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Allcargo Logistics Ltd.

BSE: 532749 | NSE: ALLCARGO |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE418H01029 | SECTOR: Transport & Logistics

BSE Live

Jul 30, 15:42
197.85 7.80 (4.10%)
Volume
AVERAGE VOLUME
5-Day
408,365
10-Day
301,264
30-Day
181,326
1,145,941
  • Prev. Close

    190.05

  • Open Price

    189.55

  • Bid Price (Qty.)

    197.85 (24699)

  • Offer Price (Qty.)

    197.85 (5001)

NSE Live

Jul 30, 15:59
197.60 8.10 (4.27%)
Volume
AVERAGE VOLUME
5-Day
4,073,931
10-Day
2,964,157
30-Day
2,141,970
5,148,430
  • Prev. Close

    189.50

  • Open Price

    190.05

  • Bid Price (Qty.)

    197.60 (18114)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2010 2009

Auditor's Report

We have audited the attached Balance Sheet of Allcargo Logistics Limited (formerly known as All cargo Global Logistics Limited) (''the Company'') as at March 31, 2012, and the related Profit and Loss Account and the Cash Flow Statement for the fifteen months period ended on that date, annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 1. As required by the Companies (Auditor''s Report) Order, 2003 (''the Order''), issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (''the Act''), we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order. 2. Further to our comments in the Annexure referred to above, we report that: a) We have obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the purposes of our audit; b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books; c) The Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account; d) I n our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Act; e) A n the basis of written representations received from the Directors as of March 31, 2012 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31, 2012 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Act; f) As more fully explained in note 26.3 to the financial statements, the Company has paid remuneration aggregating to Rs. 37,726 thousand (previous year: Rs. 24,340 thousand) for the period from January 1, 2011 to March 31, 2012 to relatives of certain directors, which is subject to approval of the Central Government as per the requirements of Section 314 of the Companies Act, 1956. The Company has made necessary application in respect of the same; and g) I n our opinion and to the best of our information and according to the explanations given to us, subject to the effect of the matter included in the paragraph (f) above, the said financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2012; (ii) I n the case of the Profit and Loss Account, of the profit of the Company for the fifteen months period ended on that date; and (iii) I n the case of the Cash Flow Statement, of the cash flows of the Company for the fifteen months period ended on that date. ANNEXURE TO THE AUDITORS'' REPORT (Referred to in our report of even date) (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The Company has a regular programme of physical verification of its fixed assets by which all fixed assets are verified over a period of two years. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. In accordance with the policy, the Company has physically verified certain fixed assets during the period and we are informed that no material discrepancies were noticed on such verification. (c) Fixed assets disposed off during the period were not substantial, and therefore, do not affect the going concern assumption. (ii) (a) The inventory has been physically verified by the management during the period. In our opinion, the frequency of such verification is reasonable. The procedures for physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (b) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and these have been dealt with in the books of account. (iii) (a) The Company has granted unsecured loans to a body corporate covered in the register maintained under Section 301 of the Companies Act, 1956 (''the Act''). The maximum amount outstanding during the year was Rs. 604,387 thousand and the year-end balance was Rs. 507,799 thousand. The Company has not granted loans, secured or unsecured to firms or other parties covered in the register maintained under Section 301 of the Act. In our opinion and according to the information and explanation given to us, the Company does not consider the reimbursement of costs charged and outstanding to fall under preview of loans. (b) I n our opinion, the rate of interest and other terms and conditions on which the loans have been granted to the body corporate covered in the register maintained under Section 301 of the Act are not, prima facie, prejudicial to the interest of the Company. (c) Loans granted to the body corporate listed in the register maintained under Section 301 of the Act are repayable on demand. The borrowers have been regular in repaying the principal amounts as demanded and in the payment of interest. (d) There are no overdue amounts of more than rupees one lakh in respect of loans granted to the body corporate listed in the register maintained under Section 301 of the Act. (e) According to the information and explanations given to us, the Company has not taken any loans, secured or unsecured, from companies, firms or parties covered in the register maintained under Section 301 of the Act. Accordingly, paragraphs 4 (iii) (e) to 4(iii) (g) of the Order are not applicable. (iv) In our opinion and according to the information and explanations given to us, except that certain services rendered are of a specialized nature and are rendered to specific buyers and as explained suitable alternative sources are not available to obtain comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and inventories and with regard to the sale of goods and services. We have not observed any major weakness in the internal control system during the course of the audit. (v) (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Act have been entered in the register to be maintained under that section. (b) In our opinion and according to the information and explanations given to us, except that certain services rendered are of a specialized nature and are rendered to specific buyers and suitable alternative sources are not available to obtain comparable quotations, the transactions made in pursuance of contracts or arrangements in the register maintained under Section 301 of the Act and exceeding the value of Rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. However, on the basis of information and explanations provided, the same appear reasonable. (vi) The Company has not accepted any deposits from the public during the period. (vii) In our opinion, the Company has an internal audit system commensurate with its size and the nature of its business. (viii) As informed to us by the management, the Central Government has not prescribed the maintenance of cost records under Section 209(1) (d) of the Act for any of the goods and services / activities sold / rendered by the Company. (ix) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues of Provident Fund, Employees'' State Insurance, Investor Education and Protection Fund, Income-tax, Sales tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues have generally been regularly deposited during the period by the Company with the appropriate authorities, though there are slight delays in few cases. According to the information and explanations given to us, no undisputed amounts payable in respect of Provident fund, Employees'' State Insurance, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues were in arrears as at March 31, 2012 for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us, there are no dues of Sales tax, Wealth tax and Cess which have not been deposited with the appropriate authorities on account of any disputes. According to the information and explanations given to us, the following statutory dues have not been deposited by the Company on account of disputes: Name of the Statute Nature of the Amount Period to Forum where dispute Due (Rs000) amount is pending relates The Finance Act, 1994 Service tax plus 217 2006-07 to 2009-10 Commissioner of Central Excise interest and and Service Tax Appellate penalty Tribunal Penalty 150 2002 Commissioner of Central Excise and Service Tax Appellate Tribunal Service tax 201 Apr-08 to Sep-08 CERA Service tax 104,336 2004-05 to 2009-10 Commissioner of Service tax, Chennai Service tax 9,030 2004-2009 Deputy Commissioner of Service tax, Raigad district The Customs Act, 1962 Custom Duty 18,100 2004 Commissioner of Customs Penalty 200 2011-2012 Commissioner of Customs The Income Tax Act,1961 Income Tax 547,860 A.Y. 2003-04 to 2009-10 Income Tax Appel late Tribunal (x) The Company does not have any accumulated losses as at the end of the financial period. The Company has not incurred any cash losses in the current period and immediately preceding financial year. (xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to banks. The Company did not have any outstanding dues to any financial institution or debenture holders during the period. (xii) According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion, and according to the information and explanations given to us, the Company is not a chit fund or a nidhi/ mutual benefit fund/ society. (xiv) According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. (xv) According to the information and explanations given to us, the terms and conditions on which the Company has given guarantees for loans taken by subsidiaries from banks and financial institutions are not prima facie prejudicial to the interest of the Company. (xvi) I n our opinion and according to the information and explanations given to us, the term loans taken by the Company have been applied for the purpose for which they were raised. (xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the funds raised on short term basis have not been used for long term purposes. (xviii) The Company has not made any preferential allotment of shares during the period to companies/firms/parties covered in the register maintained under Section 301 of the Act. (xix) The Company did not have any outstanding debentures during the period. (xx) The Company has not raised any money by public issue during the period. (xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit. For Appan & Lokhandwala Associates For B S R & Co. Chartered Accountants Chartered Accountants Firm''s Registration No: 117040W Firm''s Registration No: 101248W M.Subramanian Vijay Bhatt Partner Partner Membership Number: 111106 Membership No: 036647 Place : Mumbai Dated : May 30, 2012