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Thomas Scott India Ltd.

BSE: 533941 Sector: Industrials
NSE: THOMASCOTT ISIN Code: INE480M01011
BSE 00:00 | 17 Aug 39.90 1.90
(5.00%)
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39.80

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39.90

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39.10

NSE 00:00 | 17 Aug 37.65 1.75
(4.87%)
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37.40

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OPEN 39.80
PREVIOUS CLOSE 38.00
VOLUME 3525
52-Week high 73.50
52-Week low 16.00
P/E 24.78
Mkt Cap.(Rs cr) 22
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 39.80
CLOSE 38.00
VOLUME 3525
52-Week high 73.50
52-Week low 16.00
P/E 24.78
Mkt Cap.(Rs cr) 22
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Thomas Scott India Ltd. (THOMASCOTT) - Auditors Report

Company auditors report

To

The Members of

THOMAS SCOTT (INDIA) LIMITED

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Thomas Scott (India) Limited("the Company") which comprise the Balance Sheet as at March 31 2021 and theStatement of Profit & Loss statement of changes in equity and statement of cash flowfor the year then ended and notes to the financial statements significant accountingpolicies and other explanatory information.

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 in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2021 and its profit/ changes in equity and its cash flows for theyear ended on that date.

Basis for Opinion

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 appropriate to provide a basis for our opinion.

Key Audit Matters

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.

We have determined that there are no key audit matters to be communicated in ourreport.

Responsibilities of Management and Those Charged with Governance for the FinancialStatements

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 (changes in equity) and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the accountingStandards specified under section 133 of the Act. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate including accounting summaryof policies; 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 statements thatgive a true and fair view and are free from material misstatement error . whetherdue to fraud

In preparing the financial statements the responsible for assessing the Company'sability to continue as a going concern disclosing as applicable matters related togoing concern and using the going concern basis of accounting unless the Board ofDirectors either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatementsas 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 financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statementswhether due to perform audit procedures responsive to those risks and obtain auditevidence that issufficient and appropriate to provide a basis for our opinion. The risk ofnot detecting a material misstatement resulting from fraud is higher than for oneresulting from error as fraud may involve collusion forgery intentional omissionsmisrepresentations 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 theCompanies

Act 2013 we are also responsible for expressing our opinion on whether the companyhas adequate internal financial controls system in place and the operating effectivenessof 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 basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant on the Company's abilityto continue as a going concern.

If we conclude that a material uncertainty exists we are required to draw attention inour auditor's report to the related disclosures in the financial statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor's report. However future events orconditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the financial statements represent the underlying transactions and events in amanner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including internalcontrol that we identify during our audit.

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.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

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 Companies Act 2013 we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the 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; doubt

(c) The Balance Sheet Statement of Profit and Loss the Statement of Change in Equityand the Cash Flow Statement dealt with by this Report are in agreement with the books ofaccounts;

(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; the disclosures and whether

(e) On the basis of written representations received from the directors as on March312021 and taken on record by the Board of Directors none of the directors aredisqualified as on March 31 2021 from being appointed as a director in terms of section164(2) of the Act. any significant deficiencies in

(f) As required by Section 197(16) of the Act we report that the Company has paidremuneration to its directors during the year in accordance with the provisions of andlimits laid down under Section 197 read with Schedule V to the Act.

(g) 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".

(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 knowledge and belief and according to the information andexplanation given to us:

i. The Company does not have pending litigations as at March 31 2021.

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

iii. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company during the year ended March 312021.

Annexure -A

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

Thomas Scott (India) Limited

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

(b) As explained to us the fixed assets of the Company have been physically verifiedby the management at reasonable intervals.

(c) According to the information and explanation given to us as the Company owns noimmovable properties the requirement on reporting whether title deed of immovableproperty is held in the name of the Company is not applicable.

(ii) According to the information and explanation given to us the management hasconducted physical verification in respect of stock at reasonable intervals. No materialdiscrepancies have been noticed on physical verification of stocks as compared to books.

(iii) The Company has not granted any loans or advances in the nature of loans to theparties covered in the register maintained under Section 189 of the Act. Hence thequestion of reporting whether the receipt of principal and interest are regular andwhether reasonable steps of recovery of over dues of such loans are taken does not arise.

(iv) The Company has not given any loans nor made any investment during the year. Henceprovision of Section 185 and 186 of the Act are not applicable to the Company.

(v) Based on our scrutiny of the Company's records and according to the information andexplanation provided by the management in our opinion the Company has not accepted anydeposits so far up to 31st March 2021 which are ‘deposits' within the meaning ofRule2(b) of the Companies (Acceptance of Deposit) Rules 2014.

(vi) According to information and explanation provided by the management during theyear Company is not engaged in production of any goods or provision of any service forwhich the Central Government has prescribed particulars relating to utilization ofmaterial or labour or other items of cost. Hence the provisions of section 148(1) of theAct do not apply to the Company. Hence in our opinion no comment on maintenance of costrecords under section 148(1) of the Act is required.

(vii) (a) According to the records of the Company the Company is regular in depositingwith appropriate authorities undisputed statutory dues including provident fundemployees' state insurance income tax sales tax wealth-tax custom duty value addedtax excise duty cess and other statutory dues as applicable to it except few slightdelay.

According to the information and explanations given no undisputed amounts payable inrespect of income-tax sales tax value added tax custom duty and excise duty wereoutstanding as at 31st March 2021 for a period of more than six months from the date theybecame payable;

(b) According to the records of the Company there are no dues of sales taxincome-tax value added tax customs duty wealth tax excise duty and cess which have notbeen deposited on account of any dispute;

Hence in our opinion the question of reporting on defaults in repayment of loans orborrowing from financial institution bank government or dues to debenture holders doesnot arise.

(ix) According to the records of the Company the Company has not raised any moneys byway of Initial Public Offer or Further Public Offer nor has the Company obtained any termloan. Hence comments under the clause are not called for.

(x) Based upon the audit procedures performed and information and explanations given bythe management we report that no fraud on the Company by its officer or employees or anyfraud by the Company has been noticed or reported during the course of our audit.

(xi) According to information and explanation given to us and based on our examinationof the records of the Company the Company has paid/provided any managerial remunerationin accordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V of the Act.

(xii) In our opinion and to the best of our information and according to theexplanations provided by the management we are of the opinion that the Company is not anidhi hence in our opinion the requirements of Clause 3(xii) of the Order does not applyto the Company.

(xiii) According to the information and explanations given to us and based on ourexamination of records of the Company of such transactions have been disclosed in thefinancial statements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and based on ourexamination of records of the Company the Company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the 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 45-1A of the ReserveBank of India Act 1934.

Annexure -B

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

Report on the Internal Financials Controls under Clause (i) of Subsection 3 of Section143 of the Act.

1. We have audited the internal financial controls over financial reporting of ThomasScott (India) Limited ("the Company") as of March 31 2021 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

2. 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). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 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.

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 includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements 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 Controls 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 records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

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

Inherent Limitations of Internal Financial Controls over Financial Reporting

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

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2021 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 BHATTER & COMPANY
Chartered Accountants
Place: Mumbai Firm Regd. No. 131092W
Dated: 30th June 2021 DAULAL H BHATTER
UDIN: 21016937AAAAGW2735 Proprietor Membership No: 016937.

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