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Bloom Dekor Ltd.

BSE: 526225 Sector: Others
NSE: N.A. ISIN Code: INE253C01013
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OPEN 14.30
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VOLUME 123
52-Week high 21.35
52-Week low 7.79
P/E
Mkt Cap.(Rs cr) 10
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 Audit of the Standalone IND AS Financial Statements Qualified Opinion

We have audited the accompanying standalone IND AS financial statements of Bloom DekorLimited (the "Company") which comprise the Balance Sheet as at March 31 2022the Statement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year ended on that date and asummary of significant accounting policies and other explanatory information (hereinafterreferred to as the "standalone financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the Basis for QualifiedOpinion section of our report the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 (the "Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2022and its losses total comprehensive income changes in equity and its cash flows for theyear ended on that date.

Basis for Qualified Opinion

The outstanding trade payables consists of '115.52 Lakhs which are payable in foreigncurrency for more than three year as at March 31 2022 to its foreign suppliers. Asexplained to us Currently Management is in the process of evaluating appropriate courseof action for compliance with Foreign Exchange Management Act 1999 and any otherapplicable law on account of delay in payment of above dues. However we are unable tocomment on the likely outcome and its consequential impact on the financial statements forthe year ended March 31 2022for non-compliance with any provisions under FEMA Act 1999or any other law applicable. (Refer Note No. 41 of Standalone IND AS Financial Statement).

We conducted our audit in accordance with the Standards on Auditing ("SA"s)specified under section 143(10) of the Act. Our responsibilities under those Standards arefurther described in the Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia ("ICAI") together with the ethical requirements that are relevant to ouraudit of the standalone financial statements under the provisions of the Act and the Rulesmade thereunder and we have fulfilled our other ethical responsibilities in accordancewith these requirements and the ICAI's Code of Ethics. We believe that the audit evidenceobtained by us is sufficient and appropriate to provide a basis for our audit opinion onthe standalone IND AS financial statements.

Material Uncertainty Related to Going Concern

The company is having accumulated losses (after taking into account the balance ofreserves) of '3297.52 Lakhs as at March 31 2022 and the net worth of the company isnegative. This Indicates that material Uncertainty exists that may cast significant doubton the company's ability to continue as going concern and therefore the company may beunable to realize its assets and discharge its liabilities in the normal course ofbusiness. The ultimate outcome of these matter is at present not ascertainable.Accordingly we are unable to comment on the consequential impact if any on theaccompanying standalone financial statement.

The above factors cast a significant uncertainty on the company's ability to continueas going concern. (Refer Note No. 42 of Standalone IND AS Financial Statement).

Our opinion is not modified on the above matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone IND AS financial statements of the currentperiod. These matters were addressed in the context of our audit of the standalone IND ASfinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters.

We have determined that there are no key audit matters to communicate in our report.

Emphasis of Matter

1. The company is having accumulated losses (after taking into account the balance ofreserves) of '3297.52 Lakhs as at March 31 2022 and the net worth of the company isnegative. This Indicates that material Uncertainty exists that may cast significant doubton the company's ability to continue as going concern and therefore the company may beunable to realize its assets and discharge its liabilities in the normal course ofbusiness. The ultimate outcome of these matter is at present not ascertainable.Accordingly we are unable to comment on the consequential impact if any on theaccompanying standalone financial statement.

The above factors cast a significant uncertainty on the company's ability to continueas going concern. (Refer Note No. 42 of Standalone IND AS Financial Statement).

2. As per the past practice followed by the company the Inventory is valued at lower ofthe Cost or Net Realizable Value (NRV). During the year under review based on the actualvalue realized by the Company for disposal of certain old items of Stock treating them assame as NRV the company has reduced the valuation of inventory by as sum of ' 1090.11Lakh which has resulted in increase in the loss during the year by the said amount.(Refer Note No. 43 of Standalone IND AS Financial Statement).

Our opinion is not modified on the above matters.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report but does not includethe standalone IND AS financial statements and our auditor's report thereon.

Our opinion on the standalone IND AS financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone IND AS financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated. If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone INDAS Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone IND AS financialstatements that give a true and fair view of the financial position financialperformance including other comprehensive income changes in equity and cash flows of theCompany in accordance with the IND AS and other accounting principles generally acceptedin 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 standalone INDAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the standalone IND AS financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Standalone IND AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone IND ASfinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone IND AS financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalone INDAS financial statements including the disclosures and whether the standalone IND ASfinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone Ind AS financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by section 197(16) of the Act we report that the company has paidremuneration to its directors during the year in accordance with the provisions of andlimits laid down under section 197 read with schedule V to the Act. The remuneration paidto any director is not in excess of the limit laid down under section 197 of the Act. TheMinistry of Corporate Affairs has not prescribed other details under Section 197(16) whichare required to be commented upon by us.

2. As required by the Companies (Auditor's Report) Order 2020 (the "Order")issued by the Central Government in terms of Section 143(11) of the Act we give in "AnnexureA" a statement on the matters specified in paragraphs 3 and 4 of the Order.

3. As required by Section 143(3) of the Act based on our audit we report that:

a. We have sought and except for the matters described in the Basis for Qualifiedopinion obtained all the information and explanations which to the best of our knowledgeand belief were necessary for the purposes of our audit

b. Except for the possible effects of the matter described in the Basis for Qualifiedopinion paragraph above In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books.

c. The standalone Balance Sheet the standalone Statement of Profit and Loss includingOther Comprehensive Income standalone Statement of Changes in Equity and the standaloneStatement of Cash Flows dealt with by this Report are in agreement with the books ofaccount.

d. In our opinion the aforesaid standalone financial statements comply with the IND ASspecified under Section 133 of the Act.

e. On the basis of the written representations received from the directors as on March31 2022 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2022 from being appointed as a director in terms of Section 164(2) of theAct.

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". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols over financial reporting.

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 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 the standalone Ind AS Financial Statements. (Refer Note No. 29 to theStandalone Ind AS Financial Statements.

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

III. During the year there has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

IV. (a) The Management has represented that to the best of its knowledge and beliefno funds (which are material either individually or in the aggregate) have been advancedor loaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the Company to or in any other person or entity including foreignentity ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall whether directly or indirectly lend or investin other persons or entities identified in any manner whatsoever by or on behalf of theCompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries;

(b) The Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been received bythe Company from any person or entity including foreign entity ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused us to believe thatthe representations under sub-clause (i) and (ii) of Rule 11(e) as provided under (a) and(b) above contain any material misstatement.

V. The company has not declared and paid any Interim divided nor has proposed any finaldividend during the previous year and hence the question of Compliance and applicabilityof Section 123 of the Companies Act does not arise.

ANNEXURE 'A' TO THE INDEPENDENT AUDITOR'S REPORT (Referred to in paragraph 1 under'Report on Other Legal and Regulatory Requirements' section of our report to the Membersof Bloom Dekor Limited of even date)

With reference to the Annexure A referred to in the Independent Auditors Report to themembers of the Company on the Standalone Ind AS financial statements for the year ended onMarch 31 2022 we report following:

i. (a) A. The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment.

B. The Company has maintained proper records showing full particulars of intangibleassets.

(b) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties otherthan the self-constructed property are held in the name of the Company.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not revalued any of itsProperty Plant and Equipment and intangible assets during the year.

(d) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company No proceedings have been initiated during theyear or are pending against the Company as at March 31 2022 for holding any benamiproperty under the Benami Transactions (Prohibition) Act 1988 (as amended in 2016) andrules made thereunder.

(e) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties otherthan the self-constructed property are held in the name of the Company.

ii. (a) As explained to us the inventories (excluding the third party stock) werephysically verified by the management at reasonable intervals during the year other thanfor stock lying with third parties. In our opinion the frequency of verification isreasonable and the coverage and procedure of such verification by the management isappropriate. As explained to us there were no discrepancies of 10% or more in aggregatefor each class on physical verification of inventory as compared to the book records.

(b) According to the information and explanations given to us the Company has beensanctioned working capital limits in excess of ' 500.00 Lakh in aggregate at points oftime during the year from banks or financial institutions on the basis of security ofcurrent assets. In our opinion and according to the information and explanations given tous the quarterly returns and statements comprising (stock statements book debtstatements and statements on ageing analysis of the debtors) filed by the Company withsuch banks or financial institutions are in agreement with the unaudited books of accountof the Company of the respective quarters except for the following:

For the Quarter Name of Bank Nature of the Current Assets Nature of discrepancy As per Unaudited Books of Accounts (Rs in Lakhs) Amount as per Quarterly Return & Statements (Rs in Lakhs) Amount of Difference (Rs in Lakhs) Remarks including subsequent rectification if any
June 2021 Punjab National Bank Inventory - Raw Material As informed by the management to us Part of the old stock was not taken for Drawing Power (DP) purpose and therefore only the stock qualifying for DP purpose is disclosed. 867.54 805.00 62.54 There is no revised statement filed till date
June 2021 Punjab National Bank Inventory - Work In Progress As informed by the management to us Part of the old stock was not taken for Drawing Power (DP) purpose and therefore only the stock qualifying for DP purpose is disclosed. 481.49 93.00 388.49 There is no revised statement filed till date
June 2021 Punjab National Bank Inventory - Finished Goods As informed by the management to us There was a small difference in computation of value of stock at the time of furnishing stock statement to Bank which was rectified thereafter. 1143.17 1164.00 (20.83) There is no revised statement filed till date
June 2021 Punjab National Bank Trade Receivables As informed by the management to us Amount in books is gross of advance from customers while the same is shown as net figure in bank statement. 1008.06 994.00 14.06 There is no revised statement filed till date
Sept 2021 Punjab National Bank Inventory - Raw Material As informed by the management to us Part of the old stock was not taken for Drawing Power (DP) purpose and therefore only the stock qualifying for DP purpose is disclosed. 857.53 806.00 51.53 There is no revised statement filed till date
Sept 2021 Punjab National Bank Inventory - Work In Progress As informed by the management to us Part of the old stock was not taken for Drawing Power (DP) purpose and therefore only the stock qualifying for DP purpose is disclosed. 498.03 248.00 250.03 There is no revised statement filed till date
Sept 2021 Punjab National Bank Inventory - Finished Goods As informed by the management to us Part of the old stock was not taken for Drawing Power (DP) purpose and therefore only the stock qualifying for DP purpose is disclosed. 1111.04 1025.00 86.04 There is no revised statement filed till date
Sept 2021 Punjab National Bank Trade Receivables As informed by the management to us At the time of submitting the book debt statement with bank effect of wrong posting of payment received from customer rate diff. /bad debts/goods return were not given. The same were given in the books at the time of finalizing the quarter end results. 906.99 1107.00 (200.01) There is no revised statement filed till date
March 2022 Punjab National Bank Inventory - Raw Material As informed by the management to us Part of the old stock was not taken for Drawing Power (DP) purpose and therefore only the stock qualifying for DP purpose is disclosed. 492.99 454.00 38.99 There is no revised statement filed till date
March 2022 Punjab National Bank Inventory - Work In Progress As informed by the management to us Part of the old stock was not taken for Drawing Power (DP) purpose and therefore only the stock qualifying for DP purpose is disclosed. 29.35 26.00 3.35 There is no revised statement filed till date
March 2022 Punjab National Bank Inventory - Finished Goods As informed by the management to us The March end statement submitted to bank was given on estimated basis however the book stock was taken as per the revaluation exercise undertaken by the management. 88.78 165.00 (76.22) There is no revised statement filed till date
March 2022 Punjab National Bank Trade Receivables As informed by the managements to us At the time of submitting the book debt statement with bank the effect of wrong posting of payment received from customer rate diff. /bad debts/goods return were not given. The same were posted in the books at the time of finalizing the quarter end results. 618.58 800.00 (181.42) There is no revised statement filed till date

iii. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not made investments in orprovided any guarantee or security or granted any loans or advances in nature of loanssecured or unsecured to companies firms limited liability partnerships or any otherparties. Accordingly clause 3(iii) (a) (A) & (B) (b) (c) (d) (e) and (f) of theorder are not applicable.

iv. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the company has not made any investment orgiven guarantee or security during the year under review. Accordingly clause 3(iv) of theorder is not applicable.

v. The Company has not accepted any deposits from the public during the year underreview. Accordingly clause 3(v) of the Order is not applicable.

vi. As explained to us the Central Government has not prescribed the maintenance ofCost records under sub section (1) of section 148 of the companies Act 2013. Accordinglyclause 3(vi) of the Order is not applicable.

vii. (a) The company does not have liability in respect of Service Tax Duty of exciseSales tax and value added tax during the year since effective 1st July 2017 thesestatutory dues has been subsumed in to Goods & Service Tax.

According to the information and explanations given to us and on the basis of ourexamination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund ESICincome-tax duty of customs Goods & Service Tax cess and other material statutorydues have generally not been regularly deposited during the year by the Company with theappropriate authorities.

(b) According to the information and explanations given to us there are no materialdues of Goods & Service

Tax Duty of Customs which have not been deposited with the appropriate authorities onaccount of any dispute. However according to information and explanations given to usthe following dues of Income Tax Sales tax and Duty of Excise have not been deposited bythe 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 Income Tax Act 1961 Income Tax 2016-17 CIT Appeals 1 Ahmedabad 17.20
3 Income Tax Act 1961 Income Tax 2017-18 National Faceless Appeal Center 20.11
4 Central Excise Excise Duty 2009-10 to 2012-13 Customs Excise And Service Tax Appellate Tribunal Ahmedabad 46.38
5 Central Excise Excise Duty F.Y.2016-17 Customs Excise And Service Tax Appellate Tribunal Ahmedabad 36.36

viii. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company there were no transactions relating topreviously unrecorded income that have been surrendered or disclosed as income during theyear in the tax assessments under the Income Tax Act 1961 (43 of 1961).

ix. (a) According to information & explanations given to us the company hasdefaulted in repayment of loans

or borrowings or in the payment of interest to Banks and financial institutions duringthe year as under:

Nature of borrowing including debt securities Name of Lender Amount not paid on due date (Rs in Lakhs) Whether principal or interest Due on No. of days delay or unpaid Remarks if any
Working Capital Punjab National Bank 23.96 Interest on Cash Credit 31-05-2021 65 Paid Before Balance sheet date
Working Capital Punjab National Bank 34.57 Interest on Cash Credit 10-07-2021 69 Paid Before Balance sheet date
Working Capital Punjab National Bank 33.92 Interest on Cash Credit 10-07-2021 90 Paid Before Balance sheet date
Working Capital Punjab National Bank 35.33 Interest on Cash Credit 03-08-2021 108 Paid Before Balance sheet date
Working Capital Punjab National Bank 4.85 Interest on Cash Credit 31-08-2021 78 Paid Before Balance sheet date
Working Capital Punjab National Bank 2.35 Interest on Cash Credit 31-08-2021 80 Paid Before Balance sheet date
Working Capital Punjab National Bank 0.85 Interest on Cash Credit 31-08-2021 85 Paid Before Balance sheet date
Working Capital Punjab National Bank 13.80 Interest on Cash Credit 31-08-2021 212 Paid Before Balance sheet date
Working Capital Punjab National Bank 13.61 Interest on Cash Credit 31-08-2021 Unpaid as on balance sheet date Unpaid as on balance sheet date
Working Capital Punjab National Bank 34.50 Interest on Cash Credit 30-09-2021 Unpaid as on balance sheet date Unpaid as on balance sheet date
Working Capital Punjab National Bank 35.54 Interest on Cash Credit 31-10-2021 Unpaid as on balance sheet date Unpaid as on balance sheet date
Working Capital Punjab National Bank 34.55 Interest on Cash Credit 30-11-2021 Unpaid as on balance sheet date Unpaid as on balance sheet date
Working Capital Punjab National Bank 36.01 Interest on Cash Credit 31-12-2021 Unpaid as on balance sheet date Unpaid as on balance sheet date
Working Capital Punjab National Bank 36.43 Interest on Cash Credit 31-01-2022 Unpaid as on balance sheet date Unpaid as on balance sheet date
Working Capital Punjab National Bank 33.30 Interest on Cash Credit 28-02-2022 Unpaid as on balance sheet date Unpaid as on balance sheet date
Working Capital Punjab National Bank 37.26 Interest on Cash Credit 31-03-2022 Unpaid as on balance sheet date Unpaid as on balance sheet date
Working Capital Punjab National Bank 2893.29 Principal 31-03-2022 Overdue as on balance sheet date Overdue as on balance sheet date
Term Loan BAJAJ Finserv 9.94 Interest & Principal 02-08-2021 2 Paid Before Balance sheet date
Term Loan BAJAJ Finserv 9.94 Interest & Principal 02-09-2021 26 Paid Before Balance sheet date
Term Loan BAJAJ Finserv 9.94 Interest & Principal 02-10-2021 28 Paid Before Balance sheet date
Term Loan BAJAJ Finserv 9.94 Interest & Principal 02-11-2021 9 Paid Before Balance sheet date
Term Loan BAJAJ Finserv 9.94 Interest & Principal 02-12-2021 Unpaid as on balance sheet date Unpaid as on balance sheet date
Term Loan BAJAJ Finserv 9.94 Interest & Principal 02-01-2022 Unpaid as on balance sheet date Unpaid as on balance sheet date
Term Loan BAJAJ Finserv 9.94 Interest & Principal 02-02-2022 Unpaid as on balance sheet date Unpaid as on balance sheet date
Term Loan BAJAJ Finserv 9.94 Interest & Principal 02-03-2022 Unpaid as on balance sheet date Unpaid as on balance sheet date

(b) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not been declared willfuldefaulter by any bank or financial institution or government or any government authority.

(c) The Company has not taken any term loan during the year and hence reporting underclause 3(ix)(c) of the Order is not applicable.

(d) According to the information and explanations given to us and on an overallexamination of the financial statements of the Company funds raised on short- term basisof ' 2531.69 Lakhs have prima facie had been used during the year for long-termpurposes by the Company.

(e) According to the information and explanations given to us the company does nothave subsidiaries associates or joint ventures. Accordingly clause 3(ix)(e) of the Orderis not applicable.

(f) According to the information and explanations given to us the company does nothave subsidiaries associates or joint ventures. Accordingly clause 3(ix)(f) of the Orderis not applicable.

x. (a) The Company has not raised moneys by way of initial public offer or furtherpublic offer (including debt instruments) during the year. Accordingly clause 3(x)(a) ofthe Order is not applicable.

(b) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or convertible debentures (fully or partly oroptionally) during the year. Accordingly clause 3(x)(b) of the Order is not applicable.

xi. (a) According to the information and explanations given to us no fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(b) According to the information and explanations given to us no report undersub-section (12) of section 143 of the Companies Act has been filed in Form ADT - 4 asprescribed under rule 13 of Companies (Audit and Auditors) Rules 2014 with the CentralGovernment during the year and up to the date of this report.

(c) As represented by the management there are no whistle blower complaints receivedby the company during the year.

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

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. (a) In our opinion the Company has an adequate internal audit system commensuratewith the size and the nature of the entity.

(b) We have considered the internal audit reports for the year under audit issued tothe Company during the year and till date in determining the nature timing and extent ofour audit procedures.

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. (a) The Company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934. Accordingly 3(xvi)(a) and 3(xvi) (b) of the Order arenot applicable.

(b) The Company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve bank of India. Accordingly 3(xvi)(c) of the Order is not applicable.

(c) According to the information and explanations provided to us during the course ofaudit the Group does not have any CICs.

xvii. The Company has incurred cash losses amounting to ' 2476.99 Lakhs during thefinancial year covered by our audit and ' 817.67 Lakhs in the immediately precedingfinancial year.

xviii. There has been no resignation of the statutory auditors of the Company duringthe year. Accordingly 3(xviii) of the Order is not applicable.

xix. According to the information and explanations given to us On the basis of thefinancial ratios ageing and expected dates of realization of financial assets and paymentof financial liabilities other information accompanying the financial statements and ourknowledge of the Board of Directors and Management plans and based on our examination ofthe evidence supporting the assumptions we believe that material uncertainty exists as onthe date of the audit report indicating that Company is not capable of meeting itsliabilities existing at the date of balance sheet as and when they fall due within aperiod of one year from the balance sheet date.

xx. According to the information and explanations given to us by the management theCorporate Social Responsibility (CSR) is not applicable to the company. Accordinglyclause 3(xx)(a) and (b) of the Order are not applicable.

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under 'Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Bloom Dekor Limited of evendate)

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 Bloom DekorLimited (the "Company") as of March 31 2022 in conjunction with our audit ofthe standalone IND AS financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Management of the Company 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 (the "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 Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by the ICAI and the Standardson Auditing prescribed under Section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2022 based on the criteria forinternal financial control over financial reporting 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 ICAI.

For Parikh & Majmudar
Chartered Accountants
FR No. 107525W
[CA Sanjay Majmudar]
Partner
Date: May 27 2022 Membership No. 036791
Place: Ahmedabad UDIN: 22036791AJTVOI4142

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