THE BOARD OF DIRECTORS OF RITCO LOGISTICS LIMITED
508 5th Floor Jyoti Shikhar Tower
District Centre Janakpuri
NEW DELHI West Delhi DL 110058
Report on the audit of the standalone Annual Financial Results
We have audited the accompanying statement of financial results of RITCO LOGISTICSLIMITED ("the Company")for the half year ended 31st March 20 andYear ended 31st March 2020 attached herewith being submitted by the company pursuant tothe requirement of the regulation 33 of SEBI (Listing Obligations and Disclosuresrequirements)Regulation2015 (Listing Regulation)
In our opinion and to the best of our information and according to the explanationsgiven to us the standalone financial results as well as the year to date results:
(i) Is presented in accordance with the requirements of Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 in this regard; and
(ii) give a true and fair view in conformity with recognition and measurementprinciples laid down in applicable accounting ("the Act") and other accountingprinciples 133 of the Companies Act 2013 standards prescribed under Section generallyaccepted in India of the net Profit (including other comprehensive income) and otherfinancial information of the company for the year ended March 31 2020 as well as theresults for the year ended on 31st March 2020.
Basis for Opinion
We conducted our audit in accordance with Standards on Auditing (SAs) specified underSection 143(10) of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India ("the ICAI"). Our responsibilitiesunder those standards are further described in the 'Auditor's Responsibilities for theAudit of Financial Results' section of our report. We are independent of the company inaccordance with the code of ethics issued by the ICAI together with ethical requirementsthat are relevant to our audit of the financial results under the provisions of the Actand Rules made thereunder and we have fulfilled our ethical responsibilities inaccordance with requirements and the Code of Ethics. We believe that the audit evidencesobtained by us is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter
We draw your attention to Note 4 of the financial results which explains theuncertainties and management's assessment of the financial impact due to the lockdown/restrictions related to COVID-19 pandemic imposed by the Government for which definitiveassessment of the impact is dependent upon the future economic conditions.
Our opinion is not modified in respect of this matter.
Board of Directors' Responsibilities for the Financial Results
These financial results have been prepared on the basis of the annual financialstatements. The company's Board of Directors are responsible for the preparation andpresentation of these financial results that give a true and fair view of the net profit(including other comprehensive income) and other financial information of the company andthe statement of assets and liabilities and statement of cash flows in accordance withrecognition and measurement principles laid down in the Indian Accounting Standardsprescribed under Section 133 of the Companies Act 2013 ("the Act") read withrelevant issues thereunder and other accounting principles generally accepted in India andin compliance with Regulation 33 of the Listing Regulations. The Board of Directors of thecompany are responsible for maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the company and for preventingand detecting frauds and other irregularities; selection and application of accountingpolicies; making judgement and estimates that are reasonable and prudent; and the designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring accuracy and completeness of the accounting recordsrelevant to the preparation and presentation of the financial statements that give trueand fair view and are free for material misstatement whether due to fraud and errorwhich have been used for the purpose of preparation of financial results by the Board ofDirectors of the Company as aforesaid.
In preparing the financial results the Board of Directors of the Company areresponsible for assessing the ability of the Company to continue as going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless the Board of Directors either intends to liquidate the companyor to cease operations or has no realistic alternative but to do so.
The Board of Directors of the Company are responsible for overseeing the financialreporting process of the Company.
Auditor's Responsibilities for the Audit of Financial Results
Our objectives are to obtain reasonable assurance about whether the financial resultsas a whole are free from material misstatement whether due to fraud or error and toissue an auditor's report that includes our opinion. Reasonable assurance is a high levelof assurance but not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists. Misstatement can arise from a fraudor error and consider material if individually or in aggregate they could reasonably beexpected to influence the economic decisions of users taken on the basis of thesefinancial results.
As part of an audit in accordance with the SAs we exercise professional judgement andmaintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial resultswhether due to fraud or error design and perform audit procedure responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to our basis ofopinion. The risk of not detecting a material misstatement resulting from fraud is higherthan for one resulting from error as fraud involves collusions forgery intentionalomissions misrepresentations or override of internal control.
Obtain an understanding of internal control relevant to the audit in order todesign audit procedure that are appropriate in circumstances. Under Section 143(3)(i) ofthe Act we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls with reference to financial statements in place andoperating effectiveness of such controls.
Evaluate the appropriateness of the accounting policies used and reasonablenessof accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors use of the goingconcern basis of accounting and based on our audit evidences obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theability of the company to continue as a going concern. If we conclude that materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial results or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidences obtained up to thedate of our auditor's report. However future events or conditions may cause the companyto cease to continue as a going concern.
Evaluate the overall presentation structure and content of financial resultsincluding the disclosures and whether the standalone financial results represent theunderlying transactions and events in the manner that achieves fair presentation.
We communicate with those charged with governance of the company regarding among othermatters the planned scope of timing of the audit and significant audit findingsincluding significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied withrelevant ethical requirements regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear our independenceand wherever applicable related safeguards.
For Mittal and Associates Chartered Accountants FRN 106456W
Digitally signed SOUrabh by Sourabh
Bagaria ^ 2020.07.29