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Shreeji Translogistics Ltd.

BSE: 540738 Sector: Others
NSE: N.A. ISIN Code: INE402Y01010
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NSE 05:30 | 01 Jan Shreeji Translogistics Ltd
OPEN 145.00
PREVIOUS CLOSE 145.00
VOLUME 10000
52-Week high 145.00
52-Week low 43.33
P/E 37.66
Mkt Cap.(Rs cr) 152
Buy Price 142.55
Buy Qty 1000.00
Sell Price 150.00
Sell Qty 1000.00
OPEN 145.00
CLOSE 145.00
VOLUME 10000
52-Week high 145.00
52-Week low 43.33
P/E 37.66
Mkt Cap.(Rs cr) 152
Buy Price 142.55
Buy Qty 1000.00
Sell Price 150.00
Sell Qty 1000.00

Shreeji Translogistics Ltd. (SHREEJITRANSLOG) - Auditors Report

Company auditors report

To the Members of SHREEJI TRANSLOGISTICS LIMITED

{Formerly Known As : SHREEJI TRANSPORT SERVICES PRIVATE LIMITED }

Report on Standalone Financial Statements

I have audited the accompanying Standalone Financial Statements of SHREEJITRANSLOGISTICS LIMITED

{Formerly Known As : SHREEJI TRANSPORT SERVICES PRIVATE LIMITED} which comprisethe Balance

Sheet as at 31 March 2018 the Statement of Profit and Loss and Cash Flow Statementfor the year ended and a summary of significant accounting policies and other explanatoryinformation.

In my opinion to the best of my information and according to the explanations given tome the aforesaid standalone financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(i) in the case of the Balance Sheet of the state of affairs of the Company as at 31March 2018;

(ii) in the case of the Statement of Profit and Loss of the profit for the year endedon that date;

(iii) in the case of Cash Flow Statement of the cash flows of the Company for the yearended on that date.

Basis for Opinion

I conducted my audit in accordance with the Standards on Auditing (SAs) specified undersection 143(10) of the Companies Act 2013. My responsibilities under those Standards arefurther described in the Auditor's Responsibilities for the Audit of the FinancialStatements section of my report. I am independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to my audit of the financial statements under theprovisions of the Companies Act 2013 and the Rules thereunder and I have fulfilled myother ethical responsibilities in accordance with these requirements and the Code ofEthics. I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my opinion.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance and cash ?ows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards speci?ed underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibility

My objectives are to obtain reasonable assurance about whether the financial statementsas a whole are free from material misstatement whether due to fraud or error and toissue an auditor's report that includes my opinion. Reasonable assurance is a high levelof assurance but is not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists. Misstatements can arise from fraudor error and are considered material if individually or in the aggregate they couldreasonably be expected to influence the economic decisions of users taken on the basis ofthese financial statements.

My responsibility is to express an opinion on these standalone financial statementsbased on my audit.

I have taken into account the provision of the Act the accounting and audiingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder. I conducted my audit in accordancewith the Standards on Auditing specified under section 143(10) of the Act. Those standardsrequire that I comply with the ethical requirements and plan and perform the audit toobtain reasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgement including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments; the auditorconsiders internal control relevant to the Company's preparation of the FinancialStatement that give a true and fair view in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether Company has in place an adequate internal financial controls system over financialreporting and the operating effectiveness of such controls. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the standalone Financial Statement.

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 I give in the "Annexure A" a ` statement on the matters specified inthe paragraph 3 and 4 of the Order to the extent applicable.

2. As required by section 143 (3) of the Act I report that:

a. I have sought and obtained all the information and explanations which to the best ofmy knowledge and belief were necessary for the purpose my audit;

b. In my opinion proper books of account as required by law have been kept by theCompany so far as it appears from my examination of those books;

c. The Balance Sheet Statement of Profit and Cash Flow Statement dealt with by thisReport are in agreement with the books of account;

d. In my opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards specified under section 133 of theCompanies Act 2013read with Rule 7 of the Companies (Accounts) Rules2014 e. On thebasis of written representations received from the Directors as on 31 March 2018 andtaken on record by the Board of Directors none of the Directors are disqualified as on 31March 2018

from being appointed as a Director in terms section 164 (2) Companies Act 2013;

f. With respect to the adequacy of the internal financial controls over financialreporting of the

Company and the operating effectivness of such controls refer to our separate reportin "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 my opinionand to the best of my information and according to the explananations given to us:-

i. The Company has disclosed the impact of pending litigation on its financial positionin its Financial

Statement- Refer No:- 23;

ii. The Company has made provision as required under the applicable law or accountingstandards

for materials foreseeable losses if any on long term contracts including derivativecontracts;

iii. There were no amount which were required to be transferred to the InvestorEducation and

Protection Fund.

For SANJAY C. SHAH & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM 'S REGISTRATION NO. 128148W
SANJAY C. SHAH
Mumbai Proprietor
Date : 30-05-2018 Membership Number: 39179

ANNEXURE A TO INDEPENDENT AUDITOR'S REPORT

Referred to Paragraph 1 under the heading of "Report on Other Legal and RegulatoryRequirements" of my report of even date I report that :

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets except in case of certain assets whereitem wise particulars and tagging of fixed asses are in the process of updation in thefixed asset register;

(b) A substantial portion of the fixed assets has been physically verified by theManagement at regular intervals and in my opinion the frequency of verification isreasonable having regard to the size of the Company and the nature of its assets.According to information and explanation given to me no material discrepancies werenoticed on such physical verification as compared to available records.

(c) Accooding to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) The Company is a Service Company primarily rendering transportation services.Accrodignly it does not hold any physical inventories. Thus paragraph 3 (ii) of theOrder is not applicable;

(iii) As per the information and explanations given to me during the year coveredunder audit the Company has not granted any unsecured loans whether secured orunsecured to the parties covered in the register maintained under section 189 of theCompanies Act 2013. Hence the provisions of Clause (a) and (b) of the Companies(Auditor's Report) Order 2016 are not applicable to the Company;

(iv) The Company has not granted any loans during the year under section 185 and in myopinion and according to information and explanation given to me it has complied withprovisions of section 186 of the Act in respect of grant of any loans making investmentor providing guarantees and securities as applicable.

(v) The Company has not accepted any deposits from the public to which the directivesissued by the Reserve Bank of India and the provisions of section 73 to 76 of theCompanies Act 2013 and the rules framed thereunder are applicable.

(vi) The Central Government has not prescribed the maintenance of Cost records undersection 148 (1) of the Act for any of the services rendered by the Company.

(vii) (a) According to the information and explanations given to me and the records ofthe Company examined by me in my opinion the Company is generally regular in depositingthe undisputed statutory dues including provident fund employee's state insuranceincome-tax sale-taxwealth tax custom duty excise duty service tax cess and othermaterial statutory dues as applicable with the appropriate authorities.

However according to the information and explanations given to methere are nooutstanding statutory dues which have remained outstanding as to last date of thefinancial period for a period more than six months from the date they became payable.

(b) According to the information and explanation given to me the following amount ofSales Tax Custom Duty Excise Duty Cess Income Tax Wealth Tax Service Tax have beendisputed by the Company and hence were not remitted to the concerned authorities at thedate of the Balance sheet under report.

Name of the Statute Nature of Dues Amount Year to which Amount Relates Cases Pending before
Income Tax Act1961 Income Tax 5956468 A .Y.2006-07 Pending before Hon'ble ITAT
Income Tax Act1961 Income Tax 635665 A.Y.2013-14 Pending before Hon'ble CIT (Appeal)
Income Tax Act1961 Income Tax 622487 A.Y.2014-15 Pending before Hon'ble CIT (Appeal)

(viii) In my opinion and according to the record of the Company examined by me and theinformation and

explanation given to me the Company has not defaulted in repayment of its dues tobank.

(ix) According to the information and explanation given to us and on the basis of myexamination of the books of account term loans accepted by the company have been appliedfor the purpose for which those are raised.

(x) According to the information and explanation given to us and on the basis of myexamination of the books of account the company has raised money by way of Public offeror further public offer (including debt instruments). the Company has utilized all themoney raised by way of initial public offer for the purpose for which they were raised.

(xi) According to the information and explanation given to me no material frauds bythe Company and no fraud on the Company by its officers or employees has been has beennoticed or reported during the course of my audit;

(xii) According to the information and explanation given to us and on the basis of myexamination of the books of account the manangerial remuneration are payable as perprovisions of section 197 read with Schedule V to the Companies Act 2013.

(xiii) The Company is not a chit fund or a nidhi / mutual benefit fund / society.Therefore the paragraph

(xii) of the Companies (Auditor's Report) Order 2016 are not applicable to theCompany;

(xiv) All Transactions with the related parties are in compliance with the sections 177and 188 of the companies Act 2013 are applicable and the details have been disclosed inthe Financial statements etc. as required by the applicable accounting standards;

(xv) The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review;

(xvi) In our opinion and according to the information and explanations given to usduring the year the Company has not entered into non – cash transaction with theDirectors or persons connected with them;

(xvii) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For SANJAY C. SHAH & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM 'S REGISTRATION NO. 128148W
SANJAY C. SHAH
Mumbai Proprietor
Date : 30-05-2018 Membership Number: 39179

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

Referred to Paragraph 2(f) under the heading of "Report on Other Legal andRegulatory Requirements" of my report of even date I report that:

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the

Companies Act 2013 ("the Act")

I have audited the internal financial controls over financial reporting of SHREEJITRANSLOGISTICS LIMITED

{Formerly Known As : SHREEJI TRANSPORT SERVICES PRIVATE LIMITED} ("theCompany") as of 31 March 2018in conjunction with my audit of the Standalone FinancialStatements of the Company for the year ended as on 31 March 2018.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancialcontrols based on financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India. These responsibilities include the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

My responsibility is to express an opinion on the Company's internal financial controlsover financial reporting based on my audit. I conducted my audit in accordance with theGuidance 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 I 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.

My audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. My 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.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized 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 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 my 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 SANJAY C. SHAH & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM 'S REGISTRATION NO. 128148W
SANJAY C. SHAH
Mumbai Proprietor
Date : 30-05-2018 Membership Number: 39179