Mar 31, 2015
We have audited the accompanying financial statements of Standard Shoe Sole And Mould (india) Limited (the Company), which comprise the balance Sheet as at March 31, 2015, the Statement of Profit and Loss and cash flow Statement' for the. year then ended and summary of significant accounting policies and other explanatory information.
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 flow of the company in accordance with the
Accounting Standards notified under the companies Act, 1956 (the Act) read with the General Circular 05/ 2013 dated 13th September, 2013 of the ministry of corporate affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principle generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control 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.
Our responsibility is to express an opinion, on these financial statements based on our audit. We conducted out audit in accordance with the Standards on Audit in 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 the disclosures in the financial statements. The procedure selected depend on the auditors judgment, including the assessment of the risk of material misstatement. of the financial statements whether due to fraud or error In making those risk assessments, the auditor 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 nor for the purpose of expressing an opinion on the, effectiveness of the Company'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 statement. We believe that the audit evidence we have obtained is support and appropriate to provide a basis for our audit opinion.
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 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 stale of affairs or the Company as at March 31,2015;
(b) In the case of the Statement of Profit and Loss, of the Profit of the company for the year ended On that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the companies (Auditor's Report) Order,2015 (the order) issued by the Central Government of India we give in the Annexure a statement on the matters specified in paragraph 3 of the Order.
2. As required by Section 327(3) static Act, we report that:
a. We have obtained all the information and explanations which to the best of our knowledge and believe were necessary for the purpose of our audit;
b. In our opinion, proper books of amount as required by the law have been kept by the company so far as appears from our examination of those books.
c. The Balance Sheet the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account. "
d. In our opinion, the Balance Sheet, the Statement-of Profit and Loss and the cash flow statement comply with accounting standard notified under the act read with the General Circular 15/2013 dated 13th September, 2013 if the ministry of corporate Act,2013.
For Mukherjee Sanyal & Co
(FRN : 3070398)
Place : Kolkata C.A K.K MUKHERJEE
Date : 23/05/2015 Partner
Membership No. 011435
Mar 31, 2012
1. We have audited the attached Balance Sheet of Standard Shoe Sole and Mould (India) Limited as at 31st March, 2012 and the related Profit and Loss Account for the year ended as on that date annexed thereto which we have signed under reference to this report. These financial statements are the responsibility of the Company''s management. Our responsibility is to express our opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well, as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
3. We report as follows:
As required by the Companies (Auditor''s report) order, 2003 (and as amended) issued by the Central Government of India in terms of section 227(4A) of the Companies Act, 1956, we enclose an Annexure of statement of matters specified in the Said Order.
4. Further to our comments in the Annexure referred to in paragraph 3, above, we report that:-
a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. (Refer Notes on Accounts) -
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 and Profit and Loss Account dealt with by this report are in agreement with the books of account.
d) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the applicable accounting standards referred to in sub-section (3C) of Section 211 of the Act. except for AS 15, Accounting for Retirement benefits, (Refer Notes).
e) On the basis of written representation received from the directors and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 3 lEt March, 2012 from being appointed as a director in terms of clause (g) of subsection (1) of Section 274 of the Act.
f) In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet and Profit & Loss Account read with the Significant Accounting Policies and Notes on Accounts given in Schedule 13 thereon.
- Unsecured loan balances and other balances of advances and creditors not reconciled / confirmed and effect on profit and loss due to adjustment / write off or write back of balances no longer required not ascertained.
Give the information required by the Companies Act, 1956, in the manner so required and show a true and fair view.
[a] in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012; and
[b] in the case of the Profit & Loss Account, of the profit for the year ended as on that date.
1 [a] The Company has not updated records to show full particulars including quantitative details and situation of the fixed assets.
[b] Physical verification of Fixed Assets was not carried out during the year by the management.
[c] In our opinion, and according to the information and explanations given to us, the Company has not disposed off a substantial part of its fixed assets during the year under report.
2 [a] The Company has not carried any inventory during the year.
[b] Since, the company didn''t carried any inventory so we are not able to comment on the procedures of physical verification of inventory followed by the management.
3 [a] 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 Company''s Act 1956.
[b] In view of the above the comments with regard to reasonableness of terms and conditions of the loans and their repayment schedule does not arise.
4. In our opinion in relation to the extent of business during the year and nominal expenses relating to daily office operation, the management feels that elaborate internal audit system is not required.
5. The Company has not accepted any deposits under the provisions of Sections 58 A and 58AA of the Act and the rules framed there under.
6 The Central Government of India has not prescribed the maintenance of cost records under clause [d] of sub section (1) of Section 209 of the Act for any of its products of the Company.
7 [a] During the year under review there was no transaction recorded in the books of the company in respect of Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other material statutory dues as applicable, with the appropriate authorities.
[b] In the books there are various old liabilities in regard to various statutory dues being brought forward over the years. In absence of details thereof, we are unable to comment on the status of such dues.
8 The Company has accumulated losses as at 31s1 March, 2012 is more than 50% of its net worth on the given date. The company has not incurred cash losses in the financial year 2011 -12.
9 The Company has entered into an OTS settlement against the dues of banks and financial institutions which has been adjusted in the accounts. (Refer Notes to accounts).
10 The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.
11 According to information received and verification of records and documents and as explained to us, the provisions of any special statute applicable to chit fund/mutual benefit fund/societies are not applicable to the Company.
12 In our opinion the Company is not a dealer or trader in shares, securities, debentures and other investments.
13 According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from financial institutions/banks which is prejudicial to the interest of the company.
14 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.
15 The Company has not issued any debentures nor has it created security in respect thereof.
16 The Company has not raised any money through a public issue during the year covered by our audit.
17 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 fraud on or by the Company, nor noticed or reported during the year, nor have we been informed of such case by the management.
For Mukherjee Sanyal & Co.
(Kamal Kumar Mukherjee)
Membership No: 011435