You are here » Home » Companies » Company Overview » Timescan Logistics (India) Ltd

Timescan Logistics (India) Ltd.

BSE: 535426 Sector: Others
NSE: TIMESCAN ISIN Code: INE0IJY01014
BSE 05:30 | 01 Jan Timescan Logistics (India) Ltd
NSE 00:00 | 30 Jun 73.50 0
(0.00%)
OPEN

73.50

HIGH

73.50

LOW

73.50

OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Timescan Logistics (India) Ltd. (TIMESCAN) - Auditors Report

Company auditors report

On Restated Standalone Financial Information of Timescan Logistics (India) Limited

To

The Board of Directors

Timescan Logistics (India) Limited

Rajah Annamalai Buildings Annexe 3rd Floor 18/3 Rukmani Lakshmipathy Road MarshallsRd Egmore Chennai Tamil Nadu-600008

Dear Sirs

1. We have examined the attached Restated Financial Information of M/s. TimescanLogistics (India) Limited Formerly known as Timescan Logistics (India) Private Limited(the "Company") comprising the Restated Statement of Assets and Liabilities asat and for the period ended June 30 2021 and for the year ended March 31 2021 2020 and2019 the Restated Statements of Profit and Loss the Restated Cash FlowStatement for the period ended June 30 2021 and for the year ended March 3120212020 and 2019 the Summary Statement of Significant Accounting Policies and otherexplanatory information (collectively the "Restated Financial Information")as approved by the Board of Directors of the Company at their meeting held on November92021 for the purpose of inclusion in the Draft Prospectus/ Prospectus prepared by theCompany in connection with its proposed Initial Public Offer of equity shares("IPO").

2. These restated Summary Statement have been prepared in terms of the requirements of:

a) Section 26 of Part I of Chapter III of the Companies Act 2013 (the "Act")

b) The Securities and Exchange Board of India (Issue of Capital and DisclosureRequirements) Regulations 2018 as amended ("ICDR Regulations"); and

c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by theInstitute of Chartered Accountants of India ("ICAI") as amended from time totime (the "Guidance Note").

3. The Company's Board of Directors is responsible for the preparation of the RestatedFinancial Information for the purpose of inclusion in the Draft Prospectus/Prospectus tobe filed with Securities and Exchange Board of India Registrar of Companies Tamil Naduand National Stock Exchange of India Limited in connection with the proposed SME IPO.The Restated Financial Information have been prepared by the management of the Company onthe basis of preparation stated in Note 2.1 of Annexure IV to the RestatedFinancial Information. The Board of Directors of the Company responsibility includesdesigning implementing and maintaining adequate internal control relevant to thepreparation and presentation of the Restated Financial Information. The Board of Directorsare also responsible for identifying and ensuring that the Company complies with the ActICDR Regulations and the Guidance Note.

4. We have examined such Restated Financial Information taking into consideration:

a) The terms of reference and terms of our engagement with the company in accordancewith our engagement letter dated 09th July 2021 in connection with the proposedinitial Public Offering of equity shares on SME Platform of National Stock ExchangeLimited ("SME IPO");

b) The Guidance Note on Reports in Company Prospectus (revised) issued by the instituteof Chartered Accountants of India ("Guidance Note");

c) Concepts of test checks and materiality to obtain reasonable assurance based onverification of evidence supporting the Restated Financial Information; and

d) The requirements of Section 26 of the Act and the ICDR Regulations. Our work wasperformed solely to assist you in meeting your responsibilities in relation to yourcompliance with the Act the ICDR Regulations and the Guidance Note in connection with theIPO.

5. These Restated Financial Information have been Compiled by the management from theAudited Financial Statements of the Company for the three-month period ended on June 302021 and financial years ended on March 31 2021 March 31 2020 and March 312019 whichhas been approved by the Board of Directors.

a) We have audited financial statements of the company for the three months periodended June 302021 prepared in accordance with Indian Accounting standard (Indian GAAP)Which have been approved by the Board of Directors.

b) We have Re-audited the Financial statements of the company as required under theSEBI ICDR regulations for the financial year ended March 31 2021 prepared in accordancewith the Indian Accounting Standards (Indian GAAP) Which have been approved by the Boardof Directors.

6. For the purpose of our examination we have relied on:

a) Auditor reports issued by us dated on November 62021 as at and for the three-monthperiod ended on June 30 2021 as referred in Paragraph 5 above

b) Auditors' Report issued by M/s Subburathinam & Sivakumar ("thePrevious Auditor") dated on 08-09-2021 3011-2020 and 31-08-2019 on thefinancial statements of the company as at and for the years ended March 312021 2020 and2019.

7. The Previous Auditor have also confirmed that:

a) As at April 1 2020 and during the period covered by the financial statements onwhich they reported they were independent Chartered accountants with respect to thecompany pursuant to the rules promulgated in clause 4 Part I the Second Schedule of TheChartered Accountants Act 1949.

b) In their opinion the Audited F inancial Statements for the year ended March 312021 were when prepared compliant with the applicable accounting requirements asreferred in Paragraph 5 above.

c) They are not aware of any facts or circumstances that would cause us to rescind orrevise our reports in respect of the Audited Financial Statements for the year ended March31 2021

8. The audit was conducted by the company's previous Auditor and accordingly reliancehas been placed on the statement of assets and liability Statements of profit & Lossstatement of cash flow the significant accounting policies and other explanatoryinformation and (collectively "Audited financial statement") examined by them.

9. Based on our examination and according to the information and explanations given tous we report that:

a) The "Restated Statement of Assets and Liabilities" as set out in AnnexureI to this report of the Company as at and for the three-month period ended on June30 2021 and as at and for the years ended March 312021 March 31 2020 and March312019 are prepared by the Company and approved by the Board of Directors. These RestatedStatement of Assets and Liabilities have been arrived at after making such adjustmentsand regroupings retrospectively in the financial year ended March 31 2021 March 31 2020and March 31 2019 to reflect the same accounting treatment as per the accounting policiesand grouping/classification followed for the three-month period ended June 30 2021.

b) The "Restated Statement of Profit and Loss" as set out in AnnexureII to this report of the Company as at and for the three-month period ended on June30 2021 and as at and for the years ended March 31 2021 March 31 2020 and March312019 are prepared by the Company and approved by the Board of Directors. These RestatedStatement of Profit & Loss have been arrived after making such adjustments andregroupings retrospectively in the financial year ended March 31 2021 March 31 2020 andMarch 31 2019 to reflect the same accounting treatment as per the accounting policies andgrouping/classification followed for the three-month period ended June 30 2021.

c) The "Restated Statement of Cash Flow" as set out in Annexure IIIto this report of the Company as at and for the three-month period ended on June 302021 and as at and for the years ended March 31 2021 March 31 2020 and March 312019are prepared by the Company and approved by the Board of Directors. These RestatedStatement of Profit & Loss have been arrived after making such adjustments andregroupings retrospectively in the financial year ended March 31 2021 March 31 2020 andMarch 31 2019 to reflect the same accounting treatment as per the accounting policies andgrouping/classification followed for the three-month period ended June 30 2021.

d) The Restated Summary Statement have been prepared in accordance with the Act ICDRRegulations and the Guidance Note.

e) Extra-ordinary items that need to be disclosed separately in the accounts has beendisclosed wherever required;

f) There are qualifications and Key Audit matters reported in Audit reports Issued bythe Previous Auditors as at and for the year ended March 31 2021 March 31 2020 andMarch 312019 for which adjustments have been made in this Restated Financial Statementsof the Company Without modifying the opinion we reproduce the following matters reportedby the previous auditors in the reports for the respective periods

FY 2020-21:

Key Audit matters: -

• "Revenue recognition and measurement including related cost of rendering ofservices involves critical judgments by management including assessment of when thecontrol of good or services are being transferred identifying large variety of complexperformance obligations and determining if such obligations are satisfied over a period oftime".

FY 2019-20:

• "Claims against the company not acknowledged as debt"

• "Attention is invited to note12 to the financial statements that provisionfor liability towards defined benefit scheme is accounted on cash basis which is not inconformity with the Accounting Standard 15 on ‘Accounting of retirement benefits toEmployee'".

FY 2018-19:

• "Claims against the company not acknowledged as debt"

• "Attention is invited to note12 to the financial statements that provisionfor liability towards defined benefit scheme is accounted on cash basis which is not inconformity with the Accounting Standard 15 on Accounting of retirement benefits toEmployee".

g) Profits and losses have been arrived at after charging all expenses includingdepreciation and after making such adjustments/restatements and regroupings as in ouropinion are appropriate and are to be read in accordance with the Significant AccountingPolices and Notes to Accounts as set out in Annexure IV & V to this report;

h) Adjustments in Restated Summary Statements have been made in accordance with thecorrect accounting policies.

i) There are no change in accounting policies which needs to be adjusted in theRestated Summary Statements.

j) There are no revaluation reserves which need to be disclosed separately in theRestated Financial Statements;

k) The company has not proposed any dividend in past effective for the said period.

10. We have also examined the following other financial information relating to theCompany prepared by the Management and as approved by the Board of Directors of theCompany and annexed to this report relating to the Company as at and for the three-monthperiod ended on June 30 2021 and as at and for the years ended March 31 2021 March312020 and March 312019 proposed to be included in the Draft Prospectus/Prospectus.

Annexure No. Particulars
I Restated Statement of Assets & Liabilities
I.1 Restated Statement of Share Capital
I.2 Restated Statement of Reservses & Surpluses
I.3 Restated Statement of Long-Term Borrowings
I.4 Restated Statement of Deferred Tax Liabilities/Assets
I.5 Restated Statement of Provisions (Non-Current)
I.6 Restated Statement of Short-Term Borrowings
I.7 Restated Statement of Trade Payable
I.8 Restated Statement of Other Current Liabilities
I.9 Restated Statement of Short-Term Provisions
I.10 Restated Statement of Fixed Assets & Depreciations
I.11 Restated Statement of Non-Current Investment
I.12 Restated Statement of Trade Receivable
I.13 Restated Statement of Cash & Cash Equivalent
I.14 Restated Statement of Short-Term Loans and Advances
I.15 Restated Statement of Other Current Assets
II Restated Statement of Profit & Loss
II.1 Restated Statement of Revenue from operations
II.2 Restated Statement of Other Income
II.3 Restated Statement of Cost of Service Rendered
II.4 Restated Statement of Employees Benefit Expenses
II.5 Restated Statement of Other Expenses
II.6 Restated Statement of Depreciation & Amortization Expenses
II.7 Restated Statement of Financial Charges
II.8 Restated Statement of tax Expenses
Other Annexures:
III Cash Flow Statement
IV Statement of Significant Accounting Policies
V Notes to the Re-stated Financial Statements
VI Statement of Accounting & Other Ratios As Restated
VII Statement of Capitalization As Restated
VIII Statement of Tax Shelter As Restated
IX Statement of Related Parties & Transactions
X Statement of Dividends
XI Changes in the Significant Accounting Policies
XII Contingent Liabilities & Assets

11. We M/s. L Mukundan & Associates Chartered Accountants have beensubjected to the peer review process of the Institute of Chartered Accountants of India("ICAI") and hold a valid peer review certificate issued by the "PeerReview Board" of the ICAI which is valid till 30.09.2024.

12. The Restated Financial Information do not reflect the effects of events thatoccurred subsequent to the respective dates of the reports on the special purpose interimfinancial statements and audited financial statements mentioned in paragraph 5 above.

13. This report should not in any way be construed as a reissuance or re-dating of anyof the previous audit reports issued by us nor should this report be construed as a newopinion on any of the financial statements referred to herein.

14. We have no responsibility to update our report for events and circumstancesoccurring after the date of the report.

15. Our report is intended solely for use of the Board of Directors for inclusion inthe Draft Prospectus / Prospectus to be filed with Securities and Exchange Board of Indiathe stock exchanges and Registrar of Companies Tamil Nadu in connection with the proposedSME- IPO. Our report should not be used referred to or distributed for any otherpurpose except with our prior consent in writing. Accordingly we do not accept or assumeany liability or any duty of care for any other purpose or to any other person to whomthis report is shown or into whose hands it may come without our prior consent in writing.

For L Mukundan and Associates
Chartered Accountants
Firm Reg. No: 010283S
S/d-
L Mukundan
Partner
Place: Chennai Membership No: 204372
Date: 09.11.2021 UDIN No: 21204372AAAAFA6613

.