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Cenlub Industries Ltd.

BSE: 522251 Sector: Engineering
NSE: N.A. ISIN Code: INE627F01011
BSE LIVE 15:40 | 09 Dec 37.50 -0.75
(-1.96%)
OPEN

38.00

HIGH

38.00

LOW

37.30

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 38.00
PREVIOUS CLOSE 38.25
VOLUME 963
52-Week high 43.90
52-Week low 16.40
P/E 10.14
Mkt Cap.(Rs cr) 15.45
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 38.00
CLOSE 38.25
VOLUME 963
52-Week high 43.90
52-Week low 16.40
P/E 10.14
Mkt Cap.(Rs cr) 15.45
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Cenlub Industries Ltd. (CENLUBINDS) - Auditors Report

Company auditors report

To the Members of

Cenlub Industries Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Cenlub Industries Limited(‘the Company’) which comprise the Balance Sheet as at March 31 2015 and theStatement of Profit & Loss and the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

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 read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation 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 these financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under. We conducted our audit 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 financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements.

The procedures selected depend on the auditor’s judgment including the assessmentof the risks of material misstatement of the financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlrelevant to the Company’s preparation of the financial statements that give a trueand fair view in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on whether the Company hasin place an adequate internal financial controls system over financial reporting and theoperating effectiveness of such controls. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company’s Board of Directors as well as evaluating the overallpresentation of the financial statements. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thefinancial statements.

Opinion

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 the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 (‘theOrder’) issued by the Central Government in terms of Section 143(11) of the Act wegive in the Annexure a statement on the matters specified in paragraphs 3 and 4 of theOrder.

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 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 and the Statement of Profit and Loss and the cash flow statementdealt with by this Report are in agreement with the books of account.

(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 March31 2015 taken on record by the Board of Directors none of the Directors is disqualifiedas on March 31 2015 from being appointed as a Director in terms of Section 164 (2) of theAct.

(f) With respect to the other matters to be included in the Auditors’ 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:

i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements as of March 31 2015;

ii) The Company has no long term contracts as required under the applicable law oraccounting standards and hence there is no material foreseeable losses on long termcontracts;

iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For SATISH SINGLA & CO.
Firm Regn: No. 000882N
(Chartered Accountants)
PLACE: FARIDABAD (CA. SATISH SINGLA)
DATE: 28.05.2015 M.NO: 80836

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date)

1. In respect of the fixed assets of the Company:

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets were physically verified during the year by the Management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of the fixed assets at reasonable intervals. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification.

2. In respect of the inventories of the Company:

(a) As explained to us the inventories were physically verified during the year by theManagement at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the Management werereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) In our opinion and according to the information and explanations given to us theCompany has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification.

3. The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the Register maintained under Section 189 of the Act otherthan a loan / security deposit given to subsidiary company for construction of buildingwhich is used by the company. No interest is charged as no rent is given as per theagreement. No amount is overdue.

4. In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business with regard to purchase of inventory and fixed assets and thesale of goods and services. During the course of our audit we have not observed any majorweakness in such internal control system. However the internal control system needs to befurther reviewed to cover-up the possible lapses if any.

5. In our opinion and according to the information and explanations given to usthe Company has not accepted deposits during the year and does not have any unclaimeddeposits. Therefore the provisions of the clause 3 (v) of the Order are not applicable tothe Company.

6. The provisions of clause 3 (vi) of the Order are not applicable to the Companyas the Company is not covered by the Companies (Cost Records and Audit) Rules 2014.

7. According to the information and explanations given to us in respect ofstatutory dues:

(a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees’ State Insurance Income Tax Sales Tax and ValueAdded Tax Wealth Tax Service Tax duty of Customs duty of Excise Cess and othermaterial statutory dues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident FundEmployees’ State Insurance Income Tax Sales Tax and Value Added Tax Wealth TaxService Tax duty of Customs duty of Excise Cess and other material statutory dues inarrears as at March 31 2015 for a period of more than six months from the date theybecame payable.

(c) There are no dues of Income Tax Service Tax Wealth Tax duty of Customs and dutyof Excise and Cess except Value Added Tax (as detailed below) which have not beendeposited as at March 31 2015 on account of dispute.

Name of the Statute Nature of Dues Forum where pending Period Amount
VAT Laws VAT Commissioner Appeals 2010-11 576466

(d) The Company has been regular in transferring amounts to the Investor Education andProtection Fund in accordance with the relevant provisions of the Companies Act 1956 andRules made thereunder within time.

8. The Company has neither accumulated losses at the end of financial year nor incurredany cash loss during the year.

9. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to a bank during the year.

10. In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loans taken by others from banks or financialinstitutions.

11. According to the information and explanations given to us the company has appliedterm loans for the purpose for which these were taken.

12. During the year the company by its pro-active mechanism had deducted a fraudconducted by an employee of the company for an estimated amount of Rs. 1823877/—.However detailed working is being done to find out exact amount of fraud. Fraud had beenconducted by HR Manager by forging the employee’s signature and by duplicating thenumber of employees. FIR application against the employee has duly been lodged. Necessarysteps have been taken by the company to check this type of fraud in future. The companyhas been advised to get all its internal controls reviewed from some professional to makethem more effective.

For SATISH SINGLA & CO.
Firm Regn: No. 000882N
(Chartered Accountants)
PLACE: FARIDABAD (CA. SATISH SINGLA)
DATE: 28.05.2015 M.NO: 80836

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