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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 13.20
PREVIOUS CLOSE 13.20
VOLUME 100
52-Week high 26.45
52-Week low 8.20
P/E 4.44
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 13.20
CLOSE 13.20
VOLUME 100
52-Week high 26.45
52-Week low 8.20
P/E 4.44
Mkt Cap.(Rs cr) 7
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 AND MOULD (INDIA) LIMITED

Report on the Audit of the Financial Statements

Opinion

1. We have audited the accompanying financial statements of Standard Shoe Sole andMould

(India) Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2022 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Cash Flows the Statement of Changes in Equity and notes to the financialstatements for the year ended on that date including a summary of significant accountingpolicies and other explanatory information (herein after referred to as " FinancialStatements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act

2013 ("the Act") 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 2022 its profit (including Other ComprehensiveIncome) 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 Act. Our responsibilities under those Standards are furtherdescribed in the Auditor’s Responsibilities for the Audit of the Financial Statementssection of our report.

We are independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India together with the ethical requirements thatare relevant to our audit of the financial statements under the provisions of the Act andthe 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 ouropinion.

Key Audit Matters

3. Key Audit Matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave 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. Theother information comprises the information included in the Board’s Report includingAnnexures to Board Report and Shareholders’ Information but does not include thefinancial statements and our auditor’s report thereon. The aforesaid documents areexpected to be made available to us after the date of this auditor’s report.

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 when it becomes available and in doing so consider whetherthe other information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated.

7. When we read the aforesaid documents if we conclude that there is a materialmisstatement therein we are required to communicate the matters to those charged withgovernance

Management’s Responsibilityfor the Financial Statements

8. The Company’s Board of Directors is responsible for the matters stated insection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statement that givea true and fair view and are free from material misstatement whether due to fraud orerror.

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’sfinancial reporting 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 ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud 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 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 financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional 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 reasonableness ofaccounting 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 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 financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions 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 ofthe current period and are therefore the key audit matters. We describe these matters inour 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 2020 ("theOrder") issued by the

Central Government of India in terms of sub section (11) of section 143 of the Act wegive in the Annexure-A a statement on the matters specified in paragraphs 3 and 4 of theOrder 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 the Statement of Profit and Loss (including other comprehensiveincome) the Cash Flow Statement and the Statement of Changes in Equity dealt with by thisreport 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 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2022 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"

(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: According tothe information and explanations given to us and the records of the company examined byus total managerial remuneration paid as reflected in the financial statements for theyear ended 31st March 2022 are in accordance with the requisite approvalsmandated by the provisions of section 197 read with Schedule V 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 that could impact itsfinancial position. b. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

c. There were no amounts which were required to be transferred to the Investor

Education and Protection Fund by the Company.

d. (i) 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 advanced orloaned 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;

(ii)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;

(iii)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 (i) and(ii) above contain any material misstatement.

e. The Company has neither proposed any dividend in the Previous year or in the currentyear nor paid any interim dividend during the year.

For L. B. Jha & Co.
Chartered Accountants
Firm Registration No: 301088E
(D.N.Roy)
Place: Kolkata Partner
Date: 30thMay 2022 (Membership No: 300389)
UDIN:22300389AJWJPK4652

ANNEXURE- A: TO THE INDEPENDENT AUDITOR’S REPORT To the MembersofStandard ShoeSole and Mould (India) Limited

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

i. (a)(A) The Company does not own any property Plant & Equipment and intangibleassets hence reporting under para 3 clause (i) sub-clause (a)(A) & (a)(B) (b) (c)(d) is not applicable.

(e) According to the information and explanations given to us and the records of thecompany examined by us no proceeding have been initiated during the year or are pendingagainst the Company as at March 312022 for holding any benami property under the BenamiTransactions (Prohibition) Act 1988 (as amended in 2016) and rules made thereunder.

ii. (a) The Company does not have any inventory at the year-end and hence reportingunder this clause is not applicable.

(b) According to the information and explanations given to us and the records of thecompany examined by us the Company has not borrowed working capital loans from any bankor financial institution during the year and hence reporting under this clause is notapplicable.

iii. The Company has not granted any loans secured or unsecured to companies firmslimited liability partnership or other parties and hence reporting under this clause isnot applicable.

iv. According to the information and explanations given to us and the records of the

Company examined by us the Company has not made any investment advanced any loangiven any guarantee or provided any securities to others and hence reporting under thisclause is not applicable.

v. The Company has not accepted any deposits or amounts which are deemed to be depositswithin the meaning of Sections 73 to 76 of the Act and the rules framed there under.Further no orders have been passed by Company Law Board or National Company Law Tribunalor Reserve Bank of India or any court or any other tribunal which could impact theCompany.

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

vii. (a) According to the information and explanations given to us and the records ofthe

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 are no dues of income tax goods and services tax as at 31stMarch 2022 which has not been deposited on account of a dispute.

viii. There were no transactions relating to previously unrecorded income that havebeen surrendered or disclosed as income during the year in the tax assessments under theIncome Tax Act 1961 (Sec. 43 of 1961).

ix. The Company has not taken any loans or other borrowings from any lender. Hencereporting under this clause is 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 and hence reporting under thisclause is not applicable.

(b) During the year the Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully or partly or optionally) and hencereporting under this clause is not applicable.

xi. (a) 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.

(b) No report under sub-section (12) of section 143 of the Companies Act has been filedin Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules 2014with the Central Government during the year and upto the date of this report.

(c) According to the information and explanations given to us and the records of theCompany examined by us the Company has not received any complaints from any whistle-blower during the year (and upto the date of this report) and hence reporting under thisclause is not applicable.

xii. The Company is not a Nidhi Company and hence reporting under this clause is notapplicable.

xiii. According to the information and explanations given to us and the records of the

Company examined by us the company has complied with the requirements of sections 177and 188 of the Act with respect to its transactions with the related parties. Pursuant tothe requirement of the applicable Accounting Standard details of the related partytransactions have been disclosed in Note 26 of the financial statements for the year underaudit.

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

(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. (a) In our opinion the Company is not required to be registered under section45-IA of the & Reserve Bank of India Act 1934. Hence reporting under this clause isnot applicable.

(b) In our opinion there is no core investment company within the Group (as defined inthe

(c) Core Investment Companies (Reserve Bank) Directions 2016) and hence reportingunder this clause is not applicable. xvi. The Company has incurred cash losses during theimmediately preceding financial year:

Years Cash Losses hundred) (Rs. In
FY 2020-21 12507.26

The above cash losses have been computed as per guidance note on CARO issued by ICAI.Our Opinion has been arrived at without considering the effect of qualification for thepurpose of making comments in respect of this clause.

xvii. There has been no resignation of the statutory auditors of the Company during theyear.

xviii. On the basis of the financial ratios ageing and expected dates of realisationof financial assets and payment of financial liabilities other information accompanyingthe financial statements and our knowledge of the Board of Directors and Management plansand based on our examination of the evidence supporting the assumptions nothing has cometo our attention which causes us to believe that any 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. We however state that this is not anassurance as to the future viability of the Company. We further state that our reportingis based on the facts up to the date of the audit report and we neither give any guaranteenor any assurance that all liabilities falling due within a period of one year from thebalance sheet date will get discharged by the Company as and when they fall due.

xix. According to information and explanation given to us and records of the Companyexamined by us the provisions of section 135 (5) of the Companies Act2013 is notapplicable to company

xx. The Company does not have any subsidiary associate and joint venture hencereporting under this clause is not applicable.

For L. B. Jha & Co.
Chartered Accountants
Firm Registration No: 301088E
(D.N. Roy)
Place: Kolkata Partner
Date: 30th May 2022 (Membership No: 300389)
UDIN: 22300389AJWJPK4652

ANNEXURE- B TO THE INDEPENDENT AUDITOR’S REPORT To the Members of Standard ShoeSole and 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 Section143 of the Companies Act 2013("the Act")

1. We have audited the internal financial controls over financial reporting of StandardShoe Sole and Mould (India) Limited ("the Company") as of 31stMarch 2022 in conjunction with our audit of the financial statements of the Company forthe year ended on that date.

Management’s Responsibility for Internal Financial Control

2. The Company’s management is responsible for establishing and maintaininginternal financial 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’spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable 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. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial 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 controlssystem over 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 over financial reporting includes thosepolicies 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 havea material 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 2022 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 March2022. 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 2022 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
(D. N.Roy)
Place: Kolkata Partner
Date: 30th May 2022 (Membership No.: 300389)
UDIN:22300389AJWJPK4652

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