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Shree Vasu Logistics Ltd.

BSE: 535084 Sector: Others
NSE: SVLL ISIN Code: INE00CE01017
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Shree Vasu Logistics Ltd. (SVLL) - Auditors Report

Company auditors report

To

THE MEMBERS

SHREE VASU LOGISTICS LIMITED

REPORT ON THE AUDIT OF FINANCIAL STATEMENTS

OPINION

We have audited the accompanying financial statements of SHREE VASU LOGISTICSLIMITED RAIPUR which comprise the Balance Sheet as at 31st March 2021 theStatement of Profit & Loss and the Statement of Cash Flows for the year ended andnotes to the financial statement including a summary of the significant accountingpolicies and other explanatory information.

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 in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs ofthe Company as at March 31 2021 the profit and its cash flows for the year ended onthat date.

BASIS FOR OPINION

We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under section 143(10) of the Act (SAs). 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 the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the independence requirements that are relevant to our audit ofthe financial statements under the provisions of the Act and the Rules made there underand 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 audit opinion on thefinancial statements.

KEY AUDIT MATTERS

Key audit matters ("KAM") are those matters that in our professionaljudgment were of most significance in our audit of the financial statements of thecurrent period. These matters were addressed in the context of our audit of the financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to bethe key audit matters communicated to our report.

Sr. Key Audit Matters Auditor's Response
1. Revenue Recognition- Completeness of revenue recognised for services rendered. How our audit addressed Key Audit Matters
For the Financial year ended on 31.03.2021 the company has recognised revenue from operations amounting to Rs. 6616.16 Lacs. Our Audit Procedures included the following:
That the principal business activity of the company is of Carrying & Forwarding Agents Warehouse Renting & allied Transporting Business. ? We have Assessed the company's revenue recognition policy and its compliances in terms of AS -9 "Revenue Recognition".
? We have understood evaluated and tested the operating effectiveness of key controls related to revenue recognition.
Revenue from warehouse and transportation services is recognised based on the tariff agreed with the customers on the latest terms of agreement or latest negotiation with customers and other industries considerations is appropriate. Due to the variety & complexity of contractual terms as well as ongoing negotiations with customers significant judgements are required to estimate the tariff rates applied. ? We have performed sample tests of individual sale transaction and traced to sales invoices and other related documents.
Further in respect of the samples tested assessed that revenue has been recognised as per the tariff agreed with the customers.
The company is providing onward transportation services to the customers through company's self -owned fleet and external fleet. The company recognises ‘Revenue' from rendering of such services and the related liabilities towards its vendors upon receipt of customer acknowledged proof of completion of services. ? We have selected samples of sales transactions made pre and post-year end agreeing the period of revenue recognition to supporting documentation and ensured that sales and corresponding receivables are properly recoded in the correct period.
? We have tested the relevant controls related to the recognition of revenue to ensure that accrual of revenue is made for each completed service.
Whilst the company is able to track the physical trips of self-owned fleet and location of each shipment using GPS & software's the details of each shipment showing inter-alia its start date delivery date date of receiving the proof of delivery (PoD) and date of revenue is accordingly recognised. Revenue is an important element of how the company measures its performance. The company focuses on revenue as a key performance measure . Accordingly due to significant risk associated with revenue recognition it was determined to be the Key Audit Matter in our audit of the financial statement. ? We have tested the samples of direct costs to ensure that all expenses have corresponding revenue.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR'S REPORT

THEREON

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and

Analysis Board's Report including Annexure to Board's Report Business ResponsibilityReport Corporate Governance and Shareholder's Information but does not include thefinancial statements and our auditor's report thereon. Our opinion on the financialstatements does not cover the other information and we do not express any form ofassurance conclusion thereon. In connection with our audit of the financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained during the course of our audit or otherwise appears to be materiallymisstated. If based on the work we have performed we conclude that there is a materialmisstatement of this other information. We are required to report that fact. We havenothing to report in this regard.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance and cash flows ofthe Company in accordance with the Accounting Standards and other accounting principlesgenerally accepted in India. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors are responsible for overseeing the Company's financial reportingprocess.

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 with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also: i. Identify and assess therisks of material misstatement of the financial statements whether due to fraud or errordesign and perform audit procedures responsive to those risks and obtain audit evidencethat is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resultingfrom error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal control. ii. Obtain an understanding ofinternal financial controls relevant to the audit in order to design audit procedures thatare appropriate in the circumstances. Under section 143(3)(i) of the Act we are alsoresponsible for expressing our opinion on whether the Company has adequate internalfinancial controls system in place and the operating effectiveness of such controls. iii.Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management. iv. Conclude on theappropriateness of management's use of the going concern basis of accounting and based onthe audit evidence obtained whether a material uncertainty exists related to events orconditions that may cast significant doubt on the Company's ability to continue as a goingconcern. If we conclude that a material uncertainty exists we are required to drawattention in our auditor's report to the related disclosures in the financial statementsor if such disclosures are inadequate to modify our opinion. Our conclusions are basedon the audit evidence obtained up to the date of our auditor's report.

However future events or conditions may cause the Company to cease to continue as agoing concern. v. Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation. We communicate with those charged with governance regarding among othermatters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards. From the matters communicatedwith those charged with governance we determine those matters that were of mostsignificance in the audit of the financial statements of the current period and aretherefore the key audit matters. We describe these matters in our auditor's report unlesslaw or regulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by Section 143 (3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c) The Balance Sheet the statement of Profit & Loss andCash Flows Statement dealt with by this Report is in agreement with the books of account.d) In our opinion the aforesaid financial statements comply with the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. e) On the basis of the written representations received from the directors ason 31st March 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) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure- A". Our report expresses anunmodified opinion on the adequacy and operating effectiveness of the Company's internalfinancial controls over financial reporting. g) With respect to the other matters to beincluded in the Auditor's Report in accordance with the requirements of section 197(16) ofthe Act as amended: In our opinion and to the best of our information and according tothe explanations given to us the remuneration paid by the Company to its directors duringthe year is in accordance with the provisions of section 197 of the Act. h) With respectto the other matters to be included in the Auditor's Report in accordance with Rule 11 ofthe Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: i. The Company does not haveany pending litigations which would impact its financial position. ii. The Company did nothave any long-term contracts including derivatives contracts for which there were anymaterial foreseeable losses. iii. There were no amounts which required to be transferredby the Company to the Investor Education and Protection Fund.

2. 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 wegive in the Annexure- B a statement on the matters specified in the paragraph 3and 4 of the order.

For AGRAWAL & PANSARI
CHARTERED ACCOUNTANTS
Place: Raipur (C.G.)
Date: 30.06.2021 (R.K.AGRAWAL)
Partner
M.N-053338
F.R.N-0033350C

"Annexure- A" to the Independent Auditor's Report

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Shree Vasu Logistics Limited of evendate)

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 internalfinancial controls over financial reporting of SHREE VASU LOGISTICS LIMITEDRAIPUR [C.G] as of March 31 2021 in conjunction with our audit of the financialstatements of the Company for the year 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. 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.

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 deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 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 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 AGRAWAL & PANSARI
CHARTERED ACCOUNTANTS
Place: Raipur (C.G.)
Date: 30.06.2021 (R.K.AGRAWAL)
Partner
M.N-053338
F.R.N-0033350C

ANNEXURE- B TO THE INDEPENDENT AUDITOR'S REPORT

(REFERRED TO IN PARA 2 OF OUR REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS OF EVENDATE)

On the accounts of

SHREE VASU LOGISTICS LIMITED RAIPUR [C.G.]

As required by the Companies (Auditor's Report) Order 2016

1) FIXED ASSETS

a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. b. The company has regular programmeof physical verification of its fixed assets by which fixed assets are verified in aphased manner. In accordance with this programme certain fixed assets were verifiedduring the year and no material discrepancies were noticed on such verification. In ouropinion this periodicity of physical verification is reasonable having regard to the sizeof the company and nature of its assets. c. According to the information andexplanation given to us and on the basis of examination of the records of the company thetitle deeds of immovable properties are held in the name of the company.

2) INVENTORIES a. The inventories have been physically verified during theyear by the management. In our opinion the frequency of verification is reasonable. b.The procedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness. c. On the basis of our examination of the records of inventory in our opinionthe Company is maintaining proper records of inventory.

3) LOANS GRANTED

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. Hence the detail required under paragraph 3(iii)of the Order is not applicable to the company.

4) LOANS INVESTMENTS AND GUARANTEES

The Company has not made any loans investments nor has provided any guarantee andsecurity during the year. Hence the detail required under paragraph 3(iv) of the Order isnot applicable to the company.

5) PUBLIC DEPOSITS

According to the information and explanations given to us the Company has not accepteddeposits from the public the directives issued by the Reserve Bank of India and theprovisions of sections 73 to 76 or any other relevant provisions of the Companies Act2013 and the Rules made there under are not applicable to the company.

6) COST ACCOUNTING RECORDS

The Central Government has not prescribed the maintenance of cost records under Section148(1) of the Companies Act 2013.

7) STATUTORY DUES

According to the information and explanations given to us and on the basis of ourexamination of the records of the company in respect of statutory dues: a. The Companyhas generally been regular in depositing undisputed statutory dues including ProvidentFund Employees' State Insurance Income tax Sales Tax Service Tax

Goods and Service Tax duty of Customs duty of Excise Value added tax Cess and othermaterial statutory dues applicable to it with the appropriate authorities. b. According tothe information and explanations given to us there were no undisputed amounts payable inrespect of Provident Fund Employees' State Insurance Income-tax Sales Tax Service TaxGoods and Service Tax duty of Customs duty of Excise Value added tax Cess and othermaterial statutory dues in arrears as at 31st March 2021 for a period of more thansix months from the date they became payable. c. According to the information andexplanations given to us there are no dues of Income-Tax Sales-Tax Service Tax Goodsand Service Tax Wealth-Tax Customs Duty Excise Duty Value Added Tax and Cess were inarrears as at 31st March 2021 on account of any dispute.

8) LOAN FROM BANKS/ FINANCIAL INSTITUTION

According to the information and explanations given to us and on the basis of ourexamination of the records of the company the company has not defaulted in repayment ofloans or borrowings to a financial institution bank and government during the year.

9) TERM LOAN/MONEY RAISED

According to the information and explanations given to us and on the basis of ourexamination of the records during the year term loan obtained from bank has beenutilized for the purpose for which it was raised.

10) FRAUD REPORTING

To the best of our knowledge and according to the information and explanations given tous no material fraud by the company or on the company by its officers/employees has beennoticed or reported during the course of our audit.

11) MANAGERIAL REMUNERATION

In our opinion and according to the information and explanations given to us and basedon examination of the records of the Company the Company has paid / provided managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act.

12) NIDHI COMPANY

In our opinion and according to the information and explanation given to us thecompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

13) RELATED PARTY TRANSACTIONS

According to the information and explanation given to us and based on our examinationof the records of the Company transaction with related parties are in compliance withsections 177 and 188 of the Companies Act 2013 where applicable and details of suchtransaction have been disclosed in the financial statements as required by the applicableaccounting standards.

14) PREFERENTIAL ALLOTMENT OR PRIVATE PLACEMENT

According to the information and explanation given to us and based on our examinationof the records of the Company the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year.

15) TRANSACTION WITH DIRECTOR

According to the information and explanation given to us and based on our examinationof the records of the Company the Company has not entered into non-cash transaction withdirectors or persons connected with him. Accordingly paragraph 3(xv) of the Order is notapplicable.

16) REGISTRATION FROM RBI

The company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934.

For AGRAWAL & PANSARI
CHARTERED ACCOUNTANTS
Place: Raipur (C.G.)
Date: 30.06.2021 (R.K.AGRAWAL)
Partner
M.N-053338
F.R.N-0033350C

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