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Seasons Furnishings Ltd.

BSE: 521182 Sector: Industrials
NSE: N.A. ISIN Code: INE454D01015
BSE 00:00 | 04 Jun 2.52 0
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2.28

HIGH

2.52

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2.28

NSE 05:30 | 01 Jan Seasons Furnishings Ltd
OPEN 2.28
PREVIOUS CLOSE 2.52
VOLUME 61
52-Week high 2.52
52-Week low 1.08
P/E
Mkt Cap.(Rs cr) 2
Buy Price 2.52
Buy Qty 51.00
Sell Price 2.52
Sell Qty 149.00
OPEN 2.28
CLOSE 2.52
VOLUME 61
52-Week high 2.52
52-Week low 1.08
P/E
Mkt Cap.(Rs cr) 2
Buy Price 2.52
Buy Qty 51.00
Sell Price 2.52
Sell Qty 149.00

Seasons Furnishings Ltd. (SEASONSFURNISH) - Auditors Report

Company auditors report

TO THE MEMBERS OF SEASONS FURNISHINGS LIMITED

Report on the Financial Statements

Opinion

We have audited the accompanying Ind AS financial statements of SEASONS FURNISHINGSLIMITED ("the company") which comprise the Balance Sheet as at March 312019 the Statement of Profit and Loss (including other comprehensive income) Statementof Cash Flows and the statement of changes in equity for the year then ended and asummary of significant accounting policies and other explanatory information.(collectively referred to as "Ind AS financial statements").

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 Companies Act 2013 in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2019 its profit including other comprehensiveincome its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing (SAs) specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the ‘Auditor'sResponsibilities for the Audit of the Ind AS Financial Statements' section of ourreport. We are independent of the Company in accordance with the ‘Code of Ethics' issuedby the Institute of Chartered Accountants of India together with the ethical requirementsthat are relevant to our audit of the financial statements under the provisions of the Actand the Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the Ind AS financial statements.

Other Information

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Director's Report but does notinclude the Ind AS financial statements and our auditor's report thereon. Our opinion onthe Ind AS financial statements does not cover the other information and we do not expressany form of assurance conclusion thereon. In connection with our audit of the Ind ASfinancial statements our responsibility is to read the other information and in doingso consider whether such other information is materially inconsistent with the Ind ASfinancial statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated. We have nothing to report in this regard.

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 with respect to preparation of these Ind AS financialstatements that give a true and fair view of the state of affairs (financial position)profit or loss (financial performance including other comprehensive income) cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards (Ind AS) prescribed underSection 133 of The Act. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the Ind AS financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

In preparing the Ind AS financial statements management is responsible for assessingthe Company's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. The Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibility for the Audit of the Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these Ind AS financial statements.

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

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 Ind AS financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theAct we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting 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 financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the Ind AS financialstatements including the disclosures and whether the Ind AS financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation. We communicate with those charged with governance regarding among othermatters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

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.

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 sub-section (11) of section 143 ofthe Act we enclose in the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the said order to the extent applicable.

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 purpose of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the Statement of Cash Flow and Statement of changes in equity 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 in Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on March 312019 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2019 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 with reference to these Ind AS financial statements and theoperating effectiveness of such controls refer to our separate report in "AnnexureB"; and

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditor's) 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 statements.

ii. The Company did not have any material foreseeable losses on long term contractsincluding derivatives contracts.

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

h) In our opinion and to the best of our information the remuneration paid by thecompany to its directors during the year in iaccordance with the provision of Section 197of The Act.

For M/s Rakesh Varshney& Associates
Chartered Accountants
Firm's Registration Number- 022399N
C.A Rakesh Chandra Varshney
Proprietor
Place : New Delhi Membership No. 086048
Dated : 30.05.2019

"ANNEXURE A" TO THE AUDITOR'S REPORT OF EVEN DATE TO THE MEMBERS OF THESEASONS FURNISHINGS LIMITED ON THE IND AS FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31st2019

On the basis of such checks as we considered appropriate and in terms of informationand explanations given to us we state that:-

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

(b) As informed to us these fixed assets have been physically verified by theManagement during the year. In our opinion the frequency of verification is reasonablehaving regard to the size of the operations of the Company. According to the information& explanations given to us no material discrepancies were noticed on such physicalverification.

(c) The Company does not hold any immovable property hence the requirement of clause3(i) (c) of the Companies (Auditor's Report) Order 2016 is not applicable.

(ii) As explained to us the inventories have been periodically physically verified bythe management. According to the information and explanation given to us no materialdiscrepancies have been noticed on such verification.

(iii) The company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the CompaniesAct. Consequently the requirement of clause 3(iii) (a) (b) and (c) of the Companies(Auditor's Report) Order 2016 is not applicable.

(iv) The company does not have any investments guarantees and security referred to insection 185 and 186 of the Companies Act 2013. However the Company have unsecured loansamounting to Rs.86240867/- received from Director and the provisions of section 185 and186 of the Companies Act 2013 have been duly complied with.

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

(vi) The nature of the Company's business is such that maintenance of cost recordsspecified by the Central Government under sub section (1) of section 148 of The Act isnot applicable.

(vii) (a) The Company is irregular in depositing with appropriate authoritiesundisputed statutory dues including Provident Fund and Tax Deducted at Source undisputedamounts payable amounting to Rs.255564/- of Provident Fund and Rs. 855702/- of TaxDeducted at Source were outstanding as at March 31st 2019 for a period of morethan six months from the date they became payable.

(b) There is no amount in respect of Income Tax Goods and Service tax Sales TaxService Tax Duty of Customs Value Added Tax and Cess that have not been deposited withthe appropriate authorities on account of any dispute.

(viii) In our opinion and according to the information and explanations given to usthe Company has generally not defaulted in repayment of dues to a financial institution orbank. The Company has no debenture holders.

(ix) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments). In our opinion and according to the informationand explanation given to us the term loans raised during the year have been applied forthe purposes for which they were obtained.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course 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 Ind AS financial statements as required by theapplicable accounting standards.

(xiv) According to the information and explanations give 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 M/s Rakesh Varshney& Associates
Chartered Accountants
Firm's Registration Number- 022399N
C.A Rakesh Chandra Varshney
Proprietor
Place : New Delhi Membership No. . 086048
Dated : 30.05.2019

ANNEXURE- B TO THE AUDITORS REPORT OF THE EVEN DATE ON THE IND AS FINANCIAL STATEMENTSOF SEASONS FURNISHINGS LIMITED FOR THE YEAR ENDED 31ST MARCH 2019 Report onthe Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of theCompanies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of SeasonsFurnishings Limited ("the Company") as of 31 March 2019 in conjunction with ouraudit of the Ind AS 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.

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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement 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 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2019 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 Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For M/s Rakesh Varshney& Associates
Chartered Accountants
Firm's Registration Number- 022399N
C.A Rakesh Chandra Varshney
Proprietor
Place : New Delhi Membership No. 086048
Dated : 30.05.2019