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Seasons Furnishings Ltd.

BSE: 521182 Sector: Industrials
NSE: N.A. ISIN Code: INE454D01015
BSE 00:00 | 22 Aug Seasons Furnishings Ltd
NSE 05:30 | 01 Jan Seasons Furnishings Ltd
OPEN 4.04
PREVIOUS CLOSE 4.04
VOLUME 199
52-Week high 5.65
52-Week low 3.94
P/E 11.22
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.04
CLOSE 4.04
VOLUME 199
52-Week high 5.65
52-Week low 3.94
P/E 11.22
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Seasons Furnishings Ltd. (SEASONSFURNISH) - Auditors Report

Company auditors report

Report on the Financial Statements

Opinion

We have audited the accompanying Ind AS financial statements of SEASONSFURNISHINGS LIMITED (“the company”) which comprise the Balance Sheet as atMarch 31 2022 the Statement of Profit and Loss (including other comprehensive income)Statement of Cash Flows and the statement of changes in equity for the year then endedand a summary of significant accounting policies and other explanatory information.(collectively referred to as “Ind AS financial statements”). In our opinion andto the best of our information and according to the explanations given to us theaforesaid Ind AS financial statements give the information required by the Companies Act2013 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 March 31 2022 its profit including other comprehensive income its cash flows andthe changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the Ind AS financial statements in accordancewith the Standards 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 ofEthics' issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the Ind AS financial statements.

Other Information

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in theDirector's Report but does not include the Ind AS financial statements and ourauditor's report thereon.

Our opinion on the Ind AS financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon. In connectionwith our audit of the Ind AS financial statements our responsibility is to read the otherinformation and in doing so consider whether such other information is materiallyinconsistent with the Ind AS financial statements or our knowledge obtained in the auditor otherwise appears to be materially 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 mattersstated in section 134(5) of the Companies Act 2013 with respect to preparation of theseInd AS financial statements that give a true and fair view of the state of affairs(financial position) profit or loss (financial performance including other comprehensiveincome) cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards (Ind AS)prescribed under Section 133 of The Act.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of thecompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the Ind AS financial statements management is responsiblefor assessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative 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 FinancialStatements

Our objectives are to obtain reasonable assurance about whether the IndAS financial statements as a whole are free from material misstatement whether due tofraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these Ind AS financial statements.

We conducted our audit of the Ind AS financial statements in accordancewith the Standards on Auditing 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 Ind AS financial statements are free from materialmisstatement.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Ind ASfinancial 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 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 thereasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause theCompany to cease to continue as a going concern.

Evaluate the overall presentation structure and content of the Ind ASfinancial statements including the disclosures and whether the Ind AS financialstatements represent 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 havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order2020 (“the order”) issued by the Central Government of India in terms ofsub-section (11) of section 143 of the Act we enclose in the “Annexure A” astatement on the matters specified in paragraphs 3 and 4 of the said order to the extentapplicable.

2. As required by Section 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanationswhich to the best of 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 beenkept by the Company so far as appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss (including othercomprehensive income) the Statement of Cash Flow and Statement of changes in equity dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid Ind AS financial statements complywith the Accounting Standards specified in Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2015.

e) On the basis of written representations received from the directorsas on March 31 2022 taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2022 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 overfinancial reporting of the company with reference to these Ind AS financial statements andthe operating effectiveness of such controls refer to our separate report in“Annexure B”; and

g) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit andAuditor's) Rules 2014 in our opinion and to the best of our information andaccording to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its financial statements.

ii. The Company did not have any material foreseeable losses on longterm contracts including derivatives contracts.

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

iv. a) The management has represented that to the best of itsknowledge and belief no funds have been advanced or loaned or invested (either fromborrowed funds or share premium or any other sources or kind of funds) by the Company toor in any other person(s) or entity(ies) including foreign entities(“Intermediaries”) with the understanding whether recorded in writing orotherwise that the Intermediary shall whether directly or indirectly lend or invest inother 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 knowledgeand belief no funds have been received by the Company from any person(s) or entity(ies)including foreign entities (“Funding Parties”) with the understanding whetherrecorded in writing or otherwise that the Company shall whether directly or indirectlylend or invest in other persons or entities identified in any manner whatsoever by or onbehalf of the Funding Parties (“Ultimate Beneficiaries”) or provide anyguarantee security or the like on behalf of the Ultimate Beneficiaries; and

c) Based on such audit procedures that were considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (a) and (b) contain any materialmisstatement.

v. No dividend has been declared or paid during the year by theCompany. h) In our opinion and to the best of our information the remuneration paid bythe company to its directors during the year in in accordance with the provision ofSection 197 of The Act.

d >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: 30.05.2022 UDIN: 22086048AJIYYM1026

“ANNEXURE A” TO THE AUDITOR'S REPORT OF EVEN DATE TO THEMEMBERS OF THE SEASONS FURNISHINGS LIMITED ON THE IND AS FINANCIAL STATEMENTS FOR THE YEARENDED MARCH 31st 2022

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

(i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of the fixed assets.

(b) As informed to us these fixed assets have been physically verifiedby the Management during the year. In our opinion the frequency of verification isreasonable having regard to the size of the operations of the Company. According to theinformation & explanations given to us no material discrepancies were noticed on suchphysical verification.

(c) The Company does not hold any immovable property hence therequirement of clause 3(i) (c) of the Companies (Auditor's Report) Order 2016 is notapplicable.

(ii) As explained to us the inventories have been periodicallyphysically verified by the management. According to the information and explanation givento us no material discrepancies have been noticed on such verification.

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

(iv) The company does not have any investments guarantees and securityreferred to in section 185 and 186 of the Companies Act 2013. However the Company haveunsecured loans amounting to Rs.82326452/- received from Director and the provisions ofsection 185 and 186 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 maintenanceof cost records specified by the Central Government under sub section (1) of section 148of The Act is not applicable.

(vii) (a) The Company is irregular in depositing with appropriateauthorities undisputed statutory dues including Provident Fund and Tax Deducted at Sourceundisputed amounts payable amounting to Rs. 1836481/- of Provident Fund and Rs.147071/- of ESI were outstanding as at March 31st 2022 for a period of morethan six months from the date they became payable. (b) There is no amount in respect ofIncome Tax Goods and Service tax Sales Tax Service Tax Duty of Customs Value AddedTax and Cess that have not been deposited with the appropriate authorities on account ofany dispute.

(viii) In our opinion and according to the information and explanationsgiven to us the Company has generally not defaulted in repayment of dues to a financialinstitution or bank. The Company has no debenture holders. (ix) The Company has not raisedany money by way of initial public offer or further public offer (including debtinstruments). In our opinion and according to the information and explanation given to usthe term loans raised during the year have been applied for the purposes for which theywere obtained.

(x) According to the information and explanations given to us nomaterial fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the course of our audit.

(xi) According to the information and explanations give to us and basedon our examination of the records of the Company the Company has paid/provided formanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Act..

(xii) In our opinion and according to the information and explanationsgiven to us the Company is not a nidhi company. Accordingly paragraph 3(xii) of theOrder is not applicable.

(xiii) According to the information and explanations given to us andbased on our examination of the records of the Company transactions with the relatedparties are in compliance with sections 177 and 188 of the Act where applicable anddetails of such transactions have been disclosed in the Ind AS financial statements asrequired by the applicable accounting standards.

(xiv) According to the information and explanations give to us andbased on our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year.

(xv) According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with him. Accordingly paragraph3(xv) of the Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IAof the Reserve Bank 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: 30.05.2022 UDIN: 22086048AJIYYM1026

ANNEXURE- B TO THE AUDITORS REPORT OF THE EVEN DATE ON THE IND ASFINANCIAL STATEMENTS OF SEASONS FURNISHINGS LIMITED FOR THE YEAR ENDED 31STMARCH 2022

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

We have audited the internal financial controls over financialreporting of Seasons Furnishings Limited (“the Company”) as of 31 March 2022 inconjunction with our audit of the Ind AS financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the “Guidance Note”) and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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 believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the Company's internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally 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 financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31 March 2022 basedon the 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 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: 30.05.2022 UDIN: 22086048AJIYYM1026

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