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Standard Shoe Sole & Mould India Ltd.

BSE: 523351 Sector: Industrials
NSE: N.A. ISIN Code: INE888N01013
BSE LIVE 10:25 | 28 Dec Stock Is Not Traded.
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OPEN 10.38
PREVIOUS CLOSE 10.92
VOLUME 100
52-Week high 10.38
52-Week low 10.38
P/E 54.63
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 10.38
Sell Qty 1700.00
OPEN 10.38
CLOSE 10.92
VOLUME 100
52-Week high 10.38
52-Week low 10.38
P/E 54.63
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 10.38
Sell Qty 1700.00

Standard Shoe Sole & Mould India Ltd. (STANDARDSHOE) - Auditors Report

Company auditors report

To the Members of

STANDARD SHOT SOLF AND MOULD (INDIA) LIMITED

Report on the Financial Statements

We have audited the accompanying financial Statements of Standard Shoe Sole And Mould(India) Limited ( the Company'). comprising the Balance Sheet as at 31st March 2016 andthe Statement of Profir and Loss Account Cash Flow Statement for the year ended and asummary of 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 preparation ofthese financial statement that give a true and fair view of the financial positionfinancial performance of the company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standard specified under Section 133of the Act. read with Rule 7of the Companies (Accounts) Rules 2014. This responsibilityalso includes maintenances of adequate accounting records in accordance with the provisionof the Act for safeguarding the assets of the Company and for preventing and detectingfrauds and other irregularities: selection and application of appropriate accountingpolicies; making judgment and estimates that are reasonable and prudent: and designimplementation and maintenances of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and competences of the accounting recordsrelevant for ensuring and preparation of the financial statements that give true and fairview and are free from material misstatement wheler due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit 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 anddisclosure in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error in making those risk assessments; the auditorconsiders internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design the audit procedures that arcappropriate in the circumstances but not for the purpose of expressing an opinion onwheter the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the management as well as evaluating the overallpresentation of the financial statement.

We believe that the audit evidence we have obtained is sufficient 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 financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India.

(a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2016;

(b) in the case of Statements of Profit & Loss of the loss for the yearended on that date and

(c) in the case of Cash Flow Statements of the Cash flows for the year ended on dialdate..

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 in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure 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 obtained all the information and explanations which to the best of ourknowledge 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 tar as appears from our examination of those books

c) The Balance Sheet and Profit and Loss Account dealt with by this report are inagreement with the books of account.

d) In our opinion the Balance Sheet and Statement of Profit and Loss comply with theaccounting standards specified under Section 133 of the Act. read with rule 7 of theCompanies (accounts) rules20]4:

e) On the basis of written representation received from the directors as on 31st March2016 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31st March 2016 from being appointed as a director in terms of Section164(2) of the Act

For Mukherjee Sanyal & Co
(Chartered Accountants)
Date: 18/05/2016 FRN: 307039E
Place: Kolkata
(C A Kamul Kumar Mukherjee)
Partner Membership No: 011435

Annexure to the Auditors’ Report

The Annexure referred to in our report to the members of Standard Shoe Sole AndMould (India) Limited for the year Ended on 31st March

2016. We report that:

Particulars Auditors Remark
(i) (a) whether the company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets; As the company has no Fixed Assets hence the section is not applicable
(b) whether these fixed assets have been physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so whether the same have been properly dealt with in the books of account; In View of the above the comments with regards to reasonable of terms and conditions of the verification of the Fixed Assets does not arise.
(ii) (a) whether physical verification of inventory has been conducted at reasonable intervals by the management; The company has carried physical verification of inventory at reasonable intervals during the year.
(b) are the procedures of physical verification of inventory followed by the management reasonable and adequate in relation to the size of the company and the nature of its business. If not the inadequacies in such procedures should be reported; The procedures adopted by the management for verification of inventory are reasonable and adequate in relation to the size of the company and the nature of its business.
(c) whether the company is maintaining proper records of inventory and whether any material discrepancies were noticed on physical verification and if so whether the same have been property dealt with in the books of account; The company is maintaining proper records of inventory and there is no such material discrepancies were noticed.
(iii) (iii) whether the company has granted any loans secured or unsecured to companies firms or other parties covered in the register maintained under section 189 of the Companies Act. If so The company has not granted any loans secured or unsecured to companies firms or
other parties covered in the register maintained under section 189 of the companies act.
(a] whether receipt of the principal amount and interest arc also regular; and In view of the above the comments with regards to reasonableness of terms and conditions of the receipt of the Principal amounts and interest on Loans schedule does not arise.
(b) if overdue amount is more than rupees one lakh whether reasonable steps have been taken by the company for recovery of the principal and interest; In view of the above the comments with regards to reasonableness there is no overdue amount with company.
(iv) Is there an adequate internal control system commensurate with the size of the company and the nature of its business for the purchase of inventory' and fixed assets and for the sale of goods and services. Whether there is a continuing failure to correct major weaknesses in internal control system. The company has adequate internal control system commensurate with the size and nature of its business for sale of goods and there is no major weakness in internal control.
(V) in case the company has accepted deposits whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under where applicable have been complied with? I I not the nature of contraventions should be stated; If an order has been passed by Company Law' Board or National Company Law’ Tribunal or Reserve Bank of India or any court or any other tribunal whether the same has been complied with or not? The company has not accepted any such deposits.
(vi) where maintenance of cost records has been specified by the Central Government under subsection (1) of section 148 of the Companies Act whether such accounts and records have been made and maintained; This clause is not applicable to the company.
(vii) (a) is the company regular in depositing undisputed statutory dues including provident fund employees’ state insurance income-tax sales-tax wealth tax service tax duty of customs duty of excise value added tax cess and any other statutory’ dues with the appropriate authorities and if not the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable shall be indicated by the auditor. 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 case dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute then the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not constitute a dispute). A) Income Tax Dispute: a) Amount: Rs. 10.52 lacs b) Forum: CIT (A)/Kol/IV
(c) whether the amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and rules made thereunder has been transferred to such fund within time. The Company has no such amount which required to be transferred investor education and protection fund.
(viii) whether in case of a company which has been registered for a period not less than five years its accumulated losses at the end of the financial year are not less than fifty per cent of its net worth and whether it has incurred cash losses in such financial year and in the immediately preceding financial year; The company has accumulated losses as at 31st March 2016 is more than 50% of its net worth on the given date The company has incurred cash losses in the financial year 2015- 16.
(ix) whether the company has defaulted in repayment of dues to a financial institution or bank or debenture holders? If yes the period and amount of default to be reported; The company has not obtained any loan or otherwise so there is no question of default in repayment.
(X) whether the company has given any guarantee for loans taken by others from bank or financial institutions the terms and conditions whereof are prejudicial to the interest of the company; 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.
(xi) whether term loans were applied for the purpose for which the loans were obtained; The company has not obtained any loan or otherwise so there is no question of its application.
(xii) whether any fraud on or by the company has been noticed or reported during the year; If yes the nature and the amount involved is to be indicated. According to the information and explanations given by the management and during our audit procedure there is no such fraud noticed by us
For Mukherjee Sanyal & CO.
(Chartered Accountants)
Date: 18/05/2016 FRN:307039E
Place: Kolkata (C A Kamal Kumar Mukherjee)
Partner
Membership No: 011435

ANNEXURE- B TO THE INDEPENDENT AUDITORS’ REPORT

To the Members of M/s Standard Shoe Sole and Mould India Limited

[Referred to in paragraph IV of the Auditors' Report of even date]

Report on the Internal Financial Control under Clause (i) of Sub -sections 3 of Section143 of the

Companies Act 2013 (‘the Act")

1. We have audited the internal financial controls over financial reporting of M/sStandard Shoe Sole and Mould India Limited ("the Company") as of March 31.2016 in conjunction with our audit of the financial statements of the Company for the yearended on that date.

Management’s Responsibility for Internal Financial Control

2. The Company’s management is responsible for establishing and maintaininginternal financial control based on the internal control over financial reporting criteriaestablished by the company considering the essential components of internal controlstated in the Guidance Note on Audit of internal Financial Controls over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India. These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company ’spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors’ Responsibility

3 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" and the Standard on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable. 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 andmaintaining and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includesobtaining an understanding of internal financial control over financial reportingassessing the risk that a material Weakness exists and testing and evaluating the designand operating effectiveness of internal controls based on the assessed risk. The procedureselected depends on the auditor’s judgment including the assessment of the risk ofmaterial misstatement of the financial statement whether due to fraud or error

5. 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 controlssystem over financial reporting

Meaning of Internal Financial Control over Financial Reporting

6. 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 statement 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 the records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

2) provide reasonable assurance that the transactions are recorded as necessary topermit preparation of financial statement in accordance with generally accepted accountingprinciples and that receipts and expenditure of the company are being made only inaccordance with authorization of management and directors of company; and

3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statement.

Inherent Limitations of Internal Financial Control over Financial Reporting

7. Because of inherent limitation of internal financial control over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to errors or fraud may occur and not be detected.Also projections of any evaluations of the internal financial control 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

8. In our opinion the Company has in all material respect an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31. 2016. 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 Control Over Financial Reporting issued by the Institute of CharteredAccountants of India.

PLACE: KOLKATA For Mukherjee Sanyal & Co
DATE;18/05/2016 Chartered Accountants
Registration No:307039E
(CA Kamal Kumar Mukherjee)
Partner
Membership No: 011435