Ni
ss
hin
Tran
s
portation
Co
.,
Lt
d.
(Bangladesh
Liaison Offi
ce
)
I lou
se 37
(5
111
F
loor
), R
oa
d - 18, Bl
ock
B,
Ba
nani
,
Dh
a
ka
, PO: 1213
Audit Report and Financial Statements
Of Nisshin Transportation Co., Ltd.
(Bangladesh Liaison Office)
For the year ended 30 June 2024
MAFAZAL& CO.
Chartered Accountants
H&S Building (4
th
Floor),
91
Bir Uttam C.R Dutta Road,
Dhaka-1205. Mobile: + 8801612240422
Web: www.mafazal.com ; E-Mail: probir @ mafazal.com
MA FAZAL & CO.
CharteredAccountants
In Practice Since 1970
Independent Auditor's Report
To the Shareholders of Nisshin Transportation Co. Ltd.
(Bangladesh Liaison Office)
Report on the audit of the Financial Statements
Opinion
• II~ DOC KLAN OS
- M < ( H IN r ,\N I ~-
Member Firm
We have audited the accompayning Financial Statements of "N isshin Transportation Co.
Ltd .." which comprise the Statement of Financial Position as at 30 June 2024 and the
Statement of Operational Expenses, Statement of Receipts and Payments for the year ended
30 June 2024 and notes to the financial statements, including a summary of significant
accounting policies.
ln our opinion, the accompanying financial statements present fairly, in all material respects,
the financial position of the company as at 30 June 2024, and its financial performance for
the year then ended in accordance with International Financial Reporting Standards (IFRSs),
the companies act 1994 and other applicable laws and regulations.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). 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 International Ethics Standards Board for Accountants' Code
of Ethics for Professional Accountants (lESBA Code) together with the ethical requirements
that are relevant to our audit of the financial statements in Bangladesh, and we have fulfilled
our other ethical responsibilities in accordance with the lESBA Code. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Other Matter
The financial statements of Nisshin Transportation Co. Ltd. (Bangladesh Liaison Office) for
the year ended 30 th June 2023 were audited by another auditor who expressed an unmodified
opinion on those statements on December 21, 2023.
Responsibilities of Management and Those Charged with Governance for the Financial
Statements and Internal Controls
Management is responsible for the preparation and fair presentation of the financial
statements in accordance with IFRSs, and other applicable laws and regulations and for such
internal control as management determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
ln preparation the financial statements, management is responsible for assessing the
company's ability to continue as going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless management either
intends to cease the project or has no realistic alternative but to do so.
1
H&S Building (4 th Floor), 91 Bir Uttam C.R Dutta Road, Dhaka-120
Mobile: +88 0 I 612240422, +88 0178150 I 074 www.mafazal.com; probir@mafazal.com;
Head office: 29, Bangabandhu Avenue (2 nd Floor}, Dhaka-1000.
MA FAZAL & CO.
ChartereclAccountants
In l'rllctlcc Since 1970
•II DOC Kl.ANDS AC ((lllNrANI ~
Member Firm
Those charged with govcmnnce are respo nsible for overseeing the Company's financial
reporting process.
Auditors Responsibilities 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 ISAs 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. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements.
As part of an audit in accordance with ISAs, 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 control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances but not for the purpose of expressing an
opinion the effectiveness of the company's internal control.
• 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 disclosure 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.
2
H&S Building (4 111 Floor), 91 Bir Uttam C.R Dutta Road, Dhaka-1205
Mobile: +88 0 I 612240422, +88 0178150 I074 www.mafazal.com; probir@mafazal.com;
Head office: 29, Bangabandhu Avenue (2 nd Floor), Dhaka-1000.
l\1
A FAZAL 4.~ CO.
ChorteredAccountent~
In
l"mc11c,
·
Sm
ee
\I
H
II
•
11
,,
"•
ns i\C C (
II
I
'I
I
.\ /'I
I \
Member Firm
• Obtain
su
ffi
cie
nt
appropriate audit eviden
ce
re
gar din g
the
financial information of
th
e
co
mpany
to exp r es s an o
pin
io
n on
th
e
fin
ancial statements.
We
a
re
r es
pon
s
ible
fo
r
th
e
direction. s upervi
si
on and perf ormance
of
the a udit.
We
rem ai
n so
lely
re
spons
ible
for our
audit o
pini
on.
We
com
munica
te with
th
ose char
ged
with gove
rnan ce
re
ga
rd
ing, amon g other matters, the
planned sco pe
a
nd
timing
of
the audit
and
significa nt audit findin
gs
,
in
c ludin g an y significant
defi cienci
es in
internal control that
we
identify during our audit.
We
al
so
provide
th
ose charged w
ith
go
ve
rnance
with
a sta tement that
we
have
co
mpl
ie
d
wi
th
relevant ethical requiremen
ts
regarding independence,
and
to co mmuni ca
te with them all
relations hip s and other matters
th
at
ma
y reasonably be th o
ught
to bear on o
ur
independen
ce
,
and where applicable, related sa
feguard
s.
Report on Other Legal and Regulatory Requirements
In
accordance
with the Co
mpanies Act
1994
, we
also
report
th
e
fol
l
ow
ing:
a)
We
ha ve obtained all the information and explanations which 10 the best
of
our
knowledge and belief were necessary for the purpose of our audit and made due ve rification
thereof.
b) In our opinion, proper books
of
accounts, records and other statut ory books as required by
law have been k ept by
the
organization so far as
it
appeared
from
our examinations
of
th
ose
books; and
c) The company's statement of financial position dealt with by the report
is in
agreement
with the books
of
accounts and return
s.
Place:
Dh
aka
Dated: 15 J
AN
2
B.?
5
3
Probir K
Partner, Enro ent #
1583
MA
Faul&
Co.
Charte red Accountants
DVC
:
~5o::1151
~8.3AS~~'.:J.%~
H&S Building (4'" Floor), 91 lllr Uttam C.R Dutta Road, Dhaka-1205
Mobile: +88 0 I612240422,
1-
88 0178150 I074 www.mafazal.com; probir@mafazal.com;
Head office: 29, Bangabandhu Avenue (2 nd Floor), Ohaka-1000.
MA
FAZAL
&
CO
.
Chartered Accountants
Nl55hln Tran5portation Co. Ltd.
(01ngl1desh Liaison Office)
Statement
of
Financial Posi ti on
As at June 30, 2024
Amount
in
T1lui I
Par1iculnr
s
June 30, 2024 June 30 , 2023
Notes
l=======;,~,;::=======;j
,__
____________ ,__ _
___._
_____
~
ASSETS
Non
-Current Assets
Pr
operty, Plant & Equipment
Current Assets
Cash & Cash Equivalents Total Current Assets
Total Assets
EQUITY
& LlABILITfES
4.oo
....
1
___
___
142
,637 I I
142,637
1,s22,
sos
11 1,249,6
21
1,522,505 1,249,621
1,665,142 1,249,621
Current Account with Head Office 6.00
._I
__
_.__
____
_
1,26s,21s
11
952, 7291
Current Liabilities
Liabilities
fo
r Expenses
Liabilities for Asset Addition
Total
Equity
& Liabilities
7.00
8.00
392,168
7,696
'-----'---
--'
1,665,142
296,~92 ,
1,249,621
Th
e
annexed not es
are
i
ntegral
part
of
th
ese
finan
c
ial
s tatements.
Signed
in
tenns
of
our report
of
even date anne xed.
Place: Dhaka
Dated: 15 J
AN
2 0
?5
4
Partner, Enr ment # 1583
MA Fazal& Co.
Chartered Accountants
DVC:~~Ojj5"j~83AS={~,56~
I
I
Particulars
Operational Expenses: Audi
t
Fee
Bank Charges
Cons ultin g Fees
O
ffice
Re
nt
Depreciation
Expe
nses
Car Rent
Nisshin
Transportation C
o.
Ltd.
(0inglacJesh Liaison
ornre)
Statement ofOperatio
nnl
Ex
pen ses
For
th
e
yen
r ended June 30, 2024
MA
FAZAL
&
CO
.
Chartered Accounta nts
Amount In Taka
Notes
I=====:=:;;::::====:
2023-2024 2022-2023
83,663 83,663
4,956 4,380
1,3 13,376 1,031,225
806,899 840,636
1,199
199,403
License, Renewals & Govt.
Fees
11
,644 Fuel
Charge 17,443
Tours & Travelling 4,550
Total Operational Expenses 2,431 , 489 1,971,548
Signed
in
tenns
of
our report
of
even date annexed.
Place: Dhaka
Dated: 15
JAN
2 ~5
5
Probir K r Paul FCA
Partner, Enro
rn
ent # 1583
MA
Fazal & Co.
Chartered Accountants
DVC:~5o11 S1 SB3A~~!'5t.-Z
Nisshin Tr11n, port1tlon Co. Lid.
(D1ngl1dtsh Ll1l,on ornce)
Statement of Receipts and Payments
For the year ended June 30, 2024
M A FA7.AL & CO.
Chartered Accountants
Amount in T1ka I
Particulars
RECEIPTS
Cash in Hand
Cash at Bonk
Optnlng B1l1nce of Cash & Cash Equinlents
Remittance Received
Total
PAYMENTS
Cash Operational Expenses:
Liability For Expenses
Fixed Assests Purchased
Cash Operational Expenses
Total Payments
Cash in Hand
Cash at Bank
Closing Balance of Cash & Cash Equivalents
Nole, n I June 30, 2024 11 June 30, 2023
1,249,;21 i 1,245,;87 I 1,249,621 1,245,687
6.01 2,743,750 2,020,000
31993~71 3J.65 1 687
7.00 296,892 341 ,410
136,140
9.00 2,037,834 1,674,656
2,470,866 2,016,066
1,522.;05 11 1,249,; 2 1 I
1~22~05 lJ.49 1 621
The annexed notes are integral part of these financial statements.
Place: Dhaka
Dated: 1 5 JAN 2D25
6
Nisshin Transportation Co. Ltd.
(Bangladesh Liaison Office)
Notes to the Financial Statements
For the year ended June 30, 2024
MA FAZAL & CO.
Chartered Accountants
1.00 CORPORATE INFORMATION:
1.01 Legal status :
Nisshin Transportation Co. Ltd. (Bangladesh Liaison Office) having penmss1on from
Bangladesh Investment Development Authority (BIDA), vidc pennission No. OPE-l4Sep2022-
0000I dated 01.10.2022 and 18B pennission from Bangladesh Bank under Foreign Exchange
Regulation Act. 2015 vide Endt.No.FEID/729/L-1733/2022-4455 dated.15-12-2022.
1.02 Nature of activities :
The prime activities of the company is to market research for Motor truck transportation
business, Consigned freight forwarding business, Ocean freight forward business. Port
transportation business, Domestic shipping etc.
2.00 COMPONENTS OF FINANCIAL STATEMENTS:
The financial statement comprises the following:
(i) Statement of Financial Position as at 30 June, 2024;
(ii) Statement of Operational Expenses for the Year Ended on 30 June, 2024;
(iii) Statement of Receipts & Payments for the Year Ended on 30 June, 2024;
(iv) Notes to the Financial Statements of significant accounting policies and other explanatory
infonnation as at and for the Year ended on 30 June, 2024.
3.00 SIGNIFICANT ACCOUNTING POLICIES :
The accounting policies applied in the preparation of these financial statements are set out
3.01 Basis of accounting:
The financial statements have been prepared under the accrual basis of accounting.
3.02 Compliance with accounting standards:
The financial statements have been prepared in compliance with the requirements of
International Financial Reporting Standard (lFRS).
3.03 Reporting currency and others:
The figures in the financial statements has been represented in Bangladeshi Taka, except
otherwise specified which have been rounded of the nearest Taka
3.04 Cash & Cash equivalent:
Cash and cash equivalents comprises cash in hand and cash at bank that are readily convertible
to a known amount of cash and that are subject to an insignificant risk of change in value.
3.05 Remittance Received :
Remittance received from Head office of Nisshin Transportation Co. Ltd. (Bangladesh Liaison
Office) for supporting the liaison office activities.
7
MA FAZAL & CO.
Chartered Accountants
3.06 Reporting Period :
TI1c financial statements cover the financial year from 0 I July 2023 to 30 June 2024 with
comparati ve figures for the financial year from 01 July 2022 lo 30 June 2023.
3.07 Going concern :
When preparing financial statements, management makes an assessment of the entity's ability to
continue as a going concern. The Company prepares its financial statements on a going concern
basis as the company has adequate resources to continue it's operation for the foreseeable future
and management does not intend lo liquidate the entity or to cease trading, or has no realistic
alternative but to do so.
3.08 Accrual basis of accounting :
Management of the company prepares its financial statements, except for cash flow infonnation.
using the accrual basis of accounting. When the accrual basis of accounting is used, an entity
recognizes items as assets, liabilities, equity, income and expenses (the elements of financial
statements) when they satisfy the definitions and recognition criteria for those elements in the
Framework.
3.09 Materiality and aggregation :
Management of the company presents separately each material class of similar items and items
of a dissimilar nature or function unless they are immaterial. Financial statements result from
processing large numbers of transactions or other events that are aggregated into classes
according to their nature or function.
3.10 Use of estimates and judgments :
The preparation of financial statements in confonnity with International Financial Reporting
Standards requires management to make judgments, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets, liabilities, income and
expenses, and disclosure requirements for contingent assets and liabilities during and at the date
of the financial statements.
3.11 Property, plant & equipment (PPE) :
Recognition
The cost of an item of property, plant and equipment shall be recognized as an asset if, and only
if:
- it is probable that future economic benefits will flow to the entity; and
-the cost of the item can be measured reliably.
Measurement
Items of property, plant and equipment except land are measured at cost less accumulated
depreciation and impainnent losses, if any. Property, plant and equipment are recognized when
all the conditions for recognition as per IAS 16: Property, Plant and Equipment an: met.
The cost of an item of property, plant and equipment comprises its purchase price, import duties
and non refundable taxes, after deducting trade discounts and rebates and any costs directly
attributable to bringing the asset to the location and condition necessary for it to be capable of
operating in the intended manner. Purchased software that is integral to the functionality of the
related equipment is capitalized as part of that equipment.
8
M A F
AZA
L &
CO
.
Cha
rt
ered Accou
nt
ants
Dt11rtcl1tlon
Dc
pl\.
'do
t
io
n is
~-o
mm
cnccd
"h
en
th
e
os
sel is in
th
e loca
ti
on end
co
ndition necessary for it to be
cap
ab
le of o
pc
mtin g
in
th
e mn
nn
er
int
e
nd
ed.
rr
ope
rt
y plant
nn
d cqu
ipm
en are depreciated using
Reducin g Uoloncc Depr
ec
iati
on me
th
od. De pre cia
ti
on is expressed
in
te
rm
s of per centa
ge
of
cost of
th
e
rcl
otcd
ossc
ts. ·
11i
c
annu
al de
pr
cciat ion
rat
es opp Ii ca
bl
e to differe
nt
ca
tegory
of
assets
ore
:
Pntkul•r
of
assets
Furniture & Fillin
gs
Di
spo
sa
l of property, plant
and
equipment :
Rite of depredation
1 0%
An item of Property.
pion!
and equi
pm
e
nt is
r
em
o
ved from
the statement
of
finan
cial pos
it
ion
wh
en
it
is
di
s
posed
of or when no future ec
on
o
mic
benefits
ar
c expected
fr
om its use or
di
sposal.
The gain or loss
on
the disposal
of
an
it
em
of
Property. plant
and
equ
ipm
ent is included
in
the
s tatement
of
profit or
lo
ss
.and
other co mprehen sive income of
the period
in
wh
ich
th
e de-
recogniti
on
occurs.
3.12 Provision, contingent liabilities and contingent assets :
Provisions
Provi sions are recognized
when
enti
ty has
a present obligation
as
a r
es
ult
of
a pas t event and
it
is
probable
th
at
an
outflow
of
re
so urces embod
ying econ omic benefits
will
be required to settle the
ob
li
gation, and a reliable estimate can be made
of
th
e amount of the obligat
ion
.
Pro
visions
are
reviewed
at
each balance s
he
et date and adjus ted
to
reflect
th
e current
be
st estimate. If a tran sfer
of
economic benefit is
no
longer probable the pro vis
ion
should
be
re
versed. Where
th
e effect of
the time
val
ue
of
money is
material, the amount of a provi sion is the present value
of
the
expenditure r eq uir ed to
settle
th
e ob
li
gation.
Accruals
Accruals are liabilities
to pay
fo
r goods or services that ha
ve
bee
n received or supplied but have
not bee
n
paid,
in voiced or
fo
rmall
y agreed with th
e supplier, inc
lu
ding amount due to
employee
s.
Contingent liabilities
A contin gent liability arises where a past event ma y lead to an entity having a liability in the
future but the financial impact
of
the eve
nt
will only be confirmed by the outcome
of
some
future event not wholly within the entity's control. A co ntingent liability should be
di
sclosed in
the financial statements unle ss the possible outflow
of
resources is thought to be
rem
ote.
Contingent asset
A contingent asset
is
a poten
ti
al
asset that arises
from
past events but whose existence can only
be co n
firmed by
the outco
me
of
future events not w holl y within
an
entity's control. A contingent
asset should be disclos
ed in
the financial statements only when the ex pected in
fl
ow
of
economic
benefits is probabl e.
3.13 Comparatives and ~arrangement:
Co mpara ti
ve
in formation has been disclosed for
all
numerical info
rm
ation
in
the financial
statements and also the narrative and de scripti
ve in
formation when it is relevant fo r
understanding
of
the current finan c ial statements.
To facilitate co m pari son, certain relevant balances pertaining to the previ o
us
year have been
rearranged and reclass ifi ed whenever considered necessary to conform to current year's
presenta
ti
on.
9
Nisshin Transportation Co. Ltd.
(Bangladesh Liaison ornce)
Noles to the Financial Statements
For the year ended June 30, 2024
MA FAZAL & CO.
Chartered Accountants
Amount in Taka I
Notes Particular Notes June 30, 2024 II June 30 1 2023 j
4.00 Property, Plant & Equipment
Opening
Add: Addition during the year
(Less): Disposal during the year
Closing Balance
Accumulated Depriciation
Opening
Add: Addition during the year
Closing Balance
WDV as at 30-06-2024
Details have been shown in Schedule - A.
5.00 Cash & Cash Equivalents
Cash in Hand
Cash at Bank (Prime Bank Ltd. - A/C - 2132111021983)
6.00 Current Account with Head Office
Opening Balance
Remittance Received 6.01
Operating Expenses
Adjustment Made During the Year
Closing Balance
6.01 Remittance Received
December 2023
7.00 Liabilities for Expenses
Audit Fee Payable
VAT on Audit Fees payable
Consulting Fee Payable
Car Rent Payable
Office Rent Payable
10
GD 143,836
1,522,505
952,729
2,743,750
(2,431 ,489)
287
1,265,278
2,143,1so 11
2,743,750
72,750
10,913
198,087
74,102
36,316
392,168
1,249,62 1
1,249,621
904,277
2,020,000
(1 ,971 ,548)
-
952,729
2,020,000 1
2,020,000
72,750
10,913
143,176
70,053
296,892
No
t
es
P
11rtlcu
l
ar
8.00
L111blll
t ics for A ss et Addition TDS
&
VDS
Payable
fo
r
Asse
t Addition
9.00 Cash Operat io nal Expe nses (During
Yea
r)
Audit Fee
Ba
nk
Charges
Consu
lt
in
g Fees
Office
Rent
Car
Rent Fu
el Char
ge
Tours & Tra
vell in
g
11
Notes
M A
FAZAL
& CO.
Chartered A
cc
ountants
Amount
In
Taka I
J un e 30, 2024
II
Jun e 30 1 2023 j
.__
__
1
__
,
69_6....,I
....
I
---~
7,696
-
83 ,663
4,956 4,380
1,115,
001
816,030
770,583 770,583
125,301 -
17,443 -
4,550 -
2,037,834 1,674,656
SL Balance as Addition
No
Particulars
on during the
01.07.2023 year
I Furniture & Fitting 143,836
Total in 2024 - 143,836
Place:
Dhaka
Dated: 1 5 J
AN
2
02
5
Cost
Nisshin Transportation Co. Ltd.
(Bangladesh Liaison Office)
Statement
of
Property, Plant & Equipment
As at 30 June, 2024
Adjustment / Balance as
Disposal Balance as Rate on
During the on 30.06.2024 01.07.2023
y
ear
- 143,836
10
%
- 143,836 -
12
Depreciation
Depreciation Adjustment
charged made during
during t he the year
y
ear
1.1
99 -
1,199 -
Schedule - A
Balance as
on
30.06.2024
1.199
1,199
W.D .
Vas
on
30.06.202-'
142.637
142.637
~A_?-4~
~
'\
.
fjo
• -
'J.~1
1
~~
"'"
,.
~