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Centenial Surgical Suture Ltd.

BSE: 531380 Sector: Health care
NSE: N.A. ISIN Code: INE405H01018
BSE LIVE 12:56 | 17 Nov 75.85 -3.95
(-4.95%)
OPEN

79.80

HIGH

79.80

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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 79.80
PREVIOUS CLOSE 79.80
VOLUME 550
52-Week high 100.00
52-Week low 50.20
P/E 16.28
Mkt Cap.(Rs cr) 28
Buy Price 0.00
Buy Qty 0.00
Sell Price 75.85
Sell Qty 10.00
OPEN 79.80
CLOSE 79.80
VOLUME 550
52-Week high 100.00
52-Week low 50.20
P/E 16.28
Mkt Cap.(Rs cr) 28
Buy Price 0.00
Buy Qty 0.00
Sell Price 75.85
Sell Qty 10.00

Centenial Surgical Suture Ltd. (CENTENIALSURGIC) - Auditors Report

Company auditors report

To the Members of CENTENIAL SURGICAL SUTURE LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of CENTENIAL SURGICALSUTURE LIMITED ("the Company") which comprise the Balance Sheet as at March 312017 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone 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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014 and Companies (Accounting Standards) Amendment Rules 2016.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Company& for preventing & detecting frauds & other irregularities; selection &application of appropriate accounting policies; making judgments & estimates that arereasonable & prudent; & design implementation & maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy& completeness of the accounting records relevant to the preparation &presentation of the financial statements that give a true & fair view & are freefrom material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting & auditingstandards & matters which are required to be included in the audit report under theprovisions of the Act & the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements & plan & perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement. An audit involvesperforming procedures to obtain audit evidence about the amounts & the disclosures inthe financial statements. The procedures selected depend on the auditor's judgmentincluding the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error.

In making those risk assessments the auditor considers internal financial controlrelevant to the

Company's preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the standalone financial statements.

Opinion

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 Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2017 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 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 inparagraphs 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 purposes of our audit.

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

(c). The Balance Sheet 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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 and Companies (Accounting Standards) Amendment Rules2016.

(e). On the basis of the written representations received from the Directors as onMarch 31 2017 taken on record by the Board of Directors none of the Directors isdisqualified as on March 31 2017 from being appointed as a Director in terms of Section164 (2) of the Act.

(f). With respect to the adequacy of the internal financial controls over financialreporting of the Company & the operating effectiveness of such controls refer to ourseparate Report in "Annexure B" to this report.

(g). 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:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements. Refer Note 31.

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

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in the financial statements asregards its holding and dealings in Specified Bank Notes as defined in the NotificationS.O. 3407(E) dated the 8th November 2016 of the Ministry of Finance during the periodfrom 8th November 2016 to 30th December 2016. Based on audit procedures performed and therepresentations provided to us by the management we report that the disclosures are inaccordance with the books of account maintained by the Company and as produced to us bythe Management. Refer Note 50.

for M/s. A. VIJAYKUMAR & CO.
CHARTERED ACCOUNTANTS
ICAI Firm Reg. No.: 009824S
Sd/-
per Omprakash G. Soni
Place : Mumbai Maharashtra Partner
Date : May 27 2017 Membership No.016090

Annexure "A" referred to in paragraph ‘Report on Other Legal andRegulatory Requirements' of our report of even date Re: CENTENIAL SURGICAL SUTURE LMITED(‘the Company')

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the standalone financial statements for the year ended March 31 2017 we report that:(i) [a] The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. [b] All fixed assets have not beenphysically verified by the management during the year but there is a regular programme ofverification which in our opinion is reasonable having regard to the size of the Companyand the nature of its assets. No material discrepancies were noticed on such verification.[c] Based on our audit procedures performed for the purpose of reporting the true and fairview of the financial statements and according to information and explanations given bythe management the title deeds of immovable properties are held in the name of theCompany.

(ii) The management has conducted physical verification of inventory at reasonableintervals during the year and no material discrepancies were noticed on such physicalverification.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under Section 189 of theCompanies Act 2013. Accordingly the provisions of clause 3(iii)(a) (b) and (c) of theOrder are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to usthere are no loans guarantees and securities granted in respect of which provisions ofSection 185 and 186 of the Companies Act 2013 are applicable and hence not commented upon.Based on our audit procedures performed for the purpose of reporting the true and fairview of the financial statements and according to information and explanations given bythe management the Company has complied with provisions of Section 186 of the CompaniesAct 2013 with respect to investments made during the year.

(v) The Company has not accepted any deposits from the public.

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records underSection 148(1) of the Companies Act 2013 related to the manufacture of products and areof the opinion that prima facie the prescribed accounts and records have been made andmaintained. We have not however made a detailed examination of the same.

(vii) [a]. The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund employees' state insuranceincome-tax sales-tax service tax customs duty excise duty value added tax cess andother material statutory dues applicable to it.

[b]. According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income-tax sales-taxservice tax customs duty excise duty value added tax cess and other material statutorydues were in arrears as at March 31 2017 for a period of more than six months from thedate they became payable.

[c]. According to the records of the Company there are no material dues outstanding ofincome-tax sales-tax service tax customs duty excise duty value added tax and cess onaccount of any dispute.

(viii) Based on our audit procedures performed for the purpose of reporting the true& fair view of the financial statements & according to information &explanations given by the management we are of the opinion that the Company has notdefaulted in repayment of dues to any bank. Further the Company does not have anydebentures & loan from financial institution or government.

(ix) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management the Company did not raise any money way of initial public offer /further public offer / debt instruments and term loans during the year. Accordinglyreporting under clause (ix) is not applicable to the Company.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud on or by the officers and employees ofthe Company has been noticed or reported during the year.

(xi) Based on our audit procedures performed for the purpose of reporting the true& fair view of the financial statements & according to the information &explanations given by the management we report that the managerial remuneration has beenpaid / provided in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Companies Act 2013.

(xii) In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the Order are not applicable to the Company.

(xiii) Based on our audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to the information andexplanations given by the management transactions with the related parties are incompliance with Section 177 and 188 of Companies Act 2013 where applicable and thedetails of such transactions have been disclosed in the notes to the financial statementsas required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review.

(xv) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management the Company has not entered into any non-cash transactions withDirectors or persons connected with him. Accordingly 3(xv) of the order are notapplicable to the Company.

(xvi) According to the information and explanations given to us the provisions ofSection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

for M/s. A. VIJAYKUMAR & CO.
CHARTERED ACCOUNTANTS
ICAI Firm Reg. No.: 009824S
Sd/-
per Omprakash G. Soni
Place : Mumbai Maharashtra Partner
Date : May 27 2017 Membership No.016090

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THEFINANCIAL STATEMENTS OF CENTENIAL SURGICAL SUTURE LIMITED.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act").

To the Members of CENTENIAL SURGICAL SUTURE LMITED

We have audited the internal financial controls over financial reporting of CENTENIALSURGICAL SUTURE LMITED ("the Company") as of March 31 2017 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

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 the Company's policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor's Responsibility

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 as specified 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. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A

Company's internal financial control over financial reporting includes those policiesand procedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of theCompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the Company are being madeonly in accordance with authorisations of management and directors of the Company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the Company's assets that could have a material effecton the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

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 2017 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.

Explanatory paragraph

We also have audited in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India as specified under Section 143(10) of theAct the financial statements of Company which comprise the Balance Sheet as at March 312017 and the related Statement of Profit and Loss and Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation and our report dated May 27 2017 expressed an unqualified opinion thereon.

For M/s. A. VIJAYKUMAR & CO.
CHARTERED ACCOUNTANTS
ICAI Firm Reg.No.: 009824S
Sd/-
per Omprakash G. Soni
Place : Mumbai Maharashtra Partner
Date : May 27 2017 Membership No.016090