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Snowman Logistics Ltd.

BSE: 538635 Sector: Others
NSE: SNOWMAN ISIN Code: INE734N01019
BSE 00:00 | 13 Sep 30.35 -0.25
(-0.82%)
OPEN

30.75

HIGH

30.95

LOW

30.30

NSE 00:00 | 13 Sep 30.40 -0.25
(-0.82%)
OPEN

30.75

HIGH

31.25

LOW

30.25

OPEN 30.75
PREVIOUS CLOSE 30.60
VOLUME 52359
52-Week high 41.40
52-Week low 26.60
P/E
Mkt Cap.(Rs cr) 507
Buy Price 30.35
Buy Qty 41.00
Sell Price 30.35
Sell Qty 286.00
OPEN 30.75
CLOSE 30.60
VOLUME 52359
52-Week high 41.40
52-Week low 26.60
P/E
Mkt Cap.(Rs cr) 507
Buy Price 30.35
Buy Qty 41.00
Sell Price 30.35
Sell Qty 286.00

Snowman Logistics Ltd. (SNOWMAN) - Auditors Report

Company auditors report

To the Members of

SNOWMAN LOGISTICS LIMITED

Report on the Ind AS Financial Statements

We have audited the accompanying Ind AS fi nancial statements of Snowman LogisticsLimited ("the Company") which comprise the Balance Sheet as at March 31 2018the Statement of Profi t and Loss including the statement of Other Comprehensive Incomethe Cash Flow Statement and the Statement of Changes in Equity for the year then endedand a summary of signifi cant accounting policies and other explanatory information.

Management's Responsibility for the Ind AS 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 Ind AS fi nancial statements that give a true and fair view of the fi nancialposition fi nancial performance including other comprehensive income cash fl ows andchanges in equity of the Company in accordance with accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) specifi ed undersection 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015as amended. This responsibility also includes maintenance of adequate accounting recordsin accordance 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 the design implementation and maintenance of adequateinternal fi nancial control that were operating efiectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS fi nancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS fi nancial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made thereunder. We conducted our audit of the IndAS fi nancial statements in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India as specifi ed under Section

143(10) of the Act. Those Standards require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether the fi nancialstatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the fi nancial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the Ind AS financial statements whether due to fraud or error. In making those risk assessments theauditor considers internal fi nancial control relevant to the Company's preparation of theInd AS fi nancial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the Ind AS fi nancial statements. We believe that the audit evidence we have obtainedis su3 cient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the Ind AS fi nancial statements give the information required by the Act inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of a3 airs of the Company as at March31 2018 its loss including other comprehensive income its cash fl ows and the changesin equity for the year ended on that date.

Other Matter

The Ind AS fi nancial statements of the Company for the year ended March 31 2017included in these Ind AS fi nancial statements have been audited by the predecessorauditor who expressed an unmodifi ed opinion on those statements on May 17 2017.

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 we give in the Annexure 1 a statement on the matters specifi ed in paragraphs 3and 4 of the Order.

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 purpose 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 Statement of Profi t and Loss including the Statement of OtherComprehensive Income the Cash Flow Statement and Statement of Changes in Equity dealtwith by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid Ind AS fi nancial statements comply with theAccounting Standards specifi ed under section 133 of the Act read with Companies (IndianAccounting Standards) Rules 2015 as amended;

(e) On the basis of written representations received from the directors as on March 312018 and taken on record by the Board of Directors none of the directors is disqualified as on March 31 2018 from being appointed as a director in terms of section 164 (2) ofthe Act;

(f ) With respect to the adequacy of the internal fi nancial controls over fi nancialreporting of the Company with reference to these Ind AS fi nancial statements and theoperating efiectiveness of such controls refer to our separate Report in "Annexure2" to this report;

(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 opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its fi nancialposition in its Ind AS fi nancial statements – Refer Note 27 to the Ind AS fi nancialstatements;

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 S.R. Batliboi & Co. LLP

Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005

per Vishal Sharma
Partner
Membership Number: 96766
Place: Gurugram
Date: May 15 2018

Annexure 1 to Independent Auditors' Report

ANNEXURE 1 REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING ‘REPORT ON OTHER LEGAL ANDREGULATORY REQUIREMENTS' OF OUR REPORT OF EVEN DATE

Re: Snowman Logistics Limited (‘the Company')

i. a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fi xed assets.

b. Fixed assets have been physically verifi ed by the management during the year and nomaterial discrepancies were identifi ed on such verifi cation.

c. According to the information and explanations given by the management the titledeeds of immovable properties included in property plant and equipment are held in thename of the company except for one freehold land having a gross block and net blockaggregating to INR 2.22 lakhs as at March 31 2018 for which title deed was not held inthe name of the Company.

ii. The Company's business does not involve inventories and accordingly therequirements under paragraph 3(ii) of the Order are not applicable to the Company.

iii. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies fi rms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013. Accordingly the provisions of clause 3(iii) (a) (b) and (c) of theOrder are not applicable to the Company and hence not commented upon.

iv. In our opinion and according to the information and explanations given to us thereare no loans investments guarantees and securities given in respect of which provisionsof section 185 and 186 of the Companies Act 2013 are applicable and hence not commentedupon.

v. The Company has not accepted any deposits within the meaning of Sections 73 to 76 ofthe Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended). Accordinglythe provisions of clause 3(v) of the Order are not applicable.

vi. To the best of our knowledge and as explained the Central Government has notspecifi ed the maintenance of cost records under Section 148(1) of the Companies Act2013 for the products/services of the Company.

vii. a. Undisputed statutory dues including provident fund employees' state insuranceincome-tax sales-tax service tax duty of custom value added tax goods and servicetax cess and other statutory dues have generally been regularly deposited with theappropriate authorities though there has been a slight delay in a few cases. Theprovisions relating to duty of excise are not applicable to the Company.

b. According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income-tax service taxsales-tax duty of custom value added tax goods and service tax cess and otherstatutory dues were outstanding at the year end for a period of more than six monthsfrom the date they became payable. The provisions relating to duty of excise are notapplicable to the Company.

c. According to the records of the Company the dues of income-tax wealth taxsales-tax value added tax on account of any dispute are as follows:

Name of the statute Nature of the dues Amount (INR in lakhs) Period to which the amount relates Forum where the dispute is pending
Income Tax Act 1961 Income Tax 8.82 AY 2003-04 Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Income Tax 3.46 AY 2006-07 Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Income Tax 1.96 AY 2007-08 Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Income Tax 2.62 AY 2012-13 Commissioner of Income Tax (Appeals)
Wealth Tax Act 1957 Wealth Tax 3.02 PY 2002-03 Commissioner of Income Tax (Appeals)
Kerala Value Added Tax 2003 Value Added Tax 26.93 PY 2011-12 Deputy Commissioner (Appeals)

According to information and explanation given to us there are no dues of service taxduty of customs goods and service tax and cess which have not been deposited on accountof any dispute. The provisions of relating to duty of excise are not applicable to theCompany.

viii. In our opinion and according to the information and explanations given by themanagement the Company has not defaulted in repayment of loans or borrowing to a financial institution bank or government or dues to debenture holders.

ix. In our opinion and according to the information and explanations given by themanagement the Company has utilized the monies raised by way of term loans for thepurposes for which they were raised.

Based on the information and explanations given by the management the Company has notraised any money way of initial public offer / further public offer / debt instruments.

x. Based upon the audit procedures performed for the purpose of reporting the true andfair view of the fi nancial statements and according to the information and explanationsgiven by the management we report that no fraud by the company or no material fraud onthe company by the o3 cers and employees of the Company has been noticed or reportedduring the year.

xi. According to the information and explanations given by the management themanagerial remuneration has been paid / provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

xii. In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the order are not applicable to the Company and hence not commented upon.

xiii. According to the information and explanations given by the managementtransactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the notes tothe fi nancial statements as required by the applicable accounting standards.

xiv. According to the information and explanations given to us and on an overallexamination of the balance sheet the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence reporting requirements under clause 3(xiv) are not applicable tothe company and not commented upon.

xv. According to the information and explanations given by the management the Companyhas not entered into any non-cash transactions with directors or persons connected withhim as referred to in section 192 of Companies Act 2013.

xvi. According to the information and explanations given to us the provisions ofsection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For S.R. Batliboi & Co. LLP

Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005
per Vishal Sharma

Partner

Membership Number: 96766
Place: Gurugram
Date: May 15 2018

Annexure 2 to Independent Auditor's Report

ANNEXURE 2 TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTSOF SNOWMAN LOGISTICS LIMTED

Report on the Internal Financial Controls under Clause (i) of Subsection 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal fi nancial controls over fi nancial reporting of SnowmanLogistics Limited ("the Company") as of March 31 2018 in conjunction with ouraudit of the fi nancial statements 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 internal financial controls based on the internal control over fi nancial 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 fi nancial controls thatwere operating efiectively for ensuring the orderly and e3 cient conduct of its businessincluding adherence to the 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 fi nancial information asrequired under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal fi nancialcontrols over fi nancial with reference to these fi nancial statements reporting based onour audit. We conducted our audit in accordance with the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting (the "Guidance Note") andthe Standards on Auditing as specifi ed under section 143(10) of the Companies Act 2013to the extent applicable to an audit of internal fi nancial controls and both issued bythe Institute of Chartered Accountants of India. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal fi nancial controls over fi nancialreporting with reference to these fi nancial statements was established and maintained andif such controls operated efiectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal fi nancial controls over fi nancial reporting with reference to these financial statements and their operating efiectiveness. Our audit of internal fi nancialcontrols over fi nancial reporting included obtaining an understanding of internal financial controls over fi nancial reporting with reference to these fi nancial statementsassessing the risk that a material weakness exists and testing and evaluating the designand operating efiectiveness 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 fi nancial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is su3 cient and appropriate toprovide a basis for our audit opinion on the internal fi nancial controls over fi nancialreporting with reference to these fi nancial statements.

Meaning of Internal Financial Controls Over Financial Reporting With Reference to theseFinancial Statements

A company's internal fi nancial control over fi nancial reporting with reference tothese fi nancial statements is a process designed to provide reasonable assuranceregarding the reliability of fi nancial reporting and the preparation of fi nancialstatements for external purposes in accordance with generally accepted accountingprinciples. A company's internal fi nancial control over fi nancial reporting withreference to these fi nancial statements includes those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyrefl ect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offi nancial statements in accordance with generally accepted accounting principles andthat receipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the fi nancialstatements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting WithReference to these Financial Statements

Because of the inherent limitations of internal fi nancial controls over fi nancialreporting with reference to these fi nancial statements including the possibility ofcollusion or improper management override of controls material misstatements due to erroror fraud may occur and not be detected. Also projections of any evaluation of theinternal fi nancial controls over fi nancial reporting with reference to these fi nancialstatements to future periods are subject to the risk that the internal fi nancial controlover fi nancial reporting with reference to these fi nancial statements may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects adequate internal fi nancialcontrols over fi nancial reporting with reference to these fi nancial statements and suchinternal fi nancial controls over fi nancial reporting with reference to these fi nancialstatements were operating efiectively as at March 31 2018 based on the internal controlover fi nancial 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 S.R. Batliboi & Co. LLP

Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005
per Vishal Sharma

Partner

Membership Number: 96766
Place: Gurugram
Date: May 15 2018