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification.

(c) With respect to immovable properties of acquired land and buildings that arefreehold according to the information and explanations given to us and the recordsexamined by us and based on the examination of the registered sale deed / transfer deed /conveyance deed provided to us we report that the title deeds of such immovableproperties are held in the name of the Company as at the balance sheet date.

ii. As explained to us the inventories were physically verified during the year by theManagement at reasonable intervals and no material discrepancies were noticed on suchphysical verification.

iii. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained U/s. 189 of the Companies Act 2013. Hence the provisions ofclause 3(iii) of the Order are not applicable.

iv. According to the information and explanation given to us the Company has notgranted any loans made investments or provided guarantees and securities and hence theprovisions of clause (iv) of the Order is not applicable.

v. According to the information and explanations given to us the Company has notaccepted any deposit during the year and accordingly the question of complying withSections 73 and 76 of the Companies Act 2013 does not arise.

vi. As per information and explanation given by management maintenance of cost recordshas not been specified by the Central Government under clause (d) of sub section (1) ofsection 148 of the Companies Act.

vii. In respect of statutory dues according to the information and explanations givento us: a) On the basis of our examination of the records of the Company amount deducted /collected/ accrued in the books of accounts in respect of undisputed statutory duesincluding Provided Fund Employees' state insurance Income Tax Sales Tax Value AddedTax Service Tax Excise Duty Wealth Tax Custom duty etc. are regularly deposited bythe company with the appropriate authorities. As explained except for the followingthere are no undisputed amount payable in respect of aforesaid st dues as at the 31 March2017 for a period of more than six months from the date they became payable:

*The company has paid the outstanding dues on 08/05/2017 for Rs. 1185800/- as per thedemand outstanding appearing on the

Income Tax website. Further has company has also paid interest on the above amount ofRs. 83606/- on 15/05/2017.

b) Details of dues of Tax which have not been deposited as on 31/03/2017 on account ofdisputes are as follows:

*The Company has paid Rs. 5798000/- as Tax paid under dispute out of the aboveoutstanding balance.

viii. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the

ANNEXURE TO THE INDEPENDENT AUDITOR`S REPORT (Referred to in paragraph 8 (f) under'Report on Other Legal and repayment of loans or borrowings to financial institutionsand banks.

ix. In our opinion and according to the information and explanation given to us theCompany has utilized the monies raised by way of Initial Public Offering and the termloans for the purpose for which they were raised.

x. To the best of our knowledge and according to the information and explanations givento us no fraud by the Company and no material fraud on the Company by its officers oremployees has been noticed or reported during the year.

xi. In our opinion and according to the information and explanations given to us theCompany has paid/provided for managerial remuneration in accordance with the provision ofSection 197 read with Schedule V to the Companies Act 2013.

xii. The Company is not a Nidhi Company and hence reporting under clause (xii) of theOrder is not applicable.

xiii. In our opinion and according to the information and explanations given to us theCompany is in compliance with Sections 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the financial statements etc. as required by theapplicable accounting standards.

xi. According to the information and explanations given to us the Company has not madeany preferential allotment or private placement of shares during the year and hencereporting under this clause of the Order is not applicable.

xv. 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 person connected with them and hence provisions of Section 192 of theCompanies Act 2013 are not applicable.

xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For KAKARIA & ASSOCIATES CHARTERED ACCOUNTANTS

Firm Regn. No. 104558W

(KAKARIA UJWAL K.)

PARTNER M.No.35416

PLACE: Vapi

DATE: May 19 2017

Regulatory Requirements' of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of MaheshwariLogistics Ltd. ("the Company") as of March 31 2017 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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 responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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") issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013to the extent applicable to an audit of internal financial controls. 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 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 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 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 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 and according to the explanations givento 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 March 31

2017 based on the internal control over financial reporting criteria established bythe Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India.

For KAKARIA & ASSOCIATES CHARTERED ACCOUNTANTS

Firm Regn. No. 104558W

(KAKARIA UJWAL K.)

PARTNER

M.No.35416 PLACE: Vapi

DATE: May 19 2017