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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

Aug 05, 11:39
196.40 -5.10 (-2.53%)
Volume
AVERAGE VOLUME
5-Day
527,947
10-Day
412,808
30-Day
218,661
79,504
  • Prev. Close

    201.50

  • Open Price

    202.60

  • Bid Price (Qty.)

    196.70 (1)

  • Offer Price (Qty.)

    196.85 (51)

NSE Live

Aug 05, 11:39
196.55 -5.55 (-2.75%)
Volume
AVERAGE VOLUME
5-Day
3,640,622
10-Day
4,164,679
30-Day
2,528,431
783,093
  • Prev. Close

    202.10

  • Open Price

    202.95

  • Bid Price (Qty.)

    196.55 (53)

  • Offer Price (Qty.)

    196.85 (388)

Annual Report

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

Auditor's Report

Report on the financial statements We have audited the accompanying financial statements of Allcargo Logistics Limited (''the Company''), which comprise the Balance sheet as at March 31, 2014 and the Statement of Profit and loss and the Cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s responsibility for the financial statements The Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditors'' responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the 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: (a) in the case of the Balance sheet, of the state of affairs of the Company as at March 31, 2014; (b) in the case of the Statement of Profit and loss, of the Profit of the Company for the year ended on that date; and (c) in the case of the Cash flow statement, of the cash flows of the Company for the year ended on that date. Emphasis of matter Without qualifying our report, we draw attention to note 46 of the financial statements regarding the Scheme of Arrangement (''the Scheme'') sanctioned by the Hon''ble High Court of Judicature at Mumbai. The Scheme permits the Company to adjust the deficit of Rs. 3,410 Lakhs arising against cancellation of Investment against the share capital of the amalgamating company to goodwill, which is considered to be an override to the relevant provisions of Accounting Standard 14 (AS 14) Accounting for Amalgamations''. Had such deficit not being adjusted to goodwill, the Company would have reflected such deficit of Rs. 3,410 Lakhs to general reserve account. Our opinion is not qualified in respect to this matter. Report on other legal and regulatory requirements 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 Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by Section 227(3) of the Act, 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 Statement of Profit and loss and the Cash flow statement dealt with by this report are in agreement with the books of account; (d) in our opinion, the Balance sheet, the Statement of Profit and loss and the Cash flow statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Act, read with General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013; and (e) on the basis of written representations received from the directors of the Company as at March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act. ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT - MARCH 31, 2014 With reference to the Annexure referred to in the Independent Auditors'' Report to the Members of Allcargo Logistics Limited (''the Company'') on the financial statements for the year ended March 31, 2014, we report the following: (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 heavy equipments and other vehicles are verified annually and all other fixed assets are verified over a period of three 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 line with the above program, the Company has verified the above fixed assets during the year and we are informed that no material discrepancies were noticed on such verification. (c) Fixed assets disposed off during the year were not substantial and therefore, do not affect the going concern assumption. (ii) (a) The inventory, other than stocks lying with third parties, has been physically verified by the management during the period. In our opinion, the frequency of such verification is reasonable. For stocks lying with third parties at the year end, written Confirmations has been obtained. (b) 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. (c) The Company is maintaining proper records of inventories. 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. 10 Lakhs and the year-end balance was Nil. 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 outstanding current account is not considered by the Company and accordingly do not fall under purview of loans. (b) In our opinion, the rate of interest and other terms and conditions on which the loans have been granted to a body corporate covered in the register maintained under Section 301 of the Act are not, prima facie, prejudicial to the interests of the Company. (c) Loans granted to a body corporate listed in the register maintained under Section 301 of the Act are repaid during the year. The borrower has 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 the loans granted to a 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, and having regard to the explanation that certain services rendered are for the specific requirements of certain buyers and that purchases of certain items of fixed assets are for the Company''s specific requirements and 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, and having regard to the explanation that certain services rendered are for the specific requirements of certain 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 year. (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 sold and services / activities / 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, Investor Education and Protection Fund, Employees'' State Insurance, 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, Investor Education and Protection Fund, Employees'' State Insurance, 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, 2014 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 Nature of Demand Amount not period to Forum where Status of Dues (Rs. in deposited the amount dispute Lakhs on account relates is pending of demand (Rs. in Lakhs) The Finance Act, 1994 Penalty 2 2 2002 Commissio ner of Central Excise and Service Tax Appellate Tribunal Service tax 3 2 Apr-08 to Sep-08 CERA Service tax 1,043 1,043 2004-05 to 2009-10 Commissio ner of Service tax, Chennai The Customs Act, 1962 Custom 181 181 2004 Commissio ner of Duty Customs Custom 28 28 2009 Commissio ner of Duty Customs Custom 2 2 2002 Appellate Tribunal Duty Rajasthan Local Area Act, 1999 Entry tax 72 72 FY 2009-10 Rajasthan including Commercial Tax interest and Department penalty The Income Tax Act,1961 Income Tax 6,729 6,729 A.Y. 2003-04 to High Court 2009-10 The Income Tax Act,1961 Income Tax 3,498 1,191 A.Y 2010-11 Commiss ioner of Income Tax (Appeals) (x) The Company does not have any accumulated losses as at the end of the financial year. The Company has not incurred any cash losses in the current year and the 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 year. (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 explanation 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 others are not prima facie prejudicial to the interests of the Company. (xvi) In 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 year 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 year. (xx) The Company has not raised any money by public issue during the year. (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 B S R & Co. LLP For Appan & Lokhandwala Associates Chartered Accountants Chartered Accountants Firm''s Registration No: 101248W Firm''s Registration No: 117040W Aniruddha Godbole M. Subramanian Partner Partner Membership No: 105149 Membership No: 111106 May 24, 2014 May 24, 2014 Mumbai Mumbai