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Schablona India Ltd.

BSE: 507894 Sector: Consumer
NSE: N.A. ISIN Code: INE024C01026
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NSE 05:30 | 01 Jan Schablona India Ltd
OPEN 9.50
PREVIOUS CLOSE 9.50
VOLUME 400
52-Week high 24.00
52-Week low 8.41
P/E
Mkt Cap.(Rs cr) 3
Buy Price 9.50
Buy Qty 20.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.50
CLOSE 9.50
VOLUME 400
52-Week high 24.00
52-Week low 8.41
P/E
Mkt Cap.(Rs cr) 3
Buy Price 9.50
Buy Qty 20.00
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 Ind AS financial statements of Schablona IndiaLimited ("the Company") which comprise the Balance Sheet as at 31 March2018 the Statement of Profit and Loss including Other Comprehensive Income theStatement of Changes in Equity 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 Ind-AS 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 Ind AS financial statements that give a true and fair view ofthe financial position financial performance including other comprehensive income thestatement of changes in equity and cash flow statement of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) specified under Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Ind AS financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

Auditors' 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.

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 Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS 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 the internal financial control relevant to theCompany's preparation of the Ind AS financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on whether the Company has in place an adequateinternal financial controls system over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theCompany's Directors as well as evaluating the overall presentation of the Ind ASfinancial 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 Ind AS aforesaid 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:

a) In the case of Balance Sheet of the state of affairs of the Company as at 31 March2018;

b) In the case of Statement of Profit & Loss of the affairs for the year ended onthe date;

c) In the case of Cash Flow Statement of the cash flows for the year ended on the date.

In our opinion read with note no. 37 and to the best of our information and accordingto the explanation given to us the aforesaid financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31 March 2018.

Report on Other Legal and Regulatory Requirements

1. In our opinion and to the best of our information and according to the explanationgiven 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 including other comprehensiveincome the statement of Change in Equity and the cash flow statement dealt with by thisReport are in agreement with the books of account;

d. in our opinion the aforesaid Ind AS financial statements comply with the AccountingStandards specified under Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended.

e. on the basis of the written representations received from the directors as on 31March 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 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 financialposition in its financial statement. Refer note no. 30 of the financial statement.

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.

Other Matter

The comparative financial information of the Company for the year ended 31 March 2017and the transition date opening balance sheet as at 1 April 2016 included in these Ind ASfinancial statement are based on the previously issued financial statements prepared inaccordance with the Accounting Standards referred in section 133 of the Companies Act2013 on which we issued auditors' report for the year ended 31 March 2017 and 31 March2016 dated 23 May 2017 and 21 May 2016 respectively expressed an unmodified opinion onthose financial statements as adjusted for the differences in the accounting principlesadopted by the Company on transition to the Ind AS which have been audited by us.

For A. K. Maheshwari & Associates
Chartered Accountants
(Firm Registration No. 500106N)
Place : New Delhi (CA. Tushar Jain)
Dated : 24th day of May 2018 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 programmed 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 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 explanation 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 InsuranceInvestor Education and ProtectionFund Income tax Tax deducted at source Professional Tax Sales Tax Value Added Tax(VAT) Service Tax Custom Duty Excise Duty Cess and any other statutory dues asapplicable 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 2018 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 loans and by way of further public offer during the year hence clause 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 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.

Therefore the provision of clause 3 (xii) of the Order is not applicable.

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 have beendisclosed in the Financial Statements as required by the applicable accounting standards.

14. According to the information and explanation 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 explanation 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 them and hence clause 3 (xv) of theOrder is not applicable.

16. In our opinion and according to the information and explanation given to ustheCompany is not required to be registered under section 45 IA of the Reserve Bank of IndiaAct1934.

For A. K. Maheshwari & Associates
Chartered Accountants
(Firm Registration No. 500106N)
Place : New Delhi (CA. Tushar Jain)
Dated : 24th day of May 2018 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 March 31 2018 in conjunction with our auditof 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 judgment including the assessment of the risks ofmaterial misstatement of the Ind AS 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 Ind AS financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of Ind ASfinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the Company are being made only in accordance withauthorizations of management and directors of the Company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the Company's assets that could have a material effect on the Ind ASfinancial 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 March 31 2018 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 : New Delhi (CA. Tushar Jain)
Dated : 24th day of May 2018 Partner
Membership No. 524134