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Schablona India Ltd.

BSE: 507894 Sector: Consumer
NSE: N.A. ISIN Code: INE024C01026
BSE LIVE 13:12 | 15 Nov 12.55 -0.65
(-4.92%)
OPEN

12.55

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12.55

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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 12.55
PREVIOUS CLOSE 13.20
VOLUME 1
52-Week high 30.45
52-Week low 12.55
P/E
Mkt Cap.(Rs cr) 4
Buy Price 12.55
Buy Qty 9.00
Sell Price 0.00
Sell Qty 0.00
OPEN 12.55
CLOSE 13.20
VOLUME 1
52-Week high 30.45
52-Week low 12.55
P/E
Mkt Cap.(Rs cr) 4
Buy Price 12.55
Buy Qty 9.00
Sell Price 0.00
Sell Qty 0.00

Schablona India Ltd. (SCHABLONAINDIA) - Auditors Report

Company auditors report

To the Members of

SCHABLONA INDIA LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of Schablona India Limited("the Company") which comprise the Balance Sheet as at 31st March 2017 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows 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 the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' 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 accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers the internal financial control relevant to the Company's preparation ofthe financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion read with note No. 2.11 and to the best of our information andaccording to the explanations given to us the aforesaid financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at 31st March 2017 and its loss and its cash flows for theyear ended on the date.

Report on Other Legal and Regulatory Requirements

1. In our opinion and to the best of our information and according to the explanationsgiven to us the Companies (Auditor's Report) Order 2016 ("the Order") issuedby the Central Government of India in terms of sub-section (11) of section 143 of theCompanies Act 2013 we give in the Annexure 'A' a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143 (3) of the Companies Act 2013 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 it appears from our examination of those books;

c. the balance sheet the statement of profit and loss and the cash flow statementdealt with by this Report are in agreement with the books of account;

d. in our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

e. on the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act;

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in Annexure 'B'.

g. with respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialpositions in its financial statement - Refer Note No. 2.1 to the financial statements.

ii. the Company has made necessary provision in its financial statements under theapplicable law or accounting standards wherever required;

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in the financial statements underNote No. 2.12 as regards the holding and as well as dealings in Specified Bank Notes asdefined in the Notification S. O. 3407(E) dated 8th November 2016 of the Ministry ofFinance Govt. of India during the period from 8th November 2016 to 30th December 2016.Based on audit procedures performed and the representations provided to us by themanagement we report that the disclosures are in accordance with the relevant books ofaccounts maintained by Company.

For A. K. Maheshwari & Associates
Chartered Accountants
(Firm Registration No. 500106N)
Place : Noida (CA. Tushar Jain)
Dated : 23rd day of May 2017 Partner
Membership No. 524134

ANNEXURE ‘A' TO INDEPENDENT AUDITORS' REPORT

Referred to in Paragraph 1 under the heading of "report on other legal andregulatory requirements" of our report of even date

1. In respect of Fixed assets:

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of the fixed assets.

b) As explained to us fixed assets have been physically verified by the managementduring the year in accordance with the phased programme of verification adopted by themanagement which in our opinion provides for physical verification of all the fixedassets at reasonable intervals. According to the information and explanations given to usno material discrepancies were noticed on such verification and the same have beenproperly dealt with in the books of accounts.

c) As per the records and information and explanations given to us title deeds ofimmovable properties are in the name of the Company.

2. In respect of its inventory:

a) As explained to us the inventories of finished goods semi-finished goods storesspare parts and raw materials were physically verified at regular intervals by theManagement.

b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the Management werereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c) In our opinion and according to the information and explanations given to us theCompany has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification of stocks as compared to book records.

3. According to the information and explanations given to us the Company has notgranted any loans to companies firms limited liabilities partnership or other partiescovered in the Register maintained under Section 189 of the Companies Act 2013; andtherefore paragraph 3(iii) of the Order is not applicable.

4. The Company has not made any transaction in respect of loans covered under section185 of the Companies Act 2013 and in respect of loans investments guarantees andsecurity covered under section 186 of the Companies Act 2013 the provisions of the saidsection 186 have been duly complied.

5. The Company has not accepted any deposits from the public and consequently thedirectives issued by Reserve Bank of India the provisions of sections 73 to 76 of theCompanies Act 2013 and rules framed there under are not applicable.

6. In accordance with the information given by the management the maintenance of costrecords has not been prescribed by the Central Government under section 148 (1) of theCompanies Act 2013 read with Companies (Cost Records and Audit) Rules 2014 for thegoods/ products manufactured by the Company.

7. (a) According to the records of the Company and information and explanations givento us the Company has generally been regular in depositing the undisputed statutory duesincluding Provident fund Employees State Insurance (ESI) Investor Education andProtection Fund Income tax Tax deducted at source Professional Tax Sales tax ValueAdded Tax (VAT) Service Tax Custom Duty Excise Duty Cess and any other statutory duesas applicable with the appropriate authorities.

(b) According to the information and explanations given to us there was no undisputedamounts payable in respect of the above dues and other material statutory dues in arrears/were outstanding as at 31st March 2017 for a period of more than six months from the dateof their becoming payable except in case of income tax as detailed below.

Name of Statue Nature of Dues Period to which the amount relates Amount (Rs. in lacs) Forum where the dispute is pending
Income Tax Act 1961 Income Tax AY 2012-13 0.47 CIT(A)-2 Kolkata
Total 0.47

8. The Company has not defaulted during the year in repayment of any loans orborrowing to a financial institution bank Government. The Company has no dues towardsdebenture holders.

9. According to the information and explanations given to us the Company has notraised any term loan and any money by way of further public offer during the year henceclause 3 (ix) of the Order is not applicable.

10. According to the information and explanations given to us no fraud by the Companyor no fraud on the Company by the Company's officers or employees has been noticed orreported during the year.

11. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with the Schedule V of the Act.

12. 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.

13. The transactions with the related parties made by the Company are in compliancewith sections 177 and 188 of Companies Act 2013 where applicable and the details havebeen disclosed in the Financial Statements as required by the applicable accountingstandards.

14. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year and hence clause 3(xiv) of the Order is not applicable.

15. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with directors or persons connected with him hence clause 3(xv) of the Orderis not applicable.

16. In our opinion and according to the information and explanations given to us theCompany is not required to be registered under section 45 IA of the Reserve Bank of IndiaAct 1934.

For A. K. Maheshwari & Associates
Chartered Accountants
(Firm Registration No. 500106N)
Place : Noida (CA. Tushar Jain)
Dated : 23rd day of May 2017 Partner
Membership No. 524134

Annexure 'B' to the Independent Auditor's Report of even date on the FinancialStatements of SCHABLONA INDIA LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of SCHABLONAINDIA LIMITED ("the Company") as of 31st March 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 internal control over financial reporting criteria establishedby the Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe The Institute of Chartered Accountants of India (ICAI) .These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to Company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 effectively 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 operatingeffectiveness. 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 effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement 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 sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany'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 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 effectively as at 31st March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note issued by theICAI.

For A. K. Maheshwari & Associates
Chartered Accountants
(Firm Registration No. 500106N)
Place : Noida (CA. Tushar Jain)
Dated : 23rd day of May 2017 Partner
Membership No. 524134