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Bloom Dekor Ltd.

BSE: 526225 Sector: Others
NSE: N.A. ISIN Code: INE253C01013
BSE LIVE 15:40 | 15 Dec 60.40 0.40
(0.67%)
OPEN

63.00

HIGH

63.00

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60.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 63.00
PREVIOUS CLOSE 60.00
VOLUME 225
52-Week high 84.90
52-Week low 36.20
P/E
Mkt Cap.(Rs cr) 41
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 63.00
CLOSE 60.00
VOLUME 225
52-Week high 84.90
52-Week low 36.20
P/E
Mkt Cap.(Rs cr) 41
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bloom Dekor Ltd. (BLOOMDEKOR) - Auditors Report

Company auditors report

To the Members of BLOOM DEKOR LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of BLOOM DEKOR LIMITED ("theCompany") which comprise the Balance Sheet as at March 31 2017 the Statement ofProfit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (‘the act’) with respect tothe preparation of these financial statements that give a true and fair view of thefinancial position financial performance and cash fiows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with rule 7 of Companies (Accounts) Rules2014.This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat were operating efiectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act and otherapplicable authoritative pronouncement issued by the Institute of Chartered Accountants ofIndia. Those Standards and pronouncement require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement. An audit involves performing procedures toobtain audit evidence about the amounts and disclosures in the financial statements. Theprocedures selected depend on the auditor’s judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

In making those risk assessments the auditor considers internal financial controlrelevant to the Company’s preparation of the financial statements that give a trueand fair view in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on whether the Company hasin place an adequate internal financial controls system over financial reporting and theoperating efiectiveness of such controls. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company’s management and Board of Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is suficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of afiairs of the Company as at 31stMarch 2017 its Loss and its cash fiows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 issued by theCentral Government of India in terms of sub-section (11) of section143 of the Act(hereinafter refer to as the "Order") and on the basis of such checks of booksand records of the company as we consider appropriate and according to Explanation givento us we give in the Annexure A a statement on the matters Specified in paragraphs 3 and4 of the Order.

2. 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 bestof 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 theCompany so far as appears from our examination of those books; and Proper Returns adequatefor the purpose of our audit have been received from the branches not visited by us.

c) The reports on the accounts of the branch Offices of the Company audited by us underSection143 (8) of the Act have been properly dealt with by us in preparing this report.

d) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

e) In our opinion the aforesaid financial statements comply with the applicableAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

f) On the basis of written representations received from the directors on April 1st2017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164(2) of theAct.

g) With respect to adequacy of the internal financial controls over financial reportingof the company and the operating efiectiveness of such controls refer to our separatereport in Annexure B and

h) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014:

i. The Company does not have any pending litigations which would impact its financialposition except otherwise stated in Para No of 1 of notes on accounts given in Note No 2.

ii. The Company did not have any long-term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does not arise.

iii. There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question of delayin transferring such sums does not arise.

iv The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes as defined in the Notification S.O.3407(E) dated the November 08 2016 of the Ministry of Finance during the period from 8thNovember 2016 to 30th December 2016. Based on audit procedures and relying on themanagement representation we report that the disclosures are in accordance with books ofaccount maintained by the Company and as produced to us by the Management.

For DHARMENDRA SHAH & CO.
Chartered Accountants
(Dharmendra H Shah)
Proprietor
Place : Ahmedabad Membership No.: 036809
Date : May 30 2017 Firm Registration No.: 102474W

ANNEXURE TO INDEPENDENT AUDITOR’S REPORT

Referred to in Paragraph 1 of the Auditors’ Report of even date to the members of BloomDekor Limited on the financial statements as of and for the year ended March 312017.

I. FIXED ASSETS:

a) The Company has generally maintained proper Records showing full particularsincluding quantitative details & situation of Fixed Assets on the basis of availableinformation. However they are not fully updated.

b) All fixed assets have not been physically verified by the management during theyear but there is a regular program of verification which in our opinion is reasonablehaving regard to the size of the company and the nature of its assets. As informed to usno material discrepancies were noticed on such verification.

c) The title deeds of immovable properties as disclosed in the Note 12 on fixed assetsto the financial statements are held in the name of the Company.

II. Inventories:

a) The inventory has been physically verified during the year at the year-end by themanagement. In our opinion the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventory followed by the management are reasonableand adequate in relation to the size of the company and nature of its business.

c) In our opinion and according to the information and explanations given to us and onthe basis of our examination of records of inventory the Company is generally maintainingproper records of inventory. The discrepancies noticed on physical verification ofinventory as compared to the book records were not material and have been properly dealtwith in the books of account.

III. Loan Granted:

The Company has not granted any loan secured or unsecured to any companies firms orother parties covered in the Register maintained under section 189 of the Companies Act2013. Therefore the provisions of para 3 clause iii (a) & (b) & (c) of the saidOrder relating to matters to be included in audit report are not applicable to theCompany.

IV. Loans to the Parties:

The company has not granted any loans or made any investments or provided anyguaranteed or securities to the parties covered under Section 185 and Section 186.Therefore the provisions of Clause 3(iv) of the said Order are not applicable to theCompany.

V. Public Deposit:

In our opinion and according to the information and explanation given to us thecompany has not accepted any deposits from public hence the directives issued by theReserve Bank of India & the provisions of Section 73 to 76 of the Company Act2013 orany other relevant provisions of the Act and rules there under are not applicable.

VI. Cost Records:

According to the information and explanation given to us pursuant to the rules made bythe Central Government of India the Company has maintained cost records as specifiedunder Section 148(1) of the Act in respect of its products.

VII. Statutory Dues:

a) According to the information and explanation given to us and the records of theCompany examined by us In our opinion the company is generally regular in depositingundisputed statutory dues in

respect of Provident Fund Income Tax Sales Tax Service Tax Customs Duty ExciseDuty Value Added Tax Cess and other statutory dues applicable with the appropriateauthority except the following.

Sr. No Name of the statute Nature of dues Asst. Year Amt
(In Lacs)
1 Income Tax Act 1961 TDS Default FY 2016-17 1.65
2 Income Tax Act 1961 TDS Default FY 2015-16 5.22
3 Income Tax Act 1961 TDS Default FY 2014-15 1.75
4 Income Tax Act 1961 TDS Default FY 2013-14 2.22
5 Income Tax Act 1961 TDS Default Prior to FY 2013-2014 7.04
6 Income Tax Act 1961 Income Tax U/s 154 2003-04 2.07
7 Income Tax Act 1961 Income Tax U/s 143(1)(a) 2009-10 0.05
8 Gujarat Sales Tax CST FY 2008-09 2.96
9 Gujarat Sales Tax CST FY 2011-12 10.02

b) According to the information and explanation given to us the record examined by usthe particulars of dues of Income Tax Sales Tax Wealth Tax Service Tax Customs DutyExcise Duty Value Added Tax Cess which have not been deposited on account of anydispute are as under:

Sr. No. Name of the statute Nature of dues Period to which the amount relates Forum where dispute is pending Appeal by Amount
in Lacs
1 Income Tax Act1961 Income Tax 2000-01 High Court Company 56.00
Restored back the
issue to AO
2 Income Tax Income Tax 2001-02 High Court Company 52.25
Act1961 Restored back the
issue to AO
3 Income Tax Income Tax 2002-03 CIT(A) Company 21.30
Act1961
4 Income Tax Income Tax 2003-04 I.T.A.T. Company 28.71
Act1961 Partially restored
back to AO
5 Income Tax Income Tax 2013-14 ITAT Company 12.27
Act1961 u/s 143(3)
6 Gujarat Sales Sales Tax F.Y.2004-05 Commissioner- Company 3.70
Tax Appeal
7 Gujarat Sales Sales Tax F.Y.2005-06 Commissioner- Company 2.28
Tax Appeal
8 Central Excise Excise Duty F.Y.2009-10 to CESTAT Company 46.38
2012-13
9 Central Excise Excise Duty F.Y.2013-14 Commissioner- Company 23.08
Appeal
10 Central Excise Excise Duty F.Y.2014-15 Commissioner- Company 28.51
Appeal
11 Central Excise Excise Duty F.Y. 2015-16 Commissioner- Company 14.58
Appeal

VIII. Repayment Default

According to the records of the company examined by us and the information andexplanation given to us the company has generally not defaulted in repayments of loans orborrowings to any financial institution or bank or Government or due to Debenture holderas at the Balance Sheet Date except default of one EMI of Rs893142/- of Term Loan fromBajaj Finvest Ltd due for March 17.

IX. Capital Raised/Term Loan:

The company has not raised any monies by way of initial public ofier further publicofier (Including debt instruments) during the year. In our opinion & explanationsgiven to us the term loans were applied for the purposes for which the loans wereobtained.

X. Fraud:

During the course of our examination of the books and records of the company carriedout in accordance with the generally accepted auditing practices in India and accordingto the information explanation given to us we have not come across any instance of anymaterial fraud by the company or any fraud on the Company by its Officers or employees norhas been noticed or reported during the year.

XI. Managerial Remuneration:

According to the record of the company examined by us and the information andexplanations given to us the company has paid/ provided for managerial remuneration inaccordance with the requisite approval mandated by the provision of Section 197 read withSchedule V to the Act.

XII. Nidhi Company:

In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

XIII. Related Party Transactions:

The company has entered into transactions with related party in a compliance with theprovisions of Sections 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the financial statements as required under by theapplicable Accounting Standards.

XIV. Preferential Allotment:

The company has not made any preferential allotment or private placement of shares orfully or partly convertible debenture during the year under review. Accordingly theprovision of clause 3(xiv) of the order is not applicable to the company.

XV. Cash Transactions with Directors:

According to the record of the company examined by us and the information andexplanations given to us the company has not entered into any non cash transactions withits Directors or person connected with them. Accordingly the provisions of clause 3(xv)of the order are not applicable to the company.

XVI. Registration U/S 45-IA of RBI Act

According to the information and explanations given to us the company is not requiredto be registered under section 45-IA of the Reserve Bank of India Act 1934. Accordinglythe provisions of clause 3(xvi) of the order are not applicable to the company.

For DHARMENDRA SHAH & CO.
Chartered Accountants
(Dharmendra H Shah)
Proprietor
Place : Ahmedabad Membership No.: 036809
Date : May 30 2017 Firm Registration No.: 102474W

"Annexure B" to the Independent Auditor’s Report of even date on theFinancial Statements of Bloom Dekor Limited Report on the Internal Financial Controlsunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financial reporting of BloomDekor Limited ("the Company") as of March 31 2017 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating efiectively for ensuring the orderly and eficient conduct of its businessincluding adherence to company’s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated efiectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingefiectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating efiectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgments including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is suficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that

1. Pertain to the maintenance of records that in reasonable detail accurately andfairly refiect the transactions and dispositions of the assets of the company;

2. Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

3. Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company’s assets that could havea material efiect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

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

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating efiectively as at March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For DHARMENDRA SHAH & CO.
Chartered Accountants
(Dharmendra H Shah)
Proprietor
Place : Ahmedabad Membership No.: 036809
Date : May 30 2017 Firm Registration No.: 102474W