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Centerac Technologies Ltd.

BSE: 531621 Sector: IT
NSE: N.A. ISIN Code: INE157B01026
BSE LIVE 15:08 | 10 Oct 0.92 0.04
(4.55%)
OPEN

0.92

HIGH

0.92

LOW

0.92

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.92
PREVIOUS CLOSE 0.88
VOLUME 5000
52-Week high 2.00
52-Week low 0.88
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.84
Buy Qty 500.00
Sell Price 0.92
Sell Qty 1000.00
OPEN 0.92
CLOSE 0.88
VOLUME 5000
52-Week high 2.00
52-Week low 0.88
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.84
Buy Qty 500.00
Sell Price 0.92
Sell Qty 1000.00

Centerac Technologies Ltd. (CENTERACTECH) - Auditors Report

Company auditors report

EZ-COMM TRADE TECHNOLOGIES LIMITED ANNUAL REPORT 2009-2010 AUDITORS' REPORT To The Members, EZ-COMM TRADE TECHNOLOGIES LIMITED We have audited the attached Balance Sheet of EZ-COMM TRADE TECHNOLOGIES LIMITED as at 31st March, 2010, the profit and loss account and also the cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the auditing standards generally accepted in India Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies (Auditors' Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in Paragraphs 4 & 5 of the said Order. Further to our comments in the Annexure referred to above, we report that: (i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit, (ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books. (hi) The Balance Sheet, Profit and Loss Account and Cash Flow statement dealt with by this report are in agreement with the books of account; (iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of the section 211 of the Companies' Act, 1956 except for the provision for Impairment of Fixed Assets as required under Accounting Standard AS-28. (v) On the basis of written representations received from the directors, as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies' Act, 1956. (vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies' Act, 1956, in the manner so required subject to Note No. 8 of Schedule 18 regarding Non provision for impairment of Fixed Assets as required under Accounting Standard AS - 28, Note No. 9 of Schedule 18 regarding loans given in non compliance of section 295 of the Companies Act, 1956 and read together with other notes on accounts in Schedule 18, give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2010, (b) in the case of the Profit and Loss Account, of the Profit for the year ended on that date; and (c) in the case of the Cash Flow statement, of the cash flows for the year ended on that date. For A.J. MEHTA & ASSOCIATES Chartered Accountants Place : Mumbai (ATUL MEHTA) Dated : May 13, 2010 Proprietor Membership No. : 36959 Annexure to the Auditors' Report (Referred to in paragraph 3 of our Report of even date): 1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) All the assets have been physically verified by the management during the year. No material discrepancies were noticed on such verification. (c) In our opinion, the Company has not disposed off substantial part of fixed assets during the year and the going concern status of the Company is not affected. 2. (a) As explained to us, the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. (b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. (c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material. 3. (a) The Company has granted interest free advances to Companies and other persons covered in the register maintained under section 301 of the Companies Act, 1956. The maximum balance of amount of advances granted to the said companies and other persons, after considering provision for doubtful loans and advances, were Rs. 17.06 lakhs and the year-end balance was Rs. 17.06 lakhs after considering provision for Doubtful Loans and Advances of Rs. 59.11 lakhs made till date. (b) The other terms and conditions on which the loans have been granted to companies and persons covered in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company. (c) One of the Companies had been granted interest free loan which was repayable on demand. However, in view of substantial losses incurred by the said company, the Company has made provision for doubtful loans and advances of Rs. 59.11 lakhs. Further, in respect of other loans and advances to a company and the persons covered in the register maintained under section 301 of the Companies Act, 1956 to whom interest free loans and advances have been granted, the said loans and advances are repayable on demand. (d) There is no overdue amount of loans granted to companies and to a persons listed in the register maintained under section 301 of the Companies Act, 1956. (e) The company has taken loans from five parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum balance involved during the year was Rs. 43.86. lakhs and the year end balance of loans taken from such parties was Rs. 39.41 lakhs (f) In our opinion, the rate of interest and other terms and conditions on which loans have been taken from a company listed in the register maintained under Section 301 of the Companies Act, 1956, are not, prima facie, prejudicial to the interest of the Company. (g) The Company is regular in repaying the principal amounts as stipulated. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls. 5. (a) According to the information and explanations provided by the management, the contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered. (b) In our opinion and according to the information and explanations given to us, transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party have been made at prices / rates which are reasonable having regard to the prevailing market price / rates at the relevant time. 6. The Company has not accepted any deposits from the public and consequently the directives issued by the Reserve Bank of India, the provisions of sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Rules framed thereunder are not applicable. 7. In our opinion, the company has an internal audit system commensurate with the size and nature of its business. 8. According to information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 in respect of services and trading activities carried on by the Company and therefore, clause 4(viii) of the Order is not applicable. 9. (a) According to records of the Company and on the basis our examination of the books of accounts, the company is not regular in depositing with appropriate authorities undisputed statutory dues including income-tax, sales-tax, service tax and other material statutory dues applicable to it and there have been delays in number of cases. However, according to information and explanations given to us, the provisions of Employees' Provident Fund Act. Employees' State Insurance Act, Wealth-tax, are not applicable to the Company in the year under audit. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of income-tax, wealth-tax, sales-tax, customs duty, excise duty and cess were in arrears, as at March 31, 2010 for a period of more than six months from the date they became payable except in respect of Profession Tax Rs. 2,500/-. (c) According to the information and explanations given to us, there are no dues of Sales-tax, Income-tax, custom duty, Wealth-tax, excise duty, service tax and cess which have not been deposited on account of any dispute. 10. As on March 31, 2010, the accumulated losses of the Company are more than 50% of its net worth. The Company has not incurred cash losses during the financial year covered by our audit but has incurred cash losses in the immediately preceding financial year. 11. in our opinion and according to the information and explanations given to us the company has not defaulted in repayment of dues to financial institutions or banks. Further, the Company has not issued any debentures and hence clause 4(xi) of the Order to that extent is not applicable. 12. In our opinion and according to the information and explanations given to us the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to the Company. 14. The Company has, in our opinion, maintained proper records and contracts with respect to investments where timely entries of transactions are made in the former. Investments in unquoted companies / Mutual Funds were lying in the name of the Company. 15. According to the information and explanations given to us the company has not given guarantees for loans taken by others from banks or financial institutions. 16. The Company has not raised any new term loans / hire purchase credit during the year In our opinion, the Hire Purchase Credits outstanding at the beginning of the year were applied for the purpose for which they were raised. 17. According to the information and explanations given to us and on an 17 overall examination of the balance sheet and cash flow statement of the company, we report that no funds raised on short term basis have been used for long term investments. 18. The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956. 19. The Company has not issued any debentures. Accordingly, clause 4(xix) of the Order is not applicable. 20. The Company has not raised any money by way of public issue during the year. 21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit. For A.J. MEHTA & ASSOCIATES Chartered Accountants Place : Mumbai, (ATUL MEHTA) Dated : May 13, 2010 Proprietor Membership No. : 36959