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Thomas Scott India Ltd.

BSE: 533941 Sector: Industrials
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52-Week high
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Thomas Scott India Ltd. (THOMASCOTT) - Auditors Report

Company auditors report


The Members of

Thomas Scott (India) Limited

Report on the Audit of the Financial Statements


We have audited the financial statements of Thomas Scott (India)Limited ("the Company") which comprise the Balance Sheet as at March 31 2019and the Statement of Profit & Loss statement of changes in equity and statement ofcash flow for the year then ended and notes to the financial statements including asummary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according tothe explanations given to us the aforesaid financial statements give the informationrequired by the Companies Act 2013 in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at March 312019 and its profit/ loss changes inequity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified Under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further

described in the Auditor's Responsibilities for the Audit of the FinancialStatements section of our report. We are independent of the Company in accordance withthe Code of Ethics issued by the Institute of Chartered Accountants of India together withthe ethical requirements that are relevant to our audit of the financial statements underthe provisions of the Companies Act 2013 and the Rules thereunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and theCode of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the currentperiod. These matters were addressed in the context of our audit of the financialstatements as a whole and

in forming our opinion thereon and we do not provide a separateopinion on these matters.

We have determined that there are no key audit matters to be

communicated in our report.

Responsibilities of Management and Those Charged with Governance forthe Financial Statements

The Company's Board of Directors is responsible for the matters statedin section 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 includingthe accounting Standards specified under section 133 of the Act. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the 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 were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

In preparing the financial statements the Board of Directors is

responsible for assessing the Company's ability to continue as agoing concern disclosing as applicable matters related to going concern and using thegoing concern basis of accounting unless the Board of Directors either intends toliquidate the Company or to cease operations or has no realistic alternative but to doso.

Those Board of Directors are also responsible for overseeing the Company'sfinancial reporting process.

Auditor's Responsibilities for the Audit of the FinancialStatements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement

whether due to fraud or error and to issue an auditor's reportthat includes our opinion. Reasonable assurance is a high level of assurance but is not aguarantee that an audit conducted in accordance with SAs will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if individually or in the aggregate they could reasonably beexpected to influence the economic decisions of users taken on the basis of thesefinancial statements.

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

• Identify and assess the risks of material misstatement of thefinancial statements whether due to fraud or error design and

perform audit procedures responsive to those risks and obtain

audit evidence that is sufficient and appropriate to provide

a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal control relevant to the

audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Companies Act 2013 we are also responsiblefor expressing our opinion on whether the company has adequate internal financial

controls system in place and the operating effectiveness of suchcontrols.

• Evaluate the appropriateness of accounting policies used

and the reasonableness of accounting estimates and related disclosuresmade by management.

• Conclude on the appropriateness of management's use of the

going concern basis of accounting and based on the audit evidenceobtained whether a material uncertainty exists related to events or conditions thatmay cast significant doubt on the Company's ability to continue as a goingconcern. If we conclude that a material uncertainty exists we are required to drawattention in our auditor's report to the related disclosures in the financialstatements or if such disclosures are inadequate to modify our opinion. Our conclusionsare based on the audit evidence obtained up to the date of our auditor's report.However future events or conditions may cause the Company to cease to continue as a goingconcern.

• Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions

and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding

among other matters the planned scope and timing of the audit and significantaudit findings including any significant deficiencies in

internal control that we identify during our audit.

We also provide those charged with governance with a statement

that we have complied with relevant ethical requirements regardingindependence and to communicate with them all relationships and other matters that mayreasonably be thought to bear on our independence and where applicable relatedsafeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's

report unless law or regulation precludes public disclosure about

the matter or when in extremely rare circumstances we determine thata matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

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 of the Companies Act 2013we give in the "Annexure A" a statement on the matters specified in paragraphs 3and 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 best of our knowledge and belief werenecessary for the purpose of our audit;

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as appears from our examination of those books;

(c) The Balance Sheet Statement of Profit and Loss the

Statement of Change in Equity and the Cash Flow Statement dealt with bythis Report are in agreement with the books of accounts;

(d) In our opinion the aforesaid financial statements comply with theAccounting Standards specified under Section

133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014;

(e) On the basis of written representations received from the

directors as on March 312019 and taken on record by the Board ofDirectors none of the directors are disqualified

as on March 31 2019 from being appointed as a director in terms ofsection 164(2) of the Act.

(f) As required by Section 197(16) of the Act we report that theCompany has paid remuneration to its directors during the year in accordance with theprovisions of and limits laid down under Section 197 read with Schedule V to the Act

(g) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and

the operating effectiveness of such controls refer to our separateReport in "Annexure B".

(h) With respect to the other matters to be included in the

Auditor's Report in accordance with Rule 11 of the

Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our knowledge and belief and according to the information and explanation given tous:

i. The Company does not have pending litigations as at March 31 2019.

ii. The Company did not have any long term contracts includingderivative contracts for

which there were material foreseeable losses:

iii. There has been no delay in transferring amounts required to betransferred to the Investor

Education and Protection Fund by the Company during the year endedMarch 312019.

Chartered Accountants
Firm Regd. No. 131092W
Membership No: 016937.
Place: Mumbai
Dated: 30th May 2019