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Bloom Dekor Ltd.

BSE: 526225 Sector: Others
NSE: N.A. ISIN Code: INE253C01013
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NSE 05:30 | 01 Jan Bloom Dekor Ltd
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VOLUME 1000
52-Week high 16.50
52-Week low 6.79
P/E
Mkt Cap.(Rs cr) 5
Buy Price 7.41
Buy Qty 25.00
Sell Price 7.80
Sell Qty 943.00
OPEN 8.00
CLOSE 8.00
VOLUME 1000
52-Week high 16.50
52-Week low 6.79
P/E
Mkt Cap.(Rs cr) 5
Buy Price 7.41
Buy Qty 25.00
Sell Price 7.80
Sell Qty 943.00

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 Ind AS Financial Statements of M/s BLOOM DEKORLIMITED ("the Company") which comprise the Balance Sheet as at March 312018 the Statement of Profit and Loss (including the statement of Other ComprehensiveIncome) the Statement of Cash flows the Statement of Changes in Equity for the year thenended and a summary of the significant accounting policies and other explanatoryinformation. (herein after referred to as " Ind AS financial statements").

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 Ind AS Financial Statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS)specified underSection 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015as amended and other accounting principles generally accepted in India.

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; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Ind ASFinancial Statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS Financial Statements basedon our audit.

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.

e conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing as specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Financial Statements are free from materialmisstatement.

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 theInd AS Financial Statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS Financial Statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the Ind AS Financial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS Financial Statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS Financial Statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2018 and its Losses total comprehensive income the changesin equity and its cash flows for the year ended on that date.

OTHER MATTER

The Comparative financial information of the Company for the year ended 31stMarch 17 and the transition date opening date opening balance sheet as at 1 April 2016included in these Ind AS financial statements are based on the previously issuedstatutory financial statements prepared in accordance with the Companies (AccountingStandards) Rules 2006 were audited by predecessor auditors vide their reports for theyears ended 31 March 2017 and 31 March 2016 dated 30th May 2017 and 17thMay2016 respectively expressed an unmodified opinion on those financial statements asadjusted for the differences in the accounting principles adopted by the Company ontransition to the Ind AS which have been audited by us.

Our opinion is not modified in respect of these matters.

EMPHASIS MATTER

Attention is invited to Note 33 of the Financial Statements which states that thebalance confirmation from the suppliers customers as well as to various loans or advancesgiven have been called for but the same are awaited till the date of audit. Thus thebalances of receivables trade payables as well as loans and advances have been taken asper the books of accounts submitted by the company and are subject to confirmation fromthe respective parties.

Our opinion is not qualified on the above matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the Act we givein the Annexure-"A" a statement on the matters specified in paragraphs 3 and 4of 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 it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the books of account.

(d) The matter described under the Emphasis of Matters paragraph above in our opinionmay have an adverse effect on the functioning of the Company.

(e) In our opinion the aforesaid Ind AS Financial Statements comply with the IndianAccounting Standards specified under Section 133 of the Act

(f) On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors ExceptShri Sunil Gupta who is disqualified from becoming director w.e.f 01.10.2016 isdisqualified as on 31st March 2018 from being appointed as a director in termsof Section 164 (2) of the Act.

(g) 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" and

(h) 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its Ind AS Financial Statements as referred to in Note no. 27 to the Ind ASFinancial Statements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Parikh & Majmudar
Chartered Accountants
FR No. 107525W
[C.A (Dr) Hiten M. Parikh]
Place : Ahmedabad PARTNER
Date : 31/05/2018 Membership No. 40230

ANNEXURE A – TO THE INDEPENDENT AUDIT REPORT

REFERRED TO IN PARAGRAPH "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENT OF OURREPORT OF EVEN DATE TO THE MEMBERS OF BLOOM DEKOR LIMITED:

(i) FIXED ASSETS

(a) The Company has broadly maintained proper records showing full particularsincluding quantitative details and situation of fixed assets on the basis of availableinformation. However the said records have not been updated.

(b) All fixed assets have not been physically verified by the management during theyear but there is regular program of verification which in our opinion is reasonablehaving regard to the size of the Company and nature of its assets. In the absence ofupdated fixed assets records discrepancies if any noted on such physical verificationcould not be ascertained.

(c) According to the information and explanation given to us and on the basis of ourexamination of records of the company title deeds of the immovable properties held are inthe name of the company.

(ii) As explained to us inventories(excluding goods in transit and third party stock)were physically verified by management at reasonable intervals during the year. In ouropinion the frequency of the verification is reasonable. The discrepancies noticed onverification between the physical stocks and the book records were not material.

(iii) In respect of loans Secured or unsecured granted by the company to thecompanies firms limited liability partnership or other parties covered in the registermaintained u/s 189 of the companies Act 2013:

According to the information and explanations given to us and on the basis of recordsproduced before us the company has not granted any loan secured or unsecured to thecompanies limited liability partnership or firms or other parties covered in the registermaintained u/s 189 of the companies Act2013 and hence sub-clause (a)&(b) & (c) ofparagraph 3 of companies auditor's report order 2016 are not applicable to the company.

(iv) According to the information and explanations given to us the company has notmade any investment or given any loans during the year under review Accordingly paragraph3(iv) of the Order is not applicable.

(v) The Company has not accepted any deposits from the public.

(vi) We have broadly reviewed the books of accounts maintained by the company pursuantto the rules made by the Central Government of India for the maintenance of Cost recordsspecified under section 148 of Companies Act 2013 and are of the opinion that prima faciethe prescribed accounts & records have been made and maintained. We have however notmade a detailed examination of the cost records with a view to determine whether they areaccurate or complete.

(vii) a) According to the information and explanation given to us and on the basis ofexamination of the records of the Company amounts deducted/ accured in the books ofaccounts in respect of undisputed statutory dues including provident fund ESICincome-tax sales tax Goods & ServIce Tax service tax duty of customs duty ofexcise value added tax cess and other statutory dues have not been generally regularlydeposited during the year with the appropriate authorities.

b) According to the information and explanation given to us no undisputed amountspayable in respect of provident fund ESIC service tax duty of customs duty ofexcise cess and other statutory dues were outstanding as at 31st March 2018 for a periodof more than six months from the date of becoming payable except dues for (1) Goods &Service Tax of Rs. 27.48 Lakhs (2)Tax deducted at Source to the tune of Rs.3.53 Lakhs.

c) According to the information and explanations given to us there are no materialdues of service tax Goods & Service tax which have not been deposited with theappropriate authorities on account of any dispute However according to information andexplanations given to us the following dues of Income Tax Sales tax and Duty of Excise& Duty of Customs have not been deposited by the company on account of Dispute:

Sr. No Name of the statue Nature of Dues Financial year to which it relates From where the dispute is pending Amount Rs. in Lakhs
1 Income tax act 1961 Income tax 2001-02 CIT APPEALS 1 AHMEDABAD 21.30
2 Gujarat sales tax Sales tax 2004-05 COMMISSIONER –APPEAL- AHMEDABAD 3.70
3 Gujarat sales tax Sales tax 2005-06 COMMISSIONER –APPEAL- AHMEDABAD 2.28
4 Central Excise Excise Duty 2009-10 to 2012-13 CUSTOMS EXCISE AND SERVICE TAX APPELLATE TRIBUNAL AHMEDBAD 46.38
5 Central Excise Excise Duty 2013-14 CUSTOMS EXCISE AND SERVICE TAX APPELLATE TRIBUNAL AHMEDBAD 23.08
6 Central Excise Excise Duty 2014-15 CUSTOMS EXCISE AND SERVICE TAX APPELLATE TRIBUNAL AHMEDBAD 28.51
7 Central Excise Excise Duty 2015-16 CUSTOMS EXCISE AND SERVICE TAX APPELLATE TRIBUNAL AHMEDBAD 14.58

(viii) According to information & explanations given to us the company has exceptfor few instances of delay of payment of Installments(including interest) in respect ofBanks / NBFCS ranging From 1 to 17 days & Several Instances of Delay in payment ofBuyers Credit ranging from 1 to 49 days the company has generally not defaulted inrepayment of its dues to Banks or Financial institutions. The company does not have anyborrowings from debenture holders or Government

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us no fraud by the Companyor on the Company by its Officers or employees has been noticed or reported during thecourse of our audit.

(xi) According to the information and explanations give 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 Schedule V to the Act.

(xii) 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) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(Xiv) 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.

(xv) 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 non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Parikh & Majmudar
Chartered Accountants
FR No. 107525W
[C.A (Dr) Hiten M. Parikh]
Place : Ahmedabad PARTNER
Date : 31/05/2018 Membership No. 40230

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT OFF EVEN DATE ON THE FINANCIALSTATEMENTS OF BLOOM DEKOR LIMITED

Report on the Internal Financial Controls over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of M/sBLOOM DEKOR LIMITED ("the Company") as of 31 March 2018 in conjunction withour audit 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 (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditor's' 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 judgment 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 to the best of our information & according to the explanationsgiven to us the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31st March 2018 based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Parikh & Majmudar
Chartered Accountants
FR No. 107525W
[C.A (Dr) Hiten M. Parikh]
Place : Ahmedabad PARTNER
Date : 31/05/2018 Membership No. 40230