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Auditor Report of Coastal Roadways Ltd.
Mar 31, 2025
We have audited the financial statements of Coastal Roadways Limited ("the Company"), which
comprise the Balance Sheet as at 31st March, 2025, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the
year ended on that date, and notes to the financial statements, including a summary of material
accounting policies and other explanatory information (hereinafter referred to as the "financial
statements").
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid financial statements give the information required by the Companies Act, 2013 (''the Act'') in
the manner so required and give a true and fair view in conformity with the Indian Accounting Standards
(''Ind AS'') prescribed under Section 133 of the Act read with the Companies(Indian Accounting Standards)
Rules, 2015,as amended, (''Ind AS") and other accounting principles generally accepted in India, of the
state of affairs of the Company as at 31st March, 2025, and its profit, total comprehensive income, the
changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards on Auditing
specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further
described in the Auditor''s Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the Company in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our
audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code
of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a
basis for our audit opinion on the financial statements.
Key Audit Matters
Key audit matter is the matter that, in our professional judgment, was of most significance in our audit of
the financial statements of the current period. This matter was addressed in the context of our audit of
the financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on this matter. We have determined the matter described below to be the key audit
matter to be communicated in our report.
|
Sl No |
Key Audit Matters |
How our audit addressed the Key Audit |
|
Discounts on Fuel Purchases / Toll Taxes: The Company received discounts from Fuel Pump Vendors |
⢠We obtained an understanding of |
|
for volume purchases and discounts from Oil Marketing |
in respect of its truck operations |
|
|
Companies for usage of Fleet Card and digital payments. |
and fuel purchases at start of the |
|
|
The company also received discounts against Toll Tax |
trip and enroute purchases and toll |
|
|
payments through Fastag Electronic Toll Mechanism. The |
tax payments on National |
|
|
income arising from such discounts have been netted off |
Highways. |
|
|
against respective expense head by the management. As |
⢠We assessed the appropriateness |
|
|
such, the company''s Vehicle Trip Expenses have been |
of the management contentions |
|
|
recorded and reported net of such discounts. |
with the purchase/fleet card/Toll ⢠We performed substantive testing ⢠We reviewed the past practices |
Information Other than the Financial Statements and Auditor''s Report Thereon
The Company''s Board of Directors are responsible for the other information. The other information
comprises the information included in the Director''s Report, Management Discussion and Analysis,
Corporate Governance Report and Business Responsibility Report in the Annual Report but does not
include the financial statements and our auditor''s reports thereon.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained during the course of our audit or otherwise appears to be
materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance of the Financial
Statements
The Company''s Board of Directors are responsible for the matters stated in section 134(5) of the Act,
with respect to the preparation of these financial statements that give a true and fair view of the financial
position, financial performance including other comprehensive income, changes in equity and cash flows
of the Company in accordance with the Ind AS and other accounting principles generally accepted in
India. This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the financial
statement that give a true and fair view and are free from material misstatement, whether due to fraud
or error.
In preparing the financial statements, management is responsible for assessing the Company''s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.
The Company''s Board of Directors are also responsible for overseeing the Company''s financial reporting
process.
Auditor''s Responsibility for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
⢠Obtain an understanding of internal financial control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also
responsible for expressing our opinion on whether the company has adequate internal financial
controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s
report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor''s report. However, future events or conditions may cause the Company to cease to continue
as a going concern.
⢠Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
financial statements may be influenced. We consider quantitative materiality and qualitative factors in
(i) planning the scope of our audit work and in evaluating the results of our work; and
(ii) to evaluate the effect of any identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the financial statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor''s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, based on our audit we report that:
(a) We have sought and 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 it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income,
Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in
agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with Ind AS specified under Section 133
of the Act.
(e) On the basis of the written representations received from the directors as on 31st March 2025
taken on record by the Board of Directors, none of the directors are disqualified as on 31st March
2025 from being appointed as a director in terms of Section 164(2) of the Act.
(f) With respect to the adequacy of the internal financial controls with reference to financial
statements of the Company and the operating effectiveness of such controls, refer to our separate
Report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company''s internal financial controls with reference to financial statements.
(g) With respect to the other matters to be included in the Auditor''s Report in accordance with the
requirements of Section 197(16) of the Act, as amended, in our opinion and to the best of our
information and according to the explanations given to us, the remuneration paid by the Company to
its directors during the year is in accordance with the provisions of Section 197 of the Act.
(h) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of
our information and according to the explanations given to us:
(i) The Company does not have any pending litigation which would impact its financial position
in its financial statements;
(ii) The Company does not have any long term contracts including derivative contracts for which
there were any material foreseeable losses;
(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the Company.
(iv) (a) The Management has represented that, to the best of it''s knowledge and belief, as
disclosed in Note 42(vi) to the financial statements, no funds have been advanced or loaned
or invested (either from borrowed funds or share premium or any other sources or kind of
funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("
Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the
intermediary shall, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Company (" Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(b) The Management has represented, that, to the best of it(s) knowledge and belief as
disclosed in Note 42(vii) to the financial statements, no funds have been received by the
Company from any person(s) or entity(ies), including foreign entities ( "Funding Parties" ),
with the understanding, whether recorded in writing or otherwise that the Company shall,
directly or indirectly, lend or invest in any other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party (" Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(c) Based on the audit procedures that have been considered reasonable and appropriate in
the circumstances, nothing has come to our notice that has caused us to believe that the
representation under sub-clause (i) and (ii) of the Rule 11(e), as provided under (a) and (b)
above, contained any material misstatement.
(v) The Company has not recommended any dividend during the previous year.
(vi) Based on our examination which included test checks, the Company has used accounting
software for maintaining its books of accounts for the year ended 31st March, 2025 which has
a feature of recording audit trail (edit log) facility and has operated throughout the year for
all relevant transactions recorded in the software systems.
Further, during the course of our audit, we did not come across any instance of audit trail
feature being tampered with and the audit trail has been preserved by the Company as per
the statutory requirements for record retention.
2. As required by the Companies (Auditor''s Report) Order, 2020 ('' the Order) issued by the Central
Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the
matters specified in paragraphs 3 and 4 of the Order.
For PATANJALI & CO.
Chartered Accountants
Firm Reg. No. 308163E
Sd/-
(Virat Sharma)
Partner
Membership No. 061553
UDIN:25061553BMMAPS4722
Place: Kolkata
Date: 28th day of May, 2025
Mar 31, 2024
We have audited the financial statements of Coastal Roadways Limited ("the Company"), which
comprise the Balance Sheet as at 31st March, 2024, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the
year ended on that date, and notes to the financial statements, including a summary of material
accounting policies and other explanatory information (hereinafter referred to as the "financial
statements").
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid financial statements give the information required by the Companies Act, 2013 Cthe Act'') in
the manner so required and give a true and fair view in conformity with the Indian Accounting Standards
(''Ind AS'') prescribed under Section 133 of the Act read with the Companies(Indian Accounting Standards)
Rules, 2015,as amended, (''Ind AS") and other accounting principles generally accepted in India, of the
state of affairs of the Company as at 31st March, 2024, and its profit, total comprehensive income, the
changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards on Auditing
specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further
described in the Auditor''s Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the Company in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our
audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code
of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a
basis for our audit opinion on the financial statements.
Key Audit Matters
Key audit matter is the matter that, in our professional judgment, was of most significance in our audit of
the financial statements of the current period. This matter was addressed in the context of our audit of
the financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on this matter. We have determined the matter described below to be the key audit
matter to be communicated in our report.
|
Sl No |
Key Audit Matters |
How our audit addressed the Key Audit |
|
Discounts on Fuel Purchases / Toll Taxes: The Company received discounts from Fuel Pump Vendors |
⢠We obtained an understanding of |
|
for volume purchases and discounts from Oil Marketing |
in respect of its truck operations |
|
|
Companies for usage of Fleet Card and digital payments. |
and fuel purchases at start of the |
|
|
The company also received discounts against Toll Tax |
trip and enroute purchases and toll |
|
|
payments through Fastag Electronic Toll Mechanism. The |
tax payments on National |
|
|
income arising from such discounts have been netted off |
Highways. |
|
|
against respective expense head by the management. As |
⢠We assessed the appropriateness |
|
|
such, the company''s Vehicle Trip Expenses have been |
of the management contentions |
|
|
recorded and reported net of such discounts. |
with the purchase/fleet card/Toll ⢠We performed substantive testing ⢠We reviewed the past practices |
Information Other than the Financial Statements and Auditor''s Report Thereon
The Company''s Board of Directors are responsible for the other information. The other information
comprises the information included in the Director''s Report, Management Discussion and Analysis,
Corporate Governance Report and Business Responsibility Report in the Annual Report but does not
include the financial statements and our auditor''s reports thereon.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained during the course of our audit or otherwise appears to be
materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance of the Financial
Statements
The Company''s Board of Directors are responsible for the matters stated in section 134(5) of the Act,
with respect to the preparation of these financial statements that give a true and fair view of the financial
position, financial performance including other comprehensive income, changes in equity and cash flows
of the Company in accordance with the Ind AS and other accounting principles generally accepted in
India. This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the financial
statement that give a true and fair view and are free from material misstatement, whether due to fraud
or error.
In preparing the financial statements, management is responsible for assessing the Company''s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.
The Company''s Board of Directors are also responsible for overseeing the Company''s financial reporting
process.
Auditor''s Responsibility for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
⢠Obtain an understanding of internal financial control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also
responsible for expressing our opinion on whether the company has adequate internal financial
controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s
report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor''s report. However, future events or conditions may cause the Company to cease to continue
as a going concern.
⢠Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
financial statements may be influenced. We consider quantitative materiality and qualitative factors in
(i) planning the scope of our audit work and in evaluating the results of our work; and
(ii) to evaluate the effect of any identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the financial statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor''s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, based on our audit we report that:
(a) We have sought and 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 it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income,
Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in
agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with Ind AS specified under Section 133
of the Act.
(e) On the basis of the written representations received from the directors as on 31st March 2024
taken on record by the Board of Directors, none of the directors are disqualified as on 31st March
2024 from being appointed as a director in terms of Section 164(2) of the Act.
(f) The modification relating to the maintenance of accounts and other matters connected therewith,
is as stated in paragraph (b) above.
(g) With respect to the adequacy of the internal financial controls with reference to financial
statements of the Company and the operating effectiveness of such controls, refer to our separate
Report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company''s internal financial controls with reference to financial statements.
(h) With respect to the other matters to be included in the Auditor''s Report in accordance with the
requirements of Section 197(16) of the Act, as amended, in our opinion and to the best of our
information and according to the explanations given to us, the remuneration paid by the Company to
its directors during the year is in accordance with the provisions of Section 197 of the Act.
(i) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of
our information and according to the explanations given to us:
(i) The Company does not have any pending litigation which would impact its financial position
in its financial statements;
(ii) The Company does not have any long term contracts including derivative contracts for which
there were any material foreseeable losses;
(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the Company.
(iv) (a) The Management has represented that, to the best of it''s knowledge and belief, as
disclosed in Note 42(vi) to the financial statements, no funds have been advanced or loaned
or invested (either from borrowed funds or share premium or any other sources or kind of
funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("
Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the
intermediary shall, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Company (" Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(b) The Management has represented, that, to the best of it(s) knowledge and belief as
disclosed in Note 42(vii) to the financial statements, no funds have been received by the
Company from any person(s) or entity(ies), including foreign entities ( "Funding Parties" ),
with the understanding, whether recorded in writing or otherwise that the Company shall,
directly or indirectly, lend or invest in any other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party (" Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(c) Based on the audit procedures that have been considered reasonable and appropriate in
the circumstances, nothing has come to our notice that has caused us to believe that the
representation under sub-clause (i) and (ii) of the Rule 11(e), as provided under (a) and (b)
above, contained any material misstatement.
(v) The Company has not recommended any dividend during the previous year.
(vi) Based on our examination which included test checks, the Company has used accounting
software for maintaining its books of accounts for the year ended 31st March, 2024 which has
a feature of recording audit trail (edit log) facility and has operated throughout the year for
all relevant transactions recorded in the software.
Further, during the course of our audit, we did not come across any instance of audit trail
feature being tampered with, in respect of accounting software for which the audit trail was
operating.
As Proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from 1st April,
2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on
preservation of audit trail as per the statutory requirements for record retention is not
applicable for the financial year ended 31st March, 2024.
2. As required by the Companies (Auditor''s Report) Order, 2020 ('' the Order) issued by the Central
Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the
matters specified in paragraphs 3 and 4 of the Order.
For PATANJALI & CO.
Chartered Accountants
Firm Reg. No. 308163E
(Virat Sharma)
Partner
Membership No. 061553
UDIN:24061553BKBZFG4404
Place: Kolkata
Date: 18th day of May, 2024
Mar 31, 2015
We have audited the accompanying financial statements of Coastal
Roadways Limited ("the company"), which comprise the Balance Sheet as
at 31st March, 2015, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management''s responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 ("the Act") with respect
to 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 principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes the
maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and the
design, implementation and maintenance of internal financial control,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, 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 have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. 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 judgment, 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 financial control relevant to the Company''s
preparation of the financial statements that give true and fair view in
order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by Company''s Directors, 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 on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the said financial statements subject to Note
No. 23 regarding non provisions of gratuity liabilities for Rs.
15,62,472/- pursuance to Accounting Standard 15, 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 31, March 2015;
b) In the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date.
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal & Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2015 ("the
Order") issued by the Central Government in terms of section 143 (1) of
the Act, we give in the Annexure a statement on the matters specified
in paragraphs 3 and 4 of the Order.
2. As required by section 143(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 purpose 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 aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of written representations received from the directors
as on March 31,2015, taken on record by the Board of Directors, none of
the directors is disqualified as on March 31,2015, from being appointed
as a director in terms of Section 164(2) of the Act.
(f) With respect to the other matters included in the Auditor''s Report
in accordance with the Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to our best of our information and
according to the explanations given to us:
i) The Company does not have any pending litigations which would impact
its financial position.
ii) The Company did not have long-term contracts including derivatives
contracts for which there were any material foreseeable losses.
iii) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure to the Independents Auditors'' Report
(Referred to in Paragraph 1 under ''Report on other Legal and Regulatory
Requirements'' Section of our report of even date)
1. In respect of its fixed assets:
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets on the
basis of available information.
(b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
verification.
2. In respect of its inventories:
The Company does not have any stock of inventory. Hence, it is not
required to maintain any books of accounts in this regard.
3. The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under section 189 of The Companies Act, 2013.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of fixed assets and the sale of services. The
activities of the company do not involve purchase of inventory and sale
of goods. During the course of our audit, no major instance of
continuing failure to correct any weaknesses in the internal controls
has been noticed.
5. The Company has not accepted any deposits from the public to which
directives issued by Reserve Bank of India and the provisions of
Sections 73 to 76 or any other relevant provisions of the Companies
Act, 2013 and the rules framed there under apply.
6. To the best of our knowledge and according to the information given
to us, the Central Government has not prescribed the maintenance of
Cost Records under sub-section (1) of section 148 of the Companies Act,
2013 for any of the services provided by the Company.
7. According to the information and explanations given to us in
respect of statutory dues:
(a) The undisputed statutory dues including Provident Fund, Employees''
State Insurance, Income-tax, Sales- tax, Wealth Tax, Service Tax,
Custom Duty, Excise Duty, cess to the extent applicable and any other
statutory dues have generally been regularly deposited with the
appropriate authorities.
There is no undisputed statutory dues arrear as at March 31,2015, for a
period exceeding six months from the date they became payable.
(b) According to the information and explanations given to us, there is
no disputed statutory dues arrear as at March 31,2015, for a period
exceeding six months from the date they became payable.
(c) There is no amount required to be transferred to investor education
and protection fund in accordance with the relevant provisions of the
Companies Act 1956(1 of 1956) and rules made thereunder.
8. The Company does not have any accumulated loss at the end of the
financial year. The Company has not incurred any cash loss during the
financial year covered by our audit. However, the company had incurred
a cash loss of Rs.2,78,136/- in the immediately preceding financial
year.
9. Based on our audit procedures and on the information and
explanations given to us, we are of the opinion that, the Company has
not taken any borrowings from financial institution or by way of
debenture. Accordingly, the provisions of clause 3(ix) of the Order are
not applicable to the Company.
10. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantees for loan taken by
others from a bank or financial institutions. Accordingly, the
provisions of clause 3(x) of the Order are not applicable.
11. The Company has not taken any term loans during the year.
Accordingly, the provisions of clause 3(xi) of the Order are not
applicable to the Company.
12. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of any such case by the Management.
For AGARWAL MAHESWARI & CO.
Chartered Accountants FRN No. 314030E (D. R. Agarwal)
Partner
Membership No. 051484
Kolkata
Date: 27th Day of May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of coastal road
ways limited ("the company"), which comprise the Balance Sheet as at
March 31, 2014, 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, which we have
signed under reference to this report.
Management''s responsibility for the Financial Statements
The Company''s 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 notified under the Companies
Act, 1956 of India (the "Act") read with the General Circular no.
15/2013 dated September 13, 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 and other applicable authoritative
pronouncements 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 auditors
consider 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 said accounts read in conjunction with
Note No. 1 to 28 and subject to Note No. 23 regarding non provisions of
gratuity liabilities for ? 19,48,320/-, 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 Loss for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cashflows for the
year ended on that date.
Report on Other Legal & Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003; as
amended by ''the Companies (Auditor''s Report) (Amendment) Order, 2004'',
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Act (hereinafter referred to as the "Order") and
on the basis of such checks of the books and records of the Company as
we considered appropriate and according to the information and
explanations given to us, we give in theAnnexure 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 purpose 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, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement, comply with the Accounting Standards notified
under the Act read with the General Circular No. 15/2013 dated
September, 2013 of the Ministry of Corporate of Affairs in respect of
Section 133 of the Companies Act, 2013;
(e) On the basis of written representations received from the directors
as on March 31,2014, 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 Section 274(1 )(g) of the Act.
ANNEXURE TO THE INDEPENDENTS AUDITORS'' REPORT Referred to in Paragraph
8 of the Auditors'' Report of even date to the members of Coastal
Roadways Limited on the financial statements as of and for the year
ended March 31, 2014
1. In respect of its fixed assets:
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets on the
basis of available information.
(b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
verification.
(c) In our opinion and according to the information and explanations
given to us, no substantial part of fixed asset has been disposed
during the year that can affect the going concern assumption.
2. In respect of its inventories:
The Company does not have any stock of inventory. Hence, it is not
required to maintain any books of accounts in this regard.
3. The Company has not granted/taken any loans, secured or unsecured,
to/from companies, firms or other parties covered in the register
maintained under section 301 of the Act. Therefore, the provisions of
clause 4 (iii){(b),(c) and (d) / (f) and (g)} of the said Order are not
applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of fixed assets and payment for expenses &
for sale of goods. During the course of our audit, no major instance of
continuing failure to correct any weaknesses in the internal controls
has been noticed.
5. (a) In our opinion and according to the information and
explanations given to us, the transactions made in pursuance of
contracts or arrangements that need to be entered in the register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
(b) In our opinion and according to information and explanations given
to us, the transactions made in pursuance of contracts or arrangements
and exceeding the value of five lakhs in respect of parties during the
year have been made at prices which are reasonable having regard to
prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public to which
directives issued by Reserve Bank of India and the provisions of
Sections 58A, 58AA or any other relevant provisions of the Companies
Act, 1956 and the rules framed there under apply.
7. In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
8. To the best of our knowledge and according to the information given
to us, the Central Government has not prescribed the maintenance of
cost records under section 209(1 )(d) of the Companies Act, 1956 for
any services provided by the Company.
9. (a)According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income- tax, Sales-tax, Wealth Tax,
Service.Tax, Custom Duty, Excise Duty, cess to the extent applicable
and any other statutory dues have generally been regularly deposited
with the appropriate authorities. According to the information and
explanations given to us there were no outstanding statutory dues as on
31st of March, 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 is
no amounts payable in respect .of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty and cess were in arrears, as at
March 31, 2014, for a period of more than six months from the date they
became payable.
10. The Company does not have any accumulated loss at the end of the
financial year. The Company has incurred cash loss of ? 2,78,136/-
during the financial year covered by our audit but not in the
immediately preceeding financial year.
11. Based on our audit procedures and on the information and
explanations given to us, we are of the opinion that, the Company has
not defaulted in repayment of dues to a financial institution, bank and
debenture holders.
12. In our opinion and according to the explanations given to us and
based on the information available no Loans and Advances have been
granted by the Company on the basis of security by way of pledge of
shares, debentures and other securities.
13. As the provisions of any special statute applicable to chit fund/
nidhi/ mutual benefit fund/ societies are not applicable to the
Company, the provisions of clause 4(xiii) of the Order are not
applicable to the Company.
14. In our opinion the Company is not dealing in or trading in Shares,
Securities, Debentures and other investments.
15. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantees for loan taken by
others from a bank or financial institutions.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion the term loans
were used for the purpose for which they were raised.
17. According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we report that
no funds raised on short-term basis have been used for long-term
investment.
18. The Company has not made any preferential allotment of shares to
parties and Companies covered in the Register maintained under section
301 of the Act during the year. Accordingly, the provisions of Clause
4(xviii) of the Order are not applicable to the Company.
19. The Company has not issued any debentures.
20. The Company has not raised any money by public issues during the
year. Accordingly, the provisions of Clause 4(xx) of the Order are
applicable to the Company
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of any such case by the Management.
For AGARWAL MAHESWARI & CO.
Chartered Accountants.
FRN No. 314030E
(D. R. Agarwal)
Partner.
Membership No. 051484
Kolkata, the 22nd day of May, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Coastal
Roadways Limited ("the company"), which comprise the Balance Sheet as
at March 31, 2013, and the Statement of Profit and Loss and 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
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 o^the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") . 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 judgment, 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. 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 said accounts read in conjunction with
Notes 1 to 29 and subject to Note 22 regarding non provisions of
gratuity liabilities for Rs. 37,42,350/- and Note 24 for non-provision
for doubtful debts for Rs. 3,09,725/-, 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 31, March 2013;
(b) in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal & Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
order") as amended 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 purpose 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, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in section 211(3 C) of the Companies Act, 1956;
(e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to the Independents Auditors* Report
Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date.
1. In respect of its fixed assets:
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets on the
basis of available information.
(b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company~and
nature of its assets. No material discrepancies were noticed on such
verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. In respect of its inventories:
(a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, (he procedures of 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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. The Company has neither granted nor taken any loan, secured or
unsecured, to or from Companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956,
Accordingly, the sub-clauses (a), (b), (c), (d), (e), (f) and (g) of
clause (iii) are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that need to be entered in the register maintained under
section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that need to be entered in the register maintained under
section 301 of the Companies Act, 1956 have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
6. The Company has not accepted any deposits from the public to which
directives issued by Reserve Bank of India and the provisions of
Sections 58A, 58AA or any other relevant provisions of the Companies
Act, 1956 and the rules framed there under apply.
7. In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
8. To the best of our knowledge and according to the information given
to us, the Central Government has not prescribed the maintenance of
Cost Records u/s 209(l)(d) of the Companies Act, 1956 for any of the
services provided by the Company.
(a) According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 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 is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty and cess were in arrears, as at
March 31, 2013, for a period of more than six months from the date they
became payable.
10. The Company does not have any accumulated loss at the end of the
financial year. The Company has not incurred cash loss during the
financial year covered by our audit and in the immediately preceding
financial year.
11. Based on our audit procedures and on the information and
explanations given to us, we are of the opinion that, the Company has
not defaulted in repayment of dues to a financial institution, bank and
debenture holders.
12. In our opinion and according to the explanations given to us and
based on the information available no Loans and Advances have been
granted by the Company on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the Company-is not a chit fund /nidhi /mutual
benefit fund/society. Therefore, the provisions of clause(xiii) of
paragraph 4 of the order are not applicable to the Company.
14. In our opinion the Company is not dealing in or trading in Shares,
Securities, Debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the Company.
15. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantees for loan taken by
others from a bank or financial institutions.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion the term loans
were used for the purpose for which they were raised.
17. According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we report that
no funds raised on short-term basis have been used for long-term
investment.
18. The Company has not made any preferential allotment of shares to
parties and Companies covered in the Register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures.
20. The Company has not raised any monies by public issue during the
year.
21. In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For AGARWAL MAHESWARI & CO.
Chartered Accountants.
FRN No. 314030E
(D. R. Agarwal)
Partner.
Membership No.51484
Kolkata
Date: May 22,2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of Coastal Roadways
Limited, as at 31st March, 2012 and the related Profit & Loss Account
and the Cash Flow Statement of the Company for the year 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.
2. 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 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003, (as
amended) issued by the Central Government of India in terms of Section
227(4A) of the Companies Act, 1956 and on the basis of such checks as
we have considered appropriate and according to the information and
explanations given to us, we set out in the Annexure, a statement on
the matters specified in paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to in Paragraph 3
above, we state that:
a) We have obtained all the information and explanations which to the
best of 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 the Company so far as appears from our examination of such
books.
c) The Balance Sheet, the Profit & Loss Account, and the Cash Flow
Statement referred to in this report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, the Profit and I oss Account and
the Cash Flow Statement dealt with by this report have been prepared in
compliance with the applicable accounting standards referred to in
Section 211 (3C) of the Act subject to note 20, for non compliance of
Accounting Standard 15 (Revised) for non provision of liability for
gratuity.
e) On the basis of written representations received from the Directors,
as on 31st March, 2012 and taken on record by the Board of Directors of
the Company, none of the Directors is disqualified as on 31st March,
2012 from being appointed as a Director in terms of clause(g) or
sub-section (1) of Section 274 of the Act.
5. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read in conjunction
with Notes 1 to 27 and subject to note (20) regarding non provisions of
gratuity liabilities for.Rs.38,00,236/-, and note (22) for non-provision
for doubtful debts for Rs. 3,03,592/-, give a true and fair view:
i) In the case of the Balance Sheet, of the State of affairs of the
Company as at 31st March, 2012
ii) In the case of the Profit & Loss Account, of the Profit of the
Company for the year ended on that date.
iii) In the case of the Cash Flow Statement, of the cash flows, for the
year ended on that date.
1.a) The Company has maintained proper records showing full particulars
including quantitative details and situation of the Fixed Assets.
b) As explained to us, the management has physically verified most of
the fixed assets during the year, other than patterns lying with third
parties for which confirmations have been obtained from parties in most
of the cases, and no material discrepancies were noticed on such
verification. In our opinion, the frequency of physical verification of
fixed assets is reasonable having regard to the size of the Company and
the nature of the assets.
c) The fixed assets disposed off during the period are not substantial
and hence it has not affected the going concern assumption.
2. a) The stores and operating supplies have been physically verified
during the period by the management. There is no stock with third
parties. In our opinion, the frequency of verification is reasonable.
b) In our opinion, the procedures of physical verification of stocks
and operating supplies 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 has maintained proper records of stores and operating
supplies. The discrepancies noticed on verification between the
physical stocks and book stocks were not material having regard to the
size of operations of the Company and have been properly dealt with in
the books of accounts.
3. The Company has not accepted/granted any loans during the year
from/to the parties covered in the register maintained under Section
301 of the Companies Act, 1956.
4. In our opinion, and according to the information and explanations
given to us, 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 inventory and fixed assets and for the sale of goods.
During the course of our audit, no major weakness was noticed in the
internal control system.
5. a) According to the information and explanation given to us, contracts
or arrangements that need to be entered into the register maintained in
pursuance of Section 301 of the Companies Act, 1956 have been so
entered.
b) The transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public during
the year.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. To the best of our knowledge and according to the information given
to us, the Central Government has not prescribed the maintenance of
cost records under Section 209(1 )(d) of the Companies Act, 1956 for
any of the services provided by the Company.
9.a) According to the information and explanations given to us and the
records examined by us, the Company is regular in depositing undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, Employees' State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other
statutory dues with the appropriate authorities and there are no
undisputed statutory dues outstanding as at 31st March, 2012, for a
period of more than six months from the date they became payable.
10. The Company has not incurred cash loss in the current year and in
the immediately preceding financial year and there are no accumulated
losses in the Balance Sheet as on 31st March, 2012.
11. Based on the information and explanations given to us, the Company
has not defaulted during the year in repayment of dues to any financial
institutions or banks.
12. Based on our examination of the records and 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.
13. As the Company is not a chit fund, nidhi, mutual benefit fund or
society the provisions of clause 4 (xiii) of the Companies (Auditor's
Report) Order, 2003 are not applicable to the Company.
14. As the Company is not dealing or trading in shares, securities,
debentures and other investments, the provisions of clause 4 (xiv) of
the Companies (Auditor's Report) Order, 2003 are not applicable to
the Company.
15. According to the information and explanations received, the
Company has not given any guarantees for loans taken by others from
bank or financial institutions.
16. According to the information and explanations received, the term
loans were applied for the purpose for which the loans were obtained.
17. Based on our examination of the records and according to the
information and explanations received, the Company has not applied
short-term borrowings for long-term use.
18. The Company has not made any preferential allotment of shares
during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. As per the information and explanations given to us, no fraud on
or by the Company has been noticed during the year.
DR. D.R. AGARWAL
Partner
Membership No. 51484
For and on behalf of
AGARWAL MAHESWARI & CO.
Chartered Accountants
FRN No. : 314030E
Kolkata 18th Day of May 2012
Mar 31, 2010
1 We have audited the attached Balance Sheet of Coattal Roadways
Limited, as at 31 st March, 2010 and the related Profit & Loss Account
and the Cash Flow Statement of the Company for the year ended on that
date, annexed thereto. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2 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 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 the management, as well as evaluating the overall financial
statement presentation We believe that our audit provides a reasonable
basis for our opinion.
3 As required by the Companies (Auditors Report) Order, 2003, (as
amended) issued by the Central Government of India in terms of Section
227[4A) of the Companies Act, 1956 and on the basis of such checks as
we have considered appropriate and according to the information and
explanations given to us, we set out in the Annexure, a statement on
The matters specified in paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to in Paragraph 3
above, we state that
a) We have obtained all the information and explanations which to the
best of 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 the Company so far as appears from our examination of such
books.
c) The Balance Sheet, the Profit & Loss Account and the Cash Flow
statement referred to in this report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report have been prepared in
compliance with the applicable accounting standards referred to in
Section 211 (3C)ofthe Act subject to note 14B(2), for non compliance of
Accounting Standard 15 (Revised) for non provision of liability for
gratuity.
e) On the basis of written representations received from the
Directors,as on 31st March. 2010 , and taken on record by the Board of
Directors of the Company, none of the Directors is disqualified as an
31st March, 2010 from being appointed as a Director in termsof
clause(g) or sub-section (1) of Section 274 of the Act.
5. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read In conjunction
with Schedules 1 to 14 and subject to note 148 (2) regarding non
provisions of gratuity Habilities for Rs. 20,54,379/-, 148 (3] for
non-provision for diminution in value of long term investments of Rs.
10,13,650/-, 14B (5) for non-provision for doubtful debts for Rs.
6,37,9Q5/- and 140(7) for non- recognition of Interest Income for Rs.
78,734/-, give a true and fair view :-
I) In the case of the Balance Sheet, of the State of affairs of the
Company as at 31st March, 2010
II) In the case of the Profit & Loss Account, of the Profit of the
Company for the year ended on that date.
iii) In the case of the Cash Flow Statement, of the cash flows, for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
1. a) The Company has maintained proper records showing full particulars
including quantitative details and situation of the Fixed Assets.
b) As explained to us, the management has physically verified most of
the fixed assets during the year, other than patterns lying with third
parties for which confirmations have been obtained from parties in most
of the cases, and no material discrepancies were noticed on such
verification. In our opinion, the frequency of physical verification of
fixed assets is reasonable having regard to the size of the Company and
the nature of the assets
c) The fixed assets disposed off during the period are not substantial
and hence it has not affected the going concern assumption.
2. a) The stores and operating supplies have been physically verified
during the period by the management. There is no stock with third
parties. In our opinion, the frequency of verification is reasonable.
b) In our opinion, the procedures of physical verification of stocks
and operating supplies followed by the management are reasonable and
adequate in relation to the size of the Company and the natrue of its
business.
c) The Company has maintained proper records of stroes and operating
supplies. The discrepancies noticed on verification between the
physical stocks and book stocks were not material having regard to the
size of operations of the Company and have been properly dealt with in
the books of accounts.
3 The Company has not accepted/granted any loans during the year
from/to the parties covered In the register matntained under Section
301 of the Companies Act, 1956.
4 In our opinion , and according to the information and explanations
given to us, there is an adequate internal control system commensurata
with the size of the Company and the natrue of Its business with regard
to purchase of inventory and fixed assets and for the sale of goods.
During the course of our audit, no major weakness was noticed in the
internal control system,
5,a) According to the information and explanation given to us, contracts
or arrangements that need to be entered into the register maintained in
pursuance of Section 301 of the Companies Act, 1956 have been so
entered.
b) Sub-clause {b) is not applicable as there are no such Transactions
exceeding the value of five lakh rupees in respect of any part.
6. The Company has not accepted any deposits from the public during
the year.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8, To the best of our knowledge and according to the information given
to us. the Central Government has not prescribed the maintenance of
cost records under Section 209{1}(d) of the Companies Act, 1956 for any
of the services provided by the Company.
9. a) According to the information and explanations given to us and the
records examined by us, the Company is regular in depositing undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, Employees State Insurance, Income Tax, Sales Tax.
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other
statutory dues with the appropriate authorities and there are no
undisputed statutory dues outstanding as at 31st march, 2010, for a
period of more than six months from the date they became payable.
10. ,The Company has not incurred cash loss in the current year and in
the immediately preceding financial year and there are no accumulated
losses in the Balance Sheet as on 31st March, 2010
11. Based on the information and explanations given to us. the Company
has not defaulted during the year in repayment of dues to any
financial institutions or banks.
12. Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and
advances en the basis of security by way of pledge of shares,
debentures and other securities.
13. As the Company is not a chit fund, nidhi, mutual benefit fund or
society the provisions of clause 4 (xiii) of the Companies (Auditors
Report) Order, 2003 are not applicable to the Company.
14. As the Company is not dealing or trading in shares, securities,
debentures and other investments, the provisions of cluse 4 (xiv) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
15. According to the information and explanations received, the
Company has not given any guarantees for loans taken by others from
bank or financial institutions
16. According to the informaton and explanations received, The term
loans were applied for the purpose for which the loans were obtained.
17. Based on our examination of the records and according to the
information and explanations received, the Company has not applied
short-term borrowings for longterm use.
6. The Company has rot accepted any deposits from the public during
the year
7. in our opinion, the Company has an internal audit system
commensurate with the size and nature of its business
6. To the best of our knowledge and according to the information given
to us. the Central Government has not prescribed the maintenance of
cost records under Section 209(1 )(d) of the Companies Act, 1956 for
any of the services provided by the Company.
9. a) According to the information and explanations given to us and the
records examined by us, the Company is regular in depositing undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, Employees State Insurance, Income Tax, Sales Tax.
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other
statutory dues with the appropriate authorities and there are no
undisputed statutory dues outstanding as at 31st march, 2010, for a
period of more than six months from the date they became payable.
10. The Company has not incurred cash loss in the current year and in
the immediately preceding financial year and there are no accumulated
losses in the Balance Sheet as on 31st March, 2010.
11. Based on the information and explanations given to us. the Company
has not defaulted during the year in repayment of dues to any
financial institutions or banks.
12. Based on our examination of the records and 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.
13. As the Company is not a chit fund, nidhi, mutual benefit fund or
society the provisions of clause 4 (xiii) of the Companies (Auditors
Report) Order. 2003 are not applicable to the Company.
14. As the Company is not dealing or trading in shares, securities,
debentures and other investments, the provisions of cluse 4 (xiv) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
15. According to the information and explanations received, the
Company has not given any guarantees for loans taken by others from
bank or financial institutions
18. According to the informaton and explanations received, The term
loans were applied for the purpose for which the loans were obtained.
17. Baaed on our examination of the records and according to the
information and explanations received, the Company has not applied
short-term borrowings for longterm use.
18. The Company has not made any preferential allotment of shares
during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public lssue during
the year.
21. As per the information and explanations given to us, no fraud on
or by the Company has been noticed during the year.
For AGARWAL MAHESWARI & CO,
Chartered Accountants
FRN No, 914030E
{Dr. D.R .AGARWAL)
Partner
Membership NO.: 51484
Dated: The 27th Day of May, 2010
Place-Kolkata
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More Information on Coastal Roadways Ltd.
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Coastal Roadways Ltd. Company Details
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Company History
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Coastal Roadways Ltd. Key Financial Ratios
- Ratios
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Coastal Roadways Ltd. Results
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Coastal Roadways Ltd. Financial Data
- Audited Results
- Cash Flow
- Balance Sheet
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Coastal Roadways Ltd. Reports
- Accounting Policies
- Auditors Report
- Directors Report
- Notes To Account
-
Coastal Roadways Ltd. Corporate Announcements
- Book Closure
- Dividend
- Board Meetings
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