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Standard Shoe Sole & Mould India Ltd.

BSE: 523351 Sector: Others
NSE: N.A. ISIN Code: INE888N01013
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NSE 05:30 | 01 Jan Standard Shoe Sole & Mould India Ltd
OPEN 9.12
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VOLUME 100
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Mkt Cap.(Rs cr) 5
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OPEN 9.12
CLOSE 9.12
VOLUME 100
52-Week high 9.68
52-Week low 9.12
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Standard Shoe Sole & Mould India Ltd. (STANDARDSHOE) - Auditors Report

Company auditors report

TO THE MEMBERS OF

STANDARD SHOE SOLE & MOULD (INDIA) LIMITED

Report on the Audit of the Financial Statements

Opinion

1. We have audited the accompanying financial statements of Standard Shoe Sole &(Mould) Limited ("the Company") which comprise the Balance sheet as at 31stMarch 2020 the Statement of Profit and Loss (including Other Comprehensive Income)the Statement of Cash Flows the Statement of Changes in Equity for the year then ended onthat date and notes to the financial statements including a summary of significantaccounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in India ofthe state of affairs of the Company as at March 31 2020 its loss (including OtherComprehensive Loss) Changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

2. We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial 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 together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

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

Other Information

4. The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management Discussion and Analysis;Board's Report including Annexures to Board Report Business Responsibility Report andShareholders' Information but does not include the financial statements and our auditor'sreport thereon.

5. Our opinion on the financial statements does not cover the other information and wedo not express any form of assurance conclusion thereon.

6. In connection with our audit of the financial statements our responsibility is toread the other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated.

7. When we read the other information consisting of the foresaid other information ifwe conclude that there is a material misstatement therein we are required to communicatethe matters to those charged with governance

Management's Responsibility for Financial Statements

8. The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the accounting Standards specified undersection 133 of the Act. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of 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 financial statement that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

9. In preparing the financial statements management is responsible for assessing theCompany'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.

10. The Board of Directors are also responsible for overseeing the company's financialreporting process.

Auditor's Responsibility for the Audit of the Financial Statements

11. Our objectives are to obtain reasonable assurance about whether the 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 they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these financial statements.

12. 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 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.

• Obtained an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Companies Act 2013 we are also responsible for expressing our opinion onwhether the company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by 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 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 financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

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

14. 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.

15. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the financial statements of

the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematters or when we determine that a matter should not be communicated in our reportbecause the adverse consequences of doing so would reasonably be expected to outweigh thepublic interest benefits of such communication.

16. Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

Report on Other Legal and Regulatory Requirements

17. 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 give in the Annexure-A a statement on the matters specified in paragraphs 3and 4 of the Order to the extent applicable.

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

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

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

(c) The Balance Sheet Balance Sheet the Statement of Profit and Loss (including othercomprehensive loss) and the Cash Flow Statement Statement of Changes in Equity dealt withby this report are in agreement with the books of accounts.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2020 from being appointed as a director in termsof Section 164 (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" and

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended: In our opinionand to the best of our information and according to the explanations

given to us the remuneration paid by the Company to its directors during the year isin accordance with the provisions of section 197 of the Act.

(h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

a. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 21 of the standalone financialstatements.

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

c. There has been no delay in transferring amounts required to be transferred to theInvestor Education and protection Fund by the Company.

For L.B. Jha & Co.

Chartered Accountants Firm Registration No. 301088E

Place: Kolkata (Adrish Roy)
Date: 28th July 2020 Partner
Membership No.: 055826
UDIN: 20055826AAAAAW3971

ANNEXURE- A: TO THE INDEPENDENT AUDITOR'S REPORT To the Members of Standard Shoe Sole& Mould (India) Limited

[Referred to in paragraph 17 of the Auditors' Report of even date]

1. The Company does not own any fixed asset and hence reporting under this clause isnot applicable.

2. : The company does not have any inventory and hence reporting under this clause is

not applicable.

3. : The Company has not granted any loans secured or unsecured to companies firms

limited liability partnership or other parties covered in the register maintained underSection 189 of the Act.

4. According to the information and explanations given to us and the records of theCompany examined by us the Company has not made any investment advanced any loan givenany guarantee or provided any securities covered by provisions of section 185 and 186 ofthe Act.

5. The Company has not accepted any deposits from public during the year within themeaning of the directives issued by the Reserve Bank of India and the provisions ofsections 73 to 76 or any other relevant provisions of the Act and the rules framed thereunder. Moreover no order has been passed by Company Law Board or National Company LawTribunal or Reserve Bank of India or any other court or tribunal.

6. The Central Government of India has not prescribed maintenance of cost records undersub-section (1) of Section 148 of the Act for any of the products of the Company.

7. (a) According to the information and explanations given to us and the records of the

Company examined by us in our opinion the Company is generally regular in depositingthe undisputed statutory dues including provident fund income-tax goods and service taxduty of customs cess and any other statutory dues as applicable with the appropriateauthorities.

(b) According to the information and explanations given to us and the records of theCompany examined by us there has been no due of goods and services tax cess providentfund and other statutory dues other than sales tax matters as disclosed in Note 21.

8. The Company has neither taken any loan from any bank financial institutions orGovernment nor issued any debentures.

9. According to the information and explanation given to us the company has neitherraised any money by public issues of shares or debentures nor obtained any term loansduring the year.

10. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the Company noticed or reported during the year nor have webeen informed of such case by the management.

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 provisions of section 197 read with Schedule V to theAct.

12. The related statutes are not applicable as the Company is not a Nidhi company.

13. According to the information and explanations given to us and the records of theCompany examined by us the company has complied with the requirements of sections 177 and188 of the Act with respect to its transactions with the related parties. Pursuant to therequirement of the applicable Accounting Standard details of the related partytransactions have been disclosed in Note 24 of the financial statements for the year underaudit.

14. The Company has not made any preferential allotment of shares or fully or partlyconvertible debentures during the year under audit.

15. According to the information and explanations given to us and the records of theCompany examined by us the Company has not entered into any non-cash transactions withany director of the Company or persons connected with them involving acquisition ofassets by or from them for consideration other than cash.

16. In our opinion and according to the information and explanations given to us notbeing a non-banking financial company the Company is not required to be registered undersection 45-IA of the Reserve Bank of India Act 1934.

For L.B. Jha & Co.

Chartered Accountants Firm Registration No. 301088E

Place: Kolkata (Adrish Roy)
Date: 28th July 2020 Partner
Membership No.: 055826
UDIN: 20055826AAAAAW3971

ANNEXURE- B TO THE INDEPENDENT AUDITOR'S REPORT

To the Members of Standard Shoe Sole & Mould (India) Limited

[Referred to in paragraph 18 (f) of the Independent Auditor's Report of even date]

Report on the Internal Financial Control under Clause (i) of Sub -sections 3 of Section

143 of the Companies Act 2013("the Act")

1. We have audited the internal financial controls over financial reporting of StandardShoe

Sole & Mould (India) Limited ("the Company") as of 31st March2020 in conjunction with

our audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Control

2. The Company's management is responsible for establishing and maintaining internalfinancial control 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 Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India(ICAI). These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditors' Responsibility

3. 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" and the Standard on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Act to the extent applicable. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includesobtaining an understanding of internal financial control over financial reportingassessing the risk that a material Weakness exists and testing and evaluating the designand operating effectiveness of internal controls based on the assessed risk. The procedureselected depends on the auditor's judgment including the assessment of the risk ofmaterial misstatement of the financial statement whether due to fraud or error.

5. 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 Control over Financial Reporting

6. A Company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of 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 the maintenance of the records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

2) provide reasonable assurance that the transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditure of the Company are being madeonly in accordance with authorization of management and directors of company; and

3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Control over Financial Reporting

7. Because of inherent limitation of internal financial control over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to errors or fraud may occur and not be detected.Also projections of any evaluations of the internal financial control 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

8. In our opinion and based on audit tests performed in our audit of the financialstatements for the year ended 31st March 2020 the Company has in all material respectan adequate internal financial controls system over financial reporting and such internalfinancial controls over financial reporting were operating effectively as at 31st March2020. The Company had established informal practices which are effective in having aproper internal control over financial reporting. A formal system of internal control overfinancial reporting criteria needs to be established by the Company considering theessential components of internal control as stated in the Guidance Note on Audit ofInternal Financial Control Over Financial Reporting issued by the Institute of CharteredAccountants of India.

9. We have considered the material weakness identified and reported above indetermining the nature timing and extent of audit tests applied in our audit of the 31stMarch 2020 financial statements of the Company and these material weakness does notaffect our opinion on the financial statements of the Company.

For L.B. Jha & Co.

Chartered Accountants Firm Registration No. 301088E

Place: Kolkata (Adrish Roy)
Date: 28th July 2020 Partner
Membership No.: 055826
UDIN: 20055826AAAAAW3971

.