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You can view full text of the latest Auditor's Report for the company.

BSE: 523598ISIN: INE109A01011INDUSTRY: Shipping

BSE   ` 41.00   Open: 42.10   Today's Range 40.50
42.50
+0.20 (+ 0.49 %) Prev Close: 40.80 52 Week Range 39.55
113.50
Year End :2017-03 

To

The Members of

THE SHIPPING CORPORATION OF INDIA LIMITED 1. Report on the Standalone Financial Statements

We have audited the accompanying Standalone Financial Statements of The Shipping Corporation of India Limited

(“the Company”), which comprise the Balance Sheet as at March 31st, 2017, the Statement of Profit and Loss and the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.

2. 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 and presentation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company in accordance with accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 3 of the Companies (Accounts) Rules, 2015, Companies (Indian Accounting Standards) (Amendment) Rules, 2016. 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 the design, implementation and maintenance of adequate 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.

3. Auditors’ Responsibility

Our responsibility is to express an opinion on these Standalone 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 there under. We conducted our audit in accordance with the Standards on Auditing, issued by the Institute of Chartered Accountants of India, as 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 the disclosures in the Financial Statements. The procedures selected depend on the auditors’ 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 auditors’ considered internal financial control relevant to the Company’s preparation of the Financial Statements that give a 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 the 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 Standalone Financial Statements.

4. Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone 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, of the state of affairs of the Company as at 31st March, 2017, and its profit (financial performance including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

5. Emphasis of Matter

We draw attention to the following:

i) Trade Receivables and ‘Agents balances’ are subject to the balance confirmations, Subsequent reconciliation and consequential adjustments, if any, as on 31st March, 2017.

ii) The direct access of certain overseas foreign agents to funds, collected on account of freight and other charges, without adequate security and regular monitoring mechanism is prone to risk of non /short-payment.

Our Opinion is not qualified in respect of these matters.

6. Other Matters

The comparative financial information of the Company for the year ended 31st March 2016 and the transition date opening Balance Sheet as at 1st April 2015 included in these Standalone Financial Statements, are based on the previously issued statutory Financial Statements, prepared in accordance with the Companies (Accounting Standards) Rules, 2006 audited by the Previous Joint Auditors, whose report for the year ended 31st March 2016 and 31st March 2015 dated 26th May, 2016 and 21st May, 2015 respectively expressed a qualified opinion on those Standalone Financial Statements, as adjusted for the differences in the accounting principles adopted by the Company on transition to the Ind AS, which have been audited by us.

Our opinion is not qualified in respect of these matters.

7. Report on Other Legal and Regulatory Requirements

I. As required by the Companies (Auditors’ Report) Order, 2016 (“the Order”) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act we give in the “Annexure A”, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

As required under sub section (5) of Section 143 of the Act, in case of the Government Company, we give in the “Annexure B” a statement on the matters specified in the directions and sub -directions issued by Office of the Comptroller and Auditor General of India.

II As required by section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the 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, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 3 of the Companies (Accounts) Rules, 2015, Companies (Indian Accounting Standards) (Amendment) Rules, 2016;

(e) As per Notification No. G.S.R. 463 (E) dated June 5th, 2015 issued by Ministry of Corporate Affairs, Section 164 (2) as regards the ‘Disqualifications of Directors’ is not applicable to the Company, since it is a Government Company;

(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our Standalone Report in “Annexure C” to this Report;

(g) With respect to the other matters to be included in the

Auditors’ Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of the pending litigations on its financial position in its Financial Statements (Refer Note 27 of the Financial Statements).

ii. The Company does not have any material foreseeable losses on long-term contracts including derivative contracts.

iii. There were no delays in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in the Financial Statements as to holding as well as dealings in Specified Bank Notes during the period from November 8th, 2016 to December 30th, 2016 (Refer note no-38 to the Financial Statements). Based on audit procedures and relying on the management representation we report that the disclosures are in accordance with the books of account maintained by the Company and as produced to us by the Management.

“Annexure A” to Independent Auditors’ Report

(Referred to in paragraph I under ‘Report on Other Legal and Regulatory Requirements’ section of our Independent Auditors’ Report to the members of the Company on the Financial statements for the year ended 31st March, 2017)

(i) a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b) As per the information and explanations given to us, the fixed assets have been physically verified by the management at reasonable intervals, which in our opinion is reasonable, having regard to the size of company and nature of its business.

c) According to the information and explanations given to us and on the basis of our examination of records of the company;

For Immovable property as mentioned in Table No.1, the transfer of title deed in the company’s name is pending subsequent to the merger of Moguline Limited with the company and the title deed are in the name of the Previous Owner.

For Immovable properties as mentioned in Table No. 2, original title deeds are not made available to us for the purpose of verification. Except as mentioned in the Table 1 and 2 the title deeds for all other immovable properties are held in the name of the Company. Table No. 1 Amount Rs, in lakhs

Apartment Name

NO OF FLATS

Gross Block

Net Block as on 31.03.2017

GONDAVALI APTS

10

9.08

8.77

Table No. 2 Amount Rs, in lakhs

Apartment Name

NO OF FLATS

Gross Block

Net Block 31.03.2017

MEGHDOOT

13

10.64

1.87

MALAD STAFF QUARTERS

27

3.69

1.68

PERSIPOLIS APTS

2

2.84

1.32

KAVITA APTS

1

2.62

1.22

AJANTA APTS

1

2.35

1.10

SOMMERSET HOUSE

1

4.28

1.07

CHITRAKOOT APTS

2

4.57

1.01

LANDS END APTS

1

2.76

0.69

MONALISA

2

1.60

0.32

RAJHANS APTS

1

1.61

0.24

OLYMPUS APTS

1

0.99

0.94

JOLLY MAKER APTS

1

0.81

0.77

NEW GULISTAN APTS

1

0.64

0.61

WOOD LANDS APTS

1

0.55

0.53

(ii) The physical verification of inventory has been conducted at reasonable intervals by the management during the year. No material discrepancies were noticed on such verification.

(iii) The Company have granted loans to four Body Corporates covered in the register maintained under section 189 of the Act.

a) The terms and conditions of the grant of such loans are prima facie not prejudicial to the company’s interest.

b) In the case of the loans granted, the terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand. Payment of interest has been stipulated, and the receipts thereof are regular.

c) There are no overdue amounts for more than ninety days in respect of the loans granted.

(iv) According to information and explanation given to us and in our opinion, the Company has not advanced loans to the Directors/ to a Company in which the Directors are interested to which the provisions of section 185 of the Act apply. The Company has complied with the provision of Section 186 to the extent applicable.

(v) In respect of deposits accepted, in our opinion and according to the information and explanations given to us, directives issued by the Reserve Bank of India and the provisions of section 73 to 76 , of the Act, or any other relevant provisions of the Act, and the rules framed there under, are not applicable and hence not commented upon.

(vi) To the best of our knowledge and as explained, the Central Government has not specified the maintenance of cost records under clause 148(1) of the Companies Act, 2013, for the Company, and therefore the provisions of clause (vi) of the order are not applicable to the company.

(vii) a) According to records of the Company verified by us, we report that the Company is generally regular in payment of undisputed statutory dues including Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other statutory dues with the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees’ state insurance, income tax, service tax and other statutory dues were in arrears as at March 31, 2017 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 duty, of Customs and Excise, which have not been deposited with the appropriate authorities on account of any dispute. However, according to information and explanation given to us, the following dues in respect of Income Tax, Sales Tax, Service Tax and Value Added Tax which have not been deposited on account of dispute:

Amount (Rs. in Lakhs)

Sr.

No.

Name Of The Statute

Nature Of The Dues

The Forum /Authority Where Dispute Is Pending

Financial Year

Amount

Involved

Amount Paid Under Protest

Unpaid

Amount

1

Income Tax Act, 1961

U/s 195

Bombay High Court

2003-04 to 2005-06

9,820

-

9,820

2

Income Tax Act, 1961

Tax U/s 143(3)

Bombay High Court

2006-07

2,901

-

2,901

3

Income Tax Act, 1961

Tax U/s 143(3)

Bombay High Court

2004-05 & 2005-06

801

-

801

4

Income Tax Act, 1961

Tax U/s 147

ITAT Mumbai

2004-05 & 2005-06

2,529

-

2,529

5

Income Tax Act, 1961

Penalty u/s 271(1)

CIT(A) Mumbai

2004-05 & 2005-06

323

-

323

6

Income Tax Act, 1961

Tax U/s 143(3)

ITAT Mumbai

2007-08

1,013

-

1,013

7

Income Tax Act, 1961

Tax U/s 143(3)

CIT(A) Mumbai

2009-10

1,180

-

1,180

8

Income Tax Act, 1961

Tax U/s 143(3)

CIT(A) Mumbai

2011-12

393

-

393

9

Income Tax Act, 1961

Tax U/s 143(3)

CIT(A) Mumbai

2012-13

300

-

300

10

Finance Act, 1994

Service tax

CESTAT

Oct 09 to Sep 15

4,183

-

4,183

11

Finance Act, 1994

Service tax

CESTAT

Oct 09 to Sep 15

875

-

875

12

Finance Act, 1994

Service tax

CESTAT

Oct 09 to Sep 14

3,129

2,155

974

13

Finance Act, 1994

Service tax

CESTAT

July 12 to Sep 15

4,945

-

4,945

14

Finance Act, 1994

Service tax

CESTAT

Mar 13 to Apr 13

98

-

98

15

Finance Act, 1994

Service tax

CESTAT

Oct 09 to Sep 14

38,394

-

38,394

16

Finance Act, 1994

Service tax

CESTAT

Oct 09 to Sep 15

34,001

-

34,001

17

Finance Act, 1994

Service tax

Commissioner (A)

July 12 to Sep 15

8

-

8

18

Finance Act, 1994

Service tax

Commissioner, LTU

Oct 09 to Sep 14

76,474

-

76,474

19

Finance Act, 1994

Service tax

CESTAT

July 12 to Sep 14

34

3

31

20

Finance Act, 1994

Service tax

CESTAT

Oct 09 to Jun 12

22

-

22

21

Finance Act, 1994

Service tax

Joint Commissioner, LTU

Oct 09 to Jun 12

127

-

127

22

Finance Act, 1994

Service tax

CESTAT

April 09 to July 14

767

767

-

23

AP VAT Act, 2005

VAT

CTO

2011-12

10

-

10

24

Sales Tax

VAT

Bombay High Court

1994-95

14

-

14

25

Sales Tax

VAT

Bombay High Court

1993-94

22

-

22

Total

182,364

2,925

179,439

(viii)According to the information and explanations given to us, we are of the opinion that the company has not defaulted in repayment of loans or borrowings to financial institutions and banks. The company has not issued any debentures.

(ix) The Company has raised the money from the follow up proceeds in the earlier years. Out of the unutilized proceeds amounting to ' 33065 Lakhs as on 31st March, 2016, the company has utilized ' 3437 Lakhs during the year for the purpose for which it has been raised. However, balance amounting to ' 29,628 Lakhs as on 31.03.2017 have not been utilized and kept in a Fixed Deposit pending utilization. In our opinion, the term loans were applied for the purpose for which those were raised.

(x) We report that certain complaints have been received by the vigilance division of the company for the reporting period for which the investigations are under process. We have neither come across any instance of fraud by the company or any fraud on the company by its officer or employees noticed or reported during the year nor have been informed of any such case by the management.

(xi) The Company is a Government Company, and the provisions of section 197 are not applicable to the company. Therefore clause (xi) of the said order is not applicable to the company.

(xii) In our opinion the company is not a Nidhi Company. Therefore clause (xii) of the said order is not applicable to the company.

(xiii)All transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the financial statements etc., as required by the applicable accounting standards.

(xiv)The company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and therefore clause (xiv) of the said order is not applicable to the company.

(xv) The company has not entered into any non-cash transactions with the directors or persons connected with him and therefore the clause (xv) of the said order is not applicable to the company.

(xvi)According to the information and explanation provided by the management, the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

“Annexure B” to Independent Auditors’ Report

Directions under Section 143(5) of the Companies Act, 2013

On the Accounts of The Shipping Corporation of India Ltd. for the year 2016-17

Sr.

No.

Directions

Auditors’ comments including Action taken wherever required to be taken

Impact on the Accounts and Financial Statements

1

Whether the Company has clear title / lease deeds for freehold and leasehold land respectively? If not please state the area of freehold and leasehold land for which title / lease deeds are not available.

As per the information and explanation given to us, the corporation has clear title/ lease deeds for freehold and leasehold land. Further, the company has one land which is on the lease is the Shipping house of Mumbai, on which building has been constructed.

No Impact

2

Whether there are any cases of waiver / write off debts / loans / interest, etc? If yes, the reasons therefore and amount involved.

The company has write off the debts amounting to ' 6,94,927.23/- during the year (Refer Annexure ‘1’).

Not Material

3

Whether proper records are maintained for inventories lying with third parties and assets received as gift / grant(s) from the Government or other authorities?

As explained to us, there are no inventories lying with third parties. Further, there are no gifts received from Govt. or other authorities.

No Impact

Sub-directions under Section 143(5) of the Companies Act, 2013 in respect of the Shipping Corporation of India Limited for the year 2016-17

Sr.

No.

Sub-directions

Auditors’ comments including Action taken wherever required to be taken

Impact on the Accounts and Financial Statements

1

State the area of land under encroachment and briefly explain the steps taken by the Company to remove encroachments.

As per the information and explanation given to us, there are no land under encroachment

No Impact

2

(i) Whether amount of (a) bank balance (b) trade receivable (c) trade payables (d) loans and advances for which third party confirmation was not made available has been reported.

The corporation has sent letters for balance confirmation of bank , trade receivables and trade payables. However, no confirmation has been sent for loans & advances. For the Trade receivables, 122 confirmations send, 12 confirmations has been received by us. For Trade Payables, 580 confirmations send, 79 confirmations have been received by us.

Adjustments required in the accounts on confirmation and reconciliation are not likely to be material, in the opinion of the management.

However, Reconciliation / Rectification on the basis of balance confirmation of M/s. Cochin Shipyard Ltd. has already been done before 31st March 2017.

(ii) Where such balance has been confirmed by respective parties, whether it varies widely from the amounts reflected under respective heads in the Financial Statements? If so, the difference and action taken by the management to reconcile the difference should be disclosed.

The balance confirmation of trade payables received wherever varying with the amount as per the books of account by more than ' 5 Lakhs is shown in (Annexure -‘2’).

Adjustments required in the accounts on confirmation and reconciliation are not likely to be material, in the opinion of the management.

However, Reconciliation / Rectification on the basis of balance confirmation of M/s. Cochin Shipyard Ltd. has already been done before 31st March 2017.

3

Independent verification may be made, of information / inputs furnished to actuary, viz. number of employees, average salary, retirement age, etc. and assumptions made by the actuary regarding the discount rate, future cost increase, mortality rate, etc. for arriving at the provision for liability of retirement benefits, viz. gratuity, leave encashment, post-retirement medical benefits, etc.

The information/ inputs furnished by the company to the actuary for valuation of the provision for liability of retirement benefits, i.e. number of employees, average salary, retirement age etc have been reviewed and the same are based on actual for the current year. The assumption made by the actuary for valuation of the liability of retirement benefits i.e., discount rate, morality rate, future cost increase are consistent over the period. The actuary has confirmed in its report that the liability of retirement benefits has been valued as per the provisions of Indian Accounting Standards-19 (Ind AS 19).

No Impact

“Annexure C” to Independent Auditors’ Report

(Referred to in paragraph II (f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

To the Members of ‘The Shipping Corporation of India Limited’

In conjunction with our audit of the Standalone Financial Statements of The Shipping Corporation of India Limited (“the Company”) as of and for the year ended March 31, 2017, we have audited the Internal Financial Controls over financial reporting of the Company as of that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI’). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India.

Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Financial Statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that:

(1) pertains to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the Financial Statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Qualified Opinion

According to the information and explanation given to us and based on our audit, the following material weaknesses have been identified in the operating effectiveness of the Company’s internal financial control over financial reporting as at 31st March, 2017.

a) The timely verification of claims of agents needs to be further strengthened.

b) The timely updating and monitoring of the data, with respect to Fleet Personnel, needs to be strengthened.

c) The control on the booking of bunker consumption to the correct voyage of the vessels needs to be strengthened. Also, timely updating of telegrams should be followed to avoid delays in booking of Bunker Consumption.

d) The control in the system, to ensure that the bunker consumption in case of time charter is recovered from the charterer instead of debiting to the consumption account, needs to be further strengthened.

e) The system has to ensure that the tax is deducted at source on all the provision for expense made.

f) Timely updation of Minimum rates/THC rates, for the purpose of preparation of ‘Bill of Lading’ needs to be strengthened. And system of maker checker for updating the same into the system, needs to be introduced.

g) Timely uploading of the data from Agents system to the Company’s Invoice booking system needs to be further strengthened.

h) Maker Checker concept with respect to preparation and raising of Invoices to the Customers’ needs to be strictly followed.

i) System of monitoring and clearing of Vendors Accounts, needs to be followed on timely basis.

In our opinion, the Company has, in all material respects, maintained adequate internal financial controls over financial reporting as of March 31, 2017 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India and except for the possible effects of the material weakness described above on the achievement of objectives of the control criteria, the internal financial controls over financial reporting of the company were operating effectively as at March 31, 2017.

We have considered the material weakness identified and reported above in determining the nature, timing and extent of audit tests applied in our audit of the Financial Statements of the company as of 31st March, 2017 and these material weakness do not affect our opinion on the Standalone Financial Statements of the Company.

For GMJ & Co. For G. D. Apte & Co.

Chartered Accountants Chartered Accountants

FRN: 103429W FRN: 100515W

CA Sanjeev Maheshwari CA Chetan. R. Sapre

Partner Partner

ICAI Membership No. 38755 ICAI Membership No. 116952

Place: Mumbai Place: Mumbai

Date: 27th May, 2017 Date: 27th May, 2017